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

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)

Luis Berruga

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:

Global X Management Company LLC 605 Third Avenue, 43rd floor New York, NY 10158 Eric S. Purple, Esq. 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, 2022

Date of reporting period: November 30, 2022

Item 1.Reports to Stockholders.

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 Emerging Markets Bond ETF (ticker: EMBD)
Global X China Innovation ETF (ticker: KEJI)

Annual Report

November 30, 2022

As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ (defined below) shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary (such as a broker–dealer or bank). Instead, shareholder reports will be available on the Funds’ website (www. globalxetfs.com/explore), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary.

You may elect to receive all future Fund shareholder reports in paper free of charge. Please contact your financial intermediary to inform them that you wish to continue receiving paper copies of Fund shareholder reports and for details about whether your election to receive reports in paper will apply to all funds held with your financial intermediary.

Table of Contents 

Management Discussion of Fund Performance	1
Schedule of Investments
Global X Emerging Markets Bond ETF	5
Global X China Innovation ETF	19
Glossary	22
Statements of Assets and Liabilities	23
Statements of Operations	24
Statements of Changes in Net Assets	25
Financial Highlights	27
Notes to Financial Statements	29
Report of Independent Registered Public Accounting Firm	43
Disclosure of Fund Expenses	45
Approval of Investment Advisory Agreement and Sub–Advisory Agreements	47
Supplemental Information	57
Trustees and Officers of the Trust	58
Notice to Shareholders	61

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.

Management Discussion of Fund Performance (unaudited) 

Global X Emerging Markets Bond ETF

Global X Emerging Markets Bond ETF

The Global X Emerging Markets Bond ETF (“Fund”) is an actively managed fund sub–advised by Mirae Asset Global Investments (USA) LLC (the “Sub–adviser”) that seeks a high level of total return, consisting of both income and capital appreciation, by investing in emerging market debt. The Fund primarily invests in emerging market (“EM”) debt securities denominated in U.S. dollars; however, the Fund may also invest in emerging market debt securities denominated in applicable local foreign currencies. Securities may include fixed–rate and floating–rate debt instruments issued by sovereign, quasi–sovereign, and corporate entities from EM countries.

The Fund uses the JPMorgan EMBI Global Core Index (“Benchmark Index”) as its performance benchmark. The Benchmark Index is a broad, diverse U.S. dollar denominated EM debt benchmark that tracks the total return of actively traded debt instruments in EM countries.

For the 12–month period ended November 30, 2022 (the “reporting period”), the Fund decreased 12.26%, while the Index decreased 17.25%. The Fund had a net asset value of $25.73 per share on November 30, 2021 and ended the reporting period with a net asset value of $21.41 on November 30, 2022.

During the reporting period, the highest returns came from Government of Egypt 5.80% and Government of Oman 6.75%, which returned 18.20% and 12.71%, respectively. The worst performers were Government of Russia 5.25% and Russia Ministry of Finance 5.10%, which returned –96.44% and –96.18%, respectively.

Seeking a high level of total return consisting of both income and capital appreciation, the Fund’s portfolio managers incorporate both top–down macro views, consistent with the views of the Sub–adviser’s Investment Committee, and bottom–up fundamental research to evaluate the investment attractiveness of select countries and companies that are believed to offer superior risk–adjusted returns. The portfolio managers determine country allocation primarily based on economic indicators, industry structure, terms of trade, political environment, and geopolitical issues. Additionally, the portfolio managers conduct relative valuation analysis on sovereign and corporate issues to tactically identify potential opportunities to enhance the Fund’s risk–adjusted returns. The portfolio managers may dynamically adjust the top–down and bottom–up strategies of the Fund to better reflect market developments. During the reporting period, EM debt remained volatile as it faced headwinds from rising inflation, monetary policy tightening by major central banks, Russia's invasion of Ukraine, and a slowdown in the Chinese economy, all of which contributed to negative Fund returns. In addition, a strengthening U.S. Dollar put pressure on dollar denominated debt. Geographically, the Fund benefited from exposure to Turkish debt securities during the reporting period, but Hungarian debt securities detracted from the Fund’s performance.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2022
	One Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X Emerging Markets Bond ETF	–12.26%	–11.05%	–1.37%	–0.73%
JPMorgan EMBI Global Core Index, Gross	–17.25%	–17.25%	–4.43%	–4.43%

1

Management Discussion of Fund Performance (unaudited) 

Global X Emerging Markets Bond ETF

*The Fund commenced investment operations on June 1, 2020.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices above.

2

Management Discussion of Fund Performance (unaudited) 

Global X China Innovation ETF

Global X China Innovation ETF

The Global X China Innovation ETF (“Fund”) is an actively managed fund sub–advised by Mirae Asset Global Investments (Hong Kong) Limited that seeks to achieve long–term growth of capital, by investing in exchange–listed companies that are economically tied to China and which are relevant to the Fund’s investment theme of disruptive innovation.

For the 12–month period ended November 30, 2022 (the “reporting period”), the Fund decreased 36.87%, while the MSCI All China Index (the “Index”) decreased 27.67%. The Fund had a net asset value of $19.02 per share on November 30, 2021 and ended the reporting period with a net asset value of $11.98 on November 30, 2022.

During the reporting period, the highest returns came from BYD Electronic (International) Co., Ltd and Pinduoduo, Inc, which returned 26.77% and 25.87%, respectively. The worst performers were Bilibili, Inc and Will Semiconductor Ltd, which returned –67.81% and –63.94%, respectively.

Challenges across the Chinese equity market ecosystem led to negative performance for the Fund during the reporting period. The Fund faced macroeconomic headwinds resulting from China's "zero–COVID" policy and investor concerns over Chinese regulatory actions. Additionally, the Fund's holdings faced challenges from U.S. chip export control measures and the risk of delisting through the Holding Foreign Companies Accountable Act, which could cause the securities of foreign issuers (including in China) to be delisted from U.S. stock exchanges if those companies do not permit U.S. government oversight of the auditing of their financial information. Innovative Chinese companies bore the brunt of tensions between the US and China with the information technology sector being hit particularly hard by U.S. restrictions on the export of high–end American semiconductors to China. Certain parts of the CHIPS and Science Act and Executive Order for Advancing Biotechnology and Biomanufacturing Innovation, both of which were finalized during the reporting period, suggested increased competition between the U.S. and China, which dampened investor sentiment towards certain sectors within the Fund. During the reporting period, the Fund saw an average approximate allocation of 26% to Industrials, 19% to Information Technology, and 17% to Consumer Discretionary.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2021
	One Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X China Innovation ETF	–36.87%	–35.77%	–33.92%	–33.33%
MSCI All China Index, Net	–27.67%	–27.67%	–27.07%	–27.07%

3

Management Discussion of Fund Performance (unaudited) 

Global X China Innovation ETF

*The Fund commenced investment operations on February 22, 2021.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices above.

4

Schedule of Investments	november 30, 2022
Global X Emerging Markets Bond ETF

	Face Amount		Value
SOVEREIGN DEBT — 55.0%
Angola — 0.9%
Angolan Government International Bond
8.750%, 04/14/32	$	1,000,000	$	899,060
Argentina — 1.3%
Argentine Republic Government International
Bond
3.875%, 01/09/38(A)		2,000,000		598,760
3.500%, 07/09/41(A)		1,000,000		270,775
1.500%, 07/09/35(A)		1,700,000		397,435
				1,266,970
Bahrain — 0.5%
Bahrain Government International Bond
6.750%, 09/20/29		200,000		198,154
Bahrain Government International Bond MTN
5.250%, 01/25/33		300,000		254,376
				452,530

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

5

Schedule of Investments	november 30, 2022
Global X Emerging Markets Bond ETF

	Face Amount		Value
SOVEREIGN DEBT — continued
Brazil — 2.3%
Brazilian Government International Bond
5.625%, 02/21/47	$	200,000	$	164,940
4.625%, 01/13/28		400,000		382,616
4.500%, 05/30/29		600,000		555,762
3.875%, 06/12/30		1,000,000		872,770
2.875%, 06/06/25		200,000		188,629
				2,164,717
Chile — 1.8%
Chile Government International Bond
4.000%, 01/31/52		300,000		236,479
3.500%, 01/31/34		600,000		520,453
3.500%, 01/25/50		400,000		295,708
3.240%, 02/06/28		600,000		560,295
2.750%, 01/31/27		200,000		184,946
				1,797,881
Colombia — 2.2%
Colombia Government International Bond
5.200%, 05/15/49		800,000		529,104
5.000%, 06/15/45		500,000		330,188
4.125%, 05/15/51		500,000		290,084
4.125%, 02/22/42		200,000		122,254
3.875%, 04/25/27		200,000		174,166
3.250%, 04/22/32		500,000		353,382
3.125%, 04/15/31		600,000		436,455
				2,235,633
Dominican Republic — 3.5%
Dominican Republic International Bond
6.850%, 01/27/45		400,000		346,500
6.500%, 02/15/48		600,000		494,640
6.400%, 06/05/49		1,000,000		811,500
6.000%, 07/19/28		200,000		192,250
5.950%, 01/25/27		200,000		194,323
5.875%, 01/30/60		200,000		147,500
4.875%, 09/23/32		900,000		742,886
4.500%, 01/30/30		800,000		677,323
				3,606,922

