(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 Millennial Consumer ETF

Ticker: MILN

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global X Millennial Consumer 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
	$120,814,578	82	$300,858	10.29%

What did the Fund invest in?

Asset/Country Weightings^{Footnote Reference*}

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

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Sea ADR			3.7%
Netflix			3.4%
Intuit			3.4%
Walt Disney			3.4%
Booking Holdings			3.2%
Uber Technologies			3.2%
Spotify Technology			3.1%
Meta Platforms, Cl A			3.1%
DoorDash, Cl A			3.1%
PayPal Holdings			3.0%

Footnote	Description
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/miln

GX-SA-MILN-2025

Global X Funds

Global X Aging Population ETF

Ticker: AGNG

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global X Aging Population 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
	$56,793,561	82	$146,302	8.97%

What did the Fund invest in?

Country Weightings^{Footnote Reference*}

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

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Chugai Pharmaceutical			3.2%
Edwards Lifesciences			3.2%
Boston Scientific			3.2%
Stryker			3.1%
Welltower			3.1%
UCB			3.1%
AstraZeneca PLC ADR			3.1%
Roche Holding			3.0%
Novo Nordisk, Cl B			3.0%
AbbVie			2.9%

Additional Information

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

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

GX-SA-AGNG-2025

Global X Funds

Global X FinTech ETF

Ticker: FINX

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global X FinTech ETF	$32	0.68%

Key Fund Statistics as of May 31, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$281,145,559	69	$1,009,694	6.75%

What did the Fund invest in?

Asset/Country Weightings^{Footnote Reference*}

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

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Intuit			7.2%
Coinbase Global, Cl A			6.6%
Fidelity National Information Services			6.5%
Adyen			6.1%
PayPal Holdings			5.9%
Toast, Cl A			4.7%
Block, Cl A			4.5%
Fiserv			4.3%
SS&C Technologies Holdings			4.1%
Xero			4.1%

Footnote	Description
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/finx/

GX-SA-FINX-2025

Global X Funds

Global X Internet of Things ETF

Ticker: SNSR

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global X Internet of Things ETF	$34	0.68%

Key Fund Statistics as of May 31, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$216,683,045	56	$755,161	12.11%

What did the Fund invest in?

Asset/Country Weightings^{Footnote Reference*}

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

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Dexcom			6.5%
Samsara, Cl A			6.2%
STMicroelectronics			5.8%
Garmin			5.5%
Skyworks Solutions			5.5%
Advantech			4.9%
Badger Meter			3.6%
ADT			3.4%
Lattice Semiconductor			3.1%
eMemory Technology			3.0%

Footnote	Description
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/snsr/

GX-SA-SNSR-2025

Global X Funds

Global X Robotics & Artificial Intelligence ETF

Ticker: BOTZ

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global X Robotics & Artificial Intelligence ETF	$33	0.68%

Key Fund Statistics as of May 31, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$2,549,021,830	59	$8,718,933	9.47%

What did the Fund invest in?

Asset/Country Weightings^{Footnote Reference*}

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

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
NVIDIA			9.8%
ABB			8.2%
Intuitive Surgical			8.2%
Keyence			8.2%
FANUC			7.4%
SMC			4.6%
Dynatrace			4.6%
Daifuku			4.4%
Pegasystems			3.6%
Yaskawa Electric			2.7%

Footnote	Description
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/botz/

GX-SA-BOTZ-2025

Global X Funds

Global X U.S. Infrastructure Development ETF

Ticker: PAVE

Principal Listing Exchange: Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report: May 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global X U.S. Infrastructure Development ETF	$22	0.47%

Key Fund Statistics as of May 31, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$8,178,707,381	103	$19,467,867	9.48%

What did the Fund invest in?

Asset/Sector Weightings^{Footnote Reference*}

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

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Howmet Aerospace			4.2%
Fastenal			3.5%
Trane Technologies PLC			3.4%
Deere			3.4%
Parker-Hannifin			3.1%
Quanta Services			3.1%
Norfolk Southern			3.1%
Sempra			3.0%
CSX			3.0%
Emerson Electric			2.9%

Footnote	Description
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/pave

GX-SA-PAVE-2025

Global X Funds

Global X Autonomous & Electric Vehicles ETF

Ticker: DRIV

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global X Autonomous & Electric Vehicles ETF	$33	0.68%

Key Fund Statistics as of May 31, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$294,458,491	82	$1,159,801	22.39%

What did the Fund invest in?

Asset/Country Weightings^{Footnote Reference*}

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

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Microsoft			3.5%
NVIDIA			3.3%
Toyota Motor			3.1%
Alphabet, Cl A			2.9%
QUALCOMM			2.8%
Honeywell International			2.8%
Tesla			2.8%
Nexteer Automotive Group			2.1%
Intel			2.1%
XPeng ADR, Cl A			1.9%

Footnote	Description
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/driv

GX-SA-DRIV-2025

Global X Funds

Global X Artificial Intelligence & Technology ETF

Ticker: AIQ

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global X Artificial Intelligence & Technology ETF	$35	0.68%

Key Fund Statistics as of May 31, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$3,209,293,808	93	$9,794,368	13.21%

What did the Fund invest in?

Asset/Country Weightings^{Footnote Reference*}

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

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Tencent Holdings			4.0%
Netflix			3.7%
Palantir Technologies, Cl A			3.5%
Alibaba Group Holding ADR			3.3%
Samsung Electronics			3.3%
Microsoft			3.1%
Meta Platforms, Cl A			3.1%
Cisco Systems			3.1%
Broadcom			3.1%
International Business Machines			2.9%

Footnote	Description
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/aiq/

GX-SA-AIQ-2025

Global X Funds

Global X Genomics & Biotechnology ETF

Ticker: GNOM

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global X Genomics & Biotechnology ETF	$21	0.50%

Key Fund Statistics as of May 31, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$41,016,761	54	$148,184	21.30%

What did the Fund invest in?

Asset/Country Weightings^{Footnote Reference*}

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

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Alnylam Pharmaceuticals			5.4%
Illumina			4.6%
QIAGEN			4.5%
Natera			4.5%
Avidity Biosciences			4.3%
Moderna			4.3%
Bio-Techne			4.1%
CRISPR Therapeutics			4.0%
BioMarin Pharmaceutical			4.0%
Ultragenyx Pharmaceutical			3.9%

Footnote	Description
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/gnom/

GX-SA-GNOM-2025

Global X Funds

Global X Cloud Computing ETF

Ticker: CLOU

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global X Cloud Computing ETF	$33	0.68%

Key Fund Statistics as of May 31, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$337,062,113	39	$1,176,824	5.54%

What did the Fund invest in?

Asset/Country Weightings^{Footnote Reference*}

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

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Snowflake, Cl A			4.7%
Box, Cl A			4.6%
Zscaler			4.6%
Twilio, Cl A			4.6%
Paycom Software			4.3%
Shopify, Cl A			4.2%
Qualys			4.1%
Procore Technologies			4.0%
Digital Realty Trust			4.0%
ServiceNow			4.0%

Footnote	Description
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/clou/

GX-SA-CLOU-2025

Global X Funds

Global X Cybersecurity ETF

Ticker: BUG

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global X Cybersecurity 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
	$1,082,160,213	31	$2,234,687	23.28%

What did the Fund invest in?

