# EDGAR Filing Document

**Accession Number:** 0001432353
**File Stem:** 0000930413-26-000369
**Filing Date:** 2026-2
**Character Count:** 644427
**Document Hash:** 15b9c80f763c4b646bff6083ab96d24c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-26-000369.hdr.sgml**: 20260205

**ACCESSION NUMBER**: 0000930413-26-000369

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 66

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260205

**DATE AS OF CHANGE**: 20260205

**EFFECTIVENESS DATE**: 20260205

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22209
- **FILM NUMBER:** 26602722

**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 Aging Population ETF (Series ID: S000054162)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000170216 | Global X Aging Population ETF | AGNG            |

### Global X Millennial Consumer ETF (Series ID: S000054163)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000170217 | Global X Millennial Consumer ETF | MILN            |

### Global X FinTech ETF (Series ID: S000054691)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000171851 | Global X FinTech ETF | FINX            |

### Global X Internet of Things ETF (Series ID: S000054692)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000171852 | Global X Internet of Things ETF | SNSR            |

### Global X Robotics & Artificial Intelligence ETF (Series ID: S000054693)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000171853 | Global X Robotics & Artificial Intelligence ETF | BOTZ            |

### Global X U.S. Infrastructure Development ETF (Series ID: S000056509)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000178804 | Global X U.S. Infrastructure Development ETF | PAVE            |

### Global X Artificial Intelligence & Technology ETF (Series ID: S000061326)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000198548 | Global X Artificial Intelligence & Technology ETF | AIQ             |

### Global X Autonomous & Electric Vehicles ETF (Series ID: S000061415)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000198888 | Global X Autonomous & Electric Vehicles ETF | DRIV            |

### Global X Genomics & Biotechnology ETF (Series ID: S000062676)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000203266 | Global X Genomics & Biotechnology ETF | GNOM            |

### Global X Cloud Computing ETF (Series ID: S000065121)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000210838 | Global X Cloud Computing ETF | CLOU            |

### Global X Video Games & Esports ETF (Series ID: S000066518)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000214539 | Global X Video Games & Esports ETF | HERO            |

### Global X Dorsey Wright Thematic ETF (Series ID: S000066527)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000214548 | Global X Dorsey Wright Thematic ETF | GXDW            |

### Global X Cybersecurity ETF (Series ID: S000066713)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000214985 | Global X Cybersecurity ETF | BUG             |

### Global X HealthTech ETF (Series ID: S000069056)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000220776 | Global X HealthTech ETF | HEAL            |

### Global X CleanTech ETF (Series ID: S000069640)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000222117 | Global X CleanTech ETF | CTEC            |

### Global X Data Center & Digital Infrastructure ETF (Series ID: S000069709)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000222332 | Global X Data Center & Digital Infrastructure ETF | DTCR            |

### Global X Clean Water ETF (Series ID: S000071326)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000226290 | Global X Clean Water ETF | AQWA            |

### Global X AgTech & Food Innovation ETF (Series ID: S000072327)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000228454 | Global X AgTech & Food Innovation ETF | KROP            |

### Global X Blockchain ETF (Series ID: S000072329)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000228456 | Global X Blockchain ETF | BKCH            |

### Global X Hydrogen ETF (Series ID: S000072330)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000228457 | Global X Hydrogen ETF | HYDR            |

### Global X Defense Tech ETF (Series ID: S000081193)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000243865 | Global X Defense Tech ETF | SHLD            |

### Global X Infrastructure Development ex-U.S. ETF (Series ID: S000085030)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000249893 | Global X Infrastructure Development ex-U.S. ETF | IPAV            |

### Global X AI Semiconductor & Quantum ETF (Series ID: S000095265)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000263974 | Global X AI Semiconductor & Quantum ETF | CHPX            |

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES**

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

**Global X Funds** 

(Exact name of registrant as specified in charter)

605 Third Avenue, 43rd floor

New York, NY 10158

(Address of principal executive offices) (Zip code)

Jasmin M. Ali, Esquire

Global X Management Company LLC

605 Third Avenue, 43rd floor

New York, NY 10158

(Name and address of agent for service)

With a copy to:

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

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

**Date of fiscal year end: November 30, 2025**

**Date of reporting period: November 30, 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](i21c88ac930baf270b65daa71.jpg)

## Global X Millennial Consumer ETF

## Ticker: MILN

## Principal Listing Exchange: Nasdaq

## Annual Shareholder Report: November 30, 2025
This annual shareholder report contains important information about the Global X Millennial Consumer ETF (the "Fund") for the period from December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/miln. You can also request this information by contacting us at 1-888-493-8631.

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Millennial Consumer ETF | $50 | 0.50% |

---

## How did the Fund perform in the last year?
The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Millennials Thematic Index ("Secondary Index"). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets.

The Secondary Index measures the performance of U.S. listed companies that provide exposure to the Millennial generation, ("Millennial Companies"). The Millennial generation refers to the demographic cohort in the US with birth years ranging from 1980 to 2000.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund decreased 0.35%, while the Secondary Index increased 0.11%. The Fund had a net asset value of $46.96 per share on December 1, 2024 and ended the reporting period with a net asset value of $46.69 per share on November 30, 2025.

Performance over the reporting period was slightly negative despite resilient U.S. spending in categories tied to digital commerce and leisure. E-commerce sales rose 5.30% year over year in Q2 2025 and overall retail and food-services sales were up 5.00% in August, with nonstore retailers up 10.10% and restaurants up 6.50%, supporting companies exposed to online shopping, travel, and dining. The Federal Reserve's September move to lower the policy rate to a 4.00%–4.25% range improved financing conditions and sentiment toward growth and consumer-discretionary names. Still, inflation rates of close to 3.00% and consumer confidence near 94.60--below the benchmark 100 level--kept spending uneven, creating pockets of volatility for advertising- and retail-exposed holdings. A tailwind came from energy: the EIA projected that drivers' gasoline outlays would fall to less than 2.00% of disposable income in 2025, easing pressure on discretionary budgets that benefit apparel, experiences, and ecommerce. Offsetting forces included new U.S. trade actions that lifted import costs and added pricing uncertainty for retailers and brands reliant on overseas sourcing. On balance, stronger online and experiential spending, an easier policy backdrop, and lower fuel burdens outweighed tariff-related and sentiment headwinds, supporting gains across consumer, internet, travel, and payments exposures.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i586c1c429897db1bc966971a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X Millennial Consumer ETF** | **S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup>** | **Indxx Millennials Thematic Index (USD) (NR)<sup>Footnote Reference†</sup>** |
| **May/16** | $10000 | $10000 | $10000 |
| **Nov/16** | $10421 | $10863 | $10441 |
| **Nov/17** | $12823 | $13348 | $12895 |
| **Nov/18** | $14602 | $14185 | $14759 |
| **Nov/19** | $17387 | $16471 | $17659 |
| **Nov/20** | $24076 | $19346 | $24595 |
| **Nov/21** | $29212 | $24747 | $29995 |
| **Nov/22** | $19488 | $22468 | $20093 |
| **Nov/23** | $22581 | $25577 | $23392 |
| **Nov/24** | $32387 | $34246 | $33728 |
| **Nov/25** | $32273 | $39383 | $33763 |

---

Since its inception on May 4, 2016. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/miln for current month-end performance.

---

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

---

## Average Annual Total Returns as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>Annualized Since Inception</u>** |
| Global X Millennial Consumer ETF | -0.35% | 6.04% | 13.01% |
| S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 15.00% | 15.28% | 15.38% |
| Indxx Millennials Thematic Index (USD) (NR)<sup>Footnote Reference†</sup> | 0.11% | 6.54% | 13.54% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $110179387 | 79 | $606740 | 11.35% |

---

## What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i3ef53debfb4db01e58955796.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care | 0.8% |
| Industrials | 4.4% |
| Consumer Staples | 4.5% |
| Real Estate | 6.4% |
| Information Technology | 6.8% |
| Financials | 9.0% |
| Communication Services | 20.7% |
| Consumer Discretionary | 47.3% |

---

---

| | |
|:---|:---|
| 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>** |
| Alphabet, Cl A | 5.5% |
| Apple | 4.0% |
| Amazon.com | 3.4% |
| Uber Technologies | 3.3% |
| Sea ADR | 3.2% |
| Walt Disney | 3.2% |
| Carvana, Cl A | 3.1% |
| Meta Platforms, Cl A | 3.1% |
| Netflix | 3.0% |
| NIKE, Cl B | 3.0% |

---

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

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

* 1-888-493-8631 

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

# Global X Funds

## Global X Millennial Consumer ETF: MILN

#### Principal Listing Exchange: Nasdaq

#### Annual Shareholder Report - November 30, 2025

#### MILN-AR-2025
![Image](i21c88ac930baf270b65daa71.jpg)

# Global X Funds
![Image](i21c88ac930baf270b65daa71.jpg)

## Global X Aging Population ETF

## Ticker: AGNG

## Principal Listing Exchange: Nasdaq

## Annual Shareholder Report: November 30, 2025
This annual shareholder report contains important information about the Global X Aging Population ETF (the "Fund") for the period from December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/agng. You can also request this information by contacting us at 1-888-493-8631.

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Aging Population ETF | $54 | 0.50% |

---

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

The Secondary Index is designed to track the performance of companies listed in developed markets that facilitate the demographic trend of longer average life spans and the aging of the global population. The Secondary Index provides access to companies involved in biotechnology, medical devices, pharmaceuticals, senior living facilities and specialized health care services, which respond to the needs of this demographic.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund increased 16.09%, while the Secondary Index increased 16.58%. The Fund had a net asset value of $31.91 per share on December 1, 2024 and ended the reporting period with a net asset value of $36.70 per share on November 30, 2025.

The Fund's performance over the reporting period was positive, supported by trends tied to aging demographics and continued adoption of care-enhancing technologies. Utilization rates at senior-living facilities remained strong, driving steady demand across related service providers. Convergence in the treatment of key age-related disorders also advanced, with improved diagnoses and wider use of metabolic therapies, such as GLP-1 medications, each expanding the addressable market for chronic-care management. Additionally, greater uptake of surgical devices and equipment continued to improve recovery times and procedure turnover for common orthopedic interventions, including hip and knee replacements. Together, these demand drivers helped offset policy and pricing headwinds across the broader healthcare landscape, allowing the Fund to post positive performance over the reporting period.

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

## Total Return Based on $10,000 Investment
![Growth Chart](ic256bb40159be46c810fa13e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X Aging Population ETF** | **MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup>** | **Indxx Aging Population Thematic Index (USD) (NR)<sup>Footnote Reference†</sup>** |
| **May/16** | $10000 | $10000 | $10000 |
| **Nov/16** | $9902 | $10580 | $9925 |
| **Nov/17** | $12930 | $13187 | $13018 |
| **Nov/18** | $13777 | $13058 | $13902 |
| **Nov/19** | $15896 | $14843 | $16069 |
| **Nov/20** | $18248 | $17071 | $18486 |
| **Nov/21** | $18706 | $20361 | $18988 |
| **Nov/22** | $18244 | $17995 | $18542 |
| **Nov/23** | $18685 | $20157 | $19061 |
| **Nov/24** | $22312 | $25421 | $22841 |
| **Nov/25** | $25901 | $30050 | $26628 |

---

Since its inception on May 9, 2016. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/agng for current month-end performance.

---

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

---

## Average Annual Total Returns as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>Annualized Since Inception</u>** |
| Global X Aging Population ETF | 16.09% | 7.26% | 10.46% |
| MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 18.21% | 11.97% | 12.19% |
| Indxx Aging Population Thematic Index (USD) (NR)<sup>Footnote Reference†</sup> | 16.58% | 7.57% | 10.78% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $75969921 | 80 | $307008 | 9.93% |

---

## What did the Fund invest in?

## Country Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i213fa70eb5f8129327cc7e9e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Countries | 0.9% |
| Sweden | 0.3% |
| Canada | 0.6% |
| Australia | 0.8% |
| Germany | 1.0% |
| South Korea | 2.1% |
| Denmark | 4.1% |
| Belgium | 4.4% |
| United Kingdom | 4.4% |
| Switzerland | 4.8% |
| China | 5.7% |
| Japan | 6.3% |
| United States | 64.4% |

---

---

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

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| UCB | 4.1% |
| Welltower | 3.6% |
| Eli Lilly | 3.5% |
| AstraZeneca PLC ADR | 3.4% |
| Regeneron Pharmaceuticals | 3.3% |
| Johnson & Johnson | 3.2% |
| Merck | 3.1% |
| AbbVie | 3.0% |
| Edwards Lifesciences | 3.0% |
| Medtronic PLC | 3.0% |

---

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

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

* 1-888-493-8631 

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

# Global X Funds

## Global X Aging Population ETF: AGNG

#### Principal Listing Exchange: Nasdaq

#### Annual Shareholder Report - November 30, 2025

#### AGNG-AR-2025
![Image](i21c88ac930baf270b65daa71.jpg)

# Global X Funds
![Image](i21c88ac930baf270b65daa71.jpg)

## Global X FinTech ETF

## Ticker: FINX

## Principal Listing Exchange: Nasdaq

## Annual Shareholder Report: November 30, 2025
This annual shareholder report contains important information about the Global X FinTech ETF (the "Fund") for the period from December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/finx/. You can also request this information by contacting us at 1-888-493-8631.

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X FinTech ETF | $65 | 0.68% |

---

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

The Secondary Index is designed to provide exposure to exchange-listed companies in developed markets that provide financial technology products and services, including companies involved in mobile payments, peer-to-peer and marketplace lending, financial analytics software and alternative currencies as determined by Indxx, LLC, the provider of the Secondary Index.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund decreased 9.18%, while the Secondary Index decreased 8.70%. The Fund had a net asset value of $33.96 per share on December 1, 2024 and ended the reporting period with a net asset value of $30.68 per share on November 30, 2025.

The Fund's performance was negative during the reporting period, as regulatory uncertainty and cost pressures weighed on payments and financial software providers. A more accommodative interest-rate backdrop later in the reporting period provided some support for payments, software, and crypto-exposed companies following the U.S. Federal Reserve's rate cut in September. Consumer activity remained resilient, including increased online retail volumes during major mid-year discount events, which supported transaction growth for payment networks and digital wallets. In Europe, easing monetary policy helped stabilize sentiment around payments platforms and processors. However, elevated U.S. inflation and tariff uncertainty weighed on margins through higher input costs and competitive discounting. Regulatory cross-currents in the United States related to open banking initiatives and proposed overdraft-fee caps introduced additional uncertainty around data-sharing and bank-fee economics, resulting in the Fund's decline in performance over the reporting period.

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

## Total Return Based on $10,000 Investment
![Growth Chart](if8c3847ee1c183a42c35150b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X FinTech ETF** | **MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup>** | **Indxx Global FinTech Thematic Index (USD) (NR)<sup>Footnote Reference†</sup>** |
| **Sep/16** | $10000 | $10000 | $10000 |
| **Nov/16** | $9887 | $9986 | $9895 |
| **Nov/17** | $14450 | $12447 | $14546 |
| **Nov/18** | $16298 | $12325 | $16528 |
| **Nov/19** | $20279 | $14010 | $20713 |
| **Nov/20** | $28433 | $16113 | $29194 |
| **Nov/21** | $30275 | $19218 | $31271 |
| **Nov/22** | $14356 | $16985 | $14859 |
| **Nov/23** | $15749 | $19025 | $16346 |
| **Nov/24** | $23966 | $23994 | $25030 |
| **Nov/25** | $21767 | $28363 | $22852 |

---

Since its inception on September 12, 2016. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/finx/ for current month-end performance.

---

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

---

## Average Annual Total Returns as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>Annualized Since Inception</u>** |
| Global X FinTech ETF | -9.18% | -5.20% | 8.80% |
| MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 18.21% | 11.97% | 11.97% |
| Indxx Global FinTech Thematic Index (USD) (NR)<sup>Footnote Reference†</sup> | -8.70% | -4.78% | 9.38% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $265978172 | 70 | $2025925 | 12.64% |

---

## What did the Fund invest in?

## Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i990ce2834d6b93141f4f9840.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Countries | 1.4% |
| China | 1.0% |
| South Korea | 1.0% |
| Italy | 1.2% |
| Canada | 1.3% |
| Switzerland | 1.5% |
| Brazil | 1.5% |
| Australia | 2.0% |
| New Zealand | 2.6% |
| United Kingdom | 2.6% |
| Repurchase Agreements | 3.9% |
| Netherlands | 4.7% |
| United States | 79.1% |

---

---

| | |
|:---|:---|
| 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<sup>Footnote Reference(A)</sup></u>** |
| SoFi Technologies | 7.0% |
| Coinbase Global, Cl A | 6.9% |
| Intuit | 5.7% |
| Fidelity National Information Services | 5.1% |
| PayPal Holdings | 5.0% |
| Adyen | 4.7% |
| Block, Cl A | 4.6% |
| Affirm Holdings, Cl A | 4.3% |
| SS&C Technologies Holdings | 4.2% |
| Guidewire Software | 3.9% |

---

---

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

---

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

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

* 1-888-493-8631 

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

# Global X Funds

## Global X FinTech ETF: FINX

#### Principal Listing Exchange: Nasdaq

#### Annual Shareholder Report - November 30, 2025

#### FINX-AR-2025
![Image](i21c88ac930baf270b65daa71.jpg)

# Global X Funds
![Image](i21c88ac930baf270b65daa71.jpg)

## Global X Internet of Things ETF

## Ticker: SNSR

## Principal Listing Exchange: Nasdaq

## Annual Shareholder Report: November 30, 2025
This annual shareholder report contains important information about the Global X Internet of Things ETF (the "Fund") for the period from December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/snsr/. You can also request this information by contacting us at 1-888-493-8631.

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Internet of Things ETF | $69 | 0.68% |

---

## How did the Fund perform in the last year?
The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Global Internet of Things Thematic Index ("Secondary Index"). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Secondary Index.

The Secondary Index is designed to track the performance of companies that stand to potentially benefit from the broader adoption of the Internet of Things ("IoT"). This includes the development and manufacturing of semiconductors and sensors, integrated products and solutions, and applications serving smart grids, smart homes, connected cars, and the industrial internet.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund increased 2.32%, while the Secondary Index increased 2.94%. The Fund had a net asset value of $36.14 per share on December 1, 2024 and ended the reporting period with a net asset value of $36.74 per share on November 30, 2025.

The Fund delivered a positive result over the reporting period, helped by a cyclical upswing in chips and sensors for connected devices, with industry data showing sustained year-over-year gains through mid-to-late 2025 in the Americas and Europe. Easing U.S. financial conditions after the September 2025 rate cut supported valuations for growth and technology exposures that supply connectivity and sensing content across markets. In Europe, the phased rollout of the AI Act added regulatory clarity for companies building AI-enabled edge hardware and data-rich devices. U.S. industrial policy remained a tailwind: CHIPS Act awards and a new advanced packaging center in New York aimed to strengthen domestic supply for communications components. In Japan, the shift away from negative rates influenced locally listed component makers, but policy guidance signaled only gradual normalization. Handset unit growth stayed modest, yet vendors' push toward on-device AI increased semiconductor content per device, supporting suppliers leveraged to premium smartphones.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i0fe8557926e4cb73c43ccbe2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X Internet of Things ETF** | **MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup>** | **Indxx Global Internet of Things Thematic Index (USD) (NR)<sup>Footnote Reference†</sup>** |
| **Sep/16** | $10000 | $10000 | $10000 |
| **Nov/16** | $10319 | $9986 | $10328 |
| **Nov/17** | $13419 | $12447 | $13478 |
| **Nov/18** | $12167 | $12325 | $12263 |
| **Nov/19** | $15696 | $14010 | $15853 |
| **Nov/20** | $20700 | $16113 | $20978 |
| **Nov/21** | $26133 | $19218 | $26590 |
| **Nov/22** | $21293 | $16985 | $21715 |
| **Nov/23** | $22839 | $19025 | $23405 |
| **Nov/24** | $25593 | $23994 | $26389 |
| **Nov/25** | $26188 | $28363 | $27165 |

---

Since its inception on September 12, 2016. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/snsr/ for current month-end performance.

---

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

---

## Average Annual Total Returns as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>Annualized Since Inception</u>** |
| Global X Internet of Things ETF | 2.32% | 4.82% | 11.00% |
| MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 18.21% | 11.97% | 11.97% |
| Indxx Global Internet of Things Thematic Index (USD) (NR)<sup>Footnote Reference†</sup> | 2.94% | 5.31% | 11.45% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $200257223 | 65 | $1493201 | 17.23% |

---

## What did the Fund invest in?

## Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i134ad08b29566186f96df085.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Countries | 0.2% |
| Canada | 0.2% |
| Norway | 1.2% |
| Austria | 1.3% |
| Japan | 1.3% |
| France | 1.4% |
| Netherlands | 1.7% |
| China | 1.9% |
| Repurchase Agreements | 2.1% |
| Switzerland | 3.3% |
| Singapore | 4.9% |
| Taiwan | 8.1% |
| United States | 74.2% |

---

---

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

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| STMicroelectronics | 4.9% |
| Garmin | 4.9% |
| Skyworks Solutions | 4.9% |
| Samsara, Cl A | 4.7% |
| Rambus | 4.7% |
| Dexcom | 4.5% |
| Lattice Semiconductor | 4.4% |
| Advantech | 3.6% |
| ADT | 3.1% |
| Johnson Controls International | 2.7% |

---

---

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

---

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

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

* 1-888-493-8631 

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

# Global X Funds

## Global X Internet of Things ETF: SNSR

#### Principal Listing Exchange: Nasdaq

#### Annual Shareholder Report - November 30, 2025

#### SNSR-AR-2025
![Image](i21c88ac930baf270b65daa71.jpg)

# Global X Funds
![Image](i21c88ac930baf270b65daa71.jpg)

## Global X Robotics & Artificial Intelligence ETF

## Ticker: BOTZ

## Principal Listing Exchange: Nasdaq

## Annual Shareholder Report: November 30, 2025
This annual shareholder report contains important information about the Global X Robotics & Artificial Intelligence ETF (the "Fund") for the period from December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/botz/. You can also request this information by contacting us at 1-888-493-8631.

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Robotics & Artificial Intelligence ETF | $70 | 0.68% |

---

## How did the Fund perform in the last year?
The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Global Robotics & Artificial Intelligence Thematic Index ("Secondary Index"). The Fund is passively managed and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Secondary Index.

The Secondary Index is designed to track the performance of exchange-listed companies in developed markets that are involved in the development of robotics and/or artificial intelligence, including companies involved in developing industrial robots and production systems, automated inventory management, unmanned vehicles, voice/image/text recognition, and medical robots or robotic instruments.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund increased 6.12%, while the Secondary Index increased 6.38%. The Fund had a net asset value of $33.25 per share on December 1, 2024 and ended the reporting period with a net asset value of $35.20 per share on November 30, 2025.

The Fund posted positive performance during the reporting period, aided by strong demand for semiconductors and factory automation tied to artificial intelligence buildouts. Global chip sales accelerated in 2025, creating a supportive backdrop for component suppliers and equipment makers exposed to data centers and AI infrastructure. In Japan, a key market for industrial robotics, industry data showed a clear rebound in robot orders from late 2024 through mid-2025, which improved sentiment toward automation leaders. Currency headlines in Japan introduced bursts of volatility, but policymakers repeatedly signaled readiness to counter yen volatility, limiting effects on Japanese exporters. In Europe, the phased implementation of the EU's AI Act added regulatory clarity for regional automation and AI suppliers, even as compliance costs begin to surface. In the United States, awards from the U.S. CHIPS and Science Act for advanced packaging and manufacturing and a partial reopening of licensed AI-chip sales to China supported expectations for continued investment in AI hardware and related equipment, aiding sector performance.

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

## Total Return Based on $10,000 Investment
![Growth Chart](ib1bb2153c417f11b01e4e490.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X Robotics & Artificial Intelligence ETF** | **MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup>** | **Indxx Global Robotics & Artificial Intelligence Thematic Index (USD) (NR)<sup>Footnote Reference†</sup>** |
| **Sep/16** | $10000 | $10000 | $10000 |
| **Nov/16** | $10020 | $9986 | $10024 |
| **Nov/17** | $16155 | $12447 | $16170 |
| **Nov/18** | $13284 | $12325 | $13336 |
| **Nov/19** | $14766 | $14010 | $14815 |
| **Nov/20** | $21987 | $16113 | $22212 |
| **Nov/21** | $25114 | $19218 | $25562 |
| **Nov/22** | $14648 | $16985 | $14990 |
| **Nov/23** | $18420 | $19025 | $18901 |
| **Nov/24** | $23173 | $23994 | $23920 |
| **Nov/25** | $24592 | $28363 | $25446 |

---

Since its inception on September 12, 2016. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/botz/ for current month-end performance.

---

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

---

## Average Annual Total Returns as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>Annualized Since Inception</u>** |
| Global X Robotics & Artificial Intelligence ETF | 6.12% | 2.27% | 10.25% |
| MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 18.21% | 11.97% | 11.97% |
| Indxx Global Robotics & Artificial Intelligence Thematic Index (USD) (NR)<sup>Footnote Reference†</sup> | 6.38% | 2.75% | 10.66% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $3018748732 | 59 | $18531592 | 12.11% |

---

## What did the Fund invest in?

## Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i92531ae55424e3b354e9c405.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Futures Contracts | 0.0% |
| Canada | 0.9% |
| United Kingdom | 1.2% |
| Norway | 1.4% |
| Finland | 2.1% |
| Repurchase Agreements | 4.1% |
| South Korea | 4.4% |
| China | 7.3% |
| Switzerland | 9.8% |
| Japan | 26.7% |
| United States | 45.8% |

---

---

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

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| NVIDIA | 11.0% |
| ABB | 9.0% |
| FANUC | 7.6% |
| Intuitive Surgical | 7.3% |
| Keyence | 5.7% |
| Daifuku | 4.5% |
| SMC | 3.7% |
| Pegasystems | 3.5% |
| Symbotic, Cl A | 3.3% |
| Dynatrace | 3.2% |

---

---

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

---

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

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

* 1-888-493-8631 

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

# Global X Funds

## Global X Robotics & Artificial Intelligence ETF: BOTZ

#### Principal Listing Exchange: Nasdaq

#### Annual Shareholder Report - November 30, 2025

#### BOTZ-AR-2025
![Image](i21c88ac930baf270b65daa71.jpg)

# Global X Funds
![Image](i21c88ac930baf270b65daa71.jpg)

## Global X U.S. Infrastructure Development ETF

## Ticker: PAVE

## Principal Listing Exchange: Cboe BZX Exchange, Inc.

## Annual Shareholder Report: November 30, 2025
This annual shareholder report contains important information about the Global X U.S. Infrastructure Development ETF (the "Fund") for the period from December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/pave. You can also request this information by contacting us at 1-888-493-8631.

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X U.S. Infrastructure Development ETF | $49 | 0.47% |

---

## How did the Fund perform in the last year?
The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx U.S. Infrastructure Development Index ("Secondary Index"). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Secondary Index.

The Secondary Index is designed to measure the performance of U.S. listed companies that provide exposure to domestic infrastructure development, including companies involved in construction and engineering; production of infrastructure raw materials, composites and products; industrial transportation; and producers/distributors of heavy construction equipment (collectively, "U.S. Infrastructure Development Companies"), as defined by Indxx, LLC, the provider of the Secondary Index.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund increased 6.76%, while the Secondary Index increased 7.27%. The Fund had a net asset value of $45.71 per share on December 1, 2024 and ended the reporting period with a net asset value of $48.51 per share on November 30, 2025.

The Fund gained over the reporting period, supported by steady federal transportation funding and a robust pipeline of state-level projects. Non-residential building activity, driven by manufacturing and other commercial projects, as well as steady gains in infrastructure-related non-building work helped offset some of the softening in residential starts. Record-high U.S. data center construction related to AI boosted activity across the infrastructure development value chain. Challenges included softer mid-year construction spending, manufacturing activity below expansion thresholds, and higher steel and aluminum tariffs. However, anticipated rate cuts improved financing conditions for capital projects, while policy shifts kept the construction planning pipeline moving forward, particularly for data centers and manufacturing. Overall, federal funding, municipal awards, and select private sector projects outweighed economic and cost headwinds, driving the Fund's positive performance.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i260788bda4e4f7c36ab031ac.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X U.S. Infrastructure Development ETF** | **S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup>** | **Indxx US Infrastructure Development Index (USD) (TR)<sup>Footnote Reference\*</sup>** |
| **Mar/17** | $10000 | $10000 | $10000 |
| **Nov/17** | $10788 | $11314 | $10829 |
| **Nov/18** | $10425 | $12024 | $10515 |
| **Nov/19** | $11810 | $13961 | $11967 |
| **Nov/20** | $13790 | $16398 | $14031 |
| **Nov/21** | $18603 | $20976 | $19043 |
| **Nov/22** | $19251 | $19044 | $19820 |
| **Nov/23** | $21874 | $21680 | $22657 |
| **Nov/24** | $31954 | $29028 | $33322 |
| **Nov/25** | $34114 | $33382 | $35744 |

---

Since its inception on March 6, 2017. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/pave for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote\* | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |

---

## Average Annual Total Returns as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>Annualized Since Inception</u>** |
| Global X U.S. Infrastructure Development ETF | 6.76% | 19.86% | 15.07% |
| S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 15.00% | 15.28% | 14.78% |
| Indxx US Infrastructure Development Index (USD) (TR)<sup>Footnote Reference\*</sup> | 7.27% | 20.56% | 15.69% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $9833763086 | 100 | $41174690 | 9.98% |

---

## What did the Fund invest in?

## Asset/Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i1295b3f27aea650fbb69e57f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Futures Contracts | 0.0% |
| Short-Term Investment | 0.0% |
| Consumer Discretionary | 0.8% |
| Information Technology | 2.4% |
| Utilities | 3.5% |
| Materials | 19.2% |
| Industrials | 73.9% |

---

---

| | |
|:---|:---|
| 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<sup>Footnote Reference(A)</sup></u>** |
| Howmet Aerospace | 4.4% |
| Quanta Services | 3.6% |
| Parker-Hannifin | 3.5% |
| CRH PLC | 3.3% |
| Sempra | 3.1% |
| Norfolk Southern | 3.1% |
| Fastenal | 2.9% |
| Trane Technologies PLC | 2.9% |
| CSX | 2.9% |
| Rockwell Automation | 2.9% |

---

---

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

---

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

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

* 1-888-493-8631 

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

# Global X Funds

## Global X U.S. Infrastructure Development ETF: PAVE

#### Principal Listing Exchange: Cboe BZX Exchange, Inc.

#### Annual Shareholder Report - November 30, 2025

#### PAVE-AR-2025
![Image](i21c88ac930baf270b65daa71.jpg)

# Global X Funds
![Image](i21c88ac930baf270b65daa71.jpg)

## Global X Autonomous & Electric Vehicles ETF

## Ticker: DRIV

## Principal Listing Exchange: Nasdaq

## Annual Shareholder Report: November 30, 2025
This annual shareholder report contains important information about the Global X Autonomous & Electric Vehicles ETF (the "Fund") for the period from December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/driv. You can also request this information by contacting us at 1-888-493-8631.

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Autonomous & Electric Vehicles ETF | $77 | 0.68% |

---

## How did the Fund perform in the last year?
The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Autonomous & Electric Vehicles Index ("Secondary Index"). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Secondary Index.

The Secondary Index is designed to measure the performance of exchange-listed companies that are involved in the development of electric vehicles and/or autonomous vehicles, including companies that produce electric/hybrid vehicles, electric/hybrid vehicle components and materials, autonomous driving technology, and network connected services for transportation, (collectively, "Autonomous and Electric Vehicle Companies"), as defined by Solactive AG, the provider of the Secondary Index.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund increased 27.19%, while the Secondary Index increased 27.51%. The Fund had a net asset value of $23.64 per share on December 1, 2024 and ended the reporting period with a net asset value of $29.48 per share on November 30, 2025.

The Fund posted gains during the reporting period, supported by steady electric vehicle ("EV") adoption in key markets. In China, extended vehicle trade-in subsidies and a growing range of more affordable EV models helped sustain demand and broaden the buyer base. In Europe, definitive tariffs on China-made battery EVs reduced price pressure on regional automakers and their suppliers, lending support to European holdings. In the United States, an accelerated expiration of certain EV tax credits prompted a short-term boost in EV sales as consumers moved to secure remaining incentives. Battery materials rebounded as supply curtailments raised the cost of lithium, which, despite raising input costs also signaled improved lithium battery supply chain fundamentals. A more accommodative U.S. interest rate outlook later in 2025, as well as advancements in autonomous technologies, also supported valuations across growth and tech-linked exposures.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i64743cb38cec55b26890f739.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X Autonomous & Electric Vehicles ETF** | **MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup>** | **Solactive Autonomous & Electric Vehicles Index (USD) (NR)<sup>Footnote Reference†</sup>** |
| **Apr/18** | $10000 | $10000 | $10000 |
| **Nov/18** | $8840 | $9741 | $8840 |
| **Nov/19** | $9778 | $11073 | $9770 |
| **Nov/20** | $15153 | $12735 | $15180 |
| **Nov/21** | $21247 | $15189 | $21399 |
| **Nov/22** | $16094 | $13424 | $16240 |
| **Nov/23** | $16531 | $15037 | $16669 |
| **Nov/24** | $17135 | $18964 | $17308 |
| **Nov/25** | $21795 | $22417 | $22070 |

---

Since its inception on April 13, 2018. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/driv for current month-end performance.

---

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

---

## Average Annual Total Returns as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>Annualized Since Inception</u>** |
| Global X Autonomous & Electric Vehicles ETF | 27.19% | 7.54% | 10.74% |
| MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 18.21% | 11.97% | 11.15% |
| Solactive Autonomous & Electric Vehicles Index (USD) (NR)<sup>Footnote Reference†</sup> | 27.51% | 7.77% | 10.92% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $331681089 | 83 | $2271182 | 37.46% |

---

## What did the Fund invest in?

## Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i8109b4f5d9b9c1303deccc0a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Countries | 1.4% |
| Canada | 0.9% |
| Chile | 1.6% |
| Taiwan | 1.7% |
| Germany | 2.4% |
| Netherlands | 2.8% |
| France | 2.8% |
| South Korea | 5.5% |
| Repurchase Agreements | 6.0% |
| Australia | 6.8% |
| Japan | 11.2% |
| China | 12.1% |
| United States | 50.4% |

---

---

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

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Alphabet, Cl A | 4.3% |
| Bloom Energy, Cl A | 3.9% |
| Tesla | 3.4% |
| Intel | 2.9% |
| NVIDIA | 2.6% |
| Microsoft | 2.4% |
| Toyota Motor | 2.4% |
| QUALCOMM | 2.3% |
| PLS Group | 2.3% |
| Ganfeng Lithium Group, Cl H | 1.8% |

---

---

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

---

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

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

* 1-888-493-8631 

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

# Global X Funds

## Global X Autonomous & Electric Vehicles ETF: DRIV

#### Principal Listing Exchange: Nasdaq

#### Annual Shareholder Report - November 30, 2025

#### DRIV-AR-2025
![Image](i21c88ac930baf270b65daa71.jpg)

# Global X Funds
![Image](i21c88ac930baf270b65daa71.jpg)

## Global X Artificial Intelligence & Technology ETF

## Ticker: AIQ

## Principal Listing Exchange: Nasdaq

## Annual Shareholder Report: November 30, 2025
This annual shareholder report contains important information about the Global X Artificial Intelligence & Technology ETF (the "Fund") for the period from December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/aiq/. You can also request this information by contacting us at 1-888-493-8631.

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Artificial Intelligence & Technology ETF | $78 | 0.68% |

---

## How did the Fund perform in the last year?
The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Artificial Intelligence & Big Data Index ("Secondary Index"). The Fund is passively managed and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Secondary Index.

The Secondary Index is designed to measure the performance of exchange-listed companies that are positioned to benefit from the further development and implementation of artificial intelligence ("AI") technology, as well as to companies that provide hardware for the development of artificial intelligence, as determined by Indxx Inc., the provider of the Secondary Index.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund increased 29.42%, while the Secondary Index increased 30.22%. The Fund had a net asset value of $38.75 per share on December 1, 2024 and ended the reporting period with a net asset value of $50.08 per share on November 30, 2025.

The Fund recorded positive returns over the reporting period, supported by heavy AI infrastructure buildouts from major U.S. cloud platforms, such as Microsoft, Alphabet, and Amazon, supporting demand across semiconductors, software, and data-center equipment. Strong earnings further reinforced this demand backdrop and aided sentiment across key semiconductor and networking holdings. The U.S. government's expanded restrictions on advanced AI chip exports largely redirected capacity toward U.S. cloud customers and other markets the Fund is exposed to, mitigating downside. Easing U.S. rate expectations reduced discount-rate pressure on longer-duration tech assets. Although periodic volatility emerged amid debates over AI model efficiency and spending intensity, substantial hyperscaler investment, solid earnings, and manageable policy headwinds ultimately supported gains.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i3c709da49fb8482452fdf87d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X Artificial Intelligence & Technology ETF** | **MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup>** | **Indxx Artificial Intelligence & Big Data Index (USD) (NR)<sup>Footnote Reference†</sup>** |
| **May/18** | $10000 | $10000 | $10000 |
| **Nov/18** | $9493 | $9550 | $9512 |
| **Nov/19** | $11664 | $10857 | $11722 |
| **Nov/20** | $17478 | $12486 | $17631 |
| **Nov/21** | $21428 | $14892 | $21721 |
| **Nov/22** | $14660 | $13162 | $14919 |
| **Nov/23** | $20312 | $14743 | $20804 |
| **Nov/24** | $26523 | $18593 | $27356 |
| **Nov/25** | $34326 | $21979 | $35621 |

---

Since its inception on May 11, 2018. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/aiq/ for current month-end performance.

---

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

---

## Average Annual Total Returns as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>Annualized Since Inception</u>** |
| Global X Artificial Intelligence & Technology ETF | 29.42% | 14.45% | 17.72% |
| MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 18.21% | 11.97% | 10.98% |
| Indxx Artificial Intelligence & Big Data Index (USD) (NR)<sup>Footnote Reference†</sup> | 30.22% | 15.10% | 18.29% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $6965660940 | 92 | $27055021 | 15.52% |

---

## What did the Fund invest in?

## Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](ibfde18d004dc99897b8f58a1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Countries | 0.8% |
| Sweden | 0.3% |
| Israel | 0.3% |
| Brazil | 0.3% |
| Repurchase Agreements | 0.5% |
| Netherlands | 0.7% |
| Germany | 2.6% |
| Japan | 2.6% |
| Canada | 3.0% |
| Taiwan | 4.2% |
| South Korea | 6.4% |
| China | 8.0% |
| United States | 70.7% |

---

---

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

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Alphabet, Cl A | 4.5% |
| Broadcom | 3.8% |
| Samsung Electronics | 3.8% |
| Advanced Micro Devices | 3.7% |
| Apple | 3.5% |
| Tesla | 3.5% |
| Alibaba Group Holding ADR | 3.5% |
| Taiwan Semiconductor Manufacturing ADR | 3.3% |
| Cisco Systems | 3.0% |
| Tencent Holdings | 3.0% |

---

---

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

---

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

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

* 1-888-493-8631 

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

# Global X Funds

## Global X Artificial Intelligence & Technology ETF: AIQ

#### Principal Listing Exchange: Nasdaq

#### Annual Shareholder Report - November 30, 2025

#### AIQ-AR-2025
![Image](i21c88ac930baf270b65daa71.jpg)

# Global X Funds
![Image](i21c88ac930baf270b65daa71.jpg)

## Global X Genomics & Biotechnology ETF

## Ticker: GNOM

## Principal Listing Exchange: Nasdaq

## Annual Shareholder Report: November 30, 2025
This annual shareholder report contains important information about the Global X Genomics & Biotechnology ETF (the "Fund") for the period from December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/gnom/. You can also request this information by contacting us at 1-888-493-8631.

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Genomics & Biotechnology ETF | $52 | 0.50% |

---

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

The Secondary Index is designed to measure the performance of exchange-listed companies that are positioned to benefit from further advances in the field of genomic science, as well as applications thereof, as determined by Solactive AG, the provider of the Secondary Index. Genomics Companies may include companies in the biotechnology industry. Companies in the biotechnology industry include companies that are involved in business activities related to the research, development, manufacturing and/or marketing of products based on genetic analysis and genetic engineering.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund increased 7.26%, while the Secondary Index increased 7.65%. The Fund had a net asset value of $10.83 per share on December 1, 2024 and ended the reporting period with a net asset value of $46.42 per share on November 30, 2025. On August 29, 2025, the Fund effected a reverse stock split at a ratio of 1:4. The reverse stock split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding.

The Fund posted a positive result over the reporting period, supported by policy and regulatory catalysts across core genomics and biotech exposures. U.S. access policy improved when Centers for Medicare & Medicaid Services launched its Cell and Gene Therapy Access Model with participation from 33 states plus D.C. and Puerto Rico, signaling broader Medicaid coverage for high-cost gene therapies. Regulatory momentum helped as the U.S. Food and Drug Administration cleared new genetic medicines, including the first cell-based gene therapy for recessive dystrophic epidermolysis bullosa and a companion diagnostic for targeted oncology. The U.S. Federal Reserve's September 2025 rate cut eased financial conditions, benefiting research-heavy healthcare companies. These supports were partly offset by China's ban on imports of a leading U.S. sequencing company's instruments, which pressured some Fund holdings. Overall, policy tailwinds and U.S. approvals outweighed trade-related weakness, helping the Fund finish positively during the reporting period.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i08c7026938b17360a92876f8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X Genomics & Biotechnology ETF** | **MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup>** | **Solactive Genomics Index (USD) (NR)<sup>Footnote Reference†</sup>** |
| **Apr/19** | $10000 | $10000 | $10000 |
| **Nov/19** | $10216 | $10678 | $10263 |
| **Nov/20** | $13750 | $12280 | $13890 |
| **Nov/21** | $13506 | $14647 | $13697 |
| **Nov/22** | $8817 | $12945 | $8976 |
| **Nov/23** | $6824 | $14500 | $6982 |
| **Nov/24** | $7100 | $18286 | $7314 |
| **Nov/25** | $7615 | $21616 | $7874 |

---

Since its inception on April 5, 2019. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/gnom/ for current month-end performance.

---

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

---

## Average Annual Total Returns as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>Annualized Since Inception</u>** |
| Global X Genomics & Biotechnology ETF | 7.26% | -11.15% | -4.01% |
| MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 18.21% | 11.97% | 12.27% |
| Solactive Genomics Index (USD) (NR)<sup>Footnote Reference†</sup> | 7.65% | -10.73% | -3.53% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $54526837 | 54 | $266988 | 34.03% |

---

## What did the Fund invest in?

## Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i9ffd0530e1058e2a0e87d396.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Netherlands | 1.3% |
| Repurchase Agreements | 1.4% |
| China | 1.9% |
| United Kingdom | 2.1% |
| Switzerland | 3.2% |
| Germany | 4.2% |
| United States | 87.3% |

---

---

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

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Guardant Health | 5.6% |
| Illumina | 5.2% |
| Arrowhead Pharmaceuticals | 4.9% |
| Natera | 4.7% |
| BioMarin Pharmaceutical | 4.1% |
| Moderna | 4.0% |
| Bio-Techne | 3.9% |
| Vertex Pharmaceuticals | 3.9% |
| Avidity Biosciences | 3.9% |
| QIAGEN | 3.8% |

---

---

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

---

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

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

* 1-888-493-8631 

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

# Global X Funds

## Global X Genomics & Biotechnology ETF: GNOM

#### Principal Listing Exchange: Nasdaq

#### Annual Shareholder Report - November 30, 2025

#### GNOM-AR-2025
![Image](i21c88ac930baf270b65daa71.jpg)

# Global X Funds
![Image](i21c88ac930baf270b65daa71.jpg)

## Global X Cloud Computing ETF

## Ticker: CLOU

## Principal Listing Exchange: Nasdaq

## Annual Shareholder Report: November 30, 2025
This annual shareholder report contains important information about the Global X Cloud Computing ETF (the "Fund") for the period from December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/clou/. You can also request this information by contacting us at 1-888-493-8631.

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Cloud Computing ETF | $65 | 0.68% |

---

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

The Secondary Index is designed to measure the performance of exchange-listed companies that are positioned to benefit from the increased adoption of cloud computing technology, including but not limited to companies whose principal business is in offering computing Software-as-a-Service (SaaS), Platform-as-a-Service (PaaS), Infrastructure-as-a-Service (IaaS), managed server storage space and data center REITs, and/or cloud and edge computing infrastructure and hardware (collectively, "Cloud Computing Companies"), as defined by Indxx LLC, the provider of the Secondary Index.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund decreased 7.83%, while the Secondary Index decreased 7.25%. The Fund had a net asset value of $24.64 per share on December 1, 2024 and ended the reporting period with a net asset value of $22.71 per share on November 30, 2025.

The Fund's performance was negative during the reporting period, reflecting a challenging environment for growth-oriented technology equities. While easing U.S. monetary policy and improved regulatory clarity for large cloud platforms provided some support, these factors were outweighed by periods of market volatility and pressure on valuation multiples for longer-duration software and technology companies. Inflation remained near 3% year over year into September 2025, contributing to cautious investor sentiment toward growth equities. Trade policy uncertainty persisted for much of the period, though tariff exemptions helped limit near-term cost pressures across hardware and data-center supply chains. Demand for cloud infrastructure, data centers, and AI-related workloads remained a longer-term positive, but was insufficient to offset headwinds facing the sector during the reporting period.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i108de5567a9afb1161ebc813.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X Cloud Computing ETF** | **MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup>** | **Indxx Global Cloud Computing Index (USD) (NR)<sup>Footnote Reference†</sup>** |
| **Apr/19** | $10000 | $10000 | $10000 |
| **Nov/19** | $10618 | $10627 | $10652 |
| **Nov/20** | $17166 | $12222 | $17331 |
| **Nov/21** | $18854 | $14577 | $19156 |
| **Nov/22** | $11335 | $12883 | $11592 |
| **Nov/23** | $14052 | $14430 | $14464 |
| **Nov/24** | $16654 | $18199 | $17260 |
| **Nov/25** | $15350 | $21513 | $16009 |

---

Since its inception on April 12, 2019. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/clou/ for current month-end performance.

---

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

---

## Average Annual Total Returns as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>Annualized Since Inception</u>** |
| Global X Cloud Computing ETF | -7.83% | -2.21% | 6.67% |
| MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 18.21% | 11.97% | 12.23% |
| Indxx Global Cloud Computing Index (USD) (NR)<sup>Footnote Reference†</sup> | -7.25% | -1.57% | 7.34% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $274513852 | 38 | $2234434 | 12.34% |

---

## What did the Fund invest in?

## Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](if2521c1167484caed26b50ea.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 0.3% |
| Short-Term Investment | 0.3% |
| China | 2.8% |
| Israel | 2.9% |
| Canada | 4.2% |
| United States | 89.7% |

---

---

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

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Akamai Technologies | 5.1% |
| Dropbox, Cl A | 4.3% |
| Workiva, Cl A | 4.3% |
| Zoom Video Communications, Cl A | 4.3% |
| Twilio, Cl A | 4.2% |
| Shopify, Cl A | 4.2% |
| Paycom Software | 4.1% |
| Salesforce | 4.0% |
| Workday, Cl A | 4.0% |
| Qualys | 4.0% |

---

---

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

---

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

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

* 1-888-493-8631 

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

# Global X Funds

## Global X Cloud Computing ETF: CLOU

#### Principal Listing Exchange: Nasdaq

#### Annual Shareholder Report - November 30, 2025

#### CLOU-AR-2025
![Image](i21c88ac930baf270b65daa71.jpg)

# Global X Funds
![Image](i21c88ac930baf270b65daa71.jpg)

## Global X Cybersecurity ETF

## Ticker: BUG

## Principal Listing Exchange: Nasdaq

## Annual Shareholder Report: November 30, 2025
This annual shareholder report contains important information about the Global X Cybersecurity ETF (the "Fund") for the period from December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/bug/. You can also request this information by contacting us at 1-888-493-8631.

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Cybersecurity ETF | $49 | 0.50% |

---

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

The Secondary Index is designed to provide exposure to exchange-listed companies that are positioned to benefit from increased adoption of cybersecurity technology, including but not limited to companies whose principal business is in the development and management of security protocols preventing intrusion and attacks on systems, networks, applications, computers, and mobile devices, as determined by the index provider.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund decreased 5.95%, while the Secondary Index decreased 5.55%. The Fund had a net asset value of $33.44 per share on December 1, 2024 and ended the reporting period with a net asset value of $31.42 per share on November 30, 2025.

The cybersecurity sector faced uneven conditions during the reporting period, with policy support and long-term demand drivers offset by periods of market volatility, which negatively impacted the Fund's performance. In Europe, the implementation of the Network and Information Security Directive 2 (NIS2) in October 2024 and the entry into force of the EU's Cyber Resilience Act in December 2024 reinforced multi-year compliance-driven spending, though impacts were gradual over. In the United States, federal support continued to underpin cybersecurity investment across public-sector and critical-infrastructure projects, and sector sentiment was further supported by ongoing investment and M&A activity. However, valuation pressure on growth-oriented software companies and broader market volatility weighed on cybersecurity equities. Additionally, a late-period U.S. government shutdown that furloughed much of the Cybersecurity and Infrastructure Security Agency (CISA) and allowed certain information-sharing protections to lapse also introduced uncertainty. As a result, the Fund's performance was negative over the reporting period.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i83e456bc2bed6d7dbd3f40b7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X Cybersecurity ETF** | **MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup>** | **Indxx Cybersecurity Index (USD) (NR)<sup>Footnote Reference†</sup><sup>Footnote Reference‡</sup>** |
| **Oct/19** | $10000 | $10000 | $10000 |
| **Nov/19** | $11225 | $10297 | $11226 |
| **Nov/20** | $15017 | $11842 | $14968 |
| **Nov/21** | $20975 | $14124 | $20959 |
| **Nov/22** | $15194 | $12483 | $15272 |
| **Nov/23** | $18125 | $13982 | $18310 |
| **Nov/24** | $22606 | $17634 | $22935 |
| **Nov/25** | $21260 | $20845 | $21661 |

---

Since its inception on October 25, 2019. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/bug/ for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote\* | &nbsp;&nbsp;ACWI – All Country World Index |
| Footnote† | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |
| Footnote‡ | &nbsp;&nbsp;Historic index performance reflects a recalculation of the index by the index provider as of January 28, 2025. |

---

## Average Annual Total Returns as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>Annualized Since Inception</u>** |
| Global X Cybersecurity ETF | -5.95% | 7.20% | 13.15% |
| MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 18.21% | 11.97% | 12.79% |
| Indxx Cybersecurity Index (USD) (NR)<sup>Footnote Reference†</sup><sup>Footnote Reference‡</sup> | -5.55% | 7.67% | 13.50% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $999359107 | 36 | $5034043 | 35.93% |

---

## What did the Fund invest in?

## Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i656cd0821fccb29bf2579f88.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Futures Contracts | 0.0% |
| United Kingdom | 0.8% |
| South Korea | 0.9% |
| Repurchase Agreements | 1.8% |
| Canada | 4.2% |
| Japan | 7.3% |
| Israel | 7.8% |
| United States | 78.9% |

---

---

| | |
|:---|:---|
| 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<sup>Footnote Reference(A)</sup></u>** |
| Fortinet | 6.3% |
| Crowdstrike Holdings, Cl A | 6.0% |
| Check Point Software Technologies | 6.0% |
| Akamai Technologies | 5.8% |
| CyberArk Software | 5.7% |
| Palo Alto Networks | 5.6% |
| Zscaler | 5.0% |
| Gen Digital | 4.9% |
| SentinelOne, Cl A | 4.7% |
| Trend Micro | 4.6% |

---

---

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

---

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

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

* 1-888-493-8631 

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

# Global X Funds

## Global X Cybersecurity ETF: BUG

#### Principal Listing Exchange: Nasdaq

#### Annual Shareholder Report - November 30, 2025

#### BUG-AR-2025
![Image](i21c88ac930baf270b65daa71.jpg)

# Global X Funds
![Image](i21c88ac930baf270b65daa71.jpg)

## Global X Dorsey Wright Thematic ETF

## Ticker: GXDW

## Principal Listing Exchange: Nasdaq

## Annual Shareholder Report: November 30, 2025
This annual shareholder report contains important information about the Global X Dorsey Wright Thematic ETF (the "Fund") for the period from December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/gxdw/. You can also request this information by contacting us at 1-888-493-8631.**This annual shareholder report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Dorsey Wright Thematic ETF | $50 | 0.50% |

---

## How did the Fund perform in the last year?
The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Nasdaq Dorsey Wright Thematic Rotation™ Total Return Index (the "Secondary Index").

The Secondary Index is designed to measure the performance of thematic strategies using a portfolio of exchange-traded funds ("ETFs") issued by Global X Funds<sup>®</sup> that target a specific theme or that has a significant overweight toward a particular theme (each, an "Underlying ETF"), as determined by the Nasdaq, Inc., the provider of the Secondary Index ("Index Provider"). The Secondary Index allocates equal index weights among the five highest-ranked Underlying ETFs within the Nasdaq Dorsey Wright Relative Strength Matrix, a proprietary, momentum-based quantitative methodology developed by the Index Provider.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund increased 0.61%, while the Secondary Index increased 0.33%. The Fund had a net asset value of $25.46 per share on December 1, 2024 and ended the reporting period with a net asset value of $25.42 per share on November 30, 2025.

The Fund delivered a positive result over the reporting period, supported by U.S. macro and policy developments aligned with its technology, consumer internet, and digital asset themes. The U.S. Federal Reserve's September 2025 rate cut lowered discount rates and improved risk appetite for high-growth, long-duration holdings. Consumer internet allocations benefited from steady online activity, with second-quarter 2025 e-commerce sales up quarter-over-quarter and year-over-year, supporting positions tied to online retail demand. Social media exposure was influenced by regulatory shifts after the U.S. Supreme Court upheld the ban-or-sale law for a major Chinese-owned short-form video platform, a move that likely redirected advertising budgets toward U.S. platforms held by the Fund. Policy clarity in digital assets also aided sentiment, including the passing of federal stablecoin legislation in the U.S., which bolstered the payments and blockchain ecosystem that underpin related equity holdings. Additionally, evolving U.S. export controls on advanced AI chips and continued CHIPS Act incentives steered more of the advanced-computing supply chain and investment toward the U.S., a mixed but generally supportive backdrop for domestic AI, cloud, and semiconductor holdings.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i43668f4b90a4e9dcbe303552.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global X Dorsey Wright Thematic ETF** | **MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup>** | **NASDAQ Dorsey Wright Thematic Rotation™ Index (USD) (TR)<sup>Footnote Reference‡</sup><sup>Footnote Reference§</sup>** | **Solactive Thematic Growth Index (USD) (TR)<sup>Footnote Reference‡</sup>** |
| **Oct/19** | $10000 | $10000 | $10000 | $10000 |
| **Nov/19** | $10503 | $10297 | $10501 | $10501 |
| **Nov/20** | $16891 | $11842 | $16880 | $16880 |
| **Nov/21** | $19079 | $14124 | $18972 | $18972 |
| **Nov/22** | $10616 | $12483 | $10529 | $10529 |
| **Nov/23** | $9523 | $13982 | $9435 | $9435 |
| **Nov/24** | $10740 | $17634 | $10602 | $10602 |
| **Nov/25** | $10806 | $20845 | $10637 | $13234 |

---

Since its inception on October 25, 2019. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/gxdw/ for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote\* | &nbsp;&nbsp;ACWI – All Country World Index |
| Footnote† | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |
| Footnote‡ | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |
| Footnote§ | &nbsp;&nbsp;Effective April 1, 2025, the Fund changed its Underlying Index from the Solactive Thematic Growth Index to the Nasdaq Dorsey Wright Thematic Rotation™ Index. Performance reflects the performance of the Solactive Thematic Growth Index through March 31, 2025, and the Nasdaq Dorsey Wright Thematic Rotation™ Index thereafter. |

---

## Average Annual Total Returns as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>Annualized Since Inception</u>** |
| Global X Dorsey Wright Thematic ETF | 0.61% | -8.55% | 1.28% |
| MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 18.21% | 11.97% | 12.79% |
| NASDAQ Dorsey Wright Thematic Rotation™ Index (USD) (TR)<sup>Footnote Reference‡</sup><sup>Footnote Reference§</sup> | 0.33% | -8.82% | 1.02% |
| Solactive Thematic Growth Index (USD) (TR)<sup>Footnote Reference‡</sup> | 24.82% | -4.75% | 4.70% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | |
|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $9149555<sub>11</sub> | $56090 | 191.21% |

---

## What did the Fund invest in?

## Asset Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i72c0ae54ab90787fe44f9418.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Repurchase Agreements | 28.0% |
| Exchange-Traded Funds | 100.0% |

---

---

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

---

## Top Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Global X Lithium & Battery Tech ETF<sup>Footnote Reference\*\*</sup> | 22.4% |
| Global X E-commerce ETF<sup>Footnote Reference\*\*</sup> | 21.3% |
| Global X Artificial Intelligence & Technology ETF<sup>Footnote Reference\*\*</sup> | 20.8% |
| Global X Hydrogen ETF<sup>Footnote Reference\*\*</sup> | 18.5% |
| Global X Blockchain ETF<sup>Footnote Reference\*\*</sup> | 17.0% |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2026 at https://www.globalxetfs.com/funds/gxdw/ or upon request at 1-888-493-8631.

At a meeting held on November 19, 2024, the Board of Trustees of the Fund approved changes to the Fund's name, ticker, Secondary Index, 80% investment policy, and principal investment strategies.

Effective April 1, 2025, the Fund changed its name and ticker from Global X Thematic Growth ETF (GXTG) to Global X Dorsey Wright Thematic ETF (GXDW). In addition, the Fund's underlying index changed from the Solactive Thematic Growth Index to the Nasdaq Dorsey Wright Thematic Rotation™ Index, with Nasdaq, Inc. as the new index provider. Effective April 1, 2025, the Fund's investment objective is to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Secondary Index and its principal strategy is to invest at least 80% of its total assets in the securities of the Secondary Index.

## 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/gxdw/ 

# Global X Funds

## Global X Dorsey Wright Thematic ETF: GXDW

#### Principal Listing Exchange: Nasdaq

#### Annual Shareholder Report - November 30, 2025

#### GXDW-AR-2025
![Image](i21c88ac930baf270b65daa71.jpg)

# Global X Funds
![Image](i21c88ac930baf270b65daa71.jpg)

## Global X Video Games & Esports ETF

## Ticker: HERO

## Principal Listing Exchange: Nasdaq

## Annual Shareholder Report: November 30, 2025
This annual shareholder report contains important information about the Global X Video Games & Esports ETF (the "Fund") for the period from December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/hero/. You can also request this information by contacting us at 1-888-493-8631.

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Video Games & Esports ETF | $58 | 0.50% |

---

## How did the Fund perform in the last year?
The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Video Games & Esports Index ("Secondary Index"). The Fund is passively managed, and generally seeks to fully replicate the Secondary Index.

The Secondary Index is designed to provide exposure to exchange-listed companies that are positioned to benefit from increased consumption related to video games and esports, including companies whose principal business is in video game development/publishing, video game and esports content distribution and streaming, operating/owning esports leagues/teams, and producing video game/esports hardware. To be eligible for the Secondary Index, a company must generate at least 50% of its revenues from video games and esports activities, as defined by the Index Provider.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund increased 30.85%, while the Secondary Index increased 31.28%. The Fund had a net asset value of $24.35 per share on December 1, 2024 and ended the reporting period with a net asset value of $31.44 per share on November 30, 2025.

The Fund posted a positive performance over reporting period. A late-cycle shift in U.S. monetary policy, including a September 2025 rate cut, lowered discount rates and helped support growth-oriented gaming equities tied to consumer discretionary spending and digital advertising, aiding sentiment across the theme. In Europe, enforcement of the Digital Markets Act forced changes to App Store rules and fees, allowing more steering to alternative payments, supporting margin improvement and user acquisition flexibility for mobile game developers. In Japan, policy normalization alongside periods of Yen weakness tied to political developments provided a tailwind to exporters' reported earnings and valuations within the interactive entertainment space. Taken together, easier U.S. financial conditions, a friendlier approval environment in China, and EU platform rule changes collectively outweighed intermittent headwinds, supporting gains across the fund's core geographies and industry exposures.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i2f33091eed598d84475591aa.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X Video Games & Esports ETF** | **MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup>** | **Solactive Video Games & Esports Index (USD) (NR)<sup>Footnote Reference†</sup>** |
| **Oct/19** | $10000 | $10000 | $10000 |
| **Nov/19** | $10494 | $10297 | $10496 |
| **Nov/20** | $19102 | $11842 | $19199 |
| **Nov/21** | $19884 | $14124 | $20103 |
| **Nov/22** | $12887 | $12483 | $13074 |
| **Nov/23** | $13569 | $13982 | $13820 |
| **Nov/24** | $16709 | $17634 | $17109 |
| **Nov/25** | $21863 | $20845 | $22461 |

---

Since its inception on October 25, 2019. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/hero/ for current month-end performance.

