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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22209

Global X Funds

(Exact name of registrant as specified in charter)

623 Fifth Avenue, 15^th Floor

New York, NY 10022 (Address of principal executive offices) (Zip code)

Bruno del Ama

Global X Management Company LLC

623 Fifth Avenue, 15^th Floor

New York, NY 10022

(Name and address of agent for service)

With a copy to:

Daphne Tippens Chisolm, Esq.

Law Offices of DT Chisolm, P.C.

11524 C Providence Road, Suite 236

Charlotte, NC 28277

Registrant’s telephone number, including area code: (212) 644-6440

Date of fiscal year end: October 31, 2013

Date of reporting period: April 30, 2013

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 (ticker: JUNR)

Semi-Annual Report

April 30, 2013

Table of Contents

Schedules of Investments
Global X Silver Miners ETF	1
Global X Gold Explorers ETF	4
Global X Pure Gold Miners ETF	6
Global X Copper Miners ETF	9
Global X Uranium ETF	12
Global X Lithium ETF	14
Global X Fertilizers/Potash ETF	17
Global X Junior Miners ETF	20
Statements of Assets and Liabilities	25
Statements of Operations	27
Statements of Changes in Net Assets	29
Financial Highlights	33
Notes to Financial Statements	35
Disclosure of Fund Expenses	48
Approval of Investment Advisory Agreement	50
Supplemental Information	53

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

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

Schedule of Investments	April 30, 2013 (Unaudited)
Global X Silver Miners ETF

Sector Weightings†:

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

	Shares		Value
COMMON STOCK — 99.8%
AUSTRALIA—0.1%
Basic Materials — 0.1%
Alcyone Resources * (C)		16,655,831	$	207,205
CANADA—55.5%
Basic Materials — 55.5%
Alexco Resource *		953,316		1,954,298
Aurcana * (A)		972,110		3,907,929
Bear Creek Mining *		1,056,363		2,610,893
Endeavour Silver *		1,874,242		9,764,801
Excellon Resources *		3,840,116		1,295,984
First Majestic Silver *		778,542		9,597,987
Fortuna Silver Mines *		2,406,263		7,499,792
Great Panther Silver * (A)		2,614,057		2,594,726
Impact Silver *		510,437		405,330
MAG Silver * (A)		906,296		6,851,598
Minco Silver *		333,475		350,869
Pan American Silver		865,068		11,418,898
Revett Minerals *		8,605		13,495
Scorpio Mining *		3,790,718		1,730,836
Silver Standard Resources *		1,418,786		10,130,132
Silver Wheaton		1,118,325		27,432,512
Silvercorp Metals		3,163,900		9,270,227
Silvercrest Mines * (A)		1,983,741		4,351,648
Tahoe Resources * (A)		745,359		12,947,325
US Silver & Gold * (A)		951,162		859,157
Wildcat Silver *		1,819,781		677,371
TOTAL CANADA				125,665,808
MEXICO—24.2%
Basic Materials — 24.2%
Arian Silver *		5,253,420		642,632
Fresnillo		1,480,632		26,495,302
Industrias Penoles		658,597		27,659,631
TOTAL MEXICO				54,797,565

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

1

Schedule of Investments	April 30, 2013 (Unaudited)
Global X Silver Miners ETF

	Shares/Number of Warrants/ Face Amount		Value
COMMON STOCK — continued
PERU—4.5%
Basic Materials — 4.5%
Hochschild Mining		2,655,921	$	10,252,052
RUSSIA—1.0%
Basic Materials — 1.0%
Polymetal International		212,489		2,295,635
UNITED STATES— 14.5%
Basic Materials — 14.5%
Coeur d'Alene Mines * (A)		744,832		11,351,240
Golden Minerals * (A)		647,966		1,179,298
Hecla Mining (A)		2,729,565		9,280,521
McEwen Mining * (A)		4,664,037		10,867,206
TOTAL UNITED STATES				32,678,265
TOTAL COMMON STOCK
(Cost $357,623,114)				225,896,530
WARRANT — 0.0%
Coeur d'Alene Mines, Expires 4/16/17*
(Cost $–)		18,472		35,836
REPURCHASE AGREEMENT — 4.8%
Barclays
0.150%, dated 04/30/13, to be repurchased on 05/01/13, repurchase price $10,970,416 (collateralized by U.S. Treasury Bills, ranging in par value $332,536-$3,669,181, 0.000%, and 07/11/13-12/12/13) with a total market value of $11,189,785)(B)
(Cost $10,970,370)	$	10,970,370		10,970,370
TOTAL INVESTMENTS — 104.6%
(Cost $368,593,484)			$	236,902,736

Percentages are based on Net Assets of $226,483,384.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2013.  The total value of securities on loan at April 30, 2013 was $10,124,610.
(B)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2013 was $10,970,370.

(C) Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such security as of April 30, 2013, was $207,205 and represents 0.10% of Net Assets.

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

2

Schedule of Investments	April 30, 2013 (Unaudited)
Global X Silver Miners ETF

The following is a summary of the inputs used as of April 30, 2013, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Common Stock
Australia	$	—	$	—	$	207,205	$	207,205
Canada		125,665,808		—		—		125,665,808
Mexico		54,797,565		—		—		54,797,565
Peru		10,252,052		—		—		10,252,052
Russia		2,295,635		—		—		2,295,635
United States		32,678,265		—		—		32,678,265
Total Common Stock		225,689,325		—		207,205		225,896,530
Warrant		—		35,836		—		35,836
Repurchase Agreement		—		10,970,370		—		10,970,370
Total Investments in Securities	$	225,689,325	$	11,006,206	$	207,205	$	236,902,736

⁽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 period ended April 30, 2013, there was a transfer from Level 1 to Level 3 in the amount of $207,205 due to the security being fair valued. There were no transfers between Level 2 and Level 3 investments.

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

3

Schedule of Investments	April 30, 2013 (Unaudited)
Global X Gold Explorers ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares/Face Amount		Value
COMMON STOCK — 100.1%
AUSTRALIA—3.2%
Basic Materials — 3.2%
Gryphon Minerals *		4,493,276	$	954,926
CANADA—96.9%
Basic Materials — 96.9%
Asanko Gold *		651,495		1,649,027
Atac Resources *		1,531,428		1,732,918
Chesapeake Gold *		257,732		1,235,640
Continental Gold *		307,061		1,517,856
Exeter Resource *		1,839,125		1,661,228
Gold Canyon Resources *		3,026,776		961,406
International Tower Hill Mines *		1,073,682		1,076,400
Kaminak Gold, Cl A *		1,701,644		1,621,498
Lydian International, Cl A *		1,248,559		2,069,674
Newstrike Capital *		1,348,379		1,177,799
Novagold Resources *		602,082		1,487,142
Paramount Gold and Silver *		1,119,591		1,768,954
Pretium Resources *		226,346		1,669,314
Rainy River Resources *		534,732		1,231,404
Rubicon Minerals *		1,082,044		1,879,574
Sabina Gold & Silver *		936,866		1,115,925
Seabridge Gold *		158,551		1,818,580
Torex Gold Resources *		1,399,945		1,945,430
Volta Resources *		5,270,943		1,621,909
TOTAL CANADA				29,241,678
TOTAL COMMON STOCK
(Cost $58,837,501)				30,196,604
U.S. TREASURY OBLIGATION — 11.6%
United States Treasury Bills
0.015%, 05/23/13(A)
(Cost $3,499,968)	$	3,500,000		3,499,941
TOTAL INVESTMENTS — 111.7%
(Cost $62,337,469)			$	33,696,545

Percentages are based on Net Assets of $30,159,876.

*	Non-income producing security.
Cl	— Class
(A)	The rate reported on the Schedule of Investments is the effective yield at time of purchase.

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

4

Schedule of Investments	April 30, 2013 (Unaudited)
Global X Gold Explorers ETF

The following is a summary of the inputs used as of April 30, 2013, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	30,196,604	$	—	$	—	$	30,196,604
U.S. Treasury Obligation		—		3,499,941		—		3,499,941
Total Investments in Securities	$	30,196,604	$	3,499,941	$	—	$	33,696,545

For the period ended April 30, 2013, there have been no transfers between Level 1, Level 2 or Level 3 investments.

For the period ended April 30, 2013, there were no Level 3 investments.

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

5

Schedule of Investments	April 30, 2013 (Unaudited)
Global X Pure Gold Miners ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.4%
AUSTRALIA—9.0%
Basic Materials — 9.0%
Medusa Mining		39,553	$	134,085
Perseus Mining *		101,542		142,639
TOTAL AUSTRALIA				276,724
CANADA—42.2%
Basic Materials — 42.2%
African Barrick Gold		23,139		62,900
Alamos Gold		13,708		191,445
Argonaut Gold *		22,971		145,471
Aurizon Mines *		28,768		123,359
B2Gold *		60,063		150,836
Centerra Gold		25,286		105,667
Detour Gold *		9,384		112,893
Eldorado Gold		18,607		147,201
Kinross Gold		23,911		130,301
Osisko Mining *		31,254		131,847
TOTAL CANADA				1,301,920
CHINA—5.3%
Basic Materials — 5.3%
Real Gold Mining * (A) (B)		36,500		10,442
Zhaojin Mining Industry		138,673		154,038
TOTAL CHINA				164,480
EGYPT—4.5%
Basic Materials — 4.5%
Centamin *		215,305		138,226
JERSEY—5.9%
Basic Materials — 5.9%
Randgold Resources ADR		2,226		182,042

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

6

Schedule of Investments	April 30, 2013 (Unaudited)
Global X Pure Gold Miners ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
RUSSIA—5.9%
Basic Materials — 5.9%
Polyus Gold International *		57,061	$	179,931
SOUTH AFRICA— 13.7%
Basic Materials — 13.7%
AngloGold Ashanti ADR		7,019		136,871
Gold Fields ADR		16,550		123,463
Harmony Gold Mining ADR		28,048		143,886
Sibanye Gold ADR *		4,017		15,465
TOTAL SOUTH AFRICA				419,685
TURKEY—5.3%
Basic Materials — 5.3%
Koza Altin Isletmeleri		8,139		162,530
UNITED KINGDOM— 2.6%
Basic Materials — 2.6%
Petropavlovsk		35,278		79,459
UNITED STATES— 5.0%
Basic Materials — 5.0%
Alacer Gold		51,791		155,252
TOTAL COMMON STOCK
(Cost $5,471,534)				3,060,249
TIME DEPOSIT — 0.2%
Brown Brothers Harriman, 0.028%, 05/01/13
(Cost $7,149)	$	7,149		7,149
TOTAL INVESTMENTS — 99.6%
(Cost $5,478,683)			$	3,067,398

Percentages are based on Net Assets of $3,079,666.

* Non-income producing security.

ADR — American 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 securities as of April 30, 2013 was $10,442 and represents 0.34% of Net Assets.
(B)	Security considered illiquid. The total value of such security as of April 30, 2013 was $10,442 and represented 0.34% of Net Assets.

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

7

Schedule of Investments	April 30, 2013 (Unaudited)
Global X Pure Gold Miners ETF

The following is a summary of the inputs used as of April 30, 2013, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Common Stock
Australia	$	276,724	$	—	$	—	$	276,724
Canada		1,301,920		—		—		1,301,920
China		154,038		—		10,442		164,480
Egypt		138,226		—		—		138,226
Jersey		182,042		—		—		182,042
Russia		179,931		—		—		179,931
South Africa		419,685		—		—		419,685
Turkey		162,530		—		—		162,530
United Kingdom		79,459		—		—		79,459
United States		155,252		—		—		155,252
Total Common Stock		3,049,807		—		10,442		3,060,249
Time Deposit		—		7,149		—		7,149
Total Investments in Securities	$	3,049,807	$	7,149	$	10,442	$	3,067,398

 ⁽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 period ended April 30, 2013, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

8

Schedule of Investments	April 30, 2013 (Unaudited)
Global X Copper Miners ETF

Sector Weightings†:

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

	Shares		Value
COMMON STOCK — 106.7%
AUSTRALIA—9.0%
Basic Materials — 9.0%
Cudeco * (A)		352,845	$	1,379,044
OZ Minerals		264,392		1,178,608
TOTAL AUSTRALIA				2,557,652
CANADA—45.7%
Basic Materials — 45.7%
Augusta Resource *		76,715		192,555
Capstone Mining *		674,187		1,365,171
Copper Mountain Mining ^*		347,060		695,877
Copper Mountain Mining *		12,300		24,189
Duluth Metals * (A)		382,926		611,952
First Quantum Minerals		79,572		1,389,321
HudBay Minerals, Cl B		161,708		1,284,097
Imperial Metals *		112,728		1,395,323
Inmet Mining		29,258		1,882,306
Lumina Copper * (A)		109,920		849,945
Lundin Mining *		327,322		1,286,610
Mercator Minerals *		173,000		48,082
Northern Dynasty Minerals *		268,592		703,711
Taseko Mines *		560,175		1,310,809
TOTAL CANADA				13,039,948
CHINA—4.5%
Basic Materials — 4.5%
Jiangxi Copper, Cl H		670,706		1,299,900
MEXICO—9.2%
Basic Materials — 9.2%
Grupo Mexico, Cl B		352,955		1,267,084
Southern Copper		40,461		1,348,565
TOTAL MEXICO				2,615,649

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

9

Schedule of Investments	April 30, 2013 (Unaudited)
Global X Copper Miners ETF

	Shares/Number of Warrants/Face Amount		Value
COMMON STOCK — continued
POLAND—4.5%
Basic Materials — 4.5%
KGHM Polska Miedz		27,222	$	1,275,015
SOUTH AFRICA— 1.6%
Basic Materials — 1.6%
Palabora Mining *		39,570		469,628
SWITZERLAND—5.4%
Basic Materials — 5.4%
Xstrata		103,038		1,542,121
TURKEY—1.8%
Basic Materials — 1.8%
Park Elektrik Uretim Madencilik Sanayi ve Ticaret		139,998		524,773
UNITED KINGDOM— 20.2%
Basic Materials — 20.2%
Antofagasta		91,499		1,275,616
Kazakhmys		249,856		1,344,038
Turquoise Hill Resources *		242,616		1,705,590
Vedanta Resources		76,915		1,444,464
TOTAL UNITED KINGDOM				5,769,708
UNITED STATES— 4.8%
Basic Materials — 4.8%
Freeport-McMoRan Copper & Gold		45,371		1,380,639
TOTAL COMMON STOCK
(Cost $40,944,647)				30,475,033
WARRANT — 0.0%
Canada — 0.0%
Duluth Exploration, Expires 7/31/13(B) (C)
(Cost $–)		11,771		—
REPURCHASE AGREEMENT — 2.7%
Barclays
0.150%, dated 04/30/13, to be repurchased on  05/01/13, repurchase price $760,483 (collateralized by U.S. Treasury Bills, ranging in par value $74,788-$367,683, 0.000%, and 07/11/13-12/12/13) with a total market value of $775,690)(D)
(Cost $760,480)	$	760,480		760,480
TOTAL INVESTMENTS — 109.4%
(Cost $41,705,127)			$	31,235,513

Percentages are based on Net Assets of $28,553,429.

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

10

Schedule of Investments	April 30, 2013 (Unaudited)
Global X Copper Miners ETF

* Non-income producing security.

Cl — Class

^         Traded on the Toronto Stock Exchange

(A)	This security or a partial position of this security is on loan at April 30, 2013.  The total value of securities on loan at April 30, 2013 was $601,505.
(B)	Securities considered illiquid. The total value of such securities as of April 30, 2013 was $0 and represented 0% of Net Assets.
(C)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such security as of April 30, 2013, was $0 and represents 0% of net assets.
(D)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2013 was $760,480.

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

The following is a summary of the inputs used as of April 30, 2013, in valuing the Fund's investments carried at value:

Investments in Securities		Level 1		Level 2		Level 3		Total
Common Stock	$	30,475,033	$	—	$	—	$	30,475,033
Repurchase Agreement		—		760,480		—		760,480
Warrant		—		—		—		—
Total Investments in Securities	$	30,475,033	$	760,480	$	—	$	31,235,513

For the period ended April 30, 2013, there have been no transfers between Level 1, Level 2 or Level 3 investments.

For the period ended April 30, 2013, there were no Level 3 investments.