Asset/Country Weightings^{Footnote Reference*}

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

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Zscaler			6.8%
Crowdstrike Holdings, Cl A			6.1%
Check Point Software Technologies			6.0%
Palo Alto Networks			5.8%
Rubrik, Cl A			5.7%
Fortinet			5.5%
Okta, Cl A			5.2%
BlackBerry			5.0%
Varonis Systems, Cl B			4.7%
Gen Digital			4.7%

Footnote	Description
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/bug/

GX-SA-BUG-2025

Global X Funds

Global X Dorsey Wright Thematic ETF

Ticker: GXDW

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global X Dorsey Wright Thematic ETF	$24	0.50%

Key Fund Statistics as of May 31, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$9,774,387	10	$30,467	106.05%

What did the Fund invest in?

Asset Weightings^{Footnote Reference*}

Value	Value
Repurchase Agreements	10.4%
Exchange-Traded Funds	99.9%

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

Top Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Global X Artificial Intelligence & Technology ETF^{Footnote Reference**}			20.4%
Global X US Infrastructure Development ETF^{Footnote Reference**}			20.2%
Global X Millennial Consumer ETF^{Footnote Reference**}			20.1%
Global X E-commerce ETF^{Footnote Reference**}			20.1%
Global X Cybersecurity ETF^{Footnote Reference**}			19.2%

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/gxdw/

GX-SA-GXDW-2025

Global X Funds

Global X Video Games & Esports ETF

Ticker: HERO

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global X Video Games & Esports ETF	$28	0.50%

Key Fund Statistics as of May 31, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$146,710,664	51	$270,176	11.14%

What did the Fund invest in?

Asset/Country Weightings^{Footnote Reference*}

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

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Konami Group			7.6%
Nintendo			6.9%
ROBLOX, Cl A			6.5%
NetEase ADR			6.0%
Take-Two Interactive Software			6.0%
Square Enix Holdings			5.9%
Capcom			5.2%
Electronic Arts			5.0%
Nexon			4.8%
Unity Software			4.4%

Footnote	Description
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/hero/

GX-SA-HERO-2025

Global X Funds

Global X HealthTech ETF

Ticker: HEAL

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global X HealthTech ETF	$31	0.63%

Key Fund Statistics as of May 31, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$38,362,162	42	$117,732	55.22%

What did the Fund invest in?

Asset/Country Weightings^{Footnote Reference*}

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

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Hims & Hers Health			5.4%
Insulet			4.9%
Veeva Systems, Cl A			4.6%
Pro Medicus			4.6%
TransMedics Group			4.4%
Dexcom			4.1%
Intuitive Surgical			4.1%
ResMed			4.0%
GE HealthCare Technologies			3.9%
Masimo			3.8%

Footnote	Description
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/heal/

GX-SA-HEAL-2025

Global X Funds

Global X CleanTech ETF

Ticker: CTEC

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global X CleanTech ETF	$24	0.50%

Key Fund Statistics as of May 31, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$19,021,188	41	$66,792	23.15%

What did the Fund invest in?

Asset/Country Weightings^{Footnote Reference*}

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

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

Top Ten Holdings

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

Footnote	Description
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/ctec/

GX-SA-CTEC-2025

Global X Funds

Global X Data Center & Digital Infrastructure ETF

Ticker: DTCR

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global X Data Center & Digital Infrastructure 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
	$245,311,884	33	$508,440	17.64%

What did the Fund invest in?

Asset/Country Weightings^{Footnote Reference*}

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

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
American Tower			13.6%
Equinix			11.3%
Digital Realty Trust			11.2%
Crown Castle			10.0%
SBA Communications, Cl A			5.0%
GDS Holdings ADR			4.8%
Keppel DC REIT			4.7%
China Tower, Cl H			4.5%
NEXTDC			3.9%
Winbond Electronics			2.7%

Footnote	Description
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/dtcr/

GX-SA-DTCR-2025

Global X Funds

Global X Clean Water ETF

Ticker: AQWA

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global X Clean Water 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
	$10,635,050	41	$25,162	6.41%

What did the Fund invest in?

Asset/Country Weightings^{Footnote Reference*}

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

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

Top Ten Holdings

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

Additional Information

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

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

GX-SA-AQWA-2025

Global X Funds

Global X AgTech & Food Innovation ETF

Ticker: KROP

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global X AgTech & Food Innovation 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
	$8,833,969	32	$17,851	16.75%

What did the Fund invest in?

Asset/Country Weightings^{Footnote Reference*}

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

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

Top Ten Holdings

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

Footnote	Description
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/krop/

GX-SA-KROP-2025

Global X Funds

Global X Blockchain ETF

Ticker: BKCH

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global X Blockchain ETF	$20	0.50%

Key Fund Statistics as of May 31, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$146,810,388	36	$402,927	24.15%

What did the Fund invest in?

Asset/Country Weightings^{Footnote Reference*}

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

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Coinbase Global, Cl A			12.9%
Riot Platforms			11.4%
MARA Holdings			10.8%
Cleanspark			7.9%
Applied Digital			6.0%
Iris Energy			5.3%
Core Scientific			5.3%
Bitdeer Technologies Group, Cl A			5.0%
Galaxy Digital Holdings			5.0%
TeraWulf			4.8%

Footnote	Description
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/bkch/

GX-SA-BKCH-2025

Global X Funds

Global X Hydrogen ETF

Ticker: HYDR

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global X Hydrogen ETF	$21	0.50%

Key Fund Statistics as of May 31, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$26,626,612	31	$77,736	23.19%

What did the Fund invest in?

Asset/Country Weightings^{Footnote Reference*}

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

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Plug Power			13.8%
Bloom Energy, Cl A			11.1%
SFC Energy			11.0%
Doosan Fuel Cell			8.5%
ITM Power PLC			5.6%
FuelCell Energy			5.6%
PowerCell Sweden			4.5%
Ceres Power Holdings PLC			4.5%
NEL			4.2%
Iljin Hysolus ltd			4.1%

Footnote	Description
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/hydr/

GX-SA-HYDR-2025

Global X Funds

Global X Solar ETF

Ticker: RAYS

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global X Solar ETF	$23	0.50%

Key Fund Statistics as of May 31, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$4,174,197	52	$13,221	22.32%

What did the Fund invest in?

Asset/Country Weightings^{Footnote Reference*}

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

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
NEXTracker, Cl A			8.2%
LONGi Green Energy Technology, Cl A			8.2%
Sungrow Power Supply, Cl A			8.0%
First Solar			7.6%
Enphase Energy			6.9%
TCL Zhonghuan Renewable Energy Technology, Cl A			4.2%
Zhejiang Chint Electrics, Cl A			4.1%
Ningbo Deye Technology, Cl A			3.7%
JA Solar Technology, Cl A			3.0%
Shenzhen SC New Energy Technology, Cl A			3.0%

Footnote	Description
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/rays

GX-SA-RAYS-2025

Global X Funds

Global X Wind Energy ETF

Ticker: WNDY

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global X Wind Energy 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
	$1,518,469	29	$4,135	30.13%

What did the Fund invest in?

Country Weightings^{Footnote Reference*}

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

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

Top Ten Holdings

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

Additional Information

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

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

GX-SA-WNDY-2025

Global X Funds

Global X PropTech ETF

Ticker: PTEC

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: May 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global X PropTech 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
	$1,784,222	31	$4,330	9.06%

What did the Fund invest in?

Asset/Country Weightings^{Footnote Reference*}

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

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

Top Ten Holdings

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

Additional Information

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

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

GX-SA-PTEC-2025

Global X Funds

Global X Defense Tech ETF

Ticker: SHLD

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: May 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global X Defense Tech ETF	$31	0.50%

Key Fund Statistics as of May 31, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$2,274,558,006	47	$2,810,672	20.95%

What did the Fund invest in?