---

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

---

## Average Annual Total Returns as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>Annualized Since Inception</u>** |
| Global X Video Games & Esports ETF | 30.85% | 2.74% | 13.67% |
| MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 18.21% | 11.97% | 12.79% |
| Solactive Video Games & Esports Index (USD) (NR)<sup>Footnote Reference†</sup> | 31.28% | 3.19% | 14.18% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $121673028 | 51 | $662854 | 30.12% |

---

## What did the Fund invest in?

## Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i87103fafcce2ffc8681410de.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Sweden | 2.6% |
| France | 2.9% |
| Repurchase Agreements | 3.9% |
| Taiwan | 4.2% |
| Poland | 4.4% |
| South Korea | 9.6% |
| China | 19.4% |
| United States | 26.0% |
| Japan | 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<sup>Footnote Reference(A)</sup></u>** |
| Electronic Arts | 8.3% |
| Konami Group | 6.8% |
| Take-Two Interactive Software | 6.5% |
| NetEase ADR | 6.3% |
| Nintendo | 6.0% |
| Nexon | 6.0% |
| Unity Software | 5.4% |
| Bilibili ADR | 5.0% |
| ROBLOX, Cl A | 4.8% |
| CD Projekt | 4.4% |

---

---

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

---

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

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

* 1-888-493-8631 

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

# Global X Funds

## Global X Video Games & Esports ETF: HERO

#### Principal Listing Exchange: Nasdaq

#### Annual Shareholder Report - November 30, 2025

#### HERO-AR-2025
![Image](i21c88ac930baf270b65daa71.jpg)

# Global X Funds
![Image](i21c88ac930baf270b65daa71.jpg)

## Global X HealthTech ETF

## Ticker: HEAL

## Principal Listing Exchange: Nasdaq

## Annual Shareholder Report: November 30, 2025
This annual shareholder report contains important information about the Global X HealthTech ETF (the "Fund") for the period from December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/heal/. You can also request this information by contacting us at 1-888-493-8631.**This annual shareholder report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X HealthTech ETF | $56 | 0.56% |

---

## How did the Fund perform in the last year?
The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Global X HealthTech Index ("Secondary Index"). The Secondary Index is owned and was developed by Global X Management Company, LLC (the "Index Provider"), an affiliate of the Fund and its investment adviser and is administered by Mirae Asset Global Indices Pvt. Ltd., an affiliate of the Index Provider.

The Secondary Index is designed to track the performance of Healthcare Technology companies, including providers of healthcare software and analytics, smart medical devices, technology-enabled healthcare services, and artificial intelligence-driven drug discovery.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund increased 1.13%, while the Secondary Index increased 1.69%. The Fund had a net asset value of $10.46 per share on December 1, 2024 and ended the reporting period with a net asset value of $31.71 per share on November 30, 2025. On August 29, 2025, the Fund effected a reverse stock split at a ratio of 1:3. The reverse stock split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding.

Performance over the reporting period was positive, supported by a more favorable U.S. policy and interest-rate backdrop for health-technology companies. The Federal Reserve's September 2025 rate cut helped ease discount rate pressure and reduced funding costs, providing a tailwind for growth-oriented digital-health and medtech businesses. The calendar year 2025 Physician Fee Schedule also expanded telehealth services and maintained virtual-supervision allowances, supporting broader adoption of remote-care tools. Online pharmacies gained traction in 2025 as improved access to high-demand treatments like GLP-1s accelerated consumer uptake. In Europe, initial obligations under the AI Act took effect in 2025, with additional requirements coming online in August and creating both compliance costs and clearer guardrails for AI-enabled clinical software. Overall, the Fund delivered positive returns as easier financial conditions and supportive U.S. reimbursement policy outweighed regulatory considerations.

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

## Total Return Based on $10,000 Investment
![Growth Chart](if68b57df149998e3430d99bc.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global X HealthTech ETF** | **MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup>** | **Global X HealthTech Index (USD) (NR)<sup>Footnote Reference†</sup><sup>Footnote Reference‡</sup>** | **Solactive Telemedicine & Digital Health Index (USD) (NR)<sup>Footnote Reference†</sup>** |
| **Jul/20** | $10000 | $10000 | $10000 | $10000 |
| **Nov/20** | $12088 | $11184 | $12109 | $12109 |
| **Nov/21** | $10719 | $13340 | $10806 | $10806 |
| **Nov/22** | $8033 | $11790 | $8139 | $8139 |
| **Nov/23** | $5879 | $13206 | $5967 | $5967 |
| **Nov/24** | $6870 | $16655 | $7015 | $7015 |
| **Nov/25** | $6948 | $19687 | $7133 | $7845 |

---

Since its inception on July 29, 2020. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/heal/ for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote\* | &nbsp;&nbsp;ACWI – All Country World Index |
| Footnote† | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |
| Footnote‡ | &nbsp;&nbsp;Effective April 1, 2025, the Fund changed its Underlying Index from the Solactive Telemedicine & Digital Health Index to the Global X HealthTech Index. Performance reflects the performance of the Solactive Telemedicine & Digital Health Index through March 31, 2025, and the Global X HealthTech Index thereafter. |

---

## Average Annual Total Returns as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>Annualized Since Inception</u>** |
| Global X HealthTech ETF | 1.13% | -10.48% | -6.59% |
| MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 18.21% | 11.97% | 13.52% |
| Global X HealthTech Index (USD) (NR)<sup>Footnote Reference†</sup><sup>Footnote Reference‡</sup> | 1.69% | -10.04% | -6.13% |
| Solactive Telemedicine & Digital Health Index (USD) (NR)<sup>Footnote Reference†</sup> | 11.83% | -8.32% | -4.44% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $51049252 | 40 | $234078 | 59.68% |

---

## What did the Fund invest in?

## Country Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i982d83e95a6db8f10a15948f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 0.5% |
| Sweden | 0.5% |
| Denmark | 2.6% |
| China | 3.8% |
| Netherlands | 3.9% |
| Australia | 4.1% |
| United States | 84.6% |

---

---

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

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| TransMedics Group | 4.7% |
| Dexcom | 4.4% |
| GE HealthCare Technologies | 4.2% |
| IQVIA Holdings | 4.2% |
| Tempus AI, Cl A | 4.2% |
| iRhythm Technologies | 4.1% |
| Pro Medicus | 4.1% |
| Intuitive Surgical | 3.9% |
| Insulet | 3.9% |
| Waystar Holding | 3.9% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2026 at https://www.globalxetfs.com/funds/heal or upon request at 1-888-493-8631.

At a meeting held on November 19, 2024, the Board of Trustees of the Fund approved changes to the Fund's name, ticker, Secondary Index, 80% investment policy, and principal investment strategies.

Effective April 1, 2025, the Fund changed its name and ticker from Global X Telemedicine & Digital Health ETF (EDOC) to Global X HealthTech ETF (HEAL). The Fund's Secondary Index changed from the Solactive Telemedicine & Digital Health Index to the Global X HealthTech Index, with Global X Management Company LLC serving as the new index provider and Mirae Asset Global Indices Pvt. Ltd. as the index administrator. Effective April 1, 2025, the Fund's investment objective is to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Secondary Index, and its principal strategy is to invest at least 80% if its total assets, plus borrowings for investment purposes (if any), in the securities of the Secondary Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Secondary Index.

Additionally, the Board of Trustees approved a reduction in the Fund's management fee from 0.68% to 0.50%, effective April 1, 2025.

## 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/heal/ 

# Global X Funds

## Global X HealthTech ETF: HEAL

#### Principal Listing Exchange: Nasdaq

#### Annual Shareholder Report - November 30, 2025

#### HEAL-AR-2025
![Image](i21c88ac930baf270b65daa71.jpg)

# Global X Funds
![Image](i21c88ac930baf270b65daa71.jpg)

## Global X CleanTech ETF

## Ticker: CTEC

## Principal Listing Exchange: Nasdaq

## Annual Shareholder Report: November 30, 2025
This annual shareholder report contains important information about the Global X CleanTech ETF (the "Fund") for the period from December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/ctec/. You can also request this information by contacting us at 1-888-493-8631.

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X CleanTech ETF | $63 | 0.50% |

---

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

The Secondary Index is designed to provide exposure to exchange-listed companies that are positioned to benefit from the increased adoption of technologies focused on improving the efficiency of renewable energy production and/or mitigating the adverse environmental effects of resource consumption ("CleanTech"), including, but not limited to, companies whose principal business is in developing technology relating to renewable energy, energy efficiency and storage, smart grid, lithium-ion batteries and/or fuel cells, and/or pollution prevention/amelioration (collectively, "CleanTech Companies"), as defined by Indxx LLC, the provider of the Secondary Index.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund increased 52.34%, while the Secondary Index increased 52.61%. The Fund had a net asset value of $7.41 per share on December 1, 2024 and ended the reporting period with a net asset value of $55.61 per share on November 30, 2025. On August 29, 2025, CTEC effected a reverse stock split at a ratio of 1:5. The reverse stock split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding.

The Fund recorded positive performance during the reporting period. Financing conditions eased following the U.S. Federal Reserve's September rate cut, boosting the outlook for capital-intensive cleantech projects. End market demand remained robust, with the United States and China on track for another record year of utility-scale solar and battery storage additions in 2025. In the United States, rapid growth in data center developments became a meaningful tailwind, increasing demand for renewable energy, energy storage, and hydrogen technologies. In Europe, trade actions affecting electrified transport helped reshape the competitive backdrop for regional electric vehicle and battery supply chains. While U.S. policy uncertainty introduced cross-currents for CleanTech Companies in the United States, continued policy incentives and demand trends largely remained, and the Fund recorded positive performance overall.

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

## Total Return Based on $10,000 Investment
![Growth Chart](ie6d12e404273910cc6e16e54.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X CleanTech ETF** | **MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup>** | **Indxx Global CleanTech Index (USD) (NR)<sup>Footnote Reference†</sup>** |
| **Oct/20** | $10000 | $10000 | $10000 |
| **Nov/20** | $12621 | $10831 | $12626 |
| **Nov/21** | $13566 | $12918 | $13257 |
| **Nov/22** | $10801 | $11417 | $10607 |
| **Nov/23** | $6599 | $12788 | $6496 |
| **Nov/24** | $4989 | $16128 | $4912 |
| **Nov/25** | $7601 | $19065 | $7496 |

---

Since its inception on October 27, 2020. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/ctec/ for current month-end performance.

---

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

---

## Average Annual Total Returns as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>Annualized Since Inception</u>** |
| Global X CleanTech ETF | 52.34% | -9.65% | -5.24% |
| MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 18.21% | 11.97% | 13.50% |
| Indxx Global CleanTech Index (USD) (NR)<sup>Footnote Reference†</sup> | 52.61% | -9.90% | -5.50% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $30026655 | 42 | $128768 | 34.80% |

---

## What did the Fund invest in?

## Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i2f009e0a67b46c6ae9834def.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Turkey | 0.7% |
| Switzerland | 1.9% |
| Repurchase Agreements | 2.2% |
| Canada | 2.7% |
| Taiwan | 3.3% |
| United Kingdom | 4.3% |
| Sweden | 4.6% |
| Germany | 6.0% |
| Denmark | 6.3% |
| South Korea | 9.6% |
| China | 13.7% |
| United States | 46.7% |

---

---

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

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Bloom Energy, Cl A | 7.9% |
| Samsung SDI | 7.0% |
| Nextpower, Cl A | 6.6% |
| First Solar | 6.6% |
| Vestas Wind Systems | 6.3% |
| QuantumScape, Cl A | 5.1% |
| Nordex | 4.7% |
| Nibe Industrier, Cl B | 4.6% |
| Eos Energy Enterprises | 4.2% |
| China Everbright Environment Group | 3.8% |

---

---

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

---

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

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

* 1-888-493-8631 

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

# Global X Funds

## Global X CleanTech ETF: CTEC

#### Principal Listing Exchange: Nasdaq

#### Annual Shareholder Report - November 30, 2025

#### CTEC-AR-2025
![Image](i21c88ac930baf270b65daa71.jpg)

# Global X Funds
![Image](i21c88ac930baf270b65daa71.jpg)

## Global X Data Center & Digital Infrastructure ETF

## Ticker: DTCR

## Principal Listing Exchange: Nasdaq

## Annual Shareholder Report: November 30, 2025
This annual shareholder report contains important information about the Global X Data Center & Digital Infrastructure ETF (the "Fund") for the period from December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/dtcr/. You can also request this information by contacting us at 1-888-493-8631.

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Data Center & Digital Infrastructure ETF | $55 | 0.50% |

---

## How did the Fund perform in the last year?
The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Data Center REITs & Digital Infrastructure Index ("Secondary Index").

The Secondary Index is designed to provide exposure to companies that have business operations in the fields of data centers, cellular towers, and/or digital infrastructure hardware. Companies in the Secondary Index must derive at least 50% of their revenues, operating income, or assets from operations relating to data centers, cellular towers and digital infrastructure hardware. .

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund increased 20.56%, while the Secondary Index increased 21.07%. The Fund had a net asset value of $17.57 per share on December 1, 2024 and ended the reporting period with a net asset value of $20.85 per share on November 30, 2025.

The Fund posted a positive performance over the reporting period as expectations for easing U.S. monetary policy, underscored by a September 2025 rate cut by the U.S. Federal Reserve (the "Fed"), lowered financing costs and supported valuations across data-center real estate and digital infrastructure. At the same time, official forecasts showed U.S. electricity consumption hitting new records in 2025–2026, with AI-driven data centers a key contributor, reinforcing leasing and build-out activity central to the Fund's sector exposures. Policy developments at the state and local level also led to improved supply . Political noise introduced bouts of volatility, yet investors appeared to focus on durable demand and the prospect of further Fed easing into late 2025. Trade-policy swings and tariff proposals affecting tech hardware and AI-related components posed cost headwinds earlier in the reporting period, but these factors were outweighed by the supportive rate backdrop and strong end-market demand for computing capacity.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i29840aec3d7a2fc0fb0f3dc0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X Data Center & Digital Infrastructure ETF** | **MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup>** | **Solactive Data Center REITs & Digital Infrastructure Index (USD) (NR)<sup>Footnote Reference†</sup>** |
| **Oct/20** | $10000 | $10000 | $10000 |
| **Nov/20** | $9980 | $10831 | $9984 |
| **Nov/21** | $11993 | $12918 | $12002 |
| **Nov/22** | $9222 | $11417 | $9226 |
| **Nov/23** | $10002 | $12788 | $9995 |
| **Nov/24** | $12459 | $16128 | $12538 |
| **Nov/25** | $15021 | $19065 | $15180 |

---

Since its inception on October 27, 2020. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/dtcr/ for current month-end performance.

---

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

---

## Average Annual Total Returns as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>Annualized Since Inception</u>** |
| Global X Data Center & Digital Infrastructure ETF | 20.56% | 8.52% | 8.31% |
| MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 18.21% | 11.97% | 13.50% |
| Solactive Data Center REITs & Digital Infrastructure Index (USD) (NR)<sup>Footnote Reference†</sup> | 21.07% | 8.74% | 8.54% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $624520216 | 32 | $1568466 | 24.92% |

---

## What did the Fund invest in?

## Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i27eff0ea2a2c8322b30534cf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Hong Kong | 0.7% |
| United Kingdom | 1.7% |
| South Korea | 3.0% |
| Australia | 4.0% |
| Singapore | 4.4% |
| U.S. Treasury Obligation | 4.8% |
| Repurchase Agreements | 5.4% |
| Taiwan | 6.6% |
| China | 10.6% |
| United States | 68.8% |

---

---

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

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Equinix | 10.8% |
| Digital Realty Trust | 10.1% |
| American Tower | 9.0% |
| Applied Digital | 8.3% |
| Crown Castle | 7.3% |
| Winbond Electronics | 5.5% |
| U.S. Treasury Bill, 3.92%, 12/30/2025 | 4.8% |
| Keppel DC REIT | 4.4% |
| NEXTDC | 4.0% |
| GDS Holdings ADR | 3.7% |

---

---

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

---

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

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

* 1-888-493-8631 

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

# Global X Funds

## Global X Data Center & Digital Infrastructure ETF: DTCR

#### Principal Listing Exchange: Nasdaq

#### Annual Shareholder Report - November 30, 2025

#### DTCR-AR-2025
![Image](i21c88ac930baf270b65daa71.jpg)

# Global X Funds
![Image](i21c88ac930baf270b65daa71.jpg)

## Global X Clean Water ETF

## Ticker: AQWA

## Principal Listing Exchange: Nasdaq

## Annual Shareholder Report: November 30, 2025
This annual shareholder report contains important information about the Global X Clean Water ETF (the "Fund") for the period from December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/aqwa. You can also request this information by contacting us at 1-888-493-8631.

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Clean Water ETF | $52 | 0.50% |

---

## How did the Fund perform in the last year?
The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Clean Water Industry Index ("Secondary Index"). The Fund is passively managed and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Secondary Index.

The Secondary Index is designed to provide exposure to companies that have business operations in the provision of clean water. Specifically, the Secondary Index will include companies that derive at least 50% of their revenues, operating income, or assets from various business activities related to the treatment, storage and production of water and water products (collectively, "Clean Water Companies"), as defined by Solactive AG, the provider of the Secondary Index.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund increased 6.48%, while the Secondary Index increased 7.05%. The Fund had a net asset value of $18.43 per share on December 1, 2024 and ended the reporting period with a net asset value of $19.34 per share on November 30, 2025.

The Fund's performance over the reporting period was positive, supported by policy and macro tailwinds across key markets. Ongoing drought conditions in major cities worldwide and growing scrutiny of data center water use, particularly in the United States, underscored the need for more efficient treatment and supply solutions. Lower interest rates also supported U.S. water utilities by easing financing costs for capital-intensive network upgrades and resilience projects. In Europe, the European Commission advanced a water resilience strategy to improve drought readiness, upgrade networks, and promote efficient treatment. In Japan, a newly approved national plan to strengthen aging, disaster-prone water infrastructure reinforced the need for investment across networks and treatment Partly offsetting the Fund's positive performance was U.S. regulatory uncertainty surrounding the Per- and Polyfluoroalkyl substances (PFAS) rule proposed by the U.S. Environmental Protection Agency, which could shift the timing of project outlays.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i3b3409dd6079aaed953f4e89.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X Clean Water ETF** | **MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup>** | **Solactive Global Clean Water Industry Index (USD) (NR)<sup>Footnote Reference†</sup>** |
| **Apr/21** | $10000 | $10000 | $10000 |
| **Nov/21** | $11152 | $10592 | $11174 |
| **Nov/22** | $9683 | $9362 | $9732 |
| **Nov/23** | $10603 | $10486 | $10690 |
| **Nov/24** | $12863 | $13225 | $13035 |
| **Nov/25** | $13696 | $15633 | $13955 |

---

Since its inception on April 8, 2021. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/aqwa for current month-end performance.

---

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

---

## Average Annual Total Returns as of November 30, 2025

---

| | | |
|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>Annualized Since Inception</u>** |
| Global X Clean Water ETF | 6.48% | 7.00% |
| MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 18.21% | 10.09% |
| Solactive Global Clean Water Industry Index (USD) (NR)<sup>Footnote Reference†</sup> | 7.05% | 7.43% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $21858831 | 40 | $65668 | 17.03% |

---

## What did the Fund invest in?

## Country Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i6093ad293ed3a2de20987bbe.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Saudi Arabia | 0.6% |
| Singapore | 1.0% |
| South Korea | 1.6% |
| Japan | 3.5% |
| China | 4.8% |
| Brazil | 6.3% |
| United Kingdom | 9.6% |
| United States | 72.4% |

---

---

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

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| Ferguson Enterprises | 8.8% |
| Pentair PLC | 8.1% |
| Xylem | 8.1% |
| American Water Works | 7.3% |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 5.5% |
| Advanced Drainage Systems | 4.9% |
| United Utilities Group PLC | 4.8% |
| Severn Trent PLC | 4.8% |
| Core & Main, Cl A | 4.6% |
| Essential Utilities | 4.5% |

---

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

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

* 1-888-493-8631 

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

# Global X Funds

## Global X Clean Water ETF: AQWA

#### Principal Listing Exchange: Nasdaq

#### Annual Shareholder Report - November 30, 2025

#### AQWA-AR-2025
![Image](i21c88ac930baf270b65daa71.jpg)

# Global X Funds
![Image](i21c88ac930baf270b65daa71.jpg)

## Global X AgTech & Food Innovation ETF

## Ticker: KROP

## Principal Listing Exchange: Nasdaq

## Annual Shareholder Report: November 30, 2025
This annual shareholder report contains important information about the Global X AgTech & Food Innovation ETF (the "Fund") for the period from December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/krop/. You can also request this information by contacting us at 1-888-493-8631.

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X AgTech & Food Innovation ETF | $50 | 0.50% |

---

## How did the Fund perform in the last year?
The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive AgTech & Food Innovation Index ("Secondary Index"). The Fund is passively managed and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Secondary Index.

The Secondary Index is designed to provide exposure to companies that are positioned to benefit from further advances in the fields of agricultural technology ("AgTech") and food innovation. Specifically, the Secondary Index will include securities issued by "AgTech & Food Innovation Companies" as defined by Solactive AG, the provider of the Secondary Index.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund increased 0.73%, while the Secondary Index increased 0.82%. The Fund had a net asset value of $10.50 per share on December 1, 2024 and ended the reporting period with a net asset value of $31.19 per share on November 30, 2025. On August 29, 2025, KROP effected a reverse stock split at a ratio of 1:3. The reverse stock split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding.

The Fund's performance was positive over the reporting period, supported by an improved outlook for U.S. agriculture as federal forecasters projected a rebound in sector profits in 2025. Policy support provided tailwinds, with Congress extending key farm programs and disaster aid that sustained producer cash flow during periods of soft crop receipts and higher costs. Weather and climate were influential: ENSO-neutral conditions prevailed through much of 2025, with the probability of La Niña increasing into the fall—a Pacific cooling pattern that typically drives regionally uneven precipitation and influences crop conditions. Drought pressures eased in the spring but re-emerged in late summer across parts of the Midwest. These factors supported demand for precision tools and irrigation. In Europe, policymakers advanced rules to ease market access for certain gene-edited crops, and a hot, dry summer depressed yields in parts of the south and east, developments that heightened interest in climate-resilient seeds and water-efficient systems. Broader food-innovation tailwinds also supported the sector, with continued investment in sustainable protein technologies improving long-term growth prospects across the agricultural value chain.

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

## Total Return Based on $10,000 Investment
![Growth Chart](if40195584e65d33c5693c2f2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X AgTech & Food Innovation ETF** | **MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup>** | **Solactive AgTech & Food Innovation Index (USD) (NR)<sup>Footnote Reference†</sup>** |
| **Jul/21** | $10000 | $10000 | $10000 |
| **Nov/21** | $7798 | $10042 | $7809 |
| **Nov/22** | $6233 | $8875 | $6268 |
| **Nov/23** | $4089 | $9941 | $4123 |
| **Nov/24** | $4290 | $12537 | $4347 |
| **Nov/25** | $4321 | $14820 | $4382 |

---

Since its inception on July 12, 2021. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/krop/ for current month-end performance.

---

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

---

## Average Annual Total Returns as of November 30, 2025

---

| | | |
|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>Annualized Since Inception</u>** |
| Global X AgTech & Food Innovation ETF | 0.73% | -17.40% |
| MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 18.21% | 9.38% |
| Solactive AgTech & Food Innovation Index (USD) (NR)<sup>Footnote Reference†</sup> | 0.82% | -17.14% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $6340315 | 33 | $39591 | 32.81% |

---

## What did the Fund invest in?

## Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i3c8c5a14041b653073b251e3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Countries | 0.1% |
| Repurchase Agreements | 0.2% |
| Argentina | 0.3% |
| Switzerland | 0.3% |
| Indonesia | 0.3% |
| South Korea | 0.3% |
| Malaysia | 0.3% |
| Philippines | 0.4% |
| Saudi Arabia | 0.5% |
| Australia | 1.7% |
| China | 11.6% |
| Canada | 12.4% |
| Japan | 12.5% |
| United States | 59.2% |

---

---

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

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Kubota | 12.5% |
| Corteva | 12.3% |
| Nutrien | 11.7% |
| Deere | 11.6% |
| FMC | 4.6% |
| Hebei Yangyuan Zhihui Beverage, Cl A | 4.4% |
| AGCO | 4.4% |
| Yuan Longping High-tech Agriculture, Cl A | 4.3% |
| Sprouts Farmers Market | 4.3% |
| CNH Industrial | 4.2% |

---

---

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

---

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

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

* 1-888-493-8631 

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

# Global X Funds

## Global X AgTech & Food Innovation ETF: KROP

#### Principal Listing Exchange: Nasdaq

#### Annual Shareholder Report - November 30, 2025

#### KROP-AR-2025
![Image](i21c88ac930baf270b65daa71.jpg)

# Global X Funds
![Image](i21c88ac930baf270b65daa71.jpg)

## Global X Blockchain ETF

## Ticker: BKCH

## Principal Listing Exchange: Nasdaq

## Annual Shareholder Report: November 30, 2025
This annual shareholder report contains important information about the Global X Blockchain ETF (the "Fund") for the period from December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/bkch/. You can also request this information by contacting us at 1-888-493-8631.

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

---

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

---

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

The Secondary Index is designed to provide exposure to companies that are positioned to benefit from further advances in the field of blockchain technology. Specifically, the Secondary Index will include securities issued by "Blockchain Companies" as defined by Solactive AG, the provider of the Secondary Index. "Blockchain Companies" are those companies that derive at least 50% of their revenues, operating income, or assets from the following business activities: (i) digital asset mining; (ii) blockchain & digital asset transactions; (iii) blockchain applications; (iv) blockchain & digital asset hardware; and (v) blockchain & digital asset integration.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund increased 21.99%, while the Secondary Index increased 21.96%. The Fund had a net asset value of $71.18 per share on December 1, 2024 and ended the reporting period with a net asset value of $80.92 per share on November 30, 2025.

The Fund delivered positive performance over the reporting period, helped by supportive U.S. economic policy moves and improving market structure for digital assets. A quarter-point Federal Reserve rate cut in September 2025 lifted risk appetite for crypto-exposed equities, aiding exchange and mining holdings. Regulatory clarity also advanced when the GENIUS Act was signed into law in the U.S. in July 2025, setting reserve and disclosure standards for stablecoins that investors viewed as a stabilizing force for U.S. trading and payments activity tied to stablecoins and other digital assets. While early-2025 brought bouts of volatility and notable outflows from spot bitcoin ETFs, flows later inflected positively. These factors combined to contribute to the Fund's positive performance during the reporting period.

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

## Total Return Based on $10,000 Investment
![Growth Chart](ia6824919be93eaec80a76a40.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X Blockchain ETF** | **MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup>** | **Solactive Blockchain Index (USD) (NR)<sup>Footnote Reference†</sup>** |
| **Jul/21** | $10000 | $10000 | $10000 |
| **Nov/21** | $12927 | $10042 | $12922 |
| **Nov/22** | $1719 | $8875 | $1686 |
| **Nov/23** | $3248 | $9941 | $3135 |
| **Nov/24** | $7673 | $12537 | $7381 |
| **Nov/25** | $9360 | $14820 | $9002 |

---

Since its inception on July 12, 2021. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/bkch/ for current month-end performance.

---

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

---

## Average Annual Total Returns as of November 30, 2025

---

| | | |
|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>Annualized Since Inception</u>** |
| Global X Blockchain ETF | 21.99% | -1.49% |
| MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 18.21% | 9.38% |
| Solactive Blockchain Index (USD) (NR)<sup>Footnote Reference†</sup> | 21.96% | -2.37% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $363803395 | 42 | $1079523 | 58.03% |

---

## What did the Fund invest in?

## Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i24b8cd48cc94c4c72207f320.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Hong Kong | 0.3% |
| Jersey | 0.3% |
| Germany | 0.7% |
| China | 4.1% |
| Australia | 11.8% |
| Canada | 11.8% |
| Repurchase Agreements | 20.3% |
| United States | 70.9% |

---

---

| | |
|:---|:---|
| 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<sup>Footnote Reference(A)</sup></u>** |
| Coinbase Global, Cl A | 12.0% |
| Iris Energy | 11.9% |
| BitMine Immersion Technologies | 10.7% |
| Applied Digital | 7.6% |
| Cipher Mining | 6.0% |
| TeraWulf | 5.5% |
| Hut 8 | 4.9% |
| Bitfarms | 4.8% |
| Cleanspark | 4.6% |
| Riot Platforms | 4.5% |

---

---

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

---

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

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

* 1-888-493-8631 

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

# Global X Funds

## Global X Blockchain ETF: BKCH

#### Principal Listing Exchange: Nasdaq

#### Annual Shareholder Report - November 30, 2025

#### BKCH-AR-2025
![Image](i21c88ac930baf270b65daa71.jpg)

# Global X Funds
![Image](i21c88ac930baf270b65daa71.jpg)

## Global X Hydrogen ETF

## Ticker: HYDR

## Principal Listing Exchange: Nasdaq

## Annual Shareholder Report: November 30, 2025
This annual shareholder report contains important information about the Global X Hydrogen ETF (the "Fund") for the period from December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/hydr/. You can also request this information by contacting us at 1-888-493-8631.

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Hydrogen ETF | $62 | 0.50% |

---

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

The Secondary index is designed to provide exposure to companies that are positioned to benefit from further advances in the field of hydrogen technology, particularly in relation to the development and implementation of hydrogen gas as a renewable fuel source. Specifically, the Secondary Index includes securities issued by "Hydrogen Companies" as defined by Solactive AG, the index provider. Hydrogen Companies are those companies that derive at least 50% of their revenues, operating income, or assets from the following business activities: (i) hydrogen production; (ii) hydrogen fuel cells; (iii) hydrogen technology; and (iv) hydrogen integration.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund increased 47.21%, while the Secondary Index increased 42.62%. The Fund had a net asset value of $25.56 per share on December 1, 2024 and ended the reporting period with a net asset value of $37.03 per share on November 30, 2025.

The Fund's performance over the last year was positive, supported by clearer policy signals and project advancement across core markets. In the United States, growing interest in hydrogen fuel cell technologies as a power solution for energy-intensive data centers added momentum to domestic technology deployment. In Europe, the second European Hydrogen Bank auction moved forward with 15 shortlisted projects and €992 million in support, while Germany's efforts to advance its hydrogen network and secure long-term supply agreements lifted expectations for equipment suppliers. In the United Kingdom, ongoing hydrogen allocation rounds and completion of the first grid-connected hydrogen blending trial signaled steps toward commercialization. In Japan, a new price gap subsidy framework and approval of initial projects under the Hydrogen Society Promotion Act strengthened confidence in local supply chains.

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

## Total Return Based on $10,000 Investment
![Growth Chart](if5f86e59e3eaa6d5074f7c66.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X Hydrogen ETF** | **MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup>** | **Solactive Global Hydrogen Index (USD) (NR)<sup>Footnote Reference†</sup>** |
| **Jul/21** | $10000 | $10000 | $10000 |
| **Nov/21** | $9736 | $10042 | $9751 |
| **Nov/22** | $4903 | $8875 | $4916 |
| **Nov/23** | $2605 | $9941 | $2637 |
| **Nov/24** | $2043 | $12537 | $2082 |
| **Nov/25** | $3007 | $14820 | $2970 |

---

Since its inception on July 12, 2021. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/hydr/ for current month-end performance.

---

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

---

## Average Annual Total Returns as of November 30, 2025

---

| | | |
|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>Annualized Since Inception</u>** |
| Global X Hydrogen ETF | 47.21% | -23.95% |
| MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 18.21% | 9.38% |
| Solactive Global Hydrogen Index (USD) (NR)<sup>Footnote Reference†</sup> | 42.62% | -24.17% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $61092447 | 31 | $199225 | 72.26% |

---

## What did the Fund invest in?

## Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i091a47b6fb0a522cd859440a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Singapore | 0.4% |
| Japan | 2.2% |
| Germany | 4.3% |
| Norway | 4.4% |
| Sweden | 4.5% |
| Canada | 8.0% |
| China | 10.1% |
| United Kingdom | 14.3% |
| Repurchase Agreements | 19.2% |
| South Korea | 20.4% |
| United States | 32.0% |

---

---

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

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Bloom Energy, Cl A | 11.5% |
| Doosan Fuel Cell | 11.3% |
| Plug Power | 10.7% |
| Ballard Power Systems | 8.0% |
| Jiangsu Guofu Hydrogen Energy Equipment, Cl H | 5.0% |
| ITM Power PLC | 4.9% |
| Ceres Power Holdings PLC | 4.7% |
| PowerCell Sweden | 4.5% |
| NEL | 4.4% |
| FuelCell Energy | 4.3% |

---

---

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

---

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

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

* 1-888-493-8631 

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

# Global X Funds

## Global X Hydrogen ETF: HYDR

#### Principal Listing Exchange: Nasdaq

#### Annual Shareholder Report - November 30, 2025

#### HYDR-AR-2025
![Image](i21c88ac930baf270b65daa71.jpg)

# Global X Funds
![Image](i21c88ac930baf270b65daa71.jpg)

## Global X Defense Tech ETF

## Ticker: SHLD

## Principal Listing Exchange: NYSE Arca, Inc.

## Annual Shareholder Report: November 30, 2025
This annual shareholder report contains important information about the Global X Defense Tech ETF (the "Fund") for the period from December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/shld/. You can also request this information by contacting us at 1-888-493-8631.

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Defense Tech ETF | $65 | 0.50% |

---

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

The Secondary Index is owned and was developed by Global X Management Company LLC ("Index Provider"), an affiliate of the Fund and the Fund's investment adviser. The Secondary Index is administered and calculated by Mirae Asset Global Indices Pvt. Ltd. ("Index Administrator"), an affiliate of the Index Provider. The Secondary Index is designed to provide exposure to defense technology ("Defense Tech") companies. Specifically, the Secondary Index consists of securities issued by "Defense Tech Companies", as determined by the Index Administrator. "Defense Tech Companies" are those companies that derive at least 50% of their revenues from one or more of the following business activities as determined by the Index Administrator: (i) cybersecurity; (ii) defense technology; and (iii) Advanced Military Systems and Hardware.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund increased 60.10%, while the Secondary Index increased 61.03%. The Fund had a net asset value of $39.26 per share on December 1, 2024 and ended the reporting period with a net asset value of $62.50 per share on November 30, 2025.

The Fund advanced over the reporting period, driven by rising defense budgets, stronger policy support, and growing global security risks. The December 2024 U.S. defense policy bill emphasized munitions and modernization, followed by contracts focused on missile-defense and precision-strike systems. Heightened instability in the Red Sea and ongoing Houthi missile activity underscored the need for enhanced naval defense, lifting demand for interceptors and related technologies. Expansion of the U.S. industrial base also provided multi-year visibility for munitions suppliers, strengthening earnings expectations across the segment. Allied spending increased as NATO raised its long-term investment target in June 2025, while U.S. notifications for Taiwan in late 2024 included potential air-defense and communications-equipment orders. Together, these policy moves and elevated geopolitical risks supported sentiment toward defense-technology companies and contributed to the Fund's positive performance.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i029803d3c694fde155bee172.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X Defense Tech ETF** | **MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup>** | **Global X Defense Tech Index (USD) (NR)<sup>Footnote Reference†</sup>** |
| **Sep/23** | $10000 | $10000 | $10000 |
| **Nov/23** | $10890 | $10207 | $10904 |
| **Nov/24** | $15888 | $12872 | $15990 |
| **Nov/25** | $25437 | $15216 | $25748 |

---

Since its inception on September 11, 2023. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/shld/ for current month-end performance.

---

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

---

## Average Annual Total Returns as of November 30, 2025

---

| | | |
|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>Annualized Since Inception</u>** |
| Global X Defense Tech ETF | 60.10% | 52.22% |
| MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 18.21% | 20.79% |
| Global X Defense Tech Index (USD) (NR)<sup>Footnote Reference†</sup> | 61.03% | 53.06% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $4827481470 | 55 | $12521081 | 32.79% |

---

## What did the Fund invest in?

## Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i401e38f832013d7f00e79775.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Countries | 0.1% |
| Canada | 0.2% |
| Turkey | 0.4% |
| Australia | 0.5% |
| Repurchase Agreements | 0.6% |
| Israel | 2.6% |
| Sweden | 3.4% |
| Italy | 4.0% |
| France | 5.5% |
| South Korea | 5.5% |
| United Kingdom | 6.4% |
| Germany | 8.0% |
| United States | 63.3% |

---

---

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

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Palantir Technologies, Cl A | 8.2% |
| RTX | 8.2% |
| General Dynamics | 8.2% |
| Lockheed Martin | 7.9% |
| Rheinmetall | 7.1% |
| Northrop Grumman | 4.6% |
| L3Harris Technologies | 4.5% |
| Leidos Holdings | 4.5% |
| Thales | 4.3% |
| BAE Systems PLC | 4.2% |

---

---

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

---

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

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

* 1-888-493-8631 

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

# Global X Funds

## Global X Defense Tech ETF: SHLD

#### Principal Listing Exchange: NYSE Arca, Inc.

#### Annual Shareholder Report - November 30, 2025

#### SHLD-AR-2025
![Image](i21c88ac930baf270b65daa71.jpg)

# Global X Funds
![Image](i21c88ac930baf270b65daa71.jpg)

## Global X Infrastructure Development ex-U.S. ETF

## Ticker: IPAV

## Principal Listing Exchange: Cboe BZX Exchange, Inc.

## Annual Shareholder Report: November 30, 2025
This annual shareholder report contains important information about the Global X Infrastructure Development ex-U.S. ETF (the "Fund") for the period from December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/ipav. You can also request this information by contacting us at 1-888-493-8631.

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Infrastructure Development ex-U.S. ETF | $61 | 0.55% |

---

## How did the Fund perform in the last year?
The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Global X Infrastructure Development ex-U.S. Index ("Secondary Index"). The Fund is passively managed, and generally seeks to fully replicate the Secondary Index.

The Secondary Index is owned and was developed by Global X Management Company LLC ("Index Provider"), an affiliate of the Fund and the Fund's investment adviser. The Secondary Index is administered and calculated by Mirae Asset Global Indices Pvt. Ltd. (the "Index Administrator"), an affiliate of the Index Provider. The Secondary Index is designed to track the performance of companies involved in infrastructure development for international markets, including developed and emerging markets but excluding the United States. This includes companies involved in engineering and construction services; production of infrastructure raw materials and composites; producers and distributors of heavy construction equipment and products; infrastructure transportation; and manufacturers and/or distributors of smart grid components.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund increased 21.69%, while the Secondary Index increased 22.55%. The Fund had a net asset value of $23.97 per share on December 1, 2024 and ended the reporting period with a net asset value of $28.94 per share on November 30, 2025.

Performance was positive over the reporting period, supported by policy momentum across core non-U.S. markets and sectors tied to construction, engineering, materials, and grid equipment. In Europe, policymakers urged faster Recovery and Resilience Facility spending while transmission operators identified new grid needs, boosting outlook for contractors, suppliers, and materials producers. In the UK, the launch of a National Wealth Fund alongside planning reforms aimed at speeding major projects and grid upgrades improved the outlook for developers and transmission equipment names. Australia's 2025–26 budget maintained funding for road and rail programs, and Canada advanced multiple rounds of federal support for clean-power and grid modernization projects, providing a tailwind to contractors and grid component suppliers. In India, emphasis on public investment supported demand expectations for steel, cement, equipment, and logistics, benefiting related holdings. Taken together, these developments supported the Fund's overall positive performance for the reporting period.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i8d86f808255a5e29432a3fbb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X Infrastructure Development ex-U.S. ETF** | **MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup>** | **Global X Infrastructure Development ex-U.S. Index (USD) (NR)<sup>Footnote Reference†</sup>** |
| **Aug/24** | $10000 | $10000 | $10000 |
| **Aug/24** | $10012 | $10036 | $10016 |
| **Sep/24** | $10282 | $10269 | $10292 |
| **Oct/24** | $9637 | $10039 | $9646 |
| **Nov/24** | $9658 | $10414 | $9675 |
| **Dec/24** | $9316 | $10168 | $9332 |
| **Jan/25** | $9534 | $10509 | $9557 |
| **Feb/25** | $9514 | $10446 | $9545 |
| **Mar/25** | $9756 | $10033 | $9786 |
| **Apr/25** | $10144 | $10127 | $10178 |
| **May/25** | $10597 | $10709 | $10638 |
| **Jun/25** | $11013 | $11190 | $11065 |
| **Jul/25** | $11005 | $11341 | $11071 |
| **Aug/25** | $11236 | $11621 | $11303 |
| **Sep/25** | $11395 | $12043 | $11494 |
| **Oct/25** | $11618 | $12312 | $11731 |
| **Nov/25** | $11752 | $12311 | $11856 |

---

Since its inception on August 27, 2024. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/ipav for current month-end performance.

---

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

---

## Average Annual Total Returns as of November 30, 2025

---

| | | |
|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>Annualized Since Inception</u>** |
| Global X Infrastructure Development ex-U.S. ETF | 21.69% | 13.67% |
| MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 18.21% | 17.93% |
| Global X Infrastructure Development ex-U.S. Index (USD) (NR)<sup>Footnote Reference†</sup> | 22.55% | 14.46% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $4629874 | 100 | $19644 | 45.14% |

---

## What did the Fund invest in?

## Country Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i3ee9344e2539774d4d0f8610.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Countries | 15.2% |
| Luxembourg | 3.2% |
| Mexico | 3.3% |
| Sweden | 3.6% |
| China | 4.1% |
| Spain | 4.8% |
| Italy | 4.9% |
| South Korea | 5.4% |
| France | 6.7% |
| United States | 7.5% |
| Canada | 8.0% |
| Japan | 14.1% |
| India | 19.1% |

---

---

| | |
|:---|:---|
| 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>** |
| ArcelorMittal | 3.2% |
| Holcim | 3.1% |
| Prysmian | 3.1% |
| Heidelberg Materials | 3.1% |
| Ferrovial | 3.1% |
| Vinci | 3.0% |
| Cemex ADR | 3.0% |
| Canadian Pacific Kansas City | 3.0% |
| Shin-Etsu Chemical | 3.0% |
| Nippon Steel | 3.0% |

---

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

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

* 1-888-493-8631 

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

# Global X Funds

## Global X Infrastructure Development ex-U.S. ETF: IPAV

#### Principal Listing Exchange: Cboe BZX Exchange, Inc.

#### Annual Shareholder Report - November 30, 2025

#### IPAV-AR-2025
![Image](i21c88ac930baf270b65daa71.jpg)

# Global X Funds
![Image](i21c88ac930baf270b65daa71.jpg)

## Global X AI Semiconductor & Quantum ETF

## Ticker: CHPX

## Principal Listing Exchange: Nasdaq

## Annual Shareholder Report: November 30, 2025
This annual shareholder report contains important information about the Global X AI Semiconductor & Quantum ETF (the "Fund") for the period from September 30, 2025 (commencement of operations) to November 30, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/chpx. You can also request this information by contacting us at 1-888-493-8631.

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment<sup>Footnote Reference\*</sup></u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X AI Semiconductor & Quantum ETF | $9 | 0.50% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Costs shown not annualized. If the Fund had been open for the full fiscal year, costs would have been higher. |

---

## How did the Fund perform in the period?
The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Global X AI Semiconductor & Quantum Index (the "Secondary Index"). The Underlying Index is owned and was developed by Global X Management Company LLC (the "Index Provider"), the Fund's investment adviser and an affiliate of the Fund. The Underlying Index is administered and calculated by Mirae Asset Global Indices Pvt. Ltd., an affiliate of the Index Provider and the Fund.

The Secondary Index is designed to track the performance of companies that are involved in the artificial intelligence (AI) semiconductor and quantum computing ecosystems. This includes companies that are identified as deriving a significant proportion of their revenue from the following sub-themes: AI Semiconductors; Compute Systems Enablers; Data Center Infrastructure and Equipment; and Quantum Computing Technologies.

Since inception through November 30, 2025 (the "reporting period"), the Fund increased 8.48%, while the Secondary Index increased 8.60%. The Fund had a net asset value of $50.35 per share on September 30, 2025 (the Fund's date of inception) and ended the reporting period with a net asset value of $54.62 per share on November 30, 2025.

The Fund recorded positive returns over the reporting period as AI infrastructures continued to be built out and industrial policy across its core markets bolstered the AI chip supply chain. In the United States, awards to companies under the Creating Helpful Incentives to Protect Semiconductors (CHIPS) Act for materials, equipment, and optical-semiconductor projects reinforced confidence in companies within the AI Semiconductors sub-theme. Japan's expanded backing for the semiconductor field through its next-generation logic strategy signaled continued localization of advanced manufacturing, benefiting chip toolmakers and component suppliers. South Korea's broader tax credits for various industries supported investments in memory capacity for AI servers, benefiting Fund holdings linked to high bandwidth memory (HBM) and advanced memory. These tailwinds were partially offset by tighter U.S. export rules, though the Fund still recorded positive performance during the reporting period.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i8b0fbf15c744c7c808894114.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X AI Semiconductor & Quantum ETF** | **MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup>** | **Global X AI Semiconductor & Quantum Index (USD) (NR)<sup>Footnote Reference†</sup>** |
| **Sep/25** | $10000 | $10000 | $10000 |
| **Oct/25** | $11511 | $10224 | $11517 |
| **Nov/25** | $10848 | $10223 | $10860 |

---

Since its inception on September 30, 2025. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/chpx for current month-end performance.

---

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

---

## Average Annual Total Returns as of November 30, 2025

---

| | |
|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>Cumulative Since Inception</u>** |
| Global X AI Semiconductor & Quantum ETF | 8.48% |
| MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 2.23% |
| Global X AI Semiconductor & Quantum Index (USD) (NR)<sup>Footnote Reference†</sup> | 8.60% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $9832391 | 37 | $5580 | 5.88% |

---

## What did the Fund invest in?

## Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](ic61534118db4a54f55893062.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| South Korea | 4.0% |
| United Kingdom | 4.2% |
| U.S. Treasury Obligation | 10.1% |
| Netherlands | 10.6% |
| Taiwan | 14.9% |
| United States | 66.2% |

---

---

| | |
|:---|:---|
| 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>** |
| Broadcom | 11.2% |
| U.S. Treasury Bill, 3.92%, 12/30/2025 | 10.1% |
| Taiwan Semiconductor Manufacturing ADR | 9.9% |
| ASML Holding | 9.9% |
| NVIDIA | 9.3% |
| Intel | 5.0% |
| Arista Networks | 4.5% |
| Micron Technology | 4.4% |
| QUALCOMM | 4.3% |
| ARM Holdings PLC ADR | 4.3% |

---

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

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

* 1-888-493-8631 

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

# Global X Funds

## Global X AI Semiconductor & Quantum ETF: CHPX

#### Principal Listing Exchange: Nasdaq

#### Annual Shareholder Report - November 30, 2025

#### CHPX-AR-2025
![Image](i21c88ac930baf270b65daa71.jpg)

(b) Not applicable.

**Item 2. Code of Ethics.**

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

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

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

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

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

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

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

---

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

---

Notes:

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

(e)(1) Not applicable.

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

---

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

---

(f) Not applicable.

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

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

(i) Not applicable.

(j) Not applicable.

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

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

**Item 6. Investments.**

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

(b) Not applicable.

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

Financial statements and financial highlights are filed herein.

![](x1_c115250x1x1m4.jpg)

**Global X Millennial Consumer ETF (ticker: MILN)**

**Global X Aging Population ETF (ticker: AGNG)**

**Global X FinTech ETF (ticker: FINX)**

**Global X Internet of Things ETF (ticker: SNSR)**

**Global X Robotics & Artificial Intelligence ETF (ticker: BOTZ)**

**Global X U.S. Infrastructure Development ETF (ticker: PAVE)**

**Global X Autonomous & Electric Vehicles ETF (ticker: DRIV)**

**Global X Artificial Intelligence & Technology ETF (ticker: AIQ)**

**Global X Genomics & Biotechnology ETF (ticker: GNOM)**

**Global X Cloud Computing ETF (ticker: CLOU)**

**Global X Cybersecurity ETF (ticker: BUG)**

**Global X Dorsey Wright Thematic ETF (ticker: GXDW)**

**Global X Video Games & Esports ETF (ticker: HERO)**

**Global X HealthTech ETF (ticker: HEAL)**

**Global X CleanTech ETF (ticker: CTEC)**

**Global X Data Center & Digital Infrastructure ETF (ticker: DTCR)**

**Global X Clean Water ETF (ticker: AQWA)**

**Global X AgTech & Food Innovation ETF (ticker: KROP)**

**Global X Blockchain ETF (ticker: BKCH)**

**Global X Hydrogen ETF (ticker: HYDR)**

**Global X Defense Tech ETF (ticker: SHLD)**

**Global X Infrastructure Development ex-U.S. ETF (ticker: IPAV)**

**Global X AI Semiconductor & Quantum ETF (ticker: CHPX)**

**Annual Financials and Other Information**

**November 30, 2025**

![](logom4.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| Financial Statements (Form N-CSR Item 7) |  |
| &nbsp;&nbsp;&nbsp;[Schedules of Investments](#xx1xc115250a001xm4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X Millennial Consumer ETF](#xx1xc115250a002xm4) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X Aging Population ETF](#xx1xc115250a003xm4) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X FinTech ETF](#xx1xc115250a004xm4) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X Internet of Things ETF](#xx1xc115250a005xm4) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X Robotics & Artificial Intelligence ETF](#xx1xc115250a006xm4) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X U.S. Infrastructure Development ETF](#xx1xc115250a007xm4) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X Autonomous & Electric Vehicles ETF](#xx1xc115250a008xm4) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X Artificial Intelligence & Technology ETF](#xx1xc115250a009xm4) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X Genomics & Biotechnology ETF](#xx1xc115250a010xm4) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X Cloud Computing ETF](#xx1xc115250a011xm4) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X Cybersecurity ETF](#xx1xc115250a012xm4) | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X Dorsey Wright Thematic ETF](#xx1xc115250a013xm4) | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X Video Games & Esports ETF](#xx1xc115250a014xm4) | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X HealthTech ETF](#xx1xc115250a015xm4) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X CleanTech ETF](#xx1xc115250a016xm4) | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X Data Center & Digital Infrastructure ETF](#xx1xc115250a017xm4) | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X Clean Water ETF](#xx1xc115250a018xm4) | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X AgTech & Food Innovation ETF](#xx1xc115250a019xm4) | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X Blockchain ETF](#xx1xc115250a020xm4) | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X Hydrogen ETF](#xx1xc115250a021xm4) | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X Defense Tech ETF](#xx1xc115250a022xm4) | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X Infrastructure Development ex-U.S. ETF](#xx1xc115250a023xm4) | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X AI Semiconductor & Quantum ETF](#xx1xc115250a024xm4) | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Glossary](#xx1xc115250a025xm4) | 113 |
| &nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx1xc115250a026xm4) | 114 |
| &nbsp;&nbsp;&nbsp;[Statements of Operations](#xx1xc115250a027xm4) | 121 |
| &nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx1xc115250a028xm4) | 127 |
| &nbsp;&nbsp;&nbsp;[Financial Highlights](#xx1xc115250a029xm4) | 139 |
| &nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx1xc115250a030xm4) | 155 |
| [Report of Independent Registered Public Accounting Firm](#xx1xc115250a031xm4) | 186 |
| [Notice to Shareholders (Unaudited)](#xx1xc115250a032xm4) | 188 |
| [Other Information (Form N-CSR Items 8-11)](#xx1xc115250a033xm4) | 191 |

---

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** | **November 30, 2025** |
| **Global X Millennial Consumer ETF** | **Global X Millennial Consumer ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%** |  |  |
| **SINGAPORE — 3.4%** |  |  |
| Communication Services — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Grindr <sup>\*</sup> | 15986 | $205100 |
| Consumer Discretionary — 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;Sea ADR <sup>\*</sup> | 25738 | 3577840 |
| TOTAL SINGAPORE |  | 3782940 |
| **UNITED STATES — 96.5%** |  |  |
| Communication Services — 20.5% |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 18778 | 6012340 |
| &nbsp;&nbsp;&nbsp;Angi, Cl A <sup>\*</sup> | 22492 | 256859 |
| &nbsp;&nbsp;&nbsp;Cargurus, Cl A <sup>\*</sup> | 10786 | 380530 |
| &nbsp;&nbsp;&nbsp;Cars.com <sup>\*</sup> | 25158 | 291833 |
| &nbsp;&nbsp;&nbsp;Match Group | 17094 | 569401 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 5323 | 3449038 |
| &nbsp;&nbsp;&nbsp;Netflix \* | 31217 | 3358325 |
| &nbsp;&nbsp;&nbsp;Snap, Cl A <sup>\*</sup> | 98873 | 759345 |
| &nbsp;&nbsp;&nbsp;Spotify Technology <sup>\*</sup> | 5242 | 3139276 |
| &nbsp;&nbsp;&nbsp;TripAdvisor <sup>\*</sup> | 25353 | 376999 |
| &nbsp;&nbsp;&nbsp;Walt Disney | 33249 | 3473523 |
| &nbsp;&nbsp;&nbsp;Yelp, Cl A <sup>\*</sup> | 8236 | 238103 |
| &nbsp;&nbsp;&nbsp;ZipRecruiter, Cl A <sup>\*</sup> | 53355 | 253436 |
|  |  | 22559008 |
| Consumer Discretionary — 44.1% |  |  |
| &nbsp;&nbsp;&nbsp;Airbnb, Cl A <sup>\*</sup> | 25708 | 3007579 |
| &nbsp;&nbsp;&nbsp;Amazon.com <sup>\*</sup> | 15921 | 3713096 |
| &nbsp;&nbsp;&nbsp;AutoNation <sup>\*</sup> | 2691 | 568581 |
| &nbsp;&nbsp;&nbsp;Booking Holdings | 653 | 3209292 |
| &nbsp;&nbsp;&nbsp;Capri Holdings <sup>\*</sup> | 21772 | 552356 |
| &nbsp;&nbsp;&nbsp;CarMax <sup>\*</sup> | 10498 | 405853 |
| &nbsp;&nbsp;&nbsp;Carter's | 8173 | 260800 |
| &nbsp;&nbsp;&nbsp;Carvana, Cl A <sup>\*</sup> | 9210 | 3449145 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Cl A <sup>\*</sup> | 59093 | 2039890 |
| &nbsp;&nbsp;&nbsp;Columbia Sportswear | 4407 | 236700 |
| &nbsp;&nbsp;&nbsp;Coursera <sup>\*</sup> | 44037 | 350094 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods | 3859 | 797154 |
| &nbsp;&nbsp;&nbsp;DoorDash, Cl A <sup>\*</sup> | 16393 | 3251879 |
| &nbsp;&nbsp;&nbsp;eBay | 31947 | 2644892 |

---

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

*1*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Millennial Consumer ETF** | **Global X Millennial Consumer ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Consumer Discretionary — continued |  |  |
| &nbsp;&nbsp;&nbsp;Etsy <sup>\*</sup> | 7307 | $396185 |
| &nbsp;&nbsp;&nbsp;Expedia Group | 8455 | 2161859 |
| &nbsp;&nbsp;&nbsp;Graham Holdings, Cl B | 306 | 338589 |
| &nbsp;&nbsp;&nbsp;Home Depot | 8105 | 2892837 |
| &nbsp;&nbsp;&nbsp;Laureate Education, Cl A <sup>\*</sup> | 14751 | 455806 |
| &nbsp;&nbsp;&nbsp;Life Time Group Holdings <sup>\*</sup> | 14305 | 399396 |
| &nbsp;&nbsp;&nbsp;Lowe's | 12835 | 3112231 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica <sup>\*</sup> | 7920 | 1458706 |
| &nbsp;&nbsp;&nbsp;NIKE, Cl B | 51006 | 3296518 |
| &nbsp;&nbsp;&nbsp;Peloton Interactive, Cl A <sup>\*</sup> | 54102 | 367352 |
| &nbsp;&nbsp;&nbsp;Perdoceo Education | 10828 | 302751 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Cl A <sup>\*</sup> | 5761 | 645059 |
| &nbsp;&nbsp;&nbsp;Starbucks | 34096 | 2970102 |
| &nbsp;&nbsp;&nbsp;Strategic Education | 3508 | 273694 |
| &nbsp;&nbsp;&nbsp;Stride <sup>\*</sup> | 2971 | 188748 |
| &nbsp;&nbsp;&nbsp;Sweetgreen, Cl A <sup>\*</sup> | 13907 | 90256 |
| &nbsp;&nbsp;&nbsp;Torrid Holdings <sup>\*</sup> | 57937 | 75318 |
| &nbsp;&nbsp;&nbsp;Under Armour, Cl A <sup>\*</sup> | 54759 | 252987 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters \* | 6323 | 468345 |
| &nbsp;&nbsp;&nbsp;VF | 27772 | 486010 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret <sup>\*</sup> | 16092 | 665082 |
| &nbsp;&nbsp;&nbsp;Wayfair, Cl A <sup>\*</sup> | 11207 | 1241736 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma | 8467 | 1524145 |
|  |  | 48551023 |
| Consumer Staples — 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;Celsius Holdings <sup>\*</sup> | 17669 | 723369 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale | 2990 | 2731634 |
| &nbsp;&nbsp;&nbsp;Maplebear <sup>\*</sup> | 18023 | 757146 |
| &nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage | 6251 | 173465 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market <sup>\*</sup> | 6692 | 560857 |
|  |  | 4946471 |
| Financials — 9.0% |  |  |
| &nbsp;&nbsp;&nbsp;Block, Cl A <sup>\*</sup> | 38353 | 2561981 |
| &nbsp;&nbsp;&nbsp;Fiserv <sup>\*</sup> | 13892 | 853941 |
| &nbsp;&nbsp;&nbsp;LendingClub <sup>\*</sup> | 31601 | 571978 |
| &nbsp;&nbsp;&nbsp;Nelnet, Cl A | 2671 | 345200 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings | 47328 | 2966992 |

---

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

*2*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Millennial Consumer ETF** | **Global X Millennial Consumer ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;SLM | 14361 | $420777 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies <sup>\*</sup> | 75175 | 2234201 |
|  |  | 9955070 |
| Health Care — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health <sup>\*</sup> | 14657 | 582762 |
| &nbsp;&nbsp;&nbsp;Omada Health Inc <sup>\*</sup> | 14277 | 267408 |
|  |  | 850170 |
| Industrials — 4.4% |  |  |
| &nbsp;&nbsp;&nbsp;Avis Budget Group <sup>\*</sup> | 4322 | 587273 |
| &nbsp;&nbsp;&nbsp;Lyft, Cl A <sup>\*</sup> | 27949 | 587768 |
| &nbsp;&nbsp;&nbsp;Uber Technologies <sup>\*</sup> | 41757 | 3655408 |
|  |  | 4830449 |
| Information Technology — 6.8% |  |  |
| &nbsp;&nbsp;&nbsp;Apple | 15759 | 4394397 |
| &nbsp;&nbsp;&nbsp;Intuit | 4994 | 3166596 |
|  |  | 7560993 |
| Real Estate — 6.4% |  |  |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities <sup>‡</sup> | 9760 | 1775734 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust <sup>‡</sup> | 7272 | 773305 |
| &nbsp;&nbsp;&nbsp;Centerspace <sup>‡</sup> | 4834 | 322718 |
| &nbsp;&nbsp;&nbsp;Equity Residential <sup>‡</sup> | 26031 | 1607414 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust <sup>‡</sup> | 15774 | 270524 |
| &nbsp;&nbsp;&nbsp;Invitation Homes <sup>‡</sup> | 41832 | 1179662 |
| &nbsp;&nbsp;&nbsp;UDR <sup>‡</sup> | 22705 | 826916 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Cl A <sup>\*</sup> | 4528 | 327601 |
|  |  | 7083874 |
| TOTAL UNITED STATES |  | 106337058 |
| TOTAL COMMON STOCK<br>(Cost $114,745,786) |  | 110119998 |
| TOTAL INVESTMENTS — 99.9%<br>(Cost $114,745,786) |  | $110119998 |

