Global X Funds

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Global X Emerging Markets ex-China ETF 

Ticker: EMM

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: May 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

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

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$18,488,263
46
$80,675
62.06%

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Other Countries
3.5%
Philippines
0.9%
Chile
1.1%
Vietnam
1.4%
Greece
1.7%
South Africa
2.8%
Indonesia
3.2%
Mexico
3.6%
United Arab Emirates
3.9%
Saudi Arabia
4.7%
South Korea
12.0%
Taiwan
22.8%
Exchange-Traded Funds
35.9%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

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

 

Additional Information

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

  • 1-888-493-8631 

  • https://www.globalxetfs.com/funds/emm/ 

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GX-SA-EMM-2025

Global X Funds

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Global X Emerging Markets Great Consumer ETF 

Ticker: EMC

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: May 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

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

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$85,004,851
73
$352,883
31.81%

What did the Fund invest in?

Country WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Other Countries
4.2%
Vietnam
1.1%
Greece
1.5%
South Africa
2.2%
Mexico
2.3%
Indonesia
2.8%
United Arab Emirates
2.8%
Saudi Arabia
3.5%
Brazil
5.8%
South Korea
5.9%
Taiwan
14.9%
India
20.9%
China
30.9%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

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

 

Additional Information

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

  • 1-888-493-8631 

  • https://www.globalxetfs.com/funds/emc/ 

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GX-SA-EMC-2025

Global X Funds

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Global X Emerging Markets Bond ETF 

Ticker: EMBD

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: May 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

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

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$219,063,783
213
$413,456
15.01%

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Other Countries
40.7%
Exchange-Traded Fund
0.9%
Colombia
3.0%
Oman
3.3%
Saudi Arabia
3.3%
Peru
3.4%
Dominican Republic
3.7%
United Arab Emirates
3.7%
Hungary
3.9%
Brazil
4.3%
U.S. Treasury Obligations
5.3%
South Africa
5.3%
Chile
7.3%
Mexico
9.1%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

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

 

Additional Information

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

  • 1-888-493-8631 

  • https://www.globalxetfs.com/funds/embd/ 

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GX-SA-EMBD-2025

Global X Funds

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Global X Brazil Active ETF 

Ticker: BRAZ

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: May 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

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

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$4,570,017
24
$12,809
33.19%

What did the Fund invest in?

Sector WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Information Technology
2.4%
Consumer Discretionary
6.4%
Consumer Staples
6.5%
Utilities
8.7%
Industrials
9.7%
Materials
13.0%
Energy
14.6%
Financials
36.1%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

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

 

Additional Information

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

  • 1-888-493-8631 

  • https://www.globalxetfs.com/funds/braz/ 

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GX-SA-BRAZ-2025

Global X Funds

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Global X India Active ETF 

Ticker: NDIA

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: May 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

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

Key Fund Statistics as of May 31, 2025
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$42,255,958
29
$106,109
13.03%

What did the Fund invest in?

Sector WeightingsFootnote Reference*

Group By Sector Chart
Value
Value
Health Care
2.5%
Utilities
2.8%
Real Estate
3.2%
Communication Services
3.9%
Materials
5.4%
Consumer Staples
6.3%
Industrials
8.8%
Consumer Discretionary
10.2%
Energy
10.4%
Information Technology
11.5%
Financials
33.7%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

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

 

Additional Information

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

  • 1-888-493-8631 

  • https://www.globalxetfs.com/funds/ndia/ 

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GX-SA-NDIA-2025

 

 



 

 

 

Global X Emerging Markets ex-China ETF (ticker: EMM)

Global X Emerging Markets Great Consumer ETF (ticker: EMC)

Global X Emerging Markets Bond ETF (ticker: EMBD)

Global X Brazil Active ETF (ticker: BRAZ)

Global X India Active ETF (ticker: NDIA)

 

Semi-Annual Financials and Other Information

May 31, 2025

 

Table of Contents

 

 

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

 

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.

 

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

 

    Shares     Value  
COMMON STOCK — 61.6%                
ARGENTINA — 0.5%                
Energy — 0.5%                
Vista Energy ADR *     2,026     $ 100,348  
                 
BRAZIL — 0.4%                
Consumer Discretionary — 0.4%                
MercadoLibre *     26       66,646  
                 
CANADA — 0.4%                
Materials — 0.4%                
Franco-Nevada     500       84,400  
                 
CHILE — 1.1%                
Materials — 1.1%                
Antofagasta PLC     8,262       197,263  
                 
GREECE — 1.7%                
Financials — 1.0%                
Alpha Services and Holdings     59,325       190,598  
                 
Industrials — 0.7%                
Metlen Energy & Metals     2,324       117,933  
                 
TOTAL GREECE             308,531  
INDONESIA — 3.2%                
Consumer Staples — 0.8%                
Sumber Alfaria Trijaya     1,016,100       151,573  
                 
Financials — 2.4%                
Bank Central Asia     299,200       172,651  
Bank Mandiri Persero     802,300       261,030  
              433,681  
TOTAL INDONESIA             585,254  

 

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

1

 

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

 

    Shares     Value  
COMMON STOCK — continued                
MEXICO — 3.6%                
Consumer Staples — 1.2%                
Wal-Mart de Mexico     70,000     $ 229,774  
                 
Financials — 1.0%                
Grupo Financiero Banorte, Cl O     21,500       189,961  
                 
Real Estate — 1.4%                
Inmobiliaria Vesta     87,400       251,851  
                 
TOTAL MEXICO             671,586  
PHILIPPINES — 0.9%                
Financials — 0.9%                
BDO Unibank     59,260       170,998  
                 
POLAND — 0.5%                
Consumer Staples — 0.5%                
Dino Polska *     633       92,908  
                 
SAUDI ARABIA — 4.7%                
Consumer Staples — 0.5%                
Nahdi Medical     2,967       96,484  
                 
Financials — 3.3%                
Al Rajhi Bank     12,252       297,511  
Saudi National Bank     33,385       308,787  
              606,298  
Industrials — 0.9%                
United International Transportation     8,947       169,083  
                 
TOTAL SAUDI ARABIA             871,865  
SOUTH AFRICA — 2.8%                
Consumer Staples — 0.7%                
Clicks Group     6,187       133,001  
                 
Financials — 2.1%                
Capitec Bank Holdings     1,204       229,793  

 

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

2

 

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

 

    Shares     Value  
COMMON STOCK — continued                
Financials — continued                
FirstRand     39,995     $ 165,030  
              394,823  
TOTAL SOUTH AFRICA             527,824  
SOUTH KOREA — 12.0%                
Communication Services — 1.2%                
HYBE     1,148       221,329  
                 
Consumer Discretionary — 0.4%                
Hyundai Motor     610       81,926  
                 
Consumer Staples — 2.5%                
Cosmax     1,360       207,001  
Kolmar Korea     4,131       248,513  
              455,514  
Financials — 1.9%                
Shinhan Financial Group     8,207       345,602  
                 
Industrials — 2.1%                
HD Hyundai Electric     1,416       388,972  
                 
Information Technology — 3.9%                
Samsung Electronics GDR     459       461,754  
SK Hynix     1,783       264,277  
              726,031  
TOTAL SOUTH KOREA             2,219,374  
TAIWAN — 22.8%                
Industrials — 1.5%                
Fortune Electric     18,000       275,990  
                 
Information Technology — 21.3%                
Alchip Technologies     2,000       187,530  
ASPEED Technology     2,000       262,943  
Hon Hai Precision Industry     32,000       166,575  
MediaTek     15,500       651,684  
Quanta Computer     22,000       199,309  

 

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

3

 

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

 

    Shares     Value  
COMMON STOCK — continued                
Information Technology — continued                
Taiwan Semiconductor Manufacturing ADR     12,774     $ 2,469,470  
              3,937,511  
TOTAL TAIWAN             4,213,501  
THAILAND — 0.5%                
Health Care — 0.5%                
Bangkok Dusit Medical Services NVDR     136,412       89,341  
                 
TURKEY — 0.7%                
Financials — 0.7%                
Haci Omer Sabanci Holding     63,661       125,402  
                 
UNITED ARAB EMIRATES — 3.9%                
Energy — 1.7%                
ADNOC Drilling PJSC     218,792       312,730  
                 
Industrials — 1.6%                
Salik PJSC     184,181       286,827  
                 
Real Estate — 0.6%                
Aldar Properties PJSC     50,684       114,670  
                 
TOTAL UNITED ARAB EMIRATES             714,227  
UNITED STATES — 0.5%                
Information Technology — 0.5%                
Globant *     997       97,796  
                 
VIETNAM — 1.4%                
Consumer Discretionary — 0.4%                
Phu Nhuan Jewelry JSC     20,000       63,352  
                 
Information Technology — 1.0%                
FPT     42,500       190,104  
                 
TOTAL VIETNAM             253,456  
TOTAL COMMON STOCK
(Cost $10,358,573)		             11,390,720  

 

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

4

 

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

 

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

 

Percentages are based on Net Assets of $18,488,263.

