Global X Funds

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Global X Millennial Consumer ETF 

Ticker: MILN

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

This semi-annual shareholder report contains important information about the Global X Millennial Consumer ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/miln. You can also request this information by contacting us at 1-888-493-8631.  

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Global X Millennial Consumer ETF
$25
0.50%

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$120,814,578
82
$300,858
10.29%

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Short-Term Investment
0.8%
Repurchase Agreement
0.8%
Singapore
4.1%
United States
95.8%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name
Percentage of Total Net AssetsFootnote Reference(A)
Sea ADR
3.7%
Netflix
3.4%
Intuit
3.4%
Walt Disney
3.4%
Booking Holdings
3.2%
Uber Technologies
3.2%
Spotify Technology
3.1%
Meta Platforms, Cl A
3.1%
DoorDash, Cl A
3.1%
PayPal Holdings
3.0%
Footnote Description
Footnote(A)
 Short-Term Investments are not shown in the top ten chart.

 

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

  • 1-888-493-8631 

  • https://www.globalxetfs.com/funds/miln 

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GX-SA-MILN-2025

Global X Funds

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Global X Aging Population ETF 

Ticker: AGNG

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

This semi-annual shareholder report contains important information about the Global X Aging Population ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/agng. You can also request this information by contacting us at 1-888-493-8631.  

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Global X Aging Population ETF
$25
0.50%

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$56,793,561
82
$146,302
8.97%

What did the Fund invest in?

Country WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Other Countries
1.1%
Italy
0.4%
Canada
0.7%
Australia
0.9%
Germany
1.3%
South Korea
2.2%
Belgium
3.4%
United Kingdom
4.1%
China
4.8%
Denmark
5.0%
Switzerland
5.4%
Japan
7.1%
United States
63.2%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name
Percentage of Total Net Assets
Chugai Pharmaceutical
3.2%
Edwards Lifesciences
3.2%
Boston Scientific
3.2%
Stryker
3.1%
Welltower
3.1%
UCB
3.1%
AstraZeneca PLC ADR
3.1%
Roche Holding
3.0%
Novo Nordisk, Cl B
3.0%
AbbVie
2.9%

 

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

  • 1-888-493-8631 

  • https://www.globalxetfs.com/funds/agng 

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GX-SA-AGNG-2025

Global X Funds

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Global X FinTech ETF 

Ticker: FINX

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

This semi-annual shareholder report contains important information about the Global X FinTech ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/finx/. You can also request this information by contacting us at 1-888-493-8631.  

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Global X FinTech ETF
$32
0.68%

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$281,145,559
69
$1,009,694
6.75%

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Other Countries
1.4%
Canada
0.4%
South Korea
0.8%
China
1.0%
Switzerland
1.3%
Brazil
1.3%
Australia
1.6%
Italy
1.7%
United Kingdom
3.5%
New Zealand
4.1%
Repurchase Agreements
5.7%
Netherlands
6.1%
United States
76.7%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name
Percentage of Total Net AssetsFootnote Reference(A)
Intuit
7.2%
Coinbase Global, Cl A
6.6%
Fidelity National Information Services
6.5%
Adyen
6.1%
PayPal Holdings
5.9%
Toast, Cl A
4.7%
Block, Cl A
4.5%
Fiserv
4.3%
SS&C Technologies Holdings
4.1%
Xero
4.1%
Footnote Description
Footnote(A)
 Short-Term Investments are not shown in the top ten chart.

 

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

  • 1-888-493-8631 

  • https://www.globalxetfs.com/funds/finx/ 

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GX-SA-FINX-2025

Global X Funds

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Global X Internet of Things ETF 

Ticker: SNSR

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

This semi-annual shareholder report contains important information about the Global X Internet of Things ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/snsr/. You can also request this information by contacting us at 1-888-493-8631.  

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Global X Internet of Things ETF
$34
0.68%

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$216,683,045
56
$755,161
12.11%

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Repurchase Agreement
0.0%
Canada
0.3%
United Kingdom
0.3%
Norway
1.2%
Japan
1.2%
France
1.2%
Austria
1.3%
Netherlands
1.8%
Switzerland
2.9%
Singapore
5.8%
Taiwan
10.1%
United States
73.7%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name
Percentage of Total Net AssetsFootnote Reference(A)
Dexcom
6.5%
Samsara, Cl A
6.2%
STMicroelectronics
5.8%
Garmin
5.5%
Skyworks Solutions
5.5%
Advantech
4.9%
Badger Meter
3.6%
ADT
3.4%
Lattice Semiconductor
3.1%
eMemory Technology
3.0%
Footnote Description
Footnote(A)
 Short-Term Investments are not shown in the top ten chart.

 

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

  • 1-888-493-8631 

  • https://www.globalxetfs.com/funds/snsr/ 

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GX-SA-SNSR-2025

Global X Funds

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Global X Robotics & Artificial Intelligence ETF 

Ticker: BOTZ

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

This semi-annual shareholder report contains important information about the Global X Robotics & Artificial Intelligence ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/botz/. You can also request this information by contacting us at 1-888-493-8631.  

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Global X Robotics & Artificial Intelligence ETF
$33
0.68%

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$2,549,021,830
59
$8,718,933
9.47%

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Futures Contracts
0.0%
Norway
0.8%
United Kingdom
1.1%
Canada
1.2%
Finland
2.1%
South Korea
2.9%
Repurchase Agreements
4.9%
China
5.5%
Switzerland
9.3%
Japan
30.3%
United States
46.2%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name
Percentage of Total Net AssetsFootnote Reference(A)
NVIDIA
9.8%
ABB
8.2%
Intuitive Surgical
8.2%
Keyence
8.2%
FANUC
7.4%
SMC
4.6%
Dynatrace
4.6%
Daifuku
4.4%
Pegasystems
3.6%
Yaskawa Electric
2.7%
Footnote Description
Footnote(A)
 Short-Term Investments are not shown in the top ten chart.

 

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

  • 1-888-493-8631 

  • https://www.globalxetfs.com/funds/botz/ 

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GX-SA-BOTZ-2025

Global X Funds

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Global X U.S. Infrastructure Development ETF 

Ticker: PAVE

Principal Listing Exchange: Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report: May 31, 2025

This semi-annual shareholder report contains important information about the Global X U.S. Infrastructure Development ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/pave. You can also request this information by contacting us at 1-888-493-8631.  

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Global X U.S. Infrastructure Development ETF
$22
0.47%

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$8,178,707,381
103
$19,467,867
9.48%

What did the Fund invest in?

Asset/Sector WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Future
0.0%
Short-Term Investment
0.1%
Repurchase Agreement
0.1%
Consumer Discretionary
0.6%
Information Technology
2.2%
Utilities
3.3%
Materials
20.0%
Industrials
73.7%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name
Percentage of Total Net AssetsFootnote Reference(A)
Howmet Aerospace
4.2%
Fastenal
3.5%
Trane Technologies PLC
3.4%
Deere
3.4%
Parker-Hannifin
3.1%
Quanta Services
3.1%
Norfolk Southern
3.1%
Sempra
3.0%
CSX
3.0%
Emerson Electric
2.9%
Footnote Description
Footnote(A)
 Short-Term Investments are not shown in the top ten chart.

 

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

  • 1-888-493-8631 

  • https://www.globalxetfs.com/funds/pave 

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GX-SA-PAVE-2025

Global X Funds

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Global X Autonomous & Electric Vehicles ETF 

Ticker: DRIV

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

This semi-annual shareholder report contains important information about the Global X Autonomous & Electric Vehicles ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/driv. You can also request this information by contacting us at 1-888-493-8631.  

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Global X Autonomous & Electric Vehicles ETF
$33
0.68%

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$294,458,491
82
$1,159,801
22.39%

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Other Countries
3.3%
Singapore
1.3%
Netherlands
1.6%
Taiwan
2.3%
France
2.4%
Australia
2.9%
Canada
3.0%
Germany
3.3%
South Korea
6.9%
Repurchase Agreements
10.5%
China
11.3%
Japan
15.9%
United States
45.2%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name
Percentage of Total Net AssetsFootnote Reference(A)
Microsoft
3.5%
NVIDIA
3.3%
Toyota Motor
3.1%
Alphabet, Cl A
2.9%
QUALCOMM
2.8%
Honeywell International
2.8%
Tesla
2.8%
Nexteer Automotive Group
2.1%
Intel
2.1%
XPeng ADR, Cl A
1.9%
Footnote Description
Footnote(A)
 Short-Term Investments are not shown in the top ten chart.

 

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

  • 1-888-493-8631 

  • https://www.globalxetfs.com/funds/driv 

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GX-SA-DRIV-2025

Global X Funds

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Global X Artificial Intelligence & Technology ETF 

Ticker: AIQ

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

This semi-annual shareholder report contains important information about the Global X Artificial Intelligence & Technology ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/aiq/. You can also request this information by contacting us at 1-888-493-8631.  

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Global X Artificial Intelligence & Technology ETF
$35
0.68%

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$3,209,293,808
93
$9,794,368
13.21%

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Other Countries
1.2%
Brazil
0.5%
Israel
0.5%
Repurchase Agreements
0.9%
Netherlands
1.1%
Japan
2.5%
Ireland
2.6%
Canada
2.9%
Germany
3.0%
Taiwan
3.5%
South Korea
4.6%
China
8.8%
United States
68.7%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name
Percentage of Total Net AssetsFootnote Reference(A)
Tencent Holdings
4.0%
Netflix
3.7%
Palantir Technologies, Cl A
3.5%
Alibaba Group Holding ADR
3.3%
Samsung Electronics
3.3%
Microsoft
3.1%
Meta Platforms, Cl A
3.1%
Cisco Systems
3.1%
Broadcom
3.1%
International Business Machines
2.9%
Footnote Description
Footnote(A)
 Short-Term Investments are not shown in the top ten chart.

 

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

  • 1-888-493-8631 

  • https://www.globalxetfs.com/funds/aiq/ 

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GX-SA-AIQ-2025

Global X Funds

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Global X Genomics & Biotechnology ETF 

Ticker: GNOM

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

This semi-annual shareholder report contains important information about the Global X Genomics & Biotechnology ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/gnom/. You can also request this information by contacting us at 1-888-493-8631.  

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Global X Genomics & Biotechnology ETF
$21
0.50%

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$41,016,761
54
$148,184
21.30%

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Netherlands
1.0%
United Kingdom
2.2%
China
2.5%
Switzerland
4.0%
Germany
4.2%
Repurchase Agreements
5.1%
United States
86.0%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name
Percentage of Total Net AssetsFootnote Reference(A)
Alnylam Pharmaceuticals
5.4%
Illumina
4.6%
QIAGEN
4.5%
Natera
4.5%
Avidity Biosciences
4.3%
Moderna
4.3%
Bio-Techne
4.1%
CRISPR Therapeutics
4.0%
BioMarin Pharmaceutical
4.0%
Ultragenyx Pharmaceutical
3.9%
Footnote Description
Footnote(A)
 Short-Term Investments are not shown in the top ten chart.

 

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

  • 1-888-493-8631 

  • https://www.globalxetfs.com/funds/gnom/ 

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GX-SA-GNOM-2025

Global X Funds

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Global X Cloud Computing ETF 

Ticker: CLOU

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

This semi-annual shareholder report contains important information about the Global X Cloud Computing ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/clou/. You can also request this information by contacting us at 1-888-493-8631.  

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Global X Cloud Computing ETF
$33
0.68%

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$337,062,113
39
$1,176,824
5.54%

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Short-Term Investment
0.1%
Repurchase Agreement
0.1%
Japan
0.3%
China
1.9%
Sweden
2.0%
Israel
3.3%
Canada
4.2%
United States
88.2%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name
Percentage of Total Net AssetsFootnote Reference(A)
Snowflake, Cl A
4.7%
Box, Cl A
4.6%
Zscaler
4.6%
Twilio, Cl A
4.6%
Paycom Software
4.3%
Shopify, Cl A
4.2%
Qualys
4.1%
Procore Technologies
4.0%
Digital Realty Trust
4.0%
ServiceNow
4.0%
Footnote Description
Footnote(A)
 Short-Term Investments are not shown in the top ten chart.

 

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

  • 1-888-493-8631 

  • https://www.globalxetfs.com/funds/clou/ 

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GX-SA-CLOU-2025

Global X Funds

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Global X Cybersecurity ETF 

Ticker: BUG

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

This semi-annual shareholder report contains important information about the Global X Cybersecurity ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/bug/. You can also request this information by contacting us at 1-888-493-8631.  

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Global X Cybersecurity ETF
$25
0.50%

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$1,082,160,213
31
$2,234,687
23.28%

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Futures Contracts
0.0%
Repurchase Agreements
1.1%
South Korea
1.5%
Canada
5.0%
Japan
7.8%
Israel
9.0%
United States
76.6%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name
Percentage of Total Net AssetsFootnote Reference(A)
Zscaler
6.8%
Crowdstrike Holdings, Cl A
6.1%
Check Point Software Technologies
6.0%
Palo Alto Networks
5.8%
Rubrik, Cl A
5.7%
Fortinet
5.5%
Okta, Cl A
5.2%
BlackBerry
5.0%
Varonis Systems, Cl B
4.7%
Gen Digital
4.7%
Footnote Description
Footnote(A)
 Short-Term Investments are not shown in the top ten chart.

 

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

  • 1-888-493-8631 

  • https://www.globalxetfs.com/funds/bug/ 

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GX-SA-BUG-2025

Global X Funds

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Global X Dorsey Wright Thematic ETF 

Ticker: GXDW

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

This semi-annual shareholder report contains important information about the Global X Dorsey Wright Thematic ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/gxdw/. You can also request this information by contacting us at 1-888-493-8631.  

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Global X Dorsey Wright Thematic ETF
$24
0.50%

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$9,774,387
10
$30,467
106.05%

What did the Fund invest in?

Asset WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Repurchase Agreements
10.4%
Exchange-Traded Funds
99.9%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Holdings

Holding Name
Percentage of Total Net AssetsFootnote Reference(A)
Global X Artificial Intelligence & Technology ETFFootnote Reference**
20.4%
Global X US Infrastructure Development ETFFootnote Reference**
20.2%
Global X Millennial Consumer ETFFootnote Reference**
20.1%
Global X E-commerce ETFFootnote Reference**
20.1%
Global X Cybersecurity ETFFootnote Reference**
19.2%
Footnote Description
Footnote**
 Affiliated Investment
Footnote(A)
 Short-Term Investments are not shown in the top ten chart.

 

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

  • 1-888-493-8631 

  • https://www.globalxetfs.com/funds/gxdw/ 

Image

GX-SA-GXDW-2025

Global X Funds

Image

Global X Video Games & Esports ETF 

Ticker: HERO

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

This semi-annual shareholder report contains important information about the Global X Video Games & Esports ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/hero/. You can also request this information by contacting us at 1-888-493-8631.  

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Global X Video Games & Esports ETF
$28
0.50%

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$146,710,664
51
$270,176
11.14%

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Hong Kong
0.4%
France
1.3%
Taiwan
4.0%
Poland
4.1%
Sweden
6.1%
Repurchase Agreements
8.9%
South Korea
11.8%
China
12.5%
United States
23.3%
Japan
36.1%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name
Percentage of Total Net AssetsFootnote Reference(A)
Konami Group
7.6%
Nintendo
6.9%
ROBLOX, Cl A
6.5%
NetEase ADR
6.0%
Take-Two Interactive Software
6.0%
Square Enix Holdings
5.9%
Capcom
5.2%
Electronic Arts
5.0%
Nexon
4.8%
Unity Software
4.4%
Footnote Description
Footnote(A)
 Short-Term Investments are not shown in the top ten chart.

 

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

  • 1-888-493-8631 

  • https://www.globalxetfs.com/funds/hero/ 

Image

GX-SA-HERO-2025

Global X Funds

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Global X HealthTech ETF 

Ticker: HEAL

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

This semi-annual shareholder report contains important information about the Global X HealthTech ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/heal/. You can also request this information by contacting us at 1-888-493-8631.  

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Global X HealthTech ETF
$31
0.63%

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$38,362,162
42
$117,732
55.22%

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Japan
0.2%
Canada
0.6%
Sweden
0.7%
Short-Term Investment
2.4%
Repurchase Agreement
2.5%
China
2.7%
Denmark
3.2%
Netherlands
3.5%
Australia
4.6%
United States
84.2%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name
Percentage of Total Net AssetsFootnote Reference(A)
Hims & Hers Health
5.4%
Insulet
4.9%
Veeva Systems, Cl A
4.6%
Pro Medicus
4.6%
TransMedics Group
4.4%
Dexcom
4.1%
Intuitive Surgical
4.1%
ResMed
4.0%
GE HealthCare Technologies
3.9%
Masimo
3.8%
Footnote Description
Footnote(A)
 Short-Term Investments are not shown in the top ten chart.

 

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

  • 1-888-493-8631 

  • https://www.globalxetfs.com/funds/heal/ 

Image

GX-SA-HEAL-2025

Global X Funds

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Global X CleanTech ETF 

Ticker: CTEC

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

This semi-annual shareholder report contains important information about the Global X CleanTech ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/ctec/. You can also request this information by contacting us at 1-888-493-8631.  

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Global X CleanTech ETF
$24
0.50%

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$19,021,188
41
$66,792
23.15%

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Turkey
1.6%
Canada
2.0%
U.S. Treasury Obligation
2.5%
Switzerland
3.4%
United Kingdom
5.5%
Sweden
5.6%
Denmark
6.1%
Taiwan
6.2%
Germany
6.6%
South Korea
10.1%
Repurchase Agreements
14.4%
China
14.6%
United States
38.1%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name
Percentage of Total Net AssetsFootnote Reference(A)
NEXTracker, Cl A
7.3%
First Solar
6.9%
Vestas Wind Systems
6.1%
Samsung SDI
5.9%
Nibe Industrier, Cl B
5.6%
Johnson Matthey PLC
5.5%
Nordex
5.2%
China Everbright Environment Group
5.0%
Simplo Technology
4.3%
Enphase Energy
4.2%
Footnote Description
Footnote(A)
 Short-Term Investments are not shown in the top ten chart.

 

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

  • 1-888-493-8631 

  • https://www.globalxetfs.com/funds/ctec/ 

Image

GX-SA-CTEC-2025

Global X Funds

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Global X Data Center & Digital Infrastructure ETF 

Ticker: DTCR

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

This semi-annual shareholder report contains important information about the Global X Data Center & Digital Infrastructure ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/dtcr/. You can also request this information by contacting us at 1-888-493-8631.  

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Global X Data Center & Digital Infrastructure ETF
$25
0.50%

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$245,311,884
33
$508,440
17.64%

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Switzerland
0.7%
Indonesia
1.6%
South Korea
2.7%
Australia
3.9%
Hong Kong
4.5%
Taiwan
4.6%
Singapore
4.7%
China
7.5%
Repurchase Agreements
10.9%
United States
69.6%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name
Percentage of Total Net AssetsFootnote Reference(A)
American Tower
13.6%
Equinix
11.3%
Digital Realty Trust
11.2%
Crown Castle
10.0%
SBA Communications, Cl A
5.0%
GDS Holdings ADR
4.8%
Keppel DC REIT
4.7%
China Tower, Cl H
4.5%
NEXTDC
3.9%
Winbond Electronics
2.7%
Footnote Description
Footnote(A)
 Short-Term Investments are not shown in the top ten chart.

 

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

  • 1-888-493-8631 

  • https://www.globalxetfs.com/funds/dtcr/ 

Image

GX-SA-DTCR-2025

Global X Funds

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Global X Clean Water ETF 

Ticker: AQWA

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

This semi-annual shareholder report contains important information about the Global X Clean Water ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/aqwa. You can also request this information by contacting us at 1-888-493-8631.  

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Global X Clean Water ETF
$25
0.50%

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$10,635,050
41
$25,162
6.41%

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Saudi Arabia
0.5%
Singapore
0.8%
U.S. Treasury Obligation
1.9%
South Korea
1.9%
Japan
3.0%
China
4.8%
Brazil
5.4%
United Kingdom
10.4%
United States
72.9%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name
Percentage of Total Net Assets
American Water Works
8.7%
Pentair PLC
7.8%
Ferguson Enterprises
7.6%
Xylem
7.4%
Core & Main, Cl A
5.5%
United Utilities Group PLC
5.4%
Severn Trent PLC
5.0%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP
4.9%
Essential Utilities
4.7%
A O Smith
4.1%

 

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

  • 1-888-493-8631 

  • https://www.globalxetfs.com/funds/aqwa 

Image

GX-SA-AQWA-2025

Global X Funds

Image

Global X AgTech & Food Innovation ETF 

Ticker: KROP

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

This semi-annual shareholder report contains important information about the Global X AgTech & Food Innovation ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/krop/. You can also request this information by contacting us at 1-888-493-8631.  

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Global X AgTech & Food Innovation ETF
$25
0.50%

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$8,833,969
32
$17,851
16.75%

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Other Countries
0.1%
Saudi Arabia
0.3%
Indonesia
0.3%
Switzerland
0.3%
Philippines
0.3%
Argentina
0.9%
Australia
2.5%
Repurchase Agreement
2.6%
Germany
3.5%
Japan
12.3%
Canada
12.8%
China
14.3%
United States
52.5%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name
Percentage of Total Net AssetsFootnote Reference(A)
Corteva
12.6%
Nutrien
12.5%
Kubota
12.3%
Deere
11.6%
Hebei Yangyuan Zhihui Beverage, Cl A
4.7%
Cheng De Lolo, Cl A
4.7%
FMC
4.6%
Yuan Longping High-tech Agriculture, Cl A
4.6%
CNH Industrial
4.2%
AGCO
4.1%
Footnote Description
Footnote(A)
 Short-Term Investments are not shown in the top ten chart.

 

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

  • 1-888-493-8631 

  • https://www.globalxetfs.com/funds/krop/ 

Image

GX-SA-KROP-2025

Global X Funds

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Global X Blockchain ETF 

Ticker: BKCH

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

This semi-annual shareholder report contains important information about the Global X Blockchain ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/bkch/. You can also request this information by contacting us at 1-888-493-8631.  

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Global X Blockchain ETF
$20
0.50%

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$146,810,388
36
$402,927
24.15%

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Jersey
0.4%
Germany
1.6%
China
3.3%
Australia
5.3%
Canada
10.6%
Repurchase Agreements
30.3%
United States
78.7%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name
Percentage of Total Net AssetsFootnote Reference(A)
Coinbase Global, Cl A
12.9%
Riot Platforms
11.4%
MARA Holdings
10.8%
Cleanspark
7.9%
Applied Digital
6.0%
Iris Energy
5.3%
Core Scientific
5.3%
Bitdeer Technologies Group, Cl A
5.0%
Galaxy Digital Holdings
5.0%
TeraWulf
4.8%
Footnote Description
Footnote(A)
 Short-Term Investments are not shown in the top ten chart.

 

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

  • 1-888-493-8631 

  • https://www.globalxetfs.com/funds/bkch/ 

Image

GX-SA-BKCH-2025

Global X Funds

Image

Global X Hydrogen ETF 

Ticker: HYDR

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

This semi-annual shareholder report contains important information about the Global X Hydrogen ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/hydr/. You can also request this information by contacting us at 1-888-493-8631.  

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Global X Hydrogen ETF
$21
0.50%

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$26,626,612
31
$77,736
23.19%

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Singapore
0.3%
France
0.3%
Japan
2.1%
China
2.7%
Canada
4.1%
Sweden
4.5%
Norway
5.5%
Germany
11.0%
South Korea
14.5%
United Kingdom
15.3%
Repurchase Agreements
26.9%
United States
34.6%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name
Percentage of Total Net AssetsFootnote Reference(A)
Plug Power
13.8%
Bloom Energy, Cl A
11.1%
SFC Energy
11.0%
Doosan Fuel Cell
8.5%
ITM Power PLC
5.6%
FuelCell Energy
5.6%
PowerCell Sweden
4.5%
Ceres Power Holdings PLC
4.5%
NEL
4.2%
Iljin Hysolus ltd
4.1%
Footnote Description
Footnote(A)
 Short-Term Investments are not shown in the top ten chart.

 

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

  • 1-888-493-8631 

  • https://www.globalxetfs.com/funds/hydr/ 

Image

GX-SA-HYDR-2025

Global X Funds

Image

Global X Solar ETF 

Ticker: RAYS

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

This semi-annual shareholder report contains important information about the Global X Solar ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/rays. You can also request this information by contacting us at 1-888-493-8631.  

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Global X Solar ETF
$23
0.50%

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$4,174,197
52
$13,221
22.32%

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Japan
0.3%
Taiwan
0.4%
Canada
0.6%
Turkey
0.7%
Germany
0.8%
Repurchase Agreement
0.9%
Spain
1.0%
South Africa
1.4%
South Korea
2.9%
United States
27.2%
China
64.1%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name
Percentage of Total Net AssetsFootnote Reference(A)
NEXTracker, Cl A
8.2%
LONGi Green Energy Technology, Cl A
8.2%
Sungrow Power Supply, Cl A
8.0%
First Solar
7.6%
Enphase Energy
6.9%
TCL Zhonghuan Renewable Energy Technology, Cl A
4.2%
Zhejiang Chint Electrics, Cl A
4.1%
Ningbo Deye Technology, Cl A
3.7%
JA Solar Technology, Cl A
3.0%
Shenzhen SC New Energy Technology, Cl A
3.0%
Footnote Description
Footnote(A)
 Short-Term Investments are not shown in the top ten chart.

 

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

  • 1-888-493-8631 

  • https://www.globalxetfs.com/funds/rays 

Image

GX-SA-RAYS-2025

Global X Funds

Image

Global X Wind Energy ETF 

Ticker: WNDY

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

This semi-annual shareholder report contains important information about the Global X Wind Energy ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/wndy/. You can also request this information by contacting us at 1-888-493-8631.  

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Global X Wind Energy ETF
$25
0.50%

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$1,518,469
29
$4,135
30.13%

What did the Fund invest in?

Country WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Turkey
0.3%
Italy
1.3%
South Korea
1.4%
United States
1.4%
India
2.0%
Spain
4.3%
Germany
4.6%
Canada
15.0%
Denmark
26.8%
China
42.6%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name
Percentage of Total Net Assets
Orsted
13.0%
Vestas Wind Systems
11.2%
China Three Gorges Renewables Group, Cl A
10.9%
Northland Power,
6.9%
Boralex, Cl A
4.8%
Nordex
4.6%
China Longyuan Power Group, Cl H
4.4%
EDP Renovaveis
4.3%
Ming Yang Smart Energy Group, Cl A
4.2%
Jiangsu New Energy Development, Cl A
3.4%

 

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

  • 1-888-493-8631 

  • https://www.globalxetfs.com/funds/wndy/ 

Image

GX-SA-WNDY-2025

Global X Funds

Image

Global X PropTech ETF 

Ticker: PTEC

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

This semi-annual shareholder report contains important information about the Global X PropTech ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/ptec/. You can also request this information by contacting us at 1-888-493-8631.  

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Global X PropTech ETF
$25
0.50%

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$1,784,222
31
$4,330
9.06%

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Japan
0.6%
Switzerland
2.6%
Sweden
3.3%
United Kingdom
5.6%
Australia
6.9%
China
7.5%
U.S. Treasury Obligation
9.8%
Germany
12.6%
United States
60.7%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name
Percentage of Total Net Assets
U.S. Treasury Bills, 4.23%, 7/1/2025
9.8%
CoStar Group
8.8%
Guidewire Software
8.6%
Zillow Group, Cl C
7.3%
Airbnb, Cl A
7.2%
KE Holdings ADR
7.2%
Scout24
6.3%
Rightmove PLC
5.6%
ADT
5.2%
Nemetschek
5.1%

 

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

  • 1-888-493-8631 

  • https://www.globalxetfs.com/funds/ptec/ 

Image

GX-SA-PTEC-2025

Global X Funds

Image

Global X Defense Tech ETF 

Ticker: SHLD

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: May 31, 2025

This semi-annual shareholder report contains important information about the Global X Defense Tech ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/shld/. You can also request this information by contacting us at 1-888-493-8631.  

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Global X Defense Tech ETF
$31
0.50%

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$2,274,558,006
47
$2,810,672
20.95%

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Japan
0.0%
Repurchase Agreements
0.1%
Australia
0.4%
Turkey
0.5%
Israel
2.7%
Sweden
4.7%
Italy
4.8%
France
6.4%
South Korea
7.0%
Germany
10.1%
United Kingdom
11.4%
United States
51.5%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name
Percentage of Total Net AssetsFootnote Reference(A)
Rheinmetall
8.5%
BAE Systems PLC
8.3%
Lockheed Martin
7.8%
Palantir Technologies, Cl A
7.7%
General Dynamics
7.5%
Leonardo
4.8%
Saab, Cl B
4.7%
Thales
4.6%
L3Harris Technologies
4.5%
Northrop Grumman
4.4%
Footnote Description
Footnote(A)
 Short-Term Investments are not shown in the top ten chart.

 

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

  • 1-888-493-8631 

  • https://www.globalxetfs.com/funds/shld/ 

Image

GX-SA-SHLD-2025

Global X Funds

Image

Global X Infrastructure Development ex-U.S. ETF 

Ticker: IPAV

Principal Listing Exchange: Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report: May 31, 2025

This semi-annual shareholder report contains important information about the Global X Infrastructure Development ex-U.S. ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/ipav. You can also request this information by contacting us at 1-888-493-8631.  

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Global X Infrastructure Development ex-U.S. ETF
$29
0.55%

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$3,408,223
99
$6,624
37.98%

What did the Fund invest in?

Country WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Other Countries
14.7%
Luxembourg
2.6%
Taiwan
2.8%
Germany
2.8%
Sweden
4.4%
Spain
4.8%
South Korea
5.2%
United States
6.3%
Italy
6.4%
France
6.6%
Canada
8.1%
Japan
14.4%
India
20.4%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name
Percentage of Total Net Assets
Prysmian
3.2%
Komatsu
3.1%
Cellnex Telecom
3.1%
Tata Steel
3.1%
Larsen & Toubro
3.0%
Nippon Steel
3.0%
Ferrovial
3.0%
Vinci
3.0%
Shin-Etsu Chemical
3.0%
Canadian Pacific Kansas City
3.0%

 

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

  • 1-888-493-8631 

  • https://www.globalxetfs.com/funds/ipav 

Image

GX-SA-IPAV-2025

 



 

 

Global X Millennial Consumer ETF (ticker: MILN)

Global X Aging Population ETF (ticker: AGNG)

Global X FinTech ETF (ticker: FINX)

Global X Internet of Things ETF (ticker: SNSR)

Global X Robotics & Artificial Intelligence ETF (ticker: BOTZ)

Global X U.S. Infrastructure Development ETF (ticker: PAVE)

Global X Autonomous & Electric Vehicles ETF (ticker: DRIV)

Global X Artificial Intelligence & Technology ETF (ticker: AIQ)

Global X Genomics & Biotechnology ETF (ticker: GNOM)

Global X Cloud Computing ETF (ticker: CLOU)

Global X Cybersecurity ETF (ticker: BUG)

Global X Dorsey Wright Thematic ETF (ticker: GXDW) (formerly, Global X Thematic Growth ETF (ticker: GXTG))

Global X Video Games & Esports ETF (ticker: HERO)

Global X HealthTech ETF (ticker: HEAL) (formerly, Global X Telemedicine & Digital Health ETF (ticker: EDOC))

Global X CleanTech ETF (ticker: CTEC)

Global X Data Center & Digital Infrastructure ETF (ticker: DTCR)

Global X Clean Water ETF (ticker: AQWA)

Global X AgTech & Food Innovation ETF (ticker: KROP)

Global X Blockchain ETF (ticker: BKCH)

Global X Hydrogen ETF (ticker: HYDR)

Global X Solar ETF (ticker: RAYS)

Global X Wind Energy ETF (ticker: WNDY)

Global X PropTech ETF (ticker: PTEC)

Global X Defense Tech ETF (ticker: SHLD)

Global X Infrastructure Development ex-U.S. ETF (ticker: IPAV)

 

Semi-Annual Financials and Other Information

 

May 31, 2025

 

Table of Contents

 

Financial Statements (Form N-CSRS Item 7)  
Schedules of Investments  
Global X Millennial Consumer ETF 1
Global X Aging Population ETF 5
Global X FinTech ETF 10
Global X Internet of Things ETF 16
Global X Robotics & Artificial Intelligence ETF 20
Global X U.S. Infrastructure Development ETF 27
Global X Autonomous & Electric Vehicles ETF 32
Global X Artificial Intelligence & Technology ETF 40
Global X Genomics & Biotechnology ETF 47
Global X Cloud Computing ETF 51
Global X Cybersecurity ETF 55
Global X Dorsey Wright Thematic ETF 59
Global X Video Games & Esports ETF 62
Global X HealthTech ETF 67
Global X CleanTech ETF 70
Global X Data Center & Digital Infrastructure ETF 75
Global X Clean Water ETF 80
Global X AgTech & Food Innovation ETF 83
Global X Blockchain ETF 87
Global X Hydrogen ETF 92
Global X Solar ETF 96
Global X Wind Energy ETF 101
Global X PropTech ETF 104
Global X Defense Tech ETF 107
Global X Infrastructure Development ex-U.S. ETF 112
Glossary 119
Statements of Assets and Liabilities 120
Statements of Operations 127
Statements of Changes in Net Assets 134
Financial Highlights 147
Notes to Financial Statements 163
Other Information (Form N-CSRS Items 8-11) 193

 

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.

 

Schedule of Investments   May 31, 2025 (Unaudited)

Global X Millennial Consumer ETF

 

 

    Shares     Value  
COMMON STOCK — 99.9%                
SINGAPORE — 4.1%                
Communication Services — 4.1%                
Grindr *     17,437     $ 425,811  
Sea ADR *     28,045       4,497,577  
                 
TOTAL SINGAPORE             4,923,388  
UNITED STATES — 95.8%                
Communication Services — 19.1%                
Alphabet, Cl A     20,460       3,513,800  
Angi, Cl A *     24,643       385,663  
Cargurus, Cl A *     11,714       367,117  
Cars.com *     27,313       279,958  
Match Group     18,673       559,070  
Meta Platforms, Cl A     5,801       3,756,089  
Netflix *     3,402       4,106,996  
Snap, Cl A *     107,616       887,832  
Spotify Technology *     5,712       3,799,280  
TripAdvisor *     27,654       393,793  
Vimeo *     63,710       277,776  
Walt Disney     36,227       4,095,100  
Yelp, Cl A *     8,982       342,843  
ZipRecruiter, Cl A *     58,194       347,418  
              23,112,735  
Consumer Discretionary — 44.0%                
Airbnb, Cl A *     28,012       3,613,548  
Amazon.com *     17,347       3,556,308  
AutoNation *     2,927       538,129  
Booking Holdings     710       3,918,440  
Capri Holdings *     23,641       428,375  
CarMax *     11,476       739,743  
Carter’s     8,967       281,295  
Carvana, Cl A *     10,032       3,282,069  
Chipotle Mexican Grill, Cl A *     64,386       3,224,451  
Columbia Sportswear     4,838       308,568  
Coursera *     47,828       423,278  
Dick’s Sporting Goods     4,200       753,228  
DoorDash, Cl A *     17,862       3,726,906  
eBay     34,806       2,546,755  
Etsy *     7,973       441,306  

 

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

1

 

Schedule of Investments   May 31, 2025 (Unaudited)

Global X Millennial Consumer ETF

 

 

    Shares     Value  
COMMON STOCK — continued                
Consumer Discretionary — continued                
Expedia Group     9,207     $ 1,535,267  
Graham Holdings, Cl B     335       319,727  
Home Depot     8,831       3,252,369  
Laureate Education, Cl A *     16,087       361,958  
Life Time Group Holdings *     15,628       446,961  
Lowe’s     13,985       3,156,834  
Lululemon Athletica *     8,629       2,732,545  
NIKE, Cl B (A)     55,574       3,367,229  
Peloton Interactive, Cl A *     59,018       419,028  
Perdoceo Education     11,808       401,944  
Planet Fitness, Cl A *     6,268       644,538  
Skechers USA, Cl A *     9,694       601,416  
Starbucks     37,152       3,118,910  
Strategic Education     3,826       349,046  
Stride *     3,244       491,109  
Sweetgreen, Cl A *     15,166       203,528  
Torrid Holdings * (A)     64,295       331,762  
Under Armour, Cl A *     59,738       400,842  
Urban Outfitters *     6,898       482,170  
VF     30,296       377,488  
Victoria’s Secret *     17,541       372,045  
Wayfair, Cl A *     12,224       504,118  
Williams-Sonoma     9,220       1,491,427  
              53,144,660  
Consumer Staples — 5.5%                
Celsius Holdings *     19,228       728,357  
Costco Wholesale     3,256       3,386,826  
Maplebear *     19,748       901,891  
Natural Grocers by Vitamin Cottage     6,819       332,972  
Sprouts Farmers Market *     7,320       1,265,335  
              6,615,381  
Financials — 9.1%                
Block, Cl A *     41,784       2,580,162  
Fiserv *     15,138       2,464,315  
LendingClub *     34,468       345,714  
Nelnet, Cl A     2,913       338,433  
PayPal Holdings *     51,569       3,624,269  

 

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

2

 

Schedule of Investments   May 31, 2025 (Unaudited)

Global X Millennial Consumer ETF

 

 

    Shares     Value  
COMMON STOCK — continued                
Financials — continued                
SLM     15,678     $ 507,497  
SoFi Technologies *     81,831       1,088,352  
              10,948,742  
Health Care — 0.7%                
Hims & Hers Health *     15,932       901,114  
                 
Industrials — 4.0%                
Avis Budget Group *     4,695       571,804  
Lyft, Cl A *     30,487       464,622  
Uber Technologies *     45,498       3,829,111  
              4,865,537  
Information Technology — 6.2%                
Apple     17,172       3,448,996  
Intuit     5,442       4,100,384  
              7,549,380  
Real Estate — 7.2%                
AvalonBay Communities ‡     10,633       2,198,586  
Camden Property Trust ‡     7,966       935,925  
Centerspace ‡     5,249       334,624  
Equity Residential ‡     28,358       1,989,030  
Independence Realty Trust ‡     17,205       319,841  
Invitation Homes ‡     45,762       1,542,179  
UDR ‡     24,721       1,024,191  
Zillow Group, Cl A *     4,939       326,814  
              8,671,190  
TOTAL UNITED STATES             115,808,739  
TOTAL COMMON STOCK
(Cost $121,440,826)		             120,732,127  
                 
SHORT-TERM INVESTMENT(B)(C) — 0.8%                
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 4.230%
(Cost $909,019)		     909,019       909,019  

 

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

3

 

Schedule of Investments   May 31, 2025 (Unaudited)

Global X Millennial Consumer ETF

 

 

    Face Amount     Value  
REPURCHASE AGREEMENT(B) — 0.8%                
RBC Capital Markets
4.250%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $947,397 (collateralized by a U.S. Treasury Obligations, par value $943,986, 4.625%, 06/30/2026, with a total market value of $966,406)
(Cost $947,062)		   $ 947,062     $ 947,062  
TOTAL INVESTMENTS — 101.5%
(Cost $123,296,907)		           $ 122,588,208  

 

Percentages are based on Net Assets of $120,814,578.

 

* Non-income producing security.
‡ Real Estate Investment Trust
(A) This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $1,757,372.
(B) These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $1,856,081. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $0.
(C) The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2025.

 

The following is a summary of the level of inputs used as of May 31, 2025, in valuing the Fund’s investments carried at value:

 

Investments in Securities   Level 1     Level 2     Level 3     Total  
Common Stock   $ 120,732,127     $ —     $ —     $ 120,732,127  
Short-Term Investment     909,019       —       —       909,019  
Repurchase Agreement     —       947,062       —       947,062  
Total Investments in Securities   $ 121,641,146     $ 947,062     $ —     $ 122,588,208  

 

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.

