UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________
FORM N-CSRS
________
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-22209
Global X Funds
(Exact name of registrant as specified in charter)
________
605 Third Avenue, 43rd Floor
New York, NY 10158
(Address of principal executive offices) (Zip code)
Luis Berruga
Global X Management Company LLC
605 Third Avenue, 43rd Floor
New York, NY 10158
(Name and address of agent for service)
With a copy to:
Global X Management Company LLC 605 3rd Avenue, 43rd Floor New York, NY 10158 | Eric S. Purple, Esq. Stradley Ronon Stevens & Young, LLP 2000 K Street, N.W., Suite 700 Washington, DC 20006-1871 |
Registrant’s telephone number, including area code: (212) 644-6440
Date of fiscal year end: November 30, 2020
Date of reporting period: May 31, 2020
Item 1. Reports to Stockholders.
A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR § 270.30e-1), is attached hereto.
Global X MLP ETF (ticker: MLPA) |
Semi-Annual Report
May 31, 2020
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s (defined below) shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary (such as a broker-dealer or bank). Instead, shareholder reports will be available on the Fund’s website (www.globalxetfs.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary.
You may elect to receive all future Fund shareholder reports in paper free of charge. Please contact your financial intermediary to inform them that you wish to continue receiving paper copies of Fund shareholder reports and for details about whether your election to receive reports in paper will apply to all funds held with your financial intermediary.
Table of Contents |
Schedule of Investments | |
Global X MLP ETF | 1 |
Statement of Assets and Liabilities | 2 |
Statement of Operations | 3 |
Statements of Changes in Net Assets | 4 |
Financial Highlights | 5 |
Notes to Financial Statements | 7 |
Disclosure of Fund Expenses | 24 |
Liquidity Risk Management Program | 26 |
Supplemental Information | 27 |
Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Shares may only be redeemed directly from the Fund by Authorized Participants, in very large creation/redemption units. Brokerage commissions will reduce returns.
The Fund files its complete schedule of Fund holdings with the Securities and Exchange Commission (the “SEC” or “Commission”) for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT is available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
A description of the policies and procedures that Global X Funds uses to determine how to vote proxies relating to Fund securities, as well as information relating to how the Fund voted proxies relating to Fund securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-888-493-8631; and (ii) on the Commission’s website at http://www.sec.gov.
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X MLP ETF |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments.
Shares | Value | |||||||
MASTER LIMITED PARTNERSHIPS — 102.4% | ||||||||
Energy — 102.4% | ||||||||
BP Midstream Partners | 1,656,845 | $ | 20,727,131 | |||||
Cheniere Energy Partners | 1,220,592 | 41,182,774 | ||||||
Crestwood Equity Partners | 1,764,700 | 25,076,387 | ||||||
DCP Midstream | 3,098,321 | 34,081,531 | ||||||
Enable Midstream Partners | 628,346 | 2,613,919 | ||||||
Energy Transfer | 8,793,010 | 71,750,962 | ||||||
Enterprise Products Partners | 3,908,700 | 74,656,170 | ||||||
EQM Midstream Partners | 1,685,572 | 33,121,490 | ||||||
Genesis Energy | 3,301,657 | 26,479,289 | ||||||
Holly Energy Partners | 1,596,956 | 25,806,809 | ||||||
Magellan Midstream Partners | 1,321,229 | 59,904,523 | ||||||
MPLX | 2,775,355 | 52,703,991 | ||||||
NGL Energy Partners | 4,114,346 | 20,983,165 | ||||||
Noble Midstream Partners | 895,890 | 8,663,256 | ||||||
NuStar Energy | 2,322,158 | 40,335,885 | ||||||
Phillips 66 Partners | 856,414 | 38,264,578 | ||||||
Plains All American Pipeline | 5,173,476 | 50,182,717 | ||||||
Shell Midstream Partners | 2,273,380 | 30,667,896 | ||||||
TC PipeLines | 989,964 | 34,797,235 | ||||||
Western Midstream Partners | 4,029,469 | 37,635,240 | ||||||
TOTAL MASTER LIMITED PARTNERSHIPS | ||||||||
(Cost $902,370,042) | 729,634,948 | |||||||
TOTAL INVESTMENTS — 102.4% | ||||||||
(Cost $902,370,042) | $ | 729,634,948 |
Percentages are based on Net Assets of $712,595,863.
As of May 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 May 31, 2020, there were no transfers in or out of Level 3.
The accompanying notes are an integral part of the financial statements. |
1
Statement of Assets and Liabilities | ||
May 31, 2020 (Unaudited) |
Global X MLP ETF | ||||
Assets: | ||||
Cost of Investments | $ | 902,370,042 | ||
Investments, at Value | $ | 729,634,948 | ||
Cash | 1,105,161 | |||
Receivable for Investment Securities Sold | 40,567,351 | |||
Receivable for Capital Shares Sold | 5,926,125 | |||
Prepaid Income Tax | 42,900 | |||
Alternative Minimum Tax Credit | 41,496 | |||
Total Assets | 777,317,981 | |||
Liabilities: | ||||
Payable for Investment Securities Purchased | 64,453,816 | |||
Payable due to Investment Adviser | 251,432 | |||
Franchise Tax Payable | 8,272 | |||
Other Accrued Expenses | 8,598 | |||
Total Liabilities | 64,722,118 | |||
Net Assets | $ | 712,595,863 | ||
Net Assets Consist of: | ||||
Paid-in Capital | $ | 1,201,915,567 | ||
Total Distributable Loss | (489,319,704 | ) | ||
Net Assets | $ | 712,595,863 | ||
Outstanding Shares of Beneficial Interest | ||||
(unlimited authorization — no par value) | 24,068,637 | |||
Net Asset Value, Offering and Redemption Price Per Share | $ | 29.61 |
The accompanying notes are an integral part of the financial statements. |
2
Statement of Operations | ||
For the period ended May 31, 2020 (Unaudited) |
Global X MLP ETF | ||||
Investment Income: | ||||
Distributions from Master Limited Partnerships | $ | 45,941,318 | ||
Less: Return of Capital Distributions | (45,941,318 | ) | ||
Interest Income | 11,022 | |||
Total Investment Income | 11,022 | |||
Supervision and Administration Fees(1) | 1,873,979 | |||
Custodian Fees | 4,795 | |||
Total Expenses | 1,878,774 | |||
Net Investment Loss | (1,867,752 | ) | ||
Net Realized Loss on: | ||||
Investments | (173,858,137 | ) | ||
Net Realized Loss on Investments | (173,858,137 | ) | ||
Net Change in Unrealized Depreciation on: | ||||
Investments | (134,389,981 | ) | ||
Net Change in Unrealized Depreciation on Investments | (134,389,981 | ) | ||
Net Realized and Unrealized Loss on Investments | (308,248,118 | ) | ||
Net Decrease in Net Assets Resulting from Operations | $ | (310,115,870 | ) |
(1) | The Supervision and Administration fees include fees paid by the Fund for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.) |
The accompanying notes are an integral part of the financial statements. |
3
Statement of Changes in Net Assets |
Global X MLP ETF | ||||||||
Period Ended May 31, 2020 (Unaudited) | Year Ended November 30, 2019 | |||||||
Operations: | ||||||||
Net Investment Loss | $ | (1,867,752 | ) | $ | (4,078,779 | ) | ||
Net Realized Loss on Investments | (173,858,137 | ) | (14,517,319 | ) | ||||
Net Change in Unrealized Appreciation (Depreciation) on Investments | (134,389,981 | ) | (49,933,515 | ) | ||||
Net Decrease in Net Assets Resulting from Operations | (310,115,870 | ) | (68,529,613 | ) | ||||
Distributions | — | — | ||||||
Return of Capital | (48,450,898 | ) | (77,728,975 | ) | ||||
Capital Share Transactions: | ||||||||
Issued | 271,376,068 | 389,112,928 | ||||||
Redeemed | (147,257,971 | ) | (124,431,906 | ) | ||||
Increase in Net Assets from Capital Share Transactions | 124,118,097 | 264,681,022 | ||||||
Total Increase (Decrease) in Net Assets | (234,448,671 | ) | 118,422,434 | |||||
Net Assets: | ||||||||
Beginning of Period | 947,044,534 | 828,622,100 | ||||||
End of Period | $ | 712,595,863 | $ | 947,044,534 | ||||
Share Transactions: | ||||||||
Issued | 33,431,363 | 47,050,000 | ||||||
Redeemed | (30,912,726 | ) | (14,800,000 | ) | ||||
Net Increase in Shares Outstanding from Share Transactions | 2,518,637 | 32,250,000 |
The accompanying notes are an integral part of the financial statements. |
4
Financial Highlights |
Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period
Net Asset Value, Beginning of Period ($) | Net Investment Loss ($)* | Net Realized and Unrealized Gain (Loss) on Investments ($) | Total from Operations ($) | Distribution from Net Investment Income ($) | Return of Capital ($) | Total from Distributions ($) | ||||||||||||||||||||||
Global X MLP ETF | ||||||||||||||||||||||||||||
2020(1)(Unaudited) | 43.92 | (0.08 | ) | (7.73 | ) | (7.81 | ) | — | (6.50 | ) | (6.50 | ) | ||||||||||||||||
2019(1) | 51.24 | (0.24 | ) | (2.76 | ) | (3.00 | ) | — | (4.32 | ) | (4.32 | ) | ||||||||||||||||
2018(1) | 56.52 | (0.24 | ) | (0.42 | ) | (0.66 | ) | (0.12 | ) | (4.50 | ) | (4.62 | ) | |||||||||||||||
2017(1) | 67.44 | (0.30 | ) | (5.88 | ) | (6.18 | ) | — | (4.74 | ) | (4.74 | ) | ||||||||||||||||
2016(1) | 63.36 | (0.42 | ) | 9.48 | 9.06 | (0.12 | ) | (4.86 | ) | (4.98 | ) | |||||||||||||||||
2015(1) | 98.70 | (0.54 | ) | (28.98 | ) | (29.52 | ) | — | (5.82 | ) | (5.82 | ) |
The accompanying notes are an integral part of the financial statements. |
5
Financial Highlights |
Net Asset Value, End of Period ($) | Total Return (%)** | Net Assets End of Period ($)(000) | Before Net Deferred Tax Expense (%) | Net Tax Expense (%) | Total Expenses (%) | Before Net Tax Benefit (%) | Net Tax Benefit (%) | Net Investment Loss (%) | Portfolio Turnover (%)† | |||||||||||||||||||||||||||||
29.61 | (28.41 | ) | 712,596 | 0.45 | @ | — | 0.45 | @ | (0.45 | ) | — | (0.45 | )@ | 13.57 | ||||||||||||||||||||||||
43.92 | (6.54 | ) | 947,045 | 0.46 | — | 0.46 | (0.46 | ) | — | (0.46 | ) | 55.65 | ||||||||||||||||||||||||||
51.24 | (1.72 | ) | 828,622 | 0.45 | (0.00 | ) | 0.45 | (0.45 | ) | — | (0.45 | ) | 30.35 | |||||||||||||||||||||||||
56.52 | (9.85 | ) | 692,954 | 0.46 | (0.11 | ) | 0.35 | (0.46 | ) | — | (0.46 | ) | 35.11 | |||||||||||||||||||||||||
67.44 | 15.34 | 373,566 | 0.47 | 0.03 | 0.50 | (0.47 | ) | (0.23 | ) | (0.70 | ) | 37.20 | ||||||||||||||||||||||||||
63.36 | (31.08 | ) | 182,127 | 0.45 | (4.81 | ) | (4.36 | ) | (0.44 | ) | (0.18 | ) | (0.62 | ) | 47.44 |
* | Per share data calculated using average shares method. |
** | Total Return is based on the change in net asset value of a share during the year/period and assumes reinvestment of dividends and distributions at net asset value. Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
@ | Annualized. |
† | Portfolio turnover rate is for the period indicated and has not been annualized. Excludes effect of in-kind transfers. |
(1) | Per share amounts have been adjusted for a 1 for 6 reverse share split on April 28, 2020 (See Note 8 in the Notes to Financial Statements). |
Amounts designated as “—” are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements. |
6
Notes to Financial Statements | ||
May 31, 2020 (unaudited) |
1. ORGANIZATION
The Global X Funds (the “Trust”) is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of May 31, 2020, the Trust had eighty-nine portfolios, seventy-two of which were operational. The financial statements herein and the related notes pertain to the Global X MLP ETF (the “Fund”). The Fund has elected non-diversified status.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the significant accounting policies followed by the Fund.
USE OF ESTIMATES – The Fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could materially differ from those estimates.
RETURN OF CAPITAL ESTIMATES – Distributions received by the Fund from underlying master limited partnership (“MLP”) investments generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available from the MLPs and other industry sources. These estimates may subsequently be revised based on information received from the MLPs after their tax reporting periods are concluded.
MLPs – The Fund invests in MLPs in addition to other exchange-traded securities. MLPs are publicly-traded partnerships engaged in the transportation, storage and processing of minerals and natural resources. By confining their operations to these specific activities, the interests, or units of MLPs that elect to be taxed as a partnership, are able to trade on public securities exchanges exactly like the shares of a corporation, without entity-level taxation. To refrain from being taxed as a corporation, a partnership must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Internal Revenue Code of 1986, as amended (the “Code”). These qualifying sources include natural resource-based activities, such as the processing, transportation and storage of mineral or natural resources. The Fund may also invest in MLPs that elect to be taxed as corporations. MLPs generally have two classes of owners, the general partner and limited partners. The general partner of an MLP is typically owned by a major energy company, an investment fund, the direct management of the MLP, or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly-traded corporation or other entity. The general partner typically controls the operations
7
Notes to Financial Statements (continued) | ||
May 31, 2020 (unaudited) |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
and management of the MLP through an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units.
Limited partners typically own the remainder of the partnership, through ownership of common units, and have a limited role in the partnership’s operations and management. MLPs are typically structured such that common units and general partner interests have first priority to receive quarterly cash distributions up to an established minimum amount (“minimum quarterly distributions” or “MQD”). Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid. Once common and general partner interests have been paid, subordinated units receive distributions of up to the MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD is paid to both common and subordinated units and is distributed to both common and subordinated units generally on a pro rata basis. The general partner is also eligible to receive incentive distributions if the general partner operates the business in a manner which results in distributions paid per common unit surpassing specified target levels. As the general partner increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of the incremental cash distributions.
SECURITY VALUATION – Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market (“NASDAQ”), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm if a security’s primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent mean between the quoted bid and asked prices (absent both bid and asked prices on such exchange, the bid price may be used).
For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less will be valued at their market value. Prices for most securities held in the Fund are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Fund seeks to obtain a bid price from at least one independent broker. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates as of the reporting date. The exchange rates used by the Trust for valuation are captured as of the
8
Notes to Financial Statements (continued) | ||
May 31, 2020 (unaudited) |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
New York or London close each day. The Fund does not invest in foreign securities as of May 31, 2020.
Securities for which market prices are not “readily available” are valued in accordance with Fair Value Procedures established by the Board of Trustees (the “Board”). The Fund’s Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using the Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from its primary trading exchange; the security’s primary trading market is temporarily closed at a time when, under normal conditions it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, the Fund may fair value its securities if an event that may materially affect the value of the Fund’s securities that traded outside of the United States (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Fund calculates its net asset value. A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If Global X Management Company LLC, the Fund’s investment adviser (the “Adviser”) becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates its net asset value, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably available to the Committee. As of May 31, 2020, there were no securities priced using the Fair Value Procedures.
In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:
Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date;
9
Notes to Financial Statements (continued) | ||
May 31, 2020 (unaudited) |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
Level 2 – Other significant observable inputs (including quoted prices in non-active markets, quoted prices for similar investments, fair value of investments for which the Fund has the ability to fully redeem tranches at net asset value as of the measurement date or within the near term, and short-term investments valued at amortized cost); and
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments and fair value of investments for which the Fund does not have the ability to fully redeem tranches at net asset value as of the measurement date or within the near term).
Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.
For the period ended May 31, 2020, there have been no significant changes to the Fund’s fair valuation methodology.
FEDERAL INCOME TAXES – The Fund is taxed as a regular C‐corporation for federal income tax purposes and as such is obligated to pay federal and applicable state corporate income tax. Currently, the federal income tax rate for a corporation is 21%. This differs from most investment companies, which elect to be treated as “regulated investment companies” under Subchapter M of the Code in order to avoid paying entity level income taxes. Under current law, the Fund is not eligible to elect treatment as regulated investment company due to its investments primarily in MLPs invested in energy assets. As a result, the Fund will be obligated to pay applicable federal and state corporate income taxes on its taxable income as opposed to most other investment companies, which are not so obligated. The Fund expects that a portion of the distributions that are received from MLPs may be treated as a tax‐deferred return of capital, thus reducing the Fund’s current tax liability. However, the amount of taxes currently paid by the Fund will vary depending on the amount of income and gains derived from investments and/or sales of MLP interests and such taxes have the potential to reduce an investor’s return from an investment in the Fund.
In prior years, the Fund was subject to alternative minimum tax (AMT) on its federal AMT income to the extent that AMT exceeded it regular federal income tax. The Tax Cuts and Jobs Act of 2017 (TCJA) eliminated alternative minimum tax for corporations and allowed them to claim a refundable minimum tax credit for previous AMT paid over an extended period of time. Although, on March 27, 2020 the Coronavirus Aid, Relief, and Economic Stability Act (CARES Act) was signed into law. The CARES Act accelerated the taxpayers ability to claim the fully refundable amount of minimum tax
10
Notes to Financial Statements (continued) | ||
May 31, 2020 (unaudited) |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
credits. As a result, the Fund’s AMT credit will be requested to be fully refunded on the November 30, 2019 tax return to be filed later this year.
Cash distributions from MLPs to the Fund that exceed the Fund’s allocable share of such MLP’s net taxable income are considered tax‐deferred return of capital that will reduce the Fund’s adjusted tax basis in the equity securities of the MLP. These reductions in the Fund’s adjusted tax basis in MLP equity securities will increase the amount of gain (or decrease the amount of loss) recognized by the Fund on a subsequent sale of the securities. The Fund will accrue deferred income taxes for any future tax liability associated with (i) that portion of MLP distributions considered to be a tax‐deferred return of capital as well as (ii) capital appreciation of its investments. Upon the sale of an MLP security, the Fund may be liable for previously deferred taxes. The Fund will rely to some extent on information provided by the MLPs, which may not necessarily be timely, to estimate deferred tax liability for purposes of financial statement reporting and determining the Fund’s net asset value (“NAV”). From time to time, the Adviser will modify the estimates or assumptions related to the Fund’s deferred tax liabilities as new information becomes available. The Fund will generally compute deferred income taxes based on the federal income tax rate applicable to corporations and an estimated rate attributable to state taxes.
The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits within the income tax expense line in the accompanying Statement of Operations. Accrued interest and penalties, if any, are included within the related tax liability line in the Statement of Assets and Liabilities. For the period ended May 31, 2020, the Fund did not incur any interest or penalties.
Since the Fund will be subject to taxation on its taxable income, the NAV of the Fund shares will also be reduced by the accrual of any current and deferred tax liabilities.
The Fund’s income tax expense/(benefit) consists of the following:
For the period ended May 31, 2020:
Current MLP | Deferred MLP | Total MLP | ||||||||||
Federal | $ | − | $ | (65,200,353 | ) | $ | (65,200,353 | ) | ||||
State | − | (7,078,895 | ) | (7,078,895 | ) | |||||||
Valuation allowance | − | 72,279,248 | 72,279,248 | |||||||||
Total tax expense (benefit) | $ | − | $ | − | $ | − |
11
Notes to Financial Statements (continued) | ||
May 31, 2020 (unaudited) |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
Deferred income taxes reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting and tax purposes.
Components of the Fund’s deferred tax assets and liabilities are as follows:
For the period ended May 31, 2020:
MLP | ||||
Deferred tax assets: | ||||
Net operating loss carryforward | $ | 15,508,948 | ||
Capital loss carryforward | 23,157,326 | |||
Net unrealized loss on investments | 71,994,587 | |||
Other | 1,900,604 | |||
Less valuation allowance | (112,561,465 | ) | ||
Net Deferred Tax Asset | $ | – |
The Fund reviews the recoverability of its deferred tax assets based upon the weight of available evidence. When assessing the recoverability of its deferred tax assets, significant weight was given to the effects of potential future realized and unrealized gains on investments and the period over which these deferred tax assets can be realized. Currently, any capital losses that may be generated by the Fund are eligible to be carried back up to three years and can be carried forward for five years to offset capital gains recognized by the Fund in those years. Prior to the passing of the CARES Act, Net Operating Losses (“NOLs”) were subject to the TCJA but are now governed under the CARES Act. Under the CARES Act, NOLs arising in tax years beginning after December 31, 2017, and before January 1, 2021 may be carried back five tax years and carried forward twenty years. Since the enactment of the TCJA, NOLs generally could not be carried back but could be carried forward indefinitely. Further, the TCJA limited NOL absorption to 80% of taxable income. The CARES Act temporarily removes the 80% limitation, reinstating it for tax years beginning after December 31, 2020.
12
Notes to Financial Statements (continued) | ||
May 31, 2020 (unaudited) |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
The Fund has estimated net operating loss carryforwards for federal income tax purposes as follows:
Year Ended | Amount | Expiration | ||||||
Global X MLP ETF | 11/30/2016 | $ | 3,371,920 | 11/30/2036 | ||||
11/30/2017 | $ | 7,685,726 | 11/30/2037 | |||||
11/30/2018 | $ | 4,662,626 | 11/30/2038 | |||||
11/30/2019 | $ | 8,197,955 | Indefinite | |||||
11/30/2020 | $ | 42,700,964 | Indefinite |
The Fund has estimated capital loss carryforwards for federal income tax purposes as follows:
Year Ended | Amount | Expiration | ||||||
Global X MLP ETF | 11/30/2016 | $ | 9,483,687 | 11/30/2021 | ||||
11/30/2019 | $ | 54,795,128 | 11/30/2024 | |||||
11/30/2020 | $ | 35,194,235 | 11/30/2025 |
Based upon the Fund’s assessment, it has been determined that it is not more likely than not that the Fund’s deferred tax assets will be realized through future taxable income of the appropriate character. Accordingly, a valuation allowance has been established for the Fund’s deferred tax assets. The Fund will continue to assess the need for a valuation allowance in the future. Significant increases or declines in the fair value of its portfolio of investments may change the Fund’s assessment of the recoverability of these assets and may result in the recording or removal of a valuation allowance against all or a portion of the Fund’s gross deferred tax assets.
13
Notes to Financial Statements (continued) | ||
May 31, 2020 (unaudited) |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
Total income tax expense/(benefit) (current and deferred) during the period ended May 31, 2020, differs from the amount computed by applying the federal statutory income tax rate of 21% for the Fund to net investment and realized and unrealized gain/(losses) on investment before taxes as follows:
For the period ended May 31, 2020:
MLP | ||||||||
Income tax (benefit) at statutory rate | $ | (65,124,333 | ) | 21.00 | % | |||
State income taxes (net of federal benefit) | (7,070,642 | ) | 2.28 | % | ||||
Permanent differences, net | (77,762 | ) | 0.03 | % | ||||
Other adjustments | (6,511 | ) | 0.00 | % | ||||
Change in valuation allowance | 72,279,248 | -23.31 | % | |||||
Net income tax expense/(benefit) | $ | – | 0.00 | % |
The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on U.S. tax returns and state tax returns filed since inception of the Fund. No U.S. federal or state income tax returns are currently under examination. The tax years ended November 30, 2019, 2018, 2017, and 2016 remain subject to examination by tax authorities in the United States. Due to the nature of the Fund’s investments, the Fund may be required to file income tax returns in several states. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
State franchise taxes are separate and distinct from state income taxes. State franchise taxes are imposed on a corporation for the right to conduct business in the state and typically are based off the net worth or capital apportioned to a state. Due to the nature of the Fund’s investments, the Fund may be required to file franchise state tax returns in several states.
14
Notes to Financial Statements (continued) | ||
May 31, 2020 (unaudited) |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
The adjusted cost basis of investment and gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:
Global X Funds | Federal Tax Cost | Aggregated Gross Unrealized Appreciation | Aggregated Gross Unrealized Depreciation | Net Unrealized Depreciation | ||||||||||||
Global X MLP ETF | $ | 1,038,890,027 | $ | 5,108,188 | $ | (314,363,267 | ) | $ | (309,255,079 | ) |
The difference between cost amounts for financial statement purposes and tax purposes is due primarily to the recognition of partnership adjustments, differing cost relief methodologies, and wash sales adjustments from the Fund’s investments in MLPs.
SECURITY TRANSACTIONS AND INVESTMENT INCOME – Security transactions are accounted for on the trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sale of investment securities are based on specific identification. Dividend income is recorded on the ex-dividend date. Interest income is recognized on the accrual basis from the settlement date.
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS – The Fund intends to declare and make quarterly distributions; however, the Board may determine to make distributions at its own discretion.
The Fund also expects that a portion of the distributions it receives from MLPs may be treated as a tax deferred return of capital, thus reducing the Fund’s current tax liability.
The Fund’s quarterly distributions are in an amount that is approximately equal to the distributions the Fund receives from its investments, including the MLPs in which it invests, less the actual, estimated or anticipated expenses of the Fund, including taxes imposed on the Fund (if any). Based on its investment objective and strategies, the Fund’s distributions normally will be comprised of ordinary income, tax-deferred returns of capital, and/or capital gains for U.S. federal income tax purposes. If the Fund pays return of capital distributions to shareholders, such distributions are not taxable income to the shareholder, but reduce the shareholder’s tax basis in the shareholder’s Fund shares. Such a reduction in tax basis will result in larger taxable gains and/or lower tax losses on a subsequent sale of Fund shares. Shareholders who periodically receive the payment of dividends or other distributions consisting of a return of capital may be under the impression that they are receiving net profits from the Fund when, in fact, they are not. Shareholders should not assume that the source of the distributions is from the net profits of the Fund.
15
Notes to Financial Statements (continued) | ||
May 31, 2020 (unaudited) |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
For the period ended November 30, 2019, the Fund made the following tax basis distributions from MLP distributions received:
MLP | ||||
Net investment income | $ | — | ||
Return of capital | (77,728,975 | ) | ||
Total | $ | (77,728,975 | ) |
CREATION UNITS –The Fund issues and redeems its shares (“Shares”) on a continuous basis at NAV and only in large blocks of 50,000 Shares, referred to as “Creation Units”. Purchasers of Creation Units (“Authorized Participants”) at NAV must pay a standard creation transaction fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an Authorized Participant on the same day.
An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard redemption fee per transaction to Brown Brothers Harriman & Co. (“BBH”), the Fund’s custodian (“Custodian”), on the date of such redemption, regardless of the number of Creation Units redeemed that day.
If a Creation Unit is purchased or redeemed for cash, an additional variable fee may be charged. The following table discloses the Creation Unit breakdown:
Creation Unit Shares | Creation Fee | Value at May 31, 2020 | Redemption Fee | |||||||||||||
Global X MLP ETF | 50,000 | $ | 250 | $ | 1,480,000 | $ | 250 |
CASH OVERDRAFT CHARGES – Per the terms of the agreement with BBH, if the Fund has a cash overdraft on a given day, it will be assessed an overdraft charge of LIBOR plus 2.00%. Cash overdraft charges are included in custodian fees on the Statements of Operations.
3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS
On July 2, 2018, the Adviser consummated a transaction pursuant to which it became an indirect, wholly-owned subsidiary of Mirae Asset Global Investments Co., Ltd. (“Mirae”). In this manner, the Adviser is ultimately controlled by Mirae, which is a leading financial services company in Korea and is the headquarters for the Mirae Asset Global Investments Group.
16
Notes to Financial Statements (continued) | ||
May 31, 2020 (unaudited) |
3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS (continued)
The Adviser serves as the investment adviser and the administrator for the Fund. Subject to the supervision of the Board, the Adviser is responsible for managing the investment activities of the Fund and the Fund’s business affairs and other administrative matters and provides or causes to be furnished all supervisory, administrative and other services reasonably necessary for the operation of the Fund, including certain distribution services (provided pursuant to a separate distribution agreement), certain shareholder and distribution-related services (provided pursuant to a separate Rule 12b-1 Plan and related agreements) and investment advisory services (provided pursuant to a separate investment advisory agreement), under what is essentially an “all-in” fee structure. For the Adviser’s services to the Fund, under the supervision and administration agreement, the Fund pays a monthly fee to the Adviser at the annual rate (stated as a percentage of the average daily net assets of the Fund) (“Supervision and Administration Fee”). In addition, the Fund bears other expenses that are not covered by the supervision and administration agreement, which may vary and affect the total expense ratios of the Fund, such as taxes, brokerage fees, commissions, acquired fund fees, other transaction expenses, interest expenses and extraordinary expenses (such as litigation and indemnification expenses).
The following table discloses the rate of supervision and administration fees paid by the Fund pursuant to the supervision and administration agreement:
Supervision and Administration Fee | |||
Global X MLP ETF | 0.45% |
SEI Investments Global Funds Services (“SEIGFS”) serves as sub-administrator to the Fund. As sub-administrator, SEIGFS provides the Fund with required general administrative services, including, without limitation: office space, equipment, and personnel; clerical and general back office services; bookkeeping, internal accounting and secretarial services; the calculation of NAV; and assistance with the preparation and filing of reports, registration statements, proxy statements and other materials required to be filed or furnished by the Fund under federal and state securities laws. As compensation for these services, SEIGFS receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser.
Cohen & Company, Ltd. (“Cohen”) prepares Federal Form 1120 and state tax returns for the Fund. In addition, among other things, Cohen has been engaged to assist the Fund in the calculation of the current and deferred tax provisions for financial statement purposes for the Fund’s year ended November 30, 2019.
17
Notes to Financial Statements (continued) | ||
May 31, 2020 (unaudited) |
3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS (continued)
SEI Investments Distribution Co. (“SIDCO”) serves as the Fund’s underwriter and distributor of Creation Units pursuant to a distribution agreement. SIDCO has no obligation to sell any specific quantity of Fund Shares. SIDCO bears the following costs and expenses relating to the distribution of Shares: (1) the costs of processing and maintaining records of creations of Creation Units; (2) all costs of maintaining the records required of a registered broker/dealer; (3) the expenses of maintaining its registration or qualification as a dealer or broker under federal or state laws; (4) filing fees; and (5) all other expenses incurred in connection with the distribution services as contemplated in the Distribution Agreement. SIDCO receives no fee from the Fund for its distribution services under the distribution agreement; rather, the Adviser compensates SIDCO for certain expenses, out-of-pocket costs, and transaction fees.
BBH serves as custodian and transfer agent of the Fund’s assets. As custodian, BBH has agreed to (1) make receipts and disbursements of money on behalf of the Fund, (2) collect and receive all income and other payments and distributions on account of the Fund’s portfolio investments, (3) respond to correspondence from shareholders, security brokers and others relating to its duties, and (4) make periodic reports to the Fund concerning the Fund’s operations. BBH does not exercise any supervisory function over the purchase and sale of securities. As transfer agent, BBH has agreed to (1) issue and redeem Shares of the Fund, (2) make dividend and other distributions to shareholders of the Fund, (3) respond to correspondence by shareholders and others relating to its duties, (4) maintain shareholder accounts, and (5) make periodic reports to the Fund. As compensation for these services, BBH receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees.
4. INVESTMENT TRANSACTIONS
For the period ended May 31, 2020, the purchases and sales of investments in securities excluding in-kind transactions, long-term U.S. Government, and short-term securities, were:
2020 | Purchases | Sales and Maturities | ||||||
Global X MLP ETF | $ | 113,802,640 | $ | 294,448,697 |
18
Notes to Financial Statements (continued) | ||
May 31, 2020 (unaudited) |
4. INVESTMENT TRANSACTIONS (continued)
For the period/year ended May 31, 2020 and November 30, 2019, in-kind transactions associated with creations and redemptions were, respectively:
2020 | Purchases | Sales and Maturities | Realized Gain | |||||||||
Global X MLP ETF | $ | 270,941,787 | $ | – | $ | – |
2019 | Purchases | Sales and Maturities | Realized Gain | |||||||||
Global X MLP ETF | $ | 388,407,175 | $ | – | $ | – |
For the period ended May 31, 2020, there were no purchases or sales of long-term U.S. Government securities by the Fund.
5. CONCENTRATION OF RISKS
The Fund uses a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of an underlying index in approximately the same proportions as in the underlying index. The Fund may utilize a representative sampling strategy with respect to its underlying index when a replication strategy might be detrimental to its shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to follow its underlying index, or, in certain instances, when securities in its underlying index become temporarily illiquid, unavailable or less liquid, or due to legal restrictions (such as diversification requirements that apply to the Fund but not its underlying index).
Under normal circumstances, the Fund invests at least 80% of its total assets in securities of its underlying index, moreover, at least 80% of the Fund’s total assets will be invested in securities that have economic characteristics of the MLP asset class. A substantial portion of the cash flow received by the Fund is derived from investment in equity securities of MLPs. The amount of cash that an MLP has available for distributions and the tax character of such distributions are dependent upon the amount of cash generated by the MLP’s operations.
Investments in securities of an MLP involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, and cash flow risks. MLP common units and other equity securities can be affected by changes in macro-economic and other factors affecting the stock market in general, including changes in growth, unemployment, and inflation rates, as well as expectations of interest rates. MLP common units and other equity securities can also be affected by investor sentiment towards MLPs or the energy sector, changes in a particular issuer’s financial condition, or unfavorable or unanticipated poor
19
Notes to Financial Statements (continued) | ||
May 31, 2020 (unaudited) |
5. CONCENTRATION OF RISKS (continued)
performance of a particular issuer (in the case of MLPs, generally measured in terms of distributable cash flow). Prices of common units of individual MLPs and other equity securities also can be affected by fundamentals unique to the partnership or company, including earnings power and coverage ratios. MLPs operating in energy related sectors are subject to risks that are specific to the industry they serve.
Risks Related to Investing in Energy Infrastructure Companies:
The Fund invests primarily in energy infrastructure companies. Energy infrastructure companies are subject to risks specific to the industry they serve, including, but not limited to, the following:
• reduced volumes of natural gas or other energy commodities available for transporting, processing or storing;
• new construction and acquisition risk, which can limit growth potential;
• a sustained reduced demand for crude oil, natural gas and refined petroleum products resulting from a recession or an increase in market price or higher taxes;
• changes in the regulatory environment; • extreme weather;
• rising interest rates, which could result in a higher cost of capital and drive investors into other investment opportunities; and
• threats of attack by terrorists.
Risks Related to Investing in Midstream MLPs:
MLPs that operate midstream assets are subject to supply and demand fluctuations in the markets they serve, which may be impacted by a wide range of factors, including fluctuating commodity prices, weather, increased conservation or use of alternative fuel sources, increased governmental or environmental regulation, depletion, rising interest rates, declines in domestic or foreign production, accidents or catastrophic events, increasing operating expenses and economic conditions, among others. Further, MLPs that operate gathering and processing assets are subject to natural declines in the production of the oil and gas fields they serve. In addition, some gathering and processing contracts subject the owner of such assets to direct commodity price risk.
Risks Related to Investing in the Energy Sector:
The value of securities issued by companies in the energy sector may decline for many reasons, including, without limitation, changes in energy prices; international politics;
20
Notes to Financial Statements (continued) | ||
May 31, 2020 (unaudited) |
5. CONCENTRATION OF RISKS (continued)
energy conservation; the success of exploration projects; natural disasters or other catastrophes; changes in exchange rates, interest rates, or economic conditions; changes in demand for energy products and services; and tax and other government regulatory policies.
Risks Related to Investing in the Oil, Gas and Consumable Fuels Industry:
The oil, gas and consumable fuels industry is cyclical and highly dependent on the market price of fuel. The market value of companies in the oil, gas and consumable fuels industry are strongly affected by the levels and volatility of global commodity prices, supply and demand, capital expenditures on exploration and production, energy conservation efforts, the prices of alternative fuels, exchange rates and technological advances. Companies in this sector are subject to substantial government regulation and contractual fixed pricing, which may increase the cost of business and limit these companies’ earnings. A significant portion of their revenues depends on a relatively small number of customers, including governmental entities and utilities. As a result, governmental budget restraints may have a material adverse effect on the stock prices of companies in the industry.
A more complete description of risks is included in the Fund’s Prospectus and Statement of Additional Information.
6. LOANS OF PORTFOLIO SECURITIES
The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Security loans made pursuant to a securities lending agreement are required at all times to be secured by collateral equal to at least 102% for U.S.-based securities and 105% for foreign based securities. Such collateral received in connection with these loans will be cash and can be invested in repurchase agreements or U.S. Treasury obligations and is recognized in the Schedule of Investments and Statement of Assets and Liabilities. The obligation to return securities lending collateral is also recognized as a liability in the Statement of Assets and Liabilities. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan.
Lending securities entails a risk of loss to the Fund if and to the extent that the market value of the securities loans were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. The Fund could also experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to
21
Notes to Financial Statements (continued) | ||
May 31, 2020 (unaudited) |
6. LOANS OF PORTFOLIO SECURITIES (continued)
any loss on the collateral invested. As of May 31, 2020, the Fund had no securities on loan.
7. CONTRACTUAL OBLIGATIONS
The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior gains or losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.
Pursuant to the Trust’s organizational documents, the Trustees of the Trust and the Trust’s officers are indemnified against certain liabilities that may arise out of the performance of their duties.
8. REVERSE SHARE SPILT
Effective April 28, 2020, the Fund executed a 1-for-6 reverse share split for shareholders of record after the close of markets on April 27, 2020. The effect of this transaction for the Fund was to divide the number of outstanding Shares of the Fund by six, resulting in a corresponding increase in the NAV per Share. The capital share activity presented in the statement of changes in net assets for each of the years in the period then ended, and per share data in the financial highlights for each of the years in the period then ended, have been given retroactive effect to reflect these reverse share splits. There were no changes in net assets, results of operations or total return as a result of these transactions.
9. REGULATORY MATTERS
On August 17, 2018, the SEC adopted amendments to Regulation S-X. These changes are effective for periods after November 5, 2018. The updates to registered investment companies were mainly focused on the presentation of distributable earnings, eliminating the need to present the components of distributable earnings on a book basis in the financial statements. The update also impacted the presentation of undistributed net investment income and distribution to shareholders on the Statement of Changes in Net Assets. The amounts presented in the current Statement of Changes in Net Assets represent the aggregated total distributions of net investment income and realized capital gains, except for distributions classified as return of capital which are still presented separately.
22
Notes to Financial Statements (concluded) | ||
May 31, 2020 (unaudited) |
10. NEW ACCOUNTING PRONOUNCEMENTS
In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820). The new guidance includes additions and modifications to disclosures requirements for fair value measurements. For public entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Management elected to early adopt the removal and modifications of certain disclosures and delay the adoption of additional disclosures until the effective date.
11. SUBSEQUENT EVENTS
The Fund has been evaluated regarding the need for additional disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, no additional adjustments were required to the financial statements.
23
Disclosure of Fund Expenses (unaudited) |
All exchange traded funds (“ETFs”) have operating expenses. As a shareholder of an ETF, your investment is affected by these ongoing costs, which include (among others) costs for ETF management, administrative services, commissions, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns. In addition, a shareholder is responsible for any brokerage fees as a result of his or her investment in the Fund, which is not reflected in the table below.
Operating expenses such as these are deducted from an ETF’s gross income and directly reduce its final investment return. These expenses are expressed as a percentage of the ETF’s average net assets; this percentage is known as the ETF’s expense ratio.
The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the six-month period shown and held for the entire period (December 1, 2019 to May 31, 2020).
The table below illustrates your Fund’s costs in two ways:
Actual Fund Return. This section helps you to estimate the actual expenses that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.
You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”
Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.
NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.
24
Disclosure of Fund Expenses (unaudited) |
Beginning Account Value 12/1/2019 | Ending Account Value 5/31/2020 | Annualized Expense Ratios | Expenses Paid During Period(1) | |||||||||||||
Global X MLP ETF | ||||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 715.90 | 0.45 | % | $ | 1.93 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,022.75 | 0.45 | 2.28 |
(1) | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period.) |
25
Liquidity Risk Management Program (unaudited) |
Pursuant to Rule 22e-4 under the 1940 Act, the Fund’s investment adviser has adopted, and the Board has approved, a liquidity risk management program (the “Program”) to govern the Fund’s approach to managing liquidity risk. The Program is overseen by the Fund’s Liquidity Risk Management Committee (the “Committee”), and the Program’s principal objectives include assessing, managing and periodically reviewing the Fund’s liquidity risk, based on factors specific to the circumstances of the Funds.
At a meeting of the Board held on May 29, 2020, the Trustees received a report from the Committee addressing the operations of the Program and assessing its adequacy and effectiveness of implementation for the period from December 1, 2018 through December 31, 2019. The Committee’s report noted that the Committee had determined that the Program is reasonably designed to assess and manage the Fund’s Liquidity Risk and operated adequately and effectively to manage the Fund’s Liquidity Risk for the period covered by the report. The Committee’s report noted that during the period covered by the report, there were no liquidity events that impacted the Fund or its ability to timely meet redemptions without dilution to existing shareholders. The Committee’s report further noted that no material changes have been made to the Program since its implementation.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding a Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
26
Supplemental Information (unaudited) |
Net asset value, or “NAV”, is the price per Share at which the Fund issues and redeems Shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of the Fund generally is determined using the midpoint between the highest bid and the lowest offer on the stock exchange on which the Shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. The Fund’s Market Price may be at, above or below its NAV. The NAV of the Fund will fluctuate with changes in the market value of the Fund’s holdings. The Market Price of the Fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.
Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of the Fund on a given day, generally at the time NAV is calculated. A premium is the amount that the Fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that the Fund is trading below the reported NAV, expressed as a percentage of the NAV.
Further information regarding premiums and discounts is available on the Fund’s website at www.globalxetfs.com.
27
Notes |
605 3rd Avenue, 43rd Floor
New York, NY 10158
1-888-493-8631
www.globalxetfs.com
Investment Adviser and Administrator:
Global X Management Company LLC
605 3rd Avenue, 43rd Floor
New York, NY 10158
Distributor:
SEI Investments Distribution Co.
One Freedom Valley Drive
Oaks, PA 19456
Sub-Administrator:
SEI Investments Global Funds Services
One Freedom Valley Drive
Oaks, PA 19456
Counsel for Global X Funds and the Independent Trustees:
Stradley Ronon Stevens & Young, LLP
2000 K Street, N.W.
Suite 700
Washington, DC 20006
Custodian and Transfer Agent:
Brown Brothers Harriman & Co.
50 Post Office Square
Boston, MA 02110
Independent Registered Public Accounting Firm:
PricewaterhouseCoopers LLP
Two Commerce Square
Suite 1800
2001 Market Street
Philadelphia, PA 19103
This information must be preceded or accompanied by a current prospectus for the Fund described.
GLX-SA-005-0800
Global X MLP & Energy Infrastructure ETF (ticker: MLPX) |
Global X U.S. Preferred ETF (ticker: PFFD) |
Global X SuperDividend® Alternatives ETF (ticker: ALTY) |
Global X S&P 500® Quality Dividend ETF (ticker: QDIV) |
Global X TargetIncomeTM 5 ETF (ticker: TFIV) |
Global X TargetIncomeTM Plus 2 ETF (ticker: TFLT) |
Global X Adaptive U.S. Factor ETF (ticker: AUSF) |
Semi-Annual Report
May 31, 2020
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ (defined below) shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary (such as a broker-dealer or bank). Instead, shareholder reports will be available on the Funds’ website (www.globalxetfs.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary.
You may elect to receive all future Fund shareholder reports in paper free of charge. Please contact your financial intermediary to inform them that you wish to continue receiving paper copies of Fund shareholder reports and for details about whether your election to receive reports in paper will apply to all funds held with your financial intermediary.
Table of Contents |
Schedules of Investments | |
Global X MLP & Energy Infrastructure ETF | 1 |
Global X U.S. Preferred ETF | 4 |
Global X SuperDividend® Alternatives ETF | 20 |
Global X S&P 500® Quality Dividend ETF | 25 |
Global X TargetIncomeTM 5 ETF | 29 |
Global X TargetIncomeTM Plus 2 ETF | 31 |
Global X Adaptive U.S. Factor ETF | 33 |
Statements of Assets and Liabilities | 43 |
Statements of Operations | 45 |
Statements of Changes in Net Assets | 47 |
Financial Highlights | 51 |
Notes to Financial Statements | 57 |
Disclosure of Fund Expenses | 72 |
Liquidity Risk Management Program | 74 |
Supplemental Information | 75 |
Shares are bought and sold at market price (not NAV) and are not individually redeemed from a Fund. Shares may only be redeemed directly from a Fund by Authorized Participants, in very large creation/redemption units. Brokerage commissions will reduce returns.
The Funds file their complete schedules of Fund holdings with the Securities and Exchange Commission (the “SEC” or “Commission”) for the first and third quarters of each fiscal year on Form N-PORT. The Funds’ Forms N-PORT are available on the Commission’s website at https://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
A description of the policies and procedures that Global X Funds uses to determine how to vote proxies relating to Fund securities, as well as information relating to how the Funds voted proxies relating to Fund securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-888-493-8631; and (ii) on the Commission’s website at https://www.sec.gov.
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X MLP & Energy Infrastructure ETF |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 2 and 7 in Notes to Financial Statements for more detailed information.
Shares | Value | |||||||
COMMON STOCK — 75.3% | ||||||||
CANADA— 23.0% | ||||||||
Energy — 23.0% | ||||||||
Enbridge ^ | 1,428,662 | $ | 46,360,082 | |||||
Pembina Pipeline | 1,410,458 | 35,303,764 | ||||||
TC Energy | 994,844 | 44,777,928 | ||||||
TOTAL CANADA | 126,441,774 | |||||||
UNITED STATES— 52.3% | ||||||||
Energy — 52.3% | ||||||||
Antero Midstream (A) | 5,871,757 | 28,066,999 | ||||||
Archrock | 2,643,920 | 16,788,892 | ||||||
Cheniere Energy * | 523,523 | 23,218,245 | ||||||
EnLink Midstream | 5,168,842 | 12,198,467 | ||||||
Equitrans Midstream (A) | 3,029,671 | 24,510,038 | ||||||
Kinder Morgan | 2,949,754 | 46,606,113 | ||||||
ONEOK | 1,108,564 | 40,673,213 | ||||||
Plains GP Holdings, Cl A | 2,573,638 | 25,710,644 | ||||||
Targa Resources | 1,541,787 | 27,582,569 | ||||||
Williams | 2,104,265 | 42,990,134 | ||||||
TOTAL UNITED STATES | 288,345,314 | |||||||
TOTAL COMMON STOCK | ||||||||
(Cost $584,878,343) | 414,787,088 |
1
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X MLP & Energy Infrastructure ETF |
Shares/Face Amount | Value | |||||||
MASTER LIMITED PARTNERSHIPS — 23.8% | ||||||||
Energy — 23.8% | ||||||||
Cheniere Energy Partners | 88,674 | $ | 2,991,861 | |||||
DCP Midstream | 203,105 | 2,234,155 | ||||||
Enable Midstream Partners | 188,980 | 786,157 | ||||||
Energy Transfer | 3,156,712 | 25,758,770 | ||||||
Enterprise Products Partners | 1,275,486 | 24,361,783 | ||||||
EQM Midstream Partners | 188,847 | 3,710,843 | ||||||
Holly Energy Partners | 102,741 | 1,660,294 | ||||||
Magellan Midstream Partners | 513,599 | 23,286,579 | ||||||
MPLX | 893,707 | 16,971,496 | ||||||
Phillips 66 Partners | 133,048 | 5,944,585 | ||||||
Plains All American Pipeline | 1,084,460 | 10,519,262 | ||||||
Shell Midstream Partners | 281,480 | 3,797,165 | ||||||
TC PipeLines | 136,742 | 4,806,481 | ||||||
Western Midstream Partners | 457,233 | 4,270,556 | ||||||
TOTAL MASTER LIMITED PARTNERSHIPS | ||||||||
(Cost $155,950,478) | 131,099,987 | |||||||
SHORT-TERM INVESTMENT(B)(C) — 4.4% | ||||||||
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.080% | ||||||||
(Cost $24,179,072) | 24,179,072 | 24,179,072 | ||||||
REPURCHASE AGREEMENT(B) — 0.5% | ||||||||
BNP Paribas | ||||||||
0.050%, dated 05/31/20, to be repurchased on 06/01/20, repurchase price $2,838,322 (collateralized by U.S. Treasury Obligations, ranging in par value $345,339 - $2,546,145, 1.500%, 08/15/2026, with a total market value of $2,891,484) | ||||||||
(Cost $2,838,310) | $ | 2,838,310 | 2,838,310 | |||||
TOTAL INVESTMENTS — 104.0% | ||||||||
(Cost $767,846,203) | $ | 572,904,457 |
2
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X MLP & Energy Infrastructure ETF |
Percentages are based on Net Assets of $550,999,052.
* | Non-income producing security. |
^ | Canadian security listed on New York and Toronto Stock Exchanges. |
(A) | This security or a partial position of this security is on loan at May 31, 2020. The total value of securities on loan at May 31, 2020 was $26,737,248. |
(B) | Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2020 was $27,017,382. |
(C) | The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2020. |
Cl — Class
The following is a summary of the level of inputs used as of May 31, 2020, in valuing the Fund’s investments carried at value:
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 414,787,088 | $ | — | $ | — | $ | 414,787,088 | ||||||||
Master Limited Partnerships | 131,099,987 | — | — | 131,099,987 | ||||||||||||
Short-Term Investment | 24,179,072 | — | — | 24,179,072 | ||||||||||||
Repurchase Agreement | — | 2,838,310 | — | 2,838,310 | ||||||||||||
Total Investments in Securities | $ | 570,066,147 | $ | 2,838,310 | $ | — | $ | 572,904,457 |
For the period ended May 31, 2020, there have been no transfers in or out of Level 3.
Amounts designated as “—“ are $0 or have been rounded to $0.
3
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X U.S. Preferred ETF |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 2 and 7 in Notes to Financial Statements for more detailed information.