Asset/Country Weightings^{Footnote Reference*}

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

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Rheinmetall			8.5%
BAE Systems PLC			8.3%
Lockheed Martin			7.8%
Palantir Technologies, Cl A			7.7%
General Dynamics			7.5%
Leonardo			4.8%
Saab, Cl B			4.7%
Thales			4.6%
L3Harris Technologies			4.5%
Northrop Grumman			4.4%

Footnote	Description
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/shld/

GX-SA-SHLD-2025

Global X Funds

Global X Infrastructure Development ex-U.S. ETF

Ticker: IPAV

Principal Listing Exchange: Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report: May 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global X Infrastructure Development ex-U.S. ETF	$29	0.55%

Key Fund Statistics as of May 31, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$3,408,223	99	$6,624	37.98%

What did the Fund invest in?

Country Weightings^{Footnote Reference*}

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

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

Top Ten Holdings

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

Additional Information

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

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

GX-SA-IPAV-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.

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

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

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.

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:

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

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

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

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

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

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

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:

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

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

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

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:

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:

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

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:

‡ Share transactions have been adjusted to reflect the effect of a 1 for 5 reverse share split on June 14, 2024. (See Note 10 in the Notes to Financial Statements).

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

The Global X Funds (the “Trust”) is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) as an open-end management investment company. As of May 31, 2025, the Trust had one hundred six portfolios, ninety-five of which were operational. The financial statements herein and the related notes pertain to the Global X Millennial Consumer ETF, Global X Aging Population ETF, Global X FinTech ETF, Global X Internet of Things ETF, Global X Robotics & Artificial Intelligence ETF, Global X U.S. Infrastructure Development ETF, Global X Autonomous & Electric Vehicles ETF, Global X Artificial Intelligence & Technology ETF, Global X Genomics & Biotechnology ETF, Global X Cloud Computing ETF, Global X Cybersecurity ETF, Global X Dorsey Wright Thematic ETF, Global X Video Games & Esports ETF, Global X HealthTech ETF, Global X CleanTech ETF, Global X Data Center & Digital Infrastructure ETF, Global X Clean Water ETF, Global X AgTech & Food Innovation ETF, Global X Blockchain ETF, Global X Hydrogen ETF, Global X Solar ETF, Global X Wind Energy ETF, Global X PropTech ETF, Global X Defense Tech ETF and Global X Infrastructure Development ex-U.S. ETF (each a “Fund” and collectively, the “Funds”).

Each Fund, other than the Global X Millennial Consumer ETF, Global X Aging Population ETF, Global X U.S. Infrastructure Development ETF, Global X Autonomous & Electric Vehicles ETF, Global X Artificial Intelligence & Technology ETF and Global X Dorsey Wright Thematic ETF, has elected non-diversified status under the 1940 Act.

The Global X Thematic Growth ETF was renamed to the Global X Dorsey Wright Thematic ETF and its ticker changed to GXDW, effective as of April 1, 2025.

The Global X Telemedicine & Digital Health ETF was renamed to the Global X HealthTech ETF and its ticker changed to HEAL, effective as of April 1, 2025.

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.

SECURITY VALUATION — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market (“NASDAQ”)), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm Eastern Standard Time if a security’s primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent mean between the quoted bid and asked prices, which approximates fair value (absent both bid and asked prices on such exchange, the bid price may be used). For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. The prices for foreign securities are reported in local currencies and converted to U.S. dollars using currency exchange rates as of the reporting date. The exchange rates used by the Trust for valuation are captured as of the New York or London close each day.

Securities for which market prices are not “readily available” are valued in accordance with fair value procedures (the “Fair Value Procedures”) established by Global X Management Company LLC, the Funds’ investment adviser (the “Adviser”), and approved by the Funds’ Board of Trustees (the “Board”). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the “valuation designee” to determine the fair value of securities and other instruments for which no readily available market quotations are available. The Fair Value Procedures are implemented through a fair value committee (the “Committee”) of the Adviser. Some of the more common reasons that may necessitate that a security be valued using the Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from its primary trading exchange; the security’s primary trading market is temporarily closed at a time when, under normal conditions, it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, each Fund may fair value a security if an event that may materially affect the value of the Fund’s security that is traded outside of the United States (a “Significant Event”) has occurred between the time of the security’s last close and the time the Fund calculates its net asset value (“NAV”). A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If the Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before

the time at which the Funds calculate their NAV, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably available to the Committee.

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

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

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

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

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

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement

considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement. For details of the investment classification, reference the Schedule of Investments.

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

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

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

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

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

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

as amended (the “Code”). Accordingly, no provisions for Federal income taxes have been made in the financial statements except as described below.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50%) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax positions in the current period, however Management’s conclusions regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), and on-going analysis of and changes to tax laws and regulations, and interpretations thereof.

If a Fund has foreign tax filings that have not been made, the tax years that remain subject to examination may date back to the inception of the Fund.

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

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

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

translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statements of Operations. Net realized and unrealized gains and losses on foreign currency transactions and translations represent net foreign exchange gains or losses from foreign currency spot contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.

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

INVESTMENTS IN REITs — With respect to the Funds, dividend income is recorded based on the income included in distributions received from REIT investments using published REIT reclassifications, including some management estimates when actual amounts are not available. Distributions received in excess of these estimated amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year end, and may differ from the estimated amounts.

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

FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations

arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statements of Operations. Net realized and unrealized gains and losses on foreign currency transactions and translations represent net foreign exchange gains or losses from foreign currency spot contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.

FUTURES CONTRACTS — To the extent consistent with its investment objective and strategies, each Fund may use futures contracts for tactical hedging purposes as well as to enhance the Fund’s returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, a futures contract involves the risk that the Fund could lose more than the original margin deposit required to initiate a futures transaction.

Futures contracts shall be valued at the settlement price established each day by the board of the exchange on which they are traded. The daily settlement prices for financial futures are provided by an independent source.

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to the Funds’ Schedule of Investments for details regarding open futures contracts as of May 31, 2025, if applicable.

CREATION UNITS — The Funds issue and redeem their shares (“Shares”) on a continuous basis at NAV and only in large blocks of 10,000 Shares, referred to as “Creation Units”. Purchasers of Creation Units (each, an “Authorized Participant”) at NAV must pay a standard creation transaction fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an Authorized Participant on the same day. An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard redemption fee per transaction to the Fund’s Custodian, on the date of such redemption, regardless of the number of Creation Units redeemed that day.

If a Creation Unit is purchased or redeemed for cash, an additional variable fee may be charged. The following table discloses Creation Unit breakdown:

SEGMENT REPORTING — The Funds have adopted FASB 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures (“ASU 2023-07”) during the period, with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity’s segments impact overall performance. The Funds’ adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Funds’ financial position or results of operations.

The Adviser’s Chief Financial Officer acts as each Fund’s Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and allocating resources with respect to the Funds. The CODM has concluded that each Fund operates as a single operating

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 services agreement), certain shareholder and distribution-related services (provided pursuant to a separate Rule 12b-1 Plan and related agreements) and investment advisory services (provided pursuant to a separate Investment Advisory Agreement), under what is essentially an “all-in” fee structure.

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

The Supervision and Administration Agreement for the Global X Dorsey Wright Thematic ETF provides that the Adviser also bears the costs for acquired fund fees and expenses generated by investments by the Fund in affiliated investment companies. For the period ended May 31, 2025, the Adviser paid acquired fund fees and expenses of $34,664 and made such reimbursement payments to the Global X Dorsey Wright Thematic ETF on a monthly basis. These amounts are included in Payment from Adviser on the Statement of Operations.

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

* The Board of Trustees of the Trust voted to approve a lower Supervision and Administration Fee for the Global X HealthTech ETF (formerly known as the Global X Telemedicine & Digital Health ETF) of 0.50% effective April 1, 2025. Prior to that, the Fund was subject to a Management Fee of 0.68%.