4

 

Schedule of Investments   May 31, 2025 (Unaudited)

Global X Aging Population ETF

 

 

    Shares     Value  
COMMON STOCK — 99.6%                
AUSTRALIA — 0.9%                
Health Care — 0.9%                
Cochlear     2,961     $ 517,358  
                 
BELGIUM — 3.4%                
Health Care — 3.1%                
UCB     9,639       1,749,740  
                 
Real Estate — 0.3%                
Aedifica ‡     2,306       174,090  
                 
TOTAL BELGIUM             1,923,830  
CANADA — 0.7%                
Health Care — 0.7%                
Chartwell Retirement Residences     13,679       185,146  
Sienna Senior Living     13,749       186,193  
                 
TOTAL CANADA             371,339  
CHINA — 4.8%                
Health Care — 4.8%                
AK Medical Holdings     202,689       153,279  
BeiGene ADR *     4,475       1,098,970  
Hansoh Pharmaceutical Group     268,443       884,934  
Lifetech Scientific *     885,092       182,853  
Luye Pharma Group *     651,724       209,441  
Microport Scientific *     177,702       167,016  
                 
TOTAL CHINA             2,696,493  
DENMARK — 5.0%                
Consumer Discretionary — 0.3%                
GN Store Nord *     11,525       168,698  
                 
Health Care — 4.7%                
Demant *     9,631       376,695  
Genmab *     2,989       627,527  
Novo Nordisk, Cl B     24,347       1,680,937  
              2,685,159  
TOTAL DENMARK             2,853,857  

 

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

5

 

Schedule of Investments   May 31, 2025 (Unaudited)

Global X Aging Population ETF

 

 

    Shares     Value  
COMMON STOCK — continued                
FRANCE — 0.3%                
Health Care — 0.3%                
Clariane *     35,925     $ 154,000  
                 
GERMANY — 1.3%                
Health Care — 1.3%                
Fresenius Medical Care     13,264       753,202  
                 
ITALY — 0.4%                
Health Care — 0.4%                
Amplifon     10,151       233,130  
                 
JAPAN — 7.1%                
Health Care — 7.1%                
Astellas Pharma     81,889       810,973  
Chugai Pharmaceutical     34,789       1,828,234  
Nipro     17,222       151,399  
Terumo     67,081       1,237,067  
                 
TOTAL JAPAN             4,027,673  
NEW ZEALAND — 0.2%                
Health Care — 0.2%                
Ryman Healthcare *     108,078       135,509  
                 
SOUTH KOREA — 2.2%                
Health Care — 2.2%                
Celltrion     9,573       1,117,093  
Dentium     3,161       141,588  
                 
TOTAL SOUTH KOREA             1,258,681  
SPAIN — 0.3%                
Health Care — 0.3%                
Pharma Mar     1,860       179,484  

 

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

6

 

Schedule of Investments   May 31, 2025 (Unaudited)

Global X Aging Population ETF

 

 

    Shares     Value  
COMMON STOCK — continued                
SWEDEN — 0.3%                
Health Care — 0.3%                
Elekta, Cl B     32,171     $ 169,146  
                 
SWITZERLAND — 5.4%                
Health Care — 5.4%                
Sandoz Group     19,940       1,012,837  
Sonova Holding     2,701       846,908  
Straumann Holding     7,227       928,501  
Ypsomed Holding     617       304,914  
                 
TOTAL SWITZERLAND             3,093,160  
UNITED KINGDOM — 4.1%                
Health Care — 4.1%                
AstraZeneca PLC ADR     23,895       1,740,273  
Smith & Nephew PLC     39,508       572,475  
                 
TOTAL UNITED KINGDOM             2,312,748  
UNITED STATES — 63.2%                
Health Care — 56.2%                
AbbVie     8,829       1,643,165  
ACADIA Pharmaceuticals *     10,822       233,431  
agilon health *     28,465       63,192  
Agios Pharmaceuticals *     6,227       199,824  
Alcon     18,176       1,564,169  
Alphatec Holdings *     16,181       201,130  
Amedisys *     1,720       161,800  
Amgen     5,513       1,588,736  
Blueprint Medicines *     2,861       289,962  
Boston Scientific *     17,109       1,800,893  
Bristol-Myers Squibb     29,103       1,405,093  
Brookdale Senior Living *     29,805       194,031  
CG oncology *     9,812       251,383  
DaVita *     3,600       490,536  
Denali Therapeutics *     13,321       176,370  
Dexcom *     17,687       1,517,545  
Edwards Lifesciences *     23,121       1,808,525  
Eli Lilly     2,135       1,574,925  
Embecta     13,269       139,723  

 

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

7

 

Schedule of Investments   May 31, 2025 (Unaudited)

Global X Aging Population ETF

 

 

    Shares     Value  
COMMON STOCK — continued                
Health Care — continued                
Ensign Group     2,582     $ 380,225  
Exact Sciences *     8,346       469,713  
Exelixis *     12,587       541,745  
Glaukos *     2,534       238,931  
Halozyme Therapeutics *     5,546       310,964  
Incyte *     8,710       566,673  
Insulet *     3,188       1,036,196  
Integer Holdings *     1,503       178,496  
Johnson & Johnson     10,298       1,598,353  
LivaNova PLC *     4,509       195,014  
MannKind *     33,010       136,992  
Medtronic PLC     18,867       1,565,584  
Merck     19,566       1,503,451  
Merit Medical Systems *     2,644       251,259  
National HealthCare     1,698       176,830  
Neurocrine Biosciences *     4,482       551,376  
Novocure *     9,928       189,724  
Regeneron Pharmaceuticals     2,776       1,361,017  
Roche Holding     4,998       1,703,414  
Stryker     4,581       1,752,874  
Teleflex     2,003       244,907  
Theravance Biopharma *     18,337       167,967  
United Therapeutics *     2,023       645,034  
Zimmer Biomet Holdings     8,972       826,949  
              31,898,121  
Real Estate — 7.0%                
LTC Properties ‡     4,650       164,563  
National Health Investors ‡     2,224       161,262  
Omega Healthcare Investors ‡     12,682       469,234  
Sabra Health Care REIT ‡     10,633       185,865  
Ventas ‡     19,749       1,269,466  

 

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

8

 

Schedule of Investments   May 31, 2025 (Unaudited)

Global X Aging Population ETF

 

 

    Shares     Value  
COMMON STOCK — continued                
Real Estate — continued                
Welltower ‡     11,361     $ 1,752,775  
              4,003,165  
TOTAL UNITED STATES             35,901,286  
TOTAL COMMON STOCK
(Cost $56,358,859)		             56,580,896  
TOTAL INVESTMENTS — 99.6%
 (Cost $56,358,859)		           $ 56,580,896  

 

Percentages are based on Net Assets of $56,793,561.

 

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

 

The following is a summary of the level of inputs used as of May 31, 2025, in valuing the Fund’s investments carried at value:

 

Investments in Securities   Level 1     Level 2     Level 3     Total  
Common Stock   $ 53,727,039     $ 2,853,857     $ —     $ 56,580,896  
Total Investments in Securities   $ 53,727,039     $ 2,853,857     $ —     $ 56,580,896  

 

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.

9

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X FinTech ETF

 

    Shares     Value  
COMMON STOCK — 99.9%                
AUSTRALIA — 1.6%                
Financials — 1.4%                
HUB24     51,530     $ 2,775,672  
Zip *     826,719       1,056,090  
              3,831,762  
Information Technology — 0.2%                
IRESS     117,931       657,247  
TOTAL AUSTRALIA             4,489,009  
BRAZIL — 1.3%                
Financials — 1.3%                
Pagseguro Digital, Cl A     132,732       1,182,642  
StoneCo, Cl A *     176,725       2,412,296  
TOTAL BRAZIL             3,594,938  
CANADA — 0.4%                
Information Technology — 0.4%                
Bitfarms *     281,134       258,896  
Hut 8 *     65,379       993,797  
                 
TOTAL CANADA             1,252,693  
CHINA — 1.0%                
Financials — 0.9%                
Lufax Holding ADR     550,955       1,614,298  
OSL Group * (A)      396,200       618,435  
Yeahka * (A)      291,200       348,331  
              2,581,064  
Information Technology — 0.1%                
Linklogis, Cl B (A)     1,245,200       193,730  
                 
TOTAL CHINA             2,774,794  
GERMANY — 0.3%                
Financials — 0.3%                
Hypoport *     4,341       965,915  

 

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

10

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X FinTech ETF

 

    Shares     Value  
COMMON STOCK — continued                
ISRAEL — 0.4%                
Information Technology — 0.4%                
Sapiens International     35,365     $ 1,014,976  
                 
ITALY — 1.7%                
Financials — 1.7%                
Nexi (A)     783,865       4,712,836  
                 
NETHERLANDS — 6.1%                
Financials — 6.1%                
Adyen *     8,991       17,245,866  
                 
NEW ZEALAND — 4.1%                
Information Technology — 4.1%                
Xero *     97,545       11,568,826  
                 
SOUTH KOREA — 0.8%                
Financials — 0.8%                
Kakaopay *     85,266       2,339,145  
                 
SWITZERLAND — 1.3%                
Information Technology — 1.3%                
Temenos     47,865       3,556,884  
                 
TAIWAN — 0.3%                
Financials — 0.3%                
Line Pay *     44,000       879,457  
                 
UNITED KINGDOM — 3.5%                
Financials — 3.5%                
Wise, Cl A *     654,155       9,694,910  
                 
UNITED STATES — 76.7%                
Financials — 52.3%                
Affirm Holdings, Cl A *     178,322       9,254,912  
Block, Cl A *     202,888       12,528,334  

 

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

11

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X FinTech ETF

 

    Shares     Value  
COMMON STOCK — continued                
Financials — continued                
Cantaloupe *     45,997     $ 384,995  
Coinbase Global, Cl A *     75,544       18,630,661  
Fidelity National Information Services     229,827       18,296,527  
Fiserv *     73,556       11,974,181  
Flywire *     77,148       829,341  
Galaxy Digital Holdings (A)     79,257       1,436,477  
Global Payments     121,167       9,161,437  
Jack Henry & Associates     46,541       8,431,833  
Lemonade * (A)     46,269       1,550,012  
LendingClub *     71,856       720,716  
LendingTree *     8,435       295,394  
Open Lending, Cl A *     75,096       134,422  
Paymentus Holdings, Cl A *     15,490       591,563  
Payoneer Global *     228,731       1,557,658  
PayPal Holdings *     237,634       16,700,918  
Paysafe *     38,467       475,067  
Sezzle * (A)     21,444       2,288,289  
Shift4 Payments, Cl A * (A)     43,148       4,089,999  
SoFi Technologies *     700,136       9,311,809  
Toast, Cl A *     315,420       13,304,416  
Upstart Holdings * (A)     59,637       2,813,077  
Virtu Financial, Cl A     55,086       2,213,906  
              146,975,944  
Health Care — 2.0%                
HealthEquity *     55,340       5,567,758  
                 
Industrials — 4.1%                
SS&C Technologies Holdings     143,463       11,593,245  
                 
Information Technology — 18.3%                
ACI Worldwide *     67,055       3,101,964  
BILL Holdings *     64,870       2,833,522  
Blend Labs, Cl A *     159,517       583,832  
Cipher Mining * (A)     229,039       714,602  
Core Scientific *     186,964       1,991,167  
Guidewire Software *     53,330       11,467,017  
I3 Verticals, Cl A *     14,761       364,744  
Intuit     26,682       20,104,087  

 

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

12

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X FinTech ETF

 

    Shares     Value  
COMMON STOCK — continued                
Information Technology — continued                
MARA Holdings * (A)      220,047     $ 3,107,064  
Meridianlink *     47,902       799,484  
Mitek Systems * (A)      28,356       266,263  
nCino * (A)      73,628       1,936,416  
Pagaya Technologies, Cl A * (A)      38,446       632,052  
Riot Platforms * (A)      222,633       1,796,648  
Vertex, Cl A *     45,564       1,802,967  
              51,501,829  
TOTAL UNITED STATES             215,638,776  
URUGUAY — 0.4%                
Financials — 0.4%                
Dlocal, Cl A     95,576       1,037,955  
                 
TOTAL COMMON STOCK
(Cost $347,731,213)		             280,766,980  
                 
    Face Amount          
REPURCHASE AGREEMENTS(B) — 5.7%                
Cantor Fitzgerald Securities
4.370%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $3,733,610 (collateralized by various U.S. Government Obligations, ranging in par value $162 - $256,236, 1.500% - 7.550%, 04/01/2032 - 03/20/2075, with a total market value of $3,791,346)		   $ 3,732,251       3,732,251  
CF Secured LLC
4.360%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $2,968,846 (collateralized by various U.S. Government Obligations, ranging in par value $376 - $439,965, 0.000% - 7.000%, 05/23/2028 - 04/20/2074, with a total market value of $3,015,667)		     2,967,768       2,967,768  

 

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

13

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X FinTech ETF

 

    Face Amount     Value  
REPURCHASE AGREEMENTS(B) — continued                
Clear Street LLC
4.410%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,089,601 (collateralized by various U.S. Government Obligations, ranging in par value $1,059 - $318,228, 2.000% - 7.000%, 09/17/2029 - 05/01/2055, with a total market value of $1,096,672)		   $ 1,089,201     $ 1,089,201  
Daiwa Capital Markets America, Inc.
4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $3,407,462 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $216 - $608,509, 0.000% - 7.500%, 09/16/2025 - 06/01/2055, with a total market value of $3,456,987)		     3,406,227       3,406,227  
HSBC Securities USA, Inc.
4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,637,300 (collateralized by various U.S. Treasury Obligations, ranging in par value $152 - $647,232, 1.500% - 7.000%, 12/01/2031 - 04/01/2055, with a total market value of $1,663,204)		     1,636,707       1,636,707  
HSBC Securities USA, Inc.
4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $794,045 (collateralized by various U.S. Government Obligations, ranging in par value $529 - $358,979, 0.000% - 4.625%, 08/15/2025 - 02/15/2055, with a total market value of $805,130)		     793,758       793,758  

 

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

14

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X FinTech ETF

 

    Face Amount     Value  
REPURCHASE AGREEMENTS(B) — continued                
RBC Dominion Securities, Inc.
4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $2,535,907 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $110 - $1,557,617, 0.000% - 7.500%, 06/12/2025 - 05/20/2055, with a total market value of $2,571,536)		   $ 2,534,990     $ 2,534,990  
TOTAL REPURCHASE AGREEMENTS
(Cost $16,160,902)		             16,160,902  
TOTAL INVESTMENTS — 105.6%
(Cost $363,892,115)		           $ 296,927,882  

 

Percentages are based on Net Assets of $281,145,559.

 

* Non-income producing security.
(A) This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $15,379,981.
(B) These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $16,160,902. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $18,978.

 

The following is a summary of the level of inputs used as of May 31, 2025, in valuing the Fund’s investments carried at value:

 

Investments in Securities   Level 1     Level 2     Level 3     Total  
Common Stock   $ 279,887,523     $ 879,457     $ —     $ 280,766,980  
Repurchase Agreements     —       16,160,902       —       16,160,902  
Total Investments in Securities   $ 279,887,523     $ 17,040,359     $ —     $ 296,927,882  

 

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.

15

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Internet of Things ETF

 

    Shares     Value  
COMMON STOCK — 99.8%                
AUSTRIA — 1.3%                
Information Technology — 1.3%                
ams-OSRAM *     105,979     $ 1,028,121  
Kontron     70,182       1,830,918  
                 
TOTAL AUSTRIA             2,859,039  
CANADA — 0.3%                
Information Technology — 0.3%                
BlackBerry *     145,735       577,111  
                 
FRANCE — 1.2%                
Industrials — 1.2%                
Legrand     21,325       2,589,184  
                 
JAPAN — 1.2%                
Information Technology — 1.2%                
Nippon Ceramic     33,558       666,067  
Renesas Electronics     153,221       1,893,295  
                 
TOTAL JAPAN             2,559,362  
NETHERLANDS — 1.8%                
Information Technology — 1.8%                
NXP Semiconductors     20,185       3,857,959  
                 
NORWAY — 1.2%                
Information Technology — 1.2%                
Nordic Semiconductor *     205,567       2,516,987  
                 
SINGAPORE — 5.8%                
Information Technology — 5.8%                
STMicroelectronics     500,129       12,550,634  
                 
SWITZERLAND — 2.9%                
Industrials — 2.0%                
ABB     78,357       4,438,847  

 

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

16

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Internet of Things ETF

 

    Shares     Value  
COMMON STOCK — continued                
Information Technology — 0.9%                
Landis+Gyr Group     30,776     $ 1,940,474  
                 
TOTAL SWITZERLAND             6,379,321  
TAIWAN — 10.1%                
Information Technology — 10.1%                
Advantech     922,683       10,529,642  
eMemory Technology     79,732       6,398,567  
MediaTek     93,980       3,951,309  
Nexcom International     234,200       618,938  
Sercomm     158,550       515,829  
                 
TOTAL TAIWAN             22,014,285  
UNITED KINGDOM — 0.3%                
Information Technology — 0.3%                
Spirent Communications PLC *     264,464       672,626  
                 
UNITED STATES — 73.7%                
Communication Services — 0.5%                
Globalstar *     29,435       543,370  
Iridium Communications     21,184       538,074  
              1,081,444  
Consumer Discretionary — 8.8%                
ADT     877,443       7,300,326  
Garmin     58,606       11,895,260  
              19,195,586  
Health Care — 6.5%                
Dexcom *     163,530       14,030,874  
                 
Industrials — 12.4%                
Emerson Electric     37,207       4,441,772  
Honeywell International     20,501       4,646,962  
Johnson Controls International     53,405       5,413,665  
Resideo Technologies *     34,820       720,774  
Rockwell Automation     9,215       2,907,793  
Schneider Electric     17,902       4,498,567  

 

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

17

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Internet of Things ETF

 

    Shares     Value  
COMMON STOCK — continued                
Industrials — continued                
Sensata Technologies Holding     159,543     $ 4,157,690  
              26,787,223  
Information Technology — 45.5%                
Alarm.com Holdings *     52,934       3,038,412  
Ambarella *     44,414       2,337,953  
Analog Devices     19,428       4,157,203  
Arlo Technologies *     108,741       1,557,171  
Badger Meter     31,404       7,795,101  
Belden     42,961       4,562,458  
Cisco Systems     68,280       4,304,371  
Digi International *     39,168       1,269,435  
GLOBALFOUNDRIES *     45,205       1,618,339  
Impinj *     30,408       3,469,249  
InterDigital     3,098       673,071  
International Business Machines     17,416       4,511,789  
Itron *     48,203       5,572,267  
Lattice Semiconductor *     147,174       6,614,000  
NETGEAR *     30,529       895,416  
Powerfleet NJ *     140,233       638,060  
PTC *     9,787       1,647,348  
Qorvo *     9,023       685,928  
QUALCOMM     27,751       4,029,445  
Rambus *     114,085       6,100,125  
Samsara, Cl A *     287,703       13,389,698  
Semtech *     19,886       742,344  
Silicon Laboratories *     34,633       4,174,315  
Skyworks Solutions     171,667       11,850,173  
SmartRent, Cl A *     509,352       430,046  
Synaptics *     41,758       2,453,700  
              98,517,417  
TOTAL UNITED STATES             159,612,544  
TOTAL COMMON STOCK
(Cost $202,346,630)		             216,189,052  

 

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

18

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Internet of Things ETF

 

    Face Amount     Value  
REPURCHASE AGREEMENT(A) — 0.0%                
HSBC Securities USA, Inc.
4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $926 (collateralized by various U.S. Treasury Obligations, ranging in par value $1 - $419, 0.000% - 4.625%, 08/15/2025 - 02/15/2055, with a total market value of $939)
(Cost $926)		   $ 926     $ 926  
TOTAL INVESTMENTS — 99.8%
(Cost $202,347,556)		           $ 216,189,978  

 

Percentages are based on Net Assets of $216,683,045.

 

* Non-income producing security.
(A) These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $926. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $0.

 

The following is a summary of the level of inputs used as of May 31, 2025, in valuing the Fund’s investments carried at value:

 

Investments in Securities   Level 1     Level 2     Level 3     Total  
Common Stock   $ 194,174,767     $ 22,014,285     $ —     $ 216,189,052  
Repurchase Agreement     —       926       —       926  
Total Investments in Securities   $ 194,174,767     $ 22,015,211     $ —     $ 216,189,978  

 

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.

19

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Robotics & Artificial Intelligence ETF  

 

    Shares     Value  
COMMON STOCK — 99.4%                
CANADA — 1.2%                
Industrials — 1.2%                
ATS *     1,065,359     $ 30,776,435  
                 
CHINA — 5.5%                
Consumer Discretionary — 2.1%                
Hesai Group ADR * (A)      1,066,346       20,111,285  
WeRide * (A)     2,809,048       27,809,575  
Zhixing Automotive Technology Suzhou * (A)     2,336,717       4,183,804  
              52,104,664  
Health Care — 0.9%                
Shanghai MicroPort MedBot Group * (A)     10,950,900       22,009,193  
                 
Industrials — 1.5%                
UBTech Robotics * (A)     3,602,477       38,452,516  
                 
Information Technology — 1.0%                
AInnovation Technology Group, Cl H * (A)     6,050,000       4,212,560  
RoboSense Technology * (A)     5,049,800       22,088,508  
              26,301,068  
TOTAL CHINA             138,867,441  
FINLAND — 2.1%                
Industrials — 2.1%                
Cargotec, Cl B     603,151       32,469,882  
Kalmar, Cl B     598,514       21,077,020  
                 
TOTAL FINLAND             53,546,902  
JAPAN — 30.3%                
Industrials — 19.5%                
Daifuku     4,188,568       112,279,573  
FANUC     7,015,980       188,071,733  
Hirata     349,203       4,576,339  
Shibaura Machine     271,039       6,301,922  
SMC     309,874       116,287,308  
Yaskawa Electric (A)     2,940,286       69,526,012  
              497,042,887  

 

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

20

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Robotics & Artificial Intelligence ETF  

 

    Shares     Value  
COMMON STOCK — continued                
Information Technology — 10.8%                
Keyence     496,604     $ 209,042,080  
Omron     2,273,505       59,006,038  
PKSHA Technology * (A)     349,000       8,066,218  
              276,114,336  
TOTAL JAPAN             773,157,223  
NORWAY — 0.8%                
Industrials — 0.8%                
AutoStore Holdings *     37,602,020       19,689,523  
                 
SOUTH KOREA — 2.9%                
Health Care — 0.1%                
Angel Robotics *     160,519       2,681,715  
                 
Industrials — 2.6%                
Doosan Robotics *     707,060       24,188,760  
Rainbow Robotics *     211,790       40,601,910  
              64,790,670  
Information Technology — 0.2%                
Robotis *     140,925       6,108,078  
                 
TOTAL SOUTH KOREA             73,580,463  
SWITZERLAND — 9.3%                
Health Care — 1.1%                
Tecan Group     140,502       27,996,077  
                 
Industrials — 8.2%                
ABB     3,708,732       210,096,023  
                 
TOTAL SWITZERLAND             238,092,100  
UNITED KINGDOM — 1.1%                
Information Technology — 1.1%                
Renishaw PLC     796,809       27,615,491  

 

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

21

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Robotics & Artificial Intelligence ETF  

 

    Shares     Value  
COMMON STOCK — continued                
UNITED STATES — 46.2%                
Consumer Discretionary — 0.3%                
iRobot * (A)     311,928     $ 957,619  
Serve Robotics * (A)     522,020       6,107,634  
              7,065,253  
Energy — 0.4%                
Helix Energy Solutions Group *     1,647,946       10,200,786  
                 
Financials — 1.9%                
Upstart Holdings *     1,027,424       48,463,590  
                 
Health Care — 10.2%                
Intuitive Surgical *     380,298       210,053,797  
Omnicell *     511,094       15,521,925  
PROCEPT BioRobotics *     600,566       34,832,828  
              260,408,550  
Industrials — 6.1%                
AeroVironment *     309,245       55,054,887  
JBT Marel     569,033       65,330,679  
Richtech Robotics * (A)     774,420       1,788,910  
Symbotic, Cl A * (A)     1,179,117       33,805,285  
              155,979,761  
Information Technology — 27.3%                
Appian, Cl A *     469,050       14,775,075  
C3.ai, Cl A * (A)     1,375,354       36,570,663  
Cerence *     466,276       3,968,008  
Cognex     1,862,866       55,830,094  
Dynatrace *     2,148,805       116,056,958  
FARO Technologies *     205,808       8,720,085  
NVIDIA     1,852,383       250,312,515  
Pegasystems     942,221       92,478,991  
PROS Holdings *     518,588       9,121,963  
SoundHound AI, Cl A * (A)     3,953,254       39,967,398  

 

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

22

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Robotics & Artificial Intelligence ETF  

 

    Shares     Value  
COMMON STOCK — continued                
Information Technology — continued                
UiPath, Cl A *     5,122,596     $ 68,181,753  
              695,983,503  
TOTAL UNITED STATES             1,178,101,443  
TOTAL COMMON STOCK
(Cost $2,671,584,272)		             2,533,427,021  
                 
    Face Amount          
REPURCHASE AGREEMENTS(B) — 4.9%                
Bank of America Securities, Inc.
4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $7,197,999 (collateralized by various U.S. Government Obligations, ranging in par value $3,652 - $1,874,391, 0.000% - 7.500%, 03/01/2037 - 05/01/2055, with a total market value of $7,312,843) 		  $ 7,195,391       7,195,391  
Cantor Fitzgerald Securities
4.370%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $29,682,208 (collateralized by various U.S. Government Obligations, ranging in par value $1,288 - $2,037,074, 1.500% - 7.550%, 04/01/2032 - 03/20/2075, with a total market value of $30,141,207)		     29,671,403       29,671,403  
CF Secured LLC
4.360%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $18,239,640 (collateralized by various U.S. Government Obligations, ranging in par value $2,308 - $2,703,004, 0.000% - 7.000%, 05/23/2028 - 04/20/2074, with a total market value of $18,527,289)		     18,233,015       18,233,015  

 

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

23

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Robotics & Artificial Intelligence ETF  

 

    Face Amount     Value  
REPURCHASE AGREEMENTS(B) — continued                
Clear Street LLC
4.410%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $5,625,188 (collateralized by various U.S. Government Obligations, ranging in par value $5,469 - $1,642,889, 2.000% - 7.000%, 09/17/2029 - 05/01/2055, with a total market value of $5,661,690)		   $ 5,623,122     $ 5,623,122  
Daiwa Capital Markets America, Inc.
4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $26,298,390 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $1,668 - $4,696,402, 0.000% - 7.500%, 09/16/2025 - 06/01/2055, with a total market value of $26,680,620)		     26,288,860       26,288,860  
HSBC Securities USA, Inc.
4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $12,636,490 (collateralized by various U.S. Government Obligations, ranging in par value $1,176 - $4,995,258, 1.500% - 7.000%, 12/01/2031 - 04/01/2055, with a total market value of $15,705,953)		     12,631,911       12,631,911  
HSBC Securities USA, Inc.
4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $2,579,159 (collateralized by various U.S. Treasury Obligations, ranging in par value $1,719 - $1,166,010, 0.000% - 4.625%, 08/15/2025 - 02/15/2055, with a total market value of $2,615,165)		     2,578,227       2,578,227  
Nomura Securities International, Inc.
4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $4,227,071 (collateralized by various U.S. Government Obligations, ranging in par value $2,863 - $5,070,652, 1.500% - 7.500%, 03/01/2028 - 07/01/2060, with a total market value of $4,296,505)		     4,225,543       4,225,543  

 

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

24

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Robotics & Artificial Intelligence ETF  

 

    Face Amount     Value  
REPURCHASE AGREEMENTS(B) — continued                
RBC Dominion Securities, Inc.
4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $19,571,831 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $850 - $12,021,507, 0.000% - 7.500%, 06/12/2025 - 05/20/2055, with a total market value of $19,846,810)		   $ 19,564,755     $ 19,564,755  
TOTAL REPURCHASE AGREEMENTS
(Cost $126,012,227)		             126,012,227  
TOTAL INVESTMENTS — 104.3%
(Cost $2,797,596,499)		           $ 2,659,439,248  

 

Percentages are based on Net Assets of $2,549,021,830.

 

* Non-income producing security.
(A) This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $136,309,201.
(B) These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $126,012,227. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $14,610,393.

 

A list of the open futures contracts held by the Fund at May 31, 2025, is as follows:

 

Type of Contract   Number of
Contracts		     Expiration
Date		   Notional Amount     Value     Unrealized
Appreciation
Long Contracts                                  
NASDAQ 100 Index E-MINI     35     Jun-2025   $ 13,767,638     $ 14,963,725     $ 1,196,088

 

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

25

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Robotics & Artificial Intelligence ETF  

 

The following is a summary of the level of inputs used as of May 31, 2025, in valuing the Fund’s investments and Other Financial Instruments carried at value:

 

Investments in Securities   Level 1     Level 2     Level 3     Total  
Common Stock   $ 2,533,427,021     $ —     $ —     $ 2,533,427,021  
Repurchase Agreements     —       126,012,227       —       126,012,227  
Total Investments in Securities   $ 2,533,427,021     $ 126,012,227     $ —     $ 2,659,439,248  
                                 
Other Financial Instruments   Level 1     Level 2     Level 3     Total  
Futures Contracts*                                
Unrealized Appreciation   $ —     $ 1,196,088     $ —     $ 1,196,088  
Total Other Financial Instruments   $ —     $ 1,196,088     $ —     $ 1,196,088  

 

* Futures contracts are valued at the unrealized appreciation on the instrument.

 

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.

26

 

Schedule of Investments   May 31, 2025 (Unaudited)
Global X U.S. Infrastructure Development ETF

 

    Shares     Value  
COMMON STOCK — 99.8%                
Consumer Discretionary — 0.6%                
TopBuild *     178,637     $ 50,534,621  
Industrials — 73.7%                
Acuity Brands     187,778       48,801,624  
Advanced Drainage Systems     469,555       51,632,268  
AECOM     802,954       88,204,497  
Amentum Holdings *     45,774       945,685  
Arcosa     295,726       25,512,282  
Argan     148,388       31,205,996  
Astec Industries     737,668       28,982,976  
ATI *     864,026       68,811,031  
Atkore     299,477       19,495,953  
Builders FirstSource *     696,577       75,007,411  
Carlisle     274,355       104,304,284  
Centuri Holdings * (A)     1,196,179       24,976,218  
Columbus McKinnon     701,203       10,209,516  
Construction Partners, Cl A *     314,042       32,877,057  
Crane     346,635       59,413,239  
CSW Industrials     101,831       31,138,901  
CSX     7,687,827       242,858,455  
Custom Truck One Source *     4,832,225       20,778,567  
Deere     545,297       276,062,059  
DNOW *     1,878,499       27,087,956  
DXP Enterprises *     241,868       19,997,646  
Dycom Industries *     176,825       40,655,604  
Eaton PLC     700,270       224,226,454  
EMCOR Group     278,400       131,365,824  
Emerson Electric     1,973,408       235,585,447  
Exponent     307,783       23,496,154  
Fastenal     6,860,182       283,599,924  
Fortive     2,098,926       147,323,616  
Gibraltar Industries *     421,419       24,686,725  
Gorman-Rupp     680,331       24,832,081  
Graco     1,022,090       86,530,139  
Granite Construction     279,378       24,990,362  
Greenbrier     368,926       16,627,495  
H&E Equipment Services     292,148       27,648,887  
Herc Holdings     172,346       21,370,904  
Howmet Aerospace     2,026,331       344,253,374  
Hubbell, Cl B     324,943       126,591,294  

 

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

27

 

Schedule of Investments   May 31, 2025 (Unaudited)
Global X U.S. Infrastructure Development ETF

 

    Shares     Value  
COMMON STOCK — continued                
Industrials — continued                
IDEX     458,343     $ 82,918,832  
Insteel Industries     894,502       31,325,460  
Jacobs Solutions     750,638       94,805,579  
Lincoln Electric Holdings     341,361       66,084,076  
MasTec *     479,711       74,801,336  
MRC Global *     1,721,820       21,367,786  
Mueller Industries     688,747       53,632,729  
Mueller Water Products, Cl A     1,092,948       26,810,014  
MYR Group *     167,644       26,294,961  
Norfolk Southern     1,010,411       249,692,766  
Northwest Pipe *     519,995       20,092,607  
Parker-Hannifin     380,708       253,056,608  
Pentair PLC     1,000,161       99,195,968  
Powell Industries     89,468       15,172,878  
Preformed Line Products     197,718       28,202,496  
Primoris Services     325,218       23,451,470  
Quanta Services     729,684       249,960,551  
RBC Bearings *     190,215       69,593,962  
Regal Rexnord     400,593       53,455,130  
Rockwell Automation     684,032       215,846,298  
SPX Technologies *     280,409       42,647,405  
Sterling Infrastructure *     186,179       35,003,514  
Terex     530,711       23,887,302  
Tetra Tech     1,622,999       56,707,585  
Titan Machinery *     1,642,004       30,672,635  
Trane Technologies PLC     646,680       278,247,004  
Trinity Industries     659,801       16,983,278  
Tutor Perini *     973,113       35,888,407  
Union Pacific     1,043,531       231,309,081  
United Rentals     328,310       232,568,238  
Valmont Industries     121,263       38,566,485  
Wabash National     1,649,069       14,297,428  
WESCO International     296,756       49,822,365  
Woodward     359,610       77,794,431  
Zurn Elkay Water Solutions     1,028,258       37,212,657  
              6,029,457,227  
Information Technology — 2.2%                
Badger Meter     178,151       44,220,641  
Calix *     655,628       30,316,239  

 

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

28

 

Schedule of Investments   May 31, 2025 (Unaudited)
Global X U.S. Infrastructure Development ETF

 

    Shares     Value  
COMMON STOCK — continued                
Information Technology — continued                
Trimble *     1,487,031     $ 105,980,699  
              180,517,579  
Materials — 20.0%                
Alcoa     1,564,882       41,891,891  
Carpenter Technology     301,573       70,869,655  
Century Aluminum *     1,310,085       20,293,217  
Cleveland-Cliffs *     2,994,991       17,460,797  
Commercial Metals     688,646       32,084,017  
CRH PLC     2,575,129       234,748,760  
Eagle Materials     203,084       41,065,616  
Knife River *     342,574       32,236,213  
Louisiana-Pacific     425,556       38,329,829  
Martin Marietta Materials     369,860       202,516,843  
Materion     253,644       19,639,655  
Metallus *     1,751,240       22,118,161  
Minerals Technologies     341,774       19,405,928  
Nucor     1,420,914       155,391,155  
Reliance     327,628       95,936,031  
RPM International     778,170       88,586,873  
Ryerson Holding     1,262,787       26,215,458  
Steel Dynamics     921,451       113,402,975  
United States Lime & Minerals     218,613       22,469,044  
United States Steel     1,363,354       73,375,712  
Vulcan Materials     799,160       211,833,341  
Westlake     779,051       55,335,993  
              1,635,207,164  
Utilities — 3.3%                
MDU Resources Group     1,434,404       24,657,405  
Sempra     3,125,843       245,660,001  
              270,317,406  
TOTAL COMMON STOCK
(Cost $7,048,384,842)		             8,166,033,997  
                 
SHORT-TERM INVESTMENT(B)(C) — 0.1%                
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 4.230%
(Cost $5,046,225)		     5,046,225       5,046,225  

 

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

29

 

Schedule of Investments   May 31, 2025 (Unaudited)
Global X U.S. Infrastructure Development ETF

 

    Face Amount     Value  
REPURCHASE AGREEMENT(B) — 0.1%                
RBC Capital Markets
4.250%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $5,259,273 (collateralized by a U.S. Treasury Obligations, par value $5,240,340, 4.625%, 06/30/2026, with a total market value of $5,364,798)
(Cost $5,257,411)		   $ 5,257,411     $ 5,257,411  
TOTAL INVESTMENTS — 100.0%
(Cost $7,058,688,478)		           $ 8,176,337,633  

 

Percentages are based on Net Assets of $8,178,707,381.

 

* Non-income producing security.
(A) This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $10,124,232.
(B) These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $10,303,636. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $0.
(C) The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2025.

 

A list of the open futures contracts held by the Fund at May 31, 2025, is as follows:

 

Type of Contract   Number of
Contracts		     Expiration
Date		   Notional Amount     Value     Unrealized
Appreciation
Long Contracts                                  
Russell 2000 Index E-MINI     19     Jun-2025   $ 1,958,262     $ 1,964,885     $ 6,623

 

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

30

 

Schedule of Investments   May 31, 2025 (Unaudited)
Global X U.S. Infrastructure Development ETF

 

The following is a summary of the level of inputs used as of May 31, 2025, in valuing the Fund’s investments and Other Financial Instruments carried at value:

 

Investments in Securities   Level 1     Level 2     Level 3     Total  
Common Stock   $ 8,166,033,997     $ —     $ —     $ 8,166,033,997  
Short-Term Investment     5,046,225       —       —       5,046,225  
Repurchase Agreement     —       5,257,411       —       5,257,411  
Total Investments in Securities   $ 8,171,080,222     $ 5,257,411     $ —     $ 8,176,337,633  
                                 
Other Financial Instruments   Level 1     Level 2     Level 3     Total  
Futures Contracts*                                
Unrealized Appreciation   $ —     $ 6,623     $ —     $ 6,623  
Total Other Financial Instruments   $ —     $ 6,623     $ —     $ 6,623  

 

* Futures contracts are valued at the unrealized appreciation on the instrument.

 

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.

31

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Autonomous & Electric Vehicles ETF

 

    Shares     Value  
COMMON STOCK — 97.9%                
AUSTRALIA — 2.9%                
Materials — 2.9%                
IGO     1,080,993     $ 2,699,213  
Liontown Resources * (A)     9,854,125       3,836,683  
Pilbara Minerals *     2,492,988       1,989,411  
                 
TOTAL AUSTRALIA             8,525,307  
CANADA — 3.0%                
Industrials — 0.9%                
Ballard Power Systems * (A)     2,109,350       2,721,062  
                 
Information Technology — 1.2%                
BlackBerry *     838,928       3,322,155  
                 
Materials — 0.9%                
Lithium Americas * (A)     1,018,393       2,718,282  
                 
TOTAL CANADA             8,761,499  
CHILE — 0.9%                
Materials — 0.9%                
Sociedad Quimica y Minera de Chile ADR (A)     87,054       2,649,053  
                 
CHINA — 11.3%                
Communication Services — 1.4%                
Baidu ADR *     50,571       4,141,765  
                 
Consumer Discretionary — 6.6%                
Geely Automobile Holdings     2,023,300       4,546,365  
Nexteer Automotive Group (A)     8,385,200       6,170,030  
NIO ADR * (A)     872,143       3,087,386  
XPeng ADR, Cl A * (A)     286,409       5,530,558  
              19,334,339  
Information Technology — 2.2%                
indie Semiconductor, Cl A * (A)     845,033       2,239,337  
RoboSense Technology * (A)     993,828       4,347,138  
              6,586,475  

 

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

32

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Autonomous & Electric Vehicles ETF

 

    Shares     Value  
COMMON STOCK — continued                
Materials — 1.1%                
Ganfeng Lithium Group, Cl H (A)     1,258,233     $ 3,080,778  
                 
TOTAL CHINA             33,143,357  
FRANCE — 2.4%                
Consumer Discretionary — 2.4%                
Forvia     334,074       3,138,747  
Renault     74,805       3,853,791  
                 
TOTAL FRANCE             6,992,538  
GERMANY — 1.8%                
Information Technology — 1.8%                
Infineon Technologies     140,049       5,449,424  
                 
ISRAEL — 1.1%                
Consumer Discretionary — 1.1%                
Mobileye Global, Cl A * (A)     207,643       3,374,199  
                 
JAPAN — 15.9%                
Consumer Discretionary — 8.4%                
Denso     298,493       4,057,618  
Honda Motor     480,382       4,887,216  
Koito Manufacturing     267,435       3,387,072  
Nissan Motor * (A)     1,247,896       3,190,331  
Toyota Motor     480,544       9,221,569  
              24,743,806  
Industrials — 1.3%                
GS Yuasa     209,088       3,826,892  
                 
Information Technology — 3.6%                
Allegro MicroSystems *     147,111       3,729,264  
Renesas Electronics     313,299       3,871,320  
Socionext     204,302       3,034,195  
              10,634,779  
Materials — 2.6%                
Denka     242,391       3,454,569  

 

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

33

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Autonomous & Electric Vehicles ETF

 

    Shares     Value  
COMMON STOCK — continued                
Materials — continued                
Tokai Carbon (A)     597,500     $ 4,294,033  
              7,748,602  
TOTAL JAPAN             46,954,079  
LUXEMBOURG — 1.3%                
Materials — 1.3%                
APERAM     127,519       3,871,056  
                 
NETHERLANDS — 1.6%                
Information Technology — 1.6%                
NXP Semiconductors     23,929       4,573,550  
                 
SINGAPORE — 1.3%                
Information Technology — 1.3%                
STMicroelectronics     157,059       3,941,363  
                 
SOUTH KOREA — 6.9%                
Consumer Discretionary — 3.3%                
HL Mando     108,039       2,638,917  
Hyundai Motor     26,138       3,510,453  
Kia     52,586       3,407,399  
              9,556,769  
Industrials — 1.0%                
LG Energy Solution *     14,793       3,066,462  
                 
Information Technology — 1.1%                
Samsung SDI     25,263       3,092,644  
                 
Materials — 1.5%                
Cosmochemical *     248,098       2,476,125  
SKC *     30,957       1,999,180  
              4,475,305  
TOTAL SOUTH KOREA             20,191,180  

 

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

34

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Autonomous & Electric Vehicles ETF

 

    Shares     Value  
COMMON STOCK — continued                
TAIWAN — 2.3%                
Industrials — 1.1%                
Advanced Energy Solution Holding     98,100     $ 3,371,640  
                 
Information Technology — 1.2%                
Wistron NeWeb     840,200       3,448,441  
                 
TOTAL TAIWAN             6,820,081  
UNITED STATES — 45.2%                
Communication Services — 2.9%                
Alphabet, Cl A     49,205       8,450,467  
                 
Consumer Discretionary — 12.9%                
American Axle & Manufacturing Holdings *     562,549       2,469,590  
Ford Motor     462,479       4,800,532  
General Motors     100,135       4,967,697  
Gentherm *     84,561       2,314,012  
Lear     37,043       3,349,428  
Lucid Group * (A)     1,153,160       2,571,547  
QuantumScape, Cl A * (A)     640,114       2,560,456  
Stellantis     331,207       3,370,877  
Tesla *     23,587       8,171,952  
Visteon *     40,136       3,388,482  
              37,964,573  
Industrials — 10.6%                
ATI *     62,773       4,999,242  
Bloom Energy, Cl A * (A)     153,222       2,830,010  
EnerSys     36,693       3,068,636  
Honeywell International     36,168       8,198,200  
Hyster-Yale     63,516       2,550,802  
ITT     25,514       3,840,878  
Plug Power * (A)     1,257,230       1,109,757  
Westinghouse Air Brake Technologies     22,175       4,486,446  
              31,083,971  
Information Technology — 17.1%                
Ambarella *     45,628       2,401,858  
CEVA *     102,266       1,918,510  
Coherent *     40,190       3,039,570  

 

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

35

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Autonomous & Electric Vehicles ETF

 

    Shares     Value  
COMMON STOCK — continued                
Information Technology — continued                
Intel     311,298     $ 6,085,876  
Microsoft     22,508       10,361,783  
NVIDIA     71,038       9,599,365  
ON Semiconductor *     73,559       3,090,949  
QUALCOMM     56,874       8,258,105  
SiTime *     14,644       2,871,249  
Skyworks Solutions     40,899       2,823,258  
              50,450,523  
Materials — 1.7%                
Albemarle     39,216       2,186,684  
Cabot     38,445       2,871,457  
              5,058,141  
TOTAL UNITED STATES             133,007,675  
TOTAL COMMON STOCK
(Cost $438,425,562)		             288,254,361  
                 
PREFERRED STOCK — 1.5%                
GERMANY— 1.5%                
Consumer Discretionary — 1.5%                
Volkswagen (B)     41,534       4,496,381  
TOTAL PREFERRED STOCK
(Cost $9,308,839)		             4,496,381  
                 
    Face Amount          
REPURCHASE AGREEMENTS(C) — 10.5%                
Bank of America Securities, Inc.
4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,775,852 (collateralized by various U.S. Government Obligations, ranging in par value $901 - $462,440, 0.000% - 7.500%, 03/01/2037 - 05/01/2055, with a total market value of $1,804,185)		   $ 1,775,208       1,775,208  

 

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

36

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Autonomous & Electric Vehicles ETF

 

    Face Amount     Value  
REPURCHASE AGREEMENTS(C) — continued                
Cantor Fitzgerald Securities
4.370%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $7,108,985 (collateralized by various U.S. Government Obligations, ranging in par value $309 - $487,886, 1.500% - 7.550%, 04/01/2032 - 03/20/2075, with a total market value of $7,218,917)		   $ 7,106,397     $ 7,106,397  
CF Secured LLC
4.360%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $4,499,985 (collateralized by various U.S. Government Obligations, ranging in par value $569 - $666,871, 0.000% - 7.000%, 05/23/2028 - 04/20/2074, with a total market value of $4,570,953)		     4,498,351       4,498,351  
Daiwa Capital Markets America, Inc.
4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $6,488,197 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $412 - $1,158,671, 0.000% - 7.500%, 09/16/2025 - 06/01/2055, with a total market value of $6,582,499)		     6,485,846       6,485,846  
HSBC Securities USA, Inc.
4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $2,006,161 (collateralized by various U.S. Government Obligations, ranging in par value $1,337 - $906,964, 0.000% - 4.625%, 08/15/2025 - 02/15/2055, with a total market value of $2,034,167)		     2,005,436       2,005,436  
HSBC Securities USA, Inc.
4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $3,117,607 (collateralized by various U.S. Treasury Obligations, ranging in par value $290 - $1,232,403, 1.500% - 7.000%, 12/01/2031 - 04/01/2055, with a total market value of $3,166,931)		     3,116,477       3,116,477  

 

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

37

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Autonomous & Electric Vehicles ETF

 

    Face Amount     Value  
REPURCHASE AGREEMENTS(C) — continued                
Nomura Securities International, Inc.
4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,042,880 (collateralized by various U.S. Government Obligations, ranging in par value $706 - $1,251,004, 1.500% - 7.500%, 03/01/2028 - 07/01/2060, with a total market value of $1,060,010)		   $ 1,042,503     $ 1,042,503  
RBC Dominion Securities, Inc.
4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $4,828,657 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $210 - $2,965,881, 0.000% - 7.500%, 06/12/2025 - 05/20/2055, with a total market value of $4,896,498)		     4,826,911       4,826,911  
TOTAL REPURCHASE AGREEMENTS
(Cost $30,857,129)		             30,857,129  
TOTAL INVESTMENTS — 109.9%
(Cost $478,591,530)		           $ 323,607,871  

 

Percentages are based on Net Assets of $294,458,491.

