Semi-Annual Report by Investment Company (Form N-CSRS)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22209

Global X Funds

(Exact name of registrant as specified in charter)

605 Third Avenue, 43rd floor

New York, NY 10158

(Address of principal executive offices) (Zip code)

Jasmin M. Ali, Esquire

Global X Management Company LLC

605 Third Avenue, 43rd floor

New York, NY 10158

(Name and address of agent for service)

With a copy to:

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

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

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

Date of fiscal year end: November 30, 2026

Date of reporting period: May 31, 2026

Item 1. Reports to Stockholders.

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

(b) Not applicable.

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. Schedule of Investments.

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

(b) Not applicable.

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

Financial statements and financial highlights are filed herein.

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

Semi-Annual Financials and Other Information

May 31, 2026

Table of Contents

Financial Statements (Form N-CSRS Item 7)
Schedule of Investments
Global X Interest Rate Volatility & Inflation Hedge ETF	1
Glossary	3
Statement of Assets and Liabilities	4
Statement of Operations	5
Statements of Changes in Net Assets	6
Financial Highlights	7
Notes to Financial Statements	9
Other Information (Form N-CSRS Items 8-11) (Unaudited)	23

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

Schedule of Investments	May 31, 2026 (Unaudited)
Global X Interest Rate Volatility & Inflation Hedge ETF

		Face Amount				Value
U.S. TREASURY OBLIGATIONS - 98.3%
U.S. Treasury Inflation Indexed Bonds
3.875%, 04/15/2029		$	26,113			$	27,865
3.625%, 04/15/2028			16,333				16,998
3.375%, 04/15/2032			24,185				26,481
2.500%, 01/15/2029			52,293				53,761
2.375%, 10/15/2028			39,889				40,930
2.375%, 02/15/2055			10,465				9,735
2.125%, 04/15/2029			40,568				41,294
2.125%, 01/15/2035			73,245				74,232
2.125%, 02/15/2040			6,111				5,995
2.125%, 02/15/2054			37,658				33,224
1.875%, 07/15/2034			68,403				68,485
1.875%, 07/15/2035			61,703				61,279
1.750%, 01/15/2028			20,491				20,621
1.750%, 01/15/2034			53,712				53,309
1.625%, 10/15/2027			8,918				8,991
1.625%, 10/15/2029			31,483				31,739
1.625%, 04/15/2030			62,240				62,436
1.500%, 02/15/2053			13,331				10,234
1.375%, 07/15/2033			58,713				57,251
1.375%, 02/15/2044			24,087				19,968
1.250%, 04/15/2028			77,063				76,840
1.125%, 10/15/2030			20,417				20,129
1.125%, 01/15/2033			55,428				53,273
1.000%, 02/15/2046			16,724				12,448
1.000%, 02/15/2048			16,069				11,587
1.000%, 02/15/2049			20,996				14,917
0.875%, 01/15/2029			49,695				49,021
0.875%, 02/15/2047			41,039				29,227
0.750%, 02/15/2042			11,691				9,048
0.750%, 02/15/2045			14,023				10,104
0.625%, 07/15/2032			37,505				35,302
0.625%, 02/15/2043			17,235				12,763
0.500%, 01/15/2028			21,419				21,127
0.250%, 07/15/2029			52,928				51,175
0.250%, 02/15/2050			10,271				5,847
0.125%, 01/15/2030			38,504				36,682
0.125%, 07/15/2030			96,595				91,567
0.125%, 01/15/2031			25,370				23,773
0.125%, 07/15/2031			46,818				43,598
0.125%, 01/15/2032			15,486				14,224

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

1

Schedule of Investments	May 31, 2026 (Unaudited)
Global X Interest Rate Volatility & Inflation Hedge ETF

		Face Amount				Value
U.S. TREASURY OBLIGATIONS - continued
0.125%, 02/15/2052		$	9,490			$	4,962
							1,352,442
TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,382,312)							1,352,442
PURCHASED OPTIONS - 1.3% (Cost $77,200)							17,800
TOTAL INVESTMENTS - 99.6% (Cost $1,459,512)						$	1,370,242

Percentages are based on Net Assets of $1,375,750.

