Global X MLP ETF (ticker: MLPA)
Global X MLP & Energy Infrastructure ETF (ticker: MLPX)
Global X Alternative Income ETF (ticker: ALTY)
Global X Conscious Companies ETF (ticker: KRMA)
Global X Founder-Run Companies ETF (ticker: BOSS)
Global X U.S. Preferred ETF (ticker: PFFD)
Global X S&P 500® Quality Dividend ETF (ticker: QDIV)
Global X Adaptive U.S. Factor ETF (ticker: AUSF)
Global X Variable Rate Preferred ETF (ticker: PFFV)
Global X Adaptive U.S. Risk Management ETF (ticker: ONOF)

Semi-Annual Report

May 31, 2023



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

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

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


Table of Contents 

 


  
 
Schedules of Investments       
Global X MLP ETF       1  
Global X MLP & Energy Infrastructure ETF       3  
Global X Alternative Income ETF       6  
Global X Conscious Companies ETF       9  
Global X Founder-Run Companies ETF       16  
Global X U.S. Preferred ETF       21  
Global X S&P 500® Quality Dividend ETF       31  
Global X Adaptive U.S. Factor ETF       35  
Global X Variable Rate Preferred ETF       42  
Global X Adaptive U.S. Risk Management ETF       47  
Glossary       62  
Statements of Assets and Liabilities       63  
Statements of Operations       66  
Statements of Changes in Net Assets       69  
Financial Highlights       75  
Notes to Financial Statements       81  
Disclosure of Fund Expenses       102  
Liquidity Risk Management Program       105  
Supplemental Information       106  

 

Shares are bought and sold at market price (not net asset value (“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 their 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.

Schedule of Investments    May 31, 2023 (Unaudited) 
Global X MLP ETF

 



        
 
    Shares     Value  
MASTER LIMITED PARTNERSHIPS — 94.4%             
Energy — 94.4%             
Cheniere Energy Partners .      1,353,220     $ 60,150,629  
Crestwood Equity Partners .      2,618,529       67,191,454  
DCP Midstream .      1,555,488       64,692,746  
Delek Logistics Partners      1,524,657       82,026,547  
Energy Transfer .      12,546,542       155,577,121  
Enterprise Products Partners .      6,561,095       166,192,536  
Genesis Energy (A)      6,284,920       60,649,478  
Green Plains Partners .      100       1,203  
Holly Energy Partners .      3,866,637       66,390,157  
Magellan Midstream Partners .      2,325,235       140,002,399  
Martin Midstream Partners .      100       205  
MPLX      3,812,110       127,095,748  
NGL Energy Partners *      50,000       158,500  
NuStar Energy .      3,884,948       63,441,201  
Plains All American Pipeline      8,906,438       115,071,179  
USD Partners      100       94  
Western Midstream Partners .      3,960,585       99,965,165  
TOTAL MASTER LIMITED PARTNERSHIPS                 
(Cost $761,409,602)              1,268,606,362  
COMMON STOCK — 6.8%                 
Energy — 6.8%                 
EnLink Midstream .      4,950,138       48,313,347  
Hess Midstream, Cl A      1,574,030       43,899,697  
Phillips 66 .      100       9,161  
TOTAL COMMON STOCK                 
(Cost $79,382,030)              92,222,205  
TOTAL INVESTMENTS — 101.2%                 
(Cost $840,791,632)            $ 1,360,828,567  

Percentages are based on Net Assets of $1,344,111,842.

The accompanying notes are an integral part of the financial statements.
1

Schedule of Investments    May 31, 2023 (Unaudited) 
Global X MLP ETF

 

*      Non-income producing security.
(A)      Affiliated investment.

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

The following is a summary of the Fund’s transactions with affiliates for the period ended May 31, 2023:

                  Changes in                          
                  Unrealized                          
Value at     Purchases at     Proceeds from     Appreciation     Realized Gain     Value at     Dividend     Capital  
11/30/22     Cost     Sales     (Depreciation)     (Loss)     5/31/23     Income     Gains  
Genesis Energy
                                           
$ 66,869,171     $ 7,900,232     $ (10,791,063 )   $ (3,087,965 )   $ (240,897 )   $ 60,649,478     $ —     $ —  
Totals:                                                          
$ 66,869,171     $ 7,900,232     $ (10,791,063 )   $ (3,087,965 )   $ (240,897 )   $ 60,649,478     $ —     $ —  

