# EDGAR Filing Document

**Accession Number:** 0001432353
**File Stem:** 0000930413-25-002364
**Filing Date:** 2025-8
**Character Count:** 500195
**Document Hash:** 85fb5e55d0d7fc1d358ddd83c8cf783c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-25-002364.hdr.sgml**: 20250801

**ACCESSION NUMBER**: 0000930413-25-002364

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 42

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250801

**DATE AS OF CHANGE**: 20250801

**EFFECTIVENESS DATE**: 20250801

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22209
- **FILM NUMBER:** 251175196

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

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

## Series and Classes Contracts Data

### Global X Aging Population ETF (Series ID: S000054162)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### Global X Solar ETF (Series ID: S000072699)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000229136 | Global X Solar ETF | RAYS            |

### Global X Wind Energy ETF (Series ID: S000072700)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000229137 | Global X Wind Energy ETF | WNDY            |

### Global X PropTech ETF (Series ID: S000079785)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000241147 | Global X PropTech ETF | PTEC            |

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

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

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

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

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSRS**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES**

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

**Global X Funds** 

(Exact name of registrant as specified in charter)

605 Third Avenue, 43rd floor

New York, NY 10158

(Address of principal executive offices) (Zip code)

Jasmin M. Ali, Esquire

Global X Management Company LLC

605 Third Avenue, 43rd floor

New York, NY 10158

(Name and address of agent for service)

With a copy to:

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

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

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

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

**Item 1. Reports to Stockholders.**

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

# Global X Funds
![Image](i9f43365e0da07d0ff866f17f.jpg)

## Global X Millennial Consumer ETF

## Ticker: MILN

## Principal Listing Exchange: Nasdaq

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

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Millennial Consumer ETF | $25 | 0.50% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $120814578 | 82 | $300858 | 10.29% |

---

# What did the Fund invest in?

# Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](ib5842f77d8845ec5ac389e5f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investment | 0.8% |
| Repurchase Agreement | 0.8% |
| Singapore | 4.1% |
| United States | 95.8% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Sea ADR | 3.7% |
| Netflix | 3.4% |
| Intuit | 3.4% |
| Walt Disney | 3.4% |
| Booking Holdings | 3.2% |
| Uber Technologies | 3.2% |
| Spotify Technology | 3.1% |
| Meta Platforms, Cl A | 3.1% |
| DoorDash, Cl A | 3.1% |
| PayPal Holdings | 3.0% |

---

---

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

---

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

* 1-888-493-8631 

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

![Image](i9f43365e0da07d0ff866f17f.jpg)

#### GX-SA-MILN-2025

# Global X Funds
![Image](i9f43365e0da07d0ff866f17f.jpg)

## Global X Aging Population ETF

## Ticker: AGNG

## Principal Listing Exchange: Nasdaq

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

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Aging Population ETF | $25 | 0.50% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $56793561 | 82 | $146302 | 8.97% |

---

# What did the Fund invest in?

# Country Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](i22bec05dbb9a5fe9af1bb94b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Countries | 1.1% |
| Italy | 0.4% |
| Canada | 0.7% |
| Australia | 0.9% |
| Germany | 1.3% |
| South Korea | 2.2% |
| Belgium | 3.4% |
| United Kingdom | 4.1% |
| China | 4.8% |
| Denmark | 5.0% |
| Switzerland | 5.4% |
| Japan | 7.1% |
| United States | 63.2% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| Chugai Pharmaceutical | 3.2% |
| Edwards Lifesciences | 3.2% |
| Boston Scientific | 3.2% |
| Stryker | 3.1% |
| Welltower | 3.1% |
| UCB | 3.1% |
| AstraZeneca PLC ADR | 3.1% |
| Roche Holding | 3.0% |
| Novo Nordisk, Cl B | 3.0% |
| AbbVie | 2.9% |

---

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

* 1-888-493-8631 

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

![Image](i9f43365e0da07d0ff866f17f.jpg)

#### GX-SA-AGNG-2025

# Global X Funds
![Image](i9f43365e0da07d0ff866f17f.jpg)

## Global X FinTech ETF

## Ticker: FINX

## Principal Listing Exchange: Nasdaq

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

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X FinTech ETF | $32 | 0.68% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $281145559 | 69 | $1009694 | 6.75% |

---

# What did the Fund invest in?

# Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](i7a1f95277405149e0873dfe1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Countries | 1.4% |
| Canada | 0.4% |
| South Korea | 0.8% |
| China | 1.0% |
| Switzerland | 1.3% |
| Brazil | 1.3% |
| Australia | 1.6% |
| Italy | 1.7% |
| United Kingdom | 3.5% |
| New Zealand | 4.1% |
| Repurchase Agreements | 5.7% |
| Netherlands | 6.1% |
| United States | 76.7% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Intuit | 7.2% |
| Coinbase Global, Cl A | 6.6% |
| Fidelity National Information Services | 6.5% |
| Adyen | 6.1% |
| PayPal Holdings | 5.9% |
| Toast, Cl A | 4.7% |
| Block, Cl A | 4.5% |
| Fiserv | 4.3% |
| SS&C Technologies Holdings | 4.1% |
| Xero | 4.1% |

---

---

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

---

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

* 1-888-493-8631 

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

![Image](i9f43365e0da07d0ff866f17f.jpg)

#### GX-SA-FINX-2025

# Global X Funds
![Image](i9f43365e0da07d0ff866f17f.jpg)

## Global X Internet of Things ETF

## Ticker: SNSR

## Principal Listing Exchange: Nasdaq

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

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Internet of Things ETF | $34 | 0.68% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $216683045 | 56 | $755161 | 12.11% |

---

# What did the Fund invest in?

# Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](i7c92f73d9bc22cf45b22d7f7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Repurchase Agreement | 0.0% |
| Canada | 0.3% |
| United Kingdom | 0.3% |
| Norway | 1.2% |
| Japan | 1.2% |
| France | 1.2% |
| Austria | 1.3% |
| Netherlands | 1.8% |
| Switzerland | 2.9% |
| Singapore | 5.8% |
| Taiwan | 10.1% |
| United States | 73.7% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Dexcom | 6.5% |
| Samsara, Cl A | 6.2% |
| STMicroelectronics | 5.8% |
| Garmin | 5.5% |
| Skyworks Solutions | 5.5% |
| Advantech | 4.9% |
| Badger Meter | 3.6% |
| ADT | 3.4% |
| Lattice Semiconductor | 3.1% |
| eMemory Technology | 3.0% |

---

---

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

---

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

* 1-888-493-8631 

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

![Image](i9f43365e0da07d0ff866f17f.jpg)

#### GX-SA-SNSR-2025

# Global X Funds
![Image](i9f43365e0da07d0ff866f17f.jpg)

## Global X Robotics & Artificial Intelligence ETF

## Ticker: BOTZ

## Principal Listing Exchange: Nasdaq

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

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Robotics & Artificial Intelligence ETF | $33 | 0.68% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $2549021830 | 59 | $8718933 | 9.47% |

---

# What did the Fund invest in?

# Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](id04a38d4cc667200083a87ca.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Futures Contracts | 0.0% |
| Norway | 0.8% |
| United Kingdom | 1.1% |
| Canada | 1.2% |
| Finland | 2.1% |
| South Korea | 2.9% |
| Repurchase Agreements | 4.9% |
| China | 5.5% |
| Switzerland | 9.3% |
| Japan | 30.3% |
| United States | 46.2% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| NVIDIA | 9.8% |
| ABB | 8.2% |
| Intuitive Surgical | 8.2% |
| Keyence | 8.2% |
| FANUC | 7.4% |
| SMC | 4.6% |
| Dynatrace | 4.6% |
| Daifuku | 4.4% |
| Pegasystems | 3.6% |
| Yaskawa Electric | 2.7% |

---

---

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

---

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

* 1-888-493-8631 

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

![Image](i9f43365e0da07d0ff866f17f.jpg)

#### GX-SA-BOTZ-2025

# Global X Funds
![Image](i9f43365e0da07d0ff866f17f.jpg)

## Global X U.S. Infrastructure Development ETF

## Ticker: PAVE

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

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

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X U.S. Infrastructure Development ETF | $22 | 0.47% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $8178707381 | 103 | $19467867 | 9.48% |

---

# What did the Fund invest in?

# Asset/Sector Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](i27cd0d04405b62d5659d658e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Future | 0.0% |
| Short-Term Investment | 0.1% |
| Repurchase Agreement | 0.1% |
| Consumer Discretionary | 0.6% |
| Information Technology | 2.2% |
| Utilities | 3.3% |
| Materials | 20.0% |
| Industrials | 73.7% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Howmet Aerospace | 4.2% |
| Fastenal | 3.5% |
| Trane Technologies PLC | 3.4% |
| Deere | 3.4% |
| Parker-Hannifin | 3.1% |
| Quanta Services | 3.1% |
| Norfolk Southern | 3.1% |
| Sempra | 3.0% |
| CSX | 3.0% |
| Emerson Electric | 2.9% |

---

---

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

---

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

* 1-888-493-8631 

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

![Image](i9f43365e0da07d0ff866f17f.jpg)

#### GX-SA-PAVE-2025

# Global X Funds
![Image](i9f43365e0da07d0ff866f17f.jpg)

## Global X Autonomous & Electric Vehicles ETF

## Ticker: DRIV

## Principal Listing Exchange: Nasdaq

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

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Autonomous & Electric Vehicles ETF | $33 | 0.68% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $294458491 | 82 | $1159801 | 22.39% |

---

# What did the Fund invest in?

# Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](i34c98968a6b66e7fc6512e3f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Countries | 3.3% |
| Singapore | 1.3% |
| Netherlands | 1.6% |
| Taiwan | 2.3% |
| France | 2.4% |
| Australia | 2.9% |
| Canada | 3.0% |
| Germany | 3.3% |
| South Korea | 6.9% |
| Repurchase Agreements | 10.5% |
| China | 11.3% |
| Japan | 15.9% |
| United States | 45.2% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Microsoft | 3.5% |
| NVIDIA | 3.3% |
| Toyota Motor | 3.1% |
| Alphabet, Cl A | 2.9% |
| QUALCOMM | 2.8% |
| Honeywell International | 2.8% |
| Tesla | 2.8% |
| Nexteer Automotive Group | 2.1% |
| Intel | 2.1% |
| XPeng ADR, Cl A | 1.9% |

---

---

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

---

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

* 1-888-493-8631 

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

![Image](i9f43365e0da07d0ff866f17f.jpg)

#### GX-SA-DRIV-2025

# Global X Funds
![Image](i9f43365e0da07d0ff866f17f.jpg)

## Global X Artificial Intelligence & Technology ETF

## Ticker: AIQ

## Principal Listing Exchange: Nasdaq

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

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Artificial Intelligence & Technology ETF | $35 | 0.68% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $3209293808 | 93 | $9794368 | 13.21% |

---

# What did the Fund invest in?

# Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](i8cff255c9cbdb06dee8a58a2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Countries | 1.2% |
| Brazil | 0.5% |
| Israel | 0.5% |
| Repurchase Agreements | 0.9% |
| Netherlands | 1.1% |
| Japan | 2.5% |
| Ireland | 2.6% |
| Canada | 2.9% |
| Germany | 3.0% |
| Taiwan | 3.5% |
| South Korea | 4.6% |
| China | 8.8% |
| United States | 68.7% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Tencent Holdings | 4.0% |
| Netflix | 3.7% |
| Palantir Technologies, Cl A | 3.5% |
| Alibaba Group Holding ADR | 3.3% |
| Samsung Electronics | 3.3% |
| Microsoft | 3.1% |
| Meta Platforms, Cl A | 3.1% |
| Cisco Systems | 3.1% |
| Broadcom | 3.1% |
| International Business Machines | 2.9% |

---

---

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

---

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

* 1-888-493-8631 

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

![Image](i9f43365e0da07d0ff866f17f.jpg)

#### GX-SA-AIQ-2025

# Global X Funds
![Image](i9f43365e0da07d0ff866f17f.jpg)

## Global X Genomics & Biotechnology ETF

## Ticker: GNOM

## Principal Listing Exchange: Nasdaq

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

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Genomics & Biotechnology ETF | $21 | 0.50% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $41016761 | 54 | $148184 | 21.30% |

---

# What did the Fund invest in?

# Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](i8ed1444be76dce47575254fd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Netherlands | 1.0% |
| United Kingdom | 2.2% |
| China | 2.5% |
| Switzerland | 4.0% |
| Germany | 4.2% |
| Repurchase Agreements | 5.1% |
| United States | 86.0% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Alnylam Pharmaceuticals | 5.4% |
| Illumina | 4.6% |
| QIAGEN | 4.5% |
| Natera | 4.5% |
| Avidity Biosciences | 4.3% |
| Moderna | 4.3% |
| Bio-Techne | 4.1% |
| CRISPR Therapeutics | 4.0% |
| BioMarin Pharmaceutical | 4.0% |
| Ultragenyx Pharmaceutical | 3.9% |

---

---

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

---

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

* 1-888-493-8631 

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

![Image](i9f43365e0da07d0ff866f17f.jpg)

#### GX-SA-GNOM-2025

# Global X Funds
![Image](i9f43365e0da07d0ff866f17f.jpg)

## Global X Cloud Computing ETF

## Ticker: CLOU

## Principal Listing Exchange: Nasdaq

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

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Cloud Computing ETF | $33 | 0.68% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $337062113 | 39 | $1176824 | 5.54% |

---

# What did the Fund invest in?

# Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](id5dd580b77aa8a3c9a65410b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investment | 0.1% |
| Repurchase Agreement | 0.1% |
| Japan | 0.3% |
| China | 1.9% |
| Sweden | 2.0% |
| Israel | 3.3% |
| Canada | 4.2% |
| United States | 88.2% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Snowflake, Cl A | 4.7% |
| Box, Cl A | 4.6% |
| Zscaler | 4.6% |
| Twilio, Cl A | 4.6% |
| Paycom Software | 4.3% |
| Shopify, Cl A | 4.2% |
| Qualys | 4.1% |
| Procore Technologies | 4.0% |
| Digital Realty Trust | 4.0% |
| ServiceNow | 4.0% |

---

---

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

---

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

* 1-888-493-8631 

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

![Image](i9f43365e0da07d0ff866f17f.jpg)

#### GX-SA-CLOU-2025

# Global X Funds
![Image](i9f43365e0da07d0ff866f17f.jpg)

## Global X Cybersecurity ETF

## Ticker: BUG

## Principal Listing Exchange: Nasdaq

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

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Cybersecurity ETF | $25 | 0.50% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $1082160213 | 31 | $2234687 | 23.28% |

---

# What did the Fund invest in?

# Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](ie4b3c59c56522c77d4d14b9f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Futures Contracts | 0.0% |
| Repurchase Agreements | 1.1% |
| South Korea | 1.5% |
| Canada | 5.0% |
| Japan | 7.8% |
| Israel | 9.0% |
| United States | 76.6% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Zscaler | 6.8% |
| Crowdstrike Holdings, Cl A | 6.1% |
| Check Point Software Technologies | 6.0% |
| Palo Alto Networks | 5.8% |
| Rubrik, Cl A | 5.7% |
| Fortinet | 5.5% |
| Okta, Cl A | 5.2% |
| BlackBerry | 5.0% |
| Varonis Systems, Cl B | 4.7% |
| Gen Digital | 4.7% |

---

---

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

---

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

* 1-888-493-8631 

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

![Image](i9f43365e0da07d0ff866f17f.jpg)

#### GX-SA-BUG-2025

# Global X Funds
![Image](i9f43365e0da07d0ff866f17f.jpg)

## Global X Dorsey Wright Thematic ETF

## Ticker: GXDW

## Principal Listing Exchange: Nasdaq

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

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Dorsey Wright Thematic ETF | $24 | 0.50% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | |
|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $9774387<sub>10</sub> | $30467 | 106.05% |

---

# What did the Fund invest in?

# Asset Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](i48ac897f43ec363c3b0a5bc1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Repurchase Agreements | 10.4% |
| Exchange-Traded Funds | 99.9% |

---

---

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

---

# Top Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Global X Artificial Intelligence & Technology ETF<sup>Footnote Reference\*\*</sup> | 20.4% |
| Global X US Infrastructure Development ETF<sup>Footnote Reference\*\*</sup> | 20.2% |
| Global X Millennial Consumer ETF<sup>Footnote Reference\*\*</sup> | 20.1% |
| Global X E-commerce ETF<sup>Footnote Reference\*\*</sup> | 20.1% |
| Global X Cybersecurity ETF<sup>Footnote Reference\*\*</sup> | 19.2% |

---

---

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

---

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

* 1-888-493-8631 

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

![Image](i9f43365e0da07d0ff866f17f.jpg)

#### GX-SA-GXDW-2025

# Global X Funds
![Image](i9f43365e0da07d0ff866f17f.jpg)

## Global X Video Games & Esports ETF

## Ticker: HERO

## Principal Listing Exchange: Nasdaq

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

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Video Games & Esports ETF | $28 | 0.50% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $146710664 | 51 | $270176 | 11.14% |

---

# What did the Fund invest in?

# Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](i5cdf34fba81d683e97c5aa8f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Hong Kong | 0.4% |
| France | 1.3% |
| Taiwan | 4.0% |
| Poland | 4.1% |
| Sweden | 6.1% |
| Repurchase Agreements | 8.9% |
| South Korea | 11.8% |
| China | 12.5% |
| United States | 23.3% |
| Japan | 36.1% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Konami Group | 7.6% |
| Nintendo | 6.9% |
| ROBLOX, Cl A | 6.5% |
| NetEase ADR | 6.0% |
| Take-Two Interactive Software | 6.0% |
| Square Enix Holdings | 5.9% |
| Capcom | 5.2% |
| Electronic Arts | 5.0% |
| Nexon | 4.8% |
| Unity Software | 4.4% |

---

---

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

---

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

* 1-888-493-8631 

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

![Image](i9f43365e0da07d0ff866f17f.jpg)

#### GX-SA-HERO-2025

# Global X Funds
![Image](i9f43365e0da07d0ff866f17f.jpg)

## Global X HealthTech ETF

## Ticker: HEAL

## Principal Listing Exchange: Nasdaq

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

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X HealthTech ETF | $31 | 0.63% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $38362162 | 42 | $117732 | 55.22% |

---

# What did the Fund invest in?

# Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](iff2bdd6ab31ccc24666b0119.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 0.2% |
| Canada | 0.6% |
| Sweden | 0.7% |
| Short-Term Investment | 2.4% |
| Repurchase Agreement | 2.5% |
| China | 2.7% |
| Denmark | 3.2% |
| Netherlands | 3.5% |
| Australia | 4.6% |
| United States | 84.2% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Hims & Hers Health | 5.4% |
| Insulet | 4.9% |
| Veeva Systems, Cl A | 4.6% |
| Pro Medicus | 4.6% |
| TransMedics Group | 4.4% |
| Dexcom | 4.1% |
| Intuitive Surgical | 4.1% |
| ResMed | 4.0% |
| GE HealthCare Technologies | 3.9% |
| Masimo | 3.8% |

---

---

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

---

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

* 1-888-493-8631 

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

![Image](i9f43365e0da07d0ff866f17f.jpg)

#### GX-SA-HEAL-2025

# Global X Funds
![Image](i9f43365e0da07d0ff866f17f.jpg)

## Global X CleanTech ETF

## Ticker: CTEC

## Principal Listing Exchange: Nasdaq

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

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X CleanTech ETF | $24 | 0.50% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $19021188 | 41 | $66792 | 23.15% |

---

# What did the Fund invest in?

# Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](i775c882c6d131041a74d9a48.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Turkey | 1.6% |
| Canada | 2.0% |
| U.S. Treasury Obligation | 2.5% |
| Switzerland | 3.4% |
| United Kingdom | 5.5% |
| Sweden | 5.6% |
| Denmark | 6.1% |
| Taiwan | 6.2% |
| Germany | 6.6% |
| South Korea | 10.1% |
| Repurchase Agreements | 14.4% |
| China | 14.6% |
| United States | 38.1% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| NEXTracker, Cl A | 7.3% |
| First Solar | 6.9% |
| Vestas Wind Systems | 6.1% |
| Samsung SDI | 5.9% |
| Nibe Industrier, Cl B | 5.6% |
| Johnson Matthey PLC | 5.5% |
| Nordex | 5.2% |
| China Everbright Environment Group | 5.0% |
| Simplo Technology | 4.3% |
| Enphase Energy | 4.2% |

---

---

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

---

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

* 1-888-493-8631 

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

![Image](i9f43365e0da07d0ff866f17f.jpg)

#### GX-SA-CTEC-2025

# Global X Funds
![Image](i9f43365e0da07d0ff866f17f.jpg)

## Global X Data Center & Digital Infrastructure ETF

## Ticker: DTCR

## Principal Listing Exchange: Nasdaq

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

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Data Center & Digital Infrastructure ETF | $25 | 0.50% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $245311884 | 33 | $508440 | 17.64% |

---

# What did the Fund invest in?

# Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](iddaee6171be3687c93f91444.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Switzerland | 0.7% |
| Indonesia | 1.6% |
| South Korea | 2.7% |
| Australia | 3.9% |
| Hong Kong | 4.5% |
| Taiwan | 4.6% |
| Singapore | 4.7% |
| China | 7.5% |
| Repurchase Agreements | 10.9% |
| United States | 69.6% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| American Tower | 13.6% |
| Equinix | 11.3% |
| Digital Realty Trust | 11.2% |
| Crown Castle | 10.0% |
| SBA Communications, Cl A | 5.0% |
| GDS Holdings ADR | 4.8% |
| Keppel DC REIT | 4.7% |
| China Tower, Cl H | 4.5% |
| NEXTDC | 3.9% |
| Winbond Electronics | 2.7% |

---

---

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

---

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

* 1-888-493-8631 

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

![Image](i9f43365e0da07d0ff866f17f.jpg)

#### GX-SA-DTCR-2025

# Global X Funds
![Image](i9f43365e0da07d0ff866f17f.jpg)

## Global X Clean Water ETF

## Ticker: AQWA

## Principal Listing Exchange: Nasdaq

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

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Clean Water ETF | $25 | 0.50% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $10635050 | 41 | $25162 | 6.41% |

---

# What did the Fund invest in?

# Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](ib2847ed7432bb946e29b8061.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Saudi Arabia | 0.5% |
| Singapore | 0.8% |
| U.S. Treasury Obligation | 1.9% |
| South Korea | 1.9% |
| Japan | 3.0% |
| China | 4.8% |
| Brazil | 5.4% |
| United Kingdom | 10.4% |
| United States | 72.9% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| American Water Works | 8.7% |
| Pentair PLC | 7.8% |
| Ferguson Enterprises | 7.6% |
| Xylem | 7.4% |
| Core & Main, Cl A | 5.5% |
| United Utilities Group PLC | 5.4% |
| Severn Trent PLC | 5.0% |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 4.9% |
| Essential Utilities | 4.7% |
| A O Smith | 4.1% |

---

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

* 1-888-493-8631 

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

![Image](i9f43365e0da07d0ff866f17f.jpg)

#### GX-SA-AQWA-2025

# Global X Funds
![Image](i9f43365e0da07d0ff866f17f.jpg)

## Global X AgTech & Food Innovation ETF

## Ticker: KROP

## Principal Listing Exchange: Nasdaq

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

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X AgTech & Food Innovation ETF | $25 | 0.50% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $8833969 | 32 | $17851 | 16.75% |

---

# What did the Fund invest in?

# Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](iaa845109bebe85c8ec97664e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Countries | 0.1% |
| Saudi Arabia | 0.3% |
| Indonesia | 0.3% |
| Switzerland | 0.3% |
| Philippines | 0.3% |
| Argentina | 0.9% |
| Australia | 2.5% |
| Repurchase Agreement | 2.6% |
| Germany | 3.5% |
| Japan | 12.3% |
| Canada | 12.8% |
| China | 14.3% |
| United States | 52.5% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Corteva | 12.6% |
| Nutrien | 12.5% |
| Kubota | 12.3% |
| Deere | 11.6% |
| Hebei Yangyuan Zhihui Beverage, Cl A | 4.7% |
| Cheng De Lolo, Cl A | 4.7% |
| FMC | 4.6% |
| Yuan Longping High-tech Agriculture, Cl A | 4.6% |
| CNH Industrial | 4.2% |
| AGCO | 4.1% |

---

---

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

---

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

* 1-888-493-8631 

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

![Image](i9f43365e0da07d0ff866f17f.jpg)

#### GX-SA-KROP-2025

# Global X Funds
![Image](i9f43365e0da07d0ff866f17f.jpg)

## Global X Blockchain ETF

## Ticker: BKCH

## Principal Listing Exchange: Nasdaq

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

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Blockchain ETF | $20 | 0.50% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $146810388 | 36 | $402927 | 24.15% |

---

# What did the Fund invest in?

# Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](idefafb3b1d590fd2f2c28486.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Jersey | 0.4% |
| Germany | 1.6% |
| China | 3.3% |
| Australia | 5.3% |
| Canada | 10.6% |
| Repurchase Agreements | 30.3% |
| United States | 78.7% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Coinbase Global, Cl A | 12.9% |
| Riot Platforms | 11.4% |
| MARA Holdings | 10.8% |
| Cleanspark | 7.9% |
| Applied Digital | 6.0% |
| Iris Energy | 5.3% |
| Core Scientific | 5.3% |
| Bitdeer Technologies Group, Cl A | 5.0% |
| Galaxy Digital Holdings | 5.0% |
| TeraWulf | 4.8% |

---

---

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

---

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

* 1-888-493-8631 

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

![Image](i9f43365e0da07d0ff866f17f.jpg)

#### GX-SA-BKCH-2025

# Global X Funds
![Image](i9f43365e0da07d0ff866f17f.jpg)

## Global X Hydrogen ETF

## Ticker: HYDR

## Principal Listing Exchange: Nasdaq

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

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Hydrogen ETF | $21 | 0.50% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $26626612 | 31 | $77736 | 23.19% |

---

# What did the Fund invest in?

# Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](i5211345f481f6323ca4632c8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Singapore | 0.3% |
| France | 0.3% |
| Japan | 2.1% |
| China | 2.7% |
| Canada | 4.1% |
| Sweden | 4.5% |
| Norway | 5.5% |
| Germany | 11.0% |
| South Korea | 14.5% |
| United Kingdom | 15.3% |
| Repurchase Agreements | 26.9% |
| United States | 34.6% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Plug Power | 13.8% |
| Bloom Energy, Cl A | 11.1% |
| SFC Energy | 11.0% |
| Doosan Fuel Cell | 8.5% |
| ITM Power PLC | 5.6% |
| FuelCell Energy | 5.6% |
| PowerCell Sweden | 4.5% |
| Ceres Power Holdings PLC | 4.5% |
| NEL | 4.2% |
| Iljin Hysolus ltd | 4.1% |

---

---

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

---

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

* 1-888-493-8631 

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

![Image](i9f43365e0da07d0ff866f17f.jpg)

#### GX-SA-HYDR-2025

# Global X Funds
![Image](i9f43365e0da07d0ff866f17f.jpg)

## Global X Solar ETF

## Ticker: RAYS

## Principal Listing Exchange: Nasdaq

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

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Solar ETF | $23 | 0.50% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $4174197 | 52 | $13221 | 22.32% |

---

# What did the Fund invest in?

# Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](ie0b1ec2e0bde4ec706f9ee9f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 0.3% |
| Taiwan | 0.4% |
| Canada | 0.6% |
| Turkey | 0.7% |
| Germany | 0.8% |
| Repurchase Agreement | 0.9% |
| Spain | 1.0% |
| South Africa | 1.4% |
| South Korea | 2.9% |
| United States | 27.2% |
| China | 64.1% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| NEXTracker, Cl A | 8.2% |
| LONGi Green Energy Technology, Cl A | 8.2% |
| Sungrow Power Supply, Cl A | 8.0% |
| First Solar | 7.6% |
| Enphase Energy | 6.9% |
| TCL Zhonghuan Renewable Energy Technology, Cl A | 4.2% |
| Zhejiang Chint Electrics, Cl A | 4.1% |
| Ningbo Deye Technology, Cl A | 3.7% |
| JA Solar Technology, Cl A | 3.0% |
| Shenzhen SC New Energy Technology, Cl A | 3.0% |

---

---

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

---

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

* 1-888-493-8631 

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

![Image](i9f43365e0da07d0ff866f17f.jpg)

#### GX-SA-RAYS-2025

# Global X Funds
![Image](i9f43365e0da07d0ff866f17f.jpg)

## Global X Wind Energy ETF

## Ticker: WNDY

## Principal Listing Exchange: Nasdaq

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

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Wind Energy ETF | $25 | 0.50% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $1518469 | 29 | $4135 | 30.13% |

---

# What did the Fund invest in?

# Country Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](i68eeaca19cded84b713643cc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Turkey | 0.3% |
| Italy | 1.3% |
| South Korea | 1.4% |
| United States | 1.4% |
| India | 2.0% |
| Spain | 4.3% |
| Germany | 4.6% |
| Canada | 15.0% |
| Denmark | 26.8% |
| China | 42.6% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| Orsted | 13.0% |
| Vestas Wind Systems | 11.2% |
| China Three Gorges Renewables Group, Cl A | 10.9% |
| Northland Power, | 6.9% |
| Boralex, Cl A | 4.8% |
| Nordex | 4.6% |
| China Longyuan Power Group, Cl H | 4.4% |
| EDP Renovaveis | 4.3% |
| Ming Yang Smart Energy Group, Cl A | 4.2% |
| Jiangsu New Energy Development, Cl A | 3.4% |

---

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

* 1-888-493-8631 

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

![Image](i9f43365e0da07d0ff866f17f.jpg)

#### GX-SA-WNDY-2025

# Global X Funds
![Image](i9f43365e0da07d0ff866f17f.jpg)

## Global X PropTech ETF

## Ticker: PTEC

## Principal Listing Exchange: Nasdaq

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

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X PropTech ETF | $25 | 0.50% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $1784222 | 31 | $4330 | 9.06% |

---

# What did the Fund invest in?

# Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](i29f945339a265ae2ed88e6c3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 0.6% |
| Switzerland | 2.6% |
| Sweden | 3.3% |
| United Kingdom | 5.6% |
| Australia | 6.9% |
| China | 7.5% |
| U.S. Treasury Obligation | 9.8% |
| Germany | 12.6% |
| United States | 60.7% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| U.S. Treasury Bills, 4.23%, 7/1/2025 | 9.8% |
| CoStar Group | 8.8% |
| Guidewire Software | 8.6% |
| Zillow Group, Cl C | 7.3% |
| Airbnb, Cl A | 7.2% |
| KE Holdings ADR | 7.2% |
| Scout24 | 6.3% |
| Rightmove PLC | 5.6% |
| ADT | 5.2% |
| Nemetschek | 5.1% |

---

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

* 1-888-493-8631 

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

![Image](i9f43365e0da07d0ff866f17f.jpg)

#### GX-SA-PTEC-2025

# Global X Funds
![Image](i9f43365e0da07d0ff866f17f.jpg)

## Global X Defense Tech ETF

## Ticker: SHLD

## Principal Listing Exchange: NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Defense Tech ETF | $31 | 0.50% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $2274558006 | 47 | $2810672 | 20.95% |

---

# What did the Fund invest in?

# Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](i8116a71ffcb9b920a2ddee55.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 0.0% |
| Repurchase Agreements | 0.1% |
| Australia | 0.4% |
| Turkey | 0.5% |
| Israel | 2.7% |
| Sweden | 4.7% |
| Italy | 4.8% |
| France | 6.4% |
| South Korea | 7.0% |
| Germany | 10.1% |
| United Kingdom | 11.4% |
| United States | 51.5% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Rheinmetall | 8.5% |
| BAE Systems PLC | 8.3% |
| Lockheed Martin | 7.8% |
| Palantir Technologies, Cl A | 7.7% |
| General Dynamics | 7.5% |
| Leonardo | 4.8% |
| Saab, Cl B | 4.7% |
| Thales | 4.6% |
| L3Harris Technologies | 4.5% |
| Northrop Grumman | 4.4% |

---

---

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

---

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

* 1-888-493-8631 

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

![Image](i9f43365e0da07d0ff866f17f.jpg)

#### GX-SA-SHLD-2025

# Global X Funds
![Image](i9f43365e0da07d0ff866f17f.jpg)

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

## Ticker: IPAV

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

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

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Infrastructure Development ex-U.S. ETF | $29 | 0.55% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $3408223 | 99 | $6624 | 37.98% |

---

# What did the Fund invest in?

# Country Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](i09e2666857ecb064cf108088.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Countries | 14.7% |
| Luxembourg | 2.6% |
| Taiwan | 2.8% |
| Germany | 2.8% |
| Sweden | 4.4% |
| Spain | 4.8% |
| South Korea | 5.2% |
| United States | 6.3% |
| Italy | 6.4% |
| France | 6.6% |
| Canada | 8.1% |
| Japan | 14.4% |
| India | 20.4% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| Prysmian | 3.2% |
| Komatsu | 3.1% |
| Cellnex Telecom | 3.1% |
| Tata Steel | 3.1% |
| Larsen & Toubro | 3.0% |
| Nippon Steel | 3.0% |
| Ferrovial | 3.0% |
| Vinci | 3.0% |
| Shin-Etsu Chemical | 3.0% |
| Canadian Pacific Kansas City | 3.0% |

---

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

* 1-888-493-8631 

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

![Image](i9f43365e0da07d0ff866f17f.jpg)

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

**Item 2. Code of Ethics.**

Not applicable for semi-annual report.

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

Not applicable for semi-annual report.

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

Not applicable for semi-annual report.

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

Not applicable for semi-annual report.

**Item 6. Schedule of Investments.**

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

(b) Not applicable.

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

Financial statements and financial highlights are filed herein.

![](x1_c113465x1x1m4.jpg)

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

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

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

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

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

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

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

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

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

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

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

**Global X Dorsey Wright Thematic ETF (ticker: GXDW) (formerly, Global X Thematic Growth ETF (ticker: GXTG))**

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

**Global X HealthTech ETF (ticker: HEAL) (formerly, Global X Telemedicine & Digital Health ETF (ticker: EDOC))**

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

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

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

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

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

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

**Global X Solar ETF (ticker: RAYS)**

**Global X Wind Energy ETF (ticker: WNDY)**

**Global X PropTech ETF (ticker: PTEC)**

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

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

**Semi-Annual Financials and Other Information**

**May 31, 2025**

![](logom4.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| Financial Statements (Form N-CSRS Item 7) |  |
| &nbsp;&nbsp;&nbsp;Schedules of Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X Millennial Consumer ETF](#xx1xc113465a001xm4) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X Aging Population ETF](#xx1xc113465a002xm4) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X FinTech ETF](#xx1xc113465a003xm4) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X Internet of Things ETF](#xx1xc113465a004xm4) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X Robotics & Artificial Intelligence ETF](#xx1xc113465a005xm4) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X U.S. Infrastructure Development ETF](#xx1xc113465a006xm4) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X Autonomous & Electric Vehicles ETF](#xx1xc113465a007xm4) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X Artificial Intelligence & Technology ETF](#xx1xc113465a008xm4) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X Genomics & Biotechnology ETF](#xx1xc113465a009xm4) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X Cloud Computing ETF](#xx1xc113465a010xm4) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X Cybersecurity ETF](#xx1xc113465a011xm4) | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X Dorsey Wright Thematic ETF](#xx1xc113465a012xm4) | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X Video Games & Esports ETF](#xx1xc113465a013xm4) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X HealthTech ETF](#xx1xc113465a014xm4) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X CleanTech ETF](#xx1xc113465a015xm4) | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X Data Center & Digital Infrastructure ETF](#xx1xc113465a016xm4) | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X Clean Water ETF](#xx1xc113465a017xm4) | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X AgTech & Food Innovation ETF](#xx1xc113465a018xm4) | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X Blockchain ETF](#xx1xc113465a019xm4) | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X Hydrogen ETF](#xx1xc113465a020xm4) | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X Solar ETF](#xx1xc113465a021xm4) | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X Wind Energy ETF](#xx1xc113465a022xm4) | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X PropTech ETF](#xx1xc113465a023xm4) | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X Defense Tech ETF](#xx1xc113465a024xm4) | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X Infrastructure Development ex-U.S. ETF](#xx1xc113465a025xm4) | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Glossary](#xx1xc113465a026xm4) | 119 |
| &nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx1xc113465a027xm4) | 120 |
| &nbsp;&nbsp;&nbsp;[Statements of Operations](#xx1xc113465a028xm4) | 127 |
| &nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx1xc113465a029xm4) | 134 |
| &nbsp;&nbsp;&nbsp;[Financial Highlights](#xx1xc113465a030xm4) | 147 |
| &nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx1xc113465a031xm4) | 163 |
| [Other Information (Form N-CSRS Items 8-11)](#xx1xc113465a032xm4) | 193 |

---

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

![](logom4.jpg)

---

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

---

**Global X Millennial Consumer ETF**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%** |  |  |
| **SINGAPORE — 4.1%** |  |  |
| Communication Services — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;Grindr \* | 17437 | $425811 |
| &nbsp;&nbsp;&nbsp;Sea ADR \* | 28045 | 4497577 |
| TOTAL SINGAPORE |  | 4923388 |
| **UNITED STATES — 95.8%** |  |  |
| Communication Services — 19.1% |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 20460 | 3513800 |
| &nbsp;&nbsp;&nbsp;Angi, Cl A \* | 24643 | 385663 |
| &nbsp;&nbsp;&nbsp;Cargurus, Cl A \* | 11714 | 367117 |
| &nbsp;&nbsp;&nbsp;Cars.com \* | 27313 | 279958 |
| &nbsp;&nbsp;&nbsp;Match Group | 18673 | 559070 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 5801 | 3756089 |
| &nbsp;&nbsp;&nbsp;Netflix \* | 3402 | 4106996 |
| &nbsp;&nbsp;&nbsp;Snap, Cl A \* | 107616 | 887832 |
| &nbsp;&nbsp;&nbsp;Spotify Technology \* | 5712 | 3799280 |
| &nbsp;&nbsp;&nbsp;TripAdvisor \* | 27654 | 393793 |
| &nbsp;&nbsp;&nbsp;Vimeo \* | 63710 | 277776 |
| &nbsp;&nbsp;&nbsp;Walt Disney | 36227 | 4095100 |
| &nbsp;&nbsp;&nbsp;Yelp, Cl A \* | 8982 | 342843 |
| &nbsp;&nbsp;&nbsp;ZipRecruiter, Cl A \* | 58194 | 347418 |
|  |  | 23112735 |
| Consumer Discretionary — 44.0% |  |  |
| &nbsp;&nbsp;&nbsp;Airbnb, Cl A \* | 28012 | 3613548 |
| &nbsp;&nbsp;&nbsp;Amazon.com \* | 17347 | 3556308 |
| &nbsp;&nbsp;&nbsp;AutoNation \* | 2927 | 538129 |
| &nbsp;&nbsp;&nbsp;Booking Holdings | 710 | 3918440 |
| &nbsp;&nbsp;&nbsp;Capri Holdings \* | 23641 | 428375 |
| &nbsp;&nbsp;&nbsp;CarMax \* | 11476 | 739743 |
| &nbsp;&nbsp;&nbsp;Carter's | 8967 | 281295 |
| &nbsp;&nbsp;&nbsp;Carvana, Cl A \* | 10032 | 3282069 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Cl A \* | 64386 | 3224451 |
| &nbsp;&nbsp;&nbsp;Columbia Sportswear | 4838 | 308568 |
| &nbsp;&nbsp;&nbsp;Coursera \* | 47828 | 423278 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods | 4200 | 753228 |
| &nbsp;&nbsp;&nbsp;DoorDash, Cl A \* | 17862 | 3726906 |
| &nbsp;&nbsp;&nbsp;eBay | 34806 | 2546755 |
| &nbsp;&nbsp;&nbsp;Etsy \* | 7973 | 441306 |

---

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

*1*

![](logom4.jpg)

---

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

---

**Global X Millennial Consumer ETF**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Consumer Discretionary — continued |  |  |
| &nbsp;&nbsp;&nbsp;Expedia Group | 9207 | $1535267 |
| &nbsp;&nbsp;&nbsp;Graham Holdings, Cl B | 335 | 319727 |
| &nbsp;&nbsp;&nbsp;Home Depot | 8831 | 3252369 |
| &nbsp;&nbsp;&nbsp;Laureate Education, Cl A \* | 16087 | 361958 |
| &nbsp;&nbsp;&nbsp;Life Time Group Holdings \* | 15628 | 446961 |
| &nbsp;&nbsp;&nbsp;Lowe's | 13985 | 3156834 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica \* | 8629 | 2732545 |
| &nbsp;&nbsp;&nbsp;NIKE, Cl B <sup>(A)</sup> | 55574 | 3367229 |
| &nbsp;&nbsp;&nbsp;Peloton Interactive, Cl A \* | 59018 | 419028 |
| &nbsp;&nbsp;&nbsp;Perdoceo Education | 11808 | 401944 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Cl A \* | 6268 | 644538 |
| &nbsp;&nbsp;&nbsp;Skechers USA, Cl A \* | 9694 | 601416 |
| &nbsp;&nbsp;&nbsp;Starbucks | 37152 | 3118910 |
| &nbsp;&nbsp;&nbsp;Strategic Education | 3826 | 349046 |
| &nbsp;&nbsp;&nbsp;Stride \* | 3244 | 491109 |
| &nbsp;&nbsp;&nbsp;Sweetgreen, Cl A \* | 15166 | 203528 |
| &nbsp;&nbsp;&nbsp;Torrid Holdings \* <sup>(A)</sup> | 64295 | 331762 |
| &nbsp;&nbsp;&nbsp;Under Armour, Cl A \* | 59738 | 400842 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters \* | 6898 | 482170 |
| &nbsp;&nbsp;&nbsp;VF | 30296 | 377488 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret \* | 17541 | 372045 |
| &nbsp;&nbsp;&nbsp;Wayfair, Cl A \* | 12224 | 504118 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma | 9220 | 1491427 |
|  |  | 53144660 |
| Consumer Staples — 5.5% |  |  |
| &nbsp;&nbsp;&nbsp;Celsius Holdings \* | 19228 | 728357 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale | 3256 | 3386826 |
| &nbsp;&nbsp;&nbsp;Maplebear \* | 19748 | 901891 |
| &nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage | 6819 | 332972 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market \* | 7320 | 1265335 |
|  |  | 6615381 |
| Financials — 9.1% |  |  |
| &nbsp;&nbsp;&nbsp;Block, Cl A \* | 41784 | 2580162 |
| &nbsp;&nbsp;&nbsp;Fiserv \* | 15138 | 2464315 |
| &nbsp;&nbsp;&nbsp;LendingClub \* | 34468 | 345714 |
| &nbsp;&nbsp;&nbsp;Nelnet, Cl A | 2913 | 338433 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings \* | 51569 | 3624269 |

---

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

*2*

![](logom4.jpg)

---

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

---

**Global X Millennial Consumer ETF**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;SLM | 15678 | $507497 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies \* | 81831 | 1088352 |
|  |  | 10948742 |
| Health Care — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health \* | 15932 | 901114 |
| Industrials — 4.0% |  |  |
| &nbsp;&nbsp;&nbsp;Avis Budget Group \* | 4695 | 571804 |
| &nbsp;&nbsp;&nbsp;Lyft, Cl A \* | 30487 | 464622 |
| &nbsp;&nbsp;&nbsp;Uber Technologies \* | 45498 | 3829111 |
|  |  | 4865537 |
| Information Technology — 6.2% |  |  |
| &nbsp;&nbsp;&nbsp;Apple | 17172 | 3448996 |
| &nbsp;&nbsp;&nbsp;Intuit | 5442 | 4100384 |
|  |  | 7549380 |
| Real Estate — 7.2% |  |  |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities <sup>‡</sup> | 10633 | 2198586 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust <sup>‡</sup> | 7966 | 935925 |
| &nbsp;&nbsp;&nbsp;Centerspace <sup>‡</sup> | 5249 | 334624 |
| &nbsp;&nbsp;&nbsp;Equity Residential <sup>‡</sup> | 28358 | 1989030 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust <sup>‡</sup> | 17205 | 319841 |
| &nbsp;&nbsp;&nbsp;Invitation Homes <sup>‡</sup> | 45762 | 1542179 |
| &nbsp;&nbsp;&nbsp;UDR <sup>‡</sup> | 24721 | 1024191 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Cl A \* | 4939 | 326814 |
|  |  | 8671190 |
| TOTAL UNITED STATES |  | 115808739 |
| TOTAL COMMON STOCK <br> (Cost $121,440,826) |  | 120732127 |
| **SHORT-TERM INVESTMENT<sup>(B)(C)</sup> — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio, Cl Institutional, 4.230%<br>(Cost $909,019) | 909019 | 909019 |

---

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

*3*

![](logom4.jpg)

---

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

---

**Global X Millennial Consumer ETF**

------

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENT<sup>(B)</sup> — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;RBC Capital Markets <br> 4.250%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $947,397 (collateralized by a U.S. Treasury Obligations, par value $943,986, 4.625%, 06/30/2026, with a total market value of $966,406)<br>(Cost $947,062) | $947062 | $947062 |
| TOTAL INVESTMENTS — 101.5%<br>(Cost $123,296,907) |  | $122588208 |

---

*Percentages are based on Net Assets of $120,814,578.*

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *‡* | *Real Estate Investment Trust* |
| *(A)* | *This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $1,757,372.* |
| *(B)* | *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $1,856,081. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $0.* |
| *(C)* | *The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2025.* |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*120732127* | $*—* | $*—* | $*120732127* |
| &nbsp;&nbsp;&nbsp;*Short-Term Investment* | *909019* | *—* | *—* | *909019* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreement* | *—* | *947062* | *—* | *947062* |
| *Total Investments in Securities* | $*121641146* | $*947062* | $*—* | $*122588208* |

---

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

*See "Glossary" for abbreviations.*

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

*4*

![](logom4.jpg)