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

6

Schedule of Investments	november 30, 2022
Global X Emerging Markets Bond ETF

	Face Amount		Value
SOVEREIGN DEBT — continued
Ecuador — 1.4%
Ecuador Government International Bond
5.500%, 07/31/30(A)	$	400,000	$	243,139
2.500%, 07/31/35(A)		1,400,000		613,759
1.500%, 07/31/40(A)		1,400,000		559,646
				1,416,544
Egypt — 2.0%
Egypt Government International Bond
8.875%, 05/29/50		700,000		479,919
8.700%, 03/01/49		800,000		541,392
7.903%, 02/21/48		600,000		386,702
7.625%, 05/29/32		200,000		150,464
Egypt Government International Bond MTN
5.875%, 02/16/31		400,000		282,451
5.800%, 09/30/27		200,000		164,944
				2,005,872
El Salvador — 0.1%
El Salvador Government International Bond
7.125%, 01/20/50(B)		200,000		73,000
Ghana — 0.4%
Ghana Government International Bond
8.950%, 03/26/51		400,000		134,000
8.627%, 06/16/49		600,000		199,368
8.125%, 03/26/32		200,000		70,552
				403,920
Hungary — 0.6%
Hungary Government International Bond
5.250%, 06/16/29		200,000		192,160
3.125%, 09/21/51		200,000		120,054
2.125%, 09/22/31		400,000		299,466
				611,680
India — 0.6%
Export–Import Bank of India
3.875%, 02/01/28		600,000		553,862
Indonesia — 1.5%
Indonesia Government International Bond
4.200%, 10/15/50		700,000		582,666
2.950%, 01/11/23		200,000		199,648

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

7

Schedule of Investments	november 30, 2022
Global X Emerging Markets Bond ETF

	Face Amount		Value
SOVEREIGN DEBT — continued
Indonesia — continued
Indonesia Government International Bond
MTN
5.125%, 01/15/45	$	500,000	$	479,858
Perusahaan Penerbit SBSN Indonesia III
4.400%, 06/06/27		200,000		196,976
				1,459,148
Ivory Coast — 1.3%
Ivory Coast Government International Bond
6.125%, 06/15/33		1,400,000		1,246,000
Jordan — 0.4%
Jordan Government International Bond
5.750%, 01/31/27		400,000		385,664
Kenya — 0.3%
Kenya Government International Bond
8.250%, 02/28/48		400,000		314,232
Kuwait — 0.2%
Kuwait International Government Bond
3.500%, 03/20/27		200,000		192,812
Mexico — 1.7%
Mexico Government International Bond
5.000%, 04/27/51		200,000		168,804
4.750%, 04/27/32		600,000		575,819
4.400%, 02/12/52		600,000		460,431
3.750%, 01/11/28		200,000		190,042
2.659%, 05/24/31		200,000		165,343
				1,560,439
Morocco — 1.4%
Morocco Government International Bond
4.000%, 12/15/50		1,000,000		683,060
2.375%, 12/15/27		800,000		686,576
				1,369,636
Nigeria — 1.1%
Nigeria Government International Bond
9.248%, 01/21/49		600,000		459,840
7.696%, 02/23/38		500,000		349,900
Nigeria Government International Bond MTN
7.625%, 11/28/47		400,000		265,485
				1,075,225

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

8

Schedule of Investments	november 30, 2022
Global X Emerging Markets Bond ETF

	Face Amount		Value
SOVEREIGN DEBT — continued
Oman — 3.2%
Oman Government International Bond
6.750%, 01/17/48	$	1,000,000	$	914,914
6.250%, 01/25/31		800,000		796,778
5.625%, 01/17/28		700,000		685,160
4.750%, 06/15/26		200,000		192,159
Oman Government International Bond MTN
6.000%, 08/01/29		600,000		592,730
				3,181,741
Panama — 2.3%
Panama Government International Bond
4.500%, 04/01/56		800,000		593,923
3.875%, 03/17/28		500,000		472,568
3.870%, 07/23/60		1,200,000		792,878
3.750%, 03/16/25		400,000		388,154
				2,247,523
Paraguay — 0.6%
Paraguay Government International Bond
5.000%, 04/15/26		200,000		199,000
4.950%, 04/28/31		400,000		385,000
				584,000
Peru — 3.1%
Peruvian Government International Bond
8.750%, 11/21/33		600,000		740,357
5.625%, 11/18/50		200,000		198,945
4.125%, 08/25/27		800,000		774,872
3.550%, 03/10/51		400,000		290,567
3.000%, 01/15/34		200,000		161,311
2.783%, 01/23/31		800,000		669,917
2.392%, 01/23/26		200,000		184,997
				3,020,966
Philippines — 1.0%
Philippine Government International Bond
6.375%, 10/23/34		600,000		657,493
3.700%, 02/02/42		400,000		324,717
				982,210

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

9

Schedule of Investments	november 30, 2022
Global X Emerging Markets Bond ETF

	Face Amount		Value
SOVEREIGN DEBT — continued
Qatar — 5.0%
Qatar Government International Bond
4.817%, 03/14/49	$	600,000	$	582,000
4.500%, 04/23/28		800,000		803,600
4.400%, 04/16/50		1,500,000		1,370,655
4.000%, 03/14/29		800,000		783,664
3.875%, 04/23/23		800,000		797,000
3.750%, 04/16/30		200,000		192,114
3.400%, 04/16/25		400,000		389,488
				4,918,521
Romania — 2.0%
Romanian Government International Bond
5.250%, 11/25/27		200,000		194,127
4.000%, 02/14/51		1,000,000		664,536
3.625%, 03/27/32		400,000		322,984
3.000%, 02/27/27		500,000		449,375
3.000%, 02/14/31		400,000		318,584
				1,949,606
Saudi Arabia — 1.0%
Saudi Government International Bond
4.375%, 04/16/29		200,000		197,120
Saudi Government International Bond MTN
4.500%, 04/17/30		400,000		395,676
3.750%, 01/21/55		200,000		156,000
2.250%, 02/02/33		200,000		161,972
				910,768
Senegal — 0.9%
Senegal Government International Bond
6.750%, 03/13/48		1,000,000		721,530
6.250%, 05/23/33		200,000		167,000
			��	888,530
South Africa — 2.4%
Republic of South Africa Government
International Bond
7.300%, 04/20/52		500,000		440,416
5.875%, 09/16/25		200,000		201,224
4.850%, 09/27/27		400,000		381,242
4.850%, 09/30/29		1,000,000		904,596
4.300%, 10/12/28		600,000		543,600
				2,471,078

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

10

Schedule of Investments	november 30, 2022
Global X Emerging Markets Bond ETF

	Face Amount		Value
SOVEREIGN DEBT — continued
South Korea — 1.0%
Korea Development Bank MTN
5.024%, ICE LIBOR USD 3 Month +
0.350%, 02/18/23(C)	$	1,000,000	$	1,000,213
Sri Lanka — 0.3%
Sri Lanka Government International Bond
7.550%, 03/28/30		400,000		122,719
6.750%, 04/18/28		600,000		183,957
				306,676
Turkey — 2.7%
Turkey Government International Bond
6.625%, 02/17/45		400,000		305,000
6.125%, 10/24/28		200,000		177,500
5.750%, 05/11/47		600,000		408,048
5.600%, 11/14/24		200,000		195,000
5.250%, 03/13/30		600,000		483,066
5.125%, 02/17/28		800,000		689,200
4.750%, 01/26/26		400,000		363,000
				2,620,814
Ukraine — 0.5%
Ukraine Government International Bond
7.750%, 09/01/26		400,000		91,613
7.750%, 09/01/28		400,000		93,000
7.375%, 09/25/34		1,000,000		210,000
7.253%, 03/15/35		600,000		124,992
				519,605
United Arab Emirates — 2.3%
Abu Dhabi Government International Bond
3.125%, 09/30/49		200,000		146,500
Abu Dhabi Government International Bond
MTN
3.125%, 10/11/27		800,000		764,794
2.500%, 04/16/25		800,000		765,408
Finance Department Government of Sharjah
MTN
4.375%, 03/10/51		1,000,000		646,108
				2,322,810

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

11

Schedule of Investments	november 30, 2022
Global X Emerging Markets Bond ETF

	Face Amount		Value
SOVEREIGN DEBT — continued
Uruguay — 0.6%
Uruguay Government International Bond
4.975%, 04/20/55	$	400,000	$	383,477
4.375%, 01/23/31		200,000		199,721
				583,198
Vietnam — 0.6%
Vietnam Government International Bond
4.800%, 11/19/24		600,000		585,622
TOTAL SOVEREIGN DEBT
(Cost $65,576,009)				54,185,628
CORPORATE OBLIGATIONS — 35.6%
Brazil — 0.3%
Consumer Discretionary — 0.3%
Iochpe–Maxion Austria GmbH
5.000%, 05/07/28		400,000		332,000
Chile — 1.0%
Consumer Staples — 0.3%
Agrosuper
4.600%, 01/20/32		300,000		253,347
Energy — 0.3%
Empresa Nacional del Petroleo
4.500%, 09/14/47		400,000		279,631
Materials — 0.4%
Nacional del Cobre de Chile
3.000%, 09/30/29		400,000		353,843
				886,821
China — 0.7%
Communication Services — 0.7%
Prosus
4.987%, 01/19/52		500,000		348,283
3.832%, 02/08/51		500,000		297,672
				645,955
Colombia — 0.8%
Energy — 0.8%
Ecopetrol
5.875%, 05/28/45		1,100,000		755,150