 

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

 

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

 

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

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

 

Amounts designated as “—” are $0 or have been rounded to $0.

 

See “Glossary” for abbreviations.

 

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

5

 
Schedule of Investments May 31, 2025 (Unaudited)
Global X Emerging Markets Great Consumer ETF

 

    Shares     Value  
COMMON STOCK — 98.8%                
ARGENTINA — 0.5%                
Energy — 0.5%                
Vista Energy ADR *     9,426     $ 466,870  
                 
BRAZIL — 5.8%                
Consumer Discretionary — 1.4%                
MercadoLibre *     195       499,842  
Vivara Participacoes     160,200       726,371  
              1,226,213  
                 
Consumer Staples — 0.6%                
Raia Drogasil     188,816       489,165  
                 
Financials — 1.8%                
Itau Unibanco Holding ADR     177,338       1,168,657  
NU Holdings, Cl A *     30,307       363,987  
              1,532,644  
                 
Industrials — 2.0%                
Localiza Rent a Car     88,500       663,281  
WEG     137,400       1,015,150  
              1,678,431  
TOTAL BRAZIL             4,926,453  
CANADA — 0.5%                
Materials — 0.5%                
Franco-Nevada     2,456       414,573  
                 
CHILE — 0.8%                
Materials — 0.8%                
Antofagasta PLC     30,231       721,795  
                 
CHINA — 30.9%                
Communication Services — 8.0%                
Kuaishou Technology, Cl B *     193,700       1,316,603  
NetEase     45,400       1,104,090  
Tencent Holdings     61,800       3,926,362  

 

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

6

 
Schedule of Investments May 31, 2025 (Unaudited)
Global X Emerging Markets Great Consumer ETF

 

    Shares     Value  
COMMON STOCK — continued                 
Communication Services — continued                
Tencent Music Entertainment Group     52,400     $ 453,398  
              6,800,453  
                 
Consumer Discretionary — 16.8%                
Alibaba Group Holding     197,300       2,865,820  
ANTA Sports Products     42,900       522,193  
BYD, Cl H     29,200       1,462,691  
H World Group     232,200       824,680  
Haier Smart Home, Cl H     240,500       705,409  
Meituan, Cl B *     106,900       1,881,286  
Midea Group, Cl A     78,900       866,167  
New Oriental Education & Technology Group     89,200       423,161  
PDD Holdings ADR *     9,146       882,681  
Trip.com Group     32,800       2,066,326  
Yum China Holdings     39,450       1,743,708  
              14,244,122  
                 
Consumer Staples — 1.3%                
Eastroc Beverage Group, Cl A     15,463       687,087  
Proya Cosmetics, Cl A     32,400       399,373  
              1,086,460  
                 
Financials — 1.8%                
China Merchants Bank, Cl H     240,500       1,499,761  
                 
Information Technology — 3.0%                
Lenovo Group     501,600       578,261  
Xiaomi, Cl B *     310,800       2,019,404  
              2,597,665  
TOTAL CHINA             26,228,461  
GREECE — 1.5%                
Financials — 0.9%                
Alpha Services and Holdings     226,393       727,349  
                 
Industrials — 0.6%                
Metlen Energy & Metals     10,592       537,500  
                 
TOTAL GREECE             1,264,849  

 

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

7

 
Schedule of Investments May 31, 2025 (Unaudited)
Global X Emerging Markets Great Consumer ETF

 

    Shares     Value  
COMMON STOCK — continued                
INDIA — 20.9%                
Communication Services — 0.6%                
Bharti Airtel     22,081     $ 478,957  
                 
Consumer Discretionary — 9.7%                
Eicher Motors     7,698       479,781  
Indian Hotels, Cl A     143,724       1,292,970  
Mahindra & Mahindra     27,165       944,958  
MakeMyTrip *     13,420       1,363,875  
Titan     20,672       858,767  
Trent     13,337       879,549  
TVS Motor     32,521       1,056,785  
Zomato *     490,674       1,366,433  
              8,243,118  
                 
Financials — 2.8%                
ICICI Bank ADR     69,026       2,363,450  
                 
Health Care — 4.2%                
Apollo Hospitals Enterprise     22,859       1,837,936  
Max Healthcare Institute     132,458       1,741,650  
              3,579,586  
                 
Real Estate — 3.6%                
Godrej Properties *     54,391       1,426,147  
Prestige Estates Projects     96,910       1,660,861  
              3,087,008  
TOTAL INDIA             17,752,119  
INDONESIA — 2.8%                
Consumer Staples — 0.9%                
Sumber Alfaria Trijaya     4,904,300       731,581  
                 
Financials — 1.9%                
Bank Central Asia     1,611,300       929,786  
Bank Mandiri Persero     2,237,400       727,945  
              1,657,731  
TOTAL INDONESIA             2,389,312  

 

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

8

 
Schedule of Investments May 31, 2025 (Unaudited)
Global X Emerging Markets Great Consumer ETF

 

    Shares     Value  
COMMON STOCK — continued                
MEXICO — 2.3%                
Consumer Staples — 1.5%                
Gruma, Cl B     25,335     $ 477,182  
Wal-Mart de Mexico     243,300       798,630  
              1,275,812  
Financials — 0.8%                
Grupo Financiero Banorte, Cl O     77,243       682,474  
                 
TOTAL MEXICO             1,958,286  
POLAND — 0.4%                
Consumer Staples — 0.4%                
Dino Polska *     2,503       367,374  
                 
SAUDI ARABIA — 3.5%                
Consumer Staples — 0.5%                
Nahdi Medical     13,350       434,129  
                 
Financials — 2.3%                
Al Rajhi Bank     45,761       1,111,198  
Saudi National Bank     85,069       786,826  
              1,898,024  
                 
Industrials — 0.7%                
United International Transportation     32,909       621,926  
                 
TOTAL SAUDI ARABIA             2,954,079  
SOUTH AFRICA — 2.2%                
Consumer Staples — 0.7%                
Clicks Group     27,933       600,472  
                 
Financials — 1.5%                
Capitec Bank Holdings     3,224       615,325  
FirstRand     154,391       637,058  
              1,252,383  
TOTAL SOUTH AFRICA             1,852,855  

 

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

9

 
Schedule of Investments May 31, 2025 (Unaudited)
Global X Emerging Markets Great Consumer ETF

 

    Shares     Value  
COMMON STOCK — continued                
SOUTH KOREA — 5.9%                
Communication Services — 1.5%                
HYBE     6,771     $ 1,305,419  
                 
Consumer Staples — 3.1%                
Kolmar Korea     43,369       2,608,992  
                 
Information Technology — 1.3%                
SK Hynix     7,414       1,098,908  
                 
TOTAL SOUTH KOREA             5,013,319  
TAIWAN — 14.9%                
Information Technology — 14.9%                
MediaTek     84,000       3,531,708  
Taiwan Semiconductor Manufacturing ADR     47,156       9,116,198  
                 
TOTAL TAIWAN             12,647,906  
THAILAND — 0.8%                
Health Care — 0.8%                
Bangkok Dusit Medical Services NVDR     1,059,500       693,907  
                 
TURKEY — 0.7%                
Financials — 0.7%                
Haci Omer Sabanci Holding     290,182       571,612  
                 
UNITED ARAB EMIRATES — 2.8%                
Energy — 1.1%                
ADNOC Drilling PJSC     661,823       945,976  
                 
Industrials — 1.2%                
Salik PJSC     640,218       997,018  
                 
Real Estate — 0.5%                
Aldar Properties PJSC     210,301       475,797  
                 
TOTAL UNITED ARAB EMIRATES             2,418,791  

 

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

10

 
Schedule of Investments May 31, 2025 (Unaudited)
Global X Emerging Markets Great Consumer ETF

 

    Shares     Value  
COMMON STOCK — continued                
UNITED STATES — 0.5%                
Information Technology — 0.5%                
Globant *     4,651     $ 456,216  
                 
VIETNAM — 1.1%                
Consumer Discretionary — 0.2%                
Phu Nhuan Jewelry JSC     62,200       197,025  
                 
Information Technology — 0.9%                
FPT     162,300       725,972  
                 
TOTAL VIETNAM             922,997  
TOTAL COMMON STOCK
(Cost $73,562,100)		             84,021,774  
TOTAL INVESTMENTS — 98.8%
(Cost $73,562,100)		           $ 84,021,774  

 

Percentages are based on Net Assets of $85,004,851.

 

* Non-income producing security.

 

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

 

See “Glossary” for abbreviations.