---

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

---

**Global X Aging Population ETF**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.6%** |  |  |
| **AUSTRALIA — 0.9%** |  |  |
| Health Care — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Cochlear | 2961 | $517358 |
| **BELGIUM — 3.4%** |  |  |
| Health Care — 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;UCB | 9639 | 1749740 |
| Real Estate — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Aedifica <sup>‡</sup> | 2306 | 174090 |
| TOTAL BELGIUM |  | 1923830 |
| **CANADA — 0.7%** |  |  |
| Health Care — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Chartwell Retirement Residences | 13679 | 185146 |
| &nbsp;&nbsp;&nbsp;Sienna Senior Living | 13749 | 186193 |
| TOTAL CANADA |  | 371339 |
| **CHINA — 4.8%** |  |  |
| Health Care — 4.8% |  |  |
| &nbsp;&nbsp;&nbsp;AK Medical Holdings | 202689 | 153279 |
| &nbsp;&nbsp;&nbsp;BeiGene ADR \* | 4475 | 1098970 |
| &nbsp;&nbsp;&nbsp;Hansoh Pharmaceutical Group | 268443 | 884934 |
| &nbsp;&nbsp;&nbsp;Lifetech Scientific \* | 885092 | 182853 |
| &nbsp;&nbsp;&nbsp;Luye Pharma Group \* | 651724 | 209441 |
| &nbsp;&nbsp;&nbsp;Microport Scientific \* | 177702 | 167016 |
| TOTAL CHINA |  | 2696493 |
| **DENMARK — 5.0%** |  |  |
| Consumer Discretionary — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;GN Store Nord \* | 11525 | 168698 |
| Health Care — 4.7% |  |  |
| &nbsp;&nbsp;&nbsp;Demant \* | 9631 | 376695 |
| &nbsp;&nbsp;&nbsp;Genmab \* | 2989 | 627527 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk, Cl B | 24347 | 1680937 |
|  |  | 2685159 |
| TOTAL DENMARK |  | 2853857 |

---

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

*5*

![](logom4.jpg)

---

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

---

**Global X Aging Population ETF**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| **FRANCE — 0.3%** |  |  |
| Health Care — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Clariane \* | 35925 | $154000 |
| **GERMANY — 1.3%** |  |  |
| Health Care — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Fresenius Medical Care | 13264 | 753202 |
| **ITALY — 0.4%** |  |  |
| Health Care — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Amplifon | 10151 | 233130 |
| **JAPAN — 7.1%** |  |  |
| Health Care — 7.1% |  |  |
| &nbsp;&nbsp;&nbsp;Astellas Pharma | 81889 | 810973 |
| &nbsp;&nbsp;&nbsp;Chugai Pharmaceutical | 34789 | 1828234 |
| &nbsp;&nbsp;&nbsp;Nipro | 17222 | 151399 |
| &nbsp;&nbsp;&nbsp;Terumo | 67081 | 1237067 |
| TOTAL JAPAN |  | 4027673 |
| **NEW ZEALAND — 0.2%** |  |  |
| Health Care — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Ryman Healthcare \* | 108078 | 135509 |
| **SOUTH KOREA — 2.2%** |  |  |
| Health Care — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;Celltrion | 9573 | 1117093 |
| &nbsp;&nbsp;&nbsp;Dentium | 3161 | 141588 |
| TOTAL SOUTH KOREA |  | 1258681 |
| **SPAIN — 0.3%** |  |  |
| Health Care — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Pharma Mar | 1860 | 179484 |

---

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

*6*

![](logom4.jpg)

---

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

---

**Global X Aging Population ETF**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| **SWEDEN — 0.3%** |  |  |
| Health Care — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Elekta, Cl B | 32171 | $169146 |
| **SWITZERLAND — 5.4%** |  |  |
| Health Care — 5.4% |  |  |
| &nbsp;&nbsp;&nbsp;Sandoz Group | 19940 | 1012837 |
| &nbsp;&nbsp;&nbsp;Sonova Holding | 2701 | 846908 |
| &nbsp;&nbsp;&nbsp;Straumann Holding | 7227 | 928501 |
| &nbsp;&nbsp;&nbsp;Ypsomed Holding | 617 | 304914 |
| TOTAL SWITZERLAND |  | 3093160 |
| **UNITED KINGDOM — 4.1%** |  |  |
| Health Care — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC ADR | 23895 | 1740273 |
| &nbsp;&nbsp;&nbsp;Smith & Nephew PLC | 39508 | 572475 |
| TOTAL UNITED KINGDOM |  | 2312748 |
| **UNITED STATES — 63.2%** |  |  |
| Health Care — 56.2% |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie | 8829 | 1643165 |
| &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals \* | 10822 | 233431 |
| &nbsp;&nbsp;&nbsp;agilon health \* | 28465 | 63192 |
| &nbsp;&nbsp;&nbsp;Agios Pharmaceuticals \* | 6227 | 199824 |
| &nbsp;&nbsp;&nbsp;Alcon | 18176 | 1564169 |
| &nbsp;&nbsp;&nbsp;Alphatec Holdings \* | 16181 | 201130 |
| &nbsp;&nbsp;&nbsp;Amedisys \* | 1720 | 161800 |
| &nbsp;&nbsp;&nbsp;Amgen | 5513 | 1588736 |
| &nbsp;&nbsp;&nbsp;Blueprint Medicines \* | 2861 | 289962 |
| &nbsp;&nbsp;&nbsp;Boston Scientific \* | 17109 | 1800893 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 29103 | 1405093 |
| &nbsp;&nbsp;&nbsp;Brookdale Senior Living \* | 29805 | 194031 |
| &nbsp;&nbsp;&nbsp;CG oncology \* | 9812 | 251383 |
| &nbsp;&nbsp;&nbsp;DaVita \* | 3600 | 490536 |
| &nbsp;&nbsp;&nbsp;Denali Therapeutics \* | 13321 | 176370 |
| &nbsp;&nbsp;&nbsp;Dexcom \* | 17687 | 1517545 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences \* | 23121 | 1808525 |
| &nbsp;&nbsp;&nbsp;Eli Lilly | 2135 | 1574925 |
| &nbsp;&nbsp;&nbsp;Embecta | 13269 | 139723 |

---

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

*7*

![](logom4.jpg)

---

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

---

**Global X Aging Population ETF**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Health Care — continued |  |  |
| &nbsp;&nbsp;&nbsp;Ensign Group | 2582 | $380225 |
| &nbsp;&nbsp;&nbsp;Exact Sciences \* | 8346 | 469713 |
| &nbsp;&nbsp;&nbsp;Exelixis \* | 12587 | 541745 |
| &nbsp;&nbsp;&nbsp;Glaukos \* | 2534 | 238931 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics \* | 5546 | 310964 |
| &nbsp;&nbsp;&nbsp;Incyte \* | 8710 | 566673 |
| &nbsp;&nbsp;&nbsp;Insulet \* | 3188 | 1036196 |
| &nbsp;&nbsp;&nbsp;Integer Holdings \* | 1503 | 178496 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 10298 | 1598353 |
| &nbsp;&nbsp;&nbsp;LivaNova PLC \* | 4509 | 195014 |
| &nbsp;&nbsp;&nbsp;MannKind \* | 33010 | 136992 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | 18867 | 1565584 |
| &nbsp;&nbsp;&nbsp;Merck | 19566 | 1503451 |
| &nbsp;&nbsp;&nbsp;Merit Medical Systems \* | 2644 | 251259 |
| &nbsp;&nbsp;&nbsp;National HealthCare | 1698 | 176830 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences \* | 4482 | 551376 |
| &nbsp;&nbsp;&nbsp;Novocure \* | 9928 | 189724 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals | 2776 | 1361017 |
| &nbsp;&nbsp;&nbsp;Roche Holding | 4998 | 1703414 |
| &nbsp;&nbsp;&nbsp;Stryker | 4581 | 1752874 |
| &nbsp;&nbsp;&nbsp;Teleflex | 2003 | 244907 |
| &nbsp;&nbsp;&nbsp;Theravance Biopharma \* | 18337 | 167967 |
| &nbsp;&nbsp;&nbsp;United Therapeutics \* | 2023 | 645034 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings | 8972 | 826949 |
|  |  | 31898121 |
| Real Estate — 7.0% |  |  |
| &nbsp;&nbsp;&nbsp;LTC Properties <sup>‡</sup> | 4650 | 164563 |
| &nbsp;&nbsp;&nbsp;National Health Investors <sup>‡</sup> | 2224 | 161262 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors <sup>‡</sup> | 12682 | 469234 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT <sup>‡</sup> | 10633 | 185865 |
| &nbsp;&nbsp;&nbsp;Ventas <sup>‡</sup> | 19749 | 1269466 |

---

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

*8*

![](logom4.jpg)

---

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

---

**Global X Aging Population ETF**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Real Estate — continued |  |  |
| &nbsp;&nbsp;&nbsp;Welltower <sup>‡</sup> | 11361 | $1752775 |
|  |  | 4003165 |
| TOTAL UNITED STATES |  | 35901286 |
| TOTAL COMMON STOCK<br> (Cost $56,358,859) |  | 56580896 |
| TOTAL INVESTMENTS — 99.6%<br> (Cost $56,358,859) |  | $56580896 |

---

*Percentages are based on Net Assets of $56,793,561.*

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*53727039* | $*2853857* | $*—* | $*56580896* |
| *Total Investments in Securities* | $*53727039* | $*2853857* | $*—* | $*56580896* |

---

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

*See "Glossary" for abbreviations.*

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

*9*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%** |  |  |
| **AUSTRALIA — 1.6%** |  |  |
| Financials — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;HUB24 | 51530 | $2775672 |
| &nbsp;&nbsp;&nbsp;Zip \* | 826719 | 1056090 |
|  |  | 3831762 |
| Information Technology — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;IRESS | 117931 | 657247 |
| TOTAL AUSTRALIA |  | 4489009 |
| **BRAZIL — 1.3%** |  |  |
| Financials — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Pagseguro Digital, Cl A | 132732 | 1182642 |
| &nbsp;&nbsp;&nbsp;StoneCo, Cl A \* | 176725 | 2412296 |
| TOTAL BRAZIL |  | 3594938 |
| **CANADA — 0.4%** |  |  |
| Information Technology — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Bitfarms \* | 281134 | 258896 |
| &nbsp;&nbsp;&nbsp;Hut 8 \* | 65379 | 993797 |
| TOTAL CANADA |  | 1252693 |
| **CHINA — 1.0%** |  |  |
| Financials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Lufax Holding ADR | 550955 | 1614298 |
| &nbsp;&nbsp;&nbsp;OSL Group \* <sup>(A)</sup> | 396200 | 618435 |
| &nbsp;&nbsp;&nbsp;Yeahka \* <sup>(A)</sup> | 291200 | 348331 |
|  |  | 2581064 |
| Information Technology — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Linklogis, Cl B <sup>(A)</sup> | 1245200 | 193730 |
| TOTAL CHINA |  | 2774794 |
| **GERMANY — 0.3%** |  |  |
| Financials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Hypoport \* | 4341 | 965915 |

---

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

*10*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| **ISRAEL — 0.4%** |  |  |
| Information Technology — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Sapiens International | 35365 | $1014976 |
| **ITALY — 1.7%** |  |  |
| Financials — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Nexi <sup>(A)</sup> | 783865 | 4712836 |
| **NETHERLANDS — 6.1%** |  |  |
| Financials — 6.1% |  |  |
| &nbsp;&nbsp;&nbsp;Adyen \* | 8991 | 17245866 |
| **NEW ZEALAND — 4.1%** |  |  |
| Information Technology — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;Xero \* | 97545 | 11568826 |
| **SOUTH KOREA — 0.8%** |  |  |
| Financials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Kakaopay \* | 85266 | 2339145 |
| **SWITZERLAND — 1.3%** |  |  |
| Information Technology — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Temenos | 47865 | 3556884 |
| **TAIWAN — 0.3%** |  |  |
| Financials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Line Pay \* | 44000 | 879457 |
| **UNITED KINGDOM — 3.5%** |  |  |
| Financials — 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;Wise, Cl A \* | 654155 | 9694910 |
| **UNITED STATES — 76.7%** |  |  |
| Financials — 52.3% |  |  |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Cl A \* | 178322 | 9254912 |
| &nbsp;&nbsp;&nbsp;Block, Cl A \* | 202888 | 12528334 |

---

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

*11*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Cantaloupe \* | 45997 | $384995 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Cl A \* | 75544 | 18630661 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services | 229827 | 18296527 |
| &nbsp;&nbsp;&nbsp;Fiserv \* | 73556 | 11974181 |
| &nbsp;&nbsp;&nbsp;Flywire \* | 77148 | 829341 |
| &nbsp;&nbsp;&nbsp;Galaxy Digital Holdings <sup>(A)</sup> | 79257 | 1436477 |
| &nbsp;&nbsp;&nbsp;Global Payments | 121167 | 9161437 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates | 46541 | 8431833 |
| &nbsp;&nbsp;&nbsp;Lemonade \* <sup>(A)</sup> | 46269 | 1550012 |
| &nbsp;&nbsp;&nbsp;LendingClub \* | 71856 | 720716 |
| &nbsp;&nbsp;&nbsp;LendingTree \* | 8435 | 295394 |
| &nbsp;&nbsp;&nbsp;Open Lending, Cl A \* | 75096 | 134422 |
| &nbsp;&nbsp;&nbsp;Paymentus Holdings, Cl A \* | 15490 | 591563 |
| &nbsp;&nbsp;&nbsp;Payoneer Global \* | 228731 | 1557658 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings \* | 237634 | 16700918 |
| &nbsp;&nbsp;&nbsp;Paysafe \* | 38467 | 475067 |
| &nbsp;&nbsp;&nbsp;Sezzle \* <sup>(A)</sup> | 21444 | 2288289 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments, Cl A \* <sup>(A)</sup> | 43148 | 4089999 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies \* | 700136 | 9311809 |
| &nbsp;&nbsp;&nbsp;Toast, Cl A \* | 315420 | 13304416 |
| &nbsp;&nbsp;&nbsp;Upstart Holdings \* <sup>(A)</sup> | 59637 | 2813077 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Cl A | 55086 | 2213906 |
|  |  | 146975944 |
| Health Care — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;HealthEquity \* | 55340 | 5567758 |
| Industrials — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings | 143463 | 11593245 |
| Information Technology — 18.3% |  |  |
| &nbsp;&nbsp;&nbsp;ACI Worldwide \* | 67055 | 3101964 |
| &nbsp;&nbsp;&nbsp;BILL Holdings \* | 64870 | 2833522 |
| &nbsp;&nbsp;&nbsp;Blend Labs, Cl A \* | 159517 | 583832 |
| &nbsp;&nbsp;&nbsp;Cipher Mining \* <sup>(A)</sup> | 229039 | 714602 |
| &nbsp;&nbsp;&nbsp;Core Scientific \* | 186964 | 1991167 |
| &nbsp;&nbsp;&nbsp;Guidewire Software \* | 53330 | 11467017 |
| &nbsp;&nbsp;&nbsp;I3 Verticals, Cl A \* | 14761 | 364744 |
| &nbsp;&nbsp;&nbsp;Intuit | 26682 | 20104087 |

---

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

*12*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;MARA Holdings \* <sup>(A)</sup> | 220047 | $3107064 |
| &nbsp;&nbsp;&nbsp;Meridianlink \* | 47902 | 799484 |
| &nbsp;&nbsp;&nbsp;Mitek Systems \* <sup>(A)</sup> | 28356 | 266263 |
| &nbsp;&nbsp;&nbsp;nCino \* <sup>(A)</sup> | 73628 | 1936416 |
| &nbsp;&nbsp;&nbsp;Pagaya Technologies, Cl A \* <sup>(A)</sup> | 38446 | 632052 |
| &nbsp;&nbsp;&nbsp;Riot Platforms \* <sup>(A)</sup> | 222633 | 1796648 |
| &nbsp;&nbsp;&nbsp;Vertex, Cl A \* | 45564 | 1802967 |
|  |  | 51501829 |
| TOTAL UNITED STATES |  | 215638776 |
| **URUGUAY — 0.4%** |  |  |
| Financials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Dlocal, Cl A | 95576 | 1037955 |
| TOTAL COMMON STOCK<br> (Cost $347,731,213) |  | 280766980 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Cantor Fitzgerald Securities <br> 4.370%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $3,733,610 (collateralized by various U.S. Government Obligations, ranging in par value $162 - $256,236, 1.500% - 7.550%, 04/01/2032 - 03/20/2075, with a total market value of $3,791,346) | $3732251 | 3732251 |
| &nbsp;&nbsp;&nbsp;CF Secured LLC <br> 4.360%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $2,968,846 (collateralized by various U.S. Government Obligations, ranging in par value $376 - $439,965, 0.000% - 7.000%, 05/23/2028 - 04/20/2074, with a total market value of $3,015,667) | 2967768 | 2967768 |

---

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

*13*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Clear Street LLC<br> 4.410%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,089,601 (collateralized by various U.S. Government Obligations, ranging in par value $1,059 - $318,228, 2.000% - 7.000%, 09/17/2029 - 05/01/2055, with a total market value of $1,096,672) | $1089201 | $1089201 |
| &nbsp;&nbsp;&nbsp;Daiwa Capital Markets America, Inc.<br> 4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $3,407,462 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $216 - $608,509, 0.000% - 7.500%, 09/16/2025 - 06/01/2055, with a total market value of $3,456,987) | 3406227 | 3406227 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc.<br> 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,637,300 (collateralized by various U.S. Treasury Obligations, ranging in par value $152 - $647,232, 1.500% - 7.000%, 12/01/2031 - 04/01/2055, with a total market value of $1,663,204) | 1636707 | 1636707 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc.<br> 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $794,045 (collateralized by various U.S. Government Obligations, ranging in par value $529 - $358,979, 0.000% - 4.625%, 08/15/2025 - 02/15/2055, with a total market value of $805,130) | 793758 | 793758 |

---

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

*14*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;RBC Dominion Securities, Inc.<br> 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $2,535,907 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $110 - $1,557,617, 0.000% - 7.500%, 06/12/2025 - 05/20/2055, with a total market value of $2,571,536) | $2534990 | $2534990 |
| TOTAL REPURCHASE AGREEMENTS<br> (Cost $16,160,902) |  | 16160902 |
| TOTAL INVESTMENTS — 105.6%<br> (Cost $363,892,115) |  | $296927882 |

---

*Percentages are based on Net Assets of $281,145,559.*

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

*(A)* *This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $15,379,981.*

*(B)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $16,160,902. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $18,978.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*279887523* | $*879457* | $*—* | $*280766980* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreements* | *—* | *16160902* | *—* | *16160902* |
| *Total Investments in Securities* | $*279887523* | $*17040359* | $*—* | $*296927882* |

---

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

*See "Glossary" for abbreviations.*

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

*15*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8%** |  |  |
| **AUSTRIA — 1.3%** |  |  |
| Information Technology — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;ams-OSRAM \* | 105979 | $1028121 |
| &nbsp;&nbsp;&nbsp;Kontron | 70182 | 1830918 |
| TOTAL AUSTRIA |  | 2859039 |
| **CANADA — 0.3%** |  |  |
| Information Technology — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;BlackBerry \* | 145735 | 577111 |
| **FRANCE — 1.2%** |  |  |
| Industrials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Legrand | 21325 | 2589184 |
| **JAPAN — 1.2%** |  |  |
| Information Technology — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Nippon Ceramic | 33558 | 666067 |
| &nbsp;&nbsp;&nbsp;Renesas Electronics | 153221 | 1893295 |
| TOTAL JAPAN |  | 2559362 |
| **NETHERLANDS — 1.8%** |  |  |
| Information Technology — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors | 20185 | 3857959 |
| **NORWAY — 1.2%** |  |  |
| Information Technology — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Nordic Semiconductor \* | 205567 | 2516987 |
| **SINGAPORE — 5.8%** |  |  |
| Information Technology — 5.8% |  |  |
| &nbsp;&nbsp;&nbsp;STMicroelectronics | 500129 | 12550634 |
| **SWITZERLAND — 2.9%** |  |  |
| Industrials — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;ABB | 78357 | 4438847 |

---

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

*16*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Landis+Gyr Group | 30776 | $1940474 |
| TOTAL SWITZERLAND |  | 6379321 |
| **TAIWAN — 10.1%** |  |  |
| Information Technology — 10.1% |  |  |
| &nbsp;&nbsp;&nbsp;Advantech | 922683 | 10529642 |
| &nbsp;&nbsp;&nbsp;eMemory Technology | 79732 | 6398567 |
| &nbsp;&nbsp;&nbsp;MediaTek | 93980 | 3951309 |
| &nbsp;&nbsp;&nbsp;Nexcom International | 234200 | 618938 |
| &nbsp;&nbsp;&nbsp;Sercomm | 158550 | 515829 |
| TOTAL TAIWAN |  | 22014285 |
| **UNITED KINGDOM — 0.3%** |  |  |
| Information Technology — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Spirent Communications PLC \* | 264464 | 672626 |
| **UNITED STATES — 73.7%** |  |  |
| Communication Services — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Globalstar \* | 29435 | 543370 |
| &nbsp;&nbsp;&nbsp;Iridium Communications | 21184 | 538074 |
|  |  | 1081444 |
| Consumer Discretionary — 8.8% |  |  |
| &nbsp;&nbsp;&nbsp;ADT | 877443 | 7300326 |
| &nbsp;&nbsp;&nbsp;Garmin | 58606 | 11895260 |
|  |  | 19195586 |
| Health Care — 6.5% |  |  |
| &nbsp;&nbsp;&nbsp;Dexcom \* | 163530 | 14030874 |
| Industrials — 12.4% |  |  |
| &nbsp;&nbsp;&nbsp;Emerson Electric | 37207 | 4441772 |
| &nbsp;&nbsp;&nbsp;Honeywell International | 20501 | 4646962 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International | 53405 | 5413665 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies \* | 34820 | 720774 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation | 9215 | 2907793 |
| &nbsp;&nbsp;&nbsp;Schneider Electric | 17902 | 4498567 |

---

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

*17*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Industrials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Sensata Technologies Holding | 159543 | $4157690 |
|  |  | 26787223 |
| Information Technology — 45.5% |  |  |
| &nbsp;&nbsp;&nbsp;Alarm.com Holdings \* | 52934 | 3038412 |
| &nbsp;&nbsp;&nbsp;Ambarella \* | 44414 | 2337953 |
| &nbsp;&nbsp;&nbsp;Analog Devices | 19428 | 4157203 |
| &nbsp;&nbsp;&nbsp;Arlo Technologies \* | 108741 | 1557171 |
| &nbsp;&nbsp;&nbsp;Badger Meter | 31404 | 7795101 |
| &nbsp;&nbsp;&nbsp;Belden | 42961 | 4562458 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 68280 | 4304371 |
| &nbsp;&nbsp;&nbsp;Digi International \* | 39168 | 1269435 |
| &nbsp;&nbsp;&nbsp;GLOBALFOUNDRIES \* | 45205 | 1618339 |
| &nbsp;&nbsp;&nbsp;Impinj \* | 30408 | 3469249 |
| &nbsp;&nbsp;&nbsp;InterDigital | 3098 | 673071 |
| &nbsp;&nbsp;&nbsp;International Business Machines | 17416 | 4511789 |
| &nbsp;&nbsp;&nbsp;Itron \* | 48203 | 5572267 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor \* | 147174 | 6614000 |
| &nbsp;&nbsp;&nbsp;NETGEAR \* | 30529 | 895416 |
| &nbsp;&nbsp;&nbsp;Powerfleet NJ \* | 140233 | 638060 |
| &nbsp;&nbsp;&nbsp;PTC \* | 9787 | 1647348 |
| &nbsp;&nbsp;&nbsp;Qorvo \* | 9023 | 685928 |
| &nbsp;&nbsp;&nbsp;QUALCOMM | 27751 | 4029445 |
| &nbsp;&nbsp;&nbsp;Rambus \* | 114085 | 6100125 |
| &nbsp;&nbsp;&nbsp;Samsara, Cl A \* | 287703 | 13389698 |
| &nbsp;&nbsp;&nbsp;Semtech \* | 19886 | 742344 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories \* | 34633 | 4174315 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions | 171667 | 11850173 |
| &nbsp;&nbsp;&nbsp;SmartRent, Cl A \* | 509352 | 430046 |
| &nbsp;&nbsp;&nbsp;Synaptics \* | 41758 | 2453700 |
|  |  | 98517417 |
| TOTAL UNITED STATES |  | 159612544 |
| TOTAL COMMON STOCK<br> (Cost $202,346,630) |  | 216189052 |

---

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

*18*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENT<sup>(A)</sup> — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc.<br> 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $926 (collateralized by various U.S. Treasury Obligations, ranging in par value $1 - $419, 0.000% - 4.625%, 08/15/2025 - 02/15/2055, with a total market value of $939) <br> (Cost $926) | $926 | $926 |
| TOTAL INVESTMENTS — 99.8%<br> (Cost $202,347,556) |  | $216189978 |

---

*Percentages are based on Net Assets of $216,683,045.*

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

*(A)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $926. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $0.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*194174767* | $*22014285* | $*—* | $*216189052* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreement* | *—* | *926* | *—* | *926* |
| *Total Investments in Securities* | $*194174767* | $*22015211* | $*—* | $*216189978* |

---

*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.*

*19*

![](logom4.jpg)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | **May 31, 2025 (Unaudited)** |
| | **Global X Robotics & Artificial Intelligence ETF** | |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.4%** |  |  |
| **CANADA — 1.2%** |  |  |
| Industrials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;ATS \* | 1065359 | $30776435 |
| **CHINA — 5.5%** |  |  |
| Consumer Discretionary — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Hesai Group ADR \* <sup>(A)</sup> | 1066346 | 20111285 |
| &nbsp;&nbsp;&nbsp;WeRide \* <sup>(A)</sup> | 2809048 | 27809575 |
| &nbsp;&nbsp;&nbsp;Zhixing Automotive Technology Suzhou \* <sup>(A)</sup> | 2336717 | 4183804 |
|  |  | 52104664 |
| Health Care — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Shanghai MicroPort MedBot Group \* <sup>(A)</sup> | 10950900 | 22009193 |
| Industrials — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;UBTech Robotics \* <sup>(A)</sup> | 3602477 | 38452516 |
| Information Technology — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;AInnovation Technology Group, Cl H \* <sup>(A)</sup> | 6050000 | 4212560 |
| &nbsp;&nbsp;&nbsp;RoboSense Technology \* <sup>(A)</sup> | 5049800 | 22088508 |
|  |  | 26301068 |
| TOTAL CHINA |  | 138867441 |
| **FINLAND — 2.1%** |  |  |
| Industrials — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Cargotec, Cl B | 603151 | 32469882 |
| &nbsp;&nbsp;&nbsp;Kalmar, Cl B | 598514 | 21077020 |
| TOTAL FINLAND |  | 53546902 |
| **JAPAN — 30.3%** |  |  |
| Industrials — 19.5% |  |  |
| &nbsp;&nbsp;&nbsp;Daifuku | 4188568 | 112279573 |
| &nbsp;&nbsp;&nbsp;FANUC | 7015980 | 188071733 |
| &nbsp;&nbsp;&nbsp;Hirata | 349203 | 4576339 |
| &nbsp;&nbsp;&nbsp;Shibaura Machine | 271039 | 6301922 |
| &nbsp;&nbsp;&nbsp;SMC | 309874 | 116287308 |
| &nbsp;&nbsp;&nbsp;Yaskawa Electric <sup>(A)</sup> | 2940286 | 69526012 |
|  |  | 497042887 |

---

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

*20*

![](logom4.jpg)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | **May 31, 2025 (Unaudited)** |
| | **Global X Robotics & Artificial Intelligence ETF** | |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — 10.8% |  |  |
| &nbsp;&nbsp;&nbsp;Keyence | 496604 | $209042080 |
| &nbsp;&nbsp;&nbsp;Omron | 2273505 | 59006038 |
| &nbsp;&nbsp;&nbsp;PKSHA Technology \* <sup>(A)</sup> | 349000 | 8066218 |
|  |  | 276114336 |
| TOTAL JAPAN |  | 773157223 |
| **NORWAY — 0.8%** |  |  |
| Industrials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;AutoStore Holdings \* | 37602020 | 19689523 |
| **SOUTH KOREA — 2.9%** |  |  |
| Health Care — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Angel Robotics \* | 160519 | 2681715 |
| Industrials — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;Doosan Robotics \* | 707060 | 24188760 |
| &nbsp;&nbsp;&nbsp;Rainbow Robotics \* | 211790 | 40601910 |
|  |  | 64790670 |
| Information Technology — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Robotis \* | 140925 | 6108078 |
| TOTAL SOUTH KOREA |  | 73580463 |
| **SWITZERLAND — 9.3%** |  |  |
| Health Care — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Tecan Group | 140502 | 27996077 |
| Industrials — 8.2% |  |  |
| &nbsp;&nbsp;&nbsp;ABB | 3708732 | 210096023 |
| TOTAL SWITZERLAND |  | 238092100 |
| **UNITED KINGDOM — 1.1%** |  |  |
| Information Technology — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Renishaw PLC | 796809 | 27615491 |

---

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

*21*

![](logom4.jpg)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | **May 31, 2025 (Unaudited)** |
| | **Global X Robotics & Artificial Intelligence ETF** | |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| **UNITED STATES — 46.2%** |  |  |
| Consumer Discretionary — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;iRobot \* <sup>(A)</sup> | 311928 | $957619 |
| &nbsp;&nbsp;&nbsp;Serve Robotics \* <sup>(A)</sup> | 522020 | 6107634 |
|  |  | 7065253 |
| Energy — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Helix Energy Solutions Group \* | 1647946 | 10200786 |
| Financials — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Upstart Holdings \* | 1027424 | 48463590 |
| Health Care — 10.2% |  |  |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical \* | 380298 | 210053797 |
| &nbsp;&nbsp;&nbsp;Omnicell \* | 511094 | 15521925 |
| &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics \* | 600566 | 34832828 |
|  |  | 260408550 |
| Industrials — 6.1% |  |  |
| &nbsp;&nbsp;&nbsp;AeroVironment \* | 309245 | 55054887 |
| &nbsp;&nbsp;&nbsp;JBT Marel | 569033 | 65330679 |
| &nbsp;&nbsp;&nbsp;Richtech Robotics \* <sup>(A)</sup> | 774420 | 1788910 |
| &nbsp;&nbsp;&nbsp;Symbotic, Cl A \* <sup>(A)</sup> | 1179117 | 33805285 |
|  |  | 155979761 |
| Information Technology — 27.3% |  |  |
| &nbsp;&nbsp;&nbsp;Appian, Cl A \* | 469050 | 14775075 |
| &nbsp;&nbsp;&nbsp;C3.ai, Cl A \* <sup>(A)</sup> | 1375354 | 36570663 |
| &nbsp;&nbsp;&nbsp;Cerence \* | 466276 | 3968008 |
| &nbsp;&nbsp;&nbsp;Cognex | 1862866 | 55830094 |
| &nbsp;&nbsp;&nbsp;Dynatrace \* | 2148805 | 116056958 |
| &nbsp;&nbsp;&nbsp;FARO Technologies \* | 205808 | 8720085 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 1852383 | 250312515 |
| &nbsp;&nbsp;&nbsp;Pegasystems | 942221 | 92478991 |
| &nbsp;&nbsp;&nbsp;PROS Holdings \* | 518588 | 9121963 |
| &nbsp;&nbsp;&nbsp;SoundHound AI, Cl A \* <sup>(A)</sup> | 3953254 | 39967398 |

---

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

*22*

![](logom4.jpg)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | **May 31, 2025 (Unaudited)** |
| | **Global X Robotics & Artificial Intelligence ETF** | |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;UiPath, Cl A \* | 5122596 | $68181753 |
|  |  | 695983503 |
| TOTAL UNITED STATES |  | 1178101443 |
| TOTAL COMMON STOCK<br> (Cost $2,671,584,272) |  | 2533427021 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Securities, Inc.<br> 4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $7,197,999 (collateralized by various U.S. Government Obligations, ranging in par value $3,652 - $1,874,391, 0.000% - 7.500%, 03/01/2037 - 05/01/2055, with a total market value of $7,312,843) | $7195391 | 7195391 |
| &nbsp;&nbsp;&nbsp;Cantor Fitzgerald Securities<br> 4.370%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $29,682,208 (collateralized by various U.S. Government Obligations, ranging in par value $1,288 - $2,037,074, 1.500% - 7.550%, 04/01/2032 - 03/20/2075, with a total market value of $30,141,207) | 29671403 | 29671403 |
| &nbsp;&nbsp;&nbsp;CF Secured LLC<br> 4.360%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $18,239,640 (collateralized by various U.S. Government Obligations, ranging in par value $2,308 - $2,703,004, 0.000% - 7.000%, 05/23/2028 - 04/20/2074, with a total market value of $18,527,289) | 18233015 | 18233015 |

---

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

*23*

![](logom4.jpg)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | **May 31, 2025 (Unaudited)** |
| | **Global X Robotics & Artificial Intelligence ETF** | |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Clear Street LLC<br> 4.410%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $5,625,188 (collateralized by various U.S. Government Obligations, ranging in par value $5,469 - $1,642,889, 2.000% - 7.000%, 09/17/2029 - 05/01/2055, with a total market value of $5,661,690) | $5623122 | $5623122 |
| &nbsp;&nbsp;&nbsp;Daiwa Capital Markets America, Inc.<br> 4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $26,298,390 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $1,668 - $4,696,402, 0.000% - 7.500%, 09/16/2025 - 06/01/2055, with a total market value of $26,680,620) | 26288860 | 26288860 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc.<br> 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $12,636,490 (collateralized by various U.S. Government Obligations, ranging in par value $1,176 - $4,995,258, 1.500% - 7.000%, 12/01/2031 - 04/01/2055, with a total market value of $15,705,953) | 12631911 | 12631911 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc.<br> 4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $2,579,159 (collateralized by various U.S. Treasury Obligations, ranging in par value $1,719 - $1,166,010, 0.000% - 4.625%, 08/15/2025 - 02/15/2055, with a total market value of $2,615,165) | 2578227 | 2578227 |
| &nbsp;&nbsp;&nbsp;Nomura Securities International, Inc.<br> 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $4,227,071 (collateralized by various U.S. Government Obligations, ranging in par value $2,863 - $5,070,652, 1.500% - 7.500%, 03/01/2028 - 07/01/2060, with a total market value of $4,296,505) | 4225543 | 4225543 |

---

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

*24*

![](logom4.jpg)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | **May 31, 2025 (Unaudited)** |
| | **Global X Robotics & Artificial Intelligence ETF** | |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;RBC Dominion Securities, Inc.<br> 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $19,571,831 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $850 - $12,021,507, 0.000% - 7.500%, 06/12/2025 - 05/20/2055, with a total market value of $19,846,810) | $19564755 | $19564755 |
| TOTAL REPURCHASE AGREEMENTS<br> (Cost $126,012,227) |  | 126012227 |
| TOTAL INVESTMENTS — 104.3%<br> (Cost $2,797,596,499) |  | $2659439248 |

---

*Percentages are based on Net Assets of $2,549,021,830.*

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

*(A)* *This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $136,309,201.*

*(B)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $126,012,227. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $14,610,393.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Type of Contract*** | ***Number of <br> Contracts*** | ***Expiration <br> Date*** | ***Notional Amount*** | ***Value*** | ***Unrealized <br> Appreciation*** |
| *Long Contracts* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*NASDAQ 100 Index E-MINI* | *35* | *Jun-2025* | $*13767638* | $*14963725* | $*1196088* |

---

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

*25*

![](logom4.jpg)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | **May 31, 2025 (Unaudited)** |
| | **Global X Robotics & Artificial Intelligence ETF** | |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*2533427021* | $*—* | $*—* | $*2533427021* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreements* | *—* | *126012227* | *—* | *126012227* |
| *Total Investments in Securities* | $*2533427021* | $*126012227* | $*—* | $*2659439248* |
| *Other Financial Instruments* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Futures Contracts\** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unrealized Appreciation* | $*—* | $*1196088* | $*—* | $*1196088* |
| *Total Other Financial Instruments* | $*—* | $*1196088* | $*—* | $*1196088* |

---

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

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

*See "Glossary" for abbreviations.*

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

*26*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X U.S. Infrastructure Development ETF** | **Global X U.S. Infrastructure Development ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8%** |  |  |
| Consumer Discretionary — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;TopBuild \* | 178637 | $50534621 |
| Industrials — 73.7% |  |  |
| &nbsp;&nbsp;&nbsp;Acuity Brands | 187778 | 48801624 |
| &nbsp;&nbsp;&nbsp;Advanced Drainage Systems | 469555 | 51632268 |
| &nbsp;&nbsp;&nbsp;AECOM | 802954 | 88204497 |
| &nbsp;&nbsp;&nbsp;Amentum Holdings \* | 45774 | 945685 |
| &nbsp;&nbsp;&nbsp;Arcosa | 295726 | 25512282 |
| &nbsp;&nbsp;&nbsp;Argan | 148388 | 31205996 |
| &nbsp;&nbsp;&nbsp;Astec Industries | 737668 | 28982976 |
| &nbsp;&nbsp;&nbsp;ATI \* | 864026 | 68811031 |
| &nbsp;&nbsp;&nbsp;Atkore | 299477 | 19495953 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource \* | 696577 | 75007411 |
| &nbsp;&nbsp;&nbsp;Carlisle | 274355 | 104304284 |
| &nbsp;&nbsp;&nbsp;Centuri Holdings \* <sup>(A)</sup> | 1196179 | 24976218 |
| &nbsp;&nbsp;&nbsp;Columbus McKinnon | 701203 | 10209516 |
| &nbsp;&nbsp;&nbsp;Construction Partners, Cl A \* | 314042 | 32877057 |
| &nbsp;&nbsp;&nbsp;Crane | 346635 | 59413239 |
| &nbsp;&nbsp;&nbsp;CSW Industrials | 101831 | 31138901 |
| &nbsp;&nbsp;&nbsp;CSX | 7687827 | 242858455 |
| &nbsp;&nbsp;&nbsp;Custom Truck One Source \* | 4832225 | 20778567 |
| &nbsp;&nbsp;&nbsp;Deere | 545297 | 276062059 |
| &nbsp;&nbsp;&nbsp;DNOW \* | 1878499 | 27087956 |
| &nbsp;&nbsp;&nbsp;DXP Enterprises \* | 241868 | 19997646 |
| &nbsp;&nbsp;&nbsp;Dycom Industries \* | 176825 | 40655604 |
| &nbsp;&nbsp;&nbsp;Eaton PLC | 700270 | 224226454 |
| &nbsp;&nbsp;&nbsp;EMCOR Group | 278400 | 131365824 |
| &nbsp;&nbsp;&nbsp;Emerson Electric | 1973408 | 235585447 |
| &nbsp;&nbsp;&nbsp;Exponent | 307783 | 23496154 |
| &nbsp;&nbsp;&nbsp;Fastenal | 6860182 | 283599924 |
| &nbsp;&nbsp;&nbsp;Fortive | 2098926 | 147323616 |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries \* | 421419 | 24686725 |
| &nbsp;&nbsp;&nbsp;Gorman-Rupp | 680331 | 24832081 |
| &nbsp;&nbsp;&nbsp;Graco | 1022090 | 86530139 |
| &nbsp;&nbsp;&nbsp;Granite Construction | 279378 | 24990362 |
| &nbsp;&nbsp;&nbsp;Greenbrier | 368926 | 16627495 |
| &nbsp;&nbsp;&nbsp;H&E Equipment Services | 292148 | 27648887 |
| &nbsp;&nbsp;&nbsp;Herc Holdings | 172346 | 21370904 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace | 2026331 | 344253374 |
| &nbsp;&nbsp;&nbsp;Hubbell, Cl B | 324943 | 126591294 |

---

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

*27*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X U.S. Infrastructure Development ETF** | **Global X U.S. Infrastructure Development ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Industrials — continued |  |  |
| &nbsp;&nbsp;&nbsp;IDEX | 458343 | $82918832 |
| &nbsp;&nbsp;&nbsp;Insteel Industries | 894502 | 31325460 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions | 750638 | 94805579 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | 341361 | 66084076 |
| &nbsp;&nbsp;&nbsp;MasTec \* | 479711 | 74801336 |
| &nbsp;&nbsp;&nbsp;MRC Global \* | 1721820 | 21367786 |
| &nbsp;&nbsp;&nbsp;Mueller Industries | 688747 | 53632729 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Cl A | 1092948 | 26810014 |
| &nbsp;&nbsp;&nbsp;MYR Group \* | 167644 | 26294961 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern | 1010411 | 249692766 |
| &nbsp;&nbsp;&nbsp;Northwest Pipe \* | 519995 | 20092607 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin | 380708 | 253056608 |
| &nbsp;&nbsp;&nbsp;Pentair PLC | 1000161 | 99195968 |
| &nbsp;&nbsp;&nbsp;Powell Industries | 89468 | 15172878 |
| &nbsp;&nbsp;&nbsp;Preformed Line Products | 197718 | 28202496 |
| &nbsp;&nbsp;&nbsp;Primoris Services | 325218 | 23451470 |
| &nbsp;&nbsp;&nbsp;Quanta Services | 729684 | 249960551 |
| &nbsp;&nbsp;&nbsp;RBC Bearings \* | 190215 | 69593962 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord | 400593 | 53455130 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation | 684032 | 215846298 |
| &nbsp;&nbsp;&nbsp;SPX Technologies \* | 280409 | 42647405 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure \* | 186179 | 35003514 |
| &nbsp;&nbsp;&nbsp;Terex | 530711 | 23887302 |
| &nbsp;&nbsp;&nbsp;Tetra Tech | 1622999 | 56707585 |
| &nbsp;&nbsp;&nbsp;Titan Machinery \* | 1642004 | 30672635 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | 646680 | 278247004 |
| &nbsp;&nbsp;&nbsp;Trinity Industries | 659801 | 16983278 |
| &nbsp;&nbsp;&nbsp;Tutor Perini \* | 973113 | 35888407 |
| &nbsp;&nbsp;&nbsp;Union Pacific | 1043531 | 231309081 |
| &nbsp;&nbsp;&nbsp;United Rentals | 328310 | 232568238 |
| &nbsp;&nbsp;&nbsp;Valmont Industries | 121263 | 38566485 |
| &nbsp;&nbsp;&nbsp;Wabash National | 1649069 | 14297428 |
| &nbsp;&nbsp;&nbsp;WESCO International | 296756 | 49822365 |
| &nbsp;&nbsp;&nbsp;Woodward | 359610 | 77794431 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions | 1028258 | 37212657 |
|  |  | 6029457227 |
| Information Technology — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;Badger Meter | 178151 | 44220641 |
| &nbsp;&nbsp;&nbsp;Calix \* | 655628 | 30316239 |

---

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

*28*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X U.S. Infrastructure Development ETF** | **Global X U.S. Infrastructure Development ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;Trimble \* | 1487031 | $105980699 |
|  |  | 180517579 |
| Materials — 20.0% |  |  |
| &nbsp;&nbsp;&nbsp;Alcoa | 1564882 | 41891891 |
| &nbsp;&nbsp;&nbsp;Carpenter Technology | 301573 | 70869655 |
| &nbsp;&nbsp;&nbsp;Century Aluminum \* | 1310085 | 20293217 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs \* | 2994991 | 17460797 |
| &nbsp;&nbsp;&nbsp;Commercial Metals | 688646 | 32084017 |
| &nbsp;&nbsp;&nbsp;CRH PLC | 2575129 | 234748760 |
| &nbsp;&nbsp;&nbsp;Eagle Materials | 203084 | 41065616 |
| &nbsp;&nbsp;&nbsp;Knife River \* | 342574 | 32236213 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific | 425556 | 38329829 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials | 369860 | 202516843 |
| &nbsp;&nbsp;&nbsp;Materion | 253644 | 19639655 |
| &nbsp;&nbsp;&nbsp;Metallus \* | 1751240 | 22118161 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies | 341774 | 19405928 |
| &nbsp;&nbsp;&nbsp;Nucor | 1420914 | 155391155 |
| &nbsp;&nbsp;&nbsp;Reliance | 327628 | 95936031 |
| &nbsp;&nbsp;&nbsp;RPM International | 778170 | 88586873 |
| &nbsp;&nbsp;&nbsp;Ryerson Holding | 1262787 | 26215458 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics | 921451 | 113402975 |
| &nbsp;&nbsp;&nbsp;United States Lime & Minerals | 218613 | 22469044 |
| &nbsp;&nbsp;&nbsp;United States Steel | 1363354 | 73375712 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials | 799160 | 211833341 |
| &nbsp;&nbsp;&nbsp;Westlake | 779051 | 55335993 |
|  |  | 1635207164 |
| Utilities — 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;MDU Resources Group | 1434404 | 24657405 |
| &nbsp;&nbsp;&nbsp;Sempra | 3125843 | 245660001 |
|  |  | 270317406 |
| TOTAL COMMON STOCK<br> (Cost $7,048,384,842) |  | 8166033997 |
| **SHORT-TERM INVESTMENT<sup>(B)(C)</sup> — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio, Cl Institutional, 4.230%<br> (Cost $5,046,225) | 5046225 | 5046225 |

---

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

*29*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X U.S. Infrastructure Development ETF** | **Global X U.S. Infrastructure Development ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENT<sup>(B)</sup> — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;RBC Capital Markets<br> 4.250%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $5,259,273 (collateralized by a U.S. Treasury Obligations, par value $5,240,340, 4.625%, 06/30/2026, with a total market value of $5,364,798)<br> (Cost $5,257,411) | $5257411 | $5257411 |
| TOTAL INVESTMENTS — 100.0%<br> (Cost $7,058,688,478) |  | $8176337633 |

---

*Percentages are based on Net Assets of $8,178,707,381.*

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

*(A)* *This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $10,124,232.*

*(B)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $10,303,636. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $0.*

*(C)* *The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2025.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Type of Contract*** | ***Number of <br> Contracts*** | ***Expiration <br> Date*** | ***Notional Amount*** | ***Value*** | ***Unrealized <br> Appreciation*** |
| *Long Contracts* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Russell 2000 Index E-MINI* | *19* | *Jun-2025* | $*1958262* | $*1964885* | $*6623* |

---

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

*30*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X U.S. Infrastructure Development ETF** | **Global X U.S. Infrastructure Development ETF** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*8166033997* | $*—* | $*—* | $*8166033997* |
| &nbsp;&nbsp;&nbsp;*Short-Term Investment* | *5046225* | *—* | *—* | *5046225* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreement* | *—* | *5257411* | *—* | *5257411* |
| *Total Investments in Securities* | $*8171080222* | $*5257411* | $*—* | $*8176337633* |
| *Other Financial Instruments* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Futures Contracts\** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unrealized Appreciation* | $*—* | $*6623* | $*—* | $*6623* |
| *Total Other Financial Instruments* | $*—* | $*6623* | $*—* | $*6623* |