Shares | Value | |||||||
PREFERRED STOCK — 99.5% | ||||||||
BERMUDA— 1.7% | ||||||||
Financials — 1.4% | ||||||||
Aspen Insurance Holdings, 5.950%, VAR ICE LIBOR USD 3 Month+4.060% (A) | 47,801 | $ | 1,226,096 | |||||
Aspen Insurance Holdings, 5.625% (A) | 43,328 | 1,072,368 | ||||||
Aspen Insurance Holdings, 5.625% | 41,561 | 1,024,479 | ||||||
Enstar Group, 7.000%, VAR ICE LIBOR USD 3 Month+4.015% | 66,719 | 1,700,667 | ||||||
Enstar Group, 7.000% (A) | 20,301 | 514,224 | ||||||
PartnerRe, 7.250% | 48,774 | 1,282,756 | ||||||
PartnerRe, 5.875% (A) | 33,005 | 833,046 | ||||||
RenaissanceRe Holdings, 5.750% | 43,349 | 1,126,640 |
4
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X U.S. Preferred ETF |
Shares | Value | |||||||
PREFERRED STOCK — continued | ||||||||
Financials — continued | ||||||||
RenaissanceRe Holdings, 5.375% | 48,100 | $ | 1,212,601 | |||||
9,992,877 | ||||||||
Industrials — 0.3% | ||||||||
Triton International, 8.000% | 24,611 | 595,586 | ||||||
Triton International, 7.375% | 28,327 | 678,149 | ||||||
Triton International, 6.875% (A) | 24,062 | 543,801 | ||||||
1,817,536 | ||||||||
TOTAL BERMUDA | 11,810,413 | |||||||
CANADA— 0.8% | ||||||||
Energy — 0.4% | ||||||||
Enbridge, 6.375%, VAR ICE LIBOR USD 3 Month+3.593% (A) | 100,613 | 2,439,865 | ||||||
Utilities — 0.4% | ||||||||
Algonquin Power & Utilities, 6.875%, VAR ICE LIBOR USD 3 Month+3.677% (A) | 51,798 | 1,411,495 | ||||||
Algonquin Power & Utilities, 6.200%, VAR ICE LIBOR USD 3 Month+4.010% | 58,307 | 1,574,289 | ||||||
2,985,784 | ||||||||
TOTAL CANADA | 5,425,649 | |||||||
NETHERLANDS— 0.6% | ||||||||
Financials — 0.6% | ||||||||
Aegon, 5.100% | 155,771 | 3,654,388 | ||||||
Aegon, 4.000%, VAR ICE LIBOR USD 3 Month+0.875% (A) | 45,273 | 967,031 | ||||||
TOTAL NETHERLANDS | 4,621,419 | |||||||
SPAIN— 0.1% | ||||||||
Financials — 0.1% | ||||||||
Banco Santander, 4.000%, VAR ICE LIBOR USD 3 Month+0.520% | 39,549 | 823,015 |
5
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X U.S. Preferred ETF |
Shares | Value | |||||||
PREFERRED STOCK — continued | ||||||||
UNITED KINGDOM— 1.3% | ||||||||
Financials — 1.3% | ||||||||
HSBC Holdings, 6.200% | 249,408 | $ | 6,452,185 | |||||
Prudential, 6.750% | 43,382 | 1,132,270 | ||||||
Prudential, 6.500% | 49,819 | 1,331,164 | ||||||
TOTAL UNITED KINGDOM | 8,915,619 | |||||||
UNITED STATES— 95.0% | ||||||||
Communication Services — 4.9% | ||||||||
AT&T, 5.625% (A) | 138,942 | 3,756,992 | ||||||
AT&T, 5.350% | 227,661 | 5,976,101 | ||||||
AT&T, 5.000% (A) | 206,852 | 5,318,165 | ||||||
Qwest, 7.000% (A) | 40,597 | 1,039,283 | ||||||
Qwest, 6.875% | 84,500 | 2,044,055 | ||||||
Qwest, 6.750% | 110,807 | 2,719,204 | ||||||
Qwest, 6.625% (A) | 72,164 | 1,728,328 | ||||||
Qwest, 6.500% | 164,660 | 3,862,924 | ||||||
Qwest, 6.125% (A) | 130,260 | 2,949,086 | ||||||
Telephone & Data Systems, 7.000% | 52,174 | 1,345,046 | ||||||
Telephone & Data Systems, 6.875% | 40,789 | 1,027,067 | ||||||
Telephone & Data Systems, 5.875% (A) | 36,722 | 907,768 | ||||||
United States Cellular, 7.250% | 49,791 | 1,302,532 | ||||||
United States Cellular, 6.950% | 60,525 | 1,558,519 | ||||||
35,535,070 | ||||||||
Consumer Discretionary — 1.9% | ||||||||
Brunswick, 6.500% | 34,807 | 929,347 | ||||||
Brunswick, 6.375% | 41,716 | 1,086,702 | ||||||
Dillard’s Capital Trust I, 7.500% | 34,894 | 694,042 | ||||||
eBay, 6.000% (A) | 126,190 | 3,288,511 | ||||||
Ford Motor, 6.200% (A) | 125,708 | 2,677,580 | ||||||
Ford Motor, 6.000% | 134,116 | 2,648,791 | ||||||
QVC, 6.375% | 38,875 | 866,524 |
6
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X U.S. Preferred ETF |
Shares | Value | |||||||
PREFERRED STOCK — continued | ||||||||
Consumer Discretionary — continued | ||||||||
QVC, 6.250% | 83,490 | $ | 1,749,115 | |||||
13,940,612 | ||||||||
Consumer Staples — 0.1% | ||||||||
Energizer Holdings, 7.500% | 9,749 | 912,409 | ||||||
Energy — 1.6% | ||||||||
Chesapeake Energy, 4.500% (A) | 9,802 | 30,582 | ||||||
DCP Midstream, 7.950%, VAR ICE LIBOR USD 3 Month+4.882% | 19,420 | 378,302 | ||||||
DCP Midstream, 7.875%, VAR ICE LIBOR USD 3 Month+4.919% | 30,304 | 581,534 | ||||||
Energy Transfer Operating, 7.625%, VAR ICE LIBOR USD 3 Month+4.738% | 78,806 | 1,710,090 | ||||||
Energy Transfer Operating, 7.600%, VAR ICE LIBOR USD 3 Month+5.161% | 134,362 | 2,969,400 | ||||||
Energy Transfer Operating, 7.375%, VAR ICE LIBOR USD 3 Month+4.530% | 78,726 | 1,676,864 | ||||||
Nabors Industries, 6.000% | 32,499 | 208,644 | ||||||
NuStar Energy, 9.000%, VAR ICE LIBOR USD 3 Month+6.880% | 32,458 | 693,628 | ||||||
NuStar Energy, 8.500%, VAR ICE LIBOR USD 3 Month+6.766% | 42,582 | 867,821 | ||||||
NuStar Energy, 7.625%, VAR ICE LIBOR USD 3 Month+5.643% | 69,765 | 1,303,210 | ||||||
NuStar Logistics, 7.953%, VAR ICE LIBOR USD 3 Month+6.734% | 73,505 | 1,563,451 | ||||||
11,983,526 | ||||||||
Financials — 57.9% | ||||||||
Affiliated Managers Group, 5.875% | 53,141 | 1,432,150 | ||||||
Allied Capital, 6.875% (A) | 40,421 | 1,020,630 | ||||||
Allstate, 5.625% (A) | 96,519 | 2,639,795 | ||||||
Allstate, 5.100% | 198,284 | 5,151,418 |
7
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X U.S. Preferred ETF |
Shares | Value | |||||||
PREFERRED STOCK — continued | ||||||||
Financials — continued | ||||||||
Allstate, 5.100%, VAR ICE LIBOR USD 3 Month+3.165% (A) | 83,756 | $ | 2,187,707 | |||||
Allstate, 4.750% | 49,782 | 1,273,424 | ||||||
American Equity Investment Life Holding, 5.950%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.322% | 66,624 | 1,499,706 | ||||||
American Financial Group, 6.000% (A) | 24,347 | 619,388 | ||||||
American Financial Group, 5.875% | 22,269 | 590,797 | ||||||
American Financial Group, 5.125% (A) | 32,791 | 813,873 | ||||||
American International Group, 5.850% (A) | 83,737 | 2,208,145 | ||||||
Apollo Global Management, 6.375% | 47,747 | 1,265,296 | ||||||
Apollo Global Management, 6.375% | 52,324 | 1,383,970 | ||||||
Arch Capital Group, 5.450% (A) | 54,852 | 1,390,498 | ||||||
Arch Capital Group, 5.250% (A) | 75,187 | 1,831,555 | ||||||
Athene Holding, 6.350%, VAR ICE LIBOR USD 3 Month+4.253% | 145,196 | 3,650,227 | ||||||
Athene Holding, 5.625% | 59,013 | 1,449,359 | ||||||
Axis Capital Holdings, 5.500% (A) | 92,170 | 2,180,742 | ||||||
BancorpSouth Bank, 5.500% (A) | 28,109 | 698,228 | ||||||
Bank of America, 7.250% | 13,164 | 17,962,278 | ||||||
Bank of America, 6.450%, VAR ICE LIBOR USD 3 Month+1.327% (A) | 181,209 | 4,774,857 | ||||||
Bank of America, 6.200% | 189,791 | 4,904,199 | ||||||
Bank of America, 6.000% | 151,635 | 3,945,543 | ||||||
Bank of America, 6.000% (A) | 232,259 | 6,336,025 | ||||||
Bank of America, 5.875% | 143,852 | 3,859,549 | ||||||
Bank of America, 5.375% (A) | 240,418 | 6,298,952 | ||||||
Bank of America, 5.000% | 225,618 | 5,640,450 | ||||||
Bank of America, 4.000%, VAR ICE LIBOR USD 3 Month+0.750% | 37,859 | 870,000 | ||||||
Bank of America, 4.000%, VAR ICE LIBOR USD 3 Month+0.500% (A) | 70,176 | 1,527,030 |
8
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X U.S. Preferred ETF |
Shares | Value | |||||||
PREFERRED STOCK — continued | ||||||||
Financials — continued | ||||||||
Bank of America, 4.000%, VAR ICE LIBOR USD 3 Month+0.350% (A) | 55,427 | $ | 1,285,906 | |||||
Bank of America, 3.000%, VAR ICE LIBOR USD 3 Month+0.650% (A) | 51,422 | 999,644 | ||||||
Bank of New York Mellon, 5.200% (A) | 97,733 | 2,491,214 | ||||||
Brighthouse Financial, 6.600% | 70,973 | 1,830,394 | ||||||
Brighthouse Financial, 6.250% (A) | 66,892 | 1,739,192 | ||||||
Brightsphere Investment Group, 5.125% | 21,185 | 506,957 | ||||||
Capital One Financial, 6.200% | 83,729 | 2,155,184 | ||||||
Capital One Financial, 6.000% | 83,747 | 2,195,846 | ||||||
Capital One Financial, 5.200% (A) | 100,666 | 2,481,417 | ||||||
Capital One Financial, 5.000% | 258,210 | 6,031,786 | ||||||
Capital One Financial, 4.800% | 210,803 | 4,606,046 | ||||||
Charles Schwab, 6.000% | 100,714 | 2,561,157 | ||||||
Charles Schwab, 5.950% | 126,193 | 3,318,876 | ||||||
CIT Group, 5.625% (A) | 33,890 | 702,879 | ||||||
Citigroup, Ser J, 7.125%, VAR ICE LIBOR USD 3 Month+4.040% | 160,182 | 4,382,579 | ||||||
Citigroup, 6.875%, VAR ICE LIBOR USD 3 Month+4.130% | 256,987 | 6,956,638 | ||||||
Citigroup, 6.300% | 174,538 | 4,529,261 | ||||||
Citigroup Capital XIII, 7.130%, VAR ICE LIBOR USD 3 Month+6.370% | 384,913 | 10,392,651 | ||||||
Citizens Financial Group, 6.350%, VAR ICE LIBOR USD 3 Month+3.642% (A) | 54,751 | 1,383,558 | ||||||
Citizens Financial Group, 5.000% | 75,159 | 1,699,345 | ||||||
Commerce Bancshares, 6.000% | 25,762 | 675,995 | ||||||
Equitable Holdings, 5.250% | 134,539 | 3,214,137 | ||||||
Fifth Third Bancorp, 6.625%, VAR ICE LIBOR USD 3 Month+3.710% | 75,303 | 2,052,007 | ||||||
Fifth Third Bancorp, 4.950% (A) | 42,640 | 1,054,061 | ||||||
First Republic Bank, 5.500% (A) | 50,202 | 1,337,883 |
9
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X U.S. Preferred ETF |
Shares | Value | |||||||
PREFERRED STOCK — continued | ||||||||
Financials — continued | ||||||||
First Republic Bank, 5.125% (A) | 36,092 | $ | 937,670 | |||||
First Republic Bank, 4.700% | 65,833 | 1,589,209 | ||||||
Globe Life, 6.125% | 52,617 | 1,399,612 | ||||||
GMAC Capital Trust I, Ser 2, 6.177%, VAR ICE LIBOR USD 3 Month+5.785% | 457,079 | 10,325,415 | ||||||
Goldman Sachs Group, 6.375%, VAR ICE LIBOR USD 3 Month+3.550% | 117,691 | 3,170,596 | ||||||
Goldman Sachs Group, 6.300% | 113,474 | 2,967,345 | ||||||
Goldman Sachs Group, 5.500%, VAR ICE LIBOR USD 3 Month+3.640% (A) | 168,586 | 4,359,634 | ||||||
Goldman Sachs Group, 4.000%, VAR ICE LIBOR USD 3 Month+0.750% (A) | 32,534 | 697,529 | ||||||
Goldman Sachs Group, 4.000%, VAR ICE LIBOR USD 3 Month+0.670% (A) | 231,875 | 5,003,863 | ||||||
Goldman Sachs Group, 3.750%, VAR ICE LIBOR USD 3 Month+0.750% (A) | 125,867 | 2,585,308 | ||||||
Hanover Insurance Group, 6.350% (A) | 30,350 | 792,438 | ||||||
Hartford Financial Services Group, 7.875%, VAR ICE LIBOR USD 3 Month+5.596% | 100,758 | 2,732,557 | ||||||
Hartford Financial Services Group, 6.000% | 57,474 | 1,581,110 | ||||||
Huntington Bancshares, 6.250% | 100,705 | 2,585,097 | ||||||
IBERIABANK, 6.100%, VAR ICE LIBOR USD 3 Month+3.859% | 17,616 | 405,696 | ||||||
JPMorgan Chase, 6.150% | 198,344 | 5,041,904 | ||||||
JPMorgan Chase, 6.100% | 245,195 | 6,218,145 | ||||||
JPMorgan Chase, 6.000% (A) | 317,416 | 8,770,204 | ||||||
JPMorgan Chase, 5.750% (A) | 291,278 | 7,847,029 | ||||||
JPMorgan Chase, 4.750% | 151,605 | 3,759,804 | ||||||
KeyCorp, 6.125%, VAR ICE LIBOR USD 3 Month+3.892% | 83,844 | 2,354,339 | ||||||
KeyCorp, 5.650% | 72,297 | 1,883,337 | ||||||
KeyCorp, 5.625% | 75,251 | 1,944,486 |
10
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X U.S. Preferred ETF |
Shares | Value | |||||||
PREFERRED STOCK — continued | ||||||||
Financials — continued | ||||||||
KKR, 6.750% | 57,973 | $ | 1,511,936 | |||||
Legg Mason, 6.375% | 43,335 | 1,152,711 | ||||||
Legg Mason, 5.450% | 83,682 | 2,136,401 | ||||||
MetLife, 5.625% (A) | 135,504 | 3,588,146 | ||||||
MetLife, 4.750% | 168,533 | 4,182,989 | ||||||
MetLife, 4.000%, VAR ICE LIBOR USD 3 Month+1.000% | 100,568 | 2,357,314 | ||||||
Morgan Stanley, Ser E, 7.125%, VAR ICE LIBOR USD 3 Month+4.320% | 145,318 | 4,023,855 | ||||||
Morgan Stanley, Ser F, 6.875%, VAR ICE LIBOR USD 3 Month+3.940% | 144,093 | 3,912,125 | ||||||
Morgan Stanley, 6.375%, VAR ICE LIBOR USD 3 Month+3.708% | 168,646 | 4,602,349 | ||||||
Morgan Stanley, 5.850%, VAR ICE LIBOR USD 3 Month+3.491% (A) | 169,540 | 4,525,023 | ||||||
Morgan Stanley, 4.875% (A) | 83,669 | 2,040,687 | ||||||
Morgan Stanley, 4.000%, VAR ICE LIBOR USD 3 Month+0.700% (A) | 185,313 | 4,037,970 | ||||||
Navient, 6.000% (A) | 54,437 | 1,246,607 | ||||||
New York Community Bancorp, 6.375%, VAR ICE LIBOR USD 3 Month+3.821% | 86,290 | 2,248,717 | ||||||
Northern Trust, 4.700% | 66,734 | 1,677,025 | ||||||
Oaktree Capital Group, 6.625% | 30,884 | 809,161 | ||||||
Oaktree Capital Group, 6.550% | 40,639 | 1,053,769 | ||||||
People’s United Financial, 5.625%, VAR ICE LIBOR USD 3 Month+4.020% (A) | 43,385 | 1,124,539 | ||||||
PNC Financial Services Group, 6.125%, VAR ICE LIBOR USD 3 Month+4.067% | 257,889 | 6,808,270 | ||||||
PNC Financial Services Group, 5.375% | 80,336 | 2,039,731 | ||||||
Prospect Capital, 6.250% | 38,569 | 964,225 | ||||||
Prudential Financial, 5.750% (A) | 96,456 | 2,454,805 | ||||||
Prudential Financial, 5.700% (A) | 119,364 | 3,043,782 |
11
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X U.S. Preferred ETF |
Shares | Value | |||||||
PREFERRED STOCK — continued | ||||||||
Financials — continued | ||||||||
Prudential Financial, 5.625% (A) | 94,807 | $ | 2,539,880 | |||||
Regions Financial, Ser B, 6.375%, VAR ICE LIBOR USD 3 Month+3.536% | 83,801 | 2,225,755 | ||||||
Regions Financial, Ser A, 6.375% | 83,723 | 2,142,472 | ||||||
Regions Financial, 5.700%, VAR ICE LIBOR USD 3 Month+3.148% (A) | 83,778 | 2,153,932 | ||||||
Reinsurance Group of America, 6.200%, VAR ICE LIBOR USD 3 Month+4.370% | 66,764 | 1,643,730 | ||||||
Reinsurance Group of America, 5.750%, VAR ICE LIBOR USD 3 Month+4.040% | 67,100 | 1,640,595 | ||||||
SLM, 2.441%, VAR ICE LIBOR USD 3 Month+1.700% (A) | 18,846 | 705,594 | ||||||
State Street, 5.900%, VAR ICE LIBOR USD 3 Month+3.108% (A) | 126,194 | 3,250,757 | ||||||
State Street, 5.350%, VAR ICE LIBOR USD 3 Month+3.709% | 83,794 | 2,250,707 | ||||||
Stifel Financial, 6.250% (A) | 28,741 | 735,770 | ||||||
SVB Financial Group, 5.250% | 58,243 | 1,438,020 | ||||||
Synchrony Financial, 5.625% | 125,873 | 2,574,103 | ||||||
Synovus Financial, 6.300%, VAR ICE LIBOR USD 3 Month+3.352% | 32,692 | 772,839 | ||||||
Synovus Financial, 5.875%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.127% | 62,264 | 1,360,468 | ||||||
Truist Financial, 5.625% (A) | 77,801 | 2,002,598 | ||||||
Truist Financial, 5.200% (A) | 75,233 | 1,928,222 | ||||||
Truist Financial, 5.200% (A) | 83,715 | 2,126,361 | ||||||
Truist Financial, 4.000%, VAR ICE LIBOR USD 3 Month+0.530% (A) | 27,993 | 639,360 | ||||||
Unum Group, 6.250% | 52,218 | 1,262,631 | ||||||
US Bancorp, 6.500%, VAR ICE LIBOR USD 3 Month+4.468% | 189,707 | 5,074,662 | ||||||
US Bancorp, 5.500% (A) | 96,494 | 2,637,181 |
12
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X U.S. Preferred ETF |
Shares | Value | |||||||
PREFERRED STOCK — continued | ||||||||
Financials — continued | ||||||||
US Bancorp, 4.500% (A) | 83,727 | $ | 2,124,991 | |||||
US Bancorp, 3.500%, VAR ICE LIBOR USD 3 Month+0.600% (A) | 168,264 | 3,385,472 | ||||||
Voya Financial, 5.350%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.210% | 53,214 | 1,369,196 | ||||||
Wells Fargo, 7.500% | 16,946 | 22,877,100 | ||||||
Wells Fargo, 6.625%, VAR ICE LIBOR USD 3 Month+3.690% | 141,481 | 3,769,054 | ||||||
Wells Fargo, 6.000% | 21,287 | 546,011 | ||||||
Wells Fargo, 6.000% | 168,601 | 4,331,360 | ||||||
Wells Fargo, 5.850%, VAR ICE LIBOR USD 3 Month+3.090% | 296,340 | 7,438,134 | ||||||
Wells Fargo, 5.700% | 168,586 | 4,314,116 | ||||||
Wells Fargo, 5.625% (A) | 115,996 | 3,001,976 | ||||||
Wells Fargo, 5.500% | 198,354 | 5,010,422 | ||||||
Wells Fargo, 5.250% | 104,920 | 2,631,394 | ||||||
Wells Fargo, 5.200% (A) | 126,131 | 3,159,582 | ||||||
Wells Fargo, 5.125% (A) | 109,146 | 2,721,010 | ||||||
Wells Fargo, 4.750% | 345,458 | 8,197,718 | ||||||
WR Berkley, 5.900% | 18,495 | 488,453 | ||||||
WR Berkley, 5.750% (A) | 50,428 | 1,292,470 | ||||||
WR Berkley, 5.700% | 34,801 | 922,922 | ||||||
WR Berkley, 5.625% (A) | 58,260 | 1,520,586 | ||||||
WR Berkley, 5.100% | 49,746 | 1,235,193 | ||||||
421,927,665 | ||||||||
Health Care — 2.4% | ||||||||
Avantor, 6.250% | 89,160 | 5,729,421 | ||||||
Change Healthcare, 6.000% (A) | 25,313 | 1,234,009 | ||||||
Danaher, 4.750% | 7,046 | 8,505,790 |
13
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X U.S. Preferred ETF |
Shares | Value | |||||||
PREFERRED STOCK — continued | ||||||||
Health Care — continued | ||||||||
Elanco Animal Health, 5.000% | 46,057 | $ | 1,751,548 | |||||
17,220,768 | ||||||||
Industrials — 1.6% | ||||||||
Air Lease, 6.150%, VAR ICE LIBOR USD 3 Month+3.650% (A) | 45,494 | 1,003,143 | ||||||
Colfax, 5.750% | 19,355 | 2,363,245 | ||||||
Fortive, 5.000% | 5,914 | 4,759,292 | ||||||
Pitney Bowes, 6.700% (A) | 74,184 | 1,260,386 | ||||||
Stanley Black & Decker, 5.250% | 28,301 | 2,322,946 | ||||||
11,709,012 | ||||||||
Information Technology — 2.5% | ||||||||
Broadcom, 8.000% | 17,095 | 18,564,315 | ||||||
Materials — 0.5% | ||||||||
International Flavors & Fragrances, 6.000% | 69,917 | 3,358,813 | ||||||
Real Estate — 6.6% | ||||||||
American Homes 4 Rent, 6.350% ‡ | 37,889 | 994,207 | ||||||
Brookfield Property Partners, 6.500% | 33,126 | 668,814 | ||||||
Brookfield Property Partners, 6.375% | 41,074 | 821,480 | ||||||
CBL & Associates Properties, Ser D, 7.375% ‡ (A) | 40,192 | 31,036 | ||||||
CBL & Associates Properties, 6.625% ‡ | 4,059 | 2,853 | ||||||
Digital Realty Trust, 6.350% ‡ | 43,858 | 1,124,080 | ||||||
Digital Realty Trust, 5.875% ‡ (A) | 43,284 | 1,118,026 | ||||||
Digital Realty Trust, 5.850% ‡ (A) | 38,002 | 1,026,054 | ||||||
Digital Realty Trust, 5.200% ‡ | 57,408 | 1,466,200 | ||||||
Diversified Healthcare Trust, 6.250% ‡ | 43,305 | 813,701 | ||||||
Diversified Healthcare Trust, 5.625% ‡ | 60,998 | 1,151,642 | ||||||
EPR Properties, 5.750% ‡ | 26,848 | 466,887 | ||||||
Kimco Realty, 5.250% ‡ | 46,338 | 1,119,526 | ||||||
Kimco Realty, 5.125% ‡ (A) | 38,835 | 947,962 |
14
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X U.S. Preferred ETF |
Shares | Value | |||||||
PREFERRED STOCK — continued | ||||||||
Real Estate — continued | ||||||||
National Retail Properties, 5.200% ‡ (A) | 61,188 | $ | 1,443,425 | |||||
Office Properties Income Trust, 5.875% ‡ | 55,239 | 1,345,070 | ||||||
PS Business Parks, 5.250% ‡ | 39,740 | 1,018,934 | ||||||
PS Business Parks, 5.200% ‡ | 35,708 | 904,484 | ||||||
PS Business Parks, 5.200% ‡ | 37,613 | 965,526 | ||||||
PS Business Parks, 4.875% ‡ | 53,962 | 1,326,386 | ||||||
Public Storage, 5.600% ‡ | 51,928 | 1,432,174 | ||||||
Public Storage, 5.400% ‡ | 52,666 | 1,356,149 | ||||||
Public Storage, 5.375% ‡ | 82,871 | 2,117,354 | ||||||
Public Storage, 5.200% ‡ | 83,716 | 2,149,827 | ||||||
Public Storage, 5.150% ‡ | 48,626 | 1,274,001 | ||||||
Public Storage, 5.125% ‡ | 32,820 | 846,756 | ||||||
Public Storage, 5.050% ‡ (A) | 53,717 | 1,412,220 | ||||||
Public Storage, 4.950% ‡ | 57,724 | 1,474,271 | ||||||
Public Storage, 4.900% ‡ | 58,269 | 1,479,450 | ||||||
Public Storage, 4.875% ‡ | 52,529 | 1,364,703 | ||||||
Public Storage, 4.750% ‡ (A) | 37,889 | 983,599 | ||||||
Public Storage, 4.700% ‡ (A) | 42,762 | 1,092,142 | ||||||
QTS Realty Trust, 6.500% ‡ | 13,219 | 2,015,633 | ||||||
RLJ Lodging Trust, 1.950% ‡ | 57,596 | 1,290,150 | ||||||
SITE Centers, 6.375% ‡ | 28,251 | 568,410 | ||||||
SITE Centers, 6.250% ‡ (A) | 23,936 | 477,523 | ||||||
Spirit Realty Capital, 6.000% ‡ | 32,453 | 775,627 | ||||||
VEREIT, Ser F, 6.700% ‡ | 129,812 | 3,275,157 | ||||||
Vornado Realty Trust, 5.700% ‡ | 52,504 | 1,288,973 | ||||||
Vornado Realty Trust, 5.400% ‡ | 52,307 | 1,211,430 | ||||||
Vornado Realty Trust, 5.250% ‡ | 56,184 | 1,293,356 | ||||||
Washington Prime Group, 7.500% ‡ (A) | 18,704 | 133,341 | ||||||
48,068,539 |
15
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X U.S. Preferred ETF |
Shares | Value | |||||||
PREFERRED STOCK — continued | ||||||||
Utilities — 15.0% | ||||||||
Alabama Power, 5.000% (A) | 43,342 | $ | 1,197,539 | |||||
American Electric Power, 6.125% (A) | 67,738 | 3,541,343 | ||||||
CenterPoint Energy, 7.000% | 82,120 | 2,826,570 | ||||||
CMS Energy, 5.875% (A) | 105,892 | 2,817,786 | ||||||
CMS Energy, 5.875% | 49,188 | 1,329,060 | ||||||
CMS Energy, 5.625% | 32,859 | 867,806 | ||||||
Dominion Energy, 7.250% (A) | 69,168 | 7,247,423 | ||||||
Dominion Energy, 5.250% (A) | 134,660 | 3,530,785 | ||||||
DTE Energy, 6.250% | 96,907 | 4,117,579 | ||||||
DTE Energy, 6.000% | 49,744 | 1,328,662 | ||||||
DTE Energy, 5.375% (A) | 49,799 | 1,289,296 | ||||||
DTE Energy, 5.250% (A) | 66,759 | 1,735,734 | ||||||
DTE Energy, 5.250% | 36,124 | 913,576 | ||||||
Duke Energy, 5.750% | 168,667 | 4,670,389 | ||||||
Duke Energy, 5.625% (A) | 83,798 | 2,317,015 | ||||||
Duke Energy, 5.125% (A) | 83,727 | 2,133,364 | ||||||
Entergy Arkansas, 4.875% (A) | 69,294 | 1,782,242 | ||||||
Entergy Louisiana, 4.875% (A) | 46,836 | 1,219,141 | ||||||
Entergy Mississippi, 4.900% (A) | 45,096 | 1,200,005 | ||||||
Entergy New Orleans, 5.500% (A) | 18,153 | 483,051 | ||||||
Essential Utilities, 6.000% | 40,634 | 2,368,556 | ||||||
Georgia Power, 5.000% | 46,823 | 1,218,334 | ||||||
Interstate Power and Light, 5.100% (A) | 32,821 | 837,592 | ||||||
National Rural Utilities Cooperative Finance, 5.500% | 44,083 | 1,177,016 | ||||||
NextEra Energy, 4.872% (A) | 129,001 | 6,545,511 | ||||||
NextEra Energy Capital Holdings, 5.650% (A) | 115,613 | 3,113,458 | ||||||
NextEra Energy Capital Holdings, 5.250% (A) | 95,623 | 2,451,774 | ||||||
NextEra Energy Capital Holdings, 5.125% | 83,726 | 2,118,268 | ||||||
NextEra Energy Capital Holdings, 5.000% (A) | 75,237 | 1,905,753 |
16
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X U.S. Preferred ETF |
Shares | Value | |||||||
PREFERRED STOCK — continued | ||||||||
Utilities — continued | ||||||||
NiSource, 6.500%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.632% | 83,799 | $ | 2,208,104 | |||||
PPL Capital Funding, Ser B, 5.900% | 75,241 | 1,896,073 | ||||||
SCE Trust II, 5.100% | 66,677 | 1,607,582 | ||||||
SCE Trust III, 5.750%, VAR ICE LIBOR USD 3 Month+2.990% | 49,652 | 1,149,444 | ||||||
SCE Trust IV, 5.375%, VAR ICE LIBOR USD 3 Month+3.132% (A) | 56,543 | 1,251,862 | ||||||
SCE Trust V, 5.450%, VAR ICE LIBOR USD 3 Month+3.790% | 52,120 | 1,184,166 | ||||||
SCE Trust VI, 5.000% | 79,334 | 1,734,241 | ||||||
Sempra Energy, 6.750% | 24,120 | 2,481,224 | ||||||
Sempra Energy, 5.750% (A) | 127,447 | 3,251,173 | ||||||
South Jersey Industries, 5.625% | 34,255 | 858,430 | ||||||
Southern, 6.750% | 146,177 | 7,006,264 | ||||||
Southern, 6.250% | 168,602 | 4,312,839 | ||||||
Southern, 5.250% | 75,836 | 1,986,145 | ||||||
Southern, 5.250% | 134,661 | 3,464,828 | ||||||
Southern, 4.950% (A) | 168,544 | 4,205,173 | ||||||
Spire, 5.900% | 44,121 | 1,186,855 | ||||||
Tennessee Valley Authority, 2.350%, VAR US Treas Yield Curve Rate T Note Const Mat 30 Yr+0.940% | 45,404 | 1,154,170 | ||||||
109,223,201 | ||||||||
TOTAL UNITED STATES | 692,443,930 | |||||||
TOTAL PREFERRED STOCK | ||||||||
(Cost $739,498,127) | 724,040,045 |
17
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X U.S. Preferred ETF |
Shares/Face Amount | Value | |||||||
SHORT-TERM INVESTMENT(B)(C) — 2.1% | ||||||||
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.080% | ||||||||
(Cost $15,315,555) | 15,315,555 | $ | 15,315,555 | |||||
REPURCHASE AGREEMENT(B) — 0.2% | ||||||||
BNP Paribas | ||||||||
0.050%, dated 05/29/20, to be repurchased on 06/01/20, repurchase price $1,797,855 (collateralized by U.S. Treasury Obligations, ranging in par value $218,746 - $1,612,784, 1.500%, 08/15/2026, with a total market value of $1,831,530) | ||||||||
(Cost $1,797,848) | $ | 1,797,848 | 1,797,848 | |||||
TOTAL INVESTMENTS — 101.8% | ||||||||
(Cost $756,611,530) | $ | 741,153,448 |
Percentages are based on Net Assets of $728,244,482.
‡ | Real Estate Investment Trust |
(A) | This security or a partial position of this security is on loan at May 31, 2020. The total value of securities on loan at May 31, 2020 was $16,763,661. |
(B) | Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2020 was $17,113,403. |
(C) | The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2020. |
18
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X U.S. Preferred ETF |
Cl — Class
ICE — Intercontinental Exchange
LIBOR — London Interbank Offered Rate
Ser — Series
USD — U.S. Dollar
VAR – Variable Rate
The following is a summary of the level of inputs used as of May 31, 2020, in valuing the Fund’s investments carried at value:
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Preferred Stock | $ | 666,820,735 | $ | 57,219,310 | $ | — | $ | 724,040,045 | ||||||||
Short-Term Investment | 15,315,555 | — | — | 15,315,555 | ||||||||||||
Repurchase Agreement | — | 1,797,848 | — | 1,797,848 | ||||||||||||
Total Investments in Securities | $ | 682,136,290 | $ | 59,017,158 | $ | — | $ | 741,153,448 |
For the period ended May 31, 2020, there have been no transfers in or out of Level 3.
Amounts designated as “—“ are $0 or have been rounded to $0.
19
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X SuperDividend® Alternatives ETF |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 2 and 7 in Notes to Financial Statements for more detailed information.
Shares | Value | |||||||
COMMON STOCK — 32.4% | ||||||||
Energy — 4.1% | ||||||||
Kinder Morgan | 16,842 | $ | 266,104 | |||||
ONEOK | 10,998 | 403,516 | ||||||
669,620 | ||||||||
Financials — 18.9% | ||||||||
Apollo Investment | 26,277 | 265,398 | ||||||
Ares Capital | 16,597 | 244,806 | ||||||
BlackRock Capital Investment | 80,604 | 218,437 | ||||||
BlackRock TCP Capital | 28,381 | 289,486 | ||||||
Hercules Capital | 23,709 | 264,118 | ||||||
Main Street Capital (A) | 8,831 | 275,527 | ||||||
New Mountain Finance | 26,067 | 247,637 | ||||||
PennantPark Floating Rate Capital | 37,271 | 310,094 | ||||||
PennantPark Investment | 68,446 | 224,503 | ||||||
Prospect Capital (A) | 42,620 | 216,083 | ||||||
Sixth Street Specialty Lending | 13,013 | 239,439 | ||||||
Solar Capital | 15,238 | 256,303 | ||||||
3,051,831 |
20
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X SuperDividend® Alternatives ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Utilities — 9.4% | ||||||||
Avista | 5,518 | $ | 216,140 | |||||
CenterPoint Energy | 15,168 | 269,687 | ||||||
Dominion Energy | 3,248 | 276,112 | ||||||
Duke Energy | 2,899 | 248,241 | ||||||
PPL | 9,496 | 265,319 | ||||||
Southern | 4,330 | 247,113 | ||||||
1,522,612 | ||||||||
TOTAL COMMON STOCK | ||||||||
(Cost $6,554,678) | 5,244,063 | |||||||
CLOSED-END FUNDS — 26.7% | ||||||||
AllianzGI NFJ Dividend Interest & Premium Strategy Fund | 31,276 | 346,225 | ||||||
BlackRock Income Trust | 52,782 | 324,609 | ||||||
Brookfield Real Assets Income Fund | 20,700 | 342,378 | ||||||
Eaton Vance Risk-Managed Diversified Equity Income Fund | 36,531 | 339,738 | ||||||
Eaton Vance Tax Managed Global Buy-Write Opportunities Fund (A) | 40,741 | 341,002 | ||||||
Eaton Vance Tax-Managed Buy-Write Opportunities Fund | 25,199 | 347,998 | ||||||
Morgan Stanley Emerging Markets Domestic Debt Fund | 57,672 | 327,577 | ||||||
Nuveen Mortgage and Income Fund | 18,482 | 341,917 | ||||||
Stone Harbor Emerging Markets Income Fund (A) | 41,322 | 298,345 | ||||||
Templeton Emerging Markets Income Fund (A) | 40,638 | 314,132 | ||||||
Voya Global Equity Dividend and Premium Opportunity Fund | 67,372 | 334,839 | ||||||
Western Asset Emerging Markets Debt Fund (A) | 28,868 | 349,015 | ||||||
Western Asset Mortgage Opportunity Fund | 23,734 | 311,153 | ||||||
TOTAL CLOSED-END FUNDS | ||||||||
(Cost $5,175,363) | 4,318,928 |
21
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X SuperDividend® Alternatives ETF |
Shares | Value | |||||||
EXCHANGE TRADED FUND — 18.6% | ||||||||
Global X SuperDividend REIT ETF (A)(B) | 408,694 | $ | 2,995,727 | |||||
TOTAL EXCHANGE TRADED FUND | ||||||||
(Cost $5,497,074) | 2,995,727 | |||||||
MASTER LIMITED PARTNERSHIPS — 17.2% | ||||||||
Energy — 15.7% | ||||||||
Alliance Resource Partners * | 75,624 | 239,728 | ||||||
Black Stone Minerals | 50,124 | 317,786 | ||||||
Enable Midstream Partners | 90,371 | 375,943 | ||||||
Holly Energy Partners | 16,929 | 273,573 | ||||||
MPLX | 20,820 | 395,372 | ||||||
Sunoco | 15,355 | 396,160 | ||||||
USA Compression Partners | 43,623 | 525,657 | ||||||
2,524,219 | ||||||||
Utilities — 1.5% | ||||||||
Suburban Propane Partners | 17,111 | 249,649 | ||||||
TOTAL MASTER LIMITED PARTNERSHIPS | ||||||||
(Cost $2,618,753) | 2,773,868 | |||||||
BUSINESS DEVELOPMENT COMPANIES — 4.5% | ||||||||
Goldman Sachs BDC | 14,383 | 241,634 | ||||||
Golub Capital BDC (A) | 14,422 | 175,083 | ||||||
TCG BDC | 34,008 | 303,012 | ||||||
TOTAL BUSINESS DEVELOPMENT COMPANIES | ||||||||
(Cost $1,036,568) | 719,729 | |||||||
SHORT-TERM INVESTMENT(C)(D) — 9.1% | ||||||||
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.080% | ||||||||
(Cost $1,469,392) | 1,469,392 | 1,469,392 |
22
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X SuperDividend® Alternatives ETF |
Face Amount | Value | |||||||
REPURCHASE AGREEMENT(C) — 1.1% | ||||||||
BNP Paribas | ||||||||
0.050%, dated 05/29/20, to be repurchased on 06/01/20, repurchase price $172,489 (collateralized by U.S. Treasury Obligations, ranging in par value $20,987 - $154,732, 1.500%, 08/15/2026, with a total market value of $175,719) | ||||||||
(Cost $172,488) | $ | 172,488 | $ | 172,488 | ||||
TOTAL INVESTMENTS — 109.6% | ||||||||
(Cost $22,524,316) | $ | 17,694,195 |
Percentages are based on Net Assets of $16,138,616.
* | Non-income producing security. |
(A) | This security or a partial position of this security is on loan at May 31, 2020. The total value of securities on loan at May 31, 2020 was $1,564,264. |
(B) | Affiliated Investment. |
(C) | Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2020 was $1,641,880. |
(D) | The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2020. |
BDC — Business Development Companies
Cl — Class
ETF — Exchange Traded Fund
REIT — Real Estate Investment Trust
The following is a summary of the level of inputs used as of May 31, 2020, in valuing the Fund’s investments carried at value:
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 5,244,063 | $ | — | $ | — | $ | 5,244,063 | ||||||||
Closed-End Funds | 4,318,928 | — | — | 4,318,928 | ||||||||||||
Exchange Traded Fund | 2,995,727 | — | — | 2,995,727 | ||||||||||||
Master Limited Partnerships | 2,773,868 | — | — | 2,773,868 | ||||||||||||
Business Development Companies | 719,729 | — | — | 719,729 | ||||||||||||
Short-Term Investment | 1,469,392 | — | — | 1,469,392 | ||||||||||||
Repurchase Agreement | — | 172,488 | — | 172,488 | ||||||||||||
Total Investments in Securities | $ | 17,521,707 | $ | 172,488 | $ | — | $ | 17,694,195 |
23
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X SuperDividend® Alternatives ETF |
For the period ended May 31, 2020, there have been no transfers in or out of Level 3.
Amounts designated as “—“ are $0 or have been rounded to $0.
The following is a summary of the transactions with affiliates for the period ended May 31, 2020:
Value at 11/30/2019 | Purchases at Cost | Proceeds from Sales | Changes in Unrealized Depreciation | Realized Loss | Value at 5/31/2020 | Shares | Dividend Income | |||||||||||||||||||||||||
Global X SuperDividend® REIT ETF | $ | 6,423,112 | $ | 602,930 | $ | (1,110,015 | ) | $ | (2,683,843 | ) | $ | (236,457 | ) | $ | 2,995,727 | 408,694 | $ | 165,760 |
24
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X S&P 500® Quality Dividend ETF |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments.
Shares | Value | |||||||
COMMON STOCK — 99.6% | ||||||||
UNITED KINGDOM— 0.7% | ||||||||
Energy — 0.7% | ||||||||
TechnipFMC | 4,906 | $ | 36,304 | |||||
UNITED STATES— 98.9% | ||||||||
Consumer Discretionary — 7.4% | ||||||||
Best Buy | 1,139 | 88,945 | ||||||
Garmin | 992 | 89,448 | ||||||
Genuine Parts | 919 | 76,654 | ||||||
Newell Brands | 5,031 | 66,158 | ||||||
Whirlpool | 651 | 79,304 | ||||||
Total Consumer Discretionary | 400,509 | |||||||
Consumer Staples — 13.3% | ||||||||
Archer-Daniels-Midland | 2,137 | 84,005 | ||||||
Clorox | 643 | 132,619 | ||||||
Coca-Cola | 1,775 | 82,857 | ||||||
Kraft Heinz | 3,056 | 93,117 | ||||||
Molson Coors Beverage, Cl B | 1,901 | 72,162 | ||||||
PepsiCo | 701 | 92,216 |
25
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X S&P 500® Quality Dividend ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Consumer Staples — continued | ||||||||
Procter & Gamble | 770 | $ | 89,258 | |||||
Walgreens Boots Alliance | 1,670 | 71,710 | ||||||
Total Consumer Staples | 717,944 | |||||||
Energy — 9.7% | ||||||||
Baker Hughes, Cl A | 4,136 | 68,286 | ||||||
Cabot Oil & Gas | 6,060 | 120,229 | ||||||
Chevron | 819 | 75,102 | ||||||
ConocoPhillips | 1,559 | 65,759 | ||||||
Exxon Mobil | 1,412 | 64,204 | ||||||
HollyFrontier | 1,948 | 61,265 | ||||||
Phillips 66 | 865 | 67,695 | ||||||
Total Energy | 522,540 | |||||||
Financials — 17.0% | ||||||||
American International Group | 1,897 | 57,024 | ||||||
Ameriprise Financial | 583 | 81,661 | ||||||
Bank of New York Mellon | 1,925 | 71,552 | ||||||
BlackRock, Cl A | 196 | 103,613 | ||||||
Fifth Third Bancorp | 3,159 | 61,253 | ||||||
Huntington Bancshares | 6,377 | 56,692 | ||||||
Lincoln National | 1,638 | 62,129 | ||||||
MetLife | 1,919 | 69,103 | ||||||
Principal Financial Group | 1,801 | 69,555 | ||||||
Prudential Financial | 1,039 | 63,337 | ||||||
T Rowe Price Group | 784 | 94,786 | ||||||
Travelers | 712 | 76,171 | ||||||
Unum Group | 3,228 | 48,904 | ||||||
Total Financials | 915,780 | |||||||
Health Care — 10.9% | ||||||||
Amgen | 412 | 94,636 | ||||||
Bristol-Myers Squibb | 1,514 | 90,416 | ||||||
Gilead Sciences | 1,484 | 115,500 | ||||||
Johnson & Johnson | 690 | 102,637 |
26
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X S&P 500® Quality Dividend ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Health Care — continued | ||||||||
Merck | 1,083 | $ | 87,420 | |||||
Pfizer | 2,547 | 97,270 | ||||||
Total Health Care | 587,879 | |||||||
Industrials — 16.7% | ||||||||
3M | 572 | 89,484 | ||||||
CH Robinson Worldwide | 1,262 | 102,386 | ||||||
Cummins | 530 | 89,888 | ||||||
Eaton | 1,032 | 87,617 | ||||||
Emerson Electric | 1,286 | 78,472 | ||||||
Fastenal | 2,636 | 108,761 | ||||||
Illinois Tool Works | 551 | 95,025 | ||||||
Johnson Controls International | 2,390 | 75,070 | ||||||
Lockheed Martin | 250 | 97,110 | ||||||
Snap-On | 567 | 73,534 | ||||||
Total Industrials | 897,347 | |||||||
Information Technology — 11.9% | ||||||||
Cisco Systems | 2,132 | 101,952 | ||||||
Hewlett Packard Enterprise | 6,100 | 59,231 | ||||||
Juniper Networks | 4,003 | 97,113 | ||||||
Maxim Integrated Products | 1,621 | 93,499 | ||||||
NetApp | 1,545 | 68,814 | ||||||
Seagate Technology | 1,645 | 87,251 | ||||||
Texas Instruments | 763 | 90,599 | ||||||
Xerox Holdings | 2,659 | 42,225 | ||||||
Total Information Technology | 640,684 | |||||||
Materials — 3.0% | ||||||||
Nucor | 1,711 | 72,307 | ||||||
Packaging Corp of America | 870 | 88,227 | ||||||
Total Materials | 160,534 | |||||||
Real Estate — 9.0% | ||||||||
AvalonBay Communities ‡ | 463 | 72,233 | ||||||
Healthpeak Properties ‡ | 2,995 | 73,797 |
27
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X S&P 500® Quality Dividend ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Real Estate — continued | ||||||||
Host Hotels & Resorts ‡ | 5,447 | $ | 65,037 | |||||
Kimco Realty ‡ | 4,819 | 53,539 | ||||||
Public Storage ‡ | 470 | 95,287 | ||||||
Regency Centers ‡ | 1,605 | 68,678 | ||||||
Vornado Realty Trust ‡ | 1,499 | 54,279 | ||||||
Total Real Estate | 482,850 | |||||||
TOTAL UNITED STATES | 5,326,067 | |||||||
TOTAL COMMON STOCK | ||||||||
(Cost $6,231,376) | 5,362,371 | |||||||
TOTAL INVESTMENTS — 99.6% | ||||||||
(Cost $6,231,376) | $ | 5,362,371 |
Percentages are based on Net Assets of $5,383,315.
‡ | Real Estate Investment Trust |
Cl — Class
As of May 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 May 31, 2020, there have been no transfers in or out of Level 3.
28
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X TargetIncomeTM 5 ETF |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments.
Shares | Value | |||||||
EXCHANGE TRADED FUNDS — 99.9% | ||||||||
Global X SuperDividend® ETF(A) | 23,399 | $ | 245,689 | |||||
Global X SuperDividend® U.S. ETF(A) | 8,683 | 134,066 | ||||||
Global X U.S. Preferred ETF(A) | 29,487 | 704,444 | ||||||
iShares 20+ Year Treasury Bond ETF | 2,292 | 374,948 | ||||||
SPDR Blackstone | 15,674 | 675,863 | ||||||
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | 16,475 | 507,924 | ||||||
Xtrackers USD High Yield Corporate Bond ETF | 14,494 | 682,378 | ||||||
TOTAL EXCHANGE TRADED FUNDS | ||||||||
(Cost $3,603,221) | 3,325,312 | |||||||
TOTAL INVESTMENTS — 99.9% | ||||||||
(Cost $3,603,221) | $ | 3,325,312 |
Percentages are based on Net Assets of $3,328,757.
(A) | Affiliated investment. |
ETF — Exchange Traded Fund
EM — Emerging Markets
SPDR — Standard & Poor’s Depository Receipts
USD — U.S. Dollar
As of May 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 May 31, 2020, there have been no transfers in or out of Level 3.
29
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X TargetIncomeTM 5 ETF |
The following is a summary of the transactions with affiliates for the period ended May 31, 2020:
Value at 11/30/2019 | Purchases at Cost | Proceeds from Sales | Changes in Unrealized Appreciation/(Depreciation) | Realized Gain/(Loss) | Value at 5/31/2020 | Shares | Dividend Income | |||||||||||||||||||||||||
Global X SuperDividend® ETF | $ | 191,394 | $ | 943,366 | $ | (595,487 | ) | $ | (157,036 | ) | $ | (136,548 | ) | $ | 245,689 | 23,399 | $ | 18,607 | ||||||||||||||
Global X SuperDividend® U.S. ETF | $ | – | $ | 111,291 | $ | (1,492 | ) | $ | 22,775 | $ | 1,492 | $ | 134,066 | 8,683 | $ | 444 | ||||||||||||||||
Global X U.S. Preferred ETF | $ | 240,642 | $ | 1,230,166 | $ | (711,913 | ) | $ | (45,096 | ) | $ | (9,355 | ) | $ | 704,444 | 29,487 | $ | 20,988 | ||||||||||||||
Totals: | $ | 432,036 | $ | 2,284,823 | $ | (1,308,892 | ) | $ | (179,357 | ) | $ | (144,411 | ) | $ | 1,084,199 | 61,569 | $ | 40,038 |
Amounts designated as “—“ are $0 or have been rounded to $0.
30
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X TargetIncomeTM Plus 2 ETF |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments.
Shares | Value | |||||||
EXCHANGE TRADED FUNDS — 100.0% | ||||||||
Global X U.S. Preferred ETF(A) | 29,732 | $ | 710,297 | |||||
iShares Core U.S. Aggregate Bond ETF | 6,179 | 726,959 | ||||||
Schwab US TIPS ETF * | 12,302 | 730,247 | ||||||
SPDR Blackstone | 15,805 | 681,512 | ||||||
Xtrackers USD High Yield Corporate Bond ETF | 14,614 | 688,027 | ||||||
TOTAL EXCHANGE TRADED FUNDS | ||||||||
(Cost $3,655,105) | 3,537,042 | |||||||
TOTAL INVESTMENTS — 100.0% | ||||||||
(Cost $3,655,105) | $ | 3,537,042 |
Percentages are based on Net Assets of $3,538,420.
* | Non-income producing security. |
(A) | Affiliated investment. |
ETF — Exchange Traded Fund
SPDR — Standard & Poor’s Depository Receipts
TIPS — Treasury Inflation Protected Security
USD — U.S. Dollar
As of May 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 May 31, 2020, there have been no transfers in or out of Level 3.
31
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X TargetIncomeTM Plus 2 ETF |
The following is a summary of the transactions with affiliates for the period ended May 31, 2020:
Value at 11/30/2019 | Purchases at Cost | Proceeds from Sales | Changes in Unrealized Depreciation | Realized Loss | Value at 5/31/2020 | Shares | Dividend Income | |||||||||||||||||||||||||
Global X U.S. Preferred ETF | $ | 1,950,330 | $ | 5,936,078 | $ | (6,130,811 | ) | $ | (46,328 | ) | $ | (998,972 | ) | $ | 710,297 | 29,732 | $ | 92,282 |
32
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Adaptive U.S. Factor ETF |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments.
