# EDGAR Filing Document

**Accession Number:** 0001432353
**File Stem:** 0000930413-26-000080
**Filing Date:** 2026-1
**Character Count:** 254419
**Document Hash:** e1506c16d728bdd69001ed93e32929b8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-26-000080.hdr.sgml**: 20260109

**ACCESSION NUMBER**: 0000930413-26-000080

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260109

**DATE AS OF CHANGE**: 20260109

**EFFECTIVENESS DATE**: 20260109

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Global X Funds
- **CENTRAL INDEX KEY:** 0001432353

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22209
- **FILM NUMBER:** 26523886

**BUSINESS ADDRESS:**
- **STREET 1:** 605 THIRD AVENUE
- **STREET 2:** 43RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10158
- **BUSINESS PHONE:** (212) 644-6110

**MAIL ADDRESS:**
- **STREET 1:** 605 THIRD AVENUE
- **STREET 2:** 43RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10158

## Series and Classes Contracts Data

### Global X MSCI Norway ETF (Series ID: S000023259)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000068030 | Global X MSCI Norway ETF | NORW            |

### Global X MSCI Argentina ETF (Series ID: S000024772)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000073663 | Global X MSCI Argentina ETF | ARGT            |

### Global X MSCI Colombia ETF (Series ID: S000024773)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000073664 | Global X MSCI Colombia ETF | COLO            |

### Global X MSCI China Consumer Discretionary ETF (Series ID: S000026979)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000081214 | Global X MSCI China Consumer Discretionary ETF | CHIQ            |

### Global X FTSE Southeast Asia ETF (Series ID: S000031097)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000096448 | Global X FTSE Southeast Asia ETF | ASEA            |

### Global X MSCI Greece ETF (Series ID: S000033909)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000104595 | Global X MSCI Greece ETF | GREK            |

### Global X DAX Germany ETF (Series ID: S000063351)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000205374 | Global X DAX Germany ETF | DAX             |

### Global X MSCI Vietnam ETF (Series ID: S000074170)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000231755 | Global X MSCI Vietnam ETF | VNAM            |

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

**Investment Company Act file number 811-22209**

**Global X Funds** 

(Exact name of registrant as specified in charter)

605 Third Avenue, 43rd floor

New York, NY 10158

(Address of principal executive offices) (Zip code)

Jasmin M. Ali, Esquire

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:

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

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

**Date of fiscal year end: October 31, 2025**

**Date of reporting period: October 31, 2025**

**Item 1.** **Reports to Stockholders.**

(a) 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 Funds
![Image](ibd0d4247168910a6d7e4dfc7.jpg)

## Global X MSCI Colombia ETF

## Ticker: COLO<sup>**Footnote Reference 1**</sup>

## Principal Listing Exchange: NYSE Arca, Inc.

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about the Global X MSCI Colombia ETF (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/colo/. You can also request this information by contacting us at 1-888-493-8631.

 <sup>1</sup> Effective June 20, 2025, the Fund's ticker changed from GXG to COLO.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X MSCI Colombia ETF | $82 | 0.62% |

---

## How did the Fund perform in the last year?
The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Colombia Select 25/50 Index ("Secondary Index"). The Fund is passively managed and generally seeks to fully replicate the Secondary Index.

The Secondary Index is designed to represent the performance of the broad Colombia equity universe, as defined by MSCI, Inc. ("MSCI"), the provider of the Secondary Index. The broad Colombia equity universe includes securities that are classified in Colombia according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Colombia and carry out the majority of their operations in Colombia. The Secondary Index also applies minimum liquidity thresholds as criteria for company inclusion.

For the 12-month period ended October 31, 2025 (the "reporting period"), the Fund increased 64.05%, while the Secondary Index increased 64.02%. The Fund had a net asset value of $23.10 per share on October 31, 2024 and ended the reporting period with a net asset value of $35.26 per share on October 31, 2025.

The Fund recorded positive performance over the reporting period as Colombia's macro backdrop improved. Inflation cooled and steadied through mid-2025 while the central bank cut the policy rate in April, helping stabilize borrowing costs and supporting sentiment toward rate-sensitive areas such as financials. Domestic activity increased, with gross domestic product rising and unemployment easing, underpinning earnings for domestically focused holdings. Currency strength amplified U.S.-dollar returns as the Colombian peso appreciated significantly against the dollar in 2025. Energy exposure also contributed to positive performance, supported by reserve additions and an active 2025 investment program at Colombia's national oil company, which bolstered expectations for production and cash generation. These factors outweighed mid-year policy debate over suspending the fiscal rule — which was designed to limit government debt — and subsequent sovereign downgrades, which briefly lifted risk premiums and added volatility.

#### How did the Fund perform during the last 10 years?

## Total Return Based on $10,000 Investment
![Growth Chart](id4bd7fba946baa15c8cf35cf.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X MSCI Colombia ETF** | **MSCI Emerging Markets Index (USD) (NR)<sup>Footnote Reference\*</sup>** | **MSCI All Colombia Select 25/50 Index (USD) (NR)<sup>Footnote Reference^</sup><sup>Footnote Reference\*</sup>** |
| **Oct/15** | $10000 | $10000 | $10000 |
| **Oct/16** | $10655 | $10927 | $10696 |
| **Oct/17** | $11213 | $13817 | $11337 |
| **Oct/18** | $10367 | $12088 | $10552 |
| **Oct/19** | $11928 | $13521 | $12199 |
| **Oct/20** | $7525 | $14636 | $7676 |
| **Oct/21** | $10232 | $17119 | $10491 |
| **Oct/22** | $7020 | $11807 | $7252 |
| **Oct/23** | $7659 | $13083 | $7936 |
| **Oct/24** | $9436 | $16394 | $9821 |
| **Oct/25** | $15480 | $20971 | $16108 |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/colo/ for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote^ | &nbsp;&nbsp;Performance through August 30, 2016 reflects the performance of the MSCI All Colombia Capped Index. Performance thereafter reflects the performance of the MSCI All Colombia Select 25/50 Index. |
| Footnote\* | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |

---

## Average Annual Total Returns as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>10 Years</u>** |
| Global X MSCI Colombia ETF | 64.05% | 15.52% | 4.47% |
| MSCI Emerging Markets Index (USD) (NR)<sup>Footnote Reference\*</sup> | 27.91% | 7.46% | 7.69% |
| MSCI All Colombia Select 25/50 Index (USD) (NR)<sup>Footnote Reference^</sup><sup>Footnote Reference\*</sup> | 64.02% | 15.98% | 4.88% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $108592163 | 30 | $472970 | 43.75% |

---

## What did the Fund invest in?

## Asset/Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](ifc6c2464c777318f2d5a46cc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Repurchase Agreements | 2.4% |
| Consumer Discretionary | 2.7% |
| Industrials | 3.0% |
| Real Estate | 3.8% |
| Materials | 12.3% |
| Energy | 13.1% |
| Utilities | 22.3% |
| Financials | 42.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Cibest - Preferred Stock | 15.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interconexion Electrica ESP | 8.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Cibest - Common Stock | 8.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ecopetrol | 6.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Aval Acciones y Valores | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Energia Bogota ESP | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Davivienda | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cementos Argos | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Aris Mining | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Patrimonio Autonomo Estrategias Inmobiliarias | 3.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Repurchase Agreements are not shown in the top ten chart. |

---

## Material Fund Changes
There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-888-493-8631 

* https://www.globalxetfs.com/funds/colo/ 

# Global X Funds

## Global X MSCI Colombia ETF: COLO
**Principal Listing Exchange: NYSE Arca, Inc.**

**Annual Shareholder Report: October 31, 2025**

**GX-AR-COLO-2025**

![Image](ibd0d4247168910a6d7e4dfc7.jpg)

# Global X Funds
![Image](ibd0d4247168910a6d7e4dfc7.jpg)

## Global X MSCI China Consumer Discretionary ETF

## Ticker: CHIQ

## Principal Listing Exchange: NYSE Arca, Inc.

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about the Global X MSCI China Consumer Discretionary ETF (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/chiq. You can also request this information by contacting us at 1-888-493-8631.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X MSCI China Consumer Discretionary ETF | $70 | 0.65% |

---

## How did the Fund perform in the last year?
The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Consumer Discretionary 10/50 Index ("Secondary Index"). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Secondary Index.

The Secondary Index tracks the performance of companies in the MSCI China Index that are classified in the Consumer Discretionary sector, as defined by MSCI, Inc., the Secondary Index provider.

For the 12-month period ended October 31, 2025 (the "reporting period"), the Fund increased 14.55%, while the Secondary Index increased 15.26%. The Fund had a net asset value of $20.67 per share on October 31, 2024 and ended the reporting period with a net asset value of $23.09 per share on October 31, 2025.

The Fund's performance was positive over the reporting period. A series of government measures to boost household spending, especially the expansion of appliance and electronics trade-in subsidies announced in January 2025, supported consumer-oriented areas, including automotives and home goods. Consumption trends improved through mid-year, with retail sales up 5.00% year on year in the first half of 2025, aiding e-commerce and retail activity. Holiday promotions and state-backed incentives also led to increased demand during major shopping events late in 2024. However, persistent property-sector stress and falling resale home prices into September 2025 led to cautious consumer spending on larger scale items. Additional policy signals at the end of the period, including the government's issuance of a new financing tool worth 500 billion yuan to support national projects, helped stabilize investor sentiment, leading to the Fund's slightly positive overall performance.

#### How did the Fund perform during the last 10 years?

## Total Return Based on $10,000 Investment
![Growth Chart](id18493efc444ae6860ac904a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X MSCI China Consumer Discretionary ETF** | **MSCI Emerging Markets Index (USD) (NR)<sup>Footnote Reference\*</sup>** | **MSCI China Consumer Discretionary 10/50 Index (USD) (NR)<sup>Footnote Reference^</sup><sup>Footnote Reference\*</sup>** |
| **Oct/15** | $10000 | $10000 | $10000 |
| **Oct/16** | $9143 | $10927 | $9218 |
| **Oct/17** | $13522 | $13817 | $13716 |
| **Oct/18** | $10588 | $12088 | $10814 |
| **Oct/19** | $14209 | $13521 | $14614 |
| **Oct/20** | $23869 | $14636 | $24700 |
| **Oct/21** | $24281 | $17119 | $25160 |
| **Oct/22** | $11831 | $11807 | $12320 |
| **Oct/23** | $14445 | $13083 | $15139 |
| **Oct/24** | $17334 | $16394 | $18291 |
| **Oct/25** | $19855 | $20971 | $21083 |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/chiq for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote^ | &nbsp;&nbsp;Performance through December 5, 2018 reflects the performance of the Solactive China Consumer Total Return Index and the MSCI China Consumer Discretionary 10/50 Index thereafter. |
| Footnote\* | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |

---

## Average Annual Total Returns as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>10 Years</u>** |
| Global X MSCI China Consumer Discretionary ETF | 14.55% | -3.62% | 7.10% |
| MSCI Emerging Markets Index (USD) (NR)<sup>Footnote Reference\*</sup> | 27.91% | 7.46% | 7.69% |
| MSCI China Consumer Discretionary 10/50 Index (USD) (NR)<sup>Footnote Reference^</sup><sup>Footnote Reference\*</sup> | 15.26% | -3.12% | 7.74% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $234856162 | 67 | $1513614 | 23.57% |

---

## What did the Fund invest in?

## Asset/Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i20dd039497115597d4fba2ea.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Futures Contracts | 0.0% |
| Repurchase Agreements | 2.0% |
| Consumer Discretionary | 99.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding | 11.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;PDD Holdings ADR | 10.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meituan, Cl B | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;BYD, Cl H | 6.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;JD.com, Cl A | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trip.com Group | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;NIO, Cl A | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;XPeng, Cl A | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Geely Automobile Holdings | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Yum China Holdings | 2.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Repurchase Agreements are not shown in the top ten chart. |

---

## Material Fund Changes
There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-888-493-8631 

* https://www.globalxetfs.com/funds/chiq 

# Global X Funds

## Global X MSCI China Consumer Discretionary ETF: CHIQ
**Principal Listing Exchange: NYSE Arca, Inc.**

**Annual Shareholder Report: October 31, 2025**

**GX-AR-CHIQ-2025**

![Image](ibd0d4247168910a6d7e4dfc7.jpg)

# Global X Funds
![Image](ibd0d4247168910a6d7e4dfc7.jpg)

## Global X MSCI Norway ETF

## Ticker: NORW

## Principal Listing Exchange: NYSE Arca, Inc.

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about the Global X MSCI Norway ETF (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/norw/. You can also request this information by contacting us at 1-888-493-8631.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X MSCI Norway ETF | $55 | 0.50% |

---

## How did the Fund perform in the last year?
The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Norway IMI 25/50 Index ("Secondary Index"). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Secondary Index.

The Secondary Index is designed to reflect broad based equity market performance in Norway as defined by MSCI, Inc. ("MSCI"), the provider of the Secondary Index. The broad Norway equity universe includes securities that are classified in Norway according to the MSCI Global Investable Market Index Methodology.

For the 12-month period ended October 31, 2025 (the "reporting period"), the Fund increased 21.00%, while the Secondary Index increased 21.67%. The Fund had a net asset value of $25.02 per share on October 31, 2024 and ended the reporting period with a net asset value of $28.91 per share on October 31, 2025.

The Fund posted a gain over the period, supported by favorable domestic policy and energy-sector dynamics. Norges Bank began easing financial conditions with policy rate cuts to 4.25% in June and 4.00% in September, which typically bolsters equity valuations and risk appetite. Energy exposures benefited from episodes of tighter European gas supply and solid operator updates. Macro signals were broadly supportive, with the IMF noting resilient activity and a projected pickup in mainland growth to 1.50% in 2025 as inflation trends lower, reinforcing the case for gradual policy normalization. Currency dynamics also helped late in the period as the Krone strengthened from August alongside slightly better-than-expected data, a backdrop that can support USD-based returns for Norwegian assets. Although oil prices softened toward the end of the period amid signals of increased OPEC+ supply, these headwinds were outweighed by supportive domestic policy, stable production, and firm gas-market conditions, leaving the portfolio with a net advance.

#### How did the Fund perform during the last 10 years?

## Total Return Based on $10,000 Investment
![Growth Chart](ib29175ca1b5430c271b3906d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X MSCI Norway ETF<sup>Footnote Reference\*\*</sup>** | **MSCI EAFE Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup>** | **MSCI Norway IMI 25/50 Index (USD) (NR)<sup>Footnote Reference†</sup><sup>Footnote Reference‡</sup>** |
| **Oct/15** | $10000 | $10000 | $10000 |
| **Oct/16** | $10686 | $9677 | $10727 |
| **Oct/17** | $13414 | $11945 | $13482 |
| **Oct/18** | $14281 | $11127 | $14407 |
| **Oct/19** | $12886 | $12355 | $13033 |
| **Oct/20** | $10783 | $11507 | $10931 |
| **Oct/21** | $17732 | $15441 | $18062 |
| **Oct/22** | $13880 | $11889 | $14154 |
| **Oct/23** | $14002 | $13602 | $14338 |
| **Oct/24** | $15786 | $16725 | $16261 |
| **Oct/25** | $19100 | $20578 | $19785 |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/norw/ for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote\*\* | &nbsp;&nbsp;Performance for periods prior to November 1, 2021 reflects the historical performance of a predecessor fund, the Global X MSCI Norway ETF, which was reorganized into the Fund, previously named the Global X FTSE Nordic Region ETF, on October 29, 2021. As a result of the reorganization, the Fund assumed the performance and accounting history of the predecessor Fund and was renamed the Global X MSCI Norway ETF. |
| Footnote\* | &nbsp;&nbsp;EAFE – Europe, Australasia, and the Far East |
| Footnote† | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |
| Footnote‡ | &nbsp;&nbsp;IMI - Investable Market Index |

---

## Average Annual Total Returns as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>10 Years</u>** |
| Global X MSCI Norway ETF<sup>Footnote Reference\*\*</sup> | 21.00% | 12.11% | 6.69% |
| MSCI EAFE Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 23.03% | 12.33% | 7.48% |
| MSCI Norway IMI 25/50 Index (USD) (NR)<sup>Footnote Reference†</sup><sup>Footnote Reference‡</sup> | 21.67% | 12.60% | 7.06% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $53365705 | 56 | $258203 | 8.98% |

---

## What did the Fund invest in?

## Country Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i9ddcf392198ee8799e6d4008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Denmark | 0.6% |
| Sweden | 0.7% |
| Singapore | 0.7% |
| South Africa | 0.7% |
| Faroe Islands | 1.3% |
| United Kingdom | 2.5% |
| Brazil | 3.4% |
| Norway | 89.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;DNB Bank | 12.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinor | 10.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kongsberg Gruppen | 6.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mowi | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Telenor | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Norsk Hydro | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Aker BP | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Orkla | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Storebrand | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Yara International | 3.4% |

---

## Material Fund Changes
There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-888-493-8631 

* https://www.globalxetfs.com/funds/norw/ 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](i474f4c9944ae69f6979b5fb6.jpg)

# Global X Funds

## Global X MSCI Norway ETF: NORW
**Principal Listing Exchange: NYSE Arca, Inc.**

**Annual Shareholder Report: October 31, 2025**

**GX-AR-NORW-2025**

![Image](ibd0d4247168910a6d7e4dfc7.jpg)

# Global X Funds
![Image](ibd0d4247168910a6d7e4dfc7.jpg)

## Global X FTSE Southeast Asia ETF

## Ticker: ASEA

## Principal Listing Exchange: NYSE Arca, Inc.

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about the Global X FTSE Southeast Asia ETF (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/asea. You can also request this information by contacting us at 1-888-493-8631.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X FTSE Southeast Asia ETF | $68 | 0.65% |

---

## How did the Fund perform in the last year?
The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE/ASEAN 40 Index ("Secondary Index").

The Secondary Index tracks the performance of the 40 largest companies in five of the Association of Southeast Asian Nations region's markets: Indonesia, Philippines, Singapore, Malaysia and Thailand, as determined by FTSE International Limited ("FTSE"), the provider of the Secondary Index. To be eligible for inclusion in the Secondary Index, a company must be a member of the FTSE All World Country Index for Singapore, Malaysia, Thailand, Indonesia or the Philippines.

For the 12-month period ended October 31, 2025 (the "reporting period"), the Fund increased 10.58%, while the Secondary Index increased 11.45%. The Fund had a net asset value of $16.63 per share on October 31, 2024 and ended the reporting period with a net asset value of $17.73 per share on October 31, 2025.

The Fund demonstrated a positive performance during the reporting period as policy easing and macro developments across key ASEAN markets were a tailwind. Financials, which comprise the largest sector exposure within the Fund, remained a primary driver of returns, supported by stable credit demand and improving asset quality in key markets. In Singapore, the central bank twice reduced its exchange-rate policy band in 2025 to cushion softer growth and inflation, aiding rate-sensitive sectors and exporters. The Philippines also cut reserve requirements and had successive policy rate reductions, supporting domestic demand and the financial sector. In Indonesia, initial rate cuts buoyed sentiment, but late-period weakness in the Indonesian rupiah tightened financial conditions and weighed on equity returns. Thailand's slower growth and tariff-related pressures led to additional central-bank easing, though slowed tourism and consumption trends continued to restrain equity performance. In Malaysia, targeted fuel-subsidy reforms alongside a mid-year rate cut helped contain inflation and support spending, offsetting some external trade uncertainty. Overall, accommodative regional policies and easing price pressures aided performance while currency swings and tariff risks capped gains.

#### How did the Fund perform during the last 10 years?

## Total Return Based on $10,000 Investment
![Growth Chart](id79153747a973c7ee1625e5c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X FTSE Southeast Asia ETF** | **MSCI Emerging Markets Index (USD) (NR)<sup>Footnote Reference\*</sup>** | **FTSE/ASEAN 40 Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup><sup>Footnote Reference‡</sup>** |
| **Oct/15** | $10000 | $10000 | $10000 |
| **Oct/16** | $10875 | $10927 | $10959 |
| **Oct/17** | $12961 | $13817 | $13157 |
| **Oct/18** | $12683 | $12088 | $12956 |
| **Oct/19** | $13816 | $13521 | $14224 |
| **Oct/20** | $10388 | $14636 | $10757 |
| **Oct/21** | $13706 | $17119 | $14302 |
| **Oct/22** | $13277 | $11807 | $13954 |
| **Oct/23** | $13725 | $13083 | $14526 |
| **Oct/24** | $16906 | $16394 | $18019 |
| **Oct/25** | $18695 | $20971 | $20081 |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/asea for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote\* | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |
| Footnote† | &nbsp;&nbsp;FTSE – Financial Times Stock Exchange |
| Footnote‡ | &nbsp;&nbsp;ASEAN – Association of Southeast Asian Nationals |

---

## Average Annual Total Returns as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>10 Years</u>** |
| Global X FTSE Southeast Asia ETF | 10.58% | 12.47% | 6.46% |
| MSCI Emerging Markets Index (USD) (NR)<sup>Footnote Reference\*</sup> | 27.91% | 7.46% | 7.69% |
| FTSE/ASEAN 40 Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup><sup>Footnote Reference‡</sup> | 11.45% | 13.30% | 7.22% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $67914568 | 41 | $398813 | 9.31% |

---

## What did the Fund invest in?

## Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](ic3fd26749ab63da41b2d9139.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Repurchase Agreement | 0.0% |
| China | 0.9% |
| Philippines | 3.7% |
| Malaysia | 15.2% |
| Indonesia | 15.7% |
| Thailand | 18.9% |
| Singapore | 45.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;DBS Group Holdings | 16.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oversea-Chinese Banking | 8.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Overseas Bank | 6.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Central Asia | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore Telecommunications | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Delta Electronics Thailand NVDR | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Malayan Banking | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Public Bank | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;CIMB Group Holdings | 2.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Repurchase Agreements are not shown in the top ten chart. |

---

## Material Fund Changes
There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-888-493-8631 

* https://www.globalxetfs.com/funds/asea 

# Global X Funds

## Global X FTSE Southeast Asia ETF: ASEA
**Principal Listing Exchange: NYSE Arca, Inc.**

**Annual Shareholder Report: October 31, 2025**

**GX-AR-ASEA-2025**

![Image](ibd0d4247168910a6d7e4dfc7.jpg)

# Global X Funds
![Image](ibd0d4247168910a6d7e4dfc7.jpg)

## Global X MSCI Argentina ETF

## Ticker: ARGT

## Principal Listing Exchange: NYSE Arca, Inc.

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about the Global X MSCI Argentina ETF (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/argt/. You can also request this information by contacting us at 1-888-493-8631.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X MSCI Argentina ETF | $68 | 0.59% |

---

## How did the Fund perform in the last year?
The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Argentina 25/50 Index ("Secondary Index"). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Secondary Index.

The Secondary Index is designed to represent the performance of the broad Argentina equity universe, as defined by MSCI, Inc., the provider of the Secondary Index ("Index Provider"), while including a minimum number of constituents. The broad Argentina equity universe includes securities that are classified in Argentina according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Argentina and carry out the majority of their operations in Argentina. The Secondary Index targets a minimum of 25 securities and 20 issuers at construction.

For the 12-month period ended October 31, 2025 (the "reporting period"), the Fund increased 30.87%, while the Secondary Index increased 31.45%. The Fund had a net asset value of $72.79 per share on October 31, 2024 and ended the reporting period with a net asset value of $94.10 per share on October 31, 2025.

