diff --git a/src/ir/effects.h b/src/ir/effects.h
index 44cc8031f45..fa56cef0588 100644
--- a/src/ir/effects.h
+++ b/src/ir/effects.h
@@ -716,70 +716,64 @@ class EffectAnalyzer {
     }
 
     void visitCall(Call* curr) {
+      if (curr->isReturn) {
+        parent.branchesOut = true;
+      }
+
       // call.without.effects has no effects.
       if (Intrinsics(parent.module).isCallWithoutEffects(curr)) {
         return;
       }
 
-      // Get the target's effects, if they exist. Note that we must handle the
-      // case of the function not yet existing (we may be executed in the middle
-      // of a pass, which may have built up calls but not the targets of those
-      // calls; in such a case, we do not find the targets and therefore assume
-      // we know nothing about the effects, which is safe).
-      const EffectAnalyzer* targetEffects = nullptr;
-      if (auto* target = parent.module.getFunctionOrNull(curr->target)) {
-        targetEffects = target->effects.get();
+      if (auto* target = parent.module.getFunctionOrNull(curr->target);
+          target && target->effects) {
+        populateEffectsFromGlobalEffects(*target->effects, curr);
+        return;
       }
 
-      if (curr->isReturn) {
-        parent.branchesOut = true;
-        // When EH is enabled, any call can throw.
-        if (parent.features.hasExceptionHandling() &&
-            (!targetEffects || targetEffects->throws())) {
+      parent.calls = true;
+      // If EH is enabled and we don't have global effects information,
+      // assume that the call body may throw.
+      if (parent.features.hasExceptionHandling()) {
+        if (curr->isReturn) {
           parent.hasReturnCallThrow = true;
         }
-      }
 
-      if (targetEffects) {
-        // We have effect information for this call target, and can just use
-        // that. The one change we may want to make is to remove throws_, if the
-        // target function throws and we know that will be caught anyhow, the
-        // same as the code below for the general path. We can always filter out
-        // throws for return calls because they are already more precisely
-        // captured by `branchesOut`, which models the return, and
-        // `hasReturnCallThrow`, which models the throw that will happen after
-        // the return.
-        if (targetEffects->throws_ && (parent.tryDepth > 0 || curr->isReturn)) {
-          auto filteredEffects = *targetEffects;
-          filteredEffects.throws_ = false;
-          parent.mergeIn(filteredEffects);
-        } else {
-          // Just merge in all the effects.
-          parent.mergeIn(*targetEffects);
+        if (parent.tryDepth == 0 && !curr->isReturn) {
+          parent.throws_ = true;
         }
-        return;
-      }
-
-      parent.calls = true;
-      // When EH is enabled, any call can throw. Skip this for return calls
-      // because the throw is already more precisely captured by the combination
-      // of `hasReturnCallThrow` and `branchesOut`.
-      if (parent.features.hasExceptionHandling() && parent.tryDepth == 0 &&
-          !curr->isReturn) {
-        parent.throws_ = true;
       }
     }
     void visitCallIndirect(CallIndirect* curr) {
-      parent.calls = true;
+      auto* table = parent.module.getTable(curr->table);
+      if (!Type::isSubType(Type(curr->heapType, Nullability::Nullable),
+                           table->type)) {
+        parent.trap = true;
+        return;
+      }
+      if (table->type.isNullable()) {
+        parent.implicitTrap = true;
+      }
       if (curr->isReturn) {
         parent.branchesOut = true;
-        if (parent.features.hasExceptionHandling()) {
+      }
+
+      if (auto it = parent.module.typeEffects.find(curr->heapType);
+          it != parent.module.typeEffects.end() && it->second) {
+        populateEffectsFromGlobalEffects(*it->second, curr);
+        return;
+      }
+
+      parent.calls = true;
+      // If EH is enabled and we don't have global effects information,
+      // assume that the call body may throw.
+      if (parent.features.hasExceptionHandling()) {
+        if (curr->isReturn) {
           parent.hasReturnCallThrow = true;
         }
-      }
-      if (parent.features.hasExceptionHandling() &&
-          (parent.tryDepth == 0 && !curr->isReturn)) {
-        parent.throws_ = true;
+        if (parent.tryDepth == 0 && !curr->isReturn) {
+          parent.throws_ = true;
+        }
       }
     }
     void visitLocalGet(LocalGet* curr) {
@@ -1042,16 +1036,29 @@ class EffectAnalyzer {
       if (trapOnNull(curr->target)) {
         return;
       }
+
       if (curr->isReturn) {
         parent.branchesOut = true;
-        if (parent.features.hasExceptionHandling()) {
-          parent.hasReturnCallThrow = true;
-        }
+      }
+
+      if (auto it =
+            parent.module.typeEffects.find(curr->target->type.getHeapType());
+          it != parent.module.typeEffects.end() && it->second) {
+        populateEffectsFromGlobalEffects(*it->second, curr);
+        return;
       }
       parent.calls = true;
-      if (parent.features.hasExceptionHandling() &&
-          (parent.tryDepth == 0 && !curr->isReturn)) {
-        parent.throws_ = true;
+
+      // If EH is enabled and we don't have global effects information,
+      // assume that the call body may throw.
+      if (parent.features.hasExceptionHandling()) {
+        if (curr->isReturn) {
+          parent.hasReturnCallThrow = true;
+        }
+
+        if (parent.tryDepth == 0 && !curr->isReturn) {
+          parent.throws_ = true;
+        }
       }
     }
     void visitRefTest(RefTest* curr) {}
@@ -1335,6 +1342,25 @@ class EffectAnalyzer {
         parent.throws_ = true;
       }
     }
+
+  private:
+    template<typename CallType>
+    void populateEffectsFromGlobalEffects(const EffectAnalyzer& effects,
+                                          const CallType* curr) {
+      if (curr->isReturn) {
+        if (effects.throws()) {
+          parent.hasReturnCallThrow = true;
+        }
+      }
+
+      if (effects.throws_ && (parent.tryDepth > 0 || curr->isReturn)) {
+        auto filteredEffects = effects;
+        filteredEffects.throws_ = false;
+        parent.mergeIn(filteredEffects);
+      } else {
+        parent.mergeIn(effects);
+      }
+    }
   };
 
