Global X Funds

Global X MSCI Colombia ETF

Ticker: COLO

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: April 30, 2026

This semi-annual shareholder report contains important information about the Global X MSCI Colombia ETF (the "Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.globalxetfs.com/funds/colo/. 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 MSCI Colombia ETF	$33	0.62%^{Footnote Reference†}

Footnote	Description
Footnote†	Annualized.

Key Fund Statistics as of April 30, 2026

Table Summary
	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$137,798,996	31	$388,565	28.07%

What did the Fund invest in?

Asset/Sector Weightings^{Footnote
Reference*}

Table Summary
Value	Value
Consumer Staples	1.4%
Real Estate	2.5%
Communication Services	3.1%
Repurchase Agreements	3.3%
Consumer Discretionary	3.5%
Industrials	3.8%
Materials	13.0%
Energy	14.6%
Utilities	18.3%
Financials	39.2%

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

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Grupo Cibest - Preferred Stock			13.7%
Ecopetrol			8.1%
Interconexion Electrica			8.1%
Grupo Cibest - Common Stock			7.3%
Grupo Energia Bogota			4.8%
Cementos Argos			4.7%
Grupo Aval Acciones y Valores			4.0%
Tecnoglass			3.8%
Parex Resources			3.8%
Grupo de Inversiones Suramericana			3.6%

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

Additional Information

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

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

GX-SA-COLO-2026

Global X Funds

Global X MSCI China Consumer Discretionary ETF

Ticker: CHIQ

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: April 30, 2026

This semi-annual shareholder report contains important information about the Global X MSCI China Consumer Discretionary ETF (the "Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.globalxetfs.com/funds/chiq. 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 MSCI China Consumer Discretionary ETF	$30	0.65%^{Footnote Reference†}

Footnote	Description
Footnote†	Annualized.

Key Fund Statistics as of April 30, 2026

Table Summary
	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$148,222,972	62	$621,419	9.32%

What did the Fund invest in?

Asset/Sector Weightings^{Footnote
Reference*}

Table Summary
Value	Value
Repurchase Agreements	1.1%
Consumer Discretionary	100.1%

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

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
PDD Holdings ADR			9.5%
Alibaba Group Holding			7.9%
Meituan, Cl B			7.9%
BYD, Cl H			7.4%
JD.com, Cl A			5.9%
Trip.com Group			5.1%
Geely Automobile Holdings			4.0%
Yum China Holdings			3.3%
NIO, Cl A			2.9%
ANTA Sports Products			2.7%

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

Additional Information

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

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

GX-SA-CHIQ-2026

Global X Funds

Global X MSCI Norway ETF

Ticker: NORW

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: April 30, 2026

This semi-annual shareholder report contains important information about the Global X MSCI Norway ETF (the "Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.globalxetfs.com/funds/norw/. 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 MSCI Norway ETF	$29	0.50%^{Footnote Reference†}

Footnote	Description
Footnote†	Annualized.

Key Fund Statistics as of April 30, 2026

Table Summary
	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$162,153,768	59	$222,869	1.78%

What did the Fund invest in?

Asset/Country Weightings^{Footnote
Reference*}

Table Summary
Value	Value
Repurchase Agreements	0.3%
Sweden	0.5%
Denmark	0.6%
South Africa	0.7%
Singapore	0.8%
Faroe Islands	1.0%
United Kingdom	3.6%
Brazil	4.0%
Norway	88.2%

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

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Equinor			13.7%
DNB Bank			11.3%
Norsk Hydro			6.4%
Kongsberg Gruppen			6.2%
Aker BP			5.2%
Mowi			4.4%
Yara International			4.0%
Orkla			3.6%
Telenor			3.6%
Storebrand			3.4%

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

Additional Information

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

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

GX-SA-NORW-2026

Global X Funds

Global X FTSE Southeast Asia ETF

Ticker: ASEA

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: April 30, 2026

This semi-annual shareholder report contains important information about the Global X FTSE Southeast Asia ETF (the "Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.globalxetfs.com/funds/asea. 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 FTSE Southeast Asia ETF	$34	0.65%^{Footnote Reference†}

Footnote	Description
Footnote†	Annualized.

Key Fund Statistics as of April 30, 2026

Table Summary
	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$94,792,676	42	$272,762	3.73%

What did the Fund invest in?

Asset/Country Weightings^{Footnote
Reference*}

Table Summary
Value	Value
Repurchase Agreement^{Footnote Reference**}	0.0%
China	0.9%
Philippines	3.5%
Indonesia	10.5%
Malaysia	15.8%
Thailand	20.1%
Singapore	48.1%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.
Footnote**	Amount is less than 0.05%.

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
DBS Group Holdings			16.6%
Oversea-Chinese Banking			9.9%
United Overseas Bank			6.1%
Delta Electronics Thailand PCL NVDR			5.0%
Singapore Telecommunications			4.6%
Malayan Banking			3.7%
Public Bank			3.1%
Bank Central Asia			2.9%
Tenaga Nasional			2.9%
CIMB Group Holdings			2.9%

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

Additional Information

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

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

GX-SA-ASEA-2026

Global X Funds

Global X MSCI Argentina ETF

Ticker: ARGT

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: April 30, 2026

This semi-annual shareholder report contains important information about the Global X MSCI Argentina ETF (the "Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.globalxetfs.com/funds/argt/. 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 MSCI Argentina ETF	$29	0.59%^{Footnote Reference†}

Footnote	Description
Footnote†	Annualized.

Key Fund Statistics as of April 30, 2026

Table Summary
	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$887,182,117	32	$2,333,987	12.97%

What did the Fund invest in?

Asset/Sector Weightings^{Footnote
Reference*}

Table Summary
Value	Value
Real Estate	1.3%
Industrials	2.4%
Communication Services	2.9%
Repurchase Agreements	6.8%
Utilities	9.7%
Consumer Staples	10.8%
Materials	13.2%
Financials	13.7%
Energy	22.1%
Consumer Discretionary	23.6%

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

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
MercadoLibre			20.4%
YPF ADR			10.0%
Vista Energy ADR			7.7%
Grupo Financiero Galicia ADR			5.6%
Pampa Energia ADR			4.6%
Transportadora de Gas del Sur ADR			4.4%
SSR Mining			4.1%
Lithium Argentina			3.9%
Banco Macro ADR			3.8%
Central Puerto ADR			3.5%

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

Additional Information

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

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

GX-SA-ARGT-2026

Global X Funds

Global X MSCI Greece ETF

Ticker: GREK

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: April 30, 2026

This semi-annual shareholder report contains important information about the Global X MSCI Greece ETF (the "Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.globalxetfs.com/funds/grek/. 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 MSCI Greece ETF	$30	0.56%^{Footnote Reference†}

Footnote	Description
Footnote†	Annualized.

Key Fund Statistics as of April 30, 2026

Table Summary
	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$255,847,618	36	$821,738	7.68%

What did the Fund invest in?

Asset/Sector Weightings^{Footnote
Reference*}

Table Summary
Value	Value
Real Estate	1.0%
Consumer Staples	1.1%
Repurchase Agreements	2.2%
Materials	4.2%
Communication Services	4.6%
Utilities	7.1%
Energy	8.4%
Consumer Discretionary	9.5%
Industrials	16.9%
Financials	46.9%

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

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
National Bank of Greece			14.9%
Eurobank			11.5%
Piraeus Bank			10.7%
Alpha Bank			6.5%
Hellenic Telecommunications Organization			4.6%
GEK TERNA			4.5%
Metlen Energy & Metals PLC			4.5%
Public Power			4.4%
Motor Oil Hellas Corinth Refineries			4.4%
JUMBO			3.8%

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

Additional Information

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

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

GX-SA-GREK-2026

Global X Funds

Global X DAX Germany ETF

Ticker: DAX

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: April 30, 2026

This semi-annual shareholder report contains important information about the Global X DAX Germany ETF (the "Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.globalxetfs.com/funds/dax/. 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 DAX Germany ETF	$10	0.20%^{Footnote Reference†}

Footnote	Description
Footnote†	Annualized.

Key Fund Statistics as of April 30, 2026

Table Summary
	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$262,411,032	41	$270,907	1.84%

What did the Fund invest in?

Asset/Country Weightings^{Footnote
Reference*}

Table Summary
Value	Value
Futures Contracts^{Footnote Reference**}	0.0%
United States	0.4%
France	6.1%
Germany	93.1%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.
Footnote**	Amount is less than 0.05%.