 

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.
2

Schedule of Investments    May 31, 2023 (Unaudited) 
Global X MLP & Energy Infrastructure ETF

 



        
 
    Shares     Value  
COMMON STOCK — 76.1%             
CANADA — 21.6%             
Energy — 21.6%             
Enbridge      2,154,087     $ 75,823,863  
Pembina Pipeline .      1,281,368       38,787,009  
TC Energy      1,988,123       77,417,510  
TOTAL CANADA              192,028,382  
UNITED STATES — 54.5%                 
Energy — 54.5%                 
Antero Midstream .      2,992,869       30,557,192  
Archrock .      1,272,258       11,450,322  
Cheniere Energy .      497,571       69,545,499  
DT Midstream .      849,417       38,614,497  
EnLink Midstream .      2,208,537       21,555,321  
Equitrans Midstream .      3,994,945       34,076,881  
Hess Midstream, Cl A      396,565       11,060,198  
Kinder Morgan .      3,815,809       61,472,683  
Kinetik Holdings, Cl A (A)      98,535       3,205,343  
ONEOK .      1,020,727       57,834,392  
Plains GP Holdings, Cl A      1,755,685       23,877,316  
Targa Resources      583,371       39,698,397  
Williams      2,791,728       80,010,924  
TOTAL UNITED STATES              482,958,965  
TOTAL COMMON STOCK                 
(Cost $640,405,668)              674,987,347  

 

The accompanying notes are an integral part of the financial statements.
3

Schedule of Investments    May 31, 2023 (Unaudited) 
Global X MLP & Energy Infrastructure ETF

 


      
 
  Shares     Value  
MASTER LIMITED PARTNERSHIPS — 23.8%           
UNITED STATES— 23.8%           
Energy — 23.8%           
Cheniere Energy Partners .    122,338     $ 5,437,924  
Crestwood Equity Partners .    256,143       6,572,629  
DCP Midstream .    256,997       10,688,505  
Delek Logistics Partners    27,987       1,505,701  
Energy Transfer .    3,207,616       39,774,439  
Enterprise Products Partners .    1,543,072       39,086,014  
Holly Energy Partners .    135,542       2,327,256  
Magellan Midstream Partners .    628,448       37,838,854  
MPLX    1,011,097       33,709,974  
Plains All American Pipeline    1,419,434       18,339,087  
Western Midstream Partners .    603,870       15,241,679  
TOTAL UNITED STATES            210,522,062  
TOTAL MASTER LIMITED PARTNERSHIPS               
(Cost $103,104,536)            210,522,062  
SHORT-TERM INVESTMENT(B)(C) — 0.0%               
Fidelity Investments Money Market               
Government Portfolio, Cl Institutional,               
5.020%
             
(Cost $381,818)     381,818       381,818  
  Face Amount          
REPURCHASE AGREEMENT(B) — 0.1%               
BNP Paribas               
4.990%, dated 05/31/2023, to be repurchased               
on 06/01/2023, repurchase price $772,331               
(collateralized by various U.S. Treasury               
Obligations, ranging in par value $13,288               
- $92,094, 4.125% - 5.410%, 7/31/2024               
- 9/30/2027, with a total market value of               
$787,713)
             
(Cost $772,224)   $ 772,224       772,224  
TOTAL INVESTMENTS — 100.0%               
(Cost $744,664,246)          $ 886,663,451  

Percentages are based on Net Assets of $886,826,064.

(A)
This security or a partial position of this security is on loan at May 31, 2023.
The accompanying notes are an integral part of the financial statements.
4

Schedule of Investments    May 31, 2023 (Unaudited) 
Global X MLP & Energy Infrastructure ETF

 

(B)
Security was purchased with cash collateral held from securities on loan.
(C)
The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2023.

