Global X Funds

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Global X MLP ETF 

Ticker: MLPA

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 MLP 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/mlpa. 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 MLP 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
$1,757,044,546
20
$3,976,119
15.25%

What did the Fund invest in?

Sector WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Utilities
3.6%
Energy
102.5%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name
Percentage of Total Net Assets
Energy Transfer
14.7%
Enterprise Products Partners
13.5%
MPLX
12.2%
Western Midstream Partners
11.0%
Plains All American Pipeline
9.5%
Hess Midstream, Cl A
8.8%
Sunoco
8.5%
Cheniere Energy Partners
7.2%
USA Compression Partners
5.6%
Global PartnersFootnote Reference**
4.8%
Footnote Description
Footnote**
 Affiliated Investment

 

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/mlpa 

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GX-SA-MLPA-2025

Global X Funds

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Global X MLP & Energy Infrastructure ETF 

Ticker: MLPX

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 MLP & Energy 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/mlpx. 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 MLP & Energy Infrastructure ETF
$22
0.45%

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$2,599,788,437
29
$5,863,430
8.93%

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Repurchase Agreement
0.8%
Short-Term Investment
0.7%
U.S. Treasury Obligation
1.9%
Canada
22.8%
United States
77.0%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name
Percentage of Total Net AssetsFootnote Reference(A)
Enbridge
9.4%
Williams
9.3%
Kinder Morgan
9.1%
ONEOK
7.6%
Cheniere Energy
7.1%
TC Energy
6.6%
DT Midstream
4.6%
Pembina Pipeline
4.5%
MPLX
4.5%
Energy Transfer
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/mlpx 

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GX-SA-MLPX-2025

Global X Funds

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Global X Alternative Income ETF 

Ticker: ALTY

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

This semi-annual shareholder report contains important information about the Global X Alternative Income 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/alty/. 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 Alternative Income 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
$33,497,325
22
$82,129
0.65%

What did the Fund invest in?

Asset/Sector WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Short-Term Investment
1.3%
Repurchase Agreement
1.4%
Utilities
6.9%
Energy
15.6%
Exchange-Traded Funds
77.3%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name
Percentage of Total Net AssetsFootnote Reference(A)
Global X Emerging Markets Bond ETFFootnote Reference**
20.4%
Global X SuperDividend® REIT ETFFootnote Reference**
19.3%
Global X Nasdaq 100® Covered Call ETFFootnote Reference**
19.0%
Global X U.S. Preferred ETFFootnote Reference**
18.7%
Williams
1.7%
Kinder Morgan
1.7%
Antero Midstream
1.7%
MPLX
1.5%
Spire
1.5%
OGE Energy
1.4%
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/alty/ 

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GX-SA-ALTY-2025

Global X Funds

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Global X Conscious Companies ETF 

Ticker: KRMA

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

This semi-annual shareholder report contains important information about the Global X Conscious Companies 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/krma/. 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 Conscious Companies ETF
$21
0.43%

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$618,427,168
151
$1,320,327
7.38%

What did the Fund invest in?

Sector WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Utilities
0.9%
Real Estate
1.5%
Materials
1.9%
Energy
2.4%
Consumer Staples
4.9%
Industrials
7.3%
Communication Services
7.4%
Consumer Discretionary
10.5%
Health Care
13.2%
Financials
13.4%
Information Technology
36.4%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name
Percentage of Total Net Assets
Microsoft
5.7%
NVIDIA
5.4%
Apple
5.2%
Amazon.com
2.8%
Alphabet, Cl A
2.7%
Meta Platforms, Cl A
1.7%
Capital One Financial
1.0%
Broadcom
1.0%
Tesla
0.7%
Micron Technology
0.6%

 

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/krma/ 

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GX-SA-KRMA-2025

Global X Funds

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Global X U.S. Preferred ETF 

Ticker: PFFD

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 U.S. Preferred 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/pffd/. 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. Preferred ETF
$11
0.23%

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$2,286,497,362
211
$2,668,461
33.12%

What did the Fund invest in?

Asset/Sector WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Short-Term Investment
0.0%
Repurchase Agreement
0.0%
Health Care
0.6%
Materials
1.3%
Information Technology
1.5%
Consumer Discretionary
1.8%
Real Estate
4.5%
Industrials
5.0%
Communication Services
6.5%
Utilities
13.4%
Financials
64.9%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name
Percentage of Total Net AssetsFootnote Reference(A)
Boeing
4.6%
Citigroup Capital XIII
2.5%
Wells Fargo
2.3%
Apollo Global Management
1.9%
NextEra Energy
1.8%
Ares Management
1.5%
Hewlett Packard Enterprise
1.5%
PG&E
1.3%
Bank of America
1.3%
Albemarle
1.3%
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/pffd/ 

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GX-SA-PFFD-2025

Global X Funds

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Global X S&P 500® Quality Dividend ETF 

Ticker: QDIV

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 S&P 500® Quality Dividend 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/qdiv/. 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 S&P 500® Quality Dividend ETF
$10
0.20%

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$28,450,869
61
$30,289
33.81%

What did the Fund invest in?

Sector WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Real Estate
1.8%
Consumer Discretionary
2.9%
Communication Services
3.1%
Information Technology
4.9%
Financials
7.4%
Materials
7.4%
Health Care
9.1%
Energy
12.0%
Consumer Staples
25.1%
Industrials
26.0%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name
Percentage of Total Net Assets
CME Group, Cl A
2.3%
RTX
2.2%
Huntington Ingalls Industries
2.2%
3M
2.1%
Paychex
2.1%
Marathon Petroleum
2.1%
Automatic Data Processing
2.0%
AbbVie
2.0%
Johnson & Johnson
2.0%
General Dynamics
2.0%

 

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/qdiv/ 

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GX-SA-QDIV-2025

Global X Funds

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Global X Adaptive U.S. Factor ETF 

Ticker: AUSF

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 Adaptive U.S. Factor 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/ausf/. 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 Adaptive U.S. Factor ETF
$13
0.27%

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$544,926,602
197
$577,255
43.76%

What did the Fund invest in?

Asset/Sector WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Short-Term Investment
0.0%
Repurchase Agreement
0.0%
Real Estate
0.6%
Utilities
3.0%
Materials
4.6%
Energy
4.7%
Consumer Discretionary
5.7%
Information Technology
10.4%
Communication Services
10.6%
Consumer Staples
11.0%
Health Care
11.2%
Industrials
11.6%
Financials
26.4%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name
Percentage of Total Net AssetsFootnote Reference(A)
AT&T
1.9%
Verizon Communications
1.9%
RTX
1.6%
Intercontinental Exchange
1.6%
CME Group, Cl A
1.6%
Automatic Data Processing
1.5%
Republic Services, Cl A
1.5%
Boston Scientific
1.5%
Waste Management
1.5%
Cisco Systems
1.5%
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/ausf/ 

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GX-SA-AUSF-2025

Global X Funds

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Global X Variable Rate Preferred ETF 

Ticker: PFFV

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 Variable Rate Preferred 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/pffv/. 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 Variable Rate Preferred ETF
$12
0.25%

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$304,323,385
57
$357,304
32.02%

What did the Fund invest in?

Sector WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Energy
1.5%
Utilities
4.1%
Consumer Staples
4.5%
Financials
89.3%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name
Percentage of Total Net Assets
Morgan Stanley
4.5%
Apollo Global Management
3.2%
MetLife
3.0%
Jackson Financial
3.0%
Reinsurance Group of America
2.9%
Goldman Sachs Group
2.8%
US Bancorp
2.8%
Allstate
2.7%
Banc of California
2.7%
Bank of America
2.6%

 

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/pffv/ 

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GX-SA-PFFV-2025

Global X Funds

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Global X Adaptive U.S. Risk Management ETF 

Ticker: ONOF

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 Adaptive U.S. Risk Management 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/onof. 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 Adaptive U.S. Risk Management ETF
$19
0.39%

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$123,276,972
505
$248,264
370.05%

What did the Fund invest in?

Sector WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Real Estate
2.0%
Materials
2.0%
Utilities
2.4%
Energy
3.1%
Consumer Staples
5.7%
Industrials
8.8%
Health Care
9.7%
Communication Services
9.9%
Consumer Discretionary
10.8%
Financials
13.9%
Information Technology
31.5%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name
Percentage of Total Net Assets
Microsoft
6.6%
NVIDIA
6.3%
Apple
5.8%
Amazon.com
3.8%
Meta Platforms, Cl A
2.8%
Broadcom
2.2%
Alphabet, Cl A
2.0%
Tesla
1.9%
Alphabet, Cl C
1.7%
JPMorgan Chase
1.4%

 

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/onof 

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GX-SA-ONOF-2025

Global X Funds

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Global X 1-3 Month T-Bill ETF 

Ticker: CLIP

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 1-3 Month T-Bill 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/clip. 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 1-3 Month T-Bill ETF
$4
0.07%

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$1,491,070,677
27
$424,251
0.00%

What did the Fund invest in?

Asset WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Repurchase Agreement
0.0%
U.S. Treasury Obligations
104.0%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Holdings

Holding Name
Percentage of Total Net AssetsFootnote Reference(A)
U.S. Treasury Bills
8.8%
U.S. Treasury Bills
8.0%
U.S. Treasury Bills
7.7%
U.S. Treasury Bills
6.7%
U.S. Treasury Bills
5.3%
U.S. Treasury Bills
5.3%
U.S. Treasury Bills
5.1%
U.S. Treasury Bills
5.0%
U.S. Treasury Bills
4.7%
U.S. Treasury Bills
4.6%
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/clip 

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GX-SA-CLIP-2025

Global X Funds

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Global X U.S. Cash Flow Kings 100 ETF 

Ticker: FLOW

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 U.S. Cash Flow Kings 100 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/flow. 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. Cash Flow Kings 100 ETF
$12
0.25%

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$11,031,204
99
$9,416
53.38%

What did the Fund invest in?

Sector WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Real Estate
1.6%
Utilities
2.6%
Materials
5.0%
Communication Services
6.0%
Consumer Staples
9.0%
Health Care
11.0%
Industrials
12.4%
Information Technology
15.1%
Energy
15.5%
Consumer Discretionary
21.6%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name
Percentage of Total Net Assets
NRG Energy
2.6%
Marathon Petroleum
2.2%
United Airlines Holdings
2.2%
Altria Group
2.2%
Gen Digital
2.1%
Valero Energy
2.0%
Expedia Group
2.0%
CF Industries Holdings
1.9%
Warner Bros Discovery
1.9%
QUALCOMM
1.9%

 

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/flow 

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GX-SA-FLOW-2025

Global X Funds

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Global X Short-Term Treasury Ladder ETF 

Ticker: SLDR

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 Short-Term Treasury Ladder 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/sldr/. 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 Short-Term Treasury Ladder ETF
$6
0.12%

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$12,039,268
78
$5,297
16.45%

What did the Fund invest in?

Asset WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
U.S. Treasury Obligations
99.4%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name
Percentage of Total Net Assets
U.S. Treasury Notes, 2.75%, 7/31/2027
3.6%
U.S. Treasury Notes, 4.50%, 5/15/2027
3.6%
U.S. Treasury Notes, 4.25%, 1/15/2028
3.6%
U.S. Treasury Notes, 3.75%, 8/15/2027
3.6%
U.S. Treasury Notes, 4.13%, 11/15/2027
3.5%
U.S. Treasury Notes, 4.50%, 4/15/2027
3.4%
U.S. Treasury Notes, 0.50%, 10/31/2027
2.7%
U.S. Treasury Notes, 0.38%, 9/30/2027
2.3%
U.S. Treasury Notes, 3.88%, 11/30/2027
2.1%
U.S. Treasury Notes, 2.75%, 2/15/2028
2.0%

 

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/sldr/ 

Image

GX-SA-SLDR-2025

Global X Funds

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Global X Intermediate-Term Treasury Ladder ETF 

Ticker: MLDR

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 Intermediate-Term Treasury Ladder 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/mldr/. 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 Intermediate-Term Treasury Ladder ETF
$6
0.12%

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$2,446,761
28
$1,451
17.40%

What did the Fund invest in?

Asset WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
U.S. Treasury Obligations
98.6%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name
Percentage of Total Net Assets
U.S. Treasury Notes, 3.50%, 2/15/2033
5.8%
U.S. Treasury Notes, 4.38%, 11/30/2030
5.2%
U.S. Treasury Notes, 4.00%, 2/15/2034
5.2%
U.S. Treasury Notes, 3.88%, 9/30/2029
5.1%
U.S. Treasury Notes, 3.75%, 6/30/2030
5.1%
U.S. Treasury Notes, 2.38%, 3/31/2029
4.8%
U.S. Treasury Notes, 3.88%, 8/15/2034
4.7%
U.S. Treasury Notes, 4.25%, 11/15/2034
4.7%
U.S. Treasury Notes, 4.50%, 11/15/2033
4.1%
U.S. Treasury Notes, 4.25%, 2/28/2031
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/mldr/ 

Image

GX-SA-MLDR-2025

Global X Funds

Image

Global X Long-Term Treasury Ladder ETF 

Ticker: LLDR

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 Long-Term Treasury Ladder 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/lldr/. 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 Long-Term Treasury Ladder ETF
$6
0.12%

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$20,595,196
91
$12,384
7.60%

What did the Fund invest in?

Asset WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
U.S. Treasury Obligations
98.7%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name
Percentage of Total Net Assets
U.S. Treasury Bonds, 4.50%, 2/15/2036
4.2%
U.S. Treasury Bonds, 4.50%, 5/15/2038
3.0%
U.S. Treasury Bonds, 4.38%, 2/15/2038
2.7%
U.S. Treasury Bonds, 5.00%, 5/15/2037
2.6%
U.S. Treasury Bonds, 3.50%, 2/15/2039
2.3%
U.S. Treasury Bonds, 2.50%, 2/15/2046
2.0%
U.S. Treasury Bonds, 2.88%, 5/15/2049
1.7%
U.S. Treasury Bonds, 4.50%, 8/15/2039
1.7%
U.S. Treasury Bonds, 4.25%, 8/15/2054
1.6%
U.S. Treasury Bonds, 4.63%, 5/15/2054
1.6%

 

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/lldr/ 

Image

GX-SA-LLDR-2025

 



 

 

Global X MLP ETF (ticker: MLPA)

Global X MLP & Energy Infrastructure ETF (ticker: MLPX)

Global X Alternative Income ETF (ticker: ALTY)

Global X Conscious Companies ETF (ticker: KRMA)

Global X U.S. Preferred ETF (ticker: PFFD)

Global X S&P 500® Quality Dividend ETF (ticker: QDIV)

Global X Adaptive U.S. Factor ETF (ticker: AUSF)

Global X Variable Rate Preferred ETF (ticker: PFFV)

Global X Adaptive U.S. Risk Management ETF (ticker: ONOF)

Global X 1-3 Month T-Bill ETF (ticker: CLIP)

Global X U.S. Cash Flow Kings 100 ETF (ticker: FLOW)

Global X Short-Term Treasury Ladder ETF (ticker: SLDR)

Global X Intermediate-Term Treasury Ladder ETF (ticker: MLDR)

Global X Long-Term Treasury Ladder ETF (ticker: LLDR)

 

Semi-Annual Financials and Other Information

 

May 31, 2025

 

 

Table of Contents

 

 

Financial Statements (Form N-CSRS Item 7)  
Schedules of Investments  
Global X MLP ETF 1
Global X MLP & Energy Infrastructure ETF 3
Global X Alternative Income ETF 6
Global X Conscious Companies ETF 9
Global X U.S. Preferred ETF 15
Global X S&P 500® Quality Dividend ETF 23
Global X Adaptive U.S. Factor ETF 26
Global X Variable Rate Preferred ETF 34
Global X Adaptive U.S. Risk Management ETF 38
Global X U.S. 1-3 Month T-Bill ETF 53
Global X U.S. Cash Flow Kings 100 ETF 55
Global X Short-Term Treasury Ladder ETF 59
Global X Intermediate-Term Treasury Ladder ETF 62
Global X Long-Term Treasury Ladder ETF 63
Glossary 66
Statements of Assets and Liabilities 67
Statements of Operations 71
Statements of Changes in Net Assets 75
Financial Highlights 83
Notes to Financial Statements 93
Other Information (Form N-CSRS Items 8-11) 116

 

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 MLP ETF

 

    Shares     Value  
MASTER LIMITED PARTNERSHIPS — 97.2%                
Energy — 93.6%                
Cheniere Energy Partners     2,189,956     $ 125,637,776  
CrossAmerica Partners     100       2,159  
Delek Logistics Partners     991,933       41,442,961  
Energy Transfer     14,769,043       258,162,872  
Enterprise Products Partners     7,685,114       236,855,214  
Genesis Energy     4,866,790       76,749,278  
Global Partners (A)     1,611,179       84,619,121  
Martin Midstream Partners     100       296  
MPLX     4,213,639       214,895,589  
NGL Energy Partners *     100       349  
Plains All American Pipeline     10,044,697       166,139,288  
Sunoco     2,783,223       150,127,049  
USA Compression Partners     3,884,465       97,888,518  
USD Partners *     100       1  
Western Midstream Partners     5,158,461       192,926,441  
              1,645,446,912  
Utilities — 3.6%                
Suburban Propane Partners (A)     3,340,811       62,940,879  
TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $849,945,853)		             1,708,387,791  
                 
COMMON STOCK — 8.9%                
Energy — 8.9%                
Hess Midstream, Cl A     4,198,406       155,341,022  
ONEOK     100       8,084  
Summit Midstream *     100       2,514  
              155,351,620  
Utilities — 0.0%                
Star Group     100       1,196  
TOTAL COMMON STOCK
(Cost $128,339,094)		             155,352,816  
TOTAL INVESTMENTS — 106.1%
 (Cost $978,284,947)		           $ 1,863,740,607  

 

Percentages are based on Net Assets of $1,757,044,546.

 

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

1

 

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

 

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

 

As of May 31, 2025, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

 

The following is a summary of the Fund’s transactions with affiliates for the period ended May 31, 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 Partners                                                
                                                 
 $ 75,431,933     $ 15,860,697     $ (2,332,761 )   $ (3,829,023 )   $ (511,725 )   $ 84,619,121     $ —     $ —  
Suburban Propane Partners                                                
                                                 
  54,637,224       21,751,680       (10,659,371 )     (1,933,852 )     (854,802 )     62,940,879       —       —  
Totals:                                                          
                                                             
$ 130,069,157     $ 37,612,377     $ (12,992,132 )   $ (5,762,875 )   $ (1,366,527 )   $ 147,560,000     $ —     $ —  

 

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.

2

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X MLP & Energy Infrastructure ETF

 

    Shares     Value  
COMMON STOCK — 75.0%                
CANADA — 22.8%                
Energy — 22.8%                
Enbridge (A)     5,233,083     $ 243,233,698  
Pembina Pipeline     3,123,039       117,051,502  
South Bow     2,322,458       60,383,908  
TC Energy (A)     3,402,077       172,281,179  
                 
TOTAL CANADA             592,950,287  
UNITED STATES — 52.2%                
Energy — 52.2%                
Antero Midstream     3,733,874       70,122,154  
Archrock     1,787,470       44,508,003  
Cheniere Energy     775,471       183,778,872  
DT Midstream     1,133,257       118,697,338  
Hess Midstream, Cl A     1,270,536       47,009,832  
Kinder Morgan     8,395,235       235,402,389  
Kinetik Holdings, Cl A     428,425       19,082,050  
Kodiak Gas Services     589,815       20,826,368  
NextDecade *     1,369,350       11,338,218  
ONEOK     2,428,475       196,317,919  
Targa Resources     705,623       111,439,040  
Venture Global, Cl A     4,931,249       57,054,551  
Williams     3,999,844       242,030,560  
                 
TOTAL UNITED STATES             1,357,607,294  
TOTAL COMMON STOCK
(Cost $1,626,296,286)		             1,950,557,581  
                 
MASTER LIMITED PARTNERSHIPS — 24.8%                
UNITED STATES — 24.8%                
Energy — 24.8%                
Cheniere Energy Partners     518,369       29,738,830  
Delek Logistics Partners     232,337       9,707,040  
Energy Transfer     6,536,251       114,253,667  
Enterprise Products Partners     3,651,013       112,524,221  
MPLX     2,274,528       116,000,928  
Plains All American Pipeline     5,891,850       97,451,199  
Plains GP Holdings, Cl A     2,148,274       37,809,622  
USA Compression Partners     918,874       23,155,625  

 

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

3

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X MLP & Energy Infrastructure ETF

 

    Shares     Value  
MASTER LIMITED PARTNERSHIPS — continued                
Energy — continued                
Western Midstream Partners     2,740,833     $ 102,507,154  
TOTAL UNITED STATES             643,148,286  
TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $424,773,475)		             643,148,286  
               
    Face Amount          
U.S. TREASURY OBLIGATION — 1.9%                
U.S. Treasury Bill
4.225%, 07/01/25		   $ 50,000,000       49,829,927  
TOTAL U.S. TREASURY OBLIGATION
(Cost $49,837,114)		             49,829,927  
               
    Shares          
SHORT-TERM INVESTMENT(B)(C) — 0.7%                
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 4.230%
(Cost $19,168,670)		     19,168,670       19,168,670  
               
    Face Amount          
REPURCHASE AGREEMENT(B) — 0.8%                
RBC Capital Markets
4.250%, dated 05/31/2025, to be repurchased on 06/02/2025, repurchase price $19,977,958 (collateralized by a U.S. Treasury Obligations, par value $19,906,038, 4.625%, 06/30/2026, with a total market value of $20,378,806)
(Cost $19,970,885)		   $ 19,970,885       19,970,885  
TOTAL INVESTMENTS — 103.2%
(Cost $2,140,046,430)		           $ 2,682,675,349  

 

Percentages are based on Net Assets of $2,599,788,437.

 

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

4

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X MLP & Energy Infrastructure 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 $35,900,512.
(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 $39,139,555. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $–.
(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   $ 1,950,557,581     $ —     $ —     $ 1,950,557,581  
Master Limited Partnerships     643,148,286       —       —       643,148,286  
U.S. Treasury Obligation     —       49,829,927       —       49,829,927  
Short-Term Investment     19,168,670       —       —       19,168,670  
Repurchase Agreement     —       19,970,885       —       19,970,885  
Total Investments in Securities   $ 2,612,874,537     $ 69,800,812     $ —     $ 2,682,675,349  

 

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.

5

 

 

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

 

    Shares     Value  
EXCHANGE-TRADED FUNDS — 77.3%                
International Fixed Income — 20.4%                
Global X Emerging Markets Bond ETF (A)(B) (C)     298,276     $ 6,833,503  
International Equity — 19.3%                
Global X SuperDividend® REIT ETF (B) (C)(D)     311,118       6,455,698  
Domestic Equity — 37.6%                
Global X Nasdaq 100® Covered Call ETF (B) (C) (E)     387,953       6,350,791  
Global X U.S. Preferred ETF (B) (C)(F)     334,958       6,267,064  
TOTAL EXCHANGE-TRADED FUNDS
(Cost $32,636,187)		             25,907,056  
                 
COMMON STOCK — 13.4%                
Energy — 6.5%                
Antero Midstream     29,560       555,137  
Hess Midstream, Cl A     12,302       455,174  
Kinder Morgan     20,085       563,183  
Williams     9,639       583,256  
              2,156,750  
Utilities — 6.9%                
ALLETE     6,854       445,784  
Evergy     7,099       471,445  
Northwestern Energy Group     7,753       428,974  
OGE Energy     10,715       476,496  
Spire     6,561       493,912  
              2,316,611  
TOTAL COMMON STOCK
(Cost $3,489,776)		             4,473,361  
                 
MASTER LIMITED PARTNERSHIPS — 9.1%                
Energy — 9.1%                
Black Stone Minerals     29,184       389,606  
Energy Transfer     26,946       471,016  
Enterprise Products Partners     14,877       458,509  
Kimbell Royalty Partners     27,356       358,364  
MPLX     9,871       503,421  
Plains All American Pipeline     24,663       407,926  

 

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

6

 

 

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

 

    Shares     Value  
MASTER LIMITED PARTNERSHIPS — continued            
Energy — continued            
Sunoco     8,305     $ 447,972  
TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $1,841,717)		             3,036,814  
                 
SHORT-TERM INVESTMENT(G)(H) — 1.3%                
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 4.230%
(Cost $449,303) 		     449,303       449,303  
                 
      Face Amount          
REPURCHASE AGREEMENT(G) — 1.4%                
RBC Capital Markets
4.250%, dated 05/31/2025, to be repurchased on 06/02/2025, repurchase price $468,273 (collateralized by a U.S. Treasury Obligations, par value $466,587, 4.625%, 06/30/2026, with a total market value of $477,668)
(Cost $468,107) 		   $ 468,107       468,107  
TOTAL INVESTMENTS — 102.5%
(Cost $38,885,090)		           $ 34,334,641  

 

Percentages are based on Net Assets of $33,497,325.