 

* Non-income producing security.
(A) This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $29,582,425.
(B) There is currently no stated interest rate.
(C) These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $30,857,129. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $2,547,486.

 

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

38

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Autonomous & Electric Vehicles ETF

 

The following is a summary of the level of inputs used as of May 31, 2025, in valuing the Fund’s investments carried at value:

 

Investments in Securities   Level 1     Level 2     Level 3     Total  
Common Stock   $ 281,434,280     $ 6,820,081     $ —     $ 288,254,361  
Preferred Stock     4,496,381       —       —       4,496,381  
Repurchase Agreements     —       30,857,129       —       30,857,129  
Total Investments in Securities   $ 285,930,661     $ 37,677,210     $ —     $ 323,607,871  

 

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.

39

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Artificial Intelligence & Technology ETF

 

    Shares     Value  
COMMON STOCK — 99.9%                
BRAZIL — 0.5%                
Financials — 0.5%                
StoneCo, Cl A *     1,132,844     $ 15,463,321  
                 
CANADA — 2.9%                
Industrials — 1.1%                
Thomson Reuters     177,408       35,241,212  
                 
Information Technology — 1.8%                
Hut 8 * (A)     380,655       5,812,602  
Shopify, Cl A *     478,325       51,286,006  
              57,098,608  
TOTAL CANADA             92,339,820  
CHINA — 8.8%                
Communication Services — 4.3%                
Baidu ADR * (A)     117,584       9,630,130  
Tencent Holdings     2,001,443       127,158,394  
              136,788,524  
Consumer Discretionary — 4.5%                
Alibaba Group Holding ADR     938,178       106,802,183  
Meituan, Cl B *     2,180,915       38,380,967  
              145,183,150  
TOTAL CHINA             281,971,674  
FINLAND — 0.3%                
Information Technology — 0.3%                
TietoEVRY     525,324       9,589,730  
                 
GERMANY — 3.0%                
Industrials — 2.4%                
Siemens     315,169       75,781,389  
                 
Information Technology — 0.6%                
Infineon Technologies     513,087       19,964,645  
                 
TOTAL GERMANY             95,746,034  

 

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

40

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Artificial Intelligence & Technology ETF

 

    Shares     Value  
COMMON STOCK — continued                
IRELAND — 2.6%                
Information Technology — 2.6%                
Accenture PLC, Cl A     268,769     $ 85,151,395  
                 
ISRAEL — 0.5%                
Information Technology — 0.5%                
Nice ADR *     60,474       10,034,451  
Wix.com *     40,852       6,084,905  
                 
TOTAL ISRAEL             16,119,356  
ITALY — 0.3%                
Health Care — 0.3%                
Amplifon     357,180       8,203,064  
                 
JAPAN — 2.5%                
Consumer Discretionary — 0.3%                
Rakuten Group *     1,653,468       9,151,111  
                 
Industrials — 0.6%                
FANUC     389,717       10,446,830  
Fujikura     207,612       9,665,875  
              20,112,705  
Information Technology — 1.6%                
Fujitsu     811,813       18,667,283  
NEC     583,985       15,318,502  
Socionext     558,805       8,299,103  
Toshiba TEC     445,044       9,120,171  
              51,405,059  
TOTAL JAPAN             80,668,875  
NETHERLANDS — 1.1%                
Industrials — 0.5%                
Wolters Kluwer     93,806       16,644,958  

 

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

41

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Artificial Intelligence & Technology ETF

 

    Shares     Value  
COMMON STOCK — continued                
Information Technology — 0.6%                
NXP Semiconductors     100,109     $ 19,133,833  
                 
TOTAL NETHERLANDS             35,778,791  
SOUTH KOREA — 4.6%                
Information Technology — 4.6%                
Samsung Electronics     2,612,583       106,419,631  
SK Hynix     287,171       42,564,666  
                 
TOTAL SOUTH KOREA             148,984,297  
SWEDEN — 0.3%                
Information Technology — 0.3%                
Telefonaktiebolaget LM Ericsson ADR     1,208,552       10,224,350  
                 
SWITZERLAND — 0.3%                
Information Technology — 0.3%                
Temenos     114,121       8,480,418  
                 
TAIWAN — 3.5%                
Information Technology — 3.5%                
Acer     8,552,200       9,902,442  
Advantech     842,857       9,618,670  
Global Unichip     238,865       9,285,674  
Taiwan Semiconductor Manufacturing ADR     434,660       84,028,471  
                 
TOTAL TAIWAN             112,835,257  
UNITED STATES — 68.7%                
Communication Services — 10.1%                
Alphabet, Cl A     493,096       84,684,307  
Meta Platforms, Cl A     153,350       99,292,591  
Netflix *     99,064       119,593,033  
Snap, Cl A *     916,612       7,562,049  
Trade Desk, Cl A *     176,405       13,269,184  
              324,401,164  
Consumer Discretionary — 5.2%                
Amazon.com *     414,659       85,009,242  

 

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

42

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Artificial Intelligence & Technology ETF

 

    Shares     Value  
COMMON STOCK — continued                
Consumer Discretionary — continued                
Tesla *     236,377     $ 81,895,175  
              166,904,417  
Health Care — 0.4%                
GE HealthCare Technologies     179,558       12,666,021  
                 
Industrials — 3.0%                
Experian PLC     360,474       17,952,241  
Genpact     210,317       9,054,147  
Uber Technologies *     830,441       69,889,915  
              96,896,303  
Information Technology — 50.0%                
Adobe *     171,580       71,221,142  
Advanced Micro Devices *     639,977       70,864,653  
Ambarella *     117,545       6,187,569  
Apple     436,496       87,670,222  
AppLovin, Cl A *     117,593       46,214,049  
Broadcom     406,278       98,347,715  
C3.ai, Cl A * (A)     284,656       7,569,003  
Cadence Design Systems *     108,100       31,032,267  
CCC Intelligent Solutions Holdings *     849,135       7,455,405  
Cisco Systems     1,568,716       98,891,857  
CyberArk Software *     27,144       10,390,180  
Datadog, Cl A *     123,296       14,534,132  
DXC Technology *     458,183       6,964,382  
Fortinet *     301,272       30,663,464  
Hewlett Packard Enterprise     515,306       8,904,488  
Informatica, Cl A *     392,487       9,423,613  
Intel     1,695,034       33,137,915  
International Business Machines     364,701       94,479,441  
Marvell Technology     340,307       20,483,078  
Micron Technology     439,399       41,505,630  
Microsoft     218,477       100,578,072  
NVIDIA     663,062       89,599,568  
Okta, Cl A *     110,156       11,364,795  
Oracle     523,555       86,664,059  
Palantir Technologies, Cl A *     860,036       113,335,544  
Pegasystems     88,932       8,728,676  

 

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

43

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Artificial Intelligence & Technology ETF

 

    Shares     Value  
COMMON STOCK — continued                
Information Technology — continued                
QUALCOMM     438,168     $ 63,621,994  
Quantum Computing * (A)     871,001       9,864,086  
Salesforce     291,750       77,421,697  
Seagate Technology Holdings     89,138       10,512,936  
ServiceNow *     86,005       86,958,795  
Snowflake, Cl A *     130,144       26,766,716  
SoundHound AI, Cl A * (A)     590,687       5,971,846  
Super Micro Computer *     290,090       11,609,402  
Synopsys *     61,004       28,304,636  
Teradata *     301,250       6,615,450  
Twilio, Cl A *     85,720       10,089,244  
UiPath, Cl A *     703,195       9,359,525  
Verint Systems *     379,543       6,657,184  
Workday, Cl A *     84,338       20,891,366  
Zebra Technologies, Cl A *     23,073       6,685,863  
Zscaler *     60,438       16,662,757  
              1,604,204,416  
TOTAL UNITED STATES             2,205,072,321  
TOTAL COMMON STOCK
(Cost $2,864,658,709)		             3,206,628,703  
                 
    Face Amount          
REPURCHASE AGREEMENTS(B) — 0.9%                
Bank of America Securities, Inc.
4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,603,140 (collateralized by various U.S. Government Obligations, ranging in par value $813 - $417,465, 0.000% - 7.500%, 03/01/2037 - 05/01/2055, with a total market value of $1,628,718)		   $ 1,602,559       1,602,559  
Cantor Fitzgerald Securities
4.370%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $6,417,515 (collateralized by various U.S. Government Obligations, ranging in par value $279 - $440,431, 1.500% - 7.550%, 04/01/2032 - 03/20/2075, with a total market value of $6,516,754)		     6,415,179       6,415,179  

 

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

44

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Artificial Intelligence & Technology ETF

 

    Face Amount     Value  
REPURCHASE AGREEMENTS(B) — continued                
CF Secured LLC
4.360%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $4,062,335 (collateralized by various U.S. Government Obligations, ranging in par value $514 - $602,014, 0.000% - 7.000%, 05/23/2028 - 04/20/2074, with a total market value of $4,126,401)		   $ 4,060,860     $ 4,060,860  
Clear Street LLC
4.410%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $2,134,716 (collateralized by various U.S. Government Obligations, ranging in par value $2,076 - $623,464, 2.000% - 7.000%, 09/17/2029 - 05/01/2055, with a total market value of $2,148,568)		     2,133,932       2,133,932  
Daiwa Capital Markets America, Inc.
4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $5,857,181 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $372 - $1,045,983, 0.000% - 7.500%, 09/16/2025 - 06/01/2055, with a total market value of $5,942,312)		     5,855,059       5,855,059  
HSBC Securities USA, Inc.
4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $617,539 (collateralized by various U.S. Government Obligations, ranging in par value $412 - $279,183, 0.000% - 4.625%, 08/15/2025 - 02/15/2055, with a total market value of $626,160)		     617,316       617,316  
HSBC Securities USA, Inc.
4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $2,814,401 (collateralized by various U.S. Treasury Obligations, ranging in par value $262 - $1,112,544, 1.500% - 7.000%, 12/01/2031 - 04/01/2055, with a total market value of $2,858,928)		     2,813,381       2,813,381  

 

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

45

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Artificial Intelligence & Technology ETF

 

    Face Amount     Value  
REPURCHASE AGREEMENTS(B) — continued                
RBC Dominion Securities, Inc.
4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $4,359,041 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $189 - $2,677,432, 0.000% - 7.500%, 06/12/2025 - 05/20/2055, with a total market value of $4,420,284)		   $ 4,357,465     $ 4,357,465  
TOTAL REPURCHASE AGREEMENTS
(Cost $27,855,751)		             27,855,751  
TOTAL INVESTMENTS — 100.8%
(Cost $2,892,514,460)		           $ 3,234,484,454  

 

Percentages are based on Net Assets of $3,209,293,808.

 

* Non-income producing security.
(A) This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $25,855,307.
(B) These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $27,855,751. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $0.

 

The following is a summary of the level of inputs used as of May 31, 2025, in valuing the Fund’s investments carried at value:

 

Investments in Securities   Level 1     Level 2     Level 3     Total  
Common Stock   $ 3,177,821,917     $ 28,806,786     $ —     $ 3,206,628,703  
Repurchase Agreements     —       27,855,751       —       27,855,751  
Total Investments in Securities   $ 3,177,821,917     $ 56,662,537     $ —     $ 3,234,484,454  

 

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.

46

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Genomics & Biotechnology ETF  

 

    Shares     Value  
COMMON STOCK — 99.9%                
CHINA — 2.5%                
Health Care — 2.5%                
Genscript Biotech *     636,118     $ 1,039,977  
                 
GERMANY — 4.2%                
Health Care — 4.2%                
BioNTech ADR *     15,215       1,457,749  
CureVac *     53,503       239,158  
                 
TOTAL GERMANY             1,696,907  
NETHERLANDS — 1.0%                
Health Care — 1.0%                
uniQure *     28,225       408,416  
                 
SWITZERLAND — 4.0%                
Health Care — 4.0%                
CRISPR Therapeutics * (A)     45,334       1,645,171  
                 
UNITED KINGDOM — 2.2%                
Health Care — 2.2%                
AstraZeneca     6,338       916,247  
                 
UNITED STATES — 86.0%                
Health Care — 86.0%                
10X Genomics, Cl A *     58,158       554,246  
Agilent Technologies     8,295       928,376  
Allogene Therapeutics * (A)     80,629       94,336  
Alnylam Pharmaceuticals *     7,221       2,199,228  
Arcturus Therapeutics Holdings *     13,873       173,829  
Arrowhead Pharmaceuticals *     65,210       1,047,925  
Avidity Biosciences *     56,949       1,764,280  
Beam Therapeutics *     49,064       776,683  
BioMarin Pharmaceutical *     28,208       1,638,039  
Bio-Techne     34,832       1,685,869  
Bristol-Myers Squibb     17,964       867,302  
CareDx *     29,492       501,069  
Cargo Therapeutics * (A)     28,545       121,316  
Eli Lilly     1,051       775,291  

 

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

47

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Genomics & Biotechnology ETF  

 

    Shares     Value  
COMMON STOCK — continued                
Health Care — continued                
Fulgent Genetics *     11,308     $ 234,302  
GeneDx Holdings, Cl A *     14,209       1,011,965  
Gilead Sciences     8,180       900,454  
Guardant Health *     38,282       1,555,015  
Illumina *     22,914       1,884,447  
Intellia Therapeutics * (A)     55,601       381,979  
Legend Biotech ADR *     50,939       1,474,684  
Maravai LifeSciences Holdings, Cl A *     66,500       149,625  
Moderna *     65,832       1,748,498  
Myriad Genetics *     50,179       210,250  
Natera *     11,761       1,855,063  
Pacific Biosciences of California * (A)     150,268       144,813  
Personalis *     35,419       163,990  
Praxis Precision Medicines *     10,762       414,875  
Prime Medicine * (A)     72,897       86,018  
QIAGEN     41,285       1,863,192  
REGENXBIO *     25,735       227,755  
Rocket Pharmaceuticals *     56,476       141,755  
Sana Biotechnology * (A)     76,073       165,078  
Sangamo Therapeutics *     172,412       80,172  
Sarepta Therapeutics *     29,369       1,104,274  
Stoke Therapeutics * (A)     23,726       226,346  
Twist Bioscience *     32,212       943,812  
Ultragenyx Pharmaceutical *     46,829       1,593,591  
Veracyte *     43,994       1,170,680  
Vertex Pharmaceuticals *     3,548       1,568,393  
Verve Therapeutics *     37,800       168,210  
Vir Biotechnology *     50,157       247,776  
WaVe Life Sciences *     69,939       420,333  
                 
TOTAL UNITED STATES             35,265,134  
TOTAL COMMON STOCK
(Cost $71,807,155)		             40,971,852  

 

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

48

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Genomics & Biotechnology ETF  

 

    Face Amount     Value  
REPURCHASE AGREEMENTS(B) — 5.1%                
Bank of America Securities, Inc.
4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $491,438 (collateralized by various U.S. Treasury Obligations, ranging in par value $1,875 - $574,572, 0.000% - 5.250%, 02/15/2029 - 11/15/2052, with a total market value of $501,057)		   $ 491,260     $ 491,260  
Citigroup Global Markets, Inc.
4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $125,474 (collateralized by various U.S. Treasury Obligations, ranging in par value $11,732 - $78,456, 0.750% - 4.375%, 04/30/2026 - 07/15/2027, with a total market value of $127,195)		     125,429       125,429  
Daiwa Capital Markets America, Inc.
4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $491,438 (collateralized by various U.S. Treasury Obligations, ranging in par value $351 - $191,464, 0.000% - 4.625%, 09/16/2025 - 05/15/2053, with a total market value of $498,318)		     491,260       491,260  
Deutsche Bank Securities, Inc.
4.330%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $491,437 (collateralized by various U.S. Treasury Obligations, ranging in par value $1,327 - $302,392, 4.250% - 4.625%, 11/30/2026 - 05/31/2031, with a total market value of $494,166)		     491,260       491,260  

 

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

49

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Genomics & Biotechnology ETF  

 

    Face Amount     Value  
REPURCHASE AGREEMENTS(B) — continued                
Mizuho Securities USA LLC
4.330%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $491,437 (collateralized by various U.S. Treasury Obligations, ranging in par value $195,851 - $309,099, 3.500% - 3.750%, 04/15/2028 - 04/30/2030, with a total market value of $499,101)		   $ 491,260     $ 491,260  
TOTAL REPURCHASE AGREEMENTS
(Cost $2,090,469)		             2,090,469  
TOTAL INVESTMENTS — 105.0%
(Cost $73,897,624)		           $ 43,062,321  

 

Percentages are based on Net Assets of $41,016,761.

 

* Non-income producing security.
(A) This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $1,959,195.
(B) These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $2,090,469. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $0.

 

The following is a summary of the level of inputs used as of May 31, 2025, in valuing the Fund’s investments carried at value:

 

Investments in Securities   Level 1     Level 2     Level 3     Total  
Common Stock   $ 40,971,852     $ —     $ —     $ 40,971,852  
Repurchase Agreements     —       2,090,469       —       2,090,469  
Total Investments in Securities   $ 40,971,852     $ 2,090,469     $ —     $ 43,062,321  

 

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.

50

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Cloud Computing ETF  

 

    Shares     Value  
COMMON STOCK — 99.9%                
CANADA — 4.2%                
Information Technology — 4.2%                
Shopify, Cl A *     131,638     $ 14,114,226  
                 
CHINA — 1.9%                
Consumer Discretionary — 0.4%                
Alibaba Group Holding ADR     11,810       1,344,450  
                 
Information Technology — 1.5%                
Kingsoft Cloud Holdings ADR * (A)     67,934       758,823  
Vnet Group ADR *     786,518       4,200,006  
              4,958,829  
TOTAL CHINA             6,303,279  
ISRAEL — 3.3%                
Information Technology — 3.3%                
Wix.com *     76,047       11,327,201  
                 
JAPAN — 0.3%                
Information Technology — 0.3%                
Oracle Japan *     8,002       936,926  
                 
SWEDEN — 2.0%                
Information Technology — 2.0%                
Sinch *     2,567,244       6,805,036  
                 
UNITED STATES — 88.2%                
Communication Services — 2.5%                
Alphabet, Cl A     28,864       4,957,103  
PubMatic, Cl A *     119,668       1,400,116  
Vimeo *     465,635       2,030,169  
              8,387,388  
Consumer Discretionary — 2.1%                
Amazon.com *     33,543       6,876,650  

 

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

51

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Cloud Computing ETF  

 

    Shares     Value  
COMMON STOCK — continued                
Health Care — 0.8%                
HealthStream     91,517     $ 2,564,306  
                 
Industrials — 4.3%                
Paycom Software     56,277       14,580,808  
                 
Information Technology — 74.5%                
Akamai Technologies *     157,510       11,959,734  
Box, Cl A *     412,297       15,593,073  
C3.ai, Cl A *     388,390       10,327,290  
DigitalOcean Holdings *     275,853       7,806,640  
Dropbox, Cl A *     442,970       12,784,114  
Fastly, Cl A *     433,963       3,159,251  
Five9 *     228,987       6,070,445  
Freshworks, Cl A *     725,984       11,085,776  
HubSpot *     20,464       12,071,714  
International Business Machines     4,599       1,191,417  
Microsoft     15,017       6,913,226  
Procore Technologies *     202,053       13,571,900  
Qualys *     100,608       13,939,238  
Salesforce     47,454       12,592,868  
ServiceNow *     13,341       13,488,952  
Snowflake, Cl A *     77,214       15,880,603  
SPS Commerce *     89,917       12,656,717  
Twilio, Cl A *     130,497       15,359,497  
Workday, Cl A *     51,822       12,836,828  
Workiva, Cl A *     156,021       10,498,653  
Yext *     373,348       2,505,165  
Zoom Video Communications, Cl A *     165,321       13,432,331  
Zscaler *     56,284       15,517,499  
              251,242,931  
Real Estate — 4.0%                
Digital Realty Trust ‡     78,885       13,530,355  
                 
TOTAL UNITED STATES             297,182,438  
TOTAL COMMON STOCK
(Cost $443,498,624)		             336,669,106  

 

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

52

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Cloud Computing ETF  

 

    Shares     Value  
SHORT-TERM INVESTMENT(B)(C) — 0.1%                
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 4.230%
(Cost $295,076)		     295,076     $ 295,076  
                 
    Face Amount          
REPURCHASE AGREEMENT(B) — 0.1%                
RBC Capital Markets
4.250%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $307,533 (collateralized by a U.S. Treasury Obligations, par value $306,426, 4.625%, 06/30/2026, with a total market value of $313,704)
(Cost $307,425)		   $ 307,425       307,425  
TOTAL INVESTMENTS — 100.1%
(Cost $444,101,125)		           $ 337,271,607  

 

Percentages are based on Net Assets of $337,062,113.

 

* Non-income producing security.
‡ Real Estate Investment Trust
(A) This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $558,500.
(B) These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $602,501. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $0.
(C) The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2025.

 

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

53

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Cloud Computing ETF  

 

The following is a summary of the level of inputs used as of May 31, 2025, in valuing the Fund’s investments carried at value:

 

Investments in Securities   Level 1     Level 2     Level 3     Total  
Common Stock   $ 336,669,106     $ —     $ —     $ 336,669,106  
Short-Term Investment     295,076       —       —       295,076  
Repurchase Agreement     —       307,425       —       307,425  
Total Investments in Securities   $ 336,964,182     $ 307,425     $ —     $ 337,271,607  

 

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

 

See “Glossary” for abbreviations.

 

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

54

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Cybersecurity ETF  

 

    Shares     Value  
COMMON STOCK — 99.9%                
CANADA — 5.0%                
Information Technology — 5.0%                
BlackBerry * (A)     13,561,606     $ 53,703,960  
                 
ISRAEL — 9.0%                
Information Technology — 9.0%                
Check Point Software Technologies *     284,702       65,162,594  
Radware *     1,406,729       32,804,920  
                 
TOTAL ISRAEL             97,967,514  
JAPAN — 7.8%                
Information Technology — 7.8%                
Digital Arts     472,103       23,851,352  
Hennge     1,082,850       11,684,379  
Trend Micro     648,878       48,678,779  
                 
TOTAL JAPAN             84,214,510  
SOUTH KOREA — 1.5%                
Information Technology — 1.5%                
Ahnlab     365,030       16,377,007  
                 
UNITED STATES — 76.6%                
Information Technology — 76.6%                
A10 Networks     2,437,944       42,078,913  
Crowdstrike Holdings, Cl A *     141,099       66,509,836  
CyberArk Software *     129,797       49,683,696  
Fortinet *     584,751       59,515,957  
Gen Digital     1,785,258       50,844,148  
Okta, Cl A *     544,760       56,202,889  
OneSpan     1,257,054       20,024,870  
Palo Alto Networks *     327,137       62,947,702  
Qualys *     359,808       49,851,398  
Rapid7 *     1,952,264       44,804,459  
Rubrik, Cl A *     642,706       61,282,017  
Sailpoint *     2,616,064       46,095,048  
SentinelOne, Cl A *     2,461,089       43,339,777  
Telos *     1,097,556       2,765,841  
Tenable Holdings *     1,486,747       47,902,988  

 

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

55

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Cybersecurity ETF  

 

    Shares     Value  
COMMON STOCK — continued                
Information Technology — continued                
Varonis Systems, Cl B *     1,070,075     $ 51,021,176  
Zscaler *     268,370       73,989,609  
                 
TOTAL UNITED STATES             828,860,324  
TOTAL COMMON STOCK
(Cost $938,066,902)		             1,081,123,315  
                 
    Face Amount          
REPURCHASE AGREEMENTS(B) — 1.1%                
Cantor Fitzgerald Securities
4.370%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $2,683,897 (collateralized by various U.S. Government Obligations, ranging in par value $116 - $184,194, 1.500% - 7.550%, 04/01/2032 - 03/20/2075, with a total market value of $2,725,400)		   $ 2,682,920       2,682,920  
CF Secured LLC
4.360%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $2,134,143 (collateralized by various U.S. Government Obligations, ranging in par value $270 - $316,267, 0.000% - 7.000%, 05/23/2028 - 04/20/2074, with a total market value of $2,167,800)		     2,133,368       2,133,368  
Daiwa Capital Markets America, Inc.
4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $2,449,441 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $155 - $437,424, 0.000% - 7.500%, 09/16/2025 - 06/01/2055, with a total market value of $2,485,042)		     2,448,553       2,448,553  

 

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

56

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Cybersecurity ETF  

 

    Face Amount     Value  
REPURCHASE AGREEMENTS(B) — continued                
HSBC Securities USA, Inc.
4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,386,527 (collateralized by various U.S. Government Obligations, ranging in par value $924 - $626,834, 0.000% - 4.625%, 08/15/2025 - 02/15/2055, with a total market value of $1,405,883)		   $ 1,386,026     $ 1,386,026  
HSBC Securities USA, Inc.
4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,176,966 (collateralized by various U.S. Treasury Obligations, ranging in par value $110 - $465,260, 1.500% - 7.000%, 12/01/2031 - 04/01/2055, with a total market value of $1,195,587)		     1,176,540       1,176,540  
RBC Dominion Securities, Inc.
4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,822,927 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $79 - $1,119,687, 0.000% - 7.500%, 06/12/2025 - 05/20/2055, with a total market value of $1,848,539)		     1,822,268       1,822,268  
TOTAL REPURCHASE AGREEMENTS
(Cost $11,649,675)		             11,649,675  
TOTAL INVESTMENTS — 101.0%
(Cost $949,716,577)		           $ 1,092,772,990  

 

Percentages are based on Net Assets of $1,082,160,213.

 

* Non-income producing security.
(A) This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $9,214,128.
(B) These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $11,649,675. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $0.

 

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

57

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Cybersecurity ETF  

 

A list of the open futures contracts held by the Fund at May 31, 2025, is as follows:

 

Type of Contract   Number of
Contracts		   Expiration
Date		   Notional Amount     Value     Unrealized
Depreciation
Long Contracts
NASDAQ 100 Index E-MINI		     2     Jun-2025   $ 856,369     $ 855,070     $ (1,299)

 

The following is a summary of the level of inputs used as of May 31, 2025, in valuing the Fund’s investments and Other Financial Instruments carried at value:

 

Investments in Securities   Level 1     Level 2     Level 3     Total  
Common Stock   $ 1,081,123,315     $ —     $ —     $ 1,081,123,315  
Repurchase Agreements     —       11,649,675       —       11,649,675  
Total Investments in Securities   $ 1,081,123,315     $ 11,649,675     $ —     $ 1,092,772,990  
                                 
Other Financial Instruments   Level 1     Level 2     Level 3     Total  
Futures Contracts*                                
Unrealized Depreciation   $ (1,299 )   $ —     $ —     $ (1,299 )
Total Other Financial Instruments   $ (1,299 )   $ —     $ —     $ (1,299 )

 

* Futures contracts are valued at the unrealized depreciation on the instrument.

 

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.

58

 

Schedule of Investments   May 31, 2025 (Unaudited)
Global X Dorsey Wright Thematic ETF

 

    Shares     Value  
EXCHANGE-TRADED FUNDS — 99.9%                
International Equity Fund — 59.6%                
Global X Artificial Intelligence & Technology ETF(A)(B)(C)     49,472     $ 1,993,722  
Global X Cybersecurity ETF(B)(C)(D)     53,774       1,877,250  
Global X E-commerce ETF (B)(E)     65,850       1,960,618  
              5,831,590  
Domestic Equity Fund — 40.3%                
Global X Millennial Consumer ETF(B)(F)     42,262       1,967,296  
Global X US Infrastructure Development ETF (B)(G)     47,526       1,972,804  
              3,940,100  
TOTAL EXCHANGE-TRADED FUNDS
(Cost $8,954,905)		             9,771,690  
                 
    Face Amount          
REPURCHASE AGREEMENTS(H) — 10.4%                

Bank of America Securities, Inc.

4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $249,090 (collateralized by various U.S. Treasury Obligations, ranging in par value $950 - $291,227, 0.000% - 5.250%, 02/15/2029 - 11/15/2052, with a total market value of $253,966)

   $ 249,000       249,000  

Citigroup Global Markets, Inc.

4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $17,843 (collateralized by various U.S. Treasury Obligations, ranging in par value $1,668 - $11,157, 0.750% - 4.375%, 04/30/2026 - 07/15/2027, with a total market value of $18,088)

     17,837       17,837  

Daiwa Capital Markets America, Inc.

4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $249,090 (collateralized by various U.S. Treasury Obligations, ranging in par value $178 - $97,045, 0.000% - 4.625%, 09/16/2025 - 05/15/2053, with a total market value of $252,577)

     249,000       249,000  

 

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

59

 

Schedule of Investments   May 31, 2025 (Unaudited)
Global X Dorsey Wright Thematic ETF

 

    Face Amount     Value  
REPURCHASE AGREEMENTS(H) — continued                

Deutsche Bank Securities, Inc.

4.330%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $249,090 (collateralized by various U.S. Treasury Obligations, ranging in par value $673 - $153,271, 4.250% - 4.625%, 11/30/2026 - 05/31/2031, with a total market value of $250,473)

   $ 249,000     $ 249,000  

Mizuho Securities USA LLC

4.330%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $249,090 (collateralized by various U.S. Treasury Obligations, ranging in par value $99,269 - $156,670, 3.500% - 3.750%, 04/15/2028 - 04/30/2030, with a total market value of $252,975)

     249,000       249,000  
TOTAL REPURCHASE AGREEMENTS
(Cost $1,013,837)		             1,013,837  
TOTAL INVESTMENTS — 110.3%
(Cost $9,968,742)		           $ 10,785,527  

 

Percentages are based on Net Assets of $9,774,387.

 

(A) For financial information on the Global X Artificial Intelligence & Technology ETF, please go to the Fund’s website at https://www.globalxetfs.com/explore/.
(B) Affiliated investment.
(C) This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $987,250.
(D) For financial information on the Global X Cybersecurity ETF, please go to the Fund’s website at https://www.globalxetfs.com/explore/.
(E) For financial information on the Global X E-commerce ETF, please go to the Fund’s website at https://www.globalxetfs.com/explore/.
(F) For financial information on the Global X Millennial Consumer ETF, please go to the Fund’s website at https://www.globalxetfs.com/explore/.
(G) For financial information on the Global X US Infrastructure Development ETF, please go to the Fund’s website at https://www.globalxetfs.com/explore/.
(H) These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $1,013,837. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $0.

 

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

60

 

Schedule of Investments   May 31, 2025 (Unaudited)
Global X Dorsey Wright Thematic ETF

 

The following is a summary of the level of inputs used as of May 31, 2025, in valuing the Fund’s investments carried at value:

Investments in Securities   Level 1     Level 2     Level 3     Total  
Exchange-Traded Funds   $ 9,771,690     $ —     $ —     $ 9,771,690  
Repurchase Agreements     —       1,013,837       —       1,013,837  
Total Investments in Securities   $ 9,771,690     $ 1,013,837     $ —     $ 10,785,527  

 

The following is a summary of the Fund’s transactions with affiliates for the period ended May 31, 2025:

 

  Value
11/30/2024		       Purchases
at Cost		       Proceeds
from Sales		       Change in
Unrealized
Appreciation
(Depreciation)		       Realized Gain
(Loss)		       Value
5/31/2025		       Income       Capital Gains  
Global X Artificial Intelligence & Technology ETF
$ —     $ 2,144,784     $ (325,999 )   $ 193,175     $ (18,238 )   $ 1,993,722     $ —     $ —  
Global X Cybersecurity ETF
  —       2,187,644       (452,914 )     137,851       4,669       1,877,250       —       —  
Global X Data Center & Digital Infrastructure ETF
  1,797,852       2,106       (1,689,424 )     (304,671 )     194,137       —       17,317       —  
Global X Disruptive Materials ETF
  1,823,533       2,079       (1,673,310 )     139,837       (292,139 )     —       10,601       —  
Global X E-commerce ETF
  1,870,595       1,074,858       (1,039,453 )     (87,055 )     141,673       1,960,618       479       —  
Global X FinTech ETF
  2,009,298       2,231       (1,708,360 )     770,253       (1,073,422 )     —       9,629       —  
Global X Genomics & Biotechnology ETF
  1,503,736       262,063       (1,389,458 )     1,918,721       (2,295,062 )     —       —       —  
Global X Lithium & Battery Tech ETF
  1,937,834       2,327       (1,713,990 )     1,439,386       (1,665,557 )     —       5,443       —  
Global X Millennial Consumer ETF
  —       1,861,856       (980 )     106,365       55       1,967,296       —       —  
Global X Renewable Energy Producers ETF
  1,410,567       339,885       (1,585,652 )     1,079,895       (1,244,695 )     —       9,012       —  
Global X Solar ETF
  1,641,329       190,679       (1,531,545 )     754,466       (1,054,929 )     —       5,211       —  
Global X US Infrastructure Development ETF
  —       2,149,425       (345,751 )     179,289       (10,159 )     1,972,804       —       —  
Global X Video Games & Esports ETF
  1,768,488       1,927       (1,832,767 )     (333,211 )     395,563       —       14,539       —  
Totals:                                                          
$ 15,763,232     $ 10,221,864     $ (15,289,603 )   $ 5,994,301     $ (6,918,104 )   $ 9,771,690     $ 72,231     $ —  

 

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.

61

 

Schedule of Investments   May 31, 2025 (Unaudited)
Global X Video Games & Esports ETF

 

    Shares     Value  
COMMON STOCK — 99.6%                
CHINA — 12.5%                
Communication Services — 12.5%                
Bilibili ADR * (A)     309,644     $ 5,666,485  
Boyaa Interactive International (A)     659,600       504,696  
DouYu International Holdings ADR     56,514       370,732  
HUYA ADR     137,751       522,076  
iDreamSky Technology Holdings * (A)     1,812,500       171,044  
NetEase ADR     72,323       8,806,049  
XD *     496,300       2,338,605  
                 
TOTAL CHINA             18,379,687  
FRANCE — 1.3%                
Communication Services — 1.3%                
Ubisoft Entertainment *     160,806       1,840,161  
                 
HONG KONG — 0.4%                
Communication Services — 0.4%                
ZX * (A)     395,600       525,681  
                 
JAPAN — 36.1%                
Communication Services — 36.1%                
Capcom     257,533       7,674,500  
DeNA     131,176       2,532,248  
GungHo Online Entertainment     67,507       1,294,982  
Koei Tecmo Holdings (A)     192,717       3,194,699  
Konami Group     81,362       11,082,644  
MIXI     59,394       1,372,736  
Nexon (A)     392,640       7,107,493  
Nintendo     122,646       10,059,360  
Square Enix Holdings     137,532       8,649,661  
                 
TOTAL JAPAN             52,968,323  
POLAND — 4.1%                
Communication Services — 4.1%                
CD Projekt (A)     102,321       6,060,754  

 

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

62

 

Schedule of Investments   May 31, 2025 (Unaudited)
Global X Video Games & Esports ETF

 

    Shares     Value  
COMMON STOCK — continued                
SOUTH KOREA — 11.8%                
Communication Services — 11.8%                
Com2uSCorp     13,364     $ 367,590  
Devsisters *     17,209       505,780  
Gravity ADR *     12,438       801,754  
Kakao Games *     75,459       885,469  
Krafton *     23,069       6,169,791  
NCSoft     31,312       3,460,955  
Neowiz *     27,823       516,249  
Netmarble     46,351       1,716,704  
Nexon Games *     37,968       359,123  
Pearl Abyss *     58,762       1,637,602  
Wemade *     35,352       668,759  
Wemade Max *     57,276       278,555  
                 
TOTAL SOUTH KOREA             17,368,331  
SWEDEN — 6.1%                
Communication Services — 3.9%                
Embracer Group, Cl B *     236,157       2,869,304  
Modern Times Group MTG, Cl B *     156,828       1,765,039  
Paradox Interactive     58,679       1,172,975  
              5,807,318  
Consumer Discretionary — 2.2%                
Asmodee Group, Cl B * (A)     236,106       3,192,671  
                 
TOTAL SWEDEN             8,999,989  
TAIWAN — 4.0%                
Communication Services — 4.0%                
Gamania Digital Entertainment     247,800       610,229  
International Games System     188,100       5,291,165  
                 
TOTAL TAIWAN             5,901,394  
UNITED STATES — 23.3%                
Communication Services — 17.9%                
Electronic Arts     50,822       7,307,187  
Playtika Holding     120,170       569,606  
ROBLOX, Cl A *     110,029       9,570,322  

 

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

63

 

Schedule of Investments   May 31, 2025 (Unaudited)
Global X Video Games & Esports ETF

 

    Shares     Value  
COMMON STOCK — continued                
Communication Services — continued                
Take-Two Interactive Software *     38,646     $ 8,744,817  
              26,191,932  
Information Technology — 5.4%                
Corsair Gaming *     80,472       707,349  
Immersion     50,753       381,663  
Turtle Beach *     29,740       341,415  
Unity Software *     248,528       6,481,610  
              7,912,037  
TOTAL UNITED STATES             34,103,969  
TOTAL COMMON STOCK
(Cost $160,440,840)		             146,148,289  
                 
    Face Amount          
REPURCHASE AGREEMENTS(B) — 8.9%                

Cantor Fitzgerald Securities

4.370%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $3,010,534 (collateralized by various U.S. Government Obligations, ranging in par value $131 - $206,611, 1.500% - 7.550%, 04/01/2032 - 03/20/2075, with a total market value of $3,057,088)

   $ 3,009,438       3,009,438  

CF Secured LLC

4.360%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $2,393,787 (collateralized by various U.S. Government Obligations, ranging in par value $303 - $354,745, 0.000% - 7.000%, 05/23/2028 - 04/20/2074, with a total market value of $2,431,539)

     2,392,918       2,392,918  

Daiwa Capital Markets America, Inc.

4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $2,747,444 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $174 - $490,642, 0.000% - 7.500%, 09/16/2025 - 06/01/2055, with a total market value of $2,787,376)

     2,746,448       2,746,448  

 

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

64

 

Schedule of Investments   May 31, 2025 (Unaudited)
Global X Video Games & Esports ETF

 

    Face Amount     Value  
REPURCHASE AGREEMENTS(B) — continued                
HSBC Securities USA, Inc.
4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,555,581 (collateralized by various U.S. Treasury Obligations, ranging in par value $1,037 - $703,261, 0.000% - 4.625%, 08/15/2025 - 02/15/2055, with a total market value of $1,577,297)		   $ 1,555,019     $ 1,555,019  
HSBC Securities USA, Inc.
4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,320,158 (collateralized by various U.S. Government Obligations, ranging in par value $123 - $521,864, 1.500% - 7.000%, 12/01/2031 - 04/01/2055, with a total market value of $1,341,045)		     1,319,680       1,319,680  
RBC Dominion Securities, Inc.
4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $2,044,707 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $89 - $1,255,910, 0.000% - 7.500%, 06/12/2025 - 05/20/2055, with a total market value of $2,073,435)		     2,043,968       2,043,968  
TOTAL REPURCHASE AGREEMENTS
(Cost $13,067,471)		             13,067,471  
TOTAL INVESTMENTS — 108.5%
(Cost $173,508,311)		           $ 159,215,760  

 

Percentages are based on Net Assets of $146,710,664.

 

* Non-income producing security.
(A) This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $12,443,821.
(B) These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $13,067,471. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $132,617.

 

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

65

 

Schedule of Investments   May 31, 2025 (Unaudited)
Global X Video Games & Esports ETF

 

The following is a summary of the level of inputs used as of May 31, 2025, in valuing the Fund’s investments carried at value:

 

Investments in Securities   Level 1     Level 2     Level 3     Total  
Common Stock   $ 140,246,894     $ 5,901,395     $ —     $ 146,148,289  
Repurchase Agreements     —       13,067,471       —       13,067,471  
Total Investments in Securities   $ 140,246,894     $ 18,968,866     $ —     $ 159,215,760  

 

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.

