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.

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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 https://www.sec.gov, and may be reviewed and copied at the Commission's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that Global X Funds uses to determine how to vote proxies relating to Fund securities, as well as information relating to how the Funds voted proxies relating to Fund securities during the most recent

12-month period ended June 30, is available (i) without charge, upon request, by calling 1-888-493-8631; and (ii) on the Commission’s website at https://www.sec.gov.

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Global X MSCI China Energy ETF

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

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

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund increased 16.86%, while the Underlying Index increased 17.64%. The Fund had a net asset value of $11.93 per share on October 31, 2021 and ended the reporting period with a net asset value of $13.64 per share on October 31, 2022.

During the reporting period, the highest returns came from COSCO SHIPPING Energy Transportation Co., Ltd and Yankuang Energy Group Company Limited, which returned 150.02% and 109.90%, respectively. The worst performers were China Suntien Green Energy Corporation Limited and Yantai Jereh Oilfield Services Group Co., Ltd, which returned -43.34% and -37.36%, respectively.

The Fund generated positive returns during the reporting period, performing well due to continued elevated oil prices and increasing criticality of energy security. Coal stocks also delivered high returns during the reporting period, contributing to the Fund's positive performance. During the period, energy security was the primary concern for Chinese policymakers, resulting in an unusually high approval of coal-based power projects by the Chinese government. The demand for coal continued to edge higher as China has prioritized economic stability after the outbreak of the COVID-19 pandemic. The urgent need for energy security is the main reason for high returns throughout the reporting period.

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*Fund commenced operations on December 15, 2009.

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

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

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

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

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

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

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

See definition of comparative indices above.

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Global X MSCI China Materials ETF

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

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

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 41.03%, while the Underlying Index decreased 40.63%. The Fund had a net asset value of $25.22 per share on October 31, 2021 and ended the reporting period with a net asset value of $14.60 per share on October 31, 2022.

During the reporting period, the highest returns came from Hangzhou Oxygen Plant Group Co., Ltd and Zhaojin Mining Industry Co., Ltd, which returned 45.76% and 38.28%, respectively. The worst performers were Huabao International Holdings Limited and Zhejiang Yongtai Technology Co., Ltd, which returned -71.38% and -69.53%, respectively.

The Fund generated negative returns during the reporting period, mostly attributable to COVID-19-influenced lockdowns in China and continued difficulties in the Property sector. The lockdown imposed in Shanghai between the beginning of April and the beginning of June hurt global supply chains as trucks faced obstacles in transporting materials and goods in and out of Shanghai. In addition to difficulties meeting international demand, China had trouble meeting its own growing domestic demand. A slowdown in China’s property market had a negative effect on the Fund’s holdings, many of which were engaged in the supply of construction materials. Notwithstanding opportunities for higher pay, China’s ongoing labor shortage was exacerbated as young people were reluctant to work in factories, further contributing to the Fund’s negative performance during the reporting period.

*Fund commenced operations on January 12, 2010.

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

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

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

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

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

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

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

See definition of comparative indices above.

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Global X MSCI China Industrials ETF

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

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

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 33.68%, while the Underlying Index decreased 33.28%. The Fund had a net asset value of $16.62 per share on October 31, 2021 and ended the reporting period with a net asset value of $10.93 per share on October 31, 2022.

During the reporting period, the highest returns came from Jiangsu Zhongtian Technology Co., Ltd and Ningbo Deye Technology Co., Ltd, which returned 91.38% and 46.27%, respectively. The worst performers were DiDi Global Inc. and Zhejiang Chint Electrics Co., Ltd, which returned -75.84% and -62.65%, respectively.

The Fund generated negative returns over the reporting period, mainly attributable to rigid COVID-19 pandemic-related restrictions and a worsening Property sector downturn in China, which continued to have a serious effect on factory activity, as more industrial firms with high costs and declining profits faced operational difficulties. Rising investor concerns about the Chinese economy's pullback added further pressure to companies already struggling with low demand and high costs due to higher oil prices and a weaker Chinese yuan. Manufacturers who focus on exports also felt the effects of decreasing global demand during the reporting period. Additionally, unexpected factors such as a heatwave and power crunch also hampered the Industrials sector. However, economic growth picked up toward the end of the reporting period due to favorable government measures, such as tax deferrals, lending rate cuts, and funding largely focused on infrastructure spending, mitigating the Fund’s losses.

*Fund commenced operations on November 30, 2009.

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

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

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

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.

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

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

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

See definition of comparative indices on previous page.

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Global X MSCI China Consumer Discretionary ETF

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

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

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 51.28%, while the Underlying Index decreased 51.03%. The Fund had a net asset value of $29.94 per share on October 31, 2021 and ended the reporting period with a net asset value of $14.55 per share on October 31, 2022.

During the reporting period, the highest returns came from New Oriental Education & Technology Group, Inc. and Navinfo Co., Ltd, which returned 71.22% and 35.33%, respectively. The worst performers were XPeng, Inc. and Great Wall Motor Co., Ltd, which returned -85.80% and -75.58%, respectively.

The Fund registered negative growth during the reporting period, as a stiff regulatory environment and strict COVID-19 pandemic-related restrictions in China both adversely affected the Consumer Discretionary sector. Lockdowns in major cities and travel restrictions, together with high joblessness among young people and uncertain economic outlook, made consumers drift away from discretionary products and focus more on necessities, which translated into weaker revenues for many of the holdings in the Fund. A COVID-19 pandemic-related lockdown in Shanghai in early 2022 had a particularly damaging effect on performance for Chinese consumer discretionary stocks. Consumer confidence remained low during the reporting period, and consumers had an inclination to save more due to economic uncertainties and strict measures to control the COVID-19 pandemic.

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*Fund commenced operations on November 30, 2009.

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

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

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

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

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

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

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

See definition of comparative indices on previous page.

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Global X MSCI China Consumer Staples ETF

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

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

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 38.53%, while the Underlying Index decreased 38.07%. The Fund had a net asset value of $29.38 per share on October 31, 2021 and ended the reporting period with a net asset value of $17.24 per share on October 31, 2022.

During the reporting period, the highest returns came from HeilongjiangAgriculture Company Limited and DaShenLin Pharmaceutical Group Co., Ltd, which returned 17.76% and 10.01%, respectively. The worst performers were Smoore International Holdings Limited and RLX Technology, Inc, which returned -77.44% and -74.28%, respectively.

The resurgence of the COVID-19 pandemic and China’s policy to curb the proliferation of the virus through strict lockdowns and travel restrictions in many cities were the main reasons for the Fund’s negative performance during the reporting period. The Chinese economy lost its recovery momentum and growth slowed during most of the reporting period. Unemployment levels shot up, particularly among young people, while sluggish growth in consumer income led to spending cuts and slowing consumption in China. Moreover, the fear of job losses and reduction in wages further undermined consumer confidence. The decline in property prices also discouraged spending as Chinese households who generally have significant investments in property suffered financially from the fall in property prices.

