(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 MLP ETF

Ticker: MLPA

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 MLP 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/mlpa. 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 MLP ETF	$25	0.50%

Key Fund Statistics as of May 31, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$1,757,044,546	20	$3,976,119	15.25%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Value	Value
Utilities	3.6%
Energy	102.5%

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Energy Transfer			14.7%
Enterprise Products Partners			13.5%
MPLX			12.2%
Western Midstream Partners			11.0%
Plains All American Pipeline			9.5%
Hess Midstream, Cl A			8.8%
Sunoco			8.5%
Cheniere Energy Partners			7.2%
USA Compression Partners			5.6%
Global Partners^{Footnote Reference**}			4.8%

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/mlpa

GX-SA-MLPA-2025

Global X Funds

Global X MLP & Energy Infrastructure ETF

Ticker: MLPX

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 MLP & Energy Infrastructure ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/mlpx. 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 MLP & Energy Infrastructure ETF	$22	0.45%

Key Fund Statistics as of May 31, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$2,599,788,437	29	$5,863,430	8.93%

What did the Fund invest in?

Asset/Country Weightings^{Footnote Reference*}

Value	Value
Repurchase Agreement	0.8%
Short-Term Investment	0.7%
U.S. Treasury Obligation	1.9%
Canada	22.8%
United States	77.0%

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Enbridge			9.4%
Williams			9.3%
Kinder Morgan			9.1%
ONEOK			7.6%
Cheniere Energy			7.1%
TC Energy			6.6%
DT Midstream			4.6%
Pembina Pipeline			4.5%
MPLX			4.5%
Energy Transfer			4.4%

Footnote	Description
Footnote^(A)	Short-Term Investments are not shown in the top ten chart.

Additional Information

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

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

GX-SA-MLPX-2025

Global X Funds

Global X Alternative Income ETF

Ticker: ALTY

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

This semi-annual shareholder report contains important information about the Global X Alternative Income 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/alty/. 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 Alternative Income ETF	$25	0.50%

Key Fund Statistics as of May 31, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$33,497,325	22	$82,129	0.65%

What did the Fund invest in?

Asset/Sector Weightings^{Footnote Reference*}

Value	Value
Short-Term Investment	1.3%
Repurchase Agreement	1.4%
Utilities	6.9%
Energy	15.6%
Exchange-Traded Funds	77.3%

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Global X Emerging Markets Bond ETF^{Footnote Reference**}			20.4%
Global X SuperDividend^® REIT ETF^{Footnote Reference**}			19.3%
Global X Nasdaq 100^® Covered Call ETF^{Footnote Reference**}			19.0%
Global X U.S. Preferred ETF^{Footnote Reference**}			18.7%
Williams			1.7%
Kinder Morgan			1.7%
Antero Midstream			1.7%
MPLX			1.5%
Spire			1.5%
OGE Energy			1.4%

Footnote	Description
Footnote^**	Affiliated Investment
Footnote^(A)	Short-Term Investments are not shown in the top ten chart.

Additional Information

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

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

GX-SA-ALTY-2025

Global X Funds

Global X Conscious Companies ETF

Ticker: KRMA

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

This semi-annual shareholder report contains important information about the Global X Conscious Companies 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/krma/. 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 Conscious Companies ETF	$21	0.43%

Key Fund Statistics as of May 31, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$618,427,168	151	$1,320,327	7.38%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Value	Value
Utilities	0.9%
Real Estate	1.5%
Materials	1.9%
Energy	2.4%
Consumer Staples	4.9%
Industrials	7.3%
Communication Services	7.4%
Consumer Discretionary	10.5%
Health Care	13.2%
Financials	13.4%
Information Technology	36.4%

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Microsoft			5.7%
NVIDIA			5.4%
Apple			5.2%
Amazon.com			2.8%
Alphabet, Cl A			2.7%
Meta Platforms, Cl A			1.7%
Capital One Financial			1.0%
Broadcom			1.0%
Tesla			0.7%
Micron Technology			0.6%

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/

GX-SA-KRMA-2025

Global X Funds

Global X U.S. Preferred ETF

Ticker: PFFD

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 U.S. Preferred 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/pffd/. 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 U.S. Preferred ETF	$11	0.23%

Key Fund Statistics as of May 31, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$2,286,497,362	211	$2,668,461	33.12%

What did the Fund invest in?

Asset/Sector Weightings^{Footnote Reference*}

Value	Value
Short-Term Investment	0.0%
Repurchase Agreement	0.0%
Health Care	0.6%
Materials	1.3%
Information Technology	1.5%
Consumer Discretionary	1.8%
Real Estate	4.5%
Industrials	5.0%
Communication Services	6.5%
Utilities	13.4%
Financials	64.9%

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Boeing			4.6%
Citigroup Capital XIII			2.5%
Wells Fargo			2.3%
Apollo Global Management			1.9%
NextEra Energy			1.8%
Ares Management			1.5%
Hewlett Packard Enterprise			1.5%
PG&E			1.3%
Bank of America			1.3%
Albemarle			1.3%

Footnote	Description
Footnote^(A)	Short-Term Investments are not shown in the top ten chart.

Additional Information

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

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

GX-SA-PFFD-2025

Global X Funds

Global X S&P 500^® Quality Dividend ETF

Ticker: QDIV

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 S&P 500^® Quality Dividend 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/qdiv/. 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 S&P 500^® Quality Dividend ETF	$10	0.20%

Key Fund Statistics as of May 31, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$28,450,869	61	$30,289	33.81%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Value	Value
Real Estate	1.8%
Consumer Discretionary	2.9%
Communication Services	3.1%
Information Technology	4.9%
Financials	7.4%
Materials	7.4%
Health Care	9.1%
Energy	12.0%
Consumer Staples	25.1%
Industrials	26.0%

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
CME Group, Cl A			2.3%
RTX			2.2%
Huntington Ingalls Industries			2.2%
3M			2.1%
Paychex			2.1%
Marathon Petroleum			2.1%
Automatic Data Processing			2.0%
AbbVie			2.0%
Johnson & Johnson			2.0%
General Dynamics			2.0%

Additional Information

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

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

GX-SA-QDIV-2025

Global X Funds

Global X Adaptive U.S. Factor ETF

Ticker: AUSF

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 Adaptive U.S. Factor 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/ausf/. 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 Adaptive U.S. Factor ETF	$13	0.27%

Key Fund Statistics as of May 31, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$544,926,602	197	$577,255	43.76%

What did the Fund invest in?

Asset/Sector Weightings^{Footnote Reference*}

Value	Value
Short-Term Investment	0.0%
Repurchase Agreement	0.0%
Real Estate	0.6%
Utilities	3.0%
Materials	4.6%
Energy	4.7%
Consumer Discretionary	5.7%
Information Technology	10.4%
Communication Services	10.6%
Consumer Staples	11.0%
Health Care	11.2%
Industrials	11.6%
Financials	26.4%

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
AT&T			1.9%
Verizon Communications			1.9%
RTX			1.6%
Intercontinental Exchange			1.6%
CME Group, Cl A			1.6%
Automatic Data Processing			1.5%
Republic Services, Cl A			1.5%
Boston Scientific			1.5%
Waste Management			1.5%
Cisco Systems			1.5%

Footnote	Description
Footnote^(A)	Short-Term Investments are not shown in the top ten chart.

