Global X Funds

Global X Emerging Markets ex-China ETF

Ticker: EMM

Principal Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report: November 30, 2025

This 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 November 30, 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 year?

(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	$84	0.76%

How did the Fund perform in the last year?

The Fund is an actively managed fund sub-advised by Mirae Asset Global Investments (Hong Kong) Limited. The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, measured at the time of purchase, in equity securities: (i) of issuers in emerging markets; and/or (ii) that are tied economically to emerging markets, provided that, in either case, the issuers of any such securities are deemed by the investment adviser to have a current or future leading position in terms of market share and/or market capitalization within their respective country, region, industry, products produced or services offered, as applicable, excluding China.

The Fund uses the MSCI Emerging Markets ex China Index as its secondary benchmark index (the “Secondary Index”). Using a blended analysis over the 12-month period, the Fund delivered positive absolute and relative performance.

For the 12-month period ended November 30, 2025 (the “reporting period”), the Fund increased 21.96%, while the Secondary Index increased 27.05%. The Fund had a net asset value of $27.21 per share on November 30, 2024 and ended the reporting period with a net asset value of $32.91 per share on November 30, 2025.

Performance was positive during the reporting period, supported by North Asia's semiconductor ecosystem as AI-driven demand boosted South Korea's chip exports and strengthened earnings from a major Taiwanese holding. In South Asia, India's growth during the reporting period supported domestic-demand and financials exposures amid global trade uncertainty. Latin America showed mixed results: Mexico benefited from a mid-year policy rate cut while Brazil's continued tightening pressured rate-sensitive sectors. OPEC+'s announcement to unwind voluntary supply cuts provided clarity for producers as producers in the Gulf region adapted. Indonesia's monetary easing and currency stabilization measures supported banks and consumer stocks. In Africa, South Africa saw improved investor sentiment following the formation of a reform-oriented Government of National Unity in 2025, despite modest growth conditions.

How did the Fund perform during the last 10 years?

Total Return Based on $10,000 Investment

	Global X Emerging Markets ex-China ETF^{Footnote Reference*}	MSCI Emerging Markets Index (USD) (NR)^{Footnote Reference†}	MSCI Emerging Markets ex China Index (USD) (NR)^{Footnote Reference†}^{Footnote Reference‡}	Hybrid MSCI Emerging Markets ex China Index^{Footnote Reference§}
Apr/15	$10,000	$10,000	$10,000	$10,000
Apr/16	$8,496	$8,213	$10,000	$8,213
Apr/17	$10,369	$9,785	$10,201	$9,785
Apr/18	$12,668	$11,910	$11,907	$11,910
Apr/19	$11,763	$11,309	$11,264	$11,309
Apr/20	$9,985	$9,952	$9,284	$9,952
Apr/21	$15,904	$14,800	$14,548	$14,800
Apr/22	$12,700	$12,087	$13,501	$12,087
Apr/23	$12,256	$11,300	$12,579	$11,300
Nov/23	$12,156	$11,621	$13,587	$11,621
Nov/24	$13,320	$12,999	$15,150	$12,455
Nov/25	$16,245	$16,835	$19,248	$15,824

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

Footnote	Description
Footnote*	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 ETF. Information presented prior to May 12, 2023 is that of the Emerging Markets Predecessor Fund. The Global X Emerging Markets ETF was renamed to the Global X Emerging Markets ex-China ETF effective April 1, 2024.
Footnote†	Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes).
Footnote‡	The Fund's inception date predates the MSCI Emerging Markets ex China Index's inception date of March 9, 2017. Accordingly, the MSCI Emerging Markets ex China Index does not have 10 calendar years of performance and the table instead reflects the MSCI Emerging Markets ex China Index's performance for 1 year, five years, and from its inception on March 9, 2017.
Footnote§	Effective April 1, 2024, the Fund began to compare its performance to the MSCI Emerging Markets ex China Index. Performance reflects the performance of the MSCI Emerging Markets Index through March 31, 2024, and the MSCI Emerging Markets ex China Index thereafter.

Average Annual Total Returns as of November 30, 2025

Fund/Index Name	1 Year	5 Years	10 Years
Global X Emerging Markets ex-China ETF^{Footnote Reference*}	21.96%	2.96%	6.74%
MSCI Emerging Markets Index (USD) (NR)^{Footnote Reference†}	29.51%	5.06%	7.85%
MSCI Emerging Markets ex China Index (USD) (NR)^{Footnote Reference†}^{Footnote Reference‡}	27.05%	9.42%	-%
Hybrid MSCI Emerging Markets ex China Index^{Footnote Reference§}	27.05%	3.77%	7.19%

Key Fund Statistics as of November 30, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$23,715,921	39	$174,864	95.29%

What did the Fund invest in?

Asset/Country Weightings^{Footnote
Reference*}

Value	Value
Other Countries	3.5%
Argentina	1.0%
Canada	1.1%
Chile	1.1%
Indonesia	1.4%
Greece	1.4%
South Africa	2.7%
United Arab Emirates	3.0%
Mexico	3.0%
Saudi Arabia	3.7%
South Korea	15.0%
Taiwan	28.7%
Exchange-Traded Funds	31.0%

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Global X India Active ETF^{Footnote Reference**}			24.2%
Taiwan Semiconductor Manufacturing ADR			16.9%
Global X Brazil Active ETF^{Footnote Reference**}			6.8%
Samsung Electronics GDR			5.0%
SK hynix			3.5%
MediaTek			3.5%
Hon Hai Precision Industry			2.0%
ASPEED Technology			2.0%
Shinhan Financial Group			1.9%
HYBE			1.6%

Footnote	Description
Footnote^**	Affiliated Investment

Material Fund Changes

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

Additional Information

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

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

Global X Funds

Global X Emerging Markets ex-China ETF: EMM

Principal Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report: November 30, 2025

GX-AR-EMM-2025

Global X Funds

Global X Emerging Markets Great Consumer ETF

Ticker: EMC

Principal Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report: November 30, 2025

This 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 November 30, 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 year?

(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	$81	0.75%

How did the Fund perform in the last year?

The Fund is an actively managed fund sub-advised by Mirae Asset Global Investments (Hong Kong) Limited. The Fund seeks to achieve its investment objective or achieving long-term capital growth by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, measured at the time of purchase, in equity securities (i) of issuers in emerging markets and/or (ii) that are tied economically to emerging markets, provided that, in either case, the issuers of any such securities are expected to be beneficiaries of the increasing consumption and growing purchasing power of individuals in the world’s emerging markets.

The Fund uses the MSCI Emerging Markets Index as its primary benchmark index (the “Benchmark Index”). The Benchmark Index is designed to track financial performance of select companies in emerging markets.

For the 12-month period ended November 30, 2025 (the “reporting period”), the Fund increased 16.80%, while the Benchmark Index increased 29.51%. The Fund had a net asset value of $26.26 per share on November 30, 2024 and ended the reporting period with a net asset value of $30.35 per share on November 30, 2025.

The Fund posted gains over the reporting period, aided by steadier consumer demand in key emerging markets and targeted policy support. In China, retail sales grew through September and online commerce expanded. In India, easing financial conditions helped bank credit and big‑ticket purchases, aiding consumer‑linked holdings. Mexico’s central bank accelerated easing through mid‑year, lowering borrowing costs for retail, automotive, and housing‑linked companies. Brazil was a headwind at times as policymakers pushed Brazil’s benchmark interest rate, the Selic, to 15% in June, but the subsequent halt to tightening by August eased macro pressure on household demand and helped local consumer names stabilize. In Southeast Asia, consumer confidence in Indonesia remained optimistic, while the gradual rollout of a nationwide free‑meals program and planned spending adjustments shaped household spending patterns. Together, these developments supported consumer‑oriented exposures across major emerging economies, with policy easing and targeted fiscal measures outweighing pockets of tighter financial conditions.

How did the Fund perform during the last 10 years?

Total Return Based on $10,000 Investment

	Global X Emerging Markets Great Consumer ETF^{Footnote Reference*}	MSCI Emerging Markets Index (USD) (NR)^{Footnote Reference†}
Apr/15	$10,000	$10,000
Apr/16	$8,014	$8,213
Apr/17	$9,098	$9,785
Apr/18	$11,486	$11,910
Apr/19	$11,630	$11,309
Apr/20	$11,604	$9,952
Apr/21	$16,365	$14,800
Apr/22	$11,236	$12,087
Apr/23	$10,184	$11,300
Nov/23	$10,035	$11,621
Nov/24	$10,782	$12,999
Nov/25	$12,594	$16,835

Footnote	Description
Footnote*	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.
Footnote†	Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes).

Average Annual Total Returns as of November 30, 2025

Fund/Index Name	1 Year	5 Years	10 Years
Global X Emerging Markets Great Consumer ETF^{Footnote Reference*}	16.80%	-3.72%	4.29%
MSCI Emerging Markets Index (USD) (NR)^{Footnote Reference†}	29.51%	5.06%	7.85%

Key Fund Statistics as of November 30, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$76,751,402	72	$668,138	84.60%

What did the Fund invest in?

