Form N-CSR Global X Funds For: Oct 31

January 7, 2022 11:39 AM EST

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

FORM N-CSR
________

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: October 31, 2021

Date of reporting period: October 31, 2021









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 Silver Miners ETF (ticker: SIL)
Global X Gold Explorers ETF (ticker: GOEX)
Global X Copper Miners ETF (ticker: COPX)
Global X Uranium ETF (ticker: URA)



Annual Report
October 31, 2021

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
 


Management Discussion of Fund Performance
1
Schedules of Investments
 
Global X Silver Miners ETF
12
Global X Gold Explorers ETF
16
Global X Copper Miners ETF
21
Global X Uranium ETF
26
Statements of Assets and Liabilities
31
Statements of Operations
33
Statements of Changes in Net Assets
35
Financial Highlights
37
Notes to Financial Statements
41
Report of Independent Registered Public Accounting Firm
57
Disclosure of Fund Expenses
59
Liquidity Risk Management Program
61
Supplemental Information
62
Trustees and Officers of the Trust
63
Notice to Shareholders
66



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




 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Silver Miners ETF
 


Global X Silver Miners ETF
The Global X Silver Miners ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Silver Miners Total Return Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to reflect the performance of the silver mining industry. It consists of international companies that actively engage in some aspect of the silver mining industry, such as silver mining, refining, or exploration, as defined by Solactive AG, the provider of the Underlying Index. The Underlying Index includes a minimum of 20 and a maximum of 40 members which are weighted according to freefloat market capitalization.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund decreased 6.43%, while the Underlying Index decreased 5.56%. The Fund had a net asset value of $42.28 per share on October 31, 2020 and ended the reporting period with a net asset value of $38.78 per share on October 31, 2021.
During the reporting period, the highest returns came from Prime Mining Corp. and Gogold Resources Inc., which returned 227.97% and 151.72%, respectively. The worst performers included Americas Gold and Silver Corp and Almaden Minerals Ltd., which returned -63.62% and -62.61%, respectively.
Revenue derived by silver mining firms depends on the price of silver and the amount of silver they produce. Given the high fixed costs associated with mining silver, silver mining firms’ earnings tend to be leveraged to its spot price movements. As the COVID-19 pandemic eased over the reporting period, the sale of silver increased as investors tended to prefer investment in riskier assets. Towards the end of the reporting period, silver, the price of which highly correlates with that of gold, saw decreased sales as central banks worldwide turned to policy tightening by either removing stimulus or raising interest rates. Nonetheless, industrial activity kept demand strong for silver during the reporting period, particularly with rising business activity globally.

 
AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021
 
One Year Return
Three Year Return
Five Year Return
Ten Year Return
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X Silver Miners ETF
-6.43%
-6.33%
20.75%
21.01%
0.79%
0.82%
-4.85%
-4.93%
Solactive Global Silver Miners Total Return Index
-5.56%
-5.56%
21.43%
21.43%
1.43%
1.43%
-4.27%
-4.27%
MSCI ACWI Index
37.28%
37.28%
17.47%
17.47%
14.72%
14.72%
11.32%
11.32%







1

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Silver Miners ETF
 


Growth of a $10,000 Investment
(at Net Asset Value)


*Fund commenced operations on April 19, 2010.
The MSCI ACWI (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. High short-term performance of the fund is unusual and investors should not expect such performance to be repeated.  Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.  Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above.






2

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Gold Explorers ETF
 


Global X Gold Explorers ETF
The Global X Gold Explorers ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Gold Explorers & Developers Total Return Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index tracks the price movements in shares of companies which are active in the gold mining industry as explorers or developers, as defined by Solactive AG, the provider of the Underlying Index. A company’s involvement in gold mining exploration implies that a decision about production from the respective gold mining projects in which the company involved has not yet been made.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund decreased 7.36%, while the Underlying Index decreased 6.80%. The Fund had a net asset value of $33.48 per share on October 31, 2020 and ended the reporting period with a net asset value of $30.10 per share on October 31, 2021.
During the reporting period, the highest returns derived from Skeena Resources Ltd and PT Aneka Tambang Tbk, which returned 289.07% and 130.57%, respectively. The worst performers included Regis Resources Limited and Novo Resources Corp, which returned -45.05% and -45.04%, respectively.
Gold explorers are firms with minimal gold production. Instead, they seek to profit from finding and securing mining rights to new gold deposits. Thus, the stock price of these companies tends to be a function of the price of gold and their ability to find such deposits. During the reporting period, central banks globally resumed quantitative tightening, limiting bond purchases, while a few planned to hike rates, negatively impacting gold sentiment. Gold prices came under pressure during the reporting period, as business sentiment improved globally on COVID-19 vaccination progress, leading to the re-opening of economies. Miners were adversely affected by the underlying commodity price movements.





3

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Gold Explorers ETF
 


 
AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021
 
One Year Return
Three Year Return
Five Year Return
Ten Year Return
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X Gold Explorers ETF
-7.36%
-7.12%
19.49%
19.67%
4.89%
5.15%
-6.70%
-6.70%
Hybrid Solactive Global Gold Explorers Total Return Index/Solactive Global Gold Explorers & Developers Total Return Transition Index/Solactive Global Gold Explorers & Developers Total Return Index**
-6.80%
-6.80%
20.15%
20.15%
5.50%
5.50%
-5.88%
-5.88%
MSCI EAFE Index
34.18%
34.18%
11.54%
11.54%
9.79%
9.79%
7.37%
7.37%


Growth of a $10,000 Investment
(at Net Asset Value)


*Fund commenced operations on November 3, 2010.
**Hybrid index performance reflects the performance of the Solactive Global Gold Explorers Total Return Index through November 30, 2016, the Solactive Global Gold Explorers & Developers Total Return Transition Index through April 30, 2017, and the Solactive Global Gold Explorers & Developers Total Return Index thereafter. This change was due to planned migration to the new Underlying Index, in an effort to provide broader exposure to the local market.
The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada.





4

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Gold Explorers ETF
 


The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. High short-term performance of the fund is unusual and investors should not expect such performance to be repeated.  Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.  Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above.






