Global X Emerging Markets Bond ETF (ticker: EMBD)

Global X China Innovation ETF (ticker: KEJI)

Semi-Annual Report

May 31, 2022

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Table of Contents

Schedules of Investments
Global X Emerging Markets Bond ETF	1
Global X China Innovation ETF	16
Statements of Assets and Liabilities	19
Statements of Operations	20
Statements of Changes in Net Assets	21
Financial Highlights	23
Notes to Financial Statements	25
Disclosure of Fund Expenses	40
Liquidity Risk Management Program	42
Supplemental Information	43

Shares are bought and sold at market price (not net asset value) 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.

Each Fund file its complete schedule 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 its report on Form N-PORT. The Funds’ Forms N-PORT are available on the Commission’s website at http://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.

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Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Emerging Markets Bond ETF

	Face Amount		Value
SOVEREIGN DEBT — 58.2%
Angola — 0.9%
Angolan Government International Bond
8.750%, 04/14/32	$	1,000,000	$	942,820

Argentina — 1.4%
Argentine Republic Government International Bond
2.500%, 3.500%, 07/09/22, 07/09/41^(A)		1,400,000		452,441
2.000%, 3.875%, 07/09/22, 01/09/38^(A)		2,000,000		698,480
1.125%, 1.500%, 07/09/22, 07/09/35^(A)		1,700,000		461,822
				1,612,743

Bahrain — 0.4%
Bahrain Government International Bond
6.750%, 09/20/29		200,000		202,258
Bahrain Government International Bond MTN
5.250%, 01/25/33		300,000		266,250
				468,508

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

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Emerging Markets Bond ETF

	Face Amount		Value
SOVEREIGN DEBT — continued
Brazil — 3.8%
Brazilian Government International Bond
5.625%, 02/21/47	$	200,000	$	171,617
4.625%, 01/13/28		400,000		391,300
4.500%, 05/30/29		2,000,000		1,897,892
3.875%, 06/12/30		1,600,000		1,432,838
2.875%, 06/06/25		200,000		192,963
				4,086,610

Chile — 4.0%
Chile Government International Bond
4.000%, 01/31/52		300,000		262,518
3.500%, 01/31/34		1,000,000		924,448
3.500%, 01/25/50		400,000		326,352
3.240%, 02/06/28		1,400,000		1,357,143
2.750%, 01/31/27		1,600,000		1,532,458
				4,402,919

Colombia — 3.0%
Colombia Government International Bond
5.200%, 05/15/49		800,000		626,733
5.000%, 06/15/45		800,000		619,785
4.125%, 05/15/51		1,000,000		701,207
4.125%, 02/22/42		200,000		145,789
3.250%, 04/22/32		600,000		481,751
3.125%, 04/15/31		1,000,000		809,999
				3,385,264

Dominican Republic — 2.8%
Dominican Republic International Bond
6.850%, 01/27/45		400,000		358,592
6.500%, 02/15/48		400,000		342,716
6.400%, 06/05/49		400,000		338,493
6.000%, 07/19/28		200,000		196,417
5.950%, 01/25/27		400,000		398,910
5.875%, 01/30/60		200,000		155,509
4.875%, 09/23/32		700,000		602,730
4.500%, 01/30/30		800,000		700,043
				3,093,410

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

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Emerging Markets Bond ETF

	Face Amount		Value
SOVEREIGN DEBT — continued
Ecuador — 1.0%
Ecuador Government International Bond
1.000%, 2.500%, 07/31/22, 07/31/35^(A)	$	600,000	$	383,285
0.500%, 1.500%, 07/31/22, 07/31/40^(A)		1,200,000		656,867
				1,040,152

Egypt — 1.8%
Egypt Government International Bond
8.875%, 05/29/50		700,000		514,178
8.700%, 03/01/49		800,000		587,024
7.903%, 02/21/48		600,000		422,629
7.625%, 05/29/32		200,000		159,744
Egypt Government International Bond MTN
5.875%, 02/16/31		400,000		301,492
				1,985,067

El Salvador — 0.1%
El Salvador Government International Bond
7.125%, 01/20/50^(B)		200,000		76,002

Ghana — 0.6%
Ghana Government International Bond
8.950%, 03/26/51		400,000		203,784
8.627%, 06/16/49		600,000		301,294
8.125%, 03/26/32		200,000		106,220
				611,298

Hungary — 0.6%
Hungary Government International Bond
5.375%, 03/25/24		400,000		410,600
3.125%, 09/21/51		200,000		134,980
2.125%, 09/22/31		200,000		161,120
				706,700

India — 0.4%
Export-Import Bank of India
3.875%, 02/01/28		400,000		385,256

Indonesia — 1.7%
Indonesia Government International Bond
4.200%, 10/15/50		500,000		453,052
2.950%, 01/11/23		200,000		199,850

