# EDGAR Filing Document

**Accession Number:** 0001432353
**File Stem:** 0000930413-25-002362
**Filing Date:** 2025-8
**Character Count:** 187936
**Document Hash:** 4b89d557d0abbfa746be3b94a7273070
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-25-002362.hdr.sgml**: 20250801

**ACCESSION NUMBER**: 0000930413-25-002362

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250801

**DATE AS OF CHANGE**: 20250801

**EFFECTIVENESS DATE**: 20250801

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22209
- **FILM NUMBER:** 251175187

**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 Emerging Markets Bond ETF (Series ID: S000068582)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000219481 | Global X Emerging Markets Bond ETF | EMBD            |

### Global X Emerging Markets ex-China ETF (Series ID: S000079056)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000239891 | Global X Emerging Markets ex-China ETF | EMM             |

### Global X Emerging Markets Great Consumer ETF (Series ID: S000079059)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000239894 | Global X Emerging Markets Great Consumer ETF | EMC             |

### Global X India Active ETF (Series ID: S000080659)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000243177 | Global X India Active ETF | NDIA            |

### Global X Brazil Active ETF (Series ID: S000080660)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000243178 | Global X Brazil Active ETF | BRAZ            |

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSRS**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES**

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

**Global X Funds** 

(Exact name of registrant as specified in charter)

605 Third Avenue, 43rd floor

New York, NY 10158

(Address of principal executive offices) (Zip code)

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: November 30, 2025**

**Date of reporting period: May 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](i67d497e698eefbc3d0db4246.jpg)

## Global X Emerging Markets ex-China ETF

## Ticker: EMM

## Principal Listing Exchange: NYSE Arca, Inc.

## Semi-Annual Shareholder Report: May 31, 2025
This semi-annual shareholder report contains important information about the Global X Emerging Markets ex-China ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/emm/. You can also request this information by contacting us at 1-888-493-8631.

# What were the Fund costs for the last six months?
(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 Emerging Markets ex-China ETF | $39 | 0.77% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $18488263 | 46 | $80675 | 62.06% |

---

# What did the Fund invest in?

# Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](idc1bb126146946a90d4ac371.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Countries | 3.5% |
| Philippines | 0.9% |
| Chile | 1.1% |
| Vietnam | 1.4% |
| Greece | 1.7% |
| South Africa | 2.8% |
| Indonesia | 3.2% |
| Mexico | 3.6% |
| United Arab Emirates | 3.9% |
| Saudi Arabia | 4.7% |
| South Korea | 12.0% |
| Taiwan | 22.8% |
| Exchange-Traded Funds | 35.9% |

---

---

| | |
|:---|:---|
| 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>** |
| Global X India Active ETF<sup>Footnote Reference\*\*</sup> | 28.6% |
| Taiwan Semiconductor Manufacturing ADR | 13.4% |
| Global X Brazil Active ETF<sup>Footnote Reference\*\*</sup> | 7.3% |
| MediaTek | 3.5% |
| Samsung Electronics GDR | 2.5% |
| HD Hyundai Electric | 2.1% |
| Shinhan Financial Group | 1.9% |
| ADNOC Drilling PJSC | 1.7% |
| Saudi National Bank | 1.7% |
| Al Rajhi Bank | 1.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |

---

# 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/emm/ 

![Image](i67d497e698eefbc3d0db4246.jpg)

#### GX-SA-EMM-2025

# Global X Funds
![Image](i67d497e698eefbc3d0db4246.jpg)

## Global X Emerging Markets Great Consumer ETF

## Ticker: EMC

## Principal Listing Exchange: NYSE Arca, Inc.

## Semi-Annual Shareholder Report: May 31, 2025
This semi-annual shareholder report contains important information about the Global X Emerging Markets Great Consumer ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/emc/. You can also request this information by contacting us at 1-888-493-8631.

# What were the Fund costs for the last six months?
(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 Emerging Markets Great Consumer ETF | $39 | 0.75% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $85004851 | 73 | $352883 | 31.81% |

---

# What did the Fund invest in?

# Country Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](ief141a7c2f9b6506b21d7d45.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Countries | 4.2% |
| Vietnam | 1.1% |
| Greece | 1.5% |
| South Africa | 2.2% |
| Mexico | 2.3% |
| Indonesia | 2.8% |
| United Arab Emirates | 2.8% |
| Saudi Arabia | 3.5% |
| Brazil | 5.8% |
| South Korea | 5.9% |
| Taiwan | 14.9% |
| India | 20.9% |
| China | 30.9% |

---

---

| | |
|:---|:---|
| 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>** |
| Taiwan Semiconductor Manufacturing ADR | 10.7% |
| Tencent Holdings | 4.6% |
| MediaTek | 4.2% |
| Alibaba Group Holding | 3.4% |
| Kolmar Korea | 3.1% |
| ICICI Bank ADR | 2.8% |
| Trip.com Group | 2.4% |
| Xiaomi, Cl B | 2.4% |
| Meituan, Cl B | 2.2% |
| Apollo Hospitals Enterprise | 2.2% |

---

# 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/emc/ 

![Image](i67d497e698eefbc3d0db4246.jpg)

#### GX-SA-EMC-2025

# Global X Funds
![Image](i67d497e698eefbc3d0db4246.jpg)

## Global X Emerging Markets Bond ETF

## Ticker: EMBD

## Principal Listing Exchange: NYSE Arca, Inc.

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

# What were the Fund costs for the last six months?
(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 Emerging Markets Bond ETF | $20 | 0.39% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $219063783 | 213 | $413456 | 15.01% |

---

# What did the Fund invest in?

# Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](ic1a4d08e616938e88356c32d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Countries | 40.7% |
| Exchange-Traded Fund | 0.9% |
| Colombia | 3.0% |
| Oman | 3.3% |
| Saudi Arabia | 3.3% |
| Peru | 3.4% |
| Dominican Republic | 3.7% |
| United Arab Emirates | 3.7% |
| Hungary | 3.9% |
| Brazil | 4.3% |
| U.S. Treasury Obligations | 5.3% |
| South Africa | 5.3% |
| Chile | 7.3% |
| Mexico | 9.1% |

---

---

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

---

# Top Ten Holdings

---

| | | | |
|:---|:---|:---|:---|
| **<u>Holding Name</u>** | **<u>Coupon Rate</u>** | **<u>Maturity Date</u>** | **<u>Percentage of Total Net Assets</u>** |
| Eskom Holdings SOC | 6.350% | 08/10/28 | 1.4% |
| U.S. Treasury Notes | 5.000% | 10/31/25 | 1.4% |
| Argentine Republic Government International Bond | 4.125% | 07/09/35 | 1.3% |
| Peruvian Government International Bond | 8.750% | 11/21/33 | 1.2% |
| Republic of Poland Government International Bond | 5.500% | 04/04/53 | 1.2% |
| Abu Dhabi Government International Bond | 5.500% | 04/30/54 | 1.2% |
| Hungary Government International Bond | 6.250% | 09/22/32 | 1.1% |
| Brazilian Government International Bond | 6.000% | 10/20/33 | 1.1% |
| Petroleos Mexicanos | 6.840% | 01/23/30 | 1.1% |
| Saudi Government International Bond | 5.750% | 01/16/54 | 1.1% |

---

# 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/embd/ 

![Image](i67d497e698eefbc3d0db4246.jpg)

#### GX-SA-EMBD-2025

# Global X Funds
![Image](i67d497e698eefbc3d0db4246.jpg)

## Global X Brazil Active ETF

## Ticker: BRAZ

## Principal Listing Exchange: NYSE Arca, Inc.

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

# What were the Fund costs for the last six months?
(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 Brazil Active ETF | $39 | 0.76% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $4570017 | 24 | $12809 | 33.19% |

---

# What did the Fund invest in?

# Sector Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](ic734d16b800a1b465bfcaa96.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 2.4% |
| Consumer Discretionary | 6.4% |
| Consumer Staples | 6.5% |
| Utilities | 8.7% |
| Industrials | 9.7% |
| Materials | 13.0% |
| Energy | 14.6% |
| Financials | 36.1% |

---

---

| | |
|:---|:---|
| 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>** |
| Petroleo Brasileiro ADR | 12.7% |
| Itau Unibanco Holding ADR | 11.0% |
| NU Holdings, Cl A | 10.6% |
| Vale ADR, Cl B | 5.6% |
| Banco Bradesco ADR | 5.3% |
| Itausa | 4.7% |
| Banco BTG Pactual | 4.5% |
| WEG | 4.3% |
| Centrais Eletricas Brasileiras ADR | 3.9% |
| Localiza Rent a Car | 3.4% |

---

# 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/braz/ 

![Image](i67d497e698eefbc3d0db4246.jpg)

#### GX-SA-BRAZ-2025

# Global X Funds
![Image](i67d497e698eefbc3d0db4246.jpg)

## Global X India Active ETF

## Ticker: NDIA

## Principal Listing Exchange: NYSE Arca, Inc.

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

# What were the Fund costs for the last six months?
(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 India Active ETF | $37 | 0.75% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $42255958 | 29 | $106109 | 13.03% |

---

# What did the Fund invest in?

# Sector Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](id3eaee26069e853996c24fc9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care | 2.5% |
| Utilities | 2.8% |
| Real Estate | 3.2% |
| Communication Services | 3.9% |
| Materials | 5.4% |
| Consumer Staples | 6.3% |
| Industrials | 8.8% |
| Consumer Discretionary | 10.2% |
| Energy | 10.4% |
| Information Technology | 11.5% |
| Financials | 33.7% |

---

---

| | |
|:---|:---|
| 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>** |
| HDFC Bank | 9.1% |
| Reliance Industries GDR | 8.3% |
| ICICI Bank ADR | 7.5% |
| Infosys ADR | 5.6% |
| Axis Bank | 5.3% |
| Larsen & Toubro | 4.7% |
| Tata Consultancy Services | 4.2% |
| United Spirits | 3.9% |
| Bharti Airtel | 3.9% |
| UltraTech Cement | 3.4% |

---

# 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/ndia/ 

![Image](i67d497e698eefbc3d0db4246.jpg)

#### GX-SA-NDIA-2025
(b) Not applicable.

**Item 2. Code of Ethics.**

Not applicable for semi-annual report.

**Item 3. Audit Committee Financial Expert.**

Not applicable for semi-annual report.

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

Not applicable for semi-annual report.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable for semi-annual report.

**Item 6. Schedule of 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_c113463x1x1m4.jpg)

**Global X Emerging Markets ex-China ETF (ticker: EMM)**

**Global X Emerging Markets Great Consumer ETF (ticker: EMC)**

**Global X Emerging Markets Bond ETF (ticker: EMBD)**

**Global X Brazil Active ETF (ticker: BRAZ)**

**Global X India Active ETF (ticker: NDIA)**

**Semi-Annual Financials and Other Information**

**May 31, 2025**

![](logom4.jpg)

**Table of Contents**

------

---

| | |
|:---|:---|
| Financial Statements (Form N-CSRS Item 7) |  |
| &nbsp;&nbsp;&nbsp;[Schedules of Investments](#xx1xc113463a001xm4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X Emerging Markets ex-China ETF](#xx1xc113463a002xm4) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X Emerging Markets Great Consumer ETF](#xx1xc113463a003xm4) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X Emerging Markets Bond ETF](#xx1xc113463a004xm4) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X Brazil Active ETF](#xx1xc113463a005xm4) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X India Active ETF](#xx1xc113463a006xm4) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Glossary](#xx1xc113463a007xm4) | 31 |
| &nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx1xc113463a008xm4) | 32 |
| &nbsp;&nbsp;&nbsp;[Statements of Operations](#xx1xc113463a009xm4) | 34 |
| &nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx1xc113463a010xm4) | 36 |
| &nbsp;&nbsp;&nbsp;[Financial Highlights](#xx1xc113463a011xm4) | 42 |
| &nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx1xc113463a012xm4) | 46 |
| [Other Information (Form N-CSRS Items 8-11)](#xx1xc113463a013xm4) | 64 |

---

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** | **May 31, 2025 (Unaudited)** |
| **Global X Emerging Markets ex-China ETF** | **Global X Emerging Markets ex-China ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 61.6%** |  |  |
| **ARGENTINA — 0.5%** |  |  |
| Energy — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Vista Energy ADR <sup>\*</sup> | 2026 | $100348 |
| **BRAZIL — 0.4%** |  |  |
| Consumer Discretionary — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;MercadoLibre <sup>\*</sup> | 26 | 66646 |
| **CANADA — 0.4%** |  |  |
| Materials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Franco-Nevada | 500 | 84400 |
| **CHILE — 1.1%** |  |  |
| Materials — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Antofagasta PLC | 8262 | 197263 |
| **GREECE — 1.7%** |  |  |
| Financials — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Alpha Services and Holdings | 59325 | 190598 |
| Industrials — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Metlen Energy & Metals | 2324 | 117933 |
| TOTAL GREECE |  | 308531 |
| **INDONESIA — 3.2%** |  |  |
| Consumer Staples — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Sumber Alfaria Trijaya | 1016100 | 151573 |
| Financials — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;Bank Central Asia | 299200 | 172651 |
| &nbsp;&nbsp;&nbsp;Bank Mandiri Persero | 802300 | 261030 |
|  |  | 433681 |
| TOTAL INDONESIA |  | 585254 |

---

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

*1*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Emerging Markets ex-China ETF** | **Global X Emerging Markets ex-China ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| **MEXICO — 3.6%** |  |  |
| Consumer Staples — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico | 70000 | $229774 |
| Financials — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte, Cl O | 21500 | 189961 |
| Real Estate — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Inmobiliaria Vesta | 87400 | 251851 |
| TOTAL MEXICO |  | 671586 |
| **PHILIPPINES — 0.9%** |  |  |
| Financials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;BDO Unibank | 59260 | 170998 |
| **POLAND — 0.5%** |  |  |
| Consumer Staples — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Dino Polska <sup>\*</sup> | 633 | 92908 |
| **SAUDI ARABIA — 4.7%** |  |  |
| Consumer Staples — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Nahdi Medical | 2967 | 96484 |
| Financials — 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;Al Rajhi Bank | 12252 | 297511 |
| &nbsp;&nbsp;&nbsp;Saudi National Bank | 33385 | 308787 |
|  |  | 606298 |
| Industrials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;United International Transportation | 8947 | 169083 |
| TOTAL SAUDI ARABIA |  | 871865 |
| **SOUTH AFRICA — 2.8%** |  |  |
| Consumer Staples — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Clicks Group | 6187 | 133001 |
| Financials — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Capitec Bank Holdings | 1204 | 229793 |

