UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-22209

Global X Funds

(Exact name of registrant as specified in charter)

605 Third Avenue, 43rd floor
New York, NY 10158
(Address of principal executive offices) (Zip code)

Jasmin M. Ali, Esquire
Global X Management Company LLC
605 Third Avenue, 43rd floor
New York, NY 10158
(Name and address of agent for service)

With a copy to:

Jasmin M. Ali, Esquire
Global X Management Company LLC
605 Third Avenue, 43rd floor
New York, NY 10158

Eric S. Purple, Esquire
Stradley Ronon Stevens & Young, LLP
2000 K Street, N.W., Suite 700
Washington, DC 20006-1871

Registrant’s telephone number, including area code: (212) 644-6440

Date of fiscal year end: November 30, 2024

Date of reporting period: November 30, 2024

Item 1.

Reports to Stockholders.

(a) A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR § 270.30e-1), is attached hereto.

Global X Funds

Global X Interest Rate Hedge ETF

Ticker: RATE

Principal Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report: November 30, 2024

This annual shareholder report contains important information about the Global X Interest Rate Hedge ETF (the "Fund") for the period from December 1, 2023 to November 30, 2024. You can find additional information about the Fund at https://www.globalxetfs.com/funds/rate. You can also request this information by contacting us at 1-888-493-8631.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global X Interest Rate Hedge ETF	$43	0.45%

How did the Fund perform in the last year?

The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to provide a hedge against sharp increases in long-term U.S. interest rates and is expected to benefit during periods of market stress when interest rate volatility is elevated. The Fund seeks to achieve its investment objective primarily by investing in (1) long put options position(s) on ETFs that primarily invest in U.S. Treasuries and/or long put options position(s) on U.S. Treasury futures, and/or (2) long interest rate payer swap options (“swaptions”). The Fund will also invest in long positions in U.S. Treasury bills for cash management purposes. The Fund invests in U.S. Treasury bills directly or through other ETFs.

The Fund uses ICE U.S. Treasury 20+ Year Bond Index as its secondary benchmark index (the “Secondary Index”). The Secondary Index is designed to track the performance of the U.S. dollar denominated sovereign debt publicly issued by the U.S. government in its domestic market.

For the 12-month period ended November 30, 2024 (the "reporting period"), the Fund decreased 8.28%, while the Secondary Index increased 6.82%. The Fund had a net asset value of $27.28 per share on November 30, 2023 and ended the reporting period with a net asset value of $18.85 per share on November 30, 2024.

During the reporting period, the Fund recorded negative absolute performance driven by its holding of U.S. dollar denominated payer swaptions. These swaptions decreased in value in conjunction with falling long-term U.S. interest rates. Specifically, the yield on the 10-year treasury was roughly flat, while the Secondary Index delivered a total return of 6.82%. The Fund benefited from its holding of short-term treasury securities, which generated a positive yield. However, the negative performance of the payer swaptions offset this benefit resulting in an overall negative performance of the Fund during the reporting period.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	Global X Interest Rate Hedge ETF - $11885	Bloomberg U.S. Aggregate Bond Index (USD)* - $10437	ICE U.S. Treasury 20+ Year Bond Index (TR) (USD) - $8742
Jul/22	$10000	$10000	$10000
Nov/22	$11904	$9651	$8872
Nov/23	$12958	$9765	$8184
Nov/24	$11885	$10437	$8742

Average Annual Total Returns as of November 30, 2024

Fund/Index Name	1 Year	Annualized Since Inception
Global X Interest Rate Hedge ETF	-8.28%	7.43%
Bloomberg U.S. Aggregate Bond Index (USD)*	6.88%	1.79%
ICE U.S. Treasury 20+ Year Bond Index (TR) (USD)	6.82%	-5.43%

Since its inception on July 5, 2022. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-888-493-8631 or visit https://www.globalxetfs.com/funds/rate for current month-end performance.

* As of November 2024, pursuant to new regulatory requirements, the Fund added the Bloomberg U.S. Aggregate Bond Index (USD) as its new broad-based securities market benchmark to reflect that the Bloomberg U.S. Aggregate Bond Index (USD) is more broadly representative of the overall applicable securities market.

Key Fund Statistics as of November 30, 2024

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$1,884,966	3	$8,926	12.92%

What did the Fund invest in?

Asset Weightings^{Footnote Reference*}

Value	Value
Purchased Swaption	8.1%
Exchange Traded Funds	90.6%

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

Top Holdings

Holding Name			Percentage of Total Net Assets
Global X 1-3 Month T-Bill ETF^{Footnote Reference**}			90.6%
10-Year SOFR Interest Rate Swap 02/20/25 3.600% UBS			8.1%
10-Year SOFR Interest Rate Swap 02/04/24 4.150% Barclays			0.0%

Footnote	Description
Footnote^**	Affiliated Investment

Material Fund Changes

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

Additional Information

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

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

An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com

Global X Funds

Global X Interest Rate Hedge ETF: RATE

Principal Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report - November 30, 2024

GX-AR-TSR-11.2024-45

Global X Funds

Global X Interest Rate Volatility & Inflation Hedge ETF

Ticker: IRVH

Principal Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report: November 30, 2024

This annual shareholder report contains important information about the Global X Interest Rate Volatility & Inflation Hedge ETF (the "Fund") for the period from December 1, 2023 to November 30, 2024. You can find additional information about the Fund at https://www.globalxetfs.com/funds/irvh/. You can also request this information by contacting us at 1-888-493-8631.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global X Interest Rate Volatility & Inflation Hedge ETF	$44	0.45%

How did the Fund perform in the last year?

The Fund is an actively-managed exchange-traded fund ("ETF") that seeks to achieve its investment objective primarily by investing, directly or indirectly, in a mix of U.S. Treasury Inflation-Protected Securities (“TIPS”) and long yield curve spread options, which are tied to the shape of the U.S. interest rate curve. The Fund’s strategy is designed to hedge against inflation risk and generate positive returns from the Fund’s options during periods when U.S. interest rate volatility increases and/or the U.S. interest rate curve steepens (i.e., when the spread between interest rates on U.S. long-term debt instruments and U.S. shorter-term debt instruments widens).

The Fund uses Bloomberg U.S. Treasury Inflation-Linked Bond Index as its secondary benchmark index (the “Secondary Index”). The Secondary Index is designed to measure the performance of the U.S. TIPS market.

For the 12-month period ended November 30, 2024 (the “reporting period”), the Fund decreased 2.37%, while the Secondary Index increased 6.26%. The Fund had a net asset value of $21.44 per share on November 30, 2023 and ended the reporting period with a net asset value of $20.29 per share on November 30, 2024.

During the reporting period, the Fund recorded negative absolute performance. Its options positions, as well as its exposure to U.S. Treasury Inflation-Protected Securities (TIPS) detracted from returns as inflation expectations moderated and yield rose. Flattening of the yield curve, softer levels of interest rate volatility, relative to 2023, and the spread between the 10-year and 2-year treasury instruments remaining inverted for the majority of the period led to negative returns for the Fund, as well.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	Global X Interest Rate Volatility & Inflation Hedge ETF - $8857	Bloomberg U.S. Aggregate Bond Index (USD)* - $10437	Bloomberg U.S. Treasury Inflation-Linked Bond Index (TR) (USD) - $10272
Jul/22	$10000	$10000	$10000
Nov/22	$9307	$9651	$9653
Nov/23	$9072	$9765	$9667
Nov/24	$8857	$10437	$10272

Average Annual Total Returns as of November 30, 2024

Fund/Index Name	1 Year	Annualized Since Inception
Global X Interest Rate Volatility & Inflation Hedge ETF	-2.37%	-4.92%
Bloomberg U.S. Aggregate Bond Index (USD)*	6.88%	1.79%
Bloomberg U.S. Treasury Inflation-Linked Bond Index (TR) (USD)	6.26%	1.12%

Key Fund Statistics as of November 30, 2024

	Total Net Assets	Number of Portfolio Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$2,232,219	46	$11,684	9.60%

What did the Fund invest in?