---

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

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

*See "Glossary" for abbreviations.*

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

*31*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Autonomous & Electric Vehicles ETF** | **Global X Autonomous & Electric Vehicles ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 97.9%** |  |  |
| **AUSTRALIA — 2.9%** |  |  |
| Materials — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;IGO | 1080993 | $2699213 |
| &nbsp;&nbsp;&nbsp;Liontown Resources \* <sup>(A)</sup> | 9854125 | 3836683 |
| &nbsp;&nbsp;&nbsp;Pilbara Minerals \* | 2492988 | 1989411 |
| TOTAL AUSTRALIA |  | 8525307 |
| **CANADA — 3.0%** |  |  |
| Industrials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Ballard Power Systems \* <sup>(A)</sup> | 2109350 | 2721062 |
| Information Technology — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;BlackBerry \* | 838928 | 3322155 |
| Materials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Lithium Americas \* <sup>(A)</sup> | 1018393 | 2718282 |
| TOTAL CANADA |  | 8761499 |
| **CHILE — 0.9%** |  |  |
| Materials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile ADR <sup>(A)</sup> | 87054 | 2649053 |
| **CHINA — 11.3%** |  |  |
| Communication Services — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Baidu ADR \* | 50571 | 4141765 |
| Consumer Discretionary — 6.6% |  |  |
| &nbsp;&nbsp;&nbsp;Geely Automobile Holdings | 2023300 | 4546365 |
| &nbsp;&nbsp;&nbsp;Nexteer Automotive Group <sup>(A)</sup> | 8385200 | 6170030 |
| &nbsp;&nbsp;&nbsp;NIO ADR \* <sup>(A)</sup> | 872143 | 3087386 |
| &nbsp;&nbsp;&nbsp;XPeng ADR, Cl A \* <sup>(A)</sup> | 286409 | 5530558 |
|  |  | 19334339 |
| Information Technology — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;indie Semiconductor, Cl A \* <sup>(A)</sup> | 845033 | 2239337 |
| &nbsp;&nbsp;&nbsp;RoboSense Technology \* <sup>(A)</sup> | 993828 | 4347138 |
|  |  | 6586475 |

---

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

*32*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Autonomous & Electric Vehicles ETF** | **Global X Autonomous & Electric Vehicles ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Materials — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Ganfeng Lithium Group, Cl H <sup>(A)</sup> | 1258233 | $3080778 |
| TOTAL CHINA |  | 33143357 |
| **FRANCE — 2.4%** |  |  |
| Consumer Discretionary — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;Forvia | 334074 | 3138747 |
| &nbsp;&nbsp;&nbsp;Renault | 74805 | 3853791 |
| TOTAL FRANCE |  | 6992538 |
| **GERMANY — 1.8%** |  |  |
| Information Technology — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Infineon Technologies | 140049 | 5449424 |
| **ISRAEL — 1.1%** |  |  |
| Consumer Discretionary — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Mobileye Global, Cl A \* <sup>(A)</sup> | 207643 | 3374199 |
| **JAPAN — 15.9%** |  |  |
| Consumer Discretionary — 8.4% |  |  |
| &nbsp;&nbsp;&nbsp;Denso | 298493 | 4057618 |
| &nbsp;&nbsp;&nbsp;Honda Motor | 480382 | 4887216 |
| &nbsp;&nbsp;&nbsp;Koito Manufacturing | 267435 | 3387072 |
| &nbsp;&nbsp;&nbsp;Nissan Motor \* <sup>(A)</sup> | 1247896 | 3190331 |
| &nbsp;&nbsp;&nbsp;Toyota Motor | 480544 | 9221569 |
|  |  | 24743806 |
| Industrials — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;GS Yuasa | 209088 | 3826892 |
| Information Technology — 3.6% |  |  |
| &nbsp;&nbsp;&nbsp;Allegro MicroSystems \* | 147111 | 3729264 |
| &nbsp;&nbsp;&nbsp;Renesas Electronics | 313299 | 3871320 |
| &nbsp;&nbsp;&nbsp;Socionext | 204302 | 3034195 |
|  |  | 10634779 |
| Materials — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;Denka | 242391 | 3454569 |

---

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

*33*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Autonomous & Electric Vehicles ETF** | **Global X Autonomous & Electric Vehicles ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Materials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Tokai Carbon <sup>(A)</sup> | 597500 | $4294033 |
|  |  | 7748602 |
| TOTAL JAPAN |  | 46954079 |
| **LUXEMBOURG — 1.3%** |  |  |
| Materials — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;APERAM | 127519 | 3871056 |
| **NETHERLANDS — 1.6%** |  |  |
| Information Technology — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors | 23929 | 4573550 |
| **SINGAPORE — 1.3%** |  |  |
| Information Technology — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;STMicroelectronics | 157059 | 3941363 |
| **SOUTH KOREA — 6.9%** |  |  |
| Consumer Discretionary — 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;HL Mando | 108039 | 2638917 |
| &nbsp;&nbsp;&nbsp;Hyundai Motor | 26138 | 3510453 |
| &nbsp;&nbsp;&nbsp;Kia | 52586 | 3407399 |
|  |  | 9556769 |
| Industrials — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;LG Energy Solution \* | 14793 | 3066462 |
| Information Technology — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Samsung SDI | 25263 | 3092644 |
| Materials — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Cosmochemical \* | 248098 | 2476125 |
| &nbsp;&nbsp;&nbsp;SKC \* | 30957 | 1999180 |
|  |  | 4475305 |
| TOTAL SOUTH KOREA |  | 20191180 |

---

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

*34*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Autonomous & Electric Vehicles ETF** | **Global X Autonomous & Electric Vehicles ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| **TAIWAN — 2.3%** |  |  |
| Industrials — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Energy Solution Holding | 98100 | $3371640 |
| Information Technology — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Wistron NeWeb | 840200 | 3448441 |
| TOTAL TAIWAN |  | 6820081 |
| **UNITED STATES — 45.2%** |  |  |
| Communication Services — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 49205 | 8450467 |
| Consumer Discretionary — 12.9% |  |  |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings \* | 562549 | 2469590 |
| &nbsp;&nbsp;&nbsp;Ford Motor | 462479 | 4800532 |
| &nbsp;&nbsp;&nbsp;General Motors | 100135 | 4967697 |
| &nbsp;&nbsp;&nbsp;Gentherm \* | 84561 | 2314012 |
| &nbsp;&nbsp;&nbsp;Lear | 37043 | 3349428 |
| &nbsp;&nbsp;&nbsp;Lucid Group \* <sup>(A)</sup> | 1153160 | 2571547 |
| &nbsp;&nbsp;&nbsp;QuantumScape, Cl A \* <sup>(A)</sup> | 640114 | 2560456 |
| &nbsp;&nbsp;&nbsp;Stellantis | 331207 | 3370877 |
| &nbsp;&nbsp;&nbsp;Tesla \* | 23587 | 8171952 |
| &nbsp;&nbsp;&nbsp;Visteon \* | 40136 | 3388482 |
|  |  | 37964573 |
| Industrials — 10.6% |  |  |
| &nbsp;&nbsp;&nbsp;ATI \* | 62773 | 4999242 |
| &nbsp;&nbsp;&nbsp;Bloom Energy, Cl A \* <sup>(A)</sup> | 153222 | 2830010 |
| &nbsp;&nbsp;&nbsp;EnerSys | 36693 | 3068636 |
| &nbsp;&nbsp;&nbsp;Honeywell International | 36168 | 8198200 |
| &nbsp;&nbsp;&nbsp;Hyster-Yale | 63516 | 2550802 |
| &nbsp;&nbsp;&nbsp;ITT | 25514 | 3840878 |
| &nbsp;&nbsp;&nbsp;Plug Power \* <sup>(A)</sup> | 1257230 | 1109757 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies | 22175 | 4486446 |
|  |  | 31083971 |
| Information Technology — 17.1% |  |  |
| &nbsp;&nbsp;&nbsp;Ambarella \* | 45628 | 2401858 |
| &nbsp;&nbsp;&nbsp;CEVA \* | 102266 | 1918510 |
| &nbsp;&nbsp;&nbsp;Coherent \* | 40190 | 3039570 |

---

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

*35*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Autonomous & Electric Vehicles ETF** | **Global X Autonomous & Electric Vehicles ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;Intel | 311298 | $6085876 |
| &nbsp;&nbsp;&nbsp;Microsoft | 22508 | 10361783 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 71038 | 9599365 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor \* | 73559 | 3090949 |
| &nbsp;&nbsp;&nbsp;QUALCOMM | 56874 | 8258105 |
| &nbsp;&nbsp;&nbsp;SiTime \* | 14644 | 2871249 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions | 40899 | 2823258 |
|  |  | 50450523 |
| Materials — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Albemarle | 39216 | 2186684 |
| &nbsp;&nbsp;&nbsp;Cabot | 38445 | 2871457 |
|  |  | 5058141 |
| TOTAL UNITED STATES |  | 133007675 |
| TOTAL COMMON STOCK <br> (Cost $438,425,562) |  | 288254361 |
| **PREFERRED STOCK — 1.5%** |  |  |
| **GERMANY— 1.5%** |  |  |
| Consumer Discretionary — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Volkswagen <sup>(B)</sup> | 41534 | 4496381 |
| TOTAL PREFERRED STOCK <br> (Cost $9,308,839) |  | 4496381 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENTS<sup>(C)</sup> — 10.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Securities, Inc. <br> 4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,775,852 (collateralized by various U.S. Government Obligations, ranging in par value $901 - $462,440, 0.000% - 7.500%, 03/01/2037 - 05/01/2055, with a total market value of $1,804,185) | $1775208 | 1775208 |

---

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

*36*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Autonomous & Electric Vehicles ETF** | **Global X Autonomous & Electric Vehicles ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(C)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Cantor Fitzgerald Securities <br> 4.370%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $7,108,985 (collateralized by various U.S. Government Obligations, ranging in par value $309 - $487,886, 1.500% - 7.550%, 04/01/2032 - 03/20/2075, with a total market value of $7,218,917) | $7106397 | $7106397 |
| &nbsp;&nbsp;&nbsp;CF Secured LLC <br> 4.360%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $4,499,985 (collateralized by various U.S. Government Obligations, ranging in par value $569 - $666,871, 0.000% - 7.000%, 05/23/2028 - 04/20/2074, with a total market value of $4,570,953) | 4498351 | 4498351 |
| &nbsp;&nbsp;&nbsp;Daiwa Capital Markets America, Inc. <br> 4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $6,488,197 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $412 - $1,158,671, 0.000% - 7.500%, 09/16/2025 - 06/01/2055, with a total market value of $6,582,499) | 6485846 | 6485846 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc. <br> 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $2,006,161 (collateralized by various U.S. Government Obligations, ranging in par value $1,337 - $906,964, 0.000% - 4.625%, 08/15/2025 - 02/15/2055, with a total market value of $2,034,167) | 2005436 | 2005436 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc. <br> 4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $3,117,607 (collateralized by various U.S. Treasury Obligations, ranging in par value $290 - $1,232,403, 1.500% - 7.000%, 12/01/2031 - 04/01/2055, with a total market value of $3,166,931) | 3116477 | 3116477 |

---

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

*37*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Autonomous & Electric Vehicles ETF** | **Global X Autonomous & Electric Vehicles ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(C)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Nomura Securities International, Inc. <br> 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,042,880 (collateralized by various U.S. Government Obligations, ranging in par value $706 - $1,251,004, 1.500% - 7.500%, 03/01/2028 - 07/01/2060, with a total market value of $1,060,010) | $1042503 | $1042503 |
| &nbsp;&nbsp;&nbsp;RBC Dominion Securities, Inc. <br> 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $4,828,657 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $210 - $2,965,881, 0.000% - 7.500%, 06/12/2025 - 05/20/2055, with a total market value of $4,896,498) | 4826911 | 4826911 |
| TOTAL REPURCHASE AGREEMENTS <br> (Cost $30,857,129) |  | 30857129 |
| TOTAL INVESTMENTS — 109.9% <br> (Cost $478,591,530) |  | $323607871 |

---

*Percentages are based on Net Assets of $294,458,491.*

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

*(A)* *This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $29,582,425.*

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

*(C)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $30,857,129. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $2,547,486.*

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

*38*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Autonomous & Electric Vehicles ETF** | **Global X Autonomous & Electric Vehicles ETF** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*281434280* | $*6820081* | $*—* | $*288254361* |
| &nbsp;&nbsp;&nbsp;*Preferred Stock* | *4496381* | *—* | *—* | *4496381* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreements* | *—* | *30857129* | *—* | *30857129* |
| *Total Investments in Securities* | $*285930661* | $*37677210* | $*—* | $*323607871* |

---

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

*See "Glossary" for abbreviations.*

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

*39*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Artificial Intelligence & Technology ETF** | **Global X Artificial Intelligence & Technology ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%** |  |  |
| **BRAZIL — 0.5%** |  |  |
| Financials — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;StoneCo, Cl A \* | 1132844 | $15463321 |
| **CANADA — 2.9%** |  |  |
| Industrials — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Thomson Reuters | 177408 | 35241212 |
| Information Technology — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Hut 8 \* <sup>(A)</sup> | 380655 | 5812602 |
| &nbsp;&nbsp;&nbsp;Shopify, Cl A \* | 478325 | 51286006 |
|  |  | 57098608 |
| TOTAL CANADA |  | 92339820 |
| **CHINA — 8.8%** |  |  |
| Communication Services — 4.3% |  |  |
| &nbsp;&nbsp;&nbsp;Baidu ADR \* <sup>(A)</sup> | 117584 | 9630130 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 2001443 | 127158394 |
|  |  | 136788524 |
| Consumer Discretionary — 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding ADR | 938178 | 106802183 |
| &nbsp;&nbsp;&nbsp;Meituan, Cl B \* | 2180915 | 38380967 |
|  |  | 145183150 |
| TOTAL CHINA |  | 281971674 |
| **FINLAND — 0.3%** |  |  |
| Information Technology — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;TietoEVRY | 525324 | 9589730 |
| **GERMANY — 3.0%** |  |  |
| Industrials — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;Siemens | 315169 | 75781389 |
| Information Technology — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Infineon Technologies | 513087 | 19964645 |
| TOTAL GERMANY |  | 95746034 |

---

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

*40*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Artificial Intelligence & Technology ETF** | **Global X Artificial Intelligence & Technology ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| **IRELAND — 2.6%** |  |  |
| Information Technology — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Cl A | 268769 | $85151395 |
| **ISRAEL — 0.5%** |  |  |
| Information Technology — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Nice ADR \* | 60474 | 10034451 |
| &nbsp;&nbsp;&nbsp;Wix.com \* | 40852 | 6084905 |
| TOTAL ISRAEL |  | 16119356 |
| **ITALY — 0.3%** |  |  |
| Health Care — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Amplifon | 357180 | 8203064 |
| **JAPAN — 2.5%** |  |  |
| Consumer Discretionary — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Rakuten Group \* | 1653468 | 9151111 |
| Industrials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;FANUC | 389717 | 10446830 |
| &nbsp;&nbsp;&nbsp;Fujikura | 207612 | 9665875 |
|  |  | 20112705 |
| Information Technology — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Fujitsu | 811813 | 18667283 |
| &nbsp;&nbsp;&nbsp;NEC | 583985 | 15318502 |
| &nbsp;&nbsp;&nbsp;Socionext | 558805 | 8299103 |
| &nbsp;&nbsp;&nbsp;Toshiba TEC | 445044 | 9120171 |
|  |  | 51405059 |
| TOTAL JAPAN |  | 80668875 |
| **NETHERLANDS — 1.1%** |  |  |
| Industrials — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Wolters Kluwer | 93806 | 16644958 |

---

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

*41*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Artificial Intelligence & Technology ETF** | **Global X Artificial Intelligence & Technology ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors | 100109 | $19133833 |
| TOTAL NETHERLANDS |  | 35778791 |
| **SOUTH KOREA — 4.6%** |  |  |
| Information Technology — 4.6% |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics | 2612583 | 106419631 |
| &nbsp;&nbsp;&nbsp;SK Hynix | 287171 | 42564666 |
| TOTAL SOUTH KOREA |  | 148984297 |
| **SWEDEN — 0.3%** |  |  |
| Information Technology — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson ADR | 1208552 | 10224350 |
| **SWITZERLAND — 0.3%** |  |  |
| Information Technology — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Temenos | 114121 | 8480418 |
| **TAIWAN — 3.5%** |  |  |
| Information Technology — 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;Acer | 8552200 | 9902442 |
| &nbsp;&nbsp;&nbsp;Advantech | 842857 | 9618670 |
| &nbsp;&nbsp;&nbsp;Global Unichip | 238865 | 9285674 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | 434660 | 84028471 |
| TOTAL TAIWAN |  | 112835257 |
| **UNITED STATES — 68.7%** |  |  |
| Communication Services — 10.1% |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 493096 | 84684307 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 153350 | 99292591 |
| &nbsp;&nbsp;&nbsp;Netflix \* | 99064 | 119593033 |
| &nbsp;&nbsp;&nbsp;Snap, Cl A \* | 916612 | 7562049 |
| &nbsp;&nbsp;&nbsp;Trade Desk, Cl A \* | 176405 | 13269184 |
|  |  | 324401164 |
| Consumer Discretionary — 5.2% |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com \* | 414659 | 85009242 |

---

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

*42*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Artificial Intelligence & Technology ETF** | **Global X Artificial Intelligence & Technology ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Consumer Discretionary — continued |  |  |
| &nbsp;&nbsp;&nbsp;Tesla \* | 236377 | $81895175 |
|  |  | 166904417 |
| Health Care — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies | 179558 | 12666021 |
| Industrials — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;Experian PLC | 360474 | 17952241 |
| &nbsp;&nbsp;&nbsp;Genpact | 210317 | 9054147 |
| &nbsp;&nbsp;&nbsp;Uber Technologies \* | 830441 | 69889915 |
|  |  | 96896303 |
| Information Technology — 50.0% |  |  |
| &nbsp;&nbsp;&nbsp;Adobe \* | 171580 | 71221142 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices \* | 639977 | 70864653 |
| &nbsp;&nbsp;&nbsp;Ambarella \* | 117545 | 6187569 |
| &nbsp;&nbsp;&nbsp;Apple | 436496 | 87670222 |
| &nbsp;&nbsp;&nbsp;AppLovin, Cl A \* | 117593 | 46214049 |
| &nbsp;&nbsp;&nbsp;Broadcom | 406278 | 98347715 |
| &nbsp;&nbsp;&nbsp;C3.ai, Cl A \* <sup>(A)</sup> | 284656 | 7569003 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems \* | 108100 | 31032267 |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings \* | 849135 | 7455405 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 1568716 | 98891857 |
| &nbsp;&nbsp;&nbsp;CyberArk Software \* | 27144 | 10390180 |
| &nbsp;&nbsp;&nbsp;Datadog, Cl A \* | 123296 | 14534132 |
| &nbsp;&nbsp;&nbsp;DXC Technology \* | 458183 | 6964382 |
| &nbsp;&nbsp;&nbsp;Fortinet \* | 301272 | 30663464 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise | 515306 | 8904488 |
| &nbsp;&nbsp;&nbsp;Informatica, Cl A \* | 392487 | 9423613 |
| &nbsp;&nbsp;&nbsp;Intel | 1695034 | 33137915 |
| &nbsp;&nbsp;&nbsp;International Business Machines | 364701 | 94479441 |
| &nbsp;&nbsp;&nbsp;Marvell Technology | 340307 | 20483078 |
| &nbsp;&nbsp;&nbsp;Micron Technology | 439399 | 41505630 |
| &nbsp;&nbsp;&nbsp;Microsoft | 218477 | 100578072 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 663062 | 89599568 |
| &nbsp;&nbsp;&nbsp;Okta, Cl A \* | 110156 | 11364795 |
| &nbsp;&nbsp;&nbsp;Oracle | 523555 | 86664059 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A \* | 860036 | 113335544 |
| &nbsp;&nbsp;&nbsp;Pegasystems | 88932 | 8728676 |

---

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

*43*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Artificial Intelligence & Technology ETF** | **Global X Artificial Intelligence & Technology ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;QUALCOMM | 438168 | $63621994 |
| &nbsp;&nbsp;&nbsp;Quantum Computing \* <sup>(A)</sup> | 871001 | 9864086 |
| &nbsp;&nbsp;&nbsp;Salesforce | 291750 | 77421697 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings | 89138 | 10512936 |
| &nbsp;&nbsp;&nbsp;ServiceNow \* | 86005 | 86958795 |
| &nbsp;&nbsp;&nbsp;Snowflake, Cl A \* | 130144 | 26766716 |
| &nbsp;&nbsp;&nbsp;SoundHound AI, Cl A \* <sup>(A)</sup> | 590687 | 5971846 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer \* | 290090 | 11609402 |
| &nbsp;&nbsp;&nbsp;Synopsys \* | 61004 | 28304636 |
| &nbsp;&nbsp;&nbsp;Teradata \* | 301250 | 6615450 |
| &nbsp;&nbsp;&nbsp;Twilio, Cl A \* | 85720 | 10089244 |
| &nbsp;&nbsp;&nbsp;UiPath, Cl A \* | 703195 | 9359525 |
| &nbsp;&nbsp;&nbsp;Verint Systems \* | 379543 | 6657184 |
| &nbsp;&nbsp;&nbsp;Workday, Cl A \* | 84338 | 20891366 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies, Cl A \* | 23073 | 6685863 |
| &nbsp;&nbsp;&nbsp;Zscaler \* | 60438 | 16662757 |
|  |  | 1604204416 |
| TOTAL UNITED STATES |  | 2205072321 |
| TOTAL COMMON STOCK <br> (Cost $2,864,658,709) |  | 3206628703 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Securities, Inc. <br> 4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,603,140 (collateralized by various U.S. Government Obligations, ranging in par value $813 - $417,465, 0.000% - 7.500%, 03/01/2037 - 05/01/2055, with a total market value of $1,628,718) | $1602559 | 1602559 |
| &nbsp;&nbsp;&nbsp;Cantor Fitzgerald Securities <br> 4.370%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $6,417,515 (collateralized by various U.S. Government Obligations, ranging in par value $279 - $440,431, 1.500% - 7.550%, 04/01/2032 - 03/20/2075, with a total market value of $6,516,754) | 6415179 | 6415179 |

---

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

*44*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Artificial Intelligence & Technology ETF** | **Global X Artificial Intelligence & Technology ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;CF Secured LLC <br> 4.360%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $4,062,335 (collateralized by various U.S. Government Obligations, ranging in par value $514 - $602,014, 0.000% - 7.000%, 05/23/2028 - 04/20/2074, with a total market value of $4,126,401) | $4060860 | $4060860 |
| &nbsp;&nbsp;&nbsp;Clear Street LLC <br> 4.410%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $2,134,716 (collateralized by various U.S. Government Obligations, ranging in par value $2,076 - $623,464, 2.000% - 7.000%, 09/17/2029 - 05/01/2055, with a total market value of $2,148,568) | 2133932 | 2133932 |
| &nbsp;&nbsp;&nbsp;Daiwa Capital Markets America, Inc. <br> 4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $5,857,181 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $372 - $1,045,983, 0.000% - 7.500%, 09/16/2025 - 06/01/2055, with a total market value of $5,942,312) | 5855059 | 5855059 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc. <br> 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $617,539 (collateralized by various U.S. Government Obligations, ranging in par value $412 - $279,183, 0.000% - 4.625%, 08/15/2025 - 02/15/2055, with a total market value of $626,160) | 617316 | 617316 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc. <br> 4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $2,814,401 (collateralized by various U.S. Treasury Obligations, ranging in par value $262 - $1,112,544, 1.500% - 7.000%, 12/01/2031 - 04/01/2055, with a total market value of $2,858,928) | 2813381 | 2813381 |

---

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

*45*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Artificial Intelligence & Technology ETF** | **Global X Artificial Intelligence & Technology ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;RBC Dominion Securities, Inc. <br> 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $4,359,041 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $189 - $2,677,432, 0.000% - 7.500%, 06/12/2025 - 05/20/2055, with a total market value of $4,420,284) | $4357465 | $4357465 |
| TOTAL REPURCHASE AGREEMENTS <br> (Cost $27,855,751) |  | 27855751 |
| TOTAL INVESTMENTS — 100.8% <br> (Cost $2,892,514,460) |  | $3234484454 |

---

*Percentages are based on Net Assets of $3,209,293,808.*

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

*(A)* *This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $25,855,307.*

*(B)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $27,855,751. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $0.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*3177821917* | $*28806786* | $*—* | $*3206628703* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreements* | *—* | *27855751* | *—* | *27855751* |
| *Total Investments in Securities* | $*3177821917* | $*56662537* | $*—* | $*3234484454* |

---

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

*See "Glossary" for abbreviations.*

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

*46*

![](logom4.jpg)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | **May 31, 2025 (Unaudited)** |
| | **Global X Genomics & Biotechnology ETF** | |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%** |  |  |
| **CHINA — 2.5%** |  |  |
| Health Care — 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;Genscript Biotech \* | 636118 | $1039977 |
| **GERMANY — 4.2%** |  |  |
| Health Care — 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;BioNTech ADR \* | 15215 | 1457749 |
| &nbsp;&nbsp;&nbsp;CureVac \* | 53503 | 239158 |
| TOTAL GERMANY |  | 1696907 |
| **NETHERLANDS — 1.0%** |  |  |
| Health Care — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;uniQure \* | 28225 | 408416 |
| **SWITZERLAND — 4.0%** |  |  |
| Health Care — 4.0% |  |  |
| &nbsp;&nbsp;&nbsp;CRISPR Therapeutics \* <sup>(A)</sup> | 45334 | 1645171 |
| **UNITED KINGDOM — 2.2%** |  |  |
| Health Care — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;AstraZeneca | 6338 | 916247 |
| **UNITED STATES — 86.0%** |  |  |
| Health Care — 86.0% |  |  |
| &nbsp;&nbsp;&nbsp;10X Genomics, Cl A \* | 58158 | 554246 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies | 8295 | 928376 |
| &nbsp;&nbsp;&nbsp;Allogene Therapeutics \* <sup>(A)</sup> | 80629 | 94336 |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals \* | 7221 | 2199228 |
| &nbsp;&nbsp;&nbsp;Arcturus Therapeutics Holdings \* | 13873 | 173829 |
| &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals \* | 65210 | 1047925 |
| &nbsp;&nbsp;&nbsp;Avidity Biosciences \* | 56949 | 1764280 |
| &nbsp;&nbsp;&nbsp;Beam Therapeutics \* | 49064 | 776683 |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical \* | 28208 | 1638039 |
| &nbsp;&nbsp;&nbsp;Bio-Techne | 34832 | 1685869 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 17964 | 867302 |
| &nbsp;&nbsp;&nbsp;CareDx \* | 29492 | 501069 |
| &nbsp;&nbsp;&nbsp;Cargo Therapeutics \* <sup>(A)</sup> | 28545 | 121316 |
| &nbsp;&nbsp;&nbsp;Eli Lilly | 1051 | 775291 |

---

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

*47*

![](logom4.jpg)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | **May 31, 2025 (Unaudited)** |
| | **Global X Genomics & Biotechnology ETF** | |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Health Care — continued |  |  |
| &nbsp;&nbsp;&nbsp;Fulgent Genetics \* | 11308 | $234302 |
| &nbsp;&nbsp;&nbsp;GeneDx Holdings, Cl A \* | 14209 | 1011965 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 8180 | 900454 |
| &nbsp;&nbsp;&nbsp;Guardant Health \* | 38282 | 1555015 |
| &nbsp;&nbsp;&nbsp;Illumina \* | 22914 | 1884447 |
| &nbsp;&nbsp;&nbsp;Intellia Therapeutics \* <sup>(A)</sup> | 55601 | 381979 |
| &nbsp;&nbsp;&nbsp;Legend Biotech ADR \* | 50939 | 1474684 |
| &nbsp;&nbsp;&nbsp;Maravai LifeSciences Holdings, Cl A \* | 66500 | 149625 |
| &nbsp;&nbsp;&nbsp;Moderna \* | 65832 | 1748498 |
| &nbsp;&nbsp;&nbsp;Myriad Genetics \* | 50179 | 210250 |
| &nbsp;&nbsp;&nbsp;Natera \* | 11761 | 1855063 |
| &nbsp;&nbsp;&nbsp;Pacific Biosciences of California \* <sup>(A)</sup> | 150268 | 144813 |
| &nbsp;&nbsp;&nbsp;Personalis \* | 35419 | 163990 |
| &nbsp;&nbsp;&nbsp;Praxis Precision Medicines \* | 10762 | 414875 |
| &nbsp;&nbsp;&nbsp;Prime Medicine \* <sup>(A)</sup> | 72897 | 86018 |
| &nbsp;&nbsp;&nbsp;QIAGEN | 41285 | 1863192 |
| &nbsp;&nbsp;&nbsp;REGENXBIO \* | 25735 | 227755 |
| &nbsp;&nbsp;&nbsp;Rocket Pharmaceuticals \* | 56476 | 141755 |
| &nbsp;&nbsp;&nbsp;Sana Biotechnology \* <sup>(A)</sup> | 76073 | 165078 |
| &nbsp;&nbsp;&nbsp;Sangamo Therapeutics \* | 172412 | 80172 |
| &nbsp;&nbsp;&nbsp;Sarepta Therapeutics \* | 29369 | 1104274 |
| &nbsp;&nbsp;&nbsp;Stoke Therapeutics \* <sup>(A)</sup> | 23726 | 226346 |
| &nbsp;&nbsp;&nbsp;Twist Bioscience \* | 32212 | 943812 |
| &nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical \* | 46829 | 1593591 |
| &nbsp;&nbsp;&nbsp;Veracyte \* | 43994 | 1170680 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals \* | 3548 | 1568393 |
| &nbsp;&nbsp;&nbsp;Verve Therapeutics \* | 37800 | 168210 |
| &nbsp;&nbsp;&nbsp;Vir Biotechnology \* | 50157 | 247776 |
| &nbsp;&nbsp;&nbsp;WaVe Life Sciences \* | 69939 | 420333 |
| TOTAL UNITED STATES |  | 35265134 |
| TOTAL COMMON STOCK<br> (Cost $71,807,155) |  | 40971852 |

---

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

*48*

![](logom4.jpg)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | **May 31, 2025 (Unaudited)** |
| | **Global X Genomics & Biotechnology ETF** | |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Securities, Inc. <br> 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $491,438 (collateralized by various U.S. Treasury Obligations, ranging in par value $1,875 - $574,572, 0.000% - 5.250%, 02/15/2029 - 11/15/2052, with a total market value of $501,057) | $491260 | $491260 |
| &nbsp;&nbsp;&nbsp;Citigroup Global Markets, Inc. <br> 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $125,474 (collateralized by various U.S. Treasury Obligations, ranging in par value $11,732 - $78,456, 0.750% - 4.375%, 04/30/2026 - 07/15/2027, with a total market value of $127,195) | 125429 | 125429 |
| &nbsp;&nbsp;&nbsp;Daiwa Capital Markets America, Inc. <br> 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $491,438 (collateralized by various U.S. Treasury Obligations, ranging in par value $351 - $191,464, 0.000% - 4.625%, 09/16/2025 - 05/15/2053, with a total market value of $498,318) | 491260 | 491260 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank Securities, Inc. <br> 4.330%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $491,437 (collateralized by various U.S. Treasury Obligations, ranging in par value $1,327 - $302,392, 4.250% - 4.625%, 11/30/2026 - 05/31/2031, with a total market value of $494,166) | 491260 | 491260 |

---

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

*49*

![](logom4.jpg)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | **May 31, 2025 (Unaudited)** |
| | **Global X Genomics & Biotechnology ETF** | |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Mizuho Securities USA LLC <br> 4.330%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $491,437 (collateralized by various U.S. Treasury Obligations, ranging in par value $195,851 - $309,099, 3.500% - 3.750%, 04/15/2028 - 04/30/2030, with a total market value of $499,101) | $491260 | $491260 |
| TOTAL REPURCHASE AGREEMENTS<br> (Cost $2,090,469) |  | 2090469 |
| TOTAL INVESTMENTS — 105.0%<br> (Cost $73,897,624) |  | $43062321 |

---

*Percentages are based on Net Assets of $41,016,761.*

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

*(A)* *This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $1,959,195.*

*(B)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $2,090,469. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $0.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*40971852* | $*—* | $*—* | $*40971852* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreements* | *—* | *2090469* | *—* | *2090469* |
| *Total Investments in Securities* | $*40971852* | $*2090469* | $*—* | $*43062321* |

---

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

*See "Glossary" for abbreviations.*

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

*50*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%** |  |  |
| **CANADA — 4.2%** |  |  |
| Information Technology — 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;Shopify, Cl A \* | 131638 | $14114226 |
| **CHINA — 1.9%** |  |  |
| Consumer Discretionary — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding ADR | 11810 | 1344450 |
| Information Technology — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Kingsoft Cloud Holdings ADR \* <sup>(A)</sup> | 67934 | 758823 |
| &nbsp;&nbsp;&nbsp;Vnet Group ADR \* | 786518 | 4200006 |
|  |  | 4958829 |
| TOTAL CHINA |  | 6303279 |
| **ISRAEL — 3.3%** |  |  |
| Information Technology — 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;Wix.com \* | 76047 | 11327201 |
| **JAPAN — 0.3%** |  |  |
| Information Technology — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Oracle Japan \* | 8002 | 936926 |
| **SWEDEN — 2.0%** |  |  |
| Information Technology — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Sinch \* | 2567244 | 6805036 |
| **UNITED STATES — 88.2%** |  |  |
| Communication Services — 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 28864 | 4957103 |
| &nbsp;&nbsp;&nbsp;PubMatic, Cl A \* | 119668 | 1400116 |
| &nbsp;&nbsp;&nbsp;Vimeo \* | 465635 | 2030169 |
|  |  | 8387388 |
| Consumer Discretionary — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com \* | 33543 | 6876650 |

---

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

*51*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Health Care — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;HealthStream | 91517 | $2564306 |
| Industrials — 4.3% |  |  |
| &nbsp;&nbsp;&nbsp;Paycom Software | 56277 | 14580808 |
| Information Technology — 74.5% |  |  |
| &nbsp;&nbsp;&nbsp;Akamai Technologies \* | 157510 | 11959734 |
| &nbsp;&nbsp;&nbsp;Box, Cl A \* | 412297 | 15593073 |
| &nbsp;&nbsp;&nbsp;C3.ai, Cl A \* | 388390 | 10327290 |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings \* | 275853 | 7806640 |
| &nbsp;&nbsp;&nbsp;Dropbox, Cl A \* | 442970 | 12784114 |
| &nbsp;&nbsp;&nbsp;Fastly, Cl A \* | 433963 | 3159251 |
| &nbsp;&nbsp;&nbsp;Five9 \* | 228987 | 6070445 |
| &nbsp;&nbsp;&nbsp;Freshworks, Cl A \* | 725984 | 11085776 |
| &nbsp;&nbsp;&nbsp;HubSpot \* | 20464 | 12071714 |
| &nbsp;&nbsp;&nbsp;International Business Machines | 4599 | 1191417 |
| &nbsp;&nbsp;&nbsp;Microsoft | 15017 | 6913226 |
| &nbsp;&nbsp;&nbsp;Procore Technologies \* | 202053 | 13571900 |
| &nbsp;&nbsp;&nbsp;Qualys \* | 100608 | 13939238 |
| &nbsp;&nbsp;&nbsp;Salesforce | 47454 | 12592868 |
| &nbsp;&nbsp;&nbsp;ServiceNow \* | 13341 | 13488952 |
| &nbsp;&nbsp;&nbsp;Snowflake, Cl A \* | 77214 | 15880603 |
| &nbsp;&nbsp;&nbsp;SPS Commerce \* | 89917 | 12656717 |
| &nbsp;&nbsp;&nbsp;Twilio, Cl A \* | 130497 | 15359497 |
| &nbsp;&nbsp;&nbsp;Workday, Cl A \* | 51822 | 12836828 |
| &nbsp;&nbsp;&nbsp;Workiva, Cl A \* | 156021 | 10498653 |
| &nbsp;&nbsp;&nbsp;Yext \* | 373348 | 2505165 |
| &nbsp;&nbsp;&nbsp;Zoom Video Communications, Cl A \* | 165321 | 13432331 |
| &nbsp;&nbsp;&nbsp;Zscaler \* | 56284 | 15517499 |
|  |  | 251242931 |
| Real Estate — 4.0% |  |  |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust <sup>‡</sup> | 78885 | 13530355 |
| TOTAL UNITED STATES |  | 297182438 |
| TOTAL COMMON STOCK<br> (Cost $443,498,624) |  | 336669106 |

---

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

*52*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENT<sup>(B)(C)</sup> — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio, Cl Institutional, 4.230%<br> (Cost $295,076) | 295076 | $295076 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENT<sup>(B)</sup> — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;RBC Capital Markets<br> 4.250%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $307,533 (collateralized by a U.S. Treasury Obligations, par value $306,426, 4.625%, 06/30/2026, with a total market value of $313,704)<br> (Cost $307,425) | $307425 | 307425 |
| TOTAL INVESTMENTS — 100.1%<br> (Cost $444,101,125) |  | $337271607 |

---

*Percentages are based on Net Assets of $337,062,113.*

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *‡* | *Real Estate Investment Trust* |
| *(A)* | *This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $558,500.* |
| *(B)* | *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $602,501. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $0.* |
| *(C)* | *The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2025.* |

---

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

*53*

![](logom4.jpg)

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*336669106* | $*—* | $*—* | $*336669106* |
| &nbsp;&nbsp;&nbsp;*Short-Term Investment* | *295076* | *—* | *—* | *295076* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreement* | *—* | *307425* | *—* | *307425* |
| *Total Investments in Securities* | $*336964182* | $*307425* | $*—* | $*337271607* |

---

*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.*

*54*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%** |  |  |
| **CANADA — 5.0%** |  |  |
| Information Technology — 5.0% |  |  |
| &nbsp;&nbsp;&nbsp;BlackBerry \* <sup>(A)</sup> | 13561606 | $53703960 |
| **ISRAEL — 9.0%** |  |  |
| Information Technology — 9.0% |  |  |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies \* | 284702 | 65162594 |
| &nbsp;&nbsp;&nbsp;Radware \* | 1406729 | 32804920 |
| TOTAL ISRAEL |  | 97967514 |
| **JAPAN — 7.8%** |  |  |
| Information Technology — 7.8% |  |  |
| &nbsp;&nbsp;&nbsp;Digital Arts | 472103 | 23851352 |
| &nbsp;&nbsp;&nbsp;Hennge | 1082850 | 11684379 |
| &nbsp;&nbsp;&nbsp;Trend Micro | 648878 | 48678779 |
| TOTAL JAPAN |  | 84214510 |
| **SOUTH KOREA — 1.5%** |  |  |
| Information Technology — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Ahnlab | 365030 | 16377007 |
| **UNITED STATES — 76.6%** |  |  |
| Information Technology — 76.6% |  |  |
| &nbsp;&nbsp;&nbsp;A10 Networks | 2437944 | 42078913 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Cl A \* | 141099 | 66509836 |
| &nbsp;&nbsp;&nbsp;CyberArk Software \* | 129797 | 49683696 |
| &nbsp;&nbsp;&nbsp;Fortinet \* | 584751 | 59515957 |
| &nbsp;&nbsp;&nbsp;Gen Digital | 1785258 | 50844148 |
| &nbsp;&nbsp;&nbsp;Okta, Cl A \* | 544760 | 56202889 |
| &nbsp;&nbsp;&nbsp;OneSpan | 1257054 | 20024870 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks \* | 327137 | 62947702 |
| &nbsp;&nbsp;&nbsp;Qualys \* | 359808 | 49851398 |
| &nbsp;&nbsp;&nbsp;Rapid7 \* | 1952264 | 44804459 |
| &nbsp;&nbsp;&nbsp;Rubrik, Cl A \* | 642706 | 61282017 |
| &nbsp;&nbsp;&nbsp;Sailpoint \* | 2616064 | 46095048 |
| &nbsp;&nbsp;&nbsp;SentinelOne, Cl A \* | 2461089 | 43339777 |
| &nbsp;&nbsp;&nbsp;Telos \* | 1097556 | 2765841 |
| &nbsp;&nbsp;&nbsp;Tenable Holdings \* | 1486747 | 47902988 |

---

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

*55*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;Varonis Systems, Cl B \* | 1070075 | $51021176 |
| &nbsp;&nbsp;&nbsp;Zscaler \* | 268370 | 73989609 |
| TOTAL UNITED STATES |  | 828860324 |
| TOTAL COMMON STOCK<br> (Cost $938,066,902) |  | 1081123315 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Cantor Fitzgerald Securities<br> 4.370%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $2,683,897 (collateralized by various U.S. Government Obligations, ranging in par value $116 - $184,194, 1.500% - 7.550%, 04/01/2032 - 03/20/2075, with a total market value of $2,725,400) | $2682920 | 2682920 |
| &nbsp;&nbsp;&nbsp;CF Secured LLC<br> 4.360%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $2,134,143 (collateralized by various U.S. Government Obligations, ranging in par value $270 - $316,267, 0.000% - 7.000%, 05/23/2028 - 04/20/2074, with a total market value of $2,167,800) | 2133368 | 2133368 |
| &nbsp;&nbsp;&nbsp;Daiwa Capital Markets America, Inc.<br> 4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $2,449,441 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $155 - $437,424, 0.000% - 7.500%, 09/16/2025 - 06/01/2055, with a total market value of $2,485,042) | 2448553 | 2448553 |

---

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

*56*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc.<br> 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,386,527 (collateralized by various U.S. Government Obligations, ranging in par value $924 - $626,834, 0.000% - 4.625%, 08/15/2025 - 02/15/2055, with a total market value of $1,405,883) | $1386026 | $1386026 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc.<br> 4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,176,966 (collateralized by various U.S. Treasury Obligations, ranging in par value $110 - $465,260, 1.500% - 7.000%, 12/01/2031 - 04/01/2055, with a total market value of $1,195,587) | 1176540 | 1176540 |
| &nbsp;&nbsp;&nbsp;RBC Dominion Securities, Inc.<br> 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,822,927 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $79 - $1,119,687, 0.000% - 7.500%, 06/12/2025 - 05/20/2055, with a total market value of $1,848,539) | 1822268 | 1822268 |
| TOTAL REPURCHASE AGREEMENTS<br> (Cost $11,649,675) |  | 11649675 |
| TOTAL INVESTMENTS — 101.0%<br> (Cost $949,716,577) |  | $1092772990 |

---

*Percentages are based on Net Assets of $1,082,160,213.*

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

*(A)* *This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $9,214,128.*

*(B)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $11,649,675. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $0.*

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

*57*

![](logom4.jpg)

---

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

---

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Type of Contract*** | ***Number of<br> Contracts*** | ***Expiration<br> Date*** | ***Notional Amount*** | ***Value*** | ***Unrealized<br> Depreciation*** |
| *Long Contracts <br> NASDAQ 100 Index E-MINI* | *2* | *Jun-2025* | $*856369* | $*855070* | $*(1299)* |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*1081123315* | $*—* | $*—* | $*1081123315* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreements* | *—* | *11649675* |  | *11649675* |
| *Total Investments in Securities* | $*1081123315* | $*11649675* | $*—* | $*1092772990* |
| *Other Financial Instruments* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Futures Contracts\** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unrealized Depreciation* | $*(1299)* | $*—* | $*—* | $*(1299)* |
| *Total Other Financial Instruments* | $*(1299)* | $*—* | $*—* | $*(1299)* |

---

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

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

*See "Glossary" for abbreviations.*

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

*58*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Dorsey Wright Thematic ETF** | **Global X Dorsey Wright Thematic ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS — 99.9%** |  |  |
| **International Equity Fund — 59.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Global X Artificial Intelligence & Technology ETF<sup>(A)(B)(C)</sup> | 49472 | $1993722 |
| &nbsp;&nbsp;&nbsp;Global X Cybersecurity ETF<sup>(B)(C)(D)</sup> | 53774 | 1877250 |
| &nbsp;&nbsp;&nbsp;Global X E-commerce ETF <sup>(B)(E)</sup> | 65850 | 1960618 |
|  |  | 5831590 |
| **Domestic Equity Fund — 40.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Global X Millennial Consumer ETF<sup>(B)(F)</sup> | 42262 | 1967296 |
| &nbsp;&nbsp;&nbsp;Global X US Infrastructure Development ETF <sup>(B)(G)</sup> | 47526 | 1972804 |
|  |  | 3940100 |
| TOTAL EXCHANGE-TRADED FUNDS<br> (Cost $8,954,905) |  | 9771690 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENTS<sup>(H)</sup> — 10.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Securities, Inc.<br> 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $249,090 (collateralized by various U.S. Treasury Obligations, ranging in par value $950 - $291,227, 0.000% - 5.250%, 02/15/2029 - 11/15/2052, with a total market value of $253,966) | $249000 | 249000 |
| &nbsp;&nbsp;&nbsp;Citigroup Global Markets, Inc.<br> 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $17,843 (collateralized by various U.S. Treasury Obligations, ranging in par value $1,668 - $11,157, 0.750% - 4.375%, 04/30/2026 - 07/15/2027, with a total market value of $18,088) | 17837 | 17837 |
| &nbsp;&nbsp;&nbsp;Daiwa Capital Markets America, Inc.<br> 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $249,090 (collateralized by various U.S. Treasury Obligations, ranging in par value $178 - $97,045, 0.000% - 4.625%, 09/16/2025 - 05/15/2053, with a total market value of $252,577) | 249000 | 249000 |

---

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

*59*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Dorsey Wright Thematic ETF** | **Global X Dorsey Wright Thematic ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(H)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Deutsche Bank Securities, Inc.<br> 4.330%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $249,090 (collateralized by various U.S. Treasury Obligations, ranging in par value $673 - $153,271, 4.250% - 4.625%, 11/30/2026 - 05/31/2031, with a total market value of $250,473) | $249000 | $249000 |
| &nbsp;&nbsp;&nbsp;Mizuho Securities USA LLC<br> 4.330%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $249,090 (collateralized by various U.S. Treasury Obligations, ranging in par value $99,269 - $156,670, 3.500% - 3.750%, 04/15/2028 - 04/30/2030, with a total market value of $252,975) | 249000 | 249000 |
| TOTAL REPURCHASE AGREEMENTS <br> (Cost $1,013,837) |  | 1013837 |
| TOTAL INVESTMENTS — 110.3%<br> (Cost $9,968,742) |  | $10785527 |

---

*Percentages are based on Net Assets of $9,774,387.*

*(A)* *For financial information on the Global X Artificial Intelligence & Technology ETF, please go to the Fund's website at https://www.globalxetfs.com/explore/.* 

*(B)* *Affiliated investment.* 

*(C)* *This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $987,250.* 

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

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

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

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

*(H)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $1,013,837. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $0.* 

