diff --git a/nvm.sh b/nvm.sh
index 01013b822f..0cfc16bb26 100755
--- a/nvm.sh
+++ b/nvm.sh
@@ -1532,7 +1532,12 @@ nvm_ls() {
       SEARCH_PATTERN="$(nvm_echo "${PATTERN}" | command sed 's#\.#\\\.#g;')"
     fi
     if [ -n "${NVM_DIRS_TO_SEARCH1}${NVM_DIRS_TO_SEARCH2}${NVM_DIRS_TO_SEARCH3}" ]; then
-      VERSIONS="$(command find "${NVM_DIRS_TO_SEARCH1}"/* "${NVM_DIRS_TO_SEARCH2}"/* "${NVM_DIRS_TO_SEARCH3}"/* -name . -o -type d -prune -o -path "${PATTERN}*" \
+      # Use subshell to isolate nullglob changes (prevents them from persisting)
+      # See: https://github.com/nvm-sh/nvm/issues/3727
+      VERSIONS="$(
+        # shellcheck disable=SC3044
+        [ -n "${BASH_VERSION-}" ] && shopt -s nullglob
+        command find "${NVM_DIRS_TO_SEARCH1}"/* "${NVM_DIRS_TO_SEARCH2}"/* "${NVM_DIRS_TO_SEARCH3}"/* -name . -o -type d -prune -o -path "${PATTERN}*" 2>/dev/null \
         | command sed -e "
             s#${NVM_VERSION_DIR_IOJS}/#versions/${NVM_IOJS_PREFIX}/#;
             s#^${NVM_DIR}/##;
diff --git a/test/fast/Listing versions/Running 'nvm ls' with empty versions directory does not error b/test/fast/Listing versions/Running 'nvm ls' with empty versions directory does not error
new file mode 100644
index 0000000000..638e1aded0
--- /dev/null
+++ b/test/fast/Listing versions/Running 'nvm ls' with empty versions directory does not error	
@@ -0,0 +1,35 @@
+#!/bin/sh
+# Regression test for issue #3727
+# This test ensures nvm ls works correctly when:
+# 1. nullglob is NOT set (default bash behavior)
+# 2. No node versions are installed (empty versions directory)
+# Previously, this would cause "find: ... No such file or directory" errors
+
+die () { echo "$@" ; exit 1; }
+
+\. ../../../nvm.sh
+\. ../../common.sh
+
+# Ensure nullglob is OFF (to test the fix works without it)
+# This simulates a user who hasn't set nullglob in their shell
+if [ -n "${BASH_VERSION-}" ]; then
+  shopt -u nullglob 2>/dev/null || true
+fi
+
+# Make sure no fake versions exist - empty dir triggers the bug
+rm -rf "${NVM_DIR}/versions/node/"* 2>/dev/null
+mkdir -p "${NVM_DIR}/versions/node"
+
+# Run nvm ls and capture stderr
+OUTPUT="$(nvm ls 2>&1)"
+EXIT_CODE=$?
+
+# Should not contain "No such file or directory" error
+if echo "$OUTPUT" | grep -q "No such file or directory"; then
+  die "FAIL: nvm ls produced 'No such file or directory' error with empty versions directory"
+fi
+
+# Should succeed (exit 0)
+[ "$EXIT_CODE" = "0" ] || die "FAIL: nvm ls exited with code $EXIT_CODE, expected 0"
+
+echo "PASS: nvm ls works with empty versions directory and nullglob disabled"