Global X Funds NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________

FORM N-CSR

________

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)

________

623 Fifth Avenue, 15^th Floor

New York, NY 10022

(Address of principal executive offices) (Zip code)

SEI Investments Global Fund 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: October 31, 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 Uranium ETF (ticker: URA)

Global X Lithium ETF (ticker: LIT)

Global X Fertilizers/Potash ETF (ticker: SOIL)

Global X Junior Miners ETF (formerly Global X

S&P/TSX 30 Canada ETF) (ticker: JUNR)

Annual Report

October 31, 2012

Table Of Contents

Management Discussion of Fund Performance (unaudited)	1

Schedule of Investments

Global X Silver Miners ETF	9

Global X Gold Explorers ETF	12

Global X Pure Gold Miners ETF	14

Global X Copper Miners ETF	17

Global X Uranium ETF	20

Global X Lithium ETF	22

Global X Fertilizers/Potash ETF	25

Global X Junior Miners ETF	28

Statements of Assets and Liabilities	32

Statements of Operations	34

Statements of Changes in Net Assets	36

Financial Highlights	40

Notes to Financial Statements	42

Report of Independent Registered Public Accounting Firm	56

Disclosure of Fund Expenses (unaudited)	57

Approval of Investment Advisory Agreement (unaudited)	59

Supplemental Information (unaudited)	62

Trustees and Officers of the Trust (unaudited)	63

Notice to Shareholders (unaudited)	66

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.

Management Discussion of Fund Performance (unaudited)

Global X Silver Miners ETF

Global X Silver Miners ETF

The Global X Silver Miners ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Silver Miners Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Index is designed to reflect the performance of the silver mining industry. It is comprised of selected companies globally that are actively engaged in some aspect of the silver mining industry, such as silver mining, refining, or exploration. The Fund is the first ETF globally focused exclusively on the silver mining sector.

For the 12-month period ended October 31, 2012 (the “reporting period”), the Fund increased 5.76%, while the Index increased 6.72%. The Fund had a net asset value of $23.66 per share on October 31, 2011 and ended the reporting period with a net asset value of $24.98 on October 31, 2012.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

During the reporting period, the highest returns came from MAG Silver Corp. and First Majestic Silver Corp., which returned 36.32% and 30.05%, respectively. The worst performers were Alcyone Resources and Alexco Resources Corp., which returned -52.06% and -49.09%, respectively.

	AVERAGE ANNUAL TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2012
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Silver Miners ETF		5.76	%		6.05	%		24.51	%		25.12	%
Solactive Global Silver Miners Index		6.72	%		6.72	%		25.34	%		25.34	%
S&P 500 Index		15.21	%		15.21	%		8.97	%		8.97	%

Growth of a $10,000 Investment

(at Net Asset Value)

*Fund commenced operations on April 19, 2010.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X Gold Explorers ETF

Global X Gold Explorers ETF

The Global X Gold Explorers ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Gold Explorers Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Solactive Global Gold Explorers Index is designed to track the performance of the largest and most liquid listed companies that are active in the exploration for gold.

For the 12-month period ended October 31, 2012 (the “reporting period”), the Fund decreased 33.42%, while the Index decreased 33.27%. The Fund had a net asset value of $13.36 per share on October 31, 2011 and ended the reporting period with a net asset value of $8.68 on October 31, 2012.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

During the reporting period, the highest returns came from Continental Gold Ltd. and Tigray Resources, which returned 16.3% and 8.01%, respectively. The worst performers were Canaco Resources and Ampella Mining Ltd., which returned - 79.62% and -76.15%, respectively.

	AVERAGE ANNUAL TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2012
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Gold Explorers ETF		(33.42	%)		(32.55	%)		(24.31	%)		(23.70	%)
Solactive Global Gold Explorers Index		(33.27	%)		(33.27	%)		(24.56	%)		(24.56	%)
S&P 500 Index		15.21	%		15.21	%		10.92	%		10.92	%

Growth of a $10,000 Investment

(at Net Asset Value)

*Fund commenced operations on November 3, 2010.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X Pure Gold Miners ETF

Global X Pure Gold Miners ETF

The Global X Pure Gold Miners ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Pure Gold Miners Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Solactive Global Pure Gold Miners Index tracks the performance of the largest and most liquid gold mining companies globally. Only companies that generate the vast majority of their business from gold mining are eligible to be included in the index. As of 2011, over 95% of the revenues from the companies in the Underlying Index were derived from gold mining, according to Structured Solutions AG.

For the 12-month period ended October 31, 2012 (the “reporting period”), the Fund decreased 19.13%, while the Index decreased 19.10%. The Fund had a net asset value of $14.67 per share on October 31, 2011 and ended the reporting period with a net asset value of $11.62 on October 31, 2012.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

During the reporting period, the highest returns came from Koza Altin Isletmeleri and China Gold International Resources, which returned 61.49% and 44.91%, respectively. The worst performers were Alacer Gold Corporation and Semafo Inc., which returned -52.45% and -47.45%, respectively.

	AVERAGE ANNUAL TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2012
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Pure Gold Miners ETF		(19.13	%)		(18.15	%)		(13.94	%)		(13.45	%)
Solactive Global Pure Gold Miners Index		(19.10	%)		(19.10	%)		(13.61	%)		(13.61	%)
S&P 500 Index		15.21	%		15.21	%		7.61	%		7.61	%

Growth of a $10,000 Investment

(at Net Asset Value)

*Fund commenced operations on March 14, 2011.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X Copper Miners ETF

Global X Copper Miners ETF

The Global X Copper Miners ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Copper Miners Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Index is designed to reflect the performance of the copper mining industry. It is comprised of selected companies globally that are actively engaged in some aspect of the copper mining industry, such as copper mining, refining, or exploration.

For the 12-month period ended October 31, 2012 (the “reporting period”), the Fund decreased 7.08%, while the Index decreased 6.95%. The Fund had a net asset value of $14.92 per share on October 31, 2011 and ended the reporting period with a net asset value of $12.93 on October 31, 2012.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

During the reporting period, the highest returns came from Park Elektrik Madencilik Sanayi ve Ticaret AS and Cudeco Ltd., which returned 92.25% and 45.83%, respectively. The worst performers were Straits Resources Ltd. and Mercator Minerals Ltd., which returned -85.61% and -71.45%, respectively.

	AVERAGE ANNUAL TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2012
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Copper Miners ETF		(7.08	%)		(6.30	%)		(1.30	%)		(1.27	%)
Solactive Global Copper Miners Index		(6.95	%)		(6.95	%)		(0.89	%)		(0.89	%)
S&P 500 Index		15.21	%		15.21	%		8.97	%		8.97	%

Growth of a $10,000 Investment

(at Net Asset Value)

*Fund commenced operations on April 19, 2010.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X Uranium ETF

Global X Uranium ETF

The Global X Uranium ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Uranium Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Solactive Global Uranium Index is designed to reflect the performance of the uranium mining industry. It is comprised of selected companies globally that are primarily engaged in some aspect of the uranium mining industry, such as mining, refining, exploration, and manufacturing of equipment for the uranium industry. The Fund is the nation’s first ETF focused exclusively on the uranium industry.

For the 12-month period ended October 31, 2012 (the “reporting period”), the Fund decreased 30.53%, while the Index decreased 32.27%. The Fund had a net asset value of $10.09 per share on October 31, 2011 and ended the reporting period with a net asset value of $7.01 on October 31, 2012.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

During the reporting period, the highest returns came from Berkeley Resources Ltd. and Laramide Resources Ltd., which returned 42.46% and 34.64%, respectively. The worst performers were Bannerman Resources and USEC Inc., which returned -69.91% and -67.83%, respectively.

	AVERAGE ANNUAL TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2012
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Uranium ETF		(30.53	%)		(29.76	%)		(34.90	%)		(34.57	%)
Solactive Global Uranium Index		(32.27	%)		(32.27	%)		(35.38	%)		(35.38	%)
S&P 500 Index		15.21	%		15.21	%		9.87	%		9.87	%

Growth of a $10,000 Investment

(at Net Asset Value)

*Fund commenced operations on November 4, 2010.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X Lithium ETF

Global X Lithium ETF

The Global X Lithium ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Lithium Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Index is designed to reflect the performance of the largest and most liquid listed companies that are active in the exploration and/or mining of Lithium or the production of Lithium batteries. The Fund is the first ETF globally focused exclusively on the lithium sector.

For the 12-month period ended October 31, 2012 (the “reporting period”), the Fund decreased 9.25%, while the Index decreased 9.84%. The Fund had a net asset value of $15.90 per share on October 31, 2011 and ended the reporting period with a net asset value of $14.41 on October 31, 2012.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

During the reporting period, the highest returns came from Talison Lithium Ltd. and Orocobre Ltd., which returned 84.92% and 53.55%, respectively. The worst performers were A123 Systems Inc. and Valence Technology Inc., which returned - 95.81% and -94.79%, respectively.

	AVERAGE ANNUAL TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2012
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Lithium ETF		(9.25	%)		(9.03	%)		(2.62	%)		(2.95	%)
Solactive Global Lithium Index		(9.84	%)		(9.84	%)		(2.14	%)		(2.14	%)
S&P 500 Index		15.21	%		15.21	%		14.24	%		14.24	%

Growth of a $10,000 Investment

(at Net Asset Value)

*Fund commenced operations on July 22, 2010.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X Fertilizers/potash ETF

Global X Fertilizers/Potash ETF

The Global X Fertilizers/Potash ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Fertilizers/Potash Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Solactive Global Fertilizers/Potash Index tracks the performance of the largest and most liquid listed companies globally that are active in some aspect of the fertilizer industry. The Fund is the nation’s first ETF focused exclusively on the fertilizers industry.

For the 12-month period ended October 31, 2012 (the “reporting period”), the Fund decreased 0.61%, while the Index decreased 0.36%. The Fund had a net asset value of $14.06 per share on October 31, 2011 and ended the reporting period with a net asset value of $13.85 on October 31, 2012.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

During the reporting period, the highest returns came from Terra Nitrogen Co. and Syngenta AG, which returned 36.70% and 29.88%, respectively. The worst performers were Sinofert Holdings and K+S AG, which returned -35.96% and - 23.55%, respectively.

	AVERAGE ANNUAL TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2012
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Fertilizers/Potash ETF		(0.61	%)		(0.46	%)		(5.04	%)		(5.04	%)
Solactive Global Fertilizers/Potash Index		(0.36	%)		(0.36	%)		(4.55	%)		(4.55	%)
S&P 500 Index		15.21	%		15.21	%		7.06	%		7.06	%

Growth of a $10,000 Investment

(at Net Asset Value)

*Fund commenced operations on May 25, 2011.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X Junior Miners ETF

Global X Junior Miners ETF

The Global X Junior Miners ETF, formerly the Global X S&P/TSX Venture 30 Canada ETF, (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Junior Miners Index (“Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Solactive Global Junior Miners Index is designed to track the market performance of small-capitalization mining companies globally, as defined by Structured Solutions AG.

On September 6, 2012, the Index for the Fund was changed from the S&P/TSX Venture 30 Index to the Solactive Global Junior Miners Index. This change was 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. For the 12-month period ended October 31, 2012 (the “reporting period”), the Fund decreased 3.16%, while the Index decreased 6.29%. The Fund had a net asset value of $11.53 per share on October 31, 2011 and ended the reporting period with a net asset value of $10.84 on October 31, 2012.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

During the reporting period, the highest returns came from Rio Alto Mining Ltd. and Sandstorm Gold Ltd., which returned 103.54% and 92.41%, respectively. The worst performers were CGX Energy Inc. and Madalena Ventures Inc., which returned -85.39% and -79.19%, respectively.

	AVERAGE ANNUAL TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2012
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Junior Miners ETF		(3.16	%)		(2.19	%)		(16.76	%)		(16.47	%)
Hybrid Solactive Junior Miners & S&P/TSX
Venture 30 Index		(6.29	%)		(6.29	%)		(18.29	%)		(18.29	%)
S&P/TSX Venture 30 Index		(15.85	%)		(15.85	%)		(23.51	%)		(23.51	%)
S&P 500 Index		15.21	%		15.21	%		9.70	%		9.70	%

Growth of a $10,000 Investment

(at Net Asset Value)

*Fund commenced operations on March 16, 2011.

**Reflects performance of S&P/TSX Venture 30 Index through September 6, 2012, and Solactive Global Junior Miners thereafter.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices above.

Schedule of Investments

October 31, 2012

Global X Silver Miners ETF

Sector Weightings (unaudited) †:

† 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 — 99.4%
AUSTRALIA—0.2%
Basic Materials — 0.2%
Alcyone Resources ^*		15,997,416	$	813,704
CANADA—48.7%
Basic Materials — 48.7%
Alexco Resource ^*		655,889		2,557,967
Aurcana ^*(A)		6,077,322		6,571,722
Bear Creek Mining ^*(A)		892,440		3,163,192
Endeavour Silver ^*		1,168,776		10,659,237
Excellon Resources ^*		3,567,902		1,536,118
First Majestic Silver ^*		798,491		18,460,233
Fortuna Silver Mines ^*		1,681,279		9,325,943
Great Panther Silver ^*(A)		1,814,477		3,615,328
Impact Silver ^*		788,608		1,058,057
MAG Silver ^*(A)		736,284		9,424,435
Minco Silver ^*(A)		467,023		897,806
Orko Silver ^*(A)		1,697,816		2,855,901
Pan American Silver		1,540,499		33,890,978
Scorpio Mining ^*		2,637,414		2,772,751
Silver Standard Resources ^*		1,089,031		16,585,942
Silver Wheaton		1,167,441		47,281,361
Silvercorp Metals ^(A)		2,229,645		13,868,392
US Silver & Gold ^*		693,489		1,659,513
Wildcat Silver ^*(A)		1,207,604		1,596,032
TOTAL CANADA				187,780,908
MEXICO—23.0%
Basic Materials — 23.0%
Fresnillo		1,468,450		45,475,101
Industrias Penoles		864,477		43,243,656
TOTAL MEXICO				88,718,757
PERU—4.3%
Basic Materials — 4.3%
Hochschild Mining		2,099,019		16,767,221
UNITED KINGDOM— 4.9%
Basic Materials — 4.9%
Arian Silver ^*		3,713,737		1,086,247
Polymetal International		988,368		17,768,198

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

Schedule of Investments

October 31, 2012

Global X Silver Miners ETF

	Shares/Face
	Amount		Value
COMMON STOCK — continued
TOTAL UNITED KINGDOM
UNITED STATES— 18.3%			$	18,854,445
Basic Materials — 18.3%
Coeur d'Alene Mines ^*		608,975		18,823,417
Golden Minerals ^*(A)		453,627		1,982,350
Hecla Mining ^(A)		2,784,535		18,322,240
McEwen Mining ^*		2,095,178		10,182,565
Mines Management ^*		198,945		238,734
Revett Minerals ^*		305,689		1,089,615
Silvercrest Mines ^*		810,636		2,110,292
Tahoe Resources ^*		878,653		17,911,765
TOTAL UNITED STATES				70,660,978
TOTAL COMMON STOCK
(Cost $376,511,655)				383,596,013

TIME DEPOSIT — 0.8%
Brown Brothers Harriman, 0.030%, 11/01/12
(Cost $3,060,636)	$	3,060,636		3,060,636

REPURCHASE AGREEMENT — 1.5%
Barclays Capital
0.300%, dated 10/31/12, to be repurchased on 11/01/12,
repurchase price $5,761,945 (collateralized by U.S. Treasury Notes,
ranging in par value $2,473-$819,334, 0.000%, 11/01/12-10/17/13)
with a total market value of $5,877,145 ^(B)
(Cost $5,761,897)		5,761,897		5,761,897

TOTAL INVESTMENTS — 101.7%
(Cost $385,334,188)			$	392,418,546

Percentages are based on Net Assets of $385,966,774.

Non-income producing security.

(A)

This security or a partial position of this security is on loan at October 31, 2012. The total value of securities on loan as of October 31, 2012 was $5,759,770.

(B)

This security was purchased with cash collateral held from securities on loan. The total value of such security as of October 31, 2012 was $5,761,897.

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

Schedule of Investments

October 31, 2012

Global X Silver Miners ETF

The following is a summary of the inputs used as of October 31, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	383,596,013	$	—	$	—	$	383,596,013
Time Deposit		—		3,060,636		—		3,060,636
Repurchase Agreement		—		5,761,897		—		5,761,897
Total Investments in Securities	$	383,596,013	$	8,822,533	$	—	$	392,418,546

For the year ended October 31, 2012, there have been no transfers between Level 1, Level 2 and Level 3 investments.

For the year ended October 31, 2012, there were no Level 3 investments.

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

Schedule of Investments	October 31, 2012

Global X Gold Explorers ETF

Sector Weightings (unaudited) †:

† Percentages based on total investments.

	Shares/Face
	Amount		Value
COMMON STOCK — 99.6%
AUSTRALIA—4.7%
Basic Materials — 4.7%
Gryphon Minerals ^*		2,394,641	$	1,938,900
CANADA—94.9%
Basic Materials — 94.9%
Atac Resources ^*		710,268		1,564,545
Chesapeake Gold ^*		192,298		1,761,729
Continental Gold ^*		266,672		2,539,225
Exeter Resource ^*		1,236,383		1,733,103
Gold Canyon Resources ^*		1,283,933		1,645,491
International Tower Hill Mines ^*		580,060		1,405,502
Kaminak Gold, Cl A ^*		960,204		1,845,899
Keegan Resources ^*		600,714		2,369,775
Lydian International, Cl A ^*		789,456		1,825,926
Newstrike Capital ^*		1,151,117		2,985,124
Novagold Resources ^*		359,431		1,761,212
Paramount Gold and Silver ^*		667,549		1,775,680
Pretium Resources ^*		144,057		1,952,973
Rainy River Resources ^*		440,738		2,400,616
Rubicon Minerals ^*		694,522		2,461,685
Sabina Gold & Silver ^*		943,023		2,738,189
Seabridge Gold ^*		121,682		2,097,798
Torex Gold Resources ^*		1,184,562		2,466,973
Volta Resources ^*		2,875,353		1,813,740
TOTAL CANADA				39,145,185
TOTAL COMMON STOCK (Cost $49,811,509)				41,084,085

TIME DEPOSIT — 0.0%
Brown Brothers Harriman, 0.030%, 11/01/12 (Cost $155)	$	155		155

TOTAL INVESTMENTS — 99.6% (Cost $49,811,664)			$	41,084,240

Percentages are based on Net Assets of $41,251,366.

* Non-income producing security.

Cl — Class

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

Schedule of Investments	October 31, 2012

Global X Gold Explorers ETF

The following is a summary of the inputs used as of October 31, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	41,084,085	$	—	$	—	$	41,084,085
Time Deposit		—		155		—		155
Total Investments in Securities	$	41,084,085	$	155	$	—	$	41,084,240

For the year ended October 31, 2012, there have been no transfers between Level 1, Level 2 and Level 3 investments.

For the year ended October 31, 2012, there were no Level 3 investments.

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

Schedule of Investments	October 31, 2012

Global X Pure Gold Miners ETF

Sector Weightings (unaudited) †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.7%
AUSTRALIA—6.8%
Basic Materials — 6.8%
Medusa Mining		24,173	$	153,067
Perseus Mining ^*		62,075		164,959
TOTAL AUSTRALIA				318,026
CANADA—41.0%
Basic Materials — 41.0%
Alamos Gold		11,032		215,946
Aurizon Mines ^*		21,441		98,108
B2Gold ^*		48,985		202,561
Centerra Gold		22,059		250,241
Detour Gold ^*		7,855		221,316
Eldorado Gold		16,222		239,736
Kinross Gold		23,398		232,399
Kirkland Lake Gold ^*		7,977		78,752
Osisko Mining ^*		21,719		213,330
SEMAFO		37,684		150,925
TOTAL CANADA				1,903,314
CHINA—4.2%
Basic Materials — 4.2%
Real Gold Mining ^{* (A) (B)}		36,500		10,455
Zhaojin Mining Industry		109,857		184,275
TOTAL CHINA				194,730
JERSEY—5.4%
Basic Materials — 5.4%
Randgold Resources ADR		2,092		250,182
SOUTH AFRICA— 12.8%
Basic Materials — 12.8%
AngloGold Ashanti ADR		6,274		213,191
Gold Fields ADR		16,014		200,335

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

Schedule of Investments	October 31, 2012

Global X Pure Gold Miners ETF

	Shares/Face
	Amount		Value

COMMON STOCK — continued
Basic Materials — continued
Harmony Gold Mining ADR		21,721	$	180,284
TOTAL SOUTH AFRICA				593,810
TURKEY—4.9%
Basic Materials — 4.9%
Koza Altin Isletmeleri		10,429		226,907
UNITED KINGDOM— 5.1%
Basic Materials — 5.1%
African Barrick Gold		13,873		94,924
Petropavlovsk		21,920		142,662
TOTAL UNITED KINGDOM				237,586
UNITED STATES— 19.5%
Basic Materials — 19.5%
Alacer Gold ^*		34,998		192,029
Allied Nevada Gold ^*		6,613		244,152
Centamin ^{(A) (B)}		141,557		132,495
Gold Resource		6,558		109,650
Polyus Gold International ^*		70,626		235,070
TOTAL UNITED STATES				913,396
TOTAL COMMON STOCK (Cost $5,588,737)				4,637,951

TIME DEPOSIT — 0.3%
Brown Brothers Harriman, 0.030%, 11/01/12 (Cost $12,117)	$	12,117		12,117
TOTAL INVESTMENTS — 100.0% (Cost $5,600,854)			$	4,650,068

Percentages are based on Net Assets of $4,649,413.

Non-income producing security.

ADR — American Depositary Receipt

(A)

Security considered illiquid. The total value of such security as of October 31, 2012 was $142,950 and represented 3.1% 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 security as of October 31, 2012, was $142,950 and represents 3.1% of Net Assets.

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

Schedule of Investments	October 31, 2012

Global X Pure Gold Miners ETF

The following is a summary of the inputs used as of October 31, 2012, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock
Australia	$	318,026	$	—	$	—	$	318,026
Canada		1,903,314		—		—		1,903,314
China		184,275		—		10,455		194,730
Jersey		250,182		—		—		250,182
South Africa		593,810		—		—		593,810
Turkey		226,907		—		—		226,907
United Kingdom		237,586		—		—		237,586
United States		780,901		132,495		—		913,396
Total Common Stock		4,495,001		132,495		10,455		4,637,951
Time Deposit		—		12,117		—		12,117
Total Investments in Securities	$	4,495,001	$	144,612	$	10,455	$	4,650,068

⁽¹⁾ A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments during the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

For the year ended October 31, 2012, there was a transfer from Level 1 to Level 2 in the amount of $132,495 due to the securities being fair valued. There were no transfers in or out of Level 3

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

Schedule of Investments	October 31, 2012

Global X Copper Miners ETF

Sector Weightings (unaudited) †:

	Shares		Value
COMMON STOCK — 99.1%
AUSTRALIA—9.3%
Basic Materials — 9.3%
Cudeco ^{(A) (B) (C)}		265,324	$	1,286,216
OZ Minerals		184,318		1,567,011
Straits Resources ^*		251,301		25,304
TOTAL AUSTRALIA				2,878,531
CANADA—45.6%
Basic Materials — 45.6%
Augusta Resource ^{* (C)}		175,909		480,231
Capstone Mining ^*		611,446		1,512,162
Copper Mountain Mining ^^*		188,797		763,694
Copper Mountain Mining ^*		12,300		50,012
Duluth Metals ^*		188,300		424,205
First Quantum Minerals		65,311		1,468,067
HudBay Minerals, Cl B		154,934		1,438,036
Imperial Metals ^*		82,588		1,055,969
Inmet Mining		30,212		1,557,865
Katanga Mining ^*		294,000		141,297
Lumina Copper ^*		51,055		486,652
Lundin Mining ^*		276,173		1,437,897
Mercator Minerals ^*		455,898		225,952
Northern Dynasty Minerals ^*		151,403		535,967
Taseko Mines ^*		402,416		1,106,644
Turquoise Hill Resources ^*		185,480		1,463,437
TOTAL CANADA				14,148,087
CHINA—4.9%
Basic Materials — 4.9%
Jiangxi Copper, Cl H		585,802		1,515,517
MEXICO—4.8%
Basic Materials — 4.8%
Grupo Mexico, Cl B		462,606		1,483,844

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

Schedule of Investments	October 31, 2012

Global X Copper Miners ETF

	Shares/Face
	Amount		Value
COMMON STOCK — continued
PERU—5.0%
Basic Materials — 5.0%
Southern Copper		40,759	$	1,552,918
POLAND—4.7%
Basic Materials — 4.7%
KGHM Polska Miedz		28,758		1,448,416
SOUTH AFRICA— 0.6%
Basic Materials — 0.6%
Palabora Mining		17,965		175,161
SWITZERLAND—4.8%
Basic Materials — 4.8%
Xstrata		94,683		1,496,024
TURKEY—0.9%
Basic Materials — 0.9%
Park Elektrik Uretim Madencilik Sanayi ve Ticaret		80,885		296,917
UNITED KINGDOM— 14.1%
Basic Materials — 14.1%
Antofagasta		72,089		1,462,325
Kazakhmys		123,785		1,416,295
Vedanta Resources		82,020		1,500,971
TOTAL UNITED KINGDOM				4,379,591
UNITED STATES— 4.4%
Basic Materials — 4.4%
Freeport-McMoRan Copper & Gold		35,904		1,395,947
TOTAL COMMON STOCK (Cost $37,780,048)				30,770,953

WARRANT — 0.0%
Canada — 0.0%
Duluth Exploration, Expires 1/18/13*^{(A) (B)} (Cost $–)		11,771		—

TIME DEPOSIT — 0.2%
Brown Brothers Harriman, 0.030%, 11/01/12 (Cost $71,590)	$	71,590		71,590

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

Schedule of Investments	October 31, 2012

Global X Copper Miners ETF

	Face Amount		Value
REPURCHASE AGREEMENT — 2.6%
Barclays Capital
0.300%, dated 10/31/12, to be repurchased on 11/01/12,
repurchase price $797,707 (collateralized by U.S.
Treasury Notes, ranging in par value $78-$132,738, 0.000%, 11/01/12-
10/17/13) with a total market value of $813,655 ^(D)(Cost $797,700)	$	797,700	$	797,700

TOTAL INVESTMENTS — 101.9% (Cost $38,649,338)			$	31,640,243

Percentages are based on Net Assets of $31,040,710.

Non-income producing security.

Cl — Class

^ Traded on Toronto Stock Exchange

(A)

Securities considered illiquid. The total value of such security as of October 31, 2012 was $1,286,216 and represented 4.1% of Net Assets.

(B)

Securities are fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such security as of October 31, 2012 was $1,286,216 and represented 4.1% of Net Assets.

(C)

This security or a partial position of this security is on loan at October 31, 2012. The total value of securities on loan as of October 31, 2012 was $756,915.

(D)

This security was purchased with cash collateral held from securities on loan. The total value of such security as of October 31, 2012 was $797,700.

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

The following is a summary of the inputs used as of October 31, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	29,484,737	$	1,286,216	$	—	$	30,770,953
Time Deposit		—		71,590		—		71,590
Warrant		—		—		—		—
Repurchase Agreement		—		797,700		—		797,700
Total Investments in Securities	$	29,484,737	$	2,155,506	$	—	$	31,640,243

For the year ended October 31, 2012, there was a transfer from Level 1 to Level 2 in the amount of $1,286,216 due to the securities being fair valued. There were no transfers in or out of Level 3.

For the year ended October 31, 2012, there were no Level 3 investments.

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

Schedule of Investments	October 31, 2012

Global X Uranium ETF

Sector Weightings (unaudited) †:

	Shares		Value
COMMON STOCK — 99.8%
AUSTRALIA—29.0%
Basic Materials — 29.0%
Azimuth Resources ^*(A)		18,166,338	$	6,977,334
Bannerman Resources ^*		12,717,034		1,108,882
Berkeley Resources ^*(A)		5,377,734		2,623,721
Energy Resources of Australia*^(A)		4,115,352		6,023,467
Greenland Minerals & Energy ^*(A)		6,698,531		2,155,568
Paladin Energy ^*(A)		17,317,725		20,403,614
TOTAL AUSTRALIA				39,292,586
CANADA—44.8%
Basic Materials — 44.8%
Cameco		1,323,291		25,664,227
Denison Mines ^*		4,804,460		6,205,511
Laramide Resources ^*		2,587,288		2,357,379
Mega Uranium ^*		9,593,401		1,440,811
Rockgate Capital ^{*(A) (C)}		13,530,081		7,044,447
Uex ^*		9,461,660		5,210,426
Uranium One ^*(A)		5,947,791		12,922,860
TOTAL CANADA				60,845,661
UNITED STATES— 26.0%
Basic Materials — 26.0%
Energy Fuels ^*		13,937,241		2,372,297
Uranerz Energy ^{*(A) (C)}		4,315,082		7,163,036
Uranium Energy ^*(A)		3,199,472		7,550,754
Uranium Resources ^{*(A) (C)}		11,608,711		5,155,428
Ur-Energy ^{*(A) (C)}		8,826,426		8,032,048
USEC ^{* (A) (C)}		7,328,404		4,950,337
TOTAL UNITED STATES				35,223,900
TOTAL COMMON STOCK (Cost $261,489,761)				135,362,147

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

Schedule of Investments	October 31, 2012

Global X Uranium ETF

	Face Amount		Value
TIME DEPOSIT — 0.2%
Brown Brothers Harriman, 0.030%, 11/01/12 (Cost $278,932)	$	278,932	$	278,932
REPURCHASE AGREEMENT — 19.9%
Barclays Capital 0.300%, dated 10/31/12, to be repurchased on 11/01/12, repurchase price $27,033,989 (collateralized by U.S. Treasury Notes, ranging in par value $26,421-2,762,992, 0.000%, 11/01/12-10/17/13) with a total market value of $27,574,488 ^(B) (Cost $27,033,764)		27,033,764		27,033,764

TOTAL INVESTMENTS — 119.9% (Cost $288,802,457)			$	162,674,843

Percentages are based on Net Assets of $135,668,263.

Non-income producing security.

Cl — Class

(A)

This security or a partial position of this security is on loan at October 31, 2012. The total value of securities on loan as of October 31, 2012 was $22,893,660.

(B)

These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2012 was $27,033,764.

(C)

Affiliated investment (see Note 3).

The following is a summary of the inputs used as of October 31, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	135,362,147	$	—	$	—	$	135,362,147
Time Deposit		—		278,932		—		278,932
Repurchase Agreement		—		27,033,764		—		27,033,764
Total Investments in Securities	$	135,362,147	$	27,312,696	$	—	$	162,674,843

For the year ended October 31, 2012, there have been no transfers between Level 1, Level 2 and Level 3 investments.

For the year ended October 31, 2012, there were no Level 3 investments.

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

Schedule of Investments	October 31, 2012

Global X Lithium ETF

Sector Weightings (unaudited) †:

	Shares		Value
COMMON STOCK — 102.1%
AUSTRALIA—21.0%
Basic Materials — 21.0%
Galaxy Resources ^{* (A)}		7,380,480	$	3,868,979
Orocobre ^*		1,618,573		3,116,712
Reed Resources ^*		14,170,185		2,647,698
Talison Lithium ^*		782,574		5,038,249
TOTAL AUSTRALIA				14,671,638
CANADA—12.1%
Basic Materials — 11.7%
Avalon Rare Metals ^*(A)		1,987,982		3,184,752
Canada Lithium ^*		5,912,686		3,788,855
Lithium Americas ^*		1,307,376		1,217,382
				8,190,989
Industrials — 0.4%
Electrovaya ^*(A)		687,000		247,629
TOTAL CANADA				8,438,618
CHILE—16.0%
Basic Materials — 16.0%
Sociedad Quimica y Minera de Chile ADR		192,772		11,151,860
CHINA—0.7%
Industrials — 0.7%
China BAK Battery ^*(A)		278,464		456,681
FRANCE—4.5%
Industrials — 4.5%
Saft Groupe		142,368		3,165,599
HONG KONG— 2.5%
Industrials — 2.5%
Coslight Technology International Group*		5,842,624		1,771,623
JAPAN—4.5%
Industrials — 4.5%
GS Yuasa ^(A)		805,769		3,149,191

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

Schedule of Investments	October 31, 2012

Global X Lithium ETF

	Shares/Face
	Amount		Value
COMMON STOCK — continued
SOUTH KOREA— 4.8%
Basic Materials — 4.8%
LG Chemical		11,981	$	3,361,623
UNITED STATES— 36.0%
Basic Materials — 29.0%
FMC		263,117		14,082,022
Rockwood Holdings		135,039		6,198,290
				20,280,312
Industrials — 7.0%
Exide Technologies ^*		1,220,207		3,721,631
Ultralife ^*		363,382		1,115,583
				4,837,214
TOTAL UNITED STATES				25,117,526
TOTAL COMMON STOCK (Cost $78,459,668)				71,284,359

TIME DEPOSIT — 0.2%
Brown Brothers Harriman, 0.030%, 11/01/12 (Cost $174,349)	$	174,349		174,349

REPURCHASE AGREEMENT — 3.7%
Barclays Capital 0.300%, dated 10/31/12, to be repurchased on 11/01/12, repurchase price $2,580,707 (collateralized by U.S. Treasury Notes, ranging in par value $82-$441,780, 0.000%, 11/01/12- 10/17/13) with a total market value of $2,632,303 ^(B) (Cost $2,580,685)		2,580,685		2,580,685

TOTAL INVESTMENTS — 106.0% (Cost $81,214,702)			$	74,039,393

Percentages are based on Net Assets of $69,870,903.

Non-income producing security.

ADR — American Depositary Receipt

(A)

This security or a partial position of this security is on loan at October 31, 2012. The total value of securities on loan as of October 31, 2012 was $2,410,810.

(B)

This security was purchased with cash collateral held from securities on loan. The total value of such security as of October 31, 2012 was $2,580,685.

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

Schedule of Investments	October 31, 2012

Global X Lithium ETF

The following is a summary of the inputs used as of October 31, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	71,284,359	$	—	$	—	$	71,284,359
Time Deposit		—		174,349		—		174,349
Repurchase Agreement		—		2,580,685		—		2,580,685
Total Investments in Securities	$	71,284,359	$	2,755,034	$	—	$	74,039,393

For the year ended October 31, 2012, there have been no transfers between Level 1, Level 2 and Level 3 investments.

For the year ended October 31, 2012, there were no Level 3 investments.