5

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Copper Miners ETF
 


Global X Copper Miners ETF
The Global X Copper Miners ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Copper Miners Total Return Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to reflect the performance of the copper mining industry. It consists of international companies that actively engage in some aspect of the copper mining industry, such as copper mining, refining, or exploration, as defined by Solactive AG, the provider of the Underlying Index. The Underlying Index includes a minimum of 20 and a maximum of 40 members.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 76.80%, while the Underlying Index increased 77.88%. The Fund had a net asset value of $21.42 per share on October 31, 2020 and ended the reporting period with a net asset value of $37.31 per share on October 31, 2021.
During the reporting period, the highest returns derived from Capstone Mining Corp. Common Stock and Vedanta Limited Sponsored ADR, which returned 234.30% and 224.66%, respectively. The worst performers included Northern Dynasty Minerals Ltd. and Sierra Metals, Inc., which returned -51.38% and -43.14%, respectively.
Copper mining levels started to rise during the reporting period as the negative effects of the COVID-19 pandemic began receding and many countries began easing lockdown restrictions. However, production in the two largest copper markets, Chile and Peru, languished for most of the reporting period with mining issues plaguing those countries. A deficit in the copper industry persisted due to supply constraints and the governments of Chile and Peru threatening to increase mining taxes and expand regulations. Furthermore, copper stockpiles depleted to low levels in the London Metal Exchange’s global warehouse, contributing to rising prices for copper. This increased demand during the reporting period was advantageous for copper miners.





6

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Copper Miners ETF
 


 
AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021
 
One Year Return
Three Year Return
Five Year Return
Ten Year Return
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X Copper Miners ETF
76.80%
76.19%
26.84%
27.11%
18.08%
18.10%
0.42%
0.50%
Solactive Global Copper Miners Total Return Index
77.88%
77.88%
27.54%
27.54%
18.84%
18.84%
0.85%
0.85%
MSCI EAFE Index
34.18%
34.18%
11.54%
11.54%
9.79%
9.79%
7.37%
7.37%


Growth of a $10,000 Investment
(at Net Asset Value)


*Fund commenced operations on April 19, 2010.
The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.  Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.





7

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Copper Miners ETF
 


There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices on previous page.






8

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Uranium ETF
 


Global X Uranium ETF
The Global X Uranium ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Uranium & Nuclear Components Total Return Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index tracks the price movements in shares of companies which are (or are expected to soon be) active in the uranium industry, as defined by Solactive AG, the provider of the Underlying Index. This particularly includes uranium mining, exploration, and investments, as well as technologies related to the uranium industry. The Underlying Index includes a minimum of 20 components at every rebalancing.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 150.73%, while the Underlying Index increased 153.63%. The Fund had a net asset value of $10.87 per share on October 31, 2020 and ended the reporting period with a net asset value of $27.04 per share on October 31, 2021.
During the reporting period, the highest returns derived from Paladin Energy Ltd. and Global Atomic Corp., which returned 639.92% and 599.19%, respectively. The worst performers included Greenland Minerals Limited and Barrick Gold Corporation, which returned -65.60% and -15.98%, respectively.
The price of uranium hit a nine-year high during the reporting period, aided by the increasing support for nuclear power globally and financial buyers entering the market. The high prices were also backstopped by tight supply from major miners globally, in response to the COVID-19 pandemic. As governments around the world started migrating towards a net zero carbon future, expectations for uranium demand increased. Sentiment in the uranium industry also improved during the reporting period, as fund flows rose and company fundamentals were reassessed.





9

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Uranium ETF
 


 
AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021
 
One Year Return
Three Year Return
Five Year Return
Ten Year Return
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X Uranium ETF
150.73%
150.43%
32.68%
32.68%
20.72%
20.42%
-5.67%
-5.74%
Hybrid Solactive Global Uranium Total Return Index/ Solactive Global Uranium & Nuclear Components Transition TR Index/Solactive Global Uranium & Nuclear Components Total Return Index**
153.63%
153.63%
33.38%
33.38%
21.51%
21.51%
-5.10%
-5.10%
MSCI EAFE Index
34.18%
34.18%
11.54%
11.54%
9.79%
9.79%
7.37%
7.37%


Growth of a $10,000 Investment
(at Net Asset Value)


*Fund commenced operations on November 4, 2010.
**Hybrid index performance reflects the performance of the Solactive Global Uranium Total Return Index through April 30, 2018, the Solactive Global Uranium & Nuclear Components Transition TR Index through July 31, 2018, and the Solactive Global Uranium & Nuclear Components Total Return Index thereafter. This change was due to planned migration to the new Underlying Index, in an effort to provide broader exposure to the local market.





10

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Uranium ETF
 


The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the United States & Canada.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above.






11

Schedule of Investments
 
October 31, 2021
 
Global X Silver Miners ETF
 

Sector Weightings (Unaudited)†:


† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 2 and 7 in Notes to Financial Statements for more detailed information.

   
Shares
   
Value
 
COMMON STOCK — 99.7%
           
AUSTRALIA — 1.0%
           
Materials — 1.0%
           
Azure Minerals * 
   
5,758,164
   
$
1,794,858
 
Kingsgate Consolidated * 
   
4,052,732
     
4,916,074
 
Silver Mines * (A) 
   
22,532,380
     
3,723,297
 
                 
                 
TOTAL AUSTRALIA 
           
10,434,229
 
BOSNIA AND HERZEGOVINA — 0.9%
               
Materials — 0.9%
               
Adriatic Metals, Cl CDI * 
   
4,491,413
     
9,648,216
 
                 
                 
BRAZIL — 22.0%
               
Materials — 22.0%
               
Wheaton Precious Metals 
   
5,999,840
     
242,453,534
 
                 
                 
CANADA — 37.8%
               
Materials — 37.8%
               
AbraSilver Resource * 
   
7,357,344
     
3,027,103
 
Aftermath Silver * 
   
2,167,343
     
786,821
 
Alexco Resource * (A) 
   
3,111,601
     
5,196,374
 
Almaden Minerals * (A) 
   
2,479,880
     
915,076
 
Americas Gold & Silver * (A) 
   
2,863,771
     
2,679,984
 
Aurcana Silver * 
   
3,771,269
     
1,916,744
 
Aya Gold & Silver * (A) 
   
1,958,664
     
14,568,902
 
Bear Creek Mining * 
   
2,274,286
     
3,192,495
 
Discovery Silver * (A) 
   
4,964,106
     
7,088,433
 


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

Schedule of Investments
 
October 31, 2021
 
Global X Silver Miners ETF
 

   
Shares
   
Value
 
COMMON STOCK — continued
           
Materials — continued
           
Endeavor Silver * (A) 
   
3,642,329
   
$
18,393,761
 
Excellon Resources * (A) 
   
116,945
     
166,047
 
First Majestic Silver (A) 
   