A list of the OTC interest rate purchased options held by the Fund at May 31, 2026, is as follows:

Description		Counterparty		Number of Contracts/ Notional Amount		Exercise Rate		Expiration Date		Value
Call Options
U.S. 2Yr/10Yr SOFR Spread Option		UBS		15,000,000		0.270	%	07/23/26		$	6,380
U.S. 2Yr/10Yr SOFR Spread Option		Barclays		10,000,000		0.630		09/24/27			11,420
Total Purchased Options										$	17,800

As of May 31, 2026, 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.

Amounts designated as "-" are $0 or have been rounded to $0.

See "Glossary" for abbreviations.

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

2

Schedule of Investments	May 31, 2026 (Unaudited)
Glossary (abbreviations which may be used in the preceding Schedule of Investments):

Fund Abbreviations

SOFR - Secured Overnight Financing Rate

3

Statement of Assets and Liabilities

May 31, 2026 (Unaudited)

		Global X Interest Rate Volatility & Inflation Hedge ETF
Assets:
Cost of Investments		$	1,459,512
Investments, at Value		$	1,370,242
Cash			773
Dividend, Interest, and Securities Lending Income Receivable			5,262
Total Assets			1,376,277
Liabilities:
Payable due to Investment Adviser			527
Total Liabilities			527
Net Assets		$	1,375,750
Net Assets Consist of:
Paid-in Capital		$	1,873,344
Total Accumulated Losses			(497,594	)
Net Assets		$	1,375,750
Outstanding Shares of Beneficial Interest (unlimited authorization - no par value)			70,000
Net Asset Value, Offering and Redemption Price Per Share		$	19.65

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

4

Statement of Operations

For the period ended May 31, 2026 (Unaudited)

		Global X Interest Rate Volatility & Inflation Hedge ETF
Investment Income:
Interest Income		$	34,637
Total Investment Income			34,637
Expenses:
Supervision and Administration Fees(1)			3,170
Custodian Fees(2)			1
Total Expenses			3,171
Net Investment Income			31,466
Net Realized Gain (Loss) on:
Investments(3)			(3,280	)
Net Realized Gain (Loss)			(3,280	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments			(15,524	)
Purchased Options			(53,765	)
Net Change in Unrealized Appreciation (Depreciation)			(69,289	)
Net Realized and Unrealized Gain (Loss)			(72,569	)
Net Decrease in Net Assets Resulting from Operations		$	(41,103	)

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

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

5

Statements of Changes in Net Assets

		Global X Interest Rate Volatility & Inflation Hedge ETF
		Period Ended May 31, 2026 (Unaudited)				Year Ended November 30, 2025
Operations:
Net Investment Income		$	31,466			$	75,719
Net Realized Gain (Loss)			(3,280	)			(73,709	)
Net Change in Unrealized Appreciation (Depreciation)			(69,289	)			130,286
Net Increase (Decrease) in Net Assets Resulting from Operations			(41,103	)			132,296
Distributions:			(45,605	)			(64,322	)
Capital Share Transactions:
Issued			-				424,987
Redeemed			-				(1,262,722	)
Decrease in Net Assets from Capital Share Transactions			-				(837,735	)
Total Decrease in Net Assets			(86,708	)			(769,761	)
Net Assets:
Beginning of Year/Period			1,462,458				2,232,219
End of Year/Period		$	1,375,750			$	1,462,458
Share Transactions:
Issued			-				20,000
Redeemed			-				(60,000	)
Net Decrease in Shares Outstanding from Share Transactions			-				(40,000	)

Amounts designated as "-" are either $0 or have been rounded to $0.

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

6

Financial Highlights

Selected Per Share Data & Ratios
For a Share Outstanding Throughout each Year/Period

		Net Asset Value, Beginning of Period ($)				Net Investment Income ($)*				Net Realized and Unrealized Gain (Loss) ($)				Total from Operations ($)				Distribution from Net Investment Income ($)				Distribution from Capital Gains ($)				Return of Capital ($)
Global X Interest Rate Volatility & Inflation Hedge ETF
2026 (Unaudited)§			20.89				0.45				(1.04	)			(0.59	)			(0.65	)			-				-
2025			20.29				0.85				0.49				1.34				(0.74	)			-				-
2024			21.44				0.63				(1.13	)			(0.50	)			(0.65	)			-				-
2023			22.85				0.85				(1.42	)			(0.57	)			(0.84	)			-				-
2022(1)			25.00				0.53				(2.25	)			(1.72	)			(0.43	)			-				-

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
§	For the period ended May 31, 2026.
(1)	The Fund commenced operations on July 5, 2022.
	Amounts designated as "-" are either $0 or have been rounded to $0.

