# EDGAR Filing Document

**Accession Number:** 0001432353
**File Stem:** 0000930413-26-000371
**Filing Date:** 2026-2
**Character Count:** 617491
**Document Hash:** 05813e9163c2e418eca7ea6b7abe9797
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-26-000371.hdr.sgml**: 20260205

**ACCESSION NUMBER**: 0000930413-26-000371

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 62

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260205

**DATE AS OF CHANGE**: 20260205

**EFFECTIVENESS DATE**: 20260205

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22209
- **FILM NUMBER:** 26602747

**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 MLP ETF (Series ID: S000033201)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000102168 | Global X MLP ETF | MLPA            |

### Global X MLP & Energy Infrastructure ETF (Series ID: S000040076)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000124409 | Global X MLP & Energy Infrastructure ETF | MLPX            |

### Global X Alternative Income ETF (Series ID: S000049563)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000156499 | Global X Alternative Income ETF | ALTY            |

### Global X Conscious Companies ETF (Series ID: S000054297)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000170551 | Global X Conscious Companies ETF | KRMA            |

### Global X U.S. Preferred ETF (Series ID: S000058429)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000191734 | Global X U.S. Preferred ETF | PFFD            |

### Global X S&P 500 Quality Dividend ETF (Series ID: S000062094)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000201047 | Global X S&P 500 Quality Dividend ETF | QDIV            |

### Global X Adaptive U.S. Factor ETF (Series ID: S000062672)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000203262 | Global X Adaptive U.S. Factor ETF | AUSF            |

### Global X Variable Rate Preferred ETF (Series ID: S000068631)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000219547 | Global X Variable Rate Preferred ETF | PFFV            |

### Global X Adaptive U.S. Risk Management ETF (Series ID: S000070582)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000224228 | Global X Adaptive U.S. Risk Management ETF | ONOF            |

### Global X U.S. Cash Flow Kings 100 ETF (Series ID: S000080575)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000243084 | Global X U.S. Cash Flow Kings 100 ETF | FLOW            |

### Global X 1-3 Month T-Bill ETF (Series ID: S000080638)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000243154 | Global X 1-3 Month T-Bill ETF | CLIP            |

### Global X Short-Term Treasury Ladder ETF (Series ID: S000086495)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000252057 | Global X Short-Term Treasury Ladder ETF | SLDR            |

### Global X Intermediate-Term Treasury Ladder ETF (Series ID: S000086496)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000252058 | Global X Intermediate-Term Treasury Ladder ETF | MLDR            |

### Global X Long-Term Treasury Ladder ETF (Series ID: S000086497)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000252059 | Global X Long-Term Treasury Ladder ETF | LLDR            |

### Global X PureCap MSCI Consumer Discretionary ETF (Series ID: S000093597)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000261988 | Global X PureCap MSCI Consumer Discretionary ETF | GXPD            |

### Global X PureCap MSCI Communication Services ETF (Series ID: S000093598)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000261989 | Global X PureCap MSCI Communication Services ETF | GXPC            |

### Global X PureCap MSCI Information Technology ETF (Series ID: S000093599)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000261990 | Global X PureCap MSCI Information Technology ETF | GXPT            |

### Global X PureCap MSCI Consumer Staples ETF (Series ID: S000093600)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000261991 | Global X PureCap MSCI Consumer Staples ETF | GXPS            |

### Global X PureCap MSCI Energy ETF (Series ID: S000093601)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000261992 | Global X PureCap MSCI Energy ETF | GXPE            |

### Global X U.S. 500 ETF (Series ID: S000094852)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000263398 | Global X U.S. 500 ETF | GXLC            |

### Global X U.S. Natural Gas ETF (Series ID: S000095934)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000264716 | Global X U.S. Natural Gas ETF | LNGX            |

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES**

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

**Global X Funds** 

(Exact name of registrant as specified in charter)

605 Third Avenue, 43rd floor

New York, NY 10158

(Address of principal executive offices) (Zip code)

Jasmin M. Ali, Esquire

Global X Management Company LLC

605 Third Avenue, 43rd floor

New York, NY 10158

(Name and address of agent for service)

With a copy to:

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

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

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

**Date of reporting period: November 30, 2025**

**Item 1. Reports to Stockholders.**

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

# Global X Funds
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

## Global X MLP ETF

## Ticker: MLPA

## Principal Listing Exchange: NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X MLP ETF | $53 | 0.53% |

---

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

The Secondary Index is composed of midstream Master Limited Partnerships ("MLPs") engaged in the transportation, storage, and processing of natural resources, as defined by Solactive AG, the provider of the Secondary Index.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund increased 0.90%, while the Secondary Index increased 1.64%. The Fund had a net asset value of $52.44 per share on December 1, 2024 and ended the reporting period with a net asset value of $49.04 per share on November 30, 2025.

The Fund posted gains over the reporting period amid supportive U.S. energy infrastructure fundamentals. Record domestic oil output in July 2025 and a jump in crude exports in late September helped sustain pipeline volumes and fee-based cash flows. Policy shifts ended the prior pause on liquid natural gas ("LNG") export permits and allowed projects to move forward, including final approval for a large Gulf Coast export facility, improving the outlook for gas flows that support midstream revenues. Recently completed pipeline projects also added meaningful takeaway capacity, much of it directed toward liquids and LNG export terminals, further enhancing throughput potential. At the same time, softer oil-price forecasts, declining rig counts, and concerns about weaker LNG demand acted as headwinds for the broader energy complex, while the Federal Reserve's September 2025 rate cut provided a countervailing tailwind by easing financing conditions for capital-intensive infrastructure. Sector returns were further supported by strong free-cash-flow generation, which enabled continued distribution growth and share-buyback activity across many MLP operators.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i274d9b4d05302daf9c0c2529.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X MLP ETF** | **S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup>** | **Solactive MLP Infrastructure Index (USD) (TR)<sup>Footnote Reference\*</sup>** |
| **Nov/15** | $10000 | $10000 | $10000 |
| **Nov/16** | $11534 | $10806 | $11584 |
| **Nov/17** | $10397 | $13277 | $10551 |
| **Nov/18** | $10219 | $14111 | $10422 |
| **Nov/19** | $9550 | $16384 | $9737 |
| **Nov/20** | $6636 | $19244 | $6824 |
| **Nov/21** | $9124 | $24617 | $9430 |
| **Nov/22** | $12563 | $22350 | $13348 |
| **Nov/23** | $14547 | $25443 | $16102 |
| **Nov/24** | $17862 | $34066 | $20707 |
| **Nov/25** | $18023 | $39175 | $21047 |

---

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

---

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

---

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

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>10 Years</u>** |
| Global X MLP ETF | 0.90% | 22.12% | 6.07% |
| S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 15.00% | 15.28% | 14.63% |
| Solactive MLP Infrastructure Index (USD) (TR)<sup>Footnote Reference\*</sup> | 1.64% | 25.27% | 7.73% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $1829186568 | 20 | $8049696 | 18.71% |

---

## What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](ia9e92d7b8458502bb745907e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.7% |
| Energy | 103.1% |

---

---

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

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| Energy Transfer | 13.9% |
| Enterprise Products Partners | 13.7% |
| MPLX | 12.8% |
| Western Midstream Partners | 11.1% |
| Plains All American Pipeline | 10.2% |
| Sunoco | 9.2% |
| Hess Midstream, Cl A | 8.8% |
| Cheniere Energy Partners | 6.6% |
| USA Compression Partners | 5.3% |
| Genesis Energy | 5.0% |

---

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

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

* 1-888-493-8631 

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

# Global X Funds

## Global X MLP ETF: MLPA

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

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

#### MLPA-AR-2025
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

# Global X Funds
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

## Global X MLP & Energy Infrastructure ETF

## Ticker: MLPX

## Principal Listing Exchange: NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X MLP & Energy Infrastructure ETF | $45 | 0.45% |

---

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

The Secondary Index is designed to track the performance of the Midstream Energy sector, which includes Master Limited Partnerships ("MLPs") and energy infrastructure corporations. Midstream firms principally own and operate assets used in energy logistics, including, but not limited to, pipelines, storage facilities and other assets used in transporting, storing, gathering, and processing natural gas, natural gas liquids, crude oil or refined products. The Secondary Index limits its exposure to MLPs in order to comply with applicable tax diversification rules. To be included in the Secondary Index, securities must be publicly traded in the United States. The Secondary Index is maintained by Solactive AG.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund decreased 0.65%, while the Secondary Index decreased 0.10%. The Fund had a net asset value of $64.25 per share on December 1, 2024 and ended the reporting period with a net asset value of $60.83 per share on November 30, 2025.

The Fund posted a slightly negative result over the reporting period despite North American energy infrastructure benefiting from steady production trends and a more supportive policy backdrop. U.S. crude output reached new highs in mid-2025, sustaining pipeline and Gulf Coast terminal volumes even as OPEC+ production signals weighed on broader sentiment. The outlook for natural gas improved after the Department of Energy lifted its LNG export-permit pause in January, bolstering confidence in midstream networks and pending liquefaction projects. Freeport LNG outages created brief feedgas disruptions, but operations normalized, and two major terminals set to open in 2025 should further expand export capacity. Policy conditions also helped, with the Federal Reserve's September rate cut easing financing costs for capital-intensive infrastructure.

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

## Total Return Based on $10,000 Investment
![Growth Chart](icbc47030b6b6f4a83bb670ca.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X MLP & Energy Infrastructure ETF** | **S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup>** | **Solactive MLP & Energy Infrastructure Index (USD) (TR)<sup>Footnote Reference\*</sup>** |
| **Nov/15** | $10000 | $10000 | $10000 |
| **Nov/16** | $11545 | $10806 | $11693 |
| **Nov/17** | $10540 | $13277 | $10751 |
| **Nov/18** | $10494 | $14111 | $10780 |
| **Nov/19** | $10248 | $16384 | $10581 |
| **Nov/20** | $8881 | $19244 | $9220 |
| **Nov/21** | $12402 | $24617 | $12961 |
| **Nov/22** | $16279 | $22350 | $17149 |
| **Nov/23** | $17812 | $25443 | $18905 |
| **Nov/24** | $26753 | $34066 | $28598 |
| **Nov/25** | $26578 | $39175 | $28570 |

---

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

---

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

---

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

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>10 Years</u>** |
| Global X MLP & Energy Infrastructure ETF | -0.65% | 24.51% | 10.27% |
| S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 15.00% | 15.28% | 14.63% |
| Solactive MLP & Energy Infrastructure Index (USD) (TR)<sup>Footnote Reference\*</sup> | -0.10% | 25.38% | 11.07% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $2592365944 | 29 | $11686008 | 15.46% |

---

## What did the Fund invest in?

## Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](ie0e167400844f2fbeb0fe3ca.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Obligation | 1.9% |
| Short-Term Investment | 3.5% |
| Canada | 24.8% |
| United States | 75.1% |

---

---

| | |
|:---|:---|
| 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>** |
| Williams | 9.0% |
| Enbridge | 8.9% |
| TC Energy | 8.8% |
| Kinder Morgan | 7.9% |
| Cheniere Energy | 6.7% |
| ONEOK | 6.7% |
| DT Midstream | 4.7% |
| MPLX | 4.6% |
| Targa Resources | 4.5% |
| Pembina Pipeline | 4.5% |

---

---

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

---

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

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

* 1-888-493-8631 

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

# Global X Funds

## Global X MLP & Energy Infrastructure ETF: MLPX

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

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

#### MLPX-AR-2025
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

# Global X Funds
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

## Global X Alternative Income ETF

## Ticker: ALTY

## Principal Listing Exchange: Nasdaq

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

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

---

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

---

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

The Secondary Index targets five income-focused categories: MLPs & Infrastructure, Real Estate, Preferreds, Emerging Market Bonds, and Covered Calls.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund increased 7.78%, while the Secondary Index increased 7.83%. The Fund had a net asset value of $12.15 per share on December 1, 2024 and ended the reporting period with a net asset value of $12.06 per share on November 30, 2025.

The Fund's performance was positive over the reporting period, supported by quantitative easing measures that were taken on a global scale. A September rate cut by the U.S. Federal Reserve paved the way for the Fund's positive returns. The rate cut contributed to improving value for interest-rate-sensitive real-asset exposures, which periodically excelled over the course of 2025. International exposures, meanwhile, experienced an even wider impact from easing interest rates as they worked in tandem with intermittent dips in the value of the U.S. dollar to create an improving backdrop for growth. Emerging market debt exposures were supported by rate and currency factors, and fundamental improvements to fiscal and monetary policy led to enhanced credit quality and wider access to emerging markets. Finally, the Fund's allocations to covered call strategies contributed to its positive performance due to intermittent bouts of volatility that supported premium collection capabilities.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i8b6f788de80fb0296c202af7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X Alternative Income ETF** | **S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup>** | **Indxx SuperDividend<sup>®</sup> Alternatives Index (USD)** |
| **Nov/15** | $10000 | $10000 | $10000 |
| **Nov/16** | $11104 | $10806 | $11192 |
| **Nov/17** | $12574 | $13277 | $12775 |
| **Nov/18** | $12812 | $14111 | $13122 |
| **Nov/19** | $14079 | $16384 | $14500 |
| **Nov/20** | $12230 | $19244 | $12504 |
| **Nov/21** | $14985 | $24617 | $15357 |
| **Nov/22** | $13990 | $22350 | $14363 |
| **Nov/23** | $14551 | $25443 | $14952 |
| **Nov/24** | $17222 | $34066 | $17719 |
| **Nov/25** | $18562 | $39175 | $19107 |

---

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

---

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

---

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

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>10 Years</u>** |
| Global X Alternative Income ETF | 7.78% | 8.70% | 6.38% |
| S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 15.00% | 15.28% | 14.63% |
| Indxx SuperDividend<sup>®</sup> Alternatives Index (USD) | 7.83% | 8.85% | 6.69% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $39420656 | 21 | $174358 | 11.07% |

---

## What did the Fund invest in?

## Asset/Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i5061783b37a90f98c547767e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 8.3% |
| Energy | 12.5% |
| Short-Term Investment | 15.6% |
| Exchange-Traded Funds | 79.1% |

---

---

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

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Global X SuperDividend<sup>®</sup> REIT ETF<sup>Footnote Reference\*\*</sup> | 20.2% |
| Global X Nasdaq 100<sup>®</sup> Covered Call ETF<sup>Footnote Reference\*\*</sup> | 20.2% |
| Global X Emerging Markets Bond ETF<sup>Footnote Reference\*\*</sup> | 19.8% |
| Global X U.S. Preferred ETF<sup>Footnote Reference\*\*</sup> | 18.8% |
| Northwestern Energy Group | 1.5% |
| Portland General Electric | 1.5% |
| Sunoco | 1.4% |
| Brookfield Infrastructure | 1.4% |
| Avista | 1.4% |
| Black Stone Minerals | 1.3% |

---

---

| | |
|:---|:---|
| 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. |

---

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

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

* 1-888-493-8631 

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

# Global X Funds

## Global X Alternative Income ETF: ALTY

#### Principal Listing Exchange: Nasdaq

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

#### ALTY-AR-2025
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

# Global X Funds
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

## Global X Conscious Companies ETF

## Ticker: KRMA

## Principal Listing Exchange: Nasdaq

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

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Conscious Companies ETF | $45 | 0.43% |

---

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

The Secondary Index is designed to track the performance of well-managed companies that achieve financial performance in a sustainable and responsible manner as measured by their ability to achieve positive outcomes that are consistent with a multi-stakeholder operating system ("MsOS"), as defined by Concinnity Advisors LP, the provider of the Secondary Index. The MsOS is a corporate governance structure that seeks to account for the multiple stakeholders that are critical for the ongoing success of the business, and incorporate the considerations of these stakeholders into the corporate decision-making and problem-solving process.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund increased 9.64%, while the Secondary Index increased 10.10%. The Fund had a net asset value of $40.61 per share on December 1, 2024 and ended the reporting period with a net asset value of $44.11 per share on November 30, 2025.

Performance over the reporting period was positive, aided by a late-year shift toward easier U.S. monetary policy as the Federal Reserve cut rates in September, supporting valuation-sensitive growth exposures in technology and communication services. U.S. sector-level tailwinds tied to accelerating AI and data center build-outs, supported megacap technology ecosystems that are prominent within the Fund's equity allocations. These "well-managed" companies demonstrated an ability to achieve solid financial results while operating in a sustainable and responsible manner. Additionally, the Fund's equal-weighting approach and sector balancing helped to mitigate concentration risk and provide diversified exposure during the reporting period.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i374dff58a740d6c9d37d18e7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X Conscious Companies ETF** | **S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup>** | **Concinnity Conscious Companies Index (USD) (TR)<sup>Footnote Reference\*</sup>** |
| **Jul/16** | $10000 | $10000 | $10000 |
| **Nov/16** | $10464 | $10377 | $10478 |
| **Nov/17** | $12865 | $12750 | $12941 |
| **Nov/18** | $13914 | $13550 | $14078 |
| **Nov/19** | $16050 | $15733 | $16317 |
| **Nov/20** | $18621 | $18479 | $18996 |
| **Nov/21** | $23433 | $23639 | $24018 |
| **Nov/22** | $21219 | $21462 | $21850 |
| **Nov/23** | $23139 | $24432 | $23929 |
| **Nov/24** | $29788 | $32712 | $30956 |
| **Nov/25** | $32660 | $37619 | $34084 |

---

Since its inception on July 11, 2016. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/krma/ for current month-end performance.

---

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

---

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

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>Annualized Since Inception</u>** |
| Global X Conscious Companies ETF | 9.64% | 11.89% | 13.43% |
| S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 15.00% | 15.28% | 15.15% |
| Concinnity Conscious Companies Index (USD) (TR)<sup>Footnote Reference\*</sup> | 10.10% | 12.40% | 13.94% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $168051968 | 142 | $2463077 | 18.20% |

---

## What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i4bb5d504cdbc8d5103e62209.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.0% |
| Materials | 1.6% |
| Energy | 2.1% |
| Real Estate | 2.2% |
| Consumer Staples | 3.6% |
| Industrials | 6.2% |
| Communication Services | 9.0% |
| Health Care | 10.2% |
| Consumer Discretionary | 11.3% |
| Financials | 12.2% |
| Information Technology | 40.5% |

---

---

| | |
|:---|:---|
| 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</u>** |
| NVIDIA | 6.5% |
| Apple | 6.1% |
| Microsoft | 5.4% |
| Alphabet, Cl A | 4.6% |
| Amazon.com | 2.9% |
| Broadcom | 2.1% |
| Meta Platforms, Cl A | 1.5% |
| Tesla | 1.1% |
| Regeneron Pharmaceuticals | 0.7% |
| Cardinal Health | 0.7% |

---

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

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

* 1-888-493-8631 

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

# Global X Funds

## Global X Conscious Companies ETF: KRMA

#### Principal Listing Exchange: Nasdaq

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

#### KRMA-AR-2025
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

# Global X Funds
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

## Global X U.S. Preferred ETF

## Ticker: PFFD

## Principal Listing Exchange: NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X U.S. Preferred ETF | $23 | 0.23% |

---

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

The Secondary Index is designed to track the broad-based performance of the U.S. preferred securities market. Qualifying securities must be listed on a U.S. exchange, meet a minimum amount outstanding, be denominated in U.S. dollars, and meet minimum price, liquidity, maturity, and other requirements as determined by ICE Data Indices, LLC, the provider of the Secondary Index.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund decreased 1.52%, while the Secondary Index decreased 1.28%. The Fund had a net asset value of $20.51 per share on December 1, 2024 and ended the reporting period with a net asset value of $18.97 per share on November 30, 2025.

Over the reporting period, performance dipped slightly as interest-rate factors and credit risks outweighed positive sector news. The Federal Reserve maintained its restrictive policy until mid-September, when it delivered its first cut of 2025. Treasury issuance concerns and tariff-related inflation kept longer-term yields elevated, pressuring rate-sensitive preferreds. Despite the rate cut, the 10-year Treasury yield remained rangebound in the mid-4% range for much of 2025. In the financial sector, which comprises the plurality of preferred issuers, June 2025 stress tests showed large U.S. banks passing with capital levels well above required minimums. The outlook improved late in the reporting period with officials signaling a lighter regulatory proposal, suggesting smaller capital increases for big banks—potentially positive for financial issuer flexibility. However, employment data and fears of a weakening economy later in the year weighed on preferred performance.

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

## Total Return Based on $10,000 Investment
![Growth Chart](id8f96d92d26788d029734790.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X U.S. Preferred ETF** | **S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup>** | **ICE BofA Diversified Core U.S. Preferred Securities Index (USD) (TR)<sup>Footnote Reference^</sup><sup>Footnote Reference\*</sup>** |
| **Sep/17** | $10000 | $10000 | $10000 |
| **Nov/17** | $10075 | $10690 | $10080 |
| **Nov/18** | $9801 | $11360 | $9829 |
| **Nov/19** | $11198 | $13191 | $11258 |
| **Nov/20** | $12108 | $15493 | $12189 |
| **Nov/21** | $12667 | $19819 | $12779 |
| **Nov/22** | $10916 | $17994 | $11019 |
| **Nov/23** | $10861 | $20484 | $10984 |
| **Nov/24** | $12403 | $27426 | $12582 |
| **Nov/25** | $12215 | $31540 | $12421 |

---

Since its inception on September 11, 2017. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/pffd/ for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote^ | &nbsp;&nbsp;The ICE BofA Diversified Core U.S. Preferred Securities Index underwent changes to its methodology effective after the close of business on May 31, 2025. |
| Footnote\* | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>Annualized Since Inception</u>** |
| Global X U.S. Preferred ETF | -1.52% | 0.18% | 2.46% |
| S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 15.00% | 15.28% | 14.99% |
| ICE BofA Diversified Core U.S. Preferred Securities Index (USD) (TR)<sup>Footnote Reference^</sup><sup>Footnote Reference\*</sup> | -1.28% | 0.38% | 2.67% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $2252601012 | 216 | $5334506 | 51.88% |

---

## What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i3b9d44741f6608936f476a9c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care | 0.8% |
| Consumer Discretionary | 1.8% |
| Materials | 2.3% |
| Information Technology | 3.7% |
| Real Estate | 3.8% |
| Communication Services | 4.9% |
| Industrials | 5.5% |
| Utilities | 14.2% |
| Financials | 62.5% |

---

---

| | |
|:---|:---|
| 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</u>** |
| Boeing, 6.00% | 4.4% |
| Wells Fargo, 7.50% | 2.3% |
| Citigroup Capital XIII, 10.47% | 2.3% |
| Albemarle, 7.25% | 2.2% |
| KKR, 6.25% | 2.2% |
| NextEra Energy, 7.30% | 1.8% |
| Hewlett Packard Enterprise, 7.63% | 1.5% |
| NextEra Energy, 7.23% | 1.3% |
| Bank of America, 7.25% | 1.3% |
| Microchip Technology, 7.50% | 1.3% |

---

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

After the close of business on May 31, 2025, the Fund modified its Principal Investment Strategies to reflect a change to its Secondary Index. As of April 1, 2025, constituents in the Fund's Secondary Index are capitalization-weighted based on their current amount outstanding times the market price plus accrued interest. The total allocation to an individual issuer across the Secondary Index is capped at 4.75%, and the aggregate weight of all issuers with a weight greater than 4.5% is capped at 23% each month.

## 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/pffd/ 

# Global X Funds

## Global X U.S. Preferred ETF: PFFD

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

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

#### PFFD-AR-2025
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

# Global X Funds
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

## Global X S&P 500<sup>®</sup> Quality Dividend ETF

## Ticker: QDIV

## Principal Listing Exchange: NYSE Arca, Inc.

## Annual Shareholder Report: November 30, 2025
This annual shareholder report contains important information about the Global X S&P 500<sup>®</sup> Quality Dividend ETF (the "Fund") for the period from December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/qdiv/. You can also request this information by contacting us at 1-888-493-8631.

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X S&P 500<sup>®</sup> Quality Dividend ETF | $20 | 0.20% |

---

## How did the Fund perform in the last year?
The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P 500 Quality High Dividend Index ("Secondary Index"). The Fund is passively managed and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Secondary Index.

The Secondary Index measures the performance of S&P 500 stocks that exhibit both high quality and high dividend yield characteristics. Index constituents are equally-weighted, subject to a 25% sector weight cap.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund decreased 2.81%, while the Secondary Index decreased 2.60%. The Fund had a net asset value of $37.14 per share on December 1, 2024 and ended the reporting period with a net asset value of $35.00 per share on November 30, 2025.

The Fund's performance was negative during the reporting period, with headwinds stemming from defensive sectors of the market. A key catalyst was the shift in U.S. tariff policy announced during the middle of the reporting period. This drove negative sentiment towards consumer driven names within the Fund. The Federal Reserve's mid-September 2025 rate cut eased financing costs and aided rate-sensitive dividend areas like utilities and the Fund's lack of exposure to this high-dividend-paying-sector was a detractor to performance. Reduced grocery spending among users of glucagon-like peptide-1 ("GLP-1") drugs has contributed to valuation pressure on the Fund's food and beverage holdings. Shifting leadership between defensive and growth cohorts limited upside and resulted in the Fund underperforming its Primary Index, the S&P 500 Index, over the course of the reporting period.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i66ad57d89128b136453f8079.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X S&P 500<sup>®</sup> Quality Dividend ETF** | **S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup>** | **S&P 500<sup>®</sup> Quality High Dividend Index (USD) (TR)<sup>Footnote Reference\*</sup>** |
| **Jul/18** | $10000 | $10000 | $10000 |
| **Nov/18** | $9928 | $9929 | $9940 |
| **Nov/19** | $11021 | $11528 | $11074 |
| **Nov/20** | $10859 | $13540 | $10945 |
| **Nov/21** | $13732 | $17321 | $13881 |
| **Nov/22** | $15139 | $15726 | $15342 |
| **Nov/23** | $14577 | $17902 | $14811 |
| **Nov/24** | $18031 | $23969 | $18368 |
| **Nov/25** | $17524 | $27565 | $17891 |

---

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

---

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

---

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

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>Annualized Since Inception</u>** |
| Global X S&P 500<sup>®</sup> Quality Dividend ETF | -2.81% | 10.04% | 7.89% |
| S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 15.00% | 15.28% | 14.71% |
| S&P 500<sup>®</sup> Quality High Dividend Index (USD) (TR)<sup>Footnote Reference\*</sup> | -2.60% | 10.33% | 8.19% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $30798311 | 65 | $60620 | 69.42% |

---

## What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i27c8cbe177a1b5add6f1318f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.5% |
| Communication Services | 4.3% |
| Financials | 5.2% |
| Consumer Discretionary | 6.6% |
| Information Technology | 7.7% |
| Materials | 8.1% |
| Health Care | 10.9% |
| Energy | 15.5% |
| Industrials | 16.9% |
| Consumer Staples | 23.0% |

---

---

| | |
|:---|:---|
| 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</u>** |
| CH Robinson Worldwide | 2.7% |
| Corning | 2.7% |
| Valero Energy | 2.1% |
| Johnson & Johnson | 2.1% |
| Baker Hughes, Cl A | 2.0% |
| Merck | 2.0% |
| Hewlett Packard Enterprise | 1.9% |
| Hasbro | 1.9% |
| General Dynamics | 1.9% |
| Medtronic PLC | 1.9% |

---

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

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

* 1-888-493-8631 

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

# Global X Funds

## Global X S&P 500<sup>®</sup> Quality Dividend ETF: QDIV

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

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

#### QDIV-AR-2025
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

# Global X Funds
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

## Global X Adaptive U.S. Factor ETF

## Ticker: AUSF

## Principal Listing Exchange: NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Adaptive U.S. Factor ETF | $28 | 0.27% |

---

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

The Secondary Index is designed to dynamically allocate across three sub-indices that provide exposure to U.S. equities that exhibit characteristics of one of three primary factors: value, momentum and low volatility. Each factor is represented by a subindex that is derived from the Solactive U.S. Large & Mid Cap Index, which is designed to measure the 1,000 largest companies, by free float market capitalization, that are exchange-listed in the United States.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund increased 5.81%, while the Secondary Index increased 6.14%. The Fund had a net asset value of $44.98 per share on December 1, 2024 and ended the reporting period with a net asset value of $46.19 per share on November 30, 2025.

The Fund posted positive performance over the reporting period as U.S. economic policy shifted toward modest easing and the macro backdrop steadied. Inflation remained somewhat elevated throughout the reporting period, reducing immediate tightening risks while still limiting valuation multiple expansion potential. Labor conditions gradually softened, which favored the Fund's multi-factor equity exposure. The shutdown of the U.S. government in October 2025, which delayed key data releases and temporarily heightened investor uncertainty, as well as new tariff actions, which added cost pressures for supply chains, each created headwinds for the Fund. Additionally, manufacturing remained in contraction territory, however, expectations for continued policy support helped offset these headwinds and supported a positive outcome over the reporting period.

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

## Total Return Based on $10,000 Investment
![Growth Chart](id5863d9c2910c858adc4bfcc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X Adaptive U.S. Factor ETF** | **S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup>** | **Adaptive Wealth Strategies<sup>®</sup> U.S. Factor Index (USD) (TR)<sup>Footnote Reference\*</sup>** |
| **Aug/18** | $10000 | $10000 | $10000 |
| **Nov/18** | $9842 | $9654 | $9853 |
| **Nov/19** | $10853 | $11210 | $10900 |
| **Nov/20** | $10867 | $13166 | $10946 |
| **Nov/21** | $13368 | $16843 | $13509 |
| **Nov/22** | $14786 | $15291 | $14985 |
| **Nov/23** | $16136 | $17408 | $16412 |
| **Nov/24** | $21625 | $23307 | $22078 |
| **Nov/25** | $22881 | $26803 | $23433 |

---

Since its inception on August 24, 2018. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/ausf/ for current month-end performance.

---

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

---

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

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>Annualized Since Inception</u>** |
| Global X Adaptive U.S. Factor ETF | 5.81% | 16.06% | 12.05% |
| S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 15.00% | 15.28% | 14.52% |
| Adaptive Wealth Strategies<sup>®</sup> U.S. Factor Index (USD) (TR)<sup>Footnote Reference\*</sup> | 6.14% | 16.44% | 12.42% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $739445704 | 194 | $1490876 | 74.51% |

---

## What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](ie649b18a2aa8120894a83032.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 2.1% |
| Energy | 3.7% |
| Utilities | 4.0% |
| Materials | 4.2% |
| Consumer Staples | 8.3% |
| Consumer Discretionary | 9.5% |
| Communication Services | 9.6% |
| Information Technology | 11.1% |
| Health Care | 11.6% |
| Industrials | 12.8% |
| Financials | 23.0% |

---

---

| | |
|:---|:---|
| 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</u>** |
| Royalty Pharma, Cl A | 2.2% |
| Verizon Communications | 1.9% |
| AT&T | 1.9% |
| Cencora | 1.7% |
| Amdocs | 1.7% |
| Cisco Systems | 1.6% |
| Johnson & Johnson | 1.6% |
| TJX | 1.6% |
| CME Group, Cl A | 1.6% |
| Walmart | 1.5% |

---

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

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

* 1-888-493-8631 

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

# Global X Funds

## Global X Adaptive U.S. Factor ETF: AUSF

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

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

#### AUSF-AR-2025
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

# Global X Funds
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

## Global X Variable Rate Preferred ETF

## Ticker: PFFV

## Principal Listing Exchange: NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Variable Rate Preferred ETF | $25 | 0.25% |

---

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

The Secondary Index is designed to track the broad-based performance of the U.S.-listed variable rate preferred securities market. Qualifying securities must be listed on a U.S. exchange, meet a minimum amount outstanding, be denominated in U.S. dollars, and meet minimum price, liquidity, maturity, and other requirements as determined by ICE Data Indices, LLC, the provider of the Secondary Index.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund increased 0.16%, while the Secondary Index increased 0.74%. The Fund had a net asset value of $24.32 per share on December 1, 2024 and ended the reporting period with a net asset value of $22.62 per share on November 30, 2025.

The Fund's performance over the reporting period was positive, helped by floating-rate coupons while short-term benchmark rates remained elevated. The Federal Reserve lowered the target range to 4.00%–4.25% in September 2025, signaling additional easing, which softened coupon tailwinds but supported bank funding and credit conditions. Bank balance sheets were strong over the reporting period: the 2025 stress tests showed all major U.S. banks exceeded their capital requirements, reinforcing confidence in preferred securities which are largely issued by financial institutions. Progress in recalibrating the regulatory proposal reduced the perceived risk of capital hikes for U.S. lenders, benefiting issuers of preferreds. Soft employment data and lingering credit fears kept investors cautious, reducing demand for additional credit risk and limiting the scope for further spread compression. Regardless, steady income from floating-rate coupons and clearer policy signals helped offset these pressures, resulting in a modest gain.

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

## Total Return Based on $10,000 Investment
![Growth Chart](ib160528f2cbc7ce3957e6ac4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X Variable Rate Preferred ETF** | **S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup>** | **ICE U.S. Variable Rate Preferred Securities Index<sup>Footnote Reference^</sup>** |
| **Jun/20** | $10000 | $10000 | $10000 |
| **Nov/20** | $11059 | $11701 | $11075 |
| **Nov/21** | $11788 | $14968 | $11837 |
| **Nov/22** | $10798 | $13589 | $10854 |
| **Nov/23** | $11340 | $15470 | $11417 |
| **Nov/24** | $12847 | $20713 | $12971 |
| **Nov/25** | $12867 | $23820 | $13067 |

---

Since its inception on June 22, 2020. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/pffv/ for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote^ | &nbsp;&nbsp;The ICE U.S. Variable Rate Preferred Securities Index underwent changes to its methodology effective after the close of business on May 31, 2025. |
| Footnote\* | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>Annualized Since Inception</u>** |
| Global X Variable Rate Preferred ETF | 0.16% | 3.08% | 4.74% |
| S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 15.00% | 15.28% | 17.28% |
| ICE U.S. Variable Rate Preferred Securities Index<sup>Footnote Reference^</sup> | 0.74% | 3.36% | 5.04% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $301502345 | 58 | $748250 | 57.39% |

---

## What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](iaa2d9dc0c8c12a855e2d1ba9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 1.4% |
| Utilities | 2.9% |
| Consumer Staples | 4.4% |
| Financials | 90.7% |

---

---

| | |
|:---|:---|
| 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>** |
| Morgan Stanley, 4.87% | 4.3% |
| Reinsurance Group of America, 7.13% | 3.4% |
| Apollo Global Management, 7.63% | 3.0% |
| US Bancorp, 4.77% | 2.8% |
| Goldman Sachs Group, 4.80% | 2.8% |
| Jackson Financial, 8.00% | 2.7% |
| Bank of America, 6.45% | 2.6% |
| MetLife, 5.30% | 2.5% |
| Synchrony Financial, 8.25% | 2.5% |
| Allstate, 7.19% | 2.5% |

---

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

After the close of business on May 31, 2025, the Fund modified its Principal Investment Strategies to reflect a change to its Secondary Index. As of April 1, 2025 the constituents in the Fund's Secondary Index are capitalization-weighted based on their current amount outstanding times the market price plus accrued interest. The total allocation to an individual issuer across the Underlying Index is capped at 4.75%, and the aggregate weight of all issuers with a weight greater than 4.5% is capped at 23% each month.

## 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/pffv/ 

# Global X Funds

## Global X Variable Rate Preferred ETF: PFFV

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

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

#### PFFV-AR-2025
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

# Global X Funds
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

## Global X Adaptive U.S. Risk Management ETF

## Ticker: ONOF

## Principal Listing Exchange: NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Adaptive U.S. Risk Management ETF | $40 | 0.39% |

---

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

The Secondary Index is owned and was developed by Adaptive Wealth (the "Index Provider"), and is designed to dynamically allocate between either 100% exposure to the Solactive GBS United States 500 Index TR ("U.S. Equity Position") or 100% exposure to the Solactive US 1-3 Year Treasury Bond Index ("U.S. Treasury Position"). The Secondary Index seeks to provide exposure to the U.S. Equity Position during periods of normal equity market returns and seeks to provide exposure to the U.S. Treasury Position prior to and during periods of adverse market conditions, as determined by four technical indicators including moving average, drawdown, MACD, and volatility that had been developed by the Index Provider.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund increased 6.19%, while the Secondary Index increased 6.66%. The Fund had a net asset value of $36.14 per share on December 1, 2024 and ended the reporting period with a net asset value of $37.94 per share on November 30, 2025.

Over the performance period, the Fund's performance was positive, supported by late-period easing in U.S. financial conditions. A September 2025 rate cut to 4%–4.25% helped underpin equity valuations and reduced funding pressures. Inflation cooled to 2.70% year over year in July before rising to 3% in September as energy and tariff effects re-emerged. Growth concerns from a -0.20% contraction in Q1 2025 were alleviated by a 3.80% rebound in Q2, supporting equity exposure. In April, a Treasury sell-off briefly pushed yields higher and tightened financial conditions, favoring a defensive stance before improvement. Overall, the mid-year growth rebound, gradual policy easing, and moderate inflation helped drive gains, while yield spikes and tariff news created periods where reducing risk could have preserved capital.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i6373191c3ed4225777304705.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X Adaptive U.S. Risk Management ETF** | **S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup>** | **Adaptive Wealth Strategies<sup>®</sup> U.S. Risk Management Index (USD) (TR)<sup>Footnote Reference\*</sup>** |
| **Jan/21** | $10000 | $10000 | $10000 |
| **Nov/21** | $12013 | $12166 | $11960 |
| **Nov/22** | $11500 | $11045 | $11493 |
| **Nov/23** | $11835 | $12574 | $11889 |
| **Nov/24** | $15147 | $16835 | $15294 |
| **Nov/25** | $16084 | $19361 | $16311 |

---

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

---

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

---

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

---

| | | |
|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>Annualized Since Inception</u>** |
| Global X Adaptive U.S. Risk Management ETF | 6.19% | 10.22% |
| S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 15.00% | 14.48% |
| Adaptive Wealth Strategies<sup>®</sup> U.S. Risk Management Index (USD) (TR)<sup>Footnote Reference\*</sup> | 6.66% | 10.54% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $141511105 | 508 | $508509 | 364.95% |

---

## What did the Fund invest in?

## Asset/Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](ibed9a82498a2a2eeb1f6b4e5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investment | 0.0% |
| Exchange-Traded Fund | 0.1% |
| Real Estate | 1.7% |
| Materials | 1.8% |
| Utilities | 2.3% |
| Energy | 2.9% |
| Consumer Staples | 4.7% |
| Industrials | 8.1% |
| Health Care | 9.9% |
| Consumer Discretionary | 10.4% |
| Communication Services | 11.1% |
| Financials | 12.7% |
| Information Technology | 34.2% |

---

---

| | |
|:---|:---|
| 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 | 7.0% |
| Apple | 6.8% |
| Microsoft | 6.1% |
| Amazon.com | 3.8% |
| Alphabet, Cl A | 3.2% |
| Broadcom | 3.2% |
| Alphabet, Cl C | 2.7% |
| Meta Platforms, Cl A | 2.4% |
| Tesla | 2.1% |
| Eli Lilly | 1.5% |

---

---

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

---

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

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

* 1-888-493-8631 

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

# Global X Funds

## Global X Adaptive U.S. Risk Management ETF: ONOF

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

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

#### ONOF-AR-2025
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

# Global X Funds
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

## Global X 1-3 Month T-Bill ETF

## Ticker: CLIP

## Principal Listing Exchange: NYSE Arca, Inc.

## Annual Shareholder Report: November 30, 2025
This annual shareholder report contains important information about the Global X 1-3 Month T-Bill ETF (the "Fund") for the period from December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/clip. You can also request this information by contacting us at 1-888-493-8631.

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X 1-3 Month T-Bill ETF | $7 | 0.07% |

---

## How did the Fund perform in the last year?
The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive 1-3 Month US T-Bill Index ("Secondary Index"). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Secondary Index.

The Secondary Index is designed to measure the performance of public obligations of the U.S. Treasury ("T-Bills") that have a remaining maturity of greater than or equal to 1 month and less than 3 months. Each security in the Secondary Index must be zero coupon, be denominated in U.S. dollars and have an amount outstanding of at least $250 million on the selection date, as determined by Solactive AG, the provider of the Secondary Index. A zero-coupon bond is a bond that is sold at a discount, does not pay intermediary coupons, and pays its face value at maturity.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund increased 4.30%, while the Secondary Index increased 4.35%. The Fund had a net asset value of $100.44 per share on December 1, 2024 and ended the reporting period with a net asset value of $100.40 per share on November 30, 2025.

The Fund ended the reporting period slightly higher, supported by elevated front-end policy rates through most of the year and a modest U.S. Federal Reserve ("Fed") rate cut in mid-September 2025. Inflation hovered near 3% throughout the reporting period, keeping the Fed cautious and front-end yields elevated. The U.S. Department of the Treasury's reliance on front-end issuance ensured ample supply of T-Bills throughout the reporting period. Demand stayed strong as money market fund assets reached record highs, indicating cash migrating into T-bills and supporting liquidity and Treasury pricing of T-Bills. While T-bill yields eased somewhat after the September rate cut, income continued to underpin performance even as price moves were limited. Overall, the combination of elevated short-term rates, steady T-bill supply, and contained inflation helped the Fund deliver a positive outcome.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i763ccc15fe3a85c9f5c88c72.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global X 1-3 Month T-Bill ETF** | **Bloomberg U.S. Aggregate Bond Index (USD) (TR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup>** | **ICE BofA 0-3 Month US Treasury Bill Index (USD) (TR)<sup>Footnote Reference\*</sup>** | **Solactive 1-3 Month US T-Bill Index (USD) (TR)<sup>Footnote Reference\*</sup>** |
| **Jun/23** | $10000 | $10000 | $10000 | $10000 |
| **Nov/23** | $10236 | $9924 | $10239 | $10241 |
| **Nov/24** | $10786 | $10606 | $10791 | $10794 |
| **Nov/25** | $11250 | $11210 | $11258 | $11263 |

---

Since its inception on June 20, 2023. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/clip for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote\* | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |
| Footnote† | &nbsp;&nbsp;As of November 2024, pursuant to new regulatory requirements, the Fund changed its broad-based securities market benchmark from the ICE BofA 0-3 Month US Treasury Bill Index to the Bloomberg U.S. Aggregate Bond Index (USD) to reflect that the Bloomberg U.S. Aggregate Bond Index (USD) is more broadly representative of the overall applicable securities market. |

---

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

---

| | | |
|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>Annualized Since Inception</u>** |
| Global X 1-3 Month T-Bill ETF | 4.30% | 4.93% |
| Bloomberg U.S. Aggregate Bond Index (USD) (TR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 5.70% | 4.78% |
| ICE BofA 0-3 Month US Treasury Bill Index (USD) (TR)<sup>Footnote Reference\*</sup> | 4.33% | 4.96% |
| Solactive 1-3 Month US T-Bill Index (USD) (TR)<sup>Footnote Reference\*</sup> | 4.35% | 4.98% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $1722817966 | 32 | $962114 | 0.00% |

---

## What did the Fund invest in?

## Asset Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](iea886b5fe0ea602b6f0729a7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Repurchase Agreements | 3.5% |
| U.S. Treasury Obligations | 103.4% |

---

---

| | |
|:---|:---|
| 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>** |
| U.S. Treasury Bills, 3.80%, 1/22/2026 | 7.4% |
| U.S. Treasury Bills, 3.85%, 1/8/2026 | 7.3% |
| U.S. Treasury Bills, 3.87%, 1/2/2026 | 6.5% |
| U.S. Treasury Bills, 3.44%, 2/5/2026 | 6.4% |
| U.S. Treasury Bills, 3.23%, 1/29/2026 | 6.0% |
| U.S. Treasury Bills, 3.76%, 2/12/2026 | 5.7% |
| U.S. Treasury Bills, 3.93%, 12/9/2025 | 5.3% |
| U.S. Treasury Bills, 3.77%, 2/19/2026 | 5.2% |
| U.S. Treasury Bills, 3.76%, 2/26/2026 | 5.2% |
| U.S. Treasury Bills, 1.20%, 1/27/2026 | 5.1% |

---

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

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

* 1-888-493-8631 

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

# Global X Funds

## Global X 1-3 Month T-Bill ETF: CLIP

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

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

#### CLIP-AR-2025
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

# Global X Funds
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

## Global X U.S. Cash Flow Kings 100 ETF

## Ticker: FLOW

## Principal Listing Exchange: NYSE Arca, Inc.

## Annual Shareholder Report: November 30, 2025
This annual shareholder report contains important information about the Global X U.S. Cash Flow Kings 100 ETF (the "Fund") for the period from December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/flow. You can also request this information by contacting us at 1-888-493-8631.

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X U.S. Cash Flow Kings 100 ETF | $26 | 0.25% |

---

## How did the Fund perform in the last year?
The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Global X U.S. Cash Flow Kings 100 Index ("Secondary Index"). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Secondary Index.

The Secondary Index is owned and was developed by Global X Management Company LLC ("Index Provider"), an affiliate of the Fund and the Fund's investment adviser. The Secondary Index is administered and calculated by Mirae Asset Global Indices Pvt. Ltd. (the "Index Administrator"), an affiliate of the Index Provider. The Secondary Index is designed to provide exposure to large- and mid-capitalization U.S. equity securities that exhibit high free cash flow yields relative to the eligible universe of companies, as determined by the Index Administrator.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund increased 7.24%, while the Secondary Index increased 7.69%. The Fund had a net asset value of $33.59 per share on December 1, 2024 and ended the reporting period with a net asset value of $35.21 per share on November 30, 2025.

Performance during the reporting period was positive, supported by a favorable backdrop for U.S. equities. A steady drop in long-term yields beginning in the middle of the reporting period aided equity valuations for consumer cyclical and communication services companies held in the Fund. The Fund's sole investment in the Utilities sector during the reporting period, NRG Energy Inc., provided a significant level of positive performance amid increased electricity demand coupled with recent firm initiatives to increase its power plant portfolio. Security selection in the technology sector was a detractor to the Fund's performance as some hardware companies were negatively impacted by U.S. tariff policies. Retailers in the Fund's consumer defensive allocation underperformed as some holdings were forced to cut prices amid cost pressures from privately owned competitors.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i60fe8f1df9fde1e6410d348e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X U.S. Cash Flow Kings 100 ETF** | **S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup>** | **Global X U.S. Cash Flow Kings 100 Index (USD) (GR)** |
| **Jul/23** | $10000 | $10000 | $10000 |
| **Nov/23** | $10646 | $10425 | $10657 |
| **Nov/24** | $13509 | $13959 | $13570 |
| **Nov/25** | $14486 | $16052 | $14614 |

---

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

---

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

---

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

---

| | | |
|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>Annualized Since Inception</u>** |
| Global X U.S. Cash Flow Kings 100 ETF | 7.24% | 16.74% |
| S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 15.00% | 21.85% |
| Global X U.S. Cash Flow Kings 100 Index (USD) (GR) | 7.69% | 17.17% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $24646196 | 99 | $32545 | 103.20% |

---

## What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](ice32f34eba432df8f813bc08.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.3% |
| Materials | 4.8% |
| Industrials | 7.7% |
| Communication Services | 10.3% |
| Consumer Staples | 11.3% |
| Health Care | 13.1% |
| Consumer Discretionary | 15.3% |
| Information Technology | 18.0% |
| Energy | 18.1% |

---

---

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

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| Warner Bros Discovery | 2.4% |
| Cognizant Technology Solutions, Cl A | 2.3% |
| Bristol-Myers Squibb | 2.2% |
| Diamondback Energy | 2.2% |
| Halliburton | 2.1% |
| Omnicom Group | 2.1% |
| Fox, Cl A | 2.1% |
| Pfizer | 2.1% |
| Schlumberger | 2.1% |
| Accenture PLC, Cl A | 2.0% |

---

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

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

* 1-888-493-8631 

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

# Global X Funds

## Global X U.S. Cash Flow Kings 100 ETF: FLOW

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

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

#### FLOW-AR-2025
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

# Global X Funds
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

## Global X Short-Term Treasury Ladder ETF

## Ticker: SLDR

## Principal Listing Exchange: NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Short-Term Treasury Ladder ETF | $12 | 0.12% |

---

## How did the Fund perform in the last year?
The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE US Treasury 1-3 Years Laddered Bond Index ("Secondary Index"). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Secondary Index.

The Secondary Index is designed to measure the performance of a strategy commonly referred to as bond "laddering" as applied to public obligations of the U.S. Treasury that have maturities between 1 and 3 years as of the last business day of February of each year (the "annual rebalance"). The Index allocates its holdings equally across two "rungs," each representing a one-year maturity range. Components within each rung are weighted by market capitalization. At each annual rebalance, bonds shift to the next shorter maturity rung, with bonds in the 1-2 year rung removed and new bonds with 2-3 year maturities added.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund increased 4.69%, while the Secondary Index increased 4.81%. The Fund had a net asset value of $50.02 per share on December 1, 2024 and ended the reporting period with a net asset value of $50.40 per share on November 30, 2025.

Performance was positive over the past year, supported by elevated front-end U.S. Treasury yields and a modest price lift following the Federal Reserve's September rate cut. Attractive short-maturity yields provided a steady income base, while expectations for additional easing encouraged some duration-seeking, adding to returns. Inflation remained above target but contained, which tempered views on aggressive rate cuts but kept the carry profile appealing for short-tenor instruments. The portfolio's conservative positioning in the short end of the yield curve helped manage volatility and avoided the larger price swings seen in longer-dated bonds. Overall, attractive front-end yields and incremental price appreciation contributed to a modestly positive outcome, with income accrual driving most gains.

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

## Total Return Based on $10,000 Investment
![Growth Chart](iffff3bdf66ddd348b73a8a00.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X Short-Term Treasury Ladder ETF** | **Bloomberg U.S. Aggregate Bond Index (USD) (TR)<sup>Footnote Reference\*</sup>** | **FTSE US Treasury 1-3 Years Laddered Bond Index (USD) (TR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup>** |
| **Sep/24** | $10000 | $10000 | $10000 |
| **Sep/24** | $10030 | $9990 | $10031 |
| **Oct/24** | $10002 | $9742 | $10005 |
| **Nov/24** | $10032 | $9845 | $10035 |
| **Dec/24** | $10070 | $9684 | $10074 |
| **Jan/25** | $10105 | $9736 | $10112 |
| **Feb/25** | $10150 | $9950 | $10159 |
| **Mar/25** | $10196 | $9954 | $10207 |
| **Apr/25** | $10278 | $9993 | $10287 |
| **May/25** | $10258 | $9921 | $10268 |
| **Jun/25** | $10315 | $10074 | $10326 |
| **Jul/25** | $10315 | $10047 | $10327 |
| **Aug/25** | $10391 | $10167 | $10406 |
| **Sep/25** | $10430 | $10278 | $10442 |
| **Oct/25** | $10462 | $10343 | $10476 |
| **Nov/25** | $10503 | $10407 | $10518 |

---

Since its inception on September 9, 2024. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/sldr/ for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote\* | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |
| Footnote† | &nbsp;&nbsp;FTSE – Financial Times Stock Exchange |

---

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

---

| | | |
|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>Annualized Since Inception</u>** |
| Global X Short-Term Treasury Ladder ETF | 4.69% | 4.09% |
| Bloomberg U.S. Aggregate Bond Index (USD) (TR)<sup>Footnote Reference\*</sup> | 5.70% | 3.31% |
| FTSE US Treasury 1-3 Years Laddered Bond Index (USD) (TR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 4.81% | 4.21% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $32758523 | 84 | $19149 | 11.15% |

---

## What did the Fund invest in?

## Asset Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](idac0a5210e95d636d70c1135.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Obligations | 99.0% |

---

---

| | |
|:---|:---|
| 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</u>** |
| U.S. Treasury Notes, 3.88%, 3/31/2027 | 3.9% |
| U.S. Treasury Notes, 3.88%, 7/31/2027 | 3.7% |
| U.S. Treasury Notes, 2.63%, 5/31/2027 | 3.7% |
| U.S. Treasury Notes, 1.63%, 10/31/2026 | 3.5% |
| U.S. Treasury Notes, 3.75%, 4/30/2027 | 3.4% |
| U.S. Treasury Notes, 0.75%, 4/30/2026 | 3.4% |
| U.S. Treasury Notes, 1.50%, 8/15/2026 | 3.3% |
| U.S. Treasury Notes, 4.88%, 5/31/2026 | 3.3% |
| U.S. Treasury Notes, 0.75%, 8/31/2026 | 3.1% |
| U.S. Treasury Notes, 4.25%, 12/31/2026 | 3.1% |

---

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

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

* 1-888-493-8631 

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

# Global X Funds

## Global X Short-Term Treasury Ladder ETF: SLDR

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

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

#### SLDR-AR-2025
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

# Global X Funds
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

## Global X Intermediate-Term Treasury Ladder ETF

## Ticker: MLDR

## Principal Listing Exchange: NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Intermediate-Term Treasury Ladder ETF | $12 | 0.12% |

---

## How did the Fund perform in the last year?
The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE US Treasury 3-10 Years Laddered Bond Index ("Secondary Index"). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Secondary Index.

The Secondary Index is designed to measure the performance of a strategy commonly referred to as bond "laddering" as applied to public obligations of the U.S. Treasury that have maturities between 3 and 10 years as of the last business day of February of each year (each an "annual rebalance"). The Index allocates holdings equally across multiple "rungs," each representing a one-year maturity range. Components within each rung are weighted by market capitalization. At each annual rebalance, bonds shift to the next shorter maturity rung, with bonds in the 3-4 year rung removed and new bonds with 9–10-year maturities added.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund increased 6.29%, while the Secondary Index increased 6.39%. The Fund had a net asset value of $48.85 per share on December 1, 2024 and ended the reporting period with a net asset value of $50.05 per share on November 30, 2025.

Performance over the reporting period was positive, aided by the Federal Reserve's late-September decision to trim its policy rate by 0.25 percentage points, which generally supported intermediate U.S. Treasury prices. Earlier in the year, easing inflation strengthened expectations for Federal Reserve rate cuts and helped push yields lower in the 3- to 10-year part of the curve. By late summer, a soft August payrolls report increased demand for duration ahead of the September Fed meeting, which boosted intermediate-maturity Treasury prices. Treasury's quarterly refunding updates indicated steady coupon auction sizes while scaling up buybacks, easing concerns about supply increases and supporting market liquidity. However, the federal government shutdown that began on October 1 obscured the interest-rate outlook by delaying key data releases, weighing on late-period performance. Although some inflation readings came in above expectations and caused temporary setbacks, overall muted inflation, softer labor data, and a more accommodative Federal Reserve supported the Fund's gains.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i4f6debe6c9b1c7377e53686c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X Intermediate-Term Treasury Ladder ETF** | **Bloomberg U.S. Aggregate Bond Index (USD) (TR)<sup>Footnote Reference\*</sup>** | **FTSE US Treasury 3-10 Years Laddered Bond Index (USD) (TR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup>** |
| **Sep/24** | $10000 | $10000 | $10000 |
| **Sep/24** | $9974 | $9990 | $9983 |
| **Oct/24** | $9730 | $9742 | $9735 |
| **Nov/24** | $9802 | $9845 | $9804 |
| **Dec/24** | $9682 | $9684 | $9688 |
| **Jan/25** | $9726 | $9736 | $9743 |
| **Feb/25** | $9917 | $9950 | $9934 |
| **Mar/25** | $9962 | $9954 | $9983 |
| **Apr/25** | $10098 | $9993 | $10104 |
| **May/25** | $10006 | $9921 | $10010 |
| **Jun/25** | $10132 | $10074 | $10140 |
| **Jul/25** | $10089 | $10047 | $10095 |
| **Aug/25** | $10240 | $10167 | $10252 |
| **Sep/25** | $10277 | $10278 | $10286 |
| **Oct/25** | $10331 | $10343 | $10342 |
| **Nov/25** | $10418 | $10407 | $10430 |

---

Since its inception on September 9, 2024. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/mldr/ for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote\* | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |
| Footnote† | &nbsp;&nbsp;FTSE – Financial Times Stock Exchange |

---

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

---

| | | |
|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>Annualized Since Inception</u>** |
| Global X Intermediate-Term Treasury Ladder ETF | 6.29% | 3.40% |
| Bloomberg U.S. Aggregate Bond Index (USD) (TR)<sup>Footnote Reference\*</sup> | 5.70% | 3.31% |
| FTSE US Treasury 3-10 Years Laddered Bond Index (USD) (TR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 6.39% | 3.50% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $8007603 | 40 | $4666 | 10.79% |

---

## What did the Fund invest in?

## Asset Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](ie3f0a0f4e0c8bbe807a933b2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Obligations | 98.7% |

---

---

| | |
|:---|:---|
| 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 Notes, 4.38%, 5/15/2034 | 5.3% |
| U.S. Treasury Notes, 4.88%, 10/31/2030 | 5.1% |
| U.S. Treasury Notes, 4.50%, 5/31/2029 | 5.0% |
| U.S. Treasury Notes, 4.25%, 1/31/2030 | 4.9% |
| U.S. Treasury Notes, 4.50%, 11/15/2033 | 4.9% |
| U.S. Treasury Notes, 4.00%, 1/31/2029 | 4.9% |
| U.S. Treasury Notes, 4.63%, 2/15/2035 | 4.4% |
| U.S. Treasury Notes, 4.38%, 8/31/2028 | 4.2% |
| U.S. Treasury Notes, 3.38%, 5/15/2033 | 4.2% |
| U.S. Treasury Notes, 3.75%, 12/31/2030 | 4.1% |

---

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

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

* 1-888-493-8631 

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

# Global X Funds

## Global X Intermediate-Term Treasury Ladder ETF: MLDR

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

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

#### MLDR-AR-2025
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

# Global X Funds
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

## Global X Long-Term Treasury Ladder ETF

## Ticker: LLDR

## Principal Listing Exchange: NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Long-Term Treasury Ladder ETF | $12 | 0.12% |

---

## How did the Fund perform in the last year?
The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE US Treasury 10-30 Years Laddered Bond Index ("Secondary Index"). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Secondary Index.

The Secondary Index is designed to measure the performance of a strategy commonly referred to as bond "laddering" as applied to public obligations of the U.S. Treasury that have maturities between 10 and 30 years as of the last business day of February of each year (each an "annual rebalance"). It allocates holdings equally across multiple "rungs," each representing a one-year maturity range. Components within each rung are weighted by market capitalization. At each annual rebalance, bonds shift to the next shorter maturity rung, with bonds in the 10-11 year rung removed and new bonds with 29–30-year maturities added.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund increased 2.51%, while the Secondary Index increased 2.49%. The Fund had a net asset value of $47.61 per share on December 1, 2024 and ended the reporting period with a net asset value of $46.72 per share on November 30, 2025.

