Global X Funds N-CSRS Certified semi-annual shareholder report (management investment company)

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)

________

399 Park Avenue, Floor 32

New York, NY 10022

(Address of principal executive offices) (Zip code)

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

Registrant’s telephone number, including area code: (888) 493-8631

Date of fiscal year end: October 31, 2012

Date of reporting period: April 30, 2012

Item 1. Reports to Stockholders.

Global X Silver Miners ETF (ticker: SIL)

Global X Gold Explorers ETF (ticker: GLDX)

Global X Pure Gold Miners ETF (ticker: GGGG)

Global X Copper Miners ETF (ticker: COPX)

Global X Aluminum ETF (ticker: ALUM)

Global X Uranium ETF (ticker: URA)

Global X Lithium ETF (ticker: LIT)

Global X Fertilizers/Potash ETF (ticker: SOIL)

Global X S&P/TSX Venture 30 Canada ETF (ticker: TSXV)

Semi-Annual Report

April 30, 2012

Table of Contents

Schedule of Investments
Global X Silver Miners ETF	1
Global X Gold Explorers ETF	4
Global X Pure Gold Miners ETF	6
Global X Copper Miners ETF	9
Global X Aluminum ETF	12
Global X Uranium ETF	15
Global X Lithium ETF	17
Global X Fertilizers/Potash ETF	20
Global X S&P/TSX Venture 30 Canada ETF	23
Statements of Assets and Liabilities	25
Statements of Operations	28
Statements of Changes in Net Assets	30
Financial Highlights	35
Notes to Financial Statements	37
Disclosure of Fund Expenses	49
Approval of Investment Advisory Agreement	51
Supplemental Information	55
Notice to Shareholders	56

The Funds file their complete schedules of Fund holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q within sixty days after the end of the period. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that Global X Funds uses to determine how to vote proxies relating to Fund securities, as well as information relating to how the Funds voted proxies relating to Fund securities during the most recent 12-month period ended June 30, will be available (i) without charge, upon request, by calling 1-888-GXFund-1; and (ii) on the Commission’s website at http://www.sec.gov.

Schedule of Investments	April 30, 2012 (Unaudited)
Global X Silver Miners ETF

Sector Weightings†:

† Percentages based on total investments. Short-Term Investments include a Repurchase Agreement held as collateral for securities lending activity. Please see Note 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 100.5%
AUSTRALIA—0.3%
Basic Materials — 0.3%
Alcyone Resources * (A)		12,236,302	$	764,976
CANADA—50.0%
Basic Materials — 50.0%
Alexco Resource *		570,325		3,644,377
Aurcana * (B)		5,182,488		5,508,541
Bear Creek Mining *		888,740		3,013,898
Endeavour Silver * (B)		1,016,805		9,425,782
Excellon Resources *		3,164,099		1,729,628
First Majestic Silver *		946,015		14,881,888
Fortuna Silver Mines *		1,468,657		6,169,891
Great Panther Silver * (B)		1,583,057		3,573,637
Impact Silver *		685,381		1,006,026
MAG Silver *		517,726		5,192,792
Minco Silver *		361,572		739,359
Orko Silver * (B)		1,516,031		2,608,951
Pan American Silver		1,507,072		29,402,975
Scorpio Mining * (B)		2,305,461		2,450,508
Silver Standard Resources *		950,270		13,702,893
Silver Wheaton (B)		1,240,953		37,886,295
Silvercorp Metals (B)		1,947,796		13,498,226
Silvermex Resources *		7,850		4,291
US Silver *		726,544		1,213,542
Wildcat Silver *		1,086,389		1,473,666
TOTAL CANADA				157,127,166
MEXICO—24.0%
Basic Materials — 24.0%
Fresnillo		1,481,510		37,507,800
Industrias Penoles (B)		808,814		37,895,062
TOTAL MEXICO				75,402,862
PERU—4.8%
Basic Materials — 4.8%
Hochschild Mining		1,832,888		14,932,484

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

1

Schedule of Investments	April 30, 2012 (Unaudited)
Global X Silver Miners ETF

	Shares/Face  Amount		Value
COMMON STOCK — continued
UNITED KINGDOM— 4.8%
Basic Materials — 4.8%
Arian Silver *		3,469,712	$	1,386,916
Polymetal International *		929,483		13,802,411
TOTAL UNITED KINGDOM				15,189,327
UNITED STATES— 16.6%
Basic Materials — 16.6%
Coeur d'Alene Mines *		668,075		14,397,016
Golden Minerals * (B)		248,098		1,853,292
Hecla Mining		3,352,756		14,349,796
McEwen Mining *		1,558,661		5,907,325
Mines Management *		284,859		504,201
Revett Minerals *		258,477		1,078,023
Tahoe Resources *		748,859		14,092,513
TOTAL UNITED STATES				52,182,166
TOTAL COMMON STOCK
(Cost $359,810,590)				315,598,981
REPURCHASE AGREEMENT — 4.1%
Merrill Lynch
0.170%, dated 04/30/12, to be repurchased on 05/01/12, repurchase price $12,775,713 (collateralized by U.S. Treasury Notes, par value $12,741,800, 1.500%, 08/31/2018, with total market value $13,031,248)(C)	$	12,775,653		12,775,653
TOTAL REPURCHASE AGREEMENT
(Cost $12,775,653)				12,775,653
TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.030%
(Cost $401,003)		401,003		401,003
TOTAL INVESTMENTS — 104.7%
(Cost $372,987,246)			$	328,775,637

Percentages are based on Net Assets of $314,047,428.

* Non-income producing security.

^(A) Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2012, was $764,976 and represents 0.2% of net assets.

^(B) This security or a partial position of this security is on loan at April 30, 2012.  The total value of securities on loan at April 30, 2012 was $12,244,009.

^(C) These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2012 was $12,775,653.

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

2

Schedule of Investments	April 30, 2012 (Unaudited)
Global X Silver Miners ETF

The following is a summary of the inputs used as of April 30, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock
Australia	$	—	$	—	$	764,976	$	764,976
Canada		157,127,166		—		—		157,127,166
Mexico		75,402,862		—		—		75,402,862
Peru		14,932,484		—		—		14,932,484
United Kingdom		15,189,327		—		—		15,189,327
United States		52,182,166		—		—		52,182,166
Total Common Stock		314,834,005		—		764,976		315,598,981
Repurchase Agreement		—		12,775,653		—		12,775,653
Time Deposit		—		401,003		—		401,003
Total Investments in Securities	$	314,834,005	$	13,176,656	$	764,976	$	328,775,637

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	Common Stock -
	Australia
Beginning Balance as of November 1, 2011	$	-
Accrued discounts/premiums		-
Realized gain/(loss)		-
Change in unrealized appreciation/(depreciation)		-
Net purchases		-
Net sales		-
Transfers into Level 3		764,976
Transfers out of Level 3		-
Ending Balance as of April 30, 2012	$	764,976

For the period ended April 30, 2012, there have been no transfers between Level 1 & Level 2 assets and liabilities.

For the period ended April 30, 2012 Transfer between Level 1 and Level 3 assets and liabilities totaled $764,976.

The reason for the transfer was a temporary trading suspension of the investment’s shares, which necessitated a fair value determination by the Fair Value Committee at the end of the reporting period.

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

3

Schedule of Investments	April 30, 2012 (Unaudited)
Global X Gold Explorers ETF

Sector Weightings†:

 

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 100.0%
AUSTRALIA—7.8%
Basic Materials — 7.8%
Ampella Mining *		981,305	$	1,088,930
Gryphon Minerals *		1,231,674		1,219,174
TOTAL AUSTRALIA				2,308,104
CANADA—92.2%
Basic Materials — 92.2%
Atac Resources *		371,975		1,027,982
Canaco Resources *		782,910		737,062
Chesapeake Gold *		169,414		2,229,470
Continental Gold *		190,982		1,424,849
Exeter Resource *		431,846		1,031,692
Extorre Gold Mines *		199,293		847,326
Gold Canyon Resources *		491,915		831,602
International Tower Hill Mines *		363,462		1,379,746
Kaminak Gold, Cl A *		396,573		710,568
Keegan Resources *		382,349		1,238,565
Levon Resources *		902,762		603,151
Lydian International, Cl A *		373,177		887,752
Newstrike Capital *		419,934		973,477
Novagold Resources *		184,471		1,322,657
Paramount Gold and Silver *		601,303		1,467,179
Pretium Resources *		106,592		1,800,901
Rainy River Resources *		207,567		974,957
Rubicon Minerals *		415,651		1,266,497
Sabina Gold & Silver *		411,506		1,145,560
Seabridge Gold *		86,911		1,456,628
Torex Gold Resources *		841,909		1,465,894
Trelawney Mining and Exploration *		503,085		1,665,322
Volta Resources *		723,250		622,324
TOTAL CANADA				27,111,161
TOTAL COMMON STOCK
(Cost $42,872,618)				29,419,265

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

4

Schedule of Investments	April 30, 2012 (Unaudited)
Global X Gold Explorers ETF

	Face Amount		Value
TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.030%
(Cost $25,219)	$	25,219	$	25,219
TOTAL INVESTMENTS — 100.1%
(Cost $42,897,837)			$	29,444,484

Percentages are based on Net Assets of $29,413,006.

* Non-income producing security.

Cl — Class

The following is a summary of the inputs used as of April 30, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	29,419,265	$	—	$	—	$	29,419,265
Time Deposit		—		25,219		—		25,219
Total Investments in Securities	$	29,419,265	$	25,219	$	—	$	29,444,484

For the period ended April 30, 2012, there have been no transfers between Level 1 & Level 2 assets and liabilities.

For the period ended April 30, 2012, there were no Level 3 assets and liabilities.

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

5

Schedule of Investments	April 30, 2012 (Unaudited)
Global X Pure Gold Miners ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.7%
AUSTRALIA—5.8%
Basic Materials — 5.8%
Medusa Mining		20,442	$	122,685
Perseus Mining *		53,804		145,759
TOTAL AUSTRALIA				268,444
CANADA—40.7%
Basic Materials — 40.7%
Alamos Gold		13,840		253,305
Aurizon Mines *		18,965		102,519
B2Gold *		41,938		158,353
Centerra Gold		13,111		169,752
Detour Gold *		9,427		232,657
Eldorado Gold		19,257		272,914
Kinross Gold		24,765		221,866
Kirkland Lake Gold *		7,100		92,717
Osisko Mining *		21,395		220,263
SEMAFO		33,606		170,777
TOTAL CANADA				1,895,123
CHINA—3.2%
Basic Materials — 3.2%
Real Gold Mining (A) (B)		36,500		10,444
Zhaojin Mining Industry		99,484		139,251
TOTAL CHINA				149,695
JERSEY—4.4%
Basic Materials — 4.4%
Randgold Resources ADR		2,303		205,312
SOUTH AFRICA— 13.0%
Basic Materials — 13.0%
AngloGold Ashanti ADR		5,948		204,492
Gold Fields ADR		15,714		202,239
Harmony Gold Mining ADR		20,566		199,490
TOTAL SOUTH AFRICA				606,221

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

6

Schedule of Investments	April 30, 2012 (Unaudited)
Global X Pure Gold Miners ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
TURKEY—6.3%
Basic Materials — 6.3%
Koza Altin Isletmeleri		13,546	$	293,095
UNITED KINGDOM— 5.0%
Basic Materials — 5.0%
African Barrick Gold		13,232		77,157
Petropavlovsk		20,342		157,406
TOTAL UNITED KINGDOM				234,563
UNITED STATES— 21.3%
Basic Materials — 21.3%
Alacer Gold *		27,531		222,957
Allied Nevada Gold *		7,910		231,684
Centamin *		125,466		139,683
Gold Resource		5,775		156,618
Polyus Gold International GDR *		77,691		239,288
TOTAL UNITED STATES				990,230
TOTAL COMMON STOCK
(Cost $5,590,958)				4,642,683
TIME DEPOSIT — 0.3%
Brown Brothers Harriman, 0.030%
(Cost $11,824)	$	11,824		11,824
TOTAL INVESTMENTS — 100.0%
(Cost $5,602,782)			$	4,654,507
Percentages are based on Net Assets of $4,654,399.

*	Non-income producing security.
ADR — American Depositary Receipt
GDR — Global Depositary Receipt

(A)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such security as of April 30, 2012 was $10,444 and represents 0.2% of Net Assets.
(B)	Securities considered illiquid. The total value of such security as of April 30, 2011 was $10,444 and represents 0.2% of Net Assets.

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

7

Schedule of Investments	April 30, 2012 (Unaudited)
Global X Pure Gold Miners ETF

The following is a summary of the inputs used as of April 30, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock
Australia	$	268,444	$	—	$	—	$	268,444
Canada		1,895,123		—		—		1,895,123
China		139,251		—		10,444		149,695
Jersey		205,312		—		—		205,312
South Africa		606,221		—		—		606,221
Turkey		293,095		—		—		293,095
United Kingdom		234,563		—		—		234,563
United States		990,230		—		—		990,230
Total Common Stock		4,632,239		—		10,444		4,642,683
Time Deposit		—		11,824		—		11,824
Total Investments in Securities	$	4,632,239	$	11,824	$	10,444	$	4,654,507

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	Common Stock -
	China
Beginning Balance as of November 1, 2011	$	17,433
Accrued discounts/premiums		-
Realized gain/(loss)		-
Change in unrealized appreciation/(depreciation)		(18,693	)
Net purchases		11,704
Net sales		-
Transfers into Level 3		-
Transfers out of Level 3		-
Ending Balance as of April 30, 2012	$	10,444

Net change in unrealized appreciation (depreciation) from investments (Level 3) still held as of April 30, 2012 was $ (18,693).

For the period ended April 30, 2012, there have been no transfers between Level 1 & Level 2 assets and liabilities.

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

8

Schedule of Investments	April 30, 2012 (Unaudited)
Global X Copper Miners ETF

Sector Weightings†:

† Percentages based on total investments. Short-Term Investments include a Repurchase Agreement held as collateral for securities lending activity. Please see Note 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 100.0%
AUSTRALIA—8.9%
Basic Materials — 8.9%
Cudeco *		265,324	$	945,473
OZ Minerals		155,301		1,509,740
Straits Resources *		563,816		458,225
TOTAL AUSTRALIA				2,913,438
CANADA—45.8%
Basic Materials — 45.8%
Augusta Resource *		113,771		290,116
Capstone Mining *		525,922		1,570,552
Copper Mountain Mining (CAD) *		171,348		744,124
Copper Mountain Mining (USD) *		12,300		52,496
Duluth Metals *		121,538		255,908
First Quantum Minerals		73,045		1,517,319
HudBay Minerals, Cl B		145,116		1,527,769
Imperial Metals *		60,950		944,005
Inmet Mining		27,294		1,501,398
Ivanhoe Mines * (A)		126,768		1,484,453
Katanga Mining *		520,961		432,442
Lumina Copper *		38,846		523,006
Lundin Mining *		349,010		1,695,853
Mercator Minerals * (A)		505,817		609,326
Northern Dynasty Minerals *		99,279		559,934
Taseko Mines *		376,453		1,317,585
TOTAL CANADA				15,026,286
CHINA—4.7%
Basic Materials — 4.7%
Jiangxi Copper, Cl H		634,639		1,534,523
MEXICO—4.7%
Basic Materials — 4.7%
Grupo Mexico, Cl B		504,368		1,554,618

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

9

Schedule of Investments	April 30, 2012 (Unaudited)
Global X Copper Miners ETF

	Shares/Number of Warrants		Value
COMMON STOCK — continued
PERU—4.9%
Basic Materials — 4.9%
Southern Copper		48,785	$	1,604,051
POLAND—4.7%
Basic Materials — 4.7%
KGHM Polska Miedz		35,060		1,543,249
SOUTH AFRICA— 1.0%
Basic Materials — 1.0%
Palabora Mining		16,476		328,530
SWITZERLAND—5.1%
Basic Materials — 5.1%
Xstrata		86,805		1,658,816
TURKEY—0.8%
Basic Materials — 0.8%
Park Elektrik Uretim Madencilik Sanayi ve Ticaret *		85,510		263,894
UNITED KINGDOM— 14.6%
Basic Materials — 14.6%
Antofagasta		85,416		1,637,124
Kazakhmys		109,532		1,530,511
Vedanta Resources		82,418		1,627,815
TOTAL UNITED KINGDOM				4,795,450
UNITED STATES— 4.8%
Basic Materials — 4.8%
Freeport-McMoRan Copper & Gold		41,306		1,582,020
TOTAL COMMON STOCK
(Cost $37,922,869)				32,804,875
WARRANTS — 0.0%
Canada — 0.0%
Duluth Exploration, Expires 1/18/13(B)
(Cost $–)		11,771		—

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

10

Schedule of Investments	April 30, 2012 (Unaudited)
Global X Copper Miners ETF

	Face Amount		Value
REPURCHASE AGREEMENT — 1.9%
Merrill Lynch
0.170%, dated 04/30/12, to be repurchased 05/01/12, repurchase price $637,128 (collateralized by U.S. Treasury Notes, par value $635,500, 1.500%, 08/31/2018, with total market value $649,936)(C)	$	637,125	$	637,125
TOTAL REPURCHASE AGREEMENT
(Cost $637,125)				637,125
TIME DEPOSIT — 0.0%
Brown Brothers Harriman, 0.030%
(Cost $16,301)		16,301		16,301
TOTAL INVESTMENTS — 101.9%
(Cost $38,576,295)			$	33,458,301

Percentages are based on Net Assets of $32,841,533.

*     Non-income producing security.

CAD — Canadian Dollar

Cl — Class

USD — U.S. Dollar

^(A) This security or a partial position of this security is on loan at April 30, 2012.  The total value of securities on loan at April 30, 2012 was $590,625.

^(B) Securities considered illiquid. The total value of such securities as of April 30, 2012 was $— and represented 0.0% of Net Assets.

^(C) These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2012 was $637,125.

Amounts designated as “—“ are $0 or have been rounded to $0.

The following is a summary of the inputs used as of April 30, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	32,804,875	$	—	$	—	$	32,804,875
Warrants		—		—		—		—
Repurchase Agreement		—		637,125		—		637,125
Time Deposit		—		16,301		—		16,301
Total Investments in Securities	$	32,804,875	$	653,426	$	—	$	33,458,301

For the period ended April 30, 2012, there have been no transfers between Level 1 & Level 2 assets and liabilities.

For the period ended April 30, 2012, there were no Level 3 assets and liabilities.

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

11

Schedule of Investments	April 30, 2012 (Unaudited)
Global X Aluminum ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.9%
AUSTRALIA—4.2%
Basic Materials — 4.2%
Alumina		89,157	$	107,761
CANADA—3.2%
Basic Materials — 3.2%
Orbite Aluminae, *		39,075		81,089
CHINA—16.0%
Basic Materials — 11.0%
Aluminum Corp of China, Cl H *		236,453		114,895
China Hongqiao Group *		224,312		139,930
XinRen Aluminum Holdings *		99,100		26,827
Industrials — 5.0%
China Zhongwang Holdings		311,518		128,483
TOTAL CHINA				410,135
GREECE—3.6%
Basic Materials — 3.6%
Mytilineos Holdings		27,259		93,093
HONG KONG— 5.3%
Basic Materials — 5.3%
Minmetals Resources *		264,574		135,038
JAPAN—14.7%
Basic Materials — 14.7%
Alconix		1,541		34,954
Nippon Light Metal		91,269		134,892
Sky Aluminum		26,146		78,268
Sumitomo Light Metal Industries		123,758		127,106
TOTAL JAPAN				375,220
MALAYSIA—1.9%
Basic Materials — 1.9%
Press Metal		71,740		50,024

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

12

Schedule of Investments	April 30, 2012 (Unaudited)
Global X Aluminum ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
NORWAY—4.4%
Basic Materials — 4.4%
Norsk Hydro		23,045	$	112,105
RUSSIA—4.7%
Basic Materials — 4.7%
United RUSAL *		171,581		121,410
SINGAPORE—3.7%
Basic Materials — 3.7%
Midas Holdings		319,580		94,260
SOUTH KOREA— 1.0%
Basic Materials — 1.0%
Dayou Smart Aluminium		10,930		25,146
UNITED KINGDOM— 14.7%
Basic Materials — 14.7%
Rio Tinto		6,751		376,072
UNITED STATES— 22.5%
Basic Materials — 22.5%
Alcoa		25,353		246,684
Century Aluminum *		12,409		114,163
Kaiser Aluminum		2,398		126,063
Noranda Aluminum Holding		8,403		89,240
TOTAL UNITED STATES				576,150
TOTAL COMMON STOCK
(Cost $3,700,066)				2,557,503
TIME DEPOSIT — 0.2%
Brown Brothers Harriman, 0.030%
(Cost $5,495)	$	5,495		5,495
TOTAL INVESTMENTS — 100.1%
(Cost $3,705,561)			$	2,562,998
Percentages are based on Net Assets of $2,559,618.

*	Non-income producing security.
Cl — Class

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

13

Schedule of Investments	April 30, 2012 (Unaudited)
Global X Aluminum ETF

The following is a summary of the inputs used as of April 30, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	2,557,503	$	—	$	—	$	2,557,503
Time Deposit		—		5,495		—		5,495
Total Investments in Securities	$	2,557,503	$	5,495	$	—	$	2,562,998

For the period ended April 30, 2012, there have been no transfers between Level 1 & Level 2 assets and liabilities

For the period ended April 30, 2012, there were no Level 3 assets and liabilities.

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

14

Schedule of Investments	April 30, 2012 (Unaudited)
Global X Uranium ETF

Sector Weightings†:

† Percentages based on total investments. Short-Term Investments include a Repurchase Agreement held as collateral for securities lending activity. Please see Note 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 98.0%
AUSTRALIA—31.6%
Basic Materials — 31.6%
Azimuth Resources * (A)		9,949,571	$	6,790,349
Bannerman Resources *		11,647,135		2,366,465
Berkeley Resources *		3,902,573		1,545,187
Energy Resources of Australia (A)		5,325,219		8,933,255
Greenland Minerals & Energy * (A)		8,972,769		4,768,075
Paladin Energy * (A)		18,433,218		30,634,321
TOTAL AUSTRALIA				55,037,652
CANADA—48.7%
Basic Materials — 48.7%
Cameco		1,865,523		41,281,908
Denison Mines * (A)		4,816,143		8,824,435
Laramide Resources *		1,665,579		1,804,089
Mega Uranium *		7,688,586		1,790,125
Rockgate Capital * (A)		11,780,208		7,870,565
Uex *		4,674,019		3,312,055
Uranium One * (A)		6,785,477		19,713,842
TOTAL CANADA				84,597,019
UNITED STATES— 17.7%
Basic Materials — 17.7%
Uranerz Energy * (A)		4,172,689		7,302,206
Uranium Energy * (A)		2,606,503		7,689,184
Uranium Resources * (A)		3,327,204		2,894,667
Ur-Energy * (A)		6,988,601		7,617,575
USEC * (A)		6,218,127		5,233,176
TOTAL UNITED STATES				30,736,808
TOTAL COMMON STOCK
(Cost $281,849,489)				170,371,479

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

15

Schedule of Investments	April 30, 2012 (Unaudited)
Global X Uranium ETF

	Face Amount		Value
REPURCHASE AGREEMENT — 25.1%
Merrill Lynch
0.170%, dated 04/30/12, to be repurchased on 05/01/12, repurchase price $43,679,029 (collateralized by U.S. Treasury Notes, par value $44,573,100, 0.000%, 09/13/2012, with total market value $44,552,463)(B)	$	43,678,823	$	43,678,823
TOTAL REPURCHASE AGREEMENT
(Cost $43,678,823)				43,678,823
U.S. TREASURY OBLIGATION (C) — 6.9%
United States Treasury Bills
0.045%, 05/10/12
(Cost $11,999,865)		12,000,000		11,999,856
TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.030%
(Cost $221,563)		221,563		221,563
TOTAL INVESTMENTS — 130.1%
(Cost $337,749,740)			$	226,271,721
Percentages are based on Net Assets of $173,862,063

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2012.  The total value of securities on loan at April 30, 2012 was $36,433,234.
(B)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2012 was $43,678,823.
(C)	The rate reported is the effective yield at time of purchase.

The following is a summary of the inputs used as of April 30, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	170,371,479	$	—	$	—	$	170,371,479
Repurchase Agreement		—		43,678,823		—		43,678,823
U.S. Treasury Obligation		—		11,999,856		—		11,999,856
Time Deposit		—		221,563		—		221,563
Total Investments in Securities	$	170,371,479	$	55,900,242	$	—	$	226,271,721

For the period ended April 30, 2012, there have been no transfers between Level 1 & Level 2 assets and liabilities.

For the period ended April 30, 2012, there were no Level 3 assets and liabilities.

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

16

Schedule of Investments	April 30, 2012 (Unaudited)
Global X Lithium ETF

Sector Weightings†:

† Percentages based on total investments. Short-Term Investments include a Repurchase Agreement held as collateral for securities lending activity. Please see Note 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 99.8%
AUSTRALIA—13.0%
Basic Materials — 13.0%
Galaxy Resources * (A)		4,424,206	$	3,157,711
Orocobre * (A)		2,315,798		3,619,415
Reed Resources *		7,465,129		1,594,548
Talison Lithium *		990,157		3,297,683
TOTAL AUSTRALIA				11,669,357
CANADA—13.3%
Basic Materials — 12.6%
Avalon Rare Metals * (A)		1,229,201		3,098,356
Canada Lithium * (A)		7,433,887		4,289,432
Lithium Americas *		1,534,180		1,894,720
Lithium One *		1,612,816		2,024,489
Industrials — 0.7%
Electrovaya * (A)		780,656		600,596
TOTAL CANADA				11,907,593
CHILE—19.6%
Basic Materials — 19.6%
Sociedad Quimica y Minera de Chile ADR (A)		301,858		17,595,303
CHINA—1.1%
Industrials — 1.1%
China BAK Battery *		1,327,011		1,021,798
FRANCE—4.4%
Industrials — 4.4%
Saft Groupe		143,414		3,956,196
HONG KONG— 1.1%
Industrials — 1.1%
Coslight Technology International Group		3,428,967		1,012,075

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

17

Schedule of Investments	April 30, 2012 (Unaudited)
Global X Lithium ETF

	Shares/Number of Rights/Face Amount		Value
COMMON STOCK — continued
JAPAN—4.3%
Industrials — 4.3%
GS Yuasa (A)		742,774	$	3,851,559
UNITED STATES— 43.0%
Basic Materials — 31.8%
FMC		172,736		19,078,691
Rockwood Holdings *		171,280		9,478,635
Industrials — 11.2%
A123 Systems * (A)		1,693,360		1,727,227
Exide Technologies *		1,511,883		4,354,223
Ultralife *		377,232		1,897,477
Valence Technology * (A)		2,739,475		1,999,817
TOTAL UNITED STATES				38,536,070
TOTAL COMMON STOCK
(Cost $101,774,403)				89,549,951
RIGHTS — 0.1%
Australia — 0.1%
Reed Resources, Expires 05/02/2012
(Cost $–)		5,750,046		29,956
REPURCHASE AGREEMENT — 15.3%
Merrill Lynch
0.170%, dated 04/30/12, to be repurchased on 05/01/12, repurchase price $13,760,565 (collateralized by U.S. Treasury Notes, par value $14,002,700, 0.250%-1.500%, 12/15/2014-08/31/2018, with total market value $14,035,760)(B)	$	13,760,500		13,760,500
TOTAL REPURCHASE AGREEMENT
(Cost $13,760,500)				13,760,500
U.S. TREASURY OBLIGATION (C) — 5.0%
United States Treasury Bills
0.045%, 05/10/12
(Cost $4,499,949)		4,500,000		4,499,946
TIME DEPOSIT — 0.0%
Brown Brothers Harriman, 0.030%
(Cost $24,151)		24,151		24,151
TOTAL INVESTMENTS — 120.2%
(Cost $120,059,003)			$	107,864,504

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

18

Schedule of Investments April 30, 2012 (Unaudited)

Global X Lithium ETF

Percentages are based on Net Assets of $89,701,263.

* Non-income producing security.

ADR — American Depositary Receipt

^(A) This security or a partial position of this security is on loan at April 30, 2012.  The total value of securities on loan at April 30, 2012 was $9,517,176.

^(B) These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2012 was $13,760,500.

^(C) The rate reported is the effective yield at time of purchase.

The following is a summary of the inputs used as of April 30, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	89,549,951	$	—	$	—	$	89,549,951
Rights		29,956		—		—		29,956
Repurchase Agreement		—		13,760,500		—		13,760,500
U.S. Treasury Obligation		—		4,499,946		—		4,499,946
Time Deposit		—		24,151		—		24,151
Total Investments in Securities	$	89,579,907	$	18,284,597	$	—	$	107,864,504

For the period ended April 30, 2012, there have been no transfers between Level 1 & Level 2 assets and liabilities.

For the period ended April 30, 2012, there were no Level 3 assets and liabilities.

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

19

Schedule of Investments April 30, 2012 (Unaudited)

Global X Fertilizers/Potash ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.7%
AUSTRALIA—9.5%
Basic Materials — 9.5%
Incitec Pivot		384,314	$	1,309,424
Nufarm		261,322		1,339,638
TOTAL AUSTRALIA				2,649,062
CANADA—11.3%
Basic Materials — 11.3%
Agrium		18,225		1,605,446
Allana Potash *		258,193		133,298
Migao *		60,026		171,355
Potash Corp of Saskatchewan		29,101		1,237,258
TOTAL CANADA				3,147,357
CHILE—4.7%
Basic Materials — 4.7%
Sociedad Quimica y Minera de Chile ADR		22,300		1,299,867
CHINA—4.2%
Basic Materials — 4.2%
China BlueChemical		1,621,814		1,160,133
GERMANY—4.2%
Basic Materials — 4.2%
K+S		23,407		1,169,792
HONG KONG— 2.5%
Basic Materials — 2.5%
Sinofert Holdings		3,175,654		691,725
ISRAEL—9.6%
Basic Materials — 9.6%
Israel Chemicals		120,767		1,385,464
The Israel Corp		1,975		1,290,524
TOTAL ISRAEL				2,675,988
JAPAN—1.4%
Basic Materials — 1.4%
Nihon Nohyaku		87,769		397,951

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

20

Schedule of Investments April 30, 2012 (Unaudited)

Global X Fertilizers/Potash ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
NORWAY—5.5%
Basic Materials — 5.5%
Yara International		31,355	$	1,537,904
RUSSIA—4.3%
Basic Materials — 4.3%
Uralkali GDR		31,380		1,187,733
SOUTH KOREA— 1.1%
Basic Materials — 1.1%
Namhae Chemical		35,947		296,451
SWITZERLAND—5.5%
Basic Materials — 5.5%
Syngenta		4,328		1,519,676
TAIWAN—4.7%
Basic Materials — 4.7%
Taiwan Fertilizer		546,779		1,310,390
TURKEY—2.2%
Basic Materials — 2.2%
Bagfas Bandirma Gubre Fabrik		3,195		360,205
Gubre Fabrikalari *		35,913		251,519
TOTAL TURKEY				611,724
UNITED STATES— 29.0%
Basic Materials — 29.0%
CF Industries Holdings		9,064		1,749,896
Intrepid Potash *		54,727		1,359,966
Mosaic		24,022		1,268,842
Scotts Miracle-Gro, Cl A		28,737		1,505,819
Terra Nitrogen		8,046		2,156,328
TOTAL UNITED STATES				8,040,851
TOTAL COMMON STOCK
(Cost $29,017,287)				27,696,604
TIME DEPOSIT — 0.0%
Brown Brothers Harriman, 0.030%
(Cost $2,770)	$	2,770		2,770
TOTAL INVESTMENTS — 99.7%
(Cost $29,020,057)			$	27,699,374
Percentages are based on Net Assets of $27,772,782.

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

21

Schedule of Investments April 30, 2012 (Unaudited)

Global X Fertilizers/Potash ETF

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

The following is a summary of the inputs used as of April 30, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	27,696,604	$	—	$	—	$	27,696,604
Time Deposit		—		2,770		—		2,770
Total Investments in Securities	$	27,696,604	$	2,770	$	—	$	27,699,374

For the period ended April 30, 2012, there have been no transfers between Level 1 & Level 2 assets and liabilities.

For the period ended April 30, 2012, there were no Level 3 assets and liabilities.

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

22

Schedule of Investments April 30, 2012 (Unaudited)

Global X S&P/TSX Venture 30 Canada ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 100.0%
CANADA—100.0%
Basic Materials — 60.8%
Atac Resources *		38,507	$	106,417
Aurcana *		66,801		71,004
Barisan Gold *		4,920		921
Bear Creek Mining *		24,722		83,837
Belo Sun Mining *		58,995		66,887
Canaco Resources *		122,734		115,546
CB Gold *		63,722		63,216
Copper Fox Metals *		42,805		45,065
Galway Resources *		39,694		49,826
Gold Canyon Resources *		23,579		39,861
Hana Mining *		33,107		46,250
Kaminak Gold, Cl A *		36,553		65,495
Lumina Copper *		4,942		66,537
PMI Gold *		61,079		56,884
Quest Rare Minerals *		21,238		42,354
Rio Alto Mining *		59,592		253,968
Roxgold *		39,304		40,981
Sandstorm Gold *		89,525		163,127
Trelawney Mining and Exploration *		60,712		200,970
				1,579,146
Consumer Services — 1.8%
Intertainment Media *		93,942		46,598
Oil & Gas — 37.4%
Africa Oil *		40,797		225,491
Americas Petrogas *		36,391		100,569
Arcan Resources *		28,765		103,663
CGX Energy *		55,325		45,364
Madalena Ventures *		54,857		29,432
Painted Pony Petroleum, Cl A *		24,401		196,868
Petrofrontier *		28,135		41,298
Pinecrest Energy *		62,042		164,549

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

23

Schedule of Investments April 30, 2012 (Unaudited)

Global X S&P/TSX Venture 30 Canada ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — continued
Renegade Petroleum *		17,612	$	63,826
				971,060
TOTAL CANADA				2,596,804
TOTAL COMMON STOCK
(Cost $3,073,612)				2,596,804
TOTAL INVESTMENTS — 100.0%
(Cost $3,073,612)			$	2,596,804

Percentages are based on Net Assets of $2,595,788.

* Non-income producing security.

Cl — Class

The following is a summary of the inputs used as of April 30, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	2,596,804	$	—	$	—	$	2,596,804
Total Investments in Securities	$	2,596,804	$	—	$	—	$	2,596,804

For the period ended April 30, 2012, there have been no transfers between Level 1 & Level 2 assets and liabilities.

For the period ended April 30, 2012, there were no Level 3 assets and liabilities.

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

24

Statements of Assets and Liabilities

April 30, 2012 (Unaudited)

	Global X Silver Miners ETF			Global X Gold Explorers ETF			Global X Pure Gold Miners ETF
Assets:
Cost of Investments	$	360,211,593		$	42,897,837		$	5,602,782
Cost of Repurchase Agreement		12,775,653			—			—
Cost of Foreign Currency		15,029			608			2,107
Market Value of Securities on Loan		12,244,009			—			—
Investments at Value	$	315,999,984		$	29,444,484		$	4,654,507
Repurchase Agreement		12,775,653			—			—
Foreign Currency at Value		15,113			611			2,115
Receivable for Investment Securities Sold		31,215,006			—			—
Receivable for Capital Shares Sold		7,399,000			1,374,500			—
Dividend and Interest Receivable		617,774			—			—
Total Assets		368,022,530			30,819,595			4,656,622
Liabilities:
Payable for Investment Securities Purchased		38,906,080			1,392,331			—
Obligation to Return Securities Lending Collateral		12,775,653			—			—
Payable for Capital Shares Redeemed		2,131,000			—			—
Payable due to Investment Adviser		162,369			14,258			2,223
Total Liabilities		53,975,102			1,406,589			2,223
Net Assets	$	314,047,428		$	29,413,006		$	4,654,399
Net Assets Consist of:
Paid-in Capital	$	381,148,094		$	45,101,605		$	5,885,500
Undistributed (Distributions in Excess of) Net Investment Income		351,177			(729,890	)		(86,108	)
Accumulated Net Realized Loss on Investments and Foreign Currency Translations		(23,230,034	)		(1,505,308	)		(196,727	)
Net Unrealized Depreciation on Investments		(44,211,609	)		(13,453,353	)		(948,275	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		(10,200	)		(48	)		9
Net Assets	$	314,047,428		$	29,413,006		$	4,654,399
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		14,700,000			3,100,000			400,000
Net Asset Value, Offering and Redemption Price Per Share	$	21.36		$	9.49		$	11.64

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

25

Statements of Assets and Liabilities

April 30, 2012 (Unaudited)

	Global X Copper Miners ETF			Global X Aluminum ETF			Global X Uranium ETF
Assets:
Cost of Investments	$	37,939,170		$	3,705,561		$	294,070,917
Cost of Repurchase Agreement		637,125			—			43,678,823
Cost of Foreign Currency		31,025			—			136,219
Market Value of Securities on Loan		590,625			—			36,433,234
Investments at Value	$	32,821,176		$	2,562,998		$	182,592,898
Repurchase Agreement		637,125			—			43,678,823
Foreign Currency at Value		32,433			—			137,681
Receivable for Investment Securities Sold		4,270,984			—			3,135,703
Dividend and Interest Receivable		48,687			7,594			94,198
Reclaim Receivable		11,938			—			—
Total Assets		37,822,343			2,570,592			229,639,303
Liabilities:
Payable for Investment Securities Purchased		3,641,493			—			—
Obligation to Return Securities Lending Collateral		637,125			—			43,678,823
Payable for Capital Shares Redeemed		684,500			—			—
Payable due to Investment Adviser		17,692			1,490			98,567
Due to Custodian		—			—			11,999,850
Overdraft of Foreign Currency*		—			9,484			—
Total Liabilities		4,980,810			10,974			55,777,240
Net Assets	$	32,841,533		$	2,559,618		$	173,862,063
*Proceeds of Foreign Currency	$	—		$	9,485		$	—
Net Assets Consist of:
Paid-in Capital	$	41,448,377		$	4,242,676		$	342,746,555
Undistributed (Distributions in Excess of) Net Investment Income/(Accumulated Net Investment Loss)		(320,475	)		24,720			(335,214	)
Accumulated Net Realized Loss on Investments and Foreign Currency Translations		(3,167,153	)		(565,470	)		(57,078,186	)
Net Unrealized Depreciation on Investments		(5,117,994	)		(1,142,563	)		(111,478,019	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		(1,222	)		255			6,927
Net Assets	$	32,841,533		$	2,559,618		$	173,862,063
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		2,400,000			250,000			19,450,000
Net Asset Value, Offering and Redemption Price Per Share	$	13.68		$	10.24		$	8.94

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

26

Statements of Assets and Liabilities

April 30, 2012 (Unaudited)

	Global X Lithium ETF			Global X Fertilizers/Potash ETF			Global X S&P/TSX Venture 30 Canada ETF
Assets:
Cost of Investments	$	106,298,503		$	29,020,057		$	3,073,612
Cost of Repurchase Agreement		13,760,500			—			—
Cost of Foreign Currency		23,148			57,344			1,733
Market Value of Securities on Loan		9,517,176			—			—
Investments at Value	$	94,104,004		$	27,699,374		$	2,596,804
Repurchase Agreement		13,760,500			—			—
Foreign Currency at Value		23,513			57,303			1,755
Dividend and Interest Receivable		130,373			57,215			—
Reclaim Receivable		—			7,630			—
Total Assets		108,018,390			27,821,522			2,598,559
Liabilities:
Payable for Investment Securities Purchased		—			33,141			—
Obligation to Return Securities Lending Collateral		13,760,500			—			—
Payable due to Investment Adviser		56,683			15,599			1,573
Due to Custodian		4,499,944			—			1,198
Total Liabilities		18,317,127			48,740			2,771
Net Assets	$	89,701,263		$	27,772,782		$	2,595,788
Net Assets Consist of:
Paid-in Capital	$	124,236,582		$	31,750,000		$	4,112,312
Undistributed (Distributions in Excess of) Net Investment Income		(7,940	)		31,492			(102,641	)
Accumulated Net Realized Loss on Investments and Foreign Currency Translations		(22,335,844	)		(2,688,218	)		(937,096	)
Net Unrealized Depreciation on Investments		(12,194,499	)		(1,320,683	)		(476,808	)
Net Unrealized Appreciation on Foreign Currency Translations		2,964			191			21
Net Assets	$	89,701,263		$	27,772,782		$	2,595,788
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		5,600,000			2,000,000			250,000
Net Asset Value, Offering and Redemption Price Per Share	$	16.02		$	13.89		$	10.38

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

27

Statements of Operations

For the six months endedApril 30, 2012 (Unaudited)

	Global X Silver Miners ETF			Global X Gold Explorers ETF			Global X Pure Gold Miners ETF			Global X Copper Miners ETF			Global X Aluminum ETF
Investment Income:
Dividend Income	$	2,155,670		$	1		$	15,949		$	279,144		$	47,501
Interest Income		—			5			9			—			8
Security Lending Income		111,103			—			—			8,217			—
Less: Foreign Taxes Withheld		(192,346	)		—			(1,799	)		(11,239	)		(1,383	)
Total Investment Income		2,074,427			6			14,159			276,122			46,126
Supervision and Administration Fees(1)		1,097,319			85,922			14,576			126,013			10,272
Total Expenses		1,097,319			85,922			14,576			126,013			10,272
Net Expenses		1,097,319			85,922			14,576			126,013			10,272
Net Investment Income (Loss)		977,108			(85,916	)		(417	)		150,109			35,854
Net Realized Gain (Loss) on:
Investments		(8,208,764	)(2)		(1,259,801	)(2)		(194,128	)(2)		(2,823,997	)(2)		(525,830	)(2)
Foreign Currency Transactions		(48,784	)		(4,878	)		(184	)		12,238			(872	)
Net Realized Loss on Investments		(8,257,548	)		(1,264,679	)		(194,312	)		(2,811,759	)		(526,702	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(26,401,455	)		(6,956,893	)		(833,992	)		1,627,730			382,305
Foreign Currency Transactions		49,635			(50	)		(88	)		(4,803	)		292
Net Change in Unrealized Appreciation (Depreciation) on Investments		(26,351,820	)		(6,956,943	)		(834,080	)		1,622,927			382,597
Net Realized and Unrealized Loss on Investments		(34,609,368	)		(8,221,622	)		(1,028,392	)		(1,188,832	)		(144,105	)
Net Decrease in Net Assets Resulting from Operations	$	(33,632,260	)	$	(8,307,538	)	$	(1,028,809	)	$	(1,038,723	)	$	(108,251	)

(1) The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)

(2) Includes realized gain/(loss) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements.)

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

28

Statements of Operations

For the six months endedApril 30, 2012 (Unaudited)

	Global X Uranium ETF			Global X Lithium ETF			Global X Fertilizers/Potash ETF			Global X S&P/TSX Venture 30 Canada ETF
Investment Income:
Dividend Income	$	358,513		$	378,285		$	235,797		$	—
Security Lending Income		386,119			202,495			—			—
Less: Foreign Taxes Withheld		(54,380	)		(42,360	)		(21,935	)		—
Total Investment Income		690,252			538,420			213,862			—
Supervision and Administration Fees(1)		631,624			361,642			96,976			10,312
Total Expenses		631,624			361,642			96,976			10,312
Net Expenses		631,624			361,642			96,976			10,312
Net Investment Income (Loss)		58,628			176,778			116,886			(10,312	)
Net Realized Gain (Loss) on:
Investments		(33,704,779	)(2)		(14,807,829	)(2)		(2,713,618	)(2)		(426,176	)
Foreign Currency Transactions		238,587			(20,243	)		7,516			562
Net Realized Loss on Investments		(33,466,192	)		(14,828,072	)		(2,706,102	)		(425,614	)
Net Change in Unrealized Appreciation on:
Investments		10,885,128			14,788,075			1,574,877			221,774
Foreign Currency Transactions		11,003			3,273			78			21
Net Change in Unrealized Appreciation on Investments		10,896,131			14,791,348			1,574,955			221,795
Net Realized and Unrealized Loss on Investments		(22,570,061	)		(36,724	)		(1,131,147	)		(203,819	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(22,511,433	)	$	140,054		$	(1,014,261	)	$	(214,131	)

(1) The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)

(2) Includes realized loss as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements.)