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

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

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

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

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

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

See definition of comparative indices above.

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Global X MSCI China Health Care ETF

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

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

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 45.67%, while the Underlying Index decreased 45.33%. The Fund had a net asset value of $24.81 per share on October 31, 2021 and ended the reporting period with a net asset value of $13.46 per share on October 31, 2022.

During the reporting period, the highest returns came from China Resources Sanjiu Medical & Pharmaceutical Co., Ltd and Shijiazhuang Yiling Pharmaceutical Co., Ltd, which returned 102.67% and 68.49%, respectively. The worst performers were I-MAB and Zai Lab Ltd, which returned -85.97% and -78.66%, respectively.

Policy uncertainties on drug research and development combined with a Chinese government policy to cut drug prices contributed to the Fund’s negative performance during the reporting period. The profit margin of Chinese drug makers shrank with the sharp fall in prices. The Health Care sector came under further strain as the U.S. Department of Commerce added Chinese pharmaceutical companies to its “unverified” list of exporters, as it was unable to verify the end use of the products these companies exported to the United States. Some holdings in the Fund suffered large losses after being added to the “unverified” list, contributing to the Fund’s negative returns during the reporting period.

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

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

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

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

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

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

See definition of comparative indices above.

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Global X MSCI China Financials ETF

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

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

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 30.18%, while the Underlying Index decreased 29.66%. The Fund had a net asset value of $14.42 per share on October 31, 2021 and ended the reporting period with a net asset value of $9.78 per share on October 31, 2022.

During the reporting period, the highest returns came from Guolian Securities Co., Ltd. and Bank of Chengdu Co., Ltd, which returned 29.74% and 23.79%, respectively. The worst performers were Lufax Holding Limited and China Merchants Bank Co., Ltd, which returned -72.41% and -59.56%, respectively.

Investor fears of systemic risk prevailed in China’s Financials sector, resulting in the Fund’s negative performance during the reporting period. The freezing of depositor bank accounts by rural banks in the Henan province led to mass protests, while the ongoing property crisis in China led some investors to believe that the volatility could spill over to banks. Chinese banks have significant exposure to property loans, which positioned them to suffer losses from property developer defaults and mortgage boycotts. In addition, credit demand weakened during the reporting period as, private companies withheld investments due to the gloomy Chinese economic outlook. Holdings in the Fund also saw negative impacts to their bottom-line revenues as a result of a Chinese government initiative to reduce fees in financial transactions.

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*Fund commenced operations on December 10, 2009.

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

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

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

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

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

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

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

See definition of comparative indices above.

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Global X MSCI China Information Technology ETF

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

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

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 47.82%, while the Underlying Index decreased 47.47%. The Fund had a net asset value of $29.07 per share on October 31, 2021 and ended the reporting period with a net asset value of $14.81 per share on October 31, 2022.

During the reporting period, the highest returns came from Ninestar Corp and Dawning Information Industry Co., Ltd, which returned 36.60% and 15.27%, respectively. The worst performers were Ming Yuan Cloud Group Holdings Limited and Kingsoft Cloud Holdings Limited, which returned -85.87% and -84.89%, respectively.

Chinese non-consumer internet companies and hardware companies such as semiconductors were largely affected by regulatory moves and came under pressure during the reporting period. This was a key contributor to the Fund’s negative performance. The resurgence of COVID-19 and subsequent lockdowns in many Chinese cities, together with weakening economic growth and slowing consumer and commercial demand in China, resulted in a significant slowdown in the smartphone and personal computer market, negatively impacting the performance of the Information Technology sector. Consumers worried about rising unemployment and a slowdown in income growth cut down on discretionary spending, lengthening smartphone upgrade cycles. Lockdowns also resulted in supply shortages of key inputs, such as integrated circuits, and disrupted production in many Chinese cities. The U.S. Department of Commerce’s regulation limiting the sale of semiconductors and chip-making equipment to Chinese firms also caused investors to sell off Information Technology stocks during the reporting period, negatively impacting the Fund.

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

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

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

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

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

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

See definition of comparative indices on previous page.

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Global X MSCI China Communication Services ETF

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

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

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 52.56%, while the Underlying Index decreased 52.22%. The Fund had a net asset value of $20.56 per share on October 31, 2021 and ended the reporting period with a net asset value of $9.65 per share on October 31, 2022.

During the reporting period, the highest returns came from China South Publishing & Media Group Co., Ltd and Netease Inc., which returned 12.57% and 10.35%, respectively. The worst performers were iQIYI, Inc. and Weibo Corp, which returned -75.60% and -74.83%, respectively.

Continued concerns over the delisting of Chinese ADRs in the United States and China’s regulatory plans for technology companies dragged down the Fund’s returns, which were negative during the reporting period. China’s position in the Ukraine crisis and U.S. regulators’ identification of Chinese companies that might be delisted for failing to meet auditing requirements also had a significant negative impact. Companies in the Communication Services sector benefitted from efforts to roll out 5G networks in China, which helped cushion the Fund from the impact of regulatory concerns.

*Fund commenced operations on December 8, 2009.

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

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

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

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

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

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

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

See definition of comparative indices above.

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Global X MSCI China Utilities ETF

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

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

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 36.59%, while the Underlying Index decreased 36.11%. The Fund had a net asset value of $19.53 per share on October 31, 2021 and ended the reporting period with a net asset value of $11.84 per share on October 31, 2022.

During the reporting period, the highest returns came from GD Power Development Co., Ltd and Huadian Power International Corp. Ltd, which returned 50.18% and 14.25%, respectively. The worst performers were China Gas Holdings Limited and China Longyuan Power Group Corporation Ltd, which returned -62.85% and -50.56%, respectively.

China’s power shortage continued during the reporting period, but for different reasons than last year. The crisis during the reporting period was the outcome of unusually hot weather plus a lack of rain. In addition, domestic natural gas demand and consumption shrank, contributing to the Fund’s negative performance during the reporting period. However, China continued to boost coal mining and imports to generate electricity and continued transferring electricity between regions to smooth shortages. To counter the power exigency, authorities resorted to power-saving practices, like dimming decorative lights and paring the operational hours of malls. Even though the utilities sector is defensive, the aforementioned challenges contributed to the Fund’s negative performance during the reporting period.

*Fund commenced operations on December 7, 2018.

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

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

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

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

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

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

See definition of comparative indices above.

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Global X MSCI China Real Estate ETF

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

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

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 57.96%, while the Underlying Index decreased 59.32%. The Fund had a net asset value of $35.70 per share on October 31, 2021 and ended the reporting period with a net asset value of $14.55 on October 31, 2022 following a 1:3 reverse share split on December 19, 2022.