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

*60*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Dorsey Wright Thematic ETF** | **Global X Dorsey Wright Thematic ETF** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Exchange-Traded Funds* | $*9771690* | $*—* | $*—* | $*9771690* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreements* | *—* | *1013837* | *—* | *1013837* |
| *Total Investments in Securities* | $*9771690* | $*1013837* | $*—* | $*10785527* |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value<br> 11/30/2024 | Purchases<br> at Cost | Proceeds<br> from Sales | Change in<br> Unrealized<br> Appreciation<br> (Depreciation) | Realized Gain<br> (Loss) | Value<br> 5/31/2025 | Income | Capital Gains |
| **Global X Artificial Intelligence & Technology ETF** | **Global X Artificial Intelligence & Technology ETF** | **Global X Artificial Intelligence & Technology ETF** | **Global X Artificial Intelligence & Technology ETF** | **Global X Artificial Intelligence & Technology ETF** | **Global X Artificial Intelligence & Technology ETF** | **Global X Artificial Intelligence & Technology ETF** | **Global X Artificial Intelligence & Technology ETF** | **Global X Artificial Intelligence & Technology ETF** |
| $|  | $2144784 | $(325999) | $193175 | $(18238) | $1993722 | $— | $— |
| **Global X Cybersecurity ETF** | **Global X Cybersecurity ETF** | **Global X Cybersecurity ETF** | **Global X Cybersecurity ETF** | **Global X Cybersecurity ETF** | **Global X Cybersecurity ETF** | **Global X Cybersecurity ETF** | **Global X Cybersecurity ETF** | **Global X Cybersecurity ETF** |
|  |  | 2187644 | (452914) | 137851 | 4669 | 1877250 |  |  |
| **Global X Data Center & Digital Infrastructure ETF** | **Global X Data Center & Digital Infrastructure ETF** | **Global X Data Center & Digital Infrastructure ETF** | **Global X Data Center & Digital Infrastructure ETF** | **Global X Data Center & Digital Infrastructure ETF** | **Global X Data Center & Digital Infrastructure ETF** | **Global X Data Center & Digital Infrastructure ETF** | **Global X Data Center & Digital Infrastructure ETF** | **Global X Data Center & Digital Infrastructure ETF** |
|  | 1797852 | 2106 | (1689424) | (304671) | 194137 |  | 17317 |  |
| **Global X Disruptive Materials ETF** | **Global X Disruptive Materials ETF** | **Global X Disruptive Materials ETF** | **Global X Disruptive Materials ETF** | **Global X Disruptive Materials ETF** | **Global X Disruptive Materials ETF** | **Global X Disruptive Materials ETF** | **Global X Disruptive Materials ETF** | **Global X Disruptive Materials ETF** |
|  | 1823533 | 2079 | (1673310) | 139837 | (292139) |  | 10601 |  |
| **Global X E-commerce ETF** | **Global X E-commerce ETF** | **Global X E-commerce ETF** | **Global X E-commerce ETF** | **Global X E-commerce ETF** | **Global X E-commerce ETF** | **Global X E-commerce ETF** | **Global X E-commerce ETF** | **Global X E-commerce ETF** |
|  | 1870595 | 1074858 | (1039453) | (87055) | 141673 | 1960618 | 479 |  |
| **Global X FinTech ETF** | **Global X FinTech ETF** | **Global X FinTech ETF** | **Global X FinTech ETF** | **Global X FinTech ETF** | **Global X FinTech ETF** | **Global X FinTech ETF** | **Global X FinTech ETF** | **Global X FinTech ETF** |
|  | 2009298 | 2231 | (1708360) | 770253 | (1073422) |  | 9629 |  |
| **Global X Genomics & Biotechnology ETF** | **Global X Genomics & Biotechnology ETF** | **Global X Genomics & Biotechnology ETF** | **Global X Genomics & Biotechnology ETF** | **Global X Genomics & Biotechnology ETF** | **Global X Genomics & Biotechnology ETF** | **Global X Genomics & Biotechnology ETF** | **Global X Genomics & Biotechnology ETF** | **Global X Genomics & Biotechnology ETF** |
|  | 1503736 | 262063 | (1389458) | 1918721 | (2295062) |  |  |  |
| **Global X Lithium & Battery Tech ETF** | **Global X Lithium & Battery Tech ETF** | **Global X Lithium & Battery Tech ETF** | **Global X Lithium & Battery Tech ETF** | **Global X Lithium & Battery Tech ETF** | **Global X Lithium & Battery Tech ETF** | **Global X Lithium & Battery Tech ETF** | **Global X Lithium & Battery Tech ETF** | **Global X Lithium & Battery Tech ETF** |
|  | 1937834 | 2327 | (1713990) | 1439386 | (1665557) |  | 5443 |  |
| **Global X Millennial Consumer ETF** | **Global X Millennial Consumer ETF** | **Global X Millennial Consumer ETF** | **Global X Millennial Consumer ETF** | **Global X Millennial Consumer ETF** | **Global X Millennial Consumer ETF** | **Global X Millennial Consumer ETF** | **Global X Millennial Consumer ETF** | **Global X Millennial Consumer ETF** |
|  |  | 1861856 | (980) | 106365 | 55 | 1967296 |  |  |
| **Global X Renewable Energy Producers ETF** | **Global X Renewable Energy Producers ETF** | **Global X Renewable Energy Producers ETF** | **Global X Renewable Energy Producers ETF** | **Global X Renewable Energy Producers ETF** | **Global X Renewable Energy Producers ETF** | **Global X Renewable Energy Producers ETF** | **Global X Renewable Energy Producers ETF** | **Global X Renewable Energy Producers ETF** |
|  | 1410567 | 339885 | (1585652) | 1079895 | (1244695) |  | 9012 |  |
| **Global X Solar ETF** | **Global X Solar ETF** | **Global X Solar ETF** | **Global X Solar ETF** | **Global X Solar ETF** | **Global X Solar ETF** | **Global X Solar ETF** | **Global X Solar ETF** | **Global X Solar ETF** |
|  | 1641329 | 190679 | (1531545) | 754466 | (1054929) |  | 5211 |  |
| **Global X US Infrastructure Development ETF** | **Global X US Infrastructure Development ETF** | **Global X US Infrastructure Development ETF** | **Global X US Infrastructure Development ETF** | **Global X US Infrastructure Development ETF** | **Global X US Infrastructure Development ETF** | **Global X US Infrastructure Development ETF** | **Global X US Infrastructure Development ETF** | **Global X US Infrastructure Development ETF** |
|  |  | 2149425 | (345751) | 179289 | (10159) | 1972804 |  |  |
| **Global X Video Games & Esports ETF** | **Global X Video Games & Esports ETF** | **Global X Video Games & Esports ETF** | **Global X Video Games & Esports ETF** | **Global X Video Games & Esports ETF** | **Global X Video Games & Esports ETF** | **Global X Video Games & Esports ETF** | **Global X Video Games & Esports ETF** | **Global X Video Games & Esports ETF** |
|  | 1768488 | 1927 | (1832767) | (333211) | 395563 |  | 14539 |  |
| **Totals:** | **Totals:** |  |  |  |  |  |  |  |
| $| 15763232 | $10221864 | $(15289603) | $5994301 | $(6918104) | $9771690 | $72231 | $— |

---

*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.*

*61*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Video Games & Esports ETF** | **Global X Video Games & Esports ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.6%** |  |  |
| **CHINA — 12.5%** |  |  |
| Communication Services — 12.5% |  |  |
| &nbsp;&nbsp;&nbsp;Bilibili ADR \* <sup>(A)</sup> | 309644 | $5666485 |
| &nbsp;&nbsp;&nbsp;Boyaa Interactive International <sup>(A)</sup> | 659600 | 504696 |
| &nbsp;&nbsp;&nbsp;DouYu International Holdings ADR | 56514 | 370732 |
| &nbsp;&nbsp;&nbsp;HUYA ADR | 137751 | 522076 |
| &nbsp;&nbsp;&nbsp;iDreamSky Technology Holdings \* <sup>(A)</sup> | 1812500 | 171044 |
| &nbsp;&nbsp;&nbsp;NetEase ADR | 72323 | 8806049 |
| &nbsp;&nbsp;&nbsp;XD \* | 496300 | 2338605 |
| TOTAL CHINA |  | 18379687 |
| **FRANCE — 1.3%** |  |  |
| Communication Services — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Ubisoft Entertainment \* | 160806 | 1840161 |
| **HONG KONG — 0.4%** |  |  |
| Communication Services — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;ZX \* <sup>(A)</sup> | 395600 | 525681 |
| **JAPAN — 36.1%** |  |  |
| Communication Services — 36.1% |  |  |
| &nbsp;&nbsp;&nbsp;Capcom | 257533 | 7674500 |
| &nbsp;&nbsp;&nbsp;DeNA | 131176 | 2532248 |
| &nbsp;&nbsp;&nbsp;GungHo Online Entertainment | 67507 | 1294982 |
| &nbsp;&nbsp;&nbsp;Koei Tecmo Holdings <sup>(A)</sup> | 192717 | 3194699 |
| &nbsp;&nbsp;&nbsp;Konami Group | 81362 | 11082644 |
| &nbsp;&nbsp;&nbsp;MIXI | 59394 | 1372736 |
| &nbsp;&nbsp;&nbsp;Nexon <sup>(A)</sup> | 392640 | 7107493 |
| &nbsp;&nbsp;&nbsp;Nintendo | 122646 | 10059360 |
| &nbsp;&nbsp;&nbsp;Square Enix Holdings | 137532 | 8649661 |
| TOTAL JAPAN |  | 52968323 |
| **POLAND — 4.1%** |  |  |
| Communication Services — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;CD Projekt <sup>(A)</sup> | 102321 | 6060754 |

---

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

*62*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Video Games & Esports ETF** | **Global X Video Games & Esports ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| **SOUTH KOREA — 11.8%** |  |  |
| Communication Services — 11.8% |  |  |
| &nbsp;&nbsp;&nbsp;Com2uSCorp | 13364 | $367590 |
| &nbsp;&nbsp;&nbsp;Devsisters \* | 17209 | 505780 |
| &nbsp;&nbsp;&nbsp;Gravity ADR \* | 12438 | 801754 |
| &nbsp;&nbsp;&nbsp;Kakao Games \* | 75459 | 885469 |
| &nbsp;&nbsp;&nbsp;Krafton \* | 23069 | 6169791 |
| &nbsp;&nbsp;&nbsp;NCSoft | 31312 | 3460955 |
| &nbsp;&nbsp;&nbsp;Neowiz \* | 27823 | 516249 |
| &nbsp;&nbsp;&nbsp;Netmarble | 46351 | 1716704 |
| &nbsp;&nbsp;&nbsp;Nexon Games \* | 37968 | 359123 |
| &nbsp;&nbsp;&nbsp;Pearl Abyss \* | 58762 | 1637602 |
| &nbsp;&nbsp;&nbsp;Wemade \* | 35352 | 668759 |
| &nbsp;&nbsp;&nbsp;Wemade Max \* | 57276 | 278555 |
| TOTAL SOUTH KOREA |  | 17368331 |
| **SWEDEN — 6.1%** |  |  |
| Communication Services — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;Embracer Group, Cl B \* | 236157 | 2869304 |
| &nbsp;&nbsp;&nbsp;Modern Times Group MTG, Cl B \* | 156828 | 1765039 |
| &nbsp;&nbsp;&nbsp;Paradox Interactive | 58679 | 1172975 |
|  |  | 5807318 |
| Consumer Discretionary — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;Asmodee Group, Cl B \* <sup>(A)</sup> | 236106 | 3192671 |
| TOTAL SWEDEN |  | 8999989 |
| **TAIWAN — 4.0%** |  |  |
| Communication Services — 4.0% |  |  |
| &nbsp;&nbsp;&nbsp;Gamania Digital Entertainment | 247800 | 610229 |
| &nbsp;&nbsp;&nbsp;International Games System | 188100 | 5291165 |
| TOTAL TAIWAN |  | 5901394 |
| **UNITED STATES — 23.3%** |  |  |
| Communication Services — 17.9% |  |  |
| &nbsp;&nbsp;&nbsp;Electronic Arts | 50822 | 7307187 |
| &nbsp;&nbsp;&nbsp;Playtika Holding | 120170 | 569606 |
| &nbsp;&nbsp;&nbsp;ROBLOX, Cl A \* | 110029 | 9570322 |

---

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

*63*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Video Games & Esports ETF** | **Global X Video Games & Esports ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Communication Services — continued |  |  |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software \* | 38646 | $8744817 |
|  |  | 26191932 |
| Information Technology — 5.4% |  |  |
| &nbsp;&nbsp;&nbsp;Corsair Gaming \* | 80472 | 707349 |
| &nbsp;&nbsp;&nbsp;Immersion | 50753 | 381663 |
| &nbsp;&nbsp;&nbsp;Turtle Beach \* | 29740 | 341415 |
| &nbsp;&nbsp;&nbsp;Unity Software \* | 248528 | 6481610 |
|  |  | 7912037 |
| TOTAL UNITED STATES |  | 34103969 |
| TOTAL COMMON STOCK<br> (Cost $160,440,840) |  | 146148289 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — 8.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Cantor Fitzgerald Securities<br> 4.370%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $3,010,534 (collateralized by various U.S. Government Obligations, ranging in par value $131 - $206,611, 1.500% - 7.550%, 04/01/2032 - 03/20/2075, with a total market value of $3,057,088) | $3009438 | 3009438 |
| &nbsp;&nbsp;&nbsp;CF Secured LLC<br> 4.360%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $2,393,787 (collateralized by various U.S. Government Obligations, ranging in par value $303 - $354,745, 0.000% - 7.000%, 05/23/2028 - 04/20/2074, with a total market value of $2,431,539) | 2392918 | 2392918 |
| &nbsp;&nbsp;&nbsp;Daiwa Capital Markets America, Inc.<br> 4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $2,747,444 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $174 - $490,642, 0.000% - 7.500%, 09/16/2025 - 06/01/2055, with a total market value of $2,787,376) | 2746448 | 2746448 |

---

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

*64*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Video Games & Esports ETF** | **Global X Video Games & Esports ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc. <br>4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,555,581 (collateralized by various U.S. Treasury Obligations, ranging in par value $1,037 - $703,261, 0.000% - 4.625%, 08/15/2025 - 02/15/2055, with a total market value of $1,577,297) | $1555019 | $1555019 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc. <br>4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,320,158 (collateralized by various U.S. Government Obligations, ranging in par value $123 - $521,864, 1.500% - 7.000%, 12/01/2031 - 04/01/2055, with a total market value of $1,341,045) | 1319680 | 1319680 |
| &nbsp;&nbsp;&nbsp;RBC Dominion Securities, Inc. <br>4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $2,044,707 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $89 - $1,255,910, 0.000% - 7.500%, 06/12/2025 - 05/20/2055, with a total market value of $2,073,435) | 2043968 | 2043968 |
| TOTAL REPURCHASE AGREEMENTS<br> (Cost $13,067,471) |  | 13067471 |
| TOTAL INVESTMENTS — 108.5%<br> (Cost $173,508,311) |  | $159215760 |

---

*Percentages are based on Net Assets of $146,710,664.*

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

*(A)* *This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $12,443,821.*

*(B)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $13,067,471. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $132,617.*

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

*65*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Video Games & Esports ETF** | **Global X Video Games & Esports ETF** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*140246894* | $*5901395* | $*—* | $*146148289* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreements* | *—* | *13067471* | *—* | *13067471* |
| *Total Investments in Securities* | $*140246894* | $*18968866* | $*—* | $*159215760* |

---

*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.*

*66*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.7%** |  |  |
| **AUSTRALIA — 4.6%** |  |  |
| Health Care — 4.6% |  |  |
| &nbsp;&nbsp;&nbsp;Pro Medicus | 9723 | $1764604 |
| **CANADA — 0.6%** |  |  |
| Health Care — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Well Health Technologies \* | 74773 | 222968 |
| **CHINA — 2.7%** |  |  |
| Consumer Staples — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Health Information Technology \* <sup>(A)</sup> | 1828500 | 1056310 |
| **DENMARK — 3.2%** |  |  |
| Health Care — 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;Demant \* | 31153 | 1218479 |
| **JAPAN — 0.2%** |  |  |
| Health Care — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;PHC Holdings | 10642 | 68663 |
| **NETHERLANDS — 3.5%** |  |  |
| Health Care — 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;Koninklijke Philips | 58073 | 1335034 |
| **SWEDEN — 0.7%** |  |  |
| Health Care — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;RaySearch Laboratories | 8810 | 280215 |
| **UNITED STATES — 84.2%** |  |  |
| Financials — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;Oscar Health, Cl A \* | 63322 | 873844 |
| Health Care — 82.0% |  |  |
| &nbsp;&nbsp;&nbsp;agilon health \* | 112838 | 250500 |
| &nbsp;&nbsp;&nbsp;Alignment Healthcare \* | 49463 | 760246 |
| &nbsp;&nbsp;&nbsp;Astrana Health \* | 13981 | 346589 |
| &nbsp;&nbsp;&nbsp;Butterfly Network \* | 72868 | 174883 |

---

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

*67*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Health Care — continued |  |  |
| &nbsp;&nbsp;&nbsp;Ceribell \* | 7283 | $122427 |
| &nbsp;&nbsp;&nbsp;Clover Health Investments, Cl A \* | 156457 | 491275 |
| &nbsp;&nbsp;&nbsp;Dexcom \* | 18363 | 1575545 |
| &nbsp;&nbsp;&nbsp;Doximity, Cl A \* | 25264 | 1316002 |
| &nbsp;&nbsp;&nbsp;Evolent Health, Cl A \* | 37120 | 276544 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies | 21252 | 1499116 |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health \* | 36721 | 2076940 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems \* | 9384 | 1296869 |
| &nbsp;&nbsp;&nbsp;Insulet \* | 5833 | 1895900 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical \* | 2835 | 1565884 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings \* | 9771 | 1371164 |
| &nbsp;&nbsp;&nbsp;iRhythm Technologies \* | 9609 | 1350064 |
| &nbsp;&nbsp;&nbsp;LifeStance Health Group \* | 43207 | 256650 |
| &nbsp;&nbsp;&nbsp;Masimo \* | 9012 | 1464450 |
| &nbsp;&nbsp;&nbsp;Novocure \* | 38525 | 736213 |
| &nbsp;&nbsp;&nbsp;Omnicell \* | 17598 | 534451 |
| &nbsp;&nbsp;&nbsp;Phreesia \* | 19946 | 488478 |
| &nbsp;&nbsp;&nbsp;Privia Health Group \* | 42602 | 969622 |
| &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics \* | 20507 | 1189406 |
| &nbsp;&nbsp;&nbsp;ResMed | 6246 | 1528958 |
| &nbsp;&nbsp;&nbsp;Schrodinger \* | 24678 | 533538 |
| &nbsp;&nbsp;&nbsp;Simulations Plus | 6887 | 219317 |
| &nbsp;&nbsp;&nbsp;Tandem Diabetes Care \* | 20079 | 397966 |
| &nbsp;&nbsp;&nbsp;Teladoc Health \* | 68510 | 474089 |
| &nbsp;&nbsp;&nbsp;Tempus AI, Cl A \* <sup>(A)</sup> | 26275 | 1449854 |
| &nbsp;&nbsp;&nbsp;TransMedics Group \* | 13188 | 1676459 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Cl A \* | 6334 | 1771620 |
| &nbsp;&nbsp;&nbsp;Waystar Holding \* | 34801 | 1391344 |
|  |  | 31452363 |
| TOTAL UNITED STATES |  | 32326207 |
| TOTAL COMMON STOCK<br> (Cost $52,569,154) |  | 38272480 |
| **SHORT-TERM INVESTMENT<sup>(B)(C)</sup> — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio, Cl Institutional, 4.230%<br> (Cost $908,200) | 908200 | 908200 |

---

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

*68*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENT<sup>(B)</sup> — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;RBC Capital Markets<br> 4.250%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $946,209 (collateralized by a U.S. Treasury Obligations, par value $943,136, 4.625%, 06/30/2026, with a total market value of $965,536)<br> (Cost $946,209) | $946209 | $946209 |
| TOTAL INVESTMENTS — 104.6%<br> (Cost $54,423,563) |  | $40126889 |

---

*Percentages are based on Net Assets of $38,362,162.*

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

*(A)* *This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $1,804,805.*

*(B)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $1,854,409. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $0.*

*(C)* *The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2025.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*37054001* | $*1218479* | $*—* | $*38272480* |
| &nbsp;&nbsp;&nbsp;*Short-Term Investment* | *908200* | *—* | *—* | *908200* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreement* | *—* | *946209* | *—* | *946209* |
| *Total Investments in Securities* | $*37962201* | $*2164688* | $*—* | $*40126889* |

---

*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.*

*69*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8%** |  |  |
| **CANADA — 2.0%** |  |  |
| Industrials — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Ballard Power Systems \* <sup>(A)</sup> | 104175 | $134386 |
| Information Technology — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Canadian Solar \* <sup>(A)</sup> | 23072 | 242948 |
| TOTAL CANADA |  | 377334 |
| **CHINA — 14.6%** |  |  |
| Industrials — 7.1% |  |  |
| &nbsp;&nbsp;&nbsp;China Everbright Environment Group | 1933500 | 959162 |
| &nbsp;&nbsp;&nbsp;Dongfang Electric, Cl H <sup>(A)</sup> | 119000 | 182107 |
| &nbsp;&nbsp;&nbsp;Goldwind Science & Technology, Cl H | 266400 | 206555 |
|  |  | 1347824 |
| Information Technology — 7.5% |  |  |
| &nbsp;&nbsp;&nbsp;Daqo New Energy ADR \* <sup>(A)</sup> | 23204 | 310005 |
| &nbsp;&nbsp;&nbsp;Flat Glass Group, Cl H <sup>(A)</sup> | 157200 | 166992 |
| &nbsp;&nbsp;&nbsp;JinkoSolar Holding ADR <sup>(A)</sup> | 18572 | 335782 |
| &nbsp;&nbsp;&nbsp;Xinyi Solar Holdings | 2011400 | 607918 |
|  |  | 1420697 |
| TOTAL CHINA |  | 2768521 |
| **DENMARK — 6.1%** |  |  |
| Industrials — 6.1% |  |  |
| &nbsp;&nbsp;&nbsp;Vestas Wind Systems | 73226 | 1155100 |
| **GERMANY — 6.6%** |  |  |
| Industrials — 5.2% |  |  |
| &nbsp;&nbsp;&nbsp;Nordex \* | 49064 | 995361 |
| Information Technology — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;SMA Solar Technology <sup>(A)</sup> | 12065 | 266815 |
| TOTAL GERMANY |  | 1262176 |
| **SOUTH KOREA — 10.1%** |  |  |
| Industrials — 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;CS Wind | 14733 | 526980 |

---

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

*70*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Industrials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Doosan Fuel Cell \* | 22791 | $277846 |
|  |  | 804826 |
| Information Technology — 5.9% |  |  |
| &nbsp;&nbsp;&nbsp;Samsung SDI | 9147 | 1119757 |
| TOTAL SOUTH KOREA |  | 1924583 |
| **SWEDEN — 5.6%** |  |  |
| Industrials — 5.6% |  |  |
| &nbsp;&nbsp;&nbsp;Nibe Industrier, Cl B <sup>(A)</sup> | 261763 | 1070222 |
| **SWITZERLAND — 3.4%** |  |  |
| Information Technology — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;Landis+Gyr Group | 10096 | 636569 |
| **TAIWAN — 6.2%** |  |  |
| Information Technology — 6.2% |  |  |
| &nbsp;&nbsp;&nbsp;Dynapack International Technology | 53100 | 358802 |
| &nbsp;&nbsp;&nbsp;Simplo Technology | 65464 | 819160 |
| TOTAL TAIWAN |  | 1177962 |
| **TURKEY — 1.6%** |  |  |
| Information Technology — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Alfa Solar Enerji Sanayi VE Ticaret | 128198 | 143939 |
| &nbsp;&nbsp;&nbsp;Smart Gunes Enerjisi Teknolojileri ArGE Uretim Sanayi ve Ticaret \* | 211300 | 150552 |
| TOTAL TURKEY |  | 294491 |
| **UNITED KINGDOM — 5.5%** |  |  |
| Materials — 5.5% |  |  |
| &nbsp;&nbsp;&nbsp;Johnson Matthey PLC | 45506 | 1053669 |
| **UNITED STATES — 38.1%** |  |  |
| Consumer Discretionary — 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;QuantumScape, Cl A \* <sup>(A)</sup> | 175983 | 703932 |

---

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

*71*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Industrials — 21.4% |  |  |
| &nbsp;&nbsp;&nbsp;Ameresco, Cl A \* | 11979 | $165071 |
| &nbsp;&nbsp;&nbsp;Array Technologies \* | 53283 | 351668 |
| &nbsp;&nbsp;&nbsp;Bloom Energy, Cl A \* <sup>(A)</sup> | 34804 | 642830 |
| &nbsp;&nbsp;&nbsp;Eos Energy Enterprises \* <sup>(A)</sup> | 79447 | 330500 |
| &nbsp;&nbsp;&nbsp;Fluence Energy, Cl A \* <sup>(A)</sup> | 45525 | 213967 |
| &nbsp;&nbsp;&nbsp;Microvast Holdings \* | 113998 | 409253 |
| &nbsp;&nbsp;&nbsp;NEXTracker, Cl A \* | 24596 | 1394347 |
| &nbsp;&nbsp;&nbsp;Plug Power \* <sup>(A)</sup> | 324552 | 286482 |
| &nbsp;&nbsp;&nbsp;Shoals Technologies Group, Cl A \* | 58277 | 275067 |
|  |  | 4069185 |
| Information Technology — 13.0% |  |  |
| &nbsp;&nbsp;&nbsp;Enphase Energy \* | 19141 | 792246 |
| &nbsp;&nbsp;&nbsp;First Solar \* | 8353 | 1320442 |
| &nbsp;&nbsp;&nbsp;SolarEdge Technologies \* | 20663 | 369041 |
|  |  | 2481729 |
| TOTAL UNITED STATES |  | 7254846 |
| TOTAL COMMON STOCK<br> (Cost $61,367,074) |  | 18975473 |
|  | **Face Amount** |  |
| **U.S. TREASURY OBLIGATION — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bill<br> 4.225%, 07/01/2025<sup>(B)</sup> | $475000 | 473384 |
| TOTAL U.S. TREASURY OBLIGATION<br> (Cost $473,444) |  | 473384 |
| **REPURCHASE AGREEMENTS<sup>(C)</sup> — 14.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Securities, Inc.<br> 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $644,251 (collateralized by various U.S. Treasury Obligations, ranging in par value $2,458 - $753,236, 0.000% - 5.250%, 02/15/2029 - 11/15/2052, with a total market value of $656,861) | 644018 | 644018 |

---

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

*72*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(C)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Daiwa Capital Markets America, Inc.<br> 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $644,251 (collateralized by various U.S. Treasury Obligations, ranging in par value $460 - $251,000, 0.000% - 4.625%, 09/16/2025 - 05/15/2053, with a total market value of $653,270) | $644018 | $644018 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank Securities, Inc.<br> 4.330%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $644,250 (collateralized by various U.S. Treasury Obligations, ranging in par value $1,740 - $396,422, 4.250% - 4.625%, 11/30/2026 - 05/31/2031, with a total market value of $647,828) | 644018 | 644018 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc.<br> 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $164,492 (collateralized by various U.S. Treasury Obligations, ranging in par value $110 - $74,365, 0.000% - 4.625%, 08/15/2025 - 02/15/2055, with a total market value of $166,789) | 164433 | 164433 |
| &nbsp;&nbsp;&nbsp;Mizuho Securities USA LLC<br> 4.330%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $644,250 (collateralized by various U.S. Treasury Obligations, ranging in par value $256,752 - $405,213, 3.500% - 3.750%, 04/15/2028 - 04/30/2030, with a total market value of $654,298) | 644018 | 644018 |
| TOTAL REPURCHASE AGREEMENTS<br> (Cost $2,740,505) |  | 2740505 |
| TOTAL INVESTMENTS — 116.7%<br> (Cost $64,581,023) |  | $22189362 |

---

*Percentages are based on Net Assets of $19,021,188.*

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

*73*

![](logom4.jpg)

---

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

---

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

*(A)* *This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $2,518,416.*

*(B)* *Interest rate represents the security's effective yield at the time of purchase.*

*(C)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $2,740,505. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $0.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*16642411* | $*2333062* | $*—* | $*18975473* |
| &nbsp;&nbsp;&nbsp;*U.S. Treasury Obligation* | *—* | *473384* | *—* | *473384* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreements* | *—* | *2740505* | *—* | *2740505* |
| *Total Investments in Securities* | $*16642411* | $*5546951* | $*—* | $*22189362* |

---

*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.*

*74*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Data Center & Digital Infrastructure ETF** | **Global X Data Center & Digital Infrastructure ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8%** | | |
| **AUSTRALIA — 3.9%** | | |
| Information Technology — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;NEXTDC \* | 1127104 | $9509314 |
| **CHINA — 7.5%** |  |  |
| Information Technology — 7.5% |  |  |
| &nbsp;&nbsp;&nbsp;GDS Holdings ADR \* <sup>(A)</sup> | 491930 | 11653822 |
| &nbsp;&nbsp;&nbsp;Vnet Group ADR \* | 1242535 | 6635137 |
| TOTAL CHINA |  | 18288959 |
| **HONG KONG — 4.5%** |  |  |
| Communication Services — 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;China Tower, Cl H | 7450350 | 11059303 |
| **INDONESIA — 1.6%** |  |  |
| Communication Services — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Sarana Menara Nusantara | 109980261 | 3949567 |
| **SINGAPORE — 4.7%** |  |  |
| Real Estate — 4.7% |  |  |
| &nbsp;&nbsp;&nbsp;Keppel DC REIT <sup>‡</sup> | 6722856 | 11416761 |
| **SOUTH KOREA — 2.7%** |  |  |
| Information Technology — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;Jeju Semiconductor \* | 167155 | 1587107 |
| &nbsp;&nbsp;&nbsp;SK Hynix | 34362 | 5093157 |
| TOTAL SOUTH KOREA |  | 6680264 |
| **SWITZERLAND — 0.7%** |  |  |
| Information Technology — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;SEALSQ \* <sup>(A)</sup> | 480218 | 1608730 |
| **TAIWAN — 4.6%** |  |  |
| Information Technology — 4.6% |  |  |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 145000 | 4678746 |

---

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

*75*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Data Center & Digital Infrastructure ETF** | **Global X Data Center & Digital Infrastructure ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;Winbond Electronics \* | 11313519 | $6681992 |
| TOTAL TAIWAN |  | 11360738 |
| **UNITED STATES — 69.6%** |  |  |
| Information Technology — 16.1% |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices \* | 39018 | 4320463 |
| &nbsp;&nbsp;&nbsp;Applied Digital \* <sup>(A)</sup> | 842572 | 5754767 |
| &nbsp;&nbsp;&nbsp;Broadcom | 20516 | 4966308 |
| &nbsp;&nbsp;&nbsp;Intel | 237295 | 4639117 |
| &nbsp;&nbsp;&nbsp;Lam Research | 61495 | 4968181 |
| &nbsp;&nbsp;&nbsp;Micron Technology <sup>(A)</sup> | 45397 | 4288201 |
| &nbsp;&nbsp;&nbsp;NVIDIA <sup>(A)</sup> | 34370 | 4644418 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer \* <sup>(A)</sup> | 151129 | 6048182 |
|  |  | 39629637 |
| Real Estate — 53.5% |  |  |
| &nbsp;&nbsp;&nbsp;American Tower <sup>‡</sup> | 155820 | 33446763 |
| &nbsp;&nbsp;&nbsp;Crown Castle <sup>‡</sup> | 243280 | 24413148 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust <sup>‡</sup> | 160679 | 27559662 |
| &nbsp;&nbsp;&nbsp;Equinix <sup>‡</sup> | 31229 | 27756960 |
| &nbsp;&nbsp;&nbsp;SBA Communications, Cl A <sup>‡</sup> | 53367 | 12375274 |
| &nbsp;&nbsp;&nbsp;Uniti Group <sup>‡</sup> | 1310354 | 5634522 |
|  |  | 131186329 |
| TOTAL UNITED STATES |  | 170815966 |
| TOTAL COMMON STOCK<br> (Cost $237,807,429) |  | 244689602 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — 10.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Securities, Inc.<br> 4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,540,755 (collateralized by various U.S. Government Obligations, ranging in par value $782 - $401,220, 0.000% - 7.500%, 03/01/2037 - 05/01/2055, with a total market value of $1,565,338) | $1540197 | 1540197 |

---

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

*76*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Data Center & Digital Infrastructure ETF** | **Global X Data Center & Digital Infrastructure ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Cantor Fitzgerald Securities<br> 4.370%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $6,168,047 (collateralized by various U.S. Government Obligations, ranging in par value $268 - $423,310, 1.500% - 7.550%, 04/01/2032 - 03/20/2075, with a total market value of $6,263,429) | $6165802 | $6165802 |
| &nbsp;&nbsp;&nbsp;CF Secured LLC<br> 4.360%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $3,904,257 (collateralized by various U.S. Government Obligations, ranging in par value $494 - $578,587, 0.000% - 7.000%, 05/23/2028 - 04/20/2074, with a total market value of $3,965,829) | 3902839 | 3902839 |
| &nbsp;&nbsp;&nbsp;Clear Street LLC<br> 4.410%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,432,907 (collateralized by various U.S. Government Obligations, ranging in par value $1,393 - $418,494, 2.000% - 7.000%, 09/17/2029 - 05/01/2055, with a total market value of $1,442,205) | 1432381 | 1432381 |
| &nbsp;&nbsp;&nbsp;Daiwa Capital Markets America, Inc.<br> 4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $5,629,258 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $357 - $1,005,280, 0.000% - 7.500%, 09/16/2025 - 06/01/2055, with a total market value of $5,711,075) | 5627218 | 5627218 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc.<br> 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,213,111 (collateralized by various U.S. Government Obligations, ranging in par value $808 - $548,434, 0.000% - 4.625%, 08/15/2025 - 02/15/2055, with a total market value of $1,230,046) | 1212672 | 1212672 |

---

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

*77*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Data Center & Digital Infrastructure ETF** | **Global X Data Center & Digital Infrastructure ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc.<br> 4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $2,704,883 (collateralized by various U.S. Treasury Obligations, ranging in par value $252 - $1,069,252, 1.500% - 7.000%, 12/01/2031 - 04/01/2055, with a total market value of $2,747,677) | $2703903 | $2703903 |
| &nbsp;&nbsp;&nbsp;RBC Dominion Securities, Inc.<br> 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $4,189,416 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $182 - $2,573,244, 0.000% - 7.500%, 06/12/2025 - 05/20/2055, with a total market value of $4,248,276) | 4187901 | 4187901 |
| TOTAL REPURCHASE AGREEMENTS<br> (Cost $26,772,913) |  | 26772913 |
| TOTAL INVESTMENTS — 110.7%<br> (Cost $264,580,342) |  | $271462515 |

---

*Percentages are based on Net Assets of $245,311,884.*

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *‡* | *Real Estate Investment Trust* |
| *(A)* | *This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $24,941,263.* |
| *(B)* | *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $26,772,913. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $0.* |

---

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

*78*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Data Center & Digital Infrastructure ETF** | **Global X Data Center & Digital Infrastructure ETF** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*229379297* | $*15310305* | $*—* | $*244689602* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreements* | *—* | *26772913* | *—* | *26772913* |
| *Total Investments in Securities* | $*229379297* | $*42083218* | $*—* | $*271462515* |

---

*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.*

*79*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.7%** |  |  |
| **BRAZIL — 5.4%** |  |  |
| Utilities — 5.4% |  |  |
| &nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 25594 | $524110 |
| &nbsp;&nbsp;&nbsp;Cia de Saneamento de Minas Gerais Copasa MG | 10985 | 45764 |
| TOTAL BRAZIL |  | 569874 |
| **CHINA — 4.8%** |  |  |
| Industrials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Originwater Technology, Cl A | 103800 | 65581 |
| Utilities — 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Capital Eco-Environment Protection Group, Cl A | 223800 | 99133 |
| &nbsp;&nbsp;&nbsp;Beijing Enterprises Water Group | 228240 | 75095 |
| &nbsp;&nbsp;&nbsp;Chengdu Xingrong Environment, Cl A | 71200 | 72271 |
| &nbsp;&nbsp;&nbsp;China Water Affairs Group | 46000 | 35842 |
| &nbsp;&nbsp;&nbsp;Chongqing Water Group, Cl A | 46500 | 31057 |
| &nbsp;&nbsp;&nbsp;Guangdong Investment | 165100 | 134328 |
|  |  | 447726 |
| TOTAL CHINA |  | 513307 |
| **JAPAN — 3.0%** |  |  |
| Industrials — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;Kurita Water Industries | 5794 | 217112 |
| &nbsp;&nbsp;&nbsp;Nomura Micro Science | 1576 | 23439 |
| &nbsp;&nbsp;&nbsp;Organo | 1487 | 80072 |
| TOTAL JAPAN |  | 320623 |
| **SAUDI ARABIA — 0.5%** |  |  |
| Utilities — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;AlKhorayef Water & Power Technologies | 830 | 30530 |
| &nbsp;&nbsp;&nbsp;Miahona \* | 4197 | 26469 |
| TOTAL SAUDI ARABIA |  | 56999 |

---

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

*80*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| **SINGAPORE — 0.8%** | | |
| Materials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Keppel Infrastructure Trust | 294118 | $88947 |
| **SOUTH KOREA — 1.9%** |  |  |
| Consumer Discretionary — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Coway | 3099 | 199682 |
| **UNITED KINGDOM — 10.4%** |  |  |
| Utilities — 10.4% |  |  |
| &nbsp;&nbsp;&nbsp;Severn Trent PLC | 14549 | 530328 |
| &nbsp;&nbsp;&nbsp;United Utilities Group PLC | 36204 | 571714 |
| TOTAL UNITED KINGDOM |  | 1102042 |
| **UNITED STATES — 72.9%** |  |  |
| Consumer Staples — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;Primo Brands | 10854 | 358942 |
| Industrials — 47.0% |  |  |
| &nbsp;&nbsp;&nbsp;A O Smith | 6778 | 435893 |
| &nbsp;&nbsp;&nbsp;Advanced Drainage Systems | 3579 | 393547 |
| &nbsp;&nbsp;&nbsp;Core & Main, Cl A \* | 10650 | 583726 |
| &nbsp;&nbsp;&nbsp;Energy Recovery \* | 3242 | 40882 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises | 4407 | 803572 |
| &nbsp;&nbsp;&nbsp;Franklin Electric | 2283 | 197228 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Cl A | 8926 | 218955 |
| &nbsp;&nbsp;&nbsp;Northwest Pipe \* | 570 | 22025 |
| &nbsp;&nbsp;&nbsp;Pentair PLC | 8394 | 832517 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Cl A | 1575 | 381339 |
| &nbsp;&nbsp;&nbsp;Xylem | 6276 | 791027 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions | 8309 | 300703 |
|  |  | 5001414 |
| Information Technology — 4.0% |  |  |
| &nbsp;&nbsp;&nbsp;Badger Meter | 1709 | 424208 |
| Utilities — 18.5% |  |  |
| &nbsp;&nbsp;&nbsp;American States Water | 2182 | 172094 |
| &nbsp;&nbsp;&nbsp;American Water Works | 6462 | 923872 |

---

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

*81*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Utilities — continued |  |  |
| &nbsp;&nbsp;&nbsp;California Water Service Group | 3438 | $162445 |
| &nbsp;&nbsp;&nbsp;Consolidated Water | 1112 | 30057 |
| &nbsp;&nbsp;&nbsp;Essential Utilities | 12907 | 497307 |
| &nbsp;&nbsp;&nbsp;Middlesex Water | 987 | 57197 |
| &nbsp;&nbsp;&nbsp;SJW Group | 1772 | 92995 |
| &nbsp;&nbsp;&nbsp;York Water | 918 | 29982 |
|  |  | 1965949 |
| TOTAL UNITED STATES |  | 7750513 |
| TOTAL COMMON STOCK<br> (Cost $9,109,562) |  | 10601987 |
|  | **Face Amount** |  |
| **U.S. TREASURY OBLIGATION — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills<br> 4.225%, 07/01/25<sup>(A)</sup> | $200000 | 199320 |
| TOTAL U.S. TREASURY OBLIGATION<br> (Cost $199,345) |  | 199320 |
| TOTAL INVESTMENTS — 101.6%<br> (Cost $9,308,907) |  | $10801307 |

---

*Percentages are based on Net Assets of $10,635,050.*

*\** *Non-income producing security.* <br> *(A)* *Interest rate represents the security's effective yield at the time of purchase.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*10544988* | $*56999* | $*—* | $*10601987* |
| &nbsp;&nbsp;&nbsp;*U.S. Treasury Obligation* | *—* | *199320* | *—* | *199320* |
| *Total Investments in Securities* | $*10544988* | $*256319* | $*—* | $*10801307* |

---

*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.*

*82*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X AgTech & Food Innovation ETF** | **Global X AgTech & Food Innovation ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 100.1%** | | |
| **ARGENTINA — 0.9%** | | |
| Materials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Bioceres Crop Solutions \* <sup>(A)</sup> | 16640 | $81203 |
| **AUSTRALIA — 2.5%** |  |  |
| Materials — 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;Nufarm \* | 146040 | 223682 |
| **CANADA — 12.8%** |  |  |
| Consumer Staples — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Maple Leaf Foods | 1403 | 27827 |
| Materials — 12.5% |  |  |
| &nbsp;&nbsp;&nbsp;Nutrien | 18641 | 1100378 |
| TOTAL CANADA |  | 1128205 |
| **CHINA — 14.3%** |  |  |
| Consumer Staples — 14.3% |  |  |
| &nbsp;&nbsp;&nbsp;Cheng De Lolo, Cl A | 281580 | 413672 |
| &nbsp;&nbsp;&nbsp;Hebei Yangyuan Zhihui Beverage, Cl A | 122500 | 415894 |
| &nbsp;&nbsp;&nbsp;V V Food & Beverage, Cl A | 54700 | 26432 |
| &nbsp;&nbsp;&nbsp;Yuan Longping High-tech Agriculture, Cl A | 286000 | 405074 |
| TOTAL CHINA |  | 1261072 |
| **GERMANY — 3.5%** |  |  |
| Health Care — 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;Bayer | 10870 | 305235 |
| **INDONESIA — 0.3%** |  |  |
| Consumer Staples — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Mayora Indah | 188800 | 26425 |
| **JAPAN — 12.3%** |  |  |
| Industrials — 12.3% |  |  |
| &nbsp;&nbsp;&nbsp;Kubota | 94559 | 1090120 |

---

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

*83*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X AgTech & Food Innovation ETF** | **Global X AgTech & Food Innovation ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| **PHILIPPINES — 0.3%** | | |
| Consumer Staples — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Monde Nissin | 211805 | $28851 |
| **SAUDI ARABIA — 0.3%** |  |  |
| Consumer Staples — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Saudia Dairy & Foodstuff | 340 | 25720 |
| **SWITZERLAND — 0.3%** |  |  |
| Consumer Staples — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Bell Food Group | 84 | 26788 |
| **THAILAND — 0.1%** |  |  |
| Consumer Staples — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;NR Instant Produce NVDR \*<sup>(B)</sup> | 567500 | 5532 |
| **UNITED STATES — 52.5%** |  |  |
| Consumer Discretionary — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;GrowGeneration \* | 29198 | 31534 |
| Consumer Staples — 11.0% |  |  |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland | 4734 | 228510 |
| &nbsp;&nbsp;&nbsp;Beyond Meat \* <sup>(A)</sup> | 32191 | 94320 |
| &nbsp;&nbsp;&nbsp;Hain Celestial Group \* | 13619 | 25468 |
| &nbsp;&nbsp;&nbsp;Kellanova | 3105 | 256566 |
| &nbsp;&nbsp;&nbsp;Laird Superfood \* | 3833 | 24646 |
| &nbsp;&nbsp;&nbsp;Oatly Group ADR \* <sup>(A)</sup> | 15177 | 166036 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market \* | 1043 | 180293 |
|  |  | 975839 |
| Industrials — 21.8% |  |  |
| &nbsp;&nbsp;&nbsp;AGCO | 3732 | 365661 |
| &nbsp;&nbsp;&nbsp;CNH Industrial | 29600 | 370296 |
| &nbsp;&nbsp;&nbsp;Deere | 2031 | 1028214 |
| &nbsp;&nbsp;&nbsp;Titan Machinery \* | 8613 | 160891 |
|  |  | 1925062 |

---

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

*84*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X AgTech & Food Innovation ETF** | **Global X AgTech & Food Innovation ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Information Technology — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Trimble \* | 2219 | $158148 |
| Materials — 17.5% |  |  |
| &nbsp;&nbsp;&nbsp;Corteva | 15731 | 1113755 |
| &nbsp;&nbsp;&nbsp;FMC | 10111 | 410102 |
| &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro, Cl A | 430 | 25611 |
|  |  | 1549468 |
| TOTAL UNITED STATES |  | 4640051 |
| TOTAL COMMON STOCK<br> (Cost $9,202,033) |  | 8842884 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENT<sup>(C)</sup> — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc.<br> 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $229,231 (collateralized by various U.S. Treasury Obligations, ranging in par value $153 - $103,633, 0.000% - 4.625%, 08/15/2025 - 02/15/2055, with a total market value of $232,431)<br> (Cost $229,148) | $229148 | 229148 |
| TOTAL INVESTMENTS — 102.7%<br> (Cost $9,431,181) |  | $9072032 |

---

*Percentages are based on Net Assets of $8,833,969.*

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

*(A)* *This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $218,393.*

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

*(C)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $229,148. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $0.*

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

*85*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X AgTech & Food Innovation ETF** | **Global X AgTech & Food Innovation ETF** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3<sup>(1)</sup>* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Common Stock* | $*8785207* | $*52145* | $*5532* | $*8842884* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Repurchase Agreement* | *—* | *229148* | *—* | *229148* |
| *Total Investments in Securities* | $*8785207* | $*281293* | $*5532* | $*9072032* |

---

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

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

*See "Glossary" for abbreviations.*

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

*86*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%** |  |  |
| **AUSTRALIA — 5.3%** |  |  |
| Information Technology — 5.3% |  |  |
| &nbsp;&nbsp;&nbsp;Iris Energy \* <sup>(A)</sup> | 924463 | $7756245 |
| **CANADA — 10.6%** |  |  |
| Financials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;WonderFi Technologies \* <sup>(A)</sup> | 3296481 | 815159 |
| Information Technology — 10.0% |  |  |
| &nbsp;&nbsp;&nbsp;Bitfarms \* <sup>(A)</sup> | 4049310 | 3710775 |
| &nbsp;&nbsp;&nbsp;Hive Digital Technologies \* <sup>(A)</sup> | 1483334 | 2664704 |
| &nbsp;&nbsp;&nbsp;Hut 8 \* | 451101 | 6856985 |
| &nbsp;&nbsp;&nbsp;Neptune Digital Assets \* | 1189762 | 1436420 |
|  |  | 14668884 |
| TOTAL CANADA |  | 15484043 |
| **CHINA — 3.3%** |  |  |
| Consumer Discretionary — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Cango ADR \* | 233176 | 1060951 |
| Financials — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;OSL Group \* | 964100 | 1504879 |
| Information Technology — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Canaan ADR \* | 3506577 | 2129544 |
| &nbsp;&nbsp;&nbsp;Mercurity Fintech Holding \* <sup>(A)</sup> | 66575 | 204385 |
|  |  | 2333929 |
| TOTAL CHINA |  | 4899759 |
| **GERMANY — 1.6%** |  |  |
| Financials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Bitcoin Group | 18135 | 889394 |
| Information Technology — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Northern Data \* | 45323 | 1429368 |
| TOTAL GERMANY |  | 2318762 |