Shares | Value | |||||||
COMMON STOCK — 99.8% | ||||||||
UNITED STATES— 99.8% | ||||||||
Communication Services — 4.2% | ||||||||
Activision Blizzard | 12,739 | $ | 916,953 | |||||
AT&T | 27,550 | 850,193 | ||||||
Cable One | 122 | 230,200 | ||||||
Charter Communications, Cl A * | 2,975 | 1,618,400 | ||||||
Cogent Communications Group | 843 | 64,506 | ||||||
Liberty Broadband, Cl C * | 414 | 56,561 | ||||||
Omnicom Group | 719 | 39,394 | ||||||
Roku, Cl A * | 1,609 | 176,202 | ||||||
Take-Two Interactive Software * | 1,633 | 222,366 | ||||||
T-Mobile US * | 568 | 56,823 | ||||||
Verizon Communications | 13,147 | 754,375 | ||||||
ViacomCBS, Cl B | 33,820 | 701,427 | ||||||
Walt Disney | 361 | 42,345 | ||||||
Total Communication Services | 5,729,745 |
33
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Adaptive U.S. Factor ETF |
Shares | Value | |||||||
COMMON STOCK — 99.8% | ||||||||
Consumer Discretionary — 11.8% | ||||||||
AutoZone * | 44 | $ | 50,506 | |||||
Bright Horizons Family Solutions * | 551 | 61,646 | ||||||
Carnival | 43,378 | 682,770 | ||||||
Dollar General | 5,437 | 1,041,240 | ||||||
Domino’s Pizza | 607 | 234,205 | ||||||
Dunkin’ Brands Group * | 619 | 39,535 | ||||||
Foot Locker * | 23,425 | 648,872 | ||||||
Ford Motor | 106,005 | 605,288 | ||||||
Gap | 71,013 | 632,016 | ||||||
Garmin | 9,649 | 870,050 | ||||||
General Motors | 23,732 | 614,184 | ||||||
Harley-Davidson | 27,642 | 589,880 | ||||||
Kohl’s * | 32,814 | 630,685 | ||||||
McDonald’s | 4,087 | 761,490 | ||||||
MGM Resorts International | 38,020 | 653,184 | ||||||
Norwegian Cruise Line Holdings * | 46,418 | 726,906 | ||||||
PVH | 12,892 | 586,199 | ||||||
Royal Caribbean Cruises * | 14,837 | 769,595 | ||||||
Starbucks | 534 | 41,647 | ||||||
Tapestry * | 36,648 | 498,413 | ||||||
Target | 9,646 | 1,179,995 | ||||||
Tesla * | 3,418 | 2,854,030 | ||||||
Tiffany | 2,811 | 360,173 | ||||||
Toll Brothers | 24,854 | 803,033 | ||||||
Yum! Brands | 675 | 60,568 | ||||||
Total Consumer Discretionary | 15,996,110 | |||||||
Consumer Staples — 8.4% | ||||||||
Boston Beer, Cl A | 138 | 77,933 | ||||||
Campbell Soup | 3,539 | 180,418 | ||||||
Church & Dwight | 648 | 48,645 | ||||||
Clorox | 2,501 | 515,831 | ||||||
Coca-Cola | 14,757 | 688,857 | ||||||
Costco Wholesale | 8,091 | 2,495,831 |
34
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Adaptive U.S. Factor ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Consumer Staples — continued | ||||||||
Flowers Foods | 27,945 | $ | 659,223 | |||||
Freshpet * | 653 | 50,399 | ||||||
Hershey | 2,186 | 296,596 | ||||||
Hormel Foods | 4,542 | 221,786 | ||||||
Kraft Heinz | 17,087 | 520,641 | ||||||
Kroger | 36,878 | 1,202,960 | ||||||
Mondelez International, Cl A | 838 | 43,677 | ||||||
PepsiCo | 4,426 | 582,240 | ||||||
Procter & Gamble | 614 | 71,175 | ||||||
Sysco | 12,505 | 689,776 | ||||||
Walmart | 24,706 | 3,065,026 | ||||||
Total Consumer Staples | 11,411,014 | |||||||
Energy — 3.7% | ||||||||
Chevron | 432 | 39,614 | ||||||
ConocoPhillips | 14,454 | 609,670 | ||||||
Exxon Mobil | 13,124 | 596,748 | ||||||
HollyFrontier | 18,284 | 575,032 | ||||||
Kinder Morgan | 2,485 | 39,263 | ||||||
Marathon Oil | 111,546 | 595,656 | ||||||
Marathon Petroleum | 20,450 | 718,613 | ||||||
Occidental Petroleum | 37,748 | 488,836 | ||||||
Phillips 66 | 8,642 | 676,323 | ||||||
Valero Energy | 9,990 | 665,734 | ||||||
Total Energy | 5,005,489 | |||||||
Financials — 25.3% | ||||||||
AGNC Investment ‡ | 93,647 | 1,211,792 | ||||||
Ally Financial | 36,049 | 628,695 | ||||||
American Financial Group | 7,890 | 475,294 | ||||||
American International Group | 22,692 | 682,121 | ||||||
Annaly Capital Management ‡ | 46,019 | 283,477 | ||||||
Assured Guaranty | 18,854 | 488,884 | ||||||
Athene Holding, Cl A * | 22,139 | 639,596 |
35
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Adaptive U.S. Factor ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Financials — continued | ||||||||
Axis Capital Holdings | 14,013 | $ | 526,048 | |||||
Bank of New York Mellon | 13,835 | 514,247 | ||||||
Bank OZK | 29,119 | 654,886 | ||||||
Blackstone Group, Cl A | 7,515 | 426,852 | ||||||
Blackstone Mortgage Trust, Cl A ‡ | 27,780 | 655,330 | ||||||
Brown & Brown | 3,337 | 134,147 | ||||||
Capital One Financial | 9,807 | 667,268 | ||||||
Citigroup | 11,634 | 557,385 | ||||||
Citizens Financial Group | 25,816 | 622,166 | ||||||
Comerica | 16,602 | 603,483 | ||||||
East West Bancorp | 18,723 | 654,369 | ||||||
eHealth * | 638 | 83,208 | ||||||
Fifth Third Bancorp | 30,015 | 581,991 | ||||||
First American Financial | 12,448 | 628,499 | ||||||
First Hawaiian | 32,234 | 556,036 | ||||||
First Horizon National | 64,230 | 600,550 | ||||||
FNB | 70,226 | 520,375 | ||||||
Franklin Resources | 30,468 | 574,931 | ||||||
Hartford Financial Services Group | 13,772 | 527,330 | ||||||
Huntington Bancshares | 62,017 | 551,331 | ||||||
Invesco | 53,522 | 426,570 | ||||||
Jefferies Financial Group | 41,998 | 615,271 | ||||||
KeyCorp | 48,038 | 569,250 | ||||||
KKR | 22,803 | 632,783 | ||||||
Legg Mason | 18,673 | 930,476 | ||||||
Lincoln National | 17,395 | 659,792 | ||||||
MarketAxess Holdings | 567 | 288,371 | ||||||
MetLife | 15,474 | 557,219 | ||||||
MGIC Investment | 84,960 | 697,522 | ||||||
Morgan Stanley | 12,997 | 574,467 | ||||||
New Residential Investment ‡ | 91,362 | 655,066 | ||||||
New York Community Bancorp | 49,892 | 501,415 | ||||||
Old Republic International | 32,244 | 502,684 |
36
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Adaptive U.S. Factor ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Financials — continued | ||||||||
People’s United Financial | 44,839 | $ | 513,407 | |||||
Principal Financial Group | 17,388 | 671,525 | ||||||
Prudential Financial | 9,168 | 558,881 | ||||||
Radian Group | 40,257 | 639,281 | ||||||
Regions Financial | 54,326 | 614,427 | ||||||
Reinsurance Group of America, Cl A | 4,968 | 450,846 | ||||||
Starwood Property Trust ‡ | 46,558 | 617,359 | ||||||
State Street | 8,551 | 521,269 | ||||||
Synchrony Financial | 31,489 | 641,431 | ||||||
Synovus Financial | 29,571 | 567,467 | ||||||
TCF Financial | 22,661 | 655,356 | ||||||
Truist Financial | 14,454 | 531,618 | ||||||
Umpqua Holdings | 46,560 | 530,318 | ||||||
United Bankshares | 19,921 | 579,303 | ||||||
Unum Group | 33,590 | 508,888 | ||||||
Valley National Bancorp | 72,167 | 575,893 | ||||||
Webster Financial | 21,866 | 618,808 | ||||||
Wells Fargo | 18,336 | 485,354 | ||||||
White Mountains Insurance Group | 44 | 40,285 | ||||||
Wintrust Financial | 14,464 | 612,695 | ||||||
WR Berkley | 711 | 41,202 | ||||||
Zions Bancorp | 17,004 | 559,517 | ||||||
Total Financials | 34,196,307 | |||||||
Health Care — 14.2% | ||||||||
ACADIA Pharmaceuticals * | 2,338 | 116,152 | ||||||
Acceleron Pharma * | 1,490 | 147,257 | ||||||
Alnylam Pharmaceuticals * | 2,174 | 294,077 | ||||||
Amedisys * | 742 | 142,501 | ||||||
AmerisourceBergen, Cl A | 2,251 | 214,610 | ||||||
Amgen | 8,789 | 2,018,833 | ||||||
Arrowhead Pharmaceuticals * | 2,116 | 68,220 | ||||||
Biogen Idec * | 3,009 | 924,034 | ||||||
Bio-Rad Laboratories, Cl A * | 317 | 155,749 |
37
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Adaptive U.S. Factor ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Health Care — continued | ||||||||
Bristol-Myers Squibb | 37,340 | $ | 2,229,945 | |||||
Chemed | 323 | 154,559 | ||||||
Danaher | 304 | 50,649 | ||||||
DaVita * | 1,584 | 128,241 | ||||||
DENTSPLY SIRONA | 14,936 | 694,823 | ||||||
DexCom * | 3,159 | 1,195,081 | ||||||
Eli Lilly | 342 | 52,309 | ||||||
Gilead Sciences | 23,304 | 1,813,750 | ||||||
Insulet * | 2,227 | 419,945 | ||||||
Iovance Biotherapeutics * | 2,950 | 94,666 | ||||||
Johnson & Johnson | 4,983 | 741,221 | ||||||
LHC Group * | 484 | 78,655 | ||||||
Masimo * | 1,058 | 254,121 | ||||||
Medtronic | 456 | 44,953 | ||||||
Merck | 5,007 | 404,165 | ||||||
Mirati Therapeutics * | 560 | 55,546 | ||||||
Moderna * | 3,782 | 232,593 | ||||||
Momenta Pharmaceuticals * | 2,866 | 90,222 | ||||||
Natera * | 1,379 | 60,469 | ||||||
NeoGenomics * | 1,744 | 46,547 | ||||||
Pfizer | 21,005 | 802,181 | ||||||
QIAGEN * | 868 | 38,010 | ||||||
Quest Diagnostics | 514 | 60,796 | ||||||
Quidel * | 799 | 139,825 | ||||||
Reata Pharmaceuticals, Cl A * | 572 | 83,123 | ||||||
Regeneron Pharmaceuticals * | 1,842 | 1,128,796 | ||||||
Repligen * | 1,724 | 225,792 | ||||||
ResMed | 2,104 | 338,365 | ||||||
Seattle Genetics * | 3,090 | 485,779 | ||||||
Teladoc Health * | 3,062 | 532,972 | ||||||
Universal Health Services, Cl B * | 372 | 39,227 | ||||||
Vertex Pharmaceuticals * | 4,593 | �� | 1,322,600 | |||||
West Pharmaceutical Services | 1,226 | 264,865 |
38
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Adaptive U.S. Factor ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Health Care — continued | ||||||||
Zoetis, Cl A | 5,597 | $ | 780,166 | |||||
Total Health Care | 19,166,390 | |||||||
Industrials — 4.8% | ||||||||
Aerojet Rocketdyne Holdings * | 1,171 | 51,348 | ||||||
Air Lease, Cl A | 25,228 | 759,615 | ||||||
Alaska Air Group | 18,362 | 627,797 | ||||||
CH Robinson Worldwide | 509 | 41,295 | ||||||
CoStar Group * | 538 | 353,358 | ||||||
Delta Air Lines | 21,869 | 551,318 | ||||||
FTI Consulting * | 1,094 | 131,783 | ||||||
Generac Holdings * | 1,453 | 161,675 | ||||||
JetBlue Airways * | 64,276 | 647,259 | ||||||
L3Harris Technologies | 228 | 45,475 | ||||||
Lockheed Martin | 2,003 | 778,045 | ||||||
Northrop Grumman | 128 | 42,906 | ||||||
Republic Services, Cl A | 9,774 | 835,286 | ||||||
Tetra Tech | 717 | 56,571 | ||||||
United Airlines Holdings * | 18,987 | 532,396 | ||||||
Waste Management | 7,709 | 822,936 | ||||||
Total Industrials | 6,439,063 | |||||||
Information Technology — 13.4% | ||||||||
Acacia Communications * | 11,742 | 792,585 | ||||||
Accenture, Cl A | 254 | 51,211 | ||||||
Advanced Micro Devices * | 25,658 | 1,380,400 | ||||||
Amdocs | 12,172 | 757,829 | ||||||
Anixter International * | 590 | 56,469 | ||||||
ANSYS * | 1,249 | 353,467 | ||||||
Apple | 9,062 | 2,881,172 | ||||||
Automatic Data Processing | 263 | 38,527 | ||||||
Black Knight * | 903 | 69,513 | ||||||
Booz Allen Hamilton Holding, Cl A | 1,625 | 129,610 | ||||||
Cirrus Logic * | 922 | 66,827 |
39
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Adaptive U.S. Factor ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Information Technology — continued | ||||||||
Citrix Systems | 7,337 | $ | 1,086,756 | |||||
Coupa Software * | 1,514 | 344,450 | ||||||
DocuSign, Cl A * | 3,935 | 549,877 | ||||||
Enphase Energy * | 4,190 | 243,816 | ||||||
Everbridge * | 741 | 108,379 | ||||||
Fidelity National Information Services | 6,209 | 861,995 | ||||||
Five9 * | 1,262 | 131,500 | ||||||
Genpact | 1,180 | 42,421 | ||||||
Hewlett Packard Enterprise | 54,422 | 528,438 | ||||||
Inphi * | 789 | 99,154 | ||||||
Jack Henry & Associates | 3,950 | 714,397 | ||||||
Lattice Semiconductor * | 1,915 | 47,626 | ||||||
Leidos Holdings | 2,050 | 215,845 | ||||||
LogMeIn | 1,652 | 140,255 | ||||||
Microsoft | 14,422 | 2,642,832 | ||||||
Motorola Solutions | 273 | 36,945 | ||||||
NortonLifeLock | 48,653 | 1,108,315 | ||||||
Okta, Cl A * | 2,214 | 433,014 | ||||||
Paychex | 545 | 39,393 | ||||||
Paycom Software * | 561 | 166,746 | ||||||
RingCentral, Cl A * | 1,825 | 500,506 | ||||||
Tech Data * | 524 | 71,390 | ||||||
Teradyne | 1,819 | 121,909 | ||||||
Tyler Technologies * | 681 | 255,586 | ||||||
Xerox Holdings | 28,754 | 456,614 | ||||||
Zoom Video Communications, Cl A * | 3,230 | 579,720 | ||||||
Total Information Technology | 18,105,489 | |||||||
Materials — 2.8% | ||||||||
Air Products & Chemicals | 204 | 49,297 | ||||||
AptarGroup | 574 | 63,938 | ||||||
Ecolab | 251 | 53,358 | ||||||
Huntsman | 32,309 | 586,408 | ||||||
LyondellBasell Industries, Cl A | 10,628 | 677,641 |
40
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Adaptive U.S. Factor ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Materials — continued | ||||||||
NewMarket | 92 | $ | 40,124 | |||||
Newmont | 17,753 | 1,038,018 | ||||||
Royal Gold | 5,210 | 693,972 | ||||||
Silgan Holdings | 1,098 | 36,717 | ||||||
Sonoco Products | 827 | 42,847 | ||||||
Westrock | 17,258 | 484,259 | ||||||
Total Materials | 3,766,579 | |||||||
Real Estate — 8.0% | ||||||||
American Tower, Cl A ‡ | 5,375 | 1,387,664 | ||||||
Brixmor Property Group ‡ | 56,715 | 632,939 | ||||||
CubeSmart ‡ | 1,466 | 41,722 | ||||||
Equinix ‡ | 1,331 | 928,546 | ||||||
Equity Commonwealth ‡ | 22,323 | 752,285 | ||||||
Equity LifeStyle Properties ‡ | 10,226 | 637,080 | ||||||
Equity Residential ‡ | 554 | 33,550 | ||||||
Essex Property Trust ‡ | 159 | 38,600 | ||||||
Extra Space Storage ‡ | 425 | 41,119 | ||||||
Host Hotels & Resorts ‡ | 46,273 | 552,500 | ||||||
Kimco Realty ‡ | 60,611 | 673,388 | ||||||
Medical Properties Trust ‡ | 31,604 | 571,400 | ||||||
MGM Growth Properties, Cl A ‡ | 20,947 | 580,860 | ||||||
Omega Healthcare Investors ‡ | 17,327 | 539,563 | ||||||
Public Storage ‡ | 214 | 43,386 | ||||||
Sabra Health Care ‡ | 42,865 | 576,963 | ||||||
SBA Communications, Cl A ‡ | 1,651 | 518,629 | ||||||
SL Green Realty ‡ | 10,997 | 463,194 | ||||||
Spirit Realty Capital ‡ | 19,204 | 545,970 | ||||||
Sun Communities ‡ | 623 | 85,469 | ||||||
Terreno Realty ‡ | 829 | 42,436 | ||||||
VICI Properties ‡ | 32,615 | 639,906 | ||||||
Vornado Realty Trust ‡ | 13,614 | 492,963 | ||||||
WP Carey ‡ | 615 | 36,845 | ||||||
Total Real Estate | 10,856,977 |
41
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Adaptive U.S. Factor ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Utilities — 3.2% | ||||||||
Alliant Energy | 810 | $ | 39,982 | |||||
Ameren | 570 | 42,596 | ||||||
American Electric Power | 660 | 56,265 | ||||||
American States Water | 759 | 62,246 | ||||||
CMS Energy | 812 | 47,567 | ||||||
Consolidated Edison | 491 | 36,854 | ||||||
Duke Energy | 2,309 | 197,720 | ||||||
El Paso Electric | 1,731 | 117,656 | ||||||
Evergy | 611 | 37,693 | ||||||
Eversource Energy | 4,307 | 360,496 | ||||||
Hawaiian Electric Industries | 19,986 | 788,647 | ||||||
National Fuel Gas | 1,138 | 47,762 | ||||||
NextEra Energy | 6,275 | 1,603,639 | ||||||
PPL | 19,416 | 542,483 | ||||||
Southern | 1,759 | 100,386 | ||||||
WEC Energy Group | 3,492 | 320,321 | ||||||
Total Utilities | 4,402,313 | |||||||
TOTAL COMMON STOCK | ||||||||
(Cost $147,053,632) | 135,075,476 | |||||||
TOTAL INVESTMENTS — 99.8% | ||||||||
(Cost $147,053,632) | $ | 135,075,476 |
Percentages are based on Net Assets of $135,285,187.
* | Non-income producing security. |
‡ | Real Estate Investment Trust |
Cl — Class
As of May 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 May 31, 2020, there have been no transfers in or out of Level 3.
42
Statements of Assets and Liabilities | ||
May 31, 2020 (Unaudited) |
Global X MLP & Energy Infrastructure ETF | Global X U.S. Preferred ETF | Global X SuperDividend® Alternatives ETF | Global X S&P 500® Quality Dividend ETF | |||||||||||||
Assets: | ||||||||||||||||
Cost of Investments | $ | 765,007,893 | $ | 754,813,682 | $ | 16,854,754 | $ | 6,231,376 | ||||||||
Cost of Repurchase Agreement | 2,838,310 | 1,797,848 | 172,488 | — | ||||||||||||
Cost of Affiliated Investments | — | — | 5,497,074 | — | ||||||||||||
Investments, at Value | $ | 570,066,147 | * | $ | 739,355,600 | * | $ | 14,525,980 | * | $ | 5,362,371 | |||||
Repurchase Agreement, at Value | 2,838,310 | 1,797,848 | 172,488 | — | ||||||||||||
Cash | — | 3,835,887 | 53,093 | — | ||||||||||||
Affiliated Investments, at Value | — | — | 2,995,727 | — | ||||||||||||
Receivable for Investment Securities Sold | 52,722,675 | 45,476 | — | — | ||||||||||||
Dividend and Interest Receivable | 1,023,176 | 4,182,426 | 42,853 | 23,927 | ||||||||||||
Reclaim Receivable | 1,485 | 402 | — | 181 | ||||||||||||
Total Assets | 626,651,793 | 749,217,639 | 17,790,141 | 5,386,479 | ||||||||||||
Liabilities: | ||||||||||||||||
Obligation to Return Securities Lending Collateral | 27,017,382 | 17,113,403 | 1,641,880 | — | ||||||||||||
Payable for Investment Securities Purchased | 48,236,528 | 3,723,430 | — | — | ||||||||||||
Payable due to Investment Adviser | 200,505 | 136,324 | 9,645 | 987 | ||||||||||||
Cash Overdraft | 198,326 | — | — | 2,177 | ||||||||||||
Total Liabilities | 75,652,741 | 20,973,157 | 1,651,525 | 3,164 | ||||||||||||
Net Assets | $ | 550,999,052 | $ | 728,244,482 | $ | 16,138,616 | $ | 5,383,315 | ||||||||
Net Assets Consist of: | ||||||||||||||||
Paid-in Capital | $ | 911,723,189 | $ | 751,671,186 | $ | 23,800,427 | $ | 5,582,939 | ||||||||
Total Distributable Loss | (360,724,137 | ) | (23,426,704 | ) | (7,661,811 | ) | (199,624 | ) | ||||||||
Net Assets | $ | 550,999,052 | $ | 728,244,482 | $ | 16,138,616 | $ | 5,383,315 | ||||||||
Outstanding Shares of Beneficial Interest | ||||||||||||||||
(unlimited authorization — no par value) | 21,447,506 | 30,500,000 | 1,500,000 | 250,002 | ||||||||||||
Net Asset Value, Offering and Redemption Price Per Share | $ | 25.69 | $ | 23.88 | $ | 10.76 | $ | 21.53 | ||||||||
*Includes Market Value of Securities on Loan | $ | 26,737,248 | $ | 16,763,661 | $ | 1,564,264 | $ | — |
Amounts designated as “—” are either $0 or have been rounded to $0.
43
Statements of Assets and Liabilities | ||
May 31, 2020 (Unaudited) |
Global X TargetIncomeTM 5 ETF | Global X TargetIncomeTM Plus 2 ETF | Global X Adaptive U.S. Factor ETF | ||||||||||
Assets: | ||||||||||||
Cost of Investments | $ | 2,318,594 | $ | 2,894,560 | $ | 147,053,632 | ||||||
Cost of Affiliated Investments | 1,284,627 | 760,545 | — | |||||||||
Investments, at Value | $ | 2,241,113 | $ | 2,826,745 | $ | 135,075,476 | ||||||
Cash | 4,516 | 2,528 | 94,201 | |||||||||
Affiliated Investments, at Value | 1,084,199 | 710,297 | — | |||||||||
Receivable for Investment Securities Sold | — | — | 767,924 | |||||||||
Dividend and Interest Receivable | — | — | 298,004 | |||||||||
Reclaim Receivable | — | — | 1,476 | |||||||||
Total Assets | 3,329,828 | 3,539,570 | 136,237,081 | |||||||||
Liabilities: | ||||||||||||
Payable due to Investment Adviser | 1,071 | 1,150 | 29,673 | |||||||||
Payable for Investment Securities Purchased | — | — | 922,221 | |||||||||
Total Liabilities | 1,071 | 1,150 | 951,894 | |||||||||
Net Assets | $ | 3,328,757 | $ | 3,538,420 | $ | 135,285,187 | ||||||
Net Assets Consist of: | ||||||||||||
Paid-in Capital | $ | 3,839,800 | $ | 7,052,545 | $ | 167,356,495 | ||||||
Total Distributable Loss | (511,043 | ) | (3,514,125 | ) | (32,071,308 | ) | ||||||
Net Assets | $ | 3,328,757 | $ | 3,538,420 | $ | 135,285,187 | ||||||
Outstanding Shares of Beneficial Interest | ||||||||||||
(unlimited authorization — no par value) | 150,002 | 150,002 | 6,550,002 | |||||||||
Net Asset Value, Offering and Redemption Price Per Share | $ | 22.19 | $ | 23.59 | $ | 20.65 |
Amounts designated as “—” are either $0 or have been rounded to $0.
44
Statements of Operations | ||
For the period ended May 31, 2020 (Unaudited) |
Global X MLP & Energy Infrastructure ETF | Global X U.S. Preferred ETF | Global X SuperDividend® Alternatives ETF | Global X S&P 500® Quality Dividend ETF | |||||||||||||
Investment Income: | ||||||||||||||||
Dividend Income | $ | 5,256,907 | $ | 19,243,483 | $ | 224,918 | $ | 102,693 | ||||||||
Dividend Income, from Affiliated Investments | — | — | 165,760 | — | ||||||||||||
Interest Income | 3,289 | 24,211 | 149 | — | ||||||||||||
Security Lending Income | 221,650 | 112,048 | 130,788 | — | ||||||||||||
Less: Foreign Taxes Withheld | (699,140 | ) | (2,183 | ) | — | — | ||||||||||
Total Investment Income | 4,782,706 | 19,377,559 | 521,615 | 102,693 | ||||||||||||
Supervision and Administration Fees(1) | 1,430,677 | 768,656 | 79,042 | 5,877 | ||||||||||||
Custodian Fees(2) | 2,850 | 2,223 | 205 | 64 | ||||||||||||
Total Expenses | 1,433,527 | 770,879 | 79,247 | 5,941 | ||||||||||||
Waiver of Supervision and Administration Fees | – | (116 | ) | – | – | |||||||||||
Net Expenses | 1,433,527 | 770,763 | 79,247 | 5,941 | ||||||||||||
Net Investment Income | 3,349,179 | 18,606,796 | 442,368 | 96,752 | ||||||||||||
Net Realized Gain (Loss) on: | ||||||||||||||||
Investments(3) | (24,728,908 | ) | (6,427,672 | ) | (1,816,409 | ) | 869,485 | |||||||||
Affiliated Investments | — | — | (236,457 | ) | — | |||||||||||
Net Realized Gain (Loss) on Investments | (24,728,908 | ) | (6,427,672 | ) | (2,052,866 | ) | 869,485 | |||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||
Investments | (133,639,556 | ) | (22,361,161 | ) | (1,746,436 | ) | (1,565,143 | ) | ||||||||
Affiliated Investments | — | — | (2,683,843 | ) | — | |||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments | (133,639,556 | ) | (22,361,161 | ) | (4,430,279 | ) | (1,565,143 | ) | ||||||||
Net Realized and Unrealized Loss on Investments | (158,368,464 | ) | (28,788,833 | ) | (6,483,145 | ) | (695,658 | ) | ||||||||
Net Decrease in Net Assets Resulting from Operations | $ | (155,019,285 | ) | $ | (10,182,037 | ) | $ | (6,040,777 | ) | $ | (598,906 | ) |
(1) | The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.) |
(2) | See Note 2 in the Notes to Financial Statements. |
(3) | Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.) |
Amounts designated as “—” are either $0 or have been rounded to $0.
45
Statements of Operations | ||
For the period ended May 31, 2020 (Unaudited) |
Global X TargetIncomeTM 5 ETF | Global X TargetIncomeTM Plus 2 ETF | Global X Adaptive U.S. Factor ETF | ||||||||||
Investment Income: | ||||||||||||
Dividend Income | $ | 52,430 | $ | 255,537 | $ | 1,991,869 | ||||||
Dividend Income, from Affiliated Investments | 40,038 | 92,282 | — | |||||||||
Total Investment Income | 92,468 | 347,819 | 1,991,869 | |||||||||
Supervision and Administration Fees(1) | 8,220 | 33,556 | 225,518 | |||||||||
Custodian Fees(2) | — | 4 | 1,767 | |||||||||
Total Expenses | 8,220 | 33,560 | 227,285 | |||||||||
Net Expenses | 8,220 | 33,560 | 227,285 | |||||||||
Net Investment Income | 84,248 | 314,259 | 1,764,584 | |||||||||
Net Realized Gain (Loss) on: | ||||||||||||
Investments(3) | 3,414 | (2,322,464 | ) | (17,831,138 | ) | |||||||
Affiliated Investments | (144,411 | ) | (998,972 | ) | — | |||||||
Net Realized Gain (Loss) on Investments | (140,997 | ) | (3,321,436 | ) | (17,831,138 | ) | ||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
Investments | (84,065 | ) | (77,696 | ) | (21,488,812 | ) | ||||||
Affiliated Investments | (179,357 | ) | (46,328 | ) | — | |||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments | (263,422 | ) | (124,024 | ) | (21,488,812 | ) | ||||||
Net Realized and Unrealized Loss on Investments | (404,419 | ) | (3,445,460 | ) | (39,319,950 | ) | ||||||
Net Decrease in Net Assets Resulting from Operations | $ | (320,171 | ) | $ | (3,131,201 | ) | $ | (37,555,366 | ) |
(1) | The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.) |
(2) | See Note 2 in the Notes to Financial Statements. |
(3) | Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.) |
Amounts designated as “—” are either $0 or have been rounded to $0.
46
Statements of Changes in Net Assets |
Global X MLP & Energy Infrastructure ETF | Global X U.S. Preferred ETF | |||||||||||||||
Period Ended May 31, 2020 (Unaudited) | Year Ended November 30, 2019 | Period Ended May 31, 2020 (Unaudited) | Year Ended November 30, 2019 | |||||||||||||
Operations: | ||||||||||||||||
Net Investment Income | $ | 3,349,179 | $ | 22,064,964 | $ | 18,606,796 | $ | 18,317,470 | ||||||||
Net Realized Gain (Loss) on Investments(1) | (24,728,908 | ) | (4,353,061 | ) | (6,427,672 | ) | 1,226,274 | |||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments | (133,639,556 | ) | (23,439,187 | ) | (22,361,161 | ) | 16,220,217 | |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (155,019,285 | ) | (5,727,284 | ) | (10,182,037 | ) | 35,763,961 | |||||||||
Distributions | (24,515,197 | ) | (40,058,250 | ) | (18,806,950 | ) | (17,959,180 | ) | ||||||||
Return of Capital | — | (3,644,335 | ) | — | — | |||||||||||
Capital Share Transactions: | ||||||||||||||||
Issued | 237,316,860 | 494,176,845 | 245,508,586 | 435,976,798 | ||||||||||||
Redeemed | (119,083,140 | ) | (372,827,734 | ) | (73,425,255 | ) | (56,945,881 | ) | ||||||||
Increase in Net Assets from Capital Share Transactions | 118,233,720 | 121,349,111 | 172,083,331 | 379,030,917 | ||||||||||||
Total Increase (Decrease) in Net Assets | (61,300,762 | ) | 71,919,242 | 143,094,344 | 396,835,698 | |||||||||||
Net Assets: | ||||||||||||||||
Beginning of Period | 612,299,814 | 540,380,572 | 585,150,138 | 188,314,440 | ||||||||||||
End of Period | $ | 550,999,052 | $ | 612,299,814 | $ | 728,244,482 | $ | 585,150,138 | ||||||||
Share Transactions: | ||||||||||||||||
Issued | 7,700,000 | 40,550,000 | 10,050,000 | 17,750,000 | ||||||||||||
Redeemed | (4,535,827 | ) | (30,200,000 | ) | (3,150,000 | ) | (2,350,000 | ) | ||||||||
Net Increase in Shares Outstanding from Share Transactions | 3,164,173 | 10,350,000 | 6,900,000 | 15,400,000 |
(1) | Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.) |
Amounts designated as “—” are either $0 or have been rounded to $0.
47
Statements of Changes in Net Assets |
Global X SuperDividend® Alternatives ETF | Global X S&P 500® Quality Dividend ETF | |||||||||||||||
Period Ended May 31, 2020 (Unaudited) | Year Ended November 30, 2019 | Period Ended May 31, 2020 (Unaudited) | Year Ended November 30, 2019 | |||||||||||||
Operations: | ||||||||||||||||
Net Investment Income | $ | 442,368 | $ | 1,424,973 | $ | 96,752 | $ | 199,835 | ||||||||
Net Realized Gain (Loss) on Investments(1) | (2,052,866 | ) | 331,324 | 869,485 | 197,625 | |||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments | (4,430,279 | ) | 171,793 | (1,565,143 | ) | 740,007 | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (6,040,777 | ) | 1,928,090 | (598,906 | ) | 1,137,467 | ||||||||||
Distributions | (1,238,804 | ) | (1,722,480 | ) | (115,507 | ) | (188,336 | ) | ||||||||
Capital Share Transactions: | ||||||||||||||||
Issued | — | 12,578,798 | 7,293,854 | 9,451,209 | ||||||||||||
Redeemed | (4,593,895 | ) | (1,470,485 | ) | (10,474,332 | ) | (3,581,825 | ) | ||||||||
Increase (Decrease) in Net Assets from Capital Share Transactions | (4,593,895 | ) | 11,108,313 | (3,180,478 | ) | 5,869,384 | ||||||||||
Total Increase (Decrease) in Net Assets | (11,873,476 | ) | 11,313,923 | (3,894,891 | ) | 6,818,515 | ||||||||||
Net Assets: | ||||||||||||||||
Beginning of Period | 28,012,092 | 16,698,169 | 9,278,206 | 2,459,691 | ||||||||||||
End of Period | $ | 16,138,616 | $ | 28,012,092 | $ | 5,383,315 | $ | 9,278,206 | ||||||||
Share Transactions: | ||||||||||||||||
Issued | — | 850,000 | 300,000 | 400,000 | ||||||||||||
Redeemed | (400,000 | ) | (100,000 | ) | (400,000 | ) | (150,000 | ) | ||||||||
Net Increase (Decrease) in Shares Outstanding from Share Transactions | (400,000 | ) | 750,000 | (100,000 | ) | 250,000 |
(1) | Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.) |
Amounts designated as “—” are either $0 or have been rounded to $0.
48
Statements of Changes in Net Assets |
Global X TargetIncomeTM 5 ETF | Global X TargetIncomeTM Plus 2 ETF | |||||||||||||||
Period Ended May 31, 2020 (Unaudited) | Year Ended November 30, 2019 | Period Ended May 31, 2020 (Unaudited) | Year Ended November 30, 2019 | |||||||||||||
Operations: | ||||||||||||||||
Net Investment Income | $ | 84,248 | $ | 98,277 | $ | 314,259 | $ | 120,186 | ||||||||
Net Realized Loss on Investments(1) | (140,997 | ) | (75,388 | ) | (3,321,436 | ) | (77,274 | ) | ||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments | (263,422 | ) | 104,171 | (124,024 | ) | 120,084 | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (320,171 | ) | 127,060 | (3,131,201 | ) | 162,996 | ||||||||||
Distributions | (106,007 | ) | (106,201 | ) | (336,651 | ) | (129,966 | ) | ||||||||
Capital Share Transactions: | ||||||||||||||||
Issued | 6,103,290 | — | 29,445,571 | 8,525,580 | ||||||||||||
Redeemed | (3,560,072 | ) | (1,204,575 | ) | (32,186,390 | ) | (1,210,064 | ) | ||||||||
Increase (Decrease) in Net Assets from Capital Share Transactions | 2,543,218 | (1,204,575 | ) | (2,740,819 | ) | 7,315,516 | ||||||||||
Total Increase (Decrease) in Net Assets | 2,117,040 | (1,183,716 | ) | (6,208,671 | ) | 7,348,546 | ||||||||||
Net Assets: | ||||||||||||||||
Beginning of Period | 1,211,717 | 2,395,433 | 9,747,091 | 2,398,545 | ||||||||||||
End of Period | $ | 3,328,757 | $ | 1,211,717 | $ | 3,538,420 | $ | 9,747,091 | ||||||||
Share Transactions: | ||||||||||||||||
Issued | 250,000 | — | 1,200,000 | 350,000 | ||||||||||||
Redeemed | (150,000 | ) | (50,000 | ) | (1,450,000 | ) | (50,000 | ) | ||||||||
Net Increase (Decrease) in Shares Outstanding from Share Transactions | 100,000 | (50,000 | ) | (250,000 | ) | 300,000 |
(1) | Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.) |
Amounts designated as “—” are either $0 or have been rounded to $0.
49
Statements of Changes in Net Assets |
Global X Adaptive U.S. Factor ETF | ||||||||
Period Ended May 31, 2020 (Unaudited) | Year Ended November 30, 2019 | |||||||
Operations: | ||||||||
Net Investment Income | $ | 1,764,584 | $ | 5,342,279 | ||||
Net Realized Gain (Loss) on Investments (1) | (17,831,138 | ) | 1,114,850 | |||||
Net Change in Unrealized Appreciation (Depreciation) on Investments | (21,488,812 | ) | 10,482,959 | |||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (37,555,366 | ) | 16,940,088 | |||||
Distributions | (3,858,043 | ) | (6,134,537 | ) | ||||
Capital Share Transactions: | ||||||||
Issued | 78,754,307 | 80,979,739 | ||||||
Redeemed | (91,619,577 | ) | (4,658,957 | ) | ||||
Increase (Decrease) in Net Assets from Capital Share Transactions | (12,865,270 | ) | 76,320,782 | |||||
Total Increase (Decrease) in Net Assets | (54,278,679 | ) | 87,126,333 | |||||
Net Assets: | ||||||||
Beginning of Period | 189,563,866 | 102,437,533 | ||||||
End of Period | $ | 135,285,187 | $ | 189,563,866 | ||||
Share Transactions: | ||||||||
Issued | 3,050,000 | 3,350,000 | ||||||
Redeemed | (3,850,000 | ) | (200,000 | ) | ||||
Net Increase (Decrease) in Shares Outstanding from Share Transactions | (800,000 | ) | 3,150,000 |
(1) | Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.) |
Amounts designated as “—” are either $0 or have been rounded to $0.
50
Financial Highlights |
Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period
For a Share Outstanding Throughout the Period
Net Asset Value, Beginning of Period ($) | Net Investment Income ($)* | Net Realized and Unrealized Gain (Loss) on Investments ($) | Total from Operations ($) | Distribution from Net Investment Income ($) | Distribution from Capital Gains ($) | |||||||||||||||||||
Global X MLP & Energy Infrastructure ETF | ||||||||||||||||||||||||
2020(3) (Unaudited) | 33.45 | 0.15 | (6.80 | ) | (6.65 | ) | (1.11 | ) | — | |||||||||||||||
2019(3) | 36.39 | 1.14 | (1.89 | ) | (0.75 | ) | (2.01 | ) | — | |||||||||||||||
2018(3) | 38.40 | 1.05 | (1.11 | ) | (0.06 | ) | (1.56 | ) | — | |||||||||||||||
2017(3) | 44.46 | 0.93 | (4.62 | ) | (3.69 | ) | (2.16 | ) | — | |||||||||||||||
2016(3) | 40.41 | 1.08 | 4.77 | 5.85 | (1.80 | ) | — | |||||||||||||||||
2015(3) | 56.76 | 0.81 | (15.45 | ) | (14.64 | ) | (0.99 | ) | — | |||||||||||||||
Global X U.S. Preferred ETF | ||||||||||||||||||||||||
2020 (Unaudited) | 24.79 | 0.67 | (0.90 | ) | (0.23 | ) | (0.68 | ) | — | |||||||||||||||
2019 | 22.97 | 1.36 | 1.83 | 3.19 | (1.37 | ) | — | |||||||||||||||||
2018 | 25.03 | 1.44 | (2.08 | ) | (0.64 | ) | (1.42 | ) | — | |||||||||||||||
2017(1) | 25.08 | 0.44 | (0.25 | ) | 0.19 | (0.24 | ) | — | ||||||||||||||||
Global X SuperDividend® Alternatives ETF | ||||||||||||||||||||||||
2020 (Unaudited) | 14.74 | 0.26 | (3.52 | ) | (3.26 | ) | (0.57 | ) | (0.15 | ) | ||||||||||||||
2019 | 14.52 | 0.94 | 0.44 | 1.38 | (1.07 | ) | (0.09 | ) | ||||||||||||||||
2018 | 15.40 | 0.92 | (0.64 | ) | 0.28 | (1.16 | ) | — | ||||||||||||||||
2017 | 14.65 | 1.04 | 0.85 | 1.89 | (1.01 | ) | — | |||||||||||||||||
2016 | 14.43 | 0.99 | # | 0.53 | ^ | 1.52 | (1.15 | ) | — | |||||||||||||||
2015(2) | 15.04 | 0.45 | (0.76 | ) | (0.31 | ) | (0.30 | ) | — |
51
Financial Highlights |
Return of Capital ($) | Total from Distributions ($) | Net Asset Value, End of Period ($) | Total Return (%)** | Net Assets End of Period ($)(000) | Ratio of Expenses to Average Net Assets (%) | Ratio of Net Investment Income to Average Net Assets (%) | Portfolio Turnover (%)†† | |||||||||||||||||||||||
— | (1.11 | ) | 25.69 | (20.08 | ) | 550,999 | 0.45 | † | 1.05 | † | 18.70 | |||||||||||||||||||
(0.18 | ) | (2.19 | ) | 33.45 | (2.34 | ) | 612,300 | 0.45 | 3.03 | 36.57 | ||||||||||||||||||||
(0.39 | ) | (1.95 | ) | 36.39 | (0.43 | ) | 540,381 | 0.45 | 2.65 | 25.68 | ||||||||||||||||||||
(0.21 | ) | (2.37 | ) | 38.40 | (8.71 | ) | 305,980 | 0.45 | 2.20 | 40.42 | ||||||||||||||||||||
— | (1.80 | ) | 44.46 | 15.45 | 130,451 | 0.45 | 2.79 | 56.14 | ||||||||||||||||||||||
(0.72 | ) | (1.71 | ) | 40.41 | (26.30 | ) | 97,682 | 0.45 | 1.56 | 33.36 | ||||||||||||||||||||
— | (0.68 | ) | 23.88 | (0.90 | ) | 728,244 | 0.23 | † | 5.57 | † | 24.58 | |||||||||||||||||||
— | (1.37 | ) | 24.79 | 14.25 | 585,150 | 0.24 | 5.57 | 32.93 | ||||||||||||||||||||||
— | (1.42 | ) | 22.97 | (2.72 | ) | 188,314 | 0.23 | 5.98 | 42.90 | |||||||||||||||||||||
— | (0.24 | ) | 25.03 | 0.75 | 26,276 | 0.23 | † | 8.01 | † | 3.82 | ||||||||||||||||||||
— | (0.72 | ) | 10.76 | (22.64 | ) | 16,139 | 0.75 | † | 4.20 | † | 13.09 | |||||||||||||||||||
— | (1.16 | ) | 14.74 | 9.89 | 28,012 | 0.75 | 6.39 | 18.16 | ||||||||||||||||||||||
— | (1.16 | ) | 14.52 | 1.89 | 16,698 | 0.75 | 6.19 | 18.32 | ||||||||||||||||||||||
(0.13 | ) | (1.14 | ) | 15.40 | 13.24 | 11,549 | 0.75 | 6.75 | 34.84 | |||||||||||||||||||||
(0.15 | ) | (1.30 | ) | 14.65 | 11.04 | 5,127 | 0.75 | 6.78 | 30.80 | |||||||||||||||||||||
— | (0.30 | ) | 14.43 | (2.02 | ) | 1,443 | 0.75 | † | 8.04 | † | 21.50 |
* | Per share data calculated using average shares method. |
** | Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
# | Effective November 1, 2015, the Fund changed its method for estimating the characterization of amounts distributed by master limited partnerships, which correspondingly impacted the financial highlight ratios and per share disclosures to the extent that the fund recorded investment income that differed from amounts previously estimated. |
^ | The amount shown for a share outstanding throughout the period does not accord with the aggregate net gains on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund. |
† | Annualized. |
†† | Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers. |
(1) | The Fund commenced operations on September 11, 2017. |
52
Financial Highlights |
(2) | The Fund commenced operations on July 13, 2015. |
(3) | Per share amounts have been adjusted for a 1 for 3 reverse share split on April 28, 2020 (See Note 8 in the Notes to Financial Statements). |
Amounts designated as “—” are either $0 or have been rounded to $0.
53
Page left intentionally blank.
54
Financial Highlights |
Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period
Net Asset Value, Beginning of Period ($) | Net Investment Income ($)* | Net Realized and Unrealized Gain (Loss) on Investments ($) | Total from Operations ($) | Distribution from Net Investment Income ($) | ||||||||||||||||
Global X S&P 500® Quality Dividend ETF | ||||||||||||||||||||
2020 (Unaudited) | 26.51 | 0.39 | (4.94 | ) | (4.55 | ) | (0.43 | ) | ||||||||||||
2019 | 24.60 | 0.75 | 1.89 | 2.64 | (0.73 | ) | ||||||||||||||
2018(1) | 25.00 | 0.26 | (0.44 | ) | (0.18 | ) | (0.22 | ) | ||||||||||||
Global X TargetIncomeTM 5 ETF | ||||||||||||||||||||
2020 (Unaudited) | 24.23 | 0.46 | (1.83 | ) | (1.37 | ) | (0.67 | ) | ||||||||||||
2019 | 23.95 | 1.43 | 0.30 | 1.73 | (1.44 | ) | ||||||||||||||
2018(2) | 25.00 | 0.48 | (1.19 | ) | (0.71 | ) | (0.34 | ) | ||||||||||||
Global X TargetIncomeTM Plus 2 ETF | ||||||||||||||||||||
2020 (Unaudited) | 24.37 | 0.44 | (0.75 | ) | (0.31 | ) | (0.47 | ) | ||||||||||||
2019 | 23.98 | 1.06 | 0.67 | 1.73 | (1.33 | ) | ||||||||||||||
2018(2) | 25.00 | 0.47 | (1.15 | ) | (0.68 | ) | (0.34 | ) | ||||||||||||
Global X Adaptive U.S. Factor ETF | ||||||||||||||||||||
2020 (Unaudited) | 25.79 | 0.24 | (4.86 | ) | (4.62 | ) | (0.47 | ) | ||||||||||||
2019 | 24.39 | 0.89 | 1.53 | 2.42 | (1.02 | ) | ||||||||||||||
2018(3) | 25.00 | 0.22 | (0.61 | ) | (0.39 | ) | (0.19 | ) |
55
Financial Highlights |
Distribution from Capital Gains ($) | Return of Capital ($) | Total from Distributions ($) | Net Asset Value, End of Period ($) | Total Return (%)** | Net Assets End of Period ($)(000) | Ratio of Expenses to Average Net Assets (%) | Ratio of Net Investment Income to Average Net Assets (%) | Portfolio Turnover (%)†† | ||||||||||||||||||||||||||
— | — | (0.43 | ) | 21.53 | (17.26 | ) | 5,383 | 0.20 | † | 3.30 | † | 44.50 | ||||||||||||||||||||||
— | — | (0.73 | ) | 26.51 | 11.01 | 9,278 | 0.28 | ‡ | 2.99 | 49.18 | ||||||||||||||||||||||||
— | — | (0.22 | ) | 24.60 | (0.72 | ) | 2,460 | 0.36 | † | 2.70 | † | 1.18 | ||||||||||||||||||||||
— | ��� | (0.67 | ) | 22.19 | (5.74 | ) | 3,329 | 0.39 | † | 3.97 | † | 13.14 | ||||||||||||||||||||||
(0.01 | ) | — | (1.45 | ) | 24.23 | 7.54 | 1,212 | 0.40 | 5.98 | 63.30 | ||||||||||||||||||||||||
— | — | (0.34 | ) | 23.95 | (2.86 | ) | 2,395 | 0.39 | † | 5.65 | † | 16.00 | ||||||||||||||||||||||
— | — | (0.47 | ) | 23.59 | (1.30 | ) | 3,538 | 0.39 | † | 3.65 | † | 10.28 | ||||||||||||||||||||||
(0.01 | ) | — | (1.34 | ) | 24.37 | 7.44 | 9,747 | 0.39 | 4.37 | 31.54 | ||||||||||||||||||||||||
— | — | (0.34 | ) | 23.98 | (2.74 | ) | 2,399 | 0.39 | † | 5.57 | † | 11.11 | ||||||||||||||||||||||
(0.05 | ) | — | (0.52 | ) | 20.65 | (18.14 | ) | 135,285 | 0.27 | † | 2.11 | † | 94.36 | |||||||||||||||||||||
— | ^ | — | (1.02 | ) | 25.79 | 10.27 | 189,564 | 0.27 | 3.63 | 112.43 | ||||||||||||||||||||||||
— | (0.03 | ) | (0.22 | ) | 24.39 | (1.58 | ) | 102,438 | 0.27 | † | 3.31 | † | 28.89 |
* | Per share data calculated using average shares method. |
** | Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
† | Annualized. |
†† | Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers. |
‡ | Effective April 1, 2019, the Fund’s fees were permanently lowered to 0.20%. Prior to April 1,2019, the ratio of Expenses to Average Net Assets included the effect of a waiver. If these offsets were excluded, the ratio would have been 0.31% and 0.35%, for the years ended November 30, 2019 and 2018, respectively. |
(1) | The Fund commenced operations on July 13, 2018. |
(2) | The Fund commenced operations on July 27, 2018. |
(3) | The Fund commenced operations on August 24, 2018. |
^ | Amount is less than $0.005. |
56
Notes to Financial Statements (unaudited) | ||
May 31, 2020 |
1. ORGANIZATION
The Global X Funds (the “Trust”) is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of May 31, 2020, the Trust had eighty nine portfolios, seventy-two of which were operational. The financial statements herein and the related notes pertain to the Global X MLP & Energy Infrastructure ETF, Global X U.S. Preferred ETF, Global X SuperDividend® Alternatives ETF, Global X S&P 500® Quality Dividend ETF, Global X TargetIncomeTM 5 ETF, Global X TargetIncomeTM Plus 2 ETF and Global X Adaptive U.S. Factor ETF (each a “Fund” and collectively, the “Funds”). Each Fund, other than the Global X SuperDividend® Alternatives ETF, has elected non-diversified status.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the significant accounting policies followed by the Funds:
USE OF ESTIMATES – The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could materially differ from those estimates.
RETURN OF CAPITAL ESTIMATES – Distributions received by the Funds from underlying master limited partnership (“MLP”) and real estate investment trust (“REIT”) investments generally are comprised of income and return of capital. The Funds record investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available from the MLPs, REITs and other industry sources. These estimates may subsequently be revised based on information received from the MLPs and REITs after their tax reporting periods are concluded.
MLPs – Certain Funds may invest in MLPs in addition to other exchange-traded securities. MLPs are publicly-traded partnerships engaged in the transportation, storage and processing of minerals and natural resources. By confining their operations to these specific activities, their interests, or units, are able to trade on public securities exchanges exactly like the shares of a corporation, without entity-level taxation. To qualify as an MLP, and to not be taxed as a corporation, a partnership must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Internal Revenue Code of 1986, as amended (the “Code”). These qualifying sources include natural resource-based activities, such as the processing, transportation and storage of mineral or natural resources. MLPs generally have two classes of owners, the general partner and
57
Notes to Financial Statements (unaudited) (continued) | ||
May 31, 2020 |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
limited partners. The general partner of an MLP is typically owned by a major energy company, an investment fund, the direct management of the MLP, or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly-traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units.
Limited partners typically own the remainder of the partnership, through ownership of common units, and have a limited role in the partnership’s operations and management. MLPs are typically structured such that common units and general partner interests have first priority to receive quarterly cash distributions up to an established minimum amount (“minimum quarterly distributions” or “MQD”). Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid. Once common and general partner interests have been paid, subordinated units receive distributions of up to the MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD is paid to both common and subordinated units and is distributed to both common and subordinated units generally on a pro rata basis. The general partner is also eligible to receive incentive distributions if the general partner operates the business in a manner which results in distributions paid per common unit surpassing specified target levels. As the general partner increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of the incremental cash distributions.
SECURITY VALUATION – Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market (“NASDAQ”)), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm if a security’s primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent mean between the quoted bid and asked prices (absent both bid and asked prices on such exchange, the bid price may be used).
For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less will be valued at their market value. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid
58
Notes to Financial Statements (unaudited) (continued) | ||
May 31, 2020 |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
price from at least one independent broker. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates as of the reporting date. The exchange rates used by the Trust for valuation are captured as of the New York or London close each day.
Securities for which market prices are not “readily available” are valued in accordance with Fair Value Procedures established by the Board of Trustees (the “Board”). The Funds’ Fair Value Procedures are implemented through a fair value committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using the Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from its primary trading exchange; the security’s primary trading market is temporarily closed at a time when, under normal conditions, it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, the Funds may fair value their securities if an event that may materially affect the value of the Funds’ securities that traded outside of the United States (a “Significant Event”) has occurred between the time of the securities’ last close and the time that the Funds calculate their net asset values. A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If Global X Management Company LLC, the Funds’ investment adviser (the “Adviser”), becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate their net asset values, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably available to the Committee. As of May 31, 2020, there were no securities priced using the Fair Value Procedures.
In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:
59
Notes to Financial Statements (unaudited) (continued) | ||
May 31, 2020 |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;
Level 2 – Other significant observable inputs (including quoted prices in non-active markets, quoted prices for similar investments and fair value of investments for which the Funds have the ability to fully redeem tranches at net asset value as of the measurement date or within the near term, and short-term investments valued at amortized cost); and
Level 3 – Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments, and fair value of investments for which the Funds do not have the ability to fully redeem tranches at net asset value as of the measurement date or within the near term).
Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.
For the period ended May 31, 2020, there have been no significant changes to the Funds’ fair valuation methodologies.
REPURCHASE AGREEMENTS – Securities pledged as collateral for repurchase agreements by BNP Paribas are held by Brown Brothers Harriman & Co. (“BBH”), the Funds’ custodian (“Custodian”) and are designated as being held on each Fund’s behalf by its custodian under a book-entry system. Each Fund monitors the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest.
It is the Funds’ policy to only enter into repurchase agreements with banks and other financial institutions which are deemed by the Adviser to be creditworthy. The Funds bear the risk of loss in the event that the other party to a repurchase agreement defaults on its obligations, and the Funds are prevented from exercising their rights to dispose of the underlying securities received as collateral and the risk of a possible decline in the value of the underlying securities during the period.
Repurchase agreements are entered into by the Funds under Master Repurchase Agreements (“MRA”) which permit the Funds, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under an MRA with collateral held and/or posted to the counterparty, and create one single net payment due to or from the Funds.
60
Notes to Financial Statements (unaudited) (continued) | ||
May 31, 2020 |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
As of May 31, 2020, the open repurchase agreements by counterparty which are subject to an MRA on a net payment basis are as follows:
Repurchase Agreements | Fair Value of Non-cash Collateral Received(1) | Cash Collateral Received | Net Amount(2) | |||||||||||||
Global X MLP & Energy Infrastructure ETF | ||||||||||||||||
BNP Paribas | $ | 2,838,310 | $ | 2,838,310 | $ | – | $ | – | ||||||||
Global X U.S. Preferred ETF | ||||||||||||||||
BNP Paribas | 1,797,848 | 1,797,848 | – | – | ||||||||||||
Global X SuperDividend® Alternatives ETF | ||||||||||||||||
BNP Paribas | 172,488 | 172,488 | – | – |
(1) | Excess collateral received is not presented in the table above. Please refer to the Schedule of Investments for the market value of the collateral received for each Fund. |
(2) | Net Amount represents the net amount receivable due from the counterparty in the event of default. |
FEDERAL INCOME TAXES – It is each Fund’s intention to continue to qualify as a regulated investment company for federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Code. Accordingly, no provisions for federal income taxes have been made in the financial statements.
The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50%) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provisions in the current period; however, management’s conclusions regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof. Any foreign tax filings that have not been made will be filed within the prescribed period.
SECURITY TRANSACTIONS AND INVESTMENT INCOME – Security transactions are accounted for on the trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sale of investment securities are based on specific identification. Dividend income is recorded on the ex-dividend date. Interest income is recognized on the accrual basis from the settlement date.
FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION – The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the
61
Notes to Financial Statements (unaudited) (continued) | ||
May 31, 2020 |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
date of valuation. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statement of Operations. Net realized and unrealized gains and losses on foreign currency transactions and translations represent net foreign exchange gains or losses from foreign currency spot contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS – The Funds distribute their net investment income on a pro rata basis. Any net realized capital gains are distributed annually. All distributions are recorded on the ex-dividend date.
CREATION UNITS – The Funds issue and redeem their shares (“Shares”) on a continuous basis at Net Asset Value (“NAV”) and only in large blocks of 50,000 Shares, referred to as “Creation Units”. Purchasers of Creation Units (“Authorized Participants”) at NAV must pay a standard creation transaction fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an Authorized Participant on the same day.
An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard redemption fee per transaction to BBH, the Funds’ custodian, on the date of such redemption, regardless of the number of Creation Units redeemed that day.
