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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GRUPO SUPERVIELLE SOCIEDAD ANONIMA</name>
        <lei>549300IQJL3KLZ3IYQ14</lei>
        <title>GRUPO SUPERVIELLE SA-SP ADR DEPOSITARY RECEIPT</title>
        <cusip>40054A108</cusip>
        <identifiers>
          <isin value="US40054A1088"/>
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        <balance>1324528.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16172486.88000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="6852551"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Banco BBVA Argentina S.A.</name>
        <lei>579100KKDBKJFDKKD024</lei>
        <title>BBVA ARGENTINA SA-ADR DEPOSITARY RECEIPT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US0589341009"/>
        </identifiers>
        <balance>1630185.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32962340.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1414477"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Transportadora de Gas del Sur S.A.</name>
        <lei>5299002TRC7IFQYSW596</lei>
        <title>TRANSPORTADOR GAS-ADR SP B DEPOSITARY RECEIPT</title>
        <cusip>893870204</cusip>
        <identifiers>
          <isin value="US8938702045"/>
        </identifiers>
        <balance>1193529.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>38061639.81000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="184632"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Loma Negra Compania Industrial Argentina Sociedad Anonima</name>
        <lei>529900VKOQQJ8U9DDK92</lei>
        <title>LOMA NEGRA CIA IND-SPON ADR DEPOSITARY RECEIPT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US54150E1047"/>
        </identifiers>
        <balance>1238895.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14284459.35000000</valUSD>
        <pctVal>1.626660506568</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="10063234.98"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FORTUNA MINING CORP.</name>
        <lei>5493003Q88RVK7CW4735</lei>
        <title>FORTUNA MINING CORP COMMON STOCK</title>
        <cusip>349942102</cusip>
        <identifiers>
          <isin value="CA3499421020"/>
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        <balance>3133995.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35415000"/>
        <valUSD>30827318.54000000</valUSD>
        <pctVal>3.510499093018</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Telecom Argentina S.A.</name>
        <lei>549300MKPIRSJD8SB782</lei>
        <title>TELECOM ARGENTINA SA-SP ADR DEPOSITARY RECEIPT</title>
        <cusip>879273209</cusip>
        <identifiers>
          <isin value="US8792732096"/>
        </identifiers>
        <balance>1942451.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26223088.50000000</valUSD>
        <pctVal>2.986186692687</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Corporacion America Airports S.A.</name>
        <lei>959800AWF26KMY2SXF71</lei>
        <title>CORP AMERICA AIRPORTS SA COMMON STOCK</title>
        <cusip>L1995B107</cusip>
        <identifiers>
          <isin value="LU1756447840"/>
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        <balance>766950.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22732398.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Central Puerto S.A.</name>
        <lei>2549005JLIWQ6B7VNR38</lei>
        <title>CENTRAL PUERTO-SPONSORED ADR DEPOSITARY RECEIPT</title>
        <cusip>155038201</cusip>
        <identifiers>
          <isin value="US1550382014"/>
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        <balance>2066081.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>34131658.12000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Cresud Sociedad Anonima, Comercial, Inmobiliaria, Financiera y Agropecuaria</name>
        <lei>529900OJF9C0NUFNN613</lei>
        <title>CRESUD S.A.-SPONS ADR DEPOSITARY RECEIPT</title>
        <cusip>226406106</cusip>
        <identifiers>
          <isin value="US2264061068"/>
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        <balance>899020.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12145760.20000000</valUSD>
        <pctVal>1.383113491067</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="2956848"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Pampa Energia S.A.</name>
        <lei>254900QNIK0CVURGML24</lei>
        <title>PAMPA ENERGIA SA-SPON ADR DEPOSITARY RECEIPT</title>
        <cusip>697660207</cusip>
        <identifiers>
          <isin value="US6976602077"/>
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        <balance>410868.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>35597603.52000000</valUSD>
        <pctVal>4.053721205379</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="8849"/>
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      </invstOrSec>
      <invstOrSec>
        <name>YPF Sociedad Anonima</name>
        <lei>5493003N7447U18U5U53</lei>
        <title>YPF S.A.-SPONSORED ADR DEPOSITARY RECEIPT</title>
        <cusip>984245100</cusip>
        <identifiers>
          <isin value="US9842451000"/>
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        <balance>1799024.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>71583164.96000000</valUSD>
        <pctVal>8.151621599569</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="16117746.98"/>
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      <invstOrSec>
        <name>Grupo Financiero Galicia S.A.</name>
        <lei>5299008H3AXIXV5G3C23</lei>
