(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

Global X Emerging Markets ex-China ETF

Ticker: EMM

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: May 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global X Emerging Markets ex-China ETF	$39	0.77%

Key Fund Statistics as of May 31, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$18,488,263	46	$80,675	62.06%

What did the Fund invest in?

Asset/Country Weightings^{Footnote Reference*}

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

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Global X India Active ETF^{Footnote Reference**}			28.6%
Taiwan Semiconductor Manufacturing ADR			13.4%
Global X Brazil Active ETF^{Footnote Reference**}			7.3%
MediaTek			3.5%
Samsung Electronics GDR			2.5%
HD Hyundai Electric			2.1%
Shinhan Financial Group			1.9%
ADNOC Drilling PJSC			1.7%
Saudi National Bank			1.7%
Al Rajhi Bank			1.6%

Footnote	Description
Footnote^**	Affiliated Investment

Additional Information

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

1-888-493-8631
https://www.globalxetfs.com/funds/emm/

GX-SA-EMM-2025

Global X Funds

Global X Emerging Markets Great Consumer ETF

Ticker: EMC

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: May 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global X Emerging Markets Great Consumer ETF	$39	0.75%

Key Fund Statistics as of May 31, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$85,004,851	73	$352,883	31.81%

What did the Fund invest in?

Country Weightings^{Footnote Reference*}

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

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Taiwan Semiconductor Manufacturing ADR			10.7%
Tencent Holdings			4.6%
MediaTek			4.2%
Alibaba Group Holding			3.4%
Kolmar Korea			3.1%
ICICI Bank ADR			2.8%
Trip.com Group			2.4%
Xiaomi, Cl B			2.4%
Meituan, Cl B			2.2%
Apollo Hospitals Enterprise			2.2%

Additional Information

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

1-888-493-8631
https://www.globalxetfs.com/funds/emc/

GX-SA-EMC-2025

Global X Funds

Global X Emerging Markets Bond ETF

Ticker: EMBD

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: May 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global X Emerging Markets Bond ETF	$20	0.39%

Key Fund Statistics as of May 31, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$219,063,783	213	$413,456	15.01%

What did the Fund invest in?

Asset/Country Weightings^{Footnote Reference*}

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

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

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

Additional Information

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

1-888-493-8631
https://www.globalxetfs.com/funds/embd/

GX-SA-EMBD-2025

Global X Funds

Global X Brazil Active ETF

Ticker: BRAZ

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: May 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global X Brazil Active ETF	$39	0.76%

Key Fund Statistics as of May 31, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$4,570,017	24	$12,809	33.19%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

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

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Petroleo Brasileiro ADR			12.7%
Itau Unibanco Holding ADR			11.0%
NU Holdings, Cl A			10.6%
Vale ADR, Cl B			5.6%
Banco Bradesco ADR			5.3%
Itausa			4.7%
Banco BTG Pactual			4.5%
WEG			4.3%
Centrais Eletricas Brasileiras ADR			3.9%
Localiza Rent a Car			3.4%

Additional Information

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

1-888-493-8631
https://www.globalxetfs.com/funds/braz/

GX-SA-BRAZ-2025

Global X Funds

Global X India Active ETF

Ticker: NDIA

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: May 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global X India Active ETF	$37	0.75%

Key Fund Statistics as of May 31, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$42,255,958	29	$106,109	13.03%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

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

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
HDFC Bank			9.1%
Reliance Industries GDR			8.3%
ICICI Bank ADR			7.5%
Infosys ADR			5.6%
Axis Bank			5.3%
Larsen & Toubro			4.7%
Tata Consultancy Services			4.2%
United Spirits			3.9%
Bharti Airtel			3.9%
UltraTech Cement			3.4%

Additional Information

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

1-888-493-8631
https://www.globalxetfs.com/funds/ndia/

GX-SA-NDIA-2025

(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.

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

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.

As of May 31, 2025, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

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

As of May 31, 2025, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

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

As of May 31, 2025, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

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

Global X Funds (the “Trust”) is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. As of May 31, 2025, the Trust had one hundred six portfolios, ninety-five of which were operational. The financial statements herein and the related notes pertain to the Global X Emerging Markets ex-China ETF, Global X Emerging Markets Great Consumer ETF, Global X Emerging Markets Bond ETF, Global X Brazil Active ETF and Global X India Active ETF (each a “Fund”, and collectively, the “Funds”).

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

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

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

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

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

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

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

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

SECURITY VALUATION — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market (“NASDAQ”)), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm Eastern Standard Time if a security’s primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent mean between the quoted bid and asked prices, which approximates fair value (absent both bid and asked prices on such exchange, the bid price may be used).

For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. The prices for foreign securities are reported in local currencies and converted to U.S. dollars using currency exchange rates as of the reporting date. The exchange rates used by the Trust for valuation are captured as of the New York or London close each day.

Securities for which market prices are not “readily available” are valued in accordance with fair value procedures (the “Fair Value Procedures”) established by Global X Management Company LLC, the Funds’ investment adviser (the “Adviser”), and approved by the Board of Trustees of the Trust (the “Board”). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the “valuation designee” to determine the fair value of securities and other instruments for which no readily available market quotations are available. The Fair Value Procedures are implemented through a Fair Value Committee

(the “Committee”) of the Adviser. Some of the more common reasons that may necessitate that a security be valued using the Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from its primary trading exchange; the security’s primary trading market is temporarily closed at a time when, under normal conditions, it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, each Fund may fair value a security if an event that may materially affect the value of a Fund’s security that traded outside of the United States (a “Significant Event”) has occurred between the time of the security’s last close and the time that each Fund calculates its net asset value (“NAV”). A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If the Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate their NAVs, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably available to the Committee. As of May 31, 2025, there were no securities priced using the Fair Value Procedures.