Additional Information

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

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

GX-SA-AUSF-2025

Global X Funds

Global X Variable Rate Preferred ETF

Ticker: PFFV

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 Variable Rate Preferred 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/pffv/. 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 Variable Rate Preferred ETF	$12	0.25%

Key Fund Statistics as of May 31, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$304,323,385	57	$357,304	32.02%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Value	Value
Energy	1.5%
Utilities	4.1%
Consumer Staples	4.5%
Financials	89.3%

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Morgan Stanley			4.5%
Apollo Global Management			3.2%
MetLife			3.0%
Jackson Financial			3.0%
Reinsurance Group of America			2.9%
Goldman Sachs Group			2.8%
US Bancorp			2.8%
Allstate			2.7%
Banc of California			2.7%
Bank of America			2.6%

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/

GX-SA-PFFV-2025

Global X Funds

Global X Adaptive U.S. Risk Management ETF

Ticker: ONOF

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 Adaptive U.S. Risk Management 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/onof. 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 Adaptive U.S. Risk Management ETF	$19	0.39%

Key Fund Statistics as of May 31, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$123,276,972	505	$248,264	370.05%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Value	Value
Real Estate	2.0%
Materials	2.0%
Utilities	2.4%
Energy	3.1%
Consumer Staples	5.7%
Industrials	8.8%
Health Care	9.7%
Communication Services	9.9%
Consumer Discretionary	10.8%
Financials	13.9%
Information Technology	31.5%

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Microsoft			6.6%
NVIDIA			6.3%
Apple			5.8%
Amazon.com			3.8%
Meta Platforms, Cl A			2.8%
Broadcom			2.2%
Alphabet, Cl A			2.0%
Tesla			1.9%
Alphabet, Cl C			1.7%
JPMorgan Chase			1.4%

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/onof

GX-SA-ONOF-2025

Global X Funds

Global X 1-3 Month T-Bill ETF

Ticker: CLIP

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 1-3 Month T-Bill 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/clip. 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 1-3 Month T-Bill ETF	$4	0.07%

Key Fund Statistics as of May 31, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$1,491,070,677	27	$424,251	0.00%

What did the Fund invest in?

Asset Weightings^{Footnote Reference*}

Value	Value
Repurchase Agreement	0.0%
U.S. Treasury Obligations	104.0%

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

Top Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
U.S. Treasury Bills			8.8%
U.S. Treasury Bills			8.0%
U.S. Treasury Bills			7.7%
U.S. Treasury Bills			6.7%
U.S. Treasury Bills			5.3%
U.S. Treasury Bills			5.3%
U.S. Treasury Bills			5.1%
U.S. Treasury Bills			5.0%
U.S. Treasury Bills			4.7%
U.S. Treasury Bills			4.6%

Footnote	Description
Footnote^(A)	Short-Term Investments are not shown in the top ten chart.

Additional Information

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

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

GX-SA-CLIP-2025

Global X Funds

Global X U.S. Cash Flow Kings 100 ETF

Ticker: FLOW

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 U.S. Cash Flow Kings 100 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/flow. 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 U.S. Cash Flow Kings 100 ETF	$12	0.25%

Key Fund Statistics as of May 31, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$11,031,204	99	$9,416	53.38%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Value	Value
Real Estate	1.6%
Utilities	2.6%
Materials	5.0%
Communication Services	6.0%
Consumer Staples	9.0%
Health Care	11.0%
Industrials	12.4%
Information Technology	15.1%
Energy	15.5%
Consumer Discretionary	21.6%

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
NRG Energy			2.6%
Marathon Petroleum			2.2%
United Airlines Holdings			2.2%
Altria Group			2.2%
Gen Digital			2.1%
Valero Energy			2.0%
Expedia Group			2.0%
CF Industries Holdings			1.9%
Warner Bros Discovery			1.9%
QUALCOMM			1.9%

Additional Information

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

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

GX-SA-FLOW-2025

Global X Funds

Global X Short-Term Treasury Ladder ETF

Ticker: SLDR

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 Short-Term Treasury Ladder 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/sldr/. 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 Short-Term Treasury Ladder ETF	$6	0.12%

Key Fund Statistics as of May 31, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$12,039,268	78	$5,297	16.45%

What did the Fund invest in?

Asset Weightings^{Footnote Reference*}

Value	Value
U.S. Treasury Obligations	99.4%

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
U.S. Treasury Notes, 2.75%, 7/31/2027			3.6%
U.S. Treasury Notes, 4.50%, 5/15/2027			3.6%
U.S. Treasury Notes, 4.25%, 1/15/2028			3.6%
U.S. Treasury Notes, 3.75%, 8/15/2027			3.6%
U.S. Treasury Notes, 4.13%, 11/15/2027			3.5%
U.S. Treasury Notes, 4.50%, 4/15/2027			3.4%
U.S. Treasury Notes, 0.50%, 10/31/2027			2.7%
U.S. Treasury Notes, 0.38%, 9/30/2027			2.3%
U.S. Treasury Notes, 3.88%, 11/30/2027			2.1%
U.S. Treasury Notes, 2.75%, 2/15/2028			2.0%

Additional Information

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

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

GX-SA-SLDR-2025

Global X Funds

Global X Intermediate-Term Treasury Ladder ETF

Ticker: MLDR

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 Intermediate-Term Treasury Ladder 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/mldr/. 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 Intermediate-Term Treasury Ladder ETF	$6	0.12%

Key Fund Statistics as of May 31, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$2,446,761	28	$1,451	17.40%

What did the Fund invest in?

Asset Weightings^{Footnote Reference*}

Value	Value
U.S. Treasury Obligations	98.6%

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
U.S. Treasury Notes, 3.50%, 2/15/2033			5.8%
U.S. Treasury Notes, 4.38%, 11/30/2030			5.2%
U.S. Treasury Notes, 4.00%, 2/15/2034			5.2%
U.S. Treasury Notes, 3.88%, 9/30/2029			5.1%
U.S. Treasury Notes, 3.75%, 6/30/2030			5.1%
U.S. Treasury Notes, 2.38%, 3/31/2029			4.8%
U.S. Treasury Notes, 3.88%, 8/15/2034			4.7%
U.S. Treasury Notes, 4.25%, 11/15/2034			4.7%
U.S. Treasury Notes, 4.50%, 11/15/2033			4.1%
U.S. Treasury Notes, 4.25%, 2/28/2031			4.1%

Additional Information

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

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

GX-SA-MLDR-2025

Global X Funds

Global X Long-Term Treasury Ladder ETF

Ticker: LLDR

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 Long-Term Treasury Ladder 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/lldr/. 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 Long-Term Treasury Ladder ETF	$6	0.12%

Key Fund Statistics as of May 31, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$20,595,196	91	$12,384	7.60%

What did the Fund invest in?

Asset Weightings^{Footnote Reference*}

Value	Value
U.S. Treasury Obligations	98.7%

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
U.S. Treasury Bonds, 4.50%, 2/15/2036			4.2%
U.S. Treasury Bonds, 4.50%, 5/15/2038			3.0%
U.S. Treasury Bonds, 4.38%, 2/15/2038			2.7%
U.S. Treasury Bonds, 5.00%, 5/15/2037			2.6%
U.S. Treasury Bonds, 3.50%, 2/15/2039			2.3%
U.S. Treasury Bonds, 2.50%, 2/15/2046			2.0%
U.S. Treasury Bonds, 2.88%, 5/15/2049			1.7%
U.S. Treasury Bonds, 4.50%, 8/15/2039			1.7%
U.S. Treasury Bonds, 4.25%, 8/15/2054			1.6%
U.S. Treasury Bonds, 4.63%, 5/15/2054			1.6%

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/

GX-SA-LLDR-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:

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:

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.

