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Form N-CSRS Global X Funds For: May 31

August 8, 2022 3:42 PM EDT

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________

FORM N-CSRS
________

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-22209

Global X Funds
 (Exact name of registrant as specified in charter)
________


605 Third Avenue, 43rd floor
New York, NY 10158
 (Address of principal executive offices) (Zip code)

Luis Berruga
Global X Management Company LLC
605 Third Avenue, 43rd floor
New York, NY 10158
 (Name and address of agent for service)

With a copy to:

 
Global X Management Company LLC
605 Third Avenue, 43rd floor
New York, NY 10158
Eric S. Purple, Esq.
Stradley Ronon Stevens & Young, LLP
2000 K Street, N.W., Suite 700
Washington, DC 20006-1871



Registrant’s telephone number, including area code: (212) 644-6440

Date of fiscal year end: November 30, 2022

Date of reporting period: May 31, 2022






Item 1. Reports to Stockholders.

A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR § 270.30e-1), is attached hereto.




Global X Emerging Markets Bond ETF (ticker: EMBD)
Global X China Innovation ETF (ticker: KEJI)


Semi-Annual Report
May 31, 2022

As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ (defined below) shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary (such as a broker-dealer or bank). Instead, shareholder reports will be available on the Funds’ website (www.globalxetfs.com/explore), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary.
You may elect to receive all future Fund shareholder reports in paper free of charge. Please contact your financial intermediary to inform them that you wish to continue receiving paper copies of Fund shareholder reports and for details about whether your election to receive reports in paper will apply to all funds held with your financial intermediary.





Table of Contents


Schedules of Investments
 
Global X Emerging Markets Bond ETF
1
Global X China Innovation ETF
16
Statements of Assets and Liabilities
19
Statements of Operations
20
Statements of Changes in Net Assets
21
Financial Highlights
23
Notes to Financial Statements
25
Disclosure of Fund Expenses
40
Liquidity Risk Management Program
42
Supplemental Information
43




Shares are bought and sold at market price (not net asset value) 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.
Each Fund file its complete schedule of Fund holdings with the Securities and Exchange Commission (the “SEC” or “Commission”) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. The Funds’ Forms N-PORT are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
A description of the policies and procedures that Global X Funds uses to determine how to vote proxies relating to Fund securities, as well as information relating to how the Fund voted proxies relating to Fund securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-888-493-8631; and (ii) on the Commission’s website at http://www.sec.gov.




Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X Emerging Markets Bond ETF
 


   
Face Amount
   
Value
 
SOVEREIGN DEBT — 58.2%
           
Angola — 0.9%
           
Angolan Government International Bond
           
8.750%, 04/14/32 
 
$
1,000,000
   
$
942,820
 
                 
Argentina — 1.4%
               
Argentine Republic Government International Bond
               
2.500%, 3.500%, 07/09/22, 07/09/41(A)
   
1,400,000
     
452,441
 
2.000%, 3.875%, 07/09/22, 01/09/38(A)
   
2,000,000
     
698,480
 
1.125%, 1.500%, 07/09/22, 07/09/35(A)
   
1,700,000
     
461,822
 
             
1,612,743
 
                 
Bahrain — 0.4%
               
Bahrain Government International Bond
               
6.750%, 09/20/29 
   
200,000
     
202,258
 
Bahrain Government International Bond MTN
               
5.250%, 01/25/33 
   
300,000
     
266,250
 
             
468,508
 
                 