---

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

*2*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Emerging Markets ex-China ETF** | **Global X Emerging Markets ex-China ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;FirstRand | 39995 | $165030 |
|  |  | 394823 |
| TOTAL SOUTH AFRICA |  | 527824 |
| **SOUTH KOREA — 12.0%** |  |  |
| Communication Services — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;HYBE | 1148 | 221329 |
| Consumer Discretionary — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Hyundai Motor | 610 | 81926 |
| Consumer Staples — 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;Cosmax | 1360 | 207001 |
| &nbsp;&nbsp;&nbsp;Kolmar Korea | 4131 | 248513 |
|  |  | 455514 |
| Financials — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group | 8207 | 345602 |
| Industrials — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;HD Hyundai Electric | 1416 | 388972 |
| Information Technology — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics GDR | 459 | 461754 |
| &nbsp;&nbsp;&nbsp;SK Hynix | 1783 | 264277 |
|  |  | 726031 |
| TOTAL SOUTH KOREA |  | 2219374 |
| **TAIWAN — 22.8%** |  |  |
| Industrials — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Fortune Electric | 18000 | 275990 |
| Information Technology — 21.3% |  |  |
| &nbsp;&nbsp;&nbsp;Alchip Technologies | 2000 | 187530 |
| &nbsp;&nbsp;&nbsp;ASPEED Technology | 2000 | 262943 |
| &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry | 32000 | 166575 |
| &nbsp;&nbsp;&nbsp;MediaTek | 15500 | 651684 |
| &nbsp;&nbsp;&nbsp;Quanta Computer | 22000 | 199309 |

---

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

*3*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Emerging Markets ex-China ETF** | **Global X Emerging Markets ex-China ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | 12774 | $2469470 |
|  |  | 3937511 |
| TOTAL TAIWAN |  | 4213501 |
| **THAILAND — 0.5%** |  |  |
| Health Care — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Bangkok Dusit Medical Services NVDR | 136412 | 89341 |
| **TURKEY — 0.7%** |  |  |
| Financials — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Haci Omer Sabanci Holding | 63661 | 125402 |
| **UNITED ARAB EMIRATES — 3.9%** |  |  |
| Energy — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;ADNOC Drilling PJSC | 218792 | 312730 |
| Industrials — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Salik PJSC | 184181 | 286827 |
| Real Estate — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Aldar Properties PJSC | 50684 | 114670 |
| TOTAL UNITED ARAB EMIRATES |  | 714227 |
| **UNITED STATES — 0.5%** |  |  |
| Information Technology — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Globant <sup>\*</sup> | 997 | 97796 |
| **VIETNAM — 1.4%** |  |  |
| Consumer Discretionary — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Phu Nhuan Jewelry JSC | 20000 | 63352 |
| Information Technology — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;FPT | 42500 | 190104 |
| TOTAL VIETNAM |  | 253456 |
| TOTAL COMMON STOCK<br> (Cost $10,358,573) |  | 11390720 |

---

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

*4*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Emerging Markets ex-China ETF** | **Global X Emerging Markets ex-China ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS — 35.9%** |  |  |
| **International Equity — 35.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Global X Brazil Active ETF<sup>(A)</sup> | 58730 | $1352840 |
| &nbsp;&nbsp;&nbsp;Global X India Active ETF <sup>(A)(B)</sup> | 176950 | 5285107 |
| TOTAL EXCHANGE-TRADED FUNDS<br> (Cost $6,252,765) |  | 6637947 |
| TOTAL INVESTMENTS — 97.5%<br> (Cost $16,611,338) |  | $18028667 |

---

*Percentages are based on Net Assets of $18,488,263.*

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

*(A)* *Affiliated investment.*

*(B)* *For financial information on the Global X India Active ETF, please go to the Fund's website at https://www.globalxetfs.com/explore/.*

*As of May 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.*

*The following is a summary of the Fund's transactions with affiliates for the period ended May 31, 2025:*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Value<br> 11/30/2024 | Purchases<br> at Cost | Proceeds<br> from Sales | Change in<br> Unrealized<br> Appreciation<br> (Depreciation) | Realized Gain<br> (Loss) | Value<br> 5/31/2025 | Income | Capital Gains |
| **Global X Brazil Active ETF** | **Global X Brazil Active ETF** |  |  |  |  |  |  |
| $— | $1287422 | $— | $65418 | $— | $1352840 | $— | $— |
| **Global X India Active ETF** |  |  |  |  |  |  |  |
|  | 4965343 |  | 319764 |  | 5285107 |  |  |
| **Totals:** |  |  |  |  |  |  |  |
| $— | $6252765 | $— | $385182 | $– | $6637947 | $— | $— |

---

*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.*

*5*

---

| | |
|:---|:---|
| ![](logom4.jpg) | ![](logom4.jpg) |
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Emerging Markets Great Consumer ETF** | **Global X Emerging Markets Great Consumer ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 98.8%** |  |  |
| **ARGENTINA — 0.5%** |  |  |
| Energy — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Vista Energy ADR <sup>\*</sup> | 9426 | $466870 |
| **BRAZIL — 5.8%** |  |  |
| Consumer Discretionary — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;MercadoLibre <sup>\*</sup> | 195 | 499842 |
| &nbsp;&nbsp;&nbsp;Vivara Participacoes | 160200 | 726371 |
|  |  | 1226213 |
| Consumer Staples — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Raia Drogasil | 188816 | 489165 |
| Financials — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding ADR | 177338 | 1168657 |
| &nbsp;&nbsp;&nbsp;NU Holdings, Cl A <sup>\*</sup> | 30307 | 363987 |
|  |  | 1532644 |
| Industrials — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Localiza Rent a Car | 88500 | 663281 |
| &nbsp;&nbsp;&nbsp;WEG | 137400 | 1015150 |
|  |  | 1678431 |
| TOTAL BRAZIL |  | 4926453 |
| **CANADA — 0.5%** |  |  |
| Materials — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Franco-Nevada | 2456 | 414573 |
| **CHILE — 0.8%** |  |  |
| Materials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Antofagasta PLC | 30231 | 721795 |
| **CHINA — 30.9%** |  |  |
| Communication Services — 8.0% |  |  |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology, Cl B <sup>\*</sup> | 193700 | 1316603 |
| &nbsp;&nbsp;&nbsp;NetEase | 45400 | 1104090 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 61800 | 3926362 |

---

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

*6*

---

| | |
|:---|:---|
| ![](logom4.jpg) | ![](logom4.jpg) |
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Emerging Markets Great Consumer ETF** | **Global X Emerging Markets Great Consumer ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Communication Services — continued |  |  |
| &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group | 52400 | $453398 |
|  |  | 6800453 |
| Consumer Discretionary — 16.8% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding | 197300 | 2865820 |
| &nbsp;&nbsp;&nbsp;ANTA Sports Products | 42900 | 522193 |
| &nbsp;&nbsp;&nbsp;BYD, Cl H | 29200 | 1462691 |
| &nbsp;&nbsp;&nbsp;H World Group | 232200 | 824680 |
| &nbsp;&nbsp;&nbsp;Haier Smart Home, Cl H | 240500 | 705409 |
| &nbsp;&nbsp;&nbsp;Meituan, Cl B <sup>\*</sup> | 106900 | 1881286 |
| &nbsp;&nbsp;&nbsp;Midea Group, Cl A | 78900 | 866167 |
| &nbsp;&nbsp;&nbsp;New Oriental Education & Technology Group | 89200 | 423161 |
| &nbsp;&nbsp;&nbsp;PDD Holdings ADR <sup>\*</sup> | 9146 | 882681 |
| &nbsp;&nbsp;&nbsp;Trip.com Group | 32800 | 2066326 |
| &nbsp;&nbsp;&nbsp;Yum China Holdings | 39450 | 1743708 |
|  |  | 14244122 |
| Consumer Staples — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Eastroc Beverage Group, Cl A | 15463 | 687087 |
| &nbsp;&nbsp;&nbsp;Proya Cosmetics, Cl A | 32400 | 399373 |
|  |  | 1086460 |
| Financials — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;China Merchants Bank, Cl H | 240500 | 1499761 |
| Information Technology — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;Lenovo Group | 501600 | 578261 |
| &nbsp;&nbsp;&nbsp;Xiaomi, Cl B <sup>\*</sup> | 310800 | 2019404 |
|  |  | 2597665 |
| TOTAL CHINA |  | 26228461 |
| **GREECE — 1.5%** |  |  |
| Financials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Alpha Services and Holdings | 226393 | 727349 |
| Industrials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Metlen Energy & Metals | 10592 | 537500 |
| TOTAL GREECE |  | 1264849 |

---

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

*7*

---

| | |
|:---|:---|
| ![](logom4.jpg) | ![](logom4.jpg) |
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Emerging Markets Great Consumer ETF** | **Global X Emerging Markets Great Consumer ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| **INDIA — 20.9%** |  |  |
| Communication Services — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Bharti Airtel | 22081 | $478957 |
| Consumer Discretionary — 9.7% |  |  |
| &nbsp;&nbsp;&nbsp;Eicher Motors | 7698 | 479781 |
| &nbsp;&nbsp;&nbsp;Indian Hotels, Cl A | 143724 | 1292970 |
| &nbsp;&nbsp;&nbsp;Mahindra & Mahindra | 27165 | 944958 |
| &nbsp;&nbsp;&nbsp;MakeMyTrip <sup>\*</sup> | 13420 | 1363875 |
| &nbsp;&nbsp;&nbsp;Titan | 20672 | 858767 |
| &nbsp;&nbsp;&nbsp;Trent | 13337 | 879549 |
| &nbsp;&nbsp;&nbsp;TVS Motor | 32521 | 1056785 |
| &nbsp;&nbsp;&nbsp;Zomato <sup>\*</sup> | 490674 | 1366433 |
|  |  | 8243118 |
| Financials — 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;ICICI Bank ADR | 69026 | 2363450 |
| Health Care — 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;Apollo Hospitals Enterprise | 22859 | 1837936 |
| &nbsp;&nbsp;&nbsp;Max Healthcare Institute | 132458 | 1741650 |
|  |  | 3579586 |
| Real Estate — 3.6% |  |  |
| &nbsp;&nbsp;&nbsp;Godrej Properties <sup>\*</sup> | 54391 | 1426147 |
| &nbsp;&nbsp;&nbsp;Prestige Estates Projects | 96910 | 1660861 |
|  |  | 3087008 |
| TOTAL INDIA |  | 17752119 |
| **INDONESIA — 2.8%** |  |  |
| Consumer Staples — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Sumber Alfaria Trijaya | 4904300 | 731581 |
| Financials — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Bank Central Asia | 1611300 | 929786 |
| &nbsp;&nbsp;&nbsp;Bank Mandiri Persero | 2237400 | 727945 |
|  |  | 1657731 |
| TOTAL INDONESIA |  | 2389312 |

---

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

*8*

---

| | |
|:---|:---|
| ![](logom4.jpg) | ![](logom4.jpg) |
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Emerging Markets Great Consumer ETF** | **Global X Emerging Markets Great Consumer ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| **MEXICO — 2.3%** |  |  |
| Consumer Staples — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Gruma, Cl B | 25335 | $477182 |
| &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico | 243300 | 798630 |
|  |  | 1275812 |
| Financials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte, Cl O | 77243 | 682474 |
| TOTAL MEXICO |  | 1958286 |
| **POLAND — 0.4%** |  |  |
| Consumer Staples — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Dino Polska <sup>\*</sup> | 2503 | 367374 |
| **SAUDI ARABIA — 3.5%** |  |  |
| Consumer Staples — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Nahdi Medical | 13350 | 434129 |
| Financials — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;Al Rajhi Bank | 45761 | 1111198 |
| &nbsp;&nbsp;&nbsp;Saudi National Bank | 85069 | 786826 |
|  |  | 1898024 |
| Industrials — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;United International Transportation | 32909 | 621926 |
| TOTAL SAUDI ARABIA |  | 2954079 |
| **SOUTH AFRICA — 2.2%** |  |  |
| Consumer Staples — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Clicks Group | 27933 | 600472 |
| Financials — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Capitec Bank Holdings | 3224 | 615325 |
| &nbsp;&nbsp;&nbsp;FirstRand | 154391 | 637058 |
|  |  | 1252383 |
| TOTAL SOUTH AFRICA |  | 1852855 |

---

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

*9*

---

| | |
|:---|:---|
| ![](logom4.jpg) | ![](logom4.jpg) |
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Emerging Markets Great Consumer ETF** | **Global X Emerging Markets Great Consumer ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| **SOUTH KOREA — 5.9%** |  |  |
| Communication Services — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;HYBE | 6771 | $1305419 |
| Consumer Staples — 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;Kolmar Korea | 43369 | 2608992 |
| Information Technology — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;SK Hynix | 7414 | 1098908 |
| TOTAL SOUTH KOREA |  | 5013319 |
| **TAIWAN — 14.9%** |  |  |
| Information Technology — 14.9% |  |  |
| &nbsp;&nbsp;&nbsp;MediaTek | 84000 | 3531708 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | 47156 | 9116198 |
| TOTAL TAIWAN |  | 12647906 |
| **THAILAND — 0.8%** |  |  |
| Health Care — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Bangkok Dusit Medical Services NVDR | 1059500 | 693907 |
| **TURKEY — 0.7%** |  |  |
| Financials — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Haci Omer Sabanci Holding | 290182 | 571612 |
| **UNITED ARAB EMIRATES — 2.8%** |  |  |
| Energy — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;ADNOC Drilling PJSC | 661823 | 945976 |
| Industrials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Salik PJSC | 640218 | 997018 |
| Real Estate — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Aldar Properties PJSC | 210301 | 475797 |
| TOTAL UNITED ARAB EMIRATES |  | 2418791 |