Asset Weightings^{Footnote Reference*}

Value	Value
Purchased Options	4.2%
U.S. Treasury Obligations	94.9%

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
U.S. Treasury Inflation Indexed Bonds, 1.38%, 7/15/2033			5.4%
U.S. Treasury Inflation Indexed Bonds, 1.75%, 1/15/2034			5.0%
U.S. Treasury Inflation Indexed Bonds, 0.25%, 7/15/2029			4.9%
U.S. Treasury Inflation Indexed Bonds, 1.13%, 1/15/2033			4.9%
U.S. Treasury Inflation Indexed Bonds, 0.13%, 4/15/2027			4.8%
U.S. Treasury Inflation Indexed Bonds, 2.50%, 1/15/2029			4.7%
U.S. Treasury Inflation Indexed Bonds, 0.88%, 1/15/2029			4.3%
U.S. Treasury Inflation Indexed Bonds, 2.38%, 10/15/2028			4.0%
U.S. Treasury Inflation Indexed Bonds, 0.13%, 7/15/2031			3.8%
U.S. Treasury Inflation Indexed Bonds, 2.13%, 4/15/2029			3.7%

Material Fund Changes

Additional Information

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

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

Global X Funds

Global X Interest Rate Volatility & Inflation Hedge ETF: IRVH

Principal Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report - November 30, 2024

GX-AR-TSR-11.2024-46

(b) Not applicable.

Item 2.

Code of Ethics.

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

Item 3.

Audit Committee Financial Expert.

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

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

Item 4.

Principal Accountant Fees and Services.

Fees billed by PricewaterhouseCoopers LLP (“PwC”) relate to the registrant.

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

		2024			2023
		All fees and services to the Trust that were pre- approved	All fees and services to service affiliates that were pre- approved	All other fees and services to service affiliates that did not require pre- approval	All fees and services to the Trust that were pre- approved	All fees and services to service affiliates that were pre- approved	All other fees and services to service affiliates that did not require pre- approval
(a)	Audit Fees	$1,727,672	$0	$0	$1,235,693	$0	$0
(b)	Audit-Related Fees	$0	$0	$0	$0	$0	$0
(c)	Tax Fees⁽¹⁾	$487,204	$0	$0	$392,972	$0	$0
(d)	All Other Fees	$0	$0	$0	$0	$0	$0

Notes:

(1)

Tax Compliance and excise distribution services.

(e)(1) Not applicable.

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

	2024	2023
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

(f) Not applicable.

(g) The aggregate non-audit fees and services billed by PwC for the last two fiscal years were $487,204 and $392,972, respectively.

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

(i) Not applicable.

(j) Not applicable.

Item 5.

Audit Committee of Listed Registrants.

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

Item 6.

Investments.

(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.

(b) Not applicable.

Item 7.

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

Financial statements and financial highlights are filed herein.

Global X Interest Rate Hedge ETF (ticker: RATE)
Global X Interest Rate Volatility & Inflation Hedge ETF (ticker: IRVH)

Annual Financials and Other Information

November 30, 2024

Table of Contents

Financial Statements (Form N-CSR Item 7)
Schedules of Investments
Global X Interest Rate Hedge ETF	1
Global X Interest Rate Volatility & Inflation Hedge ETF	3
Glossary	6
Statements of Assets and Liabilities	7
Statements of Operations	8
Statements of Changes in Net Assets	9
Financial Highlights	10
Notes to Financial Statements	12
Report of Independent Registered Public Accounting Firm	30
Notice to Shareholders (Unaudited)	32
Proxy Voting (Form N-CSR Item 9) (Unaudited)	34
Approval of Investment Advisory Agreement (Form N-CSR Item 11) (Unaudited)	35

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

The Funds file their complete schedules of Fund holdings with the Securities and Exchange Commission (the “SEC” or “Commission”) for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the Commission’s website at https://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that Global X Funds uses to determine how to vote proxies relating to Fund securities, as well as information relating to how the Funds voted proxies relating to Fund securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-888-493-8631; and (ii) on the Commission’s website at https://www.sec.gov.

Schedule of Investments	November 30, 2024
Global X Interest Rate Hedge ETF

	Shares		Value
EXCHANGE TRADED FUND — 90.6%
Global X 1-3 Month T-Bill ETF ^(A)(B)		17,000	$	1,707,735
TOTAL EXCHANGE TRADED FUND (Cost $1,705,102)				1,707,735

PURCHASED SWAPTIONS — 8.1% (Cost $236,600)				153,068
TOTAL INVESTMENTS — 98.7% (Cost $1,941,702)			$	1,860,803

Percentages are based on Net Assets of $1,884,966.

(A)	For financial information on the Global X 1-3 Month T-Bill ETF, please go to the Fund’s website at https://www.globalxetfs.com/explore/.
(B)	Affiliated investment.

A list of the open OTC interest rate purchased swaptions held by the Fund at November 30, 2024, is as follows:

Description

Counterparty

Number of
Contracts/
Notional
Amount

Exercise Rate

Expiration
Date

Value

Put Swaption

10-Year SOFR Interest Rate Swap

UBS

8,000,000

3.600%

02/20/25

153,067

10-Year SOFR Interest Rate Swap

Barclays

8,000,000

4.150%

12/04/24

Total Purchased Swaptions

153,068

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

Schedule of Investments	November 30, 2024
Global X Interest Rate Hedge ETF

The following is a summary of the level of inputs used as of November 30, 2024, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Exchange Traded Fund	$	1,707,735	$	—	$	—	$	1,707,735
Purchased Swaptions		—		153,068		—		153,068
Total Investments in Securities	$	1,707,735	$	153,068	$	—	$	1,860,803

The following is a summary of the Fund’s transactions with affiliates for the year ended November 30, 2024:

Value 11/30/2023		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value 11/30/2024		Income		Capital Gains
Global X 1-3 Month T-Bill ETF

$	2,362,220	$	223,337	$	(873,212	)	$	(864	)	$	(3,746	)	$	1,707,735	$	93,481	$	—

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

See “Glossary” for abbreviations.

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

Schedule of Investments	November 30, 2024
Global X Interest Rate Volatility & Inflation Hedge ETF

	Face Amount		Value
U.S. TREASURY OBLIGATIONS — 94.9%
U.S. Treasury Inflation Indexed Bonds
3.875%, 04/15/29	$	47,949	$	52,007
3.625%, 04/15/28		38,989		41,241
3.375%, 04/15/32		44,409		49,109
2.500%, 01/15/29		102,800		105,702
2.375%, 01/15/27		31,270		31,625
2.375%, 10/15/28		87,500		89,719
2.125%, 04/15/29		81,550		82,520
2.125%, 02/15/40		14,588		14,696
2.125%, 02/15/54		25,684		25,495
1.875%, 07/15/34		25,121		25,004
1.750%, 01/15/28		37,626		37,575
1.750%, 01/15/34		112,830		110,975
1.625%, 10/15/27		21,288		21,254
1.500%, 02/15/53		31,821		27,380
1.375%, 07/15/33		124,580		119,434
1.375%, 02/15/44		60,880		53,383
1.250%, 04/15/28		52,559		51,576
1.125%, 01/15/33		116,435		109,596
1.000%, 02/15/46		39,921		31,840
1.000%, 02/15/48		38,358		30,076
1.000%, 02/15/49		50,120		38,993
0.875%, 01/15/29		99,896		96,351
0.875%, 02/15/47		39,185		30,142
0.750%, 02/15/42		27,908		22,446
0.750%, 02/15/45		13,390		10,265
0.625%, 07/15/32		81,389		74,384
0.625%, 02/15/43		41,142		31,744
0.500%, 01/15/28		51,130		49,123
0.375%, 01/15/27		39,158		37,975
0.375%, 07/15/27		38,669		37,413
0.250%, 07/15/29		117,101		109,642
0.250%, 02/15/50		24,517		15,399
0.125%, 04/15/26		54,103		52,723
0.125%, 07/15/26		26,308		25,651
0.125%, 10/15/26		40,385		39,214
0.125%, 04/15/27		111,672		107,220
0.125%, 01/15/30		30,638		28,140
0.125%, 07/15/30		36,893		33,691
0.125%, 01/15/31		60,561		54,576
0.125%, 07/15/31		94,112		84,303
0.125%, 01/15/32		28,436		25,159

