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


Semi-Annual Report
May 31, 2022

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 Alternative Income ETF
1
Global X S&P 500® Quality Dividend ETF
4
Global X U.S. Preferred ETF
8
Global X Variable Rate Preferred ETF
21
Global X MLP ETF
28
Global X MLP & Energy Infrastructure ETF
30
Global X Conscious Companies ETF
33
Global X Adaptive U.S. Factor ETF
41
Global X Adaptive U.S. Risk Management ETF
48
Global X Founder-Run Companies ETF
66
Statements of Assets and Liabilities
71
Statements of Operations
74
Statements of Changes in Net Assets
77
Financial Highlights
83
Notes to Financial Statements
91
Disclosure of Fund Expenses
112
Liquidity Risk Management Program
114
Supplemental Information
115





Shares are bought and sold at market price (not net asset value) and are not individually redeemed from the Fund. Shares may only be redeemed directly from the 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 report 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, 2022 (Unaudited)
 
Global X Alternative Income ETF
 



   
Shares
   
Value
 
COMMON STOCK — 10.9%
           
Utilities — 10.9%
           
Consolidated Edison
   
5,280
   
$
524,093
 
Dominion Energy
   
5,884
     
495,550
 
Duke Energy
   
4,409
     
496,101
 
Edison International
   
7,011
     
490,139
 
Entergy
   
4,212
     
506,788
 
OGE Energy
   
12,057
     
497,954
 
PPL
   
17,215
     
519,549
 
Southern
   
6,788
     
513,580
 
                 
                 
TOTAL COMMON STOCK
               
(Cost $3,331,210)
           
4,043,754
 
                 
EXCHANGE TRADED FUNDS — 79.4%
               
Global X Emerging Markets Bond ETF (A)
   
331,332
     
7,489,760
 
Global X Nasdaq 100 Covered Call ETF (A) (B)
   
379,159
     
6,836,237
 
Global X SuperDividend® REIT ETF (A) (B)
   
865,048
     
7,499,966
 
Global X U.S. Preferred ETF (A)
   
338,320
     
7,527,620
 
TOTAL EXCHANGE TRADED FUNDS
               
(Cost $35,024,097)
           
29,353,583
 



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

Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X Alternative Income ETF
 


   
Shares/Face Amount
   
Value
 
MASTER LIMITED PARTNERSHIPS — 9.6%
               
Energy — 6.9%
               
Enterprise Products Partners
   
19,048
   
$
522,296
 
Holly Energy Partners
   
27,795
     
528,105
 
Magellan Midstream Partners
   
10,018
     
517,931
 
MPLX
   
14,818
     
488,253
 
Sunoco
   
12,181
   
502,344
 
           
2,558,929
 
Industrials — 1.3%
               
Icahn Enterprises
   
9,463
     
485,925
 
Utilities — 1.4%
               
Suburban Propane Partners
   
30,539
     
520,690
 
TOTAL MASTER LIMITED PARTNERSHIPS
               
(Cost $2,241,495)
           
3,565,544
 
                 
SHORT-TERM INVESTMENT(C)(D) — 7.7%
               
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.600%
               
(Cost $2,839,036) 
   
2,839,036
     
2,839,036
 
                 
REPURCHASE AGREEMENT(C) — 7.1%
               
BNP Paribas
               
0.740%, dated 05/31/2022, to be repurchased on 06/01/2022, repurchase price $2,637,309 (collateralized by various  U.S. Treasury Obligations, ranging in par value $46,200 - $310,763, 0.250% - 2.750%, 09/30/2025 - 02/15/2028, with a total market value of $2,670,325)
               
(Cost $2,637,254) 
 
$
2,637,254
     
2,637,254
 
TOTAL INVESTMENTS — 114.7%
               
(Cost $46,073,092)
         
$
42,439,171
 

Percentages are based on Net Assets of $36,993,880.



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


Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X Alternative Income ETF
 

(A)
Affiliated investment.
(B)
This security or a partial position of this security is on loan at May 31, 2022. The total value of securities on loan at May 31, 2022 was $5,337,063.
(C)
Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2022 was $5,476,290.
(D)
The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2022.

Cl — Class
ETF — Exchange Traded Fund
REIT — Real Estate Investment Trust

The following is a summary of the level of inputs used as of May 31, 2022, in valuing the Fund’s investments carried at value:
Investments in Securities
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stock
 
$
4,043,754
   
$
   
$
   
$
4,043,754
 
Exchange Traded Funds
   
29,353,583
     
     
     
29,353,583
 
Master Limited Partnerships
   
3,565,544
     
     
     
3,565,544
 
Short-Term Investment
   
2,839,036
     
     
     
2,839,036
 
Repurchase Agreement
   
     
2,637,254
     
     
2,637,254
 
Total Investments in Securities
 
$
39,801,917
   
$
2,637,254
   
$
   
$
42,439,171
 

The following is a summary of the Fund’s transactions with affiliates for the period ended May 31, 2022:
   
Value at
11/30/2021
 
Purchases at
Cost
 
Proceeds from
Sales
 
Changes in Unrealized (Depreciation)
 
Realized
Gain (Loss)
 
Value at
5/31/2022
 
Shares
 
Dividend
Income
 
Capital Gains
Global X Emerging Markets Bond ETF
 
$
7,042,394
 
$
1,884,121
 
(465,778
)
(954,347
)
(16,630
)
$
7,489,760
   
331,332
 
$
206,192
 
$
3,307
Global X Nasdaq 100 Covered Call ETF
 
$
7,381,232
 
$
1,533,650
 
(484,074
)
(1,597,828
)
$
3,257
 
$
6,836,237
   
379,159
 
$
524,837
   
Global X SuperDividend® REIT ETF
 
$
6,944,625
 
$
1,424,929
 
(484,364
)
(426,257
)
$
41,033
 
$
7,499,966
   
865,048
 
$
242,362
   
Global X U.S. Preferred ETF
 
$
7,090,553
 
$
1,822,670
 
(466,796
)
(904,652
)
(14,155
)
$
7,527,620
   
338,320
 
$
199,169
   
Totals:
 
$
28,458,804
 
$
6,665,370
 
(1,901,012
)
(3,883,084
)
$
13,505
 
$
29,353,583
       
$
1,172,560
 
$
3,307



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

Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X S&P 500® Quality Dividend ETF
 


   
Shares
   
Value
 
COMMON STOCK — 99.7%
           
Communication Services — 2.6%
           
Interpublic Group
   
22,131
   
$
713,282
 
Omnicom Group
   
11,735
     
875,548
 
             
1,588,830
 
                 
                 