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets
Siemens			11.0%
SAP			8.8%
Allianz			8.7%
Siemens Energy			8.3%
Airbus			6.1%
Deutsche Telekom			5.7%
Infineon Technologies			4.4%
Muenchener Rueckversicherungs-Gesellschaft in Muenchen			3.9%
Rheinmetall			3.7%
Deutsche Bank			3.0%

Additional Information

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

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

GX-SA-DAX-2026

Global X Funds

Global X MSCI Vietnam ETF

Ticker: VNAM

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: April 30, 2026

This semi-annual shareholder report contains important information about the Global X MSCI Vietnam ETF (the "Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.globalxetfs.com/funds/vnam. 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 MSCI Vietnam ETF	$27	0.50%^{Footnote Reference†}

Footnote	Description
Footnote†	Annualized.

Key Fund Statistics as of April 30, 2026

Table Summary
	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$35,325,449	70	$74,162	14.61%

What did the Fund invest in?

Asset/Sector Weightings^{Footnote
Reference*}

Table Summary
Value	Value
Rights	0.0%
Consumer Discretionary	0.9%
Utilities	1.6%
Energy	1.8%
Information Technology	4.7%
Materials	9.0%
Industrials	9.3%
Consumer Staples	10.2%
Financials	25.5%
Real Estate	37.1%

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

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets
Vingroup JSC			24.8%
Hoa Phat Group JSC			6.8%
FPT			4.1%
Vinhomes JSC			3.8%
Masan Group			3.6%
Bank for Foreign Trade of Vietnam JSC			3.3%
SSI Securities			2.9%
Vietnam Dairy Products JSC			2.9%
VIX Securities JSC			2.7%
Saigon Thuong Tin Commercial JSB			2.6%

Additional Information

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

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

GX-SA-VNAM-2026

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

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

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

The following is a summary of the level of inputs used as of April 30, 2026, in valuing the Fund’s investments carried at value:

A list of the open futures contracts held by the Fund at April 30, 2026, is as follows:

The following is a summary of the level of inputs used as of April 30, 2026, in valuing the Fund’s investments and other financial instruments carried at value:

The following is a summary of the level of inputs used as of April 30, 2026, in valuing the Fund’s investments carried at value:

ADR — American Depositary Receipt
Cl — Class
DAX — Deutscher Aktien Index
JSB — Joint-Stock Bank
JSC — Joint-Stock Company
PCL — Public Company Limited
PLC — Public Limited Company
NVDR — Non-Voting Depositary Receipt

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 April 30, 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 MSCI Colombia ETF, Global X MSCI China Consumer Discretionary ETF, Global X MSCI Norway ETF, Global X FTSE Southeast Asia ETF, Global X MSCI Argentina ETF, Global X MSCI Greece ETF, Global X DAX Germany ETF, and Global X MSCI Vietnam ETF (each a “Fund”, and collectively, the “Funds”). Each Fund has elected non-diversified status under the 1940 Act.

On August 4, 2021, the Board of Trustees (the “Board”) of the Trust unanimously approved an Agreement and Plan of Reorganization (the “Agreement”) providing for the tax-free reorganization (the “Reorganization”) of the Global X MSCI Norway ETF (the “Acquired Fund”) with and into the Global X FTSE Nordic Region ETF (the “Acquiring Fund”), each a separate series of the Trust (together, the “Combined Fund”). The Agreement provided for: (1) the transfer of all of the assets of the Acquired Fund to the Acquiring Fund solely in exchange for (A) the issuance of the shares of beneficial interest of the Acquiring Fund (collectively, the “Acquiring Fund Shares” and each, an “Acquiring Fund Share”) to the Acquired Fund, and (B) the assumption by the Acquiring Fund of all of the liabilities of the Acquired Fund on the closing date of the Reorganization (the “Closing Date”), and (2) the distribution by the Acquired Fund, on or promptly after the Closing Date as provided in the Agreement, of the Acquiring Fund Shares to the shareholders of the Acquired Fund in complete liquidation of the Acquired Fund. Effective as of the close of business on October 29, 2021, the Acquired Fund was reorganized into the Combined Fund, and the Combined Fund was renamed the Global X MSCI Norway ETF. The Acquiring Fund is the legal surviving entity in the Reorganization, while the Acquired Fund is the accounting survivor or continuing portfolio for purposes of financial and performance history of the Combined Fund. See Note 10 in the Notes to Financial Statements.

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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could materially differ from those estimates.

RETURN OF CAPITAL ESTIMATES — Distributions received by the Funds from underlying master limited partnership (“MLP”) and real estate investment trust (“REIT”) investments generally are comprised of income and return of capital. The Funds record investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available from the MLPs, REITs and other industry sources. These estimates may subsequently be revised based on information received from the MLPs and REITs after their tax reporting periods are concluded.

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

For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. The prices for foreign securities are reported in local 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 Board. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the “valuation designee” to determine the fair value of securities and other instruments for which no readily available market quotations are available. The Fair Value Procedures are implemented through a fair value committee (the “Committee”) of the Adviser. Some of the more common reasons that may necessitate that a security be valued using the Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from its primary trading exchange; the security’s primary trading market is temporarily closed at a time when, under normal conditions, it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, the Funds may fair value a security if an event that may materially affect the value of the Funds’ security that is traded outside 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.

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

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

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

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

Level 3 – Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments, and fair value of investments for

which the Funds do not have the ability to fully redeem tranches at NAV as of the measurement date or within the near term).

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

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

DUE TO/FROM BROKERS — Due to/from brokers includes cash and collateral balances with the Funds’ clearing brokers or counterparties as of April 30, 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”), the Funds’ custodian (“Custodian”), and are designated as being held on each Fund’s behalf by the Custodian under a book-entry system. Each Fund monitors the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest.

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

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

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

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

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

As of and during the reporting period ended April 30, 2026, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense on the Statements of Operations. During the reporting period, the Funds did not incur any interest or penalties.

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

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

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.

FOREIGN CURRENCY CONTRACTS — To the extent consistent with its investment policies, each Fund may invest in forward foreign currency exchange contracts and foreign currency futures contracts. No Fund, however, expects to engage in currency transactions for speculative purposes or for the purpose of hedging against declines in the value of a Fund’s assets that are denominated in a foreign currency. A Fund may enter into forward foreign currency exchange contracts and foreign currency futures contracts to facilitate local settlements or to protect against currency exposure in connection with its distributions to shareholders. Foreign currency exchange contracts involve an obligation to purchase or sell a specified currency on a future date at a price set at the time of the contract. Forward currency contracts do not eliminate fluctuations in the values of portfolio securities but rather allow a Fund to establish a rate of exchange for a future point in time. Foreign currency futures contracts involve an obligation to deliver or acquire the specified amount of a specific currency, at a specified price and at a specified future time. Such futures contracts may be settled on a net cash payment basis rather than by the sale and delivery of the underlying currency. A Fund may incur costs in connection with forward foreign currency exchange and futures contracts and conversions of foreign currencies and U.S. dollars. The net realized gain or loss on forward foreign currency contracts is reflected in the Statements of Operations and the net unrealized gains (losses) are included as a component of the net change in unrealized appreciation (depreciation) on forward foreign currency contracts in the Statements of Operations. As of April 30, 2026, there were no foreign currency exchange contracts and foreign currency futures contracts held by the Funds.

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

difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.

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

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

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to the Funds’ Schedule of Investments for details regarding open futures contracts as of April 30, 2026, if applicable.

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

CASH OVERDRAFT CHARGES — Per the terms of an agreement with BNY, if a Fund for which BNY is Custodian has a cash overdraft, it will be charged interest at a rate then charged by BNY to its institutional custody clients in the relevant currency. Cash overdraft charges are included in Custodian Fees 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 net asset value (“NAV”) and only in large blocks of 10,000 Shares, referred to as “Creation Units”. Purchasers of Creation Units (each, an “Authorized Participant”) at NAV must pay a standard creation transaction fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an Authorized Participant on the same day. An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard redemption fee per transaction to the Funds’ Custodian on the date of such redemption, regardless of the number of Creation Units redeemed that day.

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

SEGMENT REPORTING – The Funds have adopted FASB 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.