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

12

Schedule of Investments	november 30, 2022
Global X Emerging Markets Bond ETF

	Face Amount		Value
CORPORATE OBLIGATIONS — continued
India — 0.4%
Utilities — 0.4%
Adani Renewable Energy RJ MTN
4.625%, 10/15/39	$	542,250	$	395,843
Indonesia — 2.7%
Energy — 0.2%
Pertamina Persero MTN
6.450%, 05/30/44		200,000		204,744
Materials — 2.3%
Freeport Indonesia
6.200%, 04/14/52		1,000,000		870,000
Freeport Indonesia MTN
5.315%, 04/14/32		250,000		231,250
Indonesia Asahan Aluminium Persero
6.530%, 11/15/28		1,000,000		1,002,774
4.750%, 05/15/25		200,000		195,525
				2,299,549
Utilities — 0.2%
Perusahaan Perseroan Persero Perusahaan
Listrik Negara MTN
4.125%, 05/15/27		200,000		188,386
				2,692,679
Israel — 0.9%
Materials — 0.9%
ICL Group
6.375%, 05/31/38(B)		900,000		886,671
Kazakhstan — 0.9%
Energy — 0.9%
Tengizchevroil Finance International
4.000%, 08/15/26		400,000		340,000
3.250%, 08/15/30		800,000		560,000
				900,000
Malaysia — 1.8%
Energy — 1.8%
Petronas Capital MTN
4.550%, 04/21/50		1,000,000		911,293
3.500%, 04/21/30		500,000		459,055
3.500%, 03/18/25		400,000		387,100
				1,757,448

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

13

Schedule of Investments	november 30, 2022
Global X Emerging Markets Bond ETF

	Face Amount		Value
CORPORATE OBLIGATIONS — continued
Mexico — 5.9%
Communication Services — 0.6%
America Movil
5.375%, 04/04/32	$	600,000	$	551,700
Consumer Discretionary — 0.8%
Becle
2.500%, 10/14/31		1,000,000		777,390
Consumer Staples — 0.9%
Fomento Economico Mexicano
3.500%, 01/16/50		600,000		429,000
Grupo Bimbo
4.700%, 11/10/47		600,000		517,363
				946,363
Energy — 2.5%
Petroleos Mexicanos
7.690%, 01/23/50		900,000		619,774
6.840%, 01/23/30		200,000		164,440
6.500%, 01/23/29		600,000		504,384
6.350%, 02/12/48		200,000		123,100
5.950%, 01/28/31		1,500,000		1,118,873
				2,530,571
Materials — 1.1%
Orbia Advance
5.500%, 01/15/48		600,000		480,000
2.875%, 05/11/31		800,000		629,824
				1,109,824
				5,915,848
Morocco — 1.1%
Materials — 1.1%
OCP
6.875%, 04/25/44		400,000		362,037
5.125%, 06/23/51		1,000,000		721,788
				1,083,825
Panama — 1.0%
Industrials — 1.0%
Aeropuerto Internacional de Tocumen
5.125%, 08/11/61		600,000		447,401
Autoridad del Canal de Panama
4.950%, 07/29/35		500,000		454,474
				901,875

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

14

Schedule of Investments	november 30, 2022
Global X Emerging Markets Bond ETF

	Face Amount		Value
CORPORATE OBLIGATIONS — continued
Peru — 4.0%
Consumer Staples — 0.5%
InRetail Consumer
3.250%, 03/22/28	$	600,000	$	508,500
Energy — 1.1%
Transportadora de Gas del Peru
4.250%, 04/30/28		1,200,000		1,124,112
Financials — 0.5%
Intercorp Peru
3.875%, 08/15/29		600,000		488,238
Materials — 0.5%
Southern Copper
5.875%, 04/23/45		500,000		498,125
Utilities — 1.4%
Consorcio Transmantaro
5.200%, 04/11/38		600,000		538,806
4.700%, 04/16/34		800,000		719,398
Kallpa Generacion
4.125%, 08/16/27		200,000		183,800
				1,442,004
				4,060,979
Saudi Arabia — 3.2%
Energy — 2.6%
EIG Pearl Holdings Sarl
4.387%, 11/30/46		1,600,000		1,198,320
3.545%, 08/31/36		200,000		165,400
Saudi Arabian Oil MTN
3.500%, 04/16/29		800,000		739,800
2.875%, 04/16/24		400,000		387,310
				2,490,830
Utilities — 0.6%
Acwa Power Management And Investments
One
5.950%, 12/15/39		598,800		559,594
				3,050,424
South Africa — 2.9%
Materials — 1.4%
AngloGold Ashanti Holdings
3.375%, 11/01/28		800,000		700,293

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

15

Schedule of Investments	november 30, 2022
Global X Emerging Markets Bond ETF

	Face Amount		Value
CORPORATE OBLIGATIONS — continued
Materials — continued
Sasol Financing USA
5.500%, 03/18/31	$	800,000	$	663,852
				1,364,145
Utilities — 1.5%
Eskom Holdings SOC MTN
6.350%, 08/10/28		1,600,000		1,498,000
				2,862,145
South Korea — 0.7%
Information Technology — 0.7%
SK Hynix
2.375%, 01/19/31		1,000,000		731,521
Thailand — 1.2%
Energy — 0.2%
Thaioil Treasury Center MTN
5.375%, 11/20/48		200,000		159,026
Materials — 1.0%
GC Treasury Center MTN
5.200%, 03/30/52		600,000		480,126
2.980%, 03/18/31		600,000		473,462
				953,588
				1,112,614
United Arab Emirates — 1.9%
Energy — 0.5%
Abu Dhabi Crude Oil Pipeline
4.600%, 11/02/47		600,000		537,000
Industrials — 1.4%
DP World Crescent
3.908%, 05/31/23		200,000		198,129
DP World Crescent MTN
4.848%, 09/26/28		200,000		194,715
DP World MTN
4.700%, 09/30/49		1,200,000		967,716
				1,360,560
				1,897,560
United States — 4.2%
Financials — 3.4%
Bank of America
4.948%, U.S. SOFR + 2.040%, 07/22/28		1,200,000		1,177,952

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

16

Schedule of Investments	november 30, 2022
Global X Emerging Markets Bond ETF

	Face Amount		Value
CORPORATE OBLIGATIONS — continued
Financials — continued
Goldman Sachs Group
5.442%, ICE LIBOR USD 3 Month +
0.750%, 02/23/23	$	500,000	$	500,480
JPMorgan Chase
3.960%, ICE LIBOR USD 3 Month +
1.245%, 01/29/27		800,000		768,828
1.578%, U.S. SOFR + 0.885%, 04/22/27		1,000,000		881,870
				3,329,130
Materials — 0.8%
GCC
3.614%, 04/20/32		1,000,000		827,500
				4,156,630
TOTAL CORPORATE OBLIGATIONS
(Cost $40,531,778)				35,025,988
U.S. TREASURY OBLIGATIONS — 7.2%
U.S. Treasury Notes
3.000%, 07/31/24		1,600,000		1,561,313
0.375%, 11/30/25		600,000		537,281
0.250%, 09/30/23		2,500,000		2,408,008
0.125%, 02/28/23		2,600,000		2,572,756
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $7,223,527)				7,079,358
TOTAL INVESTMENTS — 97.8%
(Cost $113,331,314)			$	96,290,974

Percentages are based on Net Assets of $98,476,049.

(A) Step coupon security. Coupon rate will either increase (step–up bond) or decrease (step–down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

(B) Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration normally to qualified institutions.  On November 30, 2022, the value of these securities amounted to $959,671, representing 1.0% of the Net Assets of the Fund.

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

17

Schedule of Investments	november 30, 2022
Global X Emerging Markets Bond ETF

(C) Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates for certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.

As of November 30, 2022, all of the Fund's investments were considered level 2, in accordance with authoritative guidance on fair value measurements and disclosures under U.S. GAAP

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

18

Schedule of Investments	november 30, 2022
Global X China Innovation ETF

	Shares		Value
COMMON STOCK — 91.3%
CHINA — 90.6%
Communication Services — 6.2%
Kuaishou Technology, Cl B *		3,100	$	22,459
Tencent Holdings		3,000		110,384
				132,843
Consumer Discretionary — 24.9%
Alibaba Group Holding *		10,800		110,553
BYD, Cl H		6,500		159,471
Fuyao Glass Industry Group, Cl H .		10,800		47,182
JD.com, Cl A .		2,250		63,071
Meituan, Cl B *		3,200		67,071
Midea Group, Cl A		3,200		21,625
Pinduoduo ADR *		282		23,135
Ping An Healthcare and Technology *		7,200		17,951
Zhejiang Shuanghuan Driveline, Cl A		6,700		25,623
				535,682
Consumer Staples — 3.5%
Tongwei, Cl A		12,500		76,445

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

19

Schedule of Investments	november 30, 2022
Global X China Innovation ETF

	Shares		Value
COMMON STOCK — continued
Financials — 2.1%
East Money Information, Cl A		17,640	$	46,070
Health Care — 12.6%
Hangzhou Tigermed Consulting, Cl A		2,200		27,517
Innovent Biologics *		5,000		19,634
Jiangsu Hengrui Medicine, Cl A		4,960		27,889
Shenzhen Mindray Bio–Medical Electronics,
Cl A		1,300		59,572
WuXi AppTec, Cl H .		5,720		56,280
Wuxi Biologics Cayman *		12,500		80,312
				271,204
Industrials — 23.5%
Contemporary Amperex Technology, Cl A		1,800		97,832
Estun Automation, Cl A		6,600		21,076
Eve Energy, Cl A		3,000		35,131
Guangzhou KDT Machinery, Cl A		7,720		14,877
Han's Laser Technology Industry Group, Cl A		10,500		39,355
Ming Yang Smart Energy Group, Cl A		5,800		21,919
NARI Technology, Cl A		16,320		61,215
Riyue Heavy Industry, Cl A		6,570		18,374
SF Holding, Cl A		2,800		20,950
Shenzhen Inovance Technology, Cl A		3,700		36,699
Sungrow Power Supply, Cl A		1,100		17,858
Suzhou Maxwell Technologies, Cl A		200		12,141
Wuxi Lead Intelligent Equipment, Cl A		11,780		72,773
ZTO Express Cayman ADR		1,427		35,775
				505,975
Information Technology — 15.0%
BYD Electronic International		13,500		43,931
Hua Hong Semiconductor *		13,000		44,802
Iflytek		4,400		20,032
LONGi Green Energy Technology, Cl A		16,236		104,931
Luxshare Precision Industry, Cl A		8,800		38,400
NavInfo, Cl A		8,600		14,302
Will Semiconductor Shanghai, Cl A		1,215		13,943
Xinyi Solar Holdings		38,000		43,864
				324,205

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

20

Schedule of Investments	november 30, 2022
Global X China Innovation ETF

	Shares		Value
COMMON STOCK — continued
Materials — 2.8%
Ganfeng Lithium Group, Cl H .		6,920	$	60,108
TOTAL CHINA				1,952,532
HONG KONG — 0.7%
Industrials — 0.7%
LK Technology Holdings		15,000		14,855
TOTAL COMMON STOCK
(Cost $2,776,185)				1,967,387
TOTAL INVESTMENTS — 91.3%
(Cost $2,776,185)			$	1,967,387

Percentages are based on Net Assets of $2,155,735.