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

11

Schedule of Investments	April 30, 2013 (Unaudited)
Global X Uranium ETF

Sector Weightings†:

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

	Shares		Value
COMMON STOCK — 99.8%
AUSTRALIA—29.5%
Basic Materials — 29.5%
Azimuth Resources * (A) (D)		23,328,684	$	7,618,220
Bannerman Resources * (A)		14,711,835		915,105
Berkeley Resources * (A)		6,980,610		2,351,958
Energy Resources of Australia *		5,215,883		5,569,520
Greenland Minerals & Energy * (A)		19,325,248		5,509,479
Paladin Energy * (A)		12,339,446		9,658,181
Syrah Resources * (A)		2,353,298		4,440,185
TOTAL AUSTRALIA				36,062,648
CANADA—38.6%
Basic Materials — 38.6%
Cameco		1,431,096		27,898,879
Denison Mines * (A)		4,827,602		5,989,878
Energy Fuels*		21,599,133		2,787,123
Laramide Resources * (A) (D)		3,632,495		2,523,943
Mega Uranium *		12,919,981		1,474,810
Rockgate Capital* (D)		13,195,355		2,619,556
Uex *		8,445,072		3,897,919
TOTAL CANADA				47,192,108
RUSSIA—18.7%
Basic Materials — 18.7%
Uranium One * (A)		8,243,309		22,910,581
UNITED STATES— 13.0%
Basic Materials — 13.0%
Uranerz Energy * (A)		3,253,414		3,318,482
Uranium Energy * (A)		2,999,224		4,648,797
Uranium Resources *		576,178		1,163,880
Ur-Energy * (A) (D)		6,798,503		5,575,452
USEC *		4,013,061		1,284,180
TOTAL UNITED STATES				15,990,791
TOTAL COMMON STOCK
(Cost $216,705,174)				122,156,128

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

12

Schedule of Investments	April 30, 2013 (Unaudited)
Global X Uranium ETF

	Face Amount		Value
U.S. TREASURY OBLIGATION — 9.0%
United States Treasury Bills
0.015%, 05/23/13(B)
(Cost $10,999,899)	$	11,000,000	$	10,999,813
REPURCHASE AGREEMENT — 14.5%
Barclays
0.150%, dated 04/30/13, to be repurchased on 05/01/13, repurchase price $17,697,432 (collateralized by U.S. Treasury Bills, ranging in par value $230,457-$7,423,455, 0.000%, and 07/11/13-12/12/13) with a total market value of $18,051,317)(C)
(Cost $17,697,358)		17,697,358		17,697,358
TOTAL INVESTMENTS — 123.3%
(Cost $245,402,431)			$	150,853,299

Percentages are based on Net Assets of $122,326,543.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2013.  The total value of securities on loan at April 30, 2013 was $16,348,745.
(B)	The rate reported on the Schedule of Investments is the effective yield at time of purchase.
(C)	These securities were purchased with cash collateral held from securities on loan. The total value of such security as of April 30, 2013 was $17,697,358.
(D)	Affiliated investment (see Note 3).

The following is a summary of the inputs used as of April 30, 2013, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	122,156,128	$	—	$	—	$	122,156,128
Repurchase Agreement		—		17,697,358		—		17,697,358
U.S. Treasury Obligation		—		10,999,813		—		10,999,813
Total Investments in Securities	$	122,156,128	$	28,697,171	$	—	$	150,853,299

For the period ended April 30, 2013, there have been no transfers between Level 1, Level 2 or Level 3 investments.

For the period ended April 30, 2013, there were no Level 3 investments.

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

13

Schedule of Investments	April 30, 2013 (Unaudited)
Global X Lithium ETF

Sector Weightings†:

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

	Shares		Value
COMMON STOCK — 99.9%
AUSTRALIA—10.1%
Basic Materials — 10.1%
Galaxy Resources * (A) (C)		6,324,218	$	1,507,951
Orocobre *		1,757,898		2,223,342
Reed Resources *		18,648,362		1,643,283
TOTAL AUSTRALIA				5,374,576
CANADA—10.7%
Basic Materials — 10.7%
Avalon Rare Metals * (A)		2,310,528		2,453,983
Canada Lithium * (A)		4,308,522		2,523,230
Lithium Americas *		1,513,512		751,160
TOTAL CANADA				5,728,373
CHILE—13.6%
Basic Materials — 13.6%
Sociedad Quimica y Minera de Chile ADR		146,268		7,238,803
CHINA—0.3%
Industrials — 0.3%
China BAK Battery *		271,998		176,500
FRANCE—4.7%
Industrials — 4.7%
Saft Groupe		101,103		2,488,529
HONG KONG— 3.6%
Industrials — 3.6%
Coslight Technology International Group		6,536,873		1,912,167
JAPAN—5.0%
Industrials — 5.0%
GS Yuasa (A)		632,294		2,678,745
SOUTH KOREA— 9.9%
Basic Materials — 5.1%
LG Chemical		11,579		2,733,624

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

14

Schedule of Investments	April 30, 2013 (Unaudited)
Global X Lithium ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Industrials — 4.8%
Samsung SDI		21,836	$	2,547,830
TOTAL SOUTH KOREA				5,281,454
UNITED STATES— 42.0%
Basic Materials — 35.8%
FMC		197,623		11,995,716
Rockwood Holdings		109,314		7,093,386
				19,089,102
Industrials — 6.2%
Exide Technologies *		1,740,613		1,474,473
Ultralife *		460,496		1,814,354
				3,288,827
TOTAL UNITED STATES				22,377,929
TOTAL COMMON STOCK
(Cost $64,776,502)				53,257,076
TIME DEPOSIT — 0.2%
Brown Brothers Harriman, 0.028%, 05/01/13
(Cost $91,178)	$	91,178		91,178
REPURCHASE AGREEMENT — 9.6%
Barclays
0.150%, dated 04/30/13, to be repurchased on 05/01/13, repurchase price $5,093,380 (collateralized by U.S. Treasury Bills, ranging in par value $500,896-$2,462,578, 0.000%, and 07/11/13-12/12/13) with a total market value of $5,195,230) (B)
(Cost $5,093,359)		5,093,359		5,093,359
TOTAL INVESTMENTS — 109.7%
(Cost $69,961,039)			$	58,441,613

Percentages are based on Net Assets of $53,264,942.

* Non-income producing security.

ADR — American Depositary Receipt

(A)	This security or a partial position of this security is on loan at April 30, 2013.  The total value of securities on loan at April 30, 2013 was $4,826,211.
(B)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of April 30, 2013 was $5,093,359.

(C) Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2013 was $1,507,951 and represents 2.83% of Net Assets.

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

15

Schedule of Investments	April 30, 2013 (Unaudited)
Global X Lithium ETF

The following is a summary of the inputs used as of April 30, 2013, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Common Stock	$	51,749,125	$	—	$	1,507,951	$	53,257,076
Repurchase Agreement		—		5,093,359		—		5,093,359
Time Deposit		—		91,178		—		91,178
Total Investments in Securities	$	51,749,125	$	5,184,537	$	1,507,951	$	58,441,613

(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, 2012	$	3,868,979
Accrued discounts/premiums		-
Realized gain/(loss)		(685,082	)
Change in unrealized appreciation/(depreciation)		(970,837	)
Net purchases		346,542
Net sales		(1,051,651	)
Ending Balance as of April 30,2013	$	1,507,951

For the period ended April 30, 2013, there was a transfer from Level 1 to Level 3 in the amount of $1,507,951 due to the security being fair valued. There were no transfers between Level 2 and Level 3 investments.

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

16

Schedule of Investments	April 30, 2013 (Unaudited)
Global X Fertilizers/Potash ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.7%
AUSTRALIA—8.1%
Basic Materials — 8.1%
Incitec Pivot		350,267	$	1,049,421
Nufarm		194,156		845,382
TOTAL AUSTRALIA				1,894,803
CANADA—9.6%
Basic Materials — 9.6%
Agrium		11,126		1,019,888
Potash Corp of Saskatchewan		28,956		1,218,655
TOTAL CANADA				2,238,543
CHILE—4.0%
Basic Materials — 4.0%
Sociedad Quimica y Minera de Chile ADR		18,697		925,315
CHINA—9.1%
Basic Materials — 9.1%
China BlueChemical		1,684,625		1,026,820
Sinofert Holdings *		5,054,474		1,094,246
TOTAL CHINA				2,121,066
GERMANY—4.9%
Basic Materials — 4.9%
K+S		25,617		1,132,528
ISRAEL—9.8%
Basic Materials — 9.8%
Israel Chemicals		95,166		1,131,905
The Israel Corp *		1,789		1,150,249
TOTAL ISRAEL				2,282,154
NORWAY—4.7%
Basic Materials — 4.7%
Yara International		23,562		1,103,224

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

17

Schedule of Investments	April 30, 2013 (Unaudited)
Global X Fertilizers/Potash ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
RUSSIA—4.6%
Basic Materials — 4.6%
Uralkali GDR		29,721	$	1,075,603
SOUTH KOREA— 2.5%
Basic Materials — 2.5%
Namhae Chemical		90,619		586,683
SWITZERLAND—5.4%
Basic Materials — 5.4%
Syngenta		2,909		1,243,318
TAIWAN—4.6%
Basic Materials — 4.6%
Taiwan Fertilizer *		449,378		1,075,023
TURKEY—7.9%
Basic Materials — 7.9%
Bagfas Bandirma Gubre Fabrik *		34,731		1,041,300
Gubre Fabrikalari *		90,553		798,069
TOTAL TURKEY				1,839,369
UNITED STATES— 24.5%
Basic Materials — 24.5%
CF Industries Holdings		5,498		1,025,432
Intrepid Potash		55,569		1,023,025
Mosaic		21,715		1,337,427
Scotts Miracle-Gro, Cl A		26,794		1,215,108
Terra Nitrogen		5,203		1,113,182
TOTAL UNITED STATES				5,714,174
TOTAL COMMON STOCK
(Cost $25,829,088)				23,231,803
TIME DEPOSIT — 0.2%
Brown Brothers Harriman, 0.028%, 05/01/13
(Cost $55,122)	$	55,122		55,122
TOTAL INVESTMENTS — 99.9%
(Cost $25,884,210)			$	23,286,925

Percentages are based on Net Assets of $23,316,240.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

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

18

Schedule of Investments	April 30, 2013 (Unaudited)
Global X Fertilizers/Potash ETF

The following is a summary of the inputs used as of April 30, 2013, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	23,231,803	$	—	$	—	$	23,231,803
Time Deposit		—		55,122		—		55,122
Total Investments in Securities	$	23,231,803	$	55,122	$	—	$	23,286,925

For the period ended April 30, 2013, there have been no transfers between Level 1, Level 2 or Level 3 investments.

For the period ended April 30, 2013, there were no Level 3 investments.

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

19

Schedule of Investments	April 30, 2013 (Unaudited)
Global X Junior Miners ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.7%
AUSTRALIA—21.7%
Basic Materials — 21.7%
Aquila Resources *		18,697	$	35,859
Atlas Iron		39,751		34,410
Beadell Resources *		36,877		26,952
Discovery Metals * (A)		20,449		7,208
Energy Resources of Australia *		9,601		10,252
Evolution Mining *		32,139		32,486
Independence Group		10,726		36,695
Kingsgate Consolidated		8,441		18,902
Lynas *		83,503		43,717
Medusa Mining		8,502		28,822
Mineral Deposits *		4,087		12,711
Mount Gibson Iron		21,569		11,069
Northern Star Resources		19,459		13,617
OceanaGold *		12,070		25,777
Paladin Energy *		42,305		33,112
PanAust		27,924		67,161
Perseus Mining *		21,692		30,471
Resolute Mining		27,995		27,716
Sandfire Resources *		6,963		40,496
Silver Lake Resources *		14,293		15,558
St. Barbara *		18,818		11,705
Sundance Resources *		141,996		15,457
Syrah Resources *		6,136		11,577
Troy Resources		4,210		8,162
Western Areas		8,050		23,033
TOTAL AUSTRALIA				622,925
BELGIUM—1.2%
Basic Materials — 1.2%
Nyrstar *		6,907		33,565
BRAZIL—0.5%
Basic Materials — 0.5%
MMX Mineracao e Metalicos *		12,746		14,907

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

20

Schedule of Investments	April 30, 2013 (Unaudited)
Global X Junior Miners ETF

	Shares		Value
COMMON STOCK — continued
CANADA—36.7%
Basic Materials — 36.7%
Alamos Gold		5,494	$	76,729
Argonaut Gold *		5,692		36,046
Aurcana *		2,653		10,667
AuRico Gold		12,831		65,973
Aurizon Mines *		7,479		32,070
B2Gold *		29,239		73,428
Banro *		9,175		11,748
Barisan Gold *		4,920		220
Capstone Mining *		17,334		35,100
Centerra Gold		10,744		44,898
Colossus Minerals *		4,836		11,040
Continental Gold *		5,718		28,265
Denison Mines *		18,526		22,986
Dundee Precious Metals *		5,709		36,607
Endeavour Silver *		4,528		23,591
Fortuna Silver Mines *		5,693		17,744
Gabriel Resources *		10,876		19,648
HudBay Minerals, Cl B		7,817		62,073
Kirkland Lake Gold *		3,289		11,035
Lake Shore Gold *		22,128		9,005
MAG Silver *		2,728		20,823
Nevsun Resources		9,397		35,165
Novagold Resources *		10,299		25,353
Orbite Aluminae *		8,296		8,317
Premier Gold Mines *		6,773		14,185
Rainy River Resources *		4,945		11,388
Rio Alto Mining *		7,958		29,227
Rubicon Minerals *		13,072		22,707
Sandstorm Gold *		3,909		31,584
Seabridge Gold *		2,243		25,727
SEMAFO		13,056		24,752
Sherritt International		13,497		63,101
Silver Standard Resources *		3,671		26,345
Silvercorp Metals		7,920		23,206
Thompson Creek Metals *		7,669		22,913
Torex Gold Resources *		27,470		38,174
TOTAL CANADA				1,051,840
CHINA—0.7%
Basic Materials — 0.7%
Hidili Industry International Development		94,193		21,242

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

21

Schedule of Investments	April 30, 2013 (Unaudited)
Global X Junior Miners ETF

	Shares		Value
COMMON STOCK — continued
EGYPT—1.1%
Basic Materials — 1.1%
Centamin *		50,162	$	32,204
FINLAND—0.1%
Basic Materials — 0.1%
Talvivaara Mining *		8,963		1,946
HONG KONG— 3.8%
Basic Materials — 3.8%
CST Mining Group *		1,162,516		15,130
Shougang Fushan Resources Group		240,636		93,958
TOTAL HONG KONG				109,088
INDONESIA—0.9%
Basic Materials — 0.9%
Aneka Tambang Persero		184,147		26,138
IRELAND—1.3%
Basic Materials — 1.3%
Kenmare Resources *		90,019		37,013
JAPAN—3.4%
Basic Materials — 3.4%
Pacific Metals		7,865		39,452
Sky Aluminum		10,262		31,686
Toho Zinc		6,947		25,939
TOTAL JAPAN				97,077
RUSSIA—0.4%
Basic Materials — 0.4%
Raspadskaya		8,685		10,596
SINGAPORE—1.2%
Basic Materials — 1.2%
LionGold *		35,809		33,288
SOUTH AFRICA— 2.2%
Basic Materials — 2.2%
Northam Platinum		17,317		64,243
UNITED KINGDOM— 5.5%
Basic Materials — 5.5%
African Minerals *		14,333		48,703
Ferrexpo		26,815		74,059
Highland Gold Mining		5,981		7,828
London Mining *		5,958		10,620

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

22

Schedule of Investments	April 30, 2013 (Unaudited)
Global X Junior Miners ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Basic Materials
Petropavlovsk		7,712	$	17,370
TOTAL UNITED KINGDOM				158,580
UNITED STATES— 19.0%
Basic Materials — 19.0%
Alacer Gold		13,039		39,087
Alpha Natural Resources *		10,030		74,423
Arch Coal		9,655		46,827
Century Aluminum *		4,025		32,844
Cloud Peak Energy *		2,780		54,321
Coeur d'Alene Mines *		4,070		62,027
Gold Resource		2,396		24,535
Hecla Mining		12,986		44,152
McEwen Mining *		8,265		19,257
Molycorp *		6,275		36,646
RTI International Metals *		1,422		41,266
Stillwater Mining *		5,449		67,786
TOTAL UNITED STATES				543,171
TOTAL COMMON STOCK
(Cost $3,853,542)				2,857,823
TIME DEPOSIT — 0.2%
Brown Brothers Harriman, 0.028%, 05/01/13
(Cost $5,645)	$	5,645		5,645
TOTAL INVESTMENTS — 99.9%
(Cost $3,859,187)			$	2,863,468

Percentages are based on Net Assets of $2,866,496.

* Non-income producing security.

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 April 30, 2013 was $7,208 and represented 0.25% of Net Assets.