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

Schedule of Investments	November 30, 2024
Global X Interest Rate Volatility & Inflation Hedge ETF

	Face Amount		Value
U.S. TREASURY OBLIGATIONS — continued
0.125%, 02/15/52	$	5,663	$	3,337
				2,118,098
TOTAL U.S. TREASURY OBLIGATIONS (Cost $2,150,311)				2,118,098

PURCHASED OPTIONS — 4.2% (Cost $213,000)				94,946
TOTAL INVESTMENTS — 99.1% (Cost $2,363,311)			$	2,213,044

Percentages are based on Net Assets of $2,232,219.

A list of the OTC interest rate purchased options held by the Fund at November 30, 2024, is as follows:

Description	Counterparty	Number of Contracts/ Notional Amount	Exercise Rate			Expiration Date	Value
Call Options
U.S. 2Yr/10Yr SOFR Spread Option	UBS	15,000,000		0.270	%	07/23/26	$	33,728
U.S. 2Yr/10Yr SOFR Spread Option	Bank of America	18,000,000		0.200		02/13/26		34,794
U.S. 2Yr/10Yr SOFR Spread Option	Barclays	10,000,000		0.200		03/13/26		20,630
U.S. 2Yr/10Yr SOFR Spread Option	Barclays	12,000,000		0.000		03/03/25		5,794

Total Purchased Options							$	94,946

The following is a summary of the level of inputs used as of November 30, 2024, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
U.S. Treasury Obligations	$	—	$	2,118,098	$	—	$	2,118,098
Purchased Options		—		94,946		—		94,946
Total Investments in Securities	$	—	$	2,213,044	$	—	$	2,213,044

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

Schedule of Investments	November 30, 2024
Global X Interest Rate Volatility & Inflation Hedge ETF

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

See “Glossary” for abbreviations.

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

Schedule of Investments	November 30, 2024
Glossary (abbreviations which may be used in the preceding Schedules of Investments):

Fund Abbreviations

ETF — Exchange Traded Fund

OTC — Over The Counter

SOFR — Secured Overnight Financing Rate

Statements of Assets and Liabilities

November 30, 2024

	Global X Interest Rate Hedge ETF			Global X Interest Rate Volatility & Inflation Hedge ETF
Assets:
Cost of Investments	$	236,600		$	2,363,311
Cost of Affiliated Investments	1,705,102			—
Investments, at Value	$	153,068		$	2,213,044
Affiliated Investments, at Value	1,707,735			—
Cash	24,793			12,891
Dividend, Interest, and Securities Lending Income Receivable	—			7,108
Total Assets	1,885,596			2,233,043
Liabilities:
Payable due to Investment Adviser	630			824
Total Liabilities		630			824
Net Assets	$	1,884,966		$	2,232,219
Net Assets Consist of:
Paid-in Capital	$	2,405,482		$	2,720,146
Total Accumulated Losses		(520,516	)		(487,927	)
Net Assets	$	1,884,966		$	2,232,219
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		100,000			110,000
Net Asset Value, Offering and Redemption Price Per Share		$18.85			$20.29

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

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

Statements of Operations

For the year ended November 30, 2024

	Global X Interest Rate Hedge ETF			Global X Interest Rate Volatility & Inflation Hedge ETF
Investment Income:
Dividend Income, from Affiliated Investment	$	93,481		$	—
Interest Income		5,213			89,671
Total Investment Income		98,694			89,671
Expenses:
Supervision and Administration Fees⁽¹⁾		8,926			11,684
Custodian Fees⁽²⁾		1			27
Total Expenses		8,927			11,711
Net Investment Income		89,767			77,960
Net Realized Gain (Loss) on:
Investments⁽³⁾		—			(196,284	)
Affiliated Investments		(3,746	)		—
Purchased Options and Swaptions		(486,385	)		(150,000	)
Payment from Adviser⁽⁴⁾		1,206			—
Net Realized Gain (Loss)		(488,925	)		(346,284	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		—			233,848
Affiliated Investments		(864	)		—
Purchased Options and Swaptions		152,155			(88,103	)
Net Change in Unrealized Appreciation (Depreciation)		151,291			145,745
Net Realized and Unrealized Gain (Loss)		(337,634	)		(200,539	)
Net Decrease in Net Assets Resulting from Operations	$	(247,867	)	$	(122,579	)

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

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

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

Statements of Changes in Net Assets

	Global X Interest Rate Hedge ETF						Global X Interest Rate Volatility & Inflation Hedge ETF
	Year Ended November 30, 2024			Year Ended November 30, 2023			Year Ended November 30, 2024			Year Ended November 30, 2023
Operations:
Net Investment Income	$	89,767		$	119,853		$	77,960		$	121,553
Net Realized Gain (Loss)		(488,925	)		601,174			(346,284	)		(168,448	)
Net Change in Unrealized Appreciation (Depreciation)		151,291			(294,706	)		145,745			(18,325	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(247,867	)		426,321			(122,579	)		(65,220	)
Distributions:		(595,267	)		(612,153	)		(79,113	)		(119,940	)
Capital Share Transactions:
Issued		551,959			—			1,650,741			645,068
Redeemed		(551,959	)		(940,092	)		(2,647,476	)		—
Increase (Decrease) in Net Assets from Capital Share Transactions		—			(940,092	)		(996,735	)		645,068
Total Increase (Decrease) in Net Assets		(843,134	)		(1,125,924	)		(1,198,427	)		459,908
Net Assets:
Beginning of Year		2,728,100			3,854,024			3,430,646			2,970,738
End of Year	$	1,884,966		$	2,728,100		$	2,232,219		$	3,430,646
Share Transactions:
Issued		30,000			—			80,000			30,000
Redeemed		(30,000	)		(30,000	)		(130,000	)		—
Net Increase (Decrease) in Shares Outstanding from Share Transactions		—			(30,000	)		(50,000	)		30,000

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

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

Financial Highlights

Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Year or Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income ($)*		Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)			Return of Capital ($)
Global X Interest Rate Hedge ETF
2024		27.28		0.90		(3.37	)		(2.47	)		(0.66	)		(5.30	)		—
2023		29.65		0.94		1.41			2.35			(0.80	)		(3.92	)		—
2022⁽¹⁾		25.00		0.18		4.58			4.76			(0.11	)		—			—
Global X Interest Rate Volatility & Inflation Hedge ETF
2024		21.44		0.63		(1.13	)		(0.50	)		(0.65	)		—			—
2023		22.85		0.85		(1.42	)		(0.57	)		(0.84	)		—			—
2022⁽¹⁾		25.00		0.53		(2.25	)		(1.72	)		(0.43	)		—			—

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
@	Effective for the fiscal year ended November 30, 2024, the Fund began presenting acquired fund fees borne by the Adviser as part of its unitary fee agreement (See Note 3 in Notes to Financial Statements) as a realized gain on the Statement of Operations as compared to a contra-expense as in prior fiscal years. If such amounts had been presented as a realized gain in the year ended November 30, 2024 (first year of this agreement), the ratio of Expenses to Average Net Assets would have been 0.39%..
(1)	The Fund commenced operations on July 5, 2022.