66

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X HealthTech ETF

 

    Shares     Value  
COMMON STOCK — 99.7%                
AUSTRALIA — 4.6%                
Health Care — 4.6%                
Pro Medicus     9,723     $ 1,764,604  
                 
CANADA — 0.6%                
Health Care — 0.6%                
Well Health Technologies *     74,773       222,968  
                 
CHINA — 2.7%                
Consumer Staples — 2.7%                
Alibaba Health Information Technology * (A)     1,828,500       1,056,310  
                 
DENMARK — 3.2%                
Health Care — 3.2%                
Demant *     31,153       1,218,479  
                 
JAPAN — 0.2%                
Health Care — 0.2%                
PHC Holdings     10,642       68,663  
                 
NETHERLANDS — 3.5%                
Health Care — 3.5%                
Koninklijke Philips     58,073       1,335,034  
                 
SWEDEN — 0.7%                
Health Care — 0.7%                
RaySearch Laboratories     8,810       280,215  
                 
UNITED STATES — 84.2%                
Financials — 2.2%                
Oscar Health, Cl A *     63,322       873,844  
                 
Health Care — 82.0%                
agilon health *     112,838       250,500  
Alignment Healthcare *     49,463       760,246  
Astrana Health *     13,981       346,589  
Butterfly Network *     72,868       174,883  

 

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

67

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X HealthTech ETF

 

    Shares     Value  
COMMON STOCK — continued                
Health Care — continued                
Ceribell *     7,283     $ 122,427  
Clover Health Investments, Cl A *     156,457       491,275  
Dexcom *     18,363       1,575,545  
Doximity, Cl A *     25,264       1,316,002  
Evolent Health, Cl A *     37,120       276,544  
GE HealthCare Technologies     21,252       1,499,116  
Hims & Hers Health *     36,721       2,076,940  
Inspire Medical Systems *     9,384       1,296,869  
Insulet *     5,833       1,895,900  
Intuitive Surgical *     2,835       1,565,884  
IQVIA Holdings *     9,771       1,371,164  
iRhythm Technologies *     9,609       1,350,064  
LifeStance Health Group *     43,207       256,650  
Masimo *     9,012       1,464,450  
Novocure *     38,525       736,213  
Omnicell *     17,598       534,451  
Phreesia *     19,946       488,478  
Privia Health Group *     42,602       969,622  
PROCEPT BioRobotics *     20,507       1,189,406  
ResMed     6,246       1,528,958  
Schrodinger *     24,678       533,538  
Simulations Plus     6,887       219,317  
Tandem Diabetes Care *     20,079       397,966  
Teladoc Health *     68,510       474,089  
Tempus AI, Cl A * (A)     26,275       1,449,854  
TransMedics Group *     13,188       1,676,459  
Veeva Systems, Cl A *     6,334       1,771,620  
Waystar Holding *     34,801       1,391,344  
              31,452,363  
TOTAL UNITED STATES             32,326,207  
TOTAL COMMON STOCK
(Cost $52,569,154)		           38,272,480  
                 
SHORT-TERM INVESTMENT(B)(C) — 2.4%                
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 4.230%
(Cost $908,200)		     908,200       908,200  

 

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

68

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X HealthTech ETF

 

    Face Amount     Value  
REPURCHASE AGREEMENT(B) — 2.5%                
RBC Capital Markets
4.250%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $946,209 (collateralized by a U.S. Treasury Obligations, par value $943,136, 4.625%, 06/30/2026, with a total market value of $965,536)
(Cost $946,209)		   $ 946,209     $ 946,209  
TOTAL INVESTMENTS — 104.6%
(Cost $54,423,563)		           $ 40,126,889  

 

Percentages are based on Net Assets of $38,362,162.

 

* Non-income producing security.
(A) This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $1,804,805.
(B) These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $1,854,409. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $0.
(C) The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2025.

 

The following is a summary of the level of inputs used as of May 31, 2025, in valuing the Fund’s investments carried at value:

 

Investments in Securities   Level 1     Level 2     Level 3     Total  
Common Stock   $ 37,054,001     $ 1,218,479     $ —     $ 38,272,480  
Short-Term Investment     908,200       —       —       908,200  
Repurchase Agreement     —       946,209       —       946,209  
Total Investments in Securities   $ 37,962,201     $ 2,164,688     $ —     $ 40,126,889  

 

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.

69

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X CleanTech ETF

 

    Shares     Value  
COMMON STOCK — 99.8%                
CANADA — 2.0%                
Industrials — 0.7%                
Ballard Power Systems * (A)     104,175     $ 134,386  
                 
Information Technology — 1.3%                
Canadian Solar * (A)     23,072       242,948  
                 
TOTAL CANADA             377,334  
CHINA — 14.6%                
Industrials — 7.1%                
China Everbright Environment Group     1,933,500       959,162  
Dongfang Electric, Cl H (A)     119,000       182,107  
Goldwind Science & Technology, Cl H     266,400       206,555  
              1,347,824  
Information Technology — 7.5%                
Daqo New Energy ADR * (A)     23,204       310,005  
Flat Glass Group, Cl H (A)     157,200       166,992  
JinkoSolar Holding ADR (A)     18,572       335,782  
Xinyi Solar Holdings     2,011,400       607,918  
              1,420,697  
TOTAL CHINA             2,768,521  
DENMARK — 6.1%                
Industrials — 6.1%                
Vestas Wind Systems     73,226       1,155,100  
                 
GERMANY — 6.6%                
Industrials — 5.2%                
Nordex *     49,064       995,361  
                 
Information Technology — 1.4%                
SMA Solar Technology (A)     12,065       266,815  
                 
TOTAL GERMANY             1,262,176  
SOUTH KOREA — 10.1%                
Industrials — 4.2%                
CS Wind     14,733       526,980  

 

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

70

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X CleanTech ETF

 

    Shares     Value  
COMMON STOCK — continued                
Industrials — continued                
Doosan Fuel Cell *     22,791     $ 277,846  
              804,826  
Information Technology — 5.9%                
Samsung SDI     9,147       1,119,757  
                 
TOTAL SOUTH KOREA             1,924,583  
SWEDEN — 5.6%                
Industrials — 5.6%                
Nibe Industrier, Cl B (A)     261,763       1,070,222  
                 
SWITZERLAND — 3.4%                
Information Technology — 3.4%                
Landis+Gyr Group     10,096       636,569  
                 
TAIWAN — 6.2%                
Information Technology — 6.2%                
Dynapack International Technology     53,100       358,802  
Simplo Technology     65,464       819,160  
                 
TOTAL TAIWAN             1,177,962  
TURKEY — 1.6%                
Information Technology — 1.6%                
Alfa Solar Enerji Sanayi VE Ticaret     128,198       143,939  
Smart Gunes Enerjisi Teknolojileri ArGE Uretim Sanayi ve Ticaret *     211,300       150,552  
                 
TOTAL TURKEY             294,491  
UNITED KINGDOM — 5.5%                
Materials — 5.5%                
Johnson Matthey PLC     45,506       1,053,669  
                 
UNITED STATES — 38.1%                
Consumer Discretionary — 3.7%                
QuantumScape, Cl A * (A)     175,983       703,932  

 

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

71

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X CleanTech ETF

 

    Shares     Value  
COMMON STOCK — continued                
Industrials — 21.4%                
Ameresco, Cl A *     11,979     $ 165,071  
Array Technologies *     53,283       351,668  
Bloom Energy, Cl A * (A)     34,804       642,830  
Eos Energy Enterprises * (A)     79,447       330,500  
Fluence Energy, Cl A * (A)     45,525       213,967  
Microvast Holdings *     113,998       409,253  
NEXTracker, Cl A *     24,596       1,394,347  
Plug Power * (A)     324,552       286,482  
Shoals Technologies Group, Cl A *     58,277       275,067  
              4,069,185  
Information Technology — 13.0%                
Enphase Energy *     19,141       792,246  
First Solar *     8,353       1,320,442  
SolarEdge Technologies *     20,663       369,041  
              2,481,729  
TOTAL UNITED STATES             7,254,846  
TOTAL COMMON STOCK
(Cost $61,367,074)		             18,975,473  
               
    Face Amount          
U.S. TREASURY OBLIGATION — 2.5%                
U.S. Treasury Bill
4.225%, 07/01/2025(B)		   $ 475,000       473,384  
TOTAL U.S. TREASURY OBLIGATION
(Cost $473,444)		             473,384  
                 
REPURCHASE AGREEMENTS(C) — 14.4%                
Bank of America Securities, Inc.
4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $644,251 (collateralized by various U.S. Treasury Obligations, ranging in par value $2,458 - $753,236, 0.000% - 5.250%, 02/15/2029 - 11/15/2052, with a total market value of $656,861)		     644,018       644,018  

 

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

72

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X CleanTech ETF

 

    Face Amount     Value  
REPURCHASE AGREEMENTS(C) — continued                
Daiwa Capital Markets America, Inc.
4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $644,251 (collateralized by various U.S. Treasury Obligations, ranging in par value $460 - $251,000, 0.000% - 4.625%, 09/16/2025 - 05/15/2053, with a total market value of $653,270)		   $ 644,018     $ 644,018  
Deutsche Bank Securities, Inc.
4.330%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $644,250 (collateralized by various U.S. Treasury Obligations, ranging in par value $1,740 - $396,422, 4.250% - 4.625%, 11/30/2026 - 05/31/2031, with a total market value of $647,828)		     644,018       644,018  
HSBC Securities USA, Inc.
4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $164,492 (collateralized by various U.S. Treasury Obligations, ranging in par value $110 - $74,365, 0.000% - 4.625%, 08/15/2025 - 02/15/2055, with a total market value of $166,789)		     164,433       164,433  
Mizuho Securities USA LLC
4.330%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $644,250 (collateralized by various U.S. Treasury Obligations, ranging in par value $256,752 - $405,213, 3.500% - 3.750%, 04/15/2028 - 04/30/2030, with a total market value of $654,298)		     644,018       644,018  
TOTAL REPURCHASE AGREEMENTS
(Cost $2,740,505)		             2,740,505  
TOTAL INVESTMENTS — 116.7%
(Cost $64,581,023)		           $ 22,189,362  

 

Percentages are based on Net Assets of $19,021,188.

 

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

73

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X CleanTech ETF

 

* Non-income producing security.
(A) This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $2,518,416.
(B) Interest rate represents the security’s effective yield at the time of purchase.
(C) These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $2,740,505. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $0.

 

The following is a summary of the level of inputs used as of May 31, 2025, in valuing the Fund’s investments carried at value:

 

Investments in Securities   Level 1     Level 2     Level 3     Total  
Common Stock   $ 16,642,411     $ 2,333,062     $ —     $ 18,975,473  
U.S. Treasury Obligation     —       473,384       —       473,384  
Repurchase Agreements     —       2,740,505       —       2,740,505  
Total Investments in Securities   $ 16,642,411     $ 5,546,951     $ —     $ 22,189,362  

 

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.

74

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Data Center & Digital Infrastructure ETF

 

    Shares     Value  
COMMON STOCK — 99.8%            
AUSTRALIA — 3.9%            
Information Technology — 3.9%            
NEXTDC *     1,127,104     $ 9,509,314  
                 
CHINA — 7.5%                
Information Technology — 7.5%                
GDS Holdings ADR * (A)     491,930       11,653,822  
Vnet Group ADR *     1,242,535       6,635,137  
                 
TOTAL CHINA             18,288,959  
HONG KONG — 4.5%                
Communication Services — 4.5%                
China Tower, Cl H     7,450,350       11,059,303  
                 
INDONESIA — 1.6%                
Communication Services — 1.6%                
Sarana Menara Nusantara     109,980,261       3,949,567  
                 
SINGAPORE — 4.7%                
Real Estate — 4.7%                
Keppel DC REIT ‡     6,722,856       11,416,761  
                 
SOUTH KOREA — 2.7%                
Information Technology — 2.7%                
Jeju Semiconductor *     167,155       1,587,107  
SK Hynix     34,362       5,093,157  
                 
TOTAL SOUTH KOREA             6,680,264  
SWITZERLAND — 0.7%                
Information Technology — 0.7%                
SEALSQ * (A)     480,218       1,608,730  
                 
TAIWAN — 4.6%                
Information Technology — 4.6%                
Taiwan Semiconductor Manufacturing     145,000       4,678,746  

 

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

75

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Data Center & Digital Infrastructure ETF

 

    Shares     Value  
COMMON STOCK — continued                
Information Technology — continued                
Winbond Electronics *     11,313,519     $ 6,681,992  
                 
TOTAL TAIWAN             11,360,738  
UNITED STATES — 69.6%                
Information Technology — 16.1%                
Advanced Micro Devices *     39,018       4,320,463  
Applied Digital * (A)     842,572       5,754,767  
Broadcom     20,516       4,966,308  
Intel     237,295       4,639,117  
Lam Research     61,495       4,968,181  
Micron Technology (A)     45,397       4,288,201  
NVIDIA (A)     34,370       4,644,418  
Super Micro Computer * (A)     151,129       6,048,182  
              39,629,637  
Real Estate — 53.5%                
American Tower ‡     155,820       33,446,763  
Crown Castle ‡     243,280       24,413,148  
Digital Realty Trust ‡     160,679       27,559,662  
Equinix ‡     31,229       27,756,960  
SBA Communications, Cl A ‡     53,367       12,375,274  
Uniti Group ‡     1,310,354       5,634,522  
              131,186,329  
TOTAL UNITED STATES             170,815,966  
TOTAL COMMON STOCK
(Cost $237,807,429)		             244,689,602  
                 
    Face Amount          
REPURCHASE AGREEMENTS(B) — 10.9%                
Bank of America Securities, Inc.
4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,540,755 (collateralized by various U.S. Government Obligations, ranging in par value $782 - $401,220, 0.000% - 7.500%, 03/01/2037 - 05/01/2055, with a total market value of $1,565,338)		   $ 1,540,197       1,540,197  

 

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

76

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Data Center & Digital Infrastructure ETF

 

    Face Amount     Value  
REPURCHASE AGREEMENTS(B) — continued                
Cantor Fitzgerald Securities
4.370%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $6,168,047 (collateralized by various U.S. Government Obligations, ranging in par value $268 - $423,310, 1.500% - 7.550%, 04/01/2032 - 03/20/2075, with a total market value of $6,263,429)		   $ 6,165,802     $ 6,165,802  
CF Secured LLC
4.360%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $3,904,257 (collateralized by various U.S. Government Obligations, ranging in par value $494 - $578,587, 0.000% - 7.000%, 05/23/2028 - 04/20/2074, with a total market value of $3,965,829)		     3,902,839       3,902,839  
Clear Street LLC
4.410%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,432,907 (collateralized by various U.S. Government Obligations, ranging in par value $1,393 - $418,494, 2.000% - 7.000%, 09/17/2029 - 05/01/2055, with a total market value of $1,442,205)		     1,432,381       1,432,381  
Daiwa Capital Markets America, Inc.
4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $5,629,258 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $357 - $1,005,280, 0.000% - 7.500%, 09/16/2025 - 06/01/2055, with a total market value of $5,711,075)		     5,627,218       5,627,218  
HSBC Securities USA, Inc.
4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,213,111 (collateralized by various U.S. Government Obligations, ranging in par value $808 - $548,434, 0.000% - 4.625%, 08/15/2025 - 02/15/2055, with a total market value of $1,230,046)		     1,212,672       1,212,672  

 

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

77

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Data Center & Digital Infrastructure ETF

 

    Face Amount     Value  
REPURCHASE AGREEMENTS(B) — continued                
HSBC Securities USA, Inc.
4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $2,704,883 (collateralized by various U.S. Treasury Obligations, ranging in par value $252 - $1,069,252, 1.500% - 7.000%, 12/01/2031 - 04/01/2055, with a total market value of $2,747,677)		   $ 2,703,903     $ 2,703,903  
RBC Dominion Securities, Inc.
4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $4,189,416 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $182 - $2,573,244, 0.000% - 7.500%, 06/12/2025 - 05/20/2055, with a total market value of $4,248,276)		     4,187,901       4,187,901  
TOTAL REPURCHASE AGREEMENTS
(Cost $26,772,913)		             26,772,913  
TOTAL INVESTMENTS — 110.7%
(Cost $264,580,342)		           $ 271,462,515  

 

Percentages are based on Net Assets of $245,311,884.

 

* Non-income producing security.
‡ Real Estate Investment Trust
(A) This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $24,941,263.
(B) These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $26,772,913. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $0.

 

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

78

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Data Center & Digital Infrastructure ETF

 

The following is a summary of the level of inputs used as of May 31, 2025, in valuing the Fund’s investments carried at value:

 

Investments in Securities   Level 1     Level 2     Level 3     Total  
Common Stock   $ 229,379,297     $ 15,310,305     $ —     $ 244,689,602  
Repurchase Agreements     —       26,772,913       —       26,772,913  
Total Investments in Securities   $ 229,379,297     $ 42,083,218     $ —     $ 271,462,515  

 

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.

79

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Clean Water ETF

 

    Shares     Value  
COMMON STOCK — 99.7%                
BRAZIL — 5.4%                
Utilities — 5.4%                
Cia de Saneamento Basico do Estado de Sao Paulo SABESP     25,594     $ 524,110  
Cia de Saneamento de Minas Gerais Copasa MG     10,985       45,764  
                 
TOTAL BRAZIL             569,874  
CHINA — 4.8%                
Industrials — 0.6%                
Beijing Originwater Technology, Cl A     103,800       65,581  
                 
Utilities — 4.2%                
Beijing Capital Eco-Environment Protection Group, Cl A     223,800       99,133  
Beijing Enterprises Water Group     228,240       75,095  
Chengdu Xingrong Environment, Cl A     71,200       72,271  
China Water Affairs Group     46,000       35,842  
Chongqing Water Group, Cl A     46,500       31,057  
Guangdong Investment     165,100       134,328  
              447,726  
TOTAL CHINA             513,307  
JAPAN — 3.0%                
Industrials — 3.0%                
Kurita Water Industries     5,794       217,112  
Nomura Micro Science     1,576       23,439  
Organo     1,487       80,072  
                 
TOTAL JAPAN             320,623  
SAUDI ARABIA — 0.5%                
Utilities — 0.5%                
AlKhorayef Water & Power Technologies     830       30,530  
Miahona *     4,197       26,469  
                 
TOTAL SAUDI ARABIA             56,999  

 

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

80

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Clean Water ETF

 

    Shares     Value  
COMMON STOCK — continued            
SINGAPORE — 0.8%            
Materials — 0.8%            
Keppel Infrastructure Trust     294,118     $ 88,947  
                 
SOUTH KOREA — 1.9%                
Consumer Discretionary — 1.9%                
Coway     3,099       199,682  
                 
UNITED KINGDOM — 10.4%                
Utilities — 10.4%                
Severn Trent PLC     14,549       530,328  
United Utilities Group PLC     36,204       571,714  
                 
TOTAL UNITED KINGDOM             1,102,042  
UNITED STATES — 72.9%                
Consumer Staples — 3.4%                
Primo Brands     10,854       358,942  
                 
Industrials — 47.0%                
A O Smith     6,778       435,893  
Advanced Drainage Systems     3,579       393,547  
Core & Main, Cl A *     10,650       583,726  
Energy Recovery *     3,242       40,882  
Ferguson Enterprises     4,407       803,572  
Franklin Electric     2,283       197,228  
Mueller Water Products, Cl A     8,926       218,955  
Northwest Pipe *     570       22,025  
Pentair PLC     8,394       832,517  
Watts Water Technologies, Cl A     1,575       381,339  
Xylem     6,276       791,027  
Zurn Elkay Water Solutions     8,309       300,703  
              5,001,414  
Information Technology — 4.0%                
Badger Meter     1,709       424,208  
                 
Utilities — 18.5%                
American States Water     2,182       172,094  
American Water Works     6,462       923,872  

 

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

81

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Clean Water ETF

 

    Shares     Value  
COMMON STOCK — continued                
Utilities — continued                
California Water Service Group     3,438     $ 162,445  
Consolidated Water     1,112       30,057  
Essential Utilities     12,907       497,307  
Middlesex Water     987       57,197  
SJW Group     1,772       92,995  
York Water     918       29,982  
              1,965,949  
TOTAL UNITED STATES             7,750,513  
TOTAL COMMON STOCK
(Cost $9,109,562)		             10,601,987  
                 
    Face Amount          
U.S. TREASURY OBLIGATION — 1.9%                
U.S. Treasury Bills
4.225%, 07/01/25(A)		   $ 200,000       199,320  
TOTAL U.S. TREASURY OBLIGATION
(Cost $199,345)		             199,320  
TOTAL INVESTMENTS — 101.6%
(Cost $9,308,907)		           $ 10,801,307  

 

Percentages are based on Net Assets of $10,635,050.

 

* Non-income producing security.
(A) Interest rate represents the security’s effective yield at the time of purchase.

 

The following is a summary of the level of inputs used as of May 31, 2025, in valuing the Fund’s investments carried at value:

 

Investments in Securities   Level 1     Level 2     Level 3     Total  
Common Stock   $ 10,544,988     $ 56,999     $ —     $ 10,601,987  
U.S. Treasury Obligation     —       199,320       —       199,320  
Total Investments in Securities   $ 10,544,988     $ 256,319     $ —     $ 10,801,307  

 

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.

82

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X AgTech & Food Innovation ETF

 

    Shares     Value  
COMMON STOCK — 100.1%            
ARGENTINA — 0.9%            
Materials — 0.9%            
Bioceres Crop Solutions * (A)     16,640     $ 81,203  
                 
AUSTRALIA — 2.5%                
Materials — 2.5%                
Nufarm *     146,040       223,682  
                 
CANADA — 12.8%                
Consumer Staples — 0.3%                
Maple Leaf Foods     1,403       27,827  
                 
Materials — 12.5%                
Nutrien     18,641       1,100,378  
                 
TOTAL CANADA             1,128,205  
CHINA — 14.3%                
Consumer Staples — 14.3%                
Cheng De Lolo, Cl A     281,580       413,672  
Hebei Yangyuan Zhihui Beverage, Cl A     122,500       415,894  
V V Food & Beverage, Cl A     54,700       26,432  
Yuan Longping High-tech Agriculture, Cl A     286,000       405,074  
                 
TOTAL CHINA             1,261,072  
GERMANY — 3.5%                
Health Care — 3.5%                
Bayer     10,870       305,235  
                 
INDONESIA — 0.3%                
Consumer Staples — 0.3%                
Mayora Indah     188,800       26,425  
                 
JAPAN — 12.3%                
Industrials — 12.3%                
Kubota     94,559       1,090,120  

 

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

83

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X AgTech & Food Innovation ETF

 

    Shares     Value  
COMMON STOCK — continued            
PHILIPPINES — 0.3%            
Consumer Staples — 0.3%            
Monde Nissin     211,805     $ 28,851  
                 
SAUDI ARABIA — 0.3%                
Consumer Staples — 0.3%                
Saudia Dairy & Foodstuff     340       25,720  
                 
SWITZERLAND — 0.3%                
Consumer Staples — 0.3%                
Bell Food Group     84       26,788  
                 
THAILAND — 0.1%                
Consumer Staples — 0.1%                
NR Instant Produce NVDR *(B)     567,500       5,532  
                 
UNITED STATES — 52.5%                
Consumer Discretionary — 0.4%                
GrowGeneration *     29,198       31,534  
                 
Consumer Staples — 11.0%                
Archer-Daniels-Midland     4,734       228,510  
Beyond Meat * (A)     32,191       94,320  
Hain Celestial Group *     13,619       25,468  
Kellanova     3,105       256,566  
Laird Superfood *     3,833       24,646  
Oatly Group ADR * (A)     15,177       166,036  
Sprouts Farmers Market *     1,043       180,293  
              975,839  
                 
Industrials — 21.8%                
AGCO     3,732       365,661  
CNH Industrial     29,600       370,296  
Deere     2,031       1,028,214  
Titan Machinery *     8,613       160,891  
              1,925,062  

 

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

84

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X AgTech & Food Innovation ETF

 

    Shares     Value  
COMMON STOCK — continued            
Information Technology — 1.8%            
Trimble *     2,219     $ 158,148  
                 
Materials — 17.5%                
Corteva     15,731       1,113,755  
FMC     10,111       410,102  
Scotts Miracle-Gro, Cl A     430       25,611  
              1,549,468  
TOTAL UNITED STATES             4,640,051  
TOTAL COMMON STOCK
(Cost $9,202,033)		             8,842,884  
                 
    Face Amount          
REPURCHASE AGREEMENT(C) — 2.6%                
HSBC Securities USA, Inc.
4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $229,231 (collateralized by various U.S. Treasury Obligations, ranging in par value $153 - $103,633, 0.000% - 4.625%, 08/15/2025 - 02/15/2055, with a total market value of $232,431)
(Cost $229,148) 		   $ 229,148       229,148  
TOTAL INVESTMENTS — 102.7%
(Cost $9,431,181)		           $ 9,072,032  

 

Percentages are based on Net Assets of $8,833,969.

 

* Non-income producing security.
(A) This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $218,393.
(B) Level 3 security in accordance with fair value hierarchy.
(C) These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $229,148. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $0.

 

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

85

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X AgTech & Food Innovation ETF

 

The following is a summary of the level of inputs used as of May 31, 2025, in valuing the Fund’s investments carried at value:

 

Investments in Securities   Level 1     Level 2     Level 3(1)     Total  
Common Stock   $ 8,785,207     $ 52,145     $ 5,532     $ 8,842,884  
Repurchase Agreement     —       229,148       —       229,148  
Total Investments in Securities   $ 8,785,207     $ 281,293     $ 5,532     $ 9,072,032  

 

(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.

 

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.

86

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Blockchain ETF

 

    Shares     Value  
COMMON STOCK — 99.9%                
AUSTRALIA — 5.3%                
Information Technology — 5.3%                
Iris Energy * (A)      924,463     $ 7,756,245  
                 
CANADA — 10.6%                
Financials — 0.6%                
WonderFi Technologies * (A)      3,296,481       815,159  
                 
Information Technology — 10.0%                
Bitfarms * (A)      4,049,310       3,710,775  
Hive Digital Technologies * (A)      1,483,334       2,664,704  
Hut 8 *     451,101       6,856,985  
Neptune Digital Assets *     1,189,762       1,436,420  
              14,668,884  
TOTAL CANADA             15,484,043  
CHINA — 3.3%                
Consumer Discretionary — 0.7%                
Cango ADR *     233,176       1,060,951  
                 
Financials — 1.0%                
OSL Group *     964,100       1,504,879  
                 
Information Technology — 1.6%                
Canaan ADR *     3,506,577       2,129,544  
Mercurity Fintech Holding * (A)      66,575       204,385  
              2,333,929  
TOTAL CHINA             4,899,759  
GERMANY — 1.6%                
Financials — 0.6%                
Bitcoin Group     18,135       889,394  
                 
Information Technology — 1.0%                
Northern Data *     45,323       1,429,368  
                 
TOTAL GERMANY             2,318,762  

 

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

87

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Blockchain ETF

 

    Shares     Value  
COMMON STOCK — continued                
JERSEY — 0.4%                
Financials — 0.4%                
Coinshares International     63,370     $ 653,166  
                 
UNITED STATES — 78.7%                
Financials — 18.5%                
Bakkt Holdings, Cl A * (A)      66,906       778,786  
Coinbase Global, Cl A *     76,922       18,970,504  
Galaxy Digital Holdings (A)     406,374       7,365,242  
              27,114,532  
Information Technology — 60.2%                
Applied Digital * (A)      1,286,476       8,786,631  
Bit Digital *     2,062,193       4,866,776  
Bitdeer Technologies Group, Cl A * (A)      574,305       7,385,562  
BitFuFu, Cl A *     136,658       472,837  
Cipher Mining * (A)      1,962,712       6,123,662  
Cleanspark * (A)      1,342,835       11,588,666  
Core Scientific *     727,591       7,748,844  
Exodus Movement *     58,142       1,657,047  
MARA Holdings * (A)      1,127,627       15,922,093  
Riot Platforms * (A)      2,075,319       16,747,824  
TeraWulf * (A)      2,015,149       7,113,476  
              88,413,418  
TOTAL UNITED STATES             115,527,950  
TOTAL COMMON STOCK
(Cost $142,684,153)		             146,639,925  
               
    Face Amount          
REPURCHASE AGREEMENTS(B) — 30.3%                
Bank of America Securities, Inc.
4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $2,560,807 (collateralized by various U.S. Government Obligations, ranging in par value $1,299 - $666,846, 0.000% - 7.500%, 03/01/2037 - 05/01/2055, with a total market value of $2,601,665)		   $ 2,559,879       2,559,879  

 

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

88

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Blockchain ETF

 

    Face Amount     Value  
REPURCHASE AGREEMENTS(B) — continued                
Cantor Fitzgerald Securities
4.370%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $10,251,133 (collateralized by various U.S. Government Obligations, ranging in par value $445 - $703,530, 1.500% - 7.550%, 04/01/2032 - 03/20/2075, with a total market value of $10,409,654)		   $ 10,247,401     $ 10,247,401  
CF Secured LLC
4.360%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $6,489,055 (collateralized by various U.S. Government Obligations, ranging in par value $821 - $961,639, 0.000% - 7.000%, 05/23/2028 - 04/20/2074, with a total market value of $6,591,391)		     6,486,698       6,486,698  
Clear Street LLC
4.410%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,359,758 (collateralized by various U.S. Government Obligations, ranging in par value $1,322 - $397,130, 2.000% - 7.000%, 09/17/2029 - 05/01/2055, with a total market value of $1,368,581)		     1,359,258       1,359,258  
Daiwa Capital Markets America, Inc.
4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $9,356,088 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $593 - $1,670,823, 0.000% - 7.500%, 09/16/2025 - 06/01/2055, with a total market value of $9,492,073)		     9,352,698       9,352,698  
HSBC Securities USA, Inc.
4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,532,695 (collateralized by various U.S. Government Obligations, ranging in par value $1,021 - $692,915, 0.000% - 4.625%, 08/15/2025 - 02/15/2055, with a total market value of $1,554,092)		     1,532,141       1,532,141  

 

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

89

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Blockchain ETF

 

    Face Amount     Value  
REPURCHASE AGREEMENTS(B) — continued                
HSBC Securities USA, Inc.
4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $4,495,641 (collateralized by various U.S. Treasury Obligations, ranging in par value $418 - $1,777,146, 1.500% - 7.000%, 12/01/2031 - 04/01/2055, with a total market value of $4,566,767)		   $ 4,494,012     $ 4,494,012  
Nomura Securities International, Inc.
4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,503,851 (collateralized by various U.S. Government Obligations, ranging in par value $1,019 - $1,803,968, 1.500% - 7.500%, 03/01/2028 - 07/01/2060, with a total market value of $1,528,553)		     1,503,307       1,503,307  
RBC Dominion Securities, Inc.
4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $6,963,003 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $302 - $4,276,850, 0.000% - 7.500%, 06/12/2025 - 05/20/2055, with a total market value of $7,060,832)		     6,960,486       6,960,486  
TOTAL REPURCHASE AGREEMENTS
(Cost $44,495,880)		             44,495,880  
TOTAL INVESTMENTS — 130.2%
(Cost $187,180,033)		           $ 191,135,805  

 

Percentages are based on Net Assets of $146,810,388.

 

* Non-income producing security.
(A) This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $41,172,121.
(B) These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $44,495,880. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $0.

 

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

90

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Blockchain ETF

 

The following is a summary of the level of inputs used as of May 31, 2025, in valuing the Fund’s investments carried at value:

 

Investments in Securities   Level 1     Level 2     Level 3     Total  
Common Stock   $ 146,639,925     $ —     $ —     $ 146,639,925  
Repurchase Agreements     —       44,495,880       —       44,495,880  
Total Investments in Securities   $ 146,639,925     $ 44,495,880     $ —     $ 191,135,805  

 

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.

91

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Hydrogen ETF

 

    Shares     Value  
COMMON STOCK — 94.9%                
CANADA — 4.1%                
Industrials — 4.1%                
Ballard Power Systems *     845,617     $ 1,090,846  
                 
CHINA — 2.7%                
Industrials — 1.8%                
Beijing Sinohytec, Cl H *     166,400       476,396  
                 
Information Technology — 0.9%                
Shenzhen Everwin Precision Technology, Cl A     82,500       230,832  
                 
TOTAL CHINA             707,228  
FRANCE — 0.3%                
Consumer Discretionary — 0.3%                
Opmobility     6,444       78,789  
                 
GERMANY — 11.0%                
Industrials — 11.0%                
SFC Energy *     117,584       2,916,707  
                 
JAPAN — 2.1%                
Consumer Discretionary — 2.1%                
Toyota Motor     29,389       563,971  
                 
NORWAY — 5.5%                
Industrials — 5.5%                
Hexagon Purus *     2,220,866       326,484  
NEL * (A)      5,283,519       1,129,396  
                 
TOTAL NORWAY             1,455,880  
SINGAPORE — 0.3%                
Materials — 0.3%                
Nanofilm Technologies International (A)     184,000       76,334  

 

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

92

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Hydrogen ETF

 

    Shares     Value  
COMMON STOCK — continued                
SOUTH KOREA — 14.5%                
Consumer Discretionary — 4.1%                
Iljin Hysolus ltd *     116,104     $ 1,101,545  
                 
Industrials — 10.1%                
Bumhan Fuel Cell *     10,890       130,314  
Doosan     640       226,368  
Doosan Fuel Cell *     185,455       2,260,892  
S-Fuelcell     9,025       70,907  
              2,688,481  
Information Technology — 0.3%                
MiCo *     8,351       78,565  
                 
TOTAL SOUTH KOREA             3,868,591  
SWEDEN — 4.5%                
Industrials — 4.5%                
PowerCell Sweden *     464,767       1,205,836  
                 
UNITED KINGDOM — 15.3%                
Industrials — 13.8%                
AFC Energy PLC * (A)      8,882,937       1,000,250  
Ceres Power Holdings PLC *     1,213,158       1,190,188  
ITM Power PLC * (A)      1,963,966       1,504,346  
              3,694,784  
Materials — 1.5%                
Johnson Matthey PLC     16,994       393,488  
                 
TOTAL UNITED KINGDOM             4,088,272  
UNITED STATES — 34.6%                
Industrials — 32.6%                
Bloom Energy, Cl A *     159,478       2,945,559  
Cummins     1,590       511,153  
FuelCell Energy * (A)      291,608       1,490,117  
Hyster-Yale     1,801       72,328  
Plug Power * (A)      4,153,165       3,665,999  
              8,685,156  

 

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

93

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Hydrogen ETF

 

    Shares     Value  
COMMON STOCK — continued                
Materials — 2.0%                
Air Products & Chemicals     1,907     $ 531,881  
                 
TOTAL UNITED STATES             9,217,037  
TOTAL COMMON STOCK
(Cost $50,013,485)		             25,269,491  
               
    Face Amount          
REPURCHASE AGREEMENTS(B) — 26.9%                
Cantor Fitzgerald Securities
4.370%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,648,094 (collateralized by various U.S. Government Obligations, ranging in par value $72 - $113,108, 1.500% - 7.550%, 04/01/2032 - 03/20/2075, with a total market value of $1,673,580)		   $ 1,647,494       1,647,494  
CF Secured LLC
4.360%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,648,093 (collateralized by various U.S. Government Obligations, ranging in par value $209 - $244,237, 0.000% - 7.000%, 05/23/2028 - 04/20/2074, with a total market value of $1,674,084)		     1,647,494       1,647,494  
Daiwa Capital Markets America, Inc.
4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,504,067 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $95 - $268,598, 0.000% - 7.500%, 09/16/2025 - 06/01/2055, with a total market value of $1,525,928)		     1,503,522       1,503,522  
HSBC Securities USA, Inc.
4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,236,671 (collateralized by various U.S. Treasury Obligations, ranging in par value $824 - $559,086, 0.000% - 4.625%, 08/15/2025 - 02/15/2055, with a total market value of $1,253,935)		     1,236,224       1,236,224  

 

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

94

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Hydrogen ETF

 

    Face Amount     Value  
REPURCHASE AGREEMENTS(B) — continued                
RBC Dominion Securities, Inc.
4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,119,360 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $49 - $687,539, 0.000% - 7.500%, 06/12/2025 - 05/20/2055, with a total market value of $1,135,086) 		  $ 1,118,955     $ 1,118,955  
TOTAL REPURCHASE AGREEMENTS
(Cost $7,153,689)		             7,153,689  
TOTAL INVESTMENTS — 121.8%
(Cost $57,167,174)		           $ 32,423,180  

 

Percentages are based on Net Assets of $26,626,612.

 

* Non-income producing security.
(A) This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $7,083,051.
(B) These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $7,153,689. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $532,566.

 

The following is a summary of the level of inputs used as of May 31, 2025, in valuing the Fund’s investments carried at value:

 

Investments in Securities   Level 1     Level 2     Level 3     Total  
Common Stock   $ 25,269,491     $ —     $ —     $ 25,269,491  
Repurchase Agreements     —       7,153,689       —       7,153,689  
Total Investments in Securities   $ 25,269,491     $ 7,153,689     $ —     $ 32,423,180  

 

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.

95

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Solar ETF

 

    Shares     Value  
COMMON STOCK — 99.4%                
CANADA — 0.6%                
Information Technology — 0.6%                
Canadian Solar * (A)     2,429     $ 25,577  
                 
CHINA — 64.1%                
Consumer Discretionary — 1.0%                
Shanghai Aerospace Automobile Electromechanical, Cl A *     47,600       44,020  
                 
Industrials — 22.6%                
Arctech Solar Holding, Cl A     7,424       43,091  
Ginlong Technologies, Cl A     16,750       118,828  
GoodWe Technologies, Cl A     3,091       17,245  
Ningbo Deye Technology, Cl A     13,320       152,368  
Shenzhen Kstar Science And Technology, Cl A     13,400       40,079  
Sineng Electric, Cl A     13,261       49,441  
Sungrow Power Supply, Cl A     39,740       333,243  
Yuneng Technology, Cl A     2,745       15,124  
Zhejiang Chint Electrics, Cl A     56,700       172,502  
              941,921  
Information Technology — 35.6%                
CSI Solar, Cl A     21,918       27,178  
Flat Glass Group, Cl H     26,100       27,726  
GCL System Integration Technology, Cl A *     204,500       62,472  
Hainan Drinda New Energy Technology, Cl A *     8,100       42,661  
Hangzhou First Applied Material, Cl A     56,144       94,487  
Hengdian Group DMEGC Magnetics, Cl A     41,000       73,441  
JA Solar Technology, Cl A *     99,004       125,651  
Jolywood Suzhou Sunwatt, Cl A     48,100       34,865  
LONGi Green Energy Technology, Cl A     171,360       342,166  
Risen Energy, Cl A *     50,100       65,672  
Shanghai Aiko Solar Energy, Cl A *     68,040       104,682  
Shenzhen SC New Energy Technology, Cl A     17,500       125,534  
Shenzhen Topraysolar, Cl A     44,000       19,062  
TCL Zhonghuan Renewable Energy Technology, Cl A     164,800       173,458  
Wuxi Autowell Technology, Cl A     9,912       45,695  
Xinyi Solar Holdings     296,400       89,583  

 

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

96

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Solar ETF

 

    Shares     Value  
COMMON STOCK — continued                
Information Technology — continued                
Yingkou Jinchen Machinery, Cl A     4,100     $ 13,550  
Zhejiang Akcome New Energy Technology, Cl A * (B)     280,500       —  
Zhejiang Sunoren Solar Technology, Cl A     15,400       17,214  
              1,485,097  
Materials — 1.9%                
Henan Yicheng New Energy, Cl A *     77,400       40,948  
Hubei Huitian New Materials, Cl A     30,000       36,867  
              77,815  
Utilities — 3.0%                
CECEP Solar Energy, Cl A     138,800       83,646  
Jinko Power Technology, Cl A     116,600       42,258  
              125,904  
TOTAL CHINA             2,674,757  
GERMANY — 0.8%                
Information Technology — 0.8%                
SMA Solar Technology (A)     1,542       34,101  
                 
JAPAN — 0.3%                
Industrials — 0.3%                
West Holdings     1,234       13,512  
                 
SOUTH AFRICA — 1.4%                
Utilities — 1.4%                
Scatec *     6,910       59,177  
                 
SOUTH KOREA — 2.9%                
Information Technology — 0.3%                
HD Hyundai Energy Solutions *     401       14,024  
                 
Materials — 2.6%                
Hanwha Solutions     5,058       109,247  
                 
TOTAL SOUTH KOREA             123,271  

 

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

97

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Solar ETF

 

    Shares     Value  
COMMON STOCK — continued                
SPAIN — 1.0%                
Utilities — 1.0%                
Solaria Energia y Medio Ambiente *     4,623     $ 39,908  
                 
TAIWAN — 0.4%                
Information Technology — 0.4%                
TSEC     30,577       15,866  
                 
TURKEY — 0.7%                
Industrials — 0.3%                
CW Enerji Muhendislik Ticaret VE Sanayi     30,625       11,215  
                 
Utilities — 0.4%                
Esenboga Elektrik Uretim *     10,325       17,181  
                 
TOTAL TURKEY             28,396  
UNITED STATES — 27.2%                
Industrials — 11.7%                
Array Technologies *     5,995       39,567  
Freyr Battery *     11,373       12,397  
NEXTracker, Cl A *     6,072       344,222  
Shoals Technologies Group, Cl A *     7,966       37,599  
Sunrun *     7,418       55,561  
              489,346  
Information Technology — 15.5%                
Enphase Energy *     6,969       288,447  
First Solar *     2,018       319,005  
SolarEdge Technologies *     2,095       37,417  
              644,869  
TOTAL UNITED STATES             1,134,215  
TOTAL COMMON STOCK
(Cost $5,752,965)		             4,148,780  

 

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

98

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Solar ETF

 

    Face Amount     Value  
REPURCHASE AGREEMENT(C) — 0.9%                
HSBC Securities USA, Inc.
4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $37,278 (collateralized by various U.S. Treasury Obligations, ranging in par value $25 - $16,853, 0.000% - 4.625%, 08/15/2025 - 02/15/2055, with a total market value of $37,799)
(Cost $37,265)		   $ 37,265     $ 37,265  
TOTAL INVESTMENTS — 100.3%
(Cost $5,790,230)		           $ 4,186,045  

 

Percentages are based on Net Assets of $4,174,197.

 

* Non-income producing security.
(A) This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $35,544.
(B) Level 3 security in accordance with fair value hierarchy.
(C) These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $37,265. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $0.

 

The following is a summary of the level of inputs used as of May 31, 2025, in valuing the Fund’s investments carried at value:

 

Investments in Securities   Level 1     Level 2     Level 3(1)     Total  
Common Stock   $ 4,132,914     $ 15,866     $ — ^   $ 4,148,780  
Repurchase Agreement     —       37,265       —       37,265  
Total Investments in Securities   $ 4,132,914     $ 53,131     $ —     $ 4,186,045  

 

(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.

 

^ Includes Securities in which the fair value is $0 or has been rounded to $0.

 

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

 

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

99

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Solar ETF

 

See “Glossary” for abbreviations.