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

Schedule of Investments	October 31, 2012

Global X Fertilizers/Potash ETF

Sector Weightings (unaudited) †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.8%
AUSTRALIA—9.9%
Basic Materials — 9.9%
Incitec Pivot		390,886	$	1,282,205
Nufarm		253,761		1,514,653
TOTAL AUSTRALIA				2,796,858
CANADA—10.1%
Basic Materials — 10.1%
Agrium		15,408		1,622,642
Potash Corp of Saskatchewan		30,615		1,230,730
TOTAL CANADA				2,853,372
CHILE—4.6%
Basic Materials — 4.6%
Sociedad Quimica y Minera de Chile ADR		22,452		1,298,848
CHINA—4.0%
Basic Materials — 4.0%
China BlueChemical		1,808,388		1,145,694
GERMANY—4.5%
Basic Materials — 4.5%
K+S		27,096		1,281,890
HONG KONG— 4.9%
Basic Materials — 4.9%
Sinofert Holdings		6,586,181		1,393,712
ISRAEL—9.9%
Basic Materials — 9.9%
Israel Chemicals		115,121		1,440,624
The Israel Corp		2,013		1,368,383
TOTAL ISRAEL				2,809,007

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

Schedule of Investments	October 31, 2012

Global X Fertilizers/Potash ETF

	Shares		Value
COMMON STOCK — continued
JAPAN—2.8%
Basic Materials — 2.8%
Nihon Nohyaku		180,898	$	802,178
NORWAY—4.7%
Basic Materials — 4.7%
Yara International		28,562		1,345,615
RUSSIA—4.7%
Basic Materials — 4.7%
Uralkali GDR		34,038		1,333,609
SOUTH KOREA— 2.4%
Basic Materials — 2.4%
Namhae Chemical ^(A)(B)		74,159		671,824
SWITZERLAND—4.9%
Basic Materials — 4.9%
Syngenta		3,585		1,400,433
TAIWAN—4.3%
Basic Materials — 4.3%
Taiwan Fertilizer		507,340		1,208,759
TURKEY—4.0%
Basic Materials — 4.0%
Bagfas Bandirma Gubre Fabrik		19,559		602,865
Gubre Fabrikalari ^*		74,093		518,754
TOTAL TURKEY				1,121,619
UNITED STATES— 24.1%
Basic Materials — 24.1%
CF Industries Holdings		7,709		1,581,810
Intrepid Potash ^*		62,135		1,350,194
Mosaic		26,029		1,362,358
Scotts Miracle-Gro, Cl A		26,642		1,140,544
Terra Nitrogen		6,612		1,419,662
TOTAL UNITED STATES				6,854,568
TOTAL COMMON STOCK (Cost $29,833,505)				28,317,986

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

Schedule of Investments

October 31, 2012

Global X Fertilizers/Potash ETF

	Face Amount		Value
TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.030%, 11/01/12 (Cost $41,945)	$	41,945	$	41,945
TOTAL INVESTMENTS — 99.9% (Cost $29,875,450)			$	28,359,931

Percentages are based on Net Assets of $28,383,494.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

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 October 31, 2012, was $671,824 and represented 2.4% of Net Assets.
(B)	Securities considered illiquid. The total value of such security as of October 31, 2012 was $671,824 and represented 2.4% of Net Assets.

The following is a summary of the inputs used as of October 31, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	27,646,162	$	671,824	$	—	$	28,317,986
Time Deposit		—		41,945		—		41,945
Total Investments in Securities	$	27,646,162	$	713,769	$	—	$	28,359,931

For the year ended October 31, 2012, there was a transfer from Level 1 to Level 2 in the amount of $671,824 due to the securities being fair valued. There were no transfers in or out of Level 3.

For the year ended October 31, 2012, there were no Level 3 investments.

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

Schedule of Investments

October 31, 2012

Global X Junior Miners ETF

Sector Weightings (unaudited) †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.9%
AUSTRALIA—27.8%
Basic Materials — 27.8%
Alumina		81,335	$	81,475
Aquila Resources ^*		5,967		16,662
Atlas Iron		25,281		40,283
Beadell Resources ^*		21,277		21,424
CGA Mining ^*		10,176		30,872
Discovery Metals ^*		11,449		20,561
Energy Resources of Australia*		5,301		7,759
Evolution Mining ^*		14,916		30,890
Independence Group		6,976		28,894
Kingsgate Consolidated		4,745		27,041
Lynas ^*		54,596		41,372
Medusa Mining		6,395		40,494
Mineral Deposits ^*		2,387		12,141
Mount Gibson Iron		12,169		8,906
Northern Star Resources		11,059		14,752
OceanaGold ADR ^*		6,770		23,472
Paladin Energy ^*		24,305		28,636
PanAust		17,383		60,088
Perseus Mining ^*		14,443		38,381
Resolute Mining		15,795		31,317
Sandfire Resources ^*		2,999		26,244
Silver Lake Resources ^*		5,820		21,206
St. Barbara ^*		10,418		20,493
Sundance Resources ^*		80,996		29,848
Syrah Resources ^*		1,844		4,690
Toho Zinc		4,047		13,738
Troy Resources		2,450		11,241
Western Areas		4,550		20,687
TOTAL AUSTRALIA				753,567
BRAZIL—0.5%
Basic Materials — 0.5%
MMX Mineracao e Metalicos ^*		7,346		14,540

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

Schedule of Investments

October 31, 2012

Global X Junior Miners ETF

	Shares		Value
COMMON STOCK — continued
BELGIUM—0.8%
Basic Materials — 0.8%
Nyrstar*		3,857	$	22,447
CANADA—38.2%
Basic Materials — 38.2%
Alacer Gold ^*		9,312		51,094
Argonaut Gold ^*		2,890		30,759
Aurcana ^*		14,532		15,714
AuRico Gold ^*		9,241		77,166
Aurizon Mines ^*		5,075		23,222
B2Gold ^*		11,594		47,943
Banro ^*		6,512		30,123
Barisan Gold ^*		4,920		739
Capstone Mining ^*		11,130		27,525
Centerra Gold		5,221		59,228
Colossus Minerals ^*		3,360		19,075
Continental Gold ^*		2,764		26,318
Denison Mines ^*		10,654		13,761
Dundee Precious Metals ^*		3,155		29,031
Endeavour Silver ^*		2,841		25,910
Fortuna Silver Mines ^*		4,091		22,692
Gabriel Resources ^*		6,865		16,634
HudBay Minerals, Cl B		5,647		52,413
Kirkland Lake Gold ^*		1,888		18,639
Lake Shore Gold ^*		12,884		10,320
MAG Silver ^*		1,431		18,225
Nevsun Resources		6,481		30,694
Novagold Resources ^*		6,185		30,035
Orbite Aluminae ^*		5,651		15,503
Premier Gold Mines ^*		4,408		24,760
Rainy River Resources ^*		2,856		15,556
Rio Alto Mining ^*		5,040		28,613
Rubicon Minerals ^*		8,792		31,163
Sandstorm Gold ^*		2,043		28,617
Seabridge Gold ^*		1,294		22,309
SEMAFO		8,920		35,725
Silver Standard Resources ^*		2,640		40,099
Silvercorp Metals		5,422		33,725
Sherritt International		9,553		41,321
Thompson Creek Metals ^*		5,051		13,250
Torex Gold Resources ^*		13,535		28,188
TOTAL CANADA				1,036,089

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

Schedule of Investments

October 31, 2012

Global X Junior Miners ETF

	Shares		Value
COMMON STOCK — continued
HONG KONG— 2.9%
Basic Materials — 2.9%
China Molybdenum, Cl H*		38,489	$	16,488
CST Mining Group ^*		665,616		9,447
Hidili Industry International Development		30,241		7,687
Shougang Fushan Resources Group		128,145		44,809
TOTAL HONG KONG				78,431
INDONESIA—0.5%
Basic Materials — 0.5%
Aneka Tambang Persero		107,547		14,332
IRELAND—1.9%
Basic Materials — 1.9%
Kenmare Resources ^*		80,854		51,422
JAPAN—0.8%
Basic Materials — 0.8%
Pacific Metals*		4,365		14,818
Sky Aluminum		2,514		5,889
TOTAL JAPAN				20,707
RUSSIA—0.4%
Basic Materials — 0.4%
Raspadskaya*		5,025		9,447
SINGAPORE—0.6%
Basic Materials — 0.6%
LionGold ^*		19,909		17,382
SOUTH AFRICA— 0.9%
Basic Materials — 0.9%
Northam Platinum		6,439		24,209
UNITED KINGDOM— 7.5%
Basic Materials — 7.5%
African Minerals ^*		9,098		40,119
Centamin ^(A)(B)*		32,961		30,851
Ferrexpo		9,024		30,421
Highland Gold Mining*		3,081		5,196
London Mining ^*		3,358		8,264
Lonmin		4,715		39,034
Petropavlovsk		5,867		38,184
Talvivaara Mining ^*		5,263		11,058
TOTAL UNITED KINGDOM				203,127

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

Schedule of Investments

October 31, 2012

Global X Junior Miners ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
UNITED STATES— 17.1%
Basic Materials — 17.1%
Alpha Natural Resources ^*		7,186	$	61,584
Arch Coal		6,982		55,577
Century Aluminum ^*		1,665		11,905
Cloud Peak Energy ^*		1,984		41,862
Coeur d'Alene Mines ^*		2,940		90,875
Gold Resource		1,553		25,966
Hecla Mining		9,323		61,345
McEwen Mining ^*		5,097		24,771
Molycorp ^*		2,713		28,215
RTI International Metals ^*		980		22,334
Stillwater Mining ^*		3,613		37,611
TOTAL UNITED STATES				462,045
TOTAL COMMON STOCK (Cost $2,463,333)				2,707,745

TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.030%, 11/01/12 (Cost $2,828)	$	2,828		2,828

TOTAL INVESTMENTS — 100.0% (Cost $2,466,161)			$	2,710,573

Percentages are based on Net Assets of $2,710,029.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

(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 October 31, 2012 was $30,851 and represented 1.1% of Net Assets.
(B)	Securities considered illiquid. The total value of such security as of October 31, 2012 was $30,851 and represented 1.1% of Net Assets.

The following is a summary of the inputs used as of October 31, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	2,676,894	$	30,851	$	—	$	2,707,745
Time Deposit		—		2,828		—		2,828
Total Investments in Securities	$	2,676,894	$	33,679	$	—	$	2,710,573

For the year ended October 31, 2012, there was a transfer from Level 1 to Level 2 in the amount of $30,851 due to the securities being fair valued. There were no transfers between Level 2 and Level 3 investments

For the year ended October 31, 2012, there were no Level 3 investments.

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

Statements of Assets and Liabilities

October 31, 2012

	Global X Silver			Global X Gold			Global X Pure			Global X Copper
	Miners ETF			Explorers ETF			Gold Miners ETF			Miners ETF
Assets:
Cost of Investments	$	379,572,291		$	49,811,664		$	5,600,854		$	37,851,638
Cost of Repurchase Agreement		5,761,897			—			—			797,700
Cost of Foreign Currency		11,365			—			—			—
Investments at Value	$	386,656,649	*	$	41,084,240		$	4,650,068		$	30,842,543	*
Repurchase Agreement		5,761,897			—			—			797,700
Foreign Currency at Value		11,272			—			—			—
Receivable for Investment Securities Sold		13,268,119			189,201			—			2,364,131
Receivable for Capital Shares Sold		8,743,000			—			—			—
Dividend and Interest Receivable		12,446			—			1,769			121,658
Reclaim Receivable		—			—			—			11,937
Total Assets		414,453,383			41,273,441			4,651,837			34,137,969

Liabilities:
Payable for Investment Securities Purchased		21,983,723			—			—			2,205,845
Obligation to Return Securities Lending Collateral		5,761,897			—			—			797,700
Cash Overdraft		531,802			—			—			76,412
Payable due to Investment Adviser		209,187			22,075			2,424			17,302
Total Liabilities		28,486,609			22,075			2,424			3,097,259

Net Assets	$	385,966,774		$	41,251,366		$	4,649,413		$	31,040,710
* Includes Market Value of Securities on Loan	$	5,759,770		$	—		$	—		$	756,915

Net Assets Consist of:
Paid-in Capital	$	406,449,398		$	59,455,105		$	5,888,689		$	39,031,404
Undistributed (Distributions in Excess of) Net Investment Income		1,403,715			(604,602	)		(68,820	)		365,329
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(28,973,248	)		(8,871,565	)		(219,678	)		(1,356,003	)
Net Unrealized Appreciation (Depreciation) on Investments		7,084,358			(8,727,424	)		(950,786	)		(7,009,095	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Transactions		2,551			(148	)		8			9,075

Net Assets	$	385,966,774		$	41,251,366		$	4,649,413		$	31,040,710
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		15,450,000			4,750,000			400,000			2,400,000

Net Asset Value, Offering and Redemption Price Per Share	$	24.98		$	8.68		$	11.62		$	12.93

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

Statements of Assets and Liabilities

October 31, 2012

	Global X Uranium			Global X Lithium			Global X Fertilizers/Potash			Global X Junior
	ETF			ETF			ETF			Miners ETF
Assets:
Cost of Investments	$	187,237,329		$	78,634,017		$	29,875,450		$	2,466,161
Cost of Repurchase Agreement		27,033,764			2,580,685			—			—
Cost of Affiliated Investments		74,531,364			—			—			—
Cost of Foreign Currency		—			—			—			3
Investments at Value	$	103,295,783	*	$	71,458,708	*	$	28,359,931		$	2,710,573
Repurchase Agreement		27,033,764			2,580,685			—			—
Affiliated Investments		32,345,296			—			—			—
Foreign Currency at Value		—			—			—			3
Cash		—			4,148			—			—
Dividend and Interest Receivable		108,749			6,804			28,403			1,194
Receivable for Investment Securities Sold		—			2,755,428			—			—
Reclaim Receivable		—			—			11,922			—
Total Assets		162,783,592			76,805,773			28,400,256			2,711,770

Liabilities:
Payable for Investment Securities Purchased		—			4,306,946			—			—
Obligation to Return Securities Lending Collateral		27,033,764			2,580,685			—			—
Payable due to Investment Adviser		81,565			47,239			16,762			1,741
Total Liabilities		27,115,329			6,934,870			16,762			1,741

Net Assets	$	135,668,263		$	69,870,903		$	28,383,494		$	2,710,029
*Includes Market Value of Securities on Loan	$	22,893,660		$	2,410,810		$	—		$	—

Net Assets Consist of:
Paid-in Capital	$	340,626,471		$	107,967,340		$	30,857,916		$	4,161,041
Undistributed (Distributions in Excess of) Net Investment Income		1,881,106			1,175,127			191,947			272,164
Accumulated Net Realized Loss on Investments, Affiliated Investments and Foreign Currency Transactions		(80,711,710	)		(32,094,896	)		(1,150,558	)		(1,967,592	)
Net Unrealized Appreciation (Depreciation) on Investments and Affiliated Investments		(126,127,614	)		(7,175,309	)		(1,515,519	)		244,412
Net Unrealized Appreciation (Depreciation) on Foreign Currency Transactions		10			(1,359	)		(292	)		4

Net Assets	$	135,668,263		$	69,870,903		$	28,383,494		$	2,710,029
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		19,350,000			4,850,000			2,050,000			250,000
Net Asset Value, Offering and Redemption Price Per Share	$	7.01		$	14.41		$	13.85		$	10.84

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

Statements of Operations

For the year ended October 31, 2012

	Global X Silver			Global X Gold			Global X Pure			Global X Copper
	Miners ETF			Explorers ETF			Gold Miners ETF			Miners ETF
Investment Income:
Dividend Income	$	4,223,873		$	1		$	49,344		$	905,818
Interest Income		—			17			16			—
Securities Lending Income		180,228			—			—			11,507
Less: Foreign Taxes Withheld		(288,281	)		—			(6,596	)		(72,255	)
Total Investment Income		4,115,820			18			42,764			845,070
Supervision and Administration Fees⁽¹⁾		2,111,247			192,138			27,633			220,398
Total Expenses		2,111,247			192,138			27,633			220,398
Net Expenses		2,111,247			192,138			27,633			220,398
Net Investment Income (Loss)		2,004,573			(192,120	)		15,131			624,672

Net Realized Gain (Loss) on:
Investments		(9,532,517	)⁽²⁾		(8,394,582	)		(212,287	)		(3,034,181	)⁽²⁾
Foreign Currency Transactions		(71,868	)		(4,862	)		(47	)		17,339
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(9,604,385	)		(8,399,444	)		(212,334	)		(3,016,842	)

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		24,894,512			(2,230,964	)		(836,503	)		(263,371	)
Foreign Currency Transactions		62,386			(150	)		(89	)		5,494

Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		24,956,898			(2,231,114	)		(836,592	)		(257,877	)

Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		15,352,513			(10,630,558	)		(1,048,926	)		(3,274,719	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	17,357,086		$	(10,822,678	)	$	(1,033,795	)	$	(2,650,047	)

⁽¹⁾

This expense reflects 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.

Statements of Operations

For the year ended October 31, 2012

	Global X			Global X			Global X Fertilizers/Potash			Global X Junior
	Uranium ETF			Lithium ETF			ETF			Miners ETF
Investment Income:
Dividend Income	$	684,484		$	938,126		$	647,680		$	4,936
Interest Income		2,180			11			—			—
Securities Lending Income		1,049,618			1,023,782			—			—
Less: Foreign Taxes Withheld		(102,673	)		(102,684	)		(61,703	)		(416	)
Total Investment Income		1,633,609			1,859,235			585,977			4,520
Supervision and Administration Fees⁽¹⁾		1,138,949			650,289			191,933			18,302
Total Expenses		1,138,949			650,289			191,933			18,302
Net Expenses		1,138,949			650,289			191,933			18,302
Net Investment Income (Loss)		494,660			1,208,946			394,044			(13,782	)

Net Realized Gain (Loss) on:
Investments⁽²⁾		(47,661,696	)		(29,717,697	)		(2,927,919	)		(1,127,329	)
Affiliated Investments		(9,234,965	)		—			—			—
Foreign Currency Transactions		240,149			(31,270	)		11,690			(277	)
Net Realized Loss on Investments, Affiliated Investments and Foreign Currency Transactions		(56,656,512	)		(29,748,967	)		(2,916,229	)		(1,127,606	)

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		12,555,226			19,807,265			1,380,041			942,994
Affiliated Investments		(16,319,693	)		—			—			—
Foreign Currency Transactions		4,086			(1,050	)		(405	)		4

Net Change in Unrealized Appreciation (Depreciation) on Investments, Affiliated Investments and Foreign Currency Transactions		(3,760,381	)		19,806,215			1,379,636			942,998

Net Realized and Unrealized Loss on Investments, Affiliated Investments and Foreign Currency Transactions		(60,416,893	)		(9,942,752	)		(1,536,593	)		(184,608	)

Net Decrease in Net Assets Resulting from Operations	$	(59,922,233	)	$	(8,733,806	)	$	(1,142,549	)	$	(198,390	)

⁽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.

Statements of Changes in Net Assets

	Global X Silver Miners ETF						Global X Gold Explorers ETF
	Year Ended			Year Ended			Year Ended			Period Ended
	October 31,			October 31,			October 31,			October 31,
	2012			2011			2012			2011⁽¹⁾
Operations:
Net Investment Income (Loss)	$	2,004,573		$	697,307		$	(192,120	)	$	(150,769	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(9,604,385	)⁽²⁾		49,906,688	⁽²⁾		(8,399,444	)		596,087	⁽²⁾
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		24,956,898			(47,167,356	)		(2,231,114	)		(6,496,458	)
Net Increase (Decrease) in Net Assets Resulting from Operations		17,357,086			3,436,639			(10,822,678	)		(6,051,140	)

Dividends and Distributions from:
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		80,704,000			449,418,000			25,228,000			41,769,000
Redeemed		(74,671,000	)		(258,212,500	)		—			(8,326,000	)
Increase in Net Assets from Capital Share Transactions		6,033,000			191,205,500			25,228,000			33,443,000
Total Increase in Net Assets		22,861,170			191,433,770			13,859,506			27,391,860
Net Assets:
Beginning of Period		363,105,604			171,671,834			27,391,860			—
End of Period	$	385,966,774		$	363,105,604		$	41,251,366		$	27,391,860

Undistributed (Distributions in Excess of) Net Investment Income/Accumulated Net Investment Loss	$	1,403,715		$	(97,015	)	$	(604,602	)	$	(98,158	)

Share Transactions:
Issued		3,550,000			17,400,000			2,700,000			2,550,000
Redeemed		(3,450,000	)		(10,550,000	)		—			(500,000	)

Net Increase in Shares Outstanding from Share Transactions		100,000			6,850,000			2,700,000			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.

Statements of Changes in Net Assets

	Global X Pure Gold Miners ETF						Global X Copper Miners ETF
	Year Ended			Period Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,
	2012			2011⁽¹⁾			2012			2011
Operations:
Net Investment Income	$	15,131		$	2,200		$	624,672		$	1,506,098
Net Realized Loss on Investments and Foreign Currency Transactions		(212,334	)		(3,528	)		(3,016,842	)⁽²⁾		(8,078,425	)⁽²⁾
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		(836,592	)		(114,186	)		(257,877	)		(7,506,184	)
Net Decrease in Net Assets Resulting from Operations		(1,033,795	)		(115,514	)		(2,650,047	)		(14,078,511	)
Dividends and Distributions from:
Net Investment Income		(86,778	)		—			(1,669,576	)		(388,853	)
Net Realized Gains		—			—			(1,004,380	)		—
Total Dividends and Distributions		(86,778	)		—			(2,673,956	)		(388,853	)
Capital Share Transactions:
Issued		636,000			5,249,500			2,635,500			116,788,000
Redeemed		—			—			(11,788,000	)		(86,732,000	)
Increase (Decrease) in Net Assets from Capital Share Transactions		636,000			5,249,500			(9,152,500	)		30,056,000
Total Increase (Decrease) in Net Assets		(484,573	)		5,133,986			(14,476,503	)		15,588,636
Net Assets:
Beginning of Period		5,133,986			—			45,517,213			29,928,577
End of Period	$	4,649,413		$	5,133,986		$	31,040,710		$	45,517,213
Undistributed (Distributions in Excess of) Net Investment Income	$	(68,820	)	$	1,087		$	365,329		$	1,198,992

Share Transactions:
Issued		50,000			350,000			200,000			6,150,000
Redeemed		—			—			(850,000	)		(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 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.

Statements of Changes in Net Assets

	Global X Uranium ETF						Global X Lithium ETF
	Year Ended			Period Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,
	2012			2011⁽¹⁾			2012			2011
Operations:
Net Investment Income (Loss)	$	494,660		$	2,123,060		$	1,208,946		$	(324,650	)
Net Realized Loss on Investments, Affiliated Investments and Foreign Currency Transactions ⁽²⁾		(56,656,512	)		(19,773,756	)		(29,748,967	)		(1,456,429	)
Net Change in Unrealized Appreciation (Depreciation) on Investments, Affiliated Investments and Foreign Currency Transactions		(3,760,381	)		(122,367,223	)		19,806,215			(34,183,005	)
Net Decrease in Net Assets Resulting from Operations		(59,922,233	)		(140,017,919	)		(8,733,806	)		(35,964,084	)
Dividends and Distributions from:
Net Investment Income		—			(2,682,085	)		(114,415	)		(1,533,031	)
Net Realized Gains		—			—			—			(105,326	)
Total Dividends and Distributions		—			(2,682,085	)		(114,415	)		(1,638,357	)
Capital Share Transactions:
Issued		14,424,500			406,784,000			11,966,000			140,851,000
Redeemed		(18,183,000	)		(64,735,000	)		(40,547,500	)		(74,264,500	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(3,758,500	)		342,049,000			(28,581,500	)		66,586,500
Total Increase (Decrease) in Net Assets		(63,680,733	)		199,348,996			(37,429,721	)		28,984,059
Net Assets:
Beginning of Period		199,348,996			—			107,300,624			78,316,565
End of Period	$	135,668,263		$	199,348,996		$	69,870,903		$	107,300,624
Undistributed (Distributions in Excess of) Net Investment Income	$	1,881,106		$	(393,842	)	$	1,175,127		$	(70,303	)

Share Transactions:
Issued		1,550,000			23,900,000			750,000			6,550,000
Redeemed		(1,950,000	)		(4,150,000	)		(2,650,000	)		(3,750,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(400,000	)		19,750,000			(1,900,000	)		2,800,000

⁽¹⁾

Commenced operations on November 4, 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.

Statements of Changes in Net Assets

	Global X Fertilizers/Potash ETF						Global X Junior Miners ETF
	Year Ended			Period Ended			Year Ended			Period Ended
	October 31,			October 31,			October 31,			October 31,
	2012			2011⁽¹⁾			2012			2011⁽²⁾
Operations:
Net Investment Income (Loss)	$	394,044		$	91,659		$	(13,782	)	$	(16,092	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(2,916,229	)⁽³⁾		59,099			(1,127,606	)⁽³⁾		(403,595	)⁽³⁾
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		1,379,636			(2,895,447	)		942,998			(698,582	)
Net Decrease in Net Assets Resulting from Operations		(1,142,549	)		(2,744,689	)		(198,390	)		(1,118,269	)
Dividends and Distributions from:
Net Investment Income		(185,936	)		—			(71,812	)		—
Net Realized Gains		(32,332	)		—			—			—
Total Dividends and Distributions		(218,268	)		—			(71,812	)		—
Capital Share Transactions:
Issued		6,730,500			37,904,500			568,000			6,060,000
Redeemed		(12,146,000	)		—			(469,500	)		(2,060,000	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(5,415,500	)		37,904,500			98,500			4,000,000
Total Increase (Decrease) in Net Assets		(6,776,317	)		35,159,811			(171,702	)		2,881,731
Net Assets:
Beginning of Period		35,159,811			—			2,881,731			—
End of Period	$	28,383,494		$	35,159,811		$	2,710,029		$	2,881,731
Undistributed (Distributions in Excess of/Accumulated Net Investment Loss) Net Investment Income	$	191,947		$	100,542		$	272,164		$	(20,517	)

Share Transactions:
Issued		500,000			2,500,000			50,000			400,000
Redeemed		(950,000	)		—			(50,000	)		(150,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(450,000	)		2,500,000			—			250,000

⁽¹⁾

Commenced operations on May 25, 2011.

⁽²⁾

Commenced operations on March 16, 2011.

⁽³⁾

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

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

Financial Highlights

Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period

																															Ratio of
						Net Realized																									Net
						and																						Ratio of			Investment
						Unrealized																				Net		Expenses			Income
	Net Asset		Net			Gain (Loss)						Distribution			Distribution						Net Asset					Assets		to			(Loss) to
	Value,		Investment			on			Total from			from Net			from			Total from			Value, End		Total			End of		Average			Average			Portfolio
	Beginning		Income			Investments			Operations			Investment			Capital			Distributions			of Period		Return			Period		Net Assets			Net Assets			Turnover
	of Period ($)		(Loss) ($)*			($)			($)			Income ($)			Gains ($)			($)			($)		(%)**			($)(000)		(%)			(%)			(%)††
Global X Silver Miners ETF
2012		23.66		0.13			1.23			1.36			(0.04	)		—			(0.04	)		24.98		5.76			385,967		0.65			0.62			18.13
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		13.36		(0.06	)		(4.37	)		(4.43	)		(0.25	)		—			(0.25	)		8.68		(33.42	)		41,251		0.65			(0.65	)		43.12
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		14.67		0.04			(2.84	)		(2.80	)		(0.25	)		—			(0.25	)		11.62		(19.13	)		4,649		0.59			0.32			19.23
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		14.92		0.24			(1.32	)		(1.08	)		(0.57	)		(0.34	)		(0.91	)		12.93		(7.08	)		31,041		0.65			1.84			28.90
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

⁽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.

Per share data calculated using average shares method.

Total return is based on the change in net asset value of a share during the year or period and assumes reinvestment of dividends and distributions at net asset value. Total return is for the period indicated and periods of less than one year have not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

†

Annualized.

††

Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.

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

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

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

																															Ratio of
						Net Realized																									Net
						and																						Ratio of			Investment
						Unrealized																				Net		Expenses			Income
	Net Asset		Net			Gain (Loss)						Distribution			Distribution						Net Asset					Assets		to			(Loss) to
	Value,		Investment			on			Total from			from Net			from			Total from			Value, End		Total			End of		Average			Average			Portfolio
	Beginning		Income			Investments			Operations			Investment			Capital			Distributions			of Period		Return			Period		Net Assets			Net Assets			Turnover
	of Period ($)		(Loss) ($)*			($)			($)			Income ($)			Gains ($)			($)			($)		(%)**			($)(000)		(%)			(%)			(%)††
Global X Uranium ETF
2012		10.09		0.03			(3.11	)		(3.08	)		—			—			—			7.01		(30.53	)		135,668		0.69			0.30			55.90
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		15.90		0.21			(1.68	)		(1.47	)		(0.02	)		—			(0.02	)		14.41		(9.25	)		69,871		0.75			1.40			28.78
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		14.06		0.19			(0.29	)		(0.10	)		(0.09	)		(0.02	)		(0.11	)		13.85		(0.61	)		28,383		0.69			1.42			24.05
2011⁽³⁾		15.05		0.06			(1.05	)		(0.99	)		—			—			—			14.06		(6.58	)		35,160		0.69	†		0.90	†		7.55
Global X Junior Miners ETF
2012		11.53		(0.06	)		(0.34	)		(0.40	)		(0.29	)		—			(0.29	)		10.84		(3.16	)		2,710		0.75			(0.57	)		167.10
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.

Per share data calculated using average shares method.

†

Annualized.

††

Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.

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

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

Notes to Financial Statements

October 31, 2012

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. As of October 31, 2012 the Trust had eighty-seven portfolios, thirty-one of which were operational. 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 Uranium ETF, Global X Lithium ETF, Global X Fertilizers/Potash ETF and Global X Junior Miners ETF (formerly 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

Notes to Financial Statements (continued)

October 31, 2012

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (continued)

de-listed from its primary trading exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, the Funds may fair value their securities if an event that may materially affect the value of the Funds’ securities that traded outside of the United States (a “Significant Event”) has occurred between the time of the security's last close and the time that the Funds calculate their net asset value. A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If Global X Management Company LLC (“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. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably available to the Committee. As of October 31, 2012, there were $142,950, $1,286,216, $671,824 and $30,851 of fair valued securities in the Global X Pure Gold Miners ETF, Global X Copper Miners ETF, Global X Fertilizers/Potash ETF and Global X Junior Miners ETF, respectively. There were no other securities priced using the fair value procedures.

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

Level 2 – Other significant observable inputs (including quoted prices in non-active markets, quoted prices for similar investments, fair value of investments for which the Fund has the ability to fully redeem tranches at 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 Fund does not have the ability to fully redeem tranches at net asset value as of the measurement date or within the near term)

Notes to Financial Statements (continued)

October 31, 2012

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (concluded)

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 requires 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 requires 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. The Funds adopted ASU 2011-04 during the year ended October 31, 2012. The adoption of ASU 2011-04 did not have a material impact on the Funds’ financials.

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 October 31, 2012 there have been no significant changes to the Funds’ fair valuation methodologies.

REPURCHASE AGREEMENTS — Securities pledged as collateral for repurchase agreements are held by Citibank N.A. and are designated as being held on each Fund’s behalf by its custodian under a book-entry system. Each Fund monitors the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest. It is the Funds’ policy to only enter into repurchase agreements with banks and other financial institutions which are deemed by the investment adviser to be creditworthy. The Funds bear the risk of loss in the event that the other party to a repurchase agreement defaults on its obligations and the Funds are prevented from exercising their rights to dispose of the underlying securities received as collateral and the risk of a possible decline in the value of the underlying securities during the period.

Notes to Financial Statements (continued)

October 31, 2012

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

As of and during the year ended October 31, 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.

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.

Notes to Financial Statements (continued)

October 31, 2012

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 to the custodian 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 Silver Miners ETF		50,000	$	1,000	$	1,249,000	$	1,000
Global X Gold Explorers ETF		50,000		1,000		434,000		1,000
Global X Pure Gold Miners ETF		50,000		1,000		581,000		1,000
Global X Copper Miners ETF		50,000		1,000		646,500		1,000
Global X Uranium ETF		50,000		1,000		350,500		1,000
Global X Lithium ETF		50,000		1,000		720,500		1,000
Global X Fertilizers/Potash ETF		50,000		1,000		692,500		1,000
Global X Junior Miners ETF		50,000		1,000		542,000		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 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, directly and indirectly, 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).

Notes to Financial Statements (continued)

October 31, 2012

3. RELATED PARTY TRANSACTIONS (continued)

	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 Uranium ETF		0.69	%
Global X Lithium ETF		0.75	%
Global X Fertilizers/Potash ETF		0.69	%
Global X Junior Miners ETF		0.69	%*

* Effective September 3, 2012 the Global X Junior Miners ETF reduced its fee from 0.75% to 0.69%.

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.

Notes to Financial Statements (continued)

October 31, 2012

3. RELATED PARTY TRANSACTIONS (concluded)

SEI Global Funds Services (“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.

At October 31, 2012, the Global X Uranium ETF Fund owns greater than 5% of the outstanding shares of five common stocks. These investments are labeled as “Affiliated Investments” in the Schedule of Investments. The following is a summary of the transactions with affiliates for the year ended October 31, 2012:

							Changes in
							Unrealized
		Purchases at		Proceeds from			Appreciation			Realized Gain			Value at		Dividend
Value At 10/31/2011		Cost		Sales			(Depreciation)			(Loss)			10/31/2012		Income
	Rockgate Capital
	$4,048,721	$	11,014,610	$	(900,588	)	$	(7,291,002	)	$	172,706		$	7,044,447	$	—
	Uranerz Energy
	$6,555,944	$	4,943,000	$	(1,195,492	)	$	(2,678,140	)	$	(462,276	)	$	7,163,036	$	—
	Uranium Resources
	$8,073,888	$	5,539,785	$	(3,722,111	)	$	2,431,229		$	(7,167,363	)	$	5,155,428	$	—
	Ur-Energy
	$4,912,814	$	6,448,176	$	(705,360	)	$	(2,696,515	)	$	72,933		$	8,032,048	$	—
	USEC
	$7,342,493	$	7,103,804	$	(1,559,730	)	$	(6,085,265	)	$	(1,850,965	)	$	4,950,337	$	—
Totals:
	$30,933,860	$	35,049,375	$	(8,083,281	)	$	(16,319,693	)	$	(9,234,965	)	$	32,345,296	$	—

Notes to Financial Statements (continued)

October 31, 2012

4. INVESTMENT TRANSACTIONS

For the period ended October 31, 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	$	68,456,824	$	59,915,374
Global X Gold Explorers ETF		13,039,352		13,970,386
Global X Pure Gold Miners ETF		903,117		966,672
Global X Copper Miners ETF		9,980,330		11,410,878
Global X Uranium ETF		93,739,630		93,457,669
Global X Lithium ETF		39,011,189		25,115,053
Global X Fertilizers/Potash ETF		6,733,484		7,124,108
Global X Junior Miners ETF		4,207,034		4,330,635

For the periods ended October 31, 2011 and October 31, 2012, respectively, in-kind transactions associated with creations and redemptions were:

			Sales and		Realized
	Purchases		Maturities		Gain/(Loss)
Global X Silver Miners ETF	$	402,094,872	$	237,098,769	$	64,219,953
Global X Gold Explorers ETF		33,432,262		7,616,073		654,517
Global X Pure Gold Miners ETF		5,241,873		-		-
Global X Copper Miners ETF		102,159,483		79,785,883		(8,966,405	)
Global X Uranium ETF		372,214,203		63,051,969		3,912,226
Global X Lithium ETF		100,350,670		47,935,094		4,216,095
Global X Fertilizers/Potash ETF		33,295,879		-		-
Global X Junior Miners ETF		4,829,680		1,635,188		112,312

			Sales and		Realized
	Purchases		Maturities		Gain/(Loss)
Global X Silver Miners ETF	$	80,721,501	$	82,625,848	$	5,762,523
Global X Gold Explorers ETF		25,250,157		-		-
Global X Pure Gold Miners ETF		628,887		-		-
Global X Copper Miners ETF		2,635,573		11,780,495		(1,997,983	)
Global X Uranium ETF		14,456,617		18,183,895		1,104,450
Global X Lithium ETF		-		39,923,151		(5,229,061	)
Global X Fertilizers/Potash ETF		6,305,309		11,054,840		(1,634,109	)
Global X Junior Miners ETF		563,708		470,367		(41,821	)

During the period ended October 31, 2012, there were no purchases or sales of long-term U.S. Government securities for the Funds.

Notes to Financial Statements (continued)

October 31, 2012

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 following differences, primarily attributable to distribution reclassifications, investment in master limited partnership, foreign currency, redemptions in-kind, sales of passive foreign investment companies, have been reclassified to/from the following accounts during the fiscal year ended October 31, 2012.