If a Creation Unit is purchased or redeemed for cash, an additional variable fee may be charged. The following table discloses Creation Unit breakdown:
Creation Unit Shares | Creation Fee | Value at May 31, 2020 | Redemption Fee | |||||||||||||
Global X MLP & Energy Infrastructure ETF | 50,000 | $ | 250 | $ | 1,284,500 | $ | 250 | |||||||||
Global X U.S. Preferred ETF | 50,000 | 650 | 1,194,000 | 650 | ||||||||||||
Global X SuperDividend® Alternatives ETF | 50,000 | 300 | 538,000 | 300 | ||||||||||||
Global X S&P 500® Quality Dividend ETF | 50,000 | 500 | 1,076,500 | 500 | ||||||||||||
Global X TargetIncomeTM 5 ETF | 50,000 | 250 | 1,109,500 | 250 | ||||||||||||
Global X TargetIncomeTM Plus 2 ETF | 50,000 | 250 | 1,179,500 | 250 | ||||||||||||
Global X Adaptive U.S. Factor ETF | 50,000 | 700 | 1,032,500 | 700 |
62
Notes to Financial Statements (unaudited) (continued) | ||
May 31, 2020 |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
CASH OVERDRAFT CHARGES – Per the terms of an agreement with BBH, if a Fund has a cash overdraft on a given day, it will be assessed an overdraft charge of LIBOR plus 2.00%. Cash overdraft charges are included in custodian fees on the Statement of Operations.
3. RELATED PARTY AND SERVICE PROVIDER TRANSACTIONS
On July 2, 2018, the Adviser consummated a transaction pursuant to which it became an indirect, wholly-owned subsidiary of Mirae Asset Global Investments Co., Ltd. (“Mirae”). In this manner, the Adviser is ultimately controlled by Mirae, which is a leading financial services company in Korea and is the headquarters for the Mirae Asset Global Investments Group.
The Adviser serves as the investment adviser and the administrator for the Funds. Subject to the supervision of the Board, the Adviser is responsible for managing the investment activities of the Funds and the Funds’ business affairs and other administrative matters and provides or causes to be furnished all supervisory, administrative and other services reasonably necessary for the operation of the Funds, including certain distribution services (provided pursuant to a separate distribution agreement), certain shareholder and distribution-related services (provided pursuant to a separate Rule 12b-1 Plan and related agreements) and investment advisory services (provided pursuant to a separate investment advisory agreement), under what is essentially an “all-in” fee structure. For the Adviser’s services to the respective Funds, under the supervision and administration agreement, the Funds pay a monthly fee to the Adviser at the annual rate below (stated as a percentage of the average daily net assets of the respective Fund) (the “Supervision and Administration Fee”). In addition, the Funds bear other expenses, directly and indirectly, that are not covered by the supervision and administration agreement, which may vary and affect the total expense ratios of the Funds, such as taxes, brokerage fees, commissions, acquired fund fees and expenses, and other transaction expenses, interest expenses and extraordinary expenses (such as litigation and indemnification expenses).
The following table discloses the rates of Supervision and Administration Fees paid by the Funds pursuant to the supervision and administration agreement:
Supervision and Administration Fee | |||
Global X MLP & Energy Infrastructure ETF | 0.45% | ||
Global X U.S. Preferred ETF* | 0.23% | ||
Global X SuperDividend® Alternatives ETF | 0.75% | ||
Global X S&P 500® Quality Dividend ETF** | 0.20% | ||
Global X TargetIncomeTM 5 ETF | 0.39% | ||
Global X TargetIncomeTM Plus 2 ETF | 0.39% | ||
Global X Adaptive U.S. Factor ETF | 0.27% |
63
Notes to Financial Statements (unaudited) (continued) | ||
May 31, 2020 |
3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS (continued)
* Pursuant to an expense limitation agreement in existence between the Global X U.S. Preferred ETF (the “Fund”) and the Adviser, the Adviser agreed to waive or reimburse fees and/or limit fund expenses to the extent necessary to assure that the operating expenses of the Fund (exclusive of taxes, brokerage fees, commissions, and other transaction expenses and extraordinary expenses (such as litigation and indemnification expenses)) (“Total Annual Fund Operating Expenses”) will not exceed 0.23% of the Fund’s average daily net assets per year, effective April 1, 2020, until at least April 1, 2021.
** Pursuant to an expense limitation agreement in effect between the Global X S&P 500® Quality Dividend ETF (the “Fund”) and the Adviser from July 26, 2019 until September 13, 2019, the Adviser contractually agreed to waive 0.15% of the management fee it received from the Fund. After giving effect to such waiver, the net management fee received by the Adviser from the Fund was 0.20%. Effective September 13, 2019, the Board of Trustees voted to permanently reduce the Fund’s management fee to 0.20%.
SEI Investments Global Funds Services (“SEIGFS”) serves as sub-administrator to the Funds. As sub-administrator, SEIGFS provides the Funds with required general administrative services, including, without limitation: office space, equipment, and personnel; clerical and general back office services; bookkeeping, internal accounting and secretarial services; the calculation of NAVs; and assistance with the preparation and filing of reports, registration statements, proxy statements and other materials required to be filed or furnished by the Funds under federal and state securities laws. As compensation for these services, SEIGFS receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser.
SEI Investments Distribution Co. (“SIDCO”) serves as the Funds’ underwriter and distributor of Creation Units pursuant to a distribution agreement. SIDCO has no obligation to sell any specific quantity of Fund Shares. SIDCO bears the following costs and expenses relating to the distribution of Shares: (1) the costs of processing and maintaining records of creations of Creation Units; (2) all costs of maintaining the records required of a registered broker/dealer; (3) the expenses of maintaining its registration or qualification as a dealer or broker under federal or state laws; (4) filing fees; and (5) all other expenses incurred in connection with the distribution services as contemplated in the distribution agreement. SIDCO receives no fee from the Funds for its distribution services under the distribution agreement; rather, the Adviser compensates SIDCO for certain expenses, out-of-pocket costs, and transaction fees.
BBH serves as custodian and transfer agent of the Funds’ assets. As custodian, BBH has agreed to (1) make receipts and disbursements of money on behalf of the Funds, (2) collect and receive all income and other payments and distributions on account of the Funds’ portfolio investments, (3) respond to correspondence from shareholders, security brokers and others relating to its duties, and (4) make periodic reports to the Funds concerning the Funds’ operations. BBH does not exercise any supervisory function over the purchase and sale of securities. As transfer agent, BBH has agreed to (1) issue and redeem Shares of each Fund, (2) make dividend and other distributions to shareholders of each Fund, (3) respond to correspondence by shareholders and others relating to its
64
Notes to Financial Statements (unaudited) (continued) | ||
May 31, 2020 |
3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS (continued)
duties, (4) maintain shareholder accounts, and (5) make periodic reports to the Funds. As compensation for these services, BBH receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees.
4. INVESTMENT TRANSACTIONS
For the period ended May 31, 2020, the purchases and sales of investments in securities, excluding in-kind transactions, long-term U.S. Government, and short-term securities were:
2020 | Purchases | Sales and Maturities | ||||||
Global X MLP & Energy Infrastructure ETF | $ | 118,116,606 | $ | 164,945,272 | ||||
Global X U.S. Preferred ETF | 162,080,894 | 162,344,075 | ||||||
Global X SuperDividend® Alternatives ETF | 2,762,037 | 3,778,023 | ||||||
Global X S&P 500® Quality Dividend ETF | 2,801,364 | 2,783,758 | ||||||
Global X TargetIncomeTM 5 ETF | 505,109 | 499,514 | ||||||
Global X TargetIncomeTM Plus 2 ETF | 1,529,782 | 1,541,254 | ||||||
Global X Adaptive U.S. Factor ETF | 156,469,663 | 157,624,813 |
For the periods ended May 31, 2020 and November 30, 2019, in-kind transactions associated with creations and redemptions were, respectively:
2020 | Purchases | Sales | Realized Gain / (Loss) | |||||||||
Global X MLP & Energy Infrastructure ETF | $ | 236,734,533 | $ | 91,406,008 | $ | 10,109,134 | ||||||
Global X U.S. Preferred ETF | 243,589,035 | 73,200,747 | 1,414,322 | |||||||||
Global X SuperDividend® Alternatives ETF | – | 4,105,421 | (523,501 | ) | ||||||||
Global X S&P 500® Quality Dividend ETF | 7,277,158 | 10,467,612 | 1,121,849 | |||||||||
Global X TargetIncomeTM 5 ETF | 6,099,762 | 3,579,421 | (49,094 | ) | ||||||||
Global X TargetIncomeTM Plus 2 ETF | 29,437,596 | 32,171,555 | (3,229,381 | ) | ||||||||
Global X Adaptive U.S. Factor ETF | 78,546,103 | 91,619,416 | 2,529,774 |
2019 | Purchases | Sales | Realized Gain / (Loss) | |||||||||
Global X MLP & Energy Infrastructure ETF | $ | 493,182,191 | $ | 284,980,056 | $ | 31,252,724 | ||||||
Global X U.S. Preferred ETF | 435,632,340 | 55,599,414 | 2,931,505 | |||||||||
Global X SuperDividend® Alternatives ETF | 12,537,203 | 1,303,100 | 94,283 | |||||||||
Global X S&P 500® Quality Dividend ETF | 9,443,686 | 3,574,879 | 393,983 | |||||||||
Global X TargetIncomeTM 5 ETF | – | 1,204,732 | 1,260 | |||||||||
Global X TargetIncomeTM Plus 2 ETF | 8,518,609 | 1,210,230 | (22,076 | ) | ||||||||
Global X Adaptive U.S. Factor ETF | 80,114,085 | 4,658,062 | 329,700 |
During the period ended May 31, 2020, there were no purchases or sales of long-term U.S. Government securities by the Funds.
65
Notes to Financial Statements (unaudited) (continued) | ||
May 31, 2020 |
5. TAX INFORMATION
The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to undistributed net investment income (loss), accumulated net realized gain (loss) or paid-in capital, as appropriate, in the period that the differences arise.
The tax character of dividends and distributions declared during the years or periods ended November 30, 2019 and November 30, 2018 were as follows:
Global X Funds | Ordinary Income | Long-Term Capital Gain | Return of Capital | Totals | ||||||||||||
Global X MLP & Energy Infrastructure ETF | ||||||||||||||||
2019 | $ | 40,058,250 | $ | – | $ | 3,644,335 | $ | 43,702,585 | ||||||||
2018 | 19,402,441 | – | 4,853,774 | 24,256,215 | ||||||||||||
Global X U.S. Preferred ETF | ||||||||||||||||
2019 | $ | 17,959,180 | $ | – | $ | – | $ | 17,959,180 | ||||||||
2018 | 4,563,490 | – | – | 4,563,490 | ||||||||||||
Global X SuperDividend® Alternatives ETF | ||||||||||||||||
2019 | $ | 1,697,638 | $ | 24,842 | $ | – | $ | 1,722,480 | ||||||||
2018 | 1,065,740 | – | – | 1,065,740 | ||||||||||||
Global X S&P 500® Quality Dividend ETF | ||||||||||||||||
2019 | $ | 187,572 | $ | 764 | $ | – | $ | 188,336 | ||||||||
2018 | 22,480 | – | – | 22,480 | ||||||||||||
Global X TargetIncomeTM 5 ETF | ||||||||||||||||
2019 | $ | 106,201 | $ | – | $ | – | $ | 106,201 | ||||||||
2018 | 33,991 | – | – | 33,991 | ||||||||||||
Global X TargetIncomeTM Plus 2 ETF | ||||||||||||||||
2019 | $ | 129,966 | $ | – | $ | – | $ | 129,966 | ||||||||
2018 | 33,891 | – | – | 33,891 | ||||||||||||
Global X Adaptive U.S. Factor ETF | ||||||||||||||||
2019 | $ | 5,613,976 | $ | 520,561 | $ | – | $ | 6,134,537 | ||||||||
2018 | 662,778 | – | 101,182 | 763,960 |
66
Notes to Financial Statements (unaudited) (continued) | ||
May 31, 2020 |
5. TAX INFORMATION (continued)
As of November 30, 2019, the components of tax basis distributable earnings (accumulated losses) were as follows:
Global X Funds | ||||||||||||||||
Global X MLP & Energy Infrastructure ETF | Global X U.S. Preferred ETF | Global X SuperDividend® Alternatives ETF | Global X S&P 500® Quality Dividend ETF | |||||||||||||
Undistributed Ordinary Income | $ | – | $ | 1,830,288 | $ | – | $ | 17,961 | ||||||||
Undistributed Long-Term Capital Gain | – | – | 184,432 | – | ||||||||||||
Post October Losses | – | – | (18,772 | ) | – | |||||||||||
Capital Loss Carryforwards | (76,432,065 | ) | (554,032 | ) | – | (183,482 | ) | |||||||||
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency | (101,113,250 | ) | 5,844,435 | (547,884 | ) | 680,311 | ||||||||||
Other Temporary Differences | (5 | ) | (1,558,408 | ) | (6 | ) | (1 | ) | ||||||||
Total Distributable Earnings (Accumulated Losses) | $ | (177,545,320 | ) | $ | 5,562,283 | $ | (382,230 | ) | $ | 514,789 |
Global X Funds | ||||||||||||
Global X TargetIncomeTM 5 ETF | Global X TargetIncomeTM Plus 2 ETF | Global X Adaptive U.S. Factor ETF | ||||||||||
Undistributed Ordinary Income | $ | 6,272 | $ | 3,213 | $ | – | ||||||
Undistributed Long-Term Capital Gain | – | – | 376,896 | |||||||||
Capital Loss Carryforwards | (76,603 | ) | (52,821 | ) | – | |||||||
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency | (14,534 | ) | 3,335 | 8,965,201 | ||||||||
Other Temporary Differences | – | – | 4 | |||||||||
Total Distributable Earnings (Accumulated Losses) | $ | (84,865 | ) | $ | (46,273 | ) | $ | 9,342,101 |
67
Notes to Financial Statements (unaudited) (continued) | ||
May 31, 2020 |
5. TAX INFORMATION (continued)
For taxable years beginning after December 22, 2010, a registered investment company is permitted to carry forward net capital losses to offset capital gains realized in later years, and the losses carried forward retain their original character as either long-term or short-term losses. Losses carried forward under these provisions are as follows:
Global X Funds | Short-Term Loss | Long-Term Loss | Total | |||||||||
Global X MLP & Energy Infrastructure ETF | $ | 26,646,056 | $ | 49,786,009 | $ | 76,432,065 | ||||||
Global X U.S. Preferred ETF | $ | 554,032 | $ | – | $ | 554,032 | ||||||
Global X S&P 500® Quality Dividend ETF | $ | 183,482 | $ | – | $ | 183,482 | ||||||
Global X TargetIncomeTM 5 ETF | $ | 72,558 | $ | 4,045 | $ | 76,603 | ||||||
Global X TargetIncomeTM Plus 2 ETF | $ | 39,129 | $ | 13,692 | $ | 52,821 |
The federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at May 31, 2020, were as follows:
Global X Funds | Federal Tax Cost | Aggregated Gross Unrealized Appreciation | Aggregated Gross Unrealized Depreciation | Net Unrealized Depreciation | ||||||||||||
Global X MLP & Energy Infrastructure ETF | $ | 767,846,203 | $ | 825,500 | $ | (195,767,246 | ) | $ | (194,941,746 | ) | ||||||
Global X U.S. Preferred ETF | 756,664,800 | 5,540,525 | (21,051,877 | ) | (15,511,352 | ) | ||||||||||
Global X SuperDividend® Alternatives ETF | 22,521,309 | 667,072 | (5,494,186 | ) | (4,827,114 | ) | ||||||||||
Global X S&P 500® Quality Dividend ETF | 6,231,376 | 65,174 | (934,179 | ) | (869,005 | ) | ||||||||||
Global X TargetIncomeTM 5 ETF | 3,603,221 | 75,480 | (353,389 | ) | (277,909 | ) | ||||||||||
Global X TargetIncomeTM Plus 2 ETF | 3,655,105 | 42,902 | (160,965 | ) | (118,063 | ) | ||||||||||
Global X Adaptive U.S. Factor ETF | 147,053,632 | 6,163,710 | (18,141,866 | ) | (11,978,156 | ) |
6. CONCENTRATION OF RISKS
The Funds may invest in securities in a particular asset class. Securities and other assets held in each Fund’s portfolio may underperform in comparison to the general securities markets, a particular securities market or other asset classes. The Funds, except for Global X U.S. Preferred ETF, Global X TargetIncomeTM 5 ETF and Global X TargetIncomeTM Plus 2 ETF, use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of an underlying index in approximately the same proportions as in the underlying index. These Funds may utilize a representative sampling strategy with respect to their underlying index when a replication strategy might be detrimental to its shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to follow its underlying index, or, in certain instances, when securities in the underlying index become temporarily illiquid, unavailable or less liquid, or due to legal
68
Notes to Financial Statements (unaudited) (continued) | ||
May 31, 2020 |
6. CONCENTRATION OF RISKS (continued)
restrictions (such as diversification requirements that apply to the Funds but not the underlying index). The Global X U.S. Preferred ETF, Global X TargetIncomeTM 5 ETF and Global X TargetIncomeTM Plus 2 ETF use a representative sampling strategy. Representative sampling is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Fund’s underlying index in terms of key risk factors, performance attributes and other characteristics. A more complete description of risks is included in each Funds’ prospectus and statement of additional information.
7. LOANS OF PORTFOLIO SECURITIES
The Funds may lend portfolio securities having a market value up to one-third of the Funds’ total assets. Security loans made pursuant to a securities lending agreement with BBH are required at all times to be secured by collateral equal to at least 102% for U.S.-based securities and 105% for foreign-based securities. Such collateral received in connection with these loans will be cash and can be invested in repurchase agreements, short-term investments or U.S. Treasury obligations and is recognized in the Schedule of Investments and Statement of Assets and Liabilities. The obligation to return securities lending collateral is also recognized as a liability in the Statement of Assets and Liabilities. It is the Funds’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan.
Lending securities entails a risk of loss to the Funds if and to the extent that the market values of the securities loaned were to increase and the borrower did not increase the collateral accordingly and the borrower failed to return the securities. The Funds could also experience delays and costs gaining access to the collateral. The Funds bear the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested.
As of May 31, 2020, the value of securities on loan was $26,737,248, $16,763,661, and $1,564,264 for the Global X MLP & Energy Infrastructure ETF, Global X U.S. Preferred ETF, and Global X SuperDividend® Alternatives ETF, respectively, and the cash collateral received from securities on loan was $27,017,382, $17,113,403 and $1,641,880 for Global X MLP & Energy Infrastructure ETF, Global X U.S. Preferred ETF, and Global X SuperDividend® Alternatives ETF, respectively.
69
Notes to Financial Statements (unaudited) (continued) | ||
May 31, 2020 |
7. LOANS OF PORTFOLIO SECURITIES (continued)
As of May 31, 2020, the following Funds had securities on loan, by counterparty:
Market Value | Cash Collateral | |||||||
Global X MLP & Energy Infrastructure | ||||||||
Barclays Capital, Inc. | $ | 25,724,226 | $ | 25,984,325 | (1) | |||
BOFA Securities, Inc. | 1,013,022 | 1,033,057 | ||||||
Global X U.S. Preferred ETF | ||||||||
JPMorgan | 6,641,204 | 6,787,673 | ||||||
National Financial Services | 4,049,271 | 4,128,015 | ||||||
UBS Securities, LLC | 2,908,141 | 2,961,090 | ||||||
Wells Fargo Securities, LLC | 3,165,045 | 3,236,625 | ||||||
Global X SuperDividend® Alternatives ETF | ||||||||
BOFA Securities, Inc. | 506,893 | 534,075 | ||||||
JPMorgan | 873,359 | 919,625 | ||||||
Scotia Capital | 131,112 | 133,380 | ||||||
UBS Securities, LLC | 15,460 | 15,800 | ||||||
Wells Fargo Securities, LLC | 37,440 | 39,000 |
(1) It is the Funds’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan.
8. CONTRACTUAL OBLIGATIONS
The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds’ maximum exposure under these arrangements is unknown; however, the Funds have not had prior gains or losses pursuant to these contracts. Management has reviewed the Funds’ existing contracts and expects the risk of loss to be remote.
Pursuant to the Trust’s organizational documents, the Trustees of the Trust and the Trust’s officers are indemnified against certain liabilities that may arise out of the performance of their duties.
9. REVERSE SHARE SPLIT
Effective April 28, 2020, the Global X MLP & Energy Infrastructure ETF executed a 1-for-3 reverse share split for shareholders of record after the close of markets on April 27, 2020. The effect of this transaction for the Fund was to divide the number of outstanding Shares of the Fund by three, resulting in a corresponding increase in the NAV per Share. The capital share activity presented in the statement of changes in net assets for each of
70
Notes to Financial Statements (unaudited) (concluded) | ||
May 31, 2020 |
9. REVERSE SHARE SPLIT (continued)
the years in the period then ended, and per share data in the financial highlights for each of the years in the period then ended, have been given retroactive effect to reflect these reverse share splits. There were no changes in net assets, results of operations or total return as a result of these transactions.
10. REGULATORY MATTERS
On August 17, 2018, the SEC adopted amendments to Regulation S-X. These changes are effective for periods after November 5, 2018. The updates to registered investment companies were mainly focused on the presentation of distributable earnings, eliminating the need to present the components of distributable earnings on a book basis in the financial statements. The update also impacted the presentation of undistributed net investment income and distribution to shareholders on the Statement of Changes in Net Assets. The amounts presented in the current Statement of Changes in Net Assets represent the aggregated total distributions of net investment income and realized capital gains, except for distributions classified as return of capital which are still presented separately.
11. NEW ACCOUNTING PRONOUNCEMENTS
In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820). The new guidance includes additions and modifications to disclosure requirements for fair value measurements. For public entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Management elected to early adopt the removal of certain disclosures and delay the adoption of additional disclosure until the effective date.
12. SUBSEQUENT EVENTS
The Funds have been evaluated regarding the need for additional disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, no additional adjustments were required to the financial statements.
71
Disclosure of Fund Expenses (unaudited) |
All exchange traded funds (“ETFs”) have operating expenses. As a shareholder of an ETF, your investment is affected by these ongoing costs, which include (among others) costs for ETF management, administrative services, commissions, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns. In addition, a shareholder is responsible for any brokerage fees as a result of his or her investment in the Fund. Shareholders may incur brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the examples below.
Operating expenses such as these are deducted from an ETF’s gross income and directly reduce its final investment return. These expenses are expressed as a percentage of the ETF’s average net assets; this percentage is known as the ETF’s expense ratio.
The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the six-month period shown and held for the entire period (December 1, 2019 to May 31, 2020).
The table below illustrates your Fund’s costs in two ways:
Actual Fund Return. This section helps you to estimate the actual expenses that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.
You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”
Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.
NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.
72
Disclosure of Fund Expenses (unaudited) (concluded) |
Beginning Account Value 12/1/2019 | Ending Account Value 5/31/2020 | Annualized Expense Ratios | Expenses Paid During Period(1) | |||||||||||||
Global X MLP & Energy Infrastructure ETF | ||||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 913.80 | 0.45 | % | $ | 2.16 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,022.81 | 0.45 | 2.28 | ||||||||||||
Global X U.S. Preferred ETF | ||||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 991.00 | 0.23 | % | $ | 1.14 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,023.85 | 0.23 | 1.16 | ||||||||||||
Global X SuperDividend® Alternatives ETF | ||||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 773.60 | 0.75 | % | $ | 3.33 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,021.25 | 0.75 | 3.79 | ||||||||||||
Global X S&P 500® Quality Dividend ETF | ||||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 827.40 | 0.20 | % | $ | 0.91 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,024.00 | 0.20 | 1.01 | ||||||||||||
Global X TargetIncomeTM 5 ETF | ||||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 942.60 | 0.39 | % | $ | 1.89 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,023.05 | 0.39 | 1.97 | ||||||||||||
Global X TargetIncomeTM Plus 2 ETF | ||||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 987.00 | 0.39 | % | $ | 1.94 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,023.05 | 0.39 | 1.97 | ||||||||||||
Global X Adaptive U.S. Factor ETF | ||||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 815.60 | 0.27 | % | $ | 1.23 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,023.65 | 0.27 | 1.37 |
(1) | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period.) |
73
Liquidity Risk Management Program (unaudited) |
Pursuant to Rule 22e-4 under the 1940 Act, the Funds’ investment adviser has adopted, and the Board has approved, a liquidity risk management program (the “Program”) to govern the Funds’ approach to managing liquidity risk. The Program is overseen by the Funds’ Liquidity Risk Management Committee (the “Committee”), and the Program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Funds.
At a meeting of the Board held on May 29, 2020, the Trustees received a report from the Committee addressing the operations of the Program and assessing its adequacy and effectiveness of implementation for the period from December 1, 2018 through December 31, 2019. The Committee’s report noted that the Committee had determined that the Program is reasonably designed to assess and manage each Fund’s Liquidity Risk and operated adequately and effectively to manage each Fund’s Liquidity Risk for the period covered by the report. The Committee’s report noted that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. The Committee’s report further noted that no material changes have been made to the Program since its implementation.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding a Fund’s exposure to liquidity risk and other principal risks to which an investment in the Funds may be subject.
74
Supplemental Information (unaudited) |
Net asset value, or “NAV”, is the price per Share at which the Funds issue and redeem Shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of the Funds generally is determined using the midpoint between the highest bid and the lowest offer on the stock exchange on which the Shares of the Funds are listed for trading, as of the time that the Fund’s NAV is calculated. The Funds’ Market Price may be at, above or below their NAV. The NAV of the Funds will fluctuate with changes in the market value of the Funds’ holdings. The Market Price of the Funds will fluctuate in accordance with changes in their NAV, as well as market supply and demand.
Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of the Funds on a given day, generally at the time NAV is calculated. A premium is the amount that the Funds are trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that the Funds are trading below the reported NAV, expressed as a percentage of the NAV.
Further information regarding premiums and discounts is available on the Funds’ website at www.globalxetfs.com.
75
Notes |
76
605 Third Avenue, 43rd floor
New York, NY 10158
1-888-493-8631
www.globalxetfs.com
Investment Adviser and Administrator:
Global X Management Company LLC
605 Third Avenue, 43rd floor
New York, NY 10158
Distributor:
SEI Investments Distribution Co.
One Freedom Valley Drive
Oaks, PA 19456
Sub-Administrator:
SEI Investments Global Funds Services
One Freedom Valley Drive
Oaks, PA 19456
Counsel for Global X Funds and the Independent Trustees:
Stradley Ronon Stevens & Young, LLP
2000 K Street, N.W.
Suite 700
Washington, DC 20006
Custodian and Transfer Agent:
Brown Brothers Harriman & Co.
50 Post Office Square
Boston, MA 02110
Independent Registered Public Accounting Firm:
PricewaterhouseCoopers LLP
Two Commerce Square
Suite 1800
2001 Market Street
Philadelphia, PA 19103
This information must be preceded or accompanied by a current prospectus for the Funds described.
GLX-SA-006-0700
Global X Robotics & Artificial Intelligence ETF (ticker: BOTZ) |
Global X FinTech ETF (ticker: FINX) |
Global X Internet of Things ETF (ticker: SNSR) |
Global X Cloud Computing ETF (ticker: CLOU) |
Global X Future Analytics Tech ETF (ticker: AIQ) |
Global X Autonomous & Electric Vehicles ETF (ticker: DRIV) |
Global X Genomics & Biotechnology ETF (ticker: GNOM) |
Global X Video Games and Esports ETF (ticker: HERO) |
Global X Cybersecurity ETF (ticker: BUG) |
Global X Millennials Thematic ETF (ticker: MILN) |
Global X Longevity Thematic ETF (ticker: LNGR) |
Global X Health & Wellness Thematic ETF (ticker: BFIT) |
Global X Cannabis ETF (ticker: POTX) |
Global X U.S. Infrastructure Development ETF (ticker: PAVE) |
Global X Conscious Companies ETF (ticker: KRMA) |
Global X Founder-Run Companies ETF (ticker: BOSS) |
Global X Thematic Growth ETF (ticker: GXTG) |
Semi-Annual Report
May 31, 2020
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ (defined below) shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary (such as a broker-dealer or bank). Instead, shareholder reports will be available on the Funds’ website (www.globalxetfs.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary.
You may elect to receive all future Fund shareholder reports in paper free of charge. Please contact your financial intermediary to inform them that you wish to continue receiving paper copies of Fund shareholder reports and for details about whether your election to receive reports in paper will apply to all funds held with your financial intermediary.
Table of Contents |
Schedules of Investments | |
Global X Robotics & Artificial Intelligence ETF | 1 |
Global X FinTech ETF | 6 |
Global X Internet of Things ETF | 10 |
Global X Cloud Computing ETF | 15 |
Global X Future Analytics Tech ETF | 18 |
Global X Autonomous & Electric Vehicles ETF | 25 |
Global X Genomics & Biotechnology ETF | 32 |
Global X Video Games & Esports ETF | 35 |
Global X Cybersecurity ETF | 39 |
Global X Millennials Thematic ETF | 41 |
Global X Longevity Thematic ETF | 47 |
Global X Health & Wellness Thematic ETF | 53 |
Global X Cannabis ETF | 58 |
Global X U.S. Infrastructure Development ETF | 62 |
Global X Conscious Companies ETF | 68 |
Global X Founder-Run Companies ETF | 75 |
Global X Thematic Growth ETF | 80 |
Statements of Assets and Liabilities | 82 |
Statements of Operations | 87 |
Statements of Changes in Net Assets | 92 |
Financial Highlights | 101 |
Notes to Financial Statements | 109 |
Disclosure of Fund Expenses | 130 |
Liquidity Risk Management Program | 133 |
Supplemental Information | 134 |
Shares are bought and sold at market price (not NAV) and are not individually redeemed from a Fund. Shares may only be redeemed directly from a Fund by Authorized Participants, in very large creation/redemption units. Brokerage commissions will reduce returns.
The Funds file their complete schedules of Fund holdings with the Securities and Exchange Commission (the “SEC” or “Commission”) for the first and third quarters of each fiscal year on Form N-PORT. The Funds’ Forms N-PORT are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
A description of the policies and procedures that Global X Funds uses to determine how to vote proxies relating to Fund securities, as well as information relating to how the Funds voted proxies relating to Fund securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-888-493-8631; and (ii) on the Commission’s website at http://www.sec.gov
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Robotics & Artificial Intelligence ETF |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Notes 2 and 7 in Notes to Financial Statements for more detailed information.
Shares | Value | |||||||
COMMON STOCK — 100.2% | ||||||||
CANADA— 1.4% | ||||||||
Industrials — 1.4% | ||||||||
ATS Automation Tooling Systems * | 1,362,380 | $ | 19,723,067 | |||||
FINLAND— 1.2% | ||||||||
Industrials — 1.2% | ||||||||
Cargotec, Cl B | 815,089 | 17,861,238 | ||||||
GERMANY— 0.8% | ||||||||
Information Technology — 0.8% | ||||||||
Isra Vision (A) | 211,473 | 10,938,259 | ||||||
JAPAN— 43.0% | ||||||||
Communication Services — 0.5% | ||||||||
RPA Holdings *(A) | 841,890 | 7,165,853 | ||||||
Health Care — 0.7% | ||||||||
CYBERDYNE *(A) | 2,014,084 | 9,534,347 | ||||||
Industrials — 28.3% | ||||||||
Daifuku (A) | 966,946 | 75,212,396 |
1
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Robotics & Artificial Intelligence ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Industrials — continued | ||||||||
FANUC | 427,743 | $ | 76,289,801 | |||||
Hirata (A) | 156,809 | 9,009,586 | ||||||
Idec | 497,660 | 8,226,969 | ||||||
Mitsubishi Electric | 6,121,837 | 80,603,572 | ||||||
Nachi-Fujikoshi | 365,075 | 11,775,520 | ||||||
Shibaura Machine | 437,752 | 9,642,043 | ||||||
SMC | 146,120 | 73,741,536 | ||||||
Yaskawa Electric (A) | 1,672,759 | 60,087,969 | ||||||
404,589,392 | ||||||||
Information Technology — 13.5% | ||||||||
Autonomous Control Systems Laboratory * (A) | 143,430 | 3,594,570 | ||||||
Keyence | 265,424 | 109,263,975 | ||||||
Omron | 1,027,364 | 68,087,241 | ||||||
PKSHA Technology *(A) | 392,352 | 11,508,167 | ||||||
192,453,953 | ||||||||
TOTAL JAPAN | 613,743,545 | |||||||
SOUTH KOREA— 0.3% | ||||||||
Information Technology — 0.3% | ||||||||
Robostar * | 166,375 | 2,068,856 | ||||||
Robotis * | 234,428 | 2,527,041 | ||||||
TOTAL SOUTH KOREA | 4,595,897 | |||||||
SWITZERLAND— 9.8% | ||||||||
Health Care — 4.3% | ||||||||
Tecan Group | 176,508 | 61,659,295 | ||||||
Industrials — 5.5% | ||||||||
ABB | 3,997,854 | 78,608,787 | ||||||
TOTAL SWITZERLAND | 140,268,082 |
2
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Robotics & Artificial Intelligence ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
UNITED KINGDOM— 3.6% | ||||||||
Information Technology — 3.6% | ||||||||
Renishaw | 1,068,532 | $ | 50,859,201 | |||||
UNITED STATES— 40.1% | ||||||||
Consumer Discretionary — 2.1% | ||||||||
iRobot * (A) | 416,039 | 30,670,395 | ||||||
Energy — 0.5% | ||||||||
Helix Energy Solutions Group * | 2,180,688 | 7,327,112 | ||||||
Health Care — 6.2% | ||||||||
Accuray * | 1,221,986 | 2,566,171 | ||||||
Intuitive Surgical * | 148,252 | 85,990,607 | ||||||
TransEnterix * | 261,715 | 110,784 | ||||||
88,667,562 | ||||||||
Industrials — 5.3% | ||||||||
AeroVironment * | 354,307 | 25,095,564 | ||||||
John Bean Technologies | 455,235 | 37,397,555 | ||||||
Maxar Technologies (A) | 871,953 | 13,064,786 | ||||||
75,557,905 | ||||||||
Information Technology — 26.0% | ||||||||
Brooks Automation | 1,073,007 | 42,888,090 | ||||||
Dynatrace * | 2,239,641 | 86,158,990 | ||||||
FARO Technologies * | 253,532 | 14,268,781 | ||||||
Medallia * | 1,490,369 | 42,147,635 | ||||||
NVIDIA | 513,469 | 182,291,764 | ||||||
Veritone * (A) | 394,503 | 3,349,330 | ||||||
371,104,590 | ||||||||
TOTAL UNITED STATES | 573,327,564 | |||||||
TOTAL COMMON STOCK | ||||||||
(Cost $1,481,487,682) | 1,431,316,853 |
3
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Robotics & Artificial Intelligence ETF |
Shares/Face Amount | Value | |||||||
SHORT-TERM INVESTMENT(B)(C) — 8.2% | ||||||||
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.080% | ||||||||
(Cost $117,433,490) | 117,433,490 | $ | 117,433,490 | |||||
REPURCHASE AGREEMENT(B) — 1.0% | ||||||||
BNP Paribas | ||||||||
0.050%, dated 05/29/20, to be repurchased on 06/01/20, repurchase price $13,785,227 (collateralized by U.S. Treasury Obligations, ranging in par value $1,677,253 - $12,366,175, 1.500%, 08/15/2026, with a total market value of $14,043,428) | ||||||||
(Cost $13,785,170) | $ | 13,785,170 | 13,785,170 | |||||
TOTAL INVESTMENTS — 109.4% | ||||||||
(Cost $1,612,706,342) | $ | 1,562,535,513 |
Percentages are based on Net Assets of $1,428,054,272.
* | Non-income producing security. |
(A) | This security or a partial position of this security is on loan at May 31, 2020. The total value of securities on loan at May 31, 2020 was $122,421,080. |
(B) | Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2020 was $131,218,660. |
(C) | The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2020. |
Cl - Class
4
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Robotics & Artificial Intelligence ETF |
The following is a summary of the level of inputs used as of May 31, 2020, in valuing the Fund’s investments carried at value:
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 1,426,720,956 | $ | 4,595,897 | $ | — | $ | 1,431,316,853 | ||||||||
Short-Term Investment | 117,433,490 | — | — | 117,433,490 | ||||||||||||
Repurchase Agreement | — | 13,785,170 | — | 13,785,170 | ||||||||||||
Total Investments in Securities | $ | 1,544,154,446 | $ | 18,381,067 | $ | — | $ | 1,562,535,513 |
For the period ended May 31, 2020, there were no transfers in or out of Level 3.
5
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X FinTech ETF |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Notes 2 and 7 in Notes to Financial Statements for more detailed information.
Shares | Value | |||||||
COMMON STOCK — 100.0% | ||||||||
AUSTRALIA— 6.3% | ||||||||
Financials — 0.8% | ||||||||
HUB24 (A) | 200,813 | $ | 1,416,973 | |||||
Zip * (A) | 1,116,173 | 2,778,430 | ||||||
4,195,403 | ||||||||
Information Technology — 5.5% | ||||||||
Afterpay * (A) | 784,231 | 24,680,309 | ||||||
IRESS | 539,897 | 4,017,475 | ||||||
28,697,784 | ||||||||
TOTAL AUSTRALIA | 32,893,187 | |||||||
BRAZIL— 5.7% | ||||||||
Information Technology — 5.7% | ||||||||
Pagseguro Digital, Cl A * | 503,514 | 15,976,499 | ||||||
StoneCo, Cl A * | 450,606 | 14,275,198 | ||||||
TOTAL BRAZIL | 30,251,697 | |||||||
CHINA— 0.1% | ||||||||
Financials — 0.1% | ||||||||
Yiren Digital ADR * (A) | 199,594 | 762,449 |
6
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X FinTech ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
DENMARK— 2.6% | ||||||||
Information Technology — 2.6% | ||||||||
SimCorp | 126,055 | $ | 13,874,008 | |||||
GERMANY— 4.7% | ||||||||
Financials — 1.7% | ||||||||
Hypoport * | 19,701 | 8,765,739 | ||||||
Information Technology — 3.0% | ||||||||
Wirecard (A) | 152,369 | 16,026,710 | ||||||
TOTAL GERMANY | 24,792,449 | |||||||
ITALY— 5.1% | ||||||||
Information Technology — 5.1% | ||||||||
Nexi * | 1,631,745 | 26,808,536 | ||||||
JAPAN— 0.2% | ||||||||
Information Technology — 0.2% | ||||||||
Metaps *(A) | 133,830 | 968,927 | ||||||
NETHERLANDS— 8.4% | ||||||||
Information Technology — 8.4% | ||||||||
Adyen * | 33,652 | 44,282,888 | ||||||
NEW ZEALAND— 4.7% | ||||||||
Information Technology — 4.7% | ||||||||
Xero * | 438,281 | 24,807,645 | ||||||
SWITZERLAND— 3.9% | ||||||||
Financials — 0.4% | ||||||||
Leonteq | 58,378 | 2,090,354 | ||||||
Information Technology — 3.5% | ||||||||
Temenos (A) | 120,724 | 18,434,694 | ||||||
TOTAL SWITZERLAND | 20,525,048 |
7
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X FinTech ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
UNITED STATES— 58.3% | ||||||||
Financials — 4.2% | ||||||||
Blucora * | 148,985 | $ | 1,810,168 | |||||
LendingClub * | 274,182 | 1,466,874 | ||||||
LendingTree * (A) | 39,942 | 10,385,718 | ||||||
On Deck Capital * | 340,065 | 254,335 | ||||||
Virtu Financial, Cl A (A) | 333,864 | 7,962,657 | ||||||
21,879,752 | ||||||||
Health Care — 2.3% | ||||||||
HealthEquity * | 194,594 | 12,058,990 | ||||||
Information Technology — 51.8% | ||||||||
Black Knight * | 356,509 | 27,444,063 | ||||||
Bottomline Technologies * | 134,571 | 6,809,293 | ||||||
Envestnet * | 161,029 | 11,692,316 | ||||||
Fidelity National Information Services | 209,340 | 29,062,672 | ||||||
Fiserv * | 570,898 | 60,954,780 | ||||||
GreenSky, Cl A * (A) | 197,885 | 795,498 | ||||||
Guidewire Software * | 218,380 | 22,401,420 | ||||||
Intuit | 97,229 | 28,227,522 | ||||||
Mitek Systems * | 152,329 | 1,421,230 | ||||||
PayPal Holdings * | 218,228 | 33,827,522 | ||||||
Square, Cl A * | 348,284 | 28,238,867 | ||||||
SS&C Technologies Holdings | 373,298 | 21,612,088 | ||||||
272,487,271 | ||||||||
TOTAL UNITED STATES | 306,426,013 | |||||||
TOTAL COMMON STOCK | ||||||||
(Cost $457,875,233) | 526,392,847 | |||||||
SHORT-TERM INVESTMENT(B)(C) — 7.2% | ||||||||
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.080% | ||||||||
(Cost $37,918,708) | 37,918,708 | 37,918,708 |
8
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X FinTech ETF |
Face Amount | Value | |||||||
REPURCHASE AGREEMENT(B) — 0.8% | ||||||||
BNP Paribas | ||||||||
0.050%, dated 05/29/20, to be repurchased on 06/01/20, repurchase price $4,451,183 (collateralized by U.S. Treasury Obligations, ranging in par value $541,577 - $3,992,978, 1.500%, 08/15/2026, with a total market value of $4,534,555) | ||||||||
(Cost $4,451,165) | $ | 4,451,165 | $ | 4,451,165 | ||||
TOTAL INVESTMENTS — 108.0% | ||||||||
(Cost $500,245,106) | $ | 568,762,720 |
Percentages are based on Net Assets of $526,579,348.
* | Non-income producing security. |
(A) | This security or a partial position of this security is on loan at May 31, 2020. The total value of securities on loan at May 31, 2020 was $40,174,322. |
(B) | Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2020 was $42,369,873. |
(C) | The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2020. |
ADR — American Depositary Receipt
Cl — Class
The following is a summary of the level of inputs used as of May 31, 2020, in valuing the Fund’s investments carried at value:
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 526,392,847 | $ | — | $ | — | $ | 526,392,847 | ||||||||
Short-Term Investment | 37,918,708 | — | — | 37,918,708 | ||||||||||||
Repurchase Agreement | — | 4,451,165 | — | 4,451,165 | ||||||||||||
Total Investments in Securities | $ | 564,311,555 | $ | 4,451,165 | $ | — | $ | 568,762,720 |
For the period ended May 31, 2020, there were no transfers in or out of Level 3.
9
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Internet of Things ETF |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Notes 2 and 7 in Notes to Financial Statements for more detailed information.
Shares | Value | |||||||
COMMON STOCK — 99.7% | ||||||||
AUSTRIA— 3.0% | ||||||||
Information Technology — 3.0% | ||||||||
AMS* | 342,550 | $ | 5,152,334 | |||||
CANADA— 0.2% | ||||||||
Information Technology — 0.2% | ||||||||
Sierra Wireless * (A) | 43,361 | 379,842 | ||||||
CHINA— 2.2% | ||||||||
Information Technology — 2.2% | ||||||||
Xiaomi, Cl B * | 2,459,770 | 3,814,532 | ||||||
FRANCE— 3.3% | ||||||||
Industrials — 3.3% | ||||||||
Legrand | 29,969 | 2,043,492 | ||||||
Schneider Electric | 35,359 | 3,509,941 | ||||||
TOTAL FRANCE | 5,553,433 |
10
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Internet of Things ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
ITALY— 0.5% | ||||||||
Information Technology — 0.5% | ||||||||
Datalogic | 73,098 | $ | 919,620 | |||||
JAPAN— 1.2% | ||||||||
Communication Services — 0.2% | ||||||||
And Factory * (A) | 24,760 | 288,888 | ||||||
Information Technology — 1.0% | ||||||||
Nippon Ceramic | 33,810 | 648,364 | ||||||
Renesas Electronics * | 190,600 | 988,958 | ||||||
1,637,322 | ||||||||
TOTAL JAPAN | 1,926,210 | |||||||
NETHERLANDS— 1.8% | ||||||||
Information Technology — 1.8% | ||||||||
NXP Semiconductors | 31,897 | 3,065,302 | ||||||
NORWAY— 0.9% | ||||||||
Information Technology — 0.9% | ||||||||
Nordic Semiconductor * | 224,143 | 1,468,898 | ||||||
SWEDEN— 0.3% | ||||||||
Information Technology — 0.3% | ||||||||
Fingerprint Cards, Cl B * | 236,114 | 487,729 | ||||||
SWITZERLAND— 11.2% | ||||||||
Consumer Discretionary — 0.1% | ||||||||
Garrett Motion * | 29,059 | 150,235 | ||||||
Industrials — 1.8% | ||||||||
ABB | 159,051 | 3,127,379 | ||||||
Information Technology — 9.3% | ||||||||
Landis+Gyr Group * | 36,891 | 2,426,888 | ||||||
STMicroelectronics | 547,605 | 13,455,611 | ||||||
15,882,499 |
11
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Internet of Things ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
TOTAL SWITZERLAND | $ | 19,160,113 | ||||||
TAIWAN— 7.4% | ||||||||
Information Technology — 7.4% | ||||||||
Advantech | 871,743 | 8,623,070 | ||||||
eMemory Technology | 93,762 | 1,139,821 | ||||||
MediaTek | 178,500 | 2,752,556 | ||||||
TOTAL TAIWAN | 12,515,447 | |||||||
UNITED KINGDOM— 0.4% | ||||||||
Information Technology — 0.4% | ||||||||
Spirent Communications | 250,690 | 770,167 | ||||||
UNITED STATES— 67.3% | ||||||||
Communication Services — 0.2% | ||||||||
ORBCOMM * | 95,142 | 260,689 | ||||||
Consumer Discretionary — 6.1% | ||||||||
Garmin | 114,748 | 10,346,827 | ||||||
Health Care — 13.5% | ||||||||
DexCom * | 60,266 | 22,799,230 | ||||||
Senseonics Holdings * (A) | 217,600 | 101,554 | ||||||
22,900,784 | ||||||||
Industrials — 14.5% | ||||||||
ADT (A) | 943,983 | 6,683,400 | ||||||
Emerson Electric | 47,703 | 2,910,837 | ||||||
Honeywell International | 17,723 | 2,584,900 | ||||||
Johnson Controls International | 78,721 | 2,472,627 | ||||||
Resideo Technologies * | 20,907 | 147,603 | ||||||
Rockwell Automation | 13,301 | 2,875,144 | ||||||
Sensata Technologies Holding * | 193,621 | 6,902,589 | ||||||
24,577,100 |
12
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Internet of Things ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Information Technology — 33.0% | ||||||||
Alarm.com Holdings * | 60,272 | $ | 2,850,263 | |||||
Ambarella * | 40,816 | 2,315,900 | ||||||
Analog Devices | 27,764 | 3,135,944 | ||||||
Arlo Technologies * | 110,168 | 243,471 | ||||||
Badger Meter | 36,299 | 2,221,136 | ||||||
Belden | 49,185 | 1,674,257 | ||||||
Cisco Systems | 54,435 | 2,603,082 | ||||||
Fitbit, Cl A * | 278,975 | 1,768,702 | ||||||
Impinj * (A) | 26,751 | 691,513 | ||||||
Intel | 66,247 | 4,168,924 | ||||||
InterDigital | 39,556 | 2,174,393 | ||||||
International Business Machines | 22,507 | 2,811,124 | ||||||
Itron * | 49,067 | 3,160,895 | ||||||
NETGEAR * | 39,239 | 1,009,619 | ||||||
QUALCOMM | 42,980 | 3,476,222 | ||||||
Rambus * | 137,172 | 2,131,653 | ||||||
Silicon Laboratories * | 54,070 | 5,064,196 | ||||||
Skyworks Solutions | 123,688 | 14,661,977 | ||||||
56,163,271 | ||||||||
TOTAL UNITED STATES | 114,248,671 | |||||||
TOTAL COMMON STOCK | ||||||||
(Cost $154,580,984) | 169,462,298 | |||||||
SHORT-TERM INVESTMENT(B)(C) — 2.3% | ||||||||
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.080% | ||||||||
(Cost $3,938,827) | 3,938,827 | 3,938,827 | ||||||
13
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Internet of Things ETF |
Face Amount | Value | |||||||
REPURCHASE AGREEMENT(B) — 0.3% | ||||||||
BNP Paribas | ||||||||
0.050%, dated 05/29/20, to be repurchased on 06/01/20, repurchase price $462,370 (collateralized by U.S. Treasury Obligations, ranging in par value $56,257 - $414,773, 1.500%, 08/15/2026, with a total market value of $471,030) | ||||||||
(Cost $462,367) | $ | 462,367 | $ | 462,367 | ||||
TOTAL INVESTMENTS — 102.3% | ||||||||
(Cost $158,982,178) | $ | 173,863,492 |
Percentages are based on Net Assets of $170,036,618.
* | Non-income producing security. |
(A) | This security or a partial position of this security is on loan at May 31, 2020. The total value of securities on loan at May 31, 2020 was $4,293,915. |
(B) | Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2020 was $4,401,194. |
(C) | The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2020. |
Cl – Class
The following is a summary of the level of inputs used as of May 31, 2020, in valuing the Fund’s investments carried at value:
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 164,507,945 | $ | 4,954,353 | $ | — | $ | 169,462,298 | ||||||||
Short-Term Investment | 3,938,827 | — | — | 3,938,827 | ||||||||||||
Repurchase Agreement | — | 462,367 | — | 462,367 | ||||||||||||
Total Investments in Securities | $ | 168,446,772 | $ | 5,416,720 | $ | — | $ | 173,863,492 |
For the period ended May 31, 2020, there were no transfers in or out of Level 3.
14
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Cloud Computing ETF |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments.
Shares | Value | |||||||
COMMON STOCK — 100.0% | ||||||||
CANADA— 4.1% | ||||||||
Information Technology — 4.1% | ||||||||
Shopify, Cl A * | 36,837 | $ | 27,915,079 | |||||
CHINA— 2.7% | ||||||||
Consumer Discretionary — 1.4% | ||||||||
Alibaba Group Holding ADR * | 43,980 | 9,121,012 | ||||||
Information Technology — 1.3% | ||||||||
21Vianet Group ADR * | 509,954 | 7,445,328 | ||||||
Kingsoft | 492,700 | 1,592,328 | ||||||
9,037,656 | ||||||||
TOTAL CHINA | 18,158,668 | |||||||
NEW ZEALAND— 3.8% | ||||||||
Information Technology — 3.8% | ||||||||
Xero * | 447,692 | 25,340,328 | ||||||
UNITED STATES— 89.4% | ||||||||
Communication Services — 4.5% | ||||||||
Alphabet, Cl A * | 4,890 | 7,009,913 | ||||||
Netflix * | 55,536 | 23,310,125 | ||||||
30,320,038 |
15
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Cloud Computing ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Consumer Discretionary — 1.7% | ||||||||
Amazon.com * | 4,711 | $ | 11,506,005 | |||||
Information Technology — 77.6% | ||||||||
2U * | 385,573 | 14,061,847 | ||||||
Akamai Technologies * | 238,598 | 25,243,668 | ||||||
Anaplan * | 570,490 | 26,196,901 | ||||||
Benefitfocus * | 193,145 | 2,458,736 | ||||||
Box, Cl A * | 913,799 | 18,257,704 | ||||||
Cornerstone OnDemand * | 386,556 | 14,940,389 | ||||||
Coupa Software * | 132,372 | 30,115,954 | ||||||
Dropbox, Cl A * | 1,108,215 | 25,012,413 | ||||||
Everbridge * | 208,376 | 30,477,074 | ||||||
International Business Machines | 14,358 | 1,793,314 | ||||||
Microsoft | 64,987 | 11,908,868 | ||||||
Mimecast * | 379,088 | 15,838,297 | ||||||
Paycom Software * | 89,339 | 26,554,231 | ||||||
Paylocity Holding * | 203,534 | 26,460,438 | ||||||
Proofpoint * | 191,475 | 22,262,798 | ||||||
Qualys * | 221,092 | 25,496,329 | ||||||
RealPage * | 361,466 | 24,514,624 | ||||||
salesforce.com * | 143,921 | 25,155,952 | ||||||
SPS Commerce * | 212,249 | 14,466,892 | ||||||
Twilio, Cl A * | 207,637 | 41,029,071 | ||||||
Workday, Cl A * | 151,440 | 27,778,639 | ||||||
Workiva, Cl A * | 232,890 | 10,372,921 | ||||||
Zoom Video Communications, Cl A * | 172,451 | 30,951,505 | ||||||
Zscaler * | 347,502 | 34,086,471 | ||||||
525,435,036 | ||||||||
Real Estate — 5.6% | ||||||||
CoreSite Realty ‡ | 33,567 | 4,189,833 | ||||||
CyrusOne ‡ | 102,042 | 7,585,802 |
16
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Cloud Computing ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Real Estate — continued | ||||||||
Digital Realty Trust ‡ | 155,941 | $ | 22,386,890 | |||||
QTS Realty Trust, Cl A ‡ | 53,368 | 3,661,045 | ||||||
37,823,570 | ||||||||
TOTAL UNITED STATES | 605,084,649 | |||||||
TOTAL COMMON STOCK | ||||||||
(Cost $575,080,705) | 676,498,724 | |||||||
TOTAL INVESTMENTS — 100.0% | ||||||||
(Cost $575,080,705) | $ | 676,498,724 |
Percentages are based on Net Assets of $676,825,289.