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

23

Schedule of Investments	April 30, 2013 (Unaudited)
Global X Junior Miners ETF

The following is a summary of the inputs used as of April 30, 2013, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Common Stock	$	2,850,615	$	—	$	7,208	$	2,857,823
Time Deposit		—		5,645		—		5,645
Total Investments in Securities	$	2,850,615	$	5,645	$	7,208	$	2,863,468

⁽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 period ended April 30, 2013, there was a transfer from Level 1 to Level 2 in the amount of $7,208 due to the security being fair valued. There were no transfers between Level 2 and Level 3 investments.

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

24

Statements of Assets and Liabilities

April 30, 2013 (Unaudited)

	Global X Silver Miners ETF			Global X Gold Explorers ETF			Global X Pure Gold Miners ETF			Global X Copper Miners ETF
Assets:
Cost of Investments	$	357,623,114		$	62,337,469		$	5,478,683		$	40,944,647
Cost of Repurchase Agreement		10,970,370			—			—			760,480
Cost of Foreign Currency		—			13			13,716			—
Investments at Value	$	225,932,366	*	$	33,696,545		$	3,067,398		$	30,475,033	*
Repurchase Agreement		10,970,370			—			—			760,480
Foreign Currency at Value		1			13			13,717			—
Receivable for Investment Securities Sold		17,899,093			—			—			3,156,939
Dividend and Interest Receivable		613,038			—			—			29,024
Reclaim Receivable		—			—			—			11,936
Total Assets		255,414,868			33,696,558			3,081,115			34,433,412
Liabilities:
Payable for Investment Securities Purchased		17,731,060			—			—			3,530,429
Obligation to Return Securities Lending Collateral		10,970,370			—			—			760,480
Payable due to Investment Adviser		127,015			16,597			—			14,299
Cash Overdraft		103,039			3,520,085			—			1,574,775
Other Accrued Expenses		—			—			1,449			—
Total Liabilities		28,931,484			3,536,682			1,449			5,879,983
Net Assets	$	226,483,384		$	30,159,876		$	3,079,666		$	28,553,429
*Includes Market Value of Securities on Loan	$	10,124,610		$	—		$	—		$	601,505
Net Assets Consist of:
Paid-in Capital	$	402,997,898		$	75,361,606		$	6,207,188		$	42,380,403
Distributions in Excess of Net Investment Income		(913,397	)		(2,615,345	)		(62,750	)		(501,783	)
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(43,903,355	)		(13,945,461	)		(653,488	)		(2,853,074	)
Net Unrealized Depreciation on Investments		(131,690,748	)		(28,640,924	)		(2,411,285	)		(10,469,614	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Transactions		(7,014	)		—			1			(2,503	)
Net Assets	$	226,483,384		$	30,159,876		$	3,079,666		$	28,553,429
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		15,150,000			1,825,000			225,000			2,700,000
Net Asset Value, Offering and Redemption Price Per Share	$	14.95		$	16.53		$	13.69		$	10.58

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

25

Statements of Assets and Liabilities

April 30, 2013 (Unaudited)

	Global X Uranium ETF			Global X Lithium ETF			Global X Fertilizers/Potash ETF			Global X Junior Miners ETF
Assets:
Cost of Investments	$	189,172,321		$	64,867,680		$	25,884,210		$	3,859,187
Cost of Repurchase Agreement		17,697,358			5,093,359			—			—
Cost of Affiliated Investments		38,532,752			—			—			—
Cost of Foreign Currency		8			—			11,114			3,606
Investments at Value	$	114,818,770	*	$	53,348,254	*	$	23,286,925		$	2,863,468
Repurchase Agreement		17,697,358			5,093,359			—			—
Affiliated Investments		18,337,171			—			—			—
Foreign Currency at Value		17			9			11,087			3,606
Receivable for Investment Securities Sold		154,381			4,211,865			2,658,835			—
Dividend and Interest Receivable		32,834			59,580			19,458			690
Reclaim Receivable		—			2,270			18,788			322
Total Assets		151,040,531			62,715,337			25,995,093			2,868,086
Liabilities:
Payable for Investment Securities Purchased		106,970			3,690,268			—			—
Obligation to Return Securities Lending Collateral		17,697,358			5,093,359			—			—
Payable for Capital Shares Redeemed		—			633,500			2,664,000			—
Cash Overdraft		10,838,162			—			—			—
Payable due to Investment Adviser		71,498			33,268			14,853			1,590
Total Liabilities		28,713,988			9,450,395			2,678,853			1,590
Net Assets	$	122,326,543		$	53,264,942		$	23,316,240		$	2,866,496
*Includes Market Value of Securities on Loan	$	16,348,745		$	4,826,211		$	—		$	—
Net Assets Consist of:
Paid-in Capital	$	356,572,471		$	98,016,840		$	26,839,916		$	5,915,541
Undistributed (Distributions in Excess of) Net Investment Income		(364,475	)		(238,355	)		66,432			(61,716	)
Accumulated Net Realized Loss on Investments, Affiliated Investments and Foreign Currency Transactions		(139,332,271	)		(32,992,052	)		(992,719	)		(1,991,595	)
Net Unrealized Depreciation on Investments and Affiliated Investments		(94,549,132	)		(11,519,426	)		(2,597,285	)		(995,719	)
Net Unrealized Depreciation on Foreign Currency Transactions		(50	)		(2,065	)		(104	)		(15	)
Net Assets	$	122,326,543		$	53,264,942		$	23,316,240		$	2,866,496
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		7,233,333			4,150,000			1,750,000			150,000
Net Asset Value, Offering and Redemption Price Per Share	$	16.91		$	12.83		$	13.32		$	19.11

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

26

Statements of Operations

For the period ended April 30, 2013 (Unaudited)

	Global X Silver Miners ETF			Global X Gold Explorers ETF			Global X Pure Gold Miners ETF			Global X Copper Miners ETF
Investment Income:
Dividend Income	$	1,848,196		$	—		$	23,830		$	254,943
Interest Income		91			21			2			7
Security Lending Income		67,915			—			—			6,140
Less: Foreign Taxes Withheld		(94,064	)		—			(1,474	)		(3,862	)
Total Investment Income		1,822,138			21			22,358			257,228
Supervision and Administration Fees(1)		1,022,197			120,270			11,066			97,637
Total Expenses		1,022,197			120,270			11,066			97,637
Net Investment Income (Loss)		799,941			(120,249	)		11,292			159,591
Net Realized Loss on:
Investments		(14,928,480	)(2)		(5,073,512	)		(433,328	)		(1,505,151	)(2)
Foreign Currency Transactions		(1,627	)		(384	)		(482	)		8,080
Net Realized Loss on Investments and Foreign Currency Transactions		(14,930,107	)		(5,073,896	)		(433,810	)		(1,497,071	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(138,775,106	)		(19,913,500	)		(1,460,499	)		(3,460,519	)
Foreign Currency Transactions		(9,565	)		148			(7	)		(11,578	)
Net Change in Unrealized Depreciation on Investments  and Foreign Currency Transactions		(138,784,671	)		(19,913,352	)		(1,460,506	)		(3,472,097	)
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions		(153,714,778	)		(24,987,248	)		(1,894,316	)		(4,969,168	)
Net Decrease in Net Assets Resulting from Operations	$	(152,914,837	)	$	(25,107,497	)	$	(1,883,024	)	$	(4,809,577	)

⁽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.

27

Statements of Operations

For the period ended April 30, 2013 (Unaudited)

	Global X Uranium ETF			Global X Lithium ETF			Global X Fertilizers/Potash ETF			Global X Junior Miners ETF
Investment Income:
Dividend Income	$	274,877		$	440,998		$	325,817		$	15,015
Interest Income		84			38			12			—
Security Lending Income		518,575			26,074			—			—
Less: Foreign Taxes Withheld		(41,231	)		(45,572	)		(23,378	)		(1,051	)
Total Investment Income		752,305			421,538			302,451			13,964
Supervision and Administration Fees(1)		461,575			237,242			97,457			10,134
Total Expenses		461,575			237,242			97,457			10,134
Net Investment Income		290,730			184,296			204,994			3,830
Net Realized Gain (Loss) on:
Investments		(52,090,140	)		(908,971	)(2)		157,768	(2)		(24,770	)(2)
Affiliated Investments		(6,510,676	)		—			—			—
Foreign Currency Transactions		(19,745	)		11,815			71			767
Net Realized Gain (Loss) on Investments, Affiliated Investments and Foreign Currency Transactions		(58,620,561	)		(897,156	)		157,839			(24,003	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		32,236,834			(4,344,117	)		(1,081,766	)		(1,240,131	)
Affiliated Investments		(658,352	)		—			—			—
Foreign Currency Transactions		(60	)		(706	)		188			(19	)
Net Change in Unrealized Appreciation (Depreciation) on Investments, Affiliated Investments and Foreign Currency Transactions		31,578,422			(4,344,823	)		(1,081,578	)		(1,240,150	)
Net Realized and Unrealized Loss on Investments, Affiliated Investments and Foreign Currency Transactions		(27,042,139	)		(5,241,979	)		(923,739	)		(1,264,153	)
Net Decrease in Net Assets Resulting from Operations	$	(26,751,409	)	$	(5,057,683	)	$	(718,745	)	$	(1,260,323	)

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

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

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

28

Statements of Changes in Net Assets

	Global X Silver Miners ETF						Global X Gold Explorers ETF
	Period Ended April 30, 2013 (Unaudited)			Year ended October 31, 2012 (Audited)			Period Ended April 30, 2013 (Unaudited)			Year ended October 31, 2012 (Audited)
Operations:
Net Investment Income (Loss)	$	799,941		$	2,004,573		$	(120,249	)	$	(192,120	)
Net Realized Loss on Investments and Foreign Currency Transactions		(14,930,107	)(1)		(9,604,385	)(1)		(5,073,896	)		(8,399,444	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		(138,784,671	)		24,956,898			(19,913,352	)		(2,231,114	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(152,914,837	)		17,357,086			(25,107,497	)		(10,822,678	)
Dividends and Distributions from:
Net Investment Income		(3,117,053	)		(528,916	)		(1,890,494	)		(545,816	)
Total Dividends and Distributions		(3,117,053	)		(528,916	)		(1,890,494	)		(545,816	)
Capital Share Transactions:
Issued		29,325,000			80,704,000			15,906,501			25,228,000
Redeemed		(32,776,500	)		(74,671,000	)		—			—
Increase (Decrease) in Net Assets  from Capital Share Transactions		(3,451,500	)		6,033,000			15,906,501			25,228,000
Total Increase (Decrease) in Net Assets		(159,483,390	)		22,861,170			(11,091,490	)		13,859,506
Net Assets:
Beginning of Period		385,966,774			363,105,604			41,251,366			27,391,860
End of Period	$	226,483,384		$	385,966,774		$	30,159,876		$	41,251,366
Undistributed (Distributions in Excess of) Net Investment Income	$	(913,397	)	$	1,403,715		$	(2,615,345	)	$	(604,602	)
Share Transactions:
Issued		1,200,000			3,550,000			637,500	(2)		675,000	(2)
Redeemed		(1,500,000	)		(3,450,000	)		—			—
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(300,000	)		100,000			637,500			675,000

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

⁽²⁾ Adjusted to reflect the effect of a 1 for 4 reverse share split on May 16, 2013. (See Note 10 in the Notes to Financial Statements).

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

29

Statements of Changes in Net Assets

	Global X Pure Gold Miners ETF						Global X Copper Miners ETF
	Period Ended April 30, 2013 (Unaudited)			Year ended October 31, 2012 (Audited)			Period Ended April 30, 2013 (Unaudited)			Year ended October 31, 2012 (Audited)
Operations:
Net Investment Income	$	11,292		$	15,131		$	159,591		$	624,672
Net Realized Loss on Investments and Foreign Currency Transactions		(433,810	)		(212,334	)		(1,497,071	)(1)		(3,016,842	)(1)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		(1,460,506	)		(836,592	)		(3,472,097	)		(257,877	)
Net Decrease in Net Assets Resulting from Operations		(1,883,024	)		(1,033,795	)		(4,809,577	)		(2,650,047	)
Dividends and Distributions from:
Net Investment Income		(5,222	)		(86,778	)		(1,026,703	)		(1,669,576	)
Net Realized Gains		—			—			—			(1,004,380	)
Total Dividends and Distributions		(5,222	)		(86,778	)		(1,026,703	)		(2,673,956	)
Capital Share Transactions:
Issued		318,499			636,000			5,130,999			2,635,500
Redeemed		—			—			(1,782,000	)		(11,788,000	)
Increase (Decrease) in Net Assets  from Capital Share Transactions		318,499			636,000			3,348,999			(9,152,500	)
Total Decrease in Net Assets		(1,569,747	)		(484,573	)		(2,487,281	)		(14,476,503	)
Net Assets:
Beginning of Period		4,649,413			5,133,986			31,040,710			45,517,213
End of Period	$	3,079,666		$	4,649,413		$	28,553,429		$	31,040,710
Undistributed (Distributions in Excess of) Net Investment Income	$	(62,750	)	$	(68,820	)	$	(501,783	)	$	365,329
Share Transactions:
Issued		25,000	(2)		25,000	(2)		450,000			200,000
Redeemed		—			—			(150,000	)		(850,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		25,000			25,000			300,000			(650,000	)

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

⁽²⁾ Adjusted to reflect the effect of a 1 for 2 reverse share split on May 16, 2013. (See Note 10 in the Notes to Financial Statements).

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

30

Statements of Changes in Net Assets

	Global X Uranium ETF						Global X Lithium ETF
	Period Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012 (Audited)			Period Ended April 30, 2013 (Unaudited)			Year ended October 31, 2012 (Audited)
Operations:
Net Investment Income	$	290,730		$	494,660		$	184,296		$	1,208,946
Net Realized Loss on Investments, Affiliated Investments and Foreign Currency Transactions		(58,620,561	)		(56,656,512	)(1)		(897,156	)(1)		(29,748,967	)(1)
Net Change in Unrealized Appreciation (Depreciation) on Investments, Affiliated Investments and Foreign Currency Transactions		31,578,422			(3,760,381	)		(4,344,823	)		19,806,215
Net Decrease in Net Assets Resulting from Operations		(26,751,409	)		(59,922,233	)		(5,057,683	)		(8,733,806	)
Dividends and Distributions from:
Net Investment Income		(2,536,311	)		—			(1,597,778	)		(114,415	)
Total Dividends and Distributions		(2,536,311	)		—			(1,597,778	)		(114,415	)
Capital Share Transactions:
Issued		15,946,000			14,424,500			—			11,966,000
Redeemed		—			(18,183,000	)		(9,950,500	)		(40,547,500	)
Increase (Decrease) in Net Assets  from Capital Share Transactions		15,946,000			(3,758,500	)		(9,950,500	)		(28,581,500	)
Total Decrease in Net Assets		(13,341,720	)		(63,680,733	)		(16,605,961	)		(37,429,721	)
Net Assets:
Beginning of Period		135,668,263			199,348,996			69,870,903			107,300,624
End of Period	$	122,326,543		$	135,668,263		$	53,264,942		$	69,870,903
Undistributed (Distributions in Excess of) Net Investment Income	$	(364,475	)	$	1,881,106		$	(238,355	)	$	1,175,127
Share Transactions:
Issued		783,333	(2)		516,667	(2)		—			750,000
Redeemed		—			(650,000	)(2)		(700,000	)		(2,650,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		783,333			(133,333	)		(700,000	)		(1,900,000	)

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

⁽²⁾ Adjusted to reflect the effect of a 1 for 3 reverse share split on May 16, 2013. (See Note 10 in the Notes to Financial Statements).

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

31

Statements of Changes in Net Assets

	Global X Fertilizers/Potash ETF						Global X Junior Miners ETF
	Period Ended April 30, 2013 (Unaudited)			Year ended October 31, 2012 (Audited)			Period Ended April 30, 2013 (Unaudited)			Year ended October 31, 2012 (Audited)
Operations:
Net Investment Income (Loss)	$	204,994		$	394,044		$	3,830		$	(13,782	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions(1)		157,839			(2,916,229	)		(24,003	)		(1,127,606	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		(1,081,578	)		1,379,636			(1,240,150	)		942,998
Net Decrease in Net Assets Resulting from Operations		(718,745	)		(1,142,549	)		(1,260,323	)		(198,390	)
Dividends and Distributions from:
Net Investment Income		(330,509	)		(185,936	)		(337,710	)		(71,812	)
Net Realized Gains		—			(32,332	)		—			—
Total Dividends and Distributions		(330,509	)		(218,268	)		(337,710	)		(71,812	)
Capital Share Transactions:
Issued		—			6,730,500			1,754,500			568,000
Redeemed		(4,018,000	)		(12,146,000	)		—			(469,500	)
Increase (Decrease) in Net Assets  from Capital Share Transactions		(4,018,000	)		(5,415,500	)		1,754,500			98,500
Total Increase (Decrease) in Net Assets		(5,067,254	)		(6,776,317	)		156,467			(171,702	)
Net Assets:
Beginning of Period		28,383,494			35,159,811			2,710,029			2,881,731
End of Period	$	23,316,240		$	28,383,494		$	2,866,496		$	2,710,029
Undistributed (Distributions in Excess of) Net Investment Income	$	66,432		$	191,947		$	(61,716	)	$	272,164
Share Transactions:
Issued		—			500,000			66,667	(2)		16,667	(2)
Redeemed		(300,000	)		(950,000	)		—			(16,667	)(2)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(300,000	)		(450,000	)		66,667			—

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

⁽²⁾ Adjusted to reflect the effect of a 1 for 3 reverse share split on May 16, 2013. (See Note 10 in the Notes to Financial Statements).