Consumer Discretionary — 8.1%
               
Best Buy
   
7,904
     
648,602
 
Garmin
   
6,030
     
636,889
 
Genuine Parts
   
6,094
     
833,233
 
Newell Brands
   
36,730
     
787,491
 
Ralph Lauren, Cl A
   
6,739
     
681,246
 
Tapestry
   
18,975
     
654,637
 
Whirlpool
   
3,585
     
660,500
 
             
4,902,598
 
                 
                 
Consumer Staples — 11.7%
               
Coca-Cola
   
14,792
     
937,517
 
Hershey
   
4,414
     
934,488
 


The accompanying notes are an integral part of the financial statements.
4


Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X S&P 500® Quality Dividend ETF
 


   
Shares
   
Value
 
COMMON STOCK — continued
           
Consumer Staples — continued
           
J M Smucker
   
6,217
   
$
779,425
 
Kraft Heinz
   
24,372
     
921,993
 
Molson Coors Beverage, Cl B
   
17,763
     
991,886
 
Mondelez International, Cl A
   
13,378
     
850,306
 
Procter & Gamble
   
5,352
     
791,454
 
Tyson Foods, Cl A
   
9,896
     
886,780
 
             
7,093,849
 
                 
                 
Energy — 16.5%
               
Baker Hughes, Cl A
   
32,669
     
1,175,430
 
Chevron
   
7,006
     
1,223,668
 
ConocoPhillips
   
11,313
     
1,271,129
 
Coterra Energy
   
39,778
     
1,365,579
 
Diamondback Energy
   
7,484
     
1,137,718
 
EOG Resources
   
9,276
     
1,270,441
 
Exxon Mobil
   
13,188
     
1,266,048
 
Marathon Petroleum
   
12,904
     
1,313,498
 
             
10,023,511
 
                 
                 
Financials — 22.0%
               
Bank of America
   
18,411
     
684,889
 
Cincinnati Financial
   
7,100
     
907,806
 
Citizens Financial Group
   
17,288
     
715,377
 
Comerica
   
9,705
     
807,553
 
Discover Financial Services
   
7,019
     
796,586
 
Franklin Resources
   
24,088
     
652,303
 
Huntington Bancshares
   
53,700
     
745,356
 
Invesco
   
35,433
     
685,274
 
JPMorgan Chase
   
5,163
     
682,704
 
M&T Bank
   
5,474
     
985,156
 
Northern Trust
   
6,933
     
774,763
 
PNC Financial Services Group
   
4,094
     
718,129
 
Regions Financial
   
36,901
     
815,143
 
Synchrony Financial
   
17,111
     
633,791
 


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

Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X S&P 500® Quality Dividend ETF
 


   
Shares
   
Value
 
COMMON STOCK — continued
           
Financials — continued
           
T Rowe Price Group
   
4,221
   
$
536,447
 
Truist Financial
   
13,823
     
687,556
 
US Bancorp
   
14,199
     
753,541
 
Zions Bancorp
   
12,964
     
739,467
 
             
13,321,841
 
                 
                 
Health Care — 4.7%
               
Cardinal Health
   
17,159
     
966,395
 
Cigna
   
3,867
     
1,037,478
 
Pfizer
   
15,530
     
823,711
 
             
2,827,584
 
                 
                 
Industrials — 15.8%
               
3M
   
4,647
     
693,751
 
CH Robinson Worldwide
   
7,863
     
853,214
 
Cummins
   
3,768
     
787,964
 
Eaton PLC
   
4,827
     
669,022
 
Fastenal
   
12,782
     
684,604
 
General Dynamics
   
4,024
     
905,038
 
Honeywell International
   
3,926
     
760,152
 
Illinois Tool Works
   
3,405
     
708,478
 
L3Harris Technologies
   
3,813
     
918,552
 
Lockheed Martin
   
2,386
     
1,050,102
 
Snap-On
   
3,770
     
836,488
 
United Parcel Service, Cl B
   
3,935
     
717,154
 
             
9,584,519
 
                 
                 
Information Technology — 4.8%
               
Cisco Systems
   
13,842
     
623,582
 
Intel
   
16,375
     
727,377
 
Paychex
   
6,620
     
819,755
 
Texas Instruments
   
4,216
     
745,220
 
             
2,915,934
 
                 
                 
Materials — 8.1%
               
Dow
   
14,991
     
1,019,088
 


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


Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X S&P 500® Quality Dividend ETF
 


   
Shares
   
Value
 
COMMON STOCK — continued
           
Materials — continued
           
International Paper
   
17,865
   
$
865,559
 
LyondellBasell Industries, Cl A
   
9,140
     
1,044,245
 
Newmont
   
14,808
     
1,004,723
 
Packaging Corp of America
   
6,427
     
1,010,839
 
             
4,944,454
 
                 
                 
Real Estate — 3.8%
               
Equity Residential
   
9,547
     
733,496
 
Public Storage
   
2,374
     
784,939
 
Regency Centers
   
11,176
     
762,315
 
             
2,280,750
 
                 
                 
Utilities — 1.6%
               
NRG Energy
   
21,099
     
971,398
 
                 
                 
TOTAL COMMON STOCK
               
(Cost $60,210,297)
           
60,455,268
 
TOTAL INVESTMENTS — 99.7%
               
(Cost $60,210,297)
         
$
60,455,268
 

Percentages are based on Net Assets of $60,653,538.
Real Estate Investment Trust

Cl — Class
PLC — Public Limited Company
As of May 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.


The accompanying notes are an integral part of the financial statements.
7

Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X U.S. Preferred ETF
 


   
Shares
   
Value
 
PREFERRED STOCK — 99.7%
           
BERMUDA— 1.4%
           
Financials — 1.2%
           
Aspen Insurance Holdings, 5.950%, ICE LIBOR USD 3 Month + 4.060% (A)
   
153,923
   
$
3,846,536
 
Aspen Insurance Holdings, 5.625%
   
156,311
     
3,837,435
 
Aspen Insurance Holdings, 5.625%
   
156,593
     
3,772,325
 
PartnerRe, 4.875% (B)
   
112,961
     
2,484,012
 
RenaissanceRe Holdings, 5.750%
   
147,027
     
3,588,929
 
RenaissanceRe Holdings, 4.200%
   
281,074
     
5,247,652
 
SiriusPoint, 8.000%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 7.298% (A)
   