 

(A) For financial information on the Global X Emerging Markets Bond 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 $897,975.
(D) For financial information on the Global X SuperDividend® REIT ETF, please go to the Fund’s website at https://www.globalxetfs.com/explore/.
(E) For financial information on the Global X Nasdaq 100® Covered Call ETF, please go to the Fund’s website at https://www.globalxetfs.com/explore/.
(F) For financial information on the Global X U.S. Preferred ETF, please go to the Fund’s website at https://www.globalxetfs.com/explore/.
(G) These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $917,410. 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.

7

 

 

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

 

(H) 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  
Exchange-Traded Funds   $ 25,907,056     $ —     $ —     $ 25,907,056  
Common Stock     4,473,361       —       —       4,473,361  
Master Limited Partnerships     3,036,814       —       —       3,036,814  
Short-Term Investment     449,303       —       —       449,303  
Repurchase Agreement     —       468,107       —       468,107  
Total Investments in Securities   $ 33,866,534     $ 468,107     $ —     $ 34,334,641  

 

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 Emerging Markets Bond ETF                                
                                             
$ 6,715,131     $ 354,097     $ (155,276 )   $ (67,505)     $ (12,944)     $ 6,833,503     $ 221,778     $ —  
Global X Nasdaq 100® Covered Call ETF                                                
                                                             
  6,861,142       331,663       (153,873 )     (679,869)       (8,272 )     6,350,791       445,473       —  
Global X SuperDividend® REIT ETF                                                
                                                             
  6,483,682       332,487       (298,702 )     13,901       (75,670 )     6,455,698       116,621       12,893  
Global X U.S. Preferred ETF                                                
                                                             
  6,671,832       326,744       (147,234 )     (554,459)     (29,819 )     6,267,064       196,936       —  
Totals:                                                
                                                             
$ 26,731,787     $ 1,344,991     $ (755,085 )   $ (1,287,932)   $ (126,705 )   $ 25,907,056     $ 980,808     $ 12,893  

 

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

 

See “Glossary” for abbreviations.

 

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

8

 

 

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

 

    Shares     Value  
COMMON STOCK — 99.8%                
UNITED STATES — 99.8%                
Communication Services — 7.4%                
Alphabet, Cl A     95,652     $ 16,427,274  
Comcast, Cl A     87,618       3,028,954  
Electronic Arts     21,010       3,020,818  
Interpublic Group     125,902       3,016,612  
Meta Platforms, Cl A     16,318       10,565,742  
Netflix *     2,883       3,480,444  
T-Mobile US     11,728       2,840,522  
Verizon Communications     70,726       3,109,115  
              45,489,481  
                 
Consumer Discretionary — 10.5%                
Amazon.com *     85,836       17,597,238  
BorgWarner     110,908       3,669,946  
Dick’s Sporting Goods     16,378       2,937,230  
eBay     45,306       3,315,040  
Hilton Worldwide Holdings     14,030       3,485,613  
Home Depot     8,466       3,117,943  
Lear     36,832       3,330,349  
Lululemon Athletica *     11,358       3,596,738  
Marriott International, Cl A     13,138       3,466,199  
NIKE, Cl B     52,625       3,188,549  
PulteGroup     29,892       2,930,313  
Starbucks     36,473       3,061,908  
Tesla *     12,058       4,177,615  
Ulta Beauty *     8,030       3,785,824  
Yum! Brands     20,665       2,974,520  
              64,635,025  
                 
Consumer Staples — 4.9%                
Coca-Cola     41,414       2,985,949  
Colgate-Palmolive     32,163       2,989,229  
Costco Wholesale     3,096       3,220,397  
General Mills     52,725       2,860,859  
Kimberly-Clark     22,635       3,254,008  
Mondelez International, Cl A     44,822       3,025,037  
PepsiCo     21,221       2,789,500  
Procter & Gamble     18,213       3,094,207  
Target     32,788       3,082,400  

 

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

9

 

 

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

 

    Shares     Value  
COMMON STOCK — continued            
Consumer Staples — continued            
Walmart     31,807     $ 3,139,987  
              30,441,573  
                 
Energy — 2.4%                
Chevron     22,101       3,021,207  
ConocoPhillips     33,448       2,854,787  
EOG Resources     27,071       2,939,098  
ONEOK     35,665       2,883,159  
Valero Energy     26,389       3,403,389  
              15,101,640  
                 
Financials — 13.4%                
Aflac     27,843       2,882,864  
American Express     11,604       3,412,156  
Bank of America     77,947       3,439,801  
Bank of New York Mellon     38,848       3,442,321  
Capital One Financial     34,302       6,488,223  
Charles Schwab     38,759       3,423,970  
Citigroup     45,566       3,432,031  
FactSet Research Systems     7,087       3,247,689  
Hartford Financial Services Group     25,410       3,299,234  
JPMorgan Chase     12,542       3,311,088  
Mastercard, Cl A     5,709       3,343,190  
MetLife     40,670       3,195,849  
Moody’s     7,002       3,356,199  
Morgan Stanley     26,896       3,443,495  
Nasdaq     41,099       3,433,411  
PayPal Holdings *     48,349       3,397,968  
Principal Financial Group     40,802       3,178,068  
Progressive     11,446       3,261,309  
Prudential Financial     29,738       3,089,481  
S&P Global     6,462       3,314,101  
Synchrony Financial     60,517       3,488,805  
T Rowe Price Group     34,855       3,262,079  
Travelers     11,657       3,213,835  
Visa, Cl A     9,041       3,301,683  
              82,658,850  

 

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

10

 

 

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

 

    Shares     Value  
COMMON STOCK — continued                
Health Care — 13.2%                
Abbott Laboratories     23,374     $ 3,122,299  
AbbVie     17,132       3,188,436  
Agilent Technologies     28,764       3,219,267  
Amgen     10,873       3,133,381  
Boston Scientific *     30,530       3,213,588  
Bristol-Myers Squibb     62,236       3,004,754  
Cardinal Health     22,469       3,470,112  
Centene *     48,605       2,743,266  
Cigna Group     8,980       2,843,427  
Danaher     15,394       2,923,321  
Elevance Health     7,065       2,711,830  
Eli Lilly     3,635       2,681,430  
Gilead Sciences     28,395       3,125,722  
HCA Healthcare     8,998       3,431,747  
Intuitive Surgical *     6,193       3,420,642  
IQVIA Holdings *     20,542       2,882,659  
Johnson & Johnson     19,434       3,016,351  
McKesson     4,378       3,150,015  
Merck     38,360       2,947,582  
Regeneron Pharmaceuticals     5,132       2,516,117  
ResMed     14,090       3,449,091  
Stryker     8,455       3,235,221  
Thermo Fisher Scientific     6,988       2,814,906  
UnitedHealth Group     7,046       2,127,258  
Vertex Pharmaceuticals *     6,155       2,720,818  
Waters *     9,028       3,152,939  
Zoetis, Cl A     20,146       3,397,220  
              81,643,399  
                 
Industrials — 7.3%                
Amentum Holdings *     1,493       30,845  
Automatic Data Processing     10,278       3,345,797  
Booz Allen Hamilton Holding, Cl A     25,937       2,755,806  
Caterpillar     10,202       3,550,602  
Cummins     10,655       3,425,370  
Deere     6,613       3,347,897  
General Dynamics     11,363       3,164,482  
Illinois Tool Works     12,760       3,127,221  
Jacobs Solutions     25,341       3,200,568  

 

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

11

 

 

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

 

    Shares     Value  
COMMON STOCK — continued                
Industrials — continued                
Leidos Holdings     21,262     $ 3,157,832  
Lockheed Martin     6,514       3,142,223  
Paychex     21,083       3,329,217  
RTX     25,118       3,428,105  
Union Pacific     13,750       3,047,825  
United Parcel Service, Cl B     31,056       3,029,202  
              45,082,992  
                 
Information Technology — 36.4%                
Adobe *     8,572       3,558,151  
Advanced Micro Devices *     33,417       3,700,264  
Akamai Technologies *     39,811       3,022,849  
Amphenol, Cl A     42,445       3,817,079  
Analog Devices     16,486       3,527,674  
Apple     158,953       31,925,710  
Applied Materials     21,031       3,296,609  
Arista Networks *     42,695       3,699,095  
Autodesk *     11,418       3,381,098  
Avnet     60,606       3,030,906  
Broadcom     26,216       6,346,107  
Cadence Design Systems *     11,378       3,266,282  
CDW     19,499       3,516,840  
Cisco Systems     54,308       3,423,576  
Cognizant Technology Solutions, Cl A     42,574       3,448,068  
Dell Technologies, Cl C     33,869       3,768,604  
Dynatrace *     68,630       3,706,706  
Gartner *     7,438       3,246,092  
HP     122,632       3,053,537  
HubSpot *     5,329       3,143,577  
Intuit     5,063       3,814,819  
Keysight Technologies *     22,005       3,455,665  
Littelfuse     18,546       3,803,043  
Micron Technology     41,416       3,912,155  
Microsoft     77,230       35,553,603  
Motorola Solutions     7,112       2,954,183  
NetApp     35,577       3,527,815  
NVIDIA     249,143       33,666,694  
Oracle     22,977       3,803,383  
Palo Alto Networks *     17,967       3,457,210  

 

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

12

 

 

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

 

    Shares     Value  
COMMON STOCK — continued                
Information Technology — continued                
QUALCOMM     21,492     $ 3,120,638  
Salesforce     12,069       3,202,751  
ServiceNow *     3,709       3,750,133  
Synopsys *     7,142       3,313,745  
Texas Instruments     19,840       3,627,744  
Trimble *     50,758       3,617,523  
VeriSign     12,059       3,285,716  
Workday, Cl A *     13,422       3,324,764  
              225,070,408  
                 
Materials — 1.9%                
Avery Dennison     17,792       3,162,172  
Dow     104,144       2,888,955  
Nucor     26,987       2,951,298  
Steel Dynamics     24,647       3,033,306  
              12,035,731  
                 
Real Estate — 1.5%                
CBRE Group, Cl A *     24,733       3,092,119  
Jones Lang LaSalle *     13,794       3,071,924  
ProLogis ‡     29,770       3,233,022  
              9,397,065  
                 
Utilities — 0.9%                
American Water Works     20,525       2,934,459  
Exelon     64,524       2,827,442  
              5,761,901  
TOTAL UNITED STATES             617,318,065  
TOTAL COMMON STOCK
(Cost $526,149,026)		             617,318,065  
TOTAL INVESTMENTS — 99.8%
(Cost $526,149,026)		           $ 617,318,065  

 

Percentages are based on Net Assets of $618,427,168.

 

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

 

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

13

 

 

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

 

As of May 31, 2025, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

 

See “Glossary” for abbreviations.

 

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

14

 

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

 

    Shares     Value  
PREFERRED STOCK — 99.5%                
BERMUDA—1.0%                
Financials — 0.9%                
Aspen Insurance Holdings, 7.000%     200,596     $ 4,962,745  
Aspen Insurance Holdings, 5.625%     217,051       4,367,066  
RenaissanceRe Holdings, 5.750%     217,839       4,616,009  
RenaissanceRe Holdings, 4.200%     437,061       6,813,781  
              20,759,601  
Industrials — 0.1%                
Triton International, 6.875%     110,624       2,300,979  
TOTAL BERMUDA             23,060,580  
CANADA—0.9%                
Financials — 0.3%                
Brookfield Finance, 4.625%     345,241       5,554,928  
Utilities — 0.6%                
Algonquin Power & Utilities, 8.864%, US0003M + 4.010% (A)     305,843       7,826,522  
Brookfield BRP Holdings Canada, 7.250%     121,190       2,778,887  
Brookfield Infrastructure Finance ULC, 7.250%     116,367       2,696,223  
              13,301,632  
TOTAL CANADA             18,856,560  
NETHERLANDS — 0.7%                
Financials — 0.7%                
AEGON Funding, 5.100%     813,716       15,834,913  
TOTAL NETHERLANDS             15,834,913  
UNITED STATES — 96.9%                
Communication Services — 6.5%                
AT&T, 5.350%     1,154,276       25,440,243  
AT&T, 5.000%     1,047,336       20,883,880  
AT&T, 4.750%     1,529,921       28,992,003  
Qwest, 6.750%     574,529       10,732,202  
Qwest, 6.500%     854,597       15,622,033  
Telephone and Data Systems, 6.625%     369,812       7,196,542  
Telephone and Data Systems, 6.000%     604,663       10,744,861  
United States Cellular, 6.250%     435,349       10,526,739  
United States Cellular, 5.500%     436,889       9,663,985  
United States Cellular, 5.500%     436,891       9,642,184  
              149,444,672  
Consumer Discretionary — 1.8%                
Ford Motor, 6.500%     521,456       11,326,025  
Ford Motor, 6.200%     651,783       13,491,908  
Ford Motor, 6.000%     692,178       14,341,928  

 

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

15

 

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

 

    Shares     Value  
PREFERRED STOCK — continued                
Consumer Discretionary — continued                
QVC Group, 8.000%     241,976     $ 1,369,584  
              40,529,445  
Financials — 63.0%                
Affiliated Managers Group, 6.750%     392,491       9,156,815  
Affiliated Managers Group, 5.875%     263,176       5,368,790  
Allstate, 7.744%, TSFR3M + 3.427% (A)     435,672       11,305,688  
Allstate, 7.375%     525,973       13,964,583  
Allstate, 5.100%     1,006,708       20,919,392  
Allstate, 4.750%     233,510       4,429,685  
Apollo Global Management, 7.625%, H15T5Y + 3.226% (A)     523,981       13,497,751  
Apollo Global Management, 6.750% *     630,579       44,127,918  
Arch Capital Group, 5.450%     289,724       5,921,959  
Arch Capital Group, 4.550%     438,419       7,413,665  
Ares Management, 6.750%     660,453       34,918,150  
Associated Banc-Corp, 6.625%, H15T5Y + 2.812% (A)     260,459       6,300,503  
Athene Holding, 7.750%, H15T5Y + 3.962% (A)     437,532       11,113,313  
Athene Holding, 7.250%, H15T5Y + 2.986% (A)     501,735       12,392,854  
Athene Holding, 6.350%, US0003M + 4.253% (A)     754,887       17,619,063  
Athene Holding, 5.625%     302,507       5,901,912  
Athene Holding, 4.875%     502,428       8,521,179  
Axis Capital Holdings, 5.500%     482,365       9,676,242  
Banc of California, 7.750%, H15T5Y + 4.820% (A)     449,957       11,145,435  
Bank of America, 7.250% *     25,975       30,156,975  
Bank of America, 6.450%     352,590       8,938,156  
Bank of America, 6.000%     453,684       10,956,469  
Bank of America, 5.875%     286,290       6,722,089  
Bank of America, 5.375%     465,443       9,751,031  
Bank of America, 5.342%, TSFR3M + 1.012% (A)     59,380       1,305,172  
Bank of America, 5.242%, TSFR3M + 0.912% (A)     100,138       2,021,786  
Bank of America, 5.083%, TSFR3M + 0.762% (A)     134,677       2,748,758  
Bank of America, 5.000%     437,161       8,550,869  
Bank of America, 4.750%     229,886       4,294,270  
Bank of America, 4.375%     359,678       6,186,462  

 

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

16

 

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

 

    Shares     Value  
PREFERRED STOCK — continued                
Financials — continued                
Bank of America, 4.250%     434,654     $ 7,228,296  
Bank of America, 4.125%     305,113       4,958,086  
Bank of Hawaii, 8.000%     123,026       3,128,551  
Bank OZK, 4.625%     303,831       4,767,108  
Brighthouse Financial, 6.750%     341,889       7,254,885  
Brighthouse Financial, 6.600%     365,075       7,542,450  
Brighthouse Financial, 6.250%     320,246       6,549,031  
Brighthouse Financial, 5.375%     492,649       8,394,739  
Brighthouse Financial, 4.625%     296,311       4,542,448  
Capital One Financial, 5.000%     1,308,362       24,531,788  
Capital One Financial, 4.800%     1,086,585       19,308,615  
Capital One Financial, 4.375%     586,774       9,593,755  
Capital One Financial, 4.250%     369,862       6,010,258  
Carlyle Finance, 4.625%     438,427       7,396,263  
Charles Schwab, 5.950%     639,864       15,651,073  
Charles Schwab, 4.450%     526,207       9,797,974  
Citigroup Capital XIII, 10.911%, TSFR3M + 6.632% (A)     1,989,523       57,994,595  
Citizens Financial Group, 7.375%     349,242       9,038,383  
Citizens Financial Group, 5.000%     393,492       7,464,543  
Corebridge Financial, 6.375%     527,898       12,020,237  
Enstar Group, 7.000%     77,656       1,563,992  
Enstar Group, 7.000%, US0003M + 4.015% (A)     348,405       7,515,096  
Equitable Holdings, 5.250%     696,886       13,763,499  
F&G Annuities & Life, 7.950%     300,876       7,678,356  
Fifth Third Bancorp, 8.296%, TSFR3M + 3.972% (A)     393,485       10,108,630  
Fifth Third Bancorp, 6.000%     174,192       4,191,060  
Fifth Third Bancorp, 4.950%     219,595       4,462,170  
First Citizens BancShares, 5.625%     173,645       3,736,840  
Flagstar Financial, 6.375%, US0003M + 3.821% (A)     460,475       9,821,932  
Globe Life, 4.250%     248,518       3,827,177  
Goldman Sachs Group, 5.312%, TSFR3M + 1.012% (A)     654,063       13,728,782  
Goldman Sachs Group, 5.312%, TSFR3M + 1.012% (A)     174,862       3,778,768  
Goldman Sachs Group, 5.232%, TSFR3M + 0.932% (A)     1,176,717       24,781,660  

 

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

17

 

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

 

    Shares     Value  
PREFERRED STOCK — continued                
Financials — continued                
Hancock Whitney, 6.250%     150,024     $ 3,590,074  
Hartford Insurance Group, 6.000%     301,444       7,499,927  
Huntington Bancshares, 6.875%, H15T5Y + 2.704% (A)     283,933       7,030,181  
Huntington Bancshares, 5.700%     138,888       2,979,148  
Huntington Bancshares, 4.500%     439,940       7,514,175  
Jackson Financial, 8.000%, H15T5Y + 3.728% (A)     480,986       12,496,016  
JPMorgan Chase, 6.000%     959,633       24,105,981  
JPMorgan Chase, 5.750%     878,318       20,983,017  
JPMorgan Chase, 4.750%     466,042       9,236,952  
JPMorgan Chase, 4.625%     958,057       18,270,147  
JPMorgan Chase, 4.550% (B)     777,218       14,658,331  
JPMorgan Chase, 4.200%     1,035,855       18,365,709  
KeyCorp, 6.200%, H15T5Y + 3.132% (A)     524,308       13,002,838  
KeyCorp, 6.125%, TSFR3M + 4.154% (A)     435,756       10,593,228  
KeyCorp, 5.650%     369,389       7,613,107  
KeyCorp, 5.625%     389,440       8,143,190  
KKR Group Finance IX, 4.625%     437,394       7,663,143  
Lincoln National, 9.000%     438,860       11,717,562  
M&T Bank, 7.500%     654,132       16,994,349  
Merchants Bancorp, 7.625%     201,131       4,722,556  
MetLife, 5.625%     702,711       16,380,193  
MetLife, 5.561%, TSFR3M + 1.262% (A)     523,867       12,630,433  
MetLife, 4.750%     871,706       16,911,096  
Morgan Stanley, Ser E, 7.125     452,628       11,551,067  
Morgan Stanley, Ser F, 6.875%, US0003M + 3.940% (A)     452,216       11,454,631  
Morgan Stanley, 6.625%     535,928       13,778,709  
Morgan Stanley, 6.500%     532,979       13,633,603  
Morgan Stanley, 6.375%     531,454       13,068,454  
Morgan Stanley, 5.850% (A)     534,545       12,294,535  
Morgan Stanley, 5.218%, TSFR3M + 0.962% (A)      580,224       12,857,764  
Morgan Stanley, 4.875%     265,210       5,237,898  
Morgan Stanley, 4.250%     693,702       11,779,060  
National Rural Utilities Cooperative Finance, 5.500%     218,225       5,235,218  
Northern Trust, 4.700%     352,142       6,849,162  
Prudential Financial, 5.950%     260,983       6,469,769  
Prudential Financial, 5.625%     494,576       11,419,760  

 

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

18

 

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

 

    Shares     Value  
PREFERRED STOCK — continued                
Financials — continued                
Prudential Financial, 4.125%     436,862     $ 7,417,917  
Regions Financial, 6.950%, H15T5Y + 2.771% (A)     434,702       11,080,554  
Regions Financial, 5.700%, TSFR3M + 3.410% (A)     440,761       9,996,459  
Regions Financial, 4.450%     349,926       5,917,249  
Reinsurance Group of America, 7.125%, H15T5Y + 3.456% (A)     615,195       15,835,119  
Reinsurance Group of America, 5.750%, US0003M + 4.040% (A)     349,682       8,630,152  
SLM, 6.261%, TSFR3M + 1.962% (A)     54,914       4,324,478  
State Street, 5.350%, TSFR3M + 3.971% (A)     438,478       9,769,290  
Stifel Financial, 6.125%     197,256       4,426,425  
Stifel Financial, 4.500%     264,942       4,376,842  
Synchrony Financial, 8.250%, H15T5Y + 4.044% (A)     435,323       10,865,662  
Synchrony Financial, 5.625%     653,192       11,626,818  
Synovus Financial, 8.397%, H15T5Y + 4.127% (A)     305,368       7,909,031  
Synovus Financial, 7.931%, TSFR3M + 3.614% (A)     174,009       4,317,163  
TPG Operating Group II, 6.950%     346,350       8,378,207  
Truist Financial, 5.250% (B)     503,689       10,496,879  
Truist Financial, 5.109%, TSFR3M + 0.792% (A)      151,006       3,343,273  
Truist Financial, 4.750%     813,877       15,064,863  
Unum Group, 6.250%     259,474       6,336,355  
US Bancorp, 5.538%, TSFR3M + 1.282% (A)     12,590       10,450,959  
US Bancorp, 5.500%     503,003       11,408,108  
US Bancorp, 5.118%, TSFR3M + 0.862% (A)     882,911       18,134,992  
US Bancorp, 4.500% (B)     392,536       7,340,423  
US Bancorp, 4.000%     654,727       10,613,125  
US Bancorp, 3.750%     436,758       6,573,208  
Voya Financial, 5.350%, H15T5Y + 3.210% (A)     261,469       6,306,632  
WaFd, 4.875%     264,628       4,054,101  
Wells Fargo, 7.500% *     45,364       51,533,504  
Wells Fargo, 5.625%     313,551       6,938,884  
Wells Fargo, 4.750%     911,849       16,750,666  
Wells Fargo, 4.700%     531,691       9,634,241  
Wells Fargo, 4.375%     477,456       8,111,977  

 

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

19

 

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

 