 public:
diff --git a/src/ir/type-updating.cpp b/src/ir/type-updating.cpp
index 69f29101c86..1d4ff361ce0 100644
--- a/src/ir/type-updating.cpp
+++ b/src/ir/type-updating.cpp
@@ -324,6 +324,27 @@ void GlobalTypeRewriter::mapTypes(const TypeMap& oldToNewTypes) {
   for (auto& tag : wasm.tags) {
     tag->type = updater.getNew(tag->type);
   }
+
+  // Update indirect call effects per type.
+  std::unordered_map<HeapType, std::shared_ptr<const EffectAnalyzer>>
+    newTypeEffects;
+  for (auto& [oldType, effects] : wasm.typeEffects) {
+    if (!effects) {
+      continue;
+    }
+
+    auto newType = updater.getNew(oldType);
+    std::shared_ptr<const EffectAnalyzer>& targetEffects =
+      newTypeEffects[newType];
+    if (!targetEffects) {
+      targetEffects = effects;
+    } else {
+      auto merged = std::make_shared<EffectAnalyzer>(*targetEffects);
+      merged->mergeIn(*effects);
+      targetEffects = merged;
+    }
+  }
+  wasm.typeEffects = std::move(newTypeEffects);
 }
 
 void GlobalTypeRewriter::mapTypeNamesAndIndices(const TypeMap& oldToNewTypes) {
diff --git a/src/passes/GlobalEffects.cpp b/src/passes/GlobalEffects.cpp
index ca82b2b3aea..d7285496893 100644
--- a/src/passes/GlobalEffects.cpp
+++ b/src/passes/GlobalEffects.cpp
@@ -24,6 +24,7 @@
 #include "pass.h"
 #include "support/graph_traversal.h"
 #include "support/strongly_connected_components.h"
+#include "support/utilities.h"
 #include "wasm.h"
 
