NPORT-EX 2 GX1.htm SCHEDULE F

Schedule of Investments (Unaudited)

January 31, 2020

Global X Silver Miners ETF

	Shares		Value
COMMON STOCK — 99.9%
CANADA— 16.1%
Industrials — 0.7%
Alexco Resource ^{* (A)}		2,127,499	$	3,786,948
Materials — 15.4%
Americas Gold & Silver ^{* (A)}		1,444,733		4,271,223
Bear Creek Mining ^*		1,526,204		2,677,247
Excellon Resources ^{* (A)}		1,580,747		1,015,943
First Majestic Silver ^{* (A)}		2,228,971		22,482,684
Fortuna Silver Mines ^*		2,985,729		11,716,709
MAG Silver ^*		1,397,803		15,240,497
Silvercorp Metals		3,026,693		15,767,959
SilverCrest Metals ^*		1,460,018		9,681,568
				82,853,830
TOTAL CANADA				86,640,778

MEXICO— 3.9%
Materials — 3.9%
Industrias Penoles		1,996,507		20,829,400

PERU— 5.0%
Materials — 5.0%
Cia de Minas Buenaventura ADR ^(A)		1,594,603		20,618,216
Volcan Cia Minera SAA ^*		46,421,510		6,628,992
TOTAL PERU				27,247,208

SOUTH KOREA— 7.2%
Materials — 7.2%
Korea Zinc		121,461		38,725,662

UNITED KINGDOM— 19.5%
Materials — 19.5%
Fresnillo		2,915,929		25,461,190
Hochschild Mining		4,717,371		10,465,635
Polymetal International		4,084,853		69,246,661
TOTAL UNITED KINGDOM				105,173,486

Schedule of Investments (Unaudited)

January 31, 2020

Global X Silver Miners ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
UNITED STATES— 48.2%
Materials — 48.2%
Coeur d'Alene Mines ^*		4,095,653	$	24,696,788
Endeavour Silver ^{* (A)}		2,569,197		5,446,698
Gold Resource		1,186,706		6,526,883
Great Panther Mining ^*		5,752,026		3,652,536
Hecla Mining		8,939,355		27,086,246
McEwen Mining ^{* (A)}		5,253,400		6,041,410
Pan American Silver ^(A)		1,419,027		32,609,240
SSR Mining ^*		1,576,564		28,866,887
Wheaton Precious Metals ^(A)		4,248,369		125,114,467
TOTAL UNITED STATES				260,041,155
TOTAL COMMON STOCK
(Cost $493,702,659)				538,657,689

SHORT-TERM INVESTMENT^(B)(C) — 1.8%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 1.460%
(Cost $9,723,353)		9,723,353		9,723,353

REPURCHASE AGREEMENT^(B) — 5.9%
RBC Capital Markets
1.530%, dated 01/31/20, to be repurchased on 02/03/20 repurchase price $32,123,375 (collateralized by U.S. Treasury Obligations, ranging in par value $1,248,718 - $6,304,133, 2.125%, 08/15/2021, with a total market value of $32,769,383)
(Cost $32,119,280)	$	32,119,280		32,119,280
TOTAL INVESTMENTS — 107.6%
(Cost $535,545,292)			$	580,500,322

Percentages are based on Net Assets of $539,414,097.

^*	Non-income producing security.

^(A)

This security or a partial position of this security is on loan at January 31, 2020. The total value of securities on loan at January 31, 2020 was $37,593,889.

Schedule of Investments (Unaudited)

January 31, 2020

Global X Silver Miners ETF

^(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2020, was $41,842,633.
^(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of January 31, 2020.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of January 31, 2020, in valuing the Fund's investments carried at value:

Investments in Securities

Level 1

Level 2

Level 3

Total

Common Stock

538,657,689

—

538,657,689

Short-Term Investment

9,723,353

—

9,723,353

Repurchase Agreement

—

32,119,280

—

32,119,280

Total Investments in Securities

548,381,042

32,119,280

—

580,500,322

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent annual or semi-annual financial statements.

Schedule of Investments (Unaudited)

January 31, 2020

Global X Gold Explorers ETF

	Shares		Value
COMMON STOCK — 99.9%
AUSTRALIA— 21.3%
Materials — 21.3%
Aurelia Metals		902,762	$	265,916
Dacian Gold ^*		198,709		186,236
Gold Road Resources ^*		823,118		782,473
Perseus Mining ^*		1,094,477		846,268
Ramelius Resources		657,160		578,517
Regis Resources		474,056		1,428,109
Resolute Mining ^*		894,266		688,468
Saracen Mineral Holdings ^*		721,202		1,907,099
Silver Lake Resources ^*		803,922		874,554
St. Barbara		709,139		1,296,024
Westgold Resources ^*		352,041		516,127
Westgold Resources (in-Specie) ^(A)(B)(C)		90,660		12,139
TOTAL AUSTRALIA				9,381,930

CANADA— 55.0%
Materials — 55.0%
Alacer Gold ^*		297,335		1,398,377
Alamos Gold, Cl A		306,603		1,935,757
Argonaut Gold ^*		174,841		235,316
B2Gold		485,191		2,102,109
China Gold International Resources ^*		249,433		213,118
Continental Gold ^*		168,933		698,698
Dundee Precious Metals ^*		148,034		683,897
Eldorado Gold ^*		160,578		1,168,017
Endeavour Mining ^*		77,513		1,588,297
Guyana Goldfields ^{* (D)}		180,528		96,915
K92 Mining ^{* (D)}		217,022		631,760
Kirkland Lake Gold		35,145		1,442,153
Lundin Gold ^*		88,936		708,099
New Gold ^*		658,253		607,212
Novo Resources ^{* (D)}		126,822		333,704

Schedule of Investments (Unaudited)

January 31, 2020

Global X Gold Explorers ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
OceanaGold		629,092	$	1,317,595
Osisko Mining ^*		190,597		573,571
Premier Gold Mines ^{* (D)}		186,657		224,403
Pretium Resources ^*		185,169		2,017,531
Roxgold ^*		371,114		291,829
Sabina Gold & Silver ^*		269,622		362,880
SEMAFO ^*		338,274		713,610
SSR Mining ^*		124,804		2,287,436
Teranga Gold ^*		84,476		480,968
Torex Gold Resources ^*		86,372		1,189,244
Wesdome Gold Mines ^*		137,248		936,053
TOTAL CANADA				24,238,549

HONG KONG— 0.2%
Materials — 0.2%
Hengxing Gold Holding ^(D)		252,100		98,374

INDONESIA— 1.0%
Materials — 1.0%
Aneka Tambang		8,750,900		461,417

TURKEY— 1.4%
Materials — 1.4%
Koza Altin Isletmeleri ^*		47,692		638,682

UNITED KINGDOM— 10.1%
Materials — 10.1%
Centamin		1,111,407		1,992,478
Highland Gold Mining		326,429		902,767
Hochschild Mining		261,233		579,554
Petropavlovsk ^{* (D)}		3,016,874		722,990
SolGold ^{* (D)}		962,146		243,006
TOTAL UNITED KINGDOM				4,440,795

Schedule of Investments (Unaudited)

January 31, 2020

Global X Gold Explorers ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
UNITED STATES— 10.9%
Materials — 10.9%
Coeur d'Alene Mines ^*		225,331	$	1,358,746
Golden Star Resources ^{* (D)}		78,408		230,520
McEwen Mining ^{* (D)}		291,012		334,664
Novagold Resources ^*		237,962		2,170,213
Seabridge Gold ^{* (D)}		50,413		702,253
TOTAL UNITED STATES				4,796,396
TOTAL COMMON STOCK
(Cost $36,940,679)				44,056,143

SHORT-TERM INVESTMENT^(E)(F) — 1.2%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 1.460%
(Cost $509,871)		509,871		509,871

REPURCHASE AGREEMENT^(E) — 3.8%
RBC Capital Markets
1.530%, dated 01/31/20, to be repurchased on 02/03/20 repurchase price $1,684,479 (collateralized by U.S. Treasury Obligations, ranging in par value $65,480 - $330,575, 2.125%, 08/15/2021, with a total market value of $1,718,355)
(Cost $1,684,263)	$	1,684,263		1,684,263
TOTAL INVESTMENTS — 104.9%
(Cost $39,134,813)			$	46,250,277

Percentages are based on Net Assets of $44,081,874.

^*	Non-income producing security.
^(A)	Level 3 security in accordance with fair value hierarchy.
^(B)	Security considered illiquid. The total value of such securities as of January 31, 2020 was $12,139 and represented 0.0% of Net Assets.

Schedule of Investments (Unaudited)

January 31, 2020

Global X Gold Explorers ETF

^(C)	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 January 31, 2020, was $12,139 and represents 0.0% of net assets.
^(D)	This security or a partial position of this security is on loan at January 31, 2020. The total value of securities on loan at January 31, 2020 was $2,105,934.
^(E)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2020, was $2,194,134.
^(F)	The rate reported on the Schedule of Investments is the 7-day effective yield as of January 31, 2020.

Cl — Class

The following is a summary of the level of inputs used as of January 31, 2020, in valuing the Fund's investments carried at value:

Investments in Securities

Level 1

Level 2

Level 3⁽¹⁾

Total

Common Stock

44,044,004

—

12,139

44,056,143

Short-Term Investment

509,871

—

509,871

Repurchase Agreement

—

1,684,263

—

1,684,263

Total Investments in Securities

44,553,875

1,684,263

12,139

46,250,277

⁽¹⁾A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to Net Assets. Management has concluded that Level 3 investments are not material in relation to Net Assets.

For the period ended January 31, 2020, the transfers in and out of Level 3 were due to changes in the availability of observable inputs to determine fair value. Transfers between levels are recognized at period end.

Schedule of Investments (Unaudited)

January 31, 2020

Global X Copper Miners ETF

	Shares		Value
COMMON STOCK — 99.9%
AUSTRALIA— 7.3%
Materials — 7.3%
OZ Minerals		532,357	$	3,620,894
Sandfire Resources		499,121		1,864,487
TOTAL AUSTRALIA				5,485,381

CANADA— 26.4%
Materials — 26.4%
Altius Minerals		127,243		1,030,413
ERO Copper ^*		197,748		2,718,278
First Quantum Minerals		404,731		3,170,400
HudBay Minerals, Cl B		826,006		2,535,696
Ivanhoe Mines, Cl A ^*		1,369,983		3,542,658
Lundin Mining		664,235		3,485,532
Northern Dynasty Minerals ^*		1,167,399		501,748
Teck Resources, Cl B		210,081		2,716,257
TOTAL CANADA				19,700,982

HONG KONG— 16.3%
Materials — 16.3%
Jiangxi Copper, Cl H		3,021,129		3,587,272
Jinchuan Group International Resources		30,535,200		2,556,103
MMG ^{* (A)}		6,992,500		1,593,932
Zijin Mining Group, Cl H		10,052,160		4,414,463
TOTAL HONG KONG				12,151,770

JAPAN— 1.0%
Materials — 1.0%
Nittetsu Mining		17,500		722,540

MEXICO— 5.0%
Materials — 5.0%
Grupo Mexico, Cl B		1,412,322		3,767,088

Schedule of Investments (Unaudited)

January 31, 2020

Global X Copper Miners ETF

	Shares		Value
COMMON STOCK — continued
POLAND— 5.3%
Materials — 5.3%
KGHM Polska Miedz ^*		168,662	$	3,965,499

SWEDEN— 4.3%
Materials — 4.3%
Boliden		135,102		3,214,028

UNITED KINGDOM— 21.1%
Materials — 21.1%
Antofagasta		308,174		3,340,065
Central Asia Metals		536,091		1,431,018
Glencore ^*		1,171,475		3,435,931
KAZ Minerals		616,329		3,556,885
SolGold ^{* (A)}		2,930,408		740,125
Vedanta ADR		409,747		3,237,001
TOTAL UNITED KINGDOM				15,741,025

UNITED STATES— 13.2%
Materials — 13.2%
Freeport-McMoRan Copper & Gold		362,378		4,022,396
Southern Copper		102,666		3,868,455
Turquoise Hill Resources ^*		3,137,379		1,985,333
TOTAL UNITED STATES				9,876,184
TOTAL COMMON STOCK
(Cost $95,617,030)				74,624,497

SHORT-TERM INVESTMENT^(B)(C) — 0.4%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 1.460%
(Cost $284,055)		284,055		284,055

Schedule of Investments (Unaudited)

January 31, 2020

Global X Copper Miners ETF

	Face Amount		Value
REPURCHASE AGREEMENT^(B) — 1.3%
RBC Capital Markets
1.530%, dated 01/31/20, to be repurchased on 02/03/20 repurchase price $938,443 (collateralized by U.S. Treasury Obligations, ranging in par value $36,480 - $184,167, 2.125%, 08/15/2021, with a total market value of $957,315)
(Cost $938,323)	$	938,323	$	938,323
TOTAL INVESTMENTS — 101.6%
(Cost $96,839,408)			$	75,846,875

Percentages are based on Net Assets of $74,648,395.

^*	Non-income producing security.
^(A)	This security or a partial position of this security is on loan at January 31, 2020. The total value of securities on loan at January 31, 2020 was $299,876.
^(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2020, was $1,222,378.
^(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of January 31, 2020.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of January 31, 2020, in valuing the Fund's investments carried at value:

Investments in Securities

Level 1

Level 2

Level 3

Total

Common Stock

74,624,497

—

74,624,497

Short-Term Investment

284,055

—

284,055

Repurchase Agreement

—

938,323

—

938,323

Total Investments in Securities

74,908,552

938,323

—

75,846,875

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

Schedule of Investments (Unaudited)

January 31, 2020

Global X Uranium ETF

	Shares		Value
COMMON STOCK — 100.9%
AUSTRALIA— 5.5%
Energy — 0.6%
Berkeley Energia ^*		710,466	$	90,368
Paladin Energy ^*		15,447,832		879,034
				969,402
Financials — 4.7%
Macquarie Group		77,590		7,519,752
Materials — 0.2%
Greenland Minerals ^*		3,219,889		269,445
TOTAL AUSTRALIA				8,758,599

CANADA— 38.0%
Energy — 26.0%
Cameco		3,834,394		30,934,924
Denison Mines ^*		9,055,736		3,149,702
Energy Fuels ^*		662,961		952,422
Fission Uranium ^*		2,202,882		433,064
NexGen Energy ^{* (A)}		6,107,851		6,326,987
				41,797,099
Financials — 5.3%
Uranium Participation ^*		2,943,910		8,569,849
Industrials — 1.8%
Aecon Group		223,613		2,909,818
Materials — 4.9%
Barrick Gold		424,539		7,862,462
TOTAL CANADA				61,139,228

CHINA— 0.2%
Utilities — 0.2%
CGN Power, Cl H		1,590,186		393,200

HONG KONG— 0.2%
Industrials — 0.2%
CNNC International ^*		1,055,215		383,225

Schedule of Investments (Unaudited)

January 31, 2020

Global X Uranium ETF

	Shares		Value
COMMON STOCK — continued
JAPAN— 14.4%
Industrials — 14.4%
ITOCHU		330,930	$	7,840,829
Mitsubishi Heavy Industries		199,670		7,413,130
Sumitomo		519,550		7,851,851
TOTAL JAPAN				23,105,810

SOUTH AFRICA— 0.6%
Materials — 0.6%
Sibanye Gold ^*		347,970		906,608

SOUTH KOREA— 14.9%
Industrials — 14.9%
Daewoo Engineering & Construction ^*		553,632		2,020,639
Doosan Heavy Industries & Construction ^*		255,715		1,173,605
GS Engineering & Construction		249,312		5,857,059
Hyundai Engineering & Construction		216,153		6,927,923
KEPCO Engineering & Construction		24,444		404,033
Samsung C&T		82,606		7,520,033
TOTAL SOUTH KOREA				23,903,292

UNITED KINGDOM— 25.1%
Energy — 14.9%
NAC Kazatomprom JSC GDR		1,845,500		23,991,500
Industrials — 1.4%
Yellow Cake ^*		931,281		2,295,640
Materials — 8.8%
BHP Group		324,715		7,104,599
Rio Tinto		129,841		6,990,030
				14,094,629
TOTAL UNITED KINGDOM				40,381,769

Schedule of Investments (Unaudited)

January 31, 2020

Global X Uranium ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
UNITED STATES— 2.0%
Energy — 1.8%
Uranium Energy ^{* (A)}		2,584,835	$	2,145,155
Ur-Energy ^*		1,394,498		682,746
				2,827,901
Industrials — 0.2%
Graham		19,682		359,787
TOTAL UNITED STATES				3,187,688
TOTAL COMMON STOCK
(Cost $189,524,729)				162,159,419

SHORT-TERM INVESTMENT^(B)(C) — 0.4%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 1.460%
(Cost $708,101)		708,101		708,101

REPURCHASE AGREEMENT^(B) — 1.5%
RBC Capital Markets
1.530%, dated 01/31/20, to be repurchased on 02/03/20 repurchase price $2,339,376 (collateralized by U.S. Treasury Obligations, ranging in par value $90,938 - $459,097, 2.125%, 08/15/2021, with a total market value of $2,386,423)
(Cost $2,339,078)	$	2,339,078		2,339,078
TOTAL INVESTMENTS — 102.8%
(Cost $192,571,908)			$	165,206,598

Percentages are based on Net Assets of $160,678,081.

^*	Non-income producing security.
^(A)	This security or a partial position of this security is on loan at January 31, 2020. The total value of securities on loan at January 31, 2020 was $2,723,815.
^(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2020, was $3,047,179.

Schedule of Investments (Unaudited)

January 31, 2020

Global X Uranium ETF

^(C)

The rate reported on the Schedule of Investments is the 7-day effective yield as of January 31, 2020.

Cl — Class

GDR — Global Depositary Receipt

The following is a summary of the level of inputs used as of January 31, 2020, in valuing the Fund's investments carried at value:

Investments in Securities

Level 1

Level 2

Level 3

Total

Common Stock

162,159,419

—

162,159,419

Short-Term Investment

708,101

—

708,101

Repurchase Agreement

—

2,339,078

—

2,339,078

Total Investments in Securities

162,867,520

2,339,078

—

165,206,598

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

Schedule of Investments (Unaudited)

January 31, 2020

Global X Lithium & Battery Tech ETF

	Shares		Value
COMMON STOCK — 100.0%
AUSTRALIA— 6.0%
Materials — 6.0%
Altura Mining ^{*(A)(B)(C) (D)}		22,625,902	$	939,111
Argosy Minerals ^{* (D)}		16,936,282		827,676
AVZ Minerals ^{* (D)}		44,380,554		1,693,506
Galaxy Resources ^{* (D)}		9,833,816		6,747,845
ioneer ^{* (D)}		26,566,127		3,201,252
Neometals ^{*(B)(C) (D)}		11,324,099		1,478,283
Orocobre ^{* (D)}		4,733,631		9,918,772
Pilbara Minerals ^{* (D)}		39,212,605		7,744,027
TOTAL AUSTRALIA				32,550,472

CANADA— 1.4%
Materials — 1.4%
Lithium Americas ^{* (D)}		889,225		3,341,612
Nemaska Lithium ^{*(A) (D)}		18,536,357		1,734,433
Neo Lithium ^{* (D)}		2,611,444		1,322,950
Standard Lithium ^*		2,082,046		1,385,354
TOTAL CANADA				7,784,349

CHILE— 13.1%
Materials — 13.1%
Sociedad Quimica y Minera de Chile ADR		2,515,877		70,696,144

GERMANY— 4.2%
Industrials — 4.2%
Akasol ^{* (D)}		55,410		2,333,414
Varta ^{* (D)}		227,662		19,401,578
Voltabox ^(D)		155,256		1,230,197
TOTAL GERMANY				22,965,189

HONG KONG— 5.1%
Consumer Discretionary — 4.5%
BYD, Cl H ^(D)		4,421,938		23,405,537
FDG Electric Vehicles ^*		31,187,869		743,056
				24,148,593

Schedule of Investments (Unaudited)

January 31, 2020

Global X Lithium & Battery Tech ETF

	Shares		Value
COMMON STOCK — continued
Industrials — 0.6%
Honbridge Holdings ^{* (D)}		82,268,800	$	3,337,412
TOTAL HONG KONG				27,486,005

JAPAN— 10.7%
Consumer Discretionary — 4.9%
Panasonic		2,603,720		26,473,215
Industrials — 4.7%
GS Yuasa		1,249,518		25,201,332
Materials — 1.1%
W-Scope ^{* (D)}		730,300		6,091,168
TOTAL JAPAN				57,765,715

SOUTH KOREA— 11.6%
Industrials — 0.9%
Vitzrocell ^*		328,449		4,671,067
Information Technology — 6.3%
L&F ^(D)		353,897		6,829,409
Samsung SDI		117,288		27,160,706
				33,990,115
Materials — 4.4%
LG Chemical		84,814		24,017,053
TOTAL SOUTH KOREA				62,678,235

SWITZERLAND— 0.3%
Industrials — 0.3%
Leclanche ^*		1,002,193		1,350,874

TAIWAN— 7.2%
Industrials — 1.0%
Advanced Lithium Electrochemistry Cayman ^*		3,078,698		1,498,125
Changs Ascending Enterprise ^*		955,852		1,192,877
SYNergy ScienTech		1,244,200		2,532,963
				5,223,965

Schedule of Investments (Unaudited)

January 31, 2020

Global X Lithium & Battery Tech ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — 6.2%
Dynapack International Technology		3,253,700	$	7,162,470
Simplo Technology		2,420,080		25,715,703
STL Technology		799,500		911,741
				33,789,914
TOTAL TAIWAN				39,013,879

UNITED KINGDOM— 0.2%
Materials — 0.2%
Bacanora Lithium ^{* (D)}		2,373,220		1,016,723

UNITED STATES— 40.2%
Consumer Discretionary — 10.0%
Tesla ^*		82,991		53,991,455
Industrials — 4.8%
EnerSys		335,294		24,127,756
Ultralife ^*		232,980		1,619,211
				25,746,967
Materials — 25.4%
Albemarle		1,347,948		108,213,266
Livent ^*		3,122,984		29,387,279
				137,600,545
TOTAL UNITED STATES				217,338,967
TOTAL COMMON STOCK
(Cost $660,377,536)				540,646,552

RIGHT — 0.0%

	Number Of Rights
Hong Kong — 0.0%
FDG Electric Vehicles, Expires 02/24/20*		15,593,935	—

TOTAL RIGHT (Cost $–)			—

Schedule of Investments (Unaudited)

January 31, 2020

Global X Lithium & Battery Tech ETF

	Shares/Face Amount		Value
SHORT-TERM INVESTMENT^(E)(F) — 2.9%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 1.460%
(Cost $15,940,677)		15,940,677	$	15,940,677

REPURCHASE AGREEMENT^(E) — 9.7%
RBC Capital Markets
1.530%, dated 01/31/20, to be repurchased on 02/03/20 repurchase price $52,663,763 (collateralized by U.S. Treasury Obligations, ranging in par value $2,047,175 - $10,335,134, 2.125%, 08/15/2021, with a total market value of $53,722,845)
(Cost $52,657,049)	$	52,657,049		52,657,049
TOTAL INVESTMENTS — 112.6%
(Cost $728,975,262)			$	609,244,278

Percentages are based on Net Assets of $541,297,704.

^*	Non-income producing security.
^(A)	Level 3 security in accordance with fair value hierarchy.
^(B)	Security considered illiquid. The total value of such securities as of January 31, 2020 was $2,673,544 and represented 0.5% of Net Assets.
^(C)	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 January 31, 2020, was $2,673,544 and represents 0.5% of net assets.
^(D)	This security or a partial position of this security is on loan at January 31, 2020. The total value of securities on loan at January 31, 2020 was $59,528,425.
^(E)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2020, was $68,597,726.
^(F)	The rate reported on the Schedule of Investments is the 7-day effective yield as of January 31, 2020.

ADR — American Depositary Receipt

Cl — Class

Schedule of Investments (Unaudited)

January 31, 2020

Global X Lithium & Battery Tech ETF

The following is a summary of the inputs used as of January 31, 2020 in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾			Total
Common Stock	$	537,973,008	$	—	$	2,673,544		$	540,646,552
Short-Term Investment		15,940,677		—		—			15,940,677
Repurchase Agreement		—		52,657,049		—			52,657,049
Right		—		—		—	⁽²⁾		—
Total Investments in Securities	$	553,913,685	$	52,657,049	$	2,673,544		$	609,244,278

⁽¹⁾ A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to Net Assets. Management has concluded that Level 3 investments are not material in relation to Net Assets.

⁽²⁾ Amounts designated as " — " are either $0 or have been rounded to $0.

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

Schedule of Investments (Unaudited)

January 31, 2020

Global X Fertilizers/Potash ETF

	Shares		Value
COMMON STOCK — 99.9%
AUSTRALIA— 8.8%
Materials — 8.8%
Incitec Pivot		201,498	$	442,450
Nufarm ^*		106,647		394,814
TOTAL AUSTRALIA				837,264

BELGIUM— 2.9%
Materials — 2.9%
Tessenderlo Group ^*		8,217		276,371

CANADA— 4.3%
Materials — 4.3%
Nutrien		9,526		406,884

CHILE— 5.7%
Materials — 5.7%
Sociedad Quimica y Minera de Chile ADR		19,158		538,340

GERMANY— 3.9%
Materials — 3.9%
K+S ^(A)		37,622		366,898

HONG KONG— 1.4%
Materials — 1.4%
China BlueChemical		614,701		131,412

ISRAEL— 6.8%
Materials — 6.8%
Israel Chemicals		100,921		427,571
The Israel Corp ^*		1,264		220,108
TOTAL ISRAEL				647,679

JAPAN— 1.0%
Materials — 1.0%
Taki Chemical		2,466		100,337

Schedule of Investments (Unaudited)

January 31, 2020

Global X Fertilizers/Potash ETF

	Shares		Value
COMMON STOCK — continued
MALAYSIA— 4.2%
Materials — 4.2%
Petronas Chemicals Group		262,700	$	396,807

NETHERLANDS— 4.1%
Materials — 4.1%
OCI ^*		22,509		389,136

NORWAY— 4.7%
Materials — 4.7%
Yara International		12,354		449,514

POLAND— 1.6%
Materials — 1.6%
Grupa Azoty ^*		23,077		148,018

RUSSIA— 5.0%
Materials — 5.0%
PhosAgro PJSC GDR		37,189		471,928

SINGAPORE— 4.7%
Consumer Staples — 4.7%
Wilmar International		156,100		447,176

SOUTH AFRICA— 1.2%
Materials — 1.2%
Omnia Holdings ^*		51,006		112,625

SOUTH KOREA— 0.4%
Materials — 0.4%
Namhae Chemical		5,858		38,092

TAIWAN— 4.2%
Materials — 4.2%
Taiwan Fertilizer		251,297		397,630

Schedule of Investments (Unaudited)

January 31, 2020

Global X Fertilizers/Potash ETF

	Shares		Value
COMMON STOCK — continued
TURKEY— 2.7%
Industrials — 2.3%
Tekfen Holding		69,225	$	222,653
Materials — 0.4%
Gubre Fabrikalari ^*		20,304		34,773
TOTAL TURKEY				257,426

UNITED KINGDOM— 1.7%
Materials — 1.7%
Sirius Minerals ^{* (A)}		2,292,790		165,776

UNITED STATES— 30.6%
Basic Materials — 1.9%
AdvanSix ^*		9,463		177,148
Consumer Goods — 2.5%
Andersons		10,389		234,999
Industrials — 5.3%
SiteOne Landscape Supply ^*		5,192		501,288
Materials — 20.9%
CF Industries Holdings		10,194		410,614
Compass Minerals International		8,406		486,623
Intrepid Potash ^*		32,721		77,876
Mosaic		23,833		472,847
Rentech Escrow Shares ^*(B)(C)(D)		7,168		—
Scotts Miracle-Gro, Cl A		4,399		539,933
				1,987,893
TOTAL UNITED STATES				2,901,328
TOTAL COMMON STOCK
(Cost $11,301,681)				9,480,641

Schedule of Investments (Unaudited)

January 31, 2020

Global X Fertilizers/Potash ETF

	Shares/Face Amount		Value
SHORT-TERM INVESTMENT^(E)(F) — 1.0%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 1.460%
(Cost $90,544)		90,544	$	90,544

REPURCHASE AGREEMENT^(E) — 3.1%
RBC Capital Markets
1.530%, dated 01/31/20, to be repurchased on 02/03/20 repurchase price $299,135 (collateralized by U.S. Treasury Obligations, ranging in par value $11,628 - $58,704, 2.125%, 08/15/2021, with a total market value of $305,148)
(Cost $299,096)	$	299,096		299,096
TOTAL INVESTMENTS — 104.0%
(Cost $11,691,321)			$	9,870,281

Percentages are based on Net Assets of $9,487,857.

^*	Non-income producing security.
^(A)	This security or a partial position of this security is on loan at January 31, 2020. The total value of securities on loan at January 31, 2020 was $370,968.
^(B)	Level 3 security in accordance with fair value hierarchy.
^(C)	Security considered illiquid. The total value of such securities as of January 31, 2020 was $0 and represented 0.0% of Net Assets.
^(D)	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 January 31, 2020, was $0 and represents 0.0% of net assets.
^(E)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2020, was $389,640.
^(F)	The rate reported on the Schedule of Investments is the 7-day effective yield as of January 31, 2020.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

PJSC — Public Joint Stock Company

Schedule of Investments (Unaudited)

January 31, 2020

Global X Fertilizers/Potash ETF

The following is a summary of the inputs used as of January 31, 2020 in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾			Total
Common Stock	$	8,832,962	$	647,679	$	—	⁽²⁾	$	9,480,641
Short-Term Investment		90,544		—		—			90,544
Repurchase Agreement		—		299,096		—			299,096
Total Investments in Securities	$	8,923,506	$	946,775	$	—		$	9,870,281

⁽¹⁾ A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to Net Assets. Management has concluded that Level 3 investments are not material in relation to Net Assets.

⁽²⁾ Amounts designated as " — " are either $0 or have been rounded to $0.

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

GLX-QH-001-2200

Schedule of Investments (Unaudited)

January 31, 2020

Global X SuperDividend^® ETF

	Shares		Value
COMMON STOCK — 99.5%
AUSTRALIA— 14.7%
Communication Services — 1.8%
Nine Entertainment Holdings		8,312,922	$	10,434,560
Southern Cross Media Group		11,700,038		6,892,696
				17,327,256
Consumer Discretionary — 2.4%
Harvey Norman Holdings ^(A)		4,009,302		11,353,462
Super Retail Group		1,763,994		11,076,923
				22,430,385
Financials — 7.7%
Bank of Queensland ^(A)		1,545,868		7,916,861
Bendigo and Adelaide Bank		1,400,518		9,760,197
Commonwealth Bank of Australia		189,366		10,808,527
Genworth Mortgage Insurance Australia		6,109,929		14,970,504
IOOF Holdings ^(A)		2,138,649		11,324,921
National Australia Bank		561,714		9,724,403
Perpetual ^(A)		275,940		7,887,906
				72,393,319
Industrials — 1.0%
Westpac Banking		540,745		9,093,505
Materials — 1.8%
Alumina		5,339,672		7,792,741
CSR		2,817,827		9,167,898
				16,960,639
TOTAL AUSTRALIA				138,205,104

BELGIUM— 1.2%
Industrials — 1.2%
bpost		1,091,891		10,885,513

BRAZIL— 3.2%
Energy — 1.0%
Enauta Participacoes		2,599,800		9,916,747

Schedule of Investments (Unaudited)

January 31, 2020

Global X SuperDividend^® ETF

	Shares		Value
COMMON STOCK — continued
Utilities — 2.2%
Cia de Transmissao de Energia Eletrica Paulista		1,885,472	$	9,795,233
Transmissora Alianca de Energia Eletrica		1,466,800		10,627,070
				20,422,303
TOTAL BRAZIL				30,339,050

CANADA— 2.2%
Financials — 1.2%
Alaris Royalty ^(A)		659,887		10,902,069
Materials — 1.0%
Chemtrade Logistics Income Fund ^(A)		1,380,900		9,793,839
TOTAL CANADA				20,695,908

CZECH REPUBLIC— 1.2%
Financials — 1.2%
Moneta Money Bank		2,967,922		10,872,944

GERMANY— 1.0%
Financials — 1.0%
Deutsche Pfandbriefbank		588,270		9,505,050

HONG KONG— 2.6%
Consumer Discretionary — 0.1%
Genting Hong Kong ^*		16,518,000		1,297,632
Materials — 0.6%
Sinopec Shanghai Petrochemical, Cl H		22,916,800		5,873,151
Real Estate — 1.9%
Agile Group Holdings		7,537,300		10,036,920
Yuzhou Properties		16,061,502		7,487,880
				17,524,800
TOTAL HONG KONG				24,695,583

INDONESIA— 0.5%
Energy — 0.5%
Indo Tambangraya Megah		6,480,900		4,769,904

Schedule of Investments (Unaudited)

January 31, 2020

Global X SuperDividend^® ETF

	Shares		Value
COMMON STOCK — continued
ITALY— 0.8%
Financials — 0.8%
Intesa Sanpaolo		2,873,594	$	7,150,866

MEXICO— 1.2%
Real Estate — 1.2%
PLA Administradora Industrial S de RL ^‡		6,815,177		11,052,417

MONACO— 2.1%
Energy — 0.4%
GasLog Partners		365,899		3,746,806
Industrials — 1.7%
Costamare		1,969,187		15,615,653
TOTAL MONACO				19,362,459

NETHERLANDS— 2.6%
Communication Services — 1.1%
VEON ADR		3,900,744		10,102,927
Industrials — 0.8%
PostNL		4,386,021		8,105,069
Real Estate — 0.7%
Wereldhave ^{‡ (A)}		359,261		6,609,039
TOTAL NETHERLANDS				24,817,035

NEW ZEALAND— 1.2%
Industrials — 1.2%
Air New Zealand		6,143,649		11,211,909

NIGERIA— 0.8%
Financials — 0.8%
Zenith Bank		135,277,923		7,759,408

NORWAY— 0.7%
Energy — 0.7%
Ocean Yield ^(A)		1,374,509		6,889,097

Schedule of Investments (Unaudited)

January 31, 2020

Global X SuperDividend^® ETF

	Shares		Value
COMMON STOCK — continued
POLAND— 0.7%
Materials — 0.7%
Ciech ^(A)		607,580	$	6,100,940

RUSSIA— 2.8%
Communication Services — 0.9%
Mobile TeleSystems ADR		827,933		8,436,637
Materials — 1.9%
Novolipetsk Steel PJSC GDR		400,546		8,667,816
Severstal PJSC GDR		672,782		9,486,226
				18,154,042
TOTAL RUSSIA				26,590,679

SINGAPORE— 1.1%
Real Estate — 1.1%
CapitaLand Retail China Trust ^‡		8,931,377		10,142,600

SOUTH AFRICA— 2.3%
Real Estate — 2.3%
Corporate Real Estate ^{‡ (A)}		41,220,163		7,969,497
Fortress, Cl B ^‡		12,632,475		6,308,026
Redefine Properties ^‡		15,394,205		7,379,202
TOTAL SOUTH AFRICA				21,656,725

SPAIN— 0.7%
Communication Services — 0.7%
Atresmedia de Medios de Comunicacion		2,020,324		6,846,658

THAILAND— 1.0%
Communication Services — 1.0%
Jasmine International NVDR ^(A)		56,255,313		9,114,191

TURKEY— 1.8%
Materials — 1.8%
Eregli Demir ve Celik Fabrikalari		4,802,799		7,487,070
Iskenderun Demir ve Celik		7,227,450		9,383,005
TOTAL TURKEY				16,870,075

Schedule of Investments (Unaudited)

January 31, 2020

Global X SuperDividend^® ETF

	Shares		Value
COMMON STOCK — continued
UNITED KINGDOM— 9.5%
Consumer Discretionary — 4.7%
Crest Nicholson Holdings		1,638,682	$	10,800,556
Marston's		7,498,206		10,348,692
Persimmon		322,730		12,988,159
Vistry Group		567,655		10,326,306
				44,463,713
Financials — 0.9%
Standard Life Aberdeen		2,244,583		8,920,813
Industrials — 1.1%
Galliford Try Holdings		989,490		1,946,345
Royal Mail		3,173,094		8,290,258
				10,236,603
Materials — 0.6%
Evraz		1,216,100		5,652,402
Real Estate — 0.8%
NewRiver REIT ^‡		2,907,332		7,204,999
Utilities — 1.4%
SSE		638,222		12,691,078
TOTAL UNITED KINGDOM				89,169,608

UNITED STATES— 43.6%
Communication Services — 1.6%
Gannett		836,923		5,113,599
National CineMedia		1,356,781		10,013,044
				15,126,643
Consumer Staples — 1.4%
Vector Group		974,659		12,807,019
Energy — 3.3%
EnLink Midstream		734,960		3,696,849
SFL		827,652		10,958,112
Tallgrass Energy, Cl A		330,298		7,368,948

Schedule of Investments (Unaudited)

January 31, 2020

Global X SuperDividend^® ETF

	Shares		Value
COMMON STOCK — continued
Energy — continued
Targa Resources		246,871	$	9,010,792
				31,034,701
Financials — 24.7%
AG Mortgage Investment Trust ^‡		571,451		9,057,498
AGNC Investment ^‡		568,694		10,572,022
Annaly Capital Management ^‡		972,345		9,490,087
Apollo Commercial Real Estate Finance ^‡		546,415		9,988,466
Arbor Realty Trust ^‡		785,106		11,596,015
Armour Residential ^‡		505,903		9,743,692
Artisan Partners Asset Management, Cl A		379,669		12,680,945
BGC Partners, Cl A		1,742,233		10,052,684
Blackstone Mortgage Trust, Cl A ^‡		281,007		10,734,467
Chimera Investment ^‡		529,385		11,222,962
Granite Point Mortgage Trust ^‡		347,586		6,357,348
Invesco Mortgage Capital ^‡		626,273		10,953,515
KKR Real Estate Finance Trust ^‡		347,570		7,316,349
Ladder Capital, Cl A ^‡		596,088		10,938,215
MFA Financial ^‡		1,378,336		10,751,021
New Residential Investment ^‡		601,033		10,061,292
New York Mortgage Trust ^‡		1,683,339		10,689,203
PennyMac Mortgage Investment Trust ^‡		484,431		11,263,021
Ready Capital ^‡		521,887		8,517,196
Redwood Trust ^‡		629,244		11,093,572
Starwood Property Trust ^‡		446,005		11,444,488
TPG RE Finance Trust ^‡		327,296		6,699,749
Two Harbors Investment ^‡		713,831		10,893,061
				232,116,868
Industrials — 1.2%
Macquarie Infrastructure		250,325		11,041,836
Real Estate — 10.1%
CoreCivic ^‡		522,420		8,332,599
GEO Group ^‡		513,776		8,117,661

Schedule of Investments (Unaudited)

January 31, 2020

Global X SuperDividend^® ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Real Estate — continued
Global Net Lease ^‡		543,774	$	11,272,435
Kite Realty Group Trust ^‡		635,013		10,922,224
Office Properties Income Trust ^‡		338,485		11,518,645
Omega Healthcare Investors ^‡		265,615		11,142,549
Sabra Health Care ^‡		547,086		11,762,349
Service Properties Trust ^‡		379,438		8,188,272
SITE Centers ^‡		600,732		7,635,304
Washington Prime Group ^{‡ (A)}		2,029,733		6,109,496
				95,001,534
Utilities — 1.3%
Pattern Energy Group, Cl A		459,553		12,366,571
TOTAL UNITED STATES				409,495,172
TOTAL COMMON STOCK
(Cost $978,755,739)				934,198,895

SHORT-TERM INVESTMENT(B)(C) — 1.2%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 1.460%
(Cost $11,152,619)		11,152,619		11,152,619

REPURCHASE AGREEMENT(B) — 3.9%
RBC Capital Markets
1.530%, dated 01/31/20, to be repurchased on 02/03/20 repurchase price $36,845,293 (collateralized by U.S. Treasury Obligations, ranging in par value $1,432,271 - $7,230,798, 2.125%, 08/15/2021, with a total market value of $37,586,261)
(Cost $36,840,595)	$	36,840,595		36,840,595
TOTAL INVESTMENTS — 104.6%
(Cost $1,026,748,953)			$	982,192,109

Percentages are based on Net Assets of $938,940,488.