---

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

*87*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| **JERSEY — 0.4%** |  |  |
| Financials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Coinshares International | 63370 | $653166 |
| **UNITED STATES — 78.7%** |  |  |
| Financials — 18.5% |  |  |
| &nbsp;&nbsp;&nbsp;Bakkt Holdings, Cl A \* <sup>(A)</sup> | 66906 | 778786 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Cl A \* | 76922 | 18970504 |
| &nbsp;&nbsp;&nbsp;Galaxy Digital Holdings <sup>(A)</sup> | 406374 | 7365242 |
|  |  | 27114532 |
| Information Technology — 60.2% |  |  |
| &nbsp;&nbsp;&nbsp;Applied Digital \* <sup>(A)</sup> | 1286476 | 8786631 |
| &nbsp;&nbsp;&nbsp;Bit Digital \* | 2062193 | 4866776 |
| &nbsp;&nbsp;&nbsp;Bitdeer Technologies Group, Cl A \* <sup>(A)</sup> | 574305 | 7385562 |
| &nbsp;&nbsp;&nbsp;BitFuFu, Cl A \* | 136658 | 472837 |
| &nbsp;&nbsp;&nbsp;Cipher Mining \* <sup>(A)</sup> | 1962712 | 6123662 |
| &nbsp;&nbsp;&nbsp;Cleanspark \* <sup>(A)</sup> | 1342835 | 11588666 |
| &nbsp;&nbsp;&nbsp;Core Scientific \* | 727591 | 7748844 |
| &nbsp;&nbsp;&nbsp;Exodus Movement \* | 58142 | 1657047 |
| &nbsp;&nbsp;&nbsp;MARA Holdings \* <sup>(A)</sup> | 1127627 | 15922093 |
| &nbsp;&nbsp;&nbsp;Riot Platforms \* <sup>(A)</sup> | 2075319 | 16747824 |
| &nbsp;&nbsp;&nbsp;TeraWulf \* <sup>(A)</sup> | 2015149 | 7113476 |
|  |  | 88413418 |
| TOTAL UNITED STATES |  | 115527950 |
| TOTAL COMMON STOCK<br> (Cost $142,684,153) |  | 146639925 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — 30.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Securities, Inc.<br> 4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $2,560,807 (collateralized by various U.S. Government Obligations, ranging in par value $1,299 - $666,846, 0.000% - 7.500%, 03/01/2037 - 05/01/2055, with a total market value of $2,601,665) | $2559879 | 2559879 |

---

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

*88*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Cantor Fitzgerald Securities<br> 4.370%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $10,251,133 (collateralized by various U.S. Government Obligations, ranging in par value $445 - $703,530, 1.500% - 7.550%, 04/01/2032 - 03/20/2075, with a total market value of $10,409,654) | $10247401 | $10247401 |
| &nbsp;&nbsp;&nbsp;CF Secured LLC<br> 4.360%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $6,489,055 (collateralized by various U.S. Government Obligations, ranging in par value $821 - $961,639, 0.000% - 7.000%, 05/23/2028 - 04/20/2074, with a total market value of $6,591,391) | 6486698 | 6486698 |
| &nbsp;&nbsp;&nbsp;Clear Street LLC<br> 4.410%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,359,758 (collateralized by various U.S. Government Obligations, ranging in par value $1,322 - $397,130, 2.000% - 7.000%, 09/17/2029 - 05/01/2055, with a total market value of $1,368,581) | 1359258 | 1359258 |
| &nbsp;&nbsp;&nbsp;Daiwa Capital Markets America, Inc.<br> 4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $9,356,088 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $593 - $1,670,823, 0.000% - 7.500%, 09/16/2025 - 06/01/2055, with a total market value of $9,492,073) | 9352698 | 9352698 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc.<br> 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,532,695 (collateralized by various U.S. Government Obligations, ranging in par value $1,021 - $692,915, 0.000% - 4.625%, 08/15/2025 - 02/15/2055, with a total market value of $1,554,092) | 1532141 | 1532141 |

---

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

*89*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc.<br> 4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $4,495,641 (collateralized by various U.S. Treasury Obligations, ranging in par value $418 - $1,777,146, 1.500% - 7.000%, 12/01/2031 - 04/01/2055, with a total market value of $4,566,767) | $4494012 | $4494012 |
| &nbsp;&nbsp;&nbsp;Nomura Securities International, Inc.<br> 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,503,851 (collateralized by various U.S. Government Obligations, ranging in par value $1,019 - $1,803,968, 1.500% - 7.500%, 03/01/2028 - 07/01/2060, with a total market value of $1,528,553) | 1503307 | 1503307 |
| &nbsp;&nbsp;&nbsp;RBC Dominion Securities, Inc.<br> 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $6,963,003 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $302 - $4,276,850, 0.000% - 7.500%, 06/12/2025 - 05/20/2055, with a total market value of $7,060,832) | 6960486 | 6960486 |
| TOTAL REPURCHASE AGREEMENTS<br> (Cost $44,495,880) |  | 44495880 |
| TOTAL INVESTMENTS — 130.2%<br> (Cost $187,180,033) |  | $191135805 |

---

*Percentages are based on Net Assets of $146,810,388.*

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

*(A)* *This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $41,172,121.*

*(B)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $44,495,880. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $0.*

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

*90*

![](logom4.jpg)

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*146639925* | $*—* | $*—* | $*146639925* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreements* | *—* | *44495880* | *—* | *44495880* |
| *Total Investments in Securities* | $*146639925* | $*44495880* | $*—* | $*191135805* |

---

*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.*

*91*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 94.9%** |  |  |
| **CANADA — 4.1%** |  |  |
| Industrials — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;Ballard Power Systems \* | 845617 | $1090846 |
| **CHINA — 2.7%** |  |  |
| Industrials — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Sinohytec, Cl H \* | 166400 | 476396 |
| Information Technology — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Shenzhen Everwin Precision Technology, Cl A | 82500 | 230832 |
| TOTAL CHINA |  | 707228 |
| **FRANCE — 0.3%** |  |  |
| Consumer Discretionary — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Opmobility | 6444 | 78789 |
| **GERMANY — 11.0%** |  |  |
| Industrials — 11.0% |  |  |
| &nbsp;&nbsp;&nbsp;SFC Energy \* | 117584 | 2916707 |
| **JAPAN — 2.1%** |  |  |
| Consumer Discretionary — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Toyota Motor | 29389 | 563971 |
| **NORWAY — 5.5%** |  |  |
| Industrials — 5.5% |  |  |
| &nbsp;&nbsp;&nbsp;Hexagon Purus \* | 2220866 | 326484 |
| &nbsp;&nbsp;&nbsp;NEL \* <sup>(A)</sup> | 5283519 | 1129396 |
| TOTAL NORWAY |  | 1455880 |
| **SINGAPORE — 0.3%** |  |  |
| Materials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Nanofilm Technologies International <sup>(A)</sup> | 184000 | 76334 |

---

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

*92*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| **SOUTH KOREA — 14.5%** |  |  |
| Consumer Discretionary — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;Iljin Hysolus ltd \* | 116104 | $1101545 |
| Industrials — 10.1% |  |  |
| &nbsp;&nbsp;&nbsp;Bumhan Fuel Cell \* | 10890 | 130314 |
| &nbsp;&nbsp;&nbsp;Doosan | 640 | 226368 |
| &nbsp;&nbsp;&nbsp;Doosan Fuel Cell \* | 185455 | 2260892 |
| &nbsp;&nbsp;&nbsp;S-Fuelcell | 9025 | 70907 |
|  |  | 2688481 |
| Information Technology — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;MiCo \* | 8351 | 78565 |
| TOTAL SOUTH KOREA |  | 3868591 |
| **SWEDEN — 4.5%** |  |  |
| Industrials — 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;PowerCell Sweden \* | 464767 | 1205836 |
| **UNITED KINGDOM — 15.3%** |  |  |
| Industrials — 13.8% |  |  |
| &nbsp;&nbsp;&nbsp;AFC Energy PLC \* <sup>(A)</sup> | 8882937 | 1000250 |
| &nbsp;&nbsp;&nbsp;Ceres Power Holdings PLC \* | 1213158 | 1190188 |
| &nbsp;&nbsp;&nbsp;ITM Power PLC \* <sup>(A)</sup> | 1963966 | 1504346 |
|  |  | 3694784 |
| Materials — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Johnson Matthey PLC | 16994 | 393488 |
| TOTAL UNITED KINGDOM |  | 4088272 |
| **UNITED STATES — 34.6%** |  |  |
| Industrials — 32.6% |  |  |
| &nbsp;&nbsp;&nbsp;Bloom Energy, Cl A \* | 159478 | 2945559 |
| &nbsp;&nbsp;&nbsp;Cummins | 1590 | 511153 |
| &nbsp;&nbsp;&nbsp;FuelCell Energy \* <sup>(A)</sup> | 291608 | 1490117 |
| &nbsp;&nbsp;&nbsp;Hyster-Yale | 1801 | 72328 |
| &nbsp;&nbsp;&nbsp;Plug Power \* <sup>(A)</sup> | 4153165 | 3665999 |
|  |  | 8685156 |

---

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

*93*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Materials — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Air Products & Chemicals | 1907 | $531881 |
| TOTAL UNITED STATES |  | 9217037 |
| TOTAL COMMON STOCK<br> (Cost $50,013,485) |  | 25269491 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — 26.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Cantor Fitzgerald Securities<br> 4.370%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,648,094 (collateralized by various U.S. Government Obligations, ranging in par value $72 - $113,108, 1.500% - 7.550%, 04/01/2032 - 03/20/2075, with a total market value of $1,673,580) | $1647494 | 1647494 |
| &nbsp;&nbsp;&nbsp;CF Secured LLC<br> 4.360%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,648,093 (collateralized by various U.S. Government Obligations, ranging in par value $209 - $244,237, 0.000% - 7.000%, 05/23/2028 - 04/20/2074, with a total market value of $1,674,084) | 1647494 | 1647494 |
| &nbsp;&nbsp;&nbsp;Daiwa Capital Markets America, Inc.<br> 4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,504,067 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $95 - $268,598, 0.000% - 7.500%, 09/16/2025 - 06/01/2055, with a total market value of $1,525,928) | 1503522 | 1503522 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc.<br> 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,236,671 (collateralized by various U.S. Treasury Obligations, ranging in par value $824 - $559,086, 0.000% - 4.625%, 08/15/2025 - 02/15/2055, with a total market value of $1,253,935) | 1236224 | 1236224 |

---

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

*94*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(B)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;RBC Dominion Securities, Inc.<br> 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,119,360 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $49 - $687,539, 0.000% - 7.500%, 06/12/2025 - 05/20/2055, with a total market value of $1,135,086) | $1118955 | $1118955 |
| TOTAL REPURCHASE AGREEMENTS<br> (Cost $7,153,689) |  | 7153689 |
| TOTAL INVESTMENTS — 121.8%<br> (Cost $57,167,174) |  | $32423180 |

---

*Percentages are based on Net Assets of $26,626,612.*

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

*(A)* *This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $7,083,051.*

*(B)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $7,153,689. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $532,566.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*25269491* | $*—* | $*—* | $*25269491* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreements* | *—* | *7153689* | *—* | *7153689* |
| *Total Investments in Securities* | $*25269491* | $*7153689* | $*—* | $*32423180* |

---

*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.*

*95*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.4%** |  |  |
| **CANADA — 0.6%** |  |  |
| Information Technology — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Canadian Solar \* <sup>(A)</sup> | 2429 | $25577 |
| **CHINA — 64.1%** |  |  |
| Consumer Discretionary — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Shanghai Aerospace Automobile Electromechanical, Cl A \* | 47600 | 44020 |
| Industrials — 22.6% |  |  |
| &nbsp;&nbsp;&nbsp;Arctech Solar Holding, Cl A | 7424 | 43091 |
| &nbsp;&nbsp;&nbsp;Ginlong Technologies, Cl A | 16750 | 118828 |
| &nbsp;&nbsp;&nbsp;GoodWe Technologies, Cl A | 3091 | 17245 |
| &nbsp;&nbsp;&nbsp;Ningbo Deye Technology, Cl A | 13320 | 152368 |
| &nbsp;&nbsp;&nbsp;Shenzhen Kstar Science And Technology, Cl A | 13400 | 40079 |
| &nbsp;&nbsp;&nbsp;Sineng Electric, Cl A | 13261 | 49441 |
| &nbsp;&nbsp;&nbsp;Sungrow Power Supply, Cl A | 39740 | 333243 |
| &nbsp;&nbsp;&nbsp;Yuneng Technology, Cl A | 2745 | 15124 |
| &nbsp;&nbsp;&nbsp;Zhejiang Chint Electrics, Cl A | 56700 | 172502 |
|  |  | 941921 |
| Information Technology — 35.6% |  |  |
| &nbsp;&nbsp;&nbsp;CSI Solar, Cl A | 21918 | 27178 |
| &nbsp;&nbsp;&nbsp;Flat Glass Group, Cl H | 26100 | 27726 |
| &nbsp;&nbsp;&nbsp;GCL System Integration Technology, Cl A \* | 204500 | 62472 |
| &nbsp;&nbsp;&nbsp;Hainan Drinda New Energy Technology, Cl A \* | 8100 | 42661 |
| &nbsp;&nbsp;&nbsp;Hangzhou First Applied Material, Cl A | 56144 | 94487 |
| &nbsp;&nbsp;&nbsp;Hengdian Group DMEGC Magnetics, Cl A | 41000 | 73441 |
| &nbsp;&nbsp;&nbsp;JA Solar Technology, Cl A \* | 99004 | 125651 |
| &nbsp;&nbsp;&nbsp;Jolywood Suzhou Sunwatt, Cl A | 48100 | 34865 |
| &nbsp;&nbsp;&nbsp;LONGi Green Energy Technology, Cl A | 171360 | 342166 |
| &nbsp;&nbsp;&nbsp;Risen Energy, Cl A \* | 50100 | 65672 |
| &nbsp;&nbsp;&nbsp;Shanghai Aiko Solar Energy, Cl A \* | 68040 | 104682 |
| &nbsp;&nbsp;&nbsp;Shenzhen SC New Energy Technology, Cl A | 17500 | 125534 |
| &nbsp;&nbsp;&nbsp;Shenzhen Topraysolar, Cl A | 44000 | 19062 |
| &nbsp;&nbsp;&nbsp;TCL Zhonghuan Renewable Energy Technology, Cl A | 164800 | 173458 |
| &nbsp;&nbsp;&nbsp;Wuxi Autowell Technology, Cl A | 9912 | 45695 |
| &nbsp;&nbsp;&nbsp;Xinyi Solar Holdings | 296400 | 89583 |

---

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

*96*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;Yingkou Jinchen Machinery, Cl A | 4100 | $13550 |
| &nbsp;&nbsp;&nbsp;Zhejiang Akcome New Energy Technology, Cl A \* <sup>(B)</sup> | 280500 |  |
| &nbsp;&nbsp;&nbsp;Zhejiang Sunoren Solar Technology, Cl A | 15400 | 17214 |
|  |  | 1485097 |
| Materials — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Henan Yicheng New Energy, Cl A \* | 77400 | 40948 |
| &nbsp;&nbsp;&nbsp;Hubei Huitian New Materials, Cl A | 30000 | 36867 |
|  |  | 77815 |
| Utilities — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;CECEP Solar Energy, Cl A | 138800 | 83646 |
| &nbsp;&nbsp;&nbsp;Jinko Power Technology, Cl A | 116600 | 42258 |
|  |  | 125904 |
| TOTAL CHINA |  | 2674757 |
| **GERMANY — 0.8%** |  |  |
| Information Technology — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;SMA Solar Technology <sup>(A)</sup> | 1542 | 34101 |
| **JAPAN — 0.3%** |  |  |
| Industrials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;West Holdings | 1234 | 13512 |
| **SOUTH AFRICA — 1.4%** |  |  |
| Utilities — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Scatec \* | 6910 | 59177 |
| **SOUTH KOREA — 2.9%** |  |  |
| Information Technology — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;HD Hyundai Energy Solutions \* | 401 | 14024 |
| Materials — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;Hanwha Solutions | 5058 | 109247 |
| TOTAL SOUTH KOREA |  | 123271 |

---

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

*97*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| **SPAIN — 1.0%** |  |  |
| Utilities — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Solaria Energia y Medio Ambiente \* | 4623 | $39908 |
| **TAIWAN — 0.4%** |  |  |
| Information Technology — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;TSEC | 30577 | 15866 |
| **TURKEY — 0.7%** |  |  |
| Industrials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;CW Enerji Muhendislik Ticaret VE Sanayi | 30625 | 11215 |
| Utilities — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Esenboga Elektrik Uretim \* | 10325 | 17181 |
| TOTAL TURKEY |  | 28396 |
| **UNITED STATES — 27.2%** |  |  |
| Industrials — 11.7% |  |  |
| &nbsp;&nbsp;&nbsp;Array Technologies \* | 5995 | 39567 |
| &nbsp;&nbsp;&nbsp;Freyr Battery \* | 11373 | 12397 |
| &nbsp;&nbsp;&nbsp;NEXTracker, Cl A \* | 6072 | 344222 |
| &nbsp;&nbsp;&nbsp;Shoals Technologies Group, Cl A \* | 7966 | 37599 |
| &nbsp;&nbsp;&nbsp;Sunrun \* | 7418 | 55561 |
|  |  | 489346 |
| Information Technology — 15.5% |  |  |
| &nbsp;&nbsp;&nbsp;Enphase Energy \* | 6969 | 288447 |
| &nbsp;&nbsp;&nbsp;First Solar \* | 2018 | 319005 |
| &nbsp;&nbsp;&nbsp;SolarEdge Technologies \* | 2095 | 37417 |
|  |  | 644869 |
| TOTAL UNITED STATES |  | 1134215 |
| TOTAL COMMON STOCK<br> (Cost $5,752,965) |  | 4148780 |

---

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

*98*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENT<sup>(C)</sup> — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc.<br> 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $37,278 (collateralized by various U.S. Treasury Obligations, ranging in par value $25 - $16,853, 0.000% - 4.625%, 08/15/2025 - 02/15/2055, with a total market value of $37,799)<br> (Cost $37,265) | $37265 | $37265 |
| TOTAL INVESTMENTS — 100.3%<br> (Cost $5,790,230) |  | $4186045 |

---

*Percentages are based on Net Assets of $4,174,197.*

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

*(A)* *This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $35,544.*

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

*(C)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $37,265. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $0.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3<sup>(1)</sup>* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*4132914* | $*15866* | $*—* | $*4148780* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreement* | *—* | *37265* | *—* | *37265* |
| *Total Investments in Securities* | $*4132914* | $*53131* | $*—* | $*4186045* |

---

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

*^ Includes Securities in which the fair value is $0 or has been rounded to $0.*

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

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

*99*

![](logom4.jpg)

---

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

---

*See "Glossary" for abbreviations.*

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

*100*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.7%** |  |  |
| **CANADA — 15.0%** |  |  |
| Utilities — 15.0% |  |  |
| &nbsp;&nbsp;&nbsp;Boralex, Cl A | 3148 | $72281 |
| &nbsp;&nbsp;&nbsp;Innergex Renewable Energy | 5107 | 50737 |
| &nbsp;&nbsp;&nbsp;Northland Power | 7021 | 104476 |
| TOTAL CANADA |  | 227494 |
| **CHINA — 42.6%** |  |  |
| Industrials — 16.8% |  |  |
| &nbsp;&nbsp;&nbsp;Dajin Heavy Industry, Cl A | 11650 | 44325 |
| &nbsp;&nbsp;&nbsp;Goldwind Science & Technology, Cl H | 22400 | 17368 |
| &nbsp;&nbsp;&nbsp;Jiangsu Haili Wind Power Equipment Technology, Cl A \* | 1100 | 9647 |
| &nbsp;&nbsp;&nbsp;Jinlei Technology, Cl A | 8750 | 23000 |
| &nbsp;&nbsp;&nbsp;Ming Yang Smart Energy Group, Cl A | 45800 | 63914 |
| &nbsp;&nbsp;&nbsp;Qingdao Tianneng Heavy Industries, Cl A | 20200 | 14557 |
| &nbsp;&nbsp;&nbsp;Sany Renewable Energy, Cl A | 4582 | 14939 |
| &nbsp;&nbsp;&nbsp;Shanghai Taisheng Wind Power Equipment, Cl A | 26400 | 25221 |
| &nbsp;&nbsp;&nbsp;Titan Wind Energy Suzhou, Cl A | 26300 | 24176 |
| &nbsp;&nbsp;&nbsp;Windey Energy Technology Group, Cl A | 12900 | 18934 |
|  |  | 256081 |
| Utilities — 25.8% |  |  |
| &nbsp;&nbsp;&nbsp;CECEP Wind-Power, Cl A | 114360 | 46527 |
| &nbsp;&nbsp;&nbsp;China Datang Renewable Power, Cl H | 60300 | 17379 |
| &nbsp;&nbsp;&nbsp;China Longyuan Power Group, Cl H | 79770 | 66225 |
| &nbsp;&nbsp;&nbsp;China Three Gorges Renewables Group, Cl A | 276800 | 164889 |
| &nbsp;&nbsp;&nbsp;Jiangsu New Energy Development, Cl A | 24500 | 51438 |
| &nbsp;&nbsp;&nbsp;Zhongmin Energy, Cl A | 60800 | 44999 |
|  |  | 391457 |
| TOTAL CHINA |  | 647538 |
| **DENMARK — 26.8%** |  |  |
| Industrials — 13.8% |  |  |
| &nbsp;&nbsp;&nbsp;Cadeler \* | 7661 | 38278 |
| &nbsp;&nbsp;&nbsp;Vestas Wind Systems | 10822 | 170711 |
|  |  | 208989 |

---

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

*101*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Utilities — 13.0% |  |  |
| &nbsp;&nbsp;&nbsp;Orsted \* | 4839 | $197589 |
| TOTAL DENMARK |  | 406578 |
| **GERMANY — 4.6%** |  |  |
| Industrials — 4.6% |  |  |
| &nbsp;&nbsp;&nbsp;Nordex \* | 3421 | 69402 |
| **INDIA — 2.0%** |  |  |
| Utilities — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;ReNew Energy Global PLC, Cl A \* | 4419 | 30093 |
| **ITALY — 1.3%** |  |  |
| Utilities — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;ERG | 977 | 20630 |
| **SOUTH KOREA — 1.4%** |  |  |
| Industrials — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;CS Wind | 581 | 20782 |
| **SPAIN — 4.3%** |  |  |
| Utilities — 4.3% |  |  |
| &nbsp;&nbsp;&nbsp;EDP Renovaveis | 6577 | 66004 |
| **TURKEY — 0.3%** |  |  |
| Utilities — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Galata Wind Enerji | 7259 | 4240 |

---

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

*102*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| **UNITED STATES — 1.4%** |  |  |
| Utilities — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;NextEra Energy Partners | 2406 | $21221 |
| TOTAL COMMON STOCK<br> (Cost $2,150,791) |  | 1513982 |
| TOTAL INVESTMENTS — 99.7%<br> (Cost $2,150,791) |  | $1513982 |

---

*Percentages are based on Net Assets of $1,518,469.*

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*1145682* | $*368300* | $*—* | $*1513982* |
| *Total Investments in Securities* | $*1145682* | $*368300* | $*—* | $*1513982* |

---

*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.*

*103*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8%** |  |  |
| **AUSTRALIA — 6.9%** |  |  |
| Communication Services — 5.6% |  |  |
| &nbsp;&nbsp;&nbsp;Domain Holdings Australia | 5954 | $16706 |
| &nbsp;&nbsp;&nbsp;REA Group | 541 | 83458 |
|  |  | 100164 |
| Real Estate — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;PEXA Group \* | 2737 | 22387 |
| TOTAL AUSTRALIA |  | 122551 |
| **CHINA — 7.5%** |  |  |
| Information Technology — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Ming Yuan Cloud Group Holdings | 18490 | 6296 |
| Real Estate — 7.2% |  |  |
| &nbsp;&nbsp;&nbsp;KE Holdings ADR | 6925 | 127835 |
| TOTAL CHINA |  | 134131 |
| **GERMANY — 12.6%** |  |  |
| Communication Services — 6.3% |  |  |
| &nbsp;&nbsp;&nbsp;Scout24 | 826 | 112433 |
| Financials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Hypoport \* | 95 | 21138 |
| Information Technology — 5.1% |  |  |
| &nbsp;&nbsp;&nbsp;Nemetschek | 661 | 91774 |
| TOTAL GERMANY |  | 225345 |
| **JAPAN — 0.6%** |  |  |
| Communication Services — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;GA Technologies \* | 467 | 4809 |
| Real Estate — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;SRE Holdings | 240 | 6495 |
| TOTAL JAPAN |  | 11304 |

---

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

*104*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| **SWEDEN — 3.3%** |  |  |
| Communication Services — 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;Hemnet Group | 1880 | $59464 |
| **SWITZERLAND — 2.6%** |  |  |
| Real Estate — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;International Workplace Group \* | 17547 | 45575 |
| **UNITED KINGDOM — 5.6%** |  |  |
| Communication Services — 5.6% |  |  |
| &nbsp;&nbsp;&nbsp;Rightmove PLC | 9864 | 99127 |
| **UNITED STATES — 60.7%** |  |  |
| Consumer Discretionary — 12.3% |  |  |
| &nbsp;&nbsp;&nbsp;ADT | 11077 | 92161 |
| &nbsp;&nbsp;&nbsp;Airbnb, Cl A \* | 991 | 127839 |
|  |  | 220000 |
| Financials — 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;Hippo Holdings \* | 318 | 7492 |
| &nbsp;&nbsp;&nbsp;Rocket, Cl A | 3286 | 41897 |
| &nbsp;&nbsp;&nbsp;UWM Holdings | 2898 | 12461 |
|  |  | 61850 |
| Industrials — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;Resideo Technologies \* | 3523 | 72926 |
| Information Technology — 24.3% |  |  |
| &nbsp;&nbsp;&nbsp;Alarm.com Holdings \* | 1147 | 65838 |
| &nbsp;&nbsp;&nbsp;Appfolio, Cl A \* | 384 | 81089 |
| &nbsp;&nbsp;&nbsp;Arlo Technologies \* | 2306 | 33022 |
| &nbsp;&nbsp;&nbsp;Blend Labs, Cl A \* | 4996 | 18285 |
| &nbsp;&nbsp;&nbsp;Guidewire Software \* | 711 | 152879 |
| &nbsp;&nbsp;&nbsp;Porch Group \* | 1441 | 13142 |
| &nbsp;&nbsp;&nbsp;Procore Technologies \* | 986 | 66230 |
| &nbsp;&nbsp;&nbsp;SmartRent, Cl A \* | 4064 | 3431 |
|  |  | 433916 |

---

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

*105*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Real Estate — 16.5% |  |  |
| &nbsp;&nbsp;&nbsp;CoStar Group \* | 2124 | $156242 |
| &nbsp;&nbsp;&nbsp;Opendoor Technologies \* | 14456 | 9428 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Cl C \* | 1928 | 129388 |
|  |  | 295058 |
| TOTAL UNITED STATES |  | 1083750 |
| TOTAL COMMON STOCK<br> (Cost $1,412,478) |  | 1781247 |
|  | **Face Amount** |  |
| **U.S. TREASURY OBLIGATION — 9.8%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.225%, 07/01/25<sup>(A)</sup> | $175000 | 174405 |
| TOTAL U.S. TREASURY OBLIGATION<br> (Cost $174,427) |  | 174405 |
| TOTAL INVESTMENTS — 109.6%<br> (Cost $1,586,905) |  | $1955652 |

---

*Percentages are based on Net Assets of $1,784,222.*

*\** *Non-income producing security.* <br> *(A)* *Interest rate represents the security's effective yield at the time of purchase.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*1781247* | $*—* | $*—* | $*1781247* |
| &nbsp;&nbsp;&nbsp;*U.S. Treasury Obligation* | *—* | *174405* | *—* | *174405* |
| *Total Investments in Securities* | $*1781247* | $*174405* | $*—* | $*1955652* |

---

*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.*

*106*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.4%** |  |  |
| **AUSTRALIA — 0.4%** |  |  |
| Industrials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Austal \* | 1389230 | $4935097 |
| &nbsp;&nbsp;&nbsp;DroneShield \* <sup>(A)</sup> | 4601537 | 3894137 |
| TOTAL AUSTRALIA |  | 8829234 |
| **FRANCE — 6.4%** |  |  |
| Industrials — 6.4% |  |  |
| &nbsp;&nbsp;&nbsp;Dassault Aviation | 108002 | 39087980 |
| &nbsp;&nbsp;&nbsp;Thales | 347778 | 105573913 |
| TOTAL FRANCE |  | 144661893 |
| **GERMANY — 10.1%** |  |  |
| Industrials — 10.1% |  |  |
| &nbsp;&nbsp;&nbsp;Hensoldt | 361620 | 37768817 |
| &nbsp;&nbsp;&nbsp;Rheinmetall | 90024 | 192647231 |
| TOTAL GERMANY |  | 230416048 |
| **ISRAEL — 2.7%** |  |  |
| Industrials — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;Elbit Systems | 150712 | 60342187 |
| **ITALY — 4.8%** |  |  |
| Industrials — 4.8% |  |  |
| &nbsp;&nbsp;&nbsp;Leonardo | 1783008 | 109750350 |
| **JAPAN — 0.0%** |  |  |
| Information Technology — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Nippon Avionics <sup>(A)</sup> | 33146 | 807431 |
| **SOUTH KOREA — 6.9%** |  |  |
| Industrials — 6.9% |  |  |
| &nbsp;&nbsp;&nbsp;Hanwha Aerospace | 160292 | 94221071 |
| &nbsp;&nbsp;&nbsp;Hanwha Systems | 441732 | 14535503 |
| &nbsp;&nbsp;&nbsp;Korea Aerospace Industries | 422850 | 25621700 |
| &nbsp;&nbsp;&nbsp;LIG Nex1 | 73093 | 22727330 |
| TOTAL SOUTH KOREA |  | 157105604 |

---

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

*107*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| **SWEDEN — 4.7%** |  |  |
| Industrials — 4.7% |  |  |
| &nbsp;&nbsp;&nbsp;Saab, Cl B | 2121154 | $107007863 |
| **TURKEY — 0.5%** |  |  |
| Industrials — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Aselsan Elektronik Sanayi Ve Ticaret | 3297868 | 10891555 |
| &nbsp;&nbsp;&nbsp;SDT Uzay VE Savunma Teknolojileri | 42581 | 191194 |
| TOTAL TURKEY |  | 11082749 |
| **UNITED KINGDOM — 11.4%** |  |  |
| Industrials — 11.4% |  |  |
| &nbsp;&nbsp;&nbsp;Babcock International Group PLC | 2867268 | 36191748 |
| &nbsp;&nbsp;&nbsp;BAE Systems PLC | 7401779 | 189800722 |
| &nbsp;&nbsp;&nbsp;Chemring Group PLC | 1547779 | 10081415 |
| &nbsp;&nbsp;&nbsp;Cohort | 192307 | 3827779 |
| &nbsp;&nbsp;&nbsp;QinetiQ Group PLC | 2824937 | 18941105 |
| TOTAL UNITED KINGDOM |  | 258842769 |
| **UNITED STATES — 51.5%** |  |  |
| Industrials — 42.4% |  |  |
| &nbsp;&nbsp;&nbsp;AeroVironment \* | 271674 | 48366122 |
| &nbsp;&nbsp;&nbsp;Amentum Holdings \* | 1176226 | 24300829 |
| &nbsp;&nbsp;&nbsp;BlackSky Technology, Cl A \* | 143560 | 1606436 |
| &nbsp;&nbsp;&nbsp;BWX Technologies | 549613 | 69031393 |
| &nbsp;&nbsp;&nbsp;General Dynamics | 616460 | 171677945 |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries | 234276 | 52257605 |
| &nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions \* | 899486 | 33182039 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies | 422677 | 103276898 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings | 611848 | 90871665 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin | 369504 | 178241339 |
| &nbsp;&nbsp;&nbsp;Mercury Systems \* | 351643 | 17318418 |
| &nbsp;&nbsp;&nbsp;Moog, Cl A | 166500 | 30854115 |
| &nbsp;&nbsp;&nbsp;National Presto Industries | 31305 | 2681273 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman | 205610 | 99673560 |
| &nbsp;&nbsp;&nbsp;Parsons \* | 636220 | 41252505 |
|  |  | 964592142 |

---

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

*108*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — 9.1% |  |  |
| &nbsp;&nbsp;&nbsp;BigBear.ai Holdings \* <sup>(A)</sup> | 1668365 | $6940399 |
| &nbsp;&nbsp;&nbsp;OSI Systems \* | 94272 | 20655938 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A \* | 1336035 | 176062692 |
| &nbsp;&nbsp;&nbsp;Red Cat Holdings \* <sup>(A)</sup> | 417166 | 2482138 |
| &nbsp;&nbsp;&nbsp;Telos \* | 268264 | 676025 |
|  |  | 206817192 |
| TOTAL UNITED STATES |  | 1171409334 |
| TOTAL COMMON STOCK<br> (Cost $1,853,518,039) |  | 2260255462 |
|  | **Number of<br> Rights** |  |
| **RIGHT — 0.1%** |  |  |
| **South Korea — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Hanwha Areospace<sup>(B)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 07/05/2025 | 12144 | 1117843 |
| TOTAL RIGHT<br> (Cost $–) |  | 1117843 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENTS<sup>(C)</sup> — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Securities, Inc.<br> 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $734,320 (collateralized by various U.S. Treasury Obligations, ranging in par value $2,801 - $858,542, 0.000% - 5.250%, 02/15/2029 - 11/15/2052, with a total market value of $748,694) | $734055 | 734055 |
| &nbsp;&nbsp;&nbsp;Daiwa Capital Markets America, Inc.<br> 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $734,320 (collateralized by various U.S. Treasury Obligations, ranging in par value $525 - $286,091, 0.000% - 4.625%, 09/16/2025 - 05/15/2053, with a total market value of $744,601) | 734055 | 734055 |

---

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

*109*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(C)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Deutsche Bank Securities, Inc.<br> 4.330%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $734,320 (collateralized by various U.S. Treasury Obligations, ranging in par value $1,983 - $451,844, 4.250% - 4.625%, 11/30/2026 - 05/31/2031, with a total market value of $738,398) | $734055 | $734055 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc.<br> 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $187,489 (collateralized by various U.S. Treasury Obligations, ranging in par value $125 - $84,762, 0.000% - 4.625%, 08/15/2025 - 02/15/2055, with a total market value of $190,106) | 187421 | 187421 |
| &nbsp;&nbsp;&nbsp;Mizuho Securities USA LLC<br> 4.330%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $734,320 (collateralized by various U.S. Treasury Obligations, ranging in par value $292,647 - $461,864, 3.500% - 3.750%, 04/15/2028 - 04/30/2030, with a total market value of $745,772) | 734055 | 734055 |
| TOTAL REPURCHASE AGREEMENTS<br> (Cost $3,123,641) |  | 3123641 |
| TOTAL INVESTMENTS — 99.6%<br> (Cost $1,856,641,680) |  | $2264496946 |

---

*Percentages are based on Net Assets of $2,274,558,006.*

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

*(A)* *This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $6,413,975.*

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

*(C)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $3,123,641. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $3,281,999.*

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

*110*

![](logom4.jpg)

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3<sup>(1)</sup>* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*2199913275* | $*60342187* | $*—* | $*2260255462* |
| &nbsp;&nbsp;&nbsp;*Right* | *—* | *—* | *1117843* | *1117843* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreements* | *—* | *3123641* | *—* | *3123641* |
| *Total Investments in Securities* | $*2199913275* | $*63465828* | $*1117843* | $*2264496946* |

---

*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.*

*111*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Infrastructure Development ex-U.S. ETF** | **Global X Infrastructure Development ex-U.S. ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.5%** | | |
| **AUSTRALIA — 0.8%** | | |
| Industrials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Aurizon Holdings | 13568 | $25758 |
| **AUSTRIA — 0.9%** |  |  |
| Industrials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Strabag | 119 | 10470 |
| Materials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;voestalpine | 779 | 20499 |
| TOTAL AUSTRIA |  | 30969 |
| **BRAZIL — 0.7%** |  |  |
| Materials — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Cia Siderurgica Nacional | 4500 | 6477 |
| &nbsp;&nbsp;&nbsp;Gerdau ADR | 6253 | 16445 |
| TOTAL BRAZIL |  | 22922 |
| **CANADA — 8.1%** |  |  |
| Industrials — 8.1% |  |  |
| &nbsp;&nbsp;&nbsp;AtkinsRealis Group | 1145 | 74948 |
| &nbsp;&nbsp;&nbsp;Canadian National Railway | 944 | 99044 |
| &nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City | 1250 | 101904 |
| TOTAL CANADA |  | 275896 |
| **CHINA — 2.4%** |  |  |
| Industrials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;China Communications Services, Cl H | 17900 | 10318 |
| &nbsp;&nbsp;&nbsp;China Energy Engineering, Cl H | 46200 | 5951 |
| &nbsp;&nbsp;&nbsp;China Lesso Group Holdings | 7500 | 3759 |
| &nbsp;&nbsp;&nbsp;China Railway Group, Cl H | 29300 | 13227 |
| &nbsp;&nbsp;&nbsp;Zoomlion Heavy Industry Science and Technology, Cl H | 10800 | 8126 |
|  |  | 41381 |
| Materials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Angang Steel, Cl H \* | 10000 | 2002 |
| &nbsp;&nbsp;&nbsp;Anhui Conch Cement, Cl H | 9607 | 25054 |

---

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

*112*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Infrastructure Development ex-U.S. ETF** | **Global X Infrastructure Development ex-U.S. ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Materials — continued |  |  |
| &nbsp;&nbsp;&nbsp;China National Building Material, Cl H | 27200 | $12141 |
| &nbsp;&nbsp;&nbsp;Maanshan Iron & Steel, Cl H \* | 10000 | 2244 |
|  |  | 41441 |
| TOTAL CHINA |  | 82822 |
| **DENMARK — 1.1%** |  |  |
| Industrials — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;NKT \* | 418 | 35752 |
| **FRANCE — 6.6%** |  |  |
| Industrials — 6.6% |  |  |
| &nbsp;&nbsp;&nbsp;Eiffage | 669 | 91974 |
| &nbsp;&nbsp;&nbsp;Nexans | 273 | 31395 |
| &nbsp;&nbsp;&nbsp;Vinci | 718 | 102582 |
| TOTAL FRANCE |  | 225951 |
| **GERMANY — 2.8%** |  |  |
| Materials — 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;Heidelberg Materials | 489 | 95734 |
| **HONG KONG — 1.5%** |  |  |
| Communication Services — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;China Tower, Cl H | 34940 | 51865 |
| **INDIA — 20.4%** |  |  |
| Communication Services — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Indus Towers \* | 9646 | 43301 |
| Industrials — 6.2% |  |  |
| &nbsp;&nbsp;&nbsp;Action Construction Equipment | 263 | 3838 |
| &nbsp;&nbsp;&nbsp;Afcons Infrastructure \* | 1058 | 5230 |
| &nbsp;&nbsp;&nbsp;IRB Infrastructure Developers | 13600 | 8148 |
| &nbsp;&nbsp;&nbsp;IRCON International | 1974 | 4404 |
| &nbsp;&nbsp;&nbsp;Kalpataru Projects International | 729 | 9701 |
| &nbsp;&nbsp;&nbsp;KEC International | 883 | 8589 |
| &nbsp;&nbsp;&nbsp;KEI Industries | 447 | 18858 |
| &nbsp;&nbsp;&nbsp;Larsen & Toubro | 2417 | 103801 |

---

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

*113*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Infrastructure Development ex-U.S. ETF** | **Global X Infrastructure Development ex-U.S. ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Industrials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Polycab India | 479 | $33534 |
| &nbsp;&nbsp;&nbsp;Rail Vikas Nigam | 3503 | 16601 |
|  |  | 212704 |
| Materials — 12.9% |  |  |
| &nbsp;&nbsp;&nbsp;Ambuja Cements | 5813 | 37599 |
| &nbsp;&nbsp;&nbsp;Dalmia Bharat | 534 | 12583 |
| &nbsp;&nbsp;&nbsp;Jindal Stainless | 1960 | 14767 |
| &nbsp;&nbsp;&nbsp;Jindal Steel & Power | 2580 | 28608 |
| &nbsp;&nbsp;&nbsp;JK Cement | 267 | 17153 |
| &nbsp;&nbsp;&nbsp;JSW Steel | 6832 | 79318 |
| &nbsp;&nbsp;&nbsp;Ramco Cements | 922 | 10515 |
| &nbsp;&nbsp;&nbsp;Shree Cement | 72 | 24900 |
| &nbsp;&nbsp;&nbsp;Steel Authority of India | 10039 | 15154 |
| &nbsp;&nbsp;&nbsp;Tata Steel | 55357 | 104161 |
| &nbsp;&nbsp;&nbsp;UltraTech Cement | 732 | 95889 |
|  |  | 440647 |
| TOTAL INDIA |  | 696652 |
| **ISRAEL — 0.2%** |  |  |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Shapir Engineering and Industry | 919 | 7087 |
| **ITALY — 6.4%** |  |  |
| Communication Services — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Infrastrutture Wireless Italiane | 2515 | 29494 |
| Energy — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Saipem | 10295 | 25513 |
| Industrials — 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;Maire | 1088 | 13871 |
| &nbsp;&nbsp;&nbsp;Prysmian | 1672 | 107435 |
| &nbsp;&nbsp;&nbsp;Webuild | 2384 | 9716 |
|  |  | 131022 |

---

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

*114*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Infrastructure Development ex-U.S. ETF** | **Global X Infrastructure Development ex-U.S. ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Materials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Buzzi | 589 | $30237 |
| TOTAL ITALY |  | 216266 |
| **JAPAN — 14.4%** |  |  |
| Industrials — 5.7% |  |  |
| &nbsp;&nbsp;&nbsp;COMSYS Holdings | 737 | 16957 |
| &nbsp;&nbsp;&nbsp;EXEO Group | 1286 | 16403 |
| &nbsp;&nbsp;&nbsp;Hitachi Construction Machinery | 723 | 22062 |
| &nbsp;&nbsp;&nbsp;INFRONEER Holdings | 1359 | 11099 |
| &nbsp;&nbsp;&nbsp;Komatsu | 3438 | 105360 |
| &nbsp;&nbsp;&nbsp;Penta-Ocean Construction | 1800 | 10909 |
| &nbsp;&nbsp;&nbsp;SHO-BOND Holdings | 324 | 10998 |
|  |  | 193788 |
| Materials — 8.7% |  |  |
| &nbsp;&nbsp;&nbsp;JFE Holdings | 4170 | 49461 |
| &nbsp;&nbsp;&nbsp;Maruichi Steel Tube | 351 | 8458 |
| &nbsp;&nbsp;&nbsp;Nippon Steel | 5149 | 103768 |
| &nbsp;&nbsp;&nbsp;Shin-Etsu Chemical | 3178 | 102215 |
| &nbsp;&nbsp;&nbsp;Taiheiyo Cement | 831 | 21360 |
| &nbsp;&nbsp;&nbsp;Yamato Kogyo | 221 | 13100 |
|  |  | 298362 |
| TOTAL JAPAN |  | 492150 |
| **LUXEMBOURG — 2.6%** |  |  |
| Materials — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;ArcelorMittal | 2952 | 89546 |
| **MALAYSIA — 1.4%** |  |  |
| Industrials — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Gamuda | 33600 | 36075 |
| &nbsp;&nbsp;&nbsp;IJM | 19000 | 11159 |
| TOTAL MALAYSIA |  | 47234 |
| **MEXICO — 2.4%** |  |  |
| Materials — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;Cemex ADR | 10644 | 72911 |

---

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

*115*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Infrastructure Development ex-U.S. ETF** | **Global X Infrastructure Development ex-U.S. ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Materials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Ternium ADR | 292 | $7995 |
| TOTAL MEXICO |  | 80906 |
| **NETHERLANDS — 0.8%** |  |  |
| Industrials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Aalberts | 744 | 25964 |
| **POLAND — 0.5%** |  |  |
| Industrials — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Budimex | 103 | 17159 |
| **SOUTH KOREA — 5.2%** |  |  |
| Industrials — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Doosan Bobcat | 353 | 12025 |
| &nbsp;&nbsp;&nbsp;KEPCO Engineering & Construction | 128 | 5826 |
| &nbsp;&nbsp;&nbsp;LS Electric | 105 | 19216 |
| &nbsp;&nbsp;&nbsp;Samsung E&A | 1190 | 18760 |
| &nbsp;&nbsp;&nbsp;Taihan Electric Wire \* | 804 | 7447 |
|  |  | 63274 |
| Materials — 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;Hyundai Steel | 641 | 13102 |
| &nbsp;&nbsp;&nbsp;POSCO Holdings | 557 | 100928 |
|  |  | 114030 |
| TOTAL SOUTH KOREA |  | 177304 |
| **SPAIN — 4.8%** |  |  |
| Communication Services — 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;Cellnex Telecom | 2743 | 105004 |
| Industrials — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Sacyr | 3994 | 16160 |
| Materials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Acerinox | 1313 | 15517 |

---

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

*116*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Infrastructure Development ex-U.S. ETF** | **Global X Infrastructure Development ex-U.S. ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Utilities — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Acciona | 173 | $27889 |
| TOTAL SPAIN |  | 164570 |
| **SWEDEN — 4.4%** |  |  |
| Industrials — 3.6% |  |  |
| &nbsp;&nbsp;&nbsp;AFRY | 722 | 12749 |
| &nbsp;&nbsp;&nbsp;Epiroc, Cl A | 4511 | 100741 |
| &nbsp;&nbsp;&nbsp;Peab, Cl B | 1203 | 10301 |
|  |  | 123791 |
| Materials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;SSAB, Cl B | 4556 | 26990 |
| TOTAL SWEDEN |  | 150781 |
| **SWITZERLAND — 0.4%** |  |  |
| Information Technology — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Landis+Gyr Group | 208 | 13115 |
| **TAIWAN — 2.8%** |  |  |
| Materials — 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;Asia Cement | 16840 | 23516 |
| &nbsp;&nbsp;&nbsp;Goldsun Building Materials | 7300 | 10170 |
| &nbsp;&nbsp;&nbsp;TCC Group Holdings | 54083 | 52967 |
| &nbsp;&nbsp;&nbsp;Tung Ho Steel Enterprise | 4030 | 8674 |
| TOTAL TAIWAN |  | 95327 |
| **TURKEY — 0.1%** |  |  |
| Materials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Oyak Cimento Fabrikalari \* | 7241 | 3875 |
| **UNITED ARAB EMIRATES — 0.4%** |  |  |
| Industrials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;NMDC Group PJSC | 1794 | 12777 |