 namespace wasm {
@@ -225,10 +226,13 @@ void mergeMaybeEffects(std::optional<EffectAnalyzer>& dest,
 // - Merge all of the effects of functions within the CC
 // - Also merge the (already computed) effects of each callee CC
 // - Add trap effects for potentially recursive call chains
-void propagateEffects(const Module& module,
-                      const PassOptions& passOptions,
-                      std::map<Function*, FuncInfo>& funcInfos,
-                      const CallGraph& callGraph) {
+void propagateEffects(
+  const Module& module,
+  const PassOptions& passOptions,
+  std::map<Function*, FuncInfo>& funcInfos,
+  std::unordered_map<HeapType, std::shared_ptr<const EffectAnalyzer>>&
+    typeEffects,
+  const CallGraph& callGraph) {
   // We only care about Functions that are roots, not types.
   // A type would be a root if a function exists with that type, but no-one
   // indirect calls the type.
@@ -317,12 +321,21 @@ void propagateEffects(const Module& module,
     }
 
     // Assign each function's effects to its CC effects.
-    for (Function* f : ccFuncs) {
-      if (!ccEffects) {
-        funcInfos.at(f).effects = UnknownEffects;
-      } else {
-        funcInfos.at(f).effects.emplace(*ccEffects);
-      }
+    for (auto node : cc) {
+      std::visit(overloaded{[&](HeapType type) {
+                              if (ccEffects != UnknownEffects) {
+                                typeEffects[type] =
+                                  std::make_shared<EffectAnalyzer>(*ccEffects);
+                              }
+                            },
+                            [&](Function* f) {
+                              if (!ccEffects) {
+                                funcInfos.at(f).effects = UnknownEffects;
+                              } else {
+                                funcInfos.at(f).effects.emplace(*ccEffects);
+                              }
+                            }},
+                 node);
     }
   }
 }
@@ -346,7 +359,8 @@ struct GenerateGlobalEffects : public Pass {
     auto callGraph =
       buildCallGraph(*module, funcInfos, getPassOptions().closedWorld);
 
-    propagateEffects(*module, getPassOptions(), funcInfos, callGraph);
+    propagateEffects(
+      *module, getPassOptions(), funcInfos, module->typeEffects, callGraph);
 
     copyEffectsToFunctions(funcInfos);
   }
diff --git a/src/support/utilities.h b/src/support/utilities.h
index 3f40111c451..272488e18f8 100644
--- a/src/support/utilities.h
+++ b/src/support/utilities.h
@@ -94,6 +94,17 @@ class Fatal {
 #define WASM_UNREACHABLE(msg) wasm::handle_unreachable()
 #endif
 
+// Helper to create an invocable with an overloaded operator(), for use with
+// std::visit e.g.
+// std::visit(
+//   overloaded{
+//     [](const A& a) { ... },
+//     [](const B& b) { ... }},
+//   variant)
+template<class... Ts> struct overloaded : Ts... {
+  using Ts::operator()...;
+};
+
 } // namespace wasm
 
 #endif // wasm_support_utilities_h
diff --git a/src/wasm.h b/src/wasm.h
index df0c19669d3..a14416ad222 100644
--- a/src/wasm.h
+++ b/src/wasm.h
@@ -2722,6 +2722,12 @@ class Module {
   std::unordered_map<HeapType, TypeNames> typeNames;
   std::unordered_map<HeapType, Index> typeIndices;
 
+  // Potential effects for bodies of indirect calls to this type.
+  // TODO: Use Type instead of HeapType to account for nullability and
+  // exactness.
+  std::unordered_map<HeapType, std::shared_ptr<const EffectAnalyzer>>
+    typeEffects;
+
   MixedArena allocator;
 
 private:
diff --git a/test/lit/passes/global-effects-closed-world-tnh.wast b/test/lit/passes/global-effects-closed-world-tnh.wast
index 4c4558f8f95..c034780e3f4 100644
--- a/test/lit/passes/global-effects-closed-world-tnh.wast
+++ b/test/lit/passes/global-effects-closed-world-tnh.wast
@@ -16,22 +16,34 @@
   )
 