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

Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X Emerging Markets Bond ETF
 


   
Face Amount
   
Value
 
SOVEREIGN DEBT — continued
               
Brazil — 3.8%
               
Brazilian Government International Bond
               
5.625%, 02/21/47 
 
$
200,000
   
$
171,617
 
4.625%, 01/13/28 
   
400,000
     
391,300
 
4.500%, 05/30/29 
   
2,000,000
     
1,897,892
 
3.875%, 06/12/30 
   
1,600,000
     
1,432,838
 
2.875%, 06/06/25 
   
200,000
     
192,963
 
             
4,086,610
 
                 
Chile — 4.0%
               
Chile Government International Bond
               
4.000%, 01/31/52 
   
300,000
     
262,518
 
3.500%, 01/31/34 
   
1,000,000
     
924,448
 
3.500%, 01/25/50 
   
400,000
     
326,352
 
3.240%, 02/06/28 
   
1,400,000
     
1,357,143
 
2.750%, 01/31/27 
   
1,600,000
     
1,532,458
 
             
4,402,919
 
                 
Colombia — 3.0%
               
Colombia Government International Bond
               
5.200%, 05/15/49 
   
800,000
     
626,733
 
5.000%, 06/15/45 
   
800,000
     
619,785
 
4.125%, 05/15/51 
   
1,000,000
     
701,207
 
4.125%, 02/22/42 
   
200,000
     
145,789
 
3.250%, 04/22/32 
   
600,000
     
481,751
 
3.125%, 04/15/31 
   
1,000,000
     
809,999
 
             
3,385,264
 
                 
Dominican Republic — 2.8%
               
Dominican Republic International Bond
               
6.850%, 01/27/45 
   
400,000
     
358,592
 
6.500%, 02/15/48 
   
400,000
     
342,716
 
6.400%, 06/05/49 
   
400,000
     
338,493
 
6.000%, 07/19/28 
   
200,000
     
196,417
 
5.950%, 01/25/27 
   
400,000
     
398,910
 
5.875%, 01/30/60 
   
200,000
     
155,509
 
4.875%, 09/23/32 
   
700,000
     
602,730
 
4.500%, 01/30/30 
   
800,000
     
700,043
 
             
3,093,410
 
                 



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

Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X Emerging Markets Bond ETF
 


   
Face Amount
   
Value
 
SOVEREIGN DEBT — continued
               
Ecuador — 1.0%
               
Ecuador Government International Bond
               
1.000%, 2.500%, 07/31/22, 07/31/35(A)
 
$
600,000
   
$
383,285
 
0.500%, 1.500%, 07/31/22, 07/31/40(A)
   
1,200,000
     
656,867
 
             
1,040,152
 
                 
Egypt — 1.8%
               
Egypt Government International Bond
               
8.875%, 05/29/50 
   
700,000
     
514,178
 
8.700%, 03/01/49 
   
800,000
     
587,024
 
7.903%, 02/21/48 
   
600,000
     
422,629
 
7.625%, 05/29/32 
   
200,000
     
159,744
 
Egypt Government International Bond MTN
               
5.875%, 02/16/31 
   
400,000
     
301,492
 
             
1,985,067
 
                 
El Salvador — 0.1%
               
El Salvador Government International Bond
               
7.125%, 01/20/50(B) 
   
200,000
     
76,002
 
                 
Ghana — 0.6%
               
Ghana Government International Bond
               
8.950%, 03/26/51 
   
400,000
     
203,784
 
8.627%, 06/16/49 
   
600,000
     
301,294
 
8.125%, 03/26/32 
   
200,000
     
106,220
 
             
611,298
 
                 
Hungary — 0.6%
               
Hungary Government International Bond
               
5.375%, 03/25/24 
   
400,000
     
410,600
 
3.125%, 09/21/51 
   
200,000
     
134,980
 
2.125%, 09/22/31 
   
200,000
     
161,120
 
             
706,700
 
                 
India — 0.4%
               
Export-Import Bank of India
               
3.875%, 02/01/28 
   
400,000
     
385,256
 
                 
Indonesia — 1.7%
               
Indonesia Government International Bond
               
4.200%, 10/15/50 
   
500,000
     
453,052
 
2.950%, 01/11/23 
   
200,000
     
199,850
 



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

Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X Emerging Markets Bond ETF
 


   
Face Amount
   
Value
 
SOVEREIGN DEBT — continued
               
Indonesia — continued
               
Indonesia Government International Bond MTN
               
5.125%, 01/15/45 
 
$
1,000,000
   
$
1,008,634
 
Perusahaan Penerbit SBSN Indonesia III
               
4.400%, 06/06/27 
   
200,000
     
201,750
 
             
1,863,286
 
                 
Ivory Coast — 1.0%
               
Ivory Coast Government International Bond
               
6.125%, 06/15/33 
   
1,200,000
     
1,072,368
 
                 
Jordan — 0.4%
               
Jordan Government International Bond
               
5.750%, 01/31/27 
   
400,000
     
380,500
 
                 
Kenya — 0.5%
               
Kenya Government International Bond
               
8.250%, 02/28/48 
   
400,000
     
310,200
 
6.875%, 06/24/24 
   
200,000
     
186,162
 
             
496,362
 
                 
Kuwait — 0.6%
               
Kuwait International Government Bond
               
3.500%, 03/20/27 
   
600,000
     
611,250
 
                 
Mexico — 1.7%
               
Mexico Government International Bond
               
5.000%, 04/27/51 
   
600,000
     
544,414
 
4.750%, 04/27/32 
   
600,000
     
602,462
 
3.750%, 01/11/28 
   
400,000
     
393,206
 
2.659%, 05/24/31 
   
200,000
     
172,428
 
             
1,712,510
 
                 
Morocco — 1.3%
               
Morocco Government International Bond
               
4.000%, 12/15/50 
   
1,000,000
     
693,700
 
3.000%, 12/15/32 
   
200,000
     
156,250
 
2.375%, 12/15/27 
   
800,000
     
685,936
 
             
1,535,886
 
                 