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

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Emerging Markets Bond ETF

	Face Amount		Value
SOVEREIGN DEBT — continued
Indonesia — continued
Indonesia Government International Bond MTN
5.125%, 01/15/45	$	1,000,000	$	1,008,634
Perusahaan Penerbit SBSN Indonesia III
4.400%, 06/06/27		200,000		201,750
				1,863,286

Ivory Coast — 1.0%
Ivory Coast Government International Bond
6.125%, 06/15/33		1,200,000		1,072,368

Jordan — 0.4%
Jordan Government International Bond
5.750%, 01/31/27		400,000		380,500

Kenya — 0.5%
Kenya Government International Bond
8.250%, 02/28/48		400,000		310,200
6.875%, 06/24/24		200,000		186,162
				496,362

Kuwait — 0.6%
Kuwait International Government Bond
3.500%, 03/20/27		600,000		611,250

Mexico — 1.7%
Mexico Government International Bond
5.000%, 04/27/51		600,000		544,414
4.750%, 04/27/32		600,000		602,462
3.750%, 01/11/28		400,000		393,206
2.659%, 05/24/31		200,000		172,428
				1,712,510

Morocco — 1.3%
Morocco Government International Bond
4.000%, 12/15/50		1,000,000		693,700
3.000%, 12/15/32		200,000		156,250
2.375%, 12/15/27		800,000		685,936
				1,535,886

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

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Emerging Markets Bond ETF

	Face Amount		Value
SOVEREIGN DEBT — continued
Nigeria — 0.6%
Nigeria Government International Bond
9.248%, 01/21/49	$	600,000	$	489,000
Nigeria Government International Bond MTN
7.625%, 11/28/47		200,000		144,000
				633,000

Oman — 2.0%
Oman Government International Bond
6.750%, 01/17/48		400,000		373,500
6.250%, 01/25/31		600,000		616,932
5.625%, 01/17/28		500,000		502,970
Oman Government International Bond MTN
6.000%, 08/01/29		600,000		609,840
				2,103,242

Panama — 2.6%
Panama Government International Bond
4.500%, 05/15/47		200,000		176,703
4.500%, 04/01/56		1,000,000		856,719
3.875%, 03/17/28		500,000		488,793
3.870%, 07/23/60		1,200,000		917,076
3.750%, 03/16/25		400,000		400,907
				2,840,198

Paraguay — 0.6%
Paraguay Government International Bond
5.000%, 04/15/26		200,000		201,523
4.950%, 04/28/31		400,000		389,557
				591,080

Peru — 2.7%
Peruvian Government International Bond
8.750%, 11/21/33		600,000		794,006
5.625%, 11/18/50		200,000		221,767
4.125%, 08/25/27		1,000,000		1,001,066
3.550%, 03/10/51		200,000		161,925
3.000%, 01/15/34		200,000		172,032
2.783%, 01/23/31		800,000		706,067
				3,056,863

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

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Emerging Markets Bond ETF

	Face Amount		Value
SOVEREIGN DEBT — continued
Philippines — 0.5%
Philippine Government International Bond
6.375%, 10/23/34	$	200,000	$	235,976
3.700%, 02/02/42		400,000		357,080
				593,056

Qatar — 5.4%
Qatar Government International Bond
4.817%, 03/14/49		800,000		860,928
4.500%, 04/23/28		800,000		848,960
4.400%, 04/16/50		1,400,000		1,423,520
4.000%, 03/14/29		600,000		622,492
3.875%, 04/23/23		600,000		606,240
3.750%, 04/16/30		200,000		204,579
3.400%, 04/16/25		1,200,000		1,209,108
				5,775,827

Romania — 1.5%
Romanian Government International Bond
4.000%, 02/14/51		600,000		460,380
3.000%, 02/14/31		1,000,000		844,060
3.000%, 02/27/27		300,000		276,226
				1,580,666

Saudi Arabia — 2.0%
Saudi Government International Bond
4.375%, 04/16/29		200,000		210,000
Saudi Government International Bond MTN
4.500%, 04/17/30		400,000		424,800
4.000%, 04/17/25		400,000		408,736
3.750%, 01/21/55		200,000		174,580
3.250%, 10/26/26		600,000		599,676
2.250%, 02/02/33		200,000		175,015
				1,992,807

Senegal — 1.1%
Senegal Government International Bond
6.750%, 03/13/48		800,000		616,976
6.250%, 05/23/33		600,000		525,300
				1,142,276

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

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Emerging Markets Bond ETF

	Face Amount		Value
SOVEREIGN DEBT — continued
South Africa — 2.3%
Republic of South Africa Government International Bond
7.300%, 04/20/52	$	500,000	$	470,530
4.850%, 09/30/29		1,000,000		928,920
4.850%, 09/27/27		600,000		585,000
4.300%, 10/12/28		600,000		553,792
				2,538,242

South Korea — 2.4%
Export-Import Bank of Korea
2.425%, ICE LIBOR USD 3 Month + 1.200%, 04/27/23^(C)		1,000,000		1,007,910
Korea Development Bank
0.654%, U.S. SOFR + 0.250%, 03/09/24^(C)		700,000		698,621
Korea Development Bank MTN
1.805%, ICE LIBOR USD 3 Month + 0.350%, 02/18/23^(C)		1,000,000		1,000,948
				2,707,479