* | Non-income producing security. |
‡ | Real Estate Investment Trust |
ADR – American Depository Receipt
Cl – Class
The following is a summary of the level of inputs used as of May 31, 2020, in valuing the Fund’s investments carried at value:
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 674,906,396 | $ | 1,592,328 | $ | — | $ | 676,498,724 | ||||||||
Total Investments in Securities | $ | 674,906,396 | $ | 1,592,328 | $ | — | $ | 676,498,724 |
For the period ended May 31, 2020, there were no transfers in or out of Level 3.
17
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Future Analytics Tech ETF |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Notes 2 and 7 in Notes to Financial Statements for more detailed information.
Shares | Value | |||||||
COMMON STOCK — 100.0% | ||||||||
BRAZIL— 0.2% | ||||||||
Information Technology — 0.2% | ||||||||
StoneCo, Cl A * | 3,111 | $ | 98,556 | |||||
CANADA— 4.9% | ||||||||
Industrials — 1.3% | ||||||||
Thomson Reuters | 8,756 | 589,804 | ||||||
Information Technology — 3.6% | ||||||||
BlackBerry * (A) | 20,590 | 95,538 | ||||||
Open Text | 4,723 | 195,453 | ||||||
Shopify, Cl A * | 1,816 | 1,376,165 | ||||||
1,667,156 | ||||||||
TOTAL CANADA | 2,256,960 | |||||||
CHINA— 11.5% | ||||||||
Communication Services — 4.5% | ||||||||
Baidu ADR * | 4,805 | 511,973 | ||||||
Tencent Holdings | 27,780 | 1,470,896 | ||||||
Tencent Music Entertainment Group ADR * | 10,384 | 134,161 | ||||||
2,117,030 |
18
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Future Analytics Tech ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Consumer Discretionary — 7.0% | ||||||||
Alibaba Group Holding ADR * | 6,339 | $ | 1,314,645 | |||||
Meituan Dianping, Cl B * | 104,500 | 1,977,829 | ||||||
3,292,474 | ||||||||
TOTAL CHINA | 5,409,504 | |||||||
GERMANY— 3.8% | ||||||||
Industrials — 2.5% | ||||||||
Siemens | 10,803 | 1,184,004 | ||||||
Information Technology — 1.3% | ||||||||
Infineon Technologies | 21,889 | 459,109 | ||||||
Software | 3,713 | 143,646 | ||||||
602,755 | ||||||||
TOTAL GERMANY | 1,786,759 | |||||||
ISRAEL— 0.5% | ||||||||
Information Technology — 0.5% | ||||||||
Wix.com * | 976 | 216,994 | ||||||
JAPAN— 0.5% | ||||||||
Industrials — 0.5% | ||||||||
Toshiba | 7,970 | 217,791 | ||||||
NEW ZEALAND— 0.3% | ||||||||
Information Technology — 0.3% | ||||||||
Xero * | 2,472 | 139,921 | ||||||
SOUTH KOREA— 3.1% | ||||||||
Information Technology — 3.1% | ||||||||
Samsung Electronics | 26,532 | 1,086,174 | ||||||
SK Hynix | 5,437 | 357,798 | ||||||
TOTAL SOUTH KOREA | 1,443,972 |
19
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Future Analytics Tech ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
SWEDEN— 0.7% | ||||||||
Information Technology — 0.7% | ||||||||
Hexagon, Cl B | 6,149 | $ | 337,667 | |||||
SWITZERLAND— 0.8% | ||||||||
Information Technology — 0.8% | ||||||||
STMicroelectronics | 15,947 | 391,846 | ||||||
TAIWAN— 0.7% | ||||||||
Information Technology — 0.7% | ||||||||
Macronix International | 103,400 | 110,546 | ||||||
Phison Electronics | 11,590 | 106,153 | ||||||
Winbond Electronics | 213,600 | 97,818 | ||||||
TOTAL TAIWAN | 314,517 | |||||||
UNITED KINGDOM— 1.4% | ||||||||
Industrials — 1.2% | ||||||||
Experian | 15,908 | 553,231 | ||||||
Information Technology — 0.2% | ||||||||
Computacenter | 5,933 | 117,652 | ||||||
TOTAL UNITED KINGDOM | 670,883 | |||||||
UNITED STATES— 71.6% | ||||||||
Communication Services — 11.3% | ||||||||
Alphabet, Cl A * | 937 | 1,343,208 | ||||||
Facebook, Cl A * | 6,323 | 1,423,244 | ||||||
Netflix * | 3,971 | 1,666,748 | ||||||
Snap, Cl A * | 19,915 | 377,190 | ||||||
Twitter * | 13,585 | 420,728 |
20
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Future Analytics Tech ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Communication Services — continued | ||||||||
Yelp, Cl A * | 3,818 | $ | 83,003 | |||||
5,314,121 | ||||||||
Consumer Discretionary — 5.2% | ||||||||
Amazon.com * | 738 | 1,802,469 | ||||||
eBay | 14,239 | 648,444 | ||||||
2,450,913 | ||||||||
Industrials — 5.7% | ||||||||
Nielsen Holdings | 6,418 | 89,146 | ||||||
Northrop Grumman | 2,976 | 997,555 | ||||||
Uber Technologies * | 30,113 | 1,093,704 | ||||||
Verisk Analytics, Cl A | 2,868 | 495,247 | ||||||
2,675,652 | ||||||||
Information Technology — 49.4% | ||||||||
Adobe * | 3,949 | 1,526,683 | ||||||
Advanced Micro Devices * | 19,671 | 1,058,300 | ||||||
Ambarella * | 2,260 | 128,232 | ||||||
Anaplan * | 2,411 | 110,713 | ||||||
Cisco Systems | 28,355 | 1,355,936 | ||||||
Cloudera * | 11,987 | 122,867 | ||||||
Cornerstone OnDemand * | 2,329 | 90,016 | ||||||
Crowdstrike Holdings, Cl A * | 2,229 | 195,729 | ||||||
DXC Technology | 4,462 | 63,405 | ||||||
Envestnet * | 1,964 | 142,606 | ||||||
Fair Isaac * | 505 | 203,338 | ||||||
FireEye * | 8,340 | 104,083 | ||||||
Fortinet * | 2,991 | 416,347 |
21
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Future Analytics Tech ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Information Technology — continued | ||||||||
Genpact | 3,311 | $ | 119,030 | |||||
Hewlett Packard Enterprise | 22,609 | 219,533 | ||||||
HubSpot * | 745 | 148,955 | ||||||
Intel | 21,935 | 1,380,370 | ||||||
International Business Machines | 9,721 | 1,214,153 | ||||||
Juniper Networks | 5,830 | 141,436 | ||||||
Lattice Semiconductor * | 6,099 | 151,682 | ||||||
LivePerson * | 3,201 | 119,877 | ||||||
LogMeIn | 1,591 | 135,076 | ||||||
Microchip Technology | 4,165 | 399,923 | ||||||
Micron Technology * | 7,758 | 371,686 | ||||||
Microsoft | 8,330 | 1,526,473 | ||||||
NetApp | 3,985 | 177,492 | ||||||
NortonLifeLock | 10,899 | 248,279 | ||||||
Nuance Communications * | 6,926 | 158,467 | ||||||
NVIDIA | 5,493 | 1,950,125 | ||||||
Oracle | 25,267 | 1,358,607 | ||||||
Pegasystems | 1,560 | 148,387 | ||||||
PROS Holdings * | 2,127 | 82,847 | ||||||
PTC * | 2,016 | 153,982 | ||||||
Pure Storage, Cl A * | 7,124 | 125,454 | ||||||
QUALCOMM | 15,100 | 1,221,288 | ||||||
salesforce.com * | 7,550 | 1,319,665 | ||||||
Seagate Technology | 4,592 | 243,560 | ||||||
ServiceNow * | 3,330 | 1,291,807 | ||||||
Splunk * | 2,730 | 507,343 | ||||||
Synopsys * | 2,634 | 476,517 |
22
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Future Analytics Tech ETF |
Shares/Face Amount | Value | |||||||
COMMON STOCK — continued | ||||||||
Information Technology — continued | ||||||||
Teradata * | 5,151 | $ | 110,283 | |||||
Trade Desk, Cl A * | 694 | 216,223 | ||||||
Twilio, Cl A * | 2,177 | 430,175 | ||||||
Verint Systems * | 2,352 | 109,062 | ||||||
Workday, Cl A * | 2,924 | 536,349 | ||||||
Xilinx | 4,400 | 404,580 | ||||||
Zebra Technologies, Cl A * | 941 | 245,902 | ||||||
Zendesk * | 1,957 | 167,813 | ||||||
23,130,656 | ||||||||
TOTAL UNITED STATES | 33,571,342 | |||||||
TOTAL COMMON STOCK | ||||||||
(Cost $40,857,440) | 46,856,712 | |||||||
SHORT-TERM INVESTMENT(B)(C) — 0.1% | ||||||||
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.080% | ||||||||
(Cost $64,776) | 64,776 | 64,776 | ||||||
REPURCHASE AGREEMENT(B) — 0.0% | ||||||||
BNP Paribas | ||||||||
0.050%, dated 05/29/20, to be repurchased on 06/01/20, repurchase price $7,604 (collateralized by U.S. Treasury Obligations, ranging in par value $925 - $6,821, 1.500%, 08/15/2026, with a total market value of $7,746) | ||||||||
(Cost $7,604) | $ | 7,604 | 7,604 | |||||
TOTAL INVESTMENTS — 100.1% | ||||||||
(Cost $40,929,820) | $ | 46,929,092 |
Percentages are based on Net Assets of $46,868,278.
23
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Future Analytics Tech ETF |
* | Non-income producing security. |
(A) | This security or a partial position of this security is on loan at May 31, 2020. The total value of securities on loan at May 31, 2020 was $71,456. |
(B) | Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2020 was $72,380. |
(C) | The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2020. |
ADR — American Depositary Receipt
Cl — Class
The following is a summary of the level of inputs used as of May 31, 2020, in valuing the Fund’s investments carried at value:
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 45,204,376 | $ | 1,652,336 | $ | — | $ | 46,856,712 | ||||||||
Short-Term Investment | 64,776 | — | — | 64,776 | ||||||||||||
Repurchase Agreement | — | 7,604 | — | 7,604 | ||||||||||||
Total Investments in Securities | $ | 45,269,152 | $ | 1,659,940 | $ | — | $ | 46,929,092 |
For the period ended May 31, 2020, there were no transfers in or out of Level 3.
24
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Autonomous & Electric Vehicles ETF |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Notes 2 and 7 in Notes to Financial Statements for more detailed information.
Shares | Value | |||||||
COMMON STOCK — 98.6% | ||||||||
AUSTRALIA— 1.2% | ||||||||
Materials — 1.2% | ||||||||
Orocobre * (A) | 68,685 | $ | 107,144 | |||||
Pilbara Minerals * | 665,657 | 114,884 | ||||||
TOTAL AUSTRALIA | 222,028 | |||||||
BELGIUM— 1.0% | ||||||||
Materials — 1.0% | ||||||||
Umicore | 4,383 | 194,237 | ||||||
CANADA— 1.0% | ||||||||
Industrials — 1.0% | ||||||||
Ballard Power Systems * | 17,612 | 190,034 | ||||||
CHILE— 1.6% | ||||||||
Materials — 1.6% | ||||||||
Lundin Mining | 31,892 | 146,285 | ||||||
Sociedad Quimica y Minera de Chile ADR | 6,178 | 150,558 | ||||||
TOTAL CHILE | 296,843 |
25
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Autonomous & Electric Vehicles ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
CHINA— 4.9% | ||||||||
Communication Services — 1.3% | ||||||||
Baidu ADR * | 2,386 | $ | 254,228 | |||||
Consumer Discretionary — 1.8% | ||||||||
BYD, Cl H (A) | 33,300 | 186,886 | ||||||
Geely Automobile Holdings | 106,300 | 145,372 | ||||||
332,258 | ||||||||
Materials — 1.8% | ||||||||
China Molybdenum, Cl H | 396,572 | 121,770 | ||||||
Ganfeng Lithium, Cl H | 60,700 | 217,317 | ||||||
339,087 | ||||||||
TOTAL CHINA | 925,573 | |||||||
FRANCE— 0.6% | ||||||||
Consumer Discretionary — 0.6% | ||||||||
Renault | 4,714 | 105,947 | ||||||
GERMANY— 3.4% | ||||||||
Consumer Discretionary — 3.4% | ||||||||
Bayerische Motoren Werke | 3,479 | 203,555 | ||||||
Continental * | 1,804 | 177,470 | ||||||
Daimler | 6,949 | 258,017 | ||||||
TOTAL GERMANY | 639,042 | |||||||
JAPAN— 7.5% | ||||||||
Consumer Discretionary — 6.7% | ||||||||
Denso | 5,602 | 214,804 | ||||||
Honda Motor | 12,256 | 316,710 | ||||||
Nissan Motor | 40,404 | 150,350 | ||||||
Toyota Motor | 9,470 | 593,770 | ||||||
1,275,634 |
26
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Autonomous & Electric Vehicles ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Industrials — 0.8% | ||||||||
GS Yuasa | 8,350 | $ | 147,724 | |||||
TOTAL JAPAN | 1,423,358 | |||||||
LUXEMBOURG— 0.8% | ||||||||
Materials — 0.8% | ||||||||
APERAM | 5,820 | 160,228 | ||||||
NETHERLANDS— 2.0% | ||||||||
Consumer Discretionary — 0.7% | ||||||||
TomTom * | 15,882 | 134,706 | ||||||
Information Technology — 1.3% | ||||||||
NXP Semiconductors | 2,473 | 237,655 | ||||||
TOTAL NETHERLANDS | 372,361 | |||||||
RUSSIA— 1.1% | ||||||||
Communication Services — 1.1% | ||||||||
Yandex, Cl A * | 5,189 | 208,753 | ||||||
SOUTH KOREA— 3.8% | ||||||||
Consumer Discretionary — 1.0% | ||||||||
Hyundai Motor | 2,328 | 184,217 | ||||||
Information Technology — 2.8% | ||||||||
Samsung Electronics | 12,806 | 524,256 | ||||||
TOTAL SOUTH KOREA | 708,473 | |||||||
SWEDEN— 1.6% | ||||||||
Consumer Discretionary — 1.6% | ||||||||
Autoliv | 2,593 | 164,863 | ||||||
Veoneer * (A) | 13,316 | 143,546 | ||||||
TOTAL SWEDEN | 308,409 |
27
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Autonomous & Electric Vehicles ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
UNITED KINGDOM— 1.5% | ||||||||
Consumer Discretionary — 0.8% | ||||||||
Fiat Chrysler Automobiles | 17,194 | $ | 151,896 | |||||
Materials — 0.7% | ||||||||
Johnson Matthey | 5,437 | 142,030 | ||||||
TOTAL UNITED KINGDOM | 293,926 | |||||||
UNITED STATES— 66.6% | ||||||||
Communication Services — 3.5% | ||||||||
Alphabet, Cl A * | 464 | 665,153 | ||||||
Consumer Discretionary — 13.1% | ||||||||
American Axle & Manufacturing Holdings * | 19,742 | 140,366 | ||||||
Aptiv | 3,022 | 227,708 | ||||||
BorgWarner | 5,100 | 163,965 | ||||||
Dana | 11,450 | 144,728 | ||||||
Ford Motor | 34,992 | 199,804 | ||||||
General Motors | 10,470 | 270,963 | ||||||
Gentherm * | 3,921 | 159,585 | ||||||
Harley-Davidson | 5,617 | 119,867 | ||||||
Lear | 1,546 | 163,953 | ||||||
Tesla * | 885 | 738,975 | ||||||
Visteon * | 2,123 | 152,856 | ||||||
2,482,770 | ||||||||
Industrials — 9.9% | ||||||||
Bloom Energy, Cl A * (A) | 18,991 | 152,498 | ||||||
EnerSys | 2,499 | 158,187 | ||||||
General Electric | 50,910 | 334,479 | ||||||
Honeywell International | 2,456 | 358,207 | ||||||
Hyster-Yale Materials Handling | 2,870 | 105,071 | ||||||
ITT | 2,809 | 162,079 | ||||||
Johnson Controls International | 7,524 | 236,329 |
28
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Autonomous & Electric Vehicles ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Industrials — continued | ||||||||
Plug Power * (A) | 44,732 | $ | 188,322 | |||||
Westinghouse Air Brake Technologies | 2,987 | 182,416 | ||||||
1,877,588 | ||||||||
Information Technology — 36.4% | ||||||||
Advanced Micro Devices * | 8,047 | 432,929 | ||||||
Ambarella * | 2,901 | 164,603 | ||||||
Apple | 2,125 | 675,623 | ||||||
CEVA * | 6,177 | 212,921 | ||||||
Cisco Systems | 13,904 | 664,889 | ||||||
II-VI * | 5,141 | 244,352 | ||||||
Intel | 11,180 | 703,557 | ||||||
Maxim Integrated Products | 3,933 | 226,855 | ||||||
Micron Technology * | 7,689 | 368,380 | ||||||
Microsoft | 4,098 | 750,959 | ||||||
NVIDIA | 2,687 | 953,939 | ||||||
ON Semiconductor * | 8,601 | 141,830 | ||||||
QUALCOMM | 6,698 | 541,734 | ||||||
Rogers * | 1,373 | 148,641 | ||||||
Texas Instruments | 3,392 | 402,766 | ||||||
Xilinx | 2,798 | 257,276 | ||||||
6,891,254 | ||||||||
Materials — 3.7% | ||||||||
Albemarle | 2,684 | 205,380 | ||||||
Allegheny Technologies * | 9,506 | 82,512 | ||||||
Carpenter Technology | 3,886 | 90,816 | ||||||
Freeport-McMoRan Copper & Gold | 19,287 | 174,933 | ||||||
Livent * | 21,702 | 146,271 | ||||||
699,912 |
29
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Autonomous & Electric Vehicles ETF |
Shares/Face Amount | Value | |||||||
COMMON STOCK — continued | ||||||||
TOTAL UNITED STATES | $ | 12,616,677 | ||||||
TOTAL COMMON STOCK | ||||||||
(Cost $20,432,827) | 18,665,889 | |||||||
PREFERRED STOCK — 1.2% | ||||||||
GERMANY— 1.2% | ||||||||
Consumer Discretionary — 1.2% | ||||||||
Volkswagen *(B) | ||||||||
(Cost $326,845) | 1,609 | 237,144 | ||||||
SHORT-TERM INVESTMENT(C)(D) — 2.2% | ||||||||
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.080% | ||||||||
(Cost $416,361) | 416,361 | 416,361 | ||||||
REPURCHASE AGREEMENT(C) — 0.3% | ||||||||
BNP Paribas | ||||||||
0.050%, dated 05/29/20, to be repurchased on 06/01/20, repurchase price $48,875 (collateralized by U.S. Treasury Obligations, ranging in par value $5,947 - $43,844, 1.500%, 08/15/2026, with a total market value of $49,791) | ||||||||
(Cost $48,875) | $ | 48,875 | 48,875 | |||||
TOTAL INVESTMENTS — 102.3% | ||||||||
(Cost $21,224,908) | $ | 19,368,269 |
Percentages are based on Net Assets of $18,924,315.
* | Non-income producing security. |
(A) | This security or a partial position of this security is on loan at May 31, 2020. The total value of securities on loan at May 31, 2020 was $445,891. |
(B) | There is currently no stated interest rate. |
(C) | Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2020 was $465,236. |
30
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Autonomous & Electric Vehicles ETF |
(D) | The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2020. |
ADR — American Depositary Receipt
Cl — Class
The following is a summary of the level of inputs used as of May 31, 2020, in valuing the Fund’s investments carried at value:
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 17,802,546 | $ | 863,343 | $ | — | $ | 18,665,889 | ||||||||
Preferred Stock | 237,144 | — | — | 237,144 | ||||||||||||
Short-Term Investment | 416,361 | — | — | 416,361 | ||||||||||||
Repurchase Agreement | — | 48,875 | — | 48,875 | ||||||||||||
Total Investments in Securities | $ | 18,456,051 | $ | 912,218 | $ | — | $ | 19,368,269 |
For the period ended May 31, 2020, there were no transfers in or out of Level 3.
31
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Genomics & Biotechnology ETF |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments.
Shares | Value | |||||||
COMMON STOCK — 99.9% | ||||||||
CHINA— 3.7% | ||||||||
Health Care — 3.7% | ||||||||
Genscript Biotech * | 574,718 | $ | 1,260,509 | |||||
JAPAN— 2.0% | ||||||||
Health Care — 2.0% | ||||||||
Takara Bio | 26,360 | 703,194 | ||||||
NETHERLANDS— 4.1% | ||||||||
Health Care — 4.1% | ||||||||
ProQR Therapeutics * | 24,225 | 134,691 | ||||||
uniQure * | 19,025 | 1,277,719 | ||||||
TOTAL NETHERLANDS | 1,412,410 | |||||||
SWITZERLAND— 4.3% | ||||||||
Health Care — 4.3% | ||||||||
CRISPR Therapeutics * | 23,239 | 1,500,775 | ||||||
UNITED STATES— 85.8% | ||||||||
Health Care — 85.8% | ||||||||
Adverum Biotechnologies * | 40,528 | 836,093 | ||||||
Agilent Technologies | 16,200 | 1,427,868 | ||||||
Allogene Therapeutics * | 29,327 | 1,412,388 | ||||||
Alnylam Pharmaceuticals * | 8,692 | 1,175,767 | ||||||
Arrowhead Pharmaceuticals * | 32,965 | 1,062,792 | ||||||
BioMarin Pharmaceutical * | 13,169 | 1,403,157 | ||||||
Bluebird Bio * | 21,910 | 1,394,133 | ||||||
Blueprint Medicines * | 17,359 | 1,130,765 | ||||||
CareDx * | 23,635 | 759,156 | ||||||
Dicerna Pharmaceuticals * | 34,878 | 752,318 |
32
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Genomics & Biotechnology ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Health Care — continued | ||||||||
Editas Medicine * | 30,625 | $ | 829,019 | |||||
Gilead Sciences | 7,426 | 577,966 | ||||||
Homology Medicines * | 23,401 | 333,230 | ||||||
Illumina * | 3,909 | 1,419,162 | ||||||
Intellia Therapeutics * | 22,163 | 388,074 | ||||||
Invitae * | 66,230 | 1,113,989 | ||||||
Luminex | 23,954 | 746,407 | ||||||
Myriad Genetics * | 41,368 | 601,077 | ||||||
NanoString Technologies * | 20,987 | 640,733 | ||||||
Natera * | 33,761 | 1,480,420 | ||||||
Pacific Biosciences of California * | 78,839 | 277,513 | ||||||
Precision BioSciences * | 19,702 | 138,111 | ||||||
PTC Therapeutics * | 24,472 | 1,240,975 | ||||||
QIAGEN * | 29,020 | 1,270,786 | ||||||
REGENXBIO * | 19,855 | 747,739 | ||||||
Rocket Pharmaceuticals * | 29,214 | 549,515 | ||||||
Sangamo Therapeutics * | 65,770 | 735,966 | ||||||
Sarepta Therapeutics * | 10,651 | 1,621,828 | ||||||
Sorrento Therapeutics * | 79,300 | 400,465 | ||||||
Ultragenyx Pharmaceutical * | 18,870 | 1,291,840 | ||||||
Veracyte * | 27,224 | 678,967 | ||||||
Vertex Pharmaceuticals * | 2,242 | 645,606 | ||||||
Voyager Therapeutics * | 13,177 | 159,442 | ||||||
WaVe Life Sciences * | 15,794 | 160,783 | ||||||
ZIOPHARM Oncology * | 112,107 | 331,837 |
33
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Genomics & Biotechnology ETF |
Value | ||||||||
COMMON STOCK — continued | ||||||||
TOTAL UNITED STATES | $ | 29,735,887 | ||||||
TOTAL COMMON STOCK | ||||||||
(Cost $31,057,668) | 34,612,775 | |||||||
TOTAL INVESTMENTS — 99.9% | ||||||||
(Cost $31,057,668) | $ | 34,612,775 |
Percentages are based on Net Assets of $34,663,454.
* | Non-income producing security. |
The following is a summary of the level of inputs used as of May 31, 2020, in valuing the Fund’s investments carried at value:
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 33,352,266 | $ | 1,260,509 | $ | — | $ | 34,612,775 | ||||||||
Total Investments in Securities | $ | 33,352,266 | $ | 1,260,509 | $ | — | $ | 34,612,775 |
For the period ended May 31, 2020, there were no transfers in or out of Level 3.
34
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Video Games & Esports ETF |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments.
Shares | Value | |||||||
COMMON STOCK — 99.8% | ||||||||
CHINA— 17.4% | ||||||||
Communication Services — 17.4% | ||||||||
Bilibili ADR * | 163,749 | $ | 5,310,380 | |||||
DouYu International Holdings ADR * | 257,720 | 2,319,480 | ||||||
HUYA ADR * | 48,008 | 745,084 | ||||||
JOYY ADR * | 51,156 | 3,123,074 | ||||||
NetEase ADR | 14,208 | 5,440,243 | ||||||
TOTAL CHINA | 16,938,261 | |||||||
FRANCE— 4.3% | ||||||||
Communication Services — 4.3% | ||||||||
Ubisoft Entertainment * | 54,027 | 4,186,341 | ||||||
IRELAND— 1.0% | ||||||||
Information Technology — 1.0% | ||||||||
Keywords Studios | 45,900 | 1,021,425 | ||||||
JAPAN— 24.4% | ||||||||
Communication Services — 24.4% | ||||||||
Aeria | 28,880 | 136,981 | ||||||
Akatsuki | 5,746 | 217,338 | ||||||
Capcom | 104,440 | 3,688,627 | ||||||
DeNA | 96,780 | 1,329,507 | ||||||
Gumi * | 34,656 | 268,923 | ||||||
GungHo Online Entertainment | 61,272 | 996,982 | ||||||
KLab | 32,460 | 234,709 |
35
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Video Games & Esports ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Communication Services — continued | ||||||||
Konami Holdings | 81,593 | $ | 2,866,566 | |||||
Nexon | 260,400 | 5,428,676 | ||||||
Nintendo | 12,767 | 5,159,653 | ||||||
Square Enix Holdings | 70,720 | 3,433,105 | ||||||
TOTAL JAPAN | 23,761,067 | |||||||
SINGAPORE— 0.5% | ||||||||
Communication Services — 0.5% | ||||||||
IGG | 758,200 | 458,774 | ||||||
SOUTH KOREA— 9.1% | ||||||||
Communication Services — 9.1% | ||||||||
Com2uSCorp | 6,142 | 525,699 | ||||||
Gravity ADR | 6,808 | 345,166 | ||||||
NCSoft | 6,869 | 4,381,695 | ||||||
Neowiz * | 16,024 | 284,653 | ||||||
Netmarble | 21,502 | 1,602,515 | ||||||
Nexon GT * | 38,451 | 250,555 | ||||||
Pearl Abyss * | 6,431 | 1,061,924 | ||||||
Webzen * | 17,664 | 261,726 | ||||||
Wemade | 7,691 | 194,379 | ||||||
TOTAL SOUTH KOREA | 8,908,312 | |||||||
SWEDEN— 4.6% | ||||||||
Communication Services — 4.6% | ||||||||
Embracer Group, Cl B | 238,149 | 2,891,413 | ||||||
Stillfront Group * | 22,080 | 1,617,608 | ||||||
TOTAL SWEDEN | 4,509,021 |
36
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Video Games & Esports ETF |
Shares/Face Amount | Value | |||||||
COMMON STOCK — continued | ||||||||
TAIWAN— 8.1% | ||||||||
Communication Services — 8.1% | ||||||||
Chinese Gamer International * | 86,400 | $ | 243,445 | |||||
Gamania Digital Entertainment | 124,400 | 258,122 | ||||||
Sea ADR * | 90,427 | 7,216,074 | ||||||
X-Legend Entertainment | 86,600 | 181,132 | ||||||
TOTAL TAIWAN | 7,898,773 | |||||||
UNITED STATES— 30.4% | ||||||||
Communication Services — 23.1% | ||||||||
Activision Blizzard | 81,306 | 5,852,405 | ||||||
Electronic Arts * | 44,078 | 5,416,305 | ||||||
Glu Mobile * | 98,727 | 985,295 | ||||||
Take-Two Interactive Software * | 38,286 | 5,213,405 | ||||||
Zynga, Cl A * | 559,799 | 5,122,161 | ||||||
22,589,571 | ||||||||
Information Technology — 7.3% | ||||||||
NVIDIA | 19,967 | 7,088,684 | ||||||
TOTAL UNITED STATES | 29,678,255 | |||||||
TOTAL COMMON STOCK | ||||||||
(Cost $83,714,697) | 97,360,229 | |||||||
U.S. TREASURY OBLIGATION — 10.8% | ||||||||
U.S. Treasury Bill | ||||||||
0.100%, 06/16/20(A) | ||||||||
(Cost $10,499,562) | $ | 10,500,000 | 10,499,464 | |||||
TOTAL INVESTMENTS — 110.6% | ||||||||
(Cost $94,214,259) | $ | 107,859,693 |
Percentages are based on Net Assets of $97,512,244.
37
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Video Games & Esports ETF |
* | Non-income producing security. |
(A) | The rate reported on the Schedule of Investments is the effective yield at time of purchase. |
ADR — American Depositary Receipt
Cl — Class
The following is a summary of the level of inputs used as of May 31, 2020, in valuing the Fund’s investments carried at value:
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 92,563,004 | $ | 4,797,225 | $ | — | $ | 97,360,229 | ||||||||
U.S. Treasury Obligation | — | 10,499,464 | — | 10,499,464 | ||||||||||||
Total Investments in Securities | $ | 92,563,004 | $ | 15,296,689 | $ | — | $ | 107,859,693 |
For the period ended May 31, 2020, there were no transfers in or out of Level 3.
38
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Cybersecurity ETF |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments.
Shares | Value | |||||||
COMMON STOCK — 99.8% | ||||||||
ISRAEL— 7.6% | ||||||||
Information Technology — 7.6% | ||||||||
Check Point Software Technologies * | 5,737 | $ | 629,177 | |||||
RADWARE * | 8,195 | 195,205 | ||||||
Tufin Software Technologies * | 6,235 | 64,283 | ||||||
TOTAL ISRAEL | 888,665 | |||||||
JAPAN— 5.9% | ||||||||
Information Technology — 5.9% | ||||||||
Digital Arts | 2,470 | 196,940 | ||||||
Trend Micro | 8,930 | 490,700 | ||||||
TOTAL JAPAN | 687,640 | |||||||
SOUTH KOREA— 0.7% | ||||||||
Information Technology — 0.7% | ||||||||
Ahnlab | 1,774 | 79,214 | ||||||
UNITED KINGDOM— 4.2% | ||||||||
Information Technology — 4.2% | ||||||||
Avast | 78,848 | 490,320 | ||||||
UNITED STATES— 81.4% | ||||||||
Information Technology — 81.4% | ||||||||
A10 Networks * | 14,004 | 95,227 | ||||||
Crowdstrike Holdings, Cl A * | 6,724 | 590,434 | ||||||
CyberArk Software * | 4,603 | 477,699 | ||||||
FireEye * | 39,532 | 493,359 | ||||||
Fortinet * | 5,630 | 783,697 |
39
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Cybersecurity ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Information Technology — continued | ||||||||
Mimecast * | 11,123 | $ | 464,719 | |||||
MobileIron * | 20,318 | 91,837 | ||||||
NortonLifeLock | 28,524 | 649,777 | ||||||
Okta, Cl A * | 4,009 | 784,080 | ||||||
OneSpan * | 7,120 | 144,678 | ||||||
Palo Alto Networks * | 3,087 | 726,278 | ||||||
Ping Identity Holding * | 14,187 | 401,634 | ||||||
Proofpoint * | 3,736 | 434,385 | ||||||
Qualys * | 4,317 | 497,836 | ||||||
Rapid7 * | 8,972 | 438,641 | ||||||
Sailpoint Technologies Holdings * | 16,020 | 365,737 | ||||||
Tenable Holdings * | 17,460 | 545,974 | ||||||
Varonis Systems * | 5,600 | 472,584 | ||||||
VirnetX Holding | 12,460 | 82,859 | ||||||
Zix * | 10,073 | 67,691 | ||||||
Zscaler * | 9,045 | 887,225 | ||||||
TOTAL UNITED STATES | 9,496,351 | |||||||
TOTAL COMMON STOCK | ||||||||
(Cost $10,566,799) | 11,642,190 | |||||||
TOTAL INVESTMENTS — 99.8% | ||||||||
(Cost $10,566,799) | $ | 11,642,190 |
Percentages are based on Net Assets of $11,667,970.
* | Non-income producing security. |
Cl — Class
The following is a summary of the level of inputs used as of May 31, 2020, in valuing the Fund’s investments carried at value:
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 11,562,976 | $ | 79,214 | $ | — | $ | 11,642,190 | ||||||||
Total Investments in Securities | $ | 11,562,976 | $ | 79,214 | $ | — | $ | 11,642,190 |
For the period ended May 31, 2020, there were no transfers in or out of Level 3.
40
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Millennials Thematic ETF |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Notes 2 and 7 in Notes to Financial Statements for more detailed information.
Shares | Value | |||||||
COMMON STOCK — 99.9% | ||||||||
UNITED STATES— 99.9% | ||||||||
Communication Services — 27.1% | ||||||||
Activision Blizzard | 30,742 | $ | 2,212,809 | |||||
Alphabet, Cl A * | 1,556 | 2,230,557 | ||||||
Cargurus, Cl A * | 9,762 | 253,617 | ||||||
Cars.com * | 41,812 | 257,980 | ||||||
Facebook, Cl A * | 10,771 | 2,424,444 | ||||||
IAC * | 5,175 | 1,399,165 | ||||||
iHeartMedia * (A) | 28,596 | 248,785 | ||||||
Live Nation Entertainment * | 14,041 | 690,256 | ||||||
Match Group * (A) | 4,721 | 420,358 | ||||||
Netflix * | 5,059 | 2,123,414 | ||||||
Snap, Cl A * | 76,318 | 1,445,463 | ||||||
Spotify Technology * | 12,178 | 2,203,366 | ||||||
TripAdvisor | 10,718 | 206,643 |
41
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Millennials Thematic ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Communication Services — continued | ||||||||
Twitter * | 51,337 | $ | 1,589,907 | |||||
Walt Disney | 18,574 | 2,178,730 | ||||||
Yelp, Cl A * | 8,615 | 187,290 | ||||||
Zillow Group, Cl A * | 4,824 | 279,599 | ||||||
Zynga, Cl A * | 62,547 | 572,305 | ||||||
20,924,688 | ||||||||
Consumer Discretionary — 41.1% | ||||||||
Amazon.com * | 919 | 2,244,538 | ||||||
AutoNation * | 6,193 | 244,500 | ||||||
Bed Bath & Beyond(A) | 32,727 | 237,925 | ||||||
Booking Holdings * | 1,368 | 2,242,727 | ||||||
Bright Horizons Family Solutions * | 3,806 | 425,815 | ||||||
Capri Holdings * | 13,524 | 203,401 | ||||||
CarMax * | 10,679 | 940,286 | ||||||
Carter’s | 2,845 | 244,414 | ||||||
Carvana, Cl A * | 4,178 | 388,470 | ||||||
Chegg * | 8,156 | 498,168 | ||||||
Children’s Place Retail Stores | 8,226 | 342,531 | ||||||
Chipotle Mexican Grill, Cl A * | 1,820 | 1,827,116 | ||||||
Columbia Sportswear | 4,405 | 321,829 | ||||||
Designer Brands, Cl A | 35,531 | 217,805 | ||||||
Dick’s Sporting Goods | 7,339 | 264,644 | ||||||
eBay | 56,875 | 2,590,087 | ||||||
Etsy * | 7,718 | 625,004 | ||||||
Expedia Group | 8,801 | 699,503 | ||||||
GoPro, Cl A * (A) | 68,344 | 321,900 | ||||||
Graham Holdings, Cl B | 524 | 187,713 | ||||||
Groupon, Cl A * | 207,326 | 264,341 | ||||||
Grubhub * | 5,995 | 340,156 |
42
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Millennials Thematic ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Consumer Discretionary — continued | ||||||||
Home Depot | 9,637 | $ | 2,394,602 | |||||
K12 * | 8,032 | 197,748 | ||||||
L Brands | 18,044 | 292,132 | ||||||
Laureate Education, Cl A * | 18,826 | 183,177 | ||||||
Lowe’s | 19,897 | 2,593,573 | ||||||
Lululemon Athletica * | 8,137 | 2,441,874 | ||||||
NIKE, Cl B | 22,009 | 2,169,647 | ||||||
Peloton Interactive, Cl A * | 6,798 | 286,808 | ||||||
Planet Fitness, Cl A * | 5,217 | 337,175 | ||||||
Skechers U.S.A., Cl A * | 8,774 | 274,802 | ||||||
Starbucks | 26,230 | 2,045,678 | ||||||
Strategic Education | 1,448 | 245,624 | ||||||
Under Armour, Cl A * | 19,139 | 167,466 | ||||||
VF | 25,873 | 1,451,475 | ||||||
Wayfair, Cl A * | 4,400 | 754,820 | ||||||
WW International * | 9,884 | 236,228 | ||||||
31,745,702 | ||||||||
Consumer Staples — 2.8% | ||||||||
Costco Wholesale | 6,136 | 1,892,772 | ||||||
Sprouts Farmers Market * | 9,940 | 249,792 | ||||||
2,142,564 | ||||||||
Financials — 1.3% | ||||||||
Blucora * | 14,523 | 176,454 | ||||||
LendingClub * | 23,202 | 124,131 | ||||||
LendingTree * | 1,004 | 261,060 | ||||||
Nelnet, Cl A | 4,117 | 202,927 |
43
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Millennials Thematic ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Financials — continued | ||||||||
SLM | 27,541 | $ | 208,761 | |||||
973,333 | ||||||||
Industrials — 4.4% | ||||||||
Avis Budget Group *(A) | 12,934 | 278,469 | ||||||
Lyft, Cl A * | 19,495 | 609,414 | ||||||
Uber Technologies * | 69,684 | 2,530,923 | ||||||
3,418,806 | ||||||||
Information Technology — 15.5% | ||||||||
2U * | 8,592 | 313,350 | ||||||
Apple | 7,056 | 2,243,385 | ||||||
Fiserv * | 19,083 | 2,037,492 | ||||||
Fitbit, Cl A * | 28,285 | 179,327 | ||||||
Intuit | 7,634 | 2,216,303 | ||||||
PayPal Holdings * | 17,869 | 2,769,873 | ||||||
Pluralsight, Cl A * | 16,217 | 337,800 | ||||||
Square, Cl A * | 23,257 | 1,885,678 | ||||||
11,983,208 | ||||||||
Real Estate — 7.7% | ||||||||
American Campus Communities ‡ | 8,991 | 290,409 | ||||||
AvalonBay Communities ‡ | 9,226 | 1,439,348 | ||||||
Camden Property Trust ‡ | 6,521 | 597,128 | ||||||
Equity Residential ‡ | 24,384 | 1,476,696 | ||||||
Independence Realty Trust ‡ | 21,961 | 217,194 | ||||||
Investors Real Estate Trust ‡ | 3,529 | 250,206 | ||||||
Invitation Homes ‡ | 35,497 | 933,571 | ||||||
UDR ‡ | 19,540 | 722,589 | ||||||
5,927,141 |
44
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Millennials Thematic ETF |
Shares/Face Amount | Value | |||||||
COMMON STOCK — continued | ||||||||
TOTAL UNITED STATES | $ | 77,115,442 | ||||||
TOTAL COMMON STOCK | ||||||||
(Cost $74,240,618) | 77,115,442 | |||||||
SHORT-TERM INVESTMENT(B)(C) — 1.2% | ||||||||
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.080% | ||||||||
(Cost $957,810) | 957,810 | 957,810 | ||||||
REPURCHASE AGREEMENT(B) — 0.2% | ||||||||
BNP Paribas | ||||||||
0.050%, dated 05/29/20, to be repurchased on 06/01/20, repurchase price $112,435 (collateralized by U.S. Treasury Obligations, ranging in par value $13,680 - $100,861, 1.500%, 08/15/2026, with a total market value of $114,541) | ||||||||
(Cost $112,435) | $ | 112,435 | 112,435 | |||||
TOTAL INVESTMENTS — 101.3% | ||||||||
(Cost $75,310,863) | $ | 78,185,687 |
Percentages are based on Net Assets of $77,176,520.
* | Non-income producing security. |
‡ | Real Estate Investment Trust |
(A) | This security or a partial position of this security is on loan at May 31, 2020. The total value of securities on loan at May 31, 2020 was $1,072,329. |
(B) | Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2020 was $1,070,245. |
(C) | The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2020. |
Cl — Class
45
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Millennials Thematic ETF |
The following is a summary of the level of inputs used as of May 31, 2020, in valuing the Fund’s investments carried at value:
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 77,115,442 | $ | — | $ | — | $ | 77,115,442 | ||||||||
Short-Term Investment | 957,810 | — | — | 957,810 | ||||||||||||
Repurchase Agreement | — | 112,435 | — | 112,435 | ||||||||||||
Total Investments in Securities | $ | 78,073,252 | $ | 112,435 | $ | — | $ | 78,185,687 |
For the period ended May 31, 2020, there were no transfers in or out of Level 3.
46
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Longevity Thematic ETF |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments.
Shares | Value | |||||||
COMMON STOCK — 100.0% | ||||||||
AUSTRALIA— 0.7% | ||||||||
Health Care — 0.7% | ||||||||
Cochlear | 1,395 | $ | 178,727 | |||||
BELGIUM— 1.6% | ||||||||
Health Care — 1.6% | ||||||||
UCB | 4,237 | 424,171 | ||||||
CANADA— 0.2% | ||||||||
Health Care — 0.2% | ||||||||
Chartwell Retirement Residences | 10,346 | 61,229 | ||||||
CHINA— 3.6% | ||||||||
Health Care — 3.6% | ||||||||
BeiGene ADR * | 1,683 | 278,604 | ||||||
Hansoh Pharmaceutical Group * | 126,000 | 547,013 | ||||||
Luye Pharma Group | 141,147 | 70,473 | ||||||
Venus MedTech Hangzhou, Cl H * | 10,500 | 69,088 | ||||||
TOTAL CHINA | 965,178 | |||||||
DENMARK— 6.4% | ||||||||
Health Care — 6.4% | ||||||||
Demant * | 5,333 | 150,661 | ||||||
Genmab * | 1,420 | 436,551 | ||||||
GN Store Nord | 3,094 | 167,012 |
47
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Longevity Thematic ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Health Care — continued | ||||||||
H Lundbeck | 4,331 | $ | 166,371 | |||||
Novo Nordisk, Cl B | 11,855 | 771,821 | ||||||
TOTAL DENMARK | 1,692,416 | |||||||
FRANCE— 2.3% | ||||||||
Health Care — 2.3% | ||||||||
BioMerieux | 2,578 | 370,211 | ||||||
Korian | 2,098 | 75,519 | ||||||
Orpea | 1,405 | 165,037 | ||||||
TOTAL FRANCE | 610,767 | |||||||
GERMANY— 2.1% | ||||||||
Health Care — 2.1% | ||||||||
Fresenius Medical Care & KGaA * | 6,633 | 557,791 | ||||||
IRELAND— 0.3% | ||||||||
Health Care — 0.3% | ||||||||
Amarin ADR * | 12,021 | 82,464 | ||||||
ITALY— 0.5% | ||||||||
Health Care — 0.5% | ||||||||
Amplifon | 4,918 | 136,490 | ||||||
JAPAN— 6.9% | ||||||||
Health Care — 6.9% | ||||||||
Chugai Pharmaceutical | 5,594 | 825,069 | ||||||
Kissei Pharmaceutical | 2,963 | 75,082 | ||||||
Miraca Holdings | 3,352 | 77,970 | ||||||
Mochida Pharmaceutical | 1,810 | 70,142 | ||||||
Nipro | 6,575 | 76,897 | ||||||
Terumo | 16,526 | 648,860 | ||||||
Toho Holdings | 3,263 | 65,148 | ||||||
TOTAL JAPAN | 1,839,168 |
48
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Longevity Thematic ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
NEW ZEALAND— 0.3% | ||||||||
Health Care — 0.3% | ||||||||
Ryman Healthcare | 10,851 | $ | 81,306 | |||||
SOUTH KOREA— 2.2% | ||||||||
Health Care — 2.2% | ||||||||
Celltrion * | 2,936 | 506,146 | ||||||
Helixmith * | 1,491 | 75,366 | ||||||
TOTAL SOUTH KOREA | 581,512 | |||||||
SPAIN— 0.4% | ||||||||
Health Care — 0.4% | ||||||||
Pharma Mar * | 14,687 | 100,881 | ||||||
SWEDEN— 0.6% | ||||||||
Health Care — 0.6% | ||||||||
Attendo | 18,181 | 78,258 | ||||||
Elekta, Cl B | 8,565 | 90,303 | ||||||
TOTAL SWEDEN | 168,561 | |||||||
SWITZERLAND— 5.2% | ||||||||
Health Care — 5.2% | ||||||||
Alcon | 10,715 | 690,168 | ||||||
Medacta Group * | 1,176 | 100,010 | ||||||
Sonova Holding | 1,402 | 307,194 | ||||||
Straumann Holding | 346 | 280,200 | ||||||
TOTAL SWITZERLAND | 1,377,572 | |||||||
UNITED KINGDOM— 1.6% | ||||||||
Consumer Discretionary — 0.2% | ||||||||
McCarthy & Stone | 70,276 | 62,034 |
49
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Longevity Thematic ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Health Care — 1.4% | ||||||||
Smith & Nephew | 19,053 | $ | 386,774 | |||||
TOTAL UNITED KINGDOM | 448,808 | |||||||
UNITED STATES— 65.1% | ||||||||
Health Care — 60.6% | ||||||||
AbbVie | 8,930 | 827,543 | ||||||
ABIOMED * | 980 | 219,422 | ||||||
ACADIA Pharmaceuticals * | 3,366 | 167,223 | ||||||
Aerie Pharmaceuticals * | 5,213 | 73,138 | ||||||
Agios Pharmaceuticals * | 1,718 | 88,889 | ||||||
Align Technology * | 1,715 | 421,238 | ||||||
Alkermes * | 4,411 | 72,164 | ||||||
Amedisys * | 703 | 135,011 | ||||||
Amgen | 3,200 | 735,040 | ||||||
Becton Dickinson | 2,806 | 692,886 | ||||||
Biogen Idec * | 2,213 | 679,590 | ||||||
Bluebird Bio * | 1,624 | 103,335 | ||||||
Blueprint Medicines * | 1,129 | 73,543 | ||||||
Boston Scientific * | 19,969 | 758,622 | ||||||
Bristol-Myers Squibb | 12,043 | 719,208 | ||||||
Brookdale Senior Living * | 21,964 | 80,388 | ||||||
DaVita * | 2,734 | 221,344 | ||||||
DENTSPLY SIRONA | 4,819 | 224,180 | ||||||
DexCom * | 2,002 | 757,377 | ||||||
Edwards Lifesciences * | 3,388 | 761,352 | ||||||
Ensign Group | 1,881 | 82,237 | ||||||
Envista Holdings * | 4,257 | 89,993 | ||||||
Epizyme * | 4,149 | 72,815 | ||||||
Exact Sciences * | 3,269 | 280,742 | ||||||
Exelixis * | 6,639 | 164,050 | ||||||
FibroGen * | 1,919 | 64,171 |
50
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Longevity Thematic ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Health Care — continued | ||||||||
Glaukos * | 2,142 | $ | 83,495 | |||||
Halozyme Therapeutics * | 3,948 | 95,818 | ||||||
Incyte * | 4,723 | 481,321 | ||||||
Inogen * | 1,367 | 51,946 | ||||||
Insulet * | 1,385 | 261,169 | ||||||
Integer Holdings * | 1,095 | 86,702 | ||||||
Integra LifeSciences Holdings * | 1,834 | 95,570 | ||||||
Ionis Pharmaceuticals * | 3,029 | 170,260 | ||||||
LHC Group * | 685 | 111,319 | ||||||
LivaNova * | 1,451 | 77,614 | ||||||
Medtronic | 7,066 | 696,566 | ||||||
Merit Medical Systems * | 2,089 | 93,984 | ||||||
Myriad Genetics * | 4,897 | 71,153 | ||||||
National HealthCare | 895 | 60,028 | ||||||
Natus Medical * | 2,851 | 61,011 | ||||||
Neurocrine Biosciences * | 2,009 | 250,643 | ||||||
Novocure * | 2,221 | 149,762 | ||||||
NuVasive * | 1,292 | 78,295 | ||||||
Pennant Group * | 4,032 | 102,776 | ||||||
Quest Diagnostics | 2,906 | 343,721 | ||||||
Radius Health * | 5,544 | 70,187 | ||||||
Regeneron Pharmaceuticals * | 1,371 | 840,162 | ||||||
Sage Therapeutics * | 2,326 | 83,085 | ||||||
Seattle Genetics * | 3,760 | 591,110 | ||||||
Silk Road Medical * | 1,947 | 74,512 | ||||||
Stryker | 3,976 | 778,223 | ||||||
Tactile Systems Technology * | 1,532 | 74,225 | ||||||
Varian Medical Systems * | 1,974 | 239,624 | ||||||
Vertex Pharmaceuticals * | 2,810 | 809,168 | ||||||
Zimmer Biomet Holdings | 4,503 | 568,909 | ||||||
16,117,859 |
51
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Longevity Thematic ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Real Estate — 4.5% | ||||||||
Diversified Healthcare Trust ‡ | 23,175 | $ | 82,967 | |||||
LTC Properties ‡ | 2,077 | 76,454 | ||||||
National Health Investors ‡ | 1,307 | 72,525 | ||||||
Omega Healthcare Investors ‡ | 4,841 | 150,748 | ||||||
Sabra Health Care ‡ | 5,613 | 75,551 | ||||||
Ventas ‡ | 8,118 | 283,725 | ||||||
Welltower ‡ | 8,944 | 453,193 | ||||||
1,195,163 | ||||||||
TOTAL UNITED STATES | 17,313,022 | |||||||
TOTAL COMMON STOCK | ||||||||
(Cost $22,892,314) | 26,620,063 | |||||||
TOTAL INVESTMENTS — 100.0% | ||||||||
(Cost $22,892,314) | $ | 26,620,063 |
Percentages are based on Net Assets of $26,615,378.
* | Non-income producing security. |
ADR — American Depositary Receipt
Cl — Class
The following is a summary of the level of inputs used as of May 31, 2020, in valuing the Fund’s investments carried at value:
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 25,351,977 | $ | 1,268,086 | $ | — | $ | 26,620,063 | ||||||||
Total Investments in Securities | $ | 25,351,977 | $ | 1,268,086 | $ | — | $ | 26,620,063 |
For the period ended May 31, 2020, there were no transfers in or out of Level 3.
52
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Health & Wellness Thematic ETF |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments.