SEI Investments Global Funds Services (“SEIGFS”) serves as sub-administrator to the Funds. As sub-administrator, SEIGFS provides the Funds with all required general administrative services, including, without limitation: office space, equipment, and

personnel; clerical and general back office services; bookkeeping, internal accounting and secretarial services; the calculation of NAV; and assistance with the preparation and filing of reports, registration statements, proxy statements and other materials required to be filed or furnished by the Funds under federal and state securities laws. As compensation for these services, SEIGFS receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser.

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

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

BBH serves as the Custodian and transfer agent of the Global X Millennial Consumer ETF, Global X U.S. Infrastructure Development ETF, Global X Cloud Computing ETF and Global X HealthTech ETF. As Custodian, BBH has agreed to (1) make receipts and disbursements of money on behalf of the Funds; (2) collect and receive all income and other payments and distributions on account of the Funds’ portfolio investments; (3) respond to correspondence from shareholders, security brokers and others relating to its duties; and (4) make periodic reports to the Funds concerning the Funds’ operations. BBH does not exercise any supervisory function over the purchase and sale of securities. As compensation for these services, BBH receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees. As compensation for these services, BBH receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees. As transfer agent, BBH has agreed to (1) issue and redeem Shares of each Fund; (2) make dividend and other distributions to shareholders of each Fund; (3) respond to correspondence by shareholders and others relating to its duties; (4) maintain shareholder accounts; and (5) make periodic reports to the Funds. As compensation for these services, BBH receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees.

BNY is the Custodian of the Trust’s portfolio securities and cash with respect to all Funds except the Global X Millennial Consumer ETF, Global X U.S. Infrastructure Development ETF, Global X Cloud Computing ETF and Global X HealthTech ETF. As Custodian, BNY

may appoint domestic and foreign sub-custodians and use depositories from time to time to hold securities and other instruments purchased by the Trust in foreign countries and to hold cash and currencies for the Trust. BNY also serves as the Trust’s transfer agent on behalf of the Funds. Under its transfer agency agreement with the Trust, BNY has undertaken with the Trust to provide the following services with respect to the Funds for which it serves as transfer agent: (i) perform and facilitate the performance of purchases and redemptions of Creation Units, (ii) prepare and transmit by means of Depository Trust Company’s (“DTC”) book-entry system payments for dividends and distributions on or with respect to the Shares declared by the Trust on behalf of the Fund, as applicable, (iii) prepare and deliver reports, information and documents as specified in the transfer agency agreement, (iv) perform the customary services of a transfer agent and dividend disbursing agent, and (v) render certain other miscellaneous services as specified in the transfer agency agreement or as otherwise agreed upon.

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

For the period ended May 31, 2025, there were no purchases or sales of long-term U.S. Government securities by the Funds.

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

* Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only current day’s variation margin, if any, is reported within the Statements of Assets & Liabilities.

The effect of derivative instruments on the Statements of Operations for the period ended May 31, 2025:

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

The following table discloses the average monthly balances of the Funds’ Futures activity during the period ended May 31, 2025:

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:

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

For taxable years beginning after December 22, 2010, a registered investment company is permitted to carry forward net capital losses to offset capital gains realized in later years, and the losses carried forward retain their original character as either long-term or short-term losses.

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

The preceding differences between book and tax cost are primarily due to mark-to-market passive foreign investment companies, mark-to-market future contracts, late year and specified loss deferrals, and partnership adjustments.

The Funds invest in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries.

The Funds may invest in companies focused on business activities in emerging economic themes. Such thematic companies typically face intense competition and potentially rapid product obsolescence. Thematic companies may have limited product lines, markets, financial resources or personnel. These companies typically engage in significant amounts of spending on research and development, capital expenditures and mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. These companies are also frequently dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. Such companies may be potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. The emergent nature of many economic

themes could result in increasing regulatory scrutiny in the future, which may impede the growth of companies that develop and/or focus on such economic themes. Similarly, the collection of data from consumers and other sources is frequently a critical component in emerging economic themes which could lead to increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. Finally, these companies may be involved in young, fast evolving industries with increased exposure to the risks associated with changes in applicable laws (including regulation, other rule changes, and related federal and state enforcement activities), as well as market developments, which may cause businesses to contract or close suddenly and negatively impact the value of these companies.

Special Risk Considerations of Investing in China — Variable Interest Entity Investments. For purposes of raising capital offshore on exchanges outside of China, including on U.S. exchanges, many Chinese-based operating companies are structured as Variable Interest Entities (“VIEs”). In this structure, the Chinese-based operating company is the VIE and establishes a shell company in a foreign jurisdiction, such as the Cayman Islands. The shell company lists on a foreign exchange and enters into contractual arrangements with the VIE. This structure allows Chinese companies in which the government restricts foreign ownership to raise capital from foreign investors. While the shell company has no equity ownership of the VIE, these contractual arrangements permit the shell company to consolidate the VIE’s financial statements with its own for accounting purposes and provide for economic exposure to the performance of the underlying Chinese operating company. Therefore, an investor in the listed shell company, such as certain of the Funds, will have exposure to the Chinese-based operating company only through contractual arrangements and has no ownership in the Chinese-based operating company. Furthermore, because the shell company only has specific rights provided for in these service agreements with the VIE, its abilities to control the activities at the Chinese-based operating company are limited and the operating company may engage in activities that negatively impact investment value. While the VIE structure has been widely adopted, it is not formally recognized under Chinese law and therefore there is a risk that the Chinese government could prohibit the existence of such structures or negatively impact the VIE’s contractual arrangements with the listed shell company by declaring them invalid. If these contracts were found to be unenforceable under Chinese law, investors in the listed shell company, such as the Fund, may suffer significant losses with little or no recourse available. If the Chinese government determines that the agreements establishing the VIE structures do not comply with Chinese law and regulations, including those related to restrictions on foreign ownership, it could subject a Chinese-based issuer to penalties, revocation of business and operating licenses, or forfeiture of ownership interest. In addition, the listed shell company’s control over a VIE may also be jeopardized if a natural person who holds the equity interest in the VIE breaches the terms of the agreement, is subject to legal proceedings or if any physical instruments for authenticating documentation, such as chops and seals, are used without the Chinese-based issuer’s authorization to enter into contractual arrangements

in China. Chops and seals, which are carved stamps used to sign documents, represent a legally binding commitment by the company. Moreover, any future regulatory action may prohibit the ability of the shell company to receive the economic benefits of the Chinese based operating company, which may cause the value of a Fund’s investment in the listed shell company to suffer a significant loss. For example, in 2021, the Chinese government prohibited use of the VIE structure for investment in after-school tutoring companies. There is no guarantee that the government will not place similar restrictions on other industries.

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

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

The Funds use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of the underlying index (also known as a secondary index) in approximately the same proportions as in the underlying index. The Funds may utilize a representative sampling strategy with respect to their underlying index when a replication strategy might be detrimental to their shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to follow its underlying index, or, in certain instances, when securities in the underlying index become temporarily illiquid, unavailable or less liquid, or due to legal restrictions (such as diversification requirements that apply to the Funds but not to the underlying indexes).

Commodity related securities are susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets could have a substantial impact on these Funds.