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

Schedule of Investments (Unaudited)

January 31, 2020

Global X SuperDividend^® ETF

(A)	This security or a partial position of this security is on loan at January 31, 2020. The total value of securities on loan at January 31, 2020 was $42,497,017.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2020, was $47,993,214.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of January 31, 2020.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

NVDR — Non-Voting Depositary Receipt

PJSC — Public Joint Stock Company

REIT — Real Estate Investment Trust

The following is a summary of the level of inputs used as of January 31, 2020, in valuing the Fund's investments carried at value:

Investments in Securities

Level 1

Level 2

Level 3

Total

Common Stock

934,198,895

—

934,198,895

Short-Term Investment

11,152,619

—

11,152,619

Repurchase Agreement

—

36,840,595

—

36,840,595

Total Investments in Securities

945,351,514

36,840,595

—

982,192,109

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

Schedule of Investments (Unaudited)

January 31, 2020

Global X SuperDividend^® U.S. ETF

	Shares		Value
COMMON STOCK — 76.1%
UNITED STATES— 76.1%
Communication Services — 10.1%
AMC Entertainment Holdings, Cl A ^(A)		928,751	$	6,055,456
AT&T		411,816		15,492,518
Gannett		1,690,835		10,331,002
National CineMedia		1,877,181		13,853,596
Verizon Communications		224,690		13,355,574
				59,088,146
Consumer Discretionary — 6.0%
Buckle ^(A)		720,353		17,583,817
Chico's FAS		2,281,666		8,875,681
Six Flags Entertainment		222,687		8,491,055
				34,950,553
Consumer Staples — 14.4%
Altria Group		252,552		12,003,797
B&G Foods ^(A)		481,309		7,729,823
Coty, Cl A		1,125,227		11,544,829
General Mills		266,006		13,890,833
Philip Morris International		149,272		12,344,794
Universal		212,650		11,302,347
Vector Group		1,159,258		15,232,650
				84,049,073
Energy — 4.1%
Exxon Mobil		160,187		9,950,817
SFL		1,055,442		13,974,052
				23,924,869
Financials — 14.1%
Apollo Commercial Real Estate Finance ^‡		724,972		13,252,488
Chimera Investment ^‡		713,810		15,132,772
MFA Financial ^‡		1,805,622		14,083,852
New Residential Investment ^‡		641,984		10,746,812
New York Mortgage Trust ^‡		2,133,683		13,548,887
PennyMac Mortgage Investment Trust ^‡		654,445		15,215,846
				81,980,657

Schedule of Investments (Unaudited)

January 31, 2020

Global X SuperDividend^® U.S. ETF

	Shares		Value
COMMON STOCK — continued
Industrials — 7.5%
Air Castle Ltd.		477,739	$	15,330,645
Covanta Holding		770,754		11,545,895
Macquarie Infrastructure		309,930		13,671,012
Quad		818,385		3,478,136
				44,025,688
Materials — 4.0%
Innophos Holdings ^*		400,657		12,804,997
Schweitzer-Mauduit International		299,858		10,504,026
				23,309,023
Real Estate — 5.2%
Global Net Lease ^‡		667,285		13,832,818
Pennsylvania Real Estate Investment Trust ^{‡ (A)}		2,178,060		8,581,556
Washington Prime Group ^{‡ (A)}		2,616,512		7,875,701
				30,290,075
Utilities — 10.7%
Duke Energy		141,131		13,778,620
Pattern Energy Group, Cl A		609,222		16,394,164
PPL		404,443		14,636,792
Southern		252,230		17,756,992
				62,566,568
TOTAL COMMON STOCK
(Cost $452,520,558)				444,184,652

Schedule of Investments (Unaudited)

January 31, 2020

Global X SuperDividend^® U.S. ETF

	Shares		Value
MASTER LIMITED PARTNERSHIPS — 23.6%
Consumer Discretionary — 2.3%
Cedar Fair		241,489	$	13,074,215
Energy — 15.4%
Alliance Resource Partners		739,327		6,683,516
CrossAmerica Partners		605,292		11,325,013
Delek Logistics Partners		432,059		13,808,606
KNOT Offshore Partners		605,417		11,545,302
NGL Energy Partners		656,922		6,595,497
PBF Logistics		562,319		11,808,699
Phillips 66 Partners		249,902		14,601,774
USA Compression Partners		852,821		13,542,797
				89,911,204
Financials — 3.2%
Compass Diversified Holdings		799,573		18,622,055
Industrials — 2.7%
Fortress Transportation & Infrastructure Investors		827,217		15,866,022
TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $122,378,868)				137,473,496

SHORT-TERM INVESTMENT(B)(C) — 1.2%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 1.460%
(Cost $6,929,431)		6,929,431		6,929,431

Schedule of Investments (Unaudited)

January 31, 2020

Global X SuperDividend^® U.S. ETF

	Face Amount		Value
REPURCHASE AGREEMENT(B) — 3.9%
RBC Capital Markets
1.530%, dated 01/31/20, to be repurchased on 02/03/20 repurchase price $22,893,000 (collateralized by U.S. Treasury Obligations, ranging in par value $889,910 - $4,492,695, 2.125%, 08/15/2021, with a total market value of $23,353,385)
(Cost $22,890,081)	$	22,890,081	$	22,890,081
TOTAL INVESTMENTS — 104.8%
(Cost $604,718,938)			$	611,477,660

Percentages are based on Net Assets of $583,200,819.

*	Non-income producing security.
‡	Real Estate Investment Trust
(A)	This security or a partial position of this security is on loan at January 31, 2020. The total value of securities on loan at January 31, 2020 was $27,892,997.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2020, was $29,819,512.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of January 31, 2020.

Cl — Class

Ltd. — Limited

Schedule of Investments (Unaudited)

January 31, 2020

Global X SuperDividend^® U.S. ETF

The following is a summary of the level of inputs used as of January 31, 2020, in valuing the Fund's investments carried at value:

Investments in Securities

Level 1

Level 2

Level 3

Total

Common Stock

444,184,652

—

444,184,652

Master Limited Partnerships

137,473,496

—

137,473,496

Short-Term Investment

6,929,431

—

6,929,431

Repurchase Agreement

—

22,890,081

—

22,890,081

Total Investments in Securities

588,587,579

22,890,081

—

611,477,660

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI SuperDividend^® Emerging Markets ETF

	Shares		Value
COMMON STOCK — 99.0%
ARGENTINA— 2.3%
Financials — 2.3%
Banco Macro ADR		14,460	$	443,488

BRAZIL— 9.1%
Consumer Discretionary — 2.6%
Petrobras Distribuidora		73,000		491,992
Financials — 2.2%
Itausa - Investimentos Itau		144,415		434,605
Information Technology — 1.9%
Cielo		223,800		370,272
Utilities — 2.4%
Engie Brasil Energia		38,521		469,202
TOTAL BRAZIL				1,766,071

CHILE— 1.4%
Utilities — 1.4%
Colbun		1,828,573		266,042

CHINA— 4.9%
Materials — 4.9%
Maanshan Iron & Steel, Cl H		836,500		297,330
Nanjing Iron & Steel, Cl A		755,800		317,582
Sansteel Minguang Fujian, Cl A		297,200		327,089
TOTAL CHINA				942,001

HONG KONG— 13.7%
Financials — 1.7%
Bank of Communications CO, Cl H		498,880		321,240
Information Technology — 1.7%
Lenovo Group		489,500		323,396
Materials — 2.2%
Nine Dragons Paper Holdings		444,500		424,756

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI SuperDividend^® Emerging Markets ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — 8.1%
Agile Group Holdings		296,700	$	395,096
Guangzhou R&F Properties		208,700		318,228

KWG Group Holdings		372,400		488,227
Yuzhou Properties		816,400		380,606
				1,582,157
TOTAL HONG KONG				2,651,549

INDONESIA— 1.6%
Energy — 1.6%
Bukit Asam		1,898,600		307,280

MALAYSIA— 1.2%
Industrials — 1.2%
AirAsia Group		647,800		226,050

MEXICO— 2.6%
Real Estate — 2.6%
Fibra Uno Administracion ^‡		312,300		511,916

PAKISTAN— 2.3%
Financials — 2.3%
MCB Bank		330,210		450,133

QATAR— 2.2%
Real Estate — 2.2%
Barwa Real Estate		430,161		418,228

RUSSIA— 21.2%
Communication Services — 1.9%
Mobile TeleSystems ADR		35,425		360,981
Energy — 6.8%
Gazprom PJSC		126,640		449,205
LUKOIL PJSC		4,935		505,807
Tatneft PJSC		29,930		356,380
				1,311,392

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI SuperDividend^® Emerging Markets ETF

	Shares		Value
COMMON STOCK — continued
Materials — 12.5%
Alrosa PJSC		294,950	$	370,122
Magnitogorsk Iron & Steel Works PJSC		591,300		415,502
MMC Norilsk Nickel PJSC		1,892		615,754
Novolipetsk Steel PJSC		161,950		349,689
PhosAgro PJSC GDR		25,015		317,440
Severstal PJSC		26,406		376,560
				2,445,067
TOTAL RUSSIA				4,117,440

SOUTH AFRICA— 10.1%
Energy — 1.6%
Exxaro Resources		38,104		309,339
Financials — 3.6%
Absa Group		32,925		301,691
Liberty Holdings		55,396		390,001
				691,692
Real Estate — 4.9%
Fortress REIT, Cl A ^‡		287,157		353,215
Growthpoint Properties ^‡		229,484		322,665
Redefine Properties ^‡		569,437		272,959
				948,839
TOTAL SOUTH AFRICA				1,949,870

SOUTH KOREA— 1.6%
Financials — 1.6%
Orange Life Insurance ^{(A)(B) (C)}		13,640		309,755

TAIWAN— 13.3%
Information Technology — 13.3%
Inventec		520,000		395,048
Lite-On Technology		287,700		449,516
Micro-Star International		160,700		493,659
Nanya Technology		138,800		358,843

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI SuperDividend^® Emerging Markets ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Walsin Technology		69,900	$	487,072
Yageo		31,000		396,620
TOTAL TAIWAN				2,580,758

THAILAND— 1.9%
Real Estate — 1.9%
Land & Houses NVDR		1,210,000		361,020

TURKEY— 6.9%
Energy — 1.9%
Tupras Turkiye Petrol Rafinerileri		19,856		373,565
Industrials — 2.4%
TAV Havalimanlari Holding		103,707		472,010
Materials — 2.6%
Eregli Demir ve Celik Fabrikalari		315,605		491,995
TOTAL TURKEY				1,337,570

UNITED ARAB EMIRATES— 2.7%
Real Estate — 2.7%
Aldar Properties PJSC		875,393		531,480
TOTAL COMMON STOCK
(Cost $18,844,982)				19,170,651

PREFERRED STOCK — 2.6%
BRAZIL— 2.6%
Communication Services — 2.6%
Telefonica Brasil ^(D)
(Cost $440,949)		35,900		498,941
TOTAL INVESTMENTS — 101.6%
(Cost $19,285,931)			$	19,669,592

Percentages are based on Net Assets of $19,364,441.

‡

Real Estate Investment Trust

(A)

Level 3 security in accordance with fair value hierarchy.

(B)

Security considered illiquid. The total value of such securities as of January 31, 2020 was $309,755 and represented 1.6% of Net Assets.

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI SuperDividend^® Emerging Markets ETF

(C)	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 January 31, 2020, was $309,755 and represents 1.6% of net assets.
(D)	There is currently no stated rate.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

NVDR — Non-Voting Depositary Receipt

PJSC — Public Joint Stock Company

REIT — Real Estate Investment Trust

The following is a summary of the level of inputs used as of January 31, 2020, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	17,593,606	$	1,267,290	$	309,755	$	19,170,651
Preferred Stock		498,941		—		—		498,941
Total Investments in Securities	$	18,092,547	$	1,267,290	$	309,755	$	19,669,592

	Investments in Common Stock
Beginning Balance as of October 31, 2019	$	-
Transfers out of Level 3		-
Transfers into Level 3		309,755
Net purchases		-
Net sales		-
Realized gain/(loss)		-
Change in unrealized appreciation/(depreciation)		-
Ending Balance as of January 31, 2020	$	309,755

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

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI SuperDividend^® EAFE ETF

	Shares		Value
COMMON STOCK — 99.8%
AUSTRALIA— 15.6%
Consumer Discretionary — 2.1%
Harvey Norman Holdings		112,668	$	319,051
Financials — 7.7%
Australia & New Zealand Banking Group		15,862		273,435
Bendigo and Adelaide Bank		40,156		279,847
Commonwealth Bank of Australia		5,765		329,051
National Australia Bank		17,389		301,039
				1,183,372
Industrials — 1.8%
Westpac Banking		16,371		275,305
Materials — 1.7%
Alumina		173,851		253,719
Real Estate — 2.3%
Stockland ^‡		108,917		358,740
TOTAL AUSTRALIA				2,390,187

FINLAND— 4.1%
Financials — 1.9%
Sampo, Cl A		6,534		295,940
Utilities — 2.2%
Fortum		13,482		326,607
TOTAL FINLAND				622,547

FRANCE— 11.8%
Communication Services — 1.6%
Eutelsat Communications		16,362		245,604
Energy — 1.7%
Total		5,407		264,520
Financials — 1.9%
Societe Generale		8,792		284,749

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI SuperDividend^® EAFE ETF

	Shares		Value
COMMON STOCK — continued
Health Care — 2.2%
Casino Guichard Perrachon		8,161	$	331,555
Industrials — 2.0%
Credit Agricole		22,974		311,375
Real Estate — 2.4%
ICADE ^‡		3,366		376,006
TOTAL FRANCE				1,813,809

GERMANY— 1.8%
Communication Services — 1.8%
Telefonica Deutschland Holding		91,291		276,495

HONG KONG— 7.6%
Communication Services — 3.8%
HKT Trust & HKT		191,720		287,399
PCCW		495,865		293,116
				580,515
Consumer Discretionary — 1.9%
Yue Yuen Industrial Holdings		104,200		290,529
Utilities — 1.9%
HK Electric Investments & HK Electric Investments		299,370		299,181
TOTAL HONG KONG				1,170,225

ITALY— 4.1%
Financials — 2.1%
Poste Italiane		28,172		323,131
Utilities — 2.0%
Snam		57,066		305,896
TOTAL ITALY				629,027

JAPAN— 1.5%
Consumer Discretionary — 1.5%
Nissan Motor		40,700		225,120

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI SuperDividend^® EAFE ETF

	Shares		Value
NETHERLANDS— 3.4%
Financials — 1.8%
ING Groep		25,357	$	276,090
Real Estate — 1.6%
Unibail-Rodamco-Westfield ^‡		1,825		247,955
TOTAL NETHERLANDS				524,045

NEW ZEALAND— 2.4%
Communication Services — 2.4%
Spark New Zealand		119,818		361,337

PORTUGAL— 2.7%
Utilities — 2.7%
Energias de Portugal		81,616		409,184

SINGAPORE— 2.1%
Real Estate — 2.1%
Ascendas Real Estate Investment Trust ^‡		135,913		313,668

SPAIN— 4.1%
Utilities — 4.1%
Enagas		11,836		318,999
Endesa		11,450		314,305
TOTAL SPAIN				633,304

SWEDEN— 6.0%
Financials — 6.0%
Nordea Bank Abp		38,801		306,426
Skandinaviska Enskilda Banken, Cl A		31,281		309,089
Swedbank, Cl A		19,244		295,988
TOTAL SWEDEN				911,503

SWITZERLAND— 2.4%
Financials — 2.4%
Zurich Insurance Group		894		371,430

UNITED KINGDOM— 30.2%
Communication Services — 1.6%
BT Group, Cl A		112,058		237,703

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI SuperDividend^® EAFE ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — 10.0%
Barratt Developments		36,723	$	388,622
Persimmon		10,756		432,871
Taylor Wimpey		150,233		425,978
TUI		28,820		295,718
				1,543,189
Consumer Staples — 1.8%
Imperial Brands		10,658		274,075
Energy — 3.2%
BP		41,884		252,151
Royal Dutch Shell, Cl A		9,123		239,845
				491,996
Financials — 6.0%
HSBC Holdings		34,530		251,166
Legal & General Group		81,924		329,916
Standard Life Aberdeen		86,285		342,929
				924,011
Information Technology — 1.8%
Micro Focus International		20,219		273,244
Materials — 1.2%
Evraz		38,974		181,150
Utilities — 4.6%
Centrica		241,669		270,273
SSE		21,499		427,509
				697,782
TOTAL UNITED KINGDOM				4,623,150
TOTAL COMMON STOCK
(Cost $14,803,267)				15,275,031

TOTAL INVESTMENTS — 99.8%
(Cost $14,803,267)			$	15,275,031

Percentages are based on Net Assets of $15,309,599.

‡	Real Estate Investment Trust

Cl — Class

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI SuperDividend^® EAFE ETF

As of January 31, 2020, 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.

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

Schedule of Investments (Unaudited)

January 31, 2020

Global X SuperDividend^® REIT ETF

	Shares		Value
COMMON STOCK — 96.6%
AUSTRALIA— 1.3%
Real Estate — 1.3%
Stockland ^‡		1,964,693	$	6,471,113

NETHERLANDS— 3.5%
Real Estate — 3.5%
Unibail-Rodamco-Westfield ^‡		113,802		15,461,817
Wereldhave ^{‡ (A)}		115,816		2,130,575
TOTAL NETHERLANDS				17,592,392

SINGAPORE— 2.4%
Real Estate — 2.4%
Manulife US Real Estate Investment Trust ^‡		11,043,828		11,706,458

UNITED STATES— 89.4%
Financials — 62.2%
AGNC Investment ^‡		902,615		16,779,613
Annaly Capital Management ^‡		1,726,012		16,845,877
Apollo Commercial Real Estate Finance ^‡		903,101		16,508,686
Arbor Realty Trust ^‡		–		—
Armour Residential ^‡		879,350		16,936,280
Blackstone Mortgage Trust, Cl A ^‡		439,112		16,774,078
Chimera Investment ^‡		784,609		16,633,711
Granite Point Mortgage Trust ^‡		898,204		16,428,151
Invesco Mortgage Capital ^‡		954,093		16,687,087
KKR Real Estate Finance Trust ^‡		788,711		16,602,367
Ladder Capital, Cl A ^‡		899,179		16,499,935
MFA Financial ^‡		2,101,871		16,394,594
New Residential Investment ^‡		881,403		14,754,686
New York Mortgage Trust ^‡		2,620,725		16,641,604
PennyMac Mortgage Investment Trust ^‡		714,236		16,605,987
Ready Capital ^‡		738,246		12,048,175
Redwood Trust ^‡		952,743		16,796,859
Starwood Property Trust ^‡		649,023		16,653,930
TPG RE Finance Trust ^‡		745,674		15,263,947
Two Harbors Investment ^‡		1,090,385		16,639,275
				308,494,842

Schedule of Investments (Unaudited)

January 31, 2020

Global X SuperDividend^® REIT ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Real Estate — 27.2%
Apple Hospitality REIT ^‡		1,069,239	$	16,059,970
Brookfield Property REIT, Cl A ^‡		686,561		12,673,916
Chatham Lodging Trust ^‡		280,905		4,592,797
EPR Properties ^‡		179,524		12,812,628
Gaming and Leisure Properties ^‡		358,598		16,945,548
Global Net Lease ^‡		559,881		11,606,333
Omega Healthcare Investors ^‡		382,582		16,049,315
RLJ Lodging Trust ^‡		1,019,843		15,868,757
RPT Realty ^‡		963,979		13,447,507
Service Properties Trust ^‡		718,207		15,498,907
				135,555,678
TOTAL UNITED STATES				444,050,520
TOTAL COMMON STOCK
(Cost $472,485,851)				479,820,483

SHORT-TERM INVESTMENT^(B)(C) — 0.0%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 1.460%
(Cost $49,044)		49,044		49,044

REPURCHASE AGREEMENT^(B) — 0.0%
RBC Capital Markets
1.530%, dated 01/31/20, to be repurchased on 02/03/20 repurchase price $162,029 (collateralized by U.S. Treasury Obligations, ranging in par value $6,298 - $31,798, 2.125%, 08/15/2021, with a total market value of $165,288)
(Cost $162,008)	$	162,008		162,008
TOTAL INVESTMENTS — 96.6%
(Cost $472,696,903)			$	480,031,535

Percentages are based on Net Assets of $496,996,800.

Schedule of Investments (Unaudited)

January 31, 2020

Global X SuperDividend^® REIT ETF

‡	Real Estate Investment Trust
(A)	This security or a partial position of this security is on loan at January 31, 2020. The total value of securities on loan at January 31, 2020 was $196,288.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2020, was $211,052.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of January 31, 2020.

Cl — Class

REIT — Real Estate Investment Trust

The following is a summary of the level of inputs used as of January 31, 2020, in valuing the Fund's investments carried at value:

Investments in Securities

Level 1

Level 2

Level 3

Total

Common Stock

479,820,483

—

479,820,483

Short-Term Investment

49,044

—

49,044

Repurchase Agreement

—

162,008

—

162,008

Total Investments in Securities

479,869,527

162,008

—

480,031,535

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

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

Schedule of Investments (Unaudited)

January 31, 2020

Global X SuperIncome^TM Preferred ETF

	Shares		Value
PREFERRED STOCK — 99.6%
GERMANY— 2.1%
Financials — 2.1%
Deutsche Bank Contingent Capital Trust II, 6.550%		168,222	$	4,420,874

NETHERLANDS— 2.6%
Financials — 2.6%
ING Groep, 6.125%		205,405		5,408,314

UNITED KINGDOM— 5.4%
Financials — 5.4%
HSBC Holdings, 6.200%		420,437		11,339,186

UNITED STATES— 89.5%
Consumer Staples — 2.0%
CHS, Ser 4, 7.500%		149,356		4,214,826
Energy — 1.5%
NuStar Logistics, 8.565%, VAR ICE LIBOR USD 3 Month+6.734%		117,091		3,099,399
Financials — 60.4%
AGNC Investment, 7.000%, VAR ICE LIBOR USD 3 Month+5.111%^‡		95,895		2,519,162
Annaly Capital Management, 6.950%, VAR ICE LIBOR USD 3 Month+4.993%^‡		208,112		5,437,966
Annaly Capital Management, 6.750%, VAR ICE LIBOR USD 3 Month+4.989%^‡		116,775		3,047,827
Annaly Capital Management, 6.500%, VAR ICE LIBOR USD 3 Month+4.172%^‡		123,330		3,165,881
Apollo Global Management, 6.375%		87,143		2,369,418
Bank of America, 6.200%		228,615		5,982,854
Brighthouse Financial, 6.600%		123,556		3,468,217
Charles Schwab, 5.950%		216,467		5,792,657
Citigroup, 6.875%, VAR ICE LIBOR USD 3 Month+4.130%		133,635		3,883,433
Citigroup, Ser J, 7.125%, VAR ICE LIBOR USD 3 Month+4.040%		85,311		2,479,138
Citigroup Capital XIII, 8.140%, VAR ICE LIBOR USD 3 Month+6.370%		200,422		5,647,892

Schedule of Investments (Unaudited)

January 31, 2020

Global X SuperIncome^TM Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Fifth Third Bancorp, 6.625%, VAR ICE LIBOR USD 3 Month+3.710%		131,262	$	3,838,101
GMAC Capital Trust I, Ser 2, 7.695%, VAR ICE LIBOR USD 3 Month+5.785%		448,495		11,952,392
Goldman Sachs Group, 6.375%, VAR ICE LIBOR USD 3 Month+3.550%		201,206		5,816,866
Goldman Sachs Group, 6.300%		194,778		5,173,304
Hartford Financial Services Group, 7.875%, VAR ICE LIBOR USD 3 Month+5.596%		175,834		4,997,202
Invesco Mortgage Capital, 7.500%, VAR ICE LIBOR USD 3 Month+5.289%^‡		83,798		2,275,116
JPMorgan Chase, 6.150%		333,634		8,517,676
Morgan Stanley, Ser E, 7.125%, VAR ICE LIBOR USD 3 Month+4.320%		165,998		4,888,641
Morgan Stanley, Ser F, 6.875%, VAR ICE LIBOR USD 3 Month+3.940%		162,876		4,684,314
New Residential Investment, 7.125%, VAR ICE LIBOR USD 3 Month+5.640%^‡		81,464		2,149,835
New York Community Bancorp, 6.375%, VAR ICE LIBOR USD 3 Month+3.821%		147,959		4,228,668
Oaktree Capital Group, 6.550%		68,236		1,894,231
Regions Financial, Ser A, 6.375%		146,429		3,789,582
Two Harbors Investment, 7.250%, VAR ICE LIBOR USD 3 Month+5.011%^‡		84,860		2,260,670
US Bancorp, 6.500%, VAR ICE LIBOR USD 3 Month+4.468%		318,684		8,770,184
Wells Fargo, 6.625%, VAR ICE LIBOR USD 3 Month+3.690%		241,686		6,943,639
				125,974,866
Health Care — 4.4%
Avantor, 6.250%^*		144,242		9,196,870
Industrials — 1.2%
Pitney Bowes, 6.700%		128,656		2,583,412
Real Estate — 6.6%
Brookfield Property Partners, 6.375%		71,735		1,905,282
RLJ Lodging Trust, 1.950%^{‡ *}		92,415		2,669,869

Schedule of Investments (Unaudited)

January 31, 2020

Global X SuperIncome^TM Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Real Estate — continued
UMH Properties, 6.750%^‡		69,778	$	1,851,908
VEREIT, Ser F, 6.700%^‡		283,499		7,229,225
				13,656,284
Utilities — 13.4%
CenterPoint Energy, 7.000%^*		144,342		6,937,076
Energy Transfer Operating, 7.625%, VAR ICE LIBOR USD 3 Month+4.738%		123,173		3,060,849
Energy Transfer Operating, 7.600%, VAR ICE LIBOR USD 3 Month+5.161%		222,023		5,594,980
Energy Transfer Operating, 7.375%, VAR ICE LIBOR USD 3 Month+4.530%		125,316		3,080,267
NiSource, 6.500%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.632%		145,563		4,072,853
Sempra Energy, 6.750%^*		42,205		5,257,899
				28,003,924
TOTAL UNITED STATES				186,729,581
TOTAL PREFERRED STOCK
(Cost $202,008,073)				207,897,955
TOTAL INVESTMENTS — 99.6%
(Cost $202,008,073)			$	207,897,955

Percentages are based on Net Assets of $208,836,299

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

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

Ser — Series

USD — U.S. Dollar

VAR – Variable Rate

As of January 31, 2020, 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.

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

As of January 31, 2020, there were no Level 3 investments.

Schedule of Investments (Unaudited)

January 31, 2020

Global X SuperIncome^TM Preferred ETF

Schedule of Investments (Unaudited)

January 31, 2020

Global X YieldCo & Renewable Energy Income ETF

	Shares		Value
COMMON STOCK — 96.7%
AUSTRALIA— 5.0%
Utilities — 5.0%
AGL Energy		138,717	$	1,852,644

BRAZIL— 5.8%
Utilities — 5.8%
Engie Brasil Energia		175,692		2,140,004

CANADA— 16.2%
Utilities — 16.2%
Algonquin Power & Utilities		111,685		1,710,890
Boralex		20,657		431,086
Brookfield Renewable Partners		38,467		1,879,213
Innergex Renewable Energy		29,894		424,942
Northland Power		38,534		867,966
TransAlta Renewables		56,951		712,668
TOTAL CANADA				6,026,765

CHILE— 10.5%
Utilities — 10.5%
Colbun		3,764,598		547,716
Enel Americas		9,599,777		1,890,619
Enel Chile		15,073,686		1,428,803
TOTAL CHILE				3,867,138

CHINA— 1.1%
Utilities — 1.1%
China Longyuan Power Group, Cl H		716,400		426,247

DENMARK— 6.3%
Utilities — 6.3%
Orsted		21,686		2,366,909

GERMANY— 0.9%
Utilities — 0.9%
Encavis		28,234		339,173

Schedule of Investments (Unaudited)

January 31, 2020

Global X YieldCo & Renewable Energy Income ETF

	Shares		Value
COMMON STOCK — continued
HONG KONG— 5.0%
Industrials — 0.5%
Xinjiang Goldwind Science & Technology, Cl H		165,441	$	175,351
Information Technology — 3.3%
Xinyi Solar Holdings		1,736,400		1,229,919
Utilities — 1.2%
Huaneng Renewables, Cl H		1,079,300		443,401
TOTAL HONG KONG				1,848,671

ITALY— 6.1%
Utilities — 6.1%
ACEA		45,726		1,066,683
ERG		32,258		762,873
Falck Renewables		62,411		406,685
TOTAL ITALY				2,236,241

NEW ZEALAND— 9.8%
Utilities — 9.8%
Contact Energy		154,047		741,703
Mercury NZ		292,637		992,349
Meridian Energy		551,027		1,906,009
TOTAL NEW ZEALAND				3,640,061

PORTUGAL— 6.8%
Utilities — 6.8%
Energias de Portugal		508,350		2,548,623

RUSSIA— 2.7%
Utilities — 2.7%
RusHydro PJSC		91,561,100		986,794

THAILAND— 0.6%
Utilities — 0.6%
BCPG NVDR		428,000		218,325

Schedule of Investments (Unaudited)

January 31, 2020

Global X YieldCo & Renewable Energy Income ETF

	Shares		Value
COMMON STOCK — continued
UNITED STATES— 19.9%
Real Estate — 1.3%
Hannon Armstrong Sustainable Infrastructure Capital ^‡		14,090	$	480,328
Utilities — 18.6%
Atlantica Yield		21,807		626,406
Avista		14,325		728,426
Clearway Energy, Cl A		7,377		152,630
Hawaiian Electric Industries		23,413		1,145,130
IDACORP		10,830		1,215,018
NextEra Energy Partners		13,063		741,587
NorthWestern		10,834		833,893
Pattern Energy Group, Cl A		21,086		567,424
TerraForm Power, Cl A		48,762		882,105
				6,892,619
TOTAL UNITED STATES				7,372,947
TOTAL COMMON STOCK
(Cost $29,863,132)				35,870,542

EXCHANGE TRADED FUNDS — 3.3%
Greencoat UK Wind		325,804		610,713
Renewables Infrastructure Group		350,597		609,123
TOTAL EXCHANGE TRADED FUNDS
(Cost $1,112,144)				1,219,836

TOTAL INVESTMENTS — 100.0%
(Cost $30,975,276)			$	37,090,378

Percentages are based on Net Assets of $37,083,149.

‡	Real Estate Investment Trust

Cl — Class

NVDR — Non-Voting Depositary Receipt

PJSC — Public Joint Stock Company

Schedule of Investments (Unaudited)

January 31, 2020

Global X YieldCo & Renewable Energy Income ETF

As of January 31, 2020, 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.

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

Schedule of Investments (Unaudited)

January 31, 2020

Global X Social Media ETF

	Shares		Value
COMMON STOCK — 99.4%
CHINA— 25.4%
Communication Services — 25.4%
Baidu ADR ^*		50,348	$	6,220,999
Bilibili ADR ^{* (A)}		29,155		628,290
Changyou.com ADR ^{* (A)}		7,482		79,833
Momo ADR ^*		38,563		1,180,028
NetEase ADR		19,443		6,236,536
SINA ^*		31,913		1,236,310
Tencent Holdings		273,315		13,129,144
Tencent Music Entertainment Group ADR ^{* (A)}		95,601		1,213,177
Weibo ADR ^{* (A)}		48,669		2,074,273
TOTAL CHINA				31,998,590

GERMANY— 1.9%
Communication Services — 1.9%
New Work		1,361		444,939
United Internet		59,460		1,930,690
TOTAL GERMANY				2,375,629

HONG KONG— 0.2%
Information Technology — 0.2%
Meitu ^*		1,055,100		205,180

JAPAN— 6.1%
Communication Services — 6.1%
DeNA ^*		53,871		892,176
Gree ^*		57,335		244,924
Kakaku.com		65,940		1,749,720
LINE ^*		23,870		1,180,451
Mixi		21,230		377,649
Nexon ^*		239,184		3,277,098
TOTAL JAPAN				7,722,018

Schedule of Investments (Unaudited)

January 31, 2020

Global X Social Media ETF

	Shares		Value
COMMON STOCK — continued
RUSSIA— 6.7%
Communication Services — 6.7%
Mail.Ru Group GDR ^*		92,810	$	2,184,747
Yandex, Cl A ^*		138,313		6,197,806
TOTAL RUSSIA				8,382,553

SOUTH KOREA— 10.5%
Communication Services — 10.5%
AfreecaTV		3,503		158,713
Com2uSCorp		4,041		345,156
HUYA ADR ^{* (A)}		18,596		332,496
Kakao		21,722		2,897,846
NAVER		63,035		9,493,462
TOTAL SOUTH KOREA				13,227,673

TAIWAN— 0.1%
Consumer Discretionary — 0.1%
PChome Online ^*		49,344		145,374

UNITED STATES— 48.5%
Communication Services — 47.9%
Alphabet, Cl A ^*		4,370		6,261,249
ANGI Homeservices, Cl A ^{* (A)}		44,351		356,138
Facebook, Cl A ^{* (A)}		60,575		12,230,698
Glu Mobile ^*		63,652		375,547
IAC ^*		23,639		5,758,224
JOYY ADR ^*		31,557		1,910,145
Match Group ^{* (A)}		28,059		2,194,775
Meet Group ^{* (A)}		40,164		214,074
Pinterest, Cl A ^{* (A)}		80,162		1,765,969
Snap, Cl A ^{* (A)}		529,705		9,735,978
Spotify Technology ^*		44,199		6,245,319
Twitter ^*		291,127		9,455,805
Yelp, Cl A ^*		35,248		1,149,085
Zynga, Cl A ^*		451,768		2,719,643
				60,372,649

Schedule of Investments (Unaudited)

January 31, 2020

Global X Social Media ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Consumer Discretionary — 0.6%
Groupon, Cl A ^{* (A)}		244,278	$	703,521
TOTAL UNITED STATES				61,076,170
TOTAL COMMON STOCK
(Cost $113,794,729)				125,133,187

SHORT-TERM INVESTMENT^(B)(C) — 3.2%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 1.460%
(Cost $4,050,968)		4,050,968		4,050,968

REPURCHASE AGREEMENT^(B) — 11.0%
RBC Capital Markets
1.530%, dated 01/31/20, to be repurchased on 02/03/20 repurchase price $13,383,323 (collateralized by U.S. Treasury Obligations, ranging in par value $520,244 - $2,626,444, 2.125%, 08/15/2021, with a total market value of $13,652,464)
(Cost $13,831,616)	$	13,831,616		13,831,616
TOTAL INVESTMENTS — 113.6%
(Cost $131,677,313)			$	143,015,771

Percentages are based on Net Assets of $125,878,613.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at January 31, 2020. The total value of securities on loan at January 31, 2020 was $16,492,071.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2020, was $17,882,584.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of January 31, 2020.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

Schedule of Investments (Unaudited)

January 31, 2020

Global X Social Media ETF

The following is a summary of the level of inputs used as of January 31, 2020, in valuing the Fund's investments carried at value:

Investments in Securities

Level 1

Level 2

Level 3

Total

Common Stock

125,133,187

—

125,133,187

Short-Term Investment

4,050,968

—

4,050,968

Repurchase Agreement

—

13,831,616

—

13,831,616

Total Investments in Securities

129,184,155

13,831,616

—

143,015,771

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

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

Schedule of Investments (Unaudited)

January 31, 2020

Global X E-commerce ETF

	Shares		Value
COMMON STOCK — 99.8%
CHINA— 21.3%
Communication Services — 7.4%
58.com ADR ^*		3,979	$	221,312
NetEase ADR		775		248,589
				469,901
Consumer Discretionary — 12.7%
Alibaba Group Holding ADR ^*		1,195		246,875
Baozun ADR ^*		2,215		66,694
JD.com ADR ^*		6,716		253,126
Uxin ADR		10,714		26,356
Vipshop Holdings ADR ^*		18,219		231,928
				824,979
Financials — 1.2%
LexinFintech Holdings ADR ^*		5,716		76,023
TOTAL CHINA				1,370,903

GERMANY— 1.0%
Consumer Discretionary — 1.0%
Rocket Internet ^*		2,784		65,160

JAPAN— 4.0%
Consumer Discretionary — 4.0%
Rakuten		32,480		256,520

SOUTH KOREA— 0.3%
Information Technology — 0.3%
Cafe24 ^*		462		19,110

UNITED KINGDOM— 9.7%
Consumer Discretionary — 9.7%
ASOS ^*		2,421		98,071
Just Eat ^*		23,255		263,937
Ocado Group ^*		15,999		258,035
TOTAL UNITED KINGDOM				620,043

Schedule of Investments (Unaudited)

January 31, 2020

Global X E-commerce ETF

	Shares		Value
COMMON STOCK — continued
UNITED STATES— 63.5%
Communication Services — 3.9%
ANGI Homeservices, Cl A ^*		3,472	$	27,880
TripAdvisor		4,782		130,644
Yelp, Cl A ^*		2,975		96,985
				255,509
Consumer Discretionary — 41.9%
Amazon.com ^*		145		291,264
Booking Holdings ^*		131		239,802
eBay		7,672		257,472
Etsy ^*		5,323		259,816
Expedia Group		2,456		266,353
Groupon, Cl A ^*		21,298		61,338
Jumia Technologies ADR		3,522		21,132
Lands' End ^*		1,254		14,609
MercadoLibre ^*		415		275,145
Overstock.com ^*		2,291		18,603
PetMed Express		866		21,832
Qurate Retail, Cl A ^*		17,160		146,375
Shutterstock ^*		882		38,217
Stamps.com ^*		739		55,048
Trip.com Group ADR ^*		7,044		226,324
Wayfair, Cl A ^*		2,618		245,307
Williams-Sonoma		3,472		243,318
				2,681,955
Financials — 3.3%
eHealth ^*		975		102,531
LendingTree ^*		354		110,165
				212,696
Industrials — 4.3%
CoStar Group ^*		423		276,215

Schedule of Investments (Unaudited)

January 31, 2020

Global X E-commerce ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — 10.1%
GoDaddy, Cl A ^*		3,736	$	251,097
LivePerson ^*		2,778		113,926
Shopify, Cl A ^*		613		285,449
				650,472
TOTAL UNITED STATES				4,076,847
TOTAL COMMON STOCK
(Cost $6,430,261)				6,408,583
TOTAL INVESTMENTS — 99.8%
(Cost $6,430,261)			$	6,408,583

Percentages are based on Net Assets of $6,420,726.

*	Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

As of January 31, 2020, 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.

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

Schedule of Investments (Unaudited)

January 31, 2020

Global X Guru Index ETF

	Shares		Value
COMMON STOCK — 98.1%
BRAZIL— 1.6%
Energy — 1.6%
Petroleo Brasileiro ADR, Cl A		72,593	$	961,857

CANADA— 3.0%
Consumer Discretionary — 1.6%
Restaurant Brands International		15,479		944,374
Materials — 1.4%
Teck Resources, Cl B		62,535		807,327
TOTAL CANADA				1,751,701

CHINA— 3.9%
Consumer Discretionary — 3.9%
Alibaba Group Holding ADR ^*		5,517		1,139,757
JD.com ADR ^*		30,504		1,149,696
TOTAL CHINA				2,289,453

MEXICO— 1.7%
Communication Services — 1.7%
Grupo Televisa ADR		90,881		1,010,597

UNITED STATES— 87.9%
Communication Services — 16.7%
Alphabet, Cl A ^*		767		1,098,942
Cargurus, Cl A ^*		25,785		919,235
Charter Communications, Cl A ^*		2,152		1,113,574
Facebook, Cl A ^*		5,245		1,059,018
Liberty Broadband, Cl C ^*		8,698		1,156,225
Liberty Global ^*		47,235		920,138
Netflix ^*		3,469		1,197,117
Snap, Cl A ^*		73,424		1,349,533
Walt Disney		7,102		982,278
				9,796,060
Consumer Discretionary — 5.5%
Amazon.com ^*		588		1,181,127
DR Horton		19,171		1,134,923

Schedule of Investments (Unaudited)

January 31, 2020

Global X Guru Index ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
General Motors		27,944	$	933,050
				3,249,100
Consumer Staples — 9.2%
Conagra Brands		35,521		1,169,351
Constellation Brands, Cl A		5,696		1,072,557
Mondelez International, Cl A		19,443		1,115,639
Post Holdings ^*		9,621		1,006,068
Procter & Gamble		8,524		1,062,261
				5,425,876
Financials — 8.7%
Arch Capital Group ^*		25,187		1,112,258
Berkshire Hathaway, Cl B ^*		4,657		1,045,170
Citigroup		13,754		1,023,435
Franklin Resources		37,165		940,275
Investors Bancorp		84,076		1,016,059
				5,137,197
Health Care — 13.3%
ABIOMED ^*		4,583		853,767
Amicus Therapeutics ^*		106,864		944,678
Bausch Health ^*		35,929		985,532
Baxter International		12,589		1,123,191
Cigna		5,221		1,004,416
DaVita ^*		14,448		1,153,962
Incyte ^*		11,699		854,846
Neurocrine Biosciences ^*		9,050		905,724
				7,826,116
Industrials — 11.3%
Arconic		33,156		993,022
Delta Air Lines		18,000		1,003,320
Raytheon		4,689		1,035,988
Spirit Aerosystems Holdings, Cl A		11,125		726,685
United Airlines Holdings ^*		11,060		827,288
Westinghouse Air Brake Technologies		12,821		946,959

Schedule of Investments (Unaudited)

January 31, 2020

Global X Guru Index ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
XPO Logistics ^*		12,235	$	1,087,936
				6,621,198
Information Technology — 11.3%
Adobe ^*		3,440		1,207,922
Microsoft		6,824		1,161,649
NortonLifeLock		41,216		1,171,359
Palo Alto Networks ^*		4,143		972,693
salesforce.com ^*		6,270		1,143,084
SolarWinds ^*		53,209		1,006,714
				6,663,421
Materials — 6.6%
Berry Global Group ^*		24,731		1,051,562
Celanese, Cl A		8,123		840,730
Martin Marietta Materials		3,935		1,038,053
Sherwin-Williams		1,726		961,365
				3,891,710
Real Estate — 1.9%
American Tower, Cl A ^‡		4,811		1,114,901
Utilities — 3.4%
FirstEnergy		21,754		1,104,886
Vistra Energy		39,192		882,604
				1,987,490
TOTAL UNITED STATES				51,713,069
TOTAL COMMON STOCK
(Cost $50,365,249)				57,726,677

MASTER LIMITED PARTNERSHIP — 1.7%
Energy — 1.7%
Enterprise Products Partners
(Cost $966,500)		38,909		1,002,685
TOTAL INVESTMENTS — 99.8%
(Cost $51,331,749)			$	58,729,362

Percentages are based on Net Assets of $58,839,042.

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

Schedule of Investments (Unaudited)

January 31, 2020

Global X Guru Index ETF

ADR — American Depositary Receipt

Cl — Class

As of January 31, 2020, 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.