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

Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X Emerging Markets Bond ETF
 


   
Face Amount
   
Value
 
SOVEREIGN DEBT — continued
               
Nigeria — 0.6%
               
Nigeria Government International Bond
               
9.248%, 01/21/49 
 
$
600,000
   
$
489,000
 
Nigeria Government International Bond MTN
               
7.625%, 11/28/47 
   
200,000
     
144,000
 
             
633,000
 
                 
Oman — 2.0%
               
Oman Government International Bond
               
6.750%, 01/17/48 
   
400,000
     
373,500
 
6.250%, 01/25/31 
   
600,000
     
616,932
 
5.625%, 01/17/28 
   
500,000
     
502,970
 
Oman Government International Bond MTN
               
6.000%, 08/01/29 
   
600,000
     
609,840
 
             
2,103,242
 
                 
Panama — 2.6%
               
Panama Government International Bond
               
4.500%, 05/15/47 
   
200,000
     
176,703
 
4.500%, 04/01/56 
   
1,000,000
     
856,719
 
3.875%, 03/17/28 
   
500,000
     
488,793
 
3.870%, 07/23/60 
   
1,200,000
     
917,076
 
3.750%, 03/16/25 
   
400,000
     
400,907
 
             
2,840,198
 
                 
Paraguay — 0.6%
               
Paraguay Government International Bond
               
5.000%, 04/15/26 
   
200,000
     
201,523
 
4.950%, 04/28/31 
   
400,000
     
389,557
 
             
591,080
 
                 
Peru — 2.7%
               
Peruvian Government International Bond
               
8.750%, 11/21/33 
   
600,000
     
794,006
 
5.625%, 11/18/50 
   
200,000
     
221,767
 
4.125%, 08/25/27 
   
1,000,000
     
1,001,066
 
3.550%, 03/10/51 
   
200,000
     
161,925
 
3.000%, 01/15/34 
   
200,000
     
172,032
 
2.783%, 01/23/31 
   
800,000
     
706,067
 
             
3,056,863
 
                 


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

Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X Emerging Markets Bond ETF
 


   
Face Amount
   
Value
 
SOVEREIGN DEBT — continued
               
Philippines — 0.5%
               
Philippine Government International Bond
               
6.375%, 10/23/34 
 
$
200,000
   
$
235,976
 
3.700%, 02/02/42 
   
400,000
     
357,080
 
             
593,056
 
                 
Qatar — 5.4%
               
Qatar Government International Bond
               
4.817%, 03/14/49 
   
800,000
     
860,928
 
4.500%, 04/23/28 
   
800,000
     
848,960
 
4.400%, 04/16/50 
   
1,400,000
     
1,423,520
 
4.000%, 03/14/29 
   
600,000
     
622,492
 
3.875%, 04/23/23 
   
600,000
     
606,240
 
3.750%, 04/16/30 
   
200,000
     
204,579
 
3.400%, 04/16/25 
   
1,200,000
     
1,209,108
 
             
5,775,827
 
                 
Romania — 1.5%
               
Romanian Government International Bond
               
4.000%, 02/14/51 
   
600,000
     
460,380
 
3.000%, 02/14/31 
   
1,000,000
     
844,060
 
3.000%, 02/27/27 
   
300,000
     
276,226
 
             
1,580,666
 
                 
Saudi Arabia — 2.0%
               
Saudi Government International Bond
               
4.375%, 04/16/29 
   
200,000
     
210,000
 
Saudi Government International Bond MTN
               
4.500%, 04/17/30 
   
400,000
     
424,800
 
4.000%, 04/17/25 
   
400,000
     
408,736
 
3.750%, 01/21/55 
   
200,000
     
174,580
 
3.250%, 10/26/26 
   
600,000
     
599,676
 
2.250%, 02/02/33 
   
200,000
     
175,015
 
             
1,992,807
 
                 
Senegal — 1.1%
               
Senegal Government International Bond
               
6.750%, 03/13/48 
   
800,000
     
616,976
 
6.250%, 05/23/33 
   
600,000
     
525,300
 
             
1,142,276
 
                 