The Fund finished the reporting period higher, beginning with a late-2024 rally in longer-maturity U.S. Treasuries after the Federal Reserve resumed easing in December. In the first half of 2025, signs of a cooling labor market and steady improvement in inflation led investors to expect additional policy easing. This environment supported the Fund portfolio's exposure to interest-rate duration. By the second half of 2025, a gradual recovery took hold as both inflationary fears and tariff-related volatility receded.The Federal Reserve delivered its first interest rate cut of 2025 in mid-September, lowering the policy rate and signaling the potential for additional reductions, which helped anchor rate expectations. Late in the reporting period, a temporary federal government shutdown curtailed data releases while the Bureau of Labor Statistics published the September CPI showing headline inflation above the Federal Reserve's target, tempering the rally and keeping long rates rangebound. The shift toward easier policy, stable issuance plans, and episodic risk-off support outweighed inflation worries, leaving long-duration U.S. government bonds modestly higher over the reporting period.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i3b3d9051e00e2b42a26bb1d8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X Long-Term Treasury Ladder ETF** | **Bloomberg U.S. Aggregate Bond Index (USD) (TR)<sup>Footnote Reference\*</sup>** | **FTSE US Treasury 10-30 Years Laddered Bond Index (USD) (TR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup>** |
| **Sep/24** | $10000 | $10000 | $10000 |
| **Sep/24** | $9852 | $9990 | $9870 |
| **Oct/24** | $9376 | $9742 | $9379 |
| **Nov/24** | $9534 | $9845 | $9533 |
| **Dec/24** | $9071 | $9684 | $9069 |
| **Jan/25** | $9103 | $9736 | $9116 |
| **Feb/25** | $9511 | $9950 | $9558 |
| **Mar/25** | $9445 | $9954 | $9488 |
| **Apr/25** | $9410 | $9993 | $9405 |
| **May/25** | $9160 | $9921 | $9147 |
| **Jun/25** | $9382 | $10074 | $9371 |
| **Jul/25** | $9303 | $10047 | $9290 |
| **Aug/25** | $9345 | $10167 | $9340 |
| **Sep/25** | $9607 | $10278 | $9599 |
| **Oct/25** | $9723 | $10343 | $9719 |
| **Nov/25** | $9773 | $10407 | $9770 |

---

Since its inception on September 9, 2024. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/lldr/ for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote\* | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |
| Footnote† | &nbsp;&nbsp;FTSE – Financial Times Stock Exchange |

---

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

---

| | | |
|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>Annualized Since Inception</u>** |
| Global X Long-Term Treasury Ladder ETF | 2.51% | -1.86% |
| Bloomberg U.S. Aggregate Bond Index (USD) (TR)<sup>Footnote Reference\*</sup> | 5.70% | 3.31% |
| FTSE US Treasury 10-30 Years Laddered Bond Index (USD) (TR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 2.49% | -1.89% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $34106529 | 95 | $28852 | 11.82% |

---

## What did the Fund invest in?

## Asset Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](ic778c1a022430ba8e2e78705.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Obligations | 98.8% |

---

---

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

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| U.S. Treasury Bonds, 4.50%, 5/15/2038 | 3.5% |
| U.S. Treasury Bonds, 4.38%, 2/15/2038 | 2.8% |
| U.S. Treasury Bonds, 3.00%, 2/15/2048 | 2.7% |
| U.S. Treasury Bonds, 4.13%, 8/15/2053 | 2.5% |
| U.S. Treasury Bonds, 4.38%, 11/15/2039 | 2.5% |
| U.S. Treasury Bonds, 3.00%, 8/15/2052 | 2.5% |
| U.S. Treasury Bonds, 3.00%, 2/15/2049 | 2.5% |
| U.S. Treasury Bonds, 2.25%, 8/15/2046 | 2.5% |
| U.S. Treasury Bonds, 5.00%, 5/15/2037 | 2.4% |
| U.S. Treasury Bonds, 2.00%, 2/15/2050 | 2.2% |

---

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

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

* 1-888-493-8631 

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

# Global X Funds

## Global X Long-Term Treasury Ladder ETF: LLDR

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

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

#### LLDR-AR-2025
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

# Global X Funds
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

## Global X PureCap℠ MSCI Communication Services ETF

## Ticker: GXPC

## Principal Listing Exchange: NYSE Arca, Inc.

## Annual Shareholder Report: November 30, 2025
This annual shareholder report contains important information about Global X PureCap℠ MSCI Communication Services ETF (the "Fund") for the period from July 22, 2025 (commencement of operations) to November 30, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/gxpc. You can also request this information by contacting us at 1-888-493-8631.**This annual shareholder report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment<sup>Footnote Reference\*</sup></u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X PureCap℠ MSCI Communication Services ETF | $6 | 0.15% |

---

---

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

---

## How did the Fund perform in the period?
The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI USA Communication Services Index ("Secondary Index").

The Secondary Index is designed to track the performance of the U.S listed companies classified within the Communication Services sector under the Global Industry Classification Standard (GICS<sup>®</sup>), as determined by MSCI Inc., the provider of the Secondary Index.

Since inception through November 30, 2025 (the "reporting period"), the Fund increased 20.55%, while the Secondary Index increased 20.75%. The Fund had a net asset value of $24.92 per share on July 22, 2025 (the Fund's date of inception) and ended the reporting period with a net asset value of $30.04 per share on November 30, 2025.

Performance was positive over the reporting period, supported by U.S. macro and policy developments relevant to communications, media, and telecom. A key tailwind was the Federal Reserve's September rate cut, which eased discount-rate pressure on long-duration, ad-driven platforms, improving risk sentiment across the sector. Advertising fundamentals also helped, with forecasters calling for U.S. ad growth in 2025 and faster gains in search engine and social media advertising platforms. Towards the end of the reporting period, investor optimism surrounding major U.S. online ad sellers added support to the Fund's strategy. On the policy side, evolving discussions around federal broadband-affordability funding during the second half of 2025 added more clarity to subscriber-support programs, easing some near-term planning uncertainty for related U.S. holdings. Headwinds included steadying but continued U.S. inflation, regulatory actions such as the ad-tech ruling against Google, and the ban-or-sale law for TikTok kept parts of the digital ecosystem in flux, yet these did not outweigh the broader macro and earnings support during the reporting period.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i692025a4e41f1326d5715eb8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X PureCap℠ MSCI Communication Services ETF** | **S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup>** | **MSCI USA Communication Services Index (USD) (TR)<sup>Footnote Reference\*</sup>** |
| **Jul/25** | $10000 | $10000 | $10000 |
| **Jul/25** | $10245 | $10049 | $10246 |
| **Aug/25** | $10590 | $10253 | $10593 |
| **Sep/25** | $11176 | $10627 | $11192 |
| **Oct/25** | $11368 | $10876 | $11384 |
| **Nov/25** | $12055 | $10902 | $12075 |

---

Since its inception on July 22, 2025. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/gxpc for current month-end performance.

---

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

---

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

---

| | |
|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>Cumulative Since Inception</u>** |
| Global X PureCap℠ MSCI Communication Services ETF | 20.55% |
| S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 9.02% |
| MSCI USA Communication Services Index (USD) (TR)<sup>Footnote Reference\*</sup> | 20.75% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $44466086 | 28 | $10632 | 5.33% |

---

## What did the Fund invest in?

## Asset/Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](icec60c1279d2649fa5b98d9c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 2.3% |
| U.S. Treasury Obligation | 29.2% |
| Communication Services | 97.4% |

---

---

| | |
|:---|:---|
| 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>** |
| U.S. Treasury Bill, 3.92%, 12/30/2025 | 29.1% |
| Alphabet, Cl A | 28.0% |
| Alphabet, Cl C | 23.5% |
| Meta Platforms, Cl A | 21.5% |
| Netflix | 7.0% |
| Walt Disney | 2.9% |
| AT&T | 2.9% |
| Verizon Communications | 2.7% |
| Communication Services Select Sector SPDR Fund | 1.7% |
| T-Mobile US | 1.6% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since inception (July 22, 2025). For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2026 at https://www.globalxetfs.com/funds/gxpc or upon request at 1-888-493-8631.

Effective July 30, 2025, pursuant to an Expense Limitation Agreement, the Adviser has contractually agreed to reimburse or waive fees and/or limit expenses for the Fund to ensure that its total annual operating expenses (excluding taxes, brokerage fees, commissions, other transaction expenses, interest, and extraordinary expenses such as litigation and indemnification costs) do not exceed 0.15% of the Fund's average daily net assets per year. This agreement will remain in effect until at least April 1, 2027. As a result of this agreement, the Fund's total operating expense ratio was reduced from 0.25% to 0.15%, effective July 30, 2025.

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

* 1-888-493-8631 

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

# Global X Funds

## Global X PureCap℠ MSCI Communication Services ETF: GXPC

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

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

#### GXPC-AR-2025
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

# Global X Funds
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

## Global X PureCap℠ MSCI Consumer Discretionary ETF

## Ticker: GXPD

## Principal Listing Exchange: NYSE Arca, Inc.

## Annual Shareholder Report: November 30, 2025
This annual shareholder report contains important information about Global X PureCap℠ MSCI Consumer Discretionary ETF (the "Fund") for the period from July 22, 2025 (commencement of operations) to November 30, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/gxpd. You can also request this information by contacting us at 1-888-493-8631.**This annual shareholder report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment<sup>Footnote Reference\*</sup></u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X PureCap℠ MSCI Consumer Discretionary ETF | $6 | 0.15% |

---

---

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

---

## How did the Fund perform in the period?
The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI USA Consumer Discretionary Index ("Secondary Index").

The Secondary Index is designed to track the performance of the U.S listed companies classified within the Consumer Discretionary sector under the Global Industry Classification Standard (GICS<sup>®</sup>), as determined by MSCI Inc., the provider of the Secondary Index.

Since inception through November 30, 2025 (the "reporting period"), the Fund increased 4.95%, while the Secondary Index increased 5.03%. The Fund had a net asset value of $25.05 per share on July 22, 2025 (the Fund's date of inception) and ended the reporting period with a net asset value of $26.29 per share on November 30, 2025.

The Fund posted gains over the reporting period as U.S. consumer-oriented shares benefited from resilient spending and an improving policy backdrop. Mid-year spending remained resilient, with July and August outlays continuing to expand and easing inflation supporting demand across retail, travel, and leisure categories. Policy-wise, the U.S. Federal Reserve delivered a rate cut in September, easing financing costs for discretionary categories that are sensitive to borrowing rates. New tariff measures lifted costs across goods, especially automotives, which pressured demand in parts of the sector but also expedited some purchases as consumers tried to avoid higher prices in the future. By late summer, inflation steadied and consumer spending rose, signaling continued demand for discretionary items despite persistent price pressures. Into October, purchasing sentiment softened and labor worries lingered, tempering gains in more cyclical areas, but the prospect of lower borrowing costs alongside steady income growth helped sustain sector momentum.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i2122a5ad58fb36750bafff69.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X PureCap℠ MSCI Consumer Discretionary ETF** | **S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup>** | **MSCI USA Consumer Discretionary Index (USD) (TR)<sup>Footnote Reference\*</sup>** |
| **Jul/25** | $10000 | $10000 | $10000 |
| **Jul/25** | $9904 | $10049 | $9907 |
| **Aug/25** | $10236 | $10253 | $10239 |
| **Sep/25** | $10543 | $10627 | $10547 |
| **Oct/25** | $10754 | $10876 | $10763 |
| **Nov/25** | $10495 | $10902 | $10503 |

---

Since its inception on July 22, 2025. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/gxpd for current month-end performance.

---

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

---

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

---

| | |
|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>Cumulative Since Inception</u>** |
| Global X PureCap℠ MSCI Consumer Discretionary ETF | 4.95% |
| S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 9.02% |
| MSCI USA Consumer Discretionary Index (USD) (TR)<sup>Footnote Reference\*</sup> | 5.03% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $14459074 | 52 | $6488 | 11.73% |

---

## What did the Fund invest in?

## Asset/Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](ia9c76f5a42e9d4319a0ace2e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 2.7% |
| U.S. Treasury Obligation | 29.6% |
| Consumer Discretionary | 95.3% |

---

---

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

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| Amazon.com | 31.9% |
| U.S. Treasury Bill, 3.92%, 12/30/2025 | 29.6% |
| Tesla | 19.7% |
| Home Depot | 5.7% |
| McDonald's | 3.6% |
| TJX | 2.7% |
| Booking Holdings | 2.7% |
| Direxion Daily AMZN Bull 2X Shares | 2.2% |
| Lowe's | 2.2% |
| Starbucks | 1.6% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since inception (July 22, 2025). For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2026 at https://www.globalxetfs.com/funds/gxpd or upon request at 1-888-493-8631.

Effective July 30, 2025, pursuant to an Expense Limitation Agreement, the Adviser has contractually agreed to reimburse or waive fees and/or limit expenses for the Fund to ensure that its total annual operating expenses (excluding taxes, brokerage fees, commissions, other transaction expenses, interest, and extraordinary expenses such as litigation and indemnification costs) do not exceed 0.15% of the Fund's average daily net assets per year. This agreement will remain in effect until at least April 1, 2027. As a result of this agreement, the Fund's total operating expense ratio was reduced from 0.25% to 0.15%, effective July 30, 2025.

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

* 1-888-493-8631 

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

# Global X Funds

## Global X PureCap℠ MSCI Consumer Discretionary ETF: GXPD

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

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

#### GXPD-AR-2025
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

# Global X Funds
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

## Global X PureCap℠ MSCI Consumer Staples ETF

## Ticker: GXPS

## Principal Listing Exchange: NYSE Arca, Inc.

## Annual Shareholder Report: November 30, 2025
This annual shareholder report contains important information about Global X PureCap℠ MSCI Consumer Staples ETF (the "Fund") for the period from July 22, 2025 (commencement of operations) to November 30, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/gxps. You can also request this information by contacting us at 1-888-493-8631.**This annual shareholder report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment<sup>Footnote Reference\*</sup></u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X PureCap℠ MSCI Consumer Staples ETF | $5 | 0.15% |

---

---

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

---

## How did the Fund perform in the period?
The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI USA Consumer Staples Index ("Secondary Index").

The Secondary Index is designed to track the performance of the U.S. listed companies classified within the Consumer Staples sector under the Global Industry Classification Standard (GICS<sup>®</sup>), as determined by MSCI Inc., the index provider.

Since inception through November 30, 2025 (the "reporting period"), the Fund decreased 0.36%, while the Secondary Index decreased 0.29%. The Fund had a net asset value of $24.97 per share on July 22, 2025 (the Fund's date of inception) and ended the reporting period with a net asset value of $24.88 per share on November 30, 2025.

Performance softened over the period, as U.S. consumer-staples companies faced sticky inflation and policy crosscurrents that tempered investor appetite. Headline inflation hovered near 3% year over year in September, with food-at-home prices still rising, pressuring shopper budgets and limiting volume growth in packaged foods and household products. The Federal Reserve delivered a rate cut in mid-September, but tariff-related cost pass-throughs kept input and shelf-price pressures in focus for staples-exposed categories. Key raw materials were a mixed factor: cocoa costs stayed historically elevated for much of the year, prompting fresh price increases at major U.S. confectioners, a lag that kept confectionery margins tight. Policy developments affecting lower-income consumers, including enacted cuts to SNAP benefits and expanding state restrictions on eligible items, added uncertainty for value-focused grocers and mass merchants that underpin staples demand. Amid these headwinds, retail spending remained steady but uneven, August sales rose on a year-over-year basis, yet consumers' price sensitivity persisted, leaving defensive staples slightly out of favor near quarter-end.

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

## Total Return Based on $10,000 Investment
![Growth Chart](id72166f4edbb71a134023c8a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X PureCap℠ MSCI Consumer Staples ETF** | **S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup>** | **MSCI USA Consumer Staples Index (USD) (TR)<sup>Footnote Reference\*</sup>** |
| **Jul/25** | $10000 | $10000 | $10000 |
| **Jul/25** | $9808 | $10049 | $9806 |
| **Aug/25** | $9960 | $10253 | $9961 |
| **Sep/25** | $9800 | $10627 | $9806 |
| **Oct/25** | $9575 | $10876 | $9580 |
| **Nov/25** | $9964 | $10902 | $9971 |

---

Since its inception on July 22, 2025. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/gxps for current month-end performance.

---

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

---

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

---

| | |
|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>Cumulative Since Inception</u>** |
| Global X PureCap℠ MSCI Consumer Staples ETF | -0.36% |
| S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 9.02% |
| MSCI USA Consumer Staples Index (USD) (TR)<sup>Footnote Reference\*</sup> | -0.29% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $27611271 | 35 | $7642 | 3.44% |

---

## What did the Fund invest in?

## Asset/Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i1ac2090a005a3f61fdbdbbac.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Fund | 1.6% |
| U.S. Treasury Obligation | 29.6% |
| Consumer Staples | 98.3% |

---

---

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

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| U.S. Treasury Bill, 3.92%, 12/30/2025 | 29.6% |
| Walmart | 17.0% |
| Costco Wholesale | 14.2% |
| Procter & Gamble | 12.2% |
| Coca-Cola | 10.5% |
| Philip Morris International | 8.6% |
| PepsiCo | 6.3% |
| Altria Group | 3.5% |
| Mondelez International, Cl A | 2.6% |
| Colgate-Palmolive | 2.2% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since inception (July 22, 2025). For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2026 at https://www.globalxetfs.com/funds/gxps or upon request at 1-888-493-8631.

Effective July 30, 2025, pursuant to an Expense Limitation Agreement, the Adviser has contractually agreed to reimburse or waive fees and/or limit expenses for the Fund to ensure that its total annual operating expenses (excluding taxes, brokerage fees, commissions, other transaction expenses, interest, and extraordinary expenses such as litigation and indemnification costs) do not exceed 0.15% of the Fund's average daily net assets per year. This agreement will remain in effect until at least April 1, 2027. As a result of this agreement, the Fund's total operating expense ratio was reduced from 0.25% to 0.15%, effective July 30, 2025.

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

* 1-888-493-8631 

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

# Global X Funds

## Global X PureCap℠ MSCI Consumer Staples ETF: GXPS

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

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

#### GXPS-AR-2025
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

# Global X Funds
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

## Global X PureCap℠ MSCI Energy ETF

## Ticker: GXPE

## Principal Listing Exchange: NYSE Arca, Inc.

## Annual Shareholder Report: November 30, 2025
This annual shareholder report contains important information about Global X PureCap℠ MSCI Energy ETF (the "Fund") for the period from July 22, 2025 (commencement of operations) to November 30, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/gxpe. You can also request this information by contacting us at 1-888-493-8631.**This annual shareholder report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment<sup>Footnote Reference\*</sup></u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X PureCap℠ MSCI Energy ETF | $6 | 0.15% |

---

---

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

---

## How did the Fund perform in the period?
The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI USA Energy Index ("Secondary Index").

The Secondary Index is designed to track the performance of the U.S listed companies classified within the Energy sector under the Global Industry Classification Standard (GICS<sup>®</sup>), as determined by MSCI Inc., the provider of the Secondary Index.

Since inception through November 30, 2025 (the "reporting period"), the Fund increased 6.12%, while the Secondary Index increased 6.19%. The Fund had a net asset value of $24.99 per share on July 22, 2025 (the Fund's date of inception) and ended the reporting period with a net asset value of $26.52 per share on November 30, 2025.

Performance over the reporting period was modestly positive, supported by sector-specific developments and U.S. policy signals. U.S. crude oil output set a fresh record in July, while October data showed a dip in active rigs, a mix that tempered supply growth expectations and aided sentiment toward domestic producers. The U.S. Department of Energy's solicitation to buy crude for the Strategic Petroleum Reserve added a policy tailwind, creating incremental demand that helped steady the outlook for upstream cash flows. In parallel, final approval for a major U.S. Gulf Coast Liquefied Natural Gas export project reinforced expectations for stronger long-term U.S. natural gas offtake, a supportive backdrop for gas producers and related infrastructure. Inventory readings into late October commercial crude levels hovering near or below five-year norms with a subsequent weekly draw, which helped offset bouts of price volatility and underpinned refining and upstream margins. Additionally, an early-October fire at a large Southern California refinery disrupted key units and heightened concerns about product supply on the West Coast, supporting sentiment across the downstream complex.

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

## Total Return Based on $10,000 Investment
![Growth Chart](ie8b3de21a09a757eeaef028a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X PureCap℠ MSCI Energy ETF** | **S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup>** | **MSCI USA Energy Index (USD) (TR)<sup>Footnote Reference\*</sup>** |
| **Jul/25** | $10000 | $10000 | $10000 |
| **Jul/25** | $10216 | $10049 | $10218 |
| **Aug/25** | $10576 | $10253 | $10580 |
| **Sep/25** | $10516 | $10627 | $10523 |
| **Oct/25** | $10372 | $10876 | $10380 |
| **Nov/25** | $10612 | $10902 | $10619 |

---

Since its inception on July 22, 2025. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/gxpe for current month-end performance.

---

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

---

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

---

| | |
|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>Cumulative Since Inception</u>** |
| Global X PureCap℠ MSCI Energy ETF | 6.12% |
| S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 9.02% |
| MSCI USA Energy Index (USD) (TR)<sup>Footnote Reference\*</sup> | 6.19% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $530350 | 23 | $212 | 0.00% |

---

## What did the Fund invest in?

## Asset/Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](ic703f1616d4f8056e09ba73d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Obligation | 22.6% |
| Energy | 99.5% |

---

---

| | |
|:---|:---|
| 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</u>** |
| Exxon Mobil | 29.2% |
| U.S. Treasury Bill, 3.92%, 12/30/2025 | 22.6% |
| Chevron | 17.3% |
| ConocoPhillips | 6.5% |
| Williams | 4.3% |
| Marathon Petroleum | 3.5% |
| EOG Resources | 3.4% |
| Phillips 66 | 3.3% |
| Valero Energy | 3.2% |
| Kinder Morgan | 3.2% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since inception (July 22, 2025). For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2026 at https://www.globalxetfs.com/funds/gxpe or upon request at 1-888-493-8631.

Effective July 30, 2025, pursuant to an Expense Limitation Agreement, the Adviser has contractually agreed to reimburse or waive fees and/or limit expenses for the Fund to ensure that its total annual operating expenses (excluding taxes, brokerage fees, commissions, other transaction expenses, interest, and extraordinary expenses such as litigation and indemnification costs) do not exceed 0.15% of the Fund's average daily net assets per year. This agreement will remain in effect until at least April 1, 2027. As a result of this agreement, the Fund's total operating expense ratio was reduced from 0.25% to 0.15%, effective July 30, 2025.

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

* 1-888-493-8631 

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

# Global X Funds

## Global X PureCap℠ MSCI Energy ETF: GXPE

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

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

#### GXPE-AR-2025
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

# Global X Funds
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

## Global X PureCap℠ MSCI Information Technology ETF

## Ticker: GXPT

## Principal Listing Exchange: NYSE Arca, Inc.

## Annual Shareholder Report: November 30, 2025
This annual shareholder report contains important information about Global X PureCap℠ MSCI Information Technology ETF (the "Fund") for the period from July 22, 2025 (commencement of operations) to November 30, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/gxpt. You can also request this information by contacting us at 1-888-493-8631.**This annual shareholder report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment<sup>Footnote Reference\*</sup></u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X PureCap℠ MSCI Information Technology ETF | $6 | 0.15% |

---

---

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

---

## How did the Fund perform in the period?
The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI USA Information Technology Index ("Secondary Index").

The Secondary Index is designed to track the performance of the U.S. listed companies classified within the Information Technology sector under the Global Industry Classification Standard (GICS<sup>®</sup>), as determined by MSCI Inc., the index provider.

Since inception through November 30, 2025 (the "reporting period"), the Fund increased 11.70%, while the Secondary Index increased 11.82%. The Fund had a net asset value of $24.62 per share on July 22, 2025 (the Fund's date of inception) and ended the reporting period with a net asset value of $27.50 per share on November 30, 2025.

Performance was positive over the reporting period, supported by easier financial conditions after the Federal Reserve delivered a quarter-point cut on September 17, 2025, a shift that typically benefits the information technology sector. Even with headline inflation at 3.00% year over year in September, the data were consistent with a gradual policy pivot, helping keep discount-rate headwinds in check for the sector. Strong AI-driven capital spending plans from major U.S. platforms continued to bolster demand across semiconductors, hardware, and software. Industry trackers likewise reported record data center investment in 2Q 2025, reinforcing growth expectations around AI infrastructure suppliers. Policy headlines created some cross-currents: the U.S. tightened semiconductor export permissions to China by revoking fast-track authorizations for certain overseas fabrication plants, a development that can weigh on U.S. equipment makers with China exposure even as domestic spending remains solid. Separately, the Trump administration's decision to revisit grant terms of the CHIPS Act introduced uncertainty for onshore projects, but the stated objective of safeguarding U.S. leadership in AI computing supported sentiment among key industry groups.

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

## Total Return Based on $10,000 Investment
![Growth Chart](ife6b288caf4991a9d87aff9d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X PureCap℠ MSCI Information Technology ETF** | **S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup>** | **MSCI USA Information Technology Index (USD) (TR)<sup>Footnote Reference\*</sup>** |
| **Jul/25** | $10000 | $10000 | $10000 |
| **Jul/25** | $10232 | $10049 | $10234 |
| **Aug/25** | $10268 | $10253 | $10268 |
| **Sep/25** | $11020 | $10627 | $11025 |
| **Oct/25** | $11714 | $10876 | $11723 |
| **Nov/25** | $11170 | $10902 | $11182 |

---

Since its inception on July 22, 2025. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/gxpt for current month-end performance.

---

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

---

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

---

| | |
|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>Cumulative Since Inception</u>** |
| Global X PureCap℠ MSCI Information Technology ETF | 11.70% |
| S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 9.02% |
| MSCI USA Information Technology Index (USD) (TR)<sup>Footnote Reference\*</sup> | 11.82% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $45654387 | 92 | $19753 | 2.80% |

---

## What did the Fund invest in?

## Asset/Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i36e8de2cb5cbe8b4b34ff147.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Fund | 0.5% |
| U.S. Treasury Obligation | 29.5% |
| Information Technology | 99.4% |

---

---

| | |
|:---|:---|
| 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>** |
| U.S. Treasury Bill, 3.92%, 12/30/2025 | 29.5% |
| NVIDIA | 20.8% |
| Apple | 20.0% |
| Microsoft | 16.8% |
| Broadcom | 8.7% |
| Palantir Technologies, Cl A | 1.9% |
| Advanced Micro Devices | 1.7% |
| Oracle | 1.7% |
| Cisco Systems | 1.5% |
| International Business Machines | 1.4% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since inception (July 22, 2025). For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2026 at https://www.globalxetfs.com/funds/gxpt or upon request at 1-888-493-8631.

Effective July 30, 2025, pursuant to an Expense Limitation Agreement, the Adviser has contractually agreed to reimburse or waive fees and/or limit expenses for the Fund to ensure that its total annual operating expenses (excluding taxes, brokerage fees, commissions, other transaction expenses, interest, and extraordinary expenses such as litigation and indemnification costs) do not exceed 0.15% of the Fund's average daily net assets per year. This agreement will remain in effect until at least April 1, 2027. As a result of this agreement, the Fund's total operating expense ratio was reduced from 0.25% to 0.15%, effective July 30, 2025.

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

* 1-888-493-8631 

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

# Global X Funds

## Global X PureCap℠ MSCI Information Technology ETF: GXPT

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

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

#### GXPT-AR-2025
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

# Global X Funds
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

## Global X U.S. 500 ETF

## Ticker: GXLC

## Principal Listing Exchange: NYSE Arca, Inc.

## Annual Shareholder Report: November 30, 2025
This annual shareholder report contains important information about the Global X U.S. 500 ETF (the "Fund") for the period from September 23, 2025 (commencement of operations) to November 30, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/gxlc. You can also request this information by contacting us at 1-888-493-8631.

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment<sup>Footnote Reference\*</sup></u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X U.S. 500 ETF | $0 | 0.02% |

---

---

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

---

## How did the Fund perform in the period?
The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive GBS United States 500 Index (the "Secondary Index").

The Secondary Index is designed to track the performance of the largest 500 companies that are listed on U.S. exchanges and traded in U.S. dollars, as determined by Solactive AG, the provider of the Secondary Index (the "Index Provider"). The Secondary Index's universe of eligible securities includes common stock and shares of real estate investment trusts (REITs) that are listed on a U.S. exchange included in a list of eligible exchanges identified by the Index Provider.

Since inception through November 30, 2025 (the "reporting period"), the Fund increased 2.81%, while the Secondary Index increased 2.86%. The Fund had a net asset value of $80.10 per share on September 23, 2025 (the Fund's date of inception) and ended the reporting period with a net asset value of $82.35 per share on November 30, 2025.

U.S. equities benefited as the Federal Reserve delivered a rate cut in September, easing discount-rate pressure on long-duration technology and consumer growth holdings, which positively impacted the Fund's performance. Meanwhile, U.S. GDP advances supported earnings expectations for broad U.S. sectors. Additionally, mega-cap platforms outlined significant AI infrastructure spending, buoying sentiment for information technology and communication services holdings tied to data centers, cloud, and semiconductors. Inflation steadied while unemployment came in above forecasts, reinforcing an easier policy path and underpinning valuation multiples for the largest capitalization holdings in the Fund. While new U.S. tariff actions injected cost and supply-chain uncertainty for import-reliant consumer and industrial companies, phased implementation and device exemptions tempered some immediate pressures, and the Fund recorded positive performance during the reporting period.

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

## Total Return Based on $10,000 Investment
![Growth Chart](if2aee4ae8b414bedc7c141e9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X U.S. 500 ETF** | **S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup>** | **Solactive GBS United States 500 Index (USD) (TR)<sup>Footnote Reference\*</sup>** |
| **Sep/25** | $10000 | $10000 | $10000 |
| **Sep/25** | $10041 | $10049 | $10041 |
| **Oct/25** | $10276 | $10284 | $10282 |
| **Nov/25** | $10281 | $10309 | $10286 |

---

Since its inception on September 23, 2025. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/gxlc for current month-end performance.

---

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

---

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

---

| | |
|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>Cumulative Since Inception</u>** |
| Global X U.S. 500 ETF | 2.81% |
| S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 3.09% |
| Solactive GBS United States 500 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 2.86% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $4117628 | 504 | $146 | 1.21% |

---

## What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i6736dde2d9ed052211e72c3a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.7% |
| Materials | 1.8% |
| Utilities | 2.3% |
| Energy | 2.9% |
| Consumer Staples | 4.7% |
| Industrials | 8.1% |
| Health Care | 9.9% |
| Consumer Discretionary | 10.3% |
| Communication Services | 11.1% |
| Financials | 12.7% |
| Information Technology | 34.3% |

---

---

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

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| NVIDIA | 7.0% |
| Apple | 6.8% |
| Microsoft | 6.1% |
| Amazon.com | 3.8% |
| Broadcom | 3.2% |
| Alphabet, Cl A | 3.1% |
| Alphabet, Cl C | 2.7% |
| Meta Platforms, Cl A | 2.4% |
| Tesla | 2.1% |
| Eli Lilly | 1.5% |

---

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

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

* 1-888-493-8631 

* https://www.globalxetfs.com/gxlc 

# Global X Funds

## Global X U.S. 500 ETF: GXLC

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

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

#### GXLC-AR-2025
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

# Global X Funds
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

## Global X U.S. Natural Gas ETF

## Ticker: LNGX

## Principal Listing Exchange: NYSE Arca, Inc.

## Annual Shareholder Report: November 30, 2025
This annual shareholder report contains important information about the Global X U.S. Natural Gas ETF (the "Fund") for the period from October 28, 2025 (commencement of operations) to November 30, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/lngx. You can also request this information by contacting us at 1-888-493-8631.

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment<sup>Footnote Reference\*</sup></u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X U.S. Natural Gas ETF | $4 | 0.45% |

---

---

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

---

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

The Secondary Index is designed to provide exposure to U.S. companies with pureplay exposure to the Natural Gas and Natural Gas Liquids ("NGLs") value-chain. Eligible companies include those engaged in the exploration, production, and initial processing of Natural Gas and NGLs ("upstream"), as well as transportation, storage, processing, offshore exports, and liquefaction infrastructure that processes liquid natural gas ("LNG ") for export ("midstream"). The Fund aims to deliver access to the U.S. natural gas supply chain as a subset of the broader oil & gas industry, with upstream inclusion based on the proportion of proven reserves attributable to Natural Gas and NGLs, and midstream inclusion based on revenues attributable to Natural Gas and NGLs.

Since inception through November 30, 2025 (the "reporting period"), the Fund increased 9.99%, while the Secondary Index increased 10.05%. The Fund had a net asset value of $34.04 per share on October 28, 2025 (the Fund's date of inception) and ended the reporting period with a net asset value of $37.44 per share on November 30, 2025.

Over the reporting period, the Fund gained as U.S. policy and market signals favored the domestic natural gas value chain, with the federal government easing regulatory overhang around energy infrastructure builds and environmental reviews. Progress on bringing new Gulf Coast export facilities online increased expectations for feedgas demand, as several major terminals reached key commissioning milestones. Colder temperatures and elevated natural gas prices later in the reporting period tightened balances and contributed to the U.S. Energy Information Administration lifting its 2025 Henry Hub outlook, improving cash flow expectations for gas-levered producers. Overall, clearer permitting signals and approaching new U.S. LNG capacity supported the Fund's U.S. upstream and midstream holdings.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i68e918778e66684a5360ab84.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global X U.S. Natural Gas ETF** | **S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup>** | **Global X U.S. Natural Gas Index (USD) (NR)<sup>Footnote Reference†</sup>** |
| **Oct/25** | $10000 | $10000 | $10000 |
| **Nov/25** | $10999 | $9952 | $11005 |

---

Since its inception on October 28, 2025. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/lngx for current month-end performance.

---

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

---

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

---

| | |
|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>Cumulative Since Inception</u>** |
| Global X U.S. Natural Gas ETF | 9.99% |
| S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup> | -0.48% |
| Global X U.S. Natural Gas Index (USD) (NR)<sup>Footnote Reference†</sup> | 10.05% |

---

## Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $2995465 | 35 | $758 | 0.80% |

---

## What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i7410fde652cbec04a0a22aff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.5% |
| Energy | 96.4% |

---

---

| | |
|:---|:---|
| 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>** |
| Chesapeake Energy | 8.1% |
| EQT | 8.1% |
| Coterra Energy | 8.0% |
| Antero Resources | 5.0% |
| Range Resources | 4.4% |
| DT Midstream | 4.2% |
| ONEOK | 4.1% |
| Ovintiv | 4.1% |
| Permian Resources, Cl A | 4.1% |
| Devon Energy | 4.0% |

---

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

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

* 1-888-493-8631 

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

# Global X Funds

## Global X U.S. Natural Gas ETF: LNGX

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

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

#### LNGX-AR-2025
![Image](iceed2c0d15b22e12ed9c3b71.jpg)

(b) Not applicable.

**Item 2. Code of Ethics.**

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

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

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

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

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

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

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

---

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

---

Notes:

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

(e)(1) Not applicable.

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

---

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

---

(f) Not applicable.

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

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

(i) Not applicable.

(j) Not applicable.

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

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

**Item 6. Investments.**

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

(b) Not applicable.

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

Financial statements and financial highlights are filed herein.

![](x1_c115249x1x1m4.jpg)

**Global X MLP ETF (ticker: MLPA)**

**Global X MLP & Energy Infrastructure ETF (ticker: MLPX)**

**Global X Alternative Income ETF (ticker: ALTY)**

**Global X Conscious Companies ETF (ticker: KRMA)**

**Global X U.S. Preferred ETF (ticker: PFFD)**

**Global X S&P 500<sup>®</sup> Quality Dividend ETF (ticker: QDIV)**

**Global X Adaptive U.S. Factor ETF (ticker: AUSF)**

**Global X Variable Rate Preferred ETF (ticker: PFFV)**

**Global X Adaptive U.S. Risk Management ETF (ticker: ONOF)**

**Global X 1-3 Month T-Bill ETF (ticker: CLIP)**

**Global X U.S. Cash Flow Kings 100 ETF (ticker: FLOW)**

**Global X Short-Term Treasury Ladder ETF (ticker: SLDR)**

**Global X Intermediate-Term Treasury Ladder ETF (ticker: MLDR)**

**Global X Long-Term Treasury Ladder ETF (ticker: LLDR)**

**Global X PureCap<sup>SM</sup> MSCI Communication Services ETF (ticker: GXPC)**

**Global X PureCap<sup>SM</sup> MSCI Consumer Discretionary ETF (ticker: GXPD)**

**Global X PureCap<sup>SM</sup> MSCI Consumer Staples ETF (ticker: GXPS)**

**Global X PureCap<sup>SM</sup> MSCI Energy ETF (ticker: GXPE)**

**Global X PureCap<sup>SM</sup> MSCI Information Technology ETF (ticker: GXPT)**

**Global X U.S. 500 ETF (ticker: GXLC)**

**Global X U.S. Natural Gas ETF (ticker: LNGX)**

**Annual Financials and Other Information**

**November 30, 2025**

![](logom4.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| Financial Statements (Form N-CSR Item 7) |  |
| &nbsp;&nbsp;&nbsp;[Schedules of Investments](#xx1xc115249a001xm4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X MLP ETF](#xx1xc115249a002xm4) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X MLP & Energy Infrastructure ETF](#xx1xc115249a003xm4) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X Alternative Income ETF](#xx1xc115249a004xm4) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X Conscious Companies ETF](#xx1xc115249a005xm4) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X U.S. Preferred ETF](#xx1xc115249a006xm4) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X S&P 500<sup>®</sup> Quality Dividend ETF](#xx1xc115249a007xm4) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X Adaptive U.S. Factor ETF](#xx1xc115249a008xm4) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X Variable Rate Preferred ETF](#xx1xc115249a009xm4) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X Adaptive U.S. Risk Management ETF](#xx1xc115249a010xm4) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X U.S. 1-3 Month T-Bill ETF](#xx1xc115249a011xm4) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X U.S. Cash Flow Kings 100 ETF](#xx1xc115249a012xm4) | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X Short-Term Treasury Ladder ETF](#xx1xc115249a013xm4) | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X Intermediate-Term Treasury Ladder ETF](#xx1xc115249a014xm4) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X Long-Term Treasury Ladder ETF](#xx1xc115249a015xm4) | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X PureCap<sup>SM</sup> MSCI Communication Services ETF](#xx1xc115249a016xm4) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X PureCap<sup>SM</sup> MSCI Consumer Discretionary ETF](#xx1xc115249a017xm4) | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X PureCap<sup>SM</sup> MSCI Consumer Staples ETF](#xx1xc115249a018xm4) | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X PureCap<sup>SM</sup>MSCI Energy ETF](#xx1xc115249a019xm4) | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X PureCap<sup>SM</sup> MSCI Information Technology ETF](#xx1xc115249a020xm4) | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X U.S. 500 ETF](#xx1xc115249a021xm4) | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global X U.S. Natural Gas ETF](#xx1xc115249a022xm4) | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Glossary](#xx1xc115249a023xm4) | 97 |
| &nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx1xc115249a024xm4) | 98 |
| &nbsp;&nbsp;&nbsp;[Statements of Operations](#xx1xc115249a025xm4) | 104 |
| &nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx1xc115249a026xm4) | 110 |
| &nbsp;&nbsp;&nbsp;[Financial Highlights](#xx1xc115249a027xm4) | 121 |
| &nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx1xc115249a028xm4) | 135 |
| [Report of Independent Registered Public Accounting Firm](#xx1xc115249a029xm4) | 163 |
| [Notice to Shareholders (Unaudited)](#xx1xc115249a030xm4) | 165 |
| [Other Information (Form N-CSR Items 8-11) (Unaudited)](#xx1xc115249a031xm4) | 168 |

---

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

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MASTER LIMITED PARTNERSHIPS — 98.0%** |  |  |
| Energy — 94.3% |  |  |
| &nbsp;&nbsp;&nbsp;Cheniere Energy Partners | 2231698 | $121627541 |
| &nbsp;&nbsp;&nbsp;CrossAmerica Partners | 100 | 2040 |
| &nbsp;&nbsp;&nbsp;Delek Logistics Partners | 1049033 | 48087673 |
| &nbsp;&nbsp;&nbsp;Energy Transfer | 15184392 | 253731190 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Partners | 7627364 | 249719897 |
| &nbsp;&nbsp;&nbsp;Genesis Energy | 5889386 | 91815528 |
| &nbsp;&nbsp;&nbsp;Global Partners | 1641923 | 72211773 |
| &nbsp;&nbsp;&nbsp;Martin Midstream Partners | 100 | 261 |
| &nbsp;&nbsp;&nbsp;MPLX | 4303814 | 233826215 |
| &nbsp;&nbsp;&nbsp;NGL Energy Partners <sup>\*</sup> | 100 | 983 |
| &nbsp;&nbsp;&nbsp;Plains All American Pipeline | 10684057 | 186009432 |
| &nbsp;&nbsp;&nbsp;Sunoco | 2990540 | 168158064 |
| &nbsp;&nbsp;&nbsp;USA Compression Partners | 3855111 | 97341553 |
| &nbsp;&nbsp;&nbsp;USD Partners <sup>\*</sup> | 100 | 1 |
| &nbsp;&nbsp;&nbsp;Western Midstream Partners | 5166741 | 203207923 |
|  |  | 1725740074 |
| Utilities — 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;Suburban Propane Partners <sup>(A)</sup> | 3417412 | 66810405 |
| TOTAL MASTER LIMITED PARTNERSHIPS <br> (Cost $835,722,309) |  | 1792550479 |
| **COMMON STOCK — 8.8%** |  |  |
| Energy — 8.8% |  |  |
| &nbsp;&nbsp;&nbsp;Hess Midstream, Cl A | 4793703 | 161451917 |
| &nbsp;&nbsp;&nbsp;ONEOK | 100 | 7282 |
| &nbsp;&nbsp;&nbsp;Summit Midstream <sup>\*</sup> | 100 | 2504 |
|  |  | 161461703 |
| Utilities — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Star Group | 100 | 1200 |
| TOTAL COMMON STOCK <br> (Cost $147,860,585) |  | 161462903 |
| TOTAL INVESTMENTS — 106.8% <br> (Cost $983,582,894) |  | $1954013382 |

---

*Percentages are based on Net Assets of $1,829,186,568.*

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

*1*

![](logom4.jpg)

---

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

---

*\** *Non-income producing security.* <br>*(A)* *Affiliated investment.*

*As of November 30, 2025, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

*The following is a summary of the Fund's transactions with affiliates for the year ended November 30, 2025:*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Value<br> 11/30/2024 | Purchases<br> at Cost | Proceeds<br> from Sales | Change in<br> Unrealized<br> Appreciation<br> (Depreciation) | Realized Gain<br> (Loss) | Value<br> 11/30/2025 | Income | Capital Gains |
| **Suburban Propane Partners** | **Suburban Propane Partners** |  |  |  |  |  |  |
| $54637224 | $26682570 | $(16527646) | $3238546 | $(1220289) | $66810405 | $— | $— |

---

*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.*

*2*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X MLP & Energy Infrastructure ETF** | **Global X MLP & Energy Infrastructure ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 74.2%** |  |  |
| **CANADA — 24.8%** |  |  |
| Energy — 24.8% |  |  |
| &nbsp;&nbsp;&nbsp;Enbridge <sup>(A)</sup> | 4721904 | $230334477 |
| &nbsp;&nbsp;&nbsp;Pembina Pipeline <sup>(A)</sup> | 3015047 | 117556683 |
| &nbsp;&nbsp;&nbsp;South Bow | 2358604 | 65003126 |
| &nbsp;&nbsp;&nbsp;TC Energy | 4186214 | 229069630 |
| TOTAL CANADA |  | 641963916 |
| **UNITED STATES — 49.4%** |  |  |
| Energy — 49.4% |  |  |
| &nbsp;&nbsp;&nbsp;Antero Midstream | 3750985 | 67555240 |
| &nbsp;&nbsp;&nbsp;Archrock | 1933964 | 47459476 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy | 830711 | 173170015 |
| &nbsp;&nbsp;&nbsp;DT Midstream | 1005116 | 122081389 |
| &nbsp;&nbsp;&nbsp;Hess Midstream, Cl A | 1465248 | 49349553 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan | 7532273 | 205781698 |
| &nbsp;&nbsp;&nbsp;Kinetik Holdings, Cl A <sup>(A)</sup> | 453098 | 15713439 |
| &nbsp;&nbsp;&nbsp;Kodiak Gas Services | 749803 | 26393066 |
| &nbsp;&nbsp;&nbsp;NextDecade <sup>\*</sup> | 1699501 | 10383951 |
| &nbsp;&nbsp;&nbsp;ONEOK | 2369460 | 172544077 |
| &nbsp;&nbsp;&nbsp;Targa Resources | 671053 | 117642301 |
| &nbsp;&nbsp;&nbsp;Venture Global, Cl A <sup>(A)</sup> | 5323428 | 39712773 |
| &nbsp;&nbsp;&nbsp;Williams | 3824475 | 233025262 |
| TOTAL UNITED STATES |  | 1280812240 |
| TOTAL COMMON STOCK <br> (Cost $1,698,919,831) |  | 1922776156 |
| **MASTER LIMITED PARTNERSHIPS — 25.7%** |  |  |
| **UNITED STATES — 25.7%** |  |  |
| Energy — 25.7% |  |  |
| &nbsp;&nbsp;&nbsp;Cheniere Energy Partners | 455246 | 24810907 |
| &nbsp;&nbsp;&nbsp;Delek Logistics Partners | 210029 | 9627729 |
| &nbsp;&nbsp;&nbsp;Energy Transfer | 6821573 | 113988485 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Partners | 3585361 | 117384719 |
| &nbsp;&nbsp;&nbsp;Genesis Energy | 1199478 | 18699862 |
| &nbsp;&nbsp;&nbsp;MPLX | 2192005 | 119091632 |
| &nbsp;&nbsp;&nbsp;Plains All American Pipeline | 5246764 | 91346161 |
| &nbsp;&nbsp;&nbsp;Plains GP Holdings, Cl A | 2211096 | 40993720 |

---

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

*3*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X MLP & Energy Infrastructure ETF** | **Global X MLP & Energy Infrastructure ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MASTER LIMITED PARTNERSHIPS — continued** |  |  |
| Energy — continued |  |  |
| &nbsp;&nbsp;&nbsp;USA Compression Partners | 842076 | $21262419 |
| &nbsp;&nbsp;&nbsp;Western Midstream Partners | 2753553 | 108297240 |
| TOTAL UNITED STATES |  | 665502874 |
| TOTAL MASTER LIMITED PARTNERSHIPS <br> (Cost $406,234,571) |  | 665502874 |
|  | **Face Amount** |  |
| **U.S. TREASURY OBLIGATION — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bill<br> 3.920%, 12/30/2025<sup>(B)</sup> | $50000000 | 49843873 |
| TOTAL U.S. TREASURY OBLIGATION <br> (Cost $49,848,139) |  | 49843873 |
|  | **Shares** |  |
| **SHORT-TERM INVESTMENT<sup>(C)(D)</sup> — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio, Cl Institutional, 3.900% <br> (Cost $90,788,261) | 90788261 | 90788261 |
| TOTAL INVESTMENTS — 105.3% <br> (Cost $2,245,790,802) |  | $2728911164 |

---

*Percentages are based on Net Assets of $2,592,365,944.*

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

*(A)* *This security or a partial position of this security is on loan at November 30, 2025. The total market value of securities on loan at November 30, 2025 was $90,512,677.*

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

*(C)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2025 was $90,788,261. The total value of non-cash collateral held from securities on loan as of November 30, 2025 was $0.*

*(D)* *The rate reported on the Schedule of Investments is the 7-day effective yield as of November 30, 2025.*

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

*4*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X MLP & Energy Infrastructure ETF** | **Global X MLP & Energy Infrastructure ETF** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*1922776156* | $*—* | $*—* | $*1922776156* |
| &nbsp;&nbsp;&nbsp;*Master Limited Partnerships* | *665502874* | *—* | *—* | *665502874* |
| &nbsp;&nbsp;&nbsp;*U.S. Treasury Obligation* | *—* | *49843873* | *—* | *49843873* |
| &nbsp;&nbsp;&nbsp;*Short-Term Investment* | *90788261* | *—* | *—* | *90788261* |
| *Total Investments in Securities* | $*2679067291* | $*49843873* | $*—* | $*2728911164* |

---

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

*See "Glossary" for abbreviations.*

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

*5*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Alternative Income ETF** | **Global X Alternative Income ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS — 79.1%** |  |  |
| **International Equity — 20.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Global X SuperDividend<sup>®</sup> REIT ETF <sup>(A)(B)</sup> | 361258 | $7974987 |
| **Domestic Equity — 39.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Global X Nasdaq 100<sup>®</sup> Covered Call ETF <sup>(B)(C)(D)</sup> | 456317 | 7971858 |
| &nbsp;&nbsp;&nbsp;Global X U.S. Preferred ETF <sup>(B)(E)</sup> | 390623 | 7406212 |
|  |  | 15378070 |
| **Foreign Fixed Income — 19.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Global X Emerging Markets Bond ETF <sup>(B)(F)</sup> | 324027 | 7812291 |
| TOTAL EXCHANGE-TRADED FUNDS<br> (Cost $35,708,714) |  | 31165348 |
| **COMMON STOCK — 11.9%** |  |  |
| Energy — 3.6% |  |  |
| &nbsp;&nbsp;&nbsp;Antero Midstream | 25682 | 462533 |
| &nbsp;&nbsp;&nbsp;Hess Midstream, Cl A | 13706 | 461618 |
| &nbsp;&nbsp;&nbsp;ONEOK | 6731 | 490151 |
|  |  | 1414302 |
| Utilities — 8.3% |  |  |
| &nbsp;&nbsp;&nbsp;ALLETE | 7560 | 511207 |
| &nbsp;&nbsp;&nbsp;Avista | 13158 | 544478 |
| &nbsp;&nbsp;&nbsp;Brookfield Infrastructure | 12046 | 549900 |
| &nbsp;&nbsp;&nbsp;Edison International | 8873 | 522531 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group | 8553 | 590927 |
| &nbsp;&nbsp;&nbsp;Portland General Electric | 11294 | 573961 |
|  |  | 3293004 |
| TOTAL COMMON STOCK<br> (Cost $4,192,485) |  | 4707306 |
| **MASTER LIMITED PARTNERSHIPS — 8.9%** |  |  |
| Energy — 8.9% |  |  |
| &nbsp;&nbsp;&nbsp;Alliance Resource Partners | 20692 | 504264 |
| &nbsp;&nbsp;&nbsp;Black Stone Minerals | 37275 | 522968 |
| &nbsp;&nbsp;&nbsp;Dorchester Minerals | 19163 | 420532 |
| &nbsp;&nbsp;&nbsp;Energy Transfer | 28114 | 469785 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Partners | 15352 | 502625 |
| &nbsp;&nbsp;&nbsp;MPLX | 9621 | 522709 |

---

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

*6*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Alternative Income ETF** | **Global X Alternative Income ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MASTER LIMITED PARTNERSHIPS — continued** |  |  |
| Energy — continued |  |  |
| &nbsp;&nbsp;&nbsp;Sunoco | 9940 | $558926 |
| TOTAL MASTER LIMITED PARTNERSHIPS<br> (Cost $2,246,574) |  | 3501809 |
| **SHORT-TERM INVESTMENT<sup>(G)(H)</sup> — 15.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio, Cl Institutional, 3.900%<br> (Cost $6,148,800) | 6148800 | 6148800 |
| TOTAL INVESTMENTS — 115.5%<br> (Cost $48,296,573) |  | $45523263 |

---

*Percentages are based on Net Assets of $39,420,656.*

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

*(B)* *Affiliated investment.* 

*(C)* *For financial information on the Global X Nasdaq 100® Covered Call ETF, please go to the Fund's website at https://www.globalxetfs.com/explore/.* 

*(D)* *This security or a partial position of this security is on loan at November 30, 2025. The total market value of securities on loan at November 30, 2025 was $5,967,752.* 

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

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

*(G)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2025 was $6,148,800. The total value of non-cash collateral held from securities on loan as of November 30, 2025 was $0.* 

*(H)* *The rate reported on the Schedule of Investments is the 7-day effective yield as of November 30, 2025.* 

*As of November 30, 2025, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

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

*7*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Alternative Income ETF** | **Global X Alternative Income ETF** |

---

*The following is a summary of the Fund's transactions with affiliates for the year ended November 30, 2025:*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Value <br> 11/30/2024 | Purchases<br> at Cost | Proceeds<br> from Sales | Change in <br> Unrealized<br> Appreciation<br> (Depreciation) | Realized Gain<br> (Loss) | Value<br> 11/30/2025 | Income | Capital Gains |
| &nbsp;&nbsp;&nbsp;**Global X SuperDividend® REIT ETF** | &nbsp;&nbsp;&nbsp;**Global X SuperDividend® REIT ETF** | &nbsp;&nbsp;&nbsp;**Global X SuperDividend® REIT ETF** | &nbsp;&nbsp;&nbsp;**Global X SuperDividend® REIT ETF** | &nbsp;&nbsp;&nbsp;**Global X SuperDividend® REIT ETF** | &nbsp;&nbsp;&nbsp;**Global X SuperDividend® REIT ETF** | &nbsp;&nbsp;&nbsp;**Global X SuperDividend® REIT ETF** | &nbsp;&nbsp;&nbsp;**Global X SuperDividend® REIT ETF** |
| $6483682 | $2143581 | $(1042217) | $990610 | $(600669) | $7974987 | $406214 | $12893 |
| &nbsp;&nbsp;&nbsp;**Global X Emerging Markets Bond ETF** | &nbsp;&nbsp;&nbsp;**Global X Emerging Markets Bond ETF** | &nbsp;&nbsp;&nbsp;**Global X Emerging Markets Bond ETF** | &nbsp;&nbsp;&nbsp;**Global X Emerging Markets Bond ETF** | &nbsp;&nbsp;&nbsp;**Global X Emerging Markets Bond ETF** | &nbsp;&nbsp;&nbsp;**Global X Emerging Markets Bond ETF** | &nbsp;&nbsp;&nbsp;**Global X Emerging Markets Bond ETF** | &nbsp;&nbsp;&nbsp;**Global X Emerging Markets Bond ETF** |
| 6715131 | 2242774 | (1442319) | 428505 | (131800) | 7812291 | 431773 |  |
| &nbsp;&nbsp;&nbsp;**Global X Nasdaq 100® Covered Call ETF** | &nbsp;&nbsp;&nbsp;**Global X Nasdaq 100® Covered Call ETF** | &nbsp;&nbsp;&nbsp;**Global X Nasdaq 100® Covered Call ETF** | &nbsp;&nbsp;&nbsp;**Global X Nasdaq 100® Covered Call ETF** | &nbsp;&nbsp;&nbsp;**Global X Nasdaq 100® Covered Call ETF** | &nbsp;&nbsp;&nbsp;**Global X Nasdaq 100® Covered Call ETF** | &nbsp;&nbsp;&nbsp;**Global X Nasdaq 100® Covered Call ETF** | &nbsp;&nbsp;&nbsp;**Global X Nasdaq 100® Covered Call ETF** |
| 6861142 | 2120918 | (785386) | (196972) | (27844) | 7971858 | 876125 |  |
| &nbsp;&nbsp;&nbsp;**Global X U.S. Preferred ETF** | &nbsp;&nbsp;&nbsp;**Global X U.S. Preferred ETF** | &nbsp;&nbsp;&nbsp;**Global X U.S. Preferred ETF** | &nbsp;&nbsp;&nbsp;**Global X U.S. Preferred ETF** | &nbsp;&nbsp;&nbsp;**Global X U.S. Preferred ETF** | &nbsp;&nbsp;&nbsp;**Global X U.S. Preferred ETF** | &nbsp;&nbsp;&nbsp;**Global X U.S. Preferred ETF** | &nbsp;&nbsp;&nbsp;**Global X U.S. Preferred ETF** |
| 6671832 | 2083670 | (835098) | (324310) | (189882) | 7406212 | 413007 |  |
| &nbsp;&nbsp;&nbsp;**Totals:** | &nbsp;&nbsp;&nbsp;**Totals:** | &nbsp;&nbsp;&nbsp;**Totals:** | &nbsp;&nbsp;&nbsp;**Totals:** | &nbsp;&nbsp;&nbsp;**Totals:** | &nbsp;&nbsp;&nbsp;**Totals:** | &nbsp;&nbsp;&nbsp;**Totals:** | &nbsp;&nbsp;&nbsp;**Totals:** |
| $26731787 | $8590943 | $(4105020) | $897833 | $(950195) | $31165348 | $2127119 | $12893 |

---

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

*See "Glossary" for abbreviations.*

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

*8*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Conscious Companies ETF** | **Global X Conscious Companies ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%** |  |  |
| **UNITED STATES — 99.9%** |  |  |
| Communication Services — 9.0% |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 24014 | $7688803 |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 30006 | 800860 |
| &nbsp;&nbsp;&nbsp;Electronic Arts | 4376 | 884083 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment <sup>\*</sup> | 5748 | 755575 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 4020 | 2604759 |
| &nbsp;&nbsp;&nbsp;Netflix <sup>\*</sup> | 8028 | 863652 |
| &nbsp;&nbsp;&nbsp;Trade Desk, Cl A <sup>\*</sup> | 16897 | 668445 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 22633 | 930443 |
|  |  | 15196620 |
| Consumer Discretionary — 11.3% |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com <sup>\*</sup> | 20683 | 4823689 |
| &nbsp;&nbsp;&nbsp;Booking Holdings | 173 | 850241 |
| &nbsp;&nbsp;&nbsp;BorgWarner | 19978 | 860253 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods | 3899 | 805417 |
| &nbsp;&nbsp;&nbsp;eBay | 9038 | 748256 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings | 3280 | 934898 |
| &nbsp;&nbsp;&nbsp;Home Depot | 2272 | 810922 |
| &nbsp;&nbsp;&nbsp;Lear | 8621 | 925551 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica <sup>\*</sup> | 4931 | 908192 |
| &nbsp;&nbsp;&nbsp;Marriott International, Cl A | 3239 | 987215 |
| &nbsp;&nbsp;&nbsp;NIKE, Cl B | 12714 | 821706 |
| &nbsp;&nbsp;&nbsp;PulteGroup | 7290 | 927215 |
| &nbsp;&nbsp;&nbsp;Tesla <sup>\*</sup> | 4271 | 1837256 |
| &nbsp;&nbsp;&nbsp;TJX | 6192 | 940689 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty <sup>\*</sup> | 1698 | 914933 |
| &nbsp;&nbsp;&nbsp;Yum! Brands | 6129 | 939024 |
|  |  | 19035457 |
| Consumer Staples — 3.6% |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 12604 | 921604 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive | 11265 | 905593 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale | 944 | 862429 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark | 7388 | 806179 |
| &nbsp;&nbsp;&nbsp;PepsiCo | 5798 | 862395 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble | 5762 | 853698 |