        <title>GRUPO FINANCIERO GALICIA-ADR DEPOSITARY RECEIPT</title>
        <cusip>399909100</cusip>
        <identifiers>
          <isin value="US3999091008"/>
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        <balance>1102292.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>60747312.12000000</valUSD>
        <pctVal>6.917675432064</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="40140030.33"/>
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      <invstOrSec>
        <name>MercadoLibre, Inc.</name>
        <lei>549300DKPDN9M5S8GB14</lei>
        <title>MERCADOLIBRE INC COMMON STOCK</title>
        <cusip>58733R102</cusip>
        <identifiers>
          <isin value="US58733R1023"/>
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        <balance>86990.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>186836252.10000000</valUSD>
        <pctVal>21.27620969332</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ADECOAGRO S.A.</name>
        <lei>529900Q00UR5LFELO811</lei>
        <title>ADECOAGRO SA COMMON STOCK</title>
        <cusip>L00849106</cusip>
        <identifiers>
          <isin value="LU0584671464"/>
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        <balance>831051.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7363111.86000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Embotelladora Andina S.A</name>
        <lei>254900NNPKP1J9XTSA53</lei>
        <title>Embotelladora Andina SA PREFERRED STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CLP3697S1034"/>
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        <balance>6931160.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CLP" exchangeRt="863.23500000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Vista Energy, S.A.B. de C.V.</name>
        <lei>549300UDOHP7958KNS89</lei>
        <title>VISTA ENERGY SAB DE CV DEPOSITARY RECEIPT</title>
        <cusip>92837L109</cusip>
        <identifiers>
          <isin value="US92837L1098"/>
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        <balance>842596.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>50968632.04000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Central Puerto S.A.</name>
        <lei>2549005JLIWQ6B7VNR38</lei>
        <title>CENTRAL PUERTO-SPONSORED ADR - CONTRA DEPOSITARY RECEIPT</title>
        <cusip>155038201</cusip>
        <identifiers>
          <isin value="US1550382014"/>
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        <balance>2165327.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.01000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Arcos Dorados Holdings Inc.</name>
        <lei>54930023P2MIZN13DQ85</lei>
        <title>ARCOS DORADOS HOLDINGS INC-A COMMON STOCK</title>
        <cusip>G0457F107</cusip>
        <identifiers>
          <isin value="VGG0457F1071"/>
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        <balance>2918877.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23876413.86000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bioceres Crop Solutions Corp.</name>
        <lei>549300SBSSIZUVSY4U27</lei>
        <title>BIOCERES CROP SOLUTIONS CORP COMMON STOCK</title>
        <cusip>G1117K114</cusip>
        <identifiers>
          <isin value="KYG1117K1141"/>
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        <balance>1039079.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>870540.39000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BANCO MACRO S.A.</name>
        <lei>579100KKDKKIFEBKK040</lei>
        <title>BANCO MACRO SA-ADR DEPOSITARY RECEIPT</title>
        <cusip>05961W105</cusip>
        <identifiers>
          <isin value="US05961W1053"/>
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        <balance>424116.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>43217420.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Empresa Distribuidora y Comercializadora Norte S.A.</name>
        <lei>254900JU7TV6VS9GRW29</lei>
        <title>EMP DISTRIB Y COMERC NOR-ADR DEPOSITARY RECEIPT</title>
        <cusip>29244A102</cusip>
        <identifiers>
          <isin value="US29244A1025"/>
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        <balance>484145.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14834202.80000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <loanByFundCondition isLoanByFund="Y" loanVal="2853590"/>
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      <invstOrSec>
        <name>SSR MINING INC.</name>
        <lei>549300JD2KR7AB9DYJ38</lei>
        <title>SSR MINING INC COMMON STOCK</title>
        <cusip>784730103</cusip>
        <identifiers>
          <isin value="CA7847301032"/>
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        <balance>1502168.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.35415000"/>
        <valUSD>34432887.58000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Cencosud S.A.</name>
        <lei>549300NLTGCFV7482429</lei>
        <title>CENCOSUD SA COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CL0000000100"/>
        </identifiers>
        <balance>9190360.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CLP" exchangeRt="863.23500000"/>
        <valUSD>31140770.47000000</valUSD>
        <pctVal>3.546193819906</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-01-31</ncom:dateSigned>
      <ncom:nameOfApplicant>GLOBAL X FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Joe Costello</ncom:signature>
      <ncom:signerName>Joe Costello</ncom:signerName>
      <ncom:title>CCO</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