---

*Percentages are based on Net Assets of $110,179,387.*

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

*3*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Millennial Consumer ETF** | **Global X Millennial Consumer ETF** |

---

*\** *Non-income producing security.* <br> *‡* *Real Estate Investment Trust*

*As of November 30, 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.*

*4*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Aging Population ETF** | **Global X Aging Population ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8%** |  |  |
| **AUSTRALIA — 0.8%** |  |  |
| Health Care — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Cochlear | 3422 | $626250 |
| **BELGIUM — 4.4%** |  |  |
| Health Care — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;UCB | 11130 | 3106521 |
| Real Estate — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Aedifica ‡ | 2683 | 207065 |
| TOTAL BELGIUM |  | 3313586 |
| **CANADA — 0.6%** |  |  |
| Health Care — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Chartwell Retirement Residences, Cl Trust Units | 15994 | 231526 |
| &nbsp;&nbsp;&nbsp;Sienna Senior Living | 16083 | 239044 |
| TOTAL CANADA |  | 470570 |
| **CHINA — 5.7%** |  |  |
| Health Care — 5.7% |  |  |
| &nbsp;&nbsp;&nbsp;AK Medical Holdings | 234189 | 167243 |
| &nbsp;&nbsp;&nbsp;BeiGene ADR <sup>\*</sup> | 5144 | 1752098 |
| &nbsp;&nbsp;&nbsp;Hansoh Pharmaceutical Group | 309943 | 1601149 |
| &nbsp;&nbsp;&nbsp;Lifetech Scientific \* | 1025792 | 252970 |
| &nbsp;&nbsp;&nbsp;Luye Pharma Group <sup>\*</sup> | 757624 | 299718 |
| &nbsp;&nbsp;&nbsp;Microport Scientific \* | 206202 | 296897 |
| TOTAL CHINA |  | 4370075 |
| **DENMARK — 4.1%** |  |  |
| Consumer Discretionary — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;GN Store Nord <sup>\*</sup> | 13469 | 216722 |
| Health Care — 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;Demant <sup>\*</sup> | 11125 | 378929 |
| &nbsp;&nbsp;&nbsp;Genmab <sup>\*</sup> | 3467 | 1098471 |

---

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

*5*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Aging Population ETF** | **Global X Aging Population ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Health Care — continued |  |  |
| &nbsp;&nbsp;&nbsp;Novo Nordisk, Cl B | 28108 | $1384545 |
|  |  | 2861945 |
| TOTAL DENMARK |  | 3078667 |
| **FRANCE — 0.2%** |  |  |
| Health Care — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Clariane <sup>\*</sup> | 42010 | 181660 |
| **GERMANY — 1.0%** |  |  |
| Health Care — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Fresenius Medical Care | 15352 | 734942 |
| **ITALY — 0.2%** |  |  |
| Health Care — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Amplifon | 11666 | 179256 |
| **JAPAN — 6.3%** |  |  |
| Health Care — 6.3% |  |  |
| &nbsp;&nbsp;&nbsp;Astellas Pharma | 94712 | 1195052 |
| &nbsp;&nbsp;&nbsp;Chugai Pharmaceutical | 40225 | 2158566 |
| &nbsp;&nbsp;&nbsp;Nipro | 20144 | 194405 |
| &nbsp;&nbsp;&nbsp;Terumo | 77415 | 1210462 |
| TOTAL JAPAN |  | 4758485 |
| **NEW ZEALAND — 0.3%** |  |  |
| Health Care — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Ryman Healthcare <sup>\*</sup> | 125764 | 210087 |
| **SOUTH KOREA — 2.1%** |  |  |
| Health Care — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Celltrion | 11505 | 1451962 |
| &nbsp;&nbsp;&nbsp;Dentium | 3611 | 128171 |
| TOTAL SOUTH KOREA |  | 1580133 |

---

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

*6*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Aging Population ETF** | **Global X Aging Population ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| **SPAIN — 0.2%** |  |  |
| Health Care — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Pharma Mar | 2156 | $188287 |
| **SWEDEN — 0.3%** |  |  |
| Health Care — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Elekta, Cl B | 37456 | 230333 |
| **SWITZERLAND — 4.8%** |  |  |
| Health Care — 4.8% |  |  |
| &nbsp;&nbsp;&nbsp;Sandoz Group | 23037 | 1627322 |
| &nbsp;&nbsp;&nbsp;Sonova Holding | 3124 | 778520 |
| &nbsp;&nbsp;&nbsp;Straumann Holding | 8344 | 951878 |
| &nbsp;&nbsp;&nbsp;Ypsomed Holding | 719 | 295946 |
| TOTAL SWITZERLAND |  | 3653666 |
| **UNITED KINGDOM — 4.4%** |  |  |
| Health Care — 4.4% |  |  |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC ADR | 27481 | 2548038 |
| &nbsp;&nbsp;&nbsp;Smith & Nephew PLC | 45775 | 760875 |
| TOTAL UNITED KINGDOM |  | 3308913 |
| **UNITED STATES — 64.4%** |  |  |
| Health Care — 56.7% |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie | 10173 | 2316392 |
| &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals <sup>\*</sup> | 12619 | 315980 |
| &nbsp;&nbsp;&nbsp;agilon health <sup>\*</sup> | 32478 | 21146 |
| &nbsp;&nbsp;&nbsp;Agios Pharmaceuticals <sup>\*</sup> | 7249 | 211671 |
| &nbsp;&nbsp;&nbsp;Alcon | 20974 | 1668098 |
| &nbsp;&nbsp;&nbsp;Alphatec Holdings <sup>\*</sup> | 18862 | 425338 |
| &nbsp;&nbsp;&nbsp;Amgen | 6366 | 2199198 |
| &nbsp;&nbsp;&nbsp;Boston Scientific \* | 19673 | 1998383 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 33593 | 1652776 |
| &nbsp;&nbsp;&nbsp;Brookdale Senior Living <sup>\*</sup> | 34790 | 387213 |
| &nbsp;&nbsp;&nbsp;CG oncology <sup>\*</sup> | 11408 | 511535 |
| &nbsp;&nbsp;&nbsp;DaVita <sup>\*</sup> | 4147 | 496313 |
| &nbsp;&nbsp;&nbsp;Denali Therapeutics <sup>\*</sup> | 15558 | 302914 |
| &nbsp;&nbsp;&nbsp;Dexcom <sup>\*</sup> | 20430 | 1296692 |

---

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

*7*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Aging Population ETF** | **Global X Aging Population ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Health Care — continued |  |  |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences <sup>\*</sup> | 26648 | $2309582 |
| &nbsp;&nbsp;&nbsp;Eli Lilly | 2457 | 2642430 |
| &nbsp;&nbsp;&nbsp;Embecta | 15456 | 197141 |
| &nbsp;&nbsp;&nbsp;Ensign Group | 2989 | 554579 |
| &nbsp;&nbsp;&nbsp;Exact Sciences <sup>\*</sup> | 9639 | 976334 |
| &nbsp;&nbsp;&nbsp;Exelixis <sup>\*</sup> | 14510 | 640907 |
| &nbsp;&nbsp;&nbsp;Glaukos <sup>\*</sup> | 2946 | 313130 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics <sup>\*</sup> | 6425 | 458745 |
| &nbsp;&nbsp;&nbsp;Incyte <sup>\*</sup> | 10094 | 1054419 |
| &nbsp;&nbsp;&nbsp;Insulet <sup>\*</sup> | 3665 | 1199151 |
| &nbsp;&nbsp;&nbsp;Integer Holdings <sup>\*</sup> | 1738 | 125449 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 11917 | 2465866 |
| &nbsp;&nbsp;&nbsp;LivaNova PLC <sup>\*</sup> | 5249 | 334939 |
| &nbsp;&nbsp;&nbsp;MannKind <sup>\*</sup> | 38637 | 206708 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | 21827 | 2299038 |
| &nbsp;&nbsp;&nbsp;Merck | 22637 | 2373037 |
| &nbsp;&nbsp;&nbsp;Merit Medical Systems <sup>\*</sup> | 3081 | 266784 |
| &nbsp;&nbsp;&nbsp;National HealthCare | 1990 | 271217 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences <sup>\*</sup> | 5197 | 790776 |
| &nbsp;&nbsp;&nbsp;Novocure <sup>\*</sup> | 11445 | 146610 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals | 3212 | 2505970 |
| &nbsp;&nbsp;&nbsp;Roche Holding | 5773 | 2296402 |
| &nbsp;&nbsp;&nbsp;Stryker | 5292 | 1964285 |
| &nbsp;&nbsp;&nbsp;Teleflex | 2307 | 263967 |
| &nbsp;&nbsp;&nbsp;Theravance Biopharma <sup>\*</sup> | 21386 | 434136 |
| &nbsp;&nbsp;&nbsp;United Therapeutics <sup>\*</sup> | 2347 | 1140642 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings | 10365 | 1010795 |
|  |  | 43046688 |
| Real Estate — 7.7% |  |  |
| &nbsp;&nbsp;&nbsp;LTC Properties <sup>‡</sup> | 5350 | 195221 |
| &nbsp;&nbsp;&nbsp;National Health Investors <sup>‡</sup> | 2591 | 205933 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors <sup>‡</sup> | 14620 | 671350 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT <sup>‡</sup> | 12235 | 238705 |
| &nbsp;&nbsp;&nbsp;Ventas <sup>‡</sup> | 22798 | 1838203 |

---

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

*8*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Aging Population ETF** | **Global X Aging Population ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Real Estate — continued |  |  |
| &nbsp;&nbsp;&nbsp;Welltower <sup>‡</sup> | 13094 | $2726433 |
|  |  | 5875845 |
| TOTAL UNITED STATES |  | 48922533 |
| TOTAL COMMON STOCK<br>(Cost $67,671,966) |  | 75807443 |
| TOTAL INVESTMENTS — 99.8%<br>(Cost $67,671,966) |  | $75807443 |

---

*Percentages are based on Net Assets of $75,969,921.*

*\** *Non-income producing security.* <br> *‡* *Real Estate Investment Trust*

*As of November 30, 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.*

*9*

---

| | |
|:---|:---|
| ![](logom4.jpg) | ![](logom4.jpg) |
| **Schedule of Investments** | **November 30, 2025** |
| **Global X FinTech ETF** | **Global X FinTech ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%** |  |  |
| **AUSTRALIA — 2.0%** |  |  |
| Financials — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;HUB24 | 46380 | $3154130 |
| &nbsp;&nbsp;&nbsp;Zip <sup>\*</sup> | 740516 | 1651138 |
|  |  | 4805268 |
| Information Technology — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;IRESS | 105074 | 640838 |
| TOTAL AUSTRALIA |  | 5446106 |
| **BRAZIL — 1.5%** |  |  |
| Financials — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Pagseguro Digital, Cl A | 118456 | 1241419 |
| &nbsp;&nbsp;&nbsp;StoneCo, Cl A <sup>\*</sup> | 159156 | 2681778 |
| TOTAL BRAZIL |  | 3923197 |
| **CANADA — 1.3%** |  |  |
| Information Technology — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Bitfarms <sup>\*(A)</sup> | 255178 | 888019 |
| &nbsp;&nbsp;&nbsp;Hut 8 <sup>\*(A)</sup> | 58618 | 2656217 |
| TOTAL CANADA |  | 3544236 |
| **CHINA — 1.0%** |  |  |
| Financials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Lufax Holding ADR <sup>\*</sup> | 491611 | 1229027 |
| &nbsp;&nbsp;&nbsp;OSL Group <sup>\*(A)</sup> | 357600 | 767047 |
| &nbsp;&nbsp;&nbsp;Yeahka <sup>\*(A)</sup> | 264000 | 270931 |
|  |  | 2267005 |
| Information Technology — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Linklogis, Cl B <sup>(A)</sup> | 1137400 | 349156 |
| TOTAL CHINA |  | 2616161 |
| **GERMANY — 0.2%** |  |  |
| Financials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Hypoport <sup>\*(A)</sup> | 3853 | 557161 |

---

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

*10*

---

| | |
|:---|:---|
| ![](logom4.jpg) | ![](logom4.jpg) |
| **Schedule of Investments** | **November 30, 2025** |
| **Global X FinTech ETF** | **Global X FinTech ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| **ISRAEL — 0.5%** |  |  |
| Information Technology — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Sapiens International | 31602 | $1367418 |
| **ITALY — 1.2%** |  |  |
| Financials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Nexi | 702832 | 3278186 |
| **NETHERLANDS — 4.7%** |  |  |
| Financials — 4.7% |  |  |
| &nbsp;&nbsp;&nbsp;Adyen <sup>\*</sup> | 8073 | 12560249 |
| **NEW ZEALAND — 2.6%** |  |  |
| Information Technology — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;Xero <sup>\*</sup> | 87451 | 7011060 |
| **SOUTH KOREA — 1.0%** |  |  |
| Financials — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Kakaopay <sup>\*</sup> | 76221 | 2570674 |
| **SWITZERLAND — 1.5%** |  |  |
| Information Technology — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Temenos | 43028 | 3903842 |
| **TAIWAN — 0.3%** |  |  |
| Financials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Line Pay | 40000 | 721364 |
| **UNITED KINGDOM — 2.6%** |  |  |
| Financials — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;Wise PLC, Cl A <sup>\*</sup> | 586521 | 6862122 |
| **UNITED STATES — 79.1%** |  |  |
| Financials — 51.8% |  |  |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Cl A \* | 159906 | 11345331 |
| &nbsp;&nbsp;&nbsp;Block, Cl A <sup>\*</sup> | 181919 | 12152189 |

---

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

*11*

---

| | |
|:---|:---|
| ![](logom4.jpg) | ![](logom4.jpg) |
| **Schedule of Investments** | **November 30, 2025** |
| **Global X FinTech ETF** | **Global X FinTech ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Cantaloupe <sup>\*</sup> | 41695 | $444886 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Cl A <sup>\*</sup> | 67732 | 18478644 |
| &nbsp;&nbsp;&nbsp;Etoro Group <sup>\*</sup> | 22071 | 926320 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services | 206063 | 13552763 |
| &nbsp;&nbsp;&nbsp;Fiserv <sup>\*</sup> | 65950 | 4053946 |
| &nbsp;&nbsp;&nbsp;Flywire <sup>\*</sup> | 68878 | 963603 |
| &nbsp;&nbsp;&nbsp;Galaxy Digital Holdings <sup>\*(A)</sup> | 71540 | 1915705 |
| &nbsp;&nbsp;&nbsp;Global Payments | 108647 | 8231097 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates | 41737 | 7282272 |
| &nbsp;&nbsp;&nbsp;Lemonade <sup>\*(A)</sup> | 41389 | 3233309 |
| &nbsp;&nbsp;&nbsp;LendingClub <sup>\*</sup> | 64227 | 1162509 |
| &nbsp;&nbsp;&nbsp;LendingTree <sup>\*</sup> | 7515 | 428580 |
| &nbsp;&nbsp;&nbsp;Open Lending, Cl A <sup>\*</sup> | 64865 | 123892 |
| &nbsp;&nbsp;&nbsp;Paymentus Holdings, Cl A <sup>\*</sup> | 13768 | 478025 |
| &nbsp;&nbsp;&nbsp;Payoneer Global <sup>\*</sup> | 204015 | 1179207 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings | 213056 | 13356481 |
| &nbsp;&nbsp;&nbsp;Paysafe <sup>\*</sup> | 34149 | 262606 |
| &nbsp;&nbsp;&nbsp;Sezzle <sup>\*</sup> | 19239 | 1188008 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments, Cl A <sup>\*(A)</sup> | 38795 | 2862295 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies <sup>\*</sup> | 627761 | 18657057 |
| &nbsp;&nbsp;&nbsp;Toast, Cl A <sup>\*</sup> | 282816 | 9669479 |
| &nbsp;&nbsp;&nbsp;Upstart Holdings <sup>\*(A)</sup> | 53645 | 2411879 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Cl A | 49180 | 1758677 |
| &nbsp;&nbsp;&nbsp;Webull <sup>\*</sup> | 189489 | 1767932 |
|  |  | 137886692 |
| Health Care — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;HealthEquity <sup>\*</sup> | 49474 | 5203675 |
| Industrials — 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings | 128650 | 11056181 |
| Information Technology — 21.1% |  |  |
| &nbsp;&nbsp;&nbsp;ACI Worldwide <sup>\*</sup> | 60113 | 2816895 |
| &nbsp;&nbsp;&nbsp;BILL Holdings <sup>\*</sup> | 58201 | 2918780 |
| &nbsp;&nbsp;&nbsp;Blend Labs, Cl A <sup>\*</sup> | 143936 | 454838 |
| &nbsp;&nbsp;&nbsp;Cipher Mining <sup>\*(A)</sup> | 206358 | 4199385 |
| &nbsp;&nbsp;&nbsp;Circle Internet Group <sup>\*(A)</sup> | 100193 | 8008426 |
| &nbsp;&nbsp;&nbsp;Core Scientific <sup>\*(A)</sup> | 167892 | 2835696 |

---

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

*12*

---

| | |
|:---|:---|
| ![](logom4.jpg) | ![](logom4.jpg) |
| **Schedule of Investments** | **November 30, 2025** |
| **Global X FinTech ETF** | **Global X FinTech ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;Guidewire Software <sup>\*</sup> | 47818 | $10327732 |
| &nbsp;&nbsp;&nbsp;I3 Verticals, Cl A <sup>\*</sup> | 13139 | 311000 |
| &nbsp;&nbsp;&nbsp;Intuit | 23910 | 15160853 |
| &nbsp;&nbsp;&nbsp;MARA Holdings <sup>\*(A)</sup> | 197987 | 2338226 |
| &nbsp;&nbsp;&nbsp;Mitek Systems <sup>\*</sup> | 25103 | 222413 |
| &nbsp;&nbsp;&nbsp;nCino <sup>\*</sup> | 65770 | 1624519 |
| &nbsp;&nbsp;&nbsp;Pagaya Technologies, Cl A <sup>\*</sup> | 34608 | 863470 |
| &nbsp;&nbsp;&nbsp;Riot Platforms <sup>\*</sup> | 200498 | 3234033 |
| &nbsp;&nbsp;&nbsp;Vertex, Cl A <sup>\*</sup> | 40586 | 798327 |
|  |  | 56114593 |
| TOTAL UNITED STATES |  | 210261141 |
| **URUGUAY — 0.4%** |  |  |
| Financials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Dlocal, Cl A | 85398 | 1147749 |
| TOTAL COMMON STOCK<br> (Cost $328,489,937) |  | 265770666 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Citadel Securities LLC <br> 4.170%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $2,435,159 (collateralized by various U.S. Treasury Obligations, ranging in par value $127 - $689,016, 0.000% - 4.750%, 12/11/2025 - 11/15/2055, with a total market value of $2,476,911) | $2434313 | 2434313 |
| &nbsp;&nbsp;&nbsp;Daiwa Capital Markets America, Inc. <br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $2,289,034 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $340 - $953,838, 1.500% - 6.500%, 11/15/2034 - 12/01/2055, with a total market value of $2,325,331) | 2288254 | 2288254 |

---

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

*13*

---

| | |
|:---|:---|
| ![](logom4.jpg) | ![](logom4.jpg) |
| **Schedule of Investments** | **November 30, 2025** |
| **Global X FinTech ETF** | **Global X FinTech ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc. <br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $2,289,034 (collateralized by various U.S. Government Obligations, ranging in par value $5,453 - $2,513,568, 2.500% - 7.000%, 05/01/2042 - 11/01/2054, with a total market value of $2,327,122) | $2288254 | $2288254 |
| &nbsp;&nbsp;&nbsp;Natwest Markets Securities, Inc. <br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $622,812 (collateralized by various U.S. Treasury Obligations, ranging in par value $109 - $89,820, 0.375% - 4.875%, 12/31/2025 - 05/15/2055, with a total market value of $630,336) | 622600 | 622600 |
| &nbsp;&nbsp;&nbsp;Nomura Securities International, Inc. <br> 4.080%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $2,289,032 (collateralized by various U.S. Government Obligations, ranging in par value $2,309 - $1,076,959, 2.000% - 6.000%, 04/15/2036 - 06/20/2065, with a total market value of $2,326,152) | 2288254 | 2288254 |
| &nbsp;&nbsp;&nbsp;RBC Dominion Securities, Inc. <br> 4.080%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $436,073 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $403 - $801,972, 2.000% - 6.000%, 07/31/2030 - 01/01/2055, with a total market value of $443,472) | 435925 | 435925 |
| TOTAL REPURCHASE AGREEMENTS<br> (Cost $10,357,600) |  | 10357600 |
| TOTAL INVESTMENTS — 103.8%<br> (Cost $338,847,537) |  | $276128266 |

---

*Percentages are based on Net Assets of $265,978,172.*

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

*14*

---

| | |
|:---|:---|
| ![](logom4.jpg) | ![](logom4.jpg) |
| **Schedule of Investments** | **November 30, 2025** |
| **Global X FinTech ETF** | **Global X FinTech ETF** |

---

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *(A)* | *This security or a partial position of this security is on loan at November 30, 2025. The total market value of securities on loan at November 30, 2025 was $19,751,082.* |
| *(B)* | *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2025 was $10,357,600. The total value of non-cash collateral held from securities on loan as of November 30, 2025 was $9,463,977.* |
| *The following is a summary of the level of inputs used as of November 30, 2025, in valuing the Fund's investments carried at value:* | *The following is a summary of the level of inputs used as of November 30, 2025, in valuing the Fund's investments carried at value:* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*265770666* | $*—* | $*—* | $*265770666* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreements* | *—* | *10357600* | *—* | *10357600* |
| *Total Investments in Securities* | $*265770666* | $*10357600* | $*—* | $*276128266* |

---

*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.*

*15*

---

| | |
|:---|:---|
| ![](logom4.jpg) | ![](logom4.jpg) |
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Internet of Things ETF** | **Global X Internet of Things ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.7%** |  |  |
| **AUSTRIA — 1.3%** |  |  |
| Information Technology — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;ams-OSRAM <sup>\*</sup> | 91395 | $963521 |
| &nbsp;&nbsp;&nbsp;Kontron <sup>(A)</sup> | 60462 | 1692481 |
| TOTAL AUSTRIA |  | 2656002 |
| **CANADA — 0.2%** |  |  |
| Information Technology — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;BlackBerry <sup>\*</sup> | 125635 | 512591 |
| **CHINA — 1.9%** |  |  |
| Information Technology — 1.9% |  |  |
| INNOSCIENCE SUZHOU TECHNOLOGY, Cl H <sup>\*(A)</sup> | 431800 | 3810196 |
| **FRANCE — 1.4%** |  |  |
| Industrials — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Legrand | 18375 | 2783994 |
| **JAPAN — 1.3%** |  |  |
| Information Technology — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Nippon Ceramic <sup>(A)</sup> | 28887 | 718241 |
| &nbsp;&nbsp;&nbsp;Renesas Electronics | 131691 | 1562486 |
|  |  | 2280727 |
| Utilities — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;DIGITAL GRID <sup>\*(A)</sup> | 50980 | 282260 |
| TOTAL JAPAN |  | 2562987 |
| **NETHERLANDS — 1.7%** |  |  |
| Information Technology — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors | 17375 | 3387082 |
| **NORWAY — 1.2%** |  |  |
| Information Technology — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Nordic Semiconductor <sup>\*</sup> | 177064 | 2349787 |

---

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

*16*

---

| | |
|:---|:---|
| ![](logom4.jpg) | ![](logom4.jpg) |
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Internet of Things ETF** | **Global X Internet of Things ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| **SINGAPORE — 4.9%** |  |  |
| Information Technology — 4.9% |  |  |
| &nbsp;&nbsp;&nbsp;STMicroelectronics | 430423 | $9878659 |
| **SOUTH KOREA — 0.2%** |  |  |
| Information Technology — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;LG CNS | 12474 | 491954 |
| **SWITZERLAND — 3.3%** |  |  |
| Industrials — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;ABB | 67520 | 4853670 |
| Information Technology — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Landis+Gyr Group | 26511 | 1716884 |
| TOTAL SWITZERLAND |  | 6570554 |
| **TAIWAN — 8.1%** |  |  |
| Information Technology — 8.1% |  |  |
| &nbsp;&nbsp;&nbsp;Advantech | 793183 | 7278531 |
| &nbsp;&nbsp;&nbsp;eMemory Technology | 68632 | 4471959 |
| &nbsp;&nbsp;&nbsp;MediaTek | 81480 | 3621622 |
| &nbsp;&nbsp;&nbsp;Nexcom International | 200800 | 465772 |
| &nbsp;&nbsp;&nbsp;Sercomm | 134250 | 352468 |
| TOTAL TAIWAN |  | 16190352 |
| **UNITED STATES — 74.2%** |  |  |
| Communication Services — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Globalstar <sup>\*</sup> | 24834 | 1508666 |
| &nbsp;&nbsp;&nbsp;Iridium Communications | 18170 | 297988 |
|  |  | 1806654 |
| Consumer Discretionary — 8.0% |  |  |
| &nbsp;&nbsp;&nbsp;ADT | 755017 | 6228890 |
| &nbsp;&nbsp;&nbsp;Garmin | 50431 | 9850183 |
|  |  | 16079073 |
| Health Care — 5.1% |  |  |
| &nbsp;&nbsp;&nbsp;Beta Bionics <sup>\*</sup> | 36973 | 1158734 |

---

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

*17*

---

| | |
|:---|:---|
| ![](logom4.jpg) | ![](logom4.jpg) |
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Internet of Things ETF** | **Global X Internet of Things ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Health Care — continued |  |  |
| &nbsp;&nbsp;&nbsp;Dexcom <sup>\*</sup> | 140734 | $8932387 |
|  |  | 10091121 |
| Industrials — 12.8% |  |  |
| &nbsp;&nbsp;&nbsp;Emerson Electric | 32035 | 4272828 |
| &nbsp;&nbsp;&nbsp;Honeywell International | 17640 | 3390232 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International | 45985 | 5348515 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies <sup>\*</sup> | 30201 | 996331 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation | 7936 | 3141545 |
| &nbsp;&nbsp;&nbsp;Schneider Electric | 15399 | 4128274 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies Holding | 137340 | 4404494 |
|  |  | 25682219 |
| Information Technology — 47.3% |  |  |
| &nbsp;&nbsp;&nbsp;Alarm.com Holdings <sup>\*</sup> | 45537 | 2366102 |
| &nbsp;&nbsp;&nbsp;Ambarella <sup>\*</sup> | 38278 | 2839462 |
| &nbsp;&nbsp;&nbsp;Analog Devices | 16728 | 4438608 |
| &nbsp;&nbsp;&nbsp;Arlo Technologies <sup>\*</sup> | 93866 | 1361057 |
| &nbsp;&nbsp;&nbsp;Badger Meter | 27012 | 4822722 |
| &nbsp;&nbsp;&nbsp;Belden | 36979 | 4193419 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 58774 | 4522072 |
| &nbsp;&nbsp;&nbsp;Digi International <sup>\*</sup> | 33774 | 1412766 |
| &nbsp;&nbsp;&nbsp;GLOBALFOUNDRIES <sup>\*(A)</sup> | 38909 | 1394499 |
| &nbsp;&nbsp;&nbsp;Impinj <sup>\*</sup> | 26214 | 4505400 |
| &nbsp;&nbsp;&nbsp;InterDigital | 2655 | 949826 |
| &nbsp;&nbsp;&nbsp;International Business Machines | 14984 | 4623763 |
| &nbsp;&nbsp;&nbsp;Itron <sup>\*</sup> | 41503 | 4110457 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor <sup>\*</sup> | 126667 | 8893290 |
| &nbsp;&nbsp;&nbsp;NETGEAR <sup>\*</sup> | 26381 | 697777 |
| &nbsp;&nbsp;&nbsp;Powerfleet NJ \* | 120737 | 600063 |
| &nbsp;&nbsp;&nbsp;PTC <sup>\*</sup> | 8434 | 1479577 |
| &nbsp;&nbsp;&nbsp;Qorvo <sup>\*</sup> | 7798 | 669770 |
| &nbsp;&nbsp;&nbsp;QUALCOMM | 23882 | 4014325 |
| &nbsp;&nbsp;&nbsp;Rambus <sup>\*</sup> | 98206 | 9385547 |
| &nbsp;&nbsp;&nbsp;Samsara, Cl A <sup>\*</sup> | 247589 | 9415810 |
| &nbsp;&nbsp;&nbsp;Semtech <sup>\*</sup> | 17230 | 1277777 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories <sup>\*</sup> | 29816 | 3803925 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions | 147739 | 9743387 |
| &nbsp;&nbsp;&nbsp;SmartRent, Cl A <sup>\*(A)</sup> | 440244 | 757220 |

---

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

*18*

---

| | |
|:---|:---|
| ![](logom4.jpg) | ![](logom4.jpg) |
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Internet of Things ETF** | **Global X Internet of Things ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;Synaptics <sup>\*</sup> | 35949 | $2462866 |
|  |  | 94741487 |
| Materials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Solstice Advanced Materials <sup>\*</sup> | 4410 | 210269 |
| TOTAL UNITED STATES |  | 148610823 |
| TOTAL COMMON STOCK<br> (Cost $185,383,415) |  | 199804981 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Citadel Securities LLC <br> 4.170%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $972,181 (collateralized by various U.S. Treasury Obligations, ranging in par value $51 - $275,074, 0.000% - 4.750%, 12/11/2025 - 11/15/2055, with a total market value of $988,849) | $971843 | 971843 |
| &nbsp;&nbsp;&nbsp;Daiwa Capital Markets America, Inc. <br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $913,844 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $136 - $380,798, 1.500% - 6.500%, 11/15/2034 - 12/01/2055, with a total market value of $928,335) | 913533 | 913533 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc. <br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $913,844 (collateralized by various U.S. Government Obligations, ranging in par value $2,177 - $1,003,484, 2.500% - 7.000%, 05/01/2042 - 11/01/2054, with a total market value of $929,050) | 913533 | 913533 |

---

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

*19*

---

| | |
|:---|:---|
| ![](logom4.jpg) | ![](logom4.jpg) |
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Internet of Things ETF** | **Global X Internet of Things ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Natwest Markets Securities, Inc. <br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $249,395 (collateralized by various U.S. Treasury Obligations, ranging in par value $44 - $35,967, 0.375% - 4.875%, 12/31/2025 - 05/15/2055, with a total market value of $252,408) | $249310 | $249310 |
| &nbsp;&nbsp;&nbsp;Nomura Securities International, Inc. <br> 4.080%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $913,844 (collateralized by various U.S. Government Obligations, ranging in par value $922 - $429,951, 2.000% - 6.000%, 04/15/2036 - 06/20/2065, with a total market value of $928,663) | 913533 | 913533 |
| &nbsp;&nbsp;&nbsp;RBC Dominion Securities, Inc. <br> 4.080%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $173,617 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $160 - $319,295, 2.000% - 6.000%, 07/31/2030 - 01/01/2055, with a total market value of $176,563) | 173558 | 173558 |
| TOTAL REPURCHASE AGREEMENTS<br> (Cost $4,135,310) |  | 4135310 |
| TOTAL INVESTMENTS — 101.8%<br> (Cost $189,518,725) |  | $203940291 |

---

*Percentages are based on Net Assets of $200,257,223.*

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

*(A)* *This security or a partial position of this security is on loan at November 30, 2025. The total market value of securities on loan at November 30, 2025 was $5,531,402.*

*(B)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2025 was $4,135,310. The total value of non-cash collateral held from securities on loan as of November 30, 2025 was $1,757,356.*

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

*20*

---

| | |
|:---|:---|
| ![](logom4.jpg) | ![](logom4.jpg) |
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Internet of Things ETF** | **Global X Internet of Things ETF** |

---

*The following is a summary of the level of inputs used as of November 30, 2025, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*199804981* | $*—* | $*—* | $*199804981* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreements* | *—* | *4135310* | *—* | *4135310* |
| *Total Investments in Securities* | $*199804981* | $*4135310* | $*—* | $*203940291* |

---

*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.*

*21*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Robotics & Artificial Intelligence ETF** | **Global X Robotics & Artificial Intelligence ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.6%** |  |  |
| **CANADA — 0.9%** |  |  |
| Industrials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;ATS <sup>\*</sup> | 1086035 | $27991275 |
| **CHINA — 7.3%** |  |  |
| Consumer Discretionary — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Hesai Group ADR <sup>\*(A)</sup> | 1087916 | 20920625 |
| &nbsp;&nbsp;&nbsp;Minieye Technology <sup>\*(A)</sup> | 3178200 | 6135474 |
| &nbsp;&nbsp;&nbsp;WeRide ADR <sup>\*(A)</sup> | 2860699 | 23572160 |
| &nbsp;&nbsp;&nbsp;Zhixing Automotive Technology Suzhou <sup>\*(A)</sup> | 2427317 | 1936092 |
|  |  | 52564351 |
| Health Care — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Shanghai MicroPort MedBot Group <sup>\*</sup> | 11156000 | 32240290 |
| Industrials — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;Shenzhen Dobot <sup>\*(A)</sup> | 3769200 | 19403711 |
| &nbsp;&nbsp;&nbsp;UBTech Robotics <sup>\*(A)</sup> | 3668627 | 53246359 |
|  |  | 72650070 |
| Information Technology — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;AInnovation Technology Group, Cl H <sup>\*(A)</sup> | 6301800 | 4726998 |
| &nbsp;&nbsp;&nbsp;Pony AI <sup>\*(A)</sup> | 2744438 | 37516467 |
| &nbsp;&nbsp;&nbsp;RoboSense Technology <sup>\*(A)</sup> | 5144500 | 21646863 |
|  |  | 63890328 |
| TOTAL CHINA |  | 221345039 |
| **FINLAND — 2.1%** |  |  |
| Industrials — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Hiab, Cl B | 614853 | 35321616 |
| &nbsp;&nbsp;&nbsp;Kalmar, Cl B | 610508 | 26357145 |
| TOTAL FINLAND |  | 61678761 |
| **JAPAN — 26.7%** |  |  |
| Industrials — 18.8% |  |  |
| &nbsp;&nbsp;&nbsp;Daifuku | 4257947 | 134819072 |
| &nbsp;&nbsp;&nbsp;FANUC | 7130839 | 229667394 |
| &nbsp;&nbsp;&nbsp;Hirata | 362026 | 5310333 |
| &nbsp;&nbsp;&nbsp;Shibaura Machine | 278535 | 7737579 |

---

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

*22*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Robotics & Artificial Intelligence ETF** | **Global X Robotics & Artificial Intelligence ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Industrials — continued |  |  |
| &nbsp;&nbsp;&nbsp;SMC | 314999 | $110779527 |
| &nbsp;&nbsp;&nbsp;Yaskawa Electric | 2992234 | 77447184 |
|  |  | 565761089 |
| Information Technology — 7.9% |  |  |
| &nbsp;&nbsp;&nbsp;Keyence | 504774 | 171891639 |
| &nbsp;&nbsp;&nbsp;Omron | 2314043 | 59300596 |
| &nbsp;&nbsp;&nbsp;PKSHA Technology <sup>\*(A)</sup> | 358485 | 7810631 |
|  |  | 239002866 |
| TOTAL JAPAN |  | 804763955 |
| **NORWAY — 1.4%** |  |  |
| Industrials — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;AutoStore Holdings <sup>\*</sup> | 38312248 | 41902364 |
| **SOUTH KOREA — 4.4%** |  |  |
| Health Care — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Angel Robotics <sup>\*</sup> | 167428 | 3552003 |
| Industrials — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;Doosan Robotics <sup>\*</sup> | 720687 | 37978610 |
| &nbsp;&nbsp;&nbsp;Rainbow Robotics <sup>\*</sup> | 215675 | 63793986 |
|  |  | 101772596 |
| Information Technology — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Robotis <sup>\*</sup> | 162418 | 25787647 |
| TOTAL SOUTH KOREA |  | 131112246 |
| **SWITZERLAND — 9.8%** |  |  |
| Health Care — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Tecan Group | 143243 | 24689995 |
| Industrials — 9.0% |  |  |
| &nbsp;&nbsp;&nbsp;ABB | 3769485 | 270969144 |
| TOTAL SWITZERLAND |  | 295659139 |

---

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

*23*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Robotics & Artificial Intelligence ETF** | **Global X Robotics & Artificial Intelligence ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| **UNITED KINGDOM — 1.2%** |  |  |
| Information Technology — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Renishaw PLC | 812293 | $37347052 |
| **UNITED STATES — 45.8%** |  |  |
| Consumer Discretionary — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;iRobot <sup>\*(A)</sup> | 341194 | 539087 |
| &nbsp;&nbsp;&nbsp;Serve Robotics <sup>\*(A)</sup> | 541543 | 5556231 |
|  |  | 6095318 |
| Energy — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Helix Energy Solutions Group <sup>\*</sup> | 1685155 | 11223132 |
| Financials — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Upstart Holdings <sup>\*(A)</sup> | 1046211 | 47037646 |
| Health Care — 8.6% |  |  |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical <sup>\*</sup> | 386436 | 221613317 |
| &nbsp;&nbsp;&nbsp;Omnicell <sup>\*</sup> | 522049 | 19060009 |
| &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics <sup>\*</sup> | 612092 | 19391075 |
|  |  | 260064401 |
| Industrials — 9.0% |  |  |
| &nbsp;&nbsp;&nbsp;AeroVironment <sup>\*</sup> | 314729 | 87954166 |
| &nbsp;&nbsp;&nbsp;JBT Marel | 579263 | 81403829 |
| &nbsp;&nbsp;&nbsp;Richtech Robotics, Cl B <sup>\*(A)</sup> | 832494 | 2955354 |
| &nbsp;&nbsp;&nbsp;Symbotic, Cl A <sup>\*(A)</sup> | 1202540 | 100736776 |
|  |  | 273050125 |
| Information Technology — 26.0% |  |  |
| &nbsp;&nbsp;&nbsp;Appian, Cl A <sup>\*</sup> | 479592 | 19375517 |
| &nbsp;&nbsp;&nbsp;C3.ai, Cl A <sup>\*(A)</sup> | 1401910 | 20257600 |
| &nbsp;&nbsp;&nbsp;Cerence <sup>\*(A)</sup> | 482252 | 5343352 |
| &nbsp;&nbsp;&nbsp;Cognex | 1896532 | 72257869 |
| &nbsp;&nbsp;&nbsp;Dynatrace <sup>\*</sup> | 2186372 | 97424736 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 1882414 | 333187278 |
| &nbsp;&nbsp;&nbsp;Pegasystems | 1916195 | 104950000 |
| &nbsp;&nbsp;&nbsp;PROS Holdings <sup>\*</sup> | 531065 | 12341951 |
| &nbsp;&nbsp;&nbsp;SoundHound AI, Cl A <sup>\*(A)</sup> | 4027845 | 48535532 |

---

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

*24*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Robotics & Artificial Intelligence ETF** | **Global X Robotics & Artificial Intelligence ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;UiPath, Cl A <sup>\*</sup> | 5215700 | $72289602 |
|  |  | 785963437 |
| TOTAL UNITED STATES |  | 1383434059 |
| TOTAL COMMON STOCK<br> (Cost $2,800,545,755) |  | 3005233890 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Citadel Securities LLC <br> 4.170%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $29,333,961 (collateralized by various U.S. Treasury Obligations, ranging in par value $1,525 - $8,299,894, 0.000% - 4.750%, 12/11/2025 - 11/15/2055, with a total market value of $29,836,906) | $29323771 | 29323771 |
| &nbsp;&nbsp;&nbsp;Daiwa Capital Markets America, Inc. <br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $27,573,740 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $4,090 - $11,489,946, 1.500% - 6.500%, 11/15/2034 - 12/01/2055, with a total market value of $28,010,978) | 27564345 | 27564345 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc. <br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $22,188,189 (collateralized by various U.S. Government Obligations, ranging in par value $52,853 - $24,364,651, 2.500% - 7.000%, 05/01/2042 - 11/01/2054, with a total market value of $22,557,388) | 22180629 | 22180629 |

---

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

*25*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Robotics & Artificial Intelligence ETF** | **Global X Robotics & Artificial Intelligence ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc.<br>4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $5,385,551 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $28,905 - $2,691,858, 0.000% - 7.500%, 05/15/2037 - 11/20/2055, with a total market value of $5,466,878) | $5383716 | $5383716 |
| &nbsp;&nbsp;&nbsp;JP Morgan Securities LLC <br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $7,360,267 (collateralized by various U.S. Government Obligations, ranging in par value $37,521 - $1,583,571, 4.000% - 7.000%, 09/01/2040 - 12/01/2055, with a total market value of $7,474,055) | 7357759 | 7357759 |
| &nbsp;&nbsp;&nbsp;Natwest Markets Securities, Inc. <br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $7,490,400 (collateralized by various U.S. Treasury Obligations, ranging in par value $1,310 - $1,080,247, 0.375% - 4.875%, 12/31/2025 - 05/15/2055, with a total market value of $7,580,884) | 7487848 | 7487848 |
| &nbsp;&nbsp;&nbsp;Nomura Securities International, Inc. <br> 4.080%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $25,478,915 (collateralized by various U.S. Government Obligations, ranging in par value $25,705 - $11,987,493, 2.000% - 6.000%, 04/15/2036 - 06/20/2065, with a total market value of $25,892,095) | 25470255 | 25470255 |
| TOTAL REPURCHASE AGREEMENTS<br> (Cost $124,768,323) |  | 124768323 |
| TOTAL INVESTMENTS — 103.7%<br> (Cost $2,925,314,078) |  | $3130002213 |

---

*Percentages are based on Net Assets of $3,018,748,732.*

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

*26*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Robotics & Artificial Intelligence ETF** | **Global X Robotics & Artificial Intelligence ETF** |

---

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

*(A)* *This security or a partial position of this security is on loan at November 30, 2025. The total market value of securities on loan at November 30, 2025 was $245,476,761.*

*(B)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2025 was $124,768,323. The total value of non-cash collateral held from securities on loan as of November 30, 2025 was $127,817,761.*

*A list of the open futures contracts held by the Fund at November 30, 2025, is as follows:*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Type of Contract | Number of<br> Contracts | Expiration<br> Date | Notional Amount | Value | Unrealized<br>Appreciation |
| *Long Contracts* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NASDAQ 100 Index E-MINI | 27 | Dec-2025 | $13218983 | $13760280 | $541298 |

---

*The following is a summary of the level of inputs used as of November 30, 2025, in valuing the Fund's investments and Other Financial Instruments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*3005233890* | $*—* | $*—* | $*3005233890* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreements* | *—* | *124768323* | *—* | *124768323* |
| *Total Investments in Securities* | $*3005233890* | $*124768323* | $*—* | $*3130002213* |
| *Other Financial Instruments* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Futures Contracts\** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unrealized Appreciation* | $*541298* | $*—* | $*—* | $*541298* |
| *Total Other Financial Instruments* | $*541298* | $*—* | $*—* | $*541298* |

---

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

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

*See "Glossary" for abbreviations.*

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

*27*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X U.S. Infrastructure Development ETF** | **Global X U.S. Infrastructure Development ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8%** |  |  |
| Consumer Discretionary — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;TopBuild <sup>\*</sup> | 185933 | $84134683 |
| Industrials — 73.9% |  |  |
| &nbsp;&nbsp;&nbsp;Acuity Brands | 195160 | 71510527 |
| &nbsp;&nbsp;&nbsp;Advanced Drainage Systems | 488605 | 74453630 |
| &nbsp;&nbsp;&nbsp;AECOM | 835849 | 86201107 |
| &nbsp;&nbsp;&nbsp;Amentum Holdings <sup>\*</sup> | 46913 | 1343119 |
| &nbsp;&nbsp;&nbsp;Arcosa | 307349 | 32744962 |
| &nbsp;&nbsp;&nbsp;Argan | 154305 | 60981336 |
| &nbsp;&nbsp;&nbsp;Astec Industries | 767033 | 33948881 |
| &nbsp;&nbsp;&nbsp;ATI <sup>\*</sup> | 898904 | 90609523 |
| &nbsp;&nbsp;&nbsp;Atkore | 310974 | 20819709 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource <sup>\*</sup> | 725168 | 81385605 |
| &nbsp;&nbsp;&nbsp;Carlisle | 285641 | 90853833 |
| &nbsp;&nbsp;&nbsp;Carpenter Technology | 314168 | 100075075 |
| &nbsp;&nbsp;&nbsp;Centuri Holdings <sup>\*</sup> | 1242291 | 27939125 |
| &nbsp;&nbsp;&nbsp;Columbus McKinnon | 726587 | 11945090 |
| &nbsp;&nbsp;&nbsp;Construction Partners, Cl A <sup>\*</sup> | 326342 | 35571278 |
| &nbsp;&nbsp;&nbsp;Crane | 360477 | 66057410 |
| &nbsp;&nbsp;&nbsp;CSW Industrials | 105854 | 28778527 |
| &nbsp;&nbsp;&nbsp;CSX | 8006303 | 283102874 |
| &nbsp;&nbsp;&nbsp;Custom Truck One Source <sup>\*</sup> | 5017811 | 32063812 |
| &nbsp;&nbsp;&nbsp;Deere | 567857 | 263763898 |
| &nbsp;&nbsp;&nbsp;DNOW <sup>\*</sup> | 3649929 | 50953009 |
| &nbsp;&nbsp;&nbsp;DXP Enterprises <sup>\*</sup> | 251812 | 23667810 |
| &nbsp;&nbsp;&nbsp;Dycom Industries <sup>\*</sup> | 183739 | 66427161 |
| &nbsp;&nbsp;&nbsp;Eaton PLC | 729180 | 252216070 |
| &nbsp;&nbsp;&nbsp;EMCOR Group | 289923 | 178322940 |
| &nbsp;&nbsp;&nbsp;Emerson Electric | 2055195 | 274121909 |
| &nbsp;&nbsp;&nbsp;Exponent | 319778 | 23119949 |
| &nbsp;&nbsp;&nbsp;Fastenal | 7144844 | 288651698 |
| &nbsp;&nbsp;&nbsp;Fortive | 2186257 | 116921024 |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries <sup>\*</sup> | 439261 | 21945480 |
| &nbsp;&nbsp;&nbsp;Gorman-Rupp | 706885 | 32863084 |
| &nbsp;&nbsp;&nbsp;Graco | 1064068 | 87721766 |
| &nbsp;&nbsp;&nbsp;Granite Construction | 290265 | 31212195 |
| &nbsp;&nbsp;&nbsp;Greenbrier | 382876 | 17030325 |
| &nbsp;&nbsp;&nbsp;Herc Holdings | 218011 | 29272337 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace | 2110336 | 431753642 |
| &nbsp;&nbsp;&nbsp;Hubbell, Cl B | 338154 | 145889780 |

---

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

*28*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X U.S. Infrastructure Development ETF** | **Global X U.S. Infrastructure Development ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Industrials — continued |  |  |
| &nbsp;&nbsp;&nbsp;IDEX | 476974 | $82960088 |
| &nbsp;&nbsp;&nbsp;Insteel Industries | 930161 | 28444323 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions | 781419 | 105343095 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | 355507 | 85119041 |
| &nbsp;&nbsp;&nbsp;MasTec <sup>\*</sup> | 499037 | 106734034 |
| &nbsp;&nbsp;&nbsp;Mueller Industries | 716748 | 78749103 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Cl A | 1136680 | 27553123 |
| &nbsp;&nbsp;&nbsp;MYR Group <sup>\*</sup> | 174332 | 39106154 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern | 1052430 | 307404279 |
| &nbsp;&nbsp;&nbsp;NWPX Infrastructure <sup>\*(A)</sup> | 540252 | 31669572 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin | 396310 | 341500327 |
| &nbsp;&nbsp;&nbsp;Pentair PLC | 1041247 | 109580834 |
| &nbsp;&nbsp;&nbsp;Powell Industries | 92752 | 29979301 |
| &nbsp;&nbsp;&nbsp;Preformed Line Products | 205493 | 42177438 |
| &nbsp;&nbsp;&nbsp;Primoris Services | 338720 | 42868403 |
| &nbsp;&nbsp;&nbsp;Quanta Services | 759967 | 353293459 |
| &nbsp;&nbsp;&nbsp;RBC Bearings <sup>\*</sup> | 197880 | 88050664 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord | 417260 | 60915787 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation | 712288 | 281966328 |
| &nbsp;&nbsp;&nbsp;SPX Technologies <sup>\*</sup> | 292187 | 62831893 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure <sup>\*</sup> | 193690 | 66689404 |
| &nbsp;&nbsp;&nbsp;Terex | 551023 | 25462773 |
| &nbsp;&nbsp;&nbsp;Tetra Tech | 1687626 | 58628127 |
| &nbsp;&nbsp;&nbsp;Titan Machinery <sup>\*(A)</sup> | 1706990 | 31613455 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | 673476 | 283856664 |
| &nbsp;&nbsp;&nbsp;Trinity Industries | 684973 | 18165484 |
| &nbsp;&nbsp;&nbsp;Tutor Perini <sup>\*</sup> | 1010782 | 69289106 |
| &nbsp;&nbsp;&nbsp;Union Pacific | 1086708 | 251931516 |
| &nbsp;&nbsp;&nbsp;United Rentals | 341829 | 278652164 |
| &nbsp;&nbsp;&nbsp;Valmont Industries | 126286 | 52152329 |
| &nbsp;&nbsp;&nbsp;Wabash National | 1711894 | 14448385 |
| &nbsp;&nbsp;&nbsp;WESCO International | 308816 | 82580487 |
| &nbsp;&nbsp;&nbsp;Woodward | 374390 | 112328232 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions | 1069265 | 51003941 |
|  |  | 7269288813 |
| Information Technology — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;Badger Meter | 185172 | 33060609 |
| &nbsp;&nbsp;&nbsp;Calix <sup>\*</sup> | 681726 | 37678996 |
| &nbsp;&nbsp;&nbsp;Ralliant | 734116 | 36243307 |

---

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

*29*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X U.S. Infrastructure Development ETF** | **Global X U.S. Infrastructure Development ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;Trimble <sup>\*</sup> | 1548904 | $126111763 |
|  |  | 233094675 |
| Materials — 19.2% |  |  |
| &nbsp;&nbsp;&nbsp;Alcoa | 1627068 | 67913818 |
| &nbsp;&nbsp;&nbsp;Century Aluminum <sup>\*</sup> | 1360892 | 40785933 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs \* | 3111200 | 40570048 |
| &nbsp;&nbsp;&nbsp;Commercial Metals | 715806 | 45654107 |
| &nbsp;&nbsp;&nbsp;CRH PLC | 2681822 | 321711367 |
| &nbsp;&nbsp;&nbsp;Eagle Materials | 211435 | 47302238 |
| &nbsp;&nbsp;&nbsp;Knife River <sup>\*</sup> | 356994 | 26717431 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific | 442562 | 36294510 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials | 385131 | 240029045 |
| &nbsp;&nbsp;&nbsp;Materion | 263428 | 32188267 |
| &nbsp;&nbsp;&nbsp;Metallus <sup>\*</sup> | 1820733 | 30788595 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies | 355863 | 20871365 |
| &nbsp;&nbsp;&nbsp;Nucor | 1479658 | 235990654 |
| &nbsp;&nbsp;&nbsp;Reliance | 341009 | 95250634 |
| &nbsp;&nbsp;&nbsp;RPM International | 810160 | 86889660 |
| &nbsp;&nbsp;&nbsp;Ryerson Holding | 1313535 | 30119358 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics | 959410 | 161017780 |
| &nbsp;&nbsp;&nbsp;United States Lime & Minerals | 227026 | 27599551 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials | 832184 | 247358372 |
| &nbsp;&nbsp;&nbsp;Westlake <sup>(B)</sup> | 810472 | 54147634 |
|  |  | 1889200367 |
| Utilities — 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;MDU Resources Group | 1490318 | 31773580 |
| &nbsp;&nbsp;&nbsp;Sempra | 3255400 | 308351488 |
|  |  | 340125068 |
| TOTAL COMMON STOCK<br> (Cost $7,483,860,801) |  | 9815843606 |
| **SHORT-TERM INVESTMENT<sup>(C)(D)</sup> — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio, Cl Institutional, 3.900% |  |  |

---

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

*30*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X U.S. Infrastructure Development ETF** | **Global X U.S. Infrastructure Development ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENT**<br> (Cost $1,503,875) | 1503875 | $1503875 |
| TOTAL INVESTMENTS — 99.8%<br> (Cost $7,485,364,676) |  | $9817347481 |

---

*Percentages are based on Net Assets of $9,833,763,086.*

*A list of the open futures contracts held by the Fund at November 30, 2025, is as follows:*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Type of Contract | Number of<br> Contracts | Expiration<br> Date | Notional Amount | Value | Unrealized<br> Appreciation |
| Long Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Russell 2000 Index E-MINI | 76 | Dec-2025 | $9181249 | $9519380 | $338131 |

---

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

*(A)* *Affiliated investment.*

*(B)* *This security or a partial position of this security is on loan at November 30, 2025. The total market value of securities on loan at November 30, 2025 was $1,516,587.*

*(C)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2025 was $1,503,875. The total value of non-cash collateral held from securities on loan as of November 30, 2025 was $0.*

*(D)* *The rate reported on the Schedule of Investments is the 7-day effective yield as of November 30, 2025.*

*As of November 30, 2025, all of the Fund's investments and other financial instruments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

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

*31*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X U.S. Infrastructure Development ETF** | **Global X U.S. Infrastructure Development ETF** |

---

*The following is a summary of the Fund's transactions with affiliates for the year ended November 30, 2025:*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Value<br> 11/30/2024 | 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> 11/30/2025 | Income | Capital Gains |
| &nbsp;&nbsp;**NWPX Infrastructure** | &nbsp;&nbsp;**NWPX Infrastructure** | &nbsp;&nbsp;**NWPX Infrastructure** |  |  |  |  |  |  |
| &nbsp;&nbsp;$| 42668380 | $7385071 | $(17804332) | $(5124523) | $4544976 | $31669572 | $— | $— |
| &nbsp;&nbsp;**Titan Machinery** | &nbsp;&nbsp;**Titan Machinery** |  |  |  |  |  |  |  |
|  | 12444434 | 22816286 | (5406359) | 1942048 | (182954) | 31613455 |  |  |
| &nbsp;&nbsp;**Totals:** | &nbsp;&nbsp;**Totals:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;$| 55112814 | $30201357 | $(23210691) | $(3182475) | $4362022 | $63283027 | $— | $— |

---

*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.*

*32*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Autonomous & Electric Vehicles ETF** | **Global X Autonomous & Electric Vehicles ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 98.5%** |  |  |
| **AUSTRALIA — 6.8%** |  |  |
| Materials — 6.8% |  |  |
| &nbsp;&nbsp;&nbsp;IGO <sup>\*</sup> | 945908 | $4199597 |
| &nbsp;&nbsp;&nbsp;Liontown Resources <sup>\*(A)</sup> | 5442227 | 5121516 |
| &nbsp;&nbsp;&nbsp;PLS Group <sup>\*(A)</sup> | 2904848 | 7715223 |
| &nbsp;&nbsp;&nbsp;Rio Tinto PLC | 75967 | 5457561 |
| TOTAL AUSTRALIA |  | 22493897 |
| **CANADA — 0.9%** |  |  |
| Information Technology — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;BlackBerry <sup>\*</sup> | 726151 | 2962696 |
| **CHILE — 1.6%** |  |  |
| Materials — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile ADR \* | 82865 | 5329877 |
| **CHINA — 12.1%** |  |  |
| Communication Services — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Baidu ADR <sup>\*(A)</sup> | 38000 | 4441820 |
| Consumer Discretionary — 5.9% |  |  |
| &nbsp;&nbsp;&nbsp;BYD, Cl H | 272200 | 3408793 |
| &nbsp;&nbsp;&nbsp;Geely Automobile Holdings | 1393000 | 3030906 |
| &nbsp;&nbsp;&nbsp;Li Auto, Cl A <sup>\*</sup> | 231900 | 2143085 |
| &nbsp;&nbsp;&nbsp;Nexteer Automotive Group | 3820300 | 2885245 |
| &nbsp;&nbsp;&nbsp;NIO ADR <sup>\*(A)</sup> | 731159 | 4021374 |
| &nbsp;&nbsp;&nbsp;XPeng ADR, Cl A <sup>\*(A)</sup> | 180549 | 3941385 |
|  |  | 19430788 |
| Information Technology — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;indie Semiconductor, Cl A <sup>\*(A)</sup> | 728221 | 2592467 |
| &nbsp;&nbsp;&nbsp;RoboSense Technology <sup>\*(A)</sup> | 707828 | 2978376 |
|  |  | 5570843 |
| Materials — 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;Ganfeng Lithium Group, Cl H <sup>(A)</sup> | 926133 | 5826397 |

---

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

*33*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Autonomous & Electric Vehicles ETF** | **Global X Autonomous & Electric Vehicles ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Materials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Tianqi Lithium, Cl H <sup>\*(A)</sup> | 751700 | $4756055 |
|  |  | 10582452 |
| TOTAL CHINA |  | 40025903 |
| **FRANCE — 2.8%** |  |  |
| Consumer Discretionary — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Forvia <sup>\*</sup> | 255525 | 3588251 |
| &nbsp;&nbsp;&nbsp;Renault | 65265 | 2610873 |
|  |  | 6199124 |
| Materials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Eramet <sup>(A)</sup> | 49590 | 3084771 |
| TOTAL FRANCE |  | 9283895 |
| **GERMANY — 1.3%** |  |  |
| Information Technology — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Infineon Technologies | 98671 | 4160246 |
| **ISRAEL — 0.7%** |  |  |
| Consumer Discretionary — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Mobileye Global, Cl A <sup>\*</sup> | 184015 | 2175057 |
| **JAPAN — 11.2%** |  |  |
| Consumer Discretionary — 6.9% |  |  |
| &nbsp;&nbsp;&nbsp;Denso | 260661 | 3440124 |
| &nbsp;&nbsp;&nbsp;GS Yuasa | 162005 | 4315635 |
| &nbsp;&nbsp;&nbsp;Honda Motor | 370541 | 3732717 |
| &nbsp;&nbsp;&nbsp;Nissan Motor <sup>\*(A)</sup> | 1418222 | 3491707 |
| &nbsp;&nbsp;&nbsp;Toyota Motor | 391443 | 7858961 |
|  |  | 22839144 |
| Information Technology — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;Allegro MicroSystems <sup>\*</sup> | 82177 | 2193304 |
| &nbsp;&nbsp;&nbsp;Renesas Electronics | 271255 | 3218383 |
| &nbsp;&nbsp;&nbsp;Socionext | 170760 | 2435833 |
|  |  | 7847520 |

---

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

*34*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Autonomous & Electric Vehicles ETF** | **Global X Autonomous & Electric Vehicles ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Materials — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Denka | 210476 | $3689568 |
| &nbsp;&nbsp;&nbsp;Tokai Carbon <sup>(A)</sup> | 431845 | 2844836 |
|  |  | 6534404 |
| TOTAL JAPAN |  | 37221068 |
| **NETHERLANDS — 2.8%** |  |  |
| Information Technology — 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;Nebius Group, Cl A <sup>\*(A)</sup> | 58940 | 5591638 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors | 19372 | 3776378 |
| TOTAL NETHERLANDS |  | 9368016 |
| **SINGAPORE — 0.7%** |  |  |
| Information Technology — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;STMicroelectronics | 107018 | 2456175 |
| **SOUTH KOREA — 5.5%** |  |  |
| Consumer Discretionary — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;HL Mando | 114999 | 3643935 |
| Industrials — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;LG Energy Solution <sup>\*</sup> | 13716 | 3805207 |
| Information Technology — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Samsung SDI | 23842 | 4855458 |
| Materials — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Cosmochemical <sup>\*</sup> | 263145 | 3036461 |
| &nbsp;&nbsp;&nbsp;SKC <sup>\*</sup> | 39636 | 2996990 |
|  |  | 6033451 |
| TOTAL SOUTH KOREA |  | 18338051 |
| **TAIWAN — 1.7%** |  |  |
| Industrials — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Energy Solution Holding | 74100 | 3317206 |