				Undistributed Net			Accumulated
Global X Funds	Paid-in Capital			Investment Income			Net Realized Gain (Loss)
Global X Silver Miners ETF	$	4,371,304		$	25,073		$	(4,396,377	)
Global X Gold Explorers ETF		–			231,492			(231,492	)
Global X Pure Gold Miners ETF		3,189			1,740			(4,929	)
Global X Copper Miners ETF		(2,227,473	)		211,241			2,016,232
Global X Uranium ETF		(1,337,084	)		1,780,288			(443,204	)
Global X Lithium ETF		(5,312,742	)		150,899			5,161,843
Global X Fertilizers/Potash ETF		(1,631,084	)		(116,703	)		1,747,787
Global X Junior Miners ETF		(49,771	)		378,275			(328,504	)

These reclassifications have no impact on net assets or net asset value per share.

Notes to Financial Statements (continued)

October 31, 2012

5. TAX INFORMATION (continued)

The tax character of dividends and distributions paid during the periods ended October 31, 2012 and 2011 were as follows:

Global X	Ordinary		Long-Term		Return of
Funds	Income		Capital Gain		Capital		Totals

Global X Silver Miners ETF
2012	$	528,916	$	–	$	–	$	528,916
2011		3,208,369		–		–		3,208,369
Global X Gold Explorers ETF
2012	$	545,816	$	–	$	–	$	545,816
Global X Pure Gold Miners ETF
2012	$	86,778	$	–	$	–	$	86,778
Global X Copper Miners ETF
2012	$	2,658,157	$	15,799	$	–	$	2,673,956
2011		388,853		–		–		388,853
Global X Uranium ETF
2011	$	2,442,914	$	–	$	239,171	$	2,682,085
Global X Lithium ETF
2012	$	114,415	$	–	$	–	$	114,415
2011		1,638,357		–		–		1,638,357
Global X Fertilizers/Potash ETF
2012	$	218,268	$	–	$	–	$	218,268
Global X Junior Miners ETF
2012	$	71,812	$	–	$	–	$	71,812

As of October 31, 2012, the components of tax basis accumulated losses were as follows:

	Global X Funds
	Global X Silver			Global X Gold			Global X Pure
	Miners ETF			Explorers ETF			Gold Miners ETF
Undistributed Ordinary Income	$	2,755,920		$	1,890,494		$	5,222
Capital Loss Carryforwards		(13,118,963	)		(7,924,493	)		(210,817	)
Unrealized Depreciation on Investments and Foreign Currency		(10,119,585	)		(12,169,740	)		(1,033,680	)
Other Temporary Differences		4			—			(1	)
Total Accumulated Losses	$	(20,482,624	)	$	(18,203,739	)	$	(1,239,276	)

	Global X Funds
	Global X Copper			Global X Uranium			Global X Lithium
	Miners ETF			ETF			ETF
Undistributed Ordinary Income	$	915,220		$	2,374,151		$	1,408,083
Capital Loss Carryforwards		(789,689	)		(60,021,322	)		(30,780,985	)
Unrealized Depreciation on Investments and Foreign Currency		(8,116,216	)		(147,311,034	)		(8,723,532	)
Other Temporary Differences		(9	)		(3	)		(3	)
Total Accumulated Losses	$	(7,990,694	)	$	(204,958,208	)	$	(38,096,437	)

Notes to Financial Statements (continued)

October 31, 2012

5. TAX INFORMATION (continued)

	Global X Funds
	Global X
	Fertilizers/Potash			Global X Junior
	ETF			Miners ETF
Undistributed Ordinary Income	$	191,947		$	337,186
Capital Loss Carryforwards		(1,004,754	)		(1,967,592	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(1,661,614	)		179,395
Other Temporary Differences		(1	)		(1	)
Total Accumulated Losses	$	(2,474,422	)	$	(1,451,012	)

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, 2012, the Funds that had capital loss carryforwards are listed below:

			Global X
	Global X		Gold						Global X
	Silver Miners		Explorers		Global X		Global X		Junior
	ETF		ETF		Uranium ETF		Lithium ETF		Miners ETF
Oct. 2019	$	8,433,465	$	130,976	$	12,705,798	$	7,329,308	$	506,011

During the fiscal year ended October 31, 2012, no Funds utilized 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:

Global X Funds	Short-Term Loss		Long-Term Loss		Total
Global X Silver Miners ETF	$	2,110,101	$	2,575,397	$	4,685,498
Global X Gold Explorers ETF		4,629,856		3,163,661		7,793,517
Global X Pure Gold Miners ETF		210,817		—		210,817
Global X Copper Miners ETF		628,673		161,016		789,689
Global X Uranium ETF		25,010,984		22,304,540		47,315,524
Global X Lithium ETF		7,882,524		15,569,153		23,451,677
Global X Fertilizers/Potash ETF		1,004,754		—		1,004,754
Global X Junior Miners ETF		961,159		500,422		1,461,581

Notes to Financial Statements (continued)

October 31, 2012

5. TAX INFORMATION (concluded)

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at October 31, 2012 were as follows:

			Aggregated		Aggregated
			Gross		Gross			Net Unrealized
	Federal Tax		Unrealized		Unrealized			Appreciation
Global X Funds	Cost		Appreciation		Depreciation			(Depreciation)
Global X Silver Miners ETF	$	402,540,682	$	32,534,502	$	(42,656,638	)	$	(10,122,136	)
Global X Gold Explorers ETF		53,253,832		1,270,054		(13,439,646	)		(12,169,592	)
Global X Pure Gold Miners ETF		5,683,756		159,917		(1,193,605	)		(1,033,688	)
Global X Copper Miners ETF		39,765,534		721,844		(8,847,135	)		(8,125,291	)
Global X Uranium ETF		309,985,887		–		(147,311,044	)		(147,311,044	)
Global X Lithium ETF		82,761,566		7,298,726		(16,020,899	)		(8,722,173	)
Global X Fertilizers/Potash ETF		30,021,253		1,399,730		(3,061,052	)		(1,661,322	)
Global X Junior Miners ETF		2,531,182		246,221		(66,830	)		179,391

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 they invest. 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.

Notes to Financial Statements (continued)

October 31, 2012

6. CONCENTRATION OF RISKS (continued)

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 October 31, 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		5		100	%
Global X Pure Gold Miners ETF		3		100	%
Global X Copper Miners ETF		4		100	%
Global X Uranium ETF		7		100	%
Global X Lithium ETF		4		100	%
Global X Fertilizers/Potash ETF		4		100	%
Global X Junior Miners 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. Security loans made pursuant to the securities lending agreement are required at all times to be secured by collateral equal to at least 102% for U.S. based securities and 105% for foreign based securities. 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 October 31, 2012, the value of securities on loan was $5,759,770, $756,915, $22,893,660 and $2,410,810 for the Global X Silver Miners ETF, Global X Copper Miners ETF, Global X Uranium ETF and Global X Lithium ETF, respectively.

Notes to Financial Statements (concluded)

October 31, 2012

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. RECENT ACCOUNTING PRONOUNCEMENT

In December 2011, the Financial Accounting Standards Board issued a further update to the guidance “Balance Sheet – Disclosures about Offsetting Assets and Liabilities”. The amendments to this standard require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The amended guidance is effective for interim and annual reporting periods beginning after January 1, 2013. At this time, management is evaluating the implications of this update and its impact on the financial statements has not been determined.

11. SUBSEQUENT EVENTS

The Funds have been evaluated regarding 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 the fiscal year end, the following investment portfolio was added to the Trust: Global X SuperDividend U.S. ETF.

Report of Independent Registered Public Accounting Firm

October 31, 2012

To the Shareholders and Board of Trustees of Global X Funds

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Global X Silver Miners ETF, Global X Gold Explorers ETF, Global X Pure Gold Miners ETF, Global X Copper Miners ETF, Global X Uranium ETF, Global X Lithium ETF, Global X Fertilizers/Potash ETF and Global X Junior Miners ETF (formerly Global X S&P/TSX Venture 30 Canada ETF) (eight of the series constituting the Global X Funds) (the “Funds”) as of October 31, 2012, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years or periods then ended, and financial highlights for each of the two years or periods then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights of the Global X Silver Miners ETF, Global X Copper Miners ETF and Global X Lithium ETF for each of the periods presented through October 31, 2010 were audited by other auditors whose report dated December 23, 2010, expressed an unqualified opinion on those financial statements and financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the 2012 financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds listed above at October 31, 2012, and the results of their operations for the year then ended, the changes in their net assets for each of the two years or periods then ended, and their financial highlights for each of the two years or periods then ended, in conformity with U.S. generally accepted accounting principles.

Philadelphia, Pennsylvania

December 21, 2012

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, commissions, 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 its 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 “Expenses 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.

Disclosure of Fund Expenses (unaudited) (concluded)

	Beginning		Ending					Expenses
	Account		Account		Annualized			Paid
	Value		Value		Expense			During
	5/1/2012		10/31/2012		Ratios			Period⁽¹⁾
Global X Silver Miners ETF
Actual Fund Return	$	1,000.00	$	1,169.50		0.65	%	$	3.54
Hypothetical 5% Return		1,000.00		1,021.87		0.65			3.30
Global X Gold Explorers ETF
Actual Fund Return	$	1,000.00	$	914.60		0.65	%	$	3.13
Hypothetical 5% Return		1,000.00		1,021.87		0.65			3.30
Global X Pure Gold Miners ETF
Actual Fund Return	$	1,000.00	$	998.30		0.59	%	$	2.96
Hypothetical 5% Return		1,000.00		1,022.17		0.59			3.00
Global X Copper Miners ETF
Actual Fund Return	$	1,000.00	$	945.90		0.65	%	$	3.18
Hypothetical 5% Return		1,000.00		1,021.87		0.65			3.30
Global X Uranium ETF
Actual Fund Return	$	1,000.00	$	784.10		0.69	%	$	3.09
Hypothetical 5% Return		1,000.00		1,021.67		0.69			3.51
Global X Lithium ETF
Actual Fund Return	$	1,000.00	$	899.50		0.75	%	$	3.58
Hypothetical 5% Return		1,000.00		1,021.37		0.75			3.81
Global X Fertilizers/Potash ETF
Actual Fund Return	$	1,000.00	$	997.10		0.69	%	$	3.46
Hypothetical 5% Return		1,000.00		1,021.67		0.69			3.51
Global X Junior Miners ETF
Actual Fund Return	$	1,000.00	$	1,044.30		0.73	%	$	3.76
Hypothetical 5% Return		1,000.00		1,021.53		0.73			3.72

⁽¹⁾

Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 184/366 (to reflect the one-half year period.)

Approval of Investment Advisory Agreement (unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (“1940 Act”), requires that the 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 the fund’s investment advisory agreement and approve the investment agreement with such changes as the Independent Trustees deem appropriate.

At a quarterly Board meeting held on May 25, 2012, the Board of Trustees (“Board”) (including the Independent Trustees) of the Global X Fund (“Trust”) considered and unanimously approved certain changes to the Global X S&P/TSX Venture 30 Canada ETF, including changing its name to Global X Junior Miners ETF (“New Fund”), changing its investment objective, and decreasing its management fee (including advisory fee). The Investment Advisory Agreement between the Trust, on behalf of the New Fund, and Global X Management and the Supervision and Administration Agreement between the Trust, on behalf of the New Fund, and Global X Management are referred to herein as the “New Fund 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 New Fund Agreements and received and reviewed written responses from Global X Management and supporting materials relating to those requests for information. The Independent Trustees discussed with Independent Trustee Counsel the response to their request for information and other materials provided by Global X Management in connection with their consideration of the New Fund Agreement.

In determining to approve the New Fund Agreements for the New Fund the Board concluded that the New Fund Agreements were fair and reasonable and in the best interests of the New Fund and its shareholders, respectively. In approving New Fund Agreements for the New Fund, the Board considered, among other things, the categories of material factors described in the section below.

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 Fund 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 Fund Agreements and the range of services to be provided to the New Fund in accordance with the New Fund Agreements;

• Global X Management’s key personnel and the portfolio managers who would provide investment advisory services and other services to the New Fund under the New Fund Agreements;

• Global X Management’s responsibilities under the New Fund Agreements to, among other things, (i) manage the investment operations of the New Fund and the composition of the 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

Approval of Investment Advisory Agreement (unaudited) (continued)

securities and assets held by the New Fund, (iv) select broker-dealers to execute portfolio transactions for the New Fund when necessary, (v) assist in the preparation and filing of reports and proxy statements (if any) to the shareholders of the New Fund, the periodic updating of the registration statement, prospectuses, statement of additional information, and other reports and documents for the New Fund 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 the New Fund by shareholders and new investors;

• the nature, extent and quality of Global X Management’s services (including advisory, administrative and compliance services) that would be made available to the New Fund; and

• the quality of Global X Management’s resources and personnel that would be made available to the New Fund, including 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 to be provided to the New Fund.

Performance

The Board determined that data relating to investment performance of the New Fund was not available and, therefore, could not be a factor in approving the New Fund 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 the New Fund;

• The unitary fee (including the proposed investment advisory fee) ("Management Fee") that was proposed to be borne by the New Fund under the New Fund Agreements for the investment advisory, supervisory and administrative services that the 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 the New Fund); and

• The expected profitability to Global X Management, if any, from all services to be provided to the New Fund and all aspects of the relationship between Global X Management and the New Fund. 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 the New Fund during the first 12 months of the 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 the New Fund 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 the New Fund. In connection with this consideration, Global X Management

Approval of Investment Advisory Agreement (unaudited) (continued)

provided the Board with detailed comparative expense data for the New Fund, 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 the New Fund) and the expected total expense ratios for the New Fund. In this regard, the Board took into consideration that the purpose of adopting a unitary Management Fee structure for the New Fund 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 the New Fund and that the proposed Management Fee for the New Fund was set at a competitive fee in order to seek to assure that the New Fund would be viable in the marketplace; and

• that Global X Management would be responsible for most ordinary expenses of the New Fund, including the costs of various third-party services required by the New Fund, including investment advisory, administrative, audit, certain custody, portfolio accounting, legal, transfer agency and printing costs, but that the 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 certain extraordinary expenses.

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

Economies of Scale

With respect to this factor, the Board considered:

• the extent to which economies of scale would be realized as the New Fund grows and whether the proposed unitary Management Fee for the New Fund reflected these economies of scale;

• the significant investment of time, personnel and other resources that Global X Management intends to made to the New Fund in order to seek to assure that the New Fund is 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 New Fund and its shareholders.

Based on these considerations, the Board concluded that approval of the proposed Management Fee for the New Fund was reasonable.

Other Benefits

In considering the New Fund 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 the New Fund.

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.

Trustees and Officers of the Trust (unaudited)

Set forth below are the names, addresses, ages, position with the Trust, Term of Office and Length of Time Served, the principal occupations for the last five years, number of Funds in fund complex overseen by trustee, and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust.

			Number of
Name,			Funds in	Other
Address	Position(s)		Trust	Directorships
(Year of	Held	Principal Occupation(s) During	Overseen by	Held
Birth)	with Funds	the Past 5 Years	Director	by Trustees
Independent Trustees²
Sanjay Ram Bharwani 623 Fifth Ave, 15^th floor New York, NY 10022 (1974)	Trustee (since 2008)	CEO of Risk Advisors Inc. (since 2007) (consulting firm).	31³	None.

Scott R. Chichester¹ 623 Fifth Ave, 15^th floor New York, NY 10022 (1970)	Trustee (since 2008)	CFO, Sterling Seal & Supply Inc. (since 2011), President & Treasurer, Bayview Acquisition Corp (since 2010), CPA, Penda Aiken Inc. (2009-2011) (consultant); Founder and President, DirectPay USA LLC (since 2006) (payroll company); Chief Financial Officer, Ong Corporation (2002-2010) (technology company); Proprietor, Scott R. Chichester CPA (since 2001) (CPA firm).	31³	Director of Bayview Acquisition Corp. (since 2010).

Kartik Kiran Shah 623 Fifth Ave, 15^th floor New York, NY 10022 (1977)	Trustee (since 2008)	Vice President, Business Development, Cynvenio Biosystems (2012-present); Independent Consultant, Self-Employed (2011-2012) (non-financial services); Director, Wireless Generation (2008-2011) (software).	31³	None.

Trustees and Officers of the Trust (unaudited)

The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-888-493-8631. The following chart lists Trustees and Officers as of October 31, 2012.

			Number of Funds
		Principal Occupation(s)	in Trust	Other
Name, Address	Position(s) Held	During	Overseen by	Directorships Held
(Year of Birth)	with Funds	the Past 5 Years	Director	by Trustees
Interested Trustee / Officers²
Bruno del Ama 623 Fifth Ave, 15^th floor New York, NY 10022 (1976)	Trustee (since 2008), President, Chief Executive Officer (since 2008)	Chief Executive Officer and Chief Compliance Officer, Global X Management Company LLC (since 2008); Head of Global Structured Products Operations at Radian Asset Assurance (2004-2008) (financial services firm).	31³	None.

Jose C. Gonzalez 623 Fifth Ave, 15^th floor New York, NY 10022 (1976)	Chief Operating Officer, Chief Compliance Officer, Treasurer, Principal Accounting Officer and Chief Financial Officer (since 2008)	Chief Operating Officer, Global X Management Company LLC (since 2008); Founder and President of GWM Group, Inc. (since 2006); Financial Advisor, Broad Street Securities, Inc. (2004-2006).	N/A	N/A

Daphne Tippens Chisolm 11524-C Providence Road, Suite 236 Charlotte, NC 28277 (1969)	Secretary (since 2012)	General Counsel, Global X Management Company LLC (since 2011); Founder and President of Law Offices of DT Chisolm, P.C. (since 2009) (law firm); Counsel, Dechert (2007-2009) (law firm)	N/A	N/A

Dianne Sulzbach⁴ One Freedom Valley Drive Oaks, PA 19456 (1977)	Assistant Secretary (since 2011)	Corporate Counsel, SEI Investments (since 2010); Associate, Morgan, Lewis & Bockius LLP (2006-2010).	N/A	N/A

Trustees and Officers of the Trust (unaudited)

			Other Directorships
Name, Address	Position(s) Held	Principal Occupation(s) During	Held
(Year of Birth)	with Funds	the Past 5 Years	by Trustees
Peter Rodriguez⁴ One Freedom Valley Drive Oaks, PA 19456 (1962)	Assistant Treasurer (since 2011)	Fund Accounting Director of the Administrator (since 2011); Mutual Fund Trading Director, SEI Global Trust Company (2009-2011); Asset Data Services Director at the Administrator (2006-2009).	N/A

Mr. Chichester is currently married to a sister of Mr. del Ama’s wife. While an “immediate family member” (as defined in Section 2(a)(19) of the 1940 Act) of Mr. del Ama would be considered an Interested Person, Mr. Chichester is not considered an immediate family member for this purpose. Although this fact was taken into consideration in determining whether Mr. Chichester should be considered to be an Independent Trustee for purposes of the Section 2(a)(19) of the 1940 Act, it was determined that this relationship was not one that should disqualify Mr. Chichester from serving as an Independent Trustee of the Trust.

Each Trustee serves until his or her successor is duly elected or appointed and qualified.

As of October 31, 2012, the Trust had eighty-seven investment portfolios, thirty-one of which were operational.

⁴

These officers of the Trust also serve as officers of one or more mutual funds for which SEI Investments Company or an affiliate acts as investment manager, administrator or distributor.

Notice to Shareholders (unaudited)

For shareholders that do not have a October 31, 2012 tax year end, this notice is for informational purposes only. For shareholders with a October 31, 2012 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended October 31, 2012, the Funds have designated the following items with regard to distributions paid during the year.

										Qualifying
										for
										Corporate												Short
										Dividends			Qualifying			U.S.			Interest			Term
	Long-Term			Ordinary						Received			Dividend			Government			Related			Capital
	Capital Gain			Income			Total			Deduction			Income			Interest			Dividends			Gain
	Distributions			Distributions			Distributions			⁽¹⁾			⁽²⁾			⁽³⁾			⁽⁴⁾			Dividends
Global X Silver Miners ETF		0.00	%		100.00	%		100.00	%		27.40	%		100.00	%		0.00	%		0.00	%		0.00	%
Global X Gold Explorers ETF		0.00	%		100.00	%		100.00	%		0.00	%		0.00	%		0.00	%		0.02	%		0.00	%
Global X Pure Gold Miners ETF		0.00	%		100.00	%		100.00	%		1.09	%		19.16	%		0.00	%		0.00	%		0.00	%
Global X Copper Miners ETF		0.58	%		99.42	%		100.00	%		12.31	%		71.45	%		0.00	%		0.00	%		100.00	%
Global X Uranium ETF		0.00	%		100.00	%		100.00	%		0.00	%		27.58	%		0.00	%		0.06	%		0.00	%
Global X Lithium ETF		0.00	%		100.00	%		100.00	%		1.73	%		57.69	%		0.00	%		0.00	%		0.00	%
Global X Fertilizers/Potash ETF		0.00	%		100.00	%		100.00	%		36.76	%		75.57	%		0.00	%		0.00	%		100.00	%
Global X Junior Miners ETF		0.00	%		100.00	%		100.00	%		0.00	%		0.00	%		0.00	%		0.01	%		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.

The Funds intend to pass through a foreign tax credit to shareholders. For the fiscal year ended October 31, 2012, the total amount of foreign source income and foreign tax credit are as follows:

			Foreign Tax
	Foreign Source		Credit Pass-
Fund Name	Income		Through
Global X Silver Miners ETF	$	4,174,401	$	83,481
Global X Copper Miners ETF		905,818		63,688
Global X Uranium		684,484		102,673
Global X Lithium		938,126		102,684
Global X Fertizers/Potash ETF		318,855		61,703

The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2012. Complete information will be computed and reported in conjunction with your 2012 Form 1099-DIV.

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.

GLX-AR-001-0400

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)

Annual Report

October 31, 2012

Table of Contents

Management Discussion of Fund Performance (unaudited)	1
Schedule of Investments
Global X China Consumer ETF	18
Global X China Energy ETF	21
Global X China Financials ETF	23
Global X China Industrials ETF	25
Global X China Materials ETF	27
Global X NASDAQ China Technology ETF	29
Global X FTSE ASEAN 40 ETF	31
Global X FTSE Andean 40 ETF	34
Global X FTSE Colombia 20 ETF	37
Global X Brazil Mid Cap ETF	39
Global X Brazil Consumer ETF	42
Global X Brazil Financials ETF	45
Global X FTSE Argentina 20 ETF	47
Global X FTSE Greece 20 ETF	49
Global X FTSE Norway 30 ETF	51
Global X FTSE Nordic Region ETF	54
Statements of Assets and Liabilities	57
Statements of Operations	61
Statements of Changes in Net Assets	65
Financial Highlights	73
Notes to Financial Statements	76
Report of Independent Registered Public Accounting Firm	93
Disclosure of Fund Expenses (unaudited)	94
Trustees and Officers of the Trust (unaudited)	97
Notice to Shareholders (unaudited)	100
Supplemental Information (unaudited)	101

Management Discussion of Fund Performance (unaudited)

Global X China Consumer ETF

Global X China Consumer ETF

The Global X China Consumer ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive China Consumer Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Index is designed to reflect the performance of the consumer sector in China. It is comprised of selected companies which have their main business operations in the consumer sector and are domiciled in China or have their main business operations in this country. Only securities which are tradable for foreign investors without restrictions are eligible. The Fund is the first ETF globally focused exclusively on the China consumer sector.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

For the 12-month period ended October 31, 2012 (the “reporting period”), the Fund decreased 8.06%, while the Index decreased 7.78%. The Fund had a net asset value of $15.29 per share on October 31, 2011 and ended the reporting period with a net asset value of $14.00 on October 31, 2012.

During the reporting period, the highest returns came from Uni-President China Holdings and Great Wall Motor, which returned 111.19% and 98.43%, respectively. The worst performers were GOME Electrical Appliances Holding and China Yurun Food Group, which returned -66.59% and -58.80%, respectively.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
	OCTOBER 31, 2012
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X China Consumer ETF		(8.06	%)		(4.99	%)		(3.26	%)		(3.12	%)
Solactive China Consumer Index		(7.78	%)		(7.78	%)		(2.83	%)		(2.83	%)
S&P 500 Index		15.21	%		15.21	%		11.35	%		11.35	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on November 30, 2009.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X China Energy ETF

Global X China Energy ETF

The Global X China Energy ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive China Energy Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Index is designed to reflect the performance of the energy sector in China. It is comprised of selected companies which have their main business operations in the energy sector and are domiciled in China or have their main business operations in this country. Only securities which are tradable for foreign investors without restrictions are eligible. The Fund is the nation’s first ETF focused exclusively on the China energy sector.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

For the 12-month period ended October 31, 2012 (the “reporting period”), the Fund increased 1.87%, while the Index increased 2.51%. The Fund had a net asset value of $13.78 per share on October 31, 2011 and ended the reporting period with a net asset value of $13.76 on October 31, 2012.

During the reporting period, the highest returns came from China Gas Holdings and Huaneng Power International, which returned 88.92% and 74.57%, respectively. The worst performers were LDK Solar and Suntech Power Holdings., which returned -78.99% and -70.44%, respectively.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
	OCTOBER 31, 2012
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X China Energy ETF		1.87	%		4.10	%		(2.02	%)		(2.27	%)
Solactive China Energy Index		2.51	%		2.51	%		(1.20	%)		(1.20	%)
S&P 500 Index		15.21	%		15.21	%		11.06	%		11.06	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on December 15, 2009.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X China Financials ETF

Global X China Financials ETF

The Global X China Financials ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive China Financials Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Index is designed to reflect the performance of the financial sector in China. It is comprised of selected companies which have their main business operations in the financial sector and are domiciled in China or have their main business operations in this country. Only securities which are tradable for foreign investors without restrictions are eligible. The Fund is the nation’s first ETF focused exclusively on the China financial sector.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

For the 12-month period ended October 31, 2012 (the “reporting period”), the Fund increased 10.28%, while the Index increased 10.65%. The Fund had a net asset value of $10.92 per share on October 31, 2011 and ended the reporting period with a net asset value of $12.03 on October 31, 2012.

During the reporting period, the highest returns came from Terra Nitrogen and Syngenta, which returned 36.70% and 29.88%, respectively. The worst performers were Sinofert Holdings and K+S., which returned -35.96% and -23.55%, respectively.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
	OCTOBER 31, 2012
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X China Financials ETF		10.28	%		11.40	%		(6.34	%)		(6.60	%)
Solactive China Financials Index		10.65	%		10.65	%		(6.15	%)		(6.15	%)
S&P 500 Index		15.21	%		15.21	%		11.20	%		11.20	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on December 10, 2009.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X China Industrials ETF

Global X China Industrials ETF

The Global X China Industrials ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive China Industrials Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Index is designed to reflect the performance of the industrial sector in China. It is comprised of selected companies which have their main business operations in the industrial sector and are domiciled in China or have their main business operations in this country. Only securities which are tradable for foreign investors without restrictions are eligible. The Fund is the first ETF globally focused exclusively on the China industrial sector.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

For the 12-month period ended October 31, 2012 (the “reporting period”), the Fund increased 0.30%, while the Index increased 0.95%. The Fund had a net asset value of $11.39 per share on October 31, 2011 and ended the reporting period with a net asset value of $11.40 on October 31, 2012.

During the reporting period, the highest returns came from China Railway Construction and China Railway Group, which returned 67.13% and 53.12%, respectively. The worst performers were China High Speed Transition Equipment Group and Dongfang Electric, which returned -46.04% and -45.95%, respectively.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
	OCTOBER 31, 2012
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X China Industrials ETF		0.30	%		2.29	%		(9.49	%)		(9.58	%)
Solactive China Industrials Index		0.95	%		0.95	%		(8.94	%)		(8.94	%)
S&P 500 Index		15.21	%		15.21	%		11.35	%		11.35	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on November 30, 2009.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X China Materials ETF

Global X China Materials ETF

The Global X China Materials ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive China Materials Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Index is designed to reflect the performance of the materials sector in China. It is comprised of selected companies which have their main business operations in the materials sector and are domiciled in China or have their main business operations in this country. Only securities which are tradable for foreign investors without restrictions are eligible. The Fund is the nation’s first ETF focused exclusively on the China materials sector.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

For the 12-month period ended October 31, 2012 (the “reporting period”), the Fund decreased 15.03%, while the Index decreased 16.70%. The Fund had a net asset value of $9.58 per share on October 31, 2011 and ended the period with a net asset value of $8.14 on October 31, 2012.

During the reporting period, the highest returns came from North Mining Shares and Yongye International, which returned 109.63% and 9.92%, respectively. The worst performers were Real Gold Mining and Hidili Industry International Development, which returned -62.54% and -38.02% respectively.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
	OCTOBER 31, 2012
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X China Materials ETF		(15.03	%)		(14.33	%)		(19.23	%)		(19.48	%)
Solactive China Materials Index		(16.70	%)		(16.70	%)		(18.73	%)		(18.73	%)
S&P 500 Index		15.21	%		15.21	%		10.33	%		10.33	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on January 12, 2010.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X NASDAQ China Technology ETF

Global X NASDAQ China Technology ETF

The Global X NASDAQ China Technology ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the NASDAQ OMX China Technology Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Index is designed to reflect the performance of the technology sector in China. It is made up of securities of companies which have their main business operations in the technology sector and generally includes companies whose businesses involve: computer services; internet; software; computer hardware; electronic office equipment; semiconductors; and telecommunications equipment. Only securities which are tradable for foreign investors without restrictions are eligible. On December 13, 2011, the Underlying Index for the Fund was changed from the Solactive China Technology Index to the NASDAQ OMX China Technology Index. This change was intended to give investors a broader exposure to the technology sector in China, and to utilize the expertise of NASDAQ in the area of constructing indexes that track technology companies.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

For the 12-month period ended October 31, 2012 (the “reporting period”), the Fund decreased 9.17%, while the Index decreased 9.24%. The Fund had a net asset value of $15.38 per share on October 31, 2011 and ended the reporting period with a net asset value of $13.77 on October 31, 2012.

During the reporting period, the highest returns came from China Wireless Technologies and Tencent Holdings, which returned 51.95% and 50.00%, respectively. The worst performers were Comba Telecom Systems Holdings and ZTE, which returned -53.28% and -50.46%, respectively.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
	OCTOBER 31, 2012
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X NASDAQ China Technology ETF		(9.17	%)		(8.62	%)		(1.89	%)		(2.09	%)
Solactive China Technology Index		(3.19	%)		(3.19	%)		0.68	%		0.68	%
Hybrid NASDAQ/Solactive China Technology Index		(9.24	%)		(9.24	%)		(1.54	%)		(1.54	%)
S&P 500 Index		15.21	%		15.21	%		11.55	%		11.55	%

Management Discussion of Fund Performance (unaudited)

Global X NASDAQ China Technology ETF

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on December 8, 2009.

** Reflects performance of Solactive China Technology Index through December 12, 2011 and NASDAQ China Technology Index thereafter.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X FTSE ASEAN 40 ETF

The Global X FTSE ASEAN 40 ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE/ASEAN 40 Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Index tracks the performance of the 40 largest companies in the five ASEAN regions: Indonesia, Philippines, Singapore, Malaysia and Thailand. The index is free float adjusted and weighted by market capitalization and designed using eligible stocks within the FTSE All-World universe. The Fund is the nation’s first ETF focused exclusively on the ASEAN region.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

For the 12-month period ended October 31, 2012 (the “reporting period”), the Fund increased 10.77%, while the Index increased 11.11%. The Fund had a net asset value of $15.51 per share on October 31, 2011 and ended the reporting period with a net asset value of $16.75 on October 31, 2012.

During the reporting period, the highest returns came from Advanced Info Service and Kasikornbank, which returned 59.69% and 47.03%, respectively. The worst performers were Wilmar International and Gudang Garam, which returned -41.14% and -23.74%, respectively.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
	OCTOBER 31, 2012
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X FTSE ASEAN 40 ETF		10.77	%		11.66	%		7.96	%		8.01	%
FTSE ASEAN 40 Index		11.11	%		11.11	%		8.54	%		8.54	%
S&P 500 Index		15.21	%		15.21	%		5.49	%		5.49	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on February 16, 2011.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X FTSE Andean 40 ETF

The Global X Andean 40 ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE Andean 40 Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Index is designed to represent the performance of the 40 largest and most liquid companies listed on the Chile, Colombia, and Peru stock exchanges. The Index is designed to provide investors with a comprehensive and transparent way to measure the performance of the constituent companies. The Fund is the nation’s first ETF focused exclusively on the Andean region.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

For the 12-month period ended October 31, 2012 (the “reporting period”), the Fund increased 7.63%, while the Index increased 7.74%. The Fund had a net asset value of $13.61 per share on October 31, 2011 and ended the reporting period with a net asset value of $14.37 on October 31, 2012.

During the reporting period, the highest returns came from Cementos Argos and Almacenes Exito, which returned 59.89% and 49.82%, respectively. The worst performers were Salfacorp and Interconexion Electrica, which returned -23.11% and -13.46%, respectively.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
	OCTOBER 31, 2012
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X FTSE Andean 40 ETF		7.63	%		7.97	%		(0.90	%)		(1.01	%)
FTSE Andean 40 Index		7.74	%		7.74	%		0.04	%		0.04	%
S&P 500 Index		15.21	%		15.21	%		6.94	%		6.94	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on February 2, 2011.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X FTSE Colombia 20 ETF

Global X FTSE Colombia 20 ETF

The Global X FTSE Colombia 20 ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE Colombia 20 Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Index is a market capitalization-weighted index of the 20 most liquid stocks in the Colombian market. The Index is designed to measure broad based equity market performance in Colombia. The Fund is the first ETF globally focused exclusively on Colombia.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

For the 12-month period ended October 31, 2012 (the “reporting period”), the Fund increased 15.41%, while the Index increased 16.18%. The Fund had a net asset value of $19.19 per share on October 31, 2011 and ended the reporting period with a net asset value of $21.89 on October 31, 2012.

During the reporting period, the highest returns came from Cementos Argos and Almacenes Exito, which returned 60.45% and 50.35%, respectively. The worst performers were Canacol Energy and InterBolsa, which returned -59.53% and -34.66%, respectively.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
	OCTOBER 31, 2012
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X FTSE Colombia 20 ETF		15.41	%		15.68	%		35.30	%		35.64	%
FTSE Colombia 20 Index		16.18	%		16.18	%		36.77	%		36.77	%
S&P 500 Index		15.21	%		15.21	%		17.19	%		17.19	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on February 5, 2009.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X Brazil Mid Cap ETF

Global X Brazil Mid Cap ETF

The Global X Brazil Mid Cap ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Brazil Mid Cap Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Index is designed to reflect the performance of Brazilian mid cap companies. It is comprised of mid-market capitalization securities of companies that are domiciled or have their main business operations in Brazil. The Fund is the first ETF globally focused exclusively on Brazil mid cap companies.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

For the 12-month period ended October 31, 2012 (the “reporting period”), the Fund increased 2.42%, while the Index increased 3.91%. The Fund had a net asset value of $15.55 per share on October 31, 2011 and ended the reporting period with a net asset value of $15.55 on October 31, 2012.

During the reporting period, the highest returns came from Companhia de Saneamento Basico do Estado de Sao Paulo and Multiplan Empreendimentos Imobiliarios, which returned 59.11% and 48.31%, respectively. The worst performers were PDG Realty and GOL Linhas Aereas Inteligentes, which returned -60.74% and -50.75%, respectively.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
	OCTOBER 31, 2012
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Brazil Mid Cap ETF		2.42	%		2.88	%		2.73	%		2.60	%
Solactive Brazil Mid Cap Index		3.91	%		3.91	%		3.68	%		3.68	%
S&P 500 Index		15.21	%		15.21	%		12.91	%		12.91	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on June 21, 2010.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X Brazil Consumer ETF

Global X Brazil Consumer ETF

The Global X Brazil Consumer ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Brazil Consumer Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Index is designed to reflect the performance of the consumer sector in Brazil. It is comprised of selected companies which have their main business operations in the consumer sector and are domiciled or have their main business operations in Brazil. The Fund is the nation’s first ETF focused exclusively on the Brazil consumer sector.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

For the 12-month period ended October 31, 2012 (the “reporting period”), the Fund increased 17.49%, while the Index increased 18.84%. The Fund had a net asset value of $16.78 per share on October 31, 2011 and ended the reporting period with a net asset value of $19.43 on October 31, 2012.