---

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

*9*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Conscious Companies ETF** | **Global X Conscious Companies ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Consumer Staples — continued |  |  |
| &nbsp;&nbsp;&nbsp;Walmart | 8275 | $914470 |
|  |  | 6126368 |
| Energy — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Chevron | 5647 | 853431 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 9981 | 885215 |
| &nbsp;&nbsp;&nbsp;EOG Resources | 8258 | 890625 |
| &nbsp;&nbsp;&nbsp;ONEOK | 12805 | 932460 |
|  |  | 3561731 |
| Financials — 12.2% |  |  |
| &nbsp;&nbsp;&nbsp;American Express | 2458 | 897834 |
| &nbsp;&nbsp;&nbsp;Bank of America | 16712 | 896599 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon | 8137 | 912158 |
| &nbsp;&nbsp;&nbsp;Capital One Financial | 3905 | 855468 |
| &nbsp;&nbsp;&nbsp;Charles Schwab | 9306 | 862945 |
| &nbsp;&nbsp;&nbsp;Citigroup | 8895 | 921522 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems | 3080 | 853992 |
| &nbsp;&nbsp;&nbsp;Hartford Financial Services Group | 7023 | 962362 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 2924 | 915446 |
| &nbsp;&nbsp;&nbsp;Mastercard, Cl A | 1531 | 842861 |
| &nbsp;&nbsp;&nbsp;MetLife | 11167 | 854946 |
| &nbsp;&nbsp;&nbsp;Moody's | 1789 | 878005 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 5362 | 909717 |
| &nbsp;&nbsp;&nbsp;Nasdaq | 9935 | 903290 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings | 12593 | 789455 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group | 11035 | 935989 |
| &nbsp;&nbsp;&nbsp;Progressive | 4011 | 917677 |
| &nbsp;&nbsp;&nbsp;Prudential Financial | 8600 | 930950 |
| &nbsp;&nbsp;&nbsp;S&P Global | 1795 | 895400 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 11739 | 908129 |
| &nbsp;&nbsp;&nbsp;T Rowe Price Group | 8485 | 868694 |
| &nbsp;&nbsp;&nbsp;Travelers | 3255 | 953259 |
| &nbsp;&nbsp;&nbsp;Visa, Cl A | 2528 | 845464 |
|  |  | 20512162 |
| Health Care — 10.2% |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 6927 | 892890 |
| &nbsp;&nbsp;&nbsp;AbbVie | 3854 | 877556 |

---

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

*10*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Conscious Companies ETF** | **Global X Conscious Companies ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Health Care — continued |  |  |
| &nbsp;&nbsp;&nbsp;Agilent Technologies | 5934 | $910869 |
| &nbsp;&nbsp;&nbsp;Amgen | 3011 | 1040180 |
| &nbsp;&nbsp;&nbsp;Boston Scientific <sup>\*</sup> | 8689 | 882629 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 20047 | 986312 |
| &nbsp;&nbsp;&nbsp;Cardinal Health | 5428 | 1152147 |
| &nbsp;&nbsp;&nbsp;Cigna Group | 2911 | 807162 |
| &nbsp;&nbsp;&nbsp;Eli Lilly | 1064 | 1144300 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 7265 | 914228 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical <sup>\*</sup> | 1608 | 922156 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 4615 | 954936 |
| &nbsp;&nbsp;&nbsp;Merck | 10043 | 1052808 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals | 1520 | 1185889 |
| &nbsp;&nbsp;&nbsp;Stryker | 2301 | 854085 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group | 2425 | 799692 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals <sup>\*</sup> | 2086 | 904510 |
| &nbsp;&nbsp;&nbsp;Zoetis, Cl A | 6020 | 771644 |
|  |  | 17053993 |
| Industrials — 6.2% |  |  |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing | 3128 | 798578 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding, Cl A | 9613 | 802301 |
| &nbsp;&nbsp;&nbsp;Caterpillar | 1682 | 968428 |
| &nbsp;&nbsp;&nbsp;Cummins | 2086 | 1038786 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines | 14414 | 923937 |
| &nbsp;&nbsp;&nbsp;General Dynamics | 2504 | 855442 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions | 5506 | 742264 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin | 1810 | 828727 |
| &nbsp;&nbsp;&nbsp;Oshkosh | 6300 | 807534 |
| &nbsp;&nbsp;&nbsp;Owens Corning | 6878 | 778865 |
| &nbsp;&nbsp;&nbsp;Union Pacific | 4055 | 940071 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Cl B | 10074 | 964988 |
|  |  | 10449921 |
| Information Technology — 40.5% |  |  |
| &nbsp;&nbsp;&nbsp;Adobe <sup>\*</sup> | 2484 | 795203 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices <sup>\*</sup> | 3474 | 755699 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies <sup>\*</sup> | 11706 | 1047921 |
| &nbsp;&nbsp;&nbsp;Amphenol, Cl A | 6566 | 925149 |
| &nbsp;&nbsp;&nbsp;Analog Devices | 3691 | 979370 |

---

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

*11*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Conscious Companies ETF** | **Global X Conscious Companies ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;Apple | 36701 | $10234074 |
| &nbsp;&nbsp;&nbsp;Applied Materials | 3841 | 968892 |
| &nbsp;&nbsp;&nbsp;Arista Networks <sup>\*</sup> | 5712 | 746444 |
| &nbsp;&nbsp;&nbsp;Arrow Electronics <sup>\*</sup> | 7324 | 791065 |
| &nbsp;&nbsp;&nbsp;Autodesk <sup>\*</sup> | 2809 | 852082 |
| &nbsp;&nbsp;&nbsp;Avnet | 17063 | 810663 |
| &nbsp;&nbsp;&nbsp;Broadcom | 8910 | 3590374 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems <sup>\*</sup> | 2545 | 793633 |
| &nbsp;&nbsp;&nbsp;CDW | 5554 | 800998 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic <sup>\*</sup> | 6727 | 809527 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 12439 | 957057 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Cl A <sup>\*</sup> | 1667 | 848770 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Cl C | 5539 | 738626 |
| &nbsp;&nbsp;&nbsp;Dynatrace <sup>\*</sup> | 17463 | 778151 |
| &nbsp;&nbsp;&nbsp;First Solar <sup>\*</sup> | 3639 | 993156 |
| &nbsp;&nbsp;&nbsp;Gartner <sup>\*</sup> | 3512 | 817383 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise | 37387 | 817654 |
| &nbsp;&nbsp;&nbsp;HP | 31765 | 775701 |
| &nbsp;&nbsp;&nbsp;HubSpot <sup>\*</sup> | 1871 | 687256 |
| &nbsp;&nbsp;&nbsp;Intuit | 1287 | 816061 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies <sup>\*</sup> | 5184 | 1026173 |
| &nbsp;&nbsp;&nbsp;Littelfuse | 3261 | 834881 |
| &nbsp;&nbsp;&nbsp;Micron Technology | 4013 | 948994 |
| &nbsp;&nbsp;&nbsp;Microsoft | 18376 | 9041176 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems | 818 | 759243 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions | 2002 | 740099 |
| &nbsp;&nbsp;&nbsp;NetApp | 7532 | 840270 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 61834 | 10944618 |
| &nbsp;&nbsp;&nbsp;Oracle | 3101 | 626247 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks <sup>\*</sup> | 4046 | 769266 |
| &nbsp;&nbsp;&nbsp;PTC <sup>\*</sup> | 4290 | 752595 |
| &nbsp;&nbsp;&nbsp;QUALCOMM | 5200 | 874068 |
| &nbsp;&nbsp;&nbsp;Salesforce | 3448 | 794902 |
| &nbsp;&nbsp;&nbsp;ServiceNow <sup>\*</sup> | 946 | 768540 |
| &nbsp;&nbsp;&nbsp;Synopsys <sup>\*</sup> | 1893 | 791293 |
| &nbsp;&nbsp;&nbsp;Teradyne | 6089 | 1107528 |
| &nbsp;&nbsp;&nbsp;Texas Instruments | 5194 | 873994 |
| &nbsp;&nbsp;&nbsp;Trimble <sup>\*</sup> | 10792 | 878685 |
| &nbsp;&nbsp;&nbsp;Universal Display | 5976 | 710726 |

---

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

*12*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Conscious Companies ETF** | **Global X Conscious Companies ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;Workday, Cl A <sup>\*</sup> | 3620 | $780544 |
|  |  | 67994751 |
| Materials — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Mosaic | 29306 | 717704 |
| &nbsp;&nbsp;&nbsp;Nucor | 6334 | 1010210 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics | 5745 | 964183 |
|  |  | 2692097 |
| Real Estate — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;CBRE Group, Cl A <sup>\*</sup> | 5392 | 872587 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts <sup>‡</sup> | 53282 | 939362 |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle <sup>\*</sup> | 2772 | 902813 |
| &nbsp;&nbsp;&nbsp;ProLogis <sup>‡</sup> | 6950 | 893283 |
|  |  | 3608045 |
| Utilities — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;American Water Works | 6206 | 807214 |
| &nbsp;&nbsp;&nbsp;Exelon | 18291 | 861872 |
|  |  | 1669086 |
| TOTAL UNITED STATES |  | 167900231 |
| TOTAL COMMON STOCK<br> (Cost $155,547,303) |  | 167900231 |
| TOTAL INVESTMENTS — 99.9%<br> (Cost $155,547,303) |  | $167900231 |

---

*Percentages are based on Net Assets of $168,051,968.*

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

*As of November 30, 2025, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

*See "Glossary" for abbreviations.*

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

*13*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — 99.5%** |  |  |
| **BERMUDA — 1.0%** |  |  |
| Financials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Aspen Insurance Holdings, 7.000% | 173115 | $4339993 |
| &nbsp;&nbsp;&nbsp;Aspen Insurance Holdings, 5.625% | 193897 | 3982645 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings, 5.750% | 191300 | 4313815 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings, 4.200% | 380897 | 6082925 |
|  |  | 18719378 |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Triton International, 7.375% | 133249 | 3292583 |
| TOTAL BERMUDA |  | 22011961 |
| **CANADA — 0.3%** |  |  |
| Utilities — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Algonquin Power & Utilities, 8.659%, US0003M + 4.010% <sup>(A)</sup> | 269036 | 6914225 |
| TOTAL CANADA |  | 6914225 |
| **NETHERLANDS — 0.6%** |  |  |
| Financials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;AEGON Funding, 5.100% | 723762 | 14359438 |
| TOTAL NETHERLANDS |  | 14359438 |
| **UNITED STATES — 97.6%** |  |  |
| Communication Services — 4.9% |  |  |
| &nbsp;&nbsp;&nbsp;Array Digital Infrastructure, 6.250% | 80331 | 1643572 |
| &nbsp;&nbsp;&nbsp;Array Digital Infrastructure, 5.500% | 79255 | 1409154 |
| &nbsp;&nbsp;&nbsp;AT&T, 5.350% | 1016738 | 22825768 |
| &nbsp;&nbsp;&nbsp;AT&T, 5.000% | 919522 | 18362854 |
| &nbsp;&nbsp;&nbsp;AT&T, 4.750% | 1334387 | 25313321 |
| &nbsp;&nbsp;&nbsp;Qwest, 6.750% | 511864 | 9863619 |
| &nbsp;&nbsp;&nbsp;Qwest, 6.500% | 776743 | 14913466 |
| &nbsp;&nbsp;&nbsp;Telephone and Data Systems, 6.625% | 330282 | 6883077 |
| &nbsp;&nbsp;&nbsp;Telephone and Data Systems, 6.000% | 525957 | 9914290 |
|  |  | 111129121 |
| Consumer Discretionary — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Brunswick, 6.375% | 11764 | 286689 |
| &nbsp;&nbsp;&nbsp;Ford Motor, 6.500% | 479455 | 10931574 |
| &nbsp;&nbsp;&nbsp;Ford Motor, 6.200% | 581604 | 12306741 |
| &nbsp;&nbsp;&nbsp;Ford Motor, 6.000% | 622352 | 12882686 |
| &nbsp;&nbsp;&nbsp;QVC, 6.250% | 400100 | 3700925 |
| &nbsp;&nbsp;&nbsp;QVC Group, 8.000% | 225761 | 767587 |
|  |  | 40876202 |
| Financials — 61.1% |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, 6.750% | 353520 | 8618818 |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, 5.875% | 238962 | 5152021 |

---

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

*14*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — continued** |  |  |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Allstate, 7.375% | 458182 | $12160150 |
| &nbsp;&nbsp;&nbsp;Allstate, 7.187%, TSFR3M + 3.427% <sup>(A)</sup> | 380932 | 9942325 |
| &nbsp;&nbsp;&nbsp;Allstate, 5.100% | 900850 | 19098020 |
| &nbsp;&nbsp;&nbsp;Allstate, 4.750% | 233943 | 4592301 |
| &nbsp;&nbsp;&nbsp;American National Group, 7.375% | 234039 | 5956293 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, 7.625%, H15T5Y + 3.226% <sup>(A)</sup> | 460090 | 12173981 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group, 5.450% | 257158 | 5420891 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group, 4.550% | 388135 | 6640990 |
| &nbsp;&nbsp;&nbsp;Ares Management, 6.750% | 581334 | 28863233 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp, 6.625%, H15T5Y + 2.812% <sup>(A)</sup> | 231548 | 5733128 |
| &nbsp;&nbsp;&nbsp;Athene Holding, 7.750%, H15T5Y + 3.962% <sup>(A)</sup> | 379729 | 9743846 |
| &nbsp;&nbsp;&nbsp;Athene Holding, 7.250%, H15T5Y + 2.986% <sup>(A)</sup> | 443630 | 11188349 |
| &nbsp;&nbsp;&nbsp;Athene Holding, 6.350%, US0003M + 4.253% <sup>(A)</sup> | 656316 | 16230695 |
| &nbsp;&nbsp;&nbsp;Athene Holding, 5.625% | 264338 | 5262970 |
| &nbsp;&nbsp;&nbsp;Athene Holding, 4.875% | 442230 | 7531177 |
| &nbsp;&nbsp;&nbsp;Atlanticus Holdings, 9.250% | 127391 | 3229362 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings, 5.500% | 434257 | 9010833 |
| &nbsp;&nbsp;&nbsp;Banc of California, 7.750%, H15T5Y + 4.820% <sup>(A)</sup> | 393118 | 9812225 |
| &nbsp;&nbsp;&nbsp;Bank of America, 7.250% | 23653 | 29619469 |
| &nbsp;&nbsp;&nbsp;Bank of America, 6.450% | 326602 | 8449194 |
| &nbsp;&nbsp;&nbsp;Bank of America, 6.000% | 419378 | 10559938 |
| &nbsp;&nbsp;&nbsp;Bank of America, 5.875% | 264786 | 6585228 |
| &nbsp;&nbsp;&nbsp;Bank of America, 5.375% | 428884 | 9624157 |
| &nbsp;&nbsp;&nbsp;Bank of America, 5.000% | 404568 | 8443334 |
| &nbsp;&nbsp;&nbsp;Bank of America, 4.834%, TSFR3M + 1.012% <sup>(A)</sup> | 69207 | 1377911 |
| &nbsp;&nbsp;&nbsp;Bank of America, 4.750% | 212816 | 4143528 |
| &nbsp;&nbsp;&nbsp;Bank of America, 4.734%, TSFR3M + 0.912% <sup>(A)</sup> | 92750 | 1782655 |
| &nbsp;&nbsp;&nbsp;Bank of America, 4.630%, TSFR3M + 0.762% <sup>(A)</sup> | 124202 | 2382194 |
| &nbsp;&nbsp;&nbsp;Bank of America, 4.463%, TSFR3M + 0.612% <sup>(A)</sup> | 99704 | 1980121 |
| &nbsp;&nbsp;&nbsp;Bank of America, 4.375% | 334128 | 6004280 |
| &nbsp;&nbsp;&nbsp;Bank of America, 4.250% | 402993 | 7004018 |

---

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

*15*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — continued** |  |  |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America, 4.125% | 283754 | $4812468 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon, 6.150%, H15T5Y + 2.161% <sup>(A)</sup> | 381781 | 9827043 |
| &nbsp;&nbsp;&nbsp;Bank OZK, 4.625% | 270115 | 4421783 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, 6.750% | 321455 | 5467950 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, 6.600% | 341673 | 5634188 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, 6.250% | 282612 | 4872231 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, 5.375% | 455985 | 6142118 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, 4.625% | 265241 | 3095362 |
| &nbsp;&nbsp;&nbsp;Capital One Financial, 5.000% | 1177077 | 22517483 |
| &nbsp;&nbsp;&nbsp;Capital One Financial, 4.800% | 990087 | 18019583 |
| &nbsp;&nbsp;&nbsp;Capital One Financial, 4.375% | 539682 | 9093642 |
| &nbsp;&nbsp;&nbsp;Capital One Financial, 4.250% | 325794 | 5408180 |
| &nbsp;&nbsp;&nbsp;Carlyle Finance, 4.625% | 383003 | 6729363 |
| &nbsp;&nbsp;&nbsp;Charles Schwab, 5.950% | 574975 | 14351376 |
| &nbsp;&nbsp;&nbsp;Charles Schwab, 4.450% | 461050 | 8690792 |
| &nbsp;&nbsp;&nbsp;Citigroup Capital XIII, 10.470%, TSFR3M + 6.632% <sup>(A)</sup> | 1713794 | 51328130 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, 7.375% | 305255 | 8077047 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, 5.000% | 344064 | 6578504 |
| &nbsp;&nbsp;&nbsp;Corebridge Financial, 6.375% | 459803 | 10920321 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, 5.250% | 611817 | 12236340 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, 4.300% | 234506 | 3784927 |
| &nbsp;&nbsp;&nbsp;F&G Annuities & Life, 7.950% | 263436 | 6983688 |
| &nbsp;&nbsp;&nbsp;F&G Annuities & Life, 7.300% | 289059 | 6723512 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp, 7.973%, TSFR3M + 3.972% <sup>(A)</sup> | 342950 | 8803527 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp, 4.950% | 195312 | 3859365 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, 5.375% | 262167 | 5681159 |
| &nbsp;&nbsp;&nbsp;Flagstar Bank, 6.375%, US0003M + 3.821% <sup>(A)</sup> | 390099 | 8707010 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, 4.877%, TSFR3M + 1.012% <sup>(A)</sup> | 578700 | 11255715 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, 4.797%, TSFR3M + 0.932% <sup>(A)</sup> | 1035949 | 19993816 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney, 6.250% | 133586 | 3143279 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, 6.000% | 262621 | 6555020 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, 6.875%, H15T5Y + 2.704% <sup>(A)</sup> | 248134 | 6401857 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, 5.700% | 132976 | 2961376 |

---

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

*16*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — continued** |  |  |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, 4.500% | 381712 | $6569264 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, 8.000%, H15T5Y + 3.728% <sup>(A)</sup> | 417987 | 10942900 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase, 6.000% | 900180 | 22711541 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase, 5.750% | 837045 | 20951236 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase, 4.750% | 444769 | 9051049 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase, 4.625% | 912416 | 18074961 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase, 4.550% | 739741 | 14402757 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase, 4.200% | 987329 | 18018754 |
| &nbsp;&nbsp;&nbsp;KeyCorp, 6.200%, H15T5Y + 3.132% <sup>(A)</sup> | 457133 | 11556322 |
| &nbsp;&nbsp;&nbsp;KeyCorp, 6.125%, TSFR3M + 4.154% <sup>(A)</sup> | 380974 | 9528160 |
| &nbsp;&nbsp;&nbsp;KeyCorp, 5.650% | 323021 | 7009556 |
| &nbsp;&nbsp;&nbsp;KeyCorp, 5.625% | 340765 | 7408231 |
| &nbsp;&nbsp;&nbsp;KKR, 6.875% | 451965 | 11497990 |
| &nbsp;&nbsp;&nbsp;KKR, 6.250% | 1006649 | 49849258 |
| &nbsp;&nbsp;&nbsp;KKR Group Finance IX, 4.625% | 383224 | 6679594 |
| &nbsp;&nbsp;&nbsp;Lincoln National, 9.000% | 382409 | 10240913 |
| &nbsp;&nbsp;&nbsp;M&T Bank, 7.500% | 574292 | 15299139 |
| &nbsp;&nbsp;&nbsp;M&T Bank, 5.625%, US0003M + 4.020% <sup>(A)</sup> | 193318 | 4846482 |
| &nbsp;&nbsp;&nbsp;Merchants Bancorp, 7.625% | 175427 | 4010261 |
| &nbsp;&nbsp;&nbsp;MetLife, 5.625% | 615814 | 14453155 |
| &nbsp;&nbsp;&nbsp;MetLife, 5.299%, TSFR3M + 1.262% <sup>(A)</sup> | 455550 | 10135988 |
| &nbsp;&nbsp;&nbsp;MetLife, 4.750% | 766353 | 15127808 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, Ser E, 7.125% | 442832 | 11314358 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, Ser F, 6.875%, US0003M + 3.940% | 435926 | 11024569 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, 6.625% | 517075 | 13593902 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, 6.500% | 514504 | 13284493 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, 6.375% | 513866 | 12939146 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, 5.850% | 527704 | 13060674 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, 4.875% | 256153 | 5333105 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, 4.866%, TSFR3M + 0.962% <sup>(A)</sup> | 584066 | 11506100 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, 4.250% | 668684 | 11775525 |
| &nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance, 5.500% | 195530 | 4596910 |
| &nbsp;&nbsp;&nbsp;Northern Trust, 4.700% | 311935 | 6101449 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, 5.950% | 230001 | 5692525 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, 5.625% | 431813 | 10328967 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, 4.125% | 384413 | 6673410 |

---

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

*17*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — continued** |  |  |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Regions Financial, 6.950%, H15T5Y + 2.771% <sup>(A)</sup> | 382540 | $9796849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regions Financial, 5.700%, TSFR3M + 3.410% <sup>(A)</sup> | 382195 | 9065665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regions Financial, 4.450% | 304290 | 5334204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance Group of America, 7.125%, H15T5Y + 3.456% <sup>(A)</sup> | 536560 | 13752033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shift4 Payments, 6.000% | 195674 | 17686973 |
| &nbsp;&nbsp;&nbsp;&nbsp;SLM, 5.999%, TSFR3M + 1.962% <sup>(A)</sup> | 48056 | 3574886 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street, 5.350%, TSFR3M + 3.971% <sup>(A)</sup> | 382823 | 8571407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stifel Financial, 4.500% | 233929 | 4119490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Synchrony Financial, 8.250%, H15T5Y + 4.044% <sup>(A)</sup> | 382702 | 9992349 |
| &nbsp;&nbsp;&nbsp;&nbsp;Synchrony Financial, 5.625% | 568272 | 11138131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Synovus Financial, 8.397%, H15T5Y + 4.127% <sup>(A)</sup> | 265714 | 7014850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Capital Bancshares, 5.750% | 230402 | 4921387 |
| &nbsp;&nbsp;&nbsp;&nbsp;TPG Operating Group II, 6.950% | 303695 | 7807998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Truist Financial, 5.250% | 437553 | 9473022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Truist Financial, 4.750% | 706066 | 13436436 |
| &nbsp;&nbsp;&nbsp;&nbsp;Truist Financial, 4.552%, TSFR3M + 0.792% <sup>(A)</sup> | 131466 | 2689794 |
| &nbsp;&nbsp;&nbsp;&nbsp;UMB Financial, 7.750%, H15T5Y + 3.743% <sup>(A)</sup> | 227151 | 6071746 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unum Group, 6.250% | 229737 | 5476585 |
| &nbsp;&nbsp;&nbsp;&nbsp;US Bancorp, 5.500% | 451745 | 10335926 |
| &nbsp;&nbsp;&nbsp;&nbsp;US Bancorp, 5.186%, TSFR3M + 1.282% <sup>(A)</sup> | 11265 | 8858458 |
| &nbsp;&nbsp;&nbsp;&nbsp;US Bancorp, 4.766%, TSFR3M + 0.862% <sup>(A)</sup> | 784281 | 14407242 |
| &nbsp;&nbsp;&nbsp;&nbsp;US Bancorp, 4.500% | 358484 | 6599690 |
| &nbsp;&nbsp;&nbsp;&nbsp;US Bancorp, 4.000% | 597312 | 9825782 |
| &nbsp;&nbsp;&nbsp;&nbsp;US Bancorp, 3.750% | 380158 | 5805013 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valley National Bancorp, 8.250%, H15T5Y + 4.182% <sup>(A)</sup> | 114082 | 2971836 |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Financial, 5.350%, H15T5Y + 3.210% <sup>(A)</sup> | 230612 | 5610790 |
| &nbsp;&nbsp;&nbsp;&nbsp;W R Berkley, 5.100% | 233817 | 4704398 |
| &nbsp;&nbsp;&nbsp;&nbsp;W R Berkley, 4.125% | 226928 | 3812390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo, 7.500% | 42363 | 51683284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo, 5.625% | 297533 | 7131866 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo, 4.750% | 870625 | 16768238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo, 4.700% | 503898 | 9558945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo, 4.375% | 453674 | 8030030 |

---

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

*18*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — continued** |  |  |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo, 4.250% | 539754 | $9245986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial, 7.875%, H15T5Y + 3.878% <sup>(A)</sup> | 322350 | 8464911 |
|  |  | 1376724832 |
| Health Care — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BrightSpring Health Services, 6.750% | 146392 | 17638772 |
| Industrials — 5.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Boeing, 6.000% | 1579193 | 99836581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pitney Bowes, 6.700% | 326109 | 6509136 |
| &nbsp;&nbsp;&nbsp;&nbsp;QXO, 5.500% | 220453 | 11833917 |
|  |  | 118179634 |
| Information Technology — 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise, 7.625% | 554350 | 33904046 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, 7.500% | 565987 | 29063432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Strategy, 8.000% | 233938 | 20408751 |
|  |  | 83376229 |
| Materials — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Albemarle, 7.250% | 928955 | 50563021 |
| Real Estate — 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agree Realty, 4.250% <sup>‡</sup> | 138933 | 2477175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, 5.250% <sup>‡</sup> | 155179 | 3403076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, 5.200% <sup>‡</sup> | 269329 | 5690922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diversified Healthcare Trust, 5.625% <sup>‡</sup> | 280175 | 4664914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kimco Realty, 5.250% <sup>‡</sup> | 203887 | 4200072 |
| &nbsp;&nbsp;&nbsp;&nbsp;Public Storage, 5.600% <sup>‡</sup> | 217402 | 5035030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Public Storage, 5.150% <sup>‡</sup> | 218002 | 4726283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Public Storage, 5.050% <sup>‡</sup> | 233709 | 4886855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Public Storage, 4.875% <sup>‡</sup> | 247111 | 4875500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Public Storage, 4.750% <sup>‡</sup> | 175016 | 3376059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Public Storage, 4.700% <sup>‡</sup> | 201476 | 3834088 |
| &nbsp;&nbsp;&nbsp;&nbsp;Public Storage, 4.625% <sup>‡</sup> | 430701 | 8058416 |
| &nbsp;&nbsp;&nbsp;&nbsp;Public Storage, 4.000% <sup>‡</sup> | 329498 | 5341163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Public Storage, 4.000% <sup>‡</sup> | 474516 | 7691904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Public Storage, 3.875% <sup>‡</sup> | 220637 | 3475033 |
| &nbsp;&nbsp;&nbsp;&nbsp;RLJ Lodging Trust, 1.950% <sup>‡</sup> | 256672 | 6442467 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vornado Realty Trust, 5.250% <sup>‡</sup> | 232408 | 4032279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vornado Realty Trust, 4.450% <sup>‡</sup> | 233470 | 3478703 |
|  |  | 85689939 |
| Utilities — 13.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CMS Energy, 5.875% | 481146 | 11220325 |
| &nbsp;&nbsp;&nbsp;&nbsp;CMS Energy, 5.875% | 223760 | 5238222 |

---

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

*19*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — continued** |  |  |
| Utilities — continued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CMS Energy, 5.625% | 149799 | $3340518 |
| &nbsp;&nbsp;&nbsp;&nbsp;CMS Energy, 4.200% | 179362 | 3174707 |
| &nbsp;&nbsp;&nbsp;&nbsp;DTE Energy, 5.250% | 308404 | 6569005 |
| &nbsp;&nbsp;&nbsp;&nbsp;DTE Energy, 4.375% | 174977 | 3105842 |
| &nbsp;&nbsp;&nbsp;&nbsp;DTE Energy, 4.375% | 218055 | 3791976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Duke Energy, 5.750% | 766760 | 19076989 |
| &nbsp;&nbsp;&nbsp;&nbsp;Duke Energy, 5.625% | 383457 | 9521237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Entergy Arkansas, 4.875% | 315867 | 6607938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Entergy Louisiana, 4.875% | 209814 | 4338954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Entergy Mississippi, 4.900% | 202193 | 4274360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Georgia Power, 5.000% | 205742 | 4725894 |
| &nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy, 7.299% | 759326 | 41087130 |
| &nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy, 7.234% | 584316 | 29963724 |
| &nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, 6.500% | 670437 | 16881604 |
| &nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, 5.650% | 524348 | 12573865 |
| &nbsp;&nbsp;&nbsp;&nbsp;PG&E, 6.000% | 606650 | 24666389 |
| &nbsp;&nbsp;&nbsp;&nbsp;SCE Trust II, 5.100% | 164462 | 2866573 |
| &nbsp;&nbsp;&nbsp;&nbsp;SCE Trust IV, 7.431%, TSFR3M + 3.394% <sup>(A)</sup> | 247740 | 6297551 |
| &nbsp;&nbsp;&nbsp;&nbsp;SCE Trust VI, 5.000% | 361873 | 6177172 |
| &nbsp;&nbsp;&nbsp;&nbsp;SCE Trust VII, 7.500% | 421162 | 10415336 |
| &nbsp;&nbsp;&nbsp;&nbsp;SCE Trust VIII, 6.950% | 267779 | 6311551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sempra, 5.750% | 611825 | 13435677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southern, 6.500% | 431347 | 11146006 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southern, 5.250% | 345658 | 7493865 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southern, 4.950% | 764933 | 15398101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southern, 4.200% | 576154 | 10301634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spire, 5.900% | 194793 | 4704251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tennessee Valley Authority, 2.216%, H15T30Y + 0.840% <sup>(A)</sup> | 161532 | 3909074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tennessee Valley Authority, 2.134%, H15T30Y + 0.940% <sup>(A)</sup> | 199984 | 4823614 |
|  |  | 313439084 |
| TOTAL UNITED STATES |  | 2197616834 |
| TOTAL PREFERRED STOCK<br> (Cost $2,348,440,152) |  | 2240902458 |
| TOTAL INVESTMENTS — 99.5%<br> (Cost $2,348,440,152) |  | $2240902458 |

---

*Percentages are based on Net Assets of $2,252,601,012.*

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

*20*

![](logom4.jpg)

---

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

---

‡ Real Estate Investment Trust

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

*As of November 30, 2025, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

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

*See "Glossary" for abbreviations.*

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

*21*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X S&P 500<sup>®</sup> Quality Dividend ETF** | **Global X S&P 500<sup>®</sup> Quality Dividend ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.7%** |  |  |
| Communication Services — 4.3% |  |  |
| &nbsp;&nbsp;&nbsp;AT&T | 17111 | $445228 |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 13825 | 368989 |
| &nbsp;&nbsp;&nbsp;Omnicom Group | 6943 | 497258 |
|  |  | 1311475 |
| Consumer Discretionary — 6.6% |  |  |
| &nbsp;&nbsp;&nbsp;Best Buy | 6932 | 549569 |
| &nbsp;&nbsp;&nbsp;Hasbro | 7113 | 587534 |
| &nbsp;&nbsp;&nbsp;LKQ | 12652 | 375638 |
| &nbsp;&nbsp;&nbsp;NIKE, Cl B | 7969 | 515036 |
|  |  | 2027777 |
| Consumer Staples — 23.0% |  |  |
| &nbsp;&nbsp;&nbsp;Brown-Forman, Cl B | 14722 | 426643 |
| &nbsp;&nbsp;&nbsp;Bunge Global | 4800 | 461136 |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 5479 | 400624 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive | 4311 | 346561 |
| &nbsp;&nbsp;&nbsp;Conagra Brands | 18036 | 321943 |
| &nbsp;&nbsp;&nbsp;General Mills | 7265 | 343998 |
| &nbsp;&nbsp;&nbsp;Hershey | 2302 | 432960 |
| &nbsp;&nbsp;&nbsp;Hormel Foods | 12719 | 295208 |
| &nbsp;&nbsp;&nbsp;Kellanova | 4873 | 407578 |
| &nbsp;&nbsp;&nbsp;Kenvue | 18128 | 314521 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark | 2974 | 324523 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz | 14919 | 380584 |
| &nbsp;&nbsp;&nbsp;McCormick | 5257 | 354742 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage, Cl B | 7684 | 357383 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Cl A | 5813 | 334654 |
| &nbsp;&nbsp;&nbsp;PepsiCo | 2974 | 442353 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble | 2428 | 359732 |
| &nbsp;&nbsp;&nbsp;Target | 4098 | 371361 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Cl A | 7099 | 412097 |
|  |  | 7088601 |
| Energy — 15.5% |  |  |
| &nbsp;&nbsp;&nbsp;Baker Hughes, Cl A | 12361 | 620522 |
| &nbsp;&nbsp;&nbsp;Chevron | 3307 | 499787 |
| &nbsp;&nbsp;&nbsp;Coterra Energy | 18058 | 484677 |
| &nbsp;&nbsp;&nbsp;EOG Resources | 3850 | 415222 |
| &nbsp;&nbsp;&nbsp;Halliburton | 20798 | 545323 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum | 2904 | 562592 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 3949 | 540855 |

---

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

*22*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X S&P 500<sup>®</sup> Quality Dividend ETF** | **Global X S&P 500<sup>®</sup> Quality Dividend ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Energy — continued |  |  |
| &nbsp;&nbsp;&nbsp;Schlumberger | 13286 | $481485 |
| &nbsp;&nbsp;&nbsp;Valero Energy | 3597 | 635806 |
|  |  | 4786269 |
| Financials — 5.2% |  |  |
| &nbsp;&nbsp;&nbsp;BlackRock Funding | 497 | 520508 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial | 3297 | 552544 |
| &nbsp;&nbsp;&nbsp;T Rowe Price Group | 5267 | 539236 |
|  |  | 1612288 |
| Health Care — 10.9% |  |  |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 9697 | 477093 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 4385 | 551808 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 3070 | 635244 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | 5527 | 582159 |
| &nbsp;&nbsp;&nbsp;Merck | 5904 | 618916 |
| &nbsp;&nbsp;&nbsp;Pfizer | 19655 | 505920 |
|  |  | 3371140 |
| Industrials — 16.9% |  |  |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide | 5157 | 819293 |
| &nbsp;&nbsp;&nbsp;Fastenal | 11439 | 462136 |
| &nbsp;&nbsp;&nbsp;General Dynamics | 1705 | 582479 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works | 2001 | 498809 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin | 992 | 454197 |
| &nbsp;&nbsp;&nbsp;Paychex | 3148 | 351600 |
| &nbsp;&nbsp;&nbsp;Snap-On | 1560 | 530478 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker | 7392 | 528676 |
| &nbsp;&nbsp;&nbsp;Union Pacific | 2161 | 500985 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Cl B | 4823 | 461995 |
|  |  | 5190648 |
| Information Technology — 7.7% |  |  |
| &nbsp;&nbsp;&nbsp;Corning | 9728 | 819098 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise | 27337 | 597860 |
| &nbsp;&nbsp;&nbsp;QUALCOMM | 3119 | 524273 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions | 6770 | 446481 |
|  |  | 2387712 |
| Materials — 8.1% |  |  |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings | 4827 | 379885 |
| &nbsp;&nbsp;&nbsp;International Paper | 10509 | 414895 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries, Cl A | 8023 | 393047 |
| &nbsp;&nbsp;&nbsp;Mosaic | 13488 | 330321 |

---

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

*23*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X S&P 500<sup>®</sup> Quality Dividend ETF** | **Global X S&P 500<sup>®</sup> Quality Dividend ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Materials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Packaging Corp of America | 2564 | $523236 |
| &nbsp;&nbsp;&nbsp;PPG Industries | 4535 | 453681 |
|  |  | 2495065 |
| Real Estate — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Public Storage <sup>‡</sup> | 1637 | 449422 |
| TOTAL COMMON STOCK<br> (Cost $31,437,512) |  | 30720397 |
| TOTAL INVESTMENTS — 99.7%<br> (Cost $31,437,512) |  | $30720397 |

---

*Percentages are based on Net Assets of $30,798,311.*

‡ Real Estate Investment Trust

*As of November 30, 2025, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

*See "Glossary" for abbreviations.*

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

*24*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%** |  |  |
| **UNITED STATES — 99.9%** |  |  |
| Communication Services — 9.6% |  |  |
| &nbsp;&nbsp;&nbsp;AT&T | 534058 | $13896189 |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 123443 | 3294694 |
| &nbsp;&nbsp;&nbsp;Electronic Arts | 54809 | 11073062 |
| &nbsp;&nbsp;&nbsp;Frontier Communications Parent <sup>\*</sup> | 293170 | 11117006 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband, Cl A <sup>\*</sup> | 64604 | 2991811 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband, Cl C <sup>\*</sup> | 64422 | 2982094 |
| &nbsp;&nbsp;&nbsp;New York Times, Cl A | 10661 | 687635 |
| &nbsp;&nbsp;&nbsp;News, Cl A | 21420 | 550066 |
| &nbsp;&nbsp;&nbsp;News, Cl B | 18537 | 545544 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Cl A | 18714 | 3595708 |
| &nbsp;&nbsp;&nbsp;T-Mobile US | 31846 | 6656132 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 339159 | 13942827 |
|  |  | 71332768 |
| Consumer Discretionary — 9.5% |  |  |
| &nbsp;&nbsp;&nbsp;ADT | 414769 | 3421844 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group <sup>\*</sup> | 14586 | 3392266 |
| &nbsp;&nbsp;&nbsp;CarMax <sup>\*</sup> | 82748 | 3199038 |
| &nbsp;&nbsp;&nbsp;Dillard's, Cl A | 6092 | 4082005 |
| &nbsp;&nbsp;&nbsp;Ford Motor | 292934 | 3890163 |
| &nbsp;&nbsp;&nbsp;Gap | 169964 | 4600925 |
| &nbsp;&nbsp;&nbsp;Garmin | 2203 | 430290 |
| &nbsp;&nbsp;&nbsp;General Motors | 54182 | 3983461 |
| &nbsp;&nbsp;&nbsp;Lear | 36269 | 3893840 |
| &nbsp;&nbsp;&nbsp;Lithia Motors, Cl A | 11771 | 3753066 |
| &nbsp;&nbsp;&nbsp;LKQ | 119607 | 3551132 |
| &nbsp;&nbsp;&nbsp;McDonald's | 18741 | 5843819 |
| &nbsp;&nbsp;&nbsp;Meritage Homes | 51355 | 3753023 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries <sup>\*</sup> | 28281 | 3277768 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive <sup>\*</sup> | 6101 | 620472 |
| &nbsp;&nbsp;&nbsp;Penske Automotive Group | 21363 | 3454824 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home, Cl A <sup>\*</sup> | 59927 | 3756824 |
| &nbsp;&nbsp;&nbsp;TJX | 76857 | 11676115 |
|  |  | 70580875 |
| Consumer Staples — 8.3% |  |  |
| &nbsp;&nbsp;&nbsp;Albertsons, Cl A | 269168 | 4933849 |
| &nbsp;&nbsp;&nbsp;Altria Group | 11011 | 649759 |

---

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

*25*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Consumer Staples — continued |  |  |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland | 58630 | $3561186 |
| &nbsp;&nbsp;&nbsp;Bunge Global | 38018 | 3652389 |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 113604 | 8306725 |
| &nbsp;&nbsp;&nbsp;Conagra Brands | 193237 | 3449280 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale | 991 | 905368 |
| &nbsp;&nbsp;&nbsp;Kellanova | 131382 | 10988791 |
| &nbsp;&nbsp;&nbsp;Kroger | 15743 | 1059189 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage, Cl B | 77998 | 3627687 |
| &nbsp;&nbsp;&nbsp;Post Holdings <sup>\*</sup> | 5005 | 520670 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble | 3773 | 559008 |
| &nbsp;&nbsp;&nbsp;Target | 39299 | 3561275 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Cl A | 68853 | 3996917 |
| &nbsp;&nbsp;&nbsp;Walmart | 102643 | 11343078 |
|  |  | 61115171 |
| Energy — 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;Antero Midstream | 201309 | 3625575 |
| &nbsp;&nbsp;&nbsp;APA | 161216 | 4025564 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil | 4668 | 541115 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan | 131690 | 3597771 |
| &nbsp;&nbsp;&nbsp;NOV | 273017 | 4193541 |
| &nbsp;&nbsp;&nbsp;ONEOK | 52152 | 3797709 |
| &nbsp;&nbsp;&nbsp;Permian Resources, Cl A | 290401 | 4207910 |
| &nbsp;&nbsp;&nbsp;Viper Energy | 96825 | 3537017 |
|  |  | 27526202 |
| Financials — 23.0% |  |  |
| &nbsp;&nbsp;&nbsp;AGNC Investment <sup>‡</sup> | 355886 | 3733244 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management <sup>‡</sup> | 170434 | 3885895 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Cl A | 1590 | 562733 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group <sup>\*</sup> | 41996 | 3944264 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher | 1987 | 492021 |
| &nbsp;&nbsp;&nbsp;Bank OZK | 81179 | 3735858 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Cl B <sup>\*</sup> | 21198 | 10891744 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets | 34977 | 9030012 |
| &nbsp;&nbsp;&nbsp;Chubb | 1938 | 573997 |
| &nbsp;&nbsp;&nbsp;Citigroup | 37702 | 3905927 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group | 72905 | 3944161 |
| &nbsp;&nbsp;&nbsp;CME Group, Cl A | 41079 | 11562095 |

---

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

*26*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Columbia Banking System | 147538 | $4089753 |
| &nbsp;&nbsp;&nbsp;Comerica | 47578 | 3824320 |
| &nbsp;&nbsp;&nbsp;Enact Holdings | 101361 | 3923684 |
| &nbsp;&nbsp;&nbsp;Essent Group | 59578 | 3739115 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings | 3464 | 548732 |
| &nbsp;&nbsp;&nbsp;FNB | 241003 | 4010290 |
| &nbsp;&nbsp;&nbsp;Franklin Resources | 160693 | 3630055 |
| &nbsp;&nbsp;&nbsp;Global Payments | 42362 | 3209345 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares | 232644 | 3792097 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange | 59908 | 9423528 |
| &nbsp;&nbsp;&nbsp;Invesco | 159951 | 3910802 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates | 3509 | 612250 |
| &nbsp;&nbsp;&nbsp;Lincoln National | 92096 | 3788830 |
| &nbsp;&nbsp;&nbsp;M&T Bank | 19930 | 3791085 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan | 49290 | 9042251 |
| &nbsp;&nbsp;&nbsp;Mastercard, Cl A | 938 | 516397 |
| &nbsp;&nbsp;&nbsp;MGIC Investment | 132686 | 3761648 |
| &nbsp;&nbsp;&nbsp;Old Republic International | 99454 | 4584829 |
| &nbsp;&nbsp;&nbsp;OneMain Holdings, Cl A | 65014 | 4032819 |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares | 57731 | 3966697 |
| &nbsp;&nbsp;&nbsp;Regions Financial | 150564 | 3831854 |
| &nbsp;&nbsp;&nbsp;Rithm Capital <sup>‡</sup> | 336658 | 3868200 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust <sup>‡</sup> | 194212 | 3561848 |
| &nbsp;&nbsp;&nbsp;Synovus Financial | 79551 | 3834358 |
| &nbsp;&nbsp;&nbsp;Truist Financial | 83259 | 3871544 |
| &nbsp;&nbsp;&nbsp;United Bankshares | 102462 | 3815685 |
| &nbsp;&nbsp;&nbsp;Unum Group | 47637 | 3618983 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 76694 | 3761841 |
| &nbsp;&nbsp;&nbsp;Visa, Cl A | 1580 | 528415 |
| &nbsp;&nbsp;&nbsp;W R Berkley | 7757 | 602641 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 1852 | 594492 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp | 70228 | 3738237 |
|  |  | 170088576 |
| Health Care — 11.6% |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 4202 | 541638 |
| &nbsp;&nbsp;&nbsp;Biogen <sup>\*</sup> | 24951 | 4543328 |
| &nbsp;&nbsp;&nbsp;Boston Scientific <sup>\*</sup> | 5172 | 525372 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 83110 | 4089012 |

---

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

*27*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Health Care — continued |  |  |
| &nbsp;&nbsp;&nbsp;Cardinal Health | 5191 | $1101842 |
| &nbsp;&nbsp;&nbsp;Cencora | 33234 | 12261020 |
| &nbsp;&nbsp;&nbsp;Centene <sup>\*</sup> | 102436 | 4029832 |
| &nbsp;&nbsp;&nbsp;Chemed | 1225 | 538008 |
| &nbsp;&nbsp;&nbsp;CVS Health | 44315 | 3561153 |
| &nbsp;&nbsp;&nbsp;Elevance Health | 10513 | 3556127 |
| &nbsp;&nbsp;&nbsp;Hologic <sup>\*</sup> | 9876 | 740404 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 57015 | 11797544 |
| &nbsp;&nbsp;&nbsp;McKesson | 1131 | 996547 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | 37847 | 3986424 |
| &nbsp;&nbsp;&nbsp;Merck | 41429 | 4343002 |
| &nbsp;&nbsp;&nbsp;Pfizer | 146841 | 3779687 |
| &nbsp;&nbsp;&nbsp;QIAGEN | 74671 | 3565540 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics | 3774 | 713965 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma, Cl A | 397810 | 15920356 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | 2218 | 590609 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Cl B | 17340 | 4224544 |
|  |  | 85405954 |
| Industrials — 12.8% |  |  |
| &nbsp;&nbsp;&nbsp;Air Lease, Cl A | 57087 | 3649572 |
| &nbsp;&nbsp;&nbsp;AMETEK | 2900 | 573881 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing | 35716 | 9118295 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions | 15755 | 3593558 |
| &nbsp;&nbsp;&nbsp;Fluor <sup>\*</sup> | 78153 | 3355108 |
| &nbsp;&nbsp;&nbsp;FTI Consulting <sup>\*</sup> | 3442 | 561562 |
| &nbsp;&nbsp;&nbsp;GATX | 3246 | 519133 |
| &nbsp;&nbsp;&nbsp;General Dynamics | 21532 | 7355977 |
| &nbsp;&nbsp;&nbsp;Honeywell International | 2591 | 497964 |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries | 12889 | 4042248 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies | 34833 | 9707609 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings | 2847 | 544062 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin | 22593 | 10344431 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman | 1326 | 758804 |
| &nbsp;&nbsp;&nbsp;PACCAR | 36372 | 3834336 |
| &nbsp;&nbsp;&nbsp;Republic Services, Cl A | 44565 | 9673279 |
| &nbsp;&nbsp;&nbsp;RTX | 61828 | 10814335 |
| &nbsp;&nbsp;&nbsp;Snap-On | 3048 | 1036472 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Cl B | 41695 | 3993964 |

---

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

*28*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Industrials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Cl A | 2297 | $516986 |
| &nbsp;&nbsp;&nbsp;Waste Management | 47485 | 10345557 |
|  |  | 94837133 |
| Information Technology — 11.1% |  |  |
| &nbsp;&nbsp;&nbsp;Amdocs | 160207 | 12252631 |
| &nbsp;&nbsp;&nbsp;Amkor Technology | 119870 | 4362069 |
| &nbsp;&nbsp;&nbsp;Arrow Electronics <sup>\*</sup> | 30226 | 3264710 |
| &nbsp;&nbsp;&nbsp;Box, Cl A <sup>\*</sup> | 16294 | 481325 |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings <sup>\*</sup> | 61983 | 461773 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 155679 | 11977942 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions, Cl A | 53964 | 4193543 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise | 157641 | 3447609 |
| &nbsp;&nbsp;&nbsp;HP | 131219 | 3204368 |
| &nbsp;&nbsp;&nbsp;International Business Machines | 2500 | 771450 |
| &nbsp;&nbsp;&nbsp;Microsoft | 21143 | 10402568 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions | 17103 | 6322637 |
| &nbsp;&nbsp;&nbsp;Ralliant | 85581 | 4225134 |
| &nbsp;&nbsp;&nbsp;Roper Technologies | 1051 | 468977 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions | 49076 | 3236562 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX | 24014 | 3661655 |
| &nbsp;&nbsp;&nbsp;VeriSign | 37476 | 9443577 |
|  |  | 82178530 |
| Materials — 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;Alcoa | 103438 | 4317502 |
| &nbsp;&nbsp;&nbsp;AptarGroup | 4195 | 523326 |
| &nbsp;&nbsp;&nbsp;Dow | 170029 | 4055192 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical | 59314 | 3682213 |
| &nbsp;&nbsp;&nbsp;Ecolab | 2201 | 605627 |
| &nbsp;&nbsp;&nbsp;Linde PLC | 23098 | 9477571 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries, Cl A | 80309 | 3934338 |
| &nbsp;&nbsp;&nbsp;Mosaic | 122388 | 2997282 |
| &nbsp;&nbsp;&nbsp;NewMarket | 713 | 544397 |
| &nbsp;&nbsp;&nbsp;Packaging Corp of America | 2563 | 523032 |
| &nbsp;&nbsp;&nbsp;Solstice Advanced Materials <sup>\*</sup> | 736 | 35093 |
|  |  | 30695573 |

---

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

*29*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Real Estate — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Agree Realty <sup>‡</sup> | 11487 | $864052 |
| &nbsp;&nbsp;&nbsp;Gaming and Leisure Properties <sup>‡</sup> | 11867 | 516571 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty <sup>‡</sup> | 88719 | 3805158 |
| &nbsp;&nbsp;&nbsp;NNN REIT <sup>‡</sup> | 12660 | 523491 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors <sup>‡</sup> | 13188 | 605593 |
| &nbsp;&nbsp;&nbsp;Realty Income <sup>‡</sup> | 8875 | 511289 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Cl A <sup>‡</sup> | 133555 | 3849055 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust <sup>‡</sup> | 91476 | 3368146 |
| &nbsp;&nbsp;&nbsp;Welltower <sup>‡</sup> | 4084 | 850370 |
| &nbsp;&nbsp;&nbsp;WP Carey <sup>‡</sup> | 7913 | 533099 |
|  |  | 15426824 |
| Utilities — 4.0% |  |  |
| &nbsp;&nbsp;&nbsp;AES | 253981 | 3570973 |
| &nbsp;&nbsp;&nbsp;American Electric Power | 4575 | 566248 |
| &nbsp;&nbsp;&nbsp;Atmos Energy | 3026 | 533696 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy | 14287 | 571194 |
| &nbsp;&nbsp;&nbsp;CMS Energy | 7129 | 537812 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison | 5355 | 537428 |
| &nbsp;&nbsp;&nbsp;Duke Energy | 4152 | 514599 |
| &nbsp;&nbsp;&nbsp;Edison International | 63569 | 3743578 |
| &nbsp;&nbsp;&nbsp;Evergy | 139767 | 10852907 |
| &nbsp;&nbsp;&nbsp;Exelon | 12107 | 570482 |
| &nbsp;&nbsp;&nbsp;FirstEnergy | 13085 | 624416 |
| &nbsp;&nbsp;&nbsp;IDACORP, Cl Rights | 3940 | 519213 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas | 6504 | 536255 |
| &nbsp;&nbsp;&nbsp;PPL | 14191 | 523648 |
| &nbsp;&nbsp;&nbsp;Southern | 5493 | 500522 |
| &nbsp;&nbsp;&nbsp;UGI | 108787 | 4302526 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group | 4562 | 511263 |
|  |  | 29516760 |
| TOTAL UNITED STATES |  | 738704366 |
| TOTAL COMMON STOCK<br> (Cost $697,740,285) |  | 738704366 |
| TOTAL INVESTMENTS — 99.9%<br> (Cost $697,740,285) |  | $738704366 |

---

*Percentages are based on Net Assets of $739,445,704.*

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

*30*

![](logom4.jpg)

---

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

---

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

*As of November 30, 2025, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

*See "Glossary" for abbreviations.*

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

*31*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Variable Rate Preferred ETF** | **Global X Variable Rate Preferred ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — 99.4%** |  |  |
| **CANADA — 1.7%** |  |  |
| Utilities — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Algonquin Power & Utilities, 8.659%, US0003M + 4.010% <sup>(A)</sup> | 199840 | $5135888 |
| TOTAL CANADA |  | 5135888 |
| **UNITED STATES — 97.7%** |  |  |
| Consumer Staples — 4.4% |  |  |
| &nbsp;&nbsp;&nbsp;CHS, Ser 2, 7.100%, US0003M + 4.298% <sup>(A)</sup> | 242602 | 6091736 |
| &nbsp;&nbsp;&nbsp;CHS, Ser 3, 6.750%, US0003M + 4.155% <sup>(A)</sup> | 283727 | 7070477 |
|  |  | 13162213 |
| Energy — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;NGL Energy Partners, 11.235%, TSFR3M + 7.475% <sup>(A)</sup> | 181855 | 4237222 |
| Financials — 90.7% |  |  |
| &nbsp;&nbsp;&nbsp;Adams Trust, 11.253%, US0003M + 6.429% <sup>‡</sup> <sup>(A)</sup> | 105810 | 2628320 |
| &nbsp;&nbsp;&nbsp;Adams Trust, 8.000%, US0003M + 5.695% <sup>‡ (A)</sup> | 84134 | 1871140 |
| &nbsp;&nbsp;&nbsp;AGNC Investment, 9.277%, TSFR3M + 5.373% <sup>‡ (A)</sup> | 137445 | 3478733 |
| &nbsp;&nbsp;&nbsp;AGNC Investment, 9.159%, TSFR3M + 5.255% <sup>‡ (A)</sup> | 168385 | 4238250 |
| &nbsp;&nbsp;&nbsp;AGNC Investment, 8.719%, TSFR3M + 4.697% <sup>‡ (A)</sup> | 238288 | 5914308 |
| &nbsp;&nbsp;&nbsp;Allstate, 7.187%, TSFR3M + 3.427% <sup>(A)</sup> | 285586 | 7453795 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management, 9.256%, TSFR3M + 5.255% <sup>‡ (A)</sup> | 241424 | 6185283 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management, 9.252%, TSFR3M + 5.251% <sup>‡ (A)</sup> | 149028 | 3818097 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management, 8.435%, TSFR3M + 4.434% <sup>‡ (A)</sup> | 143306 | 3618477 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, 7.625%, H15T5Y + 3.226% <sup>(A)</sup> | 342659 | 9066757 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp, 6.625%, H15T5Y + 2.812% <sup>(A)</sup> | 173826 | 4303932 |
| &nbsp;&nbsp;&nbsp;Athene Holding, 7.750%, H15T5Y + 3.962% <sup>(A)</sup> | 142124 | 3646902 |
| &nbsp;&nbsp;&nbsp;Athene Holding, 7.250%, H15T5Y + 2.986% <sup>(A)</sup> | 163222 | 4116459 |
| &nbsp;&nbsp;&nbsp;Athene Holding, 6.350%, US0003M + 4.253% <sup>(A)</sup> | 238506 | 5898253 |
| &nbsp;&nbsp;&nbsp;Banc of California, 7.750%, H15T5Y + 4.820% <sup>(A)</sup> | 295396 | 7373084 |
| &nbsp;&nbsp;&nbsp;Bank of America, 6.450% | 301456 | 7798667 |

---

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

*32*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Variable Rate Preferred ETF** | **Global X Variable Rate Preferred ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — continued** |  |  |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America, 4.734%, TSFR3M + 0.912% <sup>(A)</sup> | 88474 | $1700470 |
| &nbsp;&nbsp;&nbsp;Bank of America, 4.630%, TSFR3M + 0.762% <sup>(A)</sup> | 118389 | 2270701 |
| &nbsp;&nbsp;&nbsp;Bank of America, 4.463%, TSFR3M + 0.612% <sup>(A)</sup> | 90618 | 1799673 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon, 6.150%, H15T5Y + 2.161% <sup>(A)</sup> | 284783 | 7330314 |
| &nbsp;&nbsp;&nbsp;Chimera Investment, 10.054%, TSFR3M + 6.053% <sup>‡ (A)</sup> | 186966 | 4558231 |
| &nbsp;&nbsp;&nbsp;Chimera Investment, 9.601%, TSFR3M + 5.600% <sup>‡ (A)</sup> | 114485 | 2801448 |
| &nbsp;&nbsp;&nbsp;Chimera Investment, 8.765%, US0003M + 5.005% <sup>‡ (A)</sup> | 147277 | 3284277 |
| &nbsp;&nbsp;&nbsp;Compass Diversified Holdings, 7.875%, US0003M + 4.985% <sup>(A)</sup> | 117186 | 2148019 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp, 7.973%, TSFR3M + 3.972% <sup>(A)</sup> | 257868 | 6619472 |
| &nbsp;&nbsp;&nbsp;Flagstar Bank, 6.375%, US0003M + 3.821% <sup>(A)</sup> | 294980 | 6583954 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, 4.877%, TSFR3M + 1.012% <sup>(A)</sup> | 243194 | 4730123 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, 4.797%, TSFR3M + 0.932% <sup>(A)</sup> | 435127 | 8397951 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, 6.875%, H15T5Y + 2.704% <sup>(A)</sup> | 186368 | 4808294 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, 8.000%, H15T5Y + 3.728% <sup>(A)</sup> | 313234 | 8200466 |
| &nbsp;&nbsp;&nbsp;KeyCorp, 6.200%, H15T5Y + 3.132% <sup>(A)</sup> | 292512 | 7394703 |
| &nbsp;&nbsp;&nbsp;KeyCorp, 6.125%, TSFR3M + 4.154% <sup>(A)</sup> | 245770 | 6146708 |
| &nbsp;&nbsp;&nbsp;M&T Bank, 5.625%, TSOFRR3M + 4.020% <sup>(A)</sup> | 143322 | 3593083 |
| &nbsp;&nbsp;&nbsp;MetLife, 5.299%, TSFR3M + 1.262% <sup>(A)</sup> | 343223 | 7636712 |
| &nbsp;&nbsp;&nbsp;MFA Financial, 9.608%, TSFR3M + 5.607% <sup>‡</sup> <sup>(A)</sup> | 157501 | 3731199 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, 4.866%, TSFR3M + 0.962% <sup>(A)</sup> | 651607 | 12836658 |
| &nbsp;&nbsp;&nbsp;Regions Financial, 6.950%, H15T5Y + 2.771% <sup>(A)</sup> | 276065 | 7070025 |
| &nbsp;&nbsp;&nbsp;Regions Financial, 5.700%, TSFR3M + 3.410% <sup>(A)</sup> | 277881 | 6591337 |

