# EDGAR Filing Document

**Accession Number:** 0001432353
**File Stem:** 0001135428-23-000027
**Filing Date:** 2023-2
**Character Count:** 139216
**Document Hash:** 9efae54812ee9a8660356b0c3af88f63
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001135428-23-000027.hdr.sgml**: 20230207

**ACCESSION NUMBER**: 0001135428-23-000027

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230207

**DATE AS OF CHANGE**: 20230207

**EFFECTIVENESS DATE**: 20230207

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Global X Funds
- **CENTRAL INDEX KEY:** 0001432353
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22209
- **FILM NUMBER:** 23594636

**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 Interest Rate Hedge ETF (Series ID: S000076384)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000236195 | Global X Interest Rate Hedge ETF | RATE            |

### Global X Interest Rate Volatility & Inflation Hedge ETF (Series ID: S000076386)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000236197 | Global X Interest Rate Volatility & Inflation Hedge ETF | IRVH            |

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#### 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)

Luis Berruga

Global X Management Company LLC

605 Third Avenue, 43rd floor

New York, NY 10158

(Name and address of agent for service)

With a copy to:

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

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

#### Date of fiscal year end: November 30, 2022

#### Date of reporting period: November 30, 2022

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#### Item 1. Reports to Stockholders.

A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Act") (17 CFR § 270.30e-1), is attached hereto.

<br> ![](coverlogo.jpg)

#### Global X Interest Rate Hedge ETF (ticker: RATE)

#### Global X Interest Rate Volatility & Inflation Hedge ETF (ticker: IRVH)
 **Annual Report**

 **November 30, 2022**

 **As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds' (defined below) shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary (such as a broker–dealer or bank). Instead, shareholder reports will be available on the Funds' website (www. globalxetfs.com/explore), and you will be notified by mail each time a report is posted and provided with a website link to access the report.**

 **If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary.**

 **You may elect to receive all future Fund shareholder reports in paper free of charge. Please contact your financial intermediary to inform them that you wish to continue receiving paper copies of Fund shareholder reports and for details about whether your election to receive reports in paper will apply to all funds held with your financial intermediary.**

------

![](pagelogo.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| Management Discussion of Fund Performance | 1 |
| Schedule of Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Global X Interest Rate Hedge ETF | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Global X Interest Rate Volatility & Inflation Hedge ETF | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Glossary | 9 |
| Statements of Assets and Liabilities | 10 |
| Statements of Operations | 11 |
| Statements of Changes in Net Assets | 12 |
| Financial Highlights | 13 |
| Notes to Financial Statements | 15 |
| Report of Independent Registered Public Accounting Firm | 33 |
| Disclosure of Fund Expenses | 35 |
| Approval of Investment Advisory Agreements | 37 |
| Supplemental Information | 41 |
| Trustees and Officers of the Trust | 42 |
| Notice to Shareholders | 45 |

---

Shares are bought and sold at market price (not net asset value ("NAV")) and are not individually redeemed from a Fund. Shares may only be redeemed directly from a Fund by Authorized Participants, in very large creation/ redemption units. Brokerage commissions will reduce returns.

The Funds file their complete schedules of Fund holdings with the Securities and Exchange Commission (the "SEC" or "Commission") for the first and third quarters of each fiscal year as an exhibit to their reports on Form N–PORT. The Funds' Forms N–PORT are available on the Commission's website at https://www.sec.gov, and may be reviewed and copied at the Commission's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1–800–SEC–0330.

A description of the policies and procedures that Global X Funds uses to determine how to vote proxies relating to Fund securities, as well as information relating to how the Funds voted proxies relating to Fund securities during the most recent 12–month period ended June 30, is available (i) without charge, upon request, by calling 1–888–493–8631; and (ii) on the Commission's website at https://www.sec.gov.

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![](pagelogo.jpg)

---

| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Interest Rate Hedge ETF**  |

---

**Global X Interest Rate Hedge ETF**

The Global X Interest Rate Hedge ETF ("Fund") is an actively–managed ETF that seeks to provide a hedge against sharp increases in long–term U.S. interest rates and is expected to benefit during periods of market stress when interest rate volatility is elevated. The Fund seeks to achieve its investment objective primarily by investing in (1) long put options position(s) on exchange traded funds ("ETFs") that primarily invest in U.S. Treasuries and/or long put options position(s) on U.S. Treasury futures, and/or (2) long interest rate payer swap options ("swaptions"). The Fund will also invest in long positions in U.S. Treasury bills for cash management purposes. The Fund invests in U.S. Treasury bills directly or through other ETFs.

From the inception of the Fund to the period ended November 30, 2022 (the "reporting period"), the Fund increased 19.04%. The Fund had a net asset value of $25.00 per share on July 5, 2022 and ended the reporting period with a net asset value of $29.65 per share on November 30, 2022.

The Fund's positive performance during the reporting period was driven by investments in payer swaptions on the U.S. dollar, which increased in value as U.S. interest rates increased. During the reporting period, 10 year Treasury yields rose 80 basis points, and the ICE U.S. Treasury 20+ Year Index returned –11.28%. The Fund also benefited from an increase in implied volatility in U.S. interest rates, which increased the value of the Fund's option positions, as well as holding short–term Treasury securities that generated positive yield.

---

| | | |
|:---|:---|:---|
|  | AVERAGE ANNUAL TOTAL RETURN FOR THE <br> PERIOD ENDED NOVEMBER 30, 2022 | AVERAGE ANNUAL TOTAL RETURN FOR THE <br> PERIOD ENDED NOVEMBER 30, 2022 |
|  | Cumulative Inception to Date\* | Cumulative Inception to Date\* |
|  | Net Asset Value | Market Price |
| Global X Interest Rate Hedge ETF | 19.04% | 18.49% |
| ICE U.S. Treasury 20+ Year Index | 11.28% | 11.28% |

---

*1*

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![](pagelogo.jpg)

---

| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Interest Rate Hedge ETF**  |

---

![](interestratehedge-line.jpg)

\*The Fund commenced investment operations on July 5, 2022.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

There are no assurances that the Fund will meet its stated objectives.

The Fund's holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices above.

*2*

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![](pagelogo.jpg)

---

| |
|:---|
| **Management Discussion of Fund Performance** **(Unaudited)** |
| **Global X Interest Rate Volatility & Inflation Hedge ETF**  |

---

**Global X Interest Rate Volatility & Inflation Hedge ETF**

The Global X Interest Rate Volatility & Inflation Hedge ETF ("Fund") is an actively–managed ETF that seeks to hedge relative interest rate movements arising from a steepening of the U.S. interest rate curve, and to benefit from periods of market stress when interest rate volatility increases, while also providing inflation–protected income. The Fund seeks to achieve its investment objective primarily by investing, directly or indirectly, in a mix of U.S. Treasury Inflation–Protected Securities ("TIPS") and long yield curve spread options, which are tied to the shape of the U.S. interest rate curve.

From the inception of the Fund to the period ended November 30, 2022 (the "reporting period"), the Fund decreased 6.93%. The Fund had a net asset value of $25.00 per share on July 5, 2022 and ended the reporting period with a net asset value of $22.85 per share on November 30, 2022.

The Fund's TIPS and option positions both contributed to the Fund's negative performance during the reporting period. TIPS underperformed due to a sharp increase in U.S. interest rates. During the reporting period, 10 year Treasury yields rose 80 basis points, and the Bloomberg US Treasury Inflation–Linked Bond Index returned –3.47%. The Fund's yield curve spread options, which benefit when the U.S. yield curve steepens, lost value as the spread between 10 year and 2 year Treasuries inverted to multi–decade lows in response to the U.S. Federal Reserve's aggressive interest rate hikes. Factors that partially offset some losses were the elevated inflation in this period, which led TIPS to generate income in excess of nominal Treasuries, and an increase in implied volatility in U.S. interest rates, which increased the value of the Fund's option positions.

---

| | | |
|:---|:---|:---|
|  | AVERAGE ANNUAL TOTAL RETURN FOR THE<br> PERIOD ENDED NOVEMBER 30, 2022 | AVERAGE ANNUAL TOTAL RETURN FOR THE<br> PERIOD ENDED NOVEMBER 30, 2022 |
|  | Cumulative Inception to Date\* | Cumulative Inception to Date\* |
|  | Net Asset Value | Market Price |
| Global X Interest Rate Volatility & Inflation Hedge ETF | –6.93% | –6.56% |
| Bloomberg US Treasury Inflation–Linked Bond Index | –3.47% | –3.47% |

---

*3*

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![](pagelogo.jpg)

---

| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Interest Rate Volatility & Inflation Hedge ETF**  |

---

![](interestratevolatility-line.jpg)

\*The Fund commenced investment operations on July 5, 2022.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

There are no assurances that the Fund will meet its stated objectives.

The Fund's holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices above.

*4*

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![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Interest Rate Hedge ETF** | **Global X Interest Rate Hedge ETF** |

---

![](interestratehedge-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS — 86.6%** | |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.167%, 02/16/23<sup>(A)</sup> | $300000 | $&nbsp;&nbsp;&nbsp;&nbsp;297360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.864%, 01/10/23<sup>(A)</sup> | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;298700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.614%, 01/31/23<sup>(A)</sup>  | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;297922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.569%, 12/06/22<sup>(A)</sup> | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;299851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.494%, 12/13/22<sup>(A)</sup> | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;299646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.273%, 12/29/22<sup>(A)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;997050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.883%, 12/01/22<sup>(A)</sup> | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;100000 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.125%, 12/31/22 | 750000 | &nbsp;&nbsp;&nbsp;&nbsp;748825 |
| TOTAL U.S. TREASURY OBLIGATIONS |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,339,926) |  | 3339354 |
| **PURCHASED SWAPTIONS — 11.5%** |  |  |
| TOTAL PURCHASED SWAPTIONS |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $379,800) |  | &nbsp;&nbsp;&nbsp;&nbsp;442888 |
| TOTAL INVESTMENTS — 98.1% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,719,726) |  | $&nbsp;&nbsp;&nbsp;3782242 |

---

---

| |
|:---|
| *Percentages are based on Net Assets of $3,854,024.* |
| *(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.