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

Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X Emerging Markets Bond ETF
 


   
Face Amount
   
Value
 
SOVEREIGN DEBT — continued
               
South Africa — 2.3%
               
Republic of South Africa Government International Bond
               
7.300%, 04/20/52 
 
$
500,000
   
$
470,530
 
4.850%, 09/30/29 
   
1,000,000
     
928,920
 
4.850%, 09/27/27 
   
600,000
     
585,000
 
4.300%, 10/12/28 
   
600,000
     
553,792
 
             
2,538,242
 
                 
South Korea — 2.4%
               
Export-Import Bank of Korea
               
2.425%, ICE LIBOR USD 3 Month + 1.200%, 04/27/23(C)
   
1,000,000
     
1,007,910
 
Korea Development Bank
               
0.654%, U.S. SOFR + 0.250%, 03/09/24(C)
   
700,000
     
698,621
 
Korea Development Bank MTN
               
1.805%, ICE LIBOR USD 3 Month + 0.350%, 02/18/23(C)
   
1,000,000
     
1,000,948
 
             
2,707,479
 
                 
Sri Lanka — 0.3%
               
Sri Lanka Government International Bond
               
7.550%, 03/28/30 
   
400,000
     
153,996
 
6.750%, 04/18/28 
   
600,000
     
231,040
 
             
385,036
 
                 
Turkey — 2.3%
               
Turkey Government International Bond
               
6.625%, 02/17/45 
   
200,000
     
150,800
 
6.125%, 10/24/28 
   
200,000
     
172,487
 
5.750%, 05/11/47 
   
600,000
     
411,024
 
5.600%, 11/14/24 
   
400,000
     
374,200
 
5.250%, 03/13/30 
   
600,000
     
474,272
 
5.125%, 02/17/28 
   
800,000
     
664,784
 
4.750%, 01/26/26 
   
400,000
     
350,052
 
             
2,597,619
 
                 


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

Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X Emerging Markets Bond ETF
 


   
Face Amount
   
Value
 
SOVEREIGN DEBT — continued
               
Ukraine — 0.7%
               
Ukraine Government International Bond
               
7.750%, 09/01/26 
 
$
400,000
   
$
153,904
 
7.750%, 09/01/24 
   
400,000
     
157,000
 
7.375%, 09/25/32 
   
1,000,000
     
359,140
 
7.253%, 03/15/33 
   
600,000
     
215,580
 
             
885,624
 
                 
United Arab Emirates — 2.4%
               
Abu Dhabi Government International Bond
               
3.125%, 10/11/27 
   
600,000
     
600,932
 
3.125%, 09/30/49 
   
200,000
     
165,711
 
Abu Dhabi Government International Bond MTN
               
2.500%, 04/16/25 
   
1,000,000
     
984,388
 
Finance Department Government of Sharjah MTN
               
4.375%, 03/10/51 
   
1,000,000
     
744,776
 
             
2,495,807
 
                 
Uruguay — 0.2%
               
Uruguay Government International Bond
               
4.375%, 01/23/31 
   
200,000
     
208,450
 
                 
Vietnam — 0.6%
               
Vietnam Government International Bond
               
4.800%, 11/19/24 
   
600,000
     
606,752
 
                 
TOTAL SOVEREIGN DEBT
               
(Cost $72,938,761) 
           
63,202,935
 
                 
CORPORATE OBLIGATIONS — 34.7%
               
Brazil — 0.9%
               
Consumer Discretionary — 0.9%
               
B2W Digital Lux Sarl
               
4.375%, 12/20/30 
   
800,000
     
644,408
 
Iochpe-Maxion Austria GmbH
               
5.000%, 05/07/28 
   
400,000
     
348,604
 
             
993,012
 
                 