Sri Lanka — 0.3%
Sri Lanka Government International Bond
7.550%, 03/28/30		400,000		153,996
6.750%, 04/18/28		600,000		231,040
				385,036

Turkey — 2.3%
Turkey Government International Bond
6.625%, 02/17/45		200,000		150,800
6.125%, 10/24/28		200,000		172,487
5.750%, 05/11/47		600,000		411,024
5.600%, 11/14/24		400,000		374,200
5.250%, 03/13/30		600,000		474,272
5.125%, 02/17/28		800,000		664,784
4.750%, 01/26/26		400,000		350,052
				2,597,619

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

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Emerging Markets Bond ETF

	Face Amount		Value
SOVEREIGN DEBT — continued
Ukraine — 0.7%
Ukraine Government International Bond
7.750%, 09/01/26	$	400,000	$	153,904
7.750%, 09/01/24		400,000		157,000
7.375%, 09/25/32		1,000,000		359,140
7.253%, 03/15/33		600,000		215,580
				885,624

United Arab Emirates — 2.4%
Abu Dhabi Government International Bond
3.125%, 10/11/27		600,000		600,932
3.125%, 09/30/49		200,000		165,711
Abu Dhabi Government International Bond MTN
2.500%, 04/16/25		1,000,000		984,388
Finance Department Government of Sharjah MTN
4.375%, 03/10/51		1,000,000		744,776
				2,495,807

Uruguay — 0.2%
Uruguay Government International Bond
4.375%, 01/23/31		200,000		208,450

Vietnam — 0.6%
Vietnam Government International Bond
4.800%, 11/19/24		600,000		606,752

TOTAL SOVEREIGN DEBT
(Cost $72,938,761)				63,202,935

CORPORATE OBLIGATIONS — 34.7%
Brazil — 0.9%
Consumer Discretionary — 0.9%
B2W Digital Lux Sarl
4.375%, 12/20/30		800,000		644,408
Iochpe-Maxion Austria GmbH
5.000%, 05/07/28		400,000		348,604
				993,012

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

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Emerging Markets Bond ETF

	Face Amount		Value
CORPORATE OBLIGATIONS — continued
Chile — 1.4%
Consumer Staples — 0.3%
Agrosuper
4.600%, 01/20/32	$	300,000	$	267,000

Energy — 0.3%
Empresa Nacional del Petroleo
4.500%, 09/14/47		400,000		310,504

Materials — 0.8%
Nacional del Cobre de Chile
3.000%, 09/30/29		1,000,000		899,560

China — 0.7%
Communication Services — 0.7%
Prosus
4.987%, 01/19/52		500,000		389,072
3.832%, 02/08/51		500,000		333,116
				722,188

Colombia — 1.0%
Energy — 0.8%
Ecopetrol
5.875%, 05/28/45		1,100,000		896,599

Utilities — 0.2%
Promigas ESP
3.750%, 10/16/29		200,000		171,002

India — 0.4%
Utilities — 0.4%
Adani Renewable Energy RJ MTN
4.625%, 10/15/39		550,500		443,152

Indonesia — 2.9%
Energy — 0.2%
Pertamina Persero MTN
6.450%, 05/30/44		200,000		214,238

Materials — 2.5%
Freeport Indonesia
6.200%, 04/14/52		1,000,000		946,890

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

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Emerging Markets Bond ETF

	Face Amount		Value
CORPORATE OBLIGATIONS — continued
Materials — continued
Freeport Indonesia MTN
5.315%, 04/14/32	$	250,000	$	242,950
Indonesia Asahan Aluminium Persero
6.530%, 11/15/28		1,000,000		1,070,590
4.750%, 05/15/25		400,000		400,000
				2,660,430

Utilities — 0.2%
Perusahaan Perseroan Persero Perusahaan Listrik Negara MTN
4.125%, 05/15/27		200,000		196,494

Israel — 0.9%
Materials — 0.9%
ICL Group
6.375%, 05/31/38^(B)		900,000		938,250

Kazakhstan — 0.9%
Energy — 0.9%
Tengizchevroil Finance International
4.000%, 08/15/26		400,000		356,000
3.250%, 08/15/30		800,000		640,392
				996,392

Malaysia — 1.7%
Energy — 1.7%
Petronas Capital MTN
4.550%, 04/21/50		1,200,000		1,190,595
3.500%, 04/21/30		500,000		481,485
3.500%, 03/18/25		200,000		200,450
				1,872,530

Mexico — 6.1%
Communication Services — 0.5%
America Movil
5.375%, 04/04/32		600,000		570,522

Consumer Staples — 1.6%
Fomento Economico Mexicano
3.500%, 01/16/50		1,400,000		1,157,800