Asset/Country Weightings^{Footnote
Reference*}

Value	Value
Repurchase Agreements	0.8%
Other Countries	4.7%
Chile	1.6%
Canada	1.6%
Mexico	1.8%
United Arab Emirates	2.1%
South Africa	2.2%
Hong Kong	2.5%
Saudi Arabia	3.3%
Brazil	6.5%
South Korea	12.1%
India	18.3%
Taiwan	19.3%
China	23.9%

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Taiwan Semiconductor Manufacturing ADR			12.6%
Tencent Holdings			6.3%
Samsung Electronics GDR			5.5%
Alibaba Group Holding			4.0%
Xiaomi, Cl B			3.4%
SK hynix			3.2%
MediaTek			3.0%
HDFC Bank			2.4%
Kuaishou Technology, Cl B			2.4%
ICICI Bank ADR			2.1%

Footnote	Description
Footnote^(A)	Repurchase Agreements are not shown in the top ten chart.

Material Fund Changes

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/

Global X Funds

Global X Emerging Markets Great Consumer ETF: EMC

Principal Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report: November 30, 2025

GX-AR-EMC-2025

Global X Funds

Global X Emerging Markets Bond ETF

Ticker: EMBD

Principal Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report: November 30, 2025

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

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global X Emerging Markets Bond ETF	$41	0.39%

How did the Fund perform in the last year?

The Fund is an actively managed fund sub-advised by Mirae Asset Global Investments (USA) LLC (“Sub-adviser”) that seeks a high level of total return, consisting of both income and capital appreciation, by investing in fixed-rate and floating-rate debt instruments issued by sovereign, quasi-sovereign, and corporate entities from emerging market countries (“emerging market debt”). Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in emerging market debt, either directly or indirectly.

The Fund uses the JP Morgan EMBI Global Core Index as its secondary index (the “Secondary Index”). The Secondary Index is a broad, diverse U.S. dollar denominated emerging markets ("EM") debt benchmark that tracks the total return of actively traded debt instruments in EM countries.

For the 12-month period ended November 30, 2025 (the “reporting period”), the Fund increased 10.44%, while the Secondary Index increased 11.33%. The Fund had a net asset value of $23.16 per share on November 30, 2024 and ended the reporting period with a net asset value of $24.03 per share on November 30, 2025.

The Fund's performance during the reporting period was positive, supported by a narrowing in emerging‑market hard‑currency sovereign spreads to near cycle lows, which lifted returns across many core regions. Policy normalization and disinflation in Turkey helped tighten risk premia on its external bonds. Confidence also improved in Argentina after the International Monetary Fund (“IMF”) approved a multi‑year arrangement in April to support economic stabilization, which supported sovereign dollar debt. In Egypt, IMF backing, a jump in net foreign assets, and the first policy rate cut in years materially reinforced sentiment toward its external debt. These gains were partly offset by Mexico’s judicial overhaul, which raised concerns about institutional checks and contributed to wider sovereign spreads versus regional peers. Gains in South Africa were mixed, but expectations for a budget compromise helped mitigate concerns regarding the country’s hard‑currency debt.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	Global X Emerging Markets Bond ETF	Bloomberg Emerging Markets USD Aggregate Bond Index	JP Morgan EMBI Global Core Index (USD) (TR)^{Footnote Reference*}^{Footnote Reference†}
Jun/20	$10,000	$10,000	$10,000
Nov/20	$11,191	$10,781	$10,979
Nov/21	$11,012	$10,659	$10,791
Nov/22	$9,662	$9,044	$8,930
Nov/23	$10,222	$9,549	$9,445
Nov/24	$11,599	$10,732	$10,707
Nov/25	$12,811	$11,733	$11,920

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

Footnote	Description
Footnote*	EMBI – Emerging Markets Bond Index
Footnote†	Total Return (TR) - Reflects no deductions for fees, expenses or taxes.

Average Annual Total Returns as of November 30, 2025

Fund/Index Name	1 Year	5 Years	Annualized Since Inception
Global X Emerging Markets Bond ETF	10.44%	2.74%	4.61%
Bloomberg Emerging Markets USD Aggregate Bond Index	9.32%	1.71%	2.95%
JP Morgan EMBI Global Core Index (USD) (TR)^{Footnote Reference*}^{Footnote Reference†}	11.33%	1.66%	3.24%

Key Fund Statistics as of November 30, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$284,727,720	207	$876,483	27.99%

What did the Fund invest in?

Asset/Country Weightings^{Footnote
Reference*}

Value	Value
Other Countries	42.3%
Exchange-Traded Fund	0.7%
U.S. Treasury Obligations	3.1%
Colombia	3.3%
Turkey	3.3%
Saudi Arabia	3.4%
Romania	3.4%
Dominican Republic	3.5%
United Arab Emirates	3.9%
Peru	4.7%
Brazil	5.3%
South Africa	5.4%
Chile	6.6%
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
Argentine Republic Government International Bond	4.125%	07/09/35	1.6%
Abu Dhabi Government International Bond	5.500%	04/30/54	1.4%
Brazilian Government International Bond	6.000%	10/20/33	1.4%
Panama Government International Bond	6.400%	02/14/35	1.4%
Saudi Government International Bond	5.750%	01/16/54	1.3%
Costa Rica Government International Bond	6.125%	02/19/31	1.2%
Egypt Government International Bond	5.800%	09/30/27	1.2%
Turkiye Government International Bond	6.125%	10/24/28	1.2%
Republic of Poland Government International Bond	5.500%	04/04/53	1.1%
Peruvian Government International Bond	8.750%	11/21/33	1.1%

Material Fund Changes

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/

Global X Funds

Global X Emerging Markets Bond ETF: EMBD

Principal Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report - November 30, 2025

EMBD-AR-2025

Global X Funds

Global X Brazil Active ETF

Ticker: BRAZ

Principal Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report: November 30, 2025

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

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global X Brazil Active ETF	$88	0.75%

How did the Fund perform in the last year?

The Fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve long-term capital growth. The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, measured at the time of purchase, in equity securities of issuers domiciled in Brazil and/or that are tied economically to Brazil.

The Fund uses the MSCI Brazil Index as its secondary benchmark index (the “Secondary Index”). The Secondary Index is designed to measure the performance of the large- and mid-market capitalization segments of the Brazilian market.

For the 12-month period ended November 30, 2025 (the “reporting period”), the Fund increased 35.80%, while the Secondary Index increased 39.24%. The Fund had a net asset value of $21.72 per share on November 30, 2024 and ended the reporting period with a net asset value of $28.49 per share on November 30, 2025.

The Fund's performance over the reporting period was positive, aided by resilient domestic activity and sector-specific catalysts. Brazilian output grew in 2024, led by services and industry, setting a supportive base for corporate earnings into early 2025. In 2025, inflation ran above the target range and policymakers tightened policy, lifting the Selic, Brazil’s benchmark interest rate, in June and then holding steady in July, which pressured interest‑sensitive shares but helped steady inflation. Energy sentiment improved as Petróleo Brasileiro S.A. confirmed 2024‑year dividends and management signaled openness to extra distributions and a positive production outlook prevailed. By contrast, the materials sector faced headwinds as iron ore prices and weather disruptions weighed on top miners’ production and profits in the first half, moderating gains for commodity‑linked companies. Policy visibility also helped: the landmark Value-Added Tax (VAT)‑style tax reform was enacted in January 2025, and the government adjusted spending curbs while reiterating deficit targets (even as officials cautioned about medium‑term fiscal sustainability), reducing some uncertainty for domestically focused sectors.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	Global X Brazil Active ETF	MSCI Emerging Markets Index (USD) (NR)^{Footnote Reference*}	MSCI Brazil Index (USD) (NR)^{Footnote Reference*}
Aug/23	$10,000	$10,000	$10,000
Nov/23	$11,036	$10,164	$11,097
Nov/24	$8,989	$11,369	$9,099
Nov/25	$12,207	$14,724	$12,670

Since its inception on August 16, 2023. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/braz/ for current month-end performance.

Footnote	Description
Footnote*	Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes).

Average Annual Total Returns as of November 30, 2025

Fund/Index Name	1 Year	Annualized Since Inception
Global X Brazil Active ETF	35.80%	9.08%
MSCI Emerging Markets Index (USD) (NR)^{Footnote Reference*}	29.51%	18.38%
MSCI Brazil Index (USD) (NR)^{Footnote Reference*}	39.24%	10.87%

Key Fund Statistics as of November 30, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$7,976,273	24	$36,413	36.44%

What did the Fund invest in?