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

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

Financial Highlights

Total from Distributions ($)		Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets, End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income to Average Net Assets (%)			Portfolio Turnover Rate (%)^††

(5.96	)		18.85		(8.28	)		1,885		0.45	@		4.53			12.92
(4.72	)		27.28		8.86			2,728		0.50			3.64			65.12
(0.11	)		29.65		19.04			3,854		0.47	†		1.52	†		0.00

(0.65	)		20.29		(2.37	)		2,232		0.45			3.00			9.60
(0.84	)		21.44		(2.53	)		3,431		0.50			3.89			19.87
(0.43	)		22.85		(6.93	)		2,971		0.46	†		5.60	†		2.73

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

Notes to Financial Statements

November 30, 2024

1. ORGANIZATION

Global X Funds (the “Trust”) is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as an open-end management investment company. As of November 30, 2024, the Trust had one hundred portfolios, ninety-seven of which were operational. The financial statements herein and the related notes pertain to the Global X Interest Rate Hedge ETF and the Global X Interest Rate Volatility & Inflation Hedge ETF (each a “Fund”, and collectively, the “Funds”). The Funds have elected non-diversified status under the 1940 Act.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Options traded on an exchange will be valued at the mean of the bid and ask quotations for the current day at the close of the market. If either the bid or the ask is not available, the last closing price will be used. Over-the-counter (“OTC”) options are valued based upon prices determined by an independent, third-party pricing agent. Futures are valued at the settlement price established by the board of trade on which they are traded.

Notes to Financial Statements (Continued)

November 30, 2024

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Securities for which market prices are not “readily available” are valued in accordance with fair value procedures (the “Fair Value Procedures”) established by Global X Management Company LLC, the Funds’ investment adviser (the “Adviser”), and approved by the Funds’ Board of Trustees (the “Board”). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the “valuation designee” to determine the fair value of securities and other instruments for which no readily available market quotations are available. The Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) of the Adviser. Some of the more common reasons that may necessitate that a security be valued using the Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from its primary trading exchange; the security’s primary trading market is temporarily closed at a time when, under normal conditions, it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, each Fund may fair value a security if an event that may materially affect the value of the Fund’s security that is traded outside of the United States (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Fund calculates its net asset value (“NAV”). A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If the Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate their NAV, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably available to the Committee. As of November 30, 2024, there were no securities priced using the Fair Value Procedures.

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

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective

Notes to Financial Statements (Continued)

November 30, 2024

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

of a fair value measurement is to determine the price that would be received to sell 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.

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

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

Notes to Financial Statements (Continued)

November 30, 2024

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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. Any foreign tax filings that have not been made will be filed within the prescribed period.

As of and during the year ended November 30, 2024, the Funds did not have a liability for any unrecognized tax benefits as an income tax expense on the Statements of Operations. During the period, the Funds did not incur any interest or penalties. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months.

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.

OPTIONS - To the extent consistent with their investment policies, the Funds may either purchase or write options.

When a Fund purchases an option, the premium paid by it is recorded as an asset of the Fund. When a Fund writes (sells) an option, an amount equal to the net premium (the premium less the commission) received by the Fund is included in the liability section of the Fund’s Statement of Assets and Liabilities as a deferred credit. The amount of this asset or deferred credit will be subsequently marked-to-market to reflect the current value of the option purchased or written. The current value of the traded option is the last sale price or, in the absence of a sale, the current bid price. If an option purchased by a Fund expires unexercised, the Fund realizes a loss equal to the premium paid. If a Fund enters into a closing sale transaction on an option purchased by it, the Fund will realize a gain if the premium received by the Fund on the closing transaction is more than the premium paid to purchase the option, or a loss if it is less. If an option written by a Fund expires on the stipulated expiration date or if a Fund enters into a closing purchase transaction, it will realize a gain (or loss if the cost of a closing purchase transaction exceeds the net premium received when the option is sold) and the deferred credit related to such option will be eliminated. If an option written by the Fund is exercised, the proceeds of the sale will be increased by the net premium originally received and the Fund will realize a gain or loss.

The Global X Interest Rate Hedge ETF may invest in interest rate payer options (“swaptions”). A swaption is an option that gives a counterparty the right (but not the

Notes to Financial Statements (Continued)

November 30, 2024

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

obligation) to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. An interest rate payer swaption is a swaption where a Fund has the right but not the obligation to enter into a new swap agreement where the Fund pays a fixed interest rate and receives a floating interest rate.

The Global X Interest Rate Volatility & Inflation Hedge ETF may invest in yield curve spread options which are options tied to the shape of the U.S. interest rate swap curve. The U.S. interest rate swap curve is a type of interest rate curve that reflects the swap rate used in interest rate swap agreements with different maturities. A swap rate is the fixed interest rate that is exchanged for a floating interest rate in an interest rate swap agreement. A yield curve spread option is an option on the spread between two swap rates at different parts of the U.S. interest rate swap curve. The Fund generally expects the purchased yield curve spread options to reference the spread between the 2-year and 10-year swap rate, though the Fund may purchase yield curve spread options referencing other swap rate spreads. The Fund will purchase yield curve spread options such that the Fund will gain from steepening of the yield curve, while having a potential loss on the yield curve spread options limited to the premium paid for the yield curve spread options.

When the option expires, is terminated or is sold, a Fund will record a gain or loss. The net realized gain or loss on options and swaptions 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 options and swaptions in the Statements of Operations.

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

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

CREATION UNITS – The Funds issue and redeem their shares (“Shares”) on a continuous basis at NAV and only in large blocks of 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.

Notes to Financial Statements (Continued)

November 30, 2024

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

	Creation
	Unit		Creation		Redemption
	Shares		Fee		Fee
Global X Interest Rate Hedge ETF		10,000	$	250	$	250
Global X Interest Rate Volatility & Inflation Hedge ETF		10,000		250		250

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS

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

The Adviser serves as the investment adviser and the administrator for the Funds. Subject to the supervision of the Board, the Adviser is responsible for managing the investment activities of the Funds and the Funds’ business affairs and other administrative matters and provides, or causes to be furnished, all supervisory, administrative and other services reasonably necessary for the operation of the Funds, including certain distribution services (provided pursuant to a separate distribution agreement), certain shareholder and distribution-related services (provided pursuant to a separate Rule 12b-1 Plan and related agreements) and investment advisory services (provided pursuant to a separate Investment Advisory Agreement), under what is essentially an “all-in” fee structure. For the Adviser’s services to the 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 each Fund) (the “Supervision and Administration Fee”). In addition, the Funds bear other expenses, directly and indirectly, that are not covered by the Supervision and Administration Agreement, which may vary and affect the total expense ratios of the Funds, such as taxes, brokerage fees, commissions, certain custodian fees, acquired fund fees for investments in unaffiliated investment companies, and other transaction expenses, interest expenses and extraordinary expenses (such as litigation and indemnification expenses).

The Supervision and Administration Agreement for the Funds provides that the Adviser also bears the costs for acquired fund fees and expenses generated by investments by the Fund in affiliated investment companies. For the year ended November 30, 2024, the Adviser paid acquired fund fees and expenses of the Global X Interest Rate Hedge ETF

Notes to Financial Statements (Continued)

November 30, 2024

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

of $1,206 and made such reimbursement payments to the Fund on a monthly basis. These amounts are included in Payment from Adviser on the Statement of Operations.