If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less will be valued at their market value. Prices for most securities held by the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

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

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

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

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

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

DUE TO/FROM BROKERS — Due to/from brokers includes cash and collateral balances with the Funds’ clearing brokers or counterparties at May 31, 2025. The Funds continuously monitor the credit standing of each broker or counterparty with whom they conduct business. In the event a broker or counterparty is unable to fulfill its obligations, the Funds would be subject to counterparty credit risk.

FEDERAL INCOME TAXES — It is each Fund’s intention to qualify, or continue to qualify, as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended. Accordingly, no provisions for Federal income taxes have been made in the financial statements except as described below.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50%) that each tax position will be sustained upon examination by a taxing authority based

on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current period. The Funds did not record any tax positions in the current period; however, Management’s conclusions regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), and on-going analysis of and changes to tax laws and regulations, and interpretations thereof. Any foreign tax filings that have not been made will be filed within the prescribed period.

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

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

SECURITY TRANSACTIONS AND INVESTMENT INCOME – Security transactions are accounted for on the trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sale of investment securities are based on specific identification. Dividend income is recorded on the ex-dividend date. Interest income is recognized on the accrual basis from the settlement date. Amortization of premiums and accretion of discounts is included in interest income.

FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION – The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statements of Operations. Net realized and unrealized gains and losses on foreign currency transactions and translations represent net foreign exchange gains or losses from foreign currency spot contracts, disposition of foreign currencies, currency gains or losses realized between trade

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

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

CASH OVERDRAFT CHARGES – Per the terms of an agreement with The Bank of New York Mellon (“BNY”), the Funds’ custodian (“Custodian”), if a Fund has a cash overdraft, it will be charged interest at a rate then charged by BNY to its institutional custody clients in the relevant currency. Cash overdraft charges are included in custodian fees on the Statements of Operations.

CREATION UNITS – The Funds issue and redeem their shares (“Shares”) on a continuous basis at NAV and only in large blocks of Shares, referred to as “Creation Units”. Purchasers of Creation Units (each, an “Authorized Participant”) at NAV must pay a standard creation transaction fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an Authorized Participant on the same day.

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

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.

On July 2, 2018, the Adviser consummated a transaction pursuant to which it became an indirect, wholly-owned subsidiary of Mirae Asset Global Investments Co., Ltd. (“Mirae”). In this manner, the Adviser is ultimately controlled by Mirae.

The Adviser serves as the investment adviser and the administrator for the Funds. Subject to the supervision of the Board, the Adviser is responsible for managing the investment activities of the Funds and the Funds’ business affairs and other administrative matters and provides, or causes to be furnished, all supervisory, administrative and other services reasonably necessary for the operation of the Funds, including certain distribution services (provided pursuant to a separate distribution agreement), certain shareholder and distribution-related services (provided pursuant to a separate Rule 12b-1 Plan and related agreements) and investment advisory services (provided pursuant to a separate investment advisory agreement), under what is essentially an “all-in” fee structure.

For the Adviser’s service to the respective Funds, under a supervision and administration agreement (the “Supervision and Administration Agreement”), each Fund pays a monthly fee to the Adviser at the annual rate below (stated as a percentage of the average daily net assets of the Fund) (the “Supervision and Administration Fee”). In addition, the Funds bear other expenses, directly and indirectly, that are not covered by the Supervision and Administration Agreement, which may vary and affect the total expense ratios of the Funds, such as taxes, brokerage fees, commissions, certain custodian fees, acquired fund fees for investments in unaffiliated investment companies, and other transaction expenses, interest expenses and extraordinary expenses (such as litigation and indemnification expenses).

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

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

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

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

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

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

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

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

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

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

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

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

BNY serves as transfer agent and Custodian to the Trust on behalf of the Funds. As Custodian, BNY may appoint domestic and foreign sub-custodians and use depositories from time to time to hold securities and other instruments purchased by the Trust in foreign countries and to hold cash and currencies for the Trust on behalf of the Funds. BNY also serves as the Trust’s transfer agent on behalf of the Funds. Under its transfer agency agreement with the Trust, BNY has undertaken with the Trust to provide the following services with respect to the Funds: (i) perform and facilitate the performance of purchases

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.

For the period ended May 31, 2025, the purchases and sales of investments in securities excluding in-kind transactions, long-term U.S. Government, and short-term securities, were:

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

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

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

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

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

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

For taxable years beginning after December 22, 2010, a Registered Investment Company within the meaning of the 1940 Act is permitted to carry forward net capital losses to offset capital gains realized in later years, and the losses carried forward retain their original character as either long-term or short-term losses.

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at May 31, 2025 was as follows:

The Funds invest in securities of foreign issuers in several countries. These investments may involve certain considerations and risks not typically associated with investments in the United States as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries. The securities markets of emerging market countries are less liquid and subject to greater price volatility, and have a smaller market capitalization than the U.S. securities markets.

In certain countries, there may be fewer publicly traded securities and the market may be dominated by a few issuers or sectors. Issuers and securities markets in such countries are not subject to as extensive and frequent accounting, financial and other reporting requirements or as comprehensive government regulations or issuers and securities markets in the U.S. In particular, the assets and profits appearing on the financial statements of emerging market country issuers may not reflect their financial position or results of operations in the same manner as financial statements for U.S. issuers.

Substantially less information may be publicly available about emerging market country issuers than is available about issuers in the United States. There may be significant obstacles to obtaining information necessary for investigations into or litigation against emerging market companies and shareholders may have limited legal remedies.