Sector Weightings^{Footnote
Reference*}

Value	Value
Information Technology	1.5%
Consumer Staples	5.7%
Industrials	6.2%
Consumer Discretionary	6.8%
Utilities	10.2%
Materials	12.5%
Energy	13.4%
Financials	42.7%

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
NU Holdings, Cl A			13.1%
Petroleo Brasileiro ADR			11.2%
Itau Unibanco Holding ADR			10.6%
Vale ADR, Cl B			6.1%
Banco Bradesco ADR			5.8%
Banco BTG Pactual			4.9%
Axia Energia ADR			4.7%
Itausa			4.7%
Raia Drogasil			4.0%
WEG			3.8%

Material Fund Changes

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/

Global X Funds

Global X Brazil Active ETF: BRAZ

Principal Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report - November 30, 2025

BRAZ-AR-2025

Global X Funds

Global X India Active ETF

Ticker: NDIA

Principal Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report: November 30, 2025

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

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global X India Active ETF	$76	0.75%

How did the Fund perform in the last year?

The Fund is an actively managed exchange-traded fund ("ETF") designed to offer investors direct exposure to the Indian Economy. The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, measured at the time of purchase, in equity securities: (i) of issuers domiciled in India; and/or (ii) that are tied economically to India provided that, in either case, the issuers of any such securities are deemed by the Adviser to have a current or future leading position in terms of market share and/or market capitalization within their respective country, region, industry, products produced or services offered, as applicable. The Fund uses the MSCI India Index as its secondary benchmark index (the “Secondary Index”).

The Secondary Index is designed to measure the performance of the large- and mid-market capitalization segments of the Indian market.

For the 12-month period ended November 30, 2025 (the “reporting period”), the Fund increased 1.72%, while the Secondary Index increased 0.10%. The Fund had a net asset value of $30.69 per share on November 30, 2024 and ended the reporting period with a net asset value of $30.12 per share on November 30, 2025.

The Fund's performance over the reporting period was slightly positive, reflecting supportive Indian domestic policy and macro conditions balanced by sector-specific headwinds. Policy rate cuts in early 2025, followed by an October pause at 5.5%, lifted rate‑sensitive areas and credit growth, though tighter lending margins restrained some financial holdings. Inflation cooled to an eight‑year low by September 2025, improving real incomes and aiding consumption‑linked exposures while food prices remained in deflation. The February Union Budget delivered personal tax relief and maintained elevated public capex, supporting domestic demand and industrial names in the Fund's universe. India's inclusion in JPMorgan's EM bond index through March 2025 and regulatory easing for foreign investors helped anchor capital flows and sentiment toward financials and equities. However, trade uncertainty tempered gains despite firm growth of 7.8% in the April–June quarter of FY25.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	Global X India Active ETF	MSCI Emerging Markets Index (USD) (NR)^{Footnote Reference*}	MSCI India Index (USD) (NR)^{Footnote Reference*}
Aug/23	$10,000	$10,000	$10,000
Nov/23	$10,508	$10,183	$10,606
Nov/24	$12,311	$11,391	$13,136
Nov/25	$12,522	$14,752	$13,149

Since its inception on August 17, 2023. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/ndia/ for current month-end performance.

Footnote	Description
Footnote*	Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes).

Average Annual Total Returns as of November 30, 2025

Fund/Index Name	1 Year	Annualized Since Inception
Global X India Active ETF	1.72%	10.32%
MSCI Emerging Markets Index (USD) (NR)^{Footnote Reference*}	29.51%	18.50%
MSCI India Index (USD) (NR)^{Footnote Reference*}	0.10%	12.70%

Key Fund Statistics as of November 30, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$53,320,518	30	$285,796	20.36%

What did the Fund invest in?

Sector Weightings^{Footnote
Reference*}

Value	Value
Health Care	2.6%
Utilities	2.8%
Real Estate	3.4%
Materials	5.3%
Communication Services	5.4%
Consumer Staples	5.9%
Information Technology	9.1%
Industrials	9.5%
Energy	10.2%
Consumer Discretionary	10.7%
Financials	34.3%

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
HDFC Bank			8.9%
Reliance Industries GDR			8.3%
ICICI Bank ADR			7.4%
Bharti Airtel			5.4%
Axis Bank			5.3%
Infosys ADR			5.3%
Larsen & Toubro			4.3%
Tata Consultancy Services			3.8%
United Spirits			3.6%
Prestige Estates Projects			3.3%

Material Fund Changes

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/

Global X Funds

Global X India Active ETF: NDIA

Principal Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report - November 30, 2025

NDIA-AR-2025

Global X Funds

Global X Investment Grade Corporate Bond ETF

Ticker: GXIG

Principal Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report: November 30, 2025

This annual shareholder report contains important information about the Global X Investment Grade Corporate Bond ETF (the "Fund") for the period from June 16, 2025 (commencement of operations) to November 30, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/gxig/. You can also request this information by contacting us at 1-888-493-8631.

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment
Global X Investment Grade Corporate Bond ETF	$7	0.15%

Footnote	Description
Footnote*	Costs shown not annualized. If the Fund had been open for the full fiscal year, costs would have been higher.

How did the Fund perform in the period?

The Fund is an actively managed fund sub-advised by Mirae Asset Global Investments (USA) LLC that seeks a high level of total return consisting of both income and capital appreciation. The Fund seeks to achieve its investment objective by investing in investment grade corporate bonds. The sub-adviser utilizes a quantitative multifactor model and a deep neural network to assist in security screening and analysis of investment grade corporate bonds, developed by Wealthspot LLC, an affiliate of the Fund and the Fund's investment adviser.

The Fund uses the Bloomberg U.S. Corporate Index as its secondary benchmark index (the “Secondary Index”).

Since inception through November 30, 2025 (the “reporting period”), the Fund increased 5.42%, while the Secondary Index increased 5.32%. The Fund had a price of $25.00 per share on June 16, 2025 (the Fund’s date of inception) and ended the reporting period with a price of $25.92 per share on November 30, 2025.

Performance over the reporting period was positive, aided by easing economic policies by the U.S. Federal Reserve. Yields on 10-year U.S. Treasuries fell throughout the reporting period, lifting investment grade bond prices. Declining rates were supported by monetary policy, with the Federal Reserve moving to cut rates at its September and October meetings. Optimism surrounding future rate cuts remained intact, with CPI inflation data proving slightly softer than expected in September. Credit conditions were mixed earlier in the year, but the primary market re‑accelerated near the end of the reporting period with heavy investment‑grade issuance at still‑tight borrowing costs supporting valuations. The Fund's active management policy also contributed to its performance, with yield-curve positioning and security selection adding to its return, while sector allocation represented a modest drag as the falling rate environment modestly impacted the Fund's cash and Treasury holdings.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	Global X Investment Grade Corporate Bond ETF	Bloomberg U.S. Aggregate Bond Index (USD) (TR)^{Footnote Reference*}	Bloomberg U.S. Corporate Index (USD) (TR)^{Footnote Reference*}
Jun/25	$10,000	$10,000	$10,000
Jun/25	$10,172	$10,149	$10,159
Jul/25	$10,168	$10,122	$10,166
Aug/25	$10,271	$10,243	$10,269
Sep/25	$10,447	$10,355	$10,423
Oct/25	$10,474	$10,420	$10,463
Nov/25	$10,542	$10,485	$10,532

Since its inception on June 16, 2025. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/gxig/ for current month-end performance.

Footnote	Description
Footnote*	Total Return (TR) - Reflects no deductions for fees, expenses or taxes.

Average Annual Total Returns as of November 30, 2025

Fund/Index Name	Cumulative Since Inception
Global X Investment Grade Corporate Bond ETF	5.42%
Bloomberg U.S. Aggregate Bond Index (USD) (TR)^{Footnote Reference*}	4.85%
Bloomberg U.S. Corporate Index (USD) (TR)^{Footnote Reference*}	5.32%

Key Fund Statistics as of November 30, 2025

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$198,260,770	89	$111,327	141.39%

What did the Fund invest in?

Asset/Country Weightings^{Footnote
Reference*}

Value	Value
Japan	0.5%
Australia	0.6%
U.S. Treasury Obligation	3.4%
Canada	10.3%
United States	83.4%

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
Bank of Nova Scotia, SOFRRATE + 1.090%	4.338%	09/15/31	2.7%
Bank of America, SOFRRATE + 1.930%	2.676%	06/19/41	2.6%
Goldman Sachs Group, SOFRRATE + 1.264%	2.650%	10/21/32	2.4%
Universal Health Services	2.650%	10/15/30	2.1%
Charter Communications Operating	2.800%	04/01/31	2.1%
VMware	2.200%	08/15/31	2.1%
American Express, SOFRRATE + 1.790%	5.667%	04/25/36	2.0%
HCA	6.200%	03/01/55	1.9%
Comcast	2.987%	11/01/63	1.9%
Goldman Sachs Group, SOFRRATE + 1.770%	6.484%	10/24/29	1.9%

Material Fund Changes

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/gxig/

Global X Funds

Global X Investment Grade Corporate Bond ETF: GXIG

Principal Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report - November 30, 2025

GXIG-AR-2025

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

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

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

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

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

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

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

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

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

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

Global X 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)
Global X Investment Grade Corporate Bond ETF (ticker: GXIG)

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

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

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

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

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

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

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

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

As of November 30, 2025, all of the Fund’s investments were considered Level 2, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent annual or semi-annual financial statements.