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

7

Financial Highlights

Total from Distributions ($)				Net Asset Value, End of Period ($)				Total Return (%)**				Net Assets, End of Period ($)(000)				Ratio of Expenses to Average Net Assets (%)				Ratio of Net Investment Income to Average Net Assets (%)				Portfolio Turnover Rate (%)††
	(0.65	)			19.65				(2.94	)			1,376				0.45	†			4.47	†			1.92
	(0.74	)			20.89				6.69				1,462				0.45				4.10				14.81
	(0.65	)			20.29				(2.37	)			2,232				0.45				3.00				9.60
	(0.84	)			21.44				(2.53	)			3,431				0.50				3.89				19.87
	(0.43	)			22.85				(6.93	)			2,971				0.46	†			5.60	†			2.73

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

8

Notes to Financial Statements

May 31, 2026 (Unaudited)

1. ORGANIZATION

Global X Funds (the "Trust") is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940 (the "1940 Act"), as amended, as an open-end management investment company. As of May 31, 2026, the Trust had one hundred twenty-four portfolios, one hundred fifteen of which were operational. The financial statements herein and the related notes pertain to the Global X Interest Rate Volatility & Inflation Hedge ETF (the "Fund"). The Fund has elected diversified status under the 1940 Act.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

SECURITY VALUATION - Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market ("NASDAQ")), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm Eastern Standard Time if a security's primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent mean between the quoted bid and asked prices, which approximates fair value (absent both bid and asked prices on such exchange, the bid price may be used). For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. The prices for foreign securities are reported in local currencies and converted to U.S. dollars using currency exchange rates as of the reporting date. The exchange rates used by the Trust for valuation are captured as of the New York or London close each day.

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

Securities for which market prices are not "readily available" are valued in accordance with fair value procedures (the "Fair Value Procedures") established by Global X Management Company LLC, the Fund's investment adviser (the "Adviser"), and approved by the Fund's

9

Notes to Financial Statements (Continued)

May 31, 2026 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Board of Trustees (the "Board"). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the "valuation designee" to determine the fair value of securities and other instruments for which no readily available market quotations are available. The Fair Value Procedures are implemented through a fair value committee (the "Committee") of the Adviser. Some of the more common reasons that may necessitate that a security be valued using the Fair Value Procedures include: the security's trading has been halted or suspended; the security has been de-listed from its primary trading exchange; the security's primary trading market is temporarily closed at a time when, under normal conditions, it would be open; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, the Fund may fair value a security if an event that may materially affect the value of the Fund's security that is traded outside the United States (a "Significant Event") has occurred between the time of the security's last close and the time that the Fund calculates its net asset value ("NAV"). A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If the Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates its NAV, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably available to the Committee. As of May 31, 2026, there were no securities priced using the Fair Value Procedures.

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

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Fund disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy

10

Notes to Financial Statements (Continued)

May 31, 2026 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

Level 1 - Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has 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 Fund has 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 Fund's own assumptions in determining the fair value of investments and fair value of investments for which the Fund does not have the ability to fully redeem tranches at NAV as of the measurement date or within the near term).

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

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

FEDERAL INCOME TAXES - It is the 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 Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether it is "more-likely-than-not" (i.e., greater than 50%) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Fund 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,

11

Notes to Financial Statements (Continued)

May 31, 2026 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

As of and during the reporting period ended May 31, 2026, the Fund did not have a liability for any unrecognized tax benefits as an income tax expense on the Statement of Operations. During the period, the Fund did not incur any interest or penalties. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months.

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

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

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

The Fund may invest in yield curve spread options which are options tied to the shape of the U.S. interest rate swap curve. The U.S. interest rate swap curve is a type of interest rate curve that reflects the swap rate used in interest rate swap agreements with different maturities. A swap rate is the fixed interest rate that is exchanged for a floating interest rate in an interest rate swap agreement. A yield curve spread option is an option on the spread between two swap rates at different parts of the U.S. interest rate swap curve. The Fund generally expects the purchased yield curve spread options to reference the spread between

12

Notes to Financial Statements (Continued)

May 31, 2026 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

the 2-year and 10-year swap rate, though the Fund may purchase yield curve spread options referencing other swap rate spreads. The Fund will purchase yield curve spread options such that the Fund will gain from steepening of the yield curve, while having a potential loss on the yield curve spread options limited to the premium paid for the yield curve spread options.