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.

As of May 31, 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.

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.

As of May 31, 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.

The Global X Funds (the “Trust”) is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) as an open-end management investment company. As of May 31, 2025, the Trust had one hundred and six portfolios, ninety-five 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^®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 and Global X Long-Term Treasury Ladder 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 Short-Term Treasury Ladder ETF, Global X Intermediate-Term Treasury Ladder ETF and Global X Long-Term Treasury Ladder ETF commenced operations on September 9, 2024.

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

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

RETURN OF CAPITAL ESTIMATES – Distributions received by the Funds from underlying master limited partnership (“MLP”) and real estate investment trust (“REIT”) 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.

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 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 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). 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).

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 May 31, 2025. The Funds continuously monitor the credit standing of each broker or counterparty with whom they

conduct business. In the event a broker or counterparty is unable to fulfill its obligations, the Funds would be subject to counterparty credit risk.

REPURCHASE AGREEMENTS – Securities pledged as collateral for repurchase agreements are held by Brown Brothers Harriman & Co. (“BBH”) or The Bank of New York Mellon (“BNY Mellon”), as appropriate, in their roles as Custodian to respective Funds (each, a “Custodian” and together, the “Custodians”) and are designated as being held on each Fund’s behalf by the Custodian under a book-entry system. Each Fund monitors the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest.

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

Repurchase agreements are entered into by the Funds under Master Repurchase Agreements (each, an “MRA”) which permit the Funds, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under an MRA with collateral held and/or posted to the counterparty, and create one single net payment due to or from the Funds.

FEDERAL INCOME TAXES – It is each Fund’s intention, 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 period ended May 31, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as 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.

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 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.

The Global X Alternative Income ETF’s dividend income includes reclassifications of prior year and current year dividend income to return of capital/realized gain to align those income amounts to the character of those distributions. Those reclassifications exceeded

current year dividend income resulting in a negative dividend income for the current fiscal year.

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:

CASH OVERDRAFT CHARGES – Brown Brothers Harriman (“BBH”) or The Bank of New York Mellon (“BNY”), as appropriate, serve as custodians of the Funds (each a “Custodian,” and together the “Custodians”).Per the terms of an agreement with BBH, if a Fund for which BBH is Custodian has a cash overdraft on a given day, it will be assessed an overdraft charge equal to the applicable BBH Base Rate plus 2.00%. Per the terms of an agreement with BNY, if a Fund for which BNY is Custodian has a cash overdraft, it will be charged interest at a rate then charged by BNY to its institutional custody clients in the

relevant currency. Cash overdraft charges are included in custodian fees on the Statements of Operations.

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 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 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 period ended May 31, 2025, the Adviser paid acquired fund fees and expenses for the Global X Alternative Income ETF of $57,431 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.

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

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 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.

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, the below funds had purchases and sales of long-term U.S. Government securities:

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

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.

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 period ended May 31, 2025:

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 period ended May 31, 2025:

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.

The Global X MLP ETF has estimated net operating loss carryforwards for Federal income tax purposes as follows:

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.

Total income tax expense/benefit (current and deferred) during the period ended May 31, 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:

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, 2023, 2022, and 2021 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 tax character of dividends and distributions declared during the years or periods ended November 30, 2024 and November 30, 2023 were as follows:

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

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 May 31, 2025 were as follows:

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.

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, and Global X Variable Rate Preferred 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, and Global X Variable Rate Preferred 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.

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. 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 agreements with BBH and BNY are initially required to be secured by collateral equal to at least 102% of the value of domestic equity securities and American Depositary Receipts (“ADRs”) and 105% of the value of foreign equity securities (other than ADRs). Such collateral received in connection with these loans will be cash and can be invested in repurchase agreements, short-term investments or U.S. Treasury obligations and is recognized in the Schedules of Investments and Statements of Assets and Liabilities. The obligation to return securities lending collateral is also recognized as a liability in the Statements of Assets and Liabilities. It is each Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan.

Securities pledged as collateral for repurchase agreements held in the Funds are held by BBH or BNY, as appropriate, and are designated as being held on each Fund’s behalf under a book-entry system. Each Fund monitors the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest. It is each Fund’s policy to only enter into repurchase agreements with banks and other financial institutions which are deemed by the Adviser to be creditworthy.

The Funds bear the risk of loss in the event the counterparty to a repurchase agreement defaults on its obligations and the Fund is prevented from exercising its rights to dispose of the underlying securities received as collateral and the risk of a possible decline in the value of the underlying securities during the period. For financial statement purposes, the Funds record the securities lending collateral (including in repurchase agreements, at value or restricted cash) as an asset and the obligation to return securities lending collateral as a liability- on the Statement of Assets and Liabilities.

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

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

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

The following is a summary of securities lending agreements held by the Funds, with cash collateral of overnight maturities and non-cash collateral, which would be subject to offset as of May 31, 2025.

(1) Collateral and non-cash collateral received in excess of market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Statements of Assets and Liabilities.

The value of loaned securities and related collateral outstanding at May 31, 2025 are shown in the Schedules of Investments. The value of the collateral held may be temporarily less

than that required under the lending contract. As of May 31, 2025, the cash collateral was invested in repurchase agreements and the non-cash collateral consisted of U.S. Treasury Bills, Notes, Bonds and U.S. Treasury Inflation Indexed Bonds with the following maturities:

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.

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 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.

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.

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

Stradley Ronon Stevens & Young, LLP
2000 K Street, N.W.
Suite 700
Washington, DC 20006

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.

Financial Statements (Form N-CSRS Item 7)
Schedules of Investments
Global X MLP ETF	1
Global X MLP & Energy Infrastructure ETF	3
Global X Alternative Income ETF	6
Global X Conscious Companies ETF	9
Global X U.S. Preferred ETF	15
Global X S&P 500^®Quality Dividend ETF	23
Global X Adaptive U.S. Factor ETF	26
Global X Variable Rate Preferred ETF	34
Global X Adaptive U.S. Risk Management ETF	38
Global X U.S. 1-3 Month T-Bill ETF	53
Global X U.S. Cash Flow Kings 100 ETF	55
Global X Short-Term Treasury Ladder ETF	59
Global X Intermediate-Term Treasury Ladder ETF	62
Global X Long-Term Treasury Ladder ETF	63
Glossary	66
Statements of Assets and Liabilities	67
Statements of Operations	71
Statements of Changes in Net Assets	75
Financial Highlights	83
Notes to Financial Statements	93
Other Information (Form N-CSRS Items 8-11)	116

Schedule of Investments	May 31, 2025 (Unaudited)
Global X MLP ETF

	Shares		Value
MASTER LIMITED PARTNERSHIPS — 97.2%
Energy — 93.6%
Cheniere Energy Partners		2,189,956	$	125,637,776
CrossAmerica Partners		100		2,159
Delek Logistics Partners		991,933		41,442,961
Energy Transfer		14,769,043		258,162,872
Enterprise Products Partners		7,685,114		236,855,214
Genesis Energy		4,866,790		76,749,278
Global Partners ^(A)		1,611,179		84,619,121
Martin Midstream Partners		100		296
MPLX		4,213,639		214,895,589
NGL Energy Partners ^*		100		349
Plains All American Pipeline		10,044,697		166,139,288
Sunoco		2,783,223		150,127,049
USA Compression Partners		3,884,465		97,888,518
USD Partners ^*		100		1
Western Midstream Partners		5,158,461		192,926,441
				1,645,446,912
Utilities — 3.6%
Suburban Propane Partners ^(A)		3,340,811		62,940,879
TOTAL MASTER LIMITED PARTNERSHIPS (Cost $849,945,853)				1,708,387,791