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

Global X Funds (the “Trust”) is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, (the “1940 Act”), as amended, as an open-end management investment company. As of November 30, 2025, the Trust had one hundred fifteen portfolios, one hundred three of which were operational. The financial statements herein and the related notes pertain to the Global X Emerging Markets ex-China ETF, Global X Emerging Markets Great Consumer ETF, Global X Emerging Markets Bond ETF, Global X Brazil Active ETF, Global X India Active ETF and Global X Investment Grade Corporate Bond 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.

The Global X Investment Grade Corporate Bond ETF commenced operations on June 16, 2025.

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

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

Prior to April 27, 2023, each Fund offered three classes of shares: Class A Shares, Class C Shares, and Class I Shares. Class A, Class C and Class I Shares were identical except as to sales charges, distribution and other expenses borne by each class and voting rights on matters affecting a single class of Shares, and the exchange privilege of each class of shares. Class A Shares of the Funds had a maximum sales charge of 5.75% as a percentage

of the offering price. Class C Shares of the Funds were offered without any front-end sales charge but were subject to a maximum deferred sales charge of 1.00% if redeemed less than one year after purchase. Class C Shares that were no longer subject to a deferred sales charge could be converted to Class A Shares of the same Fund on the basis of relative net asset values. No sales charges are assessed with respect to Class I Shares of the Funds.

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

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

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

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

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

Securities for which market prices are not “readily available” are valued in accordance with fair value procedures (the “Fair Value Procedures”) established by Global X Management Company LLC, the Funds’ investment adviser (the “Adviser”), and approved by the Funds’ Board of Trustees (the “Board”). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the “valuation designee” to determine the fair value of securities

and other instruments for which no readily available market quotations are available. The Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) of the Adviser. Some of the more common reasons that may necessitate that a security be valued using the Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from its primary trading exchange; the security’s primary trading market is temporarily closed at a time when, under normal conditions, it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, each Fund may fair value a security if an event that may materially affect the value of a Fund’s security that traded outside of the United States (a “Significant Event”) has occurred between the time of the security’s last close and the time that each Fund calculates its net asset value (“NAV”). A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If the Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate their NAVs, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably available to the Committee. As of November 30, 2025, there were no securities priced using the Fair Value Procedures.

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

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

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

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

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

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

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

DUE TO/FROM BROKERS — Due to/from brokers includes cash and collateral balances with the Funds’ clearing brokers or counterparties at November 30, 2025. The Funds continuously monitor the credit standing of each broker or counterparty with whom they conduct business. In the event a broker or counterparty is unable to fulfill its obligations, the Funds would be subject to counterparty credit risk.

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

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

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

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

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

As of and during the reporting year ended November 30, 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.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment

history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

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 year ended November 30, 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 $56,202, and $818,780, respectively, presented on the Statements of Assets and Liabilities.

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

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

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

CASH OVERDRAFT CHARGES — Per the terms of an agreement with BNY, 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 Payable on the Statements of Assets and Liabilities and Custodian Fees on the Statements of Operations, if applicable.

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

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

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

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

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

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

For the Adviser’s service to the respective Funds, under a supervision and administration agreement (the “Supervision and Administration Agreement”), each Fund pays a monthly fee to the Adviser at the annual rate below (stated as a percentage of each Fund’s respective average daily net assets) (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 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 provides that the Adviser also bears the costs for acquired fund fees and expenses generated by investments by the Funds in affiliated investment companies. For the year ended November 30, 2025, the Adviser paid acquired fund fees and expenses for the Global X Emerging Markets ex-China ETF, Global X Emerging Markets Bond ETF and Global X Brazil Active ETF of $40,579, $1,370, and $6, respectively, and made such reimbursement payments to each Fund on a monthly basis. These amounts are included in Payment from Adviser on the Statement of Operations.

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

Sub-Adviser – Global X Emerging Markets ex-China ETF and Global X 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 Global X Emerging Markets ex-China ETF and Global X 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 Supervision and Administration 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 and Global X Investment Grade Corporate 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 Funds. 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 Global X Investment Grade Corporate Bond 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 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 respective Fund. 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:

The Adviser will pay a monthly Sub-Adviser Management Fee to Mirae USA at the annual rate set forth below for the Global X Investment Grade Corporate Bond ETF:

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

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

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

BNY serves as Transfer Agent and Custodian to the Trust on behalf of the Funds. As Custodian, BNY may appoint domestic and foreign sub-custodians and use depositories from time to time to hold securities and other instruments purchased by the Trust in foreign countries and to hold cash and currencies for the Trust on behalf of the Funds. BNY also

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

For the year ended November 30, 2025, the purchases and sales of investments in securities excluding in-kind transactions, long-term U.S. Government, and short-term securities, were:

For the year ended November 30, 2025, in-kind transactions associated with creations and redemptions were:

For the year ended November 30, 2025, the below funds had purchases and sales of long-term U.S. Government securities:

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

The differences have been reclassified on the Statements of Assets and Liabilities to/from the Paid-in-Capital and Total Earnings (Accumulated Losses) accounts during the fiscal year ended November 30, 2025 are primarily attributable to foreign currency, redemptions in-kind, REIT adjustments, return of capital distributions, sales of passive foreign investment companies, and adviser expense waivers.

The tax character of dividends and distributions declared during the years or period ended November 30, 2025 and November 30, 2024 were as follows:

As of November 30, 2025, the components of tax basis distributable earnings (accumulated losses) were as follows:

Qualified late year ordinary (including currency and specified gain/loss items) represents losses realized from January 1, 2025 through November 30, 2025, 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 basis of investments and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at November 30, 2025 was as follows:

The preceding differences between book and tax cost are primarily due to mark-to-market treatment of passive foreign investment companies and wash sales.

The Funds are actively managed and subject to risks that may adversely affect a Fund’s net asset value, trading price, yield, total return, and ability to meet its investment objective. The Funds may invest in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries. The 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 as are 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.

The Global X Emerging Markets Bond ETF and Global X Investment Grade Corporate Bond ETF are subject to risks related to investing in debt instruments. The Global X Emerging Markets Bond ETF invests in fixed and floating rate debt instruments issued by sovereign, quasi-sovereign, and corporate entities in emerging markets which exposes the Fund to risks related to investing in emerging markets. The Global X Investment

Grade Corporate Bond ETF invests in investment grade corporate bonds and may also invest in high yield securities, which may be more volatile than higher-rated securities of similar maturity. The Fund may also invest in foreign issuers and may invest in derivative instruments, each of which expose the Fund to additional risks.

The Global X Investment Grade Corporate Bond ETF utilizes a quantitative model and deep neural network (together, the “Models”) to assist portfolio managers in security screening and analysis. The portfolio managers may buy and sell securities for the Fund at any time and the Fund’s portfolio may include securities of companies that no longer meet the investment criteria of the Models as the Models are updated over time. The Models may not perform as intended and may be limited in their effectiveness.

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

For purposes of raising capital offshore on exchanges outside of China, including on U.S. exchanges, many Chinese based operating companies are structured as Variable Interest Entities (“VIEs”). In this structure, the Chinese-based operating company is the VIE and establishes a shell company in a foreign jurisdiction, such as the Cayman Islands. The shell company lists on a foreign exchange and enters into contractual arrangements with the VIE. This structure allows Chinese companies in which the Chinese government restricts foreign ownership to raise capital from foreign investors. While the shell company has no equity ownership of the VIE, these contractual arrangements permit the shell company to consolidate the VIE’s financial statements with its own for accounting purposes and provide for economic exposure to the performance of the underlying Chinese operating company. Therefore, an investor in the listed shell company, such as the Fund, will have exposure to the Chinese-based operating company only through contractual arrangements and has no ownership in the Chinese-based operating company. Furthermore, because the shell company only has specific rights provided for in these service agreements with the VIE, its abilities to control the activities at the Chinese-based operating company are limited and the operating company may engage in activities that negatively impact investment value.

While the VIE structure has been widely adopted, it is not formally recognized under Chinese law and therefore there is a risk that the Chinese government could prohibit the existence of such structures or negatively impact the VIE’s contractual arrangements with the listed shell company by making them invalid. If these contracts were found to be unenforceable under Chinese law, investors in the listed shell company, such as the Fund, may suffer significant losses with little or no recourse available. If the Chinese government determines that the agreements establishing the VIE structures do not comply with Chinese law and regulations, including those related to restrictions on foreign ownership, it could subject a Chinese-based issuer to penalties, revocation of business and operating licenses, or forfeiture of ownership interest. In addition, the listed shell company’s control over a

VIE may also be jeopardized if a natural person who holds the equity interest in the VIE breaches the terms of the agreement, is subject to legal proceedings or if any physical instruments for authenticating documentation, such as chops and seals, are used without the Chinese-based issuer’s authorization to enter into contractual arrangements in China. Chops and seals, which are carved stamps used to sign documents, represent a legally binding commitment by the company. Moreover, any future regulatory action may prohibit the ability of the shell company to receive the economic benefits of the Chinese-based operating company, which may cause the value of the Fund’s investment in the listed shell company to suffer a significant loss. For example, in 2021, the Chinese government prohibited the use of the VIE structure for investment in after-school tutoring companies. There is no guarantee that the Chinese government will not place similar restrictions on other industries.