   ;; CHECK:      (func $calls-nop-via-nullable-ref (type $1) (param $ref (ref null $nopType))
-  ;; CHECK-NEXT:  (call_ref $nopType
-  ;; CHECK-NEXT:   (i32.const 1)
-  ;; CHECK-NEXT:   (local.get $ref)
-  ;; CHECK-NEXT:  )
+  ;; CHECK-NEXT:  (nop)
   ;; CHECK-NEXT: )
   (func $calls-nop-via-nullable-ref (param $ref (ref null $nopType))
+    ;; We would trap if $ref is null, but otherwise this has no effects.
     (call_ref $nopType (i32.const 1) (local.get $ref))
   )
+)
+
+(module
+  ;; CHECK:      (type $nopType (func (param i32)))
+  (type $nopType (func (param i32)))
+
+  ;; (table 1 1 (ref $nopType))
+  (table 1 1 funcref)
+
+  ;; CHECK:      (func $nop (type $nopType) (param $0 i32)
+  ;; CHECK-NEXT:  (nop)
+  ;; CHECK-NEXT: )
+  (func $nop (export "nop") (type $nopType)
+    (nop)
+  )
 
-  ;; CHECK:      (func $f (type $1) (param $ref (ref null $nopType))
+  ;; CHECK:      (func $calls-nop-via-ref (type $1)
   ;; CHECK-NEXT:  (nop)
   ;; CHECK-NEXT: )
-  (func $f (param $ref (ref null $nopType))
-    ;; The only possible implementation of $nopType has no effects.
-    ;; $calls-nop-via-nullable-ref may trap from a null reference, but
-    ;; --traps-never-happen is enabled, so we're free to optimize this out.
-    (call $calls-nop-via-nullable-ref (local.get $ref))
+  (func $calls-nop-via-ref
+    ;; We may trap due to index out of bounds or the function type not matching
+    ;; the table, but otherwise this has no possible effects.
+    (call_indirect (type $nopType) (i32.const 1) (i32.const 0))
   )
 )
diff --git a/test/lit/passes/global-effects-closed-world.wast b/test/lit/passes/global-effects-closed-world.wast
index 77484c63d6d..5564ced45b4 100644
--- a/test/lit/passes/global-effects-closed-world.wast
+++ b/test/lit/passes/global-effects-closed-world.wast
@@ -17,18 +17,12 @@
   )
 
   ;; CHECK:      (func $calls-nop-via-ref (type $1) (param $ref (ref $nopType))
-  ;; CHECK-NEXT:  (call_ref $nopType
-  ;; CHECK-NEXT:   (i32.const 1)
-  ;; CHECK-NEXT:   (local.get $ref)
-  ;; CHECK-NEXT:  )
+  ;; CHECK-NEXT:  (nop)
   ;; CHECK-NEXT: )
   (func $calls-nop-via-ref (param $ref (ref $nopType))
     ;; This can only possibly be a nop in closed-world.
-    ;; Ideally vacuum could optimize this out but we don't have a way to share
-    ;; this information with other passes today.
-    ;; For now, we can at least annotate that the call to this function in $f
-    ;; has no effects.
-    ;; TODO: This call_ref could be marked as having no effects, like the call below.
+    ;; The equivalent for call_indirect is tested in
+    ;; test/lit/passes/global-effects-closed-world-tnh.wast.
     (call_ref $nopType (i32.const 1) (local.get $ref))
   )
 