---

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

*10*

---

| | |
|:---|:---|
| ![](logom4.jpg) | ![](logom4.jpg) |
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Emerging Markets Great Consumer ETF** | **Global X Emerging Markets Great Consumer ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| **UNITED STATES — 0.5%** |  |  |
| Information Technology — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Globant <sup>\*</sup> | 4651 | $456216 |
| **VIETNAM — 1.1%** |  |  |
| Consumer Discretionary — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Phu Nhuan Jewelry JSC | 62200 | 197025 |
| Information Technology — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;FPT | 162300 | 725972 |
| TOTAL VIETNAM |  | 922997 |
| TOTAL COMMON STOCK<br> (Cost $73,562,100) |  | 84021774 |
| TOTAL INVESTMENTS — 98.8% <br> (Cost $73,562,100) |  | $84021774 |

---

*Percentages are based on Net Assets of $85,004,851.*

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

*As of May 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.*

*11*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Emerging Markets Bond ETF** | **Global X Emerging Markets Bond ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **SOVEREIGN DEBT — 61.6%** |  |  |
| Angola — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Angolan Government International Bond<br> 8.750%, 04/14/32 | $1600000 | $1311675 |
| Argentina — 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;Argentine Republic Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/09/38<sup>(A)</sup> | 2600000 | 1848600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 07/09/35<sup>(A)</sup> | 4100000 | 2753150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/09/41<sup>(A)</sup> | 2400000 | 1490400 |
|  |  | 6092150 |
| Azerbaijan — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic of Azerbaijan International Bond<br> 3.500%, 09/01/32 | 800000 | 700394 |
| Bahrain — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bahrain Government International Bond<br> 6.750%, 09/20/29 | 700000 | 710112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bahrain Government International Bond MTN<br> 5.250%, 01/25/33 | 300000 | 272817 |
|  |  | 982929 |
| Brazil — 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;Brazilian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125%, 05/13/54 | 2300000 | 2126875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125%, 01/22/32 | 1500000 | 1515088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 10/20/33 | 2500000 | 2452971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 05/30/29 | 1400000 | 1361220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 09/12/31 | 200000 | 178265 |
|  |  | 7634419 |
| Bulgaria — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bulgaria Government International Bond<br> 5.000%, 03/05/37 | 1300000 | 1255538 |
| Chile — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Chile Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/31/52 | 1200000 | 899400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.860%, 06/21/47 | 200000 | 150840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.240%, 02/06/28 | 600000 | 580320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.550%, 01/27/32 | 800000 | 692000 |
|  |  | 2322560 |

---

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

*12*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Emerging Markets Bond ETF** | **Global X Emerging Markets Bond ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **SOVEREIGN DEBT — continued** |  |  |
| Colombia — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;Colombia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, 11/07/36 | $1000000 | $970000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.200%, 05/15/49 | 1200000 | 786600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/15/29 | 1200000 | 1129800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 04/25/27 | 1200000 | 1171980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 04/22/32 | 1300000 | 1019850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 04/15/31 | 800000 | 654000 |
|  |  | 5732230 |
| Costa Rica — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Costa Rica Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.550%, 04/03/34<sup>(B)</sup> | 400000 | 411512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125%, 02/19/31 | 1800000 | 1841526 |
|  |  | 2253038 |
| Cote d'Ivoire — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ivory Coast Government International Bond<br> 6.125%, 06/15/33 | 1000000 | 885120 |
| Dominican Republic — 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;Dominican Republic International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.050%, 02/03/31 | 1700000 | 1762475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.400%, 06/05/49 | 200000 | 182500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/19/28 | 1800000 | 1815300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.950%, 01/25/27 | 300000 | 301650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/22/29 | 800000 | 789360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 09/23/32 | 1600000 | 1457440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/30/30 | 1800000 | 1688220 |
|  |  | 7996945 |
| Ecuador — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Ecuador Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.900%, 07/31/30<sup>(A)</sup> | 1000000 | 774510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/31/35<sup>(A)</sup> | 2300000 | 1431750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/31/40<sup>(A)</sup> | 1400000 | 747852 |
|  |  | 2954112 |
| Egypt — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;Egypt Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.875%, 05/29/50 | 600000 | 474604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.903%, 02/21/48 | 600000 | 434391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.625%, 05/29/32 | 1000000 | 900805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 01/31/27 | 900000 | 909797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.800%, 09/30/27 | 2300000 | 2221804 |

---

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

*13*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Emerging Markets Bond ETF** | **Global X Emerging Markets Bond ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **SOVEREIGN DEBT — continued** |  |  |
| Egypt — continued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Egypt Government International Bond MTN<br> 5.875%, 02/16/31 | $600000 | $512818 |
|  |  | 5454219 |
| El Salvador — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; El Salvador Government International Bond<br> 7.125%, 01/20/50<sup>(B)</sup> | 400000 | 324360 |
| Ghana — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Ghana Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.067%, 07/03/26 | 120000 | 116100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.576%, 01/03/30 | 166679 | 135427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/03/29<sup>(A)</sup> | 1000000 | 910000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/03/35<sup>(A)</sup> | 500000 | 368750 |
|  |  | 1530277 |
| Hungary — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;Hungary Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, 09/25/52 | 800000 | 800000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 09/22/32 | 2400000 | 2484960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125%, 05/22/28 | 1200000 | 1235952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/16/34 | 900000 | 871058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/26/36 | 1000000 | 946500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/16/29 | 1000000 | 1002426 |
|  |  | 7340896 |
| India — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Export-Import Bank of India<br> 3.875%, 02/01/28 | 1200000 | 1171848 |
| Indonesia — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Indonesia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.650%, 01/11/53 | 800000 | 776757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 01/15/30 | 1000000 | 1027296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.550%, 01/11/28 | 800000 | 803984 |
|  |  | 2608037 |
| Jordan — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jordan Government International Bond<br> 5.750%, 01/31/27 | 400000 | 397000 |
| Kazakhstan — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development Bank of Kazakhstan JSC<br> 5.625%, 04/07/30 | 1000000 | 992446 |

---

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

*14*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Emerging Markets Bond ETF** | **Global X Emerging Markets Bond ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **SOVEREIGN DEBT — continued** |  |  |
| Kenya — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Republic of Kenya Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.750%, 02/16/31 | $500000 | $498500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.250%, 02/28/48 | 200000 | 157562 |
|  |  | 656062 |
| Lebanon — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lebanon Government International Bond MTN<br> 6.650%, 02/26/30<sup>(C)</sup> | 2500000 | 433705 |
| Mexico — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;Mexico Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.400%, 05/07/54 | 1500000 | 1320330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.350%, 02/09/35 | 2100000 | 2091894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 04/27/32 | 1800000 | 1675764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, 02/12/52 | 200000 | 133180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.659%, 05/24/31 | 600000 | 509040 |
|  |  | 5730208 |
| Morocco — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Morocco Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 09/08/33 | 200000 | 207934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.950%, 03/08/28 | 1000000 | 1017500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/50 | 200000 | 131500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/15/32 | 1000000 | 826352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375%, 12/15/27 | 1800000 | 1682827 |
|  |  | 3866113 |
| Nigeria — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Nigeria Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.747%, 01/21/31 | 1200000 | 1157040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.696%, 02/23/38 | 1500000 | 1229625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.143%, 02/23/30 | 800000 | 735869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nigeria Government International Bond MTN<br> 7.625%, 11/28/47 | 1000000 | 749419 |
|  |  | 3871953 |
| Oman — 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;Oman Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 01/25/31 | 2000000 | 2091096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 01/17/28 | 2100000 | 2121779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 03/08/27 | 1200000 | 1208612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 06/15/26 | 700000 | 697068 |

---

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

*15*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Emerging Markets Bond ETF** | **Global X Emerging Markets Bond ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **SOVEREIGN DEBT — continued** |  |  |
| Oman — continued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oman Government International Bond MTN<br> 6.000%, 08/01/29 | $1000000 | $1030820 |
|  |  | 7149375 |
| Pakistan — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pakistan Government International Bond MTN<br> 7.375%, 04/08/31 | 400000 | 340596 |
| Panama — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Panama Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.400%, 02/14/35 | 500000 | 470150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/01/56 | 400000 | 243900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 03/17/28 | 1200000 | 1145280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.870%, 07/23/60 | 1600000 | 853680 |
|  |  | 2713010 |
| Paraguay — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Paraguay Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/15/26 | 314000 | 313215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.950%, 04/28/31 | 600000 | 588438 |
|  |  | 901653 |
| Peru — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;Peruvian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.750%, 11/21/33 | 2200000 | 2653970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 08/08/54 | 1800000 | 1697220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 02/08/35 | 1000000 | 983000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.783%, 01/23/31 | 900000 | 792630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.392%, 01/23/26 | 200000 | 196460 |
|  |  | 6323280 |
| Philippines — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Philippine Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, 10/23/34 | 1700000 | 1851859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.950%, 10/13/47 | 200000 | 202661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/17/48 | 1000000 | 955586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 02/02/42 | 600000 | 469416 |
|  |  | 3479522 |
| Poland — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Gospodarstwa Krajowego MTN<br> 5.375%, 05/22/33 | 1100000 | 1094389 |

---

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

*16*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Emerging Markets Bond ETF** | **Global X Emerging Markets Bond ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **SOVEREIGN DEBT — continued** |  |  |
| Poland — continued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic of Poland Government International Bond<br> 5.500%, 04/04/53 | $2850000 | $2593466 |
|  |  | 3687855 |
| Qatar — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Qatar Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.817%, 03/14/49 | 700000 | 621600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 06/02/46 | 200000 | 176455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, 04/16/50 | 1000000 | 834500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 04/16/30 | 800000 | 778480 |
|  |  | 2411035 |
| Romania — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Romanian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 03/24/35 | 600000 | 538044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/25/27 | 600000 | 594000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/14/51 | 1000000 | 601773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 03/27/32 | 1000000 | 835874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/14/31 | 850000 | 709120 |
|  |  | 3278811 |
| Saudi Arabia — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Saudi Government International Bond MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 01/16/54 | 2600000 | 2422875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/17/30 | 400000 | 396879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 02/02/33 | 600000 | 494604 |
|  |  | 3314358 |
| Serbia — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Serbia International Bond<br> 6.500%, 09/26/33 | 1500000 | 1546617 |
| South Africa — 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;Republic of South Africa Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.300%, 04/20/52 | 1000000 | 865000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 09/16/25 | 600000 | 600917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 04/20/32 | 2000000 | 1916800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 04/14/26 | 1400000 | 1393204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.850%, 09/27/27 | 1000000 | 990064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.850%, 09/30/29 | 1800000 | 1714500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300%, 10/12/28 | 1000000 | 956010 |
|  |  | 8436495 |

---

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

*17*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Emerging Markets Bond ETF** | **Global X Emerging Markets Bond ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **SOVEREIGN DEBT — continued** |  |  |
| Sri Lanka — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Sri Lanka Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/15/28 | $205451 | $191326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600%, 06/15/35<sup>(A)</sup> | 400000 | 270475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600%, 05/15/36<sup>(A)</sup> | 500000 | 388125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600%, 02/15/38<sup>(A)</sup> | 100000 | 78000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350%, 03/15/33<sup>(A)</sup> | 406380 | 315453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.100%, 01/15/30<sup>(A)</sup> | 207180 | 179797 |
|  |  | 1423176 |
| Trinidad & Tobago — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinidad & Tobago Government International Bond<br> 6.400%, 06/26/34 | 800000 | 763960 |
| Turkey — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;Türkiye Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 01/03/35 | 1200000 | 1099721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125%, 10/24/28 | 2400000 | 2375136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 05/11/47 | 1200000 | 861335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 01/26/26 | 1000000 | 998818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 04/14/26 | 1000000 | 988910 |
|  |  | 6323920 |
| Ukraine — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Ukraine Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.988%, 02/01/30<sup>(A)</sup> | 200000 | 96500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.801%, 02/01/34<sup>(A)</sup> | 600000 | 223500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.256%, 02/01/35<sup>(A)</sup> | 439274 | 211950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.991%, 02/01/36<sup>(A)</sup> | 400000 | 192600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 02/01/34<sup>(A)</sup> | 350000 | 170625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 02/01/35<sup>(A)</sup> | 1400000 | 672000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 02/01/36<sup>(A)</sup> | 600000 | 282000 |
|  |  | 1849175 |
| United Arab Emirates — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abu Dhabi Government International Bond<br> 5.500%, 04/30/54 | 2600000 | 2535895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abu Dhabi Government International Bond MTN<br> 4.875%, 04/30/29 | 1000000 | 1019744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance Department Government of Sharjah<br> 6.500%, 11/23/32 | 1300000 | 1341990 |

---

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

*18*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Emerging Markets Bond ETF** | **Global X Emerging Markets Bond ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **SOVEREIGN DEBT — continued** |  |  |
| United Arab Emirates — continued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance Department Government of Sharjah MTN<br> 4.375%, 03/10/51 | $200000 | $132548 |
|  |  | 5030177 |
| Uruguay — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Uruguay Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.100%, 06/18/50 | 1000000 | 895450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 01/23/31 | 600000 | 592020 |
|  |  | 1487470 |
| TOTAL SOVEREIGN DEBT<br> (Cost $134,049,052) |  | 134958719 |
| **CORPORATE OBLIGATIONS — 29.4%** |  |  |
| Azerbaijan — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Energy — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Gas Corridor CJSC<br> 6.875%, 03/24/26 | 2000000 | 2020000 |
| Brazil — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Energy — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raizen Fuels Finance<br> 6.450%, 03/05/34 | 400000 | 396083 |
| &nbsp;&nbsp;&nbsp;Industrials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rumo Luxembourg SARL<br> 4.200%, 01/18/32 | 1400000 | 1226540 |
|  |  | 1622623 |
| Chile — 6.2% |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cia Cervecerias Unidas<br> 3.350%, 01/19/32 | 1200000 | 1052842 |
| &nbsp;&nbsp;&nbsp;Energy — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empresa Nacional del Petroleo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.150%, 05/10/33 | 2200000 | 2227181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/06/29 | 2400000 | 2408566 |
|  |  | 4635747 |