*5*

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![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Interest Rate Hedge ETF** | **Global X Interest Rate Hedge ETF** |

---

 *A list of the open OTC interest rate swaptions purchased by the Fund at November 30, 2022, is as follows:*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of Contracts/Notional Amount** | **Exercise Rate** | **Expiration Date** | **Value** |
| **Put Swaptions** |  | | |  | |
| &nbsp;&nbsp; *10–Year SOFR Interest Rate Swap* | *UBS* | *4000000* | 2.700<br>*%* | *02/01/23* | $*235211* |
| &nbsp;&nbsp; *10–Year SOFR Interest Rate Swap* | *Bank of America* | *18000000* | 3.750<br>*%* | *03/22/23* | *207677* |
| &nbsp;&nbsp; *Total Purchased Swaptions* |  |  |  |  | $*442888* |

---

 *The following is a summary of the level of inputs used as of November 30, 2022, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp; *U.S. Treasury Obligations* | $*—* | $*3339354* | $*—* | $*3339354* |
| &nbsp;&nbsp;&nbsp; *Purchased Swaptions* | *—* | *442888* | *—* | *442888* |
| *Total Investments in Securities* | $*—* | $*3782242* | $*—* | $*3782242* |

---

 *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.

*6*

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![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | november 30, 2022  |
| **Global X Interest Rate Volatility & Inflation Hedge ETF** | **Global X Interest Rate Volatility & Inflation Hedge ETF** |

---

![](interestratevolatility-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Face Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS — 87.1%** | | |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation Indexed Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 04/15/29 | $18055 | $20507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 04/15/32 | 16722 | 19425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 01/15/28 | 212516 | 214529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.875%, 01/15/29–02/15/47 | 698396 | 657060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750%, 02/15/42 | 288979 | 244221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.625%, 02/15/43 | 12910 | 10502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.125%, 04/15/25–02/15/52 | 1559318 | 1420536 |
| TOTAL U.S. TREASURY OBLIGATIONS |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,769,983) |  | 2586780 |
| **PURCHASED OPTIONS — 8.9%** |  |  |
| TOTAL PURCHASED OPTIONS |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $359,500) . |  | 265016 |
| TOTAL INVESTMENTS — 96.0% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,129,483) |  | $2851796 |

---

<br> *Percentages are based on Net Assets of $2,970,738.*

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

*7*

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![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | november 30, 2022  |
| **Global X Interest Rate Volatility & Inflation Hedge ETF** | **Global X Interest Rate Volatility & Inflation Hedge ETF** |

---

 *A list of the OTC interest rate options purchased by the Fund at November 30, 2022, is as follows:*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of Contracts/Notional Amount** | **Exercise Rate** | **Expiration Date** | **Value** |
| **Call Options** |  | | |  | |
| &nbsp;&nbsp; *U.S. 2Yr/10Yr SOFR Spread Swap* | *UBS* | *20000000* | 0.135<br>*%* | *07/05/23* | $*17253* |
| &nbsp;&nbsp; *U.S. 2Yr/10Yr SOFR Spread Swap* | *UBS* | *40000000* | 0.345 | *07/05/24* | *139410* |
| &nbsp;&nbsp; *U.S. 2Yr/10Yr SOFR Spread Swap* | *UBS* | *20000000* | 0.190 | *01/11/24* | *53225* |
| &nbsp;&nbsp; *U.S. 2Yr/10Yr SOFR Spread Swap* | *Bank of America* | *10000000* | 0.050 | *01/07/24* | *55128* |
| &nbsp;&nbsp; *Total Purchased Options* |  |  |  |  | $*265016* |

---

 *The following is a summary of the level of inputs used as of November 30, 2022, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp; *U.S. Treasury Obligations* | $*—* | $*2586780* | $*—* | $*2586780* |
| &nbsp;&nbsp;&nbsp; *Purchased Options* | *—* | *265016* | *—* | *265016* |
| *Total Investments in Securities* | $*—* | $*2851796* | $*—* | $*2851796* |

---

 *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.

*8*

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![](pagelogo.jpg)

---

| | |
|:---|:---|
|  | november 30, 2022  |
| **Glossary: (abbreviations which may be used in the preceding Schedules of Investments)**  | **Glossary: (abbreviations which may be used in the preceding Schedules of Investments)**  |

---

#### Portfolio Abbreviations OTC — Over The Counter SOFR — Secured Overnight Financing Rate <br>

*9*

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![](pagelogo.jpg)

#### Statements of Assets and Liabilities

#### november 30, 2022

---

| | | |
|:---|:---|:---|
|  | **Global X Interest Rate Hedge ETF** | **Global X Interest Rate Volatility & Inflation Hedge ETF** |
| **Assets:** | | |
| &nbsp;&nbsp;&nbsp; Cost of Investments | $3719726 | $3129483 |
| &nbsp;&nbsp;&nbsp; Investments, at Value | $3782242 | $2851796 |
| &nbsp;&nbsp;&nbsp; Cash | 66805 | 115273 |
| &nbsp;&nbsp;&nbsp; Dividend and Interest Receivable | 6669 | 4872 |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 3855716 | 2971941 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp; Payable due to Investment Adviser | 1498 | 1073 |
| &nbsp;&nbsp;&nbsp; Custodian Fees Payable | 194 | 130 |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 1692 | 1203 |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $3854024 | $2970738 |
| **Net Assets Consist of:** |  |  |
| &nbsp;&nbsp;&nbsp; Paid–in Capital | $3273397 | $3239805 |
| &nbsp;&nbsp;&nbsp; Total Distributable Earnings/(Loss) | 580627 | (269067) |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $3854024 | $2970738 |
| &nbsp;&nbsp;&nbsp; Outstanding Shares of Beneficial Interest |  |  |
| &nbsp;&nbsp;&nbsp; (unlimited authorization — no par value) | 130000 | 130000 |
| &nbsp;&nbsp;&nbsp; Net Asset Value, Offering and Redemption Price Per Share | $29.65 | $22.85 |

---

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

*10*

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![](pagelogo.jpg)

#### Statements of Operations

#### For the Period Ended november 30, 2022

---

| | | |
|:---|:---|:---|
|  | **Global X Interest Rate Hedge ETF<sup>(1)</sup>** | **Global X Interest Rate Volatility & Inflation Hedge ETF<sup>(1)</sup>** |
| **Investment Income:** | | |
| &nbsp;&nbsp;&nbsp; Interest Income | $29403 | $73426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | 29403 | 73426 |
| &nbsp;&nbsp;&nbsp; Supervision and Administration Fees<sup>(2)</sup> | 6674 | 5456 |
| &nbsp;&nbsp;&nbsp; Custodian Fees<sup>(3)</sup> | 227 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | 6901 | 5586 |
| &nbsp;&nbsp;&nbsp; **Net Investment Income** | 22502 | 67840 |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments |  | (3918) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Options and Swaptions | 510000 |  |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | 510000 | (3918) |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (572) | (183203) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Options and Swaptions | 63088 | (94484) |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation (Depreciation)** | 62516 | (277687) |
| &nbsp;&nbsp;&nbsp; **Net Realized and Unrealized Gain (Loss)** | 572516 | (281605) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | $595018 | $(213765) |

---

(1) *The Fund commenced operations on July 5, 2022* 

(2) *The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)* 

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

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

*11*

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![](pagelogo.jpg)

#### Statements of Changes in Net Assets<br>

---

| | | |
|:---|:---|:---|
|  | **Global X Interest Rate Hedge ETF** | **Global X Interest Rate Volatility & Inflation Hedge ETF** |
|  | **Period Ended November 30, 2022<sup>(1)</sup>** | **Period Ended November 30, 2022<sup>(1)</sup>** |
| **Operations:** | | |
| &nbsp;&nbsp;&nbsp; Net Investment Income | $22502 | $67840 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | 510000 | (3918) |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | 62516 | (277687) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | 595018 | (213765) |
| **Distributions** | (14391) | (55302) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 3273397 | 3239805 |
| &nbsp;&nbsp;&nbsp; **Increase in Net Assets from Capital Share Transactions** | 3273397 | 3239805 |
| &nbsp;&nbsp;&nbsp; **Total Increase in Net Assets** | 3854024 | 2970738 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Period |  |  |
| &nbsp;&nbsp;&nbsp; End of Period | $3854024 | $2970738 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 130000 | 130000 |
| &nbsp;&nbsp;&nbsp; **Net Increase in Shares Outstanding from Share Transactions** | 130000 | 130000 |

---

(1) *The Fund commenced operations on July 5, 2022.* 

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

*12*

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#### Financial Highlights<br>

#### Selected Per Share Data & Ratios

#### For a Share Outstanding Throughout the Period

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value, Beginning of Period ($)** | **Net Investment Income ($)\*** | **Net Realized and Unrealized Gain (Loss) on Investments ($)** | **Total from Operations ($)** | **Distribution from Net Investment Income ($)** | **Distribution from Capital Gains ($)** | **Return of Capital ($)** |
|  **Global X Interest Rate Hedge ETF** | | | | | | | |
| 2022<sup>(1)</sup> | 25.00 | 0.18 | 4.58 | 4.76 | (0.11) |  |  |
|  **Global X Interest Rate Volatility & Inflation Hedge ETF** |  |  |  |  |  |  |  |
| 2022<sup>(1)</sup> | 25.00 | 0.53 | (2.25) | (1.72) | (0.43) |  |  |

---

---

| | |
|:---|:---|
| *\** | *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 July 5, 2022.* |

---

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

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

*13*

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#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total from Distributions ($)** | **Net Asset Value, End of Period ($)** | **Total Return (%)\*\*** | **Net Assets End of Period ($)(000)** | **Ratio of Expenses to Average Net Assets (%)** | **Ratio of Net Investment Income to Average Net Assets (%)** | **Portfolio Turnover (%)††** |
| (0.11) | 29.65 | 19.04 | 3854 | 0.47 | 1.52 |  |
| (0.43) | 22.85 | (6.93) | 2971 | 0.46 | 5.60 | 2.73 |

---

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

*14*

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---

| |
|:---|
| **Notes to Financial Statements** |
| **November 30, 2022** |

---

1. ORGANIZATION

Global X Funds (the "Trust") is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open–end management investment company. As of November 30, 2022, the Trust had one hundred and twelve portfolios, one hundred of which were operational. The financial statements herein and the related notes pertain to the Global X Interest Rate Hedge ETF and the Global X Interest Rate Volatility and Inflation Hedge ETF (each a "Fund", collectively, the "Funds"). The Funds have elected non–diversified status under the 1940 Act.

The Global X Interest Rate Hedge ETF and the Global X Interest Rate Volatility & Inflation Hedge ETF commenced operations on July 5, 2022. Prior to November 14, 2022, the ticker symbol for Global X Interest Rate Hedge ETF was IRHG.