* Non–income producing security.

As of November 30, 2022, all of the Fund's investments were considered level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

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

21

	november 30, 2022
Glossary: (abbreviations which may be used in the preceding Schedules of Investments)

Portfolio Abbreviations
ADR — American Depositary Receipt
Cl — Class

ICE — Intercontinental Exchange

LIBOR— London Interbank Offered Rate

MTN — Medium Term Note
SOC — State Owned Company

SOFR — Secured Overnight Financing Rate

USD — U.S. Dollar

22

Statements of Assets and Liabilities

november 30, 2022

 

	Global X Emerging Markets Bond ETF			Global X China Innovation ETF
Assets:
Cost of Investments	$	113,331,314		$	2,776,185
Cost of Foreign Currency		—			12,255
Investments, at Value	$	96,290,974		$	1,967,387
Cash		2,591,107			177,286
Foreign Currency, at Value		—			12,351
Receivable for Capital Shares Sold		2,141,066			—
Dividend and Interest Receivable		1,221,206			—
Total Assets		102,244,353			2,157,024
Liabilities:
Payable for Investment Securities Purchased		3,739,046			—
Payable due to Investment Adviser		29,258			1,289
Total Liabilities		3,768,304			1,289
Net Assets	$	98,476,049		$	2,155,735
Net Assets Consist of:
Paid–in Capital	$	121,646,291		$	4,491,831
Total Distributable Loss		(23,170,242	)		(2,336,096	)
Net Assets	$	98,476,049		$	2,155,735
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		4,600,000			180,000
Net Asset Value, Offering and Redemption Price Per Share	$	21.41		$	11.98

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

23

Statements of Operations

For the Year Ended november 30, 2022

	Global X Emerging Markets Bond ETF			Global X China Innovation ETF
Investment Income:
Dividend Income	$	—		$	21,956
Interest Income		5,147,578			—
Less: Foreign Taxes Withheld		(4,762	)		(1,042	)
Total Investment Income		5,142,816			20,914
Supervision and Administration Fees(1)		446,310			20,028
Custodian Fees(2)		—			12
Total Expenses		446,310			20,040
Net Investment Income		4,696,506			874
Net Realized Gain (Loss) on:
Investments(3)		(8,832,124	)		(931,882	)
Foreign Currency Transactions		(6	)		(691	)
Net Realized Loss		(8,832,130	)		(932,573	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(12,732,226	)		(425,919	)
Foreign Currency Translations		—			75
Net Change in Unrealized Depreciation		(12,732,226	)		(425,844	)
Net Realized and Unrealized Loss		(21,564,356	)		(1,358,417	)
Net Decrease in Net Assets Resulting from Operations	$	(16,867,850	)	$	(1,357,543	)

(1)	The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in 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 Notes to Financial Statements.)

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

24

Statements of Changes in Net Assets

	Global X Emerging Markets Bond ETF						Global X China Innovation ETF
	Year Ended November 30, 2022			Year Ended November 30, 2021			Year Ended November 30, 2022			Period Ended November 30, 2021(1)
Operations:
Net Investment Income (Loss)	$	4,696,506		$	3,647,528		$	874		$	(9,232	)
Net Realized Gain (Loss)		(8,832,130	)		2,204,874			(932,573	)		(622,161	)
Net Change in Unrealized Depreciation		(12,732,226	)		(7,982,777	)		(425,844	)		(382,858	)
Net Decrease in Net Assets Resulting from Operations		(16,867,850	)		(2,130,375	)		(1,357,543	)		(1,014,251	)
Distributions		(6,235,363	)		(4,845,615	)		—			—
Return of Capital		(63,760	)		—			(6,080	)		—
Capital Share Transactions:
Issued		19,243,135			82,995,668			—			4,818,694
Redeemed		(33,991,128	)		(8,367,166	)		(285,085	)		—
Increase (Decrease) in Net Assets from Capital Share Transactions		(14,747,993	)		74,628,502			(285,085	)		4,818,694
Total Increase (Decrease) in Net Assets		(37,914,966	)		67,652,512			(1,648,708	)		3,804,443
Net Assets:
Beginning of Year/Period		136,391,015			68,738,503			3,804,443			—
End of Year/Period	$	98,476,049		$	136,391,015		$	2,155,735		$	3,804,443
Share Transactions:
Issued		850,000			3,100,000			—			200,000
Redeemed		(1,550,000	)		(300,000	)		(20,000	)		—
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(700,000	)		2,800,000			(20,000	)		200,000

(1) The Fund commenced operations on February 22, 2021.

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

25

Page intentionally left blank.

26

Financial Highlights

november 30, 2022

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income (Loss) ($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)			Return of Capital ($)
Global X Emerging Markets Bond ETF
2022		25.73		0.93			(4.02	)		(3.09	)		(0.91	)		(0.31	)		(0.01	)
2021		27.50		0.90			(1.30	)		(0.40	)		(0.99	)		(0.38	)		—
2020(1)		25.00		0.49			2.47			2.96			(0.46	)		—			—
Global X China Innovation ETF
2022		19.02		—			(7.01	)		(7.01	)		—			—			(0.03	)
2021(2)		25.00		(0.05	)		(5.93	)		(5.98	)		—			—			—

*	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.
(1)	The Fund commenced operations on June 1, 2020.
(2)	The Fund commenced operations on February 22, 2021.

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

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

27

Financial Highlights

Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)††
	(1.23	)		21.41		(12.26	)		98,476		0.39			4.10			51.59
	(1.37	)		25.73		(1.60	)		136,391		0.39			3.37			70.51
	(0.46	)		27.50		11.91			68,739		0.39	†		3.72	†		38.12
	(0.03	)		11.98		(36.87	)		2,156		0.75			0.03			48.76
	—			19.02		(23.92	)		3,804		0.75	†		(0.30	)†		84.85

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

28

Notes to Financial Statements 

November 30, 2022

1. ORGANIZATION

Global X Funds (the “Trust”) is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open–end management investment company. As of November 30, 2022, the Trust had one hundred and twelve portfolios, one hundred of which were operational. The financial statements herein and the related notes pertain to the Global X Emerging Markets Bond ETF and the Global X China Innovation ETF (each a "Fund", collectively, the "Funds"). The Funds have elected non–diversified status under the 1940 Act.

The Global X China Innovation ETF commenced operations on February 22, 2021. Prior to April 1, 2021, the Global X China Innovation ETF was named the Global X China Disruption ETF.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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 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. 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. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates as of reporting date.

29

Notes to Financial Statements (Continued)

November 30, 2022

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

The exchange rates used by the Trust for valuation are captured as of the New York or London close each day. Prices for most securities held in 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.

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

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

30

Notes to Financial Statements (Continued)

November 30, 2022

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

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

DUE TO/FROM BROKERS — Due to/from brokers includes cash and collateral balances with the Funds’ clearing brokers or counterparties at November 30, 2022. The Funds continuously monitor the credit standing of each broker or counterparty with whom they conduct business. In the event a broker or counterparty is unable to fulfill its obligations, the Funds would be subject to counterparty credit risk.

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

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

31

Notes to Financial Statements (Continued)

November 30, 2022

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

on the technical merits of the position. Tax positions not deemed to meet the more–likely–than–not threshold are recorded as a tax benefit or expense in the current 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 reporting period November 30, 2022, the Funds did not have a liability for any unrecognized tax benefits as 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.

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

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

32

Notes to Financial Statements (Continued)

November 30, 2022

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

CASH OVERDRAFT CHARGES – Per the terms of the agreement with Brown Brothers Harriman & Co. ("BBH"), the Funds' custodian (“Custodian”), if a Fund has a cash overdraft on a given day, it will be assessed an overdraft charge of LIBOR plus 2.00%. Cash overdraft charges are included in custodian fees on the Statements of Operations.

CREATION UNITS – The Funds issue and redeem their shares (“Shares”) on a continuous basis at NAV and only in large blocks of Shares (50,000 for Global X Emerging Markets Bond ETF and 10,000 for Global X China Innovation ETF), referred to as “Creation Units”. Purchasers of Creation Units (“Authorized Participants”) at NAV must pay a standard creation transaction fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an Authorized Participant on the same day.