---

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

*19*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Emerging Markets Bond ETF** | **Global X Emerging Markets Bond ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Materials — 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corp Nacional del Cobre de Chile |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.950%, 01/08/34 | $1700000 | $1701718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 08/01/27 | 1500000 | 1464900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/30/29 | 2300000 | 2102186 |
|  |  | 5268804 |
| &nbsp;&nbsp;&nbsp;Utilities — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile Electricity Lux MPC SARL<br> 6.010%, 01/20/33 | 2325000 | 2386031 |
|  |  | 13343424 |
| China — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prosus<br> 4.987%, 01/19/52 | 500000 | 369056 |
| Colombia — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Energy — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecopetrol<br> 5.875%, 05/28/45 | 1300000 | 875297 |
| Hungary — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Utilities — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MVM Energetika Zrt<br> 6.500%, 03/13/31 | 1050000 | 1071853 |
| Indonesia — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Energy — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pertamina Persero MTN<br> 6.450%, 05/30/44 | 200000 | 200580 |
| &nbsp;&nbsp;&nbsp;Materials — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freeport Indonesia<br> 6.200%, 04/14/52 | 200000 | 191349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freeport Indonesia MTN<br> 5.315%, 04/14/32 | 600000 | 592151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia Asahan Aluminium / Mineral Industri Indonesia Persero<br> 6.530%, 11/15/28 | 1200000 | 1256981 |
|  |  | 2040481 |
| &nbsp;&nbsp;&nbsp;Utilities — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perusahaan Perseroan Persero Perusahaan Listrik Negara MTN<br> 4.125%, 05/15/27 | 400000 | 394784 |
|  |  | 2635845 |

---

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

*20*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Emerging Markets Bond ETF** | **Global X Emerging Markets Bond ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS — continued** |  |  |
| Kazakhstan — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Energy — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KazMunayGas National JSC <br>6.375%, 10/24/48 | $1000000 | $888586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tengizchevroil Finance International <br>4.000%, 08/15/26 | 400000 | 392582 |
|  |  | 1281168 |
| Kuwait — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Financials — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NBK SPC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, SOFRRATE + 1.160%, 06/06/30<sup>(D)</sup> | 1000000 | 1022570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.625%, SOFRRATE + 1.050%, 09/15/27<sup>(D)</sup> | 1200000 | 1149594 |
|  |  | 2172164 |
| Malaysia — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Energy — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petronas Capital <br>5.848%, 04/03/55 | 1000000 | 990571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petronas Capital MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.550%, 04/21/50 | 1800000 | 1486779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/21/30 | 1100000 | 1043377 |
|  |  | 3520727 |
| Mexico — 6.4% |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;America Movil <br>4.700%, 07/21/32 | 1000000 | 975461 |
| &nbsp;&nbsp;&nbsp;Consumer Staples — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becle <br>2.500%, 10/14/31 | 900000 | 740411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bimbo Bakeries USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.400%, 01/15/34 | 1400000 | 1465457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.050%, 01/15/29 | 1000000 | 1037621 |
|  |  | 3243489 |
| &nbsp;&nbsp;&nbsp;Energy — 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.000%, 02/07/33 | 1000000 | 1031579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.690%, 01/23/50 | 1350000 | 992627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.840%, 01/23/30 | 2600000 | 2429621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 01/23/29 | 1550000 | 1482233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.950%, 01/28/31 | 1000000 | 866765 |
|  |  | 6802825 |

---

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

*21*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Emerging Markets Bond ETF** | **Global X Emerging Markets Bond ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Financials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Nacional de Comercio Exterior SNC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 05/07/30 | $250000 | $250782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.720%, H15T5Y + 2.000%, 08/11/31<sup>(D)</sup> | 800000 | 751940 |
|  |  | 1002722 |
| &nbsp;&nbsp;&nbsp;Materials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orbia Advance <br>2.875%, 05/11/31 | 800000 | 655940 |
| &nbsp;&nbsp;&nbsp;Utilities — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIEMEX Energia - Banco Actinver Institucion de Banca Multiple <br>7.250%, 01/31/41 | 1491376 | 1471615 |
|  |  | 14152052 |
| Morocco — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Materials — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OCP<br> 6.700%, 03/01/36 | 1600000 | 1574058 |
| Peru — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Energy — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pluspetrol Camisea / Pluspetrol Lote 56 <br>6.240%, 07/03/36 | 800000 | 813018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportadora de Gas del Peru <br>4.250%, 04/30/28 | 120000 | 118746 |
|  |  | 931764 |
| Poland — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Energy — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ORLEN <br>6.000%, 01/30/35 | 1500000 | 1513125 |
| Saudi Arabia — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Energy — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EIG Pearl Holdings SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.387%, 11/30/46 | 800000 | 613864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.545%, 08/31/36 | 595586 | 523071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi Arabian Oil MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 07/17/54 | 1800000 | 1635300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/16/29 | 800000 | 766324 |
|  |  | 3538559 |

---

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

*22*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Emerging Markets Bond ETF** | **Global X Emerging Markets Bond ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Utilities — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acwa Power Management and Investments One <br>5.950%, 12/15/39 | $565374 | $562491 |
|  |  | 4101050 |
| South Africa — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Materials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sasol Financing USA <br>5.500%, 03/18/31 | 400000 | 327863 |
| &nbsp;&nbsp;&nbsp;Utilities — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eskom Holdings SOC MTN <br>6.350%, 08/10/28 | 3100000 | 3101736 |
|  |  | 3429599 |
| South Korea — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Information Technology — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Hynix <br>2.375%, 01/19/31 | 600000 | 522797 |
| Thailand — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Materials — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GC Treasury Center MTN <br>2.980%, 03/18/31 | 1200000 | 1034302 |
| United Arab Emirates — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Energy — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abu Dhabi Crude Oil Pipeline <br>4.600%, 11/02/47 | 600000 | 530454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adnoc Murban Rsc <br>5.125%, 09/11/54 | 800000 | 709800 |
|  |  | 1240254 |
| &nbsp;&nbsp;&nbsp;Industrials — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DP World Crescent <br>5.500%, 09/13/33 | 600000 | 600747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DP World Crescent MTN <br>4.848%, 09/26/28 | 200000 | 199698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DP World MTN <br>4.700%, 09/30/49 | 400000 | 322636 |
|  |  | 1123081 |
| &nbsp;&nbsp;&nbsp;Utilities — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Central Cooling PJSC <br>2.500%, 10/21/27 | 800000 | 757120 |
|  |  | 3120455 |

---

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

*23*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Emerging Markets Bond ETF** | **Global X Emerging Markets Bond ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS — continued** |  |  |
| United Kingdom — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CK Hutchison International 23 <br>4.750%, 04/21/28 | $500000 | $501426 |
| United States — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Financials — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America MTN<br> 4.948%, SOFRRATE + 2.040%, 07/22/28<sup>(D)</sup>  | 1000000 | 1006287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.960%, TSFR3M + 1.507%, 01/29/27<sup>(D)</sup> | 1100000 | 1095391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.578%, SOFRRATE + 0.885%, 04/22/27<sup>(D)</sup> | 1200000 | 1168588 |
|  |  | 3270266 |
| &nbsp;&nbsp;&nbsp;Materials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GCC <br>3.614%, 04/20/32 | 1500000 | 1308856 |
|  |  | 4579122 |
| TOTAL CORPORATE OBLIGATIONS <br>(Cost $65,579,740) |  | 64371907 |
| **U.S. TREASURY OBLIGATIONS — 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 02/15/2055 | 2000000 | 1907500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/15/2054 | 2000000 | 1866875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 02/15/2054 | 2000000 | 1786328 |
|  |  | 5560703 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/31/2025 | 3000000 | 3007078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 01/31/2030 | 2000000 | 2024688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 11/15/2034 | 1000000 | 990156 |
|  |  | 6021922 |
| TOTAL U.S. TREASURY OBLIGATIONS <br>(Cost $11,660,613) |  | 11582625 |

---

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

*24*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Emerging Markets Bond ETF** | **Global X Emerging Markets Bond ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUND — 0.9%** |  |  |
| **Domestic Fixed Income — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Global X 1-3 Month T-Bill ETF <sup>(E)</sup> | 20000 | $2008400 |
| TOTAL EXCHANGE-TRADED FUND <br>(Cost $2,009,548) |  | 2008400 |
| TOTAL INVESTMENTS — 97.2% <br>(Cost $213,298,953) |  | $212921651 |

---

*Percentages are based on Net Assets of $219,063,783.*

&nbsp;&nbsp;&nbsp;&nbsp;*(A)* *Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.* 

*(B)* *Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration normally to qualified institutions. On May 31, 2025, the value of these securities amounted to $735,872, representing 0.3% of the Net Assets of the Fund.* 

*(C)* *Security in default on interest payments.* 

*(D)* *Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; or by adjusting periodically based on prevailing interest rates.* 

*(E)* *Affiliated investment.* 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Sovereign Debt* | $*—* | $*134958719* | $*—* | $*134958719* |
| &nbsp;&nbsp;&nbsp;*Corporate Obligations* | *—* | *64371907* | *—* | *64371907* |
| &nbsp;&nbsp;&nbsp;*U.S. Treasury Obligations* | *—* | *11582625* | *—* | *11582625* |
| &nbsp;&nbsp;&nbsp;*Exchange-Traded Fund* | *2008400* | *—* | *—* | *2008400* |
| *Total Investments in Securities* | $*2008400* | $*210913251* | $*—* | $*212921651* |

---

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

*25*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Emerging Markets Bond ETF** | **Global X Emerging Markets Bond ETF** |

---

*The following is a summary of the Fund's transactions with affiliates for the period ended May 31, 2025:*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Value <br> 11/30/2024 | Purchases <br> at Cost | Proceeds <br> from Sales | Change in <br> Unrealized <br> Appreciation<br> (Depreciation) | Realized Gain <br> (Loss) | Value<br> 5/31/2025 | Income | Capital Gains |
| **Global X 1-3 Month T-Bill ETF** | **Global X 1-3 Month T-Bill ETF** | **Global X 1-3 Month T-Bill ETF** |  |  |  |  |  |
| $1255688 | $752776 | $— | $(64) | $— | $2008400 | $40503 | $— |

---

*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.*

*26*

![](logom4.jpg)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | **May 31, 2025 (Unaudited)** |
| | **Global X Brazil Active ETF** | |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 92.7%** |  |  |
| **BRAZIL — 87.0%** |  |  |
| Consumer Discretionary — 6.4% |  |  |
| &nbsp;&nbsp;&nbsp;Direcional Engenharia | 13900 | $98599 |
| &nbsp;&nbsp;&nbsp;MercadoLibre <sup>\*</sup> | 28 | 71772 |
| &nbsp;&nbsp;&nbsp;Vivara Participacoes | 27400 | 124236 |
|  |  | 294607 |
| Consumer Staples — 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;Raia Drogasil | 56200 | 145597 |
| Energy — 14.6% |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro ADR | 50488 | 582631 |
| &nbsp;&nbsp;&nbsp;PRIO <sup>\*</sup> | 12200 | 82901 |
|  |  | 665532 |
| Financials — 31.4% |  |  |
| &nbsp;&nbsp;&nbsp;Banco Bradesco ADR | 83567 | 240673 |
| &nbsp;&nbsp;&nbsp;Banco BTG Pactual | 29800 | 205614 |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding ADR | 76596 | 504768 |
| &nbsp;&nbsp;&nbsp;NU Holdings, Cl A <sup>\*</sup> | 40246 | 483354 |
|  |  | 1434409 |
| Industrials — 9.7% |  |  |
| &nbsp;&nbsp;&nbsp;Localiza Rent a Car | 21000 | 157389 |
| &nbsp;&nbsp;&nbsp;Rumo | 27200 | 89306 |
| &nbsp;&nbsp;&nbsp;WEG | 26700 | 197267 |
|  |  | 443962 |
| Materials — 13.0% |  |  |
| &nbsp;&nbsp;&nbsp;ERO Copper <sup>\*</sup> | 8442 | 118990 |
| &nbsp;&nbsp;&nbsp;Suzano ADR | 14289 | 124029 |
| &nbsp;&nbsp;&nbsp;Vale ADR, Cl B | 27972 | 255384 |
| &nbsp;&nbsp;&nbsp;Wheaton Precious Metals | 1100 | 95425 |
|  |  | 593828 |
| Utilities — 8.7% |  |  |
| &nbsp;&nbsp;&nbsp;Centrais Eletricas Brasileiras ADR | 24418 | 178984 |
| &nbsp;&nbsp;&nbsp;Cia Paranaense de Energia - Copel ADR | 12002 | 107778 |

---

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

*27*

![](logom4.jpg)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | **May 31, 2025 (Unaudited)** |
| | **Global X Brazil Active ETF** | |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Utilities — continued |  |  |
| &nbsp;&nbsp;&nbsp;Equatorial Energia | 17600 | $112532 |
|  |  | 399294 |
| TOTAL BRAZIL |  | 3977229 |
| **MEXICO — 1.4%** |  |  |
| Consumer Staples — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola Femsa ADR | 678 | 64410 |
| **UNITED STATES — 4.3%** |  |  |
| Consumer Staples — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;JBS | 12600 | 88191 |
| Information Technology — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;Globant <sup>\*</sup> | 1104 | 108291 |
| TOTAL UNITED STATES |  | 196482 |
| TOTAL COMMON STOCK<br> (Cost $4,290,653) |  | 4238121 |
| **PREFERRED STOCK — 4.7%** |  |  |
| **BRAZIL—4.7%** |  |  |
| Financials — 4.7% |  |  |
| &nbsp;&nbsp;&nbsp;Itausa <sup>(A)</sup> | 111433 | 215204 |
| TOTAL PREFERRED STOCK<br> (Cost $183,942) |  | 215204 |
| TOTAL INVESTMENTS — 97.4%<br> (Cost $4,474,595) |  | $4453325 |