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — 99.6%
UNITED KINGDOM— 0.7%
Materials — 0.4%
Linde		1,911	$	388,181
Real Estate — 0.3%
Healthpeak Properties ^‡		8,302		298,789
TOTAL UNITED KINGDOM				686,970

UNITED STATES— 98.9%
Communication Services — 4.4%
Activision Blizzard		5,376		314,389
Alphabet, Cl A ^*		154		220,648
AT&T		10,522		395,838
CenturyLink		3,981		54,380
Charter Communications, Cl A ^*		642		332,209
Comcast, Cl A		8,209		354,547
Electronic Arts ^*		3,234		349,013
Facebook, Cl A ^*		1,497		302,260
Fox, Cl A		3,962		146,911
IAC ^*		2,114		514,949
Sirius XM Holdings		13,786		97,467
T-Mobile US ^*		5,311		420,578
Verizon Communications		2,789		165,778
ViacomCBS, Cl B		980		33,447
Walt Disney		3,267		451,859
				4,154,273
Consumer Discretionary — 11.9%
Advance Auto Parts		1,173		154,543
Aptiv		1,263		107,090
AutoZone ^*		276		291,997
Best Buy		3,771		319,366
BorgWarner		2,990		102,527
Burlington Stores ^*		290		63,066
Carnival		3,922		170,725

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Chipotle Mexican Grill, Cl A ^*		407	$	352,771
Darden Restaurants		1,849		215,279
Dollar General		1,603		245,916
Dollar Tree ^*		1,799		156,639
Domino's Pizza		189		53,251
DR Horton		9,931		587,915
eBay		7,925		265,963
Expedia Group		652		70,709
Ford Motor		20,663		182,247
General Motors		5,392		180,039
Genuine Parts		1,415		132,402
Hasbro		1,562		159,121
Home Depot		1,332		303,829
Kohl's		2,974		127,139
Las Vegas Sands		2,710		176,990
Lear		1,068		131,556
Lennar, Cl A		7,527		499,492
LKQ ^*		4,758		155,515
Lowe's		1,939		225,389
Lululemon Athletica ^*		1,350		323,176
Macy's		6,427		102,511
McDonald's		1,049		224,455
MGM Resorts International		8,552		265,625
Mohawk Industries ^*		1,102		145,111
NIKE, Cl B		4,873		469,270
Norwegian Cruise Line Holdings ^*		2,778		149,595
NVR ^*		72		274,822
O'Reilly Automotive ^*		457		185,588
PVH		1,600		139,472
Ross Stores		2,309		259,047
Royal Caribbean Cruises		1,471		172,225
Tapestry		6,207		159,954

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Target		5,772	$	639,191
Tiffany		3,174		425,379
TJX		9,756		575,994
Tractor Supply		1,280		118,976
Ulta Beauty ^*		637		170,659
VF		4,047		335,780
Whirlpool		1,579		230,803
Wynn Resorts		1,278		161,232
Yum! Brands		3,193		337,724
				11,298,065
Consumer Staples — 7.4%
Archer-Daniels-Midland		5,135		229,843
Brown-Forman, Cl B		5,388		364,444
Bunge		4,254		223,037
Church & Dwight		3,167		235,055
Clorox		1,119		176,030
Coca-Cola		4,468		260,931
Colgate-Palmolive		2,753		203,116
Conagra Brands		8,338		274,487
Constellation Brands, Cl A		756		142,355
Costco Wholesale		1,117		341,266
Estee Lauder, Cl A		2,020		394,223
Hershey		2,618		406,235
Hormel Foods		4,401		207,991
JM Smucker		2,156		223,383
Kellogg		934		63,708
Kimberly-Clark		1,754		251,243
Kraft Heinz		5,178		151,198
Kroger		6,765		181,708
McCormick		556		90,834
Molson Coors Beverage, Cl B		1,902		105,713
Mondelez International, Cl A		5,557		318,861

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
PepsiCo		1,668	$	236,890
Procter & Gamble		1,802		224,565
Sysco		5,076		416,942
Tyson Foods, Cl A		6,381		527,262
Walgreens Boots Alliance		2,407		122,396
Walmart		5,298		606,568
				6,980,284
Energy — 4.1%
Apache		7,329		201,108
Cabot Oil & Gas		6,124		86,287
Chevron		2,007		215,030
Concho Resources		1,925		145,877
ConocoPhillips		3,224		191,602
Devon Energy		4,779		103,800
EOG Resources		1,672		121,906
Exxon Mobil		2,448		152,070
Hess		5,699		322,392
HollyFrontier		1,165		52,332
Kinder Morgan		14,792		308,709
Marathon Oil		18,686		212,460
National Oilwell Varco		8,197		168,940
Noble Energy		11,596		229,253
Occidental Petroleum		4,959		196,971
ONEOK		1,480		110,808
Phillips 66		5,127		468,454
Targa Resources		3,520		128,480
Valero Energy		4,798		404,519
Williams		2,541		52,573
				3,873,571
Financials — 12.5%
Aflac		5,260		271,258
Alleghany ^*		332		264,823

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Allstate		2,355	$	279,162
Ally Financial		6,719		215,209
American Express		624		81,039
American International Group		8,193		411,780
Annaly Capital Management ^‡		32,642		318,586
Aon		934		205,714
Arch Capital Group ^*		9,788		432,238
Arthur J Gallagher		2,613		268,015
Bank of America		13,641		447,834
Bank of New York Mellon		1,913		85,664
Berkshire Hathaway, Cl B ^*		810		181,788
Capital One Financial		905		90,319
Chubb		2,126		323,131
Cincinnati Financial		3,058		320,937
Citigroup		2,211		164,520
Citizens Financial Group		3,435		128,057
CME Group, Cl A		1,391		302,000
Comerica		1,363		83,361
Everest Re Group		993		274,634
FactSet Research Systems		650		185,971
Fidelity National Financial		5,570		271,537
Fifth Third Bancorp		10,648		302,936
Franklin Resources		3,269		82,706
Globe Life		1,895		197,573
Goldman Sachs Group		390		92,723
Hartford Financial Services Group		8,345		494,692
Intercontinental Exchange		3,879		386,891
JPMorgan Chase		1,971		260,881
KeyCorp		2,876		53,810
Lincoln National		1,675		91,254
Loews		3,296		169,579
M&T Bank		1,110		187,057

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Markel ^*		196	$	229,902
MarketAxess Holdings		413		146,276
Marsh & McLennan		2,042		228,418
MetLife		1,706		84,805
Morgan Stanley		2,233		116,697
MSCI, Cl A		1,207		344,961
Nasdaq		1,384		161,181
PNC Financial Services Group		1,923		285,662
Principal Financial Group		1,000		52,950
Prudential Financial		825		75,125
Raymond James Financial		778		71,133
Regions Financial		18,017		280,525
S&P Global		1,010		296,667
State Street		2,083		157,537
Synchrony Financial		4,112		133,270
T Rowe Price Group		598		79,851
Travelers		1,183		155,706
Truist Financial		2,991		154,246
Unum Group		4,591		122,534
US Bancorp		3,173		168,867
Wells Fargo		4,739		222,449
Willis Towers Watson		1,409		297,708
Zions Bancorp		2,047		93,118
				11,887,267
Health Care — 8.4%
Abbott Laboratories		3,334		290,525
Agilent Technologies		2,979		245,946
Alexion Pharmaceuticals ^*		578		57,447
Allergan		687		128,222
Anthem		793		210,367
Baxter International		3,523		314,322
Boston Scientific ^*		4,262		178,450

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Bristol-Myers Squibb		2,072	$	130,432
Centene ^*		1,781		111,865
Cerner		806		57,895
Cooper		954		330,933
Danaher		1,845		296,805
DENTSPLY SIRONA		5,519		309,064
Edwards Lifesciences ^*		890		195,675
Elanco Animal Health ^*		4,006		123,785
Eli Lilly		679		94,816
Gilead Sciences		1,685		106,492
Henry Schein ^*		1,459		100,583
Hologic ^*		5,163		276,324
Humana ^*		336		112,977
IDEXX Laboratories ^*		1,075		291,336
IQVIA Holdings ^*		2,084		323,541
Johnson & Johnson		545		81,134
Laboratory Corp of America Holdings ^*		2,033		356,588
Medtronic		1,724		199,018
Merck		2,625		224,280
Mettler-Toledo International ^*		284		215,039
Mylan ^*		2,514		53,850
Perrigo		3,036		173,173
Pfizer		3,899		145,199
Quest Diagnostics		2,195		242,921
ResMed		1,575		250,378
STERIS		1,823		274,708
Stryker		915		192,790
Thermo Fisher Scientific		868		271,849
UnitedHealth Group		333		90,726
Universal Health Services, Cl B		1,856		254,476
Varian Medical Systems ^*		445		62,554
Veeva Systems, Cl A ^*		830		121,686

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Waters ^*		241	$	53,934
Zimmer Biomet Holdings		1,250		184,875
Zoetis, Cl A		1,623		217,823
				7,954,803
Industrials — 10.8%
3M		383		60,767
AMETEK		1,543		149,903
Arconic		8,899		266,525
CH Robinson Worldwide		1,113		80,381
Cintas		1,053		293,756
Copart ^*		985		99,938
CoStar Group ^*		900		587,691
Cummins		1,787		285,866
Delta Air Lines		3,671		204,621
Dover		2,483		282,690
Eaton		3,252		307,216
Emerson Electric		1,838		131,656
Expeditors International of Washington		1,357		99,115
Fastenal		6,496		226,580
FedEx		559		80,854
Fortive		1,155		86,544
Fortune Brands Home & Security		2,029		139,413
Honeywell International		1,066		184,652
Huntington Ingalls Industries		579		151,119
IDEX		1,057		173,190
IHS Markit		5,538		436,726
Illinois Tool Works		1,440		251,971
Ingersoll-Rand		2,275		303,098
Jacobs Engineering Group		3,727		344,859
JB Hunt Transport Services		1,386		149,591
Johnson Controls International		4,645		183,245
Kansas City Southern		2,939		495,780

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
L3Harris Technologies		2,111	$	467,228
Masco		3,406		161,853
Nielsen Holdings		3,132		63,893
Norfolk Southern		1,454		302,737
Raytheon		1,932		426,856
Republic Services, Cl A		3,835		364,517
Rockwell Automation		332		63,631
Roper Technologies		822		313,725
Snap-On		1,360		217,097
Southwest Airlines		2,261		124,310
Stanley Black & Decker		1,321		210,475
Textron		3,369		154,738
Union Pacific		1,357		243,473
United Technologies		1,655		248,581
Verisk Analytics, Cl A		1,774		288,222
Waste Management		1,836		223,441
WW Grainger		422		127,727
Xylem		2,965		242,122
				10,302,373
Information Technology — 16.3%
Accenture, Cl A		1,063		218,138
Adobe ^*		488		171,356
Advanced Micro Devices ^*		4,109		193,123
Akamai Technologies ^*		4,634		432,584
Amdocs		3,083		221,822
Amphenol, Cl A		1,571		156,267
Analog Devices		2,622		287,764
ANSYS ^*		1,567		429,875
Apple		633		195,920
Applied Materials		5,531		320,743
Broadcom		1,638		499,852
Broadridge Financial Solutions		2,203		262,487

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Cadence Design Systems ^*		5,241	$	377,929
CDW		1,973		257,378
Check Point Software Technologies ^*		3,069		350,817
Cisco Systems		2,809		129,130
Citrix Systems		1,090		132,130
Cognizant Technology Solutions, Cl A		4,184		256,814
Corning		5,587		149,117
DXC Technology		4,338		138,295
F5 Networks ^*		1,754		214,198
Fidelity National Information Services		1,637		235,171
Fiserv ^*		3,229		382,992
Fortinet ^*		750		86,520
Gartner ^*		672		108,044
GoDaddy, Cl A ^*		1,393		93,624
Hewlett Packard Enterprise		10,408		144,983
Intel		3,351		214,229
International Business Machines		1,396		200,647
Intuit		728		204,117
Juniper Networks		7,098		162,828
Keysight Technologies ^*		2,333		216,946
KLA		2,389		395,953
Lam Research		922		274,950
Marvell Technology Group		14,841		356,778
Mastercard, Cl A		736		232,532
Maxim Integrated Products		2,605		156,613
Microchip Technology		3,491		340,303
Micron Technology ^*		8,966		476,005
Microsoft		1,359		231,343
Motorola Solutions		1,902		336,654
NetApp		1,144		61,090
NortonLifeLock		8,337		236,938
Okta, Cl A ^*		1,232		157,758

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Paychex		2,244	$	192,468
Paycom Software ^*		706		224,621
Qorvo ^*		3,784		400,574
QUALCOMM		3,613		308,225
salesforce.com ^*		561		102,276
Seagate Technology		3,716		211,775
ServiceNow ^*		927		313,539
Skyworks Solutions		5,220		590,643
Splunk ^*		1,640		254,626
SS&C Technologies Holdings		917		57,780
Synopsys ^*		2,653		391,344
TE Connectivity		2,570		236,903
Texas Instruments		1,799		217,049
Twilio, Cl A ^*		1,241		154,306
VeriSign ^*		1,617		336,562
Visa, Cl A		1,212		241,152
Western Digital		6,187		405,248
Western Union		6,686		179,853
				15,521,701
Materials — 3.3%
Air Products & Chemicals		1,094		261,149
Albemarle		1,300		104,364
Ball		3,107		224,263
Celanese, Cl A		1,685		174,397
Corteva		8,905		257,533
Dow		2,250		103,658
DuPont de Nemours		1,889		96,679
Eastman Chemical		2,182		155,511
Ecolab		1,150		225,527
Freeport-McMoRan Copper & Gold		12,363		137,229
International Flavors & Fragrances		1,076		141,074
International Paper		2,968		120,857

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
Mosaic		2,908	$	57,695
Newmont		11,627		523,913
Nucor		2,347		111,459
Packaging Corp of America		552		52,854
PPG Industries		1,939		232,370
Westrock		3,048		118,872
				3,099,404
Real Estate — 5.0%
Alexandria Real Estate Equities ^‡		1,499		244,637
AvalonBay Communities ^‡		999		216,473
CBRE Group, Cl A ^*		2,826		172,527
Duke Realty ^‡		7,644		277,554
Equity Residential ^‡		2,319		192,663
Essex Property Trust ^‡		1,417		438,930
Federal Realty Investment Trust ^‡		474		59,259
Host Hotels & Resorts ^‡		7,590		124,021
Mid-America Apartment Communities ^‡		1,854		254,387
ProLogis ^‡		3,309		307,340
Public Storage ^‡		1,737		388,671
Realty Income ^‡		3,996		313,326
Regency Centers ^‡		4,139		256,784
SL Green Realty ^‡		1,773		163,187
Sun Communities ^‡		1,689		273,905
UDR ^‡		4,239		203,090
Vornado Realty Trust ^‡		774		50,906
Welltower ^‡		5,032		427,267
Weyerhaeuser ^‡		2,504		72,491
WP Carey ^‡		3,390		285,167
				4,722,585
Utilities — 14.8%
Alliant Energy		5,066		300,718
Ameren		7,882		646,718

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
American Electric Power		5,982	$	623,444
American Water Works		2,332		317,618
Atmos Energy		3,312		387,603
CenterPoint Energy		8,139		215,521
CMS Energy		8,988		615,768
Consolidated Edison		6,626		622,844
Dominion Energy		11,325		971,119
DTE Energy		3,376		447,691
Duke Energy		11,135		1,087,110
Edison International		7,423		568,231
Entergy		6,552		861,719
Evergy		6,617		477,483
Eversource Energy		3,704		342,398
Exelon		5,663		269,502
FirstEnergy		12,858		653,058
NextEra Energy		2,101		563,488
NiSource		11,528		337,886
Pinnacle West Capital		3,486		340,547
PPL		12,448		450,493
Public Service Enterprise Group		6,567		388,766
Sempra Energy		2,620		420,877
Southern		14,002		985,741
WEC Energy Group		6,782		677,454
Xcel Energy		6,787		469,592
				14,043,389
TOTAL UNITED STATES				93,837,715
TOTAL COMMON STOCK
(Cost $82,647,308)				94,524,685
TOTAL INVESTMENTS — 99.6%
(Cost $82,647,308)			$	94,524,685

Percentages are based on Net Assets of $94,918,607.

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

Cl — Class

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta US ETF

S&P — Standard & Poor's

As of January 31, 2020, 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.

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — 99.0%
AUSTRIA— 1.3%
Energy — 0.2%
OMV		158	$	7,878
Financials — 0.4%
Erste Group Bank ^*		307		11,282
Raiffeisen Bank International		287		6,552
				17,834
Industrials — 0.1%
ANDRITZ		165		6,502
Materials — 0.3%
voestalpine		169		4,105
Wienerberger		413		11,726
				15,831
Real Estate — 0.3%
IMMOFINANZ		354		9,827
Verbund		143		7,562
				17,389
TOTAL AUSTRIA				65,434

BELGIUM— 2.4%
Communication Services — 0.3%
Proximus		502		14,309
Consumer Discretionary — 0.4%
Ageas		401		22,117
Consumer Staples — 0.2%
Colruyt		211		10,557
Financials — 0.6%
Ackermans & van Haaren		58		9,288
Groupe Bruxelles Lambert		103		10,355
Sofina		34		7,781
				27,424

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Health Care — 0.4%
UCB		237	$	21,821
Materials — 0.2%
Solvay		110		11,403
Real Estate — 0.3%
Cofinimmo ^‡		77		12,270
Warehouses De Pauw CVA ^‡		182		5,202
				17,472
TOTAL BELGIUM				125,103

DENMARK— 3.4%
Consumer Staples — 0.5%
Carlsberg, Cl B		76		11,117
Royal Unibrew		158		15,047
				26,164
Financials — 0.5%
Danske Bank		594		9,945
Jyske Bank ^*		276		10,511
Tryg		130		3,940
				24,396
Health Care — 1.2%
Coloplast, Cl B		208		26,249
Demant ^*		121		3,930
Genmab ^*		35		8,084
GN Store Nord		198		9,833
H Lundbeck		114		4,849
Novo Nordisk, Cl B		191		11,683
				64,628
Industrials — 0.5%
A P Moller - Maersk, Cl B		6		7,200
DSV PANALPINA		91		9,900
ISS		325		7,890
				24,990

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — 0.2%
SimCorp		70	$	7,770
Materials — 0.2%
Christian Hansen Holding		58		4,325

Novozymes, Cl B		119		6,210
				10,535
Utilities — 0.3%
Orsted		126		13,752
TOTAL DENMARK				172,235

FINLAND— 3.9%
Communication Services — 0.5%
Elisa		436		26,256
Consumer Discretionary — 0.3%
Nokian Renkaat		490		13,201
Consumer Staples — 0.4%
Kesko, Cl B		331		22,390
Energy — 0.2%
Neste		314		12,485
Financials — 0.2%
Nordea Bank Abp		749		5,914
Sampo, Cl A		131		5,933
				11,847
Health Care — 0.3%
Orion, Cl B		309		14,612
Industrials — 0.5%
Kone, Cl B		156		10,073
Konecranes, Cl A		127		3,842
Metso		151		5,373
Valmet		240		5,210
				24,498

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — 0.6%
Nokia ^*		4,881	$	19,038
TietoEVRY		244		7,971
				27,009
Materials — 0.4%
Huhtamaki		100		4,454

Stora Enso, Cl R		459		5,982
UPM-Kymmene		296		9,359
				19,795
Utilities — 0.5%
Fortum		1,071		25,945
TOTAL FINLAND				198,038

FRANCE— 16.4%
Communication Services — 1.6%
Bollore		2,380		9,690
Eutelsat Communications		633		9,502
Iliad		42		5,525
JCDecaux		97		2,599
Lagardere SCA		481		9,142
Orange		627		8,897
Publicis Groupe		199		8,828
Ubisoft Entertainment ^*		79		6,009
Vivendi		813		22,309
				82,501
Consumer Discretionary — 2.3%
Accor		142		5,827
Christian Dior		15		7,048
Cie Generale des Etablissements Michelin SCA, Cl B		257		29,905
Elior Group		470		6,599
EssilorLuxottica		206		30,649

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Hermes International		19	$	14,246
Kering		10		6,151
Peugeot		699		14,416
Renault		102		3,984
Valeo		136		4,057
				122,882
Consumer Staples — 1.0%
Carrefour		421		7,141
Danone		127		10,190
Pernod Ricard		170		29,484
Remy Cointreau		58		6,119
				52,934
Energy — 0.2%
Total		167		8,170
Financials — 1.6%
Amundi		73		5,926
AXA		945		25,217
BNP Paribas		90		4,792
CNP Assurances		452		8,150
Eurazeo		120		8,604
Euronext		92		7,988
LVMH Moet Hennessy Louis Vuitton		20		8,761
SCOR		193		8,220
Societe Generale		164		5,311
Wendel		17		2,272
				85,241
Health Care — 0.7%
BioMerieux		59		5,849
Casino Guichard Perrachon ^*		224		9,100
Ipsen		21		1,559
Sanofi		146		14,069

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Sartorius Stedim Biotech		18	$	3,234
				33,811
Industrials — 4.0%
Aeroports de Paris		18		3,411
Air France-KLM ^*		899		8,361
Alstom ^*		756		40,164
Bouygues		253		10,018
Bureau Veritas		183		5,052
Cie de Saint-Gobain		235		8,916
Credit Agricole		1,389		18,825
Dassault Aviation		2		2,434
Eiffage		96		11,144
Industrials — continued
Elis ^*		118		2,303
Getlink		453		8,007
Legrand		127		10,190
Rexel		424		5,082
Safran		88		14,233
Schneider Electric		148		14,846
Societe BIC		102		6,889
Teleperformance		100		25,134
Vinci		43		4,775
				199,784
Information Technology — 1.7%
Alten		79		9,770
Capgemini		85		10,583
Dassault Systemes		107		18,581
Ingenico Group		122		14,223
Natixis		1,012		4,288
Sopra Steria Group		61		9,775
STMicroelectronics		571		16,003
				83,223

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Materials — 0.6%
Air Liquide		78	$	11,302
Arkema		87		8,004
L'Oreal		35		9,770
				29,076
Real Estate — 1.2%
Covivio ^‡		144		17,107
Gecina ^‡		107		20,206
ICADE ^‡		97		10,836
Klepierre ^‡		399		13,588
Nexity		92		4,445
				66,182
Utilities — 1.5%
Electricite de France		561		6,935
Engie		852		14,692
Utilities — continued
Rubis SCA		339		20,982
Suez		1,271		20,888
Veolia Environnement		581		17,178
				80,675
TOTAL FRANCE				844,479

GERMANY— 10.3%
Communication Services — 0.9%
Deutsche Telekom		681		11,023
Freenet		110		2,443
Scout24		357		24,588
Telefonica Deutschland Holding		2,845		8,617
United Internet		52		1,688
				48,359
Consumer Discretionary — 1.5%
adidas		25		7,918
Allianz		40		9,568

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Bayerische Motoren Werke		176	$	12,549
Continental		52		5,932
Daimler		256		11,860
Fielmann		114		9,077
HUGO BOSS		63		2,988
Puma		145		11,634
Zalando ^*		110		5,294
				76,820
Consumer Staples — 0.3%
Beiersdorf		102		11,575
METRO		437		6,100
				17,675
Financials — 0.8%
Aareal Bank		141		4,628
Commerzbank		513		2,956
Hannover Rueck		98		19,061
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		42		12,395
				39,040
Health Care — 1.5%
Bayer		65		5,262
Carl Zeiss Meditec		66		8,082
Evotec ^*		97		2,613
Fresenius Medical Care & KGaA		307		23,713
Gerresheimer		80		6,335
Merck KGaA		148		19,009
Siemens Healthineers		118		5,555
				70,569
Industrials — 1.6%
Brenntag		213		11,066
Deutsche Lufthansa		568		8,705
Deutsche Post		174		6,089

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Fraport Frankfurt Airport Services Worldwide		63	$	4,701
GEA Group		410		12,308
HOCHTIEF		47		5,448
Knorr-Bremse		68		7,424
OSRAM Licht ^*		246		12,336
Rheinmetall		82		8,789
Siemens		71		8,784
				85,650
Information Technology — 1.0%
Bechtle		120		17,381
Dialog Semiconductor ^*		136		6,009
Infineon Technologies		205		4,447
Nemetschek		88		6,002
SAP		73		9,532
Siltronic		48		5,196
Software		177		5,914
				54,481
Materials — 1.1%
Aurubis		116		6,339
BASF		118		7,986
Covestro		126		5,327
Evonik Industries		446		12,244
HeidelbergCement		157		10,662
LANXESS		147		8,849
Symrise, Cl A		89		9,167
				60,574
Real Estate — 1.3%
Aroundtown		1,058		10,008
Deutsche EuroShop		228		6,226
Deutsche Wohnen		228		9,652
LEG Immobilien		47		5,800
TAG Immobilien		421		11,104

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — continued
Vonovia		305	$	17,422
				60,212
Utilities — 0.3%
Uniper		478		15,685
TOTAL GERMANY				529,065

IRELAND— 1.6%
Consumer Discretionary — 0.3%
Flutter Entertainment		138		15,676
Consumer Staples — 0.7%
Glanbia		658		7,678
Kerry Group, Cl A		239		30,538
				38,216
Financials — 0.2%
AIB Group		908		2,671
Bank of Ireland Group		1,318		6,447
				9,118
Materials — 0.4%
CRH		501		18,833
TOTAL IRELAND				81,843

ITALY— 6.0%
Communication Services — 0.1%
Telecom Italia ^*		11,219		6,052
Consumer Discretionary — 0.2%
Fiat Chrysler Automobiles		366		4,759
Moncler		53		2,291
Pirelli & C		583		2,825
				9,875
Consumer Staples — 0.3%
Davide Campari-Milano		1,470		14,222

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Energy — 0.4%
Eni		577	$	8,094
Saipem ^*		1,867		7,754
Tenaris		458		4,735
				20,583
Financials — 1.7%
BPER Banca		1,088		5,004
EXOR		142		10,487
Intesa Sanpaolo		3,095		7,702
Mediobanca Banca di Credito Finanziario		1,565		15,629
Poste Italiane		2,085		23,915
UniCredit		1,115		14,929
Unione di Banche Italiane SCpA		1,934		5,800
				83,466
Health Care — 0.2%
DiaSorin		41		5,043
Recordati		158		6,764
				11,807
Industrials — 0.6%
Leonardo		1,289		15,970
Prysmian		627		13,952
				29,922
Information Technology — 0.2%
Assicurazioni Generali		629		12,265
Utilities — 2.3%
A2A		7,633		15,247
Enel		4,244		36,944
Hera		3,731		16,961
Italgas		420		2,791
Snam		5,531		29,648
Terna Rete Elettrica Nazionale		2,905		20,269
				121,860

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
TOTAL ITALY			$	310,052

NETHERLANDS— 5.8%
Communication Services — 0.2%
Koninklijke KPN		4,471		12,550
Consumer Discretionary — 0.2%
Takeaway.com ^*		83		7,828
Consumer Staples — 0.8%
Heineken		88		9,588
Koninklijke Ahold Delhaize		1,300		31,983
Unilever		121		7,067
				48,638
Energy — 0.5%
Koninklijke Vopak		189		10,133
SBM Offshore		762		13,119
				23,252
Financials — 0.6%
ABN AMRO Bank		248		4,321
ASR Nederland		180		6,710
ING Groep		338		3,680
NN Group		370		12,876
				27,587
Health Care — 0.4%
Aegon		886		3,602
Health Care — continued
Koninklijke Philips		294		13,489
				17,091
Industrials — 1.1%
Aalberts		233		10,205
Boskalis Westminster		190		4,458
IMCD		112		9,687
Randstad		70		4,031

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Signify		438	$	14,620
Wolters Kluwer		150		11,290
				54,291
Information Technology — 0.8%
ASML Holding		35		9,862
BE Semiconductor Industries		297		12,641
NXP Semiconductors		167		21,185
				43,688
Materials — 1.1%
Akzo Nobel		211		19,945
ArcelorMittal		186		2,753
ASM International		173		21,099
Koninklijke DSM		110		13,446
				57,243
Real Estate — 0.1%
Unibail-Rodamco-Westfield ^‡		41		5,571
TOTAL NETHERLANDS				297,739

NORWAY— 2.0%
Communication Services — 0.1%
Telenor		319		5,778
Consumer Staples — 0.8%
Mowi		815		19,469
Orkla		2,496		24,099
				43,568
Energy — 0.4%
Equinor		672		12,186
Energy — continued
Subsea 7 ^*		597		6,423
TGS Nopec Geophysical		81		2,066
				20,675

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Financials — 0.4%
DnB		571	$	10,026
Gjensidige Forsikring		237		5,168
Storebrand		786		6,046
				21,240
Materials — 0.3%
Norsk Hydro		2,556		8,044
Yara International		85		3,093
				11,137
TOTAL NORWAY				102,398

PORTUGAL— 1.0%
Consumer Staples — 0.2%
Jeronimo Martins		491		8,458
Energy — 0.3%
Galp Energia		1,026		15,509
Utilities — 0.5%
Energias de Portugal		5,120		25,670
TOTAL PORTUGAL				49,637

SPAIN— 3.8%
Communication Services — 0.1%
Telefonica		1,125		7,616
Consumer Discretionary — 0.3%
Industria de Diseno Textil		407		13,698
Consumer Staples — 0.1%
Viscofan		108		5,755
Energy — 0.2%
Repsol		693		9,573
Financials — 0.4%
Banco Bilbao Vizcaya Argentaria		768		3,974

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Banco Santander		920	$	3,623
Bankinter		568		3,685
Mapfre		3,273		8,386
				19,668
Industrials — 0.5%
ACS Actividades de Construccion y Servicios		89		2,962
Aena SME		49		9,077
Ferrovial		349		11,085
				23,124
Information Technology — 0.1%
Amadeus IT Group, Cl A		87		6,828
Materials — 0.1%
Acerinox ^*		572		5,580
Real Estate — 0.5%
Inmobiliaria Colonial Socimi ^‡		468		6,270
Merlin Properties Socimi ^‡		1,292		18,327
				24,597
Utilities — 1.5%
Acciona		99		11,235
Enagas		406		10,942
Endesa		775		21,273
Iberdrola		1,526		16,691
Naturgy Energy Group		663		17,487
				77,628
TOTAL SPAIN				194,067

SWEDEN— 7.0%
Communication Services — 0.4%
Tele2, Cl B		347		5,235
Telia		3,302		14,131
				19,366

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — 0.5%
Dometic Group		1,262	$	11,509
Hennes & Mauritz, Cl B		505		11,089
Husqvarna, Cl B		589		4,444
				27,042
Consumer Staples — 1.1%
AAK		355		6,668
Essity, Cl B		566		17,969
ICA Gruppen		463		20,358
Swedish Match		148		8,375
				53,370
Energy — 0.1%
Lundin Petroleum		166		5,056
Financials — 1.1%
Industrivarden, Cl C		523		12,333
Investor, Cl B		263		14,412
Kinnevik		328		7,922
L E Lundbergforetagen, Cl B		211		9,164
Skandinaviska Enskilda Banken, Cl A		1,784		17,628
				61,459
Health Care — 0.3%
Getinge, Cl B		623		10,636
Swedish Orphan Biovitrum ^*		252		4,501
				15,137
Industrials — 1.5%
Alfa Laval		264		6,601
Assa Abloy, Cl B		614		14,607
Atlas Copco, Cl A		162		5,748
Epiroc, Cl A		741		8,586
Nibe Industrier, Cl B		422		7,316
Securitas, Cl B		518		8,155
Skanska, Cl B		217		5,021

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
SKF, Cl B		388	$	7,113
Trelleborg, Cl B		554		9,098
Volvo, Cl B		471		8,078
				80,323
Information Technology — 0.5%
Hexagon, Cl B		359		19,562
Telefonaktiebolaget LM Ericsson, Cl B		875		6,878
				26,440
Materials — 0.7%
BillerudKorsnas		617		7,931
Boliden		451		10,730
Sandvik		223		4,075
Svenska Cellulosa, Cl B		1,198		11,997
				34,733
Real Estate — 0.8%
Castellum		548		13,451
Fabege		839		14,392
Fastighets Balder, Cl B ^*		228		10,820
				38,663
TOTAL SWEDEN				361,589

SWITZERLAND— 8.9%
Communication Services — 0.4%
Sunrise Communications Group		154		12,726
Swisscom		14		7,688
				20,414
Consumer Discretionary — 0.4%
Cie Financiere Richemont		127		9,302
Dufry		58		5,036
Swatch Group		32		8,053
				22,391

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — 0.9%
Barry Callebaut		5	$	11,074
Chocoladefabriken Lindt & Spruengli		1		8,383
Nestle		232		25,590
				45,047
Financials — 2.0%
Baloise Holding		54		9,759
Cembra Money Bank		62		7,258
Credit Suisse Group		293		3,711
Helvetia Holding		93		13,384
Pargesa Holding		137		10,988
Partners Group Holding		5		4,587
Swiss Life Holding		20		10,066
Swiss Re		269		30,402
UBS Group		370		4,604
Zurich Insurance Group		27		11,218
				105,977
Health Care — 1.5%
Alcon ^*		107		6,317
Novartis		121		11,438
Roche Holding		53		17,822
Sonova Holding		85		21,310
Straumann Holding		4		3,816
Tecan Group		18		5,091
Vifor Pharma		59		10,889
				76,683
Industrials — 1.7%
Adecco Group		140		8,231
DKSH Holding		72		3,721
dormakaba Holding		9		5,655
Flughafen Zurich		15		2,608
Geberit		30		15,839
Georg Fischer		6		5,901

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Kuehne + Nagel International		71	$	11,484
Schindler Holding		40		10,343
SGS		4		11,575
VAT Group ^*		55		8,329
				83,686
Information Technology — 0.1%
Logitech International		109		4,900
Materials — 1.0%
Clariant		589		13,271
EMS-Chemie Holding		14		9,174
Givaudan		4		13,189
LafargeHolcim		186		9,469
Sika		37		6,656
				51,759
Real Estate — 0.9%
PSP Swiss Property		136		20,560
Swiss Prime Site		192		23,451
				44,011
TOTAL SWITZERLAND				454,868

UNITED KINGDOM— 24.8%
Communication Services — 1.7%
Auto Trader Group		1,783		13,209
Informa		2,235		22,827
Pearson		810		6,069
Rightmove		1,865		16,172
Vodafone Group		12,505		24,611
				82,888
Consumer Discretionary — 5.1%
B&M European Value Retail		637		3,054
Barratt Developments		2,117		22,402
Bellway		318		16,705

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Berkeley Group Holdings		315	$	21,758
Burberry Group		316		8,135
Carnival		357		14,673
Compass Group		1,848		45,724
Dixons Carphone		3,574		6,388
GVC Holdings		1,184		13,691
Inchcape		1,009		8,739
JD Sports Fashion		275		2,979
Just Eat ^*		650		7,378
Kingfisher		5,129		13,793
Marks & Spencer Group		3,747		8,693
MoneySuperMarket.com		1,363		5,848
Persimmon		501		20,163
Playtech		1,095		4,981
SSP Group		881		7,479
Taylor Wimpey		5,185		14,702
WH Smith		312		9,838
Whitbread		103		6,069
William Hill		2,602		5,930
				269,122
Consumer Staples — 1.4%
Britvic		671		8,186
Coca-Cola HBC ^*		221		8,116
Diageo		341		13,531
J Sainsbury		1,449		3,866
Tate & Lyle		2,060		21,528
Tesco		1,420		4,622
WM Morrison Supermarkets		4,850		11,632
				71,481
Energy — 0.6%
BP		1,547		9,313
Great Portland Estates ^‡		1,011		12,410

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Energy — continued
Royal Dutch Shell, Cl A		316	$	8,308
				30,031
Financials — 2.7%
3i Group		894		13,015
Aviva		837		4,396
Barclays		2,198		4,868
Close Brothers Group		135		2,520
Direct Line Insurance Group		1,647		7,334
HSBC Holdings		2,588		18,824
IG Group Holdings		656		5,740
Jupiter Fund Management		779		3,960
Lloyds Banking Group		5,184		3,881
Man Group		1,035		2,100
Phoenix Group Holdings		1,693		16,916
Quilter		3,256		7,303
Royal Bank of Scotland Group		1,469		4,227
RSA Insurance Group		1,189		8,627
Schroders		134		5,675
Standard Chartered		1,223		10,173
Standard Life Aberdeen		3,175		12,619
TP ICAP		1,974		10,328
				142,506
Health Care — 1.1%
ConvaTec Group		1,181		3,238
GlaxoSmithKline		497		11,688
Hikma Pharmaceuticals		306		7,390
Mediclinic International		581		2,828
Smith & Nephew		946		22,777
UDG Healthcare		586		5,798
				53,719
Industrials — 5.7%
Aggreko		835		8,486

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Ashtead Group		113	$	3,657
BAE Systems		2,916		24,270
Balfour Beatty		757		2,652
Bunzl		373		9,662
DCC		46		3,718
easyJet		341		6,262
Experian		460		15,990
Ferguson		201		18,022
Firstgroup ^*		5,894		9,619
Hays		1,080		2,210
Howden Joinery Group		1,286		11,670
IMI		205		2,983
Intertek Group		125		9,491
Kingspan Group		139		8,572
Meggitt		2,102		18,720
National Express Group		2,123		12,509
RELX		1,205		31,975
Rentokil Initial		3,479		21,417
Rotork		1,338		5,367
Royal Mail		2,310		6,035
Signature Aviation		3,478		13,351
Smiths Group		483		10,757
Spirax-Sarco Engineering		122		14,346
Travis Perkins		791		16,177
				287,918
Information Technology — 1.0%
Avast		1,083		6,067
AVEVA Group		117		7,585
Electrocomponents		998		8,720
Halma		327		9,082
Micro Focus International		266		3,595
Sage Group		849		8,264

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Spectris		242	$	8,441
				51,754
Materials — 1.7%
Anglo American		682		17,851
Antofagasta		828		8,974
BHP Group		597		13,062
Croda International		73		4,796
Glencore ^*		1,024		3,003
Mondi		438		8,926
Rio Tinto		288		15,505
Smurfit Kappa Group		366		12,687
Victrex		108		3,155
				87,959
Real Estate — 1.7%
British Land ^‡		1,249		9,131
Capital & Counties Properties ^‡		693		2,225
Derwent London ^‡		365		19,774
Hammerson ^‡		1,976		6,080
Land Securities Group ^‡		1,162		14,368
Segro ^‡		987		11,847
Shaftesbury ^‡		691		8,189
Tritax Big Box REIT ^‡		3,404		6,269
Unite Group ^‡		788		13,213
				91,096
Utilities — 2.1%
Centrica		7,004		7,833
National Grid		1,723		22,844
Pennon Group		2,048		29,926
SSE		1,885		37,483
United Utilities Group		640		8,550
				106,636
TOTAL UNITED KINGDOM				1,275,110

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
UNITED STATES— 0.4%
Consumer Staples — 0.4%
Coca-Cola European Partners		352	$	18,519
TOTAL COMMON STOCK
(Cost $4,999,657)				5,080,176

PREFERRED STOCK — 0.6%
GERMANY— 0.6%
Consumer Discretionary — 0.2%
Porsche Automobil Holding^(A)		57		3,862
Volkswagen^(A)		22		3,959
				7,821
Consumer Staples — 0.3%
Henkel & KGaA^(A)		160		16,302
Materials — 0.1%
FUCHS PETROLUB^(A)		154		6,827
TOTAL GERMANY				30,950
TOTAL PREFERRED STOCK
(Cost $33,146)				30,950
TOTAL INVESTMENTS — 99.6%
(Cost $5,032,803)			$	5,111,126

Percentages are based on Net Assets of $5,129,747.

*	Non-income producing security.
‡	Real Estate Investment Trust
(A)	There is currently no stated rate.

Cl — Class

REIT — Real Estate Investment Trust

As of January 31, 2020, 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.