@@ -41,67 +35,6 @@
   (func $calls-nop-via-nullable-ref (param $ref (ref null $nopType))
     (call_ref $nopType (i32.const 1) (local.get $ref))
   )
-
-
-  ;; CHECK:      (func $f (type $1) (param $ref (ref $nopType))
-  ;; CHECK-NEXT:  (nop)
-  ;; CHECK-NEXT: )
-  (func $f (param $ref (ref $nopType))
-    ;; $calls-nop-via-ref has no effects because we determined that it can only
-    ;; call $nop. We can optimize this call out.
-    (call $calls-nop-via-ref (local.get $ref))
-  )
-
-  ;; CHECK:      (func $g (type $2) (param $ref (ref null $nopType))
-  ;; CHECK-NEXT:  (call $calls-nop-via-nullable-ref
-  ;; CHECK-NEXT:   (local.get $ref)
-  ;; CHECK-NEXT:  )
-  ;; CHECK-NEXT: )
-  (func $g (param $ref (ref null $nopType))
-    ;; Similar to $f, but we may still trap here because the ref is null, so we
-    ;; don't optimize.
-    (call $calls-nop-via-nullable-ref (local.get $ref))
-  )
-)
-
-;; Same as the above but with call_indirect
-(module
-  ;; CHECK:      (type $nopType (func (param i32)))
-  (type $nopType (func (param i32)))
-
-  (table 1 1 funcref)
-
-  ;; CHECK:      (func $nop (type $nopType) (param $0 i32)
-  ;; CHECK-NEXT:  (nop)
-  ;; CHECK-NEXT: )
-  (func $nop (export "nop") (type $nopType)
-    (nop)
-  )
-
-  ;; CHECK:      (func $calls-nop-via-ref (type $1)
-  ;; CHECK-NEXT:  (call_indirect $0 (type $nopType)
-  ;; CHECK-NEXT:   (i32.const 1)
-  ;; CHECK-NEXT:   (i32.const 0)
-  ;; CHECK-NEXT:  )
-  ;; CHECK-NEXT: )
-  (func $calls-nop-via-ref
-    ;; This can only possibly be a nop in closed-world.
-    ;; Ideally vacuum could optimize this out but we don't have a way to share
-    ;; this information with other passes today.
-    ;; For now, we can at least annotate that the call to this function in $f
-    ;; has no effects.
-    ;; TODO: This call_ref could be marked as having no effects, like the call below.
-    (call_indirect (type $nopType) (i32.const 1) (i32.const 0))
-  )
-
-  ;; CHECK:      (func $f (type $1)
-  ;; CHECK-NEXT:  (nop)
-  ;; CHECK-NEXT: )
-  (func $f
-    ;; $calls-nop-via-ref has no effects because we determined that it can only
-    ;; call $nop. We can optimize this call out.
-    (call $calls-nop-via-ref)
-  )
 )
 
 (module
@@ -129,18 +62,9 @@
   ;; CHECK-NEXT:  )
   ;; CHECK-NEXT: )
   (func $calls-effectful-function-via-ref (param $ref (ref $maybe-has-effects))
-    (call_ref $maybe-has-effects (i32.const 1) (local.get $ref))
-  )
-
-  ;; CHECK:      (func $f (type $1) (param $ref (ref $maybe-has-effects))
-  ;; CHECK-NEXT:  (call $calls-effectful-function-via-ref
-  ;; CHECK-NEXT:   (local.get $ref)
-  ;; CHECK-NEXT:  )
-  ;; CHECK-NEXT: )
-  (func $f (param $ref (ref $maybe-has-effects))
-    ;; This may be a nop or it may trap depending on the ref.
+    ;; This may be a nop or it may trap depending on the ref
     ;; We don't know so don't optimize it out.
-    (call $calls-effectful-function-via-ref (local.get $ref))
+    (call_ref $maybe-has-effects (i32.const 1) (local.get $ref))
   )
 )
 
@@ -172,16 +96,9 @@
   ;; CHECK-NEXT:  )
   ;; CHECK-NEXT: )
   (func $calls-effectful-function-via-ref
-    (call_indirect (type $maybe-has-effects) (i32.const 1) (i32.const 1))
-  )
-
-  ;; CHECK:      (func $f (type $1)
-  ;; CHECK-NEXT:  (call $calls-effectful-function-via-ref)
-  ;; CHECK-NEXT: )
-  (func $f
     ;; This may be a nop or it may trap depending on the ref.
     ;; We don't know so don't optimize it out.
-    (call $calls-effectful-function-via-ref)
+    (call_indirect (type $maybe-has-effects) (i32.const 1) (i32.const 1))
   )
 )
 
@@ -190,13 +107,12 @@
   (type $uninhabited (func (param i32)))
 