2. SIGNIFICANT ACCOUNTING POLICIES

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

USE OF ESTIMATES — The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could materially differ from those estimates.

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 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. 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 may be valued at their amortized cost, which approximates market value. The prices for foreign

*15*

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---

| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **November 30, 2022** |

---

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

securities are reported in local currency and converted to U.S. dollars using currency exchange rates as of reporting date. The exchange rates used by the Trust for valuation are captured as of the New York or London close each day. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third–party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.

Options traded on an exchange will be valued at the mean of the bid and ask quotations for the current day at the close of the market. If either the bid or the ask is not available, the last closing price will be used. Over–the–counter ("OTC") options are valued based upon prices determined by an independent, third–party pricing agent. Futures are valued at the settlement price established by the board of trade on which they are traded.

Securities for which market prices are not "readily available" are valued in accordance with Fair Value Procedures established by Global X Management Company LLC, the Funds' investment adviser (the "Adviser"), and approved by the 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, the Funds may fair value a security if an event that may materially affect the value of the Funds' security that traded outside of the United States (a "Significant Event") has occurred between the time of the security's last close and the time that each Fund calculates its net asset value ("NAV"). A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If the Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate their NAVs, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably available to the Committee.

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

*16*

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---

| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **November 30, 2022** |

---

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

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

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

Level 3 — Significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments and fair value of investments for which the Funds do not have the ability to fully redeem tranches at NAV as of the measurement date or within the near term).

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

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

DUE TO/FROM BROKERS — Due to/from brokers includes cash and collateral balances with the Funds' clearing brokers or counterparties at November 30, 2022. The Funds continuously monitor the credit standing of each broker or counterparty with whom they conduct business. In the event a broker or counterparty is unable to fulfill its obligations, the Funds would be subject to counterparty credit risk.

FEDERAL INCOME TAXES — It is each Fund's intention to qualify, or continue to qualify, as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, <br>

*17*

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---

| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **November 30, 2022** |

---

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

as amended. Accordingly, no provisions for federal income taxes have been made in the financial statements except as described below.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether it is "more–likely–than–not" (i.e., greater than 50%) that each tax position will be sustained upon examination by a taxing authority based 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. Any foreign tax filings that have not been made will be filed within the prescribed period.

As of and during the reporting period November 30, 2022, the Funds did not have a liability for any unrecognized tax benefits as income tax expense on the Statements of Operations. During the period, the Funds did not incur any interest or penalties. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months.

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.

OPTIONS —To the extent consistent with their investment policies, the Funds may either purchase or write options.

When a Fund purchases an option, the premium paid by it is recorded as an asset of the Fund. When a Fund writes an option, an amount equal to the net premium (the premium less the commission) received by the Fund is included in the liability section of the Fund's statement of assets and liabilities as a deferred credit. The amount of this asset or deferred credit will be subsequently marked–to–market to reflect the current value of the option purchased or written. The current value of the traded option is the last sale price or, in the absence of a sale, the current bid price. If an option purchased by a Fund expires unexercised, the Fund realizes a loss equal to the premium paid. If a Fund enters into a closing sale transaction on an option purchased by it, the Fund will realize a gain if the premium received by the Fund on the closing transaction is more than the premium paid to purchase the option, or a loss if it is less. If an option written by a Fund expires on the stipulated expiration date or if a Fund enters into a closing purchase transaction, it will

*18*

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---

| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **November 30, 2022** |

---

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

realize a gain (or loss if the cost of a closing purchase transaction exceeds the net premium received when the option is sold) and the deferred credit related to such option will be eliminated. If an option written by the Fund is exercised, the proceeds of the sale will be increased by the net premium originally received and the Fund will realize a gain or loss.

The Global X Interest Rate Hedge ETF may invest in interest rate payer options ("swaptions"). A swaption is an option that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. An interest rate payer swaption is a swaption where a Fund has the right but not the obligation to enter into a new swap agreement where the Fund pays a fixed interest rate and receives a floating interest rate.

The Global X Interest Rate Volatility and Inflation Hedge ETF may invest in yield curve spread options which are options tied to the shape of the U.S. interest rate swap curve. The U.S. interest rate swap curve is a type of interest rate curve that reflects the swap rate used in interest rate swap agreements with different maturities. A swap rate is the fixed interest rate that is exchanged for a floating interest rate in an interest rate swap agreement. A yield curve spread option is an option on the spread between two swap rates at different parts of the U.S. interest rate swap curve. The Fund generally expects the purchased yield curve spread options to reference the spread between the 2–year and 10–year swap rate, though the Fund may purchase yield curve spread options referencing other swap rate spreads. The Fund will purchase yield curve spread options such that the Fund will gain from steepening of the yield curve, while having a potential loss on the yield curve spread options limited to the premium paid for the yield curve spread options.

When the option expires, is terminated or is sold, a Fund will record a gain or loss. The net realized gain or loss on options and swaptions is reflected in the Statements of Operations and the net unrealized gains/(losses) are included as a component of the net change in unrealized appreciation/(depreciation) on options and swaptions in the Statements of Operations.

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

CASH OVERDRAFT CHARGES — Per the terms of the agreement with Brown Brothers Harriman & Co. ("BBH"), the Funds' custodian ("Custodian"), if a Fund has a cash overdraft on a given day, it will be assessed an overdraft charge of LIBOR plus 2.00%. Cash overdraft charges are included in custodian fees on the Statements of Operations.

CREATION UNITS — The Funds issue and redeem their shares ("Shares") on a continuous basis at NAV and only in large blocks of 10,000 Shares, referred to as "Creation Units".

*19*

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---

| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **November 30, 2022** |

---

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Purchasers of Creation Units ("Authorized Participants") at NAV must pay a standard creation transaction fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an Authorized Participant on the same day.

An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard redemption fee per transaction to BBH on the date of such redemption, regardless of the number of Creation Units redeemed that day. If a Creation Unit is purchased or redeemed for cash, an additional variable fee may be charged. The following table discloses the Creation Unit breakdown:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Value at**  |  |
|  | **Creation Unit**  | **Creation**  | **November**  | **Redemption**  |
|  | **Shares**  | **Fee**  | **30, 2022**  | **Fee**  |
| Global X Interest Rate Hedge ETF | 10000 | $250 | $296500 | $250 |
| Global X Interest Rate Volatility & Inflation Hedge ETF | 10000 | 250 | 228500 | 250 |

---

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, which is a leading financial services company in Korea and is the headquarters for the Mirae Asset Global Investments Group.

The Adviser serves as the investment adviser and the administrator for the Funds. Subject to the supervision of the Board, the Adviser is responsible for managing the investment activities of the Funds and the Funds' business affairs and other administrative matters and provides, or causes to be furnished, all supervisory, administrative and other services reasonably necessary for the operation of the Funds, including certain distribution services (provided pursuant to a separate distribution agreement), certain shareholder and distribution–related services (provided pursuant to a separate Rule 12b–1 Plan and related agreements) and investment advisory services (provided pursuant to a separate Investment Advisory Agreement), under what is essentially an "all–in" fee structure. For the Adviser's service to the Funds, under a supervision and administration agreement (the "Supervision and Administration Agreement"), each Fund pays a monthly fee to the Adviser at the annual rate below (stated as a percentage of the average daily net assets of the Fund). 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, custodian fees, acquired fund fees, and other transaction expenses, interest expenses and extraordinary expenses (such as litigation and indemnification expenses).

*20*

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| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **November 30, 2022** |

---

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

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

---

| | |
|:---|:---|
|  | **Supervision and** |
|  | **Administration Fee** |
| Global X Interest Rate Hedge ETF | 0.45% |
| Global X Interest Rate Volatility & Inflation Hedge ETF | 0.45% |

---

SEI Investments Global Funds Services ("SEIGFS") serves as sub–administrator to the Funds. As sub–administrator, SEIGFS provides the Funds with required general administrative services, including, without limitation: office space, equipment, and personnel; clerical and general back office services; bookkeeping, internal accounting and secretarial services; the calculation of NAV; and assistance with the preparation and filing of reports, registration statements, proxy statements and other materials required to be filed or furnished by the Funds under federal and state securities laws. As compensation for these services, SEIGFS receives certain out–of–pocket costs, transaction fees and asset–based fees which are accrued daily and paid monthly by the Adviser. SEI Investments Distribution Co. ("SIDCO") serves as each Fund's underwriter and distributor of Creation Units pursuant to a distribution agreement. SIDCO has no obligation to sell any specific quantity of Shares. SIDCO bears the following costs and expenses relating to the distribution of Shares: (1) the costs of processing and maintaining records of creations of Creation Units; (2) all costs of maintaining the records required of a registered broker/dealer; (3) the expenses of maintaining its registration or qualification as a dealer or broker under federal or state laws; (4) filing fees; and (5) all other expenses incurred in connection with the distribution services as contemplated in the distribution agreement. SIDCO receives no fee from the Funds for its distribution services under the distribution agreement; rather, the Adviser compensates SIDCO for certain expenses, out–of–pocket costs, and transaction fees.

BBH serves as Custodian and transfer agent of the Funds' assets. As Custodian, BBH has agreed to (1) make receipts and disbursements of money on behalf of the Funds, (2) collect and receive all income and other payments and distributions on account of the Funds' portfolio investments, (3) respond to correspondence from shareholders, security brokers and others relating to its duties; and (4) make periodic reports to the Funds concerning the Funds' operations. BBH does not exercise any supervisory function over the purchase and sale of securities. As transfer agent, BBH has agreed to (1) issue and redeem Shares of each Fund, (2) make dividend and other distributions to shareholders of each Fund, (3) respond to correspondence by shareholders and others relating to its duties; (4) maintain shareholder accounts, and (5) make periodic reports to the Funds.

*21*

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| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **November 30, 2022** |

---

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

As compensation for these services, BBH receives certain out–of–pocket costs, transaction fees and asset–based fees which are accrued daily and paid monthly by the Adviser from its fees.

4. INVESTMENT TRANSACTIONS

For the period ended November 30, 2022, the purchases and sales of investments in securities excluding in–kind transactions, long–term U.S. Government, and short–term securities, were:

---

| | | |
|:---|:---|:---|
|  |  | **Sales and**  |
|  | **Purchases**  | **Maturities**  |
| Global X Interest Rate Hedge ETF | $— | $— |
| Global X Interest Rate Volatility & Inflation Hedge ETF | 72551 | 85216 |

---

For the period ended November 30, 2022, there were no purchases or sales of long–term U.S. Government securities by the Funds.