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

		Supervision and Administration Fee
Global X Interest Rate Hedge ETF		0.45%
Global X Interest Rate Volatility & Inflation Hedge ETF		0.45%

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

SEI Investments Distribution Co. (“SIDCO”) serves as each Fund’s underwriter and distributor of Creation Units pursuant to a distribution agreement (the “Distribution Agreement”). SIDCO has no obligation to sell any specific quantity of Shares. SIDCO bears the following costs and expenses relating to the distribution of Shares: (1) the costs of processing and maintaining records of creations of Creation Units; (2) all costs of maintaining the records required of a registered broker/dealer; (3) the expenses of maintaining its registration or qualification as a dealer or broker under federal or state laws; (4) filing fees; and (5) all other expenses incurred in connection with the distribution services as contemplated in the Distribution Agreement. SIDCO receives no fee from the Funds for its distribution services under the Distribution Agreement; rather, the Adviser compensates SIDCO for certain expenses, out-of-pocket costs, and transaction fees.

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

Notes to Financial Statements (Continued)

November 30, 2024

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

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

4. INVESTMENT TRANSACTIONS

For the year ended November 30, 2024, the purchases and sales of investments in securities, excluding in-kind transactions, long-term U.S. Government, and short-term securities, were:

	Purchases		Sales and Maturities
Global X Interest Rate Hedge ETF	$	547,584	$	873,212
Global X Interest Rate Volatility & Inflation Hedge ETF		229,814		585,932

For the year ended November 30, 2024, in-kind transactions associated with creations and redemptions were:

	Purchases		Sales		Realized Gain/(Loss)
Global X Interest Rate Hedge ETF	$	–	$	–	$	–
Global X Interest Rate Volatility & Inflation Hedge ETF		963,252		1,722,051		(167,992	)

For the year ended November 30, 2024, there were no purchases and sales of long-term U.S. Government securities by the Funds.

Notes to Financial Statements (Continued)

November 30, 2024

5. DERIVATIVE TRANSACTIONS

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 November 30, 2024.

Asset Derivatives

Liability Derivatives

Fair Value

Global X Interest Rate Hedge ETF

Interest rate contracts

Investments, at value

153,068

Interest rate contracts

Swaptions written, at value

–

Total Derivatives not accounted for as hedging instruments

153,068

–

Global X Interest Rate Volatility & Inflation Hedge ETF

Interest rate contracts

Investments, at value

94,946

Interest rate contracts

Options written, at value

–

Total Derivatives not accounted for as hedging instruments

94,946

–

* Includes purchased options and/or swaptions.

Amounts designated as “—” are $0.

The effect of derivative instruments on the Statements of Operations for the year ended November 30, 2024:

Amount of realized gain or (loss) on derivatives recognized in income:

	Purchased Options and Swaptions			Written Options and Swaptions
Global X Interest Rate Hedge ETF
Interest Rate Contracts	$	(486,385	)	$	—
Global X Interest Rate Volatility & Inflation Hedge ETF
Interest Rate Contracts		(150,000	)		—

Amounts designated as “—” are $0.

Notes to Financial Statements (Continued)

November 30, 2024

5. DERIVATIVE TRANSACTIONS (continued)

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

	Purchased			Written
	Options and			Options and
	Swaptions			Swaptions
Global X Interest Rate Hedge ETF
Interest Rate Contracts	$	152,155		$	—
Global X Interest Rate Volatility & Inflation Hedge ETF
Interest Rate Contracts		(88,103	)		—

Amounts designated as “—” are $0.

The following table discloses the average monthly balances of the Funds’ options and swaptions activity during the year ended November 30, 2024:

	Average Market Value Contracts Written		Average Market Value Contracts Purchased
Global X Interest Rate Hedge ETF	$	—	$	344,892
Global X Interest Rate Volatility & Inflation Hedge ETF		—		253,950

The Funds are subject to various netting agreements with select counterparties (“Master Agreements”). Master Agreements govern the terms of certain swaps and derivatives transactions and are intended to reduce counterparty risk associated with such transactions by establishing credit protection mechanisms and providing for standardization which improves legal certainty. Since different types of transactions have different mechanics and are often traded through different legal entities with respect to a particular counterparty, different transaction types may be covered by different Master Agreements, resulting in the need for multiple Master Agreements with a single counterparty. Master Agreements generally allow a Fund to close-out and net its total exposure to a specific counterparty in the event of a default with respect to all transactions thereunder.

Master Agreements can also help limit counterparty risk by providing for collateralization at pre-arranged exposure levels. Under the Master Agreements, collateral is normally transferred if the net exposure with respect to the applicable transaction type exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury securities and U.S. dollar cash are generally the preferred forms of collateral. Securities and cash pledged as collateral by the Fund, if any, are reflected as assets on the Statement of Assets and Liabilities as either a component of investments at value (securities) or cash on hand (cash). Collateral pledged by counterparties to a Fund is not included in the Fund’s assets because the Fund is not permitted to use (or rehypothecate) such collateral, and instead, swaps and derivatives are shown on the Fund’s Statement of Assets and Liabilities at their current market value. A Fund’s overall exposure to counterparty risk can change substantially

Notes to Financial Statements (Continued)

November 30, 2024

5. DERIVATIVE TRANSACTIONS (continued)

within a short period of time as it is affected by each transaction subject to the relevant Master Agreement.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern OTC derivative transactions entered into by a Fund and the applicable counterparty. ISDA Master Agreements include, among other items, representations, warranties and covenants, provisions establishing events of default and termination events, and provisions imposing collateral requirements with respect to the applicable transaction types. The occurrence of events of default and termination events entitle the parties to the ISDA Master Agreement to elect to terminate early and cause settlement of all outstanding transactions thereunder. Early termination of transactions could have a material effect on the financial statements of the Fund. In limited circumstances, the ISDA Master Agreement may provide for the exchange of initial margin, which results in over-collateralization and additional credit protection beyond coverage of existing daily exposure.

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged for each Fund as of November 30, 2024:

Global X Interest Rate Hedge ETF
	Financial Derivative Assets				Financial Derivative Liabilities
Counterparty	Options and Swaptions		Total Over the Counter		Options and Swaptions		Total Over the Counter		Net Market Value of OTC Derivatives		Collateral (Received)/Pledged*		Net Exposure†
UBS	$	153,067	$	153,067	$	–	$	–	$	153,067	$	–	$	153,067
Barclays		1		1		–		–		1		–		1
Total over the counter	$	153,068	$	153,068	$	–	$	–

Global X Interest Rate Volatility & Inflation Hedge ETF
	Financial Derivative Assets				Financial Derivative Liabilities
Counterparty	Options and Swaptions		Total Over the Counter		Options and Swaptions		Total Over the Counter		Net Market Value of OTC Derivatives		Collateral (Received)/Pledged*		Net Exposure†
UBS	$	33,728	$	33,728	$	–	$	–	$	33,728	$	–	$	33,728
Bank of America		34,794		34,794		–		–		34,794		–		34,794
Barclays		26,424		26,424		–		–		26,424		–		26,424
Total over the counter	$	94,946	$	94,946	$	–	$	–

* Excess collateral pledged is not shown for financial reporting purposes.

† Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can be netted only across transactions governed under the same master agreement with the same legal entity.

Notes to Financial Statements (Continued)

November 30, 2024

6. TAX INFORMATION

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

The differences have been reclassified on the Statements of Assets and Liabilities to/from the Paid-in Capital and Total Distributable Earnings (Accumulated Losses) accounts during the fiscal year ended November 30, 2024 are primarily attributable to the redemptions in kind.