   ;; CHECK:      (func $calls-uninhabited (type $1) (param $ref (ref $uninhabited))
-  ;; CHECK-NEXT:  (call_ref $uninhabited
-  ;; CHECK-NEXT:   (i32.const 1)
-  ;; CHECK-NEXT:   (local.get $ref)
-  ;; CHECK-NEXT:  )
+  ;; CHECK-NEXT:  (nop)
   ;; CHECK-NEXT: )
   (func $calls-uninhabited (param $ref (ref $uninhabited))
-    ;; It's impossible to create a ref to call this function with.
+    ;; There's no function with this type, so it's impossible to create a ref to
+    ;; call this function with and there are no effects to aggregate.
+    ;; Remove this call.
     ;; TODO: Optimize this to (unreachable).
     (call_ref $uninhabited (i32.const 1) (local.get $ref))
   )
@@ -212,28 +128,6 @@
     ;; TODO: Optimize this to (unreachable).
     (call_ref $uninhabited (i32.const 1) (local.get $ref))
   )
-
-
-  ;; CHECK:      (func $f (type $1) (param $ref (ref $uninhabited))
-  ;; CHECK-NEXT:  (nop)
-  ;; CHECK-NEXT: )
-  (func $f (param $ref (ref $uninhabited))
-    ;; There's no function with this type, so it's impossible to create a ref to
-    ;; call this function with and there are no effects to aggregate.
-    ;; Remove this call.
-    (call $calls-uninhabited (local.get $ref))
-  )
-
-  ;; CHECK:      (func $g (type $2) (param $ref (ref null $uninhabited))
-  ;; CHECK-NEXT:  (call $calls-nullable-uninhabited
-  ;; CHECK-NEXT:   (local.get $ref)
-  ;; CHECK-NEXT:  )
-  ;; CHECK-NEXT: )
-  (func $g (param $ref (ref null $uninhabited))
-    ;; Similar to above but we have a nullable reference, so we may trap and
-    ;; can't optimize the call out.
-    (call $calls-nullable-uninhabited (local.get $ref))
-  )
 )
 
 (module
@@ -256,7 +150,7 @@
     (unreachable)
   )
 
-  ;; CHECK:      (func $calls-ref-with-supertype (type $1) (param $func (ref $super))
+  ;; CHECK:      (func $calls-ref-with-supertype (type $2) (param $func (ref $super))
   ;; CHECK-NEXT:  (call_ref $super
   ;; CHECK-NEXT:   (local.get $func)
   ;; CHECK-NEXT:  )
@@ -265,7 +159,7 @@
     (call_ref $super (local.get $func))
   )
 
-  ;; CHECK:      (func $calls-ref-with-exact-supertype (type $2) (param $func (ref (exact $super)))
+  ;; CHECK:      (func $calls-ref-with-exact-supertype (type $3) (param $func (ref (exact $super)))
   ;; CHECK-NEXT:  (call_ref $super
   ;; CHECK-NEXT:   (local.get $func)
   ;; CHECK-NEXT:  )
@@ -273,32 +167,6 @@
   (func $calls-ref-with-exact-supertype (param $func (ref (exact $super)))
     (call_ref $super (local.get $func))
   )
-
-  ;; CHECK:      (func $f (type $1) (param $func (ref $super))
-  ;; CHECK-NEXT:  (call $calls-ref-with-supertype
-  ;; CHECK-NEXT:   (local.get $func)
-  ;; CHECK-NEXT:  )
-  ;; CHECK-NEXT: )
-  (func $f (param $func (ref $super))
-    ;; Check that we account for subtyping correctly.
-    ;; $super has no effects (i.e. the union of all effects of functions with
-    ;; this type is empty). However, $sub does have effects, and we can call_ref
-    ;; with that subtype, so we need to include the unreachable effect and we
-    ;; can't optimize out this call.
-    (call $calls-ref-with-supertype (local.get $func))
-  )
-
-  ;; CHECK:      (func $g (type $2) (param $func (ref (exact $super)))
-  ;; CHECK-NEXT:  (call $calls-ref-with-exact-supertype
-  ;; CHECK-NEXT:   (local.get $func)
-  ;; CHECK-NEXT:  )
-  ;; CHECK-NEXT: )
-  (func $g (param $func (ref (exact $super)))
-    ;; Same as above but this time our reference is the exact supertype
-    ;; so we know not to aggregate effects from the subtype.
-    ;; TODO: this case doesn't optimize today. Add exact ref support in the pass.
-    (call $calls-ref-with-exact-supertype (local.get $func))
-  )
 )
 