---

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

*35*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Autonomous & Electric Vehicles ETF** | **Global X Autonomous & Electric Vehicles ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;WNC | 747300 | $2428695 |
| TOTAL TAIWAN |  | 5745901 |
| **UNITED STATES — 50.4%** |  |  |
| Communication Services — 4.3% |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 44964 | 14396573 |
| Consumer Discretionary — 13.2% |  |  |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings <sup>\*</sup> | 608691 | 3999100 |
| &nbsp;&nbsp;&nbsp;Ford Motor | 347061 | 4608970 |
| &nbsp;&nbsp;&nbsp;General Motors | 78799 | 5793302 |
| &nbsp;&nbsp;&nbsp;Gentherm <sup>\*</sup> | 97401 | 3474294 |
| &nbsp;&nbsp;&nbsp;Lear | 28788 | 3090680 |
| &nbsp;&nbsp;&nbsp;Lucid Group <sup>\*(A)</sup> | 126958 | 1730438 |
| &nbsp;&nbsp;&nbsp;QuantumScape, Cl A <sup>\*</sup> | 277125 | 3386467 |
| &nbsp;&nbsp;&nbsp;Stellantis | 341451 | 3642921 |
| &nbsp;&nbsp;&nbsp;Tesla <sup>\*</sup> | 26342 | 11331538 |
| &nbsp;&nbsp;&nbsp;Visteon | 26889 | 2776289 |
|  |  | 43833999 |
| Industrials — 13.5% |  |  |
| &nbsp;&nbsp;&nbsp;Amprius Technologies <sup>\*</sup> | 389475 | 4408857 |
| &nbsp;&nbsp;&nbsp;ATI <sup>\*</sup> | 35624 | 3590899 |
| &nbsp;&nbsp;&nbsp;Bloom Energy, Cl A <sup>\*</sup> | 119738 | 13080179 |
| &nbsp;&nbsp;&nbsp;EnerSys | 34598 | 4951320 |
| &nbsp;&nbsp;&nbsp;Honeywell International | 28269 | 5433019 |
| &nbsp;&nbsp;&nbsp;Hyster-Yale | 71507 | 2079424 |
| &nbsp;&nbsp;&nbsp;ITT | 20529 | 3780621 |
| &nbsp;&nbsp;&nbsp;Plug Power <sup>\*</sup> | 1923146 | 3865523 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies | 17942 | 3741804 |
|  |  | 44931646 |
| Information Technology — 16.8% |  |  |
| &nbsp;&nbsp;&nbsp;Ambarella <sup>\*</sup> | 44489 | 3300194 |
| &nbsp;&nbsp;&nbsp;CEVA <sup>\*</sup> | 129535 | 2796661 |
| &nbsp;&nbsp;&nbsp;Coherent <sup>\*</sup> | 33977 | 5581062 |
| &nbsp;&nbsp;&nbsp;Intel <sup>\*</sup> | 234885 | 9526935 |
| &nbsp;&nbsp;&nbsp;Microsoft | 16177 | 7959246 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 47914 | 8480778 |

---

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

*36*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Autonomous & Electric Vehicles ETF** | **Global X Autonomous & Electric Vehicles ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;ON Semiconductor <sup>\*</sup> | 59367 | $2982598 |
| &nbsp;&nbsp;&nbsp;QUALCOMM | 46067 | 7743402 |
| &nbsp;&nbsp;&nbsp;SiTime <sup>\*</sup> | 14696 | 4374999 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions | 43362 | 2859724 |
|  |  | 55605599 |
| Materials — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;Albemarle <sup>(A)</sup> | 44257 | 5752968 |
| &nbsp;&nbsp;&nbsp;Cabot | 39262 | 2456623 |
| &nbsp;&nbsp;&nbsp;Solstice Advanced Materials \* | 6719 | 320362 |
|  |  | 8529953 |
| TOTAL UNITED STATES |  | 167297770 |
| TOTAL COMMON STOCK<br> (Cost $359,581,988) |  | 326858552 |
| **PREFERRED STOCK — 1.1%** |  |  |
| **GERMANY—1.1%** |  |  |
| Consumer Discretionary — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Volkswagen <sup>(A)(B)</sup> | 31836 | 3634874 |
| TOTAL PREFERRED STOCK<br> (Cost $7,125,710) |  | 3634874 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENTS<sup>(C)</sup> — 6.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Citadel Securities LLC<br> 4.170%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $4,658,365 (collateralized by various U.S. Treasury Obligations, ranging in par value $242 - $1,318,061, 0.000% - 4.750%, 12/11/2025 - 11/15/2055, with a total market value of $4,738,235) | $4656747 | 4656747 |

---

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

*37*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Autonomous & Electric Vehicles ETF** | **Global X Autonomous & Electric Vehicles ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(C)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Daiwa Capital Markets America, Inc.<br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $4,378,834 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $650 - $1,824,655, 1.500% - 6.500%, 11/15/2034 - 12/01/2055, with a total market value of $4,448,269) | $4377342 | $4377342 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc.<br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $4,378,834 (collateralized by various U.S. Government Obligations, ranging in par value $10,431 - $4,808,358, 2.500% - 7.000%, 05/01/2042 - 11/01/2054, with a total market value of $4,451,695) | 4377342 | 4377342 |
| &nbsp;&nbsp;&nbsp;JP Morgan Securities LLC<br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $1,175,206 (collateralized by various U.S. Government Obligations, ranging in par value $5,991 - $252,847, 4.000% - 7.000%, 09/01/2040 - 12/01/2055, with a total market value of $1,193,375) | 1174806 | 1174806 |
| &nbsp;&nbsp;&nbsp;Natwest Markets Securities, Inc.<br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $1,190,494 (collateralized by various U.S. Treasury Obligations, ranging in par value $208 - $171,690, 0.375% - 4.875%, 12/31/2025 - 05/15/2055, with a total market value of $1,204,875) | 1190088 | 1190088 |
| &nbsp;&nbsp;&nbsp;Nomura Securities International, Inc.<br> 4.080%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $219,635 (collateralized by various U.S. Government Obligations, ranging in par value $222 - $103,335, 2.000% - 6.000%, 04/15/2036 - 06/20/2065, with a total market value of $223,196) | 219560 | 219560 |

---

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

*38*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Autonomous & Electric Vehicles ETF** | **Global X Autonomous & Electric Vehicles ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(C)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;RBC Dominion Securities, Inc.<br> 4.080%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $3,819,307 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $3,529 - $7,023,995, 2.000% - 6.000%, 07/31/2030 - 01/01/2055, with a total market value of $3,884,108) | $3818009 | $3818009 |
| TOTAL REPURCHASE AGREEMENTS<br> (Cost $19,813,894) |  | 19813894 |
| TOTAL INVESTMENTS — 105.6%<br> (Cost $386,521,592) |  | $350307320 |

---

*Percentages are based on Net Assets of $331,681,089.*

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

*(A)* *This security or a partial position of this security is on loan at November 30, 2025. The total market value of securities on loan at November 30, 2025 was $37,359,702.*

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

*(C)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2025 was $19,813,894. The total value of non-cash collateral held from securities on loan as of November 30, 2025 was $18,249,230.*

*The following is a summary of the level of inputs used as of November 30, 2025, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Common Stock | $326858552 | $— | $*—* | $326858552 |
| &nbsp;&nbsp;&nbsp;Preferred Stock | 3634874 |  |  | 3634874 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 19813894 |  | 19813894 |
| Total Investments in Securities | $330493426 | $19813894 | $— | $350307320 |

---

*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.*

*39*

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Artificial Intelligence & Technology ETF** | **Global X Artificial Intelligence & Technology ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%** |  |  |
| **BRAZIL — 0.3%** |  |  |
| Financials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;StoneCo, Cl A <sup>\*</sup> | 1334083 | $22479299 |
| **CANADA — 3.0%** |  |  |
| Industrials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Thomson Reuters | 303801 | 41143769 |
| Information Technology — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;Hut 8 <sup>\*</sup> | 864859 | 38918655 |
| &nbsp;&nbsp;&nbsp;Shopify, Cl A <sup>\*</sup> | 824020 | 130722533 |
|  |  | 169641188 |
| TOTAL CANADA |  | 210784957 |
| **CHINA — 8.0%** |  |  |
| Communication Services — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;Baidu ADR <sup>\*</sup> | 201189 | 23516982 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 2669018 | 209631179 |
|  |  | 233148161 |
| Consumer Discretionary — 4.4% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding ADR | 1531299 | 240873333 |
| &nbsp;&nbsp;&nbsp;Meituan, Cl B <sup>\*</sup> | 3749415 | 49362289 |
| &nbsp;&nbsp;&nbsp;WeRide ADR <sup>\*(A)</sup> | 1860277 | 15328682 |
|  |  | 305564304 |
| Information Technology — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Pony AI <sup>\*(A)</sup> | 1230837 | 16825542 |
| TOTAL CHINA |  | 555538007 |
| **FINLAND — 0.3%** |  |  |
| Information Technology — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;TietoEVRY <sup>(A)</sup> | 1081582 | 22468628 |
| **GERMANY — 2.6%** |  |  |
| Industrials — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Siemens | 540786 | 143283248 |

---

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

*40*

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Artificial Intelligence & Technology ETF** | **Global X Artificial Intelligence & Technology ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Infineon Technologies | 882811 | $37221786 |
| TOTAL GERMANY |  | 180505034 |
| **ISRAEL — 0.3%** |  |  |
| Information Technology — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Nice ADR <sup>\*</sup> | 115050 | 12203354 |
| &nbsp;&nbsp;&nbsp;Wix.com <sup>\*</sup> | 121740 | 11651735 |
| TOTAL ISRAEL |  | 23855089 |
| **ITALY — 0.2%** |  |  |
| Health Care — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Amplifon | 790245 | 12142659 |
| **JAPAN — 2.6%** |  |  |
| Consumer Discretionary — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Rakuten Group <sup>\*</sup> | 3426939 | 20961315 |
| Industrials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;FANUC | 661313 | 21299322 |
| &nbsp;&nbsp;&nbsp;Fujikura | 328230 | 37755389 |
|  |  | 59054711 |
| Information Technology — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Fujitsu | 1398809 | 37173091 |
| &nbsp;&nbsp;&nbsp;NEC | 921427 | 34784534 |
| &nbsp;&nbsp;&nbsp;Socionext | 983162 | 14024470 |
| &nbsp;&nbsp;&nbsp;Toshiba TEC | 897679 | 16377393 |
|  |  | 102359488 |
| TOTAL JAPAN |  | 182375514 |
| **NETHERLANDS — 0.7%** |  |  |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Wolters Kluwer | 162090 | 17231210 |
| Information Technology — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors | 170482 | 33233761 |
| TOTAL NETHERLANDS |  | 50464971 |

---

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

*41*

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Artificial Intelligence & Technology ETF** | **Global X Artificial Intelligence & Technology ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| **SOUTH KOREA — 6.4%** |  |  |
| Information Technology — 6.4% |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics | 3901709 | $266631594 |
| &nbsp;&nbsp;&nbsp;SK hynix | 494366 | 178162024 |
| TOTAL SOUTH KOREA |  | 444793618 |
| **SWEDEN — 0.3%** |  |  |
| Information Technology — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson ADR | 2453693 | 23555453 |
| **SWITZERLAND — 0.3%** |  |  |
| Information Technology — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Temenos | 204032 | 18511403 |
| **TAIWAN — 4.2%** |  |  |
| Information Technology — 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;Acer | 17667300 | 15339618 |
| &nbsp;&nbsp;&nbsp;Advantech | 1621557 | 14879988 |
| &nbsp;&nbsp;&nbsp;Global Unichip | 459886 | 33115895 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | 781042 | 227681553 |
| TOTAL TAIWAN |  | 291017054 |
| **UNITED STATES — 70.7%** |  |  |
| Communication Services — 9.8% |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 986729 | 315930891 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 263044 | 170439360 |
| &nbsp;&nbsp;&nbsp;Netflix \* | 1595114 | 171602364 |
| &nbsp;&nbsp;&nbsp;Snap, Cl A <sup>\*</sup> | 1845702 | 14174991 |
| &nbsp;&nbsp;&nbsp;Trade Desk, Cl A <sup>\*</sup> | 301569 | 11930070 |
|  |  | 684077676 |
| Consumer Discretionary — 6.2% |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com <sup>\*</sup> | 822232 | 191760947 |
| &nbsp;&nbsp;&nbsp;Tesla <sup>\*</sup> | 564455 | 242811608 |
|  |  | 434572555 |

---

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

*42*

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Artificial Intelligence & Technology ETF** | **Global X Artificial Intelligence & Technology ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Health Care — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies | 308980 | $24715310 |
| Industrials — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;Experian PLC | 618663 | 27239468 |
| &nbsp;&nbsp;&nbsp;Genpact | 408964 | 18018954 |
| &nbsp;&nbsp;&nbsp;Uber Technologies <sup>\*</sup> | 1414605 | 123834522 |
|  |  | 169092944 |
| Information Technology — 51.9% |  |  |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Cl A | 421343 | 105335750 |
| &nbsp;&nbsp;&nbsp;Adobe <sup>\*</sup> | 286933 | 91855861 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices <sup>\*</sup> | 1183149 | 257370402 |
| &nbsp;&nbsp;&nbsp;Ambarella <sup>\*</sup> | 274863 | 20389337 |
| &nbsp;&nbsp;&nbsp;Apple | 876517 | 244416765 |
| &nbsp;&nbsp;&nbsp;AppLovin, Cl A <sup>\*</sup> | 208141 | 124776367 |
| &nbsp;&nbsp;&nbsp;Broadcom | 661686 | 266632991 |
| &nbsp;&nbsp;&nbsp;C3.ai, Cl A <sup>\*(A)</sup> | 637420 | 9210719 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems <sup>\*</sup> | 184256 | 57458391 |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings <sup>\*</sup> | 1860616 | 13861589 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 2735473 | 210467293 |
| &nbsp;&nbsp;&nbsp;CoreWeave, Cl A <sup>\*</sup> | 248787 | 18191305 |
| &nbsp;&nbsp;&nbsp;CyberArk Software <sup>\*</sup> | 49974 | 22917577 |
| &nbsp;&nbsp;&nbsp;Datadog, Cl A <sup>\*</sup> | 215619 | 34501196 |
| &nbsp;&nbsp;&nbsp;DXC Technology <sup>\*</sup> | 1256423 | 16584784 |
| &nbsp;&nbsp;&nbsp;Fortinet <sup>\*</sup> | 517777 | 42007248 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise | 897802 | 19634930 |
| &nbsp;&nbsp;&nbsp;Intel <sup>\*</sup> | 2950684 | 119679743 |
| &nbsp;&nbsp;&nbsp;International Business Machines | 665594 | 205388997 |
| &nbsp;&nbsp;&nbsp;Marvell Technology | 583233 | 52141030 |
| &nbsp;&nbsp;&nbsp;Micron Technology | 757053 | 179027893 |
| &nbsp;&nbsp;&nbsp;Microsoft | 371041 | 182555882 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 1099111 | 194542647 |
| &nbsp;&nbsp;&nbsp;Okta, Cl A <sup>\*</sup> | 194431 | 15618642 |
| &nbsp;&nbsp;&nbsp;Oracle | 775955 | 156704112 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A <sup>\*</sup> | 1213918 | 204484487 |
| &nbsp;&nbsp;&nbsp;Pegasystems | 323588 | 17722915 |
| &nbsp;&nbsp;&nbsp;QUALCOMM | 742762 | 124850865 |
| &nbsp;&nbsp;&nbsp;Quantum Computing <sup>\*(A)</sup> | 1065006 | 12460570 |
| &nbsp;&nbsp;&nbsp;Salesforce | 702463 | 161945820 |

---

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

*43*

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Artificial Intelligence & Technology ETF** | **Global X Artificial Intelligence & Technology ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings | 143216 | $39626435 |
| &nbsp;&nbsp;&nbsp;ServiceNow <sup>\*</sup> | 140131 | 113843826 |
| &nbsp;&nbsp;&nbsp;Snowflake, Cl A \* | 225154 | 56567691 |
| &nbsp;&nbsp;&nbsp;SoundHound AI, Cl A <sup>\*(A)</sup> | 1523949 | 18363585 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer <sup>\*</sup> | 401124 | 13578047 |
| &nbsp;&nbsp;&nbsp;Synopsys <sup>\*</sup> | 125173 | 52323566 |
| &nbsp;&nbsp;&nbsp;Teradata <sup>\*</sup> | 843398 | 24154919 |
| &nbsp;&nbsp;&nbsp;Twilio, Cl A <sup>\*</sup> | 141459 | 18345818 |
| &nbsp;&nbsp;&nbsp;UiPath, Cl A <sup>\*</sup> | 1487366 | 20614893 |
| &nbsp;&nbsp;&nbsp;Workday, Cl A <sup>\*</sup> | 145781 | 31433299 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies, Cl A <sup>\*</sup> | 55309 | 13979350 |
| &nbsp;&nbsp;&nbsp;Zscaler <sup>\*</sup> | 105108 | 26434662 |
|  |  | 3612002199 |
| TOTAL UNITED STATES |  | 4924460684 |
| TOTAL COMMON STOCK<br> (Cost $5,747,003,971) |  | 6962952370 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Citadel Securities LLC<br> 4.170%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $7,825,861 (collateralized by various U.S. Treasury Obligations, ranging in par value $407 - $2,214,287, 0.000% - 4.750%, 12/11/2025 - 11/15/2055, with a total market value of $7,960,039) | $7823142 | 7823142 |
| &nbsp;&nbsp;&nbsp;Daiwa Capital Markets America, Inc.<br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $7,356,260 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $1,091 - $3,065,345, 1.500% - 6.500%, 11/15/2034 - 12/01/2055, with a total market value of $7,472,909) | 7353754 | 7353754 |

---

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

*44*

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Artificial Intelligence & Technology ETF** | **Global X Artificial Intelligence & Technology ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc.<br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $7,356,260 (collateralized by various U.S. Government Obligations, ranging in par value $17,523 - $8,077,843, 2.500% - 7.000%, 05/01/2042 - 11/01/2054, with a total market value of $7,478,665) | $7353754 | $7353754 |
| &nbsp;&nbsp;&nbsp;JP Morgan Securities LLC<br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $1,974,351 (collateralized by various U.S. Government Obligations, ranging in par value $10,065 - $424,784, 4.000% - 7.000%, 09/01/2040 - 12/01/2055, with a total market value of $2,004,874) | 1973678 | 1973678 |
| &nbsp;&nbsp;&nbsp;Natwest Markets Securities, Inc.<br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $1,999,148 (collateralized by various U.S. Treasury Obligations, ranging in par value $350 - $288,312, 0.375% - 4.875%, 12/31/2025 - 05/15/2055, with a total market value of $2,023,298) | 1998467 | 1998467 |
| &nbsp;&nbsp;&nbsp;Nomura Securities International, Inc.<br> 4.080%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $6,785,656 (collateralized by various U.S. Government Obligations, ranging in par value $6,846 - $3,192,562, 2.000% - 6.000%, 04/15/2036 - 06/20/2065, with a total market value of $6,895,696) | 6783350 | 6783350 |
| TOTAL REPURCHASE AGREEMENTS<br> (Cost $33,286,145) |  | 33286145 |
| TOTAL INVESTMENTS — 100.4%<br> (Cost $5,780,290,116) |  | $6996238515 |

---

*Percentages are based on Net Assets of $6,965,660,940.*

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

*45*

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Artificial Intelligence & Technology ETF** | **Global X Artificial Intelligence & Technology ETF** |

---

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

*(A)* *This security or a partial position of this security is on loan at November 30, 2025. The total market value of securities on loan at November 30, 2025 was $41,403,471.*

*(B)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2025 was $33,286,145. The total value of non-cash collateral held from securities on loan as of November 30, 2025 was $8,509,485.*

*The following is a summary of the level of inputs used as of November 30, 2025, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*6962952370* | $*—* | $*—* | $*6962952370* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreements* | *—* | *33286145* | *—* | *33286145* |
| *Total Investments in Securities* | $*6962952370* | $*33286145* | $*—* | $*6996238515* |

---

*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.*

*46*

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Genomics & Biotechnology ETF** | **Global X Genomics & Biotechnology ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 100.0%** |  |  |
| **CHINA — 1.9%** |  |  |
| Health Care — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Genscript Biotech <sup>\*</sup> | 539318 | $1032834 |
| **GERMANY — 4.2%** |  |  |
| Health Care — 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;BioNTech ADR <sup>\*</sup> | 19865 | 2049075 |
| &nbsp;&nbsp;&nbsp;CureVac <sup>\*</sup> | 45849 | 251711 |
| TOTAL GERMANY |  | 2300786 |
| **NETHERLANDS — 1.3%** |  |  |
| Health Care — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;uniQure <sup>\*(A)</sup> | 26226 | 721477 |
| **SWITZERLAND — 3.2%** |  |  |
| Health Care — 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;CRISPR Therapeutics <sup>\*(A)</sup> | 32818 | 1754778 |
| **UNITED KINGDOM — 2.1%** |  |  |
| Health Care — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC | 6172 | 1142775 |
| **UNITED STATES — 87.3%** |  |  |
| Health Care — 87.3% |  |  |
| &nbsp;&nbsp;&nbsp;10X Genomics, Cl A <sup>\*</sup> | 53010 | 997118 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies | 1788 | 274458 |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals <sup>\*</sup> | 4263 | 1923594 |
| &nbsp;&nbsp;&nbsp;Arcturus Therapeutics Holdings <sup>\*(A)</sup> | 16272 | 110487 |
| &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals <sup>\*</sup> | 50958 | 2685487 |
| &nbsp;&nbsp;&nbsp;Avidity Biosciences <sup>\*</sup> | 29477 | 2113501 |
| &nbsp;&nbsp;&nbsp;Beam Therapeutics <sup>\*(A)</sup> | 43839 | 1110442 |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical <sup>\*</sup> | 39589 | 2214213 |
| &nbsp;&nbsp;&nbsp;Bio-Techne | 33104 | 2135539 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 24097 | 1185572 |
| &nbsp;&nbsp;&nbsp;CareDx <sup>\*</sup> | 24133 | 431257 |
| &nbsp;&nbsp;&nbsp;Caribou Biosciences <sup>\*</sup> | 64814 | 125739 |
| &nbsp;&nbsp;&nbsp;Editas Medicine, Cl A <sup>\*</sup> | 50530 | 121777 |
| &nbsp;&nbsp;&nbsp;Eli Lilly | 1262 | 1357243 |

---

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

*47*

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Genomics & Biotechnology ETF** | **Global X Genomics & Biotechnology ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Health Care — continued |  |  |
| &nbsp;&nbsp;&nbsp;Fulgent Genetics <sup>\*</sup> | 9479 | $280389 |
| &nbsp;&nbsp;&nbsp;GeneDx Holdings, Cl A <sup>\*(A)</sup> | 12192 | 2035454 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 8663 | 1090152 |
| &nbsp;&nbsp;&nbsp;Guardant Health <sup>\*</sup> | 28409 | 3080104 |
| &nbsp;&nbsp;&nbsp;Illumina <sup>\*</sup> | 21605 | 2839977 |
| &nbsp;&nbsp;&nbsp;Intellia Therapeutics <sup>\*(A)</sup> | 48755 | 438307 |
| &nbsp;&nbsp;&nbsp;Legend Biotech ADR <sup>\*</sup> | 63899 | 1770641 |
| &nbsp;&nbsp;&nbsp;Maravai LifeSciences Holdings, Cl A <sup>\*</sup> | 50493 | 182785 |
| &nbsp;&nbsp;&nbsp;Mesa Laboratories | 2002 | 160560 |
| &nbsp;&nbsp;&nbsp;Moderna <sup>\*</sup> | 83121 | 2159484 |
| &nbsp;&nbsp;&nbsp;Myriad Genetics <sup>\*</sup> | 42453 | 323916 |
| &nbsp;&nbsp;&nbsp;Natera <sup>\*</sup> | 10648 | 2542849 |
| &nbsp;&nbsp;&nbsp;Pacific Biosciences of California <sup>\*(A)</sup> | 129269 | 299904 |
| &nbsp;&nbsp;&nbsp;Personalis <sup>\*(A)</sup> | 25487 | 273476 |
| &nbsp;&nbsp;&nbsp;Praxis Precision Medicines <sup>\*</sup> | 10488 | 2060472 |
| &nbsp;&nbsp;&nbsp;Prime Medicine <sup>\*(A)</sup> | 43998 | 168072 |
| &nbsp;&nbsp;&nbsp;QIAGEN <sup>(A)</sup> | 43507 | 2077459 |
| &nbsp;&nbsp;&nbsp;REGENXBIO <sup>\*</sup> | 22157 | 296682 |
| &nbsp;&nbsp;&nbsp;Rocket Pharmaceuticals <sup>\*(A)</sup> | 40638 | 138982 |
| &nbsp;&nbsp;&nbsp;Sana Biotechnology <sup>\*(A)</sup> | 28605 | 123002 |
| &nbsp;&nbsp;&nbsp;Sangamo Therapeutics <sup>\*</sup> | 264844 | 122093 |
| &nbsp;&nbsp;&nbsp;Sarepta Therapeutics <sup>\*(A)</sup> | 44329 | 945981 |
| &nbsp;&nbsp;&nbsp;Standard BioTools <sup>\*(A)</sup> | 129084 | 193626 |
| &nbsp;&nbsp;&nbsp;Stoke Therapeutics <sup>\*(A)</sup> | 4891 | 151181 |
| &nbsp;&nbsp;&nbsp;Twist Bioscience <sup>\*</sup> | 27666 | 885589 |
| &nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical <sup>\*</sup> | 43139 | 1499080 |
| &nbsp;&nbsp;&nbsp;Veracyte <sup>\*</sup> | 37008 | 1751959 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals <sup>\*</sup> | 4921 | 2133795 |
| &nbsp;&nbsp;&nbsp;Vir Biotechnology <sup>\*</sup> | 43421 | 278763 |
| &nbsp;&nbsp;&nbsp;WaVe Life Sciences <sup>\*</sup> | 61062 | 473841 |
| TOTAL UNITED STATES |  | 47565002 |
| TOTAL COMMON STOCK<br> (Cost $65,142,616) |  | 54517652 |

---

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

*48*

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Genomics & Biotechnology ETF** | **Global X Genomics & Biotechnology ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Cantor Fitzgerald Securities<br> 4.080%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $222,075 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $111 - $42,193, 0.000% - 6.500%, 01/02/2026 - 02/01/2057, with a total market value of $225,562) | $222000 | $222000 |
| &nbsp;&nbsp;&nbsp;Citadel Securities LLC<br> 4.170%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $249,087 (collateralized by various U.S. Treasury Obligations, ranging in par value $13 - $70,478, 0.000% - 4.750%, 12/11/2025 - 11/15/2055, with a total market value of $253,357) | 249000 | 249000 |
| &nbsp;&nbsp;&nbsp;Daiwa Capital Markets America, Inc.<br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $249,085 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $37 - $103,793, 1.500% - 6.500%, 11/15/2034 - 12/01/2055, with a total market value of $253,035) | 249000 | 249000 |
| &nbsp;&nbsp;&nbsp;Natwest Markets Securities, Inc.<br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $47,227 (collateralized by various U.S. Treasury Obligations, ranging in par value $8 - $6,811, 0.375% - 4.875%, 12/31/2025 - 05/15/2055, with a total market value of $47,798) | 47211 | 47211 |
| TOTAL REPURCHASE AGREEMENTS<br> (Cost $767,211) |  | 767211 |
| TOTAL INVESTMENTS — 101.4%<br> (Cost $65,909,827) |  | $55284863 |

---

*Percentages are based on Net Assets of $54,526,837.*

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

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

*49*

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Genomics & Biotechnology ETF** | **Global X Genomics & Biotechnology ETF** |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(A)* *This security or a partial position of this security is on loan at November 30, 2025. The total market value of securities on loan at November 30, 2025 was $5,300,531.* 

*(B)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2025 was $767,211. The total value of non-cash collateral held from securities on loan as of November 30, 2025 was $4,544,847.* 

*The following is a summary of the level of inputs used as of November 30, 2025, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*54517652* | $*—* | $*—* | $*54517652* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreements* | *—* | *767211* | *—* | *767211* |
| *Total Investments in Securities* | $*54517652* | $*767211* | $*—* | $*55284863* |

---

*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.*

*50*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Cloud Computing ETF** | **Global X Cloud Computing ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%** |  |  |
| **CANADA — 4.2%** |  |  |
| Information Technology — 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;Shopify, Cl A <sup>\*</sup> | 72837 | $11554862 |
| **CHINA — 2.8%** |  |  |
| Consumer Discretionary — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding ADR | 7417 | 1166694 |
| Information Technology — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;Kingsoft Cloud Holdings ADR <sup>\*(A)</sup> | 72674 | 898251 |
| &nbsp;&nbsp;&nbsp;Vnet Group ADR <sup>\*</sup> | 643728 | 5754928 |
|  |  | 6653179 |
| TOTAL CHINA |  | 7819873 |
| **ISRAEL — 2.9%** |  |  |
| Information Technology — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;Wix.com <sup>\*</sup> | 83336 | 7976088 |
| **JAPAN — 0.3%** |  |  |
| Information Technology — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Oracle Japan | 9486 | 816082 |
| **UNITED STATES — 89.7%** |  |  |
| Communication Services — 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 18086 | 5790776 |
| &nbsp;&nbsp;&nbsp;PubMatic, Cl A <sup>\*</sup> | 115510 | 1040745 |
|  |  | 6831521 |
| Consumer Discretionary — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com <sup>\*</sup> | 23383 | 5453383 |
| Health Care — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;HealthStream | 72305 | 1818471 |
| Industrials — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;Paycom Software | 69302 | 11169403 |

---

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

*51*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Cloud Computing ETF** | **Global X Cloud Computing ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — 76.6% |  |  |
| &nbsp;&nbsp;&nbsp;Akamai Technologies <sup>\*</sup> | 155701 | $13938354 |
| &nbsp;&nbsp;&nbsp;Box, Cl A <sup>\*</sup> | 353424 | 10440145 |
| &nbsp;&nbsp;&nbsp;C3.ai, Cl A <sup>\*</sup> | 327723 | 4735597 |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings <sup>\*</sup> | 222070 | 9886556 |
| &nbsp;&nbsp;&nbsp;Dropbox, Cl A <sup>\*</sup> | 396448 | 11845866 |
| &nbsp;&nbsp;&nbsp;Fastly, Cl A <sup>\*</sup> | 359557 | 4192435 |
| &nbsp;&nbsp;&nbsp;Five9 <sup>\*</sup> | 188469 | 3692108 |
| &nbsp;&nbsp;&nbsp;Freshworks, Cl A <sup>\*</sup> | 580398 | 7046032 |
| &nbsp;&nbsp;&nbsp;HubSpot <sup>\*</sup> | 28779 | 10571102 |
| &nbsp;&nbsp;&nbsp;International Business Machines | 2906 | 896734 |
| &nbsp;&nbsp;&nbsp;Microsoft | 11432 | 5624658 |
| &nbsp;&nbsp;&nbsp;Oracle | 8862 | 1789681 |
| &nbsp;&nbsp;&nbsp;Procore Technologies <sup>\*</sup> | 143712 | 10643311 |
| &nbsp;&nbsp;&nbsp;Qualys <sup>\*</sup> | 77310 | 10889114 |
| &nbsp;&nbsp;&nbsp;Salesforce | 47504 | 10951572 |
| &nbsp;&nbsp;&nbsp;ServiceNow <sup>\*</sup> | 13235 | 10752246 |
| &nbsp;&nbsp;&nbsp;Sinch <sup>\*</sup> | 2073411 | 6320202 |
| &nbsp;&nbsp;&nbsp;Snowflake, Cl A \* | 42937 | 10787492 |
| &nbsp;&nbsp;&nbsp;SPS Commerce <sup>\*</sup> | 91985 | 7664190 |
| &nbsp;&nbsp;&nbsp;Twilio, Cl A <sup>\*</sup> | 89160 | 11563160 |
| &nbsp;&nbsp;&nbsp;Workday, Cl A <sup>\*</sup> | 50629 | 10916625 |
| &nbsp;&nbsp;&nbsp;Workiva, Cl A <sup>\*</sup> | 127260 | 11779186 |
| &nbsp;&nbsp;&nbsp;Yext <sup>\*</sup> | 300615 | 2531178 |
| &nbsp;&nbsp;&nbsp;Zoom Video Communications, Cl A <sup>\*</sup> | 138241 | 11744955 |
| &nbsp;&nbsp;&nbsp;Zscaler <sup>\*</sup> | 35752 | 8991628 |
|  |  | 210194127 |
| Real Estate — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust <sup>‡</sup> | 67515 | 10810502 |
| TOTAL UNITED STATES |  | 246277407 |
| TOTAL COMMON STOCK<br> (Cost $376,072,182) |  | 274444312 |
| **SHORT-TERM INVESTMENT<sup>(B)(C)</sup> — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio, Cl Institutional, 3.900% |  |  |

---

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

*52*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Cloud Computing ETF** | **Global X Cloud Computing ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENT**<br> (Cost $694,926) | 694926 | $694926 |
| TOTAL INVESTMENTS — 100.2%<br> (Cost $376,767,108) |  | $275139238 |

---

*Percentages are based on Net Assets of $274,513,852.*

---

| | |
|:---|:---|
| \* | Non-income producing security. |
| ‡ | Real Estate Investment Trust |
| (A) | This security or a partial position of this security is on loan at November 30, 2025. The total market value of securities on loan at November 30, 2025 was $673,669. |
| (B) | These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2025 was $694,926. The total value of non-cash collateral held from securities on loan as of November 30, 2025 was $0. |
| (C) | The rate reported on the Schedule of Investments is the 7-day effective yield as of November 30, 2025. |

---

*As of November 30, 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.*

*53*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Cybersecurity ETF** | **Global X Cybersecurity ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%** |  |  |
| **CANADA — 4.2%** |  |  |
| Information Technology — 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;BlackBerry <sup>\*(A)</sup> | 10181182 | $41539222 |
| **ISRAEL — 7.8%** |  |  |
| Information Technology — 7.8% |  |  |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies <sup>\*</sup> | 319133 | 59604471 |
| &nbsp;&nbsp;&nbsp;Radware <sup>\*</sup> | 819364 | 18796210 |
| TOTAL ISRAEL |  | 78400681 |
| **JAPAN — 7.3%** |  |  |
| Information Technology — 7.3% |  |  |
| &nbsp;&nbsp;&nbsp;Amiya <sup>\*(A)</sup> | 129923 | 2905679 |
| &nbsp;&nbsp;&nbsp;Digital Arts <sup>(A)</sup> | 270362 | 12422272 |
| &nbsp;&nbsp;&nbsp;FFRI Security <sup>(A)</sup> | 157250 | 8968440 |
| &nbsp;&nbsp;&nbsp;Hennge <sup>(A)</sup> | 340949 | 2886213 |
| &nbsp;&nbsp;&nbsp;Trend Micro | 926437 | 46283261 |
| TOTAL JAPAN |  | 73465865 |
| **SOUTH KOREA — 0.9%** |  |  |
| Information Technology — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Ahnlab | 213879 | 8754983 |
| **UNITED KINGDOM — 0.8%** |  |  |
| Information Technology — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Arqit Quantum <sup>\*(A)</sup> | 293533 | 8368626 |
| **UNITED STATES — 78.9%** |  |  |
| Information Technology — 78.9% |  |  |
| &nbsp;&nbsp;&nbsp;A10 Networks | 1376784 | 23708220 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies <sup>\*</sup> | 644343 | 57681585 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Cl A <sup>\*</sup> | 117772 | 59964792 |
| &nbsp;&nbsp;&nbsp;CyberArk Software <sup>\*</sup> | 124832 | 57246707 |
| &nbsp;&nbsp;&nbsp;Fortinet <sup>\*</sup> | 778694 | 63175444 |
| &nbsp;&nbsp;&nbsp;Gen Digital | 1848215 | 48737430 |
| &nbsp;&nbsp;&nbsp;Netskope <sup>\*</sup> | 1055146 | 19393583 |
| &nbsp;&nbsp;&nbsp;Okta, Cl A <sup>\*</sup> | 547771 | 44002444 |
| &nbsp;&nbsp;&nbsp;OneSpan | 729927 | 8905109 |

---

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

*54*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Cybersecurity ETF** | **Global X Cybersecurity ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks <sup>\*</sup> | 296712 | $56413853 |
| &nbsp;&nbsp;&nbsp;Qualys <sup>\*</sup> | 319935 | 45062845 |
| &nbsp;&nbsp;&nbsp;Rapid7 <sup>\*</sup> | 1242794 | 19487010 |
| &nbsp;&nbsp;&nbsp;Rubrik, Cl A <sup>\*</sup> | 657584 | 45583723 |
| &nbsp;&nbsp;&nbsp;Sailpoint <sup>\*(A)</sup> | 2358930 | 43451491 |
| &nbsp;&nbsp;&nbsp;SentinelOne, Cl A <sup>\*</sup> | 2875126 | 46605792 |
| &nbsp;&nbsp;&nbsp;Telos <sup>\*</sup> | 1395529 | 8066158 |
| &nbsp;&nbsp;&nbsp;Tenable Holdings <sup>\*</sup> | 1717935 | 45559636 |
| &nbsp;&nbsp;&nbsp;Varonis Systems, Cl B <sup>\*</sup> | 1378980 | 45602869 |
| &nbsp;&nbsp;&nbsp;Zscaler <sup>\*</sup> | 197270 | 49613405 |
| TOTAL UNITED STATES |  | 788262096 |
| TOTAL COMMON STOCK<br> (Cost $965,881,722) |  | 998791473 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Citadel Securities LLC <br> 4.170%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $4,140,653 (collateralized by various U.S. Treasury Obligations, ranging in par value $215 - $1,171,577, 0.000% - 4.750%, 12/11/2025 - 11/15/2055, with a total market value of $4,211,647) | $4139215 | 4139215 |
| &nbsp;&nbsp;&nbsp;Daiwa Capital Markets America, Inc. <br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $3,892,188 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $577 - $1,621,870, 1.500% - 6.500%, 11/15/2034 - 12/01/2055, with a total market value of $3,953,907) | 3890862 | 3890862 |

---

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

*55*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Cybersecurity ETF** | **Global X Cybersecurity ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc. <br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $3,892,188 (collateralized by various U.S. Government Obligations, ranging in par value $9,271 - $4,273,977, 2.500% - 7.000%, 05/01/2042 - 11/01/2054, with a total market value of $3,956,952) | $3890862 | $3890862 |
| &nbsp;&nbsp;&nbsp;JP Morgan Securities LLC <br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $1,045,585 (collateralized by various U.S. Government Obligations, ranging in par value $5,330 - $224,959, 4.000% - 7.000%, 09/01/2040 - 12/01/2055, with a total market value of $1,061,750) | 1045229 | 1045229 |
| &nbsp;&nbsp;&nbsp;Natwest Markets Securities, Inc. <br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $1,058,636 (collateralized by various U.S. Treasury Obligations, ranging in par value $185 - $152,674, 0.375% - 4.875%, 12/31/2025 - 05/15/2055, with a total market value of $1,071,424) | 1058275 | 1058275 |
| &nbsp;&nbsp;&nbsp;RBC Dominion Securities, Inc. <br> 4.080%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $3,588,281 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $3,316 - $6,599,119, 2.000% - 6.000%, 07/31/2030 - 01/01/2055, with a total market value of $3,649,162) | 3587061 | 3587061 |
| TOTAL REPURCHASE AGREEMENTS<br> (Cost $17,611,504) |  | 17611504 |
| TOTAL INVESTMENTS — 101.7%<br> (Cost $983,493,226) |  | $1016402977 |

---

*Percentages are based on Net Assets of $999,359,107.*

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

*56*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Cybersecurity ETF** | **Global X Cybersecurity ETF** |

---

\* Non-income producing security.

(A) This security or a partial position of this security is on loan at November 30, 2025. The total market value of securities on loan at November 30, 2025 was $41,504,092.

(B) These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2025 was $17,611,504. The total value of non-cash collateral held from securities on loan as of November 30, 2025 was $24,454,271.

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

*57*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Cybersecurity ETF** | **Global X Cybersecurity ETF** |

---

*A list of the open futures contracts held by the Fund at November 30, 2025, is as follows:*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Type of Contract*** | ***Number of<br> Contracts*** | ***Expiration<br> Date*** | ***Notional Amount*** | ***Value*** | ***Unrealized<br> Appreciation*** |
| *Long Contracts <br> NASDAQ 100 Index E-MINI* | *2* | *Dec-2025* | $*999518* | $*1019280* | $*19762* |

---

*The following is a summary of the level of inputs used as of November 30, 2025, in valuing the Fund's investments and Other Financial Instruments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Common Stock | $998791473 | $— | $— | $998791473 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 17611504 |  | 17611504 |
| Total Investments in Securities | $998791473 | $17611504 | $— | $1016402977 |
| Other Financial Instruments | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;Futures Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Appreciation | $19762 | $— | $— | $19762 |
| Total Other Financial Instruments | $19762 | $— | $— | $19762 |

---

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

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

*See "Glossary" for abbreviations.*

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

*58*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Dorsey Wright Thematic ETF** | **Global X Dorsey Wright Thematic ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS — 100.0%** |  |  |
| **International Equity Fund — 62.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Global X E-commerce ETF <sup>(A)(B)</sup> | 59972 | $1953138 |
| &nbsp;&nbsp;&nbsp;Global X Hydrogen ETF <sup>(B)(C)</sup> | 45517 | 1694598 |
| &nbsp;&nbsp;&nbsp;Global X Lithium & Battery Tech ETF <sup>(B)(D)</sup> | 32268 | 2047727 |
|  |  | 5695463 |
| **Domestic Equity Fund — 37.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Global X Artificial Intelligence & Technology ETF <sup>(B)(E)(F)</sup> | 37885 | 1899554 |
| &nbsp;&nbsp;&nbsp;Global X Blockchain ETF <sup>(B)(F)(G)</sup> | 19130 | 1551635 |
|  |  | 3451189 |
| TOTAL EXCHANGE-TRADED FUNDS<br> (Cost $8,920,715) |  | 9146652 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENTS<sup>(H)</sup> — 28.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Citadel Securities LLC<br> 4.170%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $602,478 (collateralized by various U.S. Treasury Obligations, ranging in par value $31 - $170,468, 0.000% - 4.750%, 12/11/2025 - 11/15/2055, with a total market value of $612,808) | $602269 | 602269 |
| &nbsp;&nbsp;&nbsp;Daiwa Capital Markets America, Inc.<br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $566,326 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $84 - $235,987, 1.500% - 6.500%, 11/15/2034 - 12/01/2055, with a total market value of $575,306) | 566133 | 566133 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc.<br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $566,326 (collateralized by various U.S. Government Obligations, ranging in par value $1,349 - $621,877, 2.500% - 7.000%, 05/01/2042 - 11/01/2054, with a total market value of $575,749) | 566133 | 566133 |

---

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

*59*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Dorsey Wright Thematic ETF** | **Global X Dorsey Wright Thematic ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(H)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Natwest Markets Securities, Inc.<br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $154,743 (collateralized by various U.S. Treasury Obligations, ranging in par value $27 - $22,317, 0.375% - 4.875%, 12/31/2025 - 05/15/2055, with a total market value of $156,612) | $154690 | $154690 |
| &nbsp;&nbsp;&nbsp;Nomura Securities International, Inc.<br> 4.080%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $566,325 (collateralized by various U.S. Government Obligations, ranging in par value $571 - $266,449, 2.000% - 6.000%, 04/15/2036 - 06/20/2065, with a total market value of $575,509) | 566133 | 566133 |
| &nbsp;&nbsp;&nbsp;RBC Dominion Securities, Inc.<br> 4.080%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $107,368 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $99 - $197,459, 2.000% - 6.000%, 07/31/2030 - 01/01/2055, with a total market value of $109,190) | 107332 | 107332 |
| TOTAL REPURCHASE AGREEMENTS<br> (Cost $2,562,690) |  | 2562690 |
| TOTAL INVESTMENTS — 128.0%<br> (Cost $11,483,405) |  | $11709342 |

---

*Percentages are based on Net Assets of $9,149,555.*

&nbsp;&nbsp;&nbsp;&nbsp;*(A)* *For financial information on the Global X E-commerce ETF, please go to the Fund's website at https://www.globalxetfs.com/explore/.* 

*(B)* *Affiliated investment.* 

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

*(D)* *For financial information on the Global X Lithium & Battery Tech ETF, please go to the Fund's website at https://www.globalxetfs.com/explore/.* 

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

*60*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Dorsey Wright Thematic ETF** | **Global X Dorsey Wright Thematic ETF** |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(E)* *For financial information on the Global X Artificial Intelligence & Technology ETF, please go to the Fund's website at https://www.globalxetfs.com/explore/.* 

*(F)* *This security or a partial position of this security is on loan at November 30, 2025. The total market value of securities on loan at November 30, 2025 was $2,572,328.* 

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

*(H)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2025 was $2,562,690. The total value of non-cash collateral held from securities on loan as of November 30, 2025 was $0.* 

*The following is a summary of the level of inputs used as of November 30, 2025, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Exchange-Traded Funds* | $*9146652* | $*—* | $*—* | $*9146652* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreements* | *—* | *2562690* | *—* | *2562690* |
| *Total Investments in Securities* | $*9146652* | $*2562690* | $*—* | $*11709342* |

---

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

*61*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Dorsey Wright Thematic ETF** | **Global X Dorsey Wright Thematic ETF** |

---

*The following is a summary of the Fund's transactions with affiliates for the year ended November 30, 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> 11/30/2025 | Income | Capital Gains |
| &nbsp;&nbsp;**Global X Cybersecurity ETF** | &nbsp;&nbsp;**Global X Cybersecurity ETF** | &nbsp;&nbsp;**Global X Cybersecurity ETF** | &nbsp;&nbsp;**Global X Cybersecurity ETF** |  |  |  |  |
|  | $2187644 | $(2288287) | $— | $100643 | $— | $— | $— |
| &nbsp;&nbsp;**Global X E-commerce ETF** | &nbsp;&nbsp;**Global X E-commerce ETF** | &nbsp;&nbsp;**Global X E-commerce ETF** | &nbsp;&nbsp;**Global X E-commerce ETF** |  |  |  |  |
| 1870595 | 1434333 | (1622402) | (39955) | 310567 | 1953138 | 6898 |  |
| &nbsp;&nbsp;**Global X Hydrogen ETF** | &nbsp;&nbsp;**Global X Hydrogen ETF** | &nbsp;&nbsp;**Global X Hydrogen ETF** | &nbsp;&nbsp;**Global X Hydrogen ETF** |  |  |  |  |
|  | 2580461 | (702929) | (189461) | 6527 | 1694598 |  |  |
| &nbsp;&nbsp;**Global X Lithium & Battery Tech ETF** | &nbsp;&nbsp;**Global X Lithium & Battery Tech ETF** | &nbsp;&nbsp;**Global X Lithium & Battery Tech ETF** | &nbsp;&nbsp;**Global X Lithium & Battery Tech ETF** |  |  |  |  |
| 1937834 | 1953234 | (1721512) | 1543675 | (1665504) | 2047727 | 5443 |  |
| &nbsp;&nbsp;**Global X Artificial Intelligence & Technology ETF** | &nbsp;&nbsp;**Global X Artificial Intelligence & Technology ETF** | &nbsp;&nbsp;**Global X Artificial Intelligence & Technology ETF** | &nbsp;&nbsp;**Global X Artificial Intelligence & Technology ETF** |  |  |  |  |
|  | 2300093 | (1059208) | 479423 | 179246 | 1899554 | 2411 |  |
| &nbsp;&nbsp;**Global X Blockchain ETF** | &nbsp;&nbsp;**Global X Blockchain ETF** | &nbsp;&nbsp;**Global X Blockchain ETF** | &nbsp;&nbsp;**Global X Blockchain ETF** |  |  |  |  |
|  | 2564079 | (577516) | (415520) | (19408) | 1551635 |  |  |
| &nbsp;&nbsp;**Global X Millennial Consumer ETF** | &nbsp;&nbsp;**Global X Millennial Consumer ETF** | &nbsp;&nbsp;**Global X Millennial Consumer ETF** | &nbsp;&nbsp;**Global X Millennial Consumer ETF** |  |  |  |  |
|  | 1876675 | (2090436) |  | 213761 |  | 764 |  |
| &nbsp;&nbsp;**Global X US Infrastructure Development ETF** | &nbsp;&nbsp;**Global X US Infrastructure Development ETF** | &nbsp;&nbsp;**Global X US Infrastructure Development ETF** | &nbsp;&nbsp;**Global X US Infrastructure Development ETF** |  |  |  |  |
|  | 2149425 | (2605105) |  | 455680 |  | 5243 |  |
| &nbsp;&nbsp;**Global X Cloud Computing ETF** | &nbsp;&nbsp;**Global X Cloud Computing ETF** | &nbsp;&nbsp;**Global X Cloud Computing ETF** | &nbsp;&nbsp;**Global X Cloud Computing ETF** |  |  |  |  |
|  | 2044476 | (2087270) |  | 42794 |  |  |  |
| &nbsp;&nbsp;**Global X Data Center & Digital Infrastructure ETF** | &nbsp;&nbsp;**Global X Data Center & Digital Infrastructure ETF** | &nbsp;&nbsp;**Global X Data Center & Digital Infrastructure ETF** | &nbsp;&nbsp;**Global X Data Center & Digital Infrastructure ETF** |  |  |  |  |
| 1797852 | 2106 | (1689424) | (304671) | 194137 |  | 17317 |  |
| &nbsp;&nbsp;**Global X Disruptive Materials ETF** | &nbsp;&nbsp;**Global X Disruptive Materials ETF** | &nbsp;&nbsp;**Global X Disruptive Materials ETF** | &nbsp;&nbsp;**Global X Disruptive Materials ETF** |  |  |  |  |
| 1823533 | 2079 | (1673310) | 139837 | (292139) |  | 10601 |  |
| &nbsp;&nbsp;**Global X FinTech ETF** | &nbsp;&nbsp;**Global X FinTech ETF** | &nbsp;&nbsp;**Global X FinTech ETF** | &nbsp;&nbsp;**Global X FinTech ETF** |  |  |  |  |
| 2009298 | 2231 | (1708359) | 770253 | (1073423) |  | 9629 |  |
| &nbsp;&nbsp;**Global X Genomics & Biotechnology ETF** | &nbsp;&nbsp;**Global X Genomics & Biotechnology ETF** | &nbsp;&nbsp;**Global X Genomics & Biotechnology ETF** | &nbsp;&nbsp;**Global X Genomics & Biotechnology ETF** |  |  |  |  |
| 1503736 | 262063 | (1389458) | 1918722 | (2295063) |  |  |  |
| &nbsp;&nbsp;**Global X Renewable Energy Producers ETF** | &nbsp;&nbsp;**Global X Renewable Energy Producers ETF** | &nbsp;&nbsp;**Global X Renewable Energy Producers ETF** | &nbsp;&nbsp;**Global X Renewable Energy Producers ETF** |  |  |  |  |
| 1410567 | 339885 | (1585652) | 1079895 | (1244695) |  | 9012 |  |
| &nbsp;&nbsp;**Global X Social Media ETF** | &nbsp;&nbsp;**Global X Social Media ETF** | &nbsp;&nbsp;**Global X Social Media ETF** | &nbsp;&nbsp;**Global X Social Media ETF** |  |  |  |  |
|  | 2256866 | (2184842) |  | (72024) |  |  |  |
| &nbsp;&nbsp;**Global X Solar ETF** | &nbsp;&nbsp;**Global X Solar ETF** | &nbsp;&nbsp;**Global X Solar ETF** | &nbsp;&nbsp;**Global X Solar ETF** |  |  |  |  |
| 1641329 | 190679 | (1531545) | 754466 | (1054929) |  | 5211 |  |
| &nbsp;&nbsp;**Global X Video Games & Esports ETF** | &nbsp;&nbsp;**Global X Video Games & Esports ETF** | &nbsp;&nbsp;**Global X Video Games & Esports ETF** | &nbsp;&nbsp;**Global X Video Games & Esports ETF** |  |  |  |  |
| 1768488 | 1928 | (1832767) | (333211) | 395562 |  | 14539 |  |
| &nbsp;&nbsp;**Totals:** | &nbsp;&nbsp;**Totals:** | &nbsp;&nbsp;**Totals:** | &nbsp;&nbsp;**Totals:** |  |  |  |  |
| $15763232 | $22148257 | $(28350022) | $5403453 | $(5818268) | $9146652 | $87068 | $— |

---

*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.*

*62*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Video Games & Esports ETF** | **Global X Video Games & Esports ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 100.0%** |  |  |
| **CHINA — 19.4%** |  |  |
| Communication Services — 19.4% |  |  |
| &nbsp;&nbsp;&nbsp;Bilibili ADR <sup>\*(A)</sup> | 227673 | $6058379 |
| &nbsp;&nbsp;&nbsp;Boyaa Interactive International <sup>(A)</sup> | 480200 | 247945 |
| &nbsp;&nbsp;&nbsp;DouYu International Holdings ADR | 46683 | 332850 |
| &nbsp;&nbsp;&nbsp;HUYA ADR | 113066 | 322238 |
| &nbsp;&nbsp;&nbsp;iDreamSky Technology Holdings <sup>\*(A)</sup> | 3488100 | 295693 |
| &nbsp;&nbsp;&nbsp;Kingsoft | 1246400 | 4584990 |
| &nbsp;&nbsp;&nbsp;NetDragon Websoft Holdings | 287400 | 418608 |
| &nbsp;&nbsp;&nbsp;NetEase ADR | 55915 | 7719066 |
| &nbsp;&nbsp;&nbsp;XD | 353700 | 3209631 |
| &nbsp;&nbsp;&nbsp;Zx <sup>\*(A)</sup> | 258400 | 443079 |
| TOTAL CHINA |  | 23632479 |
| **FRANCE — 2.9%** |  |  |
| Communication Services — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;Ubisoft Entertainment <sup>\*(A)</sup> | 110584 | 929170 |
| &nbsp;&nbsp;&nbsp;Vivendi | 866389 | 2529808 |
| TOTAL FRANCE |  | 3458978 |
| **JAPAN — 30.9%** |  |  |
| Communication Services — 30.9% |  |  |
| &nbsp;&nbsp;&nbsp;Capcom | 190891 | 4676554 |
| &nbsp;&nbsp;&nbsp;DeNA <sup>(A)</sup> | 92754 | 1434254 |
| &nbsp;&nbsp;&nbsp;Gumi <sup>\*(A)</sup> | 83044 | 227766 |
| &nbsp;&nbsp;&nbsp;GungHo Online Entertainment | 55459 | 879596 |
| &nbsp;&nbsp;&nbsp;Koei Tecmo Holdings <sup>(A)</sup> | 133699 | 1827491 |
| &nbsp;&nbsp;&nbsp;Konami Group | 54222 | 8281842 |
| &nbsp;&nbsp;&nbsp;MIXI | 42602 | 790888 |
| &nbsp;&nbsp;&nbsp;Nexon | 298514 | 7267252 |
| &nbsp;&nbsp;&nbsp;Nintendo | 85412 | 7268641 |
| &nbsp;&nbsp;&nbsp;Square Enix Holdings | 245484 | 4911253 |
| TOTAL JAPAN |  | 37565537 |
| **POLAND — 4.4%** |  |  |
| Communication Services — 4.4% |  |  |
| &nbsp;&nbsp;&nbsp;CD Projekt | 76760 | 5398857 |

---

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

*63*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Video Games & Esports ETF** | **Global X Video Games & Esports ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| **SOUTH KOREA — 9.6%** |  |  |
| Communication Services — 9.6% |  |  |
| &nbsp;&nbsp;&nbsp;Com2uSCorp | 12490 | $264552 |
| &nbsp;&nbsp;&nbsp;Devsisters <sup>\*</sup> | 12087 | 266290 |
| &nbsp;&nbsp;&nbsp;Kakao Games <sup>\*</sup> | 53010 | 562667 |
| &nbsp;&nbsp;&nbsp;Krafton <sup>\*</sup> | 22210 | 3888808 |
| &nbsp;&nbsp;&nbsp;NCSoft | 24071 | 3437194 |
| &nbsp;&nbsp;&nbsp;Netmarble | 32620 | 1175575 |
| &nbsp;&nbsp;&nbsp;Nexon Games <sup>\*</sup> | 35977 | 319980 |
| &nbsp;&nbsp;&nbsp;Pearl Abyss <sup>\*</sup> | 41360 | 1016669 |
| &nbsp;&nbsp;&nbsp;Wemade <sup>\*</sup> | 25748 | 457832 |
| &nbsp;&nbsp;&nbsp;Wemade Max <sup>\*</sup> | 63332 | 276040 |
| TOTAL SOUTH KOREA |  | 11665607 |
| **SWEDEN — 2.6%** |  |  |
| Communication Services — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;Embracer Group, Cl B <sup>\*</sup> | 174961 | 1699942 |
| &nbsp;&nbsp;&nbsp;Modern Times Group MTG, Cl B <sup>\*</sup> | 109471 | 1402083 |
| TOTAL SWEDEN |  | 3102025 |
| **TAIWAN — 4.2%** |  |  |
| Communication Services — 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;Gamania Digital Entertainment | 173800 | 295712 |
| &nbsp;&nbsp;&nbsp;International Games System | 205100 | 4855482 |
| TOTAL TAIWAN |  | 5151194 |
| **UNITED STATES — 26.0%** |  |  |
| Communication Services — 19.8% |  |  |
| &nbsp;&nbsp;&nbsp;Electronic Arts | 49772 | 10055437 |
| &nbsp;&nbsp;&nbsp;Playtika Holding | 86075 | 348604 |
| &nbsp;&nbsp;&nbsp;ROBLOX, Cl A <sup>\*</sup> | 60967 | 5793694 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software <sup>\*</sup> | 31947 | 7861198 |
|  |  | 24058933 |
| Information Technology — 6.2% |  |  |
| &nbsp;&nbsp;&nbsp;Corsair Gaming <sup>\*</sup> | 56456 | 368093 |
| &nbsp;&nbsp;&nbsp;Immersion | 46823 | 332911 |
| &nbsp;&nbsp;&nbsp;Turtle Beach <sup>\*</sup> | 28052 | 389362 |

---

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

*64*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Video Games & Esports ETF** | **Global X Video Games & Esports ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;Unity Software <sup>\*</sup> | 153288 | $6517806 |
|  |  | 7608172 |
| TOTAL UNITED STATES |  | 31667105 |
| TOTAL COMMON STOCK<br> (Cost $127,833,351) |  | 121641782 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Citadel Securities LLC<br> 4.170%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $1,122,198 (collateralized by various U.S. Treasury Obligations, ranging in par value $58 - $317,520, 0.000% - 4.750%, 12/11/2025 - 11/15/2055, with a total market value of $1,141,438) | $1121808 | 1121808 |
| &nbsp;&nbsp;&nbsp;Daiwa Capital Markets America, Inc.<br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $1,054,859 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $156 - $439,559, 1.500% - 6.500%, 11/15/2034 - 12/01/2055, with a total market value of $1,071,586) | 1054500 | 1054500 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc.<br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $1,054,859 (collateralized by various U.S. Government Obligations, ranging in par value $2,513 - $1,158,332, 2.500% - 7.000%, 05/01/2042 - 11/01/2054, with a total market value of $1,072,412) | 1054500 | 1054500 |

---

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

*65*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Video Games & Esports ETF** | **Global X Video Games & Esports ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Natwest Markets Securities, Inc.<br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $287,048 (collateralized by various U.S. Treasury Obligations, ranging in par value $50 - $41,397, 0.375% - 4.875%, 12/31/2025 - 05/15/2055, with a total market value of $290,515) | $286950 | $286950 |
| &nbsp;&nbsp;&nbsp;Nomura Securities International, Inc.<br> 4.080%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $1,054,859 (collateralized by various U.S. Government Obligations, ranging in par value $1,064 - $496,297, 2.000% - 6.000%, 04/15/2036 - 06/20/2065, with a total market value of $1,071,965) | 1054500 | 1054500 |
| &nbsp;&nbsp;&nbsp;RBC Dominion Securities, Inc.<br> 4.080%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $200,760 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $186 - $369,213, 2.000% - 6.000%, 07/31/2030 - 01/01/2055, with a total market value of $204,166) | 200692 | 200692 |
| TOTAL REPURCHASE AGREEMENTS<br> (Cost $4,772,950) |  | 4772950 |
| TOTAL INVESTMENTS — 103.9%<br> (Cost $132,606,301) |  | $126414732 |