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

For purposes of raising capital offshore on exchanges outside of China, including on U.S. exchanges, many Chinese based operating companies are structured as Variable Interest Entities (“VIEs”). In this structure, the Chinese-based operating company is the VIE and establishes a shell company in a foreign jurisdiction, such as the Cayman Islands. The shell company lists on a foreign exchange and enters into contractual arrangements with the VIE. This structure allows Chinese companies in which the Chinese government restricts foreign ownership to raise capital from foreign investors. While the shell company has no equity ownership of the VIE, these contractual arrangements permit the shell company to consolidate the VIE’s financial statements with its own for accounting purposes and provide

for economic exposure to the performance of the underlying Chinese operating company. Therefore, an investor in the listed shell company, such as the Fund, will have exposure to the Chinese-based operating company only through contractual arrangements and has no ownership in the Chinese-based operating company. Furthermore, because the shell company only has specific rights provided for in these service agreements with the VIE, its abilities to control the activities at the Chinese-based operating company are limited and the operating company may engage in activities that negatively impact investment value.

While the VIE structure has been widely adopted, it is not formally recognized under Chinese law and therefore there is a risk that the Chinese government could prohibit the existence of such structures or negatively impact the VIE’s contractual arrangements with the listed shell company by making them invalid. If these contracts were found to be unenforceable under Chinese law, investors in the listed shell company, such as the Fund, may suffer significant losses with little or no recourse available. If the Chinese government determines that the agreements establishing the VIE structures do not comply with Chinese law and regulations, including those related to restrictions on foreign ownership, it could subject a Chinese-based issuer to penalties, revocation of business and operating licenses, or forfeiture of ownership interest. In addition, the listed shell company’s control over a VIE may also be jeopardized if a natural person who holds the equity interest in the VIE breaches the terms of the agreement, is subject to legal proceedings or if any physical instruments for authenticating documentation, such as chops and seals, are used without the Chinese-based issuer’s authorization to enter into contractual arrangements in China. Chops and seals, which are carved stamps used to sign documents, represent a legally binding commitment by the company. Moreover, any future regulatory action may prohibit the ability of the shell company to receive the economic benefits of the Chinese-based operating company, which may cause the value of the Fund’s investment in the listed shell company to suffer a significant loss. For example, in 2021, the Chinese government prohibited use of the VIE structure for investment in after-school tutoring companies. There is no guarantee that the Chinese government will not place similar restrictions on other industries.

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

These actions, any future sanctions or other actions, or even the threat of further sanctions or other actions, may negatively affect the value and liquidity of certain of the Funds’ investments. For example, a Fund may be prohibited from investing in securities issued by companies subject to such sanctions. In addition, sanctions may require a Fund to freeze its existing investments, prohibiting such Fund from buying, selling or otherwise transacting in these investments.

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

Economic conditions, such as volatile currency exchange rates and interest rates, political events, military action and other conditions may, without prior warning, lead to foreign government intervention (including intervention by the U.S. Government with respect to foreign governments, economic sectors, foreign companies and related securities and interests) and the imposition of capital controls (i.e., government measures designed to limit the flow of foreign capital in and out of the domestic economy) and/or sanctions, which may also include retaliatory actions of one government against another government, such as the seizure of assets. Capital controls and/or sanctions include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. Capital controls and/or sanctions may also impact the ability of the Funds to buy, sell or otherwise transfer securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect the trading market and price for Shares of the Funds, and cause the Funds to decline in value.

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

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

Securities pledged as collateral for repurchase agreements held in the Funds are held by BNY and are designated as being held on the Fund’s behalf under a book-entry system. Each Fund monitors the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest.

It is each Fund’s policy to only enter into repurchase agreements with banks and other financial institutions which are deemed by the Adviser to be creditworthy. The Funds bear the risk of loss in the event the counterparty to a repurchase agreement defaults on its obligations and the Fund is prevented from exercising its rights to dispose of the underlying securities received as collateral and the risk of a possible decline in the value of the underlying securities during the period. For financial statement purposes, the Funds record the securities lending collateral (including in repurchase agreements, at value or restricted cash) as an asset and the obligation to return securities lending collateral as a liability on the Statements of Assets and Liabilities.

Cash collateral received in connection with securities lending is invested in repurchase agreements and short-term investments by the lending agent. The Funds do not have effective control of the non-cash collateral and therefore it is not disclosed in each Fund’s Schedule of Investments.

Securities lending transactions are entered into by the Funds under the Securities Lending Agreement, which permits a Fund, under certain circumstances such as an event of default, to offset amounts payable by the Fund to the same counterparty against amounts receivable from the counterparty to create a net payment due to or from the Fund.

Income from securities lending is determined by the amount of interest earned on collateral, net of any rebate and securities lending agent fees.

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

The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds’ maximum exposure under these contracts is unknown. However, the Funds have not had prior gains or losses pursuant to these contracts. Management has reviewed the Funds’ existing contracts and expects the risk of loss to be remote.

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

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

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

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

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

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

Item 8. Changes in and Disagreements with Accountants 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.

605 3rd Avenue, 43rd Floor
New York, NY 10158
1-888-493-8631
www.globalxetfs.com

Investment Adviser and Administrator:
Global X Management Company LLC
605 3rd Avenue, 43rd Floor
New York, NY 10158

Sub-Adviser - Global X Emerging Markets ex-China ETF and Global X Emerging Markets
Great Consumer ETF:
Mirae Asset Global Investments (Hong Kong) Limited
Unit 1101, 11/F, Lee Garden Three
1 Sunning Road, Causeway Bay, Hong Kong

Sub-Adviser - Global X Emerging Markets Bond ETF:
Mirae Asset Global Investments (USA) LLC
1212 Avenue of the Americas, 10th Floor
New York, NY 10036

Distributor:
SEI Investments Distribution Co.
One Freedom Valley Drive
Oaks, PA 19456

Sub-Administrator:
SEI Investments Global Funds Services
One Freedom Valley Drive
Oaks, PA 19456

Counsel for Global X Funds and the Independent Trustees:
Stradley Ronon Stevens & Young, LLP
2000 K Street, N.W.
Suite 700
Washington, DC 20006

Custodian and Transfer Agent:
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286

Independent Registered Public Accounting Firm:
PricewaterhouseCoopers LLP
Two Commerce Square
Suite 1800
2001 Market Street
Philadelphia, PA 19103

This information must be preceded or accompanied by a current prospectus for the Funds described.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 14. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

(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.