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

The Adviser serves as the investment adviser and the administrator for the Funds. Subject to the supervision of the Board, the Adviser is responsible for managing the investment activities of the Funds and the Funds’ business affairs and other administrative matters and, provides or causes to be furnished, all supervisory, administrative and other services reasonably necessary for the operation of the Funds, including certain distribution services (provided pursuant to a separate distribution agreement), certain shareholder and

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

For the Adviser’s service to the respective Funds, under a supervision and administration agreement (the “Supervision and Administration Agreement”), each Fund pays a monthly fee to the Adviser at the annual rate below (stated as a percentage of the average daily net assets of the Fund) (the “Supervision and Administrative 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, and other transaction expenses, interest expenses, acquired fund fees and extraordinary expenses (such as litigation and indemnification expenses).

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

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

SEI Investments Distribution Co. (“SIDCO”) serves as the Funds’ underwriter and distributor of Creation Units pursuant to a distribution agreement (the “Distribution

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

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

For the period ended April 30, 2026, the purchases and sales of investments in securities, excluding in-kind transactions, long-term U.S. Government and short-term securities were:

During the period ended April 30, 2026, there were no purchases or sales of long-term U.S. Government securities for the Funds.

For the period ended April 30, 2026, in-kind transactions associated with creations and redemptions were:

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

The following tables show the fair value of the derivative financial instruments and the location in the Statements of Assets and Liabilities categorized by underlying risk exposure as of April 30, 2026.

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

The effect of derivative instruments on the Statements of Operations for the period ended April 30, 2026:

Amount of realized gain (loss) on derivatives reported within the income section of Statements of Operations:

Change in unrealized appreciation (depreciation) on derivatives reported within the income section of Statements of Operations:

The following table discloses the average monthly balances of the Funds’ futures activity during the period ended April 30, 2026:

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 permanent differences are primarily attributable to redemptions in-kind and sales and mark to market of passive foreign investment companies.

The tax character of dividends and distributions declared during the periods ended October 31, 2025 and 2024 were as follows:

As of October 31, 2025, the components of tax basis distributable earnings (accumulated losses) were as follows:

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 April 30, 2026 were as follows:

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

The securities markets of emerging market countries are less liquid, 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 issuers and securities markets in the United States. 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.

The Funds may be subject to taxes imposed by countries in which they invest. 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.

The Adviser uses an indexing approach in seeking to achieve each Fund’s investment objective. The Funds use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of an underlying index (also known as a secondary index) in approximately the same proportions as the underlying index. A representative sampling strategy is an indexing strategy that involves investing in a representative sample of securities (including indirect investments through underlying ETFs) that collectively has an investment profile similar to an underlying index in terms of key risk factors, performance attributes and other characteristics. Each Fund may utilize a representative sampling strategy with respect to its underlying index when a replication strategy might be detrimental to its shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to follow its underlying index, or, in certain instances, when securities in the underlying index become temporarily illiquid, unavailable or less liquid, or due to legal restrictions (such as diversification requirements that apply to a Fund but not its underlying index).

Certain Funds may invest in commodity related securities, which are susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets could have a great impact on those securities.

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

Special Risk Considerations of Investing in China – Variable Interest Entity Investments. For purposes of raising capital offshore on exchanges outside of China, including on U.S. exchanges, many Chinese-based operating companies are structured as Variable Interest Entities (“VIEs”). In this structure, the Chinese-based operating company is the VIE and establishes a shell company in a foreign jurisdiction, such as the Cayman Islands. The shell company lists on a foreign exchange and enters into contractual arrangements with the VIE. This structure allows Chinese companies in which the Chinese government restricts foreign ownership to raise capital from foreign investors. While the shell company has no equity ownership of the VIE, these contractual arrangements permit the shell company to consolidate the VIE’s financial statements with its own for accounting purposes and provide for economic exposure to the performance of the underlying Chinese operating company. Therefore, an investor in the listed shell company, such as certain of the Funds, will have exposure to the Chinese-based operating company only through contractual arrangements and has no ownership in the Chinese-based operating company. Furthermore, because the shell company only has specific rights provided for in these service agreements with the VIE, its abilities to control the activities at the Chinese-based operating company are limited and the operating company may engage in activities that negatively impact investment value. While the VIE structure has been widely adopted, it is not formally recognized under Chinese law and therefore there is a risk that the Chinese government could prohibit the existence of such structures or negatively impact the VIE’s contractual arrangements with the listed shell company by declaring them invalid. If these contracts were found to be unenforceable under Chinese law, investors in the listed shell company, such as a Fund, may suffer significant losses with little or no recourse available. If the Chinese government determines that the agreements establishing the VIE structures do not comply with Chinese law and regulations, including those related to restrictions on foreign ownership, it could subject a Chinese-based issuer to penalties, revocation of business and operating licenses, or forfeiture of ownership interest. In addition, the listed shell company’s control over a VIE may also be jeopardized if a natural person who holds the equity interest

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

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

Also, if an affected security is included in a Fund’s underlying index, such Fund may, where practicable, seek to eliminate its holdings of the affected security by employing or augmenting its representative sampling strategy to seek to track the investment results of the underlying index. The use of (or increased use of) a representative sampling strategy may increase such Fund’s tracking error risk. Actions barring some or all transactions with a specific company will likely have a substantial, negative impact on the value of such company’s securities. These sanctions may also lead to changes in a Fund’s underlying index. A Fund’s index provider may remove securities from the underlying index or implement caps on the securities of certain issuers that have been subject to recent economic sanctions. In such an event, it is expected that a Fund will rebalance its portfolio to bring it in line with its respective underlying index as a result of any such changes, which may result in transaction costs and increased tracking error.

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

Each Fund may lend portfolio securities having a market value up to one-third of its total assets. Security loans made pursuant to securities lending agreements with BNY are initially required to be secured by collateral equal to at least 102% of the value of domestic equity securities and American Depositary Receipts (“ADRs”) and 105% of the value of foreign equity securities (other than ADRs). Such collateral received in connection with these loans will be cash and can be invested in repurchase agreements, short-term investments or U.S. Treasury obligations, and is recognized in the Schedules of Investments and Statements

of Assets and Liabilities. The obligation to return securities lending collateral is also recognized as a liability in the Statements of Assets and Liabilities. It is each Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan.

Securities pledged as collateral for repurchase agreements held in Global X MSCI Colombia ETF, Global X MSCI China Consumer Discretionary ETF, Global X MSCI Norway ETF, Global X FTSE Southeast Asia ETF, Global X MSCI Argentina ETF, and Global X MSCI Greece ETF are held by BNY and are designated as being held on the 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 Fund is prevented from exercising its rights to dispose of the underlying securities received as collateral and the risk of a possible decline in the value of the underlying securities during the period. For financial statement purposes, the Funds record the securities lending collateral (including in repurchase agreements, at value or restricted cash) as an asset and the obligation to return securities lending collateral as a liability- on the Statements of Assets and Liabilities.

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

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

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

The following is a summary of securities on loan held by the Funds, with cash collateral of overnight maturities and non-cash collateral, which would be subject to offset as of April 30, 2026.

The value of loaned securities and related collateral outstanding at April 30, 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 April 30, 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:

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

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

Effective October 29, 2021, the Global X FTSE Nordic Region ETF (the “Acquiring Fund”) acquired all of the assets and assumed all of the liabilities of the Global X MSCI Norway ETF (the “Acquired Fund”) pursuant to a Plan of Reorganization approved by the Board of Directors on August 4, 2021. Effective as of the close of business on October 29, 2021, the Acquired Fund was reorganized into the Acquiring Fund, each a separate series of the Trust (together, the “Combined Fund”) and the Combined Fund was renamed Global X MSCI Norway ETF. The Acquiring Fund is the legal surviving entity in the Reorganization, while the Acquired Fund is the accounting survivor or continuing portfolio for purposes of financial and performance history of the Combined Fund.

3,980,000 shares of the Acquired Fund, with net assets of $60,723,560 and including $673,023 of net unrealized depreciation for 1,896,973 shares of the Acquiring Fund with net assets of $43,214,538. For every 1 share of the Acquired Fund, shareholders received 0.4766 shares of the Acquiring Fund. Immediately following the acquisition, the Combined Fund held 3,246,971 shares with net assets of $103,938,098.

Assuming that the reorganization had been completed on November 1, 2020, the Acquiring Fund’s pro forma results of operations for the year ended October 31, 2021 would have been as follows:

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 Funds’ financial position or the results of its operations.

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.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

There were no matters submitted to a vote of shareholders during the period covered by this report.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

(1) No remuneration was paid by the company during the period covered by the report to any Trustees on the company’s Board of Trustees for regular compensation.