---

*Percentages are based on Net Assets of $121,673,028.*

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

*(A)* *This security or a partial position of this security is on loan at November 30, 2025. The total market value of securities on loan at November 30, 2025 was $5,062,363.*

*(B)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2025 was $4,772,950. The total value of non-cash collateral held from securities on loan as of November 30, 2025 was $448,138.*

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

*66*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Video Games & Esports ETF** | **Global X Video Games & Esports ETF** |

---

*The following is a summary of the level of inputs used as of November 30, 2025, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*121641782* | $*—* | $*—* | $*121641782* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreements* | *—* | *4772950* | *—* | *4772950* |
| *Total Investments in Securities* | $*121641782* | $*4772950* | $*—* | $*126414732* |

---

*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.*

*67*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |

---

**Global X HealthTech ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 100.0%** |  |  |
| **AUSTRALIA — 4.1%** |  |  |
| Health Care — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;Pro Medicus | 11965 | $2091439 |
| **CANADA — 0.5%** |  |  |
| Health Care — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Well Health Technologies <sup>\*</sup> | 99016 | 273456 |
| **CHINA — 3.8%** |  |  |
| Consumer Staples — 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Health Information Technology <sup>\*</sup> | 2712200 | 1940371 |
| **DENMARK — 2.6%** |  |  |
| Health Care — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;Demant <sup>\*</sup> | 38628 | 1315711 |
| **NETHERLANDS — 3.9%** |  |  |
| Health Care — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;Koninklijke Philips | 69605 | 1959726 |
| **SWEDEN — 0.5%** |  |  |
| Health Care — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;RaySearch Laboratories | 9979 | 245990 |
| **UNITED STATES — 84.6%** |  |  |
| Financials — 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;Oscar Health, Cl A <sup>\*</sup> | 89317 | 1605027 |
| Health Care — 81.5% |  |  |
| &nbsp;&nbsp;&nbsp;Alignment Healthcare <sup>\*</sup> | 77674 | 1492118 |
| &nbsp;&nbsp;&nbsp;Astrana Health <sup>\*</sup> | 22171 | 510820 |
| &nbsp;&nbsp;&nbsp;Clover Health Investments, Cl A <sup>\*</sup> | 231461 | 576338 |
| &nbsp;&nbsp;&nbsp;Dexcom <sup>\*</sup> | 35574 | 2257882 |
| &nbsp;&nbsp;&nbsp;Doximity, Cl A <sup>\*</sup> | 36039 | 1853846 |
| &nbsp;&nbsp;&nbsp;Evolent Health, Cl A <sup>\*</sup> | 71034 | 298343 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies | 26784 | 2142452 |
| &nbsp;&nbsp;&nbsp;HeartFlow <sup>\*</sup> | 27377 | 882908 |

---

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

*68*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |

---

**Global X HealthTech ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Health Care — continued |  |  |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health <sup>\*</sup> | 47686 | $1895995 |
| &nbsp;&nbsp;&nbsp;Hinge Health <sup>\*</sup> | 6097 | 298204 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems <sup>\*</sup> | 10874 | 1352834 |
| &nbsp;&nbsp;&nbsp;Insulet <sup>\*</sup> | 6117 | 2001421 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical <sup>\*</sup> | 3493 | 2003166 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings <sup>\*</sup> | 9296 | 2138173 |
| &nbsp;&nbsp;&nbsp;iRhythm Technologies <sup>\*</sup> | 11206 | 2106840 |
| &nbsp;&nbsp;&nbsp;Kestra Medical Technologies <sup>\*</sup> | 8070 | 217729 |
| &nbsp;&nbsp;&nbsp;LifeStance Health Group <sup>\*</sup> | 54451 | 353932 |
| &nbsp;&nbsp;&nbsp;Masimo <sup>\*</sup> | 13667 | 1946591 |
| &nbsp;&nbsp;&nbsp;Novocure <sup>\*</sup> | 54132 | 693431 |
| &nbsp;&nbsp;&nbsp;Nurix Therapeutics <sup>\*</sup> | 31611 | 558882 |
| &nbsp;&nbsp;&nbsp;Omnicell <sup>\*</sup> | 16308 | 595405 |
| &nbsp;&nbsp;&nbsp;Phreesia <sup>\*</sup> | 25870 | 530076 |
| &nbsp;&nbsp;&nbsp;Privia Health Group <sup>\*</sup> | 52446 | 1278109 |
| &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics <sup>\*</sup> | 26231 | 830998 |
| &nbsp;&nbsp;&nbsp;Recursion Pharmaceuticals, Cl A <sup>\*</sup> | 188323 | 871935 |
| &nbsp;&nbsp;&nbsp;ResMed | 7779 | 1990102 |
| &nbsp;&nbsp;&nbsp;Schrodinger <sup>\*</sup> | 32899 | 577706 |
| &nbsp;&nbsp;&nbsp;Tandem Diabetes Care <sup>\*</sup> | 27504 | 577859 |
| &nbsp;&nbsp;&nbsp;Teladoc Health <sup>\*</sup> | 84596 | 642084 |
| &nbsp;&nbsp;&nbsp;Tempus AI, Cl A <sup>\*</sup> | 27341 | 2130684 |
| &nbsp;&nbsp;&nbsp;TransMedics Group <sup>\*</sup> | 16418 | 2402118 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Cl A <sup>\*</sup> | 6635 | 1594324 |
| &nbsp;&nbsp;&nbsp;Waystar Holding <sup>\*</sup> | 54019 | 1993841 |
|  |  | 41597146 |
| TOTAL UNITED STATES |  | 43202173 |
| TOTAL COMMON STOCK<br> (Cost $61,792,836) |  | 51028866 |
| TOTAL INVESTMENTS — 100.0%<br> (Cost $61,792,836) |  | $51028866 |

---

*Percentages are based on Net Assets of $51,049,252.*

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

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

*69*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |

---

**Global X HealthTech ETF**

*As of November 30, 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.*

*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.*

*70*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |

---

**Global X CleanTech ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8%** | | |
| **CANADA — 2.7%** | | |
| Industrials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Ballard Power Systems <sup>\*</sup> | 90105 | $255898 |
| Information Technology — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Canadian Solar <sup>\*</sup> | 20071 | 544928 |
| TOTAL CANADA |  | 800826 |
| **CHINA — 13.7%** |  |  |
| Industrials — 6.2% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Sinohytec, Cl H <sup>\*</sup> | 23450 | 99214 |
| &nbsp;&nbsp;&nbsp;China Everbright Environment Group | 1749500 | 1128043 |
| &nbsp;&nbsp;&nbsp;Dongfang Electric, Cl H <sup>(A)</sup> | 101700 | 279539 |
| &nbsp;&nbsp;&nbsp;Goldwind Science & Technology, Cl H | 232200 | 364453 |
|  |  | 1871249 |
| Information Technology — 7.5% |  |  |
| &nbsp;&nbsp;&nbsp;Daqo New Energy ADR <sup>\*</sup> | 20163 | 638764 |
| &nbsp;&nbsp;&nbsp;Flat Glass Group, Cl H <sup>\*</sup> | 132400 | 177710 |
| &nbsp;&nbsp;&nbsp;JinkoSolar Holding ADR | 15515 | 405562 |
| &nbsp;&nbsp;&nbsp;Xinyi Solar Holdings | 2441900 | 1009931 |
|  |  | 2231967 |
| TOTAL CHINA |  | 4103216 |
| **DENMARK — 6.3%** |  |  |
| Industrials — 6.3% |  |  |
| &nbsp;&nbsp;&nbsp;Vestas Wind Systems | 79552 | 1893153 |
| **GERMANY — 6.0%** |  |  |
| Industrials — 6.0% |  |  |
| &nbsp;&nbsp;&nbsp;Nordex <sup>\*</sup> | 46860 | 1404180 |
| &nbsp;&nbsp;&nbsp;SMA Solar Technology <sup>\*</sup> | 10366 | 416247 |
| TOTAL GERMANY |  | 1820427 |
| **SOUTH KOREA — 9.6%** |  |  |
| Industrials — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;CS Wind | 12658 | 356764 |

---

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

*71*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |

---

**Global X CleanTech ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Industrials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Doosan Fuel Cell <sup>\*</sup> | 19667 | $425261 |
|  |  | 782025 |
| Information Technology — 7.0% |  |  |
| &nbsp;&nbsp;&nbsp;Samsung SDI | 10316 | 2100868 |
| TOTAL SOUTH KOREA |  | 2882893 |
| **SWEDEN — 4.6%** |  |  |
| Industrials — 4.6% |  |  |
| &nbsp;&nbsp;&nbsp;Nibe Industrier, Cl B | 371882 | 1376063 |
| **SWITZERLAND — 1.9%** |  |  |
| Information Technology — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Landis+Gyr Group | 8655 | 560508 |
| **TAIWAN — 3.3%** |  |  |
| Information Technology — 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;Dynapack International Technology | 46300 | 390935 |
| &nbsp;&nbsp;&nbsp;Simplo Technology | 55864 | 610526 |
| TOTAL TAIWAN |  | 1001461 |
| **TURKEY — 0.7%** |  |  |
| Information Technology — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Alfa Solar Enerji Sanayi VE Ticaret | 109767 | 111517 |
| &nbsp;&nbsp;&nbsp;Smart Gunes Enerjisi Teknolojileri ArGE Uretim Sanayi ve Ticaret <sup>\*</sup> | 180749 | 106367 |
| TOTAL TURKEY |  | 217884 |
| **UNITED KINGDOM — 4.3%** |  |  |
| Industrials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;ITM Power PLC <sup>\*(A)</sup> | 184639 | 182261 |
| Materials — 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;Johnson Matthey PLC | 42373 | 1117266 |
| TOTAL UNITED KINGDOM |  | 1299527 |

---

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

*72*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |

---

**Global X CleanTech ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| **UNITED STATES — 46.7%** | | |
| Consumer Discretionary — 5.1% |  |  |
| &nbsp;&nbsp;&nbsp;QuantumScape, Cl A <sup>\*</sup> | 124569 | $1522233 |
| Industrials — 30.0% |  |  |
| &nbsp;&nbsp;&nbsp;Ameresco, Cl A <sup>\*</sup> | 10416 | 361539 |
| &nbsp;&nbsp;&nbsp;Amprius Technologies <sup>\*(A)</sup> | 37587 | 425485 |
| &nbsp;&nbsp;&nbsp;Array Technologies <sup>\*</sup> | 45868 | 344469 |
| &nbsp;&nbsp;&nbsp;Bloom Energy, Cl A <sup>\*</sup> | 21844 | 2386239 |
| &nbsp;&nbsp;&nbsp;Eos Energy Enterprises <sup>\*</sup> | 84192 | 1267090 |
| &nbsp;&nbsp;&nbsp;Fluence Energy, Cl A <sup>\*</sup> | 39502 | 775819 |
| &nbsp;&nbsp;&nbsp;Microvast Holdings <sup>\*(A)</sup> | 98101 | 345315 |
| &nbsp;&nbsp;&nbsp;Nextpower, Cl A <sup>\*</sup> | 21777 | 1995209 |
| &nbsp;&nbsp;&nbsp;Plug Power <sup>\*</sup> | 348211 | 699904 |
| &nbsp;&nbsp;&nbsp;Shoals Technologies Group, Cl A <sup>\*</sup> | 50262 | 421698 |
|  |  | 9022767 |
| Information Technology — 11.6% |  |  |
| &nbsp;&nbsp;&nbsp;Enphase Energy <sup>\*</sup> | 29496 | 850960 |
| &nbsp;&nbsp;&nbsp;First Solar <sup>\*</sup> | 7221 | 1970755 |
| &nbsp;&nbsp;&nbsp;SolarEdge Technologies <sup>\*(A)</sup> | 17859 | 652389 |
|  |  | 3474104 |
| TOTAL UNITED STATES |  | 14019104 |
| TOTAL COMMON STOCK<br> (Cost $55,078,674) |  | 29975062 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Cantor Fitzgerald Securities<br> 4.080%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $128,044 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $64 - $24,328, 0.000% - 6.500%, 01/02/2026 - 02/01/2057, with a total market value of $130,054) | $128000 | 128000 |

---

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

*73*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |

---

**Global X CleanTech ETF**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Citadel Securities LLC<br> 4.170%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $249,087 (collateralized by various U.S. Treasury Obligations, ranging in par value $13 - $70,478, 0.000% - 4.750%, 12/11/2025 - 11/15/2055, with a total market value of $253,357) | $249000 | $249000 |
| &nbsp;&nbsp;&nbsp;Daiwa Capital Markets America, Inc.<br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $249,085 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $37 - $103,793, 1.500% - 6.500%, 11/15/2034 - 12/01/2055, with a total market value of $253,035) | 249000 | 249000 |
| &nbsp;&nbsp;&nbsp;Natwest Markets Securities, Inc.<br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $41,117 (collateralized by various U.S. Treasury Obligations, ranging in par value $7 - $5,930, 0.375% - 4.875%, 12/31/2025 - 05/15/2055, with a total market value of $41,614) | 41103 | 41103 |
| TOTAL REPURCHASE AGREEMENTS<br> (Cost $667,103) |  | 667103 |
| TOTAL INVESTMENTS — 102.0%<br> (Cost $55,745,777) |  | $30642165 |

---

*Percentages are based on Net Assets of $30,026,655.*

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

*(A)* *This security or a partial position of this security is on loan at November 30, 2025. The total market value of securities on loan at November 30, 2025 was $1,554,475.*

*(B)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2025 was $667,103. The total value of non-cash collateral held from securities on loan as of November 30, 2025 was $927,426.*

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

*74*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |

---

**Global X CleanTech ETF**

*The following is a summary of the level of inputs used as of November 30, 2025, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*29975062* | $*—* | $*—* | $*29975062* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreements* | *—* | *667103* | *—* | *667103* |
| *Total Investments in Securities* | $*29975062* | $*667103* | $*—* | $*30642165* |

---

*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.*

*75*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Data Center & Digital Infrastructure ETF** | **Global X Data Center & Digital Infrastructure ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8%** |  |  |
| **AUSTRALIA — 4.0%** |  |  |
| Information Technology — 4.0% |  |  |
| &nbsp;&nbsp;&nbsp;NEXTDC <sup>\*</sup> | 2816920 | $25068271 |
| **CHINA — 10.6%** |  |  |
| Communication Services — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;China Tower, Cl H | 13619350 | 21533883 |
| Information Technology — 7.2% |  |  |
| &nbsp;&nbsp;&nbsp;GDS Holdings ADR <sup>\*(A)</sup> | 672668 | 22850532 |
| &nbsp;&nbsp;&nbsp;Vnet Group ADR <sup>\*</sup> | 2440765 | 21820439 |
|  |  | 44670971 |
| TOTAL CHINA |  | 66204854 |
| **HONG KONG — 0.7%** |  |  |
| Information Technology — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;SUNeVision Holdings <sup>(A)</sup> | 6499600 | 4290992 |
| **SINGAPORE — 4.4%** |  |  |
| Real Estate — 4.4% |  |  |
| &nbsp;&nbsp;&nbsp;Keppel DC REIT <sup>‡</sup> | 15560968 | 27754188 |
| **SOUTH KOREA — 3.0%** |  |  |
| Information Technology — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;SK hynix | 51708 | 18634781 |
| **TAIWAN — 6.6%** |  |  |
| Information Technology — 6.6% |  |  |
| &nbsp;&nbsp;&nbsp;Elite Semiconductor Microelectronics Technology | 2960000 | 7403537 |
| &nbsp;&nbsp;&nbsp;Winbond Electronics <sup>\*</sup> | 18447119 | 34090581 |
| TOTAL TAIWAN |  | 41494118 |
| **UNITED KINGDOM — 1.7%** |  |  |
| Information Technology — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;ARM Holdings PLC ADR <sup>\*</sup> | 76916 | 10426733 |

---

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

*76*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Data Center & Digital Infrastructure ETF** | **Global X Data Center & Digital Infrastructure ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| **UNITED STATES — 68.8%** |  |  |
| Communication Services — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Uniti Group <sup>‡</sup> \* | 1543311 | $9830891 |
| Information Technology — 26.6% |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices <sup>\*</sup> | 72239 | 15714150 |
| &nbsp;&nbsp;&nbsp;Applied Digital <sup>\*(A)</sup> | 1903090 | 51573739 |
| &nbsp;&nbsp;&nbsp;Broadcom | 39719 | 16005168 |
| &nbsp;&nbsp;&nbsp;Intel <sup>\*</sup> | 492159 | 19961969 |
| &nbsp;&nbsp;&nbsp;Marvell Technology | 155269 | 13881049 |
| &nbsp;&nbsp;&nbsp;Microchip Technology | 153765 | 8238729 |
| &nbsp;&nbsp;&nbsp;Micron Technology | 93496 | 22109934 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 65792 | 11645184 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer <sup>\*</sup> | 211683 | 7165469 |
|  |  | 166295391 |
| Real Estate — 40.6% |  |  |
| &nbsp;&nbsp;&nbsp;American Tower <sup>‡</sup> | 308866 | 55988140 |
| &nbsp;&nbsp;&nbsp;Crown Castle <sup>‡</sup> | 498224 | 45477887 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust <sup>‡</sup> | 395408 | 63312729 |
| &nbsp;&nbsp;&nbsp;Equinix <sup>‡</sup> | 89375 | 67327081 |
| &nbsp;&nbsp;&nbsp;SBA Communications, Cl A <sup>‡</sup> | 110524 | 21471497 |
|  |  | 253577334 |
| TOTAL UNITED STATES |  | 429703616 |
| TOTAL COMMON STOCK<br> (Cost $560,535,162) |  | 623577553 |
|  | **Face Amount** |  |
| **U.S. TREASURY OBLIGATION — 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bill<br> 3.917%, 12/30/2025<sup>(B)</sup> | $30000000 | 29906324 |
| TOTAL U.S. TREASURY OBLIGATION<br> (Cost $29,908,872) |  | 29906324 |

---

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

*77*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Data Center & Digital Infrastructure ETF** | **Global X Data Center & Digital Infrastructure ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(C)</sup> — 5.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Citadel Securities LLC<br> 4.170%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $7,852,230 (collateralized by various U.S. Treasury Obligations, ranging in par value $408 - $2,221,748, 0.000% - 4.750%, 12/11/2025 - 11/15/2055, with a total market value of $7,986,860) | $7849502 | $7849502 |
| &nbsp;&nbsp;&nbsp;Daiwa Capital Markets America, Inc.<br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $7,381,047 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $1,095 - $3,075,674, 1.500% - 6.500%, 11/15/2034 - 12/01/2055, with a total market value of $7,498,088) | 7378532 | 7378532 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc.<br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $7,381,047 (collateralized by various U.S. Government Obligations, ranging in par value $17,582 - $8,105,061, 2.500% - 7.000%, 05/01/2042 - 11/01/2054, with a total market value of $7,503,863) | 7378532 | 7378532 |
| &nbsp;&nbsp;&nbsp;JP Morgan Securities LLC<br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $1,984,715 (collateralized by various U.S. Government Obligations, ranging in par value $10,118 - $427,014, 4.000% - 7.000%, 09/01/2040 - 12/01/2055, with a total market value of $2,015,398) | 1984039 | 1984039 |
| &nbsp;&nbsp;&nbsp;Natwest Markets Securities, Inc.<br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $2,006,182 (collateralized by various U.S. Treasury Obligations, ranging in par value $351 - $289,327, 0.375% - 4.875%, 12/31/2025 - 05/15/2055, with a total market value of $2,030,416) | 2005498 | 2005498 |

---

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

*78*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Data Center & Digital Infrastructure ETF** | **Global X Data Center & Digital Infrastructure ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(C)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Nomura Securities International, Inc.<br> 4.080%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $6,831,756 (collateralized by various U.S. Government Obligations, ranging in par value $6,892 - $3,214,251, 2.000% - 6.000%, 04/15/2036 - 06/20/2065, with a total market value of $6,942,544) | $6829434 | $6829434 |
| TOTAL REPURCHASE AGREEMENTS<br> (Cost $33,425,537) |  | 33425537 |
| TOTAL INVESTMENTS — 110.0%<br> (Cost $623,869,571) |  | $686909414 |

---

*Percentages are based on Net Assets of $624,520,216.*

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *‡* | *Real Estate Investment Trust* |
| *(A)* | *This security or a partial position of this security is on loan at November 30, 2025. The total market value of securities on loan at November 30, 2025 was $33,886,760.* |
| *(B)* | *Interest rate represents the security's effective yield at the time of purchase.* |
| *(C)* | *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2025 was $33,425,537. The total value of non-cash collateral held from securities on loan as of November 30, 2025 was $0.* |

---

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

*79*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Data Center & Digital Infrastructure ETF** | **Global X Data Center & Digital Infrastructure ETF** |

---

*The following is a summary of the level of inputs used as of November 30, 2025, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*623577553* | $*—* | $*—* | $*623577553* |
| &nbsp;&nbsp;&nbsp;*U.S. Treasury Obligation* | *—* | *29906324* | *—* | *29906324* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreements* | *—* | *33425537* | *—* | *33425537* |
| *Total Investments in Securities* | $*623577553* | $*63331861* | $*—* | $*686909414* |

---

*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.*

*80*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Clean Water ETF** | **Global X Clean Water ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8%** |  |  |
| **BRAZIL — 6.3%** |  |  |
| Utilities — 6.3% |  |  |
| &nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 45794 | $1208358 |
| &nbsp;&nbsp;&nbsp;Cia de Saneamento de Minas Gerais Copasa MG | 22285 | 173627 |
| TOTAL BRAZIL |  | 1381985 |
| **CHINA — 4.8%** |  |  |
| Industrials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Originwater Technology, Cl A | 230500 | 139234 |
| Utilities — 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Capital Eco-Environment Protection Group, Cl A | 450300 | 192377 |
| &nbsp;&nbsp;&nbsp;Beijing Enterprises Water Group | 459040 | 149169 |
| &nbsp;&nbsp;&nbsp;Chengdu Xingrong Environment, Cl A | 144700 | 142265 |
| &nbsp;&nbsp;&nbsp;China Water Affairs Group | 84400 | 63634 |
| &nbsp;&nbsp;&nbsp;Chongqing Water Group, Cl A | 100500 | 66821 |
| &nbsp;&nbsp;&nbsp;Guangdong Investment | 317100 | 304653 |
|  |  | 918919 |
| TOTAL CHINA |  | 1058153 |
| **JAPAN — 3.5%** |  |  |
| Industrials — 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;Kurita Water Industries | 11438 | 455687 |
| &nbsp;&nbsp;&nbsp;Nomura Micro Science | 3232 | 64619 |
| &nbsp;&nbsp;&nbsp;Organo | 2931 | 250746 |
| TOTAL JAPAN |  | 771052 |
| **SAUDI ARABIA — 0.6%** |  |  |
| Utilities — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;AlKhorayef Water & Power Technologies | 2199 | 79134 |
| &nbsp;&nbsp;&nbsp;Miahona | 9666 | 51944 |
| TOTAL SAUDI ARABIA |  | 131078 |

---

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

*81*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Clean Water ETF** | **Global X Clean Water ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| **SINGAPORE — 1.0%** |  |  |
| Materials — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Keppel Infrastructure Trust | 581218 | $210920 |
| **SOUTH KOREA — 1.6%** |  |  |
| Consumer Discretionary — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Coway | 6034 | 352853 |
| **UNITED KINGDOM — 9.6%** |  |  |
| Utilities — 9.6% |  |  |
| &nbsp;&nbsp;&nbsp;Severn Trent PLC | 27884 | 1041142 |
| &nbsp;&nbsp;&nbsp;United Utilities Group PLC | 63836 | 1046284 |
| TOTAL UNITED KINGDOM |  | 2087426 |
| **UNITED STATES — 72.4%** |  |  |
| Consumer Staples — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Primo Brands | 29584 | 464173 |
| Industrials — 50.8% |  |  |
| &nbsp;&nbsp;&nbsp;A O Smith | 13090 | 863678 |
| &nbsp;&nbsp;&nbsp;Advanced Drainage Systems | 7096 | 1081288 |
| &nbsp;&nbsp;&nbsp;Core & Main, Cl A <sup>\*</sup> | 20664 | 998898 |
| &nbsp;&nbsp;&nbsp;Energy Recovery <sup>\*</sup> | 5980 | 86411 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises | 7635 | 1921500 |
| &nbsp;&nbsp;&nbsp;Franklin Electric | 4453 | 423703 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Cl A | 17843 | 432514 |
| &nbsp;&nbsp;&nbsp;NWPX Infrastructure <sup>\*</sup> | 1301 | 76265 |
| &nbsp;&nbsp;&nbsp;Pentair PLC | 16795 | 1767506 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Cl A | 3153 | 869850 |
| &nbsp;&nbsp;&nbsp;Xylem | 12519 | 1761048 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions | 17266 | 823588 |
|  |  | 11106249 |
| Information Technology — 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;Badger Meter | 3428 | 612035 |
| Utilities — 16.7% |  |  |
| &nbsp;&nbsp;&nbsp;American States Water | 4458 | 328867 |
| &nbsp;&nbsp;&nbsp;American Water Works | 12248 | 1593097 |

---

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

*82*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Clean Water ETF** | **Global X Clean Water ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Utilities — continued |  |  |
| &nbsp;&nbsp;&nbsp;California Water Service Group | 6891 | $312645 |
| &nbsp;&nbsp;&nbsp;Consolidated Water | 2038 | 69761 |
| &nbsp;&nbsp;&nbsp;Essential Utilities | 25091 | 993353 |
| &nbsp;&nbsp;&nbsp;H2O America | 3780 | 175505 |
| &nbsp;&nbsp;&nbsp;Middlesex Water | 2008 | 103030 |
| &nbsp;&nbsp;&nbsp;York Water | 2140 | 69828 |
|  |  | 3646086 |
| TOTAL UNITED STATES |  | 15828543 |
| TOTAL COMMON STOCK<br> (Cost $22,031,276) |  | 21822010 |
| TOTAL INVESTMENTS — 99.8%<br> (Cost $22,031,276) |  | $21822010 |

---

*Percentages are based on Net Assets of $21,858,831.*

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

*The following is a summary of the level of inputs used as of November 30, 2025, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*21690932* | $*131078* | $*—* | $*21822010* |
| *Total Investments in Securities* | $*21690932* | $*131078* | $*—* | $*21822010* |

---

*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.*

*83*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X AgTech & Food Innovation ETF** | **Global X AgTech & Food Innovation ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%** |  |  |
| **ARGENTINA — 0.3%** |  |  |
| Materials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Bioceres Crop Solutions <sup>\*</sup> | 10309 | $17732 |
| **AUSTRALIA — 1.7%** |  |  |
| Materials — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Nufarm <sup>\*</sup> | 66017 | 108235 |
| **CANADA — 12.4%** |  |  |
| Consumer Staples — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Maple Leaf Foods | 2405 | 43664 |
| Materials — 11.7% |  |  |
| &nbsp;&nbsp;&nbsp;Nutrien | 12781 | 743471 |
| TOTAL CANADA |  | 787135 |
| **CHINA — 11.6%** |  |  |
| Consumer Staples — 11.6% |  |  |
| &nbsp;&nbsp;&nbsp;Cheng De Lolo, Cl A | 132380 | 158243 |
| &nbsp;&nbsp;&nbsp;Hebei Yangyuan Zhihui Beverage, Cl A | 72900 | 280506 |
| &nbsp;&nbsp;&nbsp;V V Food & Beverage, Cl A | 36100 | 18180 |
| &nbsp;&nbsp;&nbsp;Yuan Longping High-tech Agriculture, Cl A | 201200 | 275517 |
| TOTAL CHINA |  | 732446 |
| **INDONESIA — 0.3%** |  |  |
| Consumer Staples — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Mayora Indah | 156600 | 20498 |
| **JAPAN — 12.5%** |  |  |
| Industrials — 12.5% |  |  |
| &nbsp;&nbsp;&nbsp;Kubota | 54990 | 794280 |
| **MALAYSIA — 0.3%** |  |  |
| Consumer Staples — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Farm Fresh | 32400 | 21247 |

---

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

*84*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X AgTech & Food Innovation ETF** | **Global X AgTech & Food Innovation ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| **PHILIPPINES — 0.4%** |  |  |
| Consumer Staples — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Monde Nissin | 228805 | $23838 |
| **SAUDI ARABIA — 0.5%** |  |  |
| Consumer Staples — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Saudia Dairy & Foodstuff | 471 | 30107 |
| **SOUTH KOREA — 0.3%** |  |  |
| Consumer Staples — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;WooDeumGeeFarm <sup>\*</sup> | 17817 | 19081 |
| **SWITZERLAND — 0.3%** |  |  |
| Consumer Staples — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Bell Food Group | 68 | 19436 |
| **THAILAND — 0.1%** |  |  |
| Consumer Staples — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;NR Instant Produce NVDR <sup>\*(A)</sup> | 574400 | 7315 |
| **UNITED STATES — 59.2%** |  |  |
| Consumer Discretionary — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;GrowGeneration <sup>\*</sup> | 10537 | 16332 |
| Consumer Staples — 16.1% |  |  |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland | 4383 | 266223 |
| &nbsp;&nbsp;&nbsp;Beyond Meat <sup>\*(B)</sup> | 133650 | 131218 |
| &nbsp;&nbsp;&nbsp;Hain Celestial Group <sup>\*</sup> | 14915 | 16406 |
| &nbsp;&nbsp;&nbsp;Kellanova | 3031 | 253513 |
| &nbsp;&nbsp;&nbsp;Oatly Group ADR <sup>\*</sup> | 6716 | 82943 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market <sup>\*</sup> | 3237 | 271293 |
|  |  | 1021596 |
| Health Care — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Cibus, Cl A <sup>\*</sup> | 14350 | 19516 |
| Industrials — 25.7% |  |  |
| &nbsp;&nbsp;&nbsp;AGCO | 2625 | 278145 |

---

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

*85*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X AgTech & Food Innovation ETF** | **Global X AgTech & Food Innovation ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Industrials — continued |  |  |
| &nbsp;&nbsp;&nbsp;CNH Industrial | 28495 | $268708 |
| &nbsp;&nbsp;&nbsp;Deere | 1587 | 737146 |
| &nbsp;&nbsp;&nbsp;Lindsay | 2273 | 261236 |
| &nbsp;&nbsp;&nbsp;Titan Machinery <sup>\*</sup> | 4616 | 85488 |
|  |  | 1630723 |
| Materials — 16.8% |  |  |
| &nbsp;&nbsp;&nbsp;Corteva | 11539 | 778536 |
| &nbsp;&nbsp;&nbsp;FMC | 20240 | 289230 |
|  |  | 1067766 |
| TOTAL UNITED STATES |  | 3755933 |
| TOTAL COMMON STOCK<br> (Cost $6,985,322) |  | 6337283 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENTS<sup>(C)</sup> — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Citadel Securities LLC<br> 4.170%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $9,003 (collateralized by various U.S. Treasury Obligations, ranging in par value $0 - $2,547, 0.000% - 4.750%, 12/11/2025 - 11/15/2055, with a total market value of $9,157) | $9000 | 9000 |
| &nbsp;&nbsp;&nbsp;Natwest Markets Securities, Inc.<br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $2,112 (collateralized by various U.S. Treasury Obligations, ranging in par value $0 - $305, 0.375% - 4.875%, 12/31/2025 - 05/15/2055, with a total market value of $2,137) | 2111 | 2111 |
| TOTAL REPURCHASE AGREEMENTS<br> (Cost $11,111) |  | 11111 |
| TOTAL INVESTMENTS — 100.1%<br> (Cost $6,996,433) |  | $6348394 |

---

*Percentages are based on Net Assets of $6,340,315.*

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

*86*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X AgTech & Food Innovation ETF** | **Global X AgTech & Food Innovation ETF** |

---

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

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

*(B)* *This security or a partial position of this security is on loan at November 30, 2025. The total market value of securities on loan at November 30, 2025 was $10,702.*

*(C)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2025 was $11,111. The total value of non-cash collateral held from securities on loan as of November 30, 2025 was $0.*

*The following is a summary of the level of inputs used as of November 30, 2025, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3<sup>(1)</sup>* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*6299861* | $*30107* | $*7315* | $*6337283* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreements* | *—* | *11111* | *—* | *11111* |
| *Total Investments in Securities* | $*6299861* | $*41218* | $*7315* | $*6348394* |

---

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

*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.*

*87*

---

| | |
|:---|:---|
| ![](logom4.jpg) | ![](logom4.jpg) |
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Blockchain ETF** | **Global X Blockchain ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%** |  |  |
| **AUSTRALIA — 11.8%** |  |  |
| Information Technology — 11.8% |  |  |
| &nbsp;&nbsp;&nbsp;Iris Energy <sup>\*(A)</sup> | 902612 | $43153880 |
| **CANADA — 11.8%** |  |  |
| Financials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;WonderFi Technologies <sup>\*(A)</sup> | 6762654 | 1261282 |
| Information Technology — 11.4% |  |  |
| &nbsp;&nbsp;&nbsp;Bitfarms <sup>\*(A)</sup> | 4985649 | 17488486 |
| &nbsp;&nbsp;&nbsp;Hive Digital Technologies <sup>\*(A)</sup> | 1547632 | 5228899 |
| &nbsp;&nbsp;&nbsp;Hut 8 <sup>\*(A)</sup> | 393015 | 17809087 |
| &nbsp;&nbsp;&nbsp;Neptune Digital Assets <sup>\*</sup> | 2094960 | 1097034 |
|  |  | 41623506 |
| TOTAL CANADA |  | 42884788 |
| **CHINA — 4.1%** |  |  |
| Consumer Discretionary — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Cango, Cl A <sup>\*(A)</sup> | 686044 | 1029066 |
| Financials — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Metalpha Technology Holding <sup>\*</sup> | 455490 | 1238933 |
| &nbsp;&nbsp;&nbsp;OSL Group <sup>\*(A)</sup> | 2713200 | 5819775 |
|  |  | 7058708 |
| Information Technology — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Canaan ADR <sup>\*</sup> | 3228898 | 3261187 |
| &nbsp;&nbsp;&nbsp;Mercurity Fintech Holding ADR <sup>\*(A)</sup> | 218967 | 2110842 |
| &nbsp;&nbsp;&nbsp;Nano Labs ADR, Cl A <sup>\*</sup> | 311916 | 1363073 |
|  |  | 6735102 |
| TOTAL CHINA |  | 14822876 |
| **GERMANY — 0.7%** |  |  |
| Financials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Bitcoin Group | 32996 | 1317297 |

---

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

*88*

---

| | |
|:---|:---|
| ![](logom4.jpg) | ![](logom4.jpg) |
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Blockchain ETF** | **Global X Blockchain ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Northern Data <sup>\*(A)</sup> | 80188 | $1372668 |
| TOTAL GERMANY |  | 2689965 |
| **HONG KONG — 0.3%** |  |  |
| Information Technology — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Sinohope Technology Holdings <sup>\*</sup> | 2348700 | 1025686 |
| **JERSEY — 0.3%** |  |  |
| Financials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Coinshares International | 77553 | 1068931 |
| **UNITED STATES — 70.9%** |  |  |
| Financials — 16.7% |  |  |
| &nbsp;&nbsp;&nbsp;Bakkt Holdings, Cl A <sup>\*(A)</sup> | 125253 | 1975240 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Cl A <sup>\*</sup> | 159502 | 43515335 |
| &nbsp;&nbsp;&nbsp;Galaxy Digital Holdings <sup>\*(A)</sup> | 568856 | 15232879 |
|  |  | 60723454 |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Bitcoin Depot <sup>\*</sup> | 500206 | 765315 |
| Information Technology — 54.0% |  |  |
| &nbsp;&nbsp;&nbsp;American Bitcoin, Cl A <sup>\*(A)</sup> | 1300464 | 5513967 |
| &nbsp;&nbsp;&nbsp;Applied Digital <sup>\*</sup> | 1023181 | 27728205 |
| &nbsp;&nbsp;&nbsp;Bit Digital <sup>\*</sup> | 2494029 | 5935789 |
| &nbsp;&nbsp;&nbsp;Bitdeer Technologies Group, Cl A <sup>\*(A)</sup> | 804213 | 10784496 |
| &nbsp;&nbsp;&nbsp;BitFuFu, Cl A <sup>\*</sup> | 394135 | 1170581 |
| &nbsp;&nbsp;&nbsp;BitMine Immersion Technologies <sup>\*(A)</sup> | 1175424 | 38930043 |
| &nbsp;&nbsp;&nbsp;BTCS | 368792 | 1172759 |
| &nbsp;&nbsp;&nbsp;Cipher Mining <sup>\*(A)</sup> | 1068426 | 21742469 |
| &nbsp;&nbsp;&nbsp;Cleanspark <sup>\*(A)</sup> | 1119452 | 16903725 |
| &nbsp;&nbsp;&nbsp;Core Scientific <sup>\*(A)</sup> | 925077 | 15624551 |
| &nbsp;&nbsp;&nbsp;Exodus Movement, Cl A <sup>\*(A)</sup> | 56175 | 928011 |
| &nbsp;&nbsp;&nbsp;MARA Holdings <sup>\*(A)</sup> | 1090656 | 12880647 |
| &nbsp;&nbsp;&nbsp;Riot Platforms <sup>\*</sup> | 1007386 | 16249136 |
| &nbsp;&nbsp;&nbsp;Soluna Holdings <sup>\*</sup> | 501242 | 857124 |

---

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

*89*

---

| | |
|:---|:---|
| ![](logom4.jpg) | ![](logom4.jpg) |
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Blockchain ETF** | **Global X Blockchain ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;TeraWulf <sup>\*(A)</sup> | 1285568 | $19939160 |
|  |  | 196360663 |
| TOTAL UNITED STATES |  | 257849432 |
| TOTAL COMMON STOCK<br> (Cost $277,500,619) |  | 363495558 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — 20.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Citadel Securities LLC <br> 4.170%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $17,345,835 (collateralized by various U.S. Treasury Obligations, ranging in par value $902 - $4,907,915, 0.000% - 4.750%, 12/11/2025 - 11/15/2055, with a total market value of $17,643,237) | $17339809 | 17339809 |
| &nbsp;&nbsp;&nbsp;Daiwa Capital Markets America, Inc. <br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $16,304,975 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $2,419 - $6,794,265, 1.500% - 6.500%, 11/15/2034 - 12/01/2055, with a total market value of $16,563,524) | 16299420 | 16299420 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc. <br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $13,269,195 (collateralized by various U.S. Government Obligations, ranging in par value $31,608 - $14,570,784, 2.500% - 7.000%, 05/01/2042 - 11/01/2054, with a total market value of $13,489,987) | 13264674 | 13264674 |

---

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

*90*

---

| | |
|:---|:---|
| ![](logom4.jpg) | ![](logom4.jpg) |
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Blockchain ETF** | **Global X Blockchain ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc. <br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $3,035,780 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $16,293 - $1,517,373, 0.000% - 7.500%, 05/15/2037 - 11/20/2055, with a total market value of $3,081,624) | $3034746 | $3034746 |
| &nbsp;&nbsp;&nbsp;JP Morgan Securities LLC <br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $4,148,894 (collateralized by various U.S. Government Obligations, ranging in par value $21,150 - $892,640, 4.000% - 7.000%, 09/01/2040 - 12/01/2055, with a total market value of $4,213,035) | 4147480 | 4147480 |
| &nbsp;&nbsp;&nbsp;Natwest Markets Securities, Inc. <br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $4,430,186 (collateralized by various U.S. Treasury Obligations, ranging in par value $775 - $638,911, 0.375% - 4.875%, 12/31/2025 - 05/15/2055, with a total market value of $4,483,703) | 4428677 | 4428677 |
| &nbsp;&nbsp;&nbsp;Nomura Securities International, Inc. <br> 4.080%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $15,269,287 (collateralized by various U.S. Government Obligations, ranging in par value $15,405 - $7,183,998, 2.000% - 6.000%, 04/15/2036 - 06/20/2065, with a total market value of $15,516,902) | 15264097 | 15264097 |
| TOTAL REPURCHASE AGREEMENTS<br> (Cost $73,778,903) |  | 73778903 |
| TOTAL INVESTMENTS — 120.2%<br> (Cost $351,279,522) |  | $437274461 |

---

*Percentages are based on Net Assets of $363,803,395.*

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

*91*

---

| | |
|:---|:---|
| ![](logom4.jpg) | ![](logom4.jpg) |
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Blockchain ETF** | **Global X Blockchain ETF** |

---

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

*(A)* *This security or a partial position of this security is on loan at November 30, 2025. The total market value of securities on loan at November 30, 2025 was $102,628,649.*

*(B)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2025 was $73,778,903. The total value of non-cash collateral held from securities on loan as of November 30, 2025 was $28,484,936.*

*The following is a summary of the level of inputs used as of November 30, 2025, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*363495558* | $*—* | $*—* | $*363495558* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreements* | *—* | *73778903* | *—* | *73778903* |
| *Total Investments in Securities* | $*363495558* | $*73778903* | $*—* | $*437274461* |

---

*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.*

*92*

---

| | |
|:---|:---|
| ![](logom4.jpg) | ![](logom4.jpg) |
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Hydrogen ETF** | **Global X Hydrogen ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 100.6%** |  |  |
| **CANADA — 8.0%** |  |  |
| Industrials — 8.0% |  |  |
| &nbsp;&nbsp;&nbsp;Ballard Power Systems <sup>\*</sup> | 1721760 | $4889799 |
| **CHINA — 10.1%** |  |  |
| Industrials — 10.1% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Sinohytec, Cl H <sup>\*</sup> | 327950 | 1387519 |
| &nbsp;&nbsp;&nbsp;Jiangsu Guofu Hydrogen Energy Equipment, Cl H <sup>\*(A)</sup> | 545400 | 3051483 |
| &nbsp;&nbsp;&nbsp;Shanghai REFIRE Group, Cl H <sup>\*</sup> | 97240 | 1723582 |
| TOTAL CHINA |  | 6162584 |
| **GERMANY — 4.3%** |  |  |
| Industrials — 4.3% |  |  |
| &nbsp;&nbsp;&nbsp;SFC Energy <sup>\*(A)</sup> | 181047 | 2618023 |
| **JAPAN — 2.2%** |  |  |
| Consumer Discretionary — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;Toyota Motor | 66789 | 1340916 |
| **NORWAY — 4.4%** |  |  |
| Industrials — 4.4% |  |  |
| &nbsp;&nbsp;&nbsp;NEL <sup>\*(A)</sup> | 11313975 | 2671747 |
| **SINGAPORE — 0.4%** |  |  |
| Materials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Nanofilm Technologies International <sup>(A)</sup> | 541500 | 273854 |
| **SOUTH KOREA — 20.4%** |  |  |
| Consumer Discretionary — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;Iljin Hysolus ltd <sup>\*</sup> | 151167 | 1489416 |
| Industrials — 13.5% |  |  |
| &nbsp;&nbsp;&nbsp;Bumhan Fuel Cell <sup>\*</sup> | 45316 | 932111 |
| &nbsp;&nbsp;&nbsp;Doosan Fuel Cell <sup>\*</sup> | 319843 | 6915995 |

---

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

*93*

---

| | |
|:---|:---|
| ![](logom4.jpg) | ![](logom4.jpg) |
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Hydrogen ETF** | **Global X Hydrogen ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Industrials — continued |  |  |
| &nbsp;&nbsp;&nbsp;S-Fuelcell | 51506 | $394004 |
|  |  | 8242110 |
| Information Technology — 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;MiCo <sup>\*</sup> | 44923 | 433758 |
| &nbsp;&nbsp;&nbsp;Vina Tech <sup>\*</sup> | 56904 | 2325455 |
|  |  | 2759213 |
| TOTAL SOUTH KOREA |  | 12490739 |
| **SWEDEN — 4.5%** |  |  |
| Industrials — 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;PowerCell Sweden <sup>\*(A)</sup> | 644585 | 2732315 |
| **UNITED KINGDOM — 14.3%** |  |  |
| Industrials — 12.2% |  |  |
| &nbsp;&nbsp;&nbsp;AFC Energy PLC <sup>\*(A)</sup> | 12503140 | 1573826 |
| &nbsp;&nbsp;&nbsp;Ceres Power Holdings PLC <sup>\*</sup> | 589595 | 2896728 |
| &nbsp;&nbsp;&nbsp;ITM Power PLC <sup>\*(A)</sup> | 3025212 | 2986250 |
|  |  | 7456804 |
| Materials — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Johnson Matthey PLC | 48443 | 1277316 |
| TOTAL UNITED KINGDOM |  | 8734120 |
| **UNITED STATES — 32.0%** |  |  |
| Industrials — 29.8% |  |  |
| &nbsp;&nbsp;&nbsp;Bloom Energy, Cl A <sup>\*</sup> | 64494 | 7045325 |
| &nbsp;&nbsp;&nbsp;Cummins | 2873 | 1430697 |
| &nbsp;&nbsp;&nbsp;FuelCell Energy <sup>\*</sup> | 392714 | 2635111 |
| &nbsp;&nbsp;&nbsp;Hyster-Yale | 20450 | 594686 |
| &nbsp;&nbsp;&nbsp;Plug Power <sup>\*(A)</sup> | 3239352 | 6511097 |
|  |  | 18216916 |
| Materials — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;Air Products & Chemicals | 5206 | 1359026 |
| TOTAL UNITED STATES |  | 19575942 |
| TOTAL COMMON STOCK<br> (Cost $58,129,903) |  | 61490039 |

---

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

*94*

---

| | |
|:---|:---|
| ![](logom4.jpg) | ![](logom4.jpg) |
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Hydrogen ETF** | **Global X Hydrogen ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — 19.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Citadel Securities LLC <br> 4.170%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $2,754,548 (collateralized by various U.S. Treasury Obligations, ranging in par value $143 - $779,385, 0.000% - 4.750%, 12/11/2025 - 11/15/2055, with a total market value of $2,801,776) | $2753591 | $2753591 |
| &nbsp;&nbsp;&nbsp;Daiwa Capital Markets America, Inc. <br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $2,589,257 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $384 - $1,078,941, 1.500% - 6.500%, 11/15/2034 - 12/01/2055, with a total market value of $2,630,315) | 2588375 | 2588375 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc. <br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $2,589,257 (collateralized by various U.S. Government Obligations, ranging in par value $6,168 - $2,843,240, 2.500% - 7.000%, 05/01/2042 - 11/01/2054, with a total market value of $2,632,341) | 2588375 | 2588375 |
| &nbsp;&nbsp;&nbsp;Natwest Markets Securities, Inc. <br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $704,062 (collateralized by various U.S. Treasury Obligations, ranging in par value $123 - $101,538, 0.375% - 4.875%, 12/31/2025 - 05/15/2055, with a total market value of $712,567) | 703822 | 703822 |
| &nbsp;&nbsp;&nbsp;Nomura Securities International, Inc. <br> 4.080%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $2,589,255 (collateralized by various U.S. Government Obligations, ranging in par value $2,612 - $1,218,210, 2.000% - 6.000%, 04/15/2036 - 06/20/2065, with a total market value of $2,631,244) | 2588375 | 2588375 |

---

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

*95*

---

| | |
|:---|:---|
| ![](logom4.jpg) | ![](logom4.jpg) |
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Hydrogen ETF** | **Global X Hydrogen ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;RBC Dominion Securities, Inc. <br> 4.080%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $494,452 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $457 - $909,335, 2.000% - 6.000%, 07/31/2030 - 01/01/2055, with a total market value of $502,841) | $494284 | $494284 |
| TOTAL REPURCHASE AGREEMENTS<br> (Cost $11,716,822) |  | 11716822 |
| TOTAL INVESTMENTS — 119.8%<br> (Cost $69,846,725) |  | $73206861 |

---

*Percentages are based on Net Assets of $61,092,447.*

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

*(A)* *This security or a partial position of this security is on loan at November 30, 2025. The total market value of securities on loan at November 30, 2025 was $10,892,951.*

*(B)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2025 was $11,716,822. The total value of non-cash collateral held from securities on loan as of November 30, 2025 was $198,759.*

*The following is a summary of the level of inputs used as of November 30, 2025, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*61490039* | $*—* | $*—* | $*61490039* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreements* | *—* | *11716822* | *—* | *11716822* |
| *Total Investments in Securities* | $*61490039* | $*11716822* | $*—* | $*73206861* |

---

*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.*

*96*

---

| | |
|:---|:---|
| ![](logom4.jpg) | ![](logom4.jpg) |
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Defense Tech ETF** | **Global X Defense Tech ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%** |  |  |
| **AUSTRALIA — 0.5%** |  |  |
| Industrials — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Austal <sup>\*</sup> | 2031544 | $8739772 |
| &nbsp;&nbsp;&nbsp;DroneShield <sup>\*(A)</sup> | 7266416 | 9435295 |
| &nbsp;&nbsp;&nbsp;Electro Optic Systems Holdings <sup>\*</sup> | 1288185 | 3843790 |
| TOTAL AUSTRALIA |  | 22018857 |
| **CANADA — 0.2%** |  |  |
| Information Technology — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Kraken Robotics <sup>\*</sup> | 2642902 | 11242358 |
| **FRANCE — 5.5%** |  |  |
| Industrials — 5.5% |  |  |
| &nbsp;&nbsp;&nbsp;Dassault Aviation | 157628 | 49502283 |
| &nbsp;&nbsp;&nbsp;Exail Technologies <sup>\*(A)</sup> | 80018 | 7039162 |
| &nbsp;&nbsp;&nbsp;Thales | 800340 | 209359418 |
| TOTAL FRANCE |  | 265900863 |
| **GERMANY — 8.0%** |  |  |
| Industrials — 8.0% |  |  |
| &nbsp;&nbsp;&nbsp;Hensoldt | 537809 | 42660963 |
| &nbsp;&nbsp;&nbsp;Rheinmetall | 198703 | 341410523 |
| TOTAL GERMANY |  | 384071486 |
| **ISRAEL — 2.6%** |  |  |
| Industrials — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;Aryt Industries | 895597 | 13342073 |
| &nbsp;&nbsp;&nbsp;Elbit Systems | 239456 | 112225693 |
| TOTAL ISRAEL |  | 125567766 |
| **ITALY — 4.0%** |  |  |
| Industrials — 4.0% |  |  |
| &nbsp;&nbsp;&nbsp;Leonardo | 3580465 | 194925624 |
| **JAPAN — 0.0%** |  |  |
| Information Technology — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Nippon Avionics | 53412 | 1646342 |

---

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

*97*

---

| | |
|:---|:---|
| ![](logom4.jpg) | ![](logom4.jpg) |
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Defense Tech ETF** | **Global X Defense Tech ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| **SOUTH KOREA — 5.5%** |  |  |
| Industrials — 5.5% |  |  |
| &nbsp;&nbsp;&nbsp;Hanwha Aerospace | 295321 | $171089989 |
| &nbsp;&nbsp;&nbsp;Hanwha Systems | 658906 | 20699321 |
| &nbsp;&nbsp;&nbsp;Korea Aerospace Industries | 628759 | 46558906 |
| &nbsp;&nbsp;&nbsp;LIG Nex1 | 109071 | 28405258 |
| TOTAL SOUTH KOREA |  | 266753474 |
| **SWEDEN — 3.4%** |  |  |
| Industrials — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;Saab, Cl B | 3241530 | 163455527 |
| **TAIWAN — 0.1%** |  |  |
| Industrials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;CSBC Taiwan <sup>\*</sup> | 7855000 | 5368480 |
| **TURKEY — 0.4%** |  |  |
| Industrials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Aselsan Elektronik Sanayi Ve Ticaret <sup>(A)</sup> | 4931122 | 21288008 |
| &nbsp;&nbsp;&nbsp;SDT Uzay VE Savunma Teknolojileri <sup>(A)</sup> | 156019 | 640492 |
| TOTAL TURKEY |  | 21928500 |
| **UNITED KINGDOM — 6.4%** |  |  |
| Industrials — 6.4% |  |  |
| &nbsp;&nbsp;&nbsp;Babcock International Group PLC | 4222505 | 63389047 |
| &nbsp;&nbsp;&nbsp;BAE Systems PLC | 9363526 | 204771302 |
| &nbsp;&nbsp;&nbsp;Chemring Group PLC | 2316687 | 14780114 |
| &nbsp;&nbsp;&nbsp;Cohort PLC | 289676 | 4183629 |
| &nbsp;&nbsp;&nbsp;QinetiQ Group PLC | 3579847 | 19703578 |
| TOTAL UNITED KINGDOM |  | 306827670 |
| **UNITED STATES — 63.3%** |  |  |
| Industrials — 53.7% |  |  |
| &nbsp;&nbsp;&nbsp;AeroVironment <sup>\*</sup> | 333430 | 93180348 |
| &nbsp;&nbsp;&nbsp;Amentum Holdings <sup>\*</sup> | 1761302 | 50426076 |
| &nbsp;&nbsp;&nbsp;BlackSky Technology, Cl A <sup>\*(A)</sup> | 261663 | 4636668 |
| &nbsp;&nbsp;&nbsp;BWX Technologies | 814777 | 145747310 |
| &nbsp;&nbsp;&nbsp;General Dynamics | 1157128 | 395309639 |

---

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

*98*

---

| | |
|:---|:---|
| ![](logom4.jpg) | ![](logom4.jpg) |
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Defense Tech ETF** | **Global X Defense Tech ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Industrials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries | 346929 | $108803873 |
| &nbsp;&nbsp;&nbsp;KARMAN HOLDINGS <sup>\*</sup> | 757884 | 50800964 |
| &nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions <sup>\*</sup> | 1477980 | 112474278 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies | 778239 | 216887427 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings | 1134159 | 216737785 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin | 831893 | 380890529 |
| &nbsp;&nbsp;&nbsp;Mercury Systems <sup>\*</sup> | 527829 | 36889969 |
| &nbsp;&nbsp;&nbsp;Moog, Cl A | 248565 | 57090409 |
| &nbsp;&nbsp;&nbsp;National Presto Industries | 47276 | 4436853 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman | 391948 | 224292243 |
| &nbsp;&nbsp;&nbsp;Parsons <sup>\*</sup> | 939680 | 79572102 |
| &nbsp;&nbsp;&nbsp;Red Cat Holdings <sup>\*(A)</sup> | 935817 | 6943762 |
| &nbsp;&nbsp;&nbsp;RTX | 2260281 | 395345750 |
| &nbsp;&nbsp;&nbsp;Voyager Technologies Inc, Cl A <sup>\*</sup> | 457540 | 10285499 |
|  |  | 2590751484 |
| Information Technology — 9.6% |  |  |
| &nbsp;&nbsp;&nbsp;BigBear.ai Holdings <sup>\*(A)</sup> | 3858882 | 24465312 |
| &nbsp;&nbsp;&nbsp;OSI Systems <sup>\*</sup> | 140944 | 38174682 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A <sup>\*</sup> | 2360219 | 397578891 |
| &nbsp;&nbsp;&nbsp;Telos <sup>\*</sup> | 457597 | 2644911 |
|  |  | 462863796 |
| TOTAL UNITED STATES |  | 3053615280 |
| TOTAL COMMON STOCK<br> (Cost $4,297,499,739) |  | 4823322227 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Citadel Securities LLC<br> 4.170%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $6,481,001 (collateralized by various U.S. Treasury Obligations, ranging in par value $337 - $1,833,766, 0.000% - 4.750%, 12/11/2025 - 11/15/2055, with a total market value of $6,592,121) | $6478750 | 6478750 |

---

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

*99*

---

| | |
|:---|:---|
| ![](logom4.jpg) | ![](logom4.jpg) |
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Defense Tech ETF** | **Global X Defense Tech ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Daiwa Capital Markets America, Inc.<br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $6,092,101 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $904 - $2,538,571, 1.500% - 6.500%, 11/15/2034 - 12/01/2055, with a total market value of $6,188,703) | $6090025 | $6090025 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc.<br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $6,092,101 (collateralized by various U.S. Government Obligations, ranging in par value $14,512 - $6,689,681, 2.500% - 7.000%, 05/01/2042 - 11/01/2054, with a total market value of $6,193,470) | 6090025 | 6090025 |
| &nbsp;&nbsp;&nbsp;JP Morgan Securities LLC<br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $1,637,560 (collateralized by various U.S. Government Obligations, ranging in par value $8,348 - $352,323, 4.000% - 7.000%, 09/01/2040 - 12/01/2055, with a total market value of $1,662,876) | 1637002 | 1637002 |
| &nbsp;&nbsp;&nbsp;Natwest Markets Securities, Inc.<br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $1,602,524 (collateralized by various U.S. Treasury Obligations, ranging in par value $280 - $231,112, 0.375% - 4.875%, 12/31/2025 - 05/15/2055, with a total market value of $1,621,883) | 1601978 | 1601978 |

---

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

*100*

---

| | |
|:---|:---|
| ![](logom4.jpg) | ![](logom4.jpg) |
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Defense Tech ETF** | **Global X Defense Tech ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Nomura Securities International, Inc.<br> 4.080%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $5,658,123 (collateralized by various U.S. Government Obligations, ranging in par value $5,708 - $2,662,072, 2.000% - 6.000%, 04/15/2036 - 06/20/2065, with a total market value of $5,749,878) | $5656200 | $5656200 |
| TOTAL REPURCHASE AGREEMENTS<br> (Cost $27,553,980) |  | 27553980 |
| TOTAL INVESTMENTS — 100.5%<br> (Cost $4,325,053,719) |  | $4850876207 |

---

*Percentages are based on Net Assets of $4,827,481,470.*

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

*(A)* *This security or a partial position of this security is on loan at November 30, 2025. The total market value of securities on loan at November 30, 2025 was $34,463,722.*

*(B)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2025 was $27,553,980. The total value of non-cash collateral held from securities on loan as of November 30, 2025 was $7,543,211.*

*The following is a summary of the level of inputs used as of November 30, 2025, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*4697754461* | $*125567766* | $*—* | $*4823322227* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreements* | *—* | *27553980* | *—* | *27553980* |
| *Total Investments in Securities* | $*4697754461* | $*153121746* | $*—* | $*4850876207* |

---

*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.*

*101*

---

| | |
|:---|:---|
| ![](logom4.jpg) | ![](logom4.jpg) |
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Infrastructure Development ex-U.S. ETF** | **Global X Infrastructure Development ex-U.S. ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%** |  |  |
| **AUSTRALIA — 2.1%** |  |  |
| Industrials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Aurizon Holdings | 15512 | $36418 |
| Materials — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;BlueScope Steel | 3933 | 62599 |
| TOTAL AUSTRALIA |  | 99017 |
| **AUSTRIA — 1.1%** |  |  |
| Industrials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Strabag | 147 | 13153 |
| Materials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;voestalpine | 901 | 38857 |
| TOTAL AUSTRIA |  | 52010 |
| **BRAZIL — 1.1%** |  |  |
| Materials — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Cia Siderurgica Nacional | 5400 | 8530 |
| &nbsp;&nbsp;&nbsp;Gerdau ADR | 11417 | 41101 |
| TOTAL BRAZIL |  | 49631 |
| **CANADA — 8.0%** |  |  |
| Industrials — 8.0% |  |  |
| &nbsp;&nbsp;&nbsp;AtkinsRealis Group, Cl Common Subs. Receipt | 1488 | 92575 |
| &nbsp;&nbsp;&nbsp;Canadian National Railway | 1433 | 137569 |
| &nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City | 1937 | 140657 |
| TOTAL CANADA |  | 370801 |
| **CHINA — 4.1%** |  |  |
| Communication Services — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;China Tower, Cl H | 40740 | 64415 |
| Industrials — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;China Communications Services, Cl H | 21200 | 13261 |
| &nbsp;&nbsp;&nbsp;China Energy Engineering, Cl H | 61000 | 8853 |
| &nbsp;&nbsp;&nbsp;China Railway Group, Cl H | 36500 | 18331 |