---

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

*33*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Variable Rate Preferred ETF** | **Global X Variable Rate Preferred ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — continued** |  |  |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, 7.125%, H15T5Y + 3.456% <sup>(A)</sup> | 403447 | $10340347 |
| &nbsp;&nbsp;&nbsp;Rithm Capital, 9.753%, TSFR3M + 5.902% <sup>‡ (A)</sup> | 140072 | 3515807 |
| &nbsp;&nbsp;&nbsp;Rithm Capital, 9.082%, TSFR3M + 5.231% <sup>‡ (A)</sup> | 196210 | 4807145 |
| &nbsp;&nbsp;&nbsp;SLM, 5.999%, TSFR3M + 1.962% <sup>(A)</sup> | 34722 | 2582970 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial, 8.250%, H15T5Y + 4.044% <sup>(A)</sup> | 288651 | 7536678 |
| &nbsp;&nbsp;&nbsp;Synovus Financial, 8.397%, H15T5Y + 4.127% <sup>(A)</sup> | 200499 | 5293174 |
| &nbsp;&nbsp;&nbsp;Truist Financial, 4.552%, TSFR3M + 0.792% <sup>(A)</sup> | 97269 | 1990124 |
| &nbsp;&nbsp;&nbsp;Two Harbors Investment, 9.033%, TSFR3M + 5.273% <sup>‡ (A)</sup> | 138250 | 3304175 |
| &nbsp;&nbsp;&nbsp;Two Harbors Investment, 8.125%, US0003M + 5.660% <sup>‡ (A)</sup> | 69712 | 1641020 |
| &nbsp;&nbsp;&nbsp;UMB Financial, 7.750%, H15T5Y + 3.743% <sup>(A)</sup> | 169286 | 4525015 |
| &nbsp;&nbsp;&nbsp;US Bancorp, 5.186%, TSFR3M + 1.282% <sup>(A)</sup> | 6612 | 5199478 |
| &nbsp;&nbsp;&nbsp;US Bancorp, 4.766%, TSFR3M + 0.862% <sup>(A)</sup> | 459947 | 8449226 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp, 8.250%, H15T5Y + 4.182% <sup>(A)</sup> | 85315 | 2222456 |
| &nbsp;&nbsp;&nbsp;Voya Financial, 5.350%, H15T5Y + 3.210% <sup>(A)</sup> | 173581 | 4223226 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial, 7.875%, H15T5Y + 3.878% <sup>(A)</sup> | 240921 | 6326585 |
|  |  | 273601701 |
| Utilities — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Tennessee Valley Authority, 2.134%, H15T30Y + 0.940% <sup>(A)</sup> | 146055 | 3522847 |
| TOTAL UNITED STATES |  | 294523983 |
| TOTAL PREFERRED STOCK<br> (Cost $302,959,076) |  | 299659871 |
| TOTAL INVESTMENTS — 99.4%<br> (Cost $302,959,076) |  | $299659871 |

---

*Percentages are based on Net Assets of $301,502,345.*

*‡* *Real Estate Investment Trust* 

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

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

*34*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Variable Rate Preferred ETF** | **Global X Variable Rate Preferred ETF** |

---

*As of November 30, 2025, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

*See "Glossary" for abbreviations.*

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

*35*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8%** |  |  |
| **AUSTRALIA — 0.1%** |  |  |
| Materials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti | 1197 | $102559 |
| **BRAZIL — 0.2%** |  |  |
| Consumer Discretionary — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;MercadoLibre <sup>\*</sup> | 112 | 232039 |
| **FINLAND — 0.0%** |  |  |
| Consumer Discretionary — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Amer Sports <sup>\*</sup> | 335 | 12439 |
| **MEXICO — 0.0%** |  |  |
| Materials — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Southern Copper | 214 | 28815 |
| **SOUTH KOREA — 0.0%** |  |  |
| Consumer Discretionary — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Coupang, Cl A <sup>\*</sup> | 2644 | 74455 |
| **SWITZERLAND — 0.1%** |  |  |
| Information Technology — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | 712 | 161019 |
| **UNITED KINGDOM — 0.1%** |  |  |
| Consumer Discretionary — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment PLC <sup>\*</sup> | 422 | 88118 |
| Financials — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Klarna Group PLC <sup>\*</sup> | 456 | 14350 |
| TOTAL UNITED KINGDOM |  | 102468 |
| **UNITED STATES — 99.3%** |  |  |
| Communication Services — 11.1% |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 13948 | 4465871 |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl C | 12104 | 3874732 |
| &nbsp;&nbsp;&nbsp;AST SpaceMobile, Cl A <sup>\*</sup> | 520 | 29224 |

---

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

*36*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Communication Services — continued |  |  |
| &nbsp;&nbsp;&nbsp;AT&T | 16911 | $440024 |
| &nbsp;&nbsp;&nbsp;Charter Communications, Cl A <sup>\*</sup> | 225 | 45027 |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 9000 | 240210 |
| &nbsp;&nbsp;&nbsp;EchoStar, Cl A <sup>\*</sup> | 294 | 21547 |
| &nbsp;&nbsp;&nbsp;Electronic Arts | 564 | 113945 |
| &nbsp;&nbsp;&nbsp;Fox, Cl A | 518 | 33929 |
| &nbsp;&nbsp;&nbsp;Fox, Cl B | 302 | 17595 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment <sup>\*</sup> | 349 | 45876 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 5190 | 3362861 |
| &nbsp;&nbsp;&nbsp;Netflix <sup>\*</sup> | 10000 | 1075800 |
| &nbsp;&nbsp;&nbsp;Omnicom Group | 459 | 32874 |
| &nbsp;&nbsp;&nbsp;Pinterest, Cl A <sup>\*</sup> | 1408 | 36777 |
| &nbsp;&nbsp;&nbsp;Reddit, Cl A <sup>\*</sup> | 239 | 51736 |
| &nbsp;&nbsp;&nbsp;ROBLOX, Cl A <sup>\*</sup> | 1358 | 129051 |
| &nbsp;&nbsp;&nbsp;Snap, Cl A <sup>\*</sup> | 2490 | 19123 |
| &nbsp;&nbsp;&nbsp;Spotify Technology <sup>\*</sup> | 344 | 206011 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software <sup>\*</sup> | 392 | 96459 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Cl A | 168 | 32574 |
| &nbsp;&nbsp;&nbsp;T-Mobile US | 1161 | 242661 |
| &nbsp;&nbsp;&nbsp;Trade Desk, Cl A <sup>\*</sup> | 1066 | 42171 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 9948 | 408962 |
| &nbsp;&nbsp;&nbsp;Walt Disney | 4287 | 447863 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery <sup>\*</sup> | 5365 | 128760 |
| &nbsp;&nbsp;&nbsp;Warner Music Group, Cl A | 305 | 8613 |
|  |  | 15650276 |
| Consumer Discretionary — 10.1% |  |  |
| &nbsp;&nbsp;&nbsp;Airbnb, Cl A <sup>\*</sup> | 1035 | 121085 |
| &nbsp;&nbsp;&nbsp;Amazon.com <sup>\*</sup> | 22857 | 5330709 |
| &nbsp;&nbsp;&nbsp;APTIV PLC <sup>\*</sup> | 555 | 43040 |
| &nbsp;&nbsp;&nbsp;AutoZone <sup>\*</sup> | 40 | 158173 |
| &nbsp;&nbsp;&nbsp;Best Buy | 452 | 35835 |
| &nbsp;&nbsp;&nbsp;Booking Holdings | 76 | 373516 |
| &nbsp;&nbsp;&nbsp;Carnival <sup>\*</sup> | 2461 | 63445 |
| &nbsp;&nbsp;&nbsp;Carvana, Cl A <sup>\*</sup> | 278 | 104111 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Cl A <sup>\*</sup> | 3298 | 113847 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants | 280 | 50282 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor <sup>\*</sup> | 360 | 31691 |
| &nbsp;&nbsp;&nbsp;DoorDash, Cl A <sup>\*</sup> | 801 | 158894 |

---

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

*37*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Consumer Discretionary — continued |  |  |
| &nbsp;&nbsp;&nbsp;DR Horton | 668 | $106219 |
| &nbsp;&nbsp;&nbsp;DraftKings, Cl A <sup>\*</sup> | 1117 | 37040 |
| &nbsp;&nbsp;&nbsp;eBay | 1114 | 92228 |
| &nbsp;&nbsp;&nbsp;Expedia Group | 292 | 74661 |
| &nbsp;&nbsp;&nbsp;Ford Motor | 9307 | 123597 |
| &nbsp;&nbsp;&nbsp;Garmin | 366 | 71487 |
| &nbsp;&nbsp;&nbsp;General Motors | 2378 | 174831 |
| &nbsp;&nbsp;&nbsp;Genuine Parts | 324 | 42250 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings | 564 | 160757 |
| &nbsp;&nbsp;&nbsp;Home Depot | 2387 | 851968 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands | 815 | 55550 |
| &nbsp;&nbsp;&nbsp;Lennar, Cl A | 561 | 73659 |
| &nbsp;&nbsp;&nbsp;Lennar, Cl B | 13 | 1607 |
| &nbsp;&nbsp;&nbsp;Lowe's | 1345 | 326136 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica <sup>\*</sup> | 253 | 46597 |
| &nbsp;&nbsp;&nbsp;Marriott International, Cl A | 580 | 176778 |
| &nbsp;&nbsp;&nbsp;McDonald's | 1687 | 526040 |
| &nbsp;&nbsp;&nbsp;NIKE, Cl B | 2845 | 183872 |
| &nbsp;&nbsp;&nbsp;NVR <sup>\*</sup> | 7 | 52551 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive <sup>\*</sup> | 2080 | 211536 |
| &nbsp;&nbsp;&nbsp;PulteGroup | 484 | 61560 |
| &nbsp;&nbsp;&nbsp;Ross Stores | 810 | 142852 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises | 595 | 158419 |
| &nbsp;&nbsp;&nbsp;Starbucks | 2673 | 232845 |
| &nbsp;&nbsp;&nbsp;Tapestry | 499 | 54531 |
| &nbsp;&nbsp;&nbsp;Tesla <sup>\*</sup> | 6950 | 2989681 |
| &nbsp;&nbsp;&nbsp;TJX | 2666 | 405019 |
| &nbsp;&nbsp;&nbsp;Tractor Supply | 1274 | 69790 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty <sup>\*</sup> | 108 | 58194 |
| &nbsp;&nbsp;&nbsp;Viking Holdings <sup>\*</sup> | 298 | 19900 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma | 283 | 50943 |
| &nbsp;&nbsp;&nbsp;Yum! Brands | 665 | 101885 |
|  |  | 14319611 |
| Consumer Staples — 4.7% |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group | 4068 | 240053 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland | 1135 | 68940 |
| &nbsp;&nbsp;&nbsp;Church & Dwight | 585 | 49819 |
| &nbsp;&nbsp;&nbsp;Clorox | 295 | 31842 |

---

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

*38*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Consumer Staples — continued |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 9094 | $664953 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive | 1983 | 159413 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Cl A | 371 | 50597 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale | 1067 | 974801 |
| &nbsp;&nbsp;&nbsp;Dollar General | 521 | 57044 |
| &nbsp;&nbsp;&nbsp;Dollar Tree <sup>\*</sup> | 479 | 53078 |
| &nbsp;&nbsp;&nbsp;Estee Lauder, Cl A | 511 | 48070 |
| &nbsp;&nbsp;&nbsp;General Mills | 1316 | 62313 |
| &nbsp;&nbsp;&nbsp;Hershey | 352 | 66204 |
| &nbsp;&nbsp;&nbsp;Kellanova | 623 | 52108 |
| &nbsp;&nbsp;&nbsp;Kenvue | 4806 | 83384 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper | 2863 | 79878 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark | 789 | 86096 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz | 1857 | 47372 |
| &nbsp;&nbsp;&nbsp;Kroger | 1454 | 97825 |
| &nbsp;&nbsp;&nbsp;McCormick | 602 | 40623 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Cl A | 3109 | 178985 |
| &nbsp;&nbsp;&nbsp;Monster Beverage <sup>\*</sup> | 1648 | 123583 |
| &nbsp;&nbsp;&nbsp;PepsiCo | 3237 | 481471 |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 3645 | 574015 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble | 5636 | 835030 |
| &nbsp;&nbsp;&nbsp;Sysco | 1257 | 95783 |
| &nbsp;&nbsp;&nbsp;Target | 1086 | 98413 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Cl A | 671 | 38952 |
| &nbsp;&nbsp;&nbsp;Walmart | 10432 | 1152840 |
|  |  | 6593485 |
| Energy — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;Baker Hughes, Cl A | 2358 | 118372 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy | 547 | 114028 |
| &nbsp;&nbsp;&nbsp;Chesapeake Energy | 504 | 61453 |
| &nbsp;&nbsp;&nbsp;Chevron | 4581 | 692326 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 3021 | 267932 |
| &nbsp;&nbsp;&nbsp;Coterra Energy | 1733 | 46514 |
| &nbsp;&nbsp;&nbsp;Devon Energy | 1557 | 57702 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy | 450 | 68665 |
| &nbsp;&nbsp;&nbsp;EOG Resources | 1323 | 142686 |
| &nbsp;&nbsp;&nbsp;EQT | 1365 | 83074 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil | 10226 | 1185398 |

---

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

*39*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Energy — continued |  |  |
| &nbsp;&nbsp;&nbsp;Halliburton | 2088 | $54747 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan | 4819 | 131655 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum | 749 | 145104 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum | 1759 | 73878 |
| &nbsp;&nbsp;&nbsp;ONEOK | 1448 | 105443 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 977 | 133810 |
| &nbsp;&nbsp;&nbsp;Schlumberger | 3258 | 118070 |
| &nbsp;&nbsp;&nbsp;Targa Resources | 511 | 89583 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land | 45 | 38893 |
| &nbsp;&nbsp;&nbsp;Valero Energy | 751 | 132747 |
| &nbsp;&nbsp;&nbsp;Venture Global, Cl A <sup>(A)</sup> | 741 | 5528 |
| &nbsp;&nbsp;&nbsp;Williams | 2961 | 180414 |
|  |  | 4048022 |
| Financials — 12.7% |  |  |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Cl A <sup>\*</sup> | 576 | 40867 |
| &nbsp;&nbsp;&nbsp;Aflac | 1176 | 129725 |
| &nbsp;&nbsp;&nbsp;Allstate | 654 | 139289 |
| &nbsp;&nbsp;&nbsp;American Express | 1313 | 479600 |
| &nbsp;&nbsp;&nbsp;American International Group | 1422 | 108300 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial | 230 | 104820 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Cl A | 474 | 167758 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management | 997 | 131454 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group <sup>\*</sup> | 857 | 80489 |
| &nbsp;&nbsp;&nbsp;Ares Management, Cl A | 443 | 69485 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher | 599 | 148324 |
| &nbsp;&nbsp;&nbsp;Bank of America | 15410 | 826747 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon | 1716 | 192364 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Cl B <sup>\*</sup> | 3298 | 1694545 |
| &nbsp;&nbsp;&nbsp;BlackRock Funding | 364 | 381217 |
| &nbsp;&nbsp;&nbsp;Blackstone | 1725 | 252575 |
| &nbsp;&nbsp;&nbsp;Block, Cl A <sup>\*</sup> | 1328 | 88710 |
| &nbsp;&nbsp;&nbsp;Blue Owl Capital, Cl A | 1334 | 20010 |
| &nbsp;&nbsp;&nbsp;Brown & Brown | 575 | 46247 |
| &nbsp;&nbsp;&nbsp;Capital One Financial | 1516 | 332110 |
| &nbsp;&nbsp;&nbsp;Carlyle Group | 535 | 29174 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets | 249 | 64284 |
| &nbsp;&nbsp;&nbsp;Charles Schwab | 4109 | 381028 |
| &nbsp;&nbsp;&nbsp;Chubb | 894 | 264785 |

---

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

*40*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial | 367 | $61506 |
| &nbsp;&nbsp;&nbsp;Citigroup | 4373 | 453043 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group | 1045 | 56535 |
| &nbsp;&nbsp;&nbsp;CME Group, Cl A | 861 | 242337 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Cl A <sup>\*</sup> | 486 | 132591 |
| &nbsp;&nbsp;&nbsp;Corpay <sup>\*</sup> | 161 | 47624 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity, Cl A | 59 | 17434 |
| &nbsp;&nbsp;&nbsp;Everest Group | 77 | 24200 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services | 1269 | 83462 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 1598 | 69449 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Cl A | 24 | 45069 |
| &nbsp;&nbsp;&nbsp;Fiserv <sup>\*</sup> | 1354 | 83230 |
| &nbsp;&nbsp;&nbsp;Global Payments | 604 | 45759 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group | 712 | 588140 |
| &nbsp;&nbsp;&nbsp;Hartford Financial Services Group | 682 | 93454 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares | 3452 | 56268 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Cl A | 986 | 64110 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange | 1367 | 215029 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 6579 | 2059753 |
| &nbsp;&nbsp;&nbsp;KKR | 1626 | 198876 |
| &nbsp;&nbsp;&nbsp;Loews | 428 | 46168 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings | 179 | 63731 |
| &nbsp;&nbsp;&nbsp;M&T Bank | 395 | 75137 |
| &nbsp;&nbsp;&nbsp;Markel Group <sup>\*</sup> | 30 | 62413 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan | 1173 | 215187 |
| &nbsp;&nbsp;&nbsp;Mastercard, Cl A | 1946 | 1071331 |
| &nbsp;&nbsp;&nbsp;MetLife | 1368 | 104734 |
| &nbsp;&nbsp;&nbsp;Moody's | 381 | 186987 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 2925 | 496256 |
| &nbsp;&nbsp;&nbsp;MSCI, Cl A | 180 | 101470 |
| &nbsp;&nbsp;&nbsp;Nasdaq | 987 | 89738 |
| &nbsp;&nbsp;&nbsp;Northern Trust | 471 | 61861 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings | 2361 | 148011 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group | 970 | 184998 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group | 543 | 46057 |
| &nbsp;&nbsp;&nbsp;Progressive | 1383 | 316417 |
| &nbsp;&nbsp;&nbsp;Prudential Financial | 848 | 91796 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial | 440 | 68878 |
| &nbsp;&nbsp;&nbsp;Regions Financial | 2165 | 55099 |

---

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

*41*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Cl A <sup>\*</sup> | 1765 | $226785 |
| &nbsp;&nbsp;&nbsp;Rocket, Cl A | 2185 | 43656 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Cl A | 248 | 14401 |
| &nbsp;&nbsp;&nbsp;S&P Global | 734 | 366141 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies <sup>\*</sup> | 2462 | 73171 |
| &nbsp;&nbsp;&nbsp;State Street | 699 | 83195 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 927 | 71713 |
| &nbsp;&nbsp;&nbsp;T Rowe Price Group | 520 | 53238 |
| &nbsp;&nbsp;&nbsp;Toast, Cl A <sup>\*</sup> | 971 | 33199 |
| &nbsp;&nbsp;&nbsp;TPG, Cl A | 205 | 12111 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Cl A | 277 | 30154 |
| &nbsp;&nbsp;&nbsp;Travelers | 555 | 162537 |
| &nbsp;&nbsp;&nbsp;Truist Financial | 3124 | 145266 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 3700 | 181485 |
| &nbsp;&nbsp;&nbsp;Visa, Cl A | 4056 | 1356489 |
| &nbsp;&nbsp;&nbsp;W R Berkley | 718 | 55781 |
| &nbsp;&nbsp;&nbsp;Wells Fargo | 7685 | 659757 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 239 | 76719 |
|  |  | 17943843 |
| Health Care — 9.9% |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 4061 | 523463 |
| &nbsp;&nbsp;&nbsp;AbbVie | 4252 | 968180 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies | 679 | 104226 |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals <sup>\*</sup> | 309 | 139430 |
| &nbsp;&nbsp;&nbsp;Amgen | 1269 | 438389 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson | 712 | 138142 |
| &nbsp;&nbsp;&nbsp;Biogen <sup>\*</sup> | 345 | 62821 |
| &nbsp;&nbsp;&nbsp;Boston Scientific <sup>\*</sup> | 3486 | 354108 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 4866 | 239407 |
| &nbsp;&nbsp;&nbsp;Cardinal Health | 580 | 123111 |
| &nbsp;&nbsp;&nbsp;Cencora | 429 | 158271 |
| &nbsp;&nbsp;&nbsp;Centene <sup>\*</sup> | 1200 | 47208 |
| &nbsp;&nbsp;&nbsp;Cigna Group | 658 | 182450 |
| &nbsp;&nbsp;&nbsp;Cooper <sup>\*</sup> | 472 | 36783 |
| &nbsp;&nbsp;&nbsp;CVS Health | 3041 | 244375 |
| &nbsp;&nbsp;&nbsp;Danaher | 1530 | 346973 |
| &nbsp;&nbsp;&nbsp;Dexcom <sup>\*</sup> | 933 | 59217 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences <sup>\*</sup> | 1376 | 119258 |

---

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

*42*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Health Care — continued |  |  |
| &nbsp;&nbsp;&nbsp;Elevance Health | 539 | $182322 |
| &nbsp;&nbsp;&nbsp;Eli Lilly | 2029 | 2182129 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies | 1090 | 87189 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 2962 | 372738 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare | 376 | 191117 |
| &nbsp;&nbsp;&nbsp;Hologic <sup>\*</sup> | 534 | 40034 |
| &nbsp;&nbsp;&nbsp;Humana | 310 | 76189 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories <sup>\*</sup> | 193 | 145306 |
| &nbsp;&nbsp;&nbsp;Illumina <sup>\*</sup> | 376 | 49425 |
| &nbsp;&nbsp;&nbsp;Incyte <sup>\*</sup> | 382 | 39904 |
| &nbsp;&nbsp;&nbsp;Insmed <sup>\*</sup> | 502 | 104301 |
| &nbsp;&nbsp;&nbsp;Insulet <sup>\*</sup> | 166 | 54314 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical <sup>\*</sup> | 835 | 478856 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings <sup>\*</sup> | 423 | 97294 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 5796 | 1199308 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings | 200 | 53756 |
| &nbsp;&nbsp;&nbsp;McKesson | 306 | 269623 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | 3068 | 323152 |
| &nbsp;&nbsp;&nbsp;Merck | 5955 | 624263 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International <sup>\*</sup> | 45 | 66452 |
| &nbsp;&nbsp;&nbsp;Natera <sup>\*</sup> | 302 | 72121 |
| &nbsp;&nbsp;&nbsp;Pfizer | 13488 | 347181 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics | 265 | 50133 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals | 254 | 198168 |
| &nbsp;&nbsp;&nbsp;ResMed | 346 | 88517 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma, Cl A | 883 | 35338 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | 236 | 62842 |
| &nbsp;&nbsp;&nbsp;Stryker | 826 | 306595 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific | 903 | 533519 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group | 2197 | 724505 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Cl A <sup>\*</sup> | 355 | 85303 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals <sup>\*</sup> | 613 | 265803 |
| &nbsp;&nbsp;&nbsp;Waters <sup>\*</sup> | 140 | 56479 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services | 171 | 47410 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings | 474 | 46224 |
| &nbsp;&nbsp;&nbsp;Zoetis, Cl A | 1099 | 140870 |
|  |  | 13984492 |

---

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

*43*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Industrials — 8.1% |  |  |
| &nbsp;&nbsp;&nbsp;3M | 1318 | $226762 |
| &nbsp;&nbsp;&nbsp;AMETEK | 548 | 108444 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing | 972 | 248152 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise <sup>\*</sup> | 178 | 96145 |
| &nbsp;&nbsp;&nbsp;Boeing <sup>\*</sup> | 1704 | 322056 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions | 278 | 63409 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource <sup>\*</sup> | 269 | 30190 |
| &nbsp;&nbsp;&nbsp;Carlisle | 107 | 34033 |
| &nbsp;&nbsp;&nbsp;Carrier Global | 1930 | 105918 |
| &nbsp;&nbsp;&nbsp;Caterpillar | 1107 | 637366 |
| &nbsp;&nbsp;&nbsp;Cintas | 833 | 154955 |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA | 83 | 81086 |
| &nbsp;&nbsp;&nbsp;Copart <sup>\*</sup> | 2122 | 82716 |
| &nbsp;&nbsp;&nbsp;CSX | 4465 | 157882 |
| &nbsp;&nbsp;&nbsp;Cummins | 345 | 171803 |
| &nbsp;&nbsp;&nbsp;Deere | 597 | 277301 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines | 1539 | 98650 |
| &nbsp;&nbsp;&nbsp;Dover | 327 | 60587 |
| &nbsp;&nbsp;&nbsp;Eaton PLC | 938 | 324445 |
| &nbsp;&nbsp;&nbsp;EMCOR Group | 108 | 66428 |
| &nbsp;&nbsp;&nbsp;Emerson Electric | 1345 | 179396 |
| &nbsp;&nbsp;&nbsp;Equifax | 295 | 62649 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington | 331 | 48624 |
| &nbsp;&nbsp;&nbsp;Fastenal | 2858 | 115463 |
| &nbsp;&nbsp;&nbsp;FedEx | 527 | 145283 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises | 449 | 113000 |
| &nbsp;&nbsp;&nbsp;Fortive | 828 | 44281 |
| &nbsp;&nbsp;&nbsp;GE Aerospace | 2540 | 758063 |
| &nbsp;&nbsp;&nbsp;GE Vernova | 658 | 394649 |
| &nbsp;&nbsp;&nbsp;General Dynamics | 531 | 181406 |
| &nbsp;&nbsp;&nbsp;HEICO | 97 | 30740 |
| &nbsp;&nbsp;&nbsp;HEICO, Cl A | 179 | 44208 |
| &nbsp;&nbsp;&nbsp;Honeywell International | 1545 | 296934 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace | 959 | 196202 |
| &nbsp;&nbsp;&nbsp;Hubbell, Cl B | 127 | 54792 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works | 714 | 177986 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand | 960 | 77126 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions | 293 | 39499 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services | 189 | 32878 |

---

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

*44*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Industrials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Johnson Controls International | 1566 | $182141 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies | 446 | 124296 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings | 317 | 60579 |
| &nbsp;&nbsp;&nbsp;Lennox International | 75 | 37415 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin | 566 | 259149 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern | 560 | 163570 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman | 353 | 202004 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line | 448 | 60610 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide | 949 | 84319 |
| &nbsp;&nbsp;&nbsp;PACCAR | 1289 | 135886 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin | 310 | 267127 |
| &nbsp;&nbsp;&nbsp;Paychex | 802 | 89575 |
| &nbsp;&nbsp;&nbsp;Quanta Services | 350 | 162708 |
| &nbsp;&nbsp;&nbsp;Republic Services, Cl A | 506 | 109832 |
| &nbsp;&nbsp;&nbsp;Rocket Lab <sup>\*</sup> | 1014 | 42730 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation | 271 | 107278 |
| &nbsp;&nbsp;&nbsp;Rollins | 707 | 43466 |
| &nbsp;&nbsp;&nbsp;RTX | 3147 | 550442 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines | 1421 | 49465 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings | 514 | 44173 |
| &nbsp;&nbsp;&nbsp;Symbotic, Cl A <sup>\*</sup> | 97 | 8126 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | 542 | 228442 |
| &nbsp;&nbsp;&nbsp;TransDigm Group | 132 | 179542 |
| &nbsp;&nbsp;&nbsp;TransUnion | 463 | 39378 |
| &nbsp;&nbsp;&nbsp;Uber Technologies <sup>\*</sup> | 4809 | 420980 |
| &nbsp;&nbsp;&nbsp;Union Pacific | 1441 | 334067 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings <sup>\*</sup> | 782 | 79733 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Cl B | 1781 | 170602 |
| &nbsp;&nbsp;&nbsp;United Rentals | 155 | 126353 |
| &nbsp;&nbsp;&nbsp;Veralto | 528 | 53444 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Cl A | 334 | 75173 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings, Cl A | 815 | 146480 |
| &nbsp;&nbsp;&nbsp;Waste Management | 966 | 210462 |
| &nbsp;&nbsp;&nbsp;Watsco | 82 | 28405 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies | 406 | 84671 |
| &nbsp;&nbsp;&nbsp;WW Grainger | 104 | 98658 |
| &nbsp;&nbsp;&nbsp;Xylem | 579 | 81448 |
|  |  | 11484236 |

---

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

*45*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — 34.1% |  |  |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Cl A | 1579 | $394750 |
| &nbsp;&nbsp;&nbsp;Adobe <sup>\*</sup> | 1015 | 324932 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices <sup>\*</sup> | 3869 | 841624 |
| &nbsp;&nbsp;&nbsp;Amdocs | 262 | 20038 |
| &nbsp;&nbsp;&nbsp;Amphenol, Cl A | 2861 | 403115 |
| &nbsp;&nbsp;&nbsp;Analog Devices | 1189 | 315489 |
| &nbsp;&nbsp;&nbsp;Apple | 34639 | 9659085 |
| &nbsp;&nbsp;&nbsp;Applied Materials | 1935 | 488104 |
| &nbsp;&nbsp;&nbsp;AppLovin, Cl A <sup>\*</sup> | 613 | 367481 |
| &nbsp;&nbsp;&nbsp;Arista Networks <sup>\*</sup> | 2504 | 327223 |
| &nbsp;&nbsp;&nbsp;Astera Labs <sup>\*</sup> | 310 | 48847 |
| &nbsp;&nbsp;&nbsp;Atlassian, Cl A <sup>\*</sup> | 410 | 61303 |
| &nbsp;&nbsp;&nbsp;Autodesk <sup>\*</sup> | 508 | 154097 |
| &nbsp;&nbsp;&nbsp;Bentley Systems, Cl B | 378 | 15861 |
| &nbsp;&nbsp;&nbsp;Broadcom | 11069 | 4460364 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems <sup>\*</sup> | 662 | 206438 |
| &nbsp;&nbsp;&nbsp;CDW | 318 | 45862 |
| &nbsp;&nbsp;&nbsp;Ciena <sup>\*</sup> | 336 | 68615 |
| &nbsp;&nbsp;&nbsp;Circle Internet Group <sup>\*</sup> | 257 | 20542 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 9376 | 721389 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Cl A <sup>\*</sup> | 725 | 145152 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions, Cl A | 1184 | 92009 |
| &nbsp;&nbsp;&nbsp;Coreweave, Cl A <sup>\*</sup> | 441 | 32246 |
| &nbsp;&nbsp;&nbsp;Corning | 1848 | 155602 |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding <sup>\*</sup> | 349 | 61982 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Cl A <sup>\*</sup> | 553 | 281565 |
| &nbsp;&nbsp;&nbsp;Datadog, Cl A <sup>\*</sup> | 739 | 118247 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Cl C | 738 | 98412 |
| &nbsp;&nbsp;&nbsp;Entegris | 357 | 27539 |
| &nbsp;&nbsp;&nbsp;Fair Isaac <sup>\*</sup> | 58 | 104738 |
| &nbsp;&nbsp;&nbsp;Figma <sup>\*</sup> | 475 | 17086 |
| &nbsp;&nbsp;&nbsp;First Solar <sup>\*</sup> | 242 | 66047 |
| &nbsp;&nbsp;&nbsp;Flex <sup>\*</sup> | 880 | 52017 |
| &nbsp;&nbsp;&nbsp;Fortinet <sup>\*</sup> | 1508 | 122344 |
| &nbsp;&nbsp;&nbsp;Gartner <sup>\*</sup> | 177 | 41195 |
| &nbsp;&nbsp;&nbsp;GLOBALFOUNDRIES <sup>\*</sup> | 172 | 6164 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Cl A <sup>\*</sup> | 321 | 41043 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise | 3090 | 67578 |
| &nbsp;&nbsp;&nbsp;HP | 2238 | 54652 |

---

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

*46*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;HubSpot <sup>\*</sup> | 127 | $46650 |
| &nbsp;&nbsp;&nbsp;Intel <sup>\*</sup> | 11208 | 454596 |
| &nbsp;&nbsp;&nbsp;International Business Machines | 2176 | 671470 |
| &nbsp;&nbsp;&nbsp;Intuit | 644 | 408348 |
| &nbsp;&nbsp;&nbsp;IonQ <sup>\*</sup> | 696 | 34313 |
| &nbsp;&nbsp;&nbsp;Jabil | 261 | 54995 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies <sup>\*</sup> | 413 | 81753 |
| &nbsp;&nbsp;&nbsp;KLA | 321 | 377326 |
| &nbsp;&nbsp;&nbsp;Lam Research | 3092 | 482352 |
| &nbsp;&nbsp;&nbsp;Marvell Technology | 2061 | 184253 |
| &nbsp;&nbsp;&nbsp;Microchip Technology | 1256 | 67296 |
| &nbsp;&nbsp;&nbsp;Micron Technology | 2682 | 634239 |
| &nbsp;&nbsp;&nbsp;Microsoft | 17608 | 8663312 |
| &nbsp;&nbsp;&nbsp;MongoDB, Cl A <sup>\*</sup> | 172 | 57168 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems | 110 | 102099 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions | 405 | 149720 |
| &nbsp;&nbsp;&nbsp;NetApp | 483 | 53883 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 56011 | 9913947 |
| &nbsp;&nbsp;&nbsp;Okta, Cl A <sup>\*</sup> | 388 | 31168 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor <sup>\*</sup> | 1012 | 50843 |
| &nbsp;&nbsp;&nbsp;Oracle | 3932 | 794067 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A <sup>\*</sup> | 5019 | 845451 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks <sup>\*</sup> | 1550 | 294701 |
| &nbsp;&nbsp;&nbsp;PTC <sup>\*</sup> | 284 | 49822 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Cl A <sup>\*</sup> | 732 | 65119 |
| &nbsp;&nbsp;&nbsp;QNITY Electronics | 452 | 36653 |
| &nbsp;&nbsp;&nbsp;QUALCOMM | 2626 | 441404 |
| &nbsp;&nbsp;&nbsp;Roper Technologies | 262 | 116910 |
| &nbsp;&nbsp;&nbsp;Salesforce | 2243 | 517101 |
| &nbsp;&nbsp;&nbsp;Samsara, Cl A <sup>\*</sup> | 607 | 23084 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings | 469 | 129768 |
| &nbsp;&nbsp;&nbsp;ServiceNow <sup>\*</sup> | 484 | 393206 |
| &nbsp;&nbsp;&nbsp;Snowflake, Cl A <sup>\*</sup> | 775 | 194711 |
| &nbsp;&nbsp;&nbsp;Strategy, Cl A <sup>\*</sup> | 592 | 104891 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer <sup>\*</sup> | 1191 | 40315 |
| &nbsp;&nbsp;&nbsp;Synopsys <sup>\*</sup> | 444 | 185596 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies <sup>\*</sup> | 110 | 54947 |
| &nbsp;&nbsp;&nbsp;Teradyne | 386 | 70210 |
| &nbsp;&nbsp;&nbsp;Texas Instruments | 2158 | 363127 |

---

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

*47*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;Trimble <sup>\*</sup> | 580 | $47224 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies <sup>\*</sup> | 101 | 47432 |
| &nbsp;&nbsp;&nbsp;Ubiquiti | 9 | 5248 |
| &nbsp;&nbsp;&nbsp;VeriSign | 199 | 50146 |
| &nbsp;&nbsp;&nbsp;Western Digital | 815 | 133114 |
| &nbsp;&nbsp;&nbsp;Workday, Cl A <sup>\*</sup> | 525 | 113201 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies, Cl A <sup>\*</sup> | 121 | 30583 |
| &nbsp;&nbsp;&nbsp;Zoom Video Communications, Cl A <sup>\*</sup> | 625 | 53100 |
| &nbsp;&nbsp;&nbsp;Zscaler <sup>\*</sup> | 224 | 56336 |
|  |  | 48307975 |
| Materials — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Air Products & Chemicals | 538 | 140445 |
| &nbsp;&nbsp;&nbsp;Amcor PLC | 5474 | 46639 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings | 412 | 32424 |
| &nbsp;&nbsp;&nbsp;Corteva | 1640 | 110651 |
| &nbsp;&nbsp;&nbsp;CRH PLC | 1663 | 199493 |
| &nbsp;&nbsp;&nbsp;Dow | 1672 | 39877 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours | 906 | 36032 |
| &nbsp;&nbsp;&nbsp;Ecolab | 617 | 169774 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan | 3540 | 152149 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances | 610 | 42383 |
| &nbsp;&nbsp;&nbsp;International Paper | 1244 | 49113 |
| &nbsp;&nbsp;&nbsp;Linde PLC | 1119 | 459148 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries, Cl A | 606 | 29688 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials | 144 | 89747 |
| &nbsp;&nbsp;&nbsp;Newmont | 2693 | 244336 |
| &nbsp;&nbsp;&nbsp;Nucor | 560 | 89314 |
| &nbsp;&nbsp;&nbsp;Packaging Corp of America | 212 | 43263 |
| &nbsp;&nbsp;&nbsp;PPG Industries | 553 | 55322 |
| &nbsp;&nbsp;&nbsp;Reliance | 126 | 35194 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams | 561 | 192810 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock PLC | 1216 | 43399 |
| &nbsp;&nbsp;&nbsp;Solstice Advanced Materials <sup>\*</sup> | 386 | 18404 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics | 341 | 57230 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials | 316 | 93928 |
|  |  | 2470763 |

---

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

*48*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Real Estate — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;American Tower <sup>‡</sup> | 1119 | $202841 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities <sup>‡</sup> | 338 | 61496 |
| &nbsp;&nbsp;&nbsp;CBRE Group, Cl A <sup>\*</sup> | 716 | 115870 |
| &nbsp;&nbsp;&nbsp;CoStar Group <sup>\*</sup> | 1045 | 71896 |
| &nbsp;&nbsp;&nbsp;Crown Castle <sup>‡</sup> | 1087 | 99221 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust <sup>‡</sup> | 820 | 131298 |
| &nbsp;&nbsp;&nbsp;Equinix <sup>‡</sup> | 232 | 174768 |
| &nbsp;&nbsp;&nbsp;Equity Residential <sup>‡</sup> | 817 | 50450 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust <sup>‡</sup> | 151 | 39807 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage <sup>‡</sup> | 502 | 66851 |
| &nbsp;&nbsp;&nbsp;Invitation Homes <sup>‡</sup> | 1367 | 38549 |
| &nbsp;&nbsp;&nbsp;Iron Mountain <sup>‡</sup> | 696 | 60100 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities <sup>‡</sup> | 278 | 37777 |
| &nbsp;&nbsp;&nbsp;ProLogis <sup>‡</sup> | 2220 | 285337 |
| &nbsp;&nbsp;&nbsp;Public Storage <sup>‡</sup> | 393 | 107894 |
| &nbsp;&nbsp;&nbsp;Realty Income <sup>‡</sup> | 2175 | 125302 |
| &nbsp;&nbsp;&nbsp;Regency Centers <sup>‡</sup> | 391 | 27823 |
| &nbsp;&nbsp;&nbsp;SBA Communications, Cl A <sup>‡</sup> | 254 | 49345 |
| &nbsp;&nbsp;&nbsp;Simon Property Group <sup>‡</sup> | 800 | 149056 |
| &nbsp;&nbsp;&nbsp;Sun Communities <sup>‡</sup> | 301 | 38781 |
| &nbsp;&nbsp;&nbsp;Ventas <sup>‡</sup> | 1001 | 80711 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Cl A <sup>‡</sup> | 2515 | 72482 |
| &nbsp;&nbsp;&nbsp;Welltower <sup>‡</sup> | 1498 | 311914 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser <sup>‡</sup> | 1731 | 38445 |
|  |  | 2438014 |
| Utilities — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;Alliant Energy | 610 | 42377 |
| &nbsp;&nbsp;&nbsp;Ameren | 636 | 67639 |
| &nbsp;&nbsp;&nbsp;American Electric Power | 1311 | 162262 |
| &nbsp;&nbsp;&nbsp;American Water Works | 465 | 60482 |
| &nbsp;&nbsp;&nbsp;Atmos Energy | 371 | 65433 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy | 1557 | 62249 |
| &nbsp;&nbsp;&nbsp;CMS Energy | 710 | 53562 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison | 878 | 88116 |
| &nbsp;&nbsp;&nbsp;Constellation Energy | 760 | 276914 |
| &nbsp;&nbsp;&nbsp;Dominion Energy | 2102 | 131942 |
| &nbsp;&nbsp;&nbsp;DTE Energy | 492 | 67419 |
| &nbsp;&nbsp;&nbsp;Duke Energy | 1857 | 230157 |

---

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

*49*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Utilities — continued |  |  |
| &nbsp;&nbsp;&nbsp;Edison International | 924 | $54414 |
| &nbsp;&nbsp;&nbsp;Entergy | 1092 | 106492 |
| &nbsp;&nbsp;&nbsp;Evergy | 539 | 41853 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 874 | 58715 |
| &nbsp;&nbsp;&nbsp;Exelon | 2505 | 118036 |
| &nbsp;&nbsp;&nbsp;FirstEnergy | 1308 | 62418 |
| &nbsp;&nbsp;&nbsp;NextEra Energy | 4883 | 421354 |
| &nbsp;&nbsp;&nbsp;NiSource | 1123 | 49558 |
| &nbsp;&nbsp;&nbsp;NRG Energy | 485 | 82203 |
| &nbsp;&nbsp;&nbsp;PG&E | 5105 | 82293 |
| &nbsp;&nbsp;&nbsp;PPL | 1767 | 65202 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group | 1189 | 99305 |
| &nbsp;&nbsp;&nbsp;Sempra | 1579 | 149563 |
| &nbsp;&nbsp;&nbsp;Southern | 2625 | 239190 |
| &nbsp;&nbsp;&nbsp;Vistra | 801 | 143267 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group | 752 | 84277 |
| &nbsp;&nbsp;&nbsp;Xcel Energy | 1378 | 113148 |
|  |  | 3279840 |
| TOTAL UNITED STATES |  | 140520557 |
| TOTAL COMMON STOCK<br> (Cost $118,247,325) |  | 141234351 |
| **EXCHANGE TRADED FUND — 0.1%** |  |  |
| **Domestic Equity — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;BNY Mellon US Large Cap Core Equity ETF | 500 | 65575 |
| TOTAL EXCHANGE TRADED FUND <br> (Cost $63,634) |  | 65575 |
| **SHORT-TERM INVESTMENT<sup>(B)(C)</sup> — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio, Cl Institutional, 3.900%<br> (Cost $4,005) | 4005 | 4005 |
| TOTAL INVESTMENTS — 99.9% <br> (Cost $118,314,964) |  | $141303931 |

---

*Percentages are based on Net Assets of $141,511,105.*

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

*50*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** |

---

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *‡* | *Real Estate Investment Trust* |
| *(A)* | *This security or a partial position of this security is on loan at November 30, 2025. The total market value of securities on loan at November 30, 2025 was $3,984.* |
| *(B)* | *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2025 was $4,005. The total value of non-cash collateral held from securities on loan as of November 30, 2025 was $0.* |
| *(C)* | *The rate reported on the Schedule of Investments is the 7-day effective yield as of November 30, 2025.* |

---

*As of November 30, 2025, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

*See "Glossary" for abbreviations.*

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

*51*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X U.S. 1-3 Month T-Bill ETF** | **Global X U.S. 1-3 Month T-Bill ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS — 103.4%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.133%, 12/26/2025<sup>(A)</sup> | $47900000 | $47770523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.530%, 12/11/2025<sup>(A)</sup> | 65980000 | 65908247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.023%, 12/4/2025<sup>(A)</sup> | 58330000 | 58311189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.976%, 12/16/2025<sup>(A)</sup> | 52390000 | 52304768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.966%, 12/2/2025<sup>(A)(B)</sup> | 79110000 | 79101372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.933%, 12/9/2025<sup>(A)</sup> | 91242000 | 91163122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.932%, 12/18/2025<sup>(A)</sup> | 56180000 | 56076310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.923%, 12/23/2025<sup>(A)</sup> | 33500000 | 33420186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.914%, 12/30/2025<sup>(A)</sup> | 34200000 | 34093209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.874%, 01/2/2026<sup>(A)</sup> | 112800000 | 112418486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.848%, 01/8/2026<sup>(A)</sup> | 126700000 | 126191658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.842%, 01/6/2026<sup>(A)</sup> | 58930000 | 58706302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.841%, 01/20/2026<sup>(A)</sup> | 77120000 | 76712536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.826%, 01/15/2026<sup>(A)</sup> | 86800000 | 86388337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.812%, 01/13/2026<sup>(A)</sup> | 68608000 | 68298276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.795%, 01/22/2026<sup>(A)</sup> | 128900000 | 128196640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.771%, 02/19/2026<sup>(A)</sup> | 90760000 | 90012218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.761%, 02/26/2026<sup>(A)</sup> | 89580000 | 88777274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.757%, 02/12/2026<sup>(A)</sup> | 98980000 | 98238298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.720%, 02/10/2026<sup>(A)</sup> | 15300000 | 15188402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.548%, 02/24/2026<sup>(A)</sup> | 11200000 | 11102509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.438%, 02/5/2026<sup>(A)</sup> | 111600000 | 110833773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.227%, 01/29/2026<sup>(A)</sup> | 104380000 | 103728319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.507%, 02/3/2026<sup>(A)</sup> | 1000000 | 993356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.202%, 01/27/2026<sup>(A)</sup> | 87900000 | 87369975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.937%, 02/17/2026<sup>(A)</sup> | 800000 | 793605 |
|  |  | 1782098890 |
| TOTAL U.S. TREASURY OBLIGATIONS<br> (Cost $1,782,060,369) |  | 1782098890 |
| **REPURCHASE AGREEMENTS<sup>(C)</sup> — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Citadel Securities LLC<br> 4.170%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $14,162,360 (collateralized by various U.S. Treasury Obligations, ranging in par value $736 - $4,007,167, 0.000% - 4.750%, 12/11/2025 - 11/15/2055, with a total market value of $14,405,180) | 14157440 | 14157440 |

---

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

*52*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X U.S. 1-3 Month T-Bill ETF** | **Global X U.S. 1-3 Month T-Bill ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(C)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Daiwa Capital Markets America, Inc.<br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $13,312,530 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $1,975 - $5,547,316, 1.500% - 6.500%, 11/15/2034 - 12/01/2055, with a total market value of $13,523,627) | $13307994 | $13307994 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc.<br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $13,312,530 (collateralized by various U.S. Government Obligations, ranging in par value $31,711 - $14,618,369, 2.500% - 7.000%, 05/01/2042 - 11/01/2054, with a total market value of $13,534,043) | 13307994 | 13307994 |
| &nbsp;&nbsp;&nbsp;Natwest Markets Securities, Inc.<br> 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $3,616,789 (collateralized by various U.S. Treasury Obligations, ranging in par value $633 - $521,605, 0.375% - 4.875%, 12/31/2025 - 05/15/2055, with a total market value of $3,660,480) | 3615557 | 3615557 |
| &nbsp;&nbsp;&nbsp;Nomura Securities International, Inc.<br> 4.080%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $13,312,519 (collateralized by various U.S. Government Obligations, ranging in par value $13,430 - $6,263,364, 2.000% - 6.000%, 04/15/2036 - 06/20/2065, with a total market value of $13,528,402) | 13307994 | 13307994 |

---

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

*53*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X U.S. 1-3 Month T-Bill ETF** | **Global X U.S. 1-3 Month T-Bill ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>(C)</sup> — continued** |  |  |
| &nbsp;&nbsp;&nbsp;RBC Dominion Securities, Inc. <br> 4.080%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $2,657,481 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $2,456 - $4,887,309, 2.000% - 6.000%, 07/31/2030 - 01/01/2055, with a total market value of $2,702,570) | $2656578 | $2656578 |
| TOTAL REPURCHASE AGREEMENTS <br> (Cost $60,353,557) |  | 60353557 |
| TOTAL INVESTMENTS — 106.9% <br> (Cost $1,842,413,926) |  | $1842452447 |

---

*Percentages are based on Net Assets of $1,722,817,966.*

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

*(B)* *This security or a partial position of this security is on loan at November 30, 2025. The total market value of securities on loan at November 30, 2025 was $59,194,275.* 

*(C)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2025 was $60,353,557. The total value of non-cash collateral held from securities on loan as of November 30, 2025 was $0.* 

*As of November 30, 2025, all of the Fund's investments were considered Level 2, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

*See "Glossary" for abbreviations.*

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

*54*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X U.S. Cash Flow Kings 100 ETF** | **Global X U.S. Cash Flow Kings 100 ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%** |  |  |
| **PANAMA — 0.9%** |  |  |
| Industrials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Copa Holdings, Cl A | 1705 | $207669 |
| **UNITED STATES — 99.0%** |  |  |
| Communication Services — 10.3% |  |  |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 15364 | 410065 |
| &nbsp;&nbsp;&nbsp;Fox, Cl A | 8008 | 524524 |
| &nbsp;&nbsp;&nbsp;Iridium Communications | 3811 | 62500 |
| &nbsp;&nbsp;&nbsp;Match Group | 4982 | 165951 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Cl A | 1269 | 243826 |
| &nbsp;&nbsp;&nbsp;Omnicom Group | 7359 | 527086 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery <sup>\*</sup> | 25129 | 603096 |
|  |  | 2537048 |
| Consumer Discretionary — 15.3% |  |  |
| &nbsp;&nbsp;&nbsp;ADT | 34052 | 280929 |
| &nbsp;&nbsp;&nbsp;APTIV PLC <sup>\*</sup> | 4244 | 329122 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works | 6539 | 113844 |
| &nbsp;&nbsp;&nbsp;Best Buy | 3956 | 313632 |
| &nbsp;&nbsp;&nbsp;BorgWarner | 5612 | 241653 |
| &nbsp;&nbsp;&nbsp;Brunswick | 1714 | 113313 |
| &nbsp;&nbsp;&nbsp;Columbia Sportswear | 1019 | 54730 |
| &nbsp;&nbsp;&nbsp;Crocs <sup>\*</sup> | 2023 | 171915 |
| &nbsp;&nbsp;&nbsp;Dillard's, Cl A | 272 | 182256 |
| &nbsp;&nbsp;&nbsp;Etsy <sup>\*</sup> | 2030 | 110067 |
| &nbsp;&nbsp;&nbsp;Expedia Group | 1890 | 483254 |
| &nbsp;&nbsp;&nbsp;GameStop, Cl A <sup>\*</sup> | 3517 | 79238 |
| &nbsp;&nbsp;&nbsp;Gap | 7302 | 197665 |
| &nbsp;&nbsp;&nbsp;Gentex | 2939 | 67097 |
| &nbsp;&nbsp;&nbsp;H&R Block | 2518 | 106058 |
| &nbsp;&nbsp;&nbsp;Harley-Davidson | 6131 | 150148 |
| &nbsp;&nbsp;&nbsp;International Game Technology PLC | 12335 | 192919 |
| &nbsp;&nbsp;&nbsp;Macy's | 7299 | 163206 |
| &nbsp;&nbsp;&nbsp;Mattel <sup>\*</sup> | 6553 | 138399 |
| &nbsp;&nbsp;&nbsp;Polaris | 1854 | 123031 |
| &nbsp;&nbsp;&nbsp;Thor Industries | 1108 | 117027 |
| &nbsp;&nbsp;&nbsp;YETI Holdings <sup>\*</sup> | 1222 | 50689 |
|  |  | 3780192 |

---

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

*55*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X U.S. Cash Flow Kings 100 ETF** | **Global X U.S. Cash Flow Kings 100 ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Consumer Staples — 11.3% |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group | 7481 | $441454 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland | 7873 | 478206 |
| &nbsp;&nbsp;&nbsp;Boston Beer, Cl A <sup>\*</sup> | 210 | 40908 |
| &nbsp;&nbsp;&nbsp;Conagra Brands | 14851 | 265090 |
| &nbsp;&nbsp;&nbsp;Dollar Tree <sup>\*</sup> | 4484 | 496872 |
| &nbsp;&nbsp;&nbsp;Flowers Foods | 6025 | 64648 |
| &nbsp;&nbsp;&nbsp;Ingredion | 1385 | 148943 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz | 18372 | 468670 |
| &nbsp;&nbsp;&nbsp;Maplebear <sup>\*</sup> | 3968 | 166696 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride | 5716 | 217436 |
|  |  | 2788923 |
| Energy — 18.1% |  |  |
| &nbsp;&nbsp;&nbsp;APA | 14133 | 352901 |
| &nbsp;&nbsp;&nbsp;Chord Energy | 2025 | 190066 |
| &nbsp;&nbsp;&nbsp;Civitas Resources | 5915 | 173723 |
| &nbsp;&nbsp;&nbsp;Coterra Energy | 13434 | 360569 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy | 3476 | 530403 |
| &nbsp;&nbsp;&nbsp;DT Midstream | 1811 | 219964 |
| &nbsp;&nbsp;&nbsp;EOG Resources | 4184 | 451244 |
| &nbsp;&nbsp;&nbsp;Halliburton | 20180 | 529120 |
| &nbsp;&nbsp;&nbsp;Murphy Oil | 3588 | 115067 |
| &nbsp;&nbsp;&nbsp;NOV | 15225 | 233856 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum | 10530 | 442260 |
| &nbsp;&nbsp;&nbsp;Ovintiv | 8650 | 354304 |
| &nbsp;&nbsp;&nbsp;Schlumberger | 14099 | 510948 |
|  |  | 4464425 |
| Health Care — 13.1% |  |  |
| &nbsp;&nbsp;&nbsp;Align Technology <sup>\*</sup> | 1016 | 149545 |
| &nbsp;&nbsp;&nbsp;Biogen <sup>\*</sup> | 2739 | 498744 |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical <sup>\*</sup> | 2687 | 150284 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 10783 | 530524 |
| &nbsp;&nbsp;&nbsp;Exelixis <sup>\*</sup> | 3975 | 175576 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Cl A <sup>\*</sup> | 1972 | 179531 |
| &nbsp;&nbsp;&nbsp;Incyte <sup>\*</sup> | 2310 | 241303 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings <sup>\*</sup> | 1997 | 117563 |
| &nbsp;&nbsp;&nbsp;Pfizer | 20200 | 519948 |
| &nbsp;&nbsp;&nbsp;United Therapeutics <sup>\*</sup> | 537 | 260982 |

---

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

*56*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X U.S. Cash Flow Kings 100 ETF** | **Global X U.S. Cash Flow Kings 100 ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Health Care — continued |  |  |
| &nbsp;&nbsp;&nbsp;Viatris | 36511 | $390302 |
|  |  | 3214302 |
| Industrials — 6.8% |  |  |
| &nbsp;&nbsp;&nbsp;AGCO | 1325 | 140397 |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings | 1554 | 137778 |
| &nbsp;&nbsp;&nbsp;Fortive | 6024 | 322164 |
| &nbsp;&nbsp;&nbsp;Genpact | 2888 | 127245 |
| &nbsp;&nbsp;&nbsp;Lyft, Cl A <sup>\*</sup> | 9303 | 195642 |
| &nbsp;&nbsp;&nbsp;Robert Half | 1746 | 47212 |
| &nbsp;&nbsp;&nbsp;TriNet Group | 1917 | 112336 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings <sup>\*</sup> | 4566 | 465549 |
| &nbsp;&nbsp;&nbsp;Valmont Industries | 306 | 126369 |
|  |  | 1674692 |
| Information Technology — 18.0% |  |  |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Cl A | 2018 | 504500 |
| &nbsp;&nbsp;&nbsp;Amdocs | 1611 | 123209 |
| &nbsp;&nbsp;&nbsp;Avnet | 2298 | 109178 |
| &nbsp;&nbsp;&nbsp;BILL Holdings <sup>\*</sup> | 1244 | 62387 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic <sup>\*</sup> | 795 | 95670 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions, Cl A | 7206 | 559978 |
| &nbsp;&nbsp;&nbsp;Dolby Laboratories, Cl A | 1294 | 87280 |
| &nbsp;&nbsp;&nbsp;Dropbox, Cl A <sup>\*</sup> | 6120 | 182866 |
| &nbsp;&nbsp;&nbsp;DXC Technology <sup>\*</sup> | 11327 | 149517 |
| &nbsp;&nbsp;&nbsp;Enphase Energy <sup>\*</sup> | 2052 | 59200 |
| &nbsp;&nbsp;&nbsp;Gartner <sup>\*</sup> | 1246 | 289994 |
| &nbsp;&nbsp;&nbsp;HP | 17236 | 420903 |
| &nbsp;&nbsp;&nbsp;NetApp | 2800 | 312368 |
| &nbsp;&nbsp;&nbsp;Qorvo <sup>\*</sup> | 1352 | 116123 |
| &nbsp;&nbsp;&nbsp;QUALCOMM | 2909 | 488974 |
| &nbsp;&nbsp;&nbsp;RingCentral, Cl A <sup>\*</sup> | 3283 | 92712 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions | 3548 | 233991 |
| &nbsp;&nbsp;&nbsp;Teradata <sup>\*</sup> | 2527 | 72373 |
| &nbsp;&nbsp;&nbsp;UiPath, Cl A <sup>\*</sup> | 5514 | 76424 |
| &nbsp;&nbsp;&nbsp;Zoom Video Communications, Cl A <sup>\*</sup> | 4633 | 393620 |
|  |  | 4431267 |

---

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

*57*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X U.S. Cash Flow Kings 100 ETF** | **Global X U.S. Cash Flow Kings 100 ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Materials — 4.8% |  |  |
| &nbsp;&nbsp;&nbsp;Alcoa | 3790 | $158194 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings | 4438 | 349271 |
| &nbsp;&nbsp;&nbsp;Crown Holdings | 2983 | 288844 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock PLC | 11077 | 395338 |
|  |  | 1191647 |
| Real Estate — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Apple Hospitality REIT <sup>‡</sup> | 5148 | 61210 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust <sup>‡</sup> | 7067 | 260207 |
|  |  | 321417 |
| TOTAL UNITED STATES |  | 24403913 |
| TOTAL COMMON STOCK<br> (Cost $23,793,024) |  | 24611582 |
| TOTAL INVESTMENTS — 99.9%<br> (Cost $23,793,024) |  | $24611582 |

---

*Percentages are based on Net Assets of $24,646,196.*

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

*As of November 30, 2025, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

*See "Glossary" for abbreviations.*

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

*58*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Short-Term Treasury Ladder ETF** | **Global X Short-Term Treasury Ladder ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS — 99.0%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bill <br> 3.927%, 02/12/2026<sup>(A)</sup> | $100000 | $99251 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 04/30/2026 | 985000 | 989327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 05/31/2026 | 1085000 | 1090696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 02/28/2026 | 420000 | 420714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 06/30/2026 | 195000 | 195955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 09/15/2026 | 140000 | 141028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 10/15/2026 | 60000 | 60488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 11/15/2026 | 310000 | 312831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/31/2026 | 130000 | 130274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/15/2027 | 400000 | 404891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 05/15/2027 | 525000 | 531952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 07/31/2026 | 150000 | 150609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 08/15/2026 | 270000 | 271219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 12/15/2026 | 720000 | 725485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 07/15/2027 | 210000 | 212740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 11/30/2026 | 425000 | 427477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 12/31/2026 | 1000000 | 1006484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 03/15/2027 | 60000 | 60497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 01/15/2028 | 435000 | 441576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 02/15/2028 | 320000 | 325062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 06/15/2026 | 120000 | 120264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 10/31/2026 | 300000 | 301200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 01/31/2027 | 975000 | 980599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 02/15/2027 | 240000 | 241491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 02/28/2027 | 355000 | 357246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 10/31/2027 | 120000 | 121355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 11/15/2027 | 420000 | 424807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/15/2027 | 249000 | 250050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 03/31/2027 | 1280000 | 1284650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 05/31/2027 | 270000 | 271245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 07/31/2027 | 1200000 | 1206422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 10/15/2027 | 895000 | 900699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 11/30/2027 | 255000 | 256793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 12/31/2027 | 930000 | 937011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 08/31/2026 | 180000 | 180041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 04/30/2027 | 1125000 | 1127725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 06/30/2027 | 380000 | 381158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 08/15/2027 | 490000 | 491742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 05/15/2026 | 100000 | 99930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 08/31/2027 | 100000 | 100160 |