120,996
     
3,176,145
 
             
25,953,034
 
Industrials — 0.2%
               
Triton International, 6.875%
   
98,149
     
2,551,874
 


The accompanying notes are an integral part of the financial statements.
8

Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X U.S. Preferred ETF
 


   
Shares
   
Value
 
PREFERRED STOCK — continued
               
Industrials — continued
               
Triton International, 5.750%
   
93,511
   
$
2,166,650
 
             
4,718,524
 
TOTAL BERMUDA
           
30,671,558
 
CANADA— 1.3%
               
Financials — 0.3%
               
Brookfield Finance, 4.625%
   
237,628
     
4,619,488
 
Brookfield Finance I UK, 4.500%
   
126,665
     
2,442,101
 
             
7,061,589
 
Utilities — 1.0%
               
Algonquin Power & Utilities, 6.875%, ICE LIBOR USD 3 Month + 3.677% (A)
   
177,193
     
4,592,843
 
Algonquin Power & Utilities, 6.200%, ICE LIBOR USD 3 Month + 4.010% (A)
   
194,644
     
5,010,137
 
Brookfield BRP Holdings Canada, 4.875%
   
164,497
     
3,350,804
 
Brookfield BRP Holdings Canada, 4.625%
   
208,643
     
3,974,649
 
Brookfield Infrastructure Finance ULC, 5.000%
   
150,645
     
3,085,210
 
Brookfield Infrastructure Partners, 5.000%
   
112,874
     
2,201,043
 
             
22,214,686
 
TOTAL CANADA
           
29,276,275
 
NETHERLANDS— 0.6%
               
Financials — 0.6%
               
Aegon, 5.100%
   
546,924
     
12,639,414
 
TOTAL NETHERLANDS
           
12,639,414
 
UNITED STATES— 96.4%
               
Communication Services — 6.1%
               
AT&T, 5.625%
   
467,655
     
11,995,351
 
AT&T, 5.350%
   
765,055
     
19,202,880
 
AT&T, 5.000%
   
686,646
     
14,893,352
 
AT&T, 4.750%
   
1,025,138
     
20,953,821
 
Paramount Global, 5.750%
   
147,270
     
7,487,207
 


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

Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X U.S. Preferred ETF
 


   
Shares
   
Value
 
PREFERRED STOCK — continued
               
Communication Services — continued
               
Qwest, 6.750%
   
388,231
   
$
9,496,130
 
Qwest, 6.500%
   
554,661
     
13,444,983
 
Telephone and Data Systems, 6.625%
   
244,582
     
5,808,823
 
Telephone and Data Systems, 6.000%
   
391,576
     
8,277,917
 
United States Cellular, 6.250%
   
291,143
     
6,623,503
 
United States Cellular, 5.500%
   
291,138
     
6,041,114
 
United States Cellular, 5.500%
   
295,344
     
6,128,388
 
             
130,353,469
 
Consumer Discretionary — 3.3%
               
Aptiv, 5.500%
   
168,493
     
20,775,187
 
Brunswick, 6.375%
   
128,788
     
3,375,533
 
Ford Motor, 6.200%
   
424,561
     
10,877,253
 
Ford Motor, 6.000%
   
473,653
     
11,898,163
 
Qurate Retail, 8.000%
   
182,457
     
12,370,585
 
QVC, 6.375%
   
124,153
     
2,913,871
 
QVC, 6.250%
   
291,283
     
6,501,437
 
             
68,712,029
 
Energy — 1.4%
               
DCP Midstream, 7.950%, ICE LIBOR USD 3 Month + 4.882% (A)
   
69,557
     
1,725,709
 
DCP Midstream, 7.875%, ICE LIBOR USD 3 Month + 4.919% (A)
   
91,769
     
2,240,999
 
Energy Transfer, 7.625%, ICE LIBOR USD 3 Month + 4.738% (A)
   
259,098
     
6,091,394
 
Energy Transfer, 7.600%, ICE LIBOR USD 3 Month + 5.161% (A)
   
452,860
     
11,009,027
 
NuStar Energy, 7.651%, ICE LIBOR USD 3 Month + 6.766% (A)
   
122,787
     
2,910,052
 
NuStar Logistics, 7.778%, ICE LIBOR USD 3 Month + 6.734% (A)
   
234,370
     
5,892,062
 
             
29,869,243
 
Financials — 62.1%
               
Affiliated Managers Group, 5.875% (B)
   
167,428
     
4,227,557
 


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

Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X U.S. Preferred ETF
 


   
Shares
   
Value
 
PREFERRED STOCK — continued
               
Financials — continued
               
Affiliated Managers Group, 4.750%
   
160,654
   
$
3,389,799
 
Affiliated Managers Group, 4.200%
   
107,500
     
2,033,900
 
Allstate, 5.625%
   
338,881
     
8,709,242
 
Allstate, 5.100% (B)
   
675,169
     
16,318,835
 
Allstate, 4.750% (B)
   
179,398
     
4,355,783
 
American Equity Investment Life Holding, 6.625%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 6.297% (A)
   
174,511
     
4,483,188
 
American Equity Investment Life Holding, 5.950%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.322% (A)
   
232,949
     
5,781,794
 
American Financial Group, 5.875% (B)
   
83,473
     
2,158,612
 
American Financial Group, 5.125%
   
127,937
     
2,996,285
 
American International Group, 5.850%
   
295,244
     
7,578,913
 
Apollo Asset Management, 6.375%
   
179,476
     
4,610,738
 
Apollo Asset Management, 6.375%
   
154,061
     
3,811,469
 
Arch Capital Group, 5.450%
   
183,982
     
4,367,733
 
Arch Capital Group, 4.550%
   
295,473
     
5,862,184
 
Argo Group International Holdings, 7.000%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 6.712% (A)
   
76,175
     
1,920,372
 
Athene Holding, 6.375%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 5.970% (A)
   
353,201
     
9,147,906
 
Athene Holding, 6.350%, ICE LIBOR USD 3 Month + 4.253% (A)
   
489,043
     
12,808,036
 
Athene Holding, 5.625% (B)
   
192,260
     
4,610,395
 
Athene Holding, 4.875%
   
339,024
     
7,034,748
 
Axis Capital Holdings, 5.500%
   
324,609
     
7,618,573
 
Bank of America, 7.250%
   
44,714
     
56,329,803
 
Bank of America, 6.450%, ICE LIBOR USD 3 Month + 1.327% (A)
   
596,731
     
15,216,640
 
Bank of America, 6.000%
   
780,661
     
20,078,601
 
Bank of America, 5.875%
   
484,037
     
12,178,371
 


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

Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X U.S. Preferred ETF
 


   
Shares
   
Value
 
PREFERRED STOCK — continued
               
Financials — continued
               
Bank of America, 5.375% (B)
   
