Global X Funds

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Global X Emerging Markets ex-China ETF

Ticker: EMM

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: May 31, 2026

This semi-annual shareholder report contains important information about the Global X Emerging Markets ex-China ETF (the "Fund") for the period from December 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://www.globalxetfs.com/funds/emm/. You can also request this information by contacting us at 1-888-493-8631. 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Table Summary
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
$42
0.71%Footnote Reference*
Footnote Description
Footnote*
 Annualized.

Key Fund Statistics as of May 31, 2026

Table Summary
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$63,440,826
42
$176,978
55.71%

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Group By Sector Chart
Table Summary
Value
Value
Exchange-Traded Funds
22.2%
Other Countries
2.1%
Canada
0.8%
Greece
0.9%
Kazakhstan
0.9%
Chile
1.1%
Argentina
1.1%
United Arab Emirates
1.7%
Mexico
2.5%
South Africa
2.8%
Saudi Arabia
2.8%
South Korea
25.5%
Taiwan
33.1%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name
Percentage of Total Net Assets
Global X India Active ETFFootnote Reference**
16.6%
Taiwan Semiconductor Manufacturing
9.7%
Samsung Electronics
6.9%
Taiwan Semiconductor Manufacturing ADR
6.5%
SK hynix
5.7%
Global X Brazil Active ETFFootnote Reference**
5.6%
MediaTek
5.5%
Hon Hai Precision Industry
3.2%
Delta Electronics
3.2%
Shinhan Financial Group
2.7%
Footnote Description
Footnote**
 Affiliated Investment.

Additional Information

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

  • 1-888-493-8631 

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

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GX-SA-EMM-2026

Global X Funds

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Global X Emerging Markets Great Consumer ETF

Ticker: EMC

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: May 31, 2026

This semi-annual shareholder report contains important information about the Global X Emerging Markets Great Consumer ETF (the "Fund") for the period from December 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://www.globalxetfs.com/funds/emc/. You can also request this information by contacting us at 1-888-493-8631. 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Table Summary
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
$40
0.72%Footnote Reference*
Footnote Description
Footnote*
 Annualized.

Key Fund Statistics as of May 31, 2026

Table Summary
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$66,823,239
70
$240,889
22.45%

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Group By Sector Chart
Table Summary
Value
Value
Repurchase Agreements
0.3%
Other Countries
4.0%
Mexico
1.3%
Canada
1.4%
United Arab Emirates
1.6%
South Africa
1.8%
Chile
1.9%
Hong Kong
2.2%
Saudi Arabia
2.5%
Brazil
4.4%
India
13.1%
China
16.3%
South Korea
21.3%
Taiwan
26.5%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name
Percentage of Total Net AssetsFootnote Reference(A)
Samsung Electronics GDR
10.7%
Taiwan Semiconductor Manufacturing
6.2%
Taiwan Semiconductor Manufacturing ADR
6.1%
SK hynix
5.6%
MediaTek
5.4%
Tencent Holdings
3.4%
Delta Electronics
3.2%
Alibaba Group Holding
3.0%
Xiaomi, Cl B
2.4%
ICICI Bank ADR
2.0%
Footnote Description
Footnote(A)
 Repurchase Agreements are not shown in the top ten holdings.

Additional Information

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

  • 1-888-493-8631 

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

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GX-SA-EMC-2026

Global X Funds

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Global X Emerging Markets Bond ETF

Ticker: EMBD

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: May 31, 2026

This semi-annual shareholder report contains important information about the Global X Emerging Markets Bond ETF (the "Fund") for the period from December 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://www.globalxetfs.com/funds/embd/. You can also request this information by contacting us at 1-888-493-8631. 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Table Summary
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Global X Emerging Markets Bond ETF
$20
0.39%Footnote Reference*
Footnote Description
Footnote*
 Annualized.

Key Fund Statistics as of May 31, 2026

Table Summary
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$256,477,777
224
$539,535
17.75%

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Group By Sector Chart
Table Summary
Value
Value
Exchange-Traded Fund
0.8%
U.S. Treasury Obligations
3.8%
Other Countries
37.3%
Turkey
2.8%
Hungary
2.9%
Romania
3.6%
Peru
3.7%
Dominican Republic
4.1%
Argentina
4.3%
Colombia
4.3%
South Africa
4.8%
Brazil
6.3%
Chile
7.0%
Mexico
12.0%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name
Percentage of Total Net Assets
U.S. Treasury Notes, 3.63%, 8/31/2027
1.9%
Eskom Holdings, 6.35%, 8/10/2028
1.8%
Brazilian Government International Bond, 6.00%, 10/20/2033
1.6%
Argentine Republic Government International Bond, 4.13%, 7/9/2035
1.6%
Corp Nacional del Cobre de Chile, 5.95%, 1/8/2034
1.5%
Mexico Government International Bond, 5.38%, 3/22/2033
1.3%
Argentine Republic Government International Bond, 5.00%, 1/9/2038
1.3%
Egypt Government International Bond, 5.80%, 9/30/2027
1.1%
Saudi Government International Bond, 5.75%, 1/16/2054
1.1%
Brazilian Government International Bond, 6.63%, 3/15/2035
1.1%

Additional Information

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

  • 1-888-493-8631 

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

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GX-SA-EMBD-2026

Global X Funds

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Global X Brazil Active ETF

Ticker: BRAZ

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: May 31, 2026

This semi-annual shareholder report contains important information about the Global X Brazil Active ETF (the "Fund") for the period from December 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://www.globalxetfs.com/funds/braz/. You can also request this information by contacting us at 1-888-493-8631. 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Table Summary
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Global X Brazil Active ETF
$39
0.75%Footnote Reference*
Footnote Description
Footnote*
 Annualized.

Key Fund Statistics as of May 31, 2026

Table Summary
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$10,365,367
28
$37,955
18.38%

What did the Fund invest in?

Sector WeightingsFootnote Reference*

Group By Sector Chart
Table Summary
Value
Value
Real Estate
1.0%
Information Technology
1.0%
Consumer Staples
3.8%
Consumer Discretionary
5.5%
Industrials
6.7%
Utilities
10.0%
Materials
13.7%
Energy
17.9%
Financials
38.3%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name
Percentage of Total Net Assets
Petroleo Brasileiro - Petrobras ADR
15.6%
Itau Unibanco Holding ADR
10.6%
NU Holdings, Cl A
9.3%
Vale ADR, Cl B
7.4%
Banco Bradesco ADR
4.8%
Banco BTG Pactual
4.7%
Itausa
4.6%
Axia Energia ADR
4.5%
B3 - Brasil Bolsa Balcao
3.8%
Cia Paranaense de Energia - Copel ADR
3.6%

Additional Information

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

  • 1-888-493-8631 

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

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GX-SA-BRAZ-2026

Global X Funds

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Global X India Active ETF

Ticker: NDIA

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: May 31, 2026

This semi-annual shareholder report contains important information about the Global X India Active ETF (the "Fund") for the period from December 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://www.globalxetfs.com/funds/ndia/. You can also request this information by contacting us at 1-888-493-8631. 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Table Summary
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Global X India Active ETF
$35
0.75%Footnote Reference*
Footnote Description
Footnote*
 Annualized.

Key Fund Statistics as of May 31, 2026

Table Summary
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$59,768,108
30
$208,238
16.79%

What did the Fund invest in?

Sector WeightingsFootnote Reference*

Group By Sector Chart
Table Summary
Value
Value
Real Estate
2.4%
Utilities
3.5%
Health Care
4.3%
Communication Services
5.4%
Consumer Staples
5.8%
Information Technology
7.0%
Materials
8.5%
Energy
9.4%
Industrials
10.5%
Consumer Discretionary
10.8%
Financials
31.0%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name
Percentage of Total Net Assets
HDFC Bank
7.7%
ICICI Bank ADR
7.5%
Reliance Industries GDR
7.3%
Axis Bank
5.7%
Bharti Airtel
5.4%
Larsen & Toubro
4.5%
Apollo Hospitals Enterprise
4.3%
UltraTech Cement
4.1%
Infosys ADR
4.0%
NTPC
3.5%

Additional Information

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

  • 1-888-493-8631 

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

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GX-SA-NDIA-2026

Global X Funds

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Global X Investment Grade Corporate Bond ETF

Ticker: GXIG

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: May 31, 2026

This semi-annual shareholder report contains important information about the Global X Investment Grade Corporate Bond ETF (the "Fund") for the period from December 1, 2025 to May 31, 2026. 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 last six months?

(based on a hypothetical $10,000 investment) 

Table Summary
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Global X Investment Grade Corporate Bond ETF
$7
0.15%Footnote Reference*
Footnote Description
Footnote*
 Annualized.

Key Fund Statistics as of May 31, 2026

Table Summary
Total Net Assets
Number of Portfolio Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$175,265,176
102
$128,187
226.96%

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Group By Sector Chart
Table Summary
Value
Value
Exchange-Traded Funds
6.9%
U.S. Treasury Obligations
7.2%
Australia
0.5%
France
0.7%
Brazil
0.8%
Bermuda
0.8%
United Kingdom
1.2%
Canada
3.9%
United States
76.5%
Footnote Description
Footnote*
 Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name
Percentage of Total Net Assets
U.S. Treasury Notes, 4.13%, 04/30/2033
3.4%
Vanguard Short-Term Corporate Bond ETF
3.4%
State Street SPDR Portfolio Short Term Corporate Bond ETF
2.6%
Goldman Sachs Group
2.5%
Morgan Stanley
2.3%
U.S. Treasury Notes, 3.88%, 04/30/2031
2.3%
PNC Financial Services Group
2.0%
Gilead Sciences
1.9%
Global Payments
1.9%
Regal Rexnord
1.8%

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/ 

Image

GX-SA-GXIG-2026

 

 



 

 

 

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)

 

Semi-Annual Financials and Other Information
May 31, 2026

 

Table of Contents

 

 

Financial Statements (Form N-CSRS Item 7)  
Schedules of Investments  
Global X Emerging Markets ex-China ETF 1
Global X Emerging Markets Great Consumer ETF 6
Global X Emerging Markets Bond ETF 13
Global X Brazil Active ETF 27
Global X India Active ETF 30
Global X Investment Grade Corporate Bond ETF 32
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
Other Information (Form N-CSRS Items 8-11) 72

 

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.

 

Schedule of Investments May 31, 2026 (Unaudited)
Global X Emerging Markets ex-China ETF

 

    Shares     Value  
COMMON STOCK — 75.3%                
ARGENTINA — 1.1%                
Energy — 1.1%                
Vista Energy ADR *     9,178     $ 681,008  
                 
BRAZIL — 0.5%                
Consumer Discretionary — 0.5%                
MercadoLibre *     191       323,869  
                 
CANADA — 0.8%                
Materials — 0.8%                
Franco-Nevada     2,305       531,763  
                 
CHILE — 1.1%                
Materials — 1.1%                
Antofagasta PLC     12,147       670,985  
                 
COLOMBIA — 0.2%                
Financials — 0.2%                
Grupo Cibest     7,128       147,862  
                 
GREECE — 0.9%                
Financials — 0.9%                
Alpha Bank     126,308       576,318  
                 
HUNGARY — 0.5%                
Financials — 0.5%                
OTP Bank Nyrt     2,200       301,433  
                 
KAZAKHSTAN — 0.9%                
Energy — 0.5%                
NAC Kazatomprom JSC GDR     4,300       310,890  
                 
Financials — 0.4%                
Halyk Savings Bank of Kazakhstan JSC GDR     8,948       286,336  
                 
TOTAL KAZAKHSTAN             597,226  

 

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

1

 

Schedule of Investments May 31, 2026 (Unaudited)
Global X Emerging Markets ex-China ETF

 

    Shares     Value  
COMMON STOCK — continued                
MEXICO — 2.5%                
Consumer Staples — 1.0%                
Wal-Mart de Mexico     206,900     $ 625,200  
                 
Financials — 0.8%                
Grupo Financiero Banorte, Cl O     50,400       525,451  
                 
Real Estate — 0.7%                
Inmobiliaria Vesta     117,300       411,948  
                 
TOTAL MEXICO             1,562,599  
POLAND — 0.5%                
Consumer Staples — 0.5%                
Dino Polska *     37,971       322,908  
                 
SAUDI ARABIA — 2.8%                
Financials — 2.8%                
Al Rajhi Bank     59,483       1,055,686  
Saudi National Bank     70,961       745,047  
                 
TOTAL SAUDI ARABIA             1,800,733  
SOUTH AFRICA — 2.8%                
Consumer Staples — 0.6%                
Clicks Group     24,494       354,666  
                 
Financials — 2.2%                
Capitec Bank Holdings     2,174       598,717  
FirstRand     140,232       799,910  
              1,398,627  
TOTAL SOUTH AFRICA             1,753,293  
SOUTH KOREA — 25.5%                
Communication Services — 1.6%                
NAVER     6,341       984,601  
                 