---

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

*117*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Infrastructure Development ex-U.S. ETF** | **Global X Infrastructure Development ex-U.S. ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| **UNITED KINGDOM — 1.1%** | | |
| Industrials — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Balfour Beatty | 3842 | $25895 |
| Materials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Breedon Group PLC | 2126 | 13079 |
| TOTAL UNITED KINGDOM |  | 38974 |
| **UNITED STATES — 6.3%** |  |  |
| Industrials — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;Ferrovial | 2026 | 103133 |
| Materials — 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;Holcim | 898 | 99490 |
| &nbsp;&nbsp;&nbsp;Titan Cement International | 258 | 11716 |
|  |  | 111206 |
| TOTAL UNITED STATES |  | 214339 |
| TOTAL COMMON STOCK<br> (Cost $3,178,986) |  | 3391695 |
| TOTAL INVESTMENTS — 99.5%<br> (Cost $3,178,986) |  | $3391695 |

---

*Percentages are based on Net Assets of $3,408,223.*

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*3253529* | $*138166* | $*—* | $*3391695* |
| *Total Investments in Securities* | $*3253529* | $*138166* | $*—* | $*3391695* |

---

*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.*

*118*

![](logom4.jpg)

---

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

---

**Fund Abbreviations**

ADR — *American Depositary Receipt*

Cl — *Class*

ETF — *Exchange-Traded Fund*

NVDR — *Non-Voting Depositary Receipt*

PJSC — *Public Joint Stock Company*

REIT — *Real Estate Investment Trust*

*119*

![](logom4.jpg)

**Statements of Assets and Liabilities**

**May 31, 2025 (Unaudited)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X<br> Millennial<br> Consumer ETF** | **Global X Aging<br> Population ETF** | **Global X FinTech <br> ETF** | **Global X Internet<br> of Things ETF** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $122349845 | $56358859 | $347731213 | $202346630 |
| &nbsp;&nbsp;&nbsp;Cost of Repurchase Agreement | 947062 |  | 16160902 | 926 |
| &nbsp;&nbsp;&nbsp;Cost (Proceeds) of Foreign Currency |  | 2310 | 20047 |  |
| &nbsp;&nbsp;&nbsp;Investments, at Value | $121641146 \* | $56580896 | $280766980 \* | $216189052 \* |
| &nbsp;&nbsp;&nbsp;Repurchase Agreement, at Value | 947062 |  | 16160902 | 926 |
| &nbsp;&nbsp;&nbsp;Cash | 109623 | 71203 | 183184 | 117684 |
| &nbsp;&nbsp;&nbsp;Foreign Currency, at Value |  | 2321 | 19843 |  |
| &nbsp;&nbsp;&nbsp;Dividend, Interest, and Securities Lending Income Receivable | 23103 | 62985 | 122309 | 255505 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable |  | 100240 | 213176 | 245250 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 122720934 | 56817645 | 297466394 | 216808417 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Obligation to Return Securities Lending Collateral | 1856080 |  | 16160902 | 926 |
| &nbsp;&nbsp;&nbsp;Payable due to Investment Adviser | 50276 | 24084 | 159933 | 124429 |
| &nbsp;&nbsp;&nbsp;Unrealized Depreciation on Spot Contracts |  |  |  | 17 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 1906356 | 24084 | 16320835 | 125372 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $120814578 | $56793561 | $281145559 | $216683045 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $135218616 | $60678490 | $536757925 | $211105945 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings (Accumulated Losses) | (14404038) | (3884929) | (255612366) | 5577100 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $120814578 | $56793561 | $281145559 | $216683045 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization — no par value) | 2590000 | 1810000 | 9160000 | 6130000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $46.65 | $31.38 | $30.69 | $35.35 |
| \*Includes Market Value of Securities on Loan | $1757372 | $— | $15379981 | $— |

---

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

*120*

![](logom4.jpg)

**Statements of Assets and Liabilities**

**May 31, 2025 (Unaudited)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X<br> Robotics &<br> Artificial<br> Intelligence ETF** | **Global X U.S.<br> Infrastructure<br> Development<br> ETF** | **Global X<br> Autonomous &<br> Electric Vehicles<br> ETF** | **Global X<br> Artificial<br> Intelligence &<br> Technology ETF** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $2671584272 | $7053431067 | $447734401 | $2864658709 |
| &nbsp;&nbsp;&nbsp;Cost of Repurchase Agreement | 126012227 | 5257411 | 30857129 | 27855751 |
| &nbsp;&nbsp;&nbsp;Cost (Proceeds) of Foreign Currency | (20605) |  | (5565) | 1287145 |
| &nbsp;&nbsp;&nbsp;Investments, at Value | $2533427021 \* | $8171080222 \* | $292750742 \* | $3206628703 \* |
| &nbsp;&nbsp;&nbsp;Repurchase Agreement, at Value | 126012227 | 5257411 | 30857129 | 27855751 |
| &nbsp;&nbsp;&nbsp;Cash | 4001103 | 6080594 | 559914 | 1302670 |
| &nbsp;&nbsp;&nbsp;Foreign Currency, at Value |  |  |  | 1287237 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable | 6729824 | 191151 | 535197 | 341630 |
| &nbsp;&nbsp;&nbsp;Dividend, Interest, and Securities Lending Income Receivable | 5130321 | 9424505 | 734228 | 1596213 |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold | 4388148 | 3313456 | 953797 |  |
| &nbsp;&nbsp;&nbsp;Unrealized Appreciation on Spot Contracts | 841 |  | 509 | 124 |
| &nbsp;&nbsp;&nbsp;Cash pledged as collateral on Futures Contracts | 1218351 | 194035 |  |  |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 2680907836 | 8195541374 | 326391516 | 3239012328 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Obligation to Return Securities Lending Collateral | 126012227 | 10303636 | 30857129 | 27855751 |
| &nbsp;&nbsp;&nbsp;Payable for Capital Shares Redeemed | 4399045 | 3321177 | 898182 |  |
| &nbsp;&nbsp;&nbsp;Payable due to Investment Adviser | 1431835 | 3199965 | 171831 | 1791782 |
| &nbsp;&nbsp;&nbsp;Payable for Variation Margin on Futures Contracts | 22225 | 9215 |  |  |
| &nbsp;&nbsp;&nbsp;Overdraft of Foreign Currency | 20674 |  | 5610 |  |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased |  |  | 1 | 70987 |
| &nbsp;&nbsp;&nbsp;Due to Custodian |  |  | 272 |  |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 131886006 | 16833993 | 31933025 | 29718520 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $2549021830 | $8178707381 | $294458491 | $3209293808 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $3198831924 | $6366154349 | $661950380 | $2763769343 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings (Accumulated Losses) | (649810094) | 1812553032 | (367491889) | 445524465 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $2549021830 | $8178707381 | $294458491 | $3209293808 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization — no par value) | 82220000 | 197010000 | 13350002 | 79580002 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $31.00 | $41.51 | $22.06 | $40.33 |
| \*Includes Market Value of Securities on Loan | $136309201 | $10124232 | $29582425 | $25855307 |

---

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

*121*

![](logom4.jpg)

**Statements of Assets and Liabilities**

**May 31, 2025 (Unaudited)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X<br> Genomics &<br> Biotechnology<br> ETF** | **Global X Cloud<br> Computing ETF** | **Global X<br> Cybersecurity<br> ETF** | **Global X Dorsey<br> Wright Thematic<br> ETF** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $71807155 | $443793700 | $938066902 | $— |
| &nbsp;&nbsp;&nbsp;Cost of Affiliated Investments |  |  |  | 8954905 |
| &nbsp;&nbsp;&nbsp;Cost of Repurchase Agreement | 2090469 | 307425 | 11649675 | 1013837 |
| &nbsp;&nbsp;&nbsp;Investments, at Value | $40971852 \* | $336964182 \* | $1081123315 \* | $— |
| &nbsp;&nbsp;&nbsp;Affiliated Investments, at Value |  |  |  | 9771690 \* |
| &nbsp;&nbsp;&nbsp;Repurchase Agreement, at Value | 2090469 | 307425 | 11649675 | 1013837 |
| &nbsp;&nbsp;&nbsp;Cash | 52076 | 538830 | 599515 | 1969 |
| &nbsp;&nbsp;&nbsp;Dividend, Interest, and Securities Lending Income Receivable | 10818 | 53591 | 801784 | 535 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable |  | 551 | 17537 |  |
| &nbsp;&nbsp;&nbsp;Receivable due from Investment Adviser |  |  |  | 310 |
| &nbsp;&nbsp;&nbsp;Cash pledged as collateral on Futures Contracts |  |  | 69620 |  |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 43125215 | 337864579 | 1094261446 | 10788341 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Obligation to Return Securities Lending Collateral | 2090469 | 602500 | 11649675 | 1013837 |
| &nbsp;&nbsp;&nbsp;Payable due to Investment Adviser | 17981 | 199884 | 449622 |  |
| &nbsp;&nbsp;&nbsp;Payable for Variation Margin on Futures Contracts |  |  | 1270 |  |
| &nbsp;&nbsp;&nbsp;Custodian Fees Payable | 4 | 82 | 666 | 117 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 2108454 | 802466 | 12101233 | 1013954 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $41016761 | $337062113 | $1082160213 | $9774387 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $207616789 | $733147933 | $1211088107 | $66632480 |
| &nbsp;&nbsp;&nbsp;Total Accumulated Losses | (166600028) | (396085820) | (128927894) | (56858093) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $41016761 | $337062113 | $1082160213 | $9774387 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization — no par value) | 5280000 | 14700000 | 31020000 | 400000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $7.77 | $22.93 | $34.89 | $24.44 |
| \*Includes Market Value of Securities on Loan | $1959195 | $558500 | $9214128 | $897250 |

---

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

*122*

![](logom4.jpg)

**Statements of Assets and Liabilities**

**May 31, 2025 (Unaudited)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Video<br> Games & Esports<br> ETF** | **Global X<br> HealthTech ETF** | **Global X<br> CleanTech ETF** | **Global X Data<br> Center & Digital<br> Infrastructure<br> ETF** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $160440840 | $53477354 | $61840518 | $237807429 |
| &nbsp;&nbsp;&nbsp;Cost of Repurchase Agreement | 13067471 | 946209 | 2740505 | 26772913 |
| &nbsp;&nbsp;&nbsp;Cost (Proceeds) of Foreign Currency | (807) | 1853 | (582) | 94537 |
| &nbsp;&nbsp;&nbsp;Investments, at Value | $146148289 \* | $39180680 \* | $19448857 \* | $244689602 \* |
| &nbsp;&nbsp;&nbsp;Repurchase Agreement, at Value | 13067471 | 946209 | 2740505 | 26772913 |
| &nbsp;&nbsp;&nbsp;Cash | 100068 | 68502 | 33246 | 339079 |
| &nbsp;&nbsp;&nbsp;Foreign Currency, at Value |  | 1853 |  | 94537 |
| &nbsp;&nbsp;&nbsp;Receivable for Capital Shares Sold | 2940138 | 418122 |  |  |
| &nbsp;&nbsp;&nbsp;Dividend, Interest, and Securities Lending Income Receivable | 367572 | 52369 | 9059 | 520724 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable | 20511 | 13978 | 12337 |  |
| &nbsp;&nbsp;&nbsp;Unrealized Appreciation on Spot Contracts | 16 |  |  |  |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 162644065 | 40681713 | 22244004 | 272416855 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Obligation to Return Securities Lending Collateral | 13067471 | 1854409 | 2740505 | 26772913 |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased | 2810345 | 449427 | 473444 | 231091 |
| &nbsp;&nbsp;&nbsp;Payable due to Investment Adviser | 54788 | 15665 | 8285 | 100731 |
| &nbsp;&nbsp;&nbsp;Overdraft of Foreign Currency | 788 |  | 580 |  |
| &nbsp;&nbsp;&nbsp;Unrealized Depreciation on Spot Contracts |  | 4 |  | 218 |
| &nbsp;&nbsp;&nbsp;Custodian Fees Payable | 9 | 46 | 2 | 18 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 15933401 | 2319551 | 3222816 | 27104971 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $146710664 | $38362162 | $19021188 | $245311884 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $245875028 | $198495769 | $142446068 | $246644210 |
| &nbsp;&nbsp;&nbsp;Total Accumulated Losses | (99164364) | (160133607) | (123424880) | (1332326) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $146710664 | $38362162 | $19021188 | $245311884 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization — no par value) | 4990000 | 3670000 | 2880000 | 14260000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $29.40 | $10.45 | $6.60 | $17.20 |
| \*Includes Market Value of Securities on Loan | $12443821 | $1804805 | $2518416 | $29582425 |

---

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

*123*

![](logom4.jpg)

**Statements of Assets and Liabilities**

**May 31, 2025 (Unaudited)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Clean<br> Water ETF** | **Global X<br> AgTech & Food<br> Innovation ETF** | **Global X<br> Blockchain ETF** | **Global X<br> Hydrogen ETF** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $9308907 | $9202033 | $142684153 | $50013485 |
| &nbsp;&nbsp;&nbsp;Cost of Repurchase Agreement |  | 229148 | 44495880 | 7153689 |
| &nbsp;&nbsp;&nbsp;Cost (Proceeds) of Foreign Currency | 761 | 367 |  | (624) |
| &nbsp;&nbsp;&nbsp;Investments, at Value | $10801307 | $8842884 \* | $146639925 \* | $25269491 \* |
| &nbsp;&nbsp;&nbsp;Repurchase Agreement, at Value |  | 229148 | 44495880 | 7153689 |
| &nbsp;&nbsp;&nbsp;Cash | 1511 | 15389 | 9396 | 25797 |
| &nbsp;&nbsp;&nbsp;Foreign Currency, at Value | 761 | 370 |  |  |
| &nbsp;&nbsp;&nbsp;Dividend, Interest, and Securities Lending Income Receivable | 35105 | 9623 | 217367 | 79059 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable | 182 | 1641 | 7863 | 4690 |
| &nbsp;&nbsp;&nbsp;Unrealized Appreciation on Spot Contracts |  |  |  | 203 |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold |  | 1036852 |  | 6130633 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 10838866 | 10135907 | 191370431 | 38663562 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Obligation to Return Securities Lending Collateral |  | 229148 | 44495880 | 7153689 |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased | 199345 | 1068623 |  | 4871606 |
| &nbsp;&nbsp;&nbsp;Payable due to Investment Adviser | 4471 | 3679 | 64163 | 11028 |
| &nbsp;&nbsp;&nbsp;Overdraft of Foreign Currency |  |  |  | 627 |
| &nbsp;&nbsp;&nbsp;Unrealized Depreciation on Spot Contracts |  | 488 |  |  |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 203816 | 1301938 | 44560043 | 12036950 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $10635050 | $8833969 | $146810388 | $26626612 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $9662617 | $13729589 | $303547618 | $97624301 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings (Accumulated Losses) | 972433 | (4895620) | (156737230) | (70997689) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $10635050 | $8833969 | $146810388 | $26626612 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization — no par value) | 580000 | 830000 | 3545860 | 1449895 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $18.34 | $10.64 | $41.40 | $18.36 |
| \*Includes Market Value of Securities on Loan | $— | $218393 | $41172121 | $7083051 |

---

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

*124*

![](logom4.jpg)

**Statements of Assets and Liabilities**

**May 31, 2025 (Unaudited)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Solar <br> ETF** | **Global X Wind<br> Energy ETF** | **Global X <br> PropTech ETF** | **Global X Defense<br> Tech ETF** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $5752965 | $2150791 | $1586905 | $1853518039 |
| &nbsp;&nbsp;&nbsp;Cost of Repurchase Agreement | 37265 |  |  | 3123641 |
| &nbsp;&nbsp;&nbsp;Cost (Proceeds) of Foreign Currency | 2990 |  | 163 | 137582 |
| &nbsp;&nbsp;&nbsp;Investments, at Value | $4148780 \* | $1513982 | $1955652 | $2261373305 \* |
| &nbsp;&nbsp;&nbsp;Repurchase Agreement, at Value | 37265 |  |  | 3123641 |
| &nbsp;&nbsp;&nbsp;Cash | 4715 | 2430 | 2752 |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency, at Value | 2990 | 4 | 163 | 137597 |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold | 751722 | 427932 |  | 564418574 |
| &nbsp;&nbsp;&nbsp;Dividend, Interest, and Securities Lending Income Receivable | 253 | 875 | 257 | 2086866 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable | 246 | 249 | 581 | 312810 |
| &nbsp;&nbsp;&nbsp;Unrealized Appreciation on Spot Contracts | 115 | 151 |  | 43031 |
| &nbsp;&nbsp;&nbsp;Receivable for Capital Shares Sold |  |  |  | 326537661 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 4946086 | 1945623 | 1959405 | 3158033485 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Obligation to Return Securities Lending Collateral | 37265 |  |  | 3123641 |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased | 732808 | 426525 | 174427 | 546398545 |
| &nbsp;&nbsp;&nbsp;Payable due to Investment Adviser | 1816 | 629 | 756 | 836942 |
| &nbsp;&nbsp;&nbsp;Payable for Capital Shares Redeemed |  |  |  | 312988737 |
| &nbsp;&nbsp;&nbsp;Overdraft of Foreign Currency |  |  |  | 20127614 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 771889 | 427154 | 175183 | 883475479 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $4174197 | $1518469 | $1784222 | $2274558006 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $10069275 | $4897857 | $1348968 | $1727495265 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings (Accumulated Losses) | (5895078) | (3379388) | 435254 | 547062741 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $4174197 | $1518469 | $1784222 | $2274558006 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization — no par value) | 500000 | 130000 | 50000 | 39980000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $8.35 | $11.68 | $35.68 | $56.89 |
| \*Includes Market Value of Securities on Loan | $35544 | $— | $— | $6413975 |

---

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

*125*

![](logom4.jpg)

**Statements of Assets and Liabilities**

**May 31, 2025 (Unaudited)**

------

---

| | |
|:---|:---|
|  | **Global X<br> Infrastructure<br> Development ex-<br> U.S. ETF** |
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $3178986 |
| &nbsp;&nbsp;&nbsp;Cost (Proceeds) of Foreign Currency | (63) |
| &nbsp;&nbsp;&nbsp;Investments, at Value | $3391695 |
| &nbsp;&nbsp;&nbsp;Cash | 5647 |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold | 309524 |
| &nbsp;&nbsp;&nbsp;Dividend, Interest, and Securities Lending Income Receivable | 8413 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable | 1543 |
| &nbsp;&nbsp;&nbsp;Unrealized Appreciation on Spot Contracts | 41 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 3716863 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased | 307006 |
| &nbsp;&nbsp;&nbsp;Payable due to Investment Adviser | 1571 |
| &nbsp;&nbsp;&nbsp;Overdraft of Foreign Currency | 63 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 308640 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $3408223 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $3238242 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings | 169981 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $3408223 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization — no par value) | 130000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $26.22 |
| \*Includes Market Value of Securities on Loan | $10303636 |

---

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

*126*

![](logom4.jpg)

Statements of Operations

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X<br> Millennial<br> Consumer ETF** | **Global X Aging<br> Population ETF** | **Global X<br> FinTech ETF** | **Global X<br> Internet of<br> Things ETF** |
| **Investment Income:** | | | | |
| &nbsp;&nbsp;&nbsp;Dividend Income | $353445 | $481889 | $906447 | $1496840 |
| &nbsp;&nbsp;&nbsp;Interest Income | 2611 | 1347 | 3291 | 2415 |
| &nbsp;&nbsp;&nbsp;Security Lending Income, Net | 5232 |  | 56373 | 27819 |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld |  | (25372) | (75508) | (95827) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 361288 | 457864 | 890603 | 1431247 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Supervision and Administration Fees<sup>(1)</sup> | 300858 | 146302 | 1009694 | 755161 |
| &nbsp;&nbsp;&nbsp;Custodian Fees<sup>(2)</sup> | 132 | 72 | 1490 | 2315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 300990 | 146374 | 1011184 | 757476 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | 60298 | 311490 | (120581) | 673771 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>(3)</sup> | (1266212) | (555535) | (2304485) | 12985287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Transactions |  | 429 | 197 | 11487 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | (1266212) | (555106) | (2304288) | 12996774 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 411546 | (603353) | (30046908) | (17512061) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Translations |  | 9012 | 16963 | 16335 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | 411546 | (594341) | (30029945) | (17495726) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | (854666) | (1149447) | (32334233) | (4498952) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Operations** | $(794368) | $(837957) | $(32454814) | $(3825181) |

---

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

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

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

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

*127*

![](logom4.jpg)

Statements of Operations

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X<br> Robotics &<br> Artificial<br> Intelligence ETF** | **Global X U.S.<br> Infrastructure<br> Development<br> ETF** | **Global X<br> Autonomous &<br> Electric Vehicles<br> ETF** | **Global X<br> Artificial<br> Intelligence &<br> Technology ETF** |
| **Investment Income:** | | | | |
| &nbsp;&nbsp;&nbsp;Dividend Income | $13098103 | $48740691 | $3054875 | $12969457 |
| &nbsp;&nbsp;&nbsp;Interest Income | 64366 | 175614 | 11665 | 82447 |
| &nbsp;&nbsp;&nbsp;Security Lending Income, Net | 4501465 | 224580 | 788006 | 376208 |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (1001312) |  | 20066 | (871040) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 16662622 | 49140885 | 3874612 | 12557072 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Supervision and Administration Fees<sup>(1)</sup> | 8718933 | 19467867 | 1159801 | 9794368 |
| &nbsp;&nbsp;&nbsp;Custodian Fees<sup>(2)</sup> | 45715 | 532 | 3602 | 10402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 8764648 | 19468399 | 1163403 | 9804770 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 7897974 | 29672486 | 2711209 | 2752302 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>(3)</sup> | 3873099 | 686981844 | (63455497) | 133870627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | (313241) | (1852116) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Transactions | (112358) |  | (18725) | 234246 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | 3447500 | 685129728 | (63474222) | 134104873 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (210244320) | (1656099586) | 40998155 | (43824501) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | 811989 | (144668) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Translations | 762652 |  | 63380 | 50942 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | (208669679) | (1656244254) | 41061535 | (43773559) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | (205222179) | (971114526) | (22412687) | 90331314 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | $(197324205) | $(941442040) | $(19701478) | $93083616 |

---

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

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

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

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

*128*

![](logom4.jpg)

Statements of Operations

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X<br> Genomics &<br> Biotechnology<br> ETF** | **Global X Cloud<br> Computing ETF** | **Global X<br> Cybersecurity<br> ETF** | **Global X Dorsey<br> Wright Thematic<br> ETF** |
| **Investment Income:** | | | | |
| &nbsp;&nbsp;&nbsp;Dividend Income | $134199 | $212078 | $2867294 | $— |
| &nbsp;&nbsp;&nbsp;Dividend Income, from Affiliated Investments |  |  |  | 72231 |
| &nbsp;&nbsp;&nbsp;Interest Income | 1699 | 4966 | 20426 | 203 |
| &nbsp;&nbsp;&nbsp;Security Lending Income, Net | 49870 | 23045 | 40377 | 18040 |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | 4719 | (1036) | (240441) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 190487 | 239053 | 2687656 | 90474 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Supervision and Administration Fees<sup>(1)</sup> | 148184 | 1176824 | 2234687 | 30467 |
| &nbsp;&nbsp;&nbsp;Custodian Fees<sup>(2)</sup> | 58 | 277 | 1167 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 148242 | 1177101 | 2235854 | 30585 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | 42245 | (938048) | 451802 | 59889 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>(3)</sup> | (32716996) | 4148668 | (32151208) | 42793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Investments |  |  |  | (6918104) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts |  |  | (59619) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Transactions | (1036) | (158) | (67626) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment from Adviser<sup>(4)</sup> |  |  |  | 34664 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | (32718032) | 4148510 | (32278453) | (6840647) |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 12245177 | (27051163) | 74845624 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Investments |  |  |  | 5994301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts |  |  | (1299) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Translations |  | 7 | 18270 |  |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | 12245177 | (27051156) | 74862595 | 5994301 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | (20472855) | (22902646) | 42584142 | (846346) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | $(20430610) | $(23840694) | $43035944 | $(786457) |

---

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

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

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

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

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

*129*

![](logom4.jpg)

Statements of Operations

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Video<br> Games &<br> Esports ETF** | **Global X<br> HealthTech ETF** | **Global X<br> CleanTech ETF** | **Global X Data<br> Center & Digital<br> Infrastructure<br> ETF** |
| **Investment Income:** | | | | |
| &nbsp;&nbsp;&nbsp;Dividend Income | $1076531 | $519872 | $87892 | $1804488 |
| &nbsp;&nbsp;&nbsp;Interest Income | 3592 | 945 | 581 | 6777 |
| &nbsp;&nbsp;&nbsp;Security Lending Income, Net | 56161 | 27308 | 56142 | 91859 |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | 33801 | (7057) | (13212) | (65261) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 1170085 | 541068 | 131403 | 1837863 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Supervision and Administration Fees<sup>(1)</sup> | 270176 | 117732 | 66792 | 508440 |
| &nbsp;&nbsp;&nbsp;Custodian Fees<sup>(2)</sup> | 492 | 1795 | 468 | 1528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 270668 | 119527 | 67260 | 509968 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 899417 | 421541 | 64143 | 1327895 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>(3)</sup> | (11063550) | (25808106) | (27057698) | (343716) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Transactions | (13386) | (1967) | (4574) | 15516 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | (11076936) | (25810073) | (27062272) | (328200) |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 31989702 | 25349251 | 23221357 | (3975542) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Translations | 12516 | 1979 | 1894 | (975) |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | 32002218 | 25351230 | 23223251 | (3976517) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 20925282 | (458843) | (3839021) | (4304717) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | $21824699 | $(37302) | $(3774878) | $(2976822) |

---

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

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

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

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

*130*

![](logom4.jpg)

Statements of Operations

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Clean<br> Water ETF** | **Global X<br> AgTech & Food<br> Innovation ETF** | **Global X<br> Blockchain ETF** | **Global X<br> Hydrogen ETF** |
| **Investment Income:** | | | | |
| &nbsp;&nbsp;&nbsp;Dividend Income | $98766 | $67291 | $142870 | $39754 |
| &nbsp;&nbsp;&nbsp;Interest Income | 184 | 322 | 13056 | 2141 |
| &nbsp;&nbsp;&nbsp;Security Lending Income, Net |  | 4838 | 518858 | 527066 |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (1474) | (4998) | (14241) | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 97476 | 67453 | 660543 | 569302 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Supervision and Administration Fees<sup>(1)</sup> | 25162 | 17851 | 402927 | 77736 |
| &nbsp;&nbsp;&nbsp;Custodian Fees<sup>(2)</sup> | 83 | 4 | 1263 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 25245 | 17855 | 404190 | 77989 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 72231 | 49598 | 256353 | 491313 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>(3)</sup> | 118319 | (6724) | (2806082) | (13840673) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Transactions | (826) | 476 | (2134) | (4296) |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | 117493 | (6248) | (2808216) | (13844969) |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (144695) | 94414 | (85044502) | 2280514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Translations | 127 | (322) | 4967 | 792 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | (144568) | 94092 | (85039535) | 2281306 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | (27075) | 87844 | (87847751) | (11563663) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | $45156 | $137442 | $(87591398) | $(11072350) |

---

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

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

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

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

*131*

![](logom4.jpg)

Statements of Operations

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Solar<br> ETF** | **Global X Wind<br> Energy ETF** | **Global X<br> PropTech ETF** | **Global X<br> Defense Tech<br> ETF** |
| **Investment Income:** | | | | |
| &nbsp;&nbsp;&nbsp;Dividend Income | $9086 | $9735 | $4607 | $8941795 |
| &nbsp;&nbsp;&nbsp;Interest Income | 151 | 42 | 25 | 29611 |
| &nbsp;&nbsp;&nbsp;Security Lending Income, Net | 1777 | 84 |  | 41329 |
| &nbsp;&nbsp;&nbsp;Reclaim Income |  | 752 |  |  |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (1943) | (2186) | (210) | (604048) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 9071 | 8427 | 4422 | 8408687 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Supervision and Administration Fees<sup>(1)</sup> | 13221 | 4135 | 4330 | 2810672 |
| &nbsp;&nbsp;&nbsp;Custodian Fees<sup>(2)</sup> | 40 | 3 | 1 | 929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 13261 | 4138 | 4331 | 2811601 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | (4190) | 4289 | 91 | 5597086 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>(3)</sup> | (1253417) | (472407) | 54892 | 136203995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Transactions | 1221 | (20) | (1) | 6846 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | (1252196) | (472427) | 54891 | 136210841 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 137748 | 387466 | (79103) | 350490616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Translations | 132 | 171 | 41 | 59260 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | 137880 | 387637 | (79062) | 350549876 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | (1114316) | (84790) | (24171) | 486760717 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | $(1118506) | $(80501) | $(24080) | $492357803 |

---

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

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

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

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

*132*

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Statements of Operations

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

------

---

| | |
|:---|:---|
|  | **Global X<br> Infrastructure<br> Development<br> ex-U.S. ETF** |
| **Investment Income:** | |
| &nbsp;&nbsp;&nbsp;Dividend Income | $41257 |
| &nbsp;&nbsp;&nbsp;Interest Income | 262 |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (5375) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 36144 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Supervision and Administration Fees<sup>(1)</sup> | 6624 |
| &nbsp;&nbsp;&nbsp;Custodian Fees<sup>(2)</sup> | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 6668 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 29476 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>(3)</sup> | (64295) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Transactions | (2298) |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | (66593) |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 304041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Translations | 467 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | 304508 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 237915 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $267391 |

---

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

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

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

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

*133*

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Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Millennial Consumer ETF** | **Global X Millennial Consumer ETF** | **Global X Aging Population ETF** | **Global X Aging Population ETF** |
|  | **Period Ended<br> May 31, 2025 <br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024** | **Period Ended<br> May 31, 2025 <br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $60298 | $358535 | $311490 | $473830 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (1266212) | 7440234 | (555106) | 2021927 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 411546 | 34290075 | (594341) | 7689923 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (794368) | 42088844 | (837957) | 10185680 |
| **Distributions:** | (230762) | (409955) | (279179) | (438748) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 3545777 | 17677930 | 867 | 11786435 |
| &nbsp;&nbsp;&nbsp;Redeemed | (12737072) | (33819173) | (3992420) | (13226750) |
| &nbsp;&nbsp;&nbsp;**Decrease in Net Assets from Capital Share Transactions** | (9191295) | (16141243) | (3991553) | (1440315) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | (10216425) | 25537646 | (5108689) | 8306617 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 131031003 | 105493357 | 61902250 | 53595633 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $120814578 | $131031003 | $56793561 | $61902250 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 80000 | 470000 |  | 390000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (280000) | (890000) | (130000) | (440000) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Shares Outstanding from Share Transactions** | (200000) | (420000) | (130000) | (50000) |

---

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

*134*

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Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X FinTech ETF** | **Global X FinTech ETF** | **Global X Internet of Things ETF** | **Global X Internet of Things ETF** |
|  | **Period Ended<br> May 31, 2025 <br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024** | **Period Ended<br> May 31, 2025 <br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $(120581) | $227547 | $673771 | $1394186 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (2304288) | (34155171) | 12996774 | 12008509 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (30029945) | 169039280 | (17495726) | 18511568 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (32454814) | 135111656 | (3825181) | 31914263 |
| **Distributions:** | (1677055) | (709172) | (1195538) | (1821857) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 2915139 | 40238180 | 22168769 | 24843 |
| &nbsp;&nbsp;&nbsp;Redeemed | (37094662) | (176661379) | (41187139) | (76882333) |
| &nbsp;&nbsp;&nbsp;**Decrease in Net Assets from Capital Share Transactions** | (34179523) | (136423199) | (19018370) | (76857490) |
| &nbsp;&nbsp;&nbsp;**Total Decrease in Net Assets** | (68311392) | (2020715) | (24039089) | (46765084) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 349456951 | 351477666 | 240722134 | 287487218 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $281145559 | $349456951 | $216683045 | $240722134 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 90000 | 1480000 | 660000 |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (1220000) | (6900000) | (1190000) | (2200000) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Shares Outstanding from Share Transactions** | (1130000) | (5420000) | (530000) | (2200000) |

---

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

*135*

![](logom4.jpg)

Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Robotics & Artificial<br> Intelligence ETF** | **Global X Robotics & Artificial<br> Intelligence ETF** | **Global X U.S. Infrastructure<br> Development ETF** | **Global X U.S. Infrastructure<br> Development ETF** |
|  | **Period Ended<br> May 31, 2025 (Unaudited)** | **Year Ended<br> November 30,<br> 2024** | **Period Ended<br> May 31, 2025<br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $7897974 | $2012671 | $29672486 | $45807986 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 3447500 | 437616289 | 685129728 | 402674143 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (208669679) | 115781926 | (1656244254) | 2221107642 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (197324205) | 555410886 | (941442040) | 2669589771 |
| **Distributions:** |  | (1998947) | (29555222) | (41670377) |
| **Return of Capital:** |  | (2145659) |  |  |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 334918107 | 886400690 | 1361330618 | 2919209785 |
| &nbsp;&nbsp;&nbsp;Redeemed | (237040111) | (1059022563) | (1927479467) | (985071513) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | 97877996 | (172621873) | (566148849) | 1934138272 |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | (99446209) | 378644407 | (1537146111) | 4562057666 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 2648468039 | 2269823632 | 9715853492 | 5153795826 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $2549021830 | $2648468039 | $8178707381 | $9715853492 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 10440000 | 28080000 | 32710000 | 75500000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (7870000) | (34190000) | (48240000) | (26550000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 2570000 | (6110000) | (15530000) | 48950000 |

---

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

*136*

![](logom4.jpg)

Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Autonomous & Electric<br> Vehicles ETF** | **Global X Autonomous & Electric<br> Vehicles ETF** | **Global X Artificial Intelligence &<br> Technology ETF** | **Global X Artificial Intelligence &<br> Technology ETF** |
|  | **Period Ended<br> May 31, 2025 <br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024** | **Period Ended<br> May 31, 2025 <br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $2711209 | $6570704 | $2752302 | $3449900 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (63474222) | (18087155) | 134104873 | 89690512 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 41061535 | 35482941 | (43773559) | 338424963 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (19701478) | 23966490 | 93083616 | 431565375 |
| **Distributions:** | (4884317) | (10410110) | (737324) | (3035733) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 34309 | 41024642 | 1035092607 | 1544919362 |
| &nbsp;&nbsp;&nbsp;Redeemed | (96062815) | (337253139) | (408834645) | (272634683) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | (96028506) | (296228497) | 626257962 | 1272284679 |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | (120614301) | (282672117) | 718604254 | 1700814321 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 415072792 | 697744909 | 2490689554 | 789875233 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $294458491 | $415072792 | $3209293808 | $2490689554 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  | 1780000 | 25620000 | 45800000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (4210000) | (14310000) | (10310000) | (8100000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (4210000) | (12530000) | 15310000 | 37700000 |

---

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

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

*137*

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Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Genomics &<br> Biotechnology ETF** | **Global X Genomics &<br> Biotechnology ETF** | **Global X Cloud Computing ETF** | **Global X Cloud Computing ETF** |
|  | **Period Ended<br> May 31, 2025<br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024** | **Period Ended<br> May 31, 2025<br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $42245 | $(209861) | $(938048) | $(2588014) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (32718032) | (4294029) | 4148510 | (99311086) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 12245177 | 7941313 | (27051156) | 152128322 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (20430610) | 3437423 | (23840694) | 50229222 |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  | 12339951 | 49355806 | 81157472 |
| &nbsp;&nbsp;&nbsp;Redeemed | (17709105) | (29649944) | (64951009) | (336051126) |
| &nbsp;&nbsp;&nbsp;**Decrease in Net Assets from Capital Share Transactions** | (17709105) | (17309993) | (15595203) | (254893654) |
| &nbsp;&nbsp;&nbsp;**Total Decrease in Net Assets** | (38139715) | (13872570) | (39435897) | (204664432) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 79156476 | 93029046 | 376498010 | 581162442 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $41016761 | $79156476 | $337062113 | $376498010 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  | 1050000 | 2230000 | 3750000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (2030000) | (2680000) | (2810000) | (16430000) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Shares Outstanding from Share Transactions** | (2030000) | (1630000) | (580000) | (12680000) |

---

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

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

*138*

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Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Cybersecurity ETF** | **Global X Cybersecurity ETF** | **Global X Dorsey Wright Thematic<br> ETF** | **Global X Dorsey Wright Thematic<br> ETF** |
|  | **Period Ended<br> May 31, 2025<br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024** | **Period Ended<br> May 31, 2025<br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $451802 | $1275289 | $59889 | $236106 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (32278453) | (7095875) | (6840647) | (18643691) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 74862595 | 164928899 | 5994301 | 20996812 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 43035944 | 159108313 | (786457) | 2589227 |
| **Distributions:** | (755500) | (741657) | (75262) | (412897) |
| **Return of Capital:** |  |  |  | (180016) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 232168809 | 136325379 |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (11596837) | (122935482) | (5146768) | (18483328) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | 220571972 | 13389897 | (5146768) | (18483328) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | 262852416 | 171756553 | (6008487) | (16487014) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 819307797 | 647551244 | 15782874 | 32269888 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $1082160213 | $819307797 | $9774387 | $15782874 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 6880000 | 4550000 |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (360000) | (4180000) | (220000) | (780000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 6520000 | 370000 | (220000) | (780000) |

---

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

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

*139*

![](logom4.jpg)

Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Video Games & Esports<br> ETF** | **Global X Video Games & Esports<br> ETF** | **Global X HealthTech ETF** | **Global X HealthTech ETF** |
|  | **Period Ended<br> May 31, 2025 <br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024** | **Period Ended<br> May 31, 2025 <br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $899417 | $1133488 | $421541 | $(242153) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (11076936) | (7834527) | (25810073) | (39631713) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 32002218 | 29586600 | 25351230 | 47423073 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 21824699 | 22885561 | (37302) | 7549207 |
| **Distributions:** | (865421) | (1027863) |  |  |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 30254511 | 19150310 | 5090365 | 3804503 |
| &nbsp;&nbsp;&nbsp;Redeemed | (13356773) | (64493472) | (10201478) | (32762447) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | 16897738 | (45343162) | (5111113) | (28957944) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | 37857016 | (23485464) | (5148415) | (21408737) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 108853648 | 132339112 | 43510577 | 64919314 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $146710664 | $108853648 | $38362162 | $43510577 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1060000 | 790000 | 510000 | 380000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (540000) | (2960000) | (1000000) | (3470000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 520000 | (2170000) | (490000) | (3090000) |

---

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

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

*140*

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Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X CleanTech ETF** | **Global X CleanTech ETF** | **Global X Data Center & Digital<br> Infrastructure ETF** | **Global X Data Center & Digital<br> Infrastructure ETF** |
|  | **Period Ended<br> May 31, 2025 <br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024** | **Period Ended<br> May 31, 2025 <br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $64143 | $467618 | $1327895 | $1277561 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (27062272) | (27406861) | (328200) | (2720438) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 23223251 | 14661370 | (3976517) | 19526701 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (3774878) | (12277873) | (2976822) | 18083824 |
| **Distributions:** | (358646) | (452237) | (1649870) | (881454) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1569782 | 2867916 | 129799516 | 96258720 |
| &nbsp;&nbsp;&nbsp;Redeemed | (13260628) | (14166470) | (18157939) | (14486966) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | (11690846) | (11298554) | 111641577 | 81771754 |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | (15824370) | (24028664) | 107014885 | 98974124 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 34845558 | 58874222 | 138296999 | 39322875 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $19021188 | $34845558 | $245311884 | $138296999 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 230000 | 310000 | 7540000 | 6030000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (2050000) | (1570000) | (1150000) | (910000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (1820000) | (1260000) | 6390000 | 5120000 |

---

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

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

*141*

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Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Clean Water ETF** | **Global X Clean Water ETF** | **Global X AgTech & Food<br> Innovation ETF** | **Global X AgTech & Food<br> Innovation ETF** |
|  | **Period Ended<br> May 31, 2025 <br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024** | **Period Ended<br> May 31, 2025 <br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $72231 | $148509 | $49598 | $79230 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 117493 | 257162 | (6248) | 36283 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (144568) | 1460606 | 94092 | 134106 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 45156 | 1866277 | 137442 | 249619 |
| **Distributions:** | (88628) | (135553) | (45203) | (73440) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 845361 | 705409 | 4825655 | 816105 |
| &nbsp;&nbsp;&nbsp;Redeemed | (854039) | (1142463) | (810095) | (741810) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | (8678) | (437054) | 4015560 | 74295 |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | (52150) | 1293670 | 4107799 | 250474 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 10687200 | 9393530 | 4726170 | 4475696 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $10635050 | $10687200 | $8833969 | $4726170 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 50000 | 40000 | 460000 | 80000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (50000) | (70000) | (80000) | (70000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** |  | (30000) | 380000 | 10000 |

---

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

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

*142*

![](logom4.jpg)

Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Blockchain ETF** | **Global X Blockchain ETF** | **Global X Hydrogen ETF** | **Global X Hydrogen ETF** |
|  | **Period Ended<br> May 31, 2025 <br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024** | **Period Ended<br> May 31, 2025 <br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024‡** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $256353 | $234281 | $491313 | $119186 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (2808216) | 36979432 | (13844969) | (12408628) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (85039535) | 91092804 | 2281306 | 2756577 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (87591398) | 128306517 | (11072350) | (9532865) |
| **Distributions:** | (11775979) | (3111807) | (140070) |  |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 30022687 | 79826525 | 880 | 14395215 |
| &nbsp;&nbsp;&nbsp;Redeemed | (10620619) | (65369959) | (2798389) | (3003) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | 19402068 | 14456566 | (2797509) | 14392212 |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | (79965309) | 139651276 | (14009929) | 4859347 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 226775697 | 87124421 | 40636541 | 35777194 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $146810388 | $226775697 | $26626612 | $40636541 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 580000 | 1600000 |  | 492000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (220000) | (1250000) | (140000) | (105) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 360000 | 350000 | (140000) | 491895 |

---

*‡ Share transactions have been adjusted to reflect the effect of a 1 for 5 reverse share split on June 14, 2024. (See Note 10 in the Notes to Financial Statements).*

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

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

*143*

![](logom4.jpg)

Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Solar ETF** | **Global X Solar ETF** | **Global X Wind Energy ETF** | **Global X Wind Energy ETF** |
|  | **Period Ended<br> May 31, 2025 <br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024** | **Period Ended<br> May 31, 2025 <br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $(4190) | $33979 | $4289 | $25712 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (1252196) | (1083435) | (472427) | (627100) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 137880 | 151780 | 387637 | 435066 |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Operations** | (1118506) | (897676) | (80501) | (166322) |
| **Distributions:** | (21836) | (17578) | (18721) | (25575) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 2658 | 2237833 | 301 |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (1296159) | (689005) | (529323) | (366777) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | (1293501) | 1548828 | (529022) | (366777) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | (2433843) | 633574 | (628244) | (558674) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 6608040 | 5974466 | 2146713 | 2705387 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $4174197 | $6608040 | $1518469 | $2146713 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  | 210000 |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (150000) | (70000) | (50000) | (30000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (150000) | 140000 | (50000) | (30000) |

---

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

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

*144*

![](logom4.jpg)

Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X PropTech ETF** | **Global X PropTech ETF** | **Global X Defense Tech ETF** | **Global X Defense Tech ETF** |
|  | **Period Ended<br> May 31, 2025 <br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024** | **Period Ended<br> May 31, 2025 <br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $91 | $2381 | $5597086 | $2068025 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 54891 | 604957 | 136210841 | 19721886 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (79062) | 293223 | 350549876 | 57076700 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (24080) | 900561 | 492357803 | 78866611 |
| **Distributions:** |  | (74322) | (2431639) | (487195) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  | 309612 | 1459067658 | 727260507 |
| &nbsp;&nbsp;&nbsp;Redeemed |  | (2053540) | (440472677) | (44197921) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** |  | (1743928) | 1018594981 | 683062586 |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | (24080) | (917689) | 1508521145 | 761442002 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 1808302 | 2725991 | 766036861 | 4594859 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $1784222 | $1808302 | $2274558006 | $766036861 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  | 10000 | 29300000 | 20510000 |
| &nbsp;&nbsp;&nbsp;Redeemed |  | (60000) | (8830000) | (1170000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** |  | (50000) | 20470000 | 19340000 |

---

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

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

*145*

![](logom4.jpg)

Statement of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | **Global X Infrastructure<br> Development ex-U.S. ETF** | **Global X Infrastructure<br> Development ex-U.S. ETF** |
|  | **Period Ended<br> May 31, 2025<br> (Unaudited)** | **<br> Period Ended<br> November 30,<br> 2024<sup>(1)</sup>** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $29476 | $8130 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (66593) | (6845) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 304508 | (91588) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 267391 | (90303) |
| **Distributions:** | (7107) |  |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 2682041 | 2487556 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1931355) |  |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 750686 | 2487556 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 1010970 | 2397253 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 2397253 |  |
| &nbsp;&nbsp;&nbsp;End of Period | $3408223 | $2397253 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 110000 | 100000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (80000) |  |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 30000 | 100000 |