During the reporting period, the highest returns came from Poly Property Services Co., Ltd and Zhenro Properties Group Limited, which returned 21.02% and 18.66%, respectively. The worst performers were Logan Group Co., Ltd and Country Garden Services Holdings Co. Ltd, which returned -89.49% and -88.63%, respectively.

China’s Three Red Lines policy introduced in late 2020 to reduce the leverage of Chinese real estate developers, and the subsequent default of a few major Chinese real estate companies, led to a crisis in the Chinese housing market, which continued to negatively affect the returns of the Fund during the reporting period. Developers are in financial distress and prices of properties after their sales have fallen significantly. Buyers have gone back on their purchase decisions, fearing that developers could go insolvent, dampening demand and depressing returns for holdings in the Fund during the reporting period. Financially distressed developers failed to finish presold homes, which resulted in a mortgage boycott that further damaged investor sentiment during the reporting period. This was somewhat mitigated by support measures taken by the government towards the end of the reporting period, but these measures were not enough to bring about a sustained rally in the Real Estate sector.

*Fund commenced operations on December 7, 2018.

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

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

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

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

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

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

See definition of comparative indices above.

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Global X MSCI Greece ETF

The Global X MSCI Greece ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Greece Select 25/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to represent the performance of the broad Greece equity universe, as defined by MSCI, Inc. ("MSCI"), the provider of the Underlying Index. The broad Greece equity universe includes securities that are classified in Greece according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Greece and carry out the majority of their operations in Greece. The Underlying Index also applies minimum liquidity thresholds as criteria for company inclusion.

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 11.63%, while the Underlying Index decreased 11.15%. The Fund had a net asset value of $27.98 per share on October 31, 2021 and ended the reporting period with a net asset value of $24.14 per share on October 31, 2022.

During the reporting period, the highest returns came from Terna Energy SA and GasLog Partners LP, which returned 41.95% and 27.23%, respectively. The worst performers were Public Power Corporation SA and Admie Holdings SA, which returned -41.79% and -41.75%, respectively.

Global inflation, the COVID-19 pandemic, and geopolitical forces such as Greece-Turkey tensions, the Russia-Ukraine war and the European energy crisis, all weighed on Greece's economy during the reporting period. This resulted in negative Fund returns despite the tourism industry's strong performance. Despite macroeconomic headwinds and overall negative returns, the Fund’s negative performance was mitigated by stellar returns from the “Big Four” banks of Greece (Piraeus, Eurobank, National Bank of Greece, and Alpha Bank), all of which are significant holdings in the Fund. During the reporting period, the Big Four banks made significant progress in reducing their non-performing loan (NPL) ratio which boosted sentiment towards them and enabled high returns. Meanwhile, returns for the Greek Energy sector were mixed as Greece experimented with power subsidies and programs to boost energy independence.

*Fund commenced operations on December 7, 2011.

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

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

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

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

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

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

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

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See definition of comparative indices on previous page.

Global X DAX Germany ETF

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

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 28.29%, while the Underlying Index decreased 27.85%. The Fund had a net asset value of $32.86 per share on October 31, 2021 and ended the reporting period with a net asset value of $22.74 per share on October 31, 2022.

During the reporting period, the highest returns came from Hannover Rueck SE and Deutsche Telekom AG, which returned 7.14% and 5.60%, respectively. The worst performers were Zalando SE and Delivery Hero SE, which returned -75.58% and -70.47%, respectively.

The German economy's recovery from the COVID-19 pandemic was affected by the war in Ukraine, an embargo on Russian oil, rising energy costs, inflation, supply chain bottlenecks, and continuing COVID-19 pandemic-related restrictions in Germany. This resulted in the Fund's negative performance during the reporting period. The Fund holds blue-chip German equities spread across several sectors. Some of these blue-chip companies suffered small shocks to their revenues after suddenly suspending or terminating operations in Russia, dampening performance. Despite headwinds from inflation, Germany avoided recession during the reporting period, which helped mitigate negative investor sentiment, and in turn, Fund losses. Nonetheless, the European Central Bank raised interest rates and reduced bank subsidies during the reporting period, which likely had adverse impact on the Fund's performance.

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

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

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

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

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

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

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

See definition of comparative indices above.

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Global X MSCI Portugal ETF

The Global X MSCI Portugal ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Portugal Plus 25/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to represent the performance of the broad Portugal equity universe, while including a minimum number of constituents, as defined by MSCI, Inc. ("MSCI"), the provider of the Underlying Index. The Broad Portugal Equity Universe includes securities that are classified in Portugal according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Portugal and carry out the majority of their operations in Portugal.

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 17.55%, while the Underlying Index decreased 17.10%. The Fund had a net asset value of $11.71 per share on October 31, 2021 and ended the reporting period with a net asset value of $9.35 per share on October 31, 2022.

During the reporting period, the highest returns came from Altri Sgps SA and Greenvolt - Energias Renovaveis SA, which returned 16.64% and 14.06%, respectively. The worst performers were Fusion Fuel Green PLC and Fosun International Limited, which returned -65.66% and -46.00%, respectively.

Despite a rebound in the tourism industry and robust public investment in early 2022, the Portuguese economy was adversely affected by the war in Ukraine, rising inflation that weighed on private consumption, supply-chain disruptions, increases in energy and commodities prices as well as lowering consumer confidence and purchasing power. These events contributed to the Fund's negative performance during the reporting period. Furthermore, the Utilities sector was impacted by a severe drought in Iberia, which increased the production costs for Energias de Portugal, a leading Portuguese energy company and holding of the Fund. When combined with an extreme tax on the energy sector in Portugal, this resulted in net losses to the business and contributed to the Fund's negative returns. However, the negative effects of rising inflation and higher interest rates were partly mitigated by the labor market's strong performance, savings accumulated during the COVID-19 pandemic, and economic stimulus measures by the Portuguese government, which were a relief to the country’s economy.

*Fund commenced operations on November 12, 2013.

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

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

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

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

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

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

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

See definition of comparative indices above.

32

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Global X MSCI Colombia ETF

The Global X MSCI Colombia ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Colombia Select 25/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to represent the performance of the broad Colombia equity universe, as defined by MSCI, Inc. ("MSCI"), the provider of the Underlying Index. The Broad Colombia Equity Universe includes securities that are classified in Colombia according to the MSCI Global Investable

Market Index Methodology, together with companies that are headquartered or listed in Colombia and carry out the majority of their operations in Colombia.

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 31.39%, while the Underlying Index decreased 30.87%. The Fund had a net asset value of $30.76 per share on October 31, 2021 and ended the reporting period with a net asset value of $19.68 per share on October 31, 2022.