Consumer Staples — 2.0%                
Samyang Foods     1,590       1,271,367  

 

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

2

 

Schedule of Investments May 31, 2026 (Unaudited)
Global X Emerging Markets ex-China ETF

 

    Shares     Value  
COMMON STOCK — continued                
Financials — 2.7%                
Shinhan Financial Group     27,446     $ 1,704,675  
                 
Industrials — 4.3%                
Doosan Enerbility *     9,370       656,584  
Hanwha Aerospace     1,879       1,462,553  
HD Hyundai Electric     875       611,397  
              2,730,534  
Information Technology — 14.9%                
Samsung Electronics     20,971       4,411,285  
Samsung Electronics GDR     268       1,429,780  
SK hynix     2,343       3,627,219  
              9,468,284  
TOTAL SOUTH KOREA             16,159,461  
TAIWAN — 33.1%                
Financials — 1.4%                
Fubon Financial Holding     261,000       916,506  
                 
Information Technology — 31.7%                
Alchip Technologies     5,000       704,697  
ASPEED Technology     1,000       604,938  
Delta Electronics     26,000       2,029,337  
Hon Hai Precision Industry     221,000       2,038,882  
MediaTek     25,500       3,508,484  
Quanta Computer     84,000       909,036  
Taiwan Semiconductor Manufacturing     82,000       6,164,626  
Taiwan Semiconductor Manufacturing ADR     9,895       4,140,563  
              20,100,563  
TOTAL TAIWAN             21,017,069  
TURKEY — 0.4%                
Financials — 0.4%                
Haci Omer Sabanci Holding     120,866       242,302  

 

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

3

 

Schedule of Investments May 31, 2026 (Unaudited)
Global X Emerging Markets ex-China ETF

 

    Shares     Value  
COMMON STOCK — continued                
UNITED ARAB EMIRATES — 1.7%                
Energy — 0.7%                
ADNOC Drilling PJSC     271,120     $ 439,951  
                 
Industrials — 0.7%                
Salik PJSC     302,856       441,151  
                 
Real Estate — 0.3%                
Aldar Properties PJSC     99,214       210,700  
                 
TOTAL UNITED ARAB EMIRATES             1,091,802  
TOTAL COMMON STOCK
(Cost $34,344,388)		             47,780,631  
                 
EXCHANGE-TRADED FUNDS — 22.2%                
International Equity — 22.2%                
Global X Brazil Active ETF (A)     116,050       3,549,134  
Global X India Active ETF (A)(B)     398,006       10,547,159  
              14,096,293  
TOTAL EXCHANGE-TRADED FUNDS
(Cost $15,007,434)		             14,096,293  
TOTAL INVESTMENTS — 97.5%
(Cost $49,351,822)		           $ 61,876,924  

 

Percentages are based on Net Assets of $63,440,826.

 

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

 

The following is a summary of the level of inputs used as of May 31, 2026, in valuing the Fund’s investments carried at value:

 

Investments in Securities   Level 1     Level 2     Level 3     Total  
Common Stock   $ 44,645,794     $ 3,134,837     $ —     $ 47,780,631  
Exchange-Traded Funds     14,096,293       —       —       14,096,293  
Total Investments in Securities   $ 58,742,087     $ 3,134,837     $ —     $ 61,876,924  

 

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

4

 

Schedule of Investments May 31, 2026 (Unaudited)
Global X Emerging Markets ex-China ETF

 

The following is a summary of the Fund’s transactions with affiliates for the period ended May 31, 2026:

Value
11/30/2025		     Purchases
at Cost		     Proceeds
from Sales		     Change in
Unrealized
Appreciation
(Depreciation)		     Realized Gain
(Loss)		     Value
5/31/2026		     Income     Capital Gains  
Global X Brazil Active ETF                                                    
$ 1,615,078     $ 3,795,134     $ (2,200,407 )   $ 17,152     $ 322,177     $ 3,549,134     $ 51,166     $ —  
Global X India Active ETF                                                    
  5,745,263       8,796,284       (2,453,779 )     (1,533,252 )     (7,357 )     10,547,159       25,457       57,770  
Totals:                                                    
$ 7,360,341     $ 12,591,418     $ (4,654,186 )   $ (1,516,100 )   $ 314,820     $ 14,096,293     $ 76,623     $ 57,770  

 

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

 

See “Glossary” for abbreviations.

 

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

5

 

Schedule of Investments May 31, 2026 (Unaudited)
Global X Emerging Markets Great Consumer ETF

 

    Shares     Value  
COMMON STOCK — 98.3%                
ARGENTINA — 0.6%                
Energy — 0.6%                
Vista Energy ADR *     5,396     $ 400,383  
                 
BRAZIL — 4.4%                
Consumer Discretionary — 1.1%                
MercadoLibre *     189       320,478  
Vivara Participacoes     95,200       411,049  
              731,527  
                 
Consumer Staples — 0.3%                
Raia Drogasil     59,148       218,551  
                 
Financials — 2.0%                
Itau Unibanco Holding ADR     105,289       829,678  
NU Holdings, Cl A *     36,886       484,313  
              1,313,991  
                 
Industrials — 1.0%                
Localiza Rent a Car     49,500       411,211  
WEG     28,600       249,350  
              660,561  
TOTAL BRAZIL             2,924,630  
CANADA — 1.4%                
Materials — 1.4%                
Franco-Nevada     4,086       942,640  
                 
CHILE — 1.9%                
Materials — 1.9%                
Antofagasta PLC     23,111       1,276,624  
                 
CHINA — 16.3%                
Communication Services — 5.1%                
Kuaishou Technology, Cl B     107,000       621,734  
NetEase     20,200       500,270  

 

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

6

 

Schedule of Investments May 31, 2026 (Unaudited)
Global X Emerging Markets Great Consumer ETF

 

    Shares     Value  
COMMON STOCK — continued                
Communication Services — continued                
Tencent Holdings     41,600     $ 2,267,528  
              3,389,532  
Consumer Discretionary — 5.4%                
Alibaba Group Holding     129,500       1,997,671  
BYD, Cl H     48,600       566,155  
Meituan, Cl B *     45,000       421,728  
PDD Holdings ADR *     4,612       389,437  
Trip.com Group *     5,400       254,105  
              3,629,096  
Financials — 2.5%                
China Construction Bank, Cl H     752,400       815,050  
China Merchants Bank, Cl H     147,600       887,024  
              1,702,074  
Industrials — 0.9%                
Contemporary Amperex Technology, Cl A     9,100       570,647  
                 
Information Technology — 2.4%                
Xiaomi, Cl B *     449,400       1,607,826  
                 
TOTAL CHINA             10,899,175  
COLOMBIA — 0.5%                
Financials — 0.5%                
Grupo Cibest     15,492       321,363  
                 
GREECE — 0.7%                
Financials — 0.7%                
Alpha Bank     110,116       502,437  
                 
HONG KONG — 2.2%                
Financials — 2.2%                
Futu Holdings ADR     3,232       336,354  
Hong Kong Exchanges & Clearing     21,600       1,101,855  
                 
TOTAL HONG KONG             1,438,209  

 

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

7

 

Schedule of Investments May 31, 2026 (Unaudited)
Global X Emerging Markets Great Consumer ETF

 

    Shares     Value  
COMMON STOCK — continued                
HUNGARY — 0.5%                
Financials — 0.5%                
OTP Bank Nyrt     2,280     $ 312,394  
                 
INDIA — 13.1%                
Communication Services — 1.3%                
Bharti Airtel     43,149       830,732  
                 
Consumer Discretionary — 2.2%                
Eicher Motors     9,824       742,177  
Eternal *     282,804       745,948  
              1,488,125  
Energy — 1.3%                
Reliance Industries GDR     15,128       845,655  
                 
Financials — 4.9%                
Axis Bank     74,450       1,008,288  
HDFC Bank     116,884       916,063  
ICICI Bank ADR     50,730       1,330,648  
              3,254,999  
Health Care — 1.2%                
Apollo Hospitals Enterprise     9,460       814,207  
                 
Industrials — 1.0%                
InterGlobe Aviation     14,685       680,920  
                 
Information Technology — 0.4%                
Tata Consultancy Services     11,873       282,315  
                 
Real Estate — 0.8%                
Prestige Estates Projects     38,661       557,207  
                 
TOTAL INDIA             8,754,160  
KAZAKHSTAN — 1.0%                
Energy — 0.5%                
NAC Kazatomprom JSC GDR     4,560       329,688  

 

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

8

 

Schedule of Investments May 31, 2026 (Unaudited)
Global X Emerging Markets Great Consumer ETF

 

    Shares     Value  
COMMON STOCK — continued                
Financials — 0.5%                
Halyk Savings Bank of Kazakhstan JSC GDR     11,152     $ 356,864  
                 
TOTAL KAZAKHSTAN             686,552  
MEXICO — 1.3%                
Consumer Staples — 0.9%                
Arca Continental     26,800       347,933  
Wal-Mart de Mexico     80,700       243,855  
              591,788  
Financials — 0.4%                
Grupo Financiero Banorte, Cl O     26,643       277,769  
                 
TOTAL MEXICO             869,557  
POLAND — 0.2%                
Consumer Staples — 0.2%                
Dino Polska *     14,416       122,595  
                 
SAUDI ARABIA — 2.5%                
Financials — 2.5%                
Al Rajhi Bank     55,606       986,878  
Saudi National Bank     63,669       668,486  
                 
TOTAL SAUDI ARABIA             1,655,364  
SOUTH AFRICA — 1.8%                
Consumer Staples — 0.3%                
Clicks Group     16,103       233,166  
                 
Financials — 1.5%                
Capitec Bank Holdings     2,453       675,553  
FirstRand     55,525       316,726  
              992,279  
TOTAL SOUTH AFRICA             1,225,445  
SOUTH KOREA — 21.3%                
Communication Services — 1.1%                
NAVER     4,607       715,354  

 

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

9

 

Schedule of Investments May 31, 2026 (Unaudited)
Global X Emerging Markets Great Consumer ETF

 

    Shares     Value  
COMMON STOCK — continued                
Consumer Staples — 1.1%                
Samyang Foods     889     $ 710,846  
                 
Financials — 1.8%                
Shinhan Financial Group     20,029       1,244,004  
                 
Industrials — 1.0%                
Hanwha Aerospace     863       671,731  
                 
Information Technology — 16.3%                
Samsung Electronics GDR     1,338       7,138,230  
SK hynix     2,431       3,763,453  
              10,901,683  
TOTAL SOUTH KOREA             14,243,618  
TAIWAN — 26.5%                
Financials — 1.0%                
Fubon Financial Holding     187,000       656,653  
                 
Information Technology — 25.5%                
Alchip Technologies     3,000       422,819  
ASPEED Technology     1,000       604,939  
Delta Electronics     27,000       2,107,389  
Hon Hai Precision Industry     115,000       1,060,957  
MediaTek     26,000       3,577,277  
Quanta Computer     93,000       1,006,432  
Taiwan Semiconductor Manufacturing     55,000       4,134,810  
Taiwan Semiconductor Manufacturing ADR     9,823       4,110,434  
              17,025,057  
TOTAL TAIWAN             17,681,710  
TURKEY — 0.5%                
Financials — 0.5%                
Haci Omer Sabanci Holding (A)     167,257       335,303  
                 
UNITED ARAB EMIRATES — 1.6%                
Energy — 0.7%                
ADNOC Drilling PJSC     289,725       470,142  

 

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

10

 

Schedule of Investments May 31, 2026 (Unaudited)
Global X Emerging Markets Great Consumer ETF

 

    Shares     Value  
COMMON STOCK — continued                
Industrials — 0.5%                
Salik PJSC     254,138     $ 370,186  
                 
Real Estate — 0.4%                
Aldar Properties PJSC     121,251       257,500  
                 
TOTAL UNITED ARAB EMIRATES             1,097,828  
TOTAL COMMON STOCK
(Cost $50,347,711)		             65,689,987  
                 
      Face Amount          
REPURCHASE AGREEMENTS(B) — 0.3%                
Citadel Securities LLC
3.680%, dated 05/29/2026, to be repurchased on 06/01/2026, repurchase price $211,065 (collateralized by various U.S. Treasury Obligations, ranging in par value $9 - $16,483, 0.000% - 6.125%, 06/09/2026 - 05/15/2056, with a total market value of $214,650)		   $ 211,000       211,000  
RBC Dominion Securities, Inc.
3.610%, dated 05/29/2026, to be repurchased on 06/01/2026, repurchase price $14,682 (collateralized by various U.S. Treasury Obligations, ranging in par value $90 - $8,279, 0.000% - 4.625%, 02/15/2034 - 08/15/2046, with a total market value of $14,970)		     14,678       14,678  
TOTAL REPURCHASE AGREEMENTS
(Cost $225,678)		             225,678  
TOTAL INVESTMENTS — 98.6%
(Cost $50,573,389)		           $ 65,915,665  

 

Percentages are based on Net Assets of $66,823,239.