---

*(1)* *The Fund commenced operations on August 27, 2024.* 

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

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

*146*

Financial Highlights

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net<br> Asset Value,<br> Beginning<br> of Period<br> ($)** | **Net Investment<br> Income (Loss)<br> ($)\*** | **Net Realized<br> and Unrealized<br> Gain (Loss) on<br> Investments<br> ($)** | **Total from<br> Operations<br> ($)** | **Distribution<br> from Net<br> Investment<br> Income ($)** | **Distribution <br> from Capital<br> Gains ($)** | **Return of<br> Capital ($)** |
| **Global X Millennial Consumer ETF** |  |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 46.96 | 0.02 | (0.24) | (0.22) | (0.09) |  |  |
| 2024 | 32.86 | 0.12 | 14.11 | 14.23 | (0.13) |  |  |
| 2023 | 28.43 | 0.07 | 4.43 | 4.50 | (0.07) |  |  |
| 2022 | 42.68 | 0.05 | (14.23) | (14.18) | (0.07) |  |  |
| 2021 | 35.23 | 0.08 | 7.43 | 7.51 | (0.06) |  |  |
| 2020 | 25.55 | 0.05 | 9.74 | 9.79 | (0.10) | (0.01) |  |
| **Global X Aging Population ETF** |  |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 31.91 | 0.16 | (0.54) | (0.38) | (0.15) |  |  |
| 2024 | 26.93 | 0.24 | 4.97 | 5.21 | (0.23) |  |  |
| 2023 | 26.46 | 0.23 | 0.41 | 0.64 | (0.17) |  |  |
| 2022 | 27.41 | 0.20 | (0.87) | (0.67) | (0.26) |  | (0.02) |
| 2021 | 26.82 | 0.13 | 0.55 | 0.68 | (0.09) |  |  |
| 2020 | 23.55 | 0.10 | 3.35 | 3.45 | (0.13) | (0.05) |  |
| **Global X FinTech ETF** |  |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 33.96 | (0.01) | (3.09) | (3.10) | (0.17) |  |  |
| 2024 | 22.37 | 0.02 | 11.63 | 11.65 | (0.06) |  |  |
| 2023 | 20.44 | 0.05 | 1.93 | 1.98 | (0.05) |  |  |
| 2022 | 45.52 | 0.09 | (22.96) | (22.87) | (2.16) |  | (0.05) |
| 2021 | 42.75 | (0.13) | 2.90 | 2.77 |  |  |  |
| 2020 | 30.49 | (0.11) | 12.37 | 12.26 |  |  |  |

---

---

| | |
|:---|:---|
| *\** | *Per share data calculated using average shares method.* |
| *\*\** | *Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *†* | *Annualized.* |
| *††* | *Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.* |
| *§* | *For the period ended May 31, 2025.* |
| *^* | *Effective April 1, 2020, the Fund's fees were permanently lowered to 0.50%. Prior to April 1, 2020, the ratio of Expenses to Average Net Assets included the effect of a waiver. If these offsets were excluded, the ratio would have been 0.56% and 0.68%, for the years ended November 30, 2020 and 2019, respectively.* |
| *^^* | *Effective April 1, 2020, the Fund's fees were permanently lowered to 0.50%. Prior to April 1, 2020, the ratio of Expenses to Average Net Assets included the effect of a waiver. If these offsets were excluded, the ratio would have been 0.55%, for the year ended November 30, 2020.* |

---

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

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

*147*

![](logom4.jpg)

Financial Highlights

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total from<br> Distributions ($)** | **Net<br> Asset Value,<br> End of<br> Period ($)** | **Total<br> Return<br> (%)\*\*** | **Net Assets, End of<br> Period ($)(000)** | **Ratio of Expenses<br> to Average Net<br> Assets (%)** | **Ratio of Expenses<br> to Average Net<br> Assets (%)** | **Ratio of Net<br> Investment Income<br> (Loss) to Average<br> Net Assets (%)** | **Portfolio<br> Turnover Rate<br> (%)<sup>††</sup>** |
| (0.09) | 46.65 | (0.47) | 120815 | 0.50 | † | 0.10 | 10.29 |
| (0.13) | 46.96 | 43.42 | 131031 | 0.50 |  | 0.31 | 10.95 |
| (0.07) | 32.86 | 15.87 | 105493 | 0.50 |  | 0.23 | 16.60 |
| (0.07) | 28.43 | (33.29) | 105459 | 0.50 |  | 0.17 | 14.75 |
| (0.06) | 42.68 | 21.33 | 227075 | 0.50 |  | 0.18 | 11.59 |
| (0.11) | 35.23 | 38.47 | 114511 | 0.50 | ^ | 0.19 | 7.11 |
| (0.15) | 31.38 | (1.18) | 56794 | 0.50 | † | 1.06 | 8.97 |
| (0.23) | 31.91 | 19.41 | 61902 | 0.50 |  | 0.80 | 18.26 |
| (0.17) | 26.93 | 2.42 | 53596 | 0.50 |  | 0.87 | 13.34 |
| (0.28) | 26.46 | (2.47) | 41800 | 0.50 |  | 0.76 | 13.50 |
| (0.09) | 27.41 | 2.51 | 59756 | 0.50 |  | 0.43 | 19.57 |
| (0.18) | 26.82 | 14.79 | 42907 | 0.50 | ^^ | 0.43 | 9.10 |
| (0.17) | 30.69 | (9.15) | 281146 | 0.68 | † | (0.08) | 6.75 |
| (0.06) | 33.96 | 52.18 | 349457 | 0.68 |  | 0.07 | 13.79 |
| (0.05) | 22.37 | 9.70 | 351478 | 0.68 |  | 0.23 | 13.12 |
| (2.21) | 20.44 | (52.58) | 455463 | 0.68 |  | 0.33 | 38.15 |
|  | 45.52 | 6.48 | 1289006 | 0.68 |  | (0.28) | 29.60 |
|  | 42.75 | 40.21 | 874175 | 0.68 |  | (0.33) | 15.75 |

---

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

*148*

Financial Highlights

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net<br> Asset Value,<br> Beginning<br> of Period<br> ($)** | **Net Investment<br> Income<br> ($)\*** | **Net Realized<br> and Unrealized<br> Gain (Loss) on<br> Investments<br> ($)** | **Total from<br> Operations<br> ($)** | **Distribution<br> from Net<br> Investment<br> Income ($)** | **Distribution<br> from Capital<br> Gains ($)** | **Return of<br> Capital ($)** |
| **Global X Internet of Things ETF** |  |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 36.14 | 0.11 | (0.72) | (0.61) | (0.18) |  |  |
| 2024 | 32.45 | 0.18 | 3.73 | 3.91 | (0.22) |  |  |
| 2023 | 30.54 | 0.25 | 1.95 | 2.20 | (0.29) |  |  |
| 2022 | 37.68 | 0.21 | (7.17) | (6.96) | (0.13) | (0.05) |  |
| 2021 | 29.95 | 0.13 | 7.72 | 7.85 | (0.12) |  |  |
| 2020 | 22.89 | 0.17 | 7.08 | 7.25 | (0.19) |  |  |
| **Global X Robotics & Artificial Intelligence ETF** |  |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 33.25 | 0.10 | (2.35) | (2.25) |  |  |  |
| 2024 | 26.47 | 0.02 | 6.81 | 6.83 | (0.03) |  | (0.02) |
| 2023 | 21.09 | 0.07 | 5.36 | 5.43 | (0.05) |  |  |
| 2022 | 36.24 | 0.04 | (15.14) | (15.10) | (0.04) |  | (0.01) |
| 2021 | 31.78 | 0.02 | 4.50 | 4.52 | (0.02) |  | (0.04) |
| 2020 | 21.43 | 0.05 | 10.39 | 10.44 | (0.08) |  | (0.01) |
| **Global X U.S. Infrastructure Development ETF** |  |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 45.71 | 0.14 | (4.20) | (4.06) | (0.14) |  |  |
| 2024 | 31.50 | 0.24 | 14.21 | 14.45 | (0.24) |  |  |
| 2023 | 27.94 | 0.24 | 3.54 | 3.78 | (0.22) |  |  |
| 2022 | 27.19 | 0.19 | 0.74 | 0.93 | (0.17) | (0.01) |  |
| 2021 | 20.24 | 0.17 | 6.87 | 7.04 | (0.09) |  |  |
| 2020 | 17.43 | 0.16 | 2.74 | 2.90 | (0.09) |  |  |

---

---

| | |
|:---|:---|
| *\** | *Per share data calculated using average shares method.* |
| *\*\** | *Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *†* | *Annualized.* |
| *††* | *Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.* |
| *§* | *For the period ended May 31, 2025.* |

---

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

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

*149*

![](logom4.jpg)

Financial Highlights

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total from<br> Distributions ($)** | **Net<br> Asset Value,<br> End of<br> Period ($)** | **Total<br> Return<br> (%)\*\*** | **Net Assets, End of<br> Period ($)(000)** | **Ratio of Expenses<br> to Average Net<br> Assets (%)** | **Ratio of Expenses<br> to Average Net<br> Assets (%)** | **Ratio of Net<br> Investment Income<br> to Average Net<br> Assets (%)** | **Ratio of Net<br> Investment Income<br> to Average Net<br> Assets (%)** | **Portfolio<br> Turnover Rate<br> (%)<sup>††</sup>** |
| (0.18) | 35.35 | (1.68) | 216683 | 0.68 | † | 0.61 | † | 12.11 |
| (0.22) | 36.14 | 12.06 | 240722 | 0.68 |  | 0.52 |  | 19.16 |
| (0.29) | 32.45 | 7.26 | 287487 | 0.68 |  | 0.79 |  | 11.12 |
| (0.18) | 30.54 | (18.52) | 305697 | 0.68 |  | 0.67 |  | 8.40 |
| (0.12) | 37.68 | 26.24 | 517291 | 0.68 |  | 0.37 |  | 9.25 |
| (0.19) | 29.95 | 31.88 | 296508 | 0.68 |  | 0.71 |  | 14.28 |
|  | 31.00 | (6.77) | 2549022 | 0.68 | † | 0.62 | † | 9.47 |
| (0.05) | 33.25 | 25.81 | 2648468 | 0.68 |  | 0.08 |  | 10.43 |
| (0.05) | 26.47 | 25.75 | 2269824 | 0.68 |  | 0.26 |  | 8.28 |
| (0.05) | 21.09 | (41.67) | 1341942 | 0.69 |  | 0.16 |  | 29.86 |
| (0.06) | 36.24 | 14.23 | 2703488 | 0.68 |  | 0.06 |  | 22.66 |
| (0.09) | 31.78 | 48.90 | 2158175 | 0.68 |  | 0.21 |  | 22.27 |
| (0.14) | 41.51 | (8.88) | 8178707 | 0.47 | † | 0.72 | † | 9.48 |
| (0.24) | 45.71 | 46.08 | 9715853 | 0.47 |  | 0.63 |  | 4.41 |
| (0.22) | 31.50 | 13.63 | 5153796 | 0.47 |  | 0.82 |  | 5.99 |
| (0.18) | 27.94 | 3.48 | 3748693 | 0.47 |  | 0.74 |  | 9.78 |
| (0.09) | 27.19 | 34.90 | 5186497 | 0.47 |  | 0.64 |  | 10.07 |
| (0.09) | 20.24 | 16.77 | 653635 | 0.47 |  | 0.96 |  | 9.08 |

---

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

*150*

Financial Highlights

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net<br> Asset Value,<br> Beginning<br> of Period<br> ($)** | **Net Investment<br> Income (Loss)<br> ($)\*** | **Net Realized<br> and Unrealized<br> Gain (Loss) on<br> Investments<br> ($)** | **Total from<br> Operations<br> ($)** | **Distribution<br> from Net<br> Investment<br> Income ($)** | **Distribution<br> from Capital<br> Gains ($)** | **Return of<br> Capital ($)** |
| **Global X Autonomous & Electric Vehicles ETF** |  |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 23.64 | 0.18 | (1.47) | (1.29) | (0.29) |  |  |
| 2024 | 23.19 | 0.29 | 0.57 | 0.86 | (0.41) |  |  |
| 2023 | 22.89 | 0.38 | 0.23 | 0.61 | (0.31) |  |  |
| 2022 | 30.41 | 0.19 | (7.56) | (7.37) | (0.13) | (0.02) |  |
| 2021 | 21.75 | 0.09 | 8.65 | 8.74 | (0.08) |  |  |
| 2020 | 14.15 | 0.11 | 7.61 | 7.72 | (0.12) |  |  |
| **Global X Artificial Intelligence & Technology ETF** |  |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 38.75 | 0.04 | 1.55 | 1.59 | (0.01) |  |  |
| 2024 | 29.73 | 0.07 | 9.01 | 9.08 | (0.06) |  |  |
| 2023 | 21.54 | 0.07 | 8.21 | 8.28 | (0.09) |  |  |
| 2022 | 31.58 | 0.11 | (10.08) | (9.97) | (0.07) |  |  |
| 2021 | 25.84 | 0.05 | 5.78 | 5.83 | (0.09) |  |  |
| 2020 | 17.35 | 0.17 | 8.44 | 8.61 | (0.12) |  |  |
| **Global X Genomics & Biotechnology ETF** |  |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 10.83 | 0.01 | (3.07) | (3.06) |  |  |  |
| 2024 | 10.41 | (0.03) | 0.45 | 0.42 |  |  |  |
| 2023 | 13.45 | (0.04) | (3.00) | (3.04) |  |  |  |
| 2022 | 20.61 | (0.03) | (7.12) | (7.15) | (0.01) |  |  |
| 2021 | 21.01 | (0.08) | (0.29) | (0.37) |  | (0.03) |  |
| 2020 | 15.61 | (0.07) | 5.47 | 5.40 |  |  |  |

---

---

| | |
|:---|:---|
| *‡* | *Effective June 15 2020, the Fund's fees were permanently lowered to 0.50%.* |
| *§* | *For the period ended May 31, 2025.* |
| *\** | *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.* |

---

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

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

*151*

![](logom4.jpg)

Financial Highlights

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total from<br> Distributions ($)** | **Net<br> Asset Value,<br> End of<br> Period ($)** | **Total<br> Return<br> (%)\*\*** | **Net Assets, End of<br> Period ($)(000)** | **Ratio of Expenses<br> to Average Net<br> Assets (%)** | **Ratio of Expenses<br> to Average Net<br> Assets (%)** | **Ratio of Net<br> Investment Income<br> (Loss) to Average <br>Net Assets (%)** | **Portfolio<br> Turnover Rate<br> (%)<sup>††</sup>** |
| (0.29) | 22.06 | (5.51) | 294458 | 0.68 | † | 1.59 | 22.39 |
| (0.41) | 23.64 | 3.65 | 415073 | 0.68 |  | 1.21 | 26.13 |
| (0.31) | 23.19 | 2.71 | 697745 | 0.68 |  | 1.63 | 26.60 |
| (0.15) | 22.89 | (24.25) | 883478 | 0.68 |  | 0.74 | 34.76 |
| (0.08) | 30.41 | 40.22 | 1323546 | 0.68 |  | 0.33 | 18.17 |
| (0.12) | 21.75 | 54.98 | 135923 | 0.68 |  | 0.67 | 13.76 |
| (0.01) | 40.33 | 4.11 | 3209294 | 0.68 | † | 0.19 | 13.21 |
| (0.06) | 38.75 | 30.58 | 2490690 | 0.68 |  | 0.20 | 10.88 |
| (0.09) | 29.73 | 38.56 | 789875 | 0.68 |  | 0.28 | 19.08 |
| (0.07) | 21.54 | (31.58) | 130518 | 0.68 |  | 0.46 | 21.28 |
| (0.09) | 31.58 | 22.60 | 186334 | 0.68 |  | 0.17 | 26.37 |
| (0.12) | 25.84 | 49.84 | 120169 | 0.68 |  | 0.79 | 19.45 |
|  | 7.77 | (28.25) | 41017 | 0.50 | † | 0.14 | 21.30 |
|  | 10.83 | 4.03 | 79156 | 0.50 |  | (0.23) | 18.89 |
|  | 10.41 | (22.60) | 93029 | 0.50 |  | (0.34) | 16.59 |
| (0.01) | 13.45 | (34.72) | 209341 | 0.50 |  | (0.21) | 39.39 |
| (0.03) | 20.61 | (1.77) | 255572 | 0.50 |  | (0.35) | 29.25 |
|  | 21.01 | 34.59 | 81951 | 0.56 | ‡ | (0.40) | 29.76 |

---

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

*152*

Financial Highlights

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net<br> Asset Value,<br> Beginning<br> of Period<br> ($)** | **Net Investment<br> Income (Loss)<br> ($)\*** | **Net Realized<br> and Unrealized<br> Gain (Loss) on<br> Investments<br> ($)** | **Total from<br> Operations<br> ($)** | **Distribution<br> from Net<br> Investment<br> Income ($)** | **Distribution<br> from Capital<br> Gains ($)** | **Return of<br> Capital ($)** |
| **Global X Cloud Computing ETF** |  |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 24.64 | (0.06) | (1.65) | (1.71) |  |  |  |
| 2024 | 20.79 | (0.11) | 3.96 | 3.85 |  |  |  |
| 2023 | 16.77 | (0.10) | 4.12 | 4.02 |  |  |  |
| 2022 | 28.38 | (0.15) | (10.99) | (11.14) |  | (0.47) |  |
| 2021 | 25.84 | (0.15) | 2.69 | 2.54 |  |  |  |
| 2020 | 15.99 | (0.11) | 9.97 | 9.86 |  | (0.01) |  |
| **Global X Cybersecurity ETF** |  |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 33.44 | 0.02 | 1.46 | 1.48 | (0.03) |  |  |
| 2024 | 26.84 | 0.05 | 6.58 | 6.63 | (0.03) |  |  |
| 2023 | 22.85 | (0.03) | 4.34 | 4.31 |  | (0.32) |  |
| 2022 | 31.75 | (0.03) | (8.66) | (8.69) | (0.09) | (0.12) |  |
| 2021 | 22.75 | 0.12 | 8.90 | 9.02 | (0.01) | (0.01) |  |
| 2020 | 17.14 | 0.09 | 5.67 | 5.76 | (0.13) | (0.02) |  |
| **Global X Dorsey Wright Thematic ETF** |  |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 25.46 | 0.12 | (1.01) | (0.89) | (0.13) |  |  |
| 2024 | 23.05 | 0.26 | 2.66 | 2.92 | (0.36) |  | (0.15) |
| 2023 | 26.14 | 0.11 | (2.79) | (2.68) | (0.41) |  |  |
| 2022 | 47.65 | 0.44 | (21.33) | (20.89) | (0.62) |  |  |
| 2021 | 42.45 | 0.39 | 5.10 | 5.49 | (0.29) |  |  |
| 2020 | 26.50 | 0.10 | 15.96 | 16.06 | (0.11) |  |  |

---

---

| | |
|:---|:---|
| *§* | *For the period ended May 31, 2025.* |
| *\** | *Per share data calculated using average shares method.* |
| *\*\** | *Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *†* | *Annualized.* |
| *††* | *Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.* |
| *‡* | *Effective for the fiscal year ended November 30, 2022, the Fund began presenting acquired fund fees borne by the Adviser as part of its unitary fee agreement (See Note 3 in Notes to Financial Statements/Notes to Consolidated Financial Statements) as a realized gain on the Statement of Operations as compared to a contra-expense as in prior fiscal years. If such amounts had been presented as a realized gain in years prior to 2022, the ratio of Expenses to Average Net Assets would have been 0.50% each year.* |
| *^* | *Effective April 1, 2021, the Fund's management fees were permanently lowered to 0.50%. Prior to April 1, 2021, the ratio of Expenses to Average Net Assets included the effect of a waiver. If these offsets were excluded, the ratio would have been 0.52%, 0.60% and 0.60% for the years ended November 30, 2021, 2020 and 2019, respectively.* |
| *#* | *Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (See Note 3 in the Notes to Financial Statements.)* |
| *(1)* | *Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests.* |

---

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

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

*153*

![](logom4.jpg)

Financial Highlights

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total from<br> Distributions ($)** | **Net<br> Asset Value,<br> End of<br> Period ($)** | **Total<br> Return<br> (%)\*\*** | **Net Assets, End of<br> Period ($)(000)** | **Ratio of Expenses<br> to Average Net<br> Assets (%)** | **Ratio of Expenses<br> to Average Net<br> Assets (%)** | **Ratio of Net<br> Investment Income<br> (Loss) to Average <br> Net Assets (%)** | **Portfolio<br> Turnover Rate<br> (%)<sup>††</sup>** |
|  | 22.93 | (6.94) | 337062 | 0.68 | † | (0.54) | 5.54 |
|  | 24.64 | 18.52 | 376498 | 0.68 |  | (0.54) | 21.22 |
|  | 20.79 | 23.97 | 581162 | 0.68 |  | (0.54) | 21.60 |
| (0.47) | 16.77 | (39.88) | 589085 | 0.68 |  | (0.74) | 31.21 |
|  | 28.38 | 9.83 | 1317544 | 0.68 |  | (0.53) | 23.77 |
| (0.01) | 25.84 | 61.68 | 1405489 | 0.68 |  | (0.53) | 23.03 |
| (0.03) | 34.89 | 4.43 | 1082160 | 0.50 | † | 0.10 | 23.28 |
| (0.03) | 33.44 | 24.72 | 819308 | 0.51 |  | 0.17 | 23.91 |
| (0.32) | 26.84 | 19.29 | 647551 | 0.50 |  | (0.12) | 18.77 |
| (0.21) | 22.85 | (27.56) | 967942 | 0.51 |  | (0.11) | 57.81 |
| (0.02) | 31.75 | 39.68 | 1132090 | 0.50 | ^ | 0.41 | 26.34 |
| (0.15) | 22.75 | 33.78 | 46634 | 0.50 | ^ | 0.43 | 21.29 |
| (0.13) | 24.44 | (3.50) | 9774 | 0.50 | <sup>#</sup>† | 0.98 | 106.05 |
| (0.51) | 25.46 | 12.78 | 15783 | 0.50 | <sup>#</sup> | 1.10 | 30.26 |
| (0.41) | 23.05 | (10.30) | 32270 | 0.50 | <sup>#</sup> | 0.45 | 54.28 |
| (0.62) | 26.14 | (44.36) | 50979 | 0.50 | <sup>#</sup> | 1.32 | 55.00 |
| (0.29) | 47.65 | 12.95 | 110081 | (0.13) |)<sup>#</sup>‡ | 0.77 | 32.16 |
| (0.11) | 42.45 | 60.81 | 36081 | (0.12) |)<sup>#</sup>‡ | 0.29 | 103.23 |

---

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

*154*

![](logom4.jpg)

**Financial Highlights**

------

**Selected Per Share Data & Ratios**

**For a Share Outstanding Throughout each Year/Period**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net<br> Asset Value,<br> Beginning <br> of Period<br> ($)** | **Net Investment<br> Income (Loss)<br> ($)\*** | **Net Realized<br> and Unrealized<br> Gain (Loss) on<br> Investments <br> ($)** | **Total from<br> Operations<br> ($)** | **Distribution<br> from Net<br> Investment<br> Income ($)** | **Distribution<br> from Capital<br> Gains ($)** | **Return of<br> Capital ($)** |
| **Global X Video Games & Esports ETF** | **Global X Video Games & Esports ETF** |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 24.35 | 0.21 | 5.05 | 5.26 | (0.21) |  |  |
| 2024 | 19.93 | 0.20 | 4.38 | 4.58 | (0.16) |  |  |
| 2023 | 18.96 | 0.10 | 0.90 | 1.00 | (0.03) |  |  |
| 2022 | 29.52 | 0.08 | (10.39) | (10.31) | (0.14) | (0.07) | (0.04) |
| 2021 | 28.57 | 0.04 | 1.14 | 1.18 | (0.23) |  |  |
| 2020 | 15.73 | 0.02 | 12.86 | 12.88 | (0.04) |  |  |
| **Global X HealthTech ETF** | **Global X HealthTech ETF** |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 10.46 | 0.11 | (0.12) | (0.01) |  |  |  |
| 2024 | 8.95 | (0.04) | 1.55 | 1.51 |  |  |  |
| 2023 | 12.23 | (0.04) | (3.24) | (3.28) |  |  |  |
| 2022 | 16.32 | (0.01) | (4.08) | (4.09) |  |  |  |
| 2021 | 18.41 | (0.10) | (1.98) | (2.08) | (0.01) |  |  |
| 2020<sup>(2)</sup> | 15.23 | 0.01 | 3.17 | 3.18 |  |  |  |
| **Global X CleanTech ETF** | **Global X CleanTech ETF** |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 7.41 | 0.02 | (0.75) | (0.73) | (0.08) |  |  |
| 2024 | 9.88 | 0.09 | (2.48) | (2.39) | (0.08) |  |  |
| 2023 | 16.20 | 0.05 | (6.34) | (6.29) | (0.03) |  |  |
| 2022 | 20.43 | 0.03 | (4.19) | (4.16) | (0.07) |  |  |
| 2021 | 19.02 | 0.02 | 1.40 | 1.42 | (0.01) |  |  |
| 2020<sup>(3)</sup> | 15.07 | 0.02 | 3.93 | 3.95 |  |  |  |

---

---

| | |
|:---|:---|
| *§* | *For the period ended May 31, 2025.* |
| *\** | *Per share data calculated using average shares method.* |
| *\*\** | *Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *\*\*\** | *Amount is less than $0.005.* |
| *†* | *Annualized.* |
| *††* | *Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.* |
| *(1)* | *Effective April 1, 2025, the fund's fees were permanently lowered to 0.50%.* |
| *(2)* | *The Fund commenced operations on July 29, 2020.* |
| *(3)* | *The Fund commenced operations on October 27, 2020.* |

---

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

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

*155*

![](logom4.jpg)

**Financial Highlights**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total from<br> Distributions ($)** | **Net<br> Asset Value,<br> End of<br> Period ($)** | **Total<br> Return<br> (%)\*\*** | **Net Assets, End of <br> Period ($)(000)** | **Ratio of Expenses <br> to Average Net<br> Assets (%)** | **Ratio of Expenses <br> to Average Net<br> Assets (%)** | **Ratio of Net<br> Investment Income<br> (Loss) to Average<br> Net Assets (%)** | **Portfolio<br> Turnover Rate<br> (%)<sup>††</sup>** |
| (0.21) | 29.40 | 21.80 | 146711 | 0.50 | † | 1.66 | 11.14 |
| (0.16) | 24.35 | 23.14 | 108854 | 0.50 |  | 0.93 | 30.77 |
| (0.03) | 19.93 | 5.29 | 132339 | 0.50 |  | 0.49 | 26.11 |
| (0.25) | 18.96 | (35.19) | 174075 | 0.50 |  | 0.36 | 55.72 |
| (0.23) | 29.52 | 4.09 | 485235 | 0.50 |  | 0.09 | 23.45 |
| (0.04) | 28.57 | 82.04 | 481341 | 0.50 |  | 0.04 | 12.02 |
|  | 10.45 | (0.10) | 38362 | 0.63 | †<sup>(1)</sup> | 2.23 | 55.22 |
|  | 10.46 | 16.87 | 43511 | 0.68 |  | (0.47) | 38.36 |
|  | 8.95 | (26.82) | 64919 | 0.68 |  | (0.36) | 29.92 |
|  | 12.23 | (25.06) | 150075 | 0.68 |  | (0.05) | 43.26 |
| (0.01) | 16.32 | (11.32) | 475576 | 0.68 |  | (0.52) | 42.39 |
|  | 18.41 | 20.88 | 490675 | 0.68 | † | 0.18 | 9.67 |
| (0.08) | 6.60 | (9.90) | 19021 | 0.50 | † | 0.48 | 23.15 |
| (0.08) | 7.41 | (24.39) | 34846 | 0.50 |  | 1.01 | 19.45 |
| (0.03) | 9.88 | (38.90) | 58874 | 0.50 |  | 0.38 | 23.91 |
| (0.07) | 16.20 | (20.38) | 127842 | 0.50 |  | 0.17 | 15.72 |
| (0.01) | 20.43 | 7.48 | 175458 | 0.50 |  | 0.09 | 35.53 |
|  | 19.02 | 26.21 | 28523 | 0.50 | † | 1.18 | 0.00 |

---

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

*156*

![](logom4.jpg)

**Financial Highlights**

------

**Selected Per Share Data & Ratios**

**For a Share Outstanding Throughout each Year/Period**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net<br> Asset Value,<br> Beginning<br> of Period<br> ($)** | **Net Investment<br> Income<br> ($)\*** | **Net Realized<br> and Unrealized<br> Gain (Loss) on<br> Investments<br> ($)** | **Total from<br> Operations<br> ($)** | **Distribution<br> from Net<br> Investment<br> Income ($)** | **Distribution<br> from Capital<br> Gains ($)** | **Return of<br> Capital ($)** |
| **Global X Data Center & Digital Infrastructure ETF** | **Global X Data Center & Digital Infrastructure ETF** |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 17.57 | 0.11 | (0.30) | (0.19) | (0.18) |  |  |
| 2024 | 14.30 | 0.25 | 3.22 | 3.47 | (0.20) |  |  |
| 2023 | 13.52 | 0.21 | 0.90 | 1.11 | (0.22) | (0.11) |  |
| 2022 | 17.83 | 0.15 | (4.22) | (4.07) | (0.16) | (0.08) |  |
| 2021 | 14.94 | 0.16 | 2.84 | 3.00 | (0.11) |  |  |
| 2020<sup>(1)</sup> | 14.97 |  | (0.03) | (0.03) |  |  |  |
| **Global X Clean Water ETF** | **Global X Clean Water ETF** |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 18.43 | 0.12 | (0.06) | 0.06 | (0.15) |  |  |
| 2024 | 15.40 | 0.26 | 3.00 | 3.26 | (0.23) |  |  |
| 2023 | 14.30 | 0.25 | 1.09 | 1.34 | (0.24) |  |  |
| 2022 | 16.73 | 0.23 | (2.41) | (2.18) | (0.25) |  |  |
| 2021<sup>(2)</sup> | 15.04 | 0.26 | 1.47 | 1.73 | (0.04) |  |  |
| **Global X AgTech & Food Innovation ETF** | **Global X AgTech & Food Innovation ETF** |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 10.50 | 0.07 | 0.17 | 0.24 | (0.10) |  |  |
| 2024 | 10.17 | 0.19 | 0.31 | 0.50 | (0.17) |  |  |
| 2023 | 15.63 | 0.11 | (5.47) | (5.36) | (0.10) |  |  |
| 2022 | 19.76 | 0.11 | (4.04) | (3.93) | (0.10) | (0.10) |  |
| 2021<sup>(3)</sup> | 25.34 | 0.05 | (5.63) | (5.58) |  |  |  |

---

---

| | |
|:---|:---|
| *§* | *For the period ended May 31, 2025.* |
| *\** | *Per share data calculated using average shares method.* |
| *\*\** | *Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *\*\*\** | *Amount is less than $0.005.* |
| *†* | *Annualized.* |
| *††* | *Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.* |
| *(1)* | *The Fund commenced operations on October 27, 2020.* |
| *(2)* | *The Fund commenced operations on April 8, 2021.* |
| *(3)* | *The Fund commenced operations on July 12, 2021.* |

---

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

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

*157*

![](logom4.jpg)

**Financial Highlights**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total from<br> Distributions ($)** | **Net<br> Asset Value,<br> End of<br> Period ($)** | **Total<br> Return<br> (%)\*\*** | **Net Assets, End of <br> Period ($)(000)** | **Ratio of Expenses <br> to Average Net<br> Assets (%)** | **Ratio of Expenses <br> to Average Net<br> Assets (%)** | **Ratio of Net<br> Investment Income<br> to Average Net<br> Assets (%)** | **Ratio of Net<br> Investment Income<br> to Average Net<br> Assets (%)** | **Portfolio<br> Turnover Rate<br> (%)<sup>††</sup>** |
| (0.18) | 17.20 | (1.06) | 245312 | 0.50 | † | 1.31 | † | 17.64 |
| (0.20) | 17.57 | 24.56 | 138297 | 0.50 |  | 1.62 |  | 28.84 |
| (0.33) | 14.30 | 8.46 | 39323 | 0.50 |  | 1.60 |  | 62.01 |
| (0.24) | 13.52 | (23.11) | 63143 | 0.50 |  | 0.99 |  | 36.96 |
| (0.11) | 17.83 | 20.17 | 78098 | 0.50 |  | 0.93 |  | 15.80 |
|  | 14.94 | (0.20) | 3736 | 0.50 | † | 0.26 | † | 0.00 |
| (0.15) | 18.34 | 0.41 | 10635 | 0.50 | † | 1.43 | † | 6.41 |
| (0.23) | 18.43 | 21.31 | 10687 | 0.50 |  | 1.49 |  | 10.48 |
| (0.24) | 15.40 | 9.50 | 9394 | 0.50 |  | 1.71 |  | 15.27 |
| (0.25) | 14.30 | (13.18) | 7580 | 0.50 |  | 1.58 |  | 28.19 |
| (0.04) | 16.73 | 11.52 | 8699 | 0.50 | † | 2.44 | † | 4.84 |
| (0.10) | 10.64 | 2.39 | 8834 | 0.50 | † | 1.39 | † | 16.75 |
| (0.17) | 10.50 | 4.92 | 4726 | 0.50 |  | 1.79 |  | 21.57 |
| (0.10) | 10.17 | (34.41) | 4476 | 0.51 |  | 0.86 |  | 54.45 |
| (0.20) | 15.63 | (20.06) | 6721 | 0.50 |  | 0.62 |  | 55.85 |
|  | 19.76 | (22.02) | 5533 | 0.51 | † | 0.58 | † | 32.72 |

---

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

*158*

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**Financial Highlights**

------

**Selected Per Share Data & Ratios**

**For a Share Outstanding Throughout each Year/Period**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net<br> Asset Value,<br> Beginning<br> of Period<br> ($)** | **Net Investment<br> Income (Loss)<br> ($)\*** | **Net Realized<br> and Unrealized<br> Gain (Loss) on<br> Investments<br> ($)** | **Total from<br> Operations<br> ($)** | **Distribution<br> from Net<br> Investment<br> Income ($)** | **Distribution<br> from Capital<br> Gains ($)** | **Return of<br> Capital ($)** |
| **Global X Blockchain ETF** |  |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 71.18 | 0.08 | (26.10) | (26.02) | (3.76) |  |  |
| 2024 | 30.72 | 0.07 | 41.42 | 41.49 | (1.03) |  |  |
| 2023<sup>(1)</sup> | 16.39 | 0.28 | 14.27 | 14.55 | (0.22) |  |  |
| 2022<sup>(1)</sup> | 129.32 | 0.46 | (109.52) | (109.06) | (3.80) |  | (0.07) |
| 2021<sup>(1)(2)</sup> | 100.04 | 0.24 | 29.04 | 29.28 |  |  |  |
| **Global X Hydrogen ETF** |  |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 25.56 | 0.32 | (7.43) | (7.11) | (0.09) |  |  |
| 2024<sup>(3)</sup> | 32.60 | 0.08 | (7.12) | (7.04) |  |  |  |
| 2023<sup>(3)</sup> | 61.35 | (0.10) | (28.65) | (28.75) |  |  |  |
| 2022<sup>(3)</sup> | 121.90 | (0.15) | (60.35) | (60.50) |  | (0.05) |  |
| 2021<sup>(2),(3)</sup> | 125.20 | (0.15) | (3.15) | (3.30) |  |  |  |
| **Global X Solar ETF** |  |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 10.17 | (0.01) | (1.78) | (1.79) | (0.03) |  |  |
| 2024 | 11.71 | 0.06 | (1.57) | (1.51) | (0.03) |  |  |
| 2023 | 22.06 | (0.03) | (10.32) | (10.35) |  |  |  |
| 2022 | 25.70 | (0.04) | (3.60) | (3.64) |  |  |  |
| 2021<sup>(4)</sup> | 24.19 | (0.01) | 1.52 | 1.51 |  |  |  |

---

---

| | |
|:---|:---|
| *§* | *For the period ended May 31, 2025.* |
| *\** | *Per share data calculated using average shares method.* |
| *\*\** | *Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *\*\*\** | *Amount is less than $0.005.* |
| *†* | *Annualized.* |
| *††* | *Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.* |
| *(1)* | *Per share amounts have been adjusted for a 1 for 4 reverse share split on December 19, 2022 (See Note 10 in the Notes to Financial Statements.)* |
| *(2)* | *The Fund commenced operations on July 12, 2021.* |
| *(3)* | *Per share amounts have been adjusted for a 1 for 5 reverse share split on June 14, 2024. (See Note 10 in the Notes to Financial Statements.)* |
| *(4)* | *The Fund commenced operations on September 8, 2021.* |

---

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

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

*159*

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**Financial Highlights**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total from<br> Distributions ($)** | **Net<br> Asset Value,<br> End of<br> Period ($)** | **Total<br> Return<br> (%)\*\*** | **Net Assets, End of<br> Period ($)(000)** | **Ratio of Expenses<br> to Average Net<br> Assets (%)** | **Ratio of Expenses<br> to Average Net<br> Assets (%)** | **Ratio of Net<br> Investment Income<br> (Loss) to Average<br> Net Assets (%)** | **Portfolio<br> Turnover Rate<br> (%)<sup>††</sup>** |
| (3.76) | 41.40 | (37.66) | 146810 | 0.50 | † | 0.32 | 24.15 |
| (1.03) | 71.18 | 136.25 | 226776 | 0.50 |  | 0.16 | 56.38 |
| (0.22) | 30.72 | 89.03 | 87124 | 0.50 |  | 1.16 | 39.77 |
| (3.87) | 16.39 | (86.70) | 45227 | 0.50 |  | 1.15 | 36.47 |
|  | 129.32 | 29.27 | 127720 | 0.50 | † | 0.52 | 19.49 |
| (0.09) | 18.36 | (27.89) | 26627 | 0.50 | † | 3.16 | 23.19 |
|  | 25.56 | (21.60) | 40637 | 0.50 |  | 0.31 | 36.79 |
|  | 32.60 | (46.86) | 35777 | 0.50 |  | (0.21) | 27.79 |
| (0.05) | 61.35 | (49.64) | 38035 | 0.50 |  | (0.24) | 36.44 |
|  | 121.90 | (2.64) | 32427 | 0.51 | † | (0.33) | 40.38 |
| (0.03) | 8.35 | (17.60) | 4174 | 0.50 | † | (0.16) | 22.32 |
| (0.03) | 10.17 | (12.88) | 6608 | 0.50 |  | 0.52 | 32.91 |
|  | 11.71 | (46.92) | 5974 | 0.50 |  | (0.17) | 50.01 |
|  | 22.06 | (14.14) | 5955 | 0.51 |  | (0.20) | 128.22 |
|  | 25.70 | 6.24 | 8995 | 0.50 | † | (0.22) | 9.85 |

---

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

*160*

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**Financial Highlights**

------

**Selected Per Share Data & Ratios**

**For a Share Outstanding Throughout each Year/Period**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net<br> Asset Value,<br> Beginning <br> of Period <br> ($)** | **Net Investment<br> Income (Loss)<br> ($)\*** | **Net Realized<br> and Unrealized<br> Gain (Loss) on<br> Investments<br> ($)** | **Total from<br> Operations<br> ($)** | **Distribution<br> from Net<br> Investment<br> Income ($)** | **Distribution<br> from Capital<br> Gains ($)** | **Return of<br> Capital ($)** |
| **Global X Wind Energy ETF** |  |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 11.93 | 0.03 | (0.18) | (0.15) | (0.10) |  |  |
| 2024 | 12.88 | 0.13 | (0.96) | (0.83) | (0.12) |  |  |
| 2023 | 17.58 | 0.16 | (4.68) | (4.52) | (0.18) |  |  |
| 2022 | 23.76 | 0.14 | (6.26) | (6.12) | (0.06) |  |  |
| 2021<sup>(1)</sup> | 24.82 | (0.01) | (1.05) | (1.06) |  |  |  |
| **Global X PropTech ETF** |  |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 36.17 |  | (0.49) | (0.49) |  |  |  |
| 2024 | 27.26 | 0.02 | 9.63 | 9.65 | (0.06) | (0.68) |  |
| 2023<sup>(2)</sup> | 25.08 | 0.01 | 2.17 | 2.18 |  |  |  |
| **Global X Defense Tech ETF** |  |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 39.26 | 0.23 | 17.54 | 17.77 | (0.14) |  |  |
| 2024 | 27.03 | 0.29 | 12.08 | 12.37 | (0.13) | (0.01) |  |
| 2023<sup>(3)</sup> | 24.82 | 0.08 | 2.13 | 2.21 |  |  |  |
| **Global X Infrastructure Development ex-U.S. ETF** | **Global X Infrastructure Development ex-U.S. ETF** |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 23.97 | 0.30 | 2.02 | 2.32 | (0.07) |  |  |
| 2024<sup>(4)</sup> | 24.82 | 0.08 | (0.93) | (0.85) |  |  |  |

---

---

| | |
|:---|:---|
| *§* | *For the period ended May 31, 2025.* |
| *\** | *Per share data calculated using average shares method.* |
| *\*\** | *Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *\*\*\** | *Amount is less than $0.005.* |
| *†* | *Annualized.* |
| *††* | *Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.* |
| *(1)* | *The Fund commenced operations on September 8, 2021.* |
| *(2)* | *The Fund commenced operations on April 11, 2023.* |
| *(3)* | *The Fund commenced operations on September 11, 2023.* |
| *(4)* | *The Fund commenced operations on August 27, 2024.* |

---

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

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

*161*

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**Financial Highlights**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total from<br> Distributions ($)** | **Net<br> Asset Value,<br> End of<br> Period ($)** | **Total<br> Return<br> (%)\*\*** | **Net Assets, End of <br> Period ($)(000)** | **Ratio of Expenses <br> to Average Net<br> Assets (%)** | **Ratio of Expenses <br> to Average Net<br> Assets (%)** | **Ratio of Net<br> Investment Income<br> (Loss) to Average<br> Net Assets (%)** | **Ratio of Net<br> Investment Income<br> (Loss) to Average<br> Net Assets (%)** | **Portfolio<br> Turnover Rate<br> (%)<sup>††</sup>** |
| (0.10) | 11.68 | (1.14) | 1518 | 0.50 | † | 0.52 | † | 30.13 |
| (0.12) | 11.93 | (6.53) | 2147 | 0.51 |  | 1.04 |  | 22.82 |
| (0.18) | 12.88 | (25.94) | 2705 | 0.51 |  | 0.95 |  | 94.18 |
| (0.06) | 17.58 | (25.79) | 3341 | 0.50 |  | 0.68 |  | 34.53 |
|  | 23.76 | (4.27) | 4514 | 0.50 | † | (0.10) |)† | 23.01 |
|  | 35.68 | (1.35) | 1784 | 0.50 | † | 0.01 | † | 9.06 |
| (0.74) | 36.17 | 35.95 | 1808 | 0.50 |  | 0.08 |  | 12.55 |
|  | 27.26 | 8.71 | 2726 | 0.51 | † | 0.08 | † | 13.73 |
| (0.14) | 56.89 | 45.44 | 2274558 | 0.50 | † | 1.00 | † | 20.95 |
| (0.14) | 39.26 | 45.89 | 766037 | 0.50 |  | 0.80 |  | 14.43 |
|  | 27.03 | 8.90 | 4595 | 0.50 | † | 1.39 | † | 2.94 |
| (0.07) | 26.22 | 9.73 | 3408 | 0.55 | † | 2.45 | † | 37.98 |
|  | 23.97 | (3.42) | 2397 | 0.56 | † | 1.28 | † | 7.99 |

---

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

*162*

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Notes to Financial Statements

**May 31, 2025 (Unaudited)**

------

1. ORGANIZATION

The Global X Funds (the "Trust") is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, (the "1940 Act") as an open-end management investment company. As of May 31, 2025, the Trust had one hundred six portfolios, ninety-five of which were operational. The financial statements herein and the related notes pertain to the Global X Millennial Consumer ETF, Global X Aging Population ETF, Global X FinTech ETF, Global X Internet of Things ETF, Global X Robotics & Artificial Intelligence ETF, Global X U.S. Infrastructure Development ETF, Global X Autonomous & Electric Vehicles ETF, Global X Artificial Intelligence & Technology ETF, Global X Genomics & Biotechnology ETF, Global X Cloud Computing ETF, Global X Cybersecurity ETF, Global X Dorsey Wright Thematic ETF, Global X Video Games & Esports ETF, Global X HealthTech ETF, Global X CleanTech ETF, Global X Data Center & Digital Infrastructure ETF, Global X Clean Water ETF, Global X AgTech & Food Innovation ETF, Global X Blockchain ETF, Global X Hydrogen ETF, Global X Solar ETF, Global X Wind Energy ETF, Global X PropTech ETF, Global X Defense Tech ETF and Global X Infrastructure Development ex-U.S. ETF (each a "Fund" and collectively, the "Funds").

Each Fund, other than the Global X Millennial Consumer ETF, Global X Aging Population ETF, Global X U.S. Infrastructure Development ETF, Global X Autonomous & Electric Vehicles ETF, Global X Artificial Intelligence & Technology ETF and Global X Dorsey Wright Thematic ETF, has elected non-diversified status under the 1940 Act.

The Global X Thematic Growth ETF was renamed to the Global X Dorsey Wright Thematic ETF and its ticker changed to GXDW, effective as of April 1, 2025.

The Global X Telemedicine & Digital Health ETF was renamed to the Global X HealthTech ETF and its ticker changed to HEAL, effective as of April 1, 2025.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

RETURN OF CAPITAL ESTIMATES — Distributions received by the Funds from underlying master limited partnership ("MLP") and real estate investment trust ("REIT")

*163*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

investments generally are comprised of income and return of capital. The Funds record investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available from the MLPs, REITs and other industry sources. These estimates may subsequently be revised based on information received from the MLPs and REITs after their tax reporting periods are concluded.

SECURITY VALUATION — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market ("NASDAQ")), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm Eastern Standard Time if a security's primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent mean between the quoted bid and asked prices, which approximates fair value (absent both bid and asked prices on such exchange, the bid price may be used). For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. The prices for foreign securities are reported in local currencies and converted to U.S. dollars using currency exchange rates as of the reporting date. The exchange rates used by the Trust for valuation are captured as of the New York or London close each day.

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

*164*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

the time at which the Funds calculate their NAV, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably available to the Committee.

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

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

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

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

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

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

*165*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement. For details of the investment classification, reference the Schedule of Investments.

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

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

REPURCHASE AGREEMENTS — Securities pledged as collateral for repurchase agreements are held by Brown Brothers Harriman & Co. ("BBH") or The Bank of New York Mellon ("BNY Mellon"), as appropriate, in their roles as Custodian to respective Funds (each, a "Custodian" and together, the "Custodians"), and are designated as being held on each Fund's behalf by the Custodian under a book-entry system. Each Fund monitors the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest.

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

Repurchase agreements are entered into by the Funds under Master Repurchase Agreements (each, an "MRA") which permit the Funds, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Funds.

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,

*166*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

as amended (the "Code"). Accordingly, no provisions for Federal income taxes have been made in the financial statements except as described below.

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

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

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

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

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

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

*167*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statements of Operations. Net realized and unrealized gains and losses on foreign currency transactions and translations represent net foreign exchange gains or losses from foreign currency spot contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent amounts actually received or paid.

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

INVESTMENTS IN REITs — With respect to the Funds, dividend income is recorded based on the income included in distributions received from REIT investments using published REIT reclassifications, including some management estimates when actual amounts are not available. Distributions received in excess of these estimated amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year end, and may differ from the estimated amounts.

