Global X Robotics & Artificial Intelligence ETF (ticker: BOTZ)
Global X Internet of Things ETF (ticker: SNSR)
Global X FinTech ETF (ticker: FINX)
Global X Video Games & Esports ETF (ticker: HERO)
Global X Autonomous & Electric Vehicles ETF (ticker: DRIV)
Global X Cloud Computing ETF (ticker: CLOU)
Global X Data Center REITs & Digital Infrastructure ETF (ticker: VPN)
Global X Cybersecurity ETF (ticker: BUG)
Global X Artificial Intelligence & Technology ETF (ticker: AIQ)
Global X Millennial Consumer ETF (ticker: MILN)
Global X Education ETF (ticker: EDUT)
Global X Cannabis ETF (ticker: POTX)
Global X Genomics & Biotechnology ETF (ticker: GNOM)
Global X China Biotech Innovation ETF (ticker: CHB)
Global X Telemedicine & Digital Health ETF (ticker: EDOC)
Global X Aging Population ETF (ticker: AGNG)
Global X Health & Wellness ETF (ticker: BFIT)
Global X CleanTech ETF (ticker: CTEC)
Global X U.S. Infrastructure Development ETF (ticker: PAVE)
Global X Thematic Growth ETF (ticker: GXTG)
Global X AgTech & Food Innovation ETF (ticker: KROP)
Global X Blockchain ETF (ticker: BKCH)
Global X Clean Water ETF (ticker: AQWA)
Global X Hydrogen ETF (ticker: HYDR)
Global X Solar ETF (ticker: RAYS)
Global X Wind Energy ETF (ticker: WNDY)


Annual Report
November 30, 2021

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







Table of Contents
 


Management Discussion of Fund Performance
1
Schedules of Investments
 
Global X Robotics & Artificial Intelligence ETF
55
Global X Internet of Things ETF
59
Global X FinTech ETF
64
Global X Video Games & Esports ETF
69
Global X Autonomous & Electric Vehicles ETF
73
Global X Cloud Computing ETF
80
Global X Data Center REITs & Digital Infrastructure ETF
84
Global X Cybersecurity ETF
87
Global X Artificial Intelligence & Technology ETF
90
Global X Millennial Consumer ETF
97
Global X Education ETF
102
Global X Cannabis ETF
106
Global X Genomics & Biotechnology ETF
110
Global X China Biotech Innovation ETF
114
Global X Telemedicine & Digital Health ETF
117
Global X Aging Population ETF
121
Global X Health & Wellness ETF
127
Global X CleanTech ETF
132
Global X U.S. Infrastructure Development ETF
136
Global X Thematic Growth ETF
141
Global X AgTech & Food Innovation ETF
144
Global X Blockchain ETF
148
Global X Clean Water ETF
152
Global X Hydrogen ETF
156
Global X Solar ETF
159
Global X Wind Energy ETF
164
Statements of Assets and Liabilities
168
Statements of Operations
175
Statements of Changes in Net Assets
182
Financial Highlights
196
Notes to Financial Statements
208
Report of Independent Registered Public Accounting Firm
239
Disclosure of Fund Expenses
242
Approval of Investment Advisory Agreement
246
Supplemental Information
254
Trustees and Officers of the Trust
255
Notice to Shareholders
258







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’ Forms N-PORT are available on the Commission’s website at http://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 http://www.sec.gov












 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Robotics & Artificial Intelligence ETF
 


Global X Robotics & Artificial Intelligence ETF
The Global X Robotics & Artificial Intelligence ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Global Robotics & Artificial Intelligence Thematic 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 seeks to invest in companies that potentially stand to benefit from increased adoption and utilization of robotics and artificial intelligence (“AI”), as defined by Indxx, the provider of the Underlying Index. The Underlying Index includes companies involved in industrial robotics and automation, non-industrial robots, and/or autonomous vehicles.
For the 12-month period ended November 30, 2021 (the “reporting period”), the Fund increased 14.23%, while the Underlying Index increased 15.08%. The Fund had a net asset value of $31.78 per share on November 30, 2020 and ended the reporting period with a net asset value of $36.24 per share on November 30, 2021.
During the reporting period, the highest returns derived from Nvidia Corporation and Ats Automation Tooling Systems, which returned 144.07% and 122.05%, respectively. The worst performers included AI Inside, Inc. and Neural Pocket, Inc., which returned -92.00% and -74.13%, respectively.
Over the reporting period, robotics and AI companies showed ongoing growth generating positive performance for the Fund. As much of the workforce was no longer able to work in-person due to the COVID-19 pandemic, robots were utilized in spaces such as warehouses and medicine where automation was deemed necessary. The COVID-19 pandemic saw hospitals and clinics deploying robots for prepping patient rooms, limiting human contact, and using AI software to sort patient records. Factory automation was a driving force for adoption of AI over the reporting period, prompting companies to invest in new plants—specifically in China. Another area where both robotics and AI saw expansion was within the autonomous vehicle (“AV”) industry, with a primary focus on self-driving trucking technology and potential AV fleets. The Fund’s Japanese exposure detracted from performance as the effects of the COVID-19 pandemic dampened corporate performance. Over the reporting period, the Fund saw an average approximate sector allocation of 44% to Industrials, 37% to Information Technology, and 4% to Financials. It was predominately exposed to the United States (41%), followed by Japan (39%), and Switzerland (12%).







1

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Robotics & Artificial Intelligence ETF
 


 
AVERAGE TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2021
 
One Year Return
Three Year Return
Five Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X Robotics & Artificial Intelligence ETF
14.23%
14.57%
23.65%
23.55%
20.17%
19.86%
19.31%
19.28%
Indxx Global Robotics & Artificial Intelligence Thematic Index
15.08%
15.08%
24.22%
24.22%
20.59%
20.59%
19.70%
19.70%
MSCI ACWI Index (Net)
19.27%
19.27%
15.96%
15.96%
13.99%
13.99%
13.34%
13.34%


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


* The Fund commenced operations on September 12, 2016.
The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and 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 sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not




2

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Robotics & Artificial Intelligence ETF
 


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








3

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Internet of Things ETF
 


Global X Internet of Things ETF
The Global X Internet of Things ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Global Internet of Things Thematic 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 seeks to invest in companies that stand to potentially benefit from the broader adoption of the Internet of Things (“IoT”). This includes the development and manufacturing of semiconductors and sensors, integrated products and solutions, and applications serving smart grids, smart homes, connected cars, and the industrial internet.
For the 12-month period ended November 30, 2021 (the “reporting period”), the Fund increased 26.24%, while the Underlying Index increased 26.75%. The Fund had a net asset value of $29.95 per share on November 30, 2020 and ended the reporting period with a net asset value of $37.68 per share on November 30, 2021.
During the reporting period, the highest returns came from eMemory Technology, Inc. and Nordic Semiconductor ASA, which returned 287.06% and 132.50%, respectively. The worst performers were Vivint Smart Home, Inc. Class A and Kyndryl Holdings Incorporation, which returned -52.16% and -44.56%, respectively.
The Fund generated strong returns over the reporting period even as manufacturers of IoT devices faced a global semiconductor shortage. This ongoing supply crunch reduced availability of components and rendered manufacturers unable to meet full demand for devices. Growing demand for IoT devices related to cloud computing, video games, autonomous and electric vehicles, infrastructure, and fitness wearables kept investors interested even with short term headwinds. Additionally, passage of the Infrastructure Investment and Jobs Act in the United States, which authorized billions of dollars in funding for 5G expansion, likely contributed to positive sentiments toward the IoT industry. Adoption of low latency and high capacity 5G networks could accommodate the expected surge in internet-enabled devices. Over the reporting period, average approximate sector weightings of the Fund were reported to be the highest in Information Technology, at 63%, followed by Industrials, at 24%. The Fund maintained an average allocation of 57% to the United States stocks, followed by Switzerland (16%) and Taiwan (10%).






4

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Internet of Things ETF
 


 
AVERAGE TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2021
 
One Year Return
Three Year Return
Five Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X Internet of Things ETF
26.24%
26.63%
29.02%
29.20%
20.42%
20.33%
20.22%
20.27%
Indxx Global Internet of Things Thematic Index
26.75%
26.75%
29.43%
29.43%
20.82%
20.82%
20.61%
20.61%
MSCI ACWI Index (Net)
19.27%
19.27%
15.96%
15.96%
13.99%
13.99%
13.34%
13.34%


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


* The Fund commenced operations on September 12, 2016.
The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and 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 sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.





5

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Internet of Things 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 the previous pages.








6

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


Global X FinTech ETF
The Global X FinTech ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Global Fintech Thematic 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 seeks to invest in companies on the leading edge of the emerging financial technology sector, which encompasses a range of innovations helping to transform established industries – such as insurance, investing, fundraising, and third-party lending – through unique mobile and digital solutions.
For the 12-month period ended November 30, 2021 (the “reporting period”), the Fund increased 6.48%, while the Underlying Index increased 7.11%. The Fund had a net asset value of $42.75 per share on November 30, 2020 and ended the reporting period with a net asset value of $45.52 per share on November 30, 2021.
During the reporting period, the highest returns derived from LendingClub Corp and Hut 8 Mining Corp, which returned 310.02% and 180.43%, respectively. The worst performers included StoneCo Ltd. Class A and Makuake, Inc., which returned -78.69% and -57.08%, respectively.
The Fund experienced modest returns over the reporting period. Innovations, such as “buy now pay later”, an alternative to traditional forms of credit gaining popularity in the e-commerce industry, positively contributed to growth in the financial technology (“Fintech”) industry. However, Fintech firms faced some obstacles, especially in the cryptocurrency space, as governments imposed regulations on digital transactions. Companies were impacted by increasing regulations over technology platforms in China and in the United States. During the reporting period, the Fund saw large average sector exposures to Information Technology (85%) and Financials (13%). Geographically, it maintained an allocation of 59% to stocks in the United States, followed by Australia (5%), Brazil (2%), the Netherlands (7%), and New Zealand (4%).

 
AVERAGE TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2021
 
One Year Return
Three Year Return
Five Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X FinTech ETF
6.48%
6.81%
22.93%
23.04%
25.08%
25.10%
23.66%
23.72%
Indxx Global Fintech Thematic Index
7.11%
7.11%
23.68%
23.68%
25.88%
25.88%
24.41%
24.41%
MSCI ACWI Index (Net)
19.27%
19.27%
15.96%
15.96%
13.99%
13.99%
13.34%
13.34%








7

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


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


* The Fund commenced operations on September 12, 2016.
The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and 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 sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
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 the previous page and above.