 

* Non-income producing security.
(A) This security or a partial position of this security is on loan at May 31, 2026. The total market value of securities on loan at May 31, 2026 was $200,472.

 

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

11

 

Schedule of Investments May 31, 2026 (Unaudited)
Global X Emerging Markets Great Consumer ETF

 

(B) These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2026 was $225,678. The total value of non-cash collateral held from securities on loan as of May 31, 2026 was $0.

 

The following is a summary of the level of inputs used as of May 31, 2026, in valuing the Fund’s investments carried at value:

 

Investments in Securities   Level 1     Level 2     Level 3     Total  
Common Stock   $ 62,601,492     $ 3,088,495     $ —     $ 65,689,987  
Repurchase Agreements     —       225,678       —       225,678  
Total Investments in Securities   $ 62,601,492     $ 3,314,173     $ —     $ 65,915,665  

 

See “Glossary” for abbreviations.

 

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

12

 

Schedule of Investments   May 31, 2026 (Unaudited)
Global X Emerging Markets Bond ETF

 

    Face Amount     Value  
SOVEREIGN DEBT — 71.3%                
Angola — 0.8%                

Angolan Government International Bond

8.750%, 04/14/32

   $ 1,800,000     $ 1,845,062  

Angolan Government International Bond MTN

9.875%, 10/15/35

     200,000       213,393  
              2,058,455  
Argentina — 4.3%                
Argentine Republic Government International Bond                
5.000%, 01/09/38     4,000,000       3,215,200  
4.125%, 4.750%, 07/09/27, 07/09/35(A)     5,200,000       4,001,400  
4.125%, 4.375%, 07/09/27, 07/09/46(A)     465,909       342,210  
3.500%, 4.875%, 07/09/29, 07/09/41(A)     3,900,000       2,790,450  
0.750%, 1.750%, 07/09/27, 07/09/30(A)     720,000       627,264  
              10,976,524  
Azerbaijan — 0.1%                
Republic of Azerbaijan International Bond
3.500%, 09/01/32		     200,000       187,254  
Bahrain — 0.5%                
Bahrain Government International Bond
6.750%, 09/20/29		     800,000       807,815  
Bahrain Government International Bond MTN
5.250%, 01/25/33		     700,000       645,808  
              1,453,623  
Benin — 0.1%                
Benin Government International Bond
7.960%, 02/13/38		     200,000       210,542  
Brazil — 5.8%                
Brazilian Government International Bond                
7.250%, 01/12/56     1,800,000       1,798,200  
7.125%, 05/13/54     1,200,000       1,199,400  
6.625%, 03/15/35     2,800,000       2,886,800  
6.250%, 03/18/31     1,400,000       1,454,600  
6.125%, 01/22/32     2,000,000       2,051,000  
6.000%, 10/20/33     4,000,000       4,022,000  
4.500%, 05/30/29     1,200,000       1,189,800  
              14,601,800  
Bulgaria — 0.4%                
Bulgaria Government International Bond
5.000%, 03/05/37		     1,100,000       1,076,260  

 

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

13

 

Schedule of Investments   May 31, 2026 (Unaudited)
Global X Emerging Markets Bond ETF

 

    Face Amount     Value  
SOVEREIGN DEBT — continued                
Chile — 0.6%                
Chile Government International Bond                
4.000%, 01/31/52   $ 700,000     $ 547,400  
3.500%, 01/31/34     200,000       181,600  
3.240%, 02/06/28     600,000       588,600  
2.550%, 01/27/32     200,000       177,700  
              1,495,300  
Colombia — 3.9%                
Colombia Government International Bond                
8.375%, 11/07/54     1,300,000       1,398,150  
7.500%, 02/02/34     1,000,000       1,037,500  
5.375%, 01/21/29     2,200,000       2,187,900  
4.500%, 03/15/29     1,000,000       969,000  
3.875%, 04/25/27     600,000       595,368  
3.250%, 04/22/32     2,700,000       2,290,950  
3.125%, 04/15/31     2,000,000       1,745,000  
              10,223,868  
Costa Rica — 1.2%                
Costa Rica Government International Bond                
6.550%, 04/03/34(B)     400,000       424,836  
6.125%, 02/19/31     2,500,000       2,581,850  
              3,006,686  
Cote d’Ivoire — 0.4%                
Ivory Coast Government International Bond                
6.750%, 02/25/41     600,000       573,506  
6.125%, 06/15/33     400,000       397,975  
              971,481  
Dominican Republic — 4.1%                
Dominican Republic International Bond                
7.150%, 02/24/55     500,000       523,265  
7.050%, 02/03/31     2,600,000       2,735,850  
6.000%, 07/19/28     1,950,000       1,981,200  
5.950%, 01/25/27     300,000       302,193  
5.500%, 02/22/29     1,400,000       1,404,914  
5.300%, 01/21/41     200,000       177,538  
4.875%, 09/23/32     2,100,000       1,995,525  
4.500%, 01/30/30     1,400,000       1,348,620  
              10,469,105  

 

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

14

 

Schedule of Investments   May 31, 2026 (Unaudited)
Global X Emerging Markets Bond ETF

 

    Face Amount     Value  
SOVEREIGN DEBT — continued            
Ecuador — 2.1%                
Ecuador Government International Bond                
9.250%, 01/29/39   $ 500,000     $ 514,250  
8.750%, 01/29/34     2,000,000       2,027,000  
6.900%, 07/31/30     540,000       541,080  
6.900%, 07/31/35     1,800,000       1,653,750  
5.000%, 5.500%, 07/31/26, 07/31/40(A)     1,000,000       837,500  
              5,573,580  
Egypt — 2.2%                
Egypt Government International Bond                
8.875%, 05/29/50     600,000       587,150  
7.903%, 02/21/48     800,000       715,100  
7.625%, 05/29/32     400,000       409,159  
7.500%, 01/31/27     500,000       508,030  
5.800%, 09/30/27     2,900,000       2,908,944  
Egypt Government International Bond MTN
5.875%, 02/16/31		     600,000       584,755  
              5,713,138  
El Salvador — 0.1%                
El Salvador Government International Bond
7.125%, 01/20/50(B)		     400,000       364,412  
Ghana — 0.6%                
Ghana Government International Bond                
6.596%, 07/03/26     40,000       39,813  
5.000%, 6.000%, 07/03/28, 07/03/29(A)     831,250       822,262  
5.000%, 6.000%, 07/03/28, 07/03/35(A)     500,000       467,442  
3.394%, 01/03/30     266,719       239,611  
              1,569,128  
Guatemala — 0.6%                

Guatemala Government Bond

6.050%, 08/06/31

     1,400,000       1,449,056  
Hungary — 2.8%                
Hungary Government International Bond                
6.750%, 09/25/52     800,000       861,797  
6.250%, 09/22/32     2,200,000       2,333,107  
6.125%, 05/22/28     1,000,000       1,025,738  
5.500%, 06/16/34     1,500,000       1,519,291  
5.500%, 03/26/36     1,200,000       1,201,677  
3.125%, 09/21/51     500,000       312,861  
              7,254,471  

 

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

15

 

Schedule of Investments   May 31, 2026 (Unaudited)
Global X Emerging Markets Bond ETF

 

    Face Amount     Value  
SOVEREIGN DEBT — continued            
India — 0.1%            

Export-Import Bank of India MTN

2.250%, 01/13/31

   $ 200,000     $ 179,150  
Indonesia — 1.7%                
Indonesia Government International Bond                
5.650%, 01/11/53     1,000,000       980,573  
5.250%, 01/15/30     1,100,000       1,120,025  
4.550%, 01/11/28     1,000,000       1,004,627  
4.350%, 02/21/31     1,400,000       1,377,456  
              4,482,681  
Jordan — 0.2%                
Jordan Government International Bond
5.750%, 01/31/27		     400,000       402,423  
Kenya — 0.4%                
Republic of Kenya Government International Bond                
9.750%, 02/16/31     500,000       540,327  
8.250%, 02/28/48     200,000       188,490  
8.000%, 05/22/32     200,000       203,502  
              932,319  
Lebanon — 0.3%                
Lebanon Government International Bond MTN
6.650%, 02/26/30(C)		     2,500,000       651,888  
Mexico — 6.8%                
Mexico Government International Bond                
6.750%, 02/09/56     1,000,000       980,300  
6.400%, 05/07/54     2,700,000       2,524,230  
6.350%, 02/09/35     1,800,000       1,833,210  
6.125%, 02/09/38     200,000       196,100  
6.000%, 05/07/36     2,000,000       1,993,560  
5.850%, 07/02/32     200,000       200,890  
5.625%, 02/09/34     2,000,000       1,961,680  
5.625%, 09/22/35     2,700,000       2,613,600  
5.375%, 03/22/33     3,500,000       3,419,500  
4.750%, 04/27/32     1,200,000       1,150,800  
2.659%, 05/24/31     600,000       530,400  
              17,404,270  

 

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

16

 

Schedule of Investments   May 31, 2026 (Unaudited)
Global X Emerging Markets Bond ETF

 

    Face Amount     Value  
SOVEREIGN DEBT — continued                
Morocco — 0.9%                
Morocco Government International Bond                
6.500%, 09/08/33   $ 600,000     $ 638,391  
5.950%, 03/08/28     600,000       612,445  
4.000%, 12/15/50     200,000       141,205  
3.000%, 12/15/32     1,200,000       1,047,207  
              2,439,248  
Nigeria — 2.3%                
Nigeria Government International Bond                
8.747%, 01/21/31     2,000,000       2,177,272  
7.696%, 02/23/38     1,400,000       1,448,849  
7.143%, 02/23/30     800,000       825,428  
Nigeria Government International Bond MTN                
8.375%, 03/24/29     750,000       797,471  
7.625%, 11/28/47     800,000       795,674  
              6,044,694  
Oman — 1.9%                
Oman Government International Bond                
6.250%, 01/25/31     800,000       847,507  
5.625%, 01/17/28     2,100,000       2,128,968  
5.375%, 03/08/27     500,000       503,015  
4.750%, 06/15/26     700,000       700,000  
Oman Government International Bond MTN
6.000%, 08/01/29		     700,000       725,915  
              4,905,405  
Pakistan — 0.3%                
Pakistan Government International Bond MTN
7.375%, 04/08/31		     900,000       885,199  
Panama — 2.3%                
Panama Government International Bond                
6.700%, 01/26/36     200,000       216,000  
6.400%, 02/14/35     1,700,000       1,800,895  
5.662%, 02/23/38     200,000       199,800  
5.227%, 02/23/34     250,000       247,375  
4.500%, 04/01/56     400,000       310,400  
3.875%, 03/17/28     800,000       788,000  
3.870%, 07/23/60     600,000       409,380  
2.252%, 09/29/32     2,000,000       1,682,000  
              5,653,850  

 

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

17

 

Schedule of Investments   May 31, 2026 (Unaudited)
Global X Emerging Markets Bond ETF

 

    Face Amount     Value  
SOVEREIGN DEBT — continued                
Paraguay — 0.4%                
Paraguay Government International Bond                
6.650%, 03/04/55   $ 500,000     $ 528,750  
4.950%, 04/28/31     400,000       401,676  
              930,426  
Peru — 2.5%                
Peruvian Government International Bond                
8.750%, 11/21/33     1,900,000       2,313,820  
5.875%, 08/08/54     1,600,000       1,558,720  
5.500%, 03/30/36     900,000       909,675  
5.375%, 02/08/35     1,000,000       1,009,000  
2.783%, 01/23/31     700,000       645,050  
              6,436,265  
Philippines — 2.0%                
Philippine Government International Bond                
6.375%, 10/23/34     1,900,000       2,050,135  
5.500%, 01/17/48     1,000,000       957,566  
5.000%, 07/17/33     1,200,000       1,198,002  
3.700%, 02/02/42     1,000,000       798,539  
              5,004,242  
Poland — 1.6%                

Bank Gospodarstwa Krajowego MTN

5.375%, 05/22/33

     1,300,000       1,323,419  
Republic of Poland Government International Bond                
5.500%, 04/04/53     2,650,000       2,463,521  
5.125%, 09/18/34     200,000       201,042  
              3,987,982  
Qatar — 0.4%                
Qatar Government International Bond
3.750%, 04/16/30		     1,000,000       977,327  

 

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

18

 

Schedule of Investments   May 31, 2026 (Unaudited)
Global X Emerging Markets Bond ETF

 

    Face Amount     Value  
SOVEREIGN DEBT — continued                
Romania — 3.6%                
Romanian Government International Bond                
7.125%, 01/17/33   $ 400,000     $ 425,121  
6.625%, 05/16/36     1,200,000       1,225,836  
5.875%, 01/30/29     1,500,000       1,525,013  
5.750%, 09/16/30     2,100,000       2,122,828  
5.750%, 03/24/35     800,000       774,336  
5.250%, 11/25/27     200,000       200,878  
4.000%, 02/14/51     1,300,000       882,452  
3.625%, 03/27/32     1,000,000       903,174  
3.000%, 02/14/31     1,500,000       1,349,321  
              9,408,959  
Saudi Arabia — 1.6%                
Saudi Government International Bond MTN                
5.750%, 01/16/54     3,000,000       2,892,487  
4.500%, 04/17/30     600,000       596,463  
2.250%, 02/02/33     1,000,000       851,113  
              4,340,063  
Senegal — 0.2%                