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

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Emerging Markets Bond ETF

	Face Amount		Value
CORPORATE OBLIGATIONS — continued
Consumer Staples — continued
Grupo Bimbo
4.700%, 11/10/47	$	600,000	$	570,858
				1,728,658

Energy — 2.9%
Petroleos Mexicanos
7.690%, 01/23/50		1,000,000		775,000
6.840%, 01/23/30		400,000		359,400
6.500%, 01/23/29		800,000		723,432
6.350%, 02/12/48		200,000		140,480
5.950%, 01/28/31		1,400,000		1,171,660
				3,169,972

Industrials — 0.2%
Mexico City Airport Trust
3.875%, 04/30/28		200,000		179,166

Materials — 0.6%
Orbia Advance
2.875%, 05/11/31		800,000		658,000

Utilities — 0.3%
Comision Federal de Electricidad
3.875%, 07/26/33		400,000		319,504

Morocco — 1.0%
Materials — 1.0%
OCP
6.875%, 04/25/44		400,000		369,286
5.125%, 06/23/51		1,000,000		743,000
				1,112,286

Panama — 0.3%
Industrials — 0.3%
Aeropuerto Internacional de Tocumen
5.125%, 08/11/61		400,000		334,846

Peru — 3.3%
Consumer Staples — 0.3%
InRetail Consumer
3.250%, 03/22/28		400,000		345,984

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

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Emerging Markets Bond ETF

	Face Amount		Value
CORPORATE OBLIGATIONS — continued
Energy — 1.1%
Transportadora de Gas del Peru
4.250%, 04/30/28	$	1,200,000	$	1,145,820

Financials — 0.5%
Intercorp Peru
3.875%, 08/15/29		600,000		528,006

Utilities — 1.4%
Consorcio Transmantaro
5.200%, 04/11/38		600,000		562,500
4.700%, 04/16/34		800,000		754,000
Kallpa Generacion
4.125%, 08/16/27		200,000		187,250
				1,503,750

Saudi Arabia — 3.2%
Energy — 2.6%
EIG Pearl Holdings Sarl
4.387%, 11/30/46		1,200,000		1,006,366
Saudi Arabian Oil
1.625%, 11/24/25		400,000		375,000
Saudi Arabian Oil MTN
3.500%, 04/16/29		800,000		785,984
2.875%, 04/16/24		800,000		793,184
				2,960,534

Utilities — 0.6%
Acwa Power Management And Investments One
5.950%, 12/15/39		598,860		617,856

South Africa — 2.6%
Materials — 1.3%
AngloGold Ashanti Holdings
3.375%, 11/01/28		800,000		703,915
Sasol Financing USA
5.500%, 03/18/31		800,000		697,600
				1,401,515

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

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Emerging Markets Bond ETF

	Face Amount		Value
CORPORATE OBLIGATIONS — continued
Utilities — 1.3%
Eskom Holdings SOC MTN
6.350%, 08/10/28	$	1,400,000	$	1,374,870

Thailand — 0.8%
Materials — 0.8%
GC Treasury Center MTN
5.200%, 03/30/52		600,000		550,670
2.980%, 03/18/31		400,000		343,199
				893,869

United Arab Emirates — 3.7%
Financials — 1.9%
First Abu Dhabi Bank PJSC MTN
2.221%, ICE LIBOR USD 3 Month + 0.850%, 08/08/23^(C)		1,800,000		1,799,525
1.886%, ICE LIBOR USD 3 Month + 0.900%, 07/08/24^(C)		200,000		199,742
				1,999,267

Government — 0.3%
Sharjah Sukuk Program
3.234%, 10/23/29		400,000		369,208

Industrials — 1.5%
DP World Crescent
3.908%, 05/31/23		200,000		200,548
DP World Crescent MTN
4.848%, 09/26/28		400,000		404,000
DP World MTN
4.700%, 09/30/49		1,200,000		1,003,800
				1,608,348

United States — 2.9%
Financials — 2.6%
Goldman Sachs Group
2.255%, ICE LIBOR USD 3 Month + 0.750%, 02/23/23^(C)		1,100,000		1,098,087

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

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Emerging Markets Bond ETF

	Face Amount		Value
CORPORATE OBLIGATIONS — continued
Financials — continued
Morgan Stanley MTN
2.591%, ICE LIBOR USD 3 Month + 1.220%, 05/08/24^(C)	$	800,000	$	803,504
2.584%, ICE LIBOR USD 3 Month + 1.400%, 10/24/23^(C)		1,000,000		1,002,831
				2,904,422

Materials — 0.3%
GCC
3.614%, 04/20/32		400,000		348,880

TOTAL CORPORATE OBLIGATIONS
(Cost $41,858,221)				37,656,634

U.S. TREASURY OBLIGATIONS — 2.6%
U.S. Treasury Notes
1.875%, 02/15/32 .........................................		1,000,000		917,812
0.375%, 11/30/25 .........................................		1,000,000		919,727
0.125%, 02/28/23 .........................................		1,000,000		986,719
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $2,985,348)				2,824,258
TOTAL INVESTMENTS — 95.5%
(Cost $117,782,330)			$	103,683,827

Percentages are based on Net Assets of $108,541,243.