For the period ended November 30, 2022, in–kind transactions associated with creations and redemptions were:

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Realized Gain/**  |
|  | **Purchases**  | **Sales**  | **(Loss)**  |
| Global X Interest Rate Hedge ETF | $2589656 | $— | $— |
| Global X Interest Rate Volatility & Inflation Hedge ETF | 2718918 |  |  |

---

5. DERIVATIVE TRANSACTIONS

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

The fair value of derivative instruments as of November 30, 2022 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Asset Derivatives | | Liability Derivatives | |
|  | Statements of Assets and <br> Liability Location | Fair Value | Statements of Assets and<br> Liability Location | Fair Value |
|  Derivatives not accounted for as hedging instruments: |  |  |  |  |
|  **Global X Interest Rate Hedge ETF** |  |  |  |  |
|  Interest rate contracts | Investments purchased, at value | $442888 | Swaptions written, at value | $— |
|  Total Derivatives not accounted for as hedging instruments |  | $442888 |  | $— |

---

*22*

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| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **November 30, 2022** |

---

5. DERIVATIVE TRANSACTIONS (continued) <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Asset Derivatives | | Liability Derivatives | |
|  | Statements of Assets and<br> Liability Location | Fair Value | Statements of Assets and <br> Liability Location | Fair Value |
|  Derivatives not accounted for as hedging instruments: |  |  |  |  |
|  **Global X Interest Rate Volatility & Inflation Hedge ETF** |  |  |  |  |
|  Interest rate contracts | Investments purchased, at value | $265016 | Options written, at value | $— |
|  Total Derivatives not accounted for as hedging instruments |  | $265016 |  | $— |

---

The effect of derivative instruments on the Statements of Operations for the period ended November 30, 2022:

Amount of realized gain or (loss) on derivatives recognized in income:

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchased** | **Written** | |
|  | **Options and** | **Options and** | |
| **Global X Funds** | **Swaptions** | **Swaptions** | **Total** |
| Global X Interest Rate Hedge ETF | $510000 | $— | $510000 |
| Global X Interest Rate Volatility & Inflation Hedge ETF |  |  |  |

---

Change in unrealized appreciation or (depreciation) on derivatives recognized in income:

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchased** | **Written** | |
|  | **Options and** | **Options and** | |
| **Global X Funds** | **Swaptions** | **Swaptions** | &nbsp;&nbsp;**Total** |
| Global X Interest Rate Hedge ETF | $&nbsp;&nbsp;63088 | $— | $63088 |
| Global X Interest Rate Volatility & Inflation Hedge ETF | (94484) |  | (94484) |

---

The following table discloses the average quarterly balances of the Funds' derivative activity during the period ended November 30, 2022:

---

| | | |
|:---|:---|:---|
| **Global X Funds** | **Short Average** | **Long Average** |
| Global X Interest Rate Hedge ETF | $— | $380020 |
| Global X Interest Rate Volatility & Inflation Hedge ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 311500 |

---

The Funds are subject to various netting agreements with select counterparties ("Master Agreements"). Master Agreements govern the terms of certain swaps and derivatives transactions and are intended to reduce counterparty risk associated with such transactions

*23*

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| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **November 30, 2022** |

---

5. DERIVATIVE TRANSACTIONS (continued)

by establishing credit protection mechanisms and providing for standardization which improves legal certainty. Since different types of transactions have different mechanics and are often traded through different legal entities with respect to a particular counterparty, different transaction types may be covered by different Master Agreements, resulting in the need for multiple Master Agreements with a single counterparty. Master Agreements generally allow a Fund to close–out and net its total exposure to a specific counterparty in the event of a default with respect to all transactions thereunder.

Master Agreements can also help limit counterparty risk by providing for collateralization at pre–arranged exposure levels. Under the Master Agreements, collateral is normally transferred if the net exposure with respect to the applicable transaction type exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury securities and U.S. dollar cash are generally the preferred forms of collateral. Securities and cash pledged as collateral by the Fund, if any, are reflected as assets on the Statement of Assets and Liabilities as either a component of investments at value (securities) or cash on hand (cash). Collateral pledged by counterparties to the Fund is not included in the Fund's assets because the Fund is not permitted to use (or rehypothecate) such Collateral, and instead, swaps and derivatives are shown on the Fund's Statement of Assets and Liabilities at their current market value. A Fund's overall exposure to counterparty risk can change substantially within a short period of time as it is affected by each transaction subject to the relevant Master Agreement.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern OTC derivative transactions entered into by a Fund and the applicable counterparty. ISDA Master Agreements include, among other items, representations, warranties and covenants, provisions establishing events of default and termination events, and provisions imposing collateral requirements with respect to the applicabletransactiontypes.Theoccurrenceofeventsofdefaultandterminationeventsentitle the parties to the ISDA Master Agreement to elect to terminate early and cause settlement of all outstanding transactions thereunder. Early termination of transactions could have a material effect on the financial statements of the Fund. In limited circumstances, the ISDA Master Agreement may provide for the exchange of initial margin, which results in over–collateralization and additional credit protection beyond coverage of existing daily exposure.

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged for each Fund as of November 30, 2022.

*24*

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| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **November 30, 2022** |

---

5. DERIVATIVE TRANSACTIONS (continued)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Global X Interest Rate Hedge ETF**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Global X Interest Rate Hedge ETF**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Global X Interest Rate Hedge ETF**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Global X Interest Rate Hedge ETF**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Global X Interest Rate Hedge ETF**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Global X Interest Rate Hedge ETF**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Global X Interest Rate Hedge ETF**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Global X Interest Rate Hedge ETF**  |
|  | **Financial Derivative** Assets**&nbsp;&nbsp;&nbsp;&nbsp;  | **Financial Derivative** Assets**&nbsp;&nbsp;&nbsp;&nbsp;  | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** |  |  |  |
|  |  |  |  |  | **Net Market**  | **Collateral**  |  |
|  | **Options and** <br> **Swaptions**  | **Total Over the** <br> **Counter**  | **Options and** <br> **Swaptions**  | **Total Over the** <br> **Counter**  | **Value of OTC** <br> **Derivatives**  | **(Received)/** <br> **Pledged\***  | **Net** <br> **Exposure†**  |
| **Counterparty**  | **Options and** <br> **Swaptions**  | **Total Over the** <br> **Counter**  | **Options and** <br> **Swaptions**  | **Total Over the** <br> **Counter**  | **Value of OTC** <br> **Derivatives**  | **(Received)/** <br> **Pledged\***  | **Net** <br> **Exposure†**  |
| Bank of America | $207677 | $207677 | $– | $– | $207677 | $(207677) | $– |
| UBS | 235211 | 235211 | – | – | 235211 | (210000) | 25211 |
| Total over the counter | $442888  | $442888  | $–  | $– |  |  |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Global X Interest Rate Volatility & Inflation Hedge ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Global X Interest Rate Volatility & Inflation Hedge ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Global X Interest Rate Volatility & Inflation Hedge ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Global X Interest Rate Volatility & Inflation Hedge ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Global X Interest Rate Volatility & Inflation Hedge ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Global X Interest Rate Volatility & Inflation Hedge ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Global X Interest Rate Volatility & Inflation Hedge ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Global X Interest Rate Volatility & Inflation Hedge ETF** |
|  | **Financial Derivative** Assets**&nbsp;&nbsp;&nbsp;&nbsp;  | **Financial Derivative** Assets**&nbsp;&nbsp;&nbsp;&nbsp;  | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** |  |  |  |
|  |  |  |  |  | **Net Market** <br> **Value of OTC** <br> **Derivatives**  | **Collateral** <br> **(Received)/** <br> **Pledged\***  |  |
|  | **Options and** <br> **Swaptions**  | **Total Over the** <br> **Counter**  | **Options and** <br> **Swaptions**  | **Total Over the** <br> **Counter**  | **Net Market** <br> **Value of OTC** <br> **Derivatives**  | **Collateral** <br> **(Received)/** <br> **Pledged\***  | **Net** <br> **Exposure†**  |
| **Counterparty**  | **Options and** <br> **Swaptions**  | **Total Over the** <br> **Counter**  | **Options and** <br> **Swaptions**  | **Total Over the** <br> **Counter**  | **Net Market** <br> **Value of OTC** <br> **Derivatives**  | **Collateral** <br> **(Received)/** <br> **Pledged\***  | **Net** <br> **Exposure†**  |
| Bank of America | $55128  | $55128 | $– | $– | $55128 | $– | $55128 |
| UBS | 209888 | 209888 | – | – | 209888 |  | 209888  |
| Total over the counter | $265016  | $265016 | $–  | $– |  |  |  |

---

\* Excess collateral pledged is not shown for financial reporting purposes.

† Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can be netted only across transactions governed under the same master agreement with the same legal entity.

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.

There were no permanent differences during the fiscal period ended November 30, 2022.

*25*

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| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **November 30, 2022** |

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6. TAX INFORMATION (continued)

The tax character of dividends and distributions declared during the period ended November 30, 2022, was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Global X Funds** | **Ordinary Income** | **Long–Term Capital Gain** | **Return of Capital** | **Totals** |
| Global X Interest Rate Hedge ETF | Global X Interest Rate Hedge ETF | Global X Interest Rate Hedge ETF | Global X Interest Rate Hedge ETF |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | $14391 | $– | $– | $14391 |
| Global X Interest Rate Volatility & Inflation Hedge ETF | Global X Interest Rate Volatility & Inflation Hedge ETF | Global X Interest Rate Volatility & Inflation Hedge ETF | Global X Interest Rate Volatility & Inflation Hedge ETF |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | $55302 | $– | $– | $55302 |

---

As of November 30, 2022, the components of tax basis distributable earnings (accumulated losses) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Global X Funds** | **Global X Funds** |
|  | | **Global X** |
|  | | **Interest Rate**  |
|  | **Global X** | **Volatility &** |
|  | **Interest Rate**  | **Inflation Hedge**  |
|  | **Hedge ETF** | **ETF** |
| **Undistributed Ordinary Income** | $518111 | $12538 |
| **Capital Loss Carryforwards** |  | (3918) |
| **Unrealized Appreciation (Depreciation) on Investments and Foreign** |  |  |
| **Currency** | 62516 | (277687) |
| **Total Distributable Earnings (Accumulated Losses)** | $580627 | $(269067) |

---

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at November 30, 2022 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Aggregated** | **Aggregated** | **Net** |
|  | | **Gross** | **Gross** | **Unrealized** |
|  | **Federal Tax** | **Unrealized** | **Unrealized** | **Appreciation** |
| **Global X Funds** | **Cost** | **Appreciation** | **Depreciation** | **(Depreciation)** |
| Global X Interest Rate Hedge ETF | $3719726 | $63230 | $(714) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62516) |
| Global X Interest Rate Volatility & Inflation |  |  |  |  |
| Hedge ETF | 3129483 | 764 | (278451) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(277687) |

---

The difference between book–basis and tax–basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes.