Senegal Government International Bond

6.250%, 05/23/33

     800,000       417,988  
Serbia — 0.9%                

Serbia International Bond

6.500%, 09/26/33

     2,100,000       2,225,038  
South Africa — 3.0%                
Republic of South Africa Government International Bond                
7.300%, 04/20/52     1,000,000       1,000,319  
7.100%, 11/19/36     1,900,000       2,029,945  
5.875%, 04/20/32     2,200,000       2,265,827  
4.850%, 09/27/27     400,000       401,435  
4.850%, 09/30/29     1,200,000       1,200,825  
4.300%, 10/12/28     600,000       593,932  
              7,492,283  

 

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

19

 

Schedule of Investments   May 31, 2026 (Unaudited)
Global X Emerging Markets Bond ETF

 

    Face Amount     Value  
SOVEREIGN DEBT — continued                
Sri Lanka — 0.6%                
Sri Lanka Government International Bond                
4.000%, 04/15/28   $ 424,000     $ 406,805  
3.600%, 5.100%, 12/15/27, 06/15/35(A)     100,000       79,623  
3.600%, 3.850%, 11/15/27, 05/15/36(A)     200,000       193,466  
3.600%, 3.850%, 08/15/27, 02/15/38(A)     100,000       97,300  
3.350%, 3.600%, 09/15/27, 03/15/33(A)     700,000       644,286  
3.100%, 3.350%, 07/15/27, 01/15/30(A)     400,000       393,270  
              1,814,750  
Trinidad & Tobago — 0.3%                

Trinidad & Tobago Government International Bond

6.400%, 06/26/34

     800,000       820,000  
Turkey — 2.8%                
Turkiye Government International Bond                
7.125%, 07/17/32     200,000       203,567  
6.950%, 09/16/35     2,300,000       2,279,022  
6.500%, 01/03/35     400,000       386,922  
6.125%, 10/24/28     2,800,000       2,827,902  
5.875%, 06/26/31     200,000       194,820  
5.750%, 05/11/47     1,600,000       1,257,779  
              7,150,012  
Ukraine — 1.6%                
Ukraine Government International Bond                
17.273%, 3.000%, 02/01/27, 02/01/30(A)     200,000       140,220  
12.907%, 3.000%, 02/01/27, 02/01/34(A)     1,300,000       691,148  
9.172%, 3.000%, 02/01/27, 02/01/35(A)     1,000,000       576,733  
6.969%, 3.000%, 02/01/27, 02/01/36(A)     900,000       517,419  
4.500%, 6.000%, 02/01/27, 02/01/34(A)     850,001       581,788  
4.500%, 6.000%, 02/01/27, 02/01/35(A)     2,000,000       1,348,240  
4.500%, 6.000%, 02/01/27, 02/01/36(A)     500,000       331,745  
              4,187,293  
United Arab Emirates — 1.2%                

Abu Dhabi Government International Bond

5.500%, 04/30/54

     1,300,000       1,279,664  
Abu Dhabi Government International Bond MTN                
4.875%, 04/30/29     800,000       809,429  
3.625%, 10/02/28     1,000,000       985,013  
              3,074,106  

 

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

20

 

Schedule of Investments   May 31, 2026 (Unaudited)
Global X Emerging Markets Bond ETF

 

    Face Amount     Value  
SOVEREIGN DEBT — continued                
Uruguay — 0.5%                
Uruguay Government International Bond                
5.100%, 06/18/50   $ 800,000     $ 740,800  
4.375%, 01/23/31     400,000       402,152  
              1,142,952  
Zambia — 0.3%                

Zambia Government International Bond

0.500%, 12/31/53

     1,000,000       792,689  
TOTAL SOVEREIGN DEBT
(Cost $176,949,335)		             182,838,185  
                 
CORPORATE OBLIGATIONS — 21.8%                
Brazil — 0.5%                
Financials — 0.5%                
B3 - Brasil Bolsa Balcao
4.125%, 09/20/31		     1,500,000       1,402,500  
Chile — 6.4%                
Consumer Staples — 0.5%                
Cia Cervecerias Unidas
3.350%, 01/19/32		     1,500,000       1,364,804  
Energy — 1.1%                
Empresa Nacional del Petroleo                
6.150%, 05/10/33     1,100,000       1,146,810  
5.250%, 11/06/29     1,586,000       1,596,714  
              2,743,524  
Materials — 3.6%                
Corp Nacional del Cobre de Chile                
6.780%, 01/13/55     1,600,000       1,684,400  
5.950%, 01/08/34     3,700,000       3,823,036  
5.529%, 01/30/37     2,000,000       1,978,600  
3.000%, 09/30/29     1,700,000       1,607,238  
              9,093,274  
Utilities — 1.2%                
Chile Electricity Lux MPC SARL
6.010%, 01/20/33		     2,322,000       2,391,312  
Colbun
5.375%, 09/11/35		     900,000       886,965  
              3,278,277  
              16,479,879  

 

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

21

 

Schedule of Investments   May 31, 2026 (Unaudited)
Global X Emerging Markets Bond ETF

 

    Face Amount     Value  
CORPORATE OBLIGATIONS — continued                
China — 0.1%                
Consumer Discretionary — 0.1%                
Prosus
4.987%, 01/19/52		   $ 200,000     $ 160,056  
Colombia — 0.4%                
Energy — 0.4%                
Ecopetrol
5.875%, 05/28/45		     1,500,000       1,127,567  
Hungary — 0.1%                
Utilities — 0.1%                
MVM Energetika Zrt
6.500%, 03/13/31		     300,000       313,837  
Indonesia — 0.2%                
Materials — 0.2%                
Indonesia Asahan Aluminium / Mineral Industri Indonesia Persero
6.530%, 11/15/28		     400,000       415,526  
Kazakhstan — 0.4%                
Energy — 0.4%                
KazMunayGas National JSC
6.375%, 10/24/48		     1,100,000       1,107,460  
Malaysia — 1.6%                
Energy — 1.6%                
Petronas Capital                
5.848%, 04/03/55     700,000       733,815  
5.340%, 04/03/35     400,000       412,737  
Petronas Capital MTN                
4.550%, 04/21/50     1,400,000       1,232,111  
3.500%, 04/21/30     1,300,000       1,255,524  
2.480%, 01/28/32     200,000       179,287  
              3,813,474  
Mexico — 5.2%                
Communication Services — 0.2%                
America Movil
4.700%, 07/21/32		     500,000       493,839  
Consumer Staples — 0.8%                
Bimbo Bakeries USA                
6.400%, 01/15/34     1,400,000       1,493,110  
6.050%, 01/15/29     400,000       411,208  
              1,904,318  

 

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

22

 

Schedule of Investments   May 31, 2026 (Unaudited)
Global X Emerging Markets Bond ETF

 

    Face Amount     Value  
CORPORATE OBLIGATIONS — continued                
Energy — 3.1%                
Petroleos Mexicanos                
10.000%, 02/07/33   $ 1,600,000     $ 1,879,200  
7.690%, 01/23/50     500,000       457,522  
6.840%, 01/23/30     2,300,000       2,363,834  
6.500%, 03/13/27     1,500,000       1,511,775  
5.950%, 01/28/31     1,600,000       1,577,456  

Petroleos Mexicanos MTN

8.750%, 06/02/29

     200,000       214,975  
              8,004,762  
Financials — 0.1%                
Banco Nacional de Comercio Exterior SNC
2.720%, H15T5Y + 2.000%, 08/11/31(D)		     300,000       297,865  
Materials — 0.4%                
Cemex
5.200%, 09/17/30		     1,000,000       997,742  
Utilities — 0.6%                
FIEMEX Energia - Banco Actinver Institucion de Banca Multiple
7.250%, 01/31/41		     1,485,761       1,511,465  
              13,209,991  
Peru — 1.2%                
Energy — 0.4%                
Petroleos del Peru
5.625%, 06/19/47		     800,000       584,392  
Pluspetrol Camisea / Pluspetrol Lote 56
6.240%, 07/03/36		     600,000       626,372  
Transportadora de Gas del Peru
4.250%, 04/30/28		     80,000       79,557  
              1,290,321  
Financials — 0.6%                
Scotiabank Peru SAA
6.100%, H15T1Y + 2.309%, 10/01/35(D)		     1,500,000       1,530,000  
Utilities — 0.2%                
Kallpa Generacion
5.500%, 09/11/35		     500,000       493,250  
              3,313,571  

 

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

23

 

Schedule of Investments   May 31, 2026 (Unaudited)
Global X Emerging Markets Bond ETF

 

    Face Amount     Value  
CORPORATE OBLIGATIONS — continued                
Poland — 0.7%                
Energy — 0.7%                
ORLEN
6.000%, 01/30/35		   $ 1,700,000     $ 1,761,439  
Saudi Arabia — 1.1%                
Energy — 1.1%                
EIG Pearl Holdings SARL                
4.387%, 11/30/46     200,000       163,304  
3.545%, 08/31/36     387,966       354,271  
Saudi Arabian Oil MTN                
5.750%, 07/17/54     1,600,000       1,511,992  
3.500%, 04/16/29     800,000       772,922  
              2,802,489  
South Africa — 1.8%                
Utilities — 1.8%                
Eskom Holdings MTN
6.350%, 08/10/28		     4,500,000       4,588,795  
South Korea — 0.4%                
Information Technology — 0.4%                
SK hynix
2.375%, 01/19/31		     1,000,000       909,716  
Thailand — 0.5%                
Materials — 0.5%                
GC Treasury Center MTN
2.980%, 03/18/31		     1,400,000       1,265,605  
United Arab Emirates — 0.2%                
Energy — 0.1%                
Abu Dhabi Crude Oil Pipeline
4.600%, 11/02/47		     400,000       355,250  
Industrials — 0.1%                
DP World MTN
4.700%, 09/30/49		     200,000       163,342  
              518,592  
United States — 1.0%                
Financials — 0.4%                
J&F LUXEMBOURG FINANCE SARL
8.000%, 04/23/33		     1,000,000       985,119  

 

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

24

 

Schedule of Investments   May 31, 2026 (Unaudited)
Global X Emerging Markets Bond ETF

 

    Face Amount     Value  
CORPORATE OBLIGATIONS — continued                
Materials — 0.6%                
GCC
3.614%, 04/20/32		   $ 1,800,000     $ 1,648,431  
              2,633,550  
TOTAL CORPORATE OBLIGATIONS
(Cost $55,696,779)		             55,824,047  
                 
U.S. TREASURY OBLIGATIONS — 3.8%                

U.S. Treasury Bonds

4.625%, 02/15/2055

     2,000,000       1,885,938  
U.S. Treasury Notes                
4.250%, 01/31/2030     2,000,000       2,010,312  
4.250%, 11/15/2034     1,000,000       991,289  
3.625%, 08/31/2027     5,000,000       4,980,469  
              7,982,070  
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $9,875,793)		             9,868,008  
                 
      Shares          
EXCHANGE-TRADED FUND — 0.8%                
Domestic Fixed Income — 0.8%                
Global X 1-3 Month T-Bill ETF (E)     20,000       2,007,200  
TOTAL EXCHANGE-TRADED FUND
(Cost $2,009,548)		             2,007,200  
TOTAL INVESTMENTS — 97.7%
(Cost $244,531,455)		           $ 250,537,440  

 

Percentages are based on Net Assets of $256,477,777.

 

(A) Step Bonds - represents the current rate, the step rate, the step date, and the final maturity date.
(B) Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration normally to qualified institutions.  On May 31, 2026, the value of these securities amounted to $789,248, 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.

 

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

25

 

Schedule of Investments   May 31, 2026 (Unaudited)
Global X Emerging Markets Bond ETF

 

(E) Affiliated investment.

 

The following is a summary of the level of inputs used as of May 31, 2026, in valuing the Fund’s investments carried at value:

 

Investments in Securities   Level 1     Level 2     Level 3     Total  
Sovereign Debt   $ —     $ 182,838,185     $ —     $ 182,838,185  
Corporate Obligations     —       55,824,047       —       55,824,047  
U.S. Treasury Obligations     —       9,868,008       —       9,868,008  
Exchange-Traded Fund     2,007,200       —       —       2,007,200  
Total Investments in Securities   $ 2,007,200     $ 248,530,240     $ —     $ 250,537,440  

 

The following is a summary of the Fund’s transactions with affiliates for the period ended May 31, 2026:

  Value
11/30/2025		     Purchases
at Cost		     Proceeds
from Sales		     Change in
Unrealized
Appreciation
(Depreciation)		     Realized Gain
(Loss)		     Value
5/31/2026		     Income     Capital Gains  
  Global X 1-3 Month T-Bill ETF                                  
$ 2,008,200     $ —     $ —     $ (1,000 )   $ —     $ 2,007,200     $ 37,260     $ —  

 

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

 

See “Glossary” for abbreviations.