The Fund recorded positive performance during the reporting period, indicating positive sentiment toward Argentine equities. Signals of fiscal consolidation and deregulation improved investor confidence, which supported banks and other domestically oriented companies as operating outlooks brightened. Though the Fund's performance was positive, currency policy shifts and Argentine peso volatility periodically offset local market gains, acting as a headwind to performance during the reporting period. Developments in the energy sector and efforts to expand export capacity underpinned energy production, while consumer-oriented holdings contended with pressure on real incomes and changing price frameworks. Headlines around budget targets, external financing discussions, and legislative negotiations intermittently raised risk premiums, contributing to volatility. Overall, supportive policy expectations outweighed macro frictions, leading to a net positive result for the reporting period.

#### How did the Fund perform during the last 10 years?

## Total Return Based on $10,000 Investment
![Growth Chart](i2f4314f479cdeb0e576e2802.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X MSCI Argentina ETF** | **MSCI Emerging Markets Index (USD) (NR)<sup>Footnote Reference\*</sup>** | **MSCI All Argentina 25/50 Index (USD) (NR)<sup>Footnote Reference\*</sup>** |
| **Oct/15** | $10000 | $10000 | $10000 |
| **Oct/16** | $12065 | $10927 | $12281 |
| **Oct/17** | $16382 | $13817 | $16713 |
| **Oct/18** | $13027 | $12088 | $13034 |
| **Oct/19** | $11452 | $13521 | $11512 |
| **Oct/20** | $12438 | $14636 | $12551 |
| **Oct/21** | $17425 | $17119 | $17668 |
| **Oct/22** | $16829 | $11807 | $17122 |
| **Oct/23** | $21150 | $13083 | $21602 |
| **Oct/24** | $40683 | $16394 | $41779 |
| **Oct/25** | $53243 | $20971 | $54917 |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/argt/ for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote\* | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |

---

## Average Annual Total Returns as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>10 Years</u>** |
| Global X MSCI Argentina ETF | 30.87% | 33.75% | 18.20% |
| MSCI Emerging Markets Index (USD) (NR)<sup>Footnote Reference\*</sup> | 27.91% | 7.46% | 7.69% |
| MSCI All Argentina 25/50 Index (USD) (NR)<sup>Footnote Reference\*</sup> | 31.45% | 34.34% | 18.57% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $786220559 | 33 | $5348051 | 32.02% |

---

## What did the Fund invest in?

## Asset/Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i55bdebbd5cb0810b683556a5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.2% |
| Industrials | 1.8% |
| Communication Services | 2.5% |
| Materials | 7.8% |
| Utilities | 10.3% |
| Consumer Staples | 11.3% |
| Repurchase Agreements | 15.6% |
| Energy | 20.8% |
| Financials | 21.7% |
| Consumer Discretionary | 22.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre | 20.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Financiero Galicia ADR | 11.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;YPF ADR | 11.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Macro ADR | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;SSR Mining | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vista Energy ADR | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pampa Energia ADR | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportadora de Gas del Sur ADR | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Embotelladora Andina | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Central Puerto ADR | 3.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Repurchase Agreements are not shown in the top ten chart. |

---

## Material Fund Changes
There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-888-493-8631 

* https://www.globalxetfs.com/funds/argt/ 

# Global X Funds

## Global X MSCI Argentina ETF: ARGT
**Principal Listing Exchange: NYSE Arca, Inc.**

**Annual Shareholder Report: October 31, 2025**

**GX-AR-ARGT-2025**

![Image](ibd0d4247168910a6d7e4dfc7.jpg)

# Global X Funds
![Image](ibd0d4247168910a6d7e4dfc7.jpg)

## Global X MSCI Greece ETF

## Ticker: GREK

## Principal Listing Exchange: NYSE Arca, Inc.

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about the Global X MSCI Greece ETF (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/grek/. You can also request this information by contacting us at 1-888-493-8631.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X MSCI Greece ETF | $74 | 0.56% |

---

## How did the Fund perform in the last year?
The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Greece Select 25/50 Index ("Secondary Index"). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Secondary Index.

The Secondary Index is designed to represent the performance of the broad Greece equity universe, as defined by MSCI, Inc. ("MSCI"), the Secondary Index provider. The broad Greece equity universe includes securities that are classified in Greece according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Greece and carry out the majority of their operations in Greece.

For the 12-month period ended October 31, 2025 (the "reporting period"), the Fund increased 65.92%, while the Secondary Index increased 67.07%. The Fund had a net asset value of $39.86 per share at the start of the period on October 31, 2024 and ended the reporting period with a net asset value of $62.45 per share on October 31, 2025.

The Fund delivered positive performance over the reporting period, aided by Greece's credit rating upgrades to "investment grade" by various ratings agencies, which improved risk perceptions and supported equity valuations. Fiscal outperformance, including strong primary surplus metrics, reinforced confidence and demand for Greek assets. Record tourism activity in 2025 contributed to strong earnings in travel, services, and consumer-facing companies. EU Recovery and Resilience Fund momentum also helped, with the amended national plan approved and expected disbursements supporting investment and credit growth. Progress in the banking sector, including completion of post-crisis privatizations and the return of dividends, was a key tailwind given the Greek market's bank-heavy composition.

#### How did the Fund perform during the last 10 years?

## Total Return Based on $10,000 Investment
![Growth Chart](i631958cac767cd8acc127e16.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X MSCI Greece ETF** | **MSCI Emerging Markets Index (USD) (NR)<sup>Footnote Reference\*</sup>** | **MSCI All Greece Select 25/50 Index (USD) (NR)<sup>Footnote Reference^</sup><sup>Footnote Reference\*</sup>** |
| **Oct/15** | $10000 | $10000 | $10000 |
| **Oct/16** | $7167 | $10927 | $7253 |
| **Oct/17** | $9248 | $13817 | $9487 |
| **Oct/18** | $7802 | $12088 | $8021 |
| **Oct/19** | $10421 | $13521 | $10796 |
| **Oct/20** | $6316 | $14636 | $6574 |
| **Oct/21** | $10202 | $17119 | $10667 |
| **Oct/22** | $9016 | $11807 | $9477 |
| **Oct/23** | $13034 | $13083 | $13805 |
| **Oct/24** | $15724 | $16394 | $16767 |
| **Oct/25** | $26090 | $20971 | $28012 |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/grek/ for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote^ | &nbsp;&nbsp;Performance through February 29, 2016 reflects the performance of the FTSE/ATHEX Custom Capped Index and the MSCI All Greece Select 25/50 Index thereafter. |
| Footnote\* | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |

---

## Average Annual Total Returns as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>10 Years</u>** |
| Global X MSCI Greece ETF | 65.92% | 32.80% | 10.06% |
| MSCI Emerging Markets Index (USD) (NR)<sup>Footnote Reference\*</sup> | 27.91% | 7.46% | 7.69% |
| MSCI All Greece Select 25/50 Index (USD) (NR)<sup>Footnote Reference^</sup><sup>Footnote Reference\*</sup> | 67.07% | 33.63% | 10.85% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $280119916 | 29 | $1252753 | 28.96% |

---

## What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](ice851ed840dc18388fc6d86a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 1.3% |
| Real Estate | 1.6% |
| Materials | 3.2% |
| Communication Services | 4.7% |
| Energy | 7.0% |
| Utilities | 7.2% |
| Consumer Discretionary | 12.5% |
| Industrials | 14.1% |
| Financials | 48.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;National Bank of Greece | 14.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eurobank Ergasias Services and Holdings | 10.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Piraeus Financial Holdings | 9.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alpha Bank | 9.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Public Power | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hellenic Telecommunications Organization | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;OPAP | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;JUMBO | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Metlen Energy & Metals PLC | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Motor Oil Hellas Corinth Refineries | 3.5% |

---

## Material Fund Changes
There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-888-493-8631 

* https://www.globalxetfs.com/funds/grek/ 

# Global X Funds

## Global X MSCI Greece ETF: GREK
**Principal Listing Exchange: NYSE Arca, Inc.**

**Annual Shareholder Report: October 31, 2025**

**GX-AR-GREK-2025**

![Image](ibd0d4247168910a6d7e4dfc7.jpg)

# Global X Funds
![Image](ibd0d4247168910a6d7e4dfc7.jpg)

## Global X DAX Germany ETF

## Ticker: DAX

## Principal Listing Exchange: Nasdaq

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about the Global X DAX Germany ETF (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/dax/. You can also request this information by contacting us at 1-888-493-8631.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X DAX Germany ETF | $23 | 0.20% |

---

## How did the Fund perform in the last year?
The Fund seeks to provide investment results that closely correspond to the price and yield performance, before fees and expenses, of the DAX<sup>®</sup> Index ("Secondary Index"). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Secondary Index.

The Secondary Index tracks the segment of the largest and most actively traded companies – known as blue chips – on the German equities market. The Secondary Index is comprised of shares of among the 30 largest and most liquid companies admitted to the Frankfurt Stock Exchange in the Prime Standard segment. The 30 stocks contained in the Secondary Index represent about 80% of the free-float market capitalization authorized in Germany.

For the 12-month period ended October 31, 2025 (the "reporting period"), the Fund increased 32.73%, while the Secondary Index increased 32.74%. The Fund had a net asset value of $33.69 per share on October 31, 2024 and ended the reporting period with a net asset value of $44.02 per share on October 31, 2025.

The Fund recorded a positive performance over the reporting period, supported by easier financial conditions and steadier domestic macro signals. Political sentiment improved as a more market-friendly government took office, signaling a shift toward pro-growth reforms and enhanced fiscal coordination. The new administration's fiscal package, emphasizing infrastructure modernization and increased defense spending, bolstered expectations for domestic investment and industrial demand. The European Central Bank lowered policy rates multiple times in 2025, including cuts announced in April and June, which reduced financing costs for rate-sensitive areas such as industrials and automotives. Inflation cooled through the middle of the reporting period, lifting real incomes and aiding consumer sentiment. Lower energy prices also aided returns, easing input costs for energy-intensive manufacturers that are prominent in Germany's market. Offsetting factors included lessening new orders in manufacturing and a late-period rise in unemployment. However, these headwinds were outweighed, and broader European benchmarks increased throughout the reporting period, reinforcing the supportive backdrop.

#### How did the Fund perform during the last 10 years?

## Total Return Based on $10,000 Investment
![Growth Chart](ia4d1d314acef02a5338fcba9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X DAX Germany ETF<sup>Footnote Reference\*\*</sup>** | **MSCI EAFE Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup>** | **DAX<sup>®</sup> Index (USD) (NR)<sup>Footnote Reference†</sup>** |
| **Oct/15** | $10000 | $10000 | $10000 |
| **Oct/16** | $9659 | $9677 | $9685 |
| **Oct/17** | $12596 | $11945 | $12665 |
| **Oct/18** | $10572 | $11127 | $10608 |
| **Oct/19** | $11627 | $12355 | $11658 |
| **Oct/20** | $10868 | $11507 | $10856 |
| **Oct/21** | $14570 | $15441 | $14565 |
| **Oct/22** | $10447 | $11889 | $10428 |
| **Oct/23** | $12396 | $13602 | $12350 |
| **Oct/24** | $16279 | $16725 | $16223 |
| **Oct/25** | $21607 | $20578 | $21534 |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/dax/ for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote\*\* | &nbsp;&nbsp;Performance for periods prior to December 21, 2018 reflects the historical performance of a predecessor fund, the Horizons DAX Germany ETF, which was reorganized into the Fund effective December 24, 2018. As a result of the reorganization, the Fund assumed the performance and accounting history of the predecessor Fund. |
| Footnote\* | &nbsp;&nbsp;EAFE – Europe, Australasia, and the Far East |
| Footnote† | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |

---

## Average Annual Total Returns as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>10 Years</u>** |
| Global X DAX Germany ETF<sup>Footnote Reference\*\*</sup> | 32.73% | 14.73% | 8.01% |
| MSCI EAFE Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 23.03% | 12.33% | 7.48% |
| DAX<sup>®</sup> Index (USD) (NR)<sup>Footnote Reference†</sup> | 32.74% | 14.68% | 7.97% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $278642316 | 41 | $408462 | 8.14% |

---

## What did the Fund invest in?

## Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](idaabc8e949517cd3f74bc8e1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Futures Contracts | 0.0% |
| United States | 0.5% |
| France | 7.5% |
| Germany | 91.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP | 13.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens | 11.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allianz | 8.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Airbus | 7.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rheinmetall | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft in Muenchen | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Infineon Technologies | 2.7% |

---

## Material Fund Changes
There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-888-493-8631 

* https://www.globalxetfs.com/funds/dax/ 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](i474f4c9944ae69f6979b5fb6.jpg)

# Global X Funds

## Global X DAX Germany ETF: DAX
**Principal Listing Exchange: Nasdaq**

**Annual Shareholder Report: October 31, 2025**

**GX-AR-DAX-2025**

![Image](ibd0d4247168910a6d7e4dfc7.jpg)

# Global X Funds
![Image](ibd0d4247168910a6d7e4dfc7.jpg)

## Global X MSCI Vietnam ETF

## Ticker: VNAM

## Principal Listing Exchange: NYSE Arca, Inc.

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about the Global X MSCI Vietnam ETF (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/vnam. You can also request this information by contacting us at 1-888-493-8631.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X MSCI Vietnam ETF | $62 | 0.51% |

---

## How did the Fund perform in the last year?
The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Vietnam Select 25-50 Index ("Secondary Index"). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Secondary Index.

The Secondary Index is designed to represent the performance of the broad Vietnam equity universe, while including a minimum number of constituents, as defined by MSCI, Inc. ("MSCI"), the provider of the Secondary Index ("Index Provider"). The broad Vietnam equity universe includes securities that are classified in Vietnam according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Vietnam and carry out the majority of their operations in Vietnam, as determined by the Index Provider.

For the 12-month period ended October 31, 2025 (the "reporting period"), the Fund increased 42.87%, while the Secondary Index increased 43.91%. The Fund had a net asset value of $15.90 per share on October 31, 2024 and ended the reporting period with a net asset value of $22.46 per share on October 31, 2025.

The Fund delivered a positive outcome over the reporting period as Vietnamese equities rebounded from the April tariff shock and the Secondary Index recovered to multi-year highs by late May. Market sentiment improved further after the KRX trading system went live in May; the Korea-designed platform modernizes Vietnam's market infrastructure and is viewed as an important step toward a potential market-classification upgrade that could attract more foreign capital. Macro supports also helped: gross domestic product expanded in the first half of 2025 while exports accelerated through mid-year, reinforcing the earnings outlook for manufacturers and consumer names. Although the dong weakened and the State Bank of Vietnam sold foreign currency to steady markets, equities largely looked through the currency noise as disbursed foreign direct investment reached multi-year highs, signaling durable external interest. By late Q3, business conditions had stabilized, with factory activity showing modest growth and easing concerns about a prolonged slowdown.

#### How did the Fund perform since inception?

## Total Return Based on $10,000 Investment
![Growth Chart](i4a91aaa7df50fbfc45d69351.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X MSCI Vietnam ETF** | **MSCI Emerging Markets Index (USD) (NR)<sup>Footnote Reference\*</sup>** | **MSCI Vietnam Select 25-50 Index (USD) (NR)<sup>Footnote Reference^</sup><sup>Footnote Reference\*</sup>** |
| **Dec/21** | $10000 | $10000 | $10000 |
| **Oct/22** | $5740 | $7051 | $5767 |
| **Oct/23** | $5641 | $7812 | $5712 |
| **Oct/24** | $6302 | $9790 | $6450 |
| **Oct/25** | $9004 | $12523 | $9283 |

---

Since its inception on December 7, 2021. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/vnam for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote^ | &nbsp;&nbsp;Index performance reflects the performance of the MSCI Vietnam Select 25-50 Index, which underwent changes to its name and methodology effective December 1, 2023. |
| Footnote\* | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |

---

## Average Annual Total Returns as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>Annualized Since Inception</u>** |
| Global X MSCI Vietnam ETF | 42.87% | -2.65% |
| MSCI Emerging Markets Index (USD) (NR)<sup>Footnote Reference\*</sup> | 27.91% | 5.94% |
| MSCI Vietnam Select 25-50 Index (USD) (NR)<sup>Footnote Reference^</sup><sup>Footnote Reference\*</sup> | 43.91% | -1.89% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $24261162 | 65 | $72465 | 22.26% |

---

## What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i49eb697413667bd1b55feada.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 1.0% |
| Energy | 1.3% |
| Utilities | 1.5% |
| Information Technology | 4.1% |
| Industrials | 9.6% |
| Materials | 10.8% |
| Consumer Staples | 11.1% |
| Financials | 25.6% |
| Real Estate | 34.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;Vingroup JSC | 17.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vinhomes JSC | 7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hoa Phat Group JSC | 7.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Masan Group | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank for Foreign Trade of Vietnam JSC | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;SSI Securities | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;FPT | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vietnam Dairy Products JSC | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;VIX Securities JSC | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vietnam Prosperity JSC Bank | 2.7% |

---

## Material Fund Changes
There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-888-493-8631 

* https://www.globalxetfs.com/funds/vnam 

# Global X Funds

## Global X MSCI Vietnam ETF: VNAM
**Principal Listing Exchange: NYSE Arca, Inc.**

**Annual Shareholder Report: October 31, 2025**

**GX-AR-VNAM-2025**

![Image](ibd0d4247168910a6d7e4dfc7.jpg)

(b) Not applicable.

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, controller or principal accounting officer, and any person who performs a similar function.

Item 3. Audit Committee Financial Expert.

(a)(1) The registrant's board of directors has determined that the registrant has at least one audit committee financial expert serving on the audit committee.

(a)(2) The audit committee financial experts are Charles A. Baker and Toai Chin and each is independent as defined in Form N-CSR Item 3(a)(2).

**Item 4.** **Principal Accountant Fees and Services.**

Fees billed by PricewaterhouseCoopers LLP ("PwC") relate to the registrant.

PWC billed the registrant aggregate fees for services rendered to the registrant for the last two fiscal years as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2024 |
|  |  | &nbsp;&nbsp;All fees and <br> services to <br> the Trust <br> that were <br> pre-<br> approved | &nbsp;&nbsp;All fees and <br> services to <br> service <br> affiliates <br> that were <br> pre-<br> approved | &nbsp;&nbsp;All other <br> fees and <br> services to <br> service <br> affiliates <br> that did not <br> require pre-<br> approval | &nbsp;&nbsp;All fees and <br> services to <br> the Trust <br> that were <br> pre-<br> approved | &nbsp;&nbsp;All fees and <br> services to <br> service <br> affiliates <br> that were <br> pre-<br> approved | &nbsp;&nbsp;All other <br> fees and <br> services to <br> service <br> affiliates <br> that did not <br> require pre-<br> approval |
| &nbsp;&nbsp;(a) | &nbsp;&nbsp;Audit Fees | &nbsp;&nbsp;$1531394 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$1727672 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;(b) | &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;(c) | &nbsp;&nbsp;Tax Fees<sup>(1)</sup> | &nbsp;&nbsp;$564637 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$487204 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Tax Compliance and excise distribution services.

(e)(1) Not applicable.

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (PwC):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% |

---

(f) Not applicable.

(g) The aggregate non-audit fees and services billed by PwC for the last two fiscal years were $564,637 and $487,204, respectively.

(h) During the past fiscal year, all non-audit services provided by registrant's principal accountant to either registrant's investment adviser or to any entity controlling, controlled by, or under common control with registrant's investment adviser that provides ongoing services to registrant were pre-approved by the audit committee of registrant's Board of Trustees. Included in the audit committee's pre-approval was the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants.

The registrant has a separately-designated standing Audit Committee, which is composed of the registrant's Independent Trustees, Charles A. Baker, Toai Chin and Clifford J. Weber.

Item 6. Investments.

(a) The Schedules of Investments and Consolidated Schedules of Investments are included as part of the financial statements and financial highlights filed under Item 7 of this form.

(b) Not applicable.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

Financial statements and financial highlights are filed herein.

![](x1_c114722x1x1m4.jpg)

**Global X MSCI Colombia ETF (ticker: COLO)**

**Global X MSCI China Consumer Discretionary ETF (ticker: CHIQ)**

**Global X MSCI Norway ETF (ticker: NORW)**

**Global X FTSE Southeast Asia ETF (ticker: ASEA)**

**Global X MSCI Argentina ETF (ticker: ARGT)**

**Global X MSCI Greece ETF (ticker: GREK)**

**Global X DAX Germany ETF (ticker: DAX)**

**Global X MSCI Vietnam ETF (ticker: VNAM)**

**Annual Financials and Other Information**

**October 31, 2025**

![](logom4.jpg)

**Table of Contents**

------

---

| | |
|:---|:---|
| Financial Statements (Form N-CSR Item 7) |  |
| &nbsp;&nbsp;&nbsp;[Schedules of Investments](#xx1xc114722a001xm4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X MSCI Colombia ETF](#xx1xc114722a002xm4) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X MSCI China Consumer Discretionary ETF](#xx1xc114722a003xm4) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X MSCI Norway ETF](#xx1xc114722a004xm4) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X FTSE Southeast Asia ETF](#xx1xc114722a005xm4) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X MSCI Argentina ETF](#xx1xc114722a006xm4) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X MSCI Greece ETF](#xx1xc114722a007xm4) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X DAX Germany ETF](#xx1xc114722a008xm4) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X MSCI Vietnam ETF](#xx1xc114722a009xm4) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Glossary](#xx1xc114722a010xm4) | 33 |
| &nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx1xc114722a011xm4) | 34 |
| &nbsp;&nbsp;&nbsp;[Statements of Operations](#xx1xc114722a012xm4) | 37 |
| &nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx1xc114722a013xm4) | 40 |
| &nbsp;&nbsp;&nbsp;[Financial Highlights](#xx1xc114722a014xm4) | 45 |
| &nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx1xc114722a015xm4) | 51 |
| [Report of Independent Registered Public Accounting Firm](#xx1xc114722a016xm4) | 72 |
| [Notice to Shareholders (Unaudited)](#xx1xc114722a017xm4) | 74 |
| [Other Information (Form N-CSR Items 8-11) (Unaudited)](#xx1xc114722a018xm4) | 76 |

---

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.