During the reporting period, the highest returns came from Raia Drogasil and Hypermarcas, which returned 76.42% and 46.13%, respectively. The worst performers were Gafisa and B2W Companhia Global do Varejo, which returned -50.67% and -40.19%, respectively.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
	OCTOBER 31, 2012
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Brazil Consumer ETF		17.49	%		14.95	%		11.10	%		10.87	%
Solactive Brazil Consumer Index		18.84	%		18.84	%		12.28	%		12.28	%
S&P 500 Index		15.21	%		15.21	%		15.52	%		15.52	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on July 7, 2010.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X Brazil Financials ETF

Global X Brazil Financials ETF

The Global X Brazil Financials ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Brazil Financials Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Index is designed to reflect the performance of the financial sector in Brazil. It is comprised of selected companies which have their main business operations in the financial sector and are domiciled or have their main business operations in Brazil. The Fund is the first ETF globally focused exclusively on the Brazil financial sector.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

For the 12-month period ended October 31, 2012 (the “reporting period”), the Fund decreased 9.79%, while the Index decreased 9.18%. The Fund had a net asset value of $14.92 per share on October 31, 2011 and ended the reporting period with a net asset value of $12.82 on October 31, 2012.

During the reporting period, the highest returns came from Ez Tec and Multiplan Empreendimentos Imobiliarios, which returned 74.83% and 46.18%, respectively. The worst performers were Rossi Residencial SA and PDG Realty, which returned -65.90% and -61.19%, respectively.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
	OCTOBER 31, 2012
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Brazil Financials ETF		(9.79	%)		(9.54	%)		(4.69	%)		(4.83	%)
Solactive Brazil Financials Index		(9.18	%)		(9.18	%)		(4.07	%)		(4.07	%)
S&P 500 Index		15.21	%		15.21	%		13.77	%		13.77	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on July 28, 2010.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X FTSE Argentina 20 ETF

Global X FTSE Argentina 20 ETF

The Global X FTSE Argentina 20 (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE Argentina 20 Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Index represents the performance of the 20 largest and most liquid companies that directly participate in the Argentine economy, but are not listed in Argentina. The index is designed to provide investors with a comprehensive and transparent way to measure the performance of these companies. The Fund is the nation’s first ETF focused exclusively on Argentina.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

For the 12-month period ended October 31, 2012 (the “reporting period”), the Fund decreased 21.44%, while the Index decreased 20.59%. The Fund had a net asset value of $11.02 per share on October 31, 2011 and ended the reporting period with a net asset value of $8.42 on October 31, 2012.

During the reporting period, the highest returns came from Yamana Gold and MercadoLibre, which returned 36.91% and 29.42%, respectively. The worst performers were Pampa Energia and YPF, which returned -77.23% and -65.12%, respectively.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
	OCTOBER 31, 2012
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X FTSE Argentina 20 ETF		(21.44	%)		(21.31	%)		(27.93	%)		(28.17	%)
FTSE Argentina 20 Index		(20.59	%)		(20.59	%)		(27.32	%)		(27.32	%)
S&P 500 Index		15.21	%		15.21	%		6.91	%		6.91	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on March 2, 2011.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X FTSE Greece 20 ETF

Global X FTSE Greece 20 ETF

The Global X FTSE Greece 20 ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE/Athex 20 Capped Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Index is designed to reflect broad based equity market performance in Greece. The Fund is the nation’s first ETF focused exclusively on Greece.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

For the period from the Fund’s commencement date on December 7, 2011 through October 31, 2012 (the “reporting period”), the Fund increased 6.70%, while the Index increased 10.06%. The Fund commenced operations with a net asset value of $15.18 per share on December 7, 2011 and ended the reporting period with a net asset value of $16.16 on October 31, 2012.

During the reporting period, the highest returns came from Alpha Bank AE and Eurobank Ergasias, which returned 186.96% and 105.41%, respectively. The worst performers were Cyprus Popular Bank Public and Bank of Cyprus, which returned -76.48% and -40.33%, respectively.

	AVERAGE ANNUAL TOTAL RETURN FOR THE PERIOD ENDED
	OCTOBER 31, 2012
	Cumulative Inception to Date*
	Net Asset Value			Market Price
Global X FTSE Greece 20 ETF		6.70	%		6.96	%
FTSE/ATHEX 20 Capped Index		10.06	%		10.06	%
S&P 500 Index		14.13	%		14.13	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on December 7, 2011.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X FTSE Norway 30 ETF

Global X FTSE Norway 30 ETF

The Global X FTSE Norway 30 ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE Norway 30 Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Index is designed to reflect broad based equity market performance in Norway. The Fund is the nation’s first ETF focused exclusively on Norway.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

For the 12-month period ended October 31, 2012 (the “reporting period”), the Fund increased 11.24%, while the Index increased 11.87%. The Fund had a net asset value of $13.96 per share on October 31, 2011 and ended the reporting period with a net asset value of $15.09 on October 31, 2012.

During the reporting period, the highest returns came from Aker and Marine Harvest, which returned 76.02% and 75.53%, respectively. The worst performers were Renewable Energy and Archer, which returned -79.41% and -68.94%, respectively.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
	OCTOBER 31, 2012
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X FTSE Norway 30 ETF		11.24	%		11.59	%		2.49	%		2.40	%
FTSE Norway 30 Index		11.87	%		11.87	%		3.62	%		3.62	%
S&P 500 Index		15.21	%		15.21	%		10.26	%		10.26	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on November 9, 2010.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X FTSE Nordic Region ETF

Global X FTSE Nordic Region ETF

The Global X FTSE Nordic Region ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE Nordic 30 Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Index is a market capitalization-weighted index of the 30 largest and most liquid stocks in Sweden, Denmark, Norway and Finland. The Index is designed to measure broad based equity market performance in these countries. The Fund is the nation’s first ETF focused exclusively on the Nordic region.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

For the 12-month period ended October 31, 2012 (the “reporting period”), the Fund increased 10.84%, while the Index increased 10.15%. The Fund had a net asset value of $17.47 per share on October 31, 2011 and ended the reporting period with a net asset value of $18.65 on October 31, 2012.

During the reporting period, the highest returns came from Novo Nordisk and Swedbank, which returned 52.74% and 38.10%, respectively. The worst performers were Nokia Corp. and Fortum, which returned -58.10% and -19.63%, respectively.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
	OCTOBER 31, 2012
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X FTSE Nordic Region ETF		10.84	%		11.51	%		9.75	%		9.64	%
FTSE Nordic 30 Index		10.15	%		10.15	%		9.88	%		9.88	%
S&P 500 Index		15.21	%		15.21	%		14.41	%		14.41	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on August 17, 2009.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices above.

Schedule of Investments

October 31, 2012

Global X China Consumer ETF

Sector Weightings (unaudited) †:

† 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 — 100.3%

CHINA— 74.7%
Consumer Goods — 41.4%
361 Degrees International ^(A)		2,189,068	$	629,883
Anta Sports Products ^(A)		1,949,873		1,660,526
China Yurun Food Group^{* (A)}		3,421,516		2,507,624
Daphne International Holdings		2,322,657		2,802,155
Dongfeng Motor Group, Cl H		4,812,095		5,960,750
Great Wall Motor, Cl H		2,131,857		5,859,131
Guangzhou Automobile Group, Cl H		5,671,246		3,885,693
Hengan International Group		626,511		5,707,276
Li Ning^{* (A)}		1,904,211		1,009,840
Peak Sport Products		49,765		9,439
Shenzhou International Group Holdings		959,084		1,868,655
Tingyi Cayman Islands Holding		1,928,823		5,736,656
Tsingtao Brewery, Cl H		842,828		4,556,679
Uni-President China Holdings		2,445,390		3,076,438
Want Want China Holdings		4,461,790		6,102,538
Zhongpin ^*		70,753		815,075
				52,188,358
Consumer Services — 24.3%
Air China, Cl H		5,055,052		3,587,433
Ajisen China Holdings ^(A)		1,318,010		911,547
China Southern Airlines, Cl H		4,512,979		2,137,100
Focus Media Holding		1,556		36,690
Focus Media Holding ADR		102,213		2,410,183
Golden Eagle Retail Group ^(A)		1,543,544		3,385,817
GOME Electrical Appliances Holding^*		29,334,659		3,065,925
Home Inns & Hotels Management ADR ^*		34,364		1,012,020
Intime Department Store Group		2,933,741		3,475,041
New Oriental Education & Technology Group ADR		99,965		1,685,410
Parkson Retail Group		3,485,375		2,950,182
PCD Stores Group		5,963,850		561,753
Wumart Stores, Cl H		1,374,874		2,441,051
Youku.com ADR^{* (A)}		171,184		3,389,443
				31,049,595

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

Schedule of Investments

October 31, 2012

Global X China Consumer ETF

	Shares/Face
	Amount		Value
COMMON STOCK — continued
Health Care — 9.0%
Shandong Weigao Group Medical Polymer, Cl H		3,893,201	$	5,264,579
Sinopharm Group, Cl H		1,808,126		6,077,597
				11,342,176
TOTAL CHINA				94,580,129

HONG KONG— 25.6%
Consumer Goods — 21.1%
AviChina Industry & Technology, Cl H		5,058,316		2,075,528
Belle International Holdings, Cl A		3,219,157		5,997,977
Bosideng International Holdings		7,130,662		2,263,396
China Agri-Industries Holdings		3,996,676		2,501,130
China Foods		1,851,596		1,873,086
China Mengniu Dairy		1,967,560		5,966,111
China Resources Enterprise		1,859,424		6,046,088
				26,723,316
Consumer Services — 4.5%
China Dongxiang Group		6,577,383		823,228
China Travel International Investment Hong Kong		6,856,380		1,327,033
Chow Tai Fook Jewellery Group ^(A)		2,726,559		3,363,321
New World Department Store China ^(A)		416,183		249,708
				5,763,290
TOTAL HONG KONG				32,486,606
TOTAL COMMON STOCK
(Cost $137,345,307)				127,066,735

TIME DEPOSIT — 2.5%
Brown Brothers Harriman, 0.030%, 11/01/12
(Cost $3,192,119)	$	3,192,119		3,192,119

REPURCHASE AGREEMENT — 7.9%
Barclays Capital
0.30%, dated 10/31/12, to be repurchased on 11/01/12, repurchase price
$10,022,864 (collateralized by U.S. Treasury Bills, ranging in par value
$410 to $1,709,207, 0.000%, 11/01/12 to 10/17/13, with a total market
value of $10,223,253)^(B)
TOTAL REPURCHASE AGREEMENT
(Cost $10,022,780)		10,022,780		10,022,780

TOTAL INVESTMENTS — 110.7%
(Cost $150,560,206)			$	140,281,634

Percentages are based on Net Assets of $126,714,580.

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

Schedule of Investments

October 31, 2012

Global X China Consumer ETF

* Non-income producing security.

ADR — American Depositary Receipt
Cl — Class

^(A)

This security or a partial position of this security is on loan at October 31, 2012. The total value of securities on loan at October 31, 2012 was $9,373,101.

^(B)

This security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2012 was $10,022,780.

The following is a summary of the inputs used as of October 31, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	127,066,735	$	—	$	—	$	127,066,735
Time Deposit		—		3,192,119		—		3,192,119
Repurchase Agreement		—		10,022,780		—		10,022,780
Total Investments in Securities	$	127,066,735	$	13,214,899	$	—	$	140,281,634

For the year ended October 31, 2012, there have been no transfers between Level 1 and Level 2 investments.

For the year ended October 31, 2012, there were no Level 3 investments.

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

Schedule of Investments

October 31, 2012

Global X China Energy ETF

Sector Weightings (unaudited) †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.9%

CHINA—61.7%
Energy — 49.4%
Anton Oilfield Services Group		85,142	$	25,707
China Coal Energy, Cl H		229,425		227,944
China Longyuan Power Group, Cl H		240,687		156,834
China Oilfield Services, Cl H		121,973		231,354
China Petroleum & Chemical, Cl H		452,475		480,496
China Shenhua Energy, Cl H		112,008		476,934
JA Solar Holdings ADR ^*		14,033		9,704
LDK Solar ADR ^*		13,167		11,455
PetroChina, Cl H		342,482		467,540
Suntech Power Holdings ADR ^*		16,180		13,106
Tianneng Power International		55,415		37,468
Trina Solar ADR ^*		4,336		17,994
Yanzhou Coal Mining, Cl H		138,534		208,425
Yingli Green Energy Holding ADR ^*		8,251		13,944
				2,378,905
Oil & Gas — 4.5%
ENN Energy Holdings		52,242		217,393

Utilities — 7.8%
Datang International Power Generation, Cl H		280,589		99,925
Huadian Power International, Cl H ^*		137,768		35,020
Huaneng Power International, Cl H		300,400		240,318
				375,263
TOTAL CHINA				2,971,561

HONG KONG— 38.2%
Energy — 24.1%
Beijing Enterprises Holdings		35,762		230,952
China Gas Holdings		163,728		89,152
CNOOC		228,217		474,099
Kunlun Energy		125,322		232,855
Shougang Fushan Resources Group		378,547		132,368
				1,159,426

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

Schedule of Investments

October 31, 2012

Global X China Energy ETF

	Shares/Face
	Amount		Value
COMMON STOCK — continued
Utilities — 14.1%
China Power International Development		192,648	$	52,450
China Resources Power Holdings		107,730		230,749
GCL-Poly Energy Holdings ^*		921,632		164,109
Hong Kong & China Gas		87,687		233,076
				680,384
TOTAL HONG KONG				1,839,810
TOTAL COMMON STOCK
(Cost $5,016,248)				4,811,371

TIME DEPOSIT — 0.6%
Brown Brothers Harriman, 0.030%, 11/01/12
(Cost $28,036)	$	28,036		28,036

TOTAL INVESTMENTS — 100.5%
(Cost $5,044,284)			$	4,839,407

Percentages are based on Net Assets of $4,816,345.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the inputs used as of October 31, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	4,811,371	$	—	$	—	$	4,811,371
Time Deposit		—		28,036		—		28,036
Total Investments in Securities	$	4,811,371	$	28,036	$	—	$	4,839,407

For the year ended October 31, 2012, there have been no transfers between Level 1 and Level 2 investments.

For the year ended October 31, 2012, there were no Level 3 investments.

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

Schedule of Investments

October 31, 2012

Global X China Financials ETF

Sector Weightings (unaudited) †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.8%

CHINA—84.1%
Financials — 73.2%
Agricultural Bank of China, Cl H		665,388	$	288,476
Bank of China, Cl H		1,486,537		611,874
Bank of Communications, Cl H		374,932		268,014
China Citic Bank, Cl H		375,416		191,824
China Construction Bank, Cl H		778,518		586,647
China Life Insurance, Cl H		93,733		276,964
China Merchants Bank, Cl H		149,505		279,331
China Minsheng Banking, Cl H		241,179		219,394
China Pacific Insurance Group, Cl H		69,245		217,115
Chongqing Rural Commercial Bank, Cl H		116,867		54,890
CITIC Securities, Cl H		41,196		77,289
Industrial & Commercial Bank of China, Cl H		919,303		608,515
PICC Property & Casualty, Cl H		179,243		238,681
Ping An Insurance Group of China, Cl H		34,616		274,246
Sino-Ocean Land Holdings		232,476		145,784
SOHO China		91,547		62,252
				4,401,296
Real Estate — 10.9%
Agile Property Holdings		62,153		70,653
Country Garden Holdings ^*		224,519		90,097
Evergrande Real Estate Group		226,704		99,164
Greentown China Holdings ^*		28,156		34,695
Guangzhou R&F Properties		50,417		61,996
Longfor Properties		60,714		107,169
Renhe Commercial Holdings ^*		507,977		21,630
Shimao Property Holdings		62,604		119,553
Shui On Land		124,701		52,776
				657,733
TOTAL CHINA				5,059,029

HONG KONG— 15.7%
Financials — 13.8%
China Everbright		41,798		60,836
China Overseas Land & Investment		108,117		283,195

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

Schedule of Investments	October 31, 2012

Global X China Financials ETF

	Shares/Face
	Amount		Value
COMMON STOCK — continued
Financials — continued
China Resources Land		87,502	$	199,842
Franshion Properties China		152,658		46,683
Hopson Development Holdings ^*		34,409		33,166
KWG Property Holding		56,247		33,530
New China Life Insurance, Cl H		25,811		85,592
Shenzhen Investment		92,621		24,619
Yuexiu Property		219,445		60,312
				827,775
Real Estate — 1.9%
China Taiping Insurance Holdings ^*		37,473		64,211
Poly Property Group ^*		80,307		48,806
				113,017
TOTAL HONG KONG				940,792
TOTAL COMMON STOCK
(Cost $6,489,387)				5,999,821

TIME DEPOSIT — 0.3%
Brown Brothers Harriman, 0.030%, 11/01/12
(Cost $19,202)	$	19,202		19,202

TOTAL INVESTMENTS — 100.1%
(Cost $6,508,589)			$	6,019,023

Percentages are based on Net Assets of $6,012,590.

* Non-income producing security.

Cl — Class

The following is a summary of the inputs used as of October 31, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	5,999,821	$	—	$	—	$	5,999,821
Time Deposit		—		19,202		—		19,202
Total Investments in Securities	$	5,999,821	$	19,202	$	—	$	6,019,023

For the year ended October 31, 2012, there have been no transfers between Level 1 and Level 2 investments.

For the year ended October 31, 2012, there were no Level 3 investments.

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

Schedule of Investments

October 31, 2012

Global X China Industrials ETF

Sector Weightings (unaudited) †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 100.0%

CHINA—84.1%
Industrials — 84.1%
Anhui Conch Cement, Cl H		62,388	$	215,741
BBMG, Cl H		157,978		135,758
Byd, Cl H ^*		29,653		58,540
China Communications Construction, Cl H		225,798		211,812
China COSCO Holdings, Cl H ^*		366,379		182,007
China Liansu Group Holdings		127,945		75,446
China National Building Material, Cl H		185,875		236,959
China National Materials		135,446		42,468
China Railway Construction, Cl H		216,440		215,042
China Railway Group, Cl H		444,772		226,689
China Rongsheng Heavy Industry Group		431,584		92,999
China Shanshui Cement Group		276,913		206,165
China Shipping Container Lines, Cl H ^*		532,552		142,242
China Shipping Development, Cl H ^*		174,483		91,631
China South Locomotive and Rolling Stock		261,563		203,174
China Zhongwang Holdings ^*		199,065		79,625
Dongfang Electric, Cl H		48,258		80,824
First Tractor, Cl H ^*		57,073		47,646
Guangshen Railway, Cl H		203,210		70,009
Haitian International Holdings		79,342		97,974
Harbin Power Equipment, Cl H		94,173		77,889
Jiangsu Expressway, Cl H		173,495		149,540
Metallurgical Corp of China, Cl H ^*		407,599		75,734
Sany Heavy Equipment International Holdings		119,192		62,595
Shanghai Electric Group, Cl H ^*		396,492		161,154
Weichai Power, Cl H		60,978		215,979
Yangzijiang Shipbuilding Holdings		252,667		187,460
Zhuzhou CSR Times Electric, Cl H		64,756		190,507
TOTAL CHINA				3,833,609

HONG KONG— 15.9%
Industrials — 15.9%
Beijing Capital International Airport, Cl H		210,591		135,592
China High Speed Transmission Equipment Group ^*		134,150		46,216
China Resources Cement Holdings		246,197		167,413

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

Schedule of Investments

October 31, 2012

Global X China Industrials ETF

	Shares/Face
	Amount		Value
COMMON STOCK — continued
Industrials — continued
Citic Resources Holdings ^*		285,141	$	43,783
Shanghai Industrial Holdings		64,245		206,412
Shenzhen International Holdings		1,052,191		86,890
Sunny Optical Technology Group		69,671		40,993
TOTAL HONG KONG				727,299
TOTAL COMMON STOCK
(Cost $6,135,736)				4,560,908

TIME DEPOSIT — 0.3%
Brown Brothers Harriman, 0.030%, 11/01/12
(Cost $13,434)	$	13,434		13,434

TOTAL INVESTMENTS — 100.3%
(Cost $6,149,170)			$	4,574,342

Percentages are based on Net Assets of $4,560,983.

* Non-income producing security.

Cl — Class

The following is a summary of the inputs used as of October 31, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	4,560,908	$	—	$	—	$	4,560,908
Time Deposit		—		13,434		—		13,434
Total Investments in Securities	$	4,560,908	$	13,434	$	—	$	4,574,342

For the year ended October 31, 2012, there have been no transfers between Level 1 & Level 2 investments.

For the year ended October 31, 2012, there were no Level 3 investments.

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

Schedule of Investments

October 31, 2012

Global X China Materials ETF

Sector Weightings (unaudited) †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.8%

CHINA—68.3%
Basic Materials — 68.3%
Aluminum Corp of China, Cl H ^*		251,063	$	109,819
Angang Steel, Cl H ^*		193,764		116,258
China BlueChemical		166,270		105,339
China Hongqiao Group		200,822		93,025
China Molybdenum, Cl H ^*		258,426		110,706
China Rare Earth Holdings		245,006		55,956
China Vanadium Titano - Magnetite Mining		199,620		38,378
Dongyue Group		236,255		135,046
Hidili Industry International Development		227,363		57,794
Hunan Non-Ferrous Metal, Cl H ^*		335,792		99,654
Jiangxi Copper, Cl H		43,842		113,423
Kinetic Mines and Energy ^*		28,089		1,884
Lingbao Gold, Cl H		73,198		32,207
Maanshan Iron & Steel, Cl H ^*		393,232		101,478
Real Gold Mining ^{* (A) (B)}		97,864		28,033
Sinopec Shanghai Petrochemical, Cl H		379,204		108,623
Sinopec Yizheng Chemical Fibre, Cl H		317,458		66,768
Xinjiang Xinxin Mining Industry, Cl H		156,094		32,830
Yongye International ^*		7,935		43,960
Zhaojin Mining Industry		64,230		107,740
Zijin Mining Group, Cl H		273,674		110,175
TOTAL CHINA				1,669,096

HONG KONG— 31.5%
Basic Materials — 31.5%
China Lumena New Materials		564,892		115,164
Citic Pacific		90,662		115,579
Fufeng Group		164,402		62,578
Kingboard Laminates Holdings		241,874		102,991
North Mining Shares, Cl C ^*		1,829,676		102,697
Shougang Concord International Enterprises ^*		1,317,854		70,569
Sinofert Holdings		399,938		84,632
Yingde Gases		121,549		115,275
				769,485
TOTAL COMMON STOCK
(Cost $3,465,029)				2,438,581

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

Schedule of Investments

October 31, 2012

Global X China Materials ETF

	Face Amount		Value
TIME DEPOSIT — 0.2%
Brown Brothers Harriman, 0.030%, 11/01/12
(Cost $3,951)	$	3,951		3,951

TOTAL INVESTMENTS — 100.0%
(Cost $3,468,980)			$	2,442,532

Percentages are based on Net Assets of $2,441,481.

* Non-income producing security.
Cl — Class

^(A)

Securities considered illiquid. The total value of such securities as of October 31, 2012 was $28,033 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 October 31, 2012, was $28,033 and represents 1.1% of Net Assets.

The following is a summary of the inputs used as of October 31, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	2,410,548	$	—	$	28,033	$	2,438,581
Time Deposit		—		3,951		—		3,951
Total Investments in Securities	$	2,410,548	$	3,951	$	28,033	$	2,442,532

⁽¹⁾ Please see Note 2 for details on the unobservable inputs and the interrelationships and sensitivity between these inputs for those Level 3 securities that are not valued by third party pricing vendors or broker quotes.

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

	Investments in
	Common Stock
Beginning Balance as of November 1, 2011	$	74,830
Realized gain/(loss)		(51,187	)
Change in unrealized appreciation/(depreciation)		4,340
Net purchases		36,244
Net sales		(36,194	)
Ending Balance as of October 31, 2012	$	28,033

For the year ended October 31, 2012, there have been no transfers between Level 1, Level 2 and Level 3 investments.

Net change in unrealized appreciation/(depreciation) from investments (Level 3) still held as of October 31, 2012 is $4,340.

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

Schedule of Investments

October 31, 2012

Global X NASDAQ China Technology ETF

Sector Weightings (unaudited) †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.8%

CHINA—80.0%
Technology — 80.0%
21Vianet Group ADR ^*		7,531	$	83,443
AsiaInfo Holdings ^*		8,827		88,270
AutoNavi Holdings ADR ^*		2,054		22,039
Baidu ADR ^*		1,901		202,685
China Communications Services, Cl H		151,306		85,317
China Wireless Technologies		330,381		96,343
Foxconn International Holdings ^*		335,417		116,854
iSoftStone Holdings ADR ^*		9,297		44,533
Kingdee International Software Group ^*		398,418		82,768
Lenovo Group		257,414		206,926
NetEase ADR ^*		2,034		109,836
Qihoo 360 Technology ADR ^*		4,731		97,317
Semiconductor Manufacturing International ^*		2,774,391		109,185
SINA ^*		3,776		206,283
Sky-mobi ADR ^*		1,257		2,589
Sohu.com ^*		2,704		102,698
Spreadtrum Communications ADR		5,361		123,571
Tencent Holdings		6,910		244,300
VanceInfo Technologies ADR ^*		8,495		64,732
ZTE, Cl H		79,773		112,402
TOTAL CHINA				2,202,091

HONG KONG— 19.8%
Technology — 19.8%
ASM Pacific Technology		9,461		105,474
Comba Telecom Systems Holdings		81,188		31,742
Digital China Holdings		68,089		114,564
TCL Communication Technology Holdings		98,494		30,247
VODone		606,806		58,723
VTech Holdings		17,275		205,181
TOTAL HONG KONG				545,931
TOTAL COMMON STOCK
(Cost $3,044,054)				2,748,022

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

Schedule of Investments

October 31, 2012

Global X NASDAQ China Technology ETF

	Face Amount		Value
TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.030%, 11/01/12
(Cost $3,205)	$	3,205	$	3,205

TOTAL INVESTMENTS — 99.9%
(Cost $3,047,259)			$	2,751,227

Percentages are based on Net Assets of $2,753,947.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the inputs used as of October 31, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	2,748,022	$	—	$	—	$	2,748,022
Time Deposit		—		3,205		—		3,205
Total Investments in Securities	$	2,748,022	$	3,205	$	—	$	2,751,227

For the year ended October 31, 2012, there have been no transfers between Level 1 and Level 2 investments.

For the year ended October 31, 2012, there were no Level 3 investments.

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

Schedule of Investments

October 31, 2012

Global X FTSE ASEAN 40 ETF

Sector Weightings (unaudited) †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.8%

INDONESIA—22.3%
Consumer Goods — 8.8%
Astra International		2,710,204	$	2,271,436
Gudang Garam		51,305		262,534
Unilever Indonesia		136,674		370,677
				2,904,647
Financials — 7.6%
Bank Central Asia		1,090,631		931,096
Bank Mandiri		835,926		718,000
Bank Rakyat Indonesia Persero		1,087,330		837,714
				2,486,810
Industrials — 1.7%
United Tractors		247,459		543,611
Telecommunications — 2.9%
Telekomunikasi Indonesia ADR		23,144		940,804
Utilities — 1.3%
Perusahaan Gas Negara		868,462		420,442
TOTAL INDONESIA				7,296,314

MALAYSIA—27.8%
Basic Materials — 1.9%
Petronas Chemicals Group		284,704		607,543
Consumer Goods — 2.2%
IOI		428,039		711,056
Consumer Services — 2.2%
Genting		246,445		716,034
Financials — 10.2%
CIMB Group Holdings		496,219		1,242,991

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

Schedule of Investments

October 31, 2012

Global X FTSE ASEAN 40 ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Malayan Banking		540,303	$	1,601,752
Public Bank		94,219		491,201
				3,335,944
Industrials — 3.9%
Sime Darby		400,344		1,285,412
Oil & Gas — 1.4%
Petronas Gas		70,402		453,013
Telecommunications — 5.1%
Axiata Group		563,676		1,208,406
Maxis		200,084		457,185
				1,665,591
Utilities — 0.9%
Tenaga Nasional		126,300		288,176
TOTAL MALAYSIA				9,062,769

PHILIPPINES—0.7%
Telecommunications — 0.7%
Philippine Long Distance Telephone ADR		3,765		239,190

SINGAPORE—36.7%
Consumer Goods — 1.8%
Wilmar International		226,862		574,687
Consumer Services — 4.8%
Genting Singapore		541,068		589,950
Jardine Cycle & Carriage		12,674		511,615
Singapore Airlines		52,757		458,456
				1,560,021
Financials — 20.0%
CapitaLand		282,330		756,861
City Developments		60,658		569,881
DBS Group Holdings		165,456		1,885,423
Oversea-Chinese Banking		231,445		1,726,635
United Overseas Bank		104,799		1,569,665
				6,508,465
Industrials — 1.2%
Singapore Technologies Engineering		140,600		405,732
Oil & Gas — 3.2%
Keppel		118,862		1,038,751
Telecommunications — 5.7%
Singapore Telecommunications		712,130		1,879,864
TOTAL SINGAPORE				11,967,520

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

Schedule of Investments

October 31, 2012

Global X FTSE ASEAN 40 ETF

	Shares/Face
	Amount		Value
COMMON STOCK — continued
THAILAND—12.3%
Financials — 4.8%
Bangkok Bank		42,484	$	245,340
Kasikornbank		103,884		606,696
Siam Commercial Bank		138,415		727,074
				1,579,110
Industrials — 1.0%
Siam Cement		27,633		337,186
Oil & Gas — 4.4%
PTT		75,882		787,291
PTT Exploration & Production		117,322		635,415
				1,422,706
Telecommunications — 2.1%
Advanced Info Service		105,606		680,495
TOTAL THAILAND				4,019,497
TOTAL COMMON STOCK
(Cost $31,533,540)				32,585,290

TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.030%, 11/01/12
(Cost $47,610)	$	47,610		47,610

TOTAL INVESTMENTS — 99.9%
(Cost $31,581,150)			$	32,632,900

Percentages are based on Net Assets of $32,656,076.

ADR — American Depositary Receipt

The following is a summary of the inputs used as of October 31, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	32,585,290	$	—	$	—	$	32,585,290
Time Deposit		—		47,610		—		47,610
Total Investments in Securities	$	32,585,290	$	47,610	$	—	$	32,632,900

For the year ended October 31, 2012, there have been no transfers between Level 1 and Level 2 investments.

For the year ended October 31, 2012, there were no Level 3 investments.

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

Schedule of Investments

October 31, 2012

Global X FTSE Andean 40 ETF

Sector Weightings (unaudited) †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 96.0%

CHILE—49.4%
Basic Materials — 9.6%
CAP		5,457	$	187,953
Empresas CMPC		79,312		302,050
Sociedad Quimica y Minera de Chile ADR		5,782		334,489
				824,492
Consumer Goods — 1.7%
Cia Cervecerias Unidas ADR		1,274		90,365
Embotelladora Andina ADR, Cl B		1,560		59,093
				149,458
Consumer Services — 12.0%
Cencosud		48,948		267,930
Latam Airlines		14,195		351,894
Ripley		49,182		46,407
SACI Falabella		35,764		366,864
				1,033,095
Financials — 8.5%
Banco de Chile ADR		2,889		255,445
Banco de Credito e Inversiones		2,051		131,816
Banco Santander Chile ADR		9,215		250,556
Corpbanca ADR		4,773		97,846
				735,663
Industrials — 1.4%
Cia Sud Americana de Vapores ^*		334,223		31,953
Salfacorp		22,100		52,178
Sigdo Koppers		15,718		37,731
				121,862

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

Schedule of Investments

October 31, 2012

Global X FTSE Andean 40 ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — 4.0%
Empresas COPEC		23,974	$	345,263
Technology — 1.1%
Sonda		29,402		89,957
Telecommunications — 1.1%
ENTEL Chile		4,720		96,573
Utilities — 10.0%
AES Gener		118,400		70,572
Aguas Andinas, Cl A		139,559		93,945
Colbun ^*		351,524		98,126
E.CL		25,254		61,729
Empresa Nacional de Electricidad ADR		6,692		320,346
Enersis ADR		12,738		215,782
				860,500
TOTAL CHILE				4,256,863

COLOMBIA—30.8%
Consumer Services — 3.7%
Almacenes Exito		16,844		321,107
Financials — 8.8%
BanColombia ADR		6,442		412,417
Grupo de Inversiones Suramericana		17,650		344,566
				756,983
Industrials — 1.4%
Cementos Argos		26,003		124,354
Oil & Gas — 14.3%
Ecopetrol ADR		14,672		868,729
Pacific Rubiales Energy ^		15,503		364,621
				1,233,350
Utilities — 2.6%
Interconexion Electrica		25,009		135,437
Isagen		61,550		86,356
				221,793
TOTAL COLOMBIA				2,657,587

PERU—15.8%
Basic Materials — 11.0%
Cia de Minas Buenaventura ADR		10,564		377,769
Southern Copper		11,139		424,396
Volcan Cia Minera SAA		152,869		149,241
				951,406

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

Schedule of Investments

October 31, 2012

Global X FTSE Andean 40 ETF

	Shares/Face
	Amount		Value
COMMON STOCK — continued
Financials — 4.8%
Credicorp		1,056	$	135,590
Credicorp Ltd.		2,133		275,882
				411,472
TOTAL PERU				1,362,878
TOTAL COMMON STOCK
(Cost $8,315,477)				8,277,328

PREFERRED STOCK — 3.9%

COLOMBIA—3.9%
Financials — 2.6%
Banco Davivienda		7,567		93,360
Grupo Aval Acciones y Valores		178,178		125,966
				219,326
Industrials — 1.3%
Grupo Argos		10,371		115,500
TOTAL COLOMBIA				334,826
TOTAL PREFERRED STOCK
(Cost $314,816)				334,826

TIME DEPOSIT — 0.0%
Brown Brothers Harriman, 0.030%, 11/01/12
(Cost $3,294)	$	3,294		3,294

TOTAL INVESTMENTS — 99.9%
(Cost $8,633,587)			$	8,615,448

Percentages are based on Net Assets of $8,620,392.

* Non-income producing security.

^ Security traded on the Toronto Stock Exchange

ADR — American Depositary Receipt

Cl — Class

Ltd. — Limited

The following is a summary of the inputs used as of October 31, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	8,277,328	$	—	$	—	$	8,277,328
Preferred Stock		334,826		—		—		334,826
Time Deposit		—		3,294		—		3,294
Total Investments in Securities	$	8,612,154	$	3,294	$	—	$	8,615,448

For the year ended October 31, 2012, there have been no transfers between Level 1 & Level 2 investments.

For the year ended October 31, 2012, there were no Level 3 investments.