For taxable years beginning after December 22, 2010, a registered investment company ("RIC") is permitted to carry forward net capital losses to offset capital gains realized in

*26*

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| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **November 30, 2022** |

---

6. TAX INFORMATION (continued)

later years, and the losses carried forward retain their original character as either long–term or short–term losses. Losses carried forward under these provisions are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Short–Term** | **Long–Term** | |
|  | **Loss** | **Loss** | **Total** |
| Global X Interest Rate Volatility & Inflation Hedge ETF | $&nbsp;&nbsp;&nbsp;&nbsp;3918  | $– | $3918 |

---

7. CONCENTRATION OF RISKS

Global X Interest Rate Hedge ETF

Associated Risks Related to Investing in Rate–Linked Derivatives: The Global X Interest Rate Hedge ETF's exposure to derivatives tied to interest rates subjects the Global X Interest Rate Hedge ETF to greater volatility than investments in traditional securities, such as stocks and bonds. Investing in derivatives tied to interest rates, including through options tied to the shape of the U.S. interest rate curve, can be extremely volatile. The value of such investments may fluctuate rapidly based on a variety of factors, including overall market movements; economic events and policies; changes in interest rates or inflation rates; changes in monetary and exchange control programs; war; acts of terrorism; natural disasters; and technological developments. The Global X Interest Rate Hedge ETF is expected to benefit from the options it holds if long–term U.S. interest rates rise during the time period in which the Global X Interest Rate Hedge ETF holds the options. However, if long–term U.S. interest rates decrease, the Global X Interest Rate Hedge ETF will lose money on the options, up to the amount invested in option premiums, and underperform an otherwise identical bond fund that had not used such options. Rate–linked derivatives may lose money if interest rates change in a manner not anticipated by Global X Management Company LLC (the "Adviser"). An increase in interest rates may cause the value of securities held directly or indirectly by the Global X Interest Rate Hedge ETF to decline to the extent that the Global X Interest Rate Hedge ETF's hedging strategy is not effectively implemented. Even if the Global X Interest Rate Hedge ETF is hedged against losses due to long–term interest rate increases linked to U.S. interest rates, outright interest rate increases may also lead to heightened volatility in the fixed–income markets and may positively affect the value of the Global X Interest Rate Hedge ETF's options while negatively impacting the Global X Interest Rate Hedge ETF's investments in U.S. Treasuries. The Global X Interest Rate Hedge ETF could lose money on the options held by the Fund, and the present value of the Global X Interest Rate Hedge ETF's portfolio investments could decrease if inflation increases. These interest rate–linked options may also cause the GlobalX Interest Rate Hedge ETF's net asset value and returns to be more volatile and expose the Fund to increased counterparty risk. Fluctuations in the U.S. interest rate curve or the price of the options owned by the Fund could materially adversely affect an investment in the

*27*

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| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **November 30, 2022** |

---

7. CONCENTRATION OF RISKS (continued)

Global X Interest Rate Hedge ETF. The Global X Interest Rate Hedge ETF's investments in options are not intended to mitigate duration and credit risk or other factors influencing the price of U.S. government bonds, which may have a greater impact on the bonds'returns than interest rate risk. Moreover, to the extent that interest rate risk has been priced into the government bonds owned directly or indirectly by the Global X Interest Rate Hedge ETF, the Global X Interest Rate Hedge ETF could underperform other investments even during periods of rising long–term U.S. interest rates. There is no guarantee that the Global X Interest Rate Hedge ETF will have positive performance even in environments of sharply rising U.S. interest rates. There is no guarantee that the Global X Interest Rate Hedge ETF will be able to successfully mitigate interest rate risk.

Leverage Risk: The Global X Interest Rate Hedge ETF's investments in put options and/ or interest rate payer swaptions have the economic effect of creating financial leverage in the Global X Interest Rate Hedge ETF's portfolio because such investments may give rise to gains or losses that are disproportionate to the amount the Global X Interest Rate Hedge ETF has invested in those instruments. Because the Global X Interest Rate Hedge ETF only takes long positions in put options and/or interest rate payer swaptions as part of its principal investment strategy, the maximum loss for the Global X Interest Rate Hedge ETF's put options and/or interest rate payer swaptions positions is the "options premium," which is defined as the premium paid for the put options and/or interest rate payer swaptions and any post–purchase appreciation in value. Thus, any disproportionate returns are generally expected to exist only when the value of such options appreciates. However, following such appreciation, even small changes in the shape of the U.S. interest rate curve or interest rate volatility may result in a significant decline in the value of such options with a maximum loss equal to the yield curve spread options premium.

Swaptions Risk: A swaption is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. The Global X Interest Rate Hedge ETF may purchase interest rate payer swaptions. When the Global X Interest Rate Hedge ETF purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised.

U.S. Treasury Obligations Risk: U.S. Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Global X Interest Rate Hedge ETF's investments in U.S. Treasury obligations to decline.

Global X Interest Rate Volatility & Inflation Hedge ETF

Associated Risks Related to Investing in Rate–Linked Derivatives: The Global X Interest Rate Volatility & Inflation Hedge ETF's exposure to derivatives tied to interest rates subjects the Global X Interest Rate Volatility & Inflation Hedge ETF to greater volatility

*28*

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| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **November 30, 2022** |

---

7. CONCENTRATION OF RISKS (continued)

than investments in traditional securities, such as stocks and bonds. Investing in derivatives tied to interest rates, including through options tied to the shape of the U.S. interest rate curve, can be extremely volatile. The value of such investments may fluctuate rapidly based on a variety of factors, including overall market movements, economic events and policies, changes in interest rates or inflation rates, changes in monetary and exchange control programs, war, acts of terrorism, natural disasters, and technological developments.The Global X Interest Rate Volatility & Inflation Hedge ETF is expected to benefit from the options it holds if the U.S. interest rate curve steepens during the time period in which the Global X Interest Rate Volatility & Inflation Hedge ETF holds the options. However, if the U.S. interest rate curve flattens or inverts, the Global X Interest Rate Volatility & Inflation Hedge ETF will lose money on the options, up to the amount invested in option premiums, and underperform an otherwise identical bond fund that had not used such options. Rate–linked derivatives may lose money if interest rates change in a manner not anticipated by the Adviser. An increase in interest rates may cause the value of securities held directly or indirectly by the Fund to decline to the extent that the increase is not linked to a steepening of the U.S. interest rate curve or the Fund's hedging strategy is not effectively implemented. Even if the Global X Interest Rate Volatility & Inflation Hedge ETF is hedged against losses due to interest rate increases linked to U.S. interest rate curve steepening, outright interest rate increases may lead to heightened volatility in the fixed–income markets and may positively affect the value of the Global X Interest Rate Volatility & Inflation Hedge ETF's options while negatively impacting the Global X Interest Rate Volatility & Inflation Hedge ETF's exposure to TIPS. There can be no assurance that the Global X Interest Rate Volatility & Inflation Hedge ETF's interest–rate linked options will accurately deliver positive returns if inflation experienced in the U.S. or the rate of expected future inflation reflected in the prices and yields of bonds held by the Global X Interest Rate Volatility & Inflation Hedge ETF rises. The Global X Interest Rate Volatility & Inflation Hedge ETF could lose money on the options held by the Global X Interest Rate Volatility & Inflation Hedge ETF, and the present value of the Global X Interest Rate Volatility & Inflation Hedge ETF's portfolio investments could decrease if inflation increases. These interest rate–linked options may also cause the Global X Interest Rate Volatility & Inflation Hedge ETF's net asset value and returns to be more volatile and expose the Fund to increased counterparty risk. Fluctuations in the steepness of the U.S. interest rate curve or the price of the options owned by the Global X Interest Rate Volatility & Inflation Hedge ETF could materially adversely affect an investment in the Global X Interest Rate Volatility & Inflation Hedge ETF. The Global X Interest Rate Volatility & Inflation Hedge ETF's investments in options are not intended to mitigate duration and credit risk or other factors influencing the price of U.S. government bonds, which may have a greater impact on the bonds' returns than interest rate curve risk. Moreover, to the extent that interest rate curve risk has been priced into the government bonds owned directly or indirectly by the Global X Interest Rate Volatility & Inflation Hedge ETF, the Global X Interest Rate Volatility & Inflation Hedge ETF could underperform other investments even during inflationary

*29*

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| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **November 30, 2022** |

---

7. CONCENTRATION OF RISKS (continued)

periods. There is no guarantee that the Global X Interest Rate Volatility & Inflation Hedge ETF will have positive performance even in environments of sharply rising inflation. There is no guarantee that the Global X Interest Rate Volatility & Inflation Hedge ETF will be able to successfully mitigate inflation risk or that bond values and interest rates will match changes in inflation rates.

Leverage Risk: The Global X Interest Rate Volatility & Inflation Hedge ETF's investments in yield curve spread options have the economic effect of creating financial leverage in the Global X Interest Rate Volatility & Inflation Hedge ETF's portfolio because such investments may give rise to gains or losses that are disproportionate to the amount the Fund has invested in those instruments. Because the Global X Interest Rate Volatility & Inflation Hedge ETF only takes long positions in yield curve spread options as part of its principal investment strategy, the maximum loss for the Global X Interest Rate Volatility & Inflation Hedge ETF's yield curve spread options position is the "options premium," which is defined as the premium paid for the yield curve spread options and any post–purchase appreciation in value. Thus, any disproportionate returns are generally expected to exist only when the value of such yield curve spread options appreciates. However, following such appreciation, even small changes in the shape of the U.S. interest rate curve or interest rate volatility may result in a significant decline in the value of such yield curve spread options with a maximum loss equal to the yield curve spread options premium.

Inflation–Linked Bonds Investment Risk: Inflation–linked bonds are income–generating instruments whose interest and principal payments are adjusted for inflation – a sustained increase in prices that erodes the purchasing power of money. The inflation adjustment, which is typically applied monthly to the principal of the bond, follows a designated inflation index, such as the consumer price index. Because of this inflation adjustment feature, inflation–protected bonds typically have lower yields than conventional fixed–rate bonds.