 

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

11

 

Schedule of Investments   May 31, 2025 (Unaudited)
Global X Emerging Markets Bond ETF

 

    Face Amount     Value  
SOVEREIGN DEBT — 61.6%                
Angola — 0.6%                

Angolan Government International Bond

8.750%, 04/14/32

   $ 1,600,000     $ 1,311,675  
Argentina — 2.8%                
Argentine Republic Government International Bond                
5.000%, 01/09/38(A)     2,600,000       1,848,600  
4.125%, 07/09/35(A)     4,100,000       2,753,150  
3.500%, 07/09/41(A)     2,400,000       1,490,400  
              6,092,150  
Azerbaijan — 0.3%                

Republic of Azerbaijan International Bond

3.500%, 09/01/32

     800,000       700,394  
Bahrain — 0.4%                

Bahrain Government International Bond

6.750%, 09/20/29

     700,000       710,112  

Bahrain Government International Bond MTN

5.250%, 01/25/33

     300,000       272,817  
              982,929  
Brazil — 3.5%                
Brazilian Government International Bond                
7.125%, 05/13/54     2,300,000       2,126,875  
6.125%, 01/22/32     1,500,000       1,515,088  
6.000%, 10/20/33     2,500,000       2,452,971  
4.500%, 05/30/29     1,400,000       1,361,220  
3.750%, 09/12/31     200,000       178,265  
              7,634,419  
Bulgaria — 0.6%                

Bulgaria Government International Bond

5.000%, 03/05/37

     1,300,000       1,255,538  
Chile — 1.1%                
Chile Government International Bond                
4.000%, 01/31/52     1,200,000       899,400  
3.860%, 06/21/47     200,000       150,840  
3.240%, 02/06/28     600,000       580,320  
2.550%, 01/27/32     800,000       692,000  
              2,322,560  

 

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

12

 

Schedule of Investments   May 31, 2025 (Unaudited)
Global X Emerging Markets Bond ETF

 

    Face Amount     Value  
SOVEREIGN DEBT — continued                
Colombia — 2.6%                
Colombia Government International Bond                
7.750%, 11/07/36   $ 1,000,000     $ 970,000  
5.200%, 05/15/49     1,200,000       786,600  
4.500%, 03/15/29     1,200,000       1,129,800  
3.875%, 04/25/27     1,200,000       1,171,980  
3.250%, 04/22/32     1,300,000       1,019,850  
3.125%, 04/15/31     800,000       654,000  
              5,732,230  
Costa Rica — 1.0%                
Costa Rica Government International Bond                
6.550%, 04/03/34(B)     400,000       411,512  
6.125%, 02/19/31     1,800,000       1,841,526  
              2,253,038  
Cote d’Ivoire — 0.4%                

Ivory Coast Government International Bond

6.125%, 06/15/33

     1,000,000       885,120  
Dominican Republic — 3.7%                
Dominican Republic International Bond                
7.050%, 02/03/31     1,700,000       1,762,475  
6.400%, 06/05/49     200,000       182,500  
6.000%, 07/19/28     1,800,000       1,815,300  
5.950%, 01/25/27     300,000       301,650  
5.500%, 02/22/29     800,000       789,360  
4.875%, 09/23/32     1,600,000       1,457,440  
4.500%, 01/30/30     1,800,000       1,688,220  
              7,996,945  
Ecuador — 1.2%                
Ecuador Government International Bond                
6.900%, 07/31/30(A)     1,000,000       774,510  
5.500%, 07/31/35(A)     2,300,000       1,431,750  
5.000%, 07/31/40(A)     1,400,000       747,852  
              2,954,112  
Egypt — 2.4%                
Egypt Government International Bond                
8.875%, 05/29/50     600,000       474,604  
7.903%, 02/21/48     600,000       434,391  
7.625%, 05/29/32     1,000,000       900,805  
7.500%, 01/31/27     900,000       909,797  
5.800%, 09/30/27     2,300,000       2,221,804  

 

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

13

 

Schedule of Investments   May 31, 2025 (Unaudited)
Global X Emerging Markets Bond ETF

 

    Face Amount     Value  
SOVEREIGN DEBT — continued                
Egypt — continued                

Egypt Government International Bond MTN

5.875%, 02/16/31

   $ 600,000     $ 512,818  
              5,454,219  
El Salvador — 0.1%                

El Salvador Government International Bond

7.125%, 01/20/50(B)

     400,000       324,360  
Ghana — 0.7%                
Ghana Government International Bond                
6.067%, 07/03/26     120,000       116,100  
5.576%, 01/03/30     166,679       135,427  
5.000%, 07/03/29(A)     1,000,000       910,000  
5.000%, 07/03/35(A)     500,000       368,750  
              1,530,277  
Hungary — 3.4%                
Hungary Government International Bond                
6.750%, 09/25/52     800,000       800,000  
6.250%, 09/22/32     2,400,000       2,484,960  
6.125%, 05/22/28     1,200,000       1,235,952  
5.500%, 06/16/34     900,000       871,058  
5.500%, 03/26/36     1,000,000       946,500  
5.250%, 06/16/29     1,000,000       1,002,426  
              7,340,896  
India — 0.5%                

Export-Import Bank of India

3.875%, 02/01/28

     1,200,000       1,171,848  
Indonesia — 1.3%                
Indonesia Government International Bond                
5.650%, 01/11/53     800,000       776,757  
5.250%, 01/15/30     1,000,000       1,027,296  
4.550%, 01/11/28     800,000       803,984  
              2,608,037  
Jordan — 0.2%                

Jordan Government International Bond

5.750%, 01/31/27

     400,000       397,000  
Kazakhstan — 0.4%                

Development Bank of Kazakhstan JSC

5.625%, 04/07/30

     1,000,000       992,446  

 

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

14

 

Schedule of Investments   May 31, 2025 (Unaudited)
Global X Emerging Markets Bond ETF

 

    Face Amount     Value  
SOVEREIGN DEBT — continued                
Kenya — 0.3%                
Republic of Kenya Government International Bond                
9.750%, 02/16/31   $ 500,000     $ 498,500  
8.250%, 02/28/48     200,000       157,562  
              656,062  
Lebanon — 0.2%                

Lebanon Government International Bond MTN

6.650%, 02/26/30(C)

     2,500,000       433,705  
Mexico — 2.7%                
Mexico Government International Bond                
6.400%, 05/07/54     1,500,000       1,320,330  
6.350%, 02/09/35     2,100,000       2,091,894  
4.750%, 04/27/32     1,800,000       1,675,764  
4.400%, 02/12/52     200,000       133,180  
2.659%, 05/24/31     600,000       509,040  
              5,730,208  
Morocco — 1.9%                
Morocco Government International Bond                
6.500%, 09/08/33     200,000       207,934  
5.950%, 03/08/28     1,000,000       1,017,500  
4.000%, 12/15/50     200,000       131,500  
3.000%, 12/15/32     1,000,000       826,352  
2.375%, 12/15/27     1,800,000       1,682,827  
              3,866,113  
Nigeria — 1.7%                
Nigeria Government International Bond                
8.747%, 01/21/31     1,200,000       1,157,040  
7.696%, 02/23/38     1,500,000       1,229,625  
7.143%, 02/23/30     800,000       735,869  

Nigeria Government International Bond MTN

7.625%, 11/28/47

     1,000,000       749,419  
              3,871,953  
Oman — 3.3%                
Oman Government International Bond                
6.250%, 01/25/31     2,000,000       2,091,096  
5.625%, 01/17/28     2,100,000       2,121,779  
5.375%, 03/08/27     1,200,000       1,208,612  
4.750%, 06/15/26     700,000       697,068  

 

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

15

 

Schedule of Investments   May 31, 2025 (Unaudited)
Global X Emerging Markets Bond ETF

 

    Face Amount     Value  
SOVEREIGN DEBT — continued                
Oman — continued                

Oman Government International Bond MTN

6.000%, 08/01/29

   $ 1,000,000     $ 1,030,820  
              7,149,375  
Pakistan — 0.2%                

Pakistan Government International Bond MTN

7.375%, 04/08/31

     400,000       340,596  
Panama — 1.2%                
Panama Government International Bond                
6.400%, 02/14/35     500,000       470,150  
4.500%, 04/01/56     400,000       243,900  
3.875%, 03/17/28     1,200,000       1,145,280  
3.870%, 07/23/60     1,600,000       853,680  
              2,713,010  
Paraguay — 0.4%                
Paraguay Government International Bond                
5.000%, 04/15/26     314,000       313,215  
4.950%, 04/28/31     600,000       588,438  
              901,653  
Peru — 2.9%                
Peruvian Government International Bond                
8.750%, 11/21/33     2,200,000       2,653,970  
5.875%, 08/08/54     1,800,000       1,697,220  
5.375%, 02/08/35     1,000,000       983,000  
2.783%, 01/23/31     900,000       792,630  
2.392%, 01/23/26     200,000       196,460  
              6,323,280  
Philippines — 1.5%                
Philippine Government International Bond                
6.375%, 10/23/34     1,700,000       1,851,859  
5.950%, 10/13/47     200,000       202,661  
5.500%, 01/17/48     1,000,000       955,586  
3.700%, 02/02/42     600,000       469,416  
              3,479,522  
Poland — 1.7%                

Bank Gospodarstwa Krajowego MTN

5.375%, 05/22/33

     1,100,000       1,094,389  

 

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

16

 