An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard redemption fee per transaction to BBH, 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:

					Value at
	Creation Unit		Creation		November		Redemption
	Shares		Fee		30, 2022		Fee
Global X Emerging Markets Bond ETF	50,000	$	500	$	1,070,500	$	500
Global X China Innovation ETF	10,000		900		119,800		900

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, which is a leading financial services company in Korea and is the headquarters for the Mirae Asset Global Investments Group.

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

33

Notes to Financial Statements  (Continued)

November 30, 2022

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

Advisory Agreement), under what is essentially an "all–in" fee structure. For the Adviser’s service 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 the Fund). 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, custodian fees, acquired fund fees, and other transaction expenses, interest expenses and extraordinary expenses (such as litigation and indemnification expenses).

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

	Supervision and
	Administration Fee
Global X Emerging Markets Bond ETF		0.39	%
Global X China Innovation ETF		0.75	%

Sub–Adviser – Global X Emerging Markets Bond ETF:

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

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

Sub–Adviser – Global X China Innovation ETF:

The Adviser has entered into a sub–advisory agreement with Mirae Asset Global Investments (Hong Kong) Limited (the "Mirae HK Sub–Adviser" and, together with the Mirae USA Sub–Adviser, the "Sub–Advisers" and, each, a "Sub–Adviser"), an affiliate of the Adviser, under which the Adviser pays the Mirae HK Sub–Adviser for management and operational services it provides to the Global X China Innovation ETF. The Mirae HK Sub–Adviser, subject to the supervision and oversight of the Board and the Adviser, is responsible for the management of the Global X China Innovation ETF, and has discretion to buy or sell

34

Notes to Financial Statements (Continued)

November 30, 2022

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

securities in accordance with the Global X China Innovation ETF’s investment objective. The Adviser may from time to time share certain of its profits with, or allocate other resources to, the Mirae HK Sub–Adviser. Any such payments by the Adviser to the Mirae HK Sub–Adviser will be from the Adviser’s own resources.

The Adviser pays each Sub–Adviser a fee (“Sub–Adviser Management Fee”) in return for providing management and operational services to each respective Fund. The Adviser will pay a monthly Sub–Adviser Management Fee to the respective Sub–Adviser at the annual rate set forth below:

Global X Emerging Markets Bond ETF:

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

• 0.00% on assets for any day that total assets are less than $50 million.

Global X China Innovation ETF:

• 0.32% on all assets

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. 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.

BBH serves as Custodian and transfer agent of the Funds’ assets. As Custodian, BBH has agreed to (1) make receipts and disbursements of money on behalf of the Funds, (2) collect and receive all income and other payments and distributions on account of the Funds’

35

Notes to Financial Statements (Continued)

November 30, 2022

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

portfolio investments, (3) respond to correspondence from shareholders, security brokers and others relating to its duties; and (4) make periodic reports to the Funds concerning the Funds’ operations. BBH does not exercise any supervisory function over the purchase and sale of securities. As transfer agent, BBH has agreed to (1) issue and redeem Shares of each Fund, (2) make dividend and other distributions to shareholders of each Fund, (3) respond to correspondence by shareholders and others relating to its duties; (4) maintain shareholder accounts, and (5) make periodic reports to the Funds.

As compensation for these services, BBH receives certain out–of–pocket costs, transaction fees and asset–based fees which are accrued daily and paid monthly by the Adviser from its fees.

4. INVESTMENT TRANSACTIONS

For the year ended November 30, 2022, the purchases and sales of investments in securities excluding in–kind transactions, long–term U.S. Government, and short–term securities, were:

			Sales and
	Purchases		Maturities
Global X Emerging Markets Bond ETF	$	45,365,251	$	49,006,947
Global X China Innovation ETF		1,208,494		1,345,773

For the year ended November 30, 2022, in–kind transactions associated with creations and redemptions were:

						Realized
		Purchases		Sales		Gain/(Loss)
Global X Emerging Markets Bond ETF	$	18,736,319	$	32,482,202	$	(3,063,340	)
Global X China Innovation ETF		–		–		–

For the period ended November 30, 2021, in–kind transactions associated with creations and redemptions were:

						Realized
		Purchases		Sales		Gain/(Loss)
Global X Emerging Markets Bond ETF	$	78,302,339	$	7,890,506	$	622,962
Global X China Innovation ETF		–		–		–

For the year ended November 30, 2022, the Global X Emerging Markets Bond ETF had purchases and sales of long–term U.S. Government securities of $9,750,414 and $2,819,859, respectively.

5. TAX INFORMATION

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S.

36

Notes to Financial Statements (Continued)

November 30, 2022

5. TAX INFORMATION (continued)

GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to undistributed net investment income (loss), accumulated net realized gain (loss) or paid in capital, as appropriate, in the period that the differences arise.

The permanent differences primarily consist of foreign currency and reclassification of distributions. The permanent differences that are credited or charged to Paid In Capital and distributable earnings are primarily related to redemptions in kind and net operating losses and have been reclassified to/from the following accounts during the fiscal year ended November 30, 2022:

				Distributable
	Paid–in			Earnings
Global X Funds	Capital			(Loss)
Global X Emerging Markets Bond ETF	$	(3,068,553	)	$	3,068,553
Global X China Innovation ETF		(9,216	)		9,216

The tax character of dividends and distributions declared during the year or period ended November 30, 2022 and November 30, 2021 was as follows:

Global X Funds		Long–Term Capital Gain
	Ordinary Income		Return of Capital	Totals

Global X Emerging Markets Bond ETF
2022	$	6,168,979	$	66,384	$	63,760	$	6,299,123
2021		4,845,615		–		–		4,845,615
8030 Global X China Innovation ETF
2022	$	–	$	–	$	6,080	$	6,080
2021		–		–		–		–

As of November 30, 2022, the components of tax basis distributable earnings (accumulated losses) were as follows:

	Global X Funds
	Global X
	Emerging
	Markets Bond			Global X China
	ETF			Innovation ETF
Capital Loss Carryforwards		(7,574,859	)		(1,425,881	)
Unrealized Depreciation on Investments and Foreign Currency		(15,595,375	)		(910,215	)
Other Temporary Differences		(8	)		–
Total Accumulated Losses	$	(23,170,242	)	$	(2,336,096	)

37

Notes to Financial Statements  (Continued)

November 30, 2022

5. TAX INFORMATION (continued)

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 later years, and the losses carried forward retain their original character as either long–term or short–term losses. Losses carried forward under these provisions are as follows:

	Short–Term			Long–Term
	Loss			Loss		Total
Global X Emerging Markets Bond ETF		$	3,710,296	$	3,864,563		$	7,574,859
Global X China Innovation ETF			1,015,267		410,614			1,425,881

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at November 30, 2022 was as follows:

			Aggregated		Aggregated
			Gross		Gross			Net
	Federal Tax		Unrealized		Unrealized			Unrealized
Global X Funds	Cost		Appreciation		Depreciation			Depreciation
Global X Emerging Markets Bond ETF	$	111,886,349	$	2,089,018	$	(17,684,393	)	$	(15,595,375	)
Global X China Innovation ETF		2,877,698		46,044		(956,355	)		(910,311	)

The difference between book–basis and tax–basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Funds’ net unrealized depreciation difference is attributable primarily to wash sales and defaulted bonds.

Qualified late year ordinary (including currency and specified gain/loss items) and Post–October capital losses represent losses realized from January 1, 2022 through November 30, 2022 and November 1, 2022 through November 30, 2022, respectively, that in accordance with federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year.

6. CONCENTRATION OF RISKS

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

In certain countries, there may be fewer publicly traded securities and the market may be dominated by a few issuers or sectors. Issuers and securities markets in such countries are not

38

Notes to Financial Statements (Continued)

November 30, 2022

6. CONCENTRATION OF RISKS (continued)

subject to as extensive and frequent accounting, financial and other reporting requirements or as comprehensive government regulations or issuers and securities markets in the U.S. In particular, the assets and profits appearing on the financial statements of emerging market country issuers may not reflect their financial position or results of operations in the same manner as financial statements for U.S. issuers.

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

Special Risk Considerations of Investing in China – Variable Interest Entity Investments. For purposes of raising capital offshore on exchanges outside of China, including on U.S. exchanges, many Chinese–based operating companies are structured as Variable Interest Entities (“VIEs”). In this structure, the Chinese–based operating company is the VIE and establishes a shell company in a foreign jurisdiction, such as the Cayman Islands. The shell company lists on a foreign exchange and enters into contractual arrangements with the VIE. This structure allows Chinese companies in which the government restricts foreign ownership to raise capital from foreign investors. While the shell company has no equity ownership of the VIE, these contractual arrangements permit the shell company to consolidate the VIE’s financial statements with its own for accounting purposes and provide for economic exposure to the performance of the underlying Chinese operating company. Therefore, an investor in the listed shell company, such as certain of the Funds, will have exposure to the Chinese–based operating company only through contractual arrangements and has no ownership in the Chinese–based operating company. Furthermore, because the shell company only has specific rights provided for in these service agreements with the VIE, its abilities to control the activities at the Chinese–based operating company are limited and the operating company may engage in activities that negatively impact investment value. While the VIE structure has been widely adopted, it is not formally recognized under Chinese law and therefore there is a risk that the Chinese government could prohibit the existence of such structures or negatively impact the VIE’s contractual arrangements with the listed shell company by declaring them invalid. If these contracts were found to be unenforceable under Chinese law, investors in the listed shell company, such as a Fund, may suffer significant losses with little or no recourse available. If the Chinese government determines that the agreements establishing the VIE structures do not comply with Chinese law and regulations, including those related to restrictions on foreign ownership, it could subject a Chinese–based issuer to penalties, revocation of business and operating licenses, or forfeiture of ownership interest. In addition, the listed shell company’s control over a VIE may also be jeopardized if a natural person who holds the equity interest in the VIE breaches the terms of the agreement, is subject to legal proceedings or if any physical instruments for authenticating documentation, such as chops and seals, are used without the Chinese–based issuer’s authorization to enter into contractual arrangements

39

Notes to Financial Statements (Continued)

November 30, 2022

6. CONCENTRATION OF RISKS (continued)

in China. Chops and seals, which are carved stamps used to sign documents, represent a legally binding commitment by the company. Moreover, any future regulatory action may prohibit the ability of the shell company to receive the economic benefits of the Chinese based operating company, which may cause the value of a Fund’s investment in the listed shell company to suffer a significant loss. For example, in 2021, the Chinese government prohibited use of the VIE structure for investment in after–school tutoring companies. There is no guarantee that the government will not place similar restrictions on other industries.