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **October 31, 2025** |
| **Global X MSCI Colombia ETF** | **Global X MSCI Colombia ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 70.7%** |  |  |
| **CANADA — 6.7%** |  |  |
| Energy — 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;Parex Resources | 276669 | $3542406 |
| Utilities — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;Brookfield Renewable | 86170 | 3734248 |
| TOTAL CANADA |  | 7276654 |
| **CHILE — 5.1%** |  |  |
| Consumer Discretionary — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;Empresas Copec | 403332 | 2884903 |
| Utilities — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;Enel Americas | 27644863 | 2611424 |
| TOTAL CHILE |  | 5496327 |
| **COLOMBIA — 55.9%** |  |  |
| Energy — 9.8% |  |  |
| &nbsp;&nbsp;&nbsp;Canacol Energy <sup>\*(A)</sup> | 276326 | 445703 |
| &nbsp;&nbsp;&nbsp;Ecopetrol | 15393836 | 7097609 |
| &nbsp;&nbsp;&nbsp;Geopark <sup>(A)</sup> | 387156 | 3132092 |
|  |  | 10675404 |
| Financials — 14.7% |  |  |
| &nbsp;&nbsp;&nbsp;Financiera Colombiana <sup>\*</sup> | 702622 | 3316006 |
| &nbsp;&nbsp;&nbsp;Grupo Cibest | 540598 | 8751846 |
| &nbsp;&nbsp;&nbsp;Grupo de Inversiones Suramericana | 318047 | 3860457 |
|  |  | 15928309 |
| Materials — 11.1% |  |  |
| &nbsp;&nbsp;&nbsp;Aris Mining <sup>\*</sup> | 427809 | 4237940 |
| &nbsp;&nbsp;&nbsp;Cementos Argos | 1672427 | 4470664 |
| &nbsp;&nbsp;&nbsp;Grupo Argos | 751616 | 3387587 |
|  |  | 12096191 |
| Real Estate — 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;Patrimonio Autonomo Estrategias Inmobiliarias <sup>‡</sup> | 199812 | 4140538 |

---

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

*1*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **October 31, 2025** |
| **Global X MSCI Colombia ETF** | **Global X MSCI Colombia ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Utilities — 16.5% |  |  |
| &nbsp;&nbsp;&nbsp;Celsia ESP | 3210304 | $4066307 |
| &nbsp;&nbsp;&nbsp;Grupo Energia Bogota ESP | 5867364 | 4787390 |
| &nbsp;&nbsp;&nbsp;Interconexion Electrica ESP | 1396255 | 9041697 |
|  |  | 17895394 |
| TOTAL COLOMBIA |  | 60735836 |
| **UNITED STATES — 3.0%** |  |  |
| Industrials — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;Tecnoglass | 54927 | 3275297 |
| TOTAL COMMON STOCK <br> (Cost $59,967,189) |  | 76784114 |
| **PREFERRED STOCK — 29.2%** |  |  |
| **COLOMBIA—29.2%** |  |  |
| Financials — 28.0% |  |  |
| &nbsp;&nbsp;&nbsp;Banco Davivienda <sup>\*(B)</sup> | 631523 | 4550839 |
| &nbsp;&nbsp;&nbsp;Grupo Aval Acciones y Valores <sup>(B)</sup> | 25672668 | 5166985 |
| &nbsp;&nbsp;&nbsp;Grupo Cibest <sup>(B)</sup> | 1137326 | 16585882 |
| &nbsp;&nbsp;&nbsp;Grupo de Inversiones Suramericana <sup>(B)</sup> | 388253 | 4113233 |
|  |  | 30416939 |
| Materials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Argos <sup>(B)</sup> | 413723 | 1294559 |
| TOTAL COLOMBIA |  | 31711498 |
| TOTAL PREFERRED STOCK <br> (Cost $20,299,135) |  | 31711498 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENTS<sup>(C)</sup> — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Citadel Securities LLC <br> 4.260%, dated 10/31/2025, to be repurchased on 11/03/2025, repurchase price $621,293 (collateralized by various U.S. Treasury Obligations, ranging in par value $35 - $57,681, 0.000% - 4.875%, 11/04/2025 - 08/15/2055, with a total market value of $632,860) | $621073 | 621073 |

---

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

*2*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **October 31, 2025** |
| **Global X MSCI Colombia ETF** | **Global X MSCI Colombia ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(C)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Daiwa Capital Markets America, Inc. <br> 4.150%, dated 10/31/2025, to be repurchased on 11/03/2025, repurchase price $584,011 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $57 - $182,517, 1.500% - 7.500%, 06/30/2027 - 10/20/2055, with a total market value of $592,930) | $583809 | $583809 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank Securities, Inc. <br> 3.950%, dated 10/31/2025, to be repurchased on 11/03/2025, repurchase price $122,641 (collateralized by various U.S. Treasury Obligations, ranging in par value $2,643 - $14,139, 1.125% - 6.750%, 02/15/2026 - 08/15/2055, with a total market value of $123,549) | 122601 | 122601 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc. <br> 4.140%, dated 10/31/2025, to be repurchased on 11/03/2025, repurchase price $37,277 (collateralized by various U.S. Treasury Obligations, ranging in par value $7,335 - $14,108, 0.125% - 3.625%, 07/15/2030 - 02/15/2051, with a total market value of $37,722) | 37264 | 37264 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc. <br> 4.150%, dated 10/31/2025, to be repurchased on 11/03/2025, repurchase price $584,011 (collateralized by various U.S. Government Obligations, ranging in par value $832 - $412,260, 1.550% - 7.000%, 01/01/2032 - 06/01/2055, with a total market value of $593,340) | 583809 | 583809 |
| &nbsp;&nbsp;&nbsp;Nomura Securities International, Inc. <br> 4.140%, dated 10/31/2025, to be repurchased on 11/03/2025, repurchase price $584,010 (collateralized by various U.S. Government Obligations, ranging in par value $532 - $70,259, 1.500% - 7.000%, 04/01/2031 - 11/01/2055, with a total market value of $593,093) | 583809 | 583809 |

---

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

*3*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **October 31, 2025** |
| **Global X MSCI Colombia ETF** | **Global X MSCI Colombia ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(C)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;RBC Dominion Securities, Inc. <br> 4.150%, dated 10/31/2025, to be repurchased on 11/03/2025, repurchase price $110,538 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $35 - $203,287, 0.000% - 6.500%, 11/06/2025 - 08/15/2055, with a total market value of $112,174) | $110500 | $110500 |
| TOTAL REPURCHASE AGREEMENTS <br> (Cost $2,642,865) |  | 2642865 |
| TOTAL INVESTMENTS — 102.3% <br> (Cost $82,909,189) |  | $111138477 |

---

*Percentages are based on Net Assets of $108,592,163.*

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *‡* | *Real Estate Investment Trust* |
| *(A)* | *This security or a partial position of this security is on loan at October 31, 2025. The total market value of securities on loan at October 31, 2025 was $2,513,563.* |
| *(B)* | *There is currently no stated interest rate.* |
| *(C)* | *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2025 was $2,642,865. The total value of non-cash collateral held from securities on loan as of October 31, 2025 was $0.* |

---

*The following is a summary of the level of inputs used as of October 31, 2025, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*71287787* | $*5496327* | $*—* | $*76784114* |
| &nbsp;&nbsp;&nbsp;*Preferred Stock* | *31711498* |  | *—* | *31711498* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreements* | *—* | *2642865* | *—* | *2642865* |
| *Total Investments in Securities* | $*102999285* | $*8139192* | $*—* | $*111138477* |

---

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

*See "Glossary" for abbreviations.*

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

*4*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **October 31, 2025** |
| **Global X MSCI China Consumer Discretionary ETF** | **Global X MSCI China Consumer Discretionary ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8%** |  |  |
| **CHINA — 99.8%** |  |  |
| Consumer Discretionary — 99.8% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding | 1286556 | $27329507 |
| &nbsp;&nbsp;&nbsp;Anhui Jianghuai Automobile Group, Cl A <sup>\*</sup> | 151300 | 1081921 |
| &nbsp;&nbsp;&nbsp;ANTA Sports Products | 512896 | 5345279 |
| &nbsp;&nbsp;&nbsp;BAIC BluePark New Energy Technology, Cl A <sup>\*</sup> | 391800 | 459339 |
| &nbsp;&nbsp;&nbsp;Beijing Roborock Technology, Cl A | 18210 | 417777 |
| &nbsp;&nbsp;&nbsp;Bethel Automotive Safety Systems, Cl A | 44640 | 314199 |
| &nbsp;&nbsp;&nbsp;Bosideng International Holdings | 4741500 | 2903881 |
| &nbsp;&nbsp;&nbsp;BYD, Cl A | 156146 | 2209689 |
| &nbsp;&nbsp;&nbsp;BYD, Cl H | 1139840 | 14753597 |
| &nbsp;&nbsp;&nbsp;CCOOP Group, Cl A <sup>\*</sup> | 1270700 | 478146 |
| &nbsp;&nbsp;&nbsp;Changzhou Xingyu Automotive Lighting Systems, Cl A | 21030 | 382672 |
| &nbsp;&nbsp;&nbsp;China Tourism Group Duty Free, Cl A | 138550 | 1479799 |
| &nbsp;&nbsp;&nbsp;Chongqing Changan Automobile, Cl A | 580308 | 1009515 |
| &nbsp;&nbsp;&nbsp;Chow Tai Fook Jewellery Group <sup>(A)</sup> | 1886600 | 3694456 |
| &nbsp;&nbsp;&nbsp;Ecovacs Robotics, Cl A | 42450 | 532841 |
| &nbsp;&nbsp;&nbsp;Fuyao Glass Industry Group, Cl A | 142614 | 1351602 |
| &nbsp;&nbsp;&nbsp;Fuyao Glass Industry Group, Cl H | 421200 | 3758295 |
| &nbsp;&nbsp;&nbsp;Geely Automobile Holdings | 2761400 | 6537372 |
| &nbsp;&nbsp;&nbsp;Great Wall Motor, Cl A | 189500 | 606368 |
| &nbsp;&nbsp;&nbsp;Great Wall Motor, Cl H | 1701697 | 3312663 |
| &nbsp;&nbsp;&nbsp;Gree Electric Appliances of Zhuhai, Cl A | 194200 | 1083850 |
| &nbsp;&nbsp;&nbsp;Guangzhou Automobile Group, Cl A | 434400 | 476957 |
| &nbsp;&nbsp;&nbsp;H World Group ADR | 104542 | 4035321 |
| &nbsp;&nbsp;&nbsp;Haidilao International Holding <sup>(A)</sup> | 1331900 | 2193500 |
| &nbsp;&nbsp;&nbsp;Haier Smart Home, Cl A | 432019 | 1626232 |
| &nbsp;&nbsp;&nbsp;Haier Smart Home, Cl H | 1233860 | 4006926 |
| &nbsp;&nbsp;&nbsp;HLA Group, Cl A | 339600 | 295149 |
| &nbsp;&nbsp;&nbsp;Huayu Automotive Systems, Cl A | 222780 | 638726 |
| &nbsp;&nbsp;&nbsp;Huizhou Desay Sv Automotive, Cl A | 41800 | 695351 |
| &nbsp;&nbsp;&nbsp;JD.com, Cl A | 805404 | 13222710 |
| &nbsp;&nbsp;&nbsp;Laopu Gold, Cl H <sup>(A)</sup> | 17700 | 1558844 |
| &nbsp;&nbsp;&nbsp;Li Auto, Cl A <sup>\*</sup> | 483636 | 4962555 |
| &nbsp;&nbsp;&nbsp;Li Ning | 1503900 | 3266235 |
| &nbsp;&nbsp;&nbsp;Meituan, Cl B <sup>\*</sup> | 1261100 | 16550295 |
| &nbsp;&nbsp;&nbsp;Midea Group | 258100 | 2789480 |

---

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

*5*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **October 31, 2025** |
| **Global X MSCI China Consumer Discretionary ETF** | **Global X MSCI China Consumer Discretionary ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Consumer Discretionary — continued |  |  |
| &nbsp;&nbsp;&nbsp;Midea Group, Cl A | 232300 | $2491870 |
| &nbsp;&nbsp;&nbsp;MINISO Group Holding | 437800 | 2320753 |
| &nbsp;&nbsp;&nbsp;New Oriental Education & Technology Group <sup>\*</sup> | 718640 | 4318017 |
| &nbsp;&nbsp;&nbsp;Ningbo Tuopu Group, Cl A | 123245 | 1276706 |
| &nbsp;&nbsp;&nbsp;NIO, Cl A <sup>\*(A)</sup> | 1021060 | 7172985 |
| &nbsp;&nbsp;&nbsp;Oppein Home Group, Cl A | 37355 | 280599 |
| &nbsp;&nbsp;&nbsp;PDD Holdings ADR <sup>\*</sup> | 174359 | 23515798 |
| &nbsp;&nbsp;&nbsp;Pop Mart International Group | 226800 | 6466493 |
| &nbsp;&nbsp;&nbsp;SAIC Motor, Cl A | 537200 | 1254328 |
| &nbsp;&nbsp;&nbsp;Sailun Group, Cl A | 232453 | 500987 |
| &nbsp;&nbsp;&nbsp;Seres Group, Cl A | 113100 | 2464388 |
| &nbsp;&nbsp;&nbsp;Shenzhou International Group Holdings | 463392 | 4000618 |
| &nbsp;&nbsp;&nbsp;Sichuan Changhong Electric, Cl A | 325900 | 465817 |
| &nbsp;&nbsp;&nbsp;TAL Education Group ADR <sup>\*</sup> | 269356 | 3302305 |
| &nbsp;&nbsp;&nbsp;Tongcheng Travel Holdings | 1069100 | 2943663 |
| &nbsp;&nbsp;&nbsp;TravelSky Technology, Cl H | 1077700 | 1419887 |
| &nbsp;&nbsp;&nbsp;Trip.com Group | 160822 | 11246077 |
| &nbsp;&nbsp;&nbsp;Vipshop Holdings ADR | 209568 | 3665344 |
| &nbsp;&nbsp;&nbsp;XPeng, Cl A <sup>\*</sup> | 606276 | 6802098 |
| &nbsp;&nbsp;&nbsp;Yadea Group Holdings | 1349100 | 2108999 |
| &nbsp;&nbsp;&nbsp;Yum China Holdings | 151218 | 6510067 |
| &nbsp;&nbsp;&nbsp;Zhejiang China Commodities City Group, Cl A | 384500 | 994957 |
| &nbsp;&nbsp;&nbsp;Zhejiang Leapmotor Technology <sup>\*</sup> | 437400 | 3280978 |
| &nbsp;&nbsp;&nbsp;Zhejiang Wanfeng Auto Wheel, Cl A | 149800 | 357766 |
| TOTAL CHINA |  | 234522549 |
| TOTAL COMMON STOCK <br> (Cost $252,148,379) |  | 234522549 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Citadel Securities LLC <br> 4.260%, dated 10/31/2025, to be repurchased on 11/03/2025, repurchase price $1,095,156 (collateralized by various U.S. Treasury Obligations, ranging in par value $63 - $101,674, 0.000% - 4.875%, 11/04/2025 - 08/15/2055, with a total market value of $1,115,544) | $1094767 | 1094767 |

---

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

*6*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **October 31, 2025** |
| **Global X MSCI China Consumer Discretionary ETF** | **Global X MSCI China Consumer Discretionary ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Daiwa Capital Markets America, Inc.<br> 4.150%, dated 10/31/2025, to be repurchased on 11/03/2025, repurchase price $1,029,437 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $101 - $321,722, 1.500% - 7.500%, 06/30/2027 - 10/20/2055, with a total market value of $1,045,159) | $1029081 | $1029081 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank Securities, Inc. <br> 3.950%, dated 10/31/2025, to be repurchased on 11/03/2025, repurchase price $214,971 (collateralized by various U.S. Treasury Obligations, ranging in par value $4,632 - $24,783, 1.125% - 6.750%, 02/15/2026 - 08/15/2055, with a total market value of $216,562) | 214900 | 214900 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc. <br> 4.140%, dated 10/31/2025, to be repurchased on 11/03/2025, repurchase price $65,709 (collateralized by various U.S. Treasury Obligations, ranging in par value $12,930 - $24,868, 0.125% - 3.625%, 07/15/2030 - 02/15/2051, with a total market value of $66,493) | 65686 | 65686 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc. <br> 4.150%, dated 10/31/2025, to be repurchased on 11/03/2025, repurchase price $1,029,437 (collateralized by various U.S. Government Obligations, ranging in par value $1,467 - $726,692, 1.550% - 7.000%, 01/01/2032 - 06/01/2055, with a total market value of $1,045,882) | 1029081 | 1029081 |
| &nbsp;&nbsp;&nbsp;Nomura Securities International, Inc. <br> 4.140%, dated 10/31/2025, to be repurchased on 11/03/2025, repurchase price $1,029,436 (collateralized by various U.S. Government Obligations, ranging in par value $939 - $123,845, 1.500% - 7.000%, 04/01/2031 - 11/01/2055, with a total market value of $1,045,446) | 1029081 | 1029081 |

---

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

*7*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **October 31, 2025** |
| **Global X MSCI China Consumer Discretionary ETF** | **Global X MSCI China Consumer Discretionary ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;RBC Dominion Securities, Inc. <br> 4.150%, dated 10/31/2025, to be repurchased on 11/03/2025, repurchase price $196,058 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $62 - $360,563, 0.000% - 6.500%, 11/06/2025 - 08/15/2055, with a total market value of $198,960) | $195990 | $195990 |
| TOTAL REPURCHASE AGREEMENTS <br> (Cost $4,658,586) |  | 4658586 |
| TOTAL INVESTMENTS — 101.8% <br> (Cost $256,806,965) |  | $239181135 |

---

*Percentages are based on Net Assets of $234,856,162.*

*A list of the open futures contracts held by the Fund at October 31, 2025, is as follows:*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Type of Contract*** | ***Number of<br> Contracts*** | ***Expiration<br> Date*** | ***Notional Amount*** | ***Value*** | ***Unrealized<br> Depreciation*** |
| *Long Contracts* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*MSCI China Index Futures* | *10* | *Dec-2025* | $*353670* | $*347600* | $*(6070)* |

---

*\** *Non-income producing security.*

*(A)* *This security or a partial position of this security is on loan at October 31, 2025. The total market value of securities on loan at October 31, 2025 was $7,630,276.*

*(B)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2025 was $4,658,586. The total value of non-cash collateral held from securities on loan as of October 31, 2025 was $3,222,698.*

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

*8*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **October 31, 2025** |
| **Global X MSCI China Consumer Discretionary ETF** | **Global X MSCI China Consumer Discretionary ETF** |

---

*The following is a summary of the level of inputs used as of October 31, 2025, in valuing the Fund's investments and other financial instruments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*234522549* | $*—* | $*—* | $*234522549* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreements* | *—* | *4658586* | *—* | *4658586* |
| *Total Investments in Securities* | $*234522549* | $*4658586* | $*—* | $*239181135* |
| *Other Financial Instruments* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Futures Contracts\** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unrealized Depreciation* | $*(6070)* | $*—* | $*—* | $*(6070)* |
| *Total Other Financial Instruments* | $*(6070)* | $*—* | $*—* | $*(6070)* |

---

<br> *\** *Futures contracts are valued at unrealized depreciation on the instrument.* 

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

*See "Glossary" for abbreviations.*

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

*9*

![](logom4.jpg)

Schedule of Investments October 31, 2025

**Global X MSCI Norway ETF**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.7%** |  |  |
| **BRAZIL — 3.4%** |  |  |
| Materials — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;Yara International | 49216 | $1796050 |
| **DENMARK — 0.6%** |  |  |
| Industrials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Cadeler <sup>\*</sup> | 66963 | 311088 |
| **FAROE ISLANDS — 1.3%** |  |  |
| Consumer Staples — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Bakkafrost P/F | 14876 | 683149 |
| **NORWAY — 89.8%** |  |  |
| Communication Services — 8.4% |  |  |
| &nbsp;&nbsp;&nbsp;Telenor | 183374 | 2729689 |
| &nbsp;&nbsp;&nbsp;Vend Marketplaces, Cl B | 50770 | 1751390 |
|  |  | 4481079 |
| Consumer Discretionary — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Europris | 46645 | 402504 |
| Consumer Staples — 13.1% |  |  |
| &nbsp;&nbsp;&nbsp;Austevoll Seafood | 26801 | 252461 |
| &nbsp;&nbsp;&nbsp;Grieg Seafood <sup>\*</sup> | 15004 | 100699 |
| &nbsp;&nbsp;&nbsp;Leroy Seafood Group | 78796 | 371201 |
| &nbsp;&nbsp;&nbsp;Mowi | 138582 | 3049175 |
| &nbsp;&nbsp;&nbsp;Orkla | 208565 | 2117202 |
| &nbsp;&nbsp;&nbsp;Salmar | 19791 | 1114068 |
|  |  | 7004806 |
| Energy — 21.2% |  |  |
| &nbsp;&nbsp;&nbsp;Aker BP | 94026 | 2443368 |
| &nbsp;&nbsp;&nbsp;Aker Solutions | 86756 | 239251 |
| &nbsp;&nbsp;&nbsp;BLUENORD | 7008 | 320720 |
| &nbsp;&nbsp;&nbsp;BW Offshore | 27180 | 99403 |
| &nbsp;&nbsp;&nbsp;DNO | 128902 | 176975 |
| &nbsp;&nbsp;&nbsp;DOF Group | 43439 | 390296 |
| &nbsp;&nbsp;&nbsp;Equinor | 243482 | 5824151 |
| &nbsp;&nbsp;&nbsp;Frontline | 42730 | 1050833 |

---

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

*10*

![](logom4.jpg)

Schedule of Investments October 31, 2025

**Global X MSCI Norway ETF**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Energy — continued |  |  |
| &nbsp;&nbsp;&nbsp;Odfjell Drilling | 34803 | $280366 |
| &nbsp;&nbsp;&nbsp;TGS | 57706 | 499661 |
|  |  | 11325024 |
| Financials — 25.1% |  |  |
| &nbsp;&nbsp;&nbsp;DNB Bank | 264477 | 6752471 |
| &nbsp;&nbsp;&nbsp;Gjensidige Forsikring | 59413 | 1600876 |
| &nbsp;&nbsp;&nbsp;Protector Forsikring | 15830 | 714286 |
| &nbsp;&nbsp;&nbsp;Sparebank 1 Nord Norge | 28037 | 381053 |
| &nbsp;&nbsp;&nbsp;Sparebank 1 Oestlandet | 13969 | 245166 |
| &nbsp;&nbsp;&nbsp;SpareBank 1 SMN | 38295 | 705037 |
| &nbsp;&nbsp;&nbsp;SpareBank 1 Sor-Norge | 61171 | 1053281 |
| &nbsp;&nbsp;&nbsp;Storebrand | 125238 | 1944745 |
|  |  | 13396915 |
| Industrials — 12.3% |  |  |
| &nbsp;&nbsp;&nbsp;Aker, Cl A | 6555 | 509915 |
| &nbsp;&nbsp;&nbsp;AutoStore Holdings <sup>\*</sup> | 352586 | 342586 |
| &nbsp;&nbsp;&nbsp;Hoegh Autoliners | 30833 | 276880 |
| &nbsp;&nbsp;&nbsp;Kongsberg Gruppen | 131064 | 3355965 |
| &nbsp;&nbsp;&nbsp;MPC Container Ships | 110886 | 194054 |
| &nbsp;&nbsp;&nbsp;Norconsult Norge | 31931 | 147867 |
| &nbsp;&nbsp;&nbsp;Norwegian Air Shuttle | 153160 | 238211 |
| &nbsp;&nbsp;&nbsp;Odfjell, Cl A | 5405 | 65072 |
| &nbsp;&nbsp;&nbsp;Stolt-Nielsen | 6878 | 231149 |
| &nbsp;&nbsp;&nbsp;TOMRA Systems | 65690 | 805140 |
| &nbsp;&nbsp;&nbsp;Wallenius Wilhelmsen, Cl B | 31078 | 243446 |
| &nbsp;&nbsp;&nbsp;Wilh Wilhelmsen Holding, Cl A | 2997 | 151080 |
|  |  | 6561365 |
| Information Technology — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;Kitron | 55862 | 416883 |
| &nbsp;&nbsp;&nbsp;LINK Mobility Group Holding <sup>\*</sup> | 68325 | 202605 |
| &nbsp;&nbsp;&nbsp;NORBIT | 10292 | 208038 |
| &nbsp;&nbsp;&nbsp;Nordic Semiconductor <sup>\*</sup> | 51266 | 744899 |
|  |  | 1572425 |
| Materials — 5.6% |  |  |
| &nbsp;&nbsp;&nbsp;Elkem | 84535 | 222932 |

---

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

*11*

![](logom4.jpg)