 (module
@@ -325,21 +193,12 @@
   ;; CHECK-NEXT:  )
   ;; CHECK-NEXT: )
   (func $calls-type-with-effects-but-not-addressable (param $ref (ref $only-has-effects-in-not-addressable-function))
-    (call_ref $only-has-effects-in-not-addressable-function (i32.const 1) (local.get $ref))
-  )
-
-  ;; CHECK:      (func $f (type $1) (param $ref (ref $only-has-effects-in-not-addressable-function))
-  ;; CHECK-NEXT:  (call $calls-type-with-effects-but-not-addressable
-  ;; CHECK-NEXT:   (local.get $ref)
-  ;; CHECK-NEXT:  )
-  ;; CHECK-NEXT: )
-  (func $f (param $ref (ref $only-has-effects-in-not-addressable-function))
     ;; The type $has-effects-but-not-exported doesn't have an address because
     ;; it's not exported and it's never the target of a ref.func.
     ;; We should be able to determine that $ref can only point to $nop.
     ;; TODO: Only aggregate effects from functions that are addressed.
-    (call $calls-type-with-effects-but-not-addressable (local.get $ref))
-  )
+     (call_ref $only-has-effects-in-not-addressable-function (i32.const 1) (local.get $ref))
+   )
 )
 
 (module
@@ -406,18 +265,9 @@
   ;; CHECK-NEXT:  )
   ;; CHECK-NEXT: )
   (func $indirect-calls (param $ref (ref $t))
-    (call_ref $t (i32.const 1) (local.get $ref))
-  )
-
-  ;; CHECK:      (func $f (type $1) (param $ref (ref $t))
-  ;; CHECK-NEXT:  (call $indirect-calls
-  ;; CHECK-NEXT:   (local.get $ref)
-  ;; CHECK-NEXT:  )
-  ;; CHECK-NEXT: )
-  (func $f (param $ref (ref $t))
-    ;; $indirect-calls might end up calling an imported function,
+    ;; This might end up calling an imported function,
     ;; so we don't know anything about effects here
-    (call $indirect-calls (local.get $ref))
+    (call_ref $t (i32.const 1) (local.get $ref))
   )
 )
 