On June 3, 2021, President Biden expanded upon a previously issued executive order that prohibited U.S. persons from transacting in publicly traded securities designated by the U.S. Department of Defense as “Communist Chinese Military Companies” or “CCMCs” or in instruments that are derivative of, or are designed to provide investment exposure to, prohibited CCMC securities. President Biden’s executive order (the "Executive Order") retains the structure of the investment–based CCMC sanctions program introduced in late 2020 but expands the prohibitions to address threats from the use of Chinese surveillance technology outside the People’s Republic of China and the development or use of Chinese surveillance technology to facilitate repression or serious human rights abuse.

Under the Executive Order, U.S. persons will be prohibited from engaging in the purchase or sale of publicly traded securities, as well as securities derivative of, or designed to provide investment exposure to, such securities. This prohibition took effect on August 2, 2021 for entities listed in the Appendix to the Executive Order (and 60 days after designation, with respect to subsequently designated entities). In addition, U.S. persons will be required to divest of targeted securities of entities listed in the Appendix to the Executive Order by June 3, 2022 (or 365 days from designation, with respect to subsequently designated entities).

The Executive Order replaces the previous list of CCMCs with a new Non–SDN Chinese Military Industrial Complex Companies List. The U.S. Department of the Treasury, rather than the U.S. Department of Defense, will make designations going forward.

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

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

40

Notes to Financial Statements (Continued)

November 30, 2022

6. CONCENTRATION OF RISKS (continued)

The elimination of the London Inter–Bank Offered Rate ("LIBOR") may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. The U.K. Financial Conduct Authority has announced that it intends to stop compelling or inducing banks to submit LIBOR rates after 2021. On March 5, 2021, the administrator of LIBOR clarified that the publication of LIBOR on a representative basis will cease for the one–week and two–month U.S. dollar LIBOR settings immediately after December 31, 2021, and for the remaining U.S. dollar LIBOR settings immediately after June 30, 2023. Alternatives to LIBOR are established or in development in most major currencies, including the Secured Overnight Financing Rate ("SOFR"), which is intended to replace U.S. dollar LIBOR. Markets are slowly developing in response to these new rates. Questions around impacts on liquidity resulting from this transition, and how to appropriately adjust these rates at the time of transition, remain a concern for the Funds. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Funds until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

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

A more complete description of risks is included in the Funds’ Prospectus and Statement of Additional Information.

7. LOANS OF PORTFOLIO SECURITIES

Each Fund may lend portfolio securities having a market value up to one–third of its total assets. Security loans made pursuant to a securities lending agreement 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 the Funds’ policy

41

Notes to Financial Statements (Concluded)

November 30, 2022

7. LOANS OF PORTFOLIO SECURITIES (continued)

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

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, 2022, the Funds had no securities on loan.

8. CONTRACTURAL OBLIGATION

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

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

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

9. 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 adjustments were required to the financial statements.

42

Report of Independent Registered Public Accounting Firm 

To the Board of Trustees of Global X Funds and Shareholders of Global X Emerging Markets Bond ETF and Global X China Innovation ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting Global X Funds, hereafter collectively referred to as the "Funds") as of November 30, 2022, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2022, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Global X Emerging Markets Bond ETF (1) Global X China Innovation ETF (2)

1.	Statement of operations for the year ended November 30, 2022, the statements of changes in net assets for each of the two years in the period ended November 30, 2022, and the financial highlights for each of the two years in the period ended November 30, 2022 and for the period June 1, 2020 (commencement of operations) through November 30, 2020.
2.	Statement of operations for the year ended November 30, 2022 and the statements of changes in net assets and the financial highlights for the year ended November 30, 2022 and for the period February 22, 2021 (commencement of operations) through November 30, 2021.

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.

43

Report of Independent Registered Public Accounting Firm 

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, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLPPhiladelphia, PennsylvaniaJanuary 26, 2023

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

44

Disclosure of Fund Expenses (Unaudited)

All exchange traded funds (“ETFs”) have operating expenses. As a shareholder of an ETF, your investment is affected by these ongoing costs, which include (among others) costs for ETF management, administrative services, commissions, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns. In addition, a shareholder is responsible for brokerage fees as a result of their investment in a Fund.

Operating expenses such as these are deducted from an ETF’s gross income and directly reduce its final investment return. These expenses are expressed as a percentage of the ETF’s average net assets; this percentage is known as the ETF’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (June 1, 2022 to November 30, 2022).

The table on the next page illustrates your Fund’s costs in two ways:

Actual Fund Return. This section helps you to estimate the actual expenses that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Funds, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Funds under “Expenses Paid During Period.”

Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other funds. It assumes that the Funds had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.

NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.

45

Disclosure of Fund Expenses (Unaudited) (Concluded)

			Ending
	Beginning		Account		Annualized			Expenses
	Account Value		Value		Expense			Paid During
	6/1/2022		11/30/2022		Ratios			Period(1)
Global X Emerging Markets Bond ETF
Actual Fund Return	$	1,000.00	$	969.90		0.39	%	$	1.93
Hypothetical 5% Return		1,000.00		1,023.11		0.39			1.98
Global X China Innovation ETF
Actual Fund Return	$	1,000.00	$	880.30		0.75	%	$	3.54
Hypothetical 5% Return		1,000.00		1,021.31		0.75			3.80

(1) Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

46

Approval of Investment Advisory Agreement and sub-Advisory Agreements

(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 Trust held on November 11, 2022, called for such purpose, the Board (including the Trust’s Independent Trustees, voting separately) considered and unanimously approved the continuation of (i) the Investment Advisory Agreement (“Renewal Investment Advisory Agreement”) for each Fund included in this Annual Report (each, a “Renewal Fund”); (ii) the Supervision and Administration Agreement between the Trust (“Renewal Supervision and Administration Agreement”), on behalf of each Renewal Fund, and Global X Management; (iii) the Sub–Advisory Agreement between Global X Management on behalf of the Global X China Innovation ETF (the “China Innovation Fund”) and Mirae Asset Global Investments (HK) Limited (“Mirae Hong Kong”) (the “Mirae Hong Kong Renewal Sub–Advisory Agreement”); and (iv) the Sub–Advisory Agreement between Global X Management on behalf of the Global X Emerging Markets Bond ETF (the “Emerging Markets Bond Fund”) and Mirae Asset Global Investments (USA) LLC (“Mirae USA”) (the “Mirae USA Renewal Sub–Advisory Agreement”). 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, Mirae Hong Kong and Mirae USA in connection with the Board’s consideration of the Renewal Agreements, Mirae Hong Kong Renewal Sub–Advisory Agreement and Mirae USA Renewal Sub–Advisory Agreement, and received and reviewed written responses from Global X Management, Mirae Hong Kong and Mirae USA, as well as supporting materials relating to those requests for information.In the course of their consideration of the Renewal Agreements, Mirae Hong Kong Renewal Sub–Advisory Agreement and Mirae USA Renewal Sub–Advisory Agreement, 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.

RENEWALAGREEMENTS

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

47

Approval of Investment Advisory Agreement and sub-Advisory Agreements

(Unaudited) (Contnued)

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;

–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.

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 over–

48

Approval of Investment Advisory Agreement and sub-Advisory Agreements

(Unaudited) (Contnued)

performance with respect to the competitor funds. The Board also considered the Renewal Funds’ tracking against their underlying indexes in absolute terms.

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

 

49

Approval of Investment Advisory Agreement and sub-Advisory Agreements

(Unaudited) (Contnued)

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 Fees for the Renewal Funds were set at a competitive levels 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

50

Approval of Investment Advisory Agreement and sub-Advisory Agreements

(Unaudited) (Contnued)

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

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

MIRAE HONG KONG RENEWAL SUB–ADVISORY AGREEMENT

In determining to approve the continuation of the Mirae Hong Kong Renewal Sub–Advisory Agreement, 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 Sub–Advisory Agreement and the range of services that would continue to be provided to the China Innovation Fund by Mirae Hong Kong in accordance with the Sub–Advisory Agreement;

–  Mirae Hong Kong’s key personnel and the co–portfolio managers who would continue to provide investment advisory services to the China Innovation Fund;

– Mirae Hong Kong’s responsibilities under the Sub–Advisory Agreement, among other things, to: (i) invest and reinvest the assets of the China Innovation Fund, (ii) provide the Trust, Global X Management, and their respective officers and Trustees with such periodic reports concerning the obligations the Sub–Adviser has assumed under the Sub–Advisory Agreement as the Trust, the Board, and Global X Management may from time to time reasonably request, (iii) review all proxy solicitation materials and vote (or abstain from voting) and handle all proxies solicited by or with respect to the issuers of securities in which the assets of the China Innovation Fund may be invested in compliance with the proxy voting procedures of the Trust then in effect, (iv) select broker and dealers to execute portfolio transactions for the China Innovation Fund and select the markets on or in which the transactions will be executed, and (v) assist Global X Management and the China Innovation Fund by providing certain operational services to the Fund including, without limitation, the following: (A) the preparation of tax returns; (B) the preparation and submission of reports to existing shareholders; (C) the periodic updating of the prospectus and statement of additional information for the China Innovation Fund; and (D) the preparation of reports to be filed with the SEC and other regulatory authorities;

–the nature, extent and quality of the services (including advisory and compliance services) to be provided by Mirae Hong Kong or made available to the China Innovation

51

Approval of Investment Advisory Agreement and sub-Advisory Agreements

(Unaudited) (Contnued)

Fund, and the adequacy of Mirae Hong Kong’s personnel and resources that would continue to be made available to the Fund; and

–  the quality of Mirae Hong Kong’s resources and personnel that would continue to be made available to the China Innovation Fund, including Mirae Hong Kong’s experience and the professional qualifications of Mirae Hong Kong’s key personnel.