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

Schedule of Investments

October 31, 2012

Global X FTSE Colombia 20 ETF

Sector Weightings (unaudited) †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 88.2%

COLOMBIA—88.2%
Consumer Goods — 12.1%
Almacenes Exito		466,655	$	8,896,115
Fabricato ^*		86,980,939		4,321,114
Grupo Nutresa		654,883		8,759,111
				21,976,340
Financials — 29.7%
BanColombia ADR ^(A)		346,531		22,184,914
Bolsa de Valores de Colombia		237,382,484		4,172,870
Financiera Colombiana		440,338		8,365,564
Grupo Aval Acciones y Valores		13,392,555		9,504,670
Grupo de Inversiones Suramericana		450,713		8,798,889
Interbolsa ^*		1,312,703		1,003,286
				54,030,193
Industrials — 9.0%
Cementos Argos		1,704,693		8,152,307
Grupo Argos		569,452		6,509,746
Tableros y Maderas de Caldas		323,849,752		1,767,966
				16,430,019
Oil & Gas — 22.9%
Canacol Energy ^^*		7,895,027		2,806,242
Ecopetrol ADR ^(A)		433,978		25,695,837
Pacific Rubiales Energy ^		560,922		13,192,549
				41,694,628
Telecommunications — 0.7%
Empresa de Telecomunicaciones de Bogota ^*		5,415,449		1,345,167

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

Schedule of Investments

October 31, 2012

Global X FTSE Colombia 20 ETF

	Shares/Face
	Amount		Value
COMMON STOCK — continued
Utilities — 13.8%
Celsia ESP		2,900,847	$	8,630,810
Interconexion Electrica		1,506,621		8,159,169
Isagen		6,029,981		8,460,174
				25,250,153
TOTAL COLOMBIA				160,726,500
TOTAL COMMON STOCK
(Cost $149,927,398)				160,726,500

PREFERRED STOCK — 10.2%

COLOMBIA— 10.2%
Financials — 8.7%
Banco Davivienda		686,154		8,465,650
Grupo Aval Acciones y Valores		4,549,014		3,216,009
Grupo de Inversiones Suramericana		204,338		4,205,530
				15,887,189
Industrials — 1.5%
Grupo Argos		241,682		2,691,564
TOTAL COLOMBIA				18,578,753
TOTAL PREFERRED STOCK
(Cost $16,188,194)				18,578,753

TIME DEPOSIT — 0.0%
Brown Brothers Harriman, 0.030%, 11/01/12
(Cost $35)	$	35		35

TOTAL INVESTMENTS — 98.4%
(Cost $166,115,627)			$	179,305,288

Percentages are based on Net Assets of $182,378,791

* Non-income producing security.

^ Security traded on the Toronto Stock Exchange.
ADR — American Depositary Receipt

^(A)

This security or a partial position of this security is on loan at October 31, 2012. The total value of securities on loan at October 31, 2012 was $18,457,927. These securities are collateralized by cash in the amount of $883,200 and $18,867,950 held at National Financial Services and JPMorgan Clearing, respectively.

The following is a summary of the inputs used as of October 31, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	160,726,500	$	—	$	—	$	160,726,500
Preferred Stock		18,578,753		—		—		18,578,753
Time Deposit		—		35		—		35
Total Investments in Securities	$	179,305,253	$	35	$	—	$	179,305,288

For the year ended October 31, 2012, there have been no transfers between Level 1 & Level 2 investments.

For the year ended October 31, 2012, there were no Level 3 investments.

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

Schedule of Investments

October 31, 2012

Global X Brazil Mid Cap ETF

Sector Weightings (unaudited) †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 83.7%

BRAZIL—83.7%
Basic Materials — 3.2%
Fibria Celulose ADR ^*		75,701	$	666,926
Consumer Goods — 12.3%
Cia Hering		19,522		448,486
Cosan, Cl A		23,072		378,611
Cosan Industria e Comercio		22,144		424,662
Hypermarcas ^*		51,757		411,549
JBS ^*		83,256		269,315
Natura Cosmeticos		24,581		655,356
				2,587,979
Consumer Services — 7.1%
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		17,739		829,121
Lojas Renner		17,536		649,274
				1,478,395
Financials — 17.4%
BM&F Bovespa		234,065		1,498,163
BR Malls Participacoes		47,346		622,406
CETIP - Mercados Organizados		23,772		273,880
Cyrela Brazil Realty Empreendimentos e Participacoes		38,595		327,223
MRV Engenharia e Participacoes		44,465		225,494
Multiplan Empreendimentos Imobiliarios		9,915		290,462
PDG Realty Empreendimentos e Participacoes		160,025		269,459
Porto Seguro		13,609		144,730
				3,651,817
Industrials — 12.4%
All America Latina Logistica		67,710		308,038
CCR		122,415		1,076,454

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

Schedule of Investments

October 31, 2012

Global X Brazil Mid Cap ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Duratex ^*		33,625	$	233,929
EcoRodovias Infraestrutura e Logistica		20,444		178,566
Embraer ADR ^*		16,603		463,390
WEG		30,750		353,215
				2,613,592
Telecommunications — 5.3%
Tim Participacoes ADR		64,181		1,115,466
Utilities — 26.0%
Cia de Saneamento Basico do Estado de Sao Paulo ADR ^*		15,511		1,303,079
Cia Paranaense de Energia ADR ^*		16,449		242,787
CPFL Energia ADR		69,534		1,619,447
EDP - Energias do Brasil		33,065		206,753
Tractebel Energia		29,901		515,268
Ultrapar Participacoes ADR		75,768		1,578,247
				5,465,581
TOTAL BRAZIL				17,579,756
TOTAL COMMON STOCK
(Cost $16,725,183)				17,579,756

PREFERRED STOCK — 15.1%

BRAZIL—15.1%
Basic Materials — 2.0%
Metalurgica Gerdau		38,403		430,345
Consumer Services — 2.2%
Lojas Americanas		54,995		460,311
Financials — 3.1%
Banco do Estado do Rio Grande do Sul		25,190		199,060
Bradespar		29,353		433,564
				632,624
Telecommunications — 3.4%
Oi ADR		177,695		710,780
Utilities — 4.4%
AES Tiete		13,737		156,034
Cia Energetica de Sao Paulo		20,489		184,104
Cia Energetica de Minas Gerais		48,754		584,560
				924,698
TOTAL BRAZIL				3,158,758
TOTAL PREFERRED STOCK
(Cost $3,704,392)				3,158,758

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

Schedule of Investments	October 31, 2012

Global X Brazil Mid Cap ETF

	Face
	Amount/Number
	of Warrants		Value
CORPORATE OBLIGATIONS — 0.6%
Hypermarcas
11.300%, 10/15/18^{(1) (2)}	$	59,000	$	29,530
3.000%, 10/15/18^{(1) (2)}		59,000		29,530
Marfrig Alimentos, Convertible
1.040%, 07/15/15^{(1) (2) (3)}		12		59,892
TOTAL CORPORATE OBLIGATIONS
(Cost $141,511)				118,952

WARRANTS — 0.0%
Hypermarcas
Strike Price $29.48, Expires 10/15/15 * ^{(1) (2)}
(Cost $—)		59		—
TIME DEPOSIT — 0.3%
Brown Brothers Harriman, 0.030%, 11/01/12
(Cost $65,188)		65,188		65,188

TOTAL INVESTMENTS — 99.7%
(Cost $20,636,274)			$	20,922,654

Percentages are based on Net Assets of $20,994,188.

* 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 October 31, 2012, was $118,952 and represented 0.6% of Net Assets.

⁽²⁾

Securities considered illiquid. The total value of such securities as of October 31, 2012 was $118,952 and represented 0.6% of Net Assets.

⁽³⁾

Floating rate security. Rate disclosed is the rate in effect on October 31, 2012.

The following is a summary of the inputs used as of October 31, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3 ⁽¹⁾		Total
Common Stock	$	17,579,756	$	—	$	—	$	17,579,756
Preferred Stock		3,158,758		—		—		3,158,758
Corporate Obligations		—		—		118,952		118,952
Time Deposit		—		65,188		—		65,188
Warrants		—		—		—		—
Total Investments in Securities	$	20,738,514	$	65,188	$	118,952	$	20,922,654

⁽¹⁾ A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

For the year ended October 31, 2012, there have been no transfers between Level 1, Level 2 and Level 3 investments.

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

Schedule of Investments	October 31, 2012

Global X Brazil Consumer ETF

Sector Weightings (unaudited) †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 86.9%

BRAZIL—86.9%
Consumer Goods — 52.6%
Arezzo Industria e Comercio		27,876	$	497,528
BRF - Brasil Foods ADR ^*		62,650		1,147,748
Cia Hering		48,903		1,123,465
Cosan, Cl A		87,094		1,429,212
Cosan Industria e Comercio		70,632		1,354,529
Gafisa ADR ^*		143,678		527,298
Hypermarcas ^*		177,278		1,409,635
JBS ^*		362,640		1,173,061
M Dias Branco ^*		33,088		1,111,052
Marfrig Alimentos ^*		92,674		479,100
Natura Cosmeticos		51,902		1,383,764
Sao Martinho		26,459		330,632
SLC Agricola		35,753		341,502
Souza Cruz		75,697		987,652
				13,296,178
Consumer Services — 34.3%
Anhanguera Educacional Participacoes		85,408		1,497,021
B2W Cia Global Do Varejo ^*		49,101		238,851
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		25,556		1,194,488
Gol Linhas Aereas Inteligentes ADR ^*		90,879		453,486
Localiza Rent a Car		70,792		1,240,834
Lojas Renner		36,491		1,351,086
Marisa Lojas		36,379		533,940
Multiplus		34,244		795,635
Raia Drogasil ^*		111,773		1,229,968
Restoque Comercio e Confeccoes de Roupas		29,695		126,614
				8,661,923
TOTAL BRAZIL				21,958,101
TOTAL COMMON STOCK
(Cost $19,480,200)				21,958,101

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

Schedule of Investments	October 31, 2012

Global X Brazil Consumer ETF

	Shares/Face
	Amount/Number
	of Warrants		Value
PREFERRED STOCK — 12.4%

BRAZIL—12.4%
Consumer Goods — 6.2%
Alpargatas ^*		63,092	$	477,760
Cia de Bebidas das Americas		26,579		1,084,157
				1,561,917
Consumer Services — 6.2%
Lojas Americanas		168,474		1,410,137
Saraiva Livreiros Editores		13,293		165,128
				1,575,265
TOTAL BRAZIL				3,137,182
TOTAL PREFERRED STOCK
(Cost $2,425,629)				3,137,182

CORPORATE OBLIGATIONS — 0.5%
Hypermarcas
11.300%, 10/15/18 ^{(1) (2)}	$	84,000		42,043
3.000%, 10/15/18 ^{(1) (2)}		84,000		42,042
Marfrig Alimentos, Convertible
1.040%, 07/15/15 ^{(1) (2) (3)}		6		29,927
TOTAL CORPORATE OBLIGATION
(Cost $136,027)				114,012

WARRANTS — 0.0%
Hypermarcas - Strike Price $29.48, Expires 10/15/15^{(1) (2)}
(Cost $—)		84		—

TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.030%, 11/01/12
(Cost $22,302)		22,302		22,302

TOTAL INVESTMENTS — 99.9%
(Cost $22,064,158)			$	25,231,597

Percentages are based on Net Assets of $25,257,413.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

⁽¹⁾

⁽²⁾

Securities considered illiquid. The total value of such securities as of October 31, 2012 was $114,012 and represented 0.5% of Net Assets.

⁽³⁾

Floating rate security. Rate disclosed is the rate in effect on October 31, 2012.

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

Schedule of Investments	October 31, 2012

Global X Brazil Consumer ETF

The following is a summary of the inputs used as of October 31, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3 ⁽¹⁾		Total
Common Stock	$	21,958,101	$	— $		—	$	21,958,101
Preferred Stock		3,137,182		—		—		3,137,182
Corporate Obligations		—		—		114,012		114,012
Time Deposit		—		22,302		—		22,302
Warrants		—		—		—		—
Total Investments in Securities	$	25,095,283	$	22,302	$	114,012	$	25,231,597

For the year ended October 31, 2012, there have been no transfers between Level 1, Level 2 and Level 3 investments.

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

Schedule of Investments	October 31, 2012

Global X Brazil Financials ETF

Sector Weightings (unaudited) †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 94.3%

BRAZIL—94.3%
Financials — 94.3%
Banco Bradesco ADR		28,175	$	441,220
Banco do Brasil		18,954		202,227
Banco Santander Brasil ADR		49,469		336,389
BM&F Bovespa		39,302		251,558
BR Malls Participacoes		13,913		182,899
BR Properties		14,134		185,108
Brasil Brokers Participacoes		11,234		31,527
Brookfield Incorporacoes		15,884		27,763
CETIP - Mercados Organizados		11,306		130,258
Cielo		6,457		159,752
Cyrela Brazil Realty Empreendimentos e Participacoes		21,443		181,802
Even Construtora e Incorporadora		15,668		62,485
Ez Tec Empreendimentos e Participacoes		3,678		48,351
Grupo BTG Pactual		13,634		214,809
Iguatemi Empresa de Shopping Centers		3,544		45,019
Itau Unibanco Holding ADR		28,241		411,754
MRV Engenharia e Participacoes		23,877		121,087
Multiplan Empreendimentos Imobiliarios		5,650		165,518
PDG Realty Empreendimentos e Participacoes		85,790		144,458
Porto Seguro		7,664		81,506
Rossi Residencial		12,974		27,276
Sul America		22,050		173,703
TOTAL BRAZIL				3,626,469
TOTAL COMMON STOCK
(Cost $4,380,041)				3,626,469

PREFERRED STOCK — 4.5%

BRAZIL—4.5%
Financials — 4.5%
Banco ABC Brasil ^*		3,799		21,585
Banco do Estado do Rio Grande do Sul		14,354		113,430
Banco Panamericano ^*		15,688		35,994

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

Schedule of Investments	October 31, 2012

Global X Brazil Financials ETF

	Face Amount		Value
PREFERRED STOCK — continued
TOTAL BRAZIL			$	171,009
TOTAL PREFERRED STOCK
(Cost $207,784)				171,009

TIME DEPOSIT — 0.4%
Brown Brothers Harriman, 0.030%, 11/01/12
(Cost $16,910)	$	16,910		16,910

TOTAL INVESTMENTS — 99.2%
(Cost $4,604,735)			$	3,814,388

Percentages are based on Net Assets of $3,844,988.

ADR — American Depositary Receipt

The following is a summary of the inputs used as of October 31, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	3,626,469	$	—	$	—	$	3,626,469
Preferred Stock		171,009		—		—		171,009
Time Deposit		—		16,910		—		16,910
Total Investments in Securities	$	3,797,478	$	16,910	$	—	$	3,814,388

For the year ended October 31, 2012, there have been no transfers between Level 1 & Level 2 investments.

For the year ended October 31, 2012, there were no Level 3 investments.

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

Schedule of Investments	October 31, 2012

Global X FTSE Argentina 20 ETF

Sector Weightings (unaudited) †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.6%

ARGENTINA—74.0%
Basic Materials — 18.3%
Tenaris ADR		14,342	$	539,546
Consumer Discretionary — 10.6%
Arcos Dorados Holdings, Cl A		24,101		311,144
Consumer Goods — 2.6%
Cresud SACIF y A ADR		9,619		77,048
Consumer Services — 17.6%
MercadoLibre		6,172		518,263
Financials — 11.1%
Banco Macro ADR ^*		9,870		133,343
BBVA Banco Frances ADR ^*		13,715		50,060
Grupo Financiero Galicia ADR ^*		18,414		92,991
IRSA Inversiones y Representaciones ADR		7,128		51,464
				327,858
Oil & Gas — 8.1%
Petrobras Argentina ADR ^*		20,654		90,465
Transportadora de Gas del Sur ADR ^*		10,331		16,633
YPF ADR		11,891		132,822
				239,920
Telecommunications — 4.1%
Telecom Argentina ADR		12,216		120,205
Utilities — 1.6%
Pampa Energia ADR ^*		13,451		46,272
TOTAL ARGENTINA				2,180,256

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

Schedule of Investments	October 31, 2012

Global X FTSE Argentina 20 ETF

	Shares/Face
	Amount		Value
COMMON STOCK — continued

CANADA—17.7%
Basic Materials — 17.7%
Goldcorp		2,758	$	124,745
Pan American Silver		6,205		136,510
Silver Standard Resources ^*		7,925		120,698
Yamana Gold		6,792		137,266
TOTAL CANADA				519,219

CHILE—3.9%
Consumer Services — 3.9%
Cencosud		21,079		115,381
UNITED STATES— 4.0%
Basic Materials — 2.7%
McEwen Mining ^*		16,189		78,679
Oil & Gas — 1.3%
Apco Oil and Gas International ^*		3,013		38,295
TOTAL UNITED STATES				116,974
TOTAL COMMON STOCK
(Cost $4,322,385)				2,931,830

TIME DEPOSIT — 0.2%
Brown Brothers Harriman, 0.030%, 11/01/12
(Cost $7,001)	$	7,001		7,001

TOTAL INVESTMENTS — 99.8%
(Cost $4,329,386)			$	2,938,831

Percentages are based on Net Assets of $2,945,544.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the inputs used as of October 31, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	2,931,830	$	—	$	—	$	2,931,830
Time Deposit		—		7,001		—		7,001
Total Investments in Securities	$	2,931,830	$	7,001	$	—	$	2,938,831

For the year ended October 31, 2012, there have been no transfers between Level 1 and Level 2 investments.

For the year ended October 31, 2012, there were no Level 3 investments.

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

Schedule of Investments	October 31, 2012

Global X FTSE Greece 20 ETF

Sector Weightings (unaudited) †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.1%

CYPRUS—5.2%
Financials — 5.2%
Bank of Cyprus ^*		3,183,981	$	1,345,367
GREECE—93.9%
Basic Materials — 2.7%
Mytilineos Holdings ^*		155,703		706,346
Consumer Goods — 20.9%
Coca Cola Hellenic Bottling ADR ^*		202,384		4,276,374
JUMBO ^*		172,662		1,141,352
				5,417,726
Consumer Services — 11.2%
Folli Follie Group ^*		59,295		807,744
OPAP		328,819		2,101,148
				2,908,892
Financials — 28.0%
Alpha Bank AE ^*		496,003		1,157,203
Cyprus Popular Bank ^*		6,049,865		486,172
Eurobank Ergasias ^*		735,170		857,597
Marfin Investment Group Holdings ^*		1,024,592		454,182
National Bank of Greece ADR ^*		1,354,672		3,210,572
Piraeus Bank ^*		1,985,154		1,070,386
				7,236,112
Industrials — 10.6%
Ellaktor ^*		235,594		461,099
Metka		46,113		418,981
Titan Cement ^*		59,117		1,100,322
Viohalco Hellenic Copper and Aluminum Industry ^*		176,586		759,884
				2,740,286

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

Schedule of Investments	October 31, 2012

Global X FTSE Greece 20 ETF

	Shares/Face
	Amount		Value
COMMON STOCK — continued

Oil & Gas — 7.3%
Hellenic Petroleum		131,094	$	1,026,296
Motor Oil Hellas Corinth Refineries		98,390		855,709
				1,882,005
Telecommunications — 8.6%
Hellenic Telecommunications Organization ^*		506,647		2,232,735
Utilities — 4.6%
Public Power ^*		205,753		1,178,749
TOTAL GREECE				24,302,851
TOTAL COMMON STOCK
(Cost $21,500,483)				25,648,218

TIME DEPOSIT — 0.3%
Brown Brothers Harriman, 0.030%, 11/01/12
(Cost $67,757)	$	67,757		67,757

TOTAL INVESTMENTS — 99.4%
(Cost $21,568,240)			$	25,715,975

Percentages are based on Net Assets of $25,863,217.

* Non-income producing security.

ADR — American Depositary Receipt

The following is a summary of the inputs used as of October 31, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	25,648,218	$	—	$	—	$	25,648,218
Time Deposit		—		67,757		—		67,757
Total Investments in Securities	$	25,648,218	$	67,757	$	—	$	25,715,975

For the period ended October 31, 2012, there have been no transfers between Level 1 & Level 2 investments.

For the period ended October 31, 2012, there were no Level 3 investments.

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

Schedule of Investments	October 31, 2012

Global X FTSE Norway 30 ETF

Sector Weightings (unaudited) †:

	Shares		Value
COMMON STOCK — 99.5%

NORWAY—99.5%
Basic Materials — 8.8%
Norsk Hydro		596,887	$	2,687,473
Yara International		57,521		2,709,933
				5,397,406
Consumer Goods — 8.6%
Aker, Cl A ^(A)		17,233		607,551
Cermaq		41,253		564,386
Marine Harvest ^*		1,574,476		1,237,201
Orkla		358,911		2,839,157
				5,248,295
Consumer Services — 3.1%
Norwegian Air Shuttle ^*		6,171		133,133
Schibsted		47,577		1,781,644
				1,914,777
Energy — 0.3%
Renewable Energy^{* (A)}		930,646		162,989
Financials — 14.7%
DnB		474,378		5,924,213
Gjensidige Forsikring		117,396		1,715,238
Storebrand ^*		266,693		1,344,855
				8,984,306
Health Care — 1.1%
Algeta ^*		25,306		681,331

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

Schedule of Investments	October 31, 2012

Global X FTSE Norway 30 ETF

	Shares/Face
	Amount		Value
COMMON STOCK — continued

Industrials — 1.6%
Tomra Systems		87,180	$	718,689
Wilh Wilhelmsen, Cl B		38,977		278,246
				996,935
Oil & Gas — 49.7%
Aker Solutions ^(A)		121,172		2,380,381
Archer ^*		108,894		143,440
Det Norske Oljeselskap ^*		38,228		589,381
DNO International ^*		600,439		1,047,896
Fred Olsen Energy		15,622		732,970
Kvaerner		116,576		295,463
Petroleum Geo-Services		127,800		2,203,487
ProSafe		134,781		1,122,446
Seadrill		137,318		5,558,907
Statoil		470,720		11,633,215
Subsea 7 ^*		118,275		2,595,233
TGS Nopec Geophysical		61,316		2,086,420
				30,389,239
Technology — 1.5%
Atea		59,116		629,908
Opera Software		52,240		287,713
				917,621
Telecommunications — 10.1%
Telenor		313,641		6,166,867
TOTAL NORWAY				60,859,766
TOTAL COMMON STOCK
(Cost $60,506,100)				60,859,766

TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.030%, 11/01/12
(Cost $54,384)	$	54,384		54,384

REPURCHASE AGREEMENT — 0.4%
Barclays Capital
0.30%, dated 10/31/12, to be repurchased on 11/01/12, repurchase price $248,707 (collateralized by U.S. Treasury Bills, ranging in par value $591 to $43,154, 0.000%, 11/01/12 to 10/17/13, with a total market value of $253,680)^(B)
TOTAL REPURCHASE AGREEMENT
(Cost $248,705)		248,705		248,705
TOTAL INVESTMENTS — 100.0%
(Cost $60,809,189)			$	61,162,855

Percentages are based on Net Assets of $61,128,560.

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

Schedule of Investments	October 31, 2012

Global X FTSE Norway 30 ETF

* Non-income producing security.

Cl — Class

^(A)

This security or a partial position of this security is on loan at October 31, 2012. The total value of securities on loan at October 31, 2012 was $229,396.

^(B)

This security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2012 was $248,705.

The following is a summary of the inputs used as of October 31, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	60,859,766	$	—	$	—	$	60,859,766
Time Deposit		—		54,384		—		54,384
Repurchase Agreement		—		248,705		—		248,705
Total Investments in Securities	$	60,859,766	$	303,089	$	—	$	61,162,855

For the year October 31, 2012, there have been no transfers between Level 1 & Level 2 investments.

For the year October 31, 2012, there were no Level 3 investments.

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

Schedule of Investments	October 31, 2012

Global X FTSE Nordic Region ETF

Sector Weightings (unaudited) †:

	Shares		Value
COMMON STOCK — 99.9%

DENMARK—20.7%
Consumer Goods — 2.2%
Carlsberg, Cl B		6,608	$	570,056
Financials — 2.8%
Danske Bank ^*		46,972		734,530
Health Care — 13.3%
Novo Nordisk ADR		21,860		3,503,939
Industrials — 2.4%
A P Moller - Maersk, Cl B		92		641,963
TOTAL DENMARK				5,450,488

FINLAND—10.0%
Financials — 3.7%
Sampo, Cl A		30,743		963,508
Industrials — 2.4%
Kone, Cl B		8,918		638,635
Technology — 2.1%
Nokia ADR ^(A)		209,327		558,903
Utilities — 1.8%
Fortum		24,749		457,756
TOTAL FINLAND				2,618,802

NORWAY—20.2%
Basic Materials — 3.0%
Norsk Hydro		55,384		249,366
Yara International		11,840		557,807
				807,173

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

Schedule of Investments	October 31, 2012

Global X FTSE Nordic Region ETF

	Shares		Value
COMMON STOCK — continued

Consumer Goods — 1.7%
Orkla		56,474	$	446,736
Financials — 3.2%
DnB		66,700		832,975
Oil & Gas — 9.0%
Seadrill		19,305		781,505
Statoil ADR		64,008		1,571,396
				2,352,901
Telecommunications — 3.3%
Telenor		44,109		867,279
TOTAL NORWAY				5,307,064

SWEDEN—49.0%
Consumer Goods — 2.5%
Svenska Cellulosa, Cl B		33,491		652,360
Consumer Services — 3.8%
Hennes & Mauritz, Cl B		29,456		996,981
Financials — 18.7%
Investor, Cl B		25,130		554,285
Nordea Bank		152,072		1,381,347
Skandinaviska Enskilda Banken, Cl A		119,089		987,486
Svenska Handelsbanken, Cl A		31,099		1,065,249
Swedbank, Cl A		49,911		925,546
				4,913,913
Industrials — 16.0%
Assa Abloy, Cl B		19,019		633,976
Atlas Copco, Cl A		34,540		849,323
Sandvik		62,566		867,806
Scania, Cl B		21,949		417,941
SKF, Cl B		22,775		513,329
Volvo, Cl B		69,172		930,755
				4,213,130
Technology — 5.0%
Ericsson ADR		149,316		1,327,419
Telecommunications — 3.0%
TeliaSonera		118,796		782,135
TOTAL SWEDEN				12,885,938
TOTAL COMMON STOCK
(Cost $28,029,266)				26,262,292

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

Schedule of Investments	October 31, 2012

Global X FTSE Nordic Region ETF

	Face Amount		Value
TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.030%, 11/01/12
(Cost $23,643)	$	23,643	$	23,643

REPURCHASE AGREEMENT — 1.5%
Barclays Capital
0.30%, dated 10/31/12, to be repurchased on 11/01/12, repurchase price $402,903 (collateralized by U.S. Treasury Bills, ranging in par value $958 to $69,909, 0.000%, 11/01/12 to 10/17/13, with a total market value of $410,959)^(B)
TOTAL REPURCHASE AGREEMENT
(Cost $402,900)		402,900		402,900
TOTAL INVESTMENTS — 101.5%
(Cost $28,455,809)			$	26,688,835

Percentages are based on Net Assets of $26,293,177

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

^(A)

This security or a partial position of this security is on loan at October 31, 2012. The total value of securities on loan at October 31, 2012 was $358,581.

^(B)

This security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2012 was $402,900.

The following is a summary of the inputs used as of October 31, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	26,262,292	$	—	$	—	$	26,262,292
Time Deposit		—		23,643		—		23,643
Repurchase Agreement		—		402,900		—		402,900
Total Investments in Securities	$	26,262,292	$	426,543	$	—	$	26,688,835

For the year ended October 31, 2012, there have been no transfers between Level 1 & Level 2 investments.

For the year ended October 31, 2012, there were no Level 3 investments.

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

Statements of Assets and Liabilities

October 31, 2012

	Global X China			Global X China			Global X China			Global X China
	Consumer ETF			Energy ETF			Financials ETF			Industrials ETF
Assets:
Cost of Investments	$	140,537,426		$	5,044,284		$	6,508,589		$	6,149,170
Cost of Repurchase Agreement		10,022,780			—			—			—
Investments at Value	$	130,258,854	^*	$	4,839,407		$	6,019,023		$	4,574,342
Repurchase Agreement at Value		10,022,780			—			—			—
Receivable for Investment Securities Sold		12,534,239			352,015			259,589			482,986
Dividend and Interest Receivable		166,343			—			1,718			—
Total Assets		152,982,216			5,191,422			6,280,330			5,057,328

Liabilities:
Payable for Investment Securities Purchased		13,004,596			372,490			264,460			493,967
Obligation to Return Securities Lending Collateral		10,022,780			—			—			—
Cash Overdraft		3,175,936			—			—			—
Payable due to Investment Adviser		64,324			2,587			3,280			2,378
Total Liabilities		26,267,636			375,077			267,740			496,345

Net Assets	$	126,714,580		$	4,816,345		$	6,012,590		$	4,560,983

^*Includes Market Value of Securities on Loan	$	9,373,101		$	—		$	—		$	—

Net Assets Consist of:
Paid-in Capital	$	148,292,383		$	5,170,148		$	7,293,204		$	7,119,053
Undistributed Net Investment Income		1,588,304			88,650			185,487			59,337
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(12,887,587	)		(237,578	)		(976,534	)		(1,043,653	)
Net Unrealized Depreciation on Investments		(10,278,572	)		(204,877	)		(489,566	)		(1,574,828	)
Net Unrealized Appreciation (Depreciation)on Foreign Currency Transactions		52			2			(1	)		1,074

Net Assets	$	126,714,580		$	4,816,345		$	6,012,590		$	4,560,983
Outstanding Shares of Beneficial Interest(unlimited authorization — no par value)		9,050,000			350,000			500,000			400,000

Net Asset Value, Offering and Redemption Price Per Share	$	14.00		$	13.76		$	12.03		$	11.40

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

Statements of Assets and Liabilities

October 31, 2012

				Global X NASDAQ
	Global X China			China Technology			Global X FTSE			Global X FTSE
	Materials ETF			ETF			ASEAN 40 ETF			Andean 40 ETF
Assets:
Cost of Investments	$	3,468,980		$	3,047,259		$	31,581,150		$	8,633,587
Cost of Foreign Currency		—			—			21,964			8,594
Investments at Value	$	2,442,532		$	2,751,227		$	32,632,900		$	8,615,448
Foreign Currency at Value		—			—			21,950			8,460
Receivable for Investment Securities Sold		228,385			—			—			—
Dividend and Interest Receivable		—			4,486			19,227			1,750
Total Assets		2,670,917			2,755,713			32,674,077			8,625,658

Liabilities:
Payable for Investment Securities Purchased		223,563			—			—			—
Cash Overdraft		4,545			—			—			—
Payable due to Investment Adviser		1,328			1,766			18,001			5,266
Total Liabilities		229,436			1,766			18,001			5,266

Net Assets	$	2,441,481		$	2,753,947		$	32,656,076		$	8,620,392

Net Assets Consist of:
Paid-in Capital	$	3,599,877		$	3,815,786		$	31,419,634		$	8,911,467
Undistributed Net Investment Income		37,881			14,283			639,906			114,701
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(169,829	)		(780,091	)		(455,166	)		(387,496	)
Net Unrealized Appreciation (Depreciation) on Investments		(1,026,448	)		(296,032	)		1,051,750			(18,139	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Transactions		—			1			(48	)		(141	)

Net Assets	$	2,441,481		$	2,753,947		$	32,656,076		$	8,620,392
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		300,000			200,000			1,950,000			600,000

Net Asset Value, Offering and Redemption Price Per Share	$	8.14		$	13.77		$	16.75		$	14.37

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

Statements of Assets and Liabilities

October 31, 2012

	Global X FTSE			Global X Brazil			Global X Brazil			Global X Brazil
	Colombia 20 ETF			Mid Cap ETF			Consumer ETF			Financials ETF
Assets:
Cost of Investments	$	166,115,627		$	20,636,274		$	22,064,158		$	4,604,735
Cost of Foreign Currency		1,340,526			48,406			17,812			1,904
Investments at Value	$	179,305,288	^*	$	20,922,654		$	25,231,597		$	3,814,388
Cash		19,751,150			—			—			—
Foreign Currency at Value		1,333,607			48,410			17,794			1,904
Receivable for Investment Securities Sold		2,560,787			—			—			25,649
Receivable for Capital Shares Sold		2,188,000			—			—			—
Dividend and Interest Receivable		63,791			35,493			24,482			5,445
Reclaim Receivable		—			—			—			177
Total Assets		205,202,623			21,006,557			25,273,873			3,847,563

Liabilities:
Obligation to Return Securities Lending Collateral		19,751,150			—			—			—
Payable for Investment Securities Purchased		2,191,247			—			—			—
Cash Overdraft		716,496			—			—			—
Payable due to Investment Adviser		98,899			12,369			16,460			2,575
Payable due to Custody		66,040			—			—			—
Total Liabilities		22,823,832			12,369			16,460			2,575

Net Assets	$	182,378,791		$	20,994,188		$	25,257,413		$	3,844,988
^*Includes Market Value of Securities on Loan	$	18,457,927		$	—		$	—		$	—
Net Assets Consist of:
Paid-in Capital	$	187,125,599		$	23,194,202		$	25,163,853		$	5,181,448
Undistributed Net Investment Income		2,059,597			492,252			269,774			77,358
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(19,989,011	)		(2,978,552	)		(3,343,059	)		(623,471	)
Net Unrealized Appreciation (Depreciation) on Investments		13,189,661			286,380			3,167,439			(790,347	)
Net Unrealized Depreciation on Foreign Currency Transactions		(7,055	)		(94	)		(594	)		—

Net Assets	$	182,378,791		$	20,994,188		$	25,257,413		$	3,844,988
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		8,330,000			1,350,000			1,300,000			300,000

Net Asset Value, Offering and Redemption Price Per Share
	$	21.89		$	15.55		$	19.43		$	12.82

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

Statements of Assets and Liabilities

October 31, 2012

	Global X FTSE			Global X FTSE			Global X FTSE			Global X FTSE
	Argentina 20 ETF			Greece 20 ETF			Norway 30 ETF			Nordic Region ETF
Assets:
Cost of Investments	$	4,329,386		$	21,568,240		$	60,560,484		$	28,052,909
Cost of Repurchase Agreement		—			—			248,705			402,900
Cost of Foreign Currency		—			—			—			2
Investments at Value	$	2,938,831		$	25,715,975		$	60,914,150	^*	$	26,285,935	^*
Repurchase Agreement at Value		—			—			248,705			402,900
Foreign Currency at Value		—			—			—			2
Receivable for Investment Securities Sold		8,102			161,341			237,512			—
Dividend and Interest Receivable		586			—			2,416			16,058
Receivable for Capital Shares Sold		—			—			754,500			—
Reclaim Receivable		—			—			—			3,110
Total Assets		2,947,519			25,877,316			62,157,283			26,708,005

Liabilities:
Payable for Investment Securities Purchased		—			—			754,974			—
Obligation to Return Securities Lending Collateral		—			—			248,705			402,900
Payable due to Investment Adviser		1,925			11,919			25,044			11,928
Payable due to Custody		50			2,180			—			—
Total Liabilities		1,975			14,099			1,028,723			414,828

Net Assets	$	2,945,544		$	25,863,217		$	61,128,560		$	26,293,177
^*Includes Market Value of Securities on Loan	$	—		$	—		$	229,396		$	358,581
Net Assets Consist of:
Paid-in Capital	$	5,219,000		$	21,924,128		$	63,336,326		$	28,175,457
Undistributed Net Investment Income		10,610			30,671			1,388,410			644,769
Accumulated Net Realized (Loss) on Investments and Foreign Currency Transactions		(893,511	)		(239,317	)		(3,949,914	)		(759,865	)
Net Unrealized Appreciation (Depreciation) on Investments		(1,390,555	)		4,147,735			353,666			(1,766,974	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Transactions		—			—			72			(210	)

Net Assets	$	2,945,544		$	25,863,217		$	61,128,560		$	26,293,177
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		350,000			1,600,000			4,050,000			1,410,000

Net Asset Value, Offering and Redemption Price Per Share	$	8.42		$	16.16		$	15.09		$	18.65

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

Statements of Operations

For the year ended October 31, 2012

							Global X			Global X
				Global X			China			China
	Global X China			China Energy			Financials			Industrials
	Consumer ETF			ETF			ETF			ETF
Investment Income:
Dividend Income	$	2,366,136		$	131,611		$	276,562		$	96,954
Securities Lending Income		714,289			—			—			—
Less: Foreign Taxes Withheld		(133,539	)		(11,844	)		(22,882	)		(3,246	)
Total Investment Income		2,946,886			119,767			253,680			93,708
Supervision and Administration Fees⁽¹⁾		803,535			31,200			68,365			28,636
Total Expenses		803,535			31,200			68,365			28,636
Net Expenses		803,535			31,200			68,365			28,636
Net Investment Income		2,143,351			88,567			185,315			65,072

Net Realized Gain (Loss) on and Foreign Currency Transactions:
Investments		(24,421,288	)⁽²⁾		(251,229	)⁽²⁾		521,703	⁽²⁾		(944,992	)
Foreign Currency Transactions		959			83			172			(58	)

Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(24,420,329	)		(251,146	)		521,875			(945,050	)

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		11,897,986			183,940			153,352			890,912
Foreign Currency Transactions		(771	)		(8	)		(569	)		1,099

Net Change in Unrealized Appreciation on Investments and Foreign Currency Transactions		11,897,215			183,932			152,783			892,011

Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		(12,523,114	)		(67,214	)		674,658			(53,039	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(10,379,763	)	$	21,353		$	859,973		$	12,033

⁽¹⁾

⁽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.