Schedule of Investments October 31, 2025

**Global X MSCI Norway ETF**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Materials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Elopak | 39545 | $186449 |
| &nbsp;&nbsp;&nbsp;Norsk Hydro | 380586 | 2578383 |
|  |  | 2987764 |
| Real Estate — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Entra | 13375 | 148862 |
| &nbsp;&nbsp;&nbsp;Public Property Invest | 33319 | 73442 |
|  |  | 222304 |
| TOTAL NORWAY |  | 47954186 |
| **SINGAPORE — 0.7%** |  |  |
| Energy — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;BW LPG | 28100 | 373298 |
| **SOUTH AFRICA — 0.7%** |  |  |
| Utilities — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Scatec <sup>\*</sup> | 37364 | 394435 |
| **SWEDEN — 0.7%** |  |  |
| Information Technology — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Atea | 23118 | 352816 |
| **UNITED KINGDOM — 2.5%** |  |  |
| Energy — 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;Paratus Energy Services | 24914 | 102296 |
| &nbsp;&nbsp;&nbsp;Subsea 7 | 66656 | 1218881 |
| TOTAL UNITED KINGDOM |  | 1321177 |
| TOTAL COMMON STOCK<br> (Cost $57,215,927) |  | 53186199 |
| TOTAL INVESTMENTS — 99.7%<br> (Cost $57,215,927) |  | $53186199 |

---

*Percentages are based on Net Assets of $53,365,705.*

*\** *Non-income producing security.*

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

*12*

![](logom4.jpg)

Schedule of Investments October 31, 2025

**Global X MSCI Norway ETF**

------

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

*See "Glossary" for abbreviations.*

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

*13*

![](logom4.jpg)

Schedule of Investments October 31, 2025

**Global X FTSE Southeast Asia ETF**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8%** |  |  |
| **CHINA — 0.9%** |  |  |
| Consumer Staples — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Wilmar International | 240432 | $578241 |
| **INDONESIA — 15.7%** |  |  |
| Communication Services — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Telkom Indonesia Persero | 5973375 | 1153009 |
| Financials — 11.4% |  |  |
| &nbsp;&nbsp;&nbsp;Bank Central Asia | 6740739 | 3455490 |
| &nbsp;&nbsp;&nbsp;Bank Mandiri Persero | 5950568 | 1688916 |
| &nbsp;&nbsp;&nbsp;Bank Negara Indonesia Persero | 1647192 | 433837 |
| &nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero | 9072284 | 2171238 |
|  |  | 7749481 |
| Industrials — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Astra International | 2763355 | 1021926 |
| Materials — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Amman Mineral Internasional <sup>\*</sup> | 1654800 | 706499 |
| TOTAL INDONESIA |  | 10630915 |
| **MALAYSIA — 15.2%** |  |  |
| Financials — 10.1% |  |  |
| &nbsp;&nbsp;&nbsp;CIMB Group Holdings | 1144045 | 1994157 |
| &nbsp;&nbsp;&nbsp;Hong Leong Bank | 84100 | 412869 |
| &nbsp;&nbsp;&nbsp;Malayan Banking | 1036139 | 2441903 |
| &nbsp;&nbsp;&nbsp;Public Bank | 2002855 | 2018159 |
|  |  | 6867088 |
| Health Care — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;IHH Healthcare | 422497 | 832283 |
| Materials — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Press Metal Aluminium Holdings | 465926 | 704229 |

---

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

*14*

![](logom4.jpg)

Schedule of Investments October 31, 2025

**Global X FTSE Southeast Asia ETF**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Utilities — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;Tenaga Nasional | 615744 | $1952502 |
| TOTAL MALAYSIA |  | 10356102 |
| **PHILIPPINES — 3.7%** |  |  |
| Financials — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Bank of the Philippine Islands | 258550 | 463062 |
| &nbsp;&nbsp;&nbsp;BDO Unibank | 311879 | 707491 |
|  |  | 1170553 |
| Industrials — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;International Container Terminal Services | 148960 | 1341526 |
| TOTAL PHILIPPINES |  | 2512079 |
| **SINGAPORE — 45.4%** |  |  |
| Communication Services — 4.7% |  |  |
| &nbsp;&nbsp;&nbsp;Singapore Telecommunications | 982158 | 3207323 |
| Financials — 32.1% |  |  |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings | 276365 | 11452122 |
| &nbsp;&nbsp;&nbsp;Oversea-Chinese Banking | 445608 | 5830961 |
| &nbsp;&nbsp;&nbsp;United Overseas Bank | 169402 | 4512788 |
|  |  | 21795871 |
| Industrials — 5.6% |  |  |
| &nbsp;&nbsp;&nbsp;Keppel | 192600 | 1508006 |
| &nbsp;&nbsp;&nbsp;Singapore Airlines | 190747 | 971726 |
| &nbsp;&nbsp;&nbsp;Singapore Technologies Engineering | 204200 | 1332097 |
|  |  | 3811829 |
| Real Estate — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;CapitaLand Integrated Commercial Trust <sup>‡</sup> | 779799 | 1420050 |
| &nbsp;&nbsp;&nbsp;CapitaLand Investment | 310810 | 630480 |
|  |  | 2050530 |
| TOTAL SINGAPORE |  | 30865553 |
| **THAILAND — 18.9%** |  |  |
| Communication Services — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Info Service NVDR | 146134 | 1364852 |

---

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

*15*

![](logom4.jpg)

Schedule of Investments October 31, 2025

**Global X FTSE Southeast Asia ETF**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Communication Services — continued |  |  |
| &nbsp;&nbsp;&nbsp;True NVDR <sup>\*</sup> | 1319300 | $461051 |
|  |  | 1825903 |
| Consumer Staples — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;CP ALL NVDR | 735717 | 1046636 |
| &nbsp;&nbsp;&nbsp;CP AXTRA NVDR | 214384 | 129950 |
| &nbsp;&nbsp;&nbsp;Thai Beverage | 982000 | 362181 |
|  |  | 1538767 |
| Energy — 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;PTT NVDR | 1683615 | 1601088 |
| &nbsp;&nbsp;&nbsp;PTT Exploration & Production NVDR | 179385 | 593604 |
|  |  | 2194692 |
| Financials — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;Kasikornbank NVDR | 240465 | 1386940 |
| &nbsp;&nbsp;&nbsp;SCB X NVDR | 230707 | 934672 |
|  |  | 2321612 |
| Health Care — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Bangkok Dusit Medical Services NVDR | 1479736 | 864914 |
| Industrials — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Airports of Thailand NVDR | 515159 | 657192 |
| Information Technology — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;Delta Electronics Thailand NVDR | 392910 | 2636817 |
| Utilities — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Gulf Development NVDR <sup>\*</sup> | 603646 | 826081 |
| TOTAL THAILAND |  | 12865978 |
| TOTAL COMMON STOCK<br> (Cost $58,943,699) |  | 67808868 |

---

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

*16*

![](logom4.jpg)

Schedule of Investments October 31, 2025

**Global X FTSE Southeast Asia ETF**

------

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENT<sup>(A)</sup> — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Citadel Securities LLC <br> 4.260%, dated 10/31/2025, to be repurchased on 11/03/2025, repurchase price $2 (collateralized by various U.S. Treasury Obligations, ranging in par value $0 - $0, 0.000% - 4.875%, 11/04/2025 - 08/15/2055, with a total market value of $2)<br> (Cost $2) | $2 | $2 |
| TOTAL INVESTMENTS — 99.8% <br> (Cost $58,943,701) |  | $67808870 |

---

*Percentages are based on Net Assets of $67,914,568.*

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *‡* | *Real Estate Investment Trust* |
| *(A)* | *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2025 was $2. The total value of non-cash collateral held from securities on loan as of October 31, 2025 was $0.* |

---

*The following is a summary of the level of inputs used as of October 31, 2025, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*65296789* | $*2512079* | $*—* | $*67808868* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreement* | *—* | *2* | *—* | *2* |
| *Total Investments in Securities* | $*65296789* | $*2512081* | $*—* | $*67808870* |

---

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

*See "Glossary" for abbreviations.*

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

*17*

![](logom4.jpg)

Schedule of Investments October 31, 2025

**Global X MSCI Argentina ETF**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 96.0%** |  |  |
| **ARGENTINA — 61.1%** |  |  |
| Communication Services — 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;Telecom Argentina ADR <sup>(A)</sup> | 1751205 | $19701056 |
| Consumer Staples — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Cresud SACIF y A ADR | 733317 | 9071131 |
| Energy — 20.8% |  |  |
| &nbsp;&nbsp;&nbsp;Transportadora de Gas del Sur ADR <sup>(A)</sup> | 1132674 | 35260142 |
| &nbsp;&nbsp;&nbsp;Vista Energy ADR <sup>\*</sup> | 768454 | 37231596 |
| &nbsp;&nbsp;&nbsp;YPF ADR <sup>\*(A)</sup> | 2489772 | 90702394 |
|  |  | 163194132 |
| Financials — 21.7% |  |  |
| &nbsp;&nbsp;&nbsp;Banco BBVA Argentina ADR <sup>(A)</sup> | 1423730 | 23591206 |
| &nbsp;&nbsp;&nbsp;Banco Macro ADR | 455993 | 41249127 |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Galicia ADR <sup>(A)</sup> | 1559667 | 92223109 |
| &nbsp;&nbsp;&nbsp;Grupo Supervielle ADR <sup>(A)</sup> | 1122514 | 13941624 |
|  |  | 171005066 |
| Industrials — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Corp America Airports <sup>\*</sup> | 649567 | 14394405 |
| Materials — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Bioceres Crop Solutions <sup>\*</sup> | 684952 | 1390453 |
| &nbsp;&nbsp;&nbsp;Loma Negra Cia Industrial Argentina ADR <sup>\*</sup> | 1048828 | 11505643 |
|  |  | 12896096 |
| Real Estate — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;IRSA Inversiones y Representaciones ADR | 607077 | 9409694 |
| Utilities — 10.3% |  |  |
| &nbsp;&nbsp;&nbsp;Central Puerto ADR | 1960418 | 30504104 |
| &nbsp;&nbsp;&nbsp;Empresa Distribuidora Y Comercializadora Norte ADR <sup>\*(A)</sup> | 409815 | 13650938 |
| &nbsp;&nbsp;&nbsp;Pampa Energia ADR <sup>\*(A)</sup> | 428497 | 36765042 |
|  |  | 80920084 |
| TOTAL ARGENTINA |  | 480591664 |

---

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

*18*

![](logom4.jpg)

Schedule of Investments October 31, 2025

**Global X MSCI Argentina ETF**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| **BRAZIL — 23.2%** |  |  |
| Consumer Discretionary — 22.6% |  |  |
| &nbsp;&nbsp;&nbsp;Arcos Dorados Holdings, Cl A | 2472743 | $17729568 |
| &nbsp;&nbsp;&nbsp;MercadoLibre <sup>\*</sup> | 68624 | 159705890 |
|  |  | 177435458 |
| Consumer Staples — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Adecoagro <sup>(A)</sup> | 596598 | 4808580 |
| TOTAL BRAZIL |  | 182244038 |
| **CANADA — 6.2%** |  |  |
| Materials — 6.2% |  |  |
| &nbsp;&nbsp;&nbsp;Lithium Americas Argentina <sup>\*</sup> | 2256920 | 9501633 |
| &nbsp;&nbsp;&nbsp;SSR Mining <sup>\*</sup> | 1754637 | 39709909 |
| TOTAL CANADA |  | 49211542 |
| **CHILE — 5.5%** |  |  |
| Consumer Staples — 5.5% |  |  |
| &nbsp;&nbsp;&nbsp;Cencosud | 8721766 | 27058659 |
| &nbsp;&nbsp;&nbsp;Cia Cervecerias Unidas | 2493026 | 15876366 |
| TOTAL CHILE |  | 42935025 |
| **UNITED STATES — 0.0%** |  |  |
| Utilities — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Central Puerto <sup>(B)</sup> | 2165327 |  |
| TOTAL COMMON STOCK<br> (Cost $718,379,967) |  | 754982269 |
| **PREFERRED STOCK — 4.0%** |  |  |
| **CHILE—4.0%** |  |  |
| Consumer Staples — 4.0% |  |  |
| &nbsp;&nbsp;&nbsp;Embotelladora Andina <sup>(C)</sup> | 6911133 | 31116658 |
| TOTAL PREFERRED STOCK<br> (Cost $19,658,413) |  | 31116658 |

---

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

*19*

![](logom4.jpg)

Schedule of Investments October 31, 2025

**Global X MSCI Argentina ETF**

------

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(D)</sup> — 15.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Citadel Securities LLC <br> 4.260%, dated 10/31/2025, to be repurchased on 11/03/2025, repurchase price $28,806,771 (collateralized by various U.S. Treasury Obligations, ranging in par value $1,646 - $2,674,423, 0.000% - 4.875%, 11/04/2025 - 08/15/2055, with a total market value of $29,343,066) | $28796548 | $28796548 |
| &nbsp;&nbsp;&nbsp;Daiwa Capital Markets America, Inc. <br> 4.150%, dated 10/31/2025, to be repurchased on 11/03/2025, repurchase price $27,078,116 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $2,661 - $8,462,523, 1.500% - 7.500%, 06/30/2027 - 10/20/2055, with a total market value of $27,491,664) | 27068755 | 27068755 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank Securities, Inc. <br> 3.950%, dated 10/31/2025, to be repurchased on 11/03/2025, repurchase price $5,627,792 (collateralized by various U.S. Treasury Obligations, ranging in par value $121,267 - $648,791, 1.125% - 6.750%, 02/15/2026 - 08/15/2055, with a total market value of $5,669,437) | 5625940 | 5625940 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc. <br> 4.140%, dated 10/31/2025, to be repurchased on 11/03/2025, repurchase price $1,728,389 (collateralized by various U.S. Treasury Obligations, ranging in par value $340,118 - $654,136, 0.125% - 3.625%, 07/15/2030 - 02/15/2051, with a total market value of $1,749,026) | 1727793 | 1727793 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc. <br> 4.150%, dated 10/31/2025, to be repurchased on 11/03/2025, repurchase price $4,276,338 (collateralized by various U.S. Treasury Obligations, ranging in par value $87,831 - $1,147,971, 0.000% - 4.750%, 01/02/2026 - 11/15/2053, with a total market value of $4,319,684) | 4274860 | 4274860 |

---

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

*20*

![](logom4.jpg)

Schedule of Investments October 31, 2025

**Global X MSCI Argentina ETF**

------

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(D)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc. <br> 4.150%, dated 10/31/2025, to be repurchased on 11/03/2025, repurchase price $22,801,778 (collateralized by various U.S. Government Obligations, ranging in par value $32,484 - $16,096,051, 1.550% - 7.000%, 01/01/2032 - 06/01/2055, with a total market value of $23,166,034) | $22793895 | $22793895 |
| &nbsp;&nbsp;&nbsp;JP Morgan Securities LLC <br> 4.150%, dated 10/31/2025, to be repurchased on 11/03/2025, repurchase price $5,772,907 (collateralized by various U.S. Government Obligations, ranging in par value $37,511 - $2,071,234, 3.000% - 7.000%, 04/01/2038 - 10/01/2055, with a total market value of $5,857,518) | 5770911 | 5770911 |
| &nbsp;&nbsp;&nbsp;RBC Dominion Securities, Inc.<br> 4.150%, dated 10/31/2025, to be repurchased on 11/03/2025, repurchase price $26,488,960 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $8,346 - $48,714,922, 0.000% - 6.500%, 11/06/2025 - 08/15/2055, with a total market value of $26,881,029) | 26479802 | 26479802 |
| TOTAL REPURCHASE AGREEMENTS<br> (Cost $122,538,504) |  | 122538504 |
| TOTAL INVESTMENTS — 115.6%<br> (Cost $860,576,884) |  | $908637431 |

---

*Percentages are based on Net Assets of $786,220,559.*

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

*21*

![](logom4.jpg)

Schedule of Investments October 31, 2025

**Global X MSCI Argentina ETF**

------

*\** *Non-income producing security.*

*(A)* *This security or a partial position of this security is on loan at October 31, 2025. The total market value of securities on loan at October 31, 2025 was $144,842,131.*

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

*(C)* *There is currently no stated interest rate.*

*(D)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2025 was $122,538,504. The total value of non-cash collateral held from securities on loan as of October 31, 2025 was $15,274,449.*

*The following is a summary of the level of inputs used as of October 31, 2025, in valuing the Fund's investments carried at value:*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3<sup>(1)</sup>* | *Level 3<sup>(1)</sup>* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*712047244* | $*42935025* | $*—* | *<sup>^</sup>* | $*754982269* |
| &nbsp;&nbsp;&nbsp;*Preferred Stock* | *—* | *31116658* | *—* |  | *31116658* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreements* | *—* | *122538504* | *—* |  | *122538504* |
| *Total Investments in Securities* | $*712047244* | $*196590187* | $*—* |  | $*908637431* |

---

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

*^ Security is fair value at zero.*

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

*See "Glossary" for abbreviations.*

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

*22*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **October 31, 2025** |
| **Global X MSCI Greece ETF** | **Global X MSCI Greece ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 100.0%** |  |  |
| **GREECE — 96.8%** |  |  |
| Communication Services — 4.7% |  |  |
| &nbsp;&nbsp;&nbsp;Hellenic Telecommunications Organization | 705352 | $13278268 |
| Consumer Discretionary — 12.5% |  |  |
| &nbsp;&nbsp;&nbsp;Autohellas Tourist and Trading | 250042 | 3197675 |
| &nbsp;&nbsp;&nbsp;FF Group \*<sup>(A)</sup> | 452712 | 5 |
| &nbsp;&nbsp;&nbsp;FF Group ADR \*<sup>(A)</sup> | 198300 | 2 |
| &nbsp;&nbsp;&nbsp;Intralot - Integrated Information Systems & Gaming Services \* | 6815171 | 8778544 |
| &nbsp;&nbsp;&nbsp;JUMBO | 349586 | 11112187 |
| &nbsp;&nbsp;&nbsp;OPAP | 569334 | 11795412 |
|  |  | 34883825 |
| Consumer Staples — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Sarantis | 239966 | 3495350 |
| Energy — 7.0% |  |  |
| &nbsp;&nbsp;&nbsp;HELLENiQ ENERGY Holdings | 579341 | 5108686 |
| &nbsp;&nbsp;&nbsp;Motor Oil Hellas Corinth Refineries | 323150 | 9704943 |
| &nbsp;&nbsp;&nbsp;Tsakos Energy Navigation | 202018 | 4925199 |
|  |  | 19738828 |
| Financials — 48.4% |  |  |
| &nbsp;&nbsp;&nbsp;Alpha Bank | 6520982 | 25590188 |
| &nbsp;&nbsp;&nbsp;Eurobank Ergasias Services and Holdings | 7894999 | 29715595 |
| &nbsp;&nbsp;&nbsp;Hellenic Exchanges - Athens Stock Exchange | 513406 | 3697661 |
| &nbsp;&nbsp;&nbsp;National Bank of Greece | 2794882 | 41113540 |
| &nbsp;&nbsp;&nbsp;Optima bank | 976115 | 9058131 |
| &nbsp;&nbsp;&nbsp;Piraeus Financial Holdings | 3366322 | 26312018 |
|  |  | 135487133 |
| Industrials — 14.1% |  |  |
| &nbsp;&nbsp;&nbsp;Aegean Airlines | 290635 | 4421248 |
| &nbsp;&nbsp;&nbsp;Aktor Holding Company Technical And Energy Projects \* | 510712 | 4957396 |
| &nbsp;&nbsp;&nbsp;Athens International Airport | 418872 | 4844295 |
| &nbsp;&nbsp;&nbsp;Capital Clean Energy Carriers | 131502 | 2769432 |
| &nbsp;&nbsp;&nbsp;GEK TERNA | 319674 | 8552682 |
| &nbsp;&nbsp;&nbsp;Metlen Energy & Metals PLC \* | 204862 | 10403887 |

---

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

*23*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **October 31, 2025** |
| **Global X MSCI Greece ETF** | **Global X MSCI Greece ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Industrials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Piraeus Port Authority | 70808 | $3514248 |
|  |  | 39463188 |
| Real Estate — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;LAMDA Development \* | 531594 | 4540392 |
| Utilities — 7.2% |  |  |
| &nbsp;&nbsp;&nbsp;Athens Water Supply & Sewage | 433275 | 3470601 |
| &nbsp;&nbsp;&nbsp;Holding ADMIE IPTO | 1015833 | 3499840 |
| &nbsp;&nbsp;&nbsp;Public Power | 764653 | 13317883 |
|  |  | 20288324 |
| TOTAL GREECE |  | 271175308 |
| **UNITED STATES — 3.2%** |  |  |
| Materials — 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;Titan | 197793 | 8880595 |
| TOTAL COMMON STOCK<br> (Cost $212,682,711) |  | 280055903 |
| TOTAL INVESTMENTS — 100.0%<br> (Cost $212,682,711) |  | $280055903 |

---

*Percentages are based on Net Assets of $280,119,916*.