 

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

26

 

Schedule of Investments   May 31, 2026 (Unaudited)
  Global X Brazil Active ETF  

 

    Shares     Value  
COMMON STOCK — 93.3%                
BRAZIL — 90.9%                
Consumer Discretionary — 5.5%                
Direcional Engenharia     72,200     $ 191,270  
MercadoLibre *     87       147,521  
Vibra Energia     19,400       114,102  
Vivara Participacoes     28,300       122,192  
              575,085  
Consumer Staples — 2.4%                
Raia Drogasil     67,306       248,695  
                 
Energy — 17.9%                
Petroleo Brasileiro - Petrobras ADR     85,880       1,611,968  
PRIO *     19,700       242,443  
              1,854,411  
Financials — 33.7%                
B3 - Brasil Bolsa Balcao     121,100       395,032  
Banco Bradesco ADR     141,926       495,322  
Banco BTG Pactual     45,700       485,622  
BR Advisory Partners Participacoes ADR     3,363       46,679  
Itau Unibanco Holding ADR     139,713       1,100,938  
NU Holdings, Cl A *     73,755       968,403  
              3,491,996  
Industrials — 6.7%                
Embraer ADR     3,627       209,459  
Localiza Rent a Car     18,000       149,531  
WEG     38,600       336,535  
              695,525  
Information Technology — 1.0%                
TOTVS     15,500       101,337  
                 
Materials — 12.7%                
ERO Copper *     9,070       276,600  
Suzano ADR     16,262       133,023  
Vale ADR, Cl B     47,003       763,799  

 

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

27

 

Schedule of Investments   May 31, 2026 (Unaudited)
  Global X Brazil Active ETF  

 

    Shares     Value  
COMMON STOCK — continued                
Materials — continued                
Wheaton Precious Metals     1,064     $ 141,087  
              1,314,509  
Real Estate — 1.0%                
Multiplan Empreendimentos Imobiliarios     17,200       101,298  
                 
Utilities — 10.0%                
Axia Energia ADR     45,333       469,650  
Cia Paranaense de Energia - Copel ADR     32,607       371,720  
Equatorial     25,600       195,105  
              1,036,475  
TOTAL BRAZIL             9,419,331  
UNITED STATES — 2.4%                
Consumer Staples — 1.4%                
JBS NV     11,826       142,617  
                 
Materials — 1.0%                
Aura Minerals     1,313       101,456  
                 
TOTAL UNITED STATES             244,073  
TOTAL COMMON STOCK
(Cost $8,157,982)		             9,663,404  
                 
PREFERRED STOCK — 4.6%                
BRAZIL— 4.6%                
Financials — 4.6%                
Itausa (A)     187,751       479,566  
TOTAL PREFERRED STOCK
(Cost $342,785)		             479,566  
TOTAL INVESTMENTS — 97.9%
(Cost $8,500,767)		           $ 10,142,970  

 

Percentages are based on Net Assets of $10,365,367.

 

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

 

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

28

 

Schedule of Investments   May 31, 2026 (Unaudited)
  Global X Brazil Active ETF  

 

As of May 31, 2026, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

 

See “Glossary” for abbreviations.

 

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

29

 

Schedule of Investments   May 31, 2026 (Unaudited)
  Global X India Active ETF  

 

    Shares     Value  
COMMON STOCK — 98.6%                
INDIA — 98.6%                
Communication Services — 5.4%                
Bharti Airtel     168,285     $ 3,239,929  
                 
Consumer Discretionary — 10.8%                
Eicher Motors     16,272       1,229,307  
Eternal *     468,406       1,235,507  
FSN E-Commerce Ventures *     311,455       859,944  
Maruti Suzuki India     8,389       1,159,183  
Titan     46,302       1,986,063  
              6,470,004  
Consumer Staples — 5.8%                
Avenue Supermarts *     35,023       1,494,745  
United Spirits     149,636       2,000,397  
              3,495,142  
Energy — 9.4%                
Bharat Petroleum     387,345       1,215,448  
Reliance Industries GDR     78,277       4,375,684  
              5,591,132  
Financials — 31.0%                
Axis Bank     250,556       3,393,320  
Central Depository Services India     66,994       877,692  
Federal Bank     416,981       1,268,281  
Go Digit General Insurance *     343,391       1,104,273  
HDFC Bank     588,030       4,608,608  
ICICI Bank ADR     170,828       4,480,818  
SBI Life Insurance     78,685       1,515,804  
Shriram Finance     127,120       1,267,386  
              18,516,182  
Health Care — 4.3%                
Apollo Hospitals Enterprise     30,079       2,588,852  
                 
Industrials — 10.5%                
Adani Ports & Special Economic Zone     61,491       1,168,070  
Hindustan Aeronautics     26,229       1,188,256  
InterGlobe Aviation     26,171       1,213,508  

 

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

30

 

Schedule of Investments   May 31, 2026 (Unaudited)
  Global X India Active ETF  

 

    Shares     Value  
COMMON STOCK — continued                
Industrials — continued                
Larsen & Toubro     63,192     $ 2,711,602  
              6,281,436  
Information Technology — 7.0%                
Infosys ADR     186,856       2,363,729  
Tata Consultancy Services     75,409       1,793,067  
              4,156,796  
Materials — 8.5%                
Solar Industries India     3,704       711,441  
Steel Authority of India     880,440       1,894,058  
UltraTech Cement     20,249       2,447,358  
              5,052,857  
Real Estate — 2.4%                
Prestige Estates Projects     101,269       1,459,553  
                 
Utilities — 3.5%                
NTPC     516,303       2,102,712  
                 
TOTAL INDIA             58,954,595  
TOTAL COMMON STOCK
(Cost $63,856,205)		             58,954,595  
TOTAL INVESTMENTS — 98.6%
(Cost $63,856,205)		           $ 58,954,595  

 

Percentages are based on Net Assets of $59,768,108.

 

* Non-income producing security.

 

As of May 31, 2026, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

 

See “Glossary” for abbreviations.

 

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

31

 

Schedule of Investments   May 31, 2026 (Unaudited)
  Global X Investment Grade Corporate Bond ETF  

 

    Face Amount     Value  
CORPORATE OBLIGATIONS — 84.4%                
Australia — 0.5%                
Materials — 0.5%                
BHP Billiton Finance USA
4.750%, 02/28/28		   $ 840,000     $ 846,351  
Bermuda — 0.8%                
Financials — 0.8%                
RenaissanceRe Holdings
5.800%, 04/01/35		     1,400,000       1,439,929  
Brazil — 0.8%                
Materials — 0.8%                
Vale Overseas
6.400%, 06/28/54		     1,400,000       1,430,562  
Canada — 3.9%                
Communication Services — 1.6%                
Rogers Communications                
5.000%, 02/15/29     1,400,000       1,411,506  
3.200%, 03/15/27     1,400,000       1,387,673  
              2,799,179  
Energy — 0.6%                
South Bow USA Infrastructure Holdings
5.026%, 10/01/29		     1,120,000       1,127,413  
Financials — 1.7%                
Brookfield Asset Management
6.077%, 09/15/55		     840,000       849,617  
Fairfax Financial Holdings
3.375%, 03/03/31		     2,240,000       2,094,801  
              2,944,418  
              6,871,010  
France — 0.7%                
Communication Services — 0.7%                
Orange
9.000%, 03/01/31		     980,000       1,151,472  
United Kingdom — 1.2%                
Health Care — 1.2%                
AstraZeneca
6.450%, 09/15/37		     1,820,000       2,032,112  
United States — 76.5%                
Communication Services — 7.1%                
Alphabet
2.050%, 08/15/50		     3,220,000       1,730,922  

 

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

32

 

Schedule of Investments   May 31, 2026 (Unaudited)
  Global X Investment Grade Corporate Bond ETF  

 

    Face Amount     Value  
CORPORATE OBLIGATIONS — continued                
Communication Services — continued                
AT&T
6.000%, 04/30/56		   $ 700,000     $ 686,305  
Comcast
2.987%, 11/01/63		     3,220,000       1,726,151  
Meta Platforms                
5.750%, 11/15/65     1,400,000       1,282,911  
4.875%, 11/15/35     1,120,000       1,094,309  
4.600%, 11/15/32     2,520,000       2,488,858  
Netflix
5.875%, 11/15/28		     700,000       725,304  
Omnicom Group
5.300%, 06/02/36		     980,000       951,916  
Verizon Communications
2.650%, 11/20/40		     2,800,000       1,999,072  
              12,685,748  
Consumer Discretionary — 7.8%                
Amazon.com                
4.250%, 08/22/57     840,000       660,280  
2.875%, 05/12/41     1,400,000       1,042,320  
American Honda Finance MTN
5.150%, 07/09/32		     2,100,000       2,114,919  
Block Financial
2.500%, 07/15/28		     1,680,000       1,603,496  
Ford Motor
6.100%, 08/19/32		     1,120,000       1,149,361  
General Motors Financial
4.750%, 04/06/29		     1,680,000       1,684,120  
Las Vegas Sands
6.200%, 08/15/34		     1,400,000       1,448,015  
McDonald’s
5.450%, 08/14/53		     840,000       802,462  
McDonald’s MTN
6.300%, 10/15/37		     1,120,000       1,218,430  
Toyota Motor Credit MTN
4.650%, 09/03/32		     1,680,000       1,669,787  
              13,393,190  
Consumer Staples — 0.9%                
Altria Group
3.400%, 02/04/41		     2,100,000       1,601,236  

 

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

33

 

Schedule of Investments   May 31, 2026 (Unaudited)
  Global X Investment Grade Corporate Bond ETF  

 

    Face Amount     Value  
CORPORATE OBLIGATIONS — continued                
Energy — 5.2%                
BP Capital Markets America
3.060%, 06/17/41		   $ 1,400,000     $ 1,060,595  
EOG Resources                
5.950%, 07/15/55     560,000       574,222  
5.350%, 01/15/36     420,000       426,774  
4.400%, 01/15/31     560,000       554,108  
MPLX                
6.200%, 09/15/55     1,400,000       1,407,524  
4.950%, 09/01/32     1,120,000       1,116,477  
ONEOK
4.950%, 10/15/32		     700,000       697,648  
Targa Resources                
6.050%, 05/15/56     1,120,000       1,111,955  
4.350%, 01/15/29     840,000       836,692  
Williams
6.300%, 04/15/40		     1,400,000       1,487,842  
              9,273,837  
Financials — 27.5%                
American Express
4.050%, 12/03/42		     1,260,000       1,060,832  
Aon North America
5.750%, 03/01/54		     980,000       958,934  
Berkshire Hathaway Finance
2.500%, 01/15/51		     1,680,000       995,121  
Citigroup                
5.316%, SOFR + 4.548%, 03/26/41(A)     1,540,000       1,512,500  
2.976%, SOFR + 1.422%, 11/05/30(A)     2,800,000       2,649,520  
CNO Financial Group
6.450%, 06/15/34		     980,000       1,022,695  
Enact Holdings
6.250%, 05/28/29		     1,400,000       1,445,771  
First Citizens BancShares
4.869%, SOFR + 1.487%, 03/03/32(A)		     980,000       952,144  
FNB
5.722%, SOFRINDX + 1.930%, 12/11/30(A)		     840,000       846,274  
Global Payments
5.200%, 11/15/32		     3,360,000       3,297,890  
Globe Life
4.550%, 09/15/28		     560,000       560,002  
Goldman Sachs Group
2.650%, SOFR + 1.264%, 10/21/32(A)		     4,900,000       4,361,998  

 

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

34

 

Schedule of Investments   May 31, 2026 (Unaudited)
  Global X Investment Grade Corporate Bond ETF  

 