Statements of Operations

For the year ended October 31, 2012

				Global X
	Global X			NASDAQ			Global X			Global X
	China			China			FTSE			FTSE
	Materials			Technology			ASEAN 40			Andean 40
	ETF			ETF			ETF			ETF
Investment Income:
Dividend Income	$	56,694		$	41,637		$	1,095,511		$	212,687
Less: Foreign Taxes Withheld		(2,510	)		(1,598	)		(37,957	)		(25,883	)
Total Investment Income		54,184			40,039			1,057,554			186,804
Supervision and Administration Fees⁽¹⁾		16,349			25,917			177,076			56,875
Total Expenses		16,349			25,917			177,076			56,875
Net Expenses		16,349			25,917			177,076			56,875
Net Investment Income		37,835			14,122			880,478			129,929

Net Realized Gain (Loss) on:
Investments⁽²⁾		(924,434	)		(147,120	)		(655,598	)		(211,916	)
Foreign Currency Transactions		46			160			16,175			(336	)


Net Realized (Loss) on Investments and Foreign Currency Transactions		(924,388	)		(146,960	)		(639,423	)		(212,252	)

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		439,441			(284,080	)		2,393,368			443,079
Foreign Currency Transactions		(34	)		(58	)		(534	)		(171	)

Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		439,407			(284,138	)		2,392,834			442,908

Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		(484,981	)		(431,098	)		1,753,411			230,656

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(447,146	)	$	(416,976	)	$	2,633,889		$	360,585

⁽¹⁾

⁽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.

Statements of Operations

For the year ended October 31, 2012

							Global X			Global X
	Global X FTSE			Global X			Brazil			Brazil
	Colombia 20			Brazil Mid			Consumer			Financials
	ETF			Cap ETF			ETF			ETF
Investment Income:
Dividend Income	$	4,368,939		$	804,790		$	457,522		$	157,847
Interest Income		—			11,046			9,504			—
Securities Lending Income		34,320			—			—			—
Less: Foreign Taxes Withheld		(35,771	)		(162	)		—			—
Total Investment Income		4,367,488			815,674			467,026			157,847
Supervision and Administration Fees⁽¹⁾		1,099,888			153,455			225,210			37,527
Custodian Fees		238,992			–			–			–
Total Expenses		1,338,880			153,455			225,210			37,527
Waiver of Supervision and Administration Fees		(77,243	)		–			–			–
Net Expenses		1,261,637			153,455			225,210			37,527
Net Investment Income		3,105,851			662,219			241,816			120,320

Net Realized Gain (Loss) on:
Investments⁽²⁾		(4,829,511	)		(1,818,748	)		(1,594,215	)		(675,603	)
Foreign Currency Transactions		89,401			(82,977	)		27,959			(10,739	)
Net Realized (Loss) on Investments and Foreign Currency Transactions		(4,740,110	)		(1,901,725	)		(1,566,256	)		(686,342	)

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		17,290,593			1,685,321			5,436,013			9,400
Foreign Currency Transactions		(10,934	)		73			1,947			(626	)

Net Change in Unrealized Appreciation on Investments and Foreign Currency Transactions		17,279,659			1,685,394			5,437,960			8,774

Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		12,539,549			(216,331	)		3,871,704			(677,568	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	15,645,400		$	445,888		$	4,113,520		$	(557,248	)

	⁽¹⁾	This expense reflects 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.

Statements of Operations

For the year or period ended October 31, 2012

	Global X
	FTSE			Global X						Global X
	Argentina 20			FTSE Greece			Global X FTSE			FTSE Nordic
	ETF			20 ETF⁽³⁾			Norway 30 ETF			Region ETF
Investment Income:
Dividend Income	$	69,400		$	186,682		$	2,408,800		$	1,014,271
Interest Income		—			—			—			—
Securities Lending Income		—			—			109,133			10,988
Less: Foreign Taxes Withheld		(1,853	)		(30,909	)		(456,185	)		(166,852	)
Total Investment Income		67,547			155,773			2,061,748			858,407
Supervision and Administration Fees⁽¹⁾		25,142			33,667			256,316			126,932
Custodian Fees		76			4,384			–			–
Total Expenses		25,218			38,051			256,316			126,932
Net Expenses		25,218			38,051			256,316			126,932
Net Investment Income		42,329			117,722			1,805,432			731,475

Net Realized Gain (Loss) on:
Investments		(457,550	)		6,383	⁽²⁾		(5,349,871	)⁽²⁾		(318,240	)⁽²⁾
Foreign Currency Transactions		(19	)		8,088			(52,404	)		(21,137	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(457,569	)		14,471			(5,402,275	)		(339,377	)

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(393,483	)		4,147,735			6,131,505			1,942,014
Foreign Currency Transactions		29			—			(1,535	)		(372	)

Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		(393,454	)		4,147,735			6,129,970			1,941,642

Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		(851,023	)		4,162,206			727,695			1,602,265

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(808,694	)	$	4,279,928		$	2,533,127		$	2,333,740

⁽¹⁾

⁽²⁾

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

⁽³⁾

The Fund commenced operations on December 7, 2011.

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

Statements of Changes in Net Assets

	Global X China Consumer ETF						Global X China Energy ETF
	Year Ended			Year Ended			Year Ended October 31,			Year Ended October 31,
	October 31, 2012			October 31, 2011			2012			2011
Operations:
Net Investment Income	$	2,143,351		$	1,713,956		$	88,567		$	125,627
Net Realized Loss on Investments and Foreign Currency Transactions ⁽¹⁾		(24,420,329	)		(11,421,805	)		(251,146	)		(321,687	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		11,897,215			(43,411,698	)		183,932			(602,939	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(10,379,763	)		(53,119,547	)		21,353			(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		61,626,500			91,602,500			1,388,000			5,637,000
Redeemed		(60,902,500	)		(74,765,500	)		(1,336,500	)		(4,672,000	)
Increase in Net Assets from Capital Share Transactions		724,000			16,837,000			51,500			965,000

Total Increase (Decrease) in Net Assets		(10,143,407	)		(38,017,076	)		(5,479	)		104,510
Net Assets:
Beginning of Year		136,857,987			174,875,063			4,821,824			4,717,314
End of Year	$	126,714,580		$	136,857,987		$	4,816,345		$	4,821,824

Undistributed (Distributions in Excess of) Net Investment Income	$	1,588,304		$	(646,350	)	$	88,650		$	78,332

Share Transactions:
Issued		4,250,000			4,800,000			100,000			350,000
Redeemed		(4,150,000	)		(4,450,000	)		(100,000	)		(300,000	)

Net Increase in Shares Outstanding from Share Transactions		100,000			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.

Statements of Changes in Net Assets

	Global X China Financials ETF						Global X China Industrials ETF
	Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,
	2012			2011			2012			2011
Operations:
Net Investment Income	$	185,315		$	40,125		$	65,072		$	69,662
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		521,875	⁽¹⁾		(1,776,172	)⁽¹⁾		(945,050	)		366,392	⁽¹⁾
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		152,783			(3,649,321	)		892,011			(3,006,105	)

Net Increase (Decrease) in Net Assets Resulting from Operations		859,973			(5,385,368	)		12,033			(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		(9,684,500	)		(60,646,500	)		—			(6,411,500	)
Decrease in Net Assets from Capital Share Transactions		(5,756,500	)		(52,672,000	)		—			(5,572,500	)

Total Increase (Decrease) in Net Assets		(4,911,138	)		(59,234,679	)		3,095			(8,292,262	)
Net Assets:		10,923,728			70,158,407			4,557,888			12,850,150
Beginning of Year
End of Year	$	6,012,590		$	10,923,728		$	4,560,983		$	4,557,888

Undistributed Net Investment Income	$	185,487		$	14,611		$	59,337		$	3,261

Share Transactions:
Issued		350,000			750,000			—			50,000
Redeemed		(850,000	)		(4,500,000	)		—			(400,000	)

Net Decrease in Shares Outstanding from Share Transactions		(500,000	)		(3,750,000	)		—			(350,000	)

⁽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.

Statements of Changes in Net Assets

	Global X China Materials ETF						Global X NASDAQ China Technology ETF
	Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,
	2012			2011			2012			2011
Operations:
Net Investment Income	$	37,835		$	7,175		$	14,122		$	128,974
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		(924,388	)		11,778,378			(146,960	)		(583,543	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		439,407			(12,377,520	)		(284,138	)		(505,794	)

Net Decrease in Net Assets Resulting from Operations		(447,146	)		(591,967	)		(416,976	)		(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	)		(2,776,500	)		(2,347,000	)
Increase (Decrease) in Net Assets from Capital Share Transactions		14,000			(53,839,000	)		(1,385,500	)		1,319,000

Total Increase (Decrease) in Net Assets		(433,146	)		(54,767,087	)		(1,860,090	)		312,757
Net Assets:
Beginning of Year		2,874,627			57,641,714			4,614,037			4,301,280
End of Year	$	2,441,481		$	2,874,627		$	2,753,947		$	4,614,037

Undistributed Net Investment Income	$	37,881		$	—		$	14,283		$	57,615

Share Transactions:
Issued		100,000			150,000			100,000			200,000
Redeemed		(100,000	)		(3,800,000	)		(200,000	)		(150,000	)

Net Increase (Decrease) in Shares Outstanding from Share Transactions		—			(3,650,000	)		(100,000	)		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.

Statements of Changes in Net Assets

	Global X FTSE ASEAN 40 ETF						Global X FTSE Andean 40 ETF
	Year Ended			Period Ended			Year Ended			Period Ended
	October 31,			October 31,			October 31,			October 31,
	2012			2011⁽²⁾			2012			2011⁽³⁾
Operations:
Net Investment Income	$	880,478		$	261,942		$	129,929		$	89,965
Net Realized Loss on Investments and Foreign Currency Transactions⁽¹⁾		(639,423	)		(16,578	)		(212,252	)		(120,736	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		2,392,834			(1,341,132	)		442,908			(461,188	)

Net Increase (Decrease) in Net Assets Resulting from Operations		2,633,889			(1,095,768	)		360,585			(491,959	)

Dividends and Distributions:
Net Investment Income		(517,045	)		—			(120,234	)		—

Total Dividends and Distributions		(517,045	)		—			(120,234	)		—

Capital Share Transactions:
Issued		8,732,000			25,223,500			2,269,000			7,298,000
Redeemed		(1,455,000	)		(865,500	)		(695,000	)		—

Increase in Net Assets from Capital Share Transactions		7,277,000			24,358,000			1,574,000			7,298,000

Total Increase in Net Assets		9,393,844			23,262,232			1,814,351			6,806,041
Net Assets:
Beginning of Period		23,262,232			—			6,806,041			—
End of Period	$	32,656,076		$	23,262,232		$	8,620,392		$	6,806,041

Undistributed Net Investment Income	$	639,906		$	259,838		$	114,701		$	105,342

Share Transactions:
Issued		550,000			1,550,000			150,000			500,000
Redeemed		(100,000	)		(50,000	)		(50,000	)		—

Net Increase in Shares Outstanding from Share Transactions		450,000			1,500,000			100,000			500,000

⁽¹⁾

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

⁽²⁾

Commenced operations on February 16, 2011.

⁽³⁾

Commenced operations on February 2, 2011.

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

Statements of Changes in Net Assets

	Global X FTSE Colombia 20 ETF						Global X Brazil Mid Cap ETF
							Year Ended			Year Ended
	Year Ended			Year Ended			October 31,			October 31,
	October 31, 2012			October 31, 2011			2012			2011
Operations:
Net Investment Income	$	3,105,851		$	2,223,163		$	662,219		$	784,859
Net Realized Loss on Investments and Foreign Currency Transactions⁽¹⁾		(4,740,110	)		(9,552,321	)		(1,901,725	)		(1,230,665	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		17,279,659			(26,025,026	)		1,685,394			(3,993,422	)

Net Increase (Decrease) in Net Assets Resulting from Operations		15,645,400			(33,354,184	)		445,888			(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		136,925,500			108,003,500			1,448,000			6,216,500
Redeemed		(110,337,500	)		(127,647,100	)		(3,733,500	)		(7,237,000	)

Increase (Decrease) in Net Assets from Capital Share Transactions		26,588,000			(19,643,600	)		(2,285,500	)		(1,020,500	)

Total Increase (Decrease) in Net Assets		40,765,873			(54,742,001	)		(2,335,226	)		(5,912,707	)
Net Assets:
Beginning of Year		141,612,918			196,354,919			23,329,414			29,242,121
End of Year	$	182,378,791		$	141,612,918		$	20,994,188		$	23,329,414

Undistributed Net Investment Income	$	2,059,597		$	300,006		$	492,252		$	408,624

Share Transactions:
Issued		6,400,000			5,130,000	⁽²⁾		100,000			350,000
Redeemed		(5,450,000	)		(6,290,000	)⁽²⁾		(250,000	)		(450,000	)

Net Increase (Decrease) in Shares Outstanding from Share Transactions		950,000			(1,160,000	)		(150,000	)		(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.

Statements of Changes in Net Assets

	Global X Brazil Consumer ETF						Global X Brazil Financials ETF
	Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,
	2012			2011			2012			2011
Operations:
Net Investment Income	$	241,816		$	450,464		$	120,320		$	243,939
Net Realized Loss on Investments and Foreign Currency Transactions⁽¹⁾		(1,566,256	)		(960,806	)		(686,342	)		(149,055	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		5,437,960			(4,582,124	)		8,774			(1,294,635	)

Net Increase (Decrease) in Net Assets Resulting from Operations		4,113,520			(5,092,466	)		(557,248	)		(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		13,388,000			18,461,000			—			1,676,000
Redeemed		(21,212,500	)		(8,883,500	)		(2,803,000	)		(795,000	)

Increase (Decrease) in Net Assets from Capital Share Transactions		(7,824,500	)		9,577,500			(2,803,000	)		881,000

Total Increase (Decrease) in Net Assets		(4,103,911	)		4,427,055			(3,616,426	)		(367,923	)
Net Assets:
Beginning of Year		29,361,324			24,934,269			7,461,414			7,829,337
End of Year	$	25,257,413		$	29,361,324		$	3,844,988		$	7,461,414

Undistributed Net Investment Income	$	269,774		$	392,930		$	77,358		$	216,360

Share Transactions:
Issued		750,000			1,000,000			—			100,000
Redeemed		(1,200,000	)		(500,000	)		(200,000	)		(50,000	)

Net Increase (Decrease) in Shares Outstanding from Share Transactions		(450,000	)		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.

Statements of Changes in Net Assets

	Global X FTSE						Global X FTSE
	Argentina 20 ETF						Greece 20 ETF
	Year Ended			Period Ended			Period Ended
	October 31,			October 31,			October 31,
	2012			2011⁽²⁾			2012⁽³⁾
Operations:
Net Investment Income	$	42,329		$	70,834		$	117,722
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(457,569	)		(435,681	)		14,471	⁽¹⁾
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		(393,454	)		(997,101	)		4,147,735

Net Increase (Decrease) in Net Assets Resulting from Operations		(808,694	)		(1,361,948	)		4,279,928

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			23,308,000
Redeemed		—			—			(1,720,000	)

Increase in Net Assets from Capital Share Transactions		—			5,219,000			21,588,000

Total Increase (Decrease) in Net Assets		(911,508	)		3,857,052			25,863,217
Net Assets:
Beginning of Period		3,857,052			—			—
End of Period	$	2,945,544		$	3,857,052		$	25,863,217

Undistributed Net Investment Income	$	10,610		$	71,114		$	30,671

Share Transactions:
Issued		—			350,000			1,700,000
Redeemed		—			—			(100,000	)

Net Increase in Shares Outstanding from Share Transactions		—			350,000			1,600,000

⁽¹⁾

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

⁽²⁾

Commenced operations on March 2, 2011.

⁽³⁾

Commenced operations on December 7, 2011.

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

Statements of Changes in Net Assets

							Global X FTSE
	Global X FTSE Norway 30 ETF						Nordic Region ETF
	Year Ended			Period Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,
	2012			2011⁽²⁾			2012			2011
Operations:
Net Investment Income	$	1,805,432		$	1,248,076		$	731,475		$	751,628
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		(5,402,275	)		(3,824,884	)		(339,377	)		158,319
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		6,129,970			(5,776,232	)		1,941,642			(5,267,093	)

Net Increase (Decrease) in Net Assets Resulting from Operations		2,533,127			(8,353,040	)		2,333,740			(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		14,196,000			95,823,000			1,653,000			23,507,000
Redeemed		(28,947,000	)		(12,756,000	)		(5,865,500	)		(2,678,000	)

Increase (Decrease) in Net Assets from Capital Share Transactions		(14,751,000	)		83,067,000			(4,212,500	)		20,829,000

Total Increase (Decrease) in Net Assets		(13,578,417	)		74,706,977			(2,711,571	)		16,321,274
Net Assets:		74,706,977			—			29,004,748			12,683,474
Beginning of Period
End of Period	$	61,128,560		$	74,706,977		$	26,293,177		$	29,004,748

Undistributed Net Investment Income	$	1,388,410		$	995,926		$	644,769		$	694,530

Share Transactions:
Issued		950,000			6,200,000			100,000			1,150,000
Redeemed		(2,250,000	)		(850,000	)		(350,000	)		(150,000	)

Net Increase (Decrease) in Shares Outstanding from Share Transactions		(1,300,000	)		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).

⁽²⁾

The Fund commenced operations on November 9, 2010.

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

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

					Net Realized																									Ratio of
					and																						Ratio of			Net
					Unrealized																				Net		Expenses			Investment
	Net Asset		Net		Gain (Loss)						Distribution			Distribution						Net Asset					Assets		to			Income to
	Value,		Investment		on			Total from			from Net			from			Total from			Value, End		Total			End of		Average			Average			Portfolio
	Beginning		Income		Investments			Operations			Investment			Capital			Distributions			of Period		Return			Period		Net Assets			Net Assets			Turnover
	of Period ($)		($)*		($)			($)			Income ($)			Gains ($)			($)			($)		(%)**			($)(000)		(%)			(%)			(%)
Global X China Consumer ETF
2012		15.29		0.24		(1.47	)		(1.23	)		(0.06	)		—			(0.06	)		14.00		(8.06	)		126,715		0.65			1.73			17.32
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⁽¹⁾		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
2012		13.78		0.25		(0.01	)		0.24			(0.26	)		—			(0.26	)		13.76		1.87			4,816		0.65			1.85			17.22
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⁽²⁾		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
2012		10.92		0.20		0.92			1.12			(0.01	)		—			(0.01	)		12.03		10.28			6,013		0.65			1.76			14.02
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⁽³⁾		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
2012		11.39		0.16		(0.13	)		0.03			(0.02	)		—			(0.02	)		11.40		0.30			4,561		0.65			1.48			23.00
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⁽¹⁾		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
2012		9.58		0.13		(1.57	)		(1.44	)		—			—			—			8.14		(15.03	)		2,441		0.65			1.50			14.66
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⁽⁴⁾		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
2012		15.38		0.05		(1.47	)		(1.42	)		(0.19	)		—			(0.19	)		13.77		(9.17	)		2,754		0.65			0.35			53.45
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⁽⁵⁾		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
2012		15.51		0.51		1.10			1.61			(0.37	)		—			(0.37	)		16.75		10.77			32,656		0.65			3.23			9.69
2011⁽⁶⁾		15.08		0.38		0.05			0.43			—			—			—			15.51		2.85			23,262		0.62	†		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 based on the change in net asset value of a share during the year or period and assumes reinvestment of dividends and distributions at net asset value. Total Return is for the period indicated and periods less than one year have not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

^†

Annualized.

^††

Portfolio turnover rate is for the period indicated and periods less than one year have 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.

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

					Net Realized																									Ratio of
					and																						Ratio of			Net
					Unrealized																				Net		Expenses			Investment
	Net Asset		Net		Gain (Loss)						Distribution			Distribution						Net Asset					Assets		to			Income to
	Value,		Investment		on			Total from			from Net			from			Total from			Value, End		Total			End of		Average			Average			Portfolio
	Beginning		Income		Investments			Operations			Investment			Capital			Distributions			of Period		Return			Period		Net Assets			Net Assets			Turnover
	of Period ($)		($)*		($)			($)			Income ($)			Gains ($)			($)			($)		(%)**			($)(000)		(%)			(%)			(%)
Global X FTSE Andean 40 ETF
2012		13.61		0.23		0.77			1.00			(0.24	)		—			(0.24	)		14.37		7.63			8,620		0.72			1.65			25.80
2011⁽¹⁾		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
2012		19.19		0.39		2.52			2.91			(0.21	)		—			(0.21	)		21.89		15.41			182,379		0.78	@		1.92			61.70
2011		22.99		0.29		(3.88	)		(3.59	)		(0.13	)		(0.08	)		(0.21	)		19.19		(15.69	)		141,613		0.81	@		1.39			63.11
2010		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⁽²⁾		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
2012		15.55		0.47		(0.13	)		0.34			(0.34	)		—			(0.34	)		15.55		2.42			20,994		0.69			2.98			34.81
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⁽³⁾		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
2012		16.78		0.14		2.73			2.87			(0.22	)		—			(0.22	)		19.43		17.49			25,257		0.77			0.83			49.88
2011		19.95		0.28		(3.42	)		(3.14	)		(0.02	)		(0.01	)		(0.03	)		16.78		(15.74	)		29,361		0.77			1.53			37.28
2010⁽⁴⁾		15.48		—		4.47			4.47			—			—			—			19.95		28.88			24,934		0.77	†		0.07	†		4.72	††
Global X Brazil Financials ETF
2012		14.92		0.34		(1.80	)		(1.46	)		(0.64	)		—			(0.64	)		12.82		(9.79	)		3,845		0.77			2.47			24.79
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⁽⁵⁾		15.08		0.05		2.27			2.32			—			—			—			17.40		15.38			7,829		0.77	†		1.15	†		—	††
Global X FTSE Argentina 20 ETF
2012		11.02		0.12		(2.43	)		(2.31	)		(0.29	)		—			(0.29	)		8.42		(21.44	)		2,946		0.74			1.25			29.51
2011⁽⁶⁾		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.

Per share data calculated using average shares method.

^**

^†

Annualized.

^††

Portfolio turnover rate is for the period indicated and periods less than one year have 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 0.83%, 0.83%, 0.86% and 0.86% for the periods ended 2012, 2011, 2010 and 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.

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

																															Ratio of
						Net Realized																									Net
						and																						Ratio of			Investment
						Unrealized																				Net		Expenses			Income
	Net Asset		Net			Gain (Loss)						Distribution			Distribution						Net Asset					Assets		to			(Loss) to
	Value,		Investment			on			Total from			from Net			from			Total from			Value, End		Total			End of		Average			Average			Portfolio
	Beginning		Income			Investments			Operations			Investment			Capital			Distributions			of Period		Return			Period		Net Assets			Net Assets			Turnover
	of Period ($)		(Loss) ($)*			($)			($)			Income ($)			Gains ($)			($)			($)		(%)**			($)(000)		(%)			(%)			(%)
Global X FTSE Greece 20 ETF
2012⁽¹⁾		15.18		0.25			0.76			1.01			(0.03	)		—			(0.03	)		16.16		6.70			25,863		0.62	†		1.93	†		23.99	††
Global X FTSE Norway 30 ETF
2012		13.96		0.49			1.00			1.49			(0.36	)		—			(0.36	)		15.09		11.24			61,129		0.50			3.52			23.39
2011⁽²⁾		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
2012		17.47		0.50			1.27			1.77			(0.53	)		(0.06	)		(0.59	)		18.65		10.84			26,293		0.50			2.88			10.15
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⁽³⁾		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.

^**

†

Annualized.

††

Portfolio turnover rate is for the period indicated and periods less than one year have 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.

Notes to Financial Statements

October 31, 2012

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. As of October 31, 2012, the Trust had eighty-seven portfolios, thirty-one of which were operational. 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.

Notes to Financial Statements (continued)

October 31, 2012

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 its primary trading exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, the Funds may fair value their securities if an event that may materially affect the value of the Funds’ securities that traded outside of the United States (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. Events that may be Significant Events include: government actions, natural disaster, armed conflict, acts of terrorism and significant market fluctuations. 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. 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 October 31, 2012, there were securities valued using Fair Value Procedures of $28,033, $118,952 and $114,012 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.

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

Level 2 – Other significant observable inputs (including quoted prices in non-active markets, quoted prices for similar investments, fair value of investments for which the 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)

Notes to Financial Statements (continued)

October 31, 2012

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (concluded)

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)

For the year ended October 31, 2012, there have been no significant changes to the Funds’ fair valuation methodologies.

The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of October 31, 2012. The disclosures below also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.

Global X China Materials ETF

Quantitative information about level 3 fair value measurements

Assets		Fair Value at 10/31/12				Valuation Technique(s)		Unobservable Input		Discount Percentage Range
Common Stock			$28,033			Discount from the Last Traded Price		Last Traded Price Comparability Adjustment %		0% to 75%

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

Notes to Financial Statements (continued)

October 31, 2012

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

REPURCHASE AGREEMENTS — Securities pledged as collateral for repurchase agreements are held by Citibank, N.A. and are designated as being held on each Fund’s behalf by its custodian under a book-entry system. Each Fund monitors the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest. It is the Funds’ policy to only enter into repurchase agreements with banks and other financial institutions which are deemed by the investment adviser to be creditworthy. The Fund bears the risk of loss in the event that the other party to a repurchase agreement defaults on its obligations and the Fund is prevented from exercising its rights to dispose of the underlying securities received as collateral and the risk of a possible decline in the value of the underlying securities during the period.

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.

Notes to Financial Statements (continued)

October 31, 2012

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 payable to the Custodian on the date of such redemption, regardless of the number of Creation Units redeemed that day.

Notes to Financial Statements (continued)

October 31, 2012

2. SIGNIFICANT ACCOUNTING POLICIES (concluded)

CREATION UNITS (continued)

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	$	700,000	$	1,900
Global X China Energy ETF		50,000		1,900		688,000		1,900
Global X China Financials ETF		50,000		1,900		601,500		1,900
Global X China Industrials ETF		50,000		1,900		570,000		1,900
Global X China Materials ETF		50,000		1,900		407,000		1,900
Global X NASDAQ China Technology ETF		50,000		1,900		688,500		1,900
Global X FTSE ASEAN 40 ETF		50,000		2,300		837,500		2,300
Global X FTSE Andean 40 ETF		50,000		2,300		718,500		2,300
Global X FTSE Colombia 20 ETF		50,000		2,500		1,094,500		2,500
Global X Brazil Mid Cap ETF		50,000		1,900		777,500		1,900
Global X Brazil Consumer ETF		50,000		1,500		971,500		1,500
Global X Brazil Financials ETF		50,000		1,500		641,000		1,500
Global X FTSE Argentina 20 ETF		50,000		1,000		421,000		1,000
Global X FTSE Greece 20 ETF		50,000		1,000		808,000		1,000
Global X FTSE Norway 30 ETF		50,000		1,400		754,500		1,400
Global X FTSE Nordic Region ETF		50,000		1,400		932,500		1,400

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, directly and indirectly 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. Pursuant to an agreement with the Custodian, the Global X FTSE Colombia 20 ETF, Global X FTSE Argentina 20 ETF and Global X FTSE Greece 20 ETF may pay up to 0.15%, 0.01% and 0.14%, respectively in Custody Fees (in addition to the Supervision and Administration Fee).

Notes to Financial Statements (continued)

October 31, 2012

3. RELATED PARTY TRANSACTIONS (continued)

	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 20 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 Adviser and InterBolsa S.A. ("InterBolsa"), entered into an agreement dated January, 2009, pursuant to which InterBolsa agreed to provide certain marketing, marketing-related and other services 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 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. The agreement was terminated on November 7, 2012.

SEI Global Fund Services (“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.

Notes to Financial Statements (continued)

October 31, 2012

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 October 31, 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 China Consumer ETF	$	25,948,874	$	21,396,893
Global X China Energy ETF		828,899		820,177
Global X China Financials ETF		1,561,793		1,431,746
Global X China Industrials ETF		1,069,650		1,008,767
Global X China Materials ETF		442,803		364,031
Global X NASDAQ China Technology ETF		3,025,106		2,118,060
Global X FTSE ASEAN 40 ETF		5,031,461		2,639,794
Global X FTSE Andean 40 ETF		2,604,152		2,024,202
Global X FTSE Colombia 20 ETF		113,904,343		98,979,690
Global X Brazil Mid Cap ETF		7,700,833		7,698,078
Global X Brazil Consumer ETF		14,520,934		19,658,020
Global X Brazil Financials ETF		1,213,207		3,452,127
Global X FTSE Argentina 20 ETF		1,000,202		1,063,344
Global X FTSE Greece 20 ETF		6,243,492		1,766,493
Global X FTSE Norway 30 ETF		12,761,878		12,311,490
Global X FTSE Nordic Region ETF		2,588,485		2,676,165

During the year or period ended October 31, 2012, there were no purchases or sales of long-term U.S. Government securities for the Funds.

Notes to Financial Statements (continued)

October 31, 2012

4. INVESTMENT TRANSACTIONS (concluded)

For the year or period ended October 31, 2011 and October 31, 2012, in-kind transactions associated with creations and redemptions were, respectively:

			Sales and		Realized
	Purchases		Maturities		Gain/(Loss)
Global X China Consumer ETF	$	61,752,198	$	72,188,988	$	(7,838,991	)
Global X China Energy ETF		4,758,439		4,624,950		(283,274	)
Global X China Financials ETF		2,978,779		61,103,223		(1,605,000	)
Global X China Industrials ETF		-		6,126,046		244,654
Global X China Materials ETF		1,528,181		56,099,645		11,367,066
Global X NASDAQ China Technology ETF		2,677,853		1,956,019		(341,101	)
Global X FTSE ASEAN 40 ETF		17,582,540		612,893		(8,915	)
Global X FTSE Andean 40 ETF		4,006,971		-		-
Global X FTSE Colombia 20 ETF		30,855,838		62,252,269		2,690,734
Global X FTSE Argentina 20 ETF		5,004,623		-		-
Global X Brazil Mid Cap ETF		6,181,675		2,849,430		(190,659	)
Global X Brazil Consumer ETF		13,287,750		3,118,341		(123,897	)
Global X Brazil Financials ETF		1,675,018		196,619		(49,247	)
Global X FTSE Norway 30 ETF		90,533,529		9,560,947		(62,096	)
Global X FTSE Nordic Region ETF		22,424,541		2,242,230		65,667

			Sales and		Realized
	Purchases		Maturities		Gain/(Loss)
Global X China Consumer ETF	$	58,127,422	$	60,602,543	$	(14,971,205	)
Global X China Energy ETF		1,387,260		1,337,430		(69,263	)
Global X China Financials ETF		3,926,565		9,690,527		936,142
Global X China Materials ETF		898,865		884,664		(757,417	)
Global X NASDAQ China Technology ETF		-		2,314,245		390,361
Global X FTSE ASEAN 40 ETF		6,222,348		1,021,509		(207,923	)
Global X FTSE Andean ETF		1,415,510		413,410		39,468
Global X FTSE Colombia 20 ETF		52,446,557		41,442,085		2,673,694
Global X Brazil Mid Cap ETF		270,057		2,599,515		135,361
Global X Brazil Consumer ETF		3,594,611		6,452,371		917,960
Global X Brazil Financials ETF		-		749,909		(130,497	)
Global X FTSE Greece 20 ETF		18,896,843		1,718,402		195,351
Global X FTSE Norway 30 ETF		14,195,676		28,918,670		(3,714,967	)
Global X FTSE Nordic Region ETF		1,652,853		5,863,959		415,958

5. TAX INFORMATION

Notes to Financial Statements (continued)

October 31, 2012

5. TAX INFORMATION (continued)

The following differences, primarily attributable to utilization of earnings and profits on shareholder redemptions and distributions reclassifications, foreign currency, redemptions in-kind and sales of passive foreign investment companies, have been reclassified to/from the following accounts during the fiscal period ended October 31, 2012.