8

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Video Games & Esports ETF
 


Global X Video Games & Esports ETF
The Global X Video Games & Esports ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Video Games & Esports Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to provide exposure to exchange-listed companies that are positioned to benefit from increased consumption related to video games and esports, including companies whose principal business is in video game development/publishing, video game and esports content distribution and streaming, operating/owning esports leagues/teams, and producing video game/esports hardware. To be eligible for the Underlying Index, a company must be considered by Solactive AG, the provider of the Underlying Index (the “Index Provider”), to be a Video Games & Esports Company. A company is considered to be a Video Games & Esports Company by the Index Provider if the company generates at least 50% of its revenues from video games and esports activities.
For the 12-month period ended November 30, 2021 (the “reporting period”), the Fund increased 4.09%, while the Underlying Index increased 4.71%. The Fund had a net asset value of $28.57 per share on November 30, 2020 and ended the reporting period with a net asset value of $29.52 per share on November 30, 2021.
During the reporting period, the highest returns came from Wemade Co., Ltd. and PearlAbyss Corp., which returned 809.41% and 196.19%, respectively. The worst performers were DouYu International Holdings Ltd. and HUYA, Inc. Sponsored ADR Class A which returned -79.03% and -58.39%, respectively.
Video game companies delivered slightly positive returns over the reporting period. Video Games & Esports Companies were adversely impacted by Chinese restrictions on video games. Video Games & Esports Companies also faced headwinds from the shift away from the stay-at-home economy. However, COVID-19 pandemic-driven stay-at-home orders helped accelerate an emerging theme of interactive video games and esports as consumers sought social interaction. Toward the end of the reporting period, many game manufacturers began opting to make the console obsolete and move towards a cloud-based system, which promoted optimism surrounding Video Games & Esports Companies. During the reporting period, the number of gamers and time spent playing and watching video games showed consistent growth. During the reporting period, the Fund saw an average approximate allocation of 90% to Communication Services and 10% to Information Technology. Geographically, the Fund had an average exposure of 29% to the United States, followed by 25% to Japan and 13% to China.

 
AVERAGE TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2021
 
One Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X Video Games & Esports ETF
4.09%
3.76%
38.73%
38.64%
Solactive Video Games & Esports Index
4.71%
4.71%
39.42%
39.42%
MSCI ACWI Index (Net)
19.27%
19.27%
17.86%
17.86%






9

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Video Games & Esports ETF
 


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


* The Fund commenced operations on October 25, 2019.
The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and 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 sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
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 the previous page and above.






10

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Autonomous & Electric Vehicles ETF
 


Global X Autonomous & Electric Vehicles ETF
The Global X Autonomous & Electric Vehicles ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Autonomous & Electric Vehicles Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index tracks the price movements in shares of companies which are active in the electric vehicle (“EV”) and autonomous driving segments, as defined by Solactive AG, the provider of the Underlying Index. In particular, this includes electric vehicle manufacturers, electric vehicle component producers, companies that mine or produce raw materials that are relevant to the electric vehicle and autonomous vehicle technology segment, companies that build autonomous vehicles, and suppliers of autonomous vehicle technologies.
For the 12-month period ended November 30, 2021 (the “reporting period”), the Fund increased 40.22%, while the Underlying Index increased 40.97%. The Fund had a net asset value of $21.75 per share on November 30, 2020 and ended the reporting period with a net asset value of $30.41 per share on November 30, 2021.
During the reporting period, the highest returns came from Pilbara Minerals Limited and Nvidia Corporation, which returned 278.27% and 144.07%, respectively. The worst performers included CBAK Energy Technology, Inc. and Romeo Power, Inc., which returned -52.04% and -42.86%, respectively.
Global EV sales grew at a rapid rate over the reporting period, generating strong returns for the Fund. Much of the growth was attributed to a continued transition from fossil fuels to renewable energy and government support across major economies for the adoption of EVs through subsidies. With President Biden’s goal of EVs accounting for at least 50% of new vehicle sales in the United States by 2030, demand is expected to sustain in the coming years as EV sales in the United States more than doubled in 2021. An obstacle for EV manufacturers that caused volatility was rapidly increasing lithium prices – a key element in batteries used in EVs. During the reporting period, the Fund maintained an average approximate sector allocation of 36% to Consumer Discretionary, 30% to Information Technology, and 14% to Industrials. It had an average allocation of 61% to the United States, 8% to Japan, and 5% to China.

 
AVERAGE TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2021
 
One Year Return
Three Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X Autonomous & Electric Vehicles ETF
40.22%
40.20%
33.95%
34.17%
23.07%
23.16%
Solactive Autonomous & Electric Vehicles Index
40.97%
40.97%
34.27%
34.27%
23.28%
23.28%
MSCI ACWI Index (Net)
19.27%
19.27%
15.96%
15.96%
12.18%
12.18%






11

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Autonomous & Electric Vehicles ETF
 


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


* The Fund commenced operations on April 13, 2018.
The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and 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 sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
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 the previous page and above.





12

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Cloud Computing ETF
 


Global X Cloud Computing ETF
The Global X Cloud Computing ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Global Cloud Computing Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to provide exposure to exchange-listed companies in developed and emerging markets that are positioned to benefit from the increased adoption of cloud computing technology, including but not limited to companies whose principal business is in offering computing Software-as-a-Service (“SaaS”), Platform-as-a-Service (“PaaS”), Infrastructure-as-a-Service (“IaaS”), managed server storage space and data center REITs, and/or cloud and edge computing infrastructure and hardware (collectively, “Cloud Computing Companies”), as defined by Indxx LLC, the provider of the Underlying Index (“Index Provider”).
For the 12-month period ended November 30, 2021 (the “reporting period”), the Fund increased 9.83%, while the Underlying Index increased 10.53%. The Fund had a net asset value of $25.84 per share on November 30, 2020 and ended the reporting period with a net asset value of $28.38 per share on November 30, 2021.
During the reporting period, the highest returns derived from Zscaler, Inc. and Workiva Inc. Class A, which returned 122.77% and 85.98%, respectively. The worst performers included VNET Group, Inc. Sponsored ADR and Zoom Video Communications, Inc. Class A, which returned -65.7% and -55.81%, respectively.
Cloud computing companies realized moderate returns during the reporting period. The switch to a work-from-home economy forced companies to transition their software usage from on-premises to the cloud resulting from the COVID-19 pandemic. Cloud Computing Companies faced hindrances from initiating cloud migration and a lack of information technology (IT) knowledge during the reporting period due to the novelty of cloud computing. However, many businesses found advantages by adopting cloud or hybrid-cloud models. Customers increasingly opted for multi-cloud infrastructure solutions to diversify risk and align specific needs with the appropriate cloud provider. Even as the COVID-19 pandemic eased, cloud adoption remained strong. This mitigated the effects of the switch away from the stay-at-home economy during the reporting period. During the reporting period, the Fund saw an average approximate sector allocation of 84% to Information Technology, 6% to Communication Services, and 5% to Real Estate. The Fund had an average allocation of 88% to the United States, 4% to Canada, and 4% to New Zealand.

 
AVERAGE TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2021
 
One Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X Cloud Computing ETF
9.83%
9.85%
27.23%
27.51%
Indxx Global Cloud Computing Index
10.53%
10.53%
27.94%
27.94%
MSCI ACWI Index (Net)
19.27%
19.27%
15.36%
15.36%






13

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Cloud Computing ETF
 


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


* The Fund commenced operations on April 12, 2019.
The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and 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 sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
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 the previous page and above.






14

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Data Center REITs & Digital Infrastructure ETF
 


Global X Data Center REITs & Digital Infrastructure ETF
The Global X Data Center REITs & Digital Infrastructure ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Data Center REITs & Digital Infrastructure Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to provide exposure to companies that have business operations in the fields of data centers, cellular towers, and/or digital infrastructure hardware. Specifically, the Underlying Index will include securities issued by “Data Center REITs & Digital Infrastructure Companies” as defined by Solactive AG, the provider of the Underlying Index (the “Index Provider”).
For the 12-month period ended November 30, 2021 (the “reporting period”), the Fund increased 20.17%, while the Underlying Index increased 20.22%. The Fund had a net asset value of $14.94 per share on November 30, 2020 and ended the reporting period with a net asset value of $17.83 per share on November 30, 2021.
During the reporting period, the highest returns derived from Nvidia Corporation and PT Tower Bersama Infrastructure Tbk, which returned 144.07% and 112.10%, respectively. The worst performers included VNET Group, Inc. and GDS Holdings Ltd. Sponsored ADR Class A, which returned -65.70% and -37.75%, respectively.
The Fund generated positive returns due to a favorable environment for REITs as well as positive sentiment towards infrastructure legislature during the reporting period. Historically low bond yields drove income-seeking investors to explore REITs as a solution. Additionally, concerns over rising inflation renewed interest towards inflation hedging assets such as REITs. Furthermore, anticipation surrounding the recently passed Infrastructure Investment and Jobs Act (“IIJA”), a U.S. bill aimed at enhancing infrastructure, helped create investor interest in the data center and digital infrastructure industries. The IIJA seeks to invest billions in expanding broadband, with provisions that aim to improve data center and cellular tower capacity. During the reporting period, the Fund maintained the highest average approximate exposure of 66% to the Real Estate sector and 25% to the Information Technology sector.

 
AVERAGE TOTAL RETURN FOR THE PERIOD ENDED NOVEMBER 30, 2021
 
One Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X Data Center REITs & Digital Infrastructure ETF
20.17%
19.37%
18.07%
18.07%
Solactive Data Center REITs & Digital Infrastructure Index
20.22%
20.22%
18.17%
18.17%
MSCI ACWI Index (Net)
19.27%
19.27%
26.39%
26.39%






15

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Data Center REITs & Digital Infrastructure ETF
 


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


* The Fund commenced operations on October 27, 2020.
The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and 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 sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
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 the previous page and above.






16

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


Global X Cybersecurity ETF
The Global X Cybersecurity ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Cybersecurity Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to provide exposure to exchange-listed companies that are positioned to benefit from increased adoption of cybersecurity technology, including but not limited to companies whose principal business is in the development and management of security protocols designed to prevent intrusion and attacks to systems, networks, applications, computers, and mobile devices. To be eligible for the Underlying Index as a Cybersecurity Company, a company must generate at least 50% of its revenues from cybersecurity activities.
For the 12-month period ended November 30, 2021 (the “reporting period”), the Fund increased 39.68%, while the Underlying Index increased 40.29%. The Fund had a net asset value of $22.75 per share on November 30, 2020 and ended the reporting period with a net asset value of $31.75 per share on November 30, 2021.
During the reporting period, the highest returns derived from Fortinet, Inc. and Zscaler, Inc., which returned 169.50% and 122.77%, respectively. The worst performers were Intrusion Inc. and Telos Corporation, which returned -58.49% and -52.86%, respectively.
Increasing cybercrime opportunities due to greater digital adoption resulted in strong returns for the Fund through the reporting period. An increased prevalence of cyberattacks caused governments, businesses, and individuals to invest in cyber capabilities to shield themselves from potential future attacks. Growing cyberattacks and their potential implications on sectors and governments worldwide made cybersecurity tools indispensable for organizations to operate securely across multiple business functions. During the reporting period, the Fund maintained an average approximate sector allocation of (100%) to Information Technology. Geographically, during the reporting period, the Fund’s exposures derived mainly from the United States at 78% and Israel at 12%.