Schedule of Investments   May 31, 2025 (Unaudited)
Global X Emerging Markets Bond ETF

 

    Face Amount     Value  
SOVEREIGN DEBT — continued                
Poland — continued                

Republic of Poland Government International Bond

5.500%, 04/04/53

   $ 2,850,000     $ 2,593,466  
              3,687,855  
Qatar — 1.2%                
Qatar Government International Bond                
4.817%, 03/14/49     700,000       621,600  
4.625%, 06/02/46     200,000       176,455  
4.400%, 04/16/50     1,000,000       834,500  
3.750%, 04/16/30     800,000       778,480  
              2,411,035  
Romania — 1.5%                
Romanian Government International Bond                
5.750%, 03/24/35     600,000       538,044  
5.250%, 11/25/27     600,000       594,000  
4.000%, 02/14/51     1,000,000       601,773  
3.625%, 03/27/32     1,000,000       835,874  
3.000%, 02/14/31     850,000       709,120  
              3,278,811  
Saudi Arabia — 1.5%                
Saudi Government International Bond MTN                
5.750%, 01/16/54     2,600,000       2,422,875  
4.500%, 04/17/30     400,000       396,879  
2.250%, 02/02/33     600,000       494,604  
              3,314,358  
Serbia — 0.7%                

Serbia International Bond

6.500%, 09/26/33

     1,500,000       1,546,617  
South Africa — 3.8%                
Republic of South Africa Government International Bond                
7.300%, 04/20/52     1,000,000       865,000  
5.875%, 09/16/25     600,000       600,917  
5.875%, 04/20/32     2,000,000       1,916,800  
4.875%, 04/14/26     1,400,000       1,393,204  
4.850%, 09/27/27     1,000,000       990,064  
4.850%, 09/30/29     1,800,000       1,714,500  
4.300%, 10/12/28     1,000,000       956,010  
              8,436,495  

 

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

17

 

Schedule of Investments   May 31, 2025 (Unaudited)
Global X Emerging Markets Bond ETF

 

    Face Amount     Value  
SOVEREIGN DEBT — continued                
Sri Lanka — 0.6%                
Sri Lanka Government International Bond                
4.000%, 04/15/28   $ 205,451     $ 191,326  
3.600%, 06/15/35(A)     400,000       270,475  
3.600%, 05/15/36(A)     500,000       388,125  
3.600%, 02/15/38(A)     100,000       78,000  
3.350%, 03/15/33(A)     406,380       315,453  
3.100%, 01/15/30(A)     207,180       179,797  
              1,423,176  
Trinidad & Tobago — 0.3%                

Trinidad & Tobago Government International Bond

6.400%, 06/26/34

     800,000       763,960  
Turkey — 2.9%                
Türkiye Government International Bond                
6.500%, 01/03/35     1,200,000       1,099,721  
6.125%, 10/24/28     2,400,000       2,375,136  
5.750%, 05/11/47     1,200,000       861,335  
4.750%, 01/26/26     1,000,000       998,818  
4.250%, 04/14/26     1,000,000       988,910  
              6,323,920  
Ukraine — 0.8%                
Ukraine Government International Bond                
14.988%, 02/01/30(A)     200,000       96,500  
12.801%, 02/01/34(A)     600,000       223,500  
9.256%, 02/01/35(A)     439,274       211,950  
7.991%, 02/01/36(A)     400,000       192,600  
1.750%, 02/01/34(A)     350,000       170,625  
1.750%, 02/01/35(A)     1,400,000       672,000  
1.750%, 02/01/36(A)     600,000       282,000  
              1,849,175  
United Arab Emirates — 2.4%                

Abu Dhabi Government International Bond

5.500%, 04/30/54

     2,600,000       2,535,895  

Abu Dhabi Government International Bond MTN

4.875%, 04/30/29

     1,000,000       1,019,744  

Finance Department Government of Sharjah

6.500%, 11/23/32

     1,300,000       1,341,990  

 

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

18

 

Schedule of Investments   May 31, 2025 (Unaudited)
Global X Emerging Markets Bond ETF

 

    Face Amount     Value  
SOVEREIGN DEBT — continued                
United Arab Emirates — continued                

Finance Department Government of Sharjah MTN

4.375%, 03/10/51

   $ 200,000     $ 132,548  
              5,030,177  
Uruguay — 0.7%                
Uruguay Government International Bond                
5.100%, 06/18/50     1,000,000       895,450  
4.375%, 01/23/31     600,000       592,020  
              1,487,470  
TOTAL SOVEREIGN DEBT
(Cost $134,049,052)		             134,958,719  
                 
CORPORATE OBLIGATIONS — 29.4%                
Azerbaijan — 0.9%                
Energy — 0.9%                

Southern Gas Corridor CJSC

6.875%, 03/24/26

     2,000,000       2,020,000  
Brazil — 0.8%                
Energy — 0.2%                

Raizen Fuels Finance

6.450%, 03/05/34

     400,000       396,083  
Industrials — 0.6%                

Rumo Luxembourg SARL

4.200%, 01/18/32

     1,400,000       1,226,540  
              1,622,623  
Chile — 6.2%                
Consumer Staples — 0.5%                

Cia Cervecerias Unidas

3.350%, 01/19/32

     1,200,000       1,052,842  
Energy — 2.1%                
Empresa Nacional del Petroleo                
6.150%, 05/10/33     2,200,000       2,227,181  
5.250%, 11/06/29     2,400,000       2,408,566  
              4,635,747  

 

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

19

 

Schedule of Investments   May 31, 2025 (Unaudited)
Global X Emerging Markets Bond ETF

 

    Face Amount     Value  
CORPORATE OBLIGATIONS — continued                
Materials — 2.5%                
Corp Nacional del Cobre de Chile                
5.950%, 01/08/34   $ 1,700,000     $ 1,701,718  
3.625%, 08/01/27     1,500,000       1,464,900  
3.000%, 09/30/29     2,300,000       2,102,186  
              5,268,804  
Utilities — 1.1%                

Chile Electricity Lux MPC SARL

6.010%, 01/20/33

     2,325,000       2,386,031  
              13,343,424  
China — 0.2%                
Consumer Discretionary — 0.2%              

Prosus

4.987%, 01/19/52

     500,000       369,056  
Colombia — 0.4%                
Energy — 0.4%                

Ecopetrol

5.875%, 05/28/45

     1,300,000       875,297  
Hungary — 0.5%                
Utilities — 0.5%                

MVM Energetika Zrt

6.500%, 03/13/31

     1,050,000       1,071,853  
Indonesia — 1.3%                
Energy — 0.1%                

Pertamina Persero MTN

6.450%, 05/30/44

     200,000       200,580  
Materials — 1.0%                

Freeport Indonesia

6.200%, 04/14/52

     200,000       191,349  

Freeport Indonesia MTN

5.315%, 04/14/32

     600,000       592,151  

Indonesia Asahan Aluminium / Mineral Industri Indonesia Persero

6.530%, 11/15/28

     1,200,000       1,256,981  
              2,040,481  
Utilities — 0.2%                

Perusahaan Perseroan Persero Perusahaan Listrik Negara MTN

4.125%, 05/15/27

     400,000       394,784  
              2,635,845  

 

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

20

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Emerging Markets Bond ETF

 

    Face Amount     Value  
CORPORATE OBLIGATIONS — continued                
Kazakhstan — 0.6%                
Energy — 0.6%                
KazMunayGas National JSC
6.375%, 10/24/48		   $ 1,000,000     $ 888,586  
Tengizchevroil Finance International
4.000%, 08/15/26		     400,000       392,582  
              1,281,168  
Kuwait — 1.0%                
Financials — 1.0%                
NBK SPC                
5.500%, SOFRRATE + 1.160%, 06/06/30(D)     1,000,000       1,022,570  
1.625%, SOFRRATE + 1.050%, 09/15/27(D)     1,200,000       1,149,594  
              2,172,164  
Malaysia — 1.6%                
Energy — 1.6%                
Petronas Capital
5.848%, 04/03/55		     1,000,000       990,571  
Petronas Capital MTN                
4.550%, 04/21/50     1,800,000       1,486,779  
3.500%, 04/21/30     1,100,000       1,043,377  
              3,520,727  
Mexico — 6.4%                
Communication Services — 0.4%                
America Movil
4.700%, 07/21/32		     1,000,000       975,461  
                 
Consumer Staples — 1.5%                
Becle
2.500%, 10/14/31		     900,000       740,411  
Bimbo Bakeries USA                
6.400%, 01/15/34     1,400,000       1,465,457  
6.050%, 01/15/29     1,000,000       1,037,621  
              3,243,489  
Energy — 3.1%                
Petroleos Mexicanos                
10.000%, 02/07/33     1,000,000       1,031,579  
7.690%, 01/23/50     1,350,000       992,627  
6.840%, 01/23/30     2,600,000       2,429,621  
6.500%, 01/23/29     1,550,000       1,482,233  
5.950%, 01/28/31     1,000,000       866,765  
              6,802,825  