819,519
   
$
19,119,378
 
Bank of America, 5.000%
   
769,400
     
17,234,560
 
Bank of America, 4.375%
   
649,948
     
12,914,467
 
Bank of America, 4.250%
   
755,798
     
14,927,011
 
Bank of America, 4.125%
   
536,485
     
10,434,633
 
Bank of America, 4.000%, ICE LIBOR USD 3 Month + 0.500% (A) (B)
   
245,561
     
4,965,243
 
Bank of America, 4.000%, ICE LIBOR USD 3 Month + 0.350% (A) (B)
   
190,002
     
3,900,741
 
Bank of Hawaii, 4.375%
   
109,960
     
2,169,511
 
Bank OZK, 4.625%
   
216,345
     
4,346,371
 
Brighthouse Financial, 6.750% (B)
   
234,392
     
5,976,996
 
Brighthouse Financial, 6.600%
   
247,237
     
6,304,544
 
Brighthouse Financial, 6.250%
   
208,990
     
5,291,627
 
Brighthouse Financial, 5.375%
   
326,951
     
7,330,241
 
Brighthouse Financial, 4.625%
   
217,297
     
4,130,816
 
Capital One Financial, 5.000% (B)
   
880,161
     
19,002,676
 
Capital One Financial, 4.800%
   
715,442
     
14,623,634
 
Capital One Financial, 4.625%
   
59,769
     
1,194,185
 
Capital One Financial, 4.375%
   
397,306
     
7,409,757
 
Capital One Financial, 4.250%
   
237,739
     
4,445,719
 
Carlyle Finance, 4.625%
   
295,615
     
5,915,256
 
Charles Schwab, 5.950%
   
424,466
     
10,755,968
 
Charles Schwab, 4.450%
   
353,651
     
7,493,865
 
Citigroup, Ser J, 7.125%, ICE LIBOR USD 3 Month + 4.040% (A)
   
539,386
     
14,169,670
 
Citigroup, 6.875%, ICE LIBOR USD 3 Month + 4.130% (A)
   
863,113
     
22,371,889
 
Citigroup Capital XIII, 7.609%, ICE LIBOR USD 3 Month + 6.370% (A)
   
1,291,748
     
35,070,958
 
Citizens Financial Group, 6.350%, ICE LIBOR USD 3 Month + 3.642% (A)
   
167,345
     
4,284,032
 
Citizens Financial Group, 5.000%
   
273,133
     
6,069,015
 


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

Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X U.S. Preferred ETF
 


   
Shares
   
Value
 
PREFERRED STOCK — continued
               
Financials — continued
               
Enstar Group, 7.000%, ICE LIBOR USD 3 Month + 4.015% (A)
   
232,960
   
$
5,889,229
 
Equitable Holdings, 5.250%
   
469,551
     
10,616,548
 
Equitable Holdings, 4.300%
   
167,841
     
3,232,618
 
Fifth Third Bancorp, 6.625%, ICE LIBOR USD 3 Month + 3.710% (A)
   
262,002
     
6,864,452
 
Fifth Third Bancorp, 4.950% (B)
   
146,940
     
3,417,824
 
First Citizens BancShares, 5.625% (B)
   
108,164
     
2,594,854
 
First Citizens BancShares, 5.375%
   
211,597
     
4,940,790
 
First Horizon, 4.700%
   
92,450
     
2,020,957
 
First Republic Bank, 5.500% (B)
   
166,106
     
4,081,224
 
First Republic Bank, 4.700% (B)
   
229,992
     
4,760,834
 
First Republic Bank, 4.500%
   
416,861
     
8,253,848
 
First Republic Bank, 4.250%
   
439,133
     
8,334,744
 
First Republic Bank, 4.125% (B)
   
291,127
     
5,318,890
 
First Republic Bank, 4.000%
   
425,579
     
7,749,794
 
Globe Life, 4.250%
   
194,056
     
3,836,487
 
Goldman Sachs Group, 6.375%, ICE LIBOR USD 3 Month + 3.550% (A)
   
411,166
     
10,677,981
 
Goldman Sachs Group, 4.000%, ICE LIBOR USD 3 Month + 0.670% (A)
   
772,967
     
14,755,940
 
Goldman Sachs Group, 3.750%, ICE LIBOR USD 3 Month + 0.750% (A)
   
431,140
     
8,299,445
 
Hancock Whitney, 6.250%
   
92,759
     
2,403,386
 
Hartford Financial Services Group, 6.000%
   
192,067
     
5,026,393
 
Huntington Bancshares, 4.500%
   
291,129
     
5,947,765
 
JPMorgan Chase, 6.000% (B)
   
1,062,850
     
27,655,357
 
JPMorgan Chase, 5.750%
   
978,472
     
24,853,189
 
JPMorgan Chase, 4.750%
   
533,235
     
11,667,182
 
JPMorgan Chase, 4.625%
   
1,062,545
     
22,324,070
 
JPMorgan Chase, 4.550%
   
880,589
     
18,236,998
 
JPMorgan Chase, 4.200%
   
1,149,160
     
22,879,776
 
KeyCorp, 6.125%, ICE LIBOR USD 3 Month + 3.892% (A)
   
294,728
     
7,692,401
 


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

Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X U.S. Preferred ETF
 


   
Shares
   
Value
 
PREFERRED STOCK — continued
               
Financials — continued
               
KeyCorp, 5.650%
   
247,235
   
$
6,141,317
 
KeyCorp, 5.625% (B)
   
261,997
     
6,652,104
 
KKR, 6.000%
   
330,436
     
22,813,301
 
KKR Group Finance IX, 4.625% (B)
   
295,528
     
6,123,340
 
MetLife, 5.625%
   
456,151
     
11,732,204
 
MetLife, 4.750% (B)
   
571,042
     
13,333,831
 
MetLife, 4.000%, ICE LIBOR USD 3 Month + 1.000% (A) (B)
   
353,839
     
7,763,228
 
Morgan Stanley, Ser E, 7.125%, ICE LIBOR USD 3 Month + 4.320% (A)
   
489,233
     
13,028,275
 
Morgan Stanley, Ser F, 6.875%, ICE LIBOR USD 3 Month + 3.940% (A)
   
482,041
     
12,706,601
 
Morgan Stanley, 6.375%, ICE LIBOR USD 3 Month + 3.708% (A)
   