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.

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.

	Shares		Value
COMMON STOCK — 61.6%
ARGENTINA — 0.5%
Energy — 0.5%
Vista Energy ADR ^*		2,026	$	100,348

BRAZIL — 0.4%
Consumer Discretionary — 0.4%
MercadoLibre ^*		26		66,646

CANADA — 0.4%
Materials — 0.4%
Franco-Nevada		500		84,400

CHILE — 1.1%
Materials — 1.1%
Antofagasta PLC		8,262		197,263

GREECE — 1.7%
Financials — 1.0%
Alpha Services and Holdings		59,325		190,598

Industrials — 0.7%
Metlen Energy & Metals		2,324		117,933

TOTAL GREECE				308,531
INDONESIA — 3.2%
Consumer Staples — 0.8%
Sumber Alfaria Trijaya		1,016,100		151,573

Financials — 2.4%
Bank Central Asia		299,200		172,651
Bank Mandiri Persero		802,300		261,030
				433,681
TOTAL INDONESIA				585,254

	Shares		Value
COMMON STOCK — continued
MEXICO — 3.6%
Consumer Staples — 1.2%
Wal-Mart de Mexico		70,000	$	229,774

Financials — 1.0%
Grupo Financiero Banorte, Cl O		21,500		189,961

Real Estate — 1.4%
Inmobiliaria Vesta		87,400		251,851

TOTAL MEXICO				671,586
PHILIPPINES — 0.9%
Financials — 0.9%
BDO Unibank		59,260		170,998

POLAND — 0.5%
Consumer Staples — 0.5%
Dino Polska ^*		633		92,908

SAUDI ARABIA — 4.7%
Consumer Staples — 0.5%
Nahdi Medical		2,967		96,484

Financials — 3.3%
Al Rajhi Bank		12,252		297,511
Saudi National Bank		33,385		308,787
				606,298
Industrials — 0.9%
United International Transportation		8,947		169,083

TOTAL SAUDI ARABIA				871,865
SOUTH AFRICA — 2.8%
Consumer Staples — 0.7%
Clicks Group		6,187		133,001

Financials — 2.1%
Capitec Bank Holdings		1,204		229,793

	Shares		Value
COMMON STOCK — continued
Financials — continued
FirstRand		39,995	$	165,030
				394,823
TOTAL SOUTH AFRICA				527,824
SOUTH KOREA — 12.0%
Communication Services — 1.2%
HYBE		1,148		221,329

Consumer Discretionary — 0.4%
Hyundai Motor		610		81,926

Consumer Staples — 2.5%
Cosmax		1,360		207,001
Kolmar Korea		4,131		248,513
				455,514
Financials — 1.9%
Shinhan Financial Group		8,207		345,602

Industrials — 2.1%
HD Hyundai Electric		1,416		388,972

Information Technology — 3.9%
Samsung Electronics GDR		459		461,754
SK Hynix		1,783		264,277
				726,031
TOTAL SOUTH KOREA				2,219,374
TAIWAN — 22.8%
Industrials — 1.5%
Fortune Electric		18,000		275,990

Information Technology — 21.3%
Alchip Technologies		2,000		187,530
ASPEED Technology		2,000		262,943
Hon Hai Precision Industry		32,000		166,575
MediaTek		15,500		651,684
Quanta Computer		22,000		199,309

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Taiwan Semiconductor Manufacturing ADR		12,774	$	2,469,470
				3,937,511
TOTAL TAIWAN				4,213,501
THAILAND — 0.5%
Health Care — 0.5%
Bangkok Dusit Medical Services NVDR		136,412		89,341

TURKEY — 0.7%
Financials — 0.7%
Haci Omer Sabanci Holding		63,661		125,402

UNITED ARAB EMIRATES — 3.9%
Energy — 1.7%
ADNOC Drilling PJSC		218,792		312,730

Industrials — 1.6%
Salik PJSC		184,181		286,827

Real Estate — 0.6%
Aldar Properties PJSC		50,684		114,670

TOTAL UNITED ARAB EMIRATES				714,227
UNITED STATES — 0.5%
Information Technology — 0.5%
Globant ^*		997		97,796

VIETNAM — 1.4%
Consumer Discretionary — 0.4%
Phu Nhuan Jewelry JSC		20,000		63,352

Information Technology — 1.0%
FPT		42,500		190,104

TOTAL VIETNAM				253,456
TOTAL COMMON STOCK (Cost $10,358,573)				11,390,720

	Shares		Value
EXCHANGE-TRADED FUNDS — 35.9%
International Equity — 35.9%
Global X Brazil Active ETF^(A)		58,730	$	1,352,840
Global X India Active ETF ^(A)(B)		176,950		5,285,107
TOTAL EXCHANGE-TRADED FUNDS (Cost $6,252,765)				6,637,947
TOTAL INVESTMENTS — 97.5% (Cost $16,611,338)			$	18,028,667

Financial Statements (Form N-CSRS Item 7)
Schedules of Investments
Global X Emerging Markets ex-China ETF	1
Global X Emerging Markets Great Consumer ETF	6
Global X Emerging Markets Bond ETF	12
Global X Brazil Active ETF	27
Global X India Active ETF	29
Glossary	31
Statements of Assets and Liabilities	32
Statements of Operations	34
Statements of Changes in Net Assets	36
Financial Highlights	42
Notes to Financial Statements	46
Other Information (Form N-CSRS Items 8-11)	64

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

*	Non-income producing security.
(A)	Affiliated investment.
(B)	For financial information on the Global X India Active ETF, please go to the Fund’s website at https://www.globalxetfs.com/explore/.