During the reporting period, the highest returns came from Grupo Nutresa SA and Grupo de Inversiones Suramericana SA, which returned 74.59% and 65.89%, respectively. The worst performers were Mineros SA and Banco de Bogota SA, which returned -63.52% and -63.37%, respectively.

The Fund generated negative returns during the reporting period as a result of macroeconomic challenges, risk-off sentiment in Columbia, and a contentious presidential election that damaged investor sentiment. During the reporting period, the Fund maintained a high allocation to Financials and Energy. Before May and June 2022, this allocation worked favorably for the Fund’s performance, as a rising interest rate environment, surging commodity prices and a wave of major tender offers boosted the Financials and Energy sectors. However, after two rounds of voting for the presidential election in May and June, Gustavo Petro was elected as president. As the first leftist president in the country’s history, Gustavo Petro created deep uncertainty for investors who speculated over how radical or moderate he would be. More importantly, Petro promised to rapidly move the country away from dependence on oil for revenue and even suggested tough actions against Ecopetrol, the largest holding in the Fund during the reporting period. This had a strongly adverse effect on the Fund’s performance in the latter part of the reporting period.

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*Fund commenced operations on February 5, 2009.

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

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

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

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

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

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

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

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See definition of comparative indices on previous page.

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Global X MSCI Argentina ETF

The Global X MSCI Argentina ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Argentina 25/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to represent the performance of the broad Argentina equity universe, while including a minimum number of constituents. The Broad Argentina Equity Universe includes securities that are classified in Argentina according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Argentina and carry out the majority of their operations in Argentina. The Underlying Index targets a minimum of 25 securities and 20 issuers at construction.

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 3.42%, while the Underlying Index decreased 3.09%. The Fund had a net asset value of $33.00 per share on October 31, 2021 and ended the reporting period with a net asset value of $31.13 per share on October 31, 2022.

During the reporting period, the highest returns came from YPF SA and Transportadora de Gas del Sur SA, which returned 81.9% and 63.28%, respectively. The worst performers were Despegar.com, Corp and MercadoLibre, Inc. which returned -42.81% and -39.12%, respectively.

The Fund is well-diversified across cyclical and non-cyclical sectors. Argentina's growth slowed during the reporting period due to an increase in COVID-19 cases, interest rate hikes to combat surging inflation and higher energy import costs, including natural gas. This added to higher energy subsidy costs, hitting Argentina's savings and economic growth, resulting in the Fund's negative performance. During the reporting period, Argentina’s economic policy went through a period of deep uncertainty as the Minister of Economy was swapped out multiple times in the span of a month. Despite this uncertainty, Argentina reached a deal to restructure a Paris Club agreement to postpone the bulk of the billions of dollars of debt repayments until 2028, providing some relief to Argentina. Argentina's new economic team, under the guidance of Minister of Economy Sergio Massa, has implemented decisive, corrective measures that are restoring confidence, policy, and credibility among investors. This facilitated rapid recovery and strengthening prospects for growth, which likely contributed to better performance of the Fund in the last few months of the reporting period.

*Fund commenced operations on March 2, 2011.

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

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

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

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

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

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

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

See definition of comparative indices above.

37

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Global X MSCI Pakistan ETF

The Global X MSCI Pakistan ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Pakistan Select 25/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to represent the performance of the broad Pakistan equity universe, while including a minimum number of constituents as defined by MSCI, Inc. ("MSCI"), the provider of the Underlying Index. The broad Pakistan equity universe includes securities that are classified in Pakistan according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Pakistan and carry out the majority of their operations in Pakistan.

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 32.01%, while the Underlying Index decreased 30.66%. The Fund had a net asset value of $25.99 per share on October 31, 2021 and ended the reporting period with a net asset value of $16.45 per share on October 31, 2022.

During the reporting period, the highest returns came from Kot Addu Power Co Ltd and Millat Tractors Limited, which returned 15.37% and 7.61%, respectively. The worst performers were Searle Company Ltd and Habib Bank Limited, which returned -59.49% and -54.45%, respectively.

Despite the resumption of an International Monetary Fund funding program in August which depleted foreign reserves, a weakening local currency, political unrest, decades-high inflation levels, and a large fiscal deficit that inflated the cost of Pakistan imports all contributed to the Fund's negative performance during the reporting period. To combat rising inflationary pressures, Pakistan's central bank raised policy interest rates during the reporting period. Furthermore, floods in Pakistan submerged nearly a third of the country’s land and had a devastating impact on the economy. Political stability became a particular concern for international investors after former Prime Minister Imran Khan began rallying protestors and spreading the claim that the vote of no-confidence that ousted him was, in fact, a foreign-backed coup. The likelihood of political violence increased as many of Khan’s supporters viewed the incumbent leaders as illegitimate, thus dampening investor confidence in Pakistan and dampening the Fund’s returns.

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

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

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

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

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

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

See definition of comparative indices above.

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Global X MSCI Nigeria ETF

The Global X MSCI Nigeria ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Nigeria Select 25/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to represent the performance of the broad Nigeria equity universe, while including a minimum number of constituents, as defined by MSCI, Inc. ("MSCI"), the provider of the Underlying Index. The broad Nigeria equity universe includes securities that are classified in Nigeria according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Nigeria and carry out the majority of their operations in Nigeria.

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 13.69%, while the Underlying Index decreased 12.81%. The Fund had a net asset value of $15.73 per share on October 31, 2021 and ended the reporting period with a net asset value of $12.91 per share on October 31, 2022.

During the reporting period, the highest returns came from Fidelity Bank PLC and MTN Nigeria Communications PLC, which returned 59.08% and 12.77%, respectively. The worst performers were UPDC Real Estate Investment Trust and Guaranty Trust Holding Company Plc, which returned-47.41% and -33.30%, respectively.

The Nigerian economy’s recovery from the COVID-19 pandemic was aided by a recovery in mining & quarrying activities, transportation, and financial activities. However, macroeconomic stability was weakened by trade restrictions, deficit monetization, and higher global inflation, resulting in the Fund’s negative performance during the reporting period. The strong rally in global oil prices did not benefit Nigeria's oil sector during the reporting period due to Nigeria’s negligible refining capacity, massive theft of millions of barrels per day, and the cost of fuel subsidies. However, Nigeria's non-oil exposures boosted the country's economic growth rate, led primarily by the Information Technology and Telecommunications sectors. Nigeria's central bank raised interest rates to combat inflation and relieve pressure on its currency, the naira. At the same time, Nigeria’s system of multiple currency exchange rates continued to create market distortions and problems for investor liquidity, which made the market less appealing for international investors. The majority of Fund assets are in naira and naira-dominated securities. Assets denominated in naira are required to be converted to U.S. Dollars for financial reporting purposes. The currency situation in Nigeria was tenuous and unique, and impacted the Fund in executing repatriation transactions at the spot rate used for financial reporting translation, contributing to the Fund’s negative performance.