---

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

*102*

---

| | |
|:---|:---|
| ![](logom4.jpg) | ![](logom4.jpg) |
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Infrastructure Development ex-U.S. ETF** | **Global X Infrastructure Development ex-U.S. ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Industrials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Zoomlion Heavy Industry Science and Technology, Cl H | 12300 | $11454 |
|  |  | 51899 |
| Materials — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Angang Steel, Cl H <sup>\*</sup> | 5200 | 1316 |
| &nbsp;&nbsp;&nbsp;Anhui Conch Cement, Cl H | 10407 | 31305 |
| &nbsp;&nbsp;&nbsp;China National Building Material, Cl H | 32000 | 21496 |
| &nbsp;&nbsp;&nbsp;Huaxin Cement, Cl H | 2300 | 5075 |
| &nbsp;&nbsp;&nbsp;Maanshan Iron & Steel, Cl H <sup>\*</sup> | 13200 | 4239 |
| &nbsp;&nbsp;&nbsp;Nanshan Aluminium International | 800 | 4170 |
| &nbsp;&nbsp;&nbsp;West China Cement | 18000 | 7028 |
|  |  | 74629 |
| TOTAL CHINA |  | 190943 |
| **DENMARK — 1.4%** |  |  |
| Industrials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;NKT <sup>\*</sup> | 481 | 57850 |
| Materials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Cementir Holding | 357 | 7201 |
| TOTAL DENMARK |  | 65051 |
| **FINLAND — 0.3%** |  |  |
| Materials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Outokumpu | 3195 | 15002 |
| **FRANCE — 6.7%** |  |  |
| Industrials — 6.4% |  |  |
| &nbsp;&nbsp;&nbsp;Eiffage | 793 | 109518 |
| &nbsp;&nbsp;&nbsp;Nexans | 331 | 47902 |
| &nbsp;&nbsp;&nbsp;Vinci | 993 | 140884 |
|  |  | 298304 |
| Materials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Vicat | 153 | 12554 |
| TOTAL FRANCE |  | 310858 |

---

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

*103*

---

| | |
|:---|:---|
| ![](logom4.jpg) | ![](logom4.jpg) |
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Infrastructure Development ex-U.S. ETF** | **Global X Infrastructure Development ex-U.S. ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| **GERMANY — 3.1%** |  |  |
| Materials — 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;Heidelberg Materials | 557 | $143054 |
| **INDIA — 19.1%** |  |  |
| Communication Services — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Indus Towers <sup>\*</sup> | 11157 | 50024 |
| Industrials — 5.6% |  |  |
| &nbsp;&nbsp;&nbsp;IRB Infrastructure Developers | 17795 | 8537 |
| &nbsp;&nbsp;&nbsp;Kalpataru Projects International | 998 | 13386 |
| &nbsp;&nbsp;&nbsp;KEC International | 1159 | 8886 |
| &nbsp;&nbsp;&nbsp;KEI Industries | 551 | 25537 |
| &nbsp;&nbsp;&nbsp;Larsen & Toubro | 2976 | 135399 |
| &nbsp;&nbsp;&nbsp;Polycab India | 582 | 48604 |
| &nbsp;&nbsp;&nbsp;Rail Vikas Nigam | 5102 | 18486 |
|  |  | 258835 |
| Materials — 12.4% |  |  |
| &nbsp;&nbsp;&nbsp;Ambuja Cements | 7241 | 44540 |
| &nbsp;&nbsp;&nbsp;Dalmia Bharat | 721 | 16197 |
| &nbsp;&nbsp;&nbsp;Jindal Stainless | 2330 | 20085 |
| &nbsp;&nbsp;&nbsp;Jindal Steel & Power | 3492 | 40773 |
| &nbsp;&nbsp;&nbsp;JK Cement | 376 | 24204 |
| &nbsp;&nbsp;&nbsp;JSW Steel | 8402 | 108990 |
| &nbsp;&nbsp;&nbsp;Ramco Cements | 1139 | 13211 |
| &nbsp;&nbsp;&nbsp;Shree Cement | 89 | 26268 |
| &nbsp;&nbsp;&nbsp;Steel Authority of India | 13123 | 19793 |
| &nbsp;&nbsp;&nbsp;Tata Steel | 69021 | 129604 |
| &nbsp;&nbsp;&nbsp;UltraTech Cement | 1016 | 131760 |
|  |  | 575425 |
| TOTAL INDIA |  | 884284 |
| **ISRAEL — 0.6%** |  |  |
| Industrials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Shapir Engineering and Industry | 1321 | 11889 |
| &nbsp;&nbsp;&nbsp;Shikun & Binui <sup>\*</sup> | 3146 | 17761 |
| TOTAL ISRAEL |  | 29650 |

---

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

*104*

---

| | |
|:---|:---|
| ![](logom4.jpg) | ![](logom4.jpg) |
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Infrastructure Development ex-U.S. ETF** | **Global X Infrastructure Development ex-U.S. ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| **ITALY — 4.9%** |  |  |
| Communication Services — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Infrastrutture Wireless Italiane | 2306 | $21102 |
| Energy — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Saipem | 11298 | 30774 |
| Industrials — 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;Maire | 1268 | 18674 |
| &nbsp;&nbsp;&nbsp;Prysmian | 1431 | 143323 |
| &nbsp;&nbsp;&nbsp;Webuild | 3779 | 14832 |
|  |  | 176829 |
| TOTAL ITALY |  | 228705 |
| **JAPAN — 14.1%** |  |  |
| Industrials — 5.7% |  |  |
| &nbsp;&nbsp;&nbsp;COMSYS Holdings | 798 | 22010 |
| &nbsp;&nbsp;&nbsp;EXEO Group | 1475 | 23224 |
| &nbsp;&nbsp;&nbsp;Hitachi Construction Machinery | 839 | 24436 |
| &nbsp;&nbsp;&nbsp;INFRONEER Holdings | 1476 | 18969 |
| &nbsp;&nbsp;&nbsp;Komatsu | 4185 | 137364 |
| &nbsp;&nbsp;&nbsp;Penta-Ocean Construction | 2162 | 23899 |
| &nbsp;&nbsp;&nbsp;SWCC | 200 | 13662 |
|  |  | 263564 |
| Materials — 8.4% |  |  |
| &nbsp;&nbsp;&nbsp;JFE Holdings | 4833 | 59309 |
| &nbsp;&nbsp;&nbsp;Maruichi Steel Tube | 1265 | 11693 |
| &nbsp;&nbsp;&nbsp;Nippon Steel | 34105 | 138103 |
| &nbsp;&nbsp;&nbsp;Shin-Etsu Chemical | 4645 | 139960 |
| &nbsp;&nbsp;&nbsp;Taiheiyo Cement | 925 | 22460 |
| &nbsp;&nbsp;&nbsp;Yamato Kogyo | 227 | 15194 |
|  |  | 386719 |
| TOTAL JAPAN |  | 650283 |
| **LUXEMBOURG — 3.2%** |  |  |
| Materials — 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;ArcelorMittal | 3396 | 146535 |

---

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

*105*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Infrastructure Development ex-U.S. ETF** | **Global X Infrastructure Development ex-U.S. ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| **MALAYSIA — 1.3%** |  |  |
| Industrials — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Gamuda | 36900 | $47771 |
| &nbsp;&nbsp;&nbsp;IJM | 23000 | 12857 |
| TOTAL MALAYSIA |  | 60628 |
| **MEXICO — 3.3%** |  |  |
| Materials — 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;Cemex ADR | 13054 | 140853 |
| &nbsp;&nbsp;&nbsp;Ternium ADR | 369 | 13590 |
| TOTAL MEXICO |  | 154443 |
| **NETHERLANDS — 0.6%** |  |  |
| Industrials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Aalberts | 836 | 26875 |
| **POLAND — 0.4%** |  |  |
| Industrials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Budimex | 115 | 19716 |
| **PORTUGAL — 0.1%** |  |  |
| Industrials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Mota-Engil | 754 | 4153 |
| **SOUTH KOREA — 5.4%** |  |  |
| Industrials — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;Doosan Bobcat | 405 | 15201 |
| &nbsp;&nbsp;&nbsp;KEPCO Engineering & Construction | 168 | 10510 |
| &nbsp;&nbsp;&nbsp;LS Electric | 135 | 42226 |
| &nbsp;&nbsp;&nbsp;Samsung E&A | 1404 | 24392 |
| &nbsp;&nbsp;&nbsp;Taihan Electric Wire <sup>\*</sup> | 971 | 14658 |
|  |  | 106987 |
| Materials — 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;Hyundai Steel | 742 | 15237 |

---

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

*106*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Infrastructure Development ex-U.S. ETF** | **Global X Infrastructure Development ex-U.S. ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Materials — continued |  |  |
| &nbsp;&nbsp;&nbsp;POSCO Holdings | 609 | $128165 |
|  |  | 143402 |
| TOTAL SOUTH KOREA |  | 250389 |
| **SPAIN — 4.8%** |  |  |
| Communication Services — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;Cellnex Telecom | 4586 | 137634 |
| Industrials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Sacyr | 4445 | 19851 |
| Materials — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Acerinox | 1604 | 22655 |
| Utilities — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Acciona | 211 | 42339 |
| TOTAL SPAIN |  | 222479 |
| **SWEDEN — 3.6%** |  |  |
| Industrials — 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;Epiroc, Cl A | 5575 | 119755 |
| &nbsp;&nbsp;&nbsp;Peab, Cl B | 1387 | 11720 |
|  |  | 131475 |
| Materials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;SSAB, Cl B | 5145 | 36112 |
| TOTAL SWEDEN |  | 167587 |
| **TAIWAN — 1.5%** |  |  |
| Materials — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Asia Cement | 19040 | 23538 |
| &nbsp;&nbsp;&nbsp;TCC Group Holdings | 60883 | 44326 |
| TOTAL TAIWAN |  | 67864 |
| **TANZANIA — 0.3%** |  |  |
| Communication Services — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Helios Towers <sup>\*</sup> | 6976 | 14752 |

---

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

*107*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Infrastructure Development ex-U.S. ETF** | **Global X Infrastructure Development ex-U.S. ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| **TURKEY — 0.1%** |  |  |
| Materials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Oyak Cimento Fabrikalari | 8927 | $4850 |
| **UNITED ARAB EMIRATES — 0.3%** |  |  |
| Industrials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;NMDC Group PJSC | 2025 | 11843 |
| **UNITED KINGDOM — 0.9%** |  |  |
| Industrials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Balfour Beatty PLC | 4315 | 40250 |
| **UNITED STATES — 7.5%** |  |  |
| Industrials — 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;Ferrovial | 2179 | 142778 |
| Materials — 4.4% |  |  |
| &nbsp;&nbsp;&nbsp;Buzzi | 668 | 41166 |
| &nbsp;&nbsp;&nbsp;Holcim | 1541 | 144360 |
| &nbsp;&nbsp;&nbsp;Titan Cement International | 310 | 16352 |
|  |  | 201878 |
| TOTAL UNITED STATES |  | 344656 |
| TOTAL COMMON STOCK<br> (Cost $4,134,277) |  | 4626309 |
| TOTAL INVESTMENTS — 99.9%<br> (Cost $4,134,277) |  | $4626309 |

---

*Percentages are based on Net Assets of $4,629,874.*

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

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

*108*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Infrastructure Development ex-U.S. ETF** | **Global X Infrastructure Development ex-U.S. ETF** |

---

*The following is a summary of the level of inputs used as of November 30, 2025, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*4596659* | $*29650* | $*—* | $*4626309* |
| *Total Investments in Securities* | $*4596659* | $*29650* | $*—* | $*4626309* |

---

*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.*

*109*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X AI Semiconductor & Quantum ETF** | **Global X AI Semiconductor & Quantum ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%** |  |  |
| **NETHERLANDS — 10.6%** |  |  |
| Information Technology — 10.6% |  |  |
| &nbsp;&nbsp;&nbsp;ASML Holding | 917 | $972020 |
| &nbsp;&nbsp;&nbsp;Nebius Group, Cl A <sup>\*</sup> | 722 | 68496 |
| TOTAL NETHERLANDS |  | 1040516 |
| **SOUTH KOREA — 4.0%** |  |  |
| Information Technology — 4.0% |  |  |
| &nbsp;&nbsp;&nbsp;SK hynix | 1081 | 389576 |
| **TAIWAN — 14.9%** |  |  |
| Information Technology — 14.9% |  |  |
| &nbsp;&nbsp;&nbsp;Accton Technology | 1788 | 58394 |
| &nbsp;&nbsp;&nbsp;Alchip Technologies | 275 | 28959 |
| &nbsp;&nbsp;&nbsp;MediaTek | 5454 | 242419 |
| &nbsp;&nbsp;&nbsp;Mitac Holdings | 3870 | 11307 |
| &nbsp;&nbsp;&nbsp;Quanta Computer | 10000 | 89852 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | 3354 | 977725 |
| &nbsp;&nbsp;&nbsp;Wiwynn | 378 | 55041 |
| TOTAL TAIWAN |  | 1463697 |
| **UNITED KINGDOM — 4.2%** |  |  |
| Information Technology — 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;ARM Holdings PLC ADR <sup>\*</sup> | 3084 | 418067 |
| **UNITED STATES — 66.2%** |  |  |
| Industrials — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings, Cl A | 1318 | 236884 |
| Information Technology — 63.8% |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices <sup>\*</sup> | 1821 | 396122 |
| &nbsp;&nbsp;&nbsp;Ambarella <sup>\*</sup> | 142 | 10534 |
| &nbsp;&nbsp;&nbsp;Arista Networks <sup>\*</sup> | 3398 | 444051 |
| &nbsp;&nbsp;&nbsp;Astera Labs <sup>\*</sup> | 474 | 74688 |
| &nbsp;&nbsp;&nbsp;Broadcom | 2737 | 1102902 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems <sup>\*</sup> | 952 | 296872 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 5422 | 417169 |
| &nbsp;&nbsp;&nbsp;CoreWeave, Cl A <sup>\*</sup> | 1080 | 78970 |

---

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

*110*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X AI Semiconductor & Quantum ETF** | **Global X AI Semiconductor & Quantum ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding <sup>\*</sup> | 537 | $95371 |
| &nbsp;&nbsp;&nbsp;D-Wave Quantum <sup>\*</sup> | 1186 | 26887 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise | 4621 | 101061 |
| &nbsp;&nbsp;&nbsp;Intel <sup>\*</sup> | 12219 | 495603 |
| &nbsp;&nbsp;&nbsp;IonQ <sup>\*</sup> | 1214 | 59850 |
| &nbsp;&nbsp;&nbsp;Marvell Technology | 3015 | 269541 |
| &nbsp;&nbsp;&nbsp;Micron Technology | 1836 | 434177 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems | 160 | 148507 |
| &nbsp;&nbsp;&nbsp;NetApp | 699 | 77980 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 5140 | 909780 |
| &nbsp;&nbsp;&nbsp;QUALCOMM | 2542 | 427285 |
| &nbsp;&nbsp;&nbsp;Quantum Computing <sup>\*</sup> | 682 | 7979 |
| &nbsp;&nbsp;&nbsp;Rambus <sup>\*</sup> | 377 | 36030 |
| &nbsp;&nbsp;&nbsp;Rigetti Computing <sup>\*</sup> | 1139 | 29124 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer <sup>\*</sup> | 1808 | 61201 |
| &nbsp;&nbsp;&nbsp;Synopsys <sup>\*</sup> | 644 | 269198 |
|  |  | 6270882 |
| TOTAL UNITED STATES |  | 6507766 |
| TOTAL COMMON STOCK<br> (Cost $9,750,672) |  | 9819622 |
|  | **Face Amount** |  |
| **U.S. TREASURY OBLIGATION — 10.1%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bill<br> 3.917%, 12/30/2025<sup>(A)</sup> | $1000000 | 996877 |
| TOTAL U.S. TREASURY OBLIGATION<br> (Cost $996,962) |  | 996877 |
| TOTAL INVESTMENTS — 110.0%<br> (Cost $10,747,634) |  | $10816499 |

---

*Percentages are based on Net Assets of $9,832,391.*

*\** *Non-income producing security.* <br> *(A)* *Interest rate represents the security's effective yield at the time of purchase.*

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

*111*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X AI Semiconductor & Quantum ETF** | **Global X AI Semiconductor & Quantum ETF** |

---

*The following is a summary of the level of inputs used as of November 30, 2025, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*9819622* | $*—* | $*—* | $*9819622* |
| &nbsp;&nbsp;&nbsp;*U.S. Treasury Obligation* | *—* | *996877* | *—* | *996877* |
| *Total Investments in Securities* | $*9819622* | $*996877* | $*—* | $*10816499* |

---

*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.*

*112*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Glossary (abbreviations which may be used in the preceding Schedules of Investments):** | **Glossary (abbreviations which may be used in the preceding Schedules of Investments):** |

---

**Fund Abbreviations**

ADR — *American Depositary Receipt* 

Cl — *Class* 

ETF — *Exchange-Traded Fund* 

NVDR — *Non-Voting Depositary Receipt* 

PJSC — *Public Joint Stock Company* 

REIT — *Real Estate Investment Trust*

*113*

![](logom4.jpg)

Statements of Assets and Liabilities

**November 30, 2025**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X<br> Millennial<br> Consumer ETF** | **Global X Aging<br> Population ETF** | **Global X FinTech<br> ETF** | **Global X Internet<br> of Things ETF** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $114745786 | $67671966 | $328489937 | $185383415 |
| &nbsp;&nbsp;&nbsp;Cost of Repurchase Agreement |  |  | 10357600 | 4135310 |
| &nbsp;&nbsp;&nbsp;Investments, at Value | $110119998 | $75807443 | $265770666 \* | $199804981 \* |
| &nbsp;&nbsp;&nbsp;Repurchase Agreement, at Value |  |  | 10357600 | 4135310 |
| &nbsp;&nbsp;&nbsp;Cash | 80053 | 189137 | 68735 | 98036 |
| &nbsp;&nbsp;&nbsp;Dividend, Interest, and Securities Lending Income Receivable | 24217 | 66307 | 80060 | 227779 |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold |  | 1224214 |  |  |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable |  | 102384 | 210232 | 237783 |
| &nbsp;&nbsp;&nbsp;Due from Broker |  | 72389 | 52508 |  |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 110224268 | 77461874 | 276539801 | 204503889 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Obligation to Return Securities Lending Collateral |  |  | 10357600 | 4135310 |
| &nbsp;&nbsp;&nbsp;Payable due to Investment Adviser | 44881 | 29957 | 151521 | 111356 |
| &nbsp;&nbsp;&nbsp;Payable for Capital Shares Redeemed |  | 1461991 | 52508 |  |
| &nbsp;&nbsp;&nbsp;Unrealized Depreciation on Spot Contracts |  | 5 |  |  |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 44881 | 1491953 | 10561629 | 4246666 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $110179387 | $75969921 | $265978172 | $200257223 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $132073268 | $72610726 | $531512684 | $211505898 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings (Accumulated Losses) | (21893881) | 3359195 | (265534512) | (11248675) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $110179387 | $75969921 | $265978172 | $200257223 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest<br> (unlimited authorization — no par value) | 2360000 | 2070000 | 8670000 | 5450000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $46.69 | $36.70 | $30.68 | $36.74 |
| \*Includes Market Value of Securities on Loan | $— | $— | $19751082 | $5531402 |

---

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

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

*114*

![](logom4.jpg)

Statements of Assets and Liabilities

**November 30, 2025**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X<br> Robotics &<br> Artificial<br> Intelligence ETF** | **Global X U.S.<br> Infrastructure <br> Development <br> ETF** | **Global X<br> Autonomous &<br> Electric Vehicles<br> ETF** | **Global X<br> Artificial<br> Intelligence &<br> Technology ETF** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $2800545755 | $7426708446 | $366707698 | $5747003971 |
| &nbsp;&nbsp;&nbsp;Cost of Affiliated Investments |  | 58656230 |  |  |
| &nbsp;&nbsp;&nbsp;Cost of Repurchase Agreement | 124768323 |  | 19813894 | 33286145 |
| &nbsp;&nbsp;&nbsp;Investments, at Value | $3005233890 \* | $9754064454 \* | $330493426 \* | $6962952370 \* |
| &nbsp;&nbsp;&nbsp;Affiliated Investments, at Value |  | 63283027 |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreement, at Value | 124768323 |  | 19813894 | 33286145 |
| &nbsp;&nbsp;&nbsp;Cash | 2364667 | 12263274 | 444722 | 22643601 |
| &nbsp;&nbsp;&nbsp;Receivable for Capital Shares Sold | 8449294 | 5336401 |  |  |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable | 6860672 | 198269 | 530756 | 395341 |
| &nbsp;&nbsp;&nbsp;Dividend, Interest, and Securities Lending Income Receivable | 4890951 | 8298874 | 402444 | 2174678 |
| &nbsp;&nbsp;&nbsp;Unrealized Appreciation on Spot Contracts |  |  |  | 142 |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold |  |  |  | 2308215 |
| &nbsp;&nbsp;&nbsp;Cash pledged as collateral on Futures Contracts | 993900 | 795528 |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for Variation Margin on Futures Contracts | 97065 | 46740 |  |  |
| &nbsp;&nbsp;&nbsp;Due from Broker |  |  |  | 436431 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 3153658762 | 9844286567 | 351685242 | 7024196923 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Obligation to Return Securities Lending Collateral | 124768323 | 1503875 | 19813894 | 33286145 |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased | 8418845 | 5308374 |  | 16819608 |
| &nbsp;&nbsp;&nbsp;Payable due to Investment Adviser | 1702388 | 3711232 | 185702 | 3894409 |
| &nbsp;&nbsp;&nbsp;Unrealized Depreciation on Spot Contracts | 707 |  | 7 |  |
| &nbsp;&nbsp;&nbsp;Payable for Capital Shares Redeemed |  |  |  | 4535787 |
| &nbsp;&nbsp;&nbsp;Due to Broker | 19767 |  | 4550 | 34 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 134910030 | 10523481 | 20004153 | 58535983 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $3018748732 | $9833763086 | $331681089 | $6965660940 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $3464393929 | $7491825399 | $618981609 | $5852388131 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings (Accumulated Losses) | (445645197) | 2341937687 | (287300520) | 1113272809 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $3018748732 | $9833763086 | $331681089 | $6965660940 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest<br> (unlimited authorization — no par value) | 85750000 | 202710000 | 11250002 | 139100002 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $35.20 | $48.51 | $29.48 | $50.08 |

---

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

*115*

![](logom4.jpg)

Statements of Assets and Liabilities

**November 30, 2025**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X<br> Robotics &<br> Artificial<br> Intelligence ETF** | **Global X U.S.<br> Infrastructure<br> Development<br> ETF** | **Global X<br> Autonomous &<br> Electric Vehicles<br> ETF** | **Global X<br> Artificial<br> Intelligence &<br> Technology ETF** |
| \*Includes Market Value of Securities on Loan | $245476761 | $1516587 | $37359702 | $41403471 |

---

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

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

*116*

![](logom4.jpg)

Statements of Assets and Liabilities

**November 30, 2025**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X<br> Genomics &<br> Biotechnology<br> ETF** | **Global X Cloud <br> Computing ETF** | **Global X<br> Cybersecurity<br> ETF** | **Global X Dorsey<br> Wright Thematic<br> ETF** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $65142616 | $376767108 | $965881722 | $— |
| &nbsp;&nbsp;&nbsp;Cost of Affiliated Investments |  |  |  | 8920715 |
| &nbsp;&nbsp;&nbsp;Cost of Repurchase Agreement | 767211 |  | 17611504 | 2562690 |
| &nbsp;&nbsp;&nbsp;Investments, at Value | $54517652 \* | $275139238 \* | $998791473 \* | $— |
| &nbsp;&nbsp;&nbsp;Affiliated Investments, at Value |  |  |  | 9146652 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreement, at Value | 767211 |  | 17611504 | 2562690 |
| &nbsp;&nbsp;&nbsp;Cash | 27103 | 184273 | 240389 | 1423 |
| &nbsp;&nbsp;&nbsp;Dividend, Interest, and Securities Lending Income Receivable | 3443 | 43245 | 665953 | 832 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable |  | 518 | 9465 |  |
| &nbsp;&nbsp;&nbsp;Receivable due from Investment Adviser |  |  |  | 648 |
| &nbsp;&nbsp;&nbsp;Cash pledged as collateral on Futures Contracts |  |  | 73622 |  |
| &nbsp;&nbsp;&nbsp;Receivable for Variation Margin on Futures Contracts |  |  | 7190 |  |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 55315409 | 275367274 | 1017399596 | 11712245 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Obligation to Return Securities Lending Collateral | 767211 | 694926 | 17611504 | 2562690 |
| &nbsp;&nbsp;&nbsp;Payable due to Investment Adviser | 21361 | 158163 | 428985 |  |
| &nbsp;&nbsp;&nbsp;Custodian Fees Payable |  | 333 |  |  |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 788572 | 853422 | 18040489 | 2562690 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $54526837 | $274513852 | $999359107 | $9149555 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $194365034 | $684965315 | $1284939959 | $64280869 |
| &nbsp;&nbsp;&nbsp;Total Accumulated Losses | (139838197) | (410451463) | (285580852) | (55131314) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $54526837 | $274513852 | $999359107 | $9149555 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest<br> (unlimited authorization — no par value) | 1174672 | 12090000 | 31810000 | 360000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $46.42 | $22.71 | $31.42 | $25.42 |
| \*Includes Market Value of Securities on Loan | $5300531 | $673669 | $41504092 | $2572328 |

---

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

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

*117*

![](logom4.jpg)

Statements of Assets and Liabilities

**November 30, 2025**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Video<br> Games & Esports<br> ETF** | **Global X<br> HealthTech ETF** | **Global X<br> CleanTech ETF** | **Global X Data<br> Center & Digital<br> Infrastructure<br> ETF** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $127833351 | $61792836 | $55078674 | $590444034 |
| &nbsp;&nbsp;&nbsp;Cost of Repurchase Agreement | 4772950 |  | 667103 | 33425537 |
| &nbsp;&nbsp;&nbsp;Cost (Proceeds) of Foreign Currency |  | 1 |  | 329 |
| &nbsp;&nbsp;&nbsp;Investments, at Value | $121641782 \* | $51028866 | $29975062 \* | $653483877 \* |
| &nbsp;&nbsp;&nbsp;Repurchase Agreement, at Value | 4772950 |  | 667103 | 33425537 |
| &nbsp;&nbsp;&nbsp;Cash | 10060 | 19825 | 19262 | 571008 |
| &nbsp;&nbsp;&nbsp;Foreign Currency, at Value |  | 1 |  | 329 |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold | 3762087 |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend, Interest, and Securities Lending Income Receivable | 84334 | 6502 | 18227 | 627492 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable | 6848 | 14319 | 12611 |  |
| &nbsp;&nbsp;&nbsp;Receivable for Capital Shares Sold | 3026 |  |  |  |
| &nbsp;&nbsp;&nbsp;Due from Broker |  | 4553 | 13524 |  |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 130281087 | 51074066 | 30705789 | 688108243 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Obligation to Return Securities Lending Collateral | 4772950 |  | 667103 | 33425537 |
| &nbsp;&nbsp;&nbsp;Payable for Capital Shares Redeemed | 3772961 | 4553 |  |  |
| &nbsp;&nbsp;&nbsp;Payable due to Investment Adviser | 58388 | 20238 | 12031 | 253618 |
| &nbsp;&nbsp;&nbsp;Unrealized Depreciation on Spot Contracts | 6 |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased |  |  |  | 29908872 |
| &nbsp;&nbsp;&nbsp;Custodian Fees Payable |  | 23 |  |  |
| &nbsp;&nbsp;&nbsp;Due to Broker | 3754 |  |  |  |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 8608059 | 24814 | 679134 | 63588027 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $121673028 | $51049252 | $30026655 | $624520216 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $220054587 | $208780409 | $127572591 | $574644678 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings (Accumulated Losses) | (98381559) | (157731157) | (97545936) | 49875538 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $121673028 | $51049252 | $30026655 | $624520216 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest<br> (unlimited authorization — no par value) | 3870000 | 1609868 | 539925 | 29960000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $31.44 | $31.71 | $55.61 | $20.85 |
| \*Includes Market Value of Securities on Loan | $5062363 | $— | $1554475 | $33886760 |

---

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

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

*118*

![](logom4.jpg)

Statements of Assets and Liabilities

**November 30, 2025**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Clean<br> Water ETF** | **Global X<br> AgTech & Food<br> Innovation ETF** | **Global X<br> Blockchain ETF** | **Global X<br> Hydrogen ETF** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $22031276 | $6985322 | $277500619 | $58129903 |
| &nbsp;&nbsp;&nbsp;Cost of Repurchase Agreement |  | 11111 | 73778903 | 11716822 |
| &nbsp;&nbsp;&nbsp;Cost (Proceeds) of Foreign Currency | 19859 | 346 |  | 919601 |
| &nbsp;&nbsp;&nbsp;Investments, at Value | $21822010 | $6337283 \* | $363495558 \* | $61490039 \* |
| &nbsp;&nbsp;&nbsp;Repurchase Agreement, at Value |  | 11111 | 73778903 | 11716822 |
| &nbsp;&nbsp;&nbsp;Cash |  | 1096 | 158967 |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency, at Value | 19855 | 348 |  | 919600 |
| &nbsp;&nbsp;&nbsp;Dividend, Interest, and Securities Lending Income Receivable | 70084 | 3282 | 293267 | 148577 |
| &nbsp;&nbsp;&nbsp;Receivable for Capital Shares Sold | 49889 |  | 4045380 |  |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable | 211 | 1067 |  | 3262 |
| &nbsp;&nbsp;&nbsp;Unrealized Appreciation on Spot Contracts | 23 |  |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold |  |  |  | 195968 |
| &nbsp;&nbsp;&nbsp;Due from Broker |  |  | 331912 |  |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 21962072 | 6354187 | 442103987 | 74474268 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Obligation to Return Securities Lending Collateral |  | 11111 | 73778903 | 11716822 |
| &nbsp;&nbsp;&nbsp;Payable due to Investment Adviser | 11712 | 2761 | 146446 | 28887 |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased |  |  | 4043325 | 1008154 |
| &nbsp;&nbsp;&nbsp;Payable for Capital Shares Redeemed |  |  | 331912 | 411644 |
| &nbsp;&nbsp;&nbsp;Unrealized Depreciation on Spot Contracts |  |  | 6 | 12 |
| &nbsp;&nbsp;&nbsp;Custodian Fees Payable | 41640 |  |  | 216302 |
| &nbsp;&nbsp;&nbsp;Due to Broker | 49889 |  |  |  |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 103241 | 13872 | 78300592 | 13381821 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $21858831 | $6340315 | $363803395 | $61092447 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $22603867 | $11845724 | $453306530 | $104705895 |
| &nbsp;&nbsp;&nbsp;Total Accumulated Losses | (745036) | (5505409) | (89503135) | (43613448) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $21858831 | $6340315 | $363803395 | $61092447 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest<br> (unlimited authorization — no par value) | 1130000 | 203283 | 4495860 | 1649895 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $19.34 | $31.19 | $80.92 | $37.03 |
| \*Includes Market Value of Securities on Loan | $— | $10702 | $102628649 | $10892951 |

---

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

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

*119*

![](logom4.jpg)

Statements of Assets and Liabilities

**November 30, 2025**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X Defense<br> Tech ETF** | **Global X<br> Infrastructure<br> Development ex-<br> U.S. ETF** | **Global X AI<br> Semiconductor &<br> Quantum ETF** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $4297499739 | $4134277 | $10747634 |
| &nbsp;&nbsp;&nbsp;Cost of Repurchase Agreement | 27553980 |  |  |
| &nbsp;&nbsp;&nbsp;Cost (Proceeds) of Foreign Currency | 29665 | 1389 |  |
| &nbsp;&nbsp;&nbsp;Investments, at Value | $4823322227 \* | $4626309 | $10816499 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreement, at Value | 27553980 |  |  |
| &nbsp;&nbsp;&nbsp;Cash | 15538650 | 281 | 16434 |
| &nbsp;&nbsp;&nbsp;Foreign Currency, at Value | 29659 | 1389 |  |
| &nbsp;&nbsp;&nbsp;Dividend, Interest, and Securities Lending Income Receivable | 6177481 | 9669 | 291 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable | 297942 | 1390 |  |
| &nbsp;&nbsp;&nbsp;Due from Broker | 68770 | 2279 |  |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 4872988709 | 4641317 | 10833224 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Obligation to Return Securities Lending Collateral | 27553980 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased | 15904974 |  | 996962 |
| &nbsp;&nbsp;&nbsp;Payable due to Investment Adviser | 2048250 | 2062 | 3871 |
| &nbsp;&nbsp;&nbsp;Unrealized Depreciation on Spot Contracts | 35 | 3 |  |
| &nbsp;&nbsp;&nbsp;Payable for Capital Shares Redeemed |  | 1735 |  |
| &nbsp;&nbsp;&nbsp;Accrued Foreign Capital Gains Tax on Appreciated Securities |  | 7643 |  |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 45507239 | 11443 | 1000833 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $4827481470 | $4629874 | $9832391 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $4348119755 | $4224577 | $9819207 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings | 479361715 | 405297 | 13184 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $4827481470 | $4629874 | $9832391 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest<br> (unlimited authorization — no par value) | 77240000 | 160000 | 180000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $62.50 | $28.94 | $54.62 |
| \*Includes Market Value of Securities on Loan | $34463722 | $— | $— |

---

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

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

*120*

![](logom4.jpg)

Statements of Operations

**For the year ended November 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X<br> Millennial<br> Consumer ETF** | **Global X Aging<br> Population ETF** | **Global X<br> FinTech ETF** | **Global X<br> Internet of<br> Things ETF** |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $821657 | $901279 | $1401927 | $2935559 |
| &nbsp;&nbsp;&nbsp;Interest Income | 4438 | 2360 | 4510 | 5388 |
| &nbsp;&nbsp;&nbsp;Security Lending Income, Net | 7262 |  | 230710 | 105731 |
| &nbsp;&nbsp;&nbsp;Reclaim Income |  | 57421 |  |  |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld |  | (92851) | (45676) | (192506) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 833357 | 868209 | 1591471 | 2854172 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Supervision and Administration Fees<sup>(1)</sup> | 606740 | 307008 | 2025925 | 1493201 |
| &nbsp;&nbsp;&nbsp;Custodian Fees<sup>(2)</sup> | 132 | 86 | 1868 | 3550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 606872 | 307094 | 2027793 | 1496751 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | 226485 | 561115 | (436322) | 1357421 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>(3)</sup> | 3126942 | 2221280 | (5672365) | 21430782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Transactions |  | 1153 | (7144) | (2296) |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | 3126942 | 2222433 | (5679509) | 21428486 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (3505543) | 7310087 | (25801946) | (16932917) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Translations |  | 8565 | 20897 | 19500 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | (3505543) | 7318652 | (25781049) | (16913417) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | (378601) | 9541085 | (31460558) | 4515069 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | $(152116) | $10102200 | $(31896880) | $5872490 |

---

&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.)* 

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

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

*121*

![](logom4.jpg)

Statements of Operations

**For the year ended November 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X<br> Robotics &<br> Artificial<br> Intelligence ETF** | **Global X U.S.<br> Infrastructure <br> Development <br> ETF** | **Global X<br> Autonomous &<br> Electric Vehicles<br> ETF** | **Global X<br> Artificial<br> Intelligence &<br> Technology ETF** |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $22377603 | $95760143 | $4748192 | $30191156 |
| &nbsp;&nbsp;&nbsp;Interest Income | 172091 | 362076 | 18922 | 193589 |
| &nbsp;&nbsp;&nbsp;Security Lending Income, Net | 8414354 | 280932 | 1476094 | 1011129 |
| &nbsp;&nbsp;&nbsp;Reclaim Income | 2625838 |  | 467369 |  |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (4499968) |  | (516363) | (2014270) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 29089918 | 96403151 | 6194214 | 29381604 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Supervision and Administration Fees<sup>(1)</sup> | 18531592 | 41174690 | 2271182 | 27055021 |
| &nbsp;&nbsp;&nbsp;Custodian Fees<sup>(2)</sup> | 46341 | 3929 | 4473 | 13554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 18577933 | 41178619 | 2275655 | 27068575 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 10511985 | 55224532 | 3918559 | 2313029 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>(3)</sup> | 9416824 | 854599447 | (87555339) | 193029296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Investments |  | 4362022 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | 2492467 | (460367) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Transactions | (179144) |  | (53548) | (134660) |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | 11730147 | 858501102 | (87608887) | 192894636 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 132601066 | (438583461) | 159767542 | 830153904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Investments |  | (3182475) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | 157199 | 186840 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Translations | 503410 |  | 46878 | 13723 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | 133261675 | (441579096) | 159814420 | 830167627 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 144991822 | 416922006 | 72205533 | 1023062263 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $155503807 | $472146538 | $76124092 | $1025375292 |

---

&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.)* 

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

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

*122*

![](logom4.jpg)

Statements of Operations

**For the year ended November 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X<br> Genomics &<br> Biotechnology<br> ETF** | **Global X Cloud <br> Computing ETF** | **Global X<br> Cybersecurity<br> ETF** | **Global X Dorsey<br> Wright Thematic<br> ETF** |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $197593 | $539485 | $4078556 | $— |
| &nbsp;&nbsp;&nbsp;Dividend Income, from Affiliated Investments |  |  |  | 87068 |
| &nbsp;&nbsp;&nbsp;Interest Income | 2648 | 8709 | 29313 | 264 |
| &nbsp;&nbsp;&nbsp;Security Lending Income, Net | 86923 | 25593 | 167797 | 22692 |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | 3171 | (1053) | (259115) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 290335 | 572734 | 4016551 | 110024 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Supervision and Administration Fees<sup>(1)</sup> | 266988 | 2234434 | 5034043 | 56090 |
| &nbsp;&nbsp;&nbsp;Custodian Fees<sup>(2)</sup> | 66 | 773 | 2995 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 267054 | 2235207 | 5037038 | 56247 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | 23281 | (1662473) | (1020487) | 53777 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>(3)</sup> | (33697598) | (2945490) | (34548782) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Investments |  |  |  | (5818268) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts |  |  | (5957) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Transactions | (1115) | (1394) | (70993) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment from Adviser<sup>(4)</sup> |  |  |  | 62768 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | (33698713) | (2946884) | (34625732) | (5755500) |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 32455516 | (21849515) | (35301038) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Investments |  |  |  | 5403453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts |  |  | 19762 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Translations |  | (30) | (1341) |  |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | 32455516 | (21849545) | (35282617) | 5403453 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | (1243197) | (24796429) | (69908349) | (352047) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Operations** | $(1219916) | $(26458902) | $(70928836) | $(298270) |

---

&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.* 

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

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

*123*

![](logom4.jpg)

Statements of Operations

**For the year ended November 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Video<br> Games &<br> Esports ETF** | **Global X<br> HealthTech ETF** | **Global X<br> CleanTech ETF** | **Global X Data<br> Center & Digital<br> Infrastructure<br> ETF** |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $1875112 | $534349 | $296436 | $5001408 |
| &nbsp;&nbsp;&nbsp;Interest Income | 8441 | 1560 | 1175 | 19444 |
| &nbsp;&nbsp;&nbsp;Security Lending Income, Net | 167634 | 33541 | 105166 | 285778 |
| &nbsp;&nbsp;&nbsp;Reclaim Income | 122667 |  |  |  |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (158458) | (6852) | (23694) | (92763) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 2015396 | 562598 | 379083 | 5213867 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Supervision and Administration Fees<sup>(1)</sup> | 662854 | 234078 | 128768 | 1568466 |
| &nbsp;&nbsp;&nbsp;Custodian Fees<sup>(2)</sup> | 1351 | 1994 | 501 | 8548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 664205 | 236072 | 129269 | 1577014 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 1351191 | 326526 | 249814 | 3636853 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>(3)</sup> | (8664772) | (28832417) | (32059419) | 5317458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Transactions | (5764) | (834) | (3736) | (50224) |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | (8670536) | (28833251) | (32063155) | 5267234 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 40090684 | 28881955 | 40509406 | 52182128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Translations | (279) | 1196 | 2187 | (663) |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | 40090405 | 28883151 | 40511593 | 52181465 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 31419869 | 49900 | 8448438 | 57448699 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $32771060 | $376426 | $8698252 | $61085552 |

---

&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.)* 

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

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

*124*

![](logom4.jpg)

Statements of Operations

**For the year ended November 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Clean<br> Water ETF** | **Global X<br> AgTech & Food<br> Innovation ETF** | **Global X<br> Blockchain ETF** | **Global X<br> Hydrogen ETF** |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $268905 | $186189 | $161091 | $91215 |
| &nbsp;&nbsp;&nbsp;Interest Income | 536 | 512 | 17098 | 4085 |
| &nbsp;&nbsp;&nbsp;Security Lending Income, Net |  | 34636 | 1349785 | 1322750 |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (2674) | (13187) | (14734) | (582) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 266767 | 208150 | 1513240 | 1417468 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Supervision and Administration Fees<sup>(1)</sup> | 65668 | 39591 | 1079523 | 199225 |
| &nbsp;&nbsp;&nbsp;Custodian Fees<sup>(2)</sup> | 528 | 101 | 1469 | 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 66196 | 39692 | 1080992 | 200292 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 200571 | 168458 | 432248 | 1217176 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>(3)</sup> | 1990442 | (66875) | 51569001 | (14886513) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Transactions | (6773) | (764) | (3441) | (29410) |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | 1983669 | (67639) | 51565560 | (14915923) |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (1846361) | (194476) | (3005335) | 30384644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Translations | (135) | 134 | (5) | 520 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | (1846496) | (194342) | (3005340) | 30385164 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 137173 | (261981) | 48560220 | 15469241 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | $337744 | $(93523) | $48992468 | $16686417 |

---

&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.)* 

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

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

*125*

![](logom4.jpg)

Statements of Operations

**For the year ended November 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X<br> Defense Tech<br> ETF** | **Global X<br> Infrastructure <br> Development <br> ex-U.S. ETF** | **Global X AI**<br> **Semiconductor**<br> **& Quantum**<br> **ETF** <sup>(1)</sup> |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $26921874 | $91328 | $1825 |
| &nbsp;&nbsp;&nbsp;Interest Income | 173146 | 542 | 15 |
| &nbsp;&nbsp;&nbsp;Security Lending Income, Net | 288038 |  |  |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (848252) | (11992) | (256) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 26534806 | 79878 | 1584 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Supervision and Administration Fees<sup>(2)</sup> | 12521081 | 19644 | 5580 |
| &nbsp;&nbsp;&nbsp;Custodian Fees<sup>(3)</sup> | 73384 | 148 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 12594465 | 19792 | 5673 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | 13940341 | 60086 | (4089) |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>(4)</sup> | 185446753 | 110821 | 24823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Transactions | 125554 | (4287) | 2229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Capital Gains Tax |  | (101) |  |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | 185572307 | 106433 | 27052 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 468457838 | 583364 | 68865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Capital Gains Tax on Appreciated Securities |  | (7643) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Translations | 4610 | (101) | (1) |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | 468462448 | 575620 | 68864 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 654034755 | 682053 | 95916 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $667975096 | $742139 | $91827 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *The Fund commenced operations on September 30, 2025.* 

*(2)* *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.)* 

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

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

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

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

*126*

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**Statements of Changes in Net Assets**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Millennial Consumer ETF** | **Global X Millennial Consumer ETF** | **Global X Aging Population ETF** | **Global X Aging Population ETF** |
|  | **Year Ended<br> November 30,<br> 2025** | **Year Ended<br> November 30,<br> 2024** | **Year Ended<br> November 30,<br> 2025** | **Year Ended<br> November 30,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $226485 | $358535 | $561115 | $473830 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 3126942 | 7440234 | 2222433 | 2021927 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (3505543) | 34290075 | 7318652 | 7689923 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (152116) | 42088844 | 10102200 | 10185680 |
| **Distributions:** | (277563) | (409955) | (533688) | (438748) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 4543344 | 17677930 | 17399379 | 11786435 |
| &nbsp;&nbsp;&nbsp;Redeemed | (24965281) | (33819173) | (12900220) | (13226750) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | (20421937) | (16141243) | 4499159 | (1440315) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | (20851616) | 25537646 | 14067671 | 8306617 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 131031003 | 105493357 | 61902250 | 53595633 |
| &nbsp;&nbsp;&nbsp;End of Year | $110179387 | $131031003 | $75969921 | $61902250 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 100000 | 470000 | 510000 | 390000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (530000) | (890000) | (380000) | (440000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (430000) | (420000) | 130000 | (50000) |

---

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

*127*

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**Statements of Changes in Net Assets**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X FinTech ETF** | **Global X FinTech ETF** | **Global X Internet of Things ETF** | **Global X Internet of Things ETF** |
|  | **Year Ended<br> November 30,<br> 2025** | **Year Ended<br> November 30,<br> 2024** | **Year Ended<br> November 30,<br> 2025** | **Year Ended<br> November 30,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $(436322) | $227547 | $1357421 | $1394186 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (5679509) | (34155171) | 21428486 | 12008509 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (25781049) | 169039280 | (16913417) | 18511568 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (31896880) | 135111656 | 5872490 | 31914263 |
| **Distributions:** | (1677055) | (709172) | (1496685) | (1821857) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 15877695 | 40238180 | 31771139 | 24843 |
| &nbsp;&nbsp;&nbsp;Redeemed | (65782539) | (176661379) | (76611855) | (76882333) |
| &nbsp;&nbsp;&nbsp;**Decrease in Net Assets from Capital Share Transactions** | (49904844) | (136423199) | (44840716) | (76857490) |
| &nbsp;&nbsp;&nbsp;**Total Decrease in Net Assets** | (83478779) | (2020715) | (40464911) | (46765084) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 349456951 | 351477666 | 240722134 | 287487218 |
| &nbsp;&nbsp;&nbsp;End of Year | $265978172 | $349456951 | $200257223 | $240722134 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 480000 | 1480000 | 910000 |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (2100000) | (6900000) | (2120000) | (2200000) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Shares Outstanding from Share Transactions** | (1620000) | (5420000) | (1210000) | (2200000) |

---

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

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

*128*

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**Statements of Changes in Net Assets**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Robotics & Artificial <br> Intelligence ETF** | **Global X Robotics & Artificial <br> Intelligence ETF** | **Global X U.S. Infrastructure <br> Development ETF** | **Global X U.S. Infrastructure <br> Development ETF** |
|  | **Year Ended<br> November 30,<br> 2025** | **Year Ended<br> November 30,<br> 2024** | **Year Ended<br> November 30,<br> 2025** | **Year Ended<br> November 30,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $10511985 | $2012671 | $55224532 | $45807986 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 11730147 | 437616289 | 858501102 | 402674143 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 133261675 | 115781926 | (441579096) | 2221107642 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 155503807 | 555410886 | 472146538 | 2669589771 |
| **Distributions:** | (6592167) | (1998947) | (51346847) | (41670377) |
| **Return of Capital:** |  | (2145659) |  |  |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 551271332 | 886400690 | 1957251235 | 2919209785 |
| &nbsp;&nbsp;&nbsp;Redeemed | (329902279) | (1059022563) | (2260141332) | (985071513) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | 221369053 | (172621873) | (302890097) | 1934138272 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 370280693 | 378644407 | 117909594 | 4562057666 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 2648468039 | 2269823632 | 9715853492 | 5153795826 |
| &nbsp;&nbsp;&nbsp;End of Year | $3018748732 | $2648468039 | $9833763086 | $9715853492 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 16670000 | 28080000 | 45600000 | 75500000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (10570000) | (34190000) | (55430000) | (26550000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 6100000 | (6110000) | (9830000) | 48950000 |

---

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

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

*129*

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**Statements of Changes in Net Assets**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Autonomous & Electric <br> Vehicles ETF** | **Global X Autonomous & Electric <br> Vehicles ETF** | **Global X Artificial Intelligence &<br> Technology ETF** | **Global X Artificial Intelligence &<br> Technology ETF** |
|  | **Year Ended <br>November 30, <br>2025** | **Year Ended <br>November 30, <br>2024** | **Year Ended <br>November 30, <br>2025** | **Year Ended <br>November 30, <br>2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $3918559 | $6570704 | $2313029 | $3449900 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (87608887) | (18087155) | 192894636 | 89690512 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 159814420 | 35482941 | 830167627 | 338424963 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 76124092 | 23966490 | 1025375292 | 431565375 |
| **Distributions:** | (7150304) | (10410110) | (4826023) | (3035733) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 9096198 | 41024642 | 4052982854 | 1544919362 |
| &nbsp;&nbsp;&nbsp;Redeemed | (161461689) | (337253139) | (598560737) | (272634683) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | (152365491) | (296228497) | 3454422117 | 1272284679 |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | (83391703) | (282672117) | 4474971386 | 1700814321 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 415072792 | 697744909 | 2490689554 | 789875233 |
| &nbsp;&nbsp;&nbsp;End of Year | $331681089 | $415072792 | $6965660940 | $2490689554 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 360000 | 1780000 | 89310000 | 45800000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (6670000) | (14310000) | (14480000) | (8100000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (6310000) | (12530000) | 74830000 | 37700000 |

---

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

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

*130*

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**Statements of Changes in Net Assets**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Genomics &<br>Biotechnology ETF <sup>‡</sup>** | **Global X Genomics &<br>Biotechnology ETF <sup>‡</sup>** | **Global X Cloud Computing ETF** | **Global X Cloud Computing ETF** |
|  | **Year Ended<br> November 30,<br> 2025** | **Year Ended<br> November 30,<br> 2024** | **Year Ended<br> November 30,<br> 2025** | **Year Ended<br> November 30,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $23281 | $(209861) | $(1662473) | $(2588014) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (33698713) | (4294029) | (2946884) | (99311086) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 32455516 | 7941313 | (21849545) | 152128322 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (1219916) | 3437423 | (26458902) | 50229222 |
| **Distributions:** | (43713) |  |  |  |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 84607 | 12339951 | 67259277 | 81157472 |
| &nbsp;&nbsp;&nbsp;Redeemed | (23450617) | (29649944) | (142784533) | (336051126) |
| &nbsp;&nbsp;&nbsp;**Decrease in Net Assets from Capital Share Transactions** | (23366010) | (17309993) | (75525256) | (254893654) |
| &nbsp;&nbsp;&nbsp;**Total Decrease in Net Assets** | (24629639) | (13872570) | (101984158) | (204664432) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 79156476 | 93029046 | 376498010 | 581162442 |
| &nbsp;&nbsp;&nbsp;End of Year | $54526837 | $79156476 | $274513852 | $376498010 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 2518 | 262500 | 2980000 | 3750000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (655346) | (670000) | (6170000) | (16430000) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Shares Outstanding from Share Transactions** | (652828) | (407500) | (3190000) | (12680000) |

---

&nbsp;&nbsp;&nbsp;&nbsp;*‡* *Share transactions have been adjusted to reflect the effect of a 1 for 4 reverse share split on August 29, 2025. (See Note 10 in the Notes to Financial Statements).* 

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

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

*131*

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**Statements of Changes in Net Assets**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Cybersecurity ETF** | **Global X Cybersecurity ETF** | **Global X Dorsey Wright Thematic <br> ETF** | **Global X Dorsey Wright Thematic <br> ETF** |
|  | **Year Ended<br> November 30,<br> 2025** | **Year Ended<br> November 30,<br> 2024** | **Year Ended <br>November 30, <br>2025** | **Year Ended<br> November 30,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $(1020487) | $1275289 | $53777 | $236106 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (34625732) | (7095875) | (5755500) | (18643691) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (35282617) | 164928899 | 5403453 | 20996812 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (70928836) | 159108313 | (298270) | 2589227 |
| **Distributions:** |  | (741657) | (99799) | (412897) |
| **Return of Capital:** | (755500) |  |  | (180016) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 363941321 | 136325379 | 561819 |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (112205675) | (122935482) | (6797069) | (18483328) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | 251735646 | 13389897 | (6235250) | (18483328) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | 180051310 | 171756553 | (6633319) | (16487014) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 819307797 | 647551244 | 15782874 | 32269888 |
| &nbsp;&nbsp;&nbsp;End of Year | $999359107 | $819307797 | $9149555 | $15782874 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 10700000 | 4550000 | 20000 |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (3390000) | (4180000) | (280000) | (780000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 7310000 | 370000 | (260000) | (780000) |

---

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

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

*132*

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**Statements of Changes in Net Assets**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Video Games & Esports <br> ETF** | **Global X Video Games & Esports <br> ETF** | **Global X HealthTech ETF** <sup>‡</sup> | **Global X HealthTech ETF** <sup>‡</sup> |
|  | **Year Ended<br> November 30,<br> 2025** | **Year Ended<br> November 30,<br> 2024** | **Year Ended<br> November 30,<br> 2025** | **Year Ended<br> November 30,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $1351191 | $1133488 | $326526 | $(242153) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (8670536) | (7834527) | (28833251) | (39631713) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 40090405 | 29586600 | 28883151 | 47423073 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 32771060 | 22885561 | 376426 | 7549207 |
| **Distributions:** | (1621103) | (1027863) | (32853) |  |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 49896037 | 19150310 | 17400715 | 3804503 |
| &nbsp;&nbsp;&nbsp;Redeemed | (68226614) | (64493472) | (10205613) | (32762447) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | (18330577) | (45343162) | 7195102 | (28957944) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | 12819380 | (23485464) | 7538675 | (21408737) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 108853648 | 132339112 | 43510577 | 64919314 |
| &nbsp;&nbsp;&nbsp;End of Year | $121673028 | $108853648 | $51049252 | $43510577 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1660000 | 790000 | 556667 | 126667 |
| &nbsp;&nbsp;&nbsp;Redeemed | (2260000) | (2960000) | (333466) | (1156667) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (600000) | (2170000) | 223201 | (1030000) |

---

&nbsp;&nbsp;&nbsp;&nbsp;*‡* *Share transactions have been adjusted to reflect the effect of a 1 for 3 reverse share split on August 29, 2025. (See Note 10 in the Notes to Financial Statements).* 

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

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

*133*

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**Statements of Changes in Net Assets**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X CleanTech ETF** <sup>‡</sup> | **Global X CleanTech ETF** <sup>‡</sup> | **Global X Data Center & Digital <br> Infrastructure ETF** | **Global X Data Center & Digital <br> Infrastructure ETF** |
|  | **Year Ended<br> November 30,<br> 2025** | **Year Ended<br> November 30,<br> 2024** | **Year Ended<br> November 30,<br> 2025** | **Year Ended<br> November 30,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $249814 | $467618 | $3636853 | $1277561 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (32063155) | (27406861) | 5267234 | (2720438) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 40511593 | 14661370 | 52181465 | 19526701 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 8698252 | (12277873) | 61085552 | 18083824 |
| **Distributions:** | (425046) | (452237) | (3135289) | (881454) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 3675048 | 2867916 | 467408167 | 96258720 |
| &nbsp;&nbsp;&nbsp;Redeemed | (16767157) | (14166470) | (39135213) | (14486966) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | (13092109) | (11298554) | 428272954 | 81771754 |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | (4818903) | (24028664) | 486223217 | 98974124 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 34845558 | 58874222 | 138296999 | 39322875 |
| &nbsp;&nbsp;&nbsp;End of Year | $30026655 | $34845558 | $624520216 | $138296999 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 86000 | 62000 | 24340000 | 6030000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (486075) | (314000) | (2250000) | (910000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (400075) | (252000) | 22090000 | 5120000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*‡* *Share transactions have been adjusted to reflect the effect of a 1 for 5 reverse share split on August 29, 2025. (See Note 10 in the Notes to Financial Statements).* 

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

*134*

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**Statements of Changes in Net Assets**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Clean Water ETF** | **Global X Clean Water ETF** | **Global X AgTech & Food <br>Innovation ETF** <sup>‡</sup> | **Global X AgTech & Food <br>Innovation ETF** <sup>‡</sup> |
|  | **Year Ended<br> November 30,<br> 2025** | **Year Ended<br> November 30,<br> 2024** | **Year Ended<br> November 30,<br> 2025** | **Year Ended<br> November 30,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $200571 | $148509 | $168458 | $79230 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 1983669 | 257162 | (67639) | 36283 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (1846496) | 1460606 | (194342) | 134106 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 337744 | 1866277 | (93523) | 249619 |
| **Distributions:** | (150966) | (135553) | (105560) | (73440) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 23300013 | 705409 | 5645289 | 816105 |
| &nbsp;&nbsp;&nbsp;Redeemed | (12315160) | (1142463) | (3832061) | (741810) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | 10984853 | (437054) | 1813228 | 74295 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 11171631 | 1293670 | 1614145 | 250474 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 10687200 | 9393530 | 4726170 | 4475696 |
| &nbsp;&nbsp;&nbsp;End of Year | $21858831 | $10687200 | $6340315 | $4726170 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1210000 | 40000 | 180000 | 26667 |
| &nbsp;&nbsp;&nbsp;Redeemed | (660000) | (70000) | (126717) | (23333) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 550000 | (30000) | 53283 | 3334 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*‡* *Share transactions have been adjusted to reflect the effect of a 1 for 3 reverse share split on August 29, 2025. (See Note 10 in the Notes to Financial Statements).* 

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

*135*

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**Statements of Changes in Net Assets**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Blockchain ETF** | **Global X Blockchain ETF** | **Global X Hydrogen ETF** | **Global X Hydrogen ETF** |
|  | **Year Ended<br> November 30,<br> 2025** | **Year Ended<br> November 30,<br> 2024** | **Year Ended<br> November 30,<br> 2025** | **Year Ended<br> November 30,<br> 2024**‡ |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $432248 | $234281 | $1217176 | $119186 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 51565560 | 36979432 | (14915923) | (12408628) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (3005340) | 91092804 | 30385164 | 2756577 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 48992468 | 128306517 | 16686417 | (9532865) |
| **Distributions:** | (11977855) | (3111807) | (522677) |  |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 216924873 | 79826525 | 12050696 | 14395215 |
| &nbsp;&nbsp;&nbsp;Redeemed | (116911788) | (65369959) | (7758530) | (3003) |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 100013085 | 14456566 | 4292166 | 14392212 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 137027698 | 139651276 | 20455906 | 4859347 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 226775697 | 87124421 | 40636541 | 35777194 |
| &nbsp;&nbsp;&nbsp;End of Year | $363803395 | $226775697 | $61092447 | $40636541 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 3000000 | 1600000 | 340000 | 492000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1690000) | (1250000) | (280000) | (105) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 1310000 | 350000 | 60000 | 491895 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*‡* *Share transactions have been adjusted to reflect the effect of a 1 for 5 reverse share split on June 14, 2024. (See Note 10 in the Notes to Financial Statements).* 

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

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

*136*

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**Statements of Changes in Net Assets**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Defense Tech ETF** | **Global X Defense Tech ETF** | **Global X Infrastructure<br> Development ex-U.S. ETF** | **Global X Infrastructure<br> Development ex-U.S. ETF** |
|  | **Year Ended<br> November 30,<br> 2025** | **Year Ended<br> November 30,<br> 2024** | **Year Ended<br> November 30,<br> 2025** | **Period Ended**<br>**November 30,**<br>**2024**<sup>(1)</sup> |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $13940341 | $2068025 | $60086 | $8130 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 185572307 | 19721886 | 106433 | (6845) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 468462448 | 57076700 | 575620 | (91588) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 667975096 | 78866611 | 742139 | (90303) |
| **Distributions:** | (8050183) | (487195) | (33086) |  |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 4043036505 | 727260507 | 4822515 | 2487556 |
| &nbsp;&nbsp;&nbsp;Redeemed | (641516809) | (44197921) | (3298947) |  |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 3401519696 | 683062586 | 1523568 | 2487556 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 4061444609 | 761442002 | 2232621 | 2397253 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 766036861 | 4594859 | 2397253 |  |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $4827481470 | $766036861 | $4629874 | $2397253 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 69890000 | 20510000 | 190000 | 100000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (12160000) | (1170000) | (130000) |  |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 57730000 | 19340000 | 60000 | 100000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *The Fund commenced operations on August 27, 2024.* 

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

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

*137*

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**Statements of Changes in Net Assets**

------

---

| | |
|:---|:---|
|  | **Global X AI <br> Semiconductor <br> & Quantum ETF** |
|  | **Period Ended <br>November 30,<br> 2025**<sup>(1)</sup> |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net Investment Loss | $(4089) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 27052 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 68864 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 91827 |
| **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Issued | 10263977 |
| &nbsp;&nbsp;&nbsp;Redeemed | (523413) |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 9740564 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 9832391 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period |  |
| &nbsp;&nbsp;&nbsp;End of Period | $9832391 |
| **Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Issued | 190000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (10000) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 180000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *The Fund commenced operations on September 30, 2025.* 