    Face Amount     Value  
CORPORATE OBLIGATIONS — continued                
Financials — continued                
JPMorgan Chase
2.525%, TSFR3M + 1.510%, 11/19/41(A)		   $ 2,520,000     $ 1,788,683  
KeyCorp
5.305%, SOFR + 1.367%, 01/28/37(A)		     1,120,000       1,103,813  
KeyCorp MTN
4.789%, SOFRINDX + 2.060%, 06/01/33(A)		     980,000       960,455  
M&T Bank
7.413%, SOFR + 2.800%, 10/30/29(A)		     980,000       1,040,854  
Moody’s
4.250%, 08/08/32		     3,080,000       2,999,802  
Morgan Stanley                
6.407%, SOFR + 1.830%, 11/01/29(A)     2,800,000       2,911,454  
6.342%, SOFR + 2.560%, 10/18/33(A)     3,780,000       4,046,990  
5.900%, SOFR + 1.782%, 03/13/47(A)     1,120,000       1,136,650  
Morgan Stanley MTN
3.971%, 07/22/38(A)		     1,820,000       1,603,197  
MSCI
5.250%, 09/01/35		     2,800,000       2,758,663  
PNC Financial Services Group                
5.575%, SOFR + 1.394%, 01/29/36(A)     3,500,000       3,588,414  
5.492%, SOFR + 1.198%, 05/14/30(A)     2,380,000       2,439,850  
Truist Financial MTN
7.161%, SOFR + 2.446%, 10/30/29(A)		     2,380,000       2,517,600  
              48,560,106  
Health Care — 3.6%                
Bristol-Myers Squibb
3.900%, 03/15/62		     2,520,000       1,807,934  
Gilead Sciences
2.600%, 10/01/40		     4,620,000       3,364,089  
Royalty Pharma
3.550%, 09/02/50		     1,820,000       1,268,824  
              6,440,847  
Industrials — 3.0%                
Regal Rexnord
6.050%, 04/15/28		     3,080,000       3,149,193  
Vertiv Holdings
5.950%, 03/15/66		     2,100,000       2,072,882  
              5,222,075  
Information Technology — 9.8%                
Accenture Capital
4.050%, 10/04/29		     1,400,000       1,384,703  

 

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

35

 

Schedule of Investments   May 31, 2026 (Unaudited)
  Global X Investment Grade Corporate Bond ETF  

 

    Face Amount     Value  
CORPORATE OBLIGATIONS — continued                
Information Technology — continued                
Broadcom                
4.926%, 05/15/37(B)   $ 2,100,000     $ 2,040,511  
4.900%, 07/15/32     2,380,000       2,393,907  
Cadence Design Systems
4.300%, 09/10/29		     1,400,000       1,391,475  
Intel
5.300%, 05/15/36		     1,540,000       1,538,050  
KLA
4.950%, 07/15/52		     2,100,000       1,907,035  
Microsoft
2.675%, 06/01/60		     3,080,000       1,727,898  
Salesforce
4.900%, 09/15/31		     3,080,000       3,081,690  
Synopsys
5.700%, 04/01/55		     1,400,000       1,364,897  
              16,830,166  
Real Estate — 3.2%                
Camden Property Trust
4.900%, 02/28/36		     980,000       955,206  
Host Hotels & Resorts
5.700%, 06/15/32		     1,400,000       1,435,980  
VICI Properties
4.750%, 04/01/28		     2,240,000       2,239,908  
Welltower OP
3.850%, 06/15/32		     1,120,000       1,066,828  
              5,697,922  
Utilities — 8.4%                
AEP Texas
5.850%, 10/15/55		     980,000       958,979  
Ameren
5.375%, 03/15/35		     1,120,000       1,134,617  
Berkshire Hathaway Energy
2.850%, 05/15/51		     2,800,000       1,715,538  
CenterPoint Energy Houston Electric
4.450%, 10/01/32		     1,400,000       1,375,929  
Duke Energy Carolinas
4.250%, 12/15/41		     1,400,000       1,217,765  
Evergy Metro
5.125%, 08/15/35		     1,400,000       1,391,806  

 

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

36

 

Schedule of Investments   May 31, 2026 (Unaudited)
  Global X Investment Grade Corporate Bond ETF  

 

    Face Amount     Value  
CORPORATE OBLIGATIONS — continued                
Utilities — continued                
NextEra Energy Capital Holdings                
5.850%, 03/01/56   $ 840,000     $ 824,592  
5.300%, 03/15/32     980,000       1,002,681  
Oncor Electric Delivery
4.500%, 03/15/31(B)		     840,000       833,491  
Public Service Enterprise Group
5.200%, 04/01/29		     980,000       996,818  
Sempra
3.800%, 02/01/38		     1,400,000       1,188,305  
Union Electric
5.550%, 03/15/56		     1,960,000       1,898,955  
              14,539,476  
              134,244,603  
TOTAL CORPORATE OBLIGATIONS
(Cost $148,907,832)		             148,016,039  
                 
U.S. TREASURY OBLIGATIONS — 7.2%                
U.S. Treasury Bonds
4.625%, 11/15/2045		     2,800,000       2,675,750  
U.S. Treasury Notes                
4.125%, 04/30/2033     6,000,000       5,943,750  
3.875%, 04/30/2031     4,000,000       3,953,438  
              9,897,188  
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $12,568,819)		             12,572,938  
                 
    Shares          
EXCHANGE-TRADED FUNDS — 6.9%                
Fixed Income — 6.9%                
State Street SPDR Portfolio Short Term Corporate Bond ETF     150,000       4,510,500  
Vanguard Intermediate-Term Corporate Bond ETF     10,000       828,500  
Vanguard Long-Term Corporate Bond ETF     10,000       754,300  

 

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

37

 

Schedule of Investments   May 31, 2026 (Unaudited)
  Global X Investment Grade Corporate Bond ETF  

 

    Shares     Value  
EXCHANGE-TRADED FUNDS — continued                
Vanguard Short-Term Corporate Bond ETF     75,000     $ 5,939,250  
TOTAL EXCHANGE-TRADED FUNDS
(Cost $12,050,949)		             12,032,550  
TOTAL INVESTMENTS — 98.5%
(Cost $173,527,600)		           $ 172,621,527  

 

Percentages are based on Net Assets of $175,265,176.

 

(A) Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; or by adjusting periodically based on prevailing interest rates.
(B) Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration normally to qualified institutions. On May 31, 2026, the value of these securities amounted to $2,874,002, representing 1.7% of the Net Assets of the Fund.

 

The following is a summary of the level of inputs used as of May 31, 2026, in valuing the Fund’s investments carried at value:

 

Investments in Securities   Level 1     Level 2     Level 3     Total  
Corporate Obligations   $ —     $ 148,016,039     $ —     $ 148,016,039  
U.S. Treasury Obligations     —       12,572,938       —       12,572,938  
Exchange-Traded Funds     12,032,550       —       —       12,032,550  
Total Investments in Securities   $ 12,032,550     $ 160,588,977     $ —     $ 172,621,527  

 

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.

 

See “Glossary” for abbreviations.

 

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

38

 

Schedule of Investments   May 31, 2026 (Unaudited)

Glossary (abbreviations which may be used in the preceding Schedules of Investments):

 

Fund Abbreviations

ADR — American Depositary Receipt

CJSC — Closed Joint-Stock Company
Cl — Class
ETF — Exchange-Traded Fund
GDR — Global Depositary Receipt

H15T5Y — US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
JSC — Joint-Stock Company
MTN — Medium Term Note
SOFR — Secured Overnight Financing Rate

 

39

 

Statements of Assets and Liabilities

May 31, 2026 (Unaudited)

 

 

    Global X
Emerging
Markets ex-
China ETF		     Global X
Emerging
Markets Great
Consumer ETF		     Global X
Emerging
Markets Bond
ETF		  
Assets:                        
Cost of Investments   $ 34,344,388     $ 50,347,711     $ 242,521,907  
Cost of Affiliated Investments     15,007,434       —       2,009,548  
Cost of Repurchase Agreement     —       225,678       —  
Cost (Proceeds) of Foreign Currency     40,469       57,343       —  
Investments, at Value   $ 47,780,631     $ 65,689,987 *   $ 248,530,240  
Affiliated Investments, at Value     14,096,293       —       2,007,200  
Repurchase Agreement, at Value     —       225,678       —  
Cash     1,527,221       1,030,997       2,542,401  
Foreign Currency, at Value     40,469       62,268       —  
Dividend, Interest, and Securities Lending Income Receivable     20,282       70,919       3,482,187  
Reclaim Receivable     700       4,527       —  
Total Assets     63,465,596       67,084,376       256,562,028  
Liabilities:                        
Obligation to Return Securities Lending Collateral     —       225,678       —  
Payable due to Investment Adviser     24,766       35,457       84,251  
Unrealized Depreciation on Spot Contracts     4       2       —  
Total Liabilities     24,770       261,137       84,251  
Net Assets   $ 63,440,826     $ 66,823,239     $ 256,477,777  
Net Assets Consist of:                        
Paid-in Capital   $ 55,762,093     $ 413,039,101     $ 260,675,489  
Total Distributable Earnings (Accumulated Losses)     7,678,733       (346,215,862 )     (4,197,712 )
Net Assets   $ 63,440,826     $ 66,823,239     $ 256,477,777  
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)     1,420,587       1,769,074       10,750,000  
Net Asset Value, Offering and Redemption Price Per Share   $44.66     $37.77     $23.86  
*Includes Market Value of Securities on Loan   $ —     $ 200,472     $ —  

 

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

40

 

Statements of Assets and Liabilities

May 31, 2026 (Unaudited)

 

 

    Global X Brazil
Active ETF		     Global X India
Active ETF		     Global X
Investment
Grade Corporate
Bond ETF		  
Assets:                        
Cost of Investments   $ 8,500,767     $ 63,856,205     $ 173,527,600  
Cost (Proceeds) of Foreign Currency     1,735       (4,092,691 )     —  
Investments, at Value   $ 10,142,970     $ 58,954,595     $ 172,621,527  
Cash     152,267       5,020,587       1,088,123  
Foreign Currency, at Value     1,734       —       —  
Dividend, Interest, and Securities Lending Income Receivable     74,928       34,570       1,733,166  
Reclaim Receivable     21       —       —  
Receivable for Investment Securities Sold     —       4,092,691       14,799,813  
Total Assets     10,371,920       68,102,443       190,242,629  
Liabilities:                        
Payable due to Investment Adviser     6,553       35,259       20,697  
Payable for Investment Securities Purchased     —       4,076,999       14,956,756  
Overdraft of Foreign Currency     —       4,092,692       —  
Accrued Foreign Capital Gains Tax on Appreciated Securities     —       129,358       —  
Custodian Fees Payable     —       27       —  
Total Liabilities     6,553       8,334,335       14,977,453  
Net Assets   $ 10,365,367     $ 59,768,108     $ 175,265,176  
Net Assets Consist of:                        
Paid-in Capital   $ 8,344,346     $ 64,544,377     $ 177,140,477  
Total Distributable Earnings (Accumulated Losses)     2,021,021       (4,776,269 )     (1,875,301 )
Net Assets   $ 10,365,367     $ 59,768,108     $ 175,265,176  
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)     340,000       2,250,000       7,000,000  
Net Asset Value, Offering and Redemption Price Per Share     $30.49       $26.56       $25.04  

 

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

41

 

Statements of Operations

For the period ended May 31, 2026 (Unaudited)

 

 

    Global X
Emerging
Markets ex-
China ETF		     Global X
Emerging
Markets Great
Consumer ETF		     Global X
Emerging
Markets Bond
ETF		  
Investment Income:                        
Dividend Income   $ 351,460     $ 592,109     $ 24,465  
Dividend Income, from Affiliated Investments     76,623       —       37,260  
Interest Income     12,223       18,837       8,375,535  
Security Lending Income, Net     —       683       —  
Less: Foreign Taxes Withheld     (42,985 )     (48,528 )     —  
Total Investment Income     397,321       563,101       8,437,260  
Expenses:                        
Supervision and Administration Fees(1)     176,978       240,889       539,535  
Custodian Fees(2)     687       1,329       4  
Total Expenses     177,665       242,218       539,539  
Net Investment Income     219,656       320,883       7,897,721  
Net Realized Gain (Loss) on:                        
Investments(3)     5,186,286       13,743,888       3,367,994  
Affiliated Investments     314,820       —       —  
Foreign Currency Transactions     (2,870 )     1,039       —  
Foreign Capital Gains Tax     155       (41,969 )     —  
Capital Gain Distribution from Affiliated Investments     57,770       —       —  
Payment from Adviser(4)     49,347       —       700  
Net Realized Gain (Loss)     5,605,508       13,702,958       3,368,694  
Net Change in Unrealized Appreciation (Depreciation) on:                        
Investments     10,517,924       1,715,573       (5,189,805 )
Affiliated Investments     (1,516,100 )     —       (1,000 )
Foreign Capital Gains Tax on Appreciated Securities     —       56,202       —  
Foreign Currency Translations     188       4,224       —  
Net Change in Unrealized Appreciation (Depreciation)     9,002,012       1,775,999       (5,190,805 )
Net Realized and Unrealized Gain (Loss)     14,607,520       15,478,957       (1,822,111 )
Net Increase in Net Assets Resulting from Operations   $ 14,827,176     $ 15,799,840     $ 6,075,610  

 

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

 

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

42

 

Statements of Operations

For the period ended May 31, 2026 (Unaudited)

 

 

    Global X Brazil
Active ETF		     Global X India
Active ETF		     Global X
Investment
Grade
Corporate Bond
ETF		  
Investment Income:                        
Dividend Income   $ 273,947     $ 147,564     $ 45,670  
Interest Income     1,759       22,673       4,446,386  
Less: Foreign Taxes Withheld     (18,560 )     (33,183 )     (3,710 )
Total Investment Income     257,146       137,054       4,488,346  
Expenses:                        
Supervision and Administration Fees(1)     37,955       208,238       128,187  
Custodian Fees(2)     44       263       6,146  
Total Expenses     37,999       208,501       134,333  
Net Investment Income (Loss)     219,147       (71,447 )     4,354,013  
Net Realized Gain (Loss) on:                        
Investments(3)     737,980       733,077       (1,173,886 )
Foreign Currency Transactions     (11,509 )     (73,780 )     1  
Foreign Capital Gains Tax     —       (40,694 )     —  
Net Realized Gain (Loss)     726,471       618,603       (1,173,885 )
Net Change in Unrealized Appreciation (Depreciation) on:                        
Investments     113,997       (8,040,967 )     (2,795,045 )
Foreign Capital Gains Tax on Appreciated Securities     —       689,422       —  
Foreign Currency Translations     1,154       15,952       —  
Net Change in Unrealized Appreciation (Depreciation)     115,151       (7,335,593 )     (2,795,045 )
Net Realized and Unrealized Gain (Loss)     841,622       (6,716,990 )     (3,968,930 )
Net Increase (Decrease) in Net Assets Resulting from Operations   $ 1,060,769     $ (6,788,437 )   $ 385,083  

 

(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.)