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — 99.7%
JAPAN— 99.7%
Communication Services — 5.6%
Dentsu Group		330	$	11,143
Hakuhodo DY Holdings		684		9,946
KDDI		868		26,196
Konami Holdings		90		3,521
Nippon Telegraph & Telephone		1,704		43,809
NTT DOCOMO		935		26,803
Softbank		400		5,521
Square Enix Holdings		281		13,948
Toho		380		14,182
				155,069
Consumer Discretionary — 13.8%
Asics		680		10,126
Bandai Namco Holdings		370		21,773
Bridgestone		404		14,540
Casio Computer		1,063		20,095
Denso		250		10,477
Haseko		550		7,307
Honda Motor		312		8,149
Isetan Mitsukoshi Holdings		1,470		11,678
Isuzu Motors		611		6,162
J Front Retailing		962		11,804
Marui Group		140		3,285
Mazda Motor		1,716		14,788
Mitsubishi Motors		2,653		10,109
Nikon		1,190		14,701
Nissan Motor		2,914		16,118
Nitori Holdings		40		6,268
Oriental Land		55		7,236
Pan Pacific International Holdings		464		7,565
Panasonic		1,300		13,218
Rinnai		89		6,471

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Sega Sammy Holdings		1,260	$	17,426
Sekisui Chemical		716		12,175
Sekisui House		681		14,835
Stanley Electric		390		10,277
Subaru		200		5,093
Sumitomo Electric Industries		641		8,753
Sumitomo Rubber Industries		1,119		12,544
Toyota Industries		167		9,245
Toyota Motor		192		13,555
USS		350		6,458
Yamada Denki ^*		4,898		24,901
Yamaha		235		12,272
Yamaha Motor		487		9,265
				378,669
Consumer Staples — 11.4%
Aeon		578		12,018
Ajinomoto		951		15,838
Asahi Group Holdings		100		4,693
Coca-Cola Bottlers Japan Holdings		517		13,800
Ezaki Glico		266		11,498
FamilyMart		320		7,109
Kao		241		19,528
Kewpie		514		10,836
Kirin Holdings		362		8,058
Kobayashi Pharmaceutical		109		8,940
Lawson		225		13,161
Lion		727		14,032
MEIJI Holdings		110		7,835
NH Foods		621		27,644
Nichirei		280		6,856
Nisshin Seifun Group		360		6,238
Nissin Foods Holdings		182		13,870

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
Pigeon		230	$	8,308
Seven & i Holdings		290		11,283
Shiseido		187		12,227
Suntory Beverage & Food		397		17,013
Toyo Suisan Kaisha		577		24,489
Tsuruha Holdings		118		14,622
Unicharm		270		9,397
Yakult Honsha		72		3,687
Yamazaki Baking		580		11,174
				314,154
Energy — 0.5%
Idemitsu Kosan		278		7,092
Inpex		564		5,362
				12,454
Financials — 7.1%
Aozora Bank		334		9,128
Bank of Kyoto		64		2,628
Chiba Bank		1,093		6,081
Concordia Financial Group		1,000		3,866
Daiwa Securities Group		1,804		9,306
Fukuoka Financial Group		222		3,943
Japan Post Bank		1,450		13,591
Japan Post Holdings		2,290		21,050
Mitsubishi UFJ Financial Group		900		4,721
Mitsubishi UFJ Lease & Finance		2,352		15,060
Mizuho Financial Group		7,422		11,128
MS&AD Insurance Group Holdings		260		8,773
Nomura Holdings		1,300		6,792
ORIX		301		5,160
Resona Holdings		1,100		4,627
Shinsei Bank ^*		656		10,229
Shizuoka Bank		1,030		7,384

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Sompo Holdings		370	$	14,109
Sumitomo Mitsui Financial Group		451		16,161
Sumitomo Mitsui Trust Holdings		212		7,986
Tokio Marine Holdings		270		14,909
				196,632
Health Care — 6.3%
Alfresa Holdings		375		7,705
Astellas Pharma		510		9,178
Chugai Pharmaceutical		68		7,068
Daiichi Sankyo		113		7,758
Hisamitsu Pharmaceutical		89		4,615
Hoya		160		15,648
Kyowa Kirin		239		5,702
M3 ^*		200		5,942
Medipal Holdings		642		13,837
Olympus		700		11,525
Otsuka Holdings		509		23,072
Shionogi		70		4,240
Sumitomo Dainippon Pharma		318		5,583
Suzuken		173		6,760
Sysmex		100		7,286
Taisho Pharmaceutical Holdings		166		11,977
Takeda Pharmaceutical		213		8,307
Terumo		524		19,261
				175,464
Industrials — 21.0%
AGC		225		7,795
Amada Holdings		1,377		14,776
ANA Holdings		512		16,175
Central Japan Railway		62		12,347
Dai Nippon Printing		520		14,609
Daikin Industries		54		7,790

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
East Japan Railway		156	$	13,961
Fuji Electric		419		12,718
Hankyu Hanshin Holdings		340		14,022
Hino Motors		1,343		12,837
ITOCHU		1,265		29,973
Japan Airport Terminal		146		6,883
JTEKT		245		2,676
Kajima		780		10,118
Kawasaki Heavy Industries		185		3,750
Keihan Holdings		160		7,329
Keio		90		5,215
Keisei Electric Railway		291		10,659
Kintetsu Group Holdings		221		11,765
Kurita Water Industries		650		19,401
Kyushu Railway		589		19,483
LIXIL Group		1,160		19,650
Marubeni		1,192		8,745
MISUMI Group		163		4,167
Mitsubishi		462		12,033
Mitsubishi Electric		639		9,109
Mitsubishi Heavy Industries		627		23,279
Mitsui		953		17,238
Mitsui OSK Lines		443		10,991
Nagoya Railroad		674		19,994
Nankai Electric Railway		231		6,042
Nippon Express		135		7,187
Nippon Yusen		697		11,408
NSK		899		7,722
Obayashi		1,294		14,482
Odakyu Electric Railway		219		4,922
Recruit Holdings		97		3,852
Secom		128		11,471

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Shimizu		1,643	$	17,175
Sohgo Security Services		61		3,214
Sojitz		3,563		11,407
Sumitomo		785		11,864
Sumitomo Heavy Industries		296		8,007
THK		293		7,613
Tobu Railway		408		14,568
Tokyu		410		7,308
Toppan Printing		866		17,546
Toshiba		330		10,657
Toyota Tsusho		240		8,492
West Japan Railway		168		14,375
Yaskawa Electric		100		3,575
				582,375
Information Technology — 13.4%
Advantest		350		18,956
Alps Alpine		363		6,705
Brother Industries		739		14,748
Canon		453		12,064
Disco		70		16,689
FUJIFILM Holdings		401		20,290
Fujitsu		352		37,722
Hamamatsu Photonics		462		20,035
Hirose Electric		66		8,373
Hitachi		205		8,001
Konica Minolta		2,254		14,141
Kyocera		195		13,087
NEC		852		38,675
Nomura Research Institute		405		9,043
NTT Data		600		8,608
Obic		30		4,155
Omron		60		3,548

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
Otsuka		308	$	12,219
Renesas Electronics ^*		3,144		20,624
Ricoh		2,036		23,650
Rohm		151		11,215
Seiko Epson		1,002		14,977
Shimadzu		266		7,657
SUMCO		200		3,211
Tokyo Electron		20		4,521
Trend Micro ^*		217		11,532
Yokogawa Electric		470		8,395
				372,841
Materials — 7.4%
Air Water		332		4,659
Asahi Kasei		1,306		13,712
Daicel		1,053		10,191
DIC		270		7,279
JFE Holdings		559		6,782
JSR		742		13,596
Kaneka		240		7,562
Kobe Steel		838		3,920
Kuraray		924		11,381
Mitsubishi Chemical Holdings		622		4,591
Mitsubishi Gas Chemical		718		11,195
Mitsubishi Materials		529		13,583
Mitsui Chemicals		465		10,533
Nippon Steel		312		4,420
Nissan Chemical		60		2,538
Oji Holdings		2,369		12,371
Sumitomo Chemical		876		3,815
Sumitomo Metal Mining		130		3,795
Taiheiyo Cement		227		6,250
Teijin		790		14,396

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
Toray Industries		1,970	$	13,181
Tosoh		1,158		16,807
Toyo Seikan Group Holdings		519		8,983
				205,540
Real Estate — 8.2%
Advance Residence Investment ^‡		4		12,603
Daiwa House Industry		100		3,193
Daiwa House REIT Investment, Cl A ^‡		6		16,026
GLP J-Reit ^‡		5		6,703
Japan Hotel REIT Investment, Cl A ^‡		13		8,768
Japan Prime Realty Investment ^‡		5		23,112
Japan Real Estate Investment ^‡		2		14,596
Japan Retail Fund Investment ^‡		13		27,791
Nippon Building Fund ^‡		3		24,302
Nippon Prologis REIT ^‡		5		14,393
Nomura Real Estate Master Fund ^‡		5		8,802
Orix JREIT ^‡		11		23,272
Tokyo Tatemono		900		14,781
Tokyu Fudosan Holdings		1,100		7,876
United Urban Investment ^‡		12		21,512
				227,730
Utilities — 5.0%
Chubu Electric Power		655		8,992
Chugoku Electric Power		2,162		28,665
Electric Power Development		491		11,230
Kansai Electric Power		1,090		12,350
Kyushu Electric Power		2,352		19,530
Osaka Gas		455		7,796
Toho Gas		501		19,622
Tohoku Electric Power		1,295		12,283
Tokyo Electric Power Holdings ^*		1,297		5,205

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
Tokyo Gas		609	$	13,530
				139,203
TOTAL JAPAN				2,760,131
TOTAL COMMON STOCK
(Cost $2,798,174)				2,760,131
TOTAL INVESTMENTS — 99.7%
(Cost $2,798,174)			$	2,760,131

Percentages are based on Net Assets of $2,767,071.

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

Cl — Class

REIT — Real Estate Investment Trust

As of January 31, 2020, 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.

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — 99.7%
AUSTRALIA— 44.0%
Communication Services — 1.2%
Telstra		11,285	$	29,010
Consumer Discretionary — 3.1%
Crown Resorts		3,686		28,871
Star Entertainment Grp		6,826		19,101
TABCORP Holdings		2,497		7,840
Wesfarmers		639		19,340
				75,152
Consumer Staples — 2.6%
Coca-Cola Amatil		3,383		27,132
Coles Group		531		5,883
Treasury Wine Estates		1,053		9,185
Woolworths Group		754		21,120
				63,320
Energy — 3.8%
Caltex Australia		1,056		24,305
Origin Energy		2,487		13,652
Santos		4,874		28,354
Woodside Petroleum		546		12,695
Worley		1,091		11,131
				90,137
Financials — 3.3%
Bank of Queensland		935		4,788
Bendigo and Adelaide Bank		809		5,638
CIMIC Group		355		6,961
Macquarie Group		83		8,044
Medibank Pvt		6,013		12,479
National Australia Bank		1,108		19,182
QBE Insurance Group		1,660		15,280
Suncorp Group		875		7,533
				79,905

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Ansell		1,553	$	33,310
Cochlear		72		11,620
CSL		46		9,610
Ramsay Health Care		240		12,725
Sonic Healthcare		877		18,594
				85,859
Industrials — 5.7%
ALS		2,627		16,971
Aurizon Holdings		11,807		42,762
Brambles		2,499		21,129
Downer EDI		1,075		5,333
Qube Holdings		8,752		20,155
SEEK		883		13,413
Sydney Airport		1,234		6,931
Transurban Group		797		8,377
				135,071
Information Technology — 2.0%
Computershare		1,270		15,295
Link Administration Holdings		1,531		6,980
Xero ^*		442		25,323
				47,598
Materials — 8.7%
BHP Group		580		15,298
BlueScope Steel		1,781		16,990
Boral		3,127		10,425
Fortescue Metals Group		4,133		31,515
Iluka Resources		918		5,973
Incitec Pivot		12,858		28,234
Newcrest Mining		1,555		30,741
Orica		2,032		31,056
Orora		7,657		16,506
Rio Tinto		159		10,513

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
South32		4,995	$	8,828
				206,079
Real Estate — 6.2%
Dexus ^‡		1,739		14,808
Goodman Group ^‡		1,631		16,258
GPT Group ^‡		6,027		24,208
Lendlease Group		1,414		17,152
Mirvac Group ^‡		9,704		22,088
Scentre Group ^‡		7,557		19,528
Stockland ^‡		2,392		7,879
Vicinity Centres ^‡		14,282		24,284
				146,205
Utilities — 3.8%
AGL Energy		1,224		16,347
APA Group		2,068		15,686
AusNet Services		22,039		26,115
Spark Infrastructure Group		21,494		31,656
				89,804
TOTAL AUSTRALIA				1,048,140
HONG KONG— 21.3%
Communication Services — 1.3%
PCCW		53,445		31,592
Consumer Discretionary — 1.4%
Samsonite International		4,800		9,174
Yue Yuen Industrial Holdings		8,371		23,340
				32,514
Consumer Staples — 0.7%
WH Group		18,300		17,581
Health Care — 0.3%
CSPC Pharmaceutical Group		3,400		7,575

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
Industrials — 2.6%
CK Hutchison Holdings		1,928	$	17,207
MTR		2,400		13,569
NWS Holdings		14,497		18,782
Techtronic Industries		1,500		12,160
				61,718
Information Technology — 1.0%
ASM Pacific Technology		1,800		24,595
Hanergy Thin Film Power Group ^{* (A)(B)(C)}		29,000		—
				24,595
Real Estate — 10.1%
CK Asset Holdings		1,143		7,389
Hang Lung Group		9,497		23,655
Hang Lung Properties		9,783		20,612
Henderson Land Development		1,524		6,909
Hysan Development		6,485		24,471
Link REIT ^‡		5,035		51,226
New World Development		4,273		5,398
Sino Land		8,498		11,666
Sun Hung Kai Properties		388		5,462
Swire Pacific, Cl A		2,246		19,915
Swire Properties		7,104		22,232
Wharf Holdings		8,230		20,477
Wharf Real Estate Investment		770		4,016
Wheelock		2,791		17,127
				240,555
Utilities — 3.9%
CLP Holdings		3,457		36,129
Hong Kong & China Gas		7,124		13,725
Power Assets Holdings		5,816		42,170
				92,024
TOTAL HONG KONG				508,154

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
NEW ZEALAND— 7.9%
Communication Services — 2.0%
Spark New Zealand		15,663	$	47,235
Health Care — 0.9%
Fisher & Paykel Healthcare		1,361		20,522
Materials — 1.1%
Fletcher Building		6,989		25,102
Utilities — 3.9%
Contact Energy		8,819		42,462
Meridian Energy		15,462		53,483
				95,945
TOTAL NEW ZEALAND				188,804

SINGAPORE— 26.5%
Communication Services — 1.4%
Singapore Press Holdings		13,073		19,348
Singapore Telecommunications		6,300		15,232
				34,580
Consumer Discretionary — 0.7%
Genting Singapore		25,035		15,774
Consumer Staples — 3.9%
Dairy Farm International Holdings		2,827		14,559
Thai Beverage		34,205		19,923
Wilmar International		20,933		59,966
				94,448
Financials — 3.1%
City Developments		2,600		20,192
Oversea-Chinese Banking		763		6,054
Singapore Exchange		6,810		43,408
United Overseas Bank		310		5,828
				75,482

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
Industrials — 7.0%
ComfortDelGro		17,390	$	27,648
Jardine Matheson Holdings		475		26,556
Jardine Strategic Holdings		629		19,392
Keppel		3,082		15,084
SATS		5,618		18,769
Singapore Airlines		3,912		24,506
Singapore Technologies Engineering		11,015		33,168
				165,123
Information Technology — 1.1%
Venture		2,167		25,927
Real Estate — 9.3%
Ascendas Real Estate Investment Trust ^‡		12,278		28,336
CapitaLand		10,358		27,472
CapitaLand Commercial Trust ^‡		29,375		44,335
CapitaLand Mall Trust ^‡		15,533		28,678
Hongkong Land Holdings		3,200		17,056
Mapletree Commercial Trust ^‡		18,603		32,029
Suntec Real Estate Investment Trust ^‡		22,541		30,387
UOL Group		2,164		12,652
				220,945
TOTAL SINGAPORE				632,279
TOTAL COMMON STOCK
(Cost $2,365,285)				2,377,377
TOTAL INVESTMENTS — 99.7%
(Cost $2,365,285)			$	2,377,377

Percentages are based on Net Assets of $2,383,868.

*	Non-income producing security.
‡	Real Estate Investment Trust
(A)	Level 3 security in accordance with fair value hierarchy.
(B)	Security considered illiquid. The total value of such securities as of January 31, 2020 was $0 and represented 0.0% of Net Assets.
(C)	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 January 31, 2020, was $0 and represents 0.0% of net assets.

Schedule of Investments (Unaudited)

January 31, 2020

Global X Scientific Beta Asia ex-Japan ETF

Cl — Class

REIT — Real Estate Investment Trust

The following is a summary of the level of inputs used as of January 31, 2020, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	2,377,377	$	—	$	—	$	2,377,377
Total Investments in Securities	$	2,377,377	$	—	$	—	$	2,377,377

(1) A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to Net Assets. Management has concluded that Level 3 investments are not material in relation to Net Assets.

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

Schedule of Investments (Unaudited)

January 31, 2020

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — 99.8%
UNITED KINGDOM— 0.6%
Materials — 0.5%
Linde		6,217	$	1,262,859
Real Estate — 0.1%
Healthpeak Properties ^‡		5,465		196,685
TOTAL UNITED KINGDOM				1,459,544
UNITED STATES— 99.2%
Communication Services — 10.6%
Activision Blizzard		8,819		515,735
Alphabet, Cl A ^*		3,449		4,941,658
Alphabet, Cl C ^*		3,405		4,883,553
AT&T		84,301		3,171,403
CenturyLink		11,189		152,842
Charter Communications, Cl A ^*		1,810		936,602
Comcast, Cl A		52,443		2,265,012
Discovery, Cl A ^*		1,787		52,288
Discovery, Cl C ^*		3,940		109,414
DISH Network, Cl A ^*		2,834		104,178
Electronic Arts ^*		3,364		363,043
Facebook, Cl A ^*		27,426		5,537,584
Fox, Cl A		3,977		147,467
Fox, Cl B		1,822		66,193
Interpublic Group		4,538		103,013
Netflix ^*		4,932		1,701,984
News, Cl A		4,435		60,405
News, Cl B		1,367		19,097
Omnicom Group		2,657		200,099
Take-Two Interactive Software ^*		1,295		161,409
T-Mobile US ^*		3,446		272,889
Twitter ^*		8,487		275,658
Verizon Communications		47,754		2,838,498
ViacomCBS, Cl B		6,431		219,490
Walt Disney		20,789		2,875,326
				31,974,840

Schedule of Investments (Unaudited)

January 31, 2020

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — 9.9%
Advance Auto Parts		807	$	106,322
Amazon.com ^*		4,773		9,587,621
Aptiv		3,086		261,662
AutoZone ^*		299		316,330
Best Buy		2,637		223,328
Booking Holdings ^*		484		885,986
BorgWarner		2,356		80,787
Capri Holdings ^*		1,837		55,037
CarMax ^*		2,085		202,328
Carnival		4,721		205,505
Chipotle Mexican Grill, Cl A ^*		278		240,959
Darden Restaurants		1,431		166,611
Dollar General		3,009		461,611
Dollar Tree ^*		2,775		241,619
DR Horton		3,943		233,425
eBay		9,705		325,700
Expedia Group		1,491		161,699
Ford Motor		45,572		401,945
Gap		2,536		44,152
Garmin		1,368		132,628
General Motors		14,876		496,710
Genuine Parts		1,717		160,659
H&R Block		2,436		56,515
Hanesbrands		4,311		59,319
Harley-Davidson		1,976		65,998
Hasbro		1,355		138,034
Hilton Worldwide Holdings		3,365		362,747
Home Depot		12,486		2,848,056
Kohl's		1,980		84,645
L Brands		2,759		63,898
Las Vegas Sands		3,282		214,347
Leggett & Platt		1,546		73,574

Schedule of Investments (Unaudited)

January 31, 2020

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Lennar, Cl A		3,267	$	216,798
LKQ ^*		3,611		118,026
Lowe's		9,098		1,057,552
Macy's		3,593		57,308
Marriott International, Cl A		3,193		447,212
McDonald's		8,727		1,867,317
Mohawk Industries ^*		773		101,789
NIKE, Cl B		14,339		1,380,846
Nordstrom		1,329		48,987
Norwegian Cruise Line Holdings ^*		2,478		133,440
NVR ^*		28		106,875
O'Reilly Automotive ^*		891		361,835
PulteGroup		3,263		145,693
PVH		966		84,206
Ralph Lauren, Cl A		644		73,094
Ross Stores		4,199		471,086
Royal Caribbean Cruises		2,016		236,033
Starbucks		13,647		1,157,675
Tapestry		3,299		85,015
Target		6,033		668,095
Tiffany		1,271		170,339
TJX		14,063		830,280
Tractor Supply		1,449		134,685
Ulta Beauty ^*		646		173,070
Under Armour, Cl A ^*		2,178		43,952
Under Armour, Cl C ^*		2,181		39,171
VF		3,798		315,120
Whirlpool		712		104,073
Wynn Resorts		1,185		149,500
Yum! Brands		3,608		381,618
				30,120,447

Schedule of Investments (Unaudited)

January 31, 2020

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — 7.3%
Altria Group		41,828	$	1,988,085
Brown-Forman, Cl B		3,992		270,019
Campbell Soup		2,867		138,734
Clorox		2,687		422,692
Coca-Cola		84,797		4,952,144
Conagra Brands		11,663		383,946
Constellation Brands, Cl A		3,618		681,269
Costco Wholesale		9,817		2,999,290
Coty, Cl A		6,375		65,408
Estee Lauder, Cl A		4,802		937,158
General Mills		13,042		681,053
Hormel Foods		6,552		309,648
JM Smucker		2,729		282,752
Kellogg		6,034		411,579
Kimberly-Clark		7,474		1,070,576
Kraft Heinz		12,489		364,679
Kroger		17,096		459,199
Lamb Weston Holdings		3,512		320,681
McCormick		2,489		406,628
Molson Coors Beverage, Cl B		4,508		250,555
Mondelez International, Cl A		31,474		1,805,977
Monster Beverage ^*		8,299		552,713
Sysco		11,451		940,585
Tyson Foods, Cl A		6,341		523,957
Walgreens Boots Alliance		16,452		836,584
				22,055,911
Energy — 3.9%
Apache		4,413		121,093
Baker Hughes, Cl A		8,311		180,016
Cabot Oil & Gas		5,219		73,536
Chevron		21,438		2,296,867
Cimarex Energy		1,115		48,937

Schedule of Investments (Unaudited)

January 31, 2020

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Energy — continued
Concho Resources		2,283	$	173,006
ConocoPhillips		12,789		760,050
Devon Energy		4,850		105,342
Diamondback Energy		1,724		128,266
EOG Resources		6,541		476,904
Exxon Mobil		47,992		2,981,263
Halliburton		10,120		220,717
Helmerich & Payne		1,286		52,147
Hess		3,017		170,672
HollyFrontier		1,888		84,809
Kinder Morgan		22,250		464,358
Marathon Oil		9,735		110,687
Marathon Petroleum		7,575		412,838
National Oilwell Varco		4,424		91,179
Noble Energy		5,807		114,804
Occidental Petroleum		10,175		404,151
ONEOK		4,621		345,974
Phillips 66		5,304		484,626
Pioneer Natural Resources		1,978		267,030
Schlumberger		15,627		523,661
TechnipFMC		5,173		85,406
Valero Energy		4,701		396,341
Williams		13,997		289,598
				11,864,278
Financials — 12.8%
Aflac		8,436		435,045
Allstate		3,729		442,036
American Express		7,800		1,012,986
American International Group		9,784		491,744
Ameriprise Financial		1,622		268,295
Aon		2,702		595,116
Arthur J Gallagher		2,068		212,115

Schedule of Investments (Unaudited)

January 31, 2020

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Assurant		660	$	86,170
Bank of America		92,462		3,035,527
Bank of New York Mellon		9,886		442,695
Berkshire Hathaway, Cl B ^*		22,576		5,066,731
BlackRock, Cl A		1,372		723,524
Capital One Financial		5,339		532,832
Cboe Global Markets		1,301		160,309
Charles Schwab		13,361		608,594
Chubb		5,174		786,395
Cincinnati Financial		1,740		182,613
Citigroup		24,719		1,839,341
Citizens Financial Group		5,393		201,051
CME Group, Cl A		4,029		874,735
Comerica		1,764		107,886
Discover Financial Services		3,675		276,103
E*TRADE Financial		2,729		116,310
Everest Re Group		472		130,541
Fifth Third Bancorp		7,813		222,280
First Republic Bank		1,840		204,019
Franklin Resources		3,506		88,702
Globe Life		1,234		128,657
Goldman Sachs Group		3,501		832,362
Hartford Financial Services Group		4,020		238,306
Huntington Bancshares		12,435		168,743
Intercontinental Exchange		6,398		638,137
Invesco		4,722		81,691
JPMorgan Chase		35,977		4,761,917
KeyCorp		11,604		217,111
Lincoln National		2,413		131,460
Loews		3,155		162,325
M&T Bank		1,549		261,037
MarketAxess Holdings		396		140,255

Schedule of Investments (Unaudited)

January 31, 2020

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Marsh & McLennan		5,690	$	636,482
MetLife		8,799		437,398
Moody's		1,932		496,118
Morgan Stanley		14,615		763,780
MSCI, Cl A		951		271,796
Nasdaq		1,311		152,679
Northern Trust		2,492		243,743
People's United Financial		4,071		62,775
PNC Financial Services Group		5,106		758,496
Principal Financial Group		3,064		162,239
Progressive		6,750		544,658
Prudential Financial		4,600		418,876
Raymond James Financial		1,453		132,848
Regions Financial		11,352		176,751
S&P Global		2,795		820,975
State Street		4,252		321,579
SVB Financial Group ^*		618		148,524
Synchrony Financial		7,288		236,204
T Rowe Price Group		2,643		352,920
Travelers		3,046		400,915
Truist Financial		15,326		790,362
Unum Group		2,578		68,807
US Bancorp		16,949		902,026
Wells Fargo		43,747		2,053,484
Willis Towers Watson		1,498		316,512
Zions Bancorp		2,256		102,625
				38,679,268
Health Care — 13.2%
AbbVie		37,287		3,020,992
ABIOMED ^*		1,083		201,752
Alexion Pharmaceuticals ^*		5,450		541,676
Align Technology ^*		1,769		454,810

Schedule of Investments (Unaudited)

January 31, 2020

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
AmerisourceBergen, Cl A		3,819	$	326,754
Anthem		6,450		1,711,056
Baxter International		12,523		1,117,302
Biogen Idec ^*		4,514		1,213,589
Boston Scientific ^*		35,224		1,474,829
Cardinal Health		7,237		370,607
Cerner		7,884		566,308
Cigna		9,333		1,795,483
CVS Health		32,720		2,219,069
DaVita ^*		1,716		137,057
DENTSPLY SIRONA		5,387		301,672
Edwards Lifesciences ^*		5,145		1,131,180
Eli Lilly		21,254		2,967,908
Gilead Sciences		31,659		2,000,849
Henry Schein ^*		3,669		252,941
Hologic ^*		6,462		345,846
Humana ^*		3,312		1,113,627
IDEXX Laboratories ^*		2,119		574,270
Incyte ^*		4,243		310,036
Intuitive Surgical ^*		2,911		1,629,520
IQVIA Holdings ^*		4,429		687,601
Laboratory Corp of America Holdings ^*		2,484		435,694
McKesson		4,662		664,848
Medtronic		33,856		3,908,336
Mettler-Toledo International ^*		603		456,580
Quest Diagnostics		3,234		357,907
Regeneron Pharmaceuticals ^*		1,932		652,900
ResMed		3,400		540,498
Stryker		8,018		1,689,393
Teleflex		1,111		412,748
Varian Medical Systems ^*		2,194		308,411
Vertex Pharmaceuticals ^*		6,506		1,477,187

Schedule of Investments (Unaudited)

January 31, 2020

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Waters ^*		1,730	$	387,157
Zimmer Biomet Holdings		4,982		736,838
Zoetis, Cl A		11,832		1,587,973
				40,083,204
Industrials — 8.9%
3M		10,329		1,638,799
Alaska Air Group		2,181		140,871
Allegion		1,691		218,680
American Airlines Group		6,713		180,177
AMETEK		4,040		392,486
AO Smith		2,467		105,316
Arconic		7,379		221,001
Caterpillar		9,612		1,262,536
CH Robinson Worldwide		2,234		161,339
Cintas		1,502		419,013
Copart ^*		3,511		356,226
CSX		14,029		1,070,974
Cummins		2,511		401,685
Deere		5,703		904,382
Delta Air Lines		10,363		577,634
Dover		2,374		270,280
Eaton		7,306		690,198
Emerson Electric		11,010		788,646
Equifax		2,118		317,488
Expeditors International of Washington		2,822		206,119
Fastenal		10,913		380,645
FedEx		4,300		621,952
Flowserve		2,307		107,691
Fortive		5,354		401,175
Fortune Brands Home & Security		2,610		179,333
IDEX		1,291		211,530
IHS Markit		7,024		553,913

Schedule of Investments (Unaudited)

January 31, 2020

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Illinois Tool Works		5,395	$	944,017
Ingersoll-Rand		4,399		586,079
JB Hunt Transport Services		1,536		165,780
Johnson Controls International		13,848		546,304
Kansas City Southern		1,741		293,689
Masco		5,211		247,627
Nielsen Holdings		6,027		122,951
Norfolk Southern		4,786		996,493
PACCAR		6,008		445,854
Parker-Hannifin		2,286		447,347
Pentair		2,881		123,681
Quanta Services		2,654		103,904
Republic Services, Cl A		3,590		341,230
Robert Half International		2,232		129,835
Rockwell Automation		2,009		385,045
Rollins		2,459		93,319
Roper Technologies		1,852		706,834
Snap-On		984		157,076
Southwest Airlines		8,550		470,079
Stanley Black & Decker		2,765		440,547
TransDigm Group		933		600,180
Union Pacific		12,204		2,189,642
United Airlines Holdings ^*		3,868		289,326
United Parcel Service, Cl B		12,482		1,292,137
United Rentals ^*		1,414		191,866
Verisk Analytics, Cl A		2,777		451,179
Waste Management		6,983		849,831
Westinghouse Air Brake Technologies		3,106		229,409
WW Grainger		753		227,911
Xylem		3,169		258,781
				27,108,042

Schedule of Investments (Unaudited)

January 31, 2020

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — 24.2%
Accenture, Cl A		7,239	$	1,485,515
Adobe ^*		5,540		1,945,316
Advanced Micro Devices ^*		12,029		565,363
Akamai Technologies ^*		1,945		181,566
Alliance Data Systems		522		53,656
Amphenol, Cl A		3,365		334,717
Analog Devices		4,268		468,413
ANSYS ^*		965		264,728
Apple		48,136		14,898,573
Applied Materials		10,733		622,407
Arista Networks ^*		624		139,364
Autodesk ^*		2,555		502,952
Automatic Data Processing		4,939		846,495
Broadcom		4,501		1,373,525
Broadridge Financial Solutions		1,389		165,499
Cadence Design Systems ^*		3,228		232,771
CDW		1,367		178,325
Cisco Systems		48,383		2,224,166
Citrix Systems		1,463		177,345
Cognizant Technology Solutions, Cl A		6,499		398,909
DXC Technology		3,013		96,054
F5 Networks ^*		718		87,682
Fidelity National Information Services		7,220		1,037,225
Fiserv ^*		6,345		752,580
FleetCor Technologies ^*		960		302,621
FLIR Systems		1,610		82,979
Fortinet ^*		1,729		199,457
Gartner ^*		1,080		173,642
Global Payments		3,423		669,025
Hewlett Packard Enterprise		15,473		215,539
HP		17,297		368,772
Intel		50,072		3,201,103

Schedule of Investments (Unaudited)

January 31, 2020

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
International Business Machines		10,117	$	1,454,116
Intuit		2,939		824,037
IPG Photonics ^*		453		57,835
Jack Henry & Associates		931		139,222
Juniper Networks		4,207		96,509
Keysight Technologies ^*		2,224		206,810
KLA		1,855		307,448
Lam Research		1,717		512,027
Mastercard, Cl A		10,262		3,242,177
Maxim Integrated Products		3,060		183,967
Microchip Technology		2,759		268,947
Micron Technology ^*		12,688		673,606
Microsoft		87,920		14,966,621
Motorola Solutions		1,915		338,955
NetApp		2,767		147,758
NortonLifeLock		7,245		205,903
NVIDIA		6,929		1,638,223
Oracle		24,959		1,309,100
Paychex		3,751		321,723
PayPal Holdings ^*		13,336		1,518,838
Qorvo ^*		1,449		153,391
QUALCOMM		12,784		1,090,603
salesforce.com ^*		10,041		1,830,575
Seagate Technology		2,857		162,820
Skyworks Solutions		2,093		236,823
Synopsys ^*		1,754		258,733
TE Connectivity		3,825		352,588
Texas Instruments		10,660		1,286,129
VeriSign ^*		1,189		247,478
Visa, Cl A		19,711		3,921,899
Western Digital		3,439		225,255
Western Union		5,403		145,341

Schedule of Investments (Unaudited)

January 31, 2020

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Xerox Holdings		2,440	$	86,791
Xilinx		2,972		251,075
				72,909,607
Materials — 2.0%
Air Products & Chemicals		2,469		589,375
Albemarle		1,286		103,240
Amcor		17,254		182,720
Avery Dennison		969		127,172
Ball		3,846		277,603
Celanese, Cl A		1,416		146,556
CF Industries Holdings		2,676		107,789
Corteva		8,488		245,473
Dow		8,484		390,858
DuPont de Nemours		8,487		434,365
Eastman Chemical		1,619		115,386
Ecolab		2,855		559,894
FMC		1,558		148,929
Freeport-McMoRan Copper & Gold		17,335		192,419
International Flavors & Fragrances		1,179		154,579
International Paper		4,591		186,946
LyondellBasell Industries, Cl A		2,800		218,008
Martin Marietta Materials		758		199,960
Mosaic		4,098		81,304
Newmont		9,423		424,600
Nucor		3,545		168,352
Packaging Corp of America		1,080		103,410
PPG Industries		2,641		316,497
Sealed Air		1,701		60,386
Sherwin-Williams		917		510,760
Vulcan Materials		1,507		213,437
Westrock		2,964		115,596
				6,375,614

Schedule of Investments (Unaudited)

January 31, 2020

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — 2.9%
Alexandria Real Estate Equities ^‡		1,309	$	213,629
American Tower, Cl A ^‡		4,984		1,154,993
Apartment Investment & Management, Cl A ^‡		1,675		88,289
AvalonBay Communities ^‡		1,604		347,571
Boston Properties ^‡		1,771		253,873
CBRE Group, Cl A ^*		3,538		215,995
Crown Castle International ^‡		4,769		714,587
Digital Realty Trust ^‡		2,364		290,748
Duke Realty ^‡		4,035		146,511
Equinix ^‡		961		566,731
Equity Residential ^‡		4,244		352,592
Essex Property Trust ^‡		786		243,471
Extra Space Storage ^‡		1,453		160,818
Federal Realty Investment Trust ^‡		808		101,016
Host Hotels & Resorts ^‡		8,565		139,952
Iron Mountain ^‡		3,071		97,074
Kimco Realty ^‡		4,889		93,135
Mid-America Apartment Communities ^‡		1,256		172,336
ProLogis ^‡		7,101		659,541
Public Storage ^‡		1,738		388,895
Realty Income ^‡		3,325		260,713
Regency Centers ^‡		1,787		110,865
SBA Communications, Cl A ^‡		1,313		327,672
Simon Property Group ^‡		3,487		464,294
SL Green Realty ^‡		1,058		97,378
UDR ^‡		3,128		149,862
Ventas ^‡		4,125		238,673
Vornado Realty Trust ^‡		2,003		131,737
Welltower ^‡		4,870		413,512
Weyerhaeuser ^‡		8,687		251,489
				8,847,952

Schedule of Investments (Unaudited)

January 31, 2020

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Utilities — 3.5%
AES		7,643	$	151,790
Alliant Energy		2,669		158,432
Ameren		2,822		231,545
American Electric Power		5,704		594,471
American Water Works		2,076		282,751
Atmos Energy		1,305		152,724
CenterPoint Energy		5,591		148,050
CMS Energy		3,287		225,192
Consolidated Edison		3,598		338,212
Dominion Energy		9,195		788,471
DTE Energy		2,102		278,746
Duke Energy		8,243		804,764
Edison International		3,795		290,507
Entergy		2,117		278,428
Evergy		2,826		203,924
Eversource Energy		3,649		337,314
Exelon		10,928		520,064
FirstEnergy		5,782		293,668
NextEra Energy		5,686		1,524,984
NiSource		3,995		117,093
NRG Energy		3,108		114,654
Pinnacle West Capital		1,288		125,825
PPL		8,099		293,103
Public Service Enterprise Group		5,880		348,096
Sempra Energy		3,079		494,611
Southern		11,667		821,357
WEC Energy Group		3,640		363,600
Xcel Energy		5,952		411,819
				10,694,195

Schedule of Investments (Unaudited)

January 31, 2020

Global X S&P 500^® Catholic Values ETF

	Value
COMMON STOCK — continued
TOTAL UNITED STATES	$	300,713,358
TOTAL COMMON STOCK
(Cost $252,698,191)		302,172,902
TOTAL INVESTMENTS — 99.8%
(Cost $252,698,191)	$	302,172,902

Percentages are based on Net Assets of $302,912,436.

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

Cl — Class

S&P — Standard & Poor's

As of January 31, 2020, 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.

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

Schedule of Investments (Unaudited)

January 31, 2020

Global X Nasdaq 100^® Covered Call ETF

	Shares		Value
COMMON STOCK — 100.9%
CHINA— 1.0%
Communication Services — 0.6%
Baidu ADR ^*		30,663	$	3,788,720
NetEase ADR		7,784		2,496,796
				6,285,516
Consumer Discretionary — 0.4%
JD.com ADR ^*		99,181		3,738,132
TOTAL CHINA				10,023,648

NETHERLANDS— 0.4%
Information Technology — 0.4%
NXP Semiconductors		29,922		3,795,905

UNITED STATES— 99.5%
Communication Services — 20.4%
Activision Blizzard		82,347		4,815,653
Alphabet, Cl A ^*		29,344		42,043,496
Alphabet, Cl C ^*		29,325		42,058,795
Charter Communications, Cl A ^*		23,108		11,957,466
Comcast, Cl A		495,269		21,390,668
Electronic Arts ^*		31,208		3,367,967
Facebook, Cl A ^*		205,401		41,472,516
Fox, Cl A		39,305		1,457,429
Fox, Cl B		30,075		1,092,625
Liberty Global ^*		47,459		924,501
Liberty Global, Cl A ^*		23,822		488,827
Netflix ^*		47,187		16,283,762
Sirius XM Holdings		472,754		3,342,371
Take-Two Interactive Software ^*		12,913		1,609,476
T-Mobile US ^*		91,917		7,278,907
				199,584,459
Consumer Discretionary — 15.0%
Amazon.com ^*		42,284		84,936,716
Booking Holdings ^*		4,493		8,224,661

Schedule of Investments (Unaudited)

January 31, 2020

Global X Nasdaq 100^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Dollar Tree ^*		25,750	$	2,242,053
eBay		86,862		2,915,089
Expedia Group		15,808		1,714,378
Lululemon Athletica ^*		13,151		3,148,218
Marriott International, Cl A		35,061		4,910,644
MercadoLibre ^*		5,306		3,517,878
O'Reilly Automotive ^*		8,455		3,433,576
Ross Stores		38,746		4,346,914
Starbucks		127,066		10,779,008
Tesla ^*		19,392		12,615,853
Trip.com Group ADR ^*		56,124		1,803,264
Ulta Beauty ^*		6,751		1,808,660
				146,396,912
Consumer Staples — 5.9%
Costco Wholesale		47,562		14,531,142
Kraft Heinz		130,718		3,816,966
Mondelez International, Cl A		154,756		8,879,899
Monster Beverage ^*		59,318		3,950,579
PepsiCo		152,184		21,613,171
Walgreens Boots Alliance		95,710		4,866,854
				57,658,611
Financials — 0.3%
Willis Towers Watson		14,071		2,973,062
Health Care — 6.7%
Alexion Pharmaceuticals ^*		23,586		2,344,213
Align Technology ^*		8,384		2,155,526
Amgen		63,980		13,822,878
Biogen Idec ^*		19,363		5,205,743
BioMarin Pharmaceutical ^*		20,409		1,704,152
Cerner		35,229		2,530,499
Gilead Sciences		135,982		8,594,062
IDEXX Laboratories ^*		9,141		2,477,302

Schedule of Investments (Unaudited)

January 31, 2020

Global X Nasdaq 100^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Illumina ^*		15,757	$	4,570,633
Incyte ^*		24,632		1,799,860
Intuitive Surgical ^*		12,415		6,949,670
Regeneron Pharmaceuticals ^*		11,562		3,907,262
Seattle Genetics ^*		19,590		2,123,360
Vertex Pharmaceuticals ^*		27,611		6,269,078
				64,454,238
Industrials — 2.8%
American Airlines Group		51,901		1,393,023
Cintas		11,425		3,187,232
Copart ^*		24,739		2,510,019
CoStar Group ^*		3,907		2,551,232
CSX		83,981		6,411,110
Fastenal		65,599		2,288,093
PACCAR		37,734		2,800,240
United Airlines Holdings ^*		28,414		2,125,367
Verisk Analytics, Cl A		17,468		2,838,026
				26,104,342
Information Technology — 47.5%
Adobe ^*		52,867		18,563,718
Advanced Micro Devices ^*		119,491		5,616,077
Analog Devices		39,460		4,330,735
ANSYS ^*		9,612		2,636,860
Apple		378,767		117,232,174
Applied Materials		99,156		5,750,056
ASML Holding, Cl G		8,470		2,377,190
Autodesk ^*		23,526		4,631,093
Automatic Data Processing		46,506		7,970,663
Broadcom		42,693		13,028,196
Cadence Design Systems ^*		32,092		2,314,154
CDW		16,464		2,147,729
Check Point Software Technologies ^*		17,444		1,994,024

Schedule of Investments (Unaudited)

January 31, 2020

Global X Nasdaq 100^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Cisco Systems		462,876	$	21,278,410
Citrix Systems		14,933		1,810,178
Cognizant Technology Solutions, Cl A		58,564		3,594,658
Fiserv ^*		73,089		8,669,086
Intel		474,239		30,318,100
Intuit		27,966		7,841,107
KLA		16,846		2,792,056
Lam Research		15,548		4,636,569
Maxim Integrated Products		31,141		1,872,197
Microchip Technology		25,481		2,483,888
Micron Technology ^*		118,882		6,311,445
Microsoft		650,371		110,712,656
NetApp		25,854		1,380,604
NVIDIA		66,879		15,812,202
Paychex		38,252		3,280,874
PayPal Holdings ^*		126,399		14,395,583
QUALCOMM		122,836		10,479,139
Skyworks Solutions		18,647		2,109,908
Splunk ^*		16,132		2,504,654
Synopsys ^*		16,346		2,411,198
Texas Instruments		100,601		12,137,511
VeriSign ^*		13,100		2,726,634
Western Digital		33,426		2,189,403
Workday, Cl A ^*		17,856		3,296,753
Xilinx		27,462		2,319,990
				465,957,472
Utilities — 0.9%
Exelon		104,183		4,958,069
Xcel Energy		57,354		3,968,323
				8,926,392

Schedule of Investments (Unaudited)

January 31, 2020

Global X Nasdaq 100^® Covered Call ETF

	Number of Constracts			Value
COMMON STOCK — continued
TOTAL UNITED STATES				$	972,055,488
TOTAL COMMON STOCK
(Cost $775,362,652)					985,875,041
TOTAL INVESTMENTS — 100.9%
(Cost $775,362,652)				$	985,875,041

WRITTEN OPTION— (1.0)%⁽¹⁾

UNITED STATES— (1.0)%
(Premiums Received $16,679,320)		(1,096	)	$	(9,436,560	)

Percentages are based on Net Assets of $976,973,880.

A list of the exchange traded option contracts held by the Fund at January 31, 2020, is as follows:

Description	Number of Contracts			Notional Amount+			Exercise Price		Expiration Date	Value
WRITTEN OPTION — (1.0)%
Call Options
February 20 Calls on NDX^*		(1,096	)	$	(16,679,320	)	$	86.10	02/22/20	$	(9,436,560	)

Total Written Option				$	(16,679,320	)				$	(9,436,560	)

Non-income producing security.

+	Represents cost

⁽¹⁾

Refer to table below for details on Options Contracts.

ADR — American Depositary Receipt

Cl — Class

NDX— Nasdaq 100® Index

Schedule of Investments (Unaudited)

January 31, 2020

Global X Nasdaq 100^® Covered Call ETF

As of January 31, 2020, 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.