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

Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X Emerging Markets Bond ETF
 


   
Face Amount
   
Value
 
CORPORATE OBLIGATIONS — continued
               
Chile — 1.4%
               
Consumer Staples — 0.3%
               
Agrosuper
               
4.600%, 01/20/32 
 
$
300,000
   
$
267,000
 
                 
Energy — 0.3%
               
Empresa Nacional del Petroleo
               
4.500%, 09/14/47 
   
400,000
     
310,504
 
                 
Materials — 0.8%
               
Nacional del Cobre de Chile
               
3.000%, 09/30/29 
   
1,000,000
     
899,560
 
                 
China — 0.7%
               
Communication Services — 0.7%
               
Prosus
               
4.987%, 01/19/52 
   
500,000
     
389,072
 
3.832%, 02/08/51 
   
500,000
     
333,116
 
             
722,188
 
                 
Colombia — 1.0%
               
Energy — 0.8%
               
Ecopetrol
               
5.875%, 05/28/45 
   
1,100,000
     
896,599
 
                 
Utilities — 0.2%
               
Promigas ESP
               
3.750%, 10/16/29 
   
200,000
     
171,002
 
                 
India — 0.4%
               
Utilities — 0.4%
               
Adani Renewable Energy RJ MTN
               
4.625%, 10/15/39 
   
550,500
     
443,152
 
                 
Indonesia — 2.9%
               
Energy — 0.2%
               
Pertamina Persero MTN
               
6.450%, 05/30/44 
   
200,000
     
214,238
 
                 
Materials — 2.5%
               
Freeport Indonesia
               
6.200%, 04/14/52 
   
1,000,000
     
946,890
 


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

Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X Emerging Markets Bond ETF
 


   
Face Amount
   
Value
 
CORPORATE OBLIGATIONS — continued
               
Materials — continued
               
Freeport Indonesia MTN
               
5.315%, 04/14/32 
 
$
250,000
   
$
242,950
 
Indonesia Asahan Aluminium Persero
               
6.530%, 11/15/28 
   
1,000,000
     
1,070,590
 
4.750%, 05/15/25 
   
400,000
     
400,000
 
             
2,660,430
 
                 
Utilities — 0.2%
               
Perusahaan Perseroan Persero Perusahaan Listrik Negara MTN
               
4.125%, 05/15/27 
   
200,000
     
196,494
 
                 
Israel — 0.9%
               
Materials — 0.9%
               
ICL Group
               
6.375%, 05/31/38(B) 
   
900,000
     
938,250
 
                 
Kazakhstan — 0.9%
               
Energy — 0.9%
               
Tengizchevroil Finance International
               
4.000%, 08/15/26 
   
400,000
     
356,000
 
3.250%, 08/15/30 
   
800,000
     
640,392
 
             
996,392
 
                 
Malaysia — 1.7%
               
Energy — 1.7%
               
Petronas Capital MTN
               
4.550%, 04/21/50 
   
1,200,000
     
1,190,595
 
3.500%, 04/21/30 
   
500,000
     
481,485
 
3.500%, 03/18/25 
   
200,000
     
200,450
 
             
1,872,530
 
                 
Mexico — 6.1%
               
Communication Services — 0.5%
               
America Movil
               
5.375%, 04/04/32 
   
600,000
     
570,522
 
                 
Consumer Staples — 1.6%
               
Fomento Economico Mexicano
               
3.500%, 01/16/50 
   
1,400,000
     
1,157,800
 


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

Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X Emerging Markets Bond ETF
 


   
Face Amount
   
Value
 
CORPORATE OBLIGATIONS — continued
               
Consumer Staples — continued
               
Grupo Bimbo
               
4.700%, 11/10/47 
 
$
600,000
   
$
570,858
 
             
1,728,658
 
                 
Energy — 2.9%
               
Petroleos Mexicanos
               
7.690%, 01/23/50 
   
1,000,000
     
775,000
 
6.840%, 01/23/30 
   
400,000
     
359,400
 
6.500%, 01/23/29 
   
800,000
     
723,432
 
6.350%, 02/12/48 
   
200,000
     
140,480
 
5.950%, 01/28/31 
   
1,400,000
     
1,171,660
 
             
3,169,972
 
                 
Industrials — 0.2%
               
Mexico City Airport Trust
               
3.875%, 04/30/28 
   
200,000
     
179,166
 
                 
Materials — 0.6%
               
Orbia Advance
               
2.875%, 05/11/31 
   
800,000
     
658,000
 
                 
Utilities — 0.3%
               
Comision Federal de Electricidad
               
3.875%, 07/26/33 
   
400,000
     
319,504
 
                 
Morocco — 1.0%
               
Materials — 1.0%
               
OCP
               
6.875%, 04/25/44 
   
400,000
     
369,286
 
5.125%, 06/23/51 
   
1,000,000
     
743,000
 
             
1,112,286
 
                 
Panama — 0.3%
               
Industrials — 0.3%
               
Aeropuerto Internacional de Tocumen
               
5.125%, 08/11/61 
   
400,000
     
334,846
 
                 
Peru — 3.3%
               
Consumer Staples — 0.3%
               
InRetail Consumer
               
3.250%, 03/22/28 
   
400,000
     
345,984
 
                 