 
AVERAGE TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2021
 
One Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X Cybersecurity ETF
39.68%
39.58%
42.31%
43.71%
Indxx Cybersecurity Index
40.29%
40.29%
42.37%
42.37%
MSCI ACWI Index (Net)
19.27%
19.27%
17.86%
17.86%






17

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


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


* The Fund commenced operations on October 25, 2019.
The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and 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 sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
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 the previous page and above.






18

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Artificial Intelligence & Technology ETF
 


Global X Artificial Intelligence & Technology ETF
The Global X Artificial Intelligence & Technology ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Artificial Intelligence & Big Data Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to provide exposure to exchange-listed companies in developed markets that are positioned to benefit from the further development and implementation of artificial intelligence (“AI”) technology, as well as to companies that provide critical technology and services for the analysis of large and complex data sets (collectively, “Artificial Intelligence & Big Data Companies”).
For the 12-month period ended November 30, 2021 (the “reporting period”), the Fund increased 22.60%, while the Underlying Index increased 23.20%. The Fund had a net asset value of $25.84 per share on November 30, 2020 and ended the reporting period with a net asset value of $31.58 per share on November 30, 2021.
During the reporting period, the highest returns derived from Nvidia Corporation and BlackBerry Limited, which returned 144.07% and 140.20%, respectively. The worst performers included AI inside, Inc. and StoneCo Ltd. Class A, which returned -91.56% and -78.69%, respectively.
The AI industry produced positive returns over the reporting period by focusing on niche sectors such as machine learning and deep learning while continuing industry-wide penetration. In many ways, the COVID-19 pandemic accelerated AI adoption. Social distancing mandates necessitated remote work environments and disruptions in the supply chain encouraged reliance on software technology. Investors in Artificial Intelligence & Big Data Companies also reaped the benefits of the emergence of artificial intelligence in other sectors such as the metaverse, autonomous vehicles, and healthcare technology. During the reporting period, the Fund maintained an average approximate sector allocation of 63% to Information Technology, 16% to Communication Services, and 11% to Industrials. Geographically, the Fund maintained an average exposure of 66% to the United States, 10% to China, and 4% to South Korea.

 
AVERAGE TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2021
 
One Year Return
Three Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X Artificial Intelligence & Technology ETF
22.60%
23.00%
31.18%
31.55%
23.92%
24.19%
Indxx Artificial Intelligence & Big Data Index
23.20%
23.20%
31.68%
31.68%
24.35%
24.35%
MSCI ACWI Index (Net)
19.27%
19.27%
15.96%
15.96%
11.84%
11.84%






19

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Artificial Intelligence & Technology ETF
 


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


* The Fund commenced operations on May 11, 2018.
The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and 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 sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
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 the previous page and above.






20

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Millennial Consumer ETF
 


Global X Millennial Consumer ETF
The Global X Millennial Consumer ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Millennials Thematic 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 measures the performance of U.S. listed companies that provide exposure to the millennial generation, (“Millennial Companies”). The millennial generation refers to the demographic cohort in the United States with birth years ranging from 1980 to 2000.
For the 12-month period ended November 30, 2021 (the “reporting period”), the Fund increased 21.33%, while the Underlying Index increased 21.96%. The Fund had a net asset value of $35.23 per share on November 30, 2020 and ended the reporting period with a net asset value of $42.68 per share on November 30, 2021.
During the reporting period, the highest returns came from Avis Budget Group, Inc. and LendingClub Corp, which returned 680.75% and 310.02%, respectively. The worst performers were Chegg, Inc. and Vimeo, Inc., which returned -64.26% and -62.92%, respectively.
Companies directed towards millennial consumers generated positive returns over the reporting period. Millennials, currently the largest generation in the United States, are heading toward their prime spending years and they spend differently than past generations. Themes such as streaming services, retail, and social media emerged as frontrunners during the COVID-19 pandemic, pushing Fund performance higher. Millennials also broadly benefited from a strong consumer environment in the United States during the reporting period as a recent rise in jobs and wage growth fueled a robust economic recovery. To gain exposure to these segments, the Fund maintained an average approximate sector allocation of allocated on average approximately 40% to Consumer Discretionary, 30% to Communication Services, and 16% to Information Technology during the reporting period.

 
AVERAGE TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2021
 
One Year Return
Three Year Return
Five Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X Millennial Consumer ETF
21.33%
21.36%
26.00%
25.97%
22.89%
22.85%
21.21%
21.11%
Indxx Millennials Thematic Index
21.96%
21.96%
26.67%
26.67%
23.50%
23.50%
21.77%
21.77%
S&P 500® Index
27.92%
27.92%
20.38%
20.38%
17.90%
17.90%
17.65%
17.65%






21

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Millennial Consumer ETF
 


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


* The Fund commenced operations on May 4, 2016.
The S&P 500® Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
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 the previous page and above.





22

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


Global X Education ETF
The Global X Education ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Global Education Thematic Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to track the performance of companies listed in developed and emerging markets that provide products and services that facilitate education, including but not limited to companies involved in online learning and educational content/publishing, as well as early childhood education, higher education and professional education.
For the 12-month period ended November 30, 2021 (the “reporting period”), the Fund decreased 44.30%, while the Underlying Index decreased 44.02%. The Fund had a net asset value of $17.14 per share on November 30, 2020 and ended the reporting period with a net asset value of $9.54 per share on November 30, 2021.
During the reporting period, the highest returns derived from Houghton Mifflin Harcourt Company and MegaStudyEdu Co. Ltd, which returned 416.94% and 86.21%, respectively. The worst performers included Gaotu Techedu Inc. Sponsored ADR Class A and 17 Education & Technology Group, Inc., which returned -95.85% and -92.66%, respectively.
Many of the benefits education stocks experienced in the initial stages of the COVID-19 pandemic faded as growth expectations of these companies slowed during the reporting period. In addition, Chinese education companies significantly hampered performance as new regulations limited their pursuit of profitability and banned certain products and services. Over the reporting period the average approximate sector weighting of the Fund were highest in consumer discretionary (60%), followed by Information Technology (20%) and Communication Services (19%). Geographically, the Fund maintained an average allocation of (50%) to United States stocks, followed by China (21%) and the United Kingdom (8%).

 
AVERAGE TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2021
 
One Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X Education ETF
-44.30%
-44.60%
-28.44%
-28.60%
Indxx Global Education Thematic Index
-44.02%
-44.02%
-28.05%
-28.05%
MSCI ACWI Index (Net)
19.27%
19.27%
25.27%
25.27%






23

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


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


* The Fund commenced operations on July 10, 2020.
The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and 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 sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
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 the previous page and above.





24

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


Global X Cannabis ETF
The Global X Cannabis ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Cannabis 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 provide exposure to exchange-listed companies that are active in the cannabis industry as defined by Solactive AG, the provider of the Underlying Index (“Index Provider”). In order to be eligible for inclusion in the Cannabis Index, a company is considered by the Index Provider to be a “Cannabis Company” if it derives at least 50% of its revenue, operating income, or assets from the cannabis industry. These companies include those involved in the following areas of the cannabis industry: (i) the legal production, growth and distribution of marijuana, as well as extracts, derivative products or synthetic versions thereof; (ii) the legal production, growth and distribution of hemp, as well as extracts, derivative products or synthetic versions thereof; (iii) financial services (insurance offerings, property leasing, financing, capital markets activity and investments) provided to companies involved in the production, growth and distribution of cannabis; (iv) pharmaceutical applications of cannabis; (v) cannabidiol (better known as CBD) and cannabis oil products, edibles, topicals, drinks and other products; and (vi) products that may be used to consume cannabis.
For the 12-month period ended November 30, 2021 (the “reporting period”), the Fund decreased 38.79%, while the Underlying Index decreased 39.98%. The Fund had a net asset value of $12.05 per share on November 30, 2020 and ended the reporting period with a net asset value of $7.22 per share on November 30, 2021.
During the reporting period, the highest returns came from Aphria Inc. and GW Pharmaceuticals PLC which returned 59.58% and 56.31%, respectively. The worst performers were Flora Growth Corp. and Charlottes Web Holdings Inc., which returned -88.20% and -75.11%, respectively.
Developing market dynamics and a lack of action toward legalizing cannabis at the Federal level in the United States resulted in a negative performance for the Fund over the reporting period. An opportunity for legal participants could come in the form of Federal legalization in the United States, which would grant relevant companies access to basic financing and tax advantages. After members of the Democratic party won control of the United States Congress and the Presidency, investor enthusiasm increased surrounding Cannabis Companies, as many anticipated potential initiatives to legalize recreational cannabis. However, a lack of notable action on this front ultimately discouraged investors and resulted in a prolonged selloff during the reporting period. During the reporting period, the Fund saw an average approximate sector allocation of 93% to Health care and 4% to Financials. Geographically, the fund maintained an average allocation of 78% to stocks in Canada, followed by the United States (16%) and Britain (4%).

 
AVERAGE TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2021
 
One Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X Cannabis ETF
-38.79%
-38.33%
-40.51%
-40.87%
Cannabis Index
-39.98%
-39.98%
-43.65%
-43.65%
MSCI ACWI Index (Net)
19.27%
19.27%
17.59%
17.59%






25

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


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


* The Fund commenced operations on September 17, 2019.
The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and 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 sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
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 the previous page and above.






26

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Genomics & Biotechnology ETF
 


Global X Genomics & Biotechnology ETF
The Global X Genomics & Biotechnology ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Genomics Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index tracks companies that are active in the field of genomics (“Genomics Companies”), as defined by Solactive AG, the provider of the Underlying Index (“Index Provider”). According to the Index Provider, Genomics Companies include those involved in the following business activities: gene editing, genomic sequencing, development and testing of genetic medicine or therapies, computational genomics and genetic diagnostics or biotechnology.
For the 12-month period ended November 30, 2021 (the “reporting period”), the Fund decreased 1.77%, while the Underlying Index decreased 1.39%. The Fund had a net asset value of $21.01 per share on November 30, 2020 and ended the reporting period with a net asset value of $20.61 per share on November 30, 2021.
During the reporting period, the highest returns derived from Genscript Biotech Corporation and Intellia Therapeutics, Inc., which returned 266.00% and 192.87%, respectively. The worst performers included Adverum Biotechnologies Inc and Cellectis SA Sponsored ADR, which returned -87.20% and -66.02%, respectively.
The Fund generated mild losses as fluctuations in demand for COVID-19 testing controlled sentiment toward Genomics Companies during the reporting period. For much of the reporting period, investors flocked to Genomics Companies because of their relevance to the COVID-19 pandemic. However, as vaccine campaigns ramped up around globe and demand for testing fell, sentiments turned against diagnostics companies. Biotech firms hampered performance as investors favored other industries as the COVID-19 pandemic developed. During the reporting period, the Fund was invested 100% in the Healthcare sector. Geographically, the Fund maintained an average allocation of 85% to stocks in the United States, followed by the Netherlands (5%) and Switzerland (4%).