4,221,407
     
53,399,751
 
Fortuna Silver Mines * (A) 
   
6,224,773
     
30,130,804
 
GoGold Resources * (A) 
   
5,545,156
     
15,388,921
 
Great Panther Mining * (A) 
   
7,305,019
     
3,231,010
 
IMPACT Silver * 
   
2,822,454
     
1,525,589
 
MAG Silver * 
   
1,817,585
     
36,144,948
 
McEwen Mining * (A) 
   
8,025,676
     
8,828,244
 
New Pacific Metals * (A) 
   
1,764,081
     
6,190,757
 
Pan American Silver (A) 
   
4,038,691
     
103,430,876
 
Prime Mining * 
   
1,823,296
     
6,413,271
 
Silvercorp Metals (A) 
   
3,646,851
     
15,416,481
 
SilverCrest Metals * (A) 
   
2,985,903
     
26,834,706
 
SSR Mining (A) 
   
3,251,291
     
51,305,372
 
                 
                 
TOTAL CANADA 
           
416,172,470
 
MEXICO — 7.4%
               
Materials — 7.4%
               
Fresnillo 
   
3,977,711
     
47,065,373
 
Industrias Penoles * 
   
2,675,548
     
34,382,413
 
                 
                 
TOTAL MEXICO 
           
81,447,786
 
PERU — 5.6%
               
Materials — 5.6%
               
Cia de Minas Buenaventura SAA ADR *
   
5,030,188
     
39,637,881
 
Hochschild Mining 
   
6,760,894
     
13,215,406
 
Volcan Cia Minera SAA * 
   
49,608,254
     
8,836,614
 
                 
                 
TOTAL PERU 
           
61,689,901
 
RUSSIA — 11.0%
               
Materials — 11.0%
               
Polymetal International 
   
6,523,859
     
121,171,562
 
                 
                 


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

Schedule of Investments
 
October 31, 2021
 
Global X Silver Miners ETF
 

   
Shares/Face Amount
   
Value
 
COMMON STOCK — continued
           
SOUTH KOREA — 4.8%
           
Materials — 4.8%
           
Korea Zinc 
   
115,794
   
$
53,212,424
 
                 
                 
UNITED STATES — 9.2%
               
Materials — 9.2%
               
Coeur Mining * 
   
5,001,859
     
31,661,768
 
Gatos Silver * 
   
985,080
     
11,919,468
 
Gold Resource (A) 
   
1,525,466
     
2,806,857
 
Golden Minerals * (A) 
   
2,488,676
     
1,119,904
 
Hecla Mining 
   
9,305,517
     
53,785,888
 
                 
                 
TOTAL UNITED STATES 
           
101,293,885
 
TOTAL COMMON STOCK
               
(Cost $1,126,233,751) 
           
1,097,524,007
 
                 
SHORT-TERM INVESTMENT(B)(C) — 3.9%
               
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
               
(Cost $42,600,389)  
   
42,600,389
     
42,600,389
 
                 
REPURCHASE AGREEMENT(B) — 3.1%
               
BNP Paribas
               
0.030%, dated 10/29/2021, to be repurchased on 11/01/2021, repurchase price $34,291,935 (collateralized by various U.S. Treasury Obligations, ranging in par value $1,379,122 - $4,599,105, 0.750% - 1.250%, 01/31/2028 - 03/31/2028, with a total market value of $35,043,352)
               
(Cost $34,291,849)  
 
$
34,291,849
     
34,291,849
 
TOTAL INVESTMENTS — 106.7%
               
(Cost $1,203,125,989) 
         
$
1,174,416,245
 


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

Schedule of Investments
 
October 31, 2021
 
Global X Silver Miners ETF
 


Percentages are based on Net Assets of $1,100,191,339.
*
Non-income producing security.
(A)
This security or a partial position of this security is on loan at October 31, 2021.  The total value of securities on loan at October 31, 2021 was $69,419,028.
(B)
Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2021 was $76,892,238.
(C)
The rate reported on the Schedule of Investments is the 7-day effective yield as of October 31, 2021.


ADR — American Depositary Receipt
Cl — Class

The following is a summary of the level of inputs used as of October 31, 2021, in valuing the Fund’s investments carried at value:
Investments in Securities
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stock
 
$
1,097,524,007
   
$
   
$
   
$
1,097,524,007
 
Short-Term Investment
   
42,600,389
     
     
     
42,600,389
 
Repurchase Agreement
   
     
34,291,849
     
     
34,291,849
 
Total Investments in Securities
 
$
1,140,124,396
   
$
34,291,849
   
$
   
$
1,174,416,245
 

For the year ended October 31, 2021, there were no transfers in or out of Level 3.
Amounts designated as “—“ are $0 or have been rounded to $0.


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

Schedule of Investments
 
October 31, 2021
 
Global X Gold Explorers ETF
 


Sector Weightings (Unaudited)†:


† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 2 and 7 in Notes to Financial Statements for more detailed information.

   
Shares
   
Value
 
COMMON STOCK — 100.0%
           
AUSTRALIA — 22.1%
           
Materials — 22.1%
           
Aurelia Metals * 
   
1,052,743
   
$
300,472
 
Bellevue Gold * 
   
771,741
     
498,503
 
Capricorn Metals * 
   
260,189
     
502,250
 
De Grey Mining * 
   
849,313
     
711,280
 
Gold Road Resources 
   
742,642
     
772,551
 
OceanaGold * 
   
619,838
     
1,155,117
 
Perseus Mining 
   
1,046,637
     
1,242,085
 
Ramelius Resources 
   
687,252
     
820,750
 
Red 5 * 
   
1,981,148
     
386,891
 
Regis Resources 
   
658,608
     
989,361
 
Resolute Mining * 
   
918,148
     
289,641
 
Silver Lake Resources * 
   
781,101
     
994,432
 
SolGold * 
   
1,098,765
     
418,703
 
St. Barbara 
   
616,057
     
677,886
 
West African Resources * 
   
716,775
     
699,881
 
Westgold Resources * 
   
349,369
     
511,702
 
                 
                 
TOTAL AUSTRALIA 
           
10,971,505
 
BURKINA FASO — 4.1%
               
Materials — 4.1%
               
Endeavour Mining 
   
79,386
     
2,013,550
 
                 
                 