    Shares     Value  
PREFERRED STOCK — continued                
Financials — continued                
Wells Fargo, 4.250%     569,529     $ 9,397,229  
Western Alliance Bancorp, 4.250%, H15T5Y + 3.452% (A)     261,127       5,862,301  
              1,439,412,043  
Health Care — 0.6%                
BrightSpring Health Services, 6.750%     173,606       14,560,335  
Industrials — 4.9%                
Boeing, 6.000% *     1,545,846       104,066,353  
Pitney Bowes, 6.700%     372,657       7,177,374  
              111,243,727  
Information Technology — 1.5%                
Hewlett Packard Enterprise, 7.625% *     659,274       33,972,389  
Materials — 1.3%                
Albemarle, 7.250% *     1,026,431       29,776,763  
Real Estate — 4.5%                
Agree Realty, 4.250% ‡     128,188       2,211,243  
Digital Realty Trust, 5.850% ‡     182,746       4,267,119  
Digital Realty Trust, 5.250% ‡     150,915       3,160,160  
Digital Realty Trust, 5.200% ‡     300,181       6,120,691  
Diversified Healthcare Trust, 5.625% ‡     303,098       4,988,993  
Kimco Realty, 5.250% ‡     229,078       4,647,993  
Public Storage, 5.600% ‡     248,293       5,618,871  
Public Storage, 5.150% ‡     244,745       5,051,537  
Public Storage, 5.050% ‡     262,345       5,359,708  
Public Storage, 4.875% ‡     276,938       5,369,828  
Public Storage, 4.700% ‡     225,283       4,253,343  
Public Storage, 4.625% ‡     493,644       9,221,270  
Public Storage, 4.000% ‡     527,422       8,412,381  
Public Storage, 4.000% ‡     380,643       6,067,449  
Public Storage, 3.900% ‡     135,845       2,098,805  
Public Storage, 3.875% ‡     247,227       3,817,185  
RLJ Lodging Trust, 1.950% ‡ *     279,452       6,927,615  
SL Green Realty, 6.500% ‡     177,249       3,736,409  
Vornado Realty Trust, 5.400% ‡     262,513       4,675,356  
Vornado Realty Trust, 5.250% ‡     260,784       4,409,857  
Vornado Realty Trust, 4.450% ‡     229,711       3,170,012  
              103,585,825  
Utilities — 12.8%                
CMS Energy, 5.875%     549,431       12,208,357  
CMS Energy, 5.875%     244,444       5,431,546  
CMS Energy, 4.200%     174,942       2,893,541  

 

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

20

 

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

 

    Shares     Value  
PREFERRED STOCK — continued                
Utilities — continued                
DTE Energy, 5.250%     349,001     $ 7,451,171  
DTE Energy, 4.375%     244,370       4,195,833  
Duke Energy, 5.750%     876,067       21,673,898  
Duke Energy, 5.625%     437,166       10,784,885  
Entergy Arkansas, 4.875%     354,107       7,223,783  
Entergy Louisiana, 4.875%     233,671       4,722,491  
Entergy Mississippi, 4.900%     199,809       4,056,123  
Georgia Power, 5.000%     235,103       5,191,074  
NextEra Energy, 9.000%     646,616       28,884,337  
NextEra Energy, 7.299% *     861,471       40,980,176  
NextEra Energy Capital Holdings, 5.650%     601,294       13,408,856  
PG&E, 6.000%     696,958       30,331,612  
SCE Trust II, 5.100%     190,395       3,333,816  
SCE Trust VI, 5.000%     415,461       7,066,992  
SCE Trust VII, 7.500%     479,551       10,986,513  
SCE Trust VIII, 6.950%     304,170       6,606,572  
Sempra, 5.750%     660,315       13,992,075  
Southern, 5.250%     389,801       8,263,781  
Southern, 4.950%     870,412       17,277,678  
Southern, 4.200%     652,748       11,338,233  
Spire, 5.900%     218,689       5,121,696  
Tennessee Valley Authority, 2.216%, H15T30Y + 0.840% (A)     180,893       4,202,144  
Tennessee Valley Authority, 2.134%, H15T30Y + 0.940% (A)     222,375       5,252,498  
              292,879,681  
TOTAL UNITED STATES             2,215,404,880  
TOTAL PREFERRED STOCK
(Cost $2,457,369,146)		             2,273,156,933  
                 
SHORT-TERM INVESTMENT(C)(D) — 0.0%                
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 4.230%
(Cost $927,504)		     927,504       927,504  

 

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

21

 

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

 

    Face Amount     Value  
REPURCHASE AGREEMENT(C) — 0.0%                
RBC Capital Markets 4.250%, dated 05/31/2025, to be repurchased on 06/02/2025, repurchase price $966,663 (collateralized by a U.S. Treasury Obligations, par value $963,183, 4.625%, 06/30/2026, with a total market value of $986,059)
(Cost $966,321)		   $ 966,321     $ 966,321  
TOTAL INVESTMENTS — 99.5%
(Cost $2,459,262,971)		           $ 2,275,050,758  

 

Percentages are based on Net Assets of $2,286,497,362.

 

* Non-income producing security.
‡ Real Estate Investment Trust
(A) Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; or by adjusting periodically based on prevailing interest rates.
(B) This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $1,850,690.
(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 $1,893,825. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $–.
(D) 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  
Preferred Stock   $ 2,273,156,933     $ —     $ —     $ 2,273,156,933  
Short-Term Investment     927,504       —       —       927,504  
Repurchase Agreement     —       966,321       —       966,321  
Total Investments in Securities   $ 2,274,084,437     $ 966,321     $ —     $ 2,275,050,758  

 

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.

22

 

Schedule of Investments   May 31, 2025 (Unaudited)
Global X S&P 500® Quality Dividend ETF

 

    Shares     Value  
COMMON STOCK — 99.7%                
Communication Services — 3.1%                
Comcast, Cl A     13,237     $ 457,603  
Omnicom Group     5,850       429,624  
              887,227  
Consumer Discretionary — 2.9%                
Best Buy     6,031       399,735  
NIKE, Cl B     6,867       416,071  
              815,806  
Consumer Staples — 25.1%                
Archer-Daniels-Midland     8,027       387,463  
Brown-Forman, Cl B     9,347       311,629  
Coca-Cola     6,691       482,421  
Colgate-Palmolive     4,502       418,416  
Conagra Brands     14,912       341,336  
General Mills     6,306       342,164  
Hershey     2,297       369,105  
Kellanova     5,242       433,147  
Kenvue     18,945       452,217  
Kimberly-Clark     3,215       462,188  
Kroger     6,806       464,373  
McCormick     5,221       379,723  
Molson Coors Beverage, Cl B     6,888       369,128  
Mondelez International, Cl A     6,795       458,595  
PepsiCo     2,671       351,103  
Procter & Gamble     2,464       418,609  
Target     3,130       294,251  
Tyson Foods, Cl A     6,983       392,165  
              7,128,033  
Energy — 12.0%                
Baker Hughes, Cl A     12,588       466,385  
ConocoPhillips     5,231       446,466  
Coterra Energy     20,956       509,440  
Devon Energy     15,668       474,114  
EOG Resources     4,186       454,474  
Exxon Mobil     4,788       489,812  
Marathon Petroleum     3,644       585,737  
              3,426,428  
Financials — 7.4%                
Cincinnati Financial     3,485       525,608  
CME Group, Cl A     2,232       645,048  

 

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

23

 

Schedule of Investments   May 31, 2025 (Unaudited)
Global X S&P 500® Quality Dividend ETF

 

    Shares     Value  
COMMON STOCK — continued                
Financials — continued                
Everest Group     1,459     $ 506,550  
T Rowe Price Group     4,419       413,574  
              2,090,780  
Health Care — 9.1%                
AbbVie     3,062       569,869  
Baxter International     17,507       533,964  
Johnson & Johnson     3,613       560,774  
Medtronic PLC     6,436       534,059  
Merck     5,180       398,031  
              2,596,697  
Industrials — 26.0%                
3M     4,086       606,158  
Automatic Data Processing     1,784       580,746  
CH Robinson Worldwide     4,766       457,393  
Cummins     1,440       462,931  
General Dynamics     2,011       560,043  
Honeywell International     2,326       527,234  
Huntington Ingalls Industries     2,756       614,753  
Illinois Tool Works     1,945       476,681  
Lockheed Martin     1,069       515,664  
Paychex     3,764       594,373  
RTX     4,506       614,979  
Snap-On     1,489       477,597  
Union Pacific     2,251       498,957  
United Parcel Service, Cl B     4,103       400,207  
              7,387,716  
Information Technology — 4.9%                
Microchip Technology     8,857       514,060  
QUALCOMM     3,348       486,130  
Skyworks Solutions     5,806       400,788  
              1,400,978  
Materials — 7.4%                
Dow     12,983       360,149  
Eastman Chemical     5,387       422,179  
International Paper     9,558       456,968  
LyondellBasell Industries, Cl A     6,981       394,357  
PPG Industries     4,273       473,448  
              2,107,101  

 

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

24

 

Schedule of Investments   May 31, 2025 (Unaudited)
Global X S&P 500® Quality Dividend ETF

 

    Shares     Value  
COMMON STOCK — continued                
Real Estate — 1.8%                
Public Storage ‡     1,664     $ 513,194  
TOTAL COMMON STOCK
(Cost $29,904,660)		             28,353,960  
TOTAL INVESTMENTS — 99.7%
(Cost $29,904,660)		           $ 28,353,960  

 

Percentages are based on Net Assets of $28,450,869.

 

‡ Real Estate Investment Trust

 

As of May 31, 2025, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

 

See “Glossary” for abbreviations.

 

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

25

 

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

 

    Shares     Value  
COMMON STOCK — 99.8%                
UNITED STATES — 99.8%                
Communication Services — 10.6%                
AT&T     380,629     $ 10,581,486  
Comcast, Cl A     75,580       2,612,801  
Electronic Arts     46,280       6,654,138  
Frontier Communications Parent *     214,654       7,776,914  
Interpublic Group     107,589       2,577,833  
Liberty Broadband, Cl A *     33,390       3,101,931  
Liberty Broadband, Cl C *     32,933       3,089,115  
New York Times, Cl A     7,521       429,600  
Nexstar Media Group, Cl A     17,228       2,935,996  
Paramount Global, Cl A     16,688       377,983  
T-Mobile US     29,930       7,249,046  
Verizon Communications     232,169       10,206,149  
              57,592,992  
                 
Consumer Discretionary — 5.7%                
Ford Motor     263,916       2,739,448  
Gap     129,514       2,889,457  
Garmin     1,986       403,099  
General Motors     56,295       2,792,795  
Lear     31,465       2,845,065  
Lennar, Cl B     25,283       2,561,168  
Lithia Motors, Cl A     9,246       2,930,150  
McDonald’s     13,040       4,092,604  
Meritage Homes     37,818       2,405,603  
Mohawk Industries *     24,476       2,462,530  
O’Reilly Automotive *     259       354,183  
Penske Automotive Group     16,629       2,730,149  
TJX     3,610       458,109  
Yum! Brands     10,543       1,517,559  
              31,181,919  
                 
Consumer Staples — 11.0%                
Albertsons, Cl A     346,271       7,697,604  
Altria Group     51,999       3,151,659  
Archer-Daniels-Midland     53,637       2,589,058  
Bunge Global     32,337       2,527,137  
Cal-Maine Foods     27,655       2,652,944  
Church & Dwight     3,940       387,341  

 

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

26

 

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

 

    Shares     Value  
COMMON STOCK — continued                
Consumer Staples — continued                
Coca-Cola     88,221     $ 6,360,734  
Colgate-Palmolive     4,871       452,711  
Conagra Brands     102,306       2,341,784  
Costco Wholesale     713       741,648  
Ingredion     3,331       463,409  
Kellanova     93,686       7,741,274  
Kraft Heinz     85,705       2,290,895  
Kroger     11,860       809,208  
Molson Coors Beverage, Cl B     43,949       2,355,227  
Post Holdings *     3,306       365,611  
Procter & Gamble     6,178       1,049,580  
Smithfield Foods     124,956       2,921,471  
Target     27,981       2,630,494  
Tyson Foods, Cl A     41,568       2,334,459  
Walmart     81,712       8,066,609  
              59,930,857  
                 
Energy — 4.7%                
Antero Midstream     154,860       2,908,271  
APA     164,901       2,804,966  
Chord Energy     27,792       2,501,280  
Diamondback Energy     19,021       2,559,276  
DT Midstream     3,907       409,219  
Exxon Mobil     3,903       399,277  
Halliburton     125,178       2,452,237  
Kinder Morgan     117,497       3,294,616  
NOV     214,810       2,577,720  
Ovintiv     76,670       2,746,319  
Permian Resources, Cl A     216,828       2,734,201  
Williams     6,472       391,621  
              25,779,003  
                 
Financials — 26.4%                
Aflac     3,510       363,425  
AGNC Investment ‡     299,703       2,679,345  
Annaly Capital Management ‡     138,273       2,620,273  
Aon PLC, Cl A     1,178       438,310  
Arthur J Gallagher     1,435       498,576  
Bank OZK     61,529       2,727,581  

 

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

27

 

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

 

    Shares     Value  
COMMON STOCK — continued                
Financials — continued                
Berkshire Hathaway, Cl B *     14,748     $ 7,432,402  
Cadence Bank     90,841       2,752,482  
Cboe Global Markets     24,205       5,545,850  
Chubb     1,527       453,824  
Citigroup     38,924       2,931,756  
Citizens Financial Group     70,696       2,852,584  
CME Group, Cl A     29,704       8,584,456  
Columbia Banking System     109,742       2,565,768  
Comerica     49,312       2,815,222  
Enact Holdings     73,222       2,592,059  
Enstar Group *     23,187       7,767,877  
Essent Group     46,471       2,695,318  
First Horizon     148,392       2,950,033  
FNB     195,784       2,715,524  
Franklin Resources     141,144       3,054,356  
Global Payments     35,991       2,721,280  
Huntington Bancshares     181,994       2,844,566  
Intercontinental Exchange     48,176       8,662,045  
Invesco     191,010       2,762,005  
Jackson Financial, Cl A     34,718       2,843,751  
Lincoln National     84,898       2,813,520  
M&T Bank     15,577       2,844,983  
Marsh & McLennan     34,131       7,975,049  
Mastercard, Cl A     747       437,443  
Old National Bancorp     125,510       2,618,139  
Old Republic International     9,989       377,584  
OneMain Holdings, Cl A     55,369       2,870,329  
PNC Financial Services Group     16,390       2,848,746  
Prosperity Bancshares     38,391       2,673,933  
Radian Group     81,643       2,788,108  
Regions Financial     128,919       2,764,023  
Rithm Capital ‡     249,211       2,778,703  
Starwood Property Trust ‡     136,810       2,701,998  
State Street     30,175       2,905,249  
Truist Financial     69,457       2,743,552  
United Bankshares     73,332       2,650,218  
Unum Group     32,779       2,678,372  
US Bancorp     65,312       2,846,950  
Visa, Cl A     1,142       417,047  

 

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

28

 

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

 

    Shares     Value  
COMMON STOCK — continued                
Financials — continued                
W R Berkley     5,307     $ 396,380  
Webster Financial     54,746       2,818,324  
Willis Towers Watson PLC     1,432       453,300  
Zions Bancorp     58,195       2,756,115  
              144,028,733  
                 
Health Care — 11.2%                
AbbVie     2,441       454,295  
Amgen     1,458       420,166  
Becton Dickinson     1,772       305,830  
Biogen *     21,805       2,830,071  
Boston Scientific *     78,414       8,253,858  
Cardinal Health     3,780       583,783  
Cencora     27,277       7,944,154  
Centene *     41,528       2,343,840  
Chemed     723       415,609  
Cigna Group     1,380       436,963  
CVS Health     39,327       2,518,501  
Elanco Animal Health *     280,982       3,776,398  
Hologic *     5,616       349,147  
Johnson & Johnson     47,165       7,320,480  
McKesson     950       683,535  
Medtronic PLC     30,839       2,559,020  
Merck     88,354       6,789,121  
Pfizer     115,258       2,707,410  
Quest Diagnostics     2,633       456,404  
Royalty Pharma, Cl A     12,003       394,659  
Tenet Healthcare *     20,955       3,536,575  
Universal Health Services, Cl B     15,452       2,941,288  
Viatris     330,535       2,905,403  
              60,926,510  
                 
Industrials — 11.6%                
AMETEK     2,403       429,512  
Automatic Data Processing     25,862       8,418,857  
Broadridge Financial Solutions     11,051       2,683,514  
CNH Industrial     228,402       2,857,309  
Delta Air Lines     62,366       3,017,891  
General Dynamics     14,894       4,147,830  

 

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

29

 

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

 

    Shares     Value  
COMMON STOCK — continued                
Industrials — continued                
Honeywell International     1,896     $ 429,766  
Huntington Ingalls Industries     11,811       2,634,562  
Leidos Holdings     2,656       394,469  
Lockheed Martin     15,934       7,686,243  
Northrop Grumman     1,061       514,341  
QXO     207,132       3,521,244  
Republic Services, Cl A     32,178       8,279,077  
RTX     63,914       8,722,983  
Snap-On     2,265       726,499  
Verisk Analytics, Cl A     1,648       517,703  
Waste Management     33,938       8,178,040  
              63,159,840  
                 
Information Technology — 10.4%                
Amdocs     80,693       7,404,390  
Arrow Electronics *     23,603       2,794,123  
Avnet     51,566       2,578,816  
Cisco Systems     128,886       8,124,973  
GoDaddy, Cl A *     2,152       391,987  
Hewlett Packard Enterprise     168,130       2,905,286  
HP     104,809       2,609,744  
International Business Machines     1,875       485,738  
Juniper Networks     219,585       7,889,689  
MARA Holdings * (A)     182,592       2,578,199  
Motorola Solutions     11,984       4,977,914  
ON Semiconductor *     70,457       2,960,603  
Roper Technologies     900       513,243  
Skyworks Solutions     43,999       3,037,251  
TD SYNNEX     24,014       2,913,859  
VeriSign     2,322       632,675  
Western Digital *     68,508       3,531,587  
              56,330,077  
                 
Materials — 4.6%                
Alcoa     102,986       2,756,935  
AptarGroup     2,999       475,042  
Dow     88,974       2,468,139  
Eastman Chemical     32,716       2,563,953  
Ecolab     1,828       485,553  

 

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

30

 

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

 

    Shares     Value  
COMMON STOCK — continued                
Materials — continued                
FMC     65,573     $ 2,659,641  
Linde PLC     16,120       7,537,390  
LyondellBasell Industries, Cl A     44,679       2,523,917  
Mosaic     92,382       3,338,685  
Packaging Corp of America     2,264       437,337  
              25,246,592  
                 
Real Estate — 0.6%                
Agree Realty ‡     4,914       370,024  
VICI Properties, Cl A ‡     78,860       2,500,651  
Welltower ‡     3,234       498,941  
              3,369,616  
                 
Utilities — 3.0%                
American Electric Power     4,144       428,863  
Atmos Energy     2,969       459,245  
CenterPoint Energy     10,157       378,247  
CMS Energy     6,342       445,399  
Consolidated Edison     4,858       507,612  
Duke Energy     4,827       568,234  
Entergy     5,109       425,477  
Evergy     99,946       6,637,414  
Exelon     8,137       356,563  
FirstEnergy     10,867       455,762  
IDACORP, Cl Rights     3,289       391,227  
NiSource     11,286       446,248  
Pinnacle West Capital     4,955       452,045  
PPL     12,895       448,101  
Southern     6,832       614,880  
UGI     78,808       2,841,816  
WEC Energy Group     4,140       444,802  
              16,301,935  
TOTAL UNITED STATES             543,848,074  
TOTAL COMMON STOCK
(Cost $517,630,601)		             543,848,074  

 

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

31

 

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

 

    Shares     Value  
SHORT-TERM INVESTMENT(B)(C) — 0.0%                
Fidelity Investments Money Market
Government Portfolio, Cl Institutional, 4.230%
(Cost $66,628) 		     66,628     $ 66,628  
                 
      Face Amount          
REPURCHASE AGREEMENT(B) — 0.0%                
RBC Capital Markets
4.250%, dated 05/31/2025, to be repurchased on 06/02/2025, repurchase price $69,441 (collateralized by a U.S. Treasury Obligations, par value $69,191, 4.625%, 06/30/2026, with a total market value of $70,835)
(Cost $69,417) 		   $ 69,417       69,417  
TOTAL INVESTMENTS — 99.8%
(Cost $517,766,646)		           $ 543,984,119  

 

Percentages are based on Net Assets of $544,926,602.

 

* 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 $128,492.
(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 $136,045. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $–.
(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   $ 543,848,074     $ —     $ —     $ 543,848,074  
Short-Term Investment     66,628       —       —       66,628  
Repurchase Agreement     —       69,417       —       69,417  
Total Investments in Securities   $ 543,914,702     $ 69,417     $ —     $ 543,984,119  

 

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

32

 

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

 

See “Glossary” for abbreviations.

 

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

33

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Variable Rate Preferred ETF  

 

    Shares     Value  
PREFERRED STOCK — 99.4%                
CANADA— 1.9%                
Utilities — 1.9%                
Algonquin Power & Utilities, 8.864%, US0003M + 4.010% (A)     221,683     $ 5,672,868  
TOTAL CANADA             5,672,868  
UNITED STATES— 97.5%                
Consumer Staples — 4.5%                
CHS, Ser 2, 7.100%, US0003M + 4.298% (A)     249,552       6,348,603  
CHS, Ser 3, 6.750%, US0003M + 4.155% (A)     292,150       7,303,750  
              13,652,353  
Energy — 1.5%                
NGL Energy Partners, 11.792%, TSFR3M + 7.475% (A)     199,900       4,557,720  
Financials — 89.3%                
AGNC Investment, 9.629%, TSFR3M + 5.373% ‡ (A)     159,089       4,042,452  
AGNC Investment, 9.511%, TSFR3M + 5.255% ‡ (A)     196,832       4,962,135  
AGNC Investment, 8.850%, TSFR3M + 4.594% ‡ (A)     114,336       2,798,945  
AGNC Investment, 7.750%, H15T5Y + 4.390% ‡ (A)     72,888       1,793,045  
Allstate, 7.744%, TSFR3M + 3.427% (A)     315,658       8,191,325  
Annaly Capital Management, 9.572%, TSFR3M + 5.255% ‡ (A)     241,705       6,161,060  
Annaly Capital Management, 9.568%, TSFR3M + 5.251% ‡ (A)     148,874       3,800,753  
Annaly Capital Management, 8.751%, TSFR3M + 4.434% ‡ (A)     143,044       3,533,187  
Apollo Global Management, 7.625%, H15T5Y + 3.226% (A)     379,575       9,777,852  
Arbor Realty Trust, 6.250%, TSFR3M + 5.440% ‡ (A)     181,312       3,702,391  
Associated Banc-Corp, 6.625%, H15T5Y + 2.812% (A)     188,855       4,568,402  
Athene Holding, 7.750%, H15T5Y + 3.962% (A)     144,178       3,662,121  
Athene Holding, 7.250%, H15T5Y + 2.986% (A)     165,329       4,083,626  
Athene Holding, 6.350%, US0003M + 4.253% (A)     248,725       5,805,242  
Banc of California, 7.750%, H15T5Y + 4.820% (A)     326,014       8,075,367  

 

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

34

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Variable Rate Preferred ETF  

 

    Shares     Value  
PREFERRED STOCK — continued                
Financials — continued                
Bank of America, 6.450%     314,506     $ 7,972,727  
Bank of America, 5.342%, TSFR3M + 1.012% (A)     63,148       1,387,993  
Bank of America, 5.242%, TSFR3M + 0.912% (A)     89,714       1,811,326  
Bank of America, 5.083%, TSFR3M + 0.762% (A)     120,475       2,458,895  
Chimera Investment, 10.352%, TSFR3M + 6.053% ‡ (A)     207,117       5,140,644  
Chimera Investment, 9.899%, TSFR3M + 5.600% ‡ (A)     126,703       3,104,224  
Compass Diversified Holdings, 7.875%, US0003M + 4.985% (A)     106,887       1,671,713  
Enstar Group, 7.000%, US0003M + 4.015% (A)     252,556       5,447,633  
Fifth Third Bancorp, 8.296%, TSFR3M + 3.972% (A)     285,124       7,324,836  
Flagstar Financial, 6.375%, US0003M + 3.821% (A)     333,662       7,117,010  
Goldman Sachs Group, 5.312%, TSFR3M + 1.012% (A)     226,981       4,764,331  
Goldman Sachs Group, 5.232%, TSFR3M + 0.932% (A)     408,305       8,598,903  
Huntington Bancshares, 6.875%, H15T5Y + 2.704% (A)     205,832       5,096,400  
Jackson Financial, 8.000%, H15T5Y + 3.728% (A)     348,457       9,052,913  
KeyCorp, 6.200%, H15T5Y + 3.132% (A)     301,579       7,479,159  
KeyCorp, 6.125%, TSFR3M + 4.154% (A)     250,678       6,093,982  
MetLife, 5.561%, TSFR3M + 1.262% (A)     379,516       9,150,131  
MFA Financial, 9.906%, TSFR3M + 5.607% ‡ (A)     174,564       4,224,449  
Midland States Bancorp, 7.750%, H15T5Y + 4.713% (A)     72,043       1,688,688  
Morgan Stanley, 5.218%, TSFR3M + 0.962% (A)     616,213       13,655,280  
Regions Financial, 6.950%, H15T5Y + 2.771% (A)     280,779       7,157,057  
Regions Financial, 5.700%, TSFR3M + 3.410% (A)     284,718       6,457,404  

 

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

35

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Variable Rate Preferred ETF  

 

    Shares     Value  
PREFERRED STOCK — continued                
Financials — continued                
Reinsurance Group of America, 7.125%, H15T5Y + 3.456% (A)     341,877     $ 8,799,914  
Reinsurance Group of America, 5.750%, US0003M + 4.040% (A)     194,412       4,798,088  
Rithm Capital, 10.381%, TSFR3M + 6.064% ‡ (A)     46,727       1,175,651  
Rithm Capital, 10.219%, TSFR3M + 5.902% ‡ (A)     126,086       3,162,237  
Rithm Capital, 9.557%, TSFR3M + 5.231% ‡ (A)     177,878       4,333,108  
Rithm Capital, 7.000%, H15T5Y + 6.223% ‡ (A)     206,354       4,925,670  
SLM, 6.261%, TSFR3M + 1.962% (A)     39,850       3,138,188  
Synchrony Financial, 8.250%, H15T5Y + 4.044% (A)     315,415       7,872,758  
Synovus Financial, 8.397%, H15T5Y + 4.127% (A)     221,338       5,732,654  
Two Harbors Investment, 9.555%, TSFR3M + 5.273% ‡ (A)     153,093       3,612,995  
US Bancorp, 5.538%, TSFR3M + 1.282% (A)     5,953       4,941,585  
US Bancorp, 5.118%, TSFR3M + 0.862% (A)     417,313       8,571,609  
Voya Financial, 5.350%, H15T5Y + 3.210% (A)     189,583       4,572,742  
Western Alliance Bancorp, 4.250%, H15T5Y + 3.452% (A)     189,362       4,251,177  
              271,701,977  
Utilities — 2.2%                
Tennessee Valley Authority, 2.216%, H15T30Y + 0.840% (A)     131,265       3,049,286  
Tennessee Valley Authority, 2.134%, H15T30Y + 0.940% (A)     161,288       3,809,622  
              6,858,908  
TOTAL UNITED STATES             296,770,958  
TOTAL PREFERRED STOCK
(Cost $303,502,553)		             302,443,826  
TOTAL INVESTMENTS — 99.4%
(Cost $303,502,553)		           $ 302,443,826  

 

Percentages are based on Net Assets of $304,323,385.