COMMON STOCK — 8.9%
Energy — 8.9%
Hess Midstream, Cl A		4,198,406		155,341,022
ONEOK		100		8,084
Summit Midstream ^*		100		2,514
				155,351,620
Utilities — 0.0%
Star Group		100		1,196
TOTAL COMMON STOCK (Cost $128,339,094)				155,352,816
TOTAL INVESTMENTS — 106.1% (Cost $978,284,947)			$	1,863,740,607

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 Partners

$	75,431,933	$	15,860,697	$	(2,332,761	)	$	(3,829,023	)	$	(511,725	)	$	84,619,121	$	—	$	—
Suburban Propane Partners

	54,637,224		21,751,680		(10,659,371	)		(1,933,852	)		(854,802	)		62,940,879		—		—
Totals:

$	130,069,157	$	37,612,377	$	(12,992,132	)	$	(5,762,875	)	$	(1,366,527	)	$	147,560,000	$	—	$	—

	Shares		Value
COMMON STOCK — 75.0%
CANADA — 22.8%
Energy — 22.8%
Enbridge ^(A)		5,233,083	$	243,233,698
Pembina Pipeline		3,123,039		117,051,502
South Bow		2,322,458		60,383,908
TC Energy ^(A)		3,402,077		172,281,179

TOTAL CANADA				592,950,287
UNITED STATES — 52.2%
Energy — 52.2%
Antero Midstream		3,733,874		70,122,154
Archrock		1,787,470		44,508,003
Cheniere Energy		775,471		183,778,872
DT Midstream		1,133,257		118,697,338
Hess Midstream, Cl A		1,270,536		47,009,832
Kinder Morgan		8,395,235		235,402,389
Kinetik Holdings, Cl A		428,425		19,082,050
Kodiak Gas Services		589,815		20,826,368
NextDecade ^*		1,369,350		11,338,218
ONEOK		2,428,475		196,317,919
Targa Resources		705,623		111,439,040
Venture Global, Cl A		4,931,249		57,054,551
Williams		3,999,844		242,030,560

TOTAL UNITED STATES				1,357,607,294
TOTAL COMMON STOCK (Cost $1,626,296,286)				1,950,557,581

MASTER LIMITED PARTNERSHIPS — 24.8%
UNITED STATES — 24.8%
Energy — 24.8%
Cheniere Energy Partners		518,369		29,738,830
Delek Logistics Partners		232,337		9,707,040
Energy Transfer		6,536,251		114,253,667
Enterprise Products Partners		3,651,013		112,524,221
MPLX		2,274,528		116,000,928
Plains All American Pipeline		5,891,850		97,451,199
Plains GP Holdings, Cl A		2,148,274		37,809,622
USA Compression Partners		918,874		23,155,625

	Shares		Value
MASTER LIMITED PARTNERSHIPS — continued
Energy — continued
Western Midstream Partners		2,740,833	$	102,507,154
TOTAL UNITED STATES				643,148,286
TOTAL MASTER LIMITED PARTNERSHIPS (Cost $424,773,475)				643,148,286

	Face Amount
U.S. TREASURY OBLIGATION — 1.9%
U.S. Treasury Bill 4.225%, 07/01/25	$	50,000,000		49,829,927
TOTAL U.S. TREASURY OBLIGATION (Cost $49,837,114)				49,829,927

	Shares
SHORT-TERM INVESTMENT^(B)(C)— 0.7%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 4.230% (Cost $19,168,670)		19,168,670		19,168,670

	Face Amount
REPURCHASE AGREEMENT^(B)— 0.8%
RBC Capital Markets 4.250%, dated 05/31/2025, to be repurchased on 06/02/2025, repurchase price $19,977,958 (collateralized by a U.S. Treasury Obligations, par value $19,906,038, 4.625%, 06/30/2026, with a total market value of $20,378,806) (Cost $19,970,885)	$	19,970,885		19,970,885
TOTAL INVESTMENTS — 103.2% (Cost $2,140,046,430)			$	2,682,675,349

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $35,900,512.
(B)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $39,139,555. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $–.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2025.

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	1,950,557,581	$	—	$	—	$	1,950,557,581
Master Limited Partnerships		643,148,286		—		—		643,148,286
U.S. Treasury Obligation		—		49,829,927		—		49,829,927
Short-Term Investment		19,168,670		—		—		19,168,670
Repurchase Agreement		—		19,970,885		—		19,970,885
Total Investments in Securities	$	2,612,874,537	$	69,800,812	$	—	$	2,682,675,349

	Shares		Value
EXCHANGE-TRADED FUNDS — 77.3%
International Fixed Income — 20.4%
Global X Emerging Markets Bond ETF ^{(A)(B) (C)}		298,276	$	6,833,503
International Equity — 19.3%
Global X SuperDividend^®REIT ETF ^{(B) (C)(D)}		311,118		6,455,698
Domestic Equity — 37.6%
Global X Nasdaq 100^®Covered Call ETF ^{(B) (C) (E)}		387,953		6,350,791
Global X U.S. Preferred ETF ^{(B) (C)(F)}		334,958		6,267,064
TOTAL EXCHANGE-TRADED FUNDS (Cost $32,636,187)				25,907,056

COMMON STOCK — 13.4%
Energy — 6.5%
Antero Midstream		29,560		555,137
Hess Midstream, Cl A		12,302		455,174
Kinder Morgan		20,085		563,183
Williams		9,639		583,256
				2,156,750
Utilities — 6.9%
ALLETE		6,854		445,784
Evergy		7,099		471,445
Northwestern Energy Group		7,753		428,974
OGE Energy		10,715		476,496
Spire		6,561		493,912
				2,316,611
TOTAL COMMON STOCK (Cost $3,489,776)				4,473,361

MASTER LIMITED PARTNERSHIPS — 9.1%
Energy — 9.1%
Black Stone Minerals		29,184		389,606
Energy Transfer		26,946		471,016
Enterprise Products Partners		14,877		458,509
Kimbell Royalty Partners		27,356		358,364
MPLX		9,871		503,421
Plains All American Pipeline		24,663		407,926

(A)	For financial information on the Global X Emerging Markets Bond ETF, please go to the Fund’s website at https://www.globalxetfs.com/explore/.
(B)	Affiliated investment.
(C)	This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $897,975.
(D)	For financial information on the Global X SuperDividend® REIT ETF, please go to the Fund’s website at https://www.globalxetfs.com/explore/.
(E)	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/.
(F)	For financial information on the Global X U.S. Preferred 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 May 31, 2025 was $917,410. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $0.