 

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

100

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Wind Energy ETF

 

    Shares     Value  
COMMON STOCK — 99.7%                
CANADA — 15.0%                
Utilities — 15.0%                
Boralex, Cl A     3,148     $ 72,281  
Innergex Renewable Energy     5,107       50,737  
Northland Power     7,021       104,476  
                 
TOTAL CANADA             227,494  
CHINA — 42.6%                
Industrials — 16.8%                
Dajin Heavy Industry, Cl A     11,650       44,325  
Goldwind Science & Technology, Cl H     22,400       17,368  
Jiangsu Haili Wind Power Equipment Technology, Cl A *     1,100       9,647  
Jinlei Technology, Cl A     8,750       23,000  
Ming Yang Smart Energy Group, Cl A     45,800       63,914  
Qingdao Tianneng Heavy Industries, Cl A     20,200       14,557  
Sany Renewable Energy, Cl A     4,582       14,939  
Shanghai Taisheng Wind Power Equipment, Cl A     26,400       25,221  
Titan Wind Energy Suzhou, Cl A     26,300       24,176  
Windey Energy Technology Group, Cl A     12,900       18,934  
              256,081  
Utilities — 25.8%                
CECEP Wind-Power, Cl A     114,360       46,527  
China Datang Renewable Power, Cl H     60,300       17,379  
China Longyuan Power Group, Cl H     79,770       66,225  
China Three Gorges Renewables Group, Cl A     276,800       164,889  
Jiangsu New Energy Development, Cl A     24,500       51,438  
Zhongmin Energy, Cl A     60,800       44,999  
              391,457  
TOTAL CHINA             647,538  
DENMARK — 26.8%                
Industrials — 13.8%                
Cadeler *     7,661       38,278  
Vestas Wind Systems     10,822       170,711  
              208,989  

 

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

101

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Wind Energy ETF

 

    Shares     Value  
COMMON STOCK — continued                
Utilities — 13.0%                
Orsted *     4,839     $ 197,589  
                 
TOTAL DENMARK             406,578  
GERMANY — 4.6%                
Industrials — 4.6%                
Nordex *     3,421       69,402  
                 
INDIA — 2.0%                
Utilities — 2.0%                
ReNew Energy Global PLC, Cl A *     4,419       30,093  
                 
ITALY — 1.3%                
Utilities — 1.3%                
ERG     977       20,630  
                 
SOUTH KOREA — 1.4%                
Industrials — 1.4%                
CS Wind     581       20,782  
                 
SPAIN — 4.3%                
Utilities — 4.3%                
EDP Renovaveis     6,577       66,004  
                 
TURKEY — 0.3%                
Utilities — 0.3%                
Galata Wind Enerji     7,259       4,240  

 

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

102

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Wind Energy ETF

 

    Shares     Value  
COMMON STOCK — continued                
UNITED STATES — 1.4%                
Utilities — 1.4%                
NextEra Energy Partners     2,406     $ 21,221  
                 
TOTAL COMMON STOCK
(Cost $2,150,791)		             1,513,982  
TOTAL INVESTMENTS — 99.7%
(Cost $2,150,791)		           $ 1,513,982  

 

Percentages are based on Net Assets of $1,518,469.

 

* Non-income producing security.

 

The following is a summary of the level of inputs used as of May 31, 2025, in valuing the Fund’s investments carried at value:

 

Investments in Securities   Level 1     Level 2     Level 3     Total  
Common Stock   $ 1,145,682     $ 368,300     $ —     $ 1,513,982  
Total Investments in Securities   $ 1,145,682     $ 368,300     $ —     $ 1,513,982  

 

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.

103

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X PropTech ETF

 

    Shares     Value  
COMMON STOCK — 99.8%                
AUSTRALIA — 6.9%                
Communication Services — 5.6%                
Domain Holdings Australia     5,954     $ 16,706  
REA Group     541       83,458  
              100,164  
Real Estate — 1.3%                
PEXA Group *     2,737       22,387  
                 
TOTAL AUSTRALIA             122,551  
CHINA — 7.5%                
Information Technology — 0.3%                
Ming Yuan Cloud Group Holdings     18,490       6,296  
                 
Real Estate — 7.2%                
KE Holdings ADR     6,925       127,835  
                 
TOTAL CHINA             134,131  
GERMANY — 12.6%                
Communication Services — 6.3%                
Scout24     826       112,433  
                 
Financials — 1.2%                
Hypoport *     95       21,138  
                 
Information Technology — 5.1%                
Nemetschek     661       91,774  
                 
TOTAL GERMANY             225,345  
JAPAN — 0.6%                
Communication Services — 0.3%                
GA Technologies *     467       4,809  
                 
Real Estate — 0.3%                
SRE Holdings     240       6,495  
                 
TOTAL JAPAN             11,304  

 

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

104

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X PropTech ETF

 

    Shares     Value  
COMMON STOCK — continued                
SWEDEN — 3.3%                
Communication Services — 3.3%                
Hemnet Group     1,880     $ 59,464  
                 
SWITZERLAND — 2.6%                
Real Estate — 2.6%                
International Workplace Group *     17,547       45,575  
                 
UNITED KINGDOM — 5.6%                
Communication Services — 5.6%                
Rightmove PLC     9,864       99,127  
                 
UNITED STATES — 60.7%                
Consumer Discretionary — 12.3%                
ADT     11,077       92,161  
Airbnb, Cl A *     991       127,839  
              220,000  
Financials — 3.5%                
Hippo Holdings *     318       7,492  
Rocket, Cl A     3,286       41,897  
UWM Holdings     2,898       12,461  
              61,850  
Industrials — 4.1%                
Resideo Technologies *     3,523       72,926  
                 
Information Technology — 24.3%                
Alarm.com Holdings *     1,147       65,838  
Appfolio, Cl A *     384       81,089  
Arlo Technologies *     2,306       33,022  
Blend Labs, Cl A *     4,996       18,285  
Guidewire Software *     711       152,879  
Porch Group *     1,441       13,142  
Procore Technologies *     986       66,230  
SmartRent, Cl A *     4,064       3,431  
              433,916  

 

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

105

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X PropTech ETF

 

    Shares     Value  
COMMON STOCK — continued                
Real Estate — 16.5%                
CoStar Group *     2,124     $ 156,242  
Opendoor Technologies *     14,456       9,428  
Zillow Group, Cl C *     1,928       129,388  
              295,058  
TOTAL UNITED STATES             1,083,750  
TOTAL COMMON STOCK
(Cost $1,412,478)		             1,781,247  
               
    Face Amount          
U.S. TREASURY OBLIGATION — 9.8%                
U.S. Treasury Bills                
4.225%, 07/01/25(A)   $ 175,000       174,405  
TOTAL U.S. TREASURY OBLIGATION
(Cost $174,427)		             174,405  
TOTAL INVESTMENTS — 109.6%
(Cost $1,586,905)		           $ 1,955,652  

 

Percentages are based on Net Assets of $1,784,222.

 

* Non-income producing security.
(A) Interest rate represents the security’s effective yield at the time of purchase.

 

The following is a summary of the level of inputs used as of May 31, 2025, in valuing the Fund’s investments carried at value:

 

Investments in Securities   Level 1     Level 2     Level 3     Total  
Common Stock   $ 1,781,247     $ —     $ —     $ 1,781,247  
U.S. Treasury Obligation     —       174,405       —       174,405  
Total Investments in Securities   $ 1,781,247     $ 174,405     $ —     $ 1,955,652  

 

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.

106

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Defense Tech ETF

 

    Shares     Value  
COMMON STOCK — 99.4%                
AUSTRALIA — 0.4%                
Industrials — 0.4%                
Austal *     1,389,230     $ 4,935,097  
DroneShield * (A)     4,601,537       3,894,137  
                 
TOTAL AUSTRALIA             8,829,234  
FRANCE — 6.4%                
Industrials — 6.4%                
Dassault Aviation     108,002       39,087,980  
Thales     347,778       105,573,913  
                 
TOTAL FRANCE             144,661,893  
GERMANY — 10.1%                
Industrials — 10.1%                
Hensoldt     361,620       37,768,817  
Rheinmetall     90,024       192,647,231  
                 
TOTAL GERMANY             230,416,048  
ISRAEL — 2.7%                
Industrials — 2.7%                
Elbit Systems     150,712       60,342,187  
                 
ITALY — 4.8%                
Industrials — 4.8%                
Leonardo     1,783,008       109,750,350  
                 
JAPAN — 0.0%                
Information Technology — 0.0%                
Nippon Avionics (A)     33,146       807,431  
                 
SOUTH KOREA — 6.9%                
Industrials — 6.9%                
Hanwha Aerospace     160,292       94,221,071  
Hanwha Systems     441,732       14,535,503  
Korea Aerospace Industries     422,850       25,621,700  
LIG Nex1     73,093       22,727,330  
                 
TOTAL SOUTH KOREA             157,105,604  

 

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

107

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Defense Tech ETF

 

    Shares     Value  
COMMON STOCK — continued                
SWEDEN — 4.7%                
Industrials — 4.7%                
Saab, Cl B     2,121,154     $ 107,007,863  
                 
TURKEY — 0.5%                
Industrials — 0.5%                
Aselsan Elektronik Sanayi Ve Ticaret     3,297,868       10,891,555  
SDT Uzay VE Savunma Teknolojileri     42,581       191,194  
                 
TOTAL TURKEY             11,082,749  
UNITED KINGDOM — 11.4%                
Industrials — 11.4%                
Babcock International Group PLC     2,867,268       36,191,748  
BAE Systems PLC     7,401,779       189,800,722  
Chemring Group PLC     1,547,779       10,081,415  
Cohort     192,307       3,827,779  
QinetiQ Group PLC     2,824,937       18,941,105  
                 
TOTAL UNITED KINGDOM             258,842,769  
UNITED STATES — 51.5%                
Industrials — 42.4%                
AeroVironment *     271,674       48,366,122  
Amentum Holdings *     1,176,226       24,300,829  
BlackSky Technology, Cl A *     143,560       1,606,436  
BWX Technologies     549,613       69,031,393  
General Dynamics     616,460       171,677,945  
Huntington Ingalls Industries     234,276       52,257,605  
Kratos Defense & Security Solutions *     899,486       33,182,039  
L3Harris Technologies     422,677       103,276,898  
Leidos Holdings     611,848       90,871,665  
Lockheed Martin     369,504       178,241,339  
Mercury Systems *     351,643       17,318,418  
Moog, Cl A     166,500       30,854,115  
National Presto Industries     31,305       2,681,273  
Northrop Grumman     205,610       99,673,560  
Parsons *     636,220       41,252,505  
              964,592,142  

 

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

108

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Defense Tech ETF

 

    Shares     Value  
COMMON STOCK — continued                
Information Technology — 9.1%                
BigBear.ai Holdings * (A)     1,668,365     $ 6,940,399  
OSI Systems *     94,272       20,655,938  
Palantir Technologies, Cl A *     1,336,035       176,062,692  
Red Cat Holdings * (A)     417,166       2,482,138  
Telos *     268,264       676,025  
              206,817,192  
TOTAL UNITED STATES             1,171,409,334  
TOTAL COMMON STOCK
(Cost $1,853,518,039)		             2,260,255,462  
               
    Number of
Rights		          
                 
RIGHT — 0.1%                
South Korea — 0.1%                
Hanwha Areospace(B)                
Expires 07/05/2025     12,144       1,117,843  
TOTAL RIGHT
(Cost $–)		             1,117,843  
               
    Face Amount          
REPURCHASE AGREEMENTS(C) — 0.1%                
Bank of America Securities, Inc.
4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $734,320 (collateralized by various U.S. Treasury Obligations, ranging in par value $2,801 - $858,542, 0.000% - 5.250%, 02/15/2029 - 11/15/2052, with a total market value of $748,694)		   $ 734,055       734,055  
Daiwa Capital Markets America, Inc.
4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $734,320 (collateralized by various U.S. Treasury Obligations, ranging in par value $525 - $286,091, 0.000% - 4.625%, 09/16/2025 - 05/15/2053, with a total market value of $744,601)		     734,055       734,055  

 

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

109

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Defense Tech ETF

 

    Face Amount     Value  
REPURCHASE AGREEMENTS(C) — continued                
Deutsche Bank Securities, Inc.
4.330%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $734,320 (collateralized by various U.S. Treasury Obligations, ranging in par value $1,983 - $451,844, 4.250% - 4.625%, 11/30/2026 - 05/31/2031, with a total market value of $738,398)		   $ 734,055     $ 734,055  
HSBC Securities USA, Inc.
4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $187,489 (collateralized by various U.S. Treasury Obligations, ranging in par value $125 - $84,762, 0.000% - 4.625%, 08/15/2025 - 02/15/2055, with a total market value of $190,106)		     187,421       187,421  
Mizuho Securities USA LLC
4.330%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $734,320 (collateralized by various U.S. Treasury Obligations, ranging in par value $292,647 - $461,864, 3.500% - 3.750%, 04/15/2028 - 04/30/2030, with a total market value of $745,772)		     734,055       734,055  
TOTAL REPURCHASE AGREEMENTS
(Cost $3,123,641)		             3,123,641  
TOTAL INVESTMENTS — 99.6%
(Cost $1,856,641,680)		           $ 2,264,496,946  

 

Percentages are based on Net Assets of $2,274,558,006.

 

* Non-income producing security.
(A) This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $6,413,975.
(B) Level 3 security in accordance with fair value hierarchy.
(C) These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $3,123,641. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $3,281,999.

 

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

110

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Defense Tech ETF

 

The following is a summary of the level of inputs used as of May 31, 2025, in valuing the Fund’s investments carried at value:

 

Investments in Securities   Level 1     Level 2     Level 3(1)     Total  
Common Stock   $ 2,199,913,275     $ 60,342,187     $ —     $ 2,260,255,462  
Right     —       —       1,117,843       1,117,843  
Repurchase Agreements     —       3,123,641       —       3,123,641  
Total Investments in Securities   $ 2,199,913,275     $ 63,465,828     $ 1,117,843     $ 2,264,496,946  

 

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.

111

 

Schedule of Investments   May 31, 2025 (Unaudited)
Global X Infrastructure Development ex-U.S. ETF
 

 

    Shares     Value  
COMMON STOCK — 99.5%            
AUSTRALIA — 0.8%            
Industrials — 0.8%            
Aurizon Holdings     13,568     $ 25,758  
                 
AUSTRIA — 0.9%                
Industrials — 0.3%                
Strabag     119       10,470  
                 
Materials — 0.6%                
voestalpine     779       20,499  
                 
TOTAL AUSTRIA             30,969  
BRAZIL — 0.7%                
Materials — 0.7%                
Cia Siderurgica Nacional     4,500       6,477  
Gerdau ADR     6,253       16,445  
                 
TOTAL BRAZIL             22,922  
CANADA — 8.1%                
Industrials — 8.1%                
AtkinsRealis Group     1,145       74,948  
Canadian National Railway     944       99,044  
Canadian Pacific Kansas City     1,250       101,904  
                 
TOTAL CANADA             275,896  
CHINA — 2.4%                
Industrials — 1.2%                
China Communications Services, Cl H     17,900       10,318  
China Energy Engineering, Cl H     46,200       5,951  
China Lesso Group Holdings     7,500       3,759  
China Railway Group, Cl H     29,300       13,227  
Zoomlion Heavy Industry Science and Technology, Cl H     10,800       8,126  
              41,381  
Materials — 1.2%                
Angang Steel, Cl H *     10,000       2,002  
Anhui Conch Cement, Cl H     9,607       25,054  

 

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

112

 

Schedule of Investments   May 31, 2025 (Unaudited)
Global X Infrastructure Development ex-U.S. ETF
 

 

    Shares     Value  
COMMON STOCK — continued                
Materials — continued                
China National Building Material, Cl H     27,200     $ 12,141  
Maanshan Iron & Steel, Cl H *     10,000       2,244  
              41,441  
TOTAL CHINA             82,822  
DENMARK — 1.1%                
Industrials — 1.1%                
NKT *     418       35,752  
                 
FRANCE — 6.6%                
Industrials — 6.6%                
Eiffage     669       91,974  
Nexans     273       31,395  
Vinci     718       102,582  
                 
TOTAL FRANCE             225,951  
GERMANY — 2.8%                
Materials — 2.8%                
Heidelberg Materials     489       95,734  
                 
HONG KONG — 1.5%                
Communication Services — 1.5%                
China Tower, Cl H     34,940       51,865  
                 
INDIA — 20.4%                
Communication Services — 1.3%                
Indus Towers *     9,646       43,301  
                 
Industrials — 6.2%                
Action Construction Equipment     263       3,838  
Afcons Infrastructure *     1,058       5,230  
IRB Infrastructure Developers     13,600       8,148  
IRCON International     1,974       4,404  
Kalpataru Projects International     729       9,701  
KEC International     883       8,589  
KEI Industries     447       18,858  
Larsen & Toubro     2,417       103,801  

 

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

113

 

Schedule of Investments   May 31, 2025 (Unaudited)
Global X Infrastructure Development ex-U.S. ETF
 

 

    Shares     Value  
COMMON STOCK — continued                
Industrials — continued                
Polycab India     479     $ 33,534  
Rail Vikas Nigam     3,503       16,601  
              212,704  
Materials — 12.9%                
Ambuja Cements     5,813       37,599  
Dalmia Bharat     534       12,583  
Jindal Stainless     1,960       14,767  
Jindal Steel & Power     2,580       28,608  
JK Cement     267       17,153  
JSW Steel     6,832       79,318  
Ramco Cements     922       10,515  
Shree Cement     72       24,900  
Steel Authority of India     10,039       15,154  
Tata Steel     55,357       104,161  
UltraTech Cement     732       95,889  
              440,647  
TOTAL INDIA             696,652  
ISRAEL — 0.2%                
Industrials — 0.2%                
Shapir Engineering and Industry     919       7,087  
                 
ITALY — 6.4%                
Communication Services — 0.9%                
Infrastrutture Wireless Italiane     2,515       29,494  
                 
Energy — 0.8%                
Saipem     10,295       25,513  
                 
Industrials — 3.8%                
Maire     1,088       13,871  
Prysmian     1,672       107,435  
Webuild     2,384       9,716  
              131,022  

 

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

114

 

Schedule of Investments   May 31, 2025 (Unaudited)
Global X Infrastructure Development ex-U.S. ETF
 

 

    Shares     Value  
COMMON STOCK — continued            
Materials — 0.9%            
Buzzi     589     $ 30,237  
                 
TOTAL ITALY             216,266  
JAPAN — 14.4%                
Industrials — 5.7%                
COMSYS Holdings     737       16,957  
EXEO Group     1,286       16,403  
Hitachi Construction Machinery     723       22,062  
INFRONEER Holdings     1,359       11,099  
Komatsu     3,438       105,360  
Penta-Ocean Construction     1,800       10,909  
SHO-BOND Holdings     324       10,998  
              193,788  
Materials — 8.7%                
JFE Holdings     4,170       49,461  
Maruichi Steel Tube     351       8,458  
Nippon Steel     5,149       103,768  
Shin-Etsu Chemical     3,178       102,215  
Taiheiyo Cement     831       21,360  
Yamato Kogyo     221       13,100  
              298,362  
TOTAL JAPAN             492,150  
LUXEMBOURG — 2.6%                
Materials — 2.6%                
ArcelorMittal     2,952       89,546  
                 
MALAYSIA — 1.4%                
Industrials — 1.4%                
Gamuda     33,600       36,075  
IJM     19,000       11,159  
                 
TOTAL MALAYSIA             47,234  
MEXICO — 2.4%                
Materials — 2.4%                
Cemex ADR     10,644       72,911  

 

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

115

 

Schedule of Investments   May 31, 2025 (Unaudited)
Global X Infrastructure Development ex-U.S. ETF
 

 

    Shares     Value  
COMMON STOCK — continued            
Materials — continued            
Ternium ADR     292     $ 7,995  
                 
TOTAL MEXICO             80,906  
NETHERLANDS — 0.8%                
Industrials — 0.8%                
Aalberts     744       25,964  
                 
POLAND — 0.5%                
Industrials — 0.5%                
Budimex     103       17,159  
                 
SOUTH KOREA — 5.2%                
Industrials — 1.9%                
Doosan Bobcat     353       12,025  
KEPCO Engineering & Construction     128       5,826  
LS Electric     105       19,216  
Samsung E&A     1,190       18,760  
Taihan Electric Wire *     804       7,447  
              63,274  
Materials — 3.3%                
Hyundai Steel     641       13,102  
POSCO Holdings     557       100,928  
              114,030  
TOTAL SOUTH KOREA             177,304  
SPAIN — 4.8%                
Communication Services — 3.1%                
Cellnex Telecom     2,743       105,004  
                 
Industrials — 0.5%                
Sacyr     3,994       16,160  
                 
Materials — 0.4%                
Acerinox     1,313       15,517  

 

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

116

 

Schedule of Investments   May 31, 2025 (Unaudited)
Global X Infrastructure Development ex-U.S. ETF
 

 

    Shares     Value  
COMMON STOCK — continued            
Utilities — 0.8%            
Acciona     173     $ 27,889  
                 
TOTAL SPAIN             164,570  
SWEDEN — 4.4%                
Industrials — 3.6%                
AFRY     722       12,749  
Epiroc, Cl A     4,511       100,741  
Peab, Cl B     1,203       10,301  
              123,791  
                 
Materials — 0.8%                
SSAB, Cl B     4,556       26,990  
                 
TOTAL SWEDEN             150,781  
SWITZERLAND — 0.4%                
Information Technology — 0.4%                
Landis+Gyr Group     208       13,115  
                 
TAIWAN — 2.8%                
Materials — 2.8%                
Asia Cement     16,840       23,516  
Goldsun Building Materials     7,300       10,170  
TCC Group Holdings     54,083       52,967  
Tung Ho Steel Enterprise     4,030       8,674  
                 
TOTAL TAIWAN             95,327  
TURKEY — 0.1%                
Materials — 0.1%                
Oyak Cimento Fabrikalari *     7,241       3,875  
                 
UNITED ARAB EMIRATES — 0.4%                
Industrials — 0.4%                
NMDC Group PJSC     1,794       12,777  

 

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

117

 

Schedule of Investments   May 31, 2025 (Unaudited)
Global X Infrastructure Development ex-U.S. ETF
 

 

    Shares     Value  
COMMON STOCK — continued            
UNITED KINGDOM — 1.1%            
Industrials — 0.7%            
Balfour Beatty     3,842     $ 25,895  
                 
Materials — 0.4%                
Breedon Group PLC     2,126       13,079  
                 
TOTAL UNITED KINGDOM             38,974  
UNITED STATES — 6.3%                
Industrials — 3.0%                
Ferrovial     2,026       103,133  
                 
Materials — 3.3%                
Holcim     898       99,490  
Titan Cement International     258       11,716  
              111,206  
TOTAL UNITED STATES             214,339  
TOTAL COMMON STOCK
(Cost $3,178,986)		             3,391,695  
TOTAL INVESTMENTS — 99.5%
(Cost $3,178,986)		           $ 3,391,695  

 

Percentages are based on Net Assets of $3,408,223.

 

* Non-income producing security.

 

The following is a summary of the level of inputs used as of May 31, 2025, in valuing the Fund’s investments carried at value:

 

Investments in Securities   Level 1     Level 2     Level 3     Total  
Common Stock   $ 3,253,529     $ 138,166     $ —     $ 3,391,695  
Total Investments in Securities   $ 3,253,529     $ 138,166     $ —     $ 3,391,695  

 

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.

118

 

Schedule of Investments   May 31, 2025 (Unaudited)
Glossary (abbreviations which may be used in the preceding Schedules of Investments):
 

 

Fund Abbreviations

ADR — American Depositary Receipt

Cl — Class

ETF — Exchange-Traded Fund

NVDR — Non-Voting Depositary Receipt

PJSC — Public Joint Stock Company

REIT — Real Estate Investment Trust

 

119

 

Statements of Assets and Liabilities

May 31, 2025 (Unaudited)

 

 

    Global X
Millennial
Consumer ETF		     Global X Aging
Population ETF		     Global X FinTech
ETF		     Global X Internet
of Things ETF		  
Assets:                                
Cost of Investments   $ 122,349,845     $ 56,358,859     $ 347,731,213     $ 202,346,630  
Cost of Repurchase Agreement     947,062       —       16,160,902       926  
Cost (Proceeds) of Foreign Currency     —       2,310       20,047       —  
Investments, at Value   $ 121,641,146 *   $ 56,580,896     $ 280,766,980 *   $ 216,189,052 *
Repurchase Agreement, at Value     947,062       —       16,160,902       926  
Cash     109,623       71,203       183,184       117,684  
Foreign Currency, at Value     —       2,321       19,843       —  
Dividend, Interest, and Securities Lending Income Receivable     23,103       62,985       122,309       255,505  
Reclaim Receivable     —       100,240       213,176       245,250  
Total Assets     122,720,934       56,817,645       297,466,394       216,808,417  
Liabilities:                                
Obligation to Return Securities Lending Collateral     1,856,080       —       16,160,902       926  
Payable due to Investment Adviser     50,276       24,084       159,933       124,429  
Unrealized Depreciation on Spot Contracts     —       —       —       17  
Total Liabilities     1,906,356       24,084       16,320,835       125,372  
Net Assets   $ 120,814,578     $ 56,793,561     $ 281,145,559     $ 216,683,045  
Net Assets Consist of:                                
Paid-in Capital   $ 135,218,616     $ 60,678,490     $ 536,757,925     $ 211,105,945  
Total Distributable Earnings (Accumulated Losses)     (14,404,038 )     (3,884,929 )     (255,612,366 )     5,577,100  
Net Assets   $ 120,814,578     $ 56,793,561     $ 281,145,559     $ 216,683,045  
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)     2,590,000       1,810,000       9,160,000       6,130,000  
Net Asset Value, Offering and Redemption Price Per Share     $46.65       $31.38       $30.69       $35.35  
*Includes Market Value of Securities on Loan   $ 1,757,372     $ —     $ 15,379,981     $ —  

 

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

120

 

Statements of Assets and Liabilities

May 31, 2025 (Unaudited)

 

 

    Global X
Robotics &
Artificial
Intelligence ETF		     Global X U.S.
Infrastructure
Development
ETF		     Global X
Autonomous &
Electric Vehicles
ETF		     Global X
Artificial
Intelligence &
Technology ETF		  
Assets:                                
Cost of Investments   $ 2,671,584,272     $ 7,053,431,067     $ 447,734,401     $ 2,864,658,709  
Cost of Repurchase Agreement     126,012,227       5,257,411       30,857,129       27,855,751  
Cost (Proceeds) of Foreign Currency     (20,605 )     —       (5,565 )     1,287,145  
Investments, at Value   $ 2,533,427,021 *   $ 8,171,080,222 *   $ 292,750,742 *   $ 3,206,628,703 *
Repurchase Agreement, at Value     126,012,227       5,257,411       30,857,129       27,855,751  
Cash     4,001,103       6,080,594       559,914       1,302,670  
Foreign Currency, at Value     —       —       —       1,287,237  
Reclaim Receivable     6,729,824       191,151       535,197       341,630  
Dividend, Interest, and Securities Lending Income Receivable     5,130,321       9,424,505       734,228       1,596,213  
Receivable for Investment Securities Sold     4,388,148       3,313,456       953,797       —  
Unrealized Appreciation on Spot Contracts     841       —       509       124  
Cash pledged as collateral on Futures Contracts     1,218,351       194,035       —       —  
Total Assets     2,680,907,836       8,195,541,374       326,391,516       3,239,012,328  
Liabilities:                                
Obligation to Return Securities Lending Collateral     126,012,227       10,303,636       30,857,129       27,855,751  
Payable for Capital Shares Redeemed     4,399,045       3,321,177       898,182       —  
Payable due to Investment Adviser     1,431,835       3,199,965       171,831       1,791,782  
Payable for Variation Margin on Futures Contracts     22,225       9,215       —       —  
Overdraft of Foreign Currency     20,674       —       5,610       —  
Payable for Investment Securities Purchased     —       —       1       70,987  
Due to Custodian     —       —       272       —  
Total Liabilities     131,886,006       16,833,993       31,933,025       29,718,520  
Net Assets   $ 2,549,021,830     $ 8,178,707,381     $ 294,458,491     $ 3,209,293,808  
Net Assets Consist of:                                
Paid-in Capital   $ 3,198,831,924     $ 6,366,154,349     $ 661,950,380     $ 2,763,769,343  
Total Distributable Earnings (Accumulated Losses)     (649,810,094 )     1,812,553,032       (367,491,889 )     445,524,465  
Net Assets   $ 2,549,021,830     $ 8,178,707,381     $ 294,458,491     $ 3,209,293,808  
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)     82,220,000       197,010,000       13,350,002       79,580,002  
Net Asset Value, Offering and Redemption Price Per Share     $31.00       $41.51       $22.06       $40.33  
*Includes Market Value of Securities on Loan   $ 136,309,201     $ 10,124,232     $ 29,582,425     $ 25,855,307  

 

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

121

 

Statements of Assets and Liabilities

May 31, 2025 (Unaudited)

 

 

    Global X
Genomics &
Biotechnology
ETF		     Global X Cloud
Computing ETF		     Global X
Cybersecurity
ETF		     Global X Dorsey
Wright Thematic
ETF		  
Assets:                                
Cost of Investments   $ 71,807,155     $ 443,793,700     $ 938,066,902     $ —  
Cost of Affiliated Investments     —       —       —       8,954,905  
Cost of Repurchase Agreement     2,090,469       307,425       11,649,675       1,013,837  
Investments, at Value   $ 40,971,852 *   $ 336,964,182 *   $ 1,081,123,315 *   $ —  
Affiliated Investments, at Value     —       —       —       9,771,690 *
Repurchase Agreement, at Value     2,090,469       307,425       11,649,675       1,013,837  
Cash     52,076       538,830       599,515       1,969  
Dividend, Interest, and Securities Lending Income Receivable     10,818       53,591       801,784       535  
Reclaim Receivable     —       551       17,537       —  
Receivable due from Investment Adviser     —       —       —       310  
Cash pledged as collateral on Futures Contracts     —       —       69,620       —  
Total Assets     43,125,215       337,864,579       1,094,261,446       10,788,341  
Liabilities:                                
Obligation to Return Securities Lending Collateral     2,090,469       602,500       11,649,675       1,013,837  
Payable due to Investment Adviser     17,981       199,884       449,622       —  
Payable for Variation Margin on Futures Contracts     —       —       1,270       —  
Custodian Fees Payable     4       82       666       117  
Total Liabilities     2,108,454       802,466       12,101,233       1,013,954  
Net Assets   $ 41,016,761     $ 337,062,113     $ 1,082,160,213     $ 9,774,387  
Net Assets Consist of:                                
Paid-in Capital   $ 207,616,789     $ 733,147,933     $ 1,211,088,107     $ 66,632,480  
Total Accumulated Losses     (166,600,028 )     (396,085,820 )     (128,927,894 )     (56,858,093 )
Net Assets   $ 41,016,761     $ 337,062,113     $ 1,082,160,213     $ 9,774,387  
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)     5,280,000       14,700,000       31,020,000       400,000  
Net Asset Value, Offering and Redemption Price Per Share     $7.77       $22.93       $34.89       $24.44  
*Includes Market Value of Securities on Loan   $ 1,959,195     $ 558,500     $ 9,214,128     $ 897,250  

 

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

122

 

Statements of Assets and Liabilities

May 31, 2025 (Unaudited)

 

 

    Global X Video
Games & Esports
ETF		     Global X
HealthTech ETF		     Global X
CleanTech ETF		     Global X Data
Center & Digital
Infrastructure
ETF		  
Assets:                                
Cost of Investments   $ 160,440,840     $ 53,477,354     $ 61,840,518     $ 237,807,429  
Cost of Repurchase Agreement     13,067,471       946,209       2,740,505       26,772,913  
Cost (Proceeds) of Foreign Currency     (807 )     1,853       (582 )     94,537  
Investments, at Value   $ 146,148,289 *   $ 39,180,680 *   $ 19,448,857 *   $ 244,689,602 *
Repurchase Agreement, at Value     13,067,471       946,209       2,740,505       26,772,913  
Cash     100,068       68,502       33,246       339,079  
Foreign Currency, at Value     —       1,853       —       94,537  
Receivable for Capital Shares Sold     2,940,138       418,122       —       —  
Dividend, Interest, and Securities Lending Income Receivable     367,572       52,369       9,059       520,724  
Reclaim Receivable     20,511       13,978       12,337       —  
Unrealized Appreciation on Spot Contracts     16       —       —       —  
Total Assets     162,644,065       40,681,713       22,244,004       272,416,855  
Liabilities:                                
Obligation to Return Securities Lending Collateral     13,067,471       1,854,409       2,740,505       26,772,913  
Payable for Investment Securities Purchased     2,810,345       449,427       473,444       231,091  
Payable due to Investment Adviser     54,788       15,665       8,285       100,731  
Overdraft of Foreign Currency     788       —       580       —  
Unrealized Depreciation on Spot Contracts     —       4       —       218  
Custodian Fees Payable     9       46       2       18  
Total Liabilities     15,933,401       2,319,551       3,222,816       27,104,971  
Net Assets   $ 146,710,664     $ 38,362,162     $ 19,021,188     $ 245,311,884  
Net Assets Consist of:                                
Paid-in Capital   $ 245,875,028     $ 198,495,769     $ 142,446,068     $ 246,644,210  
Total Accumulated Losses     (99,164,364 )     (160,133,607 )     (123,424,880 )     (1,332,326 )
Net Assets   $ 146,710,664     $ 38,362,162     $ 19,021,188     $ 245,311,884  
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)     4,990,000       3,670,000       2,880,000       14,260,000  
Net Asset Value, Offering and Redemption Price Per Share     $29.40       $10.45       $6.60       $17.20  
*Includes Market Value of Securities on Loan   $ 12,443,821     $ 1,804,805     $ 2,518,416     $ 29,582,425  

 

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

123

 

Statements of Assets and Liabilities

May 31, 2025 (Unaudited)

 

 

    Global X Clean
Water ETF		     Global X
AgTech & Food
Innovation ETF		     Global X
Blockchain ETF		     Global X
Hydrogen ETF		  
Assets:                                
Cost of Investments   $ 9,308,907     $ 9,202,033     $ 142,684,153     $ 50,013,485  
Cost of Repurchase Agreement     —       229,148       44,495,880       7,153,689  
Cost (Proceeds) of Foreign Currency     761       367       —       (624 )
Investments, at Value   $ 10,801,307     $ 8,842,884 *   $ 146,639,925 *   $ 25,269,491 *
Repurchase Agreement, at Value     —       229,148       44,495,880       7,153,689  
Cash     1,511       15,389       9,396       25,797  
Foreign Currency, at Value     761       370       —       —  
Dividend, Interest, and Securities Lending Income Receivable     35,105       9,623       217,367       79,059  
Reclaim Receivable     182       1,641       7,863       4,690  
Unrealized Appreciation on Spot Contracts     —       —       —       203  
Receivable for Investment Securities Sold     —       1,036,852       —       6,130,633  
Total Assets     10,838,866       10,135,907       191,370,431       38,663,562  
Liabilities:                                
Obligation to Return Securities Lending Collateral     —       229,148       44,495,880       7,153,689  
Payable for Investment Securities Purchased     199,345       1,068,623       —       4,871,606  
Payable due to Investment Adviser     4,471       3,679       64,163       11,028  
Overdraft of Foreign Currency     —       —       —       627  
Unrealized Depreciation on Spot Contracts     —       488       —       —  
Total Liabilities     203,816       1,301,938       44,560,043       12,036,950  
Net Assets   $ 10,635,050     $ 8,833,969     $ 146,810,388     $ 26,626,612  
Net Assets Consist of:                                
Paid-in Capital   $ 9,662,617     $ 13,729,589     $ 303,547,618     $ 97,624,301  
Total Distributable Earnings (Accumulated Losses)     972,433       (4,895,620 )     (156,737,230 )     (70,997,689 )
Net Assets   $ 10,635,050     $ 8,833,969     $ 146,810,388     $ 26,626,612  
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)     580,000       830,000       3,545,860       1,449,895  
Net Asset Value, Offering and Redemption Price Per Share     $18.34       $10.64       $41.40       $18.36  
*Includes Market Value of Securities on Loan   $ —     $ 218,393     $ 41,172,121     $ 7,083,051  

 

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

124

 

Statements of Assets and Liabilities

May 31, 2025 (Unaudited)

 

 

    Global X Solar
ETF		     Global X Wind
Energy ETF		     Global X
PropTech ETF		     Global X Defense
Tech ETF		  
Assets:                                
Cost of Investments   $ 5,752,965     $ 2,150,791     $ 1,586,905     $ 1,853,518,039  
Cost of Repurchase Agreement     37,265       —       —       3,123,641  
Cost (Proceeds) of Foreign Currency     2,990       —       163       137,582  
Investments, at Value   $ 4,148,780 *   $ 1,513,982     $ 1,955,652     $ 2,261,373,305 *
Repurchase Agreement, at Value     37,265       —       —       3,123,641  
Cash     4,715       2,430       2,752       —  
Foreign Currency, at Value     2,990       4       163       137,597  
Receivable for Investment Securities Sold     751,722       427,932       —       564,418,574  
Dividend, Interest, and Securities Lending Income Receivable     253       875       257       2,086,866  
Reclaim Receivable     246       249       581       312,810  
Unrealized Appreciation on Spot Contracts     115       151       —       43,031  
Receivable for Capital Shares Sold     —       —       —       326,537,661  
Total Assets     4,946,086       1,945,623       1,959,405       3,158,033,485  
Liabilities:                                
Obligation to Return Securities Lending Collateral     37,265       —       —       3,123,641  
Payable for Investment Securities Purchased     732,808       426,525       174,427       546,398,545  
Payable due to Investment Adviser     1,816       629       756       836,942  
Payable for Capital Shares Redeemed     —       —       —       312,988,737  
Overdraft of Foreign Currency     —       —       —       20,127,614  
Total Liabilities     771,889       427,154       175,183       883,475,479  
Net Assets   $ 4,174,197     $ 1,518,469     $ 1,784,222     $ 2,274,558,006  
Net Assets Consist of:                                
Paid-in Capital   $ 10,069,275     $ 4,897,857     $ 1,348,968     $ 1,727,495,265  
Total Distributable Earnings (Accumulated Losses)     (5,895,078 )     (3,379,388 )     435,254       547,062,741  
Net Assets   $ 4,174,197     $ 1,518,469     $ 1,784,222     $ 2,274,558,006  
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)     500,000       130,000       50,000       39,980,000  
Net Asset Value, Offering and Redemption Price Per Share     $8.35       $11.68       $35.68       $56.89  
*Includes Market Value of Securities on Loan   $ 35,544     $ —     $ —     $ 6,413,975  

 

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

125

 

Statements of Assets and Liabilities

May 31, 2025 (Unaudited)

 

 

    Global X
Infrastructure
Development ex-
U.S. ETF		  
Assets:        
Cost of Investments   $ 3,178,986  
Cost (Proceeds) of Foreign Currency     (63 )
Investments, at Value   $ 3,391,695  
Cash     5,647  
Receivable for Investment Securities Sold     309,524  
Dividend, Interest, and Securities Lending Income Receivable     8,413  
Reclaim Receivable     1,543  
Unrealized Appreciation on Spot Contracts     41  
Total Assets     3,716,863  
Liabilities:        
Payable for Investment Securities Purchased     307,006  
Payable due to Investment Adviser     1,571  
Overdraft of Foreign Currency     63  
Total Liabilities     308,640  
Net Assets   $ 3,408,223  
Net Assets Consist of:        
Paid-in Capital   $ 3,238,242  
Total Distributable Earnings     169,981  
Net Assets   $ 3,408,223  
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)     130,000  
Net Asset Value, Offering and Redemption Price Per Share     $26.22  
*Includes Market Value of Securities on Loan   $ 10,303,636  

 

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

126

 

 

Statements of Operations

For the period ended May 31, 2025 (Unaudited)

 

 

    Global X
Millennial
Consumer ETF		     Global X Aging
Population ETF		     Global X
FinTech ETF		     Global X
Internet of
Things ETF		  
Investment Income:                        
Dividend Income   $ 353,445     $ 481,889     $ 906,447     $ 1,496,840  
Interest Income     2,611       1,347       3,291       2,415  
Security Lending Income, Net     5,232       —       56,373       27,819  
Less: Foreign Taxes Withheld     —       (25,372 )     (75,508 )     (95,827 )
Total Investment Income     361,288       457,864       890,603       1,431,247  
Expenses:                                
Supervision and Administration Fees(1)     300,858       146,302       1,009,694       755,161  
Custodian Fees(2)     132       72       1,490       2,315  
Total Expenses     300,990       146,374       1,011,184       757,476  
Net Investment Income (Loss)     60,298       311,490       (120,581 )     673,771  
Net Realized Gain (Loss) on:                                
Investments(3)     (1,266,212 )     (555,535 )     (2,304,485 )     12,985,287  
Foreign Currency Transactions     —       429       197       11,487  
Net Realized Gain (Loss)     (1,266,212 )     (555,106 )     (2,304,288 )     12,996,774  
Net Change in Unrealized Appreciation (Depreciation) on:                                
Investments     411,546       (603,353 )     (30,046,908 )     (17,512,061 )
Foreign Currency Translations     —       9,012       16,963       16,335  
Net Change in Unrealized Appreciation (Depreciation)     411,546       (594,341 )     (30,029,945 )     (17,495,726 )
Net Realized and Unrealized Gain (Loss)     (854,666 )     (1,149,447 )     (32,334,233 )     (4,498,952 )
Net Decrease in Net Assets Resulting from Operations   $ (794,368 )   $ (837,957 )   $ (32,454,814 )   $ (3,825,181 )

 

(1) The Supervision and Administration fees includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in the Notes to Financial Statements.)  
(2) See Note 2 in the Notes to Financial Statements.
(3) Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in the Notes to Financial Statements.)

 

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

127

 

 

Statements of Operations

For the period ended May 31, 2025 (Unaudited)

 

 

    Global X
Robotics &
Artificial
Intelligence ETF		     Global X U.S.
Infrastructure
Development
ETF		     Global X
Autonomous &
Electric Vehicles
ETF		     Global X
Artificial
Intelligence &
Technology ETF		  
Investment Income:                        
Dividend Income   $ 13,098,103     $ 48,740,691     $ 3,054,875     $ 12,969,457  
Interest Income     64,366       175,614       11,665       82,447  
Security Lending Income, Net     4,501,465       224,580       788,006       376,208  
Less: Foreign Taxes Withheld     (1,001,312 )     —       20,066       (871,040 )
Total Investment Income     16,662,622       49,140,885       3,874,612       12,557,072  
Expenses:                                
Supervision and Administration Fees(1)     8,718,933       19,467,867       1,159,801       9,794,368  
Custodian Fees(2)     45,715       532       3,602       10,402  
Total Expenses     8,764,648       19,468,399       1,163,403       9,804,770  
Net Investment Income     7,897,974       29,672,486       2,711,209       2,752,302  
Net Realized Gain (Loss) on:                                
Investments(3)     3,873,099       686,981,844       (63,455,497 )     133,870,627  
Futures Contracts     (313,241 )     (1,852,116 )     —       —  
Foreign Currency Transactions     (112,358 )     —       (18,725 )     234,246  
Net Realized Gain (Loss)     3,447,500       685,129,728       (63,474,222 )     134,104,873  
Net Change in Unrealized Appreciation (Depreciation) on:                                
Investments     (210,244,320 )     (1,656,099,586 )     40,998,155       (43,824,501 )
Futures Contracts     811,989       (144,668 )     —       —  
Foreign Currency Translations     762,652       —       63,380       50,942  
Net Change in Unrealized Appreciation (Depreciation)     (208,669,679 )     (1,656,244,254 )     41,061,535       (43,773,559 )
Net Realized and Unrealized Gain (Loss)     (205,222,179 )     (971,114,526 )     (22,412,687 )     90,331,314  
Net Increase (Decrease) in Net Assets Resulting from Operations   $ (197,324,205 )   $ (941,442,040 )   $ (19,701,478 )   $ 93,083,616  

 

(1) The Supervision and Administration fees includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in the Notes to Financial Statements.)  
(2) See Note 2 in the Notes to Financial Statements.
(3) Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in the Notes to Financial Statements.)