 

‡ Real Estate Investment Trust

 

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

36

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Variable Rate Preferred ETF  

 

(A) Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; or by adjusting periodically based on prevailing interest rates.

 

As of May 31, 2025, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

 

See “Glossary” for abbreviations.

 

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

37

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Adaptive U.S. Risk Management ETF  

 

    Shares     Value  
COMMON STOCK — 99.8%                
BRAZIL — 0.2%                
Consumer Discretionary — 0.2%                
MercadoLibre *     112     $ 287,088  
                 
IRELAND — 0.4%                
Information Technology — 0.4%                
Accenture PLC, Cl A     1,486       470,795  
                 
JERSEY — 0.0%                
Consumer Discretionary — 0.0%                
APTIV PLC *     558       37,280  
                 
MEXICO — 0.0%                
Materials — 0.0%                
Southern Copper     213       19,364  
                 
SOUTH KOREA — 0.1%                
Consumer Discretionary — 0.1%                
Coupang, Cl A *     2,665       74,753  
                 
SWITZERLAND — 0.1%                
Information Technology — 0.1%                
TE Connectivity PLC     756       121,013  
                 
UNITED KINGDOM — 0.1%                
Consumer Discretionary — 0.1%                
Flutter Entertainment PLC *     450       113,715  
                 
Materials — 0.0%                
Anglogold Ashanti     1,206       52,835  
                 
TOTAL UNITED KINGDOM             166,550  
UNITED STATES — 98.9%                
Communication Services — 9.9%                
Alphabet, Cl A     14,128       2,426,343  
Alphabet, Cl C     12,409       2,144,896  
AT&T     17,049       473,962  

 

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

38

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Adaptive U.S. Risk Management ETF  

 

    Shares     Value  
COMMON STOCK — continued                
Communication Services — continued                
Charter Communications, Cl A *     243     $ 96,294  
Comcast, Cl A     9,072       313,619  
Electronic Arts     572       82,242  
Fox, Cl A     521       28,624  
Fox, Cl B     305       15,335  
Live Nation Entertainment *     352       48,291  
Meta Platforms, Cl A     5,270       3,412,272  
Netflix *     1,014       1,224,131  
Omnicom Group     462       33,929  
Pinterest, Cl A *     1,420       44,176  
Reddit, Cl A *     242       27,189  
ROBLOX, Cl A *     1,320       114,814  
Snap, Cl A *     2,511       20,716  
Spotify Technology *     347       230,804  
Take-Two Interactive Software *     419       94,811  
TKO Group Holdings, Cl A     168       26,512  
T-Mobile US     1,170       283,374  
Trade Desk, Cl A *     1,075       80,861  
Verizon Communications     10,029       440,875  
Walt Disney     4,323       488,672  
Warner Bros Discovery *     5,410       53,938  
Warner Music Group, Cl A     308       8,106  
              12,214,786  
                 
Consumer Discretionary — 10.4%                
Airbnb, Cl A *     1,044       134,676  
Amazon.com *     22,956       4,706,210  
AutoZone *     40       149,322  
Best Buy     455       30,157  
Booking Holdings     76       419,439  
Carnival *     2,482       57,632  
Carvana, Cl A *     281       91,932  
Chipotle Mexican Grill, Cl A *     3,325       166,516  
Darden Restaurants     283       60,621  
Deckers Outdoor *     363       38,304  
DoorDash, Cl A *     807       168,381  
DR Horton     674       79,572  
DraftKings, Cl A *     1,126       40,401  
eBay     1,123       82,170  

 

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

39

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Adaptive U.S. Risk Management ETF  

 

    Shares     Value  
COMMON STOCK — continued                
Consumer Discretionary — continued                
Expedia Group     295     $ 49,191  
Ford Motor     9,954       103,323  
Garmin     369       74,896  
General Motors     2,396       118,866  
Genuine Parts     327       41,372  
Hilton Worldwide Holdings     571       141,859  
Home Depot     2,405       885,737  
Las Vegas Sands     821       33,792  
Lennar, Cl A     564       59,829  
Lennar, Cl B     13       1,317  
Lowe’s     1,357       306,316  
Lululemon Athletica *     256       81,068  
Marriott International, Cl A     586       154,604  
McDonald’s     1,792       562,419  
NIKE, Cl B     2,865       173,590  
NVR *     7       49,812  
O’Reilly Automotive *     138       188,715  
PulteGroup     487       47,741  
Ross Stores     816       114,313  
Royal Caribbean Cruises     621       159,578  
Starbucks     2,694       226,161  
Tesla *     6,787       2,351,424  
TJX     2,687       340,980  
Tractor Supply     1,283       62,097  
Ulta Beauty *     108       50,918  
Viking Holdings *     301       13,437  
Williams-Sonoma     286       46,263  
Yum! Brands     709       102,054  
              12,767,005  
                 
Consumer Staples — 5.7%                
Altria Group     4,101       248,562  
Archer-Daniels-Midland     1,144       55,221  
Brown-Forman, Cl A     104       3,456  
Brown-Forman, Cl B     712       23,738  
Bunge Global     332       25,946  
Church & Dwight     591       58,101  
Clorox     298       39,300  
Coca-Cola     9,169       661,085  

 

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

40

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Adaptive U.S. Risk Management ETF  

 

    Shares     Value  
COMMON STOCK — continued                
Consumer Staples — continued                
Colgate-Palmolive     1,998     $ 185,694  
Conagra Brands     1,135       25,980  
Constellation Brands, Cl A     374       66,680  
Costco Wholesale     1,076       1,119,234  
Dollar General     524       50,959  
Dollar Tree *     482       43,505  
Estee Lauder, Cl A     514       34,407  
General Mills     1,330       72,166  
Hershey     355       57,045  
Hormel Foods     691       21,200  
Kellanova     629       51,974  
Kenvue     4,842       115,579  
Keurig Dr Pepper     2,887       97,205  
Kimberly-Clark     839       120,615  
Kraft Heinz     1,875       50,119  
Kroger     1,466       100,025  
McCormick     608       44,220  
Mondelez International, Cl A     3,133       211,446  
Monster Beverage *     1,756       112,296  
PepsiCo     3,264       429,053  
Philip Morris International     3,675       663,668  
Procter & Gamble     5,681       965,145  
Sysco     1,266       92,418  
Target     1,155       108,582  
Tyson Foods, Cl A     677       38,020  
Walmart     10,603       1,046,728  
              7,039,372  
                 
Energy — 3.1%                
Baker Hughes, Cl A     2,542       94,181  
Cheniere Energy     550       130,345  
Chesapeake Energy     507       58,878  
Chevron     3,976       543,519  
ConocoPhillips     3,107       265,183  
Coterra Energy     1,748       42,494  
Devon Energy     1,569       47,478  
Diamondback Energy     453       60,951  
EOG Resources     1,388       150,695  
EQT     1,377       75,914  

 

 

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

41

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Adaptive U.S. Risk Management ETF  

 

    Shares     Value  
COMMON STOCK — continued                
Energy — continued                
Exxon Mobil     10,484     $ 1,072,513  
Halliburton     2,107       41,276  
Hess     713       94,252  
Kinder Morgan     4,858       136,218  
Marathon Petroleum     755       121,359  
Occidental Petroleum     1,774       72,344  
ONEOK     1,460       118,026  
Phillips 66     986       111,891  
Schlumberger     3,284       108,536  
Targa Resources     547       86,388  
Texas Pacific Land     45       50,131  
Valero Energy     757       97,630  
Venture Global, Cl A     745       8,620  
Williams     2,985       180,622  
              3,769,444  
                 
Financials — 13.9%                
Aflac     1,246       129,011  
Allstate     660       138,514  
American Express     1,325       389,616  
American International Group     1,434       121,374  
Ameriprise Financial     245       124,764  
Aon PLC, Cl A     477       177,482  
Apollo Global Management     1,006       131,474  
Arch Capital Group *     932       88,577  
Ares Management, Cl A     446       73,813  
Arthur J Gallagher     605       210,201  
Bank of America     15,740       694,606  
Bank of New York Mellon     1,806       160,030  
Berkshire Hathaway, Cl B *     3,217       1,621,239  
BlackRock Funding     367       359,620  
Blackstone     1,740       241,442  
Block, Cl A *     1,448       89,414  
Blue Owl Capital, Cl A     1,346       25,143  
Brown & Brown     581       65,595  
Capital One Financial     1,564       295,831  
Cboe Global Markets     252       57,738  
Charles Schwab     4,142       365,904  
Chubb     900       267,480  

 

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

42

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Adaptive U.S. Risk Management ETF  

 

    Shares     Value  
COMMON STOCK — continued                
Financials — continued                
Cincinnati Financial     370     $ 55,803  
Citigroup     4,410       332,161  
Citizens Financial Group     1,054       42,529  
CME Group, Cl A     867       250,563  
Coinbase Global, Cl A *     512       126,269  
Corpay *     161       52,343  
Erie Indemnity, Cl A     59       21,152  
Everest Group     77       26,734  
FactSet Research Systems     90       41,243  
Fidelity National Information Services     1,278       101,742  
Fifth Third Bancorp     1,610       61,486  
First Citizens BancShares, Cl A     24       44,373  
Fiserv *     1,367       222,534  
Global Payments     610       46,122  
Goldman Sachs Group     743       446,134  
Hartford Financial Services Group     688       89,330  
Huntington Bancshares     3,479       54,377  
Interactive Brokers Group, Cl A     250       52,420  
Intercontinental Exchange     1,379       247,944  
JPMorgan Chase     6,760       1,784,640  
KKR     1,638       198,952  
Loews     431       38,484  
LPL Financial Holdings     182       70,463  
M&T Bank     398       72,691  
Markel Group *     33       64,076  
Marsh & McLennan     1,182       276,186  
Mastercard, Cl A     1,961       1,148,362  
MetLife     1,380       108,440  
Moody’s     384       184,059  
Morgan Stanley     2,949       377,560  
MSCI, Cl A     190       107,164  
Nasdaq     996       83,206  
Northern Trust     474       50,595  
PayPal Holdings *     2,466       173,310  
PNC Financial Services Group     979       170,160  
Principal Financial Group     546       42,528  
Progressive     1,395       397,477  
Prudential Financial     911       94,644  
Raymond James Financial     443       65,112  

 

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

43

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Adaptive U.S. Risk Management ETF  

 

    Shares     Value  
COMMON STOCK — continued                
Financials — continued                
Regions Financial     2,183     $ 46,804  
Robinhood Markets, Cl A *     1,780       117,747  
Rocket, Cl A *     294       3,749  
Ryan Specialty Holdings, Cl A     251       17,964  
S&P Global     740       379,516  
State Street     705       67,877  
Synchrony Financial     938       54,076  
T Rowe Price Group     523       48,948  
Toast, Cl A *     980       41,336  
TPG, Cl A     208       10,011  
Tradeweb Markets, Cl A     280       40,446  
Travelers     558       153,841  
Truist Financial     3,148       124,346  
US Bancorp     3,730       162,591  
Visa, Cl A     4,194       1,531,607  
W R Berkley     724       54,076  
Wells Fargo     7,888       589,865  
Willis Towers Watson PLC     242       76,605  
              17,173,641  
                 
Health Care — 9.7%                
Abbott Laboratories     4,094       546,877  
AbbVie     4,285       797,481  
Agilent Technologies     745       83,380  
Align Technology *     165       29,855  
Alnylam Pharmaceuticals *     333       101,418  
Amgen     1,278       368,294  
Baxter International     1,220       37,210  
Becton Dickinson     718       123,920  
Biogen *     348       45,167  
BioMarin Pharmaceutical *     449       26,073  
Boston Scientific *     3,516       370,094  
Bristol-Myers Squibb     4,905       236,813  
Cardinal Health     586       90,502  
Cencora     432       125,816  
Centene *     1,209       68,236  
Cigna Group     664       210,249  
Cooper *     475       32,433  
CVS Health     3,065       196,283  

 

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

44

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Adaptive U.S. Risk Management ETF  

 

    Shares     Value  
COMMON STOCK — continued                
Health Care — continued                
Danaher     1,542     $ 292,826  
Dexcom *     942       80,824  
Edwards Lifesciences *     1,468       114,827  
Elevance Health     557       213,799  
Eli Lilly     2,058       1,518,125  
GE HealthCare Technologies     1,190       83,943  
Gilead Sciences     2,986       328,699  
HCA Healthcare     424       161,709  
Hologic *     537       33,385  
Humana     313       72,970  
IDEXX Laboratories *     196       100,619  
Illumina *     379       31,169  
Incyte *     385       25,048  
Insulet *     166       53,955  
Intuitive Surgical *     841       464,518  
IQVIA Holdings *     426       59,781  
Johnson & Johnson     5,846       907,358  
Labcorp Holdings     203       50,541  
McKesson     309       222,329  
Medtronic PLC     3,092       256,574  
Merck     6,003       461,271  
Mettler-Toledo International *     45       51,998  
Molina Healthcare *     134       40,875  
Natera *     305       48,108  
Pfizer     13,599       319,440  
Quest Diagnostics     268       46,455  
Regeneron Pharmaceuticals *     257       126,002  
ResMed     374       91,551  
Revvity     291       26,312  
Royalty Pharma, Cl A     888       29,197  
STERIS PLC     239       58,605  
Stryker     832       318,356  
Thermo Fisher Scientific     909       366,163  
UnitedHealth Group     2,215       668,731  
Veeva Systems, Cl A *     383       107,125  
Vertex Pharmaceuticals *     619       273,629  
Waters *     140       48,894  
West Pharmaceutical Services     171       36,055  
Zimmer Biomet Holdings     477       43,965  

 

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

45

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Adaptive U.S. Risk Management ETF  

 

    Shares     Value  
COMMON STOCK — continued                
Health Care — continued                
Zoetis, Cl A     1,108     $ 186,842  
              11,912,674  
                 
Industrials — 8.8%                
3M     1,327       196,860  
Amentum Holdings *     18       366  
AMETEK     587       104,920  
Automatic Data Processing     981       319,345  
Axon Enterprise *     178       133,564  
Boeing *     1,719       356,383  
Booz Allen Hamilton Holding, Cl A     302       32,087  
Broadridge Financial Solutions     281       68,235  
Builders FirstSource *     272       29,289  
Carlisle     107       40,679  
Carrier Global     1,945       138,484  
Caterpillar     1,151       400,583  
Cintas     839       190,033  
Copart *     2,140       110,167  
CSX     4,800       151,632  
Cummins     348       111,875  
Deere     603       305,275  
Delta Air Lines     1,551       75,053  
Dover     330       58,657  
Eaton PLC     948       303,550  
EMCOR Group     108       50,961  
Emerson Electric     1,408       168,087  
Equifax     321       84,805  
Expeditors International of Washington     334       37,652  
Fastenal     2,884       119,225  
FedEx     530       115,593  
Ferguson Enterprises     452       82,418  
Fortive     834       58,538  
GE Vernova     664       314,059  
General Dynamics     556       154,840  
General Electric     2,561       629,775  
HEICO     97       29,065  
HEICO, Cl A     179       42,215  
Honeywell International     1,557       352,925  
Howmet Aerospace     1,001       170,060  

 

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

46

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Adaptive U.S. Risk Management ETF  

 

    Shares     Value  
COMMON STOCK — continued                
Industrials — continued                
Hubbell, Cl B     127     $ 49,477  
IDEX     179       32,383  
Illinois Tool Works     720       176,458  
Ingersoll Rand     1,053       85,967  
Jacobs Solutions     296       37,385  
JB Hunt Transport Services     193       26,798  
Johnson Controls International     1,638       166,044  
L3Harris Technologies     478       116,794  
Leidos Holdings     320       47,526  
Lennox International     75       42,334  
Lockheed Martin     572       275,921  
Norfolk Southern     562       138,881  
Northrop Grumman     356       172,578  
Old Dominion Freight Line     451       72,237  
Otis Worldwide     958       91,345  
PACCAR     1,298       121,817  
Parker-Hannifin     313       208,051  
Paychex     808       127,591  
Quanta Services     369       126,405  
Republic Services, Cl A     509       130,961  
Rockwell Automation     274       86,461  
Rollins     713       40,819  
RTX     3,174       433,188  
Southwest Airlines     1,430       47,733  
SS&C Technologies Holdings     517       41,779  
Trane Technologies PLC     545       234,497  
TransDigm Group *     132       193,833  
TransUnion     466       39,904  
Uber Technologies *     4,848       408,008  
Union Pacific     1,453       322,072  
United Airlines Holdings *     788       62,603  
United Parcel Service, Cl B     1,796       175,182  
United Rentals     163       115,466  
Veralto     534       53,950  
Verisk Analytics, Cl A     337       105,865  
Vertiv Holdings, Cl A     821       88,611  
Waste Management     975       234,946  
Watsco     82       36,373  
Westinghouse Air Brake Technologies     409       82,749  

 

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

47

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Adaptive U.S. Risk Management ETF  

 

    Shares     Value  
COMMON STOCK — continued                
Industrials — continued                
WW Grainger     109     $ 118,544  
Xylem     585       73,733  
              10,780,524  
                 
Information Technology — 31.0%                
Adobe *     1,024       425,052  
Advanced Micro Devices *     3,849       426,200  
Akamai Technologies *     353       26,803  
Amdocs     265       24,316  
Amphenol, Cl A     2,885       259,448  
Analog Devices     1,198       256,348  
ANSYS *     212       70,134  
Apple     35,468       7,123,748  
Applied Materials     1,950       305,662  
AppLovin, Cl A *     619       243,267  
Arista Networks *     2,525       218,766  
Atlassian, Cl A *     413       85,751  
Autodesk *     530       156,944  
Bentley Systems, Cl B     381       18,185  
Broadcom     11,158       2,701,017  
Cadence Design Systems *     668       191,763  
CDW     321       57,896  
Cisco Systems     9,456       596,106  
Cloudflare, Cl A *     773       128,233  
Cognizant Technology Solutions, Cl A     1,193       96,621  
Corning     2,000       99,180  
Crowdstrike Holdings, Cl A *     559       263,496  
Datadog, Cl A *     793       93,479  
Dell Technologies, Cl C     744       82,785  
Entegris     360       24,746  
Fair Isaac *     58       100,124  
First Solar *     245       38,730  
Fortinet *     1,520       154,706  
Gartner *     177       77,246  
GLOBALFOUNDRIES *     172       6,158  
GoDaddy, Cl A *     324       59,017  
Hewlett Packard Enterprise     3,114       53,810  
HP     2,256       56,174  
HubSpot *     127       74,917  

 

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

48

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Adaptive U.S. Risk Management ETF  

 

    Shares     Value  
COMMON STOCK — continued                
Information Technology — continued                
Intel     10,486     $ 205,001  
International Business Machines     2,194       568,378  
Intuit     650       489,755  
Jabil     264       44,355  
Keysight Technologies *     416       65,329  
KLA     324       245,229  
Lam Research     3,116       251,742  
Marvell Technology     2,161       130,071  
Microchip Technology     1,265       73,421  
Micron Technology     2,703       255,325  
Microsoft     17,787       8,188,423  
MicroStrategy, Cl A *     598       220,698  
MongoDB, Cl A *     175       33,045  
Monolithic Power Systems     110       72,809  
Motorola Solutions     408       169,475  
NetApp     486       48,192  
NVIDIA     57,305       7,743,625  
Okta, Cl A *     391       40,339  
ON Semiconductor *     1,021       42,902  
Oracle     3,965       656,326  
Palantir Technologies, Cl A *     5,056       666,280  
Palo Alto Networks *     1,562       300,560  
PTC *     287       48,308  
Pure Storage, Cl A *     738       39,549  
QUALCOMM     2,647       384,344  
Roper Technologies     265       151,121  
Salesforce     2,261       600,002  
Samsara, Cl A *     613       28,529  
Seagate Technology Holdings     472       55,668  
ServiceNow *     487       492,401  
Snowflake, Cl A *     781       160,628  
Super Micro Computer *     1,200       48,024  
Synopsys *     377       174,920  
Teledyne Technologies *     110       54,875  
Teradyne     389       30,575  
Texas Instruments     2,176       397,882  
Trimble *     586       41,764  
Tyler Technologies *     101       58,276  
Ubiquiti     9       3,558  

 

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

49

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Adaptive U.S. Risk Management ETF  

 

    Shares     Value  
COMMON STOCK — continued                
Information Technology — continued                
VeriSign     202     $ 55,039  
Western Digital *     821       42,323  
Workday, Cl A *     528       130,791  
Zebra Technologies, Cl A *     121       35,062  
Zoom Video Communications, Cl A *     631       51,269  
Zscaler *     227       62,584  
              38,255,600  
                 
Materials — 2.0%                
Air Products & Chemicals     541       150,890  
Amcor PLC     3,451       31,439  
Avery Dennison     194       34,480  
Ball     711       38,096  
CF Industries Holdings     415       37,645  
Corteva     1,739       123,121  
CRH PLC     1,675       152,693  
Dow     1,687       46,797  
DuPont de Nemours     915       61,122  
Ecolab     623       165,481  
Freeport-McMoRan     3,567       137,258  
International Flavors & Fragrances     616       47,161  
International Paper     1,253       59,906  
Linde PLC     1,128       527,430  
LyondellBasell Industries, Cl A     612       34,572  
Martin Marietta Materials     156       85,418  
Newmont     2,814       148,354  
Nucor     563       61,570  
Packaging Corp of America     215       41,532  
PPG Industries     556       61,605  
Reliance     126       36,895  
Sherwin-Williams     564       202,369  
Smurfit WestRock     1,225       53,079  
Steel Dynamics     344       42,336  
Vulcan Materials     319       84,557  
Westlake     74       5,256  
              2,471,062  
                 
Real Estate — 2.0%                
Alexandria Real Estate Equities ‡     376       26,391  

 

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

50

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Adaptive U.S. Risk Management ETF  

 

    Shares     Value  
COMMON STOCK — continued                
Real Estate — continued                
American Tower ‡     1,128     $ 242,125  
AvalonBay Communities ‡     371       76,712  
CBRE Group, Cl A *     722       90,264  
CoStar Group *     1,054       77,532  
Crown Castle ‡     1,096       109,984  
Digital Realty Trust ‡     826       141,675  
Equinix ‡     235       208,873  
Equity Residential ‡     823       57,725  
Essex Property Trust ‡     151       42,869  
Extra Space Storage ‡     505       76,331  
Healthpeak Properties ‡     1,665       28,988  
Invitation Homes ‡     1,379       46,472  
Iron Mountain ‡     702       69,294  
Mid-America Apartment Communities ‡     281       44,019  
ProLogis ‡     2,238       243,047  
Public Storage ‡     396       122,130  
Realty Income ‡     2,193       124,168  
SBA Communications, Cl A ‡     257       59,596  
Simon Property Group ‡     806       131,434  
Sun Communities ‡     304       37,526  
Ventas ‡     1,010       64,923  
VICI Properties, Cl A ‡     2,723       86,346  
Welltower ‡     1,510       232,963  
Weyerhaeuser ‡     1,746       45,239  
              2,486,626  
                 
Utilities — 2.4%                
Alliant Energy     616       38,334  
Ameren     642       62,197  
American Electric Power     1,325       137,124  
American Water Works     468       66,910  
Atmos Energy     374       57,850  
CenterPoint Energy     1,569       58,430  
CMS Energy     716       50,285  
Consolidated Edison     884       92,369  
Constellation Energy     766       234,511  
Dominion Energy     2,117       119,970  
DTE Energy     495       67,642  
Duke Energy     1,872       220,372  

 

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

51

 

Schedule of Investments   May 31, 2025 (Unaudited)
  Global X Adaptive U.S. Risk Management ETF  

 

    Shares     Value  
COMMON STOCK — continued                
Utilities — continued                
Edison International     930     $ 51,754  
Entergy     1,101       91,691  
Evergy     542       35,994  
Eversource Energy     880       57,033  
Exelon     2,528       110,777  
FirstEnergy     1,320       55,361  
NextEra Energy     4,922       347,690  
NiSource     1,132       44,759  
NRG Energy     488       76,079  
PG&E     5,147       86,881  
PPL     1,782       61,925  
Public Service Enterprise Group     1,266       102,584  
Sempra     1,591       125,037  
Southern     2,646       238,140  
Vistra     848       136,163  
WEC Energy Group     816       87,671  
Xcel Energy     1,390       97,439  
              3,012,972  
TOTAL UNITED STATES             121,883,706  
TOTAL COMMON STOCK
(Cost $114,958,712)		             123,060,549  
TOTAL INVESTMENTS — 99.8%
(Cost $114,958,712)		           $ 123,060,549  

 

Percentages are based on Net Assets of $123,276,972.