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

32

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income (Loss) ($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)			Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)
Global X Silver Miners ETF
2013(Unaudited)		24.98		0.05			(9.88	)		(9.83	)		(0.20	)		—			(0.20	)		14.95		(39.57	)		226,483		0.65	†		0.51	†		11.21	††
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
2013(3)(Unaudited)		34.72		(0.08	)		(16.67	)		(16.75	)		(1.44	)		—			(1.44	)		16.53		(49.95	)		30,160		0.65	†		(0.65	)†		10.41	††
2012(3)		53.44		(0.24	)		(17.46	)		(17.70	)		(1.02	)		—			(1.02	)		34.72		(33.42	)		41,251		0.65			(0.65	)		43.12
2011(2),(3)		61.96		(0.42	)		(8.10	)		(8.52	)		—			—			—			53.44		(13.75	)		27,392		0.65	†		(0.65	)†		29.96	††
Global X Pure Gold Miners ETF
2013(4)(Unaudited)		23.24		0.06			(9.58	)		(9.52	)		(0.03	)		—			(0.03	)		13.69		(41.06	)		3,080		0.59	†		0.60	†		14.06	††
2012(4)		29.34		0.08			(5.68	)		(5.60	)		(0.50	)		—			(0.50	)		23.24		(19.13	)		4,649		0.59			0.32			19.23
2011(4)(5)		30.30		0.02			(0.98	)		(0.96	)		—			—			—			29.34		(3.17	)		5,134		0.59	†		0.10	†		7.61	††
Global X Copper Miners ETF
2013(Unaudited)		12.93		0.07			(1.99	)		(1.92	)		(0.43	)		—			(0.43	)		10.58		(15.37	)		28,553		0.65	†		1.06	†		18.22	††
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) Per share amounts have been adjusted for a 1 for 4 reverse share split on May 16, 2013. For more information see Note 10 in the Notes to Financial Statements.

(4) Per share amounts have been adjusted for a 1 for 2 reverse share split on May 16, 2013. For more information see Note 10 in the Notes to Financial Statements.

(5) 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.

33

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income (Loss) ($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)			Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)
Global X Uranium ETF
2013(2)(Unaudited)		21.03		0.04			(3.79	)		(3.75	)		(0.37	)		—			(0.37	)		16.91		(18.00	)		122,327		0.69	†		0.43	†		17.75	††
2012(2)		30.27		0.08			(9.32	)		(9.24	)		—			—			—			21.03		(30.53	)		135,668		0.69			0.30			55.90
2011(1) (2)		50.34		0.44			(19.34	)		(18.90	)		(1.17	)		—			(1.17	)		30.27		(38.70	)		199,349		0.69	†		1.10	†		24.17	††
Global X Lithium ETF
2013(Unaudited)		14.41		0.04			(1.27	)		(1.23	)		(0.35	)		—			(0.35	)		12.83		(8.71	)		53,265		0.75	†		0.58	†		16.94	††
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(3)		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
2013(Unaudited)		13.85		0.10			(0.47	)		(0.37	)		(0.16	)		—			(0.16	)		13.32		(2.72	)		23,316		0.69	†		1.45	†		7.24	††
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(4)		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
2013(2)(Unaudited)		32.52		0.03			(10.06	)		(10.03	)		(3.38	)		—			(3.38	)		19.11		(33.86	)		2,866		0.69	†		0.25	†		14.34	††
2012(2)		34.59		(0.18	)		(1.03	)		(1.21	)		(0.86	)		—			(0.86	)		32.52		(3.16	)		2,710		0.75			(0.57	)		167.10
2011(2)(5)		45.12		(0.20	)		(10.33	)		(10.53	)		—			—			—			34.59		(23.34	)		2,882		0.75	†		(0.77	)†		28.23	††

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

(2) Per share amounts have been adjusted for a 1 for 3 reverse share split on May 16, 2013. For more information see Note 10 in the Notes to Financial Statements.

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

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

(5) The Fund commenced operations on March 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 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.

34

Notes to Financial Statements

April 30, 2013 (Unaudited)

1. ORGANIZATION

The Global X Funds (the “Trust”) is a Delaware Statutory Trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of April 30, 2013 the Trust had seventy-nine portfolios, thirty-five 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 (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

35

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

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 April 30, 2013, there were $207,205, $10,442, $1,507,951 and $7,208 of fair valued securities in the Global X Silver Miners ETF, Global X Pure Gold Miners ETF, Global X Lithium ETF, 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)

36

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (concluded)

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

For the period ended April 30, 2013 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 April 30, 2013. The disclosures below also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.

Global X Lithium Fund ETF

Quantitative information about Level 3 fair value
Assets	Fair Value at 4/30/13		Valuation Technique(s)	Unobservable Input	Discount percentage Range
Common Stock	$	1 ,507,951	Last Traded Price	Last Traded Price Comparability Adjustment 0%		0	%

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.

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.

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.

37

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the period ended April 30, 2013, 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.

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.

38

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (concluded)

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	$	747,500	$	1,000
Global X Gold Explorers ETF		50,000		1,000		826,500		1,000
Global X Pure Gold Miners ETF		50,000		1,000		684,500		1,000
Global X Copper Miners ETF		50,000		1,000		529,000		1,000
Global X Uranium ETF		50,000		1,000		845,500		1,000
Global X Lithium ETF		50,000		1,000		641,500		1,000
Global X Fertilizers/Potash ETF		50,000		1,000		666,000		1,000
Global X Junior Miners ETF		50,000		1,000		955,000		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).

	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	%

39

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

3. RELATED PARTY TRANSACTIONS (continued)

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.

SEI Investments 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 April 30, 2012, the Global X Uranium ETF Fund owns greater than 5% of the outstanding shares of four common stocks. These investments are labeled as “Affiliated Investments” in the Schedule of Investments.

40

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

3. RELATED PARTY TRANSACTIONS (concluded)

The following is a summary of the transactions with affiliates for the period ended April 30, 2012:

							Changes in
							Unrealized
Value At		Purchases at		Proceeds from			Appreciation						Value at		Dividend
10/31/2012		Cost		Sales			(Depreciation)			Realized Loss			04/30/2013		Income
Azimuth Resources
$	6,977,334	$	1,827,373	$	(134,604	)	$	(712,751	)	$	(339,132	)	$	7,618,220	$	—
Laramide Resources
$	2,357,379	$	1,031,637	$	(38,061	)	$	(751,194	)	$	(75,818	)	$	2,523,943	$	—
Rockgate Capital
$	7,044,447	$	692,880	$	(635,408	)	$	(2,603,266	)	$	(1,879,097	)	$	2,619,556	$	—
Ur-Energy
$	8,032,048	$	851,744	$	(2,500,570	)	$	3,408,859		$	(4,216,629	)	$	5,575,452	$	—
Totals:
$	24,411,208	$	4,403,634	$	(3,308,643	)	$	(658,352	)	$	(6,510,676	)	$	18,337,171	$	—

4. INVESTMENT TRANSACTIONS

For the period ended April 30, 2013, 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	$	35,415,767	$	37,164,492
Global X Gold Explorers ETF		3,891,238		5,728,939
Global X Pure Gold Miners ETF		537,228		539,156
Global X Copper Miners ETF		6,066,920		5,520,070
Global X Uranium ETF		23,961,223		26,039,505
Global X Lithium ETF		10,799,385		14,016,358
Global X Fertilizers/Potash ETF		2,022,621		2,454,811
Global X Junior Miners ETF		430,787		-

For the periods ended October 31, 2012 and April 30, 2013, respectively, in-kind transactions associated with creations and redemptions were:

			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	)

41

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

4. INVESTMENT TRANSACTIONS (concluded)

			Sales and		Realized
	Purchases		Maturities		Gain/(Loss)
Global X Silver Miners ETF	$	29,334,288	$	32,746,292	$	840,806
Global X Gold Explorers ETF		15,937,205		-		-
Global X Pure Gold Miners ETF		318,055		-		-
Global X Copper Miners ETF		5,115,425		1,778,920		84,719
Global X Uranium ETF		15,894,511		-		-
Global X Lithium ETF		-		9,480,077		1,664,110
Global X Fertilizers/Potash ETF		1,913,044		3,729,982		300,728
Global X Junior Miners ETF		1,743,973		759,786		24,766

During the period ended April 30, 2013, there were no purchases or sales of long-term U.S. Government securities for the Funds.

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.

Global X Funds	Paid-in Capital			Undistributed Net Investment Income			Accumulated 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.

42

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

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		Return of 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 Miners ETF			Global X Gold Explorers ETF			Global X Pure  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 Miners ETF			Global X Uranium ETF			Global X Lithium 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	)

43

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

5. TAX INFORMATION (continued)

	Global X Funds
	Global X Fertilizers/Potash ETF			Global X Junior 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 Silver Miners ETF		Global X Gold Explorers ETF		Global X Uranium ETF		Global X Lithium ETF		Global X Junior 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

44

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

5. TAX INFORMATION (concluded)

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at April 30, 2013 were as follows:

Global X Funds	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Depreciation
Global X Silver Miners ETF	$	368,593,484	$	4,797,357	$	(136,488,105	)	$	(131,690,748	)
Global X Gold Explorers ETF		62,337,469		–		(28,640,924	)		(28,640,924	)
Global X Pure Gold Miners ETF		5,478,683		68,469		(2,479,754	)		(2,411,285	)
Global X Copper Miners ETF		41,705,127		766,765		(11,236,379	)		(10,469,614	)
Global X Uranium ETF		245,402,431		–		(94,549,132	)		(94,549,132	)
Global X Lithium ETF		69,961,039		7,959,843		(19,479,269	)		(11,519,426	)
Global X Fertilizers/Potash ETF		25,884,210		1,011,876		(3,609,161	)		(2,597,285	)
Global X Junior Miners ETF		3,859,187		56,650		(1,052,369	)		(995,719	)

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.

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 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

45

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

6. CONCENTRATION OF RISKS (concluded)

Index become temporarily illiquid, unavailable or less liquid, or due to legal restrictions (such as diversification requirements that apply to the Funds but not the Underlying Indexes).

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

7. OTHER

At April 30, 2013, 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		5		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		3		100	%

Pursuant to the Trust’s organizational documents, the Trustees of the Trust and the Trust’s officers are indemnified against certain liabilities that may arise out of the performance of their duties.

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 April 30, 2013, the value of securities on loan was $10,124,610, $601,505, $16,348,745 and $4,826,211 for the Global X Silver Miners ETF, Global X Copper Miners ETF, Global X Uranium ETF and Global X Lithium ETF, respectively.

46

Notes to Financial Statements (concluded)

April 30, 2013 (Unaudited)

9. CONTRACTUAL OBLIGATIONS

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

10. REVERSE SHARE SPLIT

Effective May 16, 2013, the Global X Gold Explorers ETF, Global X Pure Gold Miners ETF, Global X Uranium ETF and the Global X Junior Miners ETF executed a reverse share split for shareholders of record after the close of markets on May 15, 2013. The effect of this transaction was to divide the number of outstanding shares of the Fund by the ratio below, resulting in a corresponding increase 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 period then ended have been given retroactive effect to reflect these reverse share splits. There were no changes in net assets, results of operations or total return as a result of these transactions. The details of the reverse split are as follows:

Fund Name	Ratio
Global X Gold Explorers ETF	1:4
Global X Pure Gold Miners ETF	1:2
Global X Uranium ETF	1:3
Global X Junior Miners ETF	1:3

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.

47

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.

48

Disclosure of Fund Expenses(Unaudited) (concluded)

	Beginning Account Value 11/1/2012		Ending Account Value 4/30/2013		Annualized Expense Ratios			Expenses Paid During Period(1)
Global X Silver Miners ETF
Actual Fund Return	$	1,000.00	$	604.30		0 .65	%	$	2 .59
Hypothetical 5% Return		1,000.00		1,021.57		0 .65			3 .26
Global X Gold Explorers ETF
Actual Fund Return	$	1,000.00	$	500.50		0 .65	%	$	2 .42
Hypothetical 5% Return		1,000.00		1,021.57		0 .65			3 .26
Global X Pure Gold Miners ETF
Actual Fund Return	$	1,000.00	$	589.40		0 .59	%	$	2 .33
Hypothetical 5% Return		1,000.00		1,021.87		0 .59			2 .96
Global X Copper Miners ETF
Actual Fund Return	$	1,000.00	$	846.30		0 .65	%	$	2 .98
Hypothetical 5% Return		1,000.00		1,021.57		0 .65			3 .26
Global X Uranium ETF
Actual Fund Return	$	1,000.00	$	820.00		0 .69	%	$	3 .11
Hypothetical 5% Return		1,000.00		1,021.37		0 .69			3 .46
Global X Lithium ETF
Actual Fund Return	$	1,000.00	$	912.90		0 .75	%	$	3 .56
Hypothetical 5% Return		1,000.00		1,021.08		0 .75			3 .76
Global X Fertilizers/Potash ETF
Actual Fund Return	$	1,000.00	$	972.80		0 .69	%	$	3 .38
Hypothetical 5% Return		1,000.00		1,021.37		0 .69			3 .46
Global X Junior Miners ETF
Actual Fund Return	$	1,000.00	$	661.40		0 .69	%	$	2 .84
Hypothetical 5% Return		1,000.00		1,021.37		0 .69			3 .46

⁽¹⁾ Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 181/365 (to reflect the one-half year period.)

49

Approval of Investment Advisory Agreement(Unaudited)

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

At a quarterly Board meeting held on November 16, 2012, the Board of Trustees (including the Independent Trustees) considered and unanimously approved the continuation of (i) the Investment Advisory Agreement ("Renewal Investment Advisory Agreement") for each Fund covered by this Semi-Annual Report (each a "Renewal Fund") and (ii) the Supervision and Administration Agreement between the Trust ("Renewal Supervision and Administration Agreement"), on behalf of each Renewal Fund, and Global X Management Company ("Global X Management"). The Renewal Investment Advisory Agreement and the Renewal Supervision and Administration Agreement are referred to herein as the "Renewal Agreements."

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

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

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

Nature, extent and quality of services

With respect to this factor, the Board considered:

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

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

• Global X Management’s responsibilities under the Renewal Agreements, among other things, to: (i) manage the investment operations of each Renewal Fund and the composition of each Renewal Fund’s assets, including the purchase, retention and disposition of its holdings, (ii) provide quarterly reports to the Trust’s officers and Board and other reports as the Board deems necessary or appropriate, (iii) vote proxies, exercise consents, and exercise all other rights relating to securities and assets held by each Renewal Fund, (iv) select broker- dealers to execute portfolio transactions

50

Approval of Investment Advisory Agreement(Unaudited)

for each Renewal Fund when necessary, (v) assist in the preparation and filing of reports and proxy statements (if any) to the shareholders of each Renewal Fund, the periodic updating of the registration statement, prospectuses, statement of additional information, and other reports and documents for each Renewal Fund that are required to be filed by the Trust with the SEC and other regulatory and governmental bodies, and (vi) monitor anticipated purchases and redemptions of the shares (including creation units) of each Renewal Fund by shareholders and new investors;

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

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

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

Performance

With respect to this fact, the Board considered each Renewal Fund’s total return and investment performance (as available) relative to (i) the performance of unaffiliated comparable specialized and/or focused exchange-traded funds and other registered funds in the same classification as each of the Renewal Funds, which performance information is publicly available from such registered funds as well as other third party sources; and (ii) the performance of comparable registered funds and pertinent indexes.