Shares | Value | |||||||
COMMON STOCK — 99.9% | ||||||||
AUSTRALIA— 0.6% | ||||||||
Consumer Staples — 0.6% | ||||||||
Blackmores | 2,044 | $ | 111,177 | |||||
CANADA— 1.6% | ||||||||
Consumer Discretionary — 1.6% | ||||||||
Gildan Activewear | 23,434 | 323,824 | ||||||
CHINA— 9.7% | ||||||||
Consumer Discretionary — 9.7% | ||||||||
ANTA Sports Products | 69,836 | 622,586 | ||||||
Li Ning | 168,857 | 566,415 | ||||||
Topsports International Holdings | 428,000 | 607,406 | ||||||
Xtep International Holdings | 295,000 | 95,149 | ||||||
TOTAL CHINA | 1,891,556 | |||||||
FRANCE— 2.7% | ||||||||
Consumer Staples — 2.7% | ||||||||
Danone | 7,843 | 537,059 | ||||||
GERMANY— 5.8% | ||||||||
Consumer Discretionary — 5.8% | ||||||||
adidas | 2,059 | 543,265 | ||||||
Puma | 8,225 | 587,186 | ||||||
TOTAL GERMANY | 1,130,451 |
53
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Health & Wellness Thematic ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
HONG KONG— 1.4% | ||||||||
Consumer Discretionary — 1.4% | ||||||||
Yue Yuen Industrial Holdings | 190,179 | $ | 272,350 | |||||
IRELAND— 1.9% | ||||||||
Consumer Staples — 1.9% | ||||||||
Glanbia | 34,897 | 380,995 | ||||||
ITALY— 1.0% | ||||||||
Consumer Discretionary — 1.0% | ||||||||
Technogym | 23,659 | 195,404 | ||||||
JAPAN— 15.2% | ||||||||
Consumer Discretionary — 10.0% | ||||||||
ABC-Mart | 9,807 | 596,239 | ||||||
Asics | 22,357 | 237,609 | ||||||
Descente | 9,030 | 134,358 | ||||||
Goldwin | 5,680 | 363,254 | ||||||
Shimano | 3,415 | 627,940 | ||||||
1,959,400 | ||||||||
Consumer Staples — 3.9% | ||||||||
Ariake Japan | 3,895 | 270,428 | ||||||
Yakult Honsha | 8,066 | 494,135 | ||||||
764,563 | ||||||||
Health Care — 1.3% | ||||||||
Tsumura | 9,073 | 252,311 | ||||||
TOTAL JAPAN | 2,976,274 | |||||||
NETHERLANDS— 0.8% | ||||||||
Consumer Discretionary — 0.8% | ||||||||
Basic-Fit * | 6,428 | 163,024 |
54
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Health & Wellness Thematic ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
SOUTH KOREA— 1.8% | ||||||||
Consumer Discretionary — 1.8% | ||||||||
Fila Holdings | 7,154 | $ | 222,109 | |||||
Youngone | 5,207 | 128,866 | ||||||
TOTAL SOUTH KOREA | 350,975 | |||||||
TAIWAN— 8.1% | ||||||||
Consumer Discretionary — 8.1% | ||||||||
Feng TAY Enterprise | 86,719 | 522,769 | ||||||
Fulgent Sun International Holding | 21,000 | 69,872 | ||||||
Giant Manufacturing | 44,326 | 346,931 | ||||||
Johnson Health Tech | 36,000 | 86,688 | ||||||
Merida Industry | 35,388 | 212,151 | ||||||
Pou Chen | 350,086 | 344,548 | ||||||
TOTAL TAIWAN | 1,582,959 | |||||||
UNITED KINGDOM— 4.3% | ||||||||
Consumer Discretionary — 4.3% | ||||||||
Frasers Group * | 61,141 | 231,753 | ||||||
JD Sports Fashion | 74,343 | 605,133 | ||||||
TOTAL UNITED KINGDOM | 836,886 | |||||||
UNITED STATES— 45.0% | ||||||||
Consumer Discretionary — 23.7% | ||||||||
Columbia Sportswear | 6,678 | 487,895 | ||||||
Dick’s Sporting Goods | 7,377 | 266,015 | ||||||
Foot Locker | 12,278 | 340,101 | ||||||
Lululemon Athletica * | 2,478 | 743,635 | ||||||
NIKE, Cl B | 5,694 | 561,315 | ||||||
Peloton Interactive, Cl A * | 5,163 | 217,827 | ||||||
Planet Fitness, Cl A * | 9,329 | 602,933 | ||||||
Skechers U.S.A., Cl A * | 15,858 | 496,673 | ||||||
Under Armour, Cl A * | 22,191 | 194,171 |
55
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Health & Wellness Thematic ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Consumer Discretionary — continued | ||||||||
VF | 8,377 | $ | 469,950 | |||||
WW International * | 7,937 | 189,694 | ||||||
Zumiez * | 3,025 | 73,719 | ||||||
4,643,928 | ||||||||
Consumer Staples — 14.4% | ||||||||
BellRing Brands, Cl A * | 4,627 | 92,910 | ||||||
Calavo Growers | 2,072 | 121,233 | ||||||
Cal-Maine Foods | 5,170 | 230,375 | ||||||
Hain Celestial Group * | 12,305 | 387,361 | ||||||
Herbalife Nutrition * | 15,898 | 696,967 | ||||||
Medifast | 1,382 | 141,434 | ||||||
Nu Skin Enterprises, Cl A | 6,538 | 243,083 | ||||||
Sanderson Farms | 2,621 | 346,024 | ||||||
Sprouts Farmers Market * | 13,853 | 348,126 | ||||||
USANA Health Sciences * | 2,537 | 214,935 | ||||||
2,822,448 | ||||||||
Health Care — 4.9% | ||||||||
DexCom * | 1,882 | 711,980 | ||||||
Prestige Consumer Healthcare * | 5,922 | 249,908 | ||||||
961,888 | ||||||||
Industrials — 1.1% | ||||||||
Healthcare Services Group | 8,761 | 209,563 | ||||||
Information Technology — 0.9% | ||||||||
Fitbit, Cl A * | 27,786 | 176,163 | ||||||
TOTAL UNITED STATES | 8,813,990 |
56
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Health & Wellness Thematic ETF |
Value | ||||
TOTAL COMMON STOCK | ||||
(Cost $21,296,811) | $ | 19,566,924 | ||
TOTAL INVESTMENTS — 99.9% | ||||
(Cost $21,296,811) | $ | 19,566,924 |
Percentages are based on Net Assets of $19,593,397.
* | Non-income producing security. |
Cl — Class
The following is a summary of the level of inputs used as of May 31, 2020, in valuing the Fund’s investments carried at value:
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 16,148,413 | $ | 3,418,511 | $ | — | $ | 19,566,924 | ||||||||
Total Investments in Securities | $ | 16,148,413 | $ | 3,418,511 | $ | — | $ | 19,566,924 |
For the period ended May 31, 2020, there were no transfers in or out of Level 3.
57
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Cannabis ETF |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Notes 2 and 7 in Notes to Financial Statements for more detailed information.
Shares | Value | |||||||
COMMON STOCK — 99.2% | ||||||||
AUSTRALIA— 1.6% | ||||||||
Consumer Staples — 0.1% | ||||||||
Elixinol Global * (A) | 57,994 | $ | 10,202 | |||||
Health Care — 1.5% | ||||||||
Cann Group * | 236,456 | 183,642 | ||||||
TOTAL AUSTRALIA | 193,844 | |||||||
CANADA— 77.3% | ||||||||
Consumer Discretionary — 3.6% | ||||||||
Fire & Flower Holdings * (A) | 350,696 | 180,143 | ||||||
Namaste Technologies * | 770,517 | 239,706 | ||||||
419,849 | ||||||||
Financials — 3.4% | ||||||||
Canopy Rivers * | 384,758 | 395,281 | ||||||
Health Care — 70.3% | ||||||||
Aleafia Health * (A) | 746,922 | 308,020 | ||||||
Aphria * (A) | 212,939 | 895,077 | ||||||
Aurora Cannabis * (A) | 85,929 | 1,209,881 | ||||||
Auxly Cannabis Group * (A) | 1,589,393 | 465,710 |
58
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Cannabis ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Health Care — continued | ||||||||
Canopy Growth * | 48,465 | $ | 848,891 | |||||
Cronos Group * | 121,042 | 790,775 | ||||||
Green Organic Dutchman Holdings * (A) | 855,646 | 269,285 | ||||||
HEXO * (A) | 876,740 | 539,161 | ||||||
MediPharm Labs * | 308,897 | 402,268 | ||||||
Organigram Holdings * (A) | 268,508 | 470,112 | ||||||
PharmaCielo * | 188,082 | 121,106 | ||||||
Sundial Growers * | 188,684 | 160,570 | ||||||
Supreme Cannabis * (A) | 973,103 | 246,409 | ||||||
Tetra Bio-Pharma * | 572,439 | 89,042 | ||||||
Tilray, Cl 2 * (A) | 93,277 | 918,779 | ||||||
Valens Groworks * | 263,782 | 505,732 | ||||||
8,240,818 | ||||||||
TOTAL CANADA | 9,055,948 | |||||||
UNITED KINGDOM— 7.4% | ||||||||
Health Care — 7.4% | ||||||||
GW Pharmaceuticals ADR * | 7,124 | 874,471 | ||||||
UNITED STATES— 12.9% | ||||||||
Health Care — 12.9% | ||||||||
cbdMD * | 90,902 | 133,626 | ||||||
Charlottes Web Holdings * (A) | 100,872 | 548,075 | ||||||
Corbus Pharmaceuticals Holdings * | 70,898 | 528,899 | ||||||
Zynerba Pharmaceuticals * | 57,511 | 302,508 | ||||||
TOTAL UNITED STATES | 1,513,108 | |||||||
TOTAL COMMON STOCK | ||||||||
(Cost $13,650,060) | 11,637,371 | |||||||
59
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Cannabis ETF |
Shares/Face Amount | Value | |||||||
SHORT-TERM INVESTMENT(B)(C) — 27.8% | ||||||||
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.080% | ||||||||
(Cost $3,260,589) | 3,260,589 | $ | 3,260,589 | |||||
REPURCHASE AGREEMENT(B) — 3.3% | ||||||||
BNP Paribas | ||||||||
0.050%, dated 05/29/20, to be repurchased on 06/01/20, repurchase price $382,754 (collateralized by U.S. Treasury Obligations, ranging in par value $46,570 - $343,352, 1.500%, 08/15/2026, with a total market value of $389,922) | ||||||||
(Cost $382,751) | $ | 382,751 | 382,751 | |||||
TOTAL INVESTMENTS — 130.3% | ||||||||
(Cost $17,293,400) | $ | 15,280,711 |
Percentages are based on Net Assets of $11,727,540.
* | Non-income producing security. |
(A) | This security or a partial position of this security is on loan at May 31, 2020. The total value of securities on loan at May 31, 2020 was $3,282,607. |
(B) | Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2020 was $3,643,340. |
(C) | The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2020. |
ADR — American Depositary Receipt
Cl — Class
60
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Cannabis ETF |
The following is a summary of the level of inputs used as of May 31, 2020, in valuing the Fund’s investments carried at value:
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 11,637,371 | $ | — | $ | — | $ | 11,637,371 | ||||||||
Short-Term Investment | 3,260,589 | — | — | 3,260,589 | ||||||||||||
Repurchase Agreement | — | 382,751 | — | 382,751 | ||||||||||||
Total Investments in Securities | $ | 14,897,960 | $ | 382,751 | $ | — | $ | 15,280,711 |
For the period ended May 31, 2020, there were no transfers in or out of Level 3.
61
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X U.S. Infrastructure Development ETF |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Notes 2 and 7 in Notes to Financial Statements for more detailed information.
Shares | Value | |||||||
COMMON STOCK — 99.7% | ||||||||
Energy — 0.2% | ||||||||
Matrix Service * | 19,400 | $ | 213,788 | |||||
Industrials — 70.6% | ||||||||
Acuity Brands | 13,792 | 1,188,181 | ||||||
Advanced Drainage Systems | 23,712 | 1,051,390 | ||||||
AECOM * | 54,640 | 2,118,393 | ||||||
Aegion, Cl A * | 19,026 | 285,580 | ||||||
Altra Industrial Motion | 22,392 | 694,152 | ||||||
Arcosa | 16,768 | 640,035 | ||||||
Argan | 9,835 | 363,797 | ||||||
Astec Industries | 9,491 | 403,178 | ||||||
Atkore International Group * | 10,153 | 272,507 | ||||||
Columbus McKinnon | 10,872 | 330,618 | ||||||
Construction Partners, Cl A * | 24,249 | 429,207 | ||||||
Crane | 20,825 | 1,160,369 | ||||||
CSW Industrials | 5,152 | 368,677 |
62
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X U.S. Infrastructure Development ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Industrials — continued | ||||||||
CSX | 54,554 | $ | 3,904,975 | |||||
Dycom Industries * | 9,190 | 386,899 | ||||||
Eaton | 42,729 | 3,627,692 | ||||||
EMCOR Group | 19,527 | 1,240,941 | ||||||
Emerson Electric | 53,878 | 3,287,636 | ||||||
Exponent | 17,973 | 1,334,316 | ||||||
Fastenal | 115,894 | 4,781,786 | ||||||
Fluor | 48,607 | 564,327 | ||||||
Fortive | 53,868 | 3,284,871 | ||||||
Gibraltar Industries * | 7,386 | 325,058 | ||||||
Gorman-Rupp | 10,918 | 334,746 | ||||||
Granite Construction | 15,237 | 268,171 | ||||||
Greenbrier | 15,545 | 329,865 | ||||||
H&E Equipment Services | 14,602 | 250,278 | ||||||
HD Supply Holdings * | 56,349 | 1,786,827 | ||||||
Herc Holdings * | 9,195 | 262,057 | �� | |||||
Howmet Aerospace | 141,602 | 1,852,154 | ||||||
Hubbell, Cl B | 19,054 | 2,332,591 | ||||||
Insteel Industries | 16,974 | 299,591 | ||||||
Jacobs Engineering Group | 43,496 | 3,654,534 | ||||||
Kansas City Southern | 25,079 | 3,774,891 | ||||||
Lincoln Electric Holdings | 21,277 | 1,748,331 | ||||||
Manitowoc * | 26,990 | 252,356 | ||||||
MasTec * | 26,534 | 1,038,806 | ||||||
MRC Global * | 33,220 | 196,662 | ||||||
Mueller Industries | 14,088 | 377,277 | ||||||
Mueller Water Products, Cl A | 33,829 | 315,963 | ||||||
MYR Group * | 12,757 | 367,529 |
63
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X U.S. Infrastructure Development ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Industrials — continued | ||||||||
Norfolk Southern | 20,032 | $ | 3,571,505 | |||||
Northwest Pipe * | 11,716 | 293,954 | ||||||
NOW * | 39,080 | 291,146 | ||||||
Pentair | 58,429 | 2,286,911 | ||||||
Powell Industries | 9,029 | 240,171 | ||||||
Primoris Services | 18,161 | 303,107 | ||||||
Quanta Services | 49,479 | 1,827,259 | ||||||
RBC Bearings * | 8,677 | 1,220,420 | ||||||
Rexnord | 42,350 | 1,274,735 | ||||||
Rockwell Automation | 20,653 | 4,464,352 | ||||||
SPX * | 15,338 | 613,213 | ||||||
Sterling Construction * | 28,413 | 257,138 | ||||||
Team * | 26,862 | 132,430 | ||||||
Terex | 15,381 | 241,789 | ||||||
Tetra Tech | 19,008 | 1,499,731 | ||||||
Titan Machinery * | 31,217 | 326,842 | ||||||
Trinity Industries | 42,540 | 849,524 | ||||||
Tutor Perini * | 36,895 | 387,398 | ||||||
Union Pacific | 22,369 | 3,799,598 | ||||||
United Rentals * | 26,266 | 3,648,085 | ||||||
Valmont Industries | 7,471 | 851,694 | ||||||
Wabash National | 33,070 | 315,819 | ||||||
WESCO International * | 14,479 | 482,151 | ||||||
Willdan Group * | 12,149 | 297,043 | ||||||
80,963,229 | ||||||||
Information Technology — 4.9% | ||||||||
Anixter International * | 11,776 | 1,127,081 |
64
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X U.S. Infrastructure Development ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Information Technology — continued | ||||||||
Badger Meter | 6,659 | $ | 407,464 | |||||
Calix * | 47,129 | 664,519 | ||||||
Trimble * | 87,133 | 3,408,643 | ||||||
5,607,707 | ||||||||
Materials — 22.7% | ||||||||
Alcoa * | 64,371 | 592,857 | ||||||
Allegheny Technologies * | 43,729 | 379,568 | ||||||
Arconic * | 35,856 | 518,836 | ||||||
Century Aluminum * | 64,443 | 384,080 | ||||||
Cleveland-Cliffs (A) | 111,270 | 580,829 | ||||||
Commercial Metals | 41,138 | 705,928 | ||||||
Eagle Materials | 14,492 | 967,486 | ||||||
Forterra * | 28,118 | 248,001 | ||||||
Haynes International | 14,925 | 340,738 | ||||||
Martin Marietta Materials | 15,579 | 2,992,570 | ||||||
Minerals Technologies | 7,178 | 353,947 | ||||||
Nucor | 80,830 | 3,415,876 | ||||||
Reliance Steel & Aluminum | 23,152 | 2,245,744 | ||||||
RPM International | 45,349 | 3,391,198 | ||||||
Ryerson Holding * | 37,470 | 186,975 | ||||||
Steel Dynamics | 74,858 | 1,988,229 | ||||||
Summit Materials, Cl A * | 38,975 | 592,030 | ||||||
TimkenSteel * | 61,440 | 215,040 | ||||||
United States Steel (A) | 42,636 | 342,793 | ||||||
US Concrete * | 10,631 | 221,763 | ||||||
Vulcan Materials | 29,332 | 3,177,242 |
65
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X U.S. Infrastructure Development ETF |
Shares/Face Amount | Value | |||||||
COMMON STOCK — continued | ||||||||
Materials — continued | ||||||||
Westlake Chemical | 44,635 | $ | 2,129,090 | |||||
25,970,820 | ||||||||
Utilities — 1.3% | ||||||||
MDU Resources Group | 69,644 | 1,515,454 | ||||||
TOTAL COMMON STOCK | ||||||||
(Cost $141,087,032) | 114,270,998 | |||||||
CORPORATE OBLIGATION — 0.0% | ||||||||
Mueller Industries | ||||||||
6.000%, 03/01/27(Cost $1,000) | $ | 1,000 | 945 | |||||
SHORT-TERM INVESTMENT(B)(C) — 0.3% | ||||||||
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.080% | ||||||||
(Cost $330,900) | 330,900 | 330,900 | ||||||
REPURCHASE AGREEMENT(B) — 0.0% | ||||||||
BNP Paribas | ||||||||
0.050%, dated 05/29/20, to be repurchased on 06/01/20, repurchase price $38,843 (collateralized by U.S. Treasury Obligations, ranging in par value $4,726 - $34,845, 1.500%, 08/15/2026, with a total market value of $39,571) | ||||||||
(Cost $38,843) | $ | 38,843 | 38,843 | |||||
TOTAL INVESTMENTS — 100.0% | ||||||||
(Cost $141,457,775) | $ | 114,641,686 |
Percentages are based on Net Assets of $114,647,220.
66
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X U.S. Infrastructure Development ETF |
* | Non-income producing security. |
(A) | This security or a partial position of this security is on loan at May 31, 2020. The total value of securities on loan at May 31, 2020 was $355,028. |
(B) | Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2020 was $369,743. |
(C) | The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2020. |
Cl — Class
The following is a summary of the level of inputs used as of May 31, 2020, in valuing the Fund’s investments carried at value:
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 114,270,998 | $ | — | $ | — | $ | 114,270,998 | ||||||||
Corporate Obligation | — | 945 | — | 945 | ||||||||||||
Short-Term Investment | 330,900 | — | — | 330,900 | ||||||||||||
Repurchase Agreement | — | 38,843 | — | 38,843 | ||||||||||||
Total Investments in Securities | $ | 114,601,898 | $ | 39,788 | $ | — | $ | 114,641,686 |
For the period ended May 31, 2020, there were no transfers in or out of Level 3.
67
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Conscious Companies ETF |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments.
Shares | Value | |||||||
COMMON STOCK — 99.9% | ||||||||
CANADA— 1.2% | ||||||||
Energy — 0.6% | ||||||||
Enbridge | 44,376 | $ | 1,440,001 | |||||
Financials — 0.6% | ||||||||
Toronto-Dominion Bank | 33,139 | 1,418,349 | ||||||
TOTAL CANADA | 2,858,350 | |||||||
UNITED STATES— 98.7% | ||||||||
Communication Services — 6.7% | ||||||||
Alphabet, Cl A * | 3,944 | 5,653,803 | ||||||
AT&T | 43,199 | 1,333,121 | ||||||
Comcast, Cl A | 35,497 | 1,405,682 | ||||||
Facebook, Cl A * | 10,993 | 2,474,414 | ||||||
Netflix * | 3,002 | 1,260,029 |
68
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Conscious Companies ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Communication Services — continued | ||||||||
Omnicom Group | 24,884 | $ | 1,363,394 | |||||
Verizon Communications | 22,242 | 1,276,246 | ||||||
Walt Disney * | 12,685 | 1,487,951 | ||||||
16,254,640 | ||||||||
Consumer Discretionary — 10.4% | ||||||||
Amazon.com * | 3,026 | 7,390,611 | ||||||
Best Buy | 17,975 | 1,403,668 | ||||||
Booking Holdings * | 942 | 1,544,334 | ||||||
BorgWarner | 48,073 | 1,545,547 | ||||||
eBay | 33,790 | 1,538,797 | ||||||
General Motors | 59,532 | 1,540,688 | ||||||
Hasbro | 17,605 | 1,294,144 | ||||||
Home Depot | 6,332 | 1,573,375 | ||||||
Lowe’s | 13,202 | 1,720,881 | ||||||
NIKE, Cl B | 14,664 | 1,445,577 | ||||||
Starbucks | 17,045 | 1,329,340 | ||||||
VF | 23,571 | 1,322,333 | ||||||
Whirlpool | 12,531 | 1,526,526 | ||||||
25,175,821 | ||||||||
Consumer Staples — 8.3% | ||||||||
Brown-Forman, Cl B | 21,187 | 1,396,858 | ||||||
Campbell Soup | 25,344 | 1,292,037 | ||||||
Clorox | 6,744 | 1,390,950 | ||||||
Coca-Cola | 28,423 | 1,326,786 | ||||||
Colgate-Palmolive | 17,982 | 1,300,638 | ||||||
Costco Wholesale | 4,194 | 1,293,723 | ||||||
Estee Lauder, Cl A | 7,871 | 1,554,286 | ||||||
General Mills | 21,453 | 1,352,397 | ||||||
Hershey | 9,356 | 1,269,422 | ||||||
Hormel Foods | 27,138 | 1,325,149 |
69
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Conscious Companies ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Consumer Staples — continued | ||||||||
Kellogg | 19,859 | $ | 1,296,991 | |||||
Kimberly-Clark | 9,126 | 1,290,781 | ||||||
McCormick | 8,449 | 1,479,928 | ||||||
PepsiCo | 9,834 | 1,293,663 | ||||||
Procter & Gamble | 10,728 | 1,243,590 | ||||||
20,107,199 | ||||||||
Energy — 3.1% | ||||||||
Baker Hughes, Cl A | 94,406 | 1,558,643 | ||||||
Chevron | 14,402 | 1,320,663 | ||||||
ConocoPhillips | 35,412 | 1,493,678 | ||||||
Hess | 30,748 | 1,459,608 | ||||||
ONEOK | 43,871 | 1,609,627 | ||||||
7,442,219 | ||||||||
Financials — 12.4% | ||||||||
Aflac | 36,562 | 1,333,416 | ||||||
Allstate | 12,882 | 1,259,988 | ||||||
American Express | 15,537 | 1,477,103 | ||||||
Bank of America | 58,581 | 1,412,974 | ||||||
BlackRock, Cl A | 2,719 | 1,437,372 | ||||||
Capital One Financial | 24,358 | 1,657,318 | ||||||
Citigroup | 30,176 | 1,445,732 | ||||||
Discover Financial Services | 36,803 | 1,748,510 | ||||||
FactSet Research Systems | 4,685 | 1,440,684 | ||||||
JPMorgan Chase | 14,332 | 1,394,647 | ||||||
KeyCorp | 120,527 | 1,428,245 | ||||||
Moody’s | 5,338 | 1,427,435 | ||||||
Morgan Stanley | 34,190 | 1,511,198 | ||||||
Northern Trust | 16,893 | 1,334,716 | ||||||
PNC Financial Services Group | 12,885 | 1,469,405 | ||||||
Progressive | 15,694 | 1,219,110 |
70
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Conscious Companies ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Financials — continued | ||||||||
Prudential Financial | 24,067 | $ | 1,467,125 | |||||
S&P Global | 4,582 | 1,489,242 | ||||||
T Rowe Price Group | 12,729 | 1,538,936 | ||||||
Travelers | 12,712 | 1,359,930 | ||||||
US Bancorp | 38,394 | 1,365,291 | ||||||
30,218,377 | ||||||||
Health Care — 13.6% | ||||||||
Abbott Laboratories | 13,635 | 1,294,234 | ||||||
AbbVie | 15,613 | 1,446,856 | ||||||
Agilent Technologies | 17,059 | 1,503,581 | ||||||
Amgen | 5,510 | 1,265,647 | ||||||
Baxter International | 14,026 | 1,262,480 | ||||||
Becton Dickinson | 4,832 | 1,193,166 | ||||||
Biogen Idec * | 4,384 | 1,346,283 | ||||||
Boston Scientific * | 35,191 | 1,336,906 | ||||||
Bristol-Myers Squibb | 21,016 | 1,255,076 | ||||||
Edwards Lifesciences * | 5,794 | 1,302,028 | ||||||
Eli Lilly | 8,009 | 1,224,977 | ||||||
Humana | 3,499 | 1,436,864 | ||||||
Illumina * | 4,096 | 1,487,053 | ||||||
IQVIA Holdings * | 10,035 | 1,500,433 | ||||||
Johnson & Johnson | 10,864 | 1,616,019 | ||||||
Merck | 15,837 | 1,278,363 | ||||||
Mettler-Toledo International * | 1,822 | 1,448,490 | ||||||
PerkinElmer | 14,690 | 1,475,904 | ||||||
Pfizer | 34,914 | 1,333,366 | ||||||
Regeneron Pharmaceuticals * | 2,264 | 1,387,402 | ||||||
Thermo Fisher Scientific | 3,997 | 1,395,712 | ||||||
Vertex Pharmaceuticals * | 4,781 | 1,376,737 | ||||||
Waters * | 6,714 | 1,341,793 |
71
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Conscious Companies ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Health Care — continued | ||||||||
Zoetis, Cl A | 10,360 | $ | 1,444,080 | |||||
32,953,450 | ||||||||
Industrials — 9.4% | ||||||||
3M | 8,876 | 1,388,561 | ||||||
Caterpillar | 11,345 | 1,362,875 | ||||||
Cummins | 8,810 | 1,494,177 | ||||||
Deere | 9,343 | 1,421,257 | ||||||
FedEx | 10,598 | 1,383,675 | ||||||
Illinois Tool Works | 8,259 | 1,424,347 | ||||||
Ingersoll Rand * | 46,825 | 1,320,465 | ||||||
Owens Corning | 34,752 | 1,824,480 | ||||||
Republic Services, Cl A | 16,745 | 1,431,028 | ||||||
Rockwell Automation | 7,566 | 1,635,467 | ||||||
Southwest Airlines | 42,500 | 1,364,250 | ||||||
Trane Technologies | 15,307 | 1,380,844 | ||||||
Union Pacific | 8,412 | 1,428,862 | ||||||
United Parcel Service, Cl B | 12,879 | 1,284,165 | ||||||
Waste Management | 13,099 | 1,398,318 | ||||||
Xylem | 18,839 | 1,249,779 | ||||||
22,792,550 | ||||||||
Information Technology — 25.3% | ||||||||
Accenture, Cl A | 7,410 | 1,494,004 | ||||||
Adobe * | 3,820 | 1,476,812 | ||||||
Akamai Technologies * | 12,525 | 1,325,145 | ||||||
Analog Devices | 12,583 | 1,421,250 | ||||||
Apple | 31,778 | 10,103,497 | ||||||
Applied Materials | 25,168 | 1,413,938 | ||||||
Automatic Data Processing | 9,394 | 1,376,127 | ||||||
Cisco Systems | 30,778 | 1,471,804 | ||||||
Cognizant Technology Solutions, Cl A | 24,333 | 1,289,649 |
72
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Conscious Companies ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Information Technology — continued | ||||||||
Intel | 21,697 | $ | 1,365,392 | |||||
Intuit | 4,964 | 1,441,148 | ||||||
Juniper Networks | 55,378 | 1,343,470 | ||||||
Keysight Technologies * | 13,377 | 1,446,455 | ||||||
KLA | 8,035 | 1,413,839 | ||||||
Lam Research | 4,853 | 1,328,121 | ||||||
Littelfuse | 9,701 | 1,576,316 | ||||||
Mastercard, Cl A | 5,007 | 1,506,556 | ||||||
Microsoft | 59,458 | 10,895,678 | ||||||
NetApp | 31,216 | 1,390,361 | ||||||
NVIDIA | 4,510 | 1,601,139 | ||||||
ON Semiconductor * | 92,050 | 1,517,905 | ||||||
Oracle | 24,649 | 1,325,377 | ||||||
QUALCOMM | 17,356 | 1,403,753 | ||||||
salesforce.com * | 8,444 | 1,475,927 | ||||||
Square, Cl A * | 20,722 | 1,680,140 | ||||||
Texas Instruments | 11,598 | 1,377,147 | ||||||
Visa, Cl A | 7,700 | 1,503,348 | ||||||
VMware, Cl A * | 10,133 | 1,583,484 | ||||||
Workday, Cl A * | 8,947 | 1,641,148 | ||||||
Xilinx | 14,702 | 1,351,849 | ||||||
61,540,779 | ||||||||
Materials — 3.4% | ||||||||
Air Products & Chemicals | 6,064 | 1,465,366 | ||||||
Avery Dennison | 12,003 | 1,328,372 | ||||||
Ecolab | 7,319 | 1,555,872 | ||||||
International Flavors & Fragrances | 10,401 | 1,385,309 | ||||||
Newmont | 20,514 | 1,199,454 | ||||||
Sonoco Products | 27,326 | 1,415,760 | ||||||
8,350,133 |
73
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Conscious Companies ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Real Estate — 2.3% | ||||||||
CBRE Group, Cl A * | 32,037 | $ | 1,408,987 | |||||
Jones Lang LaSalle | 12,615 | 1,291,776 | ||||||
ProLogis ‡ | 14,767 | 1,351,181 | ||||||
Ventas ‡ | 45,563 | 1,592,427 | ||||||
5,644,371 | ||||||||
Utilities — 3.8% | ||||||||
American Water Works | 10,274 | 1,304,798 | ||||||
Entergy | 13,210 | 1,345,042 | ||||||
Exelon | 35,029 | 1,341,961 | ||||||
NextEra Energy | 5,312 | 1,357,535 | ||||||
Pinnacle West Capital | 17,055 | 1,328,585 | ||||||
Sempra Energy | 10,207 | 1,289,246 | ||||||
WEC Energy Group | 13,570 | 1,244,776 | ||||||
9,211,943 | ||||||||
TOTAL UNITED STATES | 239,691,482 | |||||||
TOTAL COMMON STOCK | ||||||||
(Cost $209,101,459) | 242,549,832 | |||||||
TOTAL INVESTMENTS — 99.9% | ||||||||
(Cost $209,101,459) | $ | 242,549,832 |
Percentages are based on Net Assets of $242,789,162.
* | Non-income producing security. |
‡ | Real Estate Investment Trust |
Cl — Class
As of May 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 May 31, 2020, there were no transfers in or out of Level 3.
74
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Founder-Run Companies ETF |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments.
Shares | Value | |||||||
COMMON STOCK — 100.0% | ||||||||
UNITED STATES— 100.0% | ||||||||
Communication Services — 8.7% | ||||||||
Cargurus, Cl A * | 1,862 | $ | 48,375 | |||||
Facebook, Cl A * | 195 | 43,892 | ||||||
Netflix * | 87 | 36,517 | ||||||
Nexstar Media Group, Cl A | 626 | 52,152 | ||||||
Roku, Cl A * | 298 | 32,634 | ||||||
Snap, Cl A * | 2,322 | 43,979 | ||||||
TripAdvisor | 2,014 | 38,830 | ||||||
Twitter * | 1,292 | 40,013 | ||||||
World Wrestling Entertainment, Cl A | 829 | 38,358 | ||||||
374,750 | ||||||||
Consumer Discretionary — 9.3% | ||||||||
Amazon.com * | 15 | 36,636 | ||||||
Carvana, Cl A * | 396 | 36,820 | ||||||
Grubhub * | 853 | 48,399 |
75
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Founder-Run Companies ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Consumer Discretionary — continued | ||||||||
L Brands | 3,603 | $ | 58,333 | |||||
Las Vegas Sands | 848 | 40,653 | ||||||
Skechers U.S.A., Cl A * | 1,451 | 45,445 | ||||||
Tesla * | 51 | 42,585 | ||||||
Texas Roadhouse, Cl A | 810 | 41,998 | ||||||
Wayfair, Cl A * | 300 | 51,465 | ||||||
402,334 | ||||||||
Consumer Staples — 1.9% | ||||||||
J&J Snack Foods | 315 | 40,518 | ||||||
National Beverage * | 710 | 40,456 | ||||||
80,974 | ||||||||
Energy — 1.0% | ||||||||
Pioneer Natural Resources | 480 | 43,968 | ||||||
Financials — 15.1% | ||||||||
Apollo Global Management, Cl A | 954 | 45,410 | ||||||
Athene Holding, Cl A * | 1,571 | 45,386 | ||||||
BlackRock, Cl A | 78 | 41,234 | ||||||
Blackstone Group, Cl A | 767 | 43,566 | ||||||
Capital One Financial | 662 | 45,043 | ||||||
Essent Group | 1,521 | 50,269 | ||||||
First Republic Bank | 371 | 40,131 | ||||||
Intercontinental Exchange | 418 | 40,650 | ||||||
KKR | 1,573 | 43,651 | ||||||
LendingTree * | 172 | 44,723 | ||||||
MarketAxess Holdings | 88 | 44,756 | ||||||
SEI Investments | 760 | 41,207 | ||||||
Signature Bank NY | 395 | 40,650 | ||||||
Starwood Property Trust ‡ | 3,305 | 43,824 | ||||||
Wintrust Financial | 1,031 | 43,673 | ||||||
654,173 |
76
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Founder-Run Companies ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Health Care — 14.6% | ||||||||
Allogene Therapeutics * | 1,255 | $ | 60,441 | |||||
Guardant Health * | 488 | 44,111 | ||||||
Ionis Pharmaceuticals * | 639 | 35,918 | ||||||
Jazz Pharmaceuticals * | 347 | 41,404 | ||||||
LHC Group * | 302 | 49,078 | ||||||
Masimo * | 176 | 42,273 | ||||||
Merit Medical Systems * | 924 | 41,571 | ||||||
Neurocrine Biosciences * | 378 | 47,159 | ||||||
Penumbra * | 195 | 33,622 | ||||||
Regeneron Pharmaceuticals * | 64 | 39,220 | ||||||
Seattle Genetics * | 254 | 39,932 | ||||||
Ultragenyx Pharmaceutical * | 561 | 38,406 | ||||||
United Therapeutics * | 334 | 39,395 | ||||||
Universal Health Services, Cl B | 365 | 38,489 | ||||||
Veeva Systems, Cl A * | 198 | 43,336 | ||||||
634,355 | ||||||||
Industrials — 4.6% | ||||||||
Axon Enterprise * | 517 | 39,271 | ||||||
Clean Harbors * | 734 | 43,592 | ||||||
CoStar Group * | 62 | 40,722 | ||||||
FedEx | 302 | 39,429 | ||||||
Lyft, Cl A * | 1,162 | 36,324 | ||||||
199,338 | ||||||||
Information Technology — 33.7% | ||||||||
Akamai Technologies * | 361 | 38,194 | ||||||
Alteryx, Cl A * | 330 | 47,500 | ||||||
Avalara * | 436 | 46,678 | ||||||
Dell Technologies, Cl C * | 936 | 46,463 | ||||||
Dropbox, Cl A * | 1,838 | 41,484 | ||||||
EPAM Systems * | 183 | 42,207 |
77
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Founder-Run Companies ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Information Technology — continued | ||||||||
Euronet Worldwide * | 446 | $ | 42,249 | |||||
Fortinet * | 355 | 49,416 | ||||||
HubSpot * | 252 | 50,385 | ||||||
IPG Photonics * | 307 | 47,708 | ||||||
Microchip Technology | 453 | 43,497 | ||||||
Monolithic Power Systems | 196 | 41,111 | ||||||
New Relic * | 718 | 47,496 | ||||||
Nutanix, Cl A * | 2,088 | 50,237 | ||||||
NVIDIA | 128 | 45,443 | ||||||
Okta, Cl A * | 239 | 46,744 | ||||||
Paycom Software * | 175 | 52,015 | ||||||
Pegasystems | 484 | 46,038 | ||||||
RealPage * | 612 | 41,506 | ||||||
RingCentral, Cl A * | 153 | 41,960 | ||||||
salesforce.com * | 238 | 41,600 | ||||||
Square, Cl A * | 599 | 48,567 | ||||||
SS&C Technologies Holdings | 725 | 41,974 | ||||||
Synopsys * | 243 | 43,961 | ||||||
Trade Desk, Cl A * | 143 | 44,553 | ||||||
Twilio, Cl A * | 334 | 65,998 | ||||||
Ubiquiti | 240 | 44,258 | ||||||
VeriSign * | 175 | 38,327 | ||||||
ViaSat * | 899 | 37,758 | ||||||
Workday, Cl A * | 256 | 46,958 | ||||||
Zendesk * | 506 | 43,390 | ||||||
Zscaler * | 550 | 53,950 | ||||||
1,459,625 | ||||||||
Materials — 1.0% | ||||||||
Steel Dynamics | 1,578 | 41,912 |
78
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Founder-Run Companies ETF |
Shares | Value | |||||||
COMMON STOCK — continued | ||||||||
Real Estate — 10.1% | ||||||||
American Campus Communities ‡ | 1,243 | $ | 40,149 | |||||
American Homes 4 Rent, Cl A ‡ | 1,614 | 40,737 | ||||||
Apartment Investment & Management, Cl A ‡ | 1,059 | 39,045 | ||||||
Brandywine Realty Trust ‡ | 3,744 | 36,130 | ||||||
Camden Property Trust ‡ | 444 | 40,657 | ||||||
Healthcare Trust of America, Cl A ‡ | 1,574 | 41,664 | ||||||
Invitation Homes ‡ | 1,706 | 44,868 | ||||||
Medical Properties Trust ‡ | 2,341 | 42,325 | ||||||
ProLogis ‡ | 417 | 38,155 | ||||||
STAG Industrial ‡ | 1,447 | 38,924 | ||||||
Vornado Realty Trust ‡ | 983 | 35,595 | ||||||
438,249 | ||||||||
TOTAL UNITED STATES | 4,329,678 | |||||||
TOTAL COMMON STOCK | ||||||||
(Cost $4,604,247) | 4,329,678 | |||||||
TOTAL INVESTMENTS — 100.0% | ||||||||
(Cost $4,604,247) | $ | 4,329,678 |
Percentages are based on Net Assets of $4,331,430.
* | Non-income producing security. |
‡ | Real Estate Investment Trust |
Cl — Class
As of May 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 May 31, 2020, there were no transfers in or out of Level 3.
79
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Thematic Growth ETF |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments.
Shares | Value | |||||||
EXCHANGE TRADED FUNDS — 100.0% | ||||||||
Affiliated ETF — 100.0% | ||||||||
Global X E-commerce ETF(A) | 52,426 | $ | 1,131,290 | |||||
Global X FinTech ETF*(A) | 43,681 | 1,404,345 | ||||||
Global X Internet of Things (A) | 23,952 | 545,521 | ||||||
Global X Lithium & Battery Tech ETF (A) | 18,168 | 518,515 | ||||||
Global X Longevity Thematic ETF (A) | 23,698 | 574,795 | ||||||
Global X Robotics & Artificial Intelligence ETF (A) | 25,652 | 594,613 | ||||||
Global X Social Media ETF*(A) | 27,555 | 1,048,743 | ||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $5,446,723) | 5,817,822 | |||||||
TOTAL INVESTMENTS — 100.0% | ||||||||
(Cost $5,446,723) | $ | 5,817,822 |
Percentages are based on Net Assets of $5,819,454.
* | Non-income producing security. |
(A) | Affiliated investment. |
ETF — Exchange Traded Fund
As of May 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 May 31, 2020, there were no transfers in or out of Level 3.