 

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

21

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Emerging Markets Bond ETF

 

    Face Amount     Value  
CORPORATE OBLIGATIONS — continued                
Financials — 0.4%                
Banco Nacional de Comercio Exterior SNC                
5.875%, 05/07/30   $ 250,000     $ 250,782  
2.720%, H15T5Y + 2.000%, 08/11/31(D)     800,000       751,940  
              1,002,722  
Materials — 0.3%                
Orbia Advance
2.875%, 05/11/31		     800,000       655,940  
                 
Utilities — 0.7%                
FIEMEX Energia - Banco Actinver Institucion de Banca Multiple
7.250%, 01/31/41		     1,491,376       1,471,615  
              14,152,052  
Morocco — 0.7%                
Materials — 0.7%                
OCP
6.700%, 03/01/36		     1,600,000       1,574,058  
                 
Peru — 0.5%                
Energy — 0.5%                
Pluspetrol Camisea / Pluspetrol Lote 56
6.240%, 07/03/36		     800,000       813,018  
Transportadora de Gas del Peru
4.250%, 04/30/28		     120,000       118,746  
              931,764  
Poland — 0.7%                
Energy — 0.7%                
ORLEN
6.000%, 01/30/35		     1,500,000       1,513,125  
                 
Saudi Arabia — 1.8%                
Energy — 1.5%                
EIG Pearl Holdings SARL                
4.387%, 11/30/46     800,000       613,864  
3.545%, 08/31/36     595,586       523,071  
Saudi Arabian Oil MTN                
5.750%, 07/17/54     1,800,000       1,635,300  
3.500%, 04/16/29     800,000       766,324  
              3,538,559  

 

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

22

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Emerging Markets Bond ETF

 

    Face Amount     Value  
CORPORATE OBLIGATIONS — continued                
Utilities — 0.3%                
Acwa Power Management and Investments One
5.950%, 12/15/39		   $ 565,374     $ 562,491  
              4,101,050  
South Africa — 1.5%                
Materials — 0.1%                
Sasol Financing USA
5.500%, 03/18/31		     400,000       327,863  
                 
Utilities — 1.4%                
Eskom Holdings SOC MTN
6.350%, 08/10/28		     3,100,000       3,101,736  
              3,429,599  
South Korea — 0.2%                
Information Technology — 0.2%                
SK Hynix
2.375%, 01/19/31		     600,000       522,797  
                 
Thailand — 0.5%                
Materials — 0.5%                
GC Treasury Center MTN
2.980%, 03/18/31		     1,200,000       1,034,302  
                 
United Arab Emirates — 1.3%                
Energy — 0.5%                
Abu Dhabi Crude Oil Pipeline
4.600%, 11/02/47		     600,000       530,454  
Adnoc Murban Rsc
5.125%, 09/11/54		     800,000       709,800  
              1,240,254  
Industrials — 0.5%                
DP World Crescent
5.500%, 09/13/33		     600,000       600,747  
DP World Crescent MTN
4.848%, 09/26/28		     200,000       199,698  
DP World MTN
4.700%, 09/30/49		     400,000       322,636  
              1,123,081  
Utilities — 0.3%                
National Central Cooling PJSC
2.500%, 10/21/27		     800,000       757,120  
              3,120,455  

 

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

23

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Emerging Markets Bond ETF

 

    Face Amount     Value  
CORPORATE OBLIGATIONS — continued                
United Kingdom — 0.2%                
Consumer Staples — 0.2%                
CK Hutchison International 23
4.750%, 04/21/28		   $ 500,000     $ 501,426  
                 
United States — 2.1%                
Financials — 1.5%                

Bank of America MTN

4.948%, SOFRRATE + 2.040%, 07/22/28(D)

    1,000,000       1,006,287  
JPMorgan Chase                
3.960%, TSFR3M + 1.507%, 01/29/27(D)     1,100,000       1,095,391  
1.578%, SOFRRATE + 0.885%, 04/22/27(D)     1,200,000       1,168,588  
              3,270,266  
Materials — 0.6%                
GCC
3.614%, 04/20/32		     1,500,000       1,308,856  
              4,579,122  
TOTAL CORPORATE OBLIGATIONS
(Cost $65,579,740)		             64,371,907  
                 
U.S. TREASURY OBLIGATIONS — 5.3%                
U.S. Treasury Bonds                
4.625%, 02/15/2055     2,000,000       1,907,500  
4.500%, 11/15/2054     2,000,000       1,866,875  
4.250%, 02/15/2054     2,000,000       1,786,328  
              5,560,703  
U.S. Treasury Notes                
5.000%, 10/31/2025     3,000,000       3,007,078  
4.250%, 01/31/2030     2,000,000       2,024,688  
4.250%, 11/15/2034     1,000,000       990,156  
              6,021,922  
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $11,660,613)		             11,582,625  

 

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

24

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Emerging Markets Bond ETF

 

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

 

Percentages are based on Net Assets of $219,063,783.

 

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

 

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

 

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

 

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

25

 

Schedule of Investments May 31, 2025 (Unaudited)
Global X Emerging Markets Bond ETF

 

The following is a summary of the Fund’s transactions with affiliates for the period ended May 31, 2025:
  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 1-3 Month T-Bill ETF                                      
$ 1,255,688     $ 752,776     $ —     $ (64 )   $ —     $ 2,008,400     $ 40,503     $ —  

 

Amounts designated as “—” are $0 or have been rounded to $0.

 

See “Glossary” for abbreviations.

 

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

26

 

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

 

    Shares     Value  
COMMON STOCK — 92.7%                
BRAZIL — 87.0%                
Consumer Discretionary — 6.4%                
Direcional Engenharia     13,900     $ 98,599  
MercadoLibre *     28       71,772  
Vivara Participacoes     27,400       124,236  
              294,607  
Consumer Staples — 3.2%                
Raia Drogasil     56,200       145,597  
                 
Energy — 14.6%                
Petroleo Brasileiro ADR     50,488       582,631  
PRIO *     12,200       82,901  
              665,532  
Financials — 31.4%                
Banco Bradesco ADR     83,567       240,673  
Banco BTG Pactual     29,800       205,614  
Itau Unibanco Holding ADR     76,596       504,768  
NU Holdings, Cl A *     40,246       483,354  
              1,434,409  
Industrials — 9.7%                
Localiza Rent a Car     21,000       157,389  
Rumo     27,200       89,306  
WEG     26,700       197,267  
              443,962  
Materials — 13.0%                
ERO Copper *     8,442       118,990  
Suzano ADR     14,289       124,029  
Vale ADR, Cl B     27,972       255,384  
Wheaton Precious Metals     1,100       95,425  
              593,828  
Utilities — 8.7%                
Centrais Eletricas Brasileiras ADR     24,418       178,984  
Cia Paranaense de Energia - Copel ADR     12,002       107,778  

 

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

27

 

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

 

    Shares     Value  
COMMON STOCK — continued                
Utilities — continued                
Equatorial Energia     17,600     $ 112,532  
              399,294  
TOTAL BRAZIL             3,977,229  
MEXICO — 1.4%                
Consumer Staples — 1.4%                
Coca-Cola Femsa ADR     678       64,410  
                 
UNITED STATES — 4.3%                
Consumer Staples — 1.9%                
JBS     12,600       88,191  
                 
Information Technology — 2.4%                
Globant *     1,104       108,291  
                 
TOTAL UNITED STATES             196,482  
TOTAL COMMON STOCK
(Cost $4,290,653)		             4,238,121  
                 
PREFERRED STOCK — 4.7%                
BRAZIL—4.7%                
Financials — 4.7%                
Itausa (A)     111,433       215,204  
TOTAL PREFERRED STOCK
(Cost $183,942)		             215,204  
TOTAL INVESTMENTS — 97.4%
(Cost $4,474,595)		           $ 4,453,325  

 

Percentages are based on Net Assets of $4,570,017.

 

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

 

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

 

See “Glossary” for abbreviations.