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

Cost of Services and Profitability

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

In addition, the Board considered the current and expected profitability to Global X Management from all services provided to the Renewal Funds and all aspects of Global X Management’s relationship with each of the Renewal Funds. Global X Management discussed with the Board its current and expected profitability with respect to each of the Renewal Funds with respect to which Global X Management generates or is expected to generate a profit. In addition, Global X Management noted that it was unlikely that it would generate profits in the upcoming year from its services to certain of the smaller Renewal Funds because of the small amount of assets under management and the required payment of certain fixed fees and expenses for each of the Renewal Funds.

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

Comparison of Fees and Services

51

Approval of Investment Advisory Agreement(Unaudited)

With respect to this factor, the Board considered:

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

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

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

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

Economies of Scale

With respect to this factor, the Board considered:

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

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

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

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

Other Benefits

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

52

Supplemental Information(Unaudited)  

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

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

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

53

Notes

54

Notes

55

Notes

56

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-001-0500

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)

Global X Central Asia & Mongolia Index ETF (ticker: AZIA)

Global X Nigeria Index ETF (ticker: NGE)

Semi-Annual Report

April 30, 2013

Table of Contents

Schedule of Investments
Global X China Consumer ETF	1
Global X China Energy ETF	4
Global X China Financials ETF	6
Global X China Industrials ETF	9
Global X China Materials ETF	11
Global X NASDAQ China Technology ETF	13
Global X FTSE ASEAN 40 ETF	15
Global X FTSE Andean 40 ETF	18
Global X FTSE Colombia 20 ETF	22
Global X Brazil Mid Cap ETF	25
Global X Brazil Consumer ETF	29
Global X Brazil Financials ETF	32
Global X FTSE Argentina 20 ETF	34
Global X FTSE Greece 20 ETF	36
Global X FTSE Norway 30 ETF	38
Global X FTSE Nordic Region ETF	41
Global X Central Asia & Mongolia Index ETF	44
Global X Nigeria Index ETF	47
Statements of Assets and Liabilities	50
Statements of Operations	55
Statements of Changes in Net Assets	60
Financial Highlights	69
Notes to Financial Statements	72
Disclosure of Fund Expenses (unaudited)	88
Approval of Investment Advisory Agreement	91
Supplemental Information (unaudited)	96

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

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

Schedule of Investments	April 30, 2013 (Unaudited)
Global X China Consumer ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.9%
CHINA—71.9%
Consumer Goods — 43.5%
361 Degrees International (A)		1,371,907	$	371,256
Anta Sports Products		2,912,896		2,439,879
China Yurun Food Group (A)		5,110,688		3,042,645
Daphne International Holdings (A)		3,475,024		3,618,254
Dongfeng Motor Group, Cl H		6,687,446		9,962,034
Great Wall Motor, Cl H		2,967,752		12,868,934
Guangzhou Automobile Group, Cl H *		8,472,217		6,987,260
Hengan International Group		929,906		9,610,441
Li Ning (A)		2,745,869		1,514,445
Shenzhou International Group Holdings		1,573,862		4,563,300
Tingyi Cayman Islands Holding		3,491,618		9,651,257
Tsingtao Brewery, Cl H (A)		1,255,264		8,419,488
Uni-President China Holdings		4,066,361		4,422,606
Want Want China Holdings		6,348,397		10,062,342
Zhongpin *		102,599		1,329,683
				88,863,824
Consumer Services — 21.3%
Air China, Cl H		7,117,936		5,760,280
Ajisen China Holdings (A)		1,998,793		1,442,400
China Southern Airlines, Cl H *		6,741,895		3,544,639
Focus Media Holding ADR (A)		145,355		3,963,831
Golden Eagle Retail Group (A)		2,172,410		3,824,039
GOME Electrical Appliances Holding (A)		43,822,757		4,404,780
Home Inns & Hotels Management ADR (A) *		63,923		1,592,961
Intime Department Store Group		4,460,896		5,288,589
New Oriental Education & Technology Group ADR		125,131		2,393,756
Parkson Retail Group		5,211,112		2,820,393
PCD Stores Group		8,080,452		1,218,292
Wumart Stores, Cl H *		2,053,911		3,599,568
Youku.com ADR (A) *		173,795		3,521,087
				43,374,615

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

1

Schedule of Investments	April 30, 2013 (Unaudited)
Global X China Consumer ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Health Care — 7.1%
Shandong Weigao Group Medical Polymer, Cl H		5,910,547	$	5,674,320
Sinopharm Group, Cl H		2,934,370		8,715,969
				14,390,289
TOTAL CHINA				146,628,728
HONG KONG— 28.0%
Consumer Goods — 19.7%
AviChina Industry & Technology, Cl H		7,556,922		3,651,793
Belle International Holdings, Cl A		5,595,196		9,128,069
Bosideng International Holdings (A)		10,659,162		2,802,097
China Agri-Industries Holdings		7,924,656		3,890,767
China Foods (A)		2,772,313		1,414,710
China Mengniu Dairy		3,171,426		8,929,680
China Resources Enterprise		3,013,513		10,329,626
				40,146,742
Consumer Services — 8.3%
China Dongxiang Group		9,825,888		1,684,043
China Travel International Investment Hong Kong		10,176,602		2,072,000
Chow Tai Fook Jewellery Group (A)		4,073,179		5,479,789
Melco Crown Entertainment ADR *		315,358		7,760,961
				16,996,793
TOTAL HONG KONG				57,143,535
TOTAL COMMON STOCK
(Cost $209,351,774)				203,772,263
TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.028%, 05/01/13
(Cost $126,136)	$	126,136		126,136
REPURCHASE AGREEMENT — 13.0%
Barclays
0.150%, dated 04/30/13, to be repurchased on 05/01/13, repurchase price $26,536,837 (collateralized by U.S. Treasury Bills, ranging in par value $421,043 to $10,760,196, 0.000%, 07/11/13 to 12/12/13, with a total market value of $27,067,478) (B)
(Cost $26,536,726)		26,536,726		26,536,726
TOTAL REPURCHASE AGREEMENT
(Cost $26,536,726)				26,536,726
TOTAL INVESTMENTS — 113.0%
(Cost $236,014,636)			$	230,435,125

Percentages are based on Net Assets of $203,891,162.

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

2

Schedule of Investments	April 30, 2013 (Unaudited)
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 April 30, 2013. The total value of securities on loan at April 30, 2013 was $21,866,509.
(B)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2013 was $26,536,726.

The following is a summary of the inputs used as of April 30, 2013, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	203,772,263	$	—	$	—	$	203,772,263
Time Deposit		—		126,136		—		126,136
Repurchase Agreement		—		26,536,726		—		26,536,726
Total Investments in Securities	$	203,772,263	$	26,662,862	$	—	$	230,435,125

For the period ended April 30, 2013, there have been no transfers between Level 1, Level 2 or Level 3 investments.

For the period ended April 30, 2013, there were no Level 3 investments.

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

3

Schedule of Investments	April 30, 2013 (Unaudited)
Global X China Energy ETF

Sector Weightings †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.9%
CHINA—56.4%
Energy — 43.3%
Anton Oilfield Services Group		59,728	$	47,643
China Coal Energy, Cl H		251,891		193,783
China Longyuan Power Group, Cl H		200,676		183,863
China Oilfield Services, Cl H		101,556		200,229
China Petroleum & Chemical, Cl H		392,306		429,203
China Shenhua Energy, Cl H		61,040		215,917
LDK Solar ADR *		2,925		3,861
PetroChina, Cl H		351,813		447,465
Tianneng Power International		47,215		29,874
Trina Solar ADR *		1,971		10,072
Yanzhou Coal Mining, Cl H		129,475		134,812
Yingli Green Energy Holding ADR *		5,693		14,346
				1,911,068
Oil & Gas — 5.0%
ENN Energy Holdings		36,161		209,226
JA Solar Holdings ADR *		2,376		11,975
				221,201
Utilities — 8.1%
Datang International Power Generation, Cl H *		187,012		82,419
Huadian Power International, Cl H *		88,361		48,506
Huaneng Power International, Cl H		195,821		226,351
				357,276
TOTAL CHINA				2,489,545
HONG KONG— 43.5%
Energy — 23.9%
Beijing Enterprises Holdings		26,373		197,284
China Gas Holdings		98,237		96,843
CNOOC		247,685		462,166
Kunlun Energy		100,105		195,820
Shougang Fushan Resources Group		272,015		106,210
				1,058,323

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

4

Schedule of Investments	April 30, 2013 (Unaudited)
Global X China Energy ETF

	Shares		Value
COMMON STOCK — continued
Utilities — 19.6%
China Power International Development		136,484	$	49,246
China Resources Power Holdings		70,101		229,450
GCL-Poly Energy Holdings		690,611		139,721
Hong Kong & China Gas		148,387		446,491
				864,908
TOTAL HONG KONG				1,923,231
TOTAL COMMON STOCK
(Cost $4,205,046)				4,412,776
TOTAL INVESTMENTS — 99.9%
(Cost $4,205,046)			$	4,412,776

Percentages are based on Net Assets of $4,419,403.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the inputs used as of April 30, 2013, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	4,412,776	$	—	$	—	$	4,412,776
Total Investments in Securities	$	4,412,776	$	—	$	—	$	4,412,776

For the period ended April 30, 2013, there have been no transfers between Level 1, Level 2 or Level 3 investments.

For the period ended April 30, 2013, there were no Level 3 investments.

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

5

Schedule of Investments	April 30, 2013 (Unaudited)
Global X China Financials ETF

Sector Weightings †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.8%
CHINA—83.6%
Financials — 73.5%
Agricultural Bank of China, Cl H		796,188	$	380,644
Bank of China, Cl H		1,639,334		766,839
Bank of Communications, Cl H *		466,371		370,806
China Citic Bank, Cl H		400,052		225,283
China Construction Bank, Cl H		938,026		785,702
China Life Insurance, Cl H		132,240		361,267
China Merchants Bank, Cl H		178,134		379,675
China Minsheng Banking, Cl H *		259,813		333,800
China Pacific Insurance Group, Cl H		94,912		341,236
Chongqing Rural Commercial Bank, Cl H		140,067		76,169
CITIC Securities, Cl H *		49,196		111,576
Industrial & Commercial Bank of China, Cl H		1,111,037		781,720
PICC Property & Casualty, Cl H		193,742		248,664
Ping An Insurance Group of China, Cl H		46,307		366,690
Sino-Ocean Land Holdings		246,821		162,848
SOHO China		81,859		70,676
				5,763,595
Real Estate — 10.1%
Agile Property Holdings		65,112		84,241
Country Garden Holdings		231,612		131,324
Evergrande Real Estate Group		294,761		120,409
Greentown China Holdings		23,193		45,070
Guangzhou R&F Properties		51,493		93,163
Longfor Properties		58,738		98,097
Renhe Commercial Holdings		456,768		28,842
Shimao Property Holdings		67,104		144,582
Shui On Land *		148,501		49,372
				795,100
TOTAL CHINA				6,558,695
HONG KONG— 16.2%
Financials — 14.5%
China Everbright		41,941		66,693

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

6

Schedule of Investments	April 30, 2013 (Unaudited)
Global X China Financials ETF

	Shares/Number of Rights/Face Amount		Value
COMMON STOCK — continued
Financials — continued
China Overseas Land & Investment		125,866	$	384,403
China Resources Land		94,808		287,106
Franshion Properties China *		184,258		62,922
Hopson Development Holdings		30,361		50,627
KWG Property Holding		66,847		46,172
New China Life Insurance, Cl H		31,011		115,290
Shenzhen Investment		115,508		48,376
Yuexiu Property		262,645		77,844
				1,139,433
Real Estate — 1.7%
China Taiping Insurance Holdings *		38,630		65,809
Poly Property Group		97,107		67,698
				133,507
TOTAL HONG KONG				1,272,940
TOTAL COMMON STOCK
(Cost $7,961,933)				7,831,635
RIGHTS — 0.1%
Hong Kong — 0.1%
Shui On Land, Strike Price 1.84 HKD, Expiration date 05/13/13		49,500		5,230
TOTAL RIGHTS (Cost $–)				5,230
TIME DEPOSIT — 0.0%
Brown Brothers Harriman, 0.028%, 05/01/13
(Cost $246)	$	246		246
TOTAL INVESTMENTS — 99.9%
(Cost $7,962,179)			$	7,837,111

Percentages are based on Net Assets of $7,846,063.

* Non-income producing security.

Cl — Class

HKD — Hong Kong Dollar

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

7

Schedule of Investments	April 30, 2013 (Unaudited)
Global X China Financials ETF

The following is a summary of the inputs used as of April 30, 2013, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	7,831,635	$	—	$	—	$	7,831,635
Rights		5,230		—		—		5,230
Time Deposit		—		246		—		246
Total Investments in Securities	$	7,836,865	$	246	$	—	$	7,837,111

For the period ended April 30, 2013, there have been no transfers between Level 1, Level 2 or Level 3 investments.

For the period ended April 30, 2013, there were no Level 3 investments.

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

8

Schedule of Investments	April 30, 2013 (Unaudited)
Global X China Industrials ETF

Sector Weightings †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.8%
CHINA—82.2%
Industrials — 82.2%
Anhui Conch Cement, Cl H		58,037	$	210,156
BBMG, Cl H		145,244		116,605
Byd, Cl H		71,044		253,593
China Communications Construction, Cl H		218,783		209,475
China COSCO Holdings, Cl H		337,062		142,466
China Liansu Group Holdings		127,945		72,874
China National Building Material, Cl H		168,317		198,679
China National Materials		135,446		33,512
China Railway Construction, Cl H *		230,411		232,485
China Railway Group, Cl H *		431,968		227,669
China Rongsheng Heavy Industry Group		395,518		57,594
China Shanshui Cement Group		254,752		144,116
China Shipping Container Lines, Cl H *		489,652		116,732
China Shipping Development, Cl H		158,344		67,948
China South Locomotive and Rolling Stock		253,713		167,068
China Zhongwang Holdings		182,508		60,913
Dongfang Electric, Cl H *		44,243		62,144
First Tractor, Cl H *		52,141		38,836
Guangshen Railway, Cl H		186,688		94,064
Haitian International Holdings		83,996		143,743
Harbin Power Equipment, Cl H		86,371		66,224
Jiangsu Expressway, Cl H		159,679		174,903
Metallurgical Corp of China, Cl H		374,141		76,177
Sany Heavy Equipment International Holdings		103,994		41,677
Shanghai Electric Group, Cl H		364,651		127,814
Weichai Power, Cl H *		59,259		206,563
Yangzijiang Shipbuilding Holdings		232,443		179,281
Zhuzhou CSR Times Electric, Cl H		59,593		164,722
TOTAL CHINA				3,688,033
HONG KONG— 17.6%
Industrials — 17.6%
Beijing Capital International Airport, Cl H		191,371		132,675
China High Speed Transmission Equipment Group		134,150		64,826
China Resources Cement Holdings		226,441		130,435
CITIC Resources Holdings *		285,141		36,009

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

9

Schedule of Investments	April 30, 2013 (Unaudited)
Global X China Industrials ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Shanghai Industrial Holdings		65,999	$	209,220
Shenzhen International Holdings		1,009,261		131,357
Sunny Optical Technology Group		63,964		84,899
TOTAL HONG KONG				789,421
TOTAL COMMON STOCK
(Cost $5,925,699)				4,477,454
TOTAL INVESTMENTS — 99.8%
(Cost $5,925,699)			$	4,477,454

Percentages are based on Net Assets of $4,485,232.

* Non-income producing security.

Cl — Class

The following is a summary of the inputs used as of April 30, 2013, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	4,477,454	$	—	$	—	$	4,477,454
Total Investments in Securities	$	4,477,454	$	—	$	—	$	4,477,454

For the period ended April 30, 2013, there have been no transfers between Level 1, Level 2 or Level 3 investments.

For the period ended April 30, 2013, there were no Level 3 investments.