80
Schedule of Investments | May 31, 2020 (Unaudited) | |
Global X Thematic Growth ETF |
The following is a summary of the transactions with affiliates for the period ended May 31, 2020:
Value at 11/30/19 | Purchases at Cost | Proceeds from Sales | Changes in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value at 5/31/20 | Shares | Dividend Income | |||||||||||||||||||||||||
Global X E-commerce ETF | $ | 439,566 | $ | 684,807 | $ | (157,521 | ) | $ | 184,759 | $ | (20,321 | ) | $ | 1,131,290 | 52,426 | $ | 837 | |||||||||||||||
Global X Fintech ETF | 459,057 | 913,706 | (3,269 | ) | 35,742 | (891 | ) | 1,404,345 | 43,681 | − | ||||||||||||||||||||||
Global X Internet of Things ETF | 296,729 | 451,026 | (181,806 | ) | (24,367 | ) | 3,939 | 545,521 | 23,952 | 2,379 | ||||||||||||||||||||||
Global X Lithium & Battery Tech ETF | 263,961 | 486,134 | (219,559 | ) | (37,557 | ) | 25,536 | 518,515 | 18,168 | 2,926 | ||||||||||||||||||||||
Global X Longevity Thematic ETF | 272,658 | 416,071 | (114,256 | ) | (1,616 | ) | 1,938 | 574,795 | 23,698 | 1,249 | ||||||||||||||||||||||
Global X Robotics & Artificial Intelligence ETF | 285,028 | 428,737 | (153,343 | ) | 51,425 | (17,234 | ) | 594,613 | 25,652 | 408 | ||||||||||||||||||||||
Global X Social Media ETF | 631,522 | 1,009,955 | (654,959 | ) | 36,248 | 25,977 | 1,048,743 | 27,555 | − | |||||||||||||||||||||||
Totals: | $ | 2,648,521 | $ | 4,390,436 | $ | (1,484,713 | ) | $ | 244,634 | $ | 18,944 | $ | 5,817,822 | 215,132 | $ | 7,799 |
81
Statements of Assets and Liabilities | ||
May 31, 2020 (Unaudited) |
Global X Robotics & Artificial Intelligence ETF | Global X FinTech ETF | Global X Internet of Things ETF | Global X Cloud Computing ETF | |||||||||||||
Assets: | ||||||||||||||||
Cost of Investments | $ | 1,598,921,172 | $ | 495,793,941 | $ | 158,519,811 | $ | 575,080,705 | ||||||||
Cost of Repurchase Agreement | 13,785,170 | 4,451,165 | 462,367 | — | ||||||||||||
Cost of Foreign Currency | 1,190 | 13,022 | 1 | 6,151 | ||||||||||||
Investments, at Value | $ | 1,548,750,343 | * | $ | 564,311,555 | * | $ | 173,401,125 | * | $ | 676,498,724 | |||||
Repurchase Agreement, at Value | 13,785,170 | 4,451,165 | 462,367 | — | ||||||||||||
Cash | — | 212,510 | 422,313 | 603,464 | ||||||||||||
Foreign Currency, at Value | 1,197 | 13,148 | 1 | 6,151 | ||||||||||||
Receivable for Capital Shares Sold | 8,133,878 | — | — | — | ||||||||||||
Dividend and Interest Receivable | 3,669,556 | 178,112 | 190,892 | 55,212 | ||||||||||||
Reclaim Receivable | 2,854,952 | 57,917 | 52,393 | — | ||||||||||||
Receivable for Investment Securities Sold | 2,417,657 | — | — | — | ||||||||||||
Total Assets | 1,579,612,753 | 569,224,407 | 174,529,091 | 677,163,551 | ||||||||||||
Liabilities: | ||||||||||||||||
Obligation to Return Securities Lending Collateral | 131,218,660 | 42,369,873 | 4,401,194 | — | ||||||||||||
Payable for Investment Securities Purchased | 8,150,610 | — | — | — | ||||||||||||
Payable due to Investment Adviser | 757,251 | 275,186 | 91,279 | 338,262 | ||||||||||||
Unrealized Depreciation on Spot Contracts | 1,445 | — | — | — | ||||||||||||
Cash Overdraft | 11,430,515 | — | — | — | ||||||||||||
Total Liabilities | 151,558,481 | 42,645,059 | 4,492,473 | 338,262 | ||||||||||||
Net Assets | $ | 1,428,054,272 | $ | 526,579,348 | $ | 170,036,618 | $ | 676,825,289 | ||||||||
Net Assets Consist of: | ||||||||||||||||
Paid-in Capital | $ | 1,656,701,505 | $ | 470,134,605 | $ | 157,589,903 | $ | 547,693,725 | ||||||||
Total Distributable Earnings/(Loss) | (228,647,233 | ) | 56,444,743 | 12,446,715 | 129,131,564 | |||||||||||
Net Assets | $ | 1,428,054,272 | $ | 526,579,348 | $ | 170,036,618 | $ | 676,825,289 | ||||||||
Outstanding Shares of Beneficial Interest | ||||||||||||||||
(unlimited authorization — no par value) | 61,650,000 | 16,350,000 | 7,500,000 | 33,950,000 | ||||||||||||
Net Asset Value, Offering and Redemption Price Per Share | $ | 23.16 | $ | 32.21 | $ | 22.67 | $ | 19.94 | ||||||||
*Includes Market Value of Securities on Loan | $ | 122,421,080 | $ | 40,174,322 | $ | 4,293,915 | $ | — |
82
Statements of Assets and Liabilities | ||
May 31, 2020 (Unaudited) |
Global X Future Analytics Tech ETF | Global X Autonomous & Electric Vehicles ETF | Global X Genomics & Biotechnology ETF | Global X Video Games and Esports ETF | |||||||||||||
Assets: | ||||||||||||||||
Cost of Investments | $ | 40,922,216 | $ | 21,176,033 | $ | 31,057,668 | $ | 94,214,259 | ||||||||
Cost of Repurchase Agreement | 7,604 | 48,875 | — | — | ||||||||||||
Cost of Foreign Currency | 3,973 | 9,204 | — | 1 | ||||||||||||
Investments, at Value | $ | 46,921,488 | * | $ | 19,319,394 | * | $ | 34,612,775 | $ | 107,859,693 | ||||||
Repurchase Agreement, at Value | 7,604 | 48,875 | — | — | ||||||||||||
Cash | — | 21,191 | 69,005 | — | ||||||||||||
Foreign Currency, at Value | 3,957 | 9,195 | — | 1 | ||||||||||||
Dividend and Interest Receivable | 42,520 | 29,606 | — | 129,787 | ||||||||||||
Reclaim Receivable | 6,219 | 4,363 | — | — | ||||||||||||
Receivable for Investment Securities Sold | — | 205,265 | — | 14,762,208 | ||||||||||||
Total Assets | 46,981,788 | 19,637,889 | 34,681,780 | 122,751,689 | ||||||||||||
Liabilities: | ||||||||||||||||
Obligation to Return Securities Lending Collateral | 72,380 | 465,236 | — | — | ||||||||||||
Payable due to Investment Adviser | 25,609 | 10,323 | 18,326 | 41,535 | ||||||||||||
Unrealized Depreciation on Spot Contracts | 2 | 88 | — | 2,107 | ||||||||||||
Payable for Investment Securities Purchased | — | 237,927 | — | — | ||||||||||||
Payable for Capital Shares Redeemed | — | — | — | 14,781,452 | ||||||||||||
Cash Overdraft | 15,519 | — | — | 10,414,351 | ||||||||||||
Total Liabilities | 113,510 | 713,574 | 18,326 | 25,239,445 | ||||||||||||
Net Assets | $ | 46,868,278 | $ | 18,924,315 | $ | 34,663,454 | $ | 97,512,244 | ||||||||
Net Assets Consist of: | ||||||||||||||||
Paid-in Capital | $ | 38,744,027 | $ | 21,831,328 | $ | 30,335,147 | $ | 80,895,127 | ||||||||
Total Distributable Earnings/(Loss) | 8,124,251 | (2,907,013 | ) | 4,328,307 | 16,617,117 | |||||||||||
Net Assets | $ | 46,868,278 | $ | 18,924,315 | $ | 34,663,454 | $ | 97,512,244 | ||||||||
Outstanding Shares of Beneficial Interest | ||||||||||||||||
(unlimited authorization — no par value) | 2,400,002 | 1,400,002 | 2,100,000 | 4,800,000 | ||||||||||||
Net Asset Value, Offering and Redemption Price Per Share | $ | 19.53 | $ | 13.52 | $ | 16.51 | $ | 20.32 | ||||||||
*Includes Market Value of Securities on Loan | $ | 71,456 | $ | 445,891 | $ | — | $ | — |
83
Statements of Assets and Liabilities | ||
May 31, 2020 (Unaudited) |
Global X Cybersecurity ETF | Global X Millennials Thematic ETF | Global X Longevity Thematic ETF | Global X Health & Wellness Thematic ETF | |||||||||||||
Assets: | ||||||||||||||||
Cost of Investments | $ | 10,566,799 | $ | 75,198,428 | $ | 22,892,314 | $ | 21,296,811 | ||||||||
Cost of Repurchase Agreement | — | 112,435 | — | — | ||||||||||||
Cost of Foreign Currency | — | — | 1 | 5,788 | ||||||||||||
Investments, at Value | $ | 11,642,190 | $ | 78,073,252 | * | $ | 26,620,063 | $ | 19,566,924 | |||||||
Repurchase Agreement, at Value | — | 112,435 | — | — | ||||||||||||
Cash | 21,580 | 73,364 | — | 10,218 | ||||||||||||
Foreign Currency, at Value | — | — | 1 | 5,788 | ||||||||||||
Dividend and Interest Receivable | 7,769 | 19,337 | 10,347 | 17,217 | ||||||||||||
Unrealized Appreciation on Spot Contracts | — | — | — | 28 | ||||||||||||
Receivable for Capital Shares Sold | — | 1,308,112 | — | — | ||||||||||||
Reclaim Receivable | — | — | 10,125 | 970 | ||||||||||||
Total Assets | 11,671,539 | 79,586,500 | 26,640,536 | 19,601,145 | ||||||||||||
Liabilities: | ||||||||||||||||
Obligation to Return Securities Lending Collateral | — | 1,070,245 | — | — | ||||||||||||
Payable due to Investment Adviser | 3,569 | 31,198 | 10,765 | 7,748 | ||||||||||||
Payable for Investment Securities Purchased | — | 1,308,537 | — | — | ||||||||||||
Cash Overdraft | — | — | 14,393 | — | ||||||||||||
Total Liabilities | 3,569 | 2,409,980 | 25,158 | 7,748 | ||||||||||||
Net Assets | $ | 11,667,970 | $ | 77,176,520 | $ | 26,615,378 | $ | 19,593,397 | ||||||||
Net Assets Consist of: | ||||||||||||||||
Paid-in Capital | $ | 10,442,117 | $ | 75,156,730 | $ | 22,253,528 | $ | 19,901,873 | ||||||||
Total Distributable Earnings/(Loss) | 1,225,853 | 2,019,790 | 4,361,850 | (308,476 | ) | |||||||||||
Net Assets | $ | 11,667,970 | $ | 77,176,520 | $ | 26,615,378 | $ | 19,593,397 | ||||||||
Outstanding Shares of Beneficial Interest | ||||||||||||||||
(unlimited authorization — no par value) | 600,000 | 2,950,000 | 1,100,000 | 1,000,000 | ||||||||||||
Net Asset Value, Offering and Redemption Price Per Share | $ | 19.45 | $ | 26.16 | $ | 24.20 | $ | 19.59 | ||||||||
*Includes Market Value of Securities on Loan | $ | — | $ | 1,072,329 | $ | — | $ | — |
84
Statements of Assets and Liabilities | ||
May 31, 2020 (Unaudited) |
Global X Cannabis ETF | Global X U.S. Infrastructure Development ETF | Global X Conscious Companies ETF | Global X Founder- Run Companies ETF | |||||||||||||
Assets: | ||||||||||||||||
Cost of Investments | $ | 16,910,649 | $ | 141,418,932 | $ | 209,101,459 | $ | 4,604,247 | ||||||||
Cost of Repurchase Agreement | 382,751 | 38,843 | — | — | ||||||||||||
Investments, at Value | $ | 14,897,960 | * | $ | 114,602,843 | * | $ | 242,549,832 | $ | 4,329,678 | ||||||
Repurchase Agreement, at Value | 382,751 | 38,843 | — | — | ||||||||||||
Cash | — | 205,567 | — | 2,656 | ||||||||||||
Dividend and Interest Receivable | 134,819 | 198,405 | 438,514 | 643 | ||||||||||||
Receivable for Capital Shares Sold | — | 4,443,345 | — | — | ||||||||||||
Reclaim Receivable | — | 6,238 | — | — | ||||||||||||
Total Assets | 15,415,530 | 119,495,241 | 242,988,346 | 4,332,977 | ||||||||||||
Liabilities: | ||||||||||||||||
Obligation to Return Securities Lending Collateral | 3,643,340 | 369,743 | — | — | ||||||||||||
Payable due to Investment Adviser | 4,198 | 40,736 | 84,111 | 1,547 | ||||||||||||
Payable for Investment Securities Purchased | — | 4,437,542 | — | — | ||||||||||||
Cash Overdraft | 40,452 | — | 115,073 | — | ||||||||||||
Total Liabilities | 3,687,990 | 4,848,021 | 199,184 | 1,547 | ||||||||||||
Net Assets | $ | 11,727,540 | $ | 114,647,220 | $ | 242,789,162 | $ | 4,331,430 | ||||||||
Net Assets Consist of: | ||||||||||||||||
Paid-in Capital | $ | 14,605,709 | $ | 152,378,441 | $ | 209,693,351 | $ | 5,824,715 | ||||||||
Total Distributable Earnings/(Loss) | (2,878,169 | ) | (37,731,221 | ) | 33,095,811 | (1,493,285 | ) | |||||||||
Net Assets | $ | 11,727,540 | $ | 114,647,220 | $ | 242,789,162 | $ | 4,331,430 | ||||||||
Outstanding Shares of Beneficial Interest | ||||||||||||||||
(unlimited authorization — no par value) | 1,000,000 | 7,800,000 | 11,200,000 | 200,000 | ||||||||||||
Net Asset Value, Offering and Redemption Price Per Share | $ | 11.73 | $ | 14.70 | $ | 21.68 | $ | 21.66 | ||||||||
*Includes Market Value of Securities on Loan | $ | 3,282,607 | $ | 355,028 | $ | — | $ | — |
85
Statements of Assets and Liabilities | ||
May 31, 2020 (Unaudited) |
Global X Thematic Growth ETF | ||||
Assets: | ||||
Cost of Affiliated Investments | $ | 5,446,723 | ||
Affiliated Investments, at Value | 5,817,822 | |||
Cash | 1,045 | |||
Receivable due from Investment Adviser | 587 | |||
Total Assets | 5,819,454 | |||
Net Assets | $ | 5,819,454 | ||
Net Assets Consist of: | ||||
Paid-in Capital | $ | 5,427,153 | ||
Total Distributable Earnings | 392,301 | |||
Net Assets | $ | 5,819,454 | ||
Outstanding Shares of Beneficial Interest | ||||
(unlimited authorization — no par value) | 200,000 | |||
Net Asset Value, Offering and Redemption Price Per Share | $ | 29.10 |
86
Statements of Operations | ||
For the period ended May 31, 2020 (Unaudited) |
Global X Robotics & Artificial Intelligence ETF | Global X FinTech ETF | Global X Internet of Things ETF | Global X Cloud Computing ETF | |||||||||||||
Investment Income: | ||||||||||||||||
Dividend Income | $ | 8,700,873 | $ | 836,019 | $ | 1,012,764 | $ | 421,181 | ||||||||
Interest Income | 1,849 | 827 | 485 | — | ||||||||||||
Security Lending Income | 962,240 | 209,650 | 109,432 | 976 | ||||||||||||
Less: Foreign Taxes Withheld | (982,135 | ) | (37,440 | ) | (42,282 | ) | — | |||||||||
Total Investment Income | 8,682,827 | 1,009,056 | 1,080,399 | 422,157 | ||||||||||||
Supervision and Administration Fees(1) | 4,579,595 | 1,515,272 | 477,320 | 1,585,423 | ||||||||||||
Custodian Fees(2) | 41,973 | 2,506 | 177 | 1,159 | ||||||||||||
Total Expenses | 4,621,568 | 1,517,778 | 477,497 | 1,586,582 | ||||||||||||
Net Investment Income (Loss) | 4,061,259 | (508,722 | ) | 602,902 | (1,164,425 | ) | ||||||||||
Net Realized Gain (Loss) on: | ||||||||||||||||
Investments(3) | (57,616,942 | ) | 5,680,309 | 270,268 | 31,278,637 | |||||||||||
Foreign Currency Transactions | 79,757 | (64,372 | ) | 8,448 | (5,864 | ) | ||||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | (57,537,185 | ) | 5,615,937 | 278,716 | 31,272,773 | |||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||
Investments | 136,577,633 | 23,626,291 | (463,214 | ) | 91,801,569 | |||||||||||
Foreign Currency Translations | 139,277 | 648 | 1,376 | — | ||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations | 136,716,910 | 23,626,939 | (461,838 | ) | 91,801,569 | |||||||||||
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations | 79,179,725 | 29,242,876 | (183,122 | ) | 123,074,342 | |||||||||||
Net Increase in Net Assets Resulting from Operations | $ | 83,240,984 | $ | 28,734,154 | $ | 419,780 | $ | 121,909,917 |
(1) | The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.) |
(2) | See Note 2 in the Notes to Financial Statements. |
(3) | Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.) |
87
Statements of Operations | ||
For the period ended May 31, 2020 (Unaudited) |
Global X Future Analytics Tech ETF | Global X Autonomous & Electric Vehicles ETF | Global X Genomics & Biotechnology ETF | Global X Video Games and Esports ETF | |||||||||||||
Investment Income: | ||||||||||||||||
Dividend Income | $ | 383,385 | $ | 134,634 | $ | 11,040 | $ | 214,163 | ||||||||
Interest Income | — | — | — | 490 | ||||||||||||
Security Lending Income | 59 | 24,335 | — | — | ||||||||||||
Less: Foreign Taxes Withheld | (7,115 | ) | (8,501 | ) | — | (23,727 | ) | |||||||||
Total Investment Income | 376,329 | 150,468 | 11,040 | 190,926 | ||||||||||||
Supervision and Administration Fees(1) | 151,152 | 57,088 | 74,342 | 102,997 | ||||||||||||
Custodian Fees(2) | 153 | 43 | 113 | 1,078 | ||||||||||||
Total Expenses | 151,305 | 57,131 | 74,455 | 104,075 | ||||||||||||
Net Investment Income (Loss) | 225,024 | 93,337 | (63,415 | ) | 86,851 | |||||||||||
Net Realized Gain (Loss) on: | ||||||||||||||||
Investments(3) | 2,670,198 | (21,318 | ) | 951,331 | 2,906,330 | |||||||||||
Foreign Currency Transactions | 1,591 | 404 | 5,322 | (17,801 | ) | |||||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | 2,671,789 | (20,914 | ) | 956,653 | 2,888,529 | |||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||
Investments | 2,348,609 | (1,197,778 | ) | 1,619,785 | 13,571,852 | |||||||||||
Foreign Currency Translations | 88 | (145 | ) | — | (776 | ) | ||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations | 2,348,697 | (1,197,923 | ) | 1,619,785 | 13,571,076 | |||||||||||
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations | 5,020,486 | (1,218,837 | ) | 2,576,438 | 16,459,605 | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 5,245,510 | $ | (1,125,500 | ) | $ | 2,513,023 | $ | 16,546,456 |
(1) | The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.) |
(2) | See Note 2 in the Notes to Financial Statements. |
(3) | Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.) |
88
Statements of Operations | ||
For the period ended May 31, 2020 (Unaudited) |
Global X Cybersecurity ETF | Global X Millennials Thematic ETF | Global X Longevity Thematic ETF | Global X Health & Wellness Thematic ETF | |||||||||||||
Investment Income: | ||||||||||||||||
Dividend Income | $ | 146,190 | $ | 287,277 | $ | 136,344 | $ | 82,736 | ||||||||
Interest Income | — | 264 | 148 | 50 | ||||||||||||
Security Lending Income | — | 9,412 | — | — | ||||||||||||
Less: Foreign Taxes Withheld | (507 | ) | — | (5,490 | ) | (4,296 | ) | |||||||||
Total Investment Income | 145,683 | 296,953 | 131,002 | 78,490 | ||||||||||||
Supervision and Administration Fees(1) | 14,612 | 231,236 | 77,229 | 65,147 | ||||||||||||
Custodian Fees(2) | 63 | 22 | 173 | 75 | ||||||||||||
Total Expenses | 14,675 | 231,258 | 77,402 | 65,222 | ||||||||||||
Waiver of Supervision and Administration Fees | (2,435 | ) | (45,898 | ) | (14,995 | ) | (13,369 | ) | ||||||||
Net Expenses | 12,240 | 185,360 | 62,407 | 51,853 | ||||||||||||
Net Investment Income | 133,443 | 111,593 | 68,595 | 26,637 | ||||||||||||
Net Realized Gain (Loss) on: | ||||||||||||||||
Investments(3) | 23,373 | (143,856 | ) | 698,914 | 1,533,837 | |||||||||||
Foreign Currency Transactions | 6,642 | — | (621 | ) | (2,144 | ) | ||||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | 30,015 | (143,856 | ) | 698,293 | 1,531,693 | |||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||
Investments | 890,558 | 821,960 | 213,599 | (3,102,479 | ) | |||||||||||
Foreign Currency Translations | (10,857 | ) | — | 254 | 139 | |||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations | 879,701 | 821,960 | 213,853 | (3,102,340 | ) | |||||||||||
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations | 909,716 | 678,104 | 912,146 | (1,570,647 | ) | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 1,043,159 | $ | 789,697 | $ | 980,741 | $ | (1,544,010 | ) |
(1) | The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.) |
(2) | See Note 2 in the Notes to Financial Statements. |
(3) | Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.) |
89
Statements of Operations | ||
For the period ended May 31, 2020 (Unaudited) |
Global X Cannabis ETF | Global X U.S. Infrastructure Development ETF | Global X Conscious Companies ETF | Global X Founder-Run Companies ETF | |||||||||||||
Investment Income: | ||||||||||||||||
Dividend Income | $ | — | $ | 869,994 | $ | 1,496,222 | $ | 17,204 | ||||||||
Interest Income | — | 1,059 | 431 | 17 | ||||||||||||
Security Lending Income | 456,512 | 4,215 | — | — | ||||||||||||
Less: Foreign Taxes Withheld | — | — | (8,359 | ) | — | |||||||||||
Total Investment Income | 456,512 | 875,268 | 1,488,294 | 17,221 | ||||||||||||
Supervision and Administration Fees(1) | 19,861 | 346,220 | 306,852 | 14,142 | ||||||||||||
Tax Expense | 22 | — | — | — | ||||||||||||
Custodian Fees(2) | 226 | — | 48 | — | ||||||||||||
Total Expenses | 20,109 | 346,220 | 306,900 | 14,142 | ||||||||||||
Net Investment Income | 436,403 | 529,048 | 1,181,394 | 3,079 | ||||||||||||
Net Realized Gain (Loss) on: | ||||||||||||||||
Investments(3) | (1,162,737 | ) | (10,480,749 | ) | (620,175 | ) | (1,126,644 | ) | ||||||||
Foreign Currency Transactions | 670 | — | — | — | ||||||||||||
Net Realized Loss on Investments and Foreign Currency Transactions | (1,162,067 | ) | (10,480,749 | ) | (620,175 | ) | (1,126,644 | ) | ||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||
Investments | (906,939 | ) | (31,060,405 | ) | 19,941,678 | (433,510 | ) | |||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments | (906,939 | ) | (31,060,405 | ) | 19,941,678 | (433,510 | ) | |||||||||
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions | (2,069,006 | ) | (41,541,154 | ) | 19,321,503 | (1,560,154 | ) | |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (1,632,603 | ) | $ | (41,012,106 | ) | $ | 20,502,897 | $ | (1,557,075 | ) |
(1) | The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.) |
(2) | See Note 2 in the Notes to Financial Statements. |
(3) | Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.) |
90
Statements of Operations | ||
For the period ended May 31, 2020 (Unaudited) |
Global X Thematic Growth ETF | ||||
Investment Income: | ||||
Dividend Income from Affiliated Investments | $ | 7,799 | ||
Total Investment Income | 7,799 | |||
Supervision and Administration Fees(1) | 9,894 | |||
Tax Expense | 9 | |||
Total Expenses | 9,903 | |||
Waiver of Supervision and Administration Fees | (9,894 | ) | ||
Reimbursement from Adviser | (2,570 | ) | ||
Net Expenses | (2,561 | ) | ||
Net Investment Income | 10,360 | |||
Net Realized Gain on: | ||||
Affiliated Investments | 18,944 | |||
Net Realized Gain on Affiliated Investments | 18,944 | |||
Net Change in Unrealized Appreciation on: | ||||
Affiliated Investments | 244,634 | |||
Net Change in Unrealized Appreciation on Affiliated Investments | 244,634 | |||
Net Realized and Unrealized Gain on Affiliated Investments | 263,578 | |||
Net Increase in Net Assets Resulting from Operations | $ | 273,938 |
(1) | The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.) |
91
Statements of Changes in Net Assets |
Global X Robotics & Artificial Intelligence ETF | Global X FinTech ETF | |||||||||||||||
Period Ended May 31, 2020 (Unaudited) | Year Ended November 30, 2019 | Period Ended May 31, 2020 (Unaudited) | Year Ended November 30, 2019 | |||||||||||||
Operations: | ||||||||||||||||
Net Investment Income (Loss) | $ | 4,061,259 | $ | 14,691,492 | $ | (508,722 | ) | $ | (1,053,315 | ) | ||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions(1) | (57,537,185 | ) | (71,791,655 | ) | 5,615,937 | (4,418,286 | ) | |||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations | 136,716,910 | 174,540,858 | 23,626,939 | 72,298,458 | ||||||||||||
Net Increase in Net Assets Resulting from Operations | 83,240,984 | 117,440,695 | 28,734,154 | 66,826,857 | ||||||||||||
Distributions | (2,105,582 | ) | (30,149,775 | ) | — | (60,368 | ) | |||||||||
Return of Capital | — | — | — | (437,339 | ) | |||||||||||
Capital Share Transactions: | ||||||||||||||||
Issued | 55,629,932 | 198,574,452 | 125,866,255 | 112,979,438 | ||||||||||||
Redeemed | (188,694,606 | ) | (532,155,618 | ) | (41,173,195 | ) | (93,890,807 | ) | ||||||||
Increase (Decrease) in Net Assets from Capital Share Transactions | (133,064,674 | ) | (333,581,166 | ) | 84,693,060 | 19,088,631 | ||||||||||
Total Increase (Decrease) in Net Assets | (51,929,272 | ) | (246,290,246 | ) | 113,427,214 | 85,417,781 | ||||||||||
Net Assets: | ||||||||||||||||
Beginning of Period | 1,479,983,544 | 1,726,273,790 | 413,152,134 | 327,734,353 | ||||||||||||
End of Period | $ | 1,428,054,272 | $ | 1,479,983,544 | $ | 526,579,348 | $ | 413,152,134 | ||||||||
Share Transactions: | ||||||||||||||||
Issued | 2,650,000 | 10,050,000 | 4,200,000 | 3,950,000 | ||||||||||||
Redeemed | (10,050,000 | ) | (28,650,000 | ) | (1,400,000 | ) | (3,750,000 | ) | ||||||||
Net Increase (Decrease) in Shares Outstanding from Share Transactions | (7,400,000 | ) | (18,600,000 | ) | 2,800,000 | 200,000 |
(1) | Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.) |
92
Statements of Changes in Net Assets |
Global X Internet of Things ETF | Global X Cloud Computing ETF | |||||||||||||||
Period Ended May 31, 2020 (Unaudited) | Year Ended November 30, 2019 | Period Ended May 31, 2020 (Unaudited) | Period Ended November 30, 2019(1) | |||||||||||||
Operations: | ||||||||||||||||
Net Investment Income (Loss) | $ | 602,902 | $ | 907,798 | $ | (1,164,425 | ) | $ | (1,071,525 | ) | ||||||
Net Realized Gain on Investments and Foreign Currency Transactions(2) | 278,716 | 2,605,613 | 31,272,773 | 6,663,002 | ||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations | (461,838 | ) | 19,706,941 | 91,801,569 | 9,616,450 | |||||||||||
Net Increase in Net Assets Resulting from Operations | 419,780 | 23,220,352 | 121,909,917 | 15,207,927 | ||||||||||||
Distributions | (1,123,968 | ) | (1,268,719 | ) | (215,999 | ) | — | |||||||||
Capital Share Transactions: | ||||||||||||||||
Issued | 43,531,196 | 46,707,944 | 195,841,979 | 530,991,397 | ||||||||||||
Redeemed | (4,417,878 | ) | (20,015,531 | ) | (113,096,158 | ) | (73,813,774 | ) | ||||||||
Increase in Net Assets from Capital Share Transactions | 39,113,318 | 26,692,413 | 82,745,821 | 457,177,623 | ||||||||||||
Total Increase in Net Assets | 38,409,130 | 48,644,046 | 204,439,739 | 472,385,550 | ||||||||||||
Net Assets: | ||||||||||||||||
Beginning of Period | 131,627,488 | 82,983,442 | 472,385,550 | — | ||||||||||||
End of Period | $ | 170,036,618 | $ | 131,627,488 | $ | 676,825,289 | $ | 472,385,550 | ||||||||
Share Transactions: | ||||||||||||||||
Issued | 1,950,000 | 2,250,000 | 10,900,000 | 34,400,000 | ||||||||||||
Redeemed | (200,000 | ) | (1,100,000 | ) | (6,500,000 | ) | (4,850,000 | ) | ||||||||
Net Increase in Shares Outstanding from Share Transactions | 1,750,000 | 1,150,000 | 4,400,000 | 29,550,000 |
(1) | The Fund commenced operations on April 12, 2019 |
(2) | Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.) |
93
Statements of Changes in Net Assets |
Global X Future Analytics Tech ETF | Global X Autonomous & Electric Vehicles ETF | |||||||||||||||
Period Ended May 31, 2020 (Unaudited) | Year Ended November 30, 2019 | Period Ended May 31, 2020 (Unaudited) | Year Ended November 30, 2019 | |||||||||||||
Operations: | ||||||||||||||||
Net Investment Income | $ | 225,024 | $ | 238,611 | $ | 93,337 | $ | 218,070 | ||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions(1) | 2,671,789 | 491,558 | (20,914 | ) | (481,109 | ) | ||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations | 2,348,697 | 7,493,801 | (1,197,923 | ) | 1,721,329 | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 5,245,510 | 8,223,970 | (1,125,500 | ) | 1,458,290 | |||||||||||
Distributions | (92,540 | ) | (298,087 | ) | (73,720 | ) | (415,562 | ) | ||||||||
Capital Share Transactions: | ||||||||||||||||
Issued | 7,509,044 | 9,486,924 | 5,268,608 | 6,662,488 | ||||||||||||
Redeemed | (10,038,331 | ) | (15,169,333 | ) | — | (8,098,341 | ) | |||||||||
Increase (Decrease) in Net Assets from Capital Share Transactions | (2,529,287 | ) | (5,682,409 | ) | 5,268,608 | (1,435,853 | ) | |||||||||
Total Increase (Decrease) in Net Assets | 2,623,683 | 2,243,474 | 4,069,388 | (393,125 | ) | |||||||||||
Net Assets: | ||||||||||||||||
Beginning of Period | 44,244,595 | 42,001,121 | 14,854,927 | 15,248,052 | ||||||||||||
End of Period | $ | 46,868,278 | $ | 44,244,595 | $ | 18,924,315 | $ | 14,854,927 | ||||||||
Share Transactions: | ||||||||||||||||
Issued | 400,000 | 600,000 | 350,000 | 500,000 | ||||||||||||
Redeemed | (550,000 | ) | (1,000,000 | ) | — | (600,000 | ) | |||||||||
Net Increase (Decrease) in Shares Outstanding from Share Transactions | (150,000 | ) | (400,000 | ) | 350,000 | (100,000 | ) |
(1) | Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.) |
94
Statements of Changes in Net Assets |
Global X Genomics & Biotechnology ETF | Global X Video Games & Esports ETF | |||||||||||||||
Period Ended May 31, 2020 (Unaudited) | Period Ended November 30, 2019(1) | Period Ended May 31, 2020 (Unaudited) | Period Ended November 30, 2019(2) | |||||||||||||
Operations: | ||||||||||||||||
Net Investment Income (Loss) | $ | (63,415 | ) | $ | (34,304 | ) | $ | 86,851 | $ | (626 | ) | |||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions(3) | 956,653 | (85,734 | ) | 2,888,529 | 483 | |||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations | 1,619,785 | 1,935,322 | 13,571,076 | 73,582 | ||||||||||||
Net Increase in Net Assets Resulting from Operations | 2,513,023 | 1,815,284 | 16,546,456 | 73,439 | ||||||||||||
Distributions | — | — | (2,778 | ) | — | |||||||||||
Capital Share Transactions: | ||||||||||||||||
Issued | 17,190,487 | 16,918,798 | 95,030,116 | 1,499,313 | ||||||||||||
Redeemed | (3,774,138 | ) | — | (15,634,302 | ) | — | ||||||||||
Increase in Net Assets from Capital Share Transactions | 13,416,349 | 16,918,798 | 79,395,814 | 1,499,313 | ||||||||||||
Total Increase in Net Assets | 15,929,372 | 18,734,082 | 95,939,492 | 1,572,752 | ||||||||||||
Net Assets: | ||||||||||||||||
Beginning of Period | 18,734,082 | — | 1,572,752 | — | ||||||||||||
End of Period | $ | 34,663,454 | $ | 18,734,082 | $ | 97,512,244 | $ | 1,572,752 | ||||||||
Share Transactions: | ||||||||||||||||
Issued | 1,150,000 | 1,200,000 | 5,500,000 | 100,000 | ||||||||||||
Redeemed | (250,000 | ) | — | (800,000 | ) | — | ||||||||||
Net Increase in Shares Outstanding from Share Transactions | 900,000 | 1,200,000 | 4,700,000 | 100,000 |
(1) | The Fund commenced operations on April 5, 2019. |
(2) | The Fund commenced operations on October 25, 2019. |
(3) | Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.) |
95
Statements of Changes in Net Assets |
Global X Cybersecurity ETF | Global X Millennials Thematic ETF | |||||||||||||||
Period Ended May 31, 2020 (Unaudited) | Period Ended November 30, 2019(1) | Period Ended May 31, 2020 (Unaudited) | Year Ended November 30, 2019 | |||||||||||||
Operations: | ||||||||||||||||
Net Investment Income (Loss) | $ | 133,443 | $ | (229 | ) | $ | 111,593 | $ | 219,456 | |||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions(2) | 30,015 | 2,135 | (143,856 | ) | 6,663,020 | |||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations | 879,701 | 184,833 | 821,960 | (396,943 | ) | |||||||||||
Net Increase in Net Assets Resulting from Operations | 1,043,159 | 186,739 | 789,697 | 6,485,533 | ||||||||||||
Distributions | (4,045 | ) | — | (270,261 | ) | (174,812 | ) | |||||||||
Capital Share Transactions: | ||||||||||||||||
Issued | 8,915,091 | 1,527,026 | 9,294,791 | 64,196,494 | ||||||||||||
Redeemed | — | — | (8,020,623 | ) | (26,402,805 | ) | ||||||||||
Increase in Net Assets from Capital Share Transactions | 8,915,091 | 1,527,026 | 1,274,168 | 37,793,689 | ||||||||||||
Total Increase in Net Assets | 9,954,205 | 1,713,765 | 1,793,604 | 44,104,410 | ||||||||||||
Net Assets: | ||||||||||||||||
Beginning of Period | 1,713,765 | — | 75,382,916 | 31,278,506 | ||||||||||||
End of Period | $ | 11,667,970 | $ | 1,713,765 | $ | 77,176,520 | $ | 75,382,916 | ||||||||
Share Transactions: | ||||||||||||||||
Issued | 500,000 | 100,000 | 350,000 | 2,600,000 | ||||||||||||
Redeemed | — | — | (350,000 | ) | (1,100,000 | ) | ||||||||||
Net Increase in Shares Outstanding from Share Transactions | 500,000 | 100,000 | — | 1,500,000 |
(1) | The Fund commenced operations on October 25, 2019. |
(2) | Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.) |
96
Statements of Changes in Net Assets |
Global X Longevity Thematic ETF | Global X Health & Wellness Thematic ETF | |||||||||||||||
Period Ended May 31, 2020 (Unaudited) | Year Ended November 30, 2019 | Period Ended May 31, 2020 (Unaudited) | Year Ended November 30, 2019 | |||||||||||||
Operations: | ||||||||||||||||
Net Investment Income | $ | 68,595 | $ | 112,028 | $ | 26,637 | $ | 125,259 | ||||||||
Net Realized Gain on Investments and Foreign Currency Transactions(1) | 698,293 | 369,749 | 1,531,693 | 874,756 | ||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations | 213,853 | 2,517,693 | (3,102,340 | ) | 1,775,531 | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 980,741 | 2,999,470 | (1,544,010 | ) | 2,775,546 | |||||||||||
Distributions | (157,854 | ) | (185,161 | ) | (62,308 | ) | (120,454 | ) | ||||||||
Capital Share Transactions: | ||||||||||||||||
Issued | 4,499,919 | 6,291,263 | 12,110,550 | 13,239,961 | ||||||||||||
Redeemed | (2,254,985 | ) | (1,061,405 | ) | (11,025,549 | ) | (6,002,098 | ) | ||||||||
Increase in Net Assets from Capital Share Transactions | 2,244,934 | 5,229,858 | 1,085,001 | 7,237,863 | ||||||||||||
Total Increase (Decrease) in Net Assets | 3,067,821 | 8,044,167 | (521,317 | ) | 9,892,955 | |||||||||||
Net Assets: | ||||||||||||||||
Beginning of Period | 23,547,557 | 15,503,390 | 20,114,714 | 10,221,759 | ||||||||||||
End of Period | $ | 26,615,378 | $ | 23,547,557 | $ | 19,593,397 | $ | 20,114,714 | ||||||||
Share Transactions: | ||||||||||||||||
Issued | 200,000 | 300,000 | 600,000 | 700,000 | ||||||||||||
Redeemed | (100,000 | ) | (50,000 | ) | (550,000 | ) | (300,000 | ) | ||||||||
Net Increase in Shares Outstanding from Share Transactions | 100,000 | 250,000 | 50,000 | 400,000 |
(1) | Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.) |
97
Statements of Changes in Net Assets |
Global X Cannabis ETF | Global X U.S. Infrastructure Development ETF | |||||||||||||||
Period Ended May 31, 2020 (Unaudited) | Period Ended November 30, 2019(1) | Period Ended May 31, 2020 (Unaudited) | Year Ended November 30, 2019 | |||||||||||||
Operations: | ||||||||||||||||
Net Investment Income | $ | 436,403 | $ | 37,302 | $ | 529,048 | $ | 1,121,799 | ||||||||
Net Realized Loss on Investments and Foreign Currency Transactions(2) | (1,162,067 | ) | (91,174 | ) | (10,480,749 | ) | (125,130 | ) | ||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments | (906,939 | ) | (1,105,750 | ) | (31,060,405 | ) | 13,930,447 | |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,632,603 | ) | (1,159,622 | ) | (41,012,106 | ) | 14,927,116 | |||||||||
Distributions | (85,944 | ) | — | (563,703 | ) | (1,424,719 | ) | |||||||||
Capital Share Transactions: | ||||||||||||||||
Issued | 8,851,624 | 5,754,085 | 30,072,359 | 54,745,683 | ||||||||||||
Redeemed | — | — | (56,913,887 | ) | (26,097,564 | ) | ||||||||||
Increase (Decrease) in Net Assets from Capital Share Transactions | 8,851,624 | 5,754,085 | (26,841,528 | ) | 28,648,119 | |||||||||||
Total Increase (Decrease) in Net Assets | 7,133,077 | 4,594,463 | (68,417,337 | ) | 42,150,516 | |||||||||||
Net Assets: | ||||||||||||||||
Beginning of Period | 4,594,463 | — | 183,064,557 | 140,914,041 | ||||||||||||
End of Period | $ | 11,727,540 | $ | 4,594,463 | $ | 114,647,220 | $ | 183,064,557 | ||||||||
Share Transactions: | ||||||||||||||||
Issued | 700,000 | 300,000 | 2,050,000 | 3,250,000 | ||||||||||||
Redeemed | — | — | (4,750,000 | ) | (1,800,000 | ) | ||||||||||
Net Increase (Decrease) in Shares Outstanding from Share Transactions | 700,000 | 300,000 | (2,700,000 | ) | 1,450,000 |
(1) | The Fund commenced operations on September 17, 2019. |
(2) | Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.) |
98
Statements of Changes in Net Assets |
Global X Conscious Companies ETF | Global X Founder-Run Companies ETF | |||||||||||||||
Period Ended May 31, 2020 (Unaudited) | Year Ended November 30, 2019 | Period Ended May 31, 2020 (Unaudited) | Year Ended November 30, 2019 | |||||||||||||
Operations: | ||||||||||||||||
Net Investment Income | $ | 1,181,394 | $ | 1,109,548 | $ | 3,079 | $ | 12,129 | ||||||||
Net Realized Gain (Loss) on Investments(1) | (620,175 | ) | 1,212,313 | (1,126,644 | ) | 117,490 | ||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments | 19,941,678 | 7,322,687 | (433,510 | ) | 409,468 | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 20,502,897 | 9,644,548 | (1,557,075 | ) | 539,087 | |||||||||||
Distributions | (730,904 | ) | (1,418,777 | ) | (13,936 | ) | (73,673 | ) | ||||||||
Capital Share Transactions: | ||||||||||||||||
Issued | 140,647,241 | 26,031,211 | 6,247,607 | — | ||||||||||||
Redeemed | (3,089,508 | ) | (5,301,803 | ) | (4,444,963 | ) | (1,022,118 | ) | ||||||||
Increase (Decrease) in Net Assets from Capital Share Transactions | 137,557,733 | 20,729,408 | 1,802,644 | (1,022,118 | ) | |||||||||||
Total Increase (Decrease) in Net Assets | 157,329,726 | 28,955,179 | 231,633 | (556,704 | ) | |||||||||||
Net Assets: | ||||||||||||||||
Beginning of Period | 85,459,436 | 56,504,257 | 4,099,797 | 4,656,501 | ||||||||||||
End of Period | $ | 242,789,162 | $ | 85,459,436 | $ | 4,331,430 | $ | 4,099,797 | ||||||||
Share Transactions: | ||||||||||||||||
Issued | 7,650,000 | 1,200,000 | 300,000 | — | ||||||||||||
Redeemed | (150,000 | ) | (250,000 | ) | (300,000 | ) | (50,000 | ) | ||||||||
Net Increase (Decrease) in Shares Outstanding from Share Transactions | 7,500,000 | 950,000 | — | (50,000 | ) |
(1) | Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.) |
99
Statements of Changes in Net Assets |
Global X Thematic Growth ETF | ||||||||
Period Ended May 31, 2020 (Unaudited) | Period Ended November 30, 2019(1) | |||||||
Operations: | ||||||||
Net Investment Income | $ | 10,360 | $ | 352 | ||||
Net Realized Gain on Affiliated Investments(2) | 18,944 | — | ||||||
Net Change in Unrealized Appreciation (Depreciation) on Affiliated Investments | 244,634 | 126,465 | ||||||
Net Increase in Net Assets Resulting from Operations | 273,938 | 126,817 | ||||||
Distributions | (8,454 | ) | — | |||||
Capital Share Transactions: | ||||||||
Issued | 4,204,270 | 2,523,000 | ||||||
Redeemed | (1,300,117 | ) | — | |||||
Increase in Net Assets from Capital Share Transactions | 2,904,153 | 2,523,000 | ||||||
Total Increase in Net Assets | 3,169,637 | 2,649,817 | ||||||
Net Assets: | ||||||||
Beginning of Period | 2,649,817 | — | ||||||
End of Period | $ | 5,819,454 | $ | 2,649,817 | ||||
Share Transactions: | ||||||||
Issued | 150,000 | 100,000 | ||||||
Redeemed | (50,000 | ) | — | |||||
Net Increase in Shares Outstanding from Share Transactions | 100,000 | 100,000 |
(1) | The Fund commenced operations on October 25, 2019. |
(2) | Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.) |
100
Financial Highlights |
Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period
Net Asset Value, Beginning of Period ($) | Net Investment Income (Loss) ($)* | Net Realized and Unrealized Gain (Loss) on Investments ($) | Total from Operations ($) | Distribution from Net Investment Income ($) | Distribution from Capital Gains ($) | |||||||||||||||||||
Global X Robotics & Artificial Intelligence ETF | ||||||||||||||||||||||||
2020 (Unaudited) | 21.43 | 0.06 | 1.70 | 1.76 | (0.03 | ) | — | |||||||||||||||||
2019 | 19.70 | 0.19 | 1.93 | 2.12 | (0.39 | ) | — | |||||||||||||||||
2018 | 23.96 | 0.19 | (4.45 | ) | (4.26 | ) | — | — | ||||||||||||||||
2017 | 14.87 | 0.01 | 9.09 | 9.10 | (0.01 | ) | — | |||||||||||||||||
2016(1) | 14.84 | 0.02 | 0.01 | 0.03 | — | — | ||||||||||||||||||
Global X FinTech ETF | ||||||||||||||||||||||||
2020 (Unaudited) | 30.49 | (0.03 | ) | 1.75 | 1.72 | — | — | |||||||||||||||||
2019 | 24.55 | (0.08 | ) | 6.06 | 5.98 | — | — | |||||||||||||||||
2018 | 21.79 | (0.08 | ) | 2.86 | 2.78 | — | (0.02 | ) | ||||||||||||||||
2017 | 14.91 | (0.03 | ) | 6.91 | 6.88 | — | — | |||||||||||||||||
2016(1) | 15.08 | (0.01 | ) | (0.16 | ) | (0.17 | ) | — | — | |||||||||||||||
Global X Internet of Things ETF | ||||||||||||||||||||||||
2020 (Unaudited) | 22.89 | 0.09 | (0.13 | ) | (0.04 | ) | (0.18 | ) | — | |||||||||||||||
2019 | 18.04 | 0.20 | 4.93 | 5.13 | (0.28 | ) | — | |||||||||||||||||
2018 | 20.12 | 0.17 | (2.03 | ) | (1.86 | ) | (0.11 | ) | (0.11 | ) | ||||||||||||||
2017 | 15.52 | 0.16 | 4.49 | 4.65 | (0.05 | ) | — | |||||||||||||||||
2016(1) | 15.04 | 0.09 | 0.39 | 0.48 | — | — | ||||||||||||||||||
Global X Cloud Computing ETF | ||||||||||||||||||||||||
2020 (Unaudited) | 15.99 | (0.04 | ) | 4.00 | 3.96 | — | (0.01 | ) | ||||||||||||||||
2019(2) | 15.06 | (0.04 | ) | 0.97 | 0.93 | — | — | |||||||||||||||||
Global X Future Analytics Tech ETF | ||||||||||||||||||||||||
2020 (Unaudited) | 17.35 | 0.09 | 2.13 | 2.22 | (0.04 | ) | — | |||||||||||||||||
2019 | 14.24 | 0.10 | 3.13 | 3.23 | (0.12 | ) | — | |||||||||||||||||
2018(3) | 15.00 | 0.05 | (0.81 | ) | (0.76 | ) | — | — |
101
Financial Highlights |
Return of Capital ($) | Total from Distributions ($) | Net Asset Value, End of Period ($) | Total Return (%)** | Net Assets End of Period ($)(000) | Ratio of Expenses to Average Net Assets (%) | Ratio of Net Investment Income (Loss) to Average Net Assets (%) | Portfolio Turnover (%)†† | |||||||||||||||||||||||
— | (0.03 | ) | 23.16 | 8.22 | 1,428,054 | 0.69 | † | 0.60 | † | 9.39 | ||||||||||||||||||||
— | (0.39 | ) | 21.43 | 11.16 | 1,479,984 | 0.68 | 0.98 | 10.97 | ||||||||||||||||||||||
— | *** | 19.70 | (17.77 | ) | 1,726,274 | 0.70 | 0.83 | 28.50 | ||||||||||||||||||||||
— | (0.01 | ) | 23.96 | 61.22 | 1,412,589 | 0.69 | 0.05 | 15.29 | ||||||||||||||||||||||
— | — | 14.87 | 0.20 | 2,974 | 0.68 | † | 0.62 | † | — | |||||||||||||||||||||
— | — | 32.21 | 5.64 | 526,579 | 0.68 | † | (0.23 | )† | 4.67 | |||||||||||||||||||||
(0.04 | ) | (0.04 | ) | 30.49 | 24.42 | 413,152 | 0.68 | (0.29 | ) | 16.40 | ||||||||||||||||||||
— | (0.02 | ) | 24.55 | 12.79 | 327,734 | 0.68 | (0.29 | ) | 20.58 | |||||||||||||||||||||
— | — | 21.79 | 46.14 | 50,106 | 0.68 | (0.13 | ) | 11.65 | ||||||||||||||||||||||
— | — | 14.91 | (1.13 | ) | 1,491 | 0.68 | † | (0.20 | )† | — | ||||||||||||||||||||
— | (0.18 | ) | 22.67 | (0.19 | ) | 170,037 | 0.68 | † | 0.86 | † | 7.78 | |||||||||||||||||||
— | (0.28 | ) | 22.89 | 29.01 | 131,627 | 0.68 | 1.04 | 11.71 | ||||||||||||||||||||||
— | (0.22 | ) | 18.04 | (9.33 | ) | 82,983 | 0.69 | 0.88 | 16.69 | |||||||||||||||||||||
— | (0.05 | ) | 20.12 | 30.04 | 85,521 | 0.70 | 0.85 | 24.90 | ||||||||||||||||||||||
— | — | 15.52 | 3.19 | 3,881 | 0.68 | † | 2.75 | † | 0.39 | |||||||||||||||||||||
— | (0.01 | ) | 19.94 | 24.76 | 676,825 | 0.68 | † | (0.50 | )† | 7.06 | ||||||||||||||||||||
— | — | 15.99 | 6.18 | 472,386 | 0.68 | † | (0.44 | )† | 12.52 | |||||||||||||||||||||
— | (0.04 | ) | 19.53 | 12.79 | 46,868 | 0.68 | † | 1.01 | † | 19.17 | ||||||||||||||||||||
— | (0.12 | ) | 17.35 | 22.87 | 44,245 | 0.68 | 0.61 | 16.34 | ||||||||||||||||||||||
— | — | 14.24 | (5.07 | ) | 42,001 | 0.68 | † | 0.54 | † | 7.93 |
* | Per share data calculated using average shares method. |
** | Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
*** | Amount is less than 0.005. |
† | Annualized. |
†† | Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers. |
(1) | The Fund commenced operations on September 12, 2016. |
(2) | The Fund commenced operations on April 12, 2019. |
(3) | The Fund commenced operations on May 11, 2018. |
Amounts designated as “—” are either $0 or have been rounded to $0.
102
Financial Highlights |
Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period
Net Asset Value, Beginning of Period ($) | Net Investment Income (Loss) ($)* | Net Realized and Unrealized Gain (Loss) on Investments ($) | Total from Operations ($) | Distribution from Net Investment Income ($) | ||||||||||||||||
Global X Autonomous & Electric Vehicles ETF | ||||||||||||||||||||
2020 (Unaudited) | 14.15 | 0.07 | (0.63 | ) | (0.56 | ) | (0.07 | ) | ||||||||||||
2019 | 13.26 | 0.22 | 1.11 | 1.33 | (0.44 | ) | ||||||||||||||
2018(1) | 15.00 | 0.11 | (1.85 | ) | (1.74 | ) | — | |||||||||||||
Global X Genomics & Biotechnology ETF | ||||||||||||||||||||
2020 (Unaudited) | 15.61 | (0.04 | ) | 0.94 | 0.90 | — | ||||||||||||||
2019(2) | 15.28 | (0.05 | ) | 0.38 | 0.33 | — | ||||||||||||||
Global X Video Games and Esports ETF | ||||||||||||||||||||
2020 (Unaudited) | 15.73 | 0.05 | 4.57 | 4.62 | (0.03 | ) | ||||||||||||||
2019(3) | 14.99 | — | 0.74 | 0.74 | — | |||||||||||||||
Global X Cybersecurity ETF | ||||||||||||||||||||
2020 (Unaudited) | 17.14 | 0.46 | 1.89 | 2.35 | (0.02 | ) | ||||||||||||||
2019(3) | 15.27 | — | 1.87 | 1.87 | — |
103
Financial Highlights |
Distribution from Capital Gains ($) | Total from Distributions ($) | Net Asset Value, End of Period ($) | Total Return (%)** | Net Assets End of Period ($)(000) | Ratio of Expenses to Average Net Assets (%) | Ratio of Net Investment Income (Loss) to Average Net Assets (%) | Portfolio Turnover (%)†† | |||||||||||||||||||||||
— | (0.07 | ) | 13.52 | (4.00 | ) | 18,924 | 0.68 | † | 1.11 | † | 12.62 | |||||||||||||||||||
— | (0.44 | ) | 14.15 | 10.61 | 14,855 | 0.68 | 1.67 | 31.26 | ||||||||||||||||||||||
— | — | 13.26 | (11.60 | ) | 15,248 | 0.68 | † | 1.21 | † | 23.57 | ||||||||||||||||||||
— | — | 16.51 | 5.77 | 34,663 | 0.68 | † | (0.58 | )† | 29.33 | |||||||||||||||||||||
— | — | 15.61 | 2.16 | 18,734 | 0.68 | † | (0.59 | )† | 23.12 | |||||||||||||||||||||
— | (0.03 | ) | 20.32 | 29.40 | 97,512 | 0.51 | † | 0.42 | † | 4.39 | ||||||||||||||||||||
— | — | 15.73 | 4.94 | 1,573 | 0.50 | † | (0.45 | )† | 0.27 | |||||||||||||||||||||
(0.02 | ) | (0.04 | ) | 19.45 | 13.75 | 11,668 | 0.50 | †^ | 5.48 | † | 23.26 | |||||||||||||||||||
— | — | 17.14 | 12.25 | 1,714 | 0.50 | †^ | (0.16 | )† | 3.57 |
* | Per share data calculated using average shares method. |
** | Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
† | Annualized. |
†† | Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers. |
^ | The ratio of Expenses to Average Net Assets includes the effect of a waiver. If these offsets were excluded,the ratio would have been 0.60%. |
(1) | The Fund commenced operations on April 13, 2018. |
(2) | The Fund commenced operations on April 5, 2019. |
(3) | The Fund commenced operations on October 25, 2019. |
Amounts designated as “—” are either $0 or have been rounded to $0.
104
Financial Highlights |
Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period
Net Asset Value, Beginning of Period ($) | Net Investment Income ($)* | Net Realized and Unrealized Gain (Loss) on Investments ($) | Total from Operations ($) | Distribution from Net Investment Income ($) | Distribution from Capital Gains ($) | |||||||||||||||||||
Global X Millennials Thematic ETF | ||||||||||||||||||||||||
2020 (Unaudited) | 25.55 | 0.04 | 0.66 | 0.70 | (0.08 | ) | (0.01 | ) | ||||||||||||||||
2019 | 21.57 | 0.10 | 3.99 | 4.09 | (0.10 | ) | (0.01 | ) | ||||||||||||||||
2018 | 19.11 | 0.09 | 2.54 | 2.63 | (0.05 | ) | (0.12 | ) | ||||||||||||||||
2017 | 15.58 | 0.07 | 3.51 | 3.58 | (0.05 | ) | — | |||||||||||||||||
2016(1) | 14.95 | 0.05 | 0.58 | 0.63 | — | — | ||||||||||||||||||
Global X Longevity Thematic ETF | ||||||||||||||||||||||||
2020 (Unaudited) | 23.55 | 0.06 | 0.73 | 0.79 | (0.09 | ) | (0.05 | ) | ||||||||||||||||
2019 | 20.67 | 0.13 | 2.99 | 3.12 | (0.18 | ) | (0.06 | ) | ||||||||||||||||
2018 | 19.60 | 0.13 | 1.14 | 1.27 | (0.09 | ) | (0.11 | ) | ||||||||||||||||
2017 | 15.17 | 0.08 | 4.51 | 4.59 | (0.09 | ) | (0.07 | ) | ||||||||||||||||
2016(2) | 15.32 | 0.07 | (0.22 | ) | (0.15 | ) | — | — | ||||||||||||||||
Global X Health & Wellness Thematic ETF | ||||||||||||||||||||||||
2020 (Unaudited) | 21.17 | 0.02 | (1.55 | ) | (1.53 | ) | (0.05 | ) | — | |||||||||||||||
2019 | 18.59 | 0.14 | 2.60 | 2.74 | (0.16 | ) | — | |||||||||||||||||
2018 | 16.75 | 0.14 | 2.18 | 2.32 | (0.15 | ) | (0.33 | ) | ||||||||||||||||
2017 | 14.72 | 0.17 | 1.94 | 2.11 | (0.08 | ) | — | |||||||||||||||||
2016(2) | 15.13 | 0.07 | (0.48 | ) | (0.41 | ) | — | — | ||||||||||||||||
Global X Cannabis ETF | ||||||||||||||||||||||||
2020 (Unaudited) | 15.31 | 0.62 | (3.99 | ) | (3.37 | ) | (0.21 | ) | — | |||||||||||||||
2019(3) | 24.41 | 0.22 | (9.32 | ) | (9.10 | ) | — | — |
105
Financial Highlights |
Total from Distributions ($) | Net Asset Value, End of Period ($) | Total Return (%)** | Net Assets End of Period ($)(000) | Ratio of Expenses to Average Net Assets (%) | Ratio of Net Investment Income to Average Net Assets (%) | Portfolio Turnover (%)†† | ||||||||||||||||||||
(0.09 | ) | 26.16 | 2.75 | 77,177 | 0.50 | †‡ | 0.30 | † | 7.97 | |||||||||||||||||
(0.11 | ) | 25.55 | 19.07 | 75,383 | 0.50 | ‡ | 0.42 | 10.44 | ||||||||||||||||||
(0.17 | ) | 21.57 | 13.87 | 31,279 | 0.50 | ‡ | 0.40 | 10.94 | ||||||||||||||||||
(0.05 | ) | 19.11 | 23.05 | 11,467 | 0.54 | ‡ | 0.40 | 20.97 | ||||||||||||||||||
— | 15.58 | 4.21 | 3,896 | 0.68 | † | 0.59 | † | — | ||||||||||||||||||
(0.14 | ) | 24.20 | 3.39 | 26,615 | 0.50 | †‡ | 0.55 | † | 10.72 | |||||||||||||||||
(0.24 | ) | 23.55 | 15.38 | 23,548 | 0.50 | ‡ | 0.62 | 14.18 | ||||||||||||||||||
(0.20 | ) | 20.67 | 6.55 | 15,503 | 0.50 | ‡ | 0.63 | 14.39 | ||||||||||||||||||
(0.16 | ) | 19.60 | 30.58 | 7,841 | 0.52 | ‡ | 0.44 | 10.20 | ||||||||||||||||||
— | 15.17 | (0.98 | ) | 1,517 | 0.68 | † | 0.78 | † | 2.76 | |||||||||||||||||
(0.05 | ) | 19.59 | (7.26 | ) | 19,593 | 0.50 | †^ | 0.26 | † | 17.14 | ||||||||||||||||
(0.16 | ) | 21.17 | 14.89 | 20,115 | 0.50 | ^ | 0.74 | 18.05 | ||||||||||||||||||
(0.48 | ) | 18.59 | 14.16 | 10,222 | 0.50 | ^ | 0.77 | 20.93 | ||||||||||||||||||
(0.08 | ) | 16.75 | 14.38 | 2,512 | 0.54 | ^ | 1.08 | 16.73 | ||||||||||||||||||
— | 14.72 | (2.71 | ) | 1,472 | 0.68 | † | 0.82 | † | — | |||||||||||||||||
(0.21 | ) | 11.73 | (22.19 | ) | 11,728 | 0.51 | † | 10.99 | † | 30.17 | ||||||||||||||||
— | 15.31 | (37.28 | ) | 4,594 | 0.50 | † | 6.19 | † | 11.40 |
* | Per share data calculated using average shares method. |
** | Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
† | Annualized. |
†† | Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers. |
‡ | The ratio to Expenses to Average Net Assets includes the affect of a waiver. If these affects were excluded, the ratio would hve been 0.62%, 0.68%, 0.68%, and 0.68% for the period ended May 31, 2020 and years ended November 30, 2019, 2018, and 2017, respectively. |
^ | The ratio of Expenses to Average Net Assets includes the effect of a waiver. If these offsets were excluded,the ratio would have been 0.63%, 0.68%, 0.68%, and 0.68% for the period ended May 31, 2020 and years ended November 30, 2019, 2018, and 2017, respectively. |
(1) | The Fund commenced operations on May 4, 2016. |
(2) | The Fund commenced operations on May 9, 2016. |
(3) | The Fund commenced operations on September 17, 2019. |
106
Financial Highlights |
Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period
Net Asset Value, Beginning of Period ($) | Net Investment Income ($)* | Net Realized and Unrealized Gain (Loss) on Investments ($) | Total from Operations ($) | Distribution from Net Investment Income ($) | Distribution from Capital Gains ($) | |||||||||||||||||||
Global X U.S. Infrastructure Development ETF | ||||||||||||||||||||||||
2020 (Unaudited) | 17.43 | 0.06 | (2.74 | ) | (2.68 | ) | (0.05 | ) | — | |||||||||||||||
2019 | 15.57 | 0.13 | 1.90 | 2.03 | (0.17 | ) | — | |||||||||||||||||
2018 | 16.16 | 0.14 | (0.68 | ) | (0.54 | ) | (0.05 | ) | — | |||||||||||||||
2017(1) | 14.98 | 0.10 | 1.08 | 1.18 | — | — | ||||||||||||||||||
Global X Conscious Companies ETF | ||||||||||||||||||||||||
2020 (Unaudited) | 23.10 | 0.17 | (1.40 | ) | (1.23 | ) | (0.17 | ) | (0.02 | ) | ||||||||||||||
2019 | 20.55 | 0.37 | 2.68 | 3.05 | (0.50 | ) | — | |||||||||||||||||
2018 | 19.23 | 0.33 | 1.22 | 1.55 | (0.23 | ) | — | |||||||||||||||||
2017 | 15.79 | 0.26 | 3.33 | 3.59 | (0.15 | ) | — | |||||||||||||||||
2016(2) | 15.09 | 0.15 | 0.55 | 0.70 | — | — | ||||||||||||||||||
Global X Founder-Run Companies ETF | ||||||||||||||||||||||||
2020 (Unaudited) | 20.50 | 0.01 | 1.22 | 1.23 | (0.07 | ) | — | |||||||||||||||||
2019 | 18.63 | 0.05 | 2.12 | 2.17 | (0.07 | ) | (0.23 | ) | ||||||||||||||||
2018 | 17.41 | 0.04 | 1.45 | 1.49 | (0.04 | ) | (0.23 | ) | ||||||||||||||||
2017(3) | 15.02 | 0.04 | 2.35 | 2.39 | — | — | ||||||||||||||||||
Global X Thematic Growth ETF | ||||||||||||||||||||||||
2020 (Unaudited) | 26.50 | 0.07 | 2.61 | 2.68 | (0.08 | ) | — | |||||||||||||||||
2019(4) | 25.23 | — | 1.27 | 1.27 | — | — |
107
Financial Highlights |
Total from Distributions ($) | Net Asset Value, End of Period ($) | Total Return (%)** | Net Assets End of Period ($)(000) | Ratio of Expenses to Average Net Assets (%) | Ratio of Net Investment Income to Average Net Assets (%) | Portfolio Turnover (%)†† | ||||||||||||||||||||
(0.05 | ) | 14.70 | (15.41 | ) | 114,647 | 0.47 | † | 0.72 | † | 12.48 | ||||||||||||||||
(0.17 | ) | 17.43 | 13.28 | 183,065 | 0.47 | ‡ | 0.81 | 9.18 | ||||||||||||||||||
(0.05 | ) | 15.57 | (3.36 | ) | 140,914 | 0.47 | ‡ | 0.77 | 6.76 | |||||||||||||||||
— | 16.16 | 7.88 | 20,203 | 0.47 | †‡ | 0.91 | † | — | ||||||||||||||||||
(0.19 | ) | 21.68 | (5.39 | ) | 242,789 | 0.43 | † | 1.66 | † | 27.63 | ||||||||||||||||
(0.50 | ) | 23.10 | 15.35 | 85,459 | 0.43 | 1.73 | 34.97 | |||||||||||||||||||
(0.23 | ) | 20.55 | 8.16 | 56,504 | 0.43 | 1.65 | 36.35 | |||||||||||||||||||
(0.15 | ) | 19.23 | 22.95 | 48,065 | 0.43 | 1.50 | 41.77 | |||||||||||||||||||
— | 15.79 | 4.64 | 33,163 | 0.43 | † | 2.57 | † | 37.35 | ||||||||||||||||||
(0.07 | ) | 21.66 | 6.02 | 4,331 | 0.45 | † | 0.10 | † | 26.60 | |||||||||||||||||
(0.30 | ) | 20.50 | 12.05 | 4,100 | 0.52 | 0.29 | 33.82 | |||||||||||||||||||
(0.27 | ) | 18.63 | 8.67 | 4,657 | 0.65 | 0.13 | 25.22 | |||||||||||||||||||
— | 17.41 | 15.91 | 3,483 | 0.65 | † | 0.33 | † | 21.61 | ||||||||||||||||||
(0.08 | ) | 29.10 | 10.15 | 5,820 | (0.13) | †^ | 0.52 | † | 8.44 | |||||||||||||||||
— | 26.50 | 5.03 | 2,650 | (0.15) | †^ | 0.15 | † | — |
* | Per share data calculated using average shares method. |
** | Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
† | Annualized. |
†† | Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers. |
‡ | Effective April 1, 2019, the Fund’s fees were permanently lowered to 0.47%. Prior to April 1, 2019, theratio of Expenses to Average Net Assets included the effect of a waiver. If these offsets were excluded, theratio would have been 0.50%, 0.58% and 0.58%, for the years ended November 30, 2019, 2018 and 2017,respectively. |
^ | The ratio of Expenses to Average Net Assets includes the effect of a waiver and reimbursement of acquiredfund fees. If these offsets and acquired fund fees were excluded, the ratio would have been 0.50%. |
(1) | The Fund commenced operations on March 6, 2017. |
(2) | The Fund commenced operations on July 11, 2016. |
(3) | The Fund commenced operations on February 13, 2017. |
(4) | The Fund commenced operations on October 25, 2019. |
Amounts designated as “—” are either $0 or have been rounded to $0.
108
Notes to Financial Statements (unaudited) | ||
May 31, 2020 |
1. ORGANIZATION
The Global X Funds (the “Trust”) is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of May 31, 2020, the Trust had eighty-nine portfolios, seventy-two of which were operational. The financial statements herein and the related notes pertain to the Global X Robotics & Artificial Intelligence ETF, Global X FinTech ETF, Global X Internet of Things ETF, Global X Cloud Computing ETF, Global X Future Analytics Tech ETF, Global X Autonomous & Electric Vehicles ETF, Global X Genomics & Biotechnology ETF, Global X Video Games & Esports ETF, Global X Cybersecurity ETF, Global X Millennials Thematic ETF, Global X Longevity Thematic ETF, Global X Health & Wellness Thematic ETF, Global X Cannabis ETF, Global X U.S. Infrastructure Development ETF, Global X Conscious Companies ETF, Global X Founder-Run Companies ETF, and Global X Thematic Growth ETF (each a “Fund” and collectively, the “Funds”). Each Fund, other than the Global X Conscious Companies ETF, Global X Millennials Thematic ETF, Global X Longevity Thematic ETF and Global X Health & Wellness Thematic ETF, has elected non-diversified status.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the significant accounting policies followed by the Funds:
USE OF ESTIMATES — The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could materially differ from those estimates.