	Value 11/30/2024	Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value 5/31/2025		Income		Capital Gains
Global X Brazil Active ETF
$	—	$	1,287,422	$	—	$	65,418	$	—	$	1,352,840	$	—	$	—
Global X India Active ETF
	—		4,965,343		—		319,764		—		5,285,107		—		—
Totals:
$	—	$	6,252,765	$	—	$	385,182	$	–	$	6,637,947	$	—	$	—

	Shares		Value
COMMON STOCK — 98.8%
ARGENTINA — 0.5%
Energy — 0.5%
Vista Energy ADR ^*		9,426	$	466,870

BRAZIL — 5.8%
Consumer Discretionary — 1.4%
MercadoLibre ^*		195		499,842
Vivara Participacoes		160,200		726,371
				1,226,213

Consumer Staples — 0.6%
Raia Drogasil		188,816		489,165

Financials — 1.8%
Itau Unibanco Holding ADR		177,338		1,168,657
NU Holdings, Cl A ^*		30,307		363,987
				1,532,644

Industrials — 2.0%
Localiza Rent a Car		88,500		663,281
WEG		137,400		1,015,150
				1,678,431
TOTAL BRAZIL				4,926,453
CANADA — 0.5%
Materials — 0.5%
Franco-Nevada		2,456		414,573

CHILE — 0.8%
Materials — 0.8%
Antofagasta PLC		30,231		721,795

CHINA — 30.9%
Communication Services — 8.0%
Kuaishou Technology, Cl B ^*		193,700		1,316,603
NetEase		45,400		1,104,090
Tencent Holdings		61,800		3,926,362

	Face Amount		Value
SOVEREIGN DEBT — 61.6%
Angola — 0.6%
Angolan Government International Bond 8.750%, 04/14/32	$	1,600,000	$	1,311,675
Argentina — 2.8%
Argentine Republic Government International Bond
5.000%, 01/09/38^(A)		2,600,000		1,848,600
4.125%, 07/09/35^(A)		4,100,000		2,753,150
3.500%, 07/09/41^(A)		2,400,000		1,490,400
				6,092,150
Azerbaijan — 0.3%
Republic of Azerbaijan International Bond 3.500%, 09/01/32		800,000		700,394
Bahrain — 0.4%
Bahrain Government International Bond 6.750%, 09/20/29		700,000		710,112
Bahrain Government International Bond MTN 5.250%, 01/25/33		300,000		272,817
				982,929
Brazil — 3.5%
Brazilian Government International Bond
7.125%, 05/13/54		2,300,000		2,126,875
6.125%, 01/22/32		1,500,000		1,515,088
6.000%, 10/20/33		2,500,000		2,452,971
4.500%, 05/30/29		1,400,000		1,361,220
3.750%, 09/12/31		200,000		178,265
				7,634,419
Bulgaria — 0.6%
Bulgaria Government International Bond 5.000%, 03/05/37		1,300,000		1,255,538
Chile — 1.1%
Chile Government International Bond
4.000%, 01/31/52		1,200,000		899,400
3.860%, 06/21/47		200,000		150,840
3.240%, 02/06/28		600,000		580,320
2.550%, 01/27/32		800,000		692,000
				2,322,560

	Face Amount		Value
SOVEREIGN DEBT — continued
Colombia — 2.6%
Colombia Government International Bond
7.750%, 11/07/36	$	1,000,000	$	970,000
5.200%, 05/15/49		1,200,000		786,600
4.500%, 03/15/29		1,200,000		1,129,800
3.875%, 04/25/27		1,200,000		1,171,980
3.250%, 04/22/32		1,300,000		1,019,850
3.125%, 04/15/31		800,000		654,000
				5,732,230
Costa Rica — 1.0%
Costa Rica Government International Bond
6.550%, 04/03/34^(B)		400,000		411,512
6.125%, 02/19/31		1,800,000		1,841,526
				2,253,038
Cote d’Ivoire — 0.4%
Ivory Coast Government International Bond 6.125%, 06/15/33		1,000,000		885,120
Dominican Republic — 3.7%
Dominican Republic International Bond
7.050%, 02/03/31		1,700,000		1,762,475
6.400%, 06/05/49		200,000		182,500
6.000%, 07/19/28		1,800,000		1,815,300
5.950%, 01/25/27		300,000		301,650
5.500%, 02/22/29		800,000		789,360
4.875%, 09/23/32		1,600,000		1,457,440
4.500%, 01/30/30		1,800,000		1,688,220
				7,996,945
Ecuador — 1.2%
Ecuador Government International Bond
6.900%, 07/31/30^(A)		1,000,000		774,510
5.500%, 07/31/35^(A)		2,300,000		1,431,750
5.000%, 07/31/40^(A)		1,400,000		747,852
				2,954,112
Egypt — 2.4%
Egypt Government International Bond
8.875%, 05/29/50		600,000		474,604
7.903%, 02/21/48		600,000		434,391
7.625%, 05/29/32		1,000,000		900,805
7.500%, 01/31/27		900,000		909,797
5.800%, 09/30/27		2,300,000		2,221,804

	Face Amount		Value
CORPORATE OBLIGATIONS — continued
Materials — 2.5%
Corp Nacional del Cobre de Chile
5.950%, 01/08/34	$	1,700,000	$	1,701,718
3.625%, 08/01/27		1,500,000		1,464,900
3.000%, 09/30/29		2,300,000		2,102,186
				5,268,804
Utilities — 1.1%
Chile Electricity Lux MPC SARL 6.010%, 01/20/33		2,325,000		2,386,031
				13,343,424
China — 0.2%
Consumer Discretionary — 0.2%
Prosus 4.987%, 01/19/52		500,000		369,056
Colombia — 0.4%
Energy — 0.4%
Ecopetrol 5.875%, 05/28/45		1,300,000		875,297
Hungary — 0.5%
Utilities — 0.5%
MVM Energetika Zrt 6.500%, 03/13/31		1,050,000		1,071,853
Indonesia — 1.3%
Energy — 0.1%
Pertamina Persero MTN 6.450%, 05/30/44		200,000		200,580
Materials — 1.0%
Freeport Indonesia 6.200%, 04/14/52		200,000		191,349
Freeport Indonesia MTN 5.315%, 04/14/32		600,000		592,151
Indonesia Asahan Aluminium / Mineral Industri Indonesia Persero 6.530%, 11/15/28		1,200,000		1,256,981
				2,040,481
Utilities — 0.2%
Perusahaan Perseroan Persero Perusahaan Listrik Negara MTN 4.125%, 05/15/27		400,000		394,784
				2,635,845