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

10

Schedule of Investments	April 30, 2013 (Unaudited)
Global X China Materials ETF

Sector Weightings †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 100.6%
CHINA—68.3%
Basic Materials — 68.3%
Aluminum Corp of China, Cl H *		280,599	$	105,946
Angang Steel, Cl H		177,084		104,286
China BlueChemical		179,929		109,671
China Hongqiao Group		177,182		102,517
China Molybdenum, Cl H		250,288		96,759
China Rare Earth Holdings		228,738		35,666
China Vanadium Titano - Magnetite Mining		199,620		47,846
Dongyue Group		195,057		109,089
Hidili Industry International Development		199,716		45,038
Hunan Non-Ferrous Metal, Cl H *		295,187		84,826
Jiangxi Copper, Cl H		53,141		102,993
Maanshan Iron & Steel, Cl H		345,825		85,118
Real Gold Mining (A) (B) *		97,864		27,996
Sinofert Holdings *		350,630		75,908
Sinopec Shanghai Petrochemical, Cl H		258,140		88,817
Sinopec Yizheng Chemical Fibre, Cl H		276,643		61,673
Xinjiang Xinxin Mining Industry, Cl H		106,000		19,533
Yongye International (A) (B) *		7,240		34,680
Zhaojin Mining Industry		98,344		109,241
Zijin Mining Group, Cl H *		356,549		105,217
TOTAL CHINA				1,552,820
HONG KONG— 32.3%
Basic Materials — 32.3%
China Lumena New Materials		548,636		119,482
Citic Pacific		85,300		103,215
Fufeng Group		217,944		78,357
Kingboard Laminates Holdings		217,328		97,460
Midas Holdings		191,466		76,947
North Mining Shares, Cl C *		1,693,656		82,935
Shougang Concord International Enterprises *		1,147,524		59,150
Yingde Gases *		121,549		117,004
TOTAL HONG KONG			$	734,550

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

11

Schedule of Investments	April 30, 2013 (Unaudited)
Global X China Materials ETF

	Value
COMMON STOCK — continued
TOTAL COMMON STOCK
(Cost $3,238,712)	$	2,287,370
TOTAL INVESTMENTS — 100.6%
(Cost $3,238,712)	$	2,287,370

Percentages are based on Net Assets of $2,272,736.

* Non-income producing security.

Cl — Class

(A)	Securities considered illiquid. The total value of such securities as of April 30, 2013 was $62,676 and represented 2.8% of Net Assets.
(B)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2013, was $62,676 and represents 2.8% of Net Assets.

The following is a summary of the inputs used as of April 30, 2013, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Common Stock	$	2,224,694	$	—	$	62,676	$	2,287,370
Total Investments in Securities	$	2,224,694	$	—	$	62,676	$	2,287,370

(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 October 31, 2012	$	28,033
Accrued discounts/premiums		-
Realized gain/(loss)		-
Change in unrealized appreciation/(depreciation)		(37	)
Net purchases		-
Net sales		-
Transfers into Level 3		34,680
Transfers out of Level 3		-
Ending Balance as of April 30, 2013	$	62,676

For the period ended April 30, 2013, there have been no transfers between Level 1, Level 2 or Level 3 investments.

Net change in unrealized appreciation/(depreciation) from investments (Level 3) still held as of April 30, 2013 is $(37).

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

12

Schedule of Investments	April 30, 2013 (Unaudited)
Global X NASDAQ China Technology ETF

Sector Weightings †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.9%
CHINA—80.1%
Technology — 80.1%
21Vianet Group ADR *		5,963	$	53,906
AsiaInfo Holdings *		8,918		102,379
AutoNavi Holdings ADR *		1,593		17,443
Baidu ADR *		2,610		224,068
BYD Electronic International		143,604		76,057
China Communications Services, Cl H		144,721		105,928
China Wireless Technologies		250,402		100,030
Foxconn International Holdings *		273,859		105,871
Kingdee International Software Group		301,037		49,655
Lenovo Group		164,180		150,002
NetEase ADR		2,239		126,257
Pactera Technology International ADR		3,322		16,909
Qihoo 360 Technology ADR *		3,849		132,021
Semiconductor Manufacturing International *		1,845,417		133,172
SINA *		4,584		258,171
Sohu.com *		2,653		136,470
Spreadtrum Communications ADR		6,764		147,861
Tencent Holdings		6,901		236,728
Travelsky Technology, Cl H		59,435		37,759
YY ADR		1,466		25,567
ZTE, Cl H		67,637		114,004
TOTAL CHINA				2,350,258
HONG KONG— 19.8%
Technology — 19.8%
ASM Pacific Technology		17,990		185,461
Comba Telecom Systems Holdings		72,952		24,912
Digital China Holdings		73,524		92,661
Ju Teng International Holdings		137,444		89,443
TPV Technology		149,495		38,722
VODone		501,831		37,507

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

13

Schedule of Investments	April 30, 2013 (Unaudited)
Global X NASDAQ China Technology ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
VTech Holdings		8,721	$	111,258
TOTAL HONG KONG				579,964
TOTAL COMMON STOCK
(Cost $2,786,165)				2,930,222
TIME DEPOSIT — 0.0%
Brown Brothers Harriman, 0.028%, 05/01/13
(Cost $1,154)	$	1,154		1,154
TOTAL INVESTMENTS — 99.9%
(Cost $2,787,319)			$	2,931,376

Percentages are based on Net Assets of $2,934,374.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the inputs used as of April 30, 2013, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	2,930,222	$	—	$	—	$	2,930,222
Time Deposit		—		1,154		—		1,154
Total Investments in Securities	$	2,930,222	$	1,154	$	—	$	2,931,376

For the period ended April 30, 2013, there have been no transfers between Level 1, Level 2 or Level 3 investments.

For the period ended April 30, 2013, there were no Level 3 investments.

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

14

Schedule of Investments	April 30, 2013 (Unaudited)
Global X FTSE ASEAN 40 ETF

Sector Weightings †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.4%
INDONESIA—19.7%
Consumer Goods — 5.6%
Astra International		2,974,931	$	2,248,984
Gudang Garam		85,460		434,222
Unilever Indonesia		169,496		457,626
				3,140,832
Financials — 9.0%
Bank Central Asia		1,814,856		2,006,655
Bank Mandiri		1,381,960		1,492,474
Bank Rakyat Indonesia Persero		1,591,760		1,538,961
				5,038,090
Telecommunications — 3.3%
Telekomunikasi Indonesia ADR		37,711		1,805,225
Utilities — 1.8%
Perusahaan Gas Negara		1,579,239		1,015,196
TOTAL INDONESIA				10,999,343
MALAYSIA—23.3%
Basic Materials — 1.6%
Petronas Chemicals Group		426,424		915,217
Consumer Goods — 1.6%
IOI		550,693		910,431
Consumer Services — 2.0%
Genting		328,215		1,132,706
Financials — 8.4%
CIMB Group Holdings		704,412		1,791,996
Malayan Banking		637,411		2,015,413
Public Bank		156,929		846,927
				4,654,336

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

15

Schedule of Investments	April 30, 2013 (Unaudited)
Global X FTSE ASEAN 40 ETF

	Shares		Value
COMMON STOCK — continued
Industrials — 3.0%
Sime Darby		541,747	$	1,680,885
Oil & Gas — 1.4%
Petronas Gas		117,139		759,238
Telecommunications — 4.3%
Axiata Group		737,728		1,641,551
Maxis		333,206		740,336
				2,381,887
Utilities — 1.0%
Tenaga Nasional		204,555		527,775
TOTAL MALAYSIA				12,962,475
PHILIPPINES—3.5%
Consumer Services — 1.8%
SM Investments		36,905		1,026,633
Telecommunications — 1.7%
Philippine Long Distance Telephone ADR		12,846		943,796
TOTAL PHILIPPINES				1,970,429
SINGAPORE—36.7%
Consumer Goods — 1.5%
Wilmar International		311,521		842,222
Consumer Services — 4.2%
Genting Singapore		900,345		1,122,050
Jardine Cycle & Carriage		14,742		582,882
Singapore Airlines		74,548		671,822
				2,376,754
Financials — 20.0%
CapitaLand		375,688		1,140,759
DBS Group Holdings		253,993		3,456,136
Keppel REIT		41,661		51,075
Oversea-Chinese Banking		401,008		3,532,465
United Overseas Bank		173,262		3,003,283
				11,183,718
Industrials — 1.5%
Singapore Technologies Engineering		227,145		811,430
Oil & Gas — 3.3%
Keppel		208,307		1,811,291
Telecommunications — 6.2%
Singapore Telecommunications		1,083,134		3,455,968
TOTAL SINGAPORE				20,481,383

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

16

Schedule of Investments	April 30, 2013 (Unaudited)
Global X FTSE ASEAN 40 ETF

	Shares		Value
COMMON STOCK — continued
THAILAND—16.2%
Consumer Services — 1.8%
CP ALL		651,963	$	977,389
Financials — 5.8%
Bangkok Bank		70,626		543,832
Kasikornbank		172,618		1,246,849
Siam Commercial Bank		230,121		1,458,348
				3,249,029
Industrials — 1.3%
Siam Cement		44,411		723,287
Oil & Gas — 4.4%
PTT		126,264		1,402,455
PTT Exploration & Production		205,780		1,079,732
				2,482,187
Telecommunications — 2.9%
Advanced Info Service		175,821		1,617,433
TOTAL THAILAND				9,049,325
TOTAL COMMON STOCK
(Cost $49,068,363)				55,462,955
TOTAL INVESTMENTS — 99.4%
(Cost $49,068,363)			$	55,462,955

Percentages are based on Net Assets of $55,783,933.

ADR — American Depositary Receipt

The following is a summary of the inputs used as of April 30, 2013, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	55,462,955	$	—	$	—	$	55,462,955
Total Investments in Securities	$	55,462,955	$	—	$	—	$	55,462,955

For the period ended April 30, 2013, there have been no transfers between Level 1, Level 2 or Level 3 investments.

For the period ended April 30, 2013, there were no Level 3 investments.

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

17

Schedule of Investments April 30, 2013 (Unaudited)

Global X FTSE Andean 40 ETF

Sector Weightings †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK  — 96.3%
CHILE—50.9%
Basic Materials — 7.6%
CAP		4,551	$	143,502
Empresas CMPC		83,165		307,267
Sociedad Quimica y Minera de Chile ADR		5,578		276,055
				726,824
Consumer Goods — 2.4%
Cia Cervecerias Unidas ADR		3,903		134,770
Embotelladora Andina ADR, Cl B		2,376		97,060
				231,830
Consumer Services — 12.0%
Cencosud *		68,287		385,638
Latam Airlines Group ADR		17,876		370,033
Ripley		56,982		59,287
SACI Falabella		29,174		333,585
				1,148,543
Financials — 9.6%
Banco de Chile ADR		3,653		341,227
Banco de Credito e Inversiones		2,563		183,946
Banco Santander Chile ADR		9,466		252,174
Corpbanca ADR		5,197		106,435
Inversiones La Construccion		2,142		41,066
				924,848
Industrials — 0.4%
Sigdo Koppers		15,696		41,294
Oil & Gas — 3.5%
Empresas COPEC		22,975		329,294

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

18

Schedule of Investments April 30, 2013 (Unaudited)

Global X FTSE Andean 40 ETF

	Shares		Value
COMMON STOCK — continued
Technology — 1.0%
Sonda		28,710	$	99,368
Telecommunications — 1.3%
ENTEL Chile		6,625		127,731
Utilities — 13.1%
AES Gener		138,600		100,650
Aguas Andinas, Cl A		177,071		140,995
Colbun		410,324		126,334
E.CL		29,654		61,896
Empresa Nacional de Electricidad ADR		6,885		367,040
Enersis ADR		23,828		449,873
				1,246,788
TOTAL CHILE				4,876,520
COLOMBIA—32.0%
Consumer Goods — 2.8%
Almacenes Exito		16,609		272,284
Financials — 9.7%
BanColombia ADR		6,357		430,814
Financiera Colombiana		7,070		136,745
Grupo de Inversiones Suramericana		17,397		366,988
				934,547
Industrials — 4.1%
Cementos Argos		29,060		129,769
Grupo Argos		23,919		266,307
				396,076
Oil & Gas — 13.1%
Ecopetrol ADR		18,151		863,443
Pacific Rubiales Energy ^		18,422		389,487
Total Oil & Gas				1,252,930
Utilities — 2.3%
Empresa de Energia de Bogota		136,278		101,924
Interconexion Electrica		24,630		113,360
				215,284
TOTAL COLOMBIA				3,071,121
MEXICO—4.4%
Basic Materials — 4.4%
Southern Copper		12,611		420,325
PERU—9.0%
Basic Materials — 4.2%
Cia de Minas Buenaventura ADR		15,294		306,186

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

19

Schedule of Investments April 30, 2013 (Unaudited)

Global X FTSE Andean 40 ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Basic Materials — continued
Volcan Cia Minera SAA		150,653	$	96,901
				403,087
Financials — 4.8%
Credicorp		1,056		157,872
Credicorp Ltd.		2,022		304,493
				462,365
TOTAL PERU				865,452
TOTAL COMMON STOCK
(Cost $9,637,498)				9,233,418
PREFERRED STOCK — 2.8%
COLOMBIA—2.8%
Financials — 1.8%
Banco Davivienda		6,195		82,890
Grupo Aval Acciones y Valores		129,971		91,154
				174,044
Industrials — 1.0%
Grupo Argos		8,785		96,943
TOTAL COLOMBIA				270,987
TOTAL PREFERRED STOCK
(Cost $244,317)				270,987
TIME DEPOSIT — 0.7%
Brown Brothers Harriman, 0.028%, 05/01/13
(Cost $63,342)	$	63,342		63,342
TOTAL INVESTMENTS — 99.8%
(Cost $9,945,157)			$	9,567,747

Percentages are based on Net Assets of $9,583,858.

* Non-income producing security.

^ Security traded on the Toronto Stock Exchange.

ADR — American Depositary Receipt

Cl — Class

Ltd. — Limited

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

20

Schedule of Investments April 30, 2013 (Unaudited)

Global X FTSE Andean 40 ETF

The following is a summary of the inputs used as of April 30, 2013, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	9,233,418	$	—	$	—	$	9,233,418
Preferred Stock		270,987		—		—		270,987
Time Deposit		—		63,342		—		63,342
Total Investments in Securities	$	9,504,405	$	63,342	$	—	$	9,567,747

For the period ended April 30, 2013, there have been no transfers between Level 1, Level 2 or Level 3 investments.

For the period ended April 30, 2013, there were no Level 3 investments.

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

21

Schedule of Investments April 30, 2013 (Unaudited)

Global X FTSE Colombia 20 ETF

Sector Weightings †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 86.7%
COLOMBIA—86.7%
Consumer Goods — 9.4%
Almacenes Exito		496,096	$	8,132,877
Fabricato *		56,000,000		368,202
Grupo Nutresa		666,155		9,183,386
				17,684,465
Consumer Services — 0.9%
Avianca Taca Holding, Cl Preference		706,699		1,645,661
Financials — 24.4%
BanColombia ADR		349,549		23,688,936
Bolsa de Valores de Colombia		107,417,589		1,677,402
Financiera Colombiana		488,268		9,443,867
Grupo de Inversiones Suramericana		525,663		11,088,813
Interbolsa (B) (C) *		1,320,603		35,456
				45,934,474
Industrials — 13.7%
Cementos Argos		1,965,872		8,778,691
Cemex Latam Holdings *		1,170,388		8,208,366
Grupo Argos		723,272		8,052,714
Tableros y Maderas de Caldas		178,894,522		730,248
				25,770,019
Oil & Gas — 21.4%
Canacol Energy^ *		609,898		1,507,416
Ecopetrol ADR (A)		563,076		26,785,525
Pacific Rubiales Energy ^		557,833		11,793,978
				40,086,919
Utilities — 16.9%
Celsia ESP		2,069,035		5,974,415
Empresa de Energia de Bogota		12,189,143		9,116,387
Interconexion Electrica		1,874,815		8,628,884

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

22

Schedule of Investments April 30, 2013 (Unaudited)

Global X FTSE Colombia 20 ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Utilities — continued
Isagen *		5,737,979	$	7,985,637
				31,705,323
TOTAL COLOMBIA				162,826,861
TOTAL COMMON STOCK
(Cost $165,973,314)				162,826,861
PREFERRED STOCK — 12.7%
COLOMBIA—12.7%
Financials — 11.1%
Banco Davivienda		585,528		7,834,481
Grupo Aval Acciones y Valores		12,291,548		8,620,520
Grupo de Inversiones Suramericana		210,383		4,428,788
				20,883,789
Industrials — 1.6%
Grupo Argos, 0.000%		265,590		2,930,813
TOTAL COLOMBIA				23,814,602
TOTAL PREFERRED STOCK
(Cost $21,209,255)				23,814,602
TIME DEPOSIT — 0.6%
Brown Brothers Harriman, 0.028%, 05/01/13
(Cost $1,072,630)	$	1,072,630		1,072,630
TOTAL INVESTMENTS — 100.0%
(Cost $188,255,199)			$	187,714,093

Percentages are based on Net Assets of $187,723,511.

* Non-income producing security.

^ Security traded on the Toronto Stock Exchange.

ADR — American Depositary Receipt

Cl — Class

^(A) This security or a partial position of this security is on loan at April 30, 2013. The total value of securities on loan at April 30, 2013 was $15,139,656. These securities are collateralized by cash in the amount of $3,430,000, $2,910,000, $7,032,500 and $2,165,800 held at BMO Capital Markets, Goldman Sachs, National Financial Services and UBS Securities, respectively.