 
AVERAGE TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2021
 
One Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X Genomics & Biotechnology ETF
-1.77%
-2.06%
12.00%
12.70%
Solactive Genomics Index
-1.39%
-1.39%
12.57%
12.57%
MSCI ACWI Index (Net)
19.27%
19.27%
15.45%
15.45%






27

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Genomics & Biotechnology ETF
 


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


* The Fund commenced operations on April 5, 2019.
The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and 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 sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
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 the previous page and above.





28

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X China Biotech Innovation ETF
 


Global X China Biotech Innovation ETF
The Global X China Biotech Innovation ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive China Biotech Innovation Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to provide exposure to exchange-listed companies that are directly involved in China’s biotech industry. In constructing the Underlying Index, Solactive utilizes FactSet Industry classifications to identify companies that are directly involved in the biotechnology industry. Only those securities classified in the biotechnology industry according to FactSet as of each rebalance date are eligible for inclusion in the Underlying Index. The Underlying Index is weighted according to a modified capitalization weighting methodology and is reconstituted and re-weighted semi-annually.
For the 12-month period ended November 30, 2021 (the “reporting period”), the Fund increased 7.26%, while the Underlying Index increased 7.91%. The Fund had a net asset value of $14.88 per share on November 30, 2020 and ended the reporting period with a net asset value of $15.96 per share on November 30, 2021.
During the reporting period, the highest returns derived from Genscript Biotech Corporation and Joinn Laboratories Co., Ltd. Class A, which returned 266.00% and 122.96%, respectively. The worst performers included JW Therapeutics Co. Ltd. and Berry Genomics Co. Ltd. Class A, which returned -54.04% and -44.11%, respectively.
The Fund delivered moderate returns during the reporting period as sentiment towards Chinese biotech equities benefitted from the announcement of the 14th Five-Year Plan (“FYP”), in spite of declining sentiment towards Chinese equities more broadly. Some Chinese biotech stocks, including major holdings in the Fund, followed a long rally that began with the outbreak of COVID-19 in January 2020 and carried over into the beginning of the reporting period. The COVID-19 pandemic highlighted the need for innovative healthcare and pharmaceuticals. Chinese biotech equities were not immune to declining sentiment and regulatory issues, but the reveal of the 14th FYP boosted expectations for Chinese biotech stocks. As the reporting period progressed, challenging regulations against education and technology companies likely detracted from the Fund’s performance. Furthermore, American Depositary Receipts in the Fund, especially those making use of the variable interest entity (“VIE”) structure, were adversely impacted by heightened scrutiny, particularly after the United States Securities and Exchange Commission published a letter in July regarding risks associated with VIEs. During the reporting period, the Fund saw an average approximate allocation of 96% to Health Care, 4% to Consumer Staples, and 0.1% to Consumer Discretionary. It maintained an average allocation of 96% to China, and 4% to Hong Kong.

 
AVERAGE TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2021
 
One Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X China Biotech Innovation ETF
7.26%
7.11%
4.83%
4.88%
Solactive China Biotech Innovation Index
7.91%
7.91%
5.49%
5.49%
MSCI Emerging Markets Index (Net)
2.70%
2.70%
12.03%
12.03%






29

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X China Biotech Innovation ETF
 


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


* The Fund commenced operations on September 22, 2020.
The MSCI Emerging Markets Index 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 sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
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 the previous page and above.





30

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Telemedicine & Digital Health ETF
 


Global X Telemedicine & Digital Health ETF
The Global X Telemedicine & Digital Health ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Telemedicine & Digital Health Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to provide exposure to exchange-listed companies that are positioned to benefit from further advances in the field of telemedicine and digital health, as well as applications thereof (collectively, “Telemedicine & Digital Health Companies”), as defined by Solactive AG, the provider of the Underlying Index (the “Index Provider”). In order to be eligible for inclusion in the Underlying Index, a company is considered by the Index Provider to be a Telemedicine & Digital Health Company if it derives at least 50% of its revenue from telemedicine and/or digital health related business operations. Telemedicine & Digital Health Companies include those involved in the following business activities: (i) telemedicine, (ii) healthcare analytics, (iii) connected healthcare devices, and/or (iv) administrative digitization.
For the 12-month period ended November 30, 2021 (the “reporting period”), the Fund decreased 11.32%, while the Underlying Index decreased 10.76%. The Fund had a net asset value of $18.41 per share on November 30, 2020 and ended the reporting period with a net asset value of $16.32 per share on November 30, 2021.
During the reporting period, the highest returns derived from OptimizeRx Corporation and Inovalon Holdings, Inc. Class A, which returned 146.03% and 119.93%, respectively. The worst performers included Ontrak, Inc. and SmileDirectClub Inc Class A, which returned -87.77% and -75.04%, respectively.
The Fund’s losses over the reporting period could be attributed to uncertainty around the future operations of Telemedicine & Digital Health Companies when the effects of the COVID-19 pandemic have subsided. While performance was strong during the height of the global COVID-19 pandemic, performance turned negative as growth expectations moderated for Telemedicine & Digital Health Companies as the effects of the COVID-19 pandemic waned. Concerns over rolled back coverage for digital healthcare services in some markets as well as declining telemedicine appointments during the COVID-19 pandemic were contributing factors in the selloff. Over the reporting period the average approximate sector weightings of the Fund were reported to be the highest in Healthcare, at 91%, followed by Information Technology at 5%. Geographically, the Fund maintained an average allocation of 84% to United States stocks, followed by China (5%) and Japan (4%).

 
AVERAGE TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2021
 
One Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X Telemedicine & Digital Health ETF
-11.32%
-11.47%
5.33%
5.28%
Solactive Telemedicine & Digital Health Index
-10.76%
-10.76%
5.96%
5.96%
MSCI ACWI Index (Net)
19.27%
19.27%
24.00%
24.00%






31

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Telemedicine & Digital Health ETF
 


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


* The Fund commenced operations on July 29, 2020.
The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and 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 sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
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 the previous page and above.





32

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Aging Population ETF
 


Global X Aging Population ETF
The Global X Aging Population ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Aging Population Thematic Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to track the performance of companies listed in developed markets that are expected to directly or indirectly contribute to increasing the life spans of the senior population of the world. The Underlying Index provides access to companies involved in biotechnology, medical devices, pharmaceuticals, senior living facilities, and specialized health care services that respond to the needs of this demographic.
For the 12-month period ended November 30, 2021 (the “reporting period”), the Fund increased 2.51%, while the Underlying Index increased 2.71%. The Fund had a net asset value of $26.82 per share on November 30, 2020 and ended the reporting period with a net asset value of $27.41 per share on November 30, 2021.
During the reporting period, the highest returns derived from Straumann Holding AG and DexCom, Inc, which returned 84.59% and 75.99%, respectively. The worst performers were Epizyme, Inc and FibroGen, Inc, which returned -76.20% and 69.72%, respectively.
Businesses dedicated to serving aging populations had flat returns during the reporting period. The COVID-19 pandemic caused many pharmaceutical companies to invest in innovation across the healthcare sector geared towards containing COVID-19. Biotech companies also lagged in performance, as high sales expectations began to subside. However, health care equipment companies provided a ballast to the Fund, as these companies recorded strong performance. Over the reporting period, the Fund saw an average approximate allocation of 95% to Healthcare Equipment and 5% to Real Estate. Geographically, the Fund maintained an average allocation to the United States (58%), followed by Switzerland (7%), and Denmark (7%).

 
AVERAGE TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2021
 
One Year Return
Three Year Return
Five Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X Aging Population ETF
2.51%
2.70%
10.73%
10.66%
13.57%
13.60%
11.92%
12.40%
Indxx Aging Population Thematic Index
2.71%
2.71%
10.95%
10.95%
13.85%
13.85%
12.21%
12.21%
MSCI ACWI Index (Net)
19.27%
19.27%
15.96%
15.96%
13.99%
13.99%
13.64%
13.64%






33

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Aging Population ETF
 


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


* The Fund commenced operations on May 9, 2016.
The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and 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 sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
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 the previous page and above.






34

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Health & Wellness ETF
 


Global X Health & Wellness ETF
The Global X Health & Wellness ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Global Health & Wellness Thematic Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to track the performance of companies listed in developed markets that provide products and services aimed at promoting physical wellness through active and healthy lifestyles, including but not limited to fitness equipment and technology, athletic apparel, nutritional supplements, and organic/ natural food offerings.
For the 12-month period ended November 30, 2021 (the “reporting period”), the Fund increased 16.90%, while the Underlying Index increased 17.25%. The Fund had a net asset value of $24.11 per share on November 30, 2020 and ended the reporting period with a net asset value of $28.04 per share on November 30, 2021.
During the reporting period, the highest returns derived from Xtep International Holdings Limited and Descente, Ltd., which returned 224.31% and 145.57%, respectively. The worst performers included Peloton Interactive, Inc. Class A and Nautilus Inc, which returned -62.18% and -58.78%, respectively.
The COVID-19 pandemic resulted in a renewed focus on healthy living and wellness, resulting in a positive performance for the Fund over the reporting period. Social distancing behaviors created a significant opportunity for digital fitness providers to address consumer needs during the height of the COVID-19 pandemic. Investors flocked to the biggest names in digital fitness at the beginning of the reporting period, which offset some of the losses the Fund experienced from in-person provider performance towards the end of the reporting period. The introduction of vaccines and loosening of social distancing measures allowed in-person fitness companies to mount strong comebacks, with many gyms now reporting membership levels comparable to before the COVID-19 pandemic. Overall, the COVID-19 pandemic generated challenges for the components of the Underlying Index, but it also created opportunities that attracted investor interest over the reporting period. During reporting period, the Fund had an average approximate sector allocation of 73% to Consumer Discretionary, 20% to Consumer Staples, and 5% to Healthcare. Geographically, the Fund maintained an average exposure of 41% to the United States, followed by 13% to Japan, and 11% to China.