@@ -435,15 +285,8 @@
   ;; CHECK-NEXT:  )
   ;; CHECK-NEXT: )
   (func $calls-unreachable (export "calls-unreachable")
-    (call_ref $t (unreachable))
-  )
-
-  ;; CHECK:      (func $f (type $0)
-  ;; CHECK-NEXT:  (call $calls-unreachable)
-  ;; CHECK-NEXT: )
-  (func $f
     ;; $t looks like it has no effects, but unreachable is passed in,
     ;; so preserve the trap.
-    (call $calls-unreachable)
+    (call_ref $t (unreachable))
   )
 )
diff --git a/test/lit/passes/global-effects-indirect-merge.wast b/test/lit/passes/global-effects-indirect-merge.wast
new file mode 100644
index 00000000000..e7ca31ea11b
--- /dev/null
+++ b/test/lit/passes/global-effects-indirect-merge.wast
@@ -0,0 +1,84 @@
+;; NOTE: Assertions have been generated by update_lit_checks.py and should not be edited.
+;; RUN: wasm-opt %s --all-features --closed-world --generate-global-effects --vacuum --type-merging --remove-unused-types -S -o - | filecheck %s --check-prefix VACUUM_FIRST
+;; RUN: wasm-opt %s --all-features --closed-world --generate-global-effects --type-merging --remove-unused-types --vacuum -S -o - | filecheck %s --check-prefix MERGE_FIRST
+
+;; Test that indirect call effects are preserved when types are rewritten
+;; globally. When we rewrite $effectful and $not-effectful into the same type,
+;; the resulting type has the same effects as the union of the two. This is
+;; pessemistic since indirect calls that targeted $not-effectful now look like
+;; they may target $effectful as well which is not true in practice. This is the
+;; best we can do without preserving extra information before rewriting.
+
+(module
+  (rec
+    ;; VACUUM_FIRST:       (type $effectful (func (result i32)))
+    ;; MERGE_FIRST:       (type $effectful (func (result i32)))
+    (type $effectful (func (result i32)))
+    (type $not-effectful (func (result i32)))
+  )
+
+  ;; VACUUM_FIRST:      (func $unreachable (type $effectful) (result i32)
+  ;; VACUUM_FIRST-NEXT:  (unreachable)
+  ;; VACUUM_FIRST-NEXT: )
+  ;; MERGE_FIRST:      (func $unreachable (type $effectful) (result i32)
+  ;; MERGE_FIRST-NEXT:  (unreachable)
+  ;; MERGE_FIRST-NEXT: )
+  (func $unreachable (type $effectful)
+    (unreachable)
+  )
+
+  ;; VACUUM_FIRST:      (func $const (type $effectful) (result i32)
+  ;; VACUUM_FIRST-NEXT:  (i32.const 0)
+  ;; VACUUM_FIRST-NEXT: )
+  ;; MERGE_FIRST:      (func $const (type $effectful) (result i32)
+  ;; MERGE_FIRST-NEXT:  (i32.const 0)
+  ;; MERGE_FIRST-NEXT: )
+  (func $const (type $not-effectful)
+    (i32.const 0)
+  )
+
+  ;; VACUUM_FIRST:      (func $f (type $1)
+  ;; VACUUM_FIRST-NEXT:  (nop)
+  ;; VACUUM_FIRST-NEXT: )
+  ;; MERGE_FIRST:      (func $f (type $1)
+  ;; MERGE_FIRST-NEXT:  (nop)
+  ;; MERGE_FIRST-NEXT: )
+  (func $f
+    ;; Reference the functions in a ref.func so that it's possible that they're
+    ;; the target of indirect calls.
+    (drop (ref.func $unreachable))
+    (drop (ref.func $const))
+  )
+
+  ;; VACUUM_FIRST:      (func $test (type $0) (param $effectful-ref (ref $effectful)) (param $not-effectful-ref (ref $effectful))
+  ;; VACUUM_FIRST-NEXT:  (drop
+  ;; VACUUM_FIRST-NEXT:   (call_ref $effectful
+  ;; VACUUM_FIRST-NEXT:    (local.get $effectful-ref)
+  ;; VACUUM_FIRST-NEXT:   )
+  ;; VACUUM_FIRST-NEXT:  )
+  ;; VACUUM_FIRST-NEXT: )
+  ;; MERGE_FIRST:      (func $test (type $0) (param $effectful-ref (ref $effectful)) (param $not-effectful-ref (ref $effectful))
+  ;; MERGE_FIRST-NEXT:  (drop
+  ;; MERGE_FIRST-NEXT:   (call_ref $effectful
+  ;; MERGE_FIRST-NEXT:    (local.get $not-effectful-ref)
+  ;; MERGE_FIRST-NEXT:   )
+  ;; MERGE_FIRST-NEXT:  )
+  ;; MERGE_FIRST-NEXT:  (drop
+  ;; MERGE_FIRST-NEXT:   (call_ref $effectful
+  ;; MERGE_FIRST-NEXT:    (local.get $effectful-ref)
+  ;; MERGE_FIRST-NEXT:   )
+  ;; MERGE_FIRST-NEXT:  )
+  ;; MERGE_FIRST-NEXT: )
+  (func $test (param $effectful-ref (ref $effectful)) (param $not-effectful-ref (ref $not-effectful))
+    ;; If we run global effects followed by vacuum, we can tell that this call
+    ;; can't possibly have any effects and remove it. But if we run global
+    ;; effects, then merge types, we can no longer distinguish this from
+    ;; $effectful, so we have to conservatively not optimize this out.
+    (drop
+      (call_ref $not-effectful (local.get $not-effectful-ref))
+    )
+    (drop
+      (call_ref $effectful (local.get $effectful-ref))
+    )
+  )
+)