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

29

Statements of Changes in Net Assets

	Global X Silver Miners ETF						Global X Gold Explorers ETF
	Period Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011 (Audited)			Period Ended April 30, 2012 (Unaudited)			Period Ended October 31, 2011(1) (Audited)
Operations:
Net Investment Income (Loss)	$	977,108		$	697,307		$	(85,916	)	$	(150,769	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(8,257,548	)(2)		49,906,688	(2)		(1,264,679	)(2)		596,087	(2)
Net Change in Unrealized Depreciation on Investments and Foreign Currency Transactions		(26,351,820	)		(47,167,356	)		(6,956,943	)		(6,496,458	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(33,632,260	)		3,436,639			(8,307,538	)		(6,051,140	)
Dividends and Distributions:
Net Investment Income		(528,916	)		(3,208,369	)		(545,816	)		—
Total Dividends and Distributions		(528,916	)		(3,208,369	)		(545,816	)		—
Capital Share Transactions:
Issued		26,016,500			449,418,000			10,874,500			41,769,000
Redeemed		(40,913,500	)		(258,212,500	)		—			(8,326,000	)
Increase (Decrease) in Net Assets  from Capital Share Transactions		(14,897,000	)		191,205,500			10,874,500			33,443,000
Total Increase (Decrease) in Net Assets		(49,058,176	)		191,433,770			2,021,146			27,391,860
Net Assets:
Beginning of Period		363,105,604			171,671,834			27,391,860			—
End of Period	$	314,047,428		$	363,105,604		$	29,413,006		$	27,391,860
Undistributed (Distributions in Excess of) Net Investment Income/(Accumulated Net Investment Loss)	$	351,177		$	(97,015	)	$	(729,890	)	$	(98,158	)
Share Transactions:
Issued		1,200,000			17,400,000			1,050,000			2,550,000
Redeemed		(1,850,000	)		(10,550,000	)		—			(500,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(650,000	)		6,850,000			1,050,000			2,050,000

(1) Commenced operations on November 3, 2010.

(2) Includes realized gain/(loss) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements.)

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

30

Statements of Changes in Net Assets

	Global X Pure Gold Miners ETF						Global X Copper Miners ETF
	Period Ended April 30, 2012 (Unaudited)			Period Ended October 31, 2011(1) (Audited)			Period Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011 (Audited)
Operations:
Net Investment Income (Loss)	$	(417	)	$	2,200		$	150,109		$	1,506,098
Net Realized Loss on Investments and Foreign Currency Transactions		(194,312	)(2)		(3,528	)		(2,811,759	)(2)		(8,078,425	)(2)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		(834,080	)		(114,186	)		1,622,927			(7,506,184	)
Net Decrease in Net Assets Resulting from Operations		(1,028,809	)		(115,514	)		(1,038,723	)		(14,078,511	)
Dividends and Distributions:
Net Investment Income		(86,778	)		—			(1,669,576	)		(388,853	)
Net Realized Gains		—			—			(1,004,381	)		—
Total Dividends and Distributions		(86,778	)		—			(2,673,957	)		(388,853	)
Capital Share Transactions:
Issued		636,000			5,249,500			1,521,000			116,788,000
Redeemed		—			—			(10,484,000	)		(86,732,000	)
Increase (Decrease) in Net Assets  from Capital Share Transactions		636,000			5,249,500			(8,963,000	)		30,056,000
Total Increase (Decrease) in Net Assets		(479,587	)		5,133,986			(12,675,680	)		15,588,636
Net Assets:
Beginning of Period		5,133,986			—			45,517,213			29,928,577
End of Period	$	4,654,399		$	5,133,986		$	32,841,533		$	45,517,213
Undistributed (Distributions in Excess of) Net Investment Income	$	(86,108	)	$	1,087		$	(320,475	)	$	1,198,992
Share Transactions:
Issued		50,000			350,000			100,000			6,150,000
Redeemed		—			—			(750,000	)		(4,900,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		50,000			350,000			(650,000	)		1,250,000

(1) Commenced operations on March 14, 2011.

(2) Includes realized loss as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements.)

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

31

Statements of Changes in Net Assets

	Global X Aluminum ETF						Global X Uranium ETF
	Period Ended April 30, 2012 (Unaudited)			Period Ended October 31, 2011(1) (Audited)			Period Ended April 30, 2012 (Unaudited)			Period Ended October 31, 2011(2) (Audited)
Operations:
Net Investment Income	$	35,854		$	30,803		$	58,628		$	2,123,060
Net Realized Loss on Investments and Foreign Currency Transactions		(526,702	)(3)		(110,145	)(3)		(33,466,192	)(3)		(19,773,756	)(3)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		382,597			(1,524,905	)		10,896,131			(122,367,223	)
Net Decrease in Net Assets Resulting from Operations		(108,251	)		(1,604,247	)		(22,511,433	)		(140,017,919	)
Dividends and Distributions:
Net Investment Income		(31,384	)		—			—			(2,682,085	)
Total Dividends and Distributions		(31,384	)		—			—			(2,682,085	)
Capital Share Transactions:
Issued		—			5,989,000			11,519,000			406,784,000
Redeemed		(1,023,500	)		(662,000	)		(14,494,500	)		(64,735,000	)
Increase (Decrease) in Net Assets  from Capital Share Transactions		(1,023,500	)		5,327,000			(2,975,500	)		342,049,000
Total Increase (Decrease) in Net Assets		(1,163,135	)		3,722,753			(25,486,933	)		199,348,996
Net Assets:
Beginning of Period		3,722,753			—			199,348,996			—
End of Period	$	2,559,618		$	3,722,753		$	173,862,063		$	199,348,996
Undistributed (Distributions in Excess of) Net Investment Income/(Accumulated Net Investment Loss)	$	24,720		$	20,250		$	(335,214	)	$	(393,842	)
Share Transactions:
Issued		—			400,000			1,150,000			23,900,000
Redeemed		(100,000	)		(50,000	)		(1,450,000	)		(4,150,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(100,000	)		350,000			(300,000	)		19,750,000

(1) Commenced operations on January 4, 2011.

(2) Commenced operations on November 4, 2010.

(3) Includes realized gain/(loss) as a result of in-kind transactions. See Note 4 in Notes to Financial Statements.)

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

32

Statements of Changes in Net Assets

	Global X Lithium ETF						Global X Fertilizers/Potash ETF
	Period Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011 (Audited)			Period Ended April 30, 2012 (Unaudited)			Period Ended October 31, 2011(1) (Audited)
Operations:
Net Investment Income (Loss)	$	176,778		$	(324,650	)	$	116,886		$	91,659
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(14,828,072	)(2)		(1,456,429	)(2)		(2,706,102	)(2)		59,099
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		14,791,348			(34,183,005	)		1,574,955			(2,895,447	)
Net Increase (Decrease) in Net Assets Resulting from Operations		140,054			(35,964,084	)		(1,014,261	)		(2,744,689	)
Dividends and Distributions:
Net Investment Income		(114,415	)		(1,533,031	)		(185,936	)		—
Net Realized Gains		—			(105,326	)		(32,332	)		—
Total Dividends and Distributions		(114,415	)		(1,638,357	)		(218,268	)		—
Capital Share Transactions:
Issued		11,963,500			140,851,000			2,052,500			37,904,500
Redeemed		(29,588,500	)		(74,264,500	)		(8,207,000	)		—
Increase (Decrease) in Net Assets  from Capital Share Transactions		(17,625,000	)		66,586,500			(6,154,500	)		37,904,500
Total Increase (Decrease) in Net Assets		(17,599,361	)		28,984,059			(7,387,029	)		35,159,811
Net Assets:
Beginning of Period		107,300,624			78,316,565			35,159,811			—
End of Period	$	89,701,263		$	107,300,624		$	27,772,782		$	35,159,811
Undistributed (Distributions in Excess of) Net Investment Income	$	(7,940	)	$	(70,303	)	$	31,492		$	100,542
Share Transactions:
Issued		750,000			6,550,000			150,000			2,500,000
Redeemed		(1,900,000	)		(3,750,000	)		(650,000	)		—
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(1,150,000	)		2,800,000			(500,000	)		2,500,000

(1) Commenced operations on May 25, 2011.

(2) Includes realized gain/(loss) as a result of in-kind transactions. See Note 4 in Notes to Financial Statements.)

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

33

Statements of Changes in Net Assets

	Global X S&P/TSX Venture 30 Canada ETF
	Period Ended April 30, 2012 (Unaudited)			Period Ended October 31, 2011(1) (Audited)
Operations:
Net Investment Loss	$	(10,312	)	$	(16,092	)
Net Realized Loss on Investments and Foreign Currency Transactions		(425,614	)		(403,595	)(2)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		221,795			(698,582	)
Net Decrease in Net Assets Resulting from Operations		(214,131	)		(1,118,269	)
Dividends and Distributions:
Net Investment Income		(71,812	)		—
Total Dividends and Distributions		(71,812	)		—
Capital Share Transactions:
Issued		—			6,060,000
Redeemed		—			(2,060,000	)
Increase in Net Assets from Capital Share Transactions		—			4,000,000
Total Increase (Decrease) in Net Assets		(285,943	)		2,881,731
Net Assets:
Beginning of Period		2,881,731			—
End of Period	$	2,595,788		$	2,881,731
Distributions in Excess of Net Investment Income/(Accumulated Net Investment Loss)	$	(102,641	)	$	(20,517	)
Share Transactions:
Issued		—			400,000
Redeemed		—			(150,000	)
Net Increase in Shares Outstanding from Share Transactions		—			250,000

(1) Commenced operations on March 16, 2011.

(2) Includes realized gain as a result of in-kind transactions.

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

34

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income (Loss) ($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)			Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)
Global X Silver Miners ETF
2012(Unaudited)		23.66		0.07			(2.33	)		(2.26	)		(0.04	)		—			(0.04	)		21.36		(9.56	)		314,047		0.65	†		0.58	†		14.03	††
2011		20.20		0.04			3.66			3.70			(0.24	)		—			(0.24	)		23.66		18.20			363,106		0.65			0.16			26.50
2010(1)		14.50		0.05			5.65			5.70			—			—			—			20.20		39.31			171,672		0.65	†		0.61	†		0.35	††
Global X Gold Explorers ETF
2012(Unaudited)		13.36		(0.04	)		(3.58	)		(3.62	)		(0.25	)		—			(0.25	)		9.49		(27.21	)		29,413		0.65	†		(0.65	)†		22.85	††
2011(2)		15.49		(0.10	)		(2.03	)		(2.13	)		—			—			—			13.36		(13.75	)		27,392		0.65	†		(0.65	)†		29.96	††
Global X Pure Gold Miners ETF
2012(Unaudited)		14.67		—			(2.78	)		(2.78	)		(0.25	)		—			(0.25	)		11.64		(19.00	)		4,654		0.59	†		(0.02	)†		11.86	††
2011(3)		15.15		0.01			(0.49	)		(0.48	)		—			—			—			14.67		(3.17	)		5,134		0.59	†		0.10	†		7.61	††
Global X Copper Miners ETF
2012(Unaudited)		14.92		0.05			(0.38	)		(0.33	)		(0.57	)		(0.34	)		(0.91	)		13.68		(1.69	)		32,842		0.65	†		0.78	†		18.37	††
2011		16.63		0.35			(1.97	)		(1.62	)		(0.09	)		—			(0.09	)		14.92		(9.85	)		45,517		0.65			1.91			15.78
2010(1)		14.40		—			2.23			2.23			—			—			—			16.63		15.49			29,929		0.65	†		0.06	†		1.36	††
Global X Aluminum ETF
2012(Unaudited)		10.64		0.12			(0.42	)		(0.30	)		(0.10	)		—			(0.10	)		10.24		(2.64	)		2,560		0.69	†		2.41	†		13.41	††
2011(4)		15.27		0.09			(4.72	)		(4.63	)		—			—			—			10.64		(30.32	)		3,723		0.69	†		0.84	†		15.47	††

(1) The Fund commenced operations on April 19, 2010.

(2) The Fund commenced operations on November 3, 2010.

(3) The Fund commenced operations on March 14, 2011.

(4) The Fund commenced operations on January 4, 2011.

* 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 has not been annualized. Excludes effect of in-kind transfers.

Amounts designated as “—” are either $0 or have been rounded to $0.

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

35

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income (Loss) ($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)			Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)
Global X Uranium ETF
2012(Unaudited)		10.09		—			(1.15	)		(1.15	)		—			—			—			8.94		(11.40	)		173,862		0.69	†		0.06	†		37.29	††
2011(1)		16.78		0.15			(6.45	)		(6.30	)		(0.39	)		—			(0.39	)		10.09		(38.70	)		199,349		0.69	†		1.10	†		24.17	††
Global X Lithium ETF
2012(Unaudited)		15.90		0.03			0.11	(5)		0.14			(0.02	)		—			(0.02	)		16.02		0.89			89,701		0.75	†		0.37	†		22.42	††
2011		19.83		(0.04	)		(3.62	)		(3.66	)		(0.25	)		(0.02	)		(0.27	)		15.90		(18.86	)		107,301		0.75			(0.22	)		24.87
2010(2)		15.51		(0.03	)		4.35			4.32			—			—			—			19.83		27.85			78,317		0.75	†		(0.62	)†		5.55	††
Global X Fertilizers/Potash ETF
2012(Unaudited)		14.06		0.06			(0.12	)		(0.06	)		(0.09	)		(0.02	)		(0.11	)		13.89		(0.32	)		27,773		0.69	†		0.83	†		13.61	††
2011(3)		15.05		0.06			(1.05	)		(0.99	)		—			—			—			14.06		(6.58	)		35,160		0.69	†		0.90	†		7.55	††
Global X S&P/TSX Venture 30 Canada ETF
2012(Unaudited)		11.53		(0.04	)		(0.82	)		(0.86	)		(0.29	)		—			(0.29	)		10.38		(7.27	)		2,596		0.75	†		(0.76	)†		76.77	††
2011(4)		15.04		(0.07	)		(3.44	)		(3.51	)		—			—			—			11.53		(23.34	)		2,882		0.75	†		(0.77	)†		28.23	††

(1) The Fund commenced operations on November 4, 2010.

(2) The Fund commenced operations on July 22, 2010.

(3) The Fund commenced operations on May 25, 2011.

(4) The Fund commenced operations on March 16, 2011.

(5) The amount shown for a share outstanding throughout the period does not accord with the aggregate net gains on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.

* 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 has not been annualized. Excludes effect of in-kind transfers.

Amounts designated as “—” are either $0 or have been rounded to $0.

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

36

Notes to Financial Statements

April 30, 2012 (unaudited)

1. ORGANIZATION

The Global X Funds (the “Trust”) is a Delaware Statutory Trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company with eighty-seven portfolios as of April 30, 2012. The financial statements herein and the related notes pertain to the Global X Silver Miners ETF, Global X Gold Explorers ETF, Global X Pure Gold Miners ETF, Global X Copper Miners ETF, Global X Aluminum ETF, Global X Uranium ETF, Global X Lithium ETF, Global X Fertilizers/Potash ETF and Global X S&P/TSX Venture 30 Canada ETF (the “Funds”). Each Fund is non-diversified.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the Significant Accounting Policies followed by the Funds.

USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates, and could have a material impact to the Funds.

SECURITY VALUATION — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on 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 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 (absent both bid and asked prices on such exchange, the bid price may be used).

For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.

Securities for which market prices are not “readily available” are valued in accordance with Fair Value Procedures established by the Board of Directors (the “Board”). The Funds’ Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security's trading has been halted or suspended; the security has been  

37

Notes to Financial Statements (continued)

April 30, 2012 (unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (continued)

de-listed from a national 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. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. As of April 30, 2012, there were $764,976 and $10,444 of fair valued securities in the Global X Silver Miners ETF and Global X Pure Gold Miners ETF, respectively. There were no other securities priced using the fair value procedures.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security's last trade and the time at which the Fund’s calculated their net asset value. The closing prices of such securities may no longer reflect their market value at the time the Funds calculated net asset value if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security's last close and the time that the Funds calculate net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If Global X Management Company LLC (the “Adviser”) becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate net asset value, it may request that a Committee meeting be called. In addition, the Funds’ Sub-administrator, SEI Investments Global Funds Services (“SEIGFS”), monitors price movements among certain selected indices, securities and/or baskets of securities that may be an indicator that the closing prices received earlier from foreign exchanges or markets may not reflect market value at the time the Funds calculate net asset value. If price movements in a monitored index or security exceed levels established by the Sub-administrator, the Sub-administrator notifies the Adviser that such limits have been exceeded. In such event, the Adviser makes the determination whether a Committee meeting should be called based on the information provided.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

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

38

Notes to Financial Statements (continued)

April 30, 2012 (unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (concluded)

Level 2 – Other significant observable inputs (including quoted prices for similar investments, fair value of investments for which the Fund has the ability to fully redeem tranches at net asset value as of the measurement date or within the near term, and short-term investments valued at amortized cost)

Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments, fair value of investments for which the Fund does not have the ability to fully redeem tranches at net asset value 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 the period ended April 30, 2012 there has been no significant changes to the Funds’ fair valuation methodologies.

FEDERAL INCOME TAXES — It is each Fund’s intention to qualify or continue to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended. Accordingly, no provisions for Federal income taxes have been made in the financial statements.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provision 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), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

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.

FOREIGN CURRENCY TRANSLATION — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds’ do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net  

39

Notes to Financial Statements (continued)

April 30, 2012 (unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (concluded)

realized and unrealized gains and losses on investments on the Statement of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.

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

CREATION UNITS — The Funds issue and redeem shares (“Shares”) at Net Asset Value (“NAV”) and only in large blocks of Shares, (each block of Shares for a Fund is called a “Creation Unit” or multiples thereof). Purchasers of Creation Units (“Authorized Participants“) at NAV must pay a standard creation transaction fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an investor 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 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, a higher Transaction Fee will be charged. The following table discloses Creation Unit breakdown:

	Creation		Transaction				Redemption
	Unit Shares		Fee		Value		Fee
Global X Silver Miners ETF		50,000	$	1,000	$	1,068,000	$	1,000
Global X Gold Explorers ETF		50,000		1,000		474,500		1,000
Global X Pure Gold Miners ETF		50,000		1,000		582,000		1,000
Global X Copper Miners ETF		50,000		1,000		684,000		1,000
Global X Aluminum ETF		50,000		1,000		512,000		1,000
Global X Uranium ETF		50,000		1,000		447,000		1,000
Global X Lithium ETF		50,000		1,000		801,000		1,000
Global X Fertilizers/Potash ETF		50,000		1,000		694,500		1,000
Global X S&P/TSX Venture 30 Canada ETF		50,000		1,000		519,000		1,000

3. RELATED PARTY TRANSACTIONS

The Adviser serves as the investment adviser and the administrator for the Funds. Subject to the supervision of the Board of Trustees, the Adviser is responsible for managing the investment activities of the Funds and the Funds’ business affairs and other administrative matters and provides or causes to be furnished all supervisory, administrative and other services reasonably necessary for the operation of the Funds, including certain distribution services (provided pursuant to a separate Distribution Agreement), certain shareholder and distribution-related services (provided pursuant to

40

Notes to Financial Statements (continued)

April 30, 2012 (unaudited)

3. RELATED PARTY TRANSACTIONS (continued)

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 its service to the Funds, under the Supervision and Administration Agreement, each Fund pays a monthly fee to the Adviser at the annual rate (stated as a percentage of the average daily net assets of the Fund). In addition, the Funds bear other expenses that are not covered by the Supervision and Administration Agreement, which may vary and affect the total expense ratios of the Funds, such as taxes, brokerage fees, commissions, acquired fund fees and other transaction expenses, interest expenses, and extraordinary expenses (such as litigation and indemnification expenses). 

	Supervision and
	Administration Fee
Global X Silver Miners ETF		0.65	%
Global X Gold Explorers ETF		0.65	%
Global X Pure Gold Miners ETF		0.59	%
Global X Copper Miners ETF		0.65	%
Global X Aluminum ETF		0.69	%
Global X Uranium ETF		0.69	%
Global X Lithium ETF		0.75	%
Global X Fertilizer/Potash ETF		0.69	%
Global X S&P/TSX Venture 30 Canada ETF		0.75	%

The Adviser and MCCA Lithium ETF, LLC (“MCCA”), a single purpose limited liability firm, have entered into an agreement, pursuant to which MCCA has agreed to assist the Adviser, in its capacity as sponsor of the Global X Lithium ETF, by providing initial capital and additional financial resources to the Adviser in connection with the listing, launch and the continuing operation of the Global X Lithium Fund. In return, the Adviser has agreed to compensate MCCA for its financial assistance to the Adviser with respect to the Global X Lithium ETF by sharing with MCCA fifty percent (50%) of the Adviser’s Net Profits with respect to the Global X Lithium ETF. For this purpose, the term Net Profits means, for any calendar quarter, the total management fees received by the Adviser with respect to the Global X Lithium ETF less direct expenses, marketing expenses and overhead expenses for the Global X Lithium ETF during such quarter. In the event that there are no Net Profits with respect to the Global X Lithium ETF in any calendar quarter, MCCA shall pay fifty percent of the negative shortfall in Net Profits to the Adviser. The agreement between the parties does not contemplate that MCCA or any of its affiliates will be involved directly or indirectly in the distribution of shares of the Global X Lithium ETF.

SEIGFS serves as Sub-Administrator to the Funds. As Sub-Administrator, SEIGFS provides the Funds with the required general administrative services, including, without limitation: office space, equipment, and personnel; clerical and general back office services; bookkeeping, internal accounting and secretarial services; the calculation of NAV; and assistance with the preparation and filing of reports, registration statements, proxy statements and other materials required to be filed or furnished by the Funds under federal and state securities laws. As compensation for these services, the Sub-Administrator receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser.

41

Notes to Financial Statements (continued)

April 30, 2012 (unaudited)

3. RELATED PARTY TRANSACTIONS (concluded)

SEI Investments Distribution Co. (“SIDCO”) serves as each Funds underwriter and distributor of Shares pursuant to a Distribution Agreement. Under the Distribution Agreement, SIDCO, as agent, receives orders to create and redeem Shares in Creation Unit Aggregations and transmits such orders to the Trust’s custodian and transfer agent. The Distributor has no obligation to sell any specific quantity of Fund Shares. 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 for its distribution services under the Distribution Agreement.

4. INVESTMENT TRANSACTIONS

For the period ended April 30, 2012, the purchases and sales of investments in securities, excluding in-kind transactions, long-term U.S. Government and short-term securities were:

			Sales and
	Purchases		Maturities
Global X Silver Miners ETF	$	48,449,497	$	48,260,874
Global X Gold Explorers ETF		6,253,940		6,895,512
Global X Pure Gold Miners ETF		591,218		670,712
Global X Copper Miners ETF		7,280,626		9,754,394
Global X Aluminum ETF		410,144		479,317
Global X Uranium ETF		69,634,947		72,967,179
Global X Lithium ETF		21,835,726		21,802,072
Global X Fertilizers/Potash ETF		3,880,917		4,589,772
Global X S&P/TSX Venture 30 Canada ETF		2,138,312		2,259,445

For the period ended April 30, 2012, in-kind transactions associated with creations and redemptions were:

			Sales and		Realized
	Purchases		Maturities		Gain/(Loss)
Global X Silver Miners ETF	$	25,983,806	$	38,760,812	$	2,217,613
Global X Gold Explorers ETF		10,887,023		-		-
Global X Pure Gold Miners ETF		628,887		-		-
Global X Copper Miners ETF		1,523,248		10,478,708		(2,232,358	)
Global X Aluminum ETF		-		954,402		(343,399	)
Global X Uranium ETF		11,548,993		14,494,262		848,207
Global X Lithium ETF		-		17,578,682		(7,591,999	)
Global X Fertilizers/Potash ETF		1,913,044		7,383,094		(1,972,412	)
Global X S&P/TSX Venture 30 Canada ETF		-		-		-

During the period ended April 30, 2012, there were no purchases or sales of long-term U.S. Government securities for the Funds.

42

Notes to Financial Statements (continued)

April 30, 2012 (unaudited)

5. TAX INFORMATION

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

The tax character of dividends and distributions paid during the last period ended October 31, 2011 and 2010 were as follows:

Global X Funds	Ordinary Income		Long-Term  Capital Gain		Totals
Global X Silver Miners ETF
2011	$	3,208,369	$	–	$	3,208,369
2010		–		–		–
Global X Copper Miners ETF
2011	$	388,853	$	–	$	388,853
2010		–		–		–
Global X Uranium ETF
2011	$	2,442,914	$	239,171	$	2,682,085
Global X Lithium ETF
2011	$	1,638,357	$	–	$	1,638,357
2010		–		–		–

As of October 31, 2011, the Components of Tax Basis Distributable Earnings (Accumulated Losses) were as follows:

	Global X Funds
	Global X Silver Miners ETF			Global X Gold Explorers ETF			Global X Pure Gold Miners ETF
Undistributed Ordinary Income	$	–		$	545,816		$	89,967
Capital Loss Carryforwards		(8,433,466	)		(130,976	)		–
Unrealized Depreciation on Investments and Foreign Currency		(24,506,024	)		(7,250,085	)		(205,481	)
Total Accumulated Losses	$	(32,939,490	)	$	(6,835,245	)	$	(115,514	)

	Global X Funds
	Global X Copper Miners ETF			Global X Aluminum ETF			Global X Uranium ETF
Undistributed Ordinary Income	$	2,582,213		$	20,251		$	–
Undistributed Long-Term Capital Gain		15,799			–			–
Capital Loss Carryforwards		–			(14,836	)		(12,705,798	)
Unrealized Depreciation on Investments and Foreign Currency		(7,492,168	)		(1,548,838	)		(133,623,067	)
Other Temporary Differences		(8	)		–			(44,194	)
Total Accumulated Losses	$	(4,894,164	)	$	(1,543,423	)	$	(146,373,059	)

43

Notes to Financial Statements (continued)

April 30, 2012 (unaudited)

5. TAX INFORMATION (continued)

	Global X Funds
	Global X Lithium ETF			Global X Fertilizers/Potash ETF			Global X S&P/TSX Venture 30 Canada ETF
Undistributed Ordinary Income	$	–		$	132,874		$	71,812
Capital Loss Carryforwards		(7,329,311	)		–			(506,011	)
Unrealized Depreciation on Investments and Foreign Currency		(27,231,647	)		(2,877,563	)		(796,382	)
Total Accumulated Losses	$	(34,560,958	)	$	(2,744,689	)	$	(1,230,581	)

For Federal income tax purposes, capital loss carryforwards represent realized losses of the Funds that may be carried forward for a maximum period of eight years and applied against future gains. As of October 31, 2011, the Funds that had capital loss carryforwards are listed below.

	Global X Silver Miners ETF		Global X Uranium ETF		Global X Lithium ETF
Oct. 2019	$	8,433,466	$	12,705,798	$	7,329,311
Total	$	8,433,466	$	12,705,798	$	7,329,311

During the fiscal year ended October 31, 2011, Global X Copper Miners ETF utilized $10,213 of capital loss carry forwards to offset capital gains.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be used prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, preenactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. Losses carried forward under these new provisions are as follows:

	Short-Term		Long-Term
Global X Funds	Loss		Loss		Total
Global X Gold Explorers ETF	$	130,976		-	$	130,976
Global X Aluminum		14,836		-		14,836
Global X S&P/TSX Venture 30 Canada ETF		506,011		-		506,011

44

Notes to Financial Statements (continued)

April 30, 2012 (unaudited)

5. TAX INFORMATION (concluded)

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at April 30, 2012 were as follows:

Global X Funds	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Depreciation
Global X Silver Miners ETF	$	372,987,246	$	16,827,606	$	(61,039,215	)	$	(44,211,609	)
Global X Gold Explorers ETF		42,897,837		157,767		(13,611,120	)		(13,453,353	)
Global X Pure Gold Miners ETF		5,602,782		172,056		(1,120,331	)		(948,275	)
Global X Copper ETF		38,576,295		1,049,330		(6,167,324	)		(5,117,994	)
Global X Aluminum ETF		3,705,561		13,944		(1,156,507	)		(1,142,563	)
Global X Uranium ETF		337,749,740		–		(111,478,019	)		(111,478,019	)
Global X Lithium ETF		120,059,003		12,074,868		(24,269,367	)		(12,194,499	)
Global X Fertilizers/Potash ETF		29,020,057		1,948,927		(3,269,610	)		(1,320,683	)
Global X S&P/TSX Venture 30 Canada ETF		3,073,612		279,914		(756,722	)		(476,808	)

The preceding differences between book and tax cost are primarily due to mark to market treatment of passive foreign investment companies and wash sales.

6. CONCENTRATION OF RISKS

The Funds invest in securities of foreign issuers in several countries. These investments may involve certain considerations and risks not typically associated with investments in the United States as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries.

The securities markets of emerging countries are less liquid and subject to greater price volatility, and have a smaller market capitalization, than the U.S. securities markets. In certain countries, there may be fewer publicly traded securities and the market may be dominated by a few issues or sectors. Issuers and securities markets in such countries are not subject to as extensive and frequent accounting, financial and other reporting requirements or as comprehensive government regulations as are issuers and securities markets in the U.S. In particular, the assets and profits appearing on the financial statements of emerging country issuers may not reflect their financial position or results of operations in the same manner as financial statements for U.S. issuers. Substantially less information may be publicly available about emerging country issuers than is available about issuers in the United States.

The Funds may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned.

The Funds use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of the Underlying Index in approximately the same proportions as in the Underlying Index. The Funds may utilize a representative sampling strategy with respect to its Underlying Index when a replication strategy might be detrimental to its shareholders, such as when

45

Notes to Financial Statements (continued)

April 30, 2012 (unaudited)

6. CONCENTRATION OF RISKS (concluded)

there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to follow its Underlying Index, or, in certain instances, when securities in the Underlying Index become temporarily illiquid, unavailable or less liquid, or due to legal restrictions (such as diversification requirements that apply to the Funds but not the Underlying Indexes). 

Commodity related securities, are susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets could have a great impact on these Funds.

7. OTHER

At April 30, 2012, the total Shares outstanding that were held by Authorized Participants were as follows. The Authorized Participants have entered into an agreement with the Funds’ Distributor.

			Percentage of
	Authorized		Shares
	Participants		Outstanding
Global X Silver Miners ETF		5		100	%
Global X Gold Explorers ETF		4		100	%
Global X Pure Gold Miners ETF		3		100	%
Global X Copper Miners ETF		4		100	%
Global X Aluminum ETF		2		100	%
Global X Uranium ETF		7		100	%
Global X Lithium ETF		4		100	%
Global X Fertilizers/Potash ETF		4		100	%
Global X S&P/TSX Venture 30 Canada ETF		2		100	%

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.

8. LOANS OF PORTFOLIO SECURITIES

The Funds may lend portfolio securities having a market value up to one-third of the Funds’ total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments. It is the Funds’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Funds if and to the extent that the market value of the securities loans were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. The Funds could also experience delays and costs in gaining access to the collateral. The Funds bear the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. As of April 30, 2012, the value of securities on loan was $12,244,009, $590,625, $36,433,234 and $9,517,176 for the Global X Silver Miners ETF, Global X Copper Miners ETF, Global X Uranium ETF and Global X Lithium ETF, respectively.

46

Notes to Financial Statements (concluded)

April 30, 2012 (unaudited)

9. CONTRACTUAL OBLIGATIONS

The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds maximum exposure under these arrangements is unknown. However the Funds have not had prior gains or losses pursuant to these contracts. Management has reviewed the Funds’ existing contracts and expects the risk of loss to be remote.

10. NEW ACCOUNTING PROUNCEMENTS

In May 2011, the FASB issued ASU No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”)”. ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity, and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. Adoption of ASU 2011-04 will not materially affect the Funds’ financial condition or results of operations.

11. SUBSEQUENT EVENT

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

Subsequent to half-year end, on May 25, 2012, the Board of Trustees of the Trust (including the Independent Trustees) initially considered and unanimously approved the Investment Advisory Agreement and the Supervision and Administration Agreement for the Global X Top Guru Holdings Index ETF, Global X Top Value Guru Holdings Index ETF, and Global X Top Activist Investor Holdings Index ETF.

Subsequent to half-year end, on May 25, 2012, the Board of Trustees of the Trust determined that it is in the best interest of the Global X S&P/TSX Venture 30 Canada ETF to modify the Fund’s investment objective and strategies and to change the Fund’s name. The Fund will be renamed the Global X Junior Miners ETF and will pursue the investment objective and strategies outlined below. These changes are scheduled to go into effect on or about September 3, 2012.

The Fund currently seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P/TSX Venture 30 Index. The S&P/TSX Venture 30 Index is a free-float adjusted, modified capitalization-weighted index designed to provide exposure to the 30 most liquid securities on the TSX Venture Exchange. The TSX Venture exchange is Canada’s junior listings market for emerging companies. Currently the Fund is mostly comprised of small-capitalization companies based in Canada that operate within the mining and energy sectors. Upon implementation of the change, the Fund’s new objective will be to provide

47

Notes to Financial Statements (concluded)

April 30, 2012 (unaudited)

11. SUBSEQUENT EVENT (continued)

investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Junior Miners Index. The Solactive Junior Miners Index is designed to track the market performance of small-capitalization mining companies globally, and therefore the geographic scope of the Fund will expand accordingly. The Fund intends to focus its investments on small-capitalization mining companies including those engaged in mining, producing, smelting, and/or refining materials including but not limited to gold, silver, copper, aluminum, titanium and nickel. 

This change is intended to position the Fund to benefit from the growth of commodity consumption around the world by investing in companies that are key elements of the commodity supply chain. This change also allows the Fund to diversify its investments geographically, although the change will increase the Fund’s exposure to emerging markets which may increase the risk of the Fund’s investments. These risks will be described in an updated Summary Prospectus and Statutory Prospectus that will be available at the time the changes described herein become effective.

The Fund also expects to gain certain cost efficiencies associated with the change in investment objective, and upon implementation of the change the total annual expense ratio of the Fund will be reduced from 0.75% to 0.69%.

Subsequent to half-year end, the following investment portfolio of the Trust commenced operations.

Fund Name	Commenced Operations
Global X Top Guru Holdings Index ETF	06/04/2012

48

Disclosure of Fund Expenses (unaudited)

All Exchange Traded Funds (“ETF”) have operating expenses. As a shareholder of an ETF, your investment is affected by these ongoing costs, which include (among others) costs for ETF management, administrative services, brokerage fees, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.

Operating expenses such as these are deducted from an ETF’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the ETF’s average net assets; this percentage is known as the ETF’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The table on the next page illustrates your Fund’s costs in two ways:

Actual Fund Return. This section helps you to estimate the actual expenses that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Funds, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Funds under “Expenses Paid During Period.”

Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other funds. It assumes that the Funds had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expense Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.

NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.

49

Disclosure of Fund Expenses (unaudited) (concluded)

	Beginning Account Value 11/1/2011		Ending Account Value 4/30/2012		Annualized Expense Ratios			Expenses Paid During Period(1)
Global X Silver Miners ETF
Actual Fund Return	$	1,000.00	$	904.40		0.65	%	$	3.08
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27
Global X Gold Explorers ETF
Actual Fund Return	$	1,000.00		727.90		0.65			2.79
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27
Global X Pure Gold Miners ETF
Actual Fund Return	$	1,000.00		810.00		0.59			2.66
Hypothetical 5% Return		1,000.00		1,021.93		0.59			2.97
Global X Copper Miners ETF
Actual Fund Return	$	1,000.00		983.10		0.65			3.20
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27
Global X Aluminum ETF
Actual Fund Return	$	1,000.00		973.60		0.69			3.39
Hypothetical 5% Return		1,000.00		1,021.43		0.69			3.47
Global X Uranium ETF
Actual Fund Return	$	1,000.00		886.00		0.69			3.24
Hypothetical 5% Return		1,000.00		1,021.43		0.69			3.47
Global X Lithium ETF
Actual Fund Return	$	1,000.00		1,008.90		0.75			3.75
Hypothetical 5% Return		1,000.00		1,021.13		0.75			3.77
Global X Fertilizers/Potash ETF
Actual Fund Return	$	1,000.00		996.80		0.69			3.43
Hypothetical 5% Return		1,000.00		1,021.43		0.69			3.47
Global X S&P/TSX Venture 30 Canada ETF
Actual Fund Return	$	1,000.00		927.30		0.75			3.59
Hypothetical 5% Return		1,000.00		1,021.13		0.75			3.77

⁽¹⁾ Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 182/366 (to reflect the one-half year period.)

50

Approval of Investment Advisory Agreement (unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended ("1940 Act"), requires that each mutual fund’s board of trustees, including a majority of those trustees who are not "interested persons" of the mutual fund, as defined in the 1940 Act ("Independent Trustees"), consider on an initial basis and periodically thereafter (as required by the 1940 Act), at an in person meeting called for such purpose, the terms of each fund’s investment advisory agreement and approve each agreement with such changes as the Independent Trustees deem appropriate.

At a quarterly Board meeting held on November 11, 2011, the Board of Trustees (including the Independent Trustees) considered and unanimously approved the continuation of (i) the Investment Advisory Agreement ("Renewal Investment Advisory Agreement") for each Fund covered by this Semi-Annual Report and other series of the Trust (each a "Renewal Fund") and (ii) the Supervision and Administration Agreement between the Trust ("Renewal Supervision and Administration Agreement"), on behalf of each Renewal Fund, and Global X Management Company ("Global X Management"). The Renewal Investment Advisory Agreement and the Renewal Supervision and Administration Agreement are referred to herein as the "Renewal Agreements."

In advance of the Board meeting, the Board (including the Independent Trustees) requested (in writing) detailed information from Global X Management in connection with their consideration of the Renewal Agreements and received and reviewed written responses from Global X Management and supporting materials relating to those requests for information.

In determining to approve the continuation of the Renewal Agreements for each Renewal Fund, the Board concluded that the Renewal Agreements were fair and reasonable and in the best interests of each Renewal Fund and its shareholders, respectively. In approving the continuation of the Renewal Agreements for each Renewal Fund, the Board considered among other things the following categories of material factors. In addition, the Board based their determinations regarding the continuation of each of the Renewal Fund Agreements on their consideration of all of the materials provided to them by Global X Management and each Renewal Fund’s other service providers throughout the year.

In reaching this decision, the Board did not assign relative weights to the factors discussed below nor did the Board deem any one factor or group of them to be controlling in and of themselves. Certain factors considered by the Board (including the Independent Trustees) with respect to the approval of the continuation of the Renewal Agreements are discussed separately below.

RENEWAL AGREEMENTS

Nature, extent and quality of services

With respect to this factor, the Board considered:

•       the terms of the Renewal Agreements and the range of services that would continue to be provided to each Renewal Fund in accordance with the Renewal Agreements;

•       Global X Management’s key personnel and the portfolio managers who would continue to provide investment advisory, supervision and administrative services to each Renewal Fund. In connection with these considerations, the Board noted that Global X Management had significantly increased its support staff and operational resources since the inception of each Renewal Fund;

•       Global X Management’s responsibilities under the Renewal Agreements, among other things,  

51

Approval of Investment Advisory Agreement (unaudited) (continued)

to: (i) manage the investment operations of each Renewal Fund and the composition of each Renewal Fund’s assets, including the purchase, retention and disposition of its holdings, (ii) provide quarterly reports to the Trust’s officers and Board and other reports as the Board deems necessary or appropriate, (iii) vote proxies, exercise consents, and exercise all other rights relating to securities and assets held by each Renewal Fund, (iv) select broker- dealers to execute portfolio transactions for each Renewal Fund when necessary, (v) assist in the preparation and filing of reports and proxy statements (if any) to the shareholders of each Renewal Fund, the periodic updating of the registration statement, prospectuses, statement of additional information, and other reports and documents for each Renewal Fund that are required to be filed by the Trust with the SEC and other regulatory and governmental bodies, and (vi) monitor anticipated purchases and redemptions of the shares (including creation units) of each Renewal Fund by shareholders and new investors;

•       the nature, extent and quality of the all of the services (including advisory, administrative and compliance services) that have been provided by Global X Management or made available to each Renewal Fund and the adequacy of Global X Management’s personnel resources that would continue to be made available to each Renewal Fund; and

•       Global X Management’s experience and the professional qualifications of Global X Management’s key personnel.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to each Renewal Funds by Global X Management.

Performance

With respect to this fact, the Board considered each Renewal Fund’s total return and investment performance relative to (i) the performance of unaffiliated comparable specialized and/or focused exchange-traded funds and other registered funds in the same classification as each of the Renewal Funds, which performance information is publicly available from such registered funds as well as other third party sources; and (ii) the performance of comparable registered funds, pertinent indexes, and pertinent registered fund performance rankings. The Board noted that most of the Renewal Funds had only been in operations for a few months and that some Renewal Funds had not yet commenced operations. The Board observed that, for the Renewal Funds that had not commenced operations, meaningful data relating to investment performance was not available and, therefore, could not be a factor in approving the Renewal Agreements for the non- operational Renewal Funds.

Based on these considerations and comparisons, the Board concluded that the investment performance of each operational Renewal Fund did not adversely affect the Board approval of the continuance of the Renewal Agreements.

Cost of Services and Profitability

The Board considered Global X Management’s cost to provide investment management and related services to each Renewal Fund. In this regard, the Board considered the Management Fee that has been borne by each Renewal Fund under the Renewal Agreements for the various investment advisory, supervisory and administrative services that each Renewal Fund requires under a unitary fee structure (including the types of fees and expenses that are not included within the unitary fee and would be borne by each Renewal Fund).

52

Approval of Investment Advisory Agreement (unaudited) (continued)

In addition, the Board considered the current and expected profitability to Global X Management from all services provided to the Renewal Funds and all aspects of Global X Management’s relationship with each of the Renewal Funds. In connection with these considerations, the Global X Management provided the Board with financial information regarding its operations and services to the Renewal Funds and discussed with the Board its current and expected profitability with respect to the Renewal Funds. Global X Management noted that it was likely that it would not generate profits in the upcoming year from its services to certain of the newer or smaller Renewal Funds because of the small amount of assets under management for those Renewal Funds.

Based on these considerations, the Board concluded that the profits anticipated to be realized by Global X Management from its relationship with each of the Renewal Funds would not be excessive and should not preclude approval of the continuance of each Renewal Agreement.

Comparison of Fees and Services

With respect to this factor, the Board considered:

•       comparative information with respect to the Management Fee paid to Global X Management by each of the Renewal Funds. In connection with this consideration, Global X Management provided the Board with detailed comparative expense data for each of the Renewal Funds, including fees and expenses paid by unaffiliated comparable specialized and/or focused exchange-traded funds and other comparable registered funds and fees and expenses paid by other funds that are series of the Trust under the same unified Management Fee structure;

•       the structure of the unified Management Fee structure (which includes as one component the investment advisory fee for each Renewal Fund) and the current total expense ratios for each of the Renewal Funds. In this regard, the Board took into consideration that the purpose of adopting a unitary Management Fee structure for the Renewal Funds was to create a simple, all-inclusive fee that would provide a level of predictability with respect to the overall expense ratio (i.e., the total fees) of each of the Renewal Funds and that the proposed Management Fee for each Renewal Fund was set at a competitive fee to make each Renewal Fund viable in the marketplace; and

•       that Global X Management is responsible for most ordinary expenses of the Renewal Funds, including the costs of various third-party services required by the Funds, including investment advisory, administrative, audit, certain custody, portfolio accounting, legal, transfer agency and printing costs, but that each Renewal Fund would bear other expenses not covered under the proposed all-inclusive Management Fee, such as asset-based custody fees for certain of the Renewal Funds, taxes, brokerage fees, commissions, and other transaction expenses, interest expenses, and extraordinary expenses.