U.S. Treasury Obligations Risk: U.S. Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Global X Interest Rate Volatility & Inflation Hedge ETF's investments in U.S. Treasury obligations to decline.

Each Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on either income, gains earned or gains repatriated. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned.

The elimination of the London Inter–Bank Offered Rate ("LIBOR") may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. The U.K. Financial Conduct Authority has announced that it intends to stop

*30*

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| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **November 30, 2022** |

---

7. CONCENTRATION OF RISKS (continued)

compelling or inducing banks to submit LIBOR rates after 2021. On March 5, 2021, the administrator of LIBOR clarified that the publication of LIBOR on a representative basis will cease for the one–week and two–month U.S. dollar LIBOR settings immediately after December 31, 2021, and for the remaining U.S. dollar LIBOR settings immediately after June 30, 2023. Alternatives to LIBOR are established or in development in most major currencies, including the Secured Overnight Financing Rate ("SOFR"), which is intended to replace U.S. dollar LIBOR. Markets are slowly developing in response to these new rates. Questions around impacts on liquidity resulting from this transition, and how to appropriately adjust these rates at the time of transition, remain a concern for the Funds. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Funds until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

A more complete description of risks is included in the Funds' Prospectus and Statement of Additional Information.

8. LOANS OF PORTFOLIO SECURITIES

Each Fund may lend portfolio securities having a market value up to one–third of its total assets. Security loans made pursuant to a securities lending agreement are initially required to be secured by collateral equal to at least 102% for U.S.–based securities and 105% for foreign based securities. Such collateral received in connection with these loans will be cash and can be invested in repurchase agreements or U.S. Treasury obligations and is recognized in the Schedules of Investments and Statements of Assets and Liabilities. The obligation to return securities lending collateral is also recognized as a liability in the Statements of Assets and Liabilities. It is the Funds' policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan.

Lending securities entails a risk of loss to the Funds if and to the extent that the market value of the securities loans were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. In the event the borrower may not provide additional collateral when required or may not return the securities when due, the securities lending agency agreement requires the lending agent to indemnify the Funds by replacing either the security or the security's current market value to the Funds. The Funds could also experience delays and costs in gaining access to the collateral. The Funds bear the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. As of November 30, 2022, the Funds had no securities on loan.

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| |
|:---|
| **Notes to Financial Statements (Concluded)** |
| **November 30, 2022** |

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9. CONTRACTUAL OBLIGATION

The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds' maximum exposure under these arrangements is unknown. However, the Funds have not had prior gains or losses pursuant to these contracts.

Management has reviewed the Funds' existing contracts and expects the risk of loss to be remote.

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

10. SUBSEQUENT EVENTS

The Funds have been evaluated by management regarding the need for additional disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, no additional adjustments were required to the financial statements.

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**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Global X Funds and Shareholders of Global X Interest Rate Volatility and Inflation Hedge ETF and Global X Interest Rate Hedge ETF

 ***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Global X Interest Rate Hedge ETF and Global X Interest Rate Volatility & Inflation Hedge ETF (two of the funds constituting Global X Funds hereafter collectively referred to as the "Funds") as of November 30, 2022, the related statements of operations and of changes in net assets, including the related notes, and the financial highlights for the period July 5, 2022 (commencement of operations) through November 30, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2022, and the results of each of their operations, changes in each of their net assets, and the financial highlights for the period July 5, 2022 (commencement of operations) through November 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

 ***Basis for Opinions***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2022, by correspondence with the custodian and broker. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

January 26, 2023

*33*

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**Report of Independent Registered Public Accounting Firm** <br>

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

*34*

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**Disclosure of Fund Expenses** **(Unaudited)** <br>

All exchange traded funds ("ETFs") have operating expenses. As a shareholder of an ETF, your investment is affected by these ongoing costs, which include (among others) costs for ETF management, administrative services, commissions, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns. In addition, a shareholder is responsible for brokerage fees as a result of their investment in the Fund.

Operating expenses such as these are deducted from an ETF's gross income and directly reduce its final investment return. These expenses are expressed as a percentage of the ETF's average net assets; this percentage is known as the ETF's expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (June 1, 2022 to November 30, 2022).

The table on the next page illustrates your Fund's costs in two ways:

 **Actual Fund Return.** This section helps you to estimate the actual expenses that your Fund incurred over the period. The "Expenses Paid During Period" column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the "Ending Account Value" number is derived from deducting that expense cost from the Fund's gross investment return.

You can use this information, together with the actual amount you invested in the Funds, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Funds under "Expenses Paid During Period."

 **Hypothetical 5% Return.** This section helps you compare your Fund's costs with those of other funds. It assumes that the Funds had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all funds to make this 5% calculation. You can assess your Fund's comparative cost by comparing the hypothetical result for your Fund in the "Expenses Paid During Period" column with those that appear in the same charts in the shareholder reports for other funds.

 **NOTE:** Because the return is set at 5% for comparison purposes — NOT your Fund's actual return — the account values shown may not apply to your specific investment.

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**Disclosure of Fund Expenses** **(Unaudited) (Concluded)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Ending** | | |
|  | **Beginning** | **Account** | **Annualized** | **Expenses** |
|  | **Account Value** | **Value** | **Expense** | **Paid During** |
|  | **6/1/2022** | &nbsp;&nbsp;**11/30/2022** | **Ratios** | **Period<sup>(1)</sup>** |
| *Global X Interest Rate Hedge ETF\** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Fund Return | $1000.00 | $1190.40 | 0.47% | $2.09<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | 1000.00 | 1022.59 | 0.47 | 2.37 |
| *Global X Interest Rate Volatility & Inflation Hedge ETF\** | *Global X Interest Rate Volatility & Inflation Hedge ETF\** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Fund Return | $1000.00 | $930.70 | 0.46% | $1.80<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | 1000.00 | 1022.64 | 0.46 | 2.32 |

---

 *\** *The Fund commenced operations on July 5, 2022.* 

 *(1)* *Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one–half year period).*

 *(2)* *Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 148/365 (to reflect the period from inception to date).*

*36*

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![](pagelogo.jpg)

**Approval of Investment Advisory Agreements (unaudited)** <br>

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 a Board meeting of the Global X Funds (the "Trust") held via videoconference on February 25, 2022 (the "New Fund Board Meeting"), the Board of Trustees (the "Board") (including the Trust's Independent Trustees, voting separately) considered and unanimously approved (i) the initial Investment Advisory Agreement ("New Investment Advisory Agreement") for the Global X Interest Rate Hedge ETF and the Global X Interest Rate Volatility & Inflation Hedge ETF (each a "New Fund," and referred to collectively as the "New Funds") and (ii) the initial Supervision and Administration Agreement between the Trust ("New Supervision and Administration Agreement"), on behalf of the New Funds, and Global X Management Company LLC ("Global X Management"). The New Advisory Agreement and New Supervision and Administration Agreement are referred to collectively as the "New Fund Agreements."

In advance of the Board meeting, 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 New Fund Agreements, and received and reviewed written responses from Global X Management, as well as supporting materials relating to those requests for information. In the course of their consideration of the 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 Funds, the Board considered a variety of factors, including the factors discussed in greater detail below.

 *Nature, Extent and Quality of Services*

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 Funds 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 Funds;

*37*

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![](pagelogo.jpg)

**Approval of Investment Advisory Agreements (unaudited) (Continued)** <br>

– Global X Management's responsibilities under the New Fund Agreements to, among other things, (i) manage the investment operations of the New Funds and the composition of the New Funds' 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 appertaining to securities and assets held by the New Funds, (iv) select broker–dealers to execute portfolio transactions for the New Funds when necessary, (v) assist in the preparation and filing of reports and proxy statements (if any) to the shareholders of the New Funds, and the periodic updating of the registration statements, prospectuses, statements of additional information, and other reports and documents for the New Funds 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 Funds by shareholders and new investors;

– 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 Funds; and

– the quality of Global X Management's resources and personnel that would be made available to the New 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, at the New Fund Board Meetings, that it was satisfied with the nature, extent and quality of the services proposed to be provided to the New Funds by Global X Management.

 *Performance*

The Board determined that, because the New Funds had not yet begun investment operations as of the dates of the New Fund Board Meetings, meaningful data relating to the investment performance of the New Funds was not available and, therefore, could not be a factor in approving the New Fund Agreements.

 *Cost of Services and Profitability*

With respect to this factor, the Board considered:

– Global X Management's expected costs to provide investment management, supervision and administrative and related services to each New Fund;

– the management fee (including the proposed investment advisory fee) ("Management Fee") that was proposed to be borne by each New Fund under the respective New Fund Agreement for the various investment advisory, supervisory and administrative services that the New Funds require under a unitary fee structure (including the types of

*38*

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![](pagelogo.jpg)

**Approval of Investment Advisory Agreements (unaudited) (Continued)**<br>

fees and expenses that are not included within the unitary fee and would be borne by the New Funds); and

– the expected profitability to Global X Management, if any, from all of the services proposed to be provided to the New Funds by Global X Management and all aspects of the relationship between Global X Management and the New Funds.

Based on these considerations, the Board concluded that the proposed Management Fee to be paid by each New Fund to Global X Management, in light of the nature, extent and 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*

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 each New Fund. In connection with this consideration, Global X Management provided the Board with comparative expense data for each 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 any New Fund that was above the average or median for the New Fund's peer group;

– the structure of the proposed unitary Management Fee (which includes as one component the proposed investment advisory fee for the New Funds) and the expected total expense ratios for the New Funds. In this regard, the Board took into consideration that the purpose of adopting a unitary Management Fee structure for the New Funds 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 Funds and that the proposed Management Fee for each 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 Funds, including the costs of various third–party services required by the New Funds, including investment advisory, administrative, audit, certain custody, portfolio accounting, legal, transfer agency and printing costs, but that each 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 Meetings, that the services to be received and the fees to be charged under the applicable New Fund Agreements were reasonable on a comparative basis.

*39*

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![](pagelogo.jpg)

**Approval of Investment Advisory Agreements (unaudited) (Concluded)**<br>

 *Economies of Scale*

With respect to this factor, the Board considered:

– the extent to which economies of scale would be realized as the New Funds grow and whether the proposed unitary Management Fees for the New Funds reflected these economies of scale;

– the significant investment of time, personnel and other resources that Global X Management intends to make in the New Funds in order to seek to assure that the New Funds are 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 each New Fund and its shareholders.

Based on these considerations, the Board concluded, at the New Fund Board Meetings, that the proposed unitary Management Fees for the New Funds appropriately addressed economies of scale.