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

Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X Emerging Markets Bond ETF
 


   
Face Amount
   
Value
 
CORPORATE OBLIGATIONS — continued
               
Energy — 1.1%
               
Transportadora de Gas del Peru
               
4.250%, 04/30/28 
 
$
1,200,000
   
$
1,145,820
 
                 
Financials — 0.5%
               
Intercorp Peru
               
3.875%, 08/15/29 
   
600,000
     
528,006
 
                 
Utilities — 1.4%
               
Consorcio Transmantaro
               
5.200%, 04/11/38 
   
600,000
     
562,500
 
4.700%, 04/16/34 
   
800,000
     
754,000
 
Kallpa Generacion
               
4.125%, 08/16/27 
   
200,000
     
187,250
 
             
1,503,750
 
                 
Saudi Arabia — 3.2%
               
Energy — 2.6%
               
EIG Pearl Holdings Sarl
               
4.387%, 11/30/46 
   
1,200,000
     
1,006,366
 
Saudi Arabian Oil
               
1.625%, 11/24/25 
   
400,000
     
375,000
 
Saudi Arabian Oil MTN
               
3.500%, 04/16/29 
   
800,000
     
785,984
 
2.875%, 04/16/24 
   
800,000
     
793,184
 
             
2,960,534
 
                 
Utilities — 0.6%
               
Acwa Power Management And Investments One
               
5.950%, 12/15/39 
   
598,860
     
617,856
 
                 
South Africa — 2.6%
               
Materials — 1.3%
               
AngloGold Ashanti Holdings
               
3.375%, 11/01/28 
   
800,000
     
703,915
 
Sasol Financing USA
               
5.500%, 03/18/31 
   
800,000
     
697,600
 
             
1,401,515
 
                 


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

Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X Emerging Markets Bond ETF
 


   
Face Amount
   
Value
 
CORPORATE OBLIGATIONS — continued
               
Utilities — 1.3%
               
Eskom Holdings SOC MTN
               
6.350%, 08/10/28 
 
$
1,400,000
   
$
1,374,870
 
                 
Thailand — 0.8%
               
Materials — 0.8%
               
GC Treasury Center MTN
               
5.200%, 03/30/52 
   
600,000
     
550,670
 
2.980%, 03/18/31 
   
400,000
     
343,199
 
             
893,869
 
                 
United Arab Emirates — 3.7%
               
Financials — 1.9%
               
First Abu Dhabi Bank PJSC MTN
               
2.221%, ICE LIBOR USD 3 Month + 0.850%, 08/08/23(C)
   
1,800,000
     
1,799,525
 
1.886%, ICE LIBOR USD 3 Month + 0.900%, 07/08/24(C)
   
200,000
     
199,742
 
             
1,999,267
 
                 
Government — 0.3%
               
Sharjah Sukuk Program
               
3.234%, 10/23/29 
   
400,000
     
369,208
 
                 
Industrials — 1.5%
               
DP World Crescent
               
3.908%, 05/31/23 
   
200,000
     
200,548
 
DP World Crescent MTN
               
4.848%, 09/26/28 
   
400,000
     
404,000
 
DP World MTN
               
4.700%, 09/30/49 
   
1,200,000
     
1,003,800
 
             
1,608,348
 
                 
United States — 2.9%
               
Financials — 2.6%
               
Goldman Sachs Group
               
2.255%, ICE LIBOR USD 3 Month + 0.750%, 02/23/23(C)
   
1,100,000
     
1,098,087
 


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

Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X Emerging Markets Bond ETF
 


   
Face Amount
   
Value
 
CORPORATE OBLIGATIONS — continued
               
Financials — continued
               
Morgan Stanley MTN
               
2.591%, ICE LIBOR USD 3 Month + 1.220%, 05/08/24(C)
 
$
800,000
   
$
803,504
 
2.584%, ICE LIBOR USD 3 Month + 1.400%, 10/24/23(C)
   
1,000,000
     
1,002,831
 
             
2,904,422
 
                 
Materials — 0.3%
               
GCC
               
3.614%, 04/20/32 
   
400,000
     
348,880
 
                 
TOTAL CORPORATE OBLIGATIONS
               
(Cost $41,858,221) 
           
37,656,634
 
                 
U.S. TREASURY OBLIGATIONS — 2.6%
               
U.S. Treasury Notes
               
1.875%, 02/15/32 .........................................
   
1,000,000
     
917,812
 
0.375%, 11/30/25 .........................................
   
1,000,000
     
919,727
 
0.125%, 02/28/23 .........................................
   