 

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

128

 

 

Statements of Operations

For the period ended May 31, 2025 (Unaudited)

 

 

    Global X
Genomics &
Biotechnology
ETF		     Global X Cloud
Computing ETF		     Global X
Cybersecurity
ETF		     Global X Dorsey
Wright Thematic
ETF		  
Investment Income:                        
Dividend Income   $ 134,199     $ 212,078     $ 2,867,294     $ —  
Dividend Income, from Affiliated Investments     —       —       —       72,231  
Interest Income     1,699       4,966       20,426       203  
Security Lending Income, Net     49,870       23,045       40,377       18,040  
Less: Foreign Taxes Withheld     4,719       (1,036 )     (240,441 )     —  
Total Investment Income     190,487       239,053       2,687,656       90,474  
Expenses:                                
Supervision and Administration Fees(1)     148,184       1,176,824       2,234,687       30,467  
Custodian Fees(2)     58       277       1,167       118  
Total Expenses     148,242       1,177,101       2,235,854       30,585  
Net Investment Income (Loss)     42,245       (938,048 )     451,802       59,889  
Net Realized Gain (Loss) on:                                
Investments(3)     (32,716,996 )     4,148,668       (32,151,208 )     42,793  
Affiliated Investments     —       —       —       (6,918,104 )
Futures Contracts     —       —       (59,619 )     —  
Foreign Currency Transactions     (1,036 )     (158 )     (67,626 )     —  
Payment from Adviser(4)     —       —       —       34,664  
Net Realized Gain (Loss)     (32,718,032 )     4,148,510       (32,278,453 )     (6,840,647 )
Net Change in Unrealized Appreciation (Depreciation) on:                                
Investments     12,245,177       (27,051,163 )     74,845,624       —  
Affiliated Investments     —       —       —       5,994,301  
Futures Contracts     —       —       (1,299 )     —  
Foreign Currency Translations     —       7       18,270       —  
Net Change in Unrealized Appreciation (Depreciation)     12,245,177       (27,051,156 )     74,862,595       5,994,301  
Net Realized and Unrealized Gain (Loss)     (20,472,855 )     (22,902,646 )     42,584,142       (846,346 )
Net Increase (Decrease) in Net Assets Resulting from Operations   $ (20,430,610 )   $ (23,840,694 )   $ 43,035,944     $ (786,457 )

 

(1) The Supervision and Administration fees includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in the Notes to Financial Statements.)  
(2) See Note 2 in the Notes to Financial Statements.
(3) Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in the Notes to Financial Statements.)
(4) See Note 3 in the Notes to Financial Statements.

 

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

129

 

 

Statements of Operations

For the period ended May 31, 2025 (Unaudited)

 

 

    Global X Video
Games &
Esports ETF		     Global X
HealthTech ETF		     Global X
CleanTech ETF		     Global X Data
Center & Digital
Infrastructure
ETF		  
Investment Income:                        
Dividend Income   $ 1,076,531     $ 519,872     $ 87,892     $ 1,804,488  
Interest Income     3,592       945       581       6,777  
Security Lending Income, Net     56,161       27,308       56,142       91,859  
Less: Foreign Taxes Withheld     33,801       (7,057 )     (13,212 )     (65,261 )
Total Investment Income     1,170,085       541,068       131,403       1,837,863  
Expenses:                                
Supervision and Administration Fees(1)     270,176       117,732       66,792       508,440  
Custodian Fees(2)     492       1,795       468       1,528  
Total Expenses     270,668       119,527       67,260       509,968  
Net Investment Income     899,417       421,541       64,143       1,327,895  
Net Realized Gain (Loss) on:                                
Investments(3)     (11,063,550 )     (25,808,106 )     (27,057,698 )     (343,716 )
Foreign Currency Transactions     (13,386 )     (1,967 )     (4,574 )     15,516  
Net Realized Gain (Loss)     (11,076,936 )     (25,810,073 )     (27,062,272 )     (328,200 )
Net Change in Unrealized Appreciation (Depreciation) on:                                
Investments     31,989,702       25,349,251       23,221,357       (3,975,542 )
Foreign Currency Translations     12,516       1,979       1,894       (975 )
Net Change in Unrealized Appreciation (Depreciation)     32,002,218       25,351,230       23,223,251       (3,976,517 )
Net Realized and Unrealized Gain (Loss)     20,925,282       (458,843 )     (3,839,021 )     (4,304,717 )
Net Increase (Decrease) in Net Assets Resulting from Operations   $ 21,824,699     $ (37,302 )   $ (3,774,878 )   $ (2,976,822 )

 

(1) The Supervision and Administration fees includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in the Notes to Financial Statements.)  
(2) See Note 2 in the Notes to Financial Statements.
(3) Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in the Notes to Financial Statements.)

 

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

130

 

 

Statements of Operations

For the period ended May 31, 2025 (Unaudited)

 

 

    Global X Clean
Water ETF		     Global X
AgTech & Food
Innovation ETF		     Global X
Blockchain ETF		     Global X
Hydrogen ETF		  
Investment Income:                        
Dividend Income   $ 98,766     $ 67,291     $ 142,870     $ 39,754  
Interest Income     184       322       13,056       2,141  
Security Lending Income, Net     —       4,838       518,858       527,066  
Less: Foreign Taxes Withheld     (1,474 )     (4,998 )     (14,241 )     341  
Total Investment Income     97,476       67,453       660,543       569,302  
Expenses:                                
Supervision and Administration Fees(1)     25,162       17,851       402,927       77,736  
Custodian Fees(2)     83       4       1,263       253  
Total Expenses     25,245       17,855       404,190       77,989  
Net Investment Income     72,231       49,598       256,353       491,313  
Net Realized Gain (Loss) on:                                
Investments(3)     118,319       (6,724 )     (2,806,082 )     (13,840,673 )
Foreign Currency Transactions     (826 )     476       (2,134 )     (4,296 )
Net Realized Gain (Loss)     117,493       (6,248 )     (2,808,216 )     (13,844,969 )
Net Change in Unrealized Appreciation (Depreciation) on:                                
Investments     (144,695 )     94,414       (85,044,502 )     2,280,514  
Foreign Currency Translations     127       (322 )     4,967       792  
Net Change in Unrealized Appreciation (Depreciation)     (144,568 )     94,092       (85,039,535 )     2,281,306  
Net Realized and Unrealized Gain (Loss)     (27,075 )     87,844       (87,847,751 )     (11,563,663 )
Net Increase (Decrease) in Net Assets Resulting from Operations   $ 45,156     $ 137,442     $ (87,591,398 )   $ (11,072,350 )

 

(1) The Supervision and Administration fees includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in the Notes to Financial Statements.)  
(2) See Note 2 in the Notes to Financial Statements.
(3) Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in the Notes to Financial Statements.)

 

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

131

 

 

Statements of Operations

For the period ended May 31, 2025 (Unaudited)

 

 

    Global X Solar
ETF		     Global X Wind
Energy ETF		     Global X
PropTech ETF		     Global X
Defense Tech
ETF		  
Investment Income:                        
Dividend Income   $ 9,086     $ 9,735     $ 4,607     $ 8,941,795  
Interest Income     151       42       25       29,611  
Security Lending Income, Net     1,777       84       —       41,329  
Reclaim Income     —       752       —       —  
Less: Foreign Taxes Withheld     (1,943 )     (2,186 )     (210 )     (604,048 )
Total Investment Income     9,071       8,427       4,422       8,408,687  
Expenses:                                
Supervision and Administration Fees(1)     13,221       4,135       4,330       2,810,672  
Custodian Fees(2)     40       3       1       929  
Total Expenses     13,261       4,138       4,331       2,811,601  
Net Investment Income (Loss)     (4,190 )     4,289       91       5,597,086  
Net Realized Gain (Loss) on:                                
Investments(3)     (1,253,417 )     (472,407 )     54,892       136,203,995  
Foreign Currency Transactions     1,221       (20 )     (1 )     6,846  
Net Realized Gain (Loss)     (1,252,196 )     (472,427 )     54,891       136,210,841  
Net Change in Unrealized Appreciation (Depreciation) on:                                
Investments     137,748       387,466       (79,103 )     350,490,616  
Foreign Currency Translations     132       171       41       59,260  
Net Change in Unrealized Appreciation (Depreciation)     137,880       387,637       (79,062 )     350,549,876  
Net Realized and Unrealized Gain (Loss)     (1,114,316 )     (84,790 )     (24,171 )     486,760,717  
Net Increase (Decrease) in Net Assets Resulting from Operations   $ (1,118,506 )   $ (80,501 )   $ (24,080 )   $ 492,357,803  

 

(1) The Supervision and Administration fees includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in the Notes to Financial Statements.)  
(2) See Note 2 in the Notes to Financial Statements.
(3) Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in the Notes to Financial Statements.)

 

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

132

 

 

Statements of Operations

For the period ended May 31, 2025 (Unaudited)

 

 

    Global X
Infrastructure
Development
ex-U.S. ETF		  
Investment Income:      
Dividend Income   $ 41,257  
Interest Income     262  
Less: Foreign Taxes Withheld     (5,375 )
Total Investment Income     36,144  
Expenses:        
Supervision and Administration Fees(1)     6,624  
Custodian Fees(2)     44  
Total Expenses     6,668  
Net Investment Income     29,476  
Net Realized Gain (Loss) on:        
Investments(3)     (64,295 )
Foreign Currency Transactions     (2,298 )
Net Realized Gain (Loss)     (66,593 )
Net Change in Unrealized Appreciation (Depreciation) on:        
Investments     304,041  
Foreign Currency Translations     467  
Net Change in Unrealized Appreciation (Depreciation)     304,508  
Net Realized and Unrealized Gain (Loss)     237,915  
Net Increase in Net Assets Resulting from Operations   $ 267,391  

 

(1) The Supervision and Administration fees includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in the Notes to Financial Statements.)  
(2) See Note 2 in the Notes to Financial Statements.
(3) Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in the Notes to Financial Statements.)

 

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

133

 

 

Statements of Changes in Net Assets

 

 

    Global X Millennial Consumer ETF   Global X Aging Population ETF
    Period Ended
May 31, 2025
(Unaudited)		   Year Ended
November 30,
2024		   Period Ended
May 31, 2025
(Unaudited)		   Year Ended
November 30,
2024
Operations:                                
Net Investment Income   $ 60,298     $ 358,535     $ 311,490     $ 473,830  
Net Realized Gain (Loss)     (1,266,212 )     7,440,234       (555,106 )     2,021,927  
Net Change in Unrealized Appreciation (Depreciation)     411,546       34,290,075       (594,341 )     7,689,923  
Net Increase (Decrease) in Net Assets Resulting from Operations     (794,368 )     42,088,844       (837,957 )     10,185,680  
Distributions:     (230,762 )     (409,955 )     (279,179 )     (438,748 )
                                 
Capital Share Transactions:                                
Issued     3,545,777       17,677,930       867       11,786,435  
Redeemed     (12,737,072 )     (33,819,173 )     (3,992,420 )     (13,226,750 )
Decrease in Net Assets from Capital Share Transactions     (9,191,295 )     (16,141,243 )     (3,991,553 )     (1,440,315 )
Total Increase (Decrease) in Net Assets     (10,216,425 )     25,537,646       (5,108,689 )     8,306,617  
                                 
Net Assets:                                
Beginning of Year/Period     131,031,003       105,493,357       61,902,250       53,595,633  
End of Year/Period   $ 120,814,578     $ 131,031,003     $ 56,793,561     $ 61,902,250  
                                 
Share Transactions:                                
Issued     80,000       470,000       —       390,000  
Redeemed     (280,000 )     (890,000 )     (130,000 )     (440,000 )
Net Decrease in Shares Outstanding from Share Transactions     (200,000 )     (420,000 )     (130,000 )     (50,000 )

 

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

134

 

 

Statements of Changes in Net Assets

 

 

    Global X FinTech ETF   Global X Internet of Things ETF
    Period Ended
May 31, 2025
(Unaudited)		   Year Ended
November 30,
2024		   Period Ended
May 31, 2025
(Unaudited)		   Year Ended
November 30,
2024
Operations:                                
Net Investment Income (Loss)   $ (120,581 )   $ 227,547     $ 673,771     $ 1,394,186  
Net Realized Gain (Loss)     (2,304,288 )     (34,155,171 )     12,996,774       12,008,509  
Net Change in Unrealized Appreciation (Depreciation)     (30,029,945 )     169,039,280       (17,495,726 )     18,511,568  
Net Increase (Decrease) in Net Assets Resulting from Operations     (32,454,814 )     135,111,656       (3,825,181 )     31,914,263  
Distributions:     (1,677,055 )     (709,172 )     (1,195,538 )     (1,821,857 )
                                 
Capital Share Transactions:                                
Issued     2,915,139       40,238,180       22,168,769       24,843  
Redeemed     (37,094,662 )     (176,661,379 )     (41,187,139 )     (76,882,333 )
Decrease in Net Assets from Capital Share Transactions     (34,179,523 )     (136,423,199 )     (19,018,370 )     (76,857,490 )
Total Decrease in Net Assets     (68,311,392 )     (2,020,715 )     (24,039,089 )     (46,765,084 )
                                 
Net Assets:                                
Beginning of Year/Period     349,456,951       351,477,666       240,722,134       287,487,218  
End of Year/Period   $ 281,145,559     $ 349,456,951     $ 216,683,045     $ 240,722,134  
                                 
Share Transactions:                                
Issued     90,000       1,480,000       660,000       —  
Redeemed     (1,220,000 )     (6,900,000 )     (1,190,000 )     (2,200,000 )
Net Decrease in Shares Outstanding from Share Transactions     (1,130,000 )     (5,420,000 )     (530,000 )     (2,200,000 )

 

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

135

 

 

Statements of Changes in Net Assets

 

 

    Global X Robotics & Artificial
Intelligence ETF		   Global X U.S. Infrastructure
Development ETF
    Period Ended
May 31, 2025 (Unaudited)		   Year Ended
November 30,
2024		   Period Ended
May 31, 2025
(Unaudited)		   Year Ended
November 30,
2024
Operations:                        
Net Investment Income   $ 7,897,974     $ 2,012,671     $ 29,672,486     $ 45,807,986  
Net Realized Gain (Loss)     3,447,500       437,616,289       685,129,728       402,674,143  
Net Change in Unrealized Appreciation (Depreciation)     (208,669,679 )     115,781,926       (1,656,244,254 )     2,221,107,642  
Net Increase (Decrease) in Net Assets Resulting from Operations     (197,324,205 )     555,410,886       (941,442,040 )     2,669,589,771  
Distributions:     —       (1,998,947 )     (29,555,222 )     (41,670,377 )
Return of Capital:     —       (2,145,659 )     —       —  
                                 
Capital Share Transactions:                                
Issued     334,918,107       886,400,690       1,361,330,618       2,919,209,785  
Redeemed     (237,040,111 )     (1,059,022,563 )     (1,927,479,467 )     (985,071,513 )
Increase (Decrease) in Net Assets from Capital Share Transactions     97,877,996       (172,621,873 )     (566,148,849 )     1,934,138,272  
Total Increase (Decrease) in Net Assets     (99,446,209 )     378,644,407       (1,537,146,111 )     4,562,057,666  
                                 
Net Assets:                                
Beginning of Year/Period     2,648,468,039       2,269,823,632       9,715,853,492       5,153,795,826  
End of Year/Period   $ 2,549,021,830     $ 2,648,468,039     $ 8,178,707,381     $ 9,715,853,492  
                                 
Share Transactions:                                
Issued     10,440,000       28,080,000       32,710,000       75,500,000  
Redeemed     (7,870,000 )     (34,190,000 )     (48,240,000 )     (26,550,000 )
Net Increase (Decrease) in Shares Outstanding from Share Transactions     2,570,000       (6,110,000 )     (15,530,000 )     48,950,000  

 

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

136

 

 

Statements of Changes in Net Assets

 

 

    Global X Autonomous & Electric
Vehicles ETF		   Global X Artificial Intelligence &
Technology ETF
    Period Ended
May 31, 2025
(Unaudited)		   Year Ended
November 30,
2024		   Period Ended
May 31, 2025
(Unaudited)		   Year Ended
November 30,
2024
Operations:                        
Net Investment Income   $ 2,711,209     $ 6,570,704     $ 2,752,302     $ 3,449,900  
Net Realized Gain (Loss)     (63,474,222 )     (18,087,155 )     134,104,873       89,690,512  
Net Change in Unrealized Appreciation (Depreciation)     41,061,535       35,482,941       (43,773,559 )     338,424,963  
Net Increase (Decrease) in Net Assets Resulting from Operations     (19,701,478 )     23,966,490       93,083,616       431,565,375  
Distributions:     (4,884,317 )     (10,410,110 )     (737,324 )     (3,035,733 )
                                 
Capital Share Transactions:                                
Issued     34,309       41,024,642       1,035,092,607       1,544,919,362  
Redeemed     (96,062,815 )     (337,253,139 )     (408,834,645 )     (272,634,683 )
Increase (Decrease) in Net Assets from Capital Share Transactions     (96,028,506 )     (296,228,497 )     626,257,962       1,272,284,679  
Total Increase (Decrease) in Net Assets     (120,614,301 )     (282,672,117 )     718,604,254       1,700,814,321  
                                 
Net Assets:                                
Beginning of Year/Period     415,072,792       697,744,909       2,490,689,554       789,875,233  
End of Year/Period   $ 294,458,491     $ 415,072,792     $ 3,209,293,808     $ 2,490,689,554  
                                 
Share Transactions:                                
Issued     —       1,780,000       25,620,000       45,800,000  
Redeemed     (4,210,000 )     (14,310,000 )     (10,310,000 )     (8,100,000 )
Net Increase (Decrease) in Shares Outstanding from Share Transactions     (4,210,000 )     (12,530,000 )     15,310,000       37,700,000  

 

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

 

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

137

 

 

Statements of Changes in Net Assets

 

 

    Global X Genomics &
Biotechnology ETF		   Global X Cloud Computing ETF
    Period Ended
May 31, 2025
(Unaudited)		   Year Ended
November 30,
2024		   Period Ended
May 31, 2025
(Unaudited)		   Year Ended
November 30,
2024
Operations:                                
Net Investment Income (Loss)   $ 42,245     $ (209,861 )   $ (938,048 )   $ (2,588,014 )
Net Realized Gain (Loss)     (32,718,032 )     (4,294,029 )     4,148,510       (99,311,086 )
Net Change in Unrealized Appreciation (Depreciation)     12,245,177       7,941,313       (27,051,156 )     152,128,322  
Net Increase (Decrease) in Net Assets Resulting from Operations     (20,430,610 )     3,437,423       (23,840,694 )     50,229,222  
                                 
Capital Share Transactions:                                
Issued     —       12,339,951       49,355,806       81,157,472  
Redeemed     (17,709,105 )     (29,649,944 )     (64,951,009 )     (336,051,126 )
Decrease in Net Assets from Capital Share Transactions     (17,709,105 )     (17,309,993 )     (15,595,203 )     (254,893,654 )
Total Decrease in Net Assets     (38,139,715 )     (13,872,570 )     (39,435,897 )     (204,664,432 )
                                 
Net Assets:                                
Beginning of Year/Period     79,156,476       93,029,046       376,498,010       581,162,442  
End of Year/Period   $ 41,016,761     $ 79,156,476     $ 337,062,113     $ 376,498,010  
                                 
Share Transactions:                                
Issued     —       1,050,000       2,230,000       3,750,000  
Redeemed     (2,030,000 )     (2,680,000 )     (2,810,000 )     (16,430,000 )
Net Decrease in Shares Outstanding from Share Transactions     (2,030,000 )     (1,630,000 )     (580,000 )     (12,680,000 )

 

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

 

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

138

 

 

Statements of Changes in Net Assets

 

 

    Global X Cybersecurity ETF   Global X Dorsey Wright Thematic
ETF
    Period Ended
May 31, 2025
(Unaudited)		   Year Ended
November 30,
2024		   Period Ended
May 31, 2025
(Unaudited)		   Year Ended
November 30,
2024
Operations:                                
Net Investment Income   $ 451,802     $ 1,275,289     $ 59,889     $ 236,106  
Net Realized Gain (Loss)     (32,278,453 )     (7,095,875 )     (6,840,647 )     (18,643,691 )
Net Change in Unrealized Appreciation (Depreciation)     74,862,595       164,928,899       5,994,301       20,996,812  
Net Increase (Decrease) in Net Assets Resulting from Operations     43,035,944       159,108,313       (786,457 )     2,589,227  
Distributions:     (755,500 )     (741,657 )     (75,262 )     (412,897 )
Return of Capital:     —       —       —       (180,016 )
                                 
Capital Share Transactions:                                
Issued     232,168,809       136,325,379       —       —  
Redeemed     (11,596,837 )     (122,935,482 )     (5,146,768 )     (18,483,328 )
Increase (Decrease) in Net Assets from Capital Share Transactions     220,571,972       13,389,897       (5,146,768 )     (18,483,328 )
Total Increase (Decrease) in Net Assets     262,852,416       171,756,553       (6,008,487 )     (16,487,014 )
                                 
Net Assets:                                
Beginning of Year/Period     819,307,797       647,551,244       15,782,874       32,269,888  
End of Year/Period   $ 1,082,160,213     $ 819,307,797     $ 9,774,387     $ 15,782,874  
                                 
Share Transactions:                                
Issued     6,880,000       4,550,000       —       —  
Redeemed     (360,000 )     (4,180,000 )     (220,000 )     (780,000 )
Net Increase (Decrease) in Shares Outstanding from Share Transactions     6,520,000       370,000       (220,000 )     (780,000 )

 

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

 

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

139

 

 

Statements of Changes in Net Assets

 

 

    Global X Video Games & Esports
ETF		   Global X HealthTech ETF
    Period Ended
May 31, 2025
(Unaudited)		   Year Ended
November 30,
2024		   Period Ended
May 31, 2025
(Unaudited)		   Year Ended
November 30,
2024
Operations:                                
Net Investment Income (Loss)   $ 899,417     $ 1,133,488     $ 421,541     $ (242,153 )
Net Realized Gain (Loss)     (11,076,936 )     (7,834,527 )     (25,810,073 )     (39,631,713 )
Net Change in Unrealized Appreciation (Depreciation)     32,002,218       29,586,600       25,351,230       47,423,073  
Net Increase (Decrease) in Net Assets Resulting from Operations     21,824,699       22,885,561       (37,302 )     7,549,207  
Distributions:     (865,421 )     (1,027,863 )     —       —  
                                 
Capital Share Transactions:                                
Issued     30,254,511       19,150,310       5,090,365       3,804,503  
Redeemed     (13,356,773 )     (64,493,472 )     (10,201,478 )     (32,762,447 )
Increase (Decrease) in Net Assets from Capital Share Transactions     16,897,738       (45,343,162 )     (5,111,113 )     (28,957,944 )
Total Increase (Decrease) in Net Assets     37,857,016       (23,485,464 )     (5,148,415 )     (21,408,737 )
                                 
Net Assets:                                
Beginning of Year/Period     108,853,648       132,339,112       43,510,577       64,919,314  
End of Year/Period   $ 146,710,664     $ 108,853,648     $ 38,362,162     $ 43,510,577  
                                 
Share Transactions:                                
Issued     1,060,000       790,000       510,000       380,000  
Redeemed     (540,000 )     (2,960,000 )     (1,000,000 )     (3,470,000 )
Net Increase (Decrease) in Shares Outstanding from Share Transactions     520,000       (2,170,000 )     (490,000 )     (3,090,000 )

 

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

 

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

140

 

 

Statements of Changes in Net Assets

 

 

    Global X CleanTech ETF   Global X Data Center & Digital
Infrastructure ETF
    Period Ended
May 31, 2025
(Unaudited)		   Year Ended
November 30,
2024		   Period Ended
May 31, 2025
(Unaudited)		   Year Ended
November 30,
2024
Operations:                                
Net Investment Income   $ 64,143     $ 467,618     $ 1,327,895     $ 1,277,561  
Net Realized Gain (Loss)     (27,062,272 )     (27,406,861 )     (328,200 )     (2,720,438 )
Net Change in Unrealized Appreciation (Depreciation)     23,223,251       14,661,370       (3,976,517 )     19,526,701  
Net Increase (Decrease) in Net Assets Resulting from Operations     (3,774,878 )     (12,277,873 )     (2,976,822 )     18,083,824  
Distributions:     (358,646 )     (452,237 )     (1,649,870 )     (881,454 )
                                 
Capital Share Transactions:                                
Issued     1,569,782       2,867,916       129,799,516       96,258,720  
Redeemed     (13,260,628 )     (14,166,470 )     (18,157,939 )     (14,486,966 )
Increase (Decrease) in Net Assets from Capital Share Transactions     (11,690,846 )     (11,298,554 )     111,641,577       81,771,754  
Total Increase (Decrease) in Net Assets     (15,824,370 )     (24,028,664 )     107,014,885       98,974,124  
                                 
Net Assets:                                
Beginning of Year/Period     34,845,558       58,874,222       138,296,999       39,322,875  
End of Year/Period   $ 19,021,188     $ 34,845,558     $ 245,311,884     $ 138,296,999  
                                 
Share Transactions:                                
Issued     230,000       310,000       7,540,000       6,030,000  
Redeemed     (2,050,000 )     (1,570,000 )     (1,150,000 )     (910,000 )
Net Increase (Decrease) in Shares Outstanding from Share Transactions     (1,820,000 )     (1,260,000 )     6,390,000       5,120,000  

 

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

 

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

141

 

 

Statements of Changes in Net Assets

 

 

    Global X Clean Water ETF   Global X AgTech & Food
Innovation ETF
    Period Ended
May 31, 2025
(Unaudited)		   Year Ended
November 30,
2024		   Period Ended
May 31, 2025
(Unaudited)		   Year Ended
November 30,
2024
Operations:                                
Net Investment Income   $ 72,231     $ 148,509     $ 49,598     $ 79,230  
Net Realized Gain (Loss)     117,493       257,162       (6,248 )     36,283  
Net Change in Unrealized Appreciation (Depreciation)     (144,568 )     1,460,606       94,092       134,106  
Net Increase in Net Assets Resulting from Operations     45,156       1,866,277       137,442       249,619  
Distributions:     (88,628 )     (135,553 )     (45,203 )     (73,440 )
                                 
Capital Share Transactions:                                
Issued     845,361       705,409       4,825,655       816,105  
Redeemed     (854,039 )     (1,142,463 )     (810,095 )     (741,810 )
Increase (Decrease) in Net Assets from Capital Share Transactions     (8,678 )     (437,054 )     4,015,560       74,295  
Total Increase (Decrease) in Net Assets     (52,150 )     1,293,670       4,107,799       250,474  
                                 
Net Assets:                                
Beginning of Year/Period     10,687,200       9,393,530       4,726,170       4,475,696  
End of Year/Period   $ 10,635,050     $ 10,687,200     $ 8,833,969     $ 4,726,170  
                                 
Share Transactions:                                
Issued     50,000       40,000       460,000       80,000  
Redeemed     (50,000 )     (70,000 )     (80,000 )     (70,000 )
Net Increase (Decrease) in Shares Outstanding from Share Transactions     —       (30,000 )     380,000       10,000  

 

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

 

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

142

 

 

Statements of Changes in Net Assets

 

 

    Global X Blockchain ETF   Global X Hydrogen ETF
    Period Ended
May 31, 2025
(Unaudited)		   Year Ended
November 30,
2024		   Period Ended
May 31, 2025
(Unaudited)		   Year Ended
November 30,
2024‡
Operations:                                
Net Investment Income   $ 256,353     $ 234,281     $ 491,313     $ 119,186  
Net Realized Gain (Loss)     (2,808,216 )     36,979,432       (13,844,969 )     (12,408,628 )
Net Change in Unrealized Appreciation (Depreciation)     (85,039,535 )     91,092,804       2,281,306       2,756,577  
Net Increase (Decrease) in Net Assets Resulting from Operations     (87,591,398 )     128,306,517       (11,072,350 )     (9,532,865 )
Distributions:     (11,775,979 )     (3,111,807 )     (140,070 )     —  
                                 
Capital Share Transactions:                                
Issued     30,022,687       79,826,525       880       14,395,215  
Redeemed     (10,620,619 )     (65,369,959 )     (2,798,389 )     (3,003 )
Increase (Decrease) in Net Assets from Capital Share Transactions     19,402,068       14,456,566       (2,797,509 )     14,392,212  
Total Increase (Decrease) in Net Assets     (79,965,309 )     139,651,276       (14,009,929 )     4,859,347  
                                 
Net Assets:                                
Beginning of Year/Period     226,775,697       87,124,421       40,636,541       35,777,194  
End of Year/Period   $ 146,810,388     $ 226,775,697     $ 26,626,612     $ 40,636,541  
                                 
Share Transactions:                                
Issued     580,000       1,600,000       —       492,000  
Redeemed     (220,000 )     (1,250,000 )     (140,000 )     (105 )
Net Increase (Decrease) in Shares Outstanding from Share Transactions     360,000       350,000       (140,000 )     491,895  

 

‡ Share transactions have been adjusted to reflect the effect of a 1 for 5 reverse share split on June 14, 2024. (See Note 10 in the Notes to Financial Statements).

 

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

 

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

143

 

 

Statements of Changes in Net Assets

 

 

    Global X Solar ETF   Global X Wind Energy ETF
    Period Ended
May 31, 2025
(Unaudited)		   Year Ended
November 30,
2024		   Period Ended
May 31, 2025
(Unaudited)		   Year Ended
November 30,
2024
Operations:                                
Net Investment Income (Loss)   $ (4,190 )   $ 33,979     $ 4,289     $ 25,712  
Net Realized Gain (Loss)     (1,252,196 )     (1,083,435 )     (472,427 )     (627,100 )
Net Change in Unrealized Appreciation (Depreciation)     137,880       151,780       387,637       435,066  
Net Decrease in Net Assets Resulting from Operations     (1,118,506 )     (897,676 )     (80,501 )     (166,322 )
Distributions:     (21,836 )     (17,578 )     (18,721 )     (25,575 )
                                 
Capital Share Transactions:                                
Issued     2,658       2,237,833       301       —  
Redeemed     (1,296,159 )     (689,005 )     (529,323 )     (366,777 )
Increase (Decrease) in Net Assets from Capital Share Transactions     (1,293,501 )     1,548,828       (529,022 )     (366,777 )
Total Increase (Decrease) in Net Assets     (2,433,843 )     633,574       (628,244 )     (558,674 )
                                 
Net Assets:                                
Beginning of Year/Period     6,608,040       5,974,466       2,146,713       2,705,387  
End of Year/Period   $ 4,174,197     $ 6,608,040     $ 1,518,469     $ 2,146,713  
                                 
Share Transactions:                                
Issued     —       210,000       —       —  
Redeemed     (150,000 )     (70,000 )     (50,000 )     (30,000 )
Net Increase (Decrease) in Shares Outstanding from Share Transactions     (150,000 )     140,000       (50,000 )     (30,000 )

 

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

 

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

144

 

 

Statements of Changes in Net Assets

 

 

    Global X PropTech ETF   Global X Defense Tech ETF
    Period Ended
May 31, 2025
(Unaudited)		   Year Ended
November 30,
2024		   Period Ended
May 31, 2025
(Unaudited)		   Year Ended
November 30,
2024
Operations:                                
Net Investment Income   $ 91     $ 2,381     $ 5,597,086     $ 2,068,025  
Net Realized Gain (Loss)     54,891       604,957       136,210,841       19,721,886  
Net Change in Unrealized Appreciation (Depreciation)     (79,062 )     293,223       350,549,876       57,076,700  
Net Increase (Decrease) in Net Assets Resulting from Operations     (24,080 )     900,561       492,357,803       78,866,611  
Distributions:     —       (74,322 )     (2,431,639 )     (487,195 )
                                 
Capital Share Transactions:                                
Issued     —       309,612       1,459,067,658       727,260,507  
Redeemed     —       (2,053,540 )     (440,472,677 )     (44,197,921 )
Increase (Decrease) in Net Assets from Capital Share Transactions     —       (1,743,928 )     1,018,594,981       683,062,586  
Total Increase (Decrease) in Net Assets     (24,080 )     (917,689 )     1,508,521,145       761,442,002  
                                 
Net Assets:                                
Beginning of Year/Period     1,808,302       2,725,991       766,036,861       4,594,859  
End of Year/Period   $ 1,784,222     $ 1,808,302     $ 2,274,558,006     $ 766,036,861  
                                 
Share Transactions:                                
Issued     —       10,000       29,300,000       20,510,000  
Redeemed     —       (60,000 )     (8,830,000 )     (1,170,000 )
Net Increase (Decrease) in Shares Outstanding from Share Transactions     —       (50,000 )     20,470,000       19,340,000  

 

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

 

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

145

 

 

Statement of Changes in Net Assets

 

 

    Global X Infrastructure
Development ex-U.S. ETF
    Period Ended
May 31, 2025
(Unaudited)		  

 Period Ended
November 30,
2024(1)

Operations:                
Net Investment Income   $ 29,476     $ 8,130  
Net Realized Gain (Loss)     (66,593 )     (6,845 )
Net Change in Unrealized Appreciation (Depreciation)     304,508       (91,588 )
Net Increase (Decrease) in Net Assets Resulting from Operations     267,391       (90,303 )
Distributions:     (7,107 )     —  
                 
Capital Share Transactions:                
Issued     2,682,041       2,487,556  
Redeemed     (1,931,355 )     —  
Increase in Net Assets from Capital Share Transactions     750,686       2,487,556  
Total Increase in Net Assets     1,010,970       2,397,253  
                 
Net Assets:                
Beginning of Period     2,397,253       —  
End of Period   $ 3,408,223     $ 2,397,253  
                 
Share Transactions:                
Issued     110,000       100,000  
Redeemed     (80,000 )     —  
                 
Net Increase in Shares Outstanding from Share Transactions     30,000       100,000  

 

(1) The Fund commenced operations on August 27, 2024.

 

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

 

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

146

 

 

Financial Highlights

 

Selected Per Share Data & Ratios
For a Share Outstanding Throughout each Year/Period

 

    Net
Asset Value,
Beginning
of Period
($)		   Net Investment
Income (Loss)
($)*		   Net Realized
and Unrealized
Gain (Loss) on
Investments
($)		   Total from
Operations
($)		   Distribution
from Net
Investment
Income ($)		   Distribution
from Capital
Gains ($)		   Return of
Capital ($)
Global X Millennial Consumer ETF                                                                                                                                             
2025 (Unaudited)§     46.96       0.02       (0.24 )     (0.22 )     (0.09 )     —       —  
2024     32.86       0.12       14.11       14.23       (0.13 )     —       —  
2023     28.43       0.07       4.43       4.50       (0.07 )     —       —  
2022     42.68       0.05       (14.23 )     (14.18 )     (0.07 )     —       —  
2021     35.23       0.08       7.43       7.51       (0.06 )     —       —  
2020     25.55       0.05       9.74       9.79       (0.10 )     (0.01 )     —  
Global X Aging Population ETF                                                        
2025 (Unaudited)§     31.91       0.16       (0.54 )     (0.38 )     (0.15 )     —       —  
2024     26.93       0.24       4.97       5.21       (0.23 )     —       —  
2023     26.46       0.23       0.41       0.64       (0.17 )     —       —  
2022     27.41       0.20       (0.87 )     (0.67 )     (0.26 )     —       (0.02 )
2021     26.82       0.13       0.55       0.68       (0.09 )     —       —  
2020     23.55       0.10       3.35       3.45       (0.13 )     (0.05 )     —  
Global X FinTech ETF                                                        
2025 (Unaudited)§     33.96       (0.01 )     (3.09 )     (3.10 )     (0.17 )     —       —  
2024     22.37       0.02       11.63       11.65       (0.06 )     —       —  
2023     20.44       0.05       1.93       1.98       (0.05 )     —       —  
2022     45.52       0.09       (22.96 )     (22.87 )     (2.16 )     —       (0.05 )
2021     42.75       (0.13 )     2.90       2.77       —       —       —  
2020     30.49       (0.11 )     12.37       12.26       —       —       —  

 

* Per share data calculated using average shares method.
** Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
† Annualized.
†† Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
§ For the period ended May 31, 2025.
^ Effective April 1, 2020, the Fund’s fees were permanently lowered to 0.50%. Prior to April 1, 2020, the ratio of Expenses to Average Net Assets included the effect of a waiver. If these offsets were excluded, the ratio would have been 0.56% and 0.68%, for the years ended November 30, 2020 and 2019, respectively.
^^ Effective April 1, 2020, the Fund’s fees were permanently lowered to 0.50%. Prior to April 1, 2020, the ratio of Expenses to Average Net Assets included the effect of a waiver. If these offsets were excluded, the ratio would have been 0.55%, for the year ended November 30, 2020.

 

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

 

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

147

 

 

Financial Highlights

 

 
 

 

Total from
Distributions ($)		   Net
Asset Value,
End of
Period ($)		   Total
Return
(%)**		   Net Assets, End of
Period ($)(000)		   Ratio of Expenses
to Average Net
Assets (%)		   Ratio of Net
Investment Income
(Loss) to Average
Net Assets (%)		   Portfolio
Turnover Rate
(%)††
                                                                                                                                        
  (0.09 )     46.65       (0.47 )     120,815       0.50 †     0.10 †     10.29  
  (0.13 )     46.96       43.42       131,031       0.50       0.31       10.95  
  (0.07 )     32.86       15.87       105,493       0.50       0.23       16.60  
  (0.07 )     28.43       (33.29 )     105,459       0.50       0.17       14.75  
  (0.06 )     42.68       21.33       227,075       0.50       0.18       11.59  
  (0.11 )     35.23       38.47       114,511       0.50 ^     0.19       7.11  
                                                     
  (0.15 )     31.38       (1.18 )     56,794       0.50 †     1.06 †     8.97  
  (0.23 )     31.91       19.41       61,902       0.50       0.80       18.26  
  (0.17 )     26.93       2.42       53,596       0.50       0.87       13.34  
  (0.28 )     26.46       (2.47 )     41,800       0.50       0.76       13.50  
  (0.09 )     27.41       2.51       59,756       0.50       0.43       19.57  
  (0.18 )     26.82       14.79       42,907       0.50 ^^     0.43       9.10  
                                                     
  (0.17 )     30.69       (9.15 )     281,146       0.68 †     (0.08 )†     6.75  
  (0.06 )     33.96       52.18       349,457       0.68       0.07       13.79  
  (0.05 )     22.37       9.70       351,478       0.68       0.23       13.12  
  (2.21 )     20.44       (52.58 )     455,463       0.68       0.33       38.15  
  —       45.52       6.48       1,289,006       0.68       (0.28 )     29.60  
  —       42.75       40.21       874,175       0.68       (0.33 )     15.75  

 

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

148

 

 

Financial Highlights

 

Selected Per Share Data & Ratios
For a Share Outstanding Throughout each Year/Period

 

    Net
Asset Value,
Beginning
of Period
($)		   Net Investment
Income
($)*		   Net Realized
and Unrealized
Gain (Loss) on
Investments
($)		   Total from
Operations
($)		   Distribution
from Net
Investment
Income ($)		   Distribution
from Capital
Gains ($)		   Return of
Capital ($)
Global X Internet of Things ETF                                                                                                                                            
2025 (Unaudited)§     36.14       0.11       (0.72 )     (0.61 )     (0.18 )     —       —  
2024     32.45       0.18       3.73       3.91       (0.22 )     —       —  
2023     30.54       0.25       1.95       2.20       (0.29 )     —       —  
2022     37.68       0.21       (7.17 )     (6.96 )     (0.13 )     (0.05 )     —  
2021     29.95       0.13       7.72       7.85       (0.12 )     —       —  
2020     22.89       0.17       7.08       7.25       (0.19 )     —       —  
Global X Robotics & Artificial Intelligence ETF                                                        
2025 (Unaudited)§     33.25       0.10       (2.35 )     (2.25 )     —       —       —  
2024     26.47       0.02       6.81       6.83       (0.03 )     —       (0.02 )
2023     21.09       0.07       5.36       5.43       (0.05 )     —       —  
2022     36.24       0.04       (15.14 )     (15.10 )     (0.04 )     —       (0.01 )
2021     31.78       0.02       4.50       4.52       (0.02 )     —       (0.04 )
2020     21.43       0.05       10.39       10.44       (0.08 )     —       (0.01 )
Global X U.S. Infrastructure Development ETF                                                        
2025 (Unaudited)§     45.71       0.14       (4.20 )     (4.06 )     (0.14 )     —       —  
2024     31.50       0.24       14.21       14.45       (0.24 )     —       —  
2023     27.94       0.24       3.54       3.78       (0.22 )     —       —  
2022     27.19       0.19       0.74       0.93       (0.17 )     (0.01 )     —  
2021     20.24       0.17       6.87       7.04       (0.09 )     —       —  
2020     17.43       0.16       2.74       2.90       (0.09 )     —       —  

 

* Per share data calculated using average shares method.
** Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
† Annualized.
†† Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
§ For the period ended May 31, 2025.