*\** *Non-income producing security.* <br> *(A)* *Level 3 security in accordance with fair value hierarchy.*

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

*24*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **October 31, 2025** |
| **Global X MSCI Greece ETF** | **Global X MSCI Greece ETF** |

---

*The following is a summary of the level of inputs used as of October 31, 2025, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3<sup>(1)</sup>* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*280055896* | $*—* | $*7* | $*280055903* |
| *Total Investments in Securities* | $*280055896* | $*—* | $*7* | $*280055903* |

---

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

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

*See "Glossary" for abbreviations.*

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

*25*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **October 31, 2025** |
| **Global X DAX Germany ETF** | **Global X DAX Germany ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 97.6%** |  |  |
| **FRANCE — 7.5%** |  |  |
| Industrials — 7.5% |  |  |
| &nbsp;&nbsp;&nbsp;Airbus | 84581 | $20832855 |
| **GERMANY — 89.6%** |  |  |
| Communication Services — 6.1% |  |  |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom | 505864 | 15700234 |
| &nbsp;&nbsp;&nbsp;Scout24 | 10778 | 1246486 |
|  |  | 16946720 |
| Consumer Discretionary — 6.2% |  |  |
| &nbsp;&nbsp;&nbsp;adidas | 24545 | 4640433 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke | 40165 | 3742058 |
| &nbsp;&nbsp;&nbsp;Continental | 15499 | 1171369 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Group | 103463 | 6712437 |
| &nbsp;&nbsp;&nbsp;Zalando \* | 34109 | 955083 |
|  |  | 17221380 |
| Consumer Staples — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Beiersdorf | 12908 | 1366484 |
| Financials — 20.4% |  |  |
| &nbsp;&nbsp;&nbsp;Allianz | 55506 | 22307467 |
| &nbsp;&nbsp;&nbsp;Commerzbank | 99242 | 3609320 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank | 280055 | 9997808 |
| &nbsp;&nbsp;&nbsp;Deutsche Boerse | 27060 | 6855575 |
| &nbsp;&nbsp;&nbsp;Hannover Rueck | 8615 | 2460008 |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft in Muenchen | 18769 | 11620143 |
|  |  | 56850321 |
| Health Care — 5.2% |  |  |
| &nbsp;&nbsp;&nbsp;Bayer | 141222 | 4392813 |
| &nbsp;&nbsp;&nbsp;Fresenius & KGaA | 59110 | 3412606 |
| &nbsp;&nbsp;&nbsp;Fresenius Medical Care | 30112 | 1618207 |
| &nbsp;&nbsp;&nbsp;Merck KGaA | 18588 | 2433990 |
| &nbsp;&nbsp;&nbsp;Siemens Healthineers | 46820 | 2624708 |
|  |  | 14482324 |

---

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

*26*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **October 31, 2025** |
| **Global X DAX Germany ETF** | **Global X DAX Germany ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Industrials — 25.6% |  |  |
| &nbsp;&nbsp;&nbsp;Brenntag | 17627 | $979617 |
| &nbsp;&nbsp;&nbsp;Daimler Truck Holding | 79658 | 3191285 |
| &nbsp;&nbsp;&nbsp;Deutsche Post | 132655 | 6093801 |
| &nbsp;&nbsp;&nbsp;GEA Group | 20941 | 1498548 |
| &nbsp;&nbsp;&nbsp;MTU Aero Engines | 7745 | 3379945 |
| &nbsp;&nbsp;&nbsp;Rheinmetall | 6629 | 13018518 |
| &nbsp;&nbsp;&nbsp;Siemens | 108103 | 30637917 |
| &nbsp;&nbsp;&nbsp;Siemens Energy \* | 102255 | 12663852 |
|  |  | 71463483 |
| Information Technology — 16.3% |  |  |
| &nbsp;&nbsp;&nbsp;Infineon Technologies | 187715 | 7435802 |
| &nbsp;&nbsp;&nbsp;SAP | 146426 | 37933190 |
|  |  | 45368992 |
| Materials — 4.4% |  |  |
| &nbsp;&nbsp;&nbsp;BASF | 128290 | 6336021 |
| &nbsp;&nbsp;&nbsp;Heidelberg Materials | 18365 | 4305092 |
| &nbsp;&nbsp;&nbsp;Symrise, Cl A | 19087 | 1581331 |
|  |  | 12222444 |
| Real Estate — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Vonovia | 102694 | 3087695 |
| Utilities — 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;E.ON | 322731 | 6012094 |
| &nbsp;&nbsp;&nbsp;RWE | 97187 | 4785316 |
|  |  | 10797410 |
| TOTAL GERMANY |  | 249807253 |
| **UNITED STATES — 0.5%** |  |  |
| Health Care — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;QIAGEN | 31295 | 1472281 |
| TOTAL COMMON STOCK <br> (Cost $256,622,829) |  | 272112389 |

---

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

*27*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **October 31, 2025** |
| **Global X DAX Germany ETF** | **Global X DAX Germany ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — 2.1%** |  |  |
| **GERMANY—2.1%** |  |  |
| Consumer Discretionary — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Porsche Automobil Holding <sup>(A)</sup> | 21987 | $874506 |
| &nbsp;&nbsp;&nbsp;Volkswagen <sup>(A)</sup> | 29633 | 3085745 |
|  |  | 3960251 |
| Consumer Staples — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Henkel & KGaA <sup>(A)</sup> | 22525 | 1826646 |
| TOTAL GERMANY |  | 5786897 |
| TOTAL PREFERRED STOCK <br> (Cost $6,541,635) |  | 5786897 |
| TOTAL INVESTMENTS — 99.7% <br> (Cost $263,164,464) |  | $277899286 |

---

*Percentages are based on Net Assets of $278,642,316*.

*A list of the open futures contracts held by the Fund at October 31, 2025, is as follows:*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Type of Contract | Number of<br> Contracts | Expiration<br> Date | Notional Amount | Value | Unrealized<br> Appreciation |
| Long Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mini DAX Index | 6 | Dec-2025 | $839672 | $832202 | $9045 |

---

*\** *Non-income producing security*. <br> *(A)* *There is currently no stated interest rate.*

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

*28*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **October 31, 2025** |
| **Global X DAX Germany ETF** | **Global X DAX Germany ETF** |

---

*The following is a summary of the level of inputs used as of October 31, 2025, in valuing the Fund's investments and other financial instruments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Common Stock | $272112389 | $— | $— | $272112389 |
| &nbsp;&nbsp;&nbsp;Preferred Stock | 5786897 |  |  | 5786897 |
| Total Investments in Securities | $277899286 | $— | $— | $277899286 |
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Appreciation | $9045 | $— | $— | $9045 |
| Total Other Financial Instruments | $9045 | $— | $— | $9045 |

---

*\** *Futures contracts are valued at unrealized appreciation on the instrument.*

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

*See "Glossary" for abbreviations.*

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

*29*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **October 31, 2025** |
| **Global X MSCI Vietnam ETF** | **Global X MSCI Vietnam ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8%** |  |  |
| **VIETNAM — 99.8%** |  |  |
| Consumer Discretionary — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;FPT DIGITAL RETAIL JSC \* | 41750 | $235444 |
| Consumer Staples — 11.1% |  |  |
| &nbsp;&nbsp;&nbsp;DABACO Vietnam Group JSC \* | 94085 | 94925 |
| &nbsp;&nbsp;&nbsp;HAGL JSC \* | 282300 | 183444 |
| &nbsp;&nbsp;&nbsp;KIDO Group | 72573 | 142305 |
| &nbsp;&nbsp;&nbsp;Masan Group \* | 357620 | 1081762 |
| &nbsp;&nbsp;&nbsp;Saigon Beer Alcohol Beverage | 63800 | 111162 |
| &nbsp;&nbsp;&nbsp;Thanh Thanh Cong - Bien Hoa JSC \* | 182358 | 175671 |
| &nbsp;&nbsp;&nbsp;Vietnam Dairy Products JSC | 364200 | 797185 |
| &nbsp;&nbsp;&nbsp;Vinh Hoan | 50780 | 113852 |
|  |  | 2700306 |
| Energy — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;PetroVietnam Drilling & Well Services JSC | 136052 | 111933 |
| &nbsp;&nbsp;&nbsp;PetroVietnam Technical Services | 107000 | 133369 |
| &nbsp;&nbsp;&nbsp;Petrovietnam Transportation | 114810 | 76787 |
|  |  | 322089 |
| Financials — 25.6% |  |  |
| &nbsp;&nbsp;&nbsp;Bank for Foreign Trade of Vietnam JSC | 415749 | 941617 |
| &nbsp;&nbsp;&nbsp;Bank for Investment and Development of Vietnam JSC | 139783 | 198666 |
| &nbsp;&nbsp;&nbsp;FPT Securities JSC | 66348 | 88246 |
| &nbsp;&nbsp;&nbsp;Ho Chi Minh City Securities | 133300 | 118027 |
| &nbsp;&nbsp;&nbsp;Nam A Commercial JSB \* | 255875 | 138560 |
| &nbsp;&nbsp;&nbsp;Sai Gon-Ha Noi Securities JSC | 217501 | 190102 |
| &nbsp;&nbsp;&nbsp;Saigon - Hanoi Commercial Joint Stock Bank | 686323 | 429033 |
| &nbsp;&nbsp;&nbsp;Saigon Thuong Tin Commercial JSB \* | 281400 | 593490 |
| &nbsp;&nbsp;&nbsp;SSI Securities | 669385 | 872503 |
| &nbsp;&nbsp;&nbsp;Tien Phong Commercial Joint Stock Bank | 206115 | 130413 |
| &nbsp;&nbsp;&nbsp;Vietcap Securities JSC | 179482 | 253041 |
| &nbsp;&nbsp;&nbsp;Vietnam Export Import Commercial JSB | 278447 | 234376 |
| &nbsp;&nbsp;&nbsp;Vietnam Joint Stock Commercial Bank for Industry and Trade | 106989 | 199219 |
| &nbsp;&nbsp;&nbsp;Vietnam Prosperity JSC Bank | 592900 | 646636 |
| &nbsp;&nbsp;&nbsp;VIX Securities JSC \* | 685709 | 729616 |

---

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

*30*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **October 31, 2025** |
| **Global X MSCI Vietnam ETF** | **Global X MSCI Vietnam ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;VNDirect Securities | 569050 | $433572 |
|  |  | 6197117 |
| Industrials — 9.6% |  |  |
| &nbsp;&nbsp;&nbsp;Binh Minh Plastics JSC | 13800 | 89151 |
| &nbsp;&nbsp;&nbsp;Development Investment Construction JSC \* | 192318 | 150551 |
| &nbsp;&nbsp;&nbsp;Gelex Group JSC | 225015 | 376664 |
| &nbsp;&nbsp;&nbsp;Gemadept | 52500 | 135863 |
| &nbsp;&nbsp;&nbsp;Ha Do Group JSC \* | 92681 | 108477 |
| &nbsp;&nbsp;&nbsp;Hoang Huy Investment Financial Services JSC \* | 220216 | 181177 |
| &nbsp;&nbsp;&nbsp;IDICO JSC | 93206 | 134948 |
| &nbsp;&nbsp;&nbsp;PC1 Group JSC \* | 88138 | 79714 |
| &nbsp;&nbsp;&nbsp;Tasco JSC \* | 260440 | 173198 |
| &nbsp;&nbsp;&nbsp;Vietjet Aviation JSC \* | 88000 | 625347 |
| &nbsp;&nbsp;&nbsp;Vietnam Construction and Import-Export JSC | 158181 | 156588 |
| &nbsp;&nbsp;&nbsp;Viettel Construction Joint Stock | 17500 | 61182 |
| &nbsp;&nbsp;&nbsp;Viettel Post Joint Stock | 14700 | 64520 |
|  |  | 2337380 |
| Information Technology — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;CMC \* | 42000 | 66874 |
| &nbsp;&nbsp;&nbsp;Digiworld | 53386 | 80845 |
| &nbsp;&nbsp;&nbsp;FPT | 212300 | 838228 |
|  |  | 985947 |
| Materials — 10.8% |  |  |
| &nbsp;&nbsp;&nbsp;Duc Giang Chemicals JSC | 93080 | 339566 |
| &nbsp;&nbsp;&nbsp;Hoa Phat Group JSC \* | 1871376 | 1898755 |
| &nbsp;&nbsp;&nbsp;Hoa Sen Group | 150930 | 96070 |
| &nbsp;&nbsp;&nbsp;Nam Kim Steel JSC \* | 110580 | 67235 |
| &nbsp;&nbsp;&nbsp;PetroVietNam Ca Mau Fertilizer JSC | 65400 | 86985 |
| &nbsp;&nbsp;&nbsp;Petrovietnam Fertilizer & Chemicals JSC | 151826 | 138469 |
|  |  | 2627080 |
| Real Estate — 34.8% |  |  |
| &nbsp;&nbsp;&nbsp;CEO Group JSC \* | 138413 | 133600 |
| &nbsp;&nbsp;&nbsp;Dat Xanh Group JSC \* | 254611 | 195929 |
| &nbsp;&nbsp;&nbsp;Khang Dien House Trading and Investment JSC \* | 277419 | 377939 |

---

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

*31*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **October 31, 2025** |
| **Global X MSCI Vietnam ETF** | **Global X MSCI Vietnam ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Real Estate — continued |  |  |
| &nbsp;&nbsp;&nbsp;Kinh Bac City Development Holding \* | 229100 | $304712 |
| &nbsp;&nbsp;&nbsp;Kosy JSC \* | 42900 | 63335 |
| &nbsp;&nbsp;&nbsp;Novaland Investment Group \* | 475291 | 246541 |
| &nbsp;&nbsp;&nbsp;Phat Dat Real Estate Development \* | 244414 | 209445 |
| &nbsp;&nbsp;&nbsp;Sai Gon VRG Investment | 58499 | 125157 |
| &nbsp;&nbsp;&nbsp;Van Phu - Invest Investment JSC \* | 63764 | 135694 |
| &nbsp;&nbsp;&nbsp;Vincom Retail JSC \* | 463800 | 586910 |
| &nbsp;&nbsp;&nbsp;Vingroup JSC \* | 570900 | 4143716 |
| &nbsp;&nbsp;&nbsp;Vinhomes JSC \* | 510500 | 1924439 |
|  |  | 8447417 |
| Utilities — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Binh Duong Water Environment JSC | 42200 | 78579 |
| &nbsp;&nbsp;&nbsp;PetroVietnam Gas JSC | 47475 | 111133 |
| &nbsp;&nbsp;&nbsp;PetroVietnam Power \* | 291000 | 158687 |
|  |  | 348399 |
| TOTAL VIETNAM |  | 24201179 |
| TOTAL COMMON STOCK<br> (Cost $18,862,553) |  | 24201179 |
| TOTAL INVESTMENTS — 99.8%<br> (Cost $18,862,553) |  | $24201179 |

---

*Percentages are based on Net Assets of $24,261,162.*

*\** *Non-income producing security.*

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

*See "Glossary" for abbreviations.*

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

*32*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **October 31, 2025** |
| **Glossary (abbreviations which may be used in the preceding Schedules of Investments):** | **Glossary (abbreviations which may be used in the preceding Schedules of Investments):** |

---

**Fund Abbreviations**

ADR — *American Depositary Receipt* 

Cl — *Class* 

DAX — *Deutscher Aktien Index* 

JSB — *Joint-Stock Bank* 

JSC — *Joint-Stock Company* 

NVDR — *Non-Voting Depositary Receipt*

*33*

![](logom4.jpg)

Statements of Assets and Liabilities

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X MSCI<br> Colombia ETF** | **Global X MSCI <br> China Consumer<br> Discretionary ETF** | **Global X MSCI<br> Norway ETF** |
| **Assets:** | | | |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $80266324 | $252148379 | $57215927 |
| &nbsp;&nbsp;&nbsp;Cost of Repurchase Agreement | 2642865 | 4658586 |  |
| &nbsp;&nbsp;&nbsp;Cost (Proceeds) of Foreign Currency |  | 4436 |  |
| &nbsp;&nbsp;&nbsp;Investments, at Value | $108495612 \* | $234522549 \* | $53186199 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreement, at Value | 2642865 | 4658586 |  |
| &nbsp;&nbsp;&nbsp;Cash | 119633 | 318272 | 52221 |
| &nbsp;&nbsp;&nbsp;Foreign Currency, at Value |  | 4431 |  |
| &nbsp;&nbsp;&nbsp;Dividend, Interest, and Securities Lending Income Receivable | 14995 | 124420 | 91033 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable | 3890 |  | 59954 |
| &nbsp;&nbsp;&nbsp;Unrealized Appreciation on Spot Contracts |  | 4 |  |
| &nbsp;&nbsp;&nbsp;Cash pledged as collateral on Futures Contracts |  | 26791 |  |
| &nbsp;&nbsp;&nbsp;Due from Broker | 14679 |  |  |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 111291674 | 239655053 | 53389407 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Obligation to Return Securities Lending Collateral | 2642865 | 4658586 |  |
| &nbsp;&nbsp;&nbsp;Payable due to Investment Adviser | 54918 | 134295 | 23696 |
| &nbsp;&nbsp;&nbsp;Payable for Variation Margin on Futures Contracts |  | 5900 |  |
| &nbsp;&nbsp;&nbsp;Custodian Fees Payable | 4 | 110 | 6 |
| &nbsp;&nbsp;&nbsp;Due to Broker | 1724 |  |  |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 2699511 | 4798891 | 23702 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $108592163 | $234856162 | $53365705 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $181567529 | $569207271 | $113012985 |
| &nbsp;&nbsp;&nbsp;Total Accumulated Losses | (72975366) | (334351109) | (59647280) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $108592163 | $234856162 | $53365705 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization — no par value) | 3079699 | 10170000 | 1846111 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $35.26 | $23.09 | $28.91 |
| \*&nbsp;&nbsp;&nbsp;&nbsp;Includes Market Value of Securities on Loan | $2513563 | $7630276 | $— |

---

*Amounts designated as "—" are either $0 or have been rounded to $0.*

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

*34*

![](logom4.jpg)

Statements of Assets and Liabilities

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X FTSE<br> Southeast Asia<br> ETF** | **Global X MSCI<br> Argentina ETF** | **Global X MSCI<br> Greece ETF** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $58943699 | $738038380 | $212682711 |
| &nbsp;&nbsp;&nbsp;Cost of Repurchase Agreement | 2 | 122538504 |  |
| &nbsp;&nbsp;&nbsp;Cost (Proceeds) of Foreign Currency | 18060 |  | 35 |
| &nbsp;&nbsp;&nbsp;Investments, at Value | $67808868 | $786098927 \* | $280055903 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreement, at Value | 2 | 122538504 |  |
| &nbsp;&nbsp;&nbsp;Cash | 124422 | 2382707 | 282102 |
| &nbsp;&nbsp;&nbsp;Foreign Currency, at Value | 18072 |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized Appreciation on Spot Contracts | 13 |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for Capital Shares Sold |  |  | 2450021 |
| &nbsp;&nbsp;&nbsp;Dividend, Interest, and Securities Lending Income Receivable |  | 151019 | 9279 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable |  | 643 |  |
| &nbsp;&nbsp;&nbsp;Due from Broker |  | 1550739 |  |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 67951377 | 912722539 | 282797305 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Obligation to Return Securities Lending Collateral | 2 | 122538504 |  |
| &nbsp;&nbsp;&nbsp;Payable due to Investment Adviser | 36807 | 306573 | 140996 |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased |  | 1940257 |  |
| &nbsp;&nbsp;&nbsp;Payable for Capital Shares Redeemed |  | 1550739 |  |
| &nbsp;&nbsp;&nbsp;Unrealized Depreciation on Spot Contracts |  | 597 |  |
| &nbsp;&nbsp;&nbsp;Due to Custodian |  |  | 63149 |
| &nbsp;&nbsp;&nbsp;Custodian Fees Payable |  | 1 | 18942 |
| &nbsp;&nbsp;&nbsp;Due to Broker |  | 165309 | 2454302 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 36809 | 126501980 | 2677389 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $67914568 | $786220559 | $280119916 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $71707946 | $767973020 | $437337708 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings (Accumulated Losses) | (3793378) | 18247539 | (157217792) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $67914568 | $786220559 | $280119916 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization — no par value) | 3830000 | 8354975 | 4485644 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $17.73 | $94.10 | $62.45 |
| \*&nbsp;&nbsp;&nbsp;&nbsp;Includes Market Value of Securities on Loan | $— | $144842131 | $— |

---

*Amounts designated as "—" are either $0 or have been rounded to $0.*

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

*35*

![](logom4.jpg)

Statements of Assets and Liabilities

**October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Global X DAX<br> Germany ETF** | **Global X MSCI<br> Vietnam ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $263164464 | $18862553 |
| &nbsp;&nbsp;&nbsp;Cost (Proceeds) of Foreign Currency | 209828 | 15709 |
| &nbsp;&nbsp;&nbsp;Investments, at Value | $277899286 | $24201179 |
| &nbsp;&nbsp;&nbsp;Cash |  | 61419 |
| &nbsp;&nbsp;&nbsp;Foreign Currency, at Value | 211740 | 15709 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable | 594370 |  |
| &nbsp;&nbsp;&nbsp;Dividend, Interest, and Securities Lending Income Receivable | 5874 | 6965 |
| &nbsp;&nbsp;&nbsp;Cash pledged as collateral on Futures Contracts | 59993 |  |
| &nbsp;&nbsp;&nbsp;Due from Broker |  | 1870 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 278771263 | 24287142 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Payable due to Investment Adviser | 49139 | 10367 |
| &nbsp;&nbsp;&nbsp;Payable for Variation Margin on Futures Contracts | 6406 |  |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased |  | 15613 |
| &nbsp;&nbsp;&nbsp;Due to Custodian | 59993 |  |
| &nbsp;&nbsp;&nbsp;Cash Overdraft | 13409 |  |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 128947 | 25980 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $278642316 | $24261162 |
| **Net Assets Consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $269833556 | $22734519 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings | 8808760 | 1526643 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $278642316 | $24261162 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization — no par value) | 6330000 | 1080000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $44.02 | $22.46 |

---

*Amounts designated as "—" are either $0 or have been rounded to $0.*

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

*36*

![](logom4.jpg)

Statements of Operations

**For the year ended October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X MSCI<br> Colombia ETF** | **Global X MSCI<br> China Consumer<br> Discretionary<br> ETF** | **Global X MSCI<br> Norway ETF** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $8921406 | $4210920 | $3266102 |
| &nbsp;&nbsp;&nbsp;Interest Income | 15645 | 16338 | 3415 |
| &nbsp;&nbsp;&nbsp;Security Lending Income, Net | 23361 | 82019 | 5017 |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (726463) | (157404) | (723006) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 8233949 | 4151873 | 2551528 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Supervision and Administration Fees<sup>(1)</sup> | 472970 | 1513614 | 258203 |
| &nbsp;&nbsp;&nbsp;Custodian Fees<sup>(2)</sup> | 4118 | 1991 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 477088 | 1515605 | 258721 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 7756861 | 2636268 | 2292807 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>(3)</sup> | (1496114) | (16054793) | (1813319) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts |  | 164718 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Transactions | (184812) | (3745) | 8754 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | (1680926) | (15893820) | (1804565) |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 30924549 | 41220195 | 9199099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts |  | (6070) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Translations | 100 | 34 | 3974 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | 30924649 | 41214159 | 9203073 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 29243723 | 25320339 | 7398508 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $37000584 | $27956607 | $9691315 |

---

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

*(2)* *See Note 2 in the Notes to Financial Statements.* 

*(3)* *Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in the Notes to Financial Statements.)* 

*Amounts designated as "—" are either $0 or have been rounded to $0.*

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

*37*

![](logom4.jpg)

Statements of Operations

**For the year ended October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X FTSE<br> Southeast Asia<br> ETF** | **Global X MSCI<br> Argentina ETF** | **Global X MSCI<br> Greece ETF** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $3204360 | $10039559 | $10666490 |
| &nbsp;&nbsp;&nbsp;Interest Income | 4828 | 86343 | 21916 |
| &nbsp;&nbsp;&nbsp;Security Lending Income, Net | 376 | 1182364 | 133 |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (193474) | (817633) | (396239) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 3016090 | 10490633 | 10292300 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Supervision and Administration Fees<sup>(1)</sup> | 398813 | 5348051 | 1252753 |
| &nbsp;&nbsp;&nbsp;Custodian Fees<sup>(2)</sup> | 689 | 20831 | 24889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 399502 | 5368882 | 1277642 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 2616588 | 5121751 | 9014658 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>(3)</sup> | (1155346) | 163235280 | 53912952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Transactions | 1673 | (547879) | 45095 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | (1153673) | 162687401 | 53958047 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 5054811 | (40691145) | 44886505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Translations | 46 | 2278 | 14 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | 5054857 | (40688867) | 44886519 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 3901184 | 121998534 | 98844566 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $6517772 | $127120285 | $107859224 |

---

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

*(2)* *See Note 2 in the Notes to Financial Statements.* 

*(3)* *Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in the Notes to Financial Statements.)* 

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

*38*

![](logom4.jpg)

Statements of Operations

**For the year ended October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Global X DAX<br> Germany ETF** | **Global X MSCI<br> Vietnam ETF** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $5841778 | $202886 |
| &nbsp;&nbsp;&nbsp;Interest Income | 10527 | 5536 |
| &nbsp;&nbsp;&nbsp;Reclaim Income | 568904 |  |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (1357534) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 5063675 | 208422 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Supervision and Administration Fees<sup>(1)</sup> | 408462 | 72465 |
| &nbsp;&nbsp;&nbsp;Custodian Fees<sup>(2)</sup> | 232 | 1101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 408694 | 73566 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 4654981 | 134856 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>(3)</sup> | 25766643 | (701931) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | 154395 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Transactions | (1240) | (21274) |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | 25919798 | (723205) |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 6451701 | 6040584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | 1169 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Translations | 37215 | 192 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | 6490085 | 6040776 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 32409883 | 5317571 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $37064864 | $5452427 |