Based on these considerations, the Board concluded that the Management Fee and total expense ratio of each Renewal Fund should not preclude approval of the Renewal Agreements.

Economies of Scale

With respect to this factor, the Board considered:

•       the extent to which economies of scale would be realized as the Renewal Funds grow and whether the unitary Management Fee for each Renewal Fund reflected these economies of scale;

•       the significant investment of time, personnel and other resources that Global X Management 

53

Approval of Investment Advisory Agreement (unaudited) (concluded)

has made and intends to make in the Renewal Funds in order to seek to assure that the Renewal Funds are attractive to investors; and

•       that the proposed unitary Management Fee would provide a high level of certainty as to the total level of expenses for the Renewal Funds and their shareholders.

Based on these considerations, the Board concluded that continuation of the unitary Management Fee for each Renewal Fund was reasonable.

Other Benefits

The Board considered any other benefits realized by Global X Management as a result from its relations relationships with each Renewal Fund and concluded that all information it considered supported approval of the continuation of the Renewal Agreements.

54

Supplemental Information (unaudited)

Net asset value, or “NAV”, is the price per Share at which the Funds issue and redeems Shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of the Funds generally is determined using the midpoint between the highest bid and the lowest offer on the stock exchange on which the Shares of the Funds are listed for trading, as of the time that the Funds’ NAV is calculated. The Funds’ Market Price may be at, above or below their NAV. The NAV of the Funds will fluctuate with changes in the market value of their Funds holdings. The Market Price of the Funds will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of the Funds on a given day, generally at the time NAV is calculated. A premium is the amount that the Funds are trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that the Funds are trading below the reported NAV, expressed as a percentage of the NAV.

Further information regarding premiums and discounts is available on the Funds’ website at GlobalXFunds.com.

55

notice to shareholders (unaudited)

For shareholders that do not have a February 27, 2012 tax year end, this notice is for informational purposes only. For shareholders with a February 27, 2012 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended February 27, 2012, the liquidated Funds have designated the following items with regard to distributions paid during the year.

	Long-Term Capital Gain Distributions			Ordinary Income Distributions			Total Distributions			Qualifying for Corporate Dividends Received Deduction (1)			Qualifying Dividend Income (2)			Interest Related Dividends (3)			Short Term Capital Gain Dividends(4)
Global X Oil Equities ETF		0.00	%		100.00	%		100.00	%		58.48	%		100.00	%		0.00	%		0.00	%

(1) Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions).

(2) The percentage in this column represents the amount of "Qualifying Dividend Income" as created by the Jobs and Growth Relief Reconciliation Act of 2003 and is reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). It is the intention of each of the aforementioned funds to designate the maximum amount permitted by law.

(3) The percentage in this column represents the amount of "Interest Related Dividends" as created by the American Jobs Creation Act of 2004 and is reflected as a percentage of net investment income distributions that is exempt from U.S. withholding tax when paid for foreign investors.

(4) The percentage in this column represents the amount of "Short-Term Capital Gain Dividends" as created by the American Jobs Creation Act of 2004 and is reflected as a percentage of short-term capital gain distributions that is exempt from U.S. withholding tax when paid to foreign investors.

For the short period ended February 27, 2012, the Funds designate all distributions in the short period as ordinary income distributions

On February 27, 2012, the Funds paid per share income distributions to the shareholders of record on February 21, 2012:

	Net Investment Income
Global X Oil Equities ETF		0.0031

56

notes

57

notes

58

notes

59

399 Park Ave, 32^nd floor

New York, NY 10022

1-888-GXFund-1

(1-888-493-8631)

www.globalxfunds.com

Investment Adviser:

Global X Management Company LLC

399 Park Avenue, 32^nd floor

New York, NY 10022

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 the Independent Trustees:

Dechert LLP

1175 I Street N.W.

Washington, DC 20007

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

Global X China Consumer ETF (ticker: CHIQ)

Global X China Energy ETF (ticker: CHIE)

Global X China Financials ETF (ticker: CHIX)

Global X China Industrials ETF (ticker: CHII)

Global X China Materials ETF (ticker: CHIM)

Global X NASDAQ China Technology ETF (ticker: QQQC)

Global X FTSE ASEAN 40 ETF (ticker: ASEA)

Global X FTSE Andean 40 ETF (ticker: AND)

Global X FTSE Colombia 20 ETF (ticker: GXG)

Global X Brazil Mid Cap ETF (ticker: BRAZ)

Global X Brazil Consumer ETF (ticker: BRAQ)

Global X Brazil Financials ETF (ticker: BRAF)

Global X FTSE Argentina 20 ETF (ticker: ARGT)

Global X FTSE Greece 20 ETF (ticker: GREK)

Global X FTSE Norway 30 ETF (ticker: NORW)

Global X FTSE Nordic Region ETF (ticker: GXF)

Semi Annual Report

April 30, 2012

Table of Contents

Schedules of Investments
Global X China Consumer ETF	1
Global X China Energy ETF	4
Global X China Financials ETF	6
Global X China Industrials ETF	8
Global X China Materials ETF	11
Global X NASDAQ China Technology ETF	13
Global X FTSE ASEAN 40 ETF	15
Global X FTSE Andean 40 ETF	18
Global X FTSE Colombia 20 ETF	21
Global X Brazil Mid Cap ETF	23
Global X Brazil Consumer ETF	27
Global X Brazil Financials ETF	30
Global X FTSE Argentina 20 ETF	32
Global X FTSE Greece 20 ETF	34
Global X FTSE Norway 30 ETF	36
Global X FTSE Nordic Region ETF	38
Statements of Assets and Liabilities	41
Statements of Operations	45
Statements of Changes in Net Assets	49
Financial Highlights	57
Notes to Financial Statements	60
Disclosure of Fund Expenses	73
Approval of Investment Advisory Agreement	76
Supplemental Information	81
Notice to Shareholders	82

The Funds file their complete schedules of Fund holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q within sixty days after the end of the period. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that Global X Funds uses to determine how to vote proxies relating to Fund securities, as well as information relating to how the Funds voted proxies relating to Fund securities during the most recent 12-month period ended June 30, will be available (i) without charge, upon request, by calling 1-888-GXFund-1; and (ii) on the Commission’s website at http://www.sec.gov.

Schedule of Investments April 30, 2012 (Unaudited)

Global X China Consumer ETF

Sector Weightings†:

† Percentages based on total investments. Short-Term Investments include a Repurchase Agreement held as collateral

for securities lending activity.  Please see Note 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK— 99.8%
CHINA—81.5%
Consumer Goods — 44.1%
361 Degrees International (A)		2,383,120	$	755,605
Anta Sports Products (A)		2,120,115		2,095,891
China Yurun Food Group		3,766,916		4,821,132
Dongfeng Motor Group, Cl H		3,284,043		6,476,108
Great Wall Motor, Cl H (A)		2,843,681		6,142,833
Guangzhou Automobile Group, Cl H *		6,054,568		6,718,931
Hengan International Group		600,159		6,354,593
Li Ning (A)		942,326		867,188
Prime Success International Group		1,655,898		2,364,761
Shenzhou International Group Holdings		815,407		1,534,409
Tingyi Cayman Islands Holding		2,217,677		5,916,740
Tsingtao Brewery, Cl H		795,020		4,826,283
Uni-President China Holdings (A)		2,658,896		2,416,041
Want Want China Holdings		5,340,681		6,553,110
Zhongpin (A) *		64,592		609,748
				58,453,373
Consumer Services — 29.6%
Air China, Cl H		5,512,083		3,999,797
Ajisen China Holdings (A)		1,288,148		1,444,438
China Southern Airlines, Cl H *		4,907,005		2,207,272
Focus Media Holding ADR (A)		104,257		2,490,700
Golden Eagle Retail Group (A)		1,705,565		4,473,491
GOME Electrical Appliances Holding (A)		30,196,679		5,448,803
Home Inns & Hotels Management ADR(A) *		37,704		895,847
Intime Department Store Group		3,207,429		4,051,324
New Oriental Education & Technology Group ADR *		190,930		5,103,559
Parkson Retail Group		3,789,697		4,239,728
PCD Stores Group		7,736,127		957,213
Peak Sport Products (A)		1,695,713		395,589
Wumart Stores, Cl H		1,425,262		3,295,573
Youku.com ADR (A) *		13,159		316,342
				39,319,676
Health Care — 7.8%
Shandong Weigao Group Medical Polymer, Cl H		4,515,197		5,220,150

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

1

Schedule of Investments April 30, 2012 (Unaudited)

Global X China Consumer ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Health Care — continued
Sinopharm Group, Cl H		1,991,991	$	5,224,751
				10,444,901
TOTAL CHINA				108,217,950
HONG KONG— 18.3%
Consumer Goods — 12.4%
AviChina Industry & Technology, Cl H		5,499,954		2,537,791
Bosideng International Holdings		7,760,936		2,240,660
China Agri-Industries Holdings		4,345,680		3,203,816
China Foods		2,004,668		2,170,379
China Resources Enterprise		1,765,174		6,415,795
				16,568,441
Consumer Services — 5.9%
China Dongxiang Group(A)		7,458,119		1,009,328
China Travel International Investment Hong Kong		7,486,733		1,505,327
Chow Tai Fook Jewelry Group *		2,964,625		4,462,996
New World Department Store China		1,063,951		726,794
				7,704,445
TOTAL HONG KONG				24,272,886
TOTAL COMMON STOCK
(Cost $135,116,224)				132,490,836
REPURCHASE AGREEMENT — 16.2%
Merrill Lynch
0.170%, dated 04/30/12, to be repurchased on 05/01/12, repurchase price $21,503,650 (collateralized by U.S. Treasury Notes, par value $21,969,800, 0.250%, 12/15/14, with a total market value of $21,933,677) (B)
(Cost $21,503,548)	$	21,503,548		21,503,548
TOTAL REPURCHASE AGREEMENT
(Cost $21,503,548)				21,503,548
TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.030%
(Cost $152,100)		152,100		152,100
TOTAL INVESTMENTS — 116.1%
(Cost $156,771,872)			$	154,146,484

Percentages are based on Net Assets of $132,792,585.

*	Non-income producing security.
ADR — American Depositary Receipt
Cl — Class

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

2

Schedule of Investments April 30, 2012 (Unaudited)

Global X China Consumer ETF

^(A) This security or a partial position of this security is on loan at April 30, 2012. The total value of securities on loan at April 30, 2012 was $21,435,648.

^(B) This security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2012 was $21,503,548.

The following is a summary of the inputs used as of April 30, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	132,490,836	$	—	$	—	$	132,490,836
Repurchase Agreement		—		21,503,548		—		21,503,548
Time Deposit		—		152,100		—		152,100
Total Investments in Securities	$	132,490,836	$	21,655,648	$	—	$	154,146,484

For the period ended April 30, 2012, there have been no transfers between Level 1 and Level 2 investments.

For the period ended April 30, 2012, there were no Level 3 investments.

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

3

Schedule of Investments April 30, 2012 (Unaudited)

Global X China Energy ETF

Sector Weightings †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.9%
CHINA— 63.5%
Energy — 52.4%
China Coal Energy, Cl H		203,904	$	234,163
China Longyuan Power Group, Cl H		240,687		190,163
China Oilfield Services, Cl H		152,880		247,882
China Petroleum & Chemical, Cl H		437,024		470,896
China Shenhua Energy, Cl H		111,501		495,087
JA Solar Holdings ADR *		14,033		18,243
LDK Solar ADR *		13,167		41,871
PetroChina, Cl H		327,931		497,054
Suntech Power Holdings ADR *		16,180		40,774
Tianneng Power International		55,415		27,427
Trina Solar ADR *		3,281		23,820
Yanzhou Coal Mining, Cl H *		105,697		220,967
Yingli Green Energy Holding ADR *		6,622		24,104
				2,532,451
Utilities — 11.1%
Datang International Power Generation, Cl H		280,589		99,814
ENN Energy Holdings		64,683		227,597
Huadian Power International, Cl H		137,768		31,785
Huaneng Power International, Cl H		300,400		178,103
				537,299
TOTAL CHINA				3,069,750
HONG KONG— 36.4%
Energy — 26.6%
Beijing Enterprises Holdings		36,694		205,257
China Gas Holdings		281,693		140,145
CNOOC		232,325		495,274
Kunlun Energy		125,122		220,614
Shougang Fushan Resources Group		409,642		143,611
United Energy Group *		348,731		75,961
				1,280,862
Utilities — 9.8%
China Power International Development		143,640		32,584
China Resources Power Holdings		127,240		232,221
GCL-Poly Energy Holdings		813,609		210,778
				475,583

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

4

Schedule of Investments April 30, 2012 (Unaudited)

Global X China Energy ETF

	Value
COMMON STOCK — continued
TOTAL HONG KONG	$	1,756,445
TOTAL COMMON STOCK
(Cost $4,876,543)		4,826,195
TOTAL INVESTMENTS — 99.9%
(Cost $4,876,543)	$	4,826,195

Percentages are based on Net Assets of $4,829,740.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the inputs used as of April 30, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	4,826,195	$	—	$	—	$	4,826,195
Total Investments in Securities	$	4,826,195	$	—	$	—	$	4,826,195

For the period ended April 30, 2012, there have been no transfers between Level 1 and Level 2 investments.

For the period ended April 30, 2012, there were no Level 3 investments.

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

5

Schedule of Investments April 30, 2012 (Unaudited)

Global X China Financials ETF

Sector Weightings †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.9%
CHINA— 84.5%
Financials — 84.5%
Agile Property Holdings		114,753	$	149,974
Agricultural Bank of China, Cl H		1,159,894		551,644
Bank of China, Cl H		2,620,695		1,097,776
Bank of Communications, Cl H		377,784		292,152
China Citic Bank, Cl H		757,953		482,595
China Construction Bank, Cl H		1,398,318		1,088,571
China Life Insurance, Cl H		178,368		482,781
China Merchants Bank, Cl H		248,761		539,931
China Minsheng Banking, Cl H		514,154		533,461
China Pacific Insurance Group, Cl H		163,762		535,063
Chongqing Rural Commercial Bank, Cl H *		234,467		108,490
CITIC Securities, Cl H *		62,114		130,494
Country Garden Holdings *		399,964		173,726
Evergrande Real Estate Group		376,736		218,021
Greentown China Holdings		50,656		35,322
Guangzhou R&F Properties		88,856		118,648
Industrial & Commercial Bank of China, Cl H		1,653,503		1,103,948
Kaisa Group Holdings *		192,232		40,633
Longfor Properties		116,314		184,995
PICC Property & Casualty, Cl H		363,564		455,940
Ping An Insurance Group, Cl H		65,666		549,287
Renhe Commercial Holdings		916,477		53,155
Shimao Property Holdings		118,904		157,238
Shui On Land		222,496		93,201
Sino-Ocean Land Holdings		381,117		177,820
Soho China		177,547		137,989
TOTAL CHINA				9,492,855
HONG KONG— 15.4%
Financials — 15.4%
China Everbright		81,198		128,934
China Overseas Land & Investment		247,232		535,975
China Resources Land		180,776		348,101
China Taiping Insurance Holdings *		71,673		149,468
Franshion Properties China		281,558		77,660
Hopson Development Holdings		64,109		38,588

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

6

Schedule of Investments April 30, 2012 (Unaudited)

Global X China Financials ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Financials — continued
KWG Property Holding		108,447	$	71,705
New China Life Insurance, Cl H *		55,567		251,026
Poly Hong Kong Investments		157,707		82,526
Shenzhen Investment		183,921		42,906
TOTAL HONG KONG				1,726,889
TOTAL COMMON STOCK
(Cost $11,187,162)				11,219,744
TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.030%
(Cost $13,263)	$	13,263		13,263
TOTAL INVESTMENTS — 100.0%
(Cost $11,200,425)			$	11,233,007

Percentages are based on Net Assets of $11,234,177.

* Non-income producing security.

Cl — Class

The following is a summary of the inputs used as of April 30, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	11,219,744	$	—	$	—	$	11,219,744
Time Deposit		—		13,263		—		13,263
Total Investments in Securities	$	11,219,744	$	13,263	$	—	$	11,233,007

For the period ended April 30, 2012, there have been no transfers between Level 1 and Level 2 investments.

For the period ended April 30, 2012, there were no Level 3 investments.

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

7

Schedule of Investments April 30, 2012 (Unaudited)

Global X China Industrials ETF

Sector Weightings †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.8%
CHINA— 85.6%
Industrials — 85.6%
Anhui Conch Cement, Cl H		68,274	$	228,793
Asia Cement China Holdings		54,973		27,137
BBMG, Cl H		131,370		113,445
Byd, Cl H		79,395		209,267
China Communications Construction, Cl H		233,951		235,198
China COSCO Holdings, Cl H		304,672		176,709
China Liansu Group Holdings		106,582		67,037
China National Building Material, Cl H		160,975		217,437
China National Materials		135,446		52,372
China Railway Construction, Cl H		222,850		177,794
China Railway Group, Cl H		496,739		197,194
China Rongsheng Heavy Industry Group		355,025		88,772
China Shanshui Cement Group		232,354		188,371
China Shipping Container Lines, Cl H *		442,856		144,410
China Shipping Development, Cl H		153,010		99,592
China South Locomotive and Rolling Stock		217,560		175,536
China Zhongwang Holdings		594,790		245,317
Dongfang Electric, Cl H		40,130		109,394
First Tractor, Cl H		45,448		42,410
Guangshen Railway, Cl H		177,253		65,796
Haitian International Holdings		69,200		79,647
Harbin Power Equipment, Cl H		79,594		82,993
Jiangsu Expressway, Cl H		126,487		124,716
Metallurgical Corp of China, Cl H		338,960		75,580
Sany Heavy Equipment International Holdings		101,830		78,617
Shanghai Electric Group, Cl H		330,043		166,327
Sinotruk Hong Kong		159,727		97,376
Weichai Power, Cl H *		47,744		224,916
Yangzijiang Shipbuilding Holdings		211,109		201,300
Zhuzhou CSR Times Electric, Cl H		53,850		152,694
TOTAL CHINA				4,146,147
HONG KONG— 14.2%
Industrials — 14.2%
Beijing Capital International Airport, Cl H		175,123		114,436
China High Speed Transmission Equipment Group		134,150		65,012

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

8

Schedule of Investments April 30, 2012 (Unaudited)

Global X China Industrials ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Industrials — continued
China Resources Cement Holdings		204,758	$	162,568
Citic Resources Holdings *		285,141		47,042
Shanghai Industrial Holdings		70,119		234,524
Shenzhen International Holdings		930,568		63,568
TOTAL HONG KONG				687,150
TOTAL COMMON STOCK
(Cost $6,543,435)				4,833,297
TIME DEPOSIT — 0.2%
Brown Brothers Harriman, 0.030%
(Cost $8,468)	$	8,468		8,468
TOTAL INVESTMENTS — 100.0%
(Cost $6,551,903)			$	4,841,765

Percentages are based on Net Assets of $4,840,585.

* Non-income producing security.

Cl — Class

The following is a summary of the inputs used as of April 30, 2012, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	4,833,297	$	—	$	—	$	4,833,297
Time Deposit		—		8,468		—		8,468
Total Investments in Securities	$	4,833,297	$	8,468	$	—	$	4,841,765

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

9

Schedule of Investments April 30, 2012 (Unaudited)

Global X China Industrials ETF

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	China
	Investments in
	Common Stock
Beginning Balance as of November 1, 2011	$	3,848
Accrued discounts/premiums		-
Realized gain/(loss)		-
Change in unrealized appreciation/(depreciation)		-
Net purchases		-
Net sales		-
Transfers into Level 3		-
Transfers out of Level 3		(3,848	)
Ending Balance as of April 30, 2012	$	-

For the period ended April 30, 2012, there have been no transfers between Level 1 and Level 2 investments.

For the period ended April 30, 2012, transfers between Level 1 and Level 3 assets and liabilities totaled $3,848.

The investment presented above was considered a Level 3 investment at the beginning of the reporting period. The reason for the transfer was a temporary trading suspension of the investment’s shares, which necessitated a fair value determination by the Fair Value Committee at the end of the prior reporting period. The investment has resumed trading and was transferred to Level 1. The Fund’s policy is to transfer investments into/out of Level 3 at the end of the reporting period.

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

10

Schedule of Investments April 30, 2012 (Unaudited)

Global X China Materials ETF

Sector Weightings †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.8%
CHINA — 72.8%
Basic Materials — 72.8%
Aluminum Corp of China, Cl H *		273,640	$	132,964
Angang Steel, Cl H		193,764		132,612
China BlueChemical		174,107		124,544
China Hongqiao Group *		204,744		127,723
China Molybdenum, Cl H		288,727		112,385
China Rare Earth Holdings *		245,006		64,420
China Vanadium Titano - Magnetite Mining		199,620		45,540
Dongyue Group		137,185		102,730
Gulf Resources *		6,722		14,654
Hidili Industry International Development		227,363		77,950
Hunan Non-Ferrous Metal, Cl H		371,854		108,796
Jiangxi Copper, Cl H		54,661		132,167
Lingbao Gold, Cl H		64,198		31,856
Maanshan Iron & Steel, Cl H		419,766		118,485
Real Gold Mining (A) (B)		97,864		28,002
Sinopec Shanghai Petrochemical, Cl H		359,204		125,002
Sinopec Yizheng Chemical Fibre, Cl H		338,878		77,746
Xinjiang Xinxin Mining Industry, Cl H		156,094		42,652
Yongye International *		8,879		28,502
Zhaojin Mining Industry		85,456		119,615
Zijin Mining Group, Cl H *		336,238		109,643
TOTAL CHINA				1,857,988
HONG KONG— 27.0%
Basic Materials — 27.0%
China Lumena New Materials		682,965		124,998
Citic Pacific		77,339		127,392
Fufeng Group		164,402		66,747
Kinetic Mines and Energy *		354,265		45,204
North Mining Shares, Cl C *		632,169		20,044
Shougang Concord International Enterprises		1,160,526		62,075
Sinofert Holdings		402,160		87,599
Yingde Gases		133,812		155,566
TOTAL HONG KONG				689,625

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

11

Schedule of Investments April 30, 2012 (Unaudited)

Global X China Materials ETF

	Value
COMMON STOCK — continued
TOTAL COMMON STOCK
(Cost $3,533,733)	$	2,547,613
TOTAL INVESTMENTS — 99.8%
(Cost $3,533,733)	$	2,547,613

Percentages are based on Net Assets of $2,551,586.

* Non-income producing security.

Cl — Class

^(A) Securities considered illiquid. The total value of such securities as of April 30, 2012 was $28,002 and represented 1.1% of Net Assets.

^(B) Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2012, was $28,002 and represents 1.1% of net assets.

The following is a summary of the inputs used as of April 30, 2012, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	2,519,611	$	—	$	28,002	$	2,547,613
Total Investments in Securities	$	2,519,611	$	—	$	28,002	$	2,547,613

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	China
	Investments in
	Common Stock
Beginning Balance as of November 1, 2011	$	74,830
Accrued discounts/premiums		-
Realized gain/(loss)		(51,187	)
Change in unrealized appreciation/(depreciation)		4,309
Net purchases		36,244
Net sales		(36,194	)
Transfers into Level 3		-
Transfers out of Level 3		-
Ending Balance as of April 30, 2012	$	28,002

Net change in unrealized appreciation/(depreciation) from investments (Level 3) still held as of April 30, 2012 is $4,309.

For the period ended April 30, 2012, there have been no transfers between Level 1 and Level 2 assets and liabilities.

For the period ended April 30, 2012, there have been no transfers between Level 2 and Level 3 assets and liabilities.

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

12

Schedule of Investments April 30, 2012 (Unaudited)

Global X NASDAQ China Technology ETF

Sector Weightings †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.9%
CHINA — 76.0%
Technology — 76.0%
21Vianet Group ADR *		8,366	$	109,846
AsiaInfo Holdings *		14,876		187,438
AutoNavi Holdings ADR *		2,592		30,586
Baidu ADR *		2,782		369,171
China Communications Services, Cl H		198,040		101,845
China Wireless Technologies		444,730		67,638
iSoftStone Holdings ADR *		11,870		94,722
Kingdee International Software Group		520,305		116,016
Lenovo Group		429,256		412,733
NetEase ADR *		3,627		218,781
Qihoo 360 Technology ADR *		7,903		194,177
Semiconductor Manufacturing International *		3,596,331		178,457
SINA *		5,587		326,895
Sky-mobi ADR *		2,139		6,374
Sohu.com *		3,853		198,699
Spreadtrum Communications ADR		9,938		137,145
Tencent Holdings		14,599		458,744
VanceInfo Technologies ADR *		11,048		143,071
ZTE, Cl H		63,556		154,167
TOTAL CHINA				3,506,505
HONG KONG— 23.9%
Technology — 23.9%
ASM Pacific Technology		26,981		365,489
Comba Telecom Systems Holdings		126,388		70,047
Digital China Holdings		94,640		179,555
Foxconn International Holdings *		270,550		128,324
TCL Communication Technology Holdings		153,994		61,529
VODone		748,511		107,087
VTech Holdings		16,871		189,179
TOTAL HONG KONG				1,101,210
TOTAL COMMON STOCK
(Cost $4,226,030)				4,607,715

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

13

Schedule of Investments April 30, 2012 (Unaudited)

Global X NASDAQ China Technology ETF

	Face Amount		Value
TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.030%
(Cost $6,299)	$	6,299	$	6,299
TOTAL INVESTMENTS — 100.0%
(Cost $4,232,329)			$	4,614,014

Percentages are based on Net Assets of $4,614,097.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the inputs used as of April 30, 2012, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	4,607,715	$	—	$	—	$	4,607,715
Time Deposit		—		6,299		—		6,299
Total Investments in Securities	$	4,607,715	$	6,299	$	—	$	4,614,014

For the period ended April 30, 2012, there have been no transfers between Level 1 and Level 2 investments.

For the period ended April 30, 2012, there were no Level 3 investments.

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

14

Schedule of Investments April 30, 2012 (Unaudited)

Global X FTSE ASEAN 40 ETF

Sector Weightings †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.3%
INDONESIA — 21.3%
Consumer Goods — 8.2%
Astra International		237,494	$	1,834,729
Gudang Garam		45,557		293,452
Unilever Indonesia		122,200		263,932
				2,392,113
Financials — 7.2%
Bank Central Asia		963,207		838,437
Bank Mandiri		728,132		586,277
Bank Rakyat Indonesia Persero		959,954		694,597
				2,119,311
Industrials — 2.4%
United Tractors		219,041		705,469
Telecommunications — 2.5%
Telekomunikasi Indonesia ADR		19,918		721,231
Utilities — 1.0%
Perusahaan Gas Negara		776,300		282,967
TOTAL INDONESIA				6,221,091
MALAYSIA — 29.0%
Basic Materials — 1.9%
Petronas Chemicals Group		251,284		542,262
Consumer Goods — 2.2%
IOI		378,145		652,319
Consumer Services — 2.5%
Genting		217,884		744,521
Financials — 12.3%
CIMB Group Holdings		437,796		1,072,065
Malayan Banking		451,594		1,287,923

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

15

Schedule of Investments April 30, 2012 (Unaudited)

Global X FTSE ASEAN 40 ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Public Bank		277,740	$	1,255,613
				3,615,601
Industrials — 3.9%
Sime Darby		353,726		1,138,563
Oil & Gas — 1.2%
Petronas Gas		61,902		343,263
Telecommunications — 4.2%
Axiata Group		497,732		873,416
Maxis		179,600		363,236
				1,236,652
Utilities — 0.8%
Tenaga Nasional		108,000		229,491
TOTAL MALAYSIA				8,502,672
PHILIPPINES—0.7%
Telecommunications — 0.7%
Philippine Long Distance Telephone ADR		3,474		210,941
SINGAPORE—36.2%
Consumer Goods — 2.7%
Wilmar International		200,447		788,830
Consumer Services — 5.2%
Genting Singapore *		479,110		669,786
Jardine Cycle & Carriage		11,162		425,464
Singapore Airlines		46,737		404,110
				1,499,360
Financials — 18.7%
CapitaLand		249,993		593,923
City Developments		54,200		444,111
DBS Group Holdings		138,353		1,560,734
Oversea-Chinese Banking		201,798		1,461,099
United Overseas Bank		92,157		1,433,553
				5,493,420
Industrials — 1.0%
Singapore Technologies Engineering		121,600		295,771
Oil & Gas — 3.2%
Keppel		104,825		936,013
Telecommunications — 5.4%
Singapore Telecommunications		625,028		1,575,828
TOTAL SINGAPORE				10,589,222

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

16

Schedule of Investments April 30, 2012 (Unaudited)

Global X FTSE ASEAN 40 ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
THAILAND — 12.1%
Financials — 4.6%
Bangkok Bank		37,508	$	232,977
Kasikornbank		91,896		488,618
Siam Commercial Bank		122,028		615,100
				1,336,695
Industrials — 0.9%
Siam Cement		23,708		269,847
Oil & Gas — 4.7%
PTT		67,189		766,938
PTT Exploration & Production		103,692		598,547
				1,365,485
Telecommunications — 1.9%
Advanced Info Service		94,300		561,200
TOTAL THAILAND				3,533,227
TOTAL COMMON STOCK
(Cost $28,535,933)				29,057,153
TIME DEPOSIT — 0.0%
Brown Brothers Harriman, 0.030%
(Cost $8,383)	$	8,383		8,383
TOTAL INVESTMENTS — 99.3%
(Cost $28,544,316)			$	29,065,536

Percentages are based on Net Assets of $29,272,941.

* Non-income producing security.

ADR — American Depositary Receipt

The following is a summary of the inputs used as of April 30, 2012, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	29,057,153	$	—	$	—	$	29,057,153
Time Deposit		—		8,383		—		8,383
Total Investments in Securities	$	29,057,153	$	8,383	$	—	$	29,065,536

For the period ended April 30, 2012, there have been no transfers between Level 1 and Level 2 investments.

For the period ended April 30, 2012, there were no Level 3 investments.

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

17

Schedule of Investments April 30, 2012 (Unaudited)

Global X FTSE Andean 40 ETF

Sector Weightings †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 98.1%
CHILE — 49.1%
Basic Materials — 8.9%
CAP		4,997	$	209,625
Empresas CMPC		50,505		207,600
Sociedad Quimica y Minera de Chile ADR		5,532		322,460
				739,685
Consumer Goods — 2.2%
Cia Cervecerias Unidas ADR		1,166		83,509
Embotelladora Andina ADR, Cl B		1,451		47,158
Vina Concha y Toro ADR		1,282		53,831
				184,498
Consumer Services — 11.4%
Cencosud		40,406		257,379
Lan Airlines ADR		11,652		328,470
Ripley		45,182		50,388
SACI Falabella		32,006		314,056
				950,293
Financials — 9.3%
Banco de Chile ADR		2,671		250,059
Banco de Credito e Inversiones		1,851		133,164
Banco Santander Chile ADR		3,272		267,682
Corpbanca ADR		3,868		77,786
Parque Arauco		24,622		47,838
				776,529
Health Care — 0.3%
CFR Pharmaceuticals		120,029		29,964
Industrials — 1.9%
Cia Sud Americana de Vapores *		306,723		36,034

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

18

Schedule of Investments April 30, 2012 (Unaudited)

Global X FTSE Andean 40 ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Salfacorp		20,300	$	51,890
Sigdo Koppers		14,318		34,238
Sociedad Matriz SAAM *		342,490		40,949
				163,111
Oil & Gas — 4.1%
Empresas COPEC		21,233		344,692
Technology — 1.0%
Sonda		27,002		80,433
Telecommunications — 1.0%
ENTEL Chile		4,330		85,957
Utilities — 9.0%
AES Gener		112,991		71,508
Colbun		322,124		91,637
Empresa Nacional de Electricidad ADR		6,297		343,942
Enersis ADR		12,022		243,686
				750,773
TOTAL CHILE				4,105,935
COLOMBIA—32.9%
Consumer Services — 2.7%
Almacenes Exito		13,658		221,643
Financials — 12.0%
BanColombia ADR		10,956		743,145
Grupo de Inversiones Suramericana		14,195		257,420
				1,000,565
Industrials — 1.7%				��
Cementos Argos		21,105		146,099
Oil & Gas — 15.0%
Ecopetrol ADR		13,658		883,672
Pacific Rubiales Energy (CAD)		12,893		369,882
				1,253,554
Utilities — 1.5%
Interconexion Electrica		19,658		127,158
TOTAL COLOMBIA				2,749,019
PERU—16.1%
Basic Materials — 11.4%
Cia de Minas Buenaventura ADR		9,633		397,554
Southern Copper		12,282		403,832
Volcan Cia Minera SAA		123,339		148,539
				949,925

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

19

Schedule of Investments April 30, 2012 (Unaudited)

Global X FTSE Andean 40 ETF

	Shares		Value
COMMON STOCK — continued
Financials — 4.7%
Credicorp		1,142	$	148,632
Credicorp Ltd.		1,856		242,969
				391,601
TOTAL PERU				1,341,526
TOTAL COMMON STOCK
(Cost $7,741,264)				8,196,480
PREFERRED STOCK — 1.7%
COLOMBIA—1.7%
Financials — 1.7%
Banco Davivienda		3,160		36,542
Grupo Aval Acciones y Valores		143,473		102,982
TOTAL PREFERRED STOCK
(Cost $146,633)				139,524
TOTAL INVESTMENTS — 99.8%
(Cost $7,887,897)			$	8,336,004

Percentages are based on Net Assets of $8,356,110.

* Non-income producing security.

ADR — American Depositary Receipt

CAD — Canadian Dollar

Cl — Class

Ltd. — Limited

The following is a summary of the inputs used as of April 30, 2012, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	8,196,480	$	—	$	—	$	8,196,480
Preferred Stock		139,524		—		—		139,524
Total Investments in Securities	$	8,336,004	$	—	$	—	$	8,336,004

For the period ended April 30, 2012, there have been no transfers between Level 1 & Level 2 investments.

For the period ended April 30, 2012, there were no Level 3 investments.

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

20

Schedule of Investments April 30, 2012 (Unaudited)

Global X FTSE Colombia 20 ETF

Sector Weightings †:

† Percentages based on total investments.Short-Term Investments include a Repurchase Agreement held as collateral for securities lending activity.  Please see Note 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 95.7%
COLOMBIA—95.7%
Consumer Goods — 6.6%
Fabricato *		72,274,304	$	3,649,845
Grupo Nutresa		674,395		8,273,142
				11,922,987
Consumer Services — 4.9%
Almacenes Exito		544,271		8,832,460
Financials — 35.7%
BanColombia ADR		352,129		23,884,910
Bolsa de Valores de Colombia *		197,248,673		3,816,532
Celsia ESP		3,258,800		8,820,161
Financiera Colombiana		439,418		8,552,093
Grupo Aval Acciones y Valores		13,731,847		9,895,395
Grupo de Inversiones Suramericana		461,842		8,375,305
Interbolsa *		1,091,381		1,455,274
				64,799,670
Industrials — 10.6%
Cementos Argos		1,342,856		9,295,863
Inversiones Argos		869,756		8,389,707
Tableros y Maderas de Caldas		268,317,949		1,552,925
				19,238,495
Oil & Gas — 27.6%
Canacol Energy (CAD) *		6,505,916		5,071,170
Ecopetrol ADR  (A)		438,400		28,364,480
Pacific Rubiales Energy (CAD)		567,789		16,289,052
Pacific Rubiales Energy (USD)		8,018		230,678
				49,955,380
Telecommunications — 0.7%
Empresa de Telecomunicaciones de Bogota		4,498,506		1,230,313

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

21

Schedule of Investments April 30, 2012 (Unaudited)

Global X FTSE Colombia 20 ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Utilities — 9.6%
Interconexion Electrica		1,300,742	$	8,413,883
Isagen		6,364,194		8,901,450
				17,315,333
TOTAL COLOMBIA				173,294,638
TOTAL COMMON STOCK
(Cost $153,215,582)				173,294,638
PREFERRED STOCK — 3.5%
COLOMBIA—3.5%
Financials — 3.5%
Banco Davivienda (Cost $5,938,178)		544,987		6,302,180
REPURCHASE AGREEMENT — 8.3%
Merrill Lynch
0.170%, dated 04/30/12, to be repurchased on 05/01/12, repurchase price $14,990,121 (collateralized by U.S. Treasury Notes, par value $15,315,100, 0.250%, 12/15/14, with a total market value of $15,289,919) (B)
(Cost $14,990,050)	$	14,990,050		14,990,050
TOTAL REPURCHASE AGREEMENT
(Cost $14,990,050)				14,990,050
TOTAL INVESTMENTS — 107.5%
(Cost $174,143,810)			$	194,586,868

Percentages are based on Net Assets of $181,032,316.

* Non-income producing security.

ADR — American Depositary Receipt

CAD — Canadian Dollar

USD — United States Dollar

^(A) This security or a partial position of this security is on loan at April 30, 2012. The total value of securities on loan at April 30, 2012 was $14,600,099.

^(B) This security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2012 was $14,990,050.

The following is a summary of the inputs used as of April 30, 2012, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	173,294,638	$	—	$	—	$	173,294,638
Preferred Stock		6,302,180		—		—		6,302,180
Repurchase Agreement		—		14,990,050		—		14,990,050
Total Investments in Securities	$	179,596,818	$	14,990,050	$	—	$	194,586,868

For the period ended April 30, 2012, there have been no transfers between Level 1 & Level 2 investments.

For the period ended April 30, 2012, there were no Level 3 investments.

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

22

Schedule of Investments April 30, 2012 (Unaudited)

Global X Brazil Mid Cap ETF

Sector Weightings (unaudited)†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 84.9%
BRAZIL — 84.9%
Basic Materials — 2.3%
Fibria Celulose ADR *		69,732	$	553,672
Consumer Goods — 10.6%
Cia Hering		20,456		507,926
Cosan, Cl A		24,386		337,502
Cosan Industria e Comercio		22,748		395,851
Hypermarcas		56,179		365,164
JBS *		97,331		381,430
Natura Cosmeticos		25,365		573,130
				2,561,003
Consumer Services — 9.0%
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		23,926		1,125,240
Gol Linhas Aereas Inteligentes ADR		20,436		108,311
Lojas Renner		18,312		581,884
TAM ADR *		15,385		376,163
				2,191,598
Financials — 12.5%
BR Malls Participacoes		61,378		758,631
Cyrela Brazil Realty Empreendimentos e Participacoes		40,457		326,008
MRV Engenharia e Participacoes		48,411		282,926
Multiplan Empreendimentos Imobiliarios		10,678		251,524
PDG Realty Empreendimentos e Participacoes		167,444		393,541
Porto Seguro		15,150		148,706
Redecard		53,824		896,808
				3,058,144
Industrials — 8.6%
All America Latina Logistica		72,810		329,644
CCR		32,989		255,792
Duratex		36,025		211,673

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

23

Schedule of Investments April 30, 2012 (Unaudited)

Global X Brazil Mid Cap ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Embraer ADR		27,586	$	955,579
Weg		33,314		351,989
				2,104,677
Telecommunications — 9.2%
Oi ADR *		8,109		54,087
Oi *		5,710		38,343
Tim Participacoes ADR		72,056		2,156,636
				2,249,066
Utilities — 32.7%
Cia de Saneamento Basico do Estado de Sao Paulo ADR		17,699		1,401,053
Cia Energetica de Minas Gerais ADR		58,871		1,452,347
Cia Paranaense de Energia ADR		19,110		478,705
CPFL Energia ADR		71,699		2,021,912
EDP - Energias do Brasil		35,655		248,593
Tractebel Energia		30,436		522,928
Ultrapar Participacoes ADR		82,821		1,875,067
				8,000,605
TOTAL BRAZIL				20,718,765
TOTAL COMMON STOCK
(Cost $18,503,733)				20,718,765
PREFERRED STOCK — 13.5%
BRAZIL—13.5%
Basic Materials — 2.5%
Metalurgica Gerdau		40,047		487,207
Suzano Papel e Celulose		33,427		125,736
				612,943
Consumer Services — 1.7%
Lojas Americanas		43,656		407,668
Financials — 3.3%
Banco do Estado do Rio Grande do Sul		26,699		230,411
Bradespar		31,616		572,560
				802,971
Telecommunications — 3.4%
Oi*		58,554		351,725
Oi ADR		27,712		496,876
				848,601
Utilities — 2.6%
AES Tiete		14,447		200,847
Cia Energetica de Sao Paulo		22,228		422,719
				623,566

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

24

Schedule of Investments April 30, 2012 (Unaudited)

Global X Brazil Mid Cap ETF

	Face Amount/Number of Warrants		Value
PREFERRED STOCK — continued
TOTAL BRAZIL			$	3,295,749
TOTAL PREFERRED STOCK
(Cost $3,610,813)				3,295,749
CORPORATE OBLIGATIONS — 0.5%
Hypermarcas
11.300%, 10/15/18(1) (2)	$	59,000		31,465
3.000%, 10/15/18(1) (2)		59,000		31,464
Marfrig Alimentos, Convertible
1.040%, 07/15/15(1) (2) (3)		12		63,817
TOTAL CORPORATE OBLIGATIONS
(Cost $141,511)				126,746
WARRANTS — 0.0%
Hypermarcas
Strike Price $ 29.48, Expires 10/15/15*(1) (2)
(Cost $–)		59		—
TOTAL INVESTMENTS — 98.9%
(Cost $22,256,057)			$	24,141,260

Percentages are based on Net Assets of $24,404,350.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

⁽¹⁾ Securities considered illiquid. The total value of such securities as of April 30, 2012 was 126,746 and represented 0.5% of Net Assets.

⁽²⁾ Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2012, was $126,746 and represents 0.5% of net assets.

⁽³⁾ Floating rate security - Rate disclosed is the rate in effect on April 30, 2012.

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

The following is a summary of the inputs used as of April 30, 2012, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	20,718,765	$	—	$	—	$	20,718,765
Preferred Stock		3,295,749		—		—		3,295,749
Corporate Obligations		—		—		126,746		126,746
Warrants		—		—		—		—
Total Investments in Securities	$	24,014,514	$	—	$	126,746	$	24,141,260

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

25

Schedule of Investments April 30, 2012 (Unaudited)

Global X Brazil Mid Cap ETF

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	Brazil
	Investments in
	Corporate
	Obligations
Beginning Balance as of November 1, 2011	$	140,750
Accrued discounts/premiums		-
Realized gain/(loss)		-
Change in unrealized appreciation/(depreciation)		(14,004	)
Net purchases		-
Net sales		-
Transfers into Level 3		-
Transfers out of Level 3		-
Ending Balance as of April 30, 2012	$	126,746

Net change in unrealized appreciation/(depreciation) from investments still held as of April 30, 2012 is $(14,004).

For the period ended April 30, 2012, there have been no transfers between Level 1 and Level 2 assets and liabilities.

For the period ended April 30, 2012, there have been no transfers between Level 2 and Level 3 assets and liabilities.