 

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

 

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

149

 

 

Financial Highlights

 

 
 

 

Total from
Distributions ($)		   Net
Asset Value,
End of
Period ($)		   Total
Return
(%)**		   Net Assets, End of
Period ($)(000)		   Ratio of Expenses
to Average Net
Assets (%)		   Ratio of Net
Investment Income
to Average Net
Assets (%)		   Portfolio
Turnover Rate
(%)††
                                                                                                                                         
  (0.18 )     35.35       (1.68 )     216,683       0.68 †     0.61 †     12.11  
  (0.22 )     36.14       12.06       240,722       0.68       0.52       19.16  
  (0.29 )     32.45       7.26       287,487       0.68       0.79       11.12  
  (0.18 )     30.54       (18.52 )     305,697       0.68       0.67       8.40  
  (0.12 )     37.68       26.24       517,291       0.68       0.37       9.25  
  (0.19 )     29.95       31.88       296,508       0.68       0.71       14.28  
                                                     
  —       31.00       (6.77 )     2,549,022       0.68 †     0.62 †     9.47  
  (0.05 )     33.25       25.81       2,648,468       0.68       0.08       10.43  
  (0.05 )     26.47       25.75       2,269,824       0.68       0.26       8.28  
  (0.05 )     21.09       (41.67 )     1,341,942       0.69       0.16       29.86  
  (0.06 )     36.24       14.23       2,703,488       0.68       0.06       22.66  
  (0.09 )     31.78       48.90       2,158,175       0.68       0.21       22.27  
                                                     
  (0.14 )     41.51       (8.88 )     8,178,707       0.47 †     0.72 †     9.48  
  (0.24 )     45.71       46.08       9,715,853       0.47       0.63       4.41  
  (0.22 )     31.50       13.63       5,153,796       0.47       0.82       5.99  
  (0.18 )     27.94       3.48       3,748,693       0.47       0.74       9.78  
  (0.09 )     27.19       34.90       5,186,497       0.47       0.64       10.07  
  (0.09 )     20.24       16.77       653,635       0.47       0.96       9.08  

 

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

150

 

 

Financial Highlights

 

Selected Per Share Data & Ratios
For a Share Outstanding Throughout each Year/Period

 

    Net
Asset Value,
Beginning
of Period
($)		   Net Investment
Income (Loss)
($)*		   Net Realized
and Unrealized
Gain (Loss) on
Investments
($)		   Total from
Operations
($)		   Distribution
from Net
Investment
Income ($)		   Distribution
from Capital
Gains ($)		   Return of
Capital ($)
Global X Autonomous & Electric Vehicles ETF                                                                                                                                            
2025 (Unaudited)§     23.64       0.18       (1.47 )     (1.29 )     (0.29 )     —       —  
2024     23.19       0.29       0.57       0.86       (0.41 )     —       —  
2023     22.89       0.38       0.23       0.61       (0.31 )     —       —  
2022     30.41       0.19       (7.56 )     (7.37 )     (0.13 )     (0.02 )     —  
2021     21.75       0.09       8.65       8.74       (0.08 )     —       —  
2020     14.15       0.11       7.61       7.72       (0.12 )     —       —  
Global X Artificial Intelligence & Technology ETF                                                        
2025 (Unaudited)§     38.75       0.04       1.55       1.59       (0.01 )     —       —  
2024     29.73       0.07       9.01       9.08       (0.06 )     —       —  
2023     21.54       0.07       8.21       8.28       (0.09 )     —       —  
2022     31.58       0.11       (10.08 )     (9.97 )     (0.07 )     —       —  
2021     25.84       0.05       5.78       5.83       (0.09 )     —       —  
2020     17.35       0.17       8.44       8.61       (0.12 )     —       —  
Global X Genomics & Biotechnology ETF                                                        
2025 (Unaudited)§     10.83       0.01       (3.07 )     (3.06 )     —       —       —  
2024     10.41       (0.03 )     0.45       0.42       —       —       —  
2023     13.45       (0.04 )     (3.00 )     (3.04 )     —       —       —  
2022     20.61       (0.03 )     (7.12 )     (7.15 )     (0.01 )     —       —  
2021     21.01       (0.08 )     (0.29 )     (0.37 )     —       (0.03 )     —  
2020     15.61       (0.07 )     5.47       5.40       —       —       —  

 

‡ Effective June 15 2020, the Fund’s fees were permanently lowered to 0.50%.
§ For the period ended May 31, 2025.
* Per share data calculated using average shares method.
** Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
† Annualized.
†† Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.

 

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

 

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

151

 

 

Financial Highlights

 

 
 

 

Total from
Distributions ($)		   Net
Asset Value,
End of
Period ($)		   Total
Return
(%)**		   Net Assets, End of
Period ($)(000)		   Ratio of Expenses
to Average Net
Assets (%)		   Ratio of Net
Investment Income
(Loss) to Average
Net Assets (%)		   Portfolio
Turnover Rate
(%)††
                                                                                                                                         
  (0.29 )     22.06       (5.51 )     294,458       0.68 †     1.59 †     22.39  
  (0.41 )     23.64       3.65       415,073       0.68       1.21       26.13  
  (0.31 )     23.19       2.71       697,745       0.68       1.63       26.60  
  (0.15 )     22.89       (24.25 )     883,478       0.68       0.74       34.76  
  (0.08 )     30.41       40.22       1,323,546       0.68       0.33       18.17  
  (0.12 )     21.75       54.98       135,923       0.68       0.67       13.76  
                                                     
  (0.01 )     40.33       4.11       3,209,294       0.68 †     0.19 †     13.21  
  (0.06 )     38.75       30.58       2,490,690       0.68       0.20       10.88  
  (0.09 )     29.73       38.56       789,875       0.68       0.28       19.08  
  (0.07 )     21.54       (31.58 )     130,518       0.68       0.46       21.28  
  (0.09 )     31.58       22.60       186,334       0.68       0.17       26.37  
  (0.12 )     25.84       49.84       120,169       0.68       0.79       19.45  
                                                     
  —       7.77       (28.25 )     41,017       0.50 †     0.14 †     21.30  
  —       10.83       4.03       79,156       0.50       (0.23 )     18.89  
  —       10.41       (22.60 )     93,029       0.50       (0.34 )     16.59  
  (0.01 )     13.45       (34.72 )     209,341       0.50       (0.21 )     39.39  
  (0.03 )     20.61       (1.77 )     255,572       0.50       (0.35 )     29.25  
  —       21.01       34.59       81,951       0.56 ‡     (0.40 )     29.76  

 

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

152

 

 

Financial Highlights

 

Selected Per Share Data & Ratios
For a Share Outstanding Throughout each Year/Period

 

    Net
Asset Value,
Beginning
of Period
($)		   Net Investment
Income (Loss)
($)*		   Net Realized
and Unrealized
Gain (Loss) on
Investments
($)		   Total from
Operations
($)		   Distribution
from Net
Investment
Income ($)		   Distribution
from Capital
Gains ($)		   Return of
Capital ($)
Global X Cloud Computing ETF                                                                                                                                            
2025 (Unaudited)§     24.64       (0.06 )     (1.65 )     (1.71 )     —       —       —  
2024     20.79       (0.11 )     3.96       3.85       —       —       —  
2023     16.77       (0.10 )     4.12       4.02       —       —       —  
2022     28.38       (0.15 )     (10.99 )     (11.14 )     —       (0.47 )     —  
2021     25.84       (0.15 )     2.69       2.54       —       —       —  
2020     15.99       (0.11 )     9.97       9.86       —       (0.01 )     —  
Global X Cybersecurity ETF                                                        
2025 (Unaudited)§     33.44       0.02       1.46       1.48       (0.03 )     —       —  
2024     26.84       0.05       6.58       6.63       (0.03 )     —       —  
2023     22.85       (0.03 )     4.34       4.31       —       (0.32 )     —  
2022     31.75       (0.03 )     (8.66 )     (8.69 )     (0.09 )     (0.12 )     —  
2021     22.75       0.12       8.90       9.02       (0.01 )     (0.01 )     —  
2020     17.14       0.09       5.67       5.76       (0.13 )     (0.02 )     —  
Global X Dorsey Wright Thematic ETF                                                        
2025 (Unaudited)§     25.46       0.12       (1.01 )     (0.89 )     (0.13 )     —       —  
2024     23.05       0.26       2.66       2.92       (0.36 )     —       (0.15 )
2023     26.14       0.11       (2.79 )     (2.68 )     (0.41 )     —       —  
2022     47.65       0.44       (21.33 )     (20.89 )     (0.62 )     —       —  
2021     42.45       0.39       5.10       5.49       (0.29 )     —       —  
2020     26.50       0.10       15.96       16.06       (0.11 )     —       —  

 

§ For the period ended May 31, 2025.
* Per share data calculated using average shares method.
** Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
† Annualized.
†† Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
‡ Effective for the fiscal year ended November 30, 2022, the Fund began presenting acquired fund fees borne by the Adviser as part of its unitary fee agreement (See Note 3 in Notes to Financial Statements/Notes to Consolidated Financial Statements) as a realized gain on the Statement of Operations as compared to a contra-expense as in prior fiscal years. If such amounts had been presented as a realized gain in years prior to 2022, the ratio of Expenses to Average Net Assets would have been 0.50% each year.
^ Effective April 1, 2021, the Fund’s management fees were permanently lowered to 0.50%. Prior to April 1, 2021, the ratio of Expenses to Average Net Assets included the effect of a waiver. If these offsets were excluded, the ratio would have been 0.52%, 0.60% and 0.60% for the years ended November 30, 2021, 2020 and 2019, respectively.
# Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (See Note 3 in the Notes to Financial Statements.)
(1) Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests.

 

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

 

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

153

 

 

Financial Highlights

 

 
 

 

Total from
Distributions ($)		   Net
Asset Value,
End of
Period ($)		   Total
Return
(%)**		   Net Assets, End of
Period ($)(000)		   Ratio of Expenses
to Average Net
Assets (%)		   Ratio of Net
Investment Income
(Loss) to Average
Net Assets (%)		   Portfolio
Turnover Rate
(%)††
                                                                                                                                         
  —       22.93       (6.94 )     337,062       0.68 †     (0.54 )†     5.54  
  —       24.64       18.52       376,498       0.68       (0.54 )     21.22  
  —       20.79       23.97       581,162       0.68       (0.54 )     21.60  
  (0.47 )     16.77       (39.88 )     589,085       0.68       (0.74 )     31.21  
  —       28.38       9.83       1,317,544       0.68       (0.53 )     23.77  
  (0.01 )     25.84       61.68       1,405,489       0.68       (0.53 )     23.03  
                                                     
  (0.03 )     34.89       4.43       1,082,160       0.50 †     0.10 †     23.28  
  (0.03 )     33.44       24.72       819,308       0.51       0.17       23.91  
  (0.32 )     26.84       19.29       647,551       0.50       (0.12 )     18.77  
  (0.21 )     22.85       (27.56 )     967,942       0.51       (0.11 )     57.81  
  (0.02 )     31.75       39.68       1,132,090       0.50 ^     0.41       26.34  
  (0.15 )     22.75       33.78       46,634       0.50 ^     0.43       21.29  
                                                     
  (0.13 )     24.44       (3.50 )     9,774       0.50 #†     0.98 †(1)     106.05  
  (0.51 )     25.46       12.78       15,783       0.50 #      1.10 (1)      30.26  
  (0.41 )     23.05       (10.30 )     32,270       0.50 #      0.45 (1)      54.28  
  (0.62 )     26.14       (44.36 )     50,979       0.50 #      1.32 (1)      55.00  
  (0.29 )     47.65       12.95       110,081       (0.13 )#‡     0.77 (1)      32.16  
  (0.11 )     42.45       60.81       36,081       (0.12 )#‡     0.29 (1)      103.23  

 

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

154

 

Financial Highlights

 

Selected Per Share Data & Ratios
For a Share Outstanding Throughout each Year/Period

 

    Net
Asset Value,
Beginning
of Period
($)		   Net Investment
Income (Loss)
($)*		   Net Realized
and Unrealized
Gain (Loss) on
Investments
($)		   Total from
Operations
($)		   Distribution
from Net
Investment
Income ($)		   Distribution
from Capital
Gains ($)		   Return of
Capital ($)
Global X Video Games & Esports ETF                                              
2025 (Unaudited)§     24.35       0.21       5.05       5.26       (0.21 )     —       —  
2024     19.93       0.20       4.38       4.58       (0.16 )     —       —  
2023     18.96       0.10       0.90       1.00       (0.03 )     —       —  
2022     29.52       0.08       (10.39 )     (10.31 )     (0.14 )     (0.07 )     (0.04 )
2021     28.57       0.04       1.14       1.18       (0.23 )     — ***     —  
2020     15.73       0.02       12.86       12.88       (0.04 )     —       —  
Global X HealthTech ETF                                              
2025 (Unaudited)§     10.46       0.11       (0.12 )     (0.01 )     —       —       —  
2024     8.95       (0.04 )     1.55       1.51       —       —       —  
2023     12.23       (0.04 )     (3.24 )     (3.28 )     —       —       —  
2022     16.32       (0.01 )     (4.08 )     (4.09 )     —       —       —  
2021     18.41       (0.10 )     (1.98 )     (2.08 )     (0.01 )     —       —  
2020(2)     15.23       0.01       3.17       3.18       —       —       —  
Global X CleanTech ETF                                              
2025 (Unaudited)§     7.41       0.02       (0.75 )     (0.73 )     (0.08 )     —       —  
2024     9.88       0.09       (2.48 )     (2.39 )     (0.08 )     —       —  
2023     16.20       0.05       (6.34 )     (6.29 )     (0.03 )     —       —  
2022     20.43       0.03       (4.19 )     (4.16 )     (0.07 )     —       —  
2021     19.02       0.02       1.40       1.42       (0.01 )     —       —  
2020(3)     15.07       0.02       3.93       3.95       —       —       —  

 

§ For the period ended May 31, 2025.
* Per share data calculated using average shares method.
** Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
*** Amount is less than $0.005.
† Annualized.
†† Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
(1) Effective April 1, 2025, the fund’s fees were permanently lowered to 0.50%.
(2) The Fund commenced operations on July 29, 2020.
(3) The Fund commenced operations on October 27, 2020.

 

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

 

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

155

 

Financial Highlights

 

 

 

Total from
Distributions ($)		   Net
Asset Value,
End of
Period ($)		   Total
Return
(%)**		   Net Assets, End of
Period ($)(000)		   Ratio of Expenses
to Average Net
Assets (%)		   Ratio of Net
Investment Income
(Loss) to Average
Net Assets (%)		   Portfolio
Turnover Rate
(%)††
                                                     
  (0.21 )     29.40       21.80       146,711       0.50 †     1.66 †     11.14  
  (0.16 )     24.35       23.14       108,854       0.50       0.93       30.77  
  (0.03 )     19.93       5.29       132,339       0.50       0.49       26.11  
  (0.25 )     18.96       (35.19 )     174,075       0.50       0.36       55.72  
  (0.23 )     29.52       4.09       485,235       0.50       0.09       23.45  
  (0.04 )     28.57       82.04       481,341       0.50       0.04       12.02  
                                                     
  —       10.45       (0.10 )     38,362       0.63 †(1)      2.23 †     55.22  
  —       10.46       16.87       43,511       0.68       (0.47 )     38.36  
  —       8.95       (26.82 )     64,919       0.68       (0.36 )     29.92  
  —       12.23       (25.06 )     150,075       0.68       (0.05 )     43.26  
  (0.01 )     16.32       (11.32 )     475,576       0.68       (0.52 )     42.39  
  —       18.41       20.88       490,675       0.68 †     0.18 †     9.67  
                                                     
  (0.08 )     6.60       (9.90 )     19,021       0.50 †     0.48 †     23.15  
  (0.08 )     7.41       (24.39 )     34,846       0.50       1.01       19.45  
  (0.03 )     9.88       (38.90 )     58,874       0.50       0.38       23.91  
  (0.07 )     16.20       (20.38 )     127,842       0.50       0.17       15.72  
  (0.01 )     20.43       7.48       175,458       0.50       0.09       35.53  
  —       19.02       26.21       28,523       0.50 †     1.18 †     0.00  

 

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

156

 

Financial Highlights

 

Selected Per Share Data & Ratios
For a Share Outstanding Throughout each Year/Period

 

    Net
Asset Value,
Beginning
of Period
($)		   Net Investment
Income
($)*		   Net Realized
and Unrealized
Gain (Loss) on
Investments
($)		   Total from
Operations
($)		   Distribution
from Net
Investment
Income ($)		   Distribution
from Capital
Gains ($)		   Return of
Capital ($)
Global X Data Center & Digital Infrastructure ETF                                              
2025 (Unaudited)§     17.57       0.11       (0.30 )     (0.19 )     (0.18 )     —       —  
2024     14.30       0.25       3.22       3.47       (0.20 )     —       —  
2023     13.52       0.21       0.90       1.11       (0.22 )     (0.11 )     —  
2022     17.83       0.15       (4.22 )     (4.07 )     (0.16 )     (0.08 )     —  
2021     14.94       0.16       2.84       3.00       (0.11 )     —       —  
2020(1)     14.97       —       (0.03 )     (0.03 )     —       —       —  
Global X Clean Water ETF                                              
2025 (Unaudited)§     18.43       0.12       (0.06 )     0.06       (0.15 )     —       —  
2024     15.40       0.26       3.00       3.26       (0.23 )     —       —  
2023     14.30       0.25       1.09       1.34       (0.24 )     —       —  
2022     16.73       0.23       (2.41 )     (2.18 )     (0.25 )     — ***     —  
2021(2)     15.04       0.26       1.47       1.73       (0.04 )     —       —  
Global X AgTech & Food Innovation ETF                                              
2025 (Unaudited)§     10.50       0.07       0.17       0.24       (0.10 )     —       —  
2024     10.17       0.19       0.31       0.50       (0.17 )     —       —  
2023     15.63       0.11       (5.47 )     (5.36 )     (0.10 )     —       —  
2022     19.76       0.11       (4.04 )     (3.93 )     (0.10 )     (0.10 )     —  
2021(3)     25.34       0.05       (5.63 )     (5.58 )     —       —       —  

 

§ For the period ended May 31, 2025.
* Per share data calculated using average shares method.
** Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
*** Amount is less than $0.005.
† Annualized.
†† Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
(1) The Fund commenced operations on October 27, 2020.
(2) The Fund commenced operations on April 8, 2021.
(3) The Fund commenced operations on July 12, 2021.

 

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

 

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

157

 

Financial Highlights

 

 

 

Total from
Distributions ($)		   Net
Asset Value,
End of
Period ($)		   Total
Return
(%)**		   Net Assets, End of
Period ($)(000)		   Ratio of Expenses
to Average Net
Assets (%)		   Ratio of Net
Investment Income
to Average Net
Assets (%)		   Portfolio
Turnover Rate
(%)††
                                                     
  (0.18 )     17.20       (1.06 )     245,312       0.50 †     1.31 †     17.64  
  (0.20 )     17.57       24.56       138,297       0.50       1.62       28.84  
  (0.33 )     14.30       8.46       39,323       0.50       1.60       62.01  
  (0.24 )     13.52       (23.11 )     63,143       0.50       0.99       36.96  
  (0.11 )     17.83       20.17       78,098       0.50       0.93       15.80  
  —       14.94       (0.20 )     3,736       0.50 †     0.26 †     0.00  
                                                     
  (0.15 )     18.34       0.41       10,635       0.50 †     1.43 †     6.41  
  (0.23 )     18.43       21.31       10,687       0.50       1.49       10.48  
  (0.24 )     15.40       9.50       9,394       0.50       1.71       15.27  
  (0.25 )     14.30       (13.18 )     7,580       0.50       1.58       28.19  
  (0.04 )     16.73       11.52       8,699       0.50 †     2.44 †     4.84  
                                                     
  (0.10 )     10.64       2.39       8,834       0.50 †     1.39 †     16.75  
  (0.17 )     10.50       4.92       4,726       0.50       1.79       21.57  
  (0.10 )     10.17       (34.41 )     4,476       0.51       0.86       54.45  
  (0.20 )     15.63       (20.06 )     6,721       0.50       0.62       55.85  
  —       19.76       (22.02 )     5,533       0.51 †     0.58 †     32.72  

 

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

158

 

Financial Highlights

 

Selected Per Share Data & Ratios
For a Share Outstanding Throughout each Year/Period

 

    Net
Asset Value,
Beginning
of Period
($)		   Net Investment
Income (Loss)
($)*		   Net Realized
and Unrealized
Gain (Loss) on
Investments
($)		   Total from
Operations
($)		   Distribution
from Net
Investment
Income ($)		   Distribution
from Capital
Gains ($)		   Return of
Capital ($)
Global X Blockchain ETF                                                        
2025 (Unaudited)§     71.18       0.08       (26.10 )     (26.02 )     (3.76 )     —       —  
2024     30.72       0.07       41.42       41.49       (1.03 )     —       —  
2023(1)     16.39       0.28       14.27       14.55       (0.22 )     —       —  
2022(1)     129.32       0.46       (109.52 )     (109.06 )     (3.80 )     —       (0.07 )
2021(1)(2)     100.04       0.24       29.04       29.28       —       —       —  
Global X Hydrogen ETF                                                        
2025 (Unaudited)§     25.56       0.32       (7.43 )     (7.11 )     (0.09 )     —       —  
2024(3)     32.60       0.08       (7.12 )     (7.04 )     —       —       —  
2023(3)     61.35       (0.10 )     (28.65 )     (28.75 )     —       —       —  
2022(3)     121.90       (0.15 )     (60.35 )     (60.50 )     —       (0.05 )     —  
2021(2),(3)     125.20       (0.15 )     (3.15 )     (3.30 )     —       —       —  
Global X Solar ETF                                                        
2025 (Unaudited)§     10.17       (0.01 )     (1.78 )     (1.79 )     (0.03 )     —       —  
2024     11.71       0.06       (1.57 )     (1.51 )     (0.03 )     —       —  
2023     22.06       (0.03 )     (10.32 )     (10.35 )     —       —       —  
2022     25.70       (0.04 )     (3.60 )     (3.64 )     —       — ***     — ***
2021(4)     24.19       (0.01 )     1.52       1.51       —       —       —  

 

§ For the period ended May 31, 2025.
* Per share data calculated using average shares method.
** Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
*** Amount is less than $0.005.
† Annualized.
†† Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
(1) Per share amounts have been adjusted for a 1 for 4 reverse share split on December 19, 2022 (See Note 10 in the Notes to Financial Statements.)
(2) The Fund commenced operations on July 12, 2021.
(3) Per share amounts have been adjusted for a 1 for 5 reverse share split on June 14, 2024. (See Note 10 in the Notes to Financial Statements.)
(4) The Fund commenced operations on September 8, 2021.

 

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

 

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

159

 

Financial Highlights

 

 

 

Total from
Distributions ($)		   Net
Asset Value,
End of
Period ($)		   Total
Return
(%)**		   Net Assets, End of
Period ($)(000)		   Ratio of Expenses
to Average Net
Assets (%)		   Ratio of Net
Investment Income
(Loss) to Average
Net Assets (%)		   Portfolio
Turnover Rate
(%)††
                                                     
  (3.76 )     41.40       (37.66 )     146,810       0.50 †     0.32 †     24.15  
  (1.03 )     71.18       136.25       226,776       0.50       0.16       56.38  
  (0.22 )     30.72       89.03       87,124       0.50       1.16       39.77  
  (3.87 )     16.39       (86.70 )     45,227       0.50       1.15       36.47  
  —       129.32       29.27       127,720       0.50 †     0.52 †     19.49  
                                                     
  (0.09 )     18.36       (27.89 )     26,627       0.50 †     3.16 †     23.19  
  —       25.56       (21.60 )     40,637       0.50       0.31       36.79  
  —       32.60       (46.86 )     35,777       0.50       (0.21 )     27.79  
  (0.05 )     61.35       (49.64 )     38,035       0.50       (0.24 )     36.44  
  —       121.90       (2.64 )     32,427       0.51 †     (0.33 )†     40.38  
                                                     
  (0.03 )     8.35       (17.60 )     4,174       0.50 †     (0.16 )†     22.32  
  (0.03 )     10.17       (12.88 )     6,608       0.50       0.52       32.91  
  —       11.71       (46.92 )     5,974       0.50       (0.17 )     50.01  
  — ***     22.06       (14.14 )     5,955       0.51       (0.20 )     128.22  
  —       25.70       6.24       8,995       0.50 †     (0.22 )†     9.85  

 

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

160

 

Financial Highlights

 

Selected Per Share Data & Ratios
For a Share Outstanding Throughout each Year/Period

 

    Net
Asset Value,
Beginning
of Period
($)		   Net Investment
Income (Loss)
($)*		   Net Realized
and Unrealized
Gain (Loss) on
Investments
($)		   Total from
Operations
($)		   Distribution
from Net
Investment
Income ($)		   Distribution
from Capital
Gains ($)		   Return of
Capital ($)
Global X Wind Energy ETF                                                        
2025 (Unaudited)§     11.93       0.03       (0.18 )     (0.15 )     (0.10 )     —       —  
2024     12.88       0.13       (0.96 )     (0.83 )     (0.12 )     —       —  
2023     17.58       0.16       (4.68 )     (4.52 )     (0.18 )     —       —  
2022     23.76       0.14       (6.26 )     (6.12 )     (0.06 )     —       —  
2021(1)     24.82       (0.01 )     (1.05 )     (1.06 )     —       —       —  
Global X PropTech ETF                                                        
2025 (Unaudited)§     36.17       —       (0.49 )     (0.49 )     —       —       —  
2024     27.26       0.02       9.63       9.65       (0.06 )     (0.68 )     —  
2023(2)     25.08       0.01       2.17       2.18       — ***     —       —  
Global X Defense Tech ETF                                                        
2025 (Unaudited)§     39.26       0.23       17.54       17.77       (0.14 )     —       —  
2024     27.03       0.29       12.08       12.37       (0.13 )     (0.01 )     —  
2023(3)     24.82       0.08       2.13       2.21       —       —       —  
Global X Infrastructure Development ex-U.S. ETF                                              
2025 (Unaudited)§     23.97       0.30       2.02       2.32       (0.07 )     —       —  
2024(4)     24.82       0.08       (0.93 )     (0.85 )     —       —       —  

 

§ For the period ended May 31, 2025.
* Per share data calculated using average shares method.
** Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
*** Amount is less than $0.005.
† Annualized.
†† Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
(1) The Fund commenced operations on September 8, 2021.
(2) The Fund commenced operations on April 11, 2023.
(3) The Fund commenced operations on September 11, 2023.
(4) The Fund commenced operations on August 27, 2024.

 

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

 

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

161

 

Financial Highlights

 

 

 

Total from
Distributions ($)		   Net
Asset Value,
End of
Period ($)		   Total
Return
(%)**		   Net Assets, End of
Period ($)(000)		   Ratio of Expenses
to Average Net
Assets (%)		   Ratio of Net
Investment Income
(Loss) to Average
Net Assets (%)		   Portfolio
Turnover Rate
(%)††
                                                     
  (0.10 )     11.68       (1.14 )     1,518       0.50 †     0.52 †     30.13  
  (0.12 )     11.93       (6.53 )     2,147       0.51       1.04       22.82  
  (0.18 )     12.88       (25.94 )     2,705       0.51       0.95       94.18  
  (0.06 )     17.58       (25.79 )     3,341       0.50       0.68       34.53  
  —       23.76       (4.27 )     4,514       0.50 †     (0.10 )†     23.01  
                                                     
  —       35.68       (1.35 )     1,784       0.50 †     0.01 †     9.06  
  (0.74 )     36.17       35.95       1,808       0.50       0.08       12.55  
  —       27.26       8.71       2,726       0.51 †     0.08 †     13.73  
                                                     
  (0.14 )     56.89       45.44       2,274,558       0.50 †     1.00 †     20.95  
  (0.14 )     39.26       45.89       766,037       0.50       0.80       14.43  
  —       27.03       8.90       4,595       0.50 †     1.39 †     2.94  
                                                     
  (0.07 )     26.22       9.73       3,408       0.55 †     2.45 †     37.98  
  —       23.97       (3.42 )     2,397       0.56 †     1.28 †     7.99  

 

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

162

 

 

Notes to Financial Statements

May 31, 2025 (Unaudited)

 

 

1. ORGANIZATION

 

The Global X Funds (the “Trust”) is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) as an open-end management investment company. As of May 31, 2025, the Trust had one hundred six portfolios, ninety-five of which were operational. The financial statements herein and the related notes pertain to the Global X Millennial Consumer ETF, Global X Aging Population ETF, Global X FinTech ETF, Global X Internet of Things ETF, Global X Robotics & Artificial Intelligence ETF, Global X U.S. Infrastructure Development ETF, Global X Autonomous & Electric Vehicles ETF, Global X Artificial Intelligence & Technology ETF, Global X Genomics & Biotechnology ETF, Global X Cloud Computing ETF, Global X Cybersecurity ETF, Global X Dorsey Wright Thematic ETF, Global X Video Games & Esports ETF, Global X HealthTech ETF, Global X CleanTech ETF, Global X Data Center & Digital Infrastructure ETF, Global X Clean Water ETF, Global X AgTech & Food Innovation ETF, Global X Blockchain ETF, Global X Hydrogen ETF, Global X Solar ETF, Global X Wind Energy ETF, Global X PropTech ETF, Global X Defense Tech ETF and Global X Infrastructure Development ex-U.S. ETF (each a “Fund” and collectively, the “Funds”).

 

Each Fund, other than the Global X Millennial Consumer ETF, Global X Aging Population ETF, Global X U.S. Infrastructure Development ETF, Global X Autonomous & Electric Vehicles ETF, Global X Artificial Intelligence & Technology ETF and Global X Dorsey Wright Thematic ETF, has elected non-diversified status under the 1940 Act.

 

The Global X Thematic Growth ETF was renamed to the Global X Dorsey Wright Thematic ETF and its ticker changed to GXDW, effective as of April 1, 2025.

 

The Global X Telemedicine & Digital Health ETF was renamed to the Global X HealthTech ETF and its ticker changed to HEAL, effective as of April 1, 2025.

 

2. SIGNIFICANT ACCOUNTING POLICIES

 

The following is a summary of the significant accounting policies followed by the Funds:

 

USE OF ESTIMATES — The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board (“FASB”). The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could materially differ from those estimates.

 

RETURN OF CAPITAL ESTIMATES — Distributions received by the Funds from underlying master limited partnership (“MLP”) and real estate investment trust (“REIT”)

 

163

 

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

 

investments generally are comprised of income and return of capital. The Funds record investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available from the MLPs, REITs and other industry sources. These estimates may subsequently be revised based on information received from the MLPs and REITs after their tax reporting periods are concluded.

 

SECURITY VALUATION — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market (“NASDAQ”)), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm Eastern Standard Time if a security’s primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent mean between the quoted bid and asked prices, which approximates fair value (absent both bid and asked prices on such exchange, the bid price may be used). For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. The prices for foreign securities are reported in local currencies and converted to U.S. dollars using currency exchange rates as of the reporting date. The exchange rates used by the Trust for valuation are captured as of the New York or London close each day.

 

Securities for which market prices are not “readily available” are valued in accordance with fair value procedures (the “Fair Value Procedures”) established by Global X Management Company LLC, the Funds’ investment adviser (the “Adviser”), and approved by the Funds’ Board of Trustees (the “Board”). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the “valuation designee” to determine the fair value of securities and other instruments for which no readily available market quotations are available. The Fair Value Procedures are implemented through a fair value committee (the “Committee”) of the Adviser. Some of the more common reasons that may necessitate that a security be valued using the Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from its primary trading exchange; the security’s primary trading market is temporarily closed at a time when, under normal conditions, it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, each Fund may fair value a security if an event that may materially affect the value of the Fund’s security that is traded outside of the United States (a “Significant Event”) has occurred between the time of the security’s last close and the time the Fund calculates its net asset value (“NAV”). A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If the Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before

 

164

 

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

 

the time at which the Funds calculate their NAV, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably available to the Committee.

 

If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less will be valued at their market value. Prices for most securities held by the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.

 

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

 

Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

 

Level 2 — Other significant observable inputs (including quoted prices in non-active markets, quoted prices for similar investments, fair value of investments for which the Funds have the ability to fully redeem tranches at NAV as of the measurement date or within the near term, and short-term investments valued at amortized cost); and

 

Level 3 — Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments and fair value of investments for which the Funds do not have the ability to fully redeem tranches at NAV as of the measurement date or within the near term).

 

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement

 

165

 

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

 

considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement. For details of the investment classification, reference the Schedule of Investments.

 

The unobservable inputs used to determine fair value of Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.

 

DUE TO/FROM BROKERS — Due to/from brokers includes cash and collateral balances with the Funds’ clearing brokers or counterparties as of May 31, 2025. The Funds continuously monitor the credit standing of each broker or counterparty with whom they conduct business. In the event a broker or counterparty is unable to fulfill its obligations, the Funds would be subject to counterparty credit risk.

 

REPURCHASE AGREEMENTS — Securities pledged as collateral for repurchase agreements are held by Brown Brothers Harriman & Co. (“BBH”) or The Bank of New York Mellon (“BNY Mellon”), as appropriate, in their roles as Custodian to respective Funds (each, a “Custodian” and together, the “Custodians”), and are designated as being held on each Fund’s behalf by the Custodian under a book-entry system. Each Fund monitors the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest.

 

It is each Fund’s policy to only enter into repurchase agreements with banks and other financial institutions which are deemed by the Adviser to be creditworthy. The Funds bear the risk of loss in the event that the counterparty to a repurchase agreement defaults on its obligations and the Funds are prevented from exercising their rights to dispose of the underlying securities received as collateral. For financial statement purposes, the Funds record the securities lending collateral (included in repurchase agreements, at value or restricted cash) as an asset and the obligation to return securities lending collateral as a liability on the Statements of Assets and Liabilities.

 

Repurchase agreements are entered into by the Funds under Master Repurchase Agreements (each, an “MRA”) which permit the Funds, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Funds.

 

FEDERAL INCOME TAXES — It is each Fund’s intention to qualify, or continue to qualify, as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986,

 

166

 

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

 

as amended (the “Code”). Accordingly, no provisions for Federal income taxes have been made in the financial statements except as described below.

 

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50%) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax positions in the current period, however Management’s conclusions regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), and on-going analysis of and changes to tax laws and regulations, and interpretations thereof.

 

If a Fund has foreign tax filings that have not been made, the tax years that remain subject to examination may date back to the inception of the Fund.

 

As of and during the reporting period ended May 31, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the reporting period, the Funds did not incur any interest or penalties. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months.

 

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

 

SECURITY TRANSACTIONS AND INVESTMENT INCOME — Security transactions are accounted for on the trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sale of investment securities are based on specific identification. Dividend income is recorded on the ex-dividend date. Interest income is recognized on the accrual basis from the settlement date. Amortization of premiums and accretion of discounts is included in interest income.

 

FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities, income and expenses are

 

167

 

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

 

translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statements of Operations. Net realized and unrealized gains and losses on foreign currency transactions and translations represent net foreign exchange gains or losses from foreign currency spot contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.

 

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — The Funds distribute their net investment income on a pro rata basis. Any net investment income and net realized capital gains are distributed at least annually. All distributions are recorded on the ex-dividend date.

 

INVESTMENTS IN REITs — With respect to the Funds, dividend income is recorded based on the income included in distributions received from REIT investments using published REIT reclassifications, including some management estimates when actual amounts are not available. Distributions received in excess of these estimated amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year end, and may differ from the estimated amounts.

 

CASH OVERDRAFT CHARGES — Brown Brothers Harriman (“BBH”) or The Bank of New York Mellon (“BNY”), as appropriate, serve as custodians of the Funds (each a “Custodian,” and together the “Custodians”). Per the terms of an agreement with BBH, if a Fund for which BBH is Custodian has a cash overdraft on a given day, it will be assessed an overdraft charge equal to the applicable BBH Base Rate plus 2.00%. Per the terms of an agreement with BNY, if a Fund for which BNY is Custodian has a cash overdraft, it will be charged interest at a rate then charged by BNY to its institutional custody clients in the relevant currency. Cash overdraft charges are included in Custodian fees on the Statements of Operations.

 

FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations

 

168

 

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

 

arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statements of Operations. Net realized and unrealized gains and losses on foreign currency transactions and translations represent net foreign exchange gains or losses from foreign currency spot contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.

 

FUTURES CONTRACTS — To the extent consistent with its investment objective and strategies, each Fund may use futures contracts for tactical hedging purposes as well as to enhance the Fund’s returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.

 

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, a futures contract involves the risk that the Fund could lose more than the original margin deposit required to initiate a futures transaction.

 

Futures contracts shall be valued at the settlement price established each day by the board of the exchange on which they are traded. The daily settlement prices for financial futures are provided by an independent source.

 

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to the Funds’ Schedule of Investments for details regarding open futures contracts as of May 31, 2025, if applicable.

 

CREATION UNITS — The Funds issue and redeem their shares (“Shares”) on a continuous basis at NAV and only in large blocks of 10,000 Shares, referred to as “Creation Units”. Purchasers of Creation Units (each, an “Authorized Participant”) at NAV must pay a standard creation transaction fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an Authorized Participant on the same day. An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard redemption fee per transaction to the Fund’s Custodian, on the date of such redemption, regardless of the number of Creation Units redeemed that day.

 

169

 

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

 

If a Creation Unit is purchased or redeemed for cash, an additional variable fee may be charged. The following table discloses Creation Unit breakdown:

 

    Creation
Unit  
Shares		   Creation
Fee		   Redemption
Fee
Global X Millennial Consumer ETF     10,000     $ 300     $ 300  
Global X Aging Population ETF     10,000       300       300  
Global X FinTech ETF     10,000       250       250  
Global X Internet of Things ETF     10,000       250       250  
Global X Robotics & Artificial Intelligence ETF     10,000       250       250  
Global X U.S. Infrastructure Development ETF     10,000       300       300  
Global X Autonomous & Electric Vehicles ETF     10,000       300       300  
Global X Artificial Intelligence & Technology ETF     10,000       300       300  
Global X Genomics & Biotechnology ETF     10,000       250       250  
Global X Cloud Computing ETF     10,000       250       250  
Global X Cybersecurity ETF     10,000       250       250  
Global X Dorsey Wright Thematic ETF     10,000       250       250  
Global X Video Games & Esports ETF     10,000       300       300  
Global X HealthTech ETF     10,000       250       250  
Global X CleanTech ETF     10,000       250       250  
Global X Data Center & Digital Infrastructure ETF     10,000       250       250  
Global X Clean Water ETF     10,000       250       250  
Global X AgTech & Food Innovation ETF     10,000       250       250  
Global X Blockchain ETF     10,000       250       250  
Global X Hydrogen ETF     10,000       250       250  
Global X Solar ETF     10,000       400       400  
Global X Wind Energy ETF     10,000       300       300  
Global X PropTech ETF     10,000       250       250  
Global X Defense Tech ETF     10,000       250       250  
Global X Infrastructure Development ex-U.S. ETF     10,000       1,100       1,100  

 

SEGMENT REPORTING — The Funds have adopted FASB 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures (“ASU 2023-07”) during the period, with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity’s segments impact overall performance. The Funds’ adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Funds’ financial position or results of operations.

 

The Adviser’s Chief Financial Officer acts as each Fund’s Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and allocating resources with respect to the Funds. The CODM has concluded that each Fund operates as a single operating

 

170

 

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

 

segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund’s financial statements.

 

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS

 

On July 2, 2018, the Adviser consummated a transaction pursuant to which it became an indirect, wholly-owned subsidiary of Mirae Asset Global Investments Co., Ltd. (“Mirae”). In this manner, the Adviser is ultimately controlled by Mirae.

 

The Adviser serves as the investment adviser and the administrator for the Funds. Subject to the supervision of the Board, the Adviser is responsible for managing the investment activities of the Funds and the Funds’ business affairs and other administrative matters and provides, or causes to be furnished, all supervisory, administrative and other services reasonably necessary for the operation of the Funds, including certain distribution services (provided pursuant to a separate distribution services agreement), certain shareholder and distribution-related services (provided pursuant to a separate Rule 12b-1 Plan and related agreements) and investment advisory services (provided pursuant to a separate Investment Advisory Agreement), under what is essentially an “all-in” fee structure.

 

For the Adviser’s service to the respective Funds, under a supervision and administration agreement (the “Supervision and Administration Agreement”), each Fund pays a monthly fee to the Adviser at the annual rate below (stated as a percentage of the average daily net assets of the respective Fund) (the “Supervision and Administration Fee”). In addition, the Funds bear other expenses, directly and indirectly, that are not covered by the Supervision and Administration Agreement, which may vary and affect the total expense ratios of the Funds, such as taxes, brokerage fees, commissions, certain Custodian fees, acquired fund fees and expenses (except for Global X Dorsey Wright Thematic ETF with respect to investments in affiliated investment companies), and other transaction expenses, interest expenses, and extraordinary expenses (such as litigation and indemnification expenses).

 

The Supervision and Administration Agreement for the Global X Dorsey Wright Thematic ETF provides that the Adviser also bears the costs for acquired fund fees and expenses generated by investments by the Fund in affiliated investment companies. For the period ended May 31, 2025, the Adviser paid acquired fund fees and expenses of $34,664 and made such reimbursement payments to the Global X Dorsey Wright Thematic ETF on a monthly basis. These amounts are included in Payment from Adviser on the Statement of Operations.

 

171

 

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

 

The following table discloses the supervision and administration fees payable pursuant to the Supervision and Administration Agreement:

 

  Supervision and
Administration Fee
Global X Millennial Consumer ETF 0.50%
Global X Aging Population ETF 0.50%
Global X FinTech ETF 0.68%
Global X Internet of Things ETF 0.68%
Global X Robotics & Artificial Intelligence ETF 0.68%
Global X U.S. Infrastructure Development ETF 0.47%
Global X Autonomous & Electric Vehicles ETF 0.68%
Global X Artificial Intelligence & Technology ETF 0.68%
Global X Genomics & Biotechnology ETF 0.50%
Global X Cloud Computing ETF 0.68%
Global X Cybersecurity ETF 0.50%
Global X Dorsey Wright Thematic ETF 0.50%
Global X Video Games & Esports ETF 0.50%
Global X HealthTech ETF 0.50%*
Global X CleanTech ETF 0.50%
Global X Data Center & Digital Infrastructure ETF 0.50%
Global X Clean Water ETF 0.50%
Global X AgTech & Food Innovation ETF 0.50%
Global X Blockchain ETF 0.50%
Global X Hydrogen ETF 0.50%
Global X Solar ETF 0.50%
Global X Wind Energy ETF 0.51%
Global X PropTech ETF 0.50%
Global X Defense Tech ETF 0.50%
Global X Infrastructure Development ex-U.S. ETF 0.55%

 

* The Board of Trustees of the Trust voted to approve a lower Supervision and Administration Fee for the Global X HealthTech ETF (formerly known as the Global X Telemedicine & Digital Health ETF) of 0.50% effective April 1, 2025. Prior to that, the Fund was subject to a Management Fee of 0.68%.

 

SEI Investments Global Funds Services (“SEIGFS”) serves as sub-administrator to the Funds. As sub-administrator, SEIGFS provides the Funds with all required general administrative services, including, without limitation: office space, equipment, and

 

172

 

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

 

personnel; clerical and general back office services; bookkeeping, internal accounting and secretarial services; the calculation of NAV; and assistance with the preparation and filing of reports, registration statements, proxy statements and other materials required to be filed or furnished by the Funds under federal and state securities laws. As compensation for these services, SEIGFS receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser.