---

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

*(2)* *See Note 2 in the Notes to Financial Statements.* 

*(3)* *Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in the Notes to Financial Statements.)* 

*Amounts designated as "—" are either $0 or have been rounded to $0.*

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

*39*

![](logom4.jpg)

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X MSCI Colombia ETF** | **Global X MSCI Colombia ETF** | **Global X MSCI China Consumer<br> Discretionary ETF** | **Global X MSCI China Consumer<br> Discretionary ETF** |
|  | **Year Ended<br> October 31, 2025** | **Year Ended<br> October 31, 2024** | **Year Ended<br> October 31, 2025** | **Year Ended<br> October 31, 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $7756861 | $2878839 | $2636268 | $4711483 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (1680926) | (2618910) | (15893820) | (103049083) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 30924649 | 6816061 | 41214159 | 134356877 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 37000584 | 7075990 | 27956607 | 36019277 |
| **Distributions:** | (4336039) | (2642478) | (5397012) | (7138578) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 64779347 | 11249579 | 20888335 | 12169384 |
| &nbsp;&nbsp;&nbsp;Redeemed | (24414312) | (9963103) | (51034398) | (76158952) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | 40365035 | 1286476 | (30146063) | (63989568) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | 73029580 | 5719988 | (7586468) | (35108869) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 35562583 | 29842595 | 242442630 | 277551499 |
| &nbsp;&nbsp;&nbsp;End of Year | $108592163 | $35562583 | $234856162 | $242442630 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 2380000 | 480000 | 910000 | 550000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (840000) | (430000) | (2470000) | (4480000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 1540000 | 50000 | (1560000) | (3930000) |

---

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

*40*

![](logom4.jpg)

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X MSCI Norway ETF** | **Global X MSCI Norway ETF** | **Global X FTSE Southeast Asia ETF** | **Global X FTSE Southeast Asia ETF** |
|  | **Year Ended<br> October 31, 2025** | **Year Ended<br> October 31, 2024** | **Year Ended<br> October 31, 2025** | **Year Ended<br> October 31, 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $2292807 | $2683681 | $2616588 | $1664508 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (1804565) | (3327219) | (1153673) | (218532) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 9203073 | 6991036 | 5054857 | 6105268 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 9691315 | 6347498 | 6517772 | 7551244 |
| **Distributions:** | (2372419) | (2631333) | (2160382) | (1664882) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 5862953 | 2235529 | 9619709 | 20307949 |
| &nbsp;&nbsp;&nbsp;Redeemed | (8513704) | (11319529) | (4084044) | (6454860) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | (2650751) | (9084000) | 5535665 | 13853089 |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | 4668145 | (5367835) | 9893055 | 19739451 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 48697560 | 54065395 | 58021513 | 38282062 |
| &nbsp;&nbsp;&nbsp;End of Year | $53365705 | $48697560 | $67914568 | $58021513 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 210000 | 90000 | 590000 | 1200000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (310000) | (460000) | (250000) | (430000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (100000) | (370000) | 340000 | 770000 |

---

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

*41*

![](logom4.jpg)

Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X MSCI Argentina ETF** | **Global X MSCI Argentina ETF** | **Global X MSCI Greece ETF** | **Global X MSCI Greece ETF** |
|  | **Year Ended<br> October 31, 2025** | **Year Ended<br> October 31, 2024** | **Year Ended<br> October 31, 2025** | **Year Ended<br> October 31, 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $5121751 | $5382214 | $9014658 | $7851418 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 162687401 | 15462684 | 53958047 | 3209596 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (40688867) | 97399678 | 44886519 | 21150006 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 127120285 | 118244576 | 107859224 | 32211020 |
| **Distributions:** | (11293082) | (2397304) | (10813330) | (4100078) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 866916293 | 355550715 | 82476822 | 16323456 |
| &nbsp;&nbsp;&nbsp;Redeemed | (656886840) | (61871179) | (91358837) | (6188438) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | 210029453 | 293679536 | (8882015) | 10135018 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 325856656 | 409526808 | 88163879 | 38245960 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 460363903 | 50837095 | 191956037 | 153710077 |
| &nbsp;&nbsp;&nbsp;End of Year | $786220559 | $460363903 | $280119916 | $191956037 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 10310000 | 6040000 | 1490000 | 420000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (8280000) | (1040000) | (1820000) | (150000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 2030000 | 5000000 | (330000) | 270000 |

---

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

*42*

![](logom4.jpg)

Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X DAX Germany ETF** | **Global X DAX Germany ETF** | **Global X MSCI Vietnam ETF** | **Global X MSCI Vietnam ETF** |
|  | **Year Ended<br> October 31, 2025** | **Year Ended<br> October 31, 2024** | **Year Ended<br> October 31, 2025** | **Year Ended<br> October 31, 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $4654981 | $1628970 | $134856 | $81750 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 25919798 | 3384981 | (723205) | (409923) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 6490085 | 10538086 | 6040776 | 1210935 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 37064864 | 15552037 | 5452427 | 882762 |
| **Distributions:** | (4320886) | (1646912) | (136046) | (34825) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 249886591 | 20910316 | 8084122 | 1937443 |
| &nbsp;&nbsp;&nbsp;Redeemed | (74396237) | (11716528) | (1064529) |  |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 175490354 | 9193788 | 7019593 | 1937443 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 208234332 | 23098913 | 12335974 | 2785380 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 70407984 | 47309071 | 11925188 | 9139808 |
| &nbsp;&nbsp;&nbsp;End of Year | $278642316 | $70407984 | $24261162 | $11925188 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 6030000 | 650000 | 400000 | 110000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1790000) | (360000) | (70000) |  |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 4240000 | 290000 | 330000 | 110000 |

---

*Amounts designated as "—" are either $0 or have been rounded to $0.*

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

*43*

*Page intentionally left blank.*

*44*

![](logom4.jpg)

Financial Highlights

------

**Selected Per Share Data & Ratios For a Share Outstanding Throughout the Period**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net<br> Asset Value,<br> Beginning<br> of Period<br> ($)** | **Net<br> Asset Value,<br> Beginning<br> of Period<br> ($)** | **Net Investment<br> Income<br> ($)\*** | **Net Investment<br> Income<br> ($)\*** | **Net Realized<br> and Unrealized<br> Gain (Loss)<br> ($)** | **Total from<br> Operations<br> ($)** | **Distribution<br> from Net<br> Investment<br> Income ($)** | **Distribution<br> from Capital<br> Gains ($)** | **Return of<br> Capital ($)** |
| **Global X MSCI Colombia ETF** | **Global X MSCI Colombia ETF** |  |  |  |  |  |  |  |  |
| 2025 |  | 23.10 |  | 2.87 | 11.14 | 14.01 | (1.85) |  |  |
| 2024 |  | 20.03 |  | 1.70 | 2.95 | 4.65 | (1.58) |  |  |
| 2023 |  | 19.68 |  | 1.41 | 0.37 | 1.78 | (1.43) |  |  |
| 2022 |  | 30.76 |  | 2.26 | (11.49) | (9.23) | (1.85) |  |  |
| 2021 |  | 23.26 |  | 0.64 | 7.73 | 8.37 | (0.87) |  |  |
| **Global X MSCI China Consumer Discretionary ETF** | **Global X MSCI China Consumer Discretionary ETF** | **Global X MSCI China Consumer Discretionary ETF** | **Global X MSCI China Consumer Discretionary ETF** |  |  |  |  |  |  |
| 2025 |  | 20.67 |  | 0.24 | 2.68 | 2.92 | (0.50) |  |  |
| 2024 |  | 17.72 |  | 0.35 | 3.10 | 3.45 | (0.50) |  |  |
| 2023 |  | 14.55 |  | 0.08 | 3.14 | 3.22 | (0.05) |  |  |
| 2022 |  | 29.94 |  | 0.06 | (15.39) | (15.33) | (0.06) |  |  |
| 2021 |  | 29.45 |  |  | 0.51 | 0.51 | (0.02) |  |  |
| **Global X MSCI Norway ETF** <sup>(1)</sup> | **Global X MSCI Norway ETF** <sup>(1)</sup> | **Global X MSCI Norway ETF** <sup>(1)</sup> |  |  |  |  |  |  |  |
| 2025 |  | 25.02 |  | 1.21 | 3.89 | 5.10 | (1.21) |  |  |
| 2024 |  | 23.34 |  | 1.32 | 1.67 | 2.99 | (1.31) |  |  |
| 2023 |  | 24.43 |  | 1.13 | (0.90) | 0.23 | (1.32) |  |  |
| 2022 |  | 32.01 |  | 1.05 | (7.93) | (6.88) | (0.70) |  |  |
| 2021 |  | 20.12 |  | 0.42 | 11.94 | 12.36 | (0.46) |  | (0.01) |

---

---

| | |
|:---|:---|
| \* | 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. |
| *††* | *Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.* |
| ^ | The amount shown for a share outstanding throughout the period does not accord with the aggregate net gains on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund. |
| (1) | *On October 29, 2021, the Global X MSCI Norway ETF (the "Acquired Fund") was reorganized into the Global X FTSE Nordic Region ETF (the "Acquiring Fund"), each a separate series of the Trust (together, the "Combined Fund") and the Combined Fund was renamed the Global X MSCI Norway ETF. As a result of the Reorganization as of the close of business on October 29, 2021, the Combined Fund assumed the performance and accounting history of the Acquired Fund. Accordingly, performance figures for the Combined Fund for periods prior to the date of the Reorganization represent the performance of the Acquired Fund. (See Note 1 in the Notes to Financial Statements.)*<br> *Amounts designated as "—" are either $0 or have been rounded to $0.* |

---

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

*45*

![](logom4.jpg)

Financial Highlights

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total from<br> Distributions ($)** | **Net<br> Asset Value,<br> End of<br> Period ($)** | **Total<br> Return<br> (%)\*\*** | **Net Assets, End of<br> Period ($)(000)** | **Ratio of Expenses<br> to Average Net<br> Assets (%)** | **Ratio of Net<br> Investment Income<br> to Average Net<br> Assets (%)** | **Portfolio<br> Turnover Rate<br> (%)<sup>††</sup>** |
| (1.85) | 35.26 | 64.05 | 108592 | 0.62 | 10.00 | 43.75 |
| (1.58) | 23.10 | 23.21 | 35563 | 0.62 | 7.04 | 38.17 |
| (1.43) | 20.03 | 9.09 | 29843 | 0.63 | 6.93 | 36.17 |
| (1.85) | 19.68 | (31.39) | 20857 | 0.62 | 8.01 | 50.35 |
| (0.87) | 30.76 | 35.98 | 41831 | 0.61 | 2.21 | 16.08 |
| (0.50) | 23.09 | 14.55 | 234856 | 0.65 | 1.13 | 23.57 |
| (0.50) | 20.67 | 20.00 | 242443 | 0.65 | 2.00 | 32.76 |
| (0.05) | 17.72 | 22.10 | 277551 | 0.65 | 0.44 | 15.93 |
| (0.06) | 14.55 | (51.28) | 214216 | 0.65 | 0.25 | 22.64 |
| (0.02) | 29.94 | 1.73 | 649503 | 0.65 |  | 34.56 |
| (1.21) | 28.91 | 21.00 | 53366 | 0.50 | 4.44 | 8.98 |
| (1.31) | 25.02 | 12.74 | 48698 | 0.50 | 5.27 | 15.89 |
| (1.32) | 23.34 | 0.87 | 54065 | 0.51 | 4.57 | 10.01 |
| (0.70) | 24.43 | (21.72) | 99105 | 0.50 | 3.72 | 15.58 |
| (0.47) | 32.01 | 64.44 | 103935 | 0.50 | 3.09 | 9.74 |

---

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

*46*

![](logom4.jpg)

Financial Highlights

------

**Selected Per Share Data & Ratios For a Share Outstanding Throughout the Period**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net<br> Asset Value,<br> Beginning<br> of Period<br> ($)** | **Net Investment<br> Income<br> ($)\*** | **Net Realized<br> and Unrealized<br> Gain (Loss)<br> ($)** | **Total from<br> Operations<br> ($)** | **Distribution<br> from Net<br> Investment<br> Income ($)** | **Distribution<br> from Capital<br> Gains ($)** | **Return of<br> Capital ($)** |
| **Global X FTSE Southeast Asia ETF** |  |  |  |  |  |  |  |
| 2025 | 16.63 | 0.70 | 1.00 | 1.70 | (0.60) |  |  |
| 2024 | 14.07 | 0.58 | 2.60 | 3.18 | (0.62) |  |  |
| 2023 | 14.02 | 0.55 | (0.06) | 0.49 | (0.44) |  |  |
| 2022 | 15.10 | 0.39 | (0.86) | (0.47) | (0.61) |  |  |
| 2021 | 11.66 | 0.62 | 3.09 | 3.71 | (0.27) |  |  |
| **Global X MSCI Argentina ETF** |  |  |  |  |  |  |  |
| 2025 | 72.79 | 0.47 | 21.86 | 22.33 | (1.02) |  |  |
| 2024 | 38.37 | 1.33 | 33.83 | 35.16 | (0.74) |  |  |
| 2023 | 31.13 | 0.96 | 7.02 | 7.98 | (0.74) |  |  |
| 2022 | 33.00 | 0.77 | (1.99) | (1.22) | (0.65) |  |  |
| 2021 | 23.64 | 0.26 | 9.21 | 9.47 | (0.11) |  |  |
| **Global X MSCI Greece ETF** |  |  |  |  |  |  |  |
| 2025 | 39.86 | 2.07 | 23.08 | 25.15 | (2.56) |  |  |
| 2024 | 33.81 | 1.64 | 5.28 | 6.92 | (0.87) |  |  |
| 2023 | 24.14 | 0.79 | 9.79 | 10.58 | (0.91) |  |  |
| 2022 | 27.98 | 0.73 | (3.94) | (3.21) | (0.63) |  |  |
| 2021 | 17.68 | 0.47 | 10.36 | 10.83 | (0.53) |  |  |

---

---

| | |
|:---|:---|
| \* | 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. |
| †† | 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. |
|  | Amounts designated as "—" are either $0 or have been rounded to $0. |

---

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

*47*

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Financial Highlights

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total from<br> Distributions ($)** | **Net<br> Asset Value,<br> End of<br> Period ($)** | **Total<br> Return<br> (%)\*\*** | **Net Assets, End of<br> Period ($)(000)** | **Ratio of Expenses<br> to Average Net<br> Assets (%)** | **Ratio of Net<br> Investment Income<br> to Average Net<br> Assets (%)** | **Portfolio<br> Turnover Rate<br> (%)<sup>††</sup>** |
| (0.60) | 17.73 | 10.58 | 67915 | 0.65 | 4.26 | 9.31 |
| (0.62) | 16.63 | 23.18 | 58022 | 0.65 | 3.81 | 10.59 |
| (0.44) | 14.07 | 3.37 | 38282 | 0.65 | 3.66 | 11.40 |
| (0.61) | 14.02 | (3.13) | 37861 | 0.65 | 2.67 | 13.92 |
| (0.27) | 15.10 | 31.94 | 35776 | 0.65 | 4.27 | 13.46 |
| (1.02) | 94.10 | 30.87 | 786221 | 0.59 | 0.56 | 32.02 |
| (0.74) | 72.79 | 92.36 | 460364 | 0.59 | 2.26 | 29.63 |
| (0.74) | 38.37 | 25.68 | 50837 | 0.59 | 2.35 | 36.49 |
| (0.65) | 31.13 | (3.42) | 26930 | 0.59 | 2.52 | 44.70 |
| (0.11) | 33.00 | 40.09 | 34810 | 0.59 | 0.85 | 31.35 |
| (2.56) | 62.45 | 65.92 | 280120 | 0.56 | 3.96 | 28.96 |
| (0.87) | 39.86 | 20.64 | 191956 | 0.57 | 4.08 | 24.24 |
| (0.91) | 33.81 | 44.57 | 153710 | 0.57 | 2.42 | 29.17 |
| (0.63) | 24.14 | (11.63) | 107078 | 0.57 | 2.83 | 24.34 |
| (0.53) | 27.98 | 61.52 | 151828 | 0.56 | 1.76 | 38.42 |

---

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

*48*

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Financial Highlights

------

**Selected Per Share Data & Ratios For a Share Outstanding Throughout the Period**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net<br> Asset Value,<br> Beginning<br> of Period<br> ($)** | **Net Investment<br> Income<br> ($)\*** | **Net Realized<br> and Unrealized<br> Gain (Loss)<br> ($)** | **Total from<br> Operations<br> ($)** | **Distribution<br> from Net<br> Investment<br> Income ($)** | **Distribution<br> from Capital<br> Gains ($)** | **Return of<br> Capital ($)** |
| **Global X DAX Germany ETF** |  |  |  |  |  |  |  |
| 2025 | 33.69 | 0.96 | 10.05 | 11.01 | (0.68) |  |  |
| 2024 | 26.28 | 0.82 | 7.36 | 8.18 | (0.77) |  |  |
| 2023 | 22.74 | 0.86 | 3.44 | 4.30 | (0.76) |  |  |
| 2022 | 32.86 | 0.95 | (10.13) | (9.18) | (0.94) |  |  |
| 2021 | 25.21 | 0.62 | 7.95 | 8.57 | (0.92) |  |  |
| **Global X MSCI Vietnam ETF** |  |  |  |  |  |  |  |
| 2025 | 15.90 | 0.17 | 6.57 | 6.74 | (0.18) |  |  |
| 2024 | 14.28 | 0.11 | 1.56 | 1.67 | (0.05) |  |  |
| 2023 | 14.67 | 0.16 | (0.40) | (0.24) | (0.15) |  |  |
| 2022<sup>(1)</sup> | 25.64 | 0.22 | (11.12) | (10.90) | (0.07) |  |  |

---

---

| | |
|:---|:---|
| *\** | *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 March 1, 2021, the Fund's management fees were lowered to 0.20%. Prior to March 1, 2021, the ratio of Expenses to Average Net Assets included the effect of a waiver. If these offsets were excluded, the ratio would have been 0.27% for the year ended October 31, 2021.* |
| *(1)* | *The Fund commenced operations on December 7, 2021.* |
|  | *Amounts designated as "—" are either $0 or have been rounded to $0.* |

---

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

*49*

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Financial Highlights

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total from<br> Distributions ($)** | **Net<br> Asset Value,<br> End of<br> Period ($)** | **Total<br> Return<br> (%)\*\*** | **Net Assets, End of<br> Period ($)(000)** | **Ratio of Expenses<br> to Average Net<br> Assets (%)** | **Ratio of Expenses<br> to Average Net<br> Assets (%)** | **Ratio of Net<br> Investment Income<br> to Average Net<br> Assets (%)** | **Ratio of Net<br> Investment Income<br> to Average Net<br> Assets (%)** | **Portfolio<br> Turnover Rate<br> (%)<sup>††</sup>** |
| (0.68) | 44.02 | 32.73 | 278642 | 0.20 |  | 2.28 |  | 8.14 |
| (0.77) | 33.69 | 31.32 | 70408 | 0.20 |  | 2.55 |  | 6.71 |
| (0.76) | 26.28 | 18.65 | 47309 | 0.20 |  | 3.05 |  | 16.81 |
| (0.94) | 22.74 | (28.29) | 39339 | 0.21 |  | 3.52 |  | 10.74 |
| (0.92) | 32.86 | 34.06 | 44033 | 0.20 | <sup>+</sup> | 1.90 |  | 24.22 |
| (0.18) | 22.46 | 42.87 | 24261 | 0.51 |  | 0.93 |  | 22.26 |
| (0.05) | 15.90 | 11.71 | 11925 | 0.51 |  | 0.70 |  | 13.16 |
| (0.15) | 14.28 | (1.71) | 9140 | 0.55 |  | 0.99 |  | 44.49 |
| (0.07) | 14.67 | (42.60) | 2787 | 0.50 | † | 1.12 | † | 78.28 |

---

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

*50*

![](logom4.jpg)

Notes to Financial Statements

**October 31, 2025**

------

1. ORGANIZATION

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 (the "1940 Act"), as amended, as an open-end management investment company. As of October 31, 2025, the Trust had one hundred eleven portfolios, one hundred two of which were operational. The financial statements herein and the related notes pertain to the Global X MSCI Colombia ETF, Global X MSCI China Consumer Discretionary ETF, Global X MSCI Norway ETF, Global X FTSE Southeast Asia ETF, Global X MSCI Argentina ETF, Global X MSCI Greece ETF, Global X DAX Germany ETF, and Global X MSCI Vietnam ETF (each a "Fund", and collectively, the "Funds"). Each Fund has elected non-diversified status under the 1940 Act.

On August 4, 2021, the Board of Trustees (the "Board") of the Trust unanimously approved an Agreement and Plan of Reorganization (the "Agreement") providing for the tax-free reorganization (the "Reorganization") of the Global X MSCI Norway ETF (the "Acquired Fund") with and into the Global X FTSE Nordic Region ETF (the "Acquiring Fund"), each a separate series of the Trust (together, the "Combined Fund"). The Agreement provided for: (1) the transfer of all of the assets of the Acquired Fund to the Acquiring Fund solely in exchange for (A) the issuance of the shares of beneficial interest of the Acquiring Fund (collectively, the "Acquiring Fund Shares" and each, an "Acquiring Fund Share") to the Acquired Fund, and (B) the assumption by the Acquiring Fund of all of the liabilities of the Acquired Fund on the closing date of the Reorganization (the "Closing Date"), and (2) the distribution by the Acquired Fund, on or promptly after the Closing Date as provided in the Agreement, of the Acquiring Fund Shares to the shareholders of the Acquired Fund in complete liquidation of the Acquired Fund. Effective as of the close of business on October 29, 2021, the Acquired Fund was reorganized into the Combined Fund, and the Combined Fund was renamed the Global X MSCI Norway ETF. The Acquiring Fund is the legal surviving entity in the Reorganization, while the Acquired Fund is the accounting survivor or continuing portfolio for purposes of financial and performance history of the Combined Fund. See Note 10 in the Notes to Financial Statements.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies followed by the Funds.

USE OF ESTIMATES — The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board ("FASB"). The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities 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.

*51*

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Notes to Financial Statements (Continued)

**October 31, 2025**

------

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 Eastern Standard Time if a security's primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent mean between the quoted bid and asked prices, which approximates fair value (absent both bid and asked prices on such exchange, the bid price may be used).

For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. The prices for foreign securities are reported in local 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 (the "Fair Value Procedures") established by Global X Management Company LLC, the Funds' investment adviser (the "Adviser"), and approved by the Board. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the "valuation designee" to determine the fair value of securities and other instruments for which no readily available market quotations are available. The Fair Value Procedures are implemented through a fair value committee (the "Committee") of the Adviser. Some of the more common reasons that may necessitate that a security be valued using the Fair Value Procedures include: the security's trading has been halted or suspended; the security has been de-listed from its primary trading exchange; the security's primary trading market is temporarily closed at a time when, under normal conditions, it would be open; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, the Funds may fair value a security if an event that may materially affect the value of the Funds' security that is traded outside the United States (a "Significant Event") has occurred between the time of the security's last close and the time that each Fund calculates its net asset value ("NAV"). A Significant Event may relate to a single issuer or to an entire market sector. Events that may

*52*

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Notes to Financial Statements (Continued)

**October 31, 2025**

------

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

be Significant Events include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If the Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate their NAVs, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably available to the Committee.