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

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

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

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

such as the seizure of assets. Capital controls and/or sanctions include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. Capital controls and/or sanctions may also impact the ability of the Funds to buy, sell or otherwise transfer securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect the trading market and price for Shares of the Funds, and cause the Funds to decline in value.

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

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

Securities pledged as collateral for repurchase agreements held in the Funds are held by BNY and are designated as being held on each Fund’s behalf under a book-entry system. The Funds monitor the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest. It is each Fund’s policy to only enter into repurchase agreements with banks and other financial institutions which are deemed by the Adviser to be creditworthy. The Funds bear the risk of loss in the event the other party to a repurchase agreement defaults on its obligations and the Funds are prevented from exercising their rights to dispose of the underlying securities received as collateral 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.

The following is a summary of securities on loan by the Funds, with cash collateral of overnight maturities and non-cash collateral, which would be subject to offset as of November 30, 2025.

The value of loaned securities and related collateral outstanding at November 30, 2025 are shown in the Schedules of Investments. The value of the collateral held may be temporarily less than that required under the lending contract. As of November 30, 2025, the cash collateral was invested in repurchase agreements and the non-cash collateral consisted of U.S. Treasury Bills, Notes, Bonds and U.S. Treasury Inflation Indexed Bonds with the following maturities:

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

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

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

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

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

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

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

To the Board of Trustees of Global X Funds and Shareholders of each of the six funds listed in the table below

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (six of the funds constituting Global X Funds, hereafter collectively referred to as the “Funds”) as of November 30, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of November 30, 2025, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

We have served as the auditor of one or more investment companies in Global X Funds since 2016.

For shareholders that do not have a November 30, 2025 tax year end, this notice is for informational purposes only. For shareholders with a November 30, 2025 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended November 30, 2025, the Funds have designated the following items with regard to distributions paid during the year.

⁽¹⁾Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions).

⁽²⁾The percentage in this column represents the amount of “Qualifying Dividend Income” as created by the Jobs and Growth Relief Reconciliation Act of 2003 and is reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). It is the intention of the Funds to designate the maximum amount permitted by law.

⁽³⁾“U.S. Government Interest” represents the amount of interest that was derived from U.S. Government obligations and distributed during the fiscal year. Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders who are residents of California, Connecticut and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income.

⁽⁴⁾The percentage in this column represents the amount of “Qualifying Interest Income” as created by the American Jobs Creation Act of 2004 and is a percentage of net investment income that is exempt from U.S. withholding tax when paid for foreign investors.

⁽⁵⁾The percentage of this column represents the amount of “Short Term Capital Gain Dividend” and is reflected as a percentage of short term capital gain distribution that is exempted from U.S. withholding tax when paid to foreign investors.

⁽⁶⁾The percentage of this column represents that amount of ordinary dividend income that qualified for 20% Business Income Deduction.

The Funds intend to pass through a foreign tax credit to shareholders. For the period ended November 30, 2025, the total amount of foreign source income and foreign tax credit are as follows:

The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2025. Complete information will be computed and reported in conjunction with your 2025 Form 1099-DIV

		2025			2024
		All fees and services to the Trust that were pre- approved	All fees and services to service affiliates that were pre- approved	All other fees and services to service affiliates that did not require pre- approval	All fees and services to the Trust that were pre- approved	All fees and services to service affiliates that were pre- approved	All other fees and services to service affiliates that did not require pre- approval
(a)	Audit Fees	$1,531,394	$0	$0	$1,727,672	$0	$0
(b)	Audit-Related Fees	$0	$0	$0	$0	$0	$0
(c)	Tax Fees⁽¹⁾	$564,637	$0	$0	$487,204	$0	$0
(d)	All Other Fees	$0	$0	$0	$0	$0	$0

	Shares		Value
COMMON STOCK — 65.6%
ARGENTINA — 1.0%
Energy — 1.0%
Vista Energy ADR ^*		4,858	$	238,819

BRAZIL — 0.4%
Consumer Discretionary — 0.4%
MercadoLibre ^*		46		95,302

CANADA — 1.1%
Materials — 1.1%
Franco-Nevada		1,202		252,228

CHILE — 1.1%
Materials — 1.1%
Antofagasta PLC		6,952		254,049

COLOMBIA — 0.5%
Financials — 0.5%
Grupo Cibest		7,000		119,768

GREECE — 1.4%
Financials — 1.4%
Alpha Bank		83,327		339,822

INDONESIA — 1.4%
Financials — 1.4%
Bank Central Asia		677,300		336,515

KAZAKHSTAN — 0.5%
Financials — 0.5%
Halyk Savings Bank of Kazakhstan JSC GDR		4,900		123,725

MEXICO — 3.0%
Consumer Staples — 1.1%
Wal-Mart de Mexico		73,600		248,995

	Shares		Value
COMMON STOCK — continued
Financials — 0.9%
Grupo Financiero Banorte, Cl O		23,300	$	222,516

Real Estate — 1.0%
Inmobiliaria Vesta		79,100		246,320

TOTAL MEXICO				717,831
PHILIPPINES — 0.6%
Financials — 0.6%
BDO Unibank		67,405		150,568

POLAND — 0.4%
Consumer Staples — 0.4%
Dino Polska ^*		7,170		80,306

SAUDI ARABIA — 3.7%
Financials — 3.0%
Al Rajhi Bank		14,388		367,615
Saudi National Bank		35,869		352,815
				720,430
Industrials — 0.7%
United International Transportation		8,737		154,177

TOTAL SAUDI ARABIA				874,607
SOUTH AFRICA — 2.7%
Consumer Staples — 0.5%
Clicks Group		5,771		116,987

Financials — 2.2%
Capitec Bank Holdings		1,258		285,227
FirstRand		49,001		233,082
				518,309
TOTAL SOUTH AFRICA				635,296
SOUTH KOREA — 15.0%
Communication Services — 3.0%
HYBE		1,904		387,753

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	14
Global X Brazil Active ETF	28
Global X India Active ETF	31
Global X Investment Grade Corporate Bond ETF	33
Glossary	39
Statements of Assets and Liabilities	40
Statements of Operations	42
Statements of Changes in Net Assets	44
Financial Highlights	48
Notes to Financial Statements	52
Report of Independent Registered Public Accounting Firm	72
Notice to Shareholders (Unaudited)	74
Other Information (Form N-CSR Items 8-11)	76

Schedule of Investments		November 30, 2025
Global X Emerging Markets ex-China ETF

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

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	14,671,728	$	874,607	$	—	$	15,546,335
Exchange-Traded Funds		7,360,341		—		—		7,360,341
Total Investments in Securities	$	22,032,069	$	874,607	$	—	$	22,906,676

Value 11/30/2024		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value 11/30/2025		Income		Capital Gains
Global X Brazil Active ETF
$	—	$	2,199,180	$	(1,019,974)	$	339,316	$	96,556	$	1,615,078	$	18,207	$	—
Global X India Active ETF
	—		7,710,552		(2,257,325)		265,643		26,393		5,745,263		—		—
Totals:
$	—	$	9,909,732	$	(3,277,299)	$	604,959	$	122,949	$	7,360,341	$	18,207	$	—

	Shares		Value
COMMON STOCK — 99.9%
ARGENTINA — 0.5%
Energy — 0.5%
Vista Energy ADR ^*		7,752	$	381,088

BRAZIL — 6.5%
Consumer Discretionary — 1.5%
MercadoLibre ^*		141		292,121
Vivara Participacoes		133,200		875,502
				1,167,623
Consumer Staples — 0.9%
Raia Drogasil		156,416		702,865

Financials — 2.7%
Itau Unibanco Holding ADR		146,126		1,139,783
NU Holdings, Cl A ^*		52,751		917,340
				2,057,123
Industrials — 1.4%
Localiza Rent a Car		72,300		612,287
WEG		57,000		472,049
				1,084,336
TOTAL BRAZIL				5,011,947
CANADA — 1.6%
Materials — 1.6%
Franco-Nevada		5,834		1,224,207

CHILE — 1.6%
Materials — 1.6%
Antofagasta PLC		33,067		1,208,379

CHINA — 23.9%
Communication Services — 9.1%
Kuaishou Technology, Cl B		206,100		1,794,798
NetEase		12,200		335,337

	Face Amount		Value
REPURCHASE AGREEMENTS^(B)— continued
Daiwa Capital Markets America, Inc. 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $249,085 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $37 - $103,793, 1.500% - 6.500%, 11/15/2034 - 12/01/2055, with a total market value of $253,035)	$	249,000	$	249,000
Natwest Markets Securities, Inc. 4.090%, dated 11/28/2025, to be repurchased on 12/01/2025, repurchase price $39,026 (collateralized by various U.S. Treasury Obligations, ranging in par value $7 - $5,628, 0.375% - 4.875%, 12/31/2025 - 05/15/2055, with a total market value of $39,498)		39,013		39,013
TOTAL REPURCHASE AGREEMENTS (Cost $636,013)				636,013
TOTAL INVESTMENTS — 100.7% (Cost $63,634,337)			$	77,261,040

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at November 30, 2025. The total market value of securities on loan at November 30, 2025 was $622,830.
(B)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2025 was $636,013. The total value of non-cash collateral held from securities on loan as of November 30, 2025 was $0.