(A)	Step Bonds – Represents the current rate, the step rate, the step date and the final maturity date.
(B)	Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration normally to qualified institutions. On May 31, 2022, the value of these securities amounted to $1,014,252, representing 0.9% of the Net Assets of the Fund.
(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.

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

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Emerging Markets Bond ETF

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

PJSC — Public Joint Stock Company

SOC — State Owned Company

SOFR – Secured Overnight Financing Rate

USD — U.S. Dollar

As of May 31, 2022, all of the Fund’s investments were considered Level 2, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

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

	Notes to Financial Statements
	May 31, 2022 (Unaudited)

1. ORGANIZATION

The 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 May 31, 2022, the Trust had one hundred and one portfolios, ninety-four 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 (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 may be valued at their amortized cost, which approximates market

	Notes to Financial Statements (Continued)
	May 31, 2022 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates as of the reporting date. The exchange rates used by the Trust for valuation are captured as of the New York or London close each day. 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 (“Fair Value Procedures”) established by the Board of Trustees (the “Board”) of the Trust. The Funds’ Fair Value Procedures are implemented through a fair value committee (the “Committee”) designated by the Board. 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 the time of the security’s last close and the time that the Fund calculates its net asset value (“NAV”). A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If Global X Management Company LLC, the Funds’ investment adviser (the “Adviser”), becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate their NAVs, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably available to the Committee. As of May 31, 2022, there were no securities priced using the Fair Value Procedures.

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).

	Notes to Financial Statements (Continued)
	May 31, 2022 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

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.

For the period ended May 31, 2022, there have been no significant changes to the Funds’ fair valuation methodologies.

DUE TO/FROM BROKERS — Due to/from brokers includes cash and collateral balances with the Funds’ clearing brokers or counterparties at May 31, 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.,

	Notes to Financial Statements (Continued)
	May 31, 2022 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

greater than 50%) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax positions in the current period; however, management’s conclusions regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), and on-going analysis of and changes to tax laws, and regulations and interpretations thereof. If a Fund has foreign tax filings that have not been made, the tax years that remain subject to examination may date back to the inception of the Fund.

As of and during the reporting period ended May 31, 2022, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the reporting 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.

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

CASH OVERDRAFT CHARGES – Per the terms of 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 Bonds 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.

	Notes to Financial Statements (Continued)
	May 31, 2022 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

	Creation Unit Shares		Creation Fee		Value at May 31, 2022		Redemption Fee
Global X Emerging Markets Bond ETF		50,000	$	500	$	1,130,500	$	500
Global X China Innovation ETF		10,000		900		136,400		900

3. RELATED PARTY TRANSACTIONS 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 Advisory Agreement), under what is essentially an “all-in” fee structure. For the Adviser’s services to the Funds, under a supervision and administration agreement (the “Supervision and Administration Agreement”), each Fund pays a monthly fee to the Adviser at the annual rate below (stated as a percentage of the average daily net assets of 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).

	Notes to Financial Statements (Continued)
	May 31, 2022 (Unaudited)

3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS (continued)

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 Trust’s 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 Trust’s Board and the Adviser, is responsible for the management of the Global X China Innovation ETF, and has discretion to buy or sell 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

	Notes to Financial Statements (Continued)
	May 31, 2022 (Unaudited)

3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS (continued)

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’ 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

	Notes to Financial Statements (Continued)
	May 31, 2022 (Unaudited)

3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS (continued)

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 period ended May 31, 2022, the purchases and sales of investments in securities excluding in-kind transactions, long-term U.S. Government, and short-term securities, were:

2022	Purchases		Sales and Maturities
Global X Emerging Markets Bond ETF	$	36,531,416	$	37,383,970
Global X China Innovation ETF		632,014		797,198

For the period ended May 31, 2022, the purchases and sales of long-term U.S. Government securities were:

2022	Purchases		Sales and Maturities
Global X Emerging Markets Bond ETF	$	2,570,207	$	—
Global X China Innovation ETF		—		—

For the period ended May 31, 2022, in-kind transactions associated with creations and redemptions were:

2022	Purchases		Sales and Maturities		Realized Loss
Global X Emerging Markets Bond ETF	$	7,054,057	$	17,423,964	$	(2,154,094	)
Global X China Innovation ETF		—		—		—

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

2021	Purchases		Sales and Maturities		Realized Gain
Global X Emerging Markets Bond ETF	$	78,302,339	$	7,890,506	$	622,962
Global X China Innovation ETF		—		—		—

	Notes to Financial Statements (Continued)
	May 31, 2022 (Unaudited)

5. TAX INFORMATION

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

The tax character of dividends and distributions declared during the years or period ended November 30, 2021 and November 30, 2020 was as follows:

Global X Funds	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals
Global X Emerging Markets Bond ETF
2021	$	4,845,615	$	–	$	–	$	4,845,615
2020		1,097,040		–		–		1,097,040
Global X China Innovation ETF
2021	$	–	$	–	$	–	$	–

As of November 30, 2021, the components of tax basis distributable earnings (accumulated losses) were as follows:

	Global X Funds
	Global X Emerging Markets Bond ETF			Global X China Innovation ETF
Undistributed Ordinary Income	$	1,276,756		$	–
Undistributed Long-Term Capital Gain		66,383			–
Post October Losses		(38,474	)		–
Capital Loss Carryforwards		–			(493,183	)
Unrealized Depreciation on Investments and Foreign Currency		(4,440,247	)		(485,185	)
Late Year Loss Deferral		–			(9,400	)
Other Temporary Differences		–			(1	)
Total Accumulated Losses	$	(3,135,582	)	$	(987,769	)

	Notes to Financial Statements (Continued)
	May 31, 2022 (Unaudited)

5. TAX INFORMATION (continued)

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 appreciation difference is attributable primarily to wash sales.

Qualified late year ordinary (including currency and specified gain/loss items) and Post-October capital losses represent losses realized from January 1, 2021 through November 30, 2021 and November 1, 2021 through November 30, 2021, 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.

For taxable years beginning after December 22, 2010, a Registered Investment Company within the meaning of the 1940 Act is permitted to carry forward net capital losses to offset capital gains realized in later years, and the losses carried forward retain their original character as either long-term or short-term losses. Losses carried forward under these provisions are as follows:

Global X Funds		Short-Term Loss				Long-Term Loss				Total
Global X China Innovation ETF		$	493,183			$	–			$	493,183

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at May 31, 2022, were as follows:

Global X Funds	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Depreciation
Global X Emerging Markets Bond ETF	$	117,782,330	$	133,668	$	(14,232,171	)	$	(14,098,503	)
Global X China Innovation ETF		3,086,296		49,933		(905,805	)		(855,872	)

6. CONCENTRATION OF RISKS

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

In certain countries, there may be fewer publicly traded securities and the market may be dominated by a few issuers or sectors. Issuers and securities markets in such countries are not subject to as extensive and frequent accounting, financial and other reporting requirements or as comprehensive government regulations as are issuers and securities markets in the United States. In particular, the assets and profits as are appearing on the financial statements of emerging market country issuers may not

	Notes to Financial Statements (Continued)
	May 31, 2022 (Unaudited)

6. CONCENTRATION OF RISKS (continued)

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.

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

	Notes to Financial Statements (Continued)
	May 31, 2022 (Unaudited)

6. CONCENTRATION OF RISKS (continued)

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 were 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.

The Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on either income, gains earned or 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.

	Notes to Financial Statements (Continued)
	May 31, 2022 (Unaudited)

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 regarding the impact of this 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 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 with BBH are initially required to be secured by collateral equal to at least 102% of the value of domestic equity securities and American Depositary Receipts (“ADRs”) and 105% of the value of foreign equity securities (other than ADRs). Such collateral received in connection with these loans will be cash and can be invested in repurchase agreements, short-term investments or U.S. Treasury obligations, and is recognized in the Schedules

	Notes to Financial Statements (Continued)
	May 31, 2022 (Unaudited)

7. LOANS OF PORTFOLIO SECURITIES (continued)

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 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 suffer a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. The Funds could suffer a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. 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 May 31, 2022, the Funds had no securities on loan.

8. CONTRACTUAL OBLIGATIONS

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

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

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

9. REGULATORY MATTERS

In December 2020, the U.S. Securities and Exchange Commission (the “SEC”) adopted a new rule providing a framework for fund valuation practices (“Rule 2a-5”). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940

	Notes to Financial Statements (Concluded)
	May 31, 2022 (Unaudited)

9. REGULATORY MATTERS (continued)

Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted a related recordkeeping rule, (together with Rule 2a-5, the “Rules”) and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Funds will be required to comply with the Rules by September 8, 2022. Management is currently assessing the potential impact of the new Rules on the Funds’ financial statements.

10. SUBSEQUENT EVENTS

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

	Disclosure of Fund Expenses (Unaudited)

All ETFs (such as the Funds) 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 the shareholder’s investment in a Fund.

Operating expenses such as these are deducted from a Fund’s gross income and directly reduce their final investment returns. 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 a 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 (December 1, 2021 to May 31, 2022).

The table on the next page illustrates the Funds’ 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 SEC 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.

	Disclosure of Fund Expenses (Unaudited) (Concluded)

	Beginning Account Value 12/1/2021		Ending Account Value 5/31/2022		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
Global X Emerging Markets Bond ETF
Actual Fund Return	$	1,000.00	$	904.70		0.39	%	$	1.85
Hypothetical 5% Return		1,000.00		1,022.99		0.39			1.97

Global X China Innovation ETF
Actual Fund Return	$	1,000.00	$	717.10		0.75	%	$	3.21
Hypothetical 5% Return		1,000.00		1,021.19		0.75			3.78

⁽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.)