 

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

43

 

Statements of Changes in Net Assets

 

 

    Global X Emerging Markets ex-
China ETF
    Period Ended
May 31, 2026
(Unaudited)		   Year Ended
November 30,
2025
Operations:                
Net Investment Income   $ 219,656     $ 176,585  
Net Realized Gain (Loss)     5,605,508       2,926,429  
Net Change in Unrealized Appreciation (Depreciation)     9,002,012       647,168  
Net Increase in Net Assets Resulting from Operations     14,827,176       3,750,182  
Distributions:     (185,325 )     (182,950 )
Return of Capital:     —       (6,686 )
Capital Share Transactions:                
Issued     36,886,304       14,069,047  
Redeemed     (11,803,250 )     (18,963,409 )
Increase (Decrease) in Net Assets from Capital Share Transactions     25,083,054       (4,894,362 )
Total Increase (Decrease) in Net Assets     39,724,905       (1,333,816 )
Net Assets:                
Beginning of Year/Period     23,715,921       25,049,737  
End of Year/Period   $ 63,440,826     $ 23,715,921  
Share Transactions:                
Issued     1,020,000       490,000  
Redeemed     (320,000 )     (690,000 )
Net Increase (Decrease) in Shares Outstanding from Share Transactions     700,000       (200,000 )

 

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

44

 

Statements of Changes in Net Assets

 

    Global X Emerging Markets Great
Consumer ETF
    Period Ended
May 31, 2026
(Unaudited)		   Year Ended
November 30,
2025
Operations:                
Net Investment Income   $ 320,883     $ 674,926  
Net Realized Gain (Loss)     13,702,958       8,965,628  
Net Change in Unrealized Appreciation (Depreciation)     1,775,999       4,429,526  
Net Increase in Net Assets Resulting from Operations     15,799,840       14,070,080  
Distributions:     (332,791 )     (861,717 )
Return of Capital:     —       (198,905 )
Capital Share Transactions:                
Issued     (10,561 )     41,201  
Redeemed     (25,384,651 )     (49,341,660 )
Decrease in Net Assets from Capital Share Transactions     (25,395,212 )     (49,300,459 )
Total Decrease in Net Assets     (9,928,163 )     (36,291,001 )
Net Assets:                
Beginning of Year/Period     76,751,402       113,042,403  
End of Year/Period   $ 66,823,239     $ 76,751,402  
Share Transactions:                
Redeemed     (760,000 )     (1,775,512 )
Net Decrease in Shares Outstanding from Share Transactions     (760,000 )     (1,775,512 )

 

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

45

 

 

Statements of Changes in Net Assets

 

 

    Global X Emerging Markets Bond
ETF		     Global X Brazil Active ETF
    Period Ended
May 31, 2026
(Unaudited)		   Year Ended
November 30,
2025		   Period Ended
May 31, 2026
(Unaudited)		   Year Ended
November 30,
2025
Operations:                                
Net Investment Income   $ 7,897,721   $ 13,057,460   $ 219,147   $ 184,443  
Net Realized Gain (Loss)     3,368,694       272,835       726,471       (401,830 )
Net Change in Unrealized Appreciation (Depreciation)     (5,190,805 )     9,453,774       115,151       2,009,158  
Net Increase in Net Assets Resulting from Operations     6,075,610       22,784,069       1,060,769       1,791,771  
Distributions:     (8,100,687 )     (13,801,961 )     (205,408 )     (120,311 )
Capital Share Transactions:                                
Issued     27,613,213       86,847,711       3,877,308       3,263,996  
Redeemed     (53,838,079 )     (12,564,586 )     (2,343,575 )     —  
Increase (Decrease) in Net Assets from Capital Share Transactions     (26,224,866 )     74,283,125       1,533,733       3,263,996  
Total Increase (Decrease) in Net Assets     (28,249,943 )     83,265,233       2,389,094       4,935,456  
Net Assets:                                
Beginning of Year/Period     284,727,720       201,462,487       7,976,273       3,040,817  
End of Year/Period   $ 256,477,777   $ 284,727,720   $ 10,365,367   $ 7,976,273  
Share Transactions:                                
Issued     1,150,000       3,700,000       130,000       140,000  
Redeemed     (2,250,000 )     (550,000 )     (70,000 )     —  
Net Increase (Decrease) in Shares Outstanding from Share Transactions     (1,100,000 )     3,150,000       60,000       140,000  

 

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

46

 

 

Statements of Changes in Net Assets

 

 

    Global X India Active ETF   Global X Investment Grade
Corporate Bond ETF
    Period Ended
May 31, 2026
(Unaudited)		   Year Ended
November 30,
2025		   Period Ended
May 31, 2026
(Unaudited)		   Period Ended
November 30,
2025(1)
Operations:                                
Net Investment Income (Loss)   $ (71,447 )   $ 131,709     $ 4,354,013     $ 3,994,241  
Net Realized Gain (Loss)     618,603       308,823       (1,173,885 )     2,444,399  
Net Change in Unrealized Appreciation (Depreciation)     (7,335,593 )     1,461,373       (2,795,045 )     1,888,972  
Net Increase (Decrease) in Net Assets Resulting from Operations     (6,788,437 )     1,901,905       385,083       8,327,612  
Distributions:     (598,427 )     (882,655 )     (6,969,623 )     (3,351,800 )
Capital Share Transactions:                                
Issued     17,029,508       26,519,114       3,834,167       219,988,235  
Redeemed     (3,195,054 )     —       (20,245,221 )     (26,703,277 )
Increase (Decrease) in Net Assets from Capital Share Transactions     13,834,454       26,519,114       (16,411,054 )     193,284,958  
Total Increase (Decrease) in Net Assets     6,447,590       27,538,364       (22,995,594 )     198,260,770  
Net Assets:                                
Beginning of Year/Period     53,320,518       25,782,154       198,260,770       —  
End of Year/Period   $ 59,768,108     $ 53,320,518     $ 175,265,176     $ 198,260,770  
Share Transactions:                                
Issued     600,000       930,000       150,000       8,700,000  
Redeemed     (120,000 )     —       (800,000 )     (1,050,000 )
Net Increase (Decrease) in Shares Outstanding from Share Transactions     480,000       930,000       (650,000 )     7,650,000  

 

(1) The Fund commenced operations on June 16, 2025.

 

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

47

 

 

Financial Highlights

 

 

Selected Per Share Data & Ratios

For a Share Outstanding Throughout each Year/Period

 

 

    Net
Asset Value,
Beginning
of Period
($)		   Net Investment
Income (Loss)
($)*		   Net Realized
and Unrealized
Gain (Loss)
($)		   Total from
Operations
($)		   Distribution
from Net
Investment
Income ($)		   Distribution
from Capital
Gains ($)		   Return of
Capital ($)
Global X Emerging Markets ex-China ETF(1)                                                                                               
2026 (Unaudited)§           32.91                 0.17         11.78       11.95       (0.20 )     —       —  
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 )     —  
Global X Emerging Markets Great Consumer ETF(6)                                      
2026 (Unaudited)§     30.35       0.16       7.39       7.55       (0.13 )     —       —  
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 )     —  

 

* 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.
§ For the period ended May 31, 2026.
(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 was 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 was 1.36%, 1.19%, and 1.20% for the years ended April 30, 2023, April 30, 2022, and April 30, 2021, respectively.

 

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

48

 

 

Financial Highlights

 

 

 

 

 

Total from
Distributions ($)		   Net
Asset Value,
End of
Period ($)		   Total
Return
(%)**		   Net Assets, End of
Period ($)(000)		   Ratio of Expenses
to Average Net
Assets (%)		   Ratio of Net
Investment Income
(Loss) to Average
Net Assets (%)		   Portfolio
Turnover Rate
(%)††
                                                                   
      (0.20 )              44.66       36.51       63,441       0.71 †(2)      0.88 †(3)      55.71  
  (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  
                                                     
  (0.13 )     37.77       24.98       66,823       0.72 †     0.96 †     22.45  
  (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  

 

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

 

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

49

 

 

Financial Highlights

 

 

Selected Per Share Data & Ratios

For a Share Outstanding Throughout each Year/Period

 

 

    Net
Asset Value,
Beginning
of Period
($)		   Net Investment
Income (Loss)
($)*		   Net Realized
and Unrealized
Gain (Loss)
($)		   Total from
Operations
($)		   Distribution
from Net
Investment
Income ($)		   Distribution
from Capital
Gains ($)		   Return of
Capital ($)
Global X Emerging Markets Bond ETF                                                                     
2026 (Unaudited)§          24.03                0.68                 (0.17 )               0.51       (0.68 )     —       —  
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                                          
2026 (Unaudited)§     28.49       0.67       1.97       2.64       (0.64 )     —       —  
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                                                  
2026 (Unaudited)§     30.12       (0.04 )     (3.19 )     (3.23 )     (0.10 )     (0.23 )     —  
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                                        
2026 (Unaudited)§     25.92       0.60       (0.54 )     0.06       (0.59 )     (0.35 )     —  
2025(5)     25.00       0.59       0.76       1.35       (0.43 )     —       —  

 

* Per share data calculated using average shares method.
** Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
† Annualized.
†† Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
§ For the period ended May 31, 2026.
(1) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(2) Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests.
(3) The Fund commenced operations on August 16, 2023.
(4) The Fund commenced operations on August 17, 2023.
(5) The Fund commenced operations on June 16, 2025.

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

 

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

50

 

 

Financial Highlights

 

 

 

 

 

Total from
Distributions ($)		   Net
Asset Value,
End of
Period ($)		   Total
Return
(%)**		   Net Assets, End of
Period ($)(000)		   Ratio of Expenses
to Average Net
Assets (%)		   Ratio of Net
Investment Income
(Loss) to Average
Net Assets (%)		   Portfolio
Turnover Rate
(%)††
                                                                                 
  (0.68 )     23.86       2.17       256,478       0.39 †(1)     5.71 †(2)      17.75  
  (1.44 )     24.03       10.44       284,728       0.39 (1)      5.81 (2)      27.99  
  (1.26 )     23.16       13.47       201,462       0.39 (1)      5.80 (2)      35.35  
  (1.03 )     21.59       5.80       126,290       0.39 (1)      5.58 (2)      35.97  
  (1.23 )     21.41       (12.26 )     98,476       0.39       4.10       51.59  
  (1.37 )     25.73       (1.60 )     136,391       0.39       3.37       70.51  
                                                     
  (0.64 )     30.49       9.52       10,365       0.75 †     4.33 †     18.38  
  (0.73 )     28.49       35.80       7,976       0.75 (1)      3.80 (2)      36.44  
  (0.90 )     21.72       (18.55 )     3,041       0.75 (1)      3.46 (2)      55.91  
  —       27.59       10.36       3,311       0.75 †(1)      4.48 †(2)     13.88  
                                                     
  (0.33 )     26.56       (10.84 )     59,768       0.75 †     (0.26 )†     16.79  
  (1.05 )     30.12       1.72       53,321       0.75       0.35       20.36  
  (0.08 )     30.69       17.16       25,782       0.76 (1)      0.28 (2)      53.06  
  —       26.27       5.08       8,407       0.76 †(1)      (0.03 )†(2)     23.87  
                                                     
  (0.94 )     25.04       0.21       175,265       0.15 †(1)      4.76 †(2)      226.96  
  (0.43 )     25.92       5.42       198,261       0.15 †     5.02 †     141.39  

 

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

51

 

 

Notes to Financial Statements

May 31, 2026 (Unaudited)

 

 

1. ORGANIZATION

 

Global X Funds (the “Trust”) is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, (the “1940 Act”), as amended, as an open-end management investment company. As of May 31, 2026, the Trust had one hundred twenty four portfolios, one hundred fifteen 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.