	Face Amount		Value
SOVEREIGN DEBT — 70.7%
Angola — 0.6%
Angolan Government International Bond 8.750%, 04/14/32	$	1,800,000	$	1,718,858

Argentina — 3.2%
Argentine Republic Government International Bond
5.000%, 01/09/38^(A)		3,300,000		2,451,900
4.125%, 07/09/35^(A)		6,400,000		4,530,240
3.500%, 07/09/41^(A)		2,800,000		1,858,500
				8,840,640
Azerbaijan — 0.3%
Republic of Azerbaijan International Bond 3.500%, 09/01/32		800,000		746,662

Bahrain — 0.7%
Bahrain Government International Bond 6.750%, 09/20/29		1,200,000		1,247,026
Bahrain Government International Bond MTN 5.250%, 01/25/33		900,000		856,772
				2,103,798
Brazil — 5.3%
Brazilian Government International Bond
7.250%, 01/12/56		1,600,000		1,594,080
7.125%, 05/13/54		2,700,000		2,704,050
6.625%, 03/15/35		2,200,000		2,275,020
6.125%, 01/22/32		2,600,000		2,685,800
6.000%, 10/20/33		4,000,000		4,055,800
4.500%, 05/30/29		1,600,000		1,589,360
3.750%, 09/12/31		400,000		369,000
				15,273,110
Bulgaria — 0.7%
Bulgaria Government International Bond 5.000%, 03/05/37		2,000,000		2,006,083

Chile — 0.8%
Chile Government International Bond
4.000%, 01/31/52		1,400,000		1,126,300
3.240%, 02/06/28		600,000		588,060
2.550%, 01/27/32		600,000		537,600
				2,251,960

	Face Amount		Value
SOVEREIGN DEBT — continued
Colombia — 2.9%
Colombia Government International Bond
7.750%, 11/07/36	$	1,400,000	$	1,466,500
5.200%, 05/15/49		1,200,000		885,900
4.500%, 03/15/29		1,400,000		1,371,230
3.875%, 04/25/27		1,200,000		1,182,684
3.250%, 04/22/32		2,900,000		2,459,200
3.125%, 04/15/31		1,000,000		868,000
				8,233,514
Costa Rica — 1.4%
Costa Rica Government International Bond
6.550%, 04/03/34^(B)		400,000		429,400
6.125%, 02/19/31		3,400,000		3,541,100
				3,970,500
Cote d’Ivoire — 0.5%
Ivory Coast Government International Bond 6.125%, 06/15/33		1,600,000		1,545,587

Dominican Republic — 3.5%
Dominican Republic International Bond
7.050%, 02/03/31		1,850,000		1,975,707
6.400%, 06/05/49		200,000		196,670
6.000%, 07/19/28		1,950,000		1,993,485
5.950%, 01/25/27		300,000		303,075
5.500%, 02/22/29		1,700,000		1,718,530
4.875%, 09/23/32		2,000,000		1,905,300
4.500%, 01/30/30		1,800,000		1,746,000
				9,838,767
Ecuador — 1.3%
Ecuador Government International Bond
6.900%, 07/31/30^(A)		1,000,000		972,000
6.900%, 07/31/35^(A)		2,000,000		1,694,000
5.000%, 07/31/40^(A)		1,600,000		1,195,200
				3,861,200
Egypt — 3.0%
Egypt Government International Bond
8.875%, 05/29/50		600,000		579,309
7.903%, 02/21/48		2,000,000		1,754,850
7.625%, 05/29/32		1,000,000		1,027,069
7.500%, 01/31/27		1,200,000		1,229,608
5.800%, 09/30/27		3,300,000		3,320,178

	Face Amount		Value
CORPORATE OBLIGATIONS — continued
Energy — 1.3%
Empresa Nacional del Petroleo
6.150%, 05/10/33	$	1,400,000	$	1,478,834
5.250%, 11/06/29		2,200,000		2,231,709
				3,710,543
Materials — 2.5%
Corp Nacional del Cobre de Chile
6.780%, 01/13/55		1,400,000		1,509,620
5.950%, 01/08/34		2,200,000		2,305,833
3.625%, 08/01/27		1,500,000		1,483,458
3.000%, 09/30/29		2,100,000		1,991,639
				7,290,550
Utilities — 1.5%
Chile Electricity Lux MPC SARL 6.010%, 01/20/33		2,595,500		2,718,864
Colbun 5.375%, 09/11/35		1,500,000		1,511,265
				4,230,129
				16,770,991
China — 0.1%
Consumer Discretionary — 0.1%
Prosus 4.987%, 01/19/52		500,000		404,537

Colombia — 0.4%
Energy — 0.4%
Ecopetrol 5.875%, 05/28/45		1,500,000		1,133,329

Hungary — 0.1%
Utilities — 0.1%
MVM Energetika Zrt 6.500%, 03/13/31		300,000		318,193

Indonesia — 0.6%
Materials — 0.5%
Indonesia Asahan Aluminium / Mineral Industri Indonesia Persero 6.530%, 11/15/28		1,200,000		1,276,891

Utilities — 0.1%
Perusahaan Perseroan Persero Perusahaan Listrik Negara MTN 4.125%, 05/15/27		400,000		399,002
				1,675,893

	Face Amount		Value
U.S. TREASURY OBLIGATIONS — continued
4.250%, 02/15/2054	$	2,000,000	$	1,862,422
				5,788,047
U.S. Treasury Notes
4.250%, 01/31/2030		2,000,000		2,052,265
4.250%, 11/15/2034		1,000,000		1,022,422
				3,074,687
TOTAL U.S. TREASURY OBLIGATIONS (Cost $8,665,580)				8,862,734

	Shares
EXCHANGE-TRADED FUND — 0.7%
Domestic Fixed Income — 0.7%
Global X 1-3 Month T-Bill ETF ^(E)		20,000		2,008,200
TOTAL EXCHANGE-TRADED FUND (Cost $2,009,548)				2,008,200
TOTAL INVESTMENTS — 98.0% (Cost $267,779,439)			$	278,976,229

(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 November 30, 2025, the value of these securities amounted to $789,688, 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.

	Shares		Value
COMMON STOCK — 94.3%
BRAZIL — 91.1%
Consumer Discretionary — 6.8%
Direcional Engenharia		59,800	$	207,160
MercadoLibre ^*		37		76,656
Vivara Participacoes		39,500		259,627
				543,443
Consumer Staples — 4.0%
Raia Drogasil		71,500		321,290

Energy — 13.4%
Petroleo Brasileiro ADR		71,107		891,682
PRIO ^*		25,700		178,974
				1,070,656
Financials — 38.0%
B3 - Brasil Bolsa Balcao		100,700		281,942
Banco Bradesco ADR		125,813		465,508
Banco BTG Pactual		38,800		392,125
Itau Unibanco Holding ADR		108,409		845,590
NU Holdings, Cl A ^*		60,172		1,046,391
				3,031,556
Industrials — 6.2%
Embraer ADR		945		59,270
Localiza Rent a Car		15,000		127,031
WEG		37,000		306,418
				492,719
Materials — 12.5%
ERO Copper ^*		7,492		189,282
Suzano ADR		16,875		151,031
Vale ADR, Cl B		38,541		486,002
Wheaton Precious Metals		1,503		165,405
				991,720
Utilities — 10.2%
Axia Energia ADR		31,934		375,224
Companhia Paranaense de Energia ADR		26,606		283,886

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

	Shares		Value
COMMON STOCK — 99.2%
INDIA — 97.0%
Communication Services — 5.4%
Bharti Airtel		122,537	$	2,879,049

Consumer Discretionary — 10.7%
Eicher Motors		14,564		1,148,463
Eternal ^*		364,386		1,222,530
FSN E-Commerce Ventures ^*		235,710		704,409
Tata Motors		263,838		1,052,432
Titan		36,608		1,599,297
				5,727,131
Consumer Staples — 5.9%
Avenue Supermarts ^*		27,319		1,220,608
United Spirits		117,317		1,903,881
				3,124,489
Energy — 10.2%
Bharat Petroleum		250,320		1,004,946
Reliance Industries GDR		62,855		4,437,563
				5,442,509
Financials — 34.3%
Axis Bank		198,307		2,837,122
Federal Bank		489,956		1,412,778
General Insurance Corp of India		221,350		958,179
Go Digit General Insurance ^*		265,133		1,061,599
HDFC Bank		421,447		4,747,477
ICICI Bank ADR		125,859		3,930,577
Kfin Technologies		63,873		754,287
SBI Life Insurance		62,682		1,377,711
Shriram Finance		129,047		1,228,686
				18,308,416
Health Care — 2.6%
Apollo Hospitals Enterprise		16,905		1,386,362