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

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

Schedule of Investments (Unaudited)

January 31, 2020

Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — 99.9%
UNITED KINGDOM— 0.5%
Materials — 0.4%
Linde		3,184	$	646,766
Real Estate — 0.1%
Healthpeak Properties ^‡		3,055		109,949
TOTAL UNITED KINGDOM				756,715

UNITED STATES— 99.4%
Communication Services — 10.4%
Activision Blizzard		4,358		254,856
Alphabet, Cl A ^*		1,764		2,527,424
Alphabet, Cl C ^*		1,760		2,524,245
AT&T		42,909		1,614,237
CenturyLink		6,230		85,102
Charter Communications, Cl A ^*		921		476,581
Comcast, Cl A		26,972		1,164,921
Discovery, Cl A ^*		1,003		29,348
Discovery, Cl C ^*		2,125		59,011
DISH Network, Cl A ^*		1,564		57,493
Electronic Arts ^*		1,657		178,824
Facebook, Cl A ^*		14,181		2,863,285
Fox, Cl A		2,241		83,096
Fox, Cl B		1,010		36,693
Interpublic Group		2,505		56,864
Live Nation Entertainment ^*		699		47,644
Netflix ^*		2,559		883,085
News, Cl A		2,469		33,628
News, Cl B		792		11,064
Omnicom Group		1,352		101,819
Take-Two Interactive Software ^*		658		82,013
T-Mobile US ^*		1,734		137,315
Twitter ^*		4,575		148,596
Verizon Communications		24,608		1,462,699

Schedule of Investments (Unaudited)

January 31, 2020

Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Communication Services — continued
ViacomCBS, Cl B		2,911	$	99,352
Walt Disney		10,582		1,463,596
				16,482,791
Consumer Discretionary — 9.8%
Advance Auto Parts		433		57,048
Amazon.com ^*		2,457		4,935,425
Aptiv		1,386		117,519
AutoZone ^*		131		138,593
Best Buy		1,437		121,700
Booking Holdings ^*		246		450,316
BorgWarner		1,310		44,920
Capri Holdings ^*		978		29,301
CarMax ^*		1,011		98,107
Carnival		2,472		107,606
Chipotle Mexican Grill, Cl A ^*		147		127,414
Darden Restaurants		798		92,911
Dollar General		1,466		224,899
Dollar Tree ^*		1,463		127,383
DR Horton		1,827		108,158
eBay		4,770		160,081
Expedia Group		811		87,953
Ford Motor		22,292		196,615
Gap		1,398		24,339
Garmin		781		75,718
General Motors		7,674		256,235
Genuine Parts		942		88,143
H&R Block		1,322		30,670
Hanesbrands		2,332		32,088
Harley-Davidson		1,057		35,304
Hasbro		730		74,365
Hilton Worldwide Holdings		1,600		172,480
Home Depot		6,403		1,460,524

Schedule of Investments (Unaudited)

January 31, 2020

Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Kohl's		1,073	$	45,871
L Brands		1,546		35,805
Las Vegas Sands		2,094		136,759
Leggett & Platt		847		40,309
Lennar, Cl A		1,719		114,073
LKQ ^*		2,001		65,403
Lowe's		4,525		525,986
Macy's		1,969		31,406
Marriott International, Cl A		1,561		218,634
McDonald's		4,461		954,520
MGM Resorts International		3,068		95,292
Mohawk Industries ^*		410		53,989
Newell Brands		2,482		48,473
NIKE, Cl B		7,395		712,139
Nordstrom		725		26,723
Norwegian Cruise Line Holdings ^*		1,112		59,881
NVR ^*		18		68,706
O'Reilly Automotive ^*		452		183,557
PulteGroup		1,237		55,232
PVH		490		42,713
Ralph Lauren, Cl A		354		40,179
Ross Stores		2,179		244,462
Royal Caribbean Cruises		955		111,811
Starbucks		6,988		592,792
Tapestry		1,849		47,649
Target		2,969		328,787
Tiffany		687		92,072
TJX		7,122		420,483
Tractor Supply		577		53,632
Ulta Beauty ^*		360		96,448
Under Armour, Cl A ^*		1,200		24,216
Under Armour, Cl C ^*		1,233		22,145

Schedule of Investments (Unaudited)

January 31, 2020

Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
VF		2,020	$	167,599
Whirlpool		373		54,521
Wynn Resorts		497		62,702
Yum! Brands		1,808		191,232
				15,542,016
Consumer Staples — 7.2%
Altria Group		10,995		522,592
Archer-Daniels-Midland		3,201		143,277
Brown-Forman, Cl B		1,114		75,351
Campbell Soup		863		41,761
Church & Dwight		1,334		99,010
Clorox		788		123,960
Coca-Cola		22,916		1,338,294
Colgate-Palmolive		5,002		369,048
Conagra Brands		2,635		86,744
Constellation Brands, Cl A		931		175,307
Costco Wholesale		2,613		798,324
Coty, Cl A		1,626		16,683
Estee Lauder, Cl A		1,265		246,877
General Mills		3,438		179,532
Hershey		857		132,981
Hormel Foods		1,740		82,233
JM Smucker		726		75,221
Kellogg		1,314		89,628
Kimberly-Clark		2,030		290,777
Kraft Heinz		3,894		113,705
Kroger		5,015		134,703
Lamb Weston Holdings		740		67,569
McCormick		768		125,468
Molson Coors Beverage, Cl B		1,194		66,362
Mondelez International, Cl A		8,448		484,746
Monster Beverage ^*		2,131		141,925

Schedule of Investments (Unaudited)

January 31, 2020

Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
PepsiCo		8,280	$	1,175,926
Philip Morris International		9,240		764,148
Procter & Gamble		14,660		1,826,929
Sysco		3,014		247,570
Tyson Foods, Cl A		1,662		137,331
Walgreens Boots Alliance		4,486		228,113
Walmart		8,455		968,013
				11,370,108
Energy — 3.9%
Apache		2,437		66,871
Baker Hughes, Cl A		3,516		76,157
Cabot Oil & Gas		2,564		36,127
Chevron		11,086		1,187,754
Cimarex Energy		627		27,519
Concho Resources		1,247		94,498
ConocoPhillips		6,423		381,719
Devon Energy		1,904		41,355
Diamondback Energy		981		72,986
EOG Resources		3,485		254,091
Exxon Mobil		24,859		1,544,241
Halliburton		4,871		106,236
Helmerich & Payne		708		28,709
Hess		1,539		87,061
HollyFrontier		954		42,854
Kinder Morgan		11,938		249,146
Marathon Oil		5,377		61,136
Marathon Petroleum		3,887		211,842
National Oilwell Varco		2,460		50,701
Noble Energy		3,101		61,307
Occidental Petroleum		5,235		207,934
ONEOK		2,296		171,902
Phillips 66		2,693		246,059

Schedule of Investments (Unaudited)

January 31, 2020

Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Energy — continued
Pioneer Natural Resources		1,040	$	140,400
Schlumberger		8,193		274,547
TechnipFMC		2,774		45,799
Valero Energy		2,470		208,246
Williams		6,698		138,582
				6,115,779
Financials — 12.6%
Aflac		4,216		217,419
Allstate		1,961		232,457
American Express		3,882		504,156
American International Group		5,245		263,614
Ameriprise Financial		748		123,727
Aon		1,421		312,975
Arthur J Gallagher		1,175		120,520
Assurant		359		46,871
Bank of America		47,553		1,561,165
Bank of New York Mellon		5,056		226,408
Berkshire Hathaway, Cl B ^*		11,520		2,585,433
BlackRock, Cl A		695		366,508
Capital One Financial		2,779		277,344
Cboe Global Markets		728		89,704
Charles Schwab		6,899		314,249
Chubb		2,660		404,293
Cincinnati Financial		976		102,431
Citigroup		13,010		968,074
Citizens Financial Group		2,349		87,571
CME Group, Cl A		2,145		465,701
Comerica		964		58,958
Discover Financial Services		1,870		140,493
E*TRADE Financial		1,524		64,953
Everest Re Group		259		71,632
Fifth Third Bancorp		4,430		126,033

Schedule of Investments (Unaudited)

January 31, 2020

Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
First Republic Bank		1,059	$	117,422
Franklin Resources		1,771		44,806
Globe Life		674		70,271
Goldman Sachs Group		1,874		445,544
Hartford Financial Services Group		2,070		122,710
Huntington Bancshares		6,159		83,578
Intercontinental Exchange		3,382		337,321
Invesco		2,582		44,669
JPMorgan Chase		18,468		2,444,424
KeyCorp		5,429		101,577
Lincoln National		1,216		66,248
Loews		1,453		74,757
M&T Bank		763		128,581
MarketAxess Holdings		242		85,712
Marsh & McLennan		3,007		336,363
MetLife		4,408		219,122
Moody's		931		239,071
Morgan Stanley		7,195		376,011
MSCI, Cl A		510		145,758
Nasdaq		746		86,879
Northern Trust		1,235		120,795
People's United Financial		2,396		36,946
PNC Financial Services Group		2,569		381,625
Principal Financial Group		1,530		81,013
Progressive		3,369		271,845
Prudential Financial		2,403		218,817
Raymond James Financial		819		74,881
Regions Financial		5,184		80,715
S&P Global		1,434		421,209
State Street		2,153		162,831
SVB Financial Group ^*		327		78,588
Synchrony Financial		3,537		114,634
T Rowe Price Group		1,297		173,188
Travelers		1,521		200,194

Schedule of Investments (Unaudited)

January 31, 2020

Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Truist Financial		7,859	$	405,289
Unum Group		1,418		37,846
US Bancorp		8,377		445,824
Wells Fargo		22,531		1,057,605
Willis Towers Watson		799		168,821
WR Berkley		874		64,265
Zions Bancorp		1,112		50,585
				19,951,029
Health Care — 13.8%
Abbott Laboratories		10,515		916,277
AbbVie		8,618		698,230
ABIOMED ^*		275		51,230
Agilent Technologies		1,705		140,765
Alexion Pharmaceuticals ^*		1,232		122,448
Align Technology ^*		384		98,726
Allergan		1,957		365,254
AmerisourceBergen, Cl A		914		78,202
Amgen		3,518		760,064
Anthem		1,487		394,471
Baxter International		2,985		266,322
Becton Dickinson		1,609		442,765
Biogen Idec ^*		1,028		276,378
Boston Scientific ^*		8,438		353,299
Bristol-Myers Squibb		13,941		877,586
Cardinal Health		1,834		93,919
Centene ^*		3,664		230,120
Cerner		1,818		130,587
Cigna		2,155		414,579
Cooper		318		110,311
CVS Health		7,811		529,742
Danaher		3,778		607,767
DaVita ^*		468		37,379

Schedule of Investments (Unaudited)

January 31, 2020

Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
DENTSPLY SIRONA		1,128	$	63,168
Edwards Lifesciences ^*		1,209		265,811
Eli Lilly		5,004		698,759
Gilead Sciences		7,585		479,372
HCA Healthcare		1,564		217,083
Henry Schein ^*		878		60,529
Hologic ^*		1,379		73,804
Humana ^*		767		257,896
IDEXX Laboratories ^*		523		141,738
Illumina ^*		878		254,681
Incyte ^*		1,125		82,204
Intuitive Surgical ^*		686		384,009
IQVIA Holdings ^*		1,101		170,930
Johnson & Johnson		15,490		2,305,996
Laboratory Corp of America Holdings ^*		606		106,293
McKesson		1,087		155,017
Medtronic		7,833		904,241
Merck		14,934		1,275,961
Mettler-Toledo International ^*		148		112,063
Mylan ^*		3,146		67,387
PerkinElmer		722		66,771
Perrigo		843		48,085
Pfizer		32,892		1,224,898
Quest Diagnostics		870		96,283
Regeneron Pharmaceuticals ^*		453		153,087
ResMed		780		123,997
STERIS		437		65,851
Stryker		1,938		408,337
Teleflex		275		102,165
Thermo Fisher Scientific		2,338		732,238
UnitedHealth Group		5,565		1,516,184
Universal Health Services, Cl B		480		65,813

Schedule of Investments (Unaudited)

January 31, 2020

Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Varian Medical Systems ^*		462	$	64,943
Vertex Pharmaceuticals ^*		1,526		346,478
Waters ^*		406		90,859
Zimmer Biomet Holdings		1,194		176,593
Zoetis, Cl A		2,736		367,199
				21,723,144
Industrials — 9.0%
3M		3,339		529,766
Alaska Air Group		790		51,026
Allegion		604		78,109
American Airlines Group		2,485		66,697
AMETEK		1,362		132,318
AO Smith		919		39,232
Arconic		2,084		62,416
Boeing		3,172		1,009,552
Caterpillar		3,254		427,413
CH Robinson Worldwide		900		64,998
Cintas		506		141,159
Copart ^*		1,301		131,999
CSX		4,533		346,049
Cummins		931		148,932
Deere		1,835		290,994
Delta Air Lines		3,283		182,995
Dover		887		100,985
Eaton		2,505		236,648
Emerson Electric		3,632		260,160
Equifax		642		96,236
Expeditors International of Washington		1,036		75,669
Fastenal		3,178		110,849
FedEx		1,407		203,509
Flowserve		854		39,865
Fortive		1,838		137,721

Schedule of Investments (Unaudited)

January 31, 2020

Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Fortune Brands Home & Security		949	$	65,206
General Dynamics		1,432		251,230
General Electric		50,697		631,178
Honeywell International		4,224		731,681
Huntington Ingalls Industries		250		65,250
IDEX		469		76,846
IHS Markit		2,385		188,081
Illinois Tool Works		1,699		297,291
Ingersoll-Rand		1,361		181,326
Jacobs Engineering Group		677		62,643
JB Hunt Transport Services		550		59,361
Johnson Controls International		4,381		172,831
Kansas City Southern		564		95,141
L3Harris Technologies		1,276		282,417
Lockheed Martin		1,465		627,196
Masco		1,745		82,922
Nielsen Holdings		2,221		45,309
Norfolk Southern		1,557		324,183
Northrop Grumman		897		335,989
Old Dominion Freight Line		386		75,745
PACCAR		2,146		159,255
Parker-Hannifin		706		138,157
Pentair		1,054		45,248
Quanta Services		949		37,153
Raytheon		1,625		359,028
Republic Services, Cl A		1,336		126,987
Robert Half International		787		45,780
Rockwell Automation		642		123,046
Rollins		876		33,244

Schedule of Investments (Unaudited)

January 31, 2020

Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Roper Technologies		637	$	243,117
Snap-On		364		58,105
Southwest Airlines		2,851		156,748
Stanley Black & Decker		873		139,095
Textron		1,452		66,690
TransDigm Group		281		180,762
Union Pacific		4,104		736,340
United Airlines Holdings ^*		1,188		88,862
United Parcel Service, Cl B		4,183		433,024
United Rentals ^*		478		64,860
United Technologies		4,816		723,363
Verisk Analytics, Cl A		1,009		163,932
Waste Management		2,347		285,630
Westinghouse Air Brake Technologies		1,018		75,190
WW Grainger		280		84,747
Xylem		1,160		94,726
				14,280,212
Information Technology — 24.1%
Accenture, Cl A		3,772		774,052
Adobe ^*		2,869		1,007,421
Advanced Micro Devices ^*		6,556		308,132
Akamai Technologies ^*		978		91,296
Alliance Data Systems		303		31,145
Amphenol, Cl A		1,688		167,905
Analog Devices		2,129		233,658
ANSYS ^*		502		137,714
Apple		24,666		7,634,374
Applied Materials		5,494		318,597
Arista Networks ^*		335		74,819
Autodesk ^*		1,243		244,684
Automatic Data Processing		2,543		435,845
Broadcom		2,309		704,614

Schedule of Investments (Unaudited)

January 31, 2020

Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Broadridge Financial Solutions		700	$	83,405
Cadence Design Systems ^*		1,506		108,598
CDW		848		110,622
Cisco Systems		25,201		1,158,490
Citrix Systems		783		94,915
Cognizant Technology Solutions, Cl A		3,345		205,316
Corning		4,261		113,726
DXC Technology		1,622		51,709
F5 Networks ^*		366		44,696
Fidelity National Information Services		3,623		520,480
Fiserv ^*		3,337		395,802
FleetCor Technologies ^*		477		150,365
FLIR Systems		878		45,252
Fortinet ^*		784		90,442
Gartner ^*		582		93,574
Global Payments		1,808		353,374
Hewlett Packard Enterprise		7,973		111,064
HP		8,410		179,301
Intel		25,537		1,632,580
International Business Machines		5,251		754,726
Intuit		1,550		434,589
IPG Photonics ^*		243		31,024
Jack Henry & Associates		470		70,284
Juniper Networks		2,086		47,852
Keysight Technologies ^*		1,145		106,474
KLA		920		152,481
Lam Research		874		260,636
Leidos Holdings		677		68,018
Mastercard, Cl A		5,215		1,647,627
Maxim Integrated Products		1,646		98,957
Microchip Technology		1,310		127,699
Micron Technology ^*		6,551		347,793

Schedule of Investments (Unaudited)

January 31, 2020

Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Microsoft		45,050	$	7,668,861
Motorola Solutions		1,055		186,735
NetApp		1,199		64,026
NortonLifeLock		3,166		89,978
NVIDIA		3,640		860,605
Oracle		12,842		673,563
Paychex		1,969		168,881
Paycom Software ^*		289		91,948
PayPal Holdings ^*		6,847		779,805
Qorvo ^*		634		67,115
QUALCOMM		6,635		566,032
salesforce.com ^*		5,291		964,602
Seagate Technology		1,224		69,756
ServiceNow ^*		1,138		384,906
Skyworks Solutions		1,051		118,921
Synopsys ^*		907		133,792
TE Connectivity		1,953		180,027
Texas Instruments		5,546		669,125
VeriSign ^*		648		134,875
Visa, Cl A		10,069		2,003,429
Western Digital		1,593		104,341
Western Union		2,273		61,144
Xerox Holdings		1,319		46,917
Xilinx		1,403		118,525
Zebra Technologies, Cl A ^*		281		67,165
				38,131,201
Materials — 2.1%
Air Products & Chemicals		1,279		305,310
Albemarle		706		56,678
Amcor		9,826		104,057
Avery Dennison		551		72,313
Ball		1,772		127,903

Schedule of Investments (Unaudited)

January 31, 2020

Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
Celanese, Cl A		764	$	79,074
CF Industries Holdings		1,459		58,768
Corteva		4,687		135,548
Dow		4,426		203,906
DuPont de Nemours		4,420		226,216
Eastman Chemical		906		64,571
Ecolab		1,508		295,734
FMC		654		62,516
Freeport-McMoRan Copper & Gold		8,886		98,635
International Flavors & Fragrances		665		87,188
International Paper		2,465		100,375
LyondellBasell Industries, Cl A		1,436		111,807
Martin Marietta Materials		395		104,201
Mosaic		2,273		45,096
Newmont		5,004		225,480
Nucor		1,901		90,278
Packaging Corp of America		610		58,407
PPG Industries		1,375		164,780
Sealed Air		909		32,270
Sherwin-Williams		475		264,570
Vulcan Materials		703		99,566
Westrock		1,651		64,389
				3,339,636
Real Estate — 2.9%
Alexandria Real Estate Equities ^‡		711		116,035
American Tower, Cl A ^‡		2,571		595,804
Apartment Investment & Management, Cl A ^‡		986		51,972
AvalonBay Communities ^‡		811		175,736
Boston Properties ^‡		849		121,704
CBRE Group, Cl A ^*		2,021		123,382
Crown Castle International ^‡		2,467		369,655
Digital Realty Trust ^‡		1,144		140,701

Schedule of Investments (Unaudited)

January 31, 2020

Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — continued
Duke Realty ^‡		2,303	$	83,622
Equinix ^‡		507		298,993
Equity Residential ^‡		2,065		171,560
Essex Property Trust ^‡		404		125,143
Extra Space Storage ^‡		820		90,758
Federal Realty Investment Trust ^‡		467		58,384
Host Hotels & Resorts ^‡		3,614		59,053
Iron Mountain ^‡		1,785		56,424
Kimco Realty ^‡		2,729		51,987
Mid-America Apartment Communities ^‡		726		99,615
ProLogis ^‡		3,752		348,486
Public Storage ^‡		837		187,287
Realty Income ^‡		1,869		146,548
Regency Centers ^‡		1,022		63,405
SBA Communications, Cl A ^‡		621		154,977
Simon Property Group ^‡		1,826		243,132
SL Green Realty ^‡		499		45,928
UDR ^‡		1,770		84,801
Ventas ^‡		2,320		134,235
Vornado Realty Trust ^‡		846		55,641
Welltower ^‡		2,456		208,539
Weyerhaeuser ^‡		4,255		123,182
				4,586,689
Utilities — 3.6%
AES		4,266		84,723
Alliant Energy		1,502		89,159
Ameren		1,313		107,732
American Electric Power		2,861		298,173
American Water Works		1,005		136,881
Atmos Energy		737		86,251
CenterPoint Energy		3,264		86,431
CMS Energy		1,506		103,176

Schedule of Investments (Unaudited)

January 31, 2020

Global X S&P 500^® Covered Call ETF

	Shares/Number of Contracts			Value
COMMON STOCK — continued
Utilities — continued
Consolidated Edison		1,984		$	186,496
Dominion Energy		4,733			405,855
DTE Energy		1,174			155,684
Duke Energy		4,269			416,782
Edison International		2,150			164,583
Entergy		1,199			157,693
Evergy		1,458			105,209
Eversource Energy		1,787			165,190
Exelon		5,732			272,786
FirstEnergy		3,071			155,976
NextEra Energy		2,896			776,707
NiSource		2,229			65,332
NRG Energy		1,625			59,946
Pinnacle West Capital		725			70,825
PPL		4,450			161,046
Public Service Enterprise Group		3,130			185,296
Sempra Energy		1,722			276,622
Southern		6,234			438,874
WEC Energy Group		1,914			191,189
Xcel Energy		2,990			206,878
					5,611,495
TOTAL UNITED STATES					157,134,100
TOTAL COMMON STOCK
(Cost $135,222,185)					157,890,815
TOTAL INVESTMENTS — 99.9%
(Cost $135,222,185)				$	157,890,815

WRITTEN OPTION— 0.0%⁽¹⁾


UNITED STATES— 0.0%
(Premiums Received $535,920)		(490	)	$	(44,100	)

Percentages are based on Net Assets of $157,985,255.

Schedule of Investments (Unaudited)

January 31, 2020

Global X S&P 500^® Covered Call ETF

A list of the exchange traded option contracts held by the Fund at January 31, 2020, is as follows:

Description	Number of Contracts			Notional Amount+			Exercise Price		Expiration Date	Value
WRITTEN OPTION — 0.0%
Call Options
February 20 Calls on SPX^*		(490	)	$	(535,920	)	$	0.90	02/22/20	$	(44,100	)

Total Written Option				$	(535,920	)				$	(44,100	)

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

Represents cost

⁽¹⁾

Refer to table below for details on Options Contracts.

Cl — Class

SPX — Standard & Poor's 500® Index

As of January 31, 2020, 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.

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

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

Schedule of Investments (Unaudited)

January 31, 2020

Global X Russell 2000 Covered Call ETF

	Shares			Value
EXCHANGE TRADED FUND — 100.2%†
Vanguard Russell 2000 ETF
(Cost $11,938,975)		94,956		$	12,236,980

TOTAL INVESTMENTS — 100.2%
(Cost $11,938,975)				$	12,236,980

WRITTEN OPTION— (0.1)%⁽¹⁾

UNITED STATES— (0.1)%
(Premiums Received $195,782)		(76	)	$	(10,450	)

Percentages are based on Net Assets of $12,208,807.

A list of the exchange traded option contracts held by the Fund at January 31, 2020, is as follows:

Description

Number of
Contracts

Notional
Amount+

Exercise
Price

Expiration
Date

Value

WRITTEN OPTION — (0.1)%

Call Options

February 20 Calls on RUT^*

(76

)

(195,782

)

1.38

02/22/20

(10,450

)

Total Written Option

(195,782

)

(10,450

)

‡	Real Estate Investment Trust
†	For financial information on the Vanguard Russell 2000 ETF, please go to the Securities Exchange Commission’s website at http://www.sec.gov.
*	Non-income producing security.

Represents cost

⁽¹⁾

Refer to table below for details on Options Contracts.

ETF — Exchange Traded Fund

RUT — Russell 2000 Index

Schedule of Investments (Unaudited)

January 31, 2020

Global X Russell 2000 Covered Call ETF

As of January 31, 2020, 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.

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

GLX-QH-003-1700

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Consumer Discretionary ETF

	Shares		Value
COMMON STOCK — 101.4% CHINA— 65.6% Consumer Discretionary — 65.6%
Alibaba Group Holding ADR *		78,887	$	16,297,265
BAIC BluePark New Energy Technology, Cl A *		261,000		220,020
Baozun ADR * (A)		54,051		1,627,476
BTG Hotels Group, Cl A		73,700		164,908
BYD, Cl A		136,994		1,066,270
Changzhou Xingyu Automotive Lighting Systems, Cl A		20,600		263,967
China Grand Automotive Services Group, Cl A		613,853		294,671
China International Travel Service, Cl A		148,158		1,580,468
Chongqing Changan Automobile, Cl A		293,883		377,727
Fuyao Glass Industry Group, Cl A		151,051		483,202
Gree Electric Appliances of Zhuhai, Cl A		228,100		1,897,337
Guangzhou Automobile Group, Cl A		179,040		252,945
Haier Smart Home, Cl A		462,419		1,117,106
Hangzhou Robam Appliances, Cl A		71,432		304,985
HLA, Cl A		220,903		213,807
Huayu Automotive Systems, Cl A		238,917		829,860
Huazhu Group ADR		121,001		4,174,534
JD.com ADR *		318,449		12,002,343
Li Ning		1,535,600		4,558,408
Liaoning Cheng Da, Cl A *		114,500		243,242
Midea Group, Cl A		263,306		1,887,379
NavInfo, Cl A		147,700		302,627
New Oriental Education & Technology Group ADR *		68,791		8,361,546
Ningbo Joyson Electronic, Cl A *		97,000		274,207
NIO ADR * (A)		820,986		3,103,327
Oppein Home Group, Cl A		20,925		307,603
Pinduoduo ADR *		131,903		4,645,624
SAIC Motor, Cl A		591,400		1,739,516

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Consumer Discretionary ETF

	Shares		Value
COMMON STOCK — continued Consumer Discretionary — continued
Shandong Linglong Tyre, Cl A		90,232	$	258,948
Shanghai Jinjiang International Hotels, Cl A		49,927		169,196
Shanghai Yuyuan Tourist Mart Group, Cl A		242,626		239,566
Shenzhen Overseas Chinese Town, Cl A		620,600		571,599
Songcheng Performance Development, Cl A .		109,600		384,109
Suning.com, Cl A		705,500		917,791
Suofeiya Home Collection, Cl A		68,200		174,693
TAL Education Group ADR *		187,304		9,346,470
TCL, Cl A		1,024,105		674,127
Trip.com Group ADR *		241,471		7,758,463
Vipshop Holdings ADR *		382,438		4,868,436
Visual China Group, Cl A		52,200		120,875
Wanxiang Qianchao, Cl A		204,372		156,863
Weifu High-Technology Group, Cl A		62,000		147,440
Wuchan Zhongda Group, Cl A		380,400		249,907
Yum China Holdings		178,186		7,674,471
Zhejiang Semir Garment, Cl A		134,087		162,748
Zhejiang Supor, Cl A		41,100		377,586
Zhejiang Wanfeng Auto Wheel, Cl A		162,900		153,640
TOTAL CHINA				102,999,298

HONG KONG— 35.8%
Consumer Discretionary — 35.8%
ANTA Sports Products		648,496		5,691,638
BAIC Motor, Cl H		2,025,500		1,009,502
Bosideng International Holdings		3,977,100		1,321,449
Brilliance China Automotive Holdings		3,694,300		3,316,111
BYD, Cl H (A)		661,700		3,502,411
China East Education Holdings *		541,000		1,013,038
China Education Group Holdings (A)		749,900		924,229
China First Capital Group *		3,784,600		121,850
Dongfeng Motor Group, Cl H		3,359,746		2,535,527
Fuyao Glass Industry Group, Cl H		626,100		1,806,158
Geely Automobile Holdings		3,149,700		5,086,638

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Consumer Discretionary ETF

	Shares/Face Amount		Value
COMMON STOCK — continued Consumer Discretionary — continued
GOME Electrical Appliances Holding (A)		11,990,700	$	1,111,837
Great Wall Motor, Cl H		3,838,497		2,570,566
Guangzhou Automobile Group, Cl H		3,577,423		3,630,452
Haidilao International Holding (A)		458,900		1,772,978
Haier Electronics Group		1,455,000		4,412,839
Meituan Dianping, Cl B *		562,900		7,198,543
Nexteer Automotive Group		1,083,900		804,037
Shenzhou International Group Holdings		433,662		5,797,128
Zhongsheng Group Holdings		703,300		2,608,538
TOTAL HONG KONG				56,235,469

TOTAL COMMON STOCK
(Cost $157,309,362)				159,234,767

SHORT-TERM INVESTMENT(B)(C) — 1.1%
Fidelity Investments Money Market
Government Portfolio, Cl Institutional, 1.460%
(Cost $1,682,225)		1,682,225		1,682,225

REPURCHASE AGREEMENT^(B) — 3.5%
RBC Capital Markets
1.530%, dated 01/31/20, to be repurchased on 02/03/20 repurchase price $5,557,624 (collateralized by U.S. Treasury Obligations, ranging in par value $216,039 - $1,090,670, 2.125%, 08/15/2021, with a total market value of $5,669,389)
(Cost $5,556,916)	$	5,556,916		5,556,916
TOTAL INVESTMENTS — 106.0%
(Cost $164,548,503)			$	166,473,908

Percentages are based on Net Assets of $157,089,136.

Non-income producing security.

(A)

This security or a partial position of this security is on loan at January 31, 2020. The total value of securities on loan at January 31, 2020 was $6,688,798.

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Consumer Discretionary ETF

(B)

Security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2020, was $7,239,141.

(C)

The rate reported on the Schedule of Investments is the 7-day effective yield as of January 31, 2020.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of January 31, 2020, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	150,331,628	$	8,903,139	$	—	$	159,234,767
Short-Term Investment		1,682,225		—		—		1,682,225
Repurchase Agreement		—		5,556,916		—		5,556,916
Total Investments in Securities	$	152,013,853	$	14,460,055	$	—	$	166,473,908

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

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

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Energy ETF

	Shares		Value
COMMON STOCK — 100.0% CHINA— 43.9% Energy — 43.9%
China Merchants Energy Shipping, Cl A		46,200	$	37,924
China Petroleum & Chemical, Cl A		3,500		2,249
China Shenhua Energy, Cl A		1,000		2,248
China Shipping Development, Cl H		95,500		42,063
COSCO SHIPPING Energy Transportation, Cl A		32,600		25,106
Guanghui Energy, Cl A		89,000		37,629
Inner Mongolia Yitai Coal, Cl B		63,724		45,919
Offshore Oil Engineering, Cl A		47,500		44,429
PetroChina, Cl A		2,900		2,128
PetroChina, Cl H		272,363		121,013
Shaanxi Coal Industry, Cl A		42,000		45,841
Shandong Xinchao Energy, Cl A *		101,700		26,990
Shanxi Lu'an Environmental Energy Development, Cl A		42,957		37,442
Shanxi Meijin Energy, Cl A *		29,900		30,301
Shanxi Xishan Coal & Electricity Power, Cl A		50,400		36,586
Yantai Jereh Oilfield Services Group, Cl A		7,600		36,562
Yanzhou Coal Mining, Cl A		30,800		38,786
TOTAL CHINA				613,216

HONG KONG— 56.1%
Energy — 56.1%
Anton Oilfield Services Group		406,300		38,197
China Coal Energy, Cl H		137,041		46,946
China LNG Group *		649,100		34,274
China Oilfield Services, Cl H		48,286		70,767
China Petroleum & Chemical, Cl H		228,197		121,374
China Shenhua Energy, Cl H		66,430		117,548
China Suntien Green Energy, Cl H		168,100		43,730
CNOOC		86,085		131,485
Honghua Group *		704,700		39,024

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Energy ETF

	Shares		Value
COMMON STOCK — continued Energy — continued
Sinopec Kantons Holdings		112,300	$	43,966
Wison Engineering Services		369,000		35,641
Yanzhou Coal Mining, Cl H		79,325		59,047
TOTAL HONG KONG				781,999
TOTAL COMMON STOCK
(Cost $1,792,453)				1,395,215
TOTAL INVESTMENTS — 100.0%
(Cost $1,792,453)			$	1,395,215

Percentages are based on Net Assets of $1,394,614.

Non-income producing security.

— Class

The following is a summary of the level of inputs used as of January 31, 2020, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	1,048,524	$	346,691	$	—	$	1,395,215
Total Investments in Securities	$	1,048,524	$	346,691	$	—	$	1,395,215

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

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

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Financials ETF

	Shares		Value
COMMON STOCK — 99.9% CHINA— 16.6% Financials — 16.6%
Agricultural Bank of China, Cl A		692,000	$	316,881
Anxin Trust, Cl A		113,600		54,384
Avic Capital, Cl A		134,200		79,260
Bank of Beijing, Cl A		203,300		143,345
Bank of Chengdu, Cl A		65,400		73,849
Bank of China Ltd., Cl A		358,100		168,174
Bank of Communications, Cl A		378,400		269,268
Bank of Guiyang, Cl A		63,520		73,296
Bank of Hangzhou, Cl A		75,745		90,359
Bank of Jiangsu, Cl A		126,400		114,282
Bank of Nanjing, Cl A		98,184		105,631
Bank of Ningbo, Cl A		55,400		194,085
Bank of Shanghai, Cl A		134,598		156,014
Bohai Leasing, Cl A *		116,300		52,349
Caitong Securities, Cl A		58,800		82,766
Changjiang Securities, Cl A		86,000		76,972
China CITIC Bank Corp Ltd., Cl A		98,800		74,804
China Construction Bank, Cl A		12,300		11,153
China Everbright Bank CO, Cl A		385,100		201,394
China Life Insurance CO., Cl A		3,102		13,018
China Merchants Bank, Cl A		172,829		827,616
China Merchants Securities, Cl A		60,100		146,596
China Minsheng Banking, Cl A		341,400		270,031
China Pacific Insurance Group, Cl A		61,600		288,169
CITIC Securities, Cl A		95,700		297,548
CSC Financial, Cl A		33,200		146,415
Dongxing Securities, Cl A		51,200		81,726
East Money Information, Cl A		69,400		136,147
Everbright Securities, Cl A		58,957		95,105
First Capital Securities, Cl A		83,800		83,942
Founder Securities, Cl A		106,400		111,287

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Financials ETF

	Shares		Value
COMMON STOCK — continued Financials — continued
GF Securities CO Ltd., Cl A		67,100	$	129,278
Guosen Securities, Cl A		54,645		87,438
Guotai Junan Securities CO, Cl A		72,744		166,271
Guoyuan Securities, Cl A		62,300		70,429
Haitong Securities CO Ltd., Cl A		80,900		153,129
Hithink RoyalFlush Information Network, Cl A		8,100		114,910
Huaan Securities CO Ltd., Cl A		79,900		72,448
Huatai Securities CO Ltd., Cl A		74,900		184,548
Huaxi Securities, Cl A		53,800		74,188
Huaxia Bank, Cl A		131,400		126,495
Hubei Biocause Pharmaceutical, Cl A		130,000		109,589
Industrial & Commercial Bank of China, Cl A		21,100		15,701
Industrial Bank, Cl A		204,000		493,351
Industrial Securities, Cl A		101,400		89,700
Jiangsu Changshu Rural Commercial Bank, Cl A		48,800		52,946
Nanjing Securities, Cl A		56,100		92,978
New China Life Insurance C, Cl A		20,517		128,089
Noah Holdings ADR * (A)		12,707		431,149
Northeast Securities, Cl A		47,500		53,327
Orient Securities, Cl A		73,600		98,524
Pacific Securities, Cl A		128,400		58,797
Ping An Bank, Cl A		10,600		21,429
Ping An Insurance Group of China CO, Cl A		1,800		19,550
Qudian ADR *		25,739		74,128
SDIC Capital, Cl A		51,300		93,164
Sealand Securities, Cl A		109,110		66,003
Shanghai AJ Group, Cl A		38,500		45,527
Shanghai Pudong Development Bank, Cl A		286,314		422,752
Shanxi Securities, Cl A		63,300		65,219
Shenwan Hongyuan Group, Cl A		224,700		140,895
Sinolink Securities, Cl A		58,900		67,659

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Financials ETF

	Shares		Value
COMMON STOCK — continued Financials — continued
SooChow Securities, Cl A		58,400	$	69,439
Southwest Securities, Cl A		113,800		75,058
Western Securities, Cl A		60,400		72,682
Zheshang Securities, Cl A		49,400		67,928
TOTAL CHINA				8,940,584

HONG KONG— 83.3%
Financials — 83.3%
Agricultural Bank of China, Cl H		4,970,788		1,933,287
Bank of China, Cl H		11,783,434		4,598,102
Bank of Communications CO, Cl H		1,793,071		1,154,600
China Cinda Asset Management, Cl H		2,777,900		561,669
China Citic Bank Corp Ltd., Cl H		1,900,322		998,508
China Construction Bank, Cl H		6,413,626		4,914,561
China Everbright		356,500		551,859
China Everbright Bank CO L, Cl H		1,199,100		483,352
China Galaxy Securities, Cl H		1,186,600		595,982
China Huarong Asset Management, Cl H		3,508,200		465,356
China International Capital, Cl H		401,100		703,548
China Life Insurance, Cl H		957,240		2,322,554
China Merchants Bank, Cl H		602,134		2,938,979
China Minsheng Banking, Cl H		1,500,126		1,054,835
China Pacific Insurance Group, Cl H		467,712		1,575,123
China Reinsurance Group, Cl H		2,750,200		393,144
China Taiping Insurance Holdings		388,830		820,234
Chongqing Rural Commercial Bank, Cl H		1,095,800		505,218
CITIC Securities CO Ltd., Cl H		490,196		957,047
Far East Horizon		713,900		634,381
GF Securities CO Ltd., Cl H		502,100		555,453
Guotai Junan Securities CO, Cl H		337,100		541,798
Haitong Securities CO Ltd., Cl H		779,800		764,244
Huatai Securities CO Ltd., Cl H		448,400		712,599
Industrial & Commercial Bank of China, Cl H		7,115,837		4,783,664

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Financials ETF

	Shares/Face Amount		Value
COMMON STOCK — continued Financials — continued
New China Life Insurance C, Cl H		210,611	$	797,430
People's Insurance Group of China, Cl H		2,089,300		753,395
PICC Property & Casualty, Cl H		1,267,063		1,369,066
Ping An Insurance Group of China, Cl H		433,414		4,950,974
Postal Savings Bank of China, Cl H		1,683,800		1,051,711
ZhongAn Online P&C Insurance, Cl H * (A)		151,400		495,249
TOTAL HONG KONG				44,937,922
TOTAL COMMON STOCK
(Cost $62,927,290)				53,878,506

SHORT-TERM INVESTMENT(B)(C) — 0.3%
Fidelity Investments Money Market
Government Portfolio, Cl Institutional, 1.460%
(Cost $152,632)		152,632		152,632

REPURCHASE AGREEMENT^(B) — 0.9%
RBC Capital Markets
1.530%, dated 01/31/20, to be repurchased on 02/03/20 repurchase price $504,254 (collateralized by U.S. Treasury Obligations, ranging in par value $19,602 - $98,959, 2.125%, 08/15/2021, with a total market value of $514,397)
(Cost $504,190)	$	504,190		504,190
TOTAL INVESTMENTS — 101.1%
(Cost $63,584,112)			$	54,535,328

Percentages are based on Net Assets of $53,927,726.

Non-income producing security.

(A)

This security or a partial position of this security is on loan at January 31, 2020. The total value of securities on loan at January 31, 2020 was $350,531.

(B)

Security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2020, was $656,822.

(C)

The rate reported on the Schedule of Investments is the 7-day effective yield as of January 31, 2020.