If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less will be valued at their market value. Prices for most securities held by the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

Level 2 – Other significant observable inputs (including quoted prices in non-active markets, quoted prices for similar investments, fair value of investments for which the Funds have the ability to fully redeem tranches at NAV as of the measurement date or within the near term, and short-term investments valued at amortized cost); and

Level 3 – Significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments, and fair value of investments for

*53*

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Notes to Financial Statements (Continued)

**October 31, 2025**

------

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

which the Funds do not have the ability to fully redeem tranches at NAV as of the measurement date or within the near term).

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement. For details of the investment classification, reference the Schedule of Investments.

The unobservable inputs used to determine fair value of Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.

DUE TO/FROM BROKERS — Due to/from brokers includes cash and collateral balances with the Funds' clearing brokers or counterparties as of October 31, 2025. The Funds continuously monitor the credit standing of each broker or counterparty with whom they conduct business. In the event a broker or counterparty is unable to fulfill its obligations, the Funds would be subject to counterparty credit risk.

REPURCHASE AGREEMENTS — Securities pledged as collateral for repurchase agreements are held by The Bank of New York Mellon ("BNY"), 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.

It is each Fund's policy to only enter into repurchase agreements with banks and other financial institutions which are deemed by the Adviser to be creditworthy. The Funds bear the risk of loss in the event that the counterparty to a repurchase agreement defaults on its obligations and the Funds are prevented from exercising their rights to dispose of the underlying securities received as collateral. For financial statement purposes, the Funds record the securities lending collateral (included in repurchase agreements, at value, or restricted cash) as an asset and the obligation to return securities lending collateral as a liability on the Statements of Assets and Liabilities.

Repurchase agreements are entered into by the Funds under Master Repurchase Agreements ("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 the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Funds.

*54*

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Notes to Financial Statements (Continued)

**October 31, 2025**

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 below.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether it is "more-likely-than-not" (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax positions in the current period; however, management's conclusions regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), and on-going analysis of and changes to tax laws and regulations, and interpretations thereof.

If a Fund has foreign tax filings that have not been made, the tax years that remain subject to examination may date back to the inception of the Fund.

As of and during the reporting year ended October 31, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense on the Statements of Operations. During the reporting period, the Funds did not incur any interest or penalties.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

SECURITY TRANSACTIONS AND INVESTMENT INCOME — Security transactions are accounted for on the trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sale of investment securities are based on specific identification. Dividend income is recorded on the ex-dividend date. Interest income is recognized on the accrual basis from the settlement date. Amortization of premiums and accretion of discounts is included in interest income.

FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities, income and expenses are

*55*

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Notes to Financial Statements (Continued)

**October 31, 2025**

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statements 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.

FOREIGN CURRENCY CONTRACTS — To the extent consistent with its investment policies, each Fund may invest in forward foreign currency exchange contracts and foreign currency futures contracts. No Fund, however, expects to engage in currency transactions for speculative purposes or for the purpose of hedging against declines in the value of a Fund's assets that are denominated in a foreign currency. A Fund may enter into forward foreign currency exchange contracts and foreign currency futures contracts to facilitate local settlements or to protect against currency exposure in connection with its distributions to shareholders. Foreign currency exchange contracts involve an obligation to purchase or sell a specified currency on a future date at a price set at the time of the contract. Forward currency contracts do not eliminate fluctuations in the values of portfolio securities but rather allow a Fund to establish a rate of exchange for a future point in time. Foreign currency futures contracts involve an obligation to deliver or acquire the specified amount of a specific currency, at a specified price and at a specified future time. Such futures contracts may be settled on a net cash payment basis rather than by the sale and delivery of the underlying currency. A Fund may incur costs in connection with forward foreign currency exchange and futures contracts and conversions of foreign currencies and U.S. dollars. The net realized gain or loss on forward foreign currency contracts is reflected in the Statements of Operations and the net unrealized gains (losses) are included as a component of the net change in unrealized appreciation (depreciation) on forward foreign currency contracts in the Statements of Operations. As of October 31, 2025, there were no foreign currency exchange contracts and foreign currency futures contracts held by the Funds.

FUTURES CONTRACTS — To the extent consistent with its investment objective and strategies, each Fund may use futures contracts for tactical hedging purposes as well as to enhance the Fund's returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Fund records a realized gain or loss equal to the

*56*

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Notes to Financial Statements (Continued)

**October 31, 2025**

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. It is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. A futures contract involves the risk that the Fund could lose more than the original margin deposit required to initiate a futures transaction.

Futures contracts shall be valued at the settlement price established each day by the board of the exchange on which they are traded. The daily settlement prices for financial futures are provided by an independent source.

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to the Funds' Schedule of Investments for details regarding open futures contracts as of October 31, 2025, if applicable.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — The Funds distribute their net investment income on a pro rata basis. Any net investment income and net realized capital gains are distributed at least annually. All distributions are recorded on the ex-dividend date.

CASH OVERDRAFT CHARGES — Per the terms of an agreement with BNY, if a Fund for which BNY is Custodian has a cash overdraft, it will be charged interest at a rate then charged by BNY to its institutional custody clients in the relevant currency. Cash overdraft charges are included in Custodian Fees Payable on the Statements of Assets and Liabilities and Custodian Fees on the Statements of Operations, if applicable.

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 10,000 Shares, referred to as "Creation Units". Purchasers of Creation Units (each, an "Authorized Participant") at NAV must pay a standard creation transaction fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an Authorized Participant on the same day. An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard redemption fee per transaction to the Funds' Custodian on the date of such redemption, regardless of the number of Creation Units redeemed that day.

*57*

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Notes to Financial Statements (Continued)

**October 31, 2025**

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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<br> Unit <br> Shares** | **Creation <br> Fee** | **Redemption<br> Fee** |
| Global X MSCI Colombia ETF | 10000 | $700 | $700 |
| Global X MSCI China Consumer Discretionary ETF | 10000 | 600 | 600 |
| Global X MSCI Norway ETF | 10000 | 300 | 300 |
| Global X FTSE Southeast Asia ETF | 10000 | 600 | 600 |
| Global X MSCI Argentina ETF | 10000 | 250 | 250 |
| Global X MSCI Greece ETF | 10000 | 400 | 400 |
| Global X DAX Germany ETF | 10000 | 250 | 250 |
| Global X MSCI Vietnam ETF | 10000 | 1000 | 1000 |

---

SEGMENT REPORTING – The Funds have adopted FASB Update 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period, with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Funds' adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Funds' financial position or results of operations.

The Adviser's Chief Financial Officer acts as each Fund's Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Funds. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS

On July 2, 2018, the Adviser consummated a transaction pursuant to which it became an indirect, wholly-owned subsidiary of Mirae Asset Global Investments Co., Ltd. ("Mirae"). In this manner, the Adviser is ultimately controlled by Mirae.

The Adviser serves as the investment adviser and the administrator for the Funds. Subject to the supervision of the Board, the Adviser is responsible for managing the investment activities of the Funds and the Funds' business affairs and other administrative matters and, provides or causes to be furnished, all supervisory, administrative and other services reasonably necessary for the operation of the Funds, including certain distribution services (provided pursuant to a separate distribution agreement), certain shareholder and

*58*

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Notes to Financial Statements (Continued)

**October 31, 2025**

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3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

distribution-related services (provided pursuant to a separate Rule 12b-1 Plan and related agreements) and investment advisory services (provided pursuant to a separate Investment Advisory Agreement), under what is essentially an "all-in" fee structure.

For the Adviser's service to the respective Funds, under a supervision and administration agreement (the "Supervision and Administration Agreement"), each Fund pays a monthly fee to the Adviser at the annual rate below (stated as a percentage of the average daily net assets of the Fund) (the "Supervision and Administrative 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, certain custodian fees, and other transaction expenses, interest expenses, acquired fund fees and extraordinary expenses (such as litigation and indemnification expenses).

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

---

| | |
|:---|:---|
|  | **Supervision and**<br> **Administration Fee** |
| Global X MSCI Colombia ETF | 0.61% |
| Global X MSCI China Consumer Discretionary ETF | 0.65% |
| Global X MSCI Norway ETF | 0.50% |
| Global X FTSE Southeast Asia ETF | 0.65% |
| Global X MSCI Argentina ETF | 0.59% |
| Global X MSCI Greece ETF | 0.55% |
| Global X DAX Germany ETF | 0.20% |
| Global X MSCI Vietnam ETF | 0.50% |

---

SEI Investments Global Funds Services ("SEIGFS") serves as sub-administrator to the Funds. As sub-administrator, SEIGFS provides the Funds with all 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 the Funds' underwriter and distributor of Creation Units pursuant to a distribution agreement (the "Distribution

*59*

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Notes to Financial Statements (Continued)

**October 31, 2025**

------

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

Agreement"). SIDCO has no obligation to sell any specific quantity of Shares of the Funds. SIDCO bears the following costs and expenses relating to the distribution of Shares: (i) the costs of processing and maintaining records of creations of Creation Units; (ii) all costs of maintaining the records required of a registered broker/dealer; (iii) the expenses of maintaining its registration or qualification as a dealer or broker under federal or state laws; (iv) filing fees; and (v) all other expenses incurred in connection with the distribution services as contemplated in the Distribution Agreement. SIDCO receives no fee from the Funds for its distribution services under the Distribution Agreement; rather the Adviser compensates SIDCO for certain expenses, out-of-pocket costs, and transaction fees.

For all Funds, BNY serves as Custodian and transfer agent to the Trust on behalf of the Funds. As Custodian, BNY may appoint domestic and foreign sub-custodians and use depositories from time to time to hold securities and other instruments purchased by the Trust in foreign countries and to hold cash and currencies for the Trust on behalf of the Funds. Under its transfer agency agreement with the Trust, BNY has undertaken with the Trust to provide the following services with respect to the Funds for which it serves as Transfer Agent: (i) perform and facilitate the performance of purchases and redemptions of Creation Units, (ii) prepare and transmit by means of Depository Trust Company's ("DTC") book-entry system payments for dividends and distributions on or with respect to the Shares declared by the Trust on behalf of the Funds, as applicable, (iii) prepare and deliver reports, information and documents as specified in the transfer agency agreement, (iv) perform the customary services of a transfer agent and dividend disbursing agent, and (v) render certain other miscellaneous services as specified in the transfer agency agreement or as otherwise agreed upon.

4. INVESTMENT TRANSACTIONS

For the year ended October 31, 2025, the purchases and sales of investments in securities, excluding in-kind transactions, long-term U.S. Government and short-term securities were:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales and<br> Maturities** |
| Global X MSCI Colombia ETF | $73282376 | $33693936 |
| Global X MSCI China Consumer Discretionary ETF | 54552611 | 58299639 |
| Global X MSCI Norway ETF | 5609530 | 4601005 |
| Global X FTSE Southeast Asia ETF | 7477124 | 5694728 |
| Global X MSCI Argentina ETF | 314387123 | 284239602 |
| Global X MSCI Greece ETF | 66873844 | 65190760 |
| Global X DAX Germany ETF | 21463818 | 16142859 |
| Global X MSCI Vietnam ETF | 10228724 | 3279346 |

---

During the year ended October 31, 2025, there were no purchases or sales of long-term U.S. Government securities for the Funds.

*60*

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Notes to Financial Statements (Continued)

**October 31, 2025**

------

4. INVESTMENT TRANSACTIONS (continued)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Realized<br> Gain (Loss)** |
| Global X MSCI Colombia ETF | $11043032 | $7058600 | $2317453 |
| Global X MSCI China Consumer Discretionary ETF | 3370090 | 32586832 | 6614447 |
| Global X MSCI Norway ETF | 4699309 | 8512568 | 1266900 |
| Global X FTSE Southeast Asia ETF | 7445861 | 3249620 | 767025 |
| Global X MSCI Argentina ETF | 771590615 | 597846083 | 156799643 |
| Global X MSCI Greece ETF | 79274146 | 91645154 | 45623175 |
| Global X DAX Germany ETF | 244743359 | 74164053 | 27874570 |
| Global X MSCI Vietnam ETF |  |  |  |

---

5. DERIVATIVE TRANSACTIONS

The following tables show the derivatives categorized by underlying risk exposure.

The following tables show the fair value of the derivative financial instruments and the location in the Statements of Assets and Liabilities categorized by underlying risk exposure as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Asset Derivatives | Asset Derivatives | Asset Derivatives | Liability Derivatives | Liability Derivatives | Liability Derivatives |
|  |  | Fair Value |  |  | Fair Value |
| **Global X MSCI China Consumer Discretionary ETF** | **Global X MSCI China Consumer Discretionary ETF** | **Global X MSCI China Consumer Discretionary ETF** | **Global X MSCI China Consumer Discretionary ETF** | **Global X MSCI China Consumer Discretionary ETF** | **Global X MSCI China Consumer Discretionary ETF** |
| Equity contracts | Unrealized appreciation on Futures Contracts | $– \* | Equity contracts | Unrealized depreciation on Futures Contracts | $6070 \* |
| Total Derivatives not accounted for as hedging instruments | Total Derivatives not accounted for as hedging instruments | $– |  |  | $6070 |
| **Global X DAX Germany ETF** | **Global X DAX Germany ETF** | **Global X DAX Germany ETF** | **Global X DAX Germany ETF** | **Global X DAX Germany ETF** | **Global X DAX Germany ETF** |
| Equity contracts | Unrealized appreciation on Futures Contracts | $9045 \* | Equity contracts | Unrealized depreciation on Futures Contracts | $– \* |
| Total Derivatives not accounted for as hedging instruments | Total Derivatives not accounted for as hedging instruments | $9045 |  |  | $– |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedules of Investments. Only current day's variation margin is reported within the Statements of Assets & Liabilities.

*61*

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Notes to Financial Statements (Continued)

**October 31, 2025**

------

5. DERIVATIVE TRANSACTIONS (continued)

The effect of derivative instruments on the Statements of Operations for the year ended October 31, 2025:

Amount of realized gain (loss) on derivatives reported within the income section of Statements of Operations:

---

| | |
|:---|:---|
| | Futures Contracts |
| **Global X MSCI China Consumer Discretionary ETF** |  |
| Equity contracts | $164718 |
| **Global X DAX Germany ETF** |  |
| Equity contracts | $154395 |

---

Change in unrealized appreciation (depreciation) on derivatives reported within the income section of Statements of Operations:

---

| | |
|:---|:---|
| | Futures Contracts |
| **Global X MSCI China Consumer Discretionary ETF** |  |
| Equity contracts | $(6070) |
| **Global X DAX Germany ETF** |  |
| Equity contracts | $1169 |

---

The following table discloses the average monthly balances of the Funds' futures activity during the year ended October 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Average<br> Notional<br> Balance<br> Short** | **Average<br> Notional<br> Balance<br> Long** |
| Global X MSCI China Consumer Discretionary ETF | $– $| 276038 |
| Global X DAX Germany ETF | – | 816191 |

---

6. 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.

*62*

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Notes to Financial Statements (Continued)

**October 31, 2025**

------

6. TAX INFORMATION (continued)

The permanent differences are primarily attributable to redemptions in-kind and sales and mark to market of passive foreign investment companies.

The tax character of dividends and distributions declared during the periods ended October 31, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global X Funds** | **Ordinary<br> Income** | **Long-Term<br> Capital Gain** | **Return of Capital** | **Totals** |
| Global X MSCI Colombia ETF | Global X MSCI Colombia ETF | Global X MSCI Colombia ETF | Global X MSCI Colombia ETF | Global X MSCI Colombia ETF |
| 2025 | $4336039 | $– | $– | $4336039 |
| 2024 | 2642478 |  |  | 2642478 |
| Global X MSCI China Consumer Discretionary ETF | Global X MSCI China Consumer Discretionary ETF | Global X MSCI China Consumer Discretionary ETF | Global X MSCI China Consumer Discretionary ETF | Global X MSCI China Consumer Discretionary ETF |
| 2025 | $5397012 | $– | $– | $5397012 |
| 2024 | 7138578 |  |  | 7138578 |
| Global X MSCI Norway ETF | Global X MSCI Norway ETF | Global X MSCI Norway ETF | Global X MSCI Norway ETF | Global X MSCI Norway ETF |
| 2025 | $2372419 | $– | $– | $2372419 |
| 2024 | 2631333 |  |  | 2631333 |
| Global X FTSE Southeast Asia ETF | Global X FTSE Southeast Asia ETF | Global X FTSE Southeast Asia ETF | Global X FTSE Southeast Asia ETF | Global X FTSE Southeast Asia ETF |
| 2025 | $2160382 | $– | $– | $2160382 |
| 2024 | 1664882 |  |  | 1664882 |
| Global X MSCI Argentina ETF | Global X MSCI Argentina ETF | Global X MSCI Argentina ETF | Global X MSCI Argentina ETF | Global X MSCI Argentina ETF |
| 2025 | $11293082 | $– | $– | $11293082 |
| 2024 | 2397304 |  |  | 2397304 |
| Global X MSCI Greece ETF | Global X MSCI Greece ETF | Global X MSCI Greece ETF | Global X MSCI Greece ETF | Global X MSCI Greece ETF |
| 2025 | $10813330 | $– | $– | $10813330 |
| 2024 | 4100078 |  |  | 4100078 |
| Global X DAX Germany ETF | Global X DAX Germany ETF | Global X DAX Germany ETF | Global X DAX Germany ETF | Global X DAX Germany ETF |
| 2025 | $4320886 | $– | $– | $4320886 |
| 2024 | 1646912 |  |  | 1646912 |
| Global X MSCI Vietnam ETF | Global X MSCI Vietnam ETF | Global X MSCI Vietnam ETF | Global X MSCI Vietnam ETF | Global X MSCI Vietnam ETF |
| 2025 | $136046 | $– | $– | $136046 |
| 2024 | 34825 |  |  | 34825 |

---

*63*

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Notes to Financial Statements (Continued)

**October 31, 2025**

------

6. TAX INFORMATION (continued)

As of October 31, 2025, the components of tax basis distributable earnings (accumulated losses) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X MSCI<br> Colombia ETF** | **Global X<br> MSCI China<br> Consumer<br> Discretionary<br> ETF** | **Global X MSCI<br> Norway ETF** | **Global X FTSE<br> Southeast Asia<br> ETF** |
| **Undistributed Ordinary Income** | $5239997 | $1847307 | $534108 | $1311225 |
| **Capital Loss Carryforwards** | (99380032) | (296647463) | (55070551) | (12444019) |
| **Unrealized Appreciation (Depreciation) on Investments and Foreign Currency** | 21164666 | (39550946) | (5110830) | 7339416 |
| **Other Temporary Differences** | 3 | (7) | (7) | – |
| **Total Accumulated Losses** | $(72975366) | $(334351109) | $(59647280) | $(3793378) |
|  | **Global X MSCI<br> Argentina ETF** | **Global X MSCI<br> Greece ETF** | **Global X DAX<br> Germany ETF** | **Global X MSCI<br> Vietnam ETF** |
| **Undistributed Ordinary Income** | $2932150 | $4500907 | $514060 | $91180 |
| **Capital Loss Carryforwards** | (20123647) | (225554356) | (4170854) | (2950889) |
| **Unrealized Appreciation on Investments and Foreign Currency** | 35439035 | 63835681 | 12465563 | 4386352 |
| **Other Temporary Differences** | 1 | (24) | (9) | – |
| **Total Distributable Earnings (Accumulated Losses)** | $18247539 | $(157217792) | $8808760 | $1526643 |

---

For taxable years beginning after December 22, 2010, a Registered Investment Company within the meaning of the 1940 Act is permitted to carry forward net capital losses to offset capital gains realized in later years, and the losses carried forward retain their original character as either long-term or short-term losses.

The Federal tax cost basis of investments and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at October 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Global X Funds | **Federal Tax**<br> **Cost** | **Aggregated**<br> **Gross**<br> **Unrealized**<br> **Appreciation** | **Aggregated**<br> **Gross**<br> **Unrealized**<br> **Depreciation** | **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
| Global X MSCI Colombia ETF | $89973758 | $30033474 | $(8868808) | $21164666 |
| Global X MSCI China Consumer Discretionary ETF | 278732116 | 30167468 | (69718414) | (39550946) |
| Global X MSCI Norway ETF | 58295176 | 5373335 | (10484165) | (5110830) |
| Global X FTSE Southeast Asia ETF | 60469477 | 12911161 | (5571745) | 7339416 |
| Global X MSCI Argentina ETF | 873200549 | 76402135 | (40963100) | 35439035 |
| Global X MSCI Greece ETF | 216220190 | 87169822 | (23334141) | 63835681 |
| Global X DAX Germany ETF | 265469694 | 27469557 | (15003994) | 12465563 |
| Global X MSCI Vietnam ETF | 19814836 | 5785984 | (1399632) | 4386352 |

---

*64*

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**Notes to Financial Statements (Continued)**

**October 31, 2025**

------

7. CONCENTRATION OF RISKS

The Funds invest in securities of foreign issuers in several 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, the level of governmental supervision and regulation of securities markets in the respective countries.

The securities markets of emerging market countries are less liquid, subject to greater price volatility, and have a smaller market capitalization than the U.S. securities markets.

In certain countries, there may be fewer publicly traded securities and the market may be dominated by a few issuers or sectors. Issuers and securities markets in such countries are not subject to as extensive and frequent accounting, financial and other reporting requirements or as comprehensive government regulations as issuers and securities markets in the United States. In particular, the assets and profits appearing on the financial statements of emerging market country issuers may not reflect their financial position or results of operations in the same manner as financial statements for U.S. issuers.

Substantially less information may be publicly available about emerging market country issuers than is available about issuers in the United States.

The Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on either income, gains earned or gains 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 an underlying index (also known as a secondary index) in approximately the same proportions as the underlying index. A representative sampling strategy is an indexing strategy that involves investing in a representative sample of securities (including indirect investments through underlying ETFs) that collectively has an investment profile similar to an underlying index in terms of key risk factors, performance attributes and other characteristics. Each Fund may utilize a representative sampling strategy with respect to its underlying index when a replication strategy might be detrimental to its shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to follow its underlying index, or, in certain instances, when securities in the underlying index become temporarily illiquid, unavailable or less liquid, or due to legal restrictions (such as diversification requirements that apply to a Fund but not its underlying index).

Certain Funds may invest in commodity related securities, which are susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets could have a great impact on those securities.

*65*

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**Notes to Financial Statements (Continued)**

**October 31, 2025**

------

7. CONCENTRATION OF RISKS (continued)

Economic conditions, such as volatile currency exchange rates and interest rates, political events, military action and other conditions may, without prior warning, lead to foreign government intervention (including intervention by the U.S. government with respect to foreign governments, economic sectors, foreign companies and related securities and interests) and the imposition of capital controls (i.e., government measures designed to limit the flow of foreign capital in and out of the domestic economy) and/or sanctions, which may also include retaliatory actions of one government against another government, such as the seizure of assets. Capital controls and/or sanctions include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. Capital controls and/or sanctions may also impact the ability of a Fund to buy, sell or otherwise transfer securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect the trading market and price for Shares of a Fund, and cause a Fund to decline in value.