571,474
     
14,921,186
 
Morgan Stanley, 5.850%, ICE LIBOR USD 3 Month + 3.491% (A)
   
571,715
     
14,750,247
 
Morgan Stanley, 4.875%
   
291,139
     
6,530,248
 
Morgan Stanley, 4.250%
   
755,762
     
14,782,705
 
Morgan Stanley, 4.000%, ICE LIBOR USD 3 Month + 0.700% (A) (B)
   
628,241
     
12,960,612
 
Navient, 6.000%
   
168,007
     
3,981,766
 
New York Community Bancorp, 6.375%, ICE LIBOR USD 3 Month + 3.821% (A)
   
303,838
     
7,957,517
 
New York Community Capital Trust V, 6.000%
   
36,514
     
1,776,041
 
Northern Trust, 4.700% (B)
   
232,948
     
5,341,498
 
Oaktree Capital Group, 6.625%
   
96,433
     
2,415,647
 
Oaktree Capital Group, 6.550%
   
147,224
     
3,736,545
 
Prospect Capital, 5.350%
   
77,377
     
1,557,599
 
Prudential Financial, 5.625%
   
332,993
     
8,591,219
 
Prudential Financial, 4.125% (B)
   
291,134
     
6,227,356
 
Regions Financial, Ser B, 6.375%, ICE LIBOR USD 3 Month + 3.536% (A)
   
295,067
     
7,636,334
 


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

Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X U.S. Preferred ETF
 


   
Shares
   
Value
 
PREFERRED STOCK — continued
               
Financials — continued
               
Regions Financial, 5.700%, ICE LIBOR USD 3 Month + 3.148% (A)
   
295,084
   
$
7,149,885
 
Regions Financial, 4.450%
   
237,663
     
4,558,376
 
Reinsurance Group of America, 5.750%, ICE LIBOR USD 3 Month + 4.040% (A)
   
232,956
     
6,070,833
 
Signature Bank NY, 5.000%
   
428,821
     
8,910,900
 
Silvergate Capital, 5.375%
   
107,593
     
2,091,608
 
State Street, 5.900%, ICE LIBOR USD 3 Month + 3.108% (A)
   
445,203
     
11,032,130
 
State Street, 5.350%, ICE LIBOR USD 3 Month + 3.709% (A)
   
294,909
     
7,499,536
 
Stifel Financial, 6.125%
   
135,601
     
3,394,093
 
Stifel Financial, 4.500%
   
165,683
     
3,353,424
 
SVB Financial Group, 5.250%
   
202,121
     
4,782,183
 
Synchrony Financial, 5.625%
   
440,666
     
9,333,306
 
Synovus Financial, 5.875%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.127% (A)
   
202,023
     
5,147,546
 
Texas Capital Bancshares, 5.750%
   
167,442
     
3,849,492
 
Truist Financial, 5.250% (B)
   
338,634
     
7,876,627
 
Truist Financial, 4.750%
   
548,292
     
11,437,371
 
Unum Group, 6.250%
   
185,014
     
4,558,745
 
US Bancorp, 5.500%
   
338,815
     
8,555,079
 
US Bancorp, 4.000%
   
440,964
     
8,409,183
 
US Bancorp, 3.750%
   
277,397
     
5,051,399
 
US Bancorp, 3.500%, ICE LIBOR USD 3 Month + 0.600% (A) (B)
   
566,492
     
11,579,096
 
Voya Financial, 5.350%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.210% (A)
   
167,487
     
4,041,461
 
W R Berkley, 5.700%
   
99,503
     
2,517,426
 
W R Berkley, 5.100%
   
167,783
     
3,892,566
 
W R Berkley, 4.250%
   
150,427
     
2,987,480
 
Washington Federal, 4.875% (B)
   
167,582
     
3,567,821
 


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

Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X U.S. Preferred ETF
 


   
Shares
   
Value
 
PREFERRED STOCK — continued
               
Financials — continued
               
Wells Fargo, 7.500%
   
57,545
   
$
72,909,515
 
Wells Fargo, 6.625%, ICE LIBOR USD 3 Month + 3.690% (A)
   
476,316
     
12,303,242
 
Wells Fargo, 5.850%, ICE LIBOR USD 3 Month + 3.090% (A)
   
995,031
     
23,582,235
 
Wells Fargo, 5.625% (B)
   
405,924
     
9,932,960
 
Wells Fargo, 4.750%
   
1,161,612
     
24,080,217
 
Wells Fargo, 4.700%
   
669,044
     
13,675,259
 
Wells Fargo, 4.375%
   
599,414
     
11,412,843
 
Wells Fargo, 4.250%
   
715,070
     
13,321,754
 
Western Alliance Bancorp, 4.250%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.452% (A)
   
165,872
     
3,798,469
 
Wintrust Financial, 6.875%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 6.507% (A)
   
176,922
     
4,757,433
 
             
1,318,697,430
 
Health Care — 3.5%
               
Becton Dickinson, 6.000%
   
433,068
     
22,376,624
 
Boston Scientific, 5.500%
   
143,006
     
15,709,209
 
Danaher, 5.000% (B)
   
24,664
     
35,234,004
 
             
73,319,837
 
Industrials — 1.3%
               
Air Lease, 6.150%, ICE LIBOR USD 3 Month + 3.650% (A)
   
156,753
     
3,699,371
 
Fortress Transportation and Infrastructure Investors, 8.250%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 7.378% (A)
   
52,942
     
1,371,198
 
Pitney Bowes, 6.700%
   
247,223
     
5,369,684
 
RBC Bearings, 5.000%
   
64,565
     
6,295,088
 
WESCO International, 10.625%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 10.325% (A)
   
318,215
     
8,932,295
 
             
25,667,636
 


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

Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X U.S. Preferred ETF
 


   
Shares
   
Value
 
PREFERRED STOCK — continued
               
Information Technology — 0.6%
               
II-VI, 6.000%
   
34,344
   
$
8,919,824
 
Sabre, 6.500%
   
46,535
     
4,645,589
 
             
13,565,413
 
Real Estate — 5.8%
               
Agree Realty, 4.250%
   
92,426
     
1,712,654
 
Braemar Hotels & Resorts, 5.500%
   
54,690
     
1,024,070
 
Brookfield Property Partners, 5.750%
   
181,047
     
3,548,521
 
Brookfield Property Preferred, 6.250%
   
380,555
     
8,079,183
 
Digital Realty Trust, 5.850% ‡ (B)
   
127,043
     
3,333,608
 
Digital Realty Trust, 5.200% ‡ (B)
   