---

*Percentages are based on Net Assets of $4,570,017.*

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

*As of May 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.*

*28*

![](logom4.jpg)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | **May 31, 2025 (Unaudited)** |
| | **Global X India Active ETF** | |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 98.7%** |  |  |
| **INDIA — 96.9%** |  |  |
| Communication Services — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;Bharti Airtel | 75647 | $1640852 |
| Consumer Discretionary — 10.2% |  |  |
| &nbsp;&nbsp;&nbsp;Eicher Motors | 12884 | 803001 |
| &nbsp;&nbsp;&nbsp;Tata Motors | 122993 | 1034104 |
| &nbsp;&nbsp;&nbsp;Titan | 32738 | 1360019 |
| &nbsp;&nbsp;&nbsp;Zomato <sup>\*</sup> | 391991 | 1091620 |
|  |  | 4288744 |
| Consumer Staples — 6.3% |  |  |
| &nbsp;&nbsp;&nbsp;Avenue Supermarts <sup>\*</sup> | 21804 | 1019711 |
| &nbsp;&nbsp;&nbsp;United Spirits | 92957 | 1651229 |
|  |  | 2670940 |
| Energy — 10.4% |  |  |
| &nbsp;&nbsp;&nbsp;Bharat Petroleum | 238210 | 886311 |
| &nbsp;&nbsp;&nbsp;Reliance Industries GDR | 53295 | 3506811 |
|  |  | 4393122 |
| Financials — 33.7% |  |  |
| &nbsp;&nbsp;&nbsp;Axis Bank | 160972 | 2242604 |
| &nbsp;&nbsp;&nbsp;Federal Bank | 433961 | 1024670 |
| &nbsp;&nbsp;&nbsp;General Insurance Corp of India | 173745 | 835681 |
| &nbsp;&nbsp;&nbsp;Go Digit General Insurance <sup>\*</sup> | 212143 | 855265 |
| &nbsp;&nbsp;&nbsp;HDFC Bank | 168656 | 3833118 |
| &nbsp;&nbsp;&nbsp;ICICI Bank ADR | 92394 | 3163571 |
| &nbsp;&nbsp;&nbsp;Kfin Technologies | 34818 | 438892 |
| &nbsp;&nbsp;&nbsp;SBI Life Insurance | 50112 | 1061209 |
| &nbsp;&nbsp;&nbsp;Shriram Finance | 102817 | 768169 |
|  |  | 14223179 |
| Health Care — 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;Apollo Hospitals Enterprise | 13375 | 1075392 |
| Industrials — 7.0% |  |  |
| &nbsp;&nbsp;&nbsp;Kajaria Ceramics | 79454 | 965379 |

---

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

*29*

![](logom4.jpg)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | **May 31, 2025 (Unaudited)** |
| | **Global X India Active ETF** | |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Industrials — continued |  |  |
| &nbsp;&nbsp;&nbsp; Larsen & Toubro | 46623 | $2002269 |
|  |  | 2967648 |
| Information Technology — 11.5% |  |  |
| &nbsp;&nbsp;&nbsp;Infosys ADR | 129139 | 2349038 |
| &nbsp;&nbsp;&nbsp;LTIMindtree | 12655 | 749599 |
| &nbsp;&nbsp;&nbsp;Tata Consultancy Services | 43670 | 1767417 |
|  |  | 4866054 |
| Materials — 5.4% |  |  |
| &nbsp;&nbsp;&nbsp;Steel Authority of India | 573088 | 865107 |
| &nbsp;&nbsp;&nbsp;UltraTech Cement | 10821 | 1417510 |
|  |  | 2282617 |
| Real Estate — 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;Prestige Estates Projects | 78929 | 1352700 |
| Utilities — 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;NTPC | 299705 | 1169401 |
| TOTAL INDIA |  | 40930649 |
| **UNITED STATES — 1.8%** |  |  |
| Industrials — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Timken | 11436 | 783252 |
| TOTAL COMMON STOCK<br> (Cost $39,675,838) |  | 41713901 |
| TOTAL INVESTMENTS — 98.7%<br> (Cost $39,675,838) |  | $41713901 |

---

*Percentages are based on Net Assets of $42,255,958.*

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

*As of May 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.*

*30*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **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*

CJSC — *Closed Joint-Stock Company*

Cl — *Class*

ETF — *Exchange-Traded Fund*

GDR — *Global Depositary Receipt*

H15T5Y — *US Treasury Yield Curve Rate T Note Constant Maturity 5 Year*

JSC — *Joint-Stock Company*

MTN — *Medium Term Note*

SOC — *State Owned Company*

SOFR — *Secured Overnight Financing Rate*

TSFR3M — *Term Secured Overnight Financing Rate 3-Month*

*31*

![](logom4.jpg)

Statements of Assets and Liabilities

**May 31, 2025 (Unaudited)**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X<br> Emerging<br> Markets ex-<br> China ETF** | **Global X<br> Emerging<br> Markets Great<br> Consumer ETF** | **Global X<br> Emerging<br> Markets Bond<br> ETF** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $10358573 | $73562100 | $211289405 |
| &nbsp;&nbsp;&nbsp;Cost of Affiliated Investments | 6252765 |  | 2009548 |
| &nbsp;&nbsp;&nbsp;Cost (Proceeds) of Foreign Currency | 1883 | 181295 |  |
| &nbsp;&nbsp;&nbsp;Investments, at Value | $11390720 | $84021774 | $210913251 |
| &nbsp;&nbsp;&nbsp;Affiliated Investments, at Value | 6637947 |  | 2008400 |
| &nbsp;&nbsp;&nbsp;Cash | 460402 | 1151767 | 3386327 |
| &nbsp;&nbsp;&nbsp;Foreign Currency, at Value | 1893 | 180876 |  |
| &nbsp;&nbsp;&nbsp;Dividend, Interest, and Securities Lending Income Receivable | 3818 | 44621 | 2827871 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable | 860 | 4731 |  |
| &nbsp;&nbsp;&nbsp;Unrealized Appreciation on Spot Contracts |  | 355 |  |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold |  | 630014 |  |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 18495640 | 86034138 | 219135849 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable due to Investment Adviser | 7376 | 55014 | 72052 |
| &nbsp;&nbsp;&nbsp;Payable for Capital Shares Redeemed |  | 842469 |  |
| &nbsp;&nbsp;&nbsp;Accrued Foreign Capital Gains Tax on Appreciated Securities |  | 131770 |  |
| &nbsp;&nbsp;&nbsp;Custodian Fees Payable | 1 | 34 | 14 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 7377 | 1029287 | 72066 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $18488263 | $85004851 | $219063783 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $26924728 | $449720784 | $233203973 |
| &nbsp;&nbsp;&nbsp;Total Accumulated Losses | (8436465) | (364715933) | (14140190) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $18488263 | $85004851 | $219063783 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization — no par value) | 660587 | 3069074 | 9600000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $27.99 | $27.70 | $22.82 |

---

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

*32*

![](logom4.jpg)

Statements of Assets and Liabilities

**May 31, 2025 (Unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | **Global X Brazil<br> Active ETF** | **Global X India<br> Active ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $4474595 | $39675838 |
| &nbsp;&nbsp;&nbsp;Cost (Proceeds) of Foreign Currency | 1044 | 4605 |
| &nbsp;&nbsp;&nbsp;Investments, at Value | $4453325 | $41713901 |
| &nbsp;&nbsp;&nbsp;Cash | 102821 | 826101 |
| &nbsp;&nbsp;&nbsp;Foreign Currency, at Value | 1044 | 4612 |
| &nbsp;&nbsp;&nbsp;Dividend, Interest, and Securities Lending Income Receivable | 15757 | 30399 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable | 18 |  |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 4572965 | 42575013 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Payable due to Investment Adviser | 2933 | 26759 |
| &nbsp;&nbsp;&nbsp;Accrued Foreign Capital Gains Tax on Appreciated Securities |  | 292292 |
| &nbsp;&nbsp;&nbsp;Custodian Fees Payable | 15 | 4 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 2948 | 319055 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $4570017 | $42255958 |
| **Net Assets Consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $4865947 | $40361247 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings (Accumulated Losses) | (295930) | 1894711 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $4570017 | $42255958 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization — no par value) | 200000 | 1420000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $22.85 | $29.76 |

---

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

*33*

![](logom4.jpg)

Statements of Operations

**For the period ended May 31, 2025 (Unaudited)**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X<br> Emerging<br> Markets ex-<br> China ETF** | **Global X<br> Emerging<br> Markets Great<br> Consumer ETF** | **Global X<br> Emerging<br> Markets Bond<br> ETF** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $217148 | $826083 | $— |
| &nbsp;&nbsp;&nbsp;Dividend Income, from Affiliated Investments |  |  | 40503 |
| &nbsp;&nbsp;&nbsp;Interest Income | 13013 | 33265 | 6636420 |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (27762) | (79435) | (4063) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 202399 | 779913 | 6672860 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Supervision and Administration Fees<sup>(1)</sup> | 80675 | 352883 | 413456 |
| &nbsp;&nbsp;&nbsp;Custodian Fees<sup>(2)</sup> | 1825 | 310 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 82500 | 353193 | 413483 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 119899 | 426720 | 6259377 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>(3)</sup> | 1495043 | 4230231 | (180909) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Transactions | (12144) | (21310) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Capital Gains Tax | (63768) | (125564) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment from Adviser<sup>(4)</sup> | 7531 |  | 667 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | 1426662 | 4083357 | (180242) |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (2001947) | 916608 | (2120254) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Investments | 385182 |  | (64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Capital Gains Tax on Appreciated Securities | 157948 | 264493 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Translations | 44 | 1047 |  |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | (1458773) | 1182148 | (2120318) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | (32111) | 5265505 | (2300560) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $87788 | $5692225 | $3958817 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.)

(4) See Note 3 in the Notes to Financial Statements.

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

*34*

![](logom4.jpg)

Statements of Operations

**For the period ended May 31, 2025 (Unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | **Global X Brazil<br> Active ETF** | **Global X India<br> Active ETF** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $111103 | $84587 |
| &nbsp;&nbsp;&nbsp;Interest Income | 633 | 18760 |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (4810) | (18244) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 106926 | 85103 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Supervision and Administration Fees<sup>(1)</sup> | 12809 | 106109 |
| &nbsp;&nbsp;&nbsp;Custodian Fees<sup>(2)</sup> | 228 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 13037 | 106116 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | 93889 | (21013) |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>(3)</sup> | (268921) | 401288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Transactions | (12366) | (35623) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Capital Gains Tax |  | (45184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment from Adviser<sup>(4)</sup> | 6 |  |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | (281281) | 320481 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 459214 | 1018001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Capital Gains Tax on Appreciated Securities |  | (131434) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Translations | 263 | (14) |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | 459477 | 886553 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 178196 | 1207034 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $272085 | $1186021 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.)

(4) See Note 3 in the Notes to Financial Statements.

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

*35*

![](logom4.jpg)

Statements of Changes in Net Assets

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X Emerging Markets ex-China ETF** | **Global X Emerging Markets ex-China ETF** | **Global X Emerging Markets ex-China ETF** |
|  | **Period Ended<br> May 31, 2025<br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024<sup>(1)</sup>** | **Period Ended<br> November 30,<br> 2023<sup>(1)</sup>** |
| **Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $119899 | $265384 | $199751 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 1426662 | 449641 | (1180658) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (1458773) | 1660833 | 998042 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 87788 | 2375858 | 17135 |
| **Distributions** | (119966) | (248101) | N/A |
| Class A | N/A | N/A | N/A |
| Class C | N/A | N/A | N/A |
| Class I | N/A | N/A | N/A |
| **Total Distributions** | (119966) | (248101) | N/A |
| **Capital Share Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 6762024 | 3795 | 3984574 |
| &nbsp;&nbsp;&nbsp;Reinvestment of Distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (13291320) | (1414497) | (2437800) |
| &nbsp;&nbsp;&nbsp;Merger<sup>#</sup> |  |  | 22663555 |
|  | (6529296) | (1410702) | 24210329 |
| Class A |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Reinvestment of Distributions | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Redeemed | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Merger<sup>#</sup> | N/A | N/A | N/A |
|  | N/A | N/A | N/A |
| Class C |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Reinvestment of Distributions | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Redeemed | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Merger<sup>#</sup> | N/A | N/A | N/A |
|  | N/A | N/A | N/A |
| Class I |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | N/A | N/A | 512846 |
| &nbsp;&nbsp;&nbsp;Reinvestment of Distributions | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Redeemed | N/A | N/A | (872337) |
| &nbsp;&nbsp;&nbsp;Merger<sup>#</sup> | N/A | N/A | (22672930) |
|  | N/A | N/A | (23032421) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | (6529296) | (1410702) | 1177908 |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | (6561474) | 717055 | 1195043 |
| **Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 25049737 | 24332682 | 23137639 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $18488263 | $25049737 | $24332682 |

---

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

*36*

![](logom4.jpg)

Statements of Changes in Net Assets

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X Emerging Markets ex-China ETF** | **Global X Emerging Markets ex-China ETF** | **Global X Emerging Markets ex-China ETF** |
|  | **Period Ended<br> May 31, 2025<br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024<sup>(1)</sup>** | **Period Ended<br> November 30,<br> 2023<sup>(1)</sup>** |
| **Share Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 250000 |  | 160000 |
| &nbsp;&nbsp;&nbsp;Reinvestment of Distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (510000) | (50000) | (90000) |
| &nbsp;&nbsp;&nbsp;Merger<sup>#</sup> |  |  | 900587 |
|  | (260000) | (50000) | 970587 |
| Class A |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Reinvestment of Distributions | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Redeemed | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Merger<sup>#</sup> | N/A | N/A | N/A |
|  | N/A | N/A | N/A |
| Class C |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Reinvestment of Distributions | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Redeemed | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Merger<sup>#</sup> | N/A | N/A | N/A |
|  | N/A | N/A | N/A |
| Class I |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | N/A | N/A | 51184 |
| &nbsp;&nbsp;&nbsp;Reinvestment of Distributions | N/A | N/A |  |
| &nbsp;&nbsp;&nbsp;Redeemed | N/A | N/A | (87358) |
| &nbsp;&nbsp;&nbsp;Merger<sup>#</sup> | N/A | N/A | (2252411) |
|  | N/A | N/A | (2288585) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Shares Outstanding from Share Transactions** | (260000) | (50000) | (1317998) |

---

(1) Effective as of close of business on May 12, 2023, the Emerging Markets Fund (the "Emerging Markets Predecessor Fund") was reorganized into the Global X Emerging Markets ex-China ETF. Information presented prior to May 12, 2023 is that of the Emerging Markets Predecessor Fund. See Note 1 in the Notes to Financial Statements.