	Shares		Value
COMMON STOCK — 99.8%
UNITED STATES — 99.8%
Communication Services — 7.4%
Alphabet, Cl A		95,652	$	16,427,274
Comcast, Cl A		87,618		3,028,954
Electronic Arts		21,010		3,020,818
Interpublic Group		125,902		3,016,612
Meta Platforms, Cl A		16,318		10,565,742
Netflix *		2,883		3,480,444
T-Mobile US		11,728		2,840,522
Verizon Communications		70,726		3,109,115
				45,489,481

Consumer Discretionary — 10.5%
Amazon.com ^*		85,836		17,597,238
BorgWarner		110,908		3,669,946
Dick’s Sporting Goods		16,378		2,937,230
eBay		45,306		3,315,040
Hilton Worldwide Holdings		14,030		3,485,613
Home Depot		8,466		3,117,943
Lear		36,832		3,330,349
Lululemon Athletica ^*		11,358		3,596,738
Marriott International, Cl A		13,138		3,466,199
NIKE, Cl B		52,625		3,188,549
PulteGroup		29,892		2,930,313
Starbucks		36,473		3,061,908
Tesla ^*		12,058		4,177,615
Ulta Beauty ^*		8,030		3,785,824
Yum! Brands		20,665		2,974,520
				64,635,025

Consumer Staples — 4.9%
Coca-Cola		41,414		2,985,949
Colgate-Palmolive		32,163		2,989,229
Costco Wholesale		3,096		3,220,397
General Mills		52,725		2,860,859
Kimberly-Clark		22,635		3,254,008
Mondelez International, Cl A		44,822		3,025,037
PepsiCo		21,221		2,789,500
Procter & Gamble		18,213		3,094,207
Target		32,788		3,082,400

	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
Walmart		31,807	$	3,139,987
				30,441,573

Energy — 2.4%
Chevron		22,101		3,021,207
ConocoPhillips		33,448		2,854,787
EOG Resources		27,071		2,939,098
ONEOK		35,665		2,883,159
Valero Energy		26,389		3,403,389
				15,101,640

Financials — 13.4%
Aflac		27,843		2,882,864
American Express		11,604		3,412,156
Bank of America		77,947		3,439,801
Bank of New York Mellon		38,848		3,442,321
Capital One Financial		34,302		6,488,223
Charles Schwab		38,759		3,423,970
Citigroup		45,566		3,432,031
FactSet Research Systems		7,087		3,247,689
Hartford Financial Services Group		25,410		3,299,234
JPMorgan Chase		12,542		3,311,088
Mastercard, Cl A		5,709		3,343,190
MetLife		40,670		3,195,849
Moody’s		7,002		3,356,199
Morgan Stanley		26,896		3,443,495
Nasdaq		41,099		3,433,411
PayPal Holdings ^*		48,349		3,397,968
Principal Financial Group		40,802		3,178,068
Progressive		11,446		3,261,309
Prudential Financial		29,738		3,089,481
S&P Global		6,462		3,314,101
Synchrony Financial		60,517		3,488,805
T Rowe Price Group		34,855		3,262,079
Travelers		11,657		3,213,835
Visa, Cl A		9,041		3,301,683
				82,658,850

*	Non-income producing security.
‡	Real Estate Investment Trust

	Shares		Value
PREFERRED STOCK — 99.5%
BERMUDA—1.0%
Financials — 0.9%
Aspen Insurance Holdings, 7.000%		200,596	$	4,962,745
Aspen Insurance Holdings, 5.625%		217,051		4,367,066
RenaissanceRe Holdings, 5.750%		217,839		4,616,009
RenaissanceRe Holdings, 4.200%		437,061		6,813,781
				20,759,601
Industrials — 0.1%
Triton International, 6.875%		110,624		2,300,979
TOTAL BERMUDA				23,060,580
CANADA—0.9%
Financials — 0.3%
Brookfield Finance, 4.625%		345,241		5,554,928
Utilities — 0.6%
Algonquin Power & Utilities, 8.864%, US0003M + 4.010% ^(A)		305,843		7,826,522
Brookfield BRP Holdings Canada, 7.250%		121,190		2,778,887
Brookfield Infrastructure Finance ULC, 7.250%		116,367		2,696,223
				13,301,632
TOTAL CANADA				18,856,560
NETHERLANDS — 0.7%
Financials — 0.7%
AEGON Funding, 5.100%		813,716		15,834,913
TOTAL NETHERLANDS				15,834,913
UNITED STATES — 96.9%
Communication Services — 6.5%
AT&T, 5.350%		1,154,276		25,440,243
AT&T, 5.000%		1,047,336		20,883,880
AT&T, 4.750%		1,529,921		28,992,003
Qwest, 6.750%		574,529		10,732,202
Qwest, 6.500%		854,597		15,622,033
Telephone and Data Systems, 6.625%		369,812		7,196,542
Telephone and Data Systems, 6.000%		604,663		10,744,861
United States Cellular, 6.250%		435,349		10,526,739
United States Cellular, 5.500%		436,889		9,663,985
United States Cellular, 5.500%		436,891		9,642,184
				149,444,672
Consumer Discretionary — 1.8%
Ford Motor, 6.500%		521,456		11,326,025
Ford Motor, 6.200%		651,783		13,491,908
Ford Motor, 6.000%		692,178		14,341,928

	Shares		Value
PREFERRED STOCK — continued
Consumer Discretionary — continued
QVC Group, 8.000%		241,976	$	1,369,584
				40,529,445
Financials — 63.0%
Affiliated Managers Group, 6.750%		392,491		9,156,815
Affiliated Managers Group, 5.875%		263,176		5,368,790
Allstate, 7.744%, TSFR3M + 3.427% ^(A)		435,672		11,305,688
Allstate, 7.375%		525,973		13,964,583
Allstate, 5.100%		1,006,708		20,919,392
Allstate, 4.750%		233,510		4,429,685
Apollo Global Management, 7.625%, H15T5Y + 3.226% ^(A)		523,981		13,497,751
Apollo Global Management, 6.750% ^*		630,579		44,127,918
Arch Capital Group, 5.450%		289,724		5,921,959
Arch Capital Group, 4.550%		438,419		7,413,665
Ares Management, 6.750%		660,453		34,918,150
Associated Banc-Corp, 6.625%, H15T5Y + 2.812% ^(A)		260,459		6,300,503
Athene Holding, 7.750%, H15T5Y + 3.962% ^(A)		437,532		11,113,313
Athene Holding, 7.250%, H15T5Y + 2.986% ^(A)		501,735		12,392,854
Athene Holding, 6.350%, US0003M + 4.253% ^(A)		754,887		17,619,063
Athene Holding, 5.625%		302,507		5,901,912
Athene Holding, 4.875%		502,428		8,521,179
Axis Capital Holdings, 5.500%		482,365		9,676,242
Banc of California, 7.750%, H15T5Y + 4.820% ^(A)		449,957		11,145,435
Bank of America, 7.250% ^*		25,975		30,156,975
Bank of America, 6.450%		352,590		8,938,156
Bank of America, 6.000%		453,684		10,956,469
Bank of America, 5.875%		286,290		6,722,089
Bank of America, 5.375%		465,443		9,751,031
Bank of America, 5.342%, TSFR3M + 1.012% ^(A)		59,380		1,305,172
Bank of America, 5.242%, TSFR3M + 0.912% ^(A)		100,138		2,021,786
Bank of America, 5.083%, TSFR3M + 0.762% ^(A)		134,677		2,748,758
Bank of America, 5.000%		437,161		8,550,869
Bank of America, 4.750%		229,886		4,294,270
Bank of America, 4.375%		359,678		6,186,462

	Face Amount		Value
REPURCHASE AGREEMENT^(C)— 0.0%
RBC Capital Markets 4.250%, dated 05/31/2025, to be repurchased on 06/02/2025, repurchase price $966,663 (collateralized by a U.S. Treasury Obligations, par value $963,183, 4.625%, 06/30/2026, with a total market value of $986,059) (Cost $966,321)	$	966,321	$	966,321
TOTAL INVESTMENTS — 99.5% (Cost $2,459,262,971)			$	2,275,050,758

*	Non-income producing security.
‡	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.
(B)	This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $1,850,690.
(C)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $1,893,825. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $–.
(D)	The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2025.