40

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*Fund commenced operations on April 2, 2013.

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

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

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

41

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

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

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

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

See definition of comparative indices on previous page.

42

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Global X MSCI Vietnam ETF

The Global X MSCI Vietnam ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Vietnam IMI Select 25/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to represent the performance of the broad Vietnam equity universe, while including a minimum number of constituents, as defined by MSCI, Inc. ("MSCI"), the provider of the Underlying Index ("Index Provider"). The broad Vietnam equity universe includes securities that are classified in Vietnam according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Vietnam and carry out the majority of their operations in Vietnam, as determined solely by the Index Provider.

From the inception of the Fund to the period ended October 31, 2022 (the “reporting period”), the Fund decreased 42.60%, while the Underlying Index decreased 42.33%. The Fund had a net asset value of $25.64 per share on December 07, 2021 and ended the reporting period with a net asset value of $14.67 per share on October 31, 2022.

During the reporting period, the highest returns came from Van Phu - Invest Investment JSC and Vinh Hoan Corp, which returned 36.58% and 12.22%, respectively. The worst performers were Thaiholdings JSC and An Phat Holdings JSC, which returned -84.95% and -77.16%, respectively.

Financial markets in Vietnam suffered a serious pullback during the reporting period, mainly due to a liquidity crunch in the property sector, strains on the financial sector, and adverse global developments, which negatively affected the Fund’s performance. A Vietnamese government crackdown on property lending aimed to reduce speculation in the property market, but had the effect of stalling projects, discouraging funding, and depressing homebuyer demand. The Fund was strongly impacted by the decline of Vietnam’s property sector, as Real Estate was the largest sector allocation of the Fund during the reporting period. The country also faced challenges from labor shortages and supply chain constraints owing to the Russia-Ukraine conflict and lockdowns in China, contributing to the Fund’s negative performance.

*Fund commenced operations on December 7, 2021.

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

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

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

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

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

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

See definition of comparative indices above.

44

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Global X MSCI Next Emerging & Frontier ETF

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

The Underlying Index is designed to reflect equity performance of select emerging markets and frontier markets companies while maintaining diversification across individual countries, sectors and issuers. The Underlying Index is constructed from the MSCI EFM ex BRICKT (Brazil, Russia, India, China, South Korea & Taiwan) Index (the "Parent Index"). Securities from the Parent Index are classified into emerging markets countries and frontier markets countries based on the market classification approach of MSCI Inc., the Index Provider.

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 11.75%, while the Underlying Index decreased 11.08%. The Fund had a net asset value of $21.00 per share on October 31, 2021 and ended the reporting period with a net asset value of $18.07 per share on October 31, 2022.

During the reporting period, the highest returns came from Grupo Financiero Inbursa SAB de CV and Abu Dhabi Islamic Bank which returned 83.11% and 68.27%, respectively. The worst performers were Thaiholdings JSC and PT Bank Jago Tbk, which returned -79.70% and -70.96%, respectively.

The negative performance of the Fund during the reporting period can be attributed to concerns among investors over the COVID-19 Omicron variant, the Russia–Ukraine crisis, and general risk-off sentiment. Rising commodity prices had mixed effects on emerging and frontier markets, while the rate hikes of the U.S. Federal Reserve weakened currencies around the world. At the same time, due to the relaxation of travel restrictions, tourism and export performance improved, mitigating the Fund’s losses. Sector weightings were the highest in Financials at 30.62%, followed by Communication Services (14.66%) during the reporting period. The highest average country exposures for the Fund were Indonesia (10.52%), Saudi Arabia (10.32%), South Africa (9.24%), and Vietnam (8.17%).

*Fund commenced operations on November 6, 2013.

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

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

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

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

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

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

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

See definition of comparative indices above.

46

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Global X MSCI Norway ETF

The Global X MSCI Norway ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Norway IMI 25/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to reflect broad based equity market performance in Norway as defined by MSCI, Inc. ("MSCI"), the provider of the Underlying Index. The broad Norway equity universe includes securities that are classified in Norway according to the MSCI Global Investable Market Index Methodology, which is a methodology that seeks to identify the investable universe of companies globally in order to facilitate the construction of replicable indexes such as the Underlying Index.

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 21.72%, while the Underlying Index decreased 21.63%. The Fund had a net asset value of $32.01 per share on October 31, 2021 and ended the reporting period with a net asset value of $24.43 per share on October 31, 2022.

During the reporting period, the highest returns came from Hafnia Ltd and Golden Ocean Group Ltd, which returned 154.80% and 101.76%, respectively. The worst performers were LINK Mobility Group Holding ASA and Meltwater NV, which returned -75.62% and -73.43%, respectively.

During the reporting period, the Norwegian economy recovered from the COVID-19 pandemic, but the impact of the Russia-Ukraine war on global commodities prices, energy prices and surging inflation created housing market imbalances and outlays on electricity-bill subsidies in Norway. These factors contributed to the Fund’s negative returns during the reporting period. This was mitigated, to some extent, by Energy holdings in the Fund, particularly Equinor, that received a windfall from the sudden need for energy security in Europe as a result of the war in Ukraine. For the broader economy, Norway's central bank raised interest rates significantly during the period, tightening the Norwegian economy and creating a tougher environment for equities, which also negatively impacted the Fund during the reporting period.

*Fund commenced operations on November 9, 2010.

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

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

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

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

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

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

48

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

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

See definition of comparative indices on previous page.

49

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Global X FTSE Southeast Asia ETF

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

The Underlying Index tracks the performance of the 40 largest companies in the five ASEAN regions: Indonesia, Philippines, Singapore, Malaysia and Thailand as defined by FTSE International Limited ("FTSE"), the provider of the Underlying Index. The Underlying Index is free-float adjusted and weighted by market capitalization and designed using eligible stocks within the FTSE All-World universe.

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 3.13%, while the Underlying Index decreased 2.43%. The Fund had a net asset value of $15.10 per share on October 31, 2021 and ended the reporting period with a net asset value of $14.02 on October 31, 2022.

During the reporting period, the highest returns came from PTT Exploration & Production PLC and PT Bank Mandiri (Persero) Tbk, which returned 41.53% and 39.85%, respectively. The worst performers were Press Metal Aluminium Holdings Berhad and Ayala Land Inc., which returned -38.84% and -36.57%, respectively.