# See Note 9 in the Notes to Financial Statements in relation to period ended November 30, 2023. See Note 1 in the Notes to Financials in relation to year end April 30, 2023.

*N/A – Not applicable. Class currently not offered.*

*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 Changes in Net Assets

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X Emerging Markets Great Consumer ETF** | **Global X Emerging Markets Great Consumer ETF** | **Global X Emerging Markets Great Consumer ETF** |
|  | **Period Ended<br> May 31, 2025<br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024<sup>(1)</sup>** | **Period Ended<br> November 30,<br> 2023<sup>(1)</sup>** |
| **Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $426720 | $1777915 | $1600701 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 4083357 | 3258444 | (16164493) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 1182148 | 9434594 | 8665820 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 5692225 | 14470953 | (5897972) |
| **Distributions** | (728080) | (2297470) | N/A |
| Class A | N/A | N/A | N/A |
| Class C | N/A | N/A | N/A |
| Class I | N/A | N/A | N/A |
| **Total Distributions** | (728080) | (2297470) | N/A |
| **Capital Share Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 32351 | 108346 | 3220058 |
| &nbsp;&nbsp;&nbsp;Reinvestment of Distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (33034048) | (108586028) | (169628445) |
| &nbsp;&nbsp;&nbsp;Merger<sup>#</sup> |  |  | 378237835 |
|  | (33001697) | (108477682) | 211829448 |
| Class A |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Reinvestment of Distributions | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Redeemed | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Merger<sup>#</sup> | N/A | N/A | N/A |
|  | N/A | N/A | N/A |
| Class C |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Reinvestment of Distributions | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Redeemed | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Merger<sup>#</sup> | N/A | N/A | N/A |
|  | N/A | N/A | N/A |
| Class I |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | N/A | N/A | 1091509 |
| &nbsp;&nbsp;&nbsp;Reinvestment of Distributions | N/A | N/A |  |
| &nbsp;&nbsp;&nbsp;Redeemed | N/A | N/A | (35835923) |
| &nbsp;&nbsp;&nbsp;Merger<sup>#</sup> | N/A | N/A | (378456834) |
|  | N/A | N/A | (413201248) |
| &nbsp;&nbsp;&nbsp;**Decrease in Net Assets from Capital Share Transactions** | (33001697) | (108477682) | (201371800) |
| &nbsp;&nbsp;&nbsp;**Total Decrease in Net Assets** | (28037552) | (96304199) | (207269772) |
| **Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 113042403 | 209346602 | 416616374 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $85004851 | $113042403 | $209346602 |

---

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

*38*

![](logom4.jpg)

Statements of Changes in Net Assets

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X Emerging Markets Great Consumer ETF** | **Global X Emerging Markets Great Consumer ETF** | **Global X Emerging Markets Great Consumer ETF** |
|  | **Period Ended<br> May 31, 2025<br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024<sup>(1)</sup>** | **Period Ended<br> November 30,<br> 2023<sup>(1)</sup>** |
| **Share Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  |  | 120000 |
| &nbsp;&nbsp;&nbsp;Reinvestment of Distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (1235512) | (4150000) | (6830000) |
| &nbsp;&nbsp;&nbsp;Merger<sup>#</sup> |  |  | 15164586 |
|  | (1235512) | (4150000) | 8454586 |
| Class A |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Reinvestment of Distributions | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Redeemed | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Merger<sup>#</sup> | N/A | N/A | N/A |
|  | N/A | N/A | N/A |
| Class C |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Reinvestment of Distributions | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Redeemed | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Merger<sup>#</sup> | N/A | N/A | N/A |
|  | N/A | N/A | N/A |
| Class I |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | N/A | N/A | 93659 |
| &nbsp;&nbsp;&nbsp;Reinvestment of Distributions | N/A | N/A |  |
| &nbsp;&nbsp;&nbsp;Redeemed | N/A | N/A | (3082519) |
| &nbsp;&nbsp;&nbsp;Merger<sup>#</sup> | N/A | N/A | (32284021) |
|  | N/A | N/A | (35272881) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Shares Outstanding from Share Transactions** | (1235512) | (4150000) | (26818295) |

---

(1) Effective as of close of business on May 12, 2023, the Emerging Markets Great Consumer Fund (the "Emerging Markets Great Consumer Predecessor Fund") was reorganized into the Global X Emerging Markets Great Consumer ETF. Information presented prior to May 12, 2023 is that of the Emerging Markets Great Consumer Predecessor Fund. See Note 1 in the Notes to Financial Statements.

# See Note 9 in the Notes to Financial Statements in relation to period ended November 30, 2023. See Note 1 in the Notes to Financials in relation to year end April 30, 2023.

*N/A – Not applicable. Class currently not offered.*

*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 Emerging Markets Bond<br> ETF** | **Global X Emerging Markets Bond<br> ETF** | **Global X Brazil Active ETF** | **Global X Brazil Active ETF** |
|  | **Period Ended<br> May 31, 2025<br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024** | **Period Ended<br> May 31, 2025<br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $6259377 | $8984299 | $93889 | $117324 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (180242) | (4060127) | (281281) | (69764) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (2120318) | 13867891 | 459477 | (716198) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 3958817 | 18792063 | 272085 | (668638) |
| **Distributions:** | (7114061) | (8479479) | (62215) | (116138) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 26338751 | 64859731 | 1319330 | 514775 |
| &nbsp;&nbsp;&nbsp;Redeemed | (5582211) |  |  |  |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 20756540 | 64859731 | 1319330 | 514775 |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | 17601296 | 75172315 | 1529200 | (270001) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 201462487 | 126290172 | 3040817 | 3310818 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $219063783 | $201462487 | $4570017 | $3040817 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1150000 | 2850000 | 60000 | 20000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (250000) |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 900000 | 2850000 | 60000 | 20000 |

---

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

*40*

![](logom4.jpg)

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | **Global X India Active ETF** | **Global X India Active ETF** |
|  | **Period Ended<br> May 31, 2025<br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $(21013) | $45288 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 320481 | 700564 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 886553 | 628791 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 1186021 | 1374643 |
| **Distributions:** | (882655) | (27040) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 16170438 | 16027809 |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 16170438 | 16027809 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 16473804 | 17375412 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 25782154 | 8406742 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $42255958 | $25782154 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 580000 | 520000 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 580000 | 520000 |

---

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

*41*

![](logom4.jpg)

Financial Highlights

------

**Selected Per Share Data & Ratios For a Share Outstanding Throughout each Year/Period**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net<br> Asset Value,<br> Beginning<br> of Period<br> ($)** | **Net Investment<br> Income (Loss)<br> ($)\*** | **Net Realized<br> and Unrealized<br> Gain (Loss) on<br> Investments<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 Emerging Markets ex-China ETF**<sup>(1)</sup> | **Global X Emerging Markets ex-China ETF**<sup>(1)</sup> | **Global X Emerging Markets ex-China ETF**<sup>(1)</sup> | **Global X Emerging Markets ex-China ETF**<sup>(1)</sup> | **Global X Emerging Markets ex-China ETF**<sup>(1)</sup> | **Global X Emerging Markets ex-China ETF**<sup>(1)</sup> | **Global X Emerging Markets ex-China ETF**<sup>(1)</sup> | **Global X Emerging Markets ex-China ETF**<sup>(1)</sup> |
| 2025 (Unaudited)<sup>§</sup> | 27.21 | 0.15 | 0.76‡&nbsp;&nbsp;&nbsp;&nbsp; | 0.91 | (0.13)&nbsp;&nbsp;&nbsp;&nbsp; |  |  |
| 2024 | 25.07 | 0.28 | 2.12 | 2.40 | (0.26) |  |  |
| 2023 <sup>^</sup> | 25.28 | 0.20 | (0.41) | (0.21) |  |  |  |
| 2023 <sup>^^(3)</sup> | 29.23 | 0.20 | (1.25) | (1.05) |  | (2.90) |  |
| 2022 <sup>^^(3)</sup> | 39.45 | 0.10 | (7.69) | (7.59) |  | (2.63) |  |
| 2021 <sup>^^(3)</sup> | 25.13 | 0.08 | 14.77 | 14.85 | (0.53) |  |  |
| 2020 <sup>^^(3)</sup> | 29.60 | 0.15 | (4.62) | (4.47) |  |  |  |
| **Global X Emerging Markets Great Consumer ETF**<sup>(5)</sup> | **Global X Emerging Markets Great Consumer ETF**<sup>(5)</sup> | **Global X Emerging Markets Great Consumer ETF**<sup>(5)</sup> | **Global X Emerging Markets Great Consumer ETF**<sup>(5)</sup> | **Global X Emerging Markets Great Consumer ETF**<sup>(5)</sup> | **Global X Emerging Markets Great Consumer ETF**<sup>(5)</sup> | **Global X Emerging Markets Great Consumer ETF**<sup>(5)</sup> | **Global X Emerging Markets Great Consumer ETF**<sup>(5)</sup> |
| 2025 (Unaudited)<sup>§</sup> | 26.26 | 0.12 | 1.50 | 1.62 | (0.18) |  |  |
| 2024 | 24.76 | 0.30 | 1.54 | 1.84 | (0.34) |  |  |
| 2023 <sup>^</sup> | 25.13 | 0.13 | (0.50) | (0.37) |  |  |  |
| 2023 <sup>^^(6)</sup> | 27.72 | 0.04 | (2.63) | (2.59) |  |  |  |
| 2022 <sup>^^(6)</sup> | 43.66 | (0.09) | (13.11) | (13.20) |  | (2.74) |  |
| 2021 <sup>^^(6)</sup> | 32.30 | (0.04) | 13.23 | 13.19 |  | (1.83) |  |
| 2020 <sup>^^(6)</sup> | 32.64 |  | (0.06) | (0.06) | (0.15) | (0.13) |  |

---

---

| | |
|:---|:---|
| *\** | *Per share data calculated using average shares method.* |
| *\*\** | *Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *†* | *Annualized.* |
| *††* | *Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.* |
| *‡* | *The 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.* |
| *^* | *For the period ended November 30th.* |
| *^^* | *For the year ended April 30th.* |
| *§* | *For the period ended May 31, 2025.* |
| *(1)* | *Effective as of close of business on May 12, 2023, the Emerging Markets Fund (the "Emerging Markets Predecessor Fund") was reorganized into the Global X Emerging Markets ex-China ETF. Information presented prior to May 12, 2023 is that of the Emerging Markets Predecessor Fund. See Note 1 in the Notes to Financial Statements.* |
| *(2)* | *Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests.* |
| *(3)* | *Per share amounts have been adjusted for the Fund merging with the Emerging Markets Predecessor Fund via issuance of 0.4 shares of the Fund in exchange for every 1 Class I share of the Emerging Markets Predecessor Fund. (See Note 9 in the Notes to Financial Statements.)* |
| *(4)* | *The ratio of Expenses to Average Net Assets excluding waivers 2.05%, 1.52%, 1.55%, 1.60%, and 1.66% for the years ended April 30, 2023, April 30, 2022, April 30, 2021, April 30, 2020, and April 30, 2019, respectively.* |
| *(5)* | *Effective as of close of business on May 12, 2023, the Emerging Markets Great Consumer Fund (the "Emerging Markets Great Consumer Predecessor Fund") was reorganized into the Global X Emerging Markets Great Consumer ETF. Information presented prior to May 12, 2023 is that of the Emerging Markets Great Consumer Predecessor Fund. See Note 1 in the Notes to Financial Statements.* |

---

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

*42*

![](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 Expenses<br> to Average Net<br> Assets (%)** | **Ratio of Net<br> Investment Income<br> (Loss) to Average<br> Net Assets (%)** | **Portfolio<br> Turnover Rate<br> (%)<sup>††</sup>** |
| (0.13)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 27.99 | 3.37 | 18488 | 0.77 | †&nbsp;&nbsp;&nbsp;&nbsp; | 1.11 | 62.06 |
| (0.26) | 27.21 | 9.57 | 25050 | 0.76 |  | 1.01 | 83.82 |
|  | 25.07 | (0.81) | 24333 | 0.77 | † | 1.36 | 55.87 |
| (2.90) | 25.28 | (3.50) | 23138 | 1.15 | <sup>(4)</sup> | 0.74 | 116.00 |
| (2.63) | 29.23 | (20.14) | 42258 | 1.15 | <sup>(4)</sup> | 0.31 | 106.00 |
| (0.53) | 39.45 | 59.28 | 57212 | 1.15 | <sup>(4)</sup> | 0.22 | 123.00 |
|  | 25.13 | (15.12) | 46976 | 1.15 | <sup>(4)</sup> | 0.54 | 95.00 |
| (0.18) | 27.70 | 6.20 | 85005 | 0.75 | † | 0.91 | 31.81 |
| (0.34) | 26.26 | 7.45 | 113042 | 0.75 |  | 1.13 | 72.71 |
|  | 24.76 | (1.46) | 209347 | 0.78 | † | 0.89 | 64.41 |
|  | 25.13 | (9.36) | 416616 | 1.15 | <sup>(7)</sup> | 0.19 | 69.00 |
| (2.74) | 27.72 | (31.34) | 814957 | 1.15 | <sup>(7)</sup> | (0.24) | 71.00 |
| (1.83) | 43.66 | 41.03 | 1627679 | 1.15 | <sup>(7)</sup> | (0.10) | 49.00 |
| (0.28) | 32.30 | (0.23) | 545917 | 1.15 | <sup>(7)</sup> | 0.01 | 60.00 |