 

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

 

As of May 31, 2025, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

 

See “Glossary” for abbreviations.

 

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

52

 

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X U.S. 1-3 Month T-Bill ETF

 

    Face Amount     Value  
U.S. TREASURY OBLIGATIONS — 104.0%                
U.S. Treasury Bills                
10.481%, 06/20/2025(A)   $ 31,015,000     $ 30,949,326  
8.891%, 06/12/2025(A)     36,420,000       36,376,997  
7.404%, 06/26/2025(A)     28,340,000       28,260,105  
6.871%, 06/17/2025(A)     41,250,000       41,177,039  
6.570%, 06/5/2025(A)     46,980,000       46,963,357  
6.416%, 06/10/2025(A)     50,280,000       50,232,681  
4.305%, 06/24/2025(A) (B)     42,100,000       41,991,043  
4.260%, 08/19/2025(A)     20,000,000       19,816,510  
4.246%, 08/12/2025(A)     20,000,000       19,832,834  
4.245%, 06/3/2025(A)     78,936,000       78,926,731  
4.245%, 07/24/2025(A)     57,320,000       56,970,023  
4.244%, 07/8/2025(A)     49,550,000       49,341,147  
4.243%, 07/31/2025(A)     79,400,000       78,849,885  
4.241%, 07/15/2025(A)     46,400,000       46,166,118  
4.241%, 07/22/2025(A)     64,950,000       64,569,287  
4.233%, 07/3/2025(A)     115,110,000       114,691,901  
4.233%, 07/17/2025(A)     70,820,000       70,446,218  
4.225%, 07/1/2025(A)     76,950,000       76,688,258  
4.225%, 07/10/2025(A)     132,000,000       131,411,317  
3.064%, 08/28/2025(A)     70,000,000       69,282,700  
2.482%, 08/7/2025(A)     120,010,000       119,079,322  
2.370%, 08/14/2025(A)     100,800,000       99,933,344  
2.141%, 08/21/2025(A)     50,000,000       49,529,583  
1.690%, 07/29/2025(A)     74,910,000       74,407,994  
1.418%, 08/5/2025(A)     30,000,000       29,773,564  
0.000%, 08/26/2025(C)     25,000,000       24,750,372  
              1,550,417,656  
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $1,550,278,657)		             1,550,417,656  

 

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

53

 

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X U.S. 1-3 Month T-Bill ETF

 

    Face Amount     Value  
REPURCHASE AGREEMENT(D) — 0.0%                
HSBC Securities USA, Inc.
4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $10,651 (collateralized by various U.S. Treasury Obligations, ranging in par value $7 - $4,815, 0.000% - 4.625%, 08/15/2025 - 02/15/2055, with a total market value of $10,800)
(Cost $10,647) 		   $ 10,647     $ 10,647  
TOTAL INVESTMENTS — 104.0%
(Cost $1,550,289,304)		           $ 1,550,428,303  

 

Percentages are based on Net Assets of $1,491,070,677.

 

(A) Interest rate represents the security’s effective yield at the time of purchase.
(B) 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 $3,189,723,384.
(C) There is currently no stated interest rate.
(D) These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $10,647. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $3,189,723,384.

 

As of May 31, 2025, all of the Fund’s investments were considered Level 2, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

 

See “Glossary” for abbreviations.

 

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

54

 

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X U.S. Cash Flow Kings 100 ETF

 

    Shares     Value  
COMMON STOCK — 99.8%            
JERSEY — 1.6%            
Consumer Discretionary — 1.6%            
APTIV PLC *     2,666     $ 178,115  
                 
UNITED STATES — 98.2%                
Communication Services — 6.0%                
IAC *     602       21,648  
Interpublic Group     3,521       84,363  
Match Group *     2,959       88,592  
Nexstar Media Group, Cl A     643       109,580  
Omnicom Group     2,022       148,496  
Warner Bros Discovery *     21,036       209,729  
              662,408  
                 
Consumer Discretionary — 20.0%                
ADT     15,864       131,988  
Best Buy     1,950       129,246  
BorgWarner     2,445       80,905  
Carter’s     598       18,759  
Columbia Sportswear     572       36,482  
Crocs *     909       92,718  
Dillard’s, Cl A     178       70,492  
Etsy *     1,620       89,667  
Expedia Group *     1,300       216,775  
Gap     5,346       119,269  
H&R Block     1,349       76,826  
Harley-Davidson     3,587       86,841  
International Game Technology     5,210       76,639  
Lear     603       54,523  
Lennar, Cl A     1,960       207,917  
Levi Strauss, Cl A     3,937       68,307  
Mattel *     3,113       58,960  
Mohawk Industries *     626       62,982  
PulteGroup     1,576       154,495  
PVH     1,131       94,744  
Ralph Lauren, Cl A     485       134,253  
Steven Madden     689       16,984  
Thor Industries     696       56,508  

 

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

55

 

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X U.S. Cash Flow Kings 100 ETF

 

    Shares     Value  
COMMON STOCK — continued            
Consumer Discretionary — continued            
TopBuild *     241     $ 68,177  
              2,204,457  
                 
Consumer Staples — 9.0%                
Altria Group     3,922       237,712  
Boston Beer, Cl A *     75       17,239  
Conagra Brands     6,121       140,110  
Ingredion     897       124,790  
Molson Coors Beverage, Cl B     2,163       115,915  
Pilgrim’s Pride *     3,168       155,739  
Target     2,171       204,096  
              995,601  
                 
Energy — 15.5%                
Chord Energy     863       77,670  
Civitas Resources     2,646       72,421  
Diamondback Energy     1,426       191,868  
EOG Resources     1,805       195,969  
Halliburton     9,132       178,896  
HF Sinclair     1,986       71,754  
Marathon Petroleum     1,507       242,235  
Murphy Oil     3,144       65,804  
NOV     6,654       79,848  
Ovintiv     3,424       122,648  
Schlumberger     5,512       182,172  
Valero Energy     1,718       221,570  
              1,702,855  
                 
Health Care — 11.0%                
Amedisys *     251       23,612  
Biogen *     1,604       208,183  
Bristol-Myers Squibb     3,700       178,636  
Envista Holdings *     1,832       33,471  
Hologic *     1,852       115,139  
Lantheus Holdings *     495       37,402  
Merck     2,426       186,414  
United Therapeutics *     355       113,192  
Universal Health Services, Cl B     664       126,392  

 

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

56

 

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X U.S. Cash Flow Kings 100 ETF

 

    Shares     Value  
COMMON STOCK — continued            
Health Care — continued            
Viatris     21,884     $ 192,360  
              1,214,801  
                 
Industrials — 12.4%                
Builders FirstSource *     1,216       130,939  
Comfort Systems USA     216       103,298  
EMCOR Group     348       164,207  
Generac Holdings *     466       56,913  
Lyft, Cl A *     6,542       99,700  
ManpowerGroup     452       18,961  
MasTec *     808       125,991  
Mueller Industries     743       57,857  
Owens Corning     884       118,412  
Robert Half     674       30,863  
TriNet Group     268       22,300  
UFP Industries     387       37,756  
United Airlines Holdings *     3,018       239,765  
Valmont Industries     175       55,657  
WESCO International     638       107,114  
              1,369,733  
                 
Information Technology — 15.1%                
Amkor Technology     1,823       32,851  
Arrow Electronics *     1,024       121,221  
Avnet     2,386       119,324  
BILL Holdings *     603       26,339  
Cirrus Logic *     464       45,639  
Dropbox, Cl A *     3,362       97,027  
DXC Technology *     4,585       69,692  
Gen Digital     8,076       230,005  
HP     7,877       196,137  
IPG Photonics *     251       16,631  
QUALCOMM     1,441       209,233  
RingCentral, Cl A *     1,487       38,558  
Skyworks Solutions     1,876       129,500  
TD SYNNEX     834       101,198  
Teradata *     1,219       26,769  
Zoom Video Communications, Cl A *     2,453       199,306  
              1,659,430  

 

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

57

 

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X U.S. Cash Flow Kings 100 ETF

 

    Shares     Value  
COMMON STOCK — continued                
Materials — 5.0%                
Cabot     522     $ 38,988  
CF Industries Holdings     2,350       213,169  
Crown Holdings     1,324       130,414  
FMC     1,473       59,745  
NewMarket     88       56,677  
Scotts Miracle-Gro, Cl A     880       52,413  
              551,406  
                 
Real Estate — 1.6%                
WP Carey ‡     2,844       178,490  
                 
Utilities — 2.6%                
NRG Energy     1,859       289,818  
                 
TOTAL UNITED STATES             10,828,999  
TOTAL COMMON STOCK
(Cost $11,362,822)		             11,007,114  
TOTAL INVESTMENTS — 99.8%
(Cost $11,362,822)		           $ 11,007,114  

 

Percentages are based on Net Assets of $11,031,204.

 

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

 

As of May 31, 2025, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

 

See “Glossary” for abbreviations.

 

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

58

 

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Short-Term Treasury Ladder ETF

 

    Face Amount     Value  
U.S. TREASURY OBLIGATIONS — 99.4%                
U.S. Treasury Bills                
4.243%, 06/03/25(A)   $ 50,000     $ 49,994  
0.000%, 07/01/25(B)     50,000       49,830  
              99,824  
U.S. Treasury Notes                
4.875%, 04/30/26     105,000       105,627  
4.875%, 05/31/26     155,000       156,061  
4.625%, 02/28/26     180,000       180,463  
4.625%, 03/15/26     30,000       30,087  
4.625%, 06/30/26     135,000       135,670  
4.625%, 09/15/26     80,000       80,553  
4.625%, 10/15/26     60,000       60,462  
4.625%, 11/15/26     240,000       241,997  
4.500%, 03/31/26     130,000       130,311  
4.500%, 07/15/26     15,000       15,063  
4.500%, 04/15/27     400,000       404,016  
4.500%, 05/15/27     425,000       429,549  
4.375%, 07/31/26     90,000       90,253  
4.375%, 08/15/26     150,000       150,492  
4.375%, 12/15/26     120,000       120,647  
4.375%, 07/15/27     30,000       30,285  
4.250%, 11/30/26     185,000       185,629  
4.250%, 12/31/26     75,000       75,284  
4.250%, 03/15/27     60,000       60,309  
4.250%, 01/15/28     425,000       428,885  
4.250%, 02/15/28     20,000       20,191  
4.125%, 06/15/26     120,000       119,977  
4.125%, 10/31/26     140,000       140,164  
4.125%, 01/31/27     200,000       200,453  
4.125%, 02/15/27     160,000       160,387  
4.125%, 02/28/27     180,000       180,499  
4.125%, 11/15/27     420,000       422,330  
4.000%, 01/15/27     97,000       97,011  
3.875%, 10/15/27     60,000       59,984  
3.875%, 11/30/27     255,000       254,980  
3.750%, 08/31/26     180,000       179,269  
3.750%, 08/15/27     430,000       428,656  
3.625%, 05/15/26     100,000       99,501  
3.500%, 09/30/26     200,000       198,594  
3.500%, 01/31/28     175,000       173,373  
3.125%, 08/31/27     120,000       118,050  
2.750%, 07/31/27     450,000       439,400  

 

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

59

 

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Short-Term Treasury Ladder ETF

 

    Face Amount     Value  
U.S. TREASURY OBLIGATIONS — continued                
2.750%, 02/15/28   $ 250,000     $ 242,812  
2.625%, 05/31/27     140,000       136,555  
2.500%, 02/28/26     95,000       93,785  
2.375%, 04/30/26     125,000       122,987  
2.375%, 05/15/27     220,000       213,666  
2.250%, 03/31/26     55,000       54,133  
2.250%, 02/15/27     120,000       116,639  
2.250%, 11/15/27     120,000       115,448  
2.125%, 05/31/26     30,000       29,412  
2.000%, 11/15/26     75,000       72,876  
1.875%, 06/30/26     120,000       117,169  
1.875%, 07/31/26     125,000       121,865  
1.875%, 02/28/27     135,000       130,301  
1.625%, 05/15/26     140,000       136,710  
1.625%, 10/31/26     125,000       120,937  
1.625%, 11/30/26     72,000       69,536  
1.500%, 08/15/26     105,000       101,842  
1.500%, 01/31/27     155,000       148,873  
1.250%, 11/30/26     125,000       120,044  
1.250%, 12/31/26     195,000       186,895  
1.125%, 10/31/26     122,000       117,163  
1.125%, 02/28/27     30,000       28,580  
0.875%, 06/30/26     180,000       173,869  
0.875%, 09/30/26     200,000       191,867  
0.750%, 03/31/26     155,000       150,699  
0.750%, 04/30/26     200,000       193,912  
0.750%, 05/31/26     150,000       145,044  
0.750%, 08/31/26     125,000       119,995  
0.625%, 07/31/26     160,000       153,725  
0.625%, 03/31/27     75,000       70,673  
0.625%, 11/30/27     190,000       175,446  
0.625%, 12/31/27     250,000       230,186  
0.500%, 02/28/26     170,000       165,368  
0.500%, 04/30/27     100,000       93,762  
0.500%, 05/31/27     200,000       186,992  
0.500%, 08/31/27     80,000       74,219  
0.500%, 10/31/27     350,000       322,943  
0.375%, 07/31/27     150,000       139,131  
0.375%, 09/30/27     300,000       276,832  

 

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

60

 

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Short-Term Treasury Ladder ETF

 

    Face Amount     Value  
U.S. TREASURY OBLIGATIONS — continued            
            $ 11,867,353  
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $11,963,377)		             11,967,177  
TOTAL INVESTMENTS — 99.4%
(Cost $11,963,377)		           $ 11,967,177  

 

Percentages are based on Net Assets of $12,039,268.

 

(A) Interest rate represents the security’s effective yield at the time of purchase.
(B) There is currently no stated interest rate.

 

As of May 31, 2025, all of the Fund’s investments were considered Level 2, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

 

See “Glossary” for abbreviations.

 

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

61

 

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Intermediate-Term Treasury Ladder ETF

 

    Face Amount     Value  
U.S. TREASURY OBLIGATIONS — 98.6%                
U.S. Treasury Notes                
4.625%, 02/15/35   $ 85,000     $ 86,594  
4.500%, 11/15/33     100,000       101,492  
4.375%, 12/31/29     14,000       14,245  
4.375%, 11/30/30     125,000       127,095  
4.375%, 05/15/34     25,000       25,070  
4.250%, 02/28/31     100,000       100,996  
4.250%, 11/15/34     115,000       113,868  
4.125%, 11/15/32     6,000       5,974  
4.000%, 02/28/30     50,000       50,107  
4.000%, 01/31/31     60,000       59,852  
4.000%, 02/15/34     130,000       127,019  
3.875%, 09/30/29     125,000       124,673  
3.875%, 08/15/33     100,000       97,273  
3.875%, 08/15/34     120,000       115,613  
3.750%, 06/30/30     125,000       123,652  
3.500%, 02/15/33     150,000       142,846  
3.375%, 05/15/33     7,000       6,590  
3.250%, 06/30/29     100,000       97,465  
3.125%, 11/15/28     100,000       97,535  
2.875%, 05/15/32     100,000       92,219  
2.750%, 08/15/32     100,000       91,098  
2.375%, 03/31/29     125,000       118,203  
1.750%, 01/31/29     100,000       92,707  
1.625%, 05/15/31     100,000       87,125  
1.375%, 11/15/31     100,000       84,445  
1.250%, 03/31/28     85,000       79,080  
1.250%, 06/30/28     75,000       69,343  
1.250%, 08/15/31     95,000       80,230  
              2,412,409  
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $2,469,014)		             2,412,409  
TOTAL INVESTMENTS — 98.6%
(Cost $2,469,014)		           $ 2,412,409  

 

Percentages are based on Net Assets of $2,446,761.

 

As of May 31, 2025, all of the Fund’s investments were considered Level 2, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

 

See “Glossary” for abbreviations.

 

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

62

 

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Long-Term Treasury Ladder ETF

 

    Face Amount     Value  
U.S. TREASURY OBLIGATIONS — 98.7%                
U.S. Treasury Bills                
4.248%, 06/03/25(A)   $ 40,000     $ 39,995  
0.000%, 07/01/25(B)     50,000       49,830  
              89,825  
U.S. Treasury Bonds                
5.000%, 05/15/37(A)     506,000       530,035  
4.750%, 02/15/37(A)     130,000       133,438  
4.750%, 02/15/41(A)     25,000       24,858  
4.750%, 11/15/43(A)     35,000       34,315  
4.750%, 02/15/45(A)     50,000       48,805  
4.750%, 11/15/53(A)     255,000       247,450  
4.625%, 02/15/40(A)     287,000       283,827  
4.625%, 05/15/44(A)     110,000       105,901  
4.625%, 11/15/44(A)     100,000       96,047  
4.625%, 05/15/54(A)     350,000       332,924  
4.625%, 02/15/55(A)     50,000       47,688  
4.500%, 02/15/36(A)     850,000       860,393  
4.500%, 05/15/38(A)     627,000       624,477  
4.500%, 08/15/39(A)     365,000       357,173  
4.500%, 02/15/44(A)     214,000       202,949  
4.500%, 11/15/54(A)     350,000       326,703  
4.375%, 02/15/38(A)     575,000       565,050  
4.375%, 11/15/39(A)     217,000       208,913  
4.375%, 05/15/40(A)     40,000       38,414  
4.375%, 05/15/41(A)     25,000       23,784  
4.375%, 08/15/43(A)     100,000       93,531  
4.250%, 05/15/39(A)     250,000       239,111  
4.250%, 02/15/54(A)     340,000       303,676  
4.250%, 08/15/54(A)     380,000       339,803  
4.125%, 08/15/44(A)     20,000       17,973  
4.125%, 08/15/53(A)     302,000       264,050  
4.000%, 11/15/52(A)     250,000       213,955  
3.875%, 08/15/40(A)     100,000       90,199  
3.875%, 02/15/43(A)     200,000       175,672  
3.875%, 05/15/43(A)     200,000       175,250  
3.750%, 08/15/41(A)     30,000       26,370  
3.750%, 11/15/43(A)     164,000       140,521  
3.625%, 08/15/43(A)     140,000       118,120  
3.625%, 02/15/44(A)     132,000       110,761  
3.625%, 02/15/53(A)     315,000       251,569  
3.625%, 05/15/53(A)     295,000       235,343  
3.500%, 02/15/39(A)     545,000       482,687  

 

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

63

 

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Long-Term Treasury Ladder ETF

 

    Face Amount     Value  
U.S. TREASURY OBLIGATIONS — continued                
3.375%, 08/15/42(A)   $ 67,000     $ 55,152  
3.375%, 05/15/44(A)     260,000       209,452  
3.375%, 11/15/48(A)     395,000       305,462  
3.250%, 05/15/42(A)     150,000       121,676  
3.125%, 11/15/41(A)     30,000       24,104  
3.125%, 02/15/42(A)     170,000       136,040  
3.125%, 02/15/43(A)     59,000       46,502  
3.125%, 08/15/44(A)     355,000       273,960  
3.125%, 05/15/48(A)     336,000       249,218  
3.000%, 05/15/42(A)     250,000       195,615  
3.000%, 11/15/44(A)     220,000       165,722  
3.000%, 05/15/45(A)     336,000       251,764  
3.000%, 11/15/45(A)     170,000       126,643  
3.000%, 02/15/47(A)     430,000       316,033  
3.000%, 05/15/47(A)     320,000       234,488  
3.000%, 02/15/48(A)     426,000       309,399  
3.000%, 08/15/48(A)     360,000       260,184  
3.000%, 02/15/49(A)     341,000       245,573  
3.000%, 08/15/52(A)     392,000       276,406  
2.875%, 05/15/43(A)     250,000       188,809  
2.875%, 08/15/45(A)     354,000       258,793  
2.875%, 11/15/46(A)     238,000       171,509  
2.875%, 05/15/49(A)     510,000       357,677  
2.875%, 05/15/52(A)     445,000       305,712  
2.750%, 08/15/42(A)     330,000       247,358  
2.750%, 11/15/42(A)     300,000       223,781  
2.750%, 08/15/47(A)     366,000       255,013  
2.750%, 11/15/47(A)     378,000       262,621  
2.500%, 02/15/45(A)     200,000       137,609  
2.500%, 02/15/46(A)     618,000       418,767  
2.500%, 05/15/46(A)     453,000       305,952  
2.375%, 02/15/42(A)     150,000       106,857  
2.375%, 11/15/49(A)     400,000       251,078  
2.375%, 05/15/51(A)     501,000       309,974  
2.250%, 05/15/41(A)     225,000       160,154  
2.250%, 08/15/46(A)     426,000       272,590  
2.250%, 08/15/49(A)     380,000       232,483  
2.250%, 02/15/52(A)     405,000       241,165  
2.000%, 11/15/41(A)     430,000       289,797  
2.000%, 02/15/50(A)     390,000       223,336  
2.000%, 08/15/51(A)     485,000       272,509  
1.875%, 02/15/41(A)     400,000       269,406  

 

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

64

 

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Long-Term Treasury Ladder ETF

 

    Face Amount     Value  
U.S. TREASURY OBLIGATIONS — continued                
1.875%, 02/15/51(A)   $ 600,000     $ 328,289  
1.875%, 11/15/51(A)     395,000       214,010  
1.750%, 08/15/41(A)     460,000       298,802  
1.625%, 11/15/50(A)     582,000       298,821  
1.375%, 11/15/40(A)     400,000       249,453  
1.375%, 08/15/50(A)     575,000       275,820  
1.250%, 05/15/50(A)     300,000       140,145  
1.125%, 05/15/40(A)     330,000       200,475  
1.125%, 08/15/40(A)     300,000       180,305  
              20,124,198  
U.S. Treasury Note
4.250%, 05/15/35(A)		     120,000       118,650  
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $21,867,060)		             20,332,673  
TOTAL INVESTMENTS — 98.7%
(Cost $21,867,060)		           $ 20,332,673  

 

Percentages are based on Net Assets of $20,595,196.

 

(A) Interest rate represents the security’s effective yield at the time of purchase.
(B) There is currently no stated interest rate.

 

As of May 31, 2025, all of the Fund’s investments were considered Level 2, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

 

See “Glossary” for abbreviations.