Liquidity Risk Management Program (Unaudited)

Pursuant to Rule 22e-4 under the 1940 Act, the Funds’ investment adviser has adopted, and the Board has approved, a liquidity risk management program (the “Program”) to govern the Funds’ approach to managing liquidity risk. The Program is overseen by the Funds’ Liquidity Risk Management Committee (the “Committee”), and the Program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Funds.

At a meeting of the Board held on May 20, 2022, the Trustees received a report from the Committee addressing the operations of the Program and assessing its adequacy and effectiveness of implementation for the period from January 1, 2021 through December 31, 2021. The Committee’s report noted that the Committee had determined that the Program is reasonably designed to assess and manage each Fund’s Liquidity Risk and operated adequately and effectively to manage each Fund’s Liquidity Risk for the period covered by the report. The Committee’s report noted that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding a Fund’s exposure to liquidity risk and other principal risks to which an investment in the Funds may be subject.

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.

Notes

605 Third Avenue, 43rd Floor

New York, NY 10158

1-888-493-8631

www.globalxetfs.com

Investment Adviser and Administrator:

Global X Management Company LLC

605 Third Avenue, 43rd Floor

New York, NY 10158

Sub-Adviser - Global X Emerging Markets Bond ETF:

Mirae Asset Global Investments (USA) LLC

625 Madison Avenue, 3rd Floor

New York, NY 10022

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 Fund described.

GLX-SA-006-0900

Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual report.

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) Not applicable for semi-annual report.

(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: August 8, 2022

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: August 8, 2022

By (Signature and Title)

/s/ John Belanger

John Belanger
Chief Financial Officer

Date: August 8, 2022

	Shares		Value
COMMON STOCK — 90.9%
CHINA — 88.8%
Communication Services — 6.5%
NetEase		1,400	$	30,371
Tencent Holdings		2,800		129,337
				159,708


Consumer Discretionary — 16.2%
Alibaba Group Holding ^*		7,400		90,784
BYD, Cl H		3,000		107,067
Fuyao Glass Industry Group, Cl H		10,800		52,448
Geely Automobile Holdings		11,000		21,031
Meituan, Cl B ^*		2,000		47,670
Ping An Healthcare and Technology ^*		11,300		30,390
XPeng, Cl A ^*		2,700		31,799
Zhejiang Shuanghuan Driveline, Cl A		4,500		16,762
				397,951


Consumer Staples — 2.7%
Tongwei, Cl A		9,900		66,979


Financials — 3.5%
East Money Information, Cl A		17,640		59,791

	Shares		Value
COMMON STOCK — continued
Financials — continued
Lufax Holding ADR		4,247	$	26,714
				86,505

Health Care — 11.3%
Hangzhou Tigermed Consulting, Cl A		2,200		28,300
Innovent Biologics ^*		8,000		24,829
Jiangsu Hengrui Medicine, Cl A		4,960		22,515
Shenzhen Mindray Bio-Medical Electronics, Cl A		1,300		58,875
WuXi AppTec, Cl H		5,020		61,970
Wuxi Biologics Cayman ^*		11,000		81,320
				277,809


Industrials — 26.6%
Contemporary Amperex Technology, Cl A		1,800		109,950
Estun Automation, Cl A		9,100		22,984
Eve Energy, Cl A		3,700		44,554
Guangzhou KDT Machinery, Cl A		12,300		38,450
Han’s Laser Technology Industry Group, Cl A		9,900		44,184
Ming Yang Smart Energy Group, Cl A		5,800		22,099
NARI Technology, Cl A		13,600		69,737
Riyue Heavy Industry, Cl A		6,570		21,079
SF Holding, Cl A ^*		6,200		48,175
Shenzhen Inovance Technology, Cl A		4,400		40,335
Sungrow Power Supply, Cl A		2,700		32,322
Suzhou Maxwell Technologies, Cl A		500		28,220
Wuxi Lead Intelligent Equipment, Cl A		12,580		91,420
ZTO Express Cayman ADR		1,427		38,443
				651,952


Information Technology — 20.0%
GoerTek, Cl A		11,900		72,565
Hua Hong Semiconductor ^*		20,000		75,839
Iflytek		4,400		23,952
LONGi Green Energy Technology, Cl A		11,740		139,205

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Luxshare Precision Industry, Cl A		8,800	$	44,544
NavInfo, Cl A ^*		14,800		29,137
Will Semiconductor Shanghai, Cl A		1,200		29,464
Xinyi Solar Holdings		42,000		74,840
				489,546


Materials — 2.0%
Ganfeng Lithium, Cl H		3,800		48,823


TOTAL CHINA				2,179,273
HONG KONG — 2.1%
Health Care — 2.1%
Sino Biopharmaceutical		91,000		51,151