Economic conditions, such as volatile currency exchange rates and interest rates, political events, military action and other conditions may, without prior warning, lead to foreign government intervention (including intervention by the U.S. Government with respect to foreign governments, economic sectors, foreign companies and related securities and interests) and the imposition of capital controls (i.e., government measures designed to limit the flow of foreign capital in and out of the domestic economy) and/or sanctions, which may also include retaliatory actions of one government against another government, such as the seizure of assets. Capital controls and/or sanctions include the prohibition of,

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

Securities pledged as collateral for repurchase agreements held in the Funds are held by BBH or BNY, as appropriate, in their roles as Custodian to the respective Funds and are designated as being held on each Fund’s behalf under a book-entry system. Each Fund monitors the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest. It is each Fund’s policy to only enter into repurchase agreements with banks and other financial institutions which are deemed by the Adviser to be creditworthy. The Funds bear the risk of loss in the event the counterparty to a repurchase agreement defaults on its obligations and the Fund is prevented from exercising its rights to dispose of the underlying securities received as collateral and the risk of a possible decline in the value of the underlying securities during the period. For financial statement purposes, the Funds record the securities lending collateral (including in repurchase agreements, at value or restricted cash) as an asset and the obligation to return securities lending collateral as a liability on the Statements of Assets and Liabilities.

Cash collateral received in connection with securities lending is invested in repurchase agreements and short-term investments by the lending agent. The Funds do not have

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.

The value of loaned securities and related collateral outstanding at May 31, 2025 are shown in the Schedules of Investments. The value of the collateral held may be temporarily less than that required under the lending contract. As of May 31, 2025, the cash collateral was invested in repurchase agreements, short-term investments and the non-cash collateral consisted of U.S. Treasury Bills, Notes, Bonds and U.S. Treasury Inflation Indexed Bonds with the following maturities:

The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds’ maximum exposure under these contracts is unknown.

However, the Funds have not had prior gains or losses pursuant to these contracts. Management has reviewed the Funds’ existing contracts and expects the risk of loss to be remote.

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

Effective December 19, 2022, the Board of the Trust approved a reverse share split at the ratio of one to four (1:4) of the issued and outstanding shares of the Global X Blockchain ETF (the “Reverse Share Split”). The Reverse Share Split was completed after the close of business on December 19, 2022. The effect of this transaction for the Fund was to divide the number of outstanding Shares of the Fund by a one to four ratio, resulting in a corresponding increase in the NAV per Share. The per share data in the financial highlights for each of the years in the period then ended, has been given retroactive effect to reflect this reverse share split. There were no changes in net assets, results of operations or total return as a result of this transaction.

Effective June 14, 2024, the Board of the Trust approved a reverse share split at the ratio of one to five (1:5) of the issued and outstanding shares of the Global X Hydrogen ETF (the “Reverse Share Split”). The Reverse Share Split was completed after the close of business on June 14, 2024. The effect of this transaction for the Fund was to divide the number of

outstanding Shares of the Fund by a one to five ratio, resulting in a corresponding increase in the NAV per Share. The per share data in the financial highlights for each of the years in the period then ended, have been given retroactive effect to reflect this reverse share split. There were no changes in net assets, results of operations or total return as a result of this transaction.

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.

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

605 Third 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 Millennial Consumer ETF	1
Global X Aging Population ETF	5
Global X FinTech ETF	10
Global X Internet of Things ETF	16
Global X Robotics & Artificial Intelligence ETF	20
Global X U.S. Infrastructure Development ETF	27
Global X Autonomous & Electric Vehicles ETF	32
Global X Artificial Intelligence & Technology ETF	40
Global X Genomics & Biotechnology ETF	47
Global X Cloud Computing ETF	51
Global X Cybersecurity ETF	55
Global X Dorsey Wright Thematic ETF	59
Global X Video Games & Esports ETF	62
Global X HealthTech ETF	67
Global X CleanTech ETF	70
Global X Data Center & Digital Infrastructure ETF	75
Global X Clean Water ETF	80
Global X AgTech & Food Innovation ETF	83
Global X Blockchain ETF	87
Global X Hydrogen ETF	92
Global X Solar ETF	96
Global X Wind Energy ETF	101
Global X PropTech ETF	104
Global X Defense Tech ETF	107
Global X Infrastructure Development ex-U.S. ETF	112
Glossary	119
Statements of Assets and Liabilities	120
Statements of Operations	127
Statements of Changes in Net Assets	134
Financial Highlights	147
Notes to Financial Statements	163
Other Information (Form N-CSRS Items 8-11)	193

	Shares		Value
COMMON STOCK — 99.9%
SINGAPORE — 4.1%
Communication Services — 4.1%
Grindr *		17,437	$	425,811
Sea ADR *		28,045		4,497,577

TOTAL SINGAPORE				4,923,388
UNITED STATES — 95.8%
Communication Services — 19.1%
Alphabet, Cl A		20,460		3,513,800
Angi, Cl A *		24,643		385,663
Cargurus, Cl A *		11,714		367,117
Cars.com *		27,313		279,958
Match Group		18,673		559,070
Meta Platforms, Cl A		5,801		3,756,089
Netflix *		3,402		4,106,996
Snap, Cl A *		107,616		887,832
Spotify Technology *		5,712		3,799,280
TripAdvisor *		27,654		393,793
Vimeo *		63,710		277,776
Walt Disney		36,227		4,095,100
Yelp, Cl A *		8,982		342,843
ZipRecruiter, Cl A *		58,194		347,418
				23,112,735
Consumer Discretionary — 44.0%
Airbnb, Cl A *		28,012		3,613,548
Amazon.com *		17,347		3,556,308
AutoNation *		2,927		538,129
Booking Holdings		710		3,918,440
Capri Holdings *		23,641		428,375
CarMax *		11,476		739,743
Carter’s		8,967		281,295
Carvana, Cl A *		10,032		3,282,069
Chipotle Mexican Grill, Cl A *		64,386		3,224,451
Columbia Sportswear		4,838		308,568
Coursera *		47,828		423,278
Dick’s Sporting Goods		4,200		753,228
DoorDash, Cl A *		17,862		3,726,906
eBay		34,806		2,546,755
Etsy *		7,973		441,306

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Expedia Group		9,207	$	1,535,267
Graham Holdings, Cl B		335		319,727
Home Depot		8,831		3,252,369
Laureate Education, Cl A *		16,087		361,958
Life Time Group Holdings *		15,628		446,961
Lowe’s		13,985		3,156,834
Lululemon Athletica *		8,629		2,732,545
NIKE, Cl B ^(A)		55,574		3,367,229
Peloton Interactive, Cl A *		59,018		419,028
Perdoceo Education		11,808		401,944
Planet Fitness, Cl A *		6,268		644,538
Skechers USA, Cl A *		9,694		601,416
Starbucks		37,152		3,118,910
Strategic Education		3,826		349,046
Stride *		3,244		491,109
Sweetgreen, Cl A *		15,166		203,528
Torrid Holdings *^(A)		64,295		331,762
Under Armour, Cl A *		59,738		400,842
Urban Outfitters *		6,898		482,170
VF		30,296		377,488
Victoria’s Secret *		17,541		372,045
Wayfair, Cl A *		12,224		504,118
Williams-Sonoma		9,220		1,491,427
				53,144,660
Consumer Staples — 5.5%
Celsius Holdings *		19,228		728,357
Costco Wholesale		3,256		3,386,826
Maplebear *		19,748		901,891
Natural Grocers by Vitamin Cottage		6,819		332,972
Sprouts Farmers Market *		7,320		1,265,335
				6,615,381
Financials — 9.1%
Block, Cl A *		41,784		2,580,162
Fiserv *		15,138		2,464,315
LendingClub *		34,468		345,714
Nelnet, Cl A		2,913		338,433
PayPal Holdings *		51,569		3,624,269