Performance

The Board considered the performance of the Fund to the extent that such information was available and/or deemed meaningful. They examined the performance of the Fund for the one–year, three–year, five–year and since–inception periods, as applicable. Also, the Board considered the total return and investment performance of the Fund relative to (i) the performance of unaffiliated comparable specialized and/or focused exchange–traded funds and other registered funds in the same classification as the Fund, which performance information is publicly available from such registered funds as well as other third party sources; and (ii) the performance of comparable registered funds and pertinent indexes. The Board considered instances of underperformance and over–performance with respect to the comparator funds.

Cost of Services and Profitability

The Board considered Mirae Hong Kong’s cost to provide investment management services and related services to the China Innovation Fund. In this regard, the Board considered the sub–advisory fee paid to Mirae Hong Kong (from the Management Fee borne by the China Innovation Fund under the Investment Management Agreement) for the various investment advisory services that the China Innovation Fund requires.

In addition, the Board considered the expected profitability to Mirae Hong Kong from all services provided or expected to be provided to the China Innovation Fund by the Sub–Adviser and all aspects of Mirae Hong Kong’s relationship with the China Innovation Fund.

To assist the Trustees in these considerations, Mirae Hong Kong provided the Board with financial information regarding the services to be provided to the China Innovation Fund and discussed with the Board its expected profitability with respect to the Fund.

Comparison of Fees and Services

With respect to this factor, the Board considered:

– comparative information with respect to the sub–advisory fee paid to Mirae Hong Kong by Global X Management (from the Management Fee paid to the Adviser by the China Innovation Fund). To assist the Trustees in these considerations, Mirae Hong Kong provided the Board with comparative expense data for the China Innovation Fund,

52

Approval of Investment Advisory Agreement and sub-Advisory Agreements

(Unaudited) (Contnued)

including management fees paid by unaffiliated comparable specialized and/or focused ETFs and/or other comparable investment funds

–  the structure of the sub–advisory fee and the total expense ratio for the China Innovation Fund.

Economies of Scale

With respect to this factor, the Board considered:

–the extent to which economies of scale would be realized as the China Innovation Fund grows and whether the sub–advisory fee for the China Innovation Fund reflected these economies of scale, and noted that Mirae Hong Kong represented that it does not expect to experience any economies of scale by providing continued sub–advisory services to the Fund, based on the anticipated size of the Fund during at least the Fund’s first few years; and

–  the significant investment of time, personnel and other resources that Mirae Hong Kong has made and intends to continue to make in the China Innovation Fund to seek to assure that the Fund is attractive to investors.

Other Benefits

In considering the Sub–Advisory Agreement, in addition to the categories discussed above, the Board considered other benefits realized by Mirae Hong Kong because of its relationship with the China Innovation Fund.

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 Mirae Hong Kong Renewal Sub–Advisory Agreement was fair and reasonable and in the best interest of the China Innovation Fund.

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

MIRAE USA RENEWAL SUB–ADVISORY AGREEMENT

In determining to approve the continuation of the Mirae USA Renewal Sub–Advisory Agreement, the Board considered a variety of factors, including the factors discussed in greater detail below.

Nature, Extent, and Quality of Services

 

53

Approval of Investment Advisory Agreement and sub-Advisory Agreements

(Unaudited) (Contnued)

With respect to this factor, the Board considered:

–the terms of the Sub–Advisory Agreement and the range of services that would continue to be provided to the Emerging Markets Bond Fund by Mirae USA in accordance with the Sub–Advisory Agreement;

–the key personnel and the co–portfolio managers of Mirae USA who would continue to provide investment advisory services to the Emerging Markets Bond Fund;

–the responsibilities of Mirae USA under the Sub–Advisory Agreement, among other things, to: (i) invest and reinvest the assets of the Emerging Markets Bond Fund, (ii) provide the Trust, Global X Management, and their respective officers and Trustees with such periodic reports concerning the obligations the Sub–Adviser has assumed under the Sub–Advisory Agreement as the Trust, the Board, and Global X Management may from time to time reasonably request, (iii) review all proxy solicitation materials and vote (or abstain from voting) and handle all proxies solicited by or with respect to the issuers of securities in which the assets of the Emerging Markets Bond Fund may be invested in compliance with the proxy voting procedures of the Trust then in effect, (iv) select broker and dealers to execute portfolio transactions for the Emerging Markets Bond Fund and select the markets on or in which the transactions will be executed, and (v) assist Global X Management and the Emerging Markets Bond Fund by providing certain operational services to the Fund including, without limitation, the following: (A) the preparation of tax returns; (B) the preparation and submission of reports to existing shareholders; (C) the periodic updating of the prospectus and statement of additional information for the Emerging Markets Bond Fund; and (D) the preparation of reports to be filed with the SEC and other regulatory authorities;

–the nature, extent and quality of the services (including advisory and compliance services) to be provided by Mirae USA or made available to the Emerging Markets Bond Fund, and the adequacy of the personnel and resources of Mirae USA that would continue to be made available to the Fund; and

– the quality of Mirae USA resources and personnel that would continue to be made available to the Emerging Markets Bond Fund, including the experience and the professional qualifications of Mirae USA key personnel.

Performance

The Board considered the performance of the Fund to the extent that such information was available and/or deemed meaningful. They examined the performance of the Fund for the one–year, three–year, five–year and since–inception periods, as applicable. Also, the Board considered the total return and investment performance of the Fund relative to (i) the performance of unaffiliated comparable specialized and/or focused exchange–traded funds and other registered funds in the same classification as the Fund, which performance information is publicly available from such registered funds as well as other third party

54

Approval of Investment Advisory Agreement and sub-Advisory Agreements

(Unaudited) (Contnued)

sources; and (ii) the performance of comparable registered funds and pertinent indexes. The Board considered instances of underperformance and over–performance with respect to the comparator funds.

Cost of Services and Profitability

The Board considered the cost to Mirae USA to provide investment management services and related services to the Emerging Markets Bond Fund. In this regard, the Board considered the sub–advisory fee paid to Mirae USA (from the Management Fee borne by the Emerging Markets Bond Fund under the Investment Management Agreement) for the various investment advisory services that the Emerging Markets Bond Fund requires.

In addition, the Board considered the expected profitability to Mirae USA from all services provided or expected to be provided to the Emerging Markets Bond Fund by the Sub–Adviser and all aspects of the relationship of Mirae USA with the Emerging Markets Bond Fund.

To assist the Trustees in these considerations, Mirae USA provided the Board with financial information regarding the services to be provided to the Emerging Markets Bond Fund and discussed with the Board its expected profitability with respect to the Fund.

Comparison of Fees and Services

With respect to this factor, the Board considered:

– comparative information with respect to the sub–advisory fee paid to Mirae USA by Global X Management (from the Management Fee paid to the Adviser by the Emerging Markets Bond Fund). To assist the Trustees in these considerations, Mirae USA provided the Board with comparative expense data for the Emerging Markets Bond Fund, including management fees paid by unaffiliated comparable specialized and/or focused ETFs and/or other comparable investment funds

–  the structure of the sub–advisory fee and the total expense ratio for the Emerging Markets Bond Fund.

Economies of Scale

With respect to this factor, the Board considered:

–  the extent to which economies of scale would be realized as the Emerging Markets Bond Fund grows and whether the sub–advisory fee for the Emerging Markets Bond Fund reflected these economies of scale, and noted that Mirae USA represented that it does not expect to experience any economies of scale by providing continued sub–advisory services to the Fund, based on the anticipated size of the Fund during at least the Fund’s first few years; and

55

Approval of Investment Advisory Agreement and sub-Advisory Agreements

(Unaudited) (Concluded)

–the significant investment of time, personnel and other resources that Mirae USA has made and intends to continue to make in the Emerging Markets Bond Fund to seek to assure that the Fund is attractive to investors.

Other Benefits

In considering the Sub–Advisory Agreement, in addition to the categories discussed above, the Board considered other benefits realized by Mirae USA because of its relationship with the Emerging Markets Bond Fund.

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 Mirae USA Renewal Sub–Advisory Agreement was fair and reasonable and in the best interest of the Emerging Markets Bond Fund.

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

56

Supplemental Information (Unaudited)

Net asset value, or “NAV”, is the price per Share at which a Fund issues and redeems Shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of a Fund generally is determined using the midpoint between the highest bid and the lowest offer on the stock exchange on which the Shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. The Fund’s Market Price may be at, above or below its NAV. The NAV of a Fund will fluctuate with changes in the market value of the Fund’s holdings. The Market Price of a Fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of a Fund on a given day, generally at the time NAV is calculated. A premium is the amount that a Fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that a Fund is trading below the reported NAV, expressed as a percentage of the NAV.