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

Global X Funds	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals
Global X Interest Rate Hedge ETF
2024	$	595,267	$	–	$	–	$	595,267
2023		612,153		–		–		612,153
Global X Interest Rate Volatility & Inflation Hedge ETF
2024	$	79,113	$	–	$	–	$	79,113
2023		119,940		–		–		119,940

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

	Global X Interest Rate Hedge ETF			Global X Interest Rate Volatility & Inflation Hedge ETF
Undistributed Ordinary Income	$	51,251		$	12,998
Capital Loss Carryforwards		(490,428	)		(350,659	)
Unrealized Depreciation on Investments and Foreign Currency		(81,341	)		(150,267	)
Other Temporary Differences		2			1
Total Accumulated Losses	$	(520,516	)	$	(487,927	)

For taxable years beginning after December 22, 2010, a registered investment company (“RIC”) is permitted to carry forward net capital losses to offset capital gains realized in

Notes to Financial Statements (Continued)

November 30, 2024

6. TAX INFORMATION (continued)

later years, and the losses carried forward retain their original character as either long-term or short-term losses.

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at November 30, 2024, was as follows:

Global X Funds	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Depreciation
Global X Interest Rate Hedge ETF		$1,942,144		$37,100		$(118,441	)		$(81,341	)
Global X Interest Rate Volatility & Inflation Hedge ETF		2,363,311		9,225		(159,492	)		(150,267	)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is primarily related to wash sales.

7. CONCENTRATION OF RISKS

Global X Interest Rate Hedge ETF

Associated Risks Related to Investing in Rate-Linked Derivatives: The Global X Interest Rate Hedge ETF’s exposure to derivatives tied to interest rates subjects the Fund to greater volatility than investments in traditional securities, such as stocks and bonds. Investing in derivatives tied to interest rates, including through options tied to the shape of the U.S. interest rate curve, can be extremely volatile. The value of such investments may fluctuate rapidly based on a variety of factors, including overall market movements; economic events and policies; changes in interest rates or inflation rates; changes in monetary and exchange control programs; war; acts of terrorism; natural disasters; and technological developments. The Fund is expected to benefit from the options it holds if long-term U.S. interest rates rise during the time period in which the Fund holds the options. However, if long-term U.S. interest rates decrease, the Fund will lose money on the options, up to the amount invested in option premiums, and underperform an otherwise identical bond fund that had not used such options. Rate-linked derivatives may lose money if interest rates change in a manner not anticipated by the Adviser. An increase in interest rates may cause the value of securities held directly or indirectly by the Fund to decline to the extent that the Fund’s hedging strategy is not effectively implemented. Even if the Fund is hedged against losses due to long-term interest rate increases linked to U.S. interest rates, outright interest rate increases may also lead to heightened volatility in the fixed income markets and may positively affect the value of the Fund’s options while negatively impacting the Fund’s investments in U.S. Treasuries. The Fund could lose money on the options held by the Fund, and the present value of the Fund’s portfolio investments could decrease if inflation increases. These interest rate-linked options may also cause the Fund’s net asset value and returns to be more volatile and expose the Fund to increased counterparty risk.

Notes to Financial Statements (Continued)

November 30, 2024

7. CONCENTRATION OF RISKS (continued)

Fluctuations in the U.S. interest rate curve or the price of the options owned by the Fund could materially adversely affect an investment in the Fund. The Fund’s investments in options are not intended to mitigate duration and credit risk or other factors influencing the price of U.S. government bonds, which may have a greater impact on the bonds’ returns than interest rate risk. Moreover, to the extent that interest rate risk has been priced into the government bonds owned directly or indirectly by the Fund, the Fund could underperform other investments even during periods of rising long-term U.S. interest rates. There is no guarantee that the Fund will have positive performance even in environments of sharply rising U.S. interest rates. There is no guarantee that the Fund will be able to successfully mitigate interest rate risk.

Leverage Risk: The Fund’s investments in put options and/or interest rate payer swaptions have the economic effect of creating financial leverage in the Fund’s portfolio because such investments may give rise to gains or losses that are disproportionate to the amount the Fund has invested in those instruments. Because the Fund only takes long positions in put options and/or interest rate payer swaptions as part of its principal investment strategy, the maximum loss for the Fund’s put options and/or interest rate payer swaptions positions is the “options premium,” which is defined as the premium paid for the put options and/ or interest rate payer swaptions and any post-purchase appreciation in value. Thus, any disproportionate returns are generally expected to exist only when the value of such options appreciates. However, following such appreciation, even small changes in the shape of the U.S. interest rate curve or interest rate volatility may result in a significant decline in the value of such options with a maximum loss equal to the yield curve spread options premium.

Swaptions Risk: A swaption is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. The Fund may purchase interest rate payer swaptions. When the Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised.

Global X Interest Rate Volatility & Inflation Hedge ETF

Associated Risks Related to Investing in Rate-Linked Derivatives: The Global X Interest Rate Volatility & Inflation Hedge ETF’s exposure to derivatives tied to interest rates subjects the Fund to greater volatility than investments in traditional securities, such as stocks and bonds. Investing in derivatives tied to interest rates, including through options tied to the shape of the U.S. interest rate curve, can be extremely volatile. The value of such investments may fluctuate rapidly based on a variety of factors, including overall market movements, economic events and policies, changes in interest rates or inflation rates, changes in monetary and exchange control programs, war, acts of terrorism, natural

Notes to Financial Statements (Continued)

November 30, 2024

7. CONCENTRATION OF RISKS (continued)

disasters, and technological developments. The Fund is expected to benefit from the options it holds if the U.S. interest rate curve steepens during the time period in which the Fund holds the options. However, if the U.S. interest rate curve flattens or inverts, the Fund will lose money on the options, up to the amount invested in option premiums, and underperform an otherwise identical bond fund that had not used such options. Rate-linked derivatives may lose money if interest rates change in a manner not anticipated by the Adviser. An increase in interest rates may cause the value of securities held directly or indirectly by the Fund to decline to the extent that the increase is not linked to a steepening of the U.S. interest rate curve or the Fund’s hedging strategy is not effectively implemented. Even if the Fund is hedged against losses due to interest rate increases linked to U.S. interest rate curve steepening, outright interest rate increases may lead to heightened volatility in the fixed income markets and may positively affect the value of the Fund’s options while negatively impacting the Fund’s exposure to Treasury Inflation-Protected Securities. There can be no assurance that the Fund’s interest-rate linked options will accurately deliver positive returns if inflation experienced in the U.S. or the rate of expected future inflation reflected in the prices and yields of bonds held by the Fund rises. The Fund could lose money on the options held by the Fund, and the present value of the Fund’s portfolio investments could decrease if inflation increases. These interest rate-linked options may also cause the Fund’s net asset value and returns to be more volatile and expose the Fund to increased counterparty risk. Fluctuations in the steepness of the U.S. interest rate curve or the price of the options owned by the Fund could materially adversely affect an investment in the Fund. The Fund’s investments in options are not intended to mitigate duration and credit risk or other factors influencing the price of U.S. government bonds, which may have a greater impact on the bonds’ returns than interest rate curve risk. Moreover, to the extent that interest rate curve risk has been priced into the government bonds owned directly or indirectly by the Fund, the Fund could underperform other investments even during inflationary periods. There is no guarantee that the Fund will have positive performance even in environments of sharply rising inflation. There is no guarantee that the Fund will be able to successfully mitigate inflation risk or that bond values and interest rates will match changes in inflation rates.

Notes to Financial Statements (Continued)

November 30, 2024

7. CONCENTRATION OF RISKS (continued)

Leverage Risk: The Fund’s investments in yield curve spread options have the economic effect of creating financial leverage in the Fund’s portfolio because such investments may give rise to gains or losses that are disproportionate to the amount the Fund has invested in those instruments. Because the Fund only takes long positions in yield curve spread options as part of its principal investment strategy, the maximum loss for the Fund’s yield curve spread options position is the “options premium,” which is defined as the premium paid for the yield curve spread options and any post-purchase appreciation in value. Thus, any disproportionate returns are generally expected to exist only when the value of such yield curve spread options appreciates. However, following such appreciation, even small changes in the shape of the U.S. interest rate curve or interest rate volatility may result in a significant decline in the value of such yield curve spread options with a maximum loss equal to the yield curve spread options premium.