 *Other Benefits*

In considering each New Fund Agreement, 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 relationships with the New Funds. As a result, the Board concluded that, in the case of each New Fund, in the exercise of the Board's business judgement, all information the Board considered supported approval of the applicable New Fund Agreements.

 **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 Funds.

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.

*40*

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**Supplemental Information (UNAUDITED)**

Net asset value, or "NAV", is the price per Share at which a Fund issues and redeems Shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The "Market Price" of a Fund generally is determined using the midpoint between the highest bid and the lowest offer on the stock exchange on which the Shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. The Fund's Market Price may be at, above or below its NAV. The NAV of a Fund will fluctuate with changes in the market value of the Fund's holdings. The Market Price of a Fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of a Fund on a given day, generally at the time NAV is calculated. A premium is the amount that a Fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that a Fund is trading below the reported NAV, expressed as a percentage of the NAV.

Further information regarding premiums and discounts is available on the Funds' website at www.globalxetfs.com.

*41*

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![](pagelogo.jpg) <br>

**Trustees and Officers of the Trustees (Unaudited)**

Set forth below are the names, addresses, years of birth, position with the Trust, term of office and length of time served, the principal occupations for the last five years, number of Funds in the Trust overseen by each Trustee, and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust.

---

| | | | |
|:---|:---|:---|:---|
|  | **Position(s)** |  |  |
| **Name, Address** | **Held** | **Principal Occupation(s) During the Past** | **Other Directorships** |
| **(Year of Birth)** | **with Trust** | **5 Years** | **Held by Trustees** |
| **Independent Trustees**<sup>1</sup> |  |  |  |
| &nbsp;&nbsp; Charles A. Baker | Trustee (since | Chief Executive Officer of Investment112<sup>2</sup> | None. |
| &nbsp;&nbsp; 605 Third Avenue, | 07/2018) | Innovations LLC (investment |  |
| &nbsp;&nbsp; 43rd Floor |  | consulting) (since 2013); Managing |  |
| &nbsp;&nbsp; New York, NY |  | Director of NYSE Euronext (2003 to |  |
| &nbsp;&nbsp; 10158 |  | 2012). |  |
| &nbsp;&nbsp; (1953) |  |  |  |
| &nbsp;&nbsp; Susan M. Ciccarone | Trustee (since | Partner, Further Global Capital112<sup>2</sup> | Director of E78 |
| &nbsp;&nbsp; 605 Third Avenue, | 09/2019) | Management (private equity) (since | Partners (since 2022); |
| &nbsp;&nbsp; 43rd Floor |  | 2017); formerly Chief Operating Officer | Director of ProSight |
| &nbsp;&nbsp; New York, NY |  | (2014–2016) and Chief Financial | Global, Inc. (since |
| &nbsp;&nbsp; 10158 |  | Officer (2012–2016), Emerging Global | 2021); Director of |
| &nbsp;&nbsp; (1973) |  | Advisors, LLC (ETF issuer). | Casa Holdco LP, |
|  |  |  | parent of Celink (since |
|  |  |  | 2018); Chairman, |
|  |  |  | Payment Alliance |
|  |  |  | International, Inc. |
|  |  |  | (2019–2021). |
| &nbsp;&nbsp; Clifford J. Weber | Trustee (since | Owner, Financial Products Consulting112<sup>2</sup> | Chairman (since |
| &nbsp;&nbsp; 605 Third Avenue, | 07/2018) | Group LLC (consulting services to | 2017) and Trustee |
| &nbsp;&nbsp; 43rd Floor |  | financial institutions) (since 2015); | (since 2015) of |
| &nbsp;&nbsp; New York, NY |  | formerly, Executive Vice President of | Clough Funds Trust; |
| &nbsp;&nbsp; 10158 |  | Global Index and Exchange–Traded | Chairman and Trustee |
| &nbsp;&nbsp; (1963) |  | Products, NYSE Market, Inc., a | of Clayton Street |
|  |  | subsidiary of Intercontinental Exchange | Trust (since 2016); |
|  |  | (ETF/ETP listing exchange) (2013– | Chairman and Trustee |
|  |  | 2015). | of Janus Detroit Street |
|  |  |  | Trust (since 2016); |
|  |  |  | Chairman and Trustee |
|  |  |  | of Elevation ETF |
|  |  |  | Trust (2016–2018); |
|  |  |  | Trustee of Clough |
|  |  |  | Global Equity Fund |
|  |  |  | (since 2017); Trustee |
|  |  |  | of Clough Global |
|  |  |  | Dividend and Income |
|  |  |  | Fund (since 2017); |
|  |  |  | and Trustee of Clough |
|  |  |  | Global Opportunities |
|  |  |  | Fund (since 2017). |

---

*42*

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**Trustees and Officers of the Trustees** **(Unaudited)**

The Trust's Statement of Additional Information ("SAI") includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1–888– 493–8631. The following chart lists Trustees and Officers as of November 30, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Position(s)** |  | **Number of Funds in** |  |
| **Name, Address** | **Held** | **Principal Occupation(s) During the Past** | **Trust Overseen by** | **Other Directorships** |
| **(Year of Birth)** | **with Trust** | **5 Years** | **Trustee** | **Held by Trustees** |
| **Interested Trustee/Officers**<sup>1</sup> | **Interested Trustee/Officers**<sup>1</sup> |  |  |  |
| &nbsp;&nbsp; Luis Berruga | Trustee (since | Chief Executive Officer, GXMC (since | 112<sup>2</sup> | None. |
| &nbsp;&nbsp; 605 Third Avenue, | 07/2018); | 07/2018), Chief Financial Officer (since |  |  |
| &nbsp;&nbsp; 43rd Floor | President (since | 2/2014) and Chief Operating Officer |  |  |
| &nbsp;&nbsp; New York, NY | 2018) | (9/2015 – 7/2018); Investment Banker, |  |  |
| &nbsp;&nbsp; 10158 |  | Jefferies (2012–2014). |  |  |
| &nbsp;&nbsp; (1977) |  |  |  |  |
| &nbsp;&nbsp; John Belanger | Chief Operating | Chief Operating Officer and Head of | N/A | N/A |
| &nbsp;&nbsp; 605 Third Avenue, | Officer and | Portfolio Management & Portfolio |  |  |
| &nbsp;&nbsp; 43rd Floor | Chief Financial | Administration, GXMC (since 12/2020); |  |  |
| &nbsp;&nbsp; New York, NY | Officer (since | Portfolio Manager (12/2020–4/2022); |  |  |
| &nbsp;&nbsp; 10158 | 12/2020) | Secretary of the Trust (3/2020–9/2020); |  |  |
| &nbsp;&nbsp; (1982) |  | Head of Product Management, GXMC |  |  |
|  |  | (since 1/2020); Consultant to GXMC |  |  |
|  |  | (9/2018–12/2019); Chief Operating |  |  |
|  |  | Officer, Rex Shares, LLC (2014–2018). |  |  |
| &nbsp;&nbsp; Susan Lively | Secretary (since | General Counsel, GXMC (since | N/A | N/A |
| &nbsp;&nbsp; 605 Third Avenue, | 09/2020) | 9/2020); Senior Corporate Counsel |  |  |
| &nbsp;&nbsp; 43rd Floor |  | at Franklin Templeton (previously, |  |  |
| &nbsp;&nbsp; New York, NY |  | Managing Director and Associate |  |  |
| &nbsp;&nbsp; 10158 |  | General Counsel at Legg Mason & Co., |  |  |
| &nbsp;&nbsp; (1981) |  | LLC) (2014–2020). |  |  |
| &nbsp;&nbsp; Eric Griffith | Assistant | Counsel, SEI Investments (since | N/A | N/A |
| &nbsp;&nbsp; One Freedom | Secretary (since | 10/2019); Vice President and Assistant |  |  |
| &nbsp;&nbsp; Valley Drive | 02/2020) | General Counsel, JPMorgan Chase & |  |  |
| &nbsp;&nbsp; Oaks, PA 19456 |  | Co. (2012–2018). |  |  |
| &nbsp;&nbsp; (1969) |  |  |  |  |
| &nbsp;&nbsp; Joe Costello | Chief | Chief Compliance Officer, FlexShares | N/A | N/A |
| &nbsp;&nbsp; 605 Third Avenue, | Compliance | Funds (2011–2015); Vice President, |  |  |
| &nbsp;&nbsp; 43rd Floor | Officer (since | Northern Trust Investments (2003 – |  |  |
| &nbsp;&nbsp; New York, NY | 09/2016) | 2015). |  |  |
| &nbsp;&nbsp; 10158 |  |  |  |  |
| &nbsp;&nbsp; (1974) |  |  |  |  |
| &nbsp;&nbsp; Ronnie Riven | Treasurer | Director of Finance, GXMC (since | N/A | N/A |
| &nbsp;&nbsp; 605 Third Avenue, | and Principal | 2018); Director of Accounting and |  |  |
| &nbsp;&nbsp; 43rd Floor | Accounting | Finance at Barclays Center (2016–2018); |  |  |
| &nbsp;&nbsp; New York, NY | Officer (since | Manager of External Reporting at |  |  |
| &nbsp;&nbsp; 10158 | 12/2020) | National Grid (2013–2015). |  |  |

---

*43*

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![](pagelogo.jpg)

**Trustees and Officers of the Trustees** **(Unaudited)** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Position(s)** |  | **Number of Funds in** |  |
| **Name, Address** | **Held** | **Principal Occupation(s) During the Past** | **Trust Overseen by** | **Other Directorships** |
| **(Year of Birth)** | **with Trust** | **5 Years** | **Trustee** | **Held by Trustees** |
| **Interested Trustee/Officers**<sup>1</sup> | **Interested Trustee/Officers**<sup>1</sup> |  |  |  |
| &nbsp;&nbsp; Eric Olsen<sup>3</sup> | Assistant | Director of Accounting, SEI Investment | N/A | N/A |
| &nbsp;&nbsp; One Freedom | Treasurer (since | Manager Services (March 2021 to |  |  |
| &nbsp;&nbsp; Valley Drive | 05/2021) | present); formerly, Deputy Head of Fund |  |  |
| &nbsp;&nbsp; Oaks, PA 19456 |  | Operations, Traditional Assets, Aberdeen |  |  |
| &nbsp;&nbsp; (1970) |  | Standard Investments (2013–2021). |  |  |