(2) No remuneration was paid by the company during the period covered by the report to any Trustees on the company’s Board of Trustees for special compensation.

(3) No remuneration was paid by the company during the period covered by the report to any Officers of the company.

(4) No remuneration was paid by the company during the period covered by the report to any Officer or Trustee of the company who is an affiliated person.

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

Section 15(c) of the Investment Company Act of 1940, as amended (“1940 Act”), requires that the board of trustees of an exchange-traded fund (“ETF”), including a majority of those trustees who are not “interested persons” of the ETF, as defined in the 1940 Act (“Independent Trustees”), consider on an initial basis and periodically thereafter (as required by the 1940 Act), at an in person meeting called for such purpose, the terms of each ETF’s investment advisory agreement and whether to approve entering into, or renewing, each agreement.

At a Board meeting of the Global X Funds (the “Trust”) held on November 20, 2025 (the “November Board Meeting”), called for such purpose, the Board of Trustees (the “Board”) (including the Trust’s Independent Trustees, voting separately) considered and unanimously approved the continuation of (i) the Investment Advisory Agreement (“Renewal Investment Advisory Agreement”) for each Fund included in this Form N-CSR (each, a “Renewal Fund” and together, the “Renewal Funds”); and (ii) the Supervision and Administration Agreement (“Renewal Supervision and Administration Agreement”) between the Trust, on behalf of each Renewal Fund, and Global X Management Company LLC (“Global X Management”). The Renewal Investment Advisory Agreement and the Renewal Supervision and Administration Agreement are referred to herein as the “Renewal Agreements.”

In advance of the November Board Meeting, the Board (including the Trust’s Independent Trustees) and the Independent Trustees’ independent legal counsel requested (in writing) detailed information from Global X Management in connection with the Board’s consideration of the Renewal Agreements and received and reviewed written responses from Global X Management, as well as supporting materials relating to those requests for information. In the course of their consideration of the Renewal Agreements, the Trust’s Independent Trustees were advised by their independent legal counsel and, in addition to meetings with management of Global X Management, the Independent Trustees met separately in executive sessions with their counsel.

In determining to approve the continuation of the Renewal Agreements for each Renewal Fund, the Board considered a variety of factors, including the factors discussed in greater detail below.

The Board considered the nature, extent and quality of all of the services (including advisory, administrative and compliance services) that have been provided by Global X Management or made available to the Renewal Funds. With respect to this factor, the Board considered:

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Renewal Funds by Global X Management.

The Board considered the performance of each Renewal Fund. They examined the performance of the Renewal Funds for the one-, three-, and five-year or since-inception periods, as applicable. Also, the Board considered the total return and investment performance of the Renewal Funds relative to (i) the performance of unaffiliated comparable ETFs and/ or other registered funds, which performance information is publicly available from such registered funds, as well as other third-party sources; and (ii) the performance of pertinent indexes. The Board considered instances of underperformance and overperformance with respect to the competitor funds. Specifically, the Board considered:

Based on these considerations and comparisons, the Board concluded that the investment performance of the Renewal Funds did not adversely affect the Board’s approval of the continuance of the Renewal Agreements.

The Board considered Global X Management’s cost to provide investment management, supervision and administrative and related services to the Renewal Funds. In this regard, the Board considered the management fee (“Management Fee”) that has been borne or is expected to be borne by the Renewal Funds under the Renewal Agreements for the various investment advisory, supervisory and administrative services that the Renewal Funds require under a unitary fee structure (including the types of fees and expenses that are not included within the unitary fee and would be borne by the Renewal Funds).

In addition, the Board considered expected profitability to Global X Management, as applicable, from all services provided or expected to be provided to the Renewal Funds and all aspects of Global X Management’s relationship with the Renewal Funds. In connection with these considerations, Global X Management provided the Board with financial information regarding its operations and the services provided to the Renewal Funds and discussed with the Board its current and expected profitability, as applicable, with respect to the Renewal Funds.

Based on these considerations, the Board concluded that the Management Fee rate paid by the Renewal Funds to Global X Management, in light of the nature, extent and quality of the services provided, was reasonable and in the best interests of each Renewal Fund’s shareholders.

The Board considered fees charged to the Renewal Funds for advisory services. With respect to this factor, the Board considered:

Based on these considerations, the Board concluded that the services received and the fees charged under the Renewal Agreements were reasonable on a comparative basis.

The Board considered the existence of any economies of scale and the extent to which economies of scale would be realized as the Renewal Funds grow and whether the unitary Management Fee for the Renewal Funds reflected these economies of scale. With respect to this factor, the Board also considered:

Based on these considerations, the Board concluded that the unitary Management Fee for the Renewal Funds appropriately addressed economies of scale.

In considering the Renewal Agreements, in addition to the factors above, the Board considered any other benefits realized by Global X Management as a result of its relationships with the Renewal Funds.

After full consideration of the factors above, as well as other factors that were instructive in its consideration, the Board, including all of the Trust’s Independent Trustees voting separately, concluded, in the exercise of its business judgement, that the Renewal Agreements were fair and reasonable and in the best interest of each Renewal Fund.

In reaching this decision, the Board did not assign relative weights to the factors above nor did the Board deem any one factor or group of them to be controlling in and of themselves. Each member of the Board may have assigned different weights to the various factors.

605 Third Avenue, 43rd floor
New York, NY 10158
1-888-493-8631
www.globalxetfs.com

Investment Adviser and Administrator:
Global X Management Company LLC
605 Third Avenue, 43rd floor
New York, NY 10158

Distributor:
SEI Investments Distribution Co.
One Freedom Valley Drive
Oaks, PA 19456

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

PricewaterhouseCoopers LLP
Two Commerce Square
Suite 1800
2001 Market Street
Philadelphia, PA 19103

This information must be preceded or accompanied by a current prospectus for the Funds described.

	Shares		Value
COMMON STOCK — 73.4%
CANADA — 5.9%
Energy — 3.8%
Parex Resources		245,467	$	5,161,462

Utilities — 2.1%
Brookfield Renewable ^(A)		81,438		2,949,741

TOTAL CANADA				8,111,203
CHILE — 2.2%
Consumer Discretionary — 2.2%
Empresas Copec		433,122		3,023,137

COLOMBIA — 58.4%
Consumer Discretionary — 1.3%
Organizacion Terpel		367,666		1,790,721

Consumer Staples — 1.4%
Almacenes Exito		1,660,496		1,921,230

Energy — 10.8%
Ecopetrol		15,594,618		11,169,668
Geopark ^(A)		380,063		3,679,010
				14,848,678
Financials — 14.7%
Banco de Bogota		202,833		2,121,080
Financiera Colombiana ^*		742,073		3,168,622
Grupo Cibest		483,863		10,055,792
Grupo de Inversiones Suramericana		349,792		4,939,473
				20,284,967
Materials — 11.5%
Aris Mining ^*		199,455		3,557,981
Cementos Argos		1,969,917		6,457,837
Grupo Argos		863,712		3,759,397
Mineros		554,590		2,077,797
				15,853,012

	Shares		Value
COMMON STOCK — continued
Real Estate — 2.5%
Patrimonio Autonomo Estrategias Inmobiliarias ‡		200,869	$	3,375,475

Utilities — 16.2%
Celsia		3,310,977		4,551,441
Grupo Energia Bogota		7,958,436		6,675,860
Interconexion Electrica		1,437,283		11,141,882
				22,369,183
TOTAL COLOMBIA				80,443,266
GUATEMALA — 3.1%
Communication Services — 3.1%
Millicom International Cellular		50,824		4,313,941

UNITED STATES — 3.8%
Industrials — 3.8%
Tecnoglass		121,153		5,219,271

TOTAL COMMON STOCK (Cost $76,560,583)				101,110,818

PREFERRED STOCK — 26.0%
COLOMBIA—26.0%
Financials — 24.5%
Davivienda Group ^(B)		634,046		4,555,337
Grupo Aval Acciones y Valores ^(B)		24,889,689		5,519,599
Grupo Cibest ^(B)		1,100,857		18,941,967
Grupo de Inversiones Suramericana ^(B)		427,029		4,762,007
				33,778,910
Materials — 1.5%
Grupo Argos ^(B)		624,787		2,096,387
TOTAL COLOMBIA				35,875,297
TOTAL PREFERRED STOCK (Cost $22,441,863)				35,875,297