 

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

65

 

 

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

 

Fund Abbreviations

Cl — Class

CME — Chicago Mercantile Exchange

ETF — Exchange-Traded Fund

H15T5Y — U.S. Treasury Yield Curve Rate T Note Constant Maturity 5 Year

REIT — Real Estate Investment Trust

TSFR3M — Term Secured Overnight Financing Rate 3-Month

Ser — Series

US0003M — ICE LIBOR USD 3 Month

USD — U.S. Dollar

 

66

 

Statements of Assets and Liabilities

May 31, 2025 (Unaudited)

 

 

    Global X MLP
 ETF		     Global X MLP
 & Energy
Infrastructure
ETF		     Global X
Alternative
Income ETF		     Global X
Conscious
Companies ETF		  
Assets:                                
Cost of Investments   $ 844,094,806     $ 2,120,075,545     $ 5,780,796     $ 526,149,026  
Cost of Affiliated Investments     134,190,141       —       32,636,187       —  
Cost of Repurchase Agreement     —       19,970,885       468,107       —  
Investments, at Value   $ 1,716,180,607     $ 2,662,704,464 *   $ 7,959,478 *   $ 617,318,065  
Affiliated Investments, at Value     147,560,000       —       25,907,056       —  
Repurchase Agreement, at Value     —       19,970,885       468,107       —  
Cash     217,767       61,773       74,403       619,351  
Prepaid Expenses     92,036       —       —       —  
Receivable for Investment Securities Sold     —       138,173,351       —       —  
Dividend, Interest, and Securities Lending Income Receivable     —       2,790,884       9,970       709,863  
Reclaim Receivable     —       1,067,848       —       —  
Prepaid Income Taxes     15,419,458       —       —       —  
Total Assets     1,879,469,868       2,824,769,205       34,419,014       618,647,279  
Liabilities:                                
Deferred Tax Liability     121,728,251       —       —       —  
Obligation to Return Securities Lending Collateral     —       39,139,555       917,410       —  
Payable due to Investment Adviser     683,758       989,153       4,279       220,111  
Payable for Investment Securities Purchased     —       184,849,891       —       —  
Custodian Fees Payable     2,414       2,169       —       —  
Franchise Tax Payable     10,899       —       —       —  
Total Liabilities     122,425,322       224,980,768       921,689       220,111  
Net Assets   $ 1,757,044,546     $ 2,599,788,437     $ 33,497,325     $ 618,427,168  
Net Assets Consist of:                                
Paid-in Capital   $ 1,567,276,515     $ 2,177,733,371     $ 40,660,080     $ 571,394,669  
Total Distributable Earnings (Accumulated Losses)     189,768,031       422,055,066       (7,162,755 )     47,032,499  
Net Assets   $ 1,757,044,546     $ 2,599,788,437     $ 33,497,325     $ 618,427,168  
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		     35,678,637       42,827,506       2,920,000       15,980,000  
Net Asset Value, Offering and Redemption Price Per Share     $49.25       $60.70       $11.47       $38.70  
*Includes Market Value of Securities on Loan   $ —     $ 35,900,512     $ 897,975     $ —  

 

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

 

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

67

 

Statements of Assets and Liabilities

May 31, 2025 (Unaudited)

 

 

    Global X U.S.
Preferred ETF		     Global X S&P
500® Quality
Dividend ETF		     Global X
Adaptive U.S.
Factor ETF		     Global X Variable
Rate Preferred
ETF		  
Assets:                                
Cost of Investments   $ 2,458,296,650     $ 29,904,660     $ 517,697,229     $ 303,502,553  
Cost of Repurchase Agreement     966,321       —       69,417       —  
Investments, at Value   $ 2,274,084,437 *   $ 28,353,960     $ 543,914,702 *   $ 302,443,826  
Repurchase Agreement, at Value     966,321       —       69,417       —  
Cash     9,996,510       10,288       235,954       2,023,456  
Receivable for Investment Securities Sold     257,603,156       —       —       26,413,287  
Dividend, Interest, and Securities Lending Income Receivable     14,349,387       91,460       958,095       674,967  
Reclaim Receivable     —       —       4,462       8,860  
Total Assets     2,556,999,811       28,455,708       545,182,630       331,564,396  
Liabilities:                                
Obligation to Return Securities Lending Collateral     1,893,825       —       136,045       —  
Payable for Investment Securities Purchased     268,158,298       —       —       27,176,244  
Payable due to Investment Adviser     449,434       4,839       119,949       64,163  
Custodian Fees Payable     892       —       34       604  
Total Liabilities     270,502,449       4,839       256,028       27,241,011  
Net Assets   $ 2,286,497,362     $ 28,450,869     $ 544,926,602     $ 304,323,385  
Net Assets Consist of:                                
Paid-in Capital   $ 3,011,221,330   $ 37,741,468     $ 553,852,293     $ 343,828,566  
Total Accumulated Losses     (724,723,968 )     (9,290,599 )     (8,925,691 )     (39,505,181 )
Net Assets   $ 2,286,497,362     $ 28,450,869     $ 544,926,602     $ 304,323,385  
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		     122,370,000       850,002       12,560,002       13,270,000  
Net Asset Value, Offering and Redemption Price Per Share     $18.69       $33.47       $43.39       $22.93  
*Includes Market Value of Securities on Loan   $ 1,850,690     $ —     $ 128,492     $ —  

 

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

 

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

68

 

Statements of Assets and Liabilities

May 31, 2025 (Unaudited)

 

 

    Global X
Adaptive
U.S. Risk
Management
ETF		     Global X 1-3
Month T-Bill ETF		     Global X U.S.
Cash Flow Kings
100 ETF		     Global X Short-
Term Treasury
Ladder ETF		  
Assets:                                
Cost of Investments   $ 114,958,712     $ 1,550,278,657     $ 11,362,822     $ 11,963,377  
Cost of Repurchase Agreement     —       10,647       —       —  
Investments, at Value   $ 123,060,549     $ 1,550,417,656 *   $ 11,007,114     $ 11,967,177  
Repurchase Agreement, at Value     —       10,647       —       —  
Cash     130,326       239,899       8,951       41,241  
Dividend, Interest, and Securities Lending Income Receivable     124,823       3,797       17,408       66,757  
Reclaim Receivable     891       —       —       —  
Receivable for Investment Securities Sold     —       184,654,047       —       15,139  
Total Assets     123,316,589       1,735,326,046       11,033,473       12,090,314  
Liabilities:                                
Obligation to Return Securities Lending Collateral     —       10,647       —       —  
Payable due to Investment Adviser     39,617       90,569       2,269       1,210  
Payable for Investment Securities Purchased     —       238,127,676       —       49,836  
Payable for Capital Shares Redeemed     —       6,024,581       —       —  
Custodian Fees Payable     —       1,896       —       —  
Total Liabilities     39,617       244,255,369       2,269       51,046  
Net Assets   $ 123,276,972     $ 1,491,070,677     $ 11,031,204     $ 12,039,268  
Net Assets Consist of:                                
Paid-in Capital   $ 129,955,497     $ 1,488,795,026     $ 11,375,831     $ 12,006,172  
Total Distributable Earnings (Accumulated Losses)     (6,678,525 )     2,275,651       (344,627 )     33,096  
Net Assets   $ 123,276,972     $ 1,491,070,677     $ 11,031,204     $ 12,039,268  
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		     3,760,000       14,849,931       360,000       240,000  
Net Asset Value, Offering and Redemption Price Per Share     $32.79       $100.41       $30.64       $50.16  
*Includes Market Value of Securities on Loan   $ —     $ 3,189,723,384     $ —     $ —  

 

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

 

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

69

 

Statements of Assets and Liabilities

May 31, 2025 (Unaudited)

 

 

    Global X
Intermediate-
Term Treasury
Ladder ETF		     Global X Long-
Term Treasury
Ladder ETF		  
Assets:                
Cost of Investments   $ 2,469,014     $ 21,867,060  
Investments, at Value   $ 2,412,409     $ 20,332,673  
Cash     12,385       47,631  
Dividend, Interest, and Securities Lending Income Receivable     17,261       145,095  
Receivable for Investment Securities Sold     4,954       121,730  
Total Assets     2,447,009       20,647,129  
Liabilities:                
Payable due to Investment Adviser     248       2,097  
Payable for Investment Securities Purchased     —       49,836  
Total Liabilities     248       51,933  
Net Assets   $ 2,446,761     $ 20,595,196  
Net Assets Consist of:                
Paid-in Capital   $ 2,502,000     $ 22,102,292  
Total Accumulated Losses     (55,239 )     (1,507,096 )
Net Assets   $ 2,446,761     $ 20,595,196  
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		     50,000       460,000  
Net Asset Value, Offering and Redemption Price Per Share     $48.94       $44.77  

 

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

 

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

70

 

Statements of Operations

For the period ended May 31, 2025 (Unaudited)

 

 

    Global X MLP
ETF		     Global X MLP
 & Energy
Infrastructure
ETF		     Global X
Alternative
Income ETF		     Global X
Conscious
Companies ETF		  
Investment Income:                                
Distributions from Master Limited Partnerships   $ 62,312,918     $ —     $ —     $ —  
Less: Return of Capital Distributions     (62,312,918 )     —       —       —  
Dividend Income     5,845,487       36,437,364       114,954       4,345,868  
Dividend Income, from Affiliated Investments     —       —       980,808       —  
Interest Income     19,092       32,534       934       13,409  
Security Lending Income, Net     —       373,575       9,375       —  
Less: Foreign Taxes Withheld     —       (2,615,925 )     —       —  
Total Investment Income     5,864,579       34,227,548       1,106,071       4,359,277  
                                 
Expenses:                                
Supervision and Administration Fees(1)     3,976,119       5,863,430       82,129       1,320,327  
Custodian Fees(2)     15,167       2,214       8       —  
Net Expenses     3,991,286       5,865,644       82,137       1,320,327  
Net Investment Income, Before Taxes     1,873,293       28,361,904       1,023,934       3,038,950  
Tax Benefit/(Expense)     (432,865 )     —       —       —  
Net Investment Income, Net of Taxes     1,440,428       28,361,904       1,023,934       3,038,950  
                                 
Net Realized Gain (Loss) on:                                
Investments(3)     38,080,523       97,648,354       17,128       19,303,104  
Affiliated Investments     (1,366,527 )     —       (126,705 )     —  
Tax Benefit/(Expense)     (8,483,584 )     —       —       —  
Capital Gain Distribution from Affiliated Investments     —       —       12,893       —  
Payment from Adviser(4)     —       —       57,431       —  
Net Realized Gain (Loss)     28,230,412       97,648,354       (39,253 )     19,303,104  
Net Change in Unrealized Appreciation (Depreciation) on:                                
Investments     (96,708,854 )     (212,060,368 )     (137,445 )     (50,584,202 )
Affiliated Investments     (5,762,875 )     —       (1,287,932 )     —  
Tax Benefit/(Expense)     23,678,368       —       —       —  
Net Change in Unrealized Appreciation (Depreciation)     (78,793,361 )     (212,060,368 )     (1,425,377 )     (50,584,202 )
Net Realized and Unrealized Gain (Loss)     (50,562,949 )     (114,412,014 )     (1,464,630 )     (31,281,098 )
Net Decrease in Net Assets Resulting from Operations   $ (49,122,521 )   $ (86,050,110 )   $ (440,696 )   $ (28,242,148 )

 

(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.

 

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

 

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

71

 

Statements of Operations

For the period ended May 31, 2025 (Unaudited)

 

 

    Global X U.S.
Preferred ETF		     Global X S&P
500® Quality
Dividend ETF		     Global X
Adaptive U.S.
Factor ETF		     Global X
Variable Rate
Preferred ETF		  
Investment Income:                                
Dividend Income   $ 75,117,657     $ 476,431     $ 6,420,672     $ 9,674,159  
Interest Income     271,251       625       332       29,108  
Security Lending Income, Net     113,287       —       —       —  
Less: Foreign Taxes Withheld     (77,155 )     —       (9,843 )     8,860  
Total Investment Income     75,425,040       477,056       6,411,161       9,712,127  
                                 
Expenses:                                
Supervision and Administration Fees(1)     2,668,461       30,289       577,255       357,304  
Custodian Fees(2)     7,379       —       169       1,725  
Total Expenses     2,675,840       30,289       577,424       359,029  
Net Investment Income     72,749,200       446,767       5,833,737       9,353,098  
                                 
Net Realized Gain (Loss) on:                                
Investments(3)     (123,505,291 )     306,684       (426,307 )     (3,357,837 )
Net Realized Gain (Loss)     (123,505,291 )     306,684       (426,307 )     (3,357,837 )
Net Change in Unrealized Appreciation (Depreciation) on:                                
Investments     (92,590,697 )     (3,461,287 )     (8,120,267 )     (12,346,180 )
Net Change in Unrealized Appreciation (Depreciation)     (92,590,697 )     (3,461,287 )     (8,120,267 )     (12,346,180 )
Net Realized and Unrealized Gain (Loss)     (216,095,988 )     (3,154,603 )     (8,546,574 )     (15,704,017 )
Net Decrease in Net Assets Resulting from Operations   $ (143,346,788 )   $ (2,707,836 )   $ (2,712,837 )   $ (6,350,919 )
   
(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.)

 

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

 

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

72

 

Statements of Operations

For the period ended May 31, 2025 (Unaudited)

 

 

    Global X
Adaptive
U.S. Risk
Management
ETF		     Global X 1-3
Month T-Bill
ETF		     Global X U.S.
Cash Flow Kings
100 ETF		     Global X Short-
Term Treasury
Ladder ETF		  
Investment Income:                                
Dividend Income   $ 709,047     $ —     $ 112,808     $ —  
Interest Income     416,830       26,371,555       113       179,281  
Security Lending Income, Net     —       3,797       —       —  
Less: Foreign Taxes Withheld     3       —       46       —  
Total Investment Income     1,125,880       26,375,352       112,967       179,281  
                                 
Expenses:                                
Supervision and Administration Fees(1)     248,264       424,251       9,416       5,297  
Custodian Fees(2)     1,582       1,907       9       —  
Total Expenses     249,846       426,158       9,425       5,297  
Net Investment Income     876,034       25,949,194       103,542       173,984  
                                 
Net Realized Gain (Loss) on:                                
Investments(3)     (9,671,201 )     29,604       115,947       507  
Net Realized Gain (Loss)     (9,671,201 )     29,604       115,947       507  
Net Change in Unrealized Appreciation (Depreciation) on:                                
Investments     (2,948,268 )     23,534       (620,387 )     21,097  
Net Change in Unrealized Appreciation (Depreciation)     (2,948,268 )     23,534       (620,387 )     21,097  
Net Realized and Unrealized Gain (Loss)     (12,619,469 )     53,138       (504,440 )     21,604  
Net Increase (Decrease) in Net Assets Resulting from Operations   $ (11,743,435 )   $ 26,002,332     $ (400,898 )   $ 195,588  
   
(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.)

 

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

 

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

73

 

Statements of Operations

For the period ended May 31, 2025 (Unaudited)

 

 

    Global X
Intermediate-
Term Treasury
Ladder ETF		     Global X Long-
Term Treasury
Ladder ETF		  
Investment Income:                
Interest Income   $ 45,185     $ 470,134  
Total Investment Income     45,185       470,134  
                 
Expenses:                
Supervision and Administration Fees(1)     1,451       12,384  
Custodian Fees(2)     —       1  
Total Expenses     1,451       12,385  
Net Investment Income     43,734       457,749  
                 
Net Realized Gain (Loss) on:                
Investments(3)     (5,931 )     (39,554 )
Net Realized Gain (Loss)     (5,931 )     (39,554 )
                 
Net Change in Unrealized Appreciation (Depreciation) on:                
Investments     12,207       (1,287,397 )
Net Change in Unrealized Appreciation (Depreciation)     12,207       (1,287,397 )
Net Realized and Unrealized Gain (Loss)     6,276       (1,326,951 )
Net Increase (Decrease) in Net Assets Resulting from Operations   $ 50,010     $ (869,202 )
   
(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.)

 

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

 

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

74

 

 

Statements of Changes in Net Assets

 

 

    Global X MLP ETF     Global X MLP & Energy
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   $ 1,440,428     $ 5,088,395     $ 28,361,904     $ 33,580,104  
Net Realized Gain (Loss)     28,230,412       30,473,490       97,648,354       154,796,111  
Net Change in Unrealized Appreciation (Depreciation)     (78,793,361 )     290,517,031       (212,060,368 )     505,968,916  
Net Increase (Decrease) in Net Assets Resulting from Operations     (49,122,521 )     326,078,916       (86,050,110 )     694,345,131  
Distributions:     (65,550,301 )     (115,595,860 )     (63,408,747 )     (53,140,384 )
Return of Capital:     —       (1,982,760 )     —       (23,571,771 )
                                 
Capital Share Transactions:                                
Issued     156,258,086       273,823,230       749,189,562       1,041,457,137  
Redeemed     (38,640,144 )     (217,088,209 )     (367,575,325 )     (290,665,313 )
Increase in Net Assets from Capital Share Transactions     117,617,942       56,735,021       381,614,237       750,791,824  
Total Increase in Net Assets     2,945,120       265,235,317       232,155,380       1,368,424,800  
                                 
Net Assets:                                
Beginning of Year/Period     1,754,099,426       1,488,864,109       2,367,633,057       999,208,257  
End of Year/Period   $ 1,757,044,546     $ 1,754,099,426     $ 2,599,788,437     $ 2,367,633,057  
                                 
Share Transactions:                                
Issued     2,980,000       5,780,000       12,000,000       19,630,000  
Redeemed     (750,000 )     (4,640,000 )     (6,020,000 )     (4,990,000 )
Net Increase in Shares Outstanding from Share Transactions     2,230,000       1,140,000       5,980,000       14,640,000  

 

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

 

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

75

 

 

Statements of Changes in Net Assets

 

 

    Global X Alternative Income ETF     Global X Conscious Companies
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   $ 1,023,934     $ 1,631,301     $ 3,038,950     $ 5,761,374  
Net Realized Gain (Loss)     (39,253 )     801,305       19,303,104       63,030,654  
Net Change in Unrealized Appreciation (Depreciation)     (1,425,377 )     3,362,112       (50,584,202 )     88,325,176  
Net Increase (Decrease) in Net Assets Resulting from Operations     (440,696 )     5,794,718       (28,242,148 )     157,117,204  
Distributions:     (1,464,257 )     (2,526,973 )     (3,410,903 )     (6,793,472 )
                                 
Capital Share Transactions:                                
Issued     1,482,798       3,974,072       60,954,506       161,265,915  
Redeemed     (352,233 )     (7,442,007 )     (64,616,952 )     (237,587,484 )
Increase (Decrease) in Net Assets from Capital Share Transactions     1,130,565       (3,467,935 )     (3,662,446 )     (76,321,569 )
Total Increase (Decrease) in Net Assets     (774,388 )     (200,190 )     (35,315,497 )     74,002,163  
                                 
Net Assets:                                
Beginning of Year/Period     34,271,713       34,471,903       653,742,665       579,740,502  
End of Year/Period   $ 33,497,325     $ 34,271,713     $ 618,427,168     $ 653,742,665  
                                 
Share Transactions:                                
Issued     130,000       340,000       1,570,000       4,350,000  
Redeemed     (30,000 )     (640,000 )     (1,690,000 )     (6,430,000 )
Net Increase (Decrease) in Shares Outstanding from Share Transactions     100,000       (300,000 )     (120,000 )     (2,080,000 )

 

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

76

 

 

Statements of Changes in Net Assets

 

 

    Global X U.S. Preferred ETF     Global X S&P 500® Quality
Dividend 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   $ 72,749,200     $ 146,525,842     $ 446,767     $ 772,666  
Net Realized Gain (Loss)     (123,505,291 )     (46,123,991 )     306,684       1,691,146  
Net Change in Unrealized Appreciation (Depreciation)     (92,590,697 )     214,747,480       (3,461,287 )     4,487,308  
Net Increase (Decrease) in Net Assets Resulting from Operations     (143,346,788 )     315,149,331       (2,707,836 )     6,951,120  
Distributions:     (72,918,080 )     (150,870,425 )     (449,381 )     (909,421 )
Return of Capital:     —       —       —       (38,624 )
                                 
Capital Share Transactions:                                
Issued     168,577,655       282,860,066       3,428,059       23,507,423  
Redeemed     (133,340,744 )     (257,292,097 )     (4,128,860 )     (45,519,473 )
Increase (Decrease) in Net Assets from Capital Share Transactions     35,236,911       25,567,969       (700,801 )     (22,012,050 )
Total Increase (Decrease) in Net Assets     (181,027,957 )     189,846,875       (3,858,018 )     (16,008,975 )
                                 
Net Assets:                                
Beginning of Year/Period     2,467,525,319       2,277,678,444       32,308,887       48,317,862  
End of Year/Period   $ 2,286,497,362     $ 2,467,525,319     $ 28,450,869     $ 32,308,887  
                                 
Share Transactions:                                
Issued     9,030,000       14,100,000       100,000       690,000  
Redeemed     (6,960,000 )     (12,890,000 )     (120,000 )     (1,380,000 )
Net Increase (Decrease) in Shares Outstanding from Share Transactions     2,070,000       1,210,000       (20,000 )     (690,000 )

 

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

 

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

77

 

 

Statements of Changes in Net Assets

 

 

    Global X Adaptive U.S.  Factor ETF     Global X Variable Rate Preferred
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   $ 5,833,737     $ 6,580,479     $ 9,353,098     $ 17,107,227  
Net Realized Gain (Loss)     (426,307 )     50,447,176       (3,357,837 )     (798,264 )
Net Change in Unrealized Appreciation (Depreciation)     (8,120,267 )     19,731,209       (12,346,180 )     14,272,727  
Net Increase (Decrease) in Net Assets Resulting from Operations     (2,712,837 )     76,758,864       (6,350,919 )     30,581,690  
Distributions:     (7,079,032 )     (6,630,997 )     (10,814,034 )     (18,281,239 )
Return of Capital:     —       (710,305 )     —       —  
                                 
Capital Share Transactions:                                
Issued     245,491,574       360,956,822       60,736,052       73,596,963  
Redeemed     (54,654,070 )     (248,331,641 )     (5,281,954 )     (42,176,037 )
Increase in Net Assets from Capital Share Transactions     190,837,504       112,625,181       55,454,098       31,420,926  
Total Increase in Net Assets     181,045,635       182,042,743       38,289,145       43,721,377  
                                 
Net Assets:                                
Beginning of Year/Period     363,880,967       181,838,224       266,034,240       222,312,863  
End of Year/Period   $ 544,926,602     $ 363,880,967     $ 304,323,385     $ 266,034,240  
                                 
Share Transactions:                                
Issued     5,720,000       9,050,000       2,560,000       3,110,000  
Redeemed     (1,250,000 )     (6,250,000 )     (230,000 )     (1,780,000 )
Net Increase in Shares Outstanding from Share Transactions     4,470,000       2,800,000       2,330,000       1,330,000  

 

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

 

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

78

 

 

Statements of Changes in Net Assets

 

 

    Global X Adaptive U.S. Risk
Management ETF		     Global X 1-3 Month T-Bill ETF (1)  
    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   $ 876,034     $ 1,224,680     $ 25,949,194     $ 22,811,879  
Net Realized Gain (Loss)     (9,671,201 )     18,226,745       29,604       75,871  
Net Change in Unrealized Appreciation (Depreciation)     (2,948,268 )     9,486,447       23,534       112,920  
Net Increase (Decrease) in Net Assets Resulting from Operations     (11,743,435 )     28,937,872       26,002,332       23,000,670  
Distributions:     (792,080 )     (1,199,990 )     (25,341,380 )     (21,691,011 )
                                 
Capital Share Transactions:                                
Issued     7,848,941       60,086,073       824,841,059       1,024,726,382  
Redeemed     (8,285,360 )     (46,368,091 )     (235,339,231 )     (237,887,858 )
Increase (Decrease) in Net Assets from Capital Share Transactions     (436,419 )     13,717,982       589,501,828       786,838,524  
Total Increase (Decrease) in Net Assets     (12,971,934 )     41,455,864       590,162,780       788,148,183  
                                 
Net Assets:                                
Beginning of Year/Period     136,248,906       94,793,042       900,907,897       112,759,714  
End of Year/Period   $ 123,276,972     $ 136,248,906     $ 1,491,070,677     $ 900,907,897  
                                 
Share Transactions:                                
Issued     230,000       1,910,000       8,230,000       10,220,000  
Redeemed     (240,000 )     (1,460,000 )     (2,350,000 )     (2,372,569 )
Net Increase (Decrease) in Shares Outstanding from Share Transactions     (10,000 )     450,000       5,880,000       7,847,431  
   
(1) Share transactions have been adjusted to reflect the effect of a 1 for 4 reverse share split on June 14, 2024. (See Note 9 in the Notes to Financial Statements.)