^(B) Securities considered illiquid. The total value of such securities as of April 30, 2013 was $35,456 and represented 0.0% of Net Assets.

^(C) Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2013, was $35,456 and represents 0.0% of Net Assets.

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

23

Schedule of Investments April 30, 2013 (Unaudited)

Global X FTSE Colombia 20 ETF

The following is a summary of the inputs used as of April 30, 2013, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Common Stock	$	162,791,405	$	—	$	35,456	$	162,826,861
Preferred Stock		23,814,602		—		—		23,814,602
Time Deposit		—		1,072,630		—		1,072,630
Total Investments in Securities	$	186,606,007	$	1,072,630	$	35,456	$	187,714,093

(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 period ended April 30, 2013, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

24

Schedule of Investments April 30, 2013 (Unaudited)

Global X Brazil Mid Cap ETF

Sector Weightings †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 87.8%
BRAZIL—87.8%
Basic Materials — 7.2%
Cia Siderurgica Nacional ADR		169,350	$	677,400
Fibria Celulose ADR *		64,293		687,292
				1,364,692
Consumer Goods — 11.7%
Cia Hering		16,943		345,084
Cosan, Cl A		19,784		410,518
Cosan Industria e Comercio		13,199		311,380
Hypermarcas *		44,227		353,241
JBS		92,743		292,494
Natura Cosmeticos		20,728		519,456
				2,232,173
Consumer Services — 7.7%
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		15,954		886,404
Lojas Renner		14,995		569,297
				1,455,701
Financials — 16.7%
BM&F Bovespa		198,471		1,376,872
BR Malls Participacoes		46,011		542,726
CETIP - Mercados Organizados		24,189		285,565
Cyrela Brazil Realty Empreendimentos e Participacoes		28,279		255,405
MRV Engenharia e Participacoes		37,665		162,087
Multiplan Empreendimentos Imobiliarios		8,458		241,428
PDG Realty Empreendimentos e Participacoes		160,430		181,218
Porto Seguro		11,409		141,533
				3,186,834
Industrials — 7.9%
All America Latina Logistica		50,762		256,760

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

25

Schedule of Investments April 30, 2013 (Unaudited)

Global X Brazil Mid Cap ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Duratex		30,234	$	227,120
EcoRodovias Infraestrutura e Logistica *		17,119		148,195
Embraer ADR		14,737		514,763
WEG		25,781		341,213
				1,488,051
Oil & Gas — 0.8%
OGX Petroleo e Gas Participacoes *		153,001		154,473
Telecommunications — 6.0%
Tim Participacoes ADR		54,770		1,142,502
Utilities — 29.8%
Cia de Saneamento Basico do Estado de Sao Paulo ADR		76,608		1,095,494
Cia Energetica de Minas Gerais ADR		52,947		679,310
Cia Paranaense de Energia ADR		12,849		229,226
CPFL Energia ADR		58,589		1,253,805
EDP - Energias do Brasil		27,550		168,130
Tractebel Energia		25,060		445,400
Ultrapar Participacoes ADR		67,239		1,793,264
				5,664,629
TOTAL BRAZIL				16,689,055
TOTAL COMMON STOCK
(Cost $15,238,494)				16,689,055
PREFERRED STOCK — 10.5%
BRAZIL—10.5%
Basic Materials — 1.7%
Metalurgica Gerdau		32,373		322,152
Consumer Services — 2.2%
Lojas Americanas		48,845		426,257
Financials — 2.7%
Banco do Estado do Rio Grande do Sul		20,734		174,515
Bradespar		26,853		340,637
				515,152
Telecommunications — 1.7%
Oi		133,359		318,728
Utilities — 2.2%
AES Tiete		11,070		112,208
Centrais Eletricas Brasileiras		23,652		122,826
Cia Energetica de Sao Paulo		17,364		183,555
				418,589

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

26

Schedule of Investments April 30, 2013 (Unaudited)

Global X Brazil Mid Cap ETF

	Shares/ Number of Warrants/Face Amount		Value
PREFERRED STOCK — continued
TOTAL BRAZIL			$	2,000,878
TOTAL PREFERRED STOCK
(Cost $2,608,624)				2,000,878
CORPORATE OBLIGATIONS — 0.7%
Hypermarcas
11.300%, 10/15/18 (A) (B)	$	59,000		29,977
3.000%, 10/15/18 (A) (B)		59,000		29,977
Marfrig Alimentos, Convertible
1.040%, 07/15/15(A) (B) (C)		12		60,799
TOTAL CORPORATE OBLIGATIONS
(Cost $141,511)				120,753
WARRANT — 0.0%
Brazil — 0.0%
Hypermarcas
Strike Price $29.48, Expires 10/15/15
(Cost $-)		59		—
TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.028%, 05/01/13
(Cost $25,697)		25,697		25,697
TOTAL INVESTMENTS — 99.1%
(Cost $18,014,326)			$	18,836,383

Percentages are based on Net Assets of $19,008,987.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

^(A) Securities are fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of April 30, 2013, was $120,753 and represented 0.6% of Net Assets.

^(B) Securities considered illiquid. The total value of such securities as of April 30, 2013 was $120,753 and represented 0.6% of Net Assets.

^(C) Floating rate security. Rate disclosed is the rate in effect on April 30, 2013.

The following is a summary of the inputs used as of April 30, 2013, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Common Stock	$	16,689,055	$	—	$	—	$	16,689,055
Preferred Stock		2,000,878		—		—		2,000,878
Corporate Obligations		—		—		120,753		120,753
Time Deposit		—		25,697		—		25,697
Warrant		—		—		—		—
Total Investments in Securities	$	18,689,933	$	25,697	$	120,753	$	18,836,383

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

27

Schedule of Investments April 30, 2013 (Unaudited)

Global X Brazil Mid Cap ETF

(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 period ended April 30, 2013, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

28

Schedule of Investments April 30, 2013 (Unaudited)

Global X Brazil Consumer ETF

Sector Weightings †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 87.8%
BRAZIL—87.8%
Consumer Goods — 55.2%
Arezzo Industria e Comercio		22,653	$	477,346
BRF - Brasil Foods ADR		59,132		1,468,248
Cia Hering		47,636		970,220
Cosan, Cl A		63,587		1,319,430
Cosan Industria e Comercio		56,211		1,326,082
Gafisa ADR *		132,815		527,275
Grendene		53,241		606,720
Hypermarcas *		147,507		1,178,139
JBS		362,270		1,142,533
M Dias Branco		29,778		1,331,768
Marfrig Alimentos *		74,307		253,292
Natura Cosmeticos		38,837		973,279
Sao Martinho		33,487		470,986
SLC Agricola		32,953		290,372
Souza Cruz		76,718		1,179,097
Technos		22,821		262,685
				13,777,472
Consumer Services — 32.6%
Anhanguera Educacional Participacoes		68,740		1,236,856
B2W Cia Global Do Varejo *		43,809		248,742
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		23,845		1,324,828
Gol Linhas Aereas Inteligentes ADR *		69,505		429,541
International Meal Holdings		24,160		304,423
Localiza Rent a Car		60,956		1,083,087
Lojas Renner		29,326		1,113,384
Marisa Lojas		32,561		493,602
Multiplus		30,635		504,982
Raia Drogasil		97,679		1,049,167
Restoque Comercio e Confeccoes de Roupas		73,147		329,404
				8,118,016
TOTAL BRAZIL				21,895,488
TOTAL COMMON STOCK
(Cost $17,890,404)				21,895,488

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

29

Schedule of Investments April 30, 2013 (Unaudited)

Global X Brazil Consumer ETF

	Shares/ Number of Warrants/Face Amount		Value
PREFERRED STOCK — 11.1%
BRAZIL—11.1%
Consumer Goods — 6.1%
Alpargatas *		63,901	$	425,742
Cia de Bebidas das Americas		26,112		1,097,226
				1,522,968
Consumer Services — 5.0%
Lojas Americanas		120,163		1,048,630
Saraiva Livreiros Editores		12,193		202,023
				1,250,653
TOTAL BRAZIL				2,773,621
TOTAL PREFERRED STOCK
(Cost $2,071,639)				2,773,621
CORPORATE OBLIGATIONS — 0.5%
Hypermarcas
11.300%, 10/15/18 (A) (B)	$	84,000		42,679
3.000%, 10/15/18 (A) (B)		84,000		42,679
Marfrig Alimentos, Convertible
1.040%, 07/15/15 (A) (B) (C)		6		30,381
TOTAL CORPORATE OBLIGATION
(Cost $136,027)				115,739
WARRANT — 0.0%
Brazil — 0.0%
Hypermarcas - Strike Price $29.48, Expires 10/15/15
(Cost $-)		84		—
TIME DEPOSIT — 0.2%
Brown Brothers Harriman, 0.028%, 05/01/13
(Cost $47,047)		47,047		47,047
TOTAL INVESTMENTS — 99.6%
(Cost $20,145,117)			$	24,831,895

Percentages are based on Net Assets of $24,926,560.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

^(A) Securities are fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of April 30, 2013, was $115,739 and represented 0.5% of Net Assets.

^(B) Securities considered illiquid. The total value of such securities as of April 30, 2013 was $115,739 and represented 0.5% of Net Assets.

^(C) Floating rate security. Rate disclosed is the rate in effect on April 30, 2013.

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

30

Schedule of Investments April 30, 2013 (Unaudited)

Global X Brazil Consumer ETF

The following is a summary of the inputs used as of April 30, 2013, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Common Stock	$	21,895,488	$	—	$	—	$	21,895,488
Preferred Stock		2,773,621		—		—		2,773,621
Corporate Obligations		—		—		115,739		115,739
Time Deposit		—		47,047		—		47,047
Warrant		—		—		—		—
Total Investments in Securities	$	24,669,109	$	47,047	$	115,739	$	24,831,895

(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 period ended April 30, 2013, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

31

Schedule of Investments April 30, 2013 (Unaudited)

Global X Brazil Financials ETF

Sector Weightings †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 94.0%
BRAZIL—94.0%
Financials — 94.0%
Banco Bradesco ADR		25,344	$	420,457
Banco do Brasil		17,253		217,306
Banco Santander Brasil ADR		54,162		401,882
BM&F Bovespa		27,316		189,502
BR Malls Participacoes		12,974		153,036
BR Properties		13,974		154,913
Brasil Brokers Participacoes		11,234		39,641
Brookfield Incorporacoes *		23,683		26,041
CETIP - Mercados Organizados		15,154		178,902
Cielo		7,748		204,249
Cyrela Brazil Realty Empreendimentos e Participacoes		20,085		181,400
Even Construtora e Incorporadora		19,529		91,557
Ez Tec Empreendimentos e Participacoes		4,485		61,354
Grupo BTG Pactual		12,337		203,422
Iguatemi Empresa de Shopping Centers		3,544		42,353
Itau Unibanco Holding ADR		25,173		423,662
MRV Engenharia e Participacoes		26,869		115,628
Multiplan Empreendimentos Imobiliarios		6,248		178,345
PDG Realty Empreendimentos e Participacoes		114,322		129,135
Porto Seguro		8,511		105,582
Rossi Residencial *		12,974		21,853
Sul America		25,384		189,677
TOTAL BRAZIL				3,729,897
TOTAL COMMON STOCK
(Cost $4,179,113)				3,729,897
PREFERRED STOCK — 5.4%
BRAZIL—5.4%
Financials — 5.4%
Banco ABC Brasil *		4,299		33,777
Banco do Estado do Rio Grande do Sul		15,558		130,950
Banco Panamericano *		14,471		49,906
				214,633

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

32

Schedule of Investments April 30, 2013 (Unaudited)

Global X Brazil Financials ETF

	Face Amount		Value
PREFERRED STOCK — continued
TOTAL BRAZIL			$	214,633
TOTAL PREFERRED STOCK
(Cost $214,345)				214,633
TIME DEPOSIT — 0.3%
Brown Brothers Harriman, 0.028%, 05/01/13
(Cost $13,042)	$	13,042		13,042
TOTAL INVESTMENTS — 99.7%
(Cost $4,406,500)			$	3,957,572

Percentages are based on Net Assets of $3,968,092.

* Non-income producing security.

ADR — American Depositary Receipt 

The following is a summary of the inputs used as of April 30, 2013, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	3,729,897	$	—	$	—	$	3,729,897
Preferred Stock		214,633		—		—		214,633
Time Deposit		—		13,042		—		13,042
Total Investments in Securities	$	3,944,530	$	13,042	$	—	$	3,957,572

For the period ended April 30, 2013, there have been no transfers between Level 1, Level 2 or Level 3 investments.

For the period ended April 30, 2013, there were no Level 3 investments.

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

33

Schedule of Investments April 30, 2013 (Unaudited)

Global X FTSE Argentina 20 ETF

Sector Weightings †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.8%
ARGENTINA—79.4%
Basic Materials — 20.7%
Tenaris ADR		18,318	$	814,968
Consumer Discectionary — 11.2%
Arcos Dorados Holdings, Cl A		32,470		442,241
Consumer Goods — 2.8%
Cresud SACIF y A ADR		12,616		110,768
Consumer Services — 16.9%
MercadoLibre		6,628		666,711
Financials — 12.8%
Banco Macro ADR		11,717		186,769
BBVA Banco Frances ADR *		16,829		75,562
Grupo Financiero Galicia ADR		28,749		161,857
IRSA Inversiones y Representaciones ADR		9,088		78,339
				502,527
Oil & Gas — 8.6%
Petrobras Argentina ADR		27,477		135,187
Transportadora de Gas del Sur ADR		11,608		19,734
YPF ADR		13,809		182,969
				337,890
Telecommunications — 4.6%
Telecom Argentina ADR		11,078		182,676
Utilities — 1.8%
Pampa Energia ADR *		19,199		68,732
TOTAL ARGENTINA				3,126,513
CANADA—14.2%
Basic Materials — 14.2%
Goldcorp		5,314		157,188

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

34

Schedule of Investments April 30, 2013 (Unaudited)

Global X FTSE Argentina 20 ETF

	Shares		Value
COMMON STOCK — continued
Basic Materials — continued
Pan American Silver		10,788	$	142,402
Silver Standard Resources *		15,223		108,692
Yamana Gold		12,191		149,949
TOTAL CANADA				558,231
CHILE—3.5%
Consumer Services — 3.5%
Cencosud *		24,756		139,805
UNITED STATES— 2.7%
Basic Materials — 1.8%
McEwen Mining *		29,914		69,700
Oil & Gas — 0.9%
Apco Oil and Gas International		3,586		36,254
TOTAL UNITED STATES				105,954
TOTAL COMMON STOCK
(Cost $4,933,916)				3,930,503
TOTAL INVESTMENTS — 99.8%
(Cost $4,933,916)			$	3,930,503

Percentages are based on Net Assets of $3,938,230.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the inputs used as of April 30, 2013, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	3,930,503	$	—	$	—	$	3,930,503
Total Investments in Securities	$	3,930,503	$	—	$	—	$	3,930,503

For the period ended April 30, 2013, there have been no transfers between Level 1, Level 2 or Level 3 investments.

For the period ended April 30, 2013, there were no Level 3 investments.

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

35

Schedule of Investments April 30, 2013 (Unaudited)

Global X FTSE Greece 20 ETF

Sector Weightings †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 100.8%
CYPRUS—0.3%
Financials — 0.3%
Bank of Cyprus (A) (B) *		3,387,287	$	92,340
GREECE—100.5%
Basic Materials — 3.6%
Mytilineos Holdings *		164,925		1,020,831
Consumer Goods — 23.6%
Coca Cola Hellenic Bottling ADR		210,008		5,271,201
JUMBO		138,871		1,307,636
				6,578,837
Consumer Services — 16.5%
Folli Follie Group		66,583		1,392,462
OPAP		325,087		3,206,645
				4,599,107
Financials — 14.6%
Alpha Bank AE *		971,763		1,229,853
Eurobank Ergasias		178,123		45,977
Marfin Investment Group Holdings		936,390		413,115
National Bank of Greece ADR *		1,922,123		1,731,833
Piraeus Bank *		2,298,405		641,700
				4,062,478
Industrials — 14.5%
Ellaktor		206,547		563,065
Metka *		47,361		719,150
Piraeus Port Authority		14,746		370,723
Titan Cement		69,598		1,292,365
Viohalco Hellenic Copper and Aluminum Industry		180,742		1,111,592
				4,056,895

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

36

Schedule of Investments April 30, 2013 (Unaudited)

Global X FTSE Greece 20 ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — 9.2%
Hellenic Petroleum		121,919	$	1,348,715
Motor Oil Hellas Corinth Refineries		110,174		1,215,885
				2,564,600
Telecommunications — 11.8%
Hellenic Telecommunications Organization		379,271		3,296,576
Utilities — 6.7%
Public Power		151,570		1,469,131
Terna Energy		85,150		376,785
				1,845,916
TOTAL GREECE				28,025,240
TOTAL COMMON STOCK
(Cost $25,626,635)				28,117,580
TOTAL INVESTMENTS — 100.8%
(Cost $25,626,635)			$	28,117,580

Percentages are based on Net Assets of $27,904,122.