---

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

*59*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Short-Term Treasury Ladder ETF** | **Global X Short-Term Treasury Ladder ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/30/2026 | $200000 | $199716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/31/2028 | 225000 | 225000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 08/31/2027 | 150000 | 148975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 07/31/2027 | 450000 | 444270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 02/15/2028 | 250000 | 246094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625%, 05/31/2027 | 1220000 | 1203511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/28/2026 | 95000 | 94689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375%, 04/30/2026 | 245000 | 243569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375%, 05/15/2027 | 220000 | 216348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 03/31/2026 | 55000 | 54721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 02/15/2027 | 120000 | 118111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 11/15/2027 | 350000 | 341715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.125%, 05/31/2026 | 240000 | 238039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/15/2026 | 225000 | 221521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875%, 06/30/2026 | 120000 | 118717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875%, 07/31/2026 | 125000 | 123499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875%, 02/28/2027 | 135000 | 132205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.625%, 05/15/2026 | 140000 | 138642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.625%, 10/31/2026 | 1175000 | 1153621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.625%, 11/30/2026 | 72000 | 70590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 08/15/2026 | 1110000 | 1092809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 01/31/2027 | 230000 | 224502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 11/30/2026 | 125000 | 122094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 12/31/2026 | 195000 | 190133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.125%, 10/31/2026 | 275000 | 268763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.125%, 02/28/2027 | 105000 | 101870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.875%, 06/30/2026 | 180000 | 177051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.875%, 09/30/2026 | 260000 | 254073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750%, 03/31/2026 | 155000 | 153467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750%, 04/30/2026 | 1130000 | 1115866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750%, 05/31/2026 | 150000 | 147787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750%, 08/31/2026 | 1050000 | 1027310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750%, 01/31/2028 | 850000 | 801723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.625%, 07/31/2026 | 250000 | 244950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.625%, 03/31/2027 | 75000 | 72155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.625%, 11/30/2027 | 190000 | 179535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.625%, 12/31/2027 | 250000 | 235684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.500%, 02/28/2026 | 275000 | 272732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.500%, 04/30/2027 | 100000 | 95816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.500%, 05/31/2027 | 200000 | 191172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.500%, 08/31/2027 | 980000 | 930120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.500%, 10/31/2027 | 350000 | 330627 |

---

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

*60*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Short-Term Treasury Ladder ETF** | **Global X Short-Term Treasury Ladder ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.375%, 07/31/2027 | $150000 | $142400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.375%, 09/30/2027 | 300000 | 283418 |
|  |  | 32323503 |
| TOTAL U.S. TREASURY OBLIGATIONS<br> (Cost $32,316,156) |  | 32422754 |
| TOTAL INVESTMENTS — 99.0%<br> (Cost $32,316,156) |  | $32422754 |

---

*Percentages are based on Net Assets of $32,758,523.*

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

*As of November 30, 2025, all of the Fund's investments were considered Level 2, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

*See "Glossary" for abbreviations.*

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

*61*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Intermediate-Term Treasury Ladder ETF** | **Global X Intermediate-Term Treasury Ladder ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS — 98.7%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 10/31/2030 | $385000 | $406716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 05/31/2031 | 275000 | 288138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 02/15/2035 | 338000 | 354992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 05/31/2029 | 385000 | 397197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/31/2031 | 275000 | 286687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/15/2033 | 375000 | 391362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 08/31/2028 | 330000 | 337528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 12/31/2029 | 14000 | 14427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 11/30/2030 | 125000 | 129297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 05/15/2034 | 410000 | 423870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 01/31/2030 | 385000 | 395061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 02/28/2031 | 100000 | 102918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 11/15/2034 | 225000 | 230045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 10/31/2031 | 220000 | 224933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 02/29/2032 | 275000 | 280994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 03/31/2032 | 260000 | 265657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 11/15/2032 | 20000 | 20412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/31/2029 | 385000 | 390534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/28/2030 | 50000 | 50834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/31/2031 | 60000 | 61031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/30/2032 | 264000 | 267877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2034 | 295000 | 297328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 09/30/2029 | 125000 | 126431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 08/15/2033 | 100000 | 100187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 08/15/2034 | 115000 | 114524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 06/30/2030 | 125000 | 125845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 12/31/2030 | 330000 | 331895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/15/2033 | 150000 | 147053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 05/15/2033 | 345000 | 334866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 06/30/2029 | 100000 | 99027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 11/15/2028 | 100000 | 98965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875%, 05/15/2032 | 100000 | 95016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 08/15/2032 | 100000 | 93980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375%, 03/31/2029 | 125000 | 120513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 01/31/2029 | 100000 | 94750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.625%, 05/15/2031 | 100000 | 90051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375%, 11/15/2031 | 90000 | 78855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 03/31/2028 | 85000 | 80783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 06/30/2028 | 75000 | 70878 |

---

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

*62*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Intermediate-Term Treasury Ladder ETF** | **Global X Intermediate-Term Treasury Ladder ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 08/15/2031 | $95000 | $83192 |
|  |  | 7904649 |
| TOTAL U.S. TREASURY OBLIGATIONS<br> (Cost $7,839,078) |  | 7904649 |
| TOTAL INVESTMENTS — 98.7%<br> (Cost $7,839,078) |  | $7904649 |

---

*Percentages are based on Net Assets of $8,007,603.*

*As of November 30, 2025, all of the Fund's investments were considered Level 2, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

*See "Glossary" for abbreviations.*

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

*63*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Long-Term Treasury Ladder ETF** | **Global X Long-Term Treasury Ladder ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS — 98.8%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2037 | $750000 | $812813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2045 | 675000 | 707590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 08/15/2045 | 100000 | 103125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 02/15/2037 | 80000 | 84922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 02/15/2041 | 100000 | 103473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 11/15/2043 | 640000 | 653150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 02/15/2045 | 200000 | 203156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 11/15/2053 | 255000 | 257590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 02/15/2040 | 365000 | 374610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 05/15/2044 | 110000 | 110309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 11/15/2044 | 125000 | 125049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 05/15/2054 | 350000 | 346965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 02/15/2055 | 675000 | 669305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/15/2036 | 330000 | 344863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 05/15/2038 | 1152000 | 1189485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/15/2039 | 365000 | 371387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/15/2044 | 214000 | 211442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/15/2054 | 450000 | 437062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 02/15/2038 | 930000 | 950889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 11/15/2039 | 861000 | 862446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 05/15/2040 | 55000 | 54886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 05/15/2041 | 75000 | 74332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 08/15/2043 | 145000 | 141347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 05/15/2039 | 250000 | 248711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 11/15/2040 | 710000 | 696077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 02/15/2054 | 340000 | 316612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 08/15/2054 | 375000 | 349233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 08/15/2044 | 625000 | 585962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 08/15/2053 | 952000 | 868142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2042 | 690000 | 644854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2052 | 230000 | 205338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 08/15/2040 | 100000 | 94117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 02/15/2043 | 225000 | 206473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 05/15/2043 | 200000 | 183109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 08/15/2041 | 160000 | 146812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 11/15/2043 | 164000 | 146748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 08/15/2043 | 140000 | 123386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 02/15/2044 | 132000 | 115758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 02/15/2053 | 390000 | 325361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 05/15/2053 | 320000 | 266662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/15/2039 | 650000 | 601428 |

---

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

*64*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Long-Term Treasury Ladder ETF** | **Global X Long-Term Treasury Ladder ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 08/15/2042 | $119000 | $102572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 05/15/2044 | 225000 | 189773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 11/15/2048 | 395000 | 320598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 05/15/2042 | 150000 | 127506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 11/15/2041 | 690000 | 581352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 02/15/2042 | 170000 | 142621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 02/15/2043 | 59000 | 48705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 08/15/2044 | 355000 | 287370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 05/15/2048 | 336000 | 261962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/15/2042 | 250000 | 205186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/15/2044 | 220000 | 174032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/15/2045 | 170000 | 133835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/15/2045 | 170000 | 133058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/15/2047 | 430000 | 331923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/15/2047 | 320000 | 246400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/15/2048 | 1225000 | 935737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/2048 | 390000 | 296370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/15/2049 | 1130000 | 854871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/2052 | 1167000 | 862121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875%, 05/15/2043 | 250000 | 198076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875%, 08/15/2045 | 300000 | 230496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875%, 11/15/2046 | 270000 | 204514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875%, 05/15/2049 | 510000 | 375926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875%, 05/15/2052 | 480000 | 345937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 08/15/2042 | 250000 | 196963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 11/15/2042 | 300000 | 235230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 08/15/2047 | 366000 | 268295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 11/15/2047 | 408000 | 298238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/15/2045 | 180000 | 130458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/15/2046 | 570000 | 406771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 05/15/2046 | 550000 | 391295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375%, 02/15/2042 | 150000 | 112547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375%, 11/15/2049 | 500000 | 330625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375%, 05/15/2051 | 520000 | 338244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 05/15/2041 | 225000 | 168847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 08/15/2046 | 1251000 | 844425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 08/15/2049 | 470000 | 303315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 02/15/2052 | 425000 | 266306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/15/2041 | 430000 | 306190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 02/15/2050 | 1265000 | 764930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 08/15/2051 | 985000 | 583420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875%, 02/15/2041 | 400000 | 285016 |

---

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

*65*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X Long-Term Treasury Ladder ETF** | **Global X Long-Term Treasury Ladder ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875%, 02/15/2051 | $620000 | $358050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875%, 11/15/2051 | 895000 | 511723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 08/15/2041 | 460000 | 316555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.625%, 11/15/2050 | 1090000 | 591751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375%, 11/15/2040 | 400000 | 264875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375%, 08/15/2050 | 1200000 | 610359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 05/15/2050 | 285000 | 141387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.125%, 05/15/2040 | 250000 | 161748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.125%, 08/15/2040 | 300000 | 192129 |
|  |  | 32285612 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 05/15/2035 | 650000 | 663406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 08/15/2035 | 650000 | 662594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2035 | 100000 | 99844 |
|  |  | 1425844 |
| TOTAL U.S. TREASURY OBLIGATIONS<br> (Cost $33,918,761) |  | 33711456 |
| TOTAL INVESTMENTS — 98.8%<br> (Cost $33,918,761) |  | $33711456 |

---

*Percentages are based on Net Assets of $34,106,529.*

*As of November 30, 2025, all of the Fund's investments were considered Level 2, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

*See "Glossary" for abbreviations.*

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

*66*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X PureCap<sup>SM</sup> MSCI Communication Services ETF** | **Global X PureCap<sup>SM</sup> MSCI Communication Services ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 97.4%** |  |  |
| **UNITED STATES — 97.4%** |  |  |
| Communication Services — 97.4% |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 38881 | $12448919 |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl C | 32670 | 10458320 |
| &nbsp;&nbsp;&nbsp;AT&T | 48717 | 1267616 |
| &nbsp;&nbsp;&nbsp;Charter Communications, Cl A <sup>\*</sup> | 593 | 118671 |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 25087 | 669572 |
| &nbsp;&nbsp;&nbsp;EchoStar, Cl A <sup>\*</sup> | 928 | 68013 |
| &nbsp;&nbsp;&nbsp;Electronic Arts | 1618 | 326885 |
| &nbsp;&nbsp;&nbsp;Fox, Cl A | 1459 | 95564 |
| &nbsp;&nbsp;&nbsp;Fox, Cl B | 991 | 57736 |
| &nbsp;&nbsp;&nbsp;Liberty Media - Liberty Formula One, Cl C <sup>\*</sup> | 1444 | 138595 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment <sup>\*</sup> | 1122 | 147487 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 14776 | 9574109 |
| &nbsp;&nbsp;&nbsp;Netflix <sup>\*</sup> | 28991 | 3118852 |
| &nbsp;&nbsp;&nbsp;News, Cl A | 2566 | 65895 |
| &nbsp;&nbsp;&nbsp;Omnicom Group | 1314 | 94109 |
| &nbsp;&nbsp;&nbsp;Pinterest, Cl A <sup>\*</sup> | 4042 | 105577 |
| &nbsp;&nbsp;&nbsp;Reddit, Cl A <sup>\*</sup> | 705 | 152611 |
| &nbsp;&nbsp;&nbsp;ROBLOX, Cl A <sup>\*</sup> | 3854 | 366246 |
| &nbsp;&nbsp;&nbsp;Snap, Cl A <sup>\*</sup> | 7276 | 55880 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software <sup>\*</sup> | 1256 | 309064 |
| &nbsp;&nbsp;&nbsp;T-Mobile US | 3480 | 727355 |
| &nbsp;&nbsp;&nbsp;Trade Desk, Cl A <sup>\*</sup> | 3040 | 120262 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 28695 | 1179651 |
| &nbsp;&nbsp;&nbsp;Walt Disney | 12230 | 1277668 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery <sup>\*</sup> | 15993 | 383832 |
| TOTAL UNITED STATES |  | 43328489 |
| TOTAL COMMON STOCK<br> (Cost $40,138,687) |  | 43328489 |
|  | **Face Amount** |  |
| **U.S. TREASURY OBLIGATION — 29.2%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bill <br> 3.917%, 12/30/2025<sup>(A)</sup> | $13000000 | 12959407 |
| TOTAL U.S. TREASURY OBLIGATION<br> (Cost $12,960,516) |  | 12959407 |

---

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

*67*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X PureCap<sup>SM</sup> MSCI Communication Services ETF** | **Global X PureCap<sup>SM</sup> MSCI Communication Services ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS — 2.3%** |  |  |
| **Domestic Equity — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services Select Sector SPDR Fund | 6500 | $750035 |
| &nbsp;&nbsp;&nbsp;Direxion Daily GOOGL Bull 2X Shares | 2750 | 291225 |
|  |  | 1041260 |
| TOTAL EXCHANGE-TRADED FUNDS<br> (Cost $1,035,188) |  | 1041260 |
| TOTAL INVESTMENTS — 128.9%<br> (Cost $54,134,391) |  | $57329156 |

---

*Percentages are based on Net Assets of $44,466,086.*

*\** *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 November 30, 2025, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*43328489* | $*—* | $*—* | $*43328489* |
| &nbsp;&nbsp;&nbsp;*U.S. Treasury Obligation* | *—* | *12959407* | *—* | *12959407* |
| &nbsp;&nbsp;&nbsp;*Exchange-Traded Funds* | *1041260* | *—* | *—* | *1041260* |
| *Total Investments in Securities* | $*44369749* | $*12959407* | $*—* | $*57329156* |

---

*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.*

*68*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X PureCap<sup>SM</sup> MSCI Consumer Discretionary ETF** | **Global X PureCap<sup>SM</sup> MSCI Consumer Discretionary ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 95.3%** |  |  |
| **BRAZIL — 1.5%** |  |  |
| Consumer Discretionary — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;MercadoLibre <sup>\*</sup> | 105 | $217537 |
| **UNITED KINGDOM — 0.6%** |  |  |
| Consumer Discretionary — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment PLC <sup>\*</sup> | 408 | 85195 |
| **UNITED STATES — 93.2%** |  |  |
| Consumer Discretionary — 93.2% |  |  |
| &nbsp;&nbsp;&nbsp;Airbnb, Cl A <sup>\*</sup> | 1005 | 117575 |
| &nbsp;&nbsp;&nbsp;Amazon.com <sup>\*</sup> | 19779 | 4612858 |
| &nbsp;&nbsp;&nbsp;APTIV PLC <sup>\*</sup> | 522 | 40481 |
| &nbsp;&nbsp;&nbsp;AutoZone <sup>\*</sup> | 37 | 146310 |
| &nbsp;&nbsp;&nbsp;Best Buy | 459 | 36390 |
| &nbsp;&nbsp;&nbsp;Booking Holdings | 80 | 393175 |
| &nbsp;&nbsp;&nbsp;Burlington Stores <sup>\*</sup> | 141 | 35564 |
| &nbsp;&nbsp;&nbsp;Carnival <sup>\*</sup> | 2446 | 63058 |
| &nbsp;&nbsp;&nbsp;Carvana, Cl A <sup>\*</sup> | 300 | 112350 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Cl A <sup>\*</sup> | 3156 | 108945 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants | 275 | 49385 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor <sup>\*</sup> | 348 | 30634 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods | 149 | 30779 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza | 83 | 34829 |
| &nbsp;&nbsp;&nbsp;DoorDash, Cl A <sup>\*</sup> | 883 | 175161 |
| &nbsp;&nbsp;&nbsp;DR Horton | 648 | 103038 |
| &nbsp;&nbsp;&nbsp;DraftKings, Cl A <sup>\*</sup> | 1056 | 35017 |
| &nbsp;&nbsp;&nbsp;eBay | 1070 | 88585 |
| &nbsp;&nbsp;&nbsp;Expedia Group | 288 | 73639 |
| &nbsp;&nbsp;&nbsp;Ford Motor | 9110 | 120981 |
| &nbsp;&nbsp;&nbsp;Garmin | 381 | 74417 |
| &nbsp;&nbsp;&nbsp;General Motors | 2242 | 164832 |
| &nbsp;&nbsp;&nbsp;Genuine Parts | 321 | 41858 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings | 554 | 157907 |
| &nbsp;&nbsp;&nbsp;Home Depot | 2316 | 826627 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels, Cl A | 95 | 15617 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands | 729 | 49689 |
| &nbsp;&nbsp;&nbsp;Lennar, Cl A | 531 | 69720 |
| &nbsp;&nbsp;&nbsp;Lowe's | 1305 | 316436 |

---

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

*69*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X PureCap<sup>SM</sup> MSCI Consumer Discretionary ETF** | **Global X PureCap<sup>SM</sup> MSCI Consumer Discretionary ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Consumer Discretionary — continued |  |  |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica <sup>\*</sup> | 244 | $44940 |
| &nbsp;&nbsp;&nbsp;Marriott International, Cl A | 541 | 164891 |
| &nbsp;&nbsp;&nbsp;McDonald's | 1669 | 520428 |
| &nbsp;&nbsp;&nbsp;NIKE, Cl B | 2743 | 177280 |
| &nbsp;&nbsp;&nbsp;NVR <sup>\*</sup> | 8 | 60058 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive <sup>\*</sup> | 1993 | 202688 |
| &nbsp;&nbsp;&nbsp;PulteGroup | 464 | 59016 |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Cl A <sup>\*</sup> | 1808 | 30483 |
| &nbsp;&nbsp;&nbsp;Ross Stores | 761 | 134210 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises | 601 | 160016 |
| &nbsp;&nbsp;&nbsp;Starbucks | 2643 | 230232 |
| &nbsp;&nbsp;&nbsp;Tapestry | 479 | 52345 |
| &nbsp;&nbsp;&nbsp;Tesla <sup>\*</sup> | 6612 | 2844284 |
| &nbsp;&nbsp;&nbsp;TJX | 2605 | 395752 |
| &nbsp;&nbsp;&nbsp;Tractor Supply | 1227 | 67215 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty <sup>\*</sup> | 102 | 54961 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma | 289 | 52023 |
| &nbsp;&nbsp;&nbsp;Yum! Brands | 641 | 98208 |
| TOTAL UNITED STATES |  | 13474887 |
| TOTAL COMMON STOCK<br> (Cost $14,189,253) |  | 13777619 |
|  | **Face Amount** |  |
| **U.S. TREASURY OBLIGATION — 29.6%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bill <br> 3.917%, 12/30/2025<sup>(A)</sup> | $4300000 | 4286573 |
| TOTAL U.S. TREASURY OBLIGATION<br> (Cost $4,286,940) |  | 4286573 |

---

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

*70*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X PureCap<sup>SM</sup> MSCI Consumer Discretionary ETF** | **Global X PureCap<sup>SM</sup> MSCI Consumer Discretionary ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS — 2.7%** |  |  |
| **Domestic Equity — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary Select Sector SPDR Fund | 305 | $72120 |
| &nbsp;&nbsp;&nbsp;Direxion Daily AMZN Bull 2X Shares | 8500 | 319770 |
|  |  | 391890 |
| TOTAL EXCHANGE-TRADED FUNDS<br> (Cost $378,558) |  | 391890 |
| TOTAL INVESTMENTS — 127.6%<br> (Cost $18,854,751) |  | $18456082 |

---

*Percentages are based on Net Assets of $14,459,074.*

*\** *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 November 30, 2025, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*13777619* | $*—* | $*—* | $*13777619* |
| &nbsp;&nbsp;&nbsp;*U.S. Treasury Obligation* | *—* | *4286573* | *—* | *4286573* |
| &nbsp;&nbsp;&nbsp;*Exchange-Traded Funds* | *391890* | *—* | *—* | *391890* |
| *Total Investments in Securities* | $*14169509* | $*4286573* | $*—* | $*18456082* |

---

*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.*

*71*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X PureCap<sup>SM</sup> MSCI Consumer Staples ETF** | **Global X PureCap<sup>SM</sup> MSCI Consumer Staples ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 98.3%** |  |  |
| **UNITED STATES — 98.3%** |  |  |
| Consumer Staples — 98.3% |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group | 16310 | $962453 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland | 4643 | 282016 |
| &nbsp;&nbsp;&nbsp;Brown-Forman, Cl B | 1766 | 51179 |
| &nbsp;&nbsp;&nbsp;Bunge Global | 1348 | 129502 |
| &nbsp;&nbsp;&nbsp;Church & Dwight | 2384 | 203021 |
| &nbsp;&nbsp;&nbsp;Clorox | 1192 | 128664 |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 39674 | 2900963 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive | 7440 | 598102 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Cl A | 1443 | 196796 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale | 4301 | 3929351 |
| &nbsp;&nbsp;&nbsp;Dollar General | 2128 | 232995 |
| &nbsp;&nbsp;&nbsp;Dollar Tree <sup>\*</sup> | 1902 | 210761 |
| &nbsp;&nbsp;&nbsp;Estee Lauder, Cl A | 2250 | 211658 |
| &nbsp;&nbsp;&nbsp;General Mills | 5217 | 247025 |
| &nbsp;&nbsp;&nbsp;Hershey | 1435 | 269895 |
| &nbsp;&nbsp;&nbsp;Hormel Foods | 2882 | 66891 |
| &nbsp;&nbsp;&nbsp;J M Smucker | 1028 | 107097 |
| &nbsp;&nbsp;&nbsp;Kellanova | 2830 | 236701 |
| &nbsp;&nbsp;&nbsp;Kenvue | 18558 | 321981 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper | 12478 | 348136 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark | 3204 | 349620 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz | 8590 | 219131 |
| &nbsp;&nbsp;&nbsp;Kroger | 6078 | 408928 |
| &nbsp;&nbsp;&nbsp;McCormick | 2437 | 164449 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Cl A | 12524 | 721007 |
| &nbsp;&nbsp;&nbsp;Monster Beverage <sup>\*</sup> | 7072 | 530329 |
| &nbsp;&nbsp;&nbsp;PepsiCo | 11635 | 1730590 |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 15080 | 2374798 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble | 22750 | 3370640 |
| &nbsp;&nbsp;&nbsp;Sysco | 4665 | 355473 |
| &nbsp;&nbsp;&nbsp;Target | 4409 | 399544 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Cl A | 2764 | 160450 |
| &nbsp;&nbsp;&nbsp;Walmart | 42579 | 4705405 |
| TOTAL UNITED STATES |  | 27125551 |
| TOTAL COMMON STOCK<br> (Cost $26,958,836) |  | 27125551 |

---

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

*72*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X PureCap<sup>SM</sup> MSCI Consumer Staples ETF** | **Global X PureCap<sup>SM</sup> MSCI Consumer Staples ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **U.S. TREASURY OBLIGATION — 29.6%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bill <br> 3.917%, 12/30/2025<sup>(A)</sup> | $8200000 | $8174395 |
| TOTAL U.S. TREASURY OBLIGATION<br> (Cost $8,175,095) |  | 8174395 |
|  | **Shares** |  |
| **EXCHANGE TRADED FUND — 1.6%** |  |  |
| **Domestic Equity — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples Select Sector SPDR Fund | 5690 | 451616 |
| TOTAL EXCHANGE TRADED FUND<br> (Cost $445,939) |  | 451616 |
| TOTAL INVESTMENTS — 129.5%<br> (Cost $35,579,870) |  | $35751562 |

---

*Percentages are based on Net Assets of $27,611,271.*

*\** *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 November 30, 2025, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*27125551* | $*—* | $*—* | $*27125551* |
| &nbsp;&nbsp;&nbsp;*U.S. Treasury Obligation* | *—* | *8174395* | *—* | *8174395* |
| &nbsp;&nbsp;&nbsp;*Exchange Traded Fund* | *451616* | *—* | *—* | *451616* |
| *Total Investments in Securities* | $*27577167* | $*8174395* | $*—* | $*35751562* |

---

*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.*

*73*

![](logom4.jpg)

Schedule of Investments November 30, 2025

**Global X PureCap<sup>SM</sup> MSCI Energy ETF**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.5%** |  |  |
| **UNITED STATES — 99.5%** |  |  |
| Energy — 99.5% |  |  |
| &nbsp;&nbsp;&nbsp;Baker Hughes, Cl A | 306 | $15361 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy | 68 | 14175 |
| &nbsp;&nbsp;&nbsp;Chesapeake Energy | 70 | 8535 |
| &nbsp;&nbsp;&nbsp;Chevron | 606 | 91585 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 389 | 34501 |
| &nbsp;&nbsp;&nbsp;Coterra Energy | 235 | 6307 |
| &nbsp;&nbsp;&nbsp;Devon Energy | 188 | 6967 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy | 58 | 8850 |
| &nbsp;&nbsp;&nbsp;EOG Resources | 168 | 18119 |
| &nbsp;&nbsp;&nbsp;EQT | 194 | 11807 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil | 1336 | 154869 |
| &nbsp;&nbsp;&nbsp;Halliburton | 264 | 6922 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan | 616 | 16829 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum | 95 | 18404 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum | 228 | 9576 |
| &nbsp;&nbsp;&nbsp;ONEOK | 192 | 13982 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 126 | 17257 |
| &nbsp;&nbsp;&nbsp;Schlumberger | 463 | 16779 |
| &nbsp;&nbsp;&nbsp;Targa Resources | 68 | 11921 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land | 6 | 5186 |
| &nbsp;&nbsp;&nbsp;Valero Energy | 96 | 16969 |
| &nbsp;&nbsp;&nbsp;Williams | 376 | 22910 |
| TOTAL UNITED STATES |  | 527811 |
| TOTAL COMMON STOCK<br> (Cost $521,462) |  | 527811 |
|  | **Face Amount** |  |
| **U.S. TREASURY OBLIGATION — 22.6%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bill<br> 3.917%, 12/30/2025<sup>(A)</sup> | $120000 | 119625 |
| TOTAL U.S. TREASURY OBLIGATION<br> (Cost $119,636) |  | 119625 |
| TOTAL INVESTMENTS — 122.1%<br> (Cost $641,098) |  | $647436 |

---

*Percentages are based on Net Assets of $530,350.*

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

*74*

![](logom4.jpg)

Schedule of Investments November 30, 2025

**Global X PureCap<sup>SM</sup> MSCI Energy ETF**

------

*(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 November 30, 2025, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp; *Common Stock* | $*527811* | $*—* | $*—* | $*527811* |
| &nbsp;&nbsp;&nbsp;*U.S. Treasury Obligation* | *—* | *119625* | *—* | *119625* |
| *Total Investments in Securities* | $*527811* | $*119625* | $*—* | $*647436* |

---

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

*See "Glossary" for abbreviations.*

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

*75*

![](logom4.jpg)

Schedule of Investments November 30, 2025

**Global X PureCap<sup>SM</sup> MSCI Information Technology ETF**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.4%** |  |  |
| **NETHERLANDS — 0.3%** |  |  |
| Information Technology — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors | 622 | $121252 |
| **SWITZERLAND — 0.3%** |  |  |
| Information Technology — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | 665 | 150390 |
| **UNITED STATES — 98.8%** |  |  |
| Information Technology — 98.8% |  |  |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Cl A | 1410 | 352500 |
| &nbsp;&nbsp;&nbsp;Adobe <sup>\*</sup> | 937 | 299962 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices <sup>\*</sup> | 3631 | 789851 |
| &nbsp;&nbsp;&nbsp;Amphenol, Cl A | 2715 | 382544 |
| &nbsp;&nbsp;&nbsp;Analog Devices | 1105 | 293201 |
| &nbsp;&nbsp;&nbsp;Apple | 32800 | 9146280 |
| &nbsp;&nbsp;&nbsp;Applied Materials | 1740 | 438915 |
| &nbsp;&nbsp;&nbsp;AppLovin, Cl A <sup>\*</sup> | 519 | 311130 |
| &nbsp;&nbsp;&nbsp;Arista Networks <sup>\*</sup> | 2421 | 316376 |
| &nbsp;&nbsp;&nbsp;Astera Labs <sup>\*</sup> | 294 | 46326 |
| &nbsp;&nbsp;&nbsp;Atlassian, Cl A <sup>\*</sup> | 374 | 55921 |
| &nbsp;&nbsp;&nbsp;Autodesk <sup>\*</sup> | 479 | 145300 |
| &nbsp;&nbsp;&nbsp;Bentley Systems, Cl B | 342 | 14350 |
| &nbsp;&nbsp;&nbsp;Broadcom | 9889 | 3984872 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems <sup>\*</sup> | 590 | 183986 |
| &nbsp;&nbsp;&nbsp;CDW | 301 | 43410 |
| &nbsp;&nbsp;&nbsp;Ciena <sup>\*</sup> | 313 | 63918 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 8919 | 686228 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Cl A <sup>\*</sup> | 697 | 139546 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions, Cl A | 1110 | 86258 |
| &nbsp;&nbsp;&nbsp;CoreWeave, Cl A <sup>\*</sup> | 387 | 28298 |
| &nbsp;&nbsp;&nbsp;Corning | 1805 | 151981 |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding <sup>\*</sup> | 348 | 61805 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Cl A <sup>\*</sup> | 565 | 287675 |
| &nbsp;&nbsp;&nbsp;Datadog, Cl A <sup>\*</sup> | 628 | 100486 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Cl C | 724 | 96545 |
| &nbsp;&nbsp;&nbsp;DocuSign, Cl A <sup>\*</sup> | 414 | 28711 |
| &nbsp;&nbsp;&nbsp;Dynatrace <sup>\*</sup> | 665 | 29632 |
| &nbsp;&nbsp;&nbsp;Entegris | 326 | 25148 |

---

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

*76*

![](logom4.jpg)

Schedule of Investments November 30, 2025

**Global X PureCap<sup>SM</sup> MSCI Information Technology ETF**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;F5 <sup>\*</sup> | 108 | $25829 |
| &nbsp;&nbsp;&nbsp;Fair Isaac <sup>\*</sup> | 63 | 113767 |
| &nbsp;&nbsp;&nbsp;First Solar <sup>\*</sup> | 234 | 63863 |
| &nbsp;&nbsp;&nbsp;Flex <sup>\*</sup> | 847 | 50066 |
| &nbsp;&nbsp;&nbsp;Fortinet <sup>\*</sup> | 1475 | 119667 |
| &nbsp;&nbsp;&nbsp;Gartner <sup>\*</sup> | 163 | 37937 |
| &nbsp;&nbsp;&nbsp;Gen Digital | 1162 | 30642 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Cl A <sup>\*</sup> | 303 | 38742 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise | 2959 | 64713 |
| &nbsp;&nbsp;&nbsp;HP | 2120 | 51770 |
| &nbsp;&nbsp;&nbsp;HubSpot <sup>\*</sup> | 85 | 31222 |
| &nbsp;&nbsp;&nbsp;Intel <sup>\*</sup> | 10111 | 410102 |
| &nbsp;&nbsp;&nbsp;International Business Machines | 2066 | 637526 |
| &nbsp;&nbsp;&nbsp;Intuit | 626 | 396934 |
| &nbsp;&nbsp;&nbsp;IonQ <sup>\*</sup> | 671 | 33080 |
| &nbsp;&nbsp;&nbsp;Jabil | 256 | 53942 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies <sup>\*</sup> | 388 | 76805 |
| &nbsp;&nbsp;&nbsp;KLA | 288 | 338535 |
| &nbsp;&nbsp;&nbsp;Lam Research | 2880 | 449280 |
| &nbsp;&nbsp;&nbsp;Marvell Technology | 1910 | 170754 |
| &nbsp;&nbsp;&nbsp;Microchip Technology | 1171 | 62742 |
| &nbsp;&nbsp;&nbsp;Micron Technology | 2488 | 588362 |
| &nbsp;&nbsp;&nbsp;Microsoft | 15592 | 7671420 |
| &nbsp;&nbsp;&nbsp;MongoDB, Cl A <sup>\*</sup> | 194 | 64480 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems | 100 | 92817 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions | 390 | 144175 |
| &nbsp;&nbsp;&nbsp;NetApp | 411 | 45851 |
| &nbsp;&nbsp;&nbsp;Nutanix, Cl A <sup>\*</sup> | 559 | 26720 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 53700 | 9504900 |
| &nbsp;&nbsp;&nbsp;Okta, Cl A <sup>\*</sup> | 364 | 29240 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor <sup>\*</sup> | 946 | 47527 |
| &nbsp;&nbsp;&nbsp;Oracle | 3799 | 767208 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A <sup>\*</sup> | 5067 | 853536 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks <sup>\*</sup> | 1491 | 283484 |
| &nbsp;&nbsp;&nbsp;PTC <sup>\*</sup> | 260 | 45612 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Cl A <sup>\*</sup> | 687 | 61116 |
| &nbsp;&nbsp;&nbsp;QNITY Electronics | 458 | 37139 |
| &nbsp;&nbsp;&nbsp;QUALCOMM | 2440 | 410140 |
| &nbsp;&nbsp;&nbsp;Roper Technologies | 262 | 116910 |

---

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

*77*

![](logom4.jpg)

Schedule of Investments November 30, 2025

**Global X PureCap<sup>SM</sup> MSCI Information Technology ETF**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;Salesforce | 2139 | $493125 |
| &nbsp;&nbsp;&nbsp;Samsara, Cl A <sup>\*</sup> | 625 | 23769 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings | 466 | 128938 |
| &nbsp;&nbsp;&nbsp;ServiceNow <sup>\*</sup> | 469 | 381020 |
| &nbsp;&nbsp;&nbsp;Snowflake, Cl A <sup>\*</sup> | 722 | 181395 |
| &nbsp;&nbsp;&nbsp;Strategy, Cl A <sup>\*</sup> | 549 | 97272 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer <sup>\*</sup> | 1132 | 38318 |
| &nbsp;&nbsp;&nbsp;Synopsys <sup>\*</sup> | 402 | 168040 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies <sup>\*</sup> | 79 | 39462 |
| &nbsp;&nbsp;&nbsp;Teradyne | 352 | 64025 |
| &nbsp;&nbsp;&nbsp;Texas Instruments | 2028 | 341252 |
| &nbsp;&nbsp;&nbsp;Trimble <sup>\*</sup> | 515 | 41931 |
| &nbsp;&nbsp;&nbsp;Twilio, Cl A <sup>\*</sup> | 322 | 41760 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies <sup>\*</sup> | 78 | 36630 |
| &nbsp;&nbsp;&nbsp;VeriSign | 189 | 47626 |
| &nbsp;&nbsp;&nbsp;Western Digital | 743 | 121354 |
| &nbsp;&nbsp;&nbsp;Workday, Cl A <sup>\*</sup> | 492 | 106085 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies, Cl A <sup>\*</sup> | 96 | 24264 |
| &nbsp;&nbsp;&nbsp;Zoom Video Communications, Cl A <sup>\*</sup> | 606 | 51486 |
| &nbsp;&nbsp;&nbsp;Zscaler <sup>\*</sup> | 241 | 60612 |
| TOTAL UNITED STATES |  | 45128074 |
| TOTAL COMMON STOCK<br> (Cost $46,177,920) |  | 45399716 |
|  | **Face Amount** |  |
| **U.S. TREASURY OBLIGATION — 29.5%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bill<br>3.917%, 12/30/2025<sup>(A)</sup> | $13500000 | 13457846 |
| TOTAL U.S. TREASURY OBLIGATION<br> (Cost $13,458,997) |  | 13457846 |

---

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

*78*

![](logom4.jpg)

Schedule of Investments November 30, 2025

**Global X PureCap<sup>SM</sup> MSCI Information Technology ETF**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUND — 0.5%** |  |  |
| **Domestic Equity — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Technology Select Sector SPDR Fund | 716 | $204934 |
| TOTAL EXCHANGE-TRADED FUND<br> (Cost $192,876) |  | 204934 |
| TOTAL INVESTMENTS — 129.4%<br> (Cost $59,829,793) |  | $59062496 |

---

*Percentages are based on Net Assets of $45,654,387.*

*\** *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 November 30, 2025, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*45399716* | $*—* | $*—* | $*45399716* |
| &nbsp;&nbsp;&nbsp;*U.S. Treasury Obligation* | *—* | *13457846* | *—* | *13457846* |
| &nbsp;&nbsp;&nbsp;*Exchange-Traded Fund* | *204934* | *—* | *—* | *204934* |
| *Total Investments in Securities* | $*45604650* | $*13457846* | $*—* | $*59062496* |

---

*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** | **November 30, 2025** |
| **Global X U.S. 500 ETF** | **Global X U.S. 500 ETF** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | **Value** |
| **COMMON STOCK — 99.8%** |  |  |
| **AUSTRALIA — 0.1%** |  |  |
| Materials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti | 35 | $2999 |
| **BRAZIL — 0.1%** |  |  |
| Consumer Discretionary — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;MercadoLibre <sup>\*</sup> | 3 | 6215 |
| **FINLAND — 0.0%** |  |  |
| Consumer Discretionary — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Amer Sports <sup>\*</sup> | 10 | 371 |
| **MEXICO — 0.0%** |  |  |
| Materials — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Southern Copper | 5 | 674 |
| **SOUTH KOREA — 0.1%** |  |  |
| Consumer Discretionary — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Coupang, Cl A <sup>\*</sup> | 80 | 2253 |
| **SWITZERLAND — 0.1%** |  |  |
| Information Technology — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | 20 | 4523 |
| **UNITED KINGDOM — 0.1%** |  |  |
| Consumer Discretionary — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment PLC <sup>\*</sup> | 12 | 2506 |
| Financials — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Klarna Group PLC <sup>\*</sup> | 12 | 377 |
| TOTAL UNITED KINGDOM |  | 2883 |
| **UNITED STATES — 99.3%** |  |  |
| Communication Services — 11.1% |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 405 | 129673 |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl C | 353 | 113002 |
| &nbsp;&nbsp;&nbsp;AST SpaceMobile, Cl A <sup>\*</sup> | 15 | 843 |

---

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

*80*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X U.S. 500 ETF** | **Global X U.S. 500 ETF** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | **Value** |
| **COMMON STOCK — continued** |  |  |
| Communication Services — continued |  |  |
| &nbsp;&nbsp;&nbsp;AT&T | 500 | $13010 |
| &nbsp;&nbsp;&nbsp;Charter Communications, Cl A <sup>\*</sup> | 5 | 1001 |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 260 | 6939 |
| &nbsp;&nbsp;&nbsp;EchoStar, Cl A <sup>\*</sup> | 8 | 586 |
| &nbsp;&nbsp;&nbsp;Electronic Arts | 15 | 3030 |
| &nbsp;&nbsp;&nbsp;Fox, Cl A | 15 | 983 |
| &nbsp;&nbsp;&nbsp;Fox, Cl B | 10 | 583 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment <sup>\*</sup> | 10 | 1315 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 151 | 97840 |
| &nbsp;&nbsp;&nbsp;Netflix <sup>\*</sup> | 290 | 31198 |
| &nbsp;&nbsp;&nbsp;Omnicom Group | 15 | 1074 |
| &nbsp;&nbsp;&nbsp;Pinterest, Cl A <sup>\*</sup> | 40 | 1045 |
| &nbsp;&nbsp;&nbsp;Reddit, Cl A <sup>\*</sup> | 10 | 2165 |
| &nbsp;&nbsp;&nbsp;ROBLOX, Cl A <sup>\*</sup> | 40 | 3801 |
| &nbsp;&nbsp;&nbsp;Snap, Cl A <sup>\*</sup> | 75 | 576 |
| &nbsp;&nbsp;&nbsp;Spotify Technology <sup>\*</sup> | 10 | 5989 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software <sup>\*</sup> | 10 | 2461 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Cl A | 5 | 970 |
| &nbsp;&nbsp;&nbsp;T-Mobile US | 32 | 6688 |
| &nbsp;&nbsp;&nbsp;Trade Desk, Cl A <sup>\*</sup> | 30 | 1187 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 295 | 12127 |
| &nbsp;&nbsp;&nbsp;Walt Disney | 125 | 13059 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery <sup>\*</sup> | 160 | 3840 |
| &nbsp;&nbsp;&nbsp;Warner Music Group, Cl A | 10 | 282 |
|  |  | 455267 |
| Consumer Discretionary — 10.0% |  |  |
| &nbsp;&nbsp;&nbsp;Airbnb, Cl A <sup>\*</sup> | 30 | 3510 |
| &nbsp;&nbsp;&nbsp;Amazon.com <sup>\*</sup> | 665 | 155091 |
| &nbsp;&nbsp;&nbsp;APTIV PLC <sup>\*</sup> | 15 | 1163 |
| &nbsp;&nbsp;&nbsp;AutoZone <sup>\*</sup> | 1 | 3954 |
| &nbsp;&nbsp;&nbsp;Best Buy | 15 | 1189 |
| &nbsp;&nbsp;&nbsp;Booking Holdings | 2 | 9829 |
| &nbsp;&nbsp;&nbsp;Carnival <sup>\*</sup> | 75 | 1934 |
| &nbsp;&nbsp;&nbsp;Carvana, Cl A <sup>\*</sup> | 10 | 3745 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Cl A <sup>\*</sup> | 95 | 3279 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants | 10 | 1796 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor <sup>\*</sup> | 10 | 880 |
| &nbsp;&nbsp;&nbsp;DoorDash, Cl A <sup>\*</sup> | 25 | 4959 |

---

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

*81*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X U.S. 500 ETF** | **Global X U.S. 500 ETF** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | **Value** |
| **COMMON STOCK — continued** |  |  |
| Consumer Discretionary — continued |  |  |
| &nbsp;&nbsp;&nbsp;DR Horton | 20 | $3180 |
| &nbsp;&nbsp;&nbsp;DraftKings, Cl A <sup>\*</sup> | 35 | 1161 |
| &nbsp;&nbsp;&nbsp;eBay | 30 | 2484 |
| &nbsp;&nbsp;&nbsp;Expedia Group | 10 | 2557 |
| &nbsp;&nbsp;&nbsp;Ford Motor | 270 | 3586 |
| &nbsp;&nbsp;&nbsp;Garmin | 10 | 1953 |
| &nbsp;&nbsp;&nbsp;General Motors | 65 | 4779 |
| &nbsp;&nbsp;&nbsp;Genuine Parts | 10 | 1304 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings | 15 | 4276 |
| &nbsp;&nbsp;&nbsp;Home Depot | 70 | 24984 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands | 25 | 1704 |
| &nbsp;&nbsp;&nbsp;Lennar, Cl A | 15 | 1970 |
| &nbsp;&nbsp;&nbsp;Lennar, Cl B | 1 | 124 |
| &nbsp;&nbsp;&nbsp;Lowe's | 40 | 9699 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica <sup>\*</sup> | 5 | 921 |
| &nbsp;&nbsp;&nbsp;Marriott International, Cl A | 15 | 4572 |
| &nbsp;&nbsp;&nbsp;McDonald's | 50 | 15591 |
| &nbsp;&nbsp;&nbsp;NIKE, Cl B | 80 | 5170 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive <sup>\*</sup> | 60 | 6102 |
| &nbsp;&nbsp;&nbsp;PulteGroup | 15 | 1908 |
| &nbsp;&nbsp;&nbsp;Ross Stores | 20 | 3527 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises | 17 | 4526 |
| &nbsp;&nbsp;&nbsp;Starbucks | 80 | 6969 |
| &nbsp;&nbsp;&nbsp;Tapestry | 14 | 1530 |
| &nbsp;&nbsp;&nbsp;Tesla <sup>\*</sup> | 202 | 86894 |
| &nbsp;&nbsp;&nbsp;TJX | 80 | 12154 |
| &nbsp;&nbsp;&nbsp;Tractor Supply | 35 | 1917 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty <sup>\*</sup> | 3 | 1617 |
| &nbsp;&nbsp;&nbsp;Viking Holdings <sup>\*</sup> | 10 | 668 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma | 10 | 1800 |
| &nbsp;&nbsp;&nbsp;Yum! Brands | 20 | 3064 |
|  |  | 414020 |
| Consumer Staples — 4.7% |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group | 115 | 6786 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland | 35 | 2126 |
| &nbsp;&nbsp;&nbsp;Church & Dwight | 15 | 1277 |
| &nbsp;&nbsp;&nbsp;Clorox | 10 | 1079 |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 270 | 19742 |

---

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

*82*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X U.S. 500 ETF** | **Global X U.S. 500 ETF** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | **Value** |
| **COMMON STOCK — continued** |  |  |
| Consumer Staples — continued |  |  |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive | 55 | $4422 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Cl A | 10 | 1364 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale | 31 | 28321 |
| &nbsp;&nbsp;&nbsp;Dollar General | 15 | 1642 |
| &nbsp;&nbsp;&nbsp;Dollar Tree <sup>\*</sup> | 15 | 1662 |
| &nbsp;&nbsp;&nbsp;Estee Lauder, Cl A | 15 | 1411 |
| &nbsp;&nbsp;&nbsp;General Mills | 40 | 1894 |
| &nbsp;&nbsp;&nbsp;Hershey | 10 | 1881 |
| &nbsp;&nbsp;&nbsp;Kellanova | 20 | 1673 |
| &nbsp;&nbsp;&nbsp;Kenvue | 135 | 2342 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper | 90 | 2511 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark | 25 | 2728 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz | 60 | 1531 |
| &nbsp;&nbsp;&nbsp;Kroger | 40 | 2691 |
| &nbsp;&nbsp;&nbsp;McCormick | 20 | 1350 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Cl A | 90 | 5181 |
| &nbsp;&nbsp;&nbsp;Monster Beverage <sup>\*</sup> | 50 | 3750 |
| &nbsp;&nbsp;&nbsp;PepsiCo | 95 | 14130 |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 110 | 17323 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble | 165 | 24446 |
| &nbsp;&nbsp;&nbsp;Sysco | 35 | 2667 |
| &nbsp;&nbsp;&nbsp;Target | 30 | 2719 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Cl A | 20 | 1161 |
| &nbsp;&nbsp;&nbsp;Walmart | 300 | 33153 |
|  |  | 192963 |
| Energy — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;Baker Hughes, Cl A | 70 | 3514 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy | 15 | 3127 |
| &nbsp;&nbsp;&nbsp;Chesapeake Energy | 15 | 1829 |
| &nbsp;&nbsp;&nbsp;Chevron | 135 | 20403 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 90 | 7982 |
| &nbsp;&nbsp;&nbsp;Coterra Energy | 50 | 1342 |
| &nbsp;&nbsp;&nbsp;Devon Energy | 40 | 1482 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy | 15 | 2289 |
| &nbsp;&nbsp;&nbsp;EOG Resources | 40 | 4314 |
| &nbsp;&nbsp;&nbsp;EQT | 40 | 2434 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil | 300 | 34776 |
| &nbsp;&nbsp;&nbsp;Halliburton | 60 | 1573 |

---

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

*83*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X U.S. 500 ETF** | **Global X U.S. 500 ETF** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | **Value** |
| **COMMON STOCK — continued** |  |  |
| Energy — continued |  |  |
| &nbsp;&nbsp;&nbsp;Kinder Morgan | 135 | $3688 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum | 20 | 3875 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum | 55 | 2310 |
| &nbsp;&nbsp;&nbsp;ONEOK | 45 | 3277 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 30 | 4109 |
| &nbsp;&nbsp;&nbsp;Schlumberger | 95 | 3443 |
| &nbsp;&nbsp;&nbsp;Targa Resources | 15 | 2630 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land | 1 | 864 |
| &nbsp;&nbsp;&nbsp;Valero Energy | 20 | 3535 |
| &nbsp;&nbsp;&nbsp;Venture Global, Cl A | 30 | 224 |
| &nbsp;&nbsp;&nbsp;Williams | 85 | 5179 |
|  |  | 118199 |
| Financials — 12.7% |  |  |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Cl A <sup>\*</sup> | 15 | 1064 |
| &nbsp;&nbsp;&nbsp;Aflac | 35 | 3861 |
| &nbsp;&nbsp;&nbsp;Allstate | 20 | 4260 |
| &nbsp;&nbsp;&nbsp;American Express | 38 | 13880 |
| &nbsp;&nbsp;&nbsp;American International Group | 40 | 3046 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial | 6 | 2734 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Cl A | 13 | 4601 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management | 30 | 3955 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group <sup>\*</sup> | 25 | 2348 |
| &nbsp;&nbsp;&nbsp;Ares Management, Cl A | 15 | 2353 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher | 18 | 4457 |
| &nbsp;&nbsp;&nbsp;Bank of America | 455 | 24411 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon | 50 | 5605 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Cl B <sup>\*</sup> | 96 | 49326 |
| &nbsp;&nbsp;&nbsp;BlackRock Funding | 11 | 11520 |
| &nbsp;&nbsp;&nbsp;Blackstone | 50 | 7321 |
| &nbsp;&nbsp;&nbsp;Block, Cl A <sup>\*</sup> | 40 | 2672 |
| &nbsp;&nbsp;&nbsp;Blue Owl Capital, Cl A | 40 | 600 |
| &nbsp;&nbsp;&nbsp;Brown & Brown | 20 | 1609 |
| &nbsp;&nbsp;&nbsp;Capital One Financial | 45 | 9858 |
| &nbsp;&nbsp;&nbsp;Carlyle Group | 15 | 818 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets | 5 | 1291 |
| &nbsp;&nbsp;&nbsp;Charles Schwab | 120 | 11128 |
| &nbsp;&nbsp;&nbsp;Chubb | 25 | 7404 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial | 10 | 1676 |

---

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

*84*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X U.S. 500 ETF** | **Global X U.S. 500 ETF** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | **Value** |
| **COMMON STOCK — continued** |  |  |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Citigroup | 125 | $12950 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group | 30 | 1623 |
| &nbsp;&nbsp;&nbsp;CME Group, Cl A | 25 | 7036 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Cl A <sup>\*</sup> | 15 | 4092 |
| &nbsp;&nbsp;&nbsp;Corpay <sup>\*</sup> | 5 | 1479 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity, Cl A | 2 | 591 |
| &nbsp;&nbsp;&nbsp;Everest Group | 3 | 943 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services | 35 | 2302 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 45 | 1956 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Cl A | 1 | 1878 |
| &nbsp;&nbsp;&nbsp;Fiserv <sup>\*</sup> | 40 | 2459 |
| &nbsp;&nbsp;&nbsp;Global Payments | 15 | 1136 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group | 21 | 17347 |
| &nbsp;&nbsp;&nbsp;Hartford Financial Services Group | 20 | 2741 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares | 100 | 1630 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Cl A | 30 | 1951 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange | 40 | 6292 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 191 | 59798 |
| &nbsp;&nbsp;&nbsp;KKR | 45 | 5504 |
| &nbsp;&nbsp;&nbsp;Loews | 10 | 1079 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings | 5 | 1780 |
| &nbsp;&nbsp;&nbsp;M&T Bank | 10 | 1902 |
| &nbsp;&nbsp;&nbsp;Markel Group <sup>\*</sup> | 1 | 2080 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan | 35 | 6421 |
| &nbsp;&nbsp;&nbsp;Mastercard, Cl A | 56 | 30830 |
| &nbsp;&nbsp;&nbsp;MetLife | 40 | 3062 |
| &nbsp;&nbsp;&nbsp;Moody's | 10 | 4908 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 85 | 14421 |
| &nbsp;&nbsp;&nbsp;MSCI, Cl A | 5 | 2819 |
| &nbsp;&nbsp;&nbsp;Nasdaq | 30 | 2728 |
| &nbsp;&nbsp;&nbsp;Northern Trust | 15 | 1970 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings | 70 | 4388 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group | 25 | 4768 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group | 15 | 1272 |
| &nbsp;&nbsp;&nbsp;Progressive | 40 | 9152 |
| &nbsp;&nbsp;&nbsp;Prudential Financial | 25 | 2706 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial | 15 | 2348 |
| &nbsp;&nbsp;&nbsp;Regions Financial | 65 | 1654 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Cl A <sup>\*</sup> | 50 | 6425 |

---

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

*85*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X U.S. 500 ETF** | **Global X U.S. 500 ETF** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | **Value** |
| **COMMON STOCK — continued** |  |  |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Rocket, Cl A | 61 | $1219 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Cl A | 5 | 290 |
| &nbsp;&nbsp;&nbsp;S&P Global | 21 | 10475 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies <sup>\*</sup> | 70 | 2080 |
| &nbsp;&nbsp;&nbsp;State Street | 20 | 2380 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 25 | 1934 |
| &nbsp;&nbsp;&nbsp;T Rowe Price Group | 15 | 1536 |
| &nbsp;&nbsp;&nbsp;Toast, Cl A <sup>\*</sup> | 30 | 1026 |
| &nbsp;&nbsp;&nbsp;TPG, Cl A | 10 | 591 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Cl A | 10 | 1089 |
| &nbsp;&nbsp;&nbsp;Travelers | 15 | 4393 |
| &nbsp;&nbsp;&nbsp;Truist Financial | 90 | 4185 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 105 | 5150 |
| &nbsp;&nbsp;&nbsp;Visa, Cl A | 120 | 40133 |
| &nbsp;&nbsp;&nbsp;W R Berkley | 20 | 1554 |
| &nbsp;&nbsp;&nbsp;Wells Fargo | 225 | 19316 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 6 | 1926 |
|  |  | 521496 |
| Health Care — 9.9% |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 120 | 15468 |
| &nbsp;&nbsp;&nbsp;AbbVie | 125 | 28462 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies | 20 | 3070 |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals <sup>\*</sup> | 10 | 4512 |
| &nbsp;&nbsp;&nbsp;Amgen | 37 | 12782 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson | 20 | 3880 |
| &nbsp;&nbsp;&nbsp;Biogen <sup>\*</sup> | 10 | 1821 |
| &nbsp;&nbsp;&nbsp;Boston Scientific <sup>\*</sup> | 105 | 10666 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 140 | 6888 |
| &nbsp;&nbsp;&nbsp;Cardinal Health | 15 | 3184 |
| &nbsp;&nbsp;&nbsp;Cencora | 12 | 4427 |
| &nbsp;&nbsp;&nbsp;Centene <sup>\*</sup> | 35 | 1377 |
| &nbsp;&nbsp;&nbsp;Cigna Group | 20 | 5546 |
| &nbsp;&nbsp;&nbsp;Cooper <sup>\*</sup> | 15 | 1169 |
| &nbsp;&nbsp;&nbsp;CVS Health | 90 | 7232 |
| &nbsp;&nbsp;&nbsp;Danaher | 45 | 10205 |
| &nbsp;&nbsp;&nbsp;Dexcom <sup>\*</sup> | 25 | 1587 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences <sup>\*</sup> | 40 | 3467 |
| &nbsp;&nbsp;&nbsp;Elevance Health | 15 | 5074 |

---

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

*86*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X U.S. 500 ETF** | **Global X U.S. 500 ETF** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | **Value** |
| **COMMON STOCK — continued** |  |  |
| Health Care — continued |  |  |
| &nbsp;&nbsp;&nbsp;Eli Lilly | 59 | $63453 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies | 30 | 2400 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 85 | 10696 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare | 11 | 5591 |
| &nbsp;&nbsp;&nbsp;Hologic <sup>\*</sup> | 15 | 1125 |
| &nbsp;&nbsp;&nbsp;Humana | 10 | 2458 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories <sup>\*</sup> | 5 | 3764 |
| &nbsp;&nbsp;&nbsp;Illumina <sup>\*</sup> | 10 | 1314 |
| &nbsp;&nbsp;&nbsp;Incyte <sup>\*</sup> | 10 | 1045 |
| &nbsp;&nbsp;&nbsp;Insmed <sup>\*</sup> | 14 | 2909 |
| &nbsp;&nbsp;&nbsp;Insulet <sup>\*</sup> | 5 | 1636 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical <sup>\*</sup> | 25 | 14337 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings <sup>\*</sup> | 10 | 2300 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 170 | 35176 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings | 5 | 1344 |
| &nbsp;&nbsp;&nbsp;McKesson | 9 | 7930 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | 90 | 9480 |
| &nbsp;&nbsp;&nbsp;Merck | 175 | 18345 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International <sup>\*</sup> | 1 | 1477 |
| &nbsp;&nbsp;&nbsp;Natera <sup>\*</sup> | 10 | 2388 |
| &nbsp;&nbsp;&nbsp;Pfizer | 395 | 10167 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics | 10 | 1892 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals | 7 | 5461 |
| &nbsp;&nbsp;&nbsp;ResMed | 10 | 2558 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma, Cl A | 25 | 1001 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | 5 | 1331 |
| &nbsp;&nbsp;&nbsp;Stryker | 25 | 9280 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific | 26 | 15362 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group | 63 | 20776 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Cl A <sup>\*</sup> | 10 | 2403 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals <sup>\*</sup> | 18 | 7805 |
| &nbsp;&nbsp;&nbsp;Waters <sup>\*</sup> | 5 | 2017 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services | 5 | 1386 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings | 15 | 1463 |
| &nbsp;&nbsp;&nbsp;Zoetis, Cl A | 30 | 3845 |
|  |  | 406732 |
| Industrials — 8.1% |  |  |
| &nbsp;&nbsp;&nbsp;3M | 35 | 6022 |

---

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

*87*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X U.S. 500 ETF** | **Global X U.S. 500 ETF** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | **Value** |
| **COMMON STOCK — continued** |  |  |
| Industrials — continued |  |  |
| &nbsp;&nbsp;&nbsp;AMETEK | 15 | $2968 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing | 30 | 7659 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise <sup>\*</sup> | 5 | 2701 |
| &nbsp;&nbsp;&nbsp;Boeing <sup>\*</sup> | 50 | 9450 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions | 10 | 2281 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource <sup>\*</sup> | 10 | 1122 |
| &nbsp;&nbsp;&nbsp;Carlisle | 3 | 954 |
| &nbsp;&nbsp;&nbsp;Carrier Global | 55 | 3018 |
| &nbsp;&nbsp;&nbsp;Caterpillar | 33 | 19000 |
| &nbsp;&nbsp;&nbsp;Cintas | 25 | 4650 |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA | 2 | 1954 |
| &nbsp;&nbsp;&nbsp;Copart <sup>\*</sup> | 60 | 2339 |
| &nbsp;&nbsp;&nbsp;CSX | 130 | 4597 |
| &nbsp;&nbsp;&nbsp;Cummins | 10 | 4980 |
| &nbsp;&nbsp;&nbsp;Deere | 17 | 7896 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines | 45 | 2884 |
| &nbsp;&nbsp;&nbsp;Dover | 10 | 1853 |
| &nbsp;&nbsp;&nbsp;Eaton PLC | 27 | 9339 |
| &nbsp;&nbsp;&nbsp;EMCOR Group | 3 | 1845 |
| &nbsp;&nbsp;&nbsp;Emerson Electric | 40 | 5335 |
| &nbsp;&nbsp;&nbsp;Equifax | 10 | 2124 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington | 10 | 1469 |
| &nbsp;&nbsp;&nbsp;Fastenal | 80 | 3232 |
| &nbsp;&nbsp;&nbsp;FedEx | 15 | 4135 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises | 15 | 3775 |
| &nbsp;&nbsp;&nbsp;Fortive | 25 | 1337 |
| &nbsp;&nbsp;&nbsp;GE Aerospace | 75 | 22384 |
| &nbsp;&nbsp;&nbsp;GE Vernova | 19 | 11396 |
| &nbsp;&nbsp;&nbsp;General Dynamics | 15 | 5124 |
| &nbsp;&nbsp;&nbsp;HEICO | 3 | 951 |
| &nbsp;&nbsp;&nbsp;HEICO, Cl A | 5 | 1235 |
| &nbsp;&nbsp;&nbsp;Honeywell International | 45 | 8649 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace | 30 | 6138 |
| &nbsp;&nbsp;&nbsp;Hubbell, Cl B | 5 | 2157 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works | 20 | 4986 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand | 30 | 2410 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions | 10 | 1348 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services | 5 | 870 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International | 45 | 5234 |