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

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

*138*

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**Financial Highlights**

------

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net <br> Asset Value, <br> Beginning <br> of Period <br> ($)** | **Net Investment <br> Income (Loss) <br> ($)\*** | **Net Realized <br> and Unrealized <br> Gain (Loss) <br> ($)** | **Total from <br> Operations <br> ($)** | **Distribution <br> from Net <br> Investment <br> Income ($)** | **Distribution <br> from Capital <br> Gains ($)** | **Return of <br> Capital ($)** |
| **Global X Millennial Consumer ETF** |  |  |  |  |  |  |  |
| 2025 | 46.96 | 0.09 | (0.26) | (0.17) | (0.10) |  |  |
| 2024 | 32.86 | 0.12 | 14.11 | 14.23 | (0.13) |  |  |
| 2023 | 28.43 | 0.07 | 4.43 | 4.50 | (0.07) |  |  |
| 2022 | 42.68 | 0.05 | (14.23) | (14.18) | (0.07) |  |  |
| 2021 | 35.23 | 0.08 | 7.43 | 7.51 | (0.06) |  |  |
| **Global X Aging Population ETF** |  |  |  |  |  |  |  |
| 2025 | 31.91 | 0.29 | 4.79 | 5.08 | (0.29) |  |  |
| 2024 | 26.93 | 0.24 | 4.97 | 5.21 | (0.23) |  |  |
| 2023 | 26.46 | 0.23 | 0.41 | 0.64 | (0.17) |  |  |
| 2022 | 27.41 | 0.20 | (0.87) | (0.67) | (0.26) |  | (0.02) |
| 2021 | 26.82 | 0.13 | 0.55 | 0.68 | (0.09) |  |  |
| **Global X FinTech ETF** |  |  |  |  |  |  |  |
| 2025 | 33.96 | (0.05) | (3.06) | (3.11) | (0.17) |  |  |
| 2024 | 22.37 | 0.02 | 11.63 | 11.65 | (0.06) |  |  |
| 2023 | 20.44 | 0.05 | 1.93 | 1.98 | (0.05) |  |  |
| 2022 | 45.52 | 0.09 | (22.96) | (22.87) | (2.16) |  | (0.05) |
| 2021 | 42.75 | (0.13) | 2.90 | 2.77 |  |  |  |

---

---

| | |
|:---|:---|
| \* | Per share data calculated using average shares method. |
| \*\* | Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| \*\*\* | Amount is less than $0.005. |
| †† | Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers. |
|  | Amounts designated as "—" are either $0 or have been rounded to $0. |

---

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

*139*

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**Financial Highlights**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Total from<br> Distributions ($) | **Net<br> Asset Value,<br> End of<br> Period ($)** | Total<br> Return<br> (%)\*\* | Net Assets, End of<br> Period ($)(000) | Ratio of Expenses<br> to Average Net<br> Assets (%) | **Ratio of Net<br> Investment Income<br> (Loss) to Average<br> Net Assets (%)** | Portfolio<br> Turnover Rate<br> (%)<sup>††</sup> |
| (0.10) | 46.69 | (0.35) | 110179 | 0.50 | 0.19 | 11.35 |
| (0.13) | 46.96 | 43.42 | 131031 | 0.50 | 0.31 | 10.95 |
| (0.07) | 32.86 | 15.87 | 105493 | 0.50 | 0.23 | 16.60 |
| (0.07) | 28.43 | (33.29) | 105459 | 0.50 | 0.17 | 14.75 |
| (0.06) | 42.68 | 21.33 | 227075 | 0.50 | 0.18 | 11.59 |
| (0.29) | 36.70 | 16.09 | 75970 | 0.50 | 0.91 | 9.93 |
| (0.23) | 31.91 | 19.41 | 61902 | 0.50 | 0.80 | 18.26 |
| (0.17) | 26.93 | 2.42 | 53596 | 0.50 | 0.87 | 13.34 |
| (0.28) | 26.46 | (2.47) | 41800 | 0.50 | 0.76 | 13.50 |
| (0.09) | 27.41 | 2.51 | 59756 | 0.50 | 0.43 | 19.57 |
| (0.17) | 30.68 | (9.18) | 265978 | 0.68 | (0.15) | 12.64 |
| (0.06) | 33.96 | 52.18 | 349457 | 0.68 | 0.07 | 13.79 |
| (0.05) | 22.37 | 9.70 | 351478 | 0.68 | 0.23 | 13.12 |
| (2.21) | 20.44 | (52.58) | 455463 | 0.68 | 0.33 | 38.15 |
|  | 45.52 | 6.48 | 1289006 | 0.68 | (0.28) | 29.60 |

---

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

*140*

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**Financial Highlights**

------

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net <br> Asset Value, <br> Beginning <br> of Period <br> ($)** | **Net Investment <br> Income <br> ($)\*** | **Net Realized <br> and Unrealized <br> Gain (Loss) <br> ($)** | **Total from <br> Operations <br> ($)** | **Distribution <br> from Net <br> Investment <br> Income ($)** | **Distribution <br> from Capital <br> Gains ($)** | **Return of <br> Capital ($)** |
| **Global X Internet of Things ETF** |  |  |  |  |  |  |  |
| 2025 | 36.14 | 0.22 | 0.61 | 0.83 | (0.23) |  |  |
| 2024 | 32.45 | 0.18 | 3.73 | 3.91 | (0.22) |  |  |
| 2023 | 30.54 | 0.25 | 1.95 | 2.20 | (0.29) |  |  |
| 2022 | 37.68 | 0.21 | (7.17) | (6.96) | (0.13) | (0.05) |  |
| 2021 | 29.95 | 0.13 | 7.72 | 7.85 | (0.12) |  |  |
| **Global X Robotics & Artificial Intelligence ETF** |  |  |  |  |  |  |  |
| 2025 | 33.25 | 0.13 | 1.90 | 2.03 | (0.08) |  |  |
| 2024 | 26.47 | 0.02 | 6.81 | 6.83 | (0.03) |  | (0.02) |
| 2023 | 21.09 | 0.07 | 5.36 | 5.43 | (0.05) |  |  |
| 2022 | 36.24 | 0.04 | (15.14) | (15.10) | (0.04) |  | (0.01) |
| 2021 | 31.78 | 0.02 | 4.50 | 4.52 | (0.02) |  | (0.04) |
| **Global X U.S. Infrastructure Development ETF** |  |  |  |  |  |  |  |
| 2025 | 45.71 | 0.27 | 2.78 | 3.05 | (0.25) |  |  |
| 2024 | 31.50 | 0.24 | 14.21 | 14.45 | (0.24) |  |  |
| 2023 | 27.94 | 0.24 | 3.54 | 3.78 | (0.22) |  |  |
| 2022 | 27.19 | 0.19 | 0.74 | 0.93 | (0.17) | (0.01) |  |
| 2021 | 20.24 | 0.17 | 6.87 | 7.04 | (0.09) |  |  |

---

---

| | |
|:---|:---|
| \* | Per share data calculated using average shares method. |
| \*\* | Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| \*\*\* | Amount is less than $0.005. |
| †† | Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers. |
|  | Amounts designated as "—" are either $0 or have been rounded to $0. |

---

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

*141*

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**Financial Highlights**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Total from<br> Distributions ($) | **Net<br> Asset Value,<br> End of<br> Period ($)** | Total<br> Return<br> (%)\*\* | Net Assets, End of<br> Period ($)(000) | Ratio of Expenses<br> to Average Net<br> Assets (%) | **Ratio of Net<br> Investment Income<br> to Average Net<br> Assets (%)** | Portfolio<br> Turnover Rate<br> (%)<sup>††</sup> |
| (0.23) | 36.74 | 2.32 | 200257 | 0.68 | 0.62 | 17.23 |
| (0.22) | 36.14 | 12.06 | 240722 | 0.68 | 0.52 | 19.16 |
| (0.29) | 32.45 | 7.26 | 287487 | 0.68 | 0.79 | 11.12 |
| (0.18) | 30.54 | (18.52) | 305697 | 0.68 | 0.67 | 8.40 |
| (0.12) | 37.68 | 26.24 | 517291 | 0.68 | 0.37 | 9.25 |
| (0.08) | 35.20 | 6.12 | 3018749 | 0.68 | 0.39 | 12.11 |
| (0.05) | 33.25 | 25.81 | 2648468 | 0.68 | 0.08 | 10.43 |
| (0.05) | 26.47 | 25.75 | 2269824 | 0.68 | 0.26 | 8.28 |
| (0.05) | 21.09 | (41.67) | 1341942 | 0.69 | 0.16 | 29.86 |
| (0.06) | 36.24 | 14.23 | 2703488 | 0.68 | 0.06 | 22.66 |
| (0.25) | 48.51 | 6.76 | 9833763 | 0.47 | 0.63 | 9.98 |
| (0.24) | 45.71 | 46.08 | 9715853 | 0.47 | 0.63 | 4.41 |
| (0.22) | 31.50 | 13.63 | 5153796 | 0.47 | 0.82 | 5.99 |
| (0.18) | 27.94 | 3.48 | 3748693 | 0.47 | 0.74 | 9.78 |
| (0.09) | 27.19 | 34.90 | 5186497 | 0.47 | 0.64 | 10.07 |

---

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

*142*

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**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) <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 Autonomous & Electric Vehicles ETF** |  |  |  |  |  |  |  |
| 2025 | 23.64 | 0.28 | 6.02 | 6.30 | (0.46) |  |  |
| 2024 | 23.19 | 0.29 | 0.57 | 0.86 | (0.41) |  |  |
| 2023 | 22.89 | 0.38 | 0.23 | 0.61 | (0.31) |  |  |
| 2022 | 30.41 | 0.19 | (7.56) | (7.37) | (0.13) | (0.02) |  |
| 2021 | 21.75 | 0.09 | 8.65 | 8.74 | (0.08) |  |  |
| **Global X Artificial Intelligence & Technology ETF** |  |  |  |  |  |  |  |
| 2025 | 38.75 | 0.03 | 11.36 | 11.39 | (0.06) |  |  |
| 2024 | 29.73 | 0.07 | 9.01 | 9.08 | (0.06) |  |  |
| 2023 | 21.54 | 0.07 | 8.21 | 8.28 | (0.09) |  |  |
| 2022 | 31.58 | 0.11 | (10.08) | (9.97) | (0.07) |  |  |
| 2021 | 25.84 | 0.05 | 5.78 | 5.83 | (0.09) |  |  |
| **Global X Genomics & Biotechnology ETF** |  |  |  |  |  |  |  |
| 2025<sup>(1)</sup> | 43.32 | 0.02 | 3.11 | 3.13 | (0.03) |  |  |
| 2024<sup>(1)</sup> | 41.64 | (0.12) | 1.80 | 1.68 |  |  |  |
| 2023<sup>(1)</sup> | 53.80 | (0.16) | (12.00) | (12.16) |  |  |  |
| 2022<sup>(1)</sup> | 82.44 | (0.12) | (28.48) | (28.60) | (0.04) |  |  |
| 2021<sup>(1)</sup> | 84.04 | (0.32) | (1.16) | (1.48) |  | (0.12) |  |

---

---

| | |
|:---|:---|
| \* | Per share data calculated using average shares method. |
| \*\* | Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| †† | Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers. |
| ^ | The amount shown for a share outstanding throughout the period does not accord with the aggregate net gains on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund. |
| (1) | Per share amounts have been adjusted for a 1 for 4 reverse share split on August 29, 2025. (See Note 10 in the Notes to Financial Statements.) |
|  | Amounts designated as "—" are either $0 or have been rounded to $0. |

---

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

*143*

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**Financial Highlights**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Total from<br> Distributions ($) | **Net<br> Asset Value,<br> End of<br> Period ($)** | Total<br> Return<br> (%)\*\* | Net Assets, End of<br> Period ($)(000) | Ratio of Expenses<br> to Average Net<br> Assets (%) | **Ratio of Net<br> Investment Income<br> (Loss) to Average<br> Net Assets (%)** | Portfolio<br> Turnover Rate<br> (%)<sup>††</sup> |
| (0.46) | 29.48 | 27.19 | 331681 | 0.68 | 1.17 | 37.46 |
| (0.41) | 23.64 | 3.65 | 415073 | 0.68 | 1.21 | 26.13 |
| (0.31) | 23.19 | 2.71 | 697745 | 0.68 | 1.63 | 26.60 |
| (0.15) | 22.89 | (24.25) | 883478 | 0.68 | 0.74 | 34.76 |
| (0.08) | 30.41 | 40.22 | 1323546 | 0.68 | 0.33 | 18.17 |
| (0.06) | 50.08 | 29.42 | 6965661 | 0.68 | 0.06 | 15.52 |
| (0.06) | 38.75 | 30.58 | 2490690 | 0.68 | 0.20 | 10.88 |
| (0.09) | 29.73 | 38.56 | 789875 | 0.68 | 0.28 | 19.08 |
| (0.07) | 21.54 | (31.58) | 130518 | 0.68 | 0.46 | 21.28 |
| (0.09) | 31.58 | 22.60 | 186334 | 0.68 | 0.17 | 26.37 |
| (0.03) | 46.42 | 7.26 | 54527 | 0.50 | 0.04 | 34.03 |
|  | 43.32 | 4.03 | 79156 | 0.50 | (0.23) | 18.89 |
|  | 41.64 | (22.60) | 93029 | 0.50 | (0.34) | 16.59 |
| (0.04) | 53.80 | (34.72) | 209341 | 0.50 | (0.21) | 39.39 |
| (0.12) | 82.44 | (1.77) | 255572 | 0.50 | (0.35) | 29.25 |

---

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

*144*

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**Financial Highlights**

------

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net <br> Asset Value, <br> Beginning <br> of Period <br> ($)** | **Net Investment <br> Income (Loss) <br> ($)\*** | **Net Realized <br> and Unrealized <br> Gain (Loss) <br> ($)** | **Total from <br> Operations <br> ($)** | **Distribution <br> from Net <br> Investment <br> Income ($)** | **Distribution <br> from Capital <br> Gains ($)** | **Return of <br> Capital ($)** |
| **Global X Cloud Computing ETF** |  |  |  |  |  |  |  |
| 2025 | 24.64 | (0.12) | (1.81) | (1.93) |  |  |  |
| 2024 | 20.79 | (0.11) | 3.96 | 3.85 |  |  |  |
| 2023 | 16.77 | (0.10) | 4.12 | 4.02 |  |  |  |
| 2022 | 28.38 | (0.15) | (10.99) | (11.14) |  | (0.47) |  |
| 2021 | 25.84 | (0.15) | 2.69 | 2.54 |  |  |  |
| **Global X Cybersecurity ETF** |  |  |  |  |  |  |  |
| 2025 | 33.44 | (0.03) | (1.96) | (1.99) |  |  | (0.03) |
| 2024 | 26.84 | 0.05 | 6.58 | 6.63 | (0.03) |  |  |
| 2023 | 22.85 | (0.03) | 4.34 | 4.31 |  | (0.32) |  |
| 2022 | 31.75 | (0.03) | (8.66) | (8.69) | (0.09) | (0.12) |  |
| 2021 | 22.75 | 0.12 | 8.90 | 9.02 | (0.01) | (0.01) |  |
| **Global X Dorsey Wright Thematic ETF** |  |  |  |  |  |  |  |
| 2025 | 25.46 | 0.12 | 0.03 | 0.15 | (0.19) |  |  |
| 2024 | 23.05 | 0.26 | 2.66 | 2.92 | (0.36) |  | (0.15) |
| 2023 | 26.14 | 0.11 | (2.79) | (2.68) | (0.41) |  |  |
| 2022 | 47.65 | 0.44 | (21.33) | (20.89) | (0.62) |  |  |
| 2021 | 42.45 | 0.39 | 5.10 | 5.49 | (0.29) |  |  |

---

---

| | |
|:---|:---|
| \* | Per share data calculated using average shares method. |
| \*\* | Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| †† | Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers. |
| ‡ | Effective for the fiscal year ended November 30, 2022, the Fund began presenting acquired fund fees borne by the Adviser as part of its unitary fee agreement (See Note 3 in Notes to Financial Statements) as a realized gain on the Statement of Operations as compared to a contra-expense as in prior fiscal years. If such amounts had been presented as a realized gain in years prior to 2022, the ratio of Expenses to Average Net Assets would have been 0.50% each year. |
| ^ | Effective April 1, 2021, the Fund's management fees were permanently lowered to 0.50%. Prior to April 1, 2021, the ratio of Expenses to Average Net Assets included the effect of a waiver. If these offsets were excluded, the ratio would have been 0.52%, 0.60% and 0.60% for the years ended November 30, 2021, 2020 and 2019, respectively. |
| ^^ | The amount shown for a share outstanding throughout the period does not accord with the aggregate net gains on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund. |
| (1) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (2) | Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests. |
|  | Amounts designated as "—" are either $0 or have been rounded to $0. |

---

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

*145*

![](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> |
|  | 22.71 | (7.83) | 274514 | 0.68 |  | (0.51) | 12.34 |
|  | 24.64 | 18.52 | 376498 | 0.68 |  | (0.54) | 21.22 |
|  | 20.79 | 23.97 | 581162 | 0.68 |  | (0.54) | 21.60 |
| (0.47) | 16.77 | (39.88) | 589085 | 0.68 |  | (0.74) | 31.21 |
|  | 28.38 | 9.83 | 1317544 | 0.68 |  | (0.53) | 23.77 |
| (0.03) | 31.42 | (5.95) | 999359 | 0.50 |  | (0.10) | 35.93 |
| (0.03) | 33.44 | 24.72 | 819308 | 0.51 |  | 0.17 | 23.91 |
| (0.32) | 26.84 | 19.29 | 647551 | 0.50 |  | (0.12) | 18.77 |
| (0.21) | 22.85 | (27.56) | 967942 | 0.51 |  | (0.11) | 57.81 |
| (0.02) | 31.75 | 39.68 | 1132090 | 0.50 | ^ | 0.41 | 26.34 |
| (0.19) | 25.42 | 0.61 | 9150 | 0.50 | <sup>(1)</sup> | 0.48<sup>(2)</sup> | 191.21 |
| (0.51) | 25.46 | 12.78 | 15783 | 0.50 | <sup>(1)</sup> | 1.10<sup>(2)</sup> | 30.26 |
| (0.41) | 23.05 | (10.30) | 32270 | 0.50 | <sup>(1)</sup> | 0.45<sup>(2)</sup> | 54.28 |
| (0.62) | 26.14 | (44.36) | 50979 | 0.50 | <sup>(1)</sup> | 1.32<sup>(2)</sup> | 55.00 |
| (0.29) | 47.65 | 12.95 | 110081 | (0.13) |)‡<sup>(1)</sup> | 0.77<sup>(2)</sup> | 32.16 |

---

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

*146*

![](logom4.jpg)

**Financial Highlights**

------

**Selected Per Share Data & Ratios**

**For a Share Outstanding Throughout each Year**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net<br> Asset Value,<br> Beginning<br> of Period<br> ($)** | **Net Investment<br> Income (Loss)<br> ($)\*** | **Net Realized<br> and Unrealized<br> Gain (Loss)<br> ($)** | **Total from<br> Operations <br> ($)** | **Distribution<br> from Net<br> Investment<br> Income ($)** | **Distribution from Capital <br> Gains ($)** | **Return of<br> Capital ($)** |
| **Global X Video Games & Esports ETF** |  |  |  |  |  |  |  |
| 2025 | 24.35 | 0.30 | 7.15 | 7.45 | (0.36) |  |  |
| 2024 | 19.93 | 0.20 | 4.38 | 4.58 | (0.16) |  |  |
| 2023 | 18.96 | 0.10 | 0.90 | 1.00 | (0.03) |  |  |
| 2022 | 29.52 | 0.08 | (10.39) | (10.31) | (0.14) | (0.07) | (0.04) |
| 2021 | 28.57 | 0.04 | 1.14 | 1.18 | (0.23) |  |  |
| **Global X HealthTech ETF** |  |  |  |  |  |  |  |
| 2025<sup>(1)</sup> | 31.38 | 0.24 | 0.11 | 0.35 | (0.02) |  |  |
| 2024<sup>(1)</sup> | 26.85 | (0.12) | 4.65 | 4.53 |  |  |  |
| 2023<sup>(1)</sup> | 36.69 | (0.12) | (9.72) | (9.84) |  |  |  |
| 2022<sup>(1)</sup> | 48.96 | (0.03) | (12.24) | (12.27) |  |  |  |
| 2021<sup>(1)</sup> | 55.23 | (0.30) | (5.94) | (6.24) | (0.03) |  |  |
| **Global X CleanTech ETF** |  |  |  |  |  |  |  |
| 2025<sup>(2)</sup> | 37.05 | 0.37 | 18.71 | 19.08 | (0.52) |  |  |
| 2024<sup>(2)</sup> | 49.40 | 0.45 | (12.40) | (11.95) | (0.40) |  |  |
| 2023<sup>(2)</sup> | 81.00 | 0.25 | (31.70) | (31.45) | (0.15) |  |  |
| 2022<sup>(2)</sup> | 102.15 | 0.15 | (20.95) | (20.80) | (0.35) |  |  |
| 2021<sup>(2)</sup> | 95.10 | 0.10 | 7.00 | 7.10 | (0.05) |  |  |

---

---

| | |
|:---|:---|
| *\** | *Per share data calculated using average shares method.* |
| *\*\** | *Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *\*\*\** | *Amount is less than $0.005.* |
| *††* | *Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.* |
| *(1)* | *Per share amounts have been adjusted for a 1 for 3 reverse share split on August 29, 2025. (See Note 10 in the Notes to Financial Statements.)* |
| *(2)* | *Per share amounts have been adjusted for a 1 for 5 reverse share split on August 29, 2025. (See Note 10 in the Notes to Financial Statements.)* |
|  | *Amounts designated as "—" are either $0 or have been rounded to $0.* |

---

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

*147*

![](logom4.jpg)

**Financial Highlights**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total from<br> Distributions ($)** | **Net<br> Asset Value,<br> End of<br> Period ($)** | **Total<br> Return<br> (%)\*\*** | **Net Assets, End of<br> Period ($)(000)** | **Ratio of Expenses<br> to Average Net<br> Assets (%)** | **Ratio of Net<br> Investment Income<br> (Loss) to Average<br> Net Assets (%)** | **Portfolio<br> Turnover Rate<br> (%)<sup>††</sup>** |
| (0.36) | 31.44 | 30.85 | 121673 | 0.50 | 1.02 | 30.12 |
| (0.16) | 24.35 | 23.14 | 108854 | 0.50 | 0.93 | 30.77 |
| (0.03) | 19.93 | 5.29 | 132339 | 0.50 | 0.49 | 26.11 |
| (0.25) | 18.96 | (35.19) | 174075 | 0.50 | 0.36 | 55.72 |
| (0.23) | 29.52 | 4.09 | 485235 | 0.50 | 0.09 | 23.45 |
| (0.02) | 31.71 | 1.13 | 51049 | 0.56 | 0.77 | 59.68 |
|  | 31.38 | 16.87 | 43511 | 0.68 | (0.47) | 38.36 |
|  | 26.85 | (26.82) | 64919 | 0.68 | (0.36) | 29.92 |
|  | 36.69 | (25.06) | 150075 | 0.68 | (0.05) | 43.26 |
| (0.03) | 48.96 | (11.32) | 475576 | 0.68 | (0.52) | 42.39 |
| (0.52) | 55.61 | 52.34 | 30027 | 0.50 | 0.97 | 34.80 |
| (0.40) | 37.05 | (24.39) | 34846 | 0.50 | 1.01 | 19.45 |
| (0.15) | 49.40 | (38.90) | 58874 | 0.50 | 0.38 | 23.91 |
| (0.35) | 81.00 | (20.38) | 127842 | 0.50 | 0.17 | 15.72 |
| (0.05) | 102.15 | 7.48 | 175458 | 0.50 | 0.09 | 35.53 |

---

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

14*8*

![](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> ($)** | **Net Investment<br> Income <br> ($)\*** | **Net Realized<br> and Unrealized<br> Gain (Loss)<br> ($)** | **Total from<br> Operations<br> ($)** | **Distribution<br> from Net<br> Investment <br> Income ($)** | **Distribution<br> from Capital <br> Gains ($)** | **Return of<br> Capital ($)** |
| **Global X Data Center & Digital Infrastructure ETF** | **Global X Data Center & Digital Infrastructure ETF** | **Global X Data Center & Digital Infrastructure ETF** |  |  |  |  |  |
| 2025 | 17.57 | 0.22 | 3.33 | 3.55 | (0.27) |  |  |
| 2024 | 14.30 | 0.25 | 3.22 | 3.47 | (0.20) |  |  |
| 2023 | 13.52 | 0.21 | 0.90 | 1.11 | (0.22) | (0.11) |  |
| 2022 | 17.83 | 0.15 | (4.22) | (4.07) | (0.16) | (0.08) |  |
| 2021 | 14.94 | 0.16 | 2.84 | 3.00 | (0.11) |  |  |
| **Global X Clean Water ETF** |  |  |  |  |  |  |  |
| 2025 | 18.43 | 0.28 | 0.89 | 1.17 | (0.26) |  |  |
| 2024 | 15.40 | 0.26 | 3.00 | 3.26 | (0.23) |  |  |
| 2023 | 14.30 | 0.25 | 1.09 | 1.34 | (0.24) |  |  |
| 2022 | 16.73 | 0.23 | (2.41) | (2.18) | (0.25) |  |  |
| 2021<sup>(1)</sup> | 15.04 | 0.26 | 1.47 | 1.73 | (0.04) |  |  |
| **Global X AgTech & Food Innovation ETF** | **Global X AgTech & Food Innovation ETF** |  |  |  |  |  |  |
| 2025<sup>(2)</sup> | 31.50 | 0.66 | (0.45) | 0.21 | (0.52) |  |  |
| 2024<sup>(2)</sup> | 30.51 | 0.57 | 0.93 | 1.50 | (0.51) |  |  |
| 2023<sup>(2)</sup> | 46.89 | 0.33 | (16.41) | (16.08) | (0.30) |  |  |
| 2022<sup>(2)</sup> | 59.28 | 0.33 | (12.12) | (11.79) | (0.30) | (0.30) |  |
| 2021<sup>(2)(3)</sup> | 76.02 | 0.15 | (16.89) | (16.74) |  |  |  |

---

---

| | |
|:---|:---|
| *\** | *Per share data calculated using average shares method.* |
| *\*\** | *Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *\*\*\** | *Amount is less than $0.005.* |
| *†* | *Annualized.* |
| *††* | *Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.* |
| *(1)* | *The Fund commenced operations on April 8, 2021.* |
| *(2)* | *Per share amounts have been adjusted for a 1 for 3 reverse share split on August 29, 2025. (See Note 10 in the Notes to Financial Statements.)* |
| *(3)* | *The Fund commenced operations on July 12, 2021.* |
|  | *Amounts designated as "—" are either $0 or have been rounded to $0.* |

---

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

*149*

![](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> to Average Net<br> Assets (%)** | **Ratio of Net<br> Investment Income<br> to Average Net<br> Assets (%)** | **Portfolio<br> Turnover Rate<br> (%)<sup>††</sup>** |
| (0.27) | 20.85 | 20.56 | 624520 | 0.50 |  | 1.16 |  | 24.92 |
| (0.20) | 17.57 | 24.56 | 138297 | 0.50 |  | 1.62 |  | 28.84 |
| (0.33) | 14.30 | 8.46 | 39323 | 0.50 |  | 1.60 |  | 62.01 |
| (0.24) | 13.52 | (23.11) | 63143 | 0.50 |  | 0.99 |  | 36.96 |
| (0.11) | 17.83 | 20.17 | 78098 | 0.50 |  | 0.93 |  | 15.80 |
| (0.26) | 19.34 | 6.48 | 21859 | 0.50 |  | 1.53 |  | 17.03 |
| (0.23) | 18.43 | 21.31 | 10687 | 0.50 |  | 1.49 |  | 10.48 |
| (0.24) | 15.40 | 9.50 | 9394 | 0.50 |  | 1.71 |  | 15.27 |
| (0.25) | 14.30 | (13.18) | 7580 | 0.50 |  | 1.58 |  | 28.19 |
| (0.04) | 16.73 | 11.52 | 8699 | 0.50 | † | 2.44 | † | 4.84 |
| (0.52) | 31.19 | 0.73 | 6340 | 0.50 |  | 2.13 |  | 32.81 |
| (0.51) | 31.50 | 4.92 | 4726 | 0.50 |  | 1.79 |  | 21.57 |
| (0.30) | 30.51 | (34.41) | 4476 | 0.51 |  | 0.86 |  | 54.45 |
| (0.60) | 46.89 | (20.06) | 6721 | 0.50 |  | 0.62 |  | 55.85 |
|  | 59.28 | (22.02) | 5533 | 0.51 | † | 0.58 | † | 32.72 |

---

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

*150*

![](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)<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 Blockchain ETF** |  |  |  |  |  |  |  |
| 2025 | 71.18 | 0.12 | 13.43 | 13.55 | (3.81) |  |  |
| 2024 | 30.72 | 0.07 | 41.42 | 41.49 | (1.03) |  |  |
| 2023<sup>(1)</sup> | 16.39 | 0.28 | 14.27 | 14.55 | (0.22) |  |  |
| 2022<sup>(1)</sup> | 129.32 | 0.46 | (109.52) | (109.06) | (3.80) |  | (0.07) |
| 2021<sup>(1)(2)</sup> | 100.04 | 0.24 | 29.04 | 29.28 |  |  |  |
| **Global X Hydrogen ETF** |  |  |  |  |  |  |  |
| 2025 | 25.56 | 0.79 | 11.04 | 11.83 | (0.36) |  |  |
| 2024<sup>(3)</sup> | 32.60 | 0.08 | (7.12) | (7.04) |  |  |  |
| 2023<sup>(3)</sup> | 61.35 | (0.10) | (28.65) | (28.75) |  |  |  |
| 2022<sup>(3)</sup> | 121.90 | (0.15) | (60.35) | (60.50) |  | (0.05) |  |
| 2021<sup>(2),(3)</sup> | 125.20 | (0.15) | (3.15) | (3.30) |  |  |  |
| **Global X Defense Tech ETF** |  |  |  |  |  |  |  |
| 2025 | 39.26 | 0.33 | 23.17 | 23.50 | (0.26) |  |  |
| 2024 | 27.03 | 0.29 | 12.08 | 12.37 | (0.13) | (0.01) |  |
| 2023<sup>(4)</sup> | 24.82 | 0.08 | 2.13 | 2.21 |  |  |  |

---

---

| | |
|:---|:---|
| *\** | *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.* |
| *(1)* | *Per share amounts have been adjusted for a 1 for 4 reverse share split on December 19, 2022 (See Note 10 in the Notes to Financial Statements.)* |
| *(2)* | *The Fund commenced operations on July 12, 2021.* |
| *(3)* | *Per share amounts have been adjusted for a 1 for 5 reverse share split on June 14, 2024. (See Note 10 in the Notes to Financial Statements.)* |
| *(4)* | *The Fund commenced operations on September 11, 2023.* |
|  | *Amounts designated as "—" are either $0 or have been rounded to $0.* |

---

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

*151*

![](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>** |
| (3.81) | 80.92 | 21.99 | 363803 | 0.50 |  | 0.20 | 58.03 |
| (1.03) | 71.18 | 136.25 | 226776 | 0.50 |  | 0.16 | 56.38 |
| (0.22) | 30.72 | 89.03 | 87124 | 0.50 |  | 1.16 | 39.77 |
| (3.87) | 16.39 | (86.70) | 45227 | 0.50 |  | 1.15 | 36.47 |
|  | 129.32 | 29.27 | 127720 | 0.50 | † | 0.52 | 19.49 |
| (0.36) | 37.03 | 47.21 | 61092 | 0.50 |  | 3.05 | 72.26 |
|  | 25.56 | (21.60) | 40637 | 0.50 |  | 0.31 | 36.79 |
|  | 32.60 | (46.86) | 35777 | 0.50 |  | (0.21) | 27.79 |
| (0.05) | 61.35 | (49.64) | 38035 | 0.50 |  | (0.24) | 36.44 |
|  | 121.90 | (2.64) | 32427 | 0.51 | † | (0.33) | 40.38 |
| (0.26) | 62.50 | 60.10 | 4827481 | 0.50 |  | 0.56 | 32.79 |
| (0.14) | 39.26 | 45.89 | 766037 | 0.50 |  | 0.80 | 14.43 |
|  | 27.03 | 8.90 | 4595 | 0.50 | † | 1.39 | 2.94 |

---

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

*152*

![](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)<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 Infrastructure Development ex-U.S. ETF** | **Global X Infrastructure Development ex-U.S. ETF** |  |  |  |  |  |  |
| 2025 | 23.97 | 0.45 | 4.72 | 5.17 | (0.20) |  |  |
| 2024<sup>(1)</sup> | 24.82 | 0.08 | (0.93) | (0.85) |  |  |  |
| **Global X AI Semiconductor & Quantum ETF** | **Global X AI Semiconductor & Quantum ETF** |  |  |  |  |  |  |
| 2025<sup>(2)</sup> | 50.35 | (0.03) | 4.30 | 4.27 |  |  |  |

---

---

| | |
|:---|:---|
| *\** | *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.* |
| *(1)* | *The Fund commenced operations on August 27, 2024.* |
| *(2)* | *The Fund commenced operations on September 30, 2025.* |
|  | *Amounts designated as "—" are either $0 or have been rounded to $0.* |

---

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

*153*

![](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>** |
| (0.20) | 28.94 | 21.69 | 4630 | 0.55 |  | 1.68 |  | 45.14 |
|  | 23.97 | (3.42) | 2397 | 0.56 | † | 1.28 | † | 7.99 |
|  | 54.62 | 8.48 | 9832 | 0.50 | † | (0.36) |)† | 5.88 |

---

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

*154*

![](logom4.jpg)

Notes to Financial Statements

**November 30, 2025**

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1. ORGANIZATION

The Global X Funds (the "Trust") is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940 (the "1940 Act"), as amended, as an open-end management investment company. As of November 30, 2025, the Trust had one hundred fifteen portfolios, one hundred three of which were operational. The financial statements herein and the related notes pertain to the Global X Millennial Consumer ETF, Global X Aging Population ETF, Global X FinTech ETF, Global X Internet of Things ETF, Global X Robotics & Artificial Intelligence ETF, Global X U.S. Infrastructure Development ETF, Global X Autonomous & Electric Vehicles ETF, Global X Artificial Intelligence & Technology ETF, Global X Genomics & Biotechnology ETF, Global X Cloud Computing ETF, Global X Cybersecurity ETF, Global X Dorsey Wright Thematic ETF, Global X Video Games & Esports ETF, Global X HealthTech ETF, Global X CleanTech ETF, Global X Data Center & Digital Infrastructure ETF, Global X Clean Water ETF, Global X AgTech & Food Innovation ETF, Global X Blockchain ETF, Global X Hydrogen ETF, Global X Defense Tech ETF, Global X Infrastructure Development ex-U.S. ETF and Global X AI Semiconductor & Quantum ETF (each a "Fund" and collectively, the "Funds").

Each Fund, other than the Global X Millennial Consumer ETF, Global X Aging Population ETF, Global X U.S. Infrastructure Development ETF, Global X Autonomous & Electric Vehicles ETF, Global X Artificial Intelligence & Technology ETF and Global X Dorsey Wright Thematic ETF has elected non-diversified status under the 1940 Act.

The Global X Thematic Growth ETF was renamed to the Global X Dorsey Wright Thematic ETF and its ticker changed to GXDW, effective as of April 1, 2025.

The Global X Telemedicine & Digital Health ETF was renamed to the Global X HealthTech ETF and its ticker changed to HEAL, effective as of April 1, 2025.

The Global X AI Semiconductor & Quantum ETF commenced operations on September 30, 2025.

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.

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Notes to Financial Statements (Continued)

**November 30, 2025**

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

RETURN OF CAPITAL ESTIMATES — Distributions received by the Funds from underlying master limited partnership ("MLP") and real estate investment trust ("REIT") investments generally are comprised of income and return of capital. The Funds record investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available from the MLPs, REITs and other industry sources. These estimates may subsequently be revised based on information received from the MLPs and REITs after their tax reporting periods are concluded.

SECURITY VALUATION — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market ("NASDAQ")), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm Eastern Standard Time if a security's primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent mean between the quoted bid and asked prices, which approximates fair value (absent both bid and asked prices on such exchange, the bid price may be used). For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates as of the reporting date. The exchange rates used by the Trust for valuation are captured as of the New York or London close each day.

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

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Notes to Financial Statements (Continued)

**November 30, 2025**

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 NAV, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably available to the Committee.

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

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

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

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

Level 3 — Significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments and fair value of investments for which the Funds do not have the ability to fully redeem tranches at NAV as of the measurement date or within the near term).

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Notes to Financial Statements (Continued)

**November 30, 2025**

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 Schedules of Investments.

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

DUE TO/FROM BROKERS — Due to/from brokers includes cash and collateral balances with the Funds' clearing brokers or counterparties as of November 30, 2025. The Funds continuously monitor the credit standing of each broker or counterparty with whom they conduct business. In the event a broker or counterparty is unable to fulfill its obligations, the Funds would be subject to counterparty credit risk.

REPURCHASE AGREEMENTS — Securities pledged as collateral for repurchase agreements are held by Brown Brothers Harriman & Co. ("BBH") or The Bank of New York Mellon ("BNY"), as appropriate, in their roles as Custodian to respective Funds (each, a "Custodian" and together, the "Custodians"), and are designated as being held on each Fund's behalf by the Custodian under a book-entry system. Each Fund monitors the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest.

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

Repurchase agreements are entered into by the Funds under Master Repurchase Agreements ("MRAs") which permit the Funds, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Funds.

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

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Notes to Financial Statements (Continued)

**November 30, 2025**

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). 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 on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax positions in the current period, however management's conclusions regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), and on-going analysis of and changes to tax laws and regulations, and interpretations thereof.

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

As of and during the reporting year or period ended November 30, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the reporting 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.

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

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

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — The Funds distribute their net investment income on a pro rata basis. Any net investment income and net realized

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Notes to Financial Statements (Continued)

**November 30, 2025**

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

capital gains are distributed at least annually. All distributions are recorded on the ex-dividend date.

INVESTMENTS IN REITs — With respect to the Funds, dividend income is recorded based on the income included in distributions received from REIT investments using published REIT reclassifications, including some management estimates when actual amounts are not available. Distributions received in excess of these estimated amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year end, and may differ from the estimated amounts.

CASH OVERDRAFT CHARGES — Brown Brothers Harriman ("BBH") or The Bank of New York Mellon ("BNY"), as appropriate, serve as custodians of the Funds (each a "Custodian," and together the "Custodians"). Per the terms of an agreement with BBH, if a Fund for which BBH is Custodian has a cash overdraft on a given day, it will be assessed an overdraft charge equal to the applicable BBH Base Rate plus 2.00%. Per the terms of an agreement with BNY, if a Fund for which BNY is Custodian has a cash overdraft, it will be charged interest at a rate then charged by BNY to its institutional custody clients in the relevant currency. Cash overdraft charges are included in Custodian Fees Payable on the Statements of Assets and Liabilities and Custodian Fees on the Statements of Operations, if applicable.

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 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.

FUTURES CONTRACTS — To the extent consistent with its investment objective and strategies, each Fund may use futures contracts for tactical hedging purposes as well as to enhance the Fund's returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are marked to market daily and the resulting

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Notes to Financial Statements (Continued)

**November 30, 2025**

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.

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

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

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to the Funds' Schedule of Investments for details regarding open futures contracts as of November 30, 2025, if applicable.

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

If a Creation Unit is purchased or redeemed for cash, an additional variable fee may be charged. The following table discloses Creation Unit breakdown:

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| | | | |
|:---|:---|:---|:---|
|  | **Creation <br> Unit <br> Shares** | **Creation <br> Fee** | **Redemption <br> Fee** |
| Global X Millennial Consumer ETF | 10000 | $300 | $300 |
| Global X Aging Population ETF | 10000 | 300 | 300 |
| Global X FinTech ETF | 10000 | 250 | 250 |
| Global X Internet of Things ETF | 10000 | 250 | 250 |
| Global X Robotics & Artificial Intelligence ETF | 10000 | 250 | 250 |
| Global X U.S. Infrastructure Development ETF | 10000 | 300 | 300 |
| Global X Autonomous & Electric Vehicles ETF | 10000 | 300 | 300 |
| Global X Artificial Intelligence & Technology ETF | 10000 | 300 | 300 |

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Notes to Financial Statements (Continued)

**November 30, 2025**

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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| | | | |
|:---|:---|:---|:---|
|  | **Creation <br> Unit <br> Shares** | **Creation <br> Fee** | **Redemption <br> Fee** |
| Global X Genomics & Biotechnology ETF | 10000 | $250 | $250 |
| Global X Cloud Computing ETF | 10000 | 250 | 250 |
| Global X Cybersecurity ETF | 10000 | 250 | 250 |
| Global X Dorsey Wright Thematic ETF | 10000 | 250 | 250 |
| Global X Video Games & Esports ETF | 10000 | 300 | 300 |
| Global X HealthTech ETF | 10000 | 250 | 250 |
| Global X CleanTech ETF | 10000 | 250 | 250 |
| Global X Data Center & Digital Infrastructure ETF | 10000 | 250 | 250 |
| Global X Clean Water ETF | 10000 | 250 | 250 |
| Global X AgTech & Food Innovation ETF | 10000 | 250 | 250 |
| Global X Blockchain ETF | 10000 | 250 | 250 |
| Global X Hydrogen ETF | 10000 | 250 | 250 |
| Global X Defense Tech ETF | 10000 | 250 | 250 |
| Global X Infrastructure Development ex-U.S. ETF | 10000 | 1100 | 1100 |
| Global X AI Semiconductor & Quantum ETF | 10000 | 250 | 250 |

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

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

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS

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

The Adviser serves as the investment adviser and the administrator for the Funds. Subject to the supervision of the Board, the Adviser is responsible for managing the investment activities of the Funds and the Funds' business affairs and other administrative matters

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Notes to Financial Statements (Continued)

**November 30, 2025**

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3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

and provides, or causes to be furnished, all supervisory, administrative and other services reasonably necessary for the operation of the Funds, including certain distribution services (provided pursuant to a separate distribution services agreement), certain shareholder and distribution-related services (provided pursuant to a separate Rule 12b-1 Plan and related agreements) and investment advisory services (provided pursuant to a separate Investment Advisory Agreement), under what is essentially an "all-in" fee structure.

For the 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 respective Fund) (the "Supervision and Administration Fee"). In addition, the Funds bear other expenses, directly and indirectly, that are not covered by the Supervision and Administration Agreement, which may vary and affect the total expense ratios of the Funds, such as taxes, brokerage fees, commissions, certain Custodian fees, acquired fund fees and expenses (except for Global X Dorsey Wright Thematic ETF with respect to investments in affiliated investment companies), and other transaction expenses, interest expenses, and extraordinary expenses (such as litigation and indemnification expenses).

The Supervision and Administration Agreement for the Global X Dorsey Wright Thematic ETF provides that the Adviser also bears the costs for acquired fund fees and expenses generated by investments by the Fund in affiliated investment companies. For the year ended November 30, 2025, the Adviser paid acquired fund fees and expenses of $62,768 and made such reimbursement payments to the Global X Dorsey Wright Thematic ETF on a monthly basis. These amounts are included in Payment from Adviser on the Statement of Operations.

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

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| | |
|:---|:---|
|  | **Supervision and <br> Administration Fee** |
| Global X Millennial Consumer ETF | 0.50% |
| Global X Aging Population ETF | 0.50% |
| Global X FinTech ETF | 0.68% |
| Global X Internet of Things ETF | 0.68% |
| Global X Robotics & Artificial Intelligence ETF | 0.68% |
| Global X U.S. Infrastructure Development ETF | 0.47% |
| Global X Autonomous & Electric Vehicles ETF | 0.68% |
| Global X Artificial Intelligence & Technology ETF | 0.68% |
| Global X Genomics & Biotechnology ETF | 0.50% |

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Notes to Financial Statements (Continued)

**November 30, 2025**

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3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

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| | |
|:---|:---|
|  | **Supervision and <br> Administration Fee** |
| Global X Cloud Computing ETF | 0.68% |
| Global X Cybersecurity ETF | 0.50% |
| Global X Dorsey Wright Thematic ETF | 0.50% |
| Global X Video Games & Esports ETF | 0.50% |
| Global X HealthTech ETF | 0.50%\* |
| Global X CleanTech ETF | 0.50% |
| Global X Data Center & Digital Infrastructure ETF | 0.50% |
| Global X Clean Water ETF | 0.50% |
| Global X AgTech & Food Innovation ETF | 0.50% |
| Global X Blockchain ETF | 0.50% |
| Global X Hydrogen ETF | 0.50% |
| Global X Defense Tech ETF | 0.50% |
| Global X Infrastructure Development ex-U.S. ETF | 0.55% |
| Global X AI Semiconductor & Quantum ETF | 0.50% |

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\* The Board of Trustees of the Trust voted to approve a lower Supervision and Administration Fee for the Global X HealthTech ETF (formerly known as the Global X Telemedicine & Digital Health ETF) of 0.50% effective April 1, 2025. Prior to that, the Fund was subject to a Management Fee of 0.68%.

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

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

SIDCO bears the following costs and expenses relating to the distribution of Shares: (i) the costs of processing and maintaining records of creations of Creation Units; (ii) all costs of maintaining the records required of a registered broker/dealer; (iii) the expenses of maintaining its registration or qualification as a dealer or broker under federal or state laws; (iv) filing fees; and (v) all other expenses incurred in connection with the distribution

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Notes to Financial Statements (Continued)

**November 30, 2025**

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3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

services as contemplated in the Distribution Agreement. SIDCO receives no fee from the Funds for its distribution services under the Distribution Agreement; rather, the Adviser compensates SIDCO for certain expenses, out-of-pocket costs, and transaction fees.

BBH serves as the Custodian and transfer agent of the Global X Millennial Consumer ETF, Global X U.S. Infrastructure Development ETF, Global X Cloud Computing ETF and Global X HealthTech ETF. As Custodian, BBH has agreed to (1) make receipts and disbursements of money on behalf of the Funds; (2) collect and receive all income and other payments and distributions on account of the Funds' portfolio investments; (3) respond to correspondence from shareholders, security brokers and others relating to its duties; and (4) make periodic reports to the Funds concerning the Funds' operations. BBH does not exercise any supervisory function over the purchase and sale of securities. As compensation for these services, BBH receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees. As compensation for these services, BBH receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees. As transfer agent, BBH has agreed to (1) issue and redeem Shares of each Fund; (2) make dividend and other distributions to shareholders of each Fund; (3) respond to correspondence by shareholders and others relating to its duties; (4) maintain shareholder accounts; and (5) make periodic reports to the Funds. As compensation for these services, BBH receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees.

BNY is the Custodian of the Trust's portfolio securities and cash with respect to all Funds except the Global X Millennial Consumer ETF, Global X U.S. Infrastructure Development ETF, Global X Cloud Computing ETF and Global X HealthTech ETF. 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. 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 for which it serves as transfer agent: (i) perform and facilitate the performance of purchases and redemptions of Creation Units, (ii) prepare and transmit by means of Depository Trust Company's ("DTC") book-entry system payments for dividends and distributions on or with respect to the Shares declared by the Trust on behalf of the Fund, 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.

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Notes to Financial Statements (Continued)

**November 30, 2025**

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4. INVESTMENT TRANSACTIONS

For the year or period ended November 30, 2025, the purchases and sales of investments in securities excluding in-kind transactions, long-term U.S. Government, and short-term securities, were:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales and <br> Maturities** |
| Global X Millennial Consumer ETF | $13970876 | $13811597 |
| Global X Aging Population ETF | 7244103 | 6134863 |
| Global X FinTech ETF | 37759863 | 39652970 |
| Global X Internet of Things ETF | 37686800 | 38216577 |
| Global X Robotics & Artificial Intelligence ETF | 445856340 | 330159851 |
| Global X U.S. Infrastructure Development ETF | 889208304 | 886630643 |
| Global X Autonomous & Electric Vehicles ETF | 125903787 | 141185517 |
| Global X Artificial Intelligence & Technology ETF | 1063285140 | 635294285 |
| Global X Genomics & Biotechnology ETF | 18712428 | 18586893 |
| Global X Cloud Computing ETF | 40537043 | 41548300 |
| Global X Cybersecurity ETF | 431196124 | 421731170 |
| Global X Dorsey Wright Thematic ETF | 21586188 | 21539408 |
| Global X Video Games & Esports ETF | 39309799 | 43433524 |
| Global X HealthTech ETF | 26345851 | 25257046 |
| Global X CleanTech ETF | 9570072 | 11126763 |
| Global X Data Center & Digital Infrastructure ETF | 223129094 | 150591428 |
| Global X Clean Water ETF | 4436075 | 2649125 |
| Global X AgTech & Food Innovation ETF | 4701033 | 4318291 |
| Global X Blockchain ETF | 134967805 | 126781510 |
| Global X Hydrogen ETF | 38918504 | 36140657 |
| Global X Defense Tech ETF | 1317706134 | 1007974366 |
| Global X Infrastructure Development ex-U.S. ETF | 2302956 | 1611740 |
| Global X AI Semiconductor & Quantum ETF | 2464154 | 526588 |

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Notes to Financial Statements (Continued)

**November 30, 2025**

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4. INVESTMENT TRANSACTIONS (continued)

For each of the year or period ended November 30, 2025, in-kind transactions associated with creations and redemptions were:

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| | | | |
|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Realized <br> Gain (Loss)** |
| Global X Millennial Consumer ETF | $4544324 | $24958314 | $8377208 |
| Global X Aging Population ETF | 16025508 | 12558682 | 3520333 |
| Global X FinTech ETF | 15603550 | 65605029 | 15763700 |
| Global X Internet of Things ETF | 27285245 | 71855267 | 26376863 |
| Global X Robotics & Artificial Intelligence ETF | 437050870 | 327732113 | 147443712 |
| Global X U.S. Infrastructure Development ETF | 1953417411 | 2261101389 | 868385195 |
| Global X Autonomous & Electric Vehicles ETF | 7677210 | 147634222 | 14433406 |
| Global X Artificial Intelligence & Technology ETF | 3624599454 | 599044306 | 263720126 |
| Global X Genomics & Biotechnology ETF |  | 23458009 | (5656897) |
| Global X Cloud Computing ETF | 67421049 | 143107154 | 18350777 |
| Global X Cybersecurity ETF | 352347137 | 110966404 | 46336023 |
| Global X Dorsey Wright Thematic ETF | 562069 | 6810614 | (1263129) |
| Global X Video Games & Esports ETF | 39582255 | 56811061 | 11598108 |
| Global X HealthTech ETF | 16594334 | 10175217 | (1421034) |
| Global X CleanTech ETF | 2714327 | 14448407 | (12955775) |
| Global X Data Center & Digital Infrastructure ETF | 412705361 | 37851899 | 12498675 |
| Global X Clean Water ETF | 20249360 | 11014218 | 2116375 |
| Global X AgTech & Food Innovation ETF | 4862696 | 3369304 | 343718 |
| Global X Blockchain ETF | 197023413 | 116743551 | 76980123 |
| Global X Hydrogen ETF | 9721929 | 6479738 | 1722180 |
| Global X Defense Tech ETF | 3722307042 | 626671419 | 237893693 |
| Global X Infrastructure Development ex-U.S. ETF | 3199180 | 2348292 | 216853 |
| Global X AI Semiconductor & Quantum ETF | 9351827 | 566581 | 80464 |

---

For the year or period ended November 30, 2025, there were no purchases or sales of long-term U.S. Government securities by the Funds.

5. DERIVATIVE TRANSACTIONS

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

*167*

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Notes to Financial Statements (Continued)

**November 30, 2025**

------

5. DERIVATIVE TRANSACTIONS (continued)

The following tables show the fair value of the derivative financial instruments and the location in the Statements of Assets and Liabilities categorized by underlying risk exposure as of November 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Asset Derivatives | Asset Derivatives | Asset Derivatives | Liability Derivatives | Liability Derivatives | Liability Derivatives |
|  |  | Fair Value |  |  | Fair Value |
| **Global X Robotics & Artificial Intelligence ETF** | **Global X Robotics & Artificial Intelligence ETF** | **Global X Robotics & Artificial Intelligence ETF** |  |  |  |
| Equity contracts | Unrealized appreciation on Futures Contracts | $541298 \* | Equity contracts | Unrealized depreciation on Futures Contracts | $– \* |
| Total Derivatives not accounted for as hedging instruments | Total Derivatives not accounted for as hedging instruments | $541298 |  |  | $– |
| **Global X U.S. Infrastructure Development ETF** | **Global X U.S. Infrastructure Development ETF** | **Global X U.S. Infrastructure Development ETF** |  |  |  |
| Equity contracts | Unrealized appreciation on Futures Contracts | $338131 \* | Equity contracts | Unrealized depreciation on Futures Contracts | $– \* |
| Total Derivatives not accounted for as hedging instruments | Total Derivatives not accounted for as hedging instruments | $338131 |  |  | $– |
| **Global X Cybersecurity ETF** | **Global X Cybersecurity ETF** | **Global X Cybersecurity ETF** |  |  |  |
| Equity contracts | Unrealized appreciation on Futures Contracts | $19762 \* | Equity contracts | Unrealized depreciation on Futures Contracts | $– \* |
| Total Derivatives not accounted for as hedging instruments | Total Derivatives not accounted for as hedging instruments | $19762 |  |  | $– |

---

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

The effect of derivative instruments on the Statements of Operations for the year ended November 30, 2025:

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

---

| | |
|:---|:---|
| | Futures Contracts |
| **Global X Robotics & Artificial Intelligence ETF** |  |
| Equity contracts | $2492467 |

---

*168*

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Notes to Financial Statements (Continued)

**November 30, 2025**

------

5. DERIVATIVE TRANSACTIONS (continued)

---

| | |
|:---|:---|
| | Futures Contracts |
| **Global X U.S. Infrastructure Development ETF** |  |
| Equity contracts | $(460367) |
| **Global X Cybersecurity ETF** |  |
| Equity contracts | $(5957) |
| Change in unrealized appreciation (depreciation) on derivatives reported within the income section of Statements of Operations: | Change in unrealized appreciation (depreciation) on derivatives reported within the income section of Statements of Operations: |
|  | Futures Contracts |
| **Global X Robotics & Artificial Intelligence ETF** |  |
| Equity contracts | $157199 |
| **Global X U.S. Infrastructure Development ETF** |  |
| Equity contracts | 186840 |
| **Global X Cybersecurity ETF** |  |
| Equity contracts | 19762 |

---

The following table discloses the average monthly balances of the Funds' Futures activity during the year ended November 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Average<br> Notional<br> Balance<br> Short** | **Average<br> Notional<br> Balance<br> Long** |
| Global X Robotics & Artificial Intelligence ETF | $– $| 11129165 |
| Global X U.S. Infrastructure Development ETF | $– $| 6614084 |
| Global X Cybersecurity ETF | $– $| 708833 |

---

6. TAX INFORMATION

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to undistributed net investment income (loss), accumulated net realized gain (loss) or paid-in capital, as appropriate, in the period that the differences arise. The differences have been reclassified on the Statements of Assets and Liabilities to/from the Paid-in Capital and Total Earnings (Accumulated/Losses) accounts during the fiscal year ended November 30, 2025 are primarily attributable to redemptions in-kind, return of capital distributions,

*169*

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Notes to Financial Statements (Continued)

**November 30, 2025**

------

6. TAX INFORMATION (continued)

foreign currency, MLP adjustments, REIT adjustments, utilization of earnings and profits on shareholder redemptions, and sales of passive foreign investment companies.

The tax character of dividends and distributions declared during the years or periods ended November 30, 2025 and November 30, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global X Funds** | **Ordinary <br> Income** | **Long-Term <br> Capital Gain** | **Return of Capital** | **Totals** |
| Global X Millennial Consumer ETF |  |  |  |  |
| 2025 | $277563 | $– | $– | $277563 |
| 2024 | 409955 |  |  | 409955 |
| Global X Aging Population ETF | Global X Aging Population ETF |  |  |  |
| 2025 | $533688 | $– | $– | $533688 |
| 2024 | 438748 |  |  | 438748 |
| Global X FinTech ETF | Global X FinTech ETF |  |  |  |
| 2025 | $1677055 | $– | $– | $1677055 |
| 2024 | 709172 |  |  | 709172 |
| Global X Internet of Things ETF | Global X Internet of Things ETF |  |  |  |
| 2025 | $1496685 | $– | $– | $1496685 |
| 2024 | 1821857 |  |  | 1821857 |
| Global X Robotics & Artificial Intelligence ETF | Global X Robotics & Artificial Intelligence ETF |  |  |  |
| 2025 | $6592167 | $– | $– | $6592167 |
| 2024 | 1998947 |  | 2145659 | 4144606 |
| Global X U.S. Infrastructure Development ETF | Global X U.S. Infrastructure Development ETF |  |  |  |
| 2025 | $51346847 | $– | $– | $51346847 |
| 2024 | 34799827 | 6870550 |  | 41670377 |
| Global X Autonomous & Electric Vehicles ETF | Global X Autonomous & Electric Vehicles ETF |  |  |  |
| 2025 | $7150304 | $– | $– | $7150304 |
| 2024 | 10410110 |  |  | 10410110 |
| Global X Artificial Intelligence & Technology ETF | Global X Artificial Intelligence & Technology ETF |  |  |  |
| 2025 | $4826023 | $– | $– | $4826023 |
| 2024 | 3035733 |  |  | 3035733 |
| Global X Genomics & Biotechnology ETF | Global X Genomics & Biotechnology ETF |  |  |  |
| 2025 | $43713 | $– | $– | $43713 |
| 2024 |  |  |  |  |
| Global X Cloud Computing ETF | Global X Cloud Computing ETF |  |  |  |
| 2025 | $– | $– | $– | $– |
| 2024 |  |  |  |  |
| Global X Cybersecurity ETF | Global X Cybersecurity ETF |  |  |  |
| 2025 | $– | $– | $755500 | $755500 |
| 2024 | 741657 |  |  | 741657 |
| Global X Dorsey Wright Thematic ETF | Global X Dorsey Wright Thematic ETF |  |  |  |
| 2025 | $99799 | $– | $– | $99799 |
| 2024 | 412897 |  | 180016 | 592913 |
| Global X Video Games & Esports ETF | Global X Video Games & Esports ETF |  |  |  |
| 2025 | $1621103 | $– | $– | $1621103 |

---

*170*

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Notes to Financial Statements (Continued)

**November 30, 2025**

------

6. TAX INFORMATION (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global X Funds** | **Ordinary <br> Income** | **Long-Term <br> Capital Gain** | **Return of Capital** | **Totals** |
| 2024 | 1027863 |  |  | 1027863 |
| Global X HealthTech ETF | Global X HealthTech ETF |  |  |  |
| 2025 | $32853 | $– | $– | $32853 |
| 2024 |  |  |  |  |
| Global X CleanTech ETF | Global X CleanTech ETF |  |  |  |
| 2025 | $425046 | $– | $– | $425046 |
| 2024 | 452237 |  |  | 452237 |
| Global X Data Center & Digital Infrastructure ETF | Global X Data Center & Digital Infrastructure ETF | Global X Data Center & Digital Infrastructure ETF |  |  |
| 2025 | $3135289 | $– | $– | $3135289 |
| 2024 | 881454 |  |  | 881454 |
| Global X Clean Water ETF | Global X Clean Water ETF |  |  |  |
| 2025 | $150966 | $– | $– | $150966 |
| 2024 | 135553 |  |  | 135553 |
| Global X AgTech & Food Innovation ETF | Global X AgTech & Food Innovation ETF |  |  |  |
| 2025 | $105560 | $– | $– | $105560 |
| 2024 | 73440 |  |  | 73440 |
| Global X Blockchain ETF | Global X Blockchain ETF |  |  |  |
| 2025 | $11977855 | $– | $– | $11977855 |
| 2024 | 3111807 |  |  | 3111807 |
| Global X Hydrogen ETF | Global X Hydrogen ETF |  |  |  |
| 2025 | $522677 | $– | $– | $522677 |
| 2024 |  |  |  |  |
| Global X Defense Tech ETF | Global X Defense Tech ETF |  |  |  |
| 2025 | $8050183 | $– | $– | $8050183 |
| 2024 | 487195 |  |  | 487195 |
| Global X Infrastructure Development ex-U.S. ETF | Global X Infrastructure Development ex-U.S. ETF | Global X Infrastructure Development ex-U.S. ETF |  |  |
| 2025 | $33086 | $– | $– | $33086 |
| 2024 |  |  |  |  |
| Global X AI Semiconductor & Quantum ETF | Global X AI Semiconductor & Quantum ETF |  |  |  |
| 2025 | $– | $– | $– | $– |

---

*171*

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Notes to Financial Statements (Continued)

**November 30, 2025**

6. TAX INFORMATION (continued)

On August 29, 2025 the Global X PropTech ETF was liquidated, and closed and paid a long term capital gain distribution of $9,611. The tax character of the distribution will be communicated on Form 1099DIV in 2026.