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

Investments in Securities
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stock
  
$
674,987,347
    
$
—
    
$
—
    
$
674,987,347
  
Master Limited Partnerships
    
210,522,062
      
—
      
—
      
210,522,062
  
Short-Term Investment
    
381,818
      
—
      
—
      
381,818
  
Repurchase Agreement
    
—
      
772,224
      
—
      
772,224
  
Total Investments in Securities
  
$
885,891,227
    
$
772,224
    
$
—
    
$
886,663,451
  

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.
5

Schedule of Investments    May 31, 2023 (Unaudited) 
Global X Alternative Income ETF

 



        
 
    Shares     Value  
EXCHANGE TRADED FUNDS — 81.1%             
Global X Emerging Markets Bond ETF (A)      362,182     $ 7,802,921  
Global X NASDAQ 100® Covered                 
Call ETF (A) (B) 
     467,634       8,249,064  
Global X SuperDividend® REIT ETF (A)      326,094       6,799,060  
Global X U.S. Preferred ETF (A) (B)      363,971       7,017,361  
TOTAL EXCHANGE TRADED FUNDS                 
(Cost $37,833,821)              29,868,406  
COMMON STOCK — 9.8%                 
Utilities — 9.8%                 
ALLETE .      8,238       490,738  
Avista      11,564       478,171  
Duke Energy      4,451       397,430  
Edison International .      7,081       478,109  
FirstEnergy      11,517       430,621  
NorthWestern      8,763       495,898  
OGE Energy .      11,482       405,085  
PPL      16,437       430,649  
TOTAL COMMON STOCK                 
(Cost $3,414,189)              3,606,701  

 

The accompanying notes are an integral part of the financial statements.
6

Schedule of Investments    May 31, 2023 (Unaudited) 
Global X Alternative Income ETF

 


      
 
  Shares     Value  
MASTER LIMITED PARTNERSHIPS — 8.7%           
Energy — 6.9%           
Enterprise Products Partners .    18,737     $ 474,608  
Magellan Midstream Partners .    9,428       567,660  
MPLX    14,988       499,700  
Sunoco .    11,664       501,436  
USA Compression Partners    27,446       512,691  
            2,556,095  
Industrials — 0.6%               
Icahn Enterprises .    9,144       206,380  
Utilities — 1.2%               
Suburban Propane Partners .    28,156       429,942  
TOTAL MASTER LIMITED PARTNERSHIPS               
(Cost $1,843,469)            3,192,417  
SHORT-TERM INVESTMENT(C)(D) — 0.6%               
Fidelity Investments Money Market               
Government Portfolio, Cl Institutional,               
5.020%
             
(Cost $213,297)     213,297       213,297  
  Face Amount          
REPURCHASE AGREEMENT(C) — 1.2%               
BNP Paribas               
4.990%, dated 05/31/2023, to be repurchased               
on 06/01/2023, repurchase price $431,451               
(collateralized by various U.S. Treasury               
Obligations, ranging in par value $7,423               
- $51,447, 4.125% - 5.410%, 7/31/2024               
- 9/30/2027, with a total market value of               
$440,043)
             
(Cost $431,391)   $ 431,391       431,391  
TOTAL INVESTMENTS — 101.4%               
(Cost $43,736,167)          $ 37,312,212  

Percentages are based on Net Assets of $36,807,045.

(A)
Affiliated investment.
(B)
This security or a partial position of this security is on loan at May 31, 2023.
(C)
Security was purchased with cash collateral held from securities on loan.
(D)
The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2023.
The accompanying notes are an integral part of the financial statements.
7

Schedule of Investments    May 31, 2023 (Unaudited) 
Global X Alternative Income ETF

 

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

Investments in Securities
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Exchange Traded Funds
  
$
29,868,406
    
$
—
    
$
—
    
$
29,868,406
  
Common Stock
    
3,606,701
      
—
      
—
      
3,606,701
  
Master Limited Partnerships
    
3,192,417
      
—
      
—
      
3,192,417
  
Short-Term Investment
    
213,297
      
—
      
—
      
213,297
  
Repurchase Agreement
    
—
      
431,391
      
—
      
431,391
  
Total Investments in Securities
  
$
36,880,821
    
$
431,391
    
$
—
    
$
37,312,212
  

The following is a summary of the Fund’s transactions with affiliates for the period ended May 31, 2023:

                  Changes in                          
                  Unrealized                          
Value at     Purchases at     Proceeds from     Appreciation     Realized Gain     Value at     Dividend     Capital  
11/30/22     Cost     Sales     (Depreciation)     (Loss)     05/31/23     Income     Gains  
Global X Emerging Markets Bond ETF                                      
$ 7,746,289     $ 1,051,506     $ (924,086 )   $ (104,988 )   $ 34,200     $ 7,802,921     $ 174,025     $ —  
Global X NASDAQ 100 Covered Call ETF                                          
$ 7,618,510     $ 1,047,822     $ (1,444,128 )   $ 955,075     $ 71,785     $ 8,249,064     $ (72,661 )   $ 15,007  
Global X SuperDividend® REIT ETF                                                  
$ 7,297,064     $ 988,326     $ (990,376 )   $ (524,990 )   $ 29,036     $ 6,799,060     $ 48,070     $ 2,537  
Global X U.S. Preferred ETF                                                  
$ 7,325,307     $ 997,982     $ (854,266 )   $ (455,497 )   $ 3,835     $ 7,017,361     $ 228,961     $ —  
Totals:                                                          
$ 29,987,170     $ 4,085,636     $ (4,212,856 )   $ (130,400 )   $ 138,856     $ 29,868,406     $ 378,395     $ 17,544  

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.
8

Schedule of Investments    May 31, 2023 (Unaudited) 
Global X Conscious Companies ETF

 



        
 
    Shares     Value  
COMMON STOCK — 99.7%             
CANADA — 0.4%             
Financials — 0.4%             
Toronto-Dominion Bank      50,377     $ 2,851,338  
UNITED STATES — 99.3%                 
Communication Services — 7.3%                 
Alphabet, Cl A *      146,243       17,968,877  
AT&T      170,611       2,683,711  
Comcast, Cl A      82,376       3,241,496  
Meta Platforms, Cl A *      14,602       3,865,441  
Netflix *      9,481       3,747,176  
Omnicom Group .      33,125       2,921,294  
Take-Two Interactive Software *      24,866       3,424,794  
T-Mobile US *      21,433       2,941,679  
Verizon Communications      83,297       2,967,872  
Walt Disney *      31,225       2,746,551  
              46,508,891  
Consumer Discretionary — 8.3%                 
Amazon.com *      105,296       12,696,592  
Best Buy      42,724       3,104,753  
BorgWarner .      63,470       2,813,625  

 

The accompanying notes are an integral part of the financial statements.
9

Schedule of Investments    May 31, 2023 (Unaudited) 
Global X Conscious Companies ETF

 


        
 
    Shares     Value  
COMMON STOCK — continued             
Consumer Discretionary — continued             
eBay      72,117     $ 3,067,857  
Etsy *      30,463       2,469,026  
Home Depot .      10,358       2,935,975  
Lear .      23,156       2,840,315  
Lowe's      15,116       3,040,281  
Lululemon Athletica *      8,227       2,730,788  
Marriott International, Cl A      18,335       3,076,430  
NIKE, Cl B      24,654       2,595,080  
Starbucks      29,307       2,861,536  
Tesla *      18,827       3,839,390  
Tractor Supply .      12,503       2,620,504  
VF .      135,869       2,339,664  
              53,031,816  
Consumer Staples — 9.2%                 
Campbell Soup .      57,921       2,927,907  
Church & Dwight      33,933       3,137,106  
Clorox      18,808       2,975,049  
Coca-Cola .      48,539       2,895,837  
Colgate-Palmolive      41,156       3,061,183  
Costco Wholesale      6,138       3,139,955  
Estee Lauder, Cl A .      12,128       2,231,916  
General Mills      35,552       2,992,056  
Hershey      11,913       3,093,806  
Hormel Foods      78,011       2,983,921  
J M Smucker .      20,883       3,061,239  
Kellogg .      46,198       3,084,641  
Kimberly-Clark      21,961       2,948,923  
Kroger      64,872       2,940,648  
McCormick .      36,281       3,110,370  
Mondelez International, Cl A .      43,590       3,199,942  
PepsiCo      16,765       3,057,098  
Procter & Gamble .      19,920       2,838,600  
Target      19,108       2,501,810  
Walgreens Boots Alliance      87,062       2,644,073  
              58,826,080  
Energy — 3.5%                 
Chevron .      18,377       2,767,944  
ConocoPhillips .      30,400       3,018,720  

 

The accompanying notes are an integral part of the financial statements.
10

Schedule of Investments    May 31, 2023 (Unaudited) 
Global X Conscious Companies ETF

 


        
 