	Face Amount		Value
REPURCHASE AGREEMENT^(B)— 0.8%
RBC Capital Markets 4.250%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $947,397 (collateralized by a U.S. Treasury Obligations, par value $943,986, 4.625%, 06/30/2026, with a total market value of $966,406) (Cost $947,062)	$	947,062	$	947,062
TOTAL INVESTMENTS — 101.5% (Cost $123,296,907)			$	122,588,208

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

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	120,732,127	$	—	$	—	$	120,732,127
Short-Term Investment		909,019		—		—		909,019
Repurchase Agreement		—		947,062		—		947,062
Total Investments in Securities	$	121,641,146	$	947,062	$	—	$	122,588,208

	Shares		Value
COMMON STOCK — 99.6%
AUSTRALIA — 0.9%
Health Care — 0.9%
Cochlear		2,961	$	517,358

BELGIUM — 3.4%
Health Care — 3.1%
UCB		9,639		1,749,740

Real Estate — 0.3%
Aedifica ^‡		2,306		174,090

TOTAL BELGIUM				1,923,830
CANADA — 0.7%
Health Care — 0.7%
Chartwell Retirement Residences		13,679		185,146
Sienna Senior Living		13,749		186,193

TOTAL CANADA				371,339
CHINA — 4.8%
Health Care — 4.8%
AK Medical Holdings		202,689		153,279
BeiGene ADR *		4,475		1,098,970
Hansoh Pharmaceutical Group		268,443		884,934
Lifetech Scientific *		885,092		182,853
Luye Pharma Group *		651,724		209,441
Microport Scientific *		177,702		167,016

TOTAL CHINA				2,696,493
DENMARK — 5.0%
Consumer Discretionary — 0.3%
GN Store Nord *		11,525		168,698

Health Care — 4.7%
Demant *		9,631		376,695
Genmab *		2,989		627,527
Novo Nordisk, Cl B		24,347		1,680,937
				2,685,159
TOTAL DENMARK				2,853,857

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

	Face Amount		Value
REPURCHASE AGREEMENTS^(B)— continued
Clear Street LLC 4.410%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,089,601 (collateralized by various U.S. Government Obligations, ranging in par value $1,059 - $318,228, 2.000% - 7.000%, 09/17/2029 - 05/01/2055, with a total market value of $1,096,672)	$	1,089,201	$	1,089,201
Daiwa Capital Markets America, Inc. 4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $3,407,462 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $216 - $608,509, 0.000% - 7.500%, 09/16/2025 - 06/01/2055, with a total market value of $3,456,987)		3,406,227		3,406,227
HSBC Securities USA, Inc. 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $1,637,300 (collateralized by various U.S. Treasury Obligations, ranging in par value $152 - $647,232, 1.500% - 7.000%, 12/01/2031 - 04/01/2055, with a total market value of $1,663,204)		1,636,707		1,636,707
HSBC Securities USA, Inc. 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $794,045 (collateralized by various U.S. Government Obligations, ranging in par value $529 - $358,979, 0.000% - 4.625%, 08/15/2025 - 02/15/2055, with a total market value of $805,130)		793,758		793,758

	Shares		Value
COMMON STOCK — 99.8%
AUSTRIA — 1.3%
Information Technology — 1.3%
ams-OSRAM *		105,979	$	1,028,121
Kontron		70,182		1,830,918

TOTAL AUSTRIA				2,859,039
CANADA — 0.3%
Information Technology — 0.3%
BlackBerry *		145,735		577,111

FRANCE — 1.2%
Industrials — 1.2%
Legrand		21,325		2,589,184

JAPAN — 1.2%
Information Technology — 1.2%
Nippon Ceramic		33,558		666,067
Renesas Electronics		153,221		1,893,295

TOTAL JAPAN				2,559,362
NETHERLANDS — 1.8%
Information Technology — 1.8%
NXP Semiconductors		20,185		3,857,959

NORWAY — 1.2%
Information Technology — 1.2%
Nordic Semiconductor *		205,567		2,516,987

SINGAPORE — 5.8%
Information Technology — 5.8%
STMicroelectronics		500,129		12,550,634

SWITZERLAND — 2.9%
Industrials — 2.0%
ABB		78,357		4,438,847

	Face Amount		Value
REPURCHASE AGREEMENT^(A)— 0.0%
HSBC Securities USA, Inc. 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $926 (collateralized by various U.S. Treasury Obligations, ranging in par value $1 - $419, 0.000% - 4.625%, 08/15/2025 - 02/15/2055, with a total market value of $939) (Cost $926)	$	926	$	926
TOTAL INVESTMENTS — 99.8% (Cost $202,347,556)			$	216,189,978

	Shares		Value
COMMON STOCK — 99.4%
CANADA — 1.2%
Industrials — 1.2%
ATS *		1,065,359	$	30,776,435

CHINA — 5.5%
Consumer Discretionary — 2.1%
Hesai Group ADR * ^(A)		1,066,346		20,111,285
WeRide * ^(A)		2,809,048		27,809,575
Zhixing Automotive Technology Suzhou * ^(A)		2,336,717		4,183,804
				52,104,664
Health Care — 0.9%
Shanghai MicroPort MedBot Group * ^(A)		10,950,900		22,009,193

Industrials — 1.5%
UBTech Robotics * ^(A)		3,602,477		38,452,516

Information Technology — 1.0%
AInnovation Technology Group, Cl H * ^(A)		6,050,000		4,212,560
RoboSense Technology * ^(A)		5,049,800		22,088,508
				26,301,068
TOTAL CHINA				138,867,441
FINLAND — 2.1%
Industrials — 2.1%
Cargotec, Cl B		603,151		32,469,882
Kalmar, Cl B		598,514		21,077,020

TOTAL FINLAND				53,546,902
JAPAN — 30.3%
Industrials — 19.5%
Daifuku		4,188,568		112,279,573
FANUC		7,015,980		188,071,733
Hirata		349,203		4,576,339
Shibaura Machine		271,039		6,301,922
SMC		309,874		116,287,308
Yaskawa Electric ^(A)		2,940,286		69,526,012
				497,042,887

Type of Contract	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation
Long Contracts
NASDAQ 100 Index E-MINI		35	Jun-2025	$	13,767,638	$	14,963,725	$	1,196,088

	Face Amount		Value
REPURCHASE AGREEMENT^(B)— 0.1%
RBC Capital Markets 4.250%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $5,259,273 (collateralized by a U.S. Treasury Obligations, par value $5,240,340, 4.625%, 06/30/2026, with a total market value of $5,364,798) (Cost $5,257,411)	$	5,257,411	$	5,257,411
TOTAL INVESTMENTS — 100.0% (Cost $7,058,688,478)			$	8,176,337,633

	Shares		Value
COMMON STOCK — 97.9%
AUSTRALIA — 2.9%
Materials — 2.9%
IGO		1,080,993	$	2,699,213
Liontown Resources * ^(A)		9,854,125		3,836,683
Pilbara Minerals *		2,492,988		1,989,411

TOTAL AUSTRALIA				8,525,307
CANADA — 3.0%
Industrials — 0.9%
Ballard Power Systems * ^(A)		2,109,350		2,721,062

Information Technology — 1.2%
BlackBerry *		838,928		3,322,155

Materials — 0.9%
Lithium Americas * ^(A)		1,018,393		2,718,282

TOTAL CANADA				8,761,499
CHILE — 0.9%
Materials — 0.9%
Sociedad Quimica y Minera de Chile ADR ^(A)		87,054		2,649,053