Special Risk Considerations of Investing in China – Variable Interest Entity Investments. For purposes of raising capital offshore on exchanges outside of China, including on U.S. exchanges, many Chinese-based operating companies are structured as Variable Interest Entities ("VIEs"). In this structure, the Chinese-based operating company is the VIE and establishes a shell company in a foreign jurisdiction, such as the Cayman Islands. The shell company lists on a foreign exchange and enters into contractual arrangements with the VIE. This structure allows Chinese companies in which the Chinese government restricts foreign ownership to raise capital from foreign investors. While the shell company has no equity ownership of the VIE, these contractual arrangements permit the shell company to consolidate the VIE's financial statements with its own for accounting purposes and provide for economic exposure to the performance of the underlying Chinese operating company. Therefore, an investor in the listed shell company, such as certain of the Funds, will have exposure to the Chinese-based operating company only through contractual arrangements and has no ownership in the Chinese-based operating company. Furthermore, because the shell company only has specific rights provided for in these service agreements with the VIE, its abilities to control the activities at the Chinese-based operating company are limited and the operating company may engage in activities that negatively impact investment value. While the VIE structure has been widely adopted, it is not formally recognized under Chinese law and therefore there is a risk that the Chinese government could prohibit the existence of such structures or negatively impact the VIE's contractual arrangements with the listed shell company by declaring them invalid. If these contracts were found to be unenforceable under Chinese law, investors in the listed shell company, such as a Fund, may suffer significant losses with little or no recourse available. If the Chinese government determines that the agreements establishing the VIE structures do not comply with Chinese law and regulations, including those related to restrictions on foreign ownership, it could subject a Chinese-based issuer to penalties, revocation of business and operating licenses, or forfeiture of ownership interest. In addition, the listed shell company's control over a VIE may also be jeopardized if a natural person who holds the equity interest

*66*

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**Notes to Financial Statements (Continued)**

**October 31, 2025**

------

7. CONCENTRATION OF RISKS (continued)

in the VIE breaches the terms of the agreement, is subject to legal proceedings or if any physical instruments for authenticating documentation, such as chops and seals, are used without the Chinese-based issuer's authorization to enter into contractual arrangements in China. Chops and seals, which are carved stamps used to sign documents, represent a legally binding commitment by the company. Moreover, any future regulatory action may prohibit the ability of the shell company to receive the economic benefits of the Chinese-based operating company, which may cause the value of a Fund's investment in the listed shell company to suffer a significant loss. For example, in 2021, the Chinese government prohibited use of the VIE structure for investment in after-school tutoring companies. There is no guarantee that the government will not place similar restrictions on other industries.

These actions, any future sanctions or other actions, or even the threat of further sanctions or other actions, may negatively affect the value and liquidity of certain of the Funds' investments. For example, a Fund may be prohibited from investing in securities issued by companies subject to such sanctions. In addition, sanctions may require a Fund to freeze its existing investments, prohibiting such Fund from buying, selling or otherwise transacting in these investments.

Also, if an affected security is included in a Fund's underlying index, such Fund may, where practicable, seek to eliminate its holdings of the affected security by employing or augmenting its representative sampling strategy to seek to track the investment results of the underlying index. The use of (or increased use of) a representative sampling strategy may increase such Fund's tracking error risk. Actions barring some or all transactions with a specific company will likely have a substantial, negative impact on the value of such company's securities. These sanctions may also lead to changes in a Fund's underlying index. A Fund's index provider may remove securities from the underlying index or implement caps on the securities of certain issuers that have been subject to recent economic sanctions. In such an event, it is expected that a Fund will rebalance its portfolio to bring it in line with its respective underlying index as a result of any such changes, which may result in transaction costs and increased tracking error.

Please refer to each Fund's prospectus and statement of additional information ("SAI") for a more complete description of risks.

8. LOANS OF PORTFOLIO SECURITIES

Each Fund may lend portfolio securities having a market value up to one-third of its total assets. Security loans made pursuant to securities lending agreements with BNY are initially required to be secured by collateral equal to at least 102% of the value of domestic equity securities and American Depositary Receipts ("ADRs") and 105% of the value of foreign equity securities (other than ADRs). Such collateral received in connection with these loans will be cash and can be invested in repurchase agreements, short-term investments or U.S. Treasury obligations, and is recognized in the Schedules of Investments and Statements

*67*

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**Notes to Financial Statements (Continued)**

**October 31, 2025**

------

8. LOANS OF PORTFOLIO SECURITIES (continued)

of Assets and Liabilities. The obligation to return securities lending collateral is also recognized as a liability in the Statements of Assets and Liabilities. It is each Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan.

Securities pledged as collateral for repurchase agreements held in Global X MSCI Colombia ETF, Global X MSCI China Consumer Discretionary ETF, Global X FTSE Southeast Asia ETF and Global X MSCI Argentina ETF are held by BNY and are designated as being held on the Fund's behalf under a book-entry system. The Funds monitor the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest. It is each Fund's policy to only enter into repurchase agreements with banks and other financial institutions which are deemed by the Adviser to be creditworthy. The Funds bear the risk of loss in the event the other party to a repurchase agreement defaults on its obligations and the Fund is prevented from exercising its rights to dispose of the underlying securities received as collateral and the risk of a possible decline in the value of the underlying securities during the period. For financial statement purposes, the Funds record the securities lending collateral (including in repurchase agreements, at value or restricted cash) as an asset and the obligation to return securities lending collateral as a liability- on the Statements of Assets and Liabilities.

Cash collateral received in connection with securities lending is invested in repurchase agreements and short-term investments by the lending agent. The Funds do not have effective control of the non-cash collateral and therefore it is not disclosed in the Fund's Schedule of Investments.

Securities lending transactions are entered into by the Funds under the Securities Lending Agreement, which permits a Fund, under certain circumstances such as an event of default, to offset amounts payable by the Fund to the same counterparty against amounts receivable from the counterparty to create a net payment due to or from the Fund.

Income from securities lending is determined by the amount of interest earned on collateral, net of any rebate and securities lending fees.

The following is a summary of securities on loan held by the Funds, with cash collateral of overnight maturities and non-cash collateral, which would be subject to offset as of October 31, 2025.

*68*

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**Notes to Financial Statements (Continued)**

**October 31, 2025**

------

8. LOANS OF PORTFOLIO SECURITIES (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount<br> of Recognized<br> Assets (Value<br> of Securities on<br> Loan)** | **Value of Cash<br> Collateral<br> Received<sup>(1)</sup>** | **Value of<br> Non-Cash<br> Collateral<br> Received<sup>(1)</sup>** | **Net<br> Amount<sup>(2)</sup>** |
| **Global X MSCI Colombia ETF** | $2513563 | $2513563 | $— | $— |
| **Global X MSCI China Consumer Discretionary ETF** | 7630276 | 4407578 | 3222698 |  |
| **Global X MSCI Argentina ETF** | 144842131 | 122538504 | 15274449 | 7029178 |

---

(1) Collateral and non-cash collateral received in excess of market value of securities
 on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Statements of Assets
 and Liabilities.

(2) The Fund adjusts collateral with the borrower by the next business day after valuing loaned
 securities. As a result, collateral may briefly fall below the value of securities on loan.

The value of loaned securities and related collateral outstanding at October 31, 2025 are shown in the Schedules of Investments. The value of the collateral held may be temporarily less than that required under the lending contract. As of October 31, 2025, the cash collateral was invested in repurchase agreements and the non-cash collateral consisted of U.S. Treasury Bills, Notes, Bonds and U.S. Treasury Inflation Indexed Bonds with the following maturities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Overnight<br> and<br> Continuous** | **<30 Days** | **Between<br> 30 & 90<br> Days** | **>90 Days** | **Total** |
| **Global X MSCI Colombia ETF** |  |  |  |  |  |
| Repurchase Agreements | $2642865 | $— | $— | $— | $2642865 |
| Total | $2642865 | $— | $— | $— | $2642865 |
| **Global X MSCI China Consumer Discretionary ETF** |  |  |  |  |  |
| Repurchase Agreements | $4658586 | $— | $— | $— | $4658586 |
| U.S. Government Securities |  |  |  | 3222698 | 3222698 |
| Total | $4658586 | $— | $— | $3222698 | $7881284 |
| **Global X FTSE Southeast Asia ETF** |  |  |  |  |  |
| Repurchase Agreement | $2 | $— | $— | $— | $2 |
| Total | $2 | $— | $— | $— | $2 |
| **Global X MSCI Argentina ETF** |  |  |  |  |  |
| Repurchase Agreements | $122538504 | $— | $— | $— | $122538504 |
| U.S. Government Securities |  | 60925 | 395960 | 14817564 | 15274449 |
| Total | $122538504 | $60925 | $395960 | $14817564 | $137812953 |

---

*69*

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**Notes to Financial Statements (Continued)**

**October 31, 2025**

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9. CONTRACTUAL OBLIGATION

The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds' maximum exposure under these contracts is unknown, however, the Funds have not had prior gains or losses pursuant to these contracts. Management has reviewed the Funds' existing contracts and expects the risk of loss to be remote.

Pursuant to the Trust's organizational documents, the Trustees of the Trust (the "Trustees") and the Trust's officers are indemnified against certain liabilities that may arise out of the performance of their duties.

10. MERGER

Effective October 29, 2021, the Global X FTSE Nordic Region ETF (the "Acquiring Fund") acquired all of the assets and assumed all of the liabilities of the Global X MSCI Norway ETF (the "Acquired Fund") pursuant to a Plan of Reorganization approved by the Board of Directors on August 4, 2021. Effective as of the close of business on October 29, 2021, the Acquired Fund was reorganized into the Acquiring Fund, each a separate series of the Trust (together, the "Combined Fund") and the Combined Fund was renamed Global X MSCI Norway ETF. The Acquiring Fund is the legal surviving entity in the Reorganization, while the Acquired Fund is the accounting survivor or continuing portfolio for purposes of financial and performance history of the Combined Fund.

The acquisition was accomplished by a tax-free exchange as follows:

3,980,000 shares of the Acquired Fund, with net assets of $60,723,560 and including $673,023 of net unrealized depreciation for 1,896,973 shares of the Acquiring Fund with net assets of $43,214,538. For every 1 share of the Acquired Fund, shareholders received 0.4766 shares of the Acquiring Fund. Immediately following the acquisition, the Combined Fund held 3,246,971 shares with net assets of $103,938,098.

Assuming that the reorganization had been completed on November 1, 2020, the Acquiring Fund's pro forma results of operations for the year ended October 31, 2021 would have been as follows:

---

| | |
|:---|:---|
| Net investment income | $2153445 |
| Net Realized and unrealized gain (loss) from investments | 26735503 |
| Net increase (decrease) in net assets from operations | $28888948 |

---

11. RECENT ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove

*70*

![](logom4.jpg)

**Notes to Financial Statements (Concluded)**

**October 31, 2025**

------

11. RECENT ACCOUNTING PRONOUNCEMENT (continued)

information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds' financial statements.

12. SUBSEQUENT EVENTS

The Funds have been evaluated by management 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*

![](logom4.jpg)

**Report of Independent Registered Public Accounting Firm**

------

To the Board of Trustees of Global X Funds and Shareholders of Global X MSCI Colombia ETF, Global X MSCI China Consumer Discretionary ETF, Global X MSCI Norway ETF, Global X FTSE Southeast Asia ETF, Global X MSCI Argentina ETF, Global X MSCI Greece ETF, Global X DAX Germany ETF and Global X MSCI Vietnam ETF

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Global X MSCI Colombia ETF, Global X MSCI China Consumer Discretionary ETF, Global X MSCI Norway ETF, Global X FTSE Southeast Asia ETF, Global X MSCI Argentina ETF, Global X MSCI Greece ETF, Global X DAX Germany ETF and Global X MSCI Vietnam ETF (eight of the funds constituting Global X Funds, hereafter collectively referred to as the "Funds") as of October 31, 2025, the related statements of operations for the year ended October 31, 2025, the statements of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2025 and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with

*72*

![](logom4.jpg)

**Report of Independent Registered Public Accounting Firm (Concluded)**

------

the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 30, 2025

We have served as the auditor of one or more investment companies in Global X Funds since 2016.

*73*

![](logom4.jpg)

**Notice to Shareholders (Unaudited)**

------

For shareholders that do not have an October 31, 2025 tax year end, this notice is for informational purposes only. For shareholders with an October 31, 2025 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended October 31, 2025, the Funds have designated the following items with regard to distributions paid during the year.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Return of Capital** | **Long-Term**<br> **Capital Gain**<br> **Distributions** | **Ordinary Income**<br> **Distributions** | **Total**<br> **Distributions** | **Qualifying**<br> **for Corporate**<br> **Dividends**<br> **Received**<br> **Deduction**<sup>(1)</sup> | **Qualifying**<br> **Dividend**<br> **Income**<sup>(2)</sup> |
| **Global X MSCI Colombia ETF** |  |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 0.00% | 5.40% |
| **Global X MSCI China Consumer Discretionary ETF** |  |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 1.45% | 32.91% |
| **Global X MSCI Norway ETF** |  |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 0.00% | 99.02% |
| **Global X FTSE Southeast Asia ETF** |  |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 0.00% | 42.19% |
| **Global X MSCI Argentina ETF** |  |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 0.00% | 64.84% |
| **Global X MSCI Greece ETF** |  |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 0.00% | 100.00% |
| **Global X DAX Germany ETF** |  |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 0.00% | 99.51% |
| **Global X MSCI Vietnam ETF** |  |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 0.00% | 0.00% |

---

<sup>(1)</sup> Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Government**<br> **Interest**<sup>(3)</sup> | **Interest Related**<br> **Dividends**<sup>(4)</sup> | **Short Term**<br> **Capital Gain**<br> **Dividends** <sup>(5)</sup> | **Qualifying**<br> **Business**<br> **Income**<sup>(6)</sup> | **Foreign Tax**<br> **Credit** |
| **Global X MSCI Colombia ETF** |  |  |  |  |  |
|  | 0.00% | 0.00% | 0.00% | 0.00% | 14.09% |
| **Global X MSCI China Consumer Discretionary ETF** |  |  |  |  |  |
|  | 0.00% | 0.13% | 0.00% | 0.00% | 0.63% |
| **Global X MSCI Norway ETF** |  |  |  |  |  |
|  | 0.00% | 0.00% | 0.00% | 0.00% | 23.36% |
| **Global X FTSE Southeast Asia ETF** |  |  |  |  |  |
|  | 0.00% | 0.06% | 0.00% | 0.00% | 8.22% |
| **Global X MSCI Argentina ETF** |  |  |  |  |  |
|  | 0.00% | 0.03% | 0.00% | 0.00% | 6.47% |
| **Global X MSCI Greece ETF** |  |  |  |  |  |
|  | 0.00% | 0.06% | 0.00% | 0.00% | 3.53% |
| **Global X DAX Germany ETF** |  |  |  |  |  |
|  | 0.00% | 0.00% | 0.00% | 0.00% | 15.42% |
| **Global X MSCI Vietnam ETF** |  |  |  |  |  |
|  | 0.00% | 0.27% | 0.00% | 0.00% | 0.00% |

---

<sup>(3)</sup> "U.S. Government Interest" represents the amount of interest that was derived from U.S. Government Obligations and distributed during the fiscal year. Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders who are residents of California, Connecticut and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income.

*74*

![](logom4.jpg)

**Notice to Shareholders (Unaudited)**

------

<sup>(5)</sup> The percentage of this column represents the amount of "Short Term Capital Gain Dividend" and is reflected as a percentage of short term capital gain distribution that is exempted from U.S. withholding tax when paid to foreign investors.

<sup>(6)</sup> The percentage of this column represents that amount of ordinary dividend income that qualified for 20% Business Income Deduction.

The Funds intend to pass through a foreign tax credit to shareholders. For the fiscal year ended October 31, 2025, the total amount of foreign source income and foreign tax credit are as follows:

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Foreign Source<br> Income** | **Foreign Tax Credit<br> Pass Through** |
| Global X MSCI Colombia ETF | $8466317 | $711291 |
| Global X MSCI China Consumer Discretionary ETF | 2723468 | 34292 |
| Global X MSCI Norway ETF | 3008735 | 723006 |
| Global X FTSE Southeast Asia ETF | 2832518 | 193424 |
| Global X MCSI Argentina ETF | 5521675 | 780887 |
| Global X MSCI Greece ETF | 9396840 | 396237 |
| Global X DAX Germany ETF | 5433151 | 788046 |

---

The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2025. Complete information will be computed and reported in conjunction with your 2025 Form 1099-DIV.

*75*

![](logom4.jpg)

**OTHER INFORMATION (FORM N-CSR ITEMS 8-11) (Unaudited)**

------

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

(1) No remuneration was paid by the company during the period covered by the report to any Trustees on the company's Board of Trustees for regular compensation.

(2) No remuneration was paid by the company during the period covered by the report to any Trustees on the company's Board of Trustees for special compensation.

(3) No remuneration was paid by the company during the period covered by the report to any Officers of the company.

(4) No remuneration was paid by the company during the period covered by the report to any Officer or Trustee of the company who is an affiliated person.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

*76*

![](logom4.jpg)

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:**

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

**Independent Registered Public Accounting Firm:**

PricewaterhouseCoopers LLP

Two Commerce Square

Suite 1800

2001 Market Street

Philadelphia, PA 19103

This information must be preceded or accompanied by a current prospectus for the Funds described.

GLX-AR-002-1600

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Included under Item 7.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.**

Included under Item 7.

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7.

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7.

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to open-end management investment companies.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 14. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

Item 16. Controls and Procedures.

(a) The certifying officers, whose certifications are included herewith, have evaluated the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) 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 changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18.** **Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

(b) Not applicable.

**Item 19.** **Exhibits.**

(a)(1) [Code of Ethics attached hereto.](c114722_ex99-codeeth.htm)

(a)(2) Not applicable.

(a)(3) [A separate certification for the principal executive officer and the principal financial officer of the registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), are filed herewith.](c114722_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [Officer certifications as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as exhibits.](c114722_ex99-906cert.htm)

**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 |
| By (Signature and Title) | /s/ Ryan O'Connor |
|  | Ryan O'Connor<br> Principal Executive Officer |

---

Date: January 9, 2026

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.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Ryan O'Connor |
|  | Ryan O'Connor<br> Principal Executive Officer |

---

Date: January 9, 2026

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Eric Olsen |
|  | Eric Olsen<br> Principal Financial Officer |

---

Date: January 9, 2026

## Ex-99.Code

**Exhibit 99.CODE ETH**

<u>SARBANES-OXLEY CODE OF ETHICS</u>

&nbsp;&nbsp;&nbsp;&nbsp;**I.**  **<u>Introduction</u>.** 

This Code of Ethics (the "Code") has been adopted by the Board of Trustees of the Global X Funds (the "Company"). It has been designed to comply with Section 406 of the Sarbanes-Oxley Act. The Trust requires its Chief Executive Officer, Chief Financial Officer, Principal Accounting Officer or other Trust officers performing similar functions (the "Principal Officers"), to maintain the highest ethical and legal standards while performing their duties and responsibilities to the Trust and each of its series (each a "Fund," collectively the "Funds"), with particular emphasis on those duties that relate to the preparation and reporting of the financial information of the Funds. The following principles and responsibilities shall govern the professional conduct of the Principal Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Honest and Ethical Conduct

The Principal Officers shall act with honesty and integrity, avoiding actual or apparent conflicts of interest in personal and professional relationships, and shall report any material transaction or relationship that reasonably could be expected to give rise to such conflict between their interests and those of a Fund to the Audit Committee, the full Board of Trustees of the Trust, and, in addition, to any other appropriate person or entity that may reasonably be expected to deal with any conflict of interest in timely and expeditious manner.

The Principal Officers shall act in good faith, responsibly, with due care, competence and diligence, without misrepresenting material facts or allowing their independent judgment to be subordinated or compromised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Financial Records and Reporting

The Principal Officers shall provide full, fair, accurate, timely and understandable disclosure in the reports and/or other documents to be filed with or submitted to the SEC or other applicable body by a Fund, or that is otherwise publicly disclosed or communicated. The Principal Officers shall comply with applicable rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies.

The Principal Officers shall respect the confidentiality of information acquired in the course of their work and shall not disclose such information except when authorized or legally obligated to disclose. The Principal Officers will not use confidential information acquired in the course of their duties as Principal Officers.

The Principal Officers shall share knowledge and maintain skills important and relevant to the Trust's needs; shall proactively promote ethical behavior of the Trust's employees and as a partner with industry peers and associates; and shall maintain control over and responsibly manage assets and resources employed or entrusted to them by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Compliance with Laws, Rules and Regulations

The Principal Officers shall establish and maintain mechanisms to oversee the compliance of the Funds with applicable federal, state or local law, regulation or administrative rule, and to identify, report and correct in a swift and certain manner, any detected deviations from applicable federal, state or local law, regulation or rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Compliance With this Code of Ethics

The Principal Officers shall promptly report any violations of this Code of Ethics to the Audit Committee as well as the full Board of Trustees of the Trust and shall be held accountable for strict adherence to this Code of Ethics. A proven failure to uphold the standards stated herein shall be grounds for such sanctions as shall be reasonably imposed by the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Amendment and Waiver

This Code of Ethics may only be amended or modified by approval of the Board of Trustees. Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this Code of Ethics, shall be communicated publicly in accordance with Item 2 of Form N-CSR under the Investment Company Act of 1940.

## Ex-99.Cert

**Exhibit 99.CERT**

**CERTIFICATION**

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940**

**and Section 302 of the Sarbanes-Oxley Act of 2002**

I, Ryan O'Connor, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Global X Funds (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information, included in this
report fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods
presented in this report;

4. The Registrant's other certifying officer(s), if any, and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and
have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this
report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted
accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change 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; and

5. The Registrant's other certifying officer(s) and I have disclosed to the
 Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to
record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees
who have a significant role in the Registrant's internal control over financial reporting.

---

| |
|:---|
| Date: January 9, 2026 |
| /s/ Ryan O'Connor |
| Ryan O'Connor<br> Principal Executive Officer |

---

**CERTIFICATION**

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940**

**and Section 302 of the Sarbanes-Oxley Act of 2002**

I, Eric Olsen, certify that:

1. I have reviewed this report on Form N-CSR of the Global X Funds (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information, included in this
report fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods
presented in this report;

4. The Registrant's other certifying officer(s), if any, and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and
have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this
report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted
accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change 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; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's
auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to
record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees
who have a significant role in the Registrant's internal control over financial reporting.

---

| |
|:---|
| Date: January 9, 2026 |
| /s/ Eric Olsen |
| Eric Olsen<br> Principal Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906 CERT**

**CERTIFICATION**<br> **Pursuant to 18 U.S.C. Section 1350,**<br> **As Adopted Pursuant to Section 906**<br> **of the Sarbanes-Oxley Act of 2002**

The undersigned, Ryan O'Connor, the Principal Executive Officer of the Global X Funds (the "Fund"), with respect to the Fund's Form N-CSR for the period ended October 31, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all material
respects, the financial condition and results of operations of the Fund.

---

| | |
|:---|:---|
| Dated: January 9, 2026 |  |
|  | /s/ Ryan O'Connor |
|  | Ryan O'Connor<br> Principal Executive Officer |

---

**CERTIFICATION**<br> **Pursuant to 18 U.S.C. Section 1350,**<br> **As Adopted Pursuant to Section 906**<br> **of the Sarbanes-Oxley Act of 2002**

The undersigned, Eric Olsen, the Principal Financial Officer of the Global X Funds (the "Fund"), with respect to the Fund's Form N-CSR for the period ended October 31, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all material
respects, the financial condition and results of operations of the Fund.

---

| | |
|:---|:---|
| Dated: January 9, 2026 |  |
|  | /s/ Eric Olsen |
|  | Eric Olsen<br> Principal Financial Officer |

---