Inflation-Linked Bonds Investment Risk: Inflation-linked bonds are income-generating instruments whose interest and principal payments are adjusted for inflation – a sustained increase in prices that erodes the purchasing power of money. The inflation adjustment, which is typically applied monthly to the principal of the bond, follows a designated inflation index, such as the consumer price index. Because of this inflation adjustment feature, inflation-protected bonds typically have lower yields than conventional fixed-rate bonds.

Risks Applicable to Both Funds

U.S. Treasury Obligations Risk: U.S. Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Funds’ investments in U.S. Treasury obligations to decline.

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

8. LOANS OF PORTFOLIO SECURITIES

Each Fund may lend portfolio securities having a market value up to one-third of its total assets. Security loans made pursuant to a securities lending agreement with BNY Mellon are initially required to be secured by collateral equal to at least 102% for U.S.-based securities and 105% for foreign based securities. Such collateral received in connection with these loans will be cash and can be invested in repurchase agreements or U.S. Treasury obligations and is recognized in the Schedules of Investments and Statements of Assets and Liabilities. The obligation to return securities lending collateral is also recognized as a liability in the Statements of Assets and Liabilities. It is each Fund’s policy to obtain

Notes to Financial Statements (Continued)

November 30, 2024

8. LOANS OF PORTFOLIO SECURITIES (continued)

additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan.

Securities pledged as collateral for repurchase agreements held in the Funds are held by BNY and are designated as being held on 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 colateral as a liability on the Statements of Assets and Liabilities.

Lending securities entails a risk of loss to the Funds if and to the extent that the market value of the securities loans were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. In the event the borrower may not provide additional collateral when required or may not return the securities when due, the securities lending agency agreement requires the lending agent to indemnify the Funds by replacing either the security or the security’s current market value to the Funds. The Funds could also experience delays and costs in gaining access to the collateral. The Funds bear the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. As of November 30, 2024, the Funds had no securities on loan.

9. CONTRACTUAL OBLIGATION

The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds’ maximum exposure under these contracts is unknown. However, the Funds have not had prior gains or losses pursuant to these contracts.

Management has reviewed the Funds’ existing contracts and expects the risk of loss to be remote.

Notes to Financial Statements (Concluded)

November 30, 2024

9. CONTRACTUAL OBLIGATION (continued)

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

10. SUBSEQUENT EVENTS

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

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Global X Funds and Shareholders of Global X Interest Rate Hedge ETF and

Global X Interest Rate Volatility & Inflation Hedge ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Global X Interest Rate Hedge ETF and Global X Interest Rate Volatility & Inflation Hedge ETF (two of the funds constituting Global X Funds, hereafter collectively referred to as the “Funds”) as of November 30, 2024, the related statements of operations for the year ended November 30, 2024, the statements of changes in net assets for each of the two years in the period ended November 30, 2024, including the related notes, and the financial highlights for each of the two years in the period ended November 30, 2024 and for the period July 5, 2022 (commencement of operations) through November 30, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended November 30, 2024 and each of the financial highlights for each of the two years in the period ended November 30, 2024 and for the period July 5, 2022 (commencement of operations) through November 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2024, by correspondence

Report of Independent Registered Public Accounting Firm (Concluded)

with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
January 27, 2025

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

Notice to Shareholders (UNAUDITED)

For shareholders that do not have a November 30, 2024 tax year end, this notice is for informational purposes only. For shareholders with a November 30, 2024 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended November 30, 2024, the Funds have designated the following items with regard to distributions paid during the year.

	Long-Term Capital Gain Distributions	Ordinary Income Distributions	Return of Capital	Total Distributions	Qualifying for Corporate Dividends Received Deduction ⁽¹⁾	Qualifying Dividend Income ⁽²⁾
Global X Interest Rate Hedge ETF
	0.00%	100.00%	0.00%	100.00%	9.32%	8.97%
Global X Interest Rate Volatility and Inflation Hedge ETF
	0.00%	100.00%	0.00%	100.00%	0.00%	0.00%

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

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

Notice to Shareholders (UNAUDITED)

	U.S. Government Interest ⁽³⁾	Interest Related Dividends ⁽⁴⁾	Short Term Capital Gain Dividends ⁽⁵⁾	Qualifying Business Income ⁽⁶⁾	Foreign Tax Credit
Global X Interest Rate Hedge ETF
	0.12%	14.61%	100.00%	0.00%	0.00%
Global X Interest Rate Volatility and Inflation Hedge ETF
	96.93%	98.62%	0.00%	0.00%	0.00%

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

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

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

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

The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2024. Complete information will be computed and reported in conjunction with your Form 2024 1099-DIV

Proxy Voting (Form N-CSR Item 9) (UNAUDITED)

A Special Meeting of Shareholders of the Global X Funds (the “Trust”) was held on August 26, 2024, for the purpose of considering the proposal to elect each of the current Trustees to the Board of Trustees of the Trust. The proposal was approved on August 26, 2024 with the following voting results:

Trustee	Shares Voted
Charles A. Baker
For		1,000,273,461
Against		14,064,552
Abstain		12,508,484
Toai Chin
For		999,088,606
Against		14,951,430
Abstain		12,806,470
Clifford J. Weber
For		1,000,103,865
Against		14,142,432
Abstain		12,600,202
Ryan O’Connor
For		1,002,852,035
Against		11,528,537
Abstain		12,465,958

Approval of Investment Advisory Agreement (Form N-CSR Item 11) (unaudited)

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 19, 2024, 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 (each, a “Renewal Fund” and together, the “Renewal Funds”) included in this Annual Report; 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 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 and 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.

RENEWAL AGREEMENTS

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

Nature, Extent and Quality of Services

With respect to this factor, the Board considered:

•	the terms of the Renewal Agreements and the range of services that would continue to be provided to each Renewal Fund in accordance with the Renewal Agreements;

•	Global X Management’s key personnel and the portfolio managers who would continue to provide investment advisory, supervision and administrative services to each Renewal Fund. In considering the key personnel, the Board considered the departures of certain key executives of Global X Management and their replacements,

Approval of Investment Advisory Agreement (Form N-CSR Item 11) (unaudited) (Continued)

	and the plan for identifying a permanent replacement for Global X Management’s chief executive officer;

•	Global X Management’s responsibilities under the Renewal Agreements, among other things, to: (i) manage the investment operations of the Renewal Funds and the composition of the Renewal Funds’ assets, including the purchase, retention and disposition of their holdings, (ii) provide quarterly reports to the Trust’s officers and the Board and other reports as the Board deems necessary or appropriate, (iii) vote proxies, exercise consents, and exercise all other rights relating to securities and assets held by the Renewal Funds, (iv) select broker-dealers to execute portfolio transactions for the Renewal Funds when necessary, (v) assist in the preparation and filing of reports and proxy statements (if any) to the shareholders of the Renewal Funds, and the periodic updating of the registration statement, prospectuses, statements of additional information, and other reports and documents for the Renewal Funds that are required to be filed by the Trust with the SEC and other regulatory and governmental bodies, and (vi) monitor anticipated purchases and redemptions of the shares (including Creation Units) of the Renewal Funds by shareholders and new investors;

•	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; and

•	the quality of Global X Management’s resources and personnel that would continue to be made available to the Renewal Funds, including Global X Management’s experience and the professional qualifications of Global X Management’s key personnel. In evaluating key personnel, the Board considered the qualifications of Global X Management’s chief operating officer and interim chief executive officer, and considered Global X Management’s plans for hiring a permanent chief executive officer.