205,286
     
5,082,881
 
Diversified Healthcare Trust, 6.250%
   
145,583
     
2,996,098
 
Diversified Healthcare Trust, 5.625%
   
195,272
     
3,807,804
 
EPR Properties, 5.750%
   
75,243
     
1,664,375
 
EPR Properties, 5.750%
   
83,751
     
2,072,000
 
Hudson Pacific Properties, 4.750%
   
255,395
     
4,995,526
 
Kimco Realty, 5.250%
   
154,714
     
3,840,001
 
Kimco Realty, 5.125%
   
141,801
     
3,512,411
 
PS Business Parks, 4.875%
   
193,646
     
3,925,204
 
Public Storage, 5.600%
   
170,566
     
4,491,003
 
Public Storage, 5.150%
   
156,550
     
3,918,447
 
Public Storage, 5.050% ‡ (B)
   
174,845
     
4,351,892
 
Public Storage, 4.875%
   
183,377
     
4,353,370
 
Public Storage, 4.750%
   
145,070
     
3,459,920
 
Public Storage, 4.700%
   
141,796
     
3,247,128
 
Public Storage, 4.625%
   
332,954
     
7,534,749
 
Public Storage, 4.125%
   
147,090
     
3,021,229
 
Public Storage, 4.000%
   
266,452
     
5,134,530
 
Public Storage, 4.000%
   
356,124
     
6,855,387
 
Public Storage, 3.950%
   
74,769
     
1,424,349
 
Public Storage, 3.900%
   
95,877
     
1,812,075
 
Public Storage, 3.875% ‡ (B)
   
150,988
     
2,897,460
 
RLJ Lodging Trust, 1.950%
   
187,532
     
5,050,237
 


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

Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X U.S. Preferred ETF
 


   
Shares
   
Value
 
PREFERRED STOCK — continued
               
Real Estate — continued
               
Vornado Realty Trust, 5.400%
   
174,985
   
$
3,942,412
 
Vornado Realty Trust, 5.250%
   
185,483
     
3,954,498
 
Vornado Realty Trust, 5.250%
   
167,770
     
3,600,344
 
Vornado Realty Trust, 4.450%
   
165,381
     
3,104,201
 
             
121,747,567
 
Utilities — 12.3%
               
AES, 6.875%
   
147,928
     
13,254,349
 
Alabama Power, 5.000%
   
140,360
     
3,507,596
 
American Electric Power, 6.125%
   
241,286
     
13,724,348
 
CMS Energy, 5.875%
   
163,075
     
4,179,612
 
CMS Energy, 5.875%
   
370,627
     
9,425,045
 
CMS Energy, 4.200%
   
139,030
     
2,690,231
 
DTE Energy, 5.250%
   
232,940
     
5,700,042
 
DTE Energy, 4.375%
   
126,394
     
2,565,798
 
DTE Energy, 4.375%
   
176,386
     
3,503,026
 
Duke Energy, 5.750%
   
571,209
     
14,811,449
 
Duke Energy, 5.625%
   
291,144
     
7,505,692
 
Entergy Arkansas, 4.875%
   
229,122
     
5,473,725
 
Entergy Louisiana, 4.875%
   
167,978
     
4,081,865
 
Georgia Power, 5.000% (B)
   
158,081
     
3,974,156
 
National Rural Utilities Cooperative Finance, 5.500%
   
140,286
     
3,518,373
 
NextEra Energy, 6.219%
   
576,198
     
28,262,512
 
NextEra Energy Capital Holdings, 5.650%
   
404,131
     
10,382,125
 
NiSource, 7.750%
   
122,487
     
14,583,302
 
NiSource, 6.500%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.632% (A)
   
291,148
     
7,552,379
 
PG&E, 5.500%
   
230,486
     
26,333,026
 
SCE Trust II, 5.100%
   
125,054
     
2,636,138
 
SCE Trust III, 5.750%, ICE LIBOR USD 3 Month + 2.990% (A)
   
160,824
     
3,747,199
 
SCE Trust IV, 5.375%, ICE LIBOR USD 3 Month + 3.132% (A)
   
181,711
     
3,948,580
 


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

Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X U.S. Preferred ETF
 


   
Shares/Face Amount
   
Value
 
PREFERRED STOCK — continued
               
Utilities — continued
               
SCE Trust V, 5.450%, ICE LIBOR USD 3 Month + 3.790% (A)
   
185,637
   
$
4,455,288
 
SCE Trust VI, 5.000%
   
263,171
     
5,418,691
 
Sempra Energy, 5.750%
   
449,380
     
11,256,969
 
South Jersey Industries, 8.750%
   
93,831
     
6,568,170
 
Southern, 5.250% (B)
   
261,989
     
6,387,292
 
Southern, 4.950%
   
571,163
     
13,045,363
 
Southern, 4.200%
   
440,849
     
8,684,725
 
Spire, 5.900%
   
140,181
     
3,525,552
 
UGI, 7.250%
   
33,260
     
3,344,293
 
             
258,046,911
 
TOTAL UNITED STATES
           
2,039,979,535
 
TOTAL PREFERRED STOCK
               
(Cost $2,403,612,149)
           
2,112,566,782
 
                 
SHORT-TERM INVESTMENT(C)(D) — 1.8%
               
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.600%
               
(Cost $38,886,092) 
   
38,886,092
     
38,886,092
 
                 
REPURCHASE AGREEMENT(C) — 1.7%
               
BNP Paribas
               
0.740%, dated 05/31/2022, to be repurchased on 06/01/2022, repurchase price $36,123,047 (collateralized by various  U.S. Treasury Obligations, ranging in par value $632,798 - $4,256,508, 0.250% - 2.750%, 09/30/2025 - 02/15/2028, with a total market value of $36,575,301)
               
(Cost $36,122,304) 
 
$
36,122,304
     
36,122,304
 
TOTAL INVESTMENTS — 103.2%
               
(Cost $2,478,620,545)
         
$
2,187,575,178
 


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

Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X U.S. Preferred ETF
 


Percentages are based on Net Assets of $2,120,291,785.
Real Estate Investment Trust
(A)
Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.
(B)
This security or a partial position of this security is on loan at May 31, 2022.  The total value of securities on loan at May 31, 2022 was $73,472,443.
(C)
Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2022 was $75,008,396.
(D)
The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2022.