 
AVERAGE TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2021
 
One Year Return
Three Year Return
Five Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X Health & Wellness ETF
16.90%
17.69%
15.37%
15.56%
14.93%
15.05%
12.78%
13.13%
Indxx Global Health & Wellness Thematic Index
17.25%
17.25%
15.80%
15.80%
15.37%
15.37%
13.23%
13.23%
MSCI ACWI Index (Net)
19.27%
19.27%
15.96%
15.96%
13.99%
13.99%
13.63%
13.63%






35

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Health & Wellness ETF
 


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


* The Fund commenced operations on May 9, 2016.
The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and 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 sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
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 the previous page and above.






36

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


Global X CleanTech ETF
The Global X CleanTech ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Global CleanTech 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 maintained by Indxx LLC (the “Index Provider”). The Underlying Index is designed to track the performance of companies that develop technology or equipment that enables the production of energy from renewable sources, efficient utilization of energy and reduction of negative environmental influences (collectively “CleanTech Companies”), as defined by the Index Provider. CleanTech Companies include, but are not limited to, companies whose principal business is in developing technology relating to renewable energy, energy efficiency, smart grid implementation, lithium-ion batteries and/or fuel cells, and/or pollution prevention/amelioration.
For the 12-month period ended November 30, 2021 (the “reporting period”), the Fund increased 7.48%, while the Underlying Index increased 5.00%. The Fund had a net asset value of $19.02 per share on November 30, 2020 and ended the reporting period with a net asset value of $20.43 per share on November 30, 2021.
During the reporting period, the highest returns derived from GCL-Poly Energy Holdings Limited and Ameresco, Inc. Class A, which returned 149.58% and 102.76%, respectively. The worst performers included TPI Composites, Inc. and QuantumScape Corporation Class A, which returned -55.68% and -51.40%, respectively.
The Fund generated positive performance even as supply chain disturbances represented a major headwind for CleanTech Companies over the reporting period. Renewable energy equipment manufacturers are one of many cohorts that suffered from supply chain disturbances related to the COVID-19 pandemic. Heightened materials costs, labor shortages, and shipping delays limited the ability of renewable energy equipment manufacturers to move products downstream. Additionally, a departure from growth-oriented strategies and recovering sentiment toward traditional oil and gas hampered returns. However, long term tailwinds for renewable energy adoption remained intact through the COVID-19 pandemic and generated enough interest to keep performance positive during the reporting period. As the adverse impacts of climate change continued to be felt broadly, governments around the world increasingly turned to renewable energy production to accommodate rising power demand. During the reporting period, average sector weighting of the Fund was reported to be the highest in Industrials, at 46%, followed by Information Technology at 45%. Geographically, the Fund had an average exposure of 30% to the United States, followed by 13% to South Korea, and 12% to China.

 
AVERAGE TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2021
 
One Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X CleanTech ETF
7.48%
7.07%
32.15%
31.55%
Indxx Global CleanTech Index
5.00%
5.00%
29.42%
29.42%
MSCI ACWI Index (Net)
19.27%
19.27%
26.39%
26.39%






37

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


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


* The Fund commenced operations on October 27, 2020.
The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and 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 sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
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 the previous page and above.





38

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X U.S. Infrastructure Development ETF
 


Global X U.S. Infrastructure Development ETF
The Global X U.S. Infrastructure Development ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx U.S. Infrastructure Development 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 measure the performance of U.S. listed companies that provide exposure to domestic infrastructure development, including companies involved in construction and engineering, production of infrastructure raw materials, composites and products, industrial transportation and producers/distributors of heavy construction equipment.
For the 12-month period ended November 30, 2021 (the “reporting period”), the Fund increased 34.90%, while the Underlying Index increased 35.72%. The Fund had a net asset value of $20.24 per share on November 30, 2020 and ended the reporting period with a net asset value of $27.19 per share on November 30, 2021.
During the reporting period, the highest returns came from Herc Holdings, Inc. and Calix, Inc., which returned 198.39% and 182.77%, respectively. The worst performers were Team, Inc. and Argan, Inc., which returned -84.50% and -10.75%, respectively.
After months of deliberations, in November 2021 U.S. lawmakers passed the Infrastructure Investment and Jobs Act (“IIJA”), an unprecedented infrastructure package, generating investor enthusiasm toward infrastructure related investments and a strong performance from the Fund during the reporting period. The IIJA could act as a long-term tailwind for infrastructure related investments. Besides positive sentiment toward the IIJA, the Fund also generally benefitted from historically low interest rates which made public-private-partnerships more attractive over the reporting period. Rising commodity prices also helped certain companies the Fund is invested in. During the reporting period, the Fund saw an average approximate allocation of 71% to Industrials, 21% to Materials, and 3% to Information Technology.

 
AVERAGE TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2021
 
One Year Return
Three Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Net Asset Value
Market Price
Net Asset Value
Global X U.S. Infrastructure Development ETF
34.90%
34.73%
21.29%
21.30%
14.01%
14.03%
Indxx U.S. Infrastructure Development Index
35.72%
35.72%
21.89%
21.89%
14.56%
14.56%
S&P 500® Index
27.92%
27.92%
20.38%
20.38%
16.92%
16.92%






39

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X U.S. Infrastructure Development ETF
 


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


* The Fund commenced operations on March 6, 2017.
The S&P 500® Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
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 the previous page and above.





40

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Thematic Growth ETF
 


Global X Thematic Growth ETF
The Global X Thematic Growth ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Thematic Growth 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 seeks to provide broad exposure to thematic growth strategies using a portfolio of exchange-traded funds each of which is issued by Global X Funds (the “Underlying ETFs”). The share prices of the Underlying ETFs are expected to track the performance of equities in developed or emerging markets that provide exposure to structurally disruptive macro-trends. The Underlying ETFs are selected and weighted by calculating the weighted average sales growth for each Underlying ETF.
For the 12-month period ended November 30, 2021 (the “reporting period”), the Fund increased 12.95%, while the Underlying Index increased 12.39%. The Fund had a net asset value of $42.45 per share on November 30, 2020 and ended the reporting period with a net asset value of $47.65 per share on November 30, 2021.
During the reporting period, the highest returns came from Global X Lithium & Battery Tech ETF and Global X Robotics & Artificial Intelligence ETF, which returned 78.41% and 14.57%, respectively. The worst performers were Global X Cannabis ETF and Global X Renewable Energy Producers ETF, which returned -38.58% and -3.83%, respectively.
During the reporting period, investors benefitted from the allocation of Global X Lithium & Battery Tech ETF due to increased lithium demand for electric vehicle battery technology. Alternatively, performance was more negative for Global X Cannabis ETF while cannabis companies plunged from their highs earlier in the year as legalization efforts eased, especially in the U.S. During the reporting period, the Fund had an average approximate allocation of 19% to Global X Fintech ETF, 18% to Global X Genomics & Biotechnology ETF, 17% to Global X Cloud Computing ETF, 12% to Global X Cannabis ETF, 11% to Global X Social Media ETF, 11% to Global X Lithium & Battery Tech ETF and 10% to Global X Robotics & Artificial Intelligence ETF. Among sectors, the Fund had an average approximate allocation of 34% to Information Technology, 31% to Health Care, 12% to Communication Services, 7% to Industrials and 5% to Minerals.

 
AVERAGE TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2021
 
One Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X Thematic Growth ETF
12.95%
13.08%
36.03%
36.76%
Solactive Thematic Growth Index
12.39%
12.39%
35.63%
35.63%
MSCI ACWI Index (Net)
19.27%
19.27%
17.86%
17.86%






41

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Thematic Growth ETF
 


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


* The Fund commenced operations on October 25, 2019.
The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and 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 sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
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 the previous page and above.






42

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X AgTech & Food Innovation ETF
 


Global X AgTech & Food Innovation ETF
The Global X AgTech & Food Innovation ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive AgTech & Food Innovation Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to provide exposure to companies that are positioned to benefit from further advances in the fields of agricultural technology (“AgTech”) and food innovation. Specifically, the Underlying Index will include securities issued by “AgTech & Food Innovation Companies” as defined by Solactive AG, the provider of the Underlying Index (the “Index Provider”).
From the inception of the Fund to period ended November 30, 2021 (the “reporting period”), the Fund decreased 22.02%, while the Underlying Index decreased 21.91%. The Fund had a net asset value of $25.34 per share on July 12, 2021 and ended the reporting period with a net asset value of $19.76 per share on November 30, 2021.
During the reporting period, the highest returns came from Marfrig Alimentos SA and ICL Group Ltd., which returned 38.45% and 32.58%, respectively. The worst performers were AppHarvest, Inc. and GrowGeneration Corp., which returned -65.42% and -64.73%, respectively.
Supply chain disruption attributable to the COVID-19 pandemic as well as general market dynamics contributed to the Fund’s negative performance over the reporting period. Although alternative foods are more input-efficient than traditional agricultural products, producers were unable to avoid labor shortages and distribution difficulties. These COVID-19 pandemic-related externalities, as well as general hesitancy toward growth strategies in the second half of the reporting period, were responsible for the Fund’s negative performance. During the reporting period, the Fund had an average approximate allocation of 38% to Consumer Staples, 35% to Materials and 21% to Industrials. Geographically, the Fund had an average allocation of 60% to the United States, 15% to Canada, and 9% to Sweden.

 
AVERAGE TOTAL RETURN FOR THE PERIOD ENDED NOVEMBER 30, 2021
 
Cumulative Inception to Date*
 
Net Asset Value
Market Price
Global X AgTech & Food Innovation ETF
-22.02%
-21.39%
Solactive AgTech & Food Innovation Index
-21.91%
-21.91%
MSCI ACWI Index (Net)
0.42%
0.42%






43

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X AgTech & Food Innovation ETF
 


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


* The Fund commenced operations on July 12, 2021.
The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and 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 sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
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 the previous page and above.






44

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


Global X Blockchain ETF
The Global X Blockchain ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Blockchain 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 maintained by Solactive, AG (the “Index Provider”). The Underlying Index represents securities of companies that have business operations in the provision of blockchain technologies as defined by the Index Provider.
From the inception of the Fund to period ended November 30, 2021 (the “reporting period”), the Fund increased 29.27%, while the Underlying Index increased 29.22%. The Fund had a net asset value of $25.01 per share on July 12, 2021 and ended the reporting period with a net asset value of $32.33 per share on November 30, 2021.
During the reporting period, the highest returns derived from Hut 8 Mining Corp and Bitfarms Ltd, which returned 170.43% and 113.84%, respectively. The worst performers included Greenbox and SOS Limited, which returned -54.62% and 54.29%, respectively.
Blockchain and cryptocurrency related investments generally enjoyed positive returns over the reporting period. Digital currencies gained traction as mainstream adoption continued and investors increasingly sought ways to integrate blockchain exposure into their portfolios. As bitcoin prices rapidly grew, companies and investors reaped the benefits. Over the reporting period, digital wallets became increasingly common as major retailers and platforms integrated them into business operations. Blockchain also entered emerging industries, such as gaming and virtual reality, relying heavily on the popularity of non-fungible tokens (NFTs). Globally, financial institutions began to accept digital currencies as a legitimate asset class by establishing cryptocurrency streams, while governments continued to issue central bank digital currencies (CBDC). During the reporting period, the Fund had an average approximate allocation of 75% to Information Technology, 19% to Financials, and 3% to Industrials. It maintained an average allocation of 61% to the United States, 18% to Canada, and 10% to China.