CHINA — 11.3%
Communication Services — 1.4%
Baidu ADR *		50,571		4,141,765

Consumer Discretionary — 6.6%
Geely Automobile Holdings		2,023,300		4,546,365
Nexteer Automotive Group ^(A)		8,385,200		6,170,030
NIO ADR * ^(A)		872,143		3,087,386
XPeng ADR, Cl A * ^(A)		286,409		5,530,558
				19,334,339
Information Technology — 2.2%
indie Semiconductor, Cl A * ^(A)		845,033		2,239,337
RoboSense Technology * ^(A)		993,828		4,347,138
				6,586,475

	Face Amount		Value
REPURCHASE AGREEMENTS^(C)— continued
Cantor Fitzgerald Securities 4.370%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $7,108,985 (collateralized by various U.S. Government Obligations, ranging in par value $309 - $487,886, 1.500% - 7.550%, 04/01/2032 - 03/20/2075, with a total market value of $7,218,917)	$	7,106,397	$	7,106,397
CF Secured LLC 4.360%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $4,499,985 (collateralized by various U.S. Government Obligations, ranging in par value $569 - $666,871, 0.000% - 7.000%, 05/23/2028 - 04/20/2074, with a total market value of $4,570,953)		4,498,351		4,498,351
Daiwa Capital Markets America, Inc. 4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $6,488,197 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $412 - $1,158,671, 0.000% - 7.500%, 09/16/2025 - 06/01/2055, with a total market value of $6,582,499)		6,485,846		6,485,846
HSBC Securities USA, Inc. 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $2,006,161 (collateralized by various U.S. Government Obligations, ranging in par value $1,337 - $906,964, 0.000% - 4.625%, 08/15/2025 - 02/15/2055, with a total market value of $2,034,167)		2,005,436		2,005,436
HSBC Securities USA, Inc. 4.350%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $3,117,607 (collateralized by various U.S. Treasury Obligations, ranging in par value $290 - $1,232,403, 1.500% - 7.000%, 12/01/2031 - 04/01/2055, with a total market value of $3,166,931)		3,116,477		3,116,477

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $29,582,425.
(B)	There is currently no stated interest rate.
(C)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $30,857,129. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $2,547,486.

	Face Amount		Value
REPURCHASE AGREEMENTS^(B)— 5.1%
Bank of America Securities, Inc. 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $491,438 (collateralized by various U.S. Treasury Obligations, ranging in par value $1,875 - $574,572, 0.000% - 5.250%, 02/15/2029 - 11/15/2052, with a total market value of $501,057)	$	491,260	$	491,260
Citigroup Global Markets, Inc. 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $125,474 (collateralized by various U.S. Treasury Obligations, ranging in par value $11,732 - $78,456, 0.750% - 4.375%, 04/30/2026 - 07/15/2027, with a total market value of $127,195)		125,429		125,429
Daiwa Capital Markets America, Inc. 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $491,438 (collateralized by various U.S. Treasury Obligations, ranging in par value $351 - $191,464, 0.000% - 4.625%, 09/16/2025 - 05/15/2053, with a total market value of $498,318)		491,260		491,260
Deutsche Bank Securities, Inc. 4.330%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $491,437 (collateralized by various U.S. Treasury Obligations, ranging in par value $1,327 - $302,392, 4.250% - 4.625%, 11/30/2026 - 05/31/2031, with a total market value of $494,166)		491,260		491,260

	Shares		Value
SHORT-TERM INVESTMENT^(B)(C)— 0.1%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 4.230% (Cost $295,076)		295,076	$	295,076

	Face Amount
REPURCHASE AGREEMENT^(B)— 0.1%
RBC Capital Markets 4.250%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $307,533 (collateralized by a U.S. Treasury Obligations, par value $306,426, 4.625%, 06/30/2026, with a total market value of $313,704) (Cost $307,425)	$	307,425		307,425
TOTAL INVESTMENTS — 100.1% (Cost $444,101,125)			$	337,271,607

	Shares		Value
EXCHANGE-TRADED FUNDS — 99.9%
International Equity Fund — 59.6%
Global X Artificial Intelligence & Technology ETF^(A)(B)(C)		49,472	$	1,993,722
Global X Cybersecurity ETF^(B)(C)(D)		53,774		1,877,250
Global X E-commerce ETF ^(B)(E)		65,850		1,960,618
				5,831,590
Domestic Equity Fund — 40.3%
Global X Millennial Consumer ETF^(B)(F)		42,262		1,967,296
Global X US Infrastructure Development ETF ^(B)(G)		47,526		1,972,804
				3,940,100
TOTAL EXCHANGE-TRADED FUNDS (Cost $8,954,905)				9,771,690

	Face Amount
REPURCHASE AGREEMENTS^(H)— 10.4%
Bank of America Securities, Inc. 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $249,090 (collateralized by various U.S. Treasury Obligations, ranging in par value $950 - $291,227, 0.000% - 5.250%, 02/15/2029 - 11/15/2052, with a total market value of $253,966)	$	249,000		249,000
Citigroup Global Markets, Inc. 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $17,843 (collateralized by various U.S. Treasury Obligations, ranging in par value $1,668 - $11,157, 0.750% - 4.375%, 04/30/2026 - 07/15/2027, with a total market value of $18,088)		17,837		17,837
Daiwa Capital Markets America, Inc. 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $249,090 (collateralized by various U.S. Treasury Obligations, ranging in par value $178 - $97,045, 0.000% - 4.625%, 09/16/2025 - 05/15/2053, with a total market value of $252,577)		249,000		249,000

Global X Funds

Global X Millennial Consumer ETF

Ticker: MILN

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

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Top Ten Holdings

Additional Information

Global X Funds

Global X Aging Population ETF

Ticker: AGNG

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

What did the Fund invest in?

Country WeightingsFootnote Reference*

Top Ten Holdings

Additional Information

Global X Funds

Global X FinTech ETF

Ticker: FINX

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

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Top Ten Holdings

Additional Information

Global X Funds

Global X Internet of Things ETF

Ticker: SNSR

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

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Top Ten Holdings

Additional Information

Global X Funds

Global X Robotics & Artificial Intelligence ETF

Ticker: BOTZ

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

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Top Ten Holdings

Additional Information

Global X Funds

Global X U.S. Infrastructure Development ETF

Ticker: PAVE

Principal Listing Exchange: Cboe BZX Exchange, 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/Sector WeightingsFootnote Reference*

Top Ten Holdings

Additional Information

Global X Funds

Global X Autonomous & Electric Vehicles ETF

Ticker: DRIV

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

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Top Ten Holdings

Additional Information

Global X Funds

Global X Artificial Intelligence & Technology ETF

Ticker: AIQ

Asset/Country Weightings^{Footnote Reference*}

Country Weightings^{Footnote Reference*}

Asset/Country Weightings^{Footnote Reference*}

Asset/Country Weightings^{Footnote Reference*}

Asset/Country Weightings^{Footnote Reference*}

Asset/Sector Weightings^{Footnote Reference*}

Asset/Country Weightings^{Footnote Reference*}

Asset/Country Weightings^{Footnote Reference*}

Asset/Country Weightings^{Footnote Reference*}

Asset/Country Weightings^{Footnote Reference*}

Asset/Country Weightings^{Footnote Reference*}

Asset Weightings^{Footnote Reference*}

Asset/Country Weightings^{Footnote Reference*}

	Face Amount		Value
REPURCHASE AGREEMENTS^(H)— continued
Deutsche Bank Securities, Inc. 4.330%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $249,090 (collateralized by various U.S. Treasury Obligations, ranging in par value $673 - $153,271, 4.250% - 4.625%, 11/30/2026 - 05/31/2031, with a total market value of $250,473)	$	249,000	$	249,000
Mizuho Securities USA LLC 4.330%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $249,090 (collateralized by various U.S. Treasury Obligations, ranging in par value $99,269 - $156,670, 3.500% - 3.750%, 04/15/2028 - 04/30/2030, with a total market value of $252,975)		249,000		249,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,013,837)				1,013,837
TOTAL INVESTMENTS — 110.3% (Cost $9,968,742)			$	10,785,527

(A)	For financial information on the Global X Artificial Intelligence & Technology ETF, please go to the Fund’s website at https://www.globalxetfs.com/explore/.
(B)	Affiliated investment.
(C)	This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $987,250.
(D)	For financial information on the Global X Cybersecurity ETF, please go to the Fund’s website at https://www.globalxetfs.com/explore/.
(E)	For financial information on the Global X E-commerce ETF, please go to the Fund’s website at https://www.globalxetfs.com/explore/.
(F)	For financial information on the Global X Millennial Consumer ETF, please go to the Fund’s website at https://www.globalxetfs.com/explore/.
(G)	For financial information on the Global X US Infrastructure Development ETF, please go to the Fund’s website at https://www.globalxetfs.com/explore/.
(H)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $1,013,837. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $0.