---

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

*88*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X U.S. 500 ETF** | **Global X U.S. 500 ETF** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | **Value** |
| **COMMON STOCK — continued** |  |  |
| Industrials — continued |  |  |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies | 13 | $3623 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings | 10 | 1911 |
| &nbsp;&nbsp;&nbsp;Lennox International | 2 | 998 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin | 16 | 7326 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern | 15 | 4381 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman | 10 | 5722 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line | 15 | 2029 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide | 30 | 2665 |
| &nbsp;&nbsp;&nbsp;PACCAR | 35 | 3690 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin | 9 | 7755 |
| &nbsp;&nbsp;&nbsp;Paychex | 20 | 2234 |
| &nbsp;&nbsp;&nbsp;Quanta Services | 10 | 4649 |
| &nbsp;&nbsp;&nbsp;Republic Services, Cl A | 15 | 3256 |
| &nbsp;&nbsp;&nbsp;Rocket Lab <sup>\*</sup> | 29 | 1222 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation | 8 | 3167 |
| &nbsp;&nbsp;&nbsp;Rollins | 20 | 1230 |
| &nbsp;&nbsp;&nbsp;RTX | 95 | 16616 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines | 35 | 1218 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings | 15 | 1289 |
| &nbsp;&nbsp;&nbsp;Symbotic, Cl A <sup>\*</sup> | 5 | 419 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | 15 | 6322 |
| &nbsp;&nbsp;&nbsp;TransDigm Group | 4 | 5441 |
| &nbsp;&nbsp;&nbsp;TransUnion | 15 | 1276 |
| &nbsp;&nbsp;&nbsp;Uber Technologies <sup>\*</sup> | 140 | 12256 |
| &nbsp;&nbsp;&nbsp;Union Pacific | 40 | 9273 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings <sup>\*</sup> | 25 | 2549 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Cl B | 50 | 4789 |
| &nbsp;&nbsp;&nbsp;United Rentals | 5 | 4076 |
| &nbsp;&nbsp;&nbsp;Veralto | 15 | 1518 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Cl A | 10 | 2251 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings, Cl A | 25 | 4493 |
| &nbsp;&nbsp;&nbsp;Waste Management | 30 | 6536 |
| &nbsp;&nbsp;&nbsp;Watsco | 2 | 693 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies | 10 | 2086 |
| &nbsp;&nbsp;&nbsp;WW Grainger | 3 | 2846 |
| &nbsp;&nbsp;&nbsp;Xylem | 15 | 2110 |
|  |  | 335716 |

---

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

*89*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X U.S. 500 ETF** | **Global X U.S. 500 ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — 34.2% |  |  |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Cl A | 47 | $11750 |
| &nbsp;&nbsp;&nbsp;Adobe <sup>\*</sup> | 30 | 9604 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices <sup>\*</sup> | 112 | 24363 |
| &nbsp;&nbsp;&nbsp;Amdocs | 10 | 765 |
| &nbsp;&nbsp;&nbsp;Amphenol, Cl A | 85 | 11976 |
| &nbsp;&nbsp;&nbsp;Analog Devices | 35 | 9287 |
| &nbsp;&nbsp;&nbsp;Apple | 1009 | 281360 |
| &nbsp;&nbsp;&nbsp;Applied Materials | 55 | 13874 |
| &nbsp;&nbsp;&nbsp;AppLovin, Cl A <sup>\*</sup> | 18 | 10791 |
| &nbsp;&nbsp;&nbsp;Arista Networks <sup>\*</sup> | 70 | 9148 |
| &nbsp;&nbsp;&nbsp;Astera Labs <sup>\*</sup> | 9 | 1418 |
| &nbsp;&nbsp;&nbsp;Atlassian, Cl A <sup>\*</sup> | 10 | 1495 |
| &nbsp;&nbsp;&nbsp;Autodesk <sup>\*</sup> | 15 | 4550 |
| &nbsp;&nbsp;&nbsp;Bentley Systems, Cl B | 10 | 420 |
| &nbsp;&nbsp;&nbsp;Broadcom | 322 | 129753 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems <sup>\*</sup> | 20 | 6237 |
| &nbsp;&nbsp;&nbsp;CDW | 10 | 1442 |
| &nbsp;&nbsp;&nbsp;Ciena <sup>\*</sup> | 10 | 2042 |
| &nbsp;&nbsp;&nbsp;Circle Internet Group <sup>\*</sup> | 10 | 799 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 275 | 21158 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Cl A <sup>\*</sup> | 20 | 4004 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions, Cl A | 35 | 2720 |
| &nbsp;&nbsp;&nbsp;CoreWeave <sup>\*</sup> | 15 | 1097 |
| &nbsp;&nbsp;&nbsp;Corning | 55 | 4631 |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding <sup>\*</sup> | 10 | 1776 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Cl A <sup>\*</sup> | 17 | 8656 |
| &nbsp;&nbsp;&nbsp;Datadog, Cl A <sup>\*</sup> | 20 | 3200 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Cl C | 20 | 2667 |
| &nbsp;&nbsp;&nbsp;Entegris | 10 | 771 |
| &nbsp;&nbsp;&nbsp;Fair Isaac <sup>\*</sup> | 2 | 3612 |
| &nbsp;&nbsp;&nbsp;Figma <sup>\*</sup> | 13 | 468 |
| &nbsp;&nbsp;&nbsp;First Solar <sup>\*</sup> | 5 | 1365 |
| &nbsp;&nbsp;&nbsp;Flex <sup>\*</sup> | 25 | 1478 |
| &nbsp;&nbsp;&nbsp;Fortinet <sup>\*</sup> | 45 | 3651 |
| &nbsp;&nbsp;&nbsp;Gartner <sup>\*</sup> | 5 | 1164 |
| &nbsp;&nbsp;&nbsp;GLOBALFOUNDRIES <sup>\*</sup> | 5 | 179 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Cl A <sup>\*</sup> | 10 | 1279 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise | 90 | 1968 |
| &nbsp;&nbsp;&nbsp;HP | 65 | 1587 |

---

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

*90*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X U.S. 500 ETF** | **Global X U.S. 500 ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;HubSpot <sup>\*</sup> | 4 | $1469 |
| &nbsp;&nbsp;&nbsp;Intel <sup>\*</sup> | 325 | 13182 |
| &nbsp;&nbsp;&nbsp;International Business Machines | 65 | 20058 |
| &nbsp;&nbsp;&nbsp;Intuit | 19 | 12048 |
| &nbsp;&nbsp;&nbsp;IonQ <sup>\*</sup> | 20 | 986 |
| &nbsp;&nbsp;&nbsp;Jabil | 5 | 1054 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies <sup>\*</sup> | 10 | 1980 |
| &nbsp;&nbsp;&nbsp;KLA | 9 | 10579 |
| &nbsp;&nbsp;&nbsp;Lam Research | 90 | 14040 |
| &nbsp;&nbsp;&nbsp;Marvell Technology | 60 | 5364 |
| &nbsp;&nbsp;&nbsp;Microchip Technology | 35 | 1875 |
| &nbsp;&nbsp;&nbsp;Micron Technology | 80 | 18918 |
| &nbsp;&nbsp;&nbsp;Microsoft | 512 | 251909 |
| &nbsp;&nbsp;&nbsp;MongoDB, Cl A <sup>\*</sup> | 5 | 1662 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems | 3 | 2785 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions | 11 | 4066 |
| &nbsp;&nbsp;&nbsp;NetApp | 15 | 1673 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 1630 | 288510 |
| &nbsp;&nbsp;&nbsp;Okta, Cl A <sup>\*</sup> | 10 | 803 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor <sup>\*</sup> | 30 | 1507 |
| &nbsp;&nbsp;&nbsp;Oracle | 115 | 23224 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A <sup>\*</sup> | 145 | 24425 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks <sup>\*</sup> | 45 | 8556 |
| &nbsp;&nbsp;&nbsp;PTC <sup>\*</sup> | 10 | 1754 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Cl A <sup>\*</sup> | 20 | 1779 |
| &nbsp;&nbsp;&nbsp;QNITY Electronics | 15 | 1216 |
| &nbsp;&nbsp;&nbsp;QUALCOMM | 75 | 12607 |
| &nbsp;&nbsp;&nbsp;Roper Technologies | 7 | 3124 |
| &nbsp;&nbsp;&nbsp;Salesforce | 65 | 14985 |
| &nbsp;&nbsp;&nbsp;Samsara, Cl A <sup>\*</sup> | 20 | 761 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings | 15 | 4150 |
| &nbsp;&nbsp;&nbsp;ServiceNow <sup>\*</sup> | 15 | 12186 |
| &nbsp;&nbsp;&nbsp;Snowflake, Cl A <sup>\*</sup> | 22 | 5527 |
| &nbsp;&nbsp;&nbsp;Strategy, Cl A <sup>\*</sup> | 20 | 3544 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer <sup>\*</sup> | 35 | 1185 |
| &nbsp;&nbsp;&nbsp;Synopsys <sup>\*</sup> | 13 | 5434 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies <sup>\*</sup> | 4 | 1998 |
| &nbsp;&nbsp;&nbsp;Teradyne | 10 | 1819 |
| &nbsp;&nbsp;&nbsp;Texas Instruments | 65 | 10938 |

---

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

*91*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X U.S. 500 ETF** | **Global X U.S. 500 ETF** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;Trimble <sup>\*</sup> | 15 | $1221 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies <sup>\*</sup> | 3 | 1409 |
| &nbsp;&nbsp;&nbsp;VeriSign | 5 | 1260 |
| &nbsp;&nbsp;&nbsp;Western Digital | 25 | 4083 |
| &nbsp;&nbsp;&nbsp;Workday, Cl A <sup>\*</sup> | 15 | 3234 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies, Cl A <sup>\*</sup> | 5 | 1264 |
| &nbsp;&nbsp;&nbsp;Zoom Video Communications, Cl A <sup>\*</sup> | 20 | 1699 |
| &nbsp;&nbsp;&nbsp;Zscaler <sup>\*</sup> | 5 | 1257 |
|  |  | 1407612 |
| Materials — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Air Products & Chemicals | 15 | 3916 |
| &nbsp;&nbsp;&nbsp;Amcor PLC | 160 | 1363 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings | 10 | 787 |
| &nbsp;&nbsp;&nbsp;Corteva | 50 | 3374 |
| &nbsp;&nbsp;&nbsp;CRH PLC | 45 | 5398 |
| &nbsp;&nbsp;&nbsp;Dow | 50 | 1193 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours | 30 | 1193 |
| &nbsp;&nbsp;&nbsp;Ecolab | 18 | 4953 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan | 100 | 4298 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances | 20 | 1390 |
| &nbsp;&nbsp;&nbsp;International Paper | 35 | 1382 |
| &nbsp;&nbsp;&nbsp;Linde PLC | 33 | 13541 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries, Cl A | 20 | 980 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials | 4 | 2493 |
| &nbsp;&nbsp;&nbsp;Newmont | 80 | 7258 |
| &nbsp;&nbsp;&nbsp;Nucor | 15 | 2392 |
| &nbsp;&nbsp;&nbsp;Packaging Corp of America | 5 | 1020 |
| &nbsp;&nbsp;&nbsp;PPG Industries | 15 | 1501 |
| &nbsp;&nbsp;&nbsp;Reliance | 5 | 1397 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams | 15 | 5155 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock PLC | 35 | 1249 |
| &nbsp;&nbsp;&nbsp;Solstice Advanced Materials <sup>\*</sup> | 11 | 524 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics | 10 | 1678 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials | 10 | 2972 |
|  |  | 71407 |
| Real Estate — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;American Tower <sup>‡</sup> | 35 | 6344 |

---

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

*92*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X U.S. 500 ETF** | **Global X U.S. 500 ETF** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | **Value** |
| **COMMON STOCK — continued** |  |  |
| Real Estate — continued |  |  |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities <sup>‡</sup> | 10 | $1819 |
| &nbsp;&nbsp;&nbsp;CBRE Group, Cl A <sup>\*</sup> | 20 | 3237 |
| &nbsp;&nbsp;&nbsp;CoStar Group <sup>\*</sup> | 30 | 2064 |
| &nbsp;&nbsp;&nbsp;Crown Castle <sup>‡</sup> | 30 | 2738 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust <sup>‡</sup> | 25 | 4003 |
| &nbsp;&nbsp;&nbsp;Equinix <sup>‡</sup> | 7 | 5273 |
| &nbsp;&nbsp;&nbsp;Equity Residential <sup>‡</sup> | 25 | 1544 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust <sup>‡</sup> | 5 | 1318 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage <sup>‡</sup> | 15 | 1998 |
| &nbsp;&nbsp;&nbsp;Invitation Homes <sup>‡</sup> | 40 | 1128 |
| &nbsp;&nbsp;&nbsp;Iron Mountain <sup>‡</sup> | 20 | 1727 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities <sup>‡</sup> | 10 | 1359 |
| &nbsp;&nbsp;&nbsp;ProLogis <sup>‡</sup> | 65 | 8354 |
| &nbsp;&nbsp;&nbsp;Public Storage <sup>‡</sup> | 10 | 2745 |
| &nbsp;&nbsp;&nbsp;Realty Income <sup>‡</sup> | 65 | 3745 |
| &nbsp;&nbsp;&nbsp;Regency Centers <sup>‡</sup> | 11 | 783 |
| &nbsp;&nbsp;&nbsp;SBA Communications, Cl A <sup>‡</sup> | 5 | 971 |
| &nbsp;&nbsp;&nbsp;Simon Property Group <sup>‡</sup> | 25 | 4658 |
| &nbsp;&nbsp;&nbsp;Sun Communities <sup>‡</sup> | 10 | 1288 |
| &nbsp;&nbsp;&nbsp;Ventas <sup>‡</sup> | 30 | 2419 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Cl A <sup>‡</sup> | 75 | 2162 |
| &nbsp;&nbsp;&nbsp;Welltower <sup>‡</sup> | 45 | 9370 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser <sup>‡</sup> | 50 | 1111 |
|  |  | 72158 |
| Utilities — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;Alliant Energy | 20 | 1389 |
| &nbsp;&nbsp;&nbsp;Ameren | 20 | 2127 |
| &nbsp;&nbsp;&nbsp;American Electric Power | 35 | 4332 |
| &nbsp;&nbsp;&nbsp;American Water Works | 15 | 1951 |
| &nbsp;&nbsp;&nbsp;Atmos Energy | 10 | 1764 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy | 45 | 1799 |
| &nbsp;&nbsp;&nbsp;CMS Energy | 20 | 1509 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison | 25 | 2509 |
| &nbsp;&nbsp;&nbsp;Constellation Energy | 21 | 7652 |
| &nbsp;&nbsp;&nbsp;Dominion Energy | 60 | 3766 |
| &nbsp;&nbsp;&nbsp;DTE Energy | 15 | 2055 |
| &nbsp;&nbsp;&nbsp;Duke Energy | 55 | 6817 |
| &nbsp;&nbsp;&nbsp;Edison International | 25 | 1472 |

---

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

*93*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Global X U.S. 500 ETF** | **Global X U.S. 500 ETF** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | **Value** |
| **COMMON STOCK — continued** |  |  |
| Utilities — continued |  |  |
| &nbsp;&nbsp;&nbsp;Entergy | 30 | $2926 |
| &nbsp;&nbsp;&nbsp;Evergy | 15 | 1165 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 25 | 1680 |
| &nbsp;&nbsp;&nbsp;Exelon | 70 | 3298 |
| &nbsp;&nbsp;&nbsp;FirstEnergy | 40 | 1909 |
| &nbsp;&nbsp;&nbsp;NextEra Energy | 145 | 12512 |
| &nbsp;&nbsp;&nbsp;NiSource | 35 | 1545 |
| &nbsp;&nbsp;&nbsp;NRG Energy | 15 | 2542 |
| &nbsp;&nbsp;&nbsp;PG&E | 155 | 2499 |
| &nbsp;&nbsp;&nbsp;PPL | 50 | 1845 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group | 35 | 2923 |
| &nbsp;&nbsp;&nbsp;Sempra | 45 | 4262 |
| &nbsp;&nbsp;&nbsp;Southern | 75 | 6834 |
| &nbsp;&nbsp;&nbsp;Vistra | 25 | 4472 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group | 20 | 2241 |
| &nbsp;&nbsp;&nbsp;Xcel Energy | 40 | 3284 |
|  |  | 95079 |
| TOTAL UNITED STATES |  | 4090649 |
| TOTAL COMMON STOCK <br> (Cost $4,003,002) |  | 4110567 |
| TOTAL INVESTMENTS — 99.8%<br> (Cost $4,003,002) |  | $4110567 |

---

*Percentages are based on Net Assets of $4,117,628.*

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

&nbsp;&nbsp;&nbsp;&nbsp;*‡* *Real Estate Investment Trust* 

*As of November 30, 2025, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

*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.*

*94*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%** |  |  |
| **GHANA — 0.2%** |  |  |
| Energy — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Kosmos Energy <sup>\*</sup> | 6610 | $7403 |
| **UNITED STATES — 99.7%** |  |  |
| Energy — 96.2% |  |  |
| &nbsp;&nbsp;&nbsp;Amplify Energy <sup>\*</sup> | 472 | 2596 |
| &nbsp;&nbsp;&nbsp;Antero Midstream | 4758 | 85692 |
| &nbsp;&nbsp;&nbsp;Antero Resources <sup>\*</sup> | 4124 | 150237 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy | 549 | 114444 |
| &nbsp;&nbsp;&nbsp;Chesapeake Energy | 1992 | 242885 |
| &nbsp;&nbsp;&nbsp;Civitas Resources | 1133 | 33276 |
| &nbsp;&nbsp;&nbsp;CNX Resources <sup>\*</sup> | 1849 | 71815 |
| &nbsp;&nbsp;&nbsp;Comstock Resources <sup>\*</sup> | 1121 | 30110 |
| &nbsp;&nbsp;&nbsp;Coterra Energy | 8920 | 239413 |
| &nbsp;&nbsp;&nbsp;Crescent Energy, Cl A | 3130 | 29516 |
| &nbsp;&nbsp;&nbsp;Devon Energy | 3256 | 120667 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy | 780 | 119020 |
| &nbsp;&nbsp;&nbsp;DT Midstream | 1027 | 124739 |
| &nbsp;&nbsp;&nbsp;EOG Resources | 1065 | 114860 |
| &nbsp;&nbsp;&nbsp;EQT | 3976 | 241979 |
| &nbsp;&nbsp;&nbsp;Gulfport Energy <sup>\*</sup> | 275 | 61185 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan | 4308 | 117695 |
| &nbsp;&nbsp;&nbsp;Kinetik Holdings, Cl A | 617 | 21398 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas, Cl A | 2571 | 59493 |
| &nbsp;&nbsp;&nbsp;Murphy Oil | 1917 | 61478 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Cl A <sup>\*</sup> | 2722 | 3321 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum | 2745 | 115290 |
| &nbsp;&nbsp;&nbsp;ONEOK | 1681 | 122410 |
| &nbsp;&nbsp;&nbsp;Ovintiv | 2986 | 122307 |
| &nbsp;&nbsp;&nbsp;Permian Resources, Cl A | 8439 | 122281 |
| &nbsp;&nbsp;&nbsp;PrimeEnergy Resources <sup>\*</sup> | 10 | 1836 |
| &nbsp;&nbsp;&nbsp;Range Resources | 3363 | 132805 |
| &nbsp;&nbsp;&nbsp;SandRidge Energy | 449 | 6349 |
| &nbsp;&nbsp;&nbsp;SM Energy | 1621 | 30880 |
| &nbsp;&nbsp;&nbsp;Venture Global, Cl A | 6773 | 50527 |
| &nbsp;&nbsp;&nbsp;Vital Energy <sup>\*</sup> | 416 | 7459 |
| &nbsp;&nbsp;&nbsp;W&T Offshore | 1420 | 2513 |

---

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

*95*

![](logom4.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Energy — continued |  |  |
| &nbsp;&nbsp;&nbsp;Williams | 1972 | $120154 |
|  |  | 2880630 |
| Utilities — 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;National Fuel Gas | 1282 | 105701 |
| TOTAL UNITED STATES |  | 2986331 |
| TOTAL COMMON STOCK <br> (Cost $2,848,011) |  | 2993734 |
| TOTAL INVESTMENTS — 99.9%<br> (Cost $2,848,011) |  | $2993734 |

---

*Percentages are based on Net Assets of $2,995,465.*

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

*As of November 30, 2025, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

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

*See "Glossary" for abbreviations.*

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

*96*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **November 30, 2025** |
| **Glossary (abbreviations which may be used in the preceding Schedules of Investments):** | **Glossary (abbreviations which may be used in the preceding Schedules of Investments):** |

---

**Fund Abbreviations**

Cl — *Class*

CME — *Chicago Mercantile Exchange* 

ETF — *Exchange-Traded Fund*

H15T5Y — *U.S. Treasury Yield Curve Rate T Note Constant Maturity 5 Year* 

REIT — *Real Estate Investment Trust* 

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

Ser — *Series*

US0003M — *ICE LIBOR USD 3 Month*

USD — *U.S. Dollar*

*97*

![](logom4.jpg)

**Statements of Assets and Liabilities**

**November 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X MLP <br> ETF** | **Global X MLP <br>& Energy <br> Infrastructure <br> ETF** | **Global X <br> Alternative <br> Income ETF** | **Global X <br> Conscious <br> Companies ETF** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $923301095 | $2245790802 | $12587859 | $155547303 |
| &nbsp;&nbsp;&nbsp;Cost of Affiliated Investments | 60281799 |  | 35708714 |  |
| &nbsp;&nbsp;&nbsp;Investments, at Value | $1887202977 | $2728911164 \* | $14357915 \* | $167900231 |
| &nbsp;&nbsp;&nbsp;Affiliated Investments, at Value | 66810405 |  | 31165348 |  |
| &nbsp;&nbsp;&nbsp;Cash | 2561125 | 497461 |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for Capital Shares Sold | 1961704 | 57136423 |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold |  | 110394285 |  | 798752 |
| &nbsp;&nbsp;&nbsp;Dividend, Interest, and Securities Lending Income Receivable |  | 2531810 | 90520 | 143234 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable |  | 1826333 | 518 |  |
| &nbsp;&nbsp;&nbsp;Prepaid Income Taxes | 13734126 |  |  |  |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 1972270337 | 2901297476 | 45614301 | 168842217 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deferred Tax Liability | 140424275 |  |  |  |
| &nbsp;&nbsp;&nbsp;Obligation to Return Securities Lending Collateral |  | 90788261 | 6148800 |  |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased | 1975866 | 158814933 |  | 724190 |
| &nbsp;&nbsp;&nbsp;Payable due to Investment Adviser | 671987 | 928254 | 4455 | 59471 |
| &nbsp;&nbsp;&nbsp;Payable for Capital Shares Redeemed |  | 58397691 |  |  |
| &nbsp;&nbsp;&nbsp;Cash Overdraft |  |  | 40315 | 6489 |
| &nbsp;&nbsp;&nbsp;Custodian Fees Payable | 938 | 2393 | 75 | 99 |
| &nbsp;&nbsp;&nbsp;Franchise Tax Payable | 10703 |  |  |  |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 143083769 | 308931532 | 6193645 | 790249 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $1829186568 | $2592365944 | $39420656 | $168051968 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $1626754733 | $2333010491 | $45515662 | $226981794 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings (Accumulated Losses) | 202431835 | 259355453 | (6095006) | (58929826) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $1829186568 | $2592365944 | $39420656 | $168051968 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest <br> (unlimited authorization — no par value) | 37298637 | 42617506 | 3270000 | 3810000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $49.04 | $60.83 | $12.06 | $44.11 |
| &nbsp;&nbsp;&nbsp;\*Includes Market Value of Securities on Loan | $— | $90512677 | $5967752 | $— |

---

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

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

*98*

![](logom4.jpg)

**Statements of Assets and Liabilities**

**November 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X U.S.<br> Preferred ETF** | **Global X S&P<br> 500<sup>®</sup> Quality<br> Dividend ETF** | **Global X<br> Adaptive U.S.<br> Factor ETF** | **Global X Variable<br> Rate Preferred<br> ETF** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $2348440152 | $31437512 | $697740285 | $302959076 |
| &nbsp;&nbsp;&nbsp;Investments, at Value | $2240902458 | $30720397 | $738704366 | $299659871 |
| &nbsp;&nbsp;&nbsp;Cash | 3073609 | 6831 | 551432 | 468229 |
| &nbsp;&nbsp;&nbsp;Dividend, Interest, and Securities Lending Income Receivable | 12572402 | 81884 | 1199245 | 441567 |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold | 4049980 |  | 3208764 | 6872069 |
| &nbsp;&nbsp;&nbsp;Receivable for Capital Shares Sold |  |  |  | 5866796 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable |  | 672 | 5602 |  |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 2260598449 | 30809784 | 743669409 | 313308532 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased | 7567856 |  | 4061794 | 5861125 |
| &nbsp;&nbsp;&nbsp;Payable due to Investment Adviser | 429581 | 4966 | 161874 | 63992 |
| &nbsp;&nbsp;&nbsp;Payable for Capital Shares Redeemed |  |  |  | 5880854 |
| &nbsp;&nbsp;&nbsp;Custodian Fees Payable |  | 20 | 37 | 216 |
| &nbsp;&nbsp;&nbsp;Due to Broker |  | 6487 |  |  |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 7997437 | 11473 | 4223705 | 11806187 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $2252601012 | $30798311 | $739445704 | $301502345 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $2951692975 | $39241648 | $762437356 | $346219773 |
| &nbsp;&nbsp;&nbsp;Total Accumulated Losses | (699091963) | (8443337) | (22991652) | (44717428) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $2252601012 | $30798311 | $739445704 | $301502345 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest<br> (unlimited authorization — no par value) | 118760000 | 880002 | 16010002 | 13330000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $18.97 | $35.00 | $46.19 | $22.62 |

---

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

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

*99*

![](logom4.jpg)

**Statements of Assets and Liabilities**

**November 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X<br> Adaptive<br> U.S. Risk<br> Management<br> ETF** | **Global X 1-3<br> Month T-Bill ETF** | **Global X U.S.<br> Cash Flow Kings <br> 100 ETF** | **Global X Short-<br> Term Treasury<br> Ladder ETF** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $118314964 | $1782060369 | $23793024 | $32316156 |
| &nbsp;&nbsp;&nbsp;Cost of Repurchase Agreement |  | 60353557 |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at Value | $141303931 \* | $1782098890 \* | $24611582 | $32422754 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreement, at Value |  | 60353557 |  |  |
| &nbsp;&nbsp;&nbsp;Cash | 116440 | 305332 |  | 43494 |
| &nbsp;&nbsp;&nbsp;Dividend, Interest, and Securities Lending Income Receivable | 138975 | 18303 | 44471 | 265424 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable | 358 |  | 954 |  |
| &nbsp;&nbsp;&nbsp;Receivable for Capital Shares Sold |  | 6023887 |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold |  | 24948655 |  | 30077 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 141559704 | 1873748624 | 24657007 | 32761749 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Obligation to Return Securities Lending Collateral | 4005 | 60353557 |  |  |
| &nbsp;&nbsp;&nbsp;Payable due to Investment Adviser | 44594 | 92701 | 4955 | 3226 |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased |  | 90484400 |  |  |
| &nbsp;&nbsp;&nbsp;Due to Custodian |  |  | 5856 |  |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 48599 | 150930658 | 10811 | 3226 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $141511105 | $1722817966 | $24646196 | $32758523 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $134840218 | $1720188695 | $24647118 | $32602615 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings (Accumulated Losses) | 6670887 | 2629271 | (922) | 155908 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $141511105 | $1722817966 | $24646196 | $32758523 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest <br> (unlimited authorization — no par value) | 3730000 | 17159931 | 700000 | 650000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $37.94 | $100.40 | $35.21 | $50.40 |
| &nbsp;&nbsp;&nbsp;\*Includes Market Value of Securities on Loan | $3984 | $59194275 | $— | $— |

---

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

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

*100*

![](logom4.jpg)

**Statements of Assets and Liabilities**

**November 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X<br> Intermediate-<br> Term Treasury<br> Ladder ETF** | **Global X Long-<br> Term Treasury<br> Ladder ETF** | **Global X<br> PureCap<sup>SM</sup> MSCI<br> Communication<br> Services ETF** | **Global X<br> PureCap<sup>SM</sup><br> MSCI Consumer <br> Discretionary<br> ETF** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $7839078 | $33918761 | $54134391 | $18854751 |
| &nbsp;&nbsp;&nbsp;Investments, at Value | $7904649 | $33711456 | $57329156 | $18456082 |
| &nbsp;&nbsp;&nbsp;Cash | 28691 | 57257 | 98539 | 287537 |
| &nbsp;&nbsp;&nbsp;Dividend, Interest, and Securities Lending Income Receivable | 75049 | 231184 | 3483 | 4532 |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold |  | 109947 |  |  |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 8008389 | 34109844 | 57431178 | 18748151 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable due to Investment Adviser | 786 | 3315 | 4565 | 2134 |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased |  |  | 12960516 | 4286940 |
| &nbsp;&nbsp;&nbsp;Custodian Fees Payable |  |  | 11 | 3 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 786 | 3315 | 12965092 | 4289077 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $8007603 | $34106529 | $44466086 | $14459074 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $7935966 | $34317979 | $41280162 | $14932789 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings (Accumulated Losses) | 71637 | (211450) | 3185924 | (473715) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $8007603 | $34106529 | $44466086 | $14459074 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest <br> (unlimited authorization — no par value) | 160000 | 730000 | 1480000 | 550000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $50.05 | $46.72 | $30.04 | $26.29 |

---

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

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

*101*

![](logom4.jpg)

**Statements of Assets and Liabilities**

**November 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X<br> PureCap<sup>SM</sup> MSCI<br> Consumer Staples<br> ETF** | **Global X<br> PureCap<sup>SM</sup> MSCI<br> Energy ETF** | **Global X<br> PureCap<sup>SM</sup> MSCI<br> Information<br> Technology ETF** | **Global X U.S. 500<br> ETF** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $35579870 | $641098 | $59829793 | $4003002 |
| &nbsp;&nbsp;&nbsp;Investments, at Value | $35751562 | $647436 | $59062496 | $4110567 |
| &nbsp;&nbsp;&nbsp;Cash | 20223 | 102 | 27892 | 3441 |
| &nbsp;&nbsp;&nbsp;Dividend, Interest, and Securities Lending Income Receivable | 17687 | 3160 | 30620 | 3677 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable | 184 |  | 130 | 10 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 35789656 | 650698 | 59121138 | 4117695 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased | 8175095 | 120283 | 13458999 |  |
| &nbsp;&nbsp;&nbsp;Payable due to Investment Adviser | 3290 | 65 | 7752 | 67 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 8178385 | 120348 | 13466751 | 67 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $27611271 | $530350 | $45654387 | $4117628 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $27352485 | $518106 | $46405948 | $4003134 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings (Accumulated Losses) | 258786 | 12244 | (751561) | 114494 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $27611271 | $530350 | $45654387 | $4117628 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest <br> (unlimited authorization — no par value) | 1110000 | 20000 | 1660000 | 50000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $24.88 | $26.52 | $27.50 | $82.35 |

---

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

*102*

![](logom4.jpg)

**Statements of Assets and Liabilities**

**November 30, 2025**

---

| | |
|:---|:---|
|  | **Global X U.S.<br> Natural Gas ETF** |
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $2848011 |
| &nbsp;&nbsp;&nbsp;Investments, at Value | $2993734 |
| &nbsp;&nbsp;&nbsp;Cash | 471 |
| &nbsp;&nbsp;&nbsp;Dividend, Interest, and Securities Lending Income Receivable | 2009 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 2996214 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Payable due to Investment Adviser | 749 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 749 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $2995465 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $2847617 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings | 147848 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $2995465 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest <br> (unlimited authorization — no par value) | 80000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $37.44 |

---

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

*103*

![](logom4.jpg)

**Statements of Operations**

**For the year ended November 30, 2025**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X MLP <br> ETF** | **Global X MLP<br> & Energy<br> Infrastructure<br> ETF** | **Global X<br> Alternative<br> Income ETF** | **Global X<br> Conscious<br> Companies ETF** |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from Master Limited Partnerships | $129026566 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;Less: Return of Capital Distributions | (129026566) |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | 12239236 | 78105821 | 218994 | 7909054 |
| &nbsp;&nbsp;&nbsp;Dividend Income, from Affiliated Investments |  |  | 2127119 |  |
| &nbsp;&nbsp;&nbsp;Interest Income | 47534 | 88865 | 1843 | 22479 |
| &nbsp;&nbsp;&nbsp;Security Lending Income, Net |  | 2364908 | 14382 |  |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld |  | (5238776) | (777) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 12286770 | 75320818 | 2361561 | 7931533 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Supervision and Administration Fees<sup>(1)</sup> | 8049696 | 11686008 | 174358 | 2463077 |
| &nbsp;&nbsp;&nbsp;Custodian Fees<sup>(2)</sup> | 25638 | 7761 | 193 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 8075334 | 11693769 | 174551 | 2463253 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income, Before Taxes** | 4211436 | 63627049 | 2187010 | 5468280 |
| &nbsp;&nbsp;&nbsp;**Tax Benefit/(Expense)** | (1344024) |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income, Net of Taxes** | 2867412 | 63627049 | 2187010 | 5468280 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>(3)</sup> | 32643040 | 190500153 | 1049500 | 174800436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Investments | (1220289) |  | (950195) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax Benefit/(Expense) | (10028159) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Gain Distribution from Affiliated Investments |  |  | 12893 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment from Adviser<sup>(4)</sup> |  |  | 122599 |  |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | 21394592 | 190500153 | 234797 | 174800436 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (20735447) | (271568925) | (546071) | (129400313) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Investments | 3238546 |  | 897833 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax Benefit/(Expense) | 5583906 |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | (11912995) | (271568925) | 351762 | (129400313) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 9481597 | (81068772) | 586559 | 45400123 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | $12349009 | $(17441723) | $2773569 | $50868403 |

---

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

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

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

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

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

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

*104*

![](logom4.jpg)

**Statements of Operations**

**For the year ended November 30, 2025**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X U.S.<br> Preferred ETF** | **Global X S&P<br> 500<sup>®</sup> Quality<br> Dividend ETF** | **Global X<br> Adaptive U.S.<br> Factor ETF** | **Global X<br> Variable Rate<br> Preferred ETF** |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $147470075 | $981450 | $16489160 | $20281079 |
| &nbsp;&nbsp;&nbsp;Interest Income | 499124 | 1070 | 20396 | 62364 |
| &nbsp;&nbsp;&nbsp;Security Lending Income, Net | 122959 |  | 6099 |  |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (77156) | (154) | (2047) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 148015002 | 982366 | 16513608 | 20343443 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Supervision and Administration Fees<sup>(1)</sup> | 5334506 | 60620 | 1490876 | 748250 |
| &nbsp;&nbsp;&nbsp;Custodian Fees<sup>(2)</sup> | 21801 | 60 | 352 | 4231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 5356307 | 60680 | 1491228 | 752481 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 142658695 | 921686 | 15022380 | 19590962 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>(3)</sup> | (164995774) | 803404 | 22998898 | (4547211) |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | (164995774) | 803404 | 22998898 | (4547211) |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (15916178) | (2627702) | 6626341 | (14586658) |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | (15916178) | (2627702) | 6626341 | (14586658) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | (180911952) | (1824298) | 29625239 | (19133869) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | $(38253257) | $(902612) | $44647619 | $457093 |

---

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

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

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

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

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

*105*

![](logom4.jpg)

**Statements of Operations**

**For the year ended November 30, 2025**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X<br> Adaptive<br> U.S. Risk<br> Management<br> ETF** | **Global X 1-3<br> Month T-Bill<br> ETF** | **Global X U.S.<br> Cash Flow Kings<br> 100 ETF** | **Global X Short-<br> Term Treasury<br> Ladder ETF** |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $1487892 | $— | $369412 | $— |
| &nbsp;&nbsp;&nbsp;Interest Income | 420970 | 58715224 | 285 | 628317 |
| &nbsp;&nbsp;&nbsp;Security Lending Income, Net | 226 | 80554 |  |  |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (473) |  | 46 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 1908615 | 58795778 | 369743 | 628317 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Supervision and Administration Fees<sup>(1)</sup> | 508509 | 962114 | 32545 | 19149 |
| &nbsp;&nbsp;&nbsp;Custodian Fees<sup>(2)</sup> | 1582 | 64 | 84 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 510091 | 962178 | 32629 | 19150 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 1398524 | 57833600 | 337114 | 609167 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>(3)</sup> | (5210057) | 84032 | 952839 | 1038 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | (5210057) | 84032 | 952839 | 1038 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 11938862 | (76944) | 553879 | 123895 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | 11938862 | (76944) | 553879 | 123895 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 6728805 | 7088 | 1506718 | 124933 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $8127329 | $57840688 | $1843832 | $734100 |

---

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

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

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

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

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

*106*

![](logom4.jpg)

**Statements of Operations**

**For the year or period ended November 30, 2025**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X<br> Intermediate- <br> Term Treasury <br> Ladder ETF** | **Global X Long-<br> Term Treasury<br> Ladder ETF** | **Global X<br> PureCap<sup>SM</sup><br> MSCI<br> Communication<br> Services ETF <sup>(1)</sup>** | **Global X<br> PureCap<sup>SM</sup><br> MSCI Consumer<br> Discretionary<br> ETF <sup>(1)</sup>** |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $— | $— | $37817 | $22506 |
| &nbsp;&nbsp;&nbsp;Interest Income | 146918 | 1095833 | 162 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 146918 | 1095833 | 37979 | 22677 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Supervision and Administration Fees<sup>(2)</sup> | 4666 | 28852 | 17713 | 10800 |
| &nbsp;&nbsp;&nbsp;Custodian Fees<sup>(3)</sup> |  | 1 | 19 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 4666 | 28853 | 17732 | 10804 |
| &nbsp;&nbsp;&nbsp;Waiver of Supervision and Administration Fees |  |  | (7081) | (4312) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 4666 | 28853 | 10651 | 6492 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 142252 | 1066980 | 27328 | 16185 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>(4)</sup> | (6069) | (85961) | 421549 | 422552 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | (6069) | (85961) | 421549 | 422552 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 134383 | 39685 | 3194765 | (398669) |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | 134383 | 39685 | 3194765 | (398669) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 128314 | (46276) | 3616314 | 23883 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $270566 | $1020704 | $3643642 | $40068 |

---

*(1)* *The Fund commenced operations on July 22, 2025.* 

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

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

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

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

*107*

![](logom4.jpg)

**Statements of Operations**

**For the period ended November 30, 2025**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X<br> PureCap<sup>SM</sup><br> MSCI Consumer <br> Staples ETF <sup>(1)</sup>** | **Global X<br> PureCap<sup>SM</sup><br> MSCI Energy<br> ETF <sup>(1)</sup>** | **Global X<br> PureCap<sup>SM</sup><br> MSCI<br> Information<br> Technology <br> ETF <sup>(1)</sup>** | **Global X U.S.<br> 500 ETF <sup>(2)</sup>** |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $106522 | $6112 | $77976 | $7912 |
| &nbsp;&nbsp;&nbsp;Interest Income | 48 |  | 6 205 | 15 |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (138) |  | (57) | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 106432 | 6118 | 78124 | 7915 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Supervision and Administration Fees<sup>(3)</sup> | 12730 | 346 | 32915 | 146 |
| &nbsp;&nbsp;&nbsp;Custodian Fees<sup>(4)</sup> | 7 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 12737 | 346 | 32915 | 146 |
| &nbsp;&nbsp;&nbsp;Waiver of Supervision and Administration Fees | (5088) | (134) | (13162) |  |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 7649 | 212 | 19753 | 146 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 98783 | 5906 | 58371 | 7769 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>(5)</sup> | 39675 |  | 1707165 | (840) |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | 39675 |  | 1707165 | (840) |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 171692 | 6338 | (767297) | 107565 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | 171692 | 6338 | (767297) | 107565 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 211367 | 6338 | 939868 | 106725 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $310150 | $12244 | $998239 | $114494 |

---

*(1)* *The Fund commenced operations on July 22, 2025.* 

*(2)* *The Fund commenced operations on September 23, 2025.* 

*(3)* *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.)* 

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

*(5)* *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.*

*108*

![](logom4.jpg)

**Statements of Operations**

**For the period November 30, 2025**

------

---

| | |
|:---|:---|
|  | **Global X U.S.<br> Natural Gas<br> ETF <sup>(1)</sup>** |
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $4237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 4237 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Supervision and Administration Fees<sup>(2)</sup> | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 758 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 3479 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>(3)</sup> | 23869 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | 23869 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 145723 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | 145723 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 169592 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $173071 |

---

*(1)* *The Fund commenced operations on October 28, 2025.* 

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

*(3)* *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.*

*109*

![](logom4.jpg)

Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X MLP ETF** | **Global X MLP ETF** | **Global X MLP & Energy<br> Infrastructure ETF** | **Global X MLP & Energy<br> Infrastructure ETF** |
|  | **Year Ended<br> November 30,<br> 2025** | **Year Ended<br> November 30,<br> 2024** | **Year Ended<br> November 30,<br> 2025** | **Year Ended<br> November 30,<br> 2024** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $2867412 | $5088395 | $63627049 | $33580104 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 21394592 | 30473490 | 190500153 | 154796111 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (11912995) | 290517031 | (271568925) | 505968916 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 12349009 | 326078916 | (17441723) | 694345131 |
| **Distributions:** | (114358027) | (115595860) | (60437531) | (53140384) |
| **Return of Capital:** | (21412114) | (1982760) | (64681775) | (23571771) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 267477255 | 273823230 | 1043187952 | 1041457137 |
| &nbsp;&nbsp;&nbsp;Redeemed | (68968981) | (217088209) | (675894036) | (290665313) |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 198508274 | 56735021 | 367293916 | 750791824 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 75087142 | 265235317 | 224732887 | 1368424800 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 1754099426 | 1488864109 | 2367633057 | 999208257 |
| &nbsp;&nbsp;&nbsp;End of Year | $1829186568 | $1754099426 | $2592365944 | $2367633057 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 5230000 | 5780000 | 16890000 | 19630000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1380000) | (4640000) | (11120000) | (4990000) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 3850000 | 1140000 | 5770000 | 14640000 |

---

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

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

*110*

![](logom4.jpg)

Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Alternative Income ETF** | **Global X Alternative Income ETF** | **Global X Conscious Companies<br> ETF** | **Global X Conscious Companies<br> ETF** |
|  | **Year Ended<br> November 30,<br> 2025** | **Year Ended<br> November 30,<br> 2024** | **Year Ended<br> November 30,<br> 2025** | **Year Ended<br> November 30,<br> 2024** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $2187010 | $1631301 | $5468280 | $5761374 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 234797 | 801305 | 174800436 | 63030654 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 351762 | 3362112 | (129400313) | 88325176 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 2773569 | 5794718 | 50868403 | 157117204 |
| **Distributions:** | (2596445) | (2526973) | (5962377) | (6793472) |
| **Return of Capital:** | (252967) |  |  |  |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 10316866 | 3974072 | 109093372 | 161265915 |
| &nbsp;&nbsp;&nbsp;Redeemed | (5092080) | (7442007) | (639690095) | (237587484) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | 5224786 | (3467935) | (530596723) | (76321569) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | 5148943 | (200190) | (485690697) | 74002163 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 34271713 | 34471903 | 653742665 | 579740502 |
| &nbsp;&nbsp;&nbsp;End of Year | $39420656 | $34271713 | $168051968 | $653742665 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 880000 | 340000 | 2710000 | 4350000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (430000) | (640000) | (15000000) | (6430000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 450000 | (300000) | (12290000) | (2080000) |

---

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

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

*111*

![](logom4.jpg)

Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X U.S. Preferred ETF** | **Global X U.S. Preferred ETF** | **Global X S&P 500<sup>®</sup> Quality<br> Dividend ETF** | **Global X S&P 500<sup>®</sup> Quality<br> Dividend ETF** |
|  | **Year Ended<br> November 30,<br> 2025** | **Year Ended<br> November 30,<br> 2024** | **Year Ended<br> November 30,<br> 2025** | **Year Ended<br> November 30,<br> 2024** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $142658695 | $146525842 | $921686 | $772666 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (164995774) | (46123991) | 803404 | 1691146 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (15916178) | 214747480 | (2627702) | 4487308 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (38253257) | 315149331 | (902612) | 6951120 |
| **Distributions:** | (145380080) | (150870425) | (929190) | (909421) |
| **Return of Capital:** |  |  | (2827) | (38624) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 318380884 | 282860066 | 8955656 | 23507423 |
| &nbsp;&nbsp;&nbsp;Redeemed | (349671854) | (257292097) | (8631603) | (45519473) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | (31290970) | 25567969 | 324053 | (22012050) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | (214924307) | 189846875 | (1510576) | (16008975) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 2467525319 | 2277678444 | 32308887 | 48317862 |
| &nbsp;&nbsp;&nbsp;End of Year | $2252601012 | $2467525319 | $30798311 | $32308887 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 16750000 | 14100000 | 260000 | 690000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (18290000) | (12890000) | (250000) | (1380000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (1540000) | 1210000 | 10000 | (690000) |

---

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

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

*112*

![](logom4.jpg)

Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Adaptive U.S. Factor ETF** | **Global X Adaptive U.S. Factor ETF** | **Global X Variable Rate Preferred<br> ETF** | **Global X Variable Rate Preferred<br> ETF** |
|  | **Year Ended<br> November 30,<br> 2025** | **Year Ended<br> November 30,<br> 2024** | **Year Ended<br> November 30,<br> 2025** | **Year Ended<br> November 30,<br> 2024** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $15022380 | $6580479 | $19590962 | $17107227 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 22998898 | 50447176 | (4547211) | (798264) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 6626341 | 19731209 | (14586658) | 14272727 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 44647619 | 76758864 | 457093 | 30581690 |
| **Distributions:** | (16147333) | (6630997) | (22004069) | (18281239) |
| **Return of Capital:** |  | (710305) |  |  |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 601003593 | 360956822 | 88161639 | 73596963 |
| &nbsp;&nbsp;&nbsp;Redeemed | (253939142) | (248331641) | (31146558) | (42176037) |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 347064451 | 112625181 | 57015081 | 31420926 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 375564737 | 182042743 | 35468105 | 43721377 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 363880967 | 181838224 | 266034240 | 222312863 |
| &nbsp;&nbsp;&nbsp;End of Year | $739445704 | $363880967 | $301502345 | $266034240 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 13610000 | 9050000 | 3760000 | 3110000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (5690000) | (6250000) | (1370000) | (1780000) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 7920000 | 2800000 | 2390000 | 1330000 |

---

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

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

*113*

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Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Adaptive U.S. Risk<br> Management ETF** | **Global X Adaptive U.S. Risk<br> Management ETF** | **Global X 1-3 Month T-Bill ETF** | **Global X 1-3 Month T-Bill ETF** |
|  | **Year Ended<br> November 30,<br> 2025** | **Year Ended<br> November 30,<br> 2024** | **Year Ended<br> November 30,<br> 2025** | **Year Ended<br> November 30,<br> 2024<sup>(1)</sup>** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $1398524 | $1224680 | $57833600 | $22811879 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (5210057) | 18226745 | 84032 | 75871 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 11938862 | 9486447 | (76944) | 112920 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 8127329 | 28937872 | 57840688 | 23000670 |
| **Distributions:** | (1497269) | (1199990) | (56819706) | (21691011) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 16679785 | 60086073 | 1300863466 | 1024726382 |
| &nbsp;&nbsp;&nbsp;Redeemed | (18047646) | (46368091) | (479974379) | (237887858) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | (1367861) | 13717982 | 820889087 | 786838524 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 5262199 | 41455864 | 821910069 | 788148183 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 136248906 | 94793042 | 900907897 | 112759714 |
| &nbsp;&nbsp;&nbsp;End of Year | $141511105 | $136248906 | $1722817966 | $900907897 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 470000 | 1910000 | 12980000 | 10220000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (510000) | (1460000) | (4790000) | (2372569) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (40000) | 450000 | 8190000 | 7847431 |

---

*(1)* *Share transactions have been adjusted to reflect the effect of a 1 for 4 reverse share split on June 14, 2024. (See Note 9 in the Notes to Financial Statements.)* 

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

*114*

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Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X U.S. Cash Flow Kings<br> 100 ETF** | **Global X U.S. Cash Flow Kings<br> 100 ETF** | **Global X Short-Term Treasury<br> Ladder ETF** | **Global X Short-Term Treasury<br> Ladder ETF** |
|  | **Year Ended<br> November 30,<br> 2025** | **Year Ended<br> November 30,<br> 2024** | **Year Ended<br> November 30,<br> 2025** | **Period Ended<br> November 30,<br> 2024<sup>(1)</sup>** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $337114 | $69710 | $609167 | $28635 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 952839 | 651691 | 1038 |  |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 553879 | 155667 | 123895 | (17297) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 1843832 | 877068 | 734100 | 11338 |
| **Distributions:** | (300176) | (78689) | (578090) | (11440) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 28957297 | 4864636 | 28600889 | 4001726 |
| &nbsp;&nbsp;&nbsp;Redeemed | (10221833) | (5086109) |  |  |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | 18735464 | (221473) | 28600889 | 4001726 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 20279120 | 576906 | 28756899 | 4001624 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 4367076 | 3790170 | 4001624 |  |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $24646196 | $4367076 | $32758523 | $4001624 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 880000 | 160000 | 570000 | 80000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (310000) | (170000) |  |  |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 570000 | (10000) | 570000 | 80000 |

---

*(1)* *The Fund commenced operations on September 9, 2024.* 

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

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

*115*

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Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Intermediate-Term<br> Treasury Ladder ETF** | **Global X Intermediate-Term<br> Treasury Ladder ETF** | **Global X Long-Term Treasury<br> Ladder ETF** | **Global X Long-Term Treasury<br> Ladder ETF** |
|  | **Year Ended<br> November 30,<br> 2025** | **Period Ended<br> November 30,<br> 2024<sup>(1)</sup>** | **Year Ended<br> November 30,<br> 2025** | **Period Ended<br> November 30,<br> 2024<sup>(1)</sup>** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $142252 | $19261 | $1066980 | $123895 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (6069) | (62) | (85961) | (529) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 134383 | (68812) | 39685 | (246990) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 270566 | (49613) | 1020704 | (123624) |
| **Distributions:** | (139266) | (10050) | (1046280) | (62250) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 5433966 | 2502000 | 12707939 | 21610040 |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 5433966 | 2502000 | 12707939 | 21610040 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 5565266 | 2442337 | 12682363 | 21424166 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 2442337 |  | 21424166 |  |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $8007603 | $2442337 | $34106529 | $21424166 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 110000 | 50000 | 280000 | 450000 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 110000 | 50000 | 280000 | 450000 |

---

*(1)* *The Fund commenced operations on September 9, 2024.* 

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

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

*116*

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Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | **Global X<br> PureCap<sup>SM</sup><br> MSCI<br> Communication<br> Services ETF** | **Global X<br> PureCap<sup>SM</sup><br> MSCI Consumer<br> Discretionary<br> ETF** |
|  | **Period Ended<br> November 30,<br> 2025<sup>(1)</sup>** | **Period Ended<br> November 30,<br> 2025<sup>(1)</sup>** |
| **Operations:** | | |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $27328 | $16185 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 421549 | 422552 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 3194765 | (398669) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 3643642 | 40068 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 44632203 | 29104028 |
| &nbsp;&nbsp;&nbsp;Redeemed | (3809759) | (14685022) |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 40822444 | 14419006 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 44466086 | 14459074 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period |  |  |
| &nbsp;&nbsp;&nbsp;End of Period | $44466086 | $14459074 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1620000 | 1130000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (140000) | (580000) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 1480000 | 550000 |

---

*(1)* *The Fund commenced operations on July 22, 2025.* 

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

*117*

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Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | **Global X<br> PureCap<sup>SM</sup><br> MSCI Consumer<br> Staples ETF** | **Global X<br> PureCap<sup>SM</sup><br> MSCI Energy<br> ETF** |
|  | **Period Ended<br> November 30,<br> 2025<sup>(1)</sup>** | **Period Ended<br> November 30,<br> 2025<sup>(1)</sup>** |
| **Operations:** | | |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $98783 | $5906 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 39675 |  |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 171692 | 6338 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 310150 | 12244 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 32297162 | 518106 |
| &nbsp;&nbsp;&nbsp;Redeemed | (4996041) |  |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 27301121 | 518106 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 27611271 | 530350 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period |  |  |
| &nbsp;&nbsp;&nbsp;End of Period | $27611271 | $530350 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1320000 | 20000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (210000) |  |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 1110000 | 20000 |

---

*(1)* *The Fund commenced operations on July 22, 2025.* 

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

*118*

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Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | **Global X<br> PureCap<sup>SM</sup><br> MSCI<br> Information<br> Technology ETF** | **Global X U.S.<br> 500 ETF** |
|  | **Period Ended<br> November 30,<br> 2025<sup>(1)</sup>** | **Period Ended<br> November 30,<br> 2025<sup>(2)</sup>** |
| **Operations:** | | |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $58371 | $7769 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 1707165 | (840) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (767297) | 107565 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 998239 | 114494 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 89798297 | 4003134 |
| &nbsp;&nbsp;&nbsp;Redeemed | (45142149) |  |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 44656148 | 4003134 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 45654387 | 4117628 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period |  |  |
| &nbsp;&nbsp;&nbsp;End of Period | $45654387 | $4117628 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 3380000 | 50000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1720000) |  |
| **Net Increase in Shares Outstanding from Share Transactions** | 1660000 | 50000 |

---

*(1)* *The Fund commenced operations on July 22, 2025.* 

*(2)* *The Fund commenced operations on September 23, 2025.* 

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

*119*

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Statements of Changes in Net Assets

------

---

| | |
|:---|:---|
|  | **Global X U.S.<br> Natural Gas ETF** |
|  | **Period Ended<br> November 30,<br> 2025<sup>(1)</sup>** |
| **Operations:** | |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $3479 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 23869 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 145723 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 173071 |
| **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Issued | 3182710 |
| &nbsp;&nbsp;&nbsp;Redeemed | (360316) |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 2822394 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 2995465 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period |  |
| &nbsp;&nbsp;&nbsp;End of Period | $2995465 |
| **Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Issued | 90000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (10000) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 80000 |

---

*(1)* *The Fund commenced operations on October 28, 2025.* 

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

*120*

![](logom4.jpg)

**Financial Highlights**

------

**Selected Per Share Data & Ratios**

**For a Share Outstanding Throughout each Year/Period**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net <br> Asset Value,<br> Beginning <br> of Period <br> ($)** | **Net Investment <br> Income (Loss)<br> ($)\*** | **Net Realized <br> and Unrealized<br> Gain (Loss)<br> ($)** | **Total from <br> Operations<br> ($)** | **Distribution<br> from Net<br> Investment<br> Income ($)** | **Distribution<br> from Capital<br> Gains ($)** | **Return of <br> Capital ($)** |
| **Global X MLP ETF** |  |  |  |  |  |  |  |
| 2025 | 52.44 | 0.12 | 0.27 | 0.39 | (3.19) |  | (0.60) |
| 2024 | 46.08 | 0.20 | 9.74 | 9.94 | (3.52) |  | (0.06) |
| 2023 | 42.99 | (0.07) | 6.48 | 6.41 | (3.32) |  |  |
| 2022 | 33.59 | (0.02) | 12.44 | 12.42 | (3.02) |  |  |
| 2021 | 26.73 | (0.06) | 9.97 | 9.91 |  |  | (3.05) |
| **Global X MLP & Energy Infrastructure ETF** |  |  |  |  |  |  |  |
| 2025 | 64.25 | 1.50 | (2.00) | (0.50) | (1.41) |  | (1.51) |
| 2024 | 44.99 | 1.17 | 20.64 | 21.81 | (1.77) |  | (0.78) |
| 2023 | 43.47 | 0.83 | 3.02 | 3.85 | (2.01) |  | (0.32) |
| 2022 | 34.89 | 0.75 | 9.98 | 10.73 | (1.39) |  | (0.76) |
| 2021 | 26.59 | 0.42 | 9.97 | 10.39 | (1.05) |  | (1.04) |
| **Global X Alternative Income ETF** |  |  |  |  |  |  |  |
| 2025 | 12.15 | 0.73 | 0.15 | 0.88 | (0.88) |  | (0.09) |
| 2024 | 11.05 | 0.55 | 1.40 | 1.95 | (0.85) |  |  |
| 2023 | 11.42 | 0.48 | (0.04) | 0.44 | (0.81) |  |  |
| 2022 | 13.16 | 0.61 | (1.45) | (0.84) | (0.77) |  | (0.13) |
| 2021 | 11.51 | 0.49 | 2.05 | 2.54 | (0.62) |  | (0.27) |

---

---

| | |
|:---|:---|
| *\** | *Per share data calculated using average shares method.* |
| *\*\** | *Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *\*\*\** | *Supplemental ratio, presented for the purpose of additional analysis.* |
| *††* | *Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.* |
| *‡* | *The Before Net Deferred Tax Expense/(Benefit) expense ratios for the periods ending November 30, 2021, 2022, 2023, 2024 and 2025 was 0.45%, 0.45%, 0.45%, 0.45% and 0.45%.* |
| *‡‡* | *Includes amount of tax benefit or expense associated with all components of the Statement of Operations. The amount of tax benefit or expense associated with net investment income for the years ended November 30, 2022, 2023, 2024 and 2025 is (0.01)%, (0.03)%, 0.10%, and 0.08%, respectively.* |
| *^* | *Effective September 28, 2021, the fund's fees were permanently lowered to 0.50%.* |
| *@* | *Effective for the fiscal year ended November 30, 2022, the Fund began presenting acquired fund fees borne by the Adviser as part of its unitary fee agreement (See Note 3 in Notes to Financial Statements) as a realized gain on the Statement of Operations as compared to a contra-expense as in prior fiscal years. If such amounts had been presented as a realized gain in the year ended November 30, 2021 (first year of this agreement), the ratio of Expenses to Average Net Assets would have been 0.70%.* |
| *(1)* | *Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.* |
| *(2)* | *Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests.* |

---

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

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

*121*

![](logom4.jpg)