1,000,000
     
986,719
 
TOTAL U.S. TREASURY OBLIGATIONS
               
(Cost $2,985,348) 
           
2,824,258
 
TOTAL INVESTMENTS — 95.5%
               
(Cost $117,782,330) 
         
$
103,683,827
 

Percentages are based on Net Assets of $108,541,243.
(A)
Step Bonds – Represents the current rate, the step rate, the step date and the final maturity date.
(B)
Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration normally to qualified institutions.  On May 31, 2022, the value of these securities amounted to $1,014,252, representing 0.9% of the Net Assets of the Fund.
(C)
Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates for certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.



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

Schedule of Investments
 
May 31, 2022 (Unaudited)
 
Global X Emerging Markets Bond ETF
 


ICE — Intercontinental Exchange
LIBOR — London Interbank Offered Rate
MTN — Medium Term Note
PJSC — Public Joint Stock Company
SOC — State Owned Company
SOFR – Secured Overnight Financing Rate
USD — U.S. Dollar

As of May 31, 2022, 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.





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

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

 


   
Shares
   
Value
 
COMMON STOCK — 90.9%
           
CHINA — 88.8%
           
Communication Services — 6.5%
           
NetEase 
   
1,400
   
$
30,371
 
Tencent Holdings 
   
2,800
     
129,337
 
             
159,708
 
                 
                 
Consumer Discretionary — 16.2%
               
Alibaba Group Holding * 
   
7,400
     
90,784
 
BYD, Cl H 
   
3,000
     
107,067
 
Fuyao Glass Industry Group, Cl H
   
10,800
     
52,448
 
Geely Automobile Holdings 
   
11,000
     
21,031
 
Meituan, Cl B * 
   
2,000
     
47,670
 
Ping An Healthcare and Technology *
   
11,300
     
30,390
 
XPeng, Cl A * 
   
2,700
     
31,799
 
Zhejiang Shuanghuan Driveline, Cl A
   
4,500
     
16,762
 
             
397,951
 
                 
                 
Consumer Staples — 2.7%
               
Tongwei, Cl A 
   
9,900
     
66,979
 
                 
                 
Financials — 3.5%
               
East Money Information, Cl A 
   
17,640
     
59,791
 


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

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

 

   
Shares
   
Value
 
COMMON STOCK — continued
               
Financials — continued
               
Lufax Holding ADR 
   
4,247
   
$
26,714
 
             
86,505
 
                 
Health Care — 11.3%
               
Hangzhou Tigermed Consulting, Cl A
   
2,200
     
28,300
 
Innovent Biologics * 
   
8,000
     
24,829
 
Jiangsu Hengrui Medicine, Cl A
   
4,960
     
22,515
 
Shenzhen Mindray Bio-Medical Electronics, Cl A
   
1,300
     
58,875
 
WuXi AppTec, Cl H 
   
5,020
     
61,970
 
Wuxi Biologics Cayman * 
   
11,000
     
81,320
 
             
277,809
 
                 
                 
Industrials — 26.6%
               
Contemporary Amperex Technology, Cl A
   
1,800
     
109,950
 
Estun Automation, Cl A 
   
9,100
     
22,984
 
Eve Energy, Cl A 
   
3,700
     
44,554
 
Guangzhou KDT Machinery, Cl A
   
12,300
     
38,450
 
Han’s Laser Technology Industry Group, Cl A
   
9,900
     
44,184
 
Ming Yang Smart Energy Group, Cl A
   
5,800
     
22,099
 
NARI Technology, Cl A 
   
13,600
     
69,737
 
Riyue Heavy Industry, Cl A 
   
6,570
     
21,079
 
SF Holding, Cl A * 
   
6,200
     
48,175
 
Shenzhen Inovance Technology, Cl A
   
4,400
     
40,335
 
Sungrow Power Supply, Cl A 
   
2,700
     
32,322
 
Suzhou Maxwell Technologies, Cl A
   
500
     
28,220
 
Wuxi Lead Intelligent Equipment, Cl A
   
12,580
     
91,420
 
ZTO Express Cayman ADR 
   
1,427
     
38,443
 
             
651,952
 
                 
                 
Information Technology — 20.0%
               
GoerTek, Cl A 
   
11,900
     
72,565
 
Hua Hong Semiconductor * 
   
20,000
     
75,839
 
Iflytek 
   
4,400
     
23,952
 
LONGi Green Energy Technology, Cl A
   
11,740
     
139,205
 


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

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

 