	Face Amount		Value
REPURCHASE AGREEMENTS^(C)— 3.3%
Citadel Securities LLC 3.710%, dated 04/30/2026, to be repurchased on 05/01/2026, repurchase price $1,068,483 (collateralized by various U.S. Treasury Obligations, ranging in par value $73 - $92,737, 0.000% - 6.750%, 05/15/2026 - 02/15/2056, with a total market value of $1,086,701)	$	1,068,373	$	1,068,373
Citigroup Global Markets, Inc. 3.640%, dated 04/30/2026, to be repurchased on 05/01/2026, repurchase price $272,805 (collateralized by various U.S. Treasury Obligations, ranging in par value $11,507 - $268,606, 1.250% - 3.500%, 06/30/2028 - 02/15/2029, with a total market value of $276,263)		272,777		272,777
Daiwa Capital Markets America, Inc. 3.650%, dated 04/30/2026, to be repurchased on 05/01/2026, repurchase price $1,068,481 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $283 - $445,342, 0.500% - 6.500%, 05/12/2027 - 05/01/2056, with a total market value of $1,085,432)		1,068,373		1,068,373
Deutsche Bank Securities, Inc. 3.640%, dated 04/30/2026, to be repurchased on 05/01/2026, repurchase price $1,068,481 (collateralized by various U.S. Treasury Obligations, ranging in par value $167,100 - $1,160,823, 3.000% - 3.250%, 05/15/2042 - 02/15/2048, with a total market value of $1,071,416)		1,068,373		1,068,373

Financial Statements (Form N-CSRS Item 7)
Schedules of Investments
Global X MSCI Colombia ETF	1
Global X MSCI China Consumer Discretionary ETF	5
Global X MSCI Norway ETF	9
Global X FTSE Southeast Asia ETF	14
Global X MSCI Argentina ETF	18
Global X MSCI Greece ETF	23
Global X DAX Germany ETF	27
Global X MSCI Vietnam ETF	31
Glossary	35
Statements of Assets and Liabilities	36
Statements of Operations	39
Statements of Changes in Net Assets	42
Financial Highlights	47
Notes to Financial Statements	53
Other Information (Form N-CSRS Items 8-11)	74

Schedule of Investments	April 30, 2026 (Unaudited)
Global X MSCI Colombia ETF

	Face Amount		Value
REPURCHASE AGREEMENTS^(C)— continued
RBC Dominion Securities, Inc. 3.630%, dated 04/30/2026, to be repurchased on 05/01/2026, repurchase price $1,068,481 (collateralized by various U.S. Treasury Obligations, ranging in par value $1,046 - $602,570, 0.000% - 4.625%, 05/31/2027 - 02/15/2051, with a total market value of $1,089,607)	$	1,068,373	$	1,068,373
TOTAL REPURCHASE AGREEMENTS (Cost $4,546,269)				4,546,269
TOTAL INVESTMENTS — 102.7% (Cost $103,548,715)			$	141,532,384

*	Non-income producing security.
‡	Real Estate Investment Trust
(A)	This security or a partial position of this security is on loan at April 30, 2026. The total market value of securities on loan at April 30, 2026 was $4,473,470.
(B)	There is currently no stated interest rate.
(C)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2026 was $4,546,269. The total value of non-cash collateral held from securities on loan as of April 30, 2026 was $0.

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	101,110,818	$	—	$	—	$	101,110,818
Preferred Stock		35,875,297		—		—		35,875,297
Repurchase Agreements		—		4,546,269		—		4,546,269
Total Investments in Securities	$	136,986,115	$	4,546,269	$	—	$	141,532,384

	Shares		Value
COMMON STOCK — 100.1%
CHINA — 100.1%
Consumer Discretionary — 100.1%
Alibaba Group Holding		725,656	$	11,671,633
Anhui Jianghuai Automobile Group, Cl A ^*		106,600		738,610
ANTA Sports Products		379,696		3,933,280
BAIC BluePark New Energy Technology, Cl A ^*		309,100		321,661
Beijing Roborock Technology, Cl A		12,569		213,029
Bosideng International Holdings		3,430,500		1,865,509
BYD, Cl A		144,446		2,177,150
BYD, Cl H		839,440		10,983,577
CCOOP Group, Cl A ^*		875,700		224,297
Changzhou Xingyu Automotive Lighting Systems, Cl A		14,130		256,610
China Tourism Group Duty Free, Cl A		95,150		913,850
Chongqing Afari Technology, Cl A ^*		219,300		360,453
Chongqing Changan Automobile, Cl A		401,808		560,456
Chow Tai Fook Jewellery Group ^(A)		1,240,100		1,682,753
Ecovacs Robotics, Cl A		28,650		273,235
Fuyao Glass Industry Group, Cl A		97,614		841,078
Fuyao Glass Industry Group, Cl H		310,000		2,354,556
Geely Automobile Holdings		2,022,400		5,911,978
Great Wall Motor, Cl H		1,255,197		1,858,661
Gree Electric Appliances of Zhuhai, Cl A		135,600		794,863
Guangzhou Automobile Group, Cl A		298,500		307,135
H World Group ADR		68,732		3,549,321
Haidilao International Holding ^(A)		1,039,700		1,905,868
Haier Smart Home, Cl A		303,419		956,129
Haier Smart Home, Cl H		909,460		2,544,805
Hesai Group, Cl B ^*(A)		40,940		904,116
Huayu Automotive Systems, Cl A		152,980		417,807
Huizhou Desay Sv Automotive, Cl A		29,500		445,025
JD.com, Cl A		593,404		8,809,687
Laopu Gold, Cl H ^(A)		21,220		1,495,253
Li Auto, Cl A ^*		381,636		3,290,826
Li Ning		1,025,300		2,646,442
Meituan, Cl B ^*		1,095,500		11,641,982
Midea Group, Cl A		169,000		2,006,030
Midea Group, Cl H		198,500		2,272,915
MINISO Group Holding		334,000		1,207,452

	Face Amount		Value
REPURCHASE AGREEMENTS^(B)— continued
Citigroup Global Markets, Inc. 3.640%, dated 04/30/2026, to be repurchased on 05/01/2026, repurchase price $98,304 (collateralized by various U.S. Treasury Obligations, ranging in par value $4,146 - $96,791, 1.250% - 3.500%, 06/30/2028 - 02/15/2029, with a total market value of $99,550)	$	98,294	$	98,294
Daiwa Capital Markets America, Inc. 3.650%, dated 04/30/2026, to be repurchased on 05/01/2026, repurchase price $385,009 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $102 - $160,471, 0.500% - 6.500%, 05/12/2027 - 05/01/2056, with a total market value of $391,117)		384,970		384,970
Deutsche Bank Securities, Inc. 3.640%, dated 04/30/2026, to be repurchased on 05/01/2026, repurchase price $385,009 (collateralized by various U.S. Treasury Obligations, ranging in par value $60,212 - $418,283, 3.000% - 3.250%, 05/15/2042 - 02/15/2048, with a total market value of $386,067)		384,970		384,970
RBC Dominion Securities, Inc. 3.630%, dated 04/30/2026, to be repurchased on 05/01/2026, repurchase price $385,009 (collateralized by various U.S. Treasury Obligations, ranging in par value $377 - $217,126, 0.000% - 4.625%, 05/31/2027 - 02/15/2051, with a total market value of $392,621)		384,970		384,970
TOTAL REPURCHASE AGREEMENTS (Cost $1,638,174)				1,638,174
TOTAL INVESTMENTS — 101.2% (Cost $193,790,217)			$	149,952,880

	Shares		Value
COMMON STOCK — 99.4%
BRAZIL — 4.0%
Materials — 4.0%
Yara International		113,002	$	6,547,425

DENMARK — 0.6%
Industrials — 0.6%
Cadeler ^*		153,084		1,053,187

FAROE ISLANDS — 1.0%
Consumer Staples — 1.0%
Bakkafrost		34,054		1,691,242

NORWAY — 88.2%
Communication Services — 5.6%
Telenor		355,136		5,821,839
Vend Marketplaces, Cl B		115,873		3,173,784
				8,995,623
Consumer Discretionary — 0.7%
Europris		105,894		1,076,857

Consumer Staples — 10.6%
Austevoll Seafood		60,946		611,910
Leroy Seafood Group		179,513		876,859
Mowi		323,071		7,133,359
Orkla		478,736		5,877,029
Salmar		46,024		2,765,616
				17,264,773
Energy — 25.6%
Aker BP		215,089		8,337,572
Aker Solutions		198,965		901,722
BLUENORD		16,048		1,016,089
BW Offshore		62,408		352,876
DNO		295,666		630,260
DOF Group		99,586		1,470,892
Equinor		557,038		22,263,316
Frontline PLC		98,448		3,566,420
Odfjell Drilling		80,574		860,948