 

SEI Investments Distribution Co. (“SIDCO”) serves as the Funds’ underwriter and distributor of Creation Units pursuant to a distribution agreement (the “Distribution Agreement”). SIDCO has no obligation to sell any specific quantity of Shares of the funds.

 

SIDCO bears the following costs and expenses relating to the distribution of Shares: (i) the costs of processing and maintaining records of creations of Creation Units; (ii) all costs of maintaining the records required of a registered broker/dealer; (iii) the expenses of maintaining its registration or qualification as a dealer or broker under federal or state laws; (iv) filing fees; and (v) all other expenses incurred in connection with the distribution services as contemplated in the Distribution Agreement. SIDCO receives no fee from the Funds for its distribution services under the Distribution Agreement; rather, the Adviser compensates SIDCO for certain expenses, out-of-pocket costs, and transaction fees.

 

BBH serves as the Custodian and transfer agent of the Global X Millennial Consumer ETF, Global X U.S. Infrastructure Development ETF, Global X Cloud Computing ETF and Global X HealthTech ETF. As Custodian, BBH has agreed to (1) make receipts and disbursements of money on behalf of the Funds; (2) collect and receive all income and other payments and distributions on account of the Funds’ portfolio investments; (3) respond to correspondence from shareholders, security brokers and others relating to its duties; and (4) make periodic reports to the Funds concerning the Funds’ operations. BBH does not exercise any supervisory function over the purchase and sale of securities. As compensation for these services, BBH receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees. As compensation for these services, BBH receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees. As transfer agent, BBH has agreed to (1) issue and redeem Shares of each Fund; (2) make dividend and other distributions to shareholders of each Fund; (3) respond to correspondence by shareholders and others relating to its duties; (4) maintain shareholder accounts; and (5) make periodic reports to the Funds. As compensation for these services, BBH receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees.

 

BNY is the Custodian of the Trust’s portfolio securities and cash with respect to all Funds except the Global X Millennial Consumer ETF, Global X U.S. Infrastructure Development ETF, Global X Cloud Computing ETF and Global X HealthTech ETF. As Custodian, BNY

 

173

 

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

 

may appoint domestic and foreign sub-custodians and use depositories from time to time to hold securities and other instruments purchased by the Trust in foreign countries and to hold cash and currencies for the Trust. BNY also serves as the Trust’s transfer agent on behalf of the Funds. Under its transfer agency agreement with the Trust, BNY has undertaken with the Trust to provide the following services with respect to the Funds for which it serves as transfer agent: (i) perform and facilitate the performance of purchases and redemptions of Creation Units, (ii) prepare and transmit by means of Depository Trust Company’s (“DTC”) book-entry system payments for dividends and distributions on or with respect to the Shares declared by the Trust on behalf of the Fund, as applicable, (iii) prepare and deliver reports, information and documents as specified in the transfer agency agreement, (iv) perform the customary services of a transfer agent and dividend disbursing agent, and (v) render certain other miscellaneous services as specified in the transfer agency agreement or as otherwise agreed upon.

 

4. INVESTMENT TRANSACTIONS

 

For the period ended May 31, 2025, the purchases and sales of investments in securities excluding in-kind transactions, long-term U.S. Government, and short-term securities, were:

 

    Purchases   Sales and
Maturities
Global X Millennial Consumer ETF   $ 12,357,963     $ 12,363,789  
Global X Aging Population ETF     5,267,417       5,341,163  
Global X FinTech ETF     19,710,019       21,897,353  
Global X Internet of Things ETF     27,469,211       26,551,305  
Global X Robotics & Artificial Intelligence ETF     334,549,079       240,696,655  
Global X U.S. Infrastructure Development ETF     785,243,961       783,700,606  
Global X Autonomous & Electric Vehicles ETF     73,535,263       84,396,903  
Global X Artificial Intelligence & Technology ETF     522,589,975       394,666,941  
Global X Genomics & Biotechnology ETF     12,102,388       12,040,806  
Global X Cloud Computing ETF     18,971,591       19,809,037  
Global X Cybersecurity ETF     233,935,608       223,958,902  
Global X Dorsey Wright Thematic ETF     12,266,339       12,234,427  
Global X Video Games & Esports ETF     15,342,025       15,381,546  
Global X HealthTech ETF     21,228,714       20,453,411  
Global X CleanTech ETF     6,390,245       7,610,994  
Global X Data Center & Digital Infrastructure ETF     84,901,475       83,366,451  
Global X Clean Water ETF     929,304       647,363  
Global X AgTech & Food Innovation ETF     3,188,375       2,703,566  
Global X Blockchain ETF     35,542,882       46,711,793  
Global X Hydrogen ETF     6,762,602       7,489,934  
Global X Solar ETF     1,136,506       1,992,480  
Global X Wind Energy ETF     484,709       667,603  
Global X PropTech ETF     331,672       206,775  
Global X Defense Tech ETF     443,612,327       351,770,133  
Global X Infrastructure Development ex-U.S. ETF     1,206,976       955,577  

 

174

 

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

4. INVESTMENT TRANSACTIONS (continued)

 

For each of the period ended May 31, 2025, in-kind transactions associated with creations and redemptions were:

 

    Purchases   Sales   Realized
Gain (Loss)
Global X Millennial Consumer ETF   $ 3,545,429     $ 12,715,110     $ 4,002,450  
Global X Aging Population ETF     —       3,891,506       798,083  
Global X FinTech ETF     2,888,047       36,744,586       6,835,171  
Global X Internet of Things ETF     18,631,483       39,240,479       14,959,062  
Global X Robotics & Artificial Intelligence ETF     244,969,088       237,224,023       106,562,228  
Global X U.S. Infrastructure Development ETF     1,359,231,779       1,929,377,886       735,385,817  
Global X Autonomous & Electric Vehicles ETF     —       87,450,299       4,366,779  
Global X Artificial Intelligence & Technology ETF     913,274,223       410,837,846       172,662,126  
Global X Genomics & Biotechnology ETF     —       17,710,118       (5,256,467 )
Global X Cloud Computing ETF     49,490,869       65,030,930       7,480,411  
Global X Cybersecurity ETF     221,699,590       11,043,003       3,176,681  
Global X Dorsey Wright Thematic ETF     —       5,142,445       (1,446,473 )
Global X Video Games & Esports ETF     24,670,327       10,977,071       (200,518 )
Global X HealthTech ETF     4,658,739       10,175,217       (1,421,034 )
Global X CleanTech ETF     1,139,366       11,449,264       (10,912,577 )
Global X Data Center & Digital Infrastructure ETF     115,746,679       17,027,372       3,048,796  
Global X Clean Water ETF     743,170       853,264       190,038  
Global X AgTech & Food Innovation ETF     4,254,803       706,918       76,131  
Global X Blockchain ETF     29,806,094       10,612,410       4,636,335  
Global X Hydrogen ETF     —       2,414,888       (23,259 )
Global X Solar ETF     —       476,210       (79,622 )
Global X Wind Energy ETF     —       356,736       (100,948 )
Global X PropTech ETF     —       —       —  
Global X Defense Tech ETF     1,351,605,666       432,819,411       144,049,399  
Global X Infrastructure Development ex-U.S. ETF     1,802,896       1,292,411       17,224  

 

For the period ended May 31, 2025, there were no purchases or sales of long-term U.S. Government securities by the Funds.

 

5. DERIVATIVE TRANSACTIONS

 

The following tables show the derivatives categorized by underlying risk exposure.

 

175

 

 

Notes to Financial Statements (Continued)
May 31, 2025 (Unaudited)

 

5. DERIVATIVE TRANSACTIONS (continued)

 

The fair value of derivative instruments as of May 31, 2025 was as follows:

 

Asset Derivatives Liability Derivatives
        Fair Value             Fair Value  
                 
Global X Robotics & Artificial Intelligence ETF        
Equity contracts   Unrealized appreciation on Futures Contracts   $ 1,196,088 *   Equity contracts   Unrealized depreciation on Futures Contracts   $ — *
Total Derivatives not accounted for as hedging instruments   $ 1,196,088             $ —  
                             
Global X U.S. Infrastructure Development ETF        
Equity contracts   Unrealized appreciation on Futures Contracts   $ 6,623 *   Equity contracts   Unrealized depreciation on Futures Contracts   $ — *
Total Derivatives not accounted for as hedging instruments   $ 6,623             $ —  
                             
                             
                             
Global X Cybersecurity ETF        
Equity contracts   Unrealized appreciation on Futures Contracts   $ — *   Equity contracts   Unrealized depreciation on Futures Contracts   $ (1,299) *
Total Derivatives not accounted for as hedging instruments   $ —             $ (1,299)

 

* Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only current day’s variation margin, if any, is reported within the Statements of Assets & Liabilities.

 

The effect of derivative instruments on the Statements of Operations for the period ended May 31, 2025:

 

Amount of realized gain or (loss) on derivatives recognized in income:

 

    Futures Contracts  
Global X Robotics & Artificial Intelligence ETF      
Equity contracts   $ (313,241)
         
Global X U.S. Infrastructure Development ETF        
Equity contracts   $ (1,852,116)

 

176

 

 

Notes to Financial Statements (Continued)
May 31, 2025 (Unaudited)

 

5. DERIVATIVE TRANSACTIONS (continued)

 

    Futures Contracts  
Global X Cybersecurity ETF      
Equity contracts   $ (59,619)  

 

Change in unrealized appreciation or (depreciation) on derivatives recognized in income:

 

    Futures  
Global X Robotics & Artificial Intelligence ETF      
Equity contracts   $ 811,989  
Global X U.S. Infrastructure Development ETF        
Equity contracts   $ (144,668 )
Global X Cybersecurity ETF        
Equity contracts   $ (1,299 )

 

The following table discloses the average monthly balances of the Funds’ Futures activity during the period ended May 31, 2025:

 

    Average
Notional
Balance
Short		     Average
Notional
Balance
Long		  
Global X Robotics & Artificial Intelligence ETF             $ —     $ 9,744,162  
Global X U.S. Infrastructure Development ETF   $ —     $ 4,594,135  
Global X Cybersecurity ETF   $ —       $ 959,493  

 

6. TAX INFORMATION

 

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to undistributed net investment income (loss), accumulated net realized gain (loss) or paid-in capital, as appropriate, in the period that the differences arise.

 

177

 

 

Notes to Financial Statements (Continued)
May 31, 2025 (Unaudited)

 

6. TAX INFORMATION (continued)

 

The tax character of dividends and distributions declared during the years or periods ended November 30, 2024 and November 30, 2023 were as follows:

 

Global X Funds   Ordinary
Income		     Long-Term
Capital Gain		     Return of Capital     Totals  
Global X Millennial Consumer ETF                                
2024   $ 409,955     $ —     $ —     $ 409,955  
2023     234,244       —       —       234,244  
Global X Aging Population ETF                                
2024   $ 438,748     $ —     $ —     $ 438,748  
2023     279,995       —       —       279,995  
Global X FinTech ETF                                
2024   $ 709,172     $ —     $ —     $ 709,172  
2023     887,181       —       28,497       915,678  
Global X Internet of Things ETF                      
2024   $ 1,821,857     $ —     $ —     $ 1,821,857  
2023     2,946,458       —       —       2,946,458  
Global X Robotics & Artificial Intelligence ETF                      
2024   $ 1,998,947     $ —     $ 2,145,659     $ 4,144,606  
2023     4,618,009       —       —       4,618,009  
Global X U.S. Infrastructure Development ETF                      
2024   $ 34,799,827     $ 6,870,550     $ —     $ 41,670,377  
2023     30,856,526       —       —       30,856,526  
Global X Autonomous & Electric Vehicles ETF                      
2024   $ 10,410,110     $ —     $ —     $ 10,410,110  
2023     11,305,718       —       —       11,305,718  
Global X Artificial Intelligence & Technology ETF                      
2024   $ 3,035,733     $ —     $ —     $ 3,035,733  
2023     724,994       —       —       724,994  
Global X Genomics & Biotechnology ETF                      
2024   $ —     $ —     $ —     $ —  
2023     —       —       —       —  
Global X Cloud Computing ETF                      
2024   $ —     $ —     $ —     $ —  
2023     —       —       —       —  
Global X Cybersecurity ETF                      
2024   $ 741,657     $ —     $ —     $ 741,657  
2023     684,512       12,296,299       —       12,980,811  
Global X Dorsey Wright Thematic ETF                      
2024   $ 412,897     $ —     $ 180,016     $ 592,913  
2023     746,536       —       —       746,536  
Global X Video Games & Esports ETF                      
2024   $ 1,027,863     $ —     $ —     $ 1,027,863  
2023     275,496       —       —       275,496  
Global X HealthTech ETF                      
2024   $ —     $ —     $ —     $ —  

 

178

 

 

Notes to Financial Statements (Continued)
May 31, 2025 (Unaudited)

 

6. TAX INFORMATION (continued)

 

Global X Funds   Ordinary
Income		     Long-Term
Capital Gain		     Return of Capital     Totals  
2023   —     —     —     —  
Global X CleanTech ETF                      
2024   $ 452,237     $ —     $ —     $ 452,237  
2023     205,777       —       —       205,777  
Global X Data Center & Digital Infrastructure ETF                      
2024   $ 881,454     $ —     $ —     $ 881,454  
2023     1,286,237       44,305       —       1,330,542  
Global X Clean Water ETF                                
2024   $ 135,553     $ —     $ —     $ 135,553  
2023     138,123       —       —       138,123  
Global X AgTech & Food Innovation ETF                      
2024   $ 73,440     $ —     $ —     $ 73,440  
2023     45,738       —       —       45,738  
Global X Blockchain ETF                                
2024   $ 3,111,807     $ —     $ —     $ 3,111,807  
2023     602,091       —       —       602,091  
Global X Hydrogen ETF                      
2024   $ —     $ —     $ —     $ —  
2023     —       —       —       —  
Global X Solar ETF                      
2024   $ 17,578     $ —     $ —     $ 17,578  
2023     —       —       —       —  
Global X Wind Energy ETF                      
2024   $ 25,575     $ —     $ —     $ 25,575  
2023     47,859       —       —       47,859  
Global X PropTech ETF                      
2024   $ 69,246     $ 5,076     $ —     $ 74,322  
2023     453       —       —       453  
Global X Defense Tech ETF                      
2024   $ 487,195     $ —     $ —     $ 487,195  
2023     —       —       —       —  
Global X Infrastructure Development ex-U.S. ETF                      
2024   $ —     $ —     $ —     $ —  

 

179

 

 

Notes to Financial Statements (Continued)
May 31, 2025 (Unaudited)

 

6. TAX INFORMATION (continued)

 

As of November 30, 2024, the components of tax basis distributable earnings (accumulated losses) were as follows:

 

    Global X
Millennial
Consumer ETF		   Global X Aging
Population ETF		   Global X
FinTech ETF
Undistributed Ordinary Income   $ 163,979     $ 239,589     $ 1,677,055  
Capital Loss Carryforwards     (10,656,123 )     (3,290,012 )     (174,065,904 )
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency     (2,886,767 )     282,631       (49,091,652 )
Other Temporary Differences     3       (1 )     4  
Total Accumulated Losses   $ (13,378,908 )   $ (2,767,793 )   $ (221,480,497 )

 

    Global X
Internet of
Things ETF		   Global X
Robotics &
Artificial
Intelligence ETF		   Global X U.S.
Infrastructure
Development
ETF
Undistributed Ordinary Income   $ 678,856     $ —     $ 31,957,467  
Capital Loss Carryforwards     (20,567,665 )     (471,577,198 )     —  
Unrealized Appreciation on Investments and Foreign Currency     30,486,634       19,145,572       2,751,592,832  
Late Year Loss Deferral     —       (54,260 )     —  
Other Temporary Differences     (6 )     (3 )     (5 )
Total Distributable Earnings (Accumulated Losses)   $ 10,597,819     $ (452,485,889 )   $ 2,783,550,294  

 

    Global X
Autonomous &
Electric Vehicles
ETF		   Global X
Artificial
Intelligence &
Technology ETF		   Global X
Genomics &
Biotechnology
ETF
Undistributed Ordinary Income   $ 4,549,699     $ 737,334     $ —  
Capital Loss Carryforwards     (137,121,744 )     (7,238,346 )     (96,994,515 )
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency     (210,334,046 )     359,679,190       (48,983,233 )
Late Year Loss Deferral     —       —       (191,661 )
Other Temporary Differences     (3 )     (5 )     (9 )
Total Distributable Earnings (Accumulated Losses)   $ (342,906,094 )   $ 353,178,173     $ (146,169,418 )

 

    Global X Cloud
Computing ETF		   Global X
Cybersecurity
ETF		   Global X
Dorsey Wright
Thematic ETF
Capital Loss Carryforwards   $ (278,577,166 )   $ (217,473,528 )   $ (50,818,787 )
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency     (91,299,452 )     46,716,235       (5,177,587 )
Late Year Loss Deferral     (2,368,511 )     (451,048 )     —  
Other Temporary Differences     3       3       —  
Total Accumulated Losses   $ (372,245,126 )   $ (171,208,338 )   $ (55,996,374 )

 

180

 

 

Notes to Financial Statements (Continued)
May 31, 2025 (Unaudited)

 

6. TAX INFORMATION (continued)

 

    Global X Video
Games &
Esports ETF		   Global X
HealthTech ETF		   Global X
CleanTech ETF
Undistributed Ordinary Income   $ 865,421     $ —     $ 282,145  
Capital Loss Carryforwards     (65,019,003 )     (118,895,279 )     (49,573,034 )
Unrealized Depreciation on Investments and Foreign Currency     (55,970,060 )     (40,991,367 )     (70,000,463 )
Late Year Loss Deferral     —       (209,658 )     —  
Other Temporary Differences     —       (1 )     (4 )
Total Accumulated Losses   $ (120,123,642 )   $ (160,096,305 )   $ (119,291,356 )

 

    Global X Data
Center & Digital
Infrastructure
ETF		   Global X Clean
Water ETF		   Global X
AgTech & Food
Innovation ETF
Undistributed Ordinary Income   $ 1,341,303     $ 83,955     $ 27,403  
Capital Loss Carryforwards     (2,337,878 )     (524,448 )     (4,180,290 )
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency     4,290,939       1,456,399       (834,977 )
Other Temporary Differences     2       (1 )     5  
Total Distributable Earnings (Accumulated Losses)   $ 3,294,366     $ 1,015,905     $ (4,987,859 )

 

    Global X
Blockchain ETF		   Global X
Hydrogen ETF		   Global X Solar
ETF
Undistributed Ordinary Income   $ 11,775,980     $ 140,070     $ 14,484  
Capital Loss Carryforwards     (136,080,660 )     (22,166,937 )     (2,009,340 )
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency     66,934,832       (37,758,398 )     (2,759,879 )
Other Temporary Differences     (5 )     (4 )     (1 )
Total Accumulated Losses   $ (57,369,853 )   $ (59,785,269 )   $ (4,754,736 )

 

    Global X Wind
Energy ETF		   Global X
PropTech ETF		   Global X
Defense Tech
ETF
Undistributed Ordinary Income   $ 16,483     $ —     $ 1,505,401  
Undistributed Long-Term Capital Gain     —       13,720       —  
Capital Loss Carryforwards     (2,176,236 )     —       (740,808 )
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency     (1,120,416 )     445,614       56,371,986  
Other Temporary Differences     3       —       (2 )
Total Distributable Earnings (Accumulated Losses)   $ (3,280,166 )   $ 459,334     $ 57,136,577  

 

181

 

 

Notes to Financial Statements (Continued)
May 31, 2025 (Unaudited)

 

6. TAX INFORMATION (continued)

 

    Global X
Infrastructure
Development
ex-U.S. ETF
Undistributed Ordinary Income   $ 5,833  
Capital Loss Carryforwards     (4,529 )
Unrealized Depreciation on Investments and Foreign Currency     (91,608 )
Other Temporary Differences     1  
Total Accumulated Losses   $ (90,303 )

 

Qualified late year ordinary (including currency and specified gain/loss items) represents losses realized from January 1, 2024 through November 30, 2024, that in accordance with federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year.

 

For taxable years beginning after December 22, 2010, a registered investment company is permitted to carry forward net capital losses to offset capital gains realized in later years, and the losses carried forward retain their original character as either long-term or short-term losses.

 

The Federal tax cost and aggregated gross unrealized appreciation and depreciation on investments held by the Funds at May 31, 2025, were as follows:

 

Global X Funds   Federal Tax
Cost		   Aggregated
Gross
Unrealized
Appreciation		   Aggregated
Gross
Unrealized
Depreciation		   Net Unrealized
Appreciation
(Depreciation)
Global X Millennial Consumer ETF   $ 123,296,907   $ 27,131,238   $ (27,839,937)   $ (708,699)
Global X Aging Population ETF   56,358,859   6,968,861   (6,746,824)   222,037
Global X FinTech ETF   363,892,115   50,330,428   (117,294,661)   (66,964,233)
Global X Internet of Things ETF   202,347,556   47,505,831   (33,663,409)   13,842,422
Global X Robotics & Artificial Intelligence ETF   2,797,596,498   480,868,434   (617,829,597)   (136,961,163)
Global X U.S. Infrastructure Development ETF   7,058,688,478   1,523,195,838   (405,540,060)   1,117,655,778
Global X Autonomous & Electric Vehicles ETF   478,591,530   30,117,185   (185,100,844)   (154,983,659)
Global X Artificial Intelligence & Technology ETF   2,892,514,460   468,814,141   (126,844,147)   341,969,994
Global X Genomics & Biotechnology ETF   73,897,624   4,402,803   (35,238,106)   (30,835,303)
Global X Cloud Computing ETF   444,101,125   28,676,741   (135,506,259)   (106,829,518)
Global X Cybersecurity ETF   949,716,577   218,260,838   (75,205,724)   143,055,114
Global X Dorsey Wright Thematic ETF   9,968,742   816,785   –   816,785
Global X Video Games & Esports ETF   173,508,311   22,928,519   (37,221,070)   (14,292,551)

 

182

 

 

Notes to Financial Statements (Continued)
May 31, 2025 (Unaudited)

 

6. TAX INFORMATION (continued)

 

Global X Funds   Federal Tax
Cost		   Aggregated
Gross
Unrealized
Appreciation		   Aggregated
Gross
Unrealized
Depreciation		   Net Unrealized
Appreciation
(Depreciation)
Global X HealthTech ETF   $ 54,423,563   $ 5,271,052   $ (19,567,726)   $ (14,296,674)
Global X CleanTech ETF   64,581,023   865,926   (43,257,587)   (42,391,661)
Global X Data Center & Digital Infrastructure ETF   264,580,342   13,088,525   (6,206,352)   6,882,173
Global X Clean Water ETF   9,308,907   1,907,663   (415,263)   1,492,400
Global X AgTech & Food Innovation ETF   9,431,181   627,348   (986,497)   (359,149)
Global X Blockchain ETF   187,180,033   23,467,275   (19,511,503)   3,955,772
Global X Hydrogen ETF   57,167,174   1,768,246   (26,512,240)   (24,743,994)
Global X Solar ETF   5,790,230   179,043   (1,783,228)   (1,604,185)
Global X Wind Energy ETF   2,150,791   29,344   (666,153)   (636,809)
Global X PropTech ETF   1,586,905   409,764   (41,017)   368,747
Global X Defense Tech ETF   1,856,641,680   416,587,367   (8,732,101)   407,855,266
Global X Infrastructure Development ex-U.S. ETF   3,178,986   234,701   (21,992)   212,709

 

The preceding differences between book and tax cost are primarily due to mark-to-market passive foreign investment companies, mark-to-market future contracts, late year and specified loss deferrals, and partnership adjustments.

 

7. CONCENTRATION OF RISKS

 

The Funds invest in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries.

 

The Funds may invest in companies focused on business activities in emerging economic themes. Such thematic companies typically face intense competition and potentially rapid product obsolescence. Thematic companies may have limited product lines, markets, financial resources or personnel. These companies typically engage in significant amounts of spending on research and development, capital expenditures and mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. These companies are also frequently dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. Such companies may be potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. The emergent nature of many economic

 

183

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

7. CONCENTRATION OF RISKS (continued)

 

themes could result in increasing regulatory scrutiny in the future, which may impede the growth of companies that develop and/or focus on such economic themes. Similarly, the collection of data from consumers and other sources is frequently a critical component in emerging economic themes which could lead to increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. Finally, these companies may be involved in young, fast evolving industries with increased exposure to the risks associated with changes in applicable laws (including regulation, other rule changes, and related federal and state enforcement activities), as well as market developments, which may cause businesses to contract or close suddenly and negatively impact the value of these companies.

 

Special Risk Considerations of Investing in China — Variable Interest Entity Investments. For purposes of raising capital offshore on exchanges outside of China, including on U.S. exchanges, many Chinese-based operating companies are structured as Variable Interest Entities (“VIEs”). In this structure, the Chinese-based operating company is the VIE and establishes a shell company in a foreign jurisdiction, such as the Cayman Islands. The shell company lists on a foreign exchange and enters into contractual arrangements with the VIE. This structure allows Chinese companies in which the government restricts foreign ownership to raise capital from foreign investors. While the shell company has no equity ownership of the VIE, these contractual arrangements permit the shell company to consolidate the VIE’s financial statements with its own for accounting purposes and provide for economic exposure to the performance of the underlying Chinese operating company. Therefore, an investor in the listed shell company, such as certain of the Funds, will have exposure to the Chinese-based operating company only through contractual arrangements and has no ownership in the Chinese-based operating company. Furthermore, because the shell company only has specific rights provided for in these service agreements with the VIE, its abilities to control the activities at the Chinese-based operating company are limited and the operating company may engage in activities that negatively impact investment value. While the VIE structure has been widely adopted, it is not formally recognized under Chinese law and therefore there is a risk that the Chinese government could prohibit the existence of such structures or negatively impact the VIE’s contractual arrangements with the listed shell company by declaring them invalid. If these contracts were found to be unenforceable under Chinese law, investors in the listed shell company, such as the Fund, may suffer significant losses with little or no recourse available. If the Chinese government determines that the agreements establishing the VIE structures do not comply with Chinese law and regulations, including those related to restrictions on foreign ownership, it could subject a Chinese-based issuer to penalties, revocation of business and operating licenses, or forfeiture of ownership interest. In addition, the listed shell company’s control over a VIE may also be jeopardized if a natural person who holds the equity interest in the VIE breaches the terms of the agreement, is subject to legal proceedings or if any physical instruments for authenticating documentation, such as chops and seals, are used without the Chinese-based issuer’s authorization to enter into contractual arrangements

 

184

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

7. CONCENTRATION OF RISKS (continued)

 

in China. Chops and seals, which are carved stamps used to sign documents, represent a legally binding commitment by the company. Moreover, any future regulatory action may prohibit the ability of the shell company to receive the economic benefits of the Chinese based operating company, which may cause the value of a Fund’s investment in the listed shell company to suffer a significant loss. For example, in 2021, the Chinese government prohibited use of the VIE structure for investment in after-school tutoring companies. There is no guarantee that the government will not place similar restrictions on other industries.

 

These actions, any future sanctions or other actions, or even the threat of further sanctions or other actions, may negatively affect the value and liquidity of certain of the Funds’ investments. For example, a Fund may be prohibited from investing in securities issued by companies subject to such sanctions. In addition, sanctions may require a Fund to freeze its existing investments, prohibiting such Fund from buying, selling or otherwise transacting in these investments.

 

Each Fund may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on either income or gains earned or repatriated. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned.

 

The Funds use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of the underlying index (also known as a secondary index) in approximately the same proportions as in the underlying index. The Funds may utilize a representative sampling strategy with respect to their underlying index when a replication strategy might be detrimental to their shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to follow its underlying index, or, in certain instances, when securities in the underlying index become temporarily illiquid, unavailable or less liquid, or due to legal restrictions (such as diversification requirements that apply to the Funds but not to the underlying indexes).

 

Commodity related securities are susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets could have a substantial impact on these Funds.

 

Economic conditions, such as volatile currency exchange rates and interest rates, political events, military action and other conditions may, without prior warning, lead to foreign government intervention (including intervention by the U.S. Government with respect to foreign governments, economic sectors, foreign companies and related securities and interests) and the imposition of capital controls (i.e., government measures designed to limit the flow of foreign capital in and out of the domestic economy) and/or sanctions, which may also include retaliatory actions of one government against another government, such as the seizure of assets. Capital controls and/or sanctions include the prohibition of,

 

185

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

7. CONCENTRATION OF RISKS (continued)

 

or restrictions on, the ability to transfer currency, securities or other assets. Capital controls and/or sanctions may also impact the ability of a Fund to buy, sell or otherwise transfer securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect the trading market and price for Shares of a Fund, and cause a Fund to decline in value.

 

Please refer to each Fund’s prospectus and statement of additional information (“SAI”) for a more complete description of risks.

 

8. LOANS OF PORTFOLIO SECURITIES

 

Each Fund may lend portfolio securities having a market value up to one-third of its total assets. Security loans made pursuant to securities lending agreements with BBH and BNY are initially required to be secured by collateral equal to at least 102% of the value of domestic equity securities and American Depositary Receipts (“ADRs”) and 105% of the value of foreign equity securities (other than ADRs). Such collateral received in connection with these loans will be cash and can be invested in repurchase agreements, short-term investments, or U.S. Treasury obligations and is recognized in the Schedules of Investments and Statements of Assets and Liabilities. The obligation to return securities lending collateral is also recognized as a liability in the Statements of Assets and Liabilities. It is each Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan.

 

Securities pledged as collateral for repurchase agreements held in the Funds are held by BBH or BNY, as appropriate, in their roles as Custodian to the respective Funds and are designated as being held on each Fund’s behalf under a book-entry system. Each Fund monitors the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest. It is each Fund’s policy to only enter into repurchase agreements with banks and other financial institutions which are deemed by the Adviser to be creditworthy. The Funds bear the risk of loss in the event the counterparty to a repurchase agreement defaults on its obligations and the Fund is prevented from exercising its rights to dispose of the underlying securities received as collateral and the risk of a possible decline in the value of the underlying securities during the period. For financial statement purposes, the Funds record the securities lending collateral (including in repurchase agreements, at value or restricted cash) as an asset and the obligation to return securities lending collateral as a liability on the Statements of Assets and Liabilities.

 

Cash collateral received in connection with securities lending is invested in repurchase agreements and short-term investments by the lending agent. The Funds do not have

 

186

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

8. LOANS OF PORTFOLIO SECURITIES (continued)

 

effective control of the non-cash collateral and therefore it is not disclosed in the Fund’s Schedule of Investments.

 

Securities lending transactions are entered into by the Funds under the Securities Lending Agreement, which permits a Fund, under certain circumstances such as an event of default,

 

187

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

8. LOANS OF PORTFOLIO SECURITIES (continued)

 

to offset amounts payable by the Fund to the same counterparty against amounts receivable from the counterparty to create a net payment due to or from the Fund.

 

Income from securities lending is determined by the amount of interest earned on collateral, net of any rebate and securities lending agent fees.

 

The following is a summary of securities lending agreements held by the Funds, with cash collateral of overnight maturities and non-cash collateral, which would be subject to offset as of May 31, 2025.

 

  Gross Amount
of Recognized
Assets (Value
of Securities on
Loan)		   Value of Cash
Collateral
Received(1)		   Value of
Non-Cash
Collateral
Received(1)		   Net Amount
Global X Millennial Consumer ETF     $ 1,757,372           $ 1,757,372            $ —          $ —      
Global X FinTech ETF     15,379,981       15,361,003       18,978       —  
Global X Robotics & Artificial Intelligence ETF     136,309,201       121,698,808       14,610,393       —  
Global X Autonomous & Electric Vehicles ETF     29,582,425       27,034,939       2,547,486       —  
Global X Artificial Intelligence & Technology ETF     25,855,307       25,855,307       —       —  
Global X Genomics & Biotechnology ETF     1,959,195       1,959,195       —       —  
Global X Cloud Computing ETF     558,500       558,500       —       —  
Global X Cybersecurity ETF     9,214,128       9,214,128       —       —  
Global X Dorsey Wright Thematic ETF     987,250       987,250       —       —  
Global X Video Games & Esports ETF     12,443,821       12,311,204       132,617       —  
Global X HealthTech ETF     1,804,805       1,804,805       —       —  
Global X CleanTech ETF     2,518,416       2,518,416       —       —  
Global X Data Center & Digital Infrastructure ETF     24,941,263       24,941,263       —       —  
Global X AgTech & Food Innovation ETF     218,393       218,393       —       —  
Global X Blockchain ETF     41,172,121       41,172,121       —       —  
Global X Hydrogen ETF     7,083,051       6,550,485       532,566       —  
Global X Solar ETF     35,544       35,544       —       —  
Global X Defense Tech ETF     6,413,975       3,131,976       3,281,999       —  
Global X Infrastructure Development ex-U.S. ETF     10,303,636       10,303,636       —       —  

 

188

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

8. LOANS OF PORTFOLIO SECURITIES (continued)

 

(1) Collateral and non-cash collateral received in excess of market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Statements of Assets and Liabilities.

 

The value of loaned securities and related collateral outstanding at May 31, 2025 are shown in the Schedules of Investments. The value of the collateral held may be temporarily less than that required under the lending contract. As of May 31, 2025, the cash collateral was invested in repurchase agreements, short-term investments and the non-cash collateral consisted of U.S. Treasury Bills, Notes, Bonds and U.S. Treasury Inflation Indexed Bonds with the following maturities:

 

    Overnight
and
Continuous		     <30 Days     Between
30 & 90
Days		     >90 Days     Total  
Global X Millennial  Consumer ETF                                        
Repurchase Agreements   $ 947,062     $ —     $ —     $ —     $ 947,062  
Total   $ 947,062     $ —     $ —     $ —     $ 947,062  
Global X FinTech ETF                                        
Repurchase Agreements   $ 16,160,902     $ —     $ —     $ —     $ 16,160,902  
U.S. Government Securities     —       —       —       18,978       18,978  
Total   $ 16,160,902     $ —     $ —     $ 18,978     $ 16,179,880  
Global X Internet of Things ETF                                        
Repurchase Agreements   $ 926     $ —     $ —     $ —     $ 926  
Total   $ 926     $ —     $ —     $ —     $ 926  
Global X Robotics & Artificial Intelligence ETF                                        
Repurchase Agreements   $ 126,012,227     $ —     $ —     $ —     $ 126,012,227  
U.S. Government Securities     —       145,450       204,462       14,260,481       14,610,393  
Total   $ 126,012,227     $ 145,450     $ 204,462     $ 14,260,481     $ 140,622,620  
Global X U.S. Infrastructure Development ETF                                        
Repurchase Agreements   $ 5,257,411     $ —     $ —     $ —     $ 5,257,411  
Total   $ 5,257,411     $ —     $ —     $ —     $ 5,257,411  
Global X Autonomous & Electric Vehicles ETF                                        
Repurchase Agreements   $ 30,857,129     $ —     $ —     $ —     $ 30,857,129  
U.S. Government Securities     —       13,547       422       2,533,517       2,547,486  
Total   $ 30,857,129     $ 13,547     $ 422     $ 2,533,517     $ 33,404,615  

 

189

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

8. LOANS OF PORTFOLIO SECURITIES (continued)

 

    Overnight
and
Continuous		     <30 Days     Between
30 & 90
Days		     >90 Days     Total  
Global X Artificial Intelligence & Technology ETF                              
Repurchase Agreements   $ 27,855,751     $ —     $ —     $ —     $ 27,855,751  
Total   $ 27,855,751     $ —     $ —     $ —     $ 27,855,751  
Global X Genomics & Biotechnology ETF                                        
Repurchase Agreements   $ 2,090,469     $ —     $ —     $ —     $ 2,090,469  
Total   $ 2,090,469     $ —     $ —     $ —     $ 2,090,469  
Global X Cloud Computing ETF                                        
Repurchase Agreements   $ 307,425     $ —     $ —     $ —     $ 307,425  
Total   $ 307,425     $ —     $ —     $ —     $ 307,425  
Global X Cybersecurity ETF                                        
Repurchase Agreements   $ 11,649,675     $ —     $ —     $ —     $ 11,649,675  
Total   $ 11,649,675     $ —     $ —     $ —     $ 11,649,675  
Global X Dorsey Wright Thematic ETF                                        
Repurchase Agreements   $ 1,013,837     $ —     $ —     $ —     $ 1,013,837  
Total   $ 1,013,837     $ —     $ —     $ —     $ 1,013,837  
Global X Video Games & Esports ETF                                        
Repurchase Agreements   $ 13,067,471     $ —     $ —     $ —     $ 13,067,471  
U.S. Government Securities     —       —       1,641       130,976       132,617  
Total   $ 13,067,471     $ —     $ 1,641     $ 130,976     $ 13,200,088  
Global X HealthTech ETF                                        
Repurchase Agreements   $ 946,209     $ —     $ —     $ —     $ 946,209  
Total   $ 946,209     $ —     $ —     $ —     $ 946,209  
Global X CleanTech ETF                                        
Repurchase Agreements   $ 2,740,505     $ —     $ —     $ —     $ 2,740,505  
Total   $ 2,740,505     $ —     $ —     $ —     $ 2,740,505  
Global X Data Center & Digital Infrastructure ETF                                        
Repurchase Agreements   $ 26,772,913     $ —     $ —     $ —     $ 26,772,913  
Total   $ 26,772,913     $ —     $ —     $ —     $ 26,772,913  
Global X AgTech & Food Innovation ETF                                        
Repurchase Agreements   $ 229,148     $ —     $ —     $ —     $ 229,148  
Total   $ 229,148     $ —     $ —     $ —     $ 229,148  
Global X Blockchain ETF                                        
Repurchase Agreements   $ 44,495,880     $ —     $ —     $ —     $ 44,495,880  
Total   $ 44,495,880     $ —     $ —     $ —     $ 44,495,880  

 

190

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

8. LOANS OF PORTFOLIO SECURITIES (continued)

 

    Overnight
and
Continuous		     <30 Days     Between
30 & 90
Days		     >90
Days		     Total  
Global X Hydrogen ETF                                        
Repurchase Agreements   $ 7,153,689     $ —     $ —     $ —     $ 7,153,689  
U.S. Government Securities     —       4,037       515,085       13,444       532,566  
Total   $ 7,153,689     $ 4,037     $ 515,085     $ 13,444     $ 7,686,255  
Global X Solar ETF                                        
Repurchase Agreements   $ 37,265     $ —     $ —     $ —     $ 37,265  
Total   $ 37,265     $ —     $ —     $ —     $ 37,265  
Global X Defense Tech ETF                                        
Repurchase Agreements   $ 3,123,641     $ —     $ —     $ —     $ 3,123,641  
U.S. Government Securities     —       41,044       3,239,879       1,076       3,281,999  
Total   $ 3,123,641     $ 41,044     $ 3,239,879     $ 1,076     $ 6,405,640  

 

9. CONTRACTUAL OBLIGATIONS

 

The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds’ maximum exposure under these contracts is unknown.

 

However, the Funds have not had prior gains or losses pursuant to these contracts. Management has reviewed the Funds’ existing contracts and expects the risk of loss to be remote.

 

Pursuant to the Trust’s organizational documents, the Trustees of the Trust and the Trust’s officers are indemnified against certain liabilities that may arise out of the performance of their duties.

 

10. REVERSE SHARE SPLIT

 

Effective December 19, 2022, the Board of the Trust approved a reverse share split at the ratio of one to four (1:4) of the issued and outstanding shares of the Global X Blockchain ETF (the “Reverse Share Split”). The Reverse Share Split was completed after the close of business on December 19, 2022. The effect of this transaction for the Fund was to divide the number of outstanding Shares of the Fund by a one to four ratio, resulting in a corresponding increase in the NAV per Share. The per share data in the financial highlights for each of the years in the period then ended, has been given retroactive effect to reflect this reverse share split. There were no changes in net assets, results of operations or total return as a result of this transaction.

 

Effective June 14, 2024, the Board of the Trust approved a reverse share split at the ratio of one to five (1:5) of the issued and outstanding shares of the Global X Hydrogen ETF (the “Reverse Share Split”). The Reverse Share Split was completed after the close of business on June 14, 2024. The effect of this transaction for the Fund was to divide the number of

 

191

 

Notes to Financial Statements (Concluded)

May 31, 2025 (Unaudited)

 

 

10. REVERSE SHARE SPLIT (continued)

 

outstanding Shares of the Fund by a one to five ratio, resulting in a corresponding increase in the NAV per Share. The per share data in the financial highlights for each of the years in the period then ended, have been given retroactive effect to reflect this reverse share split. There were no changes in net assets, results of operations or total return as a result of this transaction.

 

11. SUBSEQUENT EVENTS

 

The Funds have been evaluated by management regarding the need for additional disclosures (other than what is disclosed in the preceding paragraphs) and/or adjustments resulting from subsequent events. Based on this evaluation, no additional adjustments were required to the financial statements.

 

192

 

Other information (Form N-CSR Items 8-11) (Unaudited)

 

 

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

 

Not applicable.

 

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

 

There were no matters submitted to a vote of shareholders during the period covered by this report.

 

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

 

(1) No remuneration was paid by the company during the period covered by the report to any Trustees on the company’s Board of Trustees for regular compensation.
   
(2) No remuneration was paid by the company during the period covered by the report to any Trustees on the company’s Board of Trustees for special compensation.
   
(3) No remuneration was paid by the company during the period covered by the report to any Officers of the company.
   
(4) No remuneration was paid by the company during the period covered by the report to any Officer or Trustee of the company who is an affiliated person.

 

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

 

Not applicable.

193

 

 

Notes

 

 

194

 

 

Notes

 

 

195

 

 

Notes

 

 

196

 

 

605 Third Avenue, 43rd Floor
New York, NY 10158
1-888-493-8631
www.globalxetfs.com

 

Investment Adviser and Administrator:

Global X Management Company LLC
605 3rd Avenue, 43rd Floor
New York, NY 10158

 

Distributor:

SEI Investments Distribution Co.
One Freedom Valley Drive
Oaks, PA 19456

 

Sub-Administrator:

SEI Investments Global Funds Services
One Freedom Valley Drive
Oaks, PA 19456

 

Counsel for Global X Funds and the Independent Trustees:

Stradley Ronon Stevens & Young, LLP
2000 K Street, N.W.
Suite 700
Washington, DC 20006

 

Custodians and Transfer Agents:

Brown Brothers Harriman & Co.
40 Water Street
Boston, MA 02109

 

The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286

 

Independent Registered Public Accounting Firm:

PricewaterhouseCoopers LLP
Two Commerce Square
Suite 1800
2001 Market Street
Philadelphia, PA 19103

 

This information must be preceded or accompanied by a current prospectus for the Funds described.

 

GLX-SA-007-1100