When the option expires, is terminated or is sold, a Fund will record a gain or loss. The net realized gain or loss on options and swaptions is reflected in the Statement of Operations and the net unrealized gains/(losses) are included as a component of the net change in unrealized appreciation/(depreciation) on options and swaptions in the Statement of Operations.

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

CASH OVERDRAFT CHARGES - Per the terms of an agreement with The Bank of New York Mellon ("BNY"), the Fund's custodian ("Custodian"), if a Fund has a cash overdraft, it will be charged interest at a rate then charged by BNY to its institutional custody clients in the relevant currency. Cash overdraft charges are included in Custodian Fees Payable on the Statement of Assets and Liabilities and Custodian Fees on the Statement of Operations, if applicable.

CREATION UNITS - The Fund issues and redeems its shares ("Shares") on a continuous basis at NAV and only in large blocks of 10,000 Shares, referred to as "Creation Units". Purchasers of Creation Units (each, an "Authorized Participant") at NAV must pay a standard creation transaction fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an Authorized Participant on the same day.

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

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

SEGMENT REPORTING - The Fund has adopted FASB Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-

13

Notes to Financial Statements (Continued)

May 31, 2026 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund's adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations.

The Trust's Chief Financial Officer acts as the Fund's Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS

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

The Adviser serves as the investment adviser and the administrator for the Fund. Subject to the supervision of the Board, the Adviser is responsible for managing the investment activities of the Fund and the Fund's 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 Fund, 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 Fund, under a supervision and administration agreement (the "Supervision and Administration Agreement"), the Fund pays a monthly fee to the Adviser at the annual rate below (stated as a percentage of the average daily net assets of the Fund) (the "Supervision and Administration Fee"). In addition, the Fund bears 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 Fund, such as taxes, brokerage fees, commissions, certain custodian fees, acquired fund fees for investments in unaffiliated investment companies, and other transaction expenses, interest expenses and extraordinary expenses (such as litigation and indemnification expenses).

For the Adviser's service to the Fund, under a supervision and administration agreement (the "Supervision and Administration Agreement"), the Fund pays a monthly fee to the Adviser at the annual rate below (stated as a percentage of the Fund's average daily

14

Notes to Financial Statements (Continued)

May 31, 2026 (Unaudited)

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

net assets) (the "Supervision and Administration Fee"). In addition, the Fund bears 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 Fund, such as taxes, brokerage fees, commissions, certain 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 Interest Rate Volatility & Inflation Hedge ETF	0.45%

SEI Investments Global Funds Services ("SEIGFS") serves as sub-administrator to the Fund. As sub-administrator, SEIGFS provides the Fund 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 Fund under federal and state securities laws. As compensation for these services, SEIGFS receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser.

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

BNY serves as transfer agent and Custodian to the Trust on behalf of the Fund. As Custodian, BNY may appoint domestic and foreign sub-custodians and use depositories from time to time to hold securities and other instruments purchased by the Trust in foreign countries and to hold cash and currencies for the Trust on behalf of the Fund. BNY also serves as the Trust's transfer agent on behalf of the Fund. Under its transfer agency

15

Notes to Financial Statements (Continued)

May 31, 2026 (Unaudited)

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

agreement with the Trust, BNY has undertaken with the Trust to provide the following services with respect to the Fund: (i) perform and facilitate the performance of purchases and redemptions of Creation Units, (ii) prepare and transmit by means of Depository Trust Company's ("DTC") book-entry system payments for dividends and distributions on or with respect to the Shares declared by the Trust on behalf of the Fund, as applicable, (iii) prepare and deliver reports, information and documents as specified in the transfer agency agreement, (iv) perform the customary services of a transfer agent and dividend disbursing agent, and (v) render certain other miscellaneous services as specified in the transfer agency agreement or as otherwise agreed upon.

4. INVESTMENT TRANSACTIONS

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

		Purchases				Sales and Maturities
Global X Interest Rate Volatility & Inflation Hedge ETF		$	25,994			$	46,327

For the period ended May 31, 2026, there were no in-kind transactions associated with creations and redemptions.

For the period ended May 31, 2026, there were no purchases and sales of long-term U.S. Government securities by the Fund.