	Paid-in			Undistributed Net Investment			Accumulated Net Realized
Global X Funds	Capital			Income/(Loss)			Gain/(Loss)
Global X China Consumer ETF	$	(15,953,638	)	$	578,947		$	15,374,691
Global X China Energy ETF		(74,212	)		83			74,129
Global X China Financials ETF		679,007			172			(679,179	)
Global X China Industrials ETF		–			(58	)		58
Global X China Materials ETF		(757,417	)		46			757,371
Global X NASDAQ China Technology ETF		390,361			160			(390,521	)
Global X FTSE ASEAN 40 ETF		(207,923	)		16,635			191,288
Global X FTSE Andean 40 ETF		39,467			(336	)		(39,131	)
Global X FTSE Colombia 20 ETF		2,331,771			121,267			(2,453,038	)
Global X Brazil Mid Cap ETF		135,361			(82,977	)		(52,384	)
Global X Brazil Consumer ETF		917,960			27,959			(945,919	)
Global X Brazil Financials ETF		(175,075	)		(3,144	)		178,219
Global X FTSE Argentina 20 ETF		–			(19	)		19
Global X FTSE Greece 20 ETF		336,128			(82,340	)		(253,788	)
Global X FTSE Norway 30 ETF		(5,121,659	)		(52,404	)		5,174,063
Global X FTSE Nordic Region ETF		433,825			(39,005	)		(394,820	)

Notes to Financial Statements (continued)

October 31, 2012

5. TAX INFORMATION (continued)

The tax character of dividends and distributions paid during the periods ended October 31, 2012 and 2011 were as follows:

Global X Funds	Ordinary Income		Long-Term Capital Gain		Totals

Global X China Consumer ETF
2012	$	487,644	$	–	$	487,644
2011		1,734,529		–		1,734,529
Global X China Energy ETF
2012	$	78,332	$	–	$	78,332
2011		61,491		–		61,491
Global X China Financials ETF
2012	$	14,611	$	–	$	14,611
2011		1,177,311		–		1,177,311
Global X China Industrials ETF
2012	$	8,938	$	–	$	8,938
2011		149,711		–		149,711
Global X China Materials ETF
2012	$	–	$	–	$	–
2011		336,120		–		336,120
Global X NASDAQ China Technology ETF
2012	$	57,614	$	–	$	57,614
2011		45,880		–		45,880
Global X FTSE ASEAN 40 ETF
2012	$	517,045	$	–	$	517,045
2011		–		–		–
Global X FTSE Andean 40 ETF
2012	$	120,234	$	–	$	120,234
2011		–		–		–
Global X FTSE Colombia 20 ETF
2012	$	1,467,527	$	–	$	1,467,527
2011		1,288,147		456,070		1,744,217
Global X Brazil Mid Cap ETF
2012	$	495,614	$	–	$	495,614
2011		452,979		–		452,979
Global X Brazil Consumer ETF
2012	$	392,931	$	–	$	392,931
2011		57,979		–		57,979
Global X Brazil Financials ETF
2012	$	256,178	$	–	$	256,178
2011		49,172		–		49,172
Global X FTSE Argentina 20 ETF
2012	$	102,814	$	–	$	102,814
2011		–		–		–
Global X FTSE Greece 20 ETF
2012	$	4,711	$	–	$	4,711
Global X FTSE Norway 30 ETF
2012	$	1,360,544	$	–	$	1,360,544
2011		6,983		–		6,983
Global X FTSE Nordic Region ETF
2012	$	825,103	$	7,708	$	832,811
2011		150,580		–		150,580

Notes to Financial Statements (continued)

October 31, 2012

5. TAX INFORMATION (continued)

As of October 31, 2012, the components of tax basis distributable earnings (accumulated losses) were as follows:

	Global X China			Global X China			Global X China
	Consumer ETF			Energy ETF			Financials ETF
Undistributed Ordinary Income	$	2,074,779		$	88,650		$	185,487
Capital Loss Carryforwards		(5,810,505	)		(214,304	)		(857,728	)
Unrealized Depreciation on Investments and Foreign Currency		(17,842,080	)		(228,150	)		(608,371	)
Other Temporary Differences		3			1			(2	)
Total Accumulated Losses	$	(21,577,803	)	$	(353,803	)	$	(1,280,614	)

	Global X China			Global X China			Global X NASDAQ China
	Industrials ETF			Materials ETF			Technology ETF
Undistributed Ordinary Income	$	59,337		$	37,881		$	14,283
Capital Loss Carryforwards		(988,564	)		(167,017	)		(770,701	)
Unrealized Depreciation on Investments and Foreign Currency		(1,628,843	)		(1,029,258	)		(305,420	)
Other Temporary Differences		—			(2	)		(1	)
Total Accumulated Losses	$	(2,558,070	)	$	(1,158,396	)	$	(1,061,839	)

	Global X FTSE			Global X FTSE			Global X FTSE
	ASEAN 40 ETF			Andean 40 ETF			Colombia 20 ETF
Undistributed Ordinary Income	$	741,371		$	114,703		$	3,480,303
Capital Loss Carryforwards		(380,238	)		(370,862	)		(12,474,719	)
Unrealized Depreciation on Investments and Foreign Currency		875,310			(34,915	)		4,247,610
Other Temporary Differences		(1	)		(1	)		(2	)
Total Accumulated Losses	$	1,236,442		$	(291,075	)	$	(4,746,808	)

	Global X Brazil			Global X Brazil			Global X Brazil
	Mid Cap ETF			Consumer ETF			Financials ETF
Undistributed Ordinary Income	$	493,502		$	269,775		$	130,600
Capital Loss Carryforwards		(2,911,938	)		(2,093,242	)		(514,052	)
Unrealized Depreciation on Investments and Foreign Currency		218,422			1,917,026			(953,004	)
Other Temporary Differences		—			1			(4	)
Total Accumulated Losses	$	(2,200,014	)	$	93,560		$	(1,336,460	)

	Global X FTSE			Global X FTSE		Global X FTSE
	Argentina 20 ETF			Greece 20 ETF		Norway 30 ETF
Undistributed Ordinary Income	$	10,610		$	47,748	$	1,388,410
Capital Loss Carryforwards		(849,688	)		—		(2,985,495	)
Unrealized Depreciation on Investments and Foreign Currency		(1,434,377	)		3,891,341		(610,678	)
Other Temporary Differences		(1	)		—		(3	)
Total Accumulated Losses	$	(2,273,456	)	$	3,939,089	$	(2,207,766	)

	Global X FTSE
	Nordic Region
	ETF
Undistributed Ordinary Income	$	669,210
Capital Loss Carryforwards		(720,747	)
Unrealized Depreciation on Investments and Foreign Currency		(1,830,742	)
Other Temporary Differences		(1	)
Total Accumulated Losses	$	(1,882,280	)

Notes to Financial Statements (continued)

October 31, 2012

5. TAX INFORMATION (continued)

			Global X		Global X		Global X		Global X		Global NASDAQ
	Global X China		China Energy		China Financials		China Industrials		China Materials		China Technology
Expiration Date	Consumer ETF		ETF		ETF		ETF		ETF		ETF
Oct. 2019	$	1,341,121	$	33,912	$	—	$	—	$	—	$	236,466
Oct. 2018		173,208		—		551,954		94,810		—		—
Total	$	1,514,329	$	33,912	$	551,954	$	94,810	$	—	$	236,466

			Global X		Global X				Global X		Global X
	Global X FTSE		FTSE Andean 40		FTSE Colombia 20		Global X Brazil Mid		Brazil Consumer		Brazil Financials
Expiration Date	ASEAN 40 ETF		ETF		ETF		Cap ETF		ETF		ETF
Oct. 2019	$	—	$	120,886	$	8,249,654	$	918,379	$	563,593	$	—
Oct. 2018		—		—		—		—		—		—
Total	$	—	$	120,886	$	8,249,654	$	918,379	$	563,593	$	—

	Global X		Global X FTSE		Global X FTSE		Global X FTSE Nordic
	Argentina 20		Greece 20		Norway 30		Region
Expiration Date	ETF		ETF		ETF		ETF
Oct. 2019	$	414,683	$	—	$	1,802,290	$	—
Oct. 2018		—		—		—		—
Total	$	414,683	$	—	$	1,802,290	$	—

Notes to Financial Statements (continued)

October 31, 2012

5. TAX INFORMATION (continued)

	Short-Term		Long-Term
Global X Funds	Loss		Loss		Total
Global X China Consumer ETF	$	-	$	4,296,176	$	4,296,176
Global X China Energy ETF		-		180,392		180,392
Global X China Financials ETF		120,706		185,068		305,774
Global X China Industrials ETF		7,913		885,841		893,754
Global X China Materials ETF		15,083		151,934		167,017
Global X NASDAQ China Technology ETF		106,171		428,064		534,235
Global X FTSE ASEAN 40 ETF		380,238		-		380,238
Global X FTSE Andean 40 ETF		132,404		117,572		249,976
Global X FTSE Colombia 20 ETF		2,146,269		2,078,796		4,225,065
Global X Brazil Mid Cap ETF		674,097		1,319,462		1,993,559
Global X Brazil Consumer ETF		472,361		1,057,288		1,529,649
Global X Brazil Financials ETF		85,300		428,752		514,052
Global X FTSE Argentina 20 ETF		246,179		188,826		435,005
Global X FTSE Norway 30 ETF		798,994		384,211		1,183,205
Global X FTSE Nordic Region ETF		435,649		285,098		720,747

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at October 31, 2012 were as follows:

			Aggregated		Aggregated			Net
Global X Funds	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Unrealized Appreciation (Depreciation)
Global X China Consumer ETF	$	158,123,765	$	12,688,933	$	(30,531,064	)	$	(17,842,131	)
Global X China Energy ETF		5,067,559		596,274		(824,426	)		(228,152	)
Global X China Financials ETF		6,627,394		198,980		(807,351	)		(608,371	)
Global X China Industrials ETF		6,204,259		237,784		(1,867,701	)		(1,629,917	)
Global X China Materials ETF		3,471,790		66,125		(1,095,383	)		(1,029,258	)
Global X NASDAQ China Technology ETF		3,056,648		277,462		(582,883	)		(305,421	)
Global X FTSE ASEAN 40 ETF		31,757,543		2,353,478		(1,478,121	)		875,357
Global X FTSE Andean 40 ETF		8,650,223		581,656		(616,431	)		(34,775	)
Global X FTSE Colombia 20 ETF		175,050,622		20,268,129		(16,013,463	)		4,254,666
Global X Brazil Mid Cap ETF		20,704,138		2,996,928		(2,778,412	)		218,516
Global X Brazil Consumer ETF		23,313,976		5,473,321		(3,555,700	)		1,917,621
Global X Brazil Financials ETF		4,767,392		246,743		(1,199,747	)		(953,004	)
Global X FTSE Argentina 20 ETF		4,373,208		146,880		(1,581,257	)		(1,434,377	)
Global X FTSE Greece 20 ETF		21,824,634		4,222,595		(331,254	)		3,891,341
Global X FTSE Norway 30 ETF		61,773,605		3,960,338		(4,571,088	)		(610,750	)
Global X FTSE Nordic Region ETF		28,519,365		1,324,416		(3,154,946	)		(1,830,530	)

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

Notes to Financial Statements (continued)

October 31, 2012

6. CONCENTRATION OF RISKS

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 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.

Notes to Financial Statements (continued)

October 31, 2012

7. OTHER

At October 31, 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 China Consumer ETF		6		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 ETF		3		100	%
Global X FTSE Colombia 20 ETF		4		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		6		100	%
Global X FTSE Nordic Region ETF		3		100	%
Global X FTSE Norway 30 ETF		6		100	%

8. SHARE SPLIT

Effective April 12, 2011, the Global X FTSE Colombia 20 ETF Fund underwent a 2-for-1 share split. The effect of this transaction was to multiply the number of outstanding shares of the Fund by two, resulting in a corresponding decrease in the net asset value per share. The capital share activity presented in the statement of changes in net assets for each of the years in the period then ended, and per share data in the financial highlights for each of the years in the three-year period then ended have been given retroactive effect to reflect these share splits. There were no changes in net assets, results of operations or total return as a result of these transactions.

Notes to Financial Statements (concluded)

October 31, 2012

9. LOANS OF PORTFOLIO SECURITIES

The Funds may lend portfolio securities having a market value up to one-third of the Funds’ total assets. Security loans made pursuant to the securities lending agreement are required at all times to be secured by collateral equal to at least 102% for U.S. based securities and 105% for foreign based securities. 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 October 31, 2012, the value of the securities on loan was $9,373,101, $18,457,927, $229,396 and $358,591 for the Global X China Consumer ETF, Global X FTSE Colombia 20 ETF, Global X FTSE Norway 30 ETF and Global X FTSE Nordic Region, respectively.

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.

11. RECENT ACCOUNTING PRONOUNCEMENT

In December 2011, the Financial Accounting Standards Board issued a further update to the guidance “Balance Sheet – Disclosures about Offsetting Assets and Liabilities”. The amendments to this standard require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The amended guidance is effective for interim and annual reporting periods beginning after January 1, 2013. At this time, management is evaluating the implications of this update and its impact on the financial statements has not been determined.

12. SUBSEQUENT EVENTS

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 the fiscal year-end, the following investment portfolio was added to the Trust: Global X SuperDividend U.S. ETF.

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of Global X Funds

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of 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 (sixteen of the series constituting the Global X Funds) (the “Funds”) as of October 31, 2012, and the related statements of operations, and the statements of changes in net assets for the period indicated therein, and financial highlights for each of the two years or period indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights of 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 Colombia 20 ETF, Global X Brazil Mid Cap ETF, Global X Brazil Consumer ETF, Global X Brazil Financials ETF and Global X FTSE Nordic Region ETF for each of the periods presented through October 31, 2010 were audited by other auditors whose report dated December 23, 2010, expressed an unqualified opinion on those financial statements and financial highlights.

In our opinion, the 2012 financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds listed above at October 31, 2012, and the results of their operations and the changes in their net assets for the period indicated therein, and their financial highlights for each of the two years or period indicated therein, in conformity with U.S. generally accepted accounting principles.



Philadelphia, Pennsylvania
December 21, 2012

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

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.

Disclosure of Fund Expenses (unaudited)

	Beginning Account		Ending Account		Annualized			Expenses Paid
	Value		Value		Expense			During
	5/1/2012		10/31/2012		Ratios			Period⁽¹⁾
Global X China Consumer ETF
Actual Fund Return	$	1,000.00	$	917.40		0.65	%	$	3.13
Hypothetical 5% Return		1,000.00		1,021.87		0.65			3.30
Global X China Energy ETF
Actual Fund Return	$	1,000.00	$	997.10		0.65	%	$	3.26
Hypothetical 5% Return		1,000.00		1,021.87		0.65			3.30
Global X China Financials ETF
Actual Fund Return	$	1,000.00	$	1,016.90		0.65	%	$	3.30
Hypothetical 5% Return		1,000.00		1,021.87		0.65			3.30
Global X China Industrials ETF
Actual Fund Return	$	1,000.00	$	942.10		0.65	%	$	3.17
Hypothetical 5% Return		1,000.00		1,021.87		0.65			3.30
Global X China Materials ETF
Actual Fund Return	$	1,000.00	$	956.50		0.65	%	$	3.20
Hypothetical 5% Return		1,000.00		1,021.87		0.65			3.30
Global X NASDAQ China Technology ETF
Actual Fund Return	$	1,000.00	$	895.30		0.65	%	$	3.10
Hypothetical 5% Return		1,000.00		1,021.87		0.65			3.30
Global X FTSE ASEAN 40 ETF
Actual Fund Return	$	1,000.00	$	1,030.10		0.65	%	$	3.31
Hypothetical 5% Return		1,000.00		1,021.87		0.65			3.30
Global X FTSE Andean 40 ETF
Actual Fund Return	$	1,000.00	$	946.00		0.72	%	$	3.51
Hypothetical 5% Return		1,000.00		1,021.53		0.72			3.65
Global X FTSE Colombia 20 ETF
Actual Fund Return	$	1,000.00	$	976.80		0.78	%	$	3.88
Hypothetical 5% Return		1,000.00		1,021.21		0.78			3.96
Global X Brazil Mid Cap ETF
Actual Fund Return	$	1,000.00	$	923.90		0.69	%	$	3.34
Hypothetical 5% Return		1,000.00		1,021.67		0.69			3.51
Global X Brazil Consumer ETF
Actual Fund Return	$	1,000.00	$	1,061.20		0.77	%	$	3.99
Hypothetical 5% Return		1,000.00		1,021.27		0.77			3.91
Global X Brazil Financials ETF
Actual Fund Return	$	1,000.00	$	952.50		0.77	%	$	3.78
Hypothetical 5% Return		1,000.00		1,021.27		0.77			3.91
Global X FTSE Argentina 20 ETF
Actual Fund Return	$	1,000.00	$	886.30		0.73	%	$	3.48
Hypothetical 5% Return		1,000.00		1,021.45		0.73			3.73
Global X FTSE Greece 20 ETF
Actual Fund Return	$	1,000.00	$	1,107.60		0.61	%	$	3.26
Hypothetical 5% Return		1,000.00		1,022.04		0.61			3.13

Disclosure of Fund Expenses (unaudited)

	Beginning		Ending				Expenses
	Account		Account		Annualized		Paid
	Value		Value		Expense		During
	5/1/2012		10/31/2012		Ratios		Period⁽¹⁾
Global X FTSE Norway 30 ETF
Actual Fund Return	$	1,000.00	$	1,053.80		0 .50%	$	2.57
Hypothetical 5% Return		1,000.00		1,022.62		0 .50		2.54
Global X FTSE Nordic Region ETF
Actual Fund Return	$	1,000.00	$	1,027.00		0 .50%	$	2.55
Hypothetical 5% Return		1,000.00		1,022.62		0 .50		2.54

⁽¹⁾

Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period.).

Trustees And Officers Of The Trust (unaudited)

			Number of
Name,			Funds in	Other
Address	Position(s)		Trust	Directorships
(Year of	Held	Principal Occupation(s) During	Overseen by	Held
Birth)	with Funds	the Past 5 Years	Director	by Trustees
Independent Trustees²
Sanjay	Trustee	CEO of Risk Advisors Inc. (since 2007) (consulting	31³	None.
Ram	(since	firm).
Bharwani	2008)
623 Fifth
Ave,
15^th floor
New York,
NY 10022
(1974)
Scott R.	Trustee	CFO, Sterling Seal & Supply Inc. (since 2011),	31³	Director of
Chichester¹	(since	President & Treasurer, Bayview Acquisition Corp		Bayview
623 Fifth	2008)	(since 2010), CPA, Penda Aiken Inc. (2009-2011)		Acquisition Corp.
Ave,		(consultant); Founder and President, DirectPay USA		(since 2010).
15^th floor		LLC (since 2006) (payroll company); Chief Financial
New York,		Officer, Ong Corporation (2002-2010) (technology
NY 10022		company); Proprietor, Scott R. Chichester CPA
(1970)		(since 2001) (CPA firm).

Kartik	Trustee	Vice President, Business Development, Cynvenio	31³	None.
Kiran Shah	(since	Biosystems (2012-present); Independent Consultant,
623 Fifth	2008)	Self-Employed (2011-2012) (non-financial services);
Ave,		Director, Wireless Generation (2008-2011)
15^th floor		(software).
New York,
NY 10022
(1977)

Trustees And Officers Of The Trust (unaudited) (CONTINUED)

			Number of Funds
		Principal Occupation(s)	in Trust	Other
Name, Address	Position(s) Held	During	Overseen by	Directorships Held
(Year of Birth)	with Funds	the Past 5 Years	Director	by Trustees
Interested Trustee / Officers²
Bruno del Ama	Trustee (since 2008),	Chief Executive Officer and	31³	None.
623 Fifth Ave,	President, Chief	Chief Compliance Officer,
15^th floor	Executive Officer	Global X Management Company
New York, NY	(since 2008)	LLC (since 2008); Head of
10022		Global Structured Products
(1976)		Operations at Radian Asset
		Assurance (2004-2008)
		(financial services firm).

Jose C. Gonzalez	Chief Operating	Chief Operating Officer, Global	N/A	N/A
623 Fifth Ave,	Officer, Chief	X Management Company LLC
15^th floor	Compliance Officer,	(since 2008); Founder and
New York, NY	Treasurer, Principal	President of GWM Group, Inc.
10022	Accounting Officer	(since 2006); Financial Advisor,
(1976)	and Chief Financial	Broad Street Securities, Inc.
	Officer (since 2008)	(2004-2006).

Daphne Tippens	Secretary (since 2012)	General Counsel, Global X	N/A	N/A
Chisolm		Management Company LLC
11524-C		(since 2011); Founder and
Providence		President of Law Offices of DT
Road, Suite 236		Chisolm, P.C. (since 2009) (law
Charlotte, NC		firm); Counsel, Dechert (2007-
28277		2009) (law firm)
(1969)

Dianne	Assistant Secretary	Corporate Counsel, SEI	N/A	N/A
Sulzbach⁴	(since 2011)	Investments (since 2010);
One Freedom		Associate, Morgan, Lewis &
Valley Drive		Bockius LLP (2006-2010).
Oaks, PA 19456
(1977)

Trustees And Officers Of The Trust (unaudited)(concluded)

			Other Directorships
Name, Address	Position(s) Held	Principal Occupation(s) During	Held
(Year of Birth)	with Funds	the Past 5 Years	by Trustees
Peter Rodriguez⁴	Assistant Treasurer	Fund Accounting Director of the	N/A
One Freedom Valley Drive	(since 2011)	Administrator (since 2011);
Oaks, PA 19456		Mutual Fund Trading Director,
(1962)		SEI Global Trust Company (2009-
		2011); Asset Data Services
		Director at the Administrator
		(2006-2009).

Each Trustee serves until his or her successor is duly elected or appointed and qualified.

As of October 31, 2012, the Trust had eighty-seven investment portfolios, thirty-one of which were operational.

⁴

These officers of the Trust also serve as officers of one or more mutual funds for which SEI Investments Company or an affiliate acts as investment manager, administrator or distributor.

Notice To Shareholders (unaudited)

For shareholders that do not have an October 31, 2012 tax year end, this notice is for informational purposes only. For shareholders with an October 31, 2012 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended October 31, 2012, the liquidated Funds have designated the following items with regard to distributions paid during the year.

										Qualifying for												Short
										Corporate												Term
	Long-Term			Ordinary						Dividends			Qualifying			U.S.			Interest			Capital
	Capital Gain			Income			Total			Received			Dividend			Government			Related			Gain
	Distributions			Distributions			Distributions			Deduction ⁽¹⁾			Income ⁽²⁾			Interest ⁽³⁾			Dividends⁽⁴⁾			Dividends
Global X China Consumer ETF		0.00	%		100.00	%		100.00	%		0.00	%		7.76	%		0.00	%		0.01	%		0.00	%
Global X China Energy ETF		0.00	%		100.00	%		100.00	%		0.00	%		92.98	%		0.00	%		0.00	%		0.00	%
Global X China Financials ETF		0.00	%		100.00	%		100.00	%		0.00	%		100.00	%		0.00	%		0.00	%		0.00	%
Global X China Industrials ETF		0.00	%		100.00	%		100.00	%		0.00	%		100.00	%		0.00	%		0.00	%		0.00	%
Global X China Materials ETF		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Global X NASDAQ China Technology ETF		0.00	%		100.00	%		100.00	%		0.00	%		100.00	%		0.00	%		0.00	%		0.00	%
Global X FTSE ASEAN 40 ETF		0.00	%		100.00	%		100.00	%		0.00	%		73.23	%		0.00	%		0.00	%		0.00	%
Global X FTSE Andean 40 ETF		0.00	%		100.00	%		100.00	%		18.64	%		100.00	%		0.00	%		0.00	%		0.00	%
Global X FTSE Colombia 20 ETF		0.00	%		100.00	%		100.00	%		0.00	%		98.17	%		0.00	%		0.00	%		0.00	%
Global X Brazil Mid Cap ETF		0.00	%		100.00	%		100.00	%		0.00	%		87.51	%		0.00	%		0.19	%		0.00	%
Global X Brazil Consumer ETF		0.00	%		100.00	%		100.00	%		0.00	%		51.33	%		0.00	%		0.00	%		0.00	%
Global X Brazil Financials ETF		0.00	%		100.00	%		100.00	%		0.00	%		30.30	%		0.00	%		0.00	%		100.00	%
Global X FTSE Argentina 20 ETF		0.00	%		100.00	%		100.00	%		17.17	%		100.00	%		0.00	%		0.00	%		0.00	%
Global X FTSE Greece 20 ETF		0.00	%		100.00	%		100.00	%		14.22	%		80.19	%		0.00	%		0.01	%		0.00	%
Global X FTSE Norway 30 ETF		0.00	%		100.00	%		100.00	%		0.00	%		83.18	%		0.00	%		0.00	%		0.00	%
Global X FTSE Nordic Region ETF		0.75	%		99.25	%		100.00	%		3.51	%		98.94	%		0.00	%		0.01	%		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 its 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⁾ "U.S. Government Interest represents the amount of interest that was derived from U.S. Government obligations and distributed during the fiscal year. Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders of the Analytic Global Long-Short Fund who are residents of California, Connecticut and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income.

⁽⁴⁾ The percentage in this column represents the amount of "Qualifying Interest Income" as created by the American Jobs Creation Act of 2004 and is a percentage of net investment income that is exempt from U.S. withholding tax when paid for foreign investors.

The Funds intend to pass through a foreign tax credit to shareholders. For the fiscal year ended October 31, 2012, the total amount of foreign source income and foreign tax credit are as follows:

			Foreign Tax
	Foreign Source		Credit Pass-
Global X Funds	Income		Through
Global X China Consumer ETF	$	1,150,298	$	70,451
Global X China Energy ETF		131,611		11,844
Global X China Financial ETF		276,562		22,883
Global X China Industrials ETF		96,954		3,246
Global X FTSE ASEAN 40 ETF		1,132,855		37,957
Global X FTSE Andean 40 ETF		212,687		25,883
Global X FTSE Colombia 20 ETF		3,540,600		30,895
Global X FTSE Greece 20 ETF		186,644		30,909
Global X FTSE Norway ETF		1,593,898		387,981
Global X FTSE Nordic Region ETF		974,208		166,852

100

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.

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

101

Notes

102

623 Fifth Avenue, 15^th floor
New York, NY 10022
1-888-GXFund-1
(1-888-493-8631)
www.globalxfunds.com

Investment Adviser:

Global X Management Company LLC

623 Fifth Avenue, 15^th 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.

GLX-AR-002-0200

Global X SuperDividend ETF (ticker: SDIV)

Global X Canada Preferred ETF (ticker: CNPF)

Global X Social Media Index ETF (ticker: SOCL)

Annual Report

October 31, 2012

Table Of Contents

Management Discussion of Fund Performance (unaudited)	1
Schedules of Investments
Global X SuperDividend ETF	4
Global X Canada Preferred ETF	11
Global X Social Media Index ETF	14
Statements of Assets and Liabilities	16
Statements of Operations	17
Statements of Changes in Net Assets	18
Financial Highlights	20
Notes to Financial Statements	21
Report of Independent Registered Public Accounting Firm	31
Disclosure of Fund Expenses (unaudited)	32
Supplemental Information (unaudited)	34
Trustees and Officers of the Trust (unaudited)	35
Notice to Shareholders (unaudited)	38

A description of the policies and procedures that Global X Funds use 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.

Management Discussion Of Fund Performance (unaudited)

Global X SuperDividend Etf

Global X SuperDividend ETF

The Global X SuperDividend ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global SuperDividend™ Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Solactive Global SuperDividend™ Index tracks the performance of 100 equally weighted companies that rank among the highest dividend yielding equity securities in the world. The index provider applies certain dividend stability filters.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

For the 12-month period ended October 31, 2012 (the “reporting period”), the Fund increased 8.34%, while the Index increased 7.45%. The Fund had a net asset value of $21.76 per share on October 31, 2011 and ended the reporting period with a net asset value of $21.86 on October 31, 2012.

During the reporting period, the highest returns came from Surgutneftegas OJSC and Invesco Mortgage Capital which returned 59.72% and 57.39%, respectively. The worst performers were Thomas Cook Group PLC and APN News & Media Ltd., which returned -69.22% and -63.01%, respectively.

	AVERAGE ANNUAL TOTAL RETURN FOR
	THE PERIOD ENDED OCTOBER 31, 2012
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X SuperDividend ETF		8.34	%		9.07	%		(1.45	%)		(1.29	%)
Solactive Global SuperDividend™ Index		7.45	%		7.45	%		(3.74	%)		(3.74	%)
S&P 500 Index		15.21	%		15.21	%		9.63	%		9.63	%

Growth of a $10,000 Investment

(at Net Asset Value)

The Fund commenced operations on June 8, 2011.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices above.

Management Discussion Of Fund Performance (unaudited)

Global X Canada Preferred Etf

Global X Canada Preferred ETF

The Global X Canada Preferred ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Canada Preferred Stock Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Solactive Canada Preferred Stock Index tracks the performance of a select group of preferred stocks from Canadian issues that trade on the Toronto Stock Exchange. It is comprised of preferred shares that meet certain criteria relating to size, liquidity, issuer rating, maturity, and other requirements as determined by Structured Solutions AG. Only securities which are tradable for foreign investors without restrictions are eligible. The Fund is the nation’s first ETF focused exclusively on preferred stock of Canadian companies.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

For the 12-month period ended October 31, 2012 (the “reporting period”), the Fund increased 3.78%, while the Index increased 4.33%. The Fund had a net asset value of $14.48 per share on October 31, 2011 and ended the reporting period with a net asset value of $14.49 on October 31, 2012.

During the reporting period, the highest returns came from Sun Life Financial Class A and Manulife Financial Class A, which returned 15.14% and 13.42%, respectively. The worst performers were Yellow Media 6.75% and Transalta Cumulative Class A, which returned -10.86% and -5.96%, respectively.

	AVERAGE ANNUAL TOTAL RETURN FOR
	THE PERIOD ENDED OCTOBER 31, 2012
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Canada Preferred ETF		3.78	%		4.20	%		1.23	%		1.27	%
Solactive Canada Preferred Stock Index		4.33	%		4.33	%		1.43	%		1.43	%
S&P 500 Index		15.21	%		15.21	%		7.29	%		7.29	%

Growth of a $10,000 Investment

(at Net Asset Value)

The Fund commenced operations on May 24, 2011.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices above.

Management Discussion Of Fund Performance (unaudited)

Global X Social Media Index Etf

Global X Social Media Index ETF

The Global X Social Media Index ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Social Media Index (“Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Solactive Social Media Index tracks the equity performance of the largest and most liquid companies involved in the social media industry, including companies that provide social networking, file sharing, and other web-based media applications.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

For the period from the Fund’s commencement date on November 14, 2011 through October 31, 2012 (the “reporting period”), the Fund decreased 14.07%, while the Index decreased 13.33%. The Fund commenced operations with a net asset value of $14.93 per share on November 14, 2011 and ended the reporting period with a net asset value of $12.83 on October 31, 2012.

During the reporting period, the highest returns came from Tencent Holdings Ltd. and Buongiorno SpA, which returned 78.50% and 70.14% respectively. The worst performers were Groupon and Zynga, which returned -82.88% and -76.14% respectively.

	AVERAGE ANNUAL TOTAL RETURN FOR
	THE PERIOD ENDED OCTOBER 31, 2012
	Cumulative Inception to Date*
	Net Asset Value			Market Price
Global X Social Media Index ETF		(14.07	%)		(14.94	%)
Solactive Social Media Index		(13.33	%)		(13.33	%)
S&P 500 Index		15.19	%		15.19	%

Growth of a $10,000 Investment

(at Net Asset Value)

*The Fund commenced operations on November 14, 2011. Total return is for the period indicated and has not been annualized.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices on previous page.

Schedule of Investments

October 31, 2012

Global X SuperDividend ETF

Sector Weightings (unaudited) †:

	Shares		Value
COMMON STOCK — 98.5%
AUSTRALIA—25.2%
Banks — 5.4%
Bank of Queensland		217,479	$	1,711,224
Bendigo and Adelaide Bank		185,789		1,558,303
Commonwealth Bank of Australia		29,876		1,790,997
National Australia Bank		65,628		1,756,956
Westpac Banking		72,122		1,909,847
				8,727,327
Consumer Goods — 1.9%
Fleetwood		118,766		1,269,842
GUD Holdings		213,286		1,857,568
				3,127,410
Consumer Services — 7.6%
David Jones ^(A)		642,349		1,780,339
Metcash		371,317		1,410,738
Myer Holdings ^(A)		752,935		1,528,005
Navitas ^(A)		520,632		2,226,632
Seven West Media		460,874		581,271
Southern Cross Media Group		1,349,909		1,457,331
TABCORP Holdings		545,300		1,607,586
Tatts Group		598,549		1,739,715
				12,331,617

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

Schedule of Investments

October 31, 2012

Global X SuperDividend ETF

	Shares		Value
COMMON STOCK — continued
Financials — 4.2%
ASX		47,010	$	1,449,329
IOOF Holdings		266,404		1,747,746
Perpetual		64,870		1,881,441
QBE Insurance Group		130,707		1,788,277
				6,866,793
Industrials — 1.7%
Cabcharge Australia		255,499		1,570,115
GWA Group		674,805		1,222,346
				2,792,461
Oil & Gas — 1.0%
APA Group		313,936		1,681,556
Telecommunications — 1.2%
Telstra		438,703		1,885,347
Utilities — 2.2%
DUET Group		837,774		1,817,580
Spark Infrastructure Group		1,069,531		1,876,292
				3,693,872
TOTAL AUSTRALIA				41,106,383
AUSTRIA—0.5%
Telecommunications — 0.5%
Telekom Austria		141,016		888,295
BELGIUM—1.0%
Telecommunications — 1.0%
Belgacom		53,370		1,559,899
BERMUDA—1.3%
Industrials — 1.3%
Ship Finance International		134,199		2,063,981
BRAZIL—0.7%
Utilities — 0.7%
Light		104,300		1,122,058
CANADA—4.7%
Consumer Services — 1.2%
Parkland Fuel		115,662		1,973,347
Financials — 0.9%
Extendicare		185,588		1,518,152
Health Care — 0.8%
CML HealthCare ^(A)		152,808		1,295,903

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

Schedule of Investments

October 31, 2012

Global X SuperDividend ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — 0.9%
Freehold Royalties ^(A)		70,940	$	1,440,464
Utilities — 0.9%
Just Energy Group ^(A)		131,956		1,350,278
TOTAL CANADA				7,578,144
CZECH REPUBLIC— 1.0%
Telecommunications — 1.0%
Telefonica Czech Republic		82,601		1,645,192
FINLAND—1.1%
Health Care — 1.1%
Orion, Cl B		72,081		1,782,592
FRANCE—0.8%
Telecommunications — 0.8%
France Telecom		111,712		1,245,524
GERMANY—2.1%
Telecommunications — 2.1%
Deutsche Telekom		122,299		1,396,376
Freenet		119,275		1,971,890
TOTAL GERMANY				3,368,266
HONG KONG— 0.9%
Technology — 0.9%
VTech Holdings		120,206		1,427,728
HUNGARY—0.8%
Telecommunications — 0.8%
Magyar Telekom Telecommunications		683,036		1,265,207
ITALY—1.0%
Utilities — 1.0%
Hera		988,140		1,665,002
NETHERLANDS—1.5%
Real Estate Investment Trust — 0.9%
Vastned Retail		32,548		1,507,758
Telecommunications — 0.6%
Koninklijke KPN		161,180		1,017,612
TOTAL NETHERLANDS				2,525,370
NEW ZEALAND— 1.1%
Telecommunications — 1.1%
Telecom Corp of New Zealand		926,341		1,832,189

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

Schedule of Investments

October 31, 2012

Global X SuperDividend ETF

	Shares		Value
COMMON STOCK — continued
NORWAY—1.1%
Oil & Gas — 1.1%
Seadrill		42,522	$	1,721,375
POLAND—2.0%
Basic Materials — 1.3%
KGHM Polska Miedz		41,190		2,074,562
Telecommunications — 0.7%
Telekomunikacja Polska		320,884		1,212,116
TOTAL POLAND				3,286,678
SINGAPORE—6.1%
Industrials — 1.0%
Venture		260,233		1,632,056
Real Estate Investment Trust — 3.8%
Ascendas		1,036,508		2,005,377
Mapletree Logistics Trust		2,289,029		2,082,983
Suntec		1,642,950		2,161,776
				6,250,136
Telecommunications — 1.3%
StarHub		708,712		2,138,105
TOTAL SINGAPORE				10,020,297
SPAIN—0.6%
Consumer Services — 0.6%
Antena 3 de Television		252,931		1,013,009
TAIWAN—1.6%
Industrials — 1.6%
Coretronic		1,741,912		1,261,153
U-Ming Marine Transport		937,771		1,422,106
TOTAL TAIWAN				2,683,259
TURKEY—1.1%
Consumer Goods — 1.1%
Ford Otomotiv Sanayi		171,461		1,760,046
UNITED KINGDOM— 11.7%
Consumer Services — 1.8%
Firstgroup		349,400		1,074,131
Halfords Group		321,916		1,795,378
				2,869,509

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

Schedule of Investments

October 31, 2012

Global X SuperDividend ETF

	Shares		Value
COMMON STOCK — continued
Financials — 7.5%
Amlin		240,139	$	1,446,252
Aviva		292,223		1,562,811
Intermediate Capital Group		325,257		1,601,956
Provident Financial		104,890		2,322,350
Resolution		434,514		1,530,724
RSA Insurance Group		933,219		1,691,231
Standard Life		455,433		2,146,085
				12,301,409
Industrials — 1.3%
Interserve		337,293		2,122,812
Telecommunications — 1.1%
Cable & Wireless Communications		2,928,599		1,771,801
TOTAL UNITED KINGDOM				19,065,531
UNITED STATES— 30.6%
Consumer Goods — 1.0%
Vector Group		94,111		1,549,067
Financials — 1.6%
BGC Partners, Cl A		250,324		1,171,516
Franklin Street Properties		132,759		1,514,780
				2,686,296
Health Care — 2.1%
AstraZeneca		31,301		1,453,493
PDL BioPharma ^(A)		258,613		1,926,667
				3,380,160
Industrials — 0.7%
RR Donnelley & Sons ^(A)		118,493		1,187,300
Real Estate Investment Trust — 19.7%
American Capital Agency		53,494		1,766,372
Annaly Capital Management		98,985		1,597,618
Anworth Mortgage Asset		247,316		1,518,520
ARMOUR Residential		233,241		1,679,335
Capstead Mortgage		122,006		1,503,114
Chimera Investment		560,181		1,495,683
CommonWealth		77,712		1,065,432
CreXus Investment		145,328		1,634,940
CYS Investments		121,779		1,634,274
Hatteras Financial		57,802		1,576,261
Hospitality Properties Trust		63,905		1,477,484
Invesco Mortgage Capital		103,929		2,227,198
Investors Real Estate Trust		212,804		1,791,810

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

Schedule of Investments

October 31, 2012

Global X SuperDividend ETF

	Shares/Face
	Amount		Value
COMMON STOCK — continued
Real Estate Investment Trust — continued
Medical Properties Trust		165,980	$	1,905,450
MFA Financial		215,518		1,760,782
Omega Healthcare Investors		73,914		1,695,587
Sabra Health Care		85,169		1,892,455
Starwood Property Trust		80,751		1,850,813
Two Harbors Investment		165,100		1,969,643
				32,042,771
Technology — 0.8%
Pitney Bowes ^(A)		92,572		1,329,334
Telecommunications — 3.7%
CenturyLink		42,398		1,627,235
Consolidated Communications Holdings		84,179		1,299,724
Frontier Communications ^(A)		376,113		1,775,254
Windstream ^(A)		130,156		1,241,688
				5,943,901
Utilities — 1.0%
Atlantic Power ^(A)		111,431		1,669,094
TOTAL UNITED STATES				49,787,923
TOTAL COMMON STOCK
(Cost $159,950,738)				160,413,948

PREFERRED STOCK — 0.8%
BRAZIL—0.8%
Utilities — 0.8%
AES Tiete
(Cost $1,580,215)		115,951		1,317,047

TIME DEPOSIT — 0.3%
Brown Brothers Harriman, 0.030%, 11/01/12
(Cost $434,923)	$	434,923		434,923

REPURCHASE AGREEMENT — 4.4%
Barclays Capital
0.300%, dated 10/31/12, to be repurchased on 11/01/12, repurchase price
$7,143,441 (collateralized by U.S. Treasury Bills, ranging in par value
$7,764-$672,986, 0.000%, 11/01/12-10/17/13, with total market value
$7,286,261) ^(B)(Cost $7,143,381)		7,143,381		7,143,381

TOTAL INVESTMENTS — 104.0%
(Cost $169,109,257)			$	169,309,299

Percentages are based on Net Assets of $162,828,350.