Cl — Class
ICE — Intercontinental Exchange
LIBOR — London Interbank Offered Rate
Ser — Series

The following is a summary of the level of inputs used as of May 31, 2022, in valuing the Fund’s investments carried at value:
Investments in Securities
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Preferred Stock
 
$
2,112,566,782
   
$
   
$
   
$
2,112,566,782
 
Short-Term Investment
   
38,886,092
     
     
     
38,886,092
 
Repurchase Agreement
   
     
36,122,304
     
     
36,122,304
 
Total Investments in Securities
 
$
2,151,452,874
   
$
36,122,304
   
$
   
$
2,187,575,178
 



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

Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X Variable Rate Preferred ETF
 



   
Shares
   
Value
 
PREFERRED STOCK — 99.5%
           
BERMUDA— 1.4%
           
Financials — 1.4%
           
Aspen Insurance Holdings, 5.950%, ICE LIBOR USD 3 Month + 4.060% (A)
   
55,390
   
$
1,384,196
 
SiriusPoint, 8.000%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 7.298% (A)
   
40,332
     
1,058,715
 
TOTAL BERMUDA
           
2,442,911
 
CANADA— 2.0%
               
Utilities — 2.0%
               
Algonquin Power & Utilities, 6.875%, ICE LIBOR USD 3 Month + 3.677% (A)
   
57,894
     
1,500,612
 
Algonquin Power & Utilities, 6.200%, ICE LIBOR USD 3 Month + 4.010% (A)
   
70,446
     
1,813,280
 
TOTAL CANADA
           
3,313,892
 
CHINA— 0.5%
               
Industrials — 0.5%
               
Textainer Group Holdings, 7.000%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 6.134% (A)
   
30,299
     
784,138
 
TOTAL CHINA
           
784,138
 


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

Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X Variable Rate Preferred ETF
 


   
Shares
   
Value
 
PREFERRED STOCK — continued
               
UNITED STATES— 95.6%
               
Consumer Staples — 2.8%
               
CHS, Ser 2, 7.100%, ICE LIBOR USD 3 Month + 4.298% (A)
   
84,488
   
$
2,217,810
 
CHS, Ser 3, 6.750%, ICE LIBOR USD 3 Month + 4.155% (A)
   
99,046
     
2,605,900
 
             
4,823,710
 
Energy — 5.6%
               
DCP Midstream, 7.950%, ICE LIBOR USD 3 Month + 4.882% (A)
   
21,318
     
528,900
 
Energy Transfer, 7.625%, ICE LIBOR USD 3 Month + 4.738% (A)
   
89,536
     
2,104,991
 
Energy Transfer, 7.600%, ICE LIBOR USD 3 Month + 5.161% (A)
   
160,786
     
3,908,708
 
NuStar Energy, 7.651%, ICE LIBOR USD 3 Month + 6.766% (A)
   
45,674
     
1,082,474
 
NuStar Logistics, 7.778%, ICE LIBOR USD 3 Month + 6.734% (A)
   
80,989
     
2,036,063
 
             
9,661,136
 
Financials — 82.9%
               
ACRES Commercial Realty, 8.625%, ICE LIBOR USD 3 Month + 5.927% ‡,(A)
   
23,330
     
557,587
 
AGNC Investment, 6.875%, ICE LIBOR USD 3 Month + 4.332% ‡,(A)
   
47,381
     
1,124,825
 
AGNC Investment, 6.500%, ICE LIBOR USD 3 Month + 4.993% ‡,(A)
   
81,005
     
1,907,668
 
AGNC Investment, 6.125%, ICE LIBOR USD 3 Month + 4.697% ‡,(A)
   
115,637
     
2,590,269
 
American Equity Investment Life Holding, 6.625%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 6.297% (A)
   
60,409
     
1,551,907
 
American Equity Investment Life Holding, 5.950%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.322% (A)
   
80,488
     
1,997,712
 


The accompanying notes are an integral part of the financial statements.
22

Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X Variable Rate Preferred ETF
 



   
Shares
   
Value
 
PREFERRED STOCK — continued
               
Financials — continued
               
Annaly Capital Management, 6.750%, ICE LIBOR USD 3 Month + 4.989% ‡,(A)
   
89,023
   
$
2,150,796
 
Arbor Realty Trust, 6.250%, U.S. SOFR + 5.440% ‡,(A)
   
56,183
     
1,215,238
 
Argo Group International Holdings, 7.000%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 6.712% (A)
   
30,303
     
763,939
 
Athene Holding, 6.375%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 5.970% (A)
   
120,627
     
3,124,239
 
Athene Holding, 6.350%, ICE LIBOR USD 3 Month + 4.253% (A)
   
173,311
     
4,539,015
 
Bank of America, 6.450%, ICE LIBOR USD 3 Month + 1.327% (A)
   
202,391
     
5,160,971
 
Bank of America, 4.000%, ICE LIBOR USD 3 Month + 0.350% (A)
   
61,331
     
1,259,125
 
Bank of America, 4.000%, ICE LIBOR USD 3 Month + 0.500% (A)
   
81,439
     
1,646,697
 
Chimera Investment, 8.000%, ICE LIBOR USD 3 Month + 5.379% ‡,(A)
   
40,361
     
927,496
 
Chimera Investment, 8.000%, ICE LIBOR USD 3 Month + 5.791% ‡,(A)
   
65,444
     
1,541,861
 
Chimera Investment, 7.750%, ICE LIBOR USD 3 Month + 4.743% ‡,(A)
   
52,414
     
1,152,584
 
Citigroup, Ser J, 7.125%, ICE LIBOR USD 3 Month + 4.040% (A)
   
190,335
     
5,000,100
 
Citigroup, 6.875%, ICE LIBOR USD 3 Month + 4.130% (A)
   
299,424
     
7,761,070
 
Citizens Financial Group, 6.350%, ICE LIBOR USD 3 Month + 3.642% (A)
   
60,408
     
1,546,445
 
Enstar Group, 7.000%, ICE LIBOR USD 3 Month + 4.015% (A)
   
80,482
     
2,034,585
 
Fifth Third Bancorp, 6.625%, ICE LIBOR USD 3 Month + 3.710% (A)
   
90,513
     
2,371,441
 
Goldman Sachs Group, 6.375%, ICE LIBOR USD 3 Month + 3.550% (A)
   
140,297
     
3,643,513
 


The accompanying notes are an integral part of the financial statements.
23

Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X Variable Rate Preferred ETF
 


   
Shares
   
Value
 
PREFERRED STOCK — continued
               
Financials — continued
               
Goldman Sachs Group, 4.000%, ICE LIBOR USD 3 Month + 0.670% (A)
   
270,463
   
$
5,163,139
 
Goldman Sachs Group, 3.750%, ICE LIBOR USD 3 Month + 0.750% (A)
   