	Face Amount		Value
REPURCHASE AGREEMENTS^(B)— 0.3%
Citadel Securities LLC 3.710%, dated 04/30/2026, to be repurchased on 05/01/2026, repurchase price $134,014 (collateralized by various U.S. Treasury Obligations, ranging in par value $9 - $11,631, 0.000% - 6.750%, 05/15/2026 - 02/15/2056, with a total market value of $136,299)	$	134,000	$	134,000
Daiwa Capital Markets America, Inc. 3.650%, dated 04/30/2026, to be repurchased on 05/01/2026, repurchase price $249,025 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $66 - $103,793, 0.500% - 6.500%, 05/12/2027 - 05/01/2056, with a total market value of $252,976)		249,000		249,000
Deutsche Bank Securities, Inc. 3.640%, dated 04/30/2026, to be repurchased on 05/01/2026, repurchase price $25,510 (collateralized by various U.S. Treasury Obligations, ranging in par value $3,989 - $27,714, 3.000% - 3.250%, 05/15/2042 - 02/15/2048, with a total market value of $25,580)		25,507		25,507
TOTAL REPURCHASE AGREEMENTS (Cost $408,507)				408,507
TOTAL INVESTMENTS — 99.7% (Cost $153,563,195)			$	161,737,110

Percentages are based on Net Assets of $162,153,768.

	Shares		Value
COMMON STOCK — 98.9%
CHINA — 0.9%
Consumer Staples — 0.9%
Wilmar International		290,532	$	823,541

INDONESIA — 10.5%
Communication Services — 1.3%
Telkom Indonesia Persero		7,359,775		1,194,741

Financials — 7.4%
Bank Central Asia		8,225,539		2,779,862
Bank Mandiri Persero		7,378,568		1,871,283
Bank Negara Indonesia Persero		1,960,492		421,319
Bank Rakyat Indonesia Persero		11,049,384		1,908,588
				6,981,052
Industrials — 1.2%
Astra International		3,432,355		1,184,767

Materials — 0.6%
Amman Mineral Internasional ^*		2,055,400		605,577

TOTAL INDONESIA				9,966,137
MALAYSIA — 15.8%
Financials — 10.3%
CIMB Group Holdings		1,400,645		2,701,483
Hong Leong Bank		103,300		578,990
Malayan Banking		1,268,439		3,538,790
Public Bank		2,452,055		2,889,492
				9,708,755
Health Care — 1.2%
IHH Healthcare		518,197		1,150,824

Materials — 1.4%
Press Metal Aluminium Holdings		626,226		1,360,778

	Face Amount		Value
REPURCHASE AGREEMENT^(A)— 0.0%
Citadel Securities LLC 3.710%, dated 04/30/2026, to be repurchased on 05/01/2026, repurchase price $1 (collateralized by various U.S. Treasury Obligations, ranging in par value $0 - $0, 0.000% - 6.750%, 05/15/2026 - 02/15/2056, with a total market value of $1) (Cost $1)	$	1	$	1
TOTAL INVESTMENTS — 98.9% (Cost $77,948,983)			$	93,782,228

Percentages are based on Net Assets of $94,792,676.

	Shares		Value
COMMON STOCK — 96.4%
ARGENTINA — 55.2%
Communication Services — 2.9%
Telecom Argentina ADR		2,153,034	$	25,707,226

Consumer Staples — 1.3%
Cresud SACIF y A ADR		1,050,718		11,820,577

Energy — 22.1%
Transportadora de Gas del Sur ADR		1,288,049		39,298,375
Vista Energy ADR ^*		918,276		68,246,272
YPF ADR ^*(A)		1,962,149		88,610,649
				196,155,296
Financials — 13.7%
Banco BBVA Argentina ADR ^(A)		1,776,607		25,334,416
Banco Macro ADR ^(A)		467,913		33,689,736
Grupo Financiero Galicia ADR ^(A)		1,201,257		49,659,964
Grupo Supervielle ADR ^(A)		1,522,365		12,529,064
				121,213,180
Industrials — 2.4%
Corp America Airports ^*		836,057		20,859,622

Materials — 1.8%
Bioceres Crop Solutions ^*		1,184,973		553,501
Loma Negra Cia Industrial Argentina ADR ^*(A)		1,422,156		15,700,602
				16,254,103
Real Estate — 1.3%
IRSA Inversiones y Representaciones ADR		835,874		11,677,160

Utilities — 9.7%
Central Puerto ADR ^*		2,216,410		31,273,545
Empresa Distribuidora Y Comercializadora Norte ADR ^*(A)		555,768		13,921,989
Pampa Energia ADR ^*(A)		495,460		41,058,770
				86,254,304
TOTAL ARGENTINA				489,941,468

	Face Amount		Value
REPURCHASE AGREEMENTS^(C)— 6.8%
Cantor Fitzgerald Securities 3.660%, dated 04/30/2026, to be repurchased on 05/01/2026, repurchase price $369,095 (collateralized by various U.S. Government Obligations, ranging in par value $291 - $70,143, 2.000% - 6.809%, 04/01/2033 - 09/20/2075, with a total market value of $374,886)	$	369,057	$	369,057
Citigroup Global Markets, Inc. 3.650%, dated 04/30/2026, to be repurchased on 05/01/2026, repurchase price $14,118,925 (collateralized by various U.S. Government Obligations, ranging in par value $20,278 - $6,260,638, 3.500% - 6.050%, 04/09/2027 - 12/15/2060, with a total market value of $14,352,463)		14,117,494		14,117,494
Daiwa Capital Markets America, Inc. 3.650%, dated 04/30/2026, to be repurchased on 05/01/2026, repurchase price $14,118,925 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $3,733 - $5,884,749, 0.500% - 6.500%, 05/12/2027 - 05/01/2056, with a total market value of $14,342,911)		14,117,494		14,117,494
JP Morgan Securities LLC 3.650%, dated 04/30/2026, to be repurchased on 05/01/2026, repurchase price $3,027,774 (collateralized by various U.S. Government Obligations, ranging in par value $3,330 - $975,176, 3.500% - 7.000%, 08/01/2040 - 05/01/2056, with a total market value of $3,073,795)		3,027,467		3,027,467
Nomura Securities International, Inc. 3.650%, dated 04/30/2026, to be repurchased on 05/01/2026, repurchase price $14,118,925 (collateralized by various U.S. Government Obligations, ranging in par value $7,652 - $2,392,322, 2.500% - 6.500%, 09/01/2028 - 09/01/2062, with a total market value of $14,337,209)		14,117,494		14,117,494

	Shares		Value
COMMON STOCK — 99.7%
BELGIUM — 3.2%
Industrials — 2.2%
Cenergy Holdings		197,552	$	5,524,634

Materials — 1.0%
Viohalco		155,379		2,679,325

TOTAL BELGIUM				8,203,959
GREECE — 93.3%
Communication Services — 4.6%
Hellenic Telecommunications Organization		545,573		11,628,497

Consumer Discretionary — 9.5%
Allwyn		583,835		8,286,885
Autohellas Tourist and Trading		167,240		2,118,750
Ballys Intralot ^*(A)		3,174,513		4,148,376
FF Group ^*(B)		452,712		5
FF Group ADR ^*(B)		198,300		2
JUMBO		360,204		9,819,751
				24,373,769
Consumer Staples — 1.1%
Sarantis ^(A)		171,798		2,881,841

Energy — 8.4%
HELLENiQ ENERGY Holdings		443,476		5,116,351
Motor Oil Hellas Corinth Refineries		251,151		11,195,263
Tsakos Energy Navigation		128,878		5,242,757
				21,554,371
Financials — 46.9%
Alpha Bank		4,191,681		16,717,947
Eurobank		6,821,880		29,448,806
Euronext Athens Holding		97,433		805,770
National Bank of Greece		2,416,309		38,052,445
Optima bank		748,008		7,774,201
Piraeus Bank		2,922,585		27,255,244
				120,054,413

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2026. The total market value of securities on loan at April 30, 2026 was $5,396,373.
(B)	Level 3 security in accordance with fair value hierarchy.
(C)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2026 was $5,634,301. The total value of non-cash collateral held from securities on loan as of April 30, 2026 was $0.