	Shares		Value
EXCHANGE-TRADED FUND — 0.9%
Domestic Fixed Income — 0.9%
Global X 1-3 Month T-Bill ETF ^(E)		20,000	$	2,008,400
TOTAL EXCHANGE-TRADED FUND (Cost $2,009,548)				2,008,400
TOTAL INVESTMENTS — 97.2% (Cost $213,298,953)			$	212,921,651

(A)	Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.
(B)	Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration normally to qualified institutions. On May 31, 2025, the value of these securities amounted to $735,872, representing 0.3% of the Net Assets of the Fund.
(C)	Security in default on interest payments.
(D)	Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; or by adjusting periodically based on prevailing interest rates.
(E)	Affiliated investment.

Investments in Securities	Level 1		Level 2		Level 3		Total
Sovereign Debt	$	—	$	134,958,719	$	—	$	134,958,719
Corporate Obligations		—		64,371,907		—		64,371,907
U.S. Treasury Obligations		—		11,582,625		—		11,582,625
Exchange-Traded Fund		2,008,400		—		—		2,008,400
Total Investments in Securities	$	2,008,400	$	210,913,251	$	—	$	212,921,651

	Shares		Value
COMMON STOCK — 92.7%
BRAZIL — 87.0%
Consumer Discretionary — 6.4%
Direcional Engenharia		13,900	$	98,599
MercadoLibre ^*		28		71,772
Vivara Participacoes		27,400		124,236
				294,607
Consumer Staples — 3.2%
Raia Drogasil		56,200		145,597

Energy — 14.6%
Petroleo Brasileiro ADR		50,488		582,631
PRIO ^*		12,200		82,901
				665,532
Financials — 31.4%
Banco Bradesco ADR		83,567		240,673
Banco BTG Pactual		29,800		205,614
Itau Unibanco Holding ADR		76,596		504,768
NU Holdings, Cl A ^*		40,246		483,354
				1,434,409
Industrials — 9.7%
Localiza Rent a Car		21,000		157,389
Rumo		27,200		89,306
WEG		26,700		197,267
				443,962
Materials — 13.0%
ERO Copper ^*		8,442		118,990
Suzano ADR		14,289		124,029
Vale ADR, Cl B		27,972		255,384
Wheaton Precious Metals		1,100		95,425
				593,828
Utilities — 8.7%
Centrais Eletricas Brasileiras ADR		24,418		178,984
Cia Paranaense de Energia - Copel ADR		12,002		107,778

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

	Shares		Value
COMMON STOCK — 98.7%
INDIA — 96.9%
Communication Services — 3.9%
Bharti Airtel		75,647	$	1,640,852

Consumer Discretionary — 10.2%
Eicher Motors		12,884		803,001
Tata Motors		122,993		1,034,104
Titan		32,738		1,360,019
Zomato ^*		391,991		1,091,620
				4,288,744
Consumer Staples — 6.3%
Avenue Supermarts ^*		21,804		1,019,711
United Spirits		92,957		1,651,229
				2,670,940
Energy — 10.4%
Bharat Petroleum		238,210		886,311
Reliance Industries GDR		53,295		3,506,811
				4,393,122
Financials — 33.7%
Axis Bank		160,972		2,242,604
Federal Bank		433,961		1,024,670
General Insurance Corp of India		173,745		835,681
Go Digit General Insurance ^*		212,143		855,265
HDFC Bank		168,656		3,833,118
ICICI Bank ADR		92,394		3,163,571
Kfin Technologies		34,818		438,892
SBI Life Insurance		50,112		1,061,209
Shriram Finance		102,817		768,169
				14,223,179
Health Care — 2.5%
Apollo Hospitals Enterprise		13,375		1,075,392

Industrials — 7.0%
Kajaria Ceramics		79,454		965,379

Schedule of Investments	May 31, 2025 (Unaudited)
Glossary (abbreviations which may be used in the preceding Schedules of Investments):

	Global X Emerging Markets ex- China ETF			Global X Emerging Markets Great Consumer ETF			Global X Emerging Markets Bond ETF
Assets:
Cost of Investments	$	10,358,573		$	73,562,100		$	211,289,405
Cost of Affiliated Investments		6,252,765			—			2,009,548
Cost (Proceeds) of Foreign Currency		1,883			181,295			—
Investments, at Value	$	11,390,720		$	84,021,774		$	210,913,251
Affiliated Investments, at Value		6,637,947			—			2,008,400
Cash		460,402			1,151,767			3,386,327
Foreign Currency, at Value		1,893			180,876			—
Dividend, Interest, and Securities Lending Income Receivable		3,818			44,621			2,827,871
Reclaim Receivable		860			4,731			—
Unrealized Appreciation on Spot Contracts		—			355			—
Receivable for Investment Securities Sold		—			630,014			—
Total Assets		18,495,640			86,034,138			219,135,849
Liabilities:
Payable due to Investment Adviser		7,376			55,014			72,052
Payable for Capital Shares Redeemed		—			842,469			—
Accrued Foreign Capital Gains Tax on Appreciated Securities		—			131,770			—
Custodian Fees Payable		1			34			14
Total Liabilities		7,377			1,029,287			72,066
Net Assets	$	18,488,263		$	85,004,851		$	219,063,783
Net Assets Consist of:
Paid-in Capital	$	26,924,728		$	449,720,784		$	233,203,973
Total Accumulated Losses		(8,436,465	)		(364,715,933	)		(14,140,190	)
Net Assets	$	18,488,263		$	85,004,851		$	219,063,783
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		660,587			3,069,074			9,600,000
Net Asset Value, Offering and Redemption Price Per Share		$27.99			$27.70			$22.82