The Underlying Index delivered negative returns during the reporting period, but a number of factors allowed it to outperform major indices in a time of general risk-off sentiment. In addition to the relaxation of COVID-19 restrictions boosting tourist inflows and strengthening the macroeconomic environment, investors started to become more optimistic on SoutheastAsian financials as interest rates rose. Financials holdings in the Fund generally performed well during the reporting period, which had positive implications for the Fund, as it has a high allocation to Financials. Southeast Asian currencies have held up relatively well against the rising dollar compared to developed-country currencies, with the Indonesian rupiah and Singapore dollar performing particularly well. Furthermore, as Vietnam’s property sector suffered, which in turn negatively impacted Vietnamese equities, the fact that the Fund has no direct exposure to Vietnam worked in its favor. Performance during the reporting period was hampered by supply-chain disruptions, accelerating inflation, and rising interest rates in the United States. Continuing political instability in Myanmar and the war in Ukraine raised additional risks for the Fund during the reporting period.

*Fund commenced operations on February 16, 2011.

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

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

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

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

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

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

See definition of comparative indices above.

51

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Schedule of Investments		October 31, 2022
Global X MSCI China Energy ETF

---

 

		Shares				Value
COMMON STOCK — 99.8%
CHINA — 97.7%
Energy — 97.7%
CGN Mining *			2,472,000			$	229,885
China Coal Energy, Cl H .			562,800				414,401
China Merchants Energy Shipping, Cl A			271,300				257,972
China Oilfield Services, Cl H			596,586				671,837
China Petroleum & Chemical, Cl A .			51,650				28,678
China Petroleum & Chemical, Cl H			1,966,597				776,633
China Shenhua Energy, Cl A .			7,000				26,768
China Shenhua Energy, Cl H			305,355				803,274
China Suntien Green Energy, Cl H .			749,400				284,491
COSCO SHIPPING Energy Transportation,
Cl A *			166,900				385,026
Guanghui Energy, Cl A			221,650				310,850
Inner Mongolia Dian Tou Energy, Cl A			121,200				204,202
Inner Mongolia Yitai Coal, Cl B			296,594				419,384
Jizhong Energy Resources, Cl A			242,900				201,475
Offshore Oil Engineering, Cl A .			476,575				305,576
PetroChina, Cl A .			40,800				26,662
PetroChina, Cl H			2,093,163				799,950
Pingdingshan Tianan Coal Mining, Cl A .			131,700				197,996
Shaanxi Coal Industry, Cl A			153,786				416,664
Shan Xi Hua Yang Group New Energy, Cl A			116,300				267,978
Shanxi Coking Coal Energy Group, Cl A .			193,853				301,222
Shanxi Lu'an Environmental Energy
Development, Cl A .			156,565				358,621
Sinopec Kantons Holdings			971,300				262,318
Yankuang Energy Group, Cl A .			5,304				29,378
Yankuang Energy Group, Cl H			250,475				705,172
Yantai Jereh Oilfield Services Group, Cl A			58,910				241,584
TOTAL CHINA							8,927,997

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

52

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Schedule of Investments		October 31, 2022
Global X MSCI China Energy ETF

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		Shares				Value
COMMON STOCK — continued
HONG KONG — 2.1%
Energy — 2.1%
AAG Energy Holdings .			1,273,400			$	193,041
TOTAL COMMON STOCK
(Cost $9,894,917)							9,121,038
TOTAL INVESTMENTS — 99.8%
(Cost $9,894,917)						$	9,121,038

 

Percentages are based on Net Assets of $9,139,567.

* Non-income producing security.

As of October 31, 2022, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

See “Glossary” for abbreviations.

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

53

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Schedule of Investments		October 31, 2022
Global X MSCI China Materials ETF

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		Shares				Value
COMMON STOCK — 100.0%
CHINA — 98.1%
Materials — 98.1%
Aluminum Corp of China, Cl A			51,300			$	27,014
Aluminum Corp of China, Cl H .			217,339				62,019
Anhui Conch Cement, Cl A			9,900				32,792
Anhui Conch Cement, Cl H .			61,670				158,695
Anhui Honglu Steel Construction Group, Cl A .			1,950				9,066
Asia - Potash International Investment
Guangzhou, Cl A *			1,900				6,610
Baoshan Iron & Steel, Cl A			76,600				50,265
BBMG, Cl A			46,100				14,654
Chengtun Mining Group, Cl A .			8,900				6,727
Chengxin Lithium Group, Cl A .			1,400				8,255
Chifeng Jilong Gold Mining, Cl A *			4,800				12,324
China Hongqiao Group			123,000				87,277
China Jushi, Cl A .			15,659				24,994
China National Building Material, Cl H			200,000				116,181
China Northern Rare Earth Group High-Tech,
Cl A			12,600				41,598
China Rare Earth Resources and Technology,
Cl A *			2,300				9,049
China Resources Cement Holdings			134,100				48,516
CMOC Group, Cl A .			63,200				35,781
CMOC Group, Cl H .			192,854				62,157
CNGR Advanced Material, Cl A .			700				6,888
CNNC Hua Yuan Titanium Dioxide, Cl A .			9,570				8,721
Do-Fluoride New Materials, Cl A			1,725				7,331
Dongyue Group .			69,600				60,469
Ganfeng Lithium, Cl A .			5,440				58,644
Ganfeng Lithium, Cl H			18,960				128,254
GEM, Cl A .			20,400				20,706
Guangzhou Tinci Materials Technology, Cl A ..			5,060				29,338
Hangzhou Oxygen Plant Group, Cl A .			2,700				15,504
Henan Shenhuo Coal & Power, Cl A .			4,700				8,996

 

 

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

54

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Schedule of Investments		October 31, 2022
Global X MSCI China Materials ETF

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		Shares				Value
COMMON STOCK — continued
Materials — continued
Hengli Petrochemical, Cl A			20,220			$	42,315
Hengyi Petrochemical, Cl A			17,200				15,722
Hesteel, Cl A			53,100				15,720
Hoshine Silicon Industry, Cl A .			750				9,792
Huafon Chemical, Cl A			8,200				7,450
Huaibei Mining Holdings, Cl A			4,100				7,288
Huaxin Cement, Cl A .			7,350				13,456
Hubei Xingfa Chemicals Group, Cl A			2,000				7,713
Hunan Valin Steel, Cl A			31,100				16,971
Inner Mongolia BaoTou Steel Union, Cl A			161,700				38,825
Inner Mongolia ERDOS Resources, Cl A			3,220				6,115
Inner Mongolia Junzheng Energy & Chemical
Industry Group, Cl A			37,900				20,061
Inner Mongolia Yuan Xing Energy, Cl A			7,700				6,776
Jiangsu Eastern Shenghong, Cl A .			8,200				13,693
Jiangsu Yangnong Chemical, Cl A			1,400				17,646
Jiangsu Yoke Technology, Cl A			1,200				9,626
Jiangxi Copper, Cl A			9,700				20,379
Jiangxi Copper, Cl H			61,591				67,320
Kingfa Sci & Tech, Cl A .			7,700				10,169
LB Group, Cl A			10,100				21,178
Luxi Chemical Group, Cl A .			4,700				7,284
Maanshan Iron & Steel, Cl A .			16,900				5,810
MMG *			145,800				28,789
Ningbo Shanshan, Cl A			4,100				10,057
Ningxia Baofeng Energy Group, Cl A			14,500				22,689
Pangang Group Vanadium Titanium &
Resources, Cl A *			34,100				21,074
Qinghai Salt Lake Industry, Cl A *			11,900				34,920
Real Gold Mining *(A)			97,864				—
Rongsheng Petrochemical, Cl A .			33,800				49,339
Satellite Chemical, Cl A			7,292				12,336
Shandong Gold Mining, Cl A			13,820				32,617
Shandong Gold Mining, Cl H .			38,700				61,625
Shandong Hualu Hengsheng Chemical, Cl A			8,320				29,716
Shandong Nanshan Aluminum, Cl A .			50,800				21,345
Shandong Sun Paper Industry JSC, Cl A			12,900				18,461
Shanghai Putailai New Energy Technology,
Cl A			4,980				33,908