CASH OVERDRAFT CHARGES — Brown Brothers Harriman ("BBH") or The Bank of New York Mellon ("BNY"), as appropriate, serve as custodians of the Funds (each a "Custodian," and together the "Custodians"). Per the terms of an agreement with BBH, if a Fund for which BBH is Custodian has a cash overdraft on a given day, it will be assessed an overdraft charge equal to the applicable BBH Base Rate plus 2.00%. Per the terms of an agreement with BNY, if a Fund for which BNY is Custodian has a cash overdraft, it will be charged interest at a rate then charged by BNY to its institutional custody clients in the relevant currency. Cash overdraft charges are included in Custodian fees on the Statements of Operations.

FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations

*168*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statements of Operations. Net realized and unrealized gains and losses on foreign currency transactions and translations represent net foreign exchange gains or losses from foreign currency spot contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent amounts actually received or paid.

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

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

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

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

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

*169*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

If a Creation Unit is purchased or redeemed for cash, an additional variable fee may be charged. The following table discloses Creation Unit breakdown:

---

| | | | |
|:---|:---|:---|:---|
|  | **Creation <br> Unit <br> Shares** | **Creation <br> Fee** | **Redemption <br> Fee** |
| Global X Millennial Consumer ETF | 10000 | $300 | $300 |
| Global X Aging Population ETF | 10000 | 300 | 300 |
| Global X FinTech ETF | 10000 | 250 | 250 |
| Global X Internet of Things ETF | 10000 | 250 | 250 |
| Global X Robotics & Artificial Intelligence ETF | 10000 | 250 | 250 |
| Global X U.S. Infrastructure Development ETF | 10000 | 300 | 300 |
| Global X Autonomous & Electric Vehicles ETF | 10000 | 300 | 300 |
| Global X Artificial Intelligence & Technology ETF | 10000 | 300 | 300 |
| Global X Genomics & Biotechnology ETF | 10000 | 250 | 250 |
| Global X Cloud Computing ETF | 10000 | 250 | 250 |
| Global X Cybersecurity ETF | 10000 | 250 | 250 |
| Global X Dorsey Wright Thematic ETF | 10000 | 250 | 250 |
| Global X Video Games & Esports ETF | 10000 | 300 | 300 |
| Global X HealthTech ETF | 10000 | 250 | 250 |
| Global X CleanTech ETF | 10000 | 250 | 250 |
| Global X Data Center & Digital Infrastructure ETF | 10000 | 250 | 250 |
| Global X Clean Water ETF | 10000 | 250 | 250 |
| Global X AgTech & Food Innovation ETF | 10000 | 250 | 250 |
| Global X Blockchain ETF | 10000 | 250 | 250 |
| Global X Hydrogen ETF | 10000 | 250 | 250 |
| Global X Solar ETF | 10000 | 400 | 400 |
| Global X Wind Energy ETF | 10000 | 300 | 300 |
| Global X PropTech ETF | 10000 | 250 | 250 |
| Global X Defense Tech ETF | 10000 | 250 | 250 |
| Global X Infrastructure Development ex-U.S. ETF | 10000 | 1100 | 1100 |

---

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

The Adviser's Chief Financial Officer acts as each Fund's Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Funds. The CODM has concluded that each Fund operates as a single operating

*170*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS

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

The Adviser serves as the investment adviser and the administrator for the Funds. Subject to the supervision of the Board, the Adviser is responsible for managing the investment activities of the Funds and the Funds' business affairs and other administrative matters and provides, or causes to be furnished, all supervisory, administrative and other services reasonably necessary for the operation of the Funds, including certain distribution services (provided pursuant to a separate distribution services agreement), certain shareholder and distribution-related services (provided pursuant to a separate Rule 12b-1 Plan and related agreements) and investment advisory services (provided pursuant to a separate Investment Advisory Agreement), under what is essentially an "all-in" fee structure.

For the Adviser's service to the respective Funds, under a supervision and administration agreement (the "Supervision and Administration Agreement"), each Fund pays a monthly fee to the Adviser at the annual rate below (stated as a percentage of the average daily net assets of the respective Fund) (the "Supervision and Administration Fee"). In addition, the Funds bear other expenses, directly and indirectly, that are not covered by the Supervision and Administration Agreement, which may vary and affect the total expense ratios of the Funds, such as taxes, brokerage fees, commissions, certain Custodian fees, acquired fund fees and expenses (except for Global X Dorsey Wright Thematic ETF with respect to investments in affiliated investment companies), and other transaction expenses, interest expenses, and extraordinary expenses (such as litigation and indemnification expenses).

The Supervision and Administration Agreement for the Global X Dorsey Wright Thematic ETF provides that the Adviser also bears the costs for acquired fund fees and expenses generated by investments by the Fund in affiliated investment companies. For the period ended May 31, 2025, the Adviser paid acquired fund fees and expenses of $34,664 and made such reimbursement payments to the Global X Dorsey Wright Thematic ETF on a monthly basis. These amounts are included in Payment from Adviser on the Statement of Operations.

*171*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

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

---

| | |
|:---|:---|
|  | **Supervision and** <br> **Administration Fee** |
| Global X Millennial Consumer ETF | 0.50% |
| Global X Aging Population ETF | 0.50% |
| Global X FinTech ETF | 0.68% |
| Global X Internet of Things ETF | 0.68% |
| Global X Robotics & Artificial Intelligence ETF | 0.68% |
| Global X U.S. Infrastructure Development ETF | 0.47% |
| Global X Autonomous & Electric Vehicles ETF | 0.68% |
| Global X Artificial Intelligence & Technology ETF | 0.68% |
| Global X Genomics & Biotechnology ETF | 0.50% |
| Global X Cloud Computing ETF | 0.68% |
| Global X Cybersecurity ETF | 0.50% |
| Global X Dorsey Wright Thematic ETF | 0.50% |
| Global X Video Games & Esports ETF | 0.50% |
| Global X HealthTech ETF | 0.50%\* |
| Global X CleanTech ETF | 0.50% |
| Global X Data Center & Digital Infrastructure ETF | 0.50% |
| Global X Clean Water ETF | 0.50% |
| Global X AgTech & Food Innovation ETF | 0.50% |
| Global X Blockchain ETF | 0.50% |
| Global X Hydrogen ETF | 0.50% |
| Global X Solar ETF | 0.50% |
| Global X Wind Energy ETF | 0.51% |
| Global X PropTech ETF | 0.50% |
| Global X Defense Tech ETF | 0.50% |
| Global X Infrastructure Development ex-U.S. ETF | 0.55% |

---

\* The Board of Trustees of the Trust voted to approve a lower Supervision and Administration Fee for the Global X HealthTech ETF (formerly known as the Global X Telemedicine & Digital Health ETF) of 0.50% effective April 1, 2025. Prior to that, the Fund was subject to a Management Fee of 0.68%.

SEI Investments Global Funds Services ("SEIGFS") serves as sub-administrator to the Funds. As sub-administrator, SEIGFS provides the Funds with all required general administrative services, including, without limitation: office space, equipment, and

*172*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

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3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

personnel; clerical and general back office services; bookkeeping, internal accounting and secretarial services; the calculation of NAV; and assistance with the preparation and filing of reports, registration statements, proxy statements and other materials required to be filed or furnished by the Funds under federal and state securities laws. As compensation for these services, SEIGFS receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser.

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

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

BBH serves as the Custodian and transfer agent of the Global X Millennial Consumer ETF, Global X U.S. Infrastructure Development ETF, Global X Cloud Computing ETF and Global X HealthTech ETF. As Custodian, BBH has agreed to (1) make receipts and disbursements of money on behalf of the Funds; (2) collect and receive all income and other payments and distributions on account of the Funds' portfolio investments; (3) respond to correspondence from shareholders, security brokers and others relating to its duties; and (4) make periodic reports to the Funds concerning the Funds' operations. BBH does not exercise any supervisory function over the purchase and sale of securities. As compensation for these services, BBH receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees. As compensation for these services, BBH receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees. As transfer agent, BBH has agreed to (1) issue and redeem Shares of each Fund; (2) make dividend and other distributions to shareholders of each Fund; (3) respond to correspondence by shareholders and others relating to its duties; (4) maintain shareholder accounts; and (5) make periodic reports to the Funds. As compensation for these services, BBH receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees.

BNY is the Custodian of the Trust's portfolio securities and cash with respect to all Funds except the Global X Millennial Consumer ETF, Global X U.S. Infrastructure Development ETF, Global X Cloud Computing ETF and Global X HealthTech ETF. As Custodian, BNY

*173*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

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

4. INVESTMENT TRANSACTIONS

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

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales and <br> Maturities** |
| Global X Millennial Consumer ETF | $12357963 | $12363789 |
| Global X Aging Population ETF | 5267417 | 5341163 |
| Global X FinTech ETF | 19710019 | 21897353 |
| Global X Internet of Things ETF | 27469211 | 26551305 |
| Global X Robotics & Artificial Intelligence ETF | 334549079 | 240696655 |
| Global X U.S. Infrastructure Development ETF | 785243961 | 783700606 |
| Global X Autonomous & Electric Vehicles ETF | 73535263 | 84396903 |
| Global X Artificial Intelligence & Technology ETF | 522589975 | 394666941 |
| Global X Genomics & Biotechnology ETF | 12102388 | 12040806 |
| Global X Cloud Computing ETF | 18971591 | 19809037 |
| Global X Cybersecurity ETF | 233935608 | 223958902 |
| Global X Dorsey Wright Thematic ETF | 12266339 | 12234427 |
| Global X Video Games & Esports ETF | 15342025 | 15381546 |
| Global X HealthTech ETF | 21228714 | 20453411 |
| Global X CleanTech ETF | 6390245 | 7610994 |
| Global X Data Center & Digital Infrastructure ETF | 84901475 | 83366451 |
| Global X Clean Water ETF | 929304 | 647363 |
| Global X AgTech & Food Innovation ETF | 3188375 | 2703566 |
| Global X Blockchain ETF | 35542882 | 46711793 |
| Global X Hydrogen ETF | 6762602 | 7489934 |
| Global X Solar ETF | 1136506 | 1992480 |
| Global X Wind Energy ETF | 484709 | 667603 |
| Global X PropTech ETF | 331672 | 206775 |
| Global X Defense Tech ETF | 443612327 | 351770133 |
| Global X Infrastructure Development ex-U.S. ETF | 1206976 | 955577 |

---

*174*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

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4. INVESTMENT TRANSACTIONS (continued)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Realized <br> Gain (Loss)** |
| Global X Millennial Consumer ETF | $3545429 | $12715110 | $4002450 |
| Global X Aging Population ETF |  | 3891506 | 798083 |
| Global X FinTech ETF | 2888047 | 36744586 | 6835171 |
| Global X Internet of Things ETF | 18631483 | 39240479 | 14959062 |
| Global X Robotics & Artificial Intelligence ETF | 244969088 | 237224023 | 106562228 |
| Global X U.S. Infrastructure Development ETF | 1359231779 | 1929377886 | 735385817 |
| Global X Autonomous & Electric Vehicles ETF |  | 87450299 | 4366779 |
| Global X Artificial Intelligence & Technology ETF | 913274223 | 410837846 | 172662126 |
| Global X Genomics & Biotechnology ETF |  | 17710118 | (5256467) |
| Global X Cloud Computing ETF | 49490869 | 65030930 | 7480411 |
| Global X Cybersecurity ETF | 221699590 | 11043003 | 3176681 |
| Global X Dorsey Wright Thematic ETF |  | 5142445 | (1446473) |
| Global X Video Games & Esports ETF | 24670327 | 10977071 | (200518) |
| Global X HealthTech ETF | 4658739 | 10175217 | (1421034) |
| Global X CleanTech ETF | 1139366 | 11449264 | (10912577) |
| Global X Data Center & Digital Infrastructure ETF | 115746679 | 17027372 | 3048796 |
| Global X Clean Water ETF | 743170 | 853264 | 190038 |
| Global X AgTech & Food Innovation ETF | 4254803 | 706918 | 76131 |
| Global X Blockchain ETF | 29806094 | 10612410 | 4636335 |
| Global X Hydrogen ETF |  | 2414888 | (23259) |
| Global X Solar ETF |  | 476210 | (79622) |
| Global X Wind Energy ETF |  | 356736 | (100948) |
| Global X PropTech ETF |  |  |  |
| Global X Defense Tech ETF | 1351605666 | 432819411 | 144049399 |
| Global X Infrastructure Development ex-U.S. ETF | 1802896 | 1292411 | 17224 |

---

For the period ended May 31, 2025, there were no purchases or sales of long-term U.S. Government securities by the Funds.

5. DERIVATIVE TRANSACTIONS

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

*175*

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Notes to Financial Statements (Continued) <br> <u>May 31, 2025 (Unaudited)</u>

5. DERIVATIVE TRANSACTIONS (continued)

The fair value of derivative instruments as of May 31, 2025 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Asset Derivatives | Asset Derivatives | Asset Derivatives | Liability Derivatives | Liability Derivatives | Liability Derivatives |
|  |  | Fair Value |  |  | Fair Value |
| **Global X Robotics & Artificial Intelligence ETF** | **Global X Robotics & Artificial Intelligence ETF** | **Global X Robotics & Artificial Intelligence ETF** | **Global X Robotics & Artificial Intelligence ETF** | **Global X Robotics & Artificial Intelligence ETF** |  |
| Equity contracts | Unrealized appreciation on Futures Contracts | $1196088 \* | Equity contracts | Unrealized depreciation on Futures Contracts | $— \* |
| Total Derivatives not accounted for as hedging instruments | Total Derivatives not accounted for as hedging instruments | $1196088 |  |  | $— |
| **Global X U.S. Infrastructure Development ETF** | **Global X U.S. Infrastructure Development ETF** | **Global X U.S. Infrastructure Development ETF** | **Global X U.S. Infrastructure Development ETF** | **Global X U.S. Infrastructure Development ETF** |  |
| Equity contracts | Unrealized appreciation on Futures Contracts | $6623 \* | Equity contracts | Unrealized depreciation on Futures Contracts | $— \* |
| Total Derivatives not accounted for as hedging instruments | Total Derivatives not accounted for as hedging instruments | $6623 |  |  | $— |
| **Global X Cybersecurity ETF** | **Global X Cybersecurity ETF** | **Global X Cybersecurity ETF** | **Global X Cybersecurity ETF** | **Global X Cybersecurity ETF** |  |
| Equity contracts | Unrealized appreciation on Futures Contracts | $— \* | Equity contracts | Unrealized depreciation on Futures Contracts | $(1299) \* |
| Total Derivatives not accounted for as hedging instruments | Total Derivatives not accounted for as hedging instruments | $— |  |  | $(1299) |

---

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

The effect of derivative instruments on the Statements of Operations for the period ended May 31, 2025:

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

---

| | |
|:---|:---|
| | Futures Contracts |
| **Global X Robotics & Artificial Intelligence ETF** |  |
| Equity contracts | $(313241) |
| **Global X U.S. Infrastructure Development ETF** |  |
| Equity contracts | $(1852116) |

---

*176*

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Notes to Financial Statements (Continued) <br> <u>May 31, 2025 (Unaudited)</u>

5. DERIVATIVE TRANSACTIONS (continued)

---

| | |
|:---|:---|
| | Futures Contracts |
| **Global X Cybersecurity ETF** |  |
| Equity contracts | $(59619) |

---

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

---

| | |
|:---|:---|
| | Futures |
| **Global X Robotics & Artificial Intelligence ETF** |  |
| Equity contracts | $811989 |
| **Global X U.S. Infrastructure Development ETF** |  |
| Equity contracts | $(144668) |
| **Global X Cybersecurity ETF** |  |
| Equity contracts | $(1299) |

---

The following table discloses the average monthly balances of the Funds' Futures activity during the period ended May 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Average<br> Notional<br> Balance<br> Short** | **Average<br> Notional<br> Balance<br> Long** |
| Global X Robotics & Artificial Intelligence ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $– $| 9744162 |
| Global X U.S. Infrastructure Development ETF | $– $| 4594135 |
| Global X Cybersecurity ETF | $– | $959493 |

---

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.

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Notes to Financial Statements (Continued) <br> <u>May 31, 2025 (Unaudited)</u>

6. TAX INFORMATION (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Global X Funds** | **Ordinary<br> Income** | **Long-Term<br> Capital Gain** | **Return of Capital** | **Totals** |
| Global X Millennial Consumer ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $409955 | $— | $— | $409955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 234244 |  |  | 234244 |
| Global X Aging Population ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $438748 | $— | $— | $438748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 279995 |  |  | 279995 |
| Global X FinTech ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $709172 | $— | $— | $709172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 887181 |  | 28497 | 915678 |
| Global X Internet of Things ETF | Global X Internet of Things ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $1821857 | $— | $— | $1821857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 2946458 |  |  | 2946458 |
| Global X Robotics & Artificial Intelligence ETF | Global X Robotics & Artificial Intelligence ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $1998947 | $— | $2145659 | $4144606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 4618009 |  |  | 4618009 |
| Global X U.S. Infrastructure Development ETF | Global X U.S. Infrastructure Development ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $34799827 | $6870550 | $— | $41670377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 30856526 |  |  | 30856526 |
| Global X Autonomous & Electric Vehicles ETF | Global X Autonomous & Electric Vehicles ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $10410110 | $— | $— | $10410110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 11305718 |  |  | 11305718 |
| Global X Artificial Intelligence & Technology ETF | Global X Artificial Intelligence & Technology ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $3035733 | $— | $— | $3035733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 724994 |  |  | 724994 |
| Global X Genomics & Biotechnology ETF | Global X Genomics & Biotechnology ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |  |  |  |  |
| Global X Cloud Computing ETF | Global X Cloud Computing ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |  |  |  |  |
| Global X Cybersecurity ETF | Global X Cybersecurity ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $741657 | $— | $— | $741657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 684512 | 12296299 |  | 12980811 |
| Global X Dorsey Wright Thematic ETF | Global X Dorsey Wright Thematic ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $412897 | $— | $180016 | $592913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 746536 |  |  | 746536 |
| Global X Video Games & Esports ETF | Global X Video Games & Esports ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $1027863 | $— | $— | $1027863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 275496 |  |  | 275496 |
| Global X HealthTech ETF | Global X HealthTech ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $— | $— | $— | $— |

---

*178*

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Notes to Financial Statements (Continued) <br> <u>May 31, 2025 (Unaudited)</u>

6. TAX INFORMATION (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Global X Funds** | **Ordinary<br> Income** | **Long-Term<br> Capital Gain** | **Return of Capital** | **Totals** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |  |  |  |  |
| Global X CleanTech ETF | Global X CleanTech ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $452237 | $— | $— | $452237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 205777 |  |  | 205777 |
| Global X Data Center & Digital Infrastructure ETF | Global X Data Center & Digital Infrastructure ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $881454 | $— | $— | $881454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 1286237 | 44305 |  | 1330542 |
| Global X Clean Water ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $135553 | $— | $— | $135553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 138123 |  |  | 138123 |
| Global X AgTech & Food Innovation ETF | Global X AgTech & Food Innovation ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $73440 | $— | $— | $73440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 45738 |  |  | 45738 |
| Global X Blockchain ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $3111807 | $— | $— | $3111807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 602091 |  |  | 602091 |
| Global X Hydrogen ETF | Global X Hydrogen ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |  |  |  |  |
| Global X Solar ETF | Global X Solar ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $17578 | $— | $— | $17578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |  |  |  |  |
| Global X Wind Energy ETF | Global X Wind Energy ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $25575 | $— | $— | $25575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 47859 |  |  | 47859 |
| Global X PropTech ETF | Global X PropTech ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $69246 | $5076 | $— | $74322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 453 |  |  | 453 |
| Global X Defense Tech ETF | Global X Defense Tech ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $487195 | $— | $— | $487195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |  |  |  |  |
| Global X Infrastructure Development ex-U.S. ETF | Global X Infrastructure Development ex-U.S. ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $— | $— | $— | $— |

---

*179*

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Notes to Financial Statements (Continued) <br> <u>May 31, 2025 (Unaudited)</u>

6. TAX INFORMATION (continued)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X<br> Millennial<br> Consumer ETF** | **Global X Aging<br> Population ETF** | **Global X<br> FinTech ETF** |
| **Undistributed Ordinary Income** | $163979 | $239589 | $1677055 |
| **Capital Loss Carryforwards** | (10656123) | (3290012) | (174065904) |
| **Unrealized Appreciation (Depreciation) on Investments and Foreign Currency** | (2886767) | 282631 | (49091652) |
| **Other Temporary Differences** | 3 | (1) | 4 |
| **Total Accumulated Losses** | $(13378908) | $(2767793) | $(221480497) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X<br> Internet of<br> Things ETF** | **Global X<br> Robotics &<br> Artificial<br> Intelligence ETF** | **Global X U.S.<br> Infrastructure<br> Development<br> ETF** |
| **Undistributed Ordinary Income** | $678856 | $— | $31957467 |
| **Capital Loss Carryforwards** | (20567665) | (471577198) |  |
| **Unrealized Appreciation on Investments and Foreign Currency** | 30486634 | 19145572 | 2751592832 |
| **Late Year Loss Deferral** |  | (54260) |  |
| **Other Temporary Differences** | (6) | (3) | (5) |
| **Total Distributable Earnings (Accumulated Losses)** | $10597819 | $(452485889) | $2783550294 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X<br> Autonomous &<br> Electric Vehicles<br> ETF** | **Global X<br> Artificial<br> Intelligence &<br> Technology ETF** | **Global X<br> Genomics &<br> Biotechnology<br> ETF** |
| **Undistributed Ordinary Income** | $4549699 | $737334 | $— |
| **Capital Loss Carryforwards** | (137121744) | (7238346) | (96994515) |
| **Unrealized Appreciation (Depreciation) on Investments and Foreign Currency** | (210334046) | 359679190 | (48983233) |
| **Late Year Loss Deferral** |  |  | (191661) |
| **Other Temporary Differences** | (3) | (5) | (9) |
| **Total Distributable Earnings (Accumulated Losses)** | $(342906094) | $353178173 | $(146169418) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X Cloud<br> Computing ETF** | **Global X<br> Cybersecurity<br> ETF** | **Global X<br> Dorsey Wright<br> Thematic ETF** |
| **Capital Loss Carryforwards** | $(278577166) | $(217473528) | $(50818787) |
| **Unrealized Appreciation (Depreciation) on Investments and Foreign Currency** | (91299452) | 46716235 | (5177587) |
| **Late Year Loss Deferral** | (2368511) | (451048) |  |
| **Other Temporary Differences** | 3 | 3 |  |
| **Total Accumulated Losses** | $(372245126) | $(171208338) | $(55996374) |

---

*180*

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Notes to Financial Statements (Continued) <br> <u>May 31, 2025 (Unaudited)</u>

6. TAX INFORMATION (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X Video<br> Games &<br> Esports ETF** | **Global X<br> HealthTech ETF** | **Global X<br> CleanTech ETF** |
| **Undistributed Ordinary Income** | $865421 | $— | $282145 |
| **Capital Loss Carryforwards** | (65019003) | (118895279) | (49573034) |
| **Unrealized Depreciation on Investments and Foreign Currency** | (55970060) | (40991367) | (70000463) |
| **Late Year Loss Deferral** |  | (209658) |  |
| **Other Temporary Differences** |  | (1) | (4) |
| **Total Accumulated Losses** | $(120123642) | $(160096305) | $(119291356) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X Data<br> Center & Digital<br> Infrastructure<br> ETF** | **Global X Clean<br> Water ETF** | **Global X<br> AgTech & Food<br> Innovation ETF** |
| **Undistributed Ordinary Income** | $1341303 | $83955 | $27403 |
| **Capital Loss Carryforwards** | (2337878) | (524448) | (4180290) |
| **Unrealized Appreciation (Depreciation) on Investments and Foreign Currency** | 4290939 | 1456399 | (834977) |
| **Other Temporary Differences** | 2 | (1) | 5 |
| **Total Distributable Earnings (Accumulated Losses)** | $3294366 | $1015905 | $(4987859) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X<br> Blockchain ETF** | **Global X<br> Hydrogen ETF** | **Global X Solar<br> ETF** |
| **Undistributed Ordinary Income** | $11775980 | $140070 | $14484 |
| **Capital Loss Carryforwards** | (136080660) | (22166937) | (2009340) |
| **Unrealized Appreciation (Depreciation) on Investments and Foreign Currency** | 66934832 | (37758398) | (2759879) |
| **Other Temporary Differences** | (5) | (4) | (1) |
| **Total Accumulated Losses** | $(57369853) | $(59785269) | $(4754736) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X Wind<br> Energy ETF** | **Global X<br> PropTech ETF** | **Global X<br> Defense Tech<br> ETF** |
| **Undistributed Ordinary Income** | $16483 | $— | $1505401 |
| **Undistributed Long-Term Capital Gain** |  | 13720 |  |
| **Capital Loss Carryforwards** | (2176236) |  | (740808) |
| **Unrealized Appreciation (Depreciation) on Investments and Foreign Currency** | (1120416) | 445614 | 56371986 |
| **Other Temporary Differences** | 3 |  | (2) |
| **Total Distributable Earnings (Accumulated Losses)** | $(3280166) | $459334 | $57136577 |

---

*181*

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Notes to Financial Statements (Continued) <br> <u>May 31, 2025 (Unaudited)</u>

6. TAX INFORMATION (continued)

---

| | |
|:---|:---|
|  | **Global X<br> Infrastructure<br> Development<br> ex-U.S. ETF** |
| **Undistributed Ordinary Income** | $5833 |
| **Capital Loss Carryforwards** | (4529) |
| **Unrealized Depreciation on Investments and Foreign Currency** | (91608) |
| **Other Temporary Differences** | 1 |
| **Total Accumulated Losses** | $(90303) |

---

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

For taxable years beginning after December 22, 2010, a registered investment company is permitted to carry forward net capital losses to offset capital gains realized in later years, and the losses carried forward retain their original character as either long-term or short-term losses.

The Federal tax cost and aggregated gross unrealized appreciation and depreciation on investments held by the Funds at May 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Global X Funds | **Federal Tax**<br> **Cost** | **Aggregated**<br> **Gross**<br> **Unrealized**<br> **Appreciation** | **Aggregated**<br> **Gross**<br> **Unrealized**<br> **Depreciation** | **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
| Global X Millennial Consumer ETF | $123296907 | $27131238 | $(27839937) | $(708699) |
| Global X Aging Population ETF | 56358859 | 6968861 | (6746824) | 222037 |
| Global X FinTech ETF | 363892115 | 50330428 | (117294661) | (66964233) |
| Global X Internet of Things ETF | 202347556 | 47505831 | (33663409) | 13842422 |
| Global X Robotics & Artificial Intelligence ETF | 2797596498 | 480868434 | (617829597) | (136961163) |
| Global X U.S. Infrastructure Development ETF | 7058688478 | 1523195838 | (405540060) | 1117655778 |
| Global X Autonomous & Electric Vehicles ETF | 478591530 | 30117185 | (185100844) | (154983659) |
| Global X Artificial Intelligence & Technology ETF | 2892514460 | 468814141 | (126844147) | 341969994 |
| Global X Genomics & Biotechnology ETF | 73897624 | 4402803 | (35238106) | (30835303) |
| Global X Cloud Computing ETF | 444101125 | 28676741 | (135506259) | (106829518) |
| Global X Cybersecurity ETF | 949716577 | 218260838 | (75205724) | 143055114 |
| Global X Dorsey Wright Thematic ETF | 9968742 | 816785 |  | 816785 |
| Global X Video Games & Esports ETF | 173508311 | 22928519 | (37221070) | (14292551) |

---

*182*

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Notes to Financial Statements (Continued) <br> <u>May 31, 2025 (Unaudited)</u>

6. TAX INFORMATION (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Global X Funds | **Federal Tax**<br> **Cost** | **Aggregated**<br> **Gross**<br> **Unrealized**<br> **Appreciation** | **Aggregated<br> Gross**<br> **Unrealized**<br> **Depreciation** | **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
| Global X HealthTech ETF | $54423563 | $5271052 | $(19567726) | $(14296674) |
| Global X CleanTech ETF | 64581023 | 865926 | (43257587) | (42391661) |
| Global X Data Center & Digital Infrastructure ETF | 264580342 | 13088525 | (6206352) | 6882173 |
| Global X Clean Water ETF | 9308907 | 1907663 | (415263) | 1492400 |
| Global X AgTech & Food Innovation ETF | 9431181 | 627348 | (986497) | (359149) |
| Global X Blockchain ETF | 187180033 | 23467275 | (19511503) | 3955772 |
| Global X Hydrogen ETF | 57167174 | 1768246 | (26512240) | (24743994) |
| Global X Solar ETF | 5790230 | 179043 | (1783228) | (1604185) |
| Global X Wind Energy ETF | 2150791 | 29344 | (666153) | (636809) |
| Global X PropTech ETF | 1586905 | 409764 | (41017) | 368747 |
| Global X Defense Tech ETF | 1856641680 | 416587367 | (8732101) | 407855266 |
| Global X Infrastructure Development ex-U.S. ETF | 3178986 | 234701 | (21992) | 212709 |

---

The preceding differences between book and tax cost are primarily due to mark-to-market passive foreign investment companies, mark-to-market future contracts, late year and specified loss deferrals, and partnership adjustments.

7. CONCENTRATION OF RISKS

The Funds invest in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries.

The Funds may invest in companies focused on business activities in emerging economic themes. Such thematic companies typically face intense competition and potentially rapid product obsolescence. Thematic companies may have limited product lines, markets, financial resources or personnel. These companies typically engage in significant amounts of spending on research and development, capital expenditures and mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. These companies are also frequently dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies' technology. Such companies may be potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. The emergent nature of many economic

*183*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

7. CONCENTRATION OF RISKS (continued)

themes could result in increasing regulatory scrutiny in the future, which may impede the growth of companies that develop and/or focus on such economic themes. Similarly, the collection of data from consumers and other sources is frequently a critical component in emerging economic themes which could lead to increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. Finally, these companies may be involved in young, fast evolving industries with increased exposure to the risks associated with changes in applicable laws (including regulation, other rule changes, and related federal and state enforcement activities), as well as market developments, which may cause businesses to contract or close suddenly and negatively impact the value of these companies.

Special Risk Considerations of Investing in China — Variable Interest Entity Investments. For purposes of raising capital offshore on exchanges outside of China, including on U.S. exchanges, many Chinese-based operating companies are structured as Variable Interest Entities ("VIEs"). In this structure, the Chinese-based operating company is the VIE and establishes a shell company in a foreign jurisdiction, such as the Cayman Islands. The shell company lists on a foreign exchange and enters into contractual arrangements with the VIE. This structure allows Chinese companies in which the government restricts foreign ownership to raise capital from foreign investors. While the shell company has no equity ownership of the VIE, these contractual arrangements permit the shell company to consolidate the VIE's financial statements with its own for accounting purposes and provide for economic exposure to the performance of the underlying Chinese operating company. Therefore, an investor in the listed shell company, such as certain of the Funds, will have exposure to the Chinese-based operating company only through contractual arrangements and has no ownership in the Chinese-based operating company. Furthermore, because the shell company only has specific rights provided for in these service agreements with the VIE, its abilities to control the activities at the Chinese-based operating company are limited and the operating company may engage in activities that negatively impact investment value. While the VIE structure has been widely adopted, it is not formally recognized under Chinese law and therefore there is a risk that the Chinese government could prohibit the existence of such structures or negatively impact the VIE's contractual arrangements with the listed shell company by declaring them invalid. If these contracts were found to be unenforceable under Chinese law, investors in the listed shell company, such as the Fund, may suffer significant losses with little or no recourse available. If the Chinese government determines that the agreements establishing the VIE structures do not comply with Chinese law and regulations, including those related to restrictions on foreign ownership, it could subject a Chinese-based issuer to penalties, revocation of business and operating licenses, or forfeiture of ownership interest. In addition, the listed shell company's control over a VIE may also be jeopardized if a natural person who holds the equity interest in the VIE breaches the terms of the agreement, is subject to legal proceedings or if any physical instruments for authenticating documentation, such as chops and seals, are used without the Chinese-based issuer's authorization to enter into contractual arrangements

*184*

![](logom4.jpg)

Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

7. CONCENTRATION OF RISKS (continued)

in China. Chops and seals, which are carved stamps used to sign documents, represent a legally binding commitment by the company. Moreover, any future regulatory action may prohibit the ability of the shell company to receive the economic benefits of the Chinese based operating company, which may cause the value of a Fund's investment in the listed shell company to suffer a significant loss. For example, in 2021, the Chinese government prohibited use of the VIE structure for investment in after-school tutoring companies. There is no guarantee that the government will not place similar restrictions on other industries.

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

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

The Funds use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of the underlying index (also known as a secondary index) in approximately the same proportions as in the underlying index. The Funds may utilize a representative sampling strategy with respect to their underlying index when a replication strategy might be detrimental to their shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to follow its underlying index, or, in certain instances, when securities in the underlying index become temporarily illiquid, unavailable or less liquid, or due to legal restrictions (such as diversification requirements that apply to the Funds but not to the underlying indexes).

Commodity related securities are susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets could have a substantial impact on these Funds.

Economic conditions, such as volatile currency exchange rates and interest rates, political events, military action and other conditions may, without prior warning, lead to foreign government intervention (including intervention by the U.S. Government with respect to foreign governments, economic sectors, foreign companies and related securities and interests) and the imposition of capital controls (i.e., government measures designed to limit the flow of foreign capital in and out of the domestic economy) and/or sanctions, which may also include retaliatory actions of one government against another government, such as the seizure of assets. Capital controls and/or sanctions include the prohibition of,

*185*

![](logom4.jpg)

Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

7. CONCENTRATION OF RISKS (continued)

or restrictions on, the ability to transfer currency, securities or other assets. Capital controls and/or sanctions may also impact the ability of a Fund to buy, sell or otherwise transfer securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect the trading market and price for Shares of a Fund, and cause a Fund to decline in value.

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

8. LOANS OF PORTFOLIO SECURITIES

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

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

Cash collateral received in connection with securities lending is invested in repurchase agreements and short-term investments by the lending agent. The Funds do not have

*186*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

8. LOANS OF PORTFOLIO SECURITIES (continued)

effective control of the non-cash collateral and therefore it is not disclosed in the Fund's Schedule of Investments.

Securities lending transactions are entered into by the Funds under the Securities Lending Agreement, which permits a Fund, under certain circumstances such as an event of default,

*187*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

8. LOANS OF PORTFOLIO SECURITIES (continued)

to offset amounts payable by the Fund to the same counterparty against amounts receivable from the counterparty to create a net payment due to or from the Fund.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount<br> of Recognized<br> Assets (Value<br> of Securities on<br> Loan)** | **Value of Cash<br> Collateral<br> Received<sup>(1)</sup>** | **Value of<br> Non-Cash<br> Collateral<br> Received<sup>(1)</sup>** | **Net Amount** |
| **Global X Millennial Consumer ETF** | $1757372 | $1757372 | $— | $— |
| **Global X FinTech ETF** | 15379981 | 15361003 | 18978 |  |
| **Global X Robotics & Artificial Intelligence ETF** | 136309201 | 121698808 | 14610393 |  |
| **Global X Autonomous & Electric Vehicles ETF** | 29582425 | 27034939 | 2547486 |  |
| **Global X Artificial Intelligence & Technology ETF** | 25855307 | 25855307 |  |  |
| **Global X Genomics & Biotechnology ETF** | 1959195 | 1959195 |  |  |
| **Global X Cloud Computing ETF** | 558500 | 558500 |  |  |
| **Global X Cybersecurity ETF** | 9214128 | 9214128 |  |  |
| **Global X Dorsey Wright Thematic ETF** | 987250 | 987250 |  |  |
| **Global X Video Games & Esports ETF** | 12443821 | 12311204 | 132617 |  |
| **Global X HealthTech ETF** | 1804805 | 1804805 |  |  |
| **Global X CleanTech ETF** | 2518416 | 2518416 |  |  |
| **Global X Data Center & Digital Infrastructure ETF** | 24941263 | 24941263 |  |  |
| **Global X AgTech & Food Innovation ETF** | 218393 | 218393 |  |  |
| **Global X Blockchain ETF** | 41172121 | 41172121 |  |  |
| **Global X Hydrogen ETF** | 7083051 | 6550485 | 532566 |  |
| **Global X Solar ETF** | 35544 | 35544 |  |  |
| **Global X Defense Tech ETF** | 6413975 | 3131976 | 3281999 |  |
| **Global X Infrastructure Development ex-U.S. ETF** | 10303636 | 10303636 |  |  |

---

*188*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

8. LOANS OF PORTFOLIO SECURITIES (continued)

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Overnight<br> and<br> Continuous** | **<30 Days** | **Between<br> 30 & 90<br> Days** | **>90 Days** | **Total** |
| **Global X Millennial Consumer ETF** |  |  |  |  |  |
| Repurchase Agreements | $947062 | $— | $— | $— | $947062 |
| Total | $947062 | $— | $— | $— | $947062 |
| **Global X FinTech ETF** |  |  |  |  |  |
| Repurchase Agreements | $16160902 | $— | $— | $— | $16160902 |
| U.S. Government Securities |  |  |  | 18978 | 18978 |
| Total | $16160902 | $— | $— | $18978 | $16179880 |
| **Global X Internet of Things ETF** |  |  |  |  |  |
| Repurchase Agreements | $926 | $— | $— | $— | $926 |
| Total | $926 | $— | $— | $— | $926 |
| **Global X Robotics & Artificial Intelligence ETF** |  |  |  |  |  |
| Repurchase Agreements | $126012227 | $— | $— | $— | $126012227 |
| U.S. Government Securities |  | 145450 | 204462 | 14260481 | 14610393 |
| Total | $126012227 | $145450 | $204462 | $14260481 | $140622620 |
| **Global X U.S. Infrastructure Development ETF** |  |  |  |  |  |
| Repurchase Agreements | $5257411 | $— | $— | $— | $5257411 |
| Total | $5257411 | $— | $— | $— | $5257411 |
| **Global X Autonomous & Electric Vehicles ETF** |  |  |  |  |  |
| Repurchase Agreements | $30857129 | $— | $— | $— | $30857129 |
| U.S. Government Securities |  | 13547 | 422 | 2533517 | 2547486 |
| Total | $30857129 | $13547 | $422 | $2533517 | $33404615 |

---

*189*

![](logom4.jpg)

Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

8. LOANS OF PORTFOLIO SECURITIES (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Overnight<br> and<br> Continuous** | **<30 Days** | **Between<br> 30 & 90<br> Days** | **>90 Days** | **Total** |
| **Global X Artificial Intelligence & Technology ETF** | | | | | |
| Repurchase Agreements | $27855751 | $— | $— | $— | $27855751 |
| Total | $27855751 | $— | $— | $— | $27855751 |
| **Global X Genomics & Biotechnology ETF** |  |  |  |  |  |
| Repurchase Agreements | $2090469 | $— | $— | $— | $2090469 |
| Total | $2090469 | $— | $— | $— | $2090469 |
| **Global X Cloud Computing ETF** |  |  |  |  |  |
| Repurchase Agreements | $307425 | $— | $— | $— | $307425 |
| Total | $307425 | $— | $— | $— | $307425 |
| **Global X Cybersecurity ETF** |  |  |  |  |  |
| Repurchase Agreements | $11649675 | $— | $— | $— | $11649675 |
| Total | $11649675 | $— | $— | $— | $11649675 |
| **Global X Dorsey Wright Thematic ETF** |  |  |  |  |  |
| Repurchase Agreements | $1013837 | $— | $— | $— | $1013837 |
| Total | $1013837 | $— | $— | $— | $1013837 |
| **Global X Video Games & Esports ETF** |  |  |  |  |  |
| Repurchase Agreements | $13067471 | $— | $— | $— | $13067471 |
| U.S. Government Securities |  |  | 1641 | 130976 | 132617 |
| Total | $13067471 | $— | $1641 | $130976 | $13200088 |
| **Global X HealthTech ETF** |  |  |  |  |  |
| Repurchase Agreements | $946209 | $— | $— | $— | $946209 |
| Total | $946209 | $— | $— | $— | $946209 |
| **Global X CleanTech ETF** |  |  |  |  |  |
| Repurchase Agreements | $2740505 | $— | $— | $— | $2740505 |
| Total | $2740505 | $— | $— | $— | $2740505 |
| **Global X Data Center & Digital Infrastructure ETF** |  |  |  |  |  |
| Repurchase Agreements | $26772913 | $— | $— | $— | $26772913 |
| Total | $26772913 | $— | $— | $— | $26772913 |
| **Global X AgTech & Food Innovation ETF** |  |  |  |  |  |
| Repurchase Agreements | $229148 | $— | $— | $— | $229148 |
| Total | $229148 | $— | $— | $— | $229148 |
| **Global X Blockchain ETF** |  |  |  |  |  |
| Repurchase Agreements | $44495880 | $— | $— | $— | $44495880 |
| Total | $44495880 | $— | $— | $— | $44495880 |

---

*190*

![](logom4.jpg)

Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

8. LOANS OF PORTFOLIO SECURITIES (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Overnight<br> and<br> Continuous** | **<30 Days** | **Between<br> 30 & 90<br> Days** | **>90<br> Days** | **Total** |
| **Global X Hydrogen ETF** |  |  |  |  |  |
| Repurchase Agreements | $7153689 | $— | $— | $— | $7153689 |
| U.S. Government Securities |  | 4037 | 515085 | 13444 | 532566 |
| Total | $7153689 | $4037 | $515085 | $13444 | $7686255 |
| **Global X Solar ETF** |  |  |  |  |  |
| Repurchase Agreements | $37265 | $— | $— | $— | $37265 |
| Total | $37265 | $— | $— | $— | $37265 |
| **Global X Defense Tech ETF** |  |  |  |  |  |
| Repurchase Agreements | $3123641 | $— | $— | $— | $3123641 |
| U.S. Government Securities |  | 41044 | 3239879 | 1076 | 3281999 |
| Total | $3123641 | $41044 | $3239879 | $1076 | $6405640 |

---

9. CONTRACTUAL OBLIGATIONS

The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds' maximum exposure under these contracts is unknown.

However, the Funds have not had prior gains or losses pursuant to these contracts. Management has reviewed the Funds' existing contracts and expects the risk of loss to be remote.

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

10. REVERSE SHARE SPLIT

Effective December 19, 2022, the Board of the Trust approved a reverse share split at the ratio of one to four (1:4) of the issued and outstanding shares of the Global X Blockchain ETF (the "Reverse Share Split"). The Reverse Share Split was completed after the close of business on December 19, 2022. The effect of this transaction for the Fund was to divide the number of outstanding Shares of the Fund by a one to four ratio, resulting in a corresponding increase in the NAV per Share. The per share data in the financial highlights for each of the years in the period then ended, has been given retroactive effect to reflect this reverse share split. There were no changes in net assets, results of operations or total return as a result of this transaction.

Effective June 14, 2024, the Board of the Trust approved a reverse share split at the ratio of one to five (1:5) of the issued and outstanding shares of the Global X Hydrogen ETF (the "Reverse Share Split"). The Reverse Share Split was completed after the close of business on June 14, 2024. The effect of this transaction for the Fund was to divide the number of

*191*

![](logom4.jpg)

Notes to Financial Statements (Concluded)

**May 31, 2025 (Unaudited)**

------

10. REVERSE SHARE SPLIT (continued)

outstanding Shares of the Fund by a one to five ratio, resulting in a corresponding increase in the NAV per Share. The per share data in the financial highlights for each of the years in the period then ended, have been given retroactive effect to reflect this reverse share split. There were no changes in net assets, results of operations or total return as a result of this transaction.

11. SUBSEQUENT EVENTS

The Funds have been evaluated by management regarding the need for additional disclosures (other than what is disclosed in the preceding paragraphs) and/or adjustments resulting from subsequent events. Based on this evaluation, no additional adjustments were required to the financial statements.

*192*

![](logom4.jpg)

Other information (Form N-CSR Items 8-11) (Unaudited)

------

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

Not applicable.

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

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

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

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

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

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

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

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

Not applicable.

*193*

![](logom4.jpg)

Notes

------

*194*

![](logom4.jpg)

Notes

------

*195*

![](logom4.jpg)

Notes

------

*196*

![](logom4.jpg)

605 Third Avenue, 43rd Floor

New York, NY 10158

1-888-493-8631

www.globalxetfs.com

**Investment Adviser and Administrator:**

Global X Management Company LLC

605 3rd Avenue, 43rd Floor

New York, NY 10158

**Distributor:**

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

**Sub-Administrator:**

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

**Counsel for Global X Funds and the Independent Trustees:**

Stradley Ronon Stevens & Young, LLP

2000 K Street, N.W.

Suite 700

Washington, DC 20006

**Custodians and Transfer Agents:**

Brown Brothers Harriman & Co.

40 Water Street

Boston, MA 02109

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

**Independent Registered Public Accounting Firm:**

PricewaterhouseCoopers LLP

Two Commerce Square

Suite 1800

2001 Market Street

Philadelphia, PA 19103

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

GLX-SA-007-1100

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

Included under Item 7.

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

Included under Item 7.

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

Included under Item 7.

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

Included under Item 7.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

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

**Item 16. Controls and Procedures.**

(a) The certifying officers, whose certifications are included herewith, have evaluated the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) within 90 days of the filing date of this report. In their opinion, based on their evaluation, the registrant's disclosure controls and procedures are adequately designed, and are operating effectively to ensure, that information required to be disclosed by the registrant in the reports it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

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

Not applicable.

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

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

(a)(1) Not applicable.

(a)(2) Not applicable.

[(a)(3) A separate certification for the principal executive officer and the principal financial officer of the registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), are filed herewith.](c113465_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, also accompany this filing as exhibits.](c113465_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Global X Funds

---

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

---

Date: August 1, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

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

---

Date: August 1, 2025

---

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

---

Date: August 1, 2025

## Ex-99.Cert

**Exhibit 99CERT**

**CERTIFICATION**

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

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

I, Ryan O'Connor, certify that:

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control
over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the Registrant's internal control over financial reporting; and

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

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

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

Date: August 1, 2025

/s/ Ryan O'Connor

Ryan O'Connor<br> Principal Executive Officer

**CERTIFICATION**

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

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

I, Eric Olsen, certify that:

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control
over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the Registrant's internal control over financial reporting; and

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

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

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

Date: August 1, 2025

/s/ Eric Olsen

Eric Olsen<br> Principal Financial Officer

## Exhibit 99.906

**Exhibit 99.906CERT** 

**CERTIFICATION**

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

**of the Sarbanes-Oxley Act of 2002**

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

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

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

Dated: August 1, 2025

---

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

---

**CERTIFICATION**

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

**of the Sarbanes-Oxley Act of 2002**

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

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

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

Dated: August 1, 2025

---

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

---