RETURN OF CAPITAL ESTIMATES – Distributions received by the Funds from underlying Master Limited Partnership (“MLP”) and real estate investment trust (“REIT”) investments generally are comprised of income and return of capital. The Funds record investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available from the MLPs, REITs and other industry sources. These estimates may subsequently be revised based on information received from the MLPs and REITs after their tax reporting periods are concluded.
SECURITY VALUATION — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market (“NASDAQ”), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm if
109
Notes to Financial Statements (unaudited) (continued) | ||
May 31, 2020 |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
a security’s primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent mean between the quoted bid and asked prices, which approximates fair value (absent both bid and asked prices on such exchange, the bid price may be used).
For securities traded on NASDAQ, the NASDAQ official closing price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less will be valued at their market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates as of reporting date. The exchange rates used by the Trust for valuation are captured as of the New York or London close each day. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.
Securities for which market prices are not “readily available” are valued in accordance with Fair Value Procedures established by the Board of Trustees (the “Board”). The Funds’ Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using the Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from its primary trading exchange; the security’s primary trading market is temporarily closed at a time when, under normal conditions it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, the Funds may fair value their securities if an event that may materially affect the value of the Funds’ securities that traded outside of the United States (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Funds calculate their net asset values. A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If Global X Management Company LLC, the Funds’ investment adviser (the “Adviser”), becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate their net asset values, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably
110
Notes to Financial Statements (unaudited) (continued) | ||
May 31, 2020 |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
available to the Committee. For the period ended May 31, 2020, there were no securities priced using the Fair Value Procedures.
In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:
Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;
Level 2 – Other significant observable inputs (including quoted prices in non-active markets, quoted prices for similar investments, fair value of investments for which the Funds have the ability to fully redeem tranches at net asset value as of the measurement date or within the near term, and short-term investments valued at amortized cost); and
Level 3 – Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments and fair value of investments for which the Funds do not have the ability to fully redeem tranches at net asset value as of the measurement date or within the near term).
Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.
For the period ended May 31, 2020 there have been no significant changes to the Funds’ fair valuation methodologies.
REPURCHASE AGREEMENTS – Securities pledged as collateral for repurchase agreements by BNP Paribas are held by Brown Brothers Harriman & Co. (“BBH”), the Funds’ custodian (“Custodian”), and are designated as being held on each Fund’s behalf by the custodian under a book-entry system. Each Fund monitors the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest.
111
Notes to Financial Statements (unaudited) (continued) | ||
May 31, 2020 |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
It is the Funds’ policy to only enter into repurchase agreements with banks and other financial institutions which are deemed by the Adviser to be creditworthy. The Funds bear the risk of loss in the event that the other party to a repurchase agreement defaults on its obligations, and the Funds are prevented from exercising their rights to dispose of the underlying securities received as collateral and the risk of a possible decline in the value of the underlying securities during the period. For financial statement purposes, the Funds record the securities lending collateral (included in repurchase agreements, at value or restricted cash) as an asset and the obligation to return securities lending collateral as a liability on the Statements of Assets and Liabilities. Repurchase agreements are entered into by the Funds under Master Repurchase Agreements (“MRA”) which permit the Funds, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under an MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Funds.
At May 31, 2020, the open repurchase agreements by counterparty which are subject to an MRA on a net payment basis are as follows:
Repurchase Agreements | Fair Value of Non-cash Collateral Received(1) | Cash Collateral Received | Net Amount(2) | |||||||||||||
Global X Robotics & Artificial Intelligence ETF | ||||||||||||||||
BNP Paribas | $ | 13,785,170 | $ | 13,785,170 | $ | − | $ | − | ||||||||
Global X FinTech ETF | ||||||||||||||||
BNP Paribas | $ | 4,451,165 | $ | 4,451,165 | $ | − | $ | − | ||||||||
Global X Internet of Things ETF | ||||||||||||||||
BNP Paribas | $ | 462,367 | $ | 462,367 | $ | − | $ | − | ||||||||
Global X Future Analytics Tech ETF | ||||||||||||||||
BNP Paribas | $ | 7,604 | $ | 7,604 | $ | − | $ | − | ||||||||
Global X Autonomous & Electric Vehicles ETF | ||||||||||||||||
BNP Paribas | $ | 48,875 | $ | 48,875 | $ | − | $ | − | ||||||||
Global X Millennials Thematic ETF | ||||||||||||||||
BNP Paribas | $ | 112,435 | $ | 112,435 | $ | − | $ | − | ||||||||
Global X Cannabis ETF | ||||||||||||||||
BNP Paribas | $ | 382,751 | $ | 382,751 | $ | − | $ | − | ||||||||
Global X U.S. Infrastructure Development ETF | ||||||||||||||||
BNP Paribas | $ | 38,843 | $ | 38,843 | $ | − | $ | − |
(1) | Excess collateral received is not presented in the table above. Please refer to the Schedule of Investments for the market value of the collateral received for each Fund. |
(2) | Net Amount represents the net amount receivable due from the counterparty in the event of default. |
FEDERAL INCOME TAXES — It is each Fund’s intention to qualify, or continue to qualify, as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended. Accordingly, no provisions for federal income taxes have been made in the financial statements except as described on the following page.
112
Notes to Financial Statements (unaudited) (continued) | ||
May 31, 2020 |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50%) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provisions in the current period; however, management’s conclusions regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof. Any foreign tax filings that have not been made, will be filed within the prescribed period.
SECURITY TRANSACTIONS AND INVESTMENT INCOME — Security transactions are accounted for on the trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sale of investment securities are based on specific identification. Dividend income is recorded on the ex-dividend date. Interest income is recognized on the accrual basis from the settlement date.
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — The Funds distribute their net investment income on a pro rata basis. Any net realized capital gains are distributed annually. All distributions are recorded on ex-dividend date.
CASH OVERDRAFT CHARGES – Per the terms of an agreement with BBH, if a Fund has a cash overdraft on a given day, it will be assessed an overdraft charge of LIBOR plus 2.00%. Cash overdraft charges are included in custodian fees on the Statement of Operations.
FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statement of Operations. Net realized and unrealized gains and losses on foreign currency transactions and translations represent net foreign exchange gains or losses from foreign currency spot contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.
113
Notes to Financial Statements (unaudited) (continued) | ||
May 31, 2020 |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
CREATION UNITS — The Funds issue and redeem their shares (“Shares”) on a continuous basis at net asset value (“NAV”) and only in large blocks of 50,000 Shares, referred to as “Creation Units”. Purchasers of Creation Units (“Authorized Participants”) at NAV must pay a standard creation transaction fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an Authorized Participant on the same day.
An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard redemption fee per transaction to BBH, the Funds’ custodian, on the date of such redemption, regardless of the number of Creation Units redeemed that day.
If a Creation Unit is purchased or redeemed for cash, an additional variable fee may be charged. The following table discloses Creation Unit breakdown:
Creation Unit Shares | Creation Fee | Value at May 31, 2020 | Redemption Fee | |||||||||||||
Global X Robotics & Artificial Intelligence ETF | 50,000 | $ | 600 | $ | 1,158,000 | $ | 600 | |||||||||
Global X FinTech ETF | 50,000 | 400 | 1,610,500 | 400 | ||||||||||||
Global X Internet of Things ETF | 50,000 | 600 | 1,133,500 | 600 | ||||||||||||
Global X Cloud Computing ETF | 50,000 | 250 | 997,000 | 250 | ||||||||||||
Global X Future Analytics Tech ETF | 50,000 | 600 | 976,500 | 600 | ||||||||||||
Global X Autonomous & Electric Vehicles ETF | 50,000 | 750 | 676,000 | 750 | ||||||||||||
Global X Genomics & Biotechnology ETF | 50,000 | 250 | 825,500 | 250 | ||||||||||||
Global X Video Games & Esports ETF | 50,000 | 600 | 1,016,000 | 600 | ||||||||||||
Global X Cybersecurity ETF | 50,000 | 250 | 972,500 | 250 | ||||||||||||
Global X Millennials Thematic ETF | 50,000 | 300 | 1,308,000 | 300 | ||||||||||||
Global X Longevity Thematic ETF | 50,000 | 1,000 | 1,210,000 | 1,000 | ||||||||||||
Global X Health & Wellness Thematic ETF | 50,000 | 1,000 | 979,500 | 1,000 | ||||||||||||
Global X Cannabis ETF | 50,000 | 250 | 586,500 | 250 | ||||||||||||
Global X U.S. Infrastructure Development ETF | 50,000 | 400 | 735,000 | 400 | ||||||||||||
Global X Conscious Companies ETF | 50,000 | 750 | 1,084,000 | 750 | ||||||||||||
Global X Founder-Run Companies ETF | 50,000 | 400 | 1,083,000 | 400 | ||||||||||||
Global X Thematic Growth ETF | 50,000 | 250 | 1,455,000 | 250 |
3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS
On July 2, 2018, the Adviser consummated a transaction pursuant to which it became an indirect, wholly-owned subsidiary of Mirae Asset Global Investments Co., Ltd. (“Mirae”). In this manner, the Adviser is ultimately controlled by Mirae, which is a leading financial services company in Korea and is the headquarters for the Mirae Asset Global Investments Group.
114
Notes to Financial Statements (unaudited) (continued) | ||
May 31, 2020 |
3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS (continued)
The Adviser serves as the investment adviser and the administrator for the Funds. Subject to the supervision of the Board, the Adviser is responsible for managing the investment activities of the Funds and the Funds’ business affairs and other administrative matters and provides, or causes to be furnished all supervisory, administrative and other services reasonably necessary for the operation of the Funds, including certain distribution services (provided pursuant to a separate distribution services agreement), certain shareholder and distribution-related services (provided pursuant to a separate Rule 12b-1 Plan and related agreements) and investment advisory services (provided pursuant to a separate investment advisory agreement), under what is essentially an “all-in” fee structure. For the Advisor’s services to the Funds, under the Supervision and Administration Agreement, each Fund pays a monthly fee to the Adviser at the annual rate below (stated as a percentage of the average daily net assets of the respective Fund). In addition, the Funds bear other expenses, directly and indirectly, that are not covered by the Supervision and Administration Agreement, which may vary and affect the total expense ratios of the Funds, such as taxes, brokerage fees, commissions, acquired fund fees and expenses, and other transaction expenses, interest expenses, and extraordinary expenses (such as litigation and indemnification expenses), respectively.
The following table discloses the rates of supervision and administration fees paid by the Funds:
Supervision and Administration Fee | |||
Global X Robotics & Artificial Intelligence Thematic ETF | 0.68% | ||
Global X FinTech Thematic ETF | 0.68% | ||
Global X Internet of Things Thematic ETF | 0.68% | ||
Global X Cloud Computing ETF | 0.68% | ||
Global X Future Analytics Tech ETF | 0.68% | ||
Global X Autonomous & Electric Vehicles ETF | 0.68% | ||
Global X Genomics & Biotechnology ETF | 0.68% | ||
Global X Video Games & Esports ETF | 0.50% | ||
Global X Cybersecurity ETF*** | 0.60% | ||
Global X Millennials Thematic ETF* (1) | 0.50% | ||
Global X Longevity Thematic ETF* (1) | 0.50% | ||
Global X Health & Wellness Thematic ETF* (1) | 0.50% | ||
Global X Cannabis ETF | 0.50% | ||
Global X U.S. Infrastructure Development ETF** | 0.47% | ||
Global X Conscious Companies ETF | 0.43% | ||
Global X Founder-Run Companies ETF | 0.45% | ||
Global X Thematic Growth ETF | 0.50% |
(1) Prior to April 1, 2020 the Fee was 0.68%.
115
Notes to Financial Statements (unaudited) (continued) | ||
May 31, 2020 |
3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS (continued)
* Pursuant to expense limitation agreements between each of the Global X Health & Wellness Thematic ETF, Global X Longevity Thematic ETF and the Global X Millennials Thematic ETF (the “Funds”) and the Adviser prior to April 1, 2020, the Adviser agreed to waive or reimburse fees and/or limit fund expenses to the extent necessary to assure that the operating expenses of the Funds (exclusive of taxes, brokerage fees, commissions, and other transaction expenses, interest, and extraordinary expenses (such as litigation and indemnification expenses)) did not exceed 0.50% of the Funds’ average daily net assets per year until April 1, 2020. Each Fund (at a later date) may reimburse the Adviser for the fees and expenses it waived or reimbursed and/or limited pursuant to the expense limitation agreements during any of the three fiscal years prior to April 1, 2020, provided that, among other things, any reimbursement made to the Adviser does not cause Total Annual Fund Operating Expenses to exceed the maximum permitted rate during the period in which it is paid and the Board has approved such reimbursement to the Adviser. Although the Board voted to permanently reduce the Fund’s management fees to 0.50% and end the expense limitation agreements as of April 1, 2020, waived or reimbursed fees prior to April 1, 2020 are still subject to recoupment. As of May 31, 2020, the amounts of waivers/reimbursements subject to recoupment for the Global X Health & Wellness Thematic ETF, Global X Longevity Thematic ETF and Global X Millennials Thematic ETF, were $2,169 (expiring 2020), $11,634 (expiring 2021), $8,496 (expiring 2022); $5,466 (expiring 2020), $23,346 (expiring 2021), $9,461 (expiring 2022); $7,408 (expiring 2020), $41,063 (expiring 2021) and $18,918 (expiring 2022), respectively.
** Pursuant to an expense limitation agreement between the Global X U.S. Infrastructure Development ETF (the “Fund”) and the Adviser prior to April 1, 2019, the Adviser contractually agreed to reimburse or waive fees and/or limit fund expenses to the extent necessary to assure that the operating expenses of the Fund (exclusive of taxes, brokerage fees, commissions, and other transaction expenses, interest, and extraordinary expenses (such as litigation and indemnification expenses)) (“Total Annual Fund Operating Expenses”) would not exceed 0.47% of the Fund’s average daily net assets per year until April 1, 2019. Pursuant to the expense limitation agreement, the Fund (at a later date) may reimburse the Adviser for the fees it reimbursed or waived and/or limited pursuant to the expense limitation agreement during any of the prior three fiscal years, provided that, among other things, reimbursement to be made to the Adviser does not cause Total Annual Fund Operating Expenses of the Fund to exceed 0.47% during the year in which it is paid and the Board of Trustees has approved such reimbursement to the Adviser. Although the Board voted to permanently reduce the Fund’s fees to 0.47% and end the expense limitation agreement as of April 1, 2019, prior waived or reimbursed fees are still subject to recoupment. As of May 31, 2020, the amounts of waivers/reimbursements subject to recoupment for the Fund were $7,476 (expiring 2020), $102,748 (expiring 2021) and $44,734 (expiring 2022). As of May 31, 2020, there had been no recoupment of previously waived and reimbursed fees.
*** Pursuant to an expense limitation agreement, the Adviser has agreed to waive or reimburse fees and/or limit fund expenses to the extent necessary to assure that the operating expenses of the Global X Cybersecurity ETF (the “Fund”) (exclusive of taxes, brokerage fees, commissions, and other transaction expenses, interest, and extraordinary expenses (such as litigation and indemnification expenses)) will not exceed 0.50% of the Fund’s average daily net assets per year until April 1, 2021.
116
Notes to Financial Statements (unaudited) (continued) | ||
May 31, 2020 |
3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS (continued)
SEI Investments Global Funds Services (“SEIGFS”) serves as sub-administrator to the Funds. As sub-administrator, SEIGFS provides the Funds with required general administrative services, including, without limitation: office space, equipment, and personnel; clerical and general back office services; bookkeeping, internal accounting and secretarial services; the calculation of NAV; and assistance with the preparation and filing of reports, registration statements, proxy statements and other materials required to be filed or furnished by the Funds under federal and state securities laws. As compensation for these services, SEIGFS receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser. SEI Investments Distribution Co. (“SIDCO”) serves as each Fund’s underwriter and distributor of Creation Units pursuant to a distribution agreement. SIDCO has no obligation to sell any specific quantity of Shares. SIDCO bears the following costs and expenses relating to the distribution of Shares: (1) the costs of processing and maintaining records of creations of Creation Units; (2) all costs of maintaining the records required of a registered broker/dealer; (3) the expenses of maintaining its registration or qualification as a dealer or broker under federal or state laws; (4) filing fees; and (5) all other expenses incurred in connection with the distribution services as contemplated in the distribution agreement. SIDCO receives no fee from the Funds for its distribution services under the distribution agreement; rather, the Adviser compensates SIDCO for certain expenses, out-of-pocket costs, and transaction fees.
BBH serves as Custodian and transfer agent of the Funds’ assets. As Custodian, BBH has agreed to (1) make receipts and disbursements of money on behalf of the Funds, (2) collect and receive all income and other payments and distributions on account of the Funds’ portfolio investments, (3) respond to correspondence from shareholders, security brokers and others relating to its duties; and (4) make periodic reports to the Funds concerning the Funds’ operations. BBH does not exercise any supervisory function over the purchase and sale of securities. As transfer agent, BBH has agreed to (1) issue and redeem Shares of each Fund, (2) make dividend and other distributions to shareholders of each Fund, (3) respond to correspondence by shareholders and others relating to its duties; (4) maintain shareholder accounts, and (5) make periodic reports to the Funds. As compensation for these services, BBH receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees.
117
Notes to Financial Statements (unaudited) (continued) | ||
May 31, 2020 |
4. INVESTMENT TRANSACTIONS
For the period ended May 31, 2020, the purchases and sales of investments in securities excluding in-kind transactions, long-term U.S. Government, and short-term securities, were:
2020 | Purchases | Sales and Maturities | ||||||
Global X Robotics & Artificial Intelligence ETF | $ | 137,309,194 | $ | 127,838,763 | ||||
Global X FinTech ETF | 21,289,264 | 22,428,921 | ||||||
Global X Internet of Things ETF | 13,212,774 | 11,082,917 | ||||||
Global X Cloud Computing ETF | 33,967,237 | 35,416,428 | ||||||
Global X Future Analytics Tech ETF | 8,886,349 | 8,682,482 | ||||||
Global X Autonomous & Electric Vehicles ETF | 2,497,278 | 2,124,778 | ||||||
Global X Genomics & Biotechnology ETF | 6,909,711 | 6,616,026 | ||||||
Global X Video Games & Esports ETF | 10,593,189 | 1,834,477 | ||||||
Global X Cybersecurity ETF | 1,417,874 | 1,197,771 | ||||||
Global X Millennials Thematic ETF | 5,910,992 | 5,946,915 | ||||||
Global X Longevity Thematic ETF | 2,680,969 | 2,654,009 | ||||||
Global X Health & Wellness Thematic ETF | 3,705,896 | 3,487,083 | ||||||
Global X Cannabis ETF | 2,696,100 | 2,383,262 | ||||||
Global X U.S. Infrastructure Development ETF | 18,324,549 | 18,353,741 | ||||||
Global X Conscious Companies ETF | 42,281,604 | 40,497,680 | ||||||
Global X Founder-Run Companies ETF | 1,518,533 | 1,524,091 | ||||||
Global X Thematic Growth ETF | 410,884 | 347,027 |
For the period ended May 31, 2020, in-kind transactions associated with creations and redemptions were:
2020 | Purchases | Sales | Realized Gain/(Loss) | |||||||||
Global X Robotics & Artificial Intelligence ETF | $ | 55,398,424 | $ | 188,030,710 | $ | (27,049,848 | ) | |||||
Global X FinTech ETF | 126,098,861 | 41,228,494 | 8,267,048 | |||||||||
Global X Internet of Things ETF | 40,167,327 | 4,116,938 | 1,287,596 | |||||||||
Global X Cloud Computing ETF | 195,785,094 | 112,759,387 | 31,270,885 | |||||||||
Global X Future Analytics Tech ETF | 7,372,785 | 9,895,908 | 3,258,786 | |||||||||
Global X Autonomous & Electric Vehicles ETF | 4,931,490 | − | − | |||||||||
Global X Genomics & Biotechnology ETF | 16,841,744 | 3,804,869 | 1,147,792 | |||||||||
Global X Video Games & Esports ETF | 84,619,572 | 14,065,768 | 2,893,173 | |||||||||
Global X Cybersecurity ETF | 8,794,597 | − | − | |||||||||
Global X Millennials Thematic ETF | 9,294,038 | 8,020,751 | 702,883 | |||||||||
Global X Longevity Thematic ETF | 4,399,844 | 2,220,693 | 1,126,229 | |||||||||
Global X Health & Wellness Thematic ETF | 10,970,471 | 10,139,653 | 1,859,275 | |||||||||
Global X Cannabis ETF | 8,819,192 | − | − | |||||||||
Global X U.S. Infrastructure Development ETF | 30,053,291 | 56,769,924 | (10,970,420 | ) | ||||||||
Global X Conscious Companies ETF | 139,230,795 | 3,084,510 | 837,189 | |||||||||
Global X Founder-Run Companies ETF | 6,242,948 | 4,435,220 | (1,104,663 | ) | ||||||||
Global X Thematic Growth ETF | 3,979,552 | 1,137,285 | 61,467 |
118
Notes to Financial Statements (unaudited) (continued) | ||
May 31, 2020 |
4. INVESTMENT TRANSACTIONS (continued)
For the year ended November 30, 2019, in-kind transactions associated with creations and redemptions were:
2019 | Purchases | Sales | Realized Gain/(Loss) | |||||||||
Global X Robotics & Artificial Intelligence ETF | $ | 196,452,084 | $ | 527,329,566 | $ | (33,905,075 | ) | |||||
Global X FinTech ETF | 112,937,062 | 93,896,478 | 8,446,928 | |||||||||
Global X Internet of Things ETF | 43,369,377 | 19,178,310 | 4,282,434 | |||||||||
Global X Cloud Computing ETF | 524,429,030 | 73,776,961 | 7,782,237 | |||||||||
Global X Future Analytics Tech ETF | 9,253,548 | 14,737,108 | 977,438 | |||||||||
Global X Autonomous & Electric Vehicles ETF | 6,226,367 | 7,556,398 | 102,697 | |||||||||
Global X Genomics & Biotechnology ETF | 16,470,842 | − | − | |||||||||
Global X Video Games & Esports ETF | 1,343,301 | − | − | |||||||||
Global X Cybersecurity ETF | 1,513,438 | − | − | |||||||||
Global X Millennials Thematic ETF | 64,052,088 | 26,378,103 | 7,255,226 | |||||||||
Global X Longevity Thematic ETF | 6,136,552 | 1,033,564 | 281,906 | |||||||||
Global X Health & Wellness Thematic ETF | 12,053,707 | 5,418,018 | 922,860 | |||||||||
Global X Cannabis ETF | 5,754,039 | − | − | |||||||||
Global X U.S. Infrastructure Development ETF | 54,690,700 | 26,071,935 | 538,144 | |||||||||
Global X Conscious Companies ETF | 25,986,382 | 5,288,419 | 1,691,105 | |||||||||
Global X Founder-Run Companies ETF | − | 1,021,446 | 192,373 | |||||||||
Global X Thematic Growth ETF | 2,522,056 | − | − |
For the period ended May 31, 2020, there were no purchases or sales of long-term U.S. Government securities by the Funds.
5. TAX INFORMATION
The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to undistributed net investment income (loss), accumulated net realized gain (loss) or paid-in capital, as appropriate, in the period that the differences arise.
119
Notes to Financial Statements (unaudited) (continued) | ||
May 31, 2020 |
5. TAX INFORMATION (continued)
The tax character of dividends and distributions declared during the years or periods ended November 30, 2019 and Novemeber 30, 2018 were as follows:
Global X Funds | Ordinary Income | Long-Term Capital Gain | Return of Capital | Totals | ||||||||||||
Global X Robotics & Artificial Intelligence ETF | ||||||||||||||||
2019 | $ | 30,149,775 | $ | – | $ | – | $ | 30,149,775 | ||||||||
2018 | 121,571 | – | – | 121,571 | ||||||||||||
Global X FinTech ETF | ||||||||||||||||
2019 | $ | – | $ | 60,368 | $ | 437,339 | $ | 497,707 | ||||||||
2018 | 47,896 | 15,114 | – | 63,010 | ||||||||||||
Global X Internet of Things ETF | ||||||||||||||||
2019 | $ | 1,268,719 | $ | – | $ | – | $ | 1,268,719 | ||||||||
2018 | 924,105 | 79,852 | – | 1,003,957 | ||||||||||||
Global X Cloud Computing ETF | ||||||||||||||||
2019 | $ | – | $ | – | $ | – | $ | – | ||||||||
Global X Future Analytics Tech ETF | ||||||||||||||||
2019 | $ | 298,087 | $ | – | $ | – | $ | 298,087 | ||||||||
2018 | – | – | – | – | ||||||||||||
Global X Autonomous & Electric Vehicles ETF | ||||||||||||||||
2019 | $ | 415,562 | $ | – | $ | – | $ | 415,562 | ||||||||
2018 | – | – | – | – | ||||||||||||
Global X Genomics & Biotechnology ETF | ||||||||||||||||
2019 | $ | – | $ | – | $ | – | $ | – | ||||||||
Global X Video Games and Esports ETF | ||||||||||||||||
2019 | $ | – | $ | – | $ | – | $ | – | ||||||||
Global X Cybersecurity ETF | ||||||||||||||||
2019 | $ | – | $ | – | $ | – | $ | – | ||||||||
Global X Millennials Thematic ETF | ||||||||||||||||
2019 | $ | 147,679 | $ | 27,133 | $ | – | $ | 174,812 | ||||||||
2018 | 99,317 | 20,903 | – | 120,220 | ||||||||||||
Global X Longevity Thematic ETF | ||||||||||||||||
2019 | $ | 146,505 | $ | 38,656 | $ | – | $ | 185,161 | ||||||||
2018 | 74,051 | 16,585 | – | 90,636 | ||||||||||||
Global X Health & Wellness Thematic ETF | ||||||||||||||||
2019 | $ | 120,454 | $ | – | $ | – | $ | 120,454 | ||||||||
2018 | 54,477 | 16,673 | – | 71,150 | ||||||||||||
Global X Cannabis ETF | ||||||||||||||||
2019 | $ | – | $ | – | $ | – | $ | – | ||||||||
Global X U.S. Infrastructure Development ETF | ||||||||||||||||
2019 | $ | 1,424,719 | $ | – | $ | – | $ | 1,424,719 | ||||||||
2018 | 80,930 | – | – | 80,930 |
120
Notes to Financial Statements (unaudited) (continued) | ||
May 31, 2020 |
5. TAX INFORMATION (continued)
Global X Funds | Ordinary Income | Long-Term Capital Gain | Return of Capital | Totals | ||||||||||||
Global X Conscious Companies ETF | ||||||||||||||||
2019 | $ | 1,418,777 | $ | – | $ | – | $ | 1,418,777 | ||||||||
2018 | 598,437 | – | – | 598,437 | ||||||||||||
Global X Founder-Run Companies ETF | ||||||||||||||||
2019 | $ | 70,597 | $ | 3,076 | $ | – | $ | 73,673 | ||||||||
2018 | 53,242 | 781 | – | 54,023 | ||||||||||||
Global X Thematic Growth ETF | ||||||||||||||||
2019 | $ | – | $ | – | $ | – | $ | – |
As of November 30, 2019, the components of tax basis distributable earnings (accumulated losses) were as follows:
Global X Funds | ||||||||||||
Global X Robotics & Artificial Intelligence ETF | Global X FinTech ETF | Global X Internet of Things ETF | ||||||||||
Undistributed Ordinary Income | $ | 2,105,553 | $ | – | $ | 397,344 | ||||||
Capital Loss Carryforwards | (118,941,610 | ) | (11,853,484 | ) | (1,951,432 | ) | ||||||
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency | (192,946,578 | ) | 40,524,110 | 14,704,995 | ||||||||
Late Year Loss Deferral | – | (960,039 | ) | – | ||||||||
Other Temporary Differences | – | 2 | (4 | ) | ||||||||
Total Distributable Earnings (Accumulated Losses) | $ | (309,782,635 | ) | $ | 27,710,589 | $ | 13,150,903 |
Global X Funds | ||||||||||||
Global X Cloud Computing ETF | Global X Future Analytics Tech ETF | Global X Autonomous & Electric Vehicles ETF | ||||||||||
Undistributed Ordinary Income | $ | 210,759 | $ | 84,300 | $ | 56,036 | ||||||
Capital Loss Carryforwards | – | (496,769 | ) | (991,468 | ) | |||||||
Post October Losses | (1,219,812 | ) | – | – | ||||||||
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency | 9,483,867 | 3,383,751 | (772,361 | ) |
121
Notes to Financial Statements (unaudited) (continued) | ||
May 31, 2020 |
Global X Funds | ||||||||||||
Global X Cloud Computing ETF | Global X Future Analytics Tech ETF | Global X Autonomous & Electric Vehicles ETF | ||||||||||
Late Year Loss Deferral | (1,037,168 | ) | – | – | ||||||||
Other Temporary Differences | – | (1 | ) | – | ||||||||
Total Distributable Earnings (Accumulated Losses) | $ | 7,437,646 | $ | 2,971,281 | $ | (1,707,793 | ) |
Global X Funds | ||||||||||||
Global X Genomics & Biotechnology ETF | Global X Video Games and Esports ETF | Global X Cybersecurity ETF | ||||||||||
Undistributed Ordinary Income | $ | – | $ | – | $ | 2,033 | ||||||
Unrealized Appreciation on Investments and Foreign Currency | 1,815,857 | 73,582 | 184,833 | |||||||||
Late Year Loss Deferral | (574 | ) | (142 | ) | (129 | ) | ||||||
Other Temporary Differences | 1 | (1 | ) | 2 | ||||||||
Total Distributable Earnings (Accumulated Losses) | $ | 1,815,284 | $ | 73,439 | $ | 186,739 |
Global X Funds | ||||||||||||
Global X Millennials Thematic ETF | Global X Longevity Thematic ETF | Global X Health & Wellness Thematic ETF | ||||||||||
Undistributed Ordinary Income | $ | 202,230 | $ | 108,256 | $ | 54,346 | ||||||
Undistributed Long- Term Capital Gain | 1,324 | 38,307 | – | |||||||||
Capital Loss Carryforwards | – | – | (86,314 | ) | ||||||||
Unrealized Appreciation on Investments and Foreign Currency | 1,296,801 | 3,392,400 | 1,329,809 | |||||||||
Other Temporary Differences | (1 | ) | 1 | |||||||||
Total Distributable Earnings (Accumulated Losses) | $ | 1,500,354 | $ | 3,538,963 | $ | 1,297,842 |
122
Notes to Financial Statements (unaudited) (continued) | ||
May 31, 2020 |
5. TAX INFORMATION (continued)
Global X Funds | ||||||||||||||||||||
Global X Cannabis ETF | Global X U.S. Infrastructure Development ETF | Global X Conscious Companies ETF | Global X Founder-Run Companies ETF | Global X Thematic Growth ETF | ||||||||||||||||
Undistributed Ordinary Income | $ | 44,288 | $ | 506,268 | $ | 535,548 | $ | 8,874 | $ | 352 | ||||||||||
Capital Loss Carryforwards | (10,884 | ) | (515,389 | ) | (367,291 | ) | (77,595 | ) | – | |||||||||||
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency | (1,193,026 | ) | 3,853,707 | 13,155,561 | 146,448 | 126,465 | ||||||||||||||
Other Temporary Differences | – | 2 | – | (1 | ) | – | ||||||||||||||
Total Distributable Earnings (Accumulated Losses) | $ | (1,159,622 | ) | $ | 3,844,588 | $ | 13,323,818 | $ | 77,726 | $ | 126,817 |
For taxable years beginning after December 22, 2010, a RIC is permitted to carry forward net capital losses to offset capital gains realized in later years, and the losses carried forward retain their original character as either long-term or short-term losses. Losses carried forward under these provisions are as follows:
Global X Funds | Short-Term Loss | Long-Term Loss | Total | |||||||||
Global X Robotics & Artificial Intelligence Thematic ETF | $ | 104,042,882 | $ | 14,898,728 | $ | 118,941,610 | ||||||
Global X FinTech ETF | 5,673,993 | 6,179,491 | 11,853,484 | |||||||||
Global X Internet of Things Thematic ETF | 1,620,664 | 330,768 | 1,951,432 | |||||||||
Global X Future Analytics Tech ETF | 496,769 | − | 496,769 | |||||||||
Global X Autonomous & Electric Vehicles ETF | 724,421 | 267,047 | 991,468 | |||||||||
Global X Health & Wellness Thematic ETF | 21,198 | 65,116 | 86,314 | |||||||||
Global X Cannabis ETF | 10,884 | − | 10,884 | |||||||||
Global X U.S. Infrastructure Development ETF | 515,389 | − | 515,389 | |||||||||
Global X Conscious Companies ETF | 325,980 | 41,311 | 367,291 | |||||||||
Global X Founder-Run Companies ETF | 26,773 | 50,822 | 77,595 |
123
Notes to Financial Statements (unaudited) (continued) | ||
May 31, 2020 |
5. TAX INFORMATION (continued)
During the year ended November 30, 2019, the following Funds utilized capital loss carryforwards to offset capital gains amounting to:
Global X Funds | Short-Term Loss | Long-Term Loss | Total | |||||||||
Global X U.S. Infrastructure Development ETF | $ | − | $ | 1,738 | $ | 1,738 | ||||||
Global X Health & Wellness Thematic ETF | 178 | − | 178 |
The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at May 31, 2020, were as follows:
Global X Funds | Federal Tax Cost | Aggregated Gross Unrealized Appreciation | Aggregated Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Global X Robotics & Artificial Intelligence ETF | $ | 1,612,706,342 | $ | 231,991,921 | $ | (282,162,750 | ) | $ | (50,170,829 | ) | ||||||
Global X FinTech ETF | 500,245,106 | 97,850,326 | (29,332,712 | ) | 68,517,614 | |||||||||||
Global X Internet of Things ETF | 158,982,178 | 26,036,534 | (11,155,220 | ) | 14,881,314 | |||||||||||
Global X Cloud Computing ETF | 575,080,705 | 112,695,798 | (11,277,779 | ) | 101,418,019 | |||||||||||
Global X Future Analytics Tech ETF | 40,929,820 | 8,395,273 | (2,396,001 | ) | 5,999,272 | |||||||||||
Global X Autonomous & Electric Vehicles ETF | 21,224,908 | 2,068,170 | (3,924,809 | ) | (1,856,639 | ) | ||||||||||
Global X Genomics & Biotechnology ETF | 31,057,668 | 4,572,164 | (1,017,057 | ) | 3,555,107 | |||||||||||
Global X Video Games and Esports ETF | 94,214,259 | 14,144,765 | (499,331 | ) | 13,645,434 | |||||||||||
Global X Cybersecurity ETF | 10,566,799 | 1,281,366 | (205,975 | ) | 1,075,391 | |||||||||||
Global X Millennials Thematic ETF | 75,310,863 | 9,691,469 | (6,816,645 | ) | 2,874,824 | |||||||||||
Global X Longevity Thematic ETF | 22,892,314 | 5,159,822 | (1,432,073 | ) | 3,727,749 | |||||||||||
Global X Health & Wellness Thematic ETF | 21,296,811 | 1,636,865 | (3,366,752 | ) | (1,729,887 | ) | ||||||||||
Global X Cannabis ETF | 17,293,400 | 507,102 | (2,519,791 | ) | (2,012,689 | ) | ||||||||||
Global X U.S. Infrastructure Development ETF | 141,457,775 | 3,455,485 | (30,271,574 | ) | (26,816,089 | ) | ||||||||||
Global X Conscious Companies ETF | 209,101,459 | 35,278,596 | (1,830,223 | ) | 33,448,373 | |||||||||||
Global X Founder-Run Companies ETF | 4,604,247 | 352,894 | (627,463 | ) | (274,569 | ) | ||||||||||
Global X Thematic Growth ETF | 5,446,723 | 403,538 | (32,439 | ) | 371,099 |
The Funds invest in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries.
6. CONCENTRATION OF RISKS
The Funds may invest in companies focused on business activities in emerging economic themes. Such thematic companies typically face intense competition and potentially rapid product obsolescence. Thematic companies may have limited product lines, markets, financial resources or personnel. These companies typically engage in significant amounts of spending on research and development, capital expenditures and
124
Notes to Financial Statements (unaudited) (continued) | ||
May 31, 2020 |
6. CONCENTRATION OF RISKS (continued)
mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. These companies are also frequently dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. Such companies may be potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. The emergent nature of many economic themes could result in increasing regulatory scrutiny in the future, which may impede the growth of companies that develop and/or focus on such economic themes. Similarly, the collection of data from consumers and other sources is frequently a critical component in emerging economic themes and could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. Finally, these companies may be involved in young, fast evolving industries with increased exposure to the risks associated with changes in applicable laws (including regulation, other rule changes, and related federal and state enforcement activities), as well as market developments, which may cause businesses to contract or close suddenly and negatively impact the value of these companies.
The Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on either income or gains earned or repatriated. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned. The Funds use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of the underlying index in approximately the same proportions as in the underlying index.
The Funds may utilize a representative sampling strategy with respect to their underlying indices when a replication strategy might be detrimental to their shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to follow its underlying index, or, in certain instances, when securities in the underlying index become temporarily illiquid, unavailable or less liquid, or due to legal restrictions (such as diversification requirements that apply to the Funds but not to the underlying indexes). Commodity related securities are susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets could have a substantial impact on these Funds.
A more complete description of risks is included in each Fund’s Prospectus and Statement of Additional Information.
7. LOANS OF PORTFOLIO SECURITIES
The Funds may lend portfolio securities having a market value up to one-third of the Funds’ total assets. Security loans made pursuant to a securities lending agreement with BBH are required at all times to be secured by collateral equal to at least 102% for U.S.-based securities and 105% for foreign-based securities. Such collateral will be cash or
125
Notes to Financial Statements (unaudited) (continued) | ||
May 31, 2020 |
7. LOANS OF PORTFOLIO SECURITIES (continued)
securities issued or guaranteed by the U.S. Government or any agencies. Cash collateral received in connection with these loans can be invested in repurchase agreements, short-term investments, or U.S. Treasury obligations and is accounted for in the Schedule of Investments and Statement of Assets and Liabilities. The obligation to return securities lending collateral is also recognized as a liability in the Statement of Assets and Liabilities. It is the Funds’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan.
Lending securities entails a risk of loss to the Funds if and to the extent that the market values of the securities loaned were to increase and the borrower did not increase the collateral accordingly and the borrower failed to return the securities. The Funds could also experience delays and costs gaining access to the collateral. The Funds bear the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested.
As of May 31, 2020, the value of securities on loan was $122,421,080, $40,174,322, $4,293,915, $71,456, $445,891, $1,072,329, $3,282,607, and $355,028, for the Global X Robotics and Artificial Intelligence ETF, Global X FinTech ETF, Global X Internet of Things ETF, Global X Future Analytics Tech ETF, Global X Autonomous & Electric Vehicles ETF, Global X Millenials Thematic ETF, Global X Cannabis ETF and Global X U.S. Infrastructure Development ETF, respectively, and the cash collateral recieved from securities on loan was $131,218,660, $42,369,873, $4,401,194, $72,380, $465,236, $1,070,245, $3,643,340, and $369,743, for the the Global X Robotics and Artificial Intelligence ETF, Global X FinTech ETF, Global X Internet of Things ETF, Global X Future Analytics Tech ETF, Global X Autonomous & Electric Vehicles ETF, Global X Millenials Thematic ETF, Global X Cannabis ETF and Global X U.S. Infrastructure Development ETF, respectively.
126
Notes to Financial Statements (unaudited) (continued) | ||
May 31, 2020 |
7. LOANS OF PORTFOLIO SECURITIES (continued)
Market Value | Cash Collateral | |||||||
Global X Robotics & Artificial Intelligence ETF | ||||||||
Barclays Bank | $ | 12,481,886 | $ | 12,551,215 | (1) | |||
BofA Securities | 62,878,204 | 65,612,247 | ||||||
Citigroup | 2,010,860 | 2,115,320 | ||||||
Credit Suisse | 250,615 | 263,500 | ||||||
Goldman Sachs & Co. | 3,664,487 | 7,563,704 | ||||||
JPMorgan | 1,642,940 | 1,631,168 | (1) | |||||
Morgan Stanley | 38,899,634 | 40,861,037 | ||||||
UBS AG London Branch | 557,646 | 586,644 | ||||||
UBS Securities LLC | 5,943 | 5,775 | (1) | |||||
Wells Fargo | 28,866 | 28,050 | (1) | |||||
Global X FinTech ETF | ||||||||
Barclays Bank | 14,606,839 | 14,988,283 | ||||||
BofA Securities | 72,400 | 76,100 | ||||||
Citigroup | 3,168,444 | 3,286,118 | ||||||
Credit Suisse | 6,410,060 | 6,739,210 | ||||||
Goldman Sachs & Co. | 1,341,684 | 2,027,142 | ||||||
JPMorgan | 5,081 | 5,368 | ||||||
Morgan Stanley | 13,991,419 | 14,649,295 | ||||||
Natl Financial Services Corp | 578,396 | 598,357 | ||||||
Global X Internet of Things ETF | ||||||||
Barclays Bank | 1,109,505 | 1,136,350 | ||||||
BofA Securities | 22,168 | 23,313 | ||||||
Citigroup | 217,912 | 221,895 | ||||||
Goldman Sachs & Co. | 166,846 | 175,461 | ||||||
JPMorgan | 2,777,484 | 2,844,175 | ||||||
Global X Future Analytics Tech ETF | ||||||||
Natl Financial Services Corp | 71,456 | 72,380 | (1) | |||||
Global X Autonomous & Electric Vehicles ETF | ||||||||
BofA Securities | 88 | 95 | ||||||
Goldman Sachs & Co. | 438,528 | 457,366 | ||||||
JPMorgan | 7,275 | 7,776 | ||||||
Global X Millennials Thematic ETF | ||||||||
BofA Securities | 165,213 | 161,415 | (1) | |||||
Natl Financial Services Corp | 367,467 | 366,385 | (1) | |||||
UBS Securities LLC | 539,649 | 542,445 | (1) |
127
Notes to Financial Statements (unaudited) (continued) | ||
May 31, 2020 |
7. LOANS OF PORTFOLIO SECURITIES (continued)
Market Value | Cash Collateral | |||||||
Global X Cannabis ETF | ||||||||
Barclays Bank | $ | 399,375 | $ | 434,605 | ||||
Citigroup | 401,801 | 443,746 | ||||||
Credit Suisse | 207,292 | 232,848 | ||||||
Goldman Sachs & Co. | 482,957 | 542,427 | ||||||
JPMorgan | 517,306 | 571,407 | ||||||
Morgan Stanley | 356,117 | 393,104 | ||||||
Scotia Capital | 660,404 | 739,864 | ||||||
UBS AG London Branch | 22,699 | 24,516 | ||||||
UBS Securities LLC | 234,657 | 260,823 | ||||||
Global X U.S. Infrastructure Development ETF | ||||||||
Goldman Sachs & Co. | 32,160 | 33,759 | ||||||
UBS Securities LLC | 127,890 | 129,850 | ||||||
Wells Fargo | 194,978 | 206,134 |
(1) It is the Funds’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan.
8. CONTRACTUAL OBLIGATIONS
The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds’ maximum exposure under these arrangements is unknown. However, the Funds have not had prior gains or losses pursuant to these contracts. Management has reviewed the Funds’ existing contracts and expects the risk of loss to be remote.
Pursuant to the Trust’s organizational documents, the Trustees of the Trust and the Trust’s officers are indemnified against certain liabilities that may arise out of the performance of their duties.
9. REGULATORY MATTERS
On August 17, 2018, the Securities & Exchange Commission adopted amendments to Regulation S-X. These changes are effective for periods after November 5, 2018. The updates to Registered Investment Companies were mainly focused on simplifying the presentation of distributable earnings by eliminating the need to present the components of distributable earnings on a book basis in the Statement of Assets and Liabilities. The update also impacted the presentation of undistributed net investment income and distributions to shareholders on the Statements of Changes in Net Assets. The amounts presented in the current Statements of Changes in Net Assets represent the aggregated total distributions of net investment income and realized capital gains, except for distributions classified as return of capital which are still presented separately.
128
Notes to Financial Statements (unaudited) (concluded) | ||
May 31, 2020 |
10. NEW ACCOUNTING PRONOUNCEMENTS
In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820). The new guidance includes additions and modifications to disclosures requirements for fair value measurements. For public entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Management elected to early adopt the removal of certain disclosures and delay the adoption of additional disclosures until the effective date.
11. SUBSEQUENT EVENTS
The Funds have been evaluated regarding the need for additional disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, please note the additional disclosure:
Effective June 15, 2020, the Global X Future Analytics Tech ETF was renamed Global X Artificial Intelligence & Technology ETF.
Effective June 15, 2020, the Management Fee of the Global X Genomics & Biotechnology ETF was reduced to 0.50%.
129
Disclosure of Fund Expenses (unaudited) |
All exchange traded funds (“ETFs”) have operating expenses. As a shareholder of an ETF, your investment is affected by these ongoing costs, which include (among others) costs for ETF management, administrative services, commissions, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns. In addition, a shareholder is responsible for brokerage fees as a result of their investment in the Fund.
Operating expenses such as these are deducted from an ETF’s gross income and directly reduce its final investment return. These expenses are expressed as a percentage of the ETF’s average net assets; this percentage is known as the ETF’s expense ratio.
The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (December 1, 2019 to May 31, 2020).
The table on the next page illustrates your Fund’s costs in two ways:
Actual Fund Return. This section helps you to estimate the actual expenses that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.
You can use this information, together with the actual amount you invested in the Funds, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Funds under “Expenses Paid During Period.”
Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other funds. It assumes that the Funds had an annual 5% return before expenses during the period, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.
NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.
130
Disclosure of Fund Expenses (unaudited) (continued) |
Beginning Account Value 12/1/2019 | Ending Account Value 5/31/2020 | Annualized Expense Ratios | Expenses Paid During Period(1) | |||||||||||||
Global X Robotics & Artificial Intelligence ETF | ||||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 1,082.20 | 0.69 | % | $ | 3.59 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,021.55 | 0.69 | 3.49 | ||||||||||||
Global X FinTech ETF | ||||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 1,056.40 | 0.68 | % | $ | 3.50 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,021.60 | 0.68 | 3.44 | ||||||||||||
Global X Internet of Things ETF | ||||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 998.10 | 0.68 | % | $ | 3.40 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,021.60 | 0.68 | 3.44 | ||||||||||||
Global X Cloud Computing ETF | ||||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 1,247.60 | 0.68 | % | $ | 3.82 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,021.60 | 0.68 | 3.44 | ||||||||||||
Global X Future Analytics Tech ETF | ||||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 1,127.90 | 0.68 | % | $ | 3.62 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,021.60 | 0.68 | 3.44 | ||||||||||||
Global X Autonomous & Electric Vehicles ETF | ||||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 960.00 | 0.68 | % | $ | 3.33 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,021.60 | 0.68 | 3.44 | ||||||||||||
Global X Genomics & Biotechnology ETF | ||||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 1,057.70 | 0.68 | % | $ | 3.50 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,021.60 | 0.68 | 3.44 | ||||||||||||
Global X Video Games and Esports ETF | ||||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 1,294.00 | 0.51 | % | $ | 2.92 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,022.45 | 0.51 | 2.58 | ||||||||||||
Global X Cybersecurity ETF | ||||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 1,137.50 | 0.50 | % | $ | 2.67 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,022.50 | 0.50 | 2.53 | ||||||||||||
Global X Millennials Thematic ETF | ||||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 1,027.50 | 0.50 | % | $ | 2.53 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,022.50 | 0.50 | 2.53 | ||||||||||||
Global X Longevity Thematic ETF | ||||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 1,033.90 | 0.50 | % | $ | 2.54 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,022.50 | 0.50 | 2.53 | ||||||||||||
Global X Health & Wellness Thematic ETF | ||||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 927.40 | 0.50 | % | $ | 2.41 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,022.50 | 0.50 | 2.53 |
131
Disclosure of Fund Expenses (unaudited) (continued) |
Beginning Account Value 12/1/2019 | Ending Account Value 5/31/2020 | Annualized Expense Ratios | Expenses Paid During Period(1) | |||||||||||||
Global X Cannabis ETF | ||||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 778.10 | 0.51 | % | $ | 2.27 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,022.45 | 0.51 | 2.58 | ||||||||||||
Global X U.S. Infrastructure Development ETF | ||||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 845.90 | 0.47 | % | $ | 2.17 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,022.65 | 0.47 | 2.38 | ||||||||||||
Global X Conscious Companies ETF | ||||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 946.10 | 0.43 | % | $ | 2.09 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,022.85 | 0.43 | 2.17 | ||||||||||||
Global X Founder-Run Companies ETF | ||||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 1,060.20 | 0.45 | % | $ | 2.32 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,022.75 | 0.45 | 2.28 | ||||||||||||
Global X Thematic Growth ETF | ||||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 1,101.50 | 0.00 | % | $ | 0.00 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,024.35 | 0.00 | 0.00 |
(1) | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 183/366 (to reflect the one-half year period.) |
132
Liquidity Risk Management Program (unaudited) |
Pursuant to Rule 22e-4 under the 1940 Act, the Funds’ investment adviser has adopted, and the Board has approved, a liquidity risk management program (the “Program”) to govern the Funds’ approach to managing liquidity risk. The Program is overseen by the Funds’ Liquidity Risk Management Committee (the “Committee”), and the Program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Funds.
At a meeting of the Board held on May 29, 2020, the Trustees received a report from the Committee addressing the operations of the Program and assessing its adequacy and effectiveness of implementation for the period from December 1, 2018 through December 31, 2019. The Committee’s report noted that the Committee had determined that the Program is reasonably designed to assess and manage each Fund’s Liquidity Risk and operated adequately and effectively to manage each Fund’s Liquidity Risk for the period covered by the report. The Committee’s report noted that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. The Committee’s report further noted that no material changes have been made to the Program since its implementation.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding a Fund’s exposure to liquidity risk and other principal risks to which an investment in the Funds may be subject.
133
Supplemental Information (unaudited) |
Net asset value, or “NAV”, is the price per Share at which the Funds issue and redeem Shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of the Funds generally is determined using the midpoint between the highest bid and the lowest offer on the stock exchange on which the Shares of the Funds are listed for trading, as of the time that the Funds’ NAV is calculated. The Funds’ Market Price may be at, above or below their NAV. The NAV of the Funds will fluctuate with changes in the market value of the Funds’ holdings. The Market Price of the Funds will fluctuate in accordance with changes in its NAV, as well as market supply and demand.
Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of the Funds on a given day, generally at the time NAV is calculated. A premium is the amount that the Funds are trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that the Funds are trading below the reported NAV, expressed as a percentage of the NAV.
Further information regarding premiums and discounts is available on the Funds’ website at www.globalxetfs.com.
134
Notes |
Notes |
Notes |
Notes |
Notes |
Notes |
605 3rd Avenue, 43rd Floor
New York, NY 10158
1-888-493-8631
www.globalxetfs.com
Investment Adviser and Administrator:
Global X Management Company LLC
605 3rd Avenue, 43rd Floor
New York, NY 10158
Distributor:
SEI Investments Distribution Co.
One Freedom Valley Drive
Oaks, PA 19456
Sub-Administrator:
SEI Investments Global Funds Services
One Freedom Valley Drive
Oaks, PA 19456
Counsel for Global X Funds and the Independent Trustees:
Stradley Ronon Stevens & Young, LLP
2000 K Street, N.W.
Suite 700
Washington, DC 20006
Custodian and Transfer Agent:
Brown Brothers Harriman & Co.
50 Post Office Square
Boston, MA 02110
Independent Registered Public Accounting Firm:
PricewaterhouseCoopers LLP
Two Commerce Square
Suite 1800
2001 Market Street
Philadelphia, PA 19103
This information must be preceded or accompanied by a current prospectus for the Funds described.
GLX-SA-007-0500
Item 2. Code of Ethics.
Not applicable for semi-annual report.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual report.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual report.
Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual report.
Item 6. Investments.
Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end management investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes.
Item 11. Controls and Procedures.
(a) The certifying officers, whose certifications are included herewith, have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing date of this report. In their opinion, based on their evaluation, the registrant’s disclosure controls and procedures are adequately designed, and are operating effectively to ensure, that information required to be disclosed by the registrant in the reports it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
(b) There were no significant changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable to open-end management investment companies.
Item 13. Exhibits.
(a)(1) Not applicable for semi-annual report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Global X Funds |
/s/ Luis Berruga | |
By (Signature and Title)* | Luis Berruga |
President |
Date: August 7, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
/s/ Luis Berruga | |
By (Signature and Title)* | Luis Berruga |
President |
Date: August 7, 2020
/s/ Chang Kim | |
By (Signature and Title)* | Chang Kim |
Chief Financial Officer |
Date: August 7, 2020
* Print the name and title of each signing officer under his or her signature.