---

---

| | |
|:---|:---|
| 1 | Each Trustee serves until his or her successor is duly elected or appointed and qualified. |
| 2 | As of November 30, 2022, the Trust had one hundred and twelve investment portfolios, one hundred of which were operational. |
| 3 | This officer of the Trust also serves as an officer of one or more mutual funds for which SEI Investments Company or an affiliate acts as investment manager, administrator or distributor. |

---

*44*

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![](pagelogo.jpg)

 **Notice to Shareholders** **(Unaudited)**

For shareholders that do not have a November 30, 2022 tax year end, this notice is for informational purposes only. For shareholders with a November 30, 2022 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended November 30, 2022, the Funds have designated the following items with regard to distributions paid during the year.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> **Long-Term** <br> **Capital Gain** <br> **Distributions**  | &nbsp;&nbsp;&nbsp;&nbsp;**Ordinary Income** <br> **Distributions**  | &nbsp;&nbsp;&nbsp;&nbsp;**Return** <br> **of**<br> **Capital**  | &nbsp;&nbsp;&nbsp;&nbsp;**Total**<br> **Distributions**  | **Qualifying**<br> **for Corporate** <br> **Dividends** <br> **Received** <br> **Deduction** <sup>(1)</sup>  | <br> **Qualifying**<br> **Dividend**<br> **Income <sup>(2)</sup>**  |
| <br> **Long-Term** <br> **Capital Gain** <br> **Distributions**  | &nbsp;&nbsp;&nbsp;&nbsp;**Ordinary Income** <br> **Distributions**  | &nbsp;&nbsp;&nbsp;&nbsp;**Return** <br> **of**<br> **Capital**  | &nbsp;&nbsp;&nbsp;&nbsp;**Total**<br> **Distributions**  | **Qualifying**<br> **for Corporate** <br> **Dividends** <br> **Received** <br> **Deduction** <sup>(1)</sup>  | <br> **Qualifying**<br> **Dividend**<br> **Income <sup>(2)</sup>**  |
| <br> **Long-Term** <br> **Capital Gain** <br> **Distributions**  | &nbsp;&nbsp;&nbsp;&nbsp;**Ordinary Income** <br> **Distributions**  | &nbsp;&nbsp;&nbsp;&nbsp;**Return** <br> **of**<br> **Capital**  | &nbsp;&nbsp;&nbsp;&nbsp;**Total**<br> **Distributions**  | **Qualifying**<br> **for Corporate** <br> **Dividends** <br> **Received** <br> **Deduction** <sup>(1)</sup>  | <br> **Qualifying**<br> **Dividend**<br> **Income <sup>(2)</sup>**  |
| <br> **Long-Term** <br> **Capital Gain** <br> **Distributions**  | &nbsp;&nbsp;&nbsp;&nbsp;**Ordinary Income** <br> **Distributions**  | &nbsp;&nbsp;&nbsp;&nbsp;**Return** <br> **of**<br> **Capital**  | &nbsp;&nbsp;&nbsp;&nbsp;**Total**<br> **Distributions**  | **Qualifying**<br> **for Corporate** <br> **Dividends** <br> **Received** <br> **Deduction** <sup>(1)</sup>  | <br> **Qualifying**<br> **Dividend**<br> **Income <sup>(2)</sup>**  |
| <br> **Long-Term** <br> **Capital Gain** <br> **Distributions**  | &nbsp;&nbsp;&nbsp;&nbsp;**Ordinary Income** <br> **Distributions**  | &nbsp;&nbsp;&nbsp;&nbsp;**Return** <br> **of**<br> **Capital**  | &nbsp;&nbsp;&nbsp;&nbsp;**Total**<br> **Distributions**  | **Qualifying**<br> **for Corporate** <br> **Dividends** <br> **Received** <br> **Deduction** <sup>(1)</sup>  | <br> **Qualifying**<br> **Dividend**<br> **Income <sup>(2)</sup>**  |
| <br> **Long-Term** <br> **Capital Gain** <br> **Distributions**  | &nbsp;&nbsp;&nbsp;&nbsp;**Ordinary Income** <br> **Distributions**  | &nbsp;&nbsp;&nbsp;&nbsp;**Return** <br> **of**<br> **Capital**  | &nbsp;&nbsp;&nbsp;&nbsp;**Total**<br> **Distributions**  | **Qualifying**<br> **for Corporate** <br> **Dividends** <br> **Received** <br> **Deduction** <sup>(1)</sup>  | <br> **Qualifying**<br> **Dividend**<br> **Income <sup>(2)</sup>**  |
| **Global X Interest Rate Hedge ETF** | **Global X Interest Rate Hedge ETF** | | | | |
| 0.00% | 100.00% | 0.00% | 100.00% | 0.00% | 0.00% |
| **Global X Interest Rate Volatility and Inflation Hedge ETF** | **Global X Interest Rate Volatility and Inflation Hedge ETF** |  |  |  |  |
| 0.00% | 100.00% | 0.00% | 100.00% | 0.00% | 0.00% |

---

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

*45*

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![](pagelogo.jpg)

**Notice to Shareholders** **(Unaudited)** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Short Term** | **Qualifying** |  |
| **U.S. Government** | **Interest Related** | **Capital Gain** | **Business** | **Foreign Tax** |
| **Interest <sup>(3)</sup>** | **Dividends <sup>(4)</sup>** | **Dividends <sup>(5)</sup>** | **Income** <sup>(6)</sup> | **Credit** |
| **Global X Interest Rate Hedge ETF** |  |  |  |  |
| 100.00% | 5.45% | 0.00% | 0.00% | 0.00% |
| **Global X Interest Rate Volatility and Inflation Hedge ETF** | **Global X Interest Rate Volatility and Inflation Hedge ETF** |  |  |  |
| 100.00% | 100.00% | 0.00% | 0.00% | 0.00% |

---

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

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

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

 *The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2022. Complete information will be computed and reported in conjunction with your 2022 Form 1099-DIV*

*46*

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**Notes**

*47*

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![](pagelogo.jpg)

**Notes**

*48*

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![](pagelogo.jpg)

605 3rd Avenue, 43rd Floor

New York, NY 10158

1-888-493-8631

www.globalxetfs.com

#### Investment Adviser and Administrator:
Global X Management Company LLC

605 3rd Avenue, 43rd Floor

New York, NY 10158

#### Distributor:
SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

#### Sub-Administrator:
SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

#### Counsel for Global X Funds and the Independent Trustees:
Stradley Ronon Stevens & Young, LLP

2000 K Street, N.W.

Suite 700

Washington, DC 20006

#### Custodian and Transfer Agent:
Brown Brothers Harriman & Co.

40 Water Street

Boston, MA 02109

#### 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–011–0100

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**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, comptroller 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 trustees 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 Susan M. Ciccarone and each is independent as defined in Form N-CSR Item 3(a)(2).

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

Fees billed by Pricewaterhouse Coopers 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:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** |
|  |  | **All fees and services to the Trust that were pre-approved**  | **All fees and services to service affiliates that were pre-approved** | **All other fees and services to service affiliates that did not require pre-approval** | **All fees and services to the Trust that were pre-approved** | **All fees and services to service affiliates that were pre-approved** | **All other fees and services to service affiliates that did not require pre-approval** |
| (a) | Audit Fees | $1148958 | $0 | $0 | $929467 | $0 | $0 |
| (b) | Audit-Related Fees | $0 | $0 | $0 | $0 | $0 | $0 |
| (c) | Tax Fees<sup>(1)</sup> | $406447 | $0 | $0 | $334184 | $0 | $0 |
| (d) | All Other Fees | $0 | $0 | $0 | $0 | $0 | $0 |

---

Notes:

(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):

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) Not applicable.

(g) The aggregate non-audit fees and services billed by PwC for the last two fiscal years were $406,447 and $334,184, 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, Susan M. Ciccarone and Clifford J. Weber.

#### Item 6. Investments.

Not applicable.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to open-end management investment companies.

#### Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

#### Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

#### Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes.

------

#### Item 11. Controls and Procedures.

(a) The certifying officers, whose certifications are included herewith, have evaluated the registrant's disclosure controls and procedures within 90 days of the filing date of this report. In their opinion, based on their evaluation, the registrant's disclosure controls and procedures are adequately designed, and are operating effectively to ensure, that information required to be disclosed by the registrant in the reports it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no significant changes in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

#### Item 13. Exhibits.

[(a)(1) Code of Ethics attached hereto.](ex-code.htm#codeofethics)

[(a)(2) 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 Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.](ex-cert.htm#CERTIFICATION302)

[(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as an Exhibit.](ex-906cert.htm#CERTIFICATION906)

------

#### 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. <br>

(Registrant)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global X Funds

---

| | |
|:---|:---|
| By (Signature and Title) | <u>/s/ Luis Berruga</u><br> Luis Berruga<br> President |

---

Date: February 7, 2023

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) | <u>/s/ Luis Berruga</u><br>Luis Berruga<br> President |

---

Date: February 7, 2023

---

| | |
|:---|:---|
| By (Signature and Title) | <u>/s/ John Belanger</u><br> John Belanger<br> Chief Financial Officer |

---

Date: February 7, 2023

## Ex-99.Code

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

I. <u>Introduction.</u>

**** 

<br> 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;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;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;C. Compliance with Laws, Rules and Regulations

#### <br>
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;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;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

#### 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, Luis Berruga, 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:

(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;

(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;

(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

(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):

<br> (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

<br> (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 7, 2023 <u>/s/ Luis Berruga</u><br>

Luis Berruga<br> President

------

#### 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, John Belanger, 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:

(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;

(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;

(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

(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):

<br> (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

<br> (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 7, 2023

<u>/s/ John Belanger</u><br>

John Belanger<br> Chief Financial Officer <br>

## Exhibit 99.906

#### CERTIFICATION

#### Pursuant to 18 U.S.C. Section 1350,

#### As Adopted Pursuant to Section 906

#### of the Sarbanes-Oxley Act of 2002

The undersigned, Luis Berruga, the President of the Global X Funds (the "Fund"), with respect to the Fund's Form N-CSR for the period ended November 30, 2022, 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:

<br> 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

<br> 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 7, 2023

<u>/s/ Luis Berruga</u>

Luis Berruga

President

------

#### CERTIFICATION

#### Pursuant to 18 U.S.C. Section 1350,

#### As Adopted Pursuant to Section 906

#### of the Sarbanes-Oxley Act of 2002

The undersigned, John Belanger, the Chief Financial Officer of the Global X Funds (the "Fund"), with respect to the Fund's Form N-CSR for the period ended November 30, 2022, 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:

<br> 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

<br> 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 7, 2023

<u>/s/ John Belanger</u>

John Belanger

Chief Financial Officer

<br>