5. DERIVATIVE TRANSACTIONS

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

The following tables show the fair value of the derivative financial instruments and the location in the Statement of Assets and Liabilities categorized by underlying risk exposure as of May 31, 2026.

Asset Derivatives							Liability Derivatives
			Fair Value								Fair Value
Global X Interest Rate Volatility & Inflation Hedge ETF
Interest rate contracts	Investments, at value		$	17,800	*		Interest rate contracts		Options written, at value		$	-
Total Derivatives not accounted for as hedging instruments			$	17,800							$	-

* Includes purchased options and/or swaptions.

Amounts designated as "-" are $0.

16

Notes to Financial Statements (Continued)

May 31, 2026 (Unaudited)

5. DERIVATIVE TRANSACTIONS (continued)

The effect of derivative instruments on the Statement of Operations for the period ended May 31, 2026:

For the period ended May 31, 2026, there were no realized gain or (loss) on options.

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

		Purchased Options and Swaptions				Written Options and Swaptions
Global X Interest Rate Volatility & Inflation Hedge ETF
Interest Rate Contracts		$	(53,765	)		$	-

Amounts designated as "-" are $0.

The following table discloses the average monthly balances of the Fund's options and swaptions activity during the period ended May 31, 2026:

		Average Market Value Contracts Written					Average Market Value Contracts Purchased
Global X Interest Rate Volatility & Inflation Hedge ETF			$	-				$	77,200

Amounts designated as "-" are $0.

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

Master Agreements can also help limit counterparty risk by providing for collateralization at pre-arranged exposure levels. Under the Master Agreements, collateral is normally transferred if the net exposure with respect to the applicable transaction type exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury securities and U.S. dollar cash are generally the preferred forms of collateral. Securities and cash pledged

17

Notes to Financial Statements (Continued)

May 31, 2026 (Unaudited)

5. DERIVATIVE TRANSACTIONS (continued)

as collateral by the Fund, if any, are reflected as assets on the Statement of Assets and Liabilities as either a component of investments at value (securities) or cash on hand (cash). Collateral pledged by counterparties to a Fund is not included in the Fund's assets because the Fund is not permitted to use (or rehypothecate) such collateral, and instead, swaps and derivatives are shown on the Fund's Statement of Assets and Liabilities at their current market value. A Fund's overall exposure to counterparty risk can change substantially within a short period of time as it is affected by each transaction subject to the relevant Master Agreement.

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

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged for the Fund as of May 31, 2026:

		Financial Derivative Assets								Financial Derivative Liabilities
Counterparty		Options and Swaptions				Total Over the Counter				Options and Swaptions				Total Over the Counter				Net Market Value of OTC Derivatives				Collateral (Received)/Pledged*				Net Exposure†
UBS		$	6,380			$	6,380			$	-			$	-			$	6,380			$	-			$	6,380
Barclays			11,420				11,420				-				-				11,420				-				11,420
Total over the counter		$	17,800			$	17,800			$	-			$	-

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

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

6. TAX INFORMATION

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during

18

Notes to Financial Statements (Continued)

May 31, 2026 (Unaudited)

6. TAX INFORMATION (continued)

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 periods ended November 30, 2025 and 2024 were as follows:

		Ordinary Income				Long-Term Capital Gain				Return of Capital				Totals
Global X Interest Rate Volatility & Inflation Hedge ETF
2025		$	64,322			$	-			$	-			$	64,322
2024			79,113				-				-				79,113

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

		Global X Interest Rate Volatility & Inflation Hedge ETF
Undistributed Ordinary Income		$	24,395
Capital Loss Carryforwards			(415,301	)
Unrealized Depreciation on Investments and Foreign Currency			(19,981	)
Other Temporary Differences			1
Total Accumulated Losses		$	(410,886	)

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.

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Fund at May 31, 2026, was as follows:

		Federal Tax Cost				Aggregated Gross Unrealized Appreciation				Aggregated Gross Unrealized Depreciation				Net Unrealized Depreciation
Global X Interest Rate Volatility & Inflation Hedge ETF			$1,459,512				$4,632				$(93,902	)			$(89,270	)

19

Notes to Financial Statements (Continued)

May 31, 2026 (Unaudited)

6. TAX INFORMATION (continued)

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

7. CONCENTRATION OF RISKS

The Fund is actively managed and subject to risks that may adversely affect its net asset value, trading price, yield, total return, and ability to meet its investment objective.