**Financial Highlights**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Total from<br> Distributions ($) | Net<br> Asset Value,<br> End of<br> Period ($) | Total<br> Return<br> (%)\*\* | Net Assets, End<br> of Period ($)<br> (000) | Ratio of<br> Expenses to<br> Average Net<br> Assets, Net of<br> Tax Expense/<br> (Benefit) (%) | **Ratio of<br> Expenses<br> to Average<br> Net Assets,<br> (Including<br> Current and<br> Deferred<br> Tax<br> Expenses/<br> Benefits)<br> (%)\*\*\*** | Ratio of Net<br> Investment<br> Income (Loss)<br> to Average Net<br> Assets, Net of Tax<br> Expense/<br> (Benefit) (%) | Portfolio<br> Turnover Rate<br> (%)<sup>††</sup> |
| (3.79) | 49.04 | 0.90 | 1829187 | 0.53<sup>‡</sup> | 0.77 | 0.16 | 18.71 |
| (3.58) | 52.44 | 22.79 | 1754099 | 0.55<sup>‡</sup> | 5.83 | 0.42 | 28.89 |
| (3.32) | 46.08 | 15.79 | 1488864 | 0.42<sup>‡(1)</sup> | 4.16 | (0.15)<sup>(2)</sup> | 42.36 |
| (3.02) | 42.99 | 37.69 | 1378279 | 0.44<sup>‡</sup> | 2.29 | (0.04) | 47.13 |
| (3.05) | 33.59 | 37.49 | 992935 | 0.43<sup>‡</sup> | (0.02) | (0.19) | 33.79 |
| (2.92) | 60.83 | (0.65) | 2592366 | 0.45 |  | 2.45 | 15.46 |
| (2.55) | 64.25 | 50.20 | 2367633 | 0.45 |  | 2.29 | 23.59 |
| (2.33) | 44.99 | 9.42 | 999208 | 0.45 |  | 2.00 | 24.32 |
| (2.15) | 43.47 | 31.26 | 1090000 | 0.45 |  | 1.85 | 23.48 |
| (2.09) | 34.89 | 39.64 | 738092 | 0.45 |  | 1.25 | 16.88 |
| (0.97) | 12.06 | 7.78 | 39421 | 0.50<sup>(1)</sup> |  | 6.27<sup>(2)</sup> | 11.07 |
| (0.85) | 12.15 | 18.36 | 34272 | 0.50<sup>(1)</sup> |  | 4.75<sup>(2)</sup> | 7.16 |
| (0.81) | 11.05 | 4.01 | 34472 | 0.50<sup>(1)</sup> |  | 4.29<sup>(2)</sup> | 14.38 |
| (0.90) | 11.42 | (6.64) | 37216 | 0.50<sup>(1)</sup> |  | 5.03<sup>(2)</sup> | 18.10 |
| (0.89) | 13.16 | 22.52 | 35921 | 0.63<sup>@</sup>^<sup>(1)</sup> |  | 3.77<sup>(2)</sup> | 86.85 |

---

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

*122*

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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> ($)** | **Net Investment <br> Income<br> ($)\*** | **Net Realized<br> and Unrealized <br> Gain (Loss)<br> ($)** | **Total from <br> Operations<br> ($)** | **Distribution<br> from Net<br> Investment<br> Income ($)** | **Distribution<br> from Capital<br> Gains ($)** | **Return of <br> Capital ($)** |
| **Global X Conscious Companies ETF** |  |  |  |  |  |  |  |
| 2025 | 40.61 | 0.38 | 3.49 | 3.87 | (0.37) |  |  |
| 2024 | 31.89 | 0.33 | 8.77 | 9.10 | (0.38) |  |  |
| 2023 | 29.52 | 0.38 | 2.27 | 2.65 | (0.28) |  |  |
| 2022 | 32.97 | 0.31 | (3.40) | (3.09) | (0.36) |  |  |
| 2021 | 26.46 | 0.31 | 6.49 | 6.80 | (0.29) |  |  |
| **Global X U.S. Preferred ETF** |  |  |  |  |  |  |  |
| 2025 | 20.51 | 1.18 | (1.51) | (0.33) | (1.21) |  |  |
| 2024 | 19.13 | 1.22 | 1.42 | 2.64 | (1.26) |  |  |
| 2023 | 20.51 | 1.24 | (1.36) | (0.12) | (1.26) |  |  |
| 2022 | 25.21 | 1.23 | (4.64) | (3.41) | (1.29) |  |  |
| 2021 | 25.36 | 1.28 | (0.12) | 1.16 | (1.31) |  |  |
| **Global X S&P 500<sup>®</sup> Quality Dividend ETF** |  |  |  |  |  |  |  |
| 2025 | 37.14 | 1.05 | (2.13) | (1.08) | (1.06) |  |  |
| 2024 | 30.97 | 0.87 | 6.33 | 7.20 | (0.99) |  | (0.04) |
| 2023 | 33.24 | 0.99 | (2.23) | (1.24) | (1.03) |  |  |
| 2022 | 31.02 | 1.03 | 2.10 | 3.13 | (0.91) |  |  |
| 2021 | 25.20 | 0.78 | 5.84 | 6.62 | (0.80) |  |  |

---

---

| | |
|:---|:---|
| *\** | *Per share data calculated using average shares method.* |
| *\*\** | *Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *††* | *Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.* |
| *^^* | *Effective April 1, 2020, until 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 0.23%.* |
|  | *Amounts designated as "—" are either $0 or have been rounded to $0.* |

---

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

*123*

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**Financial Highlights**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Total from<br> Distributions ($) | **Net<br> Asset Value,<br> End of<br> Period ($)** | Total<br> Return<br> (%)\*\* | Net Assets, End of<br> Period ($)(000) | Ratio of Expenses<br> to Average Net<br> Assets (%) | Ratio of Expenses<br> to Average Net<br> Assets (%) | **Ratio of Net<br> Investment Income<br> to Average Net<br> Assets (%)** | Portfolio<br> Turnover Rate<br> (%)<sup>††</sup> |
| (0.37) | 44.11 | 9.64 | 168052 | 0.43 |  | 0.95 | 18.20 |
| (0.38) | 40.61 | 28.74 | 653743 | 0.43 |  | 0.91 | 21.24 |
| (0.28) | 31.89 | 9.05 | 579741 | 0.43 |  | 1.27 | 27.74 |
| (0.36) | 29.52 | (9.45) | 673733 | 0.43 |  | 1.06 | 31.92 |
| (0.29) | 32.97 | 25.84 | 654764 | 0.43 |  | 1.00 | 22.92 |
| (1.21) | 18.97 | (1.52) | 2252601 | 0.23 |  | 6.15 | 51.88 |
| (1.26) | 20.51 | 14.20 | 2467525 | 0.23 |  | 6.12 | 27.10 |
| (1.26) | 19.13 | (0.51) | 2277678 | 0.23 |  | 6.38 | 36.65 |
| (1.29) | 20.51 | (13.82) | 2214461 | 0.23 |  | 5.51 | 33.20 |
| (1.31) | 25.21 | 4.61 | 2458022 | 0.23 | ^^ | 4.99 | 47.89 |
| (1.06) | 35.00 | (2.81) | 30798 | 0.20 |  | 3.04 | 69.42 |
| (1.03) | 37.14 | 23.69 | 32309 | 0.20 |  | 2.57 | 82.76 |
| (1.03) | 30.97 | (3.71) | 48318 | 0.20 |  | 3.16 | 78.89 |
| (0.91) | 33.24 | 10.25 | 61156 | 0.20 |  | 3.24 | 78.73 |
| (0.80) | 31.02 | 26.45 | 9615 | 0.20 |  | 2.60 | 70.66 |

---

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

*124*

![](logom4.jpg)

**Financial Highlights**

------

**Selected Per Share Data & Ratios**

**For a Share Outstanding Throughout each Year/Period**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net <br> Asset Value, <br> Beginning <br> of Period <br> ($)** | **Net Investment <br> Income<br> ($)\*** | **Net Realized<br> and Unrealized<br> Gain (Loss) <br> ($)** | **Total from <br> Operations <br> ($)** | **Distribution <br> from Net<br> Investment <br> Income ($)** | **Distribution<br> from Capital <br> Gains ($)** | **Return of <br> Capital ($)** |
| **Global X Adaptive U.S. Factor ETF** |  |  |  |  |  |  |  |
| 2025 | 44.98 | 1.20 | 1.32 | 2.52 | (1.31) |  |  |
| 2024 | 34.37 | 1.01 | 10.57 | 11.58 | (0.88) |  | (0.09) |
| 2023 | 32.23 | 0.59 | 2.28 | 2.87 | (0.65) |  | (0.08) |
| 2022 | 29.86 | 0.62 | 2.50 | 3.12 | (0.71) |  | (0.04) |
| 2021 | 24.91 | 0.61 | 5.09 | 5.70 | (0.70) |  | (0.05) |
| **Global X Variable Rate Preferred ETF** |  |  |  |  |  |  |  |
| 2025 | 24.32 | 1.52 | (1.49) | 0.03 | (1.73) |  |  |
| 2024 | 23.13 | 1.64 | 1.31 | 2.95 | (1.76) |  |  |
| 2023 | 23.55 | 1.60 | (0.49) | 1.11 | (1.53) |  |  |
| 2022 | 27.28 | 1.45 | (3.70) | (2.25) | (1.39) | (0.02) | (0.07) |
| 2021 | 26.97 | 1.40 | 0.37 | 1.77 | (1.29) | (0.02) | (0.15) |
| **Global X Adaptive U.S. Risk Management ETF** |  |  |  |  |  |  |  |
| 2025 | 36.14 | 0.37 | 1.83 | 2.20 | (0.40) |  |  |
| 2024 | 28.55 | 0.33 | 7.60 | 7.93 | (0.34) |  |  |
| 2023 | 28.26 | 0.47 | 0.34 | 0.81 | (0.52) |  |  |
| 2022 | 29.88 | 0.40 | (1.71) | (1.31) | (0.31) |  |  |
| 2021<sup>(3)</sup> | 24.95 | 0.25 | 4.77 | 5.02 | (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.* |
| *(1)* | *Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.* |
| *(2)* | *Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests.* |
| *(3)* | *The Fund commenced operations on January 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.*

*125*

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**Financial Highlights**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total from<br> Distributions ($) | **Net<br> Asset Value,<br> End of<br> Period ($)** | Total<br> Return<br> (%)\*\* | Net Assets, End of<br> Period ($)(000) | Ratio of Expenses<br> to Average Net<br> Assets (%) | Ratio of Expenses<br> to Average Net<br> Assets (%) | **Ratio of Net<br> Investment Income<br> to Average Net<br> Assets (%)** | **Ratio of Net<br> Investment Income<br> to Average Net<br> Assets (%)** | Portfolio<br> Turnover Rate<br> (%)<sup>††</sup> |
| (1.31) | 46.19 | 5.81 | 739446 | 0.27 |  | 2.72 |  | 74.51 |
| (0.97) | 44.98 | 34.02 | 363881 | 0.27 |  | 2.50 |  | 95.79 |
| (0.73) | 34.37 | 9.13 | 181838 | 0.27 |  | 1.89 |  | 234.57 |
| (0.75) | 32.23 | 10.61 | 178533 | 0.27 |  | 2.03 |  | 115.74 |
| (0.75) | 29.86 | 23.01 | 172008 | 0.27 |  | 2.09 |  | 96.21 |
| (1.73) | 22.62 | 0.16 | 301502 | 0.25 |  | 6.54 |  | 57.39 |
| (1.76) | 24.32 | 13.29 | 266034 | 0.25 |  | 6.91 |  | 58.94 |
| (1.53) | 23.13 | 5.01 | 222313 | 0.25 |  | 7.01 |  | 81.87 |
| (1.48) | 23.55 | (8.40) | 285389 | 0.25 |  | 5.93 |  | 74.41 |
| (1.46) | 27.28 | 6.60 | 89217 | 0.25 |  | 5.01 |  | 26.17 |
| (0.40) | 37.94 | 6.19 | 141511 | 0.39 | <sup>(1)</sup> | 1.07 | <sup>(2)</sup> | 364.95 |
| (0.34) | 36.14 | 27.98 | 136249 | 0.39 | <sup>(1)</sup> | 1.02 | <sup>(2)</sup> | 241.46 |
| (0.52) | 28.55 | 2.92 | 94793 | 0.40 | <sup>(1)</sup> | 1.67 | <sup>(2)</sup> | 574.56 |
| (0.31) | 28.26 | (4.28) | 66408 | 0.39 |  | 1.49 |  | 1481.94 |
| (0.09) | 29.88 | 20.13 | 104574 | 0.39 | † | 1.01 | † | 30.10 |

---

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

*126*

![](logom4.jpg)

**Financial Highlights**

------

**Selected Per Share Data & Ratios**

**For a Share Outstanding Throughout each Year/Period**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net <br> Asset Value, <br> Beginning <br> of Period <br> ($)** | **Net Investment <br> Income<br> ($)\*** | **Net Realized <br> and Unrealized <br> Gain (Loss) <br> ($)** | **Total from <br> Operations <br> ($)** | **Distribution<br> from Net<br> Investment <br> Income ($)** | **Distribution <br> from Capital<br> Gains ($)** | **Return of <br> Capital ($)** |
| **Global X 1-3 Month T-Bill ETF** |  |  |  |  |  |  |  |
| 2025 | 100.44 | 4.22 | —<sup>(1)</sup> | 4.22 | (4.26) |  |  |
| 2024<sup>(2)</sup> | 100.44 | 5.13 | 0.12 | 5.25 | (5.25) |  |  |
| 2023<sup>(2)(3)</sup> | 99.96 | 2.40 | (0.08) | 2.32 | (1.84) |  |  |
| **Global X U.S. Cash Flow Kings 100 ETF** |  |  |  |  |  |  |  |
| 2025 | 33.59 | 0.85 | 1.50 | 2.35 | (0.73) |  |  |
| 2024 | 27.07 | 0.61 | 6.58 | 7.19 | (0.67) |  |  |
| 2023<sup>(4)</sup> | 25.58 | 0.25 | 1.40 | 1.65 | (0.16) |  |  |
| **Global X Short-Term Treasury Ladder ETF** |  |  |  |  |  |  |  |
| 2025 | 50.02 | 1.92 | 0.38 | 2.30 | (1.92) |  |  |
| 2024<sup>(5)</sup> | 50.03 | 0.44 | (0.28) | 0.16 | (0.17) |  |  |

---

---

| | |
|:---|:---|
| *\** | *Per share data calculated using average shares method.* |
| *\*\** | *Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *†* | *Annualized.* |
| *††* | *Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.* |
| *(1)* | *The amount of realized gain (loss) is rounded down to 0.* |
| *(2)* | *Per share amounts have been adjusted for a 1 for 4 reverse share split on June 14, 2024. (See Note 9 in the Notes to in the Notes to Financial Statements.)* |
| *(3)* | *The Fund commenced operations on June 20, 2023.* |
| *(4)* | *The Fund commenced operations on July 10, 2023.* |
| *(5)* | *The Fund commenced operations on September 9, 2024.* |

---

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

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

*127*

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**Financial Highlights**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total from<br> Distributions ($) | **Net<br> Asset Value,<br> End of<br> Period ($)** | Total<br> Return<br> (%)\*\* | Net Assets, End of<br> Period ($)(000) | Ratio of Expenses<br> to Average Net<br> Assets (%) | Ratio of Expenses<br> to Average Net<br> Assets (%) | **Ratio of Net<br> Investment Income<br> to Average Net<br> Assets (%)** | **Ratio of Net<br> Investment Income<br> to Average Net<br> Assets (%)** | Portfolio<br> Turnover Rate<br> (%)<sup>††</sup> |
| (4.26) | 100.40 | 4.30 | 1722818 | 0.07 |  | 4.21 |  | 0.00 |
| (5.25) | 100.44 | 5.38 | 900908 | 0.07 |  | 5.12 |  | 0.00 |
| (1.84) | 100.44 | 2.36 | 112760 | 0.09 | † | 5.34 | † | 0.00 |
| (0.73) | 35.21 | 7.24 | 24646 | 0.25 |  | 2.59 |  | 103.20 |
| (0.67) | 33.59 | 26.89 | 4367 | 0.25 |  | 2.01 |  | 87.62 |
| (0.16) | 27.07 | 6.46 | 3790 | 0.25 | † | 2.41 | † | 14.76 |
| (1.92) | 50.40 | 4.69 | 32759 | 0.12 |  | 3.82 |  | 11.15 |
| (0.17) | 50.02 | 0.32 | 4002 | 0.12 | † | 3.86 | † | 0.00 |

---

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

*128*

![](logom4.jpg)

**Financial Highlights**

------

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net <br> Asset Value, <br> Beginning <br> of Period <br> ($)** | **Net Investment <br> Income<br> ($)\*** | **Net Realized<br> and Unrealized<br> Gain (Loss) <br> ($)** | **Total from <br> Operations <br> ($)** | **Distribution <br> from Net <br> Investment<br> Income ($)** | **Distribution<br> from Capital <br> Gains ($)** | **Return of <br> Capital ($)** |
| **Global X Intermediate-Term Treasury Ladder ETF** |  |  |  |  |  |  |  |
| 2025 | 48.85 | 1.80 | 1.20 | 3.00 | (1.80) |  |  |
| 2024<sup>(1)</sup> | 50.04 | 0.39 | (1.38) | (0.99) | (0.20) |  |  |
| **Global X Long-Term Treasury Ladder ETF** |  |  |  |  |  |  |  |
| 2025 | 47.61 | 2.03 | (0.92) | 1.11 | (2.00) |  |  |
| 2024<sup>(1)</sup> | 50.16 | 0.45 | (2.79) | (2.34) | (0.21) |  |  |
| **Global X PureCap<sup>SM</sup> MSCI Communication Services ETF** |  |  |  |  |  |  |  |
| 2025<sup>(2)</sup> | 24.92 | 0.04 | 5.08 | 5.12 |  |  |  |

---

---

| | |
|:---|:---|
| *\** | *Per share data calculated using average shares method.* |
| *\*\** | *Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *†* | *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 9, 2024.* |
| *(2)* | *The Fund commenced operations on July 22, 2025.* |
| *(3)* | *Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.* |
| *(4)* | *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.*

*129*

![](logom4.jpg)

**Financial Highlights**

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total from<br> Distributions ($) | Net<br> Asset Value,<br> End of<br> Period ($) | Total<br> Return<br> (%)\*\* | Net Assets, End<br> of Period ($)<br> (000) | Ratio of<br> Expenses to<br> Average Net<br> Assets (%) | Ratio of<br> Expenses to<br> Average Net<br> Assets (%) | **Ratio of<br> Expenses<br> to Average<br> Net Assets<br> (Excluding<br> Waivers) (%)** | **Ratio of<br> Expenses<br> to Average<br> Net Assets<br> (Excluding<br> Waivers) (%)** | Ratio of Net<br> Investment<br> Income to Average <br> Net Assets (%) | Ratio of Net<br> Investment<br> Income to Average <br> Net Assets (%) | Portfolio<br> Turnover Rate<br> (%)<sup>††</sup> |
| (1.80) | 50.05 | 6.29 | 8008 | 0.12 |  | 0.12 |  | 3.66 |  | 10.79 |
| (0.20) | 48.85 | (1.98) | 2442 | 0.12 | † |  | † | 3.50 | † | 0.19 |
| (2.00) | 46.72 | 2.51 | 34107 | 0.12 |  | 0.12 |  | 4.44 |  | 11.82 |
| (0.21) | 47.61 | (4.66) | 21424 | 0.12 | † |  | † | 4.27 | † | 0.43 |
|  | 30.04 | 20.55 | 44466 | 0.15 | †<sup>(3)</sup> | 0.25 | † | 0.39 | †<sup>(4)</sup> | 5.33 |

---

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

*130*

![](logom4.jpg)

**Financial Highlights**

------

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net <br> Asset Value, <br> Beginning <br> of Period <br> ($)** | **Net Investment <br> Income <br> ($)\*** | **Net Realized <br> and Unrealized <br> Gain (Loss)<br> ($)** | **Total from <br> Operations <br> ($)** | **Distribution <br> from Net<br> Investment<br> Income ($)** | **Distribution <br> from Capital<br> Gains ($)** | **Return of <br> Capital ($)** |
| **Global X PureCap<sup>SM</sup> MSCI Consumer Discretionary ETF** |  |  |  |  |  |  |  |
| 2025<sup>(1)</sup> | 25.05 | 0.04 | 1.20 | 1.24 |  |  |  |
| **Global X PureCap<sup>SM</sup> MSCI Consumer Staples ETF** |  |  |  |  |  |  |  |
| 2025<sup>(1)</sup> | 24.97 | 0.17 | (0.26)<sup>(4)</sup> | (0.09) |  |  |  |
| **Global X PureCap<sup>SM</sup> MSCI Energy ETF** |  |  |  |  |  |  |  |
| 2025<sup>(1)</sup> | 24.99 | 0.40 | 1.13 | 1.53 |  |  |  |

---

---

| | |
|:---|:---|
| *\** | *Per share data calculated using average shares method.* |
| *\*\** | *Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *†* | *Annualized.* |
| *††* | *Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.* |
| *(1)* | *The Fund commenced operations on July 22, 2025.* |
| *(2)* | *Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.* |
| *(3)* | *Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests.* |
| *(4)* | *Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.* |

---

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

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

*131*

![](logom4.jpg)

**Financial Highlights**

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total from<br> Distributions ($) | Net<br> Asset Value,<br> End of<br> Period ($) | Total <br> Return<br> (%)\*\* | Net Assets, End <br> of Period ($)<br> (000) | Ratio of<br> Expenses to<br> Average Net<br> Assets (%) | Ratio of<br> Expenses to<br> Average Net<br> Assets (%) | **Ratio of<br> Expenses<br> to Average<br> Net Assets<br> (Excluding<br> Waivers) (%)** | **Ratio of<br> Expenses<br> to Average<br> Net Assets<br> (Excluding<br> Waivers) (%)** | Ratio of Net<br> Investment<br> Income to Average <br> Net Assets (%) | Ratio of Net<br> Investment<br> Income to Average <br> Net Assets (%) | Portfolio<br> Turnover Rate<br> (%)<sup>††</sup> |
| – | 26.29 | 4.95 | 14459 | 0.15 | †<sup>(2)</sup> | 0.25 | † | 0.38 | †<sup>(3)</sup> | 11.73 |
| – | 24.88 | (0.36) | 27611 | 0.15 | †<sup>(2)</sup> | 0.25 | † | 1.94 | †<sup>(3)</sup> | 3.44 |
| – | 26.52 | 6.12 | 530 | 0.15 | † | 0.25 | † | 4.26 | † | 0.00 |

---

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

*132*

![](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 ($)** | **Total from <br> Operations <br> ($)** | **Distribution<br> from Net<br> Investment <br> Income ($)** | **Distribution<br> from Capital <br> Gains ($)** | **Return of <br> Capital ($)** |
| **Global X PureCap<sup>SM</sup> MSCI Information Technology ETF** |  |  |  |  |  |  |  |
| 2025<sup>(1)</sup> | 24.62 | 0.04 | 2.84 | 2.88 |  |  |  |
| **Global X U.S. 500 ETF** |  |  |  |  |  |  |  |
| 2025<sup>(4)</sup> | 80.10 | 0.16 | 2.09 | 2.25 |  |  |  |
| **Global X U.S. Natural Gas ETF** |  |  |  |  |  |  |  |
| 2025<sup>(5)</sup> | 34.04 | 0.07 | 3.33 | 3.40 |  |  |  |

---

---

| | |
|:---|:---|
| *\** | *Per share data calculated using average shares method.* |
| *\*\** | *Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *†* | *Annualized.* |
| *††* | *Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.* |
| *(1)* | *The Fund commenced operations on July 22, 2025.* |
| *(2)* | *Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.* |
| *(3)* | *Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests.* |
| *(4)* | *The Fund commenced operations on September 23, 2025.* |
| *(5)* | *The Fund commenced operations on October 28, 2025.* |

---

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

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

*133*

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**Financial Highlights**

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total from<br> Distributions ($) | Net<br> Asset Value,<br> End of<br> Period ($) | Total <br> Return <br> (%)\*\* | Net Assets, End <br> of Period ($)<br> (000) | Ratio of<br> Expenses to<br> Average Net<br> Assets (%) | Ratio of<br> Expenses to<br> Average Net<br> Assets (%) | **Ratio of<br> Expenses<br> to Average<br> Net Assets<br> (Excluding<br> Waivers) (%)** | **Ratio of<br> Expenses<br> to Average<br> Net Assets<br> (Excluding<br> Waivers) (%)** | Ratio of Net<br> Investment<br> Income to Average <br> Net Assets (%) | Ratio of Net<br> Investment<br> Income to Average <br> Net Assets (%) | Portfolio<br> Turnover Rate<br> (%)<sup>††</sup> |
| – | 27.50 | 11.70 | 45654 | 0.15 | †<sup>(2)</sup> | 0.25 | † | 0.44 | †<sup>(3)</sup> | 2.80 |
| – | 82.35 | 2.81 | 4118 | 0.02 | † | 0.02 | † | 1.06 | † | 1.21 |
| – | 37.44 | 9.99 | 2995 | 0.45 | † | 0.45 | † | 2.07 | † | 0.80 |

---

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

*134*

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Notes to Financial Statements

**November 30, 2025**

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1. ORGANIZATION

The Global X Funds (the "Trust") is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940 (the "1940 Act"), as amended, as an open-end management investment company. As of November 30, 2025, the Trust had one hundred fifteen portfolios, one hundred three of which were operational. The financial statements herein and the related notes pertain to the Global X MLP ETF, Global X MLP & Energy Infrastructure ETF, Global X Alternative Income ETF, Global X Conscious Companies ETF, Global X U.S. Preferred ETF, Global X S&P 500<sup>®</sup> Quality Dividend ETF, Global X Adaptive U.S. Factor ETF, Global X Variable Rate Preferred ETF, Global X Adaptive U.S. Risk Management ETF, Global X 1-3 Month T-Bill ETF, Global X U.S. Cash Flow Kings 100 ETF, Global X Short-Term Treasury Ladder ETF, Global X Intermediate-Term Treasury Ladder ETF, Global X Long-Term Treasury Ladder ETF, Global X PureCap<sup>SM</sup> MSCI Communication Services ETF, Global X PureCap<sup>SM</sup> MSCI Consumer Discretionary ETF, Global X PureCap<sup>SM</sup> MSCI Consumer Staples ETF, Global X PureCap<sup>SM</sup> MSCI Energy ETF, Global X PureCap<sup>SM</sup> MSCI Information Technology ETF, Global X U.S. 500 ETF and Global X U.S. Natural Gas ETF, (each a "Fund" and collectively, the "Funds"). Each Fund, except for the Global X MLP ETF, Global X MLP & Energy Infrastructure ETF, and the Global X U.S. Cash Flow Kings 100 ETF has elected diversified status under the 1940 Act. The Global X MLP ETF, Global X MLP & Energy Infrastructure ETF, and the Global X U.S. Cash Flow Kings 100 ETF have each elected non-diversified status under the 1940 Act.

The Global X PureCap<sup>SM</sup> MSCI Communication Services ETF, Global X PureCap<sup>SM</sup> MSCI Consumer Discretionary ETF, Global X PureCap<sup>SM</sup> MSCI Consumer Staples ETF, Global X PureCap<sup>SM</sup> MSCI Energy ETF and Global X PureCap<sup>SM</sup> MSCI Information Technology ETF commenced operations on July 22, 2025.

The Global X U.S. 500 ETF commenced operations on September 23, 2025.

The Global X U.S. Natural Gas ETF commenced operations on October 28, 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.

*135*

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Notes to Financial Statements (Continued)

**November 30, 2025**

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

RETURN OF CAPITAL ESTIMATES – Distributions received by the Funds from underlying master limited partnership ("MLP") and real estate investment trust ("REIT") investments generally are comprised of income and return of capital. The Funds record investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available from the MLPs, REITs and other industry sources. These estimates may subsequently be revised based on information received from the MLPs and REITs after their tax reporting periods are concluded.

MLPs – Certain Funds may invest in MLPs. MLPs are publicly-traded partnerships engaged in the transportation, storage and processing of minerals and natural resources. By confining their operations to these specific activities, their interests, or units, are able to trade on public securities exchanges exactly like the shares of a corporation, without entity-level taxation. To qualify as an MLP, and to not be taxed as a corporation, a partnership must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Internal Revenue Code of 1986, as amended (the "Code"). These qualifying sources include natural resource-based activities, such as the processing, transportation and storage of mineral or natural resources. MLPs generally have two classes of owners, the general partner and limited partners. The general partner of an MLP is typically owned by a major energy company, an investment fund, the direct management of the MLP, or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly-traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units.

Limited partners typically own the remainder of the partnership, through ownership of common units, and have a limited role in the partnership's operations and management. MLPs are typically structured such that common units and general partner interests have first priority to receive quarterly cash distributions up to an established minimum amount ("minimum quarterly distributions" or "MQD"). Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid. Once common and general partner interests have been paid, subordinated units receive distributions of up to the MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD is paid to both common and subordinated units and is distributed to both common and subordinated units generally on a pro rata basis. The general partner is also eligible to receive incentive distributions if the general partner operates the business in a manner which results in distributions paid per common unit surpassing specified target levels. As the general partner increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of the incremental cash distributions.

*136*

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Notes to Financial Statements (Continued)

**November 30, 2025**

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION - Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market ("NASDAQ")), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm Eastern Standard Time if a security's primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent mean between the quoted bid and asked prices, which approximates fair value (absent both bid and asked prices on such exchange, the bid price may be used).

For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currencies exchange rates as of the reporting date. The exchange rates used by the Trust for valuation are captured as of the New York or London close each day.

Securities for which market prices are not "readily available" are valued in accordance with fair value procedures (the "Fair Value Procedures") established by Global X Management Company LLC, the Funds' investment adviser (the "Adviser"), and approved by the Board of Trustees (the "Board") of the Trust. 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 a Fund's security that traded outside of the United States (a "Significant Event") has occurred between the time of the security's last close and the time that each Fund calculates its net asset value ("NAV"). A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If the Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate their NAVs, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably available to the Committee. As of November 30, 2025, there were no securities priced using the Fair Value Procedures.

*137*

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Notes to Financial Statements (Continued)

**November 30, 2025**

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 and 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).

*138*

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Notes to Financial Statements (Continued)

**November 30, 2025**

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

DUE TO/FROM BROKERS – Due to/from brokers includes cash and collateral balances with the Funds' clearing brokers or counterparties as of November 30, 2025. The Funds continuously monitor the credit standing of each broker or counterparty with whom they conduct business. In the event a broker or counterparty is unable to fulfill its obligations, the Funds would be subject to counterparty credit risk.

REPURCHASE AGREEMENTS – Securities pledged as collateral for repurchase agreements are held by The Bank of New York Mellon ("BNY"), in its role as Custodian to the Funds (the "Custodians") and are designated as being held on each Fund's behalf by the Custodian under a book-entry system. Each Fund monitors the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest.

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

Repurchase agreements are entered into by the Funds under Master Repurchase Agreements ("MRAs") which permit the Funds, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under an MRA with collateral held and/or posted to the counterparty, and create one single net payment due to or from the Funds.

*139*

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Notes to Financial Statements (Continued)

**November 30, 2025**

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

FEDERAL INCOME TAXES – It is each Fund's intention, except for the Global X MLP ETF, to qualify, or to continue to qualify, as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Code. Accordingly, no provisions for Federal income taxes have been made in the financial statements, except for Global X MLP ETF 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 year ended November 30, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an 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 Global X MLP ETF is taxed as a regular C-corporation for Federal income tax purposes and as such is obligated to pay Federal and applicable state corporate income tax. Currently, the Federal income tax rate for a corporation is 21%. This differs from most investment companies, which elect to be treated as "regulated investment companies" under Subchapter M of the Code in order to avoid paying entity level income taxes. Under current law, Global X MLP ETF is not eligible to elect treatment as a regulated investment company due to its investments primarily in MLPs invested in energy assets. As a result, Global X MLP ETF will be obligated to pay applicable Federal and state corporate income taxes on its taxable income as opposed to most other investment companies, which are not so obligated. Global X MLP ETF expects that a portion of the distributions that are received from MLPs may be treated as a tax-deferred return of capital, thus reducing Global X MLP ETF's current tax liability. However, the amount of taxes currently paid by Global X MLP ETF will vary depending on the amount of income and gains derived from investments and/or sales of MLP interests and such taxes have the potential to reduce an investor's return from an investment in Global X MLP ETF.

*140*

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Notes to Financial Statements (Continued)

**November 30, 2025**

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION – The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statements of Operations. Net realized and unrealized gains and losses on foreign currency transactions and translations represent net foreign exchange gains or losses from foreign currency spot contracts, disposition of foreign currencies, currency gains or losses realized between trade 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.

Cash distributions from MLPs to Global X MLP ETF that exceed the Global X MLP ETF's allocable share of such MLP's net taxable income are considered tax-deferred return of capital that will reduce Global X MLP ETF's adjusted tax basis in the equity securities of the MLP. These reductions in Global X MLP ETF's adjusted tax basis in MLP equity securities will increase the amount of gain (or decrease the amount of loss) recognized by Global X MLP ETF on a subsequent sale of the securities. Global X MLP ETF will accrue deferred income taxes for any future tax liability associated with (i) that portion of MLP distributions considered to be a tax-deferred return of capital as well as (ii) capital appreciation of its investments. Upon the sale of an MLP security, Global X MLP ETF may be liable for previously deferred taxes. Global X MLP ETF will rely to some extent on information provided by the MLPs, which may not necessarily be timely, to estimate deferred tax liability for purposes of financial statement reporting and determining Global X MLP ETF's NAV. From time to time, the Adviser will modify the estimates or assumptions related to Global X MLP ETF's deferred tax liabilities as new information

*141*

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Notes to Financial Statements (Continued)

**November 30, 2025**

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

becomes available. Global X MLP ETF will generally compute deferred income taxes based on the Federal income tax rate applicable to corporations and an estimated rate attributable to state taxes.

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.

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

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

*142*

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Notes to Financial Statements (Continued)

**November 30, 2025**

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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| | | | |
|:---|:---|:---|:---|
|  | **Creation<br> Unit<br> Shares** | **Creation<br> Fee** | **Redemption<br> Fee** |
| Global X MLP ETF | 10000 | $100 | $100 |
| Global X MLP & Energy Infrastructure ETF | 10000 | 100 | 100 |
| Global X Alternative Income ETF | 10000 | 250 | 250 |
| Global X Conscious Companies ETF | 10000 | 500 | 500 |
| Global X U.S. Preferred ETF | 10000 | 650 | 650 |
| Global X S&P 500<sup>®</sup> Quality Dividend ETF | 10000 | 250 | 250 |
| Global X Adaptive U.S. Factor ETF | 10000 | 600 | 600 |
| Global X Variable Rate Preferred ETF | 10000 | 250 | 250 |
| Global X Adaptive U.S. Risk Management ETF | 10000 | 1,300\* | 1300 |
| Global X 1-3 Month T-Bill ETF | 10000 | 250 | 250 |
| Global X U.S. Cash Flow Kings 100 ETF | 10000 | 250 | 250 |
| Global X Short-Term Treasury Ladder ETF | 10000 | 250 | 250 |
| Global X Intermediate-Term Treasury Ladder ETF | 10000 | 250 | 250 |
| Global X Long-Term Treasury Ladder ETF | 10000 | 250 | 250 |
| Global X PureCap<sup>SM</sup> MSCI Communication Services ETF | 10000 | 250 | 250 |
| Global X PureCap<sup>SM</sup> MSCI Consumer Discretionary ETF | 10000 | 250 | 250 |
| Global X PureCap<sup>SM</sup> MSCI Consumer Staples ETF | 10000 | 250 | 250 |
| Global X PureCap<sup>SM</sup> MSCI Energy ETF | 10000 | 250 | 250 |
| Global X PureCap<sup>SM</sup> MSCI Information Technology ETF | 10000 | 300 | 300 |
| Global X U.S. 500 ETF | 10000 | 800 | 800 |
| Global X U.S. Natural Gas ETF | 10000 | 250 | 250 |

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\* The standard creation transaction fee will be $200 when the Fund Deposit Securities include only U.S. Treasury Obligations.

CASH OVERDRAFT CHARGES – Brown Brothers Harriman ("BBH") or BNY, as appropriate, serve as custodians of the Funds (each a "Custodian," and together the "Custodians"). Per the terms of an agreement with BBH, if a Fund for which BBH is Custodian has a cash overdraft on a given day, it will be assessed an overdraft charge equal to the applicable BBH Base Rate plus 2.00%. Per the terms of an agreement with BNY, if a Fund for which BNY is Custodian has a cash overdraft, it will be charged interest at a rate then charged by BNY to its institutional custody clients in the relevant currency. Cash overdraft charges are included in Custodian Fees Payable on the Statements of Assets and Liabilities and Custodian Fees on the Statements of Operations, if applicable.

*143*

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Notes to Financial Statements (Continued)

**November 30, 2025**

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

3. RELATED PARTY 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 Fund's business affairs and other administrative matters and provides or causes to be furnished all supervisory, administrative and other services reasonably necessary for the operation of the Funds, including certain distribution services (provided pursuant to a separate distribution agreement), certain shareholder and distribution-related services (provided pursuant to a separate Rule 12b-1 Plan and related agreements) and investment advisory services (provided pursuant to a separate investment advisory agreement), under what is essentially an "all-in" fee structure.

For the Adviser's service to the Funds, under a supervision and administration agreement (the "Supervision and Administration Agreement"), each Fund pays a monthly fee to the Adviser at the annual rate below (stated as a percentage of the average daily net assets of the 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 the Global X Alternative Income ETF, Global X U.S. Preferred ETF, Global X Variable Rate Preferred ETF and Global X Adaptive U.S. Risk Management ETF with respect to investments in affiliated investment companies), and

*144*

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Notes to Financial Statements (Continued)

**November 30, 2025**

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3. RELATED PARTY AND SERVICE PROVIDER TRANSACTIONS (continued)

other transaction expenses, interest expenses and extraordinary expenses (such as litigation and indemnification expenses).

The Supervision and Administration Agreement for each of the Global X Alternative Income ETF, Global X U.S. Preferred ETF, Global X Variable Rate Preferred ETF and Global X Adaptive U.S. Risk Management ETF provides that the Adviser also bears the costs for acquired fund fees and expenses generated by investments by the Funds in affiliated investment companies. For the year ended November 30, 2025, the Adviser paid acquired fund fees and expenses for the Global X Alternative Income ETF of $122,599 and made such reimbursement payments to the Fund on a monthly basis. These amounts are included in Payment from Adviser on the Statement of Operations.

For the year ended November 30, 2025, amounts waived or reimbursed are netted against the "Payable due to Investment Adviser" on the Statements of Assets and Liabilities. During the same period, the Adviser waived fees and/or reimbursed expenses as a reduction of expenses as shown as "Waiver of Supervision and Administration" on the Statements of Operations.

Any waived fees or reimbursed expenses are subject to recoupment by the Adviser within three years from the date of the waiver, provided that such recoupment does not cause the Fund's expenses to exceed the current expense limitation or the expense limitation in effect at the time of the waiver.

*145*

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Notes to Financial Statements (Continued)

**November 30, 2025**

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3. RELATED PARTY AND SERVICE PROVIDER TRANSACTIONS (continued)

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

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| | |
|:---|:---|
|  | **Supervision and<br> Administration Fee** |
| Global X MLP ETF | 0.45% |
| Global X MLP & Energy Infrastructure ETF | 0.45% |
| Global X Alternative Income ETF | 0.50% |
| Global X Conscious Companies ETF | 0.43% |
| Global X U.S. Preferred ETF | 0.23% |
| Global X S&P 500<sup>®</sup> Quality Dividend ETF | 0.20% |
| Global X Adaptive U.S. Factor ETF | 0.27% |
| Global X Variable Rate Preferred ETF | 0.25% |
| Global X Adaptive U.S. Risk Management ETF | 0.39% |
| Global X <sup>1</sup>-3 Month T-Bill ETF | 0.07% |
| Global X U.S. Cash Flow Kings <sup>1</sup>00 ETF | 0.25% |
| Global X Short-Term Treasury Ladder ETF | 0.12% |
| Global X Intermediate-Term Treasury Ladder ETF | 0.12% |
| Global X Long-Term Treasury Ladder ETF | 0.12% |
| Global X PureCap<sup>SM</sup> MSCI Communication Services ETF<sup>(1)</sup> | 0.25% |
| Global X PureCap<sup>SM</sup> MSCI Consumer Discretionary ETF<sup>(1)</sup> | 0.25% |
| Global X PureCap<sup>SM</sup> MSCI Consumer Staples ETF<sup>(1)</sup> | 0.25% |
| Global X PureCap<sup>SM</sup> MSCI Energy ETF<sup>(1)</sup> | 0.25% |
| Global X PureCap<sup>SM</sup> MSCI Information Technology ETF<sup>(1)</sup> | 0.25% |
| Global X U.S. 500 ETF | 0.02% |
| Global X U.S. Natural Gas ETF | 0.45% |

---

(1) Pursuant to an Expense Limitation Agreement, the Adviser has contractually agreed to reimburse or waive fees and/or limit expenses for the Global X PureCap<sup>SM</sup> MSCI Communication Services ETF, Global X PureCap<sup>SM</sup> MSCI Consumer Discretionary ETF, Global X PureCap<sup>SM</sup> MSCI Consumer Staples ETF, Global X PureCap<sup>SM</sup> MSCI Energy ETF, and Global X PureCap<sup>SM</sup> MSCI Information Technology ETF to the extent necessary to assure that the operating expenses of the Funds (exclusive of taxes, brokerage fees, commissions, and other transaction expenses, interest, and extraordinary expenses (such as litigation and indemnification expenses)) will not exceed 0.15% of the average daily net assets of each Fund per year until at least April 1, 2027.

*146*

![](logom4.jpg)

Notes to Financial Statements (Continued)

**November 30, 2025**

------

3. RELATED PARTY AND SERVICE PROVIDER TRANSACTIONS (continued)

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

SEI Investments Distribution Co. ("SIDCO") serves as 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.

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

For all Funds other than the Global X 1-3 Month T-Bill ETF, Global X U.S. Cash Flow Kings 100 ETF, Global X Short-Term Treasury Ladder ETF, Global X Intermediate-Term Treasury Ladder ETF and Global X Long-Term Treasury Ladder ETF, BBH serves as the Custodian and transfer agent of the Funds' assets. As Custodian, BBH has agreed to (1) make receipts and disbursements of money on behalf of the Funds; (2) collect and receive all income and other payments and distributions on account of the Funds' portfolio investments; (3) respond to correspondence from shareholders, security brokers and others relating to its duties; and (4) make periodic reports to the Funds concerning the Funds' operations. BBH does not exercise any supervisory function over the purchase and sale of securities. As transfer agent, BBH has agreed to (1) issue and redeem Shares of each Fund; (2) make dividend and other distributions to shareholders of each Fund; (3) respond to correspondence by shareholders and others relating to its duties; (4) maintain shareholder accounts; and (5) make periodic reports to the Funds. 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 serves as Custodian and transfer agent to the Trust on behalf of the Global X 1-3 Month T-Bill ETF, Global X U.S. Cash Flow Kings 100 ETF, Global X Short-Term Treasury Ladder ETF, Global X Intermediate-Term Treasury Ladder ETF and Global

*147*

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Notes to Financial Statements (Continued)

**November 30, 2025**

------

3. RELATED PARTY AND SERVICE PROVIDER TRANSACTIONS (continued)

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

4. INVESTMENT TRANSACTIONS

For the year ended November 30, 2025, the purchases and sales of investments in securities, excluding in-kind transactions, long-term U.S. Government, and short-term securities were:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales and<br> Maturities** |
| Global X MLP ETF | $360047046 | $585812212 |
| Global X MLP & Energy Infrastructure ETF | 602378010 | 761035096 |
| Global X Alternative Income ETF | 3912524 | 4484304 |
| Global X Conscious Companies ETF | 102129182 | 102611415 |
| Global X U.S. Preferred ETF | 1271345895 | 1198138907 |
| Global X S&P 500<sup>®</sup> Quality Dividend ETF | 21162435 | 21140416 |
| Global X Adaptive U.S. Factor ETF | 408790791 | 409123618 |
| Global X Variable Rate Preferred ETF | 185872511 | 171793987 |
| Global X Adaptive U.S. Risk Management ETF | 259805593 | 248451581 |
| Global X 1-3 Month T-Bill ETF | 8292187344 | 4752717804 |
| Global X U.S. Cash Flow Kings 100 ETF | 14586889 | 14740493 |
| Global X Short-Term Treasury Ladder ETF | 367753 | 2974763 |
| Global X Intermediate-Term Treasury Ladder ETF |  |  |
| Global X Long-Term Treasury Ladder ETF | 687855 | 84930 |
| Global X PureCap<sup>SM</sup> MSCI Communication Services ETF | 19280609 | 4658291 |
| Global X PureCap<sup>SM</sup> MSCI Consumer Discretionary ETF | 8138729 | 4018788 |
| Global X PureCap<sup>SM</sup> MSCI Consumer Staples ETF | 10188263 | 1943084 |
| Global X PureCap<sup>SM</sup> MSCI Energy ETF | 173741 | 49835 |
| Global X PureCap<sup>SM</sup> MSCI Information Technology ETF | 20916802 | 6488882 |
| Global X U.S. 500 ETF | 73034 | 49143 |
| Global X U.S. Natural Gas ETF | 13653 | 13297 |

---

*148*

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Notes to Financial Statements (Continued)

**November 30, 2025**

------

4. INVESTMENT TRANSACTIONS (continued)

For the year ended November 30, 2025, the below funds had purchases and sales of long-term U.S. Government securities:

---

| | | |
|:---|:---|:---|
| | **Purchases** | **Sales** |
| **Global X Adaptive U.S. Risk Management ETF** | $230119109 | $230272381 |
| **Global X Short-Term Treasury Ladder ETF** | 4309006 | 1608542 |
| **Global X Intermediate-Term Treasury Ladder ETF** | 441440 | 469202 |
| **Global X Long-Term Treasury Ladder ETF** | 3019983 | 2882833 |

---

For the year ended November 30, 2025, in-kind transactions associated with creations and redemptions were:

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Realized<br> Gain (Loss)** |
| Global X MLP ETF | $271275686 | $– | $– |
| Global X MLP & Energy Infrastructure ETF | 1041299522 | 525782186 | 227949671 |
| Global X Alternative Income ETF | 10310601 | 5018068 | 1014134 |
| Global X Conscious Companies ETF | 105621146 | 635236804 | 185027790 |
| Global X U.S. Preferred ETF | 311526641 | 347389037 | 19332766 |
| Global X S&P 500<sup>®</sup> Quality Dividend ETF | 8961316 | 8633228 | 519781 |
| Global X Adaptive U.S. Factor ETF | 601302625 | 254858428 | 53505736 |
| Global X Variable Rate Preferred ETF | 87575416 | 31058005 | 1526648 |
| Global X Adaptive U.S. Risk Management ETF | 7729488 | 18182771 | 6145690 |
| Global X 1-3 Month T-Bill ETF | 1300537716 | 479395948 | 7949 |
| Global X U.S. Cash Flow Kings 100 ETF | 29080809 | 10180294 | 1699681 |
| Global X Short-Term Treasury Ladder ETF | 28337652 |  |  |
| Global X Intermediate-Term Treasury Ladder ETF | 5375695 |  |  |
| Global X Long-Term Treasury Ladder ETF | 12268463 |  |  |
| Global X PureCap<sup>SM</sup> MSCI Communication Services ETF | 42920713 | 3830189 | 457718 |
| Global X PureCap<sup>SM</sup> MSCI Consumer Discretionary ETF | 28924558 | 14612299 | 519844 |
| Global X PureCap<sup>SM</sup> MSCI Consumer Staples ETF | 32286039 | 4991024 | 51483 |
| Global X PureCap<sup>SM</sup> MSCI Energy ETF | 517192 |  |  |
| Global X PureCap<sup>SM</sup> MSCI Information Technology ETF | 88971238 | 45276530 | 1752274 |
| Global X U.S. 500 ETF | 3979978 |  |  |
| Global X U.S. Natural Gas ETF | 3176826 | 353040 | 25223 |

---

5. TAX INFORMATION

Global X MLP ETF recognizes interest and penalties, if any, related to unrecognized tax benefits within the income tax expense line in the accompanying Statement of Operations. Accrued interest and penalties, if any, are included within the related tax liability line in the Statement of Assets and Liabilities.

*149*

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Notes to Financial Statements (Continued)

**November 30, 2025**

------

5. TAX INFORMATION (continued)

Since Global X MLP ETF will be subject to taxation on its taxable income, the NAV of Global X MLP ETF shares will also be reduced by the accrual of any current and deferred tax liabilities.

Global X MLP ETF's income tax expense/(benefit) consists of the following for the year ended November 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | Current MLP | Deferred<br> MLP | Total MLP |
| &nbsp;&nbsp;&nbsp;Federal | $(583234) | $4240153 | $3656919 |
| &nbsp;&nbsp;&nbsp;State | 277288 | 1854070 | 2131358 |
| &nbsp;&nbsp;&nbsp;Valuation allowance |  |  |  |
| Total tax expense (benefit) | $(305946) | $6094223 | $5788277 |

---

Deferred income taxes reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting and tax purposes.

Components of the Global X MLP ETF's deferred tax assets and liabilities are as follows for the year ended November 30, 2025:

---

| | |
|:---|:---|
|  | MLP |
| **Deferred tax assets:** |  |
| &nbsp;&nbsp;&nbsp;Other | $2834404 |
| **Deferred tax liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Net unrealized gain on investment securities | (70557772) |
| &nbsp;&nbsp;&nbsp;Book vs tax partnership income to be recognized | (72700907) |
| **Net Deferred Tax Asset/(Liability)** | $(140424275) |

---

The Global X MLP ETF reviews the recoverability of its deferred tax assets based upon the weight of available evidence. When assessing the recoverability of its deferred tax assets, significant weight is given to the effects of potential future realized and unrealized gains on investments and the period over which these deferred tax assets can be realized. Currently, any capital losses that may be generated by the Global X MLP ETF are eligible to be carried back up to three years and can be carried forward for five years to offset capital gains recognized by the Global X MLP ETF in those years.

Based upon the Global X MLP ETF's assessment, it has been determined that it is more likely than not that the Global X MLP ETF's deferred tax assets will be realized through future taxable income of the appropriate character. Accordingly, no valuation allowance has been established for the Global X MLP ETF's deferred tax assets. The Global X MLP ETF will continue to assess the need for a valuation allowance in the future. Significant increases or declines in the fair value of its portfolio of investments may change the Global X MLP ETF's assessment of the recoverability of these assets and may result in the recording or removal of a valuation allowance against all or a portion of the Global X MLP ETF's gross deferred tax assets.

*150*

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**Notes to Financial Statements (Continued)**

**November 30, 2025**

------

5. TAX INFORMATION (continued)

Total income tax expense/benefit (current and deferred) during the year ended November 30, 2025, differs from the amount computed by applying the Federal statutory income tax rate of 21% for the Global X MLP ETF to net investment and realized and unrealized gain/ (losses) on investment before taxes as follows:

For the year ended November 30, 2025:

---

| | | |
|:---|:---|:---|
|  | MLP | MLP |
| Income tax (benefit) at statutory rate | $3808830 | 21.00% |
| State income taxes (net of federal benefit) | 203138 | 1.12% |
| Permanent differences, net | 1901680 | 10.48% |
| Effect of state tax rate change | (125371) | -0.69% |
| Net income tax expense/(benefit) | $5788277 | 31.91% |

---

The Global X MLP ETF recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Global X MLP ETF's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on U.S. tax returns and state tax returns filed since the inception of the Global X MLP ETF. No U.S. Federal or state income tax returns are currently under examination. The tax years ended November 30, 2025, 2024, and 2023 remain subject to examination by tax authorities in the United States. Due to the nature of the Global X MLP ETF's investments, the Global X MLP ETF may be required to file income tax returns in several states. The Global X MLP ETF is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

State franchise taxes are separate and distinct from state income taxes. State franchise taxes are imposed on a corporation for the right to conduct business in the state and typically are based off the net worth or capital apportioned to a state. Due to the nature of the Global X MLP ETF's investments, the Global X MLP ETF may be required to file franchise state tax returns in several states.

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

The differences have been reclassified on the Statements of Assets and Liabilities to/from the Paid-in Capital and Total Earnings (Accumulated/Losses) accounts during the fiscal year

*151*

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Notes to Financial Statements (Continued)

**November 30, 2025**

------

5. TAX INFORMATION (continued)

ended November 30, 2025 are primarily attributable to redemptions in-kind, return of capital distributions, foreign currency, MLP adjustments, REIT adjustments, utilization of earnings and profits on shareholder redemptions, and sales of passive foreign investment companies.

The tax character of dividends and distributions declared during the years or periods ended November 30, 2025 and November 30, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global X Funds** | **Ordinary<br> Income** | **Long-Term<br> Capital Gain** | **Return of Capital** | **Totals** |
| Global X MLP ETF | Global X MLP ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $114358027 | $– | $21412114 | $135770141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 115595860 |  | 1982760 | 117578620 |
| Global X MLP & Energy Infrastructure ETF | Global X MLP & Energy Infrastructure ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $60437531 | $– | $64681775 | $125119306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 53140384 |  | 23571771 | 76712155 |
| Global X Alternative Income ETF | Global X Alternative Income ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $2596445 | $– | $252967 | $2849412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 2526973 |  |  | 2526973 |
| Global X Conscious Companies ETF | Global X Conscious Companies ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $5962377 | $– | $– | $5962377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 6793472 |  |  | 6793472 |
| Global X U.S. Preferred ETF | Global X U.S. Preferred ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $145380080 | $– | $– | $145380080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 150870425 |  |  | 150870425 |
| Global X S&P 500<sup>®</sup> Quality Dividend ETF | Global X S&P 500<sup>®</sup> Quality Dividend ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $929190 | $– | $2827 | $932017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 909421 |  | 38624 | 948045 |
| Global X Adaptive U.S. Factor ETF | Global X Adaptive U.S. Factor ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $16147333 | $– | $– | $16147333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 6630997 |  | 710305 | 7341302 |
| Global X Variable Rate Preferred ETF | Global X Variable Rate Preferred ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $22004069 | $– | $– | $22004069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 18281239 |  |  | 18281239 |
| Global X Adaptive U.S. Risk Management ETF | Global X Adaptive U.S. Risk Management ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $1497269 | $– | $– | $1497269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 1199990 |  |  | 1199990 |
| Global X 1-3 Month T-Bill ETF | Global X 1-3 Month T-Bill ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $56819706 | $– | $– | $56819706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 21691011 |  |  | 21691011 |
| Global X U.S. Cash Flow Kings 100 ETF | Global X U.S. Cash Flow Kings 100 ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $300176 | $– | $– | $300176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 78689 |  |  | 78689 |
| Global X Short-Term Treasury Ladder ETF | Global X Short-Term Treasury Ladder ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $578090 | $– | $– | $578090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 11440 |  |  | 11440 |

---

*152*

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Notes to Financial Statements (Continued)

**November 30, 2025**

------

5. TAX INFORMATION (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global X Funds** | **Ordinary<br> Income** | **Long-Term<br> Capital Gain** | **Return of Capital** | **Totals** |
| Global X Intermediate-Term Treasury Ladder ETF | Global X Intermediate-Term Treasury Ladder ETF | Global X Intermediate-Term Treasury Ladder ETF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $139266 | $– | $– | $139266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 10050 |  |  | 10050 |
| Global X Long-Term Treasury Ladder ETF | Global X Long-Term Treasury Ladder ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $1046280 | $– | $– | $1046280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 62250 |  |  | 62250 |
| Global X PureCap**<sup>SM</sup>** MSCI Communication Services ETF | Global X PureCap**<sup>SM</sup>** MSCI Communication Services ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $– | $– | $– | $– |
| Global X PureCap**<sup>SM</sup>** MSCI Consumer Discretionary ETF | Global X PureCap**<sup>SM</sup>** MSCI Consumer Discretionary ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $– | $– | $– | $– |
| Global X PureCap**<sup>SM</sup>** MSCI Consumer Staples ETF | Global X PureCap**<sup>SM</sup>** MSCI Consumer Staples ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $– | $– | $– | $– |
| Global X PureCap**<sup>SM</sup>** MSCI Energy ETF | Global X PureCap**<sup>SM</sup>** MSCI Energy ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $– | $– | $– | $– |
| Global X PureCap**<sup>SM</sup>** MSCI Information Technology ETF | Global X PureCap**<sup>SM</sup>** MSCI Information Technology ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $– | $– | $– | $– |
| Global X U.S. 500 ETF | Global X U.S. 500 ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $– | $– | $– | $– |
| Global X U.S. Natural Gas ETF | Global X U.S. Natural Gas ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $– | $– | $– | $– |

---

As of November 30, 2025, the components of tax basis distributable earnings (accumulated losses) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Global X MLP<br> & Energy<br> Infrastructure<br> ETF** | **Global X<br> Alternative<br> Income ETF** |
| **Capital Loss Carryforwards** | $(125885201) | $(1552973) |
| **Unrealized Appreciation (Depreciation) on Investments and Foreign Currency** | 385240656 | (4542043) |
| **Other Temporary Differences** | (2) | 10 |
| **Total Distributable Earnings (Accumulated Losses)** | $259355453 | $(6095006) |

---

*153*

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Notes to Financial Statements (Continued)

**November 30, 2025**

------

5. TAX INFORMATION (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X<br> Conscious<br> Companies ETF** | **Global X U.S.<br> Preferred ETF** | **Global X S&P<br> 500<sup>®</sup> Quality<br> Dividend ETF** |
| **Undistributed Ordinary Income** | $2398034 | $5328788 | $– |
| **Capital Loss Carryforwards** | (71667815) | (526202276) | (7624736) |
| **Unrealized Appreciation (Depreciation) on Investments and Foreign Currency** | 10339955 | (178209632) | (818598) |
| **Other Temporary Differences** | – | (8843) | (3) |
| **Total Accumulated Losses** | $(58929826) | $(699091963) | $(8443337) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X<br> Adaptive U.S.<br> Factor ETF** | **Global X<br> Variable Rate<br> Preferred ETF** | **Global X<br> Adaptive<br> U.S. Risk<br> Management<br> ETF** |
| **Undistributed Ordinary Income** | $325751 | $1751726 | $982725 |
| **Capital Loss Carryforwards** | (52360589) | (38915544) |  |
| **Unrealized Appreciation (Depreciation) on Investments and Foreign Currency** | 29043189 | (7995180) | 5688164 |
| **Other Temporary Differences** | (3) | 441570 | (2) |
| **Total Distributable Earnings (Accumulated Losses)** | $(22991652) | $(44717428) | $6670887 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X 1-3<br> Month T-Bill<br> ETF** | **Global X U.S.<br> Cash Flow<br> Kings 100 ETF** | **Global X Short-<br> Term Treasury<br> Ladder ETF** |
| **Undistributed Ordinary Income** | $2593007 | $41169 | $49308 |
| **Capital Loss Carryforwards** |  | (465853) |  |
| **Unrealized Appreciation on Investments and Foreign Currency** | 36265 | 423757 | 106598 |
| **Other Temporary Differences** | (1) | 5 | 2 |
| **Total Distributable Earnings (Accumulated Losses)** | $2629271 | $(922) | $155908 |

---

*154*

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Notes to Financial Statements (Continued)

**November 30, 2025**

------

5. TAX INFORMATION (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X<br> Intermediate-<br> Term Treasury<br> Ladder ETF** | **Global X Long-<br> Term Treasury<br> Ladder ETF** | **Global X<br> PureCap<sup>SM</sup><br> MSCI Communication<br> Services ETF** |
| **Undistributed Ordinary Income** | $12197 | $82454 | $27327 |
| **Capital Loss Carryforwards** | (6131) | (84632) | (31101) |
| **Unrealized Appreciation (Depreciation) on Investments and Foreign Currency** | 65571 | (209270) | 3189697 |
| **Other Temporary Differences** | – | (2) | 1 |
| **Total Distributable Earnings (Accumulated Losses)** | $71637 | $(211450) | $3185924 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X<br> PureCap<sup>SM</sup><br> MSCI<br> Consumer<br> Discretionary<br> ETF** | **Global X<br> PureCap<sup>SM</sup><br> MSCI<br> Consumer<br> Staples ETF** | **Global X<br> PureCap<sup>SM</sup><br> MSCI Energy<br> ETF** |
| **Undistributed Ordinary Income** | $16186 | $98782 | $5906 |
| **Capital Loss Carryforwards** | (27356) | (2667) |  |
| **Unrealized Appreciation (Depreciation) on Investments and Foreign Currency** | (462545) | 162670 | 6338 |
| **Other Temporary Differences** | – | 1 | – |
| **Total Distributable Earnings (Accumulated Losses)** | $(473715) | $258786 | $12244 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X<br> PureCap<sup>SM</sup><br> MSCI<br> Information<br> Technology ETF** | **Global X U.S.<br> 500 ETF** | **Global X U.S.<br> Natural Gas ETF** |
| **Undistributed Ordinary Income** | $58371 | $7886 | $3479 |
| **Capital Loss Carryforwards** | (19444) | (856) | (1040) |
| **Unrealized Appreciation (Depreciation) on Investments and Foreign Currency** | (790487) | 107465 | 145410 |
| **Other Temporary Differences** | (1) | (1) | (1) |
| **Total Distributable Earnings (Accumulated Losses)** | $(751561) | $114494 | $147848 |

---

*155*

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Notes to Financial Statements (Continued)

**November 30, 2025**

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5. TAX INFORMATION (continued)

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 basis of investments and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at November 30, 2025 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **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 MLP ETF | $1306369402 | $651339819 | $(3695839) | $647643980 |
| Global X MLP & Energy Infrastructure ETF | 2343670508 | 533549427 | (148308771) | 385240656 |
| Global X Alternative Income ETF | 50065306 | 1836061 | (6378104) | (4542043) |
| Global X Conscious Companies ETF | 157560276 | 23751417 | (13411462) | 10339955 |
| Global X U.S. Preferred ETF | 2419112090 | 38552181 | (216761813) | (178209632) |
| Global X S&P 500<sup>®</sup> Quality Dividend ETF | 31538995 | 2461058 | (3279656) | (818598) |
| Global X Adaptive U.S. Factor ETF | 709661178 | 60905679 | (31862490) | 29043189 |
| Global X Variable Rate Preferred ETF | 307655050 | 3690318 | (11685498) | (7995180) |
| Global X Adaptive U.S. Risk Management ETF | 135615767 | 26525976 | (20837812) | 5688164 |
| Global X 1-3 Month T-Bill ETF | 1842416182 | 51658 | (15393) | 36265 |
| Global X U.S. Cash Flow Kings 100 ETF | 24187826 | 1760283 | (1336526) | 423757 |
| Global X Short-Term Treasury Ladder ETF | 32316156 | 106728 | (130) | 106598 |
| Global X Intermediate-Term Treasury Ladder ETF | 7839078 | 71991 | (6420) | 65571 |
| Global X Long-Term Treasury Ladder ETF | 33920726 | 291721 | (500991) | (209270) |
| Global X PureCap**<sup>SM</sup>** MSCI Communication Services ETF | 54139459 | 5226528 | (2036831) | 3189697 |
| Global X PureCap**<sup>SM</sup>** MSCI Consumer Discretionary ETF | 18918627 | 174001 | (636546) | (462545) |
| Global X PureCap**<sup>SM</sup>** MSCI Consumer Staples ETF | 35588892 | 743398 | (580728) | 162670 |
| Global X PureCap**<sup>SM</sup>** MSCI Energy ETF | 641098 | 16527 | (10189) | 6338 |
| Global X PureCap**<sup>SM</sup>** MSCI Information Technology ETF | 59852983 | 1679482 | (2469969) | (790487) |
| Global X U.S. 500 ETF | 4003103 | 247248 | (139783) | 107465 |
| Global X U.S. Natural Gas ETF | 2848325 | 153920 | (8510) | 145410 |

---

*156*

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**Notes to Financial Statements (Continued)**

**November 30, 2025**

------

5. TAX INFORMATION (continued)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Funds' net unrealized appreciation difference is attributable primarily to wash sales, mark-to-market treatment of passive foreign investment companies and adjustments in preferred stock and partnerships.