ADR — American Depositary Receipt

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Financials ETF

Cl — Class
Ltd. — Limited

The following is a summary of the level of inputs used as of January 31, 2020, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	46,992,081	$	6,886,425	$	—	$	53,878,506
Short-Term Investment		152,632	$	—		—		152,632
Repurchase Agreement		—		504,190		—		504,190
Total Investments in Securities	$	47,144,713	$	7,390,615	$	—	$	54,535,328

For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

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

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Industrials ETF

	Shares		Value
COMMON STOCK — 100.1% CHINA— 62.7% Industrials — 62.7%
51job ADR *		448	$	32,323
AECC Aero-Engine Control, Cl A		1,200		2,014
AECC Aviation Power, Cl A		2,300		6,460
Air China, Cl A		4,100		4,400
Air China, Cl H		30,800		25,545
AVIC Aircraft, Cl A		2,900		6,278
AVIC Electromechanical Systems, Cl A		3,700		3,292
AVIC Shenyang Aircraft, Cl A *		1,000		3,773
AVICOPTER, Cl A		600		3,468
Beijing New Building Materials, Cl A		1,700		5,695
Beijing Originwater Technology, Cl A		3,300		3,679
BEST ADR *		3,371		17,900
Centre Testing International Group, Cl A		1,700		3,583
China Aerospace Times Electronics, Cl A *		2,800		2,236
China Avionics Systems, Cl A		1,300		2,427
China Communications Construction, Cl A		2,500		2,732
China Communications Construction, Cl H		74,743		53,134
China Communications Services, Cl H		40,700		27,623
China COSCO Holdings, Cl H *		44,132		15,914
China Eastern Airlines, Cl A		9,600		6,369
China Gezhouba Group, Cl A		4,200		3,437
China International Marine Containers Group, Cl A		1,360		1,622
China Lesso Group Holdings		18,300		23,756
China Meheco, Cl A		1,100		1,906
China National Chemical Engineering, Cl A		5,100		4,658
China Railway Construction, Cl A		11,800		14,460
China Railway Construction, Cl H		33,301		32,722
China Railway Group, Cl A		19,200		13,887
China Railway Group, Cl H		63,898		35,303
China Railway Hi-tech Industry, Cl A		2,300		3,097
China Shipbuilding Industry, Cl A		23,600		15,474

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Industrials ETF

	Shares		Value
COMMON STOCK — continued Industrials — continued
China Southern Airlines, Cl A		8,900	$	7,445
China Southern Airlines, Cl H		27,700		15,518
China Spacesat, Cl A		1,100		4,218
China State Construction Engineering, Cl A		42,500		30,243
Contemporary Amperex Technology, Cl A		2,200		37,369
COSCO SHIPPING Development, Cl A		7,200		2,276
COSCO SHIPPING Holdings, Cl A *		6,700		4,140
CRRC		73,753		48,916
CRRC, Cl A		24,600		21,634
Dalian Port PDA, Cl A		8,100		2,065
Daqin Railway, Cl A		15,300		15,326
Dongfang Electric, Cl A		2,500		2,888
Eve Energy, Cl A		1,000		7,844
Fangda Carbon New Material, Cl A *		2,488		3,631
Fosun International		43,300		58,106
Guangshen Railway, Cl A		5,100		1,904
Guangzhou Baiyun International Airport, Cl A		2,100		4,191
Guoxuan High-Tech, Cl A		1,200		3,895
Haitian International Holdings		10,726		23,428
Hefei Meiya Optoelectronic Technology, Cl A		700		3,359
Hongfa Technology, Cl A		800		3,577
Inner Mongolia First Machinery Group, Cl A		1,800		2,484
Jiangsu Expressway, Cl H		20,619		25,625
Jiangsu Hengli Hydraulic, Cl A		900		5,911
Jiangsu Zhongtian Technology, Cl A		3,200		3,439
Juneyao Airlines, Cl A *		1,700		2,919
Metallurgical Corp of China, Cl A		18,400		6,439
Metallurgical Corp of China, Cl H		49,700		9,729
NARI Technology, Cl A		4,700		11,110
Ningbo Zhoushan Port, Cl A		9,100		4,333
Power Construction Corp of China, Cl A		13,200		6,989
Sany Heavy Industry, Cl A		8,600		17,934
SF Holding, Cl A		1,600		8,163

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Industrials ETF

	Shares		Value
COMMON STOCK — continued Industrials — continued
Shanghai Construction Group, Cl A		9,200	$	4,045
Shanghai Electric Group, Cl A		8,400		5,300
Shanghai Electric Group, Cl H		44,971		13,379
Shanghai International Airport, Cl A		1,000		8,974
Shanghai International Port Group, Cl A		8,800		5,953
Shanghai M&G Stationery, Cl A		900		5,866
Shanghai Mechanical and Electrical Industry, Cl A		800		1,684
Shanghai Tunnel Engineering, Cl A		2,800		2,120
Shanghai Waigaoqiao Free Trade Zone Group, Cl A		800		1,762
Shenzhen Airport, Cl A		2,100		2,467
Shenzhen Inovance Technology, Cl A		1,700		6,469
Siasun Robot & Automation, Cl A		1,600		3,149
Sinochem International, Cl A		2,800		1,898
Sinopec Engineering Group, Cl H		23,800		12,935
Sinotrans, Cl A		4,600		2,460
Sinotruk Hong Kong		11,600		20,168
Spring Airlines, Cl A		900		4,586
Sunwoda Electronic, Cl A		1,600		5,058
Suzhou Gold Mantis Construction Decoration, Cl A		2,400		2,710
TangShan Port Group, Cl A		6,200		1,992
TBEA, Cl A		3,400		2,813
Tian Di Science & Technology, Cl A		4,300		1,734
Tus Environmental Science And Technology Development, Cl A		1,500		1,715
Weichai Power, Cl A		6,200		10,913
Weichai Power, Cl H		32,796		58,286
XCMG Construction Machinery, Cl A		8,100		5,469
Xiamen C & D, Cl A		2,600		2,898
Xinjiang Goldwind Science & Technology, Cl A		3,547		5,431
Yunda Holding, Cl A		1,500		5,788

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Industrials ETF

	Shares		Value
COMMON STOCK — continued Industrials — continued
Zhejiang Chint Electrics, Cl A		2,200	$	7,630
Zhejiang Dingli Machinery, Cl A		350		3,177
Zhejiang Expressway, Cl H		24,140		19,834
Zhejiang Sanhua Intelligent Controls, Cl A		2,900		7,847
Zhejiang Weixing New Building Materials, Cl A		1,600		2,581
Zhengzhou Yutong Bus, Cl A		2,300		4,722
Zhongji Innolight, Cl A		600		4,173
Zoomlion Heavy Industry Science and Technology, Cl A		6,600		5,409
ZTO Express Cayman ADR		5,353		116,267
TOTAL CHINA				1,165,877

HONG KONG— 37.4%
Industrials — 37.4%
A-Living Services, Cl H		7,250		24,322
AviChina Industry & Technology, Cl H		42,090		17,671
Beijing Capital International Airport, Cl H		28,531		23,075
BOC Aviation		3,520		32,548
China Conch Venture Holdings		27,400		122,269
China Eastern Airlines, Cl H		31,000		14,292
China Everbright International		62,250		44,574
China Merchants Holdings International		23,031		35,711
China State Construction International Holdings		33,810		27,040
Citic Pacific		98,300		111,530
COSCO Pacific		29,530		20,993
Country Garden Services Holdings		20,300		66,404
Greentown Service Group		18,600		19,738
Shanghai Industrial Holdings		7,939		14,069
Shenzhen Expressway, Cl H		12,000		15,578
Shenzhen International Holdings		16,406		32,960
Sinotrans, Cl H		34,900		10,787

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Industrials ETF

	Shares		Value
COMMON STOCK — continued Industrials — continued
Xinjiang Goldwind Science & Technology, Cl H		12,971	$	13,748
Zhuzhou CRRC Times Electric, Cl H		9,223		31,239
Zoomlion Heavy Industry Science and Technology		23,800		17,686
TOTAL HONG KONG				696,234
TOTAL COMMON STOCK
(Cost $2,242,296)				1,862,111
TOTAL INVESTMENTS — 100.1%
(Cost $2,242,296)			$	1,862,111

Percentages are based on Net Assets of $1,859,764.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of January 31, 2020, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	1,538,617	$	323,494	$	—	$	1,862,111
Total Investments in Securities	$	1,538,617	$	323,494	$	—	$	1,862,111

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

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

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Materials ETF

	Shares		Value
COMMON STOCK — 100.0% CHINA— 86.3% Materials — 86.3%
Aluminum Corp of China, Cl A *		26,800	$	11,505
Aluminum Corp of China, Cl H *		161,239		47,760
Angang Steel, Cl A		15,010		5,917
Anhui Conch Cement, Cl A		600		3,747
Anhui Conch Cement, Cl H		20,800		134,204
Baoshan Iron & Steel, Cl A		36,700		25,925
BBMG, Cl A		19,900		8,802
BBMG, Cl H		108,640		29,381
Beijing Oriental Yuhong Waterproof Technology, Cl A		3,100		10,957
Beijing Sanju Environmental Protection and New Material, Cl A		4,900		3,952
China Hongqiao Group		74,300		36,744
China Jushi, Cl A		7,200		9,366
China Molybdenum, Cl A		34,900		18,705
China Molybdenum, Cl H		153,554		57,349
China National Building Material, Cl H		138,400		133,857
China Northern Rare Earth Group High-Tech, Cl A		7,600		10,025
China Zhongwang Holdings		78,300		26,218
Ganfeng Lithium, Cl A		2,900		16,362
GEM, Cl A		8,700		6,530
Guangdong HEC Technology Holding, Cl A		6,200		7,428
Hengli Petrochemical, Cl A		11,620		25,804
Hengyi Petrochemical, Cl A		5,600		9,995
Hesteel, Cl A		24,000		7,524
Huaxin Cement, Cl A		2,800		7,795
Hunan Valin Steel, Cl A *		8,800		5,071
Inner Mongolia BaoTou Steel Union, Cl A		92,900		15,107
Inner Mongolia Junzheng Energy & Chemical Industry Group, Cl A		17,300		6,572
Jiangsu Yangnong Chemical, Cl A		600		5,036

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Materials ETF

	Shares		Value
COMMON STOCK — continued Materials — continued
Jiangxi Copper, Cl A		4,200	$	8,267
Jiangxi Copper, Cl H		47,091		55,916
Jinduicheng Molybdenum, Cl A		7,600		7,208
Lomon Billions Group, Cl A		4,200		8,846
Luxi Chemical Group, Cl A		3,100		3,896
Maanshan Iron & Steel, Cl A		16,900		6,244
Maanshan Iron & Steel, Cl H		43,125		15,329
Nanjing Iron & Steel, Cl A		9,400		3,950
Pangang Group Vanadium Titanium & Resources, Cl A *		17,700		6,033
Real Gold Mining *(A)(B)(C)		97,864		—
Rongsheng Petro Chemical, Cl A		8,600		12,866
Sansteel Minguang Fujian, Cl A		5,100		5,613
Shandong Gold Mining, Cl A		5,200		21,965
Shandong Hualu Hengsheng Chemical, Cl A		3,300		7,818
Shandong Nanshan Aluminum, Cl A		24,600		7,169
Shandong Sinocera Functional Material, Cl A		2,000		6,387
Shandong Sun Paper Industry JSC, Cl A		5,300		6,405
Shanxi Taigang Stainless Steel, Cl A		11,800		5,910
Shanying International Holding, Cl A		9,600		4,184
Shenghe Resources Holding, Cl A		3,700		3,899
Shenzhen Zhongjin Lingnan Nonfemet, Cl A		10,100		5,334
Sichuan Hebang Biotechnology		18,600		3,557
Sinopec Shanghai Petrochemical, Cl A		12,400		6,259
Sinopec Shanghai Petrochemical, Cl H		145,350		37,250
Tangshan Jidong Cement, Cl A		2,800		5,573
Tianqi Lithium, Cl A		3,250		13,031
Tongkun Group, Cl A		3,800		7,000
Tongling Nonferrous Metals Group, Cl A		29,800		8,568
Transfar Zhilian, Cl A		6,700		6,188
Wanhua Chemical Group, Cl A		6,200		41,869
Weihai Guangwei Composites, Cl A		1,100		6,711
Xiamen Tungsten, Cl A		2,900		4,716

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Materials ETF

	Shares		Value
COMMON STOCK — continued Materials — continued
Xinjiang Zhongtai Chemical, Cl A		4,500	$	3,630
Xinxing Ductile Iron Pipes, Cl A		8,300		4,146
Xinyu Iron & Steel, Cl A		6,700		4,105
Yintai Gold, Cl A		4,100		6,608
Yunnan Energy New Material		1,400		10,764
Yunnan Tin, Cl A *		3,500		4,808
Zhaojin Mining Industry		43,584		49,450
Zhejiang Huayou Cobalt, Cl A		2,630		16,149
Zhejiang Jiahua Energy Chemical Industry, Cl A		3,000		3,891
Zhejiang Juhua, Cl A		5,700		5,168
Zhejiang Longsheng Group, Cl A		8,200		14,262
Zhongjin Gold, Cl A		9,400		9,917
Zijin Mining Group, Cl A		38,800		21,654
Zijin Mining Group, Cl H		215,359		94,576
TOTAL CHINA				1,280,727

HONG KONG— 13.7%
Materials — 13.7%
China Lumena New Materials *(A)(B)(C)		1,950		—
China Resources Cement Holdings		89,200		100,976
Lee & Man Paper Manufacturing		57,900		40,490
Nine Dragons Paper Holdings		63,670		60,842
TOTAL HONG KONG				202,308
TOTAL COMMON STOCK
(Cost $1,760,310)				1,483,035
TOTAL INVESTMENTS — 100.0%
(Cost $1,760,310)			$	1,483,035

Percentages are based on Net Assets of $1,483,562.

Non-income producing security.

(A)

Level 3 security in accordance with fair value hierarchy.

(B)

Security considered illiquid. The total value of such securities as of January 31, 2020 was $0 and represented 0.0% of Net Assets.

(C)

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 January 31, 2020 was $0 and represents 0.0% of net assets.

Cl — Class

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Materials ETF

The following is a summary of the level of inputs used as of January 31, 2020, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	1,117,967	$	365,068	$	—	$	1,483,035
Total Investments in Securities	$	1,117,967	$	365,068	$	—	$	1,483,035

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

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

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Communication Services ETF

	Shares		Value
COMMON STOCK — 100.0% CHINA— 77.9% Communication Services — 77.9%
58.com ADR *		12,824	$	713,271
Autohome ADR *		8,720		666,906
Baidu ADR *		14,974		1,850,187
Beijing Enlight Media, Cl A		215,400		296,188
China Film, Cl A		187,281		336,460
China South Publishing & Media Group, Cl A		216,172		344,213
China United Network Communications, Cl A		591,400		434,687
Chinese Universe Publishing and Media Group, Cl A		173,150		323,688
CITIC Guoan Information Industry, Cl A		609,500		272,759
Focus Media Information Technology, Cl A		547,900		419,107
G-bits Network Technology Xiamen, Cl A		7,700		373,133
Giant Network Group, Cl A		162,400		382,394
iQIYI ADR * (A)		30,479		677,853
JOYY ADR *		9,692		586,657
Mango Excellent Media, Cl A		99,220		593,621
Momo ADR		18,768		574,301
NanJi E-Commerce, Cl A *		201,000		268,281
NetEase ADR		4,996		1,602,517
Oriental Pearl Group, Cl A		323,300		446,660
Perfect World, Cl A		100,440		620,520
SINA *		15,456		598,765
Tencent Holdings		43,135		2,072,062
Tencent Music Entertainment Group ADR *		367		4,657
Wanda Film Holding, Cl A		145,800		327,944
Weibo ADR *		12,332		525,590
Wuhu Sanqi Interactive Entertainment Network Technology Group, Cl A		165,751		698,847
Youzu Interactive, Cl A		140,100		504,852
TOTAL CHINA				16,516,120

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Communication Services ETF

	Shares/Face Amount		Value
COMMON STOCK — continued HONG KONG— 20.8% Communication Services — 20.8%
Alibaba Pictures Group *		3,173,200	$	453,612
China Literature *		1,100		4,611
China Mobile		226,500		1,872,697
China Telecom, Cl H		1,759,700		688,932
China Tower, Cl H		3,617,000		759,277
China Unicom Hong Kong		757,200		637,753
National Agricultural Holdings *(B)(C)(D)		204,200		313
TOTAL HONG KONG				4,417,195

SOUTH KOREA— 1.3%
Communication Services — 1.3%
HUYA ADR *		15,664		280,072
TOTAL COMMON STOCK
(Cost $21,778,529)				21,213,386

SHORT-TERM INVESTMENT(E)(F) — 0.1%
Fidelity Investments Money Market
Government Portfolio, Cl Institutional, 1.460%
(Cost $26,504)		26,504		26,504

REPURCHASE AGREEMENT^(E) — 0.4%
RBC Capital Markets
1.530%, dated 01/31/20, to be repurchased on 02/03/20 repurchase price $87,563 (collateralized by U.S. Treasury Obligations, ranging in par value $3,404 - $17,184, 2.125%, 08/15/2021, with a total market value of $89,324)
(Cost $87,552)	$	87,552		87,552
TOTAL INVESTMENTS — 100.5%
(Cost $21,892,585)			$	21,327,443

Percentages are based on Net Assets of $21,214,025.

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Communication Services ETF

Non-income producing security.

 (A)

This security or a partial position of this security is on loan at January 31, 2020. The total value of securities on loan at January 31, 2020 was $110,288.

	(B)	Level 3 security in accordance with fair value hierarchy.
	(C)	Security considered illiquid. The total value of such securities as of January 31, 2020 was $313 and represented 0.0% of Net Assets.
	(D)	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 January 31, 2020 was $313 and represents 0.0% of net assets.

 (E)

Security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2020, was $114,056.

 (F)

The rate reported on the Schedule of Investments is the 7-day effective yield as of January 31, 2020.

ADR — American Depositary Receipt
Cl — Class

The following is a summary of the level of inputs used as of January 31, 2020, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	18,954,233	$	2,258,841	$	313	$	21,213,387
Short-Term Investment		26,504		—		—		26,504
Repurchase Agreement		—		87,552		—		87,552
Total Investments in Securities	$	18,980,737	$	2,346,393	$	313	$	21,327,443

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

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

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Consumer Staples ETF

	Shares		Value
COMMON STOCK — 99.9% CHINA— 55.8% Consumer Staples — 55.8%
Angel Yeast, Cl A		2,854	$	10,385
Anhui Gujing Distillery, Cl A		1,276		23,771
Anhui Kouzi Distillery, Cl A		2,100		13,933
Beijing Dabeinong Technology Group, Cl A		49,400		37,595
Beijing Shunxin Agriculture, Cl A		2,497		17,021
Beijing Yanjing Brewery, Cl A		9,900		8,127
By-health, Cl A		5,600		12,239
Chongqing Brewery, Cl A		1,672		10,421
Chongqing Fuling Zhacai Group, Cl A		2,800		8,578
Foshan Haitian Flavouring & Food, Cl A		8,761		122,190
Fujian Sunner Development, Cl A		3,600		9,811
Guangdong Haid Group, Cl A		5,291		23,437
Heilongjiang Agriculture, Cl A		6,500		8,287
Henan Shuanghui Investment & Development, Cl A		15,340		58,391
Hengan International Group		42,000		308,310
Inner Mongolia Yili Industrial Group, Cl A		25,029		99,765
Jiangsu King's Luck Brewery JSC, Cl A		4,200		16,861
Jiangsu Yanghe Brewery Joint-Stock, Cl A		6,344		88,439
Jiangxi Zhengbang Technology, Cl A		8,400		15,124
Jonjee Hi-Tech Industrial And Commercial Holding, Cl A		2,700		13,298
Juewei Food, Cl A		2,100		10,430
Kweichow Moutai, Cl A		2,104		288,163
Laobaixing Pharmacy Chain JSC, Cl A		1,100		10,518
Luzhou Laojiao, Cl A		7,047		75,769
Muyuan Foodstuff, Cl A		7,600		80,756
New Hope Liuhe, Cl A		22,400		52,861
Shanghai Jahwa United, Cl A		2,400		8,883
Shanxi Xinghuacun Fen Wine Factory, Cl A		4,849		57,833
Sichuan Swellfun, Cl A		1,668		11,151
Tech-Bank Food, Cl A		4,000		5,183
Toly Bread, Cl A		1,900		9,474
Tongwei, Cl A		27,600		48,615
Tsingtao Brewery, Cl A		2,400		15,089

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Consumer Staples ETF

	Shares		Value
COMMON STOCK — continued Consumer Staples — continued
Want Want China Holdings		296,000	$	245,876
Wens Foodstuffs Group		20,387		86,673
Wuliangye Yibin, Cl A		12,306		201,969
Yifeng Pharmacy Chain, Cl A		1,273		13,745
Yonghui Superstores, Cl A		49,200		48,452
Yuan Longping High-tech Agriculture, Cl A		4,800		11,221
TOTAL CHINA				2,188,644

HONG KONG— 44.1%
Consumer Staples — 44.1%
China Agri-Industries Holdings		291,100		156,330
China Mengniu Dairy		100,000		370,901
China Resources Beer Holdings		68,000		317,454
Dali Foods Group		151,000		106,761
Sun Art Retail Group		151,700		181,104
Tingyi Cayman Islands Holding		114,600		194,225
Tsingtao Brewery, Cl H		25,200		140,525
Uni-President China Holdings		98,400		100,872
Yihai International Holding		28,640		162,843
TOTAL HONG KONG				1,731,015
TOTAL COMMON STOCK
(Cost $3,977,882)				3,919,659
TOTAL INVESTMENTS — 99.9%
(Cost $3,977,882)			$	3,919,659

Percentages are based on Net Assets of $3,925,246.

Cl — Class

The following is a summary of the level of inputs used as of January 31, 2020, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	3,102,166	$	817,493	$	—	$	3,919,659
Total Investments in Securities	$	3,102,166	$	817,493	$	—	$	3,919,659

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Consumer Staples ETF

For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

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

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Health Care ETF

	Shares		Value
COMMON STOCK — 100.1% CHINA— 23.9% Health Care — 23.9%
Aier Eye Hospital Group, Cl A		5,630	$	29,296
Asymchem Laboratories Tianjin, Cl A		300		5,933
Autobio Diagnostics, Cl A		400		5,906
Beijing SL Pharmaceutical, Cl A		1,800		3,325
Beijing Tiantan Biological Products, Cl A		1,500		6,112
Beijing Tongrentang, Cl A		3,940		14,018
Betta Pharmaceuticals, Cl A		600		5,721
BGI Genomics, Cl A		600		6,205
Changchun High & New Technology Industry Group, Cl A		300		19,436
Chengdu Kanghong Pharmaceutical Group, Cl A		1,000		4,976
China National Accord Medicines, Cl A		500		3,218
China National Medicines, Cl A		1,000		3,851
China Resources Double Crane Pharmaceutical, Cl A		1,800		3,224
China Resources Sanjiu Medical & Pharmaceutical, Cl A		1,400		6,513
Chongqing Zhifei Biological Products, Cl A		2,200		17,055
Dong-E-E-Jiao, Cl E		1,900		8,436
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A		3,900		19,117
Guangzhou Kingmed Diagnostics Group, Cl A		600		3,938
Guizhou Bailing Group Pharmaceutical, Cl A		2,600		3,068
Hangzhou Tigermed Consulting, Cl A		1,216		11,589
Huadong Medicine, Cl A		4,980		13,508
Hualan Biological Engineering, Cl A		2,300		10,798
Hubei Jumpcan Pharmaceutical, Cl A		1,000		3,390
Jafron Biomedical, Cl A		600		6,305
Jiangsu Hengrui Medicine, Cl A		8,200		93,862
Jiangsu Yuyue Medical Equipment & Supply, Cl A		1,300		4,128

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Health Care ETF

	Shares		Value
COMMON STOCK — continued Health Care — continued
Jilin Aodong Pharmaceutical Group, Cl A		1,500	$	3,187
Jinyu Bio-Technology, Cl A		1,600		4,196
Joincare Pharmaceutical Group Industry, Cl A		2,500		3,376
Jointown Pharmaceutical Group, Cl A		5,500		11,777
Lepu Medical Technology Beijing, Cl A		3,000		12,454
Livzon Pharmaceutical Group, Cl A		800		3,950
Meinian Onehealth Healthcare Holdings, Cl A		10,920		19,988
Nanjing King-Friend Biochemical Pharmaceutical, Cl A		900		5,824
Ovctek China, Cl A		600		4,073
Shandong Buchang Pharmaceuticals, Cl A		3,310		8,952
Shanghai Fosun Pharmaceutical Group, Cl A		3,400		11,580
Shanghai Pharmaceuticals Holding, Cl A		2,900		7,134
Shenzhen Hepalink Pharmaceutical Group, Cl A		1,500		4,449
Shenzhen Kangtai Biological Products, Cl A .		1,043		13,598
Shenzhen Mindray Bio-Medical Electronics, Cl A		702		17,140
Shenzhen Salubris Pharmaceuticals, Cl A		2,500		6,036
Shijiazhuang Yiling Pharmaceutical, Cl A		2,000		4,223
Sichuan Kelun Pharmaceutical, Cl A		4,200		13,660
Tasly Pharmaceutical Group, Cl A		4,500		9,168
Tonghua Dongbao Pharmaceutical, Cl A		6,000		9,491
Topchoice Medical, Cl A		500		6,667
Walvax Biotechnology, Cl A		2,400		8,811
Winning Health Technology Group, Cl A		2,300		4,766
WuXi AppTec, Cl A		2,600		32,400
Yifan Pharmaceutical, Cl A		1,800		4,192
Yunnan Baiyao Group, Cl A		3,110		35,037
Zhangzhou Pientzehuang Pharmaceutical, Cl A		1,300		21,781
Zhejiang Conba Pharmaceutical, Cl A		3,500		2,764
Zhejiang Huahai Pharmaceutical, Cl A		1,900		4,323

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Health Care ETF

	Shares		Value
COMMON STOCK — continued Health Care — continued
Zhejiang NHU, Cl A		3,500	$	10,732
Zhejiang Wolwo Bio-Pharmaceutical, Cl A		800		5,035
TOTAL CHINA				623,692

HONG KONG— 76.2%
Health Care — 76.2%
3SBio *		49,000		62,978
Alibaba Health Information Technology *		127,300		179,681
China Medical System Holdings		53,500		71,930
China Resources Pharmaceutical Group		66,700		56,092
China Traditional Chinese Medicine Holdings		104,300		48,625
CSPC Pharmaceutical Group		87,500		194,947
Genscript Biotech *		36,300		84,335
Hansoh Pharmaceutical Group *		14,000		50,484
Hutchison China MediTech ADR *		2,550		62,602
Innovent Biologics *		23,100		89,249
Luye Pharma Group		56,300		36,543
Ping An Healthcare and Technology *		9,800		84,624
Shandong Weigao Group Medical Polymer, Cl H		75,400		90,209
Shanghai Fosun Pharmaceutical Group, Cl H		21,900		58,946
Shanghai Pharmaceuticals Holding, Cl H		34,800		65,074
Sino Biopharmaceutical		163,400		219,271
Sinopharm Group, Cl H		46,900		154,021
SSY Group		66,700		61,590
WuXi AppTec, Cl H		6,100		74,395
Wuxi Biologics Cayman *		18,840		241,295
TOTAL HONG KONG				1,986,891
TOTAL COMMON STOCK
(Cost $2,373,153)				2,610,583
TOTAL INVESTMENTS — 100.1%
(Cost $2,373,153)			$	2,610,583

Percentages are based on Net Assets of $2,607,693.

* Non-income producing security.

ADR — American Depositary Receipt

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Health Care ETF

Cl — Class

The following is a summary of the level of inputs used as of January 31, 2020, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	2,317,732	$	292,851	$	—	$	2,610,583
Total Investments in Securities	$	2,317,732	$	292,851	$	—	$	2,610,583

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual financial statements.

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

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Information Technology ETF

	Shares		Value
COMMON STOCK — 99.9% CHINA— 48.6% Information Technology — 48.6%
360 Security Technology, Cl A		15,559	$	49,732
Accelink Technologies, Cl A		3,600		13,839
Aisino, Cl A		22,800		67,923
AVIC Jonhon Optronic Technology, Cl A		5,900		28,683
Beijing Shiji Information Technology, Cl A		10,800		52,771
Beijing Sinnet Technology, Cl A		6,100		16,823
BOE Technology Group, Cl A		279,200		171,437
Chaozhou Three-Circle Group, Cl A		18,100		54,651
China Greatwall Technology Group, Cl A		16,200		29,884
China National Software & Service, Cl A		2,400		22,573
China TransInfo Technology, Cl A		6,000		17,726
Dawning Information Industry, Cl A		3,700		20,048
DHC Software, Cl A		39,700		71,891
Fiberhome Telecommunication Technologies, Cl A		4,900		16,574
Foxconn Industrial Internet, Cl A		37,200		96,788
GCL System Integration Technology, Cl A *		24,100		18,466
GDS Holdings ADR *		9,576		495,176
Gigadevice Semiconductor Beijing, Cl A		1,800		66,268
Glodon, Cl A		6,000		31,222
GoerTek, Cl A		40,700		125,008
GRG Banking Equipment, Cl A		12,100		15,946
Guangzhou Haige Communications Group, Cl A		28,700		44,505
Hangzhou Hikvision Digital Technology, Cl A		73,200		342,815
Hangzhou Silan Microelectronics, Cl A		6,200		13,671
Hengtong Optic-electric, Cl A		23,900		51,550
Holitech Technology, Cl A		20,500		16,268
Hubei Kaile Science & Technology, Cl A		8,400		13,987
Hundsun Technologies, Cl A		9,670		111,570
Hytera Communications, Cl A		12,000		12,832

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Information Technology ETF

	Shares		Value
COMMON STOCK — continued Information Technology — continued
Iflytek		22,700	$	103,918
Inspur Electronic Information Industry, Cl A		7,100		31,524
Kingdee International Software Group		366,800		397,746
Kingsoft		133,000		408,510
Lens Technology, Cl A		37,300		100,347
Leyard Optoelectronic, Cl A		14,600		14,359
Lingyi iTech Guangdong, Cl A *		36,100		60,864
LONGi Green Energy Technology, Cl A		36,050		136,238
Luxshare Precision Industry, Cl A		44,350		260,494
NAURA Technology Group, Cl A		2,400		36,998
Newland Digital Technology, Cl A		6,200		15,059
Ninestar, Cl A		13,200		66,971
O-film Tech, Cl A		33,600		78,329
Sanan Optoelectronics, Cl A		45,800		134,416
Sangfor Technologies, Cl A		2,200		44,075
Shanghai 2345 Network Holding Group, Cl A		74,710		30,712
Shanghai Baosight Software, Cl A		3,600		17,618
Shengyi Technology, Cl A		13,300		42,079
Shennan Circuits, Cl A		1,900		43,871
Shenzhen Goodix Technology, Cl A		2,400		105,548
Shenzhen Kingdom Sci-Tech, Cl A		4,900		13,087
Shenzhen Sunway Communication, Cl A		4,900		28,048
Suzhou Dongshan Precision Manufacturing, Cl A		17,000		63,471
Tianjin Zhonghuan Semiconductor, Cl A		12,100		24,682
Tianma Microelectronics, Cl A		25,300		54,438
Travelsky Technology, Cl H		151,000		329,423
Tunghsu Optoelectronic Technology, Cl A		73,600		29,203
Unigroup Guoxin Microelectronics, Cl A		2,400		17,434
Unisplendour, Cl A		11,867		51,038
Universal Scientific Industrial Shanghai, Cl A		6,000		15,431
Venustech Group, Cl A		3,700		18,864
Visionox Technology, Cl A *		6,100		12,300

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Information Technology ETF

	Shares		Value
COMMON STOCK — continued Information Technology — continued
Wangsu Science & Technology, Cl A		29,100	$	31,042
Westone Information Industry, Cl A		3,700		12,380
Will Semiconductor, Cl A		3,600		86,898
Wuhan Guide Infrared, Cl A		4,900		19,805
WUS Printed Circuit Kunshan, Cl A		8,600		26,817
Wuxi Lead Intelligent Equipment, Cl A		9,600		54,938
Yealink Network Technology, Cl A		2,400		25,627
Yonyou Network Technology, Cl A		21,720		92,001
Zhejiang Dahua Technology, Cl A		37,300		97,630
ZTE, Cl A *		29,000		147,774
ZTE, Cl H		121,200		395,680
TOTAL CHINA				5,868,314

HONG KONG— 51.3%
Information Technology — 51.3%
AAC Technologies Holdings		106,700		766,080
BYD Electronic International		121,500		238,465
China Railway Signal & Communication, Cl H		299,800		145,558
Hua Hong Semiconductor		93,100		226,848
Kingboard Holdings		108,000		287,911
Kingboard Laminates Holdings		199,500		207,082
Legend Holdings, Cl H		43,550		81,436
Lenovo Group		1,049,000		693,038
Semiconductor Manufacturing International *		448,700		826,336
Sunny Optical Technology Group		61,260		999,580
Xiaomi, Cl B *		900,500		1,335,981
Xinyi Solar Holdings		529,400		374,983
TOTAL HONG KONG				6,183,298
TOTAL COMMON STOCK
(Cost $12,681,328)				12,051,612
TOTAL INVESTMENTS — 99.9%
(Cost $12,681,328)			$	12,051,612

Percentages are based on Net Assets of $12,062,642.

* Non-income producing security.

ADR — American Depositary Receipt

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Information Technology ETF

Cl — Class

The following is a summary of the level of inputs used as of January 31, 2020, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	10,877,612	$	1,174,000	$	—	$	12,051,612
Total Investments in Securities	$	10,877,612	$	1,174,000	$	—	$	12,051,612

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual financial statements.

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

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Real Estate ETF

	Shares		Value
COMMON STOCK — 93.3% CHINA— 26.2% Real Estate — 26.2%
Beijing Capital Development, Cl A		1,900	$	1,834
China Enterprise		3,200		1,898
China Fortune Land Development, Cl A		3,200		10,990
China Merchants Shekou Industrial Zone Holdings, Cl A		6,700		15,802
China Vanke, Cl A		2,000		7,540
China Vanke, Cl H		57,100		202,960
Country Garden Holdings		328,300		421,109
Financial Street Holdings, Cl A		6,300		6,147
Gemdale, Cl A		6,500		11,136
Grandjoy Holdings Group, Cl A		2,000		1,650
Greenland Holdings Group, Cl A		11,300		9,540
Jiangsu Zhongnan Construction Group, Cl A		1,800		2,175
Jinke Properties Group, Cl A		10,400		9,660
Kaisa Group Holdings		178,700		75,255
Longfor Group Holdings		92,500		394,306
Oceanwide Holdings, Cl A		7,300		4,340
Poly Developments and Holdings Group, Cl A		10,400		20,741
RiseSun Real Estate Development, Cl A		7,300		8,604
Seazen Holdings, Cl A		2,500		11,058
Shanghai Lujiazui Finance & Trade Zone Development, Cl B		26,000		22,407
Shanghai Zhangjiang High-Tech Park Development, Cl A		2,200		4,150
Shui On Land		308,400		61,959
Sichuan Languang Development, Cl A		2,200		1,966
Tahoe Group, Cl A		2,500		1,825
Xinhu Zhongbao, Cl A		18,100		8,265
Yango Group, Cl A		2,100		1,959
TOTAL CHINA				1,319,276

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Real Estate ETF

	Shares		Value
COMMON STOCK — continued HONG KONG— 67.1% Real Estate — 67.1%
Agile Group Holdings		85,400	$	113,721
China Aoyuan Group		78,100		105,811
China Evergrande Group		89,800		200,766
China Jinmao Holdings Group		293,600		198,887
China Overseas Land & Investment		138,600		450,701
China Resources Land		107,500		452,710
CIFI Holdings Group		171,300		119,570
Guangzhou R&F Properties		83,200		126,864
KWG Group Holdings		86,500		113,404
Logan Property Holdings		83,600		127,905
Seazen Group		136,000		138,015
Shenzhen Investment		214,300		74,516
Shimao Property Holdings		63,000		205,676
Sino-Ocean Group Holding		218,500		79,353
SOHO China		174,700		67,046
Sunac China Holdings		98,900		483,999
Wharf Holdings		48,600		120,923
Yuexiu Property		461,300		93,271
Yuzhou Properties		144,800		67,506
Zhenro Properties Group		62,600		38,778
TOTAL HONG KONG				3,379,422
TOTAL COMMON STOCK
(Cost $4,539,587)				4,698,698
TOTAL INVESTMENTS — 93.3%
(Cost $4,539,587)			$	4,698,698

Percentages are based on Net Assets of $5,036,892.

Cl — Class

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Real Estate ETF

The following is a summary of the level of inputs used as of January 31, 2020, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	4,594,713	$	103,985	$	—	$	4,698,698
Total Investments in Securities	$	4,594,713	$	103,985	$	—	$	4,698,698

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual financial statements.

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

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Utilities ETF

	Shares		Value
COMMON STOCK — 99.7% CHINA— 45.7% Utilities — 45.7%
CGN Power, Cl H		263,600	$	65,179
Chengdu Xingrong Environment, Cl A		17,700		10,247
China Longyuan Power Group, Cl H		112,200		66,757
China National Nuclear Power, Cl A		33,200		20,947
China Yangtze Power, Cl A		39,100		87,233
Datang International Power Generation, Cl H		178,000		31,176
ENN Energy Holdings		12,430		145,833
GD Power Development, Cl A		61,100		17,646
Huadian Power International, Cl A		30,000		13,816
Huadian Power International, Cl H		94,800		31,377
Huaneng Power International, Cl A		17,100		12,035
Huaneng Power International, Cl H		117,500		55,838
Hubei Energy Group, Cl A		22,400		11,161
Inner Mongolia MengDian HuaNeng Thermal Power, Cl A		32,200		10,640
SDIC Power Holdings, Cl A		19,800		21,019
Shanghai Electric Power, Cl A		12,400		12,034
Shenergy, Cl A		22,000		15,855
Shenzhen Energy Group, Cl A		17,100		13,147
Sichuan Chuantou Energy, Cl A		15,700		18,607
TOTAL CHINA				660,547
HONG KONG— 54.0%
Utilities — 54.0%
Beijing Enterprises Holdings		15,000		65,970
Beijing Enterprises Water Group		138,100		62,070
China Gas Holdings		31,400		124,550
China Power International Development		206,900		40,235
China Resources Gas Group		23,750		125,710
China Resources Power Holdings		51,600		69,643
Guangdong Investment		62,600		127,701

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Utilities ETF

	Shares		Value
COMMON STOCK — continued Utilities — continued
Huaneng Renewables, Cl H		173,600	$	71,318
Kunlun Energy		76,500		59,900
Towngas China		52,800		32,843
TOTAL HONG KONG				779,940
TOTAL COMMON STOCK
(Cost $1,495,799)				1,440,487
TOTAL INVESTMENTS — 99.7%
(Cost $1,495,799)			$	1,440,487

Percentages are based on Net Assets of $1,445,216.

Cl — Class

The following is a summary of the level of inputs used as of January 31, 2020, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	1,210,655	$	229,832	$	—	$	1,440,487
Total Investments in Securities	$	1,210,655	$	229,832	$	—	$	1,440,487

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

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

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Large-Cap 50 ETF

	Shares		Value
COMMON STOCK — 99.9% CHINA— 55.7% Communication Services — 15.9%
Baidu ADR *		645	$	79,696
NetEase ADR		198		63,510
Tencent Holdings		6,080		292,064
				435,270
Consumer Discretionary — 19.6%
Alibaba Group Holding ADR *		1,351		279,102
JD.com ADR *		1,779		67,051
New Oriental Education & Technology Group ADR *		422		51,294
TAL Education Group ADR *		1,027		51,247
Trip.com Group ADR *		1,281		41,159
Yum China Holdings		1,116		48,066
				537,919
Consumer Staples — 6.8%
Foshan Haitian Flavouring & Food, Cl A		1,600		22,315
Kweichow Moutai, Cl A		779		106,692
Wens Foodstuffs Group		4,000		17,005
Wuliangye Yibin, Cl A		2,505		41,113
				187,125
Energy — 1.0%
PetroChina, Cl H		62,700		27,858
Financials — 5.5%
Bank of Communications, Cl A		28,200		20,067
China Minsheng Banking, Cl A		25,900		20,486
CITIC Securities, Cl A		7,300		22,697
Industrial Bank, Cl A		13,900		33,616
Ping An Bank, Cl A		12,500		25,270
Shanghai Pudong Development Bank, Cl A		20,000		29,531
				151,667
Health Care — 1.3%
Jiangsu Hengrui Medicine, Cl A		3,080		35,256
Industrials — 0.8%
China State Construction Engineering, Cl A		30,000		21,348

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Large-Cap 50 ETF

	Shares		Value
COMMON STOCK — continued Information Technology — 1.1%
Hangzhou Hikvision Digital Technology, Cl A		6,600	$	30,910
Real Estate — 1.8%
China Vanke, Cl A		6,800		25,636
Country Garden Holdings		18,700		23,986
				49,622
Utilities — 1.9%
China Yangtze Power, Cl A		14,000		31,235
ENN Energy Holdings		1,800		21,118
				52,353
TOTAL CHINA				1,529,328

HONG KONG— 44.2%
Communication Services — 5.0%
China Mobile		13,960		115,421
China Tower, Cl H		98,700		20,719
				136,140
Consumer Discretionary — 3.6%
ANTA Sports Products		2,000		17,553
Geely Automobile Holdings		10,000		16,150
Meituan Dianping, Cl B *		2,300		29,413
Shenzhou International Group Holdings		2,700		36,094
				99,210
Consumer Staples — 1.4%
China Mengniu Dairy		10,300		38,203
Energy — 3.8%
China Petroleum & Chemical, Cl H		68,700		36,540
CNOOC		44,700		68,274
				104,814
Financials — 23.3%
Agricultural Bank of China, Cl H		82,500		32,087
Bank of China, Cl H		195,400		76,249
China Construction Bank, Cl H		204,800		156,931
China Life Insurance, Cl H		21,350		51,802
China Merchants Bank, Cl H		11,150		54,422
China Pacific Insurance Group, Cl H		8,550		28,794

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Large-Cap 50 ETF

	Shares		Value
COMMON STOCK — continued Financials — continued
Industrial & Commercial Bank of China, Cl H		148,700	$	99,963
Ping An Insurance Group of China, Cl H		12,140		138,677
				638,925
Health Care — 1.4%
CSPC Pharmaceutical Group		9,000		20,052
Sino Biopharmaceutical		13,000		17,445
				37,497
Information Technology — 1.3%
Sunny Optical Technology Group		2,240		36,550
Real Estate — 4.4%
China Overseas Land & Investment		12,000		39,022
China Resources Land		9,400		39,586
Sunac China Holdings		8,650		42,332
				120,940
TOTAL HONG KONG				1,212,279
TOTAL COMMON STOCK
(Cost $2,605,417)				2,741,607
TOTAL INVESTMENTS — 99.9%
(Cost $2,605,417)			$	2,741,607

Percentages are based on Net Assets of $2,745,148.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

Schedule of Investments (Unaudited)

January 31, 2020

Global X MSCI China Large-Cap 50 ETF

The following is a summary of the level of inputs used as of January 31, 2020, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	2,398,364	$	343,243	$	—	$	2,741,607
Total Investments in Securities	$	2,398,364	$	343,243	$	—	$	2,741,607

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

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

Schedule of Investments (Unaudited)

January 31, 2020

Global X FTSE Southeast Asia ETF

	Shares		Value
COMMON STOCK — 99.9% INDONESIA— 21.8% Communication Services — 3.4%
Telekomunikasi Indonesia Persero		3,147,000	$	875,767
Consumer Discretionary — 2.5%
Astra International		1,370,481		637,316
Consumer Staples — 1.7%
Gudang Garam		31,300		127,848
Hanjaya Mandala Sampoerna		600,800		91,077
Unilever Indonesia		395,880		230,483
				449,408
Financials — 14.2%
Bank Central Asia		655,396		1,555,095
Bank Mandiri		1,254,080		693,395
Bank Negara Indonesia Persero		502,800		265,116
Bank Rakyat Indonesia Persero		3,590,900		1,172,861
				3,686,467
TOTAL INDONESIA				5,648,958

MALAYSIA— 17.8%
Communication Services — 2.2%
Axiata Group		305,088		320,126
DiGi.com		249,100		257,124
				577,250
Consumer Staples — 1.2%
Sime Darby Plantation		244,296		302,241
Financials — 9.1%
CIMB Group Holdings		475,775		572,370
Malayan Banking		406,931		837,098
Public Bank		210,199		954,051
				2,363,519
Health Care — 1.1%
IHH Healthcare		203,380		282,886

Schedule of Investments (Unaudited)

January 31, 2020

Global X FTSE Southeast Asia ETF

	Shares		Value
COMMON STOCK — continued Materials — 1.1%
Petronas Chemicals Group		192,624	$	290,957
Utilities — 3.1%
Tenaga Nasional		264,745		804,959
TOTAL MALAYSIA				4,621,812

PHILIPPINES— 4.2%
Industrials — 0.9%
Ayala		16,880		241,261
Real Estate — 3.3%
Ayala Land		475,000		388,747
SM Prime Holdings		618,700		473,489
				862,236
TOTAL PHILIPPINES				1,103,497

SINGAPORE— 31.7%
Communication Services — 4.7%
Singapore Telecommunications		505,404		1,221,945
Consumer Discretionary — 0.6%
Jardine Cycle & Carriage		6,818		145,961
Consumer Staples — 1.5%
Wilmar International		133,151		381,435
Financials — 22.3%
DBS Group Holdings		122,383		2,274,787
Oversea-Chinese Banking		234,866		1,863,579
United Overseas Bank		87,297		1,641,176
				5,779,542
Industrials — 0.9%
Singapore Airlines		35,043		219,516
Real Estate — 1.7%
CapitaLand		170,118		451,188
TOTAL SINGAPORE				8,199,587

Schedule of Investments (Unaudited)

January 31, 2020

Global X FTSE Southeast Asia ETF

	Shares		Value
COMMON STOCK — continued THAILAND— 24.4% Communication Services — 1.9%
Advanced Info Service NVDR		75,661	$	495,183
Consumer Staples — 3.1%
CP ALL NVDR		353,973		803,452
Energy — 6.7%
PTT NVDR		971,640		1,348,201
PTT Exploration & Production NVDR		94,010		375,497
				1,723,698
Financials — 4.9%
Bangkok Bank		15,200		70,221
Bangkok Bank NVDR		17,611		81,360
Kasikornbank NVDR		136,408		614,864
Siam Commercial Bank NVDR		163,131		512,892
				1,279,337
Health Care — 1.9%
Bangkok Dusit Medical Services NVDR		606,800		484,739
Industrials — 2.5%
Airports of Thailand NVDR		290,900		657,955
Materials — 3.4%
PTT Global Chemical NVDR		138,000		216,939
Siam Cement NVDR		57,026		654,967
				871,906
TOTAL THAILAND				6,316,270
TOTAL COMMON STOCK
(Cost $26,783,731)				25,890,124
TOTAL INVESTMENTS — 99.9%
(Cost $26,783,731)			$	25,890,124

Percentages are based on Net Assets of $25,913,733.