 

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

 

52

 

 

Notes to Financial Statements (Continued)

May 31, 2026 (Unaudited)

 

 

1. ORGANIZATION (continued)

 

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

 

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

 

2. SIGNIFICANT ACCOUNTING POLICIES

 

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

 

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

 

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

 

For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. The prices for foreign securities are reported in local 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”)

 

53

 

 

Notes to Financial Statements (Continued)

May 31, 2026 (Unaudited)

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

 

of the Adviser. Some of the more common reasons that may necessitate that a security be valued using the Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from its primary trading exchange; the security’s primary trading market is temporarily closed at a time when, under normal conditions, it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, each Fund may fair value a security if an event that may materially affect the value of a Fund’s security that traded outside of the United States (a “Significant Event”) has occurred between the time of the security’s last close and the time that each Fund calculates its net asset value (“NAV”). A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If the Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate their NAVs, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably available to the Committee. As of May 31, 2026, 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).

 

54

 

 

Notes to Financial Statements (Continued)

May 31, 2026 (Unaudited)

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

 

The three levels of the fair value hierarchy are described below:

 

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

 

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

 

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

 

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement. For details of the investment classification, reference the 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 May 31, 2026. 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.

 

55

 

 

Notes to Financial Statements (Continued)

May 31, 2026 (Unaudited)

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

 

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 period ended May 31, 2026, 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

 

56

 

 

Notes to Financial Statements (Continued)

May 31, 2026 (Unaudited)

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

 

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 period ended May 31, 2026, the Global X India Active ETF has accrued foreign capital gains tax in the amount of $129,358 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

 

57

 

 

Notes to Financial Statements (Continued)

May 31, 2026 (Unaudited)

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

 

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:

 

    Creation
Unit
Shares		   Creation
Fee		   Redemption
Fee
Global X Emerging Markets ex-China ETF     10,000     $ 800     $ 800  
Global X Emerging Markets Great Consumer ETF     10,000       1,200       1,200  
Global X Emerging Markets Bond ETF     50,000       250       250  
Global X Brazil Active ETF     10,000       250       250  
Global X India Active ETF     10,000       500       500  
Global X Investment Grade Corporate Bond ETF     50,000       250       250  

 

SEGMENT REPORTING — The Funds have adopted FASB Update 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures (“ASU 2023-07”) 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 Trust’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.

 

58

 

 

Notes to Financial Statements (Continued)

May 31, 2026 (Unaudited)

 

 

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS

 

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

 

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

 

For the Adviser’s service to the respective Funds, under a supervision and administration agreement (the “Supervision and Administration Agreement”), each Fund pays a monthly fee to the Adviser at the annual rate below (stated as a percentage of 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 period ended May 31, 2026, the Adviser paid acquired fund fees and expenses for the Global X Emerging Markets ex-China ETF and Global X Emerging Markets Bond ETF of $49,347 and $700, 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:

 

  Supervision and
Administration Fee
Global X Emerging Markets ex-China ETF 0.65%*
Global X Emerging Markets Great Consumer ETF 0.65%*

 

59

 

 

Notes to Financial Statements (Continued)

May 31, 2026 (Unaudited)

 

 

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

 

  Supervision and
Administration Fee
Global X Emerging Markets Bond ETF 0.39%
Global X Brazil Active ETF 0.75%
Global X India Active ETF 0.75%
Global X Investment Grade Corporate Bond ETF 0.14%

 

* The Board of Trustees of the Trust voted to approve lower Management Fees for the Global X Emerging Markets ex-China ETF and the Global X Emerging Markets Great Consumer ETF of 0.65% effective April 1, 2026. Prior to that, each Fund was subject to a Management Fee of 0.75%.

 

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.

 

60

 

 

Notes to Financial Statements (Continued)

May 31, 2026 (Unaudited)

 

 

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

 

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

 

The Adviser pays Mirae USA a fee (“Sub-Adviser Management Fee”) in return for providing management and operational services to the 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:

 

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

 

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:

 

  • 0.07% of the Supervision and Administration Fee paid to the Adviser for the Global X Investment Grade Corporate Bond ETF for any day that average daily net assets are greater than or equal to $100 million.
     
  • 0.00% on assets for any day that average daily net assets are less than $100 million.

 

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

 

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

 

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

 

61

 

 

Notes to Financial Statements (Continued)

May 31, 2026 (Unaudited)

 

 

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

 

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 Custodian and transfer agent 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. 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.

 

4. INVESTMENT TRANSACTIONS

 

For the period ended May 31, 2026, the purchases and sales of investments in securities excluding in-kind transactions, long-term U.S. Government, and short-term securities, were:

 

    Purchases   Sales and
Maturities
Global X Emerging Markets ex-China ETF   $ 32,485,112     $ 26,529,939  
Global X Emerging Markets Great Consumer ETF     14,648,757       27,494,099  
Global X Emerging Markets Bond ETF     43,226,881       46,310,713  
Global X Brazil Active ETF     2,213,961       1,821,951  
Global X India Active ETF     19,987,179       9,303,108  
Global X Investment Grade Corporate Bond ETF     354,589,522       363,396,541  

 

For the period ended May 31, 2026, in-kind transactions associated with creations and redemptions were:

 

    Purchases   Sales   Realized
Gain (Loss)
Global X Emerging Markets ex-China ETF   $ 24,955,984     $ 6,442,749     $ 1,307,270  
Global X Emerging Markets Great Consumer ETF     –       13,531,183       4,650,987  
Global X Emerging Markets Bond ETF     27,118,458       52,573,879       3,397,641  
Global X Brazil Active ETF     2,536,371       1,531,796       648,698  
Global X India Active ETF     3,398,498       699,131       82,606  
Global X Investment Grade Corporate Bond ETF     3,596,243       17,902,929       18,110  

 

62

 

 

Notes to Financial Statements (Continued)

May 31, 2026 (Unaudited)

 

 

4. INVESTMENT TRANSACTIONS (continued)

 

For the period ended May 31, 2026, the below funds had purchases and sales of long-term U.S. Government securities:

 

    Purchases   Sales
Global X Emerging Markets Bond ETF   $ 4,983,203     $ 3,770,605  
Global X Investment Grade Corporate Bond ETF     55,444,098       46,313,105  

 

5. TAX INFORMATION

 

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

 

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

 

Global X Funds   Ordinary
Income		     Long-Term
Capital Gain		     Return of Capital     Totals  
Global X Emerging Markets ex-China ETF                          
2025   $ 182,950     $ –     $ 6,686     $ 189,636  
2024     248,101       –       –       248,101  
Global X Emerging Markets Great Consumer ETF                        
2025   $ 861,717     $ –     $ 198,905     $ 1,060,622  
2024     2,297,470       –       –       2,297,470  
Global X Emerging Markets Bond ETF                            
2025   $ 13,801,961     $ –     $ –     $ 13,801,961  
2024     8,479,479       –       –       8,479,479  
Global X Brazil Active ETF                            
2025   $ 120,311     $ –     $ –     $ 120,311  
2024     116,138       –       –       116,138  
Global X India Active ETF                            
2025   $ 855,810     $ 26,845     $ –     $ 882,655  
2024     27,040       –       –       27,040  
Global X Investment Grade Corporate Bond ETF                        
2025   $ 3,351,800     $ –     $ –     $ 3,351,800  

 

63

 

 

Notes to Financial Statements (Continued)

May 31, 2026 (Unaudited)

 

 

5. TAX INFORMATION (continued)

 

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

 

    Global X
Emerging
Markets ex-
China ETF		   Global X
Emerging
Markets Great
Consumer ETF		   Global X
Emerging
Markets Bond
ETF		   Global X Brazil
Active ETF
Undistributed Ordinary Income   $ –     $ –     $ 1,213,038     $ 91,461  
Capital Loss Carryforwards     (10,368,806 )     (374,742,386 )     (14,251,395 )     (305,746 )
Unrealized Appreciation on Investments and Foreign Currency     3,431,474       13,233,786       10,865,723       1,379,948  
Other Temporary Differences     (25,786 )     (174,311 )     (1 )     (3 )
Total Distributable Earnings (Accumulated Losses)   $ (6,963,118 )   $ (361,682,911 )   $ (2,172,635 )   $ 1,165,660  

 

    Global X India
Active ETF		   Global X
Investment
Grade
Corporate Bond
ETF
Undistributed Ordinary Income   $ 183,044     $ 2,839,328  
Undistributed Long-Term Capital Gain     415,383       –  
Unrealized Appreciation on Investments and Foreign Currency     2,012,166       1,869,912  
Other Temporary Differences     2       (1 )
Total Distributable Earnings   $ 2,610,595     $ 4,709,239  

 

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 May 31, 2026 was as follows:

 

Global X Funds   Federal Tax
Cost		     Aggregated
Gross
Unrealized
Appreciation		     Aggregated
Gross
Unrealized
Depreciation		     Net Unrealized
Appreciation
(Depreciation)		  
Global X Emerging Markets ex-China ETF     $49,351,822       $14,871,460       $(2,346,358)       $12,525,102  
Global X Emerging Markets Great Consumer ETF     50,573,389       20,191,823       (4,901,104)       15,290,719  

 

64

 

 

 

Notes to Financial Statements (Continued)

May 31, 2026 (Unaudited)

 

 

5. TAX INFORMATION (continued)

 

Global X Funds   Federal Tax
Cost		     Aggregated
Gross
Unrealized
Appreciation		     Aggregated
Gross
Unrealized
Depreciation		     Net Unrealized
Appreciation
(Depreciation)		  
Global X Emerging Markets Bond ETF     $244,531,455       $8,781,839       $(2,775,854)       $  6,005,985  
Global X Brazil Active ETF     8,500,767       1,797,377       (155,149)       1,642,228  
Global X India Active ETF     63,856,205       1,792,902       (7,513,292)       (5,720,390)  
Global X Investment Grade Corporate Bond ETF     173,527,600       167,762       (1,073,835)       (906,073)  

 

6. CONCENTRATION OF RISKS

 

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

 

65

 

 

 

 

Notes to Financial Statements (Continued)

May 31, 2026 (Unaudited)

 

 

6. CONCENTRATION OF RISKS (continued)

 

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.

 

Global X Emerging Markets Great Consumer ETF

 

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

 

66

 

 

 

Notes to Financial Statements (Continued)

May 31, 2026 (Unaudited)

 

 

6. CONCENTRATION OF RISKS (continued)

 

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

 

67

 

 

 

Notes to Financial Statements (Continued)

May 31, 2026 (Unaudited)

 

 

6. CONCENTRATION OF RISKS (continued)

 

and/or sanctions may also impact the ability of the Funds to buy, sell or otherwise transfer securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect the trading market and price for Shares of the Funds, and cause the Funds to decline in value.

 

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

 

7. LOANS OF PORTFOLIO SECURITIES

 

Each Fund may lend portfolio securities having a market value up to one-third of its total assets. Security loans made pursuant to 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, short-term investments or U.S. Treasury obligations, and is recognized in the Schedules of Investments and Statements of Assets and Liabilities. The obligation to return securities lending collateral is also recognized as a liability in the Statements of Assets and Liabilities. It is each Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan.

 

Securities pledged as collateral for repurchase agreements held in the Funds are held by 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.

 

68

 

 

 

Notes to Financial Statements (Continued)

May 31, 2026 (Unaudited)

 

 

7. LOANS OF PORTFOLIO SECURITIES (continued)

 

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 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 May 31, 2026.

 

    Gross Amount
of Recognized
Assets (Value
of Securities on
Loan)		   Value of Cash
Collateral
Received(1)		   Value of
Non-Cash
Collateral
Received(1)		   Net Amount
Global X Emerging Markets Great Consumer ETF   $ 200,472     $ 200,472     $ —     $ —  

 

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

 

The value of loaned securities and related collateral outstanding at May 31, 2026 are shown in the Schedules of Investments. The value of the collateral held may be temporarily less than that required under the lending contract. As of May 31, 2026, 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:

 

69

 

 

 

Notes to Financial Statements (Continued)

May 31, 2026 (Unaudited)

 

 

7. LOANS OF PORTFOLIO SECURITIES (continued)

 

    Overnight
and
Continuous		   <30 Days   Between
30 & 90
Days		   >90 Days   Total
Global X Emerging Markets Great Consumer ETF                                        
Repurchase Agreements   $ 225,678     $ —     $ —     $ —     $ 225,678  
Total   $ 225,678     $ —     $ —     $ —     $ 225,678  

 

8. CONTRACTUAL OBLIGATION

 

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

 

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

 

9. MERGER

 

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

 

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

 

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

 

70

 

 

 

Notes to Financial Statements (Concluded)

May 31, 2026 (Unaudited)

 

 

9. MERGER (continued)

 

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.

 

10. RECENT ACCOUNTING PRONOUNCEMENT

 

In this reporting period, the Funds adopted FASB issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. Adoption of the new standard impacted financial statement disclosures only and did not affect any Fund’s financial position or the results of its operations.

 

11. SUBSEQUENT EVENTS

 

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

 

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