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

26

Schedule of Investments April 30, 2012 (Unaudited)

Global X Brazil Consumer ETF

Sector Weightings †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 87.6%
BRAZIL — 87.6%
Consumer Goods — 48.9%
Arezzo Industria e Comercio		35,322	$	546,281
BRF - Brasil Foods ADR		66,477		1,225,171
Cia Hering		61,378		1,524,025
Cosan, Cl A		113,088		1,565,138
Cosan Industria e Comercio		89,439		1,556,379
Gafisa ADR		184,756		679,902
Hypermarcas		293,030		1,904,699
JBS *		397,394		1,557,345
M Dias Branco		35,700		1,030,087
Marfrig Alimentos		104,420		577,935
Natura Cosmeticos		68,247		1,542,060
Sao Martinho		28,531		342,166
SLC Agricola		40,510		400,180
Souza Cruz		107,169		1,665,318
				16,116,686
Consumer Services — 38.7%
Anhanguera Educacional Participacoes		121,288		1,604,744
B2W Cia Global Do Varejo *		55,022		236,120
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		36,408		1,712,268
Gol Linhas Aereas Inteligentes ADR		113,928		603,818
Localiza Rent a Car		88,415		1,512,121
Lojas Renner		44,510		1,414,354
Marisa Lojas		39,380		465,457
Multiplus		36,778		800,331
Raia Drogasil		191,147		2,043,688
Restoque Comercio e Confeccoes de Roupas		34,382		659,267
TAM ADR *		69,511		1,699,544
				12,751,712
TOTAL BRAZIL				28,868,398
TOTAL COMMON STOCK
(Cost $27,678,066)				28,868,398

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

27

Schedule of Investments April 30, 2012 (Unaudited)

Global X Brazil Consumer ETF

	Shares/Face Amount/Number of Warrants		Value
PREFERRED STOCK — 11.8%
BRAZIL—11.8%
Consumer Goods — 6.7%
Alpargatas,		74,873	$	602,940
Cia de Bebidas das Americas		38,715		1,625,256
				2,228,196
Consumer Services — 5.1%
Lojas Americanas		159,030		1,485,053
Saraiva Livreiros Editores		14,857		179,190
				1,664,243
TOTAL BRAZIL				3,892,439
TOTAL PREFERRED STOCK
(Cost $3,146,303)				3,892,439
CORPORATE OBLIGATIONS — 0.4%
Hypermarcas
11.300%, 10/15/18(1) (2)	$	84,000		44,797
3.000%, 10/15/18(1) (2)		84,000		44,797
Marfrig Alimentos, Convertible
1.04%, 07/15/15(1) (2) (3)		6		31,889
TOTAL CORPORATE OBLIGATION
(Cost $136,027)				121,483
WARRANTS — 0.0%
Hypermarcas
Strike Price $29.48, Expires 10/15/15*(1) (2)
(Cost $–)		84		—
TIME DEPOSIT — 0.0%
Brown Brothers Harriman, 0.030%
(Cost $4,993)	$	4,993		4,993
TOTAL INVESTMENTS — 99.8%
(Cost $30,965,389)			$	32,887,313
Percentages are based on Net Assets of $32,953,702.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

⁽¹⁾ Securities are fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of April 30, 2012, was $121,483 and represented 0.4% of Net Assets.

⁽²⁾ Securities considered illiquid. The total value of such securities as of April 30, 2012 was $121,483 and represented 0.4% of Net Assets.

⁽³⁾ Floating rate security. Rate disclosed is the rate in effect on April 30, 2012.

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

28

Schedule of Investments April 30, 2012 (Unaudited)

Global X Brazil Consumer ETF

The following is a summary of the inputs used as of April 30, 2012, in valuing the Fund’s investments carried at value: 

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	28,868,398	$	—	$	—	$	28,868,398
Preferred Stock		3,892,439		—		—		3,892,439
Corporate Obligations		—		—		121,483		121,483
Warrants		—		—		—		—
Time Deposit		—		4,993		—		4,993
Total Investments in Securities	$	32,760,837	$	4,993	$	121,483	$	32,887,313

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	Brazil
	Investments in
	Corporate
	Obligations
Beginning Balance as of November 1, 2011	$	134,905
Accrued discounts/premiums		-
Realized gain/(loss)		-
Change in unrealized appreciation/(depreciation)		(13,422	)
Net purchases		-
Net sales		-
Transfers into Level 3		-
Transfers out of Level 3		-
Ending Balance as of April 30, 2012	$	121,483

Net change in unrealized appreciation/(depreciation) from investments still held as of April 30, 2012 is $(13,422).

For the period ended April 30, 2012, there have been no transfers between Level 1 and Level 2 assets and liabilities.

For the period ended April 30, 2012, there have been no transfers between Level 2 and Level 3 assets and liabilities.

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

29

Schedule of Investments April 30, 2012 (Unaudited)

Global X Brazil Financials ETF

Sector Weightings †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 94.1%
BRAZIL — 94.1%
Financials — 94.1%
Banco Bradesco ADR		24,216	$	388,182
Banco do Brasil		30,482		378,197
Banco Santander Brasil ADR		51,850		418,429
BM&F Bovespa		34,368		192,020
BR Malls Participacoes		15,854		195,955
BR Properties		12,118		151,304
Brasil Brokers Participacoes		11,234		38,426
Brookfield Incorporacoes		15,884		41,915
CETIP - Mercados Organizados		12,359		189,974
Cielo		8,694		261,177
Cyrela Brazil Realty Empreendimentos e Participacoes		19,939		160,671
Even Construtora e Incorporadora		15,668		58,524
Ez Tec Empreendimentos e Participacoes		3,678		40,617
Iguatemi Empresa de Shopping Centers		2,201		47,989
Itau Unibanco Holding ADR		22,337		350,468
MRV Engenharia e Participacoes		23,877		139,543
Multiplan Empreendimentos Imobiliarios		5,119		120,580
PDG Realty Empreendimentos e Participacoes		52,038		122,304
Porto Seguro		7,664		75,227
Redecard		11,598		193,244
Rossi Residencial		12,974		54,315
Sul America		22,051		181,158
TOTAL BRAZIL				3,800,219
TOTAL COMMON STOCK
(Cost $4,401,024)				3,800,219
PREFERRED STOCK — 4.2%
BRAZIL—4.2%
Financials — 4.2%
Banco ABC Brasil		3,799		23,817
Banco do Estado do Rio Grande do Sul		12,795		110,420
Banco Industrial e Comercial		4,682		14,541
Banco Panamericano		6,794		22,134
				170,912

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

30

Schedule of Investments April 30, 2012 (Unaudited)

Global X Brazil Financials ETF

	Shares/Number of Rights/Face Amount		Value
PREFERRED STOCK — continued
TOTAL BRAZIL			$	170,912
TOTAL PREFERRED STOCK
(Cost $211,448)				170,912
RIGHTS — 0.0%
Brazil — 0.0%
Banco Panamericano SA, Expires 5/11/12* (Cost $—)		10,951		632
TIME DEPOSIT — 0.0%
Brown Brothers Harriman, 0.030%
(Cost $570)	$	570		570
TOTAL INVESTMENTS — 98.3%
(Cost $4,613,042)			$	3,972,333
Percentages are based on Net Assets of $4,039,495.

*Non-income producing

ADR — American Depositary Receipt 

The following is a summary of the inputs used as of April 30, 2012, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	3,800,219	$	—	$	—	$	3,800,219
Preferred Stock		170,912		—		—		170,912
Rights		632		—		—		632
Time Deposit		—		570		—		570
Total Investments in Securities	$	3,971,763	$	570	$	—	$	3,972,333

For the period ended April 30, 2012, there have been no transfers between Level 1 & Level 2 investments.

For the period ended April 30, 2012, there were no Level 3 investments.

Amounts designated as “—“ are either $0 or have been rounded to $0.

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

31

Schedule of Investments April 30, 2012 (Unaudited)

Global X FTSE Argentina 20 ETF

Sector Weightings †:  

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.9%
ARGENTINA — 78.2%
Basic Materials — 21.9%
Tenaris ADR		18,559	$	727,327
Consumer Discretionary — 9.6%
Arcos Dorados Holdings, Cl A		17,789		317,890
Consumer Goods — 2.7%
Cresud SACIF y A ADR		9,473		89,804
Consumer Services — 13.0%
MercadoLibre		4,465		431,944
Financials — 11.0%
Banco Macro ADR		9,363		144,377
BBVA Banco Frances ADR *		13,034		63,476
Grupo Financiero Galicia ADR		18,135		101,375
IRSA Inversiones y Representaciones ADR		7,128		56,169
				365,397
Oil & Gas — 9.0%
Petrobras Argentina ADR *		9,953		113,364
Transportadora de Gas del Sur ADR		10,331		28,410
YPF ADR		10,803		157,508
				299,282
Telecommunications — 8.0%
Nortel Inversora ADR *		7,162		120,680
Telecom Argentina ADR *		10,020		146,592
				267,272
Utilities — 3.0%
Empresa Distribuidora Y Comercializadora Norte ADR *		2,934		8,069
Pampa Energia ADR		13,608		91,990
				100,059
TOTAL ARGENTINA				2,598,975

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

32

Schedule of Investments April 30, 2012 (Unaudited)

Global X FTSE Argentina 20 ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
CANADA — 17.2%
Basic Materials — 17.2%
Goldcorp		3,255	$	124,536
Pan American Silver		9,309		181,619
Silver Standard Resources *		9,005		129,852
Yamana Gold		9,145		134,431
TOTAL CANADA				570,438
CHILE—4.5%
Consumer Services — 4.5%
Cencosud		23,519		149,812
TOTAL COMMON STOCK
(Cost $4,593,667)				3,319,225
TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.030%
(Cost $4,812)	$	4,812		4,812
TOTAL INVESTMENTS — 100.0%
(Cost $4,598,479)			$	3,324,037
Percentages are based on Net Assets of $3,323,335.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the inputs used as of April 30, 2012, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	3,319,225	$	—	$	—	$	3,319,225
Time Deposit		—		4,812		—		4,812
Total Investments in Securities	$	3,319,225	$	4,812	$	—	$	3,324,037

For the period ended April 30, 2012, there have been no transfers between Level 1 and Level 2 investments.

For the period ended April 30, 2012, there were no Level 3 investments.

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

33

Schedule of Investments April 30, 2012 (Unaudited)

Global X FTSE Greece 20 ETF

Sector Weightings †

† Percentages based on total investments. 

	Shares		Value
COMMON STOCK — 97.9%
CYPRUS — 4.8%
Financials — 4.8%
Bank of Cyprus		232,253	$	138,345
GREECE — 93.1%
Basic Materials — 2.1%
Mytilineos Holdings		18,045		61,626
Consumer Goods — 20.8%
Coca Cola Hellenic Bottling ADR		25,370		499,281
JUMBO		22,017		106,958
				606,239
Consumer Services — 15.0%
Folli Follie Group		7,576		70,198
OPAP		41,330		369,281
				439,479
Financials — 27.2%
Alpha Bank AE *		78,371		109,964
EFG Eurobank Ergasias		93,821		74,763
Marfin Investment Group		130,666		51,197
Marfin Popular Bank *		366,575		98,017
National Bank of Greece ADR *		157,236		358,498
Piraeus Bank		258,289		88,893
TT Hellenic Postbank		25,509		13,506
				794,838
Industrials — 9.6%
Ellaktor		30,010		48,861
Titan Cement		7,009		135,920
Viohalco		22,612		92,189
				276,970

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

34

Schedule of Investments April 30, 2012 (Unaudited)

Global X FTSE Greece 20 ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Oil & Gas — 8.3%
Hellenic Petroleum		18,939	$	139,136
Motor Oil Hellas Corinth Refineries		12,542		102,931
				242,067
Telecommunications — 7.1%
Hellenic Telecommunications Organization		63,610		207,975
Utilities — 3.0%
Public Power		26,270		88,325
TOTAL GREECE				2,717,519
TOTAL COMMON STOCK
(Cost $3,175,098)				2,855,864
TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.030%
(Cost $2,835)	$	2,835		2,835
TOTAL INVESTMENTS — 98.0%
(Cost $3,177,933)			$	2,858,699
Percentages are based on Net Assets of $2,917,820.

* Non-income producing security.

ADR — American Depositary Receipt

The following is a summary of the inputs used as of April 30, 2012, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	2,855,864	$	—	$	—	$	2,855,864
Time Deposit		—		2,835		—		2,835
Total Investments in Securities	$	2,855,864	$	2,835	$	—	$	2,858,699

For the period ended April 30, 2012, there have been no transfers between Level 1 & Level 2 investments.

For the period ended April 30, 2012, there were no Level 3 investments.

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

35

Schedule of Investments April 30, 2012 (Unaudited)

Global X FTSE Norway 30 ETF

 Sector Weightings † 

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 98.3%
NORWAY — 97.7%
Basic Materials — 8.9%
Norsk Hydro		452,007	$	2,198,844
Yara International		50,941		2,498,561
				4,697,405
Consumer Goods — 7.5%
Aker, Cl A		14,804		483,727
Cermaq		35,468		484,335
Marine Harvest		1,371,246		703,479
Orkla		320,519		2,354,488
				4,026,029
Consumer Services — 3.0%
Schibsted		41,424		1,580,104
Financials — 12.7%
DnB		419,855		4,526,521
Gjensidige Forsikring		102,312		1,153,098
Storebrand		232,300		1,044,000
				6,723,619
Health Care — 1.0%
Algeta *		21,708		513,592
Industrials — 1.1%
Tomra Systems		75,649		589,547
Oil & Gas — 52.6%
Aker Solutions		105,526		1,793,202
Archer *		93,440		195,111
BW Offshore		258,785		359,490
Det Norske Oljeselskap *		32,723		470,294
DNO International *		523,343		830,790

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

36

Schedule of Investments April 30, 2012 (Unaudited)

Global X FTSE Norway 30 ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Oil & Gas — continued
Fred Olsen Energy		13,634	$	565,329
Golar LNG		30,674		1,134,674
Petroleum Geo-Services *		111,369		1,680,377
ProSafe		117,607		917,560
Renewable Energy *		249,069		142,314
Seadrill		121,461		4,701,004
Statoil		385,220		10,285,188
Statoil Fuel & Retail		76,634		687,610
Subsea 7		98,469		2,551,648
TGS Nopec Geophysical		53,386		1,542,918
				27,857,509
Technology — 1.0%
Atea		50,821		541,693
Telecommunications — 9.9%
Telenor		286,086		5,258,869
TOTAL NORWAY				51,788,367
UNITED STATES— 0.6%
Oil & Gas — 0.6%
Kvaerner		105,476		311,473
TOTAL COMMON STOCK
(Cost $53,484,757)				52,099,840
TIME DEPOSIT — 0.0%
Brown Brothers Harriman, 0.030%
(Cost $5,622)	$	5,622		5,622
TOTAL INVESTMENTS — 98.3%
(Cost $53,490,379)			$	52,105,462
Percentages are based on Net Assets of $53,000,472.

* Non-income producing security.

Cl — Class

The following is a summary of the inputs used as of April 30, 2012, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	52,099,840	$	—	$	—	$	52,099,840
Time Deposit		—		5,622		—		5,622
Total Investments in Securities	$	52,099,840	$	5,622	$	—	$	52,105,462

For the period April 30, 2012, there have been no transfers between Level 1 & Level 2 investments.

For the period April 30, 2012, there were no Level 3 investments.

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

37

Schedule of Investments April 30, 2012 (Unaudited)

Global X FTSE Nordic Region ETF

 Sector Weightings †  

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.3%
DENMARK — 21.7%
Consumer Goods — 2.1%
Carlsberg, Cl B		6,375	$	549,455
Financials — 3.2%
Danske Bank *		50,643		822,244
Health Care — 13.6%
Novo Nordisk ADR		23,747		3,491,284
Industrials — 2.8%
A P Moller - Maersk, Cl B		90		703,961
TOTAL DENMARK				5,566,944
FINLAND—11.2%
Basic Materials — 1.4%
UPM-Kymmene		27,837		356,318
Financials — 3.2%
Sampo, Cl A		30,447		810,082
Industrials — 2.1%
Kone, Cl B		8,861		548,344
Technology — 2.5%
Nokia ADR		176,484		644,166
Utilities — 2.0%
Fortum		23,842		512,843
TOTAL FINLAND				2,871,753
NORWAY—20.3%
Basic Materials — 3.3%
Norsk Hydro		55,384		269,423

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

38

Schedule of Investments April 30, 2012 (Unaudited)

Global X FTSE Nordic Region ETF

	Shares		Value
COMMON STOCK — continued
Basic Materials — continued
Yara International		11,708	$	574,256
				843,679
Consumer Goods — 1.6%
Orkla		55,086		404,654
Financials — 2.8%
DnB		66,123		712,882
Oil & Gas — 9.4%
Seadrill		19,129		740,365
Statoil ADR		61,709		1,660,589
				2,400,954
Telecommunications — 3.2%
Telenor		45,055		828,207
TOTAL NORWAY				5,190,376
SWEDEN — 46.1%
Consumer Goods — 2.0%
Svenska Cellulosa, Cl B		32,280		511,481
Consumer Services — 3.8%
Hennes & Mauritz, Cl B		28,186		968,287
Financials — 17.2%
Investor, Cl B		24,219		482,845
Nordea Bank		145,480		1,290,020
Skandinaviska Enskilda Banken, Cl A		117,947		795,988
Svenska Handelsbanken, Cl A		29,743		963,805
Swedbank, Cl A		52,461		868,717
				4,401,375
Industrials — 14.3%
Atlas Copco, Cl A		34,218		814,557
Sandvik		60,513		958,837
Scania, Cl B		21,931		448,324
SKF, Cl B		21,946		520,790
Volvo, Cl B		66,797		926,232
				3,668,740
Technology — 5.8%
Ericsson ADR		148,045		1,479,710
Telecommunications — 3.0%
TeliaSonera		117,676		786,631
TOTAL SWEDEN				11,816,224
TOTAL COMMON STOCK
(Cost $27,697,252)				25,445,297

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

39

Schedule of Investments April 30, 2012 (Unaudited)

Global X FTSE Nordic Region ETF

	Face Amount		Value
TIME DEPOSIT — 0.2%
Brown Brothers Harriman, 0.030%
(Cost $42,923)	$	42,923	$	42,923
TOTAL INVESTMENTS — 99.5%
(Cost $27,740,175)			$	25,488,220
Percentages are based on Net Assets of $25,612,575.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the inputs used as of April 30, 2012, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	25,445,297	$	—	$	—	$	25,445,297
Time Deposit		—		42,923		—		42,923
Total Investments in Securities	$	25,445,297	$	42,923	$	—	$	25,488,220

For the period ended April 30, 2012, there have been no transfers between Level 1 & Level 2 investments.

For the period ended April 30, 2012, there were no Level 3 investments.

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

40

Statements of Assets and Liabilities

April 30, 2012 (Unaudited)

	Global X China Consumer ETF			Global X China Energy ETF			Global X China Financials ETF			Global X China Industrials ETF
Assets:
Cost of Investments	$	135,268,324		$	4,876,543		$	11,200,425		$	6,551,903
Cost of Repurchase Agreement		21,503,548			—			—			—
Cost of Foreign Currency		66,816			—			1,124			577
Market Value of Securities on Loan		19,216,219			—			—			—
Investments at Value	$	132,642,936		$	4,826,195		$	11,233,007		$	4,841,765
Repurchase Agreement		21,503,548			—			—			—
Foreign Currency at Value		66,835			—			1,125			579
Receivable for Investment Securities Sold		16,458,176			956,129			2,122,552			427,595
Receivable for Capital Shares Sold		9,925,500			—			—			—
Dividend and Interest Receivable		69,565			—			—			—
Total Assets		180,666,560			5,782,324			13,356,684			5,269,939
Liabilities:
Payable for Investment Securities Purchased		14,859,332			264,235			945,740			426,796
Obligation to Return Securities Lending Collateral		21,503,548			—			—			—
Payable for Capital Shares Redeemed		11,440,500			682,500			1,170,000			—
Payable due to Investment Adviser		70,595			2,903			6,767			2,558
Due to Custodian		—			2,946			—			—
Total Liabilities		47,873,975			952,584			2,122,507			429,354
Net Assets	$	132,792,585		$	4,829,740		$	11,234,177		$	4,840,585
Net Assets Consist of:
Paid-in Capital	$	158,993,021		$	5,244,360		$	11,605,697		$	7,119,053
Distributions in Excess of Net Investment Income		(984,334	)		(17,392	)		(42,870	)		(20,701	)
Accumulated Net Realized Loss on Investments and Foreign Currency Translations		(22,590,359	)		(346,879	)		(361,230	)		(547,648	)
Net Unrealized Appreciation (Depreciation) on Investments		(2,625,388	)		(50,348	)		32,582			(1,710,138	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		(355	)		(1	)		(2	)		19
Net Assets	$	132,792,585		$	4,829,740		$	11,234,177		$	4,840,585
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		8,700,000			350,000			950,000			400,000
Net Asset Value, Offering and Redemption Price Per Share	$	15.26		$	13.80		$	11.83		$	12.10

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

41

Statements of Assets and Liabilities

April 30, 2012 (Unaudited)

	Global X China Materials ETF			Global X NASDAQ China Technology ETF			Global X FTSE ASEAN 40 ETF			Global X FTSE Andean 40 ETF
Assets:
Cost of Investments	$	3,533,733		$	4,232,329		$	28,544,316		$	7,887,897
Cost of Foreign Currency		1,816			2,593			68,071			11,661
Investments at Value	$	2,547,613		$	4,614,014		$	29,065,536		$	8,336,004
Foreign Currency at Value		1,817			2,594			69,415			11,675
Receivable for Investment Securities Sold		135,871			—			—			—
Dividend and Interest Receivable		—			—			153,414			60,136
Total Assets		2,685,301			4,616,608			29,288,365			8,407,815
Liabilities:
Payable for Investment Securities Purchased		131,692			—			—			—
Payable due to Investment Adviser		1,423			2,511			15,424			4,496
Due to Custodian		600			—			—			47,209
Total Liabilities		133,715			2,511			15,424			51,705
Net Assets	$	2,551,586		$	4,614,097		$	29,272,941		$	8,356,110
Net Assets Consist of:
Paid-in Capital	$	4,357,294		$	4,810,925		$	29,182,557		$	8,039,000
Undistributed (Distributions in Excess of) Net Investment Income/(Accumulated Net Investment Loss)		(7,075	)		(12,106	)		181,814			76,320
Accumulated Net Realized Loss on Investments and Foreign Currency Translations		(812,514	)		(566,408	)		(614,685	)		(207,332	)
Net Unrealized Appreciation (Depreciation) on Investments		(986,120	)		381,685			521,220			448,107
Net Unrealized Appreciation on Foreign Currency Translations		1			1			2,035			15
Net Assets	$	2,551,586		$	4,614,097		$	29,272,941		$	8,356,110
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		300,000			300,000			1,800,000			550,000
Net Asset Value, Offering and Redemption Price Per Share	$	8.51		$	15.38		$	16.26		$	15.19

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

42

Statements of Assets and Liabilities

April 30, 2012 (Unaudited)

	Global X FTSE Colombia 20 ETF			Global X Brazil Mid Cap ETF			Global X Brazil Consumer ETF			Global X Brazil Financials ETF
Assets:
Cost of Investments	$	159,153,760		$	22,256,057		$	30,965,389		$	4,613,042
Cost of Repurchase Agreement		14,990,050			—			—			—
Cost of Foreign Currency		615,062			14,804			53,042			5,251
Market Value of Securities on Loan		14,666,764			—			—			—
Investments at Value	$	179,596,818		$	24,141,260		$	32,887,313		$	3,972,333
Repurchase Agreement		14,990,050			—			—			—
Foreign Currency at Value		615,098			14,652			52,544			5,248
Receivable for Capital Shares Sold		5,593,000			—			—			—
Dividend and Interest Receivable		1,427,549			272,622			37,760			22,253
Receivable for Investment Securities Sold		944,089			—			—			42,742
Total Assets		203,166,604			24,428,534			32,977,617			4,042,576
Liabilities:
Payable for Investment Securities Purchased		5,587,210			—			—			—
Obligation to Return Securities Lending Collateral		14,990,050			—			—			—
Due to Custodian		1,262,797			10,143			—			—
Payable due to Custody		210,610			—			—			—
Payable due to Investment Adviser		83,621			14,041			23,915			3,081
Total Liabilities		22,134,288			24,184			23,915			3,081
Net Assets	$	181,032,316		$	24,404,350		$	32,953,702		$	4,039,495
Net Assets Consist of:
Paid-in Capital	$	176,239,828		$	24,607,841		$	32,759,893		$	5,356,523
Undistributed Net Investment Income		1,000,918			279,905			133,309			44,337
Accumulated Net Realized Loss on Investments and Foreign Currency Translations		(16,650,756	)		(2,366,743	)		(1,859,434	)		(720,232	)
Net Unrealized Appreciation (Depreciation) on Investments		20,443,058			1,885,203			1,921,924			(640,709	)
Net Unrealized Depreciation on Foreign Currency Translations		(732	)		(1,856	)		(1,990	)		(424	)
Net Assets	$	181,032,316		$	24,404,350		$	32,953,702		$	4,039,495
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		8,080,000			1,450,000			1,800,000			300,000
Net Asset Value, Offering and Redemption Price Per Share	$	22.40		$	16.83		$	18.31		$	13.46

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

43

Statements of Assets and Liabilities

April 30, 2012 (Unaudited)

	Global X FTSE Argentina 20 ETF			Global X FTSE Greece 20 ETF			Global X FTSE Norway 30 ETF			Global X FTSE Nordic Region ETF
Assets:
Cost of Investments	$	4,598,479		$	3,177,933		$	53,490,379		$	27,740,175
Cost of Foreign Currency		—			—			51,842			40,700
Investments at Value	$	3,324,037		$	2,858,699		$	52,105,462		$	25,488,220
Foreign Currency at Value		—			—			51,941			40,787
Dividend and Interest Receivable		1,803			—			359,192			72,280
Receivable for Investment Securities Sold		—			61,368			505,469			—
Reclaim Receivable		—			—			—			21,620
Total Assets		3,325,840			2,920,067			53,022,064			25,622,907
Liabilities:
Payable due to Investment Adviser		2,080			1,324			21,592			10,332
Payable due to Custody		425			923			—			—
Total Liabilities		2,505			2,247			21,592			10,332
Net Assets	$	3,323,335		$	2,917,820		$	53,000,472		$	25,612,575
Net Assets Consist of:
Paid-in Capital	$	5,219,000		$	3,030,000		$	62,586,485		$	27,954,632
Undistributed (Distributions in Excess of) Net Investment Income		(6,164	)		(7,214	)		430,133			441,741
Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency Translations		(615,059	)		214,283			(8,631,662	)		(531,716	)
Net Unrealized Depreciation on Investments		(1,274,442	)		(319,234	)		(1,384,917	)		(2,251,955	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		—			(15	)		433			(127	)
Net Assets	$	3,323,335		$	2,917,820		$	53,000,472		$	25,612,575
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		350,000			200,000			3,700,000			1,410,000
Net Asset Value, Offering and Redemption Price Per Share	$	9.50		$	14.59		$	14.32		$	18.16

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

44

Statements of Operations

For the period endedApril 30, 2012 (Unaudited)

	Global X China Consumer ETF			Global X China Energy ETF			Global X China Financials ETF			Global X China Industrials ETF
Investment Income:
Dividend Income	$	160,040		$	316		$	3,740		$	—
Security Lending Income		438,282			—			—			—
Less: Foreign Taxes Withheld		(11,346	)		(1,134	)		(620	)		(66	)
Total Investment Income		586,976			(818	)		3,120			(66	)
Supervision and Administration Fees(1)		437,316			16,574			45,990			14,958
Total Expenses		437,316			16,574			45,990			14,958
Net Expenses		437,316			16,574			45,990			14,958
Net Investment Income (Loss)		149,660			(17,392	)		(42,870	)		(15,024	)
Net Realized Gain (Loss) on:
Investments		(18,748,926	)(2)		(286,264	)(2)		457,953	(2)		(448,929	)
Foreign Currency Transactions		516			(54	)		47			(58	)
Net Realized Gain (Loss) on Investments		(18,748,410	)		(286,318	)		458,000			(448,987	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		19,551,170			338,469			675,500			755,602
Foreign Currency Transactions		(1,178	)		(11	)		(570	)		44
Net Change in Unrealized Appreciation on Investments		19,549,992			338,458			674,930			755,646
Net Realized and Unrealized Gain on Investments		801,582			52,140			1,132,930			306,659
Net Increase in Net Assets Resulting from Operations	$	951,242		$	34,748		$	1,090,060		$	291,635

(1) The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)

(2) Includes realized gains/(losses) as a result of in-kind transactions (see Note 4 in Notes to Financial Statements).

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

45

Statements of Operations

For the period endedApril 30, 2012 (Unaudited)

	Global X China Materials ETF			Global X NASDAQ China Technology ETF			Global X FTSE ASEAN 40 ETF			Global X FTSE Andean 40 ETF
Investment Income:
Dividend Income	$	2,015		$	2,938		$	539,280		$	130,181
Less: Foreign Taxes Withheld		(202	)		(517	)		(21,284	)		(14,059	)
Total Investment Income		1,813			2,421			517,996			116,122
Supervision and Administration Fees(1)		8,888			14,528			78,974			24,910
Total Expenses		8,888			14,528			78,974			24,910
Net Expenses		8,888			14,528			78,974			24,910
Net Investment Income (Loss)		(7,075	)		(12,107	)		439,022			91,212
Net Realized Gain (Loss) on:
Investments		(809,709	)(2)		(323,945	)		(623,246	)(2)		(72,478	)
Foreign Currency Transactions		7			147			15,592			1,259
Net Realized Loss on Investments		(809,702	)		(323,798	)		(607,654	)		(71,219	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		479,769			393,637			1,862,838			909,325
Foreign Currency Transactions		(33	)		(58	)		1,549			(15	)
Net Change in Unrealized Appreciation on Investments		479,736			393,579			1,864,387			909,310
Net Realized and Unrealized Gain (Loss) on Investments		(329,966	)		69,781			1,256,733			838,091
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(337,041	)	$	57,674		$	1,695,755		$	929,303

(1) The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)

(2) Includes realized losses as a result of in-kind transactions (see Note 4 in Notes to Financial Statements).

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

46

Statements of Operations

For the period endedApril 30, 2012 (Unaudited)

	Global X FTSE Colombia 20 ETF			Global X Brazil Mid Cap ETF			Global X Brazil Consumer ETF			Global X Brazil Financials ETF
Investment Income:
Dividend Income	$	2,751,807		$	445,977		$	260,226		$	106,926
Interest Income		—			1,981			2,980			—
Security Lending Income		9,148			—			—			—
Less: Foreign Taxes Withheld		(48,663	)		—			—			—
Total Investment Income		2,712,292			447,958			263,206			106,926
Supervision and Administration Fees(1)		474,129			81,063			129,896			22,771
Custodian Fees		77,816			—			—			—
Total Expenses		551,945			81,063			129,896			22,771
Waiver of Supervision and Administration Fees		(8,092	)		—			—			—
Net Expenses		543,853			81,063			129,896			22,771
Net Investment Income		2,168,439			366,895			133,310			84,155
Net Realized Gain (Loss) on:
Investments		(3,942,210	)(2)		(1,271,080	)(2)		(1,056,322	)(2)		(596,617	)(2)
Foreign Currency Transactions		87,317			(71,220	)		27,772			(8,267	)
Net Realized Loss on Investments		(3,854,893	)		(1,342,300	)		(1,028,550	)		(604,884	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		24,543,990			3,284,144			4,190,498			159,038
Foreign Currency Transactions		(4,611	)		(1,689	)		551			(1,050	)
Net Change in Unrealized Appreciation on Investments		24,539,379			3,282,455			4,191,049			157,988
Net Realized and Unrealized Gain (Loss) on Investments		20,684,486			1,940,155			3,162,499			(446,896	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	22,852,925		$	2,307,050		$	3,295,809		$	(362,741	)

(1) The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)

(2) Includes realized gains/(losses) as a result of in-kind transactions (see Note 4 in Notes to Financial Statements).

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

47

Statements of Operations

For the period endedApril 30, 2012 (Unaudited)

	Global X FTSE Argentina 20 ETF			Global X FTSE Greece 20 ETF(1)			Global X FTSE Norway 30 ETF			Global X FTSE Nordic Region ETF
Investment Income:
Dividend Income	$	40,985		$	3,012		$	1,166,429		$	655,303
Interest Income		1			30			—			5
Less: Foreign Taxes Withheld		(1,080	)		(2	)		(237,769	)		(104,075	)
Total Investment Income		39,906			3,040			928,660			551,233
Supervision and Administration Fees(2)		14,206			4,620			133,909			61,791
Custodian Fees		164			923			—			—
Total Expenses		14,370			5,543			133,909			61,791
Net Expenses		14,370			5,543			133,909			61,791
Net Investment Income (Loss)		25,536			(2,503	)		794,751			489,442
Net Realized Gain (Loss) on:
Investments		(178,968	)		205,108	(3)		(4,897,102	)(3)		(496,428	)(3)
Foreign Currency Transactions		(130	)		9,175			(12,858	)		(9,620	)
Net Realized Gain (Loss) on Investments		(179,098	)		214,283			(4,909,960	)		(506,048	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(277,370	)		(319,234	)		4,392,922			1,457,033
Foreign Currency Transactions		29			(15	)		(1,174	)		(289	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		(277,341	)		(319,249	)		4,391,748			1,456,744
Net Realized and Unrealized Gain (Loss) on Investments		(456,439	)		(104,966	)		(518,212	)		950,696
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(430,903	)	$	(107,469	)	$	276,539		$	1,440,138

(1) The Fund commenced operations on December 7, 2011.

(2) The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)

(3) Includes realized gains/(losses) as a result of in-kind transactions (see Note 4 in Notes to Financial Statements).

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

48

Statements of Changes in Net Assets

	Global X China Consumer ETF						Global X China Energy ETF
	Period Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011 (Audited)			Period Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011 (Audited)1
Operations:
Net Investment Income (Loss)	$	149,660		$	1,713,956		$	(17,392	)	$	125,627
Net Realized Loss on Investments and Foreign Currency Transactions		(18,748,410	)(1)		(11,421,805	)		(286,318	)(1)		(321,687	)(1)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		19,549,992			(43,411,698	)		338,458			(602,939	)
Net Increase (Decrease) in Net Assets Resulting from Operations		951,242			(53,119,547	)		34,748			(798,999	)
Dividends and Distributions:
Net Investment Income		(487,644	)		(1,734,529	)		(78,332	)		(61,491	)
Total Dividends and Distributions		(487,644	)		(1,734,529	)		(78,332	)		(61,491	)
Capital Share Transactions:
Issued		50,342,500			91,602,500			1,388,000			5,637,000
Redeemed		(54,871,500	)		(74,765,500	)		(1,336,500	)		(4,672,000	)
Increase (Decrease) in Net Assets  from Capital Share Transactions		(4,529,000	)		16,837,000			51,500			965,000
Total Increase (Decrease) in Net Assets		(4,065,402	)		(38,017,076	)		7,916			104,510
Net Assets:
Beginning of Period		136,857,987			174,875,063			4,821,824			4,717,314
End of Period	$	132,792,585		$	136,857,987		$	4,829,740		$	4,821,824
Undistributed (Distributions in Excess of) Net Investment Income	$	(984,334	)	$	(646,350	)	$	(17,392	)	$	78,332
Share Transactions:
Issued		3,450,000			4,800,000			100,000			350,000
Redeemed		(3,700,000	)		(4,450,000	)		(100,000	)		(300,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(250,000	)		350,000			—			50,000

(1) Includes realized gains/(losses) as a result of in-kind transactions (see Note 4 in Notes to Financial Statements).

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

49

Statements of Changes in Net Assets

	Global X China Financials ETF						Global X China Industrials ETF
	Period Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011 (Audited)			Period Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011 (Audited)
Operations:
Net Investment Income (Loss)	$	(42,870	)	$	40,125		$	(15,024	)	$	69,662
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		458,000	(1)		(1,776,172	)(1)		(448,987	)		366,392	(1)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		674,930			(3,649,321	)		755,646			(3,006,105	)
Net Increase (Decrease) in Net Assets Resulting from Operations		1,090,060			(5,385,368	)		291,635			(2,570,051	)
Dividends and Distributions:
Net Investment Income		(14,611	)		(1,177,311	)		(8,938	)		(149,711	)
Total Dividends and Distributions		(14,611	)		(1,177,311	)		(8,938	)		(149,711	)
Capital Share Transactions:
Issued		3,928,000			7,974,500			—			839,000
Redeemed		(4,693,000	)		(60,646,500	)		—			(6,411,500	)
Decrease in Net Assets from Capital Share Transactions		(765,000	)		(52,672,000	)		—			(5,572,500	)
Total Increase (Decrease) in Net Assets		310,449			(59,234,679	)		282,697			(8,292,262	)
Net Assets:
Beginning of Period		10,923,728			70,158,407			4,557,888			12,850,150
End of Period	$	11,234,177		$	10,923,728		$	4,840,585		$	4,557,888
Undistributed (Distributions in Excess of) Net Investment Income	$	(42,870	)	$	14,611		$	(20,701	)	$	3,261
Share Transactions:
Issued		350,000			750,000			—			50,000
Redeemed		(400,000	)		(4,500,000	)		—			(400,000	)
Net Decrease in Shares Outstanding from Share Transactions		(50,000	)		(3,750,000	)		—			(350,000	)

(1) Includes realized gains as a result of in-kind transactions (see Note 4 in Notes to Financial Statements).

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

50

Statements of Changes in Net Assets

	Global X China Materials ETF						Global X NASDAQ China Technology ETF
	Period Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011 (Audited)			Period Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011 (Audited)
Operations:
Net Investment Income (Loss)	$	(7,075	)	$	7,175		$	(12,107	)	$	128,974
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(809,702	)(1)		11,778,378	(1)		(323,798	)		(583,543	)(1)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		479,736			(12,377,520	)		393,579			(505,794	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(337,041	)		(591,967	)		57,674			(960,363	)
Dividends and Distributions:
Net Investment Income		—			(336,120	)		(57,614	)		(7,571	)
Net Realized Gains		—			—			—			(38,309	)
Total Dividends and Distributions		—			(336,120	)		(57,614	)		(45,880	)
Capital Share Transactions:
Issued		898,000			2,226,000			1,391,000			3,666,000
Redeemed		(884,000	)		(56,065,000	)		(1,391,000	)		(2,347,000	)
Increase (Decrease) in Net Assets  from Capital Share Transactions		14,000			(53,839,000	)		—			1,319,000
Total Increase (Decrease) in Net Assets		(323,041	)		(54,767,087	)		60			312,757
Net Assets:
Beginning of Period		2,874,627			57,641,714			4,614,037			4,301,280
End of Period	$	2,551,586		$	2,874,627		$	4,614,097		$	4,614,037
Undistributed (Distributions in Excess of) Net Investment Income/(Accumulated Net Investment Loss)	$	(7,075	)	$	—		$	(12,106	)	$	57,615
Share Transactions:
Issued		100,000			150,000			100,000			200,000
Redeemed		(100,000	)		(3,800,000	)		(100,000	)		(150,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		—			(3,650,000	)		—			50,000

(1) Includes realized gains/(losses) as a result of in-kind transactions (see Note 4 in Notes to Financial Statements).

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

51

Statements of Changes in Net Assets

	Global X FTSE ASEAN 40 ETF						Global X FTSE Andean 40 ETF
	Period Ended April 30, 2012 (Unaudited)			Period Ended October 31, 2011(1) (Audited)			Period Ended April 30, 2012 (Unaudited)			Period Ended October 31, 2011(2) (Audited)
Operations:
Net Investment Income	$	439,022		$	261,942		$	91,212		$	89,965
Net Realized Loss on Investments and Foreign Currency Transactions		(607,654	)(3)		(16,578	)(3)		(71,219	)		(120,736	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		1,864,387			(1,341,132	)		909,310			(461,188	)
Net Increase (Decrease) in Net Assets Resulting from Operations		1,695,755			(1,095,768	)		929,303			(491,959	)
Dividends and Distributions:
Net Investment Income		(517,046	)		—			(120,234	)		—
Total Dividends and Distributions		(517,046	)		—			(120,234	)		—
Capital Share Transactions:
Issued		6,287,000			25,223,500			741,000			7,298,000
Redeemed		(1,455,000	)		(865,500	)		—			—
Increase in Net Assets  from Capital Share Transactions		4,832,000			24,358,000			741,000			7,298,000
Total Increase in Net Assets		6,010,709			23,262,232			1,550,069			6,806,041
Net Assets:
Beginning of Period		23,262,232			—			6,806,041			—
End of Period	$	29,272,941		$	23,262,232		$	8,356,110		$	6,806,041
Undistributed Net Investment Income	$	181,814		$	259,838		$	76,320		$	105,342
Share Transactions:
Issued		400,000			1,550,000			50,000			500,000
Redeemed		(100,000	)		(50,000	)		—			—
Net Increase in Shares Outstanding from Share Transactions		300,000			1,500,000			50,000			500,000

(1) Commenced operations on February 16, 2011.

(2) Commenced operations on February 2, 2011.

(3) Includes realized gains(losses) as a result of in-kind transactions (see Note 4 in Notes to Financial Statements).

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

52

Statements of Changes in Net Assets

	Global X FTSE Colombia 20 ETF						Global X Brazil Mid Cap ETF
	Period Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011 (Audited)			Period Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011 (Audited)
Operations:
Net Investment Income	$	2,168,439		$	2,223,163		$	366,895		$	784,859
Net Realized Loss on Investments and Foreign Currency Transactions		(3,854,893	)(3)		(9,552,321	)(1)		(1,342,300	)(3)		(1,230,665	)(1)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		24,539,379			(26,025,026	)		3,282,455			(3,993,422	)
Net Increase (Decrease) in Net Assets Resulting from Operations		22,852,925			(33,354,184	)		2,307,050			(4,439,228	)
Dividends and Distributions:
Net Investment Income		(1,467,527	)		(1,100,701	)		(495,614	)		(417,712	)
Net Realized Gains		—			(643,516	)		—			(35,267	)
Total Dividends and Distributions		(1,467,527	)		(1,744,217	)		(495,614	)		(452,979	)
Capital Share Transactions:
Issued		37,298,500			108,003,500			—			6,216,500
Redeemed		(19,264,500	)		(127,647,100	)		(736,500	)		(7,237,000	)
Increase (Decrease) in Net Assets  from Capital Share Transactions		18,034,000			(19,643,600	)		(736,500	)		(1,020,500	)
Total Increase (Decrease) in Net Assets		39,419,398			(54,742,001	)		1,074,936			(5,912,707	)
Net Assets:
Beginning of Period		141,612,918			196,354,919			23,329,414			29,242,121
End of Period	$	181,032,316		$	141,612,918		$	24,404,350		$	23,329,414
Undistributed Net Investment Income	$	1,000,918		$	300,006		$	279,905		$	408,624
Share Transactions:
Issued		1,750,000			5,130,000	(2)		—			350,000
Redeemed		(1,050,000	)		(6,290,000	)(2)		(50,000	)		(450,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		700,000			(1,160,000	)		(50,000	)		(100,000	)

(1) Includes realized gains(losses) as a result of in-kind transactions (see Note 4 in Notes to Financial Statements).

(2) Adjusted to reflect the effect of a 2 for 1 share split on April 12, 2011 (See Note 8 in the Notes to Financial Statements).

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

53

Statements of Changes in Net Assets

	Global X Brazil Consumer ETF						Global X Brazil Financials ETF
	Period Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011 (Audited)			Period Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011 (Audited)
Operations:
Net Investment Income	$	133,310		$	450,464		$	84,155		$	243,939
Net Realized Loss on Investments and Foreign Currency Transactions		(1,028,550	)(1)		(960,806	)(1)		(604,884	)(1)		(149,055	)(1)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		4,191,049			(4,582,124	)		157,988			(1,294,635	)
Net Increase (Decrease) in Net Assets Resulting from Operations		3,295,809			(5,092,466	)		(362,741	)		(1,199,751	)
Dividends and Distributions:
Net Investment Income		(392,931	)		(34,888	)		(256,178	)		(49,172	)
Net Realized Gains		—			(23,091	)		—			—
Total Dividends and Distributions		(392,931	)		(57,979	)		(256,178	)		(49,172	)
Capital Share Transactions:
Issued		11,827,000			18,461,000			—			1,676,000
Redeemed		(11,137,500	)		(8,883,500	)		(2,803,000	)		(795,000	)
Increase (Decrease) in Net Assets  from Capital Share Transactions		689,500			9,577,500			(2,803,000	)		881,000
Total Increase (Decrease) in Net Assets		3,592,378			4,427,055			(3,421,919	)		(367,923	)
Net Assets:
Beginning of Period		29,361,324			24,934,269			7,461,414			7,829,337
End of Period	$	32,953,702		$	29,361,324		$	4,039,495		$	7,461,414
Undistributed Net Investment Income	$	133,309		$	392,930		$	44,337		$	216,360
Share Transactions:
Issued		650,000			1,000,000			—			100,000
Redeemed		(600,000	)		(500,000	)		(200,000	)		(50,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		50,000			500,000			(200,000	)		50,000

(1) Includes realized gains/(losses) as a result of in-kind transactions (see Note 4 in Notes to Financial Statements).