6. CONCENTRATION OF RISKS

The Funds may invest in securities in a particular asset class. Securities and other assets held in each Fund's portfolio may underperform in comparison to the general securities markets, a particular securities market or other asset classes.

The Funds, except for the Global X U.S. Preferred ETF, Global X 1-3 Month T-Bill ETF, Global X Variable Rate Preferred ETF, Global X PureCap<sup>SM</sup> MSCI Communication Services ETF, Global X PureCap<sup>SM</sup> MSCI Consumer Discretionary ETF, Global X PureCap<sup>SM</sup> MSCI Consumer Staples ETF, Global X PureCap<sup>SM</sup> MSCI Energy ETF, Global X PureCap<sup>SM</sup> MSCI Information Technology ETF, Global X U.S. 500 ETF, and Global X U.S. Natural Gas ETF, use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of an underlying index (also known as a secondary index) in approximately the same proportions as in the underlying index. A representative sampling strategy is an indexing strategy that involves investing in a representative sample of securities (including indirect investments through underlying ETFs) that collectively has an investment profile similar to an underlying index in terms of key risk factors, performance attributes and other characteristics. Each Fund may utilize a representative sampling strategy with respect to its underlying index when a replication strategy might be detrimental to its shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to follow its underlying index, or, in certain instances, when securities in the underlying index become temporarily illiquid, unavailable or less liquid, or due to legal restrictions (such as diversification requirements that apply to a Fund but not its underlying index). The Global X U.S. Preferred ETF, Global X 1-3 Month T-Bill ETF, Global X Variable Rate Preferred ETF, Global X PureCap<sup>SM</sup> MSCI Communication Services ETF, Global X PureCap<sup>SM</sup> MSCI Consumer Discretionary ETF, Global X PureCap<sup>SM</sup> MSCI Consumer Staples ETF, Global X PureCap<sup>SM</sup> MSCI Energy ETF, Global X PureCap<sup>SM</sup> MSCI Information Technology ETF, Global X U.S. 500 ETF, and Global X U.S. Natural Gas ETF use a representative sampling strategy.

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

*157*

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**Notes to Financial Statements (Continued)**

**November 30, 2025**

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6. CONCENTRATION OF RISKS (continued)

Because each Fund's underlying index may concentrate its investments in a particular industry or group of industries, the Fund will similarly concentrate its investments to approximately the same extent. In addition, if the underlying index has significant exposure to one or more sectors, the Fund's portfolio will likely reflect that exposure. As a result, the Fund may be more volatile than a fund that invests across a broader range of industries or sectors, and its performance may be significantly affected by economic, regulatory, or market conditions impacting those specific industries or sectors.

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

The Global X PureCap<sup>SM</sup> MSCI Communication Services ETF, Global X PureCap<sup>SM</sup> MSCI Consumer Discretionary ETF, Global X PureCap<sup>SM</sup> MSCI Consumer Staples ETF, Global X PureCap<sup>SM</sup> MSCI Energy ETF, Global X PureCap<sup>SM</sup> MSCI Information Technology ETF, Global X U.S. 500 ETF and Global X U.S. Natural Gas ETF are new funds, with no or limited operating history, which may result in additional risks for investors in the Funds. There can be no assurance that the Funds will grow to or maintain an economically viable size, in which case the Board of Trustees may determine to liquidate the Funds. While shareholder interests will be the paramount consideration, the timing of any liquidation may not be favorable to certain individual shareholders. Please refer to each Fund's prospectus and statement of additional information ("SAI") for a more complete description of risks.

*158*

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**Notes to Financial Statements (Continued)**

**November 30, 2025**

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7. LOANS OF PORTFOLIO SECURITIES

On or about August 15, 2025, BBH was replaced by Mitsubishi UFJ Trust and Banking Corporation ("MUTB") as the securities lending agent for the Global X U.S. Preferred ETF, Global X Variable Rate Preferred ETF, Global X MLP & Energy Infrastructure ETF, Global X Alternative Income ETF, Global X Adaptive U.S. Factor ETF, Global X Consicious Companies ETF, Global X Adaptive U.S. Risk Management ETF, Global X PureCap<sup>SM</sup> MSCI Information Technology ETF, Global X PureCap<sup>SM</sup> MSCI Communication Services ETF, and Global X PureCap<sup>SM</sup> MSCI Consumer Discretionary ETF. Prior to August 15, 2025, BBH served as the Securities Lending Agent for these Funds. Additionally, MUTB serves as the Securities Lending Agent for the Global X PureCap<sup>SM</sup> MSCI Energy ETF and Global X PureCap<sup>SM</sup> MSCI Consumer Staples ETF.

BNY (together with MUTB, each a "Securities Lending Agent") serves as the securities lending agent for the Global X 1-3 Month T-Bill ETF and Global X U.S. 500 ETF.

Each Fund may lend portfolio securities having a market value up to one-third of its total assets. Security loans made pursuant to a securities lending 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 BNY or MUTB, as applicable, and are designated as being held on each Fund's behalf under a book-entry system. The Funds monitor the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest. It is each Fund's policy to only enter into repurchase agreements with banks and other financial institutions which are deemed by the Adviser to be creditworthy. The Funds bear the risk of loss in the event the 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 Statement of Assets and Liabilities.

*159*

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**Notes to Financial Statements (Continued)**

**November 30, 2025**

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7. LOANS OF PORTFOLIO SECURITIES (continued)

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

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

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

The following is a summary of securities on loan held by the Funds, with cash collateral of overnight maturities and non-cash collateral, which would be subject to offset as of November 30, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 MLP & Energy Infrastructure ETF** | $90512677 | $90512677 | $– $|  |
| **Global X Alternative Income ETF** | 5967752 | 5967752 | – |  |
| **Global X Adaptive U.S. Risk Management ETF** | 3984 | 3984 | – |  |
| **Global X 1-3 Month T-Bill ETF** | 59194275 | 59194275 | – |  |

---

(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 November 30, 2025 are shown in the Schedules of Investments. The value of the collateral held may be temporarily less than that required under the lending contract. As of November 30, 2025, the cash collateral was invested in repurchase agreements and the non-cash collateral consisted of U.S. Treasury Bills, Notes, Bonds and U.S. Treasury Inflation Indexed Bonds with the following maturities:

*160*

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**Notes to Financial Statements (Continued)**

**November 30, 2025**

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7. LOANS OF PORTFOLIO SECURITIES (continued)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Overnight<br> and<br> Continuous** | **<30 Days** | **Between<br> 30 & 90<br> Days** | **>90 Days** | **Total** |
| **Global X MLP & Energy Infrastructure ETF** |  |  |  |  |  |
| Repurchase Agreements | $— | $— | $— | $— | $— |
| Short-Term Investments | 90788261 |  |  |  | 90788261 |
| Total | $90788261 | $— | $— | $— | $90788261 |
| **Global X Alternative Income ETF** |  |  |  |  |  |
| Repurchase Agreements | $— | $— | $— | $— | $— |
| Short-Term Investments | 6148800 |  |  |  | 6148800 |
| Total | $6148800 | $— | $— | $— | $6148800 |
| **Global X Adaptive U.S. Risk Management ETF** |  |  |  |  |  |
| Repurchase Agreements | $— | $— | $— | $— | $— |
| Short-Term Investments | 4005 |  |  |  | 4005 |
| Total | $4005 | $— | $— | $— | $4005 |
| **Global X 1-3 Month T-Bill ETF** |  |  |  |  |  |
| Repurchase Agreements | $60353557 | $— | $— | $— | $60353557 |
| Total | $60353557 | $— | $— | $— | $60353557 |

---

8. CONTRACTUAL OBLIGATION

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

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

9. REVERSE SHARE SPLIT

Effective June 14, 2024 the Global X 1-3 Month T-Bill ETF executed a 1-for-4 reverse share split for shareholders of record after the close of markets on June 13, 2024. The effect of this transaction for the Fund was to divide the number of outstanding Shares of

*161*

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**Notes to Financial Statements (Concluded)**

**November 30, 2025**

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9. REVERSE SHARE SPLIT (continued)

the Fund by four, resulting in a corresponding increase in the NAV per Share. The capital share activity presented in the Statement of Changes in Net Assets for each of the years in the period then ended, and per share data in the financial highlights for each of the years in the period then ended, have been given retroactive effect to reflect this reverse share split. There were no changes in net assets, results of operations or total return as a result of this transaction.

Effective April 28, 2020, the Global X MLP ETF executed a 1-for-6 reverse share split for shareholders of record after the close of markets on April 27, 2020. The effect of this transaction for the Fund was to divide the number of outstanding Shares of the Fund by six, 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 April 28, 2020, the Global X MLP & Energy Infrastructure ETF executed a 1-for- 3 reverse share split for shareholders of record after the close of markets on April 27, 2020. The effect of this transaction for the Fund was to divide the number of outstanding Shares of the Fund by three, 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 these reverse share splits. There were no changes in net assets, results of operations or total return as a result of these transactions.

10. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds' financial statements.

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.

*162*

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**Report of Independent Registered Public Accounting Firm**

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To the Board of Trustees of Global X Funds and Shareholders of each of the twenty-one funds listed in the table below

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (twenty-one of the funds constituting Global X Funds, hereafter collectively referred to as the "Funds") as of November 30, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of November 30, 2025, the results of each of their operations and the changes in each of their net assets for each of the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

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| |
|:---|
| &nbsp;&nbsp;Global X MLP ETF (1) |
| &nbsp;&nbsp;Global X MLP & Energy Infrastructure ETF (1) |
| &nbsp;&nbsp;Global X Alternative Income ETF (1) |
| &nbsp;&nbsp;Global X Conscious Companies ETF (1) |
| &nbsp;&nbsp;Global X U.S. Preferred ETF (1) |
| &nbsp;&nbsp;Global X S&P 500® Quality Dividend ETF (1) |
| &nbsp;&nbsp;Global X Adaptive U.S. Factor ETF (1) |
| &nbsp;&nbsp;Global X Variable Rate Preferred ETF (1) |
| &nbsp;&nbsp;Global X Adaptive U.S. Risk Management ETF (1) |
| &nbsp;&nbsp;Global X 1-3 Month T-Bill ETF (1) |
| &nbsp;&nbsp;Global X U.S. Cash Flow Kings 100 ETF (1) |
| &nbsp;&nbsp;Global X Short-Term Treasury Ladder ETF (2) |
| &nbsp;&nbsp;Global X Intermediate-Term Treasury Ladder ETF (2) |
| &nbsp;&nbsp;Global X Long-Term Treasury Ladder ETF (2) |
| &nbsp;&nbsp;Global X PureCap<sup>SM</sup> MSCI Communication Services ETF (3) |
| &nbsp;&nbsp;Global X PureCap<sup>SM</sup> MSCI Consumer Discretionary ETF (3) |
| &nbsp;&nbsp;Global X PureCap<sup>SM</sup> MSCI Consumer Staples ETF (3) |
| &nbsp;&nbsp;Global X PureCap<sup>SM</sup> MSCI Energy ETF (3) |
| &nbsp;&nbsp;Global X PureCap<sup>SM</sup> MSCI Information Technology ETF (3) |
| &nbsp;&nbsp;Global X U.S. 500 ETF (4) |
| &nbsp;&nbsp;Global X U.S. Natural Gas ETF (5) |
| &nbsp;&nbsp;(1) Statements of operations for the year ended November 30, 2025 and statements of changes in net assets for each of the two years in the period ended November 30, 2025 |
| &nbsp;&nbsp;(2) Statements of operations for the year ended November 30, 2025 and statements of changes in net assets for the year ended November 30, 2025 and the period September 9, 2024 (commencement of operations) through November 30, 2024 |

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*163*

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

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| |
|:---|
| &nbsp;&nbsp;(3) Statements of operations and statements of changes in net assets for the period July 22, 2025 (commencement of operations) through November 30, 2025 |
| &nbsp;&nbsp;(4) Statement of operations and statement of changes in net assets for the period September 23, 2025 (commencement of operations) through November 30, 2025 |
| &nbsp;&nbsp;(5) Statement of operations and statement of changes in net assets for the period October 28, 2025 (commencement of operations) through November 30, 2025 |

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**Basis for Opinions**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodians, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

January 28, 2026

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

*164*

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**Notice to Shareholders (UNAUDITED)**

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For shareholders that do not have a November 30, 2025 tax year end, this notice is for informational purposes only. For shareholders with a November 30, 2025 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended November 30, 2025, the Funds have designated the following items with regard to distributions paid during the year.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Return of Capital** | **Long-Term**<br> **Capital Gain**<br> **Distributions** | **Ordinary Income**<br> **Distributions** | **Total**<br> **Distributions** | **Qualifying**<br> **for Corporate**<br> **Dividends**<br> **Received**<br> **Deduction**<sup>(1)</sup> | **Qualifying**<br> **Dividend**<br> **Income**<sup>(2)</sup> |
| **Global X MLP ETF** | **Global X MLP ETF** | **Global X MLP ETF** | **Global X MLP ETF** | **Global X MLP ETF** | **Global X MLP ETF** |
| 14.31% | 0.00% | 85.69% | 100.00% | 85.69% | 85.69% |
| **Global X MLP & Energy Infrastructure ETF** | **Global X MLP & Energy Infrastructure ETF** | **Global X MLP & Energy Infrastructure ETF** | **Global X MLP & Energy Infrastructure ETF** | **Global X MLP & Energy Infrastructure ETF** | **Global X MLP & Energy Infrastructure ETF** |
| 51.70% | 0.00% | 48.30% | 100.00% | 69.90% | 100.00% |
| **Global X Alternative Income ETF** | **Global X Alternative Income ETF** | **Global X Alternative Income ETF** | **Global X Alternative Income ETF** | **Global X Alternative Income ETF** |  |
| 8.88% | 0.00% | 91.12% | 100.00% | 85.83% | 85.80% |
| **Global X Conscious Companies ETF** | **Global X Conscious Companies ETF** | **Global X Conscious Companies ETF** | **Global X Conscious Companies ETF** | **Global X Conscious Companies ETF** |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| **Global X U.S. Preferred ETF** | **Global X U.S. Preferred ETF** | **Global X U.S. Preferred ETF** | **Global X U.S. Preferred ETF** | **Global X U.S. Preferred ETF** |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 70.56% | 71.79% |
| **Global X S&P 500**<sup>®</sup> **Quality Dividend ETF** | **Global X S&P 500**<sup>®</sup> **Quality Dividend ETF** | **Global X S&P 500**<sup>®</sup> **Quality Dividend ETF** | **Global X S&P 500**<sup>®</sup> **Quality Dividend ETF** | **Global X S&P 500**<sup>®</sup> **Quality Dividend ETF** |  |
| 0.30% | 0.00% | 99.70% | 100.00% | 95.48% | 100.00% |
| **Global X Adaptive U.S. Factor ETF** | **Global X Adaptive U.S. Factor ETF** | **Global X Adaptive U.S. Factor ETF** | **Global X Adaptive U.S. Factor ETF** | **Global X Adaptive U.S. Factor ETF** |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 79.08% | 83.18% |
| **Global X Variable Rate Preferred ETF** | **Global X Variable Rate Preferred ETF** | **Global X Variable Rate Preferred ETF** | **Global X Variable Rate Preferred ETF** | **Global X Variable Rate Preferred ETF** |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 76.02% | 78.09% |
| **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 84.90% | 86.59% |
| **Global X 1-3 Month T-Bill ETF** | **Global X 1-3 Month T-Bill ETF** | **Global X 1-3 Month T-Bill ETF** | **Global X 1-3 Month T-Bill ETF** | **Global X 1-3 Month T-Bill ETF** |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 0.00% | 0.00% |
| **Global X U.S. Cash Flow Kings 100 ETF** | **Global X U.S. Cash Flow Kings 100 ETF** | **Global X U.S. Cash Flow Kings 100 ETF** | **Global X U.S. Cash Flow Kings 100 ETF** | **Global X U.S. Cash Flow Kings 100 ETF** |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 86.83% | 98.40% |
| **Global X Short-Term Treasury Ladder ETF** | **Global X Short-Term Treasury Ladder ETF** | **Global X Short-Term Treasury Ladder ETF** | **Global X Short-Term Treasury Ladder ETF** | **Global X Short-Term Treasury Ladder ETF** |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 0.00% | 0.00% |
| **Global X Intermediate-Term Treasury Ladder ETF** | **Global X Intermediate-Term Treasury Ladder ETF** | **Global X Intermediate-Term Treasury Ladder ETF** | **Global X Intermediate-Term Treasury Ladder ETF** | **Global X Intermediate-Term Treasury Ladder ETF** |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 0.00% | 0.00% |
| **Global X Long-Term Treasury Ladder ETF** | **Global X Long-Term Treasury Ladder ETF** | **Global X Long-Term Treasury Ladder ETF** | **Global X Long-Term Treasury Ladder ETF** | **Global X Long-Term Treasury Ladder ETF** |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 0.00% | 0.00% |
| **GLOBAL X PureCap<sup>SM</sup> MSCI Communication Services ETF** | **GLOBAL X PureCap<sup>SM</sup> MSCI Communication Services ETF** | **GLOBAL X PureCap<sup>SM</sup> MSCI Communication Services ETF** | **GLOBAL X PureCap<sup>SM</sup> MSCI Communication Services ETF** | **GLOBAL X PureCap<sup>SM</sup> MSCI Communication Services ETF** | **GLOBAL X PureCap<sup>SM</sup> MSCI Communication Services ETF** |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| **Global X PureCap<sup>SM</sup> MSCI Consumer Discretionary ETF** | **Global X PureCap<sup>SM</sup> MSCI Consumer Discretionary ETF** | **Global X PureCap<sup>SM</sup> MSCI Consumer Discretionary ETF** | **Global X PureCap<sup>SM</sup> MSCI Consumer Discretionary ETF** | **Global X PureCap<sup>SM</sup> MSCI Consumer Discretionary ETF** | **Global X PureCap<sup>SM</sup> MSCI Consumer Discretionary ETF** |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| **Global X PureCap<sup>SM</sup> MSCI Consumer Staples ETF** | **Global X PureCap<sup>SM</sup> MSCI Consumer Staples ETF** | **Global X PureCap<sup>SM</sup> MSCI Consumer Staples ETF** | **Global X PureCap<sup>SM</sup> MSCI Consumer Staples ETF** | **Global X PureCap<sup>SM</sup> MSCI Consumer Staples ETF** |  |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| **Global X PureCap<sup>SM</sup> MSCI Energy ETF** | **Global X PureCap<sup>SM</sup> MSCI Energy ETF** | **Global X PureCap<sup>SM</sup> MSCI Energy ETF** | **Global X PureCap<sup>SM</sup> MSCI Energy ETF** | **Global X PureCap<sup>SM</sup> MSCI Energy ETF** |  |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| **Global X Pure Cap<sup>SM</sup> MSCI Information Technology ETF** | **Global X Pure Cap<sup>SM</sup> MSCI Information Technology ETF** | **Global X Pure Cap<sup>SM</sup> MSCI Information Technology ETF** | **Global X Pure Cap<sup>SM</sup> MSCI Information Technology ETF** | **Global X Pure Cap<sup>SM</sup> MSCI Information Technology ETF** | **Global X Pure Cap<sup>SM</sup> MSCI Information Technology ETF** |
| 0.00% | 0.00% | 00.00% | 00.00% | 0.00% | 0.00% |
| **Global X U.S. 500 ETF** | **Global X U.S. 500 ETF** | **Global X U.S. 500 ETF** | **Global X U.S. 500 ETF** | **Global X U.S. 500 ETF** |  |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| **Global X U.S. Natural Gas ETF** | **Global X U.S. Natural Gas ETF** | **Global X U.S. Natural Gas ETF** | **Global X U.S. Natural Gas ETF** | **Global X U.S. Natural Gas ETF** |  |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |

---

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

*165*

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**Notice to Shareholders (UNAUDITED)**

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Government**<br> **Interest**<sup>(3)</sup> | **Interest Related**<br> **Dividends**<sup>(4)</sup> | **Short Term**<br> **Capital Gain**<br> **Dividends** <sup>(5)</sup> | **Qualifying**<br> **Business**<br> **Income**<sup>(6)</sup> | **Foreign Tax**<br> **Credit** |
| **Global X MLP ETF** | **Global X MLP ETF** | **Global X MLP ETF** | **Global X MLP ETF** | **Global X MLP ETF** |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| **Global X MLP & Energy Infrastructure ETF** | **Global X MLP & Energy Infrastructure ETF** | **Global X MLP & Energy Infrastructure ETF** | **Global X MLP & Energy Infrastructure ETF** | **Global X MLP & Energy Infrastructure ETF** |
| 0.00% | 0.53% | 0.00% | 0.00% | 0.00% |
| **Global X Alternative Income ETF** | **Global X Alternative Income ETF** | **Global X Alternative Income ETF** | **Global X Alternative Income ETF** | **Global X Alternative Income ETF** |
| 0.00% | 0.14% | 0.00% | 0.00% | 0.00% |
| **Global X Conscious Companies ETF** | **Global X Conscious Companies ETF** | **Global X Conscious Companies ETF** | **Global X Conscious Companies ETF** | **Global X Conscious Companies ETF** |
| 0.00% | 0.33% | 0.00% | 0.00% | 0.00% |
| **Global X U.S. Preferred ETF** | **Global X U.S. Preferred ETF** | **Global X U.S. Preferred ETF** | **Global X U.S. Preferred ETF** | **Global X U.S. Preferred ETF** |
| 0.08% | 1.22% | 0.00% | 3.68% | 0.00% |
| **Global X S&P 500**<sup>®</sup> **Quality Dividend ETF** | **Global X S&P 500**<sup>®</sup> **Quality Dividend ETF** | **Global X S&P 500**<sup>®</sup> **Quality Dividend ETF** | **Global X S&P 500**<sup>®</sup> **Quality Dividend ETF** | **Global X S&P 500**<sup>®</sup> **Quality Dividend ETF** |
| 0.00% | 0.11% | 0.00% | 0.00% | 0.00% |
| **Global X Adaptive U.S. Factor ETF** | **Global X Adaptive U.S. Factor ETF** | **Global X Adaptive U.S. Factor ETF** | **Global X Adaptive U.S. Factor ETF** | **Global X Adaptive U.S. Factor ETF** |
| 0.00% | 0.11% | 0.00% | 3.22% | 0.00% |
| **Global X Variable Rate Preferred ETF** | **Global X Variable Rate Preferred ETF** | **Global X Variable Rate Preferred ETF** | **Global X Variable Rate Preferred ETF** | **Global X Variable Rate Preferred ETF** |
| 0.00% | 1.05% | 0.00% | 0.00% | 0.00% |
| **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** |
| 20.85% | 15.36% | 0.00% | 3.56% | 0.00% |
| **Global X 1-3 Month T-Bill ETF** | **Global X 1-3 Month T-Bill ETF** | **Global X 1-3 Month T-Bill ETF** | **Global X 1-3 Month T-Bill ETF** | **Global X 1-3 Month T-Bill ETF** |
| 100.00% | 99.71% | 100.00% | 0.00% | 0.00% |
| **Global X U.S. Cash Flow Kings 100 ETF** | **Global X U.S. Cash Flow Kings 100 ETF** | **Global X U.S. Cash Flow Kings 100 ETF** | **Global X U.S. Cash Flow Kings 100 ETF** | **Global X U.S. Cash Flow Kings 100 ETF** |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| **Global X Short-Term Treasury Ladder ETF** | **Global X Short-Term Treasury Ladder ETF** | **Global X Short-Term Treasury Ladder ETF** | **Global X Short-Term Treasury Ladder ETF** | **Global X Short-Term Treasury Ladder ETF** |
| 100.00% | 99.61% | 0.00% | 0.00% | 0.00% |
| **Global X Intermediate-Term Treasury Ladder ETF** | **Global X Intermediate-Term Treasury Ladder ETF** | **Global X Intermediate-Term Treasury Ladder ETF** | **Global X Intermediate-Term Treasury Ladder ETF** | **Global X Intermediate-Term Treasury Ladder ETF** |
| 100.00% | 99.66% | 0.00% | 0.00% | 0.00% |
| **Global X Long-Term Treasury Ladder ETF** | **Global X Long-Term Treasury Ladder ETF** | **Global X Long-Term Treasury Ladder ETF** | **Global X Long-Term Treasury Ladder ETF** | **Global X Long-Term Treasury Ladder ETF** |
| 100.00% | 99.73% | 100.00% | 0.00% | 0.00% |
| **GLOBAL X Pure Cap<sup>SM</sup> MSCI Communication Services ETF** | **GLOBAL X Pure Cap<sup>SM</sup> MSCI Communication Services ETF** | **GLOBAL X Pure Cap<sup>SM</sup> MSCI Communication Services ETF** | **GLOBAL X Pure Cap<sup>SM</sup> MSCI Communication Services ETF** | **GLOBAL X Pure Cap<sup>SM</sup> MSCI Communication Services ETF** |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| **Global X Pure Cap<sup>SM</sup> MSCI Consumer Discretionary ETF** | **Global X Pure Cap<sup>SM</sup> MSCI Consumer Discretionary ETF** | **Global X Pure Cap<sup>SM</sup> MSCI Consumer Discretionary ETF** | **Global X Pure Cap<sup>SM</sup> MSCI Consumer Discretionary ETF** | **Global X Pure Cap<sup>SM</sup> MSCI Consumer Discretionary ETF** |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| **Global X Pure Cap<sup>SM</sup> MSCI Consumer Staples ETF** | **Global X Pure Cap<sup>SM</sup> MSCI Consumer Staples ETF** | **Global X Pure Cap<sup>SM</sup> MSCI Consumer Staples ETF** | **Global X Pure Cap<sup>SM</sup> MSCI Consumer Staples ETF** | **Global X Pure Cap<sup>SM</sup> MSCI Consumer Staples ETF** |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| **Global X Pure Cap<sup>SM</sup> MSCI Energy ETF** | **Global X Pure Cap<sup>SM</sup> MSCI Energy ETF** | **Global X Pure Cap<sup>SM</sup> MSCI Energy ETF** | **Global X Pure Cap<sup>SM</sup> MSCI Energy ETF** | **Global X Pure Cap<sup>SM</sup> MSCI Energy ETF** |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| **Global X Pure Cap<sup>SM</sup> MSCI Information Technology ETF** | **Global X Pure Cap<sup>SM</sup> MSCI Information Technology ETF** | **Global X Pure Cap<sup>SM</sup> MSCI Information Technology ETF** | **Global X Pure Cap<sup>SM</sup> MSCI Information Technology ETF** | **Global X Pure Cap<sup>SM</sup> MSCI Information Technology ETF** |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| **Global X U.S. 500 ETF** | **Global X U.S. 500 ETF** | **Global X U.S. 500 ETF** | **Global X U.S. 500 ETF** | **Global X U.S. 500 ETF** |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| **Global X Natural Gas ETF** | **Global X Natural Gas ETF** | **Global X Natural Gas ETF** | **Global X Natural Gas ETF** | **Global X Natural Gas ETF** |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |

---

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

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

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

*166*

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**Notice to Shareholders (UNAUDITED)**

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

*167*

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**Other Information (Form N-CSR Items 8-11) (Unaudited)**

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

Not applicable.

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

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

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

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

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

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

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

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

**Renewal and Approval of Investment Advisory Agreement**

Section 15(c) of the Investment Company Act of 1940, as amended ("1940 Act"), requires that the board of trustees of an exchange-traded fund ("ETF"), including a majority of those trustees who are not "interested persons" of the ETF, as defined in the 1940 Act ("Independent Trustees"), consider on an initial basis and periodically thereafter (as required by the 1940 Act), at an in-person meeting called for such purpose, the terms of each ETF's investment advisory agreement and whether to approve entering into, or renewing, each agreement.

At Board meetings (the "New Fund Board Meetings") of the Global X Funds (the "Trust") held on March 4, 2025, with respect to the Global X PureCap<sup>SM</sup> MSCI Consumer Discretionary ETF, Global X PureCap<sup>SM</sup> MSCI Communication Services ETF, and Global X PureCap<sup>SM</sup> MSCI Information Technology ETF, May 22, 2025, with respect to the Global X PureCap<sup>SM</sup> MSCI Consumer Staples ETF, Global X PureCap<sup>SM</sup> MSCI Energy ETF, and Global X U.S. 500 ETF, and July 31, 2025 with respect to the Global X U.S. Natural Gas ETF (each a "New Fund," and together the "New Funds"), the Board of Trustees (the "Board") (including the Trust's Independent Trustees, voting separately) considered and unanimously approved (i) the initial Investment Advisory Agreement (the "New Investment

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**Other Information (Form N-CSR Items 8-11) (Unaudited) (Continued)**

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Advisory Agreement"); and (ii) the initial Supervision and Administration Agreement (the "New Supervision and Administration Agreement") between the Trust, on behalf of each New Fund, and Global X Management Company LLC ("Global X Management"). The New Investment Advisory Agreement and New Supervision and Administration Agreement are referred to collectively as the "New Fund Agreements."

At a Board meeting of the Trust held on November 20, 2025 (the "November Board Meeting" and together with the New Fund Board Meetings, the "Board Meetings"), called for such purpose, the Board (including the Trust's Independent Trustees, voting separately) also considered and unanimously approved the continuation of (i) the Investment Advisory Agreement ("Renewal Investment Advisory Agreement") for each Fund (each a "Renewal Fund" and together, the "Renewal Funds") included in this Form N-CSR; and (ii) the Supervision and Administration Agreement ("Renewal Supervision and Administration Agreement"), each between the Trust, on behalf of each Renewal Fund, and Global X Management. The Renewal Investment Advisory Agreement and the Renewal Supervision and Administration Agreement are referred to herein as the "Renewal Agreements."

In advance of the Board Meetings, the Board (including the Trust's Independent Trustees) and the Independent Trustees' independent legal counsel requested (in writing) detailed information from Global X Management in connection with the Board's consideration of the Renewal Agreements and New Fund Agreements and received and reviewed written responses from Global X Management and supporting materials relating to those requests for information. In the course of their consideration of the Renewal Agreements and New Fund Agreements, the Trust's Independent Trustees were advised by their independent legal counsel and, in addition to meetings with management of Global X Management, the Independent Trustees met separately in executive sessions with their counsel.

**NEW FUND AGREEMENTS**

In determining to approve the New Fund Agreements for each New Fund, the Board considered a variety of factors, including the factors discussed in greater detail below.

**Nature, Extent and Quality of Services**

The Board considered the nature, extent and quality of all of the services (including advisory, administrative and compliance services) that are proposed to be provided by Global X Management or made available to the New Funds. With respect to this factor, the Board considered:

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**Other Information (Form N-CSR Items 8-11) (Unaudited) (Continued)**

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&nbsp;&nbsp;&nbsp;&nbsp;• the terms of the New Fund Agreements and the range of services proposed to be
 provided to the New Funds in accordance with the New Fund Agreements;

• Global X Management's key personnel and the portfolio managers who would provide investment
 advisory, supervision and administrative services to the New Funds;

• Global X Management's responsibilities under the New Fund Agreements to, among other
 things, (i) manage the investment operations of the New Funds and the composition of the New Funds' assets, including
 the purchase, retention and disposition of its holdings, (ii) provide quarterly reports to the Trust's officers and
 the Board and other reports as the Board deems necessary or appropriate, (iii) vote proxies, exercise consents, and exercise
 all other rights relating to securities and assets held by the New Funds, (iv) select broker-dealers to execute portfolio
 transactions for the New Funds when necessary, (v) assist in the preparation and filing of reports and proxy statements (if
 any) to the shareholders of the New Funds, and the periodic updating of the registration statements, prospectuses, statements
 of additional information, and other reports and documents for the New Funds that are required to be filed by the Trust with
 the U.S. Securities and Exchange Commission ("SEC") and other regulatory or governmental bodies, and (vi) monitor
 anticipated purchases and redemptions of the shares (including Creation Units) of the New Funds by shareholders and new investors;

• each New Fund's investment strategies and Global X Management's experience with
 such strategies, including with respect to any unique aspect of its strategies; and

• the quality of Global X Management's resources and personnel that would be made available
 to the New Funds, including Global X Management's experience and the professional qualifications of Global X Management's
 key personnel.

Based on these considerations, the Board concluded at the New Fund Board Meetings that it was satisfied with the nature, extent and quality of the services proposed to be provided to the New Funds by Global X Management.

**Performance**

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

**Cost of Services and Profitability**

The Board considered Global X Management's expected costs to provide investment management, supervision and administrative and related services to each New Fund. With respect to this factor, the Board considered:

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**Other Information (Form N-CSR Items 8-11) (Unaudited) (Continued)**

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&nbsp;&nbsp;&nbsp;&nbsp;• the management fee (including the proposed investment advisory fee) ("Management Fee")
 that was proposed to be borne by each New Fund under the respective New Fund Agreement for the various investment advisory,
 supervisory and administrative services that the New Funds require under a unitary fee structure (including the types of fees
 and expenses that are not included within the unitary fee and would be borne by the New Funds); and

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

Based on these considerations, the Board concluded that the proposed Management Fee to be paid by each New Fund to Global X Management, in light of the nature, extent and quality of the services to be provided, was reasonable and in the best interests of each New Fund's shareholders.

**Comparison of Fees and Services**

The Board considered the fees that were proposed to be charged to the New Funds for advisory services. With respect to this factor, the Board considered:

&nbsp;&nbsp;&nbsp;&nbsp;• comparative information with respect to the proposed Management Fee to be paid
 to Global X Management by each New Fund. In connection with this consideration, Global X Management provided the Board with
 comparative expense data for each New Fund, including fees and expenses paid by unaffiliated similar specialized and/or focused
 ETFs, and/or other similar registered funds. The Board considered Global X Management's detailed explanation of the
 proposed fee structures of the New Funds compared to the average and median of each New Fund's peer group. With respect
 to the Global X PureCap<sup>SM</sup> MSCI Consumer Discretionary ETF, Global X PureCap<sup>SM</sup>MSCI Communication Services
 ETF, Global X PureCap<sup>SM</sup>MSCI Information Technology ETF, Global X PureCap<sup>SM</sup>MSCI Consumer Staples ETF,
 Global X PureCap<sup>SM</sup>MSCI Energy ETF, at the respective New Fund Board Meetings, the Board noted that each New Fund's
 proposed Management Fee was 5 basis points higher than the peer group average and 17 basis points higher than the peer group
 median and its total expenses were expected to be 4 basis points higher than the peer group average and 16 basis points higher
 than the peer group median, and that Global X Management believed that the proposed fees and expenses were appropriate in
 light of the operational complexities of each New Fund and the increased exposure to specific sectors and were in line with
 the range of fees and expenses of the comparable funds. With respect to the Global X U.S. Natural Gas ETF, the Board noted
 that the New Fund's proposed Management Fee was 2 basis points lower than the peer group average and 5 basis points
 higher than the peer group median and its total expenses were expected to be 6 basis points lower than the peer group average
 and 5 basis points higher than the peer group median, and that Global X Management believed

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**Other Information (Form N-CSR Items 8-11) (Unaudited) (Continued)**

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| | |
|:---|:---|
|  | the proposed fees and expenses were in line with the range of fees and expenses of the comparable funds; |
| • | the structure of the proposed unitary Management Fee (which includes as one component the proposed investment advisory fee for the New Funds) and the expected total expense ratios for each New Fund. In this regard, the Board took into consideration that the purpose of adopting a unitary Management Fee structure for the New Funds was to create a simple, all-inclusive fee that would provide a level of predictability with respect to the overall expense ratios (i.e., the total fees) of the New Funds and that the proposed Management Fee for each New Fund was set at a competitive level to make the New Fund viable in the marketplace; and |
| • | that, under the proposed unified Management Fee structure, Global X Management would be responsible for most ordinary expenses of the New Funds, including the costs of various third-party services required by the New Funds, including investment advisory, administrative, audit, certain custody, portfolio accounting, legal, transfer agency and printing costs, but that each New Fund would bear other expenses not covered under the proposed all-inclusive Management Fee, such as taxes, brokerage fees, commissions, and other transaction expenses, interest expenses, and extraordinary expenses. |

---

Based on these considerations, the Board concluded at the New Fund Board Meetings that the services to be received and the fees to be charged under the applicable New Fund Agreements were reasonable on a comparative basis.

**Economies of Scale**

The Board considered the extent to which economies of scale would be realized as the New Funds grow and whether the proposed unitary Management Fee for each New Fund reflected these economies of scale. With respect to this factor, the Board considered:

&nbsp;&nbsp;&nbsp;&nbsp;• the significant investment of time, personnel and other resources that Global
 X Management intends to make in the New Funds in seeking to assure that the New Funds are attractive to investors; and

• that the proposed unitary Management Fee would provide a high level of certainty as to the
 total level of expenses for each New Fund and its shareholders.

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

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**Other Information (Form N-CSR Items 8-11) (Unaudited) (Continued)**

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**Other Benefits**

In considering each New Fund Agreement, in addition to the factors discussed above, the Board considered other benefits that may be realized by Global X Management as a result of its relationship with the New Funds.

**Conclusion**

After full consideration of the factors above, as well as other factors that were instructive in their consideration, the Board, including all of the Trust's Independent Trustees voting separately, concluded, in the exercise of its business judgement, that the New Fund Agreements were fair and reasonable and in the best interest of the New Funds.

In reaching this decision, the Board did not assign relative weights to the factors above nor did the Board deem any one factor or group of them to be controlling in and of themselves. Each member of the Board may have assigned different weights to the various factors.

**RENEWAL AGREEMENTS**

In determining to approve the continuation of the Renewal Agreements for each Renewal Fund, the Board considered a variety of factors, including the factors discussed in greater detail below.

**Nature, Extent and Quality of Services**

The Board considered the nature, extent and quality of all of the services (including advisory, administrative and compliance services) that have been provided by Global X Management or made available to the Renewal Funds. With respect to this factor, the Board considered:

&nbsp;&nbsp;&nbsp;&nbsp;• the terms of the Renewal Agreements and the range of services that would continue
 to be provided to each Renewal Fund in accordance with the Renewal Agreements;

• Global X Management's key personnel and the portfolio managers who would continue to
 provide investment advisory, supervision and administrative services to each Renewal Fund;

• Global X Management's responsibilities under the Renewal Agreements, among other things,
 to: (i) manage the investment operations of the Renewal Funds and the composition of the Renewal Funds' assets, including
 the purchase, retention and disposition of their holdings, (ii) provide quarterly reports to the Trust's officers and
 the Board and other reports as the Board deems necessary or appropriate, (iii) vote proxies, exercise consents, and exercise
 all other rights relating to securities and assets held by the Renewal Funds, (iv) select broker-dealers to execute portfolio
 transactions for the Renewal Funds when necessary, (v) assist in the preparation and filing of reports and proxy statements
 (if any) to the shareholders of the Renewal Funds, and the

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**Other Information (Form N-CSR Items 8-11) (Unaudited) (Continued)**

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| | |
|:---|:---|
|  | periodic updating of the registration statement, prospectuses, statements of additional information, and other reports and documents for the Renewal Funds that are required to be filed by the Trust with the SEC and other regulatory and governmental bodies, and (vi) monitor anticipated purchases and redemptions of the shares (including Creation Units) of the Renewal Funds by shareholders and new investors; |
| • | each Renewal Fund's investment strategies and, with respect to the Renewal Funds that invest in unique types of investments, Global X Management's experience in investing in such instruments and the additional services required to implement such investments; and |
| • | the quality of Global X Management's resources and personnel that would continue to be made available to the Renewal Funds, including Global X Management's experience and the professional qualifications of Global X Management's key personnel. |

---

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Renewal Funds by Global X Management.

**Performance**

The Board considered the performance of each Renewal Fund. They examined the performance of the Renewal Funds for the one-year, three-year, five-year and since-inception periods, as applicable. Also, the Board considered the total return and investment performance of the Renewal Funds relative to (i) the performance of unaffiliated comparable ETFs and/or other registered funds, which performance information is publicly available from such registered funds, as well as other third-party sources; and (ii) the performance of pertinent indexes. The Board considered instances of underperformance and overperformance with respect to the competitor funds. Specifically, the Board considered:

&nbsp;&nbsp;&nbsp;&nbsp;• the performance of each Renewal Fund in absolute terms and compared to its
 broad-based and additional performance benchmark or underlying index (as applicable) for the one-, three-, and five-year
 or since-inception periods;

• the tracking error of the Renewal Funds and the performance of each Renewal Fund compared
 against its underlying index. For Renewal Funds that experienced significant tracking error, the Board considered Global X
 Management's explanation for such tracking error, including whether the Renewal Fund uses a replication strategy or
 a representative sampling strategy to seek investment results that correspond to the underlying index, the frequency with
 which the Renewal Fund's underlying index

*174*

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**Other Information (Form N-CSR Items 8-11) (Unaudited) (Continued)**

------

is rebalanced, and whether the Renewal Fund participates in a securities lending program; and <br>• the impact of prevailing market conditions on the performance of each Renewal Fund in light of the Renewal Fund's investment objective.

With respect to the following Renewal Funds, the Board noted that:

&nbsp;&nbsp;&nbsp;&nbsp;• the Global X U.S. Preferred ETF had returned negative performance for the one-year
 period ending September 30, 2025, but that the Renewal Fund's performance was positive for the three- and five-year
 periods and that for each of those periods, the Renewal Fund's performance was in line with that of its underlying index;

• the Global X S&P 500 Quality Dividend ETF had returned negative performance for the one-year
 period ending September 30, 2025, but that the Renewal Fund's performance was positive for the three- and five-year
 periods and that for each of those periods, the Renewal Fund's performance was in line with that of its underlying index;

• the Global X Long-Term Treasury Ladder ETF had returned negative performance for the one-year
 and since-inception periods ending September 30, 2025, but that the Renewal Fund had limited performance history and that
 for each of those periods, the Renewal Fund outperformed its underlying index;

• the Global X PureCap<sup>SM</sup>MSCI Consumer Staples ETF had returned negative performance
 for the since-inception period ending September 30, 2025, but that the Renewal Fund had limited performance history and that
 the Renewal Fund's performance was in line with that of its underlying index; and

• as of September 30, 2025, the Global X U.S. 500 ETF and Global X U.S. Natural Gas ETF were
 new funds and meaningful data relating to the investment performance of those Renewal Funds was not available.

Based on these considerations and comparisons, the Board concluded that the investment performance of the Renewal Funds did not adversely affect the Board's approval of the continuance of the Renewal Agreements.

**Cost of Services and Profitability**

The Board considered Global X Management's cost to provide investment management, supervision and administrative and related services to the Renewal Funds. In this regard, the Board considered the management fee ("Management Fee") that has been borne or is expected to be borne by the Renewal Funds under the Renewal Agreements for the various investment advisory, supervisory and administrative services that the Renewal Funds require under a unitary fee structure (including the types of fees and expenses that are not

*175*

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**Other Information (Form N-CSR Items 8-11) (Unaudited) (Continued)**

------

included within the unitary fee and would be borne by the Renewal Funds). The Board also considered that, for certain Renewal Funds that had invested in affiliated acquired funds, Global X Management bore the costs of such acquired fund fees and expenses.

In addition, the Board considered expected profitability to Global X Management, as applicable, from all services provided or expected to be provided to the Renewal Funds, and all aspects of Global X Management's relationship with the Renewal Funds. In connection with these considerations, Global X Management provided the Board with financial information regarding its operations and the services provided to the Renewal Funds and discussed with the Board its current and expected profitability, as applicable, with respect to the Renewal Funds.

Based on these considerations, the Board concluded that the Management Fee rate paid by the Renewal Funds to Global X Management, in light of the nature, extent and quality of the services provided, was reasonable and in the best interests of the Renewal Funds' shareholders.

**Comparison of Fees and Services**

The Board considered fees charged to the Renewal Funds for advisory services. With respect to this factor, the Board considered:

&nbsp;&nbsp;&nbsp;&nbsp;• comparative information with respect to the Management Fee paid to Global X Management
 by the Renewal Funds. In connection with this consideration, Global X Management provided the Board with comparative expense
 data for the Renewal Funds, including fees and expenses paid by unaffiliated similar specialized and/or focused ETFs and/or
 other comparable registered funds;

• the structure of the unitary Management Fee (which includes as one component the investment
 advisory fee for the Renewal Funds) and the current total expense ratios for the Renewal Funds. In this regard, the Board
 took into consideration the competitive market of each Renewal Fund and that the purpose of adopting a unitary Management
 Fee structure for the Renewal Funds was to create a simple, all-inclusive fee that would provide a level of predictability
 with respect to the overall expense ratio (i.e., the total fees) of the Renewal Funds and that the proposed Management Fee
 for each Renewal Fund was set at a competitive level to make the Renewal Funds viable in the marketplace; and

• that, under the unified Management Fee structure, Global X Management is responsible for most
 ordinary expenses of the Renewal Funds, including the costs of various third-party services required by the Renewal Funds,
 including investment advisory, administrative, audit, certain custody, portfolio accounting, legal, transfer agency and printing
 costs, but each Renewal Fund would bear other expenses not covered under the proposed all-inclusive Management Fee, such as
 taxes, brokerage fees,

*176*

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Other Information (Form N-CSR Items 8-11) (Unaudited) (Continued)

------

commissions, and other transaction expenses, interest expenses, and extraordinary expenses.

With respect to the following Renewal Funds, the Board noted that:

&nbsp;&nbsp;&nbsp;&nbsp;• the Global X Conscious Companies ETF's Management Fee 25 was basis points
 higher than the peer group average and 28 basis points higher than the peer group median and its total expenses were 24 basis
 points higher than the peer group average and 28 basis points higher than the peer group median, and that Global X Management
 believed the fees and expenses were appropriate in light of the Renewal Fund's differentiated approach and the analytical
 nature of the underlying index, and that the fees and expenses were within the range of the fees and expenses of the comparable
 funds;

• the Global X Short-Term Treasury Ladder ETF's Management Fee and total expenses were
 4 basis points higher than the peer group average and 7 basis points higher than the peer group median, respectively, and
 that Global X Management believed the fees and expenses were within the range of the fees and expenses of the comparable funds;

• the Global X Intermediate-Term Treasury Ladder ETF's Management Fee and total expenses
 were 4 basis points higher than the peer group average and 7 basis points higher than the peer group median, respectively,
 and that Global X Management believed the fees and expenses were within the range of the fees and expenses of the comparable
 funds;

• the Global X Long-Term Treasury Ladder ETF's Management Fee and total expenses were
 4 basis points higher, respectively, than the peer group average and 7 basis points higher than the peer group median, and
 that Global X Management believed the fees and expenses were within the range of the fees and expenses of the comparable funds;

• the Global X PureCap<sup>SM</sup> MSCI Consumer Staples ETF's Management Fee was 6 basis
 points higher than the peer group average and 17 basis points higher than the peer group median and its total expenses were
 5 basis points lower than the peer group average and 6 basis points higher than the peer group median, and that Global X Management
 had agreed to extend the expense limitation in place for the Renewal Fund and believed the fees and expenses were appropriate
 in light of the Renewal Fund's operational complexities and increased exposure to specific sectors, and that the fees
 and expenses were within the range of the comparable funds;

• the Global X PureCap<sup>SM</sup> MSCI Energy ETF's Management Fee was 6 basis points
 higher than the peer group average and 17 basis points higher than the peer group median and its total expenses were 5 basis
 points lower than the peer group average and 6 basis points higher than the peer group median, and that Global X Management
 had agreed to extend the expense limitation in place for the Renewal Fund, and that Global X Management believed the fees
 and expenses were appropriate in light of the

*177*

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**Other Information (Form N-CSR Items 8-11) (Unaudited) (Continued)**

------

Renewal Fund's operational complexities and increased exposure to specific sectors and were within the range of the fees and expenses of the comparable funds;

&nbsp;&nbsp;&nbsp;&nbsp;• the Global X PureCap<sup>SM</sup> MSCI Communication Services ETF's Management
 Fee was 6 basis points higher than the peer group average and 17 basis points higher than the peer group median and its total
 expenses were 5 basis points lower than the peer group average and 6 basis points higher than the peer group median, and that
 Global X Management had agreed to extend the expense limitation in place for the Renewal Fund, and that Global X Management
 believed the fees and expenses were appropriate in light of the Renewal Fund's operational complexities and increased
 exposure to specific sectors and were within the range of the fees and expenses of the comparable funds;

• the Global X PureCap<sup>SM</sup> MSCI Consumer Discretionary ETF's Management Fee was
 6 basis points higher than the peer group average and 17 basis points higher than the peer group median and its total expenses
 were 5 basis points lower than the peer group average and 6 basis points higher than the peer group median, and that Global
 X Management had agreed to extend the expense limitation in place for the Renewal Fund, and that Global X Management believed
 the fees and expenses were within the range of the fees and expenses of the comparable funds;

• the Global X PureCap<sup>SM</sup> MSCI Information Technology ETF's Management Fee
 was 6 basis points higher than the peer group average and 17 basis points higher than the peer group median and its total
 expenses were 5 basis points lower than the peer group average and 6 basis points higher than the peer group median, and
 that Global X Management had agreed to extend the expense limitation in place for the Renewal Fund, and that Global X
 Management believed the fees and expenses were within the range of the fees and expenses of the comparable funds;
 and

• the Global X U.S. Natural Gas ETF's Management Fee was 5 basis points lower than the
 peer group average and 5 basis points higher than the peer group median and its total expenses were 8 basis points lower than
 the peer group average and 4 basis points lower than the peer group median, and that Global X Management believed the fees
 and expenses were within the range of the fees and expenses of the comparable funds.

Based on these considerations, the Board concluded that the services received and the fees charged under the Renewal Agreements were reasonable on a comparative basis.

**Economies of Scale**

The Board considered the existence of any economies of scale and the extent to which economies of scale would be realized as the Renewal Funds grow and whether the unitary Management Fee for the Renewal Funds reflected these economies of scale, including

*178*

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**Other Information (Form N-CSR Items 8-11) (Unaudited) (Concluded)**

------

through the implementation of expense limitations. With respect to this factor, the Board also considered:

&nbsp;&nbsp;&nbsp;&nbsp;• the significant investment of time, personnel and other resources that Global
 X Management has made and intends to continue to make in the Renewal Funds in seeking to assure that the Renewal Funds are
 attractive to investors;

• with respect to the Global X PureCap<sup>SM</sup> MSCI Consumer Discretionary ETF, Global
 X PureCap<sup>SM</sup> MSCI Communication Services ETF, and Global X PureCap<sup>SM</sup> MSCI Information Technology ETF,
 Global X PureCap<sup>SM</sup> MSCI Consumer Staples ETF and Global X PureCap<sup>SM</sup> MSCI Energy ETF, that Global X
 Management had agreed to extend the expense limitation in place for each Renewal Fund; and

• that the unitary Management Fee would provide a high level of certainty as to the total level
 of expenses for the Renewal Funds and their shareholders.

Based on these considerations, the Board concluded that the unitary Management Fee for the Renewal Funds appropriately addressed economies of scale.

**Other Benefits**

In considering the Renewal Agreements, in addition to the factors above, the Board considered any other benefits realized by Global X Management as a result of its relationship with the Renewal Funds.

**Conclusion**

After full consideration of the factors above, as well as other factors that were instructive in its consideration, the Board, including all of the Trust's Independent Trustees voting separately, concluded, in the exercise of its business judgement, that the Renewal Agreements were fair and reasonable and in the best interest of each Renewal Fund.

In reaching this decision, the Board did not assign relative weights to the factors above nor did the Board deem any one factor or group of them to be controlling in and of themselves. Each member of the Board may have assigned different weights to the various factors.

*179*

![](logom4.jpg)

605 3rd Avenue, 43rd Floor

New York, NY 10158

1-888-493-8631

www.globalxetfs.com

**Investment Adviser and Administrator:**

Global X Management Company LLC

605 3rd Avenue, 43rd Floor

New York, NY 10158

**Distributor:**

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

**Sub-Administrator:**

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

**Counsel for Global X Funds and the Independent Trustees:**

Stradley Ronon Stevens & Young, LLP

2000 K Street, N.W.

Suite 700

Washington, DC 20006

**Custodians and Transfer Agents:**

Brown Brothers Harriman & Co.

40 Water Street

Boston, MA 02109

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

**Independent Registered Public Accounting Firm:**

PricewaterhouseCoopers LLP

Two Commerce Square

Suite 1800

2001 Market Street

Philadelphia, PA 19103

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

GLX-AR-006-1300

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

Included under Item 7.

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

Included under Item 7.

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

Included under Item 7.

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

Included under Item 7.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

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

**Item 16. Controls and Procedures.**

(a) The certifying officers, whose certifications are included herewith, have evaluated the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) within 90 days of the filing date of this report. In their opinion, based on their evaluation, the registrant's disclosure controls and procedures are adequately designed, and are operating effectively to ensure, that information required to be disclosed by the registrant in the reports it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

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

Not applicable.

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

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

[(a)(1) Code of Ethics attached hereto.](c115249_ex99-codeeth.htm)

(a)(2) Not applicable.

[(a)(3) A separate certification for the principal executive officer and the principal financial officer of the registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), are filed herewith.](c115249_ex99-cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) Officer certifications as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as exhibits.](c115249_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | Global X Funds |
| By (Signature and Title) | /s/ Ryan O'Connor |
|  | Ryan O'Connor |
|  | Principal Executive Officer |

---

Date: February 5, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

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

---

Date: February 5, 2026

---

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

---

Date: February 5, 2026

## Ex-99.Code

**Exhibit 99.CODE ETH**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

## Ex-99.Cert

**Exhibit 99.CERT**

**CERTIFICATION**

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

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

I, Ryan O'Connor, certify that:

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control
over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the Registrant's internal control over financial reporting; and

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

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

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

Date: February 5, 2026

/s/ Ryan O'Connor

Ryan O'Connor

Principal Executive Officer

**CERTIFICATION**

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

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

I, Eric Olsen, certify that:

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control
over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the Registrant's internal control over financial reporting; and

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

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

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

Date: February 5, 2026

/s/ Eric Olsen

Eric Olsen

Principal Financial Officer

## Exhibit 99.906

**Exhibit 99.906 CERT**

**CERTIFICATION**

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

**of the Sarbanes-Oxley Act of 2002**

The undersigned, Ryan O'Connor, the Principal Executive Officer of the Global X Funds (the "Fund"), with respect to the Fund's Form N-CSR for the period ended November 30, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

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

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

Dated: February 5, 2026

---

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

---

**CERTIFICATION**

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

**of the Sarbanes-Oxley Act of 2002**

The undersigned, Eric Olsen, the Principal Financial Officer of the Global X Funds (the "Fund"), with respect to the Fund's Form N-CSR for the period ended November 30, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

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

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

Dated: February 5, 2026

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

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