    Shares     Value  
COMMON STOCK — continued             
Energy — continued             
Devon Energy      57,961     $ 2,672,002  
EOG Resources      26,501       2,843,292  
Hess      21,611       2,737,465  
ONEOK .      46,884       2,656,448  
Phillips 66 .      31,043       2,843,849  
Valero Energy .      25,985       2,781,435  
              22,321,155  
Financials — 12.8%                 
Aflac      47,116       3,025,318  
Allstate      26,854       2,912,316  
American Express .      18,978       3,009,152  
Bank of America      104,072       2,892,161  
Bank of New York Mellon      70,564       2,836,673  
Block, Cl A *      48,965       2,956,996  
Capital One Financial      32,182       3,353,686  
Citigroup      63,403       2,810,021  
CME Group, Cl A .      16,380       2,927,925  
FactSet Research Systems .      7,460       2,871,279  
Hartford Financial Services Group .      44,701       3,062,913  
Jack Henry & Associates .      19,779       3,024,011  
JPMorgan Chase .      22,122       3,002,177  
Mastercard, Cl A .      8,219       3,000,099  
MetLife .      51,664       2,559,951  
Moody's .      10,238       3,244,217  
Morgan Stanley      34,114       2,789,161  
Nasdaq .      54,566       3,020,228  
Northern Trust .      36,438       2,620,621  
PayPal Holdings *      41,911       2,598,063  
PNC Financial Services Group      25,195       2,918,337  
Principal Financial Group      41,367       2,707,884  
Progressive      22,682       2,901,255  
Prudential Financial .      36,268       2,853,929  
S&P Global .      8,839       3,247,714  
T Rowe Price Group      27,132       2,907,465  
US Bancorp .      92,737       2,772,836  
Visa, Cl A .      13,283       2,935,942  
              81,762,330  

 

The accompanying notes are an integral part of the financial statements.
11

Schedule of Investments    May 31, 2023 (Unaudited) 
Global X Conscious Companies ETF

 


        
 
    Shares     Value  
COMMON STOCK — continued             
Health Care — 15.1%             
Abbott Laboratories .      27,770     $ 2,832,540  
AbbVie      19,137       2,640,141  
Agilent Technologies      22,448       2,596,560  
Amgen .      12,746       2,812,405  
Becton Dickinson      11,897       2,876,219  
Biogen *      10,707       3,173,662  
Boston Scientific *      60,825       3,131,271  
Bristol-Myers Squibb .      43,205       2,784,130  
Cigna Group      12,327       3,049,823  
CVS Health .      42,676       2,903,248  
Danaher      12,293       2,822,719  
Edwards Lifesciences *      35,918       3,025,373  
Elevance Health      6,898       3,089,062  
Eli Lilly      8,067       3,464,454  
Gilead Sciences      35,904       2,762,454  
Humana      6,243       3,133,174  
Intuitive Surgical *      10,353       3,187,068  
IQVIA Holdings *      15,364       3,025,325  
Johnson & Johnson .      18,558       2,877,603  
Laboratory Corp of America Holdings      13,343       2,835,788  
Merck .      26,949       2,975,439  
Mettler-Toledo International *      2,035       2,690,005  
Pfizer      77,304       2,939,098  
Quest Diagnostics .      21,722       2,881,423  
Regeneron Pharmaceuticals *      3,880       2,853,973  
ResMed      13,383       2,821,003  
Stryker .      10,238       2,821,388  
Thermo Fisher Scientific      5,385       2,738,057  
UnitedHealth Group      6,387       3,112,002  
Vertex Pharmaceuticals *      9,393       3,039,293  
Waters *      10,126       2,543,854  
West Pharmaceutical Services      8,495       2,842,682  
Zoetis, Cl A .      17,576       2,865,064  
              96,146,300  
Industrials — 8.8%                 
3M      29,751       2,776,066  
Automatic Data Processing      14,442       3,018,234  
Caterpillar .      14,109       2,902,927  
CH Robinson Worldwide      31,530       2,980,846  

 

The accompanying notes are an integral part of the financial statements.
12

Schedule of Investments    May 31, 2023 (Unaudited) 
Global X Conscious Companies ETF

 


        
 