   
Shares
   
Value
 
COMMON STOCK — continued
               
Information Technology — continued
               
Luxshare Precision Industry, Cl A
   
8,800
   
$
44,544
 
NavInfo, Cl A * 
   
14,800
     
29,137
 
Will Semiconductor Shanghai, Cl A
   
1,200
     
29,464
 
Xinyi Solar Holdings 
   
42,000
     
74,840
 
             
489,546
 
                 
                 
Materials — 2.0%
               
Ganfeng Lithium, Cl H 
   
3,800
     
48,823
 
                 
                 
TOTAL CHINA 
           
2,179,273
 
HONG KONG — 2.1%
               
Health Care — 2.1%
               
Sino Biopharmaceutical 
   
91,000
     
51,151
 
                 
                 
TOTAL COMMON STOCK
               
(Cost $3,086,296) 
           
2,230,424
 
TOTAL INVESTMENTS — 90.9%
               
(Cost $3,086,296) 
         
$
2,230,424
 

Percentages are based on Net Assets of $2,454,952.
*
Non-income producing security.

ADR — American Depositary Receipt
Cl — Class
As of May 31, 2022, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.


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

 
Statements of Assets and Liabilities
 
 
May 31, 2022 (Unaudited)
 


   
Global X Emerging Markets Bond ETF
   
Global X China
Innovation ETF
 
Assets:
           
Cost of Investments
 
$
117,782,330
   
$
3,086,296
 
Cost of Foreign Currency
   
     
13,965
 
Investments, at Value
 
$
103,683,827
   
$
2,230,424
 
Cash
   
3,565,939
     
210,179
 
Foreign Currency, at Value
   
     
13,968
 
Receivable for Investment Securities Sold
   
1,911,908
     
7,087
 
Dividend, Interest, and Securities Lending Income Receivable
   
1,165,805
     
2,422
 
Unrealized Appreciation on Spot Contracts
   
     
2
 
Total Assets
   
110,327,479
     
2,464,082
 
Liabilities:
               
Payable for Investment Securities Purchased
   
1,746,890
     
7,666
 
Payable due to Investment Adviser
   
39,346
     
1,464
 
Total Liabilities
   
1,786,236
     
9,130
 
Net Assets
 
$
108,541,243
   
$
2,454,952
 
Net Assets Consist of:
               
Paid-in Capital
 
$
129,253,299
   
$
4,507,127
 
Total Distributable Loss
   
(20,712,056
)
   
(2,052,175
)
Net Assets
 
$
108,541,243
   
$
2,454,952
 
Outstanding Shares of Beneficial Interest
               
(unlimited authorization — no par value)
   
4,800,000
     
180,000
 
Net Asset Value, Offering and Redemption Price Per Share
 
$
22.61
   
$
13.64
 


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

 
Statements of Operations
 
 
For the period ended May 31, 2022 (Unaudited)
 


   
Global X Emerging Markets Bond ETF
   
Global X China
Innovation ETF
 
Investment Income:
           
Dividend Income
 
$
   
$
14,477
 
Interest Income
   
2,683,708
     
 
Less: Foreign Taxes Withheld
   
(7,101
)
   
(549
)
Total Investment Income
   
2,676,607
     
13,928
 
Supervision and Administration Fees(1)
   
256,382
     
11,191
 
Custodian Fees(2)
   
     
12
 
Total Expenses
   
256,382
     
11,203
 
Net Investment Income
   
2,420,225
     
2,725
 
Net Realized Loss on:
               
Investments(3)
   
(6,241,937
)
   
(593,838
)
Foreign Currency Transactions
   
     
(286
)
Net Realized Loss on Investments and Foreign Currency Transactions
   
(6,241,937
)
   
(594,124
)
Net Change in Unrealized Depreciation on:
               
Investments
   
(9,790,389
)
   
(472,993
)
Foreign Currency Translations
   
     
(14
)
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translations
   
(9,790,389
)
   
(473,007
)
Net Realized and Unrealized Loss on Investments and Foreign Currency Translations
   
(16,032,326
)
   
(1,067,131
)
Net Decrease in Net Assets Resulting from Operations
 
$
(13,612,101
)
 
$
(1,064,406
)

(1)
The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in 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 Notes to Financial Statements.)

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

 
Statements of Changes in Net Assets
 
     


   
Global X Emerging Markets Bond ETF
   
Global X China Innovation ETF
 
   
Period Ended May 31, 2022
(Unaudited)
   
Year Ended November 30, 2021
   
Period Ended May 31, 2022
(Unaudited)
   
Period Ended November 30, 2021(1)
 
Operations:
                       
Net Investment Income (Loss)
 
$
2,420,225
   
$
3,647,528
   
$
2,725
   
$
(9,232
)