	Shares		Value
COMMON STOCK — 99.7%
Communication Services — 3.1%
Comcast, Cl A		13,237	$	457,603
Omnicom Group		5,850		429,624
				887,227
Consumer Discretionary — 2.9%
Best Buy		6,031		399,735
NIKE, Cl B		6,867		416,071
				815,806
Consumer Staples — 25.1%
Archer-Daniels-Midland		8,027		387,463
Brown-Forman, Cl B		9,347		311,629
Coca-Cola		6,691		482,421
Colgate-Palmolive		4,502		418,416
Conagra Brands		14,912		341,336
General Mills		6,306		342,164
Hershey		2,297		369,105
Kellanova		5,242		433,147
Kenvue		18,945		452,217
Kimberly-Clark		3,215		462,188
Kroger		6,806		464,373
McCormick		5,221		379,723
Molson Coors Beverage, Cl B		6,888		369,128
Mondelez International, Cl A		6,795		458,595
PepsiCo		2,671		351,103
Procter & Gamble		2,464		418,609
Target		3,130		294,251
Tyson Foods, Cl A		6,983		392,165
				7,128,033
Energy — 12.0%
Baker Hughes, Cl A		12,588		466,385
ConocoPhillips		5,231		446,466
Coterra Energy		20,956		509,440
Devon Energy		15,668		474,114
EOG Resources		4,186		454,474
Exxon Mobil		4,788		489,812
Marathon Petroleum		3,644		585,737
				3,426,428
Financials — 7.4%
Cincinnati Financial		3,485		525,608
CME Group, Cl A		2,232		645,048

	Shares		Value
SHORT-TERM INVESTMENT^(B)(C)— 0.0%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 4.230% (Cost $66,628)		66,628	$	66,628

		Face Amount
REPURCHASE AGREEMENT^(B)— 0.0%
RBC Capital Markets 4.250%, dated 05/31/2025, to be repurchased on 06/02/2025, repurchase price $69,441 (collateralized by a U.S. Treasury Obligations, par value $69,191, 4.625%, 06/30/2026, with a total market value of $70,835) (Cost $69,417)	$	69,417		69,417
TOTAL INVESTMENTS — 99.8% (Cost $517,766,646)			$	543,984,119

	Shares		Value
PREFERRED STOCK — 99.4%
CANADA— 1.9%
Utilities — 1.9%
Algonquin Power & Utilities, 8.864%, US0003M + 4.010% ^(A)		221,683	$	5,672,868
TOTAL CANADA				5,672,868
UNITED STATES— 97.5%
Consumer Staples — 4.5%
CHS, Ser 2, 7.100%, US0003M + 4.298% ^(A)		249,552		6,348,603
CHS, Ser 3, 6.750%, US0003M + 4.155% ^(A)		292,150		7,303,750
				13,652,353
Energy — 1.5%
NGL Energy Partners, 11.792%, TSFR3M + 7.475% ^(A)		199,900		4,557,720
Financials — 89.3%
AGNC Investment, 9.629%, TSFR3M + 5.373% ^{‡ (A)}		159,089		4,042,452
AGNC Investment, 9.511%, TSFR3M + 5.255% ^{‡ (A)}		196,832		4,962,135
AGNC Investment, 8.850%, TSFR3M + 4.594% ^{‡ (A)}		114,336		2,798,945
AGNC Investment, 7.750%, H15T5Y + 4.390% ^{‡ (A)}		72,888		1,793,045
Allstate, 7.744%, TSFR3M + 3.427% ^(A)		315,658		8,191,325
Annaly Capital Management, 9.572%, TSFR3M + 5.255% ^{‡ (A)}		241,705		6,161,060
Annaly Capital Management, 9.568%, TSFR3M + 5.251% ^{‡ (A)}		148,874		3,800,753
Annaly Capital Management, 8.751%, TSFR3M + 4.434% ^{‡ (A)}		143,044		3,533,187
Apollo Global Management, 7.625%, H15T5Y + 3.226% ^(A)		379,575		9,777,852
Arbor Realty Trust, 6.250%, TSFR3M + 5.440% ^{‡ (A)}		181,312		3,702,391
Associated Banc-Corp, 6.625%, H15T5Y + 2.812% ^(A)		188,855		4,568,402
Athene Holding, 7.750%, H15T5Y + 3.962% ^(A)		144,178		3,662,121
Athene Holding, 7.250%, H15T5Y + 2.986% ^(A)		165,329		4,083,626
Athene Holding, 6.350%, US0003M + 4.253% ^(A)		248,725		5,805,242
Banc of California, 7.750%, H15T5Y + 4.820% ^(A)		326,014		8,075,367

Global X Funds

Global X MLP ETF

Ticker: MLPA

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 MLP & Energy Infrastructure ETF

Ticker: MLPX

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 Alternative Income ETF

Ticker: ALTY

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

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Key Fund Statistics as of May 31, 2025

What did the Fund invest in?

Asset/Sector WeightingsFootnote Reference*

Top Ten Holdings

Additional Information

Global X Funds

Global X Conscious Companies ETF

Ticker: KRMA

Principal Listing Exchange: Nasdaq

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

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Sector WeightingsFootnote Reference*

Top Ten Holdings

Additional Information

Global X Funds

Global X U.S. Preferred ETF

Ticker: PFFD

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: May 31, 2025

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Key Fund Statistics as of May 31, 2025

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Global X Funds

Global X S&P 500® Quality Dividend ETF

Ticker: QDIV

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: May 31, 2025

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Key Fund Statistics as of May 31, 2025

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Global X Funds

Global X Adaptive U.S. Factor ETF

Ticker: AUSF

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: May 31, 2025

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Global X Funds

Global X Variable Rate Preferred ETF

Ticker: PFFV

Sector Weightings^{Footnote Reference*}

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Asset/Sector Weightings^{Footnote Reference*}