    Shares     Value  
COMMON STOCK — continued             
Industrials — continued             
Cummins      13,350     $ 2,728,874  
Deere .      8,036       2,780,295  
Expeditors International of Washington .      27,946       3,082,723  
Honeywell International .      15,857       3,038,201  
Illinois Tool Works      13,162       2,878,924  
Leidos Holdings      33,879       2,644,595  
Paychex      28,385       2,978,438  
Paycom Software .      10,341       2,896,824  
Rockwell Automation      11,249       3,133,971  
Southwest Airlines .      96,680       2,887,832  
Union Pacific      15,385       2,961,920  
United Parcel Service, Cl B .      15,926       2,659,642  
Verisk Analytics, Cl A .      15,799       3,461,719  
Waste Management .      18,820       3,047,334  
WW Grainger .      4,641       3,012,102  
              55,871,467  
Information Technology — 28.2%                 
Adobe *      8,229       3,437,994  
Advanced Micro Devices *      35,155       4,155,673  
Akamai Technologies *      38,406       3,537,961  
Analog Devices      16,679       2,963,691  
Apple .      236,732       41,960,747  
Applied Materials .      27,654       3,686,278  
Arista Networks *      19,947       3,317,984  
Autodesk *      16,020       3,194,228  
Cadence Design Systems *      14,592       3,369,439  
CDW      19,056       3,271,725  
Cisco Systems      65,432       3,250,007  
Cognizant Technology Solutions, Cl A      52,257       3,265,540  
Dell Technologies, Cl C      72,112       3,231,339  
F5 *
    23,193       3,422,823  
HP      105,448       3,064,319  
HubSpot *      7,337       3,800,493  
Intuit .      6,965       2,919,171  
Keysight Technologies *      20,948       3,389,386  
Lam Research      6,009       3,705,750  
Microsoft      115,505       37,930,687  
Motorola Solutions      10,618       2,993,427  
NVIDIA .      21,963       8,309,481  

 

The accompanying notes are an integral part of the financial statements.
13

Schedule of Investments    May 31, 2023 (Unaudited) 
Global X Conscious Companies ETF

 


        
 
    Shares     Value  
COMMON STOCK — continued             
Information Technology — continued             
ON Semiconductor *      42,149     $ 3,523,656  
Oracle .      32,672       3,461,272  
Salesforce *      15,621       3,489,419  
ServiceNow *      6,568       3,578,115  
Synopsys *      8,238       3,747,960  
Texas Instruments .      17,658       3,070,373  
Trimble *      65,502       3,056,978  
Workday, Cl A *      16,272       3,449,501  
              179,555,417  
Materials — 1.3%                 
Avery Dennison .      17,455       2,812,524  
Ecolab      18,769       3,097,824  
Steel Dynamics      28,247       2,595,899  
              8,506,247  
Real Estate — 2.5%                 
American Tower ‡      15,229       2,808,837  
CBRE Group, Cl A *      43,263       3,241,264  
Equinix ‡      4,344       3,238,669  
Jones Lang LaSalle *      23,412       3,285,640  
ProLogis ‡      24,730       3,080,121  
              15,654,531  
Utilities — 2.3%                 
American Water Works      20,831       3,009,038  
Duke Energy      30,830       2,752,811  
Exelon      71,929       2,851,985  
NextEra Energy .      39,355       2,891,018  
WEC Energy Group .      32,027       2,797,558  
              14,302,410  
TOTAL UNITED STATES              632,486,644  
TOTAL COMMON STOCK                 
(Cost $628,960,787)              635,337,982  
TOTAL INVESTMENTS — 99.7%                 
(Cost $628,960,787)            $ 635,337,982  

Percentages are based on Net Assets of $637,026,217.

The accompanying notes are an integral part of the financial statements.
14

Schedule of Investments    May 31, 2023 (Unaudited) 
Global X Conscious Companies ETF

 

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

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

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.
15

Schedule of Investments    May 31, 2023 (Unaudited) 
Global X Founder-Run Companies ETF

 



        
 
    Shares     Value  
COMMON STOCK — 99.8%             
UNITED STATES — 99.8%             
Communication Services — 7.2%             
Meta Platforms, Cl A *      249     $ 65,915  
Nexstar Media Group, Cl A      344       51,917  
ROBLOX, Cl A *      1,679       70,283  
Roku, Cl A *      1,062       61,808  
Snap, Cl A *      6,860       69,972  
Trade Desk, Cl A *      929       65,104  
ZoomInfo Technologies, Cl A *      2,728       67,464  
              452,463  
Consumer Discretionary — 7.9%                 
Airbnb, Cl A *      499       54,775  
DoorDash, Cl A *      977       63,788  
Life Time Group Holdings *      2,875       54,654  
QuantumScape, Cl A *      8,535       55,392  
Rivian Automotive, Cl A *      4,661       68,657  
Skechers USA, Cl A *      1,123       57,688  
Tesla *      363       74,027  
Wayfair, Cl A *      1,715       69,149  
              498,130  