 
AVERAGE TOTAL RETURN FOR THE PERIOD ENDED NOVEMBER 30, 2021
 
Cumulative Inception to Date*
 
Net Asset Value
Market Price
Global X Blockchain ETF
29.27%
29.51%
Solactive Blockchain Index
29.22%
29.22%
MSCI ACWI Index (Net)
0.42%
0.42%






45

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


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


* The Fund commenced operations on July 12, 2021.
The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and 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 sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
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 the previous page and above.





46

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Clean Water ETF
 


Global X Clean Water ETF
The Global X Clean Water ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Clean Water Industry Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to provide exposure to exchange-listed companies expected to benefit from further advances in the provision of clean water, including but not limited to, companies whose principal business involves water treatment, recycling (including water reclamation), purification, desalination, storage, distribution, and/or sustainability (collectively, “Clean Water Companies”), as defined by Solactive AG, the provider of the Underlying Index (“Index Provider”).
From the inception of the Fund to period ended November 30, 2021 (the “reporting period”), the Fund increased 11.52%, while the Underlying Index increased 11.74%. The Fund had a net asset value of $15.04 per share on April 8, 2021 and ended the reporting period with a net asset value of $16.73 per share on November 30, 2021.
During the reporting period, the highest returns derived from Evoqua Water Technologies Corp and Watts Water Technologies, Inc. Class A, which returned 65.92% and 61.46%, respectively. The worst performers included Vow ASA and Aguas Andinas SA Class A, which returned -50.12% and -26.59%, respectively.
Heavily publicized climate events and relevant U.S. legislation contributed to strong Fund performance over the reporting period. Droughts in many regions including the western United States, Brazil, and China constricted water supplies. In many cases the resulting water shortages led to agricultural limitations, manufacturing delays, and hydropower plant shutdowns. These droughts highlighted the worsening issue of water scarcity and drew attention to Clean Water Companies. Additionally, investors were encouraged by negotiations surrounding the Infrastructure Investment and Jobs Act (“IIJA”), which carried on throughout the reporting period. The IIJA, which was passed in November 2021, directs billions toward retrofitting aging U.S. water infrastructure as well as fortifying relevant utilities against climate change and cyberattacks. The IIJA could constitute a major tailwind for the theme over the next decade. During the reporting period, the Fund had an average approximate allocation of 46% to Utilities, 41% to Industrials, and 9% to Materials. Geographically, the Fund maintained an average exposure of 61% to the United States, followed by 19% to the United Kingdom, and 4% to France.

 
AVERAGE TOTAL RETURN FOR THE PERIOD ENDED NOVEMBER 30, 2021
 
Cumulative Inception to Date*
 
Net Asset Value
Market Price
Global X Clean Water ETF
11.52%
11.79%
Solactive Clean Water Industry Index
11.74%
11.74%
MSCI ACWI Index (Net)
5.92%
5.92%






47

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Clean Water ETF
 


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


* The Fund commenced operations on April 8, 2021.
The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and 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 sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
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 the previous page and above.






48

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


Global X Hydrogen ETF
The Global X Hydrogen ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Hydrogen Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to provide exposure to companies that are positioned to benefit from further advances in the field of hydrogen technology. Hydrogen technology includes products and services focused on the development and implementation of hydrogen gas as a renewable fuel source. Hydrogen technology may play an important role in the transition toward renewable energy and fossil fuels. Specifically, the Underlying Index includes securities issued by “Hydrogen Companies” as defined by Solactive AG, the provider of the Underlying Index (the “Index Provider”).
From the inception of the Fund to period ended November 30, 2021 (the “reporting period”), the Fund decreased 2.64%, while the Underlying Index decreased 2.49%. The Fund had a net asset value of $25.04 per share on July 12, 2021 and ended the reporting period with a net asset value of $24.38 per share on November 30, 2021.
During the reporting period, the highest returns derived from Plug Power Inc. and Bloom Energy Corporation Class A, which returned 37.32% and 20.47%, respectively. The worst performers included Cell Impact AB and Xebec Adsorption Inc., which returned -48.14% and -37.92%, respectively.
The Fund’s mild losses over the reporting period were attributable to early adoption levels for hydrogen as a next-generation fuel source and energy storage option. Several new policies, such as the Infrastructure Investment and Jobs Act in the United States, as well as updated sustainability goals in the European Union, highlighted green hydrogen capacity expansion as a future priority. Such initiatives could become strong drivers for Hydrogen Companies but were unable to counteract a general pullback from growth strategies toward the end of the reporting period. During the reporting period, the Fund saw an average approximate allocation of 92% to Industrials, 3% to Energy, and 3% to Materials. It maintained an average allocation of 41% to the United States, 16% to Canada, and 10% to the United Kingdom.

 
AVERAGE TOTAL RETURN FOR THE PERIOD ENDED NOVEMBER 30, 2021
 
Cumulative Inception to Date*
 
Net Asset Value
Market Price
Global X Hydrogen ETF
-2.64%
-2.96%
Solactive Global Hydrogen Index
-2.49%
-2.49%
MSCI ACWI Index (Net)
0.42%
0.42%






49

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


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


* The Fund commenced operations on July 12, 2021.
The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and 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 sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
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 the previous page and above.





50

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


Global X Solar ETF
The Global X Solar ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Solar Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to provide exposure to companies that are positioned to benefit from further advances in the field of solar technology. Specifically, the Underlying Index consists of securities issued by “Solar Companies” as defined by Solactive AG, the provider of the Underlying Index (the “Index Provider”).
From the inception of the Fund to period ended November 30, 2021 (the “reporting period”), the Fund increased 6.24%, while the Underlying Index increased 6.36%. The Fund had a net asset value of $24.19 per share on September 8, 2021 and ended the reporting period with a net asset value of $25.70 per share on November 30, 2021.
During the reporting period, the highest returns came from Risen Energy Co., Ltd. Class A and Enphase Energy, Inc. which returned 65.45% and 53.02%, respectively. The worst performers were Esenboga Elektrik Uretim AS and IRICO Group New Energy Co. Ltd. Class H, which returned -43.87% and -35.95%, respectively.
Solar Companies had modest returns during the reporting period in the face of COVID-19 pandemic-related supply chain issues and geopolitical considerations. Labor shortages and high commodity prices heightened solar component costs during the reporting period, reducing profit margins. Particularly in the United States, where solar supply chains are decentralized, high shipping costs and frequent delays negatively affected investor sentiment toward affected companies. Additionally, investors reacted negatively when the United States considered enforcing tariffs on select Chinese solar components, a move that would drastically reduce availability of photovoltaic cells to operators in the United States. Tensions cooled on this front toward the end of the reporting period, though nonetheless this geopolitical event contributed to volatility. Over the reporting period, the Fund had an average sector allocation of 63% to Information Technology, followed by Industrials (19%) and Utilities (15%). Geographically, the Fund had an average allocation of 53% to China, 22% to United States, and 8% to Israel.

 
AVERAGE TOTAL RETURN FOR THE PERIOD ENDED NOVEMBER 30, 2021
 
Cumulative Inception to Date*
 
Net Asset Value
Market Price
Global X Solar ETF
6.24%
6.04%
Solactive Solar Index
6.36%
6.36%
MSCI ACWI Index (Net)
-1.91%
-1.91%






51

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


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


* The Fund commenced operations on September 8, 2021.
The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and 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 sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
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 the previous page and above.





52

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Wind Energy ETF
 


Global X Wind Energy ETF
The Global X Wind Energy ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Wind Energy Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to provide exposure to companies that are positioned to benefit from further advances in the field of wind energy technology. Specifically, the Underlying Index will include securities issued by “Wind Energy Companies” as defined by Solactive AG, the provider of the Underlying Index.
From the inception of the Fund to period ended November 30, 2021 (the “reporting period”), the Fund decreased 4.27%, while the Underlying Index decreased 4.13%. The Fund had a net asset value of $24.82 per share on September 8, 2021 and ended the reporting period with a net asset value of $23.76 per share on November 30, 2021.
During the reporting period, the highest returns came from Jinlei Technology Co., Ltd. Class A and Ming Yang Smart Energy Group Limited Class A which returned 47.85% and 40.73%, respectively. The worst performers were TPI Composites, Inc. and CS Bearing Co., Ltd., which returned -49.35% and -35.65%, respectively.
Wind Energy Companies were subject to supply chain disruption and unfavorable weather conditions which resulted in a negative performance for the Fund during the reporting period. Increases in the cost of materials, labor shortages, and shipping complications related to the COVID-19 pandemic hurt margins for wind companies. Although domestic turbine production is increasing in many markets, wind energy supply chains were not insulated against these disruptions. Additionally, wind conditions were unusually poor for energy production over the reporting period resulting in negative investor sentiment. The effects of these suboptimal conditions were most clear in Europe, where disappointing wind production contributed to well-publicized power shortages. Long term optimism about favorable renewable energy policies and increasing urgency to fight climate change helped balance performance. Over the reporting period, the Fund had an average sector allocation of 52% to Industrials, followed by Utilities (39%) and Materials (8%). Geographically, the Fund had an average allocation of 42% to China, 22% to Denmark, and 16% to Canada.

 
AVERAGE TOTAL RETURN FOR THE PERIOD ENDED NOVEMBER 30, 2021
 
Cumulative Inception to Date*
 
Net Asset Value
Market Price
Global X Wind Energy ETF
-4.27%
-4.35%
Solactive Wind Energy Index
-4.13%
-4.13%
MSCI ACWI Index (Net)
-1.91%
-1.91%







53

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Wind Energy ETF
 


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



* The Fund commenced operations on September 8, 2021.
The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and 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 sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
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 the previous page and above.