NVDR — Non-Voting Depositary Receipt

As of January 31, 2020, 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.

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

Schedule of Investments (Unaudited) January 31, 2020

Global X FTSE Southeast Asia ETF

For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

Schedule of Investments (Unaudited) January 31, 2020

Global X MSCI Colombia ETF

Shares Value

COMMON STOCK — 87.5%

CANADA— 2.6%
Energy — 2.6%

Canacol Energy 568,547 $ 1,831,319

CHILE— 5.1%

Energy — 2.6%

Empresas COPEC 205,890 1,835,881

Utilities — 2.5%

Enel Americas 9,185,430 1,809,016

TOTAL CHILE 3,644,897

COLOMBIA— 78.1%

Consumer Staples — 4.3%

Grupo Nutresa 425,205 3,073,846

Energy — 13.5%

Ecopetrol ADR 513,781 9,504,949

Financials — 39.7%

Banco de Bogota 89,357 2,321,944

BanColombia 372,489 4,615,533

BanColombia ADR 214,890 11,275,278

Financiera Colombiana * 294,183 2,791,477

Grupo Aval Acciones y Valores ADR 309,600 2,616,120

Grupo de Inversiones Suramericana 473,197 4,421,046

28,041,398

Materials — 8.1%

Cementos Argos 1,106,527 2,099,948

Cemex Latam Holdings * 1,122,796 1,373,561

Grupo Argos 437,171 2,231,135

5,704,644

Utilities — 12.5%

Celsia ESP 1,779,889 2,356,695

Grupo Energia Bogota ESP 4,941,637 3,455,488

Interconexion Electrica 548,434 3,010,338

8,822,521

Schedule of Investments (Unaudited) January 31, 2020

Global X MSCI Colombia ETF

Shares Value

COMMON STOCK — continued

TOTAL COLOMBIA $ 55,147,358

UNITED STATES— 1.7%

Materials — 1.7%

Tecnoglass 155,530 1,177,362

TOTAL COMMON STOCK

(Cost $61,923,901) 61,800,936

PREFERRED STOCK — 12.3%

COLOMBIA— 12.3%

Financials — 7.8%

Banco Davivienda^(A) 238,560 3,202,578

Grupo Aval Acciones y Valores^(A) 1,431,941 606,214

Grupo de Inversiones Suramericana^(A) 207,548 1,690,658

5,499,450

Industrials — 2.1%

Avianca Holdings^(A) 2,444,906 1,438,369

Materials — 2.4%

Cementos Argos^(A) 606,382 915,314

Grupo Argos^(A) 208,971 793,163

1,708,477

TOTAL COLOMBIA 8,646,296

TOTAL PREFERRED STOCK

(Cost $9,401,449) 8,646,296

TOTAL INVESTMENTS — 99.8%

(Cost $71,325,350) $ 70,447,232

Percentages are based on Net Assets of $70,598,918.

* Non-income producing security.

(A) There is currently no stated rate.

ADR — American Depositary Receipt

Schedule of Investments (Unaudited) January 31, 2020

Global X MSCI Colombia ETF

As of January 31, 2020, 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.

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

Schedule of Investments (Unaudited) January 31, 2020

Global X MSCI Argentina ETF

Shares Value

COMMON STOCK — 97.2%

ARGENTINA— 83.2%

Communication Services — 4.4%

Telecom Argentina ADR 280,191 $ 3,160,554

Consumer Discretionary — 27.4%

Despegar.com * 188,670 2,794,203

MercadoLibre * (A) 25,580 16,959,540

19,753,743

Consumer Staples — 3.8%

Adecoagro * (A) 362,002 2,704,155

Energy — 8.1%

Transportadora de Gas del Sur ADR (A) 330,013 2,042,780

YPF ADR (A) 405,555 3,808,161

5,850,941

Financials — 15.1%

Banco BBVA Argentina ADR 450,171 2,106,800

Banco Macro ADR 120,456 3,694,386

Grupo Financiero Galicia ADR 265,721 3,813,096

Grupo Supervielle ADR (A) 445,747 1,288,209

10,902,491

Information Technology — 11.1%

Globant * 65,125 7,990,838

Materials — 2.9%

Loma Negra Cia Industrial Argentina ADR * 298,010 2,056,269

Real Estate — 3.4%

Cresud SACIF y A ADR * (A) 209,828 1,179,234

IRSA Inversiones y Representaciones ADR * 144,848 770,591

IRSA Propiedades Comerciales ADR 39,300 501,075

2,450,900

Utilities — 7.0%

Central Puerto ADR (A) 556,848 2,082,612

Empresa Distribuidora Y Comercializadora Norte ADR * (A) 128,409 666,443

Pampa Energia ADR * (A) 173,713 2,287,800

5,036,855

TOTAL ARGENTINA 59,906,746

Schedule of Investments (Unaudited) January 31, 2020

Global X MSCI Argentina ETF

Shares Value

COMMON STOCK — continued

CANADA— 3.2%
Materials — 3.2%

SSR Mining * 125,786 $ 2,305,435

CHILE— 5.1%

Consumer Staples — 5.1%

Cencosud 1,486,052 1,837,301

Cia Cervecerias Unidas 205,872 1,816,438

TOTAL CHILE 3,653,739

UNITED KINGDOM— 0.6%

Energy — 0.6%

Phoenix Global Resources PLC * 2,258,911 448,143

UNITED STATES— 1.4%

Industrials — 1.4%

America Airports * (A) 200,301 1,039,562

URUGUAY— 3.7%

Consumer Discretionary — 3.7%

Arcos Dorados Holdings, Cl A 346,886 2,660,616

TOTAL COMMON STOCK

(Cost $98,974,738) 70,014,241

PREFERRED STOCK — 2.8%

CHILE— 2.8%

Consumer Staples — 2.8%

Embotelladora Andina (B)

(Cost $2,462,653) 764,342 1,994,915

TOTAL CHILE 1,994,915

SHORT-TERM INVESTMENT(C)(D) — 0.9%

Fidelity Investments Money Market

Government Portfolio, Cl Institutional,

1.460%

(Cost $682,506) 682,506 682,506

Schedule of Investments (Unaudited) January 31, 2020

Global X MSCI Argentina ETF

Face Amount Value

REPURCHASE AGREEMENT^(C) — 3.1%

RBC Capital Markets

1.530%, dated 01/31/20, to be repurchased on 02/03/20 repurchase price $2,254,817 (collateralized by U.S. Treasury Obligations, ranging in par value $87,651 - $442,502, 2.125%, 08/15/2021, with a total market value of $2,300,161)

(Cost $2,254,529) $ 2,254,529 $ 2,254,529

TOTAL INVESTMENTS — 104.0%

(Cost $104,374,426) $ 74,946,191

Percentages are based on Net Assets of $72,037,220.

* Non-income producing security.

(A) This security or a partial position of this security is on loan at January 31, 2020. The total value of securities on loan at January 31, 2020 was $2,738,813.

(B) There is currently no stated rate.

(C) Security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2020, was $2,937,035.

(D) The rate reported on the Schedule of Investments is the 7-day effective yield as of January 31, 2020.

ADR — American Depositary Receipt

Cl — Class

PLC — Public Limited Company

Schedule of Investments (Unaudited) January 31, 2020

Global X MSCI Argentina ETF

The following is a summary of the level of inputs used as of January 31, 2020, in valuing the Fund's investments carried at value:

Investments in Securities Level 1 Level 2 Level 3 Total

Common Stock $ 70,014,241 $ — $ — $ 70,014,241

Preferred Stock 1,994,915 — — 1,994,915

Short-Term Investment 682,506 — — 682,506

Repurchase Agreement — 2,254,529 — 2,254,529

Total Investments in Securities $ 72,691,662 $ 2,254,529 $ — $ 74,946,191

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

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

Schedule of Investments (Unaudited) January 31, 2020

Global X MSCI Greece ETF

Shares Value

COMMON STOCK — 99.3%

BELGIUM— 3.6%
Materials — 3.6%

Titan Cement International * 537,050 $ 10,986,682

GREECE— 89.3%

Communication Services — 13.9%

Hellenic Telecommunications Organization 2,868,456 42,914,309

Consumer Discretionary — 13.7%

FF Group *(A)(D)(E) 452,712 120,408

FF Group ADR *(A) 200,300 53,274

JUMBO 952,192 19,384,466

JUMBO ADR 340,000 6,921,618

OPAP 592,569 7,387,740

OPAP ADR (B) 1,404,900 8,346,511

42,214,017

Consumer Staples — 1.8%

Sarantis 546,886 5,393,951

Energy — 7.7%

Hellenic Petroleum 885,861 7,765,372

Motor Oil Hellas Corinth Refineries 391,433 8,328,731

Motor Oil Hellas Corinth Refineries ADR 368,300 3,918,270

Tsakos Energy Navigation 1,163,993 3,608,378

23,620,751

Financials — 30.5%

Alpha Bank AE * 16,568,774 33,307,943

Eurobank Ergasias * 30,934,964 28,574,286

Hellenic Exchanges - Athens Stock Exchange 987,968 5,123,997

National Bank of Greece * 4,074,472 13,022,272

Piraeus Bank * (B) 3,897,464 13,916,429

93,944,927

Industrials — 10.2%

Aegean Airlines 558,231 5,184,157

Ellaktor * 2,227,909 4,221,956

Schedule of Investments (Unaudited) January 31, 2020

Global X MSCI Greece ETF

Shares Value

COMMON STOCK — continued
Industrials — continued

GEK Terna Holding Real Estate Construction * 1,084,221 $ 9,852,622

Mytilineos Holdings 739,346 7,603,541

Mytilineos Holdings ADR ADR 426,200 4,383,083

31,245,359

Real Estate — 3.2%

LAMDA Development * 1,084,014 9,718,597

Utilities — 8.3%

Athens Water Supply & Sewage 682,426 5,626,634

Holding ADMIE IPTO 2,051,701 5,263,629

Public Power * (B) 1,710,874 7,944,237

Terna Energy * 741,899 6,692,515

25,527,015

TOTAL GREECE 274,578,926

MONACO— 3.0%

Energy — 3.0%

GasLog 663,518 4,299,597

GasLog Partners 493,902 5,057,556

TOTAL MONACO 9,357,153

UNITED STATES— 3.4%

Energy — 3.4%

Capital Product Partners (C) 317,506 3,968,825

Dorian LPG * 491,446 6,447,771

TOTAL UNITED STATES 10,416,596

TOTAL COMMON STOCK

(Cost $322,359,416) 305,339,357

SHORT-TERM INVESTMENT(F)(G) — 1.1%

Fidelity Investments Money Market

Government Portfolio, Cl Institutional,

1.460%

(Cost $3,448,488)
3,448,488 3,448,488

Schedule of Investments (Unaudited) January 31, 2020

Global X MSCI Greece ETF

Face Amount Value

REPURCHASE AGREEMENT^(F) — 3.7%

RBC Capital Markets

1.530%, dated 01/31/20, to be repurchased on 02/03/20 repurchase price $11,392,887 (collateralized by U.S. Treasury Obligations, ranging in par value $442,871 - $2,235,826, 2.125%, 08/15/2021, with a total market value of $11,622,001)

(Cost $11,391,435) $ 11,391,435 $ 11,391,435

TOTAL INVESTMENTS — 104.1%

(Cost $337,199,339) $ 320,179,280

Percentages are based on Net Assets of $307,663,470.

* Non-income producing security.

 (A) Level 3 security in accordance with fair value hierarchy.

 (B) This security or a partial position of this security is on loan at January 31, 2020. The total value of securities on loan at January 31, 2020 was $14,174,423.

(C) Security considered Master Limited Partnership. At January 31, 2020, these securities amounted to $3,968,825 or 1.3% of net assets.

(D) Security considered illiquid. The total value of such securities as of January 31, 2020 was $120,408 and represented 0.0% of Net Assets.

(E) 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 January 31, 2020 was $120,408 and represents 0.0% of net assets.

 (F) Security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2020, was $14,839,923.

 (G) The rate reported on the Schedule of Investments is the 7-day effective yield as of January 31, 2020.

ADR — American Depositary Receipt
Cl — Class

The following is a summary of the level of inputs used as of January 31, 2020, in valuing the Fund's investments carried at value:

Investments in Securities Level 1 Level 2 Level 3⁽¹⁾ Total

Common Stock $ 305,165,675 $ — $ 173,682 $ 305,339,357

Short-Term Investment 3,448,488 — — 3,448,488

Repurchase Agreement — 11,391,435 — 11,391,435

Total Investments in Securities $ 308,614,163 $ 11,391,435 $ 173,682 $ 320,179,280

Schedule of Investments (Unaudited) January 31, 2020

Global X MSCI Greece ETF

(1) A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to Net Assets. Management has concluded that Level 3 investments are not material in relation to Net Assets.

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

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

Schedule of Investments (Unaudited) January 31, 2020

Global X MSCI Norway ETF

Shares Value

COMMON STOCK — 99.8%

NORWAY— 99.4%

Communication Services — 12.4%

Adevinta, Cl B * 55,337 $ 673,568

Schibsted, Cl B 54,749 1,556,146

Telenor 381,069 6,901,806

9,131,520

Consumer Discretionary — 0.5%

Europris 84,684 307,765

XXL * 66,054 84,916

392,681

Consumer Staples — 19.7%

Austevoll Seafood 56,725 554,155

Bakkafrost P/F 28,667 2,040,134

Grieg Seafood 27,795 426,372

Leroy Seafood Group 167,585 1,087,926

Mowi 225,590 5,389,021

Norway Royal Salmon 6,883 175,775

Orkla 354,660 3,424,325

Salmar 28,740 1,408,347

14,506,055

Energy — 24.2%

Aker BP 60,738 1,721,101

Aker Solutions * 97,228 196,348

Borr Drilling * (A) 42,922 224,533

BW LPG 59,150 478,703

BW Offshore * 50,430 278,197

DNO International 409,755 410,031

Equinor 542,445 9,836,369

FLEX LNG (A) 13,383 109,325

Frontline 56,852 518,698

Hoegh LNG Holdings (A) 35,788 107,351

Kvaerner 63,900 70,709

Northern Drilling * 37,894 61,253

Schedule of Investments (Unaudited) January 31, 2020

Global X MSCI Norway ETF

Shares Value

COMMON STOCK — continued
Energy — continued

Ocean Yield 44,446 $ 222,765

Odfjell Drilling * 53,600 142,231

Petroleum Geo-Services * 188,788 363,944

Subsea 7 138,773 1,493,144

TGS Nopec Geophysical 62,587 1,596,282

17,830,984

Financials — 23.0%

Axactor * (A) 68,920 129,349

B2Holding 109,515 92,017

DnB 499,127 8,763,882

Gjensidige Forsikring 111,088 2,422,345

Norwegian Finance Holding * 61,580 629,642

Protector Forsikring * 45,742 205,342

Sbanken 41,421 315,001

Sparebank 1 Nord Norge 64,818 542,857

Sparebank 1 Oestlandet 17,937 189,726

SpareBank 1 SMN 74,661 822,925

SpareBank 1 SR-Bank 81,007 861,234

Storebrand 257,241 1,978,605

16,952,925

Health Care — 1.0%

Aker, Cl A 13,465 747,179

Industrials — 5.0%

Kongsberg Gruppen 34,359 533,027

NEL, Cl A * 414,847 412,921

Norwegian Air Shuttle * 68,720 266,745

Stolt-Nielsen 19,580 252,774

TOMRA Systems 53,645 1,582,963

Veidekke 40,324 507,451

Wallenius Wilhelmsen, Cl B 59,027 157,528

3,713,409

Schedule of Investments (Unaudited) January 31, 2020

Global X MSCI Norway ETF



Shares Value

COMMON STOCK — continued
Information Technology — 1.6%

Atea 50,122 $ 650,328

Nordic Semiconductor * 85,815 546,480

1,196,808

Materials — 8.2%

Borregaard 63,597 607,144

Elkem 68,702 173,063

Norsk Hydro 673,983 2,121,140

Yara International 86,751 3,156,533

6,057,880

Real Estate — 2.4%

Entra 86,056 1,471,330

Selvaag Bolig (A) 47,158 270,123

1,741,453

Utilities — 1.4%

Fjordkraft Holding 16,714 114,596

Scatec Solar 53,307 909,674

1,024,270

TOTAL NORWAY 73,295,164

UNITED KINGDOM— 0.4%

Industrials — 0.4%

Golden Ocean Group 61,673 281,944

TOTAL COMMON STOCK

(Cost $89,462,183) 73,577,108

SHORT-TERM INVESTMENT(B)(C) — 0.2%

Fidelity Investments Money Market

Government Portfolio, Cl Institutional,

1.460%

(Cost $142,345)
142,345 142,345

Schedule of Investments (Unaudited) January 31, 2020

Global X MSCI Norway ETF



Face Amount Value

REPURCHASE AGREEMENT^(B) — 0.6%

RBC Capital Markets

1.530%, dated 01/31/20, to be repurchased on 02/03/20 repurchase price $470,271 (collateralized by U.S. Treasury Obligations, ranging in par value $18,281 - $92,290, 2.125%, 08/15/2021, with a total market value of $479,731)

(Cost $470,211) $ 470,211 $ 470,211

TOTAL INVESTMENTS — 100.6%

(Cost $90,074,739) $ 74,189,664

Percentages are based on Net Assets of $73,729,027.

*       Non-income producing security.

(A) This security or a partial position of this security is on loan at January 31, 2020. The total value of securities on loan at January 31, 2020 was $569,860.

(B) Security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2020, was $612,556.

(C) The rate reported on the Schedule of Investments is the 7-day effective yield as of January 31, 2020.

Cl — Class

The following is a summary of the level of inputs used as of January 31, 2020, in valuing the Fund's investments carried at value:

Investments in Securities Level 1 Level 2 Level 3 Total

Common Stock $ 73,577,108 $ — $ — $ 73,577,108

Short-Term Investment 142,345 — — 142,345

Repurchase Agreement — 470,211 — 470,211

Total Investments in Securities $ 73,719,453 $ 470,211 $ — $ 74,189,664

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

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

Schedule of Investments (Unaudited) January 31, 2020

Global X FTSE Nordic Region ETF

Shares Value

COMMON STOCK — 98.8%

DENMARK— 33.7%
Consumer Staples — 2.4%

Carlsberg, Cl B 3,024 $ 442,343

Financials — 1.7%

Danske Bank 19,544 327,214

Health Care — 18.7%

Coloplast, Cl B 3,886 490,407

Novo Nordisk, Cl B 49,372 3,020,153

3,510,560

Industrials — 7.7%

A P Moller - Maersk, Cl B 190 227,999

DSV PANALPINA 5,894 641,200

Vestas Wind Systems 5,817 580,376

1,449,575

Utilities — 3.2%

Orsted 5,476 597,676

TOTAL DENMARK 6,327,368

FINLAND— 19.1%

Energy — 2.6%

Neste 12,072 480,012

Financials — 7.5%

Nordea Bank Abp 95,569 754,609

Sampo, Cl A 14,507 657,056

1,411,665

Industrials — 4.0%

Kone, Cl B 11,598 748,814

Information Technology — 3.4%

Nokia 164,898 643,156

Utilities — 1.6%

Fortum 12,698 307,614

TOTAL FINLAND 3,591,261

Schedule of Investments (Unaudited) January 31, 2020

Global X FTSE Nordic Region ETF

Shares Value

COMMON STOCK — continued

NORWAY— 7.5%

Communication Services — 1.8%

Telenor 18,782 $ 340,174

Energy — 2.8%

Equinor 29,079 527,301

Financials — 2.9%

DnB 30,701 539,061

TOTAL NORWAY 1,406,536

SWEDEN— 38.5%

Communication Services — 1.7%

Telia 76,185 326,045

Consumer Discretionary — 3.0%

Hennes & Mauritz, Cl B 25,671 563,696

Consumer Staples — 3.0%

Essity, Cl B 17,867 567,227

Financials — 10.8%

Investor, Cl B 13,470 738,159

Skandinaviska Enskilda Banken, Cl A 42,459 419,540

Svenska Handelsbanken, Cl A 43,409 426,404

Swedbank, Cl A 29,194 449,027

2,033,130

Industrials — 11.0%

Assa Abloy, Cl B 27,150 645,889

Atlas Copco, Cl A 18,605 660,145

Volvo, Cl B 44,392 761,310

2,067,344

Information Technology — 5.9%

Hexagon, Cl B 7,447 405,779

Telefonaktiebolaget LM Ericsson, Cl B 88,852 698,378

1,104,157

Schedule of Investments (Unaudited) January 31, 2020

Global X FTSE Nordic Region ETF

Shares Value

COMMON STOCK — continued

Materials — 3.1%

Sandvik 31,751 $ 580,261

TOTAL SWEDEN 7,241,860

TOTAL COMMON STOCK

(Cost $18,817,316) 18,567,025

TOTAL INVESTMENTS — 98.8%

(Cost $18,817,316) $ 18,567,025

Percentages are based on Net Assets of $18,796,271.

Cl — Class



As of January 31, 2020, 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.

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.



Schedule of Investments (Unaudited) January 31, 2020

Global X MSCI Nigeria ETF



Shares Value

COMMON STOCK — 99.9%

NIGERIA— 99.9%

Communication Services — 8.4%

Nigeria Communications 10,852,128 $ 3,570,604

Consumer Staples — 26.3%

Dangote Sugar Refinery 38,091,777 1,446,125

Flour Mills of Nigeria 24,485,252 1,481,914

Nestle Nigeria 1,243,451 4,720,667

Nigerian Breweries 13,616,377 2,060,250

UAC of Nigeria 32,930,325 806,272

Unilever Nigeria 17,329,408 715,106

11,230,334

Energy — 2.0%

Oando * 82,441,744 839,159

Financials — 44.2%

Access Bank 59,838,829 1,629,723

Ecobank Transnational * 65,853,025 1,349,670

FBN Holdings 103,427,823 1,863,693

Fidelity Bank 179,149,084 1,059,616

First City Monument Bank 161,388,587 843,572

Guaranty Trust Bank 68,056,709 5,616,785

Stanbic IBTC Holdings 17,012,587 1,790,183

Sterling Bank 159,215,849 805,934

United Bank for Africa 87,339,885 1,922,198

Zenith Bank 33,751,697 1,935,964

18,817,338

Materials — 16.5%

Dangote Cement 11,640,128 5,760,823

Lafarge Africa * 30,694,021 1,287,713

7,048,536

Utilities — 2.5%

Transnational Corp of Nigeria
395,394,657 1,055,111

Schedule of Investments (Unaudited) January 31, 2020

Global X MSCI Nigeria ETF



Value

COMMON STOCK — continued

TOTAL NIGERIA $ 42,561,082

TOTAL COMMON STOCK

(Cost $45,686,561) 42,561,082

TOTAL INVESTMENTS — 99.9%

(Cost $45,686,561) $ 42,561,082

Percentages are based on Net Assets of $42,597,174.

* Non-income producing security.

As of January 31, 2020, 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.

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

Schedule of Investments (Unaudited) January 31, 2020

Global X MSCI Next Emerging & Frontier ETF

Shares Value

COMMON STOCK — 99.9%

ARGENTINA— 0.3%
Energy — 0.3%

YPF ADR 5,321 $ 49,964

BAHRAIN— 0.9%

Financials — 0.9%

Ahli United Bank BSC 133,542 149,454

GFH FINANCIAL GROUP BSC 71,640 16,774

TOTAL BAHRAIN 166,228

BANGLADESH— 1.1%

Communication Services — 0.2%

GrameenPhone 9,276 28,117

Financials — 0.1%

BRAC Bank * 20,592 12,106

Health Care — 0.7%

Square Pharmaceuticals 50,642 118,016

Utilities — 0.1%

United Power Generation and Distribution 3,640 11,106

TOTAL BANGLADESH 169,345

CHILE— 2.0%

Consumer Discretionary — 0.5%

SACI Falabella 23,464 92,012

Consumer Staples — 0.3%

Cencosud 43,143 53,341

Financials — 0.8%

Banco de Chile 614,939 60,516

Banco de Credito e Inversiones 672 28,041

Banco Santander Chile 892,608 44,132

132,689

Utilities — 0.4%

Enel Chile 834,169 79,069

TOTAL CHILE 357,111

Schedule of Investments (Unaudited) January 31, 2020

Global X MSCI Next Emerging & Frontier ETF

Shares Value

COMMON STOCK — continued

COLOMBIA— 0.2%
Financials — 0.2%

Grupo de Inversiones Suramericana 3,178 $ 29,692

CZECH REPUBLIC— 0.9%

Financials — 0.3%

Komercni Banka 1,030 35,513

Moneta Money Bank 6,930 25,388

60,901

Utilities — 0.6%

CEZ 5,031 110,254

TOTAL CZECH REPUBLIC 171,155

EGYPT— 0.6%

Financials — 0.6%

Commercial International Bank Egypt S.A.E. . 18,737 100,895

ESTONIA— 0.1%

Industrials — 0.1%

Tallinna Sadam 6,798 15,595

GREECE— 1.4%

Communication Services — 0.6%

Hellenic Telecommunications Organization 7,480 111,907

Consumer Discretionary — 0.4%

OPAP 5,817 72,522

Financials — 0.4%

Alpha Bank AE * 18,812 37,817

Eurobank Ergasias * 35,161 32,478

70,295

TOTAL GREECE 254,724

Schedule of Investments (Unaudited) January 31, 2020

Global X MSCI Next Emerging & Frontier ETF

Shares Value

COMMON STOCK — continued

INDONESIA— 10.1%

Communication Services — 1.9%

Telekomunikasi Indonesia Persero 1,221,935 $ 340,048

Consumer Discretionary — 1.4%

Astra International 518,667 241,196

Consumer Staples — 2.1%

Charoen Pokphand Indonesia 178,000 86,686

Gudang Garam 12,754 52,095

Indofood CBP Sukses Makmur TBK 61,400 51,148

Indofood Sukses Makmur 116,000 66,474

Unilever Indonesia 194,995 113,527

369,930

Energy — 0.3%

United Tractors 39,550 55,610

Financials — 3.4%

Bank Central Asia 107,058 254,023

Bank Mandiri 209,736 115,965

Bank Negara Indonesia Persero 83,900 44,239

Bank Rakyat Indonesia Persero 598,170 195,374

609,601

Health Care — 0.3%

Kalbe Farma 557,100 58,341

Materials — 0.7%

Indocement Tunggal Prakarsa 48,600 58,637

Semen Indonesia Persero 78,400 68,611

127,248

TOTAL INDONESIA 1,801,974

JORDAN— 0.1%

Financials — 0.1%

Arab Bank 2,322 19,159

Schedule of Investments (Unaudited) January 31, 2020

Global X MSCI Next Emerging & Frontier ETF

Shares Value

COMMON STOCK — continued

KAZAKHSTAN— 0.2%
Financials — 0.2%

Halyk Savings Bank of Kazakhstan JSC GDR 2,795 $ 40,667

KENYA— 1.9%

Communication Services — 1.7%

Safaricom 998,300 303,073

Financials — 0.2%

Equity Group Holdings 78,400 39,083

TOTAL KENYA 342,156

KUWAIT— 8.4%

Communication Services — 1.9%

Mobile Telecommunications KSC 180,033 341,340

Financials — 4.4%

Boubyan Bank KSCP 23,973 51,055

Burgan Bank SAK 23,543 23,636

Gulf Bank KSCP 42,242 43,382

Kuwait Finance House 102,680 282,894

National Bank of Kuwait SAK 110,396 381,553

782,520

Industrials — 1.3%

Agility Public Warehousing KSC 79,942 223,669

Real Estate — 0.8%

Mabanee SAK 44,671 134,395

TOTAL KUWAIT 1,481,924

LUXEMBOURG— 0.1%

Financials — 0.1%

Reinet Investments SCA 1,042 22,411

Schedule of Investments (Unaudited) January 31, 2020

Global X MSCI Next Emerging & Frontier ETF



Shares Value

COMMON STOCK — continued

MALAYSIA— 6.8%

Communication Services — 1.6%

Axiata Group 82,767 $ 86,847

DiGi.com 96,902 100,023

Maxis 73,176 94,818

281,688

Consumer Staples — 0.9%

Nestle Malaysia 2,190 77,115

PPB Group 17,200 78,151

155,266

Financials — 1.8%

CIMB Group Holdings 65,790 79,147

Hong Leong Bank 8,800 34,359

Public Bank 40,310 182,959

RHB Bank 21,700 30,130

326,595

Industrials — 0.3%

Malaysia Airports Holdings 30,000 49,341

Utilities — 2.2%

Petronas Gas 24,589 96,004

Tenaga Nasional 94,483 287,276

383,280

TOTAL MALAYSIA 1,196,170

MEXICO— 8.1%

Communication Services — 0.9%

Grupo Televisa 71,711 158,562

Consumer Staples — 2.6%

Kimberly-Clark de Mexico, Cl A 47,500 97,847

Wal-Mart de Mexico 123,730 358,737

456,584

Schedule of Investments (Unaudited) January 31, 2020

Global X MSCI Next Emerging & Frontier ETF

Shares Value

COMMON STOCK — continued
Financials — 1.4%

Grupo Financiero Banorte, Cl O 33,644 $ 206,456

Grupo Financiero Inbursa, Cl O 31,400 35,669

242,125

Industrials — 1.9%

Grupo Aeroportuario del Pacifico, Cl B 11,100 137,028

Grupo Aeroportuario del Sureste, Cl B 6,475 124,267

Promotora y Operadora de Infraestructura 6,850 73,815

335,110

Real Estate — 0.9%

Fibra Uno Administracion ‡
99,900 163,754

Utilities — 0.4%

Infraestructura Energetica Nova 16,140 75,726

TOTAL MEXICO 1,431,861

MOROCCO— 2.4%

Communication Services — 1.7%

Maroc Telecom 18,233 295,383

Consumer Staples — 0.3%

Cosumar 2,431 55,997

Financials — 0.4%

Attijariwafa Bank 1,162 61,015

Banque Centrale Populaire 618 17,667

78,682

TOTAL MOROCCO 430,062

NIGERIA— 0.3%

Financials — 0.3%

Guaranty Trust Bank 408,009 33,674

Zenith Bank 435,838 24,999

TOTAL NIGERIA 58,673

Schedule of Investments (Unaudited) January 31, 2020

Global X MSCI Next Emerging & Frontier ETF

Shares Value

COMMON STOCK — continued

OMAN— 0.3%

Communication Services — 0.1%

Ooredoo 14,800 $ 19,679

Financials — 0.2%

Bank Dhofar SAOG 8,567 2,514

BankMuscat SAOG 21,472 24,871

27,385

TOTAL OMAN 47,064

PERU— 1.1%

Financials — 1.1%

Credicorp 908 187,575

PHILIPPINES— 4.4%

Financials — 0.6%

BDO Unibank 26,650 77,596

Metropolitan Bank & Trust 24,374 27,500

105,096

Industrials — 1.1%

Aboitiz Equity Ventures 59,373 57,586

SM Investments 7,508 143,424

201,010

Information Technology — 0.3%

PLDT 2,601 50,966

Real Estate — 2.4%

Ayala Land 229,570 187,883

SM Prime Holdings 314,927 241,013

428,896

TOTAL PHILIPPINES 785,968

POLAND— 2.5%

Communication Services — 0.3%

Cyfrowy Polsat 7,700 53,994

Schedule of Investments (Unaudited) January 31, 2020

Global X MSCI Next Emerging & Frontier ETF

Shares Value

COMMON STOCK — continued
Energy — 0.3%

Polskie Gornictwo Naftowe i Gazownictwo 52,230 $ 48,447

Financials — 1.6%

Bank Polska Kasa Opieki 2,308 58,894

Powszechna Kasa Oszczednosci Bank Polski 11,830 104,333

Powszechny Zaklad Ubezpieczen 8,175 84,765

Santander Bank Polska 484 35,736

283,728

Utilities — 0.3%

PGE * 25,285 44,717

TOTAL POLAND 430,886

QATAR— 3.7%

Energy — 0.5%

Qatar Fuel QSC 15,188 91,854

Financials — 1.1%

Commercial Bank PSQC 26,865 35,417

Masraf Al Rayan QSC 49,732 56,274

Qatar International Islamic Bank QSC 10,054 25,846

Qatar Islamic Bank SAQ 15,663 71,841

189,378

Industrials — 0.9%

Industries Qatar QSC 56,563 154,729

Materials — 0.5%

Mesaieed Petrochemical Holding 137,081 82,452

Real Estate — 0.3%

Barwa Real Estate 57,352 55,761

Utilities — 0.4%

Qatar Electricity & Water QSC 16,248 71,623

TOTAL QATAR 645,797

Schedule of Investments (Unaudited) January 31, 2020

Global X MSCI Next Emerging & Frontier ETF

Shares Value

COMMON STOCK — continued

ROMANIA— 2.0%
Energy — 1.0%

OMV Petrom 971,035 $ 94,536

Societatea Nationala de Gaze Naturale ROMGAZ 9,912 80,646

175,182

Financials — 0.5%

Banca Transilvania 108,326 64,909

BRD-Groupe Societe Generale 5,807 21,699

86,608

Real Estate — 0.3%

NEPI Rockcastle 6,206 51,098

Utilities — 0.2%

Societatea Energetica Electrica 10,864 26,946

TOTAL ROMANIA 339,834

SAUDI ARABIA— 10.2%

Communication Services — 2.1%

Etihad Etisalat * 11,386 79,963

Saudi Telecom 11,899 289,547

369,510

Consumer Discretionary — 0.4%

Jarir Marketing 1,775 76,166

Consumer Staples — 1.0%

Almarai JSC 7,558 95,684

Savola Group * 7,885 75,130

170,814

Financials — 4.5%

Al Rajhi Bank 15,763 278,961

Alinma Bank 9,787 67,560

Arab National Bank 7,991 56,546

Bank AlBilad 4,899 35,580

Schedule of Investments (Unaudited) January 31, 2020

Global X MSCI Next Emerging & Frontier ETF

Shares Value

COMMON STOCK — continued
Financials — continued

Banque Saudi Fransi 7,222 $ 71,412

Riyad Bank 15,970 100,281

Samba Financial Group 13,041 105,315

Saudi British Bank 9,571 81,501

797,156

Materials — 1.4%

Saudi Arabian Fertilizer 5,040 100,746

Saudi Kayan Petrochemical * 22,144 58,724

Yanbu National Petrochemical 6,800 95,512

254,982

Utilities — 0.8%

Saudi Electricity 25,227 133,396

TOTAL SAUDI ARABIA 1,802,024

SOUTH AFRICA— 6.7%

Communication Services — 0.3%

MultiChoice Group * 7,151 50,902

Consumer Discretionary — 2.5%

Mr Price Group 4,190 47,522

Naspers, Cl N 2,453 402,423

449,945

Consumer Staples — 0.9%

Clicks Group 4,270 69,541

Shoprite Holdings 7,707 60,147

Tiger Brands 2,631 34,555

164,243

Financials — 2.4%

Absa Group 5,094 46,676

Capitec Bank Holdings 327 29,347

Discovery 2,798 21,822

Nedbank Group 2,637 34,407

Old Mutual 34,165 39,405

Schedule of Investments (Unaudited) January 31, 2020

Global X MSCI Next Emerging & Frontier ETF



Shares Value

COMMON STOCK — continued
Financials — continued

PSG Group 1,071 $ 15,298

Remgro 3,742 45,529

RMB Holdings 5,496 27,016

Sanlam 13,247 65,283

Standard Bank Group 9,150 96,066

420,849

Industrials — 0.4%

Bidvest Group 4,696 64,807

Real Estate — 0.2%

Redefine Properties ‡ 89,713 43,004

TOTAL SOUTH AFRICA 1,193,750

THAILAND— 9.1%

Communication Services — 1.2%

Advanced Info Service NVDR 18,834 123,264

Intouch Holdings PCL NVDR 35,700 63,852

True NVDR 185,970 22,433

209,549

Consumer Discretionary — 0.3%

Home Product Center NVDR 94,060 44,058

Consumer Staples — 1.3%

Berli Jucker NVDR 19,090 25,110

CP ALL NVDR 89,272 202,631

227,741

Energy — 2.0%

PTT NVDR 175,250 243,168

PTT Exploration & Production NVDR 22,050 88,073

Thai Oil NVDR 17,830 29,745

360,986

Financials — 0.6%

Bangkok Bank NVDR 3,100 14,322

Kasikornbank NVDR 11,970 53,955

Schedule of Investments (Unaudited) January 31, 2020

Global X MSCI Next Emerging & Frontier ETF



Shares Value

COMMON STOCK — continued
Financials — continued

Krung Thai Bank NVDR 26,800 $ 13,843

Siam Commercial Bank NVDR 5,470 17,198

99,318

Health Care — 0.9%

Bangkok Dusit Medical Services NVDR 149,510 119,435

Bumrungrad Hospital NVDR 7,300 31,266

150,701

Industrials — 1.3%

Airports of Thailand NVDR 68,020 153,847

Bangkok Expressway & Metro NVDR 121,500 42,878

BTS Group Holdings PCL NVDR 96,500 38,699

235,424

Real Estate — 0.6%

Central Pattana NVDR 35,700 69,579

Land & Houses NVDR 133,000 39,682

109,261

Utilities — 0.9%

Electricity Generating 5,100 49,740

Energy Absolute NVDR 26,700 37,048

Global Power Synergy NVDR 11,200 30,183

Gulf Energy Development NVDR 7,400 45,701

162,672

TOTAL THAILAND 1,599,710

TURKEY— 2.1%

Communication Services — 0.4%

Turkcell Iletisim Hizmetleri 33,177 78,161

Consumer Staples — 0.6%

BIM Birlesik Magazalar 13,250 107,993

Energy — 0.4%

Tupras Turkiye Petrol Rafinerileri 3,782 71,153

Schedule of Investments (Unaudited) January 31, 2020

Global X MSCI Next Emerging & Frontier ETF



Shares Value

COMMON STOCK — continued
Financials — 0.7%

Akbank Turk 38,704 $ 53,416

Turkiye Garanti Bankasi 31,259 62,153

115,569

TOTAL TURKEY 372,876

UNITED ARAB EMIRATES— 3.9%

Communication Services — 1.3%

Emirates Telecommunications Group PJSC 52,266 231,661

Financials — 1.5%

Abu Dhabi Commercial Bank PJSC 37,639 78,393

Dubai Islamic Bank PJSC 22,318 34,695

National Bank of Abu Dhabi PJSC 36,902 155,525

268,613

Real Estate — 1.1%

Aldar Properties PJSC 116,172 70,532

Emaar Properties PJSC 109,350 120,276

190,808

TOTAL UNITED ARAB EMIRATES 691,082

UNITED KINGDOM— 0.2%

Energy — 0.2%

NAC Kazatomprom JSC GDR 3,338 43,394

VIETNAM— 7.8%

Consumer Staples — 2.0%

Masan Group * 35,070 75,658

Saigon Beer Alcohol Beverage 5,500 50,209

Vietnam Dairy Products JSC 50,460 235,754

361,621

Energy — 0.1%

Vietnam National Petroleum Group 7,100 16,204

Financials — 0.3%

Bank for Foreign Trade of Vietnam JSC 6,180 23,604

Schedule of Investments (Unaudited) January 31, 2020

Global X MSCI Next Emerging & Frontier ETF



Shares/Number
of Warrants Value

COMMON STOCK — continued

Financials — continued

Bank for Investment and Development of Vietnam JSC 5,400 $ 11,975

Bao Viet Holdings 1,800 4,557

Saigon Thuong Tin Commercial JSB * 12,070 5,302

45,438

Industrials — 0.4%

Vietjet Aviation JSC 13,930 78,099

Materials — 0.7%

Hoa Phat Group JSC * 115,950 120,329

Real Estate — 4.2%

No. Va Land Investment Group * 19,960 47,358

Vincom Retail JSC 79,830 103,298

Vingroup JSC * 68,300 337,633

Vinhomes JSC 69,290 261,072

749,361

Utilities — 0.1%

PetroVietnam Gas JSC 4,460 16,612

TOTAL VIETNAM 1,387,664

TOTAL COMMON STOCK

(Cost $17,537,858) 17,667,390

WARRANTS — 0.0%

Thailand — 0.0%

BTS Group Holdings*(A)(B)(C)

Expires 12/31/21 11,450 —

TOTAL WARRANTS (Cost $–) —

TOTAL INVESTMENTS — 99.9%

(Cost $17,537,858) $ 17,667,390

Percentages are based on Net Assets of $17,678,731.