---

*(6)* *Per share amounts have been adjusted for the Fund merging with the Emerging Markets Great Consumer Predecessor Fund via issuance of 0.47 shares of the Fund in exchange for every 1 Class I share of the Emerging Markets Great Consumer Predecessor Fund. (See Note 9 in the Notes to Financial Statements.)* 

*(7)* *The ratio of Expenses to Average Net Assets excluding waivers 1.36%, 1.19%, 1.20%, 1.33%, and 1.41% for the years ended April 30, 2023, April 30, 2022, April 30, 2021, April 30, 2020, and April 30, 2019, respectively.* 

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

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

*43*

![](logom4.jpg)

Financial Highlights

------

**Selected Per Share Data & Ratios For a Share Outstanding Throughout each Year/Period**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net<br> Asset Value,<br> Beginning<br> of Period<br> ($)** | **Net Investment<br> Income (Loss)<br> ($)\*** | **Net Realized<br> and Unrealized<br> Gain (Loss) on<br> Investments<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 Emerging Markets Bond ETF** | **Global X Emerging Markets Bond ETF** | **Global X Emerging Markets Bond ETF** | **Global X Emerging Markets Bond ETF** | **Global X Emerging Markets Bond ETF** | **Global X Emerging Markets Bond ETF** | **Global X Emerging Markets Bond ETF** | **Global X Emerging Markets Bond ETF** |
| 2025 (Unaudited)<sup>§</sup> | 23.16 | 0.67 | (0.24) | 0.43 | (0.77)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |  |  |
| 2024 | 21.59 | 1.31 | 1.52 | 2.83 | (1.26) |  |  |
| 2023 | 21.41 | 1.20 | 0.01 | 1.21 | (1.03) |  |  |
| 2022 | 25.73 | 0.93 | (4.02) | (3.09) | (0.91) | (0.31) | (0.01) |
| 2021 | 27.50 | 0.90 | (1.30) | (0.40) | (0.99) | (0.38) |  |
| 2020 <sup>(2)</sup> | 25.00 | 0.49 | 2.47 | 2.96 | (0.46) |  |  |
| **Global X Brazil Active ETF** | **Global X Brazil Active ETF** | **Global X Brazil Active ETF** | **Global X Brazil Active ETF** | **Global X Brazil Active ETF** | **Global X Brazil Active ETF** | **Global X Brazil Active ETF** | **Global X Brazil Active ETF** |
| 2025 (Unaudited)<sup>§</sup> | 21.72 | 0.59 | 0.98 | 1.57 | (0.44) |  |  |
| 2024 | 27.59 | 0.88 | (5.85) | (4.97) | (0.83) | (0.07) |  |
| 2023 <sup>(3)</sup> | 25.00 | 0.33 | 2.26 | 2.59 |  |  |  |
| **Global X India Active ETF** | **Global X India Active ETF** | **Global X India Active ETF** | **Global X India Active ETF** | **Global X India Active ETF** | **Global X India Active ETF** | **Global X India Active ETF** | **Global X India Active ETF** |
| 2025 (Unaudited)<sup>§</sup> | 30.69 | (0.02) | 0.14 | 0.12 | (0.04) | (1.01) |  |
| 2024 | 26.27 | 0.08 | 4.42 | 4.50 |  | (0.08) |  |
| 2023 <sup>(4)</sup> | 25.00 |  | 1.27 | 1.27 |  |  |  |

---

---

| | |
|:---|:---|
| *\** | *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.* |
| *§* | *For the period ended May 31, 2025.* |
| *#* | *Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (See Note 3 in the Notes to Financial Statements.)* |
| *(1)* | *Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests.* |
| *(2)* | *The Fund commenced operations on June 1, 2020.* |
| *(3)* | *The Fund commenced operations on August 16, 2023.* |
| *(4)* | *The Fund commenced operations on August 17, 2023.* |

---

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

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

*44*

![](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 Expenses<br> to Average Net<br> Assets (%)** | **Ratio of Net<br> Investment Income<br> (Loss) to Average<br> Net Assets (%)** | **Ratio of Net<br> Investment Income<br> (Loss) to Average<br> Net Assets (%)** | **Portfolio<br> Turnover Rate<br> (%)<sup>††</sup>** |
| (0.77)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 22.82 | 1.91 | 219064 | 0.39 | <sup>#</sup>†&nbsp;&nbsp;&nbsp;&nbsp; | 5.90 | †<sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp; | 15.01 |
| (1.26) | 23.16 | 13.47 | 201462 | 0.39 | <sup>#</sup> | 5.80 | <sup>(1)</sup> | 35.35 |
| (1.03) | 21.59 | 5.80 | 126290 | 0.39 | <sup>#</sup> | 5.58 | <sup>(1)</sup> | 35.97 |
| (1.23) | 21.41 | (12.26) | 98476 | 0.39 |  | 4.10 |  | 51.59 |
| (1.37) | 25.73 | (1.60) | 136391 | 0.39 |  | 3.37 |  | 70.51 |
| (0.46) | 27.50 | 11.91 | 68739 | 0.39 | † | 3.72 | † | 38.12 |
| (0.44) | 22.85 | 7.60 | 4570 | 0.76 | † | 5.50 | † | 33.19 |
| (0.90) | 21.72 | (18.55) | 3041 | 0.75 | <sup>#</sup> | 3.46 | <sup>(1)</sup> | 55.91 |
|  | 27.59 | 10.36 | 3311 | 0.75 | <sup>#</sup>† | 4.48 | †<sup>(1)</sup> | 13.88 |
| (1.05) | 29.76 | 0.50 | 42256 | 0.75 | † | (0.15) |)† | 13.03 |
| (0.08) | 30.69 | 17.16 | 25782 | 0.76 | <sup>#</sup> | 0.28 | <sup>(1)</sup> | 53.06 |
|  | 26.27 | 5.08 | 8407 | 0.76 | <sup>#</sup>† | (0.03) |)†<sup>(1)</sup> | 23.87 |

---

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

*45*

![](logom4.jpg)

Notes to Financial Statements

**May 31, 2025 (Unaudited)**

------

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, as amended (the "1940 Act"), as an open-end management investment company. As of May 31, 2025, the Trust had one hundred six portfolios, ninety-five of which were operational. The financial statements herein and the related notes pertain to the Global X Emerging Markets ex-China ETF, Global X Emerging Markets Great Consumer ETF, Global X Emerging Markets Bond ETF, Global X Brazil Active ETF and Global X India Active ETF (each a "Fund", and collectively, the "Funds").

Each Fund (except the Global X Emerging Markets ex-China ETF, Global X Emerging Markets Great Consumer ETF, and Global X Emerging Markets Bond ETF) has elected non-diversified status under the 1940 Act.

On November 11, 2022, the Board of Trustees of the Trust (the "Board", and the members thereof, the "Trustees") approved, on behalf of the Funds, a proposed agreement and plan of reorganization of the Emerging Markets Fund and the Emerging Markets Great Consumer Fund (each, a "Predecessor Fund" and collectively, the "Predecessor Funds"), each a series of Mirae Asset Discovery Funds, into corresponding newly created series of the Trust, resulting in their operation as actively managed exchange-traded funds (the "Reorganization"). The Board of Trustees of Mirae Asset Discovery Funds also voted to approve the Reorganization on behalf of the Predecessor Funds on November 11, 2022.

On March 15, 2023, the shareholders of the Predecessor Funds approved the Reorganization. Because the Funds only offer a single class of shares of beneficial interest, prior to the Reorganization, Class A shares and Class C shares of each Predecessor Fund were converted to Class I shares of each respective Predecessor Fund, without any contingent deferred sales charges or other charges. This change became effective on April 27, 2023. Upon the closing of the Reorganization on May 12, 2023, in exchange for their Class I Shares of the respective Predecessor Fund, each Predecessor Fund shareholder received shares of the Global X Emerging Markets ex-China ETF and Global X Emerging Markets Great Consumer ETF, respectively. The Funds assumed the performance, financial, accounting and other historical information of the Predecessor Funds' Class I shares. As disclosed in the shareholder proxy materials, the Funds underwent changes to certain service providers as part of the Reorganization.

Prior to April 27, 2023, each Fund offered three classes of shares: Class A Shares, Class C Shares, and Class I Shares. Class A, Class C and Class I Shares were identical except as to sales charges, distribution and other expenses borne by each class and voting rights on matters affecting a single class of Shares, and the exchange privilege of each class of shares. Class A Shares of the Funds had a maximum sales charge of 5.75% as a percentage of the offering price. Class C Shares of the Funds were offered without any front-end sales charge but were subject to a maximum deferred sales charge of 1.00% if redeemed less

*46*

![](logom4.jpg)

Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

1. ORGANIZATION (continued)

than one year after purchase. Class C Shares that were no longer subject to a deferred sales charge could be converted to Class A Shares of the same Fund on the basis of relative net asset values. No sales charges are assessed with respect to Class I Shares of the Funds.

Effective September 1, 2023, the Board approved the change of fiscal and tax year-ends from April 30, to November 30, for the Global X Emerging Markets ex-China ETF and Global X Emerging Markets Great Consumer ETF.

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, 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.

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 currencies 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 of Trustees of the Trust (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

*47*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

(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, each Fund may fair value a security if an event that may materially affect the value of a Fund's security that traded outside of the United States (a "Significant Event") has occurred between the time of the security's last close and the time that 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 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. As of May 31, 2025, there were no securities priced using the Fair Value Procedures.

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).

*48*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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 at May 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.

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%) that each tax position will be sustained upon examination by a taxing authority based

*49*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 period. 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. Any foreign tax filings that have not been made will be filed within the prescribed period.

As of and during the reporting period ended May 31, 2025, the Funds did not have a liability for any unrecognized tax benefits as an income tax expense on the Statements of Operations. During the period, the Funds did not incur any interest or penalties. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months.

FOREIGN TAXES — The Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on either income or gains earned or repatriated. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned. For the period ended May 31, 2025, the Global X Emerging Markets Great Consumer ETF and the Global X India Active ETF have accrued foreign capital gains tax in the amount of $131,770, and $292,292, respectively, presented on the Statements of Assets and Liabilities.

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 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

*50*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent amounts actually received or paid.

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

CASH OVERDRAFT CHARGES – Per the terms of an agreement with The Bank of New York Mellon ("BNY"), the Funds' custodian ("Custodian"), if a Fund 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 on the Statements of Operations.

CREATION UNITS – The Funds issue and redeem their shares ("Shares") on a continuous basis at NAV and only in large blocks of 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 BNY on the date of such redemption, regardless of the number of Creation Units redeemed that day. If a Creation Unit is purchased or redeemed for cash, an additional variable fee may be charged. The following table discloses the Creation Unit breakdown:

---

| | | | |
|:---|:---|:---|:---|
|  | **Creation<br> Unit<br> Shares** | **Creation<br> Fee** | **Redemption<br> Fee** |
| Global X Emerging Markets ex-China ETF | 10000 | $1200 | $1200 |
| Global X Emerging Markets Great Consumer ETF | 10000 | 1200 | 1200 |
| Global X Emerging Markets Bond ETF | 50000 | 250 | 250 |
| Global X Brazil Active ETF | 10000 | 250 | 250 |
| Global X India Active ETF | 10000 | 500 | 500 |

---

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

*51*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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 Administration Fee"). In addition, the Funds bear other expenses, directly and indirectly, that are not covered by the Supervision and Administration Agreement, which may vary and affect the total expense ratios of the Funds, such as taxes, brokerage fees, commissions, certain custodian fees, acquired fund fees for investments in unaffiliated investment companies, and other transaction expenses, interest expenses and extraordinary expenses (such as litigation and indemnification expenses).

The Supervision and Administration Agreement for the Funds provides that the Adviser also bears the costs for acquired fund fees and expenses generated by investments by the Funds in affiliated investment companies. For the six months ended May 31, 2025, the Adviser paid acquired fund fees and expenses for the Global X Emerging Markets ex-China ETF, Global X Emerging Markets Bond ETF and Global X Brazil Active ETF of $7,531, $667, and $6, respectively, and made such reimbursement payments to each Fund

*52*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

on a monthly basis. These amounts are included in Payment from Adviser on the Statement of Operations.

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

---

| | |
|:---|:---|
|  | **Supervision and**<br> **Administration Fee** |
| Global X Emerging Markets ex-China ETF | 0.75% |
| Global X Emerging Markets Great Consumer ETF | 0.75% |
| Global X Emerging Markets Bond ETF | 0.39% |
| Global X Brazil Active ETF | 0.75% |
| Global X India Active ETF | 0.75% |

---

Sub-Adviser - Emerging Markets ex-China ETF and Emerging Markets Great Consumer ETF:

The Adviser has entered into a sub-advisory agreement with the Sub-Adviser, Mirae Asset Global Investments (Hong Kong) Limited ("Mirae Hong Kong"), an affiliate of the Adviser, under which the Adviser pays Mirae Hong Kong for management and operational services it provides to the Funds. Mirae Hong Kong, subject to the supervision and oversight of the Board and the Adviser, is responsible for the management of the Emerging Markets ex-China ETF and Emerging Markets Great Consumer ETF, and has discretion to buy or sell securities in accordance with each Fund's investment objective. The Adviser may from time to time share certain of its profits with, or allocate other resources to, Mirae Hong Kong. Any such payments by the Adviser to Mirae Hong Kong will be from the Adviser's own resources.