	Value 11/30/2024		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value 5/31/2025		Income		Capital Gains
Global X Artificial Intelligence & Technology ETF
$	—	$	2,144,784	$	(325,999	)	$	193,175		$	(18,238	)	$	1,993,722	$	—	$	—
Global X Cybersecurity ETF
	—		2,187,644		(452,914	)		137,851			4,669			1,877,250		—		—
Global X Data Center & Digital Infrastructure ETF
	1,797,852		2,106		(1,689,424	)		(304,671	)		194,137			—		17,317		—
Global X Disruptive Materials ETF
	1,823,533		2,079		(1,673,310	)		139,837			(292,139	)		—		10,601		—
Global X E-commerce ETF
	1,870,595		1,074,858		(1,039,453	)		(87,055	)		141,673			1,960,618		479		—
Global X FinTech ETF
	2,009,298		2,231		(1,708,360	)		770,253			(1,073,422	)		—		9,629		—
Global X Genomics & Biotechnology ETF
	1,503,736		262,063		(1,389,458	)		1,918,721			(2,295,062	)		—		—		—
Global X Lithium & Battery Tech ETF
	1,937,834		2,327		(1,713,990	)		1,439,386			(1,665,557	)		—		5,443		—
Global X Millennial Consumer ETF
	—		1,861,856		(980	)		106,365			55			1,967,296		—		—
Global X Renewable Energy Producers ETF
	1,410,567		339,885		(1,585,652	)		1,079,895			(1,244,695	)		—		9,012		—
Global X Solar ETF
	1,641,329		190,679		(1,531,545	)		754,466			(1,054,929	)		—		5,211		—
Global X US Infrastructure Development ETF
	—		2,149,425		(345,751	)		179,289			(10,159	)		1,972,804		—		—
Global X Video Games & Esports ETF
	1,768,488		1,927		(1,832,767	)		(333,211	)		395,563			—		14,539		—
Totals:
$	15,763,232	$	10,221,864	$	(15,289,603	)	$	5,994,301		$	(6,918,104	)	$	9,771,690	$	72,231	$	—

	Shares		Value
COMMON STOCK — 99.7%
AUSTRALIA — 4.6%
Health Care — 4.6%
Pro Medicus		9,723	$	1,764,604

CANADA — 0.6%
Health Care — 0.6%
Well Health Technologies *		74,773		222,968

CHINA — 2.7%
Consumer Staples — 2.7%
Alibaba Health Information Technology *^(A)		1,828,500		1,056,310

DENMARK — 3.2%
Health Care — 3.2%
Demant *		31,153		1,218,479

JAPAN — 0.2%
Health Care — 0.2%
PHC Holdings		10,642		68,663

NETHERLANDS — 3.5%
Health Care — 3.5%
Koninklijke Philips		58,073		1,335,034

SWEDEN — 0.7%
Health Care — 0.7%
RaySearch Laboratories		8,810		280,215

UNITED STATES — 84.2%
Financials — 2.2%
Oscar Health, Cl A *		63,322		873,844

Health Care — 82.0%
agilon health *		112,838		250,500
Alignment Healthcare *		49,463		760,246
Astrana Health *		13,981		346,589
Butterfly Network *		72,868		174,883

	Face Amount		Value
REPURCHASE AGREEMENT^(B)— 2.5%
RBC Capital Markets 4.250%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $946,209 (collateralized by a U.S. Treasury Obligations, par value $943,136, 4.625%, 06/30/2026, with a total market value of $965,536) (Cost $946,209)	$	946,209	$	946,209
TOTAL INVESTMENTS — 104.6% (Cost $54,423,563)			$	40,126,889

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $2,518,416.
(B)	Interest rate represents the security’s effective yield at the time of purchase.
(C)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $2,740,505. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $0.

	Shares		Value
COMMON STOCK — 100.1%
ARGENTINA — 0.9%
Materials — 0.9%
Bioceres Crop Solutions * ^(A)		16,640	$	81,203

AUSTRALIA — 2.5%
Materials — 2.5%
Nufarm *		146,040		223,682

CANADA — 12.8%
Consumer Staples — 0.3%
Maple Leaf Foods		1,403		27,827

Materials — 12.5%
Nutrien		18,641		1,100,378

TOTAL CANADA				1,128,205
CHINA — 14.3%
Consumer Staples — 14.3%
Cheng De Lolo, Cl A		281,580		413,672
Hebei Yangyuan Zhihui Beverage, Cl A		122,500		415,894
V V Food & Beverage, Cl A		54,700		26,432
Yuan Longping High-tech Agriculture, Cl A		286,000		405,074

TOTAL CHINA				1,261,072
GERMANY — 3.5%
Health Care — 3.5%
Bayer		10,870		305,235

INDONESIA — 0.3%
Consumer Staples — 0.3%
Mayora Indah		188,800		26,425

JAPAN — 12.3%
Industrials — 12.3%
Kubota		94,559		1,090,120

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $218,393.
(B)	Level 3 security in accordance with fair value hierarchy.
(C)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $229,148. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $0.

	Shares		Value
COMMON STOCK — 94.9%
CANADA — 4.1%
Industrials — 4.1%
Ballard Power Systems *		845,617	$	1,090,846

CHINA — 2.7%
Industrials — 1.8%
Beijing Sinohytec, Cl H *		166,400		476,396

Information Technology — 0.9%
Shenzhen Everwin Precision Technology, Cl A		82,500		230,832

TOTAL CHINA				707,228
FRANCE — 0.3%
Consumer Discretionary — 0.3%
Opmobility		6,444		78,789

GERMANY — 11.0%
Industrials — 11.0%
SFC Energy *		117,584		2,916,707

JAPAN — 2.1%
Consumer Discretionary — 2.1%
Toyota Motor		29,389		563,971

NORWAY — 5.5%
Industrials — 5.5%
Hexagon Purus *		2,220,866		326,484
NEL * ^(A)		5,283,519		1,129,396

TOTAL NORWAY				1,455,880
SINGAPORE — 0.3%
Materials — 0.3%
Nanofilm Technologies International ^(A)		184,000		76,334

	Face Amount		Value
REPURCHASE AGREEMENT^(C)— 0.9%
HSBC Securities USA, Inc. 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $37,278 (collateralized by various U.S. Treasury Obligations, ranging in par value $25 - $16,853, 0.000% - 4.625%, 08/15/2025 - 02/15/2055, with a total market value of $37,799) (Cost $37,265)	$	37,265	$	37,265
TOTAL INVESTMENTS — 100.3% (Cost $5,790,230)			$	4,186,045