150,371
     
2,894,642
 
Granite Point Mortgage Trust, 7.000%, U.S. SOFR + 5.830% ‡,(A)
   
39,346
     
882,924
 
Invesco Mortgage Capital, 7.500%, ICE LIBOR USD 3 Month + 5.289% ‡,(A)
   
57,931
     
1,316,192
 
KeyCorp, 6.125%, ICE LIBOR USD 3 Month + 3.892% (A)
   
100,551
     
2,624,381
 
MetLife, 4.000%, ICE LIBOR USD 3 Month + 1.000% (A)
   
120,661
     
2,647,302
 
MFA Financial, 6.500%, ICE LIBOR USD 3 Month + 5.345% ‡,(A)
   
55,422
     
1,196,561
 
Morgan Stanley, Ser E, 7.125%, ICE LIBOR USD 3 Month + 4.320% (A)
   
132,206
     
3,520,646
 
Morgan Stanley, Ser F, 6.875%, ICE LIBOR USD 3 Month + 3.940% (A)
   
130,297
     
3,434,629
 
Morgan Stanley, 6.375%, ICE LIBOR USD 3 Month + 3.708% (A)
   
153,258
     
4,001,566
 
Morgan Stanley, 5.850%, ICE LIBOR USD 3 Month + 3.491% (A)
   
153,259
     
3,954,082
 
Morgan Stanley, 4.000%, ICE LIBOR USD 3 Month + 0.700% (A)
   
168,613
     
3,478,486
 
New Residential Investment, 7.500%, ICE LIBOR USD 3 Month + 5.802% ‡,(A)
   
31,363
     
778,743
 
New Residential Investment, 7.125%, ICE LIBOR USD 3 Month + 5.640% ‡,(A)
   
56,917
     
1,356,332
 
New Residential Investment, 7.000%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 6.223% ‡,(A)
   
93,548
     
2,233,926
 
New Residential Investment, 6.375%, ICE LIBOR USD 3 Month + 4.969% ‡,(A)
   
81,022
     
1,747,645
 
New York Community Bancorp, 6.375%, ICE LIBOR USD 3 Month + 3.821% (A)
   
103,561
     
2,712,263
 


The accompanying notes are an integral part of the financial statements.
24

Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X Variable Rate Preferred ETF
 


   
Shares
   
Value
 
PREFERRED STOCK — continued
               
Financials — continued
               
New York Mortgage Trust, 7.875%, ICE LIBOR USD 3 Month + 6.429% ‡,(A)
   
37,409
   
$
856,666
 
New York Mortgage Trust, 6.875%, U.S. SOFR + 6.130% ‡,(A)
   
24,218
     
557,014
 
Regions Financial, Ser B, 6.375%, ICE LIBOR USD 3 Month + 3.536% (A)
   
100,550
     
2,602,234
 
Regions Financial, 5.700%, ICE LIBOR USD 3 Month + 3.148% (A)
   
100,567
     
2,436,738
 
Reinsurance Group of America, 5.750%, ICE LIBOR USD 3 Month + 4.040% (A)
   
80,475
     
2,097,179
 
State Street, 5.900%, ICE LIBOR USD 3 Month + 3.108% (A)
   
150,747
     
3,735,511
 
State Street, 5.350%, ICE LIBOR USD 3 Month + 3.709% (A)
   
100,558
     
2,557,190
 
Synovus Financial, 5.875%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.127% (A)
   
70,446
     
1,794,964
 
Two Harbors Investment, 7.625%, ICE LIBOR USD 3 Month + 5.352% ‡,(A)
   
57,924
     
1,358,897
 
Two Harbors Investment, 7.250%, ICE LIBOR USD 3 Month + 5.011% ‡,(A)
   
59,437
     
1,332,578
 
US Bancorp, 3.500%, ICE LIBOR USD 3 Month + 0.600% (A)
   
200,964
     
4,107,704
 
Voya Financial, 5.350%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.210% (A)
   
60,417
     
1,457,862
 
Wells Fargo, 6.625%, ICE LIBOR USD 3 Month + 3.690% (A)
   
168,318
     
4,347,654
 
Wells Fargo, 5.850%, ICE LIBOR USD 3 Month + 3.090% (A)
   
345,472
     
8,187,686
 
Western Alliance Bancorp, 4.250%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.452% (A)
   
60,428
     
1,383,801
 


The accompanying notes are an integral part of the financial statements.
25

Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X Variable Rate Preferred ETF
 


   
Shares
   
Value
 
PREFERRED STOCK — continued
               
Financials — continued
               
Wintrust Financial, 6.875%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 6.507% (A)
   
57,889
   
$
1,556,635
 
             
139,882,855
 
Industrials — 2.8%
               
Air Lease, 6.150%, ICE LIBOR USD 3 Month + 3.650% (A)
   
50,390
     
1,189,204
 
Fortress Transportation and Infrastructure Investors, 8.250%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 7.378% (A)
   
20,373
     
527,661
 
WESCO International, 10.625%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 10.325% (A)
   
108,625
     
3,049,104
 
             
4,765,969
 
Utilities — 1.5%
               
NiSource, 6.500%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.632% (A)
   
100,553
     
2,608,345
 
TOTAL UNITED STATES
           
161,742,015
 
TOTAL PREFERRED STOCK
               
(Cost $178,671,349)
           
168,282,956
 
TOTAL INVESTMENTS — 99.5%
               
(Cost $178,671,349)
         
$
168,282,956
 

Percentages are based on Net Assets of $169,083,062.
Real Estate Investment Trust
(A)
Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.

ICE — Intercontinental Exchange
LIBOR — London Interbank Offered Rate
Ser — Series


The accompanying notes are an integral part of the financial statements.
26

Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X Variable Rate Preferred ETF
 


As of May 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.









The accompanying notes are an integral part of the financial statements.
27



Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X MLP ETF
 




   
Shares
   
Value
 
MASTER LIMITED PARTNERSHIPS — 96.2%
           
UNITED STATES— 96.2%
           
Energy — 96.2%
           
Cheniere Energy Partners
   
1,059,156
   
$
56,950,818
 
Crestwood Equity Partners
   
1,996,031
     
58,164,343
 
DCP Midstream
   
1,693,078
     
60,798,431
 
Delek Logistics Partners
   
1,140,867
     
61,173,289
 
Energy Transfer
   
10,671,331
     
124,427,720
 
Enterprise Products Partners
   
5,031,389
     
137,960,686
 
Genesis Energy
   
5,287,385