 

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

28

 

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

 

    Shares     Value  
COMMON STOCK — 98.7%                
INDIA — 96.9%                
Communication Services — 3.9%                
Bharti Airtel     75,647     $ 1,640,852  
                 
Consumer Discretionary — 10.2%                
Eicher Motors     12,884       803,001  
Tata Motors     122,993       1,034,104  
Titan     32,738       1,360,019  
Zomato *     391,991       1,091,620  
              4,288,744  
Consumer Staples — 6.3%                
Avenue Supermarts *     21,804       1,019,711  
United Spirits     92,957       1,651,229  
              2,670,940  
Energy — 10.4%                
Bharat Petroleum     238,210       886,311  
Reliance Industries GDR     53,295       3,506,811  
              4,393,122  
Financials — 33.7%                
Axis Bank     160,972       2,242,604  
Federal Bank     433,961       1,024,670  
General Insurance Corp of India     173,745       835,681  
Go Digit General Insurance *     212,143       855,265  
HDFC Bank     168,656       3,833,118  
ICICI Bank ADR     92,394       3,163,571  
Kfin Technologies     34,818       438,892  
SBI Life Insurance     50,112       1,061,209  
Shriram Finance     102,817       768,169  
              14,223,179  
Health Care — 2.5%                
Apollo Hospitals Enterprise     13,375       1,075,392  
                 
Industrials — 7.0%                
Kajaria Ceramics     79,454       965,379  

 

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

29

 

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

 

    Shares     Value  
COMMON STOCK — continued                
Industrials — continued                
Larsen & Toubro     46,623     $ 2,002,269  
              2,967,648  
Information Technology — 11.5%                
Infosys ADR     129,139       2,349,038  
LTIMindtree     12,655       749,599  
Tata Consultancy Services     43,670       1,767,417  
              4,866,054  
Materials — 5.4%                
Steel Authority of India     573,088       865,107  
UltraTech Cement     10,821       1,417,510  
              2,282,617  
Real Estate — 3.2%                
Prestige Estates Projects     78,929       1,352,700  
                 
Utilities — 2.8%                
NTPC     299,705       1,169,401  
                 
TOTAL INDIA             40,930,649  
UNITED STATES — 1.8%                
Industrials — 1.8%                
Timken     11,436       783,252  
                 
TOTAL COMMON STOCK
(Cost $39,675,838)		             41,713,901  
TOTAL INVESTMENTS — 98.7%
(Cost $39,675,838)		           $ 41,713,901  

 

Percentages are based on Net Assets of $42,255,958.

 

* Non-income producing security.

 

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

 

See “Glossary” for abbreviations.

 

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

30

 

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

 

Fund Abbreviations

ADR — American Depositary Receipt

CJSC — Closed Joint-Stock Company

Cl — Class

ETF — Exchange-Traded Fund

GDR — Global Depositary Receipt

H15T5Y — US Treasury Yield Curve Rate T Note Constant Maturity 5 Year

JSC — Joint-Stock Company

MTN — Medium Term Note

SOC — State Owned Company

SOFR — Secured Overnight Financing Rate

TSFR3M — Term Secured Overnight Financing Rate 3-Month

 

31

 

 

Statements of Assets and Liabilities

May 31, 2025 (Unaudited)

 

 

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

 

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

32

 

 

Statements of Assets and Liabilities

May 31, 2025 (Unaudited)

 

 

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

 

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

33

 

 

Statements of Operations

For the period ended May 31, 2025 (Unaudited)

 

 

    Global X
Emerging
Markets ex-
China ETF		     Global X
Emerging
Markets Great
Consumer ETF		     Global X
Emerging
Markets Bond
ETF		  
Investment Income:                        
Dividend Income   $ 217,148     $ 826,083     $ —  
Dividend Income, from Affiliated Investments     —       —       40,503  
Interest Income     13,013       33,265       6,636,420  
Less: Foreign Taxes Withheld     (27,762 )     (79,435 )     (4,063 )
Total Investment Income     202,399       779,913       6,672,860  
Expenses:                        
Supervision and Administration Fees(1)     80,675       352,883       413,456  
Custodian Fees(2)     1,825       310       27  
Total Expenses     82,500       353,193       413,483  
Net Investment Income     119,899       426,720       6,259,377  
Net Realized Gain (Loss) on:                        
Investments(3)     1,495,043       4,230,231       (180,909 )
Foreign Currency Transactions     (12,144 )     (21,310 )     —  
Foreign Capital Gains Tax     (63,768 )     (125,564 )     —  
Payment from Adviser(4)     7,531       —       667  
Net Realized Gain (Loss)     1,426,662       4,083,357       (180,242 )
Net Change in Unrealized Appreciation (Depreciation) on:                        
Investments     (2,001,947 )     916,608       (2,120,254 )
Affiliated Investments     385,182       —       (64 )
Foreign Capital Gains Tax on Appreciated Securities     157,948       264,493       —  
Foreign Currency Translations     44       1,047       —  
Net Change in Unrealized Appreciation (Depreciation)     (1,458,773 )     1,182,148       (2,120,318 )
Net Realized and Unrealized Gain (Loss)     (32,111 )     5,265,505       (2,300,560 )
Net Increase in Net Assets Resulting from Operations   $ 87,788     $ 5,692,225     $ 3,958,817  
   
(1) The Supervision and Administration fees includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in the Notes to Financial Statements.) 
(2) See Note 2 in the Notes to Financial Statements.
(3) Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in the Notes to Financial Statements.)
(4) See Note 3 in the Notes to Financial Statements.

 

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

34

 

 

Statements of Operations

For the period ended May 31, 2025 (Unaudited)

 

 

    Global X Brazil
Active ETF		     Global X India
Active ETF		  
Investment Income:                
Dividend Income   $ 111,103     $ 84,587  
Interest Income     633       18,760  
Less: Foreign Taxes Withheld     (4,810 )     (18,244 )
Total Investment Income     106,926       85,103  
Expenses:                
Supervision and Administration Fees(1)     12,809       106,109  
Custodian Fees(2)     228       7  
Total Expenses     13,037       106,116  
Net Investment Income (Loss)     93,889       (21,013 )
Net Realized Gain (Loss) on:                
Investments(3)     (268,921 )     401,288  
Foreign Currency Transactions     (12,366 )     (35,623 )
Foreign Capital Gains Tax     —       (45,184 )
Payment from Adviser(4)     6       —  
Net Realized Gain (Loss)     (281,281 )     320,481  
Net Change in Unrealized Appreciation (Depreciation) on:                
Investments     459,214       1,018,001  
Foreign Capital Gains Tax on Appreciated Securities     —       (131,434 )
Foreign Currency Translations     263       (14 )
Net Change in Unrealized Appreciation (Depreciation)     459,477       886,553  
Net Realized and Unrealized Gain (Loss)     178,196       1,207,034  
Net Increase in Net Assets Resulting from Operations   $ 272,085     $ 1,186,021  
   
(1) The Supervision and Administration fees includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in the Notes to Financial Statements.) 
(2) See Note 2 in the Notes to Financial Statements.
(3) Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in the Notes to Financial Statements.)
(4) See Note 3 in the Notes to Financial Statements.

 

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

35

 

 

Statements of Changes in Net Assets

 

 

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

 

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

36

 

 

Statements of Changes in Net Assets

 

 

    Global X Emerging Markets ex-China ETF
    Period Ended
May 31, 2025
(Unaudited)		   Year Ended
November 30,
2024(1)		   Period Ended
November 30,
2023(1)
Share Transactions:                        
Issued     250,000       —       160,000  
Reinvestment of Distributions     —       —       —  
Redeemed     (510,000 )     (50,000 )     (90,000 )
Merger#     —       —       900,587  
      (260,000 )     (50,000 )     970,587  
Class A                        
Issued     N/A       N/A       N/A  
Reinvestment of Distributions     N/A       N/A       N/A  
Redeemed     N/A       N/A       N/A  
Merger#     N/A       N/A       N/A  
      N/A       N/A       N/A  
Class C                        
Issued     N/A       N/A       N/A  
Reinvestment of Distributions     N/A       N/A       N/A  
Redeemed     N/A       N/A       N/A  
Merger#     N/A       N/A       N/A  
      N/A       N/A       N/A  
Class I                        
Issued     N/A       N/A       51,184  
Reinvestment of Distributions     N/A       N/A       —  
Redeemed     N/A       N/A       (87,358 )
Merger#     N/A       N/A       (2,252,411 )
      N/A       N/A       (2,288,585 )
Net Decrease in Shares Outstanding from Share Transactions     (260,000 )     (50,000 )     (1,317,998 )
   
(1) Effective as of close of business on May 12, 2023, the Emerging Markets Fund (the “Emerging Markets Predecessor Fund”) was reorganized into the Global X Emerging Markets ex-China ETF. Information presented prior to May 12, 2023 is that of the Emerging Markets Predecessor Fund. See Note 1 in the Notes to Financial Statements.
# See Note 9 in the Notes to Financial Statements in relation to period ended November 30, 2023. See Note 1 in the Notes to Financials in relation to year end April 30, 2023.

 

N/A – Not applicable. Class currently not offered.

Amounts designated as “—” are either $0 or have been rounded to $0.