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

	Shares		Value
COMMON STOCK — 97.7%
FRANCE — 6.1%
Industrials — 6.1%
Airbus		77,868	$	15,970,394

GERMANY — 91.2%
Communication Services — 6.0%
Deutsche Telekom		464,453		15,020,844
Scout24		9,699		807,795
				15,828,639
Consumer Discretionary — 5.7%
adidas		23,820		4,118,651
Bayerische Motoren Werke		36,995		3,381,487
Continental		14,292		1,075,991
Mercedes-Benz Group		95,262		5,540,970
Zalando ^*		31,422		775,156
				14,892,255
Consumer Staples — 0.4%
Beiersdorf		11,821		978,705

Financials — 20.9%
Allianz		50,212		22,912,523
Commerzbank		91,373		3,773,981
Deutsche Bank		252,832		7,859,478
Deutsche Boerse		24,591		7,546,225
Hannover Rueck		7,921		2,393,545
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		17,241		10,330,686
				54,816,438
Health Care — 5.2%
Bayer		129,720		5,789,984
Fresenius & KGaA		54,440		2,634,255
Fresenius Medical Care		25,917		1,173,817
Merck KGaA		17,103		2,207,894
Siemens Healthineers		49,230		2,014,291
				13,820,241

	Shares		Value
PREFERRED STOCK — 1.9%
GERMANY—1.9%
Consumer Discretionary — 1.3%
Porsche Automobil Holding ^(A)		20,209	$	734,416
Volkswagen ^(A)		27,288		2,759,914
				3,494,330
Consumer Staples — 0.6%
Henkel & KGaA ^(A)		20,059		1,461,223
TOTAL GERMANY				4,955,553
TOTAL PREFERRED STOCK (Cost $5,975,950)				4,955,553
TOTAL INVESTMENTS — 99.6% (Cost $248,746,255)			$	261,309,746

Type of Contract	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation
Long Contracts
Mini DAX Index		8	Jun-2026	$	1,112,671	$	1,144,285	$	17,616


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

Global X Funds

Global X MSCI Colombia ETF

Ticker: COLO

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: April 30, 2026

What were the Fund costs for the last six months?

Key Fund Statistics as of April 30, 2026

What did the Fund invest in?

Asset/Sector WeightingsFootnote Reference*

Top Ten Holdings

Additional Information

Global X Funds

Global X MSCI China Consumer Discretionary ETF

Ticker: CHIQ

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: April 30, 2026

What were the Fund costs for the last six months?

Key Fund Statistics as of April 30, 2026

What did the Fund invest in?

Asset/Sector WeightingsFootnote Reference*

Top Ten Holdings

Additional Information

Global X Funds

Global X MSCI Norway ETF

Ticker: NORW

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: April 30, 2026

What were the Fund costs for the last six months?

Key Fund Statistics as of April 30, 2026

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Top Ten Holdings

Additional Information

Global X Funds

Global X FTSE Southeast Asia ETF

Ticker: ASEA

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: April 30, 2026

What were the Fund costs for the last six months?

Key Fund Statistics as of April 30, 2026

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Top Ten Holdings

Additional Information

Global X Funds

Global X MSCI Argentina ETF

Ticker: ARGT

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: April 30, 2026

What were the Fund costs for the last six months?

Key Fund Statistics as of April 30, 2026

What did the Fund invest in?

Asset/Sector WeightingsFootnote Reference*

Top Ten Holdings

Additional Information

Global X Funds

Global X MSCI Greece ETF

Ticker: GREK

Principal Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report: April 30, 2026

What were the Fund costs for the last six months?

Key Fund Statistics as of April 30, 2026

What did the Fund invest in?

Asset/Sector WeightingsFootnote Reference*

Top Ten Holdings

Additional Information

Global X Funds

Global X DAX Germany ETF

Ticker: DAX

Principal Listing Exchange: Nasdaq

Semi-Annual Shareholder Report: April 30, 2026

What were the Fund costs for the last six months?

Key Fund Statistics as of April 30, 2026

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Top Ten Holdings

Additional Information

Global X Funds

Global X MSCI Vietnam ETF

Ticker: VNAM

Asset/Sector Weightings^{Footnote
Reference*}

Asset/Sector Weightings^{Footnote
Reference*}

Asset/Country Weightings^{Footnote
Reference*}

Asset/Country Weightings^{Footnote
Reference*}

Asset/Sector Weightings^{Footnote
Reference*}

Asset/Sector Weightings^{Footnote
Reference*}

Asset/Country Weightings^{Footnote
Reference*}

Asset/Sector Weightings^{Footnote
Reference*}

Schedule of Investments	April 30, 2026 (Unaudited)
Glossary (abbreviations which may be used in the preceding Schedules of Investments):

	Global X MSCI Colombia ETF			Global X MSCI China Consumer Discretionary ETF			Global X MSCI Norway ETF
Assets:
Cost of Investments	$	99,002,446		$	192,152,043		$	153,154,688
Cost of Repurchase Agreement		4,546,269			1,638,174			408,507
Cost (Proceeds) of Foreign Currency		535,612			—			997,329
Investments, at Value	$	136,986,115	*	$	148,314,706	*	$	161,328,603	*
Repurchase Agreement, at Value		4,546,269			1,638,174			408,507
Cash		317,514			—			—
Foreign Currency, at Value		535,612			—			997,321
Dividend, Interest, and Securities Lending Income Receivable		24,524			5,185			576,443
Reclaim Receivable		3,367			—			7,506
Unrealized Appreciation on Spot Contracts		—			—			1,080
Total Assets		142,413,401			149,958,065			163,319,460
Liabilities:
Obligation to Return Securities Lending Collateral		4,546,269			1,638,174			408,507
Payable due to Investment Adviser		68,136			82,184			74,716
Cash Overdraft		—			14,732			682,469
Custodian Fees Payable		—			3			—
Total Liabilities		4,614,405			1,735,093			1,165,692
Net Assets	$	137,798,996		$	148,222,972		$	162,153,768
Net Assets Consist of:
Paid-in Capital	$	201,513,807		$	512,784,551		$	196,744,488
Total Accumulated Losses		(63,714,811	)		(364,561,579	)		(34,590,720	)
Net Assets	$	137,798,996		$	148,222,972		$	162,153,768
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		3,529,699			7,470,000			4,216,111
Net Asset Value, Offering and Redemption Price Per Share		$39.04			$19.84			$38.46
*Includes Market Value of Securities on Loan	$	4,473,470		$	4,787,836		$	387,525

	Global X FTSE Southeast Asia ETF			Global X MSCI Argentina ETF			Global X MSCI Greece ETF
Assets:
Cost of Investments	$	77,948,982		$	876,321,660		$	205,112,812
Cost of Repurchase Agreement		1			60,074,446			5,634,301
Cost (Proceeds) of Foreign Currency		7,448			1,798,910			167,340
Investments, at Value	$	93,782,227	*	$	884,523,256	*	$	255,005,262	*
Repurchase Agreement, at Value		1			60,074,446			5,634,301
Cash		365,943			888,217			—
Foreign Currency, at Value		7,448			1,798,907			167,340
Dividend, Interest, and Securities Lending Income Receivable		1,059,802			2,191,297			868,904
Unrealized Appreciation on Spot Contracts		1,240			—			—
Receivable for Investment Securities Sold		—			29,234,614			—
Reclaim Receivable		—			643			124,340
Total Assets		95,216,661			978,711,380			261,800,147
Liabilities:
Obligation to Return Securities Lending Collateral		1			60,074,446			5,634,301
Unrealized Depreciation on Spot Contracts		—			—			480
Payable due to Investment Adviser		51,043			428,854			126,500
Payable for Capital Shares Redeemed		—			31,025,963			—
Payable for Investment Securities Purchased		372,896			—			—
Cash Overdraft		—			—			164,066
Custodian Fees Payable		45			—			27,182
Total Liabilities		423,985			91,529,263			5,952,529
Net Assets	$	94,792,676		$	887,182,117		$	255,847,618
Net Assets Consist of:
Paid-in Capital	$	91,620,225		$	901,784,724		$	387,496,908
Total Distributable Earnings (Accumulated Losses)		3,172,451			(14,602,607	)		(131,649,290	)
Net Assets	$	94,792,676		$	887,182,117		$	255,847,618
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		4,880,000			9,714,975			3,715,644
Net Asset Value, Offering and Redemption Price Per Share		$19.42			$91.32			$68.86
*Includes Market Value of Securities on Loan	$	—		$	61,066,889		$	5,396,373