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

Schedule of Investments
 
October 31, 2021
 
Global X Gold Explorers ETF
 

   
Shares
   
Value
 
COMMON STOCK — continued
           
CANADA — 46.5%
           
Materials — 46.5%
           
Alamos Gold, Cl A 
   
250,209
   
$
1,853,026
 
B2Gold 
   
512,805
     
2,114,020
 
Dundee Precious Metals 
   
159,180
     
1,045,319
 
Equinox Gold * 
   
236,915
     
1,754,572
 
Great Bear Resources * (A) 
   
45,672
     
639,272
 
K92 Mining * 
   
191,838
     
1,117,398
 
Kirkland Lake Gold 
   
43,965
     
1,850,392
 
Lundin Gold * 
   
65,116
     
595,187
 
McEwen Mining * (A) 
   
334,452
     
367,897
 
New Gold * 
   
555,401
     
779,636
 
Novagold Resources * 
   
212,588
     
1,554,018
 
Orla Mining * (A) 
   
124,955
     
439,518
 
Osisko Mining * 
   
256,579
     
552,673
 
Pretium Resources * 
   
165,928
     
2,003,907
 
Sabina Gold & Silver * (A) 
   
278,230
     
316,489
 
Seabridge Gold * (A) 
   
56,734
     
1,046,175
 
Skeena Resources * (A) 
   
45,692
     
478,834
 
SSR Mining 
   
126,634
     
1,994,188
 
Torex Gold Resources * 
   
75,536
     
876,901
 
Victoria Gold * 
   
40,804
     
624,462
 
Wesdome Gold Mines * 
   
124,003
     
1,113,431
 
                 
                 
TOTAL CANADA 
           
23,117,315
 
EGYPT — 2.5%
               
Materials — 2.5%
               
Centamin 
   
981,769
     
1,261,780
 
                 
                 
INDONESIA — 6.8%
               
Materials — 6.8%
               
Aneka Tambang 
   
7,444,014
     
1,229,504
 
Merdeka Copper Gold * 
   
9,523,753
     
2,124,232
 
                 
                 


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

Schedule of Investments
 
October 31, 2021
 
Global X Gold Explorers ETF
 

   
Shares
   
Value
 
COMMON STOCK — continued
           
TOTAL INDONESIA 
       
$
3,353,736
 
PERU — 1.1%
             
Materials — 1.1%
             
Hochschild Mining 
   
279,169
     
545,687
 
                 
                 
RUSSIA — 1.3%
               
Materials — 1.3%
               
Petropavlovsk * 
   
1,985,701
     
648,899
 
                 
                 
TURKEY — 3.8%
               
Materials — 3.8%
               
Eldorado Gold * 
   
160,809
     
1,436,131
 
Koza Altin Isletmeleri * 
   
41,003
     
457,572
 
                 
                 
TOTAL TURKEY 
           
1,893,703
 
UNITED KINGDOM — 2.4%
               
Materials — 2.4%
               
Greatland Gold * 
   
3,353,712
     
797,594
 
Pan African Resources 
   
1,719,814
     
408,307
 
                 
                 
TOTAL UNITED KINGDOM 
           
1,205,901
 
UNITED STATES — 9.4%
               
Materials — 9.4%
               
Argonaut Gold * 
   
269,393
     
682,420
 
Coeur Mining * 
   
205,442
     
1,300,448
 
Hecla Mining 
   
468,090
     
2,705,560
 
                 
                 
TOTAL UNITED STATES 
           
4,688,428
 
TOTAL COMMON STOCK
               
(Cost $48,793,809) 
           
49,700,504
 
                 


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

Schedule of Investments
 
October 31, 2021
 
Global X Gold Explorers ETF
 

   
Shares/Face Amount
   
Value
 
SHORT-TERM INVESTMENT(B)(C) — 1.7%
           
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
           
(Cost $852,556)  
   
852,556
   
$
852,556
 
                 
REPURCHASE AGREEMENT(B) — 1.4%
               
BNP Paribas
               
0.030%, dated 10/29/2021, to be repurchased on 11/01/2021, repurchase price $686,280 (collateralized by various U.S. Treasury Obligations, ranging in par value $27,600 - $92,041, 0.750% - 1.250%, 01/31/2028 - 03/31/2028, with a total market value of $701,316)
               
(Cost $686,278)  
 
$
686,278
     
686,278
 
TOTAL INVESTMENTS — 103.1%
               
(Cost $50,332,643) 
         
$
51,239,338
 


Percentages are based on Net Assets of $49,722,351.

*
Non-income producing security.
(A)
This security or a partial position of this security is on loan at October 31, 2021.  The total value of securities on loan at October 31, 2021 was $1,442,219.
(B)
Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2021 was $1,538,834.
(C)
The rate reported on the Schedule of Investments is the 7-day effective yield as of October 31, 2021.


Cl — Class


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

Schedule of Investments
 
October 31, 2021
 
Global X Gold Explorers ETF
 


The following is a summary of the level of inputs used as of October 31, 2021, in valuing the Fund’s investments carried at value:
Investments in Securities
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stock
 
$
49,700,504
   
$
   
$
   
$
49,700,504
 
Short-Term Investment
   
852,556
     
     
     
852,556
 
Repurchase Agreement
   
     
686,278
     
     
686,278
 
Total Investments in Securities
 
$
50,553,060
   
$
686,278
   
$
   
$
51,239,338
 


For the year ended October 31, 2021, there were no transfers in or out of Level 3.
Amounts designated as “—“ are $0 or have been rounded to $0.





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

Schedule of Investments
 
October 31, 2021
 
Global X Copper Miners ETF
 


Sector Weightings (Unaudited)†:


† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 2 and 7 in Notes to Financial Statements for more detailed information.