Associated Risks Related to Investing in Rate-Linked Derivatives: The Fund's exposure to derivatives tied to interest rates subjects it to greater volatility than traditional securities. Options tied to the U.S. interest rate curve can fluctuate rapidly based on market movements, economic events, and changes in interest rates or inflation. The Fund may benefit from options if the curve steepens but could lose money if the curve flattens or inverts, or if interest rates move contrary to expectations. These options may also increase counterparty risk and cause returns to be more volatile.

Leverage Risk: Yield curve spread options create economic leverage, which may result in gains or losses disproportionate to the amount invested, with maximum loss equal to the options premium.

Inflation-Linked Bonds Investment Risk: Inflation-linked bonds adjust for inflation but generally offer lower yields than conventional bonds and may underperform during deflationary periods.

U.S. Treasury Obligations Risk: Changes in the financial condition or credit rating of the U.S. government may cause the value of Treasury obligations to decline. Additional risks include market and liquidity risk, cybersecurity and operational risk, ETF investment risk, valuation risk, and hedging limitations.

Further details regarding these and other risks are available in the Fund's Prospectus and Statement of Additional Information.

8. LOANS OF PORTFOLIO SECURITIES

The Fund may lend portfolio securities having a market value up to one-third of its total assets. Security loans made pursuant to a securities lending agreement with BNY 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 Statement of Assets and Liabilities. The obligation to return securities lending collateral is also recognized as a liability in the Statement of Assets and Liabilities. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next

20

Notes to Financial Statements (Continued)

May 31, 2026 (Unaudited)

8. LOANS OF PORTFOLIO SECURITIES (continued)

business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan.

Securities pledged as collateral for repurchase agreements held in the Fund are held by BNY and are designated as being held on the Fund's behalf under a book-entry system. The Fund monitors the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest. It is the Fund's policy to only enter into repurchase agreements with banks and other financial institutions which are deemed by the Adviser to be creditworthy. The Fund bears the risk of loss in the event the counterparty to a repurchase agreement defaults on its obligations and the Fund is prevented from exercising its rights to dispose of the underlying securities received as collateral and the risk of a possible decline in the value of the underlying securities during the period. For financial statement purposes, the Fund records the securities lending collateral (including in repurchase agreements, at value or restricted cash) as an asset and the obligation to return securities lending collateral as a liability on the Statement of Assets and Liabilities.

Lending securities entails a risk of loss to the Fund 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 Fund by replacing either the security or the security's current market value to the Fund. The Fund could also experience delays and costs in gaining access to the collateral. The Fund bears 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, 2026, the Fund had no securities on loan.

9. CONTRACTUAL OBLIGATION

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these contracts is unknown; however, the Fund has not had prior gains or losses pursuant to these contracts. Management has reviewed the Fund's 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.

21

Notes to Financial Statements (Concluded)

May 31, 2026 (Unaudited)

10. RECENT ACCOUNTING PRONOUNCEMENT

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

11. SUBSEQUENT EVENTS

The Fund has 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.

22

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

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

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

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

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

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

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

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

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

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

Not applicable.

23

605 3rd Avenue, 43rd Floor

New York, NY 10158

1-888-493-8631

www.globalxetfs.com

Investment Adviser and Administrator:

Global X Management Company LLC

605 3rd Avenue, 43rd Floor

New York, NY 10158

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Sub-Administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Counsel for Global X Funds and the Independent Trustees:

Stradley Ronon Stevens & Young, LLP

2000 K Street, N.W.

Suite 700

Washington, DC 20006

Custodian and Transfer Agent:

The Bank of New York Mellon

240 Greenwich Street

New York, New York 10286

Independent Registered Public Accounting Firm:

PricewaterhouseCoopers LLP

Two Commerce Square

Suite 1800

2001 Market Street

Philadelphia, PA 19103

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

GLX-SA-011-0400

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

Included under Item 7.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Included under Item 7.

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

Included under Item 7.

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

Included under Item 7.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 14. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 15. Submission of Matters to a Vote of Security Holders.

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

Item 16. Controls and Procedures.

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

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

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b)

SIGNATURES

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

(Registrant)

Global X Funds

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

Date: August 6, 2026

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

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

Date: August 6, 2026

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

Date: August 6, 2026