	Global X DAX Germany ETF		Global X MSCI Vietnam ETF
Assets:
Cost of Investments	$	248,746,255	$	26,665,868
Cost (Proceeds) of Foreign Currency		217,039		(18,725	)
Investments, at Value	$	261,309,746	$	35,349,737
Cash		315,163		2,165
Foreign Currency, at Value		220,893		—
Reclaim Receivable		668,136		—
Dividend, Interest, and Securities Lending Income Receivable		378,985		6,073
Cash Collateral on Futures Contracts		82,497		—
Unrealized Appreciation on Spot Contracts		233		—
Receivable for Variation Margin on Futures Contracts		11,860		—
Total Assets		262,987,513		35,357,975
Liabilities:
Payable for Investment Securities Purchased		451,189		—
Payable due to Investment Adviser		42,786		13,811
Due to Custodian		82,497		—
Custodian Fees Payable		9		8
Overdraft of Foreign Currency		—		18,707
Total Liabilities		576,481		32,526
Net Assets	$	262,411,032	$	35,325,449
Net Assets Consist of:
Paid-in Capital	$	248,189,630	$	30,089,516
Total Distributable Earnings		14,221,402		5,235,933
Net Assets	$	262,411,032	$	35,325,449
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		5,810,000		1,380,000
Net Asset Value, Offering and Redemption Price Per Share		$45.17		$25.60

(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.)

	Global X DAX Germany ETF			Global X MSCI Vietnam ETF
Investment Income:
Dividend Income	$	3,030,629		$	71,674
Interest Income		373			3,292
Reclaim Income		240,128			—
Less: Foreign Taxes Withheld		(601,166	)		—
Total Investment Income		2,669,964			74,966
Expenses:
Supervision and Administration Fees⁽¹⁾		270,907			74,162
Custodian Fees⁽²⁾		374			108
Total Expenses		271,281			74,270
Net Investment Income		2,398,683			696
Net Realized Gain (Loss) on:
Investments⁽³⁾		5,707,601			510,299
Futures Contracts		(24,750	)		—
Foreign Currency Transactions		(3,950	)		(39,159	)
Net Realized Gain (Loss)		5,678,901			471,140
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(2,171,331	)		3,345,243
Futures Contracts		8,571			—
Foreign Currency Translations		11,880			(36	)
Net Change in Unrealized Appreciation (Depreciation)		(2,150,880	)		3,345,207
Net Realized and Unrealized Gain (Loss)		3,528,021			3,816,347
Net Increase in Net Assets Resulting from Operations	$	5,926,704		$	3,817,043

	Global X MSCI Colombia ETF						Global X MSCI China Consumer Discretionary ETF
	Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025			Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025
Operations:
Net Investment Income	$	2,168,222		$	7,756,861		$	111,820		$	2,636,268
Net Realized Gain (Loss)		3,007,298			(1,680,926	)		(2,269,507	)		(15,893,820	)
Net Change in Unrealized Appreciation (Depreciation)		9,754,180			30,924,649			(26,205,472	)		41,214,159
Net Increase (Decrease) in Net Assets Resulting from Operations		14,929,700			37,000,584			(28,363,159	)		27,956,607
Distributions:		(5,669,145	)		(4,336,039	)		(1,847,311	)		(5,397,012	)
Capital Share Transactions:
Issued		43,848,850			64,779,347			—			20,888,335
Redeemed		(23,902,572	)		(24,414,312	)		(56,422,720	)		(51,034,398	)
Increase (Decrease) in Net Assets from Capital Share Transactions		19,946,278			40,365,035			(56,422,720	)		(30,146,063	)
Total Increase (Decrease) in Net Assets		29,206,833			73,029,580			(86,633,190	)		(7,586,468	)
Net Assets:
Beginning of Year/Period		108,592,163			35,562,583			234,856,162			242,442,630
End of Year/Period	$	137,798,996		$	108,592,163		$	148,222,972		$	234,856,162
Share Transactions:
Issued		1,080,000			2,380,000			—			910,000
Redeemed		(630,000	)		(840,000	)		(2,700,000	)		(2,470,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		450,000			1,540,000			(2,700,000	)		(1,560,000	)

	Net Asset Value, Beginning of Period ($)		Net Investment Income ($)*		Net Realized and Unrealized Gain (Loss) ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)		Return of Capital ($)
Global X MSCI Colombia ETF
2026 (Unaudited)^§		35.26		0.65		4.96			5.61			(1.83	)		—		—
2025		23.10		2.87		11.14			14.01			(1.85	)		—		—
2024		20.03		1.70		2.95			4.65			(1.58	)		—		—
2023		19.68		1.41		0.37	^{^}		1.78			(1.43	)		—		—
2022		30.76		2.26		(11.49	)		(9.23	)		(1.85	)		—		—
2021		23.26		0.64		7.73			8.37			(0.87	)		—		—
Global X MSCI China Consumer Discretionary ETF
2026 (Unaudited)^§		23.09		0.01		(3.07	)		(3.06	)		(0.19	)		—		—
2025		20.67		0.24		2.68			2.92			(0.50	)		—		—
2024		17.72		0.35		3.10			3.45			(0.50	)		—		—
2023		14.55		0.08		3.14			3.22			(0.05	)		—		—
2022		29.94		0.06		(15.39	)		(15.33	)		(0.06	)		—		—
2021		29.45		—		0.51	^{^}		0.51			(0.02	)		—		—
Global X MSCI Norway ETF ⁽¹⁾
2026 (Unaudited)^§		28.91		2.00		7.98			9.98			(0.43	)		—		—
2025		25.02		1.21		3.89			5.10			(1.21	)		—		—
2024		23.34		1.32		1.67			2.99			(1.31	)		—		—
2023		24.43		1.13		(0.90	)		0.23			(1.32	)		—		—
2022		32.01		1.05		(7.93	)		(6.88	)		(0.70	)		—		—
2021		20.12		0.42		11.94			12.36			(0.46	)		—		(0.01	)

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
^	The amount shown for a share outstanding throughout the period does not accord with the aggregate net gains on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.
§	For the period ended April 30, 2026.
(1)	On October 29, 2021, the Global X MSCI Norway ETF (the “Acquired Fund”) was reorganized into the Global X FTSE Nordic Region ETF (the “Acquiring Fund”), each a separate series of the Trust (together, the “Combined Fund”) and the Combined Fund was renamed the Global X MSCI Norway ETF. As a result of the Reorganization as of the close of business on October 29, 2021, the Combined Fund assumed the performance and accounting history of the Acquired Fund. Accordingly, performance figures for the Combined Fund for periods prior to the date of the Reorganization represent the performance of the Acquired Fund. (See Note 1 in the Notes to Financial Statements.) Amounts designated as “—” are either $0 or have been rounded to $0.

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 to Average Net Assets (%)			Portfolio Turnover Rate (%)^††

	(1.83	)		39.04		16.40			137,799		0.62	†		3.40	†		28.07
	(1.85	)		35.26		64.05			108,592		0.62			10.00			43.75
	(1.58	)		23.10		23.21			35,563		0.62			7.04			38.17
	(1.43	)		20.03		9.09			29,843		0.63			6.93			36.17
	(1.85	)		19.68		(31.39	)		20,857		0.62			8.01			50.35
	(0.87	)		30.76		35.98			41,831		0.61			2.21			16.08

	(0.19	)		19.84		(13.32	)		148,223		0.65	†		0.12	†		9.32
	(0.50	)		23.09		14.55			234,856		0.65			1.13			23.57
	(0.50	)		20.67		20.00			242,443		0.65			2.00			32.76
	(0.05	)		17.72		22.10			277,551		0.65			0.44			15.93
	(0.06	)		14.55		(51.28	)		214,216		0.65			0.25			22.64
	(0.02	)		29.94		1.73			649,503		0.65			—			34.56

	(0.43	)		38.46		34.93			162,154		0.50	†		11.86	†		1.78
	(1.21	)		28.91		21.00			53,366		0.50			4.44			8.98
	(1.31	)		25.02		12.74			48,698		0.50			5.27			15.89
	(1.32	)		23.34		0.87			54,065		0.51			4.57			10.01
	(0.70	)		24.43		(21.72	)		99,105		0.50			3.72			15.58
	(0.47	)		32.01		64.44			103,935		0.50			3.09			9.74