 

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

55

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Schedule of Investments		October 31, 2022
Global X MSCI China Materials ETF

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		Shares				Value
COMMON STOCK — continued
Materials — continued
Shanxi Meijin Energy, Cl A .			8,200			$	9,800
Shanxi Taigang Stainless Steel, Cl A .			27,600				14,948
Shenghe Resources Holding, Cl A			4,300				7,837
Shenzhen Capchem Technology, Cl A			1,720				8,487
Shenzhen Dynanonic, Cl A .			200				7,039
Shenzhen Senior Technology Material, Cl A .			3,500				8,829
Sichuan Hebang Biotechnology .			18,700				7,373
Sichuan Yahua Industrial Group, Cl A .			2,900				10,583
Sinoma Science & Technology, Cl A .			3,700				9,040
Sinomine Resource Group, Cl A			840				10,314
Sinopec Shanghai Petrochemical, Cl A .			33,100				13,863
Skshu Paint, Cl A *			993				11,772
Suzhou TA&A Ultra Clean Technology, Cl A			975				8,227
Tangshan Jidong Cement, Cl A .			5,600				5,799
Tianqi Lithium, Cl A *			3,300				43,016
Tianshan Aluminum Group, Cl A .			9,100				7,747
Tibet Summit Resources, Cl A *			2,675				7,645
Tongkun Group, Cl A .			10,600				17,498
Tongling Nonferrous Metals Group, Cl A .			49,600				17,052
Transfar Zhilian, Cl A			16,600				11,165
Wanhua Chemical Group, Cl A .			10,022				109,871
Weihai Guangwei Composites, Cl A			2,300				24,349
Western Mining, Cl A			5,000				6,460
Western Superconducting Technologies, Cl A ..			896				14,260
Xiamen Tungsten, Cl A			6,400				17,532
Xinjiang Zhongtai Chemical, Cl A			7,825				6,277
Yintai Gold, Cl A .			13,320				25,949
YongXing Special Materials Technology, Cl A .			675				10,725
Youngy, Cl A *			675				10,147
Yunnan Aluminium, Cl A			5,900				7,381
Yunnan Energy New Material, Cl A			2,900				58,569
Yunnan Tin, Cl A			3,600				5,604
Yunnan Yuntianhua, Cl A *			2,000				5,501
Zangge Mining, Cl A			1,600				5,926
Zhaojin Mining Industry *			42,000				34,671
Zhejiang Huayou Cobalt, Cl A .			5,459				40,573
Zhejiang Juhua, Cl A .			11,400				24,386
Zhejiang Yongtai Technology, Cl A .			2,100				6,251
Zibo Qixiang Tengda Chemical, Cl A *			8,100				7,492

 

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

56

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Schedule of Investments		October 31, 2022
Global X MSCI China Materials ETF

---

 

		Shares				Value
COMMON STOCK — continued
Materials — continued
Zijin Mining Group, Cl A .			38,700			$	41,814
Zijin Mining Group, Cl H			258,059				246,558
TOTAL CHINA							2,865,340
HONG KONG — 1.9%
Materials — 1.9%
China Lumena New Materials *(A)			48				—
Nine Dragons Paper Holdings			90,970				53,888
TOTAL HONG KONG							53,888
TOTAL COMMON STOCK
(Cost $4,385,546)							2,919,228
TOTAL INVESTMENTS — 100.0%
(Cost $4,385,546)						$	2,919,228

 

Percentages are based on Net Assets of $2,919,716.

* Non-income producing security.

(A) Level 3 security in accordance with fair value hierarchy.

The following is a summary of the level of inputs used as of October 31, 2022, in valuing the Fund's investments carried at value:

		Level 1				Level 2					Level 3(1)			Total
Investments in Securities
Common Stock		$	$2,919,228			$	—			$	—	^		$	2,919,228
Total Investments in
Securities		$	$2,919,228			$	—			$	—			$	2,919,228

 

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

^ Security is fair valued at zero.

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

See “Glossary” for abbreviations.

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

57

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Schedule of Investments		October 31, 2022
Global X MSCI China Industrials ETF

---

 

		Shares				Value
COMMON STOCK — 99.8%
CHINA — 96.7%
Industrials — 96.7%
AECC Aero-Engine Control, Cl A			4,300			$	17,599
AECC Aviation Power, Cl A .			8,685				57,631
Air China, Cl A *			21,160				27,915
Air China, Cl H *			96,100				66,843
AVIC Electromechanical Systems, Cl A			12,360				19,728
AviChina Industry & Technology, Cl H .			132,810				58,201
AVICOPTER, Cl A .			1,940				11,619
Beijing Capital International Airport, Cl H *			100,781				54,564
Beijing Easpring Material Technology, Cl A			600				4,829
Beijing New Building Materials, Cl A			5,320				14,392
Beijing Originwater Technology, Cl A .			11,940				7,672
Beijing United Information Technology, Cl A			1,586				26,830
Beijing-Shanghai High Speed Railway, Cl A			130,100				79,159
China Baoan Group, Cl A .			8,080				12,743
China Communications Services, Cl H .			127,000				35,431
China Conch Venture Holdings .			85,730				126,468
China CSSC Holdings, Cl A			14,510				52,497
China Eastern Airlines, Cl A *			29,000				18,990
China Energy Engineering			105,800				33,053
China Everbright Environment Group .			194,250				64,586
China Lesso Group Holdings .			58,090				47,139
China Merchants Port Holdings .			70,381				82,486
China National Chemical Engineering, Cl A .			19,620				18,924
China Railway Group, Cl A .			65,200				44,385
China Railway Group, Cl H			215,648				93,678
China Southern Airlines, Cl A *			35,860				31,603
China Southern Airlines, Cl H *			89,650				46,253
China State Construction Engineering, Cl A			132,375				85,781
China State Construction International
Holdings .			104,810				94,264
CITIC .			301,150				269,697