   
Shares
   
Value
 
COMMON STOCK — 99.6%
           
AUSTRALIA — 14.6%
           
Materials — 14.6%
           
Aeris Resources * 
   
9,414,558
   
$
1,131,405
 
Glencore 
   
12,036,559
     
60,262,815
 
OZ Minerals 
   
2,534,474
     
47,838,582
 
Sandfire Resources 
   
6,668,010
     
27,846,397
 
SolGold * (A) 
   
20,124,440
     
7,668,765
 
                 
                 
TOTAL AUSTRALIA 
           
144,747,964
 
CANADA — 23.7%
               
Materials — 23.7%
               
Altius Minerals (A) 
   
693,288
     
8,842,631
 
Capstone Mining * 
   
6,391,223
     
26,760,072
 
Copper Mountain Mining * (A) 
   
3,668,880
     
11,247,424
 
ERO Copper * 
   
1,285,916
     
23,953,693
 
HudBay Minerals, Cl B (A) 
   
4,477,959
     
31,176,464
 
Ivanhoe Mines, Cl A * 
   
7,113,090
     
55,720,305
 
Northern Dynasty Minerals * (A)
   
9,177,274
     
3,955,405
 
Sierra Metals 
   
1,735,890
     
3,523,857
 
Solaris Resources * 
   
80,900
     
930,035
 
Taseko Mines * 
   
4,738,478
     
9,998,188
 
Teck Resources, Cl B 
   
2,137,781
     
59,569,163
 
                 
                 


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

Schedule of Investments
 
October 31, 2021
 
Global X Copper Miners ETF
 

   
Shares
   
Value
 
COMMON STOCK — continued
           
TOTAL CANADA 
       
$
235,677,237
 
CHILE — 7.2%
             
Materials — 7.2%
             
Antofagasta 
   
1,920,396
     
37,524,495
 
Lundin Mining 
   
3,931,394
     
34,158,456
 
                 
                 
TOTAL CHILE 
           
71,682,951
 
CHINA — 15.0%
               
Materials — 15.0%
               
China Gold International Resources * (A)
   
4,448,300
     
13,295,065
 
China Nonferrous Mining (A) 
   
17,783,000
     
7,635,279
 
Jiangxi Copper, Cl H 
   
17,697,126
     
30,985,128
 
Jinchuan Group International Resources
   
173,797,900
     
27,927,237
 
MMG * 
   
40,345,700
     
18,671,241
 
Zijin Mining Group, Cl H 
   
36,267,060
     
50,537,653
 
                 
                 
TOTAL CHINA 
           
149,051,603
 
CYPRUS — 0.6%
               
Materials — 0.6%
               
Atalaya Mining 
   
1,006,878
     
5,589,703
 
                 
                 
GERMANY — 1.4%
               
Materials — 1.4%
               
Aurubis 
   
156,196
     
13,491,725
 
                 
                 
INDIA — 6.3%
               
Materials — 6.3%
               
Vedanta ADR (A) 
   
3,965,557
     
62,616,145
 
                 
                 
JAPAN — 1.0%
               
Materials — 1.0%
               
Mitsubishi Materials 
   
228,000
     
4,411,033
 
Nittetsu Mining 
   
91,500
     
5,256,084
 
                 
                 


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

Schedule of Investments
 
October 31, 2021
 
Global X Copper Miners ETF
 

   
Shares
   
Value
 
COMMON STOCK — continued
           
TOTAL JAPAN 
       
$
9,667,117
 
MEXICO — 4.3%
             
Materials — 4.3%
             
Grupo Mexico, Cl B 
   
9,740,142
     
42,823,815
 
                 
                 
MONGOLIA — 2.3%
               
Materials — 2.3%
               
Turquoise Hill Resources * 
   
1,767,194
     
22,390,348
 
                 
                 
PERU — 3.9%
               
Materials — 3.9%
               
Southern Copper 
   
654,769
     
39,279,592
 
                 
                 
POLAND — 3.6%
               
Materials — 3.6%
               
KGHM Polska Miedz 
   
940,655
     
36,194,920
 
                 
                 
SWEDEN — 4.4%
               
Materials — 4.4%
               
Boliden 
   
1,232,551
     
43,469,721
 
                 
                 
TURKEY — 0.3%
               
Industrials — 0.3%
               
Sarkuysan Elektrolitik Bakir 
   
1,589,759
     
3,055,464
 
                 
                 
UNITED KINGDOM — 1.0%
               
Materials — 1.0%
               
Central Asia Metals 
   
3,087,960
     
10,391,542
 
                 
                 
UNITED STATES — 4.9%
               
Materials — 4.9%
               
Freeport-McMoRan 
   
1,289,665
     
48,646,164
 
                 
                 
ZAMBIA — 5.1%
               
Materials — 5.1%
               
First Quantum Minerals 
   
2,154,673
     
50,931,321
 
                 
                 


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

Schedule of Investments
 
October 31, 2021
 
Global X Copper Miners ETF
 

   
Shares/Face Amount
   
Value
 
COMMON STOCK — continued
           
TOTAL COMMON STOCK
           
(Cost $1,024,780,430) 
       
$
989,707,332
 
               
SHORT-TERM INVESTMENT(B)(C) — 3.2%
             
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
             
(Cost $32,013,238)  
   
32,013,238
     
32,013,238
 
                 
REPURCHASE AGREEMENT(B) — 2.6%
               
BNP Paribas
               
0.030%, dated 10/29/2021, to be repurchased on 11/01/2021, repurchase price $25,769,620 (collateralized by various U.S. Treasury Obligations, ranging in par value $1,036,379 - $3,456,125, 0.750% - 1.250%, 01/31/2028 - 03/31/2028, with a total market value of $26,334,298)
               
(Cost $25,769,556)  
 
$
25,769,556
     
25,769,556
 
TOTAL INVESTMENTS — 105.4%
               
(Cost $1,082,563,224) 
         
$
1,047,490,126
 


Percentages are based on Net Assets of $994,008,766.

*
Non-income producing security.
(A)
This security or a partial position of this security is on loan at October 31, 2021.  The total value of securities on loan at October 31, 2021 was $54,366,357.
(B)
Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2021 was $57,782,794.
(C)
The rate reported on the Schedule of Investments is the 7-day effective yield as of October 31, 2021.


ADR — American Depositary Receipt
Cl — Class


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

Schedule of Investments
 
October 31, 2021
 
Global X Copper Miners ETF
 


The following is a summary of the level of inputs used as of October 31, 2021, in valuing the Fund’s investments carried at value:
Investments in Securities
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stock
 
$
989,707,332
   
$
   
$
   
$
989,707,332
 
Short-Term Investment
   
32,013,238
     
     
     
32,013,238
 
Repurchase Agreement
   
     
25,769,556
     
     
25,769,556
 
Total Investments in Securities
 
$
1,021,720,570
   
$
25,769,556
   
$
   
$
1,047,490,126
 

For the year ended October 31, 2021, there were no transfers in or out of Level 3.
Amounts designated as “—“ are $0 or have been rounded to $0.





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

Schedule of Investments
 
October 31, 2021
 
Global X Uranium ETF
 


Sector Weightings (Unaudited)†:


† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 2 and 7 in Notes to Financial Statements for more detailed information.