The Adviser pays Mirae Hong Kong a sub-adviser management fee of 25% of the Management Fee of each Fund, on assets managed by Mirae Hong Kong, in return for providing management and operation services to the respective Fund.

Sub-Adviser - Global X Emerging Markets Bond ETF:

The Adviser has entered into a sub-advisory agreement with Mirae Asset Global Investments (USA) LLC ("Mirae USA"), an affiliate of the Adviser, under which the Adviser pays Mirae USA for management and operational services it provides to the Global X Emerging Markets Bond ETF. Mirae USA, subject to the supervision and oversight of the Board and the Adviser, is responsible for the management of the Global X Emerging Markets Bond ETF, and has discretion to buy or sell securities in accordance with the Global X Emerging Markets Bond ETF's investment objective.

*53*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

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3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

The Adviser may from time to time share certain of its profits with, or allocate other resources to, Mirae USA. Any such payments by the Adviser to Mirae USA will be from the Adviser's own resources.

The Adviser pays Mirae USA a fee ("Sub-Adviser Management Fee") in return for providing management and operational services to the Global X Emerging Markets Bond ETF. The Adviser will pay a monthly Sub-Adviser Management Fee to Mirae USA at the annual rate set forth below for the Global X Emerging Markets Bond ETF:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 0.14% on assets for any day that total assets are greater than or equal to $50 million.

• 0.00% on assets for any day that total assets are less than $50 million.

SEI Investments Global Funds Services ("SEIGFS") serves as sub-administrator to the Funds. As sub-administrator, SEIGFS provides the Funds with required general administrative services, including, without limitation: office space, equipment, and personnel; clerical and general back office services; bookkeeping, internal accounting and secretarial services; the calculation of NAV; and assistance with the preparation and filing of reports, registration statements, proxy statements and other materials required to be filed or furnished by the Funds under federal and state securities laws. As compensation for these services, SEIGFS receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser.

SEI Investments Distribution Co. ("SIDCO") serves as each Fund's underwriter and distributor of Creation Units pursuant to a distribution agreement (the "Distribution Agreement"). SIDCO has no obligation to sell any specific quantity of Shares.

SIDCO bears the following costs and expenses relating to the distribution of Shares: (1) the costs of processing and maintaining records of creations of Creation Units, (2) all costs of maintaining the records required of a registered broker/dealer, (3) the expenses of maintaining its registration or qualification as a dealer or broker under Federal or state laws, (4) filing fees, and (5) all other expenses incurred in connection with the distribution services as contemplated in the Distribution Agreement. SIDCO receives no fee from the Funds for its distribution services under the Distribution Agreement; rather, the Adviser compensates SIDCO for certain expenses, out-of-pocket costs, and transaction fees.

BNY serves as transfer agent and Custodian 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. BNY also serves as the Trust's transfer agent 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: (i) perform and facilitate the performance of purchases

*54*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

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3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

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 period ended May 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 Emerging Markets ex-China ETF | $13045152 | $16885191 |
| Global X Emerging Markets Great Consumer ETF | 28713168 | 44292735 |
| Global X Emerging Markets Bond ETF | 23648825 | 29106196 |
| Global X Brazil Active ETF | 1607889 | 1131784 |
| Global X India Active ETF | 15345611 | 3794159 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Realized<br> Gain (Loss)** |
| Global X Emerging Markets ex-China ETF | $2560315 | $5243697 | $1249658 |
| Global X Emerging Markets Great Consumer ETF |  | 17822360 | 2922329 |
| Global X Emerging Markets Bond ETF | 25745813 | 5525485 | 64449 |
| Global X Brazil Active ETF | 810472 |  |  |
| Global X India Active ETF | 3646371 |  |  |

---

For the period ended May 31, 2025, the Global X Emerging Markets Bond ETF had purchases and sales of long-term U.S. Government securities of $7,739,844 and $2,970,742 respectively.

5. TAX INFORMATION

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to undistributed

*55*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

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5. TAX INFORMATION (continued)

net investment income (loss), accumulated net realized gain (loss) or paid in capital, as appropriate, in the period that the differences arise.

The tax character of dividends and distributions declared during the year or period ended November 30, 2024, November 30, 2023 and April 30, 2023 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Global X Funds** | **Ordinary Income** | **Long-Term<br> Capital Gain** | **Return of Capital** | **Totals** |
| Global X Emerging Markets ex-China ETF | Global X Emerging Markets ex-China ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $248101 | $– | $– | $248101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023† |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 2887714 |  | 2887714 |
| Global X Emerging Markets Great Consumer ETF | Global X Emerging Markets Great Consumer ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $2297470 | $– | $– | $2297470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023† |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;† For the period May 1, 2023 to November 30, 2023. Effective September 1, 2023, the Global X Emerging
 Markets ex-China ETF and the Global X Emerging Markets Great Consumer ETF changed their fiscal year end to November 30 (see
 Note 1 in the Notes to Financial Statements).

The tax character of dividends and distributions declared during the year ended November 30, 2024 and November 30, 2023 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Global X Funds** | **Ordinary<br> Income** | **Long-Term<br> Capital Gain** | **Return of Capital** | **Totals** |
| Global X Emerging Markets Bond ETF | Global X Emerging Markets Bond ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $8479479 | $– | $– | $8479479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 5417100 |  |  | 5417100 |
| Global X Brazil Active ETF | Global X Brazil Active ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $116138 | $– | $– | $116138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |  |  |  |  |
| Global X India Active ETF | Global X India Active ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $27040 | $– | $– | $27040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |  |  |  |  |

---

*56*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

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5. TAX INFORMATION (continued)

As of November 30, 2024, the components of tax basis distributable earnings (accumulated losses) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Global X<br> Emerging<br> Markets ex-<br> China ETF** | **Global X<br> Emerging<br> Markets Great<br> Consumer ETF** |
| **Undistributed Ordinary Income** | $5461 | $407124 |
| **Capital Loss Carryforwards** | (11192468) | (378759244) |
| **Unrealized Appreciation on Investments and Foreign Currency** | 2782570 | 8672039 |
| **Other Temporary Differences** | 150 | 3 |
| **Total Accumulated Losses** | $(8404287) | $(369680078) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X<br> Emerging<br> Markets Bond<br> ETF** | **Global X Brazil<br> Active ETF** | **<br> Global X India<br> Active ETF** |
| **Undistributed Ordinary Income** | $1971799 | $41354 | $806551 |
| **Undistributed Long-Term Capital Gain** |  |  | 26296 |
| **Capital Loss Carryforwards** | (14346744) | (55299) |  |
| **Unrealized Appreciation (Depreciation) on Investments and Foreign Currency** | 1390003 | (491854) | 758498 |
| **Other Temporary Differences** | (4) | (1) | – |
| **Total Distributable Earnings (Accumulated Losses)** | $(10984946) | $(505800) | $1591345 |

---

Qualified late year ordinary (including currency and specified gain/loss items) represents losses realized from January 1, 2024 through November 30, 2024, that in accordance with federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year.

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 and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at May 31, 2025 was 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 Emerging Markets ex-China ETF | $16611338 | $1957727 | $(698341) | $1259386 |
| Global X Emerging Markets Great Consumer ETF | 73562100 | 15715996 | (5256322) | 10459674 |
| Global X Emerging Markets Bond ETF | 213298953 | 4858897 | (5236199) | (377302) |

---

*57*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

5. TAX INFORMATION (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 Brazil Active ETF | $4474595 | $355666 | $(376936) | $(21270) |
| Global X India Active ETF | 39675838 | 2579248 | (541185) | 2038063 |

---

6. 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 and the level of governmental supervision and regulation of securities markets in the respective countries. The securities markets of emerging market countries are less liquid and 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 or issuers and securities markets in the U.S. 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. There may be significant obstacles to obtaining information necessary for investigations into or litigation against emerging market companies and shareholders may have limited legal remedies.

Special Risk Considerations of Investing in China – Variable Interest Entity Investments.

Global X Emerging Markets Great Consumer ETF

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

*58*

![](logom4.jpg)

Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

6. CONCENTRATION OF RISKS (continued)

for economic exposure to the performance of the underlying Chinese operating company. Therefore, an investor in the listed shell company, such as the Fund, 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 making them invalid. If these contracts were found to be unenforceable under Chinese law, investors in the listed shell company, such as the 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 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 the 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 Chinese government will not place similar restrictions on other industries.

Chinese equities that utilize the VIE structure to list in the U.S. as American Depositary Receipts ("ADRs") face the risk of regulatory action from U.S. authorities, including the risk of delisting. This will depend in part on whether U.S. regulatory authorities are satisfied with their access to mainland China and Hong Kong for the purpose of conducting inspections on the quality of audits for these companies. Although the U.S. and China reached an agreement in September 2022 to grant the U.S. access for such inspections, there is no guarantee that the agreement will be enforced or that U.S. regulatory authorities will continue to feel satisfied with their access. The Fund may be exposed to VIEs, as defined above.

*59*

![](logom4.jpg)

Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

6. CONCENTRATION OF RISKS (continued)

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.

Each Fund may be subject to taxes imposed by countries in which it invests. 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.

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 the Funds 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 the Funds, and cause the Funds to decline in value.

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

7. 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 a securities lending agreement with BNY are initially required to be secured by collateral equal to at least 102% of the value of domestic equity securities and ADR 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 or U.S. Treasury obligations and is recognized in the Schedules of Investments and Statements 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.

*60*

![](logom4.jpg)

Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

7. LOANS OF PORTFOLIO SECURITIES (continued)

Securities pledged as collateral for repurchase agreements held in the Funds are held by BNY and are designated as being held on the Fund's behalf 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 the counterparty 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 each 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 agent fees.

Lending securities entails a risk of loss to the Funds if and to the extent that the market value of the securities loans were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. In the event the borrower may not provide additional collateral when required or may not return the securities when due, the securities lending agency agreement requires the lending agent to indemnify the Funds by replacing either the security or the security's current market value to the Funds. The Funds could also experience delays and costs in gaining access to the collateral. The Funds bear the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. As of May 31, 2025, the Funds had no securities on loan.

*61*

![](logom4.jpg)

Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

8. 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 and the Trust's officers are indemnified against certain liabilities that may arise out of the performance of their duties.

9. MERGER

Effective as of the close of business on May 12, 2023, the Global X Emerging Markets ETF and Global X Emerging Markets Great Consumer ETF (collectively, the "Acquiring Funds") acquired all of the assets and assumed all of the liabilities of the Emerging Markets Fund and the Emerging Markets Great Consumer Fund (each, an "Acquired Fund" and collectively, the "Acquired Funds"), respectively, pursuant to a Plan of Reorganization approved by the Board of Trustees on November 11, 2022. Effective as of the close of business on May 12, 2023, the Acquired Funds were reorganized into the Acquiring Funds, each a separate series of the Trust (together, the "Combined Funds") and the Combined Funds were renamed Global X Emerging Markets ETF and Global X Emerging Markets Great Consumer ETF. The Acquiring Funds are the legal surviving entities in the Reorganization, while the Acquired Funds are the accounting survivor or continuing portfolio for purposes of financial and performance history of the Combined Funds.

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

For every 1 share of the Emerging Markets Fund, shareholders received 0.4 shares of the Global X Emerging Markets ETF and a cash payment for each resulting fractional share as applicable. Immediately following the acquisition, Global X Emerging Markets ETF had 900,587 shares outstanding with net assets of $22,663,555.

For every 1 share of the Emerging Markets Great Consumer Fund, shareholders received 0.47 shares of the Global X Emerging Markets Great Consumer ETF and a cash payment for each resulting fractional share as applicable. Immediately following the acquisition, Global X Emerging Markets Great Consumer ETF had 15,164,586 shares outstanding with net assets of $378,237,835.

The Global X Emerging Markets ETF was renamed the Global X Emerging Markets ex-China ETF, effective as of April 1, 2024.

*62*

![](logom4.jpg)

Notes to Financial Statements (Concluded)

**May 31, 2025 (Unaudited)**

------

10. 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.

*63*

![](logom4.jpg)

Other Information (Form N-CSRS 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.

*64*

![](logom4.jpg)

605 3rd Avenue, 43rd Floor

New York, NY 10158

1-888-493-8631

www.globalxetfs.com

**Investment Adviser and Administrator:**

Global X Management Company LLC

605 3rd Avenue, 43rd Floor

New York, NY 10158

**Sub-Adviser - Global X Emerging Markets ex-China ETF and Global X Emerging Markets**

**Great Consumer ETF:**

Mirae Asset Global Investments (Hong Kong) Limited

Unit 1101, 11/F, Lee Garden Three

1 Sunning Road, Causeway Bay, Hong Kong

**Sub-Adviser - Global X Emerging Markets Bond ETF:**

Mirae Asset Global Investments (USA) LLC

1212 Avenue of the Americas, 10th Floor

New York, NY 10036

**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-SA-006-1300

**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) Not applicable.

(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.](c113463_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, also accompany this filing as exhibits.](c113463_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: August 1, 2025

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: August 1, 2025

---

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

---

Date: August 1, 2025

## Ex-99.Cert

**Exhibit 99CERT**

**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-CSRS of the Global X Funds (the "Registrant");

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;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: August 1, 2025

/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:

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

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;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: August 1, 2025

/s/ Eric Olsen

Eric Olsen<br> Principal Financial Officer

## Exhibit 99.906

**Exhibit 99.906CERT** 

**CERTIFICATION**

**Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906**

**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-CSRS for the period ended May 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSRS 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSRS fairly presents, in all material
respects, the financial condition and results of operations of the Fund.

Dated: August 1, 2025

---

| |
|:---|
| /s/ Ryan O'Connor |
| Ryan O'Connor |
| Principal Executive Officer |

---

**CERTIFICATION**

**Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906**

**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-CSRS for the period ended May 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSRS 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSRS fairly presents, in all material
respects, the financial condition and results of operations of the Fund.

Dated: August 1, 2025

---

| |
|:---|
| /s/ Eric Olsen |
| Eric Olsen |
| Principal Financial Officer |

---