 

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

58

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Schedule of Investments		October 31, 2022
Global X MSCI China Industrials ETF

---

 

		Shares				Value
COMMON STOCK — continued
Industrials — continued
Contemporary Amperex Technology, Cl A .			7,142			$	363,311
COSCO SHIPPING Development, Cl A .			30,880				10,279
COSCO SHIPPING Holdings, Cl A .			37,010				56,701
COSCO SHIPPING Holdings, Cl H .			162,226				175,042
COSCO SHIPPING Ports			88,830				43,793
CRRC, Cl A			77,850				50,448
CRRC, Cl H .			231,700				70,249
Daqin Railway, Cl A			47,900				41,887
Dongfang Electric, Cl A			8,990				28,466
Eve Energy, Cl A			6,030				68,312
Fangda Carbon New Material, Cl A *			12,323				10,104
Fosun International .			130,570				79,840
Ginlong Technologies, Cl A *			1,155				29,434
Gotion High-Tech, Cl A			5,320				21,809
Guangdong Kinlong Hardware Products, Cl A .			1,054				11,391
Haitian International Holdings .			33,546				67,179
Hongfa Technology, Cl A			3,430				16,055
Jiangsu Expressway, Cl H			65,419				46,086
Jiangsu Hengli Hydraulic, Cl A .			4,258				32,048
Jiangsu Zhongtian Technology, Cl A			9,910				29,703
Jiangxi Special Electric Motor, Cl A *			2,400				6,247
Keda Industrial Group, Cl A			3,100				6,585
Kuang-Chi Technologies, Cl A *			7,240				17,087
Liaoning Port, Cl A .			29,400				6,377
Luoyang Xinqianglian Slewing Bearing, Cl A .			937				8,925
Metallurgical Corp of China, Cl A			57,100				22,435
Ming Yang Smart Energy Group, Cl A			6,750				22,929
NARI Technology, Cl A			21,204				70,583
Ningbo Deye Technology, Cl A			250				11,158
Ningbo Orient Wires & Cables, Cl A .			900				9,454
Ningbo Ronbay New Energy Technology,
Cl A			1,495				15,972
North Industries Group Red Arrow, Cl A .			4,590				12,868
Power Construction Corp of China, Cl A .			49,050				47,109
Pylon Technologies, Cl A			100				4,209
Riyue Heavy Industry, Cl A .			3,270				9,854
Sany Heavy Equipment International Holdings			58,900				48,321
Sany Heavy Industry, Cl A			27,180				50,058
SF Holding, Cl A			15,335				100,963

 

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

59

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Schedule of Investments		October 31, 2022
Global X MSCI China Industrials ETF

---

 

		Shares				Value
COMMON STOCK — continued
Industrials — continued
Shanghai Construction Group, Cl A			28,600			$	10,027
Shanghai Electric Group, Cl A *			40,500				21,438
Shanghai International Airport, Cl A *			4,065				29,603
Shanghai International Port Group, Cl A			30,630				21,604
Shanghai M&G Stationery, Cl A .			2,993				16,455
Shenzhen Inovance Technology, Cl A .			8,430				76,708
Shenzhen International Holdings			67,031				45,087
Sichuan New Energy Power *			3,990				10,250
Sichuan Road & Bridge, Cl A .			15,420				23,666
Sieyuan Electric, Cl A .			2,450				11,180
Sinotrans, Cl A			13,600				6,587
Sinotruk Hong Kong .			37,100				33,083
Sungrow Power Supply, Cl A			4,700				83,945
Sunwoda Electronic, Cl A			5,420				17,228
Suzhou Maxwell Technologies, Cl A .			513				33,418
TBEA, Cl A .			12,150				33,831
Titan Wind Energy Suzhou, Cl A			5,625				9,009
Weichai Power, Cl A .			21,760				26,955
Weichai Power, Cl H .			101,916				97,633
Wuxi Shangji Automation, Cl A .			1,202				20,084
XCMG Construction Machinery, Cl A .			25,720				16,246
Xiamen C & D, Cl A .			9,300				15,212
Xinjiang Goldwind Science & Technology,
Cl A			11,197				15,963
Xinjiang Goldwind Science & Technology,
Cl H			41,051				35,613
YTO Express Group, Cl A .			11,040				28,405
Yunda Holding, Cl A .			9,340				16,794
Zhefu Holding Group, Cl A			16,670				8,892
Zhejiang Chint Electrics, Cl A			6,950				24,083
Zhejiang Dingli Machinery, Cl A			1,623				9,948
Zhejiang Expressway, Cl H			73,560				45,636
Zhejiang HangKe Technology, Cl A .			1,313				8,965
Zhejiang Weiming Environment Protection,
Cl A			5,250				13,558
Zhejiang Weixing New Building Materials,
Cl A			5,010				11,893
Zhuzhou CRRC Times Electric, Cl A			981				8,402
Zhuzhou CRRC Times Electric, Cl H .			28,643				124,244

 

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

60

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Schedule of Investments		October 31, 2022
Global X MSCI China Industrials ETF

---

 

		Shares				Value
COMMON STOCK — continued
Industrials — continued
Zhuzhou Kibing Group, Cl A .			8,580			$	9,189
Zoomlion Heavy Industry Science and
Technology, Cl A .			22,500				16,422
Zoomlion Heavy Industry Science and
Technology, Cl H			72,320				23,309
ZTO Express Cayman ADR			21,744				367,256
TOTAL CHINA							4,756,052
HONG KONG — 1.6%
Industrials — 1.6%
Orient Overseas International			5,350				78,173
SINGAPORE — 1.5%
Industrials — 1.5%
BOC Aviation .			11,060				74,040
TOTAL COMMON STOCK
(Cost $6,993,839)							4,908,265
TOTAL INVESTMENTS — 99.8%
(Cost $6,993,839)						$	4,908,265

 

Percentages are based on Net Assets of $4,917,223.

* Non-income producing security.

As of October 31, 2022, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

See “Glossary” for abbreviations.

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

61

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Schedule of Investments	October 31, 2022
Global X MSCI China Consumer Discretionary ETF

---

 

		Shares				Value
COMMON STOCK — 99.9%
CHINA — 99.9%
Consumer Discretionary — 99.9%
Alibaba Group Holding *			2,369,156			$	18,546,168
Alibaba Health Information Technology *			109,300				46,227
ANTA Sports Products .			698,196				6,137,127
Beijing Roborock Technology, Cl A .			10,745				344,510
Bosideng International Holdings .			5,932,000				2,561,766
BTG Hotels Group, Cl A .			131,300				389,237
BYD, Cl A