   
Shares
   
Value
 
COMMON STOCK — 100.0%
           
AUSTRALIA — 16.2%
           
Energy — 11.0%
           
Bannerman Energy (A) 
   
51,005,244
   
$
12,450,769
 
Berkeley Energia * (A) 
   
11,314,155
     
2,585,920
 
Boss Energy * (A) 
   
93,646,395
     
21,453,042
 
Deep Yellow (A) 
   
14,234,350
     
10,691,425
 
Paladin Energy * 
   
120,318,695
     
79,526,845
 
Peninsula Energy (A) 
   
46,075,665
     
9,170,974
 
Vimy Resources * (A) 
   
43,154,696
     
8,427,512
 
             
144,306,487
 
                 
                 
Financials — 1.8%
               
Macquarie Group (B) 
   
160,417
     
23,836,392
 
                 
                 
Materials — 3.4%
               
BHP Group * 
   
603,655
     
16,011,301
 
Greenland Minerals (A) 
   
56,805,216
     
5,119,970
 
Lotus Resources (A) 
   
35,269,781
     
8,344,711
 
Rio Tinto 
   
242,351
     
15,150,052
 
             
44,626,034
 
                 
                 


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

Schedule of Investments
 
October 31, 2021
 
Global X Uranium ETF
 

   
Shares
   
Value
 
COMMON STOCK — continued
           
TOTAL AUSTRALIA 
       
$
212,768,913
 
CANADA — 46.0%
             
Energy — 42.0%
             
Azarga Uranium (A) 
   
10,584,584
     
5,379,604
 
Cameco * 
   
12,334,292
     
299,215,167
 
Denison Mines * (A) 
   
39,738,868
     
67,324,128
 
Fission Uranium * (A) 
   
26,774,191
     
22,463,925
 
Forsys Metals (A) 
   
5,349,560
     
4,013,627
 
GoviEx Uranium, Cl A (A) 
   
20,277,721
     
6,870,754
 
IsoEnergy (A) 
   
2,375,225
     
8,795,355
 
Laramide Resources (A) 
   
7,544,094
     
5,355,817
 
NexGen Energy * 
   
19,288,582
     
106,436,933
 
UEX (A) 
   
20,210,764
     
7,581,788
 
Uranium Royalty (A) 
   
3,229,054
     
15,682,227
 
Western Uranium & Vanadium (A)
   
1,531,111
     
3,940,337
 
             
553,059,662
 
                 
                 
Industrials — 1.5%
               
Aecon Group * 
   
1,273,870
     
18,971,111
 
                 
                 
Materials — 2.5%
               
Encore Energy (A) 
   
8,288,980
     
11,368,050
 
Global Atomic * (A) 
   
6,966,818
     
21,919,721
 
             
33,287,771
 
                 
                 
TOTAL CANADA 
           
605,318,544
 
CHINA — 2.5%
               
Energy — 0.7%
               
CGN Mining 
   
73,201,700
     
9,598,310
 
                 
                 
Utilities — 1.8%
               
CGN Power, Cl H * 
   
84,289,786
     
22,754,520
 
                 
                 


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

Schedule of Investments
 
October 31, 2021
 
Global X Uranium ETF
 

   
Shares
   
Value
 
COMMON STOCK — continued
           
TOTAL CHINA 
       
$
32,352,830
 
JAPAN — 4.1%
             
Industrials — 4.1%
             
ITOCHU * 
   
625,328
     
17,779,552
 
Mitsubishi Heavy Industries * 
   
643,397
     
16,414,311
 
Sumitomo * 
   
1,373,154
     
19,472,835
 
                 
                 
TOTAL JAPAN 
           
53,666,698
 
KAZAKHSTAN — 10.6%
               
Energy — 10.6%
               
NAC Kazatomprom JSC GDR *
   
3,228,000
     
140,095,200
 
                 
                 
SOUTH AFRICA — 1.2%
               
Materials — 1.2%
               
Sibanye Stillwater * 
   
4,460,099
     
15,651,426
 
                 
                 
SOUTH KOREA — 6.1%
               
Industrials — 6.1%
               
Daewoo Engineering & Construction *
   
2,897,160
     
15,495,486
 
Doosan Heavy Industries & Construction *
   
837,562
     
17,488,779
 
GS Engineering & Construction *
   
479,304
     
16,960,524
 
Hyundai Engineering & Construction *
   
360,194
     
15,504,478
 
Samsung C&T 
   
156,220
     
15,240,324
 
                 
                 
TOTAL SOUTH KOREA 
           
80,689,591
 
UNITED KINGDOM — 2.8%
               
Industrials — 2.8%
               
Yellow Cake * 
   
7,624,614
     
36,736,691
 
                 
                 
UNITED STATES — 10.5%
               
Energy — 10.5%
               
Centrus Energy, Cl A * 
   
524,628
     
29,730,669
 
Energy Fuels * (A) 
   
6,543,828
     
51,524,958
 
Uranium Energy * (A) 
   
10,991,557
     
40,888,592
 


The accompanying notes are an integral part of the financial statements.
28

Schedule of Investments
 
October 31, 2021
 
Global X Uranium ETF
 

   
Shares/Face Amount
   
Value
 
COMMON STOCK — continued
           
Energy — continued
           
Ur-Energy * (A) 
   
8,908,945
   
$
15,501,564
 
                 
                 
TOTAL UNITED STATES 
           
137,645,783
 
TOTAL COMMON STOCK
               
(Cost $1,042,616,792) 
           
1,314,925,676
 
                 
SHORT-TERM INVESTMENT(C)(D) — 4.2%
               
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
               
(Cost $54,733,306)  
   
54,733,306
     
54,733,306
 
                 
REPURCHASE AGREEMENT(C) — 3.3%
               
BNP Paribas
               
0.030%, dated 10/29/2021, to be repurchased on 11/01/2021, repurchase price $44,058,540 (collateralized by various U.S. Treasury Obligations, ranging in par value $1,771,906 - $5,908,966, 0.750% - 1.250%, 01/31/2028 - 03/31/2028, with a total market value of $45,023,972)
               
(Cost $44,058,430)  
 
$
44,058,430
     
44,058,430
 
TOTAL INVESTMENTS — 107.5%
               
(Cost $1,141,408,528) 
         
$
1,413,717,412
 


Percentages are based on Net Assets of $1,315,608,795.



The accompanying notes are an integral part of the financial statements.
29

Schedule of Investments
 
October 31, 2021
 
Global X Uranium ETF
 


*
Non-income producing security.
(A)
This security or a partial position of this security is on loan at October 31, 2021.  The total value of securities on loan at October 31, 2021 was $90,888,929.
(B)
Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31, 2021, was $23,836,392 and represents 1.8% of Net Assets.
(C)
Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2021 was $98,791,736.
(D)
The rate reported on the Schedule of Investments is the 7-day effective yield as of October 31, 2021.