54

Schedule of Investments
 
November 30, 2021
 
Global X Robotics & Artificial Intelligence ETF
 


Sector Weightings (Unaudited)†:


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

   
Shares
   
Value
 
COMMON STOCK — 99.8%
           
CANADA — 1.8%
           
Industrials — 1.8%
           
ATS Automation Tooling Systems *
   
1,342,476
   
$
49,887,614
 
                 
                 
FINLAND — 1.4%
               
Industrials — 1.4%
               
Cargotec, Cl B 
   
804,942
     
37,401,236
 
                 
                 
ISRAEL — 1.5%
               
Consumer Discretionary — 1.5%
               
Maytronics 
   
1,589,298
     
40,354,796
 
                 
                 
JAPAN — 34.4%
               
Communication Services — 0.1%
               
RPA Holdings * 
   
1,135,556
     
3,720,347
 
                 
                 
Health Care — 0.2%
               
CYBERDYNE * (A) 
   
1,960,558
     
6,336,913
 
                 
                 
Industrials — 19.2%
               
Daifuku (A) 
   
1,284,599
     
102,840,327
 
FANUC 
   
840,421
     
164,649,832
 
Hirata 
   
153,617
     
8,076,917
 


The accompanying notes are an integral part of the financial statements.
55

Schedule of Investments
 
November 30, 2021
 
Global X Robotics & Artificial Intelligence ETF
 

   
Shares
   
Value
 
COMMON STOCK — continued
           
Industrials — continued
           
Shibaura Machine 
   
428,534
   
$
12,718,830
 
SMC 
   
194,647
     
124,541,852
 
Yaskawa Electric 
   
2,376,725
     
106,543,927
 
             
519,371,685
 
                 
                 
Information Technology — 14.9%
               
ACSL * (A) 
   
325,084
     
5,018,911
 
AI inside * (A) 
   
55,489
     
2,902,855
 
Keyence 
   
392,520
     
243,127,672
 
Neural Pocket * (A) 
   
201,662
     
2,980,218
 
Omron (A) 
   
1,449,589
     
139,986,291
 
PKSHA Technology * (A) 
   
442,372
     
9,069,902
 
             
403,085,849
 
                 
                 
TOTAL JAPAN 
           
932,514,794
 
SOUTH KOREA — 0.2%
               
Industrials — 0.2%
               
Rainbow Robotics * 
   
381,414
     
5,731,324
 
                 
                 
SWITZERLAND — 11.4%
               
Health Care — 3.8%
               
Tecan Group 
   
174,047
     
103,160,557
 
                 
                 
Industrials — 7.6%
               
ABB 
   
5,956,795
     
205,275,765
 
                 
                 
TOTAL SWITZERLAND 
           
308,436,322
 
UNITED KINGDOM — 2.4%
               
Information Technology — 2.4%
               
Renishaw 
   
1,058,336
     
63,567,928
 
                 
                 
UNITED STATES — 46.7%
               
Consumer Discretionary — 1.2%
               
iRobot * (A) 
   
409,612
     
31,093,647
 
                 
                 
Energy — 0.2%
               
Helix Energy Solutions Group *
   
2,167,401
     
6,588,899
 
                 

The accompanying notes are an integral part of the financial statements.
56

Schedule of Investments
 
November 30, 2021
 
Global X Robotics & Artificial Intelligence ETF
 

   
Shares
   
Value
 
COMMON STOCK — continued
           
Financials — 7.2%
           
Upstart Holdings * 
   
948,130
   
$
194,262,356
 
                 
                 
Health Care — 8.1%
               
Intuitive Surgical * 
   
670,860
     
217,586,732
 
                 
                 
Industrials — 8.2%
               
AeroVironment * 
   
359,798
     
29,057,286
 
AgEagle Aerial Systems * (A) 
   
1,425,845
     
3,222,410
 
John Bean Technologies 
   
461,718
     
72,845,249
 
Maxar Technologies (A) 
   
1,048,284
     
28,707,684
 
TuSimple Holdings, Cl A * (A) 
   
2,227,468
     
89,076,445
 
             
222,909,074
 
                 
                 
Information Technology — 21.8%
               
Azenta 
   
1,081,429
     
122,309,620
 
C3.ai, Cl A * (A) 
   
1,416,407
     
52,350,403
 
Cerence * 
   
552,696
     
41,551,685
 
FARO Technologies * 
   
263,197
     
18,281,664
 
NVIDIA 
   
1,068,056
     
348,997,979
 
Rekor Systems * (A) 
   
685,988
     
4,609,839
 
             
588,101,190
 
                 
                 
TOTAL UNITED STATES 
           
1,260,541,898
 
TOTAL COMMON STOCK
               
(Cost $2,063,783,634) 
           
2,698,435,912
 
                 
SHORT-TERM INVESTMENT(B)(C) — 2.8%
               
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
               
(Cost $74,354,210)  
   
74,354,210
     
74,354,210
 
                 

The accompanying notes are an integral part of the financial statements.
57

Schedule of Investments
 
November 30, 2021
 
Global X Robotics & Artificial Intelligence ETF
 

   
Face Amount
   
Value
 
REPURCHASE AGREEMENT(B) — 3.2%
           
BNP Paribas
           
0.030%, dated 11/30/2021, to be repurchased on 12/01/2021, repurchase price $87,378,379 (collateralized by various U.S. Treasury Obligations, ranging in par value $555,459 - $8,167,317, 0.750% - 1.130%, 02/28/2025 - 04/30/2026, with a total market value of $88,880,512)
           
(Cost $87,378,306)  
 
$
87,378,306
   
$
87,378,306
 
TOTAL INVESTMENTS — 105.8%
               
(Cost $2,225,516,150) 
         
$
2,860,168,428
 


Percentages are based on Net Assets of $2,703,488,391.
*
Non-income producing security.
(A)
This security or a partial position of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $153,743,092.
(B)
Security was purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2021 was $161,732,516.
(C)
The rate reported on the Schedule of Investments is the 7-day effective yield as of November 30, 2021.

Cl — Class
The following is a summary of the level of inputs used as of November 30, 2021, in valuing the Fund’s investments carried at value:
Investments in Securities
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stock
 
$
2,698,435,912
   
$
   
$
   
$
2,698,435,912
 
Short-Term Investment
   
74,354,210
     
     
     
74,354,210
 
Repurchase Agreement
   
     
87,378,306
     
     
87,378,306
 
Total Investments in Securities
 
$
2,772,790,122
   
$
87,378,306
   
$
   
$
2,860,168,428
 

For the year ended November 30, 2021, there were no transfers in or out of Level 3.
Amounts designated as “—“ are $0 or have been rounded to $0.



The accompanying notes are an integral part of the financial statements.
58

Schedule of Investments
 
November 30, 2021
 
Global X Internet of Things ETF
 


Sector Weightings (Unaudited)†:


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

   
Shares
   
Value
 
COMMON STOCK — 99.8%
           
AUSTRIA — 3.3%
           
Information Technology — 3.3%
           
AMS * 
   
743,776
   
$
13,157,135
 
S&T (A) 
   
177,247
     
3,804,620
 
                 
                 
TOTAL AUSTRIA 
           
16,961,755
 
CANADA — 0.3%
               
Information Technology — 0.3%
               
Sierra Wireless * (A) 
   
98,591
     
1,720,413
 
                 
                 
CHINA — 2.1%
               
Information Technology — 2.1%
               
NXP Semiconductors 
   
48,762
     
10,891,480
 
                 
                 
FRANCE — 1.9%
               
Industrials — 1.9%
               
Legrand 
   
91,121
     
9,926,263
 
                 
                 
ITALY — 0.5%
               
Information Technology — 0.5%
               
Datalogic 
   
156,683
     
2,608,385
 
                 

The accompanying notes are an integral part of the financial statements.
59

Schedule of Investments
 
November 30, 2021
 
Global X Internet of Things ETF
 

   
Shares
   
Value
 
COMMON STOCK — continued
           
JAPAN — 2.1%
           
Information Technology — 2.1%
           
Nippon Ceramic 
   
72,776
   
$
1,834,382
 
Renesas Electronics * 
   
708,345
     
8,995,847
 
                 
                 
TOTAL JAPAN 
           
10,830,229
 
NORWAY — 3.4%
               
Information Technology — 3.4%
               
Nordic Semiconductor * 
   
522,591
     
17,505,065
 
                 
                 
SINGAPORE — 7.5%
               
Information Technology — 7.5%
               
STMicroelectronics 
   
797,711
     
38,721,874
 
                 
                 
SWEDEN — 0.1%
               
Information Technology — 0.1%
               
Fingerprint Cards, Cl B * (A) 
   
366,324
     
791,003
 
                 
                 
SWITZERLAND — 2.8%
               
Industrials — 1.9%
               
ABB 
   
284,058
     
9,788,858
 
                 
                 
Information Technology — 0.9%
               
Landis+Gyr Group 
   
77,607
     
4,847,293
 
                 
                 
TOTAL SWITZERLAND 
           
14,636,151
 
TAIWAN — 10.7%
               
Information Technology — 10.7%
               
Advantech 
   
2,089,021
     
28,700,607
 
eMemory Technology 
   
203,282
     
15,718,905
 
MediaTek 
   
299,680
     
10,885,893
 
                 
                 
TOTAL TAIWAN 
           
55,305,405
 
UNITED KINGDOM — 0.3%
               
Information Technology — 0.3%
               
Spirent Communications 
   
419,284
     
1,485,517
 
                 

The accompanying notes are an integral part of the financial statements.
60

Schedule of Investments
 
November 30, 2021
 
Global X Internet of Things ETF
 

   
Shares
   
Value
 
COMMON STOCK — continued
           
UNITED STATES — 64.8%
           
Communication Services — 0.2%
           
Globalstar * (A) 
   
768,614
   
$
1,068,374
 
                 
                 
Consumer Discretionary — 6.4%
               
Garmin 
   
203,537
     
27,180,331
 
Vivint Smart Home * 
   
560,512
     
5,907,796
 
             
33,088,127
 
                 
                 
Health Care — 7.4%
               
Dexcom * 
   
67,747
     
38,113,785
 
                 
                 
Industrials — 18.0%
               
ADT 
   
2,072,699
     
17,224,129
 
Emerson Electric 
   
101,443
     
8,910,753
 
Honeywell International 
   
44,668
     
9,033,656
 
Johnson Controls International 
   
144,208
     
10,780,990
 
Resideo Technologies * 
   
52,481
     
1,369,229
 
Rockwell Automation 
   
33,759
     
11,349,776
 
Schneider Electric 
   
59,688
     
10,495,553
 
Sensata Technologies Holding *
   
428,057
     
23,842,775
 
             
93,006,861
 
                 
                 
Information Technology — 32.8%
               
Alarm.com Holdings * 
   
135,032
     
10,774,203
 
Ambarella * 
   
98,474
     
17,678,052
 
Analog Devices 
   
58,765
     
10,592,391
 
Badger Meter 
   
78,325
     
8,017,347
 
Belden 
   
120,110
     
7,407,184
 
Cisco Systems 
   
180,557
     
9,901,746
 
Digi International * 
   
90,864
     
1,956,302
 
Impinj * 
   
66,171
     
4,960,840
 
InterDigital 
   
82,667
     
5,613,916
 
International Business Machines
   
65,701
     
7,693,587
 
Itron * 
   
122,479
     
7,582,675
 
Kyndryl Holdings * 
   
13,011
     
205,574
 

The accompanying notes are an integral part of the financial statements.
61

Schedule of Investments
 
November 30, 2021
 
Global X Internet of Things ETF
 


   
Shares/Face Amount
   
Value
 
COMMON STOCK — continued
           
Information Technology — continued
           
NETGEAR * 
   
83,259
   
$
2,226,346
 
PTC * 
   
42,850
     
4,695,503
 
QUALCOMM 
   
71,192
     
12,854,428
 
Rambus * 
   
302,122
     
8,127,082
 
Silicon Laboratories * 
   
121,235
     
23,794,793
 
Skyworks Solutions 
   
168,693
     
25,583,980
 
             
169,665,949
 
                 
                 