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

54

Statements of Changes in Net Assets

	Global X FTSE Argentina 20 ETF						Global X FTSE Greece 20 ETF
	Period Ended April 30, 2012 (Unaudited)			Period Ended October 31, 2011(1) (Audited)			Period Ended April 30, 2012(2) (Unaudited)
Operations:
Net Investment Income (Loss)	$	25,536		$	70,834		$	(2,503	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(179,098	)		(435,681	)		214,283	(3)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		(277,341	)		(997,101	)		(319,249	)
Net Decrease in Net Assets Resulting from Operations		(430,903	)		(1,361,948	)		(107,469	)
Dividends and Distributions:
Net Investment Income		(102,814	)		—			(4,711	)
Total Dividends and Distributions		(102,814	)		—			(4,711	)
Capital Share Transactions:
Issued		—			5,219,000			4,750,000
Redeemed		—			—			(1,720,000	)
Increase in Net Assets  from Capital Share Transactions		—			5,219,000			3,030,000
Total Increase (Decrease) in Net Assets		(533,717	)		3,857,052			2,917,820
Net Assets:
Beginning of Period		3,857,052			—			—
End of Period	$	3,323,335		$	3,857,052		$	2,917,820
Undistributed (Distributions in Excess of) Net Investment Income	$	(6,164	)	$	71,114		$	(7,214	)
Share Transactions:
Issued		—			350,000			300,000
Redeemed		—			—			(100,000	)
Net Increase in Shares Outstanding from Share Transactions		—			350,000			200,000

(1) Commenced operations on March 2, 2011.

(2) Commenced operations on December 7, 2011.

(3) Includes realized gains as a result of in-kind transactions (see Note 4 in Notes to Financial Statements).

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

55

Statements of Changes in Net Assets

	Global X FTSE Norway 30 ETF						Global X FTSE Nordic Region ETF
	Period Ended April 30, 2012 (Unaudited)			Period Ended October 31, 2011(1) (Audited)			Period Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011 (Audited)
Operations:
Net Investment Income	$	794,751		$	1,248,076		$	489,442		$	751,628
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(4,909,960	)(1)		(3,824,884	)(1)		(506,048	)(1)		158,319	(1)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		4,391,748			(5,776,232	)		1,456,744			(5,267,093	)
Net Increase (Decrease) in Net Assets Resulting from Operations		276,539			(8,353,040	)		1,440,138			(4,357,146	)
Dividends and Distributions:
Net Investment Income		(1,360,544	)		(6,983	)		(742,231	)		(150,580	)
Net Realized Gains		—			—			(90,580	)		—
Total Dividends and Distributions		(1,360,544	)		(6,983	)		(832,811	)		(150,580	)
Capital Share Transactions:
Issued		2,918,500			95,823,000			—			23,507,000
Redeemed		(23,541,000	)		(12,756,000	)		(3,999,500	)		(2,678,000	)
Increase (Decrease) in Net Assets  from Capital Share Transactions		(20,622,500	)		83,067,000			(3,999,500	)		20,829,000
Total Increase (Decrease) in Net Assets		(21,706,505	)		74,706,977			(3,392,173	)		16,321,274
Net Assets:
Beginning of Period		74,706,977			—			29,004,748			12,683,474
End of Period	$	53,000,472		$	74,706,977		$	25,612,575		$	29,004,748
Undistributed Net Investment Income	$	430,133		$	995,926		$	441,741		$	694,530
Share Transactions:
Issued		200,000			6,200,000			—			1,150,000
Redeemed		(1,850,000	)		(850,000	)		(250,000	)		(150,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(1,650,000	)		5,350,000			(250,000	)		1,000,000

(1) Includes realized gains/(losses) as a result of in-kind transactions (see Note 4 in Notes to Financial Statements).

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

56

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

						Net																									Ratio of
						Realized																						Ratio of			Net
						and															Net							Expenses			Investment
	Net Asset					Unrealized															Asset					Net		to			Income
	Value,		Net			Gain (Loss)						Distribution			Distribution						Value,					Assets		Average			(Loss) to
	Beginning		Investment			on			Total from			from Net			from			Total from			End of		Total			End of		Net			Average			Portfolio
	of Period		Income			Investments			Operations			Investment			Capital			Distributions			Period		Return			Period		Assets			Net Assets			Turnover
	($)		(Loss) ($)*			($)			($)			Income ($)			Gains ($)			($)			($)		(%)**			($)(000)		(%)			(%)			(%)
Global X China Consumer ETF(1)
2012(Unaudited)		15.29		0.02			0.01			0.03			(0.06	)		—			(0.06	)		15.26		0.28			132,793		0.65	†		0.22	†		11.44	††
2011		20.33		0.17			(5.02	)		(4.85	)		(0.19	)		—			(0.19	)		15.29		(23.99	)		136,858		0.65			0.98			12.37
2010		15.65		0.17			4.51			4.68			—			—			—			20.33		29.90			174,875		0.65	†		1.03	†		3.91	††
Global X China Energy ETF(2)
2012(Unaudited)		13.78		(0.05	)		0.33			0.28			(0.26	)		—			(0.26	)		13.80		2.17			4,830		0.65	†		(0.68	)†		5.83	††
2011		15.72		0.27			(2.07	)		(1.80	)		(0.14	)		—			(0.14	)		13.78		(11.57	)		4,822		0.65			1.70			11.39
2010		15.02		0.23			0.47			0.70			—			—			—			15.72		4.66			4,717		0.65	†		1.80	†		20.55	††
Global X China Financials ETF(3)
2012(Unaudited)		10.92		(0.03	)		0.95			0.92			(0.01	)		—			(0.01	)		11.83		8.45			11,234		0.65	†		(0.61	)†		7.45	††
2011		14.77		0.03			(3.56	)		(3.53	)		(0.32	)		—			(0.32	)		10.92		(24.29	)		10,924		0.65			0.25			41.54
2010		14.90		0.27			(0.40	)		(0.13	)		—			—			—			14.77		(0.87	)		70,158		0.65	†		2.26	†		14.42	††
Global X China Industrials ETF(1)
2012(Unaudited)		11.39		(0.04	)		0.77			0.73			(0.02	)		—			(0.02	)		12.10		6.55			4,841		0.65	†		(0.65	)†		10.83	††
2011		17.13		0.13			(5.64	)		(5.51	)		(0.23	)		—			(0.23	)		11.39		(32.56	)		4,558		0.65			0.88			20.13
2010		15.50		0.08			1.55			1.63			—			—			—			17.13		10.52			12,850		0.65	†		0.61	†		12.74	††
Global X China Materials ETF(4)
2012(Unaudited)		9.58		(0.02	)		(1.05	)		(1.07	)		—			—			—			8.51		(11.17	)		2,552		0.65			(0.52	)†		5.05	††
2011		14.59		0.01			(4.88	)		(4.87	)		(0.14	)		—			(0.14	)		9.58		(33.69	)		2,875		0.65			0.05			36.82
2010		14.95		0.02			(0.38	)		(0.36	)		—			—			—			14.59		(2.41	)		57,642		0.65	†		0.23	†		6.13	††
Global X NASDAQ China Technology ETF(5)
2012(Unaudited)		15.38		(0.04	)		0.23			0.19			(0.19	)		—			(0.19	)		15.38		1.45			4,614		0.65	†		(0.54	)†		54.64	††
2011		17.21		0.38			(2.05	)		(1.67	)		(0.03	)		(0.13	)		(0.16	)		15.38		(9.81	)		4,614		0.65			2.26			16.79
2010		14.90		0.03			2.28			2.31			—			—			—			17.21		15.50			4,301		0.65	†		0.24	†		5.15	††
Global X FTSE ASEAN 40 ETF(6)
2012(Unaudited)		15.51		0.66			0.46			1.12			(0.37	)		—			(0.37	)		16.26		7.53			29,273		0.65			3.62	†		7.01	††
2011		15.08		0.38			0.05			0.43			—			—			—			15.51		2.85			23,262		0.65	†		3.46	†		2.68	††

(1) The Fund commenced operations on November 30, 2009.

(2) The Fund commenced operations on December 15, 2009.

(3) The Fund commenced operations on December 10, 2009.

(4) The Fund commenced operations on January 12, 2010.

(5) The Fund commenced operations on December 8, 2009.

(6) The Fund commenced operations on February 16, 2011.

* 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 has not been annualized. Excludes effect of in-kind transfers.

Amounts designated as “—” are either $0 or have been rounded to $0.

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

57

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

					Net
					Realized																						Ratio of			Ratio of
					and															Net							Expenses			Net
	Net Asset				Unrealized															Asset					Net		to			Investment
	Value,		Net		Gain (Loss)						Distribution			Distribution						Value,					Assets		Average			Income to
	Beginning		Investment		on			Total from			from Net			from			Total from			End of		Total			End of		Net			Average			Portfolio
	of Period		Income		Investments			Operations			Investment			Capital			Distributions			Period		Return			Period		Assets			Net Assets			Turnover
	($)		($)*		($)			($)			Income ($)			Gains ($)			($)			($)		(%)**			($)(000)		(%)			(%)			(%)
Global X FTSE Andean 40 ETF(1)
2012(Unaudited)		13.61		0.18		1.64			1.82			(0.24	)		—			(0.24	)		15.19		13.77			8,356		0.72	†		2.64	†		11.33	††
2011		14.88		0.19		(1.46	)		(1.27	)		—			—			—			13.61		(8.53	)		6,806		0.72	†		1.81	†		15.83	††
Global X FTSE Colombia 20 ETF(2)
2012(Unaudited)		19.19		0.31		3.11			3.42			(0.21	)		—			(0.21	)		22.40		18.15			181,032		0.78†	@		3.11	†		16.56	††
2011(8)		22.99		0.29		(3.88	)		(3.59	)		(0.13	)		(0.08	)		(0.21	)		19.19		(15.69	)		141,643		0.81			1.39			63.11
2010(7)		13.92		0.16		9.44			9.60			(0.53	)		—			(0.53	)		22.99		71.28			196,355		0.86			0.77			40.95
2009(7)		7.50		0.25		6.17			6.42			—			—			—			13.92		85.60			6,960		0.86	†		2.93	†		1.94	††
Global X Brazil Mid Cap ETF(3)
2012(Unaudited)		15.55		0.25		1.37			1.62			(0.34	)		—			(0.34	)		16.83		10.85			24,404		0.69	†		3.13	†		16.99	††
2011		18.28		0.46		(2.94	)		(2.48	)		(0.23	)		(0.02	)		(0.25	)		15.55		(13.73	)		23,329		0.69			2.68			16.90
2010		15.16		0.08		3.04			3.12			—			—			—			18.28		20.58			29,242		0.69	†		1.24	†		2.69	††
Global X Brazil Consumer ETF(4)
2012(Unaudited)		16.78		0.07		1.68			1.75			(0.22	)		—			(0.22	)		18.31		10.72			32,954		0.77	†		0.79	†		31.48	††
2011		19.95		0.28		(3.42	)		(3.14	)		(0.02	)		(0.01	)		(0.03	)		16.78		(7.16	)		29,361		0.77			1.53			37.28
2010		15.48		—		4.47			4.47			—			—			—			19.95		28.88			24,934		0.77	†		0.07	†		4.72	††
Global X Brazil Financials ETF(5)
2012(Unaudited)		14.92		0.21		(1.03	)		(0.82	)		(0.64	)		—			(0.64	)		13.46		(5.29	)		4,039		0.77	†		2.85	†		10.10	††
2011		17.40		0.46		(2.85	)		(2.39	)		(0.09	)		—			(0.09	)		14.92		(13.80	)		7,461		0.77			2.85			37.24
2010		15.08		0.05		2.27			2.32			—			—			—			17.40		15.38			7,829		0.77	†		1.15	†		—	††
Global X FTSE Argentina 20 ETF(6)
2012(Unaudited)		11.02		0.07		(1.30	)		(1.23	)		(0.29	)		—			(0.29	)		9.50		(11.36	)		3,323		0.75	†		1.33	†		14.68	††
2011		14.93		0.23		(4.14	)		(3.91	)		—			—			—			11.02		(26.19	)		3,857		0.75	†		2.53	†		40.86	††

(1) The Fund commenced operations on February 2, 2011.

(2) The Fund commenced operations on February 5, 2009.

(3) The Fund commenced operations on June 21, 2010.

(4) The Fund commenced operations on July 7, 2010.

(5) The Fund commenced operations on July 28, 2010.

(6) The Fund commenced operations on March 2, 2011.

(7) Per share amounts have been restated for a 2 for 1 share split on April 12, 2011. (See Note 8 in Notes to Financial Statements)

(8) Per share amounts have been adjusted for a 2 for 1 share split on April 12, 2011. (See Note 8 in Notes to Financial Statements)

* 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 has not been annualized. Excludes effect of in-kind transfers.

@ The Ratio of Expenses to Average Net Assets includes the effect of a waiver. If these expense offsets were excluded, the ratio would have been 0.79%, 0.83%, 0.86% and 0.86% for the periods ended April 30, 2012, October 31, 2011, October 31, 2010 and October 31, 2009, respectively.

Amounts designated as “—” are either $0 or have been rounded to $0.

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

58

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

						Net																									Ratio of
						Realized																						Ratio of			Net
						and															Net							Expenses			Investment
	Net Asset					Unrealized															Asset					Net		to			Income
	Value,		Net			Gain (Loss)						Distribution			Distribution						Value,					Assets		Average			(Loss) to
	Beginning		Investment			on			Total from			from Net			from			Total from			End of		Total			End of		Net			Average			Portfolio
	of Period		Income			Investments			Operations			Investment			Capital			Distributions			Period		Return			Period		Assets			Net Assets			Turnover
	($)		(Loss) ($)*			($)			($)			Income ($)			Gains ($)			($)			($)		(%)**			($)(000)		(%)			(%)			(%)
Global X FTSE Greece 20 ETF(1)
2012(Unaudited)		15.18		(0.02	)		(0.54	)		(0.56	)		(0.03	)		—			(0.03	)		14.59		(3.67	)		2,918		0.66	†		(0.30	)†		12.82	††
Global X FTSE Norway 30 ETF(2)
2012(Unaudited)		13.96		0.20			0.52	‡		0.72			(0.36	)		—			(0.36	)		14.32		5.56			53,000		0.50	†		2.97	†		13.30	††
2011		14.80		0.44			(1.27	)		(0.83	)		(0.01	)		—			(0.01	)		13.96		(5.62	)		74,707		0.50	†		3.03	†		24.26	††
Global X FTSE Nordic Region ETF (3)
2012(Unaudited)		17.47		0.34			0.94			1.28			(0.53	)		(0.06	)		(0.59	)		18.16		7.93			25,613		0.50	†		3.96	†		4.42	††
2011		19.22		0.53			(2.11	)		(1.58	)		(0.17	)		—			(0.17	)		17.47		(8.34	)		29,005		0.50			2.74			3.59
2010		16.07		0.32			2.84			3.16			(0.01	)		—			(0.01	)		19.22		19.68			12,683		0.50			1.91			4.07
2009		14.50		(0.02	)		1.59			1.57			.—			—			—			16.07		10.83			3,375		0.50	†		(0.50	)†		0.70	††

(1) The Fund commenced operations on December 7, 2011.

(2) The Fund commenced operations on November 9, 2010.

(3) The Fund commenced operations on August 17, 2009.

* 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 has not been annualized. Excludes effect of in-kind transfers.

‡ The amount shown for a share outstanding throughout the period does not accord with the aggregate gains on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund..

Amounts designated as “—” are either $0 or have been rounded to $0.

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

59

Notes to Financial Statements

April 30, 2012 (unaudited)

1. ORGANIZATION

The Global X Funds (the "Trust") is a Delaware Statutory Trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company with eighty-seven portfolios as of April 30, 2012. The financial statements herein and the related notes pertain to the Global X China Consumer ETF, Global X China Energy ETF, Global X China Financials ETF, Global X China Industrials ETF, Global X China Materials ETF, Global X NASDAQ China Technology ETF, Global X FTSE ASEAN 40 ETF, Global X FTSE Andean 40 ETF, Global X FTSE Colombia 20 ETF, Global X Brazil Mid Cap ETF, Global X Brazil Consumer ETF, Global X Brazil Financials ETF, Global X FTSE Argentina 20 ETF, Global X FTSE Greece 20 ETF, Global X FTSE Norway 30 ETF and Global X FTSE Nordic Region ETF (each a “Fund”, collectively, the “Funds”). Each Fund is non-diversified.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the Significant Accounting Policies followed by the Funds.

USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates, and could have a material impact to the Funds.

SECURITY VALUATION — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on 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 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 (absent both bid and asked prices on such exchange, the bid price may be used).

For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.

60

Notes to Financial Statements (continued)

April 30, 2012 (unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (continued)

Securities for which market prices are not "readily available" are valued in accordance with Fair Value Procedures established by the Board of Trustees (the “Board”). The Funds’ Fair Value Procedures are implemented through a Fair Value Committee (the "Committee") designated by the Board. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security's trading has been halted or suspended; the security has been de-listed from a national 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. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. As of April 30, 2012, there were securities valued using Fair Value Procedures of $28,002, $126,746 and $121,483 in Global X China Materials ETF, Global X Brazil Mid Cap ETF and Global X Brazil Consumer ETF Funds, respectively. There were no other securities priced using the Fair Value Procedures.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security's last trade and the time at which the Funds calculated their net asset value. The closing prices of such securities may no longer reflect their market value at the time the Funds calculated net asset value if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security's last close and the time that the Funds calculate net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If Global X Management Company LLC (the “Adviser”) becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate net asset value, it may request that a Committee meeting be called. In addition, the Funds’ Sub-administrator, SEI Investments Global Funds Services (“SEIGFS”), monitors price movements among certain selected indices, securities and/or baskets of securities that may be an indicator that the closing prices received earlier from foreign exchanges or markets may not reflect market value at the time the Funds calculate net asset value. If price movements in a monitored index or security exceed levels established by the Sub-administrator, the Sub-administrator notifies the Adviser that such limits have been exceeded. In such event, the Adviser makes the determination whether a Committee meeting should be called based on the information provided.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

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

61

Notes to Financial Statements (continued)

April 30, 2012 (unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (concluded)

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

Level 3 – Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments, fair value of investments for which the Funds do not have the ability to fully redeem tranches at net asset value 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 the period ended April 30, 2012, there have been no significant changes to the Funds’ fair valuation methodologies.

FEDERAL INCOME TAXES — It is each Fund’s intention to qualify or continue to qualify as 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.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is "more-likely-than-not" (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provision 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), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the period ended April 30, 2012, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period, the Funds did not incur any interest or penalties.

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.

62

Notes to Financial Statements (continued)

April 30, 2012 (unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (concluded)

FOREIGN CURRENCY TRANSLATION — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency

are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statement of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.

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

CREATION UNITS — The Funds issue and redeem shares ("Shares") at Net Asset Value (“NAV”) and only in large blocks of Shares, (each block of Shares for a Fund is called a "Creation Unit" or multiples thereof). Purchasers of Creation Units ("Authorized Participants") at NAV must pay a standard creation transaction fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an investor 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 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, a higher Transaction Fee will be charged. The following table discloses Creation Unit breakdown:

	Creation Unit		Transaction				Redemption
	Shares		Fee		Value		Fee
Global X China Consumer ETF		50,000	$	1,900	$	763,000	$	1,900
Global X China Energy ETF		50,000		1,900		690,000		1,900
Global X China Financials ETF		50,000		1,900		591,500		1,900
Global X China Industrials ETF		50,000		1,900		605,000		1,900
Global X China Materials ETF		50,000		1,900		425,500		1,900
Global X NASDAQ China Technology ETF		50,000		1,900		769,000		1,900
Global X FTSE ASEAN 40 ETF		50,000		2,300		813,000		2,300
Global X FTSE Andean 40 ETF		50,000		2,300		759,500		2,300
Global X FTSE Colombia 20 ETF		50,000		2,500		1,120,000		2,500
Global X Brazil Mid Cap ETF		50,000		1,900		841,500		1,900
Global X Brazil Consumer ETF		50,000		1,500		915,500		1,500
Global X Brazil Financials ETF		50,000		1,500		673,000		1,500
Global X FTSE Argentina ETF		50,000		1,000		475,000		1,000
Global X FTSE Greece 20 ETF		50,000		1,000		729,500		1,000
Global X FTSE Norway 30 ETF		50,000		1,400		716,000		1,400
Global X FTSE Nordic Region ETF		50,000		1,400		908,000		1,400

63

Notes to Financial Statements (continued)

April 30, 2012 (unaudited)

3. RELATED PARTY TRANSACTIONS

The Adviser serves as the investment adviser and the administrator for the Funds. Subject to the supervision of the Board of Trustees, the Adviser is responsible for managing the investment activities of the Funds and the Funds’ business affairs and other administrative matters and provides or causes to be furnished all supervisory, administrative and other services reasonably necessary for the operation of the Funds, including certain distribution services (provided pursuant to a separate Distribution Agreement), certain shareholder and distribution-related services (provided pursuant to a separate Rule 12b-1 Plan and related agreements) and investment advisory services (provided pursuant to a separate Investment Advisory Agreement), under what is essentially an "all-in" fee structure. For its service to the Funds, under the Supervision and Administration Agreement, each Fund pays a monthly fee to the Adviser at the annual rate (stated as a percentage of the average daily net assets of the Fund). In addition, the Funds bear other expenses that are not covered by the Supervision and Administration Agreement, which may vary and affect the total expense ratios of the Funds, such as taxes, brokerage fees, commissions and other transaction expenses, interest expenses, acquired fund fees and extraordinary expenses (such as litigation and indemnification expenses). In addition, the Global X FTSE Colombia 20 ETF, Global X FTSE Argentina 20 ETF and Global X FTSE Greece 20 ETF pay custodial fees that are not covered by the Supervision and Administration Agreement.

	Supervision and
	Administration
	Fee
Global X China Consumer ETF		0.65	%
Global X China Energy ETF		0.65	%
Global X China Financials ETF		0.65	%
Global X China Industrials ETF		0.65	%
Global X China Materials ETF		0.65	%
Global X NASDAQ China Technology ETF		0.65	%
Global X FTSE ASEAN 40 ETF		0.65	%
Global X FTSE Andean 40 ETF		0.72	%
Global X FTSE Colombia 20 ETF*		0.68	%
Global X Brazil Mid Cap ETF		0.69	%
Global X Brazil Consumer ETF		0.77	%
Global X Brazil Financials ETF		0.77	%
Global X FTSE Argentina ETF*		0.74	%
Global X FTSE Greece 20 ETF*		0.55	%
Global X FTSE Norway 30 ETF		0.50	%
Global X FTSE Nordic Region ETF		0.50	%

*The Global X FTSE Colombia 20 ETF, Global X FTSE Argentina 20 ETF and Global X FTSE Greece 20 ETF paid 0.10%, 0.01% and 0.11%, respectively in Custody Fees(in addition to the Supervision and Administration Fee) during the period ended April 30, 2012.

The Adviser and InterBolsa S.A. ("InterBolsa"), one of the leading broker-dealers located in Colombia, entered into an agreement, pursuant to which InterBolsa has agreed to provide certain marketing, marketing-related and other services and allows the use of InterBolsa’s name and brand with respect to the Global X FTSE Colombia 20 ETF. Under this agreement, InterBolsa agreed to make an initial payment to the Adviser regarding certain start up expenses for the Fund and the Adviser has agreed to share with InterBolsa fifty percent (50%) of the Adviser’s legitimate profits and losses with respect to the Global X FTSE Colombia 20 ETF.

64

Notes to Financial Statements (continued)

April 30, 2012 (unaudited)

3. RELATED PARTY TRANSACTIONS (concluded)

SEIGFS serves as Sub-Administrator to the Funds. As Sub-Administrator, SEIGFS provides the Funds with the required general administrative services, including, without limitation: office space, equipment, and personnel; clerical and general back office services; bookkeeping, internal accounting and secretarial services; the calculation of NAV; and assistance with the preparation and filing of reports, registration statements, proxy statements and other materials required to be filed or furnished by the Funds under federal and state securities laws. As compensation for these services, the Sub-Administrator receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser.

SEI Investments Distribution Co. (“SIDCO”) serves as each Funds underwriter and distributor of Shares pursuant to a Distribution Agreement. Under the Distribution Agreement, SIDCO, as agent, receives orders to create and redeem Shares in Creation Unit Aggregations and transmits such orders to the Trust’s custodian and transfer agent. The Distributor has no obligation to sell any specific quantity of Fund Shares. 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 for its distribution services under the Distribution Agreement

4. INVESTMENT TRANSACTIONS

For the period ended April 30, 2012, 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 China Consumer ETF	$	15,373,359	$	15,753,603
Global X China Energy ETF		294,360		383,099
Global X China Financials ETF		1,010,601		1,113,463
Global X China Industrials ETF		498,285		525,765
Global X China Materials ETF		154,188		135,869
Global X NASDAQ China Technology ETF		2,452,655		2,501,052
Global X FTSE ASEAN 40 ETF		2,888,891		1,747,186
Global X FTSE Andean 40 ETF		1,043,550		803,125
Global X FTSE Colombia 20 ETF		33,002,903		23,781,520
Global X Brazil Mid Cap ETF		4,001,634		4,802,904
Global X Brazil Consumer ETF		10,633,270		10,481,643
Global X Brazil Financials ETF		592,505		2,885,763
Global X FTSE Argentina 20 ETF		560,863		631,304
Global X FTSE Greece 20 ETF		2,476,860		273,678
Global X FTSE Norway 30 ETF		7,419,073		8,802,467
Global X FTSE Nordic Region ETF		1,117,604		1,572,054

During the period ended April 30, 2012, there were no purchases or sales of long-term U.S. Government securities for the Funds.

65

Notes to Financial Statements (continued)

April 30, 2012 (unaudited)

4. INVESTMENT TRANSACTIONS (continued)

For the period ended April 30, 2012, in-kind transactions associated with creations and redemptions were:

			Sales and		Realized
	Purchases		Maturities		Gain/(Loss)
Global X China Consumer ETF	$	40,407,971	$	44,964,518	$	(14,546,290	)
Global X China Energy ETF		1,387,260		1,337,430		(69,263	)
Global X China Financials ETF		3,926,565		4,696,096		841,052
Global X China Materials ETF		898,865		884,664		(757,417	)
Global X FTSE ASEAN 40 ETF		4,442,349		1,021,509		(207,923	)
Global X FTSE Andean 40 ETF		459,612		-		-
Global X FTSE Colombia 20 ETF		14,960,448		6,101,840		(863,953	)
Global X Brazil Mid Cap ETF		-		388,110		(30,742	)
Global X Brazil Consumer ETF		3,168,878		2,934,702		662,817
Global X Brazil Financials ETF		-		749,909		(130,497	)
Global X FTSE Greece 20 ETF		2,485,208		1,718,402		195,351
Global X FTSE Norway 30 ETF		2,919,793		23,520,629		(3,922,152	)
Global X FTSE Nordic Region ETF		-		3,998,162		22,341

5. TAX INFORMATION

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

The tax character of dividends and distributions paid during the last period ended October 31, 2011 and 2010 were as follows:

Global X Funds	Ordinary Income		Long-Term Capital Gain		Totals
Global X China Consumer ETF
2011	$	1,734,529	$	–	$	1,734,529
2010		–		–		–
Global X China Energy ETF
2011	$	61,491	$	–	$	61,491
2010		–		–		–
Global X China Financials ETF
2011	$	1,177,311	$	–	$	1,177,311
2010		–		–		–
Global X China Industrials ETF
2011	$	149,711	$	–	$	149,711
2010		–		–		–
Global X China Materials ETF
2011	$	336,120	$	–	$	336,120
2010		–		–		–
Global X NASDAQ China Technology ETF
2011	$	45,880	$	–	$	45,880
2010		–		–		–

66

Notes to Financial Statements (continued)

April 30, 2012 (unaudited)

5. TAX INFORMATION (continued)

			Long-Term
Global X Funds	Ordinary Income		Capital Gain		Totals
Global X FTSE Colombia 20 ETF
2011	$	1,288,147	$	456,070	$	1,744,217
2010		264,734		–		264,734
Global X Brazil Mid Cap ETF
2011	$	452,979	$	–	$	452,979
2010		–		–		–
Global X Brazil Consumer ETF
2011	$	57,979	$	–	$	57,979
2010		–		–		–
Global X Brazil Financials ETF
2011	$	49,172	$	–	$	49,172
2010		–		–		–
Global X FTSE Norway 30 ETF
2011	$	6,983	$	–	$	6,983
Global X FTSE Nordic Region ETF
2011	$	150,580	$	–	$	150,580
2010		2,158		–		2,158

As of October 31, 2011, the Components of Tax Basis Distributable Earnings (Accumulated Losses) were as follows:

	Global X Funds
	Global X China Consumer ETF			Global X China Energy ETF			Global X China Financials ETF
Undistributed Ordinary Income	$	418,113		$	78,332		$	14,611
Capital Loss Carryforwards		(1,514,329	)		(33,911	)		(551,954	)
Unrealized Depreciation on Investments and Foreign Currency		(24,503,355	)		(415,457	)		(909,626	)
Other Temporary Differences		(1,064,463	)		–			–
Total Accumulated Losses	$	(26,664,034	)	$	(371,036	)	$	(1,446,969	)

	Global X China Industrials ETF			Global X China Materials ETF			Global X NASDAQ China Technology ETF
Undistributed Ordinary Income	$	3,261		$	–		$	57,614
Capital Loss Carryforwards		(94,810	)		–			(236,466	)
Unrealized Depreciation on Investments and Foreign Currency		(2,469,616	)		(1,468,667	)		(18,036	)
Total Accumulated Losses	$	(2,561,165	)	$	(1,468,667	)	$	(196,888	)

	Global X FTSE ASEAN 40 ETF			Global X FTSE Andean 40 ETF			Global X FTSE Colombia 20 ETF
Undistributed Ordinary Income	$	265,345		$	105,342		$	1,305,906
Capital Loss Carryforwards		–			(120,886	)		(8,249,654	)
Unrealized Depreciation on Investments and Foreign Currency		(1,353,670	)		(476,415	)		(9,649,162	)
Total Accumulated Losses	$	(1,088,325	)	$	(491,959	)	$	(16,592,910	)

	Global X Brazil Mid Cap ETF			Global X Brazil Consumer ETF			Global X Brazil Financials ETF
Undistributed Ordinary Income	$	431,261		$	392,931		$	218,222
Capital Loss Carryforwards		(918,379	)		(563,593	)		–
Unrealized Depre.lciation on Investments and Foreign Currency		(1,527,809	)		(2,538,407	)		(916,331	)
Total Accumulated Losses	$	(2,014,927	)	$	(2,709,069	)	$	(698,109	)

67

Notes to Financial Statements (continued)

April 30, 2012 (unaudited)

5. TAX INFORMATION (continued)

	Global X Funds
	Global X FTSE Argentina 20 ETF			Global X FTSE Norway 30 ETF			Global X FTSE Nordic Region ETF
Undistributed Ordinary Income	$	71,114		$	995,925		$	788,538
Undistributed Long-Term Capital Gain		–			–			7,708
Capital Loss Carryforwards		(414,683	)		(1,802,290	)		–
Unrealized Depreciation on Investments and Foreign Currency		(1,018,378	)		(7,695,643	)		(3,745,630	)
Other Temporary Differences		–			–			–
Total Accumulated Losses	$	(1,361,947	)	$	(8,502,008	)	$	(2,949,384	)

For Federal income tax purposes, capital loss carryforwards represent realized losses of the Funds that may be carried forward for a maximum period of eight years and applied against future gains. As of October 31, 2011, the Funds that had capital loss carryforwards are listed below.

	Global X China Consumer ETF		Global X China Energy ETF		Global X China Financials ETF		Global X China Industrials ETF		Global X NASDAQ China Technology ETF
Oct. 2019	$	1,341,121	$	33,911	$	—	$	—	$	236,466
Oct. 2018		173,208		—		551,954		94,810		—
Total	$	1,514,329	$	33,911	$	551,954	$	94,810	$	236,466

	Global X FTSE Colombia 20 ETF		Global X Brazil Mid Cap ETF		Global X Brazil Consumer ETF		Global X FTSE Norway 30 ETF
Oct. 2019	$	8,249,654	$	918,379	$	563,593	$	1,802,290
Oct. 2018		—		—		—		—
Total	$	8,249,654	$	918,379	$	563,593	$	1,802,290

Fort the year ended October 31, 2011, Global X China Financials ETF, Global X China Industrials ETF, Global X Brazil Financials ETF and Global X FTSE Nordic Region ETF utilized $74,505, $125,310, $3, and $7,319, respectively of capital loss carryforwards.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be used prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, preenactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. Losses carried forward under these new provisions are as follows:

Global X Funds	Short-Term Loss		Long-Term Loss		Total
Global X FTSE Andrean 40 ETF		120,886		-		120,886
Global X FTSE Argentina 20 ETF		414,683		-		414,683

68

Notes to Financial Statements (continued)

April 30, 2012 (unaudited)

5. TAX INFORMATION (concluded)

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at April 30, 2012 were as follows:

Global X Funds	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Global X China Consumer ETF	$	156,771,872	$	15,186,476	$	(17,811,864	)	$	(2,625,388	)
Global X China Energy ETF		4,876,543		515,319		(565,667	)		(50,348	)
Global X China Financials ETF		11,200,425		741,300		(708,718	)		32,582
Global X China Industrials ETF		6,551,903		326,175		(2,036,313	)		(1,710,138	)
Global X China Materials ETF		3,533,733		89,252		(1,075,372	)		(986,120	)
Global X NASDAQ China Technology ETF		4,232,329		832,099		(450,414	)		381,685
Global X FTSE ASEAN 40 ETF		28,544,316		1,358,284		(837,064	)		521,220
Global X FTSE Andean 40 ETF		7,887,897		774,298		(326,191	)		448,107
Global X FTSE Colombia 20 ETF		174,143,810		23,352,876		(2,909,818	)		20,443,058
Global X Brazil Mid Cap ETF		22,256,057		4,360,594		(2,475,391	)		1,885,203
Global X Brazil Consumer ETF		30,965,389		5,348,716		(3,426,792	)		1,921,924
Global X Brazil Financials ETF		4,613,042		349,026		(989,735	)		(640,709	)
Global X FTSE Argentina 20 ETF		4,598,479		198,558		(1,473,000	)		(1,274,442	)
Global X FTSE Greece 20 ETF		3,177,933		90,558		(409,792	)		(319,234	)
Global X FTSE Norway 30 ETF		53,490,379		3,466,641		(4,851,558	)		(1,384,917	)
Global X FTSE Nordic Region ETF		27,740,175		1,686,522		(3,938,477	)		(2,251,955	)

The preceding differences between book and tax cost are primarily due to mark to market treatment of passive foreign investment companies and wash sales.

6. CONCENTRATION OF RISKS

The Funds invest in securities of foreign issuers in several countries. These investments may involve certain considerations and risks not typically associated with investments in the United States as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries.

The securities markets of emerging countries are less liquid and subject to greater price volatility, and have a smaller market capitalization, than the U.S. securities markets. In certain countries, there may be fewer publicly traded securities and the market may be dominated by a few issues or sectors. Issuers and securities markets in such countries are not subject to as extensive and frequent accounting, financial and other reporting requirements or as comprehensive government regulations as are issuers and securities markets in the U.S. In particular, the assets and profits appearing on the financial statements of emerging country issuers may not reflect their financial position or results of operations in the same manner as financial statements for U.S. issuers. Substantially less information may be publicly available about emerging country issuers than is available about issuers in the United States.

The Funds may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned.

69

Notes to Financial Statements (continued)

April 30, 2012 (unaudited)

6. CONCENTRATION OF RISKS (continued)

The Funds use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of the Underlying Index in approximately the same proportions as in the Underlying Index. The Funds may utilize a representative sampling strategy with respect to its Underlying Index when a replication strategy might be detrimental to its shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to follow its Underlying Index, or, in certain instances, when securities in the Underlying Index become temporarily illiquid, unavailable or less liquid, or due to legal restrictions (such as diversification requirements that apply to the Funds but not the Underlying Indexes).

Certain Funds may invest in commodity related securities, which are susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets could have a great impact on those securities.

7. OTHER

At April 30, 2012, the total Shares outstanding that were held by Authorized Participants were as follows. The Authorized Participants have entered into an agreement with the Funds’ Distributor.

	Authorized Participants		Percentage of Shares Outstanding
Global X China Consumer ETF		5		100%
Global X China Energy ETF		2		100%
Global X China Financials ETF		3		100%
Global X China Industrials ETF		1		100%
Global X China Materials ETF		2		100%
Global X NASDAQ China Technology ETF		2		100%
Global X FTSE ASEAN 40 ETF		3		100%
Global X FTSE Andean 40 ETF		3		100%
Global X FTSE Colombia 20 ETF		5		100%
Global X Brazil Mid Cap ETF		3		100%
Global X Brazil Consumer ETF		3		100%
Global X Brazil Financials ETF		2		100%
Global X FTSE Argentina 20 ETF		3		100%
Global X FTSE Greece 20 ETF		3		100%
Global X FTSE Norway 30 ETF		6		100%
Global X FTSE Nordic Region ETF		3		100%

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.

70

Notes to Financial Statements (concluded)

April 30, 2012 (unaudited)

8. LOANS OF PORTFOLIO SECURITIES

The Funds may lend portfolio securities having a market value up to one-third of the Funds’ total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments. It is the Funds’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Funds if and to the extent that the market value of the securities loans were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. The Funds could also experience delays and costs in gaining access to the collateral. The Funds bear the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. As of April 30, 2012, the value of the securities on loan was $19,216,219 and $14,666,764 for the Global X China Consumer ETF and Global X FTSE Colombia 20 ETF, respectively.

9. CONTRACTUAL OBLIGATIONS

The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds maximum exposure under these arrangements is unknown. However the Funds have not had prior gains or losses pursuant to these contracts. Management has reviewed the Funds’ existing contracts and expects the risk of loss to be remote.

10. NEW ACCOUNTING PROUNCEMENT

In May 2011, the Financial Accounting Standards Board issued Accounting Standards Updates (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”).” ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS.ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity, and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. Adoption of ASU 2011-04 will not materially affect the Funds’ financial condition or results of operations.

11. SUBSEQUENT EVENT

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, no additional disclosures or adjustments were required to the financial statements as of the date the financial statements were issued.

71

Notes to Financial Statements (concluded)

April 30, 2012 (unaudited)

11. SUBSEQUENT EVENT (continued)

Subsequent to half-year end, on May 25, 2012, the Board of Trustees of the Trust (including the Independent Trustees) initially considered and unanimously approved the Investment Advisory Agreement and the Supervision and Administration Agreement for the Global X Top Guru Holdings Index ETF, Global X Top Value Guru Holdings Index ETF, and Global X Top Activist Investor Holdings Index ETF.

Subsequent to half-year end, on May 25, 2012, the Board of Trustees of the Trust determined that it is in the best interest of the Global X S&P/TSX Venture 30 Canada ETF to modify the Fund’s investment objective and strategies and to change the Fund’s name. The Fund will be renamed the Global X Junior Miners ETF and will pursue the investment objective and strategies outlined below. These changes are scheduled to go into effect on or about September 3, 2012.

The Fund currently seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P/TSX Venture 30 Index. The S&P/TSX Venture 30 Index is a free-float adjusted, modified capitalization-weighted index designed to provide exposure to the 30 most liquid securities on the TSX Venture Exchange. The TSX Venture exchange is Canada’s junior listings market for emerging companies. Currently the Fund is mostly comprised of small-capitalization companies based in Canada that operate within the mining and energy sectors. Upon implementation of the change, the Fund’s new objective will be to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Junior Miners Index. The Solactive Junior Miners Index is designed to track the market performance of small-capitalization mining companies globally, and therefore the geographic scope of the Fund will expand accordingly. The Fund intends to focus its investments on small-capitalization mining companies including those engaged in mining, producing, smelting, and/or refining materials including but not limited to gold, silver, copper, aluminum, titanium and nickel.

This change is intended to position the Fund to benefit from the growth of commodity consumption around the world by investing in companies that are key elements of the commodity supply chain. This change also allows the Fund to diversify its investments geographically, although the change will increase the Fund’s exposure to emerging markets which may increase the risk of the Fund’s investments. These risks will be described in an updated Summary Prospectus and Statutory Prospectus that will be available at the time the changes described herein become effective.

The Fund also expects to gain certain cost efficiencies associated with the change in investment objective, and upon implementation of the change the total annual expense ratio of the Fund will be reduced from 0.75% to 0.69%.

Subsequent to half-year end, the following investment portfolio of the Trust commenced operations.

Fund Name	Commenced Operations
Global X Top Guru Holdings Index ETF	06/04/2012

72

Disclosure of Fund Expenses (unaudited)

All Exchange Traded Funds (“ETF”) have operating expenses. As a shareholder of an ETF, your investment is affected by these ongoing costs, which include (among others) costs for ETF management, administrative services, brokerage fees, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns. In addition, a shareholder is responsible for brokerage fees as a result of their investment in the Fund.

Operating expenses such as these are deducted from an ETF’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the ETF’s average net assets; this percentage is known as the ETF’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The table on the next page illustrates your Fund’s costs in two ways:

Actual Fund Return. This section helps you to estimate the actual expenses that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Funds, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Funds under “Expenses Paid During Period.”

Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other funds. It assumes that the Funds had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expense Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.

NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.

73

Disclosure of Fund Expenses (unaudited)(continued)

	Beginning Account Value 11/1/2011		Ending Account Value 4/30/2012		Annualized Expense Ratios			Expenses Paid During Period(1)
Global X China Consumer ETF
Actual Fund Return	$	1,000.00	$	1,002.80		0.65	%	$	3 .24
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3 .27
Global X China Energy ETF
Actual Fund Return	$	1,000.00	$	1,021.70		0.65	%	$	3 .27
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3 .27
Global X China Financials ETF
Actual Fund Return	$	1,000.00	$	1,084.50		0.65	%	$	3 .37
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3 .27
Global X China Industrials ETF
Actual Fund Return	$	1,000.00	$	1,065.50		0.65	%	$	3 .34
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3 .27
Global X China Materials ETF
Actual Fund Return	$	1,000.00	$	888.30		0.65	%	$	3 .05
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3 .27
Global X NASDAQ China Technology ETF
Actual Fund Return	$	1,000.00	$	1,014.50		0.65	%	$	3 .26
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3 .27
Global X FTSE ASEAN 40 ETF
Actual Fund Return	$	1,000.00	$	1,075.30		0.65	%	$	3 .35
Hypothetical 5% Return		1,000.00		1,021.28		0.65			3 .27
Global X FTSE Andean 40 ETF
Actual Fund Return	$	1,000.00	$	1,137.70		0.72	%	$	3 .83
Hypothetical 5% Return		1,000.00		1,021.28		0.72			3 .62
Global X FTSE Colombia 20 ETF
Actual Fund Return	$	1,000.00	$	1,181.50		0.78	%	$	4 .23
Hypothetical 5% Return		1,000.00		1,020.98		0.78			3 .92
Global X Brazil Mid Cap ETF
Actual Fund Return	$	1,000.00	$	1,108.50		0.69	%	$	3 .62
Hypothetical 5% Return		1,000.00		1,021.43		0.69			3 .47
Global X Brazil Consumer ETF
Actual Fund Return	$	1,000.00	$	1,107.20		0.77	%	$	4 .03
Hypothetical 5% Return		1,000.00		1,021.03		0.77			3 .87
Global X Brazil Financials ETF
Actual Fund Return	$	1,000.00	$	947.10		0.77	%	$	3 .73
Hypothetical 5% Return		1,000.00		1,021.03		0.77			3 .87
Global X FTSE Argentina 20 ETF
Actual Fund Return	$	1,000.00	$	886.40		0.75	%	$	3 .52
Hypothetical 5% Return		1,000.00		1,021.13		0.75			3 .77
Global X FTSE Greece 20 ETF(2)
Actual Fund Return	$	1,000.00	$	963.30		0.66	%	$	2 .57
Hypothetical 5% Return		1,000.00		1,017.19		0.66			2 .64

74

Disclosure of Fund Expenses (unaudited)(concluded)

	Beginning Account Value 11/1/2011		Ending Account Value 4/30/2012		Annualized Expense Ratios			Expenses Paid During Period(1)
Global X FTSE Norway 30 ETF
Actual Fund Return	$	1,000.00	$	1,055.60		0.50	%	$	2 .56
Hypothetical 5% Return		1,000.00		1,022.38		0.50			2 .51
Global X FTSE Nordic Region ETF
Actual Fund Return	$	1,000.00	$	1,079.30		0.50	%	$	2 .59
Hypothetical 5% Return		1,000.00		1,022.37		0.50			2 .52

⁽¹⁾ Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 182/366 (to reflect the one-half year period.)