Cl — Class
GDR — Global Depositary Receipt

The following is a summary of the level of inputs used as of October 31, 2021, in valuing the Fund’s investments carried at value:
Investments in Securities
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stock
 
$
1,291,089,284
   
$
23,836,392
   
$
   
$
1,314,925,676
 
Short-Term Investment
   
54,733,306
     
     
     
54,733,306
 
Repurchase Agreement
   
     
44,058,430
     
     
44,058,430
 
Total Investments in Securities
 
$
1,345,822,590
   
$
67,894,822
   
$
   
$
1,413,717,412
 


For the year ended October 31, 2021, there were no transfers in or out of Level 3.
Amounts designated as “—“ are $0 or have been rounded to $0.


The accompanying notes are an integral part of the financial statements.
30

 
Statements of Assets and Liabilities
 
 
October 31, 2021
 


   
Global X Silver Miners ETF
   
Global X Gold Explorers ETF
   
Global X Copper Miners ETF
 
Assets:
                 
Cost of Investments
 
$
1,168,834,140
   
$
49,646,365
   
$
1,056,793,668
 
Cost of Repurchase Agreement
   
34,291,849
     
686,278
     
25,769,556
 
Cost of Foreign Currency
   
4,073,055
     
5,766
     
2,517,556
 
Investments, at Value
 
$
1,140,124,396
*
 
$
50,553,060
*
 
$
1,021,720,570
*
Repurchase Agreement, at Value
   
34,291,849
     
686,278
     
25,769,556
 
Cash
   
466,938
     
90,791
     
 
Foreign Currency, at Value
   
4,072,999
     
5,742
     
2,515,167
 
Receivable for Investment Securities Sold
   
43,591,370
     
2,006,214
     
23,823,433
 
Receivable for Capital Shares Sold
   
944,794
     
     
6,034,158
 
Dividend and Interest Receivable
   
147,150
     
5,826
     
363,425
 
Reclaim Receivable
   
78,629
     
     
57,892
 
Due from Broker
   
     
135,897
     
274,908
 
Total Assets
   
1,223,718,125
     
53,483,808
     
1,080,559,109
 
Liabilities:
                       
Obligation to Return Securities Lending Collateral
   
76,892,238
     
1,538,834
     
57,782,794
 
Payable for Investment Securities Purchased
   
45,057,661
     
2,060,555
     
24,374,092
 
Due to Broker
   
944,794
     
     
2,693,691
 
Payable due to Investment Adviser
   
592,479
     
25,693
     
539,399
 
Unrealized Depreciation on Spot Contracts
   
39,332
     
478
     
62,574
 
Payable for Capital Shares Redeemed
   
     
135,897
     
274,908
 
Cash Overdraft
   
     
     
821,900
 
Custodian Fees Payable
   
282
     
     
985
 
Total Liabilities
   
123,526,786
     
3,761,457
     
86,550,343
 
Net Assets
 
$
1,100,191,339
   
$
49,722,351
   
$
994,008,766
 
Net Assets Consist of:
                       
Paid-in Capital
 
$
1,512,048,778
   
$
115,284,030
   
$
1,062,989,453
 
Total Distributable Earnings (Loss)
   
(411,857,439
)
   
(65,561,679
)
   
(68,980,687
)
Net Assets
 
$
1,100,191,339
   
$
49,722,351
   
$
994,008,766
 
Outstanding Shares of Beneficial Interest
                       
(unlimited authorization — no par value)
   
28,367,318
     
1,652,054
     
26,639,374
 
Net Asset Value, Offering and Redemption Price Per Share
 
$
38.78
   
$
30.10
   
$
37.31
 
*Includes Market Value of Securities on Loan
 
$
69,419,028
   
$
1,442,219
   
$
54,366,357
 


The accompanying notes are an integral part of the financial statements.
31

 
Statements of Assets and Liabilities
 
 
October 31, 2021
 


   
Global X Uranium ETF
 
Assets:
     
Cost of Investments
 
$
1,097,350,098
 
Cost of Repurchase Agreement
   
44,058,430
 
Cost of Foreign Currency
   
 
Investments, at Value
 
$
1,369,658,982
*
Repurchase Agreement, at Value
   
44,058,430
 
Cash
   
222,137
 
Foreign Currency, at Value
   
26
 
Dividend and Interest Receivable
   
1,252,128
 
Receivable for Capital Shares Sold
   
5,795
 
Due from Broker
   
13,537,495
 
Total Assets
   
1,428,734,993
 
Liabilities:
       
Obligation to Return Securities Lending Collateral
   
98,791,736
 
Payable for Capital Shares Redeemed
   
13,537,495
 
Payable due to Investment Adviser
   
680,087
 
Due to Broker
   
116,880
 
Total Liabilities
   
113,126,198
 
Net Assets
 
$
1,315,608,795
 
Net Assets Consist of:
       
Paid-in Capital
 
$
1,509,481,692
 
Total Distributable Earnings (Loss)
   
(193,872,897
)
Net Assets
 
$
1,315,608,795
 
Outstanding Shares of Beneficial Interest
       
(unlimited authorization — no par value)
   
48,661,666
 
Net Asset Value, Offering and Redemption Price Per Share
 
$
27.04
 
*Includes Market Value of Securities on Loan
 
$
90,888,929
 


The accompanying notes are an integral part of the financial statements.
32

 
Statements of Operations
 
 
For the year ended October 31, 2021
 


   
Global X Silver Miners ETF
   
Global X Gold Explorers ETF
   
Global X Copper Miners ETF
 
Investment Income:
                 
Dividend Income
 
$
18,570,706
   
$
688,263
   
$
18,559,621
 
Interest Income
   
296
     
3
     
37
 
Security Lending Income
   
1,880,961
     
45,009
     
251,697
 
Less: Foreign Taxes Withheld
   
(1,259,021
)
   
(28,529
)
   
(1,186,048
)
Total Investment Income
   
19,192,942
     
704,746
     
17,625,307
 
Supervision and Administration Fees(1)
   
7,754,578
     
362,911
     
4,862,889
 
Custodian Fees(2)
   
24,128
     
174
     
4,277
 
Total Expenses
   
7,778,706
     
363,085
     
4,867,166
 
Net Investment Income
   
11,414,236
     
341,661
     
12,758,141
 
Net Realized Gain (Loss) on:
                       