Industrials — 7.3%
Adani Ports & Special Economic Zone		48,280		818,759
InterGlobe Aviation		11,960		789,088

	Face Amount		Value
CORPORATE OBLIGATIONS — 94.8%
Australia — 0.6%
Materials — 0.6%
BHP Billiton Finance USA 5.750%, 09/05/55	$	1,071,000	$	1,116,528

Canada — 10.3%
Communication Services — 2.8%
Rogers Communications
5.000%, 02/15/29		1,530,000		1,560,361
4.550%, 03/15/52		3,060,000		2,485,862
3.200%, 03/15/27		1,530,000		1,509,806
				5,556,029
Financials — 7.5%
Bank of Nova Scotia 4.338%, SOFR + 1.090%, 09/15/31^(A)		5,355,000		5,347,790
Brookfield Asset Management
6.077%, 09/15/55		2,295,000		2,365,825
5.795%, 04/24/35		1,071,000		1,124,163
Canadian Imperial Bank of Commerce 4.857%, SOFR + 1.030%, 03/30/29^(A)		3,060,000		3,109,301
Fairfax Financial Holdings 5.750%, 05/20/35		2,669,000		2,788,299
				14,735,378
				20,291,407
Japan — 0.5%
Consumer Discretionary — 0.5%
Honda Motor 4.436%, 07/08/28		1,071,000		1,080,678

United States — 83.4%
Communication Services — 7.7%
Alphabet 2.250%, 08/15/60		3,825,000		2,040,527
Charter Communications Operating 2.800%, 04/01/31		4,590,000		4,123,850
Comcast
5.500%, 05/15/64		1,071,000		987,865
3.900%, 03/01/38		765,000		671,774
2.987%, 11/01/63		6,732,000		3,756,802
Fox 5.476%, 01/25/39		1,377,000		1,394,606
Verizon Communications 2.650%, 11/20/40		3,366,000		2,444,190
				15,419,614


Schedule of Investments	November 30, 2025
Glossary (abbreviations which may be used in the preceding Schedules of Investments):

	Global X Emerging Markets ex- China ETF			Global X Emerging Markets Great Consumer ETF			Global X Emerging Markets Bond ETF
Assets:
Cost of Investments	$	12,628,016		$	62,998,324		$	265,769,891
Cost of Affiliated Investments		6,755,382			—			2,009,548
Cost of Repurchase Agreement		—			636,013			—
Cost (Proceeds) of Foreign Currency		91,313			341,464			—
Investments, at Value	$	15,546,335		$	76,625,027	*	$	276,968,029
Affiliated Investments, at Value		7,360,341			—			2,008,200
Repurchase Agreement, at Value		—			636,013			—
Cash		88,574			—			1,896,671
Foreign Currency, at Value		91,295			388,113			—
Receivable for Investment Securities Sold		632,916			307,082			—
Dividend, Interest, and Securities Lending Income Receivable		4,991			78,799			3,850,713
Reclaim Receivable		695			4,319			—
Unrealized Appreciation on Spot Contracts		220			—			—
Receivable for Capital Shares Sold		—			—			2,402,108
Due from Broker		—			—			276,989
Total Assets		23,725,367			78,039,353			287,402,710
Liabilities:
Obligation to Return Securities Lending Collateral		—			636,013			—
Payable due to Investment Adviser		9,446			47,872			86,365
Payable for Investment Securities Purchased		—			389,919			2,311,636
Payable for Capital Shares Redeemed		—			—			276,989
Accrued Foreign Capital Gains Tax on Appreciated Securities		—			56,202			—
Cash Overdraft		—			157,945			—
Total Liabilities		9,446			1,287,951			2,674,990
Net Assets	$	23,715,921		$	76,751,402		$	284,727,720
Net Assets Consist of:
Paid-in Capital	$	30,679,039		$	438,434,313		$	286,900,355
Total Accumulated Losses		(6,963,118	)		(361,682,911	)		(2,172,635	)
Net Assets	$	23,715,921		$	76,751,402		$	284,727,720
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		720,587			2,529,074			11,850,000
Net Asset Value, Offering and Redemption Price Per Share	$	32.91		$	30.35		$	24.03
*Includes Market Value of Securities on Loan	$	—		$	622,830		$	—

	Global X Brazil Active ETF		Global X India Active ETF		Global X Investment Grade Corporate Bond ETF
Assets:
Cost of Investments	$	6,366,210	$	49,739,691	$	192,741,505
Cost (Proceeds) of Foreign Currency		—		—		39
Investments, at Value	$	7,894,416	$	52,879,048	$	194,630,477
Cash		36,738		1,287,906		1,506,314
Foreign Currency, at Value		—		—		39
Dividend, Interest, and Securities Lending Income Receivable		37,465		5,028		2,146,763
Receivable for Investment Securities Sold		12,319		—		—
Reclaim Receivable		25		—		—
Due from Broker		—		—		34,082
Total Assets		7,980,963		54,171,982		198,317,675
Liabilities:
Payable due to Investment Adviser		4,690		32,684		22,823
Payable for Capital Shares Redeemed		—		—		34,082
Accrued Foreign Capital Gains Tax on Appreciated Securities		—		818,780		—
Total Liabilities		4,690		851,464		56,905
Net Assets	$	7,976,273	$	53,320,518	$	198,260,770
Net Assets Consist of:
Paid-in Capital	$	6,810,613	$	50,709,923	$	193,551,531
Total Distributable Earnings		1,165,660		2,610,595		4,709,239
Net Assets	$	7,976,273	$	53,320,518	$	198,260,770
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		280,000		1,770,000		7,650,000
Net Asset Value, Offering and Redemption Price Per Share	$	28.49	$	30.12	$	25.92

Global X Funds

Global X Emerging Markets ex-China ETF

Ticker: EMM

Principal Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report: November 30, 2025

What were the Fund costs for the last year?

How did the Fund perform in the last year?

Total Return Based on $10,000 Investment

Average Annual Total Returns as of November 30, 2025

Key Fund Statistics as of November 30, 2025

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Additional Information

Global X Funds

Global X Emerging Markets ex-China ETF: EMM

Global X Funds

Global X Emerging Markets Great Consumer ETF

Ticker: EMC

Principal Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report: November 30, 2025

What were the Fund costs for the last year?

How did the Fund perform in the last year?

Total Return Based on $10,000 Investment

Average Annual Total Returns as of November 30, 2025

Key Fund Statistics as of November 30, 2025

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Additional Information

Global X Funds

Global X Emerging Markets Great Consumer ETF: EMC

Global X Funds

Global X Emerging Markets Bond ETF

Ticker: EMBD

Principal Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report: November 30, 2025

What were the Fund costs for the last year?

How did the Fund perform in the last year?

Total Return Based on $10,000 Investment

Average Annual Total Returns as of November 30, 2025

Key Fund Statistics as of November 30, 2025

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Additional Information

Global X Funds

Global X Emerging Markets Bond ETF: EMBD

Global X Funds

Global X Brazil Active ETF

Ticker: BRAZ

Principal Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report: November 30, 2025

What were the Fund costs for the last year?

How did the Fund perform in the last year?

Total Return Based on $10,000 Investment

Average Annual Total Returns as of November 30, 2025

Key Fund Statistics as of November 30, 2025

What did the Fund invest in?

Sector WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Additional Information

Global X Funds

Global X Brazil Active ETF: BRAZ

Global X Funds

Global X India Active ETF

Ticker: NDIA

Principal Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report: November 30, 2025

What were the Fund costs for the last year?

How did the Fund perform in the last year?

Total Return Based on $10,000 Investment

Average Annual Total Returns as of November 30, 2025

Key Fund Statistics as of November 30, 2025

What did the Fund invest in?

Sector WeightingsFootnote Reference*

Asset/Country Weightings^{Footnote
Reference*}

Asset/Country Weightings^{Footnote
Reference*}

Asset/Country Weightings^{Footnote
Reference*}

Sector Weightings^{Footnote
Reference*}

Sector Weightings^{Footnote
Reference*}

Asset/Country Weightings^{Footnote
Reference*}


(1)	The Supervision and Administration fees includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in the Notes to Financial Statements.)
(2)	See Note 2 in the Notes to Financial Statements.
(3)	Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in the Notes to Financial Statements.)
(4)	See Note 3 in the Notes to Financial Statements.