⁽²⁾ Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 145/366 (to reflect the period from inception to date.)

75

Approval Of Investment Advisory Agreement (unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended ("1940 Act"), requires that each mutual fund’s board of trustees, including a majority of those trustees who are not "interested persons" of the mutual fund, as defined in the 1940 Act ("Independent Trustees"), consider on an initial basis and periodically thereafter (as required by the 1940 Act), at an in person meeting called for such purpose, the terms of each fund’s investment advisory agreement and approve each agreement with such changes as the Independent Trustees deem appropriate.

At a quarterly Board meeting held on November 11, 2011, the Board of Trustees (including the Independent Trustees) considered and unanimously approved the continuation of (i) the Investment Advisory Agreement ("Renewal Investment Advisory Agreement") for each Fund covered by this Semi-Annual Report (each a "Renewal Fund") and (ii) the Supervision and Administration Agreement between the Trust ("Renewal Supervision and Administration Agreement"), on behalf of each Renewal Fund, and Global X Management Company ("Global X Management"). The Renewal Investment Advisory Agreement and the Renewal Supervision and Administration Agreement are referred to herein as the "Renewal Agreements."

In advance of the Board meeting, the Board (including the Independent Trustees) requested (in writing) detailed information from Global X Management in connection with their consideration of the Renewal Agreements and received and reviewed written responses from Global X Management and supporting materials relating to those requests for information.

In determining to approve the continuation of the Renewal Agreements for each Renewal Fund, the Board concluded that the Renewal Agreements were fair and reasonable and in the best interests of each Renewal Fund and its shareholders, respectively. In approving the continuation of the Renewal Agreements for each Renewal Fund (as applicable), the Board considered among other things the following categories of material factors. In addition, the Board based their determinations regarding the continuation of each of the Renewal Fund Agreements on their consideration of all of the materials provided to them by Global X Management and each Renewal Fund’s other service providers throughout the year.

In reaching this decision, the Board did not assign relative weights to the factors discussed below nor did the Board deem any one factor or group of them to be controlling in and of themselves. Certain factors considered by the Board (including the Independent Trustees) with respect to the approval of the continuation of the Renewal Agreements are discussed below.

RENEWAL AGREEMENTS

Nature, extent and quality of services

With respect to this factor, the Board considered:

• the terms of the Renewal Agreements and the range of services that would continue to be provided to each Renewal Fund in accordance with the Renewal Agreements;

76

Approval Of Investment Advisory Agreement (unaudited) (continued)

• Global X Management’s key personnel and the portfolio managers who would continue to provide investment advisory, supervision and administrative services to each Renewal Fund. In connection with these considerations, the Board noted that Global X Management had significantly increased its support staff and operational resources since the inception of each Renewal Fund;

• Global X Management’s responsibilities under the Renewal Agreements, among other things, to: (i) manage the investment operations of each Renewal Fund and the composition of each Renewal Fund’s assets, including the purchase, retention and disposition of its holdings, (ii) provide quarterly reports to the Trust’s officers and Board and other reports as the Board deems necessary or appropriate, (iii) vote proxies, exercise consents, and exercise all other rights relating to securities and assets held by each Renewal Fund, (iv) select broker- dealers to execute portfolio transactions for each Renewal Fund when necessary, (v) assist in the preparation and filing of reports and proxy statements (if any) to the shareholders of each Renewal Fund, the periodic updating of the registration statement, prospectuses, statement of additional information, and other reports and documents for each Renewal Fund that are required to be filed by the Trust with the SEC and other regulatory and governmental bodies, and (vi) monitor anticipated purchases and redemptions of the shares (including creation units) of each Renewal Fund by shareholders and new investors;

• the nature, extent and quality of the all of the services (including advisory, administrative and compliance services) that have been provided by Global X Management or made available to each Renewal Fund and the adequacy of Global X Management’s personnel resources that would continue to be made available to each Renewal Fund; and

• Global X Management’s experience and the professional qualifications of Global X Management’s key personnel.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to each Renewal Funds by Global X Management.

77

Approval Of Investment Advisory Agreement (unaudited) (concluded)

Performance

With respect to this fact, the Board considered each Renewal Fund’s total return and investment performance relative to (i) the performance of unaffiliated comparable specialized and/or focused exchange-traded funds and other registered funds in the same classification as each of the Renewal Funds, which performance information is publicly available from such registered funds as well as other third party sources; and (ii) the performance of comparable registered funds, pertinent indexes, and pertinent registered fund performance rankings. The Board noted that some of the Renewal Funds had only been in operations for a few months and that some Renewal Funds had not yet commenced operations. The Board observed that, for the Renewal Funds that had not commenced operations, meaningful data relating to investment performance was not available and, therefore, could not be a factor in approving the Renewal Agreements for the non- operational Renewal Funds.

Based on these considerations and comparisons, the Board concluded that the investment performance of each operational Renewal Fund did not adversely affect the Board approval of the continuance of the Renewal Agreements.

Cost of Services and Profitability

The Board considered Global X Management’s cost to provide investment management and related services to each Renewal Fund. In this regard, the Board considered the Management Fee that has been borne by each Renewal Fund under the Renewal Agreements for the various investment advisory, supervisory and administrative services that each Renewal Fund requires under a unitary fee structure (including the types of fees and expenses that are not included within the unitary fee and would be borne by each Renewal Fund).

In addition, the Board considered the current and expected profitability to Global X Management from all services provided to the Renewal Funds and all aspects of Global X Management’s relationship with each of the Renewal Funds. In connection with these considerations, the Global X Management provided the Board with financial information regarding its operations and services to the Renewal Funds and discussed with the Board its current and expected profitability with respect to the Renewal Funds. Global X Management noted that it was likely that it would not generate profits in the upcoming year from its services to certain of the newer or smaller Renewal Funds because of the small amount of assets under management for those Renewal Funds.

Based on these considerations, the Board concluded that the profits anticipated to be realized by Global X Management from its relationship with each of the Renewal Funds would not be excessive and should not preclude approval of the continuance of each Renewal Agreement.

78

Approval Of Investment Advisory Agreement (unaudited) (continued)

Comparison of Fees and Services

With respect to this factor, the Board considered:

•     comparative information with respect to the Management Fee paid to Global X Management by each of the Renewal Funds. In connection with this consideration, Global X Management provided the Board with detailed comparative expense data for each of the Renewal Funds, including fees and expenses paid by unaffiliated comparable specialized and/or focused exchange-traded funds and other comparable registered funds and fees and expenses paid by other funds that are series of the Trust under the same unified Management Fee structure;

•     the structure of the unified Management Fee structure (which includes as one component the investment advisory fee for each Renewal Fund) and the current total expense ratios for each of the Renewal Funds. In this regard, the Board took into consideration that the purpose of adopting a unitary Management Fee structure for the Renewal Funds was to create a simple, all-inclusive fee that would provide a level of predictability with respect to the overall expense ratio (i.e., the total fees) of each of the Renewal Funds and that the proposed Management Fee for each Renewal Fund was set at a competitive fee to make each Renewal Fund viable in the marketplace; and

•     that Global X Management is responsible for most ordinary expenses of the Renewal Funds, including the costs of various third-party services required by the Funds, including investment advisory, administrative, audit, certain custody, portfolio accounting, legal, transfer agency and printing costs, but that each Renewal Fund would bear other expenses not covered under the all-inclusive Management Fee, such as asset-based custody fees for certain of the Renewal Funds, taxes, brokerage fees, commissions, and other transaction expenses, interest expenses, and extraordinary expenses.

Based on these considerations, the Board concluded that the proposed Management Fee and total expense ratio of each Renewal Fund should not preclude approval of the Renewal Agreements.

Economies of Scale

With respect to this factor, the Board considered:

•     the extent to which economies of scale would be realized as the Renewal Funds grow and whether the unitary Management Fee for each Renewal Fund reflected these economies of scale;

•     the significant investment of time, personnel and other resources that Global X Management has made and intends to make in the Renewal Funds in order to seek to assure that the Renewal Funds are attractive to investors; and

79

Approval Of Investment Advisory Agreement (unaudited) (continued)

•     that the unitary Management Fee would provide a high level of certainty as to the total level of expenses for the Renewal Funds and their shareholders.

Based on these considerations, the Board concluded that continuation of the unitary

Management Fee for each Renewal Fund was reasonable.

Other Benefits

The Board considered any other benefits realized by Global X Management as a result from its relations relationships with each Renewal Fund and concluded that all information it considered supported approval of the continuation of the Renewal Agreements.

80

Supplemental Information (unaudited)

Net asset value, or “NAV”, is the price per Share at which the Funds issue and redeem Shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of the Funds generally is determined using the midpoint between the highest bid and the lowest offer on the stock exchange on which the Shares of the Funds are listed for trading, as of the time that the Funds’ NAV is calculated. The Funds’ Market Price may be at, above or below their NAV. The NAV of the Funds will fluctuate with changes in the market value of their Funds holdings. The Market Price of the Funds will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of the Funds on a given day, generally at the time NAV is calculated. A premium is the amount that the Funds are trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that the Funds are trading below the reported NAV, expressed as a percentage of the NAV.

Further information regarding premiums and discounts is available on the Funds’ website at GlobalXFunds.com.

81

Notice to Shareholders (unaudited)

For shareholders that do not have a February 27, 2012 tax year end, this notice is for informational purposes only. For shareholders with a February 27, 2012 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended February 27, 2012, the liquidated Funds have designated the following items with regard to distributions paid during the year.

	Long-Term Capital Gain Distributions			Ordinary Income Distributions			Total Distributions			Qualifying for Corporate Dividends Received Deduction (1)			Qualifying Dividend Income (2)			Interest Related Dividends (3)			Short Term Capital Gain Dividends(4)
Global X Russell Emerging Markets Growth ETF		0.00	%		100.00	%		100.00	%		0.00	%		100.00	%		0.00	%		0.00	%
Global X Russell Emerging Markets Value ETF		0.00	%		100.00	%		100.00	%		0.00	%		44.01	%		0.00	%		100.00	%
Global X Mexico Small-Cap ETF		0.00	%		100.00	%		100.00	%		0.00	%		59.07	%		0.00	%		100.00	%

(1) Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions).

(2) The percentage in this column represents the amount of "Qualifying Dividend Income" as created by the Jobs and Growth Relief Reconciliation Act of 2003 and is reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). It is the intention of each of the aforementioned funds to designate the maximum amount permitted by law.

(3) The percentage in this column represents the amount of "Interest Related Dividends" as created by the American Jobs Creation Act of 2004 and is reflected as a percentage of net investment income distributions that is exempt from U.S. withholding tax when paid for foreign investors.

(4) The percentage in this column represents the amount of "Short-Term Capital Gain Dividends" as created by the American Jobs Creation Act of 2004 and is reflected as a percentage of short-term capital gain distributions that is exempt from U.S. withholding tax when paid to foreign investors.

For the short period ended February 27, 2012, the Funds designate all distributions in the short period as ordinary income distributions

82

Notes

83

Notes

84

399 Park Ave, 32^nd floor

New York, NY 10022

1-888-GXFund-1

(1-888-493-8631)

www.globalxfunds.com

Investment Adviser:

Global X Management Company LLC

399 Park Ave, 32^nd floor

New York, NY 10022

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 the Independent Trustees:

Dechert LLP

1175 I Street N.W.

Washington, DC 20007

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

Global X SuperDividend ETF (ticker: SDIV)

Global X MLP ETF (ticker: MLPA)

Global X Canada Preferred ETF (ticker: CNPF)

Global X Social Media Index ETF (ticker: SOCL)

Global X Auto ETF (ticker: VROM)

Global X NASDAQ 500 ETF (ticker: QQQV)

Global X NASDAQ 400 Mid Cap ETF (ticker: QQQM)

Semi Annual Report

April 30, 2012

Table of Contents

Schedule of Investments
Global X Super Dividend ETF	1
Global X MLP ETF	7
Global X Canada Preferred ETF	9
Global X Social Media ETF	11
Global X Auto ETF	14
Global X NASDAQ 500 ETF	18
Global X NASDAQ 400 Midcap ETF	34
Statements of Assets and Liabilities	47
Statements of Operations	49
Statements of Changes in Net Assets	51
Financial Highlights	54
Notes to Financial Statements	55
Disclosure of Fund Expenses	67
Approval of Investment Advisory Agreement	69
Supplemental Information	76
Notice to Shareholders	77

The Funds file their complete schedules of Fund holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q within sixty days after the end of the period. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that Global X Funds uses to determine how to vote proxies relating to Fund securities, as well as information relating to how the Funds voted proxies relating to Fund securities during the most recent 12-month period ended June 30, will be available (i) without charge, upon request, by calling 1-888-GXFund-1; and (ii) on the Commission’s website at http://www.sec.gov.

Schedule of Investments	April 30, 2012 (Unaudited)
Global X SuperDividend ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 98.3%
AUSTRALIA—24.8%
Banks — 5.0%
Bank of Queensland		79,129	$	615,065
Bendigo and Adelaide Bank		68,889		540,494
Commonwealth Bank of Australia		11,076		599,766
National Australia Bank		24,198		636,126
Westpac Banking		26,632		630,739
				3,022,190
Consumer Goods — 2.1%
Fleetwood		44,116		603,542
GUD Holdings		77,336		683,320
				1,286,862
Consumer Services — 9.5%
APN News & Media		757,364		662,873
David Jones		235,749		611,640
Metcash		136,917		564,936
Myer Holdings		274,835		672,955
Navitas		193,832		797,754
Seven West Media		166,374		513,125
Southern Cross Media Group		501,809		703,246
TABCORP Holdings		200,200		598,677
Tatts Group		223,249		600,144
				5,725,350

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

1

Schedule of Investments	April 30, 2012 (Unaudited)
Global X SuperDividend ETF

	Shares		Value
COMMON STOCK — continued
Financials — 3.3%
IOOF Holdings		99,304	$	644,616
Perpetual		24,200		642,987
QBE Insurance Group		48,382		697,696
				1,985,299
Industrials — 0.8%
GWA Group		246,105		503,883
Oil & Gas — 1.1%
APA Group		116,536		633,836
Telecommunications — 1.0%
Telstra		163,103		601,605
Utilities — 2.0%
DUET Group		310,974		599,435
Spark Infrastructure Group		398,731		602,413
				1,201,848
TOTAL AUSTRALIA				14,960,873
AUSTRIA—0.9%
Telecommunications — 0.9%
Telekom Austria		51,716		567,229
BELGIUM—0.9%
Telecommunications — 0.9%
Belgacom		19,350		549,666
BERMUDA—1.1%
Industrials — 1.1%
Ship Finance International		48,804		675,935
BRAZIL—0.8%
Utilities — 0.8%
Light		38,500		497,269
CANADA—5.0%
Consumer Services — 1.0%
Parkland Fuel		42,797		605,661
Health Care — 1.0%
CML HealthCare		56,489		611,295
Oil & Gas — 1.0%
NAL Energy		81,835		627,939
Real Estate Investment Trust — 0.9%
Extendicare		68,194		559,165
Utilities — 1.1%
Just Energy Group		48,528		638,136

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

2

Schedule of Investments	April 30, 2012 (Unaudited)
Global X SuperDividend ETF

	Shares		Value
COMMON STOCK — continued
TOTAL CANADA			$	3,042,196
CHINA—1.2%
Financials — 1.2%
Greentown China Holdings		1,001,635		698,426
CZECH REPUBLIC— 1.0%
Telecommunications — 1.0%
Telefonica Czech Republic		30,631		617,723
FRANCE—0.9%
Telecommunications — 0.9%
France Telecom		40,287		551,143
GERMANY—1.3%
Telecommunications — 1.3%
Freenet		43,550		756,905
HUNGARY—1.0%
Telecommunications — 1.0%
Magyar Telekom Telecommunications		244,936		617,350
ITALY—0.8%
Consumer Services — 0.8%
Mediaset		193,565		460,430
NEW ZEALAND— 2.2%
Telecommunications — 2.2%
Chorus *		217,599		610,338
Telecom Corp of New Zealand		344,341		740,567
TOTAL NEW ZEALAND				1,350,905
NORWAY—1.0%
Oil & Gas — 1.0%
Seadrill		15,462		598,438
POLAND—2.0%
Basic Materials — 1.0%
KGHM Polska Miedz		14,230		626,367
Telecommunications — 1.0%
Telekomunikacja Polska		115,584		604,807
TOTAL POLAND				1,231,174
SINGAPORE—5.4%
Industrials — 1.1%
Venture		94,033		653,482

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

3

Schedule of Investments	April 30, 2012 (Unaudited)
Global X SuperDividend ETF

	Shares		Value
COMMON STOCK — continued
Real Estate Investment Trust — 3.2%
Ascendas		382,808	$	643,427
Mapletree Logistics Trust		846,529		670,382
Suntec		608,150		643,779
				1,957,588
Telecommunications — 1.1%
StarHub		261,512		674,120
TOTAL SINGAPORE				3,285,190
SPAIN—1.7%
Consumer Services — 0.8%
Antena 3 de Television		93,131		493,109
Telecommunications — 0.9%
Telefonica		35,080		511,252
TOTAL SPAIN				1,004,361
TAIWAN—1.8%
Industrials — 1.0%
U-Ming Marine Transport		352,471		598,544
Technology — 0.8%
Macronix International		1,404,796		463,640
TOTAL TAIWAN				1,062,184
TURKEY—1.0%
Consumer Goods — 1.0%
Ford Otomotiv Sanayi		62,611		575,754
UNITED KINGDOM— 7.5%
Consumer Services — 1.6%
Firstgroup		126,300		399,287
Halfords Group		117,116		522,877
				922,164
Financials — 4.1%
Aviva		108,723		543,632
Provident Financial		38,710		726,229
RSA Insurance Group		339,319		578,216
Standard Life		169,733		615,929
				2,464,006
Industrials — 0.9%
Interserve		122,393		568,484
Telecommunications — 0.9%
Cable & Wireless Communications		1,036,399		554,883
TOTAL UNITED KINGDOM				4,509,537

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

4

Schedule of Investments	April 30, 2012 (Unaudited)
Global X SuperDividend ETF

	Shares		Value
COMMON STOCK — continued
UNITED STATES— 36.0%
Consumer Goods — 0.9%
Vector Group		32,961	$	571,873
Financials — 7.9%
Apollo Investment		83,663		606,557
Ares Capital		37,082		594,795
BGC Partners, Cl A		91,440		637,337
BlackRock Kelso Capital		63,583		613,576
Fifth Street Finance		59,093		580,293
PennantPark Investment		56,354		588,900
Prospect Capital		54,401		594,059
Solar Capital		26,316		546,320
				4,761,837
Health Care — 1.0%
PDL BioPharma		95,028		597,726
Industrials — 0.9%
Coretronic		654,712		552,533
Real Estate Investment Trust — 18.8%
American Capital Agency		19,385		605,587
Annaly Capital Management		36,093		589,038
Anworth Mortgage Asset		90,811		612,066
ARMOUR Residential		84,664		590,955
Capstead Mortgage		44,591		612,234
Chimera Investment		203,628		588,485
CommonWealth		28,781		539,644
CreXus Investment		53,283		558,939
CYS Investments		44,316		608,459
Getty Realty		34,913		552,324
Hatteras Financial		21,129		615,488
Hospitality Properties Trust		23,905		659,300
Invesco Mortgage Capital		37,829		667,303
Investors Real Estate Trust		78,685		568,106
Medical Properties Trust		61,077		572,902
MFA Financial		79,508		586,769
Omega Healthcare Investors		27,601		590,937
Starwood Property Trust		29,772		621,341
Two Harbors Investment		59,998		627,579
				11,367,456
Telecommunications — 5.5%
CenturyLink		15,708		605,700
Consolidated Communications Holdings		31,363		606,874

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

5

Schedule of Investments	April 30, 2012 (Unaudited)
Global X SuperDividend ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Telecommunications — continued
Frontier Communications		137,914	$	557,172
Koninklijke KPN		57,780		518,633
VimpelCom ADR		49,514		504,548
Windstream		47,858		537,924
				3,330,851
Utilities — 1.0%
Atlantic Power		41,162		587,523
TOTAL UNITED STATES				21,769,799
TOTAL COMMON STOCK
(Cost $61,122,615)				59,382,487
PREFERRED STOCK — 0.9%
BRAZIL—0.9%
Utilities — 0.9%
AES Tiete
(Cost $625,405)		41,451		576,267
TIME DEPOSIT — 0.2%
Brown Brothers Harriman, 0.030%
(Cost $114,253)	$	114,253		114,253
TOTAL INVESTMENTS — 99.4%
(Cost $61,862,273)			$	60,073,007

Percentages are based on Net Assets of $60,411,795.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the inputs used as of April 30, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	59,382,487	$	—	$	—	$	59,382,487
Preferred Stock		576,267		—		—		576,267
Time Deposit		—		114,253		—		114,253
Total Investments in Securities	$	59,958,754	$	114,253	$	—	$	60,073,007

For the period ended April 30, 2012, there have been no transfers between Level 1 and Level 2 investments.

For the period ended April 30, 2012, there were no Level 3 investments.

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

6

Schedule of Investments	April 30, 2012 (Unaudited)
Global X MLP ETF

Sector Weightings †:

† Percentages based on total investments.

	Shares		Value
MASTER LIMITED PARTNERSHIPS — 100.7%
Basic Materials — 5.4%
Alliance Resource Partners		1,309	$	84,535
Natural Resource Partners		3,122		77,894
Penn Virginia Resource Partners		4,921		125,436
				287,865
Consumer Services — 1.7%
Suburban Propane Partners		2,135		90,802
Oil & Gas — 88.3%
Atlas Pipeline Partners		2,940		102,782
Boardwalk Pipeline Partners		5,075		140,222
BreitBurn Energy Partners		4,102		78,061
Buckeye Partners		4,522		255,267
Chesapeake Midstream Partners		3,332		95,562
El Paso Pipeline Partners		7,385		250,130
Enbridge Energy Partners		8,624		266,482
Energy Transfer Partners		5,852		290,435
Enterprise Products Partners		5,348		275,636
EV Energy Partner		2,212		140,396
Genesis Energy		3,276		101,425
Kinder Morgan Energy Partners		3,150		259,686
Magellan Midstream Partners		3,808		269,682
MarkWest Energy Partners		4,480		269,472
NuStar Energy		4,403		242,121
ONEOK Partners		4,816		268,540
Plains All American Pipeline		3,437		281,593
Regency Energy Partners *		7,196		181,195
Spectra Energy Partners		2,219		72,073
Sunoco Logistics Partners		4,004		162,923
Targa Resources Partners		4,732		203,618
TC Pipelines		2,254		98,883
Western Gas Partners		3,045		142,384
Williams Partners		4,536		260,548
				4,709,116

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

7

Schedule of Investments	April 30, 2012 (Unaudited)
Global X MLP ETF

	Shares/Face Amount		Value
MASTER LIMITED PARTNERSHIPS — continued
Utilities — 5.3%
AmeriGas Partners		3,787	$	153,449
Inergy		6,734		131,246
				284,695
TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $5,212,422)				5,372,478
TIME DEPOSIT — 0.0%
Brown Brothers Harriman, 0.030%
(Cost $1,977)	$	1,977		1,977
TOTAL INVESTMENTS — 100.7%
(Cost $5,214,399)			$	5,374,455

Percentages are based on Net Assets of $5,335,571.

* Non-income producing security.

The following is a summary of the inputs used as of April 30, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Master Limited Partnerships	$	5,372,478	$	—	$	—	$	5,372,478
Time Deposit		—		1,977		—		1,977
Total Investments in Securities	$	5,372,478	$	1,977	$	—	$	5,374,455

For the period ended April 30, 2012, there have been no transfers between Level 1 and Level 2 investments.

For the period ended April 30, 2012, there were no Level 3 investments.

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

8

Schedule of Investments	April 30, 2012 (Unaudited)
Global X Canada Preferred ETF

Sector Weightings †:

† Percentages based on total investments.

	Shares		Value
PREFERRED STOCK — 98.9%
CANADA—98.9%
Consumer Goods — 2.7%
George Weston, 0.048%		7,483	$	179,907
RONA, 0.053%(A)		6,463		159,375
				339,282
Financials — 75.8%
Bank of Montreal, 0.045%(A)		34,525		912,967
Bank of Nova Scotia, 0.053%(A)		33,546		886,739
Brookfield Asset Management, 0.070%(A)		22,496		601,499
Brookfield Office Properties, 0.062%(A)		22,862		603,986
Canadian Imperial Bank of Commerce, 0.065%(A)		20,799		556,777
Fairfax Financial Holdings, 0.050%(A)		24,081		603,983
Great-West Lifeco, 0.052%(A)		24,815		617,454
HSBC Bank Canada, 0.066%(A)		9,826		270,654
Husky Energy, 0.045%(A)		11,285		298,961
Manulife Financial, 0.056%(A)		38,262		1,000,595
Power Financial, 0.044%(A)		19,974		508,886
Royal Bank of Canada, 0.063%(A)		38,246		1,020,877
Sun Life Financial, 0.048%		24,449		586,415
Toronto-Dominion Bank, 0.049%(A)		38,241		1,026,399
				9,496,192
Oil & Gas — 10.1%
AltaGas, 0.050%(A)		7,512		198,855
TransCanada, 0.044%(A)		40,834		1,069,278
				1,268,133
Telecommunications — 8.2%
BCE, 0.048%(A)		18,658		427,711
Bell Aliant, 0.049%(A)		11,272		291,428
Shaw Communications, 0.045%(A)		11,755		305,224
				1,024,363
Utilities — 2.1%
TransAlta, 0.046%(A)		11,271		258,428

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

9

Schedule of Investments	April 30, 2012 (Unaudited)
Global X Canada Preferred ETF

	Shares/Face Amount		Value
PREFERRED STOCK — continued
TOTAL CANADA			$	12,386,398
TOTAL PREFERRED STOCK
(Cost $12,311,374)				12,386,398
TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.030%
(Cost $11,316)	$	11,316		11,316
TOTAL INVESTMENTS — 99.0%
(Cost $12,322,690)			$	12,397,714

Percentages are based on Net Assets of $12,520,672.

^(A) Floating rate security - Rate disclosed is the rate in effect on April 30, 2012.

The following is a summary of the inputs used as of April 30, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Preferred Stock	$	12,386,398	$	—	$	—	$	12,386,398
Time Deposit		—		11,316		—		11,316
Total Investments in Securities	$	12,386,398	$	11,316	$	—	$	12,397,714

For the period ended April 30, 2012, there have been no transfers between Level 1 and Level 2 investments.

For the period ended April 30, 2012, there were no Level 3 investments.

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

10

Schedule of Investments	April 30, 2012 (Unaudited)
Global X Social Media ETF

Sector Weightings †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.0%
CHINA—29.8%
Technology — 29.8%
NetEase ADR *		12,336	$	744,108
Renren ADR *		96,663		589,644
SINA *		21,489		1,257,321
Sky-mobi ADR *		28,543		85,058
Tencent Holdings		49,188		1,545,634
Youku.com ADR *		5,135		123,446
TOTAL CHINA				4,345,211
GERMANY—1.7%
Technology — 1.7%
XING		3,404		253,680
INDIA—1.1%
Technology — 1.1%
Rediff.Com India ADR *		24,989		156,181
ITALY—1.3%
Technology — 1.3%
Buongiorno *		86,205		184,401
JAPAN—21.0%
Technology — 21.0%
Dena		36,005		1,128,764
Mixi		56		145,401
Nexon *		44,892		856,906
Gree		34,685		934,462
TOTAL JAPAN				3,065,533

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

11

Schedule of Investments	April 30, 2012 (Unaudited)
Global X Social Media ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
NETHERLANDS—4.2%
Technology — 4.2%
Yandex, Cl A *		26,084	$	618,712
RUSSIA—4.8%
Technology — 4.8%
Mail.ru Group GDR *		16,102		696,412
TAIWAN—0.8%
Technology — 0.8%
PChome Online		19,231		109,295
UNITED STATES— 34.3%
Consumer Services — 6.5%
Angie's List *		7,440		103,788
Groupon, Cl A *		35,508		380,291
Nutrisystem		24,981		289,280
Yelp, Cl A *		7,554		172,684
				946,043
Technology — 27.8%
Changyou.com ADR *		6,010		145,562
Demand Media *		32,227		267,806
Google, Cl A *		1,139		689,357
LinkedIn, Cl A *		14,375		1,558,969
Quepasa *		15,317		58,205
Pandora Media *		50,448		433,853
United Online		78,777		373,403
Zynga, Cl A *		63,029		525,662
				4,052,817
TOTAL UNITED STATES				4,998,860
TOTAL COMMON STOCK
(Cost $13,856,706)				14,428,285
TIME DEPOSIT — 0.0%
Brown Brothers Harriman, 0.030%
(Cost $3,673)	$	3,673		3,673
TOTAL INVESTMENTS — 99.0%
(Cost $13,860,379)			$	14,431,958

Percentages are based on Net Assets of $14,578,087.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

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

12

Schedule of Investments	April 30, 2012 (Unaudited)
Global X Social Media ETF

The following is a summary of the inputs used as of April 30, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	14,428,285	$	—	$	—	$	14,428,285
Time Deposit		—		3,673		—		3,673
Total Investments in Securities	$	14,428,285	$	3,673	$	—	$	14,431,958

For the period ended April 30, 2012, there have been no transfers between Level 1 and Level 2 investments.

For the period ended April 30, 2012, there were no Level 3 investments.

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

13

Schedule of Investments	April 30, 2012 (Unaudited)
Global X Auto ETF

Sector Weightings †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 96.4%
CANADA—1.7%
Consumer Goods — 1.7%
Magna International		1,921	$	84,183
CHINA—5.7%
Consumer Goods — 4.2%
Dongfeng Motor Group, Cl H		74,300		146,519
Guangzhou Automobile Group, Cl H *		52,600		58,372
				204,891
Industrials — 1.5%
Byd, Cl H		28,743		75,760
TOTAL CHINA				280,651
FRANCE—4.8%
Consumer Goods — 4.8%
Cie Generale des Etablissements Michelin, Cl B		1,592		118,895
Peugeot		1,498		17,985
Renault		1,559		70,835
Valeo		595		29,220
TOTAL FRANCE				236,935
GERMANY—18.7%
Consumer Goods — 18.7%
Bayerische Motoren Werke		3,020		287,065
Continental		834		80,832
Daimler		7,766		429,337
Volkswagen		728		124,263
TOTAL GERMANY				921,497
HONG KONG— 0.6%
Consumer Goods — 0.6%
Brilliance China Automotive Holdings *		18,600		20,185
Geely Automobile Holdings		31,800		11,845
TOTAL HONG KONG				32,030
INDIA—2.3%
Industrials — 2.3%
Tata Motors ADR		3,757		111,771

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

14

Schedule of Investments	April 30, 2012 (Unaudited)
Global X Auto ETF

	Shares		Value
COMMON STOCK — continued
INDONESIA—2.4%
Consumer Goods — 2.4%
Astra International		15,650	$	120,902
ITALY—1.4%
Consumer Goods — 1.4%
Fiat		7,000		33,802
Pirelli & C		2,800		34,098
TOTAL ITALY				67,900
JAPAN—25.3%
Consumer Goods — 24.7%
Aisin Seiki		740		26,360
Bridgestone		2,635		62,872
Daihatsu Motor		750		14,260
Denso		1,842		60,192
Fuji Heavy Industries		2,550		19,579
GS Yuasa		1,400		7,260
Honda Motor ADR		7,276		262,227
JTEKT		700		7,742
Mazda Motor		6,700		10,993
Mitsubishi Motors *		15,600		17,585
Nissan Motor		9,455		99,003
NSK		2,100		14,571
Suzuki Motor		1,585		37,660
Toyota Industries		672		19,131
Toyota Motor ADR		6,876		562,319
				1,221,754
Industrials — 0.6%
Isuzu Motors		4,900		28,170
TOTAL JAPAN				1,249,924
SOUTH KOREA— 12.4%
Consumer Goods — 12.4%
Hankook Tire		752		31,873
Hyundai Mobis		529		143,938
Hyundai Motor		1,222		290,328
Kia Motors		2,006		148,037
TOTAL SOUTH KOREA				614,176
SWEDEN—1.0%
Consumer Goods — 1.0%
Autoliv		767		48,121

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

15

Schedule of Investments	April 30, 2012 (Unaudited)
Global X Auto ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
UNITED STATES— 20.1%
Consumer Goods — 20.1%
BorgWarner *		919	$	72,638
Ford Motor		32,860		370,661
General Motors *		6,081		139,863
Gentex		1,189		26,122
Genuine Parts		1,323		85,704
Goodyear Tire & Rubber *		2,070		22,728
Johnson Controls		5,910		188,943
Tesla Motors *		306		10,138
TRW Automotive Holdings *		884		40,408
WABCO Holdings *		571		35,990
TOTAL UNITED STATES				993,195
TOTAL COMMON STOCK
(Cost $4,952,339)				4,761,285
PREFERRED STOCK — 3.3%
GERMANY—3.3%
Consumer Goods — 3.3%
Porsche Automobil Holding
(Cost $170,057)		2,654		162,006
TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.030%
(Cost $5,139)	$	5,139		5,139
TOTAL INVESTMENTS — 99.8%
(Cost $5,127,535)			$	4,928,430

Percentages are based on Net Assets of $4,936,550

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

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

16

Schedule of Investments	April 30, 2012 (Unaudited)
Global X Auto ETF

The following is a summary of the inputs used as of April 30, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	4,761,285	$	—	$	—	$	4,761,285
Preferred Stock		162,006		—		—		162,006
Time Deposit		—		5,139		—		5,139
Total Investments in Securities	$	4,923,291	$	5,139	$	—	$	4,928,430

For the period ended April 30, 2012, there have been no transfers between Level 1 and Level 2 investments.

For the period ended April 30, 2012, there were no Level 3 investments.

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

17

Schedule of Investments April 30, 2012 (Unaudited)

Global X NASDAQ 500 ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.9%
ARGENTINA—0.1%
Consumer Services — 0.1%
MercadoLibre		17	$	1,645
BERMUDA—0.4%
Consumer Services — 0.0%
Central European Media Enterprises, Cl A *		22		174
Oil & Gas — 0.1%
Energy XXI Bermuda		28		1,055
Golar LNG		25		925
				1,980
Technology — 0.3%
Marvell Technology Group *		234		3,512
TOTAL BERMUDA				5,666
BRITISH VIRGIN ISLANDS— 0.0%
Industrials — 0.0%
UTi Worldwide		38		633
CANADA—0.7%
Basic Materials — 0.2%
Methanex		36		1,266
Pan American Silver		41		800
Silver Standard Resources *		31		447
				2,513
Consumer Goods — 0.2%
Lululemon Athletica *		40		2,965
Industrials — 0.0%
Westport Innovations *		17		532

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

18

Schedule of Investments April 30, 2012 (Unaudited)

Global X NASDAQ 500 ETF

	Shares		Value
COMMON STOCK — continued
Technology — 0.3%
Open Text *		22	$	1,232
Research In Motion *		197		2,817
				4,049
TOTAL CANADA				10,059
CHINA—1.4%
Consumer Goods — 0.0%
Perfect World ADR		15		183
Consumer Services — 0.1%
Focus Media Holding ADR		47		1,123
Home Inns & Hotels Management ADR *		12		285
				1,408
Industrials — 0.0%
Hollysys Automation Technologies *		21		208
Technology — 1.3%
AsiaInfo Holdings *		28		353
Baidu ADR *		103		13,668
Ctrip.com International ADR *		55		1,192
NetEase ADR *		29		1,749
Sohu.com *		15		774
Spreadtrum Communications ADR		14		193
				17,929
TOTAL CHINA				19,728
GREECE—0.0%
Industrials — 0.0%
DryShips *		160		506
HONG KONG— 0.1%
Consumer Services — 0.1%
Melco Crown Entertainment ADR *		68		1,055
INDIA—0.1%
Technology — 0.1%
Infosys ADR		34		1,610
IRELAND—0.8%
Consumer Services — 0.1%
Ryanair Holdings ADR *		44		1,481
Health Care — 0.4%
Alkermes *		50		865
Amarin ADR *		41		501
ICON ADR *		23		510
Shire ADR		17		1,658

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

19

Schedule of Investments April 30, 2012 (Unaudited)

Global X NASDAQ 500 ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Warner Chilcott, Cl A *		96	$	2,088
				5,622
Technology — 0.3%
Seagate Technology		160		4,922
TOTAL IRELAND				12,025
ISRAEL—1.3%
Health Care — 0.8%
Teva Pharmaceutical Industries ADR		266		12,167
Technology — 0.5%
Check Point Software Technologies *		78		4,534
Mellanox Technologies *		15		879
NICE Systems ADR *		15		576
RADWARE *		8		308
				6,297
TOTAL ISRAEL				18,464
JERSEY—0.1%
Basic Materials — 0.1%
Randgold Resources ADR		24		2,140
NETHERLANDS—0.3%
Health Care — 0.1%
QIAGEN *		90		1,506
Industrials — 0.0%
VistaPrint *		15		559
Technology — 0.2%
ASML Holding, Cl G		45		2,295
TOTAL NETHERLANDS				4,360
RUSSIA—0.0%
Consumer Services — 0.0%
CTC Media		59		639
SINGAPORE—0.4%
Industrials — 0.2%
Flextronics International *		284		1,891
Technology — 0.2%
Avago Technologies		93		3,207
TOTAL SINGAPORE				5,098
SWEDEN—0.1%
Technology — 0.1%
Ericsson ADR		85		850

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

20

Schedule of Investments April 30, 2012 (Unaudited)

Global X NASDAQ 500 ETF

	Shares		Value
COMMON STOCK — continued
SWITZERLAND—0.3%
Technology — 0.3%
Garmin		73	$	3,440
Logitech International *		71		721
TOTAL SWITZERLAND				4,161
TAIWAN—0.0%
Technology — 0.0%
Silicon Motion Technology ADR *		12		204
Siliconware Precision Industries ADR		39		228
TOTAL TAIWAN				432
UNITED KINGDOM— 0.7%
Technology — 0.1%
ARM Holdings ADR		54		1,368
Telecommunications — 0.6%
Vodafone Group ADR		333		9,267
TOTAL UNITED KINGDOM				10,635
UNITED STATES— 93.1%
Basic Materials — 0.5%
A Schulman		13		320
Century Aluminum *		37		340
Globe Specialty Metals		29		387
Royal Gold		21		1,301
Sigma-Aldrich		47		3,332
Steel Dynamics		83		1,060
				6,740
Consumer Goods — 2.2%
Activision Blizzard		432		5,560
Crocs *		33		667
Deckers Outdoor *		15		765
Diamond Foods		7		146
Electronic Arts *		124		1,907
Fossil *		24		3,136
Gentex		55		1,208
Green Mountain Coffee Roasters *		58		2,828
Hain Celestial Group *		17		804
Hasbro		52		1,910
Herman Miller		22		430
Iconix Brand Group *		28		429
Interface, Cl A		21		297
iRobot *		10		236
LKQ *		55		1,840

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

21

Schedule of Investments April 30, 2012 (Unaudited)

Global X NASDAQ 500 ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Mattel		131	$	4,402
Monster Beverage *		68		4,417
Pool		18		664
Sanderson Farms		7		361
Select Comfort *		20		578
Snyders-Lance		26		673
Steven Madden *		15		648
Take-Two Interactive Software *		33		465
TiVo *		45		486
True Religion Apparel		10		272
				35,129
Consumer Services — 18.6%
Acxiom *		32		439
Allegiant Travel, Cl A *		7		411
Amazon.com *		172		39,887
AMC Networks, Cl A *		21		892
Ameristar Casinos		11		198
Ancestry.com *		17		454
Apollo Group, Cl A *		56		1,972
Ascena Retail Group *		60		1,229
Avis Budget Group *		39		513
Beacon Roofing Supply *		18		480
Bebe Stores		31		254
Bed Bath & Beyond *		95		6,687
BJ's Restaurants *		11		475
Blue Nile *		5		151
Buffalo Wild Wings *		7		587
Capella Education *		6		196
Career Education *		29		207
Casey's General Stores		15		845
Charter Communications, Cl A *		42		2,540
Cheesecake Factory *		23		724
Children's Place Retail Stores *		10		460
Clean Energy Fuels *		27		519
Comcast, Cl A		791		23,991
comScore *		11		219
Constant Contact *		11		266
Copart *		54		1,426
Costco Wholesale		169		14,901
Cracker Barrel Old Country Store		9		518
Digital Generation *		11		102
DIRECTV, Cl A *		293		14,436

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

22

Schedule of Investments April 30, 2012 (Unaudited)

Global X NASDAQ 500 ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Discovery Communications, Cl A *		53	$	2,884
DISH Network, Cl A		78		2,494
Dollar Tree *		48		4,879
DreamWorks Animation SKG, Cl A *		28		504
eBay *		487		19,991
Education Management *		49		608
Expedia		49		2,089
Finish Line, Cl A		20		445
Fred's, Cl A		15		215
Grand Canyon Education *		17		296
Hibbett Sports *		10		597
HSN		23		890
Jack in the Box *		19		432
JetBlue Airways *		113		537
Jos A Bank Clothiers *		11		523
Lamar Advertising, Cl A *		30		955
Liberty Global, Cl A *		60		2,989
Liberty Interactive, Cl A *		221		4,164
Liberty Media - Liberty Capital, Cl A *		28		2,448
Liquidity Services *		11		587
Monro Muffler Brake		12		495
National CineMedia		21		300
Netflix *		19		1,523
News, Cl A		665		13,034
OpenTable *		9		402
Orchard Supply Hardware Stores, Cl A *		3		64
O'Reilly Automotive *		54		5,695
Panera Bread, Cl A *		11		1,737
Penn National Gaming *		30		1,349
PetSmart		43		2,505
PF Chang's China Bistro		10		397
priceline.com *		19		14,456
Pricesmart		10		825
Rent-A-Center, Cl A		25		855
Ross Stores		88		5,420
Rue21 *		10		304
Scientific Games, Cl A *		34		345
Sears Holdings *		41		2,205
Shuffle Master *		21		371
Shutterfly *		13		404
Sinclair Broadcast Group, Cl A		20		206
Sirius XM Radio *		1,573		3,555

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

23

Schedule of Investments April 30, 2012 (Unaudited)