	Global X Brazil Active ETF			Global X India Active ETF
Assets:
Cost of Investments	$	4,474,595		$	39,675,838
Cost (Proceeds) of Foreign Currency		1,044			4,605
Investments, at Value	$	4,453,325		$	41,713,901
Cash		102,821			826,101
Foreign Currency, at Value		1,044			4,612
Dividend, Interest, and Securities Lending Income Receivable		15,757			30,399
Reclaim Receivable		18			—
Total Assets		4,572,965			42,575,013
Liabilities:
Payable due to Investment Adviser		2,933			26,759
Accrued Foreign Capital Gains Tax on Appreciated Securities		—			292,292
Custodian Fees Payable		15			4
Total Liabilities		2,948			319,055
Net Assets	$	4,570,017		$	42,255,958
Net Assets Consist of:
Paid-in Capital	$	4,865,947		$	40,361,247
Total Distributable Earnings (Accumulated Losses)		(295,930	)		1,894,711
Net Assets	$	4,570,017		$	42,255,958
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		200,000			1,420,000
Net Asset Value, Offering and Redemption Price Per Share		$22.85			$29.76


(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.

	Global X Brazil Active ETF			Global X India Active ETF
Investment Income:
Dividend Income	$	111,103		$	84,587
Interest Income		633			18,760
Less: Foreign Taxes Withheld		(4,810	)		(18,244	)
Total Investment Income		106,926			85,103
Expenses:
Supervision and Administration Fees⁽¹⁾		12,809			106,109
Custodian Fees⁽²⁾		228			7
Total Expenses		13,037			106,116
Net Investment Income (Loss)		93,889			(21,013	)
Net Realized Gain (Loss) on:
Investments⁽³⁾		(268,921	)		401,288
Foreign Currency Transactions		(12,366	)		(35,623	)
Foreign Capital Gains Tax		—			(45,184	)
Payment from Adviser⁽⁴⁾		6			—
Net Realized Gain (Loss)		(281,281	)		320,481
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		459,214			1,018,001
Foreign Capital Gains Tax on Appreciated Securities		—			(131,434	)
Foreign Currency Translations		263			(14	)
Net Change in Unrealized Appreciation (Depreciation)		459,477			886,553
Net Realized and Unrealized Gain (Loss)		178,196			1,207,034
Net Increase in Net Assets Resulting from Operations	$	272,085		$	1,186,021

	Global X Emerging Markets ex-China ETF
	Period Ended May 31, 2025 (Unaudited)			Year Ended November 30, 2024⁽¹⁾			Period Ended November 30, 2023⁽¹⁾
Operations:
Net Investment Income	$	119,899		$	265,384		$	199,751
Net Realized Gain (Loss)		1,426,662			449,641			(1,180,658	)
Net Change in Unrealized Appreciation (Depreciation)		(1,458,773	)		1,660,833			998,042
Net Increase in Net Assets Resulting from Operations		87,788			2,375,858			17,135
Distributions		(119,966	)		(248,101	)		N/A
Class A		N/A			N/A			N/A
Class C		N/A			N/A			N/A
Class I		N/A			N/A			N/A
Total Distributions		(119,966	)		(248,101	)		N/A
Capital Share Transactions:
Issued		6,762,024			3,795			3,984,574
Reinvestment of Distributions		—			—			—
Redeemed		(13,291,320	)		(1,414,497	)		(2,437,800	)
Merger^#		—			—			22,663,555
		(6,529,296	)		(1,410,702	)		24,210,329
Class A
Issued		N/A			N/A			N/A
Reinvestment of Distributions		N/A			N/A			N/A
Redeemed		N/A			N/A			N/A
Merger^#		N/A			N/A			N/A
		N/A			N/A			N/A
Class C
Issued		N/A			N/A			N/A
Reinvestment of Distributions		N/A			N/A			N/A
Redeemed		N/A			N/A			N/A
Merger^#		N/A			N/A			N/A
		N/A			N/A			N/A
Class I
Issued		N/A			N/A			512,846
Reinvestment of Distributions		N/A			N/A			N/A
Redeemed		N/A			N/A			(872,337	)
Merger^#		N/A			N/A			(22,672,930	)
		N/A			N/A			(23,032,421	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(6,529,296	)		(1,410,702	)		1,177,908
Total Increase (Decrease) in Net Assets		(6,561,474	)		717,055			1,195,043
Net Assets:
Beginning of Year/Period		25,049,737			24,332,682			23,137,639
End of Year/Period	$	18,488,263		$	25,049,737		$	24,332,682

Global X Funds

Global X Emerging Markets ex-China ETF

Ticker: EMM

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: May 31, 2025

What were the Fund costs for the last six months?

Key Fund Statistics as of May 31, 2025

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Top Ten Holdings

Additional Information

Global X Funds

Global X Emerging Markets Great Consumer ETF

Ticker: EMC

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: May 31, 2025

What were the Fund costs for the last six months?

Key Fund Statistics as of May 31, 2025

What did the Fund invest in?

Country WeightingsFootnote Reference*

Top Ten Holdings

Additional Information

Global X Funds

Global X Emerging Markets Bond ETF

Ticker: EMBD

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: May 31, 2025

What were the Fund costs for the last six months?

Key Fund Statistics as of May 31, 2025

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Top Ten Holdings

Additional Information

Global X Funds

Global X Brazil Active ETF

Ticker: BRAZ

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: May 31, 2025

What were the Fund costs for the last six months?