TOTAL COMMON STOCK
(Cost $3,086,296)				2,230,424
TOTAL INVESTMENTS — 90.9%
(Cost $3,086,296)			$	2,230,424

	Global X Emerging Markets Bond ETF			Global X China Innovation ETF
Assets:
Cost of Investments	$	117,782,330		$	3,086,296
Cost of Foreign Currency		—			13,965
Investments, at Value	$	103,683,827		$	2,230,424
Cash		3,565,939			210,179
Foreign Currency, at Value		—			13,968
Receivable for Investment Securities Sold		1,911,908			7,087
Dividend, Interest, and Securities Lending Income Receivable		1,165,805			2,422
Unrealized Appreciation on Spot Contracts		—			2
Total Assets		110,327,479			2,464,082
Liabilities:
Payable for Investment Securities Purchased		1,746,890			7,666
Payable due to Investment Adviser		39,346			1,464
Total Liabilities		1,786,236			9,130
Net Assets	$	108,541,243		$	2,454,952
Net Assets Consist of:
Paid-in Capital	$	129,253,299		$	4,507,127
Total Distributable Loss		(20,712,056	)		(2,052,175	)
Net Assets	$	108,541,243		$	2,454,952
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		4,800,000			180,000
Net Asset Value, Offering and Redemption Price Per Share	$	22.61		$	13.64

	Global X Emerging Markets Bond ETF			Global X China Innovation ETF
Investment Income:
Dividend Income	$	—		$	14,477
Interest Income		2,683,708			—
Less: Foreign Taxes Withheld		(7,101	)		(549	)
Total Investment Income		2,676,607			13,928
Supervision and Administration Fees⁽¹⁾		256,382			11,191
Custodian Fees⁽²⁾		—			12
Total Expenses		256,382			11,203
Net Investment Income		2,420,225			2,725
Net Realized Loss on:
Investments⁽³⁾		(6,241,937	)		(593,838	)
Foreign Currency Transactions		—			(286	)
Net Realized Loss on Investments and Foreign Currency Transactions		(6,241,937	)		(594,124	)
Net Change in Unrealized Depreciation on:
Investments		(9,790,389	)		(472,993	)
Foreign Currency Translations		—			(14	)
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translations		(9,790,389	)		(473,007	)
Net Realized and Unrealized Loss on Investments and Foreign Currency Translations		(16,032,326	)		(1,067,131	)
Net Decrease in Net Assets Resulting from Operations	$	(13,612,101	)	$	(1,064,406	)

	Statements of Operations
	For the period ended May 31, 2022 (Unaudited)

(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.)

	Global X Emerging Markets Bond ETF						Global X China Innovation ETF
	Period Ended May 31, 2022 (Unaudited)			Year Ended November 30, 2021			Period Ended May 31, 2022 (Unaudited)			Period Ended November 30, 2021⁽¹⁾
Operations:
Net Investment Income (Loss)	$	2,420,225		$	3,647,528		$	2,725		$	(9,232	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions ⁽²⁾		(6,241,937	)		2,204,874			(594,124	)		(622,161	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(9,790,389	)		(7,982,777	)		(473,007	)		(382,858	)
Net Decrease in Net Assets Resulting from Operations		(13,612,101	)		(2,130,375	)		(1,064,406	)		(1,014,251	)
Distributions		(3,964,373	)		(4,845,615	)		—			—
Capital Share Transactions:
Issued		7,415,878			82,995,668			—			4,818,694
Redeemed		(17,689,176	)		(8,367,166	)		(285,085	)		—
Increase (Decrease) in Net Assets from Capital Share Transactions		(10,273,298	)		74,628,502			(285,085	)		4,818,694
Total Increase (Decrease) in Net Assets		(27,849,772	)		67,652,512			(1,349,491	)		3,804,443
Net Assets:
Beginning of Year/Period		136,391,015			68,738,503			3,804,443			—
End of Year/Period	$	108,541,243		$	136,391,015		$	2,454,952		$	3,804,443
Share Transactions:
Issued		300,000			3,100,000			—			200,000
Redeemed		(800,000	)		(300,000	)		(20,000	)		—
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(500,000	)		2,800,000			(20,000	)		200,000

(1)	The Fund commenced operations on February 22, 2021.
(2)	Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.)

	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 ($)			Distribution from Capital Gains ($)
Global X Emerging Markets Bond ETF
2022 (Unaudited)		25.73		0.44			(2.84	)		(2.40	)		(0.41	)		(0.31	)
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 (Unaudited)		19.02		0.01			(5.39	)		(5.38	)		—			—
2021⁽²⁾		25.00		(0.05	)		(5.93	)		(5.98	)		—			—

Return of Capital ($)		Total from Distributions ($)			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 (%)††

	—		(0.72	)		22.61		(9.53	)		108,541		0.39	†		3.68	†		33.14
	—		(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

	—		—			13.64		(28.29	)		2,455		0.75	†		0.18	†		22.36
	—		—			19.02		(23.92	)		3,804		0.75	†		(0.30	)†		84.85

*	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.