Global X NASDAQ 500 ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
SkyWest		20	$	180
Staples		272		4,189
Starbucks		284		16,296
Stewart Enterprises, Cl A		33		209
Strayer Education		5		493
Texas Roadhouse, Cl A		27		466
Titan Machinery *		8		285
Tractor Supply		27		2,657
Travelzoo *		6		156
Ulta Salon Cosmetics & Fragrance		22		1,940
United Natural Foods *		19		937
Urban Outfitters *		64		1,853
ValueClick *		28		593
VCA Antech *		32		757
Viacom, Cl B		90		4,175
WebMD Health, Cl A *		22		500
Whole Foods Market		67		5,566
Wynn Resorts		48		6,403
Zumiez *		12		440
				269,048
Health Care — 11.2%
ABIOMED *		15		365
Acorda Therapeutics *		15		379
Akorn *		35		425
Alexion Pharmaceuticals *		70		6,322
Align Technology *		30		951
Amgen		338		24,035
Amylin Pharmaceuticals *		55		1,425
Ariad Pharmaceuticals *		51		831
Auxilium Pharmaceuticals *		17		305
Biogen Idec *		92		12,329
BioMarin Pharmaceutical *		42		1,457
Bio-Reference Labs *		11		235
Bruker *		62		932
Cadence Pharmaceuticals *		31		115
Catalyst Health Solutions *		19		1,641
Celgene *		180		13,126
Cepheid *		23		883
Cubist Pharmaceuticals *		22		930
Cyberonics *		11		421
Dendreon *		56		652
DENTSPLY International		53		2,176

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

24

Schedule of Investments April 30, 2012 (Unaudited)

Global X NASDAQ 500 ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
DexCom *		26	$	255
Endo Pharmaceuticals Holdings *		45		1,581
Endologix *		22		330
Exelixis *		48		230
Express Scripts Holding *		186		10,377
Gen-Probe *		18		1,468
Gilead Sciences *		300		15,603
Grifols ADR *		71		672
Halozyme Therapeutics *		40		324
Healthcare Services Group		24		509
Henry Schein *		35		2,686
HMS Holdings *		35		842
Hologic *		98		1,874
Human Genome Sciences *		69		1,015
Idenix Pharmaceuticals *		41		360
IDEXX Laboratories *		22		1,934
Illumina *		49		2,182
Immunogen *		28		357
Impax Laboratories *		24		591
Incyte *		47		1,066
Insulet *		18		321
Integra LifeSciences Holdings *		12		447
Intermune *		21		219
Intuitive Surgical *		15		8,673
Isis Pharmaceuticals *		37		296
Life Technologies *		69		3,199
LifePoint Hospitals *		21		819
Lincare Holdings		38		927
Magellan Health Services *		13		576
MAKO Surgical *		16		661
Masimo *		23		509
Medicines *		21		464
Medivation *		13		1,051
Meridian Bioscience		16		329
Merit Medical Systems *		16		212
Momenta Pharmaceuticals *		20		318
Mylan *		161		3,495
Myriad Genetics *		33		858
Nektar Therapeutics *		44		335
NuVasive *		14		232
NxStage Medical *		21		357
Onyx Pharmaceuticals *		23		1,047

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

25

Schedule of Investments April 30, 2012 (Unaudited)

Global X NASDAQ 500 ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Optimer Pharmaceuticals *		18	$	266
PAREXEL International *		23		620
Patterson		46		1,568
PDL BioPharma		52		327
Perrigo		36		3,776
PSS World Medical *		20		479
Questcor Pharmaceuticals *		24		1,078
Quidel *		13		215
Regeneron Pharmaceuticals *		33		4,464
Rigel Pharmaceuticals *		26		201
Salix Pharmaceuticals *		23		1,136
Seattle Genetics *		44		870
Sequenom *		38		194
Sirona Dental Systems *		22		1,111
Spectrum Pharmaceuticals *		18		191
Targacept *		13		62
Theravance *		31		671
Thoratec *		23		801
United Therapeutics *		21		919
Vertex Pharmaceuticals *		79		3,040
ViroPharma *		31		674
Vivus *		34		824
Volcano *		20		543
Wright Medical Group *		15		279
				163,845
Industrials — 5.6%
Acacia Research *		15		615
Aegion, Cl A *		15		274
Aerovironment *		8		195
Arkansas Best		10		154
Atlas Air Worldwide Holdings *		10		460
Automatic Data Processing		185		10,290
BE Aerospace *		38		1,787
Cardtronics *		17		448
Ceradyne		11		278
CH Robinson Worldwide		63		3,764
Cintas		50		1,959
Cognex		16		644
Coinstar *		12		753
Euronet Worldwide *		21		454
Expeditors International of Washington		80		3,200
Fastenal		112		5,244

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

26

Schedule of Investments April 30, 2012 (Unaudited)

Global X NASDAQ 500 ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
FEI *		15	$	753
Fiserv *		54		3,796
FLIR Systems		62		1,392
Foster Wheeler *		45		1,035
Heartland Express		36		498
Hub Group, Cl A *		14		490
II-VI *		24		490
IPG Photonics *		18		871
Itron *		16		653
Jack Henry & Associates		33		1,121
JB Hunt Transport Services		47		2,601
Kforce *		13		188
Landstar System		18		964
Lincoln Electric Holdings		32		1,568
Mantech International, Cl A		9		283
Mobile Mini *		17		321
Molex		37		1,021
National Instruments		45		1,224
Newport *		14		239
Nordson		26		1,402
Old Dominion Freight Line *		22		978
PACCAR		142		6,100
Paychex		138		4,275
Plexus *		15		486
Power-One *		47		201
Resources Connection		17		221
Rofin-Sinar Technologies *		11		277
RR Donnelley & Sons		71		888
Sanmina-SCI *		31		276
Schnitzer Steel Industries, Cl A		9		359
Silgan Holdings		27		1,185
Stericycle *		33		2,858
Swisher Hygiene *		65		146
Sykes Enterprises *		19		301
TeleTech Holdings *		22		333
Tetra Tech *		24		641
Trimas *		13		286
Trimble Navigation *		46		2,490
TTM Technologies *		31		320
United Stationers		18		510
Universal Display *		16		720
Veeco Instruments *		17		513
Verisk Analytics, Cl A *		51		2,496

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

27

Schedule of Investments April 30, 2012 (Unaudited)

Global X NASDAQ 500 ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Werner Enterprises		28	$	661
Woodward		25		1,040
Zebra Technologies, Cl A *		22		853
				80,843
Oil & Gas — 0.6%
Approach Resources *		9		323
ATP Oil & Gas *		20		151
Carrizo Oil & Gas *		15		421
Chart Industries *		11		841
Crosstex Energy		18		268
First Solar *		33		607
GeoResources *		10		377
GT Advanced Technologies *		47		306
Gulfport Energy *		17		446
Hercules Offshore *		53		269
Lufkin Industries		12		922
Patterson-UTI Energy		60		970
Petroleum Development *		9		310
Rex Energy *		17		179
Rosetta Resources *		20		1,005
SunPower, Cl A *		37		208
Tesco *		15		245
TransGlobe Energy *		28		385
				8,233
Technology — 53.6%
ACI Worldwide *		13		518
Acme Packet *		24		674
Adobe Systems *		188		6,309
ADTRAN		25		763
Advent Software *		20		540
Akamai Technologies *		73		2,380
Allscripts Healthcare Solutions *		73		809
Altera		124		4,411
Amkor Technology *		82		424
ANSYS *		34		2,280
Apple *		354		206,821
Applied Materials		499		5,983
Ariba *		35		1,337
Arris Group *		46		595
Aruba Networks *		39		824
Aspen Technology *		36		712
athenahealth *		12		869

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

28

Schedule of Investments April 30, 2012 (Unaudited)

Global X NASDAQ 500 ETF

	Shares		Value
COMMON STOCK — continued
Technology — continued
Atmel *		177	$	1,570
Autodesk *		88		3,465
BMC Software *		68		2,806
Brightpoint *		26		159
Broadcom, Cl A		180		6,588
Brocade Communications Systems *		176		975
Brooks Automation		24		282
CA		195		5,152
Cadence Design Systems *		101		1,179
Cavium *		19		556
Cerner *		65		5,271
Ceva *		9		199
Ciena *		35		519
Cirrus Logic *		25		684
Cisco Systems		2,073		41,771
Citrix Systems *		72		6,164
Clearwire, Cl A *		94		138
Cogent Communications Group *		18		337
Cognizant Technology Solutions, Cl A *		115		8,432
CommVault Systems *		17		885
Compuware *		84		732
Comtech Telecommunications		12		371
Comverse Technology *		79		510
Concur Technologies *		21		1,188
Cree *		39		1,205
CSG Systems International *		13		187
Cymer *		12		622
Cypress Semiconductor		72		1,116
DealerTrack Holdings *		16		477
Dell *		702		11,492
Digital River *		16		301
Diodes *		16		357
EarthLink		41		333
Ebix		14		286
EchoStar, Cl A *		15		436
Electronics for Imaging *		18		321
Entegris *		52		460
Entropic Communications *		33		140
Equinix *		18		2,956
EZchip Semiconductor *		10		402
F5 Networks *		31		4,152
Finisar *		35		578

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

29

Schedule of Investments April 30, 2012 (Unaudited)

Global X NASDAQ 500 ETF

	Shares		Value
COMMON STOCK — continued
Technology — continued
Fortinet *		59	$	1,541
Google, Cl A *		99		59,918
Harmonic *		43		203
Hittite Microwave *		12		642
IAC		31		1,493
iGATE *		22		428
Infinera *		41		294
Informatica *		41		1,887
Insight Enterprises *		17		345
Integrated Device Technology *		57		386
Intel		1,963		55,749
InterDigital		16		443
Intersil, Cl A		47		483
Intuit		117		6,782
Ixia *		27		340
j2 Global		18		465
JDA Software Group *		16		462
JDS Uniphase *		87		1,057
KLA-Tencor		64		3,338
Kulicke & Soffa Industries *		28		367
Lam Research *		48		1,999
Lattice Semiconductor *		45		246
Linear Technology		86		2,813
LogMein *		9		324
Maxim Integrated Products		113		3,342
MedAssets *		23		290
Mentor Graphics *		44		636
Merge Healthcare *		29		125
Micrel		24		261
Microchip Technology		72		2,544
Micron Technology *		386		2,544
MICROS Systems *		31		1,762
Microsemi *		32		689
Microsoft		3,244		103,873
MKS Instruments		20		553
MModal *		20		255
Monotype Imaging Holdings *		14		199
NetApp *		144		5,592
NETGEAR *		13		500
Netscout Systems *		16		331
NIC		25		280
Novellus Systems *		28		1,309

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

30

Schedule of Investments April 30, 2012 (Unaudited)

Global X NASDAQ 500 ETF

	Shares		Value
COMMON STOCK — continued
Technology — continued
Nuance Communications *		118	$	2,884
NVIDIA *		226		2,938
OmniVision Technologies *		21		387
ON Semiconductor *		170		1,404
Oracle		1,923		56,517
Parametric Technology *		44		949
Pegasystems		13		483
PMC - Sierra *		89		629
Polycom *		68		902
Power Integrations		11		417
Progress Software *		27		625
QLogic *		41		707
QUALCOMM		636		40,602
Quality Systems		21		785
Quest Software *		34		791
Rambus *		42		214
RF Micro Devices *		105		455
Riverbed Technology *		58		1,144
Rovi *		43		1,230
SanDisk *		91		3,368
Sapient		52		623
Semtech *		24		654
Silicon Image *		30		180
Silicon Laboratories *		18		639
SINA *		25		1,463
Skyworks Solutions *		69		1,873
Sonus Networks *		106		300
Sourcefire *		11		561
STEC *		18		149
Stratasys *		8		410
Super Micro Computer *		14		247
SXC Health Solutions *		24		2,174
Symantec *		289		4,774
Synaptics *		14		430
Synchronoss Technologies *		15		469
Synopsys *		57		1,711
Tech Data *		19		1,022
Tellabs		137		516
Tessera Technologies		20		313
Texas Instruments		250		7,985
TIBCO Software *		64		2,106
TriQuint Semiconductor *		62		303

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

31

Schedule of Investments April 30, 2012 (Unaudited)

Global X NASDAQ 500 ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Technology — continued
Ultimate Software Group *		10	$	772
Ultratech *		10		319
United Online		34		161
VeriSign		67		2,754
ViaSat *		16		773
Volterra Semiconductor *		9		296
Websense *		15		311
Xilinx		101		3,674
Yahoo! *		487		7,568
				782,054
Telecommunications — 0.8%
Frontier Communications		380		1,535
Leap Wireless International *		30		168
NII Holdings *		64		896
SBA Communications, Cl A *		44		2,364
tw telecom inc, Cl A *		58		1,263
Virgin Media		124		3,045
Windstream		191		2,147
				11,418
TOTAL UNITED STATES				1,357,310
TOTAL COMMON STOCK
(Cost $1,260,423)				1,457,016
PREFERRED STOCK — 0.0%
UNITED STATES— 0.0%
Consumer Goods — 0.0%
Orchard Supply Hardware Stores *
(Cost $6)*		3		6
TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.030%
(Cost $1,875)	$	1,875		1,875
TOTAL INVESTMENTS — 100.0%
(Cost $1,262,304)			$	1,458,897
Percentages are based on Net Assets of $1,458,739.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

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

32

Schedule of Investments April 30, 2012 (Unaudited)

Global X NASDAQ 500 ETF

The following is a summary of the inputs used as of April 30, 2012, in valuing the Fund's investments carried at value:
Investments in Securities		Level 1		Level 2		Level 3		Total
Common Stock	$	1,457,016	$	—	$	—	$	1,457,016
Preferred Stock		6		—		—		6
Time Deposit		—		1,875		—		1,875
Total Investments in Securities	$	1,457,022	$	1,875	$	—	$	1,458,897

For the period ended April 30, 2012, there have been no transfers between Level 1 and Level 2 investments.

For the period ended April 30, 2012, there were no Level 3 investments.

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

33

Schedule of Investments April 30, 2012 (Unaudited)

Global X NASDAQ 400 Midcap ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.8%
ARGENTINA—0.5%
Consumer Services — 0.5%
MercadoLibre		72	$	6,965
BERMUDA—0.8%
Consumer Services — 0.1%
Central European Media Enterprises, Cl A *		93		735
Oil & Gas — 0.7%
Energy XXI Bermuda		127		4,786
Golar LNG		133		4,918
				9,704
TOTAL BERMUDA				10,439
BRITISH VIRGIN ISLANDS— 0.2%
Industrials — 0.2%
UTi Worldwide		169		2,817
CANADA—2.2%
Basic Materials — 0.8%
Methanex		152		5,344
Pan American Silver		180		3,512
Silver Standard Resources *		131		1,889
				10,745
Consumer Goods — 0.9%
Lululemon Athletica *		176		13,049
Industrials — 0.1%
Westport Innovations *		74		2,316
Technology — 0.4%
Open Text *		93		5,207
TOTAL CANADA				31,317

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

34

Schedule of Investments April 30, 2012 (Unaudited)

Global X NASDAQ 400 Midcap ETF

	Shares		Value
COMMON STOCK — continued
CHINA—1.5%
Consumer Goods — 0.1%
Perfect World ADR		70	$	855
Consumer Services — 0.4%
Focus Media Holding ADR		206		4,921
Home Inns & Hotels Management ADR *		49		1,164
				6,085
Industrials — 0.1%
Hollysys Automation Technologies *		93		923
Technology — 0.9%
AsiaInfo Holdings *		117		1,474
NetEase ADR *		124		7,480
Sohu.com *		63		3,249
Spreadtrum Communications ADR		66		911
				13,114
TOTAL CHINA				20,977
GREECE—0.2%
Industrials — 0.2%
DryShips *		695		2,196
HONG KONG— 0.3%
Consumer Services — 0.3%
Melco Crown Entertainment ADR *		295		4,579
IRELAND—1.6%
Consumer Services — 0.5%
Ryanair Holdings ADR *		195		6,566
Health Care — 1.1%
Alkermes *		212		3,668
Amarin ADR *		177		2,161
ICON ADR *		96		2,129
Shire ADR		83		8,097
				16,055
TOTAL IRELAND				22,621
ISRAEL—0.5%
Technology — 0.5%
Mellanox Technologies *		64		3,750
NICE Systems ADR *		64		2,459
RADWARE *		34		1,308
TOTAL ISRAEL				7,517

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

35

Schedule of Investments April 30, 2012 (Unaudited)

Global X NASDAQ 400 Midcap ETF

	Shares		Value
COMMON STOCK — continued
NETHERLANDS—1.3%
Health Care — 0.4%
QIAGEN *		390	$	6,525
Industrials — 0.2%
VistaPrint *		68		2,536
Technology — 0.7%
ASML Holding, Cl G		191		9,739
TOTAL NETHERLANDS				18,800
RUSSIA—0.2%
Consumer Services — 0.2%
CTC Media		258		2,794
SWEDEN—0.3%
Technology — 0.3%
Ericsson ADR		367		3,668
SWITZERLAND—0.2%
Technology — 0.2%
Logitech International *		310		3,147
TAIWAN—0.4%
Technology — 0.4%
Silicon Motion Technology ADR *		229		3,897
Siliconware Precision Industries ADR		166		968
TOTAL TAIWAN				4,865
UNITED KINGDOM— 0.4%
Technology — 0.4%
ARM Holdings ADR		229		5,801
UNITED STATES— 89.2%
Basic Materials — 1.0%
A Schulman		53		1,304
Century Aluminum *		159		1,463
Globe Specialty Metals		124		1,654
Royal Gold		88		5,452
Steel Dynamics		358		4,572
				14,445
Consumer Goods — 4.1%
Crocs *		146		2,949
Deckers Outdoor *		64		3,264
Diamond Foods		36		752
Gentex		233		5,119
Hain Celestial Group *		72		3,406
Hasbro		229		8,413

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

36

Schedule of Investments April 30, 2012 (Unaudited)

Global X NASDAQ 400 Midcap ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Herman Miller		96	$	1,875
Iconix Brand Group *		120		1,841
Interface, Cl A		95		1,345
iRobot *		43		1,015
LKQ *		239		7,994
Pool		79		2,916
Sanderson Farms		36		1,858
Select Comfort *		92		2,657
Snyders-Lance		111		2,873
Steven Madden *		70		3,025
Take-Two Interactive Software *		142		2,002
TiVo *		198		2,136
True Religion Apparel		44		1,195
				56,635
Consumer Services — 19.8%
Acxiom *		140		1,922
Allegiant Travel, Cl A *		31		1,822
AMC Networks, Cl A *		94		3,995
Ameristar Casinos		53		953
Ancestry.com *		78		2,083
Ascena Retail Group *		262		5,366
Avis Budget Group *		173		2,277
Beacon Roofing Supply *		76		2,029
Bebe Stores		137		1,123
BJ's Restaurants *		46		1,987
Blue Nile *		25		757
Buffalo Wild Wings *		31		2,599
Capella Education *		26		850
Career Education *		126		898
Casey's General Stores		63		3,550
Charter Communications, Cl A *		184		11,127
Cheesecake Factory *		95		2,993
Children's Place Retail Stores *		44		2,023
Clean Energy Fuels *		116		2,232
comScore *		50		996
Constant Contact *		48		1,160
Copart *		240		6,338
Cracker Barrel Old Country Store		38		2,186
Digital Generation *		44		408
Discovery Communications, Cl A *		235		12,789
DISH Network, Cl A		340		10,870
DreamWorks Animation SKG, Cl A *		120		2,161

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

37

Schedule of Investments April 30, 2012 (Unaudited)

Global X NASDAQ 400 Midcap ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Education Management *		210	$	2,604
Finish Line, Cl A		90		2,003
Fred's, Cl A		66		945
Grand Canyon Education *		73		1,270
Hibbett Sports *		45		2,687
HSN		97		3,754
Jack in the Box *		80		1,818
JetBlue Airways *		486		2,308
Jos A Bank Clothiers *		45		2,140
Lamar Advertising, Cl A *		126		4,009
Liberty Global, Cl A *		257		12,801
Liberty Media - Liberty Capital, Cl A *		189		16,526
Liquidity Services *		47		2,507
Monro Muffler Brake		50		2,063
National CineMedia		90		1,286
OpenTable *		39		1,744
Panera Bread, Cl A *		49		7,738
Penn National Gaming *		130		5,847
PetSmart		187		10,895
PF Chang's China Bistro		39		1,548
Pricesmart		50		4,127
Rent-A-Center, Cl A		107		3,661
Rue21 *		41		1,244
Scientific Games, Cl A *		150		1,524
Shuffle Master *		90		1,590
Shutterfly *		57		1,774
Sinclair Broadcast Group, Cl A		87		894
SkyWest		88		791
Stewart Enterprises, Cl A		145		916
Strayer Education		20		1,974
Texas Roadhouse, Cl A		120		2,070
Titan Machinery *		35		1,247
Tractor Supply		117		11,514
Travelzoo *		154		3,998
Ulta Salon Cosmetics & Fragrance		100		8,818
United Natural Foods *		79		3,894
Urban Outfitters *		240		6,950
ValueClick *		124		2,626
VCA Antech *		142		3,360
Viacom, Cl B		835		38,736
WebMD Health, Cl A *		98		2,230
Zumiez *		51		1,870
				279,795

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

38

Schedule of Investments April 30, 2012 (Unaudited)

Global X NASDAQ 400 Midcap ETF

	Shares		Value
COMMON STOCK — continued
Health Care — 17.1%
ABIOMED *		64	$	1,557
Acorda Therapeutics *		66		1,666
Akorn *		156		1,892
Align Technology *		129		4,091
Amylin Pharmaceuticals *		238		6,167
Ariad Pharmaceuticals *		216		3,521
Auxilium Pharmaceuticals *		79		1,416
BioMarin Pharmaceutical *		178		6,177
Bio-Reference Labs *		45		959
Bruker *		272		4,088
Cadence Pharmaceuticals *		131		483
Catalyst Health Solutions *		81		6,996
Cepheid *		100		3,841
Cubist Pharmaceuticals *		100		4,228
Cyberonics *		46		1,762
Dendreon *		243		2,831
DexCom *		109		1,067
Endo Pharmaceuticals Holdings *		192		6,747
Endologix *		93		1,393
Exelixis *		210		1,008
Gen-Probe *		81		6,606
Grifols ADR *		303		2,866
Halozyme Therapeutics *		169		1,367
Healthcare Services Group		109		2,313
HMS Holdings *		157		3,778
Hologic *		427		8,164
Human Genome Sciences *		299		4,398
Idenix Pharmaceuticals *		175		1,535
IDEXX Laboratories *		94		8,265
Illumina *		203		9,040
Immunogen *		125		1,594
Impax Laboratories *		107		2,632
Incyte *		206		4,672
Insulet *		78		1,393
Integra LifeSciences Holdings *		47		1,750
Intermune *		91		950
Isis Pharmaceuticals *		163		1,304
LifePoint Hospitals *		92		3,590
Lincare Holdings		161		3,928
Magellan Health Services *		54		2,391
MAKO Surgical *		68		2,809
Masimo *		99		2,191
Medicines *		87		1,922

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

39

Schedule of Investments April 30, 2012 (Unaudited)

Global X NASDAQ 400 Midcap ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Medivation *		57	$	4,610
Meridian Bioscience		67		1,377
Merit Medical Systems *		68		899
Momenta Pharmaceuticals *		83		1,318
Myriad Genetics *		140		3,641
Nektar Therapeutics *		188		1,433
NuVasive *		61		1,011
NxStage Medical *		90		1,530
Onyx Pharmaceuticals *		104		4,733
Optimer Pharmaceuticals *		77		1,140
PAREXEL International *		96		2,586
Patterson		199		6,784
PDL BioPharma		230		1,447
PSS World Medical *		88		2,106
Questcor Pharmaceuticals *		102		4,580
Quidel *		54		892
Regeneron Pharmaceuticals *		145		19,613
Rigel Pharmaceuticals *		116		897
Salix Pharmaceuticals *		96		4,742
Seattle Genetics *		187		3,697
Sequenom *		161		824
Sirona Dental Systems *		93		4,697
Spectrum Pharmaceuticals *		80		850
Targacept *		55		261
Theravance *		139		3,008
Thoratec *		97		3,377
United Therapeutics *		96		4,200
ViroPharma *		134		2,914
Vivus *		146		3,536
Volcano *		86		2,335
Wright Medical Group *		64		1,192
				237,578
Industrials — 13.0%
Acacia Research *		70		2,870
Aegion, Cl A *		64		1,168
Aerovironment *		38		924
Arkansas Best		42		644
Atlas Air Worldwide Holdings *		42		1,934
BE Aerospace *		168		7,901
Cardtronics *		70		1,845
Ceradyne		42		1,064
Cintas		218		8,539

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

40

Schedule of Investments April 30, 2012 (Unaudited)

Global X NASDAQ 400 Midcap ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Cognex		69	$	2,777
Coinstar *		50		3,140
Euronet Worldwide *		86		1,860
FEI *		68		3,412
FLIR Systems		260		5,840
Foster Wheeler *		191		4,393
Heartland Express		155		2,144
Hub Group, Cl A *		61		2,135
II-VI *		102		2,082
IPG Photonics *		78		3,775
Itron *		66		2,693
Jack Henry & Associates		141		4,789
JB Hunt Transport Services		204		11,287
Kforce *		61		883
Landstar System		79		4,232
Lincoln Electric Holdings		140		6,861
Mantech International, Cl A		39		1,226
Mobile Mini *		74		1,396
Molex		160		4,414
National Instruments		197		5,358
Newport *		63		1,075
Nordson		113		6,091
Old Dominion Freight Line *		94		4,180
Plexus *		59		1,910
Power-One *		199		852
Resources Connection		78		1,012
Rofin-Sinar Technologies *		46		1,159
RR Donnelley & Sons		308		3,853
Sanmina-SCI *		131		1,166
Schnitzer Steel Industries, Cl A		40		1,595
Silgan Holdings		115		5,045
Swisher Hygiene *		284		639
Sykes Enterprises *		81		1,284
TeleTech Holdings *		94		1,424
Tetra Tech *		102		2,724
Trimas *		57		1,254
Trimble Navigation *		206		11,153
TTM Technologies *		134		1,384
United Stationers		76		2,155
Universal Display *		74		3,328
Veeco Instruments *		72		2,174
Verisk Analytics, Cl A *		273		13,363
Werner Enterprises		120		2,835

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

41

Schedule of Investments April 30, 2012 (Unaudited)

Global X NASDAQ 400 Midcap ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Woodward		113	$	4,700
Zebra Technologies, Cl A *		93		3,607
				181,548
Oil & Gas — 2.4%
Approach Resources *		38		1,364
ATP Oil & Gas *		86		650
Carrizo Oil & Gas *		64		1,795
Chart Industries *		48		3,669
Crosstex Energy		78		1,162
GeoResources *		41		1,546
GT Advanced Technologies *		207		1,348
Gulfport Energy *		76		1,992
Hercules Offshore *		230		1,168
Lufkin Industries		51		3,919
Patterson-UTI Energy		255		4,123
Petroleum Development *		39		1,341
Rex Energy *		73		767
Rosetta Resources *		88		4,424
SunPower, Cl A *		165		926
Tesco *		62		1,013
TransGlobe Energy *		119		1,636
				32,843
Technology — 28.8%
ACI Worldwide *		55		2,192
Acme Packet *		108		3,031
ADTRAN		106		3,235
Advent Software *		88		2,375
Allscripts Healthcare Solutions *		313		3,468
Amkor Technology *		355		1,835
ANSYS *		154		10,329
Ariba *		157		5,997
Arris Group *		198		2,560
Aruba Networks *		166		3,506
Aspen Technology *		155		3,066
athenahealth *		56		4,057
Atmel *		769		6,821
Brightpoint *		112		685
Brocade Communications Systems *		766		4,244
Brooks Automation		107		1,258
Cadence Design Systems *		435		5,076
Cavium *		79		2,312
Ceva *		37		817

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

42

Schedule of Investments April 30, 2012 (Unaudited)

Global X NASDAQ 400 Midcap ETF

	Shares			Value
COMMON STOCK — continued
Technology — continued
Ciena *		152		$	2,253
Cirrus Logic *		110			3,012
Clearwire, Cl A *		406			595
Cogent Communications Group *		77			1,442
CommVault Systems *		75			3,905
Compuware *		359			3,131
Comtech Telecommunications		53			1,639
Comverse Technology *		337			2,174
Concur Technologies *		88			4,977
Cree *		169			5,222
CSG Systems International *		58			835
Cymer *		50			2,592
Cypress Semiconductor		312			4,836
DealerTrack Holdings *		69			2,058
Digital River *		70			1,317
Diodes *		75			1,672
EarthLink		178	��		1,445
Ebix		64			1,309
EchoStar, Cl A *		63			1,830
Electronics for Imaging *		79			1,410
Entegris *		220			1,947
Entropic Communications *		145			613
Equinix *		79			12,972
EZchip Semiconductor *		43			1,730
Finisar *		149			2,461
Fortinet *		257			6,713
Harmonic *		189			892
Hittite Microwave *		51			2,730
IAC		135			6,500
iGATE *		93			1,810
Infinera *		172			1,231
Informatica *		175			8,054
Insight Enterprises *		76			1,544
Integrated Device Technology *		248			1,679
InterDigital		75			2,079
Intersil, Cl A		206			2,116
Ixia *		113			1,424
j2 Global		74			1,911
JDA Software Group *		71			2,051
JDS Uniphase *		379			4,605
Kulicke & Soffa Industries *		120			1,572
Lattice Semiconductor *		195			1,065
LogMein *		40			1,440

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

43

Schedule of Investments April 30, 2012 (Unaudited)

Global X NASDAQ 400 Midcap ETF

	Shares		Value
COMMON STOCK — continued
Technology — continued
MedAssets *		98	$	1,236
Mentor Graphics *		184		2,659
Merge Healthcare *		127		546
Micrel		102		1,111
MICROS Systems *		134		7,615
Microsemi *		142		3,056
MKS Instruments		87		2,406
MModal *		88		1,123
Monotype Imaging Holdings *		58		823
NETGEAR *		62		2,387
Netscout Systems *		73		1,510
NIC		105		1,175
Novellus Systems *		119		5,563
OmniVision Technologies *		92		1,695
ON Semiconductor *		732		6,046
Parametric Technology *		190		4,100
Pegasystems		61		2,269
PMC - Sierra *		389		2,750
Polycom *		290		3,848
Power Integrations		49		1,856
Progress Software *		116		2,684
QLogic *		177		3,053
Quality Systems		95		3,553
Quest Software *		145		3,374
Rambus *		178		906
RF Micro Devices *		448		1,940
Riverbed Technology *		256		5,051
Rovi *		184		5,262
Sapient		228		2,729
Semtech *		105		2,862
Silicon Image *		131		786
Silicon Laboratories *		78		2,768
SINA *		108		6,319
Skyworks Solutions *		302		8,196
Sonus Networks *		454		1,285
Sourcefire *		48		2,448
STEC *		76		630
Stratasys *		35		1,793
Super Micro Computer *		60		1,059
SXC Health Solutions *		103		9,330
Synaptics *		59		1,812
Synchronoss Technologies *		63		1,972
Synopsys *		247		7,413

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

44

Schedule of Investments April 30, 2012 (Unaudited)

Global X NASDAQ 400 Midcap ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Technology — continued
Tech Data *		81	$	4,357
Tellabs		592		2,232
Tessera Technologies		84		1,314
Texas Instruments		1,906		60,878
TIBCO Software *		276		9,080
TriQuint Semiconductor *		266		1,298
Ultimate Software Group *		43		3,318
Ultratech *		41		1,309
United Online		144		683
ViaSat *		69		3,333
Volterra Semiconductor *		41		1,348
Websense *		67		1,390
				405,196
Telecommunications — 3.0%
Frontier Communications		1,654		6,682
Leap Wireless International *		129		724
NII Holdings *		285		3,988
SBA Communications, Cl A *		187		10,049
tw telecom inc, Cl A *		250		5,445
Windstream		1,233		13,859
				40,747
TOTAL UNITED STATES				1,248,787
TOTAL COMMON STOCK
(Cost $1,273,008)				1,397,290

TIME DEPOSIT — 0.2%
Brown Brothers Harriman, 0.030%
(Cost $2,274)	$	2,274		2,274
TOTAL INVESTMENTS — 100.0%
(Cost $1,275,282)			$	1,399,564

Percentages are based on Net Assets of $1,399,810

*       Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

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

45

Schedule of Investments April 30, 2012 (Unaudited)

Global X NASDAQ 400 Midcap ETF

The following is a summary of the inputs used as of April 30, 2012, in valuing the Fund's investments carried at value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stock	$	1,397,290	$	—	$	—	$	1,397,290
Time Deposit		—		2,274		—		2,274
Total Investments in Securities	$	1,397,290	$	2,274	$	—	$	1,399,564

For the period ended April 30, 2012, there have been no transfers between Level 1 and Level 2 investments.

For the period ended April 30, 2012, there were no Level 3 investments.

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

46

Statements of Assets and Liabilities

April 30, 2012 (Unaudited)

	Global X SuperDividend ETF			Global X MLP ETF			Global X Canada Preferred ETF			Global X Social Media Index ETF
Assets:
Cost of Investments	$	61,862,273		$	5,214,399		$	12,322,690		$	13,860,379
Cost of Foreign Currency		91,453			—			35,559			9,851
Investments at Value	$	60,073,007		$	5,374,455		$	12,397,714		$	14,431,958
Foreign Currency at Value		91,827			—			35,500			9,951
Dividend and Interest Receivable		269,331			21,601			25,370			17,348
Deferred Tax Asset		N/A			268			N/A			N/A
Reclaim Receivable		4,929			—			—			—
Receivable for Investment Securities Sold		—			—			67,998			1,825,192
Total Assets		60,439,094			5,396,324			12,526,582			16,284,449
Liabilities:
Payable for Investment Securities Purchased		—			—			—			1,699,610
Deferred Tax Liability		N/A			60,037			N/A			N/A
Payable due to Investment Adviser		27,299			716			5,910			6,752
Total Liabilities		27,299			60,753			5,910			1,706,362
Net Assets	$	60,411,795		$	5,335,571		$	12,520,672		$	14,578,087
Net Assets Consist of:
Paid-in Capital	$	63,356,628		$	5,236,000		$	12,569,036		$	14,227,500
Undistributed Net Investment Income/(Accumulated Net Investment Loss)		239,082			(448	)		41,826			3,307
Accumulated Net Realized Loss on Investments and Foreign Currency Translations		(1,396,471	)		—			(165,122	)		(221,389	)
Net Unrealized Appreciation (Depreciation) on Investments, Net of Deferred Taxes		(1,789,266	)		100,019			75,024			571,579
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		1,822			—			(92	)		(2,910	)
Net Assets	$	60,411,795		$	5,335,571		$	12,520,672		$	14,578,087
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		2,750,000			350,000			850,000			950,000
Net Asset Value, Offering and Redemption Price Per Share	$	21.97		$	15.24		$	14.73		$	15.35

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

47

Statements of Assets and Liabilities

April 30, 2012 (Unaudited)

	Global X Auto ETF			Global X NASDAQ 500 ETF			Global X NASDAQ 400 Mid Cap ETF
Assets:
Cost of Investments	$	5,127,535		$	1,262,304		$	1,275,282
Cost of Foreign Currency		4,398			—			—
Investments at Value	$	4,928,430		$	1,458,897		$	1,399,564
Foreign Currency at Value		4,422			—			—
Reclaim Receivable		3,129			20			—
Dividend and Interest Receivable		2,923			395			795
Total Assets		4,938,904			1,459,312			1,400,359
Liabilities:
Payable due to Investment Adviser		2,354			573			549
Total Liabilities		2,354			573			549
Net Assets	$	4,936,550		$	1,458,739		$	1,399,810
Net Assets Consist of:
Paid-in Capital	$	5,905,000		$	1,265,500		$	1,128,000
Undistributed Net Investment Income		22,083			1,539			938
Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency Translations		(791,529	)		(4,893	)		146,590
Net Unrealized Appreciation (Depreciation) on Investments		(199,105	)		196,593			124,282
Net Unrealized Appreciation on Foreign Currency Translations		101			—			—
Net Assets	$	4,936,550		$	1,458,739		$	1,399,810
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		350,000			50,000			50,000
Net Asset Value, Offering and Redemption Price Per Share	$	14.10		$	29.17		$	28.00

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

48

Statements of Operations

For the period endedApril 30, 2012 (Unaudited)

	Global X SuperDividend ETF			Global X MLP ETF(1)			Global X Canada Preferred ETF			Global X Social Media Index ETF(2)
Investment Income:
Dividend Income	$	1,591,293		$	—		$	286,674		$	21,785
Distributions from Master Limited Partnerships		—			21,601			—			—
Less Return of Capital Distributions		—			(21,601	)		—			—
Less: Foreign Taxes Withheld		(74,031	)		—			(43,430	)		(1,305	)
Total Investment Income		1,517,262			—			243,244			20,480
Supervision and Administration Fees(3)		112,855			716			31,523			17,173
Total Expenses		112,855			716			31,523			17,173
Net Expenses		112,855			716			31,523			17,173
Net Investment Income/(Loss), Before Deferred Taxes		1,404,407			(716	)		211,721			3,307
Deferred Tax Benefit		N/A			268			N/A			N/A
Net Investment Income/(Loss), Net of Deferred Taxes		1,404,407			(448	)		211,721			3,307
Net Realized Gain (Loss) on:
Investments		(544,796	)(4)		—			(164,722	)(4)		(220,470	)(4)
Foreign Currency Transactions		8,154			—			3,113			(919	)
Net Realized Loss on Investments, Net of Deferred Taxes		(536,642	)		—			(161,609	)		(221,389	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		755,305			160,056			413,590			571,579
Deferred Tax Benefit/(Expense)		N/A			(60,037	)		N/A			N/A
Foreign Currency Transactions		(1,026	)		—			(190	)		(2,910	)
Net Change in Unrealized Appreciation on Investments, Net of Deferred Taxes		754,279			100,019			413,400			568,669
Net Realized and Unrealized Gain on Investments, Net of Deferred Taxes		217,637			100,019			251,791			347,280
Net Increase in Net Assets Resulting from Operations	$	1,622,044		$	99,571		$	463,512		$	350,587

(1) The Fund commenced operations on April 19, 2012.

(2) The Fund commenced operations on November 14, 2011.

(3) The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)

(4) Includes realized loss as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements.)  

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

49

Statements of Operations

For the period endedApril 30, 2012 (Unaudited)

	Global X Auto ETF			Global X NASDAQ 500 ETF(1)			Global X NASDAQ 400 Mid Cap ETF(1)
Investment Income:
Dividend Income	$	45,657		$	4,658		$	4,660
Interest Income		1			—			—
Less: Foreign Taxes Withheld		(5,353	)		(15	)		(44	)
Total Investment Income		40,305			4,643			4,616
Supervision and Administration Fees(2)		10,122			3,104			3,678
Total Expenses		10,122			3,104			3,678
Net Expenses		10,122			3,104			3,678
Net Investment Income		30,183			1,539			938
Net Realized Gain (Loss) on:
Investments		(796,381	)(3)		(4,893	)(3)		146,590	(3)
Foreign Currency Transactions		6,330			—			—
Net Realized Gain (Loss) on Investments		(790,051	)		(4,893	)		146,590
Net Change in Unrealized Appreciation on:
Investments		756,951			196,593			124,282
Foreign Currency Transactions		172			—			—
Net Change in Unrealized Appreciation on Investments		757,123			196,593			124,282
Net Realized and Unrealized Gain (Loss) on Investments		(32,928	)		191,700			270,872
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(2,745	)	$	193,239		$	271,810

(1) The Fund commenced operations on December 5, 2011.

(2) The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)

(3) Includes realized gain/(loss) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements.)  

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

50

Statements of Changes in Net Assets

	Global X SuperDividend ETF						Global X MLP ETF
	Period Ended April 30, 2012 (Unaudited)			Period Ended October 31, 2011(1) (Audited)			Period Ended April 30,2012(2) (Unaudited)
Operations:
Net Investment Income/(Loss), Net of Deferred Taxes	$	1,404,407		$	904,386		$	(448	)
Net Realized Loss on Investments and Foreign Currency Transactions		(536,642	)(3)		(2,769,674	)(3)		—
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions, Net of Deferred Taxes		754,279			(2,541,723	)		100,019
Net Increase (Decrease) in Net Assets Resulting from Operations		1,622,044			(4,407,011	)		99,571
Dividends and Distributions:
Net Investment Income		(1,296,910	)		(831,828	)		—
Total Dividends and Distributions		(1,296,910	)		(831,828	)		—
Capital Share Transactions:
Issued		30,714,500			46,445,500			5,236,000
Redeemed		—			(11,834,500	)		—
Increase in Net Assets  from Capital Share Transactions		30,714,500			34,611,000			5,236,000
Total Increase in Net Assets		31,039,634			29,372,161			5,335,571
Net Assets:
Beginning of Period		29,372,161			—			—
End of Period	$	60,411,795		$	29,372,161		$	5,335,571
Undistributed Net Investment Income/Accumulated Net Investment Loss	$	239,082		$	131,585		$	(448	)
Share Transactions:
Issued		1,400,000			1,900,000			350,000
Redeemed		—			(550,000	)		—
Net Increase in Shares Outstanding from Share Transactions		1,400,000			1,350,000			350,000

(1) Commenced operations on June 8, 2011.

(2) The Fund commenced operations on April 19, 2012.

(3) Includes realized loss as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements).

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

51

Statements of Changes in Net Assets

	Global X Canada Preferred ETF						Global X Social Media Index ETF
	Period Ended April 30, 2012 (Unaudited)			Period Ended October 31, 2011(1)(Audited)			Period Ended April 30,2012(2) (Unaudited)
Operations:
Net Investment Income	$	211,721		$	125,778		$	3,307
Net Realized Loss on Investments and Foreign Currency Transactions		(161,609	)(3)		(93,069	)(3)		(221,389	)(3)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		413,400			(338,468	)		568,669
Net Increase (Decrease) in Net Assets Resulting from Operations		463,512			(305,759	)		350,587
Dividends and Distributions:
Net Investment Income		(194,586	)		(92,495	)		—
Total Dividends and Distributions		(194,586	)		(92,495	)		—
Capital Share Transactions:
Issued		4,996,500			9,047,500			14,907,000
Redeemed		(707,000	)		(687,000	)		(679,500	)
Increase in Net Assets  from Capital Share Transactions		4,289,500			8,360,500			14,227,500
Total Increase in Net Assets		4,558,426			7,962,246			14,578,087
Net Assets:
Beginning of Period		7,962,246			—			—
End of Period	$	12,520,672		$	7,962,246		$	14,578,087
Undistributed Net Investment Income	$	41,826		$	24,691		$	3,307
Share Transactions:
Issued		350,000			600,000			1,000,000
Redeemed		(50,000	)		(50,000	)		(50,000	)
Net Increase in Shares Outstanding from Share Transactions		300,000			550,000			950,000

(1) The Fund commenced operations on May 24, 2011.

(2) The Fund commenced operations on November 14, 2011.

(3) Includes realized loss as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements).

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

52

Statements of Changes in Net Assets

	Global X Auto ETF						Global X NASDAQ 500 ETF			Global X NASDAQ 400 Mid Cap ETF
	Period Ended April 30, 2012 (Unaudited)			Period Ended October 31, 2011(1)(Audited)			Period Ended April 30, 2012(2) (Unaudited)			Period Ended April 30, 2012(2) (Unaudited)
Operations:
Net Investment Income	$	30,183		$	1,251		$	1,539		$	938
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(790,051	)(3)		9,771			(4,893	)(3)		146,590	(3)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		757,123			(956,127	)		196,593			124,282
Net Increase (Decrease) in Net Assets Resulting from Operations		(2,745	)		(945,105	)		193,239			271,810
Dividends and Distributions:
Net Investment Income		(20,600	)		—			—			—
Total Dividends and Distributions		(20,600	)		—			—			—
Capital Share Transactions:
Issued		3,539,500			6,115,500			2,520,000			2,529,000
Redeemed		(3,750,000	)		—			(1,254,500	)		(1,401,000	)
Increase (Decrease) in Net Assets  from Capital Share Transactions		(210,500	)		6,115,500			1,265,500			1,128,000
Total Increase (Decrease) in Net Assets		(233,845	)		5,170,395			1,458,739			1,399,810
Net Assets:
Beginning of Period		5,170,395			—			—			—
End of Period	$	4,936,550		$	5,170,395		$	1,458,739		$	1,399,810
Undistributed Net Investment Income	$	22,083		$	12,500		$	1,539		$	938
Share Transactions:
Issued		250,000			400,000			100,000			100,000
Redeemed		(300,000	)		—			(50,000	)		(50,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(50,000	)		400,000			50,000			50,000

(1) Commenced operations on May 18, 2011.