Key Fund Statistics as of May 31, 2025

What did the Fund invest in?

Sector WeightingsFootnote Reference*

Top Ten Holdings

Additional Information

Global X Funds

Global X India Active ETF

Ticker: NDIA

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: May 31, 2025

What were the Fund costs for the last six months?

Key Fund Statistics as of May 31, 2025

What did the Fund invest in?

Sector WeightingsFootnote Reference*

Top Ten Holdings

Additional Information

Asset/Country Weightings^{Footnote Reference*}

Country Weightings^{Footnote Reference*}

Asset/Country Weightings^{Footnote Reference*}

Sector Weightings^{Footnote Reference*}

Sector Weightings^{Footnote Reference*}


(1)	Effective as of close of business on May 12, 2023, the Emerging Markets Fund (the “Emerging Markets Predecessor Fund”) was reorganized into the Global X Emerging Markets ex-China ETF. Information presented prior to May 12, 2023 is that of the Emerging Markets Predecessor Fund. See Note 1 in the Notes to Financial Statements.
#	See Note 9 in the Notes to Financial Statements in relation to period ended November 30, 2023. See Note 1 in the Notes to Financials in relation to year end April 30, 2023.

	Global X Emerging Markets Bond ETF						Global X Brazil Active ETF
	Period Ended May 31, 2025 (Unaudited)			Year Ended November 30, 2024			Period Ended May 31, 2025 (Unaudited)			Year Ended November 30, 2024
Operations:
Net Investment Income	$	6,259,377		$	8,984,299		$	93,889		$	117,324
Net Realized Gain (Loss)		(180,242	)		(4,060,127	)		(281,281	)		(69,764	)
Net Change in Unrealized Appreciation (Depreciation)		(2,120,318	)		13,867,891			459,477			(716,198	)
Net Increase (Decrease) in Net Assets Resulting from Operations		3,958,817			18,792,063			272,085			(668,638	)
Distributions:		(7,114,061	)		(8,479,479	)		(62,215	)		(116,138	)
Capital Share Transactions:
Issued		26,338,751			64,859,731			1,319,330			514,775
Redeemed		(5,582,211	)		—			—			—
Increase in Net Assets from Capital Share Transactions		20,756,540			64,859,731			1,319,330			514,775
Total Increase (Decrease) in Net Assets		17,601,296			75,172,315			1,529,200			(270,001	)
Net Assets:
Beginning of Year/Period		201,462,487			126,290,172			3,040,817			3,310,818
End of Year/Period	$	219,063,783		$	201,462,487		$	4,570,017		$	3,040,817
Share Transactions:
Issued		1,150,000			2,850,000			60,000			20,000
Redeemed		(250,000	)		—			—			—
Net Increase in Shares Outstanding from Share Transactions		900,000			2,850,000			60,000			20,000

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

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

Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets, End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover Rate (%)^††

	(0.13	)		27.99		3.37			18,488		0.77	†		1.11	†⁽²⁾		62.06
	(0.26	)		27.21		9.57			25,050		0.76			1.01			83.82
	—			25.07		(0.81	)		24,333		0.77	†		1.36	†		55.87
	(2.90	)		25.28		(3.50	)		23,138		1.15	⁽⁴⁾		0.74			116.00
	(2.63	)		29.23		(20.14	)		42,258		1.15	⁽⁴⁾		0.31			106.00
	(0.53	)		39.45		59.28			57,212		1.15	⁽⁴⁾		0.22			123.00
	—			25.13		(15.12	)		46,976		1.15	⁽⁴⁾		0.54			95.00

	(0.18	)		27.70		6.20			85,005		0.75	†		0.91	†		31.81
	(0.34	)		26.26		7.45			113,042		0.75			1.13	⁽²⁾		72.71
	—			24.76		(1.46	)		209,347		0.78	†		0.89	†⁽²⁾		64.41
	—			25.13		(9.36	)		416,616		1.15	⁽⁷⁾		0.19			69.00
	(2.74	)		27.72		(31.34	)		814,957		1.15	⁽⁷⁾		(0.24	)		71.00
	(1.83	)		43.66		41.03			1,627,679		1.15	⁽⁷⁾		(0.10	)		49.00
	(0.28	)		32.30		(0.23	)		545,917		1.15	⁽⁷⁾		0.01			60.00

	Creation Unit Shares		Creation Fee		Redemption Fee
Global X Emerging Markets ex-China ETF		10,000	$	1,200	$	1,200
Global X Emerging Markets Great Consumer ETF		10,000		1,200		1,200
Global X Emerging Markets Bond ETF		50,000		250		250
Global X Brazil Active ETF		10,000		250		250
Global X India Active ETF		10,000		500		500

	Supervision and Administration Fee
Global X Emerging Markets ex-China ETF	0.75%
Global X Emerging Markets Great Consumer ETF	0.75%
Global X Emerging Markets Bond ETF	0.39%
Global X Brazil Active ETF	0.75%
Global X India Active ETF	0.75%

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

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

	Purchases		Sales and Maturities
Global X Emerging Markets ex-China ETF	$	13,045,152	$	16,885,191
Global X Emerging Markets Great Consumer ETF		28,713,168		44,292,735
Global X Emerging Markets Bond ETF		23,648,825		29,106,196
Global X Brazil Active ETF		1,607,889		1,131,784
Global X India Active ETF		15,345,611		3,794,159

	Purchases		Sales		Realized Gain (Loss)
Global X Emerging Markets ex-China ETF	$	2,560,315	$	5,243,697	$	1,249,658
Global X Emerging Markets Great Consumer ETF		–		17,822,360		2,922,329
Global X Emerging Markets Bond ETF		25,745,813		5,525,485		64,449
Global X Brazil Active ETF		810,472		–		–
Global X India Active ETF		3,646,371		–		–