 

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

79

 

 

Statements of Changes in Net Assets

 

 

    Global X U.S. Cash Flow Kings
100 ETF		     Global X Short-Term Treasury
Ladder ETF		  
    Period Ended
May 31, 2025
(Unaudited)		     Year Ended
November 30,
2024		     Period Ended
May 31, 2025
(Unaudited)		     Period Ended
November 30,
2024(1)		  
Operations:                                
Net Investment Income   $ 103,542     $ 69,710     $ 173,984     $ 28,635  
Net Realized Gain (Loss)     115,947       651,691       507       —  
Net Change in Unrealized Appreciation (Depreciation)     (620,387 )     155,667       21,097       (17,297 )
Net Increase (Decrease) in Net Assets Resulting from Operations     (400,898 )     877,068       195,588       11,338  
Distributions:     (82,196 )     (78,689 )     (162,390 )     (11,440 )
                                 
Capital Share Transactions:                                
Issued     9,632,709       4,864,636       8,004,446       4,001,726  
Redeemed     (2,485,487 )     (5,086,109 )     —       —  
Increase (Decrease) in Net Assets from Capital Share Transactions     7,147,222       (221,473 )     8,004,446       4,001,726  
Total Increase in Net Assets     6,664,128       576,906       8,037,644       4,001,624  
                                 
Net Assets:                                
Beginning of Year/Period     4,367,076       3,790,170       4,001,624       —  
End of Year/Period   $ 11,031,204     $ 4,367,076     $ 12,039,268     $ 4,001,624  
                                 
Share Transactions:                                
Issued     310,000       160,000       160,000       80,000  
Redeemed     (80,000 )     (170,000 )     —       —  
Net Increase (Decrease) in Shares Outstanding from Share Transactions     230,000       (10,000 )     160,000       80,000  
   
(1) The Fund commenced operations on September 9, 2024.

 

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

 

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

80

 

 

Statements of Changes in Net Assets

 

 

    Global X Intermediate-Term
Treasury Ladder ETF		     Global X Long-Term Treasury
Ladder ETF		  
    Period Ended
May 31, 2025
(Unaudited)		     Period Ended
November 30,
2024(1)		     Period Ended
May 31, 2025
(Unaudited)		     Period Ended
November 30,
2024(1)		  
Operations:                                
Net Investment Income   $ 43,734     $ 19,261     $ 457,749     $ 123,895  
Net Realized Gain (Loss)     (5,931 )     (62 )     (39,554 )     (529 )
Net Change in Unrealized Appreciation (Depreciation)     12,207       (68,812 )     (1,287,397 )     (246,990 )
Net Increase (Decrease) in Net Assets Resulting from Operations     50,010       (49,613 )     (869,202 )     (123,624 )
Distributions:     (45,586 )     (10,050 )     (452,020 )     (62,250 )
                                 
Capital Share Transactions:                                
Issued     —       2,502,000       492,252       21,610,040  
Increase in Net Assets from Capital Share Transactions     —       2,502,000       492,252       21,610,040  
Total Increase (Decrease) in Net Assets     4,424       2,442,337       (828,970 )     21,424,166  
                                 
Net Assets:                                
Beginning of Period     2,442,337       —       21,424,166       —  
End of Period   $ 2,446,761     $ 2,442,337     $ 20,595,196     $ 21,424,166  
                                 
Share Transactions:                                
Issued     —       50,000       10,000       450,000  
Net Increase in Shares Outstanding from Share Transactions     —       50,000       10,000       450,000  
   
(1) The Fund commenced operations on September 9, 2024.

 

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

 

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

81

 

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82

 

 

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 MLP ETF                                                                                                                                            
2025 (Unaudited)§     52.44       0.05       (1.37 )     (1.32 )     (1.87 )     —       —  
2024     46.08       0.20       9.74       9.94       (3.52 )     —       (0.06 )
2023     42.99       (0.07 )     6.48       6.41       (3.32 )     —       —  
2022     33.59       (0.02 )     12.44       12.42       (3.02 )     —       —  
2021     26.73       (0.06 )     9.97       9.91       —       —       (3.05 )
2020(2)     43.92       (0.26 )     (13.13 )     (13.39 )     —       —       (3.80 )
Global X MLP & Energy Infrastructure ETF                                                        
2025 (Unaudited)§     64.25       0.67       (2.76 )     (2.09 )     (1.46 )     —       —  
2024     44.99       1.17       20.64       21.81       (1.77 )     —       (0.78 )
2023     43.47       0.83       3.02       3.85       (2.01 )     —       (0.32 )
2022     34.89       0.75       9.98       10.73       (1.39 )     —       (0.76 )
2021     26.59       0.42       9.97       10.39       (1.05 )     —       (1.04 )
2020(3)     33.45       0.71       (5.33 )     (4.62 )     (1.95 )     —       (0.29 )
Global X Alternative Income ETF                                                        
2025 (Unaudited)§     12.15       0.36       (0.52 )     (0.16 )     (0.52 )     —       —  
2024     11.05       0.55       1.40       1.95       (0.85 )     —       —  
2023     11.42       0.48       (0.04 )     0.44       (0.81 )     —       —  
2022     13.16       0.61       (1.45 )     (0.84 )     (0.77 )     —       (0.13 )
2021     11.51       0.49       2.05       2.54       (0.62 )     —       (0.27 )
2020     14.74       0.66       (2.64 )     (1.98 )     (0.98 )     (0.15 )     (0.12 )

 

* 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.
*** Supplemental ratio, presented for the purpose of additional analysis.
† 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.
‡ The Before Net Deferred Tax Expense/(Benefit) expense ratios for the periods ending November 30, 2020, 2021, 2022, 2023, 2024 and 2025 was 0.45%, 0.45%, 0.45%, 0.45%, 0.45% and 0.45%.
‡‡ Includes amount of tax benefit or expense associated with expenses. Including amount of tax benefit or expense associated for all components of the Statement of Operations, for the periods ending November 30, 2022, 2023, 2024 and 2025 the impact would be 2.29%, 4.16%, 5.83% and 0.86%.
# Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (See Note 3 in the Notes to Financial Statements.)
^ Effective September 28, 2021, the fund’s fees were permanently lowered to 0.50%.
§ For the period ended May 31, 2025.
@ 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) 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 the year ended November 30, 2021 (first year of this agreement), the ratio of Expenses to Average Net Assets would have been 0.70%.

 

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

83

 

 

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, Net of
Tax Expense/
(Benefit) (%)		   Tax Expense
/(Benefit)
(%)***		   Ratio of Net
Investment
Income (Loss)
to Average Net
Assets, Net of Tax
Expense/
(Benefit) (%)		   Portfolio
Turnover Rate
(%)††
                                                                                                                                                                                             
  (1.87 )     49.25       (2.56 )     1,757,045       0.50 †‡      0.05 ‡‡     0.21 †     15.25  
  (3.58 )     52.44       22.79       1,754,099       0.55 ‡      0.10 ‡‡      0.42       28.89  
  (3.32 )     46.08       15.79       1,488,864       0.42 #‡      (0.03 )‡‡     (0.15 )(1)      42.36  
  (3.02 )     42.99       37.69       1,378,279       0.44 ‡      (0.01 )‡‡     (0.04 )     47.13  
  (3.05 )     33.59       37.49       992,935       0.43 ‡      (0.02 )     (0.19 )     33.79  
  (3.80 )     26.73       (30.51 )     687,577       0.46 ‡      0.46       (0.85 )     33.78  
                                                             
  (1.46 )     60.70       (3.23 )     2,599,788       0.45 †     —       2.18 †     8.93  
  (2.55 )     64.25       50.20       2,367,633       0.45       —       2.29       23.59  
  (2.33 )     44.99       9.42       999,208       0.45       —       2.00       24.32  
  (2.15 )     43.47       31.26       1,090,000       0.45       —       1.85       23.48  
  (2.09 )     34.89       39.64       738,092       0.45       —       1.25       16.88  
  (2.24 )     26.59       (13.34 )     538,344       0.45       —       2.66       35.86  
                                                             
  (0.52 )     11.47       (1.32 )     33,497       0.50 #†      —       6.23 †(1)      0.65  
  (0.85 )     12.15       18.36       34,272       0.50 #      —       4.75 (1)      7.16  
  (0.81 )     11.05       4.01       34,472       0.50 #      —       4.29 (1)      14.38  
  (0.90 )     11.42       (6.64 )     37,216       0.50 #      —       5.03 (1)      18.10  
  (0.89 )     13.16       22.52       35,921       0.63 #@^      —       3.77 (1)      86.85  
  (1.25 )     11.51       (13.13 )     19,573       0.75 #      —       5.61 (1)      52.78  

 

(1) Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests.
(2) Per share amounts have been adjusted for a 1 for 6 reverse stock split on April 28, 2020. (See Note 9 in the Notes to Financial Statements.)
(3) Per share amounts have been adjusted for a 1 for 3 reverse share split on April 28, 2020. (See Note 9 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.

84

 

 

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 Conscious Companies ETF                                                        
2025 (Unaudited)§           40.61                   0.19                   (1.89 )                 (1.70 )                 (0.21 )                 —                   —        
2024     31.89       0.33       8.77       9.10       (0.38 )     —       —  
2023     29.52       0.38       2.27       2.65       (0.28 )     —       —  
2022     32.97       0.31       (3.40 )     (3.09 )     (0.36 )     —       —  
2021     26.46       0.31       6.49       6.80       (0.29 )     —       —  
2020     23.10       0.33       3.32       3.65       (0.27 )     (0.02 )     —  
Global X U.S. Preferred ETF                                                        
2025 (Unaudited)§     20.51       0.60       (1.81 )     (1.21 )     (0.61 )     —       —  
2024     19.13       1.22       1.42       2.64       (1.26 )     —       —  
2023     20.51       1.24       (1.36 )     (0.12 )     (1.26 )     —       —  
2022     25.21       1.23       (4.64 )     (3.41 )     (1.29 )     —       —  
2021     25.36       1.28       (0.12 )     1.16       (1.31 )     —       —  
2020     24.79       1.33       0.58       1.91       (1.34 )     —       —  
Global X S&P 500® Quality Dividend ETF                                                        
2025 (Unaudited)§     37.14       0.51       (3.67 )     (3.16 )     (0.51 )     —       —  
2024     30.97       0.87       6.33       7.20       (0.99 )     —       (0.04 )
2023     33.24       0.99       (2.23 )     (1.24 )     (1.03 )     —       —  
2022     31.02       1.03       2.10       3.13       (0.91 )     —       —  
2021     25.20       0.78       5.84       6.62       (0.80 )     —       —  
2020     26.51       0.75       (1.24 )     (0.49 )     (0.82 )     —       — ***

 

* 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.
^^ Effective April 1, 2020, until 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 0.23%.
§ 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.

85

 

 

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
(%)††
                         
          (0.21 )                     38.70                       (4.19 )                     618,427                       0.43 †                      0.99 †                      7.38          
  (0.38 )     40.61       28.74       653,743       0.43       0.91       21.24  
  (0.28 )     31.89       9.05       579,741       0.43       1.27       27.74  
  (0.36 )     29.52       (9.45 )     673,733       0.43       1.06       31.92  
  (0.29 )     32.97       25.84       654,764       0.43       1.00       22.92  
  (0.29 )     26.46       16.01       403,499       0.43       1.45       48.73  
                                                     
  (0.61 )     18.69       (5.98 )     2,286,497       0.23 †      6.27 †     33.12  
  (1.26 )     20.51       14.20       2,467,525       0.23       6.12       27.10  
  (1.26 )     19.13       (0.51 )     2,277,678       0.23       6.38       36.65  
  (1.29 )     20.51       (13.82 )     2,214,461       0.23       5.51       33.20  
  (1.31 )     25.21       4.61       2,458,022       0.23 ^^      4.99       47.89  
  (1.34 )     25.36       8.13       868,550       0.23 ^^     5.49       39.14  
                                                     
  (0.51 )     33.47       (8.53 )     28,451       0.20 †     2.95 †     33.81  
  (1.03 )     37.14       23.69       32,309       0.20       2.57       82.76  
  (1.03 )     30.97       (3.71 )     48,318       0.20       3.16       78.89  
  (0.91 )     33.24       10.25       61,156       0.20       3.24       78.73  
  (0.80 )     31.02       26.45       9,615       0.20       2.60       70.66  
  (0.82 )     25.20       (1.47 )     6,300       0.20       3.27       93.40  

 

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

86

 

 

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 Adaptive U.S. Factor ETF                                                        
2025 (Unaudited)§           44.98                   0.58                   (1.45 )                 (0.87 )                 (0.72 )                 —                   —        
2024     34.37       1.01       10.57       11.58       (0.88 )     —       (0.09 )
2023     32.23       0.59       2.28       2.87       (0.65 )     —       (0.08 )
2022     29.86       0.62       2.50       3.12       (0.71 )     —       (0.04 )
2021     24.91       0.61       5.09       5.70       (0.70 )     —       (0.05 )
2020     25.79       0.63       (0.67 )     (0.04 )     (0.70 )     (0.05 )     (0.09 )
Global X Variable Rate Preferred ETF                                                        
2025 (Unaudited)§     24.32       0.77       (1.26 )     (0.49 )     (0.90 )     —       —  
2024     23.13       1.64       1.31       2.95       (1.76 )     —       —  
2023     23.55       1.60       (0.49 )     1.11       (1.53 )     —       —  
2022     27.28       1.45       (3.70 )     (2.25 )     (1.39 )     (0.02 )     (0.07 )
2021     26.97       1.40       0.37       1.77       (1.29 )     (0.02 )     (0.15 )
2020 (1)     24.85       0.61       2.00       2.61       (0.49 )     —       —  
Global X Adaptive U.S. Risk Management ETF                                                        
2025 (Unaudited)§     36.14       0.23       (3.37 )‡     (3.14 )     (0.21 )     —       —  
2024     28.55       0.33       7.60       7.93       (0.34 )     —       —  
2023     28.26       0.47       0.34       0.81       (0.52 )     —       —  
2022     29.88       0.40       (1.71 )     (1.31 )     (0.31 )     —       —  
2021 (3)     24.95       0.25       4.77       5.02       (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.
‡ The amount shown for a share outstanding throughout the period does not accord with the aggregate net gains on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.
# Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (See Note 3 in the Notes to Financial Statements.)
§ For the period ended May 31, 2025.
(1) The Fund commenced operations on June 22, 2020.
(2) Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests.
(3) The Fund commenced operations on January 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.

87

 

 

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
(%)††
                                                                                                                                                                     
  (0.72 )     43.39       (1.91 )     544,927       0.27 †     2.73 †     43.76  
  (0.97 )     44.98       34.02       363,881       0.27       2.50       95.79  
  (0.73 )     34.37       9.13       181,838       0.27       1.89       234.57  
  (0.75 )     32.23       10.61       178,533       0.27       2.03       115.74  
  (0.75 )     29.86       23.01       172,008       0.27       2.09       96.21  
  (0.84 )     24.91       0.14       144,484       0.27       2.78       159.91  
                                                     
  (0.90 )     22.93       (2.07 )     304,323       0.25 †     6.54 †     32.02  
  (1.76 )     24.32       13.29       266,034       0.25       6.91       58.94  
  (1.53 )     23.13       5.01       222,313       0.25       7.01       81.87  
  (1.48 )     23.55       (8.40 )     285,389       0.25       5.93       74.41  
  (1.46 )     27.28       6.60       89,217       0.25       5.01       26.17  
  (0.49 )     26.97       10.59       1,349       0.25 †     5.38 †     10.96  
                                                     
  (0.21 )     32.79       (8.73 )     123,277       0.39 †     1.38 †     370.05  
  (0.34 )     36.14       27.98       136,249       0.39 #      1.02 (2)      241.46  
  (0.52 )     28.55       2.92       94,793       0.40 #      1.67 (2)      574.56  
  (0.31 )     28.26       (4.28 )     66,408       0.39       1.49       1481.94  
  (0.09 )     29.88       20.13       104,574       0.39 †     1.01 †     30.10  

 

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

88

 

 

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 1-3 Month T-Bill ETF                                                                                      
2025 (Unaudited)§           100.44                   2.14                   (0.01 )‡      2.13       (2.16 )     —       —  
2024(1)      100.44       5.13       0.12                   5.25                   (5.25 )     —       —  
2023 (1)(2)      99.96       2.40       (0.08 )     2.32       (1.84 )     —       —  
Global X U.S. Cash Flow Kings 100 ETF                                                        
2025 (Unaudited)§     33.59       0.42       (3.04 )     (2.62 )     (0.33 )     —       —  
2024     27.07       0.61       6.58       7.19       (0.67 )     —       —  
2023 (3)      25.58       0.25       1.40       1.65       (0.16 )     —       —  
Global X Short-Term Treasury Ladder ETF                                                        
2025 (Unaudited)§     50.02       0.98       0.13       1.11       (0.97 )     —       —  
2024 (4)      50.03       0.44       (0.28 )     0.16       (0.17 )     —       —  

 

§ 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.
‡ The amount shown for a share outstanding throughout the period does not accord with the aggregate net gains on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.
(1) Per share amounts have been adjusted for a 1 for 4 reverse share split on June 14, 2024. (See Note 9 in the Notes to in the Notes to Financial Statements.)
(2) The Fund commenced operations on June 20, 2023.
(3) The Fund commenced operations on July 10, 2023.
(4) The Fund commenced operations on September 9, 2024.

 

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

 

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

89

 

 

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 (%)††
                                                                                                                                                                     
  (2.16 )     100.41       2.16       1,491,071       0.07 †     4.28 †     0.00  
  (5.25 )     100.44       5.38       900,908       0.07       5.12       0.00  
  (1.84 )     100.44       2.36       112,760       0.09 †     5.34 †     0.00  
                                                     
  (0.33 )     30.64       (7.79 )     11,031       0.25 †     2.75 †     53.38  
  (0.67 )     33.59       26.89       4,367       0.25       2.01       87.62  
  (0.16 )     27.07       6.46       3,790       0.25 †     2.41 †     14.76  
                                                     
  (0.97 )     50.16       2.25       12,039       0.12 †     3.94 †     16.45  
  (0.17 )     50.02       0.32       4,002       0.12 †     3.86 †     0.00  

 

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

90

 

 

Financial Highlights

 

Selected Per Share Data & Ratios
For a Share Outstanding Throughout each 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 Intermediate-Term Treasury Ladder ETF                                                                                            
2025 (Unaudited)§           48.85                   0.87                   0.13                   1.00             (0.91 )     —       —  
2024 (1)     50.04       0.39       (1.38 )     (0.99 )     (0.20 )     —       —  
Global X Long-Term Treasury Ladder ETF                                                        
2025 (Unaudited)§     47.61       1.01       (2.85 )     (1.84 )     (1.00 )     —       —  
2024 (1)     50.16       0.45       (2.79 )     (2.34 )     (0.21 )     —       —  

 

* 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 (Unaudited).
(1) The Fund commenced operations on September 9, 2024.

 

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

 

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

91

 

 

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
(%)††
                                                                                                                                                                     
  (0.91 )     48.94       2.08       2,447       0.12 †     3.62 †     17.40  
  (0.20 )     48.85       (1.98 )     2,442       0.12 †     3.50 †     0.19  
                                                     
  (1.00 )     44.77       (3.92 )     20,595       0.12 †     4.43 †     7.60  
  (0.21 )     47.61       (4.66 )     21,424       0.12 †     4.27 †     0.43  

 

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

92

 

 

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 and six portfolios, ninety-five of which were operational. The financial statements herein and the related notes pertain to the Global X MLP ETF, Global X MLP & Energy Infrastructure ETF, Global X Alternative Income ETF, Global X Conscious Companies ETF, Global X U.S. Preferred ETF, Global X S&P 500® Quality Dividend ETF, Global X Adaptive U.S. Factor ETF, Global X Variable Rate Preferred ETF, Global X Adaptive U.S. Risk Management ETF, Global X 1-3 Month T-Bill ETF, Global X U.S. Cash Flow Kings 100 ETF, Global X Short-Term Treasury Ladder ETF, Global X Intermediate-Term Treasury Ladder ETF and Global X Long-Term Treasury Ladder ETF (each a “Fund” and collectively, the “Funds”). Each Fund, except for the Global X MLP ETF, Global X MLP & Energy Infrastructure ETF, and the Global X U.S. Cash Flow Kings 100 ETF has elected diversified status under the 1940 Act. The Global X MLP ETF, Global X MLP & Energy Infrastructure ETF, and the Global X U.S. Cash Flow Kings 100 ETF have each elected non-diversified status under the 1940 Act.

 

The Global X Short-Term Treasury Ladder ETF, Global X Intermediate-Term Treasury Ladder ETF and Global X Long-Term Treasury Ladder ETF commenced operations on September 9, 2024.

 

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”) 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.

 

93

 

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

 

MLPs – Certain Funds may invest in MLPs. MLPs are publicly-traded partnerships engaged in the transportation, storage and processing of minerals and natural resources. By confining their operations to these specific activities, their interests, or units, are able to trade on public securities exchanges exactly like the shares of a corporation, without entity-level taxation. To qualify as an MLP, and to not be taxed as a corporation, a partnership must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Internal Revenue Code of 1986, as amended (the “Code”). These qualifying sources include natural resource-based activities, such as the processing, transportation and storage of mineral or natural resources. MLPs generally have two classes of owners, the general partner and limited partners. The general partner of an MLP is typically owned by a major energy company, an investment fund, the direct management of the MLP, or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly-traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units.

 

Limited partners typically own the remainder of the partnership, through ownership of common units, and have a limited role in the partnership’s operations and management. MLPs are typically structured such that common units and general partner interests have first priority to receive quarterly cash distributions up to an established minimum amount (“minimum quarterly distributions” or “MQD”). Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid. Once common and general partner interests have been paid, subordinated units receive distributions of up to the MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD is paid to both common and subordinated units and is distributed to both common and subordinated units generally on a pro rata basis. The general partner is also eligible to receive incentive distributions if the general partner operates the business in a manner which results in distributions paid per common unit surpassing specified target levels. As the general partner increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of the incremental cash distributions.

 

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

 

94

 

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

 

using currencies 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 Board of Trustees (the “Board”) of the Trust. 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 a Fund’s security that traded outside of the United States (a “Significant Event”) has occurred between the time of the security’s last close and the time that each 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 the time at which the Funds calculate their NAVs, 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. As of May 31, 2025, there were no securities priced using the Fair Value Procedures.

 

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

 

95

 

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

 

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 and 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 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 Schedules 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

 

96

 

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

 

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 an 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, except for the Global X MLP ETF, to qualify, or to continue to qualify, as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Code.Accordingly, no provisions for Federal income taxes have been made in the financial statements, except for Global X MLP ETF 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,

 

97

 

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

 

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 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 an 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 Global X MLP ETF is taxed as a regular C-corporation for Federal income tax purposes and as such is obligated to pay Federal and applicable state corporate income tax. Currently, the Federal income tax rate for a corporation is 21%. This differs from most investment companies, which elect to be treated as “regulated investment companies” under Subchapter M of the Code in order to avoid paying entity level income taxes. Under current law, Global X MLP ETF is not eligible to elect treatment as a regulated investment company due to its investments primarily in MLPs invested in energy assets. As a result, Global X MLP ETF will be obligated to pay applicable Federal and state corporate income taxes on its taxable income as opposed to most other investment companies, which are not so obligated. Global X MLP ETF expects that a portion of the distributions that are received from MLPs may be treated as a tax-deferred return of capital, thus reducing Global X MLP ETF’s current tax liability. However, the amount of taxes currently paid by Global X MLP ETF will vary depending on the amount of income and gains derived from investments and/or sales of MLP interests and such taxes have the potential to reduce an investor’s return from an investment in Global X MLP ETF.

 

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 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

 

98

 

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

 

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.