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.

Performance

The Board considered the performance of each Renewal Fund. They examined the performance of the Renewal Funds for the one-year, three-year, five-year and since inception periods, as applicable. Also, the Board considered the total return and investments 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 under-performance and overperformance with respect to the competitor funds. The Board also considered the Renewal Funds’ performance in absolute terms.

Approval of Investment Advisory Agreement (Form N-CSR Item 11) (unaudited) (Continued)

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.

Cost of Services and Profitability

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, as applicable, profitability 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 the Renewal Funds’ shareholders.

Comparison of Fees and Services

With respect to this factor, the Board considered:

•	comparative information with respect to the Management Fee paid to Global X Management by the Renewal Funds. In connection with this consideration, Global X Management provided the Board with comparative expense data for the Renewal Funds, including fees and expenses paid by unaffiliated similar specialized and/or focused ETFs and/or other comparable registered funds. The Board considered the Global X Management’s detailed explanation of the fee structures of any Renewal Fund that was above the average or median for its peer group;

•	the structure of the unitary Management Fee (which includes as one component the investment advisory fee for the Renewal Funds) and the current total expense ratios for the Renewal Funds. In this regard, the Board took into consideration that the purpose of adopting a unitary Management Fee structure for the Renewal Funds was to create a simple, all-inclusive fee that would provide a level of predictability with respect to the overall expense ratio (i.e., the total fees) of the Renewal Funds and that the proposed Management Fee for each Renewal Funds was set at a competitive level

Approval of Investment Advisory Agreement (Form N-CSR Item 11) (unaudited) (Continued)

	to make the Renewal Funds viable in the marketplace; and

•	that, under the unified Management Fee structure, Global X Management is responsible for most ordinary expenses of the Renewal Funds, including the costs of various third-party services required by the Renewal Funds, including investment advisory, administrative, audit, certain custody, portfolio accounting, legal, transfer agency and printing costs, but that the Renewal Funds would bear other expenses not covered under the proposed all-inclusive Management Fee, such as taxes, brokerage fees, commissions, and other transaction expenses, interest expenses, and extraordinary expenses.

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.

Economies of Scale

With respect to this factor, the Board considered:

•	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;

•	the significant investment of time, personnel and other resources that Global X Management has made and intends to continue to make in the Renewal Funds in order to seek to assure that the Renewal Funds are attractive to investors; and

•	that the unitary Management Fee would provide a high level of certainty as to the total level of expenses for the Renewal Funds and their shareholders.

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

Other Benefits

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 and concluded that, in the exercise of the Board’s business judgement, all information the Board considered supported approval of the continuation of the Renewal Agreements.

Conclusion

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.

Approval of Investment Advisory Agreement (Form N-CSR Item 11) (unaudited) (Concluded)

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.

Notes

605 3rd Avenue, 43rd Floor
New York, NY 10158
1-888-493-8631
www.globalxetfs.com

Investment Adviser and Administrator:
Global X Management Company LLC
605 3rd Avenue, 43rd Floor
New York, NY 10158

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

Sub-Administrator:
SEI Investments Global Funds Services
One Freedom Valley Drive
Oaks, PA 19456

Counsel for Global X Funds and the Independent Trustees:
Stradley Ronon Stevens & Young, LLP
2000 K Street, N.W.
Suite 700
Washington, DC 20006

Custodian and Transfer Agent:
The Bank of New York Mellon
240 Greenwich Street
New York, New York 10286

Independent Registered Public Accounting Firm:
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.

GLX-AR-011-0300

Item 8.

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

There were no changes in or disagreements with accountants on accounting and financial disclosure during the period covered by the report.

Item 9.

Proxy Disclosures for Open-End Management Investment Companies.

The disclosure regarding any matters submitted during the period covered by the report to a vote of shareholders, if applicable, is included as part of the financial statements filed under Item 7 of this form.

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.

The disclosure regarding the approval of any investment advisory contract approved during the registrant’s most recent fiscal half-year, if applicable, is included as part of the financial statements filed under Item 7 of this form.

Item 12.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 13.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 14.

Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 15.

Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 16.

Controls and Procedures.

(a) The certifying officers, whose certifications are included herewith, have evaluated the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) within 90 days of the filing date of this report. In their opinion, based on their evaluation, the registrant’s disclosure controls and procedures are adequately designed, and are operating effectively to ensure, that information required to be disclosed by the registrant in the reports it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

(c) Management has completed the remediation efforts relating to a previously reported material weakness in the Registrant’s internal controls over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable

possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis. As of November 30,2023, management concluded that it did not design or maintain controls to evaluate reasonably available observable inputs related to the valuation of certain securities held in the Global X Aging Population ETF, Global X Cannabis ETF and Global X Genomics & Biotechnology ETF for which trading on a recognized exchange were halted. This material weakness did not result in a misstatement of previously issued financial statements. This material weakness resulted in audit adjustments, which adjustments were reflected in the financial statements of the Global X Cannabis ETF to increase Investments, at value and Net change in unrealized appreciation (depreciation) on investments for the year ended November 30, 2023. The Global X Cannabis ETF liquidated on February 20, 2024.

The steps management took to remediate this material weakness included implementing an additional control to track subsequent events for potential observable inputs that relate to the valuation of certain securities for which trading on a recognized exchange has halted. Management created a Subsequent Event Tracking log that is intended to identify halted securities above an established fund weighting threshold, with the intention to formally track subsequent events that may result in observable inputs that would impact the valuation of the security. Secondly, the log tracks communication of such subsequent events to the Valuation Committee, with fair value recommendations reviewed and approved by Committee members.

As a result of these remediation activities, management has determined that the Registrant’s internal controls over financial reporting are designed appropriately and at a sufficient level of precision and have been operating effectively for a sufficient period of time, such that the material weakness previously identified as of November 30, 2023, has been remediated as of November 30, 2024.

Item 17.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18.

Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

Item 19.

Exhibits.

(a)(1) Code of Ethics attached hereto.

(a)(2) Not applicable.

(a)(3) A separate certification for the principal executive officer and the principal financial officer of the registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), are filed herewith.

(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, also accompany this filing as exhibits.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	Global X Funds

By (Signature and Title)	/s/ Ryan O’Connor
	Ryan O’Connor
	Principal Executive Officer

Date: February 6, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Ryan O’Connor
	Ryan O’Connor
	Principal Executive Officer

Date: February 6, 2025

By (Signature and Title)	/s/ Eric Olsen
	Eric Olsen
	Principal Financial Officer

Date: February 6, 2025

iso4217:USDxbrli:shares

Global X Funds N-CSRCertified annual shareholder report (management investment company)

Global X Funds

Global X Interest Rate Hedge ETF

Ticker: RATE

Principal Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report: November 30, 2024

What were the Fund costs for the last year?

How did the Fund perform in the last year?

Total Return Based on $10,000 Investment

Average Annual Total Returns as of November 30, 2024

Key Fund Statistics as of November 30, 2024

What did the Fund invest in?

Asset WeightingsFootnote Reference*

Top Holdings

Material Fund Changes

Additional Information

Global X Funds

Global X Interest Rate Hedge ETF: RATE

Global X Funds

Global X Interest Rate Volatility & Inflation Hedge ETF

Ticker: IRVH

Principal Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report: November 30, 2024

What were the Fund costs for the last year?

How did the Fund perform in the last year?

Total Return Based on $10,000 Investment

Average Annual Total Returns as of November 30, 2024

Key Fund Statistics as of November 30, 2024

What did the Fund invest in?

Asset WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Additional Information

Global X Funds

Global X Interest Rate Volatility & Inflation Hedge ETF: IRVH

Asset Weightings^{Footnote Reference*}

Asset Weightings^{Footnote Reference*}