Sector Weightings^{Footnote Reference*}

Asset/Sector Weightings^{Footnote Reference*}

Global X S&P 500^® Quality Dividend ETF

Sector Weightings^{Footnote Reference*}

Asset/Sector Weightings^{Footnote Reference*}

Sector Weightings^{Footnote Reference*}

Sector Weightings^{Footnote Reference*}

Asset Weightings^{Footnote Reference*}

Sector Weightings^{Footnote Reference*}

Asset Weightings^{Footnote Reference*}

Asset Weightings^{Footnote Reference*}

	Face Amount		Value
U.S. TREASURY OBLIGATIONS — 104.0%
U.S. Treasury Bills
10.481%, 06/20/2025^(A)	$	31,015,000	$	30,949,326
8.891%, 06/12/2025^(A)		36,420,000		36,376,997
7.404%, 06/26/2025^(A)		28,340,000		28,260,105
6.871%, 06/17/2025^(A)		41,250,000		41,177,039
6.570%, 06/5/2025^(A)		46,980,000		46,963,357
6.416%, 06/10/2025^(A)		50,280,000		50,232,681
4.305%, 06/24/2025^{(A) (B)}		42,100,000		41,991,043
4.260%, 08/19/2025^(A)		20,000,000		19,816,510
4.246%, 08/12/2025^(A)		20,000,000		19,832,834
4.245%, 06/3/2025^(A)		78,936,000		78,926,731
4.245%, 07/24/2025^(A)		57,320,000		56,970,023
4.244%, 07/8/2025^(A)		49,550,000		49,341,147
4.243%, 07/31/2025^(A)		79,400,000		78,849,885
4.241%, 07/15/2025^(A)		46,400,000		46,166,118
4.241%, 07/22/2025^(A)		64,950,000		64,569,287
4.233%, 07/3/2025^(A)		115,110,000		114,691,901
4.233%, 07/17/2025^(A)		70,820,000		70,446,218
4.225%, 07/1/2025^(A)		76,950,000		76,688,258
4.225%, 07/10/2025^(A)		132,000,000		131,411,317
3.064%, 08/28/2025^(A)		70,000,000		69,282,700
2.482%, 08/7/2025^(A)		120,010,000		119,079,322
2.370%, 08/14/2025^(A)		100,800,000		99,933,344
2.141%, 08/21/2025^(A)		50,000,000		49,529,583
1.690%, 07/29/2025^(A)		74,910,000		74,407,994
1.418%, 08/5/2025^(A)		30,000,000		29,773,564
0.000%, 08/26/2025^(C)		25,000,000		24,750,372
				1,550,417,656
TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,550,278,657)				1,550,417,656

	Face Amount		Value
REPURCHASE AGREEMENT^(D)— 0.0%
HSBC Securities USA, Inc. 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $10,651 (collateralized by various U.S. Treasury Obligations, ranging in par value $7 - $4,815, 0.000% - 4.625%, 08/15/2025 - 02/15/2055, with a total market value of $10,800) (Cost $10,647)	$	10,647	$	10,647
TOTAL INVESTMENTS — 104.0% (Cost $1,550,289,304)			$	1,550,428,303

(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 May 31, 2025. The total market value of securities on loan at May 31, 2025 was $3,189,723,384.
(C)	There is currently no stated interest rate.
(D)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $10,647. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $3,189,723,384.

	Face Amount		Value
U.S. TREASURY OBLIGATIONS — 99.4%
U.S. Treasury Bills
4.243%, 06/03/25^(A)	$	50,000	$	49,994
0.000%, 07/01/25^(B)		50,000		49,830
				99,824
U.S. Treasury Notes
4.875%, 04/30/26		105,000		105,627
4.875%, 05/31/26		155,000		156,061
4.625%, 02/28/26		180,000		180,463
4.625%, 03/15/26		30,000		30,087
4.625%, 06/30/26		135,000		135,670
4.625%, 09/15/26		80,000		80,553
4.625%, 10/15/26		60,000		60,462
4.625%, 11/15/26		240,000		241,997
4.500%, 03/31/26		130,000		130,311
4.500%, 07/15/26		15,000		15,063
4.500%, 04/15/27		400,000		404,016
4.500%, 05/15/27		425,000		429,549
4.375%, 07/31/26		90,000		90,253
4.375%, 08/15/26		150,000		150,492
4.375%, 12/15/26		120,000		120,647
4.375%, 07/15/27		30,000		30,285
4.250%, 11/30/26		185,000		185,629
4.250%, 12/31/26		75,000		75,284
4.250%, 03/15/27		60,000		60,309
4.250%, 01/15/28		425,000		428,885
4.250%, 02/15/28		20,000		20,191
4.125%, 06/15/26		120,000		119,977
4.125%, 10/31/26		140,000		140,164
4.125%, 01/31/27		200,000		200,453
4.125%, 02/15/27		160,000		160,387
4.125%, 02/28/27		180,000		180,499
4.125%, 11/15/27		420,000		422,330
4.000%, 01/15/27		97,000		97,011
3.875%, 10/15/27		60,000		59,984
3.875%, 11/30/27		255,000		254,980
3.750%, 08/31/26		180,000		179,269
3.750%, 08/15/27		430,000		428,656
3.625%, 05/15/26		100,000		99,501
3.500%, 09/30/26		200,000		198,594
3.500%, 01/31/28		175,000		173,373
3.125%, 08/31/27		120,000		118,050
2.750%, 07/31/27		450,000		439,400

	Face Amount		Value
U.S. TREASURY OBLIGATIONS — continued
2.750%, 02/15/28	$	250,000	$	242,812
2.625%, 05/31/27		140,000		136,555
2.500%, 02/28/26		95,000		93,785
2.375%, 04/30/26		125,000		122,987
2.375%, 05/15/27		220,000		213,666
2.250%, 03/31/26		55,000		54,133
2.250%, 02/15/27		120,000		116,639
2.250%, 11/15/27		120,000		115,448
2.125%, 05/31/26		30,000		29,412
2.000%, 11/15/26		75,000		72,876
1.875%, 06/30/26		120,000		117,169
1.875%, 07/31/26		125,000		121,865
1.875%, 02/28/27		135,000		130,301
1.625%, 05/15/26		140,000		136,710
1.625%, 10/31/26		125,000		120,937
1.625%, 11/30/26		72,000		69,536
1.500%, 08/15/26		105,000		101,842
1.500%, 01/31/27		155,000		148,873
1.250%, 11/30/26		125,000		120,044
1.250%, 12/31/26		195,000		186,895
1.125%, 10/31/26		122,000		117,163
1.125%, 02/28/27		30,000		28,580
0.875%, 06/30/26		180,000		173,869
0.875%, 09/30/26		200,000		191,867
0.750%, 03/31/26		155,000		150,699
0.750%, 04/30/26		200,000		193,912
0.750%, 05/31/26		150,000		145,044
0.750%, 08/31/26		125,000		119,995
0.625%, 07/31/26		160,000		153,725
0.625%, 03/31/27		75,000		70,673
0.625%, 11/30/27		190,000		175,446
0.625%, 12/31/27		250,000		230,186
0.500%, 02/28/26		170,000		165,368
0.500%, 04/30/27		100,000		93,762
0.500%, 05/31/27		200,000		186,992
0.500%, 08/31/27		80,000		74,219
0.500%, 10/31/27		350,000		322,943
0.375%, 07/31/27		150,000		139,131
0.375%, 09/30/27		300,000		276,832

	Face Amount		Value
U.S. TREASURY OBLIGATIONS — 98.6%
U.S. Treasury Notes
4.625%, 02/15/35	$	85,000	$	86,594
4.500%, 11/15/33		100,000		101,492
4.375%, 12/31/29		14,000		14,245
4.375%, 11/30/30		125,000		127,095
4.375%, 05/15/34		25,000		25,070
4.250%, 02/28/31		100,000		100,996
4.250%, 11/15/34		115,000		113,868
4.125%, 11/15/32		6,000		5,974
4.000%, 02/28/30		50,000		50,107
4.000%, 01/31/31		60,000		59,852
4.000%, 02/15/34		130,000		127,019
3.875%, 09/30/29		125,000		124,673
3.875%, 08/15/33		100,000		97,273
3.875%, 08/15/34		120,000		115,613
3.750%, 06/30/30		125,000		123,652
3.500%, 02/15/33		150,000		142,846
3.375%, 05/15/33		7,000		6,590
3.250%, 06/30/29		100,000		97,465
3.125%, 11/15/28		100,000		97,535
2.875%, 05/15/32		100,000		92,219
2.750%, 08/15/32		100,000		91,098
2.375%, 03/31/29		125,000		118,203
1.750%, 01/31/29		100,000		92,707
1.625%, 05/15/31		100,000		87,125
1.375%, 11/15/31		100,000		84,445
1.250%, 03/31/28		85,000		79,080
1.250%, 06/30/28		75,000		69,343
1.250%, 08/15/31		95,000		80,230
				2,412,409
TOTAL U.S. TREASURY OBLIGATIONS (Cost $2,469,014)				2,412,409
TOTAL INVESTMENTS — 98.6% (Cost $2,469,014)			$	2,412,409