* Non-income producing security.

‡ Real Estate Investment Trust

(A) Level 3 security in accordance with fair value hierarchy.

(B) Security considered illiquid. The total value of such securities as of January 31, 2020 was $0 and represented 0.0% of Net Assets.

(C) 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 January 31, 2020 was $0 and represents 0.0% of net assets.

Schedule of Investments (Unaudited) January 31, 2020

Global X MSCI Next Emerging & Frontier ETF

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

NVDR — Non-Voting Depositary Receipt

PJSC — Public Joint Stock Company

The following is a summary of the level of inputs used as of January 31, 2020, in valuing the Fund's investments carried at value:

Investments in Securities Level 1 Level 2 Level 3⁽¹⁾ Total

Common Stock $ 12,543,872 $ 5,123,518 $ — $ 17,667,390

Warrants — — — —

Total Investments in Securities $ 12,543,872 $ 5,123,518 $ — $ 17,667,390

(1) A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to Net Assets. Management has concluded that Level 3 investments are not material in relation to Net Assets.

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

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

Schedule of Investments (Unaudited) January 31, 2020

Global X MSCI Portugal ETF



Shares Value

COMMON STOCK — 99.3%

NETHERLANDS— 2.8%
Communication Services — 2.8%

Altice Europe * 82,936 $ 534,549

PORTUGAL— 96.5%

Communication Services — 4.7%

NOS SGPS 144,530 749,911

Sonaecom 67,585 147,175

897,086

Consumer Discretionary — 1.6%

Ibersol SGPS 31,659 301,026

Consumer Staples — 8.6%

Jeronimo Martins 50,395 868,157

Sonae 815,872 759,037

1,627,194

Energy — 20.0%

Galp Energia 250,482 3,786,265

Financials — 4.0%

Banco Comercial Portugues, Cl R 3,597,561 764,276

Banco Espirito Santo *(A)(C)(D) 2,085,614 —

BANIF - Banco Internacional do Funchal ^*(A)(C)(D) 55,479,410 12

764,288

Health Care — 0.8%

Pharol SGPS * (B) 1,260,539 141,929

Industrials — 6.1%

CTT-Correios de Portugal 184,875 599,887

Mota-Engil 180,679 338,187

Sonae Capital 189,313 161,334

Teixeira Duarte * 367,681 61,324

1,160,732

Materials — 14.5%

Altri 101,886 630,041

Corticeira Amorim SGPS 59,049 708,044

Schedule of Investments (Unaudited) January 31, 2020

Global X MSCI Portugal ETF



Shares/Face

Amount Value

COMMON STOCK — continued

Materials — continued

Navigator 211,907 $ 760,870

Ramada Investimentos E Industria (B) 14,353 90,983

Semapa-Sociedade de Investimento e Gestao . 39,633 552,533

2,742,471

Utilities — 36.2%

EDP Renovaveis 74,698 993,369

Energias de Portugal 1,005,944 5,043,320

REN - Redes Energeticas Nacionais 271,920 822,667

6,859,356

TOTAL PORTUGAL 18,280,347

TOTAL COMMON STOCK

(Cost $23,222,092) 18,814,896

U.S. TREASURY OBLIGATION — 9.2%

United States Treasury Bill

1.426%, 02/13/20^(E)

(Cost $1,749,169) $ 1,750,000 1,749,286

SHORT-TERM INVESTMENT(F)(G) — 0.1%

Fidelity Investments Money Market

Government Portfolio, Cl Institutional,

1.460%

(Cost $22,402) 22,402 22,402

REPURCHASE AGREEMENT^(F) — 0.4%

RBC Capital Markets

1.530%, dated 01/31/20, to be repurchased on 02/03/20 repurchase price $74,012 (collateralized by U.S. Treasury Obligations, ranging in par value $2,877 - $14,525, 2.125%, 08/15/2021, with a total market value of $75,502)

(Cost $74,002) 74,002 74,002

TOTAL INVESTMENTS — 109.0%

(Cost $25,067,665) $ 20,660,586

Percentages are based on Net Assets of $18,948,652.

* Non-income producing security.

Schedule of Investments (Unaudited) January 31, 2020

Global X MSCI Portugal ETF



  (A) Level 3 security in accordance with fair value hierarchy.

 (B) This security or a partial position of this security is on loan at January 31, 2020. The total value of securities on loan at January 31, 2020 was $90,667.

(C) Security considered illiquid. The total value of such securities as of January 31, 2020 was $12 and represented 0.0% of Net Assets.

(D) 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 January 31, 2020 was $12 and represents 0.0% of net assets.

 (E) The rate reported on the Schedule of Investments is the effective yield at time of purchase.

 (F) Security was purchased with cash collateral held from securities on loan. The total value of such securities as of January 31, 2020, was $96,404.

 (G) The rate reported on the Schedule of Investments is the 7-day effective yield as of January 31, 2020.

Cl — Class

The following is a summary of the level of inputs used as of January 31, 2020, in valuing the Fund's investments carried at value:

Investments in Securities Level 1 Level 2 Level 3⁽¹⁾ Total

Common Stock $ 18,814,884 $ — $ 12 $ 18,814,896

U.S. Treasury Obligation — 1,749,286 — 1,749,286

Short-Term Investment 22,402 — — 22,402

Repurchase Agreement — 74,002 — 74,002

Total Investments in Securities $ 18,837,286 $ 1,823,288 $ 12 $ 20,660,586

(1) A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to Net Assets. Management has concluded that Level 3 investments are not material in relation to Net Assets.

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

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

Schedule of Investments (Unaudited) January 31, 2020

Global X MSCI Pakistan ETF

Shares Value

COMMON STOCK — 99.9%

PAKISTAN— 99.9%

Consumer Discretionary — 4.0%

Honda Atlas Cars Pakistan 464,550 $ 619,290

Nishat Mills 1,904,000 1,376,062

PAK Suzuki Motor 360,000 551,514

2,546,866

Energy — 25.2%

Oil & Gas Development 5,486,240 4,896,135

Pakistan Oilfields 946,434 2,597,567

Pakistan Petroleum 5,791,876 5,338,220

Pakistan State Oil 2,311,014 3,106,065

15,937,987

Financials — 29.6%

Bank Al Habib 5,307,500 2,755,190

Bank Alfalah 6,166,160 1,993,304

Habib Bank 4,575,850 4,827,712

MCB Bank 3,530,340 4,812,459

National Bank of Pakistan 4,685,100 1,332,713

United Bank 2,699,790 2,967,307

18,688,685

Health Care — 1.9%

Searle 943,516 1,162,842

Industrials — 2.1%

Pak Elektron 3,599,300 622,969

Pakistan International Bulk Terminal * 9,567,187 712,852

1,335,821

Materials — 28.7%

DG Khan Cement 2,813,160 1,358,454

Engro 2,695,449 5,953,141

Engro Fertilizers 4,436,700 1,941,863

Fauji Cement 7,665,100 824,961

Fauji Fertilizer 4,141,100 2,816,087

Schedule of Investments (Unaudited) January 31, 2020

Global X MSCI Pakistan ETF

Shares Value

COMMON STOCK — continued
Materials — continued

Fauji Fertilizer Bin Qasim 3,715,900 $ 481,161

International Steels 1,913,200 707,690

Lucky Cement 980,360 3,023,765

Maple Leaf Cement Factory 6,707,518 1,028,622

18,135,744

Utilities — 8.4%

Hub Power 4,814,042 3,031,467

K-Electric * 25,717,600 706,939

Kot Addu Power 3,323,748 618,917

SUI Northern Gas Pipeline 1,876,100 945,634

5,302,957

TOTAL PAKISTAN 63,110,902

TOTAL COMMON STOCK

(Cost $73,404,712) 63,110,902

TOTAL INVESTMENTS — 99.9%

(Cost $73,404,712) $ 63,110,902

Percentages are based on Net Assets of $63,202,650.

* Non-income producing security.

As of January 31, 2020, 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.

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

Schedule of Investments (Unaudited) January 31, 2020

Global X DAX Germany ETF

Shares Value

COMMON STOCK — 95.0%

GERMANY— 95.0%

Communication Services — 4.6%

Deutsche Telekom 53,788 $ 870,636

Consumer Discretionary — 20.0%

adidas 2,906 920,403

Allianz 6,957 1,664,157

Bayerische Motoren Werke 5,373 383,105

Continental 1,805 205,912

Daimler 13,973 647,349

3,820,926

Consumer Staples — 1.0%

Beiersdorf 1,639 185,994

Financials — 7.9%

Deutsche Bank 34,532 317,017

Deutsche Boerse 3,077 501,432

Muenchener Rueckversicherungs-Gesellschaft in Muenchen 2,363 697,357

1,515,806

Health Care — 11.6%

Bayer 16,384 1,326,356

Fresenius & KGaA 6,874 351,371

Fresenius Medical Care & KGaA 3,352 258,915

Merck KGaA 2,158 277,176

2,213,818

Industrials — 13.2%

Deutsche Lufthansa 7,917 121,340

Deutsche Post 16,469 576,276

MTU Aero Engines 844 256,653

Siemens 12,741 1,576,317

2,530,586

Information Technology — 13.9%

Infineon Technologies 20,847 452,259

Schedule of Investments (Unaudited) January 31, 2020

Global X DAX Germany ETF

Shares Value

COMMON STOCK — continued
Information Technology — continued

SAP 14,648 $ 1,912,571

Wirecard 1,922 283,712

2,648,542

Materials — 16.4%

BASF 15,319 1,036,761

Covestro 2,530 106,963

HeidelbergCement 2,465 167,400

Linde 8,992 1,834,055

3,145,179

Real Estate — 2.5%

Vonovia 8,506 485,836

Utilities — 3.9%

E.ON 36,354 412,546

RWE 9,486 329,460

742,006

TOTAL GERMANY 18,159,329

TOTAL COMMON STOCK

(Cost $18,906,024) 18,159,329

PREFERRED STOCK — 4.4%

GERMANY— 4.4%

Consumer Discretionary — 2.8%

Volkswagen^(A) 3,033 545,790

Consumer Staples — 1.6%

Henkel & KGaA^(A) 2,944 299,959

TOTAL GERMANY 845,749

TOTAL PREFERRED STOCK

(Cost $1,034,580) 845,749

TOTAL INVESTMENTS — 99.4%

(Cost $19,940,604) $ 19,005,078

Percentages are based on Net Assets of $19,127,574.

(A) There is currently no stated rate.

Schedule of Investments (Unaudited) January 31, 2020

Global X DAX Germany ETF

As of January 31, 2020, 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.

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

GLX-QH-002-1700

	Shares		Value
COMMON STOCK — 87.5% CANADA— 2.6% Energy — 2.6%
Canacol Energy		568,547	$	1,831,319

CHILE— 5.1%
Energy — 2.6%
Empresas COPEC		205,890		1,835,881
Utilities — 2.5%
Enel Americas		9,185,430		1,809,016
TOTAL CHILE				3,644,897

COLOMBIA— 78.1%
Consumer Staples — 4.3%
Grupo Nutresa		425,205		3,073,846
Energy — 13.5%
Ecopetrol ADR		513,781		9,504,949
Financials — 39.7%
Banco de Bogota		89,357		2,321,944
BanColombia		372,489		4,615,533
BanColombia ADR		214,890		11,275,278
Financiera Colombiana *		294,183		2,791,477
Grupo Aval Acciones y Valores ADR		309,600		2,616,120
Grupo de Inversiones Suramericana		473,197		4,421,046
				28,041,398
Materials — 8.1%
Cementos Argos		1,106,527		2,099,948
Cemex Latam Holdings *		1,122,796		1,373,561
Grupo Argos		437,171		2,231,135
				5,704,644
Utilities — 12.5%
Celsia ESP		1,779,889		2,356,695
Grupo Energia Bogota ESP		4,941,637		3,455,488
Interconexion Electrica		548,434		3,010,338
				8,822,521

	Shares		Value
COMMON STOCK — 97.2% ARGENTINA— 83.2% Communication Services — 4.4%
Telecom Argentina ADR		280,191	$	3,160,554
Consumer Discretionary — 27.4%
Despegar.com *		188,670		2,794,203
MercadoLibre * (A)		25,580		16,959,540
				19,753,743
Consumer Staples — 3.8%
Adecoagro * (A)		362,002		2,704,155
Energy — 8.1%
Transportadora de Gas del Sur ADR (A)		330,013		2,042,780
YPF ADR (A)		405,555		3,808,161
				5,850,941
Financials — 15.1%
Banco BBVA Argentina ADR		450,171		2,106,800
Banco Macro ADR		120,456		3,694,386
Grupo Financiero Galicia ADR		265,721		3,813,096
Grupo Supervielle ADR (A)		445,747		1,288,209
				10,902,491
Information Technology — 11.1%
Globant *		65,125		7,990,838
Materials — 2.9%
Loma Negra Cia Industrial Argentina ADR *		298,010		2,056,269
Real Estate — 3.4%
Cresud SACIF y A ADR * (A)		209,828		1,179,234
IRSA Inversiones y Representaciones ADR *		144,848		770,591
IRSA Propiedades Comerciales ADR		39,300		501,075
				2,450,900
Utilities — 7.0%
Central Puerto ADR (A)		556,848		2,082,612
Empresa Distribuidora Y Comercializadora Norte ADR * (A)		128,409		666,443
Pampa Energia ADR * (A)		173,713		2,287,800
				5,036,855
TOTAL ARGENTINA				59,906,746

	Shares		Value
COMMON STOCK — continued CANADA— 3.2% Materials — 3.2%
SSR Mining *		125,786	$	2,305,435
CHILE— 5.1%
Consumer Staples — 5.1%
Cencosud		1,486,052		1,837,301
Cia Cervecerias Unidas		205,872		1,816,438
TOTAL CHILE				3,653,739

UNITED KINGDOM— 0.6%
Energy — 0.6%
Phoenix Global Resources PLC *		2,258,911		448,143

UNITED STATES— 1.4%
Industrials — 1.4%
America Airports * (A)		200,301		1,039,562

URUGUAY— 3.7%
Consumer Discretionary — 3.7%
Arcos Dorados Holdings, Cl A		346,886		2,660,616
TOTAL COMMON STOCK
(Cost $98,974,738)				70,014,241

PREFERRED STOCK — 2.8%

CHILE— 2.8%
Consumer Staples — 2.8%
Embotelladora Andina (B)
(Cost $2,462,653)		764,342		1,994,915
TOTAL CHILE				1,994,915

SHORT-TERM INVESTMENT(C)(D) — 0.9%
Fidelity Investments Money Market
Government Portfolio, Cl Institutional,
1.460%
(Cost $682,506)		682,506		682,506

	Face Amount		Value
REPURCHASE AGREEMENT^(C) — 3.1%
RBC Capital Markets
1.530%, dated 01/31/20, to be repurchased on 02/03/20 repurchase price $2,254,817 (collateralized by U.S. Treasury Obligations, ranging in par value $87,651 - $442,502, 2.125%, 08/15/2021, with a total market value of $2,300,161)
(Cost $2,254,529)	$	2,254,529	$	2,254,529
TOTAL INVESTMENTS — 104.0%
(Cost $104,374,426)			$	74,946,191

	Shares		Value
COMMON STOCK — 99.3% BELGIUM— 3.6% Materials — 3.6%
Titan Cement International *		537,050	$	10,986,682
GREECE— 89.3%
Communication Services — 13.9%
Hellenic Telecommunications Organization		2,868,456		42,914,309
Consumer Discretionary — 13.7%
FF Group *(A)(D)(E)		452,712		120,408
FF Group ADR *(A)		200,300		53,274
JUMBO		952,192		19,384,466
JUMBO ADR		340,000		6,921,618
OPAP		592,569		7,387,740
OPAP ADR (B)		1,404,900		8,346,511
				42,214,017
Consumer Staples — 1.8%
Sarantis		546,886		5,393,951
Energy — 7.7%
Hellenic Petroleum		885,861		7,765,372
Motor Oil Hellas Corinth Refineries		391,433		8,328,731
Motor Oil Hellas Corinth Refineries ADR		368,300		3,918,270
Tsakos Energy Navigation		1,163,993		3,608,378
				23,620,751
Financials — 30.5%
Alpha Bank AE *		16,568,774		33,307,943
Eurobank Ergasias *		30,934,964		28,574,286
Hellenic Exchanges - Athens Stock Exchange		987,968		5,123,997
National Bank of Greece *		4,074,472		13,022,272
Piraeus Bank * (B)		3,897,464		13,916,429
				93,944,927
Industrials — 10.2%
Aegean Airlines		558,231		5,184,157
Ellaktor *		2,227,909		4,221,956

	Face Amount		Value
REPURCHASE AGREEMENT^(F) — 3.7%
RBC Capital Markets
1.530%, dated 01/31/20, to be repurchased on 02/03/20 repurchase price $11,392,887 (collateralized by U.S. Treasury Obligations, ranging in par value $442,871 - $2,235,826, 2.125%, 08/15/2021, with a total market value of $11,622,001)
(Cost $11,391,435)	$	11,391,435	$	11,391,435
TOTAL INVESTMENTS — 104.1%
(Cost $337,199,339)			$	320,179,280

	(C)	Security considered Master Limited Partnership. At January 31, 2020, these securities amounted to $3,968,825 or 1.3% of net assets.
	(D)	Security considered illiquid. The total value of such securities as of January 31, 2020 was $120,408 and represented 0.0% of Net Assets.
	(E)	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 January 31, 2020 was $120,408 and represents 0.0% of net assets.

	Shares		Value
COMMON STOCK — 99.8% NORWAY— 99.4% Communication Services — 12.4%
Adevinta, Cl B *		55,337	$	673,568
Schibsted, Cl B		54,749		1,556,146
Telenor		381,069		6,901,806
				9,131,520
Consumer Discretionary — 0.5%
Europris		84,684		307,765
XXL *		66,054		84,916
				392,681
Consumer Staples — 19.7%
Austevoll Seafood		56,725		554,155
Bakkafrost P/F		28,667		2,040,134
Grieg Seafood		27,795		426,372
Leroy Seafood Group		167,585		1,087,926
Mowi		225,590		5,389,021
Norway Royal Salmon		6,883		175,775
Orkla		354,660		3,424,325
Salmar		28,740		1,408,347
				14,506,055
Energy — 24.2%
Aker BP		60,738		1,721,101
Aker Solutions *		97,228		196,348
Borr Drilling * (A)		42,922		224,533
BW LPG		59,150		478,703
BW Offshore *		50,430		278,197
DNO International		409,755		410,031
Equinor		542,445		9,836,369
FLEX LNG (A)		13,383		109,325
Frontline		56,852		518,698
Hoegh LNG Holdings (A)		35,788		107,351
Kvaerner		63,900		70,709
Northern Drilling *		37,894		61,253

	Shares		Value
COMMON STOCK — continued Energy — continued
Ocean Yield		44,446	$	222,765
Odfjell Drilling *		53,600		142,231
Petroleum Geo-Services *		188,788		363,944
Subsea 7		138,773		1,493,144
TGS Nopec Geophysical		62,587		1,596,282
				17,830,984
Financials — 23.0%
Axactor * (A)		68,920		129,349
B2Holding		109,515		92,017
DnB		499,127		8,763,882
Gjensidige Forsikring		111,088		2,422,345
Norwegian Finance Holding *		61,580		629,642
Protector Forsikring *		45,742		205,342
Sbanken		41,421		315,001
Sparebank 1 Nord Norge		64,818		542,857
Sparebank 1 Oestlandet		17,937		189,726
SpareBank 1 SMN		74,661		822,925
SpareBank 1 SR-Bank		81,007		861,234
Storebrand		257,241		1,978,605
				16,952,925
Health Care — 1.0%
Aker, Cl A		13,465		747,179
Industrials — 5.0%
Kongsberg Gruppen		34,359		533,027
NEL, Cl A *		414,847		412,921
Norwegian Air Shuttle *		68,720		266,745
Stolt-Nielsen		19,580		252,774
TOMRA Systems		53,645		1,582,963
Veidekke		40,324		507,451
Wallenius Wilhelmsen, Cl B		59,027		157,528
				3,713,409

	Shares		Value
COMMON STOCK — continued Information Technology — 1.6%
Atea		50,122	$	650,328
Nordic Semiconductor *		85,815		546,480
				1,196,808
Materials — 8.2%
Borregaard		63,597		607,144
Elkem		68,702		173,063
Norsk Hydro		673,983		2,121,140
Yara International		86,751		3,156,533
				6,057,880
Real Estate — 2.4%
Entra		86,056		1,471,330
Selvaag Bolig (A)		47,158		270,123
				1,741,453
Utilities — 1.4%
Fjordkraft Holding		16,714		114,596
Scatec Solar		53,307		909,674
				1,024,270
TOTAL NORWAY				73,295,164

UNITED KINGDOM— 0.4%
Industrials — 0.4%
Golden Ocean Group		61,673		281,944
TOTAL COMMON STOCK
(Cost $89,462,183)				73,577,108

SHORT-TERM INVESTMENT(B)(C) — 0.2%
Fidelity Investments Money Market
Government Portfolio, Cl Institutional,
1.460%
(Cost $142,345)		142,345		142,345

	Face Amount		Value
REPURCHASE AGREEMENT^(B) — 0.6%
RBC Capital Markets
1.530%, dated 01/31/20, to be repurchased on 02/03/20 repurchase price $470,271 (collateralized by U.S. Treasury Obligations, ranging in par value $18,281 - $92,290, 2.125%, 08/15/2021, with a total market value of $479,731)
(Cost $470,211)	$	470,211	$	470,211
TOTAL INVESTMENTS — 100.6%
(Cost $90,074,739)			$	74,189,664

	Shares		Value
COMMON STOCK — 98.8% DENMARK— 33.7% Consumer Staples — 2.4%
Carlsberg, Cl B		3,024	$	442,343
Financials — 1.7%
Danske Bank		19,544		327,214
Health Care — 18.7%
Coloplast, Cl B		3,886		490,407
Novo Nordisk, Cl B		49,372		3,020,153
				3,510,560
Industrials — 7.7%
A P Moller - Maersk, Cl B		190		227,999
DSV PANALPINA		5,894		641,200
Vestas Wind Systems		5,817		580,376
				1,449,575
Utilities — 3.2%
Orsted		5,476		597,676
TOTAL DENMARK				6,327,368

FINLAND— 19.1%
Energy — 2.6%
Neste		12,072		480,012
Financials — 7.5%
Nordea Bank Abp		95,569		754,609
Sampo, Cl A		14,507		657,056
				1,411,665
Industrials — 4.0%
Kone, Cl B		11,598		748,814
Information Technology — 3.4%
Nokia		164,898		643,156
Utilities — 1.6%
Fortum		12,698		307,614
TOTAL FINLAND				3,591,261

	Shares		Value
COMMON STOCK — continued NORWAY— 7.5% Communication Services — 1.8%
Telenor		18,782	$	340,174
Energy — 2.8%
Equinor		29,079		527,301
Financials — 2.9%
DnB		30,701		539,061
TOTAL NORWAY				1,406,536

SWEDEN— 38.5%
Communication Services — 1.7%
Telia		76,185		326,045
Consumer Discretionary — 3.0%
Hennes & Mauritz, Cl B		25,671		563,696
Consumer Staples — 3.0%
Essity, Cl B		17,867		567,227
Financials — 10.8%
Investor, Cl B		13,470		738,159
Skandinaviska Enskilda Banken, Cl A		42,459		419,540
Svenska Handelsbanken, Cl A		43,409		426,404
Swedbank, Cl A		29,194		449,027
				2,033,130
Industrials — 11.0%
Assa Abloy, Cl B		27,150		645,889
Atlas Copco, Cl A		18,605		660,145
Volvo, Cl B		44,392		761,310
				2,067,344
Information Technology — 5.9%
Hexagon, Cl B		7,447		405,779
Telefonaktiebolaget LM Ericsson, Cl B		88,852		698,378
				1,104,157

	Shares		Value
COMMON STOCK — 99.9% NIGERIA— 99.9% Communication Services — 8.4%
Nigeria Communications		10,852,128	$	3,570,604
Consumer Staples — 26.3%
Dangote Sugar Refinery		38,091,777		1,446,125
Flour Mills of Nigeria		24,485,252		1,481,914
Nestle Nigeria		1,243,451		4,720,667
Nigerian Breweries		13,616,377		2,060,250
UAC of Nigeria		32,930,325		806,272
Unilever Nigeria		17,329,408		715,106
				11,230,334
Energy — 2.0%
Oando *		82,441,744		839,159
Financials — 44.2%
Access Bank		59,838,829		1,629,723
Ecobank Transnational *		65,853,025		1,349,670
FBN Holdings		103,427,823		1,863,693
Fidelity Bank		179,149,084		1,059,616
First City Monument Bank		161,388,587		843,572
Guaranty Trust Bank		68,056,709		5,616,785
Stanbic IBTC Holdings		17,012,587		1,790,183
Sterling Bank		159,215,849		805,934
United Bank for Africa		87,339,885		1,922,198
Zenith Bank		33,751,697		1,935,964
				18,817,338
Materials — 16.5%
Dangote Cement		11,640,128		5,760,823
Lafarge Africa *		30,694,021		1,287,713
				7,048,536
Utilities — 2.5%
Transnational Corp of Nigeria		395,394,657		1,055,111

	Value
COMMON STOCK — continued
TOTAL NIGERIA	$	42,561,082
TOTAL COMMON STOCK
(Cost $45,686,561)		42,561,082
TOTAL INVESTMENTS — 99.9%
(Cost $45,686,561)	$	42,561,082

	Shares		Value
COMMON STOCK — 99.9% ARGENTINA— 0.3% Energy — 0.3%
YPF ADR		5,321	$	49,964

BAHRAIN— 0.9%
Financials — 0.9%
Ahli United Bank BSC		133,542		149,454
GFH FINANCIAL GROUP BSC		71,640		16,774
TOTAL BAHRAIN				166,228

BANGLADESH— 1.1%
Communication Services — 0.2%
GrameenPhone		9,276		28,117
Financials — 0.1%
BRAC Bank *		20,592		12,106
Health Care — 0.7%
Square Pharmaceuticals		50,642		118,016
Utilities — 0.1%
United Power Generation and Distribution		3,640		11,106
TOTAL BANGLADESH				169,345

CHILE— 2.0%
Consumer Discretionary — 0.5%
SACI Falabella		23,464		92,012
Consumer Staples — 0.3%
Cencosud		43,143		53,341
Financials — 0.8%
Banco de Chile		614,939		60,516
Banco de Credito e Inversiones		672		28,041
Banco Santander Chile		892,608		44,132
				132,689
Utilities — 0.4%
Enel Chile		834,169		79,069
TOTAL CHILE				357,111

	Shares		Value
COMMON STOCK — continued COLOMBIA— 0.2% Financials — 0.2%
Grupo de Inversiones Suramericana		3,178	$	29,692

CZECH REPUBLIC— 0.9%
Financials — 0.3%
Komercni Banka		1,030		35,513
Moneta Money Bank		6,930		25,388
				60,901
Utilities — 0.6%
CEZ		5,031		110,254
TOTAL CZECH REPUBLIC				171,155

EGYPT— 0.6%
Financials — 0.6%
Commercial International Bank Egypt S.A.E. .		18,737		100,895

ESTONIA— 0.1%
Industrials — 0.1%
Tallinna Sadam		6,798		15,595

GREECE— 1.4%
Communication Services — 0.6%
Hellenic Telecommunications Organization		7,480		111,907
Consumer Discretionary — 0.4%
OPAP		5,817		72,522
Financials — 0.4%
Alpha Bank AE *		18,812		37,817
Eurobank Ergasias *		35,161		32,478
				70,295
TOTAL GREECE				254,724

	Shares		Value
COMMON STOCK — continued INDONESIA— 10.1% Communication Services — 1.9%
Telekomunikasi Indonesia Persero		1,221,935	$	340,048
Consumer Discretionary — 1.4%
Astra International		518,667		241,196
Consumer Staples — 2.1%
Charoen Pokphand Indonesia		178,000		86,686
Gudang Garam		12,754		52,095
Indofood CBP Sukses Makmur TBK		61,400		51,148
Indofood Sukses Makmur		116,000		66,474
Unilever Indonesia		194,995		113,527
				369,930
Energy — 0.3%
United Tractors		39,550		55,610
Financials — 3.4%
Bank Central Asia		107,058		254,023
Bank Mandiri		209,736		115,965
Bank Negara Indonesia Persero		83,900		44,239
Bank Rakyat Indonesia Persero		598,170		195,374
				609,601
Health Care — 0.3%
Kalbe Farma		557,100		58,341
Materials — 0.7%
Indocement Tunggal Prakarsa		48,600		58,637
Semen Indonesia Persero		78,400		68,611
				127,248
TOTAL INDONESIA				1,801,974

JORDAN— 0.1%
Financials — 0.1%
Arab Bank		2,322		19,159

	Shares		Value
COMMON STOCK — continued KAZAKHSTAN— 0.2% Financials — 0.2%
Halyk Savings Bank of Kazakhstan JSC GDR		2,795	$	40,667

KENYA— 1.9%
Communication Services — 1.7%
Safaricom		998,300		303,073
Financials — 0.2%
Equity Group Holdings		78,400		39,083
TOTAL KENYA				342,156

KUWAIT— 8.4%
Communication Services — 1.9%
Mobile Telecommunications KSC		180,033		341,340
Financials — 4.4%
Boubyan Bank KSCP		23,973		51,055
Burgan Bank SAK		23,543		23,636
Gulf Bank KSCP		42,242		43,382
Kuwait Finance House		102,680		282,894
National Bank of Kuwait SAK		110,396		381,553
				782,520
Industrials — 1.3%
Agility Public Warehousing KSC		79,942		223,669
Real Estate — 0.8%
Mabanee SAK		44,671		134,395
TOTAL KUWAIT				1,481,924

LUXEMBOURG— 0.1%
Financials — 0.1%
Reinet Investments SCA		1,042		22,411

	Shares		Value
COMMON STOCK — continued MALAYSIA— 6.8% Communication Services — 1.6%
Axiata Group		82,767	$	86,847
DiGi.com		96,902		100,023
Maxis		73,176		94,818
				281,688
Consumer Staples — 0.9%
Nestle Malaysia		2,190		77,115
PPB Group		17,200		78,151
				155,266
Financials — 1.8%
CIMB Group Holdings		65,790		79,147
Hong Leong Bank		8,800		34,359
Public Bank		40,310		182,959
RHB Bank		21,700		30,130
				326,595
Industrials — 0.3%
Malaysia Airports Holdings		30,000		49,341
Utilities — 2.2%
Petronas Gas		24,589		96,004
Tenaga Nasional		94,483		287,276
				383,280
TOTAL MALAYSIA				1,196,170

MEXICO— 8.1%
Communication Services — 0.9%
Grupo Televisa		71,711		158,562
Consumer Staples — 2.6%
Kimberly-Clark de Mexico, Cl A		47,500		97,847
Wal-Mart de Mexico		123,730		358,737
				456,584

	Shares		Value
COMMON STOCK — continued OMAN— 0.3% Communication Services — 0.1%
Ooredoo		14,800	$	19,679
Financials — 0.2%
Bank Dhofar SAOG		8,567		2,514
BankMuscat SAOG		21,472		24,871
				27,385
TOTAL OMAN				47,064

PERU— 1.1%
Financials — 1.1%
Credicorp		908		187,575

PHILIPPINES— 4.4%
Financials — 0.6%
BDO Unibank		26,650		77,596
Metropolitan Bank & Trust		24,374		27,500
				105,096
Industrials — 1.1%
Aboitiz Equity Ventures		59,373		57,586
SM Investments		7,508		143,424
				201,010
Information Technology — 0.3%
PLDT		2,601		50,966
Real Estate — 2.4%
Ayala Land		229,570		187,883
SM Prime Holdings		314,927		241,013
				428,896
TOTAL PHILIPPINES				785,968

POLAND— 2.5%
Communication Services — 0.3%
Cyfrowy Polsat		7,700		53,994

	Shares		Value
COMMON STOCK — continued Energy — 0.3%
Polskie Gornictwo Naftowe i Gazownictwo		52,230	$	48,447
Financials — 1.6%
Bank Polska Kasa Opieki		2,308		58,894
Powszechna Kasa Oszczednosci Bank Polski		11,830		104,333
Powszechny Zaklad Ubezpieczen		8,175		84,765
Santander Bank Polska		484		35,736
				283,728
Utilities — 0.3%
PGE *		25,285		44,717
TOTAL POLAND				430,886

QATAR— 3.7%
Energy — 0.5%
Qatar Fuel QSC		15,188		91,854
Financials — 1.1%
Commercial Bank PSQC		26,865		35,417
Masraf Al Rayan QSC		49,732		56,274
Qatar International Islamic Bank QSC		10,054		25,846
Qatar Islamic Bank SAQ		15,663		71,841
				189,378
Industrials — 0.9%
Industries Qatar QSC		56,563		154,729
Materials — 0.5%
Mesaieed Petrochemical Holding		137,081		82,452
Real Estate — 0.3%
Barwa Real Estate		57,352		55,761
Utilities — 0.4%
Qatar Electricity & Water QSC		16,248		71,623
TOTAL QATAR				645,797

	Shares		Value
COMMON STOCK — continued ROMANIA— 2.0% Energy — 1.0%
OMV Petrom		971,035	$	94,536
Societatea Nationala de Gaze Naturale ROMGAZ		9,912		80,646
				175,182
Financials — 0.5%
Banca Transilvania		108,326		64,909
BRD-Groupe Societe Generale		5,807		21,699
				86,608
Real Estate — 0.3%
NEPI Rockcastle		6,206		51,098
Utilities — 0.2%
Societatea Energetica Electrica		10,864		26,946
TOTAL ROMANIA				339,834
SAUDI ARABIA— 10.2%
Communication Services — 2.1%
Etihad Etisalat *		11,386		79,963
Saudi Telecom		11,899		289,547
				369,510
Consumer Discretionary — 0.4%
Jarir Marketing		1,775		76,166
Consumer Staples — 1.0%
Almarai JSC		7,558		95,684
Savola Group *		7,885		75,130
				170,814
Financials — 4.5%
Al Rajhi Bank		15,763		278,961
Alinma Bank		9,787		67,560
Arab National Bank		7,991		56,546
Bank AlBilad		4,899		35,580

	Shares/Number of Warrants		Value
COMMON STOCK — continued Financials — continued
Bank for Investment and Development of Vietnam JSC		5,400	$	11,975
Bao Viet Holdings		1,800		4,557
Saigon Thuong Tin Commercial JSB *		12,070		5,302
				45,438
Industrials — 0.4%
Vietjet Aviation JSC		13,930		78,099
Materials — 0.7%
Hoa Phat Group JSC *		115,950		120,329
Real Estate — 4.2%
No. Va Land Investment Group *		19,960		47,358
Vincom Retail JSC		79,830		103,298
Vingroup JSC *		68,300		337,633
Vinhomes JSC		69,290		261,072
				749,361
Utilities — 0.1%
PetroVietnam Gas JSC		4,460		16,612
TOTAL VIETNAM				1,387,664
TOTAL COMMON STOCK
(Cost $17,537,858)				17,667,390

WARRANTS — 0.0%

Thailand — 0.0%
BTS Group Holdings*(A)(B)(C)
Expires 12/31/21		11,450		—

TOTAL WARRANTS (Cost $–)				—

TOTAL INVESTMENTS — 99.9%
(Cost $17,537,858)			$	17,667,390

	Shares		Value
COMMON STOCK — 99.3% NETHERLANDS— 2.8% Communication Services — 2.8%
Altice Europe *		82,936	$	534,549

PORTUGAL— 96.5%
Communication Services — 4.7%
NOS SGPS		144,530		749,911
Sonaecom		67,585		147,175
				897,086
Consumer Discretionary — 1.6%
Ibersol SGPS		31,659		301,026
Consumer Staples — 8.6%
Jeronimo Martins		50,395		868,157
Sonae		815,872		759,037
				1,627,194
Energy — 20.0%
Galp Energia		250,482		3,786,265
Financials — 4.0%
Banco Comercial Portugues, Cl R		3,597,561		764,276
Banco Espirito Santo *(A)(C)(D)		2,085,614		—
BANIF - Banco Internacional do Funchal ^*(A)(C)(D)		55,479,410		12
				764,288
Health Care — 0.8%
Pharol SGPS * (B)		1,260,539		141,929
Industrials — 6.1%
CTT-Correios de Portugal		184,875		599,887
Mota-Engil		180,679		338,187
Sonae Capital		189,313		161,334
Teixeira Duarte *		367,681		61,324
				1,160,732
Materials — 14.5%
Altri		101,886		630,041
Corticeira Amorim SGPS		59,049		708,044

	Shares/Face
	Amount		Value
COMMON STOCK — continued
Materials — continued
Navigator		211,907	$	760,870
Ramada Investimentos E Industria (B)		14,353		90,983
Semapa-Sociedade de Investimento e Gestao .		39,633		552,533
				2,742,471
Utilities — 36.2%
EDP Renovaveis		74,698		993,369
Energias de Portugal		1,005,944		5,043,320
REN - Redes Energeticas Nacionais		271,920		822,667
				6,859,356
TOTAL PORTUGAL				18,280,347
TOTAL COMMON STOCK
(Cost $23,222,092)				18,814,896

U.S. TREASURY OBLIGATION — 9.2%
United States Treasury Bill
1.426%, 02/13/20^(E)
(Cost $1,749,169)	$	1,750,000		1,749,286

SHORT-TERM INVESTMENT(F)(G) — 0.1%
Fidelity Investments Money Market
Government Portfolio, Cl Institutional,
1.460%
(Cost $22,402)		22,402		22,402

REPURCHASE AGREEMENT^(F) — 0.4%
RBC Capital Markets
1.530%, dated 01/31/20, to be repurchased on 02/03/20 repurchase price $74,012 (collateralized by U.S. Treasury Obligations, ranging in par value $2,877 - $14,525, 2.125%, 08/15/2021, with a total market value of $75,502)
(Cost $74,002)		74,002		74,002
TOTAL INVESTMENTS — 109.0%
(Cost $25,067,665)			$	20,660,586

	(B)	This security or a partial position of this security is on loan at January 31, 2020. The total value of securities on loan at January 31, 2020 was $90,667.
	(C)	Security considered illiquid. The total value of such securities as of January 31, 2020 was $12 and represented 0.0% of Net Assets.
	(D)	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 January 31, 2020 was $12 and represents 0.0% of net assets.

	Shares		Value
COMMON STOCK — 99.9% PAKISTAN— 99.9% Consumer Discretionary — 4.0%
Honda Atlas Cars Pakistan		464,550	$	619,290
Nishat Mills		1,904,000		1,376,062
PAK Suzuki Motor		360,000		551,514
				2,546,866
Energy — 25.2%
Oil & Gas Development		5,486,240		4,896,135
Pakistan Oilfields		946,434		2,597,567
Pakistan Petroleum		5,791,876		5,338,220
Pakistan State Oil		2,311,014		3,106,065
				15,937,987
Financials — 29.6%
Bank Al Habib		5,307,500		2,755,190
Bank Alfalah		6,166,160		1,993,304
Habib Bank		4,575,850		4,827,712
MCB Bank		3,530,340		4,812,459
National Bank of Pakistan		4,685,100		1,332,713
United Bank		2,699,790		2,967,307
				18,688,685
Health Care — 1.9%
Searle		943,516		1,162,842
Industrials — 2.1%
Pak Elektron		3,599,300		622,969
Pakistan International Bulk Terminal *		9,567,187		712,852
				1,335,821
Materials — 28.7%
DG Khan Cement		2,813,160		1,358,454
Engro		2,695,449		5,953,141
Engro Fertilizers		4,436,700		1,941,863
Fauji Cement		7,665,100		824,961
Fauji Fertilizer		4,141,100		2,816,087

	Shares		Value
COMMON STOCK — 95.0% GERMANY— 95.0% Communication Services — 4.6%
Deutsche Telekom		53,788	$	870,636
Consumer Discretionary — 20.0%
adidas		2,906		920,403
Allianz		6,957		1,664,157
Bayerische Motoren Werke		5,373		383,105
Continental		1,805		205,912
Daimler		13,973		647,349
				3,820,926
Consumer Staples — 1.0%
Beiersdorf		1,639		185,994
Financials — 7.9%
Deutsche Bank		34,532		317,017
Deutsche Boerse		3,077		501,432
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		2,363		697,357
				1,515,806
Health Care — 11.6%
Bayer		16,384		1,326,356
Fresenius & KGaA		6,874		351,371
Fresenius Medical Care & KGaA		3,352		258,915
Merck KGaA		2,158		277,176
				2,213,818
Industrials — 13.2%
Deutsche Lufthansa		7,917		121,340
Deutsche Post		16,469		576,276
MTU Aero Engines		844		256,653
Siemens		12,741		1,576,317
				2,530,586
Information Technology — 13.9%
Infineon Technologies		20,847		452,259