 

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

37

 

 

Statements of Changes in Net Assets

 

 

    Global X Emerging Markets Great Consumer ETF
    Period Ended
May 31, 2025
(Unaudited)		   Year Ended
November 30,
2024(1)		   Period Ended
November 30,
2023(1)
Operations:                        
Net Investment Income   $ 426,720     $ 1,777,915     $ 1,600,701  
Net Realized Gain (Loss)     4,083,357       3,258,444       (16,164,493 )
Net Change in Unrealized Appreciation (Depreciation)     1,182,148       9,434,594       8,665,820  
Net Increase (Decrease) in Net Assets Resulting from Operations     5,692,225       14,470,953       (5,897,972 )
Distributions     (728,080 )     (2,297,470 )     N/A  
Class A     N/A       N/A       N/A  
Class C     N/A       N/A       N/A  
Class I     N/A       N/A       N/A  
Total Distributions     (728,080 )     (2,297,470 )     N/A  
Capital Share Transactions:                        
Issued     32,351       108,346       3,220,058  
Reinvestment of Distributions     —       —       —  
Redeemed     (33,034,048 )     (108,586,028 )     (169,628,445 )
Merger#     —       —       378,237,835  
      (33,001,697 )     (108,477,682 )     211,829,448  
Class A                        
Issued     N/A       N/A       N/A  
Reinvestment of Distributions     N/A       N/A       N/A  
Redeemed     N/A       N/A       N/A  
Merger#     N/A       N/A       N/A  
      N/A       N/A       N/A  
Class C                        
Issued     N/A       N/A       N/A  
Reinvestment of Distributions     N/A       N/A       N/A  
Redeemed     N/A       N/A       N/A  
Merger#     N/A       N/A       N/A  
      N/A       N/A       N/A  
Class I                        
Issued     N/A       N/A       1,091,509  
Reinvestment of Distributions     N/A       N/A       —  
Redeemed     N/A       N/A       (35,835,923 )
Merger#     N/A       N/A       (378,456,834 )
      N/A       N/A       (413,201,248 )
Decrease in Net Assets from Capital Share Transactions     (33,001,697 )     (108,477,682 )     (201,371,800 )
Total Decrease in Net Assets     (28,037,552 )     (96,304,199 )     (207,269,772 )
Net Assets:                        
Beginning of Year/Period     113,042,403       209,346,602       416,616,374  
End of Year/Period   $ 85,004,851     $ 113,042,403     $ 209,346,602  

 

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

38

 

 

Statements of Changes in Net Assets

 

 

    Global X Emerging Markets Great Consumer ETF
    Period Ended
May 31, 2025
(Unaudited)		   Year Ended
November 30,
2024(1)		   Period Ended
November 30,
2023(1)
Share Transactions:                        
Issued     —       —       120,000  
Reinvestment of Distributions     —       —       —  
Redeemed     (1,235,512 )     (4,150,000 )     (6,830,000 )
Merger#     —       —       15,164,586  
      (1,235,512 )     (4,150,000 )     8,454,586  
Class A                        
Issued     N/A       N/A       N/A  
Reinvestment of Distributions     N/A       N/A       N/A  
Redeemed     N/A       N/A       N/A  
Merger#     N/A       N/A       N/A  
      N/A       N/A       N/A  
Class C                        
Issued     N/A       N/A       N/A  
Reinvestment of Distributions     N/A       N/A       N/A  
Redeemed     N/A       N/A       N/A  
Merger#     N/A       N/A       N/A  
      N/A       N/A       N/A  
Class I                        
Issued     N/A       N/A       93,659  
Reinvestment of Distributions     N/A       N/A       —  
Redeemed     N/A       N/A       (3,082,519 )
Merger#     N/A       N/A       (32,284,021 )
      N/A       N/A       (35,272,881 )
Net Decrease in Shares Outstanding from Share Transactions     (1,235,512 )     (4,150,000 )     (26,818,295 )
   
(1) Effective as of close of business on May 12, 2023, the Emerging Markets Great Consumer Fund (the “Emerging Markets Great Consumer Predecessor Fund”) was reorganized into the Global X Emerging Markets Great Consumer ETF. Information presented prior to May 12, 2023 is that of the Emerging Markets Great Consumer Predecessor Fund. See Note 1 in the Notes to Financial Statements.
# See Note 9 in the Notes to Financial Statements in relation to period ended November 30, 2023. See Note 1 in the Notes to Financials in relation to year end April 30, 2023.

 

N/A – Not applicable. Class currently not offered.

Amounts designated as “—” are either $0 or have been rounded to $0.

 

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

39

 

 

Statements of Changes in Net Assets

 

 

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

 

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

40

 

 

Statements of Changes in Net Assets

 

 

    Global X India Active ETF
    Period Ended
May 31, 2025
(Unaudited)		   Year Ended
November 30,
2024
Operations:                
Net Investment Income (Loss)   $ (21,013 )   $ 45,288  
Net Realized Gain (Loss)     320,481       700,564  
Net Change in Unrealized Appreciation (Depreciation)     886,553       628,791  
Net Increase in Net Assets Resulting from Operations     1,186,021       1,374,643  
Distributions:     (882,655 )     (27,040 )
Capital Share Transactions:                
Issued     16,170,438       16,027,809  
Increase in Net Assets from Capital Share Transactions     16,170,438       16,027,809  
Total Increase in Net Assets     16,473,804       17,375,412  
Net Assets:                
Beginning of Year/Period     25,782,154       8,406,742  
End of Year/Period   $ 42,255,958     $ 25,782,154  
Share Transactions:                
Issued     580,000       520,000  
                 
Net Increase in Shares Outstanding from Share Transactions     580,000       520,000  

 

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

41

 

 

Financial Highlights

 

 

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

 

 

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

 

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

 

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

42

 

 

Financial Highlights

 

 

 

 

 

Total from
Distributions ($)		   Net
Asset Value,
End of
Period ($)		   Total
Return
(%)**		   Net Assets, End of
Period ($)(000)		   Ratio of Expenses
to Average Net
Assets (%)		   Ratio of Net
Investment Income
(Loss) to Average
Net Assets (%)		   Portfolio
Turnover Rate
(%)††
                                                     
  (0.13 )              27.99         3.37       18,488       0.77 †         1.11 †(2)            62.06      
  (0.26 )     27.21       9.57       25,050       0.76       1.01       83.82  
  —       25.07       (0.81 )      24,333       0.77 †     1.36 †     55.87  
  (2.90 )     25.28       (3.50 )     23,138       1.15 (4)      0.74       116.00  
  (2.63 )     29.23       (20.14 )     42,258       1.15 (4)      0.31       106.00  
  (0.53 )     39.45       59.28       57,212       1.15 (4)      0.22       123.00  
  —       25.13       (15.12 )     46,976       1.15 (4)      0.54       95.00  
                                                     
  (0.18 )     27.70       6.20       85,005       0.75 †     0.91 †     31.81  
  (0.34 )     26.26       7.45       113,042       0.75       1.13 (2)      72.71  
  —       24.76       (1.46 )     209,347       0.78 †     0.89 †(2)      64.41  
  —       25.13       (9.36 )     416,616       1.15 (7)      0.19       69.00  
  (2.74 )     27.72       (31.34 )     814,957       1.15 (7)      (0.24 )     71.00  
  (1.83 )     43.66       41.03       1,627,679       1.15 (7)      (0.10 )     49.00  
  (0.28 )     32.30       (0.23 )     545,917       1.15 (7)      0.01       60.00  

 

(6) Per share amounts have been adjusted for the Fund merging with the Emerging Markets Great Consumer Predecessor Fund via issuance of 0.47 shares of the Fund in exchange for every 1 Class I share of the Emerging Markets Great Consumer Predecessor Fund. (See Note 9 in the Notes to Financial Statements.)
(7) The ratio of Expenses to Average Net Assets excluding waivers 1.36%, 1.19%, 1.20%, 1.33%, and 1.41% for the years ended April 30, 2023, April 30, 2022, April 30, 2021, April 30, 2020, and April 30, 2019, respectively.

Amounts designated as “—” are either $0 or have been rounded to $0.

 

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

43

 

 

Financial Highlights

 

 

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

 

 

    Net
Asset Value,
Beginning
of Period
($)		   Net Investment
Income (Loss)
($)*		   Net Realized
and Unrealized
Gain (Loss) on
Investments
($)		   Total from
Operations
($)		   Distribution
from Net
Investment
Income ($)		   Distribution
from Capital
Gains ($)		   Return of
Capital ($)
Global X Emerging Markets Bond ETF
2025 (Unaudited)§     23.16             0.67         (0.24 )     0.43                (0.77 )             —            —  
2024     21.59       1.31       1.52       2.83       (1.26 )     —       —  
2023     21.41       1.20       0.01       1.21       (1.03 )     —       —  
2022     25.73       0.93       (4.02 )     (3.09 )     (0.91 )     (0.31 )     (0.01 ) 
2021     27.50       0.90       (1.30 )     (0.40 )     (0.99 )     (0.38 )     —  
2020 (2)     25.00       0.49       2.47       2.96       (0.46 )     —       —  
Global X Brazil Active ETF
2025 (Unaudited)§     21.72       0.59       0.98       1.57       (0.44 )     —       —  
2024     27.59       0.88       (5.85 )     (4.97 )     (0.83 )     (0.07 )     —  
2023 (3)     25.00       0.33       2.26       2.59       —       —       —  
Global X India Active ETF
2025 (Unaudited)§     30.69       (0.02 )     0.14       0.12       (0.04 )     (1.01 )     —  
2024     26.27       0.08       4.42       4.50       —       (0.08 )     —  
2023 (4)     25.00       —       1.27       1.27       —       —       —  

 

* Per share data calculated using average shares method.
** Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
† Annualized.
†† Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
§ For the period ended May 31, 2025.
# Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (See Note 3 in the Notes to Financial Statements.)
(1) Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests.
(2) The Fund commenced operations on June 1, 2020.
(3) The Fund commenced operations on August 16, 2023.
(4) The Fund commenced operations on August 17, 2023.