	Global X Brazil Active ETF			Global X India Active ETF			Global X Investment Grade Corporate Bond ETF ⁽¹⁾
Investment Income:
Dividend Income	$	234,825		$	461,152		$	—
Dividend Income, from Affiliated Investments		333			—			—
Interest Income		1,842			40,412			4,114,654
Less: Foreign Taxes Withheld		(15,916	)		(83,909	)		—
Total Investment Income		221,084			417,655			4,114,654
Expenses:
Supervision and Administration Fees⁽²⁾		36,413			285,796			111,327
Custodian Fees⁽³⁾		228			150			9,086
Total Expenses		36,641			285,946			120,413
Net Investment Income		184,443			131,709			3,994,241
Net Realized Gain (Loss) on:
Investments⁽⁴⁾		(387,791	)		476,278			2,444,382
Affiliated Investments		(13	)		—			—
Foreign Currency Transactions		(14,032	)		(57,517	)		17
Foreign Capital Gains Tax		—			(109,938	)		—
Payment from Adviser⁽⁵⁾		6			—			—
Net Realized Gain (Loss)		(401,830	)		308,823			2,444,399
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		2,008,690			2,119,295			1,888,972
Foreign Capital Gains Tax on Appreciated Securities		—			(657,922	)		—
Foreign Currency Translations		468			—			—
Net Change in Unrealized Appreciation (Depreciation)		2,009,158			1,461,373			1,888,972
Net Realized and Unrealized Gain (Loss)		1,607,328			1,770,196			4,333,371
Net Increase in Net Assets Resulting from Operations	$	1,791,771		$	1,901,905		$	8,327,612


(1)	The Fund commenced operations on June 16, 2025.
(2)	The Supervision and Administration fees includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in the Notes to Financial Statements.)
(3)	See Note 2 in the Notes to Financial Statements.
(4)	Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in the Notes to Financial Statements.)
(5)	See Note 3 in the Notes to Financial Statements.

	Global X Emerging Markets ex- China ETF
	Year Ended November 30, 2025			Year Ended November 30, 2024
Operations:
Net Investment Income	$	176,585		$	265,384
Net Realized Gain (Loss)		2,926,429			449,641
Net Change in Unrealized Appreciation (Depreciation)		647,168			1,660,833
Net Increase in Net Assets Resulting from Operations		3,750,182			2,375,858
Distributions:		(182,950	)		(248,101	)
Return of Capital:		(6,686	)		—
Capital Share Transactions:
Issued		14,069,047			3,795
Redeemed		(18,963,409	)		(1,414,497	)
Decrease in Net Assets from Capital Share Transactions		(4,894,362	)		(1,410,702	)
Total Increase (Decrease) in Net Assets		(1,333,816	)		717,055
Net Assets:
Beginning of Year		25,049,737			24,332,682
End of Year	$	23,715,921		$	25,049,737
Share Transactions:
Issued		490,000			—
Redeemed		(690,000	)		(50,000	)

Net Decrease in Shares Outstanding from Share Transactions		(200,000	)		(50,000	)

	Global X Emerging Markets Great Consumer ETF
	Year Ended November 30, 2025			Year Ended November 30, 2024
Operations:
Net Investment Income	$	674,926		$	1,777,915
Net Realized Gain (Loss)		8,965,628			3,258,444
Net Change in Unrealized Appreciation (Depreciation)		4,429,526			9,434,594
Net Increase in Net Assets Resulting from Operations		14,070,080			14,470,953
Distributions:		(861,717	)		(2,297,470	)
Return of Capital:		(198,905	)		—
Capital Share Transactions:
Issued		41,201			108,346
Redeemed		(49,341,660	)		(108,586,028	)
Decrease in Net Assets from Capital Share Transactions		(49,300,459	)		(108,477,682	)
Total Decrease in Net Assets		(36,291,001	)		(96,304,199	)
Net Assets:
Beginning of Year		113,042,403			209,346,602
End of Year	$	76,751,402		$	113,042,403
Share Transactions:
Redeemed		(1,775,512	)		(4,150,000	)

Net Decrease in Shares Outstanding from Share Transactions		(1,775,512	)		(4,150,000	)

	Global X Emerging Markets Bond ETF						Global X Brazil Active ETF
	Year Ended November 30, 2025			Year Ended November 30, 2024			Year Ended November 30, 2025			Year Ended November 30, 2024
Operations:
Net Investment Income	$	13,057,460		$	8,984,299		$	184,443		$	117,324
Net Realized Gain (Loss)		272,835			(4,060,127	)		(401,830	)		(69,764	)
Net Change in Unrealized Appreciation (Depreciation)		9,453,774			13,867,891			2,009,158			(716,198	)
Net Increase (Decrease) in Net Assets Resulting from Operations		22,784,069			18,792,063			1,791,771			(668,638	)
Distributions:		(13,801,961	)		(8,479,479	)		(120,311	)		(116,138	)
Capital Share Transactions:
Issued		86,847,711			64,859,731			3,263,996			514,775
Redeemed		(12,564,586	)		—			—			—
Increase in Net Assets from Capital Share Transactions		74,283,125			64,859,731			3,263,996			514,775
Total Increase (Decrease) in Net Assets		83,265,233			75,172,315			4,935,456			(270,001	)
Net Assets:
Beginning of Year		201,462,487			126,290,172			3,040,817			3,310,818
End of Year	$	284,727,720		$	201,462,487		$	7,976,273		$	3,040,817
Share Transactions:
Issued		3,700,000			2,850,000			140,000			20,000
Redeemed		(550,000	)		—			—			—
Net Increase in Shares Outstanding from Share Transactions		3,150,000			2,850,000			140,000			20,000

	Net Asset Value, Beginning of Period ($)		Net Investment Income (Loss) ($)*			Net Realized and Unrealized Gain (Loss) ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)			Return of Capital ($)
Global X Emerging Markets ex-China ETF ⁽¹⁾
2025		27.21		0.22			5.72			5.94			(0.23	)		—			(0.01	)
2024		25.07		0.28			2.12			2.40			(0.26	)		—			—
2023 ^{^}		25.28		0.20			(0.41	)		(0.21	)		—			—			—
2023 ^{^^(4)}		29.23		0.20			(1.25	)		(1.05	)		—			(2.90	)		—
2022 ^{^^(4)}		39.45		0.10			(7.69	)		(7.59	)		—			(2.63	)		—
2021 ^{^^(4)}		25.13		0.08			14.77			14.85			(0.53	)		—			—
Global X Emerging Markets Great Consumer ETF⁽⁶⁾
2025		26.26		0.21			4.17			4.38			(0.24	)		—			(0.05	)
2024		24.76		0.30			1.54			1.84			(0.34	)		—			—
2023 ^{^}		25.13		0.13			(0.50	)		(0.37	)		—			—			—
2023 ^{^^(7)}		27.72		0.04			(2.63	)		(2.59	)		—			—			—
2022 ^{^^(7)}		43.66		(0.09	)		(13.11	)		(13.20	)		—			(2.74	)		—
2021 ^{^^(7)}		32.30		(0.04	)		13.23			13.19			—			(1.83	)		—


*	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 November 30th.
^^	For the year ended April 30th.
(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)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(3)	Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests.
(4)	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.)
(5)	The ratio of Expenses to Average Net Assets excluding waivers 2.05%, 1.52%, and 1.55% for the years ended April 30, 2023, April 30, 2022, and April 30, 2021, respectively.
(6)	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.
(7)	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.)
(8)	The ratio of Expenses to Average Net Assets excluding waivers 1.36%, 1.19%, and 1.20% for the years ended April 30, 2023, April 30, 2022, and April 30, 2021, respectively.

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 (%)^††

	(0.24	)		32.91		21.96			23,716		0.76	⁽²⁾		0.76	⁽³⁾		95.29
	(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	⁽⁵⁾		0.74			116.00
	(2.63	)		29.23		(20.14	)		42,258		1.15	⁽⁵⁾		0.31			106.00
	(0.53	)		39.45		59.28			57,212		1.15	⁽⁵⁾		0.22			123.00

	(0.29	)		30.35		16.80			76,751		0.75			0.76			84.60
	(0.34	)		26.26		7.45			113,042		0.75	⁽²⁾		1.13	⁽³⁾		72.71
	—			24.76		(1.46	)		209,347		0.78	†⁽²⁾		0.89	†⁽³⁾		64.41
	—			25.13		(9.36	)		416,616		1.15	⁽⁸⁾		0.19			69.00
	(2.74	)		27.72		(31.34	)		814,957		1.15	⁽⁸⁾		(0.24	)		71.00
	(1.83	)		43.66		41.03			1,627,679		1.15	⁽⁸⁾		(0.10	)		49.00

	Net Asset Value, Beginning of Period ($)		Net Investment Income ($)*		Net Realized and Unrealized Gain (Loss) ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)			Return of Capital ($)
Global X Emerging Markets Bond ETF
2025		23.16		1.34		0.97			2.31			(1.44	)		—			—
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	)		—
Global X Brazil Active ETF
2025		21.72		0.90		6.60			7.50			(0.73	)		—			—
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		30.69		0.10		0.38			0.48			(0.04	)		(1.01	)		—
2024		26.27		0.08		4.42			4.50			—			(0.08	)		—
2023⁽⁴⁾		25.00		—		1.27			1.27			—			—			—
Global X Investment Grade Corporate Bond ETF
2025⁽⁵⁾		25.00		0.59		0.76			1.35			(0.43	)		—			—