	Face Amount		Value
U.S. TREASURY OBLIGATIONS — 98.7%
U.S. Treasury Bills
4.248%, 06/03/25^(A)	$	40,000	$	39,995
0.000%, 07/01/25^(B)		50,000		49,830
				89,825
U.S. Treasury Bonds
5.000%, 05/15/37^(A)		506,000		530,035
4.750%, 02/15/37^(A)		130,000		133,438
4.750%, 02/15/41^(A)		25,000		24,858
4.750%, 11/15/43^(A)		35,000		34,315
4.750%, 02/15/45^(A)		50,000		48,805
4.750%, 11/15/53^(A)		255,000		247,450
4.625%, 02/15/40^(A)		287,000		283,827
4.625%, 05/15/44^(A)		110,000		105,901
4.625%, 11/15/44^(A)		100,000		96,047
4.625%, 05/15/54^(A)		350,000		332,924
4.625%, 02/15/55^(A)		50,000		47,688
4.500%, 02/15/36^(A)		850,000		860,393
4.500%, 05/15/38^(A)		627,000		624,477
4.500%, 08/15/39^(A)		365,000		357,173
4.500%, 02/15/44^(A)		214,000		202,949
4.500%, 11/15/54^(A)		350,000		326,703
4.375%, 02/15/38^(A)		575,000		565,050
4.375%, 11/15/39^(A)		217,000		208,913
4.375%, 05/15/40^(A)		40,000		38,414
4.375%, 05/15/41^(A)		25,000		23,784
4.375%, 08/15/43^(A)		100,000		93,531
4.250%, 05/15/39^(A)		250,000		239,111
4.250%, 02/15/54^(A)		340,000		303,676
4.250%, 08/15/54^(A)		380,000		339,803
4.125%, 08/15/44^(A)		20,000		17,973
4.125%, 08/15/53^(A)		302,000		264,050
4.000%, 11/15/52^(A)		250,000		213,955
3.875%, 08/15/40^(A)		100,000		90,199
3.875%, 02/15/43^(A)		200,000		175,672
3.875%, 05/15/43^(A)		200,000		175,250
3.750%, 08/15/41^(A)		30,000		26,370
3.750%, 11/15/43^(A)		164,000		140,521
3.625%, 08/15/43^(A)		140,000		118,120
3.625%, 02/15/44^(A)		132,000		110,761
3.625%, 02/15/53^(A)		315,000		251,569
3.625%, 05/15/53^(A)		295,000		235,343
3.500%, 02/15/39^(A)		545,000		482,687

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

	Global X MLP ETF		Global X MLP & Energy Infrastructure ETF			Global X Alternative Income ETF			Global X Conscious Companies ETF
Assets:
Cost of Investments	$	844,094,806	$	2,120,075,545		$	5,780,796		$	526,149,026
Cost of Affiliated Investments		134,190,141		—			32,636,187			—
Cost of Repurchase Agreement		—		19,970,885			468,107			—
Investments, at Value	$	1,716,180,607	$	2,662,704,464	*	$	7,959,478	*	$	617,318,065
Affiliated Investments, at Value		147,560,000		—			25,907,056			—
Repurchase Agreement, at Value		—		19,970,885			468,107			—
Cash		217,767		61,773			74,403			619,351
Prepaid Expenses		92,036		—			—			—
Receivable for Investment Securities Sold		—		138,173,351			—			—
Dividend, Interest, and Securities Lending Income Receivable		—		2,790,884			9,970			709,863
Reclaim Receivable		—		1,067,848			—			—
Prepaid Income Taxes		15,419,458		—			—			—
Total Assets		1,879,469,868		2,824,769,205			34,419,014			618,647,279
Liabilities:
Deferred Tax Liability		121,728,251		—			—			—
Obligation to Return Securities Lending Collateral		—		39,139,555			917,410			—
Payable due to Investment Adviser		683,758		989,153			4,279			220,111
Payable for Investment Securities Purchased		—		184,849,891			—			—
Custodian Fees Payable		2,414		2,169			—			—
Franchise Tax Payable		10,899		—			—			—
Total Liabilities		122,425,322		224,980,768			921,689			220,111
Net Assets	$	1,757,044,546	$	2,599,788,437		$	33,497,325		$	618,427,168
Net Assets Consist of:
Paid-in Capital	$	1,567,276,515	$	2,177,733,371		$	40,660,080		$	571,394,669
Total Distributable Earnings (Accumulated Losses)		189,768,031		422,055,066			(7,162,755	)		47,032,499
Net Assets	$	1,757,044,546	$	2,599,788,437		$	33,497,325		$	618,427,168
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		35,678,637		42,827,506			2,920,000			15,980,000
Net Asset Value, Offering and Redemption Price Per Share		$49.25		$60.70			$11.47			$38.70
*Includes Market Value of Securities on Loan	$	—	$	35,900,512		$	897,975		$	—

	Global X U.S. Preferred ETF			Global X S&P 500^®Quality Dividend ETF			Global X Adaptive U.S. Factor ETF			Global X Variable Rate Preferred ETF
Assets:
Cost of Investments	$	2,458,296,650		$	29,904,660		$	517,697,229		$	303,502,553
Cost of Repurchase Agreement		966,321			—			69,417			—
Investments, at Value	$	2,274,084,437	*	$	28,353,960		$	543,914,702	*	$	302,443,826
Repurchase Agreement, at Value		966,321			—			69,417			—
Cash		9,996,510			10,288			235,954			2,023,456
Receivable for Investment Securities Sold		257,603,156			—			—			26,413,287
Dividend, Interest, and Securities Lending Income Receivable		14,349,387			91,460			958,095			674,967
Reclaim Receivable		—			—			4,462			8,860
Total Assets		2,556,999,811			28,455,708			545,182,630			331,564,396
Liabilities:
Obligation to Return Securities Lending Collateral		1,893,825			—			136,045			—
Payable for Investment Securities Purchased		268,158,298			—			—			27,176,244
Payable due to Investment Adviser		449,434			4,839			119,949			64,163
Custodian Fees Payable		892			—			34			604
Total Liabilities		270,502,449			4,839			256,028			27,241,011
Net Assets	$	2,286,497,362		$	28,450,869		$	544,926,602		$	304,323,385
Net Assets Consist of:
Paid-in Capital	$	3,011,221,330		$	37,741,468		$	553,852,293		$	343,828,566
Total Accumulated Losses		(724,723,968	)		(9,290,599	)		(8,925,691	)		(39,505,181	)
Net Assets	$	2,286,497,362		$	28,450,869		$	544,926,602		$	304,323,385
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		122,370,000			850,002			12,560,002			13,270,000
Net Asset Value, Offering and Redemption Price Per Share		$18.69			$33.47			$43.39			$22.93
*Includes Market Value of Securities on Loan	$	1,850,690		$	—		$	128,492		$	—