 

Amounts designated as “—” are either $0 or have been rounded to $0.

 

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

44

 

 

Financial Highlights

 

 

 

 

 

Total from
Distributions ($)		   Net
Asset Value,
End of
Period ($)		   Total
Return
(%)**		   Net Assets, End of
Period ($)(000)		   Ratio of Expenses
to Average Net
Assets (%)		   Ratio of Net
Investment Income
(Loss) to Average
Net Assets (%)		   Portfolio
Turnover Rate
(%)††
                                                     
  (0.77 )             22.82       1.91       219,064       0.39 #†          5.90 †(1)            15.01      
  (1.26 )     23.16       13.47       201,462       0.39 #      5.80 (1)      35.35  
  (1.03 )     21.59       5.80       126,290       0.39 #      5.58 (1)      35.97  
  (1.23 )     21.41       (12.26 )      98,476       0.39       4.10       51.59  
  (1.37 )     25.73       (1.60 )     136,391       0.39       3.37       70.51  
  (0.46 )     27.50       11.91       68,739       0.39 †     3.72 †     38.12  
                                                     
  (0.44 )     22.85       7.60       4,570       0.76 †     5.50 †     33.19  
  (0.90 )     21.72       (18.55 )     3,041       0.75 #      3.46 (1)      55.91  
  —       27.59       10.36       3,311       0.75 #†     4.48 †(1)      13.88  
                                                     
  (1.05 )     29.76       0.50       42,256       0.75 †     (0.15 )†     13.03  
  (0.08 )     30.69       17.16       25,782       0.76 #      0.28 (1)      53.06  
  —       26.27       5.08       8,407       0.76 #†     (0.03 )†(1)      23.87  

 

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

45

 

Notes to Financial Statements

May 31, 2025 (Unaudited)

 

 

1. ORGANIZATION

 

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

 

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

 

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

 

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

 

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

 

46

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

1. ORGANIZATION (continued)

 

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

 

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

 

2. SIGNIFICANT ACCOUNTING POLICIES

 

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

 

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

 

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

 

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

 

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

 

47

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

 

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

 

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

 

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

 

48

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

 

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 at May 31, 2025. The Funds continuously monitor the credit standing of each broker or counterparty with whom they conduct business. In the event a broker or counterparty is unable to fulfill its obligations, the Funds would be subject to counterparty credit risk.

 

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

 

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

 

49

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

 

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

 

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

 

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

 

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

 

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

 

50

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

 

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

 

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

 

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

 

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

 

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

 

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

 

SEGMENT REPORTING – The Funds have adopted FASB Update 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures (“ASU 2023-07”) during the period, with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity’s segments impact

 

51

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

 

overall performance. The Funds’ adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Funds’ financial position or results of operations.

 

The Adviser’s Chief Financial Officer acts as each Fund’s Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and allocating resources with respect to the Funds. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund’s financial statements.

 

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS

 

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

 

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

 

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

 

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

 

52

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

 

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

 

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

 

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

 

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

 

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

 

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

 

Sub-Adviser - Global X Emerging Markets Bond ETF:

 

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

 

53

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

 

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

 

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

 

  • 0.14% on assets for any day that total assets are greater than or equal to $50 million.
     
  • 0.00% on assets for any day that total assets are less than $50 million.

 

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

 

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

 

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

 

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

 

54

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

 

and redemptions of Creation Units, (ii) prepare and transmit by means of Depository Trust Company’s (“DTC”) book-entry system payments for dividends and distributions on or with respect to the Shares declared by the Trust on behalf of the Funds, as applicable, (iii) prepare and deliver reports, information and documents as specified in the transfer agency agreement, (iv) perform the customary services of a transfer agent and dividend disbursing agent, and (v) render certain other miscellaneous services as specified in the transfer agency agreement or as otherwise agreed upon.

 

4. INVESTMENT TRANSACTIONS

 

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

 

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

 

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

 

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

 

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

 

5. TAX INFORMATION

 

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to undistributed

 

55

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

5. TAX INFORMATION (continued)

 

net investment income (loss), accumulated net realized gain (loss) or paid in capital, as appropriate, in the period that the differences arise.

 

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

 

Global X Funds   Ordinary Income     Long-Term
Capital Gain		     Return of Capital     Totals  
Global X Emerging Markets ex-China ETF                      
2024   $ 248,101     $ –     $ –     $ 248,101  
2023†     –       –       –       –  
2023     –       2,887,714       –       2,887,714  
Global X Emerging Markets Great Consumer ETF                    
2024   $ 2,297,470     $ –     $ –     $ 2,297,470  
2023†     –       –       –       –  
2023     –       –       –       –  

 

† For the period May 1, 2023 to November 30, 2023. Effective September 1, 2023, the Global X Emerging Markets ex-China ETF and the Global X Emerging Markets Great Consumer ETF changed their fiscal year end to November 30 (see Note 1 in the Notes to Financial Statements).

 

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

 

Global X Funds   Ordinary
Income		     Long-Term
Capital Gain		     Return of Capital     Totals  
Global X Emerging Markets Bond ETF                      
2024   $ 8,479,479     $ –     $ –     $ 8,479,479  
2023     5,417,100       –       –       5,417,100  
Global X Brazil Active ETF                      
2024   $ 116,138     $ –     $ –     $ 116,138  
2023     –       –       –       –  
Global X India Active ETF                      
2024   $ 27,040     $ –     $ –     $ 27,040  
2023     –       –       –       –  

 

56

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

5. TAX INFORMATION (continued)

 

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

 

    Global X
Emerging
Markets ex-
China ETF		     Global X
Emerging
Markets Great
Consumer ETF		  
Undistributed Ordinary Income   $ 5,461     $ 407,124  
Capital Loss Carryforwards     (11,192,468 )     (378,759,244 )
Unrealized Appreciation on Investments and Foreign Currency     2,782,570       8,672,039  
Other Temporary Differences     150       3  
Total Accumulated Losses   $ (8,404,287 )   $ (369,680,078 )

 

    Global X
Emerging
Markets Bond
ETF		   Global X Brazil
Active ETF		  

 

Global X India
Active ETF

Undistributed Ordinary Income   $ 1,971,799     $ 41,354     $ 806,551  
Undistributed Long-Term Capital Gain     –       –       26,296  
Capital Loss Carryforwards     (14,346,744 )     (55,299 )     –  
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency     1,390,003       (491,854 )     758,498  
Other Temporary Differences     (4 )     (1 )     –  
Total Distributable Earnings (Accumulated Losses)   $ (10,984,946 )   $ (505,800 )   $ 1,591,345  

 

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

 

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

 

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

 

Global X Funds   Federal Tax
Cost		   Aggregated
Gross
Unrealized
Appreciation		   Aggregated
Gross
Unrealized
Depreciation		   Net Unrealized
Appreciation
(Depreciation)
Global X Emerging Markets ex-China ETF   $16,611,338   $1,957,727   $(698,341)   $1,259,386
Global X Emerging Markets Great Consumer ETF   73,562,100   15,715,996   (5,256,322)   10,459,674
Global X Emerging Markets Bond ETF   213,298,953   4,858,897   (5,236,199)   (377,302)

 

57

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

5. TAX INFORMATION (continued)

 

Global X Funds   Federal Tax
Cost		   Aggregated
Gross
Unrealized
Appreciation		   Aggregated
Gross
Unrealized
Depreciation		   Net Unrealized
Appreciation
(Depreciation)
Global X Brazil Active ETF   $4,474,595   $355,666   $(376,936)   $(21,270)
Global X India Active ETF   39,675,838   2,579,248   (541,185)   2,038,063

 

6. CONCENTRATION OF RISKS

 

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

 

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

 

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

 

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

 

Global X Emerging Markets Great Consumer ETF

 

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

 

58

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

6. CONCENTRATION OF RISKS (continued)

 

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

 

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

 

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

 

59

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

6. CONCENTRATION OF RISKS (continued)

 

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

 

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

 

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

 

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

 

7. LOANS OF PORTFOLIO SECURITIES

 

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

 

60

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

7. LOANS OF PORTFOLIO SECURITIES (continued)

 

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

 

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

 

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

 

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

 

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

 

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

 

61

 

Notes to Financial Statements (Continued)

May 31, 2025 (Unaudited)

 

 

8. CONTRACTUAL OBLIGATION

 

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

 

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

 

9. MERGER

 

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

 

The acquisition was accomplished by a tax-free exchange as follows:

 

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

 

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

 

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

 

62

 

Notes to Financial Statements (Concluded)

May 31, 2025 (Unaudited)

 

 

10. SUBSEQUENT EVENTS

 

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

 

63

 

Other Information (Form N-CSRS Items 8-11) (Unaudited)