Investments(3)
   
79,610,980
     
6,721,487
     
85,814,724
 
Foreign Currency Transactions
   
(244,575
)
   
(2,082
)
   
(126,812
)
Net Realized Gain on Investments and Foreign Currency Transactions
   
79,366,405
     
6,719,405
     
85,687,912
 
Net Change in Unrealized Appreciation (Depreciation) on:
                       
Investments
   
(219,901,711
)
   
(12,421,577
)
   
(34,105,711
)
Foreign Currency Translations
   
(6,025
)
   
271
     
(14,458
)
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translations
   
(219,907,736
)
   
(12,421,306
)
   
(34,120,169
)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations
   
(140,541,331
)
   
(5,701,901
)
   
51,567,743
 
Net Increase (Decrease) in Net Assets Resulting from Operations
 
$
(129,127,095
)
 
$
(5,360,240
)
 
$
64,325,884
 

(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 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.
33

 
Statements of Operations
 
 
For the year ended October 31, 2021
 


   
Global X Uranium ETF
 
Investment Income:
     
Dividend Income
 
$
14,306,562
 
Interest Income
   
92
 
Security Lending Income
   
1,150,100
 
Less: Foreign Taxes Withheld
   
(576,617
)
Total Investment Income
   
14,880,137
 
Supervision and Administration Fees(1)
   
3,942,004
 
Custodian Fees(2)
   
5,837
 
Total Expenses
   
3,947,841
 
Net Investment Income
   
10,932,296
 
Net Realized Gain (Loss) on:
       
Investments(3)
   
71,389,837
 
Foreign Currency Transactions
   
(261,737
)
Net Realized Gain on Investments and Foreign Currency Transactions
   
71,128,100
 
Net Change in Unrealized Appreciation (Depreciation) on:
       
Investments
   
283,300,044
 
Foreign Currency Translations
   
(13,227
)
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations
   
283,286,817
 
Net Realized and Unrealized Gain on Investments and Foreign Currency Transactions and Translations
   
354,414,917
 
Net Increase in Net Assets Resulting from Operations
 
$
365,347,213
 

(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 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.
34

 
Statements of Changes in Net Assets
 
     


   
Global X Silver Miners ETF
   
Global X Gold Explorers ETF
 
   
Year Ended October 31, 2021
   
Year Ended October 31, 2020
   
Year Ended October 31, 2021
   
Year Ended October 31, 2020
 
Operations:
                       
Net Investment Income
 
$
11,414,236
   
$
6,098,363
   
$
341,661
   
$
96,283
 
Net Realized Gain on Investments and Foreign Currency Transactions(1)
   
79,366,405
     
10,338,553
     
6,719,405
     
2,303,727
 
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations
   
(219,907,736
)
   
166,137,947
     
(12,421,306
)
   
8,446,046
 
Net Increase (Decrease) in Net Assets Resulting from Operations
   
(129,127,095
)
   
182,574,863
     
(5,360,240
)
   
10,846,056
 
Distributions
   
(24,128,587
)
   
(9,504,825
)
   
(1,872,117
)
   
(723,922
)
Capital Share Transactions:
                               
Issued
   
521,822,116
     
386,427,431
     
13,363,058
     
17,458,011
 
Redeemed
   
(253,367,779
)
   
(100,095,418
)
   
(17,078,187
)
   
(10,379,938
)
Increase (Decrease) in Net Assets from Capital Share Transactions
   
268,454,337
     
286,332,013
     
(3,715,129
)
   
7,078,073
 
Total Increase (Decrease) in Net Assets
   
115,198,655
     
459,402,051
     
(10,947,486
)
   
17,200,207
 
Net Assets:
                               
Beginning of Year
   
984,992,684
     
525,590,633
     
60,669,837
     
43,469,630
 
End of Year
 
$
1,100,191,339
   
$
984,992,684
   
$
49,722,351
   
$
60,669,837
 
Share Transactions:
                               
Issued
   
11,290,000
     
9,350,000
     
380,000
     
500,000
 
Redeemed
   
(6,220,000
)
   
(3,350,000
)
   
(540,000
)
   
(400,000
)
Net Increase (Decrease) in Shares Outstanding from Share Transactions
   
5,070,000
     
6,000,000
     
(160,000
)
   
100,000
 

(1)
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.
35

 
Statements of Changes in Net Assets
 
     


   
Global X Copper Miners ETF
   
Global X Uranium ETF
 
   
Year Ended October 31, 2021
   
Year Ended October 31, 2020
   
Year Ended October 31, 2021
   
Year Ended October 31, 2020
 
Operations:
                       
Net Investment Income
 
$
12,758,141
   
$
907,968
   
$
10,932,296
   
$
3,207,129
 
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions(1)
   
85,687,912
     
(9,092,998
)
   
71,128,100
     
(27,397,226
)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations
   
(34,120,169
)
   
17,170,873
     
283,286,817
     
21,090,129
 
Net Increase (Decrease) in Net Assets Resulting from Operations
   
64,325,884
     
8,985,843
     
365,347,213
     
(3,099,968
)
Distributions
   
(7,289,000
)
   
(482,851
)
   
(2,489,718
)
   
(3,325,778
)
Capital Share Transactions:
                               
Issued
   
1,114,784,902
     
67,888,920
     
1,003,893,102
     
17,249,082
 
Redeemed
   
(281,700,749
)
   
(20,525,235
)
   
(192,750,767
)
   
(56,830,079
)
Increase (Decrease) in Net Assets from Capital Share Transactions
   
833,084,153
     
47,363,685
     
811,142,335
     
(39,580,997
)
Total Increase (Decrease) in Net Assets
   
890,121,037
     
55,866,677
     
1,173,999,830
     
(46,006,743
)
Net Assets:
                               
Beginning of Year
   
103,887,729
     
48,021,052
     
141,608,965
     
187,615,708
 
End of Year
 
$
994,008,766
   
$
103,887,729
   
$
1,315,608,795
   
$
141,608,965
 
Share Transactions:
                               
Issued
   
29,630,000
     
3,550,000
     
45,120,000
     
1,450,000
 
Redeemed
   
(7,840,000
)
   
(1,450,000
)
   
(9,490,000
)
   
(5,600,000
)
Net Increase (Decrease) in Shares Outstanding from Share Transactions
   
21,790,000
     
2,100,000
     
35,630,000
     
(4,150,000