(2) Commenced operations on December 5, 2011.

(3) Includes realized gain/(loss) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements).

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

53

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income (Loss) ($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)		Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)
Global X SuperDividend ETF
2012(Unaudited)		21.76		0.77			0.17			0.94			(0.73	)		—		(0.73	)		21.97		4.50			60,412		0.58	†		7.22	†		20.52	††
2011(1)		24.70		0.64			(3.02	)		(2.38	)		(0.56	)		—		(0.56	)		21.76		(9.56	)		29,372		0.58	†		7.22	†		4.58	††
Global X MLP ETF
2012(2)(Unaudited)		14.96		(0.13	)		0.41			0.28			—			—		—			15.24		1.87			5,336		0.45	†(7)		(0.45	)†(8)		—	††
Global X Canada Preferred ETF
2012(Unaudited)		14.48		0.28			0.24			0.52			(0.27	)		—		(0.27	)		14.73		3.63			12,521		0.58	†		3.90	†		18.88	††
2011(3)		14.97		0.27			(0.56	)		(0.29	)		(0.20	)		—		(0.20	)		14.48		(1.94	)		7,962		0.58	†		4.28	†		3.02	††
Global X Social Media Index ETF
2012(4)(Unaudited)		14.93		0.01			0.41			0.42			—			—		—			15.35		2.81			14,578		0.65	†		0.13	†		52.14	††
Global X Auto ETF
2012(Unaudited)		12.93		0.12			1.12			1.24			(0.07	)		—		(0.07	)		14.10		9.70			4,937		0.65	†		1.94	†		15.38	††
2011(5)		15.20		—			(2.27	)		(2.27	)		—			—		—			12.93		(14.93	)		5,170		0.65	†		0.07	†		0.34	††
Global X NASDAQ 500 ETF
2012(6)(Unaudited)		25.20		0.03			3.94			3.97			—			—		—			29.17		15.75			1,459		0.48	†		0.24	†		2.01	††
Global X NASDAQ 400 Mid Cap ETF
2012(6)(Unaudited)		25.29		0.01			2.70			2.71			—			—		—			28.00		10.72			1,400		0.48	†		0.12	†		16.45	††

(1) The Fund commenced operations on June 8, 2011.

(2) The Fund commenced operations on April 19, 2012.

(3) The Fund commenced operations on May 24, 2011.

(4) The Fund commenced operations on November 14, 2011.

(5) The Fund commenced operations on May 18, 2011.

(6) The Fund commenced operations on December 5, 2011.

(7) During the period ended April 30, 2012 the ratio of expenses to average net assets, net of deferred tax benefit was 0.28%.

(8) During the period ended April 30, 2012 the ratio of net investment loss to average net assets, net of deferred tax benefit was (0.28)%.

* 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 has not been annualized. Excludes effect of in-kind transfers.

Amounts designated as “—” are either $0 or have been rounded to $0.

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

54

Notes to Financial Statements

April 30, 2012 (unaudited)

1. ORGANIZATION

The Global X Funds (the "Trust") is a Delaware Statutory Trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company with eighty-seven portfolios as of April 30, 2012. The financial statements herein and the related notes pertain to the Global X SuperDividend ETF, Global X MLP ETF, Global X Canada Preferred ETF, Global X Social Media Index ETF, Global X Auto ETF, Global X NASDAQ 500 ETF and Global X NASDAQ 400 Mid Cap ETF (each a “Fund”, collectively, the “Funds”). Each Fund is non-diversified.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the Significant Accounting Policies followed by the Funds.

USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates, and could have a material impact to the Funds.

RETURN OF CAPITAL ESTIMATES – Distributions received from the Global X MLP Fund generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available from the Fund and other industry sources. These estimates may subsequently be revised based on information received from MLPs after their tax reporting periods are concluded. For the period ended April 30, 2012, the Fund estimated that 100% of the MLP distributions received would be treated as return of capital.

SECURITY VALUATION — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on 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 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 (absent both bid and asked prices on such exchange, the bid price may be used).

For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.

55

Notes to Financial Statements (continued)

April 30, 2012 (unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (continued)

Securities for which market prices are not "readily available" are valued in accordance with Fair Value Procedures established by the Board of Trustees (the “Board”). The Funds’ Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security's trading has been halted or suspended; the security has been de-listed from a national 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. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. As of April 30, 2012, there were no securities priced using the Fair Value Procedures.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security's last trade and the time at which the Funds calculated their net asset value. The closing prices of such securities may no longer reflect their market value at the time the Funds calculated net asset value if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security's last close and the time that the Funds calculate net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If Global X Management Company LLC (the “Adviser”) becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate net asset value, it may request that a Committee meeting be called. In addition, the Funds’ Sub-administrator, SEI Investments Global Funds Services (“SEIGFS”), monitors price movements among certain selected indices, securities and/or baskets of securities that may be an indicator that the closing prices received earlier from foreign exchanges or markets may not reflect market value at the time the Funds calculate net asset value. If price movements in a monitored index or security exceed levels established by the Sub-administrator, the Sub-administrator notifies the Adviser that such limits have been exceeded. In such event, the Adviser makes the determination whether a Committee meeting should be called based on the information provided.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

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

56

Notes to Financial Statements (continued)

April 30, 2012 (unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (concluded)

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

Level 3 – Significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments, fair value of investments for which the Funds do not have the ability to fully redeem tranches at net asset value 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 the period ended April 30, 2012 there have been no significant changes to the Funds’ fair valuation methodologies.

FEDERAL INCOME TAXES – Except for the Global X MLP ETF, it is each Fund’s intention to qualify or continue to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended. Accordingly, no provisions for Federal income taxes have been made in the financial statements.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is "more-likely-than-not" (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provisions 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), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

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.

57

Notes to Financial Statements (continued)

April 30, 2012 (unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (concluded)

FOREIGN CURRENCY TRANSLATION — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statement of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — The Funds distribute their 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.

CREATION UNITS — The Funds issue and redeem shares (“Shares”) at Net Asset Value (“NAV”) and only in large blocks of Shares, (each block of Shares for a Fund is called a “Creation Unit” or multiples thereof). Purchasers of Creation Units (“Authorized Participants”) at NAV must pay a standard creation transaction fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an investor 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 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, a higher Transaction Fee will be charged. The following table discloses Creation Unit breakdown:

	Creation Unit		Transaction				Redemption
	Shares		Fee		Value		Fee
Global X SuperDividend ETF		50,000	$	3,800	$	1,098,500	$	3,800
Global X MLP ETF		50,000		500		762,000		500
Global X Canada Preferred ETF		50,000		1,000		736,500		1,000
Global X Social Media Index ETF		50,000		1,000		767,500		1,000
Global X Auto ETF		50,000		1,000		705,000		1,000
Global X NASDAQ 500 ETF		50,000		3,500		1,458,500		3,500
Global X NASDAQ 400 Mid Cap ETF		50,000		3,000		1,400,000		3,000

3. RELATED PARTY TRANSACTIONS

The Adviser serves as the investment adviser and the administrator for the Funds. Subject to the supervision of the Board of Trustees, the Adviser is responsible for managing the investment activities of the Funds and the Funds’ business affairs and other administrative matters and provides or causes to be furnished all supervisory, administrative and other services reasonably necessary for the operation of the Funds, including certain distribution services (provided pursuant to a separate Distribution Agreement), certain shareholder and distribution-related services (provided pursuant to

58

Notes to Financial Statements (continued)

April 30, 2012 (unaudited)

3. RELATED PARTY TRANSACTIONS (continued) 

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 its service to the Funds, under the Supervision and Administration Agreement, each Fund pays a monthly fee to the Adviser at the annual rate (stated as a percentage of the average daily net assets of the Fund). In addition, the Funds bear other expenses that are not covered by the Supervision and Administration Agreement, which may vary and affect the total expense ratios of the Funds, such as taxes, brokerage fees, commissions, acquired fund fees, and other transaction expenses, interest expenses and extraordinary expenses (such as litigation and indemnification expenses). 

	Supervision and
	Administration Fee
Global X SuperDividend ETF		0.58	%
Global X MLP ETF		0.45	%
Global X Canada Preferred ETF		0.58	%
Global X Social Media ETF		0.65	%
Global X Auto ETF		0.65	%
Global X Nasdaq 500 ETF		0.48	%
Global X Nasdaq 400 Midcap ETF		0.48	%

SEIGFS serves as Sub-Administrator to the Funds. As Sub-Administrator, SEIGFS provides the Funds with the required general administrative services, including, without limitation: office space, equipment, and personnel; clerical and general back office services; bookkeeping, internal accounting and secretarial services; the calculation of NAV; and assistance with the preparation and filing of reports, registration statements, proxy statements and other materials required to be filed or furnished by the Funds under federal and state securities laws. As compensation for these services, the Sub-Administrator receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser.

SEI Investments Distribution Co. (“SIDCO”) serves as each Funds underwriter and distributor of Shares pursuant to a Distribution Agreement. Under the Distribution Agreement, SIDCO, as agent, receives orders to create and redeem Shares in Creation Unit Aggregations and transmits such orders to the Trust’s custodian and transfer agent. The Distributor has no obligation to sell any specific quantity of Fund Shares. 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 for its distribution services under the Distribution Agreement.

59

Notes to Financial Statements (continued)

April 30, 2012 (unaudited)

4. INVESTMENT TRANSACTIONS

For the period ended April 30, 2012, the purchases and sales of investments in securities excluding in-kind transactions, long-term U.S. Government and short-term securities were:

			Sales and
	Purchases		Maturities
Global X SuperDividend ETF	$	9,454,452	$	8,204,209
Global X MLP ETF		-		-
Global X Canada Preferred ETF		1,998,951		2,106,097
Global X Social Media Index ETF		3,364,522		3,499,244
Global X Auto ETF		511,623		548,446
Global X NASDAQ 500 ETF		32,681		34,601
Global X NASDAQ 400 Mid Cap ETF		307,405		307,558

For the period ended April 30, 2012, in-kind transactions associated with creations and redemptions were:

			Sales and		Realized
	Purchases		Maturities		Gain/(Loss)
Global X SuperDividend ETF	$	29,386,942	$	-	$	-
Global X MLP ETF		5,234,023		-		-
Global X Canada Preferred ETF		4,998,180		707,521		(36,950	)
Global X Social Media Index ETF		14,779,547		668,623		(71,831	)
Global X Auto ETF		3,134,336		3,299,398		(672,599	)
Global X NASDAQ 500 ETF		2,519,404		1,252,150		(5,186	)
Global X NASDAQ 400 Mid Cap ETF		2,528,242		1,401,671		137,452

5. TAX INFORMATION

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

The tax character of dividends and distributions paid during the last year ended October 31, 2011 were as follows:

Global X Funds	Ordinary Income		Long-Term Capital Gain		Totals
Global X SuperDividend ETF 2011	$	831,828	$	–	$	831,828
Global X Canada Preferred ETF 2011	$	92,495	$	–	$	92,495

60

Notes to Financial Statements (continued)

April 30, 2012 (unaudited)

As of October 31, 2011, the Components of Tax Basis Distributable Earnings (Accumulated Losses) were as follows:

5. TAX INFORMATION (concluded)

	Global X Funds
	Global X SuperDividend ETF			Global X Canada Preferred ETF			Global X Auto ETF
Undistributed Ordinary Income	$	184,525		$	24,691		$	12,529
Capital Loss Carryforwards		(851,369	)		(3,513	)		(18	)
Unrealized Depreciation on Investments and Foreign Currency		(2,603,123	)		(338,468	)		(957,616	)
Total Accumulated Losses	$	(3,269,967	)	$	(317,290	)	$	(945,105	)

For Federal income tax purposes, capital loss carryforwards represent realized losses of the Funds that may be carried forward for a maximum period of eight years and applied against future gains.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be used prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, preenactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. Losses carried forward under these new provisions are as follows:

	Short-Term		Long-Term
Global X Funds	Loss		Loss		Total
Global X SuperDividend ETF	$	851,369	$	-	$	851,369
Global X Canada Preferred ETF		3,513		-		3,513
Global X Auto ETF		18		-		18

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at April 30, 2012 were as follows:

Global X Funds	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Global X SuperDividend ETF	$	61,862,273	$	2,495,134	$	(4,284,400	)	$	(1,789,266	)
Global X MLP ETF		5,214,399		172,843		(12,787	)		160,056
Global X Canada Preferred ETF		12,322,690		229,026		(154,002	)		75,024
Global X Social Media Index ETF		13,860,379		1,362,754		(791,175	)		571,579
Global X Auto ETF		5,127,535		121,411		(320,516	)		(199,105	)
Global X NASDAQ 500 ETF		1,262,304		223,355		(26,762	)		196,593
Global X NASDAQ 400 Mid Cap ETF		1,275,282		175,826		(51,544	)		124,282

The preceding differences between book and tax cost are primarily due to mark to market treatment of passive foreign investment companies and wash sales.

61

Notes to Financial Statements (continued)

April 30, 2012 (unaudited)

6. TAX INFORMATION – GLOBAL X MLP FUND

Global X MLP Fund intends to invest primarily in master limited partnerships, which generally are treated as qualified publicly traded partnerships for federal income tax purposes. Accordingly, the Global X MLP ETF does not intend to qualify as a regulated investment company pursuant to Subchapter M of the Internal Revenue Code, but is taxed as a corporation. As a corporation the Fund is obligated to pay federal, state and local income tax on taxable income. Currently the maximum marginal regular federal income tax rate for a corporation is 35 percent. The Fund may be subject to a 20 percent alternative minimum tax on its federal alternative minimum taxable income to the extent that its alternative minimum tax exceeds its regular federal income tax. The Fund currently is using an estimated 37.51% tax rate for federal, state and local tax.

The Global X MLP Fund may rely, to some extent, on information provided by the MLPs, which may not necessarily be timely, to estimate taxable income allocable to MLP units held in its portfolio, and to estimate its associated deferred tax benefit/(liability). Such estimates are made in good faith. From time to time, as new information becomes available, the Fund will modify its estimates or assumptions regarding its tax benefit/(liability).

The tax expense or benefits attributable to certain components of income will be included in the Statement of Operations. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for federal income tax purposes. Deferred tax assets and liabilities are calculated utilizing effective tax rates expected to be applied to taxable income in the years the temporary differences are realized or settled. A valuation allowance will be recognized if, based on the available evidence, it is more likely than not that some or all of the deferred tax asset will not be realizable. The Global X MLP Fund may be required to modify the estimates or assumptions it uses regarding the deferred tax asset or liability as new information becomes available.

The Global X MLP Fund’s policy is to classify interest and penalities associated with underpayment of federal and state income taxes, if any, as income tax expense on its Statement of Operations. As of April 30, 2012, the Fund does not have any interest or penalties associated with the underpayment of any income taxes. All tax years since inception remain open and subject to examination by tax jurisdictions. The Fund has reviewed all major jurisdictions and concluded that there is no impact on the Fund’s net assets and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on its tax returns.

Deferred income taxes reflect the net tax expense or benefit of operating income or loss, the tax benefit of capital loss carry forwards, and the tax expense or benefit of unrealized gains or losses on investment securities for financial reporting purposes. Components of the Global X MLP Fund’s deferred tax assets and liabilities as of April 30, 2012 are as follows:

Deferred tax asset:
Net operating loss carry forwards	$	268
Less deferred tax liabilities:
Unrealized gain on investment securities		(60,037	)
Net deferred tax liability	$	(59,769	)

62

Notes to Financial Statements (continued)

April 30, 2012 (unaudited)

6. TAX INFORMATION – GLOBAL X MLP FUND (continued)

The components of income tax benefit/(expense) for deferred federal and state income taxes for the Global X MLP Fund are:

Deferred tax benefit/(expense)
Federal income taxes	$	(55,769	)
State income taxes (net of federal benefit)		(4,000	)
	$	(59,769	)

7. CONCENTRATION OF RISKS

The Funds invest in securities of foreign issuers in several countries. These investments may involve certain considerations and risks not typically associated with investments in the United States as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries.

The securities markets of emerging countries are less liquid and subject to greater price volatility, and have a smaller market capitalization, than the U.S. securities markets. In certain countries, there may be fewer publicly traded securities and the market may be dominated by a few issuers or sectors. Issuers and securities markets in such countries are not subject to as extensive and frequent accounting, financial and other reporting requirements or as comprehensive government regulations as are issuers and securities markets in the U.S. In particular, the assets and profits appearing on the financial statements of emerging country issuers may not reflect their financial position or results of operations in the same manner as financial statements for U.S. issuers. Substantially less information may be publicly available about emerging country issuers than is available about issuers in the United States.

The Funds may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned.

The Funds use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of the Underlying Index in approximately the same proportions as in the Underlying Indices. The Funds may utilize a representative sampling strategy with respect to their Underlying Indices when a replication strategy might be detrimental to their shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to follow its Underlying Index, or, in certain instances, when securities in the Underlying Indices become temporarily illiquid, unavailable or less liquid, or due to legal restrictions (such as diversification requirements that apply to the Funds but not the Underlying Indices).

Under normal circumstances, the Global X MLP Fund intends to invest at least 80% of its total assets in securities of MLPs, which are subject to certain risks, such as supply and demand risk, depletion and exploration risk, and the risk associated with the hazards inherent in midstream energy industry activities. A substantial portion of the cash flow received by the Fund is derived from investment in equity securities of MLPs. The amount of cash that an MLP has available for distributions and the tax character of such distributions are dependent upon the amount of cash generated by the MLP’s operations.

63

Notes to Financial Statements (continued)

April 30, 2012 (unaudited)

8. OTHER

At April 30, 2012, the total Shares outstanding that were held by Authorized Participants were as follows. The Authorized Participants have entered into an agreement with the Funds’ Distributor.

			Percentage of
	Authorized		Shares
	Participants		Outstanding
Global X SuperDividend ETF		3		100	%
Global X MLP ETF		1		100	%
Global X Canada Preferred ETF		3		100	%
Global X Social Media Index ETF		3		100	%
Global X Auto ETF		2		100	%
Global X NASDAQ 500 ETF		1		100	%
Global X NASDAQ 400 Mid Cap ETF		1		100	%

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

9. LOANS OF PORTFOLIO SECURITIES

The Funds may lend portfolio securities having a market value up to one-third of the Funds’ total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments. It is the Funds’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Funds if and to the extent that the market value of the securities loans were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. The Funds could also experience delays and costs in gaining access to the collateral. The Funds bear the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. As of April 30, 2012, there were no securities on loan for any of the Funds.

10. CONTRACTUAL OBLIGATIONS

The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds maximum exposure under these arrangements is unknown. However the Funds have not had prior gains or losses pursuant to these contracts. Management has reviewed the Funds’ existing contracts and expects the risk of loss to be remote.

64

Notes to Financial Statements (concluded)

April 30, 2012 (unaudited)

11. NEW ACCOUNTING PROUNCEMENTS

In May 2011, the Financial Accounting Standards Board issued Accounting Standards Updates (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”).” ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS.ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity, and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. Adoption of ASU 2011-04 will not materially affect the Funds’ financial condition or results of operations.

12. SUBSEQUENT EVENT

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, no additional disclosures or adjustments were required to the financial statements as of the date the financial statements were issued.

Subsequent to half-year end, on May 25, 2012, the Board of Trustees of the Trust (including the Independent Trustees) initially considered and unanimously approved the Investment Advisory Agreement and the Supervision and Administration Agreement for the Global X Top Guru Holdings Index ETF, Global X Top Value Guru Holdings Index ETF, and Global X Top Activist Investor Holdings Index ETF.

Subsequent to half-year end, on May 25, 2012, the Board of Trustees of the Trust determined that it is in the best interest of the Global X S&P/TSX Venture 30 Canada ETF to modify the Fund’s investment objective and strategies and to change the Fund’s name. The Fund will be renamed the Global X Junior Miners ETF and will pursue the investment objective and strategies outlined below. These changes are scheduled to go into effect on or about September 3, 2012.

The Fund currently seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P/TSX Venture 30 Index. The S&P/TSX Venture 30 Index is a free-float adjusted, modified capitalization-weighted index designed to provide exposure to the 30 most liquid securities on the TSX Venture Exchange. The TSX Venture exchange is Canada’s junior listings market for emerging companies. Currently the Fund is mostly comprised of small-capitalization companies based in Canada that operate within the mining and energy sectors. Upon implementation of the change, the Fund’s new objective will be to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Junior Miners Index. The Solactive Junior Miners Index is designed to track the market performance of small-capitalization mining companies globally, and therefore the geographic scope of the Fund will expand accordingly. The Fund intends to focus its investments on small-capitalization mining companies including those engaged in mining, producing, smelting, and/or refining materials including but not limited to gold, silver, copper, aluminum, titanium and nickel.

65

Notes to Financial Statements (concluded)

April 30, 2012 (unaudited)

12. SUBSEQUENT EVENT (continued)

This change is intended to position the Fund to benefit from the growth of commodity consumption around the world by investing in companies that are key elements of the commodity supply chain. This change also allows the Fund to diversify its investments geographically, although the change will increase the Fund’s exposure to emerging markets which may increase the risk of the Fund’s investments. These risks will be described in an updated Summary Prospectus and Statutory Prospectus that will be available at the time the changes described herein become effective.

The Fund also expects to gain certain cost efficiencies associated with the change in investment objective, and upon implementation of the change the total annual expense ratio of the Fund will be reduced from 0.75% to 0.69%.

Subsequent to half-year end, the following investment portfolio of the Trust commenced operations.

Fund Name	Commenced Operations
Global X Top Guru Holdings Index ETF	06/04/2012

66

Disclosure of Fund Expenses(unaudited)

All Exchange Traded Funds (“ETF”) have operating expenses. As a shareholder of an ETF, your investment is affected by these ongoing costs, which include (among others) costs for ETF management, administrative services, brokerage fees, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns. In addition, a shareholder is responsible for brokerage fees as a result of their investment in the Fund.

Operating expenses such as these are deducted from an ETF’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the ETF’s average net assets; this percentage is known as the ETF’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The table on the next page illustrates your Fund’s costs in two ways:

Actual Fund Return. This section helps you to estimate the actual expenses that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Funds, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Funds under “Expenses Paid During Period.”

Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other funds. It assumes that the Funds had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expense Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.

NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.

67

Disclosure of Fund Expenses(unaudited) (concluded)

	Beginning Account Value 11/1/2011		Ending Account Value 4/30/2012		Annualized Expense Ratios			Expenses Paid During Period(1)
Global X SuperDividend ETF
Actual Fund Return	$	1,000.00	$	1,045.00		0.58	%	$	2.95
Hypothetical 5% Return		1,000.00		1,021.98		0.58			2.92
Global X MLP ETF
Actual Fund Return (2)	$	1,000.00	$	1,018.70		0.45	%	$	0.14
Hypothetical 5% Return		1,000.00		1,022.63		0.45			2.26
Global X Canada Preferred ETF
Actual Fund Return	$	1,000.00	$	1,036.30		0.58	%	$	2.94
Hypothetical 5% Return		1,000.00		1,021.98		0.58			2.92
Global X Social Media Index ETF
Actual Fund Return (3)	$	1,000.00	$	1,028.10		0.65	%	$	3.04
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27
Global X Auto ETF
Actual Fund Return	$	1,000.00	$	1,097.00		0.65	%	$	3.39
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27
Global X NASDAQ 400 Mid Cap ETF
Actual Fund Return (4)	$	1,000.00	$	1,107.20		0.48	%	$	2.05
Hypothetical 5% Return		1,000.00		1,022.48		0.48			2.41
Global X NASDAQ 500 ETF
Actual Fund Return (5)	$	1,000.00	$	1,157.50		0.48	%	$	2.09
Hypothetical 5% Return		1,000.00		1,022.48		0.48			2.41

⁽¹⁾ Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 182/366 (to reflect the one-half year period.)

⁽²⁾ Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 178/366 (to reflect the period from inception to date.)

⁽³⁾ Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 169/366 (to reflect the period from inception to date.)

⁽⁴⁾ Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 148/366 (to reflect the period from inception to date.)

⁽⁵⁾ Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 148/366 (to reflect the period from inception to date.)

68

Approval of Investment Advisory Agreement (unaudited) (concluded)

Section 15(c) of the Investment Company Act of 1940, as amended ("1940 Act"), requires that each mutual fund’s board of trustees, including a majority of those trustees who are not "interested persons" of the mutual fund, as defined in the 1940 Act ("Independent Trustees"), consider on an initial basis and periodically thereafter (as required by the 1940 Act), at an in person meeting called for such purpose, the terms of each fund’s investment advisory agreement and approve each agreement with such changes as the Independent Trustees deem appropriate.

At a quarterly Board meeting held on November 11, 2011, the Board of Trustees (including the Independent Trustees) considered and unanimously approved the continuation of (i) the Investment Advisory Agreement ("Renewal Investment Advisory Agreement") for each Fund covered by this Semi-Annual Report (other than the Global X NASDAQ 500 ETF and Global X NASDAQ 400 Mid Cap ETF) (each a "Renewal Fund") and (ii) the Supervision and Administration Agreement between the Trust ("Renewal Supervision and Administration Agreement"), on behalf of each Renewal Fund, and Global X Management Company ("Global X Management"). The Renewal Investment Advisory Agreement and the Renewal Supervision and Administration Agreement are referred to herein as the "Renewal Agreements." At the same meeting, the Board (including the Independent Trustees) also initially considered and unanimously approved (i) the initial Investment Advisory Agreement for the Global X NASDAQ 500 ETF and Global X NASDAQ 400 Mid Cap ETF (each a “New Fund”) and (ii) the Supervision and Administration Agreement between the Trust, on behalf each of each New Fund, and Global X Management. The Investment Advisory Agreements and Supervision and Administration Agreements for each of the New Funds are referred to herein as the “Agreements.”¹

At the February 24, 2012 meeting, the Board (including the Independent Trustees) also considered and unanimously approved a decrease in the unitary fee (including the investment advisory fee) (“Management Fee”) for the Global X MLP ETF (“MLP Fund”).² Because the MLP Fund had not yet commenced operations, the MLP Fund was considered to be and referred to herein as a New Fund. In considering revisions to the MLP Fund’s Investment Advisory Agreement and Supervision and Administration Agreement, the Board took into account the same factors and considerations as it did with respect to the Agreements the other New Funds considered at the meeting.

In advance of the Board meeting, the Board (including the Independent Trustees) requested (in writing) detailed information from Global X Management in connection with their consideration of the Renewal Agreements and the New Fund Agreements and received and reviewed written responses from Global X Management and supporting materials relating to those requests for information.

¹ At the November 11, 2011 meeting, the Board (including the Independent Trustees) also initially considered and unanimously approved (i) the initial Investment Advisory Agreement for the Global X NASDAQ 100 Global Technology ETF and Global X Permanent Portfolio ETF and (ii) the Supervision and Administration Agreement between the Trust, on behalf of each fund, and Global X Management.

²At the February 24, 2012 board meeting, the Board (including the Independent Trustees) also considered and unanimously approved a decrease in the unitary fee (including the investment advisory fee) (“Management Fee”) for the Global X MLP Natural Gas ETF. Also at the February 24, 2012 board meeting, the Board (including the Independent Trustees) also initially considered and unanimously approved (i) the initial Investment Advisory Agreement for the Global X SuperIncome & MLP Index ETF, Global X SuperIncome Preferred ETF, Global X SuperIncome REIT ETF, and Global X Risk Parity ETF, and (ii) the Supervision and Administration Agreement between the Trust, on behalf of each fund, and Global X Management.

69

Approval of Investment Advisory Agreement (unaudited) (concluded)

In determining to approve the New Fund Agreements and the continuation of the Renewal Agreements for each New Fund or Renewal Fund (as applicable), the Board concluded that the New Fund Agreements and the Renewal Agreements were fair and reasonable and in the best interests of each New Fund or Renewal Fund (as applicable) and its shareholders, respectively. In approving New Fund Agreements and the continuation of the Renewal Agreements for each New Fund or Renewal Fund (as applicable), the Board considered among other things the following categories of material factors. In addition, the Board based their determinations regarding the continuation of each of the Renewal Fund Agreements on their consideration of all of the materials provided to them by Global X Management and each Renewal Fund’s other service providers throughout the year.

In reaching this decision, the Board did not assign relative weights to the factors discussed below nor did the Board deem any one factor or group of them to be controlling in and of themselves. Certain factors considered by the Board (including the Independent Trustees) with respect to the approval of the New Funds Agreements and the continuation of the Renewal Agreements are discussed separately below.

NEW FUNDS AGREEMENTS

Nature, extent and quality of services

With respect to this factor, the Board considered:

·         the terms of the New Funds Agreements and the range of services to be provided to the New Funds in accordance with the New Funds Agreements;

·         Global X Management’s key personnel and the portfolio managers who would provide investment advisory services to the New Funds;

·         Global X Management’s responsibilities under the New Funds Agreements to, among other things, (i) manage the investment operations of each New Funds and the composition of each New Fund’s assets, including the purchase, retention and disposition of its holdings, (ii) provide quarterly reports to the Trust’s officers and Board and other reports as the Board deems necessary or appropriate, (iii) vote proxies, exercise consents, and exercise all other rights appertaining to securities and assets held by each of the New Funds, (iv) select broker-dealers to execute portfolio transactions for each of the New Funds when necessary, (v) assist in the preparation and filing of reports and proxy statements (if any) to the shareholders of each of the New Funds, the periodic updating of the registration statement, prospectuses, statement of additional information, and other reports and documents for each of the New Funds that are required to be filed by the Trust with the Securities and Exchange Commission ("SEC") and other regulatory or governmental bodies, and (vi) monitor anticipated purchases and redemptions of the shares (including creation units) of each of the New Funds by shareholders and new investors;

·         the nature, extent and quality of Global X Management’s services (including advisory, administrative and compliance services) provided by or made available to each of the Renewal Funds and that would be made available to each of the New Funds; and

·         the quality of Global X Management’s resources and personnel that would be made available to each of the New Funds, including Global X Management’s experience and the professional qualifications of Global X Management’s key personnel.

70

Approval of Investment Advisory Agreement (unaudited) (concluded)

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to each of the New Funds.

Performance

The Board determined that because each of the New Funds had not commenced operations, meaningful data relating to investment performance of each New Fund was not available and, therefore, could not be a factor in approving the New Funds Agreements.

Cost of Services and Profitability

With respect to this factor, the Board considered:

·      Global X Management’s expected cost to provide investment management, supervision and administrative and related services to each of the New Funds;

·         The unitary fee (including the proposed investment advisory fee) ("Management Fee") that was proposed to be borne by each New Fund under the New Fund Agreements for the investment advisory, supervisory and administrative services that each New Fund requires under a unitary fee structure (including the types of fees and expenses that are not included within the unitary fee and would be borne by each New Fund); and

·         the expected profitability to Global X Management, if any, from all services to be provided to each of the New Funds and all aspects of the relationship between Global X Management and each of the New Funds. In connection with these considerations, the Board noted that Global X Management advised the Board that it was uncertain whether it would generate any profits from its services to each of the New Funds during the first 12 months of each New Fund’s operations, but expected to generate profits after that initial period.

Based on these considerations, the Board concluded that the profits anticipated to be realized by Global X Management from its relationship with each of the New Funds would not be excessive.

Comparison of Fees and Services

With respect to this factor, the Board considered:

·         comparative information with respect to the proposed Management Fee to be paid to Global X Management by each of the New Funds. In connection with this consideration, Global X Management provided the Board with detailed comparative expense data for each of the New Funds, including fees and expenses paid by unaffiliated comparable specialized and/or focused exchange-traded funds and other registered funds as well as the fees and expenses paid by other Funds that are series of the Trust under the same unified Management Fee structure;

·         the structure of the proposed unified Management Fee structure (which includes as one component the proposed investment advisory fee for each New Fund) and the expected total expense ratios for each of the New Funds. In this regard, the Board took into consideration that the purpose of adopting a unitary Management Fee structure for the New Funds was to create a simple, all-inclusive fee that would provide a level of predictability with respect to the overall expense ratio (i.e., the total fees) of each of the New Funds and that the proposed Management Fee for each New Fund was set at a competitive fee to make each New Fund viable in the marketplace; and

71

Approval of Investment Advisory Agreement (unaudited) (concluded)

·         that Global X Management would be responsible for most ordinary expenses of the New Funds, including the costs of various third-party services required by the New Funds, including investment advisory, administrative, audit, certain custody, portfolio accounting, legal, transfer agency and printing costs, but that each New Fund would bear other expenses not covered under the proposed all-inclusive Management Fee, such as such as taxes, brokerage fees, commissions, and other transaction expenses, interest expenses, and extraordinary expenses.

Based on these considerations, the Board concluded that the proposed Management Fee and expected total expense ratio of each New Fund should not preclude approval of the New Funds Agreements.

Economies of Scale

With respect to this factor, the Board considered:

·         the extent to which economies of scale would be realized as each of the New Funds grows and whether the proposed unitary Management Fee for each New Fund reflected these economies of scale;

·         the significant investment of time, personnel and other resources that Global X Management intends to made in each of the New Funds in order to seek to assure that the New Funds are attractive to investors; and

·         that the proposed unitary Management Fee would provide a high level of certainty as to the total level of expenses for each of the New Funds and its shareholders.

Based on these considerations, the Board concluded that approval of the proposed Management Fee for each New Fund was reasonable.

Other Benefits

In considering the New Funds Agreement, in addition to the categories discussed above, the Board considered other benefits that may be realized by Global X Management as a result of its relationships with each of the New Funds.

Renewal Agreements

Nature, extent and quality of services

With respect to this factor, the Board considered:

·         the terms of the Renewal Agreements and the range of services that would continue to be provided to each Renewal Fund in accordance with the Renewal Agreements;

·         Global X Management’s key personnel and the portfolio managers who would continue to provide investment advisory, supervision and administrative services to each Renewal Fund. In connection with these considerations, the Board noted that Global X Management had significantly increased its support staff and operational resources since the inception of each Renewal Fund;

·         Global X Management’s responsibilities under the Renewal Agreements, among other things, to: (i) manage the investment operations of each Renewal Fund and the composition of each Renewal Fund’s assets, including the purchase, retention and disposition of its holdings, (ii) provide quarterly reports to the Trust’s officers and Board  and other reports as the Board

72

Approval of Investment Advisory Agreement (unaudited) (concluded)

deems necessary or appropriate, (iii) vote proxies, exercise consents, and exercise all other rights relating to securities and assets held by each Renewal Fund, (iv) select broker- dealers to execute portfolio transactions for each Renewal Fund when necessary, (v) assist in the preparation and filing of reports and proxy statements (if any) to the shareholders of each Renewal Fund, the periodic updating of the registration statement, prospectuses, statement of additional information, and other reports and documents for each Renewal Fund that are required to be filed by the Trust with the SEC and other regulatory and governmental bodies, and (vi) monitor anticipated purchases and redemptions of the shares (including creation units) of each Renewal Fund by shareholders and new investors;

·         the nature, extent and quality of the all of the services (including advisory, administrative and compliance services) that have been provided by Global X Management or made available to each Renewal Fund and the adequacy of Global X Management’s personnel resources that would continue to be made available to each Renewal Fund; and

·         Global X Management’s experience and the professional qualifications of Global X Management’s key personnel.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to each Renewal Funds by Global X Management.

Performance

With respect to this fact, the Board considered each Renewal Fund’s total return and investment performance relative to (i) the performance of unaffiliated comparable specialized and/or focused exchange-traded funds and other registered funds in the same classification as each of the Renewal Funds, which performance information is publicly available from such registered funds as well as other third party sources; and (ii) the performance of comparable registered funds, pertinent indexes, and pertinent registered fund performance rankings. The Board noted that some of the Renewal Funds had only been in operations for a few months and that some Renewal Funds had not yet commenced operations. The Board observed that, for the Renewal Funds that had not commenced operations, meaningful data relating to investment performance was not available and, therefore, could not be a factor in approving the Renewal Agreements for the non- operational Renewal Funds.

Based on these considerations and comparisons, the Board concluded that the investment performance of each operational Renewal Fund did not adversely affect the Board approval of the continuance of the Renewal Agreements.

Cost of Services and Profitability

The Board considered Global X Management’s cost to provide investment management and related services to each Renewal Fund. In this regard, the Board considered the Management Fee that has been borne by each Renewal Fund under the Renewal Agreements for the various investment advisory, supervisory and administrative services that each Renewal Fund requires under a unitary fee structure (including the types of fees and expenses that are not included within the unitary fee and would be borne by each New Fund).

73

Approval of Investment Advisory Agreement (unaudited) (concluded)

In addition, the Board considered the current and expected profitability to Global X Management from all services provided to the Renewal Funds and all aspects of Global X Management’s relationship with each of the Renewal Funds. In connection with these considerations, the Global X Management provided the Board with financial information regarding its operations and services to the Renewal Funds and discussed with the Board its current and expected profitability with respect to the Renewal Funds. Global X Management noted that it was likely that it would not generate profits in the upcoming year from its services to certain of the newer or smaller Renewal Funds because of the small amount of assets under management for those Renewal Funds.

Based on these considerations, the Board concluded that the profits anticipated to be realized by Global X Management from its relationship with each of the Renewal Funds would not be excessive and should not preclude approval of the continuance of each Renewal Agreement.

Comparison of Fees and Services

With respect to this factor, the Board considered:

·         comparative information with respect to the Management Fee paid to Global X Management by each of the Renewal Funds. In connection with this consideration, Global X Management provided the Board with detailed comparative expense data for each of the Renewal Funds, including fees and expenses paid by unaffiliated comparable specialized and/or focused exchange-traded funds and other comparable registered funds and fees and expenses paid by other funds that are series of the Trust under the same unified Management Fee structure;

·         the structure of the unified Management Fee structure (which includes as one component the investment advisory fee for each Renewal Fund) and the current total expense ratios for each of the Renewal Funds. In this regard, the Board took into consideration that the purpose of adopting a unitary Management Fee structure for the Renewal Funds was to create a simple, all-inclusive fee that would provide a level of predictability with respect to the overall expense ratio (i.e., the total fees) of each of the Renewal Funds and that the proposed Management Fee for each Renewal Fund was set at a competitive fee to make each Renewal Fund viable in the marketplace; and

·         that Global X Management is responsible for most ordinary expenses of the New Funds, including the costs of various third-party services required by the Funds, including investment advisory, administrative, audit, certain custody, portfolio accounting, legal, transfer agency and printing costs, but that each New Fund would bear other expenses not covered under the proposed all-inclusive Management Fee, such as asset-based custody fees for certain of the Renewal Funds, taxes, brokerage fees, commissions, and other transaction expenses, interest expenses, and extraordinary expenses.

Based on these considerations, the Board concluded that the proposed Management Fee and total expense ratio of each New Fund should not preclude approval of the Renewal Agreements.

Economies of Scale

With respect to this factor, the Board considered:

·         the extent to which economies of scale would be realized as the Renewal Funds grow and whether the unitary Management Fee for each Renewal Fund reflected these economies of scale;

·         the significant investment of time, personnel and other resources that Global X Management has made and intends to make in the Renewal Funds in order to seek to assure that the Renewal Funds are attractive to investors; and

74

Approval of Investment Advisory Agreement (unaudited) (concluded)

·         that the proposed unitary Management Fee would provide a high level of certainty as to the total level of expenses for the New Funds and their shareholders.

Based on these considerations, the Board concluded that continuation of the unitary Management Fee for each Renewal Fund was reasonable.

Other Benefits

The Board considered any other benefits realized by Global X Management as a result from its relations relationships with each Renewal Fund and concluded that all information it considered supported approval of the continuation of the Renewal Agreements.

75

Supplemental Information (unaudited)

Net asset value, or “NAV”, is the price per Share at which the Funds issue and redeem Shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of the Funds generally is determined using the midpoint between the highest bid and the lowest offer on the stock exchange on which the Shares of the Funds are listed for trading, as of the time that the Funds’ NAV is calculated. The Funds’ Market Price may be at, above or below their NAV. The NAV of the Funds will fluctuate with changes in the market value of their Funds’ holdings. The Market Price of the Funds will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of the Funds on a given day, generally at the time NAV is calculated. A premium is the amount that the Funds are trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that the Funds are trading below the reported NAV, expressed as a percentage of the NAV.

The following information shows the frequency distributions of premiums and discounts for the Funds. The information shown is for the full calendar quarter completed after the inception date through the date of the most recent calendar quarter end.

Each line in the table shows the number of trading days in which the Funds traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

Further information regarding premiums and discounts is available on the Funds’ website at GlobalXFunds.com

76

notice to shareholders (unaudited)

For shareholders that do not have a February 27, 2012 tax year end, this notice is for informational purposes only. For shareholders with a February 27, 2012 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended February 27, 2012, the liquidated Funds have designated the following items with regard to distributions paid during the year.

	Long-Term Capital Gain Distributions			Ordinary Income Distributions			Total Distributions			Qualifying for Corporate Dividends Received Deduction (1)			Qualifying Dividend Income (2)			Interest Related Dividends (3)			Short Term Capital Gain Dividends(4)
Global X Farming ETF		0.00	%		100.00	%		100.00	%		2.01	%		42.76	%		0.00	%		100.00	%
Global X Fishing ETF		0.00	%		100.00	%		100.00	%		0.00	%		59.08	%		0.00	%		0.00	%
Global X Food ETF		0.00	%		100.00	%		100.00	%		9.77	%		30.47	%		0.00	%		100.00	%
Global X Waste Management ETF		0.00	%		100.00	%		100.00	%		29.19	%		81.71	%		0.00	%		0.00	%

(1) Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions).

(2) The percentage in this column represents the amount of "Qualifying Dividend Income" as created by the Jobs and Growth Relief Reconciliation Act of 2003 and is reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). It is the intention of each of the aforementioned funds to designate the maximum amount permitted by law.

(3) The percentage in this column represents the amount of "Interest Related Dividends" as created by the American Jobs Creation Act of 2004 and is reflected as a percentage of net investment income distributions that is exempt from U.S. withholding tax when paid for foreign investors.

(4) The percentage in this column represents the amount of "Short-Term Capital Gain Dividends" as created by the American Jobs Creation Act of 2004 and is reflected as a percentage of short-term capital gain distributions that is exempt from U.S. withholding tax when paid to foreign investors.

For the short period ended February 27, 2012, the Funds designate all distributions in the short period as ordinary income distributions

On February 27, 2012, the Funds paid per share income distributions to the shareholders of record on February 21, 2012:

	Net Investment Income
Global X Waste Management ETF		0.0159

77

Notes

78

Notes

79

399 Park Ave, 32^nd floor

New York, NY 10022

1-888-GXFund-1

(1-888-493-8631)

www.globalxfunds.com

Investment Adviser:

Global X Management Company LLC

399 Park Avenue, 32^nd floor

New York, NY 10022

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 the Independent Trustees:

Dechert LLP

1175 I Street N.W.

Washington, DC 20007

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

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 to open-end management investment companies.

Item 6. Schedule of Investments.

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes.

Item 11. Controls and Procedures.

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

(b) There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.

Items 12. Exhibits.

(a)(1) Not applicable for semi-annual report.

(a)(2) A separate certification for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.

(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as an Exhibit.

SIGNATURES

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

(Registrant)	The Global X Funds
By (Signature and Title)*	/s/ Bruno del Ama
	Bruno del Ama
	President

Date: July 6, 2012

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/ Bruno del Ama
	Bruno del Ama
	President

Date: July 6, 2012

By (Signature and Title)*	/s/ Jose C. Gonzalez
	Jose C. Gonzalez
	CFO

Date: July 6, 2012

* Print the name and title of each signing officer under his or her signature.