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

Schedule of Investments

October 31, 2012

Global X SuperDividend ETF

Cl — Class

^(A)

This security or a partial position of this security is on loan at October 31, 2012. The total value of securities on loan at October 31, 2012 was $6,746,652.

^(B)

This security was purchased with cash collateral held from securities on loan. The total value of such security as of October 31, 2012 was $7,143,381.

The following is a summary of the inputs used as of October 31, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	160,413,948	$	—	$	—	$	160,413,948
Preferred Stock		1,317,047		—		—		1,317,047
Time Deposit		—		434,923		—		434,923
Repurchase Agreement		—		7,143,381		—		7,143,381
Total Investments in Securities	$	161,730,995	$	7,578,304	$	—	$	169,309,299

For the year ended October 31, 2012, there have been no transfers between Level 1 & Level 2 investments or Level 2 & Level 3 investments.

For the year ended October 31, 2012, there were no Level 3 investments.

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

Schedule of Investments

October 31, 2012

Global X Canada Preferred ETF

Sector Weightings (unaudited) †:

† Percentages based on total investments.

	Shares		Value
PREFERRED STOCK — 99.2%
CANADA—99.2%
Consumer Goods — 2.5%
George Weston, 4.750%		7,746	$	193,892
RONA, 5.250%^(A)		6,682		166,590
				360,482
Financials — 69.6%
Bank of Montreal, 5.400%^(A)		13,801		370,053
Bank of Montreal, 4.500%		12,075		312,167
Bank of Montreal, 3.900%^(A)		10,001		251,840
Bank of Nova Scotia, 5.250%		11,404		300,643
Bank of Nova Scotia, 5.000%^(A)		11,375		288,034
Bank of Nova Scotia, 5.000%^(A)		11,204		282,245
Brookfield Asset Management, 7.000%^(A)		9,476		256,457
Brookfield Asset Management, 5.400%^(A)		8,682		227,492
Brookfield Asset Management, 4.500%^(A)		7,892		200,945
Brookfield Office Properties, 6.750%^(A)		8,041		214,802
Brookfield Office Properties, 6.150%		8,843		235,164
Brookfield Office Properties, 5.150%^(A)		9,643		249,391
Canadian Imperial Bank of Commerce, 6.500%^(A)		9,133		242,693
Canadian Imperial Bank of Commerce, 5.600%		8,435		216,417
Canadian Imperial Bank of Commerce, 5.350%^(A)		8,432		222,715
Fairfax Financial Holdings, 5.750%^(A)		8,673		223,175
Fairfax Financial Holdings, 5.000%^(A)		10,408		257,399
Fairfax Financial Holdings, 5.000%^(A)		8,673		211,799
Great-West Lifeco, 5.200%		9,896		251,079
Great-West Lifeco, 4.500%		9,896		239,585
Great-West Lifeco, 3.650%^(A)		8,245		198,128
HSBC Bank Canada, 6.600%^(A)		9,685		260,659
Intact Financial, 4.200%^(A)		9,683		248,583
Manulife Financial, 6.600%^(A)		15,514		419,402
Manulife Financial, 5.600%^(A)		12,066		317,975
Manulife Financial, 4.650%		12,065		291,855
Power Financial, 4.950%		9,682		244,292

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

Schedule of Investments

October 31, 2012

Global X Canada Preferred ETF

	Shares/Face
	Amount		Value
PREFERRED STOCK — continued
Financials — continued
Power Financial, 4.400%^(A)		10,843	$	273,151
Royal Bank of Canada, 6.250%^(A)		13,804		371,101
Royal Bank of Canada, 6.250%^(A)		12,078		317,686
Royal Bank of Canada, 5.000%		13,801		355,959
Sun Life Financial, 4.800%		9,059		224,400
Sun Life Financial, 4.750%		11,149		273,716
Sun Life Financial, 4.450%		8,361		199,408
Toronto-Dominion Bank, 6.250%^(A)		12,078		324,458
Toronto-Dominion Bank, 6.250%^(A)		12,942		343,781
Toronto-Dominion Bank, 4.850%		14,663		375,843
				10,094,492
Oil & Gas — 14.4%
AltaGas, 5.000%^(A)		7,746		202,424
Enbridge, 4.000%^(A)		19,355		495,914
Husky Energy, 4.450%^(A)		11,607		299,603
TransCanada, 4.600%^(A)		18,958		484,034
TransCanada, 4.400%^(A)		12,075		307,452
TransCanada, 4.000%^(A)		12,064		301,494
				2,090,921
Telecommunications — 8.6%
BCE, 4.800%^(A)		9,948		212,158
BCE, 4.600%^(A)		9,132		202,984
BCE, 4.500%^(A)		10,501		249,290
Bell Aliant, 4.850%^(A)		11,141		279,989
Shaw Communications, 4.500%^(A)		11,617		297,186
				1,241,607
Utilities — 4.1%
Canadian Utilities, 4.000%^(A)		12,580		330,134
TransAlta, 4.600%^(A)		11,607		264,390
				594,524
TOTAL CANADA				14,382,026
TOTAL PREFERRED STOCK
(Cost $14,404,778)				14,382,026

TIME DEPOSIT — 0.4%
Brown Brothers Harriman, 0.030%, 11/01/12
(Cost $51,020)	$	51,020		51,020
TOTAL INVESTMENTS — 99.6%
(Cost $14,455,798)			$	14,433,046

Percentages are based on Net Assets of $14,494,381.

^(A)

Floating rate security - Rate disclosed is the rate in effect on October 31, 2012.

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

Schedule of Investments

October 31, 2012

Global X Canada Preferred ETF

The following is a summary of the inputs used as of October 31, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Preferred Stock	$	14,382,026	$	—	$	—	$	14,382,026
Time Deposit		—		51,020		—		51,020
Total Investments in Securities	$	14,382,026	$	51,020	$	—	$	14,433,046

For the year ended October 31, 2012, there have been no transfers between Level 1 & Level 2 investments or Level 2 & Level 3 investments.

For the year ended October 31, 2012, there were no Level 3 investments.

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

Schedule of Investments

October 31, 2012

Global X Social Media Index ETF

Sector Weightings (unaudited) † :

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.5%
CHINA—29.6%
Technology — 29.6%
Changyou.com ADR		2,547	$	63,293
NetEase ADR ^*		8,309		448,686
Renren ADR ^*		45,163		147,683
SINA ^*		23,655		1,292,273
Tencent Holdings		40,874		1,445,084
Youku.com ADR ^*		29,518		584,456
TOTAL CHINA				3,981,475

GERMANY—0.7%
Technology — 0.7%
XING		1,670		94,894

JAPAN—17.4%
Technology — 17.4%
Dena		34,094		1,063,863
Gree		35,589		620,567
Mixi		27		45,592
Nexon ^*		50,559		616,233
TOTAL JAPAN				2,346,255

RUSSIA—10.0%
Technology — 10.0%
Mail.ru Group GDR		20,239		674,971
Yandex, Cl A ^*		28,686		667,810
TOTAL RUSSIA				1,342,781

TAIWAN—0.7%
Technology — 0.7%
PChome Online		20,030		90,508

UNITED STATES— 41.1%
Consumer Services — 6.3%
Angie's List ^*		14,301		163,604
Groupon, Cl A ^*		118,035		486,304
Nutrisystem		12,102		116,542
Yelp, Cl A ^*		3,631		87,507
				853,957

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

Schedule of Investments

October 31, 2012

Global X Social Media Index ETF

	Shares/Face
	Amount		Value
COMMON STOCK — continued
Technology — 34.8%
Demand Media ^*		16,357	$	139,525
Facebook, Cl A ^*		69,656		1,470,787
Google, Cl A ^*		871		592,080
Jive Software ^*		16,856		188,787
LinkedIn, Cl A ^*		12,655		1,353,199
MeetMe ^*		7,493		31,695
Pandora Media ^*		33,917		284,564
United Online		38,125		204,350
Zynga, Cl A ^*		190,640		428,940
				4,693,927
TOTAL UNITED STATES				5,547,884
TOTAL COMMON STOCK
(Cost $14,980,401)				13,403,797

TIME DEPOSIT — 0.2%
Brown Brothers Harriman, 0.030%, 11/01/12
(Cost $22,233)	$	22,233		22,233
TOTAL INVESTMENTS — 99.7%
(Cost $15,002,634)			$	13,426,030

Percentages are based on Net Assets of $13,471,314.

* 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 October 31, 2012, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	13,403,797	$	—	$	—	$	13,403,797
Time Deposit		—		22,233		—		22,233
Total Investments in Securities	$	13,403,797	$	22,233	$	—	$	13,426,030

For the period ended October 31, 2012, there have been no transfers between Level 1 & Level 2 investments or Level 2 & Level 3 investments.

For the period ended October 31, 2012, there were no Level 3 investments.

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

Statements Of Assets And Liabilities

October 31, 2012

	Global X
	SuperDividend			Global X Canada			Global X Social
	ETF			Preferred ETF			Media Index ETF
Assets:
Cost of Investments	$	161,965,876		$	14,455,798		$	15,002,634
Cost of Repurchase Agreement		7,143,381			—			—
Investments at Value	$	162,165,918	*	$	14,433,046		$	13,426,030
Repurchase Agreement at Value		7,143,381			—			—
Cash		102,945			—			3,293
Receivable for Capital Shares Sold		3,279,000			—			—
Dividend and Interest Receivable		606,753			27,777			—
Reclaim Receivable		7,229			—			359
Receivable for Investment Securities Sold		—			40,759			2,641,806
Total Assets		173,305,226			14,501,582			16,071,488

Liabilities:
Obligation to Return Securities Lending Collateral		7,143,381			—			—
Payable for Investment Securities Purchased		3,216,044			—			2,592,402
Payable due to Investment Adviser		72,504			7,201			7,772
Cash Overdraft		44,947			—			—
Total Liabilities		10,476,876			7,201			2,600,174

Net Assets	$	162,828,350		$	14,494,381		$	13,471,314
*Includes Market Value of Securities on Loan	$	6,746,652		$	—		$	—

Net Assets Consist of:
Paid-in Capital	$	165,361,628		$	14,721,086		$	16,610,851
Undistributed Net Investment Income		571,506			43,809			98,362
Accumulated Net Realized Loss on
Investments and Foreign Currency Transactions		(3,309,138	)		(247,585	)		(1,660,916	)
Net Unrealized Appreciation (Depreciation) on Investments		200,042			(22,752	)		(1,576,604	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Transactions		4,312			(177	)		(379	)
Net Assets	$	162,828,350		$	14,494,381		$	13,471,314
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		7,450,000			1,000,000			1,050,000

Net Asset Value, Offering and Redemption Price Per Share	$	21.86		$	14.49		$	12.83

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

Statements Of Operations

For the year or period ended October 31, 2012

				Global X
	Global X			Canada			Global X Social
	SuperDividend			Preferred			Media Index
	ETF			ETF			ETF⁽¹⁾
Investment Income:
Dividend Income	$	5,721,900		$	609,700		$	172,596
Securities Lending Income		58,327			—			—
Less: Foreign Taxes Withheld		(301,191	)		(92,003	)		(6,566	)
Total Investment Income		5,479,036			517,697			166,030
Supervision and Administration Fees⁽²⁾		392,076			69,674			70,589
Total Expenses		392,076			69,674			70,589
Net Expenses		392,076			69,674			70,589
Net Investment Income		5,086,960			448,023			95,441

Net Realized Gain (Loss) on:
Investments		(2,122,915	)		(281,022	)⁽³⁾		(1,528,565	)⁽³⁾
Foreign Currency Transactions		10,058			(2,682	)		2,921

Net Realized Loss on Investments and Foreign Currency Transactions		(2,112,857	)		(283,704	)		(1,525,644	)

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		2,744,613			315,814			(1,576,604	)
Foreign Currency Transactions		1,464			(275	)		(379	)

Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		2,746,077			315,539			(1,576,983	)

Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		633,220			31,835			(3,102,627	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	5,720,180		$	479,858		$	(3,007,186	)

⁽¹⁾	The Fund commenced operations on November 14, 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 redemptions. (See Note 4 in Notes to Financial Statements.)

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

Statements Of Changes In Net Assets

	Global X SuperDividend ETF
				Period Ended
	Year Ended			October 31,
	October 31, 2012			2011⁽¹⁾
Operations:
Net Investment Income	$	5,086,960		$	904,386
Net Realized Loss on Investments and Foreign Currency Transactions		(2,112,857	)		(2,769,674	)⁽²⁾
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		2,746,077			(2,541,723	)

Net Increase (Decrease) in Net Assets Resulting from Operations		5,720,180			(4,407,011	)

Dividends and Distributions:
Net Investment Income		(4,983,491	)		(831,828	)
Total Dividends and Distributions		(4,983,491	)		(831,828	)

Capital Share Transactions:
Issued		132,719,500			46,445,500
Redeemed		—			(11,834,500	)

Increase in Net Assets from Capital Share Transactions		132,719,500			34,611,000

Total Increase in Net Assets		133,456,189			29,372,161
Net Assets:
Beginning of Period		29,372,161			—
End of Period	$	162,828,350		$	29,372,161

Undistributed Net Investment Income	$	571,506		$	131,585

Share Transactions:
Issued		6,100,000			1,900,000
Redeemed		—			(550,000	)

Net Increase in Shares Outstanding from Share Transactions		6,100,000			1,350,000

⁽¹⁾	The Fund commenced operations on June 8, 2011.
⁽²⁾	Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements).

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

Statements Of Changes In Net Assets

							Global X Social
							Media Index
	Global X Canada Preferred ETF						ETF
	Year Ended			Period Ended			Period Ended
	October 31,			October 31,			October 31,
	2012			2011⁽¹⁾			2012⁽²⁾
Operations:
Net Investment Income	$	448,023		$	125,778		$	95,441
Net Realized Loss on Investments and Foreign Currency Transactions ⁽³⁾		(283,704	)		(93,069	)		(1,525,644	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		315,539			(338,468	)		(1,576,983	)
Net Increase (Decrease) in Net Assets Resulting from Operations		479,858			(305,759	)		(3,007,186	)

Dividends and Distributions:
Net Investment Income		(426,223	)		(92,495	)		—
Total Dividends and Distributions		(426,223	)		(92,495	)		—

Capital Share Transactions:
Issued		7,185,500			9,047,500			27,517,000
Redeemed		(707,000	)		(687,000	)		(11,038,500	)
Increase in Net Assets from Capital Share Transactions		6,478,500			8,360,500			16,478,500
Total Increase in Net Assets		6,532,135			7,962,246			13,471,314

Net Assets:		7,962,246			—			—
Beginning of Period
End of Period	$	14,494,381		$	7,962,246		$	13,471,314
Undistributed Net Investment Income	$	43,809		$	24,691		$	98,362

Share Transactions:
Issued		500,000			600,000			1,900,000
Redeemed		(50,000	)		(50,000	)		(850,000	)
Net Increase in Shares Outstanding from Share Transactions		450,000			550,000			1,050,000

⁽¹⁾

The Fund commenced operations on May 24, 2011.

⁽²⁾

The Fund commenced operations on November 14, 2011.

⁽³⁾

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

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

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

					Net Realized																								Ratio of
					and																					Ratio of			Net
					Unrealized																			Net		Expenses			Investment
	Net Asset		Net		Gain (Loss)						Distribution			Distribution					Net Asset					Assets		to			Income to
	Value,		Investment		on			Total from			from Net			from		Total from			Value, End		Total			End of		Average			Average		Portfolio
	Beginning		Income		Investments			Operations			Investment			Capital		Distributions			of Period		Return			Period		Net Assets			Net Assets		Turnover
	Of Period ($)		($)*		($)			($)			Income ($)			Gains ($)		($)			($)		(%)**			($)(000)		(%)			(%)		(%)††
Global X SuperDividend ETF
2012		21 .76		1 .62		0 .09			1 .71			(1 .61	)		—		(1 .61	)		21 .86		8 .34			162,828		0 .58		7 .53			34 .03
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 Canada Preferred ETF
2012		14 .48		0 .54		—			0 .54			(0 .53	)		—		(0 .53	)		14 .49		3 .78			14,494		0 .58		3 .73			38 .15
2011⁽²⁾		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⁽³⁾		14 .93		0 .12		(2 .22	)		(2 .10	)		—			—		—			12 .83		(14 .07	)		13,471		0 .65	†	0 .88	†		91 .78

⁽¹⁾	The Fund commenced operations on June 8, 2011.
⁽²⁾	The Fund commenced operations on May 24, 2011.
⁽³⁾	The Fund commenced operations on November 14, 2011.
*	Per share data calculated using average shares method.
**	Total return is based on the change in net asset value of a share during the year or period and assumes reinvestment of dividends and distributions at net asset value. Total return is for the period indicated and periods of less than one year have not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.

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

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

Notes to financial statements

October 31, 2012

1. ORGANIZATION

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies followed by the Funds.

Notes to Financial Statements (continued)

October 31, 2012

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 its primary trading exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, the Funds may fair value their securities if an event that may materially affect the value of the Funds’ securities that traded outside of the United States (a “Significant Event”) has occurred between the time of the security's last close and the time that the Funds calculate their net asset value. A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If Global X Management Company LLC (“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. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably available to the Committee. As of October 31, 2012, there were no securities priced using the Fair Value Procedures.

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

Level 2 – Other significant observable inputs (including quoted prices in non-active markets, quoted prices for similar investments, fair value of investments for which the 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)

Notes to Financial Statements (continued)

October 31, 2012

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (concluded)

For the year ended October 31, 2012 there have been no significant changes to the Funds’ fair valuation methodologies.

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”) . ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 requires 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 requires reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. Adoption of ASU 2011-04 did not materially affect the Funds’ financial condition or results of operations.

REPURCHASE AGREEMENTS — Securities pledged as collateral for repurchase agreements are held by Citibank, N.A. and are designated as being held on each Fund’s behalf by its custodian under a book-entry system. Each Fund monitors the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest. It is the Funds’ policy to only enter into repurchase agreements with banks and other financial institutions which are deemed by the investment adviser to be creditworthy. The Funds bear the risk of loss in the event that the other party to a repurchase agreement defaults on its obligations and the Funds are prevented from exercising their rights to dispose of the underlying securities received as collateral and the risk of a possible decline in the value of the underlying securities during the period.

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.

Notes to Financial Statements (continued)

October 31, 2012

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

INVESTMENTS IN REITS — With respect to the Funds, dividend income is recorded based on the income included in distributions received from the (Real Estate Investment Trust “REIT”) investments using published REIT reclassifications including some management estimates when actual amounts are not available. Distributions received in excess of these estimated amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year end, and may differ from the estimated amounts.

Notes to Financial Statements (continued)

October 31, 2012

2. SIGNIFICANT ACCOUNTING POLICIES (concluded)

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 to the custodian 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	$	1,093,000	$	3,800
Global X Canada Preferred ETF		50,000		1,000		724,500		1,000
Global X Social Media Index ETF		50,000		1,000		641,500		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 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, directly and indirectly, 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 Canada Preferred ETF		0.58	%
Global X Social Media Index ETF		0.65	%

Notes to Financial Statements (continued)

October 31, 2012

3. RELATED PARTY TRANSACTIONS (concluded)

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.

4. INVESTMENT TRANSACTIONS

For the period or year ended October 31, 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	$	28,323,569	$	23,716,182
Global X Canada Preferred ETF		4,515,036		4,601,815
Global X Social Media Index ETF		10,563,632		10,237,644

For the periods ended October 31, 2011 and October 31, 2012, respectively, in-kind transactions associated with creations and redemptions were:

			Sales and		Realized
	Purchases		Maturities		Gain/(Loss)
Global X SuperDividend ETF	$	44,934,699	$	11,497,261	$	(1,968,872	)
Global X Canada Preferred ETF		9,024,193		685,410		(80,963	)

			Sales and		Realized
	Purchases		Maturities		Gain/(Loss)
Global X SuperDividend ETF	$	127,543,715	$	-	$	-
Global X Canada Preferred ETF		7,187,559		707,521		(36,950	)
Global X Social Media Index ETF		27,197,875		10,895,592		132,351

During the period ended October 31, 2012, there were no purchases or sales of long-term U.S. Government securities for the Funds.

Notes to Financial Statements (continued)

October 31, 2012

5. TAX INFORMATION

The following differences, primarily attributable to foreign currency, redemptions in-kind and sales of passive foreign investment companies have been reclassified to/from the following accounts during the fiscal year ended October 31, 2012.

				Undistributed
				Net			Accumulated
	Paid-in			Investment			Net Realized
Global X Funds	Capital			Income			Gain (Loss)
Global X SuperDividend ETF	$	–		$	336,452		$	(336,452	)
Global X Canada Preferred ETF		(36,950	)		(2,682	)		39,632
Global X Social Media Index ETF		132,351			2,921			(135,272	)

These reclassifications have no impact on net assets or net asset value per share.

The tax character of dividends and distributions paid during the years ended October 31, 2012 and October 31, 2011 were as follows:

	Ordinary		Long-Term
Global X Funds	Income		Capital Gain		Totals

Global X SuperDividend ETF
2012	$	4,983,491	$	–	$	4,983,491
2011		831,828		–		831,828
Global X Canada Preferred ETF
2012	$	426,223	$	–	$	426,223
2011		92,495		–		92,495

Notes to Financial Statements (continued)

October 31, 2012

5. TAX INFORMATION (continued)

As of October 31, 2012, the components of tax basis accumulated losses were as follows:

	Global X Funds
	Global X
	SuperDividend			Global X Canada			Global X Social
	ETF			Preferred ETF			Media Index ETF
Undistributed Ordinary Income	$	1,996,379		$	43,809		$	98,362
Capital Loss Carryforwards		(3,214,361	)		(192,575	)		(894,844	)
Unrealized Depreciation on Investments and Foreign Currency		(1,315,298	)		(77,938	)		(2,343,055	)
Other Temporary Differences		2			(1	)		—
Total Accumulated Losses	$	(2,533,278	)	$	(226,705	)	$	(3,139,537	)

			Global X
	Global X		Canada
	SuperDividend		Preferred
Expiration date	ETF		ETF
October 2019	$	838,578	$	3,513

	Short-Term		Long-Term
Global X Funds	Loss		Loss		Total
Global X SuperDividend ETF	$	2,032,013	$	343,770	$	2,375,783
Global X Canada Preferred ETF		188,285		777		189,062
Global X Social Media Index ETF		894,844		-		894,844

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at October 31, 2012 were as follows:

			Aggregated		Aggregated
			Gross		Gross			Net
	Federal Tax		Unrealized		Unrealized			Unrealized
Global X Funds	Cost		Appreciation		Depreciation			Depreciation
Global X SuperDividend ETF	$	170,628,909	$	7,772,245	$	(9,091,855	)	$	(1,319,610	)
Global X Canada Preferred ETF		14,510,808		164,459		(242,221	)		(77,762	)
Global X Social Media Index ETF		15,768,706		646,885		(2,989,561	)		(2,342,676	)

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

Notes to Financial Statements (continued)

October 31, 2012

6. CONCENTRATION OF RISKS

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 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).

7. OTHER

At October 31, 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		4		100	%
Global X Canada Preferred ETF		3		100	%
Global X Social Media Index ETF		2		100	%

Notes to Financial Statements (continued)

October 31, 2012

8. LOANS OF PORTFOLIO SECURITIES

The Funds may lend portfolio securities having a market value up to one-third of the Funds’ total assets. Security loans made pursuant to the securities lending agreement are required at all times to be secured by collateral equal to at least 102% for U.S. based securities and 105% for foreign based securities. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its 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 October 31, 2012, the value of securities on loan was $6,746,652 for the Global X SuperDividend ETF.

9. CONTRACTUAL OBLIGATIONS

10. RECENT ACCOUNTING PRONOUNCEMENT

11. SUBSEQUENT EVENTS

Subsequent to the fiscal year end, the following investment portfolio was added to the Trust: Global X SuperDividend U.S. ETF.

Report of Independent Registered Public Accounting Firm

October 31, 2012

To the Shareholders and Board of Trustees of Global X Funds

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Global X SuperDividend ETF, Global X Canada Preferred ETF and Global X Social Media Index ETF (three of the series constituting the Global X Funds) (the “Funds”) as of October 31, 2012, and the related statements of operations, statements of changes in net assets, and financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds listed above at October 31, 2012, and the results of their operations, the changes in their net assets, and their financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Philadelphia, Pennsylvania

December 21, 2012

Disclosure Of Fund Expenses (unaudited)

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 Fund, 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 Fund 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 Fund 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 “Expenses 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.

Disclosure Of Fund Expenses (unaudited) (concluded)

	Beginning		Ending					Expenses
	Account		Account		Annualized			Paid
	Value		Value		Expense			During
	5/1/2012		10/31/2012		Ratios			Period⁽¹⁾
Global X SuperDividend ETF
Actual Fund Return	$	1,000.00	$	1,036.80		0 .58	%	$	2 .97
Hypothetical 5% Return		1,000.00		1,022.22		0 .58			2 .95
Global X Canada Preferred ETF
Actual Fund Return	$	1,000.00	$	1,001.50		0 .58	%	$	2 .92
Hypothetical 5% Return		1,000.00		1,022.22		0 .58			2 .95
Global X Social Media Index ETF
Actual Fund Return	$	1,000.00	$	834.50		0 .65	%	$	3 .00
Hypothetical 5% Return		1,000.00		1,021.87		0 .65			3 .30

⁽¹⁾	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 184/366 (to reflect the one-half year period.)

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.

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

Trustees And Officers of the Trust (unaudited)

			Number of
Name,			Funds in	Other
Address	Position(s)		Trust	Directorships
(Year of	Held	Principal Occupation(s) During	Overseen by	Held
Birth)	with Funds	the Past 5 Years	Director	by Trustees
Independent Trustees²
Sanjay Ram Bharwani 623 Fifth Ave, 15^th floor New York, NY 10022 (1974)	Trustee (since 2008)	CEO of Risk Advisors Inc. (since 2007) (consulting firm).	31³	None.

Scott R. Chichester¹ 623 Fifth Ave, 15^th floor New York, NY 10022 (1970)	Trustee (since 2008)	CFO, Sterling Seal & Supply Inc. (since 2011), President & Treasurer, Bayview Acquisition Corp (since 2010), CPA, Penda Aiken Inc. (2009-2011) (consultant); Founder and President, DirectPay USA LLC (since 2006) (payroll company); Chief Financial Officer, Ong Corporation (2002-2010) (technology company); Proprietor, Scott R. Chichester CPA (since 2001) (CPA firm).	31³	Director of Bayview Acquisition Corp. (since 2010).

Kartik Kiran Shah 623 Fifth Ave, 15^th floor New York, NY 10022 (1977)	Trustee (since 2008)	Vice President, Business Development, Cynvenio Biosystems (2012-present); Independent Consultant, Self-Employed (2011-2012) (non-financial services); Director, Wireless Generation (2008-2011) (software).	31³	None.

Trustees And Officers of the Trust (unaudited)


			Number of Funds
Name, Address	Position(s) Held	Principal Occupation(s) During	in Trust Overseen by	Other Directorships Held
(Year of Birth)	with Funds	the Past 5 Years	Director	by Trustees
Interested Trustee / Officers²
Bruno del Ama 623 Fifth Ave, 15^th floor New York, NY 10022 (1976)	Trustee (since 2008), President, Chief Executive Officer (since 2008)	Chief Executive Officer and Chief Compliance Officer, Global X Management Company LLC (since 2008); Head of Global Structured Products Operations at Radian Asset Assurance (2004-2008) (financial services firm).	31³	None.

Jose C. Gonzalez 623 Fifth Ave, 15^th floor New York, NY 10022 (1976)	Chief Operating Officer, Chief Compliance Officer, Treasurer, Principal Accounting Officer and Chief Financial Officer (since 2008)	Chief Operating Officer, Global X Management Company LLC (since 2008); Founder and President of GWM Group, Inc. (since 2006); Financial Advisor, Broad Street Securities, Inc. (2004-2006).	N/A	N/A

Daphne Tippens Chisolm 11524-C Providence Road, Suite 236 Charlotte, NC 28277 (1969)	Secretary (since 2012)	General Counsel, Global X Management Company LLC (since 2011); Founder and President of Law Offices of DT Chisolm, P.C. (since 2009) (law firm); Counsel, Dechert (2007- 2009) (law firm)	N/A	N/A

Dianne Sulzbach⁴ One Freedom Valley Drive Oaks, PA 19456 (1977)	Assistant Secretary (since 2011)	Corporate Counsel, SEI Investments (since 2010); Associate, Morgan, Lewis & Bockius LLP (2006-2010).	N/A	N/A

Trustees And Officers of the Trust (unaudited)

			Other Directorships
Name, Address	Position(s) Held	Principal Occupation(s) During	Held
(Year of Birth)	with Funds	the Past 5 Years	by Trustees
Peter Rodriguez⁴ One Freedom Valley Drive Oaks, PA 19456 (1962)	Assistant Treasurer (since 2011)	Fund Accounting Director of the Administrator (since 2011); Mutual Fund Trading Director, SEI Global Trust Company (2009- 2011); Asset Data Services Director at the Administrator (2006-2009).	N/A

Each Trustee serves until his or her successor is duly elected or appointed and qualified.

As of October 31, 2012, the Trust had eighty-seven investment portfolios, thirty-one of which were operational.

⁴

These officers of the Trust also serve as officers of one or more mutual funds for which SEI Investments Company or an affiliate acts as investment manager, administrator or distributor.

NOTICE TO SHAREHOLDERS (unaudited)

For shareholders that do not have an October 31, 2012 tax year end, this notice is for informational purposes only. For shareholders with an October 31, 2012 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended October 31, 2012, the Funds are designating the following items with regard to distributions paid during the year.

										Qualifying
										for
										Corporate									Short Term
	Long-Term			Ordinary						Dividends			Qualifying			Interest			Capital
	Capital Gain			Income			Total			Received			Dividend			Related			Gain
	Distributions			Distributions			Distributions			Deduction ⁽¹⁾			Income ⁽²⁾			Dividends ⁽³⁾			Dividends⁽⁴⁾
Global X SuperDividend ETF		0.00	%		100.00	%		100.00	%		7.16	%		58.37	%		0.00	%		0.00	%
Global X Canada Preferred ETF		0.00	%		100.00	%		100.00	%		0.00	%		99.79	%		0.00	%		0.00	%
Global X Social Media Index ETF		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

The Funds intend to pass through a foreign tax credit to shareholders. For the fiscal year ended October 31, 2012, the total amount of foreign source income and foreign tax credit are as follows:

			Foreign Tax
	Foreign Source		Credit Pass
Global X Funds	Income		Through
Global X SuperDividend ETF	$	3,833,453	$	202,053
Global X Canada Preferred ETF		609,834		92,003

623 Fifth Avenue, 15^th floor

New York, NY 10022

1-888-GXFund-1

(1-888-493-8631)

www.globalxfunds.com

Investment Adviser:

Global X Management Company LLC

623 Fifth Avenue, 15^th 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.

GLX-SA-003-0200

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.

Item 3. Audit Committee Financial Expert.

(a)(1) The registrant’s board of trustees has determined that the registrant has at least one audit committee financial expert serving on the audit committee.

(a)(2) The audit committee financial expert is Scott Chichester and is independent as defined in Form N-CSR Item 3(a)(2).

Item 4. Principal Accountant Fees and Services.

Fees billed by Ernst & Young LLP in 2012 and 2011 related to the Trust.

In 2012 and 2011, Ernst & Young, LLP billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years was as follows:

		2012			2011
		All fees and services to the Trust that were pre- approved	All fees and services to service affiliates that were pre- approved	All other fees and services to service affiliates that did not require pre- approval	All fees and services to the Trust that were pre- approved	All fees and services to service affiliates that were pre- approved	All other fees and services to service affiliates that did not require pre- approval
(a)	Audit Fees	$320,025	$0	$0	$353,500	$0	$0
(b)	Audit-Related Fees	$0	$0	$0	$0	$0	$0
(c)	Tax Fees	$105,375	$0	$0	$142,500	$0	$0
(d)	All Other Fees	$0	$0	$0	$0	$0	$0

(e)(1) Not applicable.

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows for Ernst & Young LLP in 2012 and 2011:

	2012	2011
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

(f) Not applicable.

(g) The aggregate non-audit fees and services billed by Ernst & Young, LLP in 2012 and 2011 for the last two fiscal years were $105,375 and $142,500, respectively.

(h) During the past fiscal year, all non-audit services provided by Registrant’s principal accountant to either Registrant’s investment adviser or to any entity controlling, controlled by, or under common control with Registrant’s investment adviser that provides ongoing services to Registrant were pre-approved by the audit committee of Registrant’s Board of Trustees. Included in the audit committee’s pre-approval was the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.

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. Effective for closed-end management investment companies for fiscal years ending on or after December 31, 2005

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) Code of Ethics attached hereto.

(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)	Global X Funds


By (Signature and Title)*	/s/ Bruno del Ama
	Bruno del Ama
	President

Date: January 3, 2013

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: January 3, 2013

By (Signature and Title)*	/s/ Jose C. Gonzalez
	Jose C. Gonzalez
	CFO

Date: January 3, 2013

* Print the name and title of each signing officer under his or her signature.

Global X Funds N-CSRCertified annual shareholder report (management investment company)