Further information regarding premiums and discounts is available on the Funds’ website at www.globalxetfs.com.

57

Trustees and Officers of the Trustees (Unaudited)

Set forth below are the names, addresses, years of birth, position with the Trust, term of office and length of time served, the principal occupations for the last five years, number of Funds in the Trust overseen by each Trustee, and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust.

	Position(s)		Number of Funds in
Name, Address	Held	Principal Occupation(s) During the Past	Trust Overseen by	Other Directorships
(Year of Birth)	with Trust	5 Years	Trustee	Held by Trustees
Independent Trustees1
Charles A. Baker	Trustee (since	Chief Executive Officer of Investment	1122	None.
605 Third Avenue,	07/2018)	Innovations LLC (investment
43rd Floor		consulting) (since 2013); Managing
New York, NY		Director of NYSE Euronext (2003 to
10158		2012).
(1953)
Susan M. Ciccarone	Trustee (since	Partner, Further Global Capital	1122	Director of E78
605 Third Avenue,	09/2019)	Management (private equity) (since		Partners (since 2022);
43rd Floor		2017); formerly Chief Operating Officer		Director of ProSight
New York, NY		(2014–2016) and Chief Financial		Global, Inc. (since
10158		Officer (2012–2016), Emerging Global		2021); Director of
(1973)		Advisors, LLC (ETF issuer).		Casa Holdco LP,
				parent of Celink (since
				2018); Chairman,
				Payment Alliance
				International, Inc.
				(2019–2021).
Clifford J. Weber	Trustee (since	Owner, Financial Products Consulting	1122	Chairman (since
605 Third Avenue,	07/2018)	Group LLC (consulting services to		2017) and Trustee
43rd Floor		financial institutions) (since 2015);		(since 2015) of
New York, NY		formerly, Executive Vice President of		Clough Funds Trust;
10158		Global Index and Exchange–Traded		Chairman and Trustee
(1963)		Products, NYSE Market, Inc., a		of Clayton Street
		subsidiary of Intercontinental Exchange		Trust (since 2016);
		(ETF/ETP listing exchange) (2013–		Chairman and Trustee
		2015).		of Janus Detroit Street
				Trust (since 2016);
				Chairman and Trustee
				of Elevation ETF
				Trust (2016–2018);
				Trustee of Clough
				Global Equity Fund
				(since 2017); Trustee
				of Clough Global
				Dividend and Income
				Fund (since 2017);
				and Trustee of Clough
				Global Opportunities
				Fund (since 2017).

58

Trustees and Officers of the Trustees (Unaudited)

The Trust’s Statement of Additional Information ("SAI") includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1–888–493–8631.

	Position(s)		Number of Funds in
Name, Address	Held	Principal Occupation(s) During the Past	Trust Overseen by	Other Directorships
(Year of Birth)	with Trust	5 Years	Trustee	Held by Trustees
Interested Trustee/Officers1
Luis Berruga	Trustee (since	Chief Executive Officer, GXMC (since	1122	None.
605 Third Avenue,	07/2018);	07/2018), Chief Financial Officer (since
43rd Floor	President (since	2/2014) and Chief Operating Officer
New York, NY	2018)	(9/2015 – 7/2018); Investment Banker,
10158		Jefferies (2012–2014).
(1977)
John Belanger	Chief Operating	Chief Operating Officer and Head of	N/A	N/A
605 Third Avenue,	Officer and	Portfolio Management & Portfolio
43rd Floor	Chief Financial	Administration, GXMC (since 12/2020);
New York, NY	Officer (since	Portfolio Manager (12/2020–4/2022);
10158	12/2020)	Secretary of the Trust (3/2020–9/2020);
(1982)		Head of Product Management, GXMC
		(since 1/2020); Consultant to GXMC
		(9/2018–12/2019); Chief Operating
		Officer, Rex Shares, LLC (2014–2018).
Susan Lively	Secretary (since	General Counsel, GXMC (since	N/A	N/A
605 Third Avenue,	09/2020)	9/2020); Senior Corporate Counsel
43rd Floor		at Franklin Templeton (previously,
New York, NY		Managing Director and Associate
10158		General Counsel at Legg Mason & Co.,
(1981)		LLC) (2014–2020).
Eric Griffith	Assistant	Counsel, SEI Investments (since	N/A	N/A
One Freedom	Secretary (since	10/2019); Vice President and Assistant
Valley Drive	02/2020)	General Counsel, JPMorgan Chase &
Oaks, PA 19456		Co. (2012–2018).
(1969)
Joe Costello	Chief	Chief Compliance Officer, FlexShares	N/A	N/A
605 Third Avenue,	Compliance	Funds (2011–2015); Vice President,
43rd Floor	Officer (since	Northern Trust Investments (2003 –
New York, NY	09/2016)	2015).
10158
(1974)
Ronnie Riven	Treasurer	Director of Finance, GXMC (since	N/A	N/A
605 Third Avenue,	and Principal	2018); Director of Accounting and
43rd Floor	Accounting	Finance at Barclays Center (2016–2018);
New York, NY	Officer (since	Manager of External Reporting at
10158	12/2020)	National Grid (2013–2015).

59

Trustees and Officers of the Trustees (Unaudited)

	Position(s)		Number of Funds in
Name, Address	Held	Principal Occupation(s) During the Past	Trust Overseen by	Other Directorships
(Year of Birth)	with Trust	5 Years	Trustee	Held by Trustees
Interested Trustee/Officers1
Eric Olsen3	Assistant	Director of Accounting, SEI Investment	N/A	N/A
One Freedom	Treasurer (since	Manager Services (March 2021 to
Valley Drive	05/2021)	present); formerly, Deputy Head of Fund
Oaks, PA 19456		Operations, Traditional Assets, Aberdeen
(1970)		Standard Investments (2013–2021).

1	Each Trustee serves until his or her successor is duly elected or appointed and qualified.
2	As of November 30, 2022, the Trust had one hundred and twelve investment portfolios, one hundred of which were operational.
3	This officer of the Trust also serves as an officer of one or more mutual funds for which SEI Investments Company or an affiliate acts as investment manager, administrator or distributor.

60

  Notice to Shareholders (Unaudited)

For shareholders that do not have a November 30, 2022 tax year end, this notice is for informational purposes only. For shareholders with a November 30, 2022 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended November 30, 2022, the Funds have designated the following items with regard to distributions paid during the year.

				Qualifying
				for Corporate
Long–Term		Return		Dividends	Qualifying
Capital Gain	Ordinary Income	of	Total	Received	Dividend
Distributions	Distributions	Capital	Distributions	Deduction(1)	Income(2)
Global X Emerging Markets Bond ETF
1.06%	97.91%	1.02%	100.00%	0.00%	0.00%
Global X China Innovation ETF
0.00%	0.00%	100.00%	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.

61

  Notice to Shareholders (Unaudited)

		Short Term	Qualifying
U.S. Government	Interest Related	Capital Gain	Business	Foreign Tax
Interest(3)	Dividends(4)	Dividends(5)	Income(6)	Credit
Global X Emerging Markets Bond ETF
1.06%	16.19%	100.00%	0.00%	0.00%
Global X China Innovation ETF
0.00%	0.00%	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 "Qualifying Interest Income" as created by the American Jobs Creation Act of 2004 and is a percentage of net investment income that is exempt from U.S. withholding tax when paid for foreign investors.

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

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

The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2022. Complete information will be computed and reported in conjunction with your 2022 Form 1099–DIV

62

Notes 

63

Notes 

64

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

Sub–Adviser – Global X Emerging Markets Bond ETF:

Mirae Asset Global Investments (USA) LLC

1212 Avenue of the Americas, 10th Floor

New York, NY 10036

Sub–Adviser – Global X China Innovation ETF:

Mirae Asset Global Investments (Hong Kong) Limited

Unit 1101, 11/F, Lee Garden Three

1 Sunning Road

Causeway Bay, Hong Kong

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:

Brown Brothers Harriman & Co.

40 Water Street

Boston, MA 02109

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–009–0300

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, comptroller 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 trustees 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 Susan M. Ciccarone andeach is independent as defined in Form N-CSR Item 3(a)(2).

Item 4.Principal Accountant Fees and Services.

Fees billed by Pricewaterhouse Coopers 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:

		2022			2021
		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	$1,148,958	$0	$0	$929,467	$0	$0
(b)	Audit-Related Fees	$0	$0	$0	$0	$0	$0
(c)	Tax Fees(1)	$406,447	$0	$0	$334,184	$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):

	2022	2021
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 $406,447 and $334,184, 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, Susan M. Ciccarone and Clifford J. Weber.

Item 6.Investments.

Not applicable.

Item 7.Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 8.  Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 9.  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 10.  Submission of Matters to a Vote of Security Holders.

There have been no material changes.

Item 11.  Controls and Procedures.

(a) The certifying officers, whose certifications are included herewith, have evaluated the registrant’s disclosure controls and procedures 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 significant changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.  Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 13.  Exhibits.

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

(a)(2) 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 Investment Company Act of 1940, as amended (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 (17 CFR 270.30a-2(b)) also accompany this filing as an Exhibit.

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/ Luis Berruga
Luis Berruga
President

Date:  February 7, 2023

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/ Luis Berruga
Luis Berruga
President

Date: February 7, 2023

By (Signature and Title) /s/ John Belanger
John Belanger
Chief Financial Officer

Date:  February 7, 2023