 

The accompanying notes are an integral part of the financial statements.
16

Schedule of Investments    May 31, 2023 (Unaudited) 
Global X Founder-Run Companies ETF

 


        
 
    Shares     Value  
COMMON STOCK — continued             
Consumer Staples — 0.9%             
National Beverage *      1,203     $ 59,452  
Energy — 3.4%                 
Antero Resources *      2,599       53,046  
Matador Resources      1,218       53,555  
New Fortress Energy, Cl A      1,973       51,831  
Pioneer Natural Resources      275       54,846  
              213,278  
Financials — 18.1%                 
Apollo Global Management      942       62,973  
Ares Management, Cl A      683       59,482  
BlackRock, Cl A .      89       58,522  
Blackstone, Cl A .      668       57,207  
Block, Cl A *      984       59,424  
Blue Owl Capital, Cl A      5,306       54,386  
Capital One Financial      613       63,881  
Coinbase Global, Cl A *      1,112       69,166  
Essent Group .      1,408       62,191  
Euronet Worldwide *      539       60,045  
FleetCor Technologies *      280       63,434  
Focus Financial Partners, Cl A *      1,151       59,956  
Intercontinental Exchange .      549       58,167  
Kinsale Capital Group .      184       55,748  
Pinnacle Financial Partners      1,102       53,612  
Robinhood Markets, Cl A *      6,754       60,246  
Ryan Specialty Holdings, Cl A *      1,462       59,635  
Shift4 Payments, Cl A *      882       55,319  
Starwood Property Trust ‡      3,340       58,617  
              1,132,011  
Health Care — 12.1%                 
Evolent Health, Cl A *      1,641       47,819  
Inspire Medical Systems *      225       65,810  
Ionis Pharmaceuticals *      1,689       69,080  
Jazz Pharmaceuticals *      425       54,468  
Masimo *      315       50,980  
Medpace Holdings *      299       61,884  
Neurocrine Biosciences *      591       52,912  
Penumbra *      213       65,463  

 

The accompanying notes are an integral part of the financial statements.
17

Schedule of Investments    May 31, 2023 (Unaudited) 
Global X Founder-Run Companies ETF

 


        
 
    Shares     Value  
COMMON STOCK — continued             
Health Care — continued             
Regeneron Pharmaceuticals *      75     $ 55,167  
Royalty Pharma, Cl A      1,712       56,051  
Ultragenyx Pharmaceutical *      1,368       67,525  
United Therapeutics *      262       54,952  
Veeva Systems, Cl A *      337       55,841  
              757,952  
Industrials — 3.6%                 
Axon Enterprise *      284       54,786  
Insperity .      487       53,921  
Paycom Software .      208       58,267  
SS&C Technologies Holdings      1,021       56,114  
              223,088  
Information Technology — 32.8%                 
Akamai Technologies *      734       67,616  
AppLovin, Cl A *      3,516       87,935  
Atlassian, Cl A *      405       73,220  
BILL Holdings *      779       80,689  
Cloudflare, Cl A *      1,270       87,833  
Crowdstrike Holdings, Cl A *      498       79,745  
Datadog, Cl A *      891       84,565  
Dell Technologies, Cl C      1,374       61,569  
Dropbox, Cl A *      2,937       67,610  
EPAM Systems *      214       54,917  
Fortinet *      948       64,777  
Monolithic Power Systems .      130       63,688  
NVIDIA .      215       81,343  
Okta, Cl A *      872       79,265  
Palantir Technologies, Cl A *      7,712       113,443  
Pegasystems .      1,311       63,400  
Procore Technologies *      1,119       67,666  
RingCentral, Cl A *      2,168       75,230  
Salesforce *      301       67,237  
SentinelOne, Cl A *      3,719       79,512  
Synopsys *      162       73,704  
Twilio, Cl A *      1,137       79,158  
Ubiquiti      260       42,419  
UiPath, Cl A *      4,244       75,925  
VeriSign *      269       60,073  

 

The accompanying notes are an integral part of the financial statements.
18

Schedule of Investments    May 31, 2023 (Unaudited) 
Global X Founder-Run Companies ETF

 


        
 