 

Cash distributions from MLPs to Global X MLP ETF that exceed the Global X MLP ETF’s allocable share of such MLP’s net taxable income are considered tax-deferred return of capital that will reduce Global X MLP ETF’s adjusted tax basis in the equity securities of the MLP. These reductions in Global X MLP ETF’s adjusted tax basis in MLP equity securities will increase the amount of gain (or decrease the amount of loss) recognized by Global X MLP ETF on a subsequent sale of the securities. Global X MLP ETF will accrue deferred income taxes for any future tax liability associated with (i) that portion of MLP distributions considered to be a tax-deferred return of capital as well as (ii) capital appreciation of its investments. Upon the sale of an MLP security, Global X MLP ETF may be liable for previously deferred taxes. Global X MLP ETF will rely to some extent on information provided by the MLPs, which may not necessarily be timely, to estimate deferred tax liability for purposes of financial statement reporting and determining Global X MLP ETF’s NAV. From time to time, the Adviser will modify the estimates or assumptions related to Global X MLP ETF’s deferred tax liabilities as new information becomes available. Global X MLP ETF will generally compute deferred income taxes based on the Federal income tax rate applicable to corporations and an estimated rate attributable to state taxes.

 

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.

 

The Global X Alternative Income ETF’s dividend income includes reclassifications of prior year and current year dividend income to return of capital/realized gain to align those income amounts to the character of those distributions. Those reclassifications exceeded

 

99

 

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

 

current year dividend income resulting in a negative dividend income for the current fiscal year.

 

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

 

    Creation
Unit  
Shares		   Creation
Fee		   Redemption
Fee
Global X MLP ETF     10,000     $ 100     $ 100  
Global X MLP & Energy Infrastructure ETF     10,000       100       100  
Global X Alternative Income ETF     10,000       250       250  
Global X Conscious Companies ETF     10,000       500       500  
Global X U.S. Preferred ETF     10,000       650       650  
Global X S&P 500® Quality Dividend ETF     10,000       250       250  
Global X Adaptive U.S. Factor ETF     10,000       600       600  
Global X Variable Rate Preferred ETF     10,000       250       250  
Global X Adaptive U.S. Risk Management ETF     10,000       1,300*     1,300  
Global X 1-3 Month T-Bill ETF     10,000       250       250  
Global X U.S. Cash Flow Kings 100 ETF     10,000       250       250  
Global X Short-Term Treasury Ladder ETF     10,000       250       250  
Global X Intermediate-Term Treasury Ladder ETF     10,000       250       250  
Global X Long-Term Treasury Ladder ETF     10,000       250       250  

 

* The standard creation transaction fee will be the $200 when the Fund Deposit Securities include only U.S. Treasury Obligations.

 

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

 

100

 

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

 

relevant currency. Cash overdraft charges are included in custodian fees on the Statements of Operations.

 

SEGMENT REPORTING — The Funds have adopted FASB Update 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 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 PARTY 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 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 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

 

101

 

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

3. RELATED PARTY AND SERVICE PROVIDER TRANSACTIONS (continued)

 

the Funds, such as taxes, brokerage fees, commissions, certain custodian fees, acquired fund fees and expenses (except for the Global X Alternative Income ETF, Global X U.S. Preferred ETF, Global X Variable Rate Preferred ETF and Global X Adaptive U.S. Risk Management 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 each of the Global X Alternative Income ETF, Global X U.S. Preferred ETF, Global X Variable Rate Preferred ETF and Global X Adaptive U.S. Risk Management ETF provides that the Adviser also bears the costs for acquired fund fees and expenses generated by investments by the Funds in affiliated investment companies. For the period ended May 31, 2025, the Adviser paid acquired fund fees and expenses for the Global X Alternative Income ETF of $57,431 and made such reimbursement payments to the Fund on a monthly basis. These amounts are included in Payment from Adviser on the Statement of Operations.

 

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

 

  Supervision and
Administration Fee
Global X MLP ETF 0.45%
Global X MLP & Energy Infrastructure ETF 0.45%
Global X Alternative Income ETF 0.50%
Global X Conscious Companies ETF 0.43%
Global X U.S. Preferred ETF 0.23%
Global X S&P 500® Quality Dividend ETF 0.20%
Global X Adaptive U.S. Factor ETF 0.27%
Global X Variable Rate Preferred ETF 0.25%
Global X Adaptive U.S. Risk Management ETF 0.39%
Global X 1-3 Month T-Bill ETF 0.07%
Global X U.S. Cash Flow Kings 100 ETF 0.25%
Global X Short-Term Treasury Ladder ETF 0.12%
Global X Intermediate-Term Treasury Ladder ETF 0.12%
Global X Long-Term Treasury Ladder ETF 0.12%

 

SEI Investments Global Funds Services (“SEIGFS”) serves as sub-administrator to the Funds. As sub-administrator, SEIGFS provides the Funds with required general administrative services, including, without limitation: office space, equipment, and personnel; clerical and general back office services; bookkeeping, internal accounting and

 

102

 

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

3. RELATED PARTY AND SERVICE PROVIDER TRANSACTIONS (continued)

 

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.

 

SIDCO bears the following costs and expenses relating to the distribution of Shares: (1) the costs of processing and maintaining records of creations of Creation Units; (2) all costs of maintaining the records required of a registered broker/dealer; (3) the expenses of maintaining its registration or qualification as a dealer or broker under Federal or state laws; (4) filing fees; and (5) 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.

 

For all Funds other than the Global X 1-3 Month T-Bill ETF, Global X U.S. Cash Flow Kings 100 ETF, Global X Short-Term Treasury Ladder ETF, Global X Intermediate-Term Treasury Ladder ETF and Global X Long-Term Treasury Ladder ETF, BBH serves as the Custodian and transfer agent of the Funds’ assets. 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 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 serves as Custodian and transfer agent to the Trust on behalf of the Global X 1-3 Month T-Bill ETF, Global X U.S. Cash Flow Kings 100 ETF, Global X Short-Term Treasury Ladder ETF, Global X Intermediate-Term Treasury Ladder ETF and Global X Long-Term Treasury Ladder ETF. As Custodian, BNY 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 on behalf of the Funds. Under its transfer agency agreement with the Trust,

 

103

 

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

3. RELATED PARTY AND SERVICE PROVIDER TRANSACTIONS (continued)

 

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 Funds, 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 MLP ETF   $ 292,101,636     $ 417,916,002  
Global X MLP & Energy Infrastructure ETF     287,236,034       363,488,160  
Global X Alternative Income ETF     213,340       638,582  
Global X Conscious Companies ETF     45,819,964       45,885,241  
Global X U.S. Preferred ETF     812,950,648       759,493,613  
Global X S&P 500® Quality Dividend ETF     10,199,446       10,191,112  
Global X Adaptive U.S. Factor ETF     194,020,550       195,395,679  
Global X Variable Rate Preferred ETF     98,562,528       94,023,339  
Global X Adaptive U.S. Risk Management ETF     241,685,243       238,522,047  
Global X 1-3 Month T-Bill ETF     3,742,960,124       2,300,613,769  
Global X U.S. Cash Flow Kings 100 ETF     4,509,242       4,487,557  
Global X Short-Term Treasury Ladder ETF     194,491       4,170,772  
Global X Intermediate-Term Treasury Ladder ETF     –       –  
Global X Long-Term Treasury Ladder ETF     433,761       –  

 

For the period ended May 31, 2025, the below funds had purchases and sales of long-term U.S. Government securities:

 

    Purchases   Sales
Global X Adaptive U.S. Risk Management ETF     $230,119,109     $230,272,381  
Global X Short-Term Treasury Ladder ETF     4,309,006       1,412,535  
Global X Intermediate-Term Treasury Ladder ETF     419,638       440,599  
Global X Long-Term Treasury Ladder ETF     1,558,792       1,722,292  

 

For the period ended May 31, 2025, in-kind transactions associated with creations and redemptions were:

 

104

 

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

4. INVESTMENT TRANSACTIONS (continued)

 

    Purchases   Sales   Realized
Gain (Loss)		  
Global X MLP ETF   $ 160,735,695     $ –     $ –  
Global X MLP & Energy Infrastructure ETF     748,791,290       276,945,538       128,154,745  
Global X Alternative Income ETF     1,478,829       322,189       9,278  
Global X Conscious Companies ETF     60,399,105       64,336,845       23,415,443  
Global X U.S. Preferred ETF     161,894,995       132,789,604       3,401,757  
Global X S&P 500® Quality Dividend ETF     3,428,031       4,124,660       245,763  
Global X Adaptive U.S. Factor ETF     245,632,913       54,895,566       12,911,413  
Global X Variable Rate Preferred ETF     60,281,854       5,252,600       265,173  
Global X Adaptive U.S. Risk Management ETF     7,012,720       8,169,606       1,699,494  
Global X 1-3 Month T-Bill ETF     824,588,468       235,395,502       –  
Global X U.S. Cash Flow Kings 100 ETF     9,610,947       2,479,363       293,096  
Global X Short-Term Treasury Ladder ETF     7,904,877       –       –  
Global X Intermediate-Term Treasury Ladder ETF     –       –       –  
Global X Long-Term Treasury Ladder ETF     465,994       –       –  

 

5. TAX INFORMATION

 

Global X MLP ETF recognizes interest and penalties, if any, related to unrecognized tax benefits within the income tax expense line in the accompanying Statement of Operations. Accrued interest and penalties, if any, are included within the related tax liability line in the Statement of Assets and Liabilities.

 

Since Global X MLP ETF will be subject to taxation on its taxable income, the NAV of Global X MLP ETF shares will also be reduced by the accrual of any current and deferred tax liabilities.

 

Global X MLP ETF’s income tax expense/(benefit) consists of the following for the period ended May 31, 2025:

 

    Current MLP     Deferred
MLP		     Total MLP  
Federal   $ —     $ (15,324,569)     $ (15,324,569)  
State     —       562,650       562,650  
Valuation allowance     —       —       —  
Total tax expense (benefit)   $ —     $ (14,761,919)     $ (14,761,919)  

 

Deferred income taxes reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting and tax purposes.

 

105

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

5. TAX INFORMATION (continued)

 

Components of the Global X MLP ETF’s deferred tax assets and liabilities are as follows for the period ended May 31, 2025:

 

  MLP
Deferred tax assets:        
Net Operating Loss Carryforward   $ 3,323,803  
State Net Operating Loss Carryforward     286,689  
Capital loss carryforward     —  
Other     3,266,562  
Less Variation Allowance     —  
Deferred tax liabilities:        
Net unrealized gain on investment securities     (52,818,163)  
Book vs tax partnership income to be recognized     (75,787,142)  
Net Deferred Tax Asset/(Liability)   $ (121,728,251)  

 

The Global X MLP ETF reviews the recoverability of its deferred tax assets based upon the weight of available evidence. When assessing the recoverability of its deferred tax assets, significant weight is given to the effects of potential future realized and unrealized gains on investments and the period over which these deferred tax assets can be realized. Currently, any capital losses that may be generated by the Global X MLP ETF are eligible to be carried back up to three years and can be carried forward for five years to offset capital gains recognized by the Global X MLP ETF in those years.

 

The Global X MLP ETF has estimated net operating loss carryforwards for Federal income tax purposes as follows:

 

    Year Ended     Amount     Expiration  
Global X MLP ETF     11/30/2025           $   15,827,633       Indefinite     

 

Based upon the Global X MLP ETF’s assessment, it has been determined that it is more likely than not that the Global X MLP ETF’s deferred tax assets will be realized through future taxable income of the appropriate character. Accordingly, no valuation allowance has been established for the Global X MLP ETF’s deferred tax assets. The Global X MLP ETF will continue to assess the need for a valuation allowance in the future. Significant increases or declines in the fair value of its portfolio of investments may change the Global X MLP ETF’s assessment of the recoverability of these assets and may result in the recording or removal of a valuation allowance against all or a portion of the Global X MLP ETF’s gross deferred tax assets.

 

Total income tax expense/benefit (current and deferred) during the period ended May 31, 2025, differs from the amount computed by applying the Federal statutory income tax rate of 21% for the Global X MLP ETF to net investment and realized and unrealized gain/(losses) on investment before taxes as follows:

 

106

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

5. TAX INFORMATION (continued)

 

For the period ended May 31, 2025:

 

    MLP  
Income tax (benefit) at statutory rate   $ (13,415,733)       21.00 %
State income taxes (net of federal benefit)     (728,283)       1.14 %
Permanent differences, net     (617,903)       0.97 %
Effect of state tax rate change     —       0.00 %
Net income tax expense/(benefit)   $ (14,761,919)       23.11 %

 

The Global X MLP ETF recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Global X MLP ETF’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on U.S. tax returns and state tax returns filed since the inception of the Global X MLP ETF. No U.S. Federal or state income tax returns are currently under examination. The tax years ended November 30, 2023, 2022, and 2021 remain subject to examination by tax authorities in the United States. Due to the nature of the Global X MLP ETF’s investments, the Global X MLP ETF may be required to file income tax returns in several states. The Global X MLP ETF is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

 

State franchise taxes are separate and distinct from state income taxes. State franchise taxes are imposed on a corporation for the right to conduct business in the state and typically are based off the net worth or capital apportioned to a state. Due to the nature of the Global X MLP ETF’s investments, the Global X MLP ETF may be required to file franchise state tax returns in several states.

 

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.

 

The tax character of dividends and distributions declared during the years or periods ended November 30, 2024 and November 30, 2023 were as follows:

 

107

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

5. TAX INFORMATION (continued)

 

Global X Funds   Ordinary
Income		     Long-Term
Capital Gain		     Return of Capital     Totals  
Global X MLP ETF                                
2024   $ 115,595,860     $ –     $ 1,982,760     $ 117,578,620  
2023     106,518,075       –       –       106,518,075  
Global X MLP & Energy Infrastructure ETF                      
2024   $ 53,140,384     $ –     $ 23,571,771     $ 76,712,155  
2023     47,511,225       –       7,533,664       55,044,889  
Global X Alternative Income ETF                      
2024   $ 2,526,973     $ –     $ –     $ 2,526,973  
2023     2,657,760       –       –       2,657,760  
Global X Conscious Companies ETF                      
2024   $ 6,793,472     $ –     $ –     $ 6,793,472  
2023     6,163,099       –       –       6,163,099  
Global X U.S. Preferred ETF                      
2024   $ 150,870,425     $ –     $ –     $ 150,870,425  
2023     144,784,500       –       –       144,784,500  
Global X S&P 500® Quality Dividend ETF                      
2024   $ 909,421     $ –     $ 38,624     $ 948,045  
2023     1,991,843       –       –       1,991,843  
Global X Adaptive U.S. Factor ETF                      
2024   $ 6,630,997     $ –     $ 710,305     $ 7,341,302  
2023     3,511,163       –       453,852       3,965,015  
Global X Variable Rate Preferred ETF                      
2024   $ 18,281,239     $ –     $ –     $ 18,281,239  
2023     16,361,150       –       –       16,361,150  
Global X Adaptive U.S. Risk Management ETF                      
2024   $ 1,199,990     $ –     $ –     $ 1,199,990  
2023     1,310,795       –       –       1,310,795  
Global X 1-3 Month T-Bill ETF                      
2024   $ 21,691,011     $ –     $ –     $ 21,691,011  
2023     1,251,315       –       –       1,251,315  
Global X U.S. Cash Flow Kings 100 ETF                      
2024   $ 78,689     $ –     $ –     $ 78,689  
2023     17,340       –       –       17,340  
Global X Short-Term Treasury Ladder ETF                      
2024   $ 11,440     $ –     $ –     $ 11,440  
Global X Intermediate-Term Treasury Ladder ETF                      
2024   $ 10,050     $ –     $ –     $ 10,050  
Global X Long-Term Treasury Ladder ETF                      
2024   $ 62,250     $ –     $ –     $ 62,250  

 

108

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

5. TAX INFORMATION (continued)

 

As of November 30, 2024, the components of tax basis distributable earnings (accumulated losses) were as follows:

 

    Global X MLP
 & Energy
Infrastructure
ETF		     Global X
Alternative
Income ETF		  
Undistributed Ordinary Income   $ –     $ 126,506  
Capital Loss Carryforwards     (121,011,253 )     (1,472,606 )
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency     692,525,174       (3,911,710 )
Other Temporary Differences     2       8  
Total Distributable Earnings (Accumulated Losses)   $ 571,513,923     $ (5,257,802 )

 

    Global X
Conscious
Companies ETF		     Global X U.S.
Preferred ETF		     Global X S&P
500® Quality
Dividend ETF		  
Undistributed Ordinary Income   $ 2,885,935     $ 1,393,232     $ –  
Capital Loss Carryforwards     (63,071,179 )     (369,032,904 )     (7,860,515 )
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency     138,870,795       (140,820,125 )     1,727,135  
Other Temporary Differences     (1 )     697       (2 )
Total Distributable Earnings (Accumulated Losses)   $ 78,685,550     $ (508,459,100 )   $ (6,133,382 )

 

    Global X
Adaptive U.S.
Factor ETF		     Global X
Variable Rate
Preferred ETF		     Global X
Adaptive
U.S. Risk
Management
ETF		  
Undistributed Ordinary Income   $ –     $ 1,198,651     $ 687,203  
Capital Loss Carryforwards     (31,475,088 )     (30,634,857 )     (1,130,331 )
Unrealized Appreciation on Investments and Foreign Currency     32,341,265       6,484,748       6,300,119  
Other Temporary Differences     1       611,230       (1 )
Total Distributable Earnings (Accumulated Losses)   $ 866,178     $ (22,340,228 )   $ 5,856,990  

 

109

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

5. TAX INFORMATION (continued)

 

    Global X 1-3
Month T-Bill
ETF		     Global X U.S.
Cash Flow
Kings 100 ETF		     Global X Short-
Term Treasury
Ladder ETF		  
Undistributed Ordinary Income   $ 1,502,370     $ 3,520     $ 17,194  
Capital Loss Carryforwards     –       (83,505 )     –  
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency     112,329       218,451       (17,297 )
Other Temporary Differences     –       1       1  
Total Distributable Earnings (Accumulated Losses)   $ 1,614,699     $ 138,467     $ (102 )

 

    Global X
Intermediate-
Term Treasury
Ladder ETF		     Global X Long-
Term Treasury
Ladder ETF		  
Undistributed Ordinary Income   $ 9,211     $ 61,754  
Capital Loss Carryforwards     (62 )     –  
Unrealized Depreciation on Investments and Foreign Currency     (68,812 )     (247,626 )
Other Temporary Differences     –       (2 )
Total Accumulated Losses   $ (59,663 )   $ (185,874 )

 

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 basis of investments and aggregate 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 MLP ETF   $ 1,260,297,698   $ 604,650,774   $ (1,207,865)   $ 603,442,909
Global X MLP & Energy Infrastructure ETF   2,140,046,430   549,532,161   (6,903,242)   542,628,919
Global X Alternative Income ETF   38,885,090   2,281,661   (6,832,110)   (4,550,449)
Global X Conscious Companies ETF   526,149,026   117,734,471   (26,565,432)   91,169,039
Global X U.S. Preferred ETF   2,459,262,971   34,353,371   (218,565,584)   (184,212,213)
Global X S&P 500® Quality Dividend ETF   29,904,660   1,457,394   (3,008,094)   (1,550,700)
Global X Adaptive U.S. Factor ETF   517,766,646   39,959,310   (13,741,837)   26,217,473
Global X Variable Rate Preferred ETF   303,502,553   3,736,052   (4,794,779)   (1,058,727)

 

110

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

5. TAX INFORMATION (continued)

 

Global X Funds   Federal Tax
Cost		   Aggregated
Gross
Unrealized
Appreciation		   Aggregated
Gross
Unrealized
Depreciation		   Net Unrealized
Appreciation
(Depreciation)
Global X Adaptive U.S. Risk Management ETF   $ 114,958,712   $ 9,740,426   $ (1,638,590)   $ 8,101,836
Global X 1-3 Month T-Bill ETF   1,550,289,304   142,956   (3,957)   138,999
Global X U.S. Cash Flow Kings 100 ETF   11,362,822   514,444   (870,151)   (355,707)
Global X Short-Term Treasury Ladder ETF   11,963,377   12,757   (8,957)   3,800
Global X Intermediate-Term Treasury Ladder ETF   2,469,014   379   (56,984)   (56,605)
Global X Long-Term Treasury Ladder ETF   21,867,060   1,668   (1,536,055)   (1,534,387)

 

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Funds’ net unrealized appreciation difference is attributable primarily to wash sales, mark-to-market treatment of passive foreign investment companies and adjustments in preferred stock and partnerships.

 

6. CONCENTRATION OF RISKS

 

The Funds may invest in securities in a particular asset class. Securities and other assets held in each Fund’s portfolio may underperform in comparison to the general securities markets, a particular securities market or other asset classes.

 

The Funds, except for the Global X U.S. Preferred ETF, Global X 1-3 Month T-Bill ETF, and Global X Variable Rate Preferred ETF, use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of an underlying index (also known as a secondary index) in approximately the same proportions as in the underlying index. A representative sampling strategy is an indexing strategy that involves investing in a representative sample of securities (including indirect investments through underlying ETFs) that collectively has an investment profile similar to an underlying index in terms of key risk factors, performance attributes and other characteristics. Each Fund may utilize a representative sampling strategy with respect to its underlying index when a replication strategy might be detrimental to its 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 a Fund but not its underlying index). The Global X U.S. Preferred ETF, Global X 1-3 Month T-Bill ETF, and Global X Variable Rate Preferred ETF use a representative sampling strategy.

 

111

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

6. CONCENTRATION OF RISKS (continued)

 

The Funds 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.

 

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, 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.

 

7. 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 a 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, 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.

 

112

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

7. LOANS OF PORTFOLIO SECURITIES (continued)

 

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 Statement 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 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, 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 MLP & Energy Infrastructure ETF   $ 35,900,512     $ 35,900,512     $ —     $ —  
Global X Alternative Income ETF     897,975       897,975       —       —  
Global X U.S. Preferred ETF     1,850,690       1,850,690       —       —  
Global X Adaptive U.S. Factor ETF     128,492       128,492       —       —  
Global X 1-3 Month T-Bill ETF     3,189,723,384       3,189,723,384       —       —  

 

(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

 

113

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

7. LOANS OF PORTFOLIO SECURITIES (continued)

 

than that required under the lending contract. As of May 31, 2025, the cash collateral was invested in repurchase agreements 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 MLP & Energy Infrastructure ETF                                        
Repurchase Agreements   $ 19,970,885     $ —     $ —     $ —     $ 19,970,885  
Total   $ 19,970,885     $ —     $ —     $ —     $ 19,970,885  
Global X Alternative Income ETF                                        
Repurchase Agreements   $ 468,107     $ —     $ —     $ —     $ 468,107  
Total   $ 468,107     $ —     $ —     $ —     $ 468,107  
Global X U.S. Preferred ETF                                        
Repurchase Agreements   $ 966,321     $ —     $ —     $ —     $ 966,321  
Total   $ 966,321     $ —     $ —     $ —     $ 966,321  
Global X Adaptive U.S. Factor ETF                                        
Repurchase Agreements   $ 69,417     $ —     $ —     $ —     $ 69,417  
Total   $ 69,417     $ —     $ —     $ —     $ 69,417  
Global X 1-3 Month T-Bill ETF                                        
Repurchase Agreements   $ 10,647     $ —     $ —     $ —     $ 10,647  
Total   $ 10,647     $ —     $ —     $ —     $ 10,647  

 

8. CONTRACTUAL OBLIGATION

 

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 (the “Trustees”) and the Trust’s officers are indemnified against certain liabilities that may arise out of the performance of their duties.

 

114

 

Notes to Financial Statements (Concluded)

May 31, 2025 (Unaudited)

 

 

9. REVERSE SHARE SPLIT

 

Effective June 14, 2024 the Global X 1-3 Month T-Bill ETF executed a 1-for-4 reverse share split for shareholders of record after the close of markets on June 13, 2024. The effect of this transaction for the Fund was to divide the number of outstanding Shares of the Fund by four, resulting in a corresponding increase in the NAV per Share. The capital share activity presented in the Statement of Changes in Net Assets for each of the years in the period then ended, and 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.

 

Effective April 28, 2020, the Global X MLP ETF executed a 1-for-6 reverse share split for shareholders of record after the close of markets on April 27, 2020. The effect of this transaction for the Fund was to divide the number of outstanding Shares of the Fund by six, 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 April 28, 2020, the Global X MLP & Energy Infrastructure ETF executed a 1-for-3 reverse share split for shareholders of record after the close of markets on April 27, 2020. The effect of this transaction for the Fund was to divide the number of outstanding Shares of the Fund by three, 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 these reverse share splits. There were no changes in net assets, results of operations or total return as a result of these transactions.

 

10. 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.

 

115

 

Other Information (Form N-CSRS 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.

 

116

 

 

605 3rd 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-005-1400