As of November 30, 2025, the components of tax basis distributable earnings (accumulated losses) were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X<br> Millennial<br> Consumer ETF** | **Global X Aging<br> Population ETF** | **Global X<br> FinTech ETF** |
| **Undistributed Ordinary Income** | $131380 | $283686 | $278207 |
| **Capital Loss Carryforwards** | (15250044) | (4584345) | (190561020) |
| **Unrealized Appreciation (Depreciation) on Investments and Foreign Currency** | (6775217) | 7659855 | (75251707) |
| **Other Temporary Differences** | – | (1) | 8 |
| **Total Distributable Earnings (Accumulated Losses)** | $(21893881) | $3359195 | $(265534512) |
|  | **Global X<br> Internet of<br> Things ETF** | **Global X<br> Robotics &<br> Artificial<br> Intelligence ETF** | **Global X U.S.<br> Infrastructure<br> Development<br> ETF** |
| **Undistributed Ordinary Income** | $579928 | $3805648 | $35834997 |
| **Undistributed Long-Term Capital Gain** |  |  | 27146075 |
| **Capital Loss Carryforwards** | (23435993) | (552046342) |  |
| **Unrealized Appreciation on Investments and Foreign Currency** | 11607392 | 102595498 | 2278956467 |
| **Other Temporary Differences** | (2) | (1) | 148 |
| **Total Distributable Earnings (Accumulated Losses)** | $(11248675) | $(445645197) | $2341937687 |
|  | **Global X<br> Autonomous &<br> Electric Vehicles<br> ETF** | **Global X<br> Artificial<br> Intelligence &<br> Technology ETF** | **Global X<br> Genomics &<br> Biotechnology<br> ETF** |
| **Undistributed Ordinary Income** | $1448392 | $1700455 | $– |
| **Capital Loss Carryforwards** | (241386083) | (13935373) | (125878857) |
| **Unrealized Appreciation (Depreciation) on Investments and Foreign Currency** | (47362825) | 1125507733 | (13785026) |
| **Other Temporary Differences** | (4) | (6) | (174314) |
| **Total Distributable Earnings (Accumulated Losses)** | $(287300520) | $1113272809 | $(139838197) |

---

*172*

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Notes to Financial Statements (Continued)

**November 30, 2025**

6. TAX INFORMATION (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X Cloud<br> Computing ETF** | **Global X<br> Cybersecurity<br> ETF** | **Global X<br> Dorsey Wright<br> Thematic ETF** |
| **Undistributed Ordinary Income** | $– | $– | $16749 |
| **Capital Loss Carryforwards** | (290771505) | (276224066) | (55356964) |
| **Unrealized Appreciation (Depreciation) on Investments and Foreign Currency** | (118142393) | (7814260) | 208904 |
| **Late Year Loss Deferral** | (1537568) | (1542528) |  |
| **Other Temporary Differences** | 3 | 2 | (3) |
| **Total Accumulated Losses** | $(410451463) | $(285580852) | $(55131314) |
|  | **Global X Video<br> Games &<br> Esports ETF** | **Global X<br> HealthTech ETF** | **Global X<br> CleanTech ETF** |
| **Undistributed Ordinary Income** | $1035614 | $100571 | $117316 |
| **Capital Loss Carryforwards** | (85226773) | (144972427) | (67779570) |
| **Unrealized Depreciation on Investments and Foreign Currency** | (14190403) | (12859303) | (29883679) |
| **Other Temporary Differences** | 3 | 2 | (3) |
| **Total Accumulated Losses** | $(98381559) | $(157731157) | $(97545936) |
|  | **Global X Data<br> Center & Digital<br> Infrastructure<br> ETF** | **Global X Clean<br> Water ETF** | **Global X<br> AgTech & Food<br> Innovation ETF** |
| **Undistributed Ordinary Income** | $2992127 | $154981 | $89537 |
| **Capital Loss Carryforwards** | (3582984) | (553798) | (4415448) |
| **Unrealized Appreciation (Depreciation) on Investments and Foreign Currency** | 50466396 | (346218) | (1179503) |
| **Other Temporary Differences** | (1) | (1) | 5 |
| **Total Distributable Earnings (Accumulated Losses)** | $49875538 | $(745036) | $(5505409) |
|  | **Global X<br> Blockchain ETF** | **Global X<br> Hydrogen ETF** | **Global X<br> Defense Tech<br> ETF** |
| **Undistributed Ordinary Income** | $495638 | $1204943 | $7521113 |
| **Capital Loss Carryforwards** | (153674396) | (41895574) | (21004880) |
| **Unrealized Appreciation (Depreciation) on Investments and Foreign Currency** | 63675627 | (2922814) | 492845486 |
| **Other Temporary Differences** | (4) | (3) | (4) |
| **Total Distributable Earnings (Accumulated Losses)** | $(89503135) | $(43613448) | $479361715 |

---

*173*

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Notes to Financial Statements (Continued)

**November 30, 2025**

6. TAX INFORMATION (continued)

---

| | | |
|:---|:---|:---|
|  | **Global X<br> Infrastructure<br> Development<br> ex-U.S. ETF** | **Global X AI<br> Semiconductor<br> & Quantum<br> ETF** |
| **Undistributed Ordinary Income** | $40053 | $– |
| **Capital Loss Carryforwards** | (47028) | (53054) |
| **Unrealized Appreciation on Investments and Foreign Currency** | 412270 | 66237 |
| **Other Temporary Differences** | 2 | 1 |
| **Total Distributable Earnings** | $405297 | $13184 |

---

Qualified late year ordinary (including currency and specified gain/loss items) represents losses realized from January 1, 2025 through November 30, 2025, 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 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 aggregated gross unrealized appreciation and depreciation on investments held by the Funds at November 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global X Funds** | **Federal Tax**<br> **Cost** | **Aggregated**<br> **Gross**<br> **Unrealized**<br> **Appreciation** | **Aggregated**<br> **Gross**<br> **Unrealized**<br> **Depreciation** | **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
| Global X Millennial Consumer ETF | $116895215 | $26679829 | $(33455046) | $(6775217) |
| Global X Aging Population ETF | 68155306 | 13665337 | (6005482) | 7659855 |
| Global X FinTech ETF | 351403739 | 43982910 | (119234617) | (75251707) |
| Global X Internet of Things ETF | 192358380 | 42873373 | (31265981) | 11607392 |
| Global X Robotics & Artificial Intelligence ETF | 3027861121 | 705629081 | (603033583) | 102595498 |
| Global X U.S. Infrastructure Development ETF | 7538391015 | 2546043518 | (267087051) | 2278956467 |
| Global X Autonomous & Electric Vehicles ETF | 397688970 | 66994041 | (114356866) | (47362825) |
| Global X Artificial Intelligence & Technology ETF | 5870726052 | 1428419195 | (302911462) | 1125507733 |
| Global X Genomics & Biotechnology ETF | 69069889 | 11927668 | (25712694) | (13785026) |
| Global X Cloud Computing ETF | 393281601 | 24043698 | (142186091) | (118142393) |
| Global X Cybersecurity ETF | 1024209443 | 128881015 | (136695275) | (7814260) |
| Global X Dorsey Wright Thematic ETF | 11500438 | 225936 | (17032) | 208904 |
| Global X Video Games & Esports ETF | 140601674 | 20048267 | (34238670) | (14190403) |

---

*174*

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Notes to Financial Statements (Continued)

**November 30, 2025**

6. 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 HealthTech ETF | $63887608 | $6574286 | $(19433589) | $(12859303) |
| Global X CleanTech ETF | 60525695 | 5458497 | (35342176) | (29883679) |
| Global X Data Center & Digital Infrastructure ETF | 636442983 | 95263521 | (44797125) | 50466396 |
| Global X Clean Water ETF | 22168105 | 952203 | (1298421) | (346218) |
| Global X AgTech & Food Innovation ETF | 7527997 | 218576 | (1398079) | (1179503) |
| Global X Blockchain ETF | 373598828 | 94171328 | (30495701) | 63675627 |
| Global X Hydrogen ETF | 76129374 | 12939886 | (15862700) | (2922814) |
| Global X Defense Tech ETF | 4358026940 | 564552474 | (71706988) | 492845486 |
| Global X Infrastructure Development ex-U.S. ETF | 4206039 | 591472 | (171202) | 420270 |
| Global X AI Semiconductor & Quantum ETF | 10750261 | 453087 | (386850) | 66237 |

---

The preceding differences between book and tax cost are primarily due to mark-to-market of passive foreign investment companies, partnership adjustments, and wash sales.

7. CONCENTRATION OF RISKS

The Funds invest in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries.

The Funds may invest in companies focused on business activities in emerging economic themes. Such thematic companies typically face intense competition and potentially rapid product obsolescence. Thematic companies may have limited product lines, markets, financial resources or personnel. These companies typically engage in significant amounts of spending on research and development, capital expenditures and mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. These companies are also frequently dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies' technology. Such companies may be potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. The emergent nature of many economic themes could result in increasing regulatory scrutiny in the future, which may impede the growth of companies that develop and/or focus on such economic themes. Similarly, the

*175*

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Notes to Financial Statements (Continued)

**November 30, 2025**

7. CONCENTRATION OF RISKS (continued)

collection of data from consumers and other sources is frequently a critical component in emerging economic themes which could lead to increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. Finally, these companies may be involved in young, fast evolving industries with increased exposure to the risks associated with changes in applicable laws (including regulation, other rule changes, and related federal and state enforcement activities), as well as market developments, which may cause businesses to contract or close suddenly and negatively impact the value of these companies.

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

*176*

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Notes to Financial Statements (Continued)

**November 30, 2025**

7. CONCENTRATION OF RISKS (continued)

prohibit the ability of the shell company to receive the economic benefits of the Chinese based operating company, which may cause the value of a Fund's investment in the listed shell company to suffer a significant loss. For example, in 2021, the Chinese government prohibited use of the VIE structure for investment in after-school tutoring companies. There is no guarantee that the government will not place similar restrictions on other industries.

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

Each Fund may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on either income or gains earned or repatriated. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned.

The Funds use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of the underlying index (also known as a secondary index) in approximately the same proportions as in the underlying index. The Funds may utilize a representative sampling strategy with respect to their underlying index when a replication strategy might be detrimental to their shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to follow its underlying index, or, in certain instances, when securities in the underlying index become temporarily illiquid, unavailable or less liquid, or due to legal restrictions (such as diversification requirements that apply to the Funds but not to the underlying indexes).

Commodity related securities are susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets could have a substantial impact on these Funds.

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

*177*

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Notes to Financial Statements (Continued)

**November 30, 2025**

7. CONCENTRATION OF RISKS (continued)

securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect the trading market and price for Shares of a Fund, and cause a Fund to decline in value.

AI Semiconductor and Semiconductor Equipment Companies involved in developing artificial intelligence ("AI") infrastructure, semiconductors, and related equipment are subject to significant risks, including rapid changes in product cycles, product obsolescence, supply chain disruptions, evolving government regulations, and intense domestic and international competition. These companies may also be affected by trade agreements between countries that develop these technologies and countries where customers are located. Success in this industry often depends on the ability to develop and produce competitive new semiconductor technologies, which typically requires substantial research and development expenditures. Failure to successfully demonstrate advanced functionality and performance can have a material adverse impact on a company's business.

Quantum computing is an emerging industry characterized by early-stage development. Companies in this sector may have limited operating histories, minimal revenues, and uncertain prospects for profitability. Valuations of quantum computing companies may be based more on speculative potential than on current financial performance, which can lead to elevated volatility and the risk of significant losses. These companies also face risks from rapid technological change, intense competition, shifts in consumer demand and government funding, evolving regulatory frameworks, and export control restrictions. As a result, the Fund's exposure to quantum computing companies may cause greater price volatility and an increased risk of loss compared to funds that do not invest in this industry.

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

8. LOANS OF PORTFOLIO SECURITIES

On or about August 15, 2025, BBH was replaced by Mitsubishi UFJ Trust and Banking Corporation ("MUTB") as the securities lending agent for the Global X Millennial Consumer ETF, Global X U.S. Infrastructure Development ETF, Global X Cloud Computing ETF and Global X HealthTech ETF. Prior to August 15, 2025, BBH served as the Securities Lending Agent for these Funds.

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

*178*

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Notes to Financial Statements (Continued)

**November 30, 2025**

8. LOANS OF PORTFOLIO SECURITIES (continued)

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.

Securities pledged as collateral for repurchase agreements held in the Funds are held by MUTB or BNY, as applicable, and are designated as being held on each 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 the Fund's Schedule of Investments.

Securities lending transactions are entered into by the Funds under the Securities Lending Agreement, which permits a Fund, under certain circumstances such as an event of default,

*179*

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Notes to Financial Statements (Continued)

**November 30, 2025**

------

8. LOANS OF PORTFOLIO SECURITIES (continued)

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.

The following is a summary of securities on loan by the Funds, with cash collateral of overnight maturities and non-cash collateral, which would be subject to offset as of November 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount<br> of Recognized<br> Assets (Value<br> of Securities on<br> Loan)** | **Value of Cash<br> Collateral<br> Received<sup>(1)</sup>** | **Value of<br> Non-Cash<br> Collateral<br> Received<sup>(1)</sup>** | **Net<br> Amount<sup>(2)</sup>** |
| **Global X FinTech ETF** | $19751082 | $10287105 | $9463977 | $— |
| **Global X Internet of Things ETF** | 5531402 | 3774046 | 1757356 |  |
| **Global X Robotics & Artificial Intelligence ETF** | 245476761 | 117659000 | 127817761 |  |
| **Global X U.S. Infrastructure Development ETF** | 1516587 | 1503575 |  | 13012 |
| **Global X Autonomous & Electric Vehicles ETF** | 37359702 | 19110472 | 18249230 |  |
| **Global X Artificial Intelligence & Technology ETF** | 41403471 | 32893986 | 8509485 |  |
| **Global X Genomics & Biotechnology ETF** | 5300531 | 755684 | 4544847 |  |
| **Global X Cloud Computing ETF** | 673669 | 673669 |  |  |
| **Global X Cybersecurity ETF** | 41504092 | 17049821 | 24454271 |  |
| **Global X Dorsey Wright Thematic ETF** | 2572328 | 2562690 |  | 9638 |
| **Global X Video Games & Esports ETF** | 5062363 | 4614225 | 448138 |  |
| **Global X CleanTech ETF** | 1554475 | 627049 | 927426 |  |
| **Global X Data Center & Digital Infrastructure ETF** | 33886760 | 33425537 |  | 461223 |
| **Global X AgTech & Food Innovation ETF** | 10702 | 10702 |  |  |
| **Global X Blockchain ETF** | 102628649 | 73778903 | 28484936 | 364810 |
| **Global X Hydrogen ETF** | 10892951 | 10694192 | 198759 |  |
| **Global X Defense Tech ETF** | 34463722 | 26920511 | 7543211 |  |

---

*180*

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Notes to Financial Statements (Continued)

**November 30, 2025**

------

8. LOANS OF PORTFOLIO SECURITIES (continued)

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

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

The value of loaned securities and related collateral outstanding at November 30, 2025 are shown in the Schedules of Investments. The value of the collateral held may be temporarily less than that required under the lending contract. As of November 30, 2025, the cash collateral was invested in repurchase agreements, short-term investments and the non-cash collateral consisted of U.S. Treasury Bills, Notes, Bonds and U.S. Treasury Inflation Indexed Bonds with the following maturities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Overnight<br> and<br> Continuous** | **<30 Days** | **Between<br> 30 & 90<br> Days** | **>90 Days** | **Total** |
| **Global X FinTech ETF** |  |  |  |  |  |
| Repurchase Agreements | $10357600 | $— | $— | $— | $10357600 |
| U.S. Government Securities |  |  |  | 18978 | 18978 |
| Total | $10357600 | $— | $— | $18978 | $10376578 |
| **Global X Internet of Things ETF** |  |  |  |  |  |
| Repurchase Agreements | $4135310 | $— | $— | $— | $4135310 |
| Total | $4135310 | $— | $— | $— | $4135310 |
| **Global X Robotics & Artificial Intelligence ETF** |  |  |  |  |  |
| Repurchase Agreements | $124768323 | $— | $— | $— | $124768323 |
| U.S. Government Securities |  | 145450 | 204462 | 14260481 | 14610393 |
| Total | $124768323 | $145450 | $204462 | $14260481 | $139378716 |
| **Global X U.S. Infrastructure Development ETF** |  |  |  |  |  |
| Short-Term Investment | $1503875 | $— | $— | $— | $1503875 |
| Total | $1503875 | $— | $— | $— | $1503875 |
| **Global X Autonomous & Electric Vehicles ETF** |  |  |  |  |  |
| Repurchase Agreements | $19813894 | $— | $— | $— | $19813894 |
| Total | $19813894 | $— | $— | $— | $19813894 |
| **Global X Artificial Intelligence & Technology ETF** |  |  |  |  |  |
| Repurchase Agreements | $33286145 | $— | $— | $— | $33286145 |
| Total | $33286145 | $— | $— | $— | $33286145 |

---

*181*

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Notes to Financial Statements (Continued)

**November 30, 2025**

------

8. LOANS OF PORTFOLIO SECURITIES (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Overnight<br> and<br> Continuous** | **<30 Days** | **Between<br> 30 & 90<br> Days** | **>90 Days** | **Total** |
| **Global X Genomics & Biotechnology ETF** | | | | | |
| Repurchase Agreements | $767211 | $— | $— | $— | $767211 |
| Total | $767211 | $— | $— | $— | $767211 |
| **Global X Cloud Computing ETF** |  |  |  |  |  |
| Short-Term Investment | $694926 | $— | $— | $— | $694926 |
| Total | $694926 | $— | $— | $— | $694926 |
| **Global X Cybersecurity ETF** |  |  |  |  |  |
| Repurchase Agreements | $17611504 | $— | $— | $— | $17611504 |
| Total | $17611504 | $— | $— | $— | $17611504 |
| **Global X Dorsey Wright Thematic ETF** |  |  |  |  |  |
| Repurchase Agreements | $2562690 | $— | $— | $— | $2562690 |
| Total | $2562690 | $— | $— | $— | $2562690 |
| **Global X Video Games & Esports ETF** |  |  |  |  |  |
| Repurchase Agreements | $4772950 | $— | $— | $— | $4772950 |
| Total | $4772950 | $— | $— | $— | $4772950 |
| **Global X CleanTech ETF** |  |  |  |  |  |
| Repurchase Agreements | $667103 | $— | $— | $— | $667103 |
| Total | $667103 | $— | $— | $— | $667103 |
| **Global X Data Center & Digital Infrastructure ETF** |  |  |  |  |  |
| Repurchase Agreements | $33425537 | $— | $— | $— | $33425537 |
| Total | $33425537 | $— | $— | $— | $33425537 |
| **Global X AgTech & Food Innovation ETF** |  |  |  |  |  |
| Repurchase Agreements | $11111 | $— | $— | $— | $11111 |
| Total | $11111 | $— | $— | $— | $11111 |
| **Global X Blockchain ETF** |  |  |  |  |  |
| Repurchase Agreements | $73778903 | $— | $— | $— | $73778903 |
| Total | $73778903 | $— | $— | $— | $73778903 |
| **Global X Hydrogen ETF** |  |  |  |  |  |
| Repurchase Agreements | $11716822 | $— | $— | $— | $11716822 |
| Total | $11716822 | $— | $— | $— | $11716822 |
| **Global X Defense Tech ETF** |  |  |  |  |  |
| Repurchase Agreements | $27553980 | $— | $— | $— | $27553980 |
| Total | $27553980 | $— | $— | $— | $27553980 |

---

*182*

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Notes to Financial Statements (Continued)

**November 30, 2025**

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9. CONTRACTUAL OBLIGATIONS

The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds' maximum exposure under these 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.

10. REVERSE SHARE SPLIT

Effective December 19, 2022, the Board of the Trust approved a reverse share split at the ratio of one to four (1:4) of the issued and outstanding shares of the Global X Blockchain ETF (the "Reverse Share Split"). The Reverse Share Split was completed after the close of business on December 19, 2022. The effect of this transaction for the Fund was to divide the number of outstanding Shares of the Fund by a one to four ratio, resulting in a corresponding increase in the NAV per Share. The per share data in the financial highlights for each of the years in the period then ended, has been given retroactive effect to reflect this reverse share split. There were no changes in net assets, results of operations or total return as a result of this transaction.

Effective June 14, 2024, the Board of the Trust approved a reverse share split at the ratio of one to five (1:5) of the issued and outstanding shares of the Global X Hydrogen ETF (the "Reverse Share Split"). The Reverse Share Split was completed after the close of business on June 14, 2024. The effect of this transaction for the Fund was to divide the number of outstanding Shares of the Fund by a one to five ratio, resulting in a corresponding increase in the NAV per Share. The per share data in the financial highlights for each of the years in the period then ended, have been given retroactive effect to reflect this reverse share split. There were no changes in net assets, results of operations or total return as a result of this transaction.

Effective August 29, 2025, the Board of the Trust approved a reverse share split at the ratio of one to four (1:4) of the issued and outstanding shares of the Global X Genomics & Biotechnology ETF (the "Reverse Share Split"). The Reverse Share Split was completed after the close of business on August 29, 2025. The effect of this transaction for the Fund was to divide the number of outstanding Shares of the Fund by a one to four ratio, resulting in a corresponding increase in the NAV per Share. The per share data in the financial highlights for each of the years in the period then ended, have been given retroactive effect to reflect this reverse share split. There were no changes in net assets, results of operations or total return as a result of this transaction.

*183*

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Notes to Financial Statements (Continued)

**November 30, 2025**

------

10. REVERSE SHARE SPLIT (continued)

Effective August 29, 2025, the Board of the Trust approved a reverse share split at the ratio of one to three (1:3) of the issued and outstanding shares of the Global X HealthTech ETF (the "Reverse Share Split"). The Reverse Share Split was completed after the close of business on August 29, 2025. The effect of this transaction for the Fund was to divide the number of outstanding Shares of the Fund by a one to three ratio, resulting in a corresponding increase in the NAV per Share. The per share data in the financial highlights for each of the years in the period then ended, have been given retroactive effect to reflect this reverse share split. There were no changes in net assets, results of operations or total return as a result of this transaction.

Effective August 29, 2025, the Board of the Trust approved a reverse share split at the ratio of one to five (1:5) of the issued and outstanding shares of the Global X CleanTech ETF (the "Reverse Share Split"). The Reverse Share Split was completed after the close of business on August 29, 2025. The effect of this transaction for the Fund was to divide the number of outstanding Shares of the Fund by a one to five ratio, resulting in a corresponding increase in the NAV per Share. The per share data in the financial highlights for each of the years in the period then ended, have been given retroactive effect to reflect this reverse share split. There were no changes in net assets, results of operations or total return as a result of this transaction.

Effective August 29, 2025, the Board of the Trust approved a reverse share split at the ratio of one to three (1:3) of the issued and outstanding shares of the Global X AgTech & Food Innovation ETF (the "Reverse Share Split"). The Reverse Share Split was completed after the close of business on August 29, 2025. The effect of this transaction for the Fund was to divide the number of outstanding Shares of the Fund by a one to three ratio, resulting in a corresponding increase in the NAV per Share. The per share data in the financial highlights for each of the years in the period then ended, have been given retroactive effect to reflect this reverse share split. There were no changes in net assets, results of operations or total return as a result of this transaction.

11. RECENT ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds' financial statements.

*184*

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Notes to Financial Statements (Concluded)

**November 30, 2025**

------

12. SUBSEQUENT EVENTS

The Funds have been evaluated by management regarding the need for additional disclosures (other than what is disclosed in the preceding paragraphs) and/or adjustments resulting from subsequent events. Based on this evaluation, no additional adjustments were required to the financial statements.

*185*

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Report of Independent Registered Public Accounting Firm

------

To the Board of Trustees of Global X Funds and Shareholders of each of the twenty-three funds listed in the table below

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (twenty-three of the funds constituting Global X Funds, hereafter collectively referred to as the "Funds") as of November 30, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of November 30, 2025, the results of each of their operations and the changes in each of their net assets for each of the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| &nbsp;&nbsp;Global X Millennial Consumer ETF (1) |
| &nbsp;&nbsp;Global X Aging Population ETF (1) |
| &nbsp;&nbsp;Global X FinTech ETF (1) |
| &nbsp;&nbsp;Global X Internet of Things ETF (1) |
| &nbsp;&nbsp;Global X Robotics & Artificial Intelligence ETF (1) |
| &nbsp;&nbsp;Global X U.S. Infrastructure Development ETF (1) |
| &nbsp;&nbsp;Global X Autonomous & Electric Vehicles ETF (1) |
| &nbsp;&nbsp;Global X Artificial Intelligence & Technology ETF (1) |
| &nbsp;&nbsp;Global X Genomics & Biotechnology ETF (1) |
| &nbsp;&nbsp;Global X Cloud Computing ETF (1) |
| &nbsp;&nbsp;Global X Cybersecurity ETF (1) |
| &nbsp;&nbsp;Global X Dorsey Wright Thematic ETF (1) |
| &nbsp;&nbsp;Global X Video Games & Esports ETF (1) |
| &nbsp;&nbsp;Global X HealthTech ETF (1) |
| &nbsp;&nbsp;Global X CleanTech ETF (1) |
| &nbsp;&nbsp;Global X Data Center & Digital Infrastructure ETF (1) |
| &nbsp;&nbsp;Global X Clean Water ETF (1) |
| &nbsp;&nbsp;Global X AgTech & Food Innovation ETF (1) |
| &nbsp;&nbsp;Global X Blockchain ETF (1) |
| &nbsp;&nbsp;Global X Hydrogen ETF (1) |
| &nbsp;&nbsp;Global X Defense Tech ETF (1) |
| &nbsp;&nbsp;Global X Infrastructure Development ex-U.S. ETF (2) |
| &nbsp;&nbsp;Global X AI Semiconductor & Quantum ETF (3) |

---

*186*

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Report of Independent Registered Public Accounting Firm (Concluded)

------

(1) Statements of operations
 for the year ended November 30, 2025 and statements of changes in net assets for each of the two years in the period ended
 November 30, 2025

(2) Statement of operations for the year ended November 30, 2025 and
 statement of changes in net assets for the year ended November 30, 2025 and the period August 27, 2024 (commencement of operations)
 through November 30, 2024

(3) Statement of operations and statement
 of changes in net assets for the period September 30, 2025 (commencement of operations) through November 30, 2025

**Basis for Opinions**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodians, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

January 28, 2026

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

*187*

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**Notice to Shareholders** (UNAUDITED)

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For shareholders that do not have a November 30, 2025 tax year end, this notice is for informational purposes only. For shareholders with a November 30, 2025 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended November 30, 2025, the Funds have designated the following items with regard to distributions paid during the year.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Return of Capital** | **Long-Term**<br> **Capital**<br> **Gain**<br> **Distributions** | **Ordinary Income**<br> **Distributions** | **Total**<br> **Distributions** | **Qualifying**<br> **for Corporate**<br> **Dividends**<br> **Received**<br> **Deduction** <sup>(1)</sup> |
| **Global X Millennial Consumer ETF** |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 100.00% |
| **Global X Aging Population ETF** |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 59.98% |
| **Global X FinTech ETF** |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 8.12% |
| **Global X Internet of Things ETF** |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 86.55% |
| **Global X Robotics & Artificial Intelligence ETF** |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 3.09% |
| **Global X U.S. Infrastructure Development ETF** |  |  |  |  |
| 0.00% | 7.38% | 92.62% | 100.00% | 89.76% |
| **Global X Autonomous & Electric Vehicles ETF** |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 22.19% |
| **Global X Artificial Intelligence & Technology ETF** |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 100.00% |
| **Global X Genomics & Biotechnology ETF** |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 100.00% |
| **Global X Cloud Computing ETF** |  |  |  |  |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| **Global X Cybersecurity ETF** |  |  |  |  |
| 100.00% | 0.00% | 0.00% | 100.00% | 100.00% |
| **Global X Dorsey Wright Thematic ETF** |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 72.05% |
| **Global X Video Games & Esports ETF** |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 1.62% |
| **Global X HealthTech ETF** |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 24.29% |
| **Global X CleanTech ETF** |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 0.00% |
| **Global X Data Center & Digital Infrastructure ETF** |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 8.50% |
| **Global X Clean Water ETF** |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 58.08% |
| **Global X AgTech & Food Innovation ETF** |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 31.82% |
| **Global X Blockchain ETF** |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 0.01% |
| **Global X Hydrogen ETF** |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 11.13% |
| **Global X Defense Tech ETF** |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 100.00% |
| **Global X Infrastructure Development ex-U.S. ETF** |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 1.13% |
| **Global X AI Semiconductor & Quantum ETF** |  |  |  |  |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |

---

 

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

*188*

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Notice to Shareholders (UNAUDITED)

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Qualifying**<br> **Dividend**<br> **Income** <sup>(2)</sup> | **U.S. Government**<br> **Interest**<sup>(3)</sup> | **Interest Related**<br> **Dividends**<sup>(4)</sup> | **Short Term**<br> **Capital Gain**<br> **Dividends**<sup>(5)</sup> | **Qualifying**<br> **Business**<br> **Income**<sup>(6)</sup> | **Foreign Tax**<br> **Credit** |
| **Global X Millennial Consumer ETF** |  |  |  |  |  |
| 100.00% | 0.00% | 0.49% | 0.00% | 0.00% | 0.00% |
| **Global X Aging Population ETF** |  |  |  |  |  |
| 100.00% | 0.00% | 0.13% | 0.00% | 0.00% | 0.00% |
| **Global X FinTech ETF** |  |  |  |  |  |
| 13.44% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| **Global X Internet of Things ETF** |  |  |  |  |  |
| 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| **Global X Robotics & Artificial Intelligence ETF** |  |  |  |  |  |
| 100.00% | 0.00% | 0.01% | 0.00% | 0.00% | 17.68% |
| **Global X U.S. Infrastructure Development ETF** |  |  |  |  |  |
| 90.04% | 0.00% | 0.57% | 0.00% | 0.00% | 0.00% |
| **Global X Autonomous & Electric Vehicles ETF** |  |  |  |  |  |
| 87.17% | 0.00% | 0.12% | 0.00% | 0.00% | 0.00% |
| **Global X Artificial Intelligence & Technology ETF** |  |  |  |  |  |
| 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| **Global X Genomics & Biotechnology ETF** |  |  |  |  |  |
| 100.00% | 0.00% | 0.02% | 0.00% | 0.00% | 0.00% |
| **Global X Cloud Computing ETF** |  |  |  |  |  |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| **Global X Cybersecurity ETF** |  |  |  |  |  |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| **Global X Dorsey Wright Thematic ETF** |  |  |  |  |  |
| 72.65% | 0.00% | 0.02% | 0.00% | 0.00% | 2.52% |
| **Global X Video Games & Esports ETF** |  |  |  |  |  |
| 48.65% | 0.00% | 0.00% | 0.00% | 0.00% | 1.80% |
| **Global X HealthTech ETF** |  |  |  |  |  |
| 100.00% | 0.00% | 0.41% | 0.00% | 0.00% | 0.00% |
| **Global X CleanTech ETF** |  |  |  |  |  |
| 50.50% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| **Global X Data Center & Digital Infrastructure ETF** |  |  |  |  |  |
| 22.48% | 0.00% | 0.00% | 0.00% | 27.44% | 0.00% |
| **Global X Clean Water ETF** |  |  |  |  |  |
| 93.09% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| **Global X AgTech & Food Innovation ETF** |  |  |  |  |  |
| 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| **Global X Blockchain ETF** |  |  |  |  |  |
| 0.77% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| **Global X Hydrogen ETF** |  |  |  |  |  |
| 27.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| **Global X Defense Tech ETF** |  |  |  |  |  |
| 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| **Global X Infrastructure Development ex-U.S. ETF** |  |  |  |  |  |
| 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 22.63% |
| **Global X AI Semiconductor & Quantum ETF** |  |  |  |  |  |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |

---

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

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

*189*

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Notice to Shareholders (UNAUDITED)

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

The Funds intend to pass through a foreign tax credit to shareholders. For the fiscal year ended November 30, 2025, the total amount of foreign source income and foreign tax credit are as follows:

---

| | | |
|:---|:---|:---|
| Fund Name | Foreign SourceIncome | Foreign Tax Credit Pass<br> Through |
| Global X Robotics & Artificial Intelligence ETF | $8159006 | $1415948 |
| Global X Dorsey Wright Thematic ETF | 94844 | 2585 |
| Global X Video Games & Esports ETF | 599532 | 29685 |
| Global X Infrastructure Development ex-U.S. ETF | 67202 | 9677 |

---

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

*190*

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**Other information (Form N-CSR Items 8-11) (Unaudited)**

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**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.**

Section 15(c) of the Investment Company Act of 1940, as amended ("1940 Act"), requires that the board of trustees of an exchange-traded fund ("ETF"), including a majority of those trustees who are not "interested persons" of the ETF, as defined in the 1940 Act ("Independent Trustees"), consider on an initial basis and periodically thereafter (as required by the 1940 Act), at an in person meeting called for such purpose, the terms of each ETF's investment advisory agreement and whether to approve entering into, or renewing, each agreement.

At the Board meeting (the "New Fund Board Meeting") of the Global X Funds (the "Trust") held on July 31, 2025, with respect to the Global X AI Semiconductor & Quantum ETF (the "New Fund,"), the Board of Trustees (the "Board") (including the Trust's Independent Trustees, voting separately) considered and unanimously approved (i) the initial Investment Advisory Agreement (the "New Investment Advisory Agreement"); and (ii) the initial Supervision and Administration Agreement (the "New Supervision and Administration Agreement") between the Trust, on behalf of the New Fund, and Global X Management Company LLC ("Global X Management"). The New Investment Advisory Agreement and New Supervision and Administration Agreement are referred to collectively as the "New Fund Agreements."

*191*

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Other information (Form N-CSR Items 8-11) (Unaudited) (Continued)

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At a Board meeting of the Trust held on November 20, 2025 (the "November Board Meeting" and together with the New Fund Board Meeting, the "Board Meetings"), called for such purpose, the Board (including the Trust's Independent Trustees, voting separately) also considered and unanimously approved the continuation of (i) the Investment Advisory Agreement ("Renewal Investment Advisory Agreement") for each Fund (each a "Renewal Fund" and together, the "Renewal Funds") included in this Form N-CSR; and (ii) the Supervision and Administration Agreement ("Renewal Supervision and Administration Agreement"), each between the Trust, on behalf of each Renewal Fund, and Global X Management. The Renewal Investment Advisory Agreement and the Renewal Supervision and Administration Agreement are referred to herein as the "Renewal Agreements."

In advance of the Board Meetings, the Board (including the Trust's Independent Trustees) and the Independent Trustees' independent legal counsel requested (in writing) detailed information from Global X Management in connection with the Board's consideration of the Renewal Agreements and New Fund Agreements and received and reviewed written responses from Global X Management and supporting materials relating to those requests for information. In the course of their consideration of the Renewal Agreements and New Fund Agreements, the Trust's Independent Trustees were advised by their independent legal counsel and, in addition to meetings with management of Global X Management, the Independent Trustees met separately in executive sessions with their counsel.

**NEW FUND AGREEMENTS**

In determining to approve the New Fund Agreements for the New Fund, the Board considered a variety of factors, including the factors discussed in greater detail below.

**Nature, Extent and Quality of Services**

The Board considered the nature, extent and quality of all of the services (including advisory, administrative and compliance services) that are proposed to be provided by Global X Management or made available to the New Fund. With respect to this factor, the Board considered:

• the terms of the New Fund Agreements and the range of services proposed to be
 provided to the New Fund in accordance with the New Fund Agreements;

• Global X Management's key personnel and the portfolio managers who would provide investment
 advisory, supervision and administrative services to the New Fund;

• Global X Management's responsibilities under the New Fund Agreements to, among other
 things, (i) manage the investment operations of the New Fund and the composition of the New Fund's assets, including
 the purchase, retention and disposition of its holdings, (ii) provide quarterly reports to the Trust's officers and
 the Board and other reports as the Board deems necessary or appropriate, (iii) vote proxies, exercise consents, and exercise
 all other rights relating to securities and assets held by the New Fund, (iv) select broker-dealers to execute portfolio transactions
 for the

*192*

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Other information (Form N-CSR Items 8-11) (Unaudited) (Continued)

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| | |
|:---|:---|
|  | New Fund when necessary, (v) assist in the preparation and filing of reports and proxy statements (if any) to the shareholders of the New Fund, and the periodic updating of the registration statements, prospectuses, statements of additional information, and other reports and documents for the New Fund that are required to be filed by the Trust with the U.S. Securities and Exchange Commission ("SEC") and other regulatory or governmental bodies, and (vi) monitor anticipated purchases and redemptions of the shares (including Creation Units) of the New Fund by shareholders and new investors; |
| • | the New Fund's investment strategies and Global X Management's experience with such strategies, including with respect to any unique aspect of its strategies; and |
| • | the quality of Global X Management's resources and personnel that would be made available to the New Fund, including Global X Management's experience and the professional qualifications of Global X Management's key personnel. |

---

Based on these considerations, the Board concluded at the New Fund Board Meeting that it was satisfied with the nature, extent and quality of the services proposed to be provided to the New Fund by Global X Management.

**Performance**

The Board determined that, because the New Fund had not yet begun investment operations as of the dates of the New Fund Board Meeting, meaningful data relating to the investment performance of the New Fund was not available and, therefore, could not be a factor in approving the New Fund Agreements.

**Cost of Services and Profitability**

The Board considered Global X Management's expected costs to provide investment management, supervision and administrative and related services to the New Fund. With respect to this factor, the Board considered:

• the management fee (including the proposed investment advisory fee) ("Management
 Fee") that was proposed to be borne by the New Fund under the New Fund Agreements for the various investment advisory,
 supervisory and administrative services that the New Fund requires under a unitary fee structure (including the types of fees
 and expenses that are not included within the unitary fee and would be borne by the New Fund); and

• the expected profitability to Global X Management, if any, from all of the services proposed
 to be provided to the New Fund by Global X Management and all aspects of the relationship between Global X Management and
 the New Fund.

Based on these considerations, the Board concluded that the proposed Management Fee to be paid by the New Fund to Global X Management, in light of the nature, extent and

*193*

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Other information (Form N-CSR Items 8-11) (Unaudited) (Continued)

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quality of the services to be provided, was reasonable and in the best interests of the New Fund's shareholders.

**Comparison of Fees and Services**

The Board considered the fees that were proposed to be charged to the New Fund for advisory services. With respect to this factor, the Board considered:

• comparative information with respect to the proposed Management Fee to be paid
 to Global X Management by the New Fund. In connection with this consideration, Global X Management provided the Board with
 comparative expense data for the New Fund, including fees and expenses paid by unaffiliated similar specialized and/ or focused
 ETFs, and/or other similar registered funds. The Board considered Global X Management's detailed explanation of the
 proposed fee structures of the New Fund compared to the average and median of the New Fund's peer group. The Board noted
 that the New Fund's proposed Management Fee was 14 basis points higher than the peer group average and 15 basis points
 higher than the peer group median and its total expenses were expected to be 13 basis points higher than the peer group average
 and 15 basis points higher than the peer group median, and that Global X Management believed the proposed fees and expenses
 were appropriate in light of the New Fund's unique exposure to the semiconductor sector and were in line with the range
 of the fees and expenses of the comparable funds;

• the structure of the proposed unitary Management Fee (which includes as one component the
 proposed investment advisory fee for the New Fund) and the expected total expense ratios for the New Fund. In this regard,
 the Board took into consideration that the purpose of adopting a unitary Management Fee structure for the New Fund was to
 create a simple, all-inclusive fee that would provide a level of predictability with respect to the overall expense ratios
 (i.e., the total fees) of the New Fund and that the proposed Management Fee for the New Fund was set at a competitive level
 to make the New Fund viable in the marketplace; and

• that, under the proposed unified Management Fee structure, Global X Management would be responsible
 for most ordinary expenses of the New Fund, including the costs of various third-party services required by the New Fund,
 including investment advisory, administrative, audit, certain custody, portfolio accounting, legal, transfer agency and printing
 costs, but that the New Fund would bear other expenses not covered under the proposed all-inclusive Management Fee, such as
 taxes, brokerage fees, commissions, and other transaction expenses, interest expenses, and extraordinary expenses.

Based on these considerations, the Board concluded at the New Fund Board Meeting that the services to be received and the fees to be charged under the applicable New Fund Agreements were reasonable on a comparative basis.

*194*

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Other information (Form N-CSR Items 8-11) (Unaudited) (Continued)

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**Economies of Scale**

The Board considered the extent to which economies of scale would be realized as the New Fund grows and whether the proposed unitary Management Fee for the New Fund reflected these economies of scale. With respect to this factor, the Board considered:

• the significant investment of time, personnel and other resources that Global
 X Management intends to make in the New Fund in seeking to assure that the New Fund is attractive to investors; and

• that the proposed unitary Management Fee would provide a high level of certainty as to the
 total level of expenses for the New Fund and its shareholders.

Based on these considerations, the Board concluded at the New Fund Board Meeting that the proposed unitary Management Fee for the New Fund appropriately addressed economies of scale.

**Other Benefits**

In considering the New Fund Agreements, in addition to the factors discussed above, the Board considered other benefits that may be realized by Global X Management as a result of its relationship with the New Fund.

**Conclusion**

After full consideration of the factors above, as well as other factors that were instructive in their consideration, the Board, including all of the Trust's Independent Trustees voting separately, concluded, in the exercise of its business judgement, that the New Fund Agreements were fair and reasonable and in the best interest of the New Fund.

In reaching this decision, the Board did not assign relative weights to the factors above nor did the Board deem any one factor or group of them to be controlling in and of themselves. Each member of the Board may have assigned different weights to the various factors.

**RENEWAL AGREEMENTS**

In determining to approve the continuation of the Renewal Agreements for each Renewal Fund, the Board considered a variety of factors, including the factors discussed in greater detail below.

**Nature, Extent and Quality of Services**

The Board considered the nature, extent and quality of all of the services (including advisory, administrative and compliance services) that have been provided by Global X Management or made available to the Renewal Funds. With respect to this factor, the Board considered:

• the terms of the Renewal Agreements and the range of services that would continue

*195*

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Other information (Form N-CSR Items 8-11) (Unaudited) (Continued)

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| | |
|:---|:---|
|  | to be provided to each Renewal Fund in accordance with the Renewal Agreements; |
| • | Global X Management's key personnel and the portfolio managers who would continue to provide investment advisory, supervision and administrative services to each Renewal Fund; |
| • | Global X Management's responsibilities under the Renewal Agreements, among other things, to: (i) manage the investment operations of the Renewal Funds and the composition of the Renewal Funds' assets, including the purchase, retention and disposition of their holdings, (ii) provide quarterly reports to the Trust's officers and the Board and other reports as the Board deems necessary or appropriate, (iii) vote proxies, exercise consents, and exercise all other rights relating to securities and assets held by the Renewal Funds, (iv) select broker-dealers to execute portfolio transactions for the Renewal Funds when necessary, (v) assist in the preparation and filing of reports and proxy statements (if any) to the shareholders of the Renewal Funds, and the periodic updating of the registration statement, prospectuses, statements of additional information, and other reports and documents for the Renewal Funds that are required to be filed by the Trust with the SEC and other regulatory and governmental bodies, and (vi) monitor anticipated purchases and redemptions of the shares (including Creation Units) of the Renewal Funds by shareholders and new investors; |
| • | each Renewal Fund's investment strategies and, with respect to the Renewal Funds that invest in unique types of investments, Global X Management's experience in investing in such instruments and the additional services required to implement such investments; and |
| • | the quality of Global X Management's resources and personnel that would continue to be made available to the Renewal Funds, including Global X Management's experience and the professional qualifications of Global X Management's key personnel. |

---

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Renewal Funds by Global X Management.

**Performance**

The Board considered the performance of each Renewal Fund. They examined the performance of the Renewal Funds for the one-year, three-year, five-year and since-inception periods, as applicable. Also, the Board considered the total return and investments performance of the Renewal Funds relative to (i) the performance of unaffiliated comparable ETFs and/or other registered funds, which performance information is publicly available from such registered funds, as well as other third-party sources; and (ii) the performance of pertinent indexes. The Board considered instances of underperformance and overperformance with respect to the competitor funds. Specifically, the Board considered:

• the performance of each Renewal Fund in absolute terms and compared to its broad-based and additional
 performance benchmark or underlying index (as applicable) for

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Other information (Form N-CSR Items 8-11) (Unaudited) (Continued)

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| | |
|:---|:---|
|  | the one-, three-, and five-year or since-inception periods; |
| • | the tracking error of the Renewal Funds and the performance of each Renewal Fund compared against its underlying index. For Renewal Funds that experienced significant tracking error, the Board considered Global X Management's explanation for such tracking error, including whether the Renewal Fund uses a replication strategy or a representative sampling strategy to seek investment results that correspond to the underlying index, the frequency with which the Renewal Fund's underlying index is rebalanced, and whether the Renewal Fund participates in a securities lending program; and |
| • | the impact of prevailing market conditions on the performance of each Renewal Fund in light of the Renewal Fund's investment objective. |

---

With respect to the following Renewal Funds, the Board noted that:

• the Global X HealthTech ETF had returned negative performance for the three- and
 five- year periods ending September 30, 2025, but that the Renewal Fund's performance was positive for the one-year
 period and that for each of those periods, the Renewal Fund's performance was in line with that of its underlying index;

• the Global X Genomics & Biotechnology ETF had returned negative performance for the
 one-, three- and five-year periods ending September 30, 2025, but that for each of those periods, the Renewal Fund's
 performance was in line with that of its underlying index;

• the Global X Dorsey Wright Thematic ETF had returned negative performance for the five-year
 period ending September 30, 2025, but that the Renewal Fund outperformed its underlying index during that period, and the
 Renewal Fund's performance was positive for the one- and three-year periods, and that for each of those periods, the
 Renewal Fund's performance was in line with that of its underlying index;

• the Global X Blockchain ETF had returned negative performance for since-inception period ending
 September 30, 2025, but that the Renewal Fund's performance was positive for the one- and three-year periods and that
 for each of those periods, the Renewal Fund outperformed its underlying index;

• the Global X FinTech ETF had returned negative performance for the five-year period ending
 September 30, 2025, but that the Renewal Fund's performance was positive for the one- and three-year periods and that
 for each of those periods, the Renewal Fund's performance was in line with that of its underlying index;

• the Global X Cloud Computing ETF had returned negative performance for the five-year period
 ending September 30, 2025, but that the Renewal Fund's performance was positive for the one- and three-year periods
 and that for each of those periods, the

*197*

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Other information (Form N-CSR Items 8-11) (Unaudited) (Continued)

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| | |
|:---|:---|
|  | Renewal Fund's performance was in line with that of its underlying index; |
| • | the Global X AgTech & Food Innovation ETF had returned negative performance for the three-year and since-inception periods ending September 30, 2025, but that the Renewal Fund's performance was positive for the one-year period and that for each of those periods, the Renewal Fund's performance was in line with that of its underlying index; |
| • | the Global X CleanTech ETF had returned negative performance for the three-year and since-inception ending September 30, 2025, but that the Renewal Fund's performance was positive for the one-year period and that for each of those periods, the Renewal Fund's performance was in line with that of its underlying index; |
| • | the Global X Hydrogen ETF had returned negative performance for the three-year and since-inception periods ending September 30, 2025 but that the Renewal Fund outperformed its underlying index during those periods, and the Renewal Fund's performance was positive for the one-year period, and that for each of those periods, the Renewal Fund's performance was in line with that of its underlying index; and |
| • | as of September 30, 2025, the Global X AI Semiconductor & Quantum ETF was a new fund and meaningful data relating to its investment performance was not available. |
| • | Based on these considerations and comparisons, the Board concluded that the investment performance of the Renewal Funds did not adversely affect the Board's approval of the continuance of the Renewal Agreements. |

---

**Cost of Services and Profitability**

The Board considered Global X Management's cost to provide investment management, supervision and administrative and related services to the Renewal Funds. In this regard, the Board considered the management fee ("Management Fee") that has been borne or is expected to be borne by the Renewal Funds under the Renewal Agreements for the various investment advisory, supervisory and administrative services that the Renewal Funds require under a unitary fee structure (including the types of fees and expenses that are not included within the unitary fee and would be borne by the Renewal Funds). The Board also considered that, for certain Renewal Funds that had invested in affiliated acquired funds, Global X Management bore the costs of such acquired fund fees and expenses.

In addition, the Board considered expected profitability to Global X Management, as applicable, from all services provided or expected to be provided to the Renewal Funds and all aspects of Global X Management's relationship with the Renewal Funds. In connection with these considerations, Global X Management provided the Board with financial information regarding its operations and the services provided to the Renewal Funds and discussed with the Board its current and expected profitability, as applicable, with respect to the Renewal Funds.

*198*

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Other information (Form N-CSR Items 8-11) (Unaudited) (Continued)

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Based on these considerations, the Board concluded that the Management Fee rate paid by the Renewal Funds to Global X Management, in light of the nature, extent and quality of the services provided, was reasonable and in the best interests of the Renewal Funds' shareholders.

**Comparison of Fees and Services**

The Board considered fees charged to the Renewal Funds for advisory services. With respect to this factor, the Board considered:

• comparative information with respect to the Management Fee paid to Global X Management
 by the Renewal Funds. In connection with this consideration, Global X Management provided the Board with comparative expense
 data for the Renewal Funds, including fees and expenses paid by unaffiliated similar specialized and/or focused ETFs and/or
 other comparable registered funds;

• the structure of the unitary Management Fee (which includes as one component the investment
 advisory fee for the Renewal Funds) and the current total expense ratios for the Renewal Funds. In this regard, the Board
 took into consideration the competitive market of each Renewal Fund and that the purpose of adopting a unitary Management
 Fee structure for the Renewal Funds was to create a simple, all-inclusive fee that would provide a level of predictability
 with respect to the overall expense ratio (i.e., the total fees) of the Renewal Funds and that the proposed Management Fee
 for each Renewal Fund was set at a competitive level to make the Renewal Funds viable in the marketplace; and

• that, under the unified Management Fee structure, Global X Management is responsible for most
 ordinary expenses of the Renewal Funds, including the costs of various third-party services required by the Renewal Funds,
 including investment advisory, administrative, audit, certain custody, portfolio accounting, legal, transfer agency and printing
 costs, but that each Renewal Fund would bear other expenses not covered under the proposed all-inclusive Management Fee, such
 as taxes, brokerage fees, commissions, and other transaction expenses, interest expenses, and extraordinary expenses.

With respect to the following Renewal Funds, the Board noted that:

• the Global X CleanTech ETF's Management Fee was 1 basis point higher than
 the peer group average and equal to the peer group median and its total expenses were 6 basis points lower than each of the
 peer group average and median, and that Global X Management believed the fees and expenses were appropriate given the targeted
 nature of the Renewal Fund and were within the range of the fees and expenses of the comparable funds;

• the Global X Hydrogen ETF's Management Fee was 1 basis point higher than the peer group
 average and equal to the peer group median and its total expenses were 6

*199*

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Other information (Form N-CSR Items 8-11) (Unaudited) (Continued)

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| | |
|:---|:---|
|  | basis points lower than each of the peer group average and median, and that Global X Management believed the fees and expenses were appropriate given the targeted nature of the Renewal Fund and were within the range of the fees and expenses of the comparable funds; |
| • | the Global X Genomics & Biotechnology ETF's Management Fee was equal to the peer group average and 4 basis points higher than the peer group median and its total expenses were 3 basis points lower than the peer group average and 1 basis point higher than the peer group median, and that Global X Management believed the fees and expenses were within the range of the comparable funds; |
| • | the Global X Dorsey Wright Thematic ETF's Management Fee and total expenses were each 5 basis points higher than the respective peer group average and 2 basis points higher than the respective peer group median, and that Global X Management believed the fees and expenses were within the range of the fees and expenses of the comparable funds; |
| • | the Global X Robotics & Artificial Intelligence ETF's Management Fee was 1 basis point higher than the peer group average and 2 basis points lower than the peer group median and its total expenses were 9 basis points higher than the peer group average and 10 basis points higher than the peer group median, and Global X Management believed that the fees and expenses were appropriate given the targeted nature of the Renewal Fund and were within the range of the fees and expenses of the comparable funds; |
| • | the Global X FinTech ETF's Management Fee and total expenses were each 11 basis points higher than the peer group average and 8 basis points higher than the peer group median, respectively, and that Global X Management believed the fees and expenses were within the range of the fees and expenses of the comparable funds; |
| • | the Global X Artificial Intelligence & Technology ETF's Management Fee and total expenses were each 18 basis points higher than the peer group average and 23 basis points higher than the peer group median, respectively, and that Global X Management believed the fees and expenses were appropriate in light of the targeted exposure of the Renewal Fund and were within the range of the fees and expenses of the comparable funds; |
| • | the Global X Cloud Computing ETF's Management Fee and total expenses were each 18 basis points higher than the peer group average and 23 basis points higher than the peer group median, respectively, and that Global X Management believed the fees and expenses were appropriate in light of the targeted exposure of the Renewal Fund and were within the range of the fees and expenses of the comparable funds; |
| • | the Global X Internet of Things ETF's Management Fee and total expenses were each 18 basis points higher than the peer group average and 23 basis points higher than the peer group median, respectively, and that Global X Management believed the fees and |

---

*200*

![](logom4.jpg)

Other information (Form N-CSR Items 8-11) (Unaudited) (Continued)

------

---

| | |
|:---|:---|
|  | expenses were appropriate in light of the targeted exposure of the Renewal Fund and were within the range of the fees and expenses of the comparable funds; |
| • | the Global X Cybersecurity ETF's Management Fee was 5 basis points higher than each of the peer group average and median and its total expenses were 3 basis points higher than the peer group average and 6 basis points higher than the peer group median, and that Global X Management believed that the fees and expenses were within the range of the fees and expenses of the comparable funds; |
| • | the Global X Defense Tech ETF's Management Fee was 5 basis points higher than each of the peer group average and median and its total expenses were 2 basis points higher than the peer group average and 5 basis points higher than the peer group median, and that Global X Management believed the fees and expenses were appropriate given the Renewal Fund's focused defense technology exposure and were within the range of the fees and expenses of the comparable funds; |
| • | the Global X Autonomous & Electric Vehicles ETF's Management Fee was 15 basis points higher than the peer group average and 21 basis points higher than the peer group median and its total expenses were 14 basis points higher than the peer group average and 21 basis points higher than the peer group median, and that Global X Management believed the Renewal Fund's fees and expenses were within the range of the fees and expenses of the comparable funds; |
| • | the Global X Infrastructure Development ex-U.S. ETF's Management Fee was 6 basis points higher than the peer group average and 8 basis points higher than the peer group median and its total expenses were 6 basis points higher than each of the peer group average and median, and that Global X Management believed the fees and expenses were appropriate given the Renewal Fund's exposure to international markets and were within the range of the fees and expenses of the comparable funds; |
| • | the Global X Data Center & Digital Infrastructure ETF's Management Fee and total expenses were each 6 basis points higher than each of the peer group average and median, respectively, and that Global X Management believed the fees and expenses were appropriate given the Renewal Fund's targeted exposure; and |
| • | the Global X AI Semiconductor & Quantum ETF's Management Fee was 14 basis points higher than the peer group average and 15 basis points higher than the peer group median, and its total expense were 13 basis points higher than the peer group average and 15 basis points higher than the peer group median, and that Global X Management believed the fees and expenses were appropriate given the Renewal Fund's unique approach to providing exposure to the semiconductor sector, and that the fees and expenses were within the range of the fees and expenses of the comparable funds. |

---

Based on these considerations, the Board concluded that the services received and the fees charged under the Renewal Agreements were reasonable on a comparative basis.

*201*

![](logom4.jpg)

Other information (Form N-CSR Items 8-11) (Unaudited) (Concluded)

------

**Economies of Scale**

The Board considered the existence of any economies of scale and the extent to which economies of scale would be realized as the Renewal Funds grow and whether the unitary Management Fee for the Renewal Funds reflected these economies of scale, including through the implementation of expense limitations. With respect to this factor, the Board also considered:

• the significant investment of time, personnel and other resources that Global
 X Management has made and intends to continue to make in the Renewal Funds in seeking to assure that the Renewal Funds are
 attractive to investors;

• that the unitary Management Fee would provide a high level of certainty as to the total level
 of expenses for the Renewal Funds and their shareholders.

Based on these considerations, the Board concluded that the unitary Management Fee for the Renewal Funds appropriately addressed economies of scale.

**Other Benefits**

In considering the Renewal Agreements, in addition to the factors above, the Board considered any other benefits realized by Global X Management as a result of its relationship with the Renewal Funds.

**Conclusion**

After full consideration of the factors above, as well as other factors that were instructive in its consideration, the Board, including all of the Trust's Independent Trustees voting separately, concluded, in the exercise of its business judgement, that the Renewal Agreements were fair and reasonable and in the best interest of each Renewal Fund.

In reaching this decision, the Board did not assign relative weights to the factors above nor did the Board deem any one factor or group of them to be controlling in and of themselves. Each member of the Board may have assigned different weights to the various factors.

*202*

![](logom4.jpg)

605 Third Avenue, 43rd Floor

New York, NY 10158

1-888-493-8631

www.globalxetfs.com

**Investment Adviser and Administrator:**

Global X Management Company LLC

605 3rd Avenue, 43rd Floor

New York, NY 10158

**Distributor:**

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

**Sub-Administrator:**

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

**Counsel for Global X Funds and the Independent Trustees:**

Stradley Ronon Stevens & Young, LLP

2000 K Street, N.W.

Suite 700

Washington, DC 20006

**Custodians and Transfer Agents:**

Brown Brothers Harriman & Co.

40 Water Street

Boston, MA 02109

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

**Independent Registered Public Accounting Firm:**

PricewaterhouseCoopers LLP

Two Commerce Square

Suite 1800

2001 Market Street

Philadelphia, PA 19103

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

GLX-AR-007-1000

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

Included under Item 7.

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

Included under Item 7.

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

Included under Item 7.

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

Included under Item 7.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

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

**Item 16. Controls and Procedures.**

(a) The certifying officers, whose certifications are included herewith, have evaluated the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) within 90 days of the filing date of this report. In their opinion, based on their evaluation, the registrant's disclosure controls and procedures are adequately designed, and are operating effectively to ensure, that information required to be disclosed by the registrant in the reports it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

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

Not applicable.

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

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

[(a)(1) Code of Ethics attached hereto.](c115250_ex99-codeeth.htm)

(a)(2) Not applicable.

[(a)(3) A separate certification for the principal executive officer and the principal financial officer of the registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), are filed herewith.](c115250_ex99-cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) Officer certifications as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as exhibits.](c115250_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 |
|  | Principal Executive Officer |

---

Date: February 5, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

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

---

Date: February 5, 2026

---

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

---

Date: February 5, 2026

## Ex-99.Code

**Exhibit 99.CODE ETH**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

## Ex-99.Cert

**Exhibit 99.CERT**

**CERTIFICATION**

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

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

I, Ryan O'Connor, certify that:

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

&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: February 5, 2026

/s/ Ryan O'Connor

Ryan O'Connor

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-CSR 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: February 5, 2026

/s/ Eric Olsen

Eric Olsen

Principal Financial Officer

## Exhibit 99.906

**Exhibit 99.906 CERT**

**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-CSR for the period ended November 30, 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-CSR fully complies with the requirements of Section 13(a) or 15(d)
of the Securities Exchange Act of 1934; and

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

Dated: February 5, 2026

---

| |
|:---|
| /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-CSR for the period ended November 30, 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-CSR fully complies with the requirements of Section 13(a) or 15(d)
of the Securities Exchange Act of 1934; and

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

Dated: February 5, 2026

---

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

---