    Shares     Value  
COMMON STOCK — continued             
Information Technology — continued             
Workday, Cl A *      321     $ 68,049  
Zoom Video Communications, Cl A *      973       65,317  
Zscaler *      663       89,823  
              2,055,728  
Materials — 2.6%                 
MP Materials *      2,759       57,166  
Steel Dynamics      575       52,843  
Westlake      525       54,574  
              164,583  
Real Estate — 11.2%                 
American Homes 4 Rent, Cl A ‡      1,797       61,601  
Apartment Income REIT ‡      1,615       56,024  
Camden Property Trust ‡      543       56,727  
CoStar Group *      777       61,694  
Invitation Homes ‡      1,818       61,594  
Medical Properties Trust ‡      6,813       56,207  
Phillips Edison ‡      1,894       54,945  
ProLogis ‡      481       59,909  
Rexford Industrial Realty ‡      1,071       58,305  
Terreno Realty ‡      970       59,490  
Vornado Realty Trust ‡      3,982       53,996  
Zillow Group, Cl C *      1,373       62,623  
              703,115  
TOTAL UNITED STATES              6,259,800  
TOTAL COMMON STOCK                 
(Cost $8,139,625)              6,259,800  
TOTAL INVESTMENTS — 99.8%                 
(Cost $8,139,625)            $ 6,259,800  

Percentages are based on Net Assets of $6,271,980.

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

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

The accompanying notes are an integral part of the financial statements.
19

Schedule of Investments    May 31, 2023 (Unaudited) 
Global X Founder-Run Companies ETF

See “Glossary” for abbreviations.







The accompanying notes are an integral part of the financial statements.
20

Schedule of Investments    May 31, 2023 (Unaudited) 
Global X U.S. Preferred ETF

 



        
 
    Shares     Value  
PREFERRED STOCK — 99.4%             
BERMUDA— 0.8%             
Financials — 0.7%             
Aspen Insurance Holdings, 5.625%      211,412     $ 3,868,840  
RenaissanceRe Holdings, 5.750% .      194,351       4,497,282  
RenaissanceRe Holdings, 4.200% .      415,774       7,413,250  
              15,779,372  
Industrials — 0.1%                 
Triton International, 5.750% .      146,150       2,705,237  
TOTAL BERMUDA              18,484,609  
CANADA— 0.7%                 
Utilities — 0.7%                 
Algonquin Power & Utilities, 6.200%, ICE                 
LIBOR USD 3 Month + 4.010% (A)      291,468       7,018,549  
BIP Bermuda Holdings I, 5.125% .      252,428       4,331,665  
Brookfield BRP Holdings Canada, 4.625%      292,828       4,729,172  
TOTAL CANADA              16,079,386  
NETHERLANDS— 0.8%                 
Financials — 0.8%                 
AEGON Funding, 5.100%      770,405       16,255,545  
TOTAL NETHERLANDS              16,255,545  
UNITED STATES— 97.1%                 
Communication Services — 6.7%                 
AT&T, 5.625%      677,962       17,077,863  

 

The accompanying notes are an integral part of the financial statements.
21

Schedule of Investments    May 31, 2023 (Unaudited) 
Global X U.S. Preferred ETF

 


        
 
    Shares     Value  
PREFERRED STOCK — continued             
Communication Services — continued             
AT&T, 5.350%      1,099,416     $ 26,243,060  
AT&T, 5.000%      998,160       22,149,170  
AT&T, 4.750%      1,454,227       30,742,359  
Paramount Global, 5.750% *      208,608       4,877,255  
Qwest, 6.750%      547,684       7,809,974  
Qwest, 6.500%      806,600       10,727,780  
Telephone and Data Systems, 6.625% .      349,778       4,631,061  
Telephone and Data Systems, 6.000% .      572,776       6,512,463  
United States Cellular, 6.250%      415,117       6,770,558  
United States Cellular, 5.500%      415,930       5,947,799  
United States Cellular, 5.500%      416,018       5,998,979  
              149,488,321  
Consumer Discretionary — 2.8%                 
Brunswick, 6.375%      191,662       4,841,382  
Ford Motor, 6.500% .      500,576       12,103,928  
Ford Motor, 6.200% .      624,808       15,495,238  
Ford Motor, 6.000% (B)      666,401       15,893,664  
Qurate Retail, 8.000% (B)      263,323       8,576,430  
QVC, 6.375% .