TOTAL UNITED STATES 
           
334,943,096
 
TOTAL COMMON STOCK
               
(Cost $374,371,208) 
           
516,326,636
 
                 
SHORT-TERM INVESTMENT(B)(C) — 0.4%
               
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
               
(Cost $2,103,549)  
   
2,103,549
     
2,103,549
 
                 
REPURCHASE AGREEMENT(B)— 0.5%
               
BNP Paribas
               
0.030%, dated 11/30/2021, to be repurchased on 12/01/2021, repurchase price $2,472,386 (collateralized by various U.S. Treasury Obligations, ranging in par value $15,717 - $231,096, 0.750% - 1.130%, 02/28/2025 - 04/30/2026, with a total market value of $2,514,893)
               
(Cost $2,472,384)  
 
$
2,472,384
     
2,472,384
 
TOTAL INVESTMENTS — 100.7%
               
(Cost $378,947,141) 
         
$
520,902,569
 


Percentages are based on Net Assets of $517,291,078.



The accompanying notes are an integral part of the financial statements.
62

Schedule of Investments
 
November 30, 2021
 
Global X Internet of Things ETF
 


*
Non-income producing security.
(A)
This security or a partial position of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $4,341,670.
(B)
Security was purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2021 was $4,575,933.
(C)
The rate reported on the Schedule of Investments is the 7-day effective yield as of November 30, 2021.

Cl — Class
The following is a summary of the level of inputs used as of November 30, 2021, in valuing the Fund’s investments carried at value:
Investments in Securities
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stock
 
$
516,326,636
   
$
   
$
   
$
516,326,636
 
Short-Term Investment
   
2,103,549
     
     
     
2,103,549
 
Repurchase Agreement
   
     
2,472,384
     
     
2,472,384
 
Total Investments in Securities
 
$
518,430,185
   
$
2,472,384
   
$
   
$
520,902,569
 

For the year ended November 30, 2021, there were no transfers in or out of Level 3.
Amounts designated as “—“ are $0 or have been rounded to $0.






The accompanying notes are an integral part of the financial statements.
63

Schedule of Investments
 
November 30, 2021
 
Global X FinTech ETF
 


Sector Weightings (Unaudited)†:


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

   
Shares
   
Value
 
COMMON STOCK — 99.9%
           
AUSTRALIA — 5.2%
           
Financials — 0.8%
           
HUB24 
   
197,577
   
$
4,106,089
 
Zip * (A) 
   
1,638,352
     
6,005,842
 
             
10,111,931
 
                 
                 
Information Technology — 4.4%
               
Afterpay * 
   
669,743
     
51,690,745
 
IRESS 
   
561,802
     
4,935,496
 
             
56,626,241
 
                 
                 
TOTAL AUSTRALIA 
           
66,738,172
 
BRAZIL — 2.1%
               
Information Technology — 2.1%
               
Pagseguro Digital, Cl A * 
   
589,359
     
15,064,016
 
StoneCo, Cl A * 
   
773,614
     
12,068,378
 
                 
                 
TOTAL BRAZIL 
           
27,132,394
 
CANADA — 3.4%
               
Information Technology — 3.4%
               
Bitfarms * (A) 
   
972,239
     
7,351,667
 
Hive Blockchain Technologies * (A)
   
1,745,960
     
6,587,501
 
Hut 8 Mining * (A) 
   
1,120,280
     
13,614,878
 

The accompanying notes are an integral part of the financial statements.
64

Schedule of Investments
 
November 30, 2021
 
Global X FinTech ETF
 

   
Shares
   
Value
 
COMMON STOCK — continued
           
Information Technology — continued
           
Nuvei * 
   
163,059
   
$
15,989,391
 
                 
                 
TOTAL CANADA 
           
43,543,437
 
CHINA — 3.3%
               
Financials — 2.5%
               
Lufax Holding ADR * 
   
4,953,186
     
31,601,327
 
                 
                 
Information Technology — 0.8%
               
Bit Digital * (A) 
   
566,349
     
5,572,874
 
Yeahka * (A) 
   
1,318,614
     
4,761,377
 
             
10,334,251
 
                 
                 
TOTAL CHINA 
           
41,935,578
 
DENMARK — 0.9%
               
Information Technology — 0.9%
               
SimCorp 
   
118,326
     
11,916,503
 
                 
                 
GERMANY — 0.8%
               
Financials — 0.8%
               
Hypoport * 
   
18,953
     
10,257,088
 
                 
                 
ISRAEL — 0.4%
               
Information Technology — 0.4%
               
Sapiens International 
   
158,155
     
5,609,758
 
                 
                 
ITALY — 2.2%
               
Information Technology — 2.2%
               
Nexi * 
   
1,838,775
     
28,054,969
 
                 
                 
JAPAN — 0.5%
               
Financials — 0.3%
               
WealthNavi * (A) 
   
132,060
     
3,484,537
 
                 
                 
Industrials — 0.2%
               
Makuake * (A) 
   
70,837
     
3,125,575
 
                 

The accompanying notes are an integral part of the financial statements.
65

Schedule of Investments
 
November 30, 2021
 
Global X FinTech ETF
 

   
Shares
   
Value
 
COMMON STOCK — continued
           
TOTAL JAPAN 
       
$
6,610,112
 
NETHERLANDS — 7.4%
             
Information Technology — 7.4%
             
Adyen * 
   
34,507
     
95,063,014
 
                 
                 
NEW ZEALAND — 3.4%
               
Information Technology — 3.4%
               
Xero * 
   
430,842
     
44,246,887
 
                 
                 
RUSSIA — 0.3%
               
Information Technology — 0.3%
               
QIWI ADR 
   
373,731
     
3,199,137
 
                 
                 
SINGAPORE — 0.2%
               
Information Technology — 0.2%
               
Triterras, Cl A * (A) 
   
625,000
     
2,775,000
 
                 
                 
SWITZERLAND — 2.5%
               
Financials — 0.4%
               
Leonteq 
   
65,826
     
4,680,517
 
                 
                 
Information Technology — 2.1%
               
Temenos 
   
217,317
     
27,675,393
 
                 
                 
TOTAL SWITZERLAND 
           
32,355,910
 
UNITED STATES — 67.3%
               
Financials — 12.9%
               
Blucora * 
   
227,760
     
3,687,434
 
Coinbase Global, Cl A * 
   
269,631
     
84,933,765
 
LendingClub * 
   
281,845
     
9,221,968
 
LendingTree * 
   
38,783
     
4,397,217
 
Open Lending, Cl A * 
   
368,715
     
8,568,937
 
Upstart Holdings * 
   
224,114
     
45,918,717
 
Virtu Financial, Cl A 
   
348,498
     
9,820,674
 
             
166,548,712
 
                 

The accompanying notes are an integral part of the financial statements.
66

Schedule of Investments
 
November 30, 2021
 
Global X FinTech ETF
 

   
Shares
   
Value
 
COMMON STOCK — continued
           
Health Care — 1.0%
           
HealthEquity * 
   
243,853
   
$
13,333,882
 
                 
                 
Information Technology — 53.4%
               
Affirm Holdings, Cl A * 
   
432,007
     
54,726,647
 
Bill.com Holdings * 
   
242,421
     
68,083,938
 
Black Knight * 
   
458,620
     
32,777,571
 
Boku * 
   
1,754,233
     
4,061,477
 
Bottomline Technologies * 
   
131,508
     
5,896,819
 
Envestnet * 
   
158,830
     
12,177,496
 
Fidelity National Information Services
   
548,232
     
57,290,244
 
Fiserv * 
   
738,681
     
71,297,490
 
GreenBox POS * (A) 
   
326,062
     
1,698,783
 
GreenSky, Cl A * 
   
674,838
     
7,652,663
 
Guidewire Software * 
   
243,393
     
28,316,342
 
Intuit 
   
167,494
     
109,256,336
 
Marathon Digital Holdings * (A)
   
290,331
     
14,827,204
 
Mitek Systems * 
   
210,027
     
3,597,762
 
nCino * 
   
278,967
     
17,329,430
 
PayPal Holdings * 
   
279,009
     
51,585,974
 
Riot Blockchain * (A) 
   
279,796
     
10,455,976
 
Shift4 Payments, Cl A * 
   
125,983
     
6,553,636
 
Square, Cl A * 
   
339,035
     
70,631,162
 
SS&C Technologies Holdings 
   
744,908
     
56,858,828
 
Vertex, Cl A * 
   
184,001
     
3,363,538
 
             
688,439,316
 
                 
                 
TOTAL UNITED STATES 
           
868,321,910
 
TOTAL COMMON STOCK
               
(Cost $1,004,174,802) 
           
1,287,759,869
 
                 
SHORT-TERM INVESTMENT(B)(C)— 1.7%
               
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
               
(Cost $21,695,924)  
   
21,695,924
     
21,695,924
 


The accompanying notes are an integral part of the financial statements.
67

Schedule of Investments
 
November 30, 2021
 
Global X FinTech ETF
 

   
Face Amount
   
Value
 
REPURCHASE AGREEMENT(B) — 2.0%
           
BNP Paribas
           
0.030%, dated 11/30/2021, to be repurchased on 12/01/2021, repurchase price $25,500,101 (collateralized by various U.S. Treasury Obligations, ranging in par value $162,103 - $2,383,512, 0.750% - 1.130%, 02/28/2025 - 04/30/2026, with a total market value of $25,938,478)
           
(Cost $25,500,080)  
 
$
25,500,080
   
$
25,500,080
 
TOTAL INVESTMENTS — 103.6%
               
(Cost $1,051,370,806) 
         
$
1,334,955,873
 


Percentages are based on Net Assets of $1,289,005,532.
*
Non-income producing security.
(A)
This security or a partial position of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $44,935,368.
(B)
Security was purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2021 was $47,196,004.
(C)
The rate reported on the Schedule of Investments is the 7-day effective yield as of November 30, 2021.


ADR — American Depositary Receipt
Cl — Class

The following is a summary of the level of inputs used as of November 30, 2021, in valuing the Fund’s investments carried at value:
Investments in Securities
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stock
 
$
1,287,759,869
   
$