* Non-income producing security.

ADR — American Depositary Receipt

^(A) Securities are fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of April 30, 2013, was $92,340 and represented 0.3% of Net Assets.

^(B) Securities considered illiquid. The total value of such securities as of April 30, 2013 was $92,340 and represented 0.3% of Net Assets.

The following is a summary of the inputs used as of April 30, 2013, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Common Stock	$	28,025,240	$	—	$	92,340	$	28,117,580
Total Investments in Securities	$	28,025,240	$	—	$	92,340	$	28,117,580

(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 period ended April 30, 2013, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

37

Schedule of Investments	April 30, 2013 (Unaudited)
Global X FTSE Norway 30 ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.4%
NORWAY—99.4%
Basic Materials — 8.3%
Norsk Hydro (A)		489,845	$	2,293,560
Yara International		63,743		2,984,585
				5,278,145
Consumer Goods — 9.3%
Aker, Cl A (A)		14,780		456,228
Cermaq (A)		32,657		487,038
Marine Harvest		1,549,040		1,611,764
Orkla		376,013		3,384,215
				5,939,245
Consumer Services — 3.9%
Norwegian Air Shuttle *		6,301		302,675
Schibsted (A)		50,122		2,177,328
				2,480,003
Financials — 17.4%
DnB		489,475		8,000,177
Gjensidige Forsikring (A)		105,134		1,693,740
Norwegian Property		322,135		451,933
Storebrand		202,770		921,282
				11,067,132
Health Care — 1.4%
Algeta *		26,278		890,896
Industrials — 1.8%
Tomra Systems		91,429		856,181
Wilh Wilhelmsen, Cl B		39,552		320,312

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

38

Schedule of Investments	April 30, 2013 (Unaudited)
Global X FTSE Norway 30 ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
			$	1,176,493
Oil & Gas — 45.8%
Aker Solutions		100,464		1,402,472
BW Offshore		238,764		225,245
Det Norske Oljeselskap *		47,801		677,661
DNO International *		633,111		1,105,598
Fred Olsen Energy		14,490		630,710
Kvaerner		103,985		175,097
Petroleum Geo-Services		134,877		1,974,095
ProSafe		110,970		1,065,150
Seadrill		160,865		6,156,751
Statoil		437,381		10,671,899
Subsea 7		125,031		2,692,942
TGS Nopec Geophysical		64,643		2,314,884
				29,092,504
Technology — 1.5%
Atea		56,192		601,726
Opera Software		52,890		359,540
				961,266
Telecommunications — 10.0%
Telenor		283,948		6,381,628
TOTAL NORWAY				63,267,312
TOTAL COMMON STOCK
(Cost $59,987,431)				63,267,312
TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.028%, 05/01/13
(Cost $64,115)	$	64,115		64,115
REPURCHASE AGREEMENT — 5.7%
Barclays
0.150%, dated 04/30/13, to be repurchased on 05/01/13, repurchase price $3,600,810 (collateralized by U.S. Treasury Bills, ranging in par value $354,113 to $1,740,941, 0.000%, 07/11/13 to 12/12/13, with a total market value of $3,672,813) (B)
(Cost $3,600,795)		3,600,795		3,600,795
TOTAL REPURCHASE AGREEMENT
(Cost $3,600,795)				3,600,795
TOTAL INVESTMENTS — 105.2%
(Cost $63,652,341)			$	66,932,222

Percentages are based on Net Assets of $63,643,889.

* Non-income producing security.

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

39

Schedule of Investments	April 30, 2013 (Unaudited)
Global X FTSE Norway 30 ETF

Cl — Class

^(A) This security or a partial position of this security is on loan at April 30, 2013. The total value of securities on loan at April 30, 2013 was $3,497,288.

^(B) This security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2013 was $3,600,795.

The following is a summary of the inputs used as of April 30, 2013, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	63,267,312	$	—	$	—	$	63,267,312
Time Deposit		—		64,115		—		64,115
Repurchase Agreement		—		3,600,795		—		3,600,795
Total Investments in Securities	$	63,267,312	$	3,664,910	$	—	$	66,932,222

For the period ended April 30, 2013, there have been no transfers between Level 1, Level 2 or Level 3 investments.

For the period ended April 30, 2013, there were no Level 3 investments.

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

40

Schedule of Investments	April 30, 2013 (Unaudited)
Global X FTSE Nordic Region ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.4%
DENMARK—19.0%
Consumer Goods — 1.9%
Carlsberg, Cl B		9,227	$	856,510
Financials — 2.6%
Danske Bank *		64,003		1,209,715
Health Care — 12.6%
Novo Nordisk ADR		32,455		5,732,527
Industrials — 1.9%
A P Moller - Maersk, Cl B		119		846,712
TOTAL DENMARK				8,645,464
FINLAND—10.9%
Financials — 3.7%
Sampo, Cl A		41,671		1,662,823
Industrials — 3.2%
Kone, Cl B		16,706		1,475,165
Technology — 2.4%
Nokia ADR (A)		327,040		1,105,395
Utilities — 1.6%
Fortum		38,869		722,271
TOTAL FINLAND				4,965,654
NORWAY—16.3%
Basic Materials — 2.1%
Norsk Hydro		68,713		321,729

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

41

Schedule of Investments	April 30, 2013 (Unaudited)
Global X FTSE Nordic Region ETF

	Shares		Value
COMMON STOCK — continued
Yara International		13,934	$	652,420
				974,149
Consumer Goods — 1.3%
Orkla		67,118		604,079
Financials — 3.4%
DnB		94,781		1,549,139
Oil & Gas — 6.8%
Seadrill		30,687		1,174,477
Statoil ADR		77,752		1,904,924
				3,079,401
Telecommunications — 2.7%
Telenor		54,161		1,217,249
TOTAL NORWAY				7,424,017
SWEDEN—53.2%
Consumer Goods — 2.9%
Svenska Cellulosa, Cl B		50,730		1,317,357
Consumer Services — 6.0%
Hennes & Mauritz, Cl B		77,260		2,733,464
Financials — 19.9%
Investor, Cl B		40,061		1,180,619
Nordea Bank		212,691		2,548,269
Skandinaviska Enskilda Banken, Cl A		128,725		1,320,806
Svenska Handelsbanken, Cl A		38,637		1,755,076
Swedbank, Cl A		91,530		2,252,572
				9,057,342
Industrials — 15.0%
Assa Abloy, Cl B		27,299		1,087,150
Atlas Copco, Cl A		54,843		1,443,627
Sandvik		87,806		1,244,394
Scania, Cl B		26,504		563,937
SKF, Cl B		35,740		831,592
Volvo, Cl B		122,298		1,692,647
				6,863,347
Technology — 6.5%
Ericsson ADR		241,638		2,974,564
Telecommunications — 2.9%
TeliaSonera		191,731		1,319,121
TOTAL SWEDEN				24,265,195
TOTAL COMMON STOCK
(Cost $42,499,392)				45,300,330

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

42

Schedule of Investments	April 30, 2013 (Unaudited)
Global X FTSE Nordic Region ETF

	Face Amount		Value
REPURCHASE AGREEMENT — 1.5%
Barclays
0.150%, dated 04/30/13, to be repurchased on 05/01/13, repurchase price $672,283 (collateralized by U.S. Treasury Bills, ranging in par value $66,114 to $325,039, 0.000%, 07/11/13 to 12/12/13, with a total market value of $685,726) (B)
(Cost $672,280)	$	672,280	$	672,280
TOTAL REPURCHASE AGREEMENT
(Cost $672,280)				672,280
TOTAL INVESTMENTS — 100.9%
(Cost $43,171,672)			$	45,972,610

Percentages are based on Net Assets of $45,567,836.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

^(A) This security or a partial position of this security is on loan at April 30, 2013. The total value of securities on loan at April 30, 2013 was $650,720.

^(B) This security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2013 was $672,280.

The following is a summary of the inputs used as of April 30, 2013, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	45,300,330	$	—	$	—	$	45,300,330
Repurchase Agreement		—		672,280		—		672,280
Total Investments in Securities	$	45,300,330	$	672,280	$	—	$	45,972,610

For the period ended April 30, 2013, there have been no transfers between Level 1, Level 2 or Level 3 investments.

For the period ended April 30, 2013, there were no Level 3 investments.

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

43

Schedule of Investments	April 30, 2013 (Unaudited)
Global X Central Asia & Mongolia Index ETF

Sector Weightings †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.7%
BRITISH VIRGIN ISLANDS— 5.2%
Oil & Gas — 5.2%
Zhaikmunai GDR		10,890	$	114,345
CANADA—14.0%
Basic Materials — 14.0%
Centerra Gold		17,400		72,712
Dundee Precious Metals *		13,800		88,489
SouthGobi Resources *		18,600		35,953
Turquoise Hill Resources *		15,600		109,941
TOTAL CANADA				307,095
CAYMAN ISLANDS— 3.9%
Oil & Gas — 3.9%
Tethys Petroleum *		106,500		84,370
CHINA—4.9%
Oil & Gas — 4.9%
SPT Energy Group		221,100		107,699
HONG KONG— 3.3%
Basic Materials — 3.3%
Mongolia Energy *		1,733,700		72,608
KAZAKHSTAN—15.2%
Financials — 5.1%
Halyk Savings Bank of Kazakhstan JSC GDR *		15,300		111,690
Oil & Gas — 10.1%
KazMunaiGas Exploration Production JSC GDR		12,360		221,862
TOTAL KAZAKHSTAN				333,552
MONGOLIA—3.9%
Basic Materials — 3.9%
Mongolian Mining *		285,000		84,470

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

44

Schedule of Investments	April 30, 2013 (Unaudited)
Global X Central Asia & Mongolia Index ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
RUSSIA—4.1%
Basic Materials — 4.1%
Polymetal International		8,220	$	88,805
SWEDEN—10.2%
Telecommunications — 10.2%
KCell JSC GDR *		7,650		115,515
TeliaSonera		15,826		108,884
TOTAL SWEDEN				224,399
UNITED ARAB EMIRATES— 6.2%
Oil & Gas — 6.2%
Dragon Oil		13,728		134,983
UNITED KINGDOM— 28.8%
Basic Materials — 22.3%
Central Asia Metals		23,100		41,265
Eurasian Natural Resources		53,400		227,612
Kazakhmys		36,600		196,880
Kryso Resources *		47,400		23,377
				489,134
Financials — 5.3%
Bank of Georgia Holdings		4,620		115,613
Oil & Gas — 1.2%
Max Petroleum *		444,300		25,191
TOTAL UNITED KINGDOM				629,938
TOTAL COMMON STOCK
(Cost $2,211,030)				2,182,264
U.S. TREASURY OBLIGATION — 11.4%
United States Treasury Bills
0.015%, 05/23/13(A)
(Cost $249,998)	$	250,000		249,996
TOTAL INVESTMENTS — 111.1%
(Cost $2,461,028)			$	2,432,260

Percentages are based on Net Assets of $2,189,568.

* Non-income producing security.

GDR — Global Depositary Receipt

(A) The rate reported on the Schedule of Investments is the effective yield at time of purchase.

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

45

Schedule of Investments	April 30, 2013 (Unaudited)
Global X Central Asia & Mongolia Index ETF

The following is a summary of the inputs used as of April 30, 2013, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	2,182,264	$	—	$	—	$	2,182,264
U.S. Treasury Obligation		—		249,996		—		249,996
Total Investments in Securities	$	2,182,264	$	249,996	$	—	$	2,432,260

For the period ended April 30, 2013, there have been no transfers between Level 1, Level 2 or Level 3 investments.

For the period ended April 30, 2013, there were no Level 3 investments.

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

46

Schedule of Investments	April 30, 2013 (Unaudited)
Global X Nigeria Index ETF

Sector Weightings †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 100.0%
CANADA—2.2%
Oil & Gas — 2.2%
Mart Resources		32,400	$	49,205
INDIA—0.9%
Oil & Gas — 0.9%
Essar Energy *		9,000		19,992
ITALY—4.3%
Oil & Gas — 4.3%
Saipem		3,300		93,438
NIGERIA—77.0%
Consumer Goods — 22.8%
Dangote Sugar Refinery		285,600		13,539
Flour Mills of Nigeria		91,500		44,012
Guinness Nigeria		54,300		91,169
Nestle Nigeria		17,100		96,323
Nigerian Breweries		163,800		170,953
PZ Cussons Nigeria		113,100		28,991
Unilever Nigeria		155,400		53,987
				498,974
Financials — 46.1%
Access Bank		1,659,900		102,640
Diamond Bank *		921,000		33,226
FBN Holdings *		1,686,000		199,012
Fidelity Bank		2,490,000		45,702
First City Monument Bank *		1,470,000		41,867
Guaranty Trust Bank		1,439,900		235,123
Skye Bank		1,115,700		38,838
UAC of Nigeria		123,600		44,590
United Bank for Africa *		1,986,000		86,605
Zenith Bank		1,446,800		184,513
				1,012,116

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

47

Schedule of Investments	April 30, 2013 (Unaudited)
Global X Nigeria Index ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Industrials — 5.7%
Dangote Cement		72,600	$	74,438
Lafarge Cement WAPCO Nigeria		105,000		51,171
				125,609
Oil & Gas — 2.4%
Oando *		563,100		52,924
TOTAL NIGERIA				1,689,623
NORWAY—8.7%
Oil & Gas — 8.7%
Subsea 7		4,320		93,045
TGS Nopec Geophysical		2,700		96,688
TOTAL NORWAY				189,733
THAILAND—3.4%
Basic Materials — 3.4%
Indorama Ventures		93,600		74,944
UNITED KINGDOM— 2.3%
Oil & Gas — 2.3%
Afren *		24,000		49,993
UNITED STATES— 1.2%
Oil & Gas — 1.2%
SEACOR Holdings		360		25,959
TOTAL COMMON STOCK
(Cost $2,307,511)				2,192,887
U.S. TREASURY OBLIGATION — 11.4%
United States Treasury Bills
0.015%, 05/23/13(A)
(Cost $249,998)	$	250,000		249,996
TOTAL INVESTMENTS — 111.4%
(Cost $2,557,509)			$	2,442,883

Percentages are based on Net Assets of $2,193,097.

* Non-income producing security.

(A) The rate reported on the Schedule of Investments is the effective yield at time of purchase.

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

48

Schedule of Investments	April 30, 2013 (Unaudited)
Global X Nigeria Index ETF

The following is a summary of the inputs used as of April 30, 2013, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	2,192,887	$	—	$	—	$	2,192,887
U.S. Treasury Obligation		—		249,996		—		249,996
Total Investments in Securities	$	2,192,887	$	249,996	$	—	$	2,442,883

For the period ended April 30, 2013, there have been no transfers between Level 1, Level 2 or Level 3 investments.

For the period ended April 30, 2013, there were no Level 3 investments.

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

49

Statements of Assets and Liabilities

April 30, 2013 (Unaudited)

	Global X China Consumer ETF			Global X China Energy ETF			Global X China Financials ETF			Global X China Industrials ETF
Assets:
Cost of Investments	$	209,477,910		$	4,205,046		$	7,962,179		$	5,925,699
Cost of Repurchase Agreement		26,536,726			—			—			—
Cost of Foreign Currency		57,956			—			—			—
Investments at Value	$	203,898,399	*	$	4,412,776		$	7,837,111		$	4,477,454
Repurchase Agreement		26,536,726			—			—			—
Foreign Currency at Value		57,988			—			—			—
Receivable for Investment Securities Sold		11,560,761			507,497			226,992			199,270
Receivable for Capital Shares Sold		703,500			—			—			—
Dividend and Interest Receivable		67,123			—			—			—
Total Assets		242,824,497			4,920,273			8,064,103			4,676,724
Liabilities:
Payable for Investment Securities Purchased		12,290,792			496,666			214,034			187,656
Obligation to Return Securities Lending Collateral		26,536,726			—			—			—
Payable due to Investment Adviser		105,817			2,474			4,006			2,351
Cash Overdraft		—			1,730			—			1,485
Total Liabilities		38,933,335			500,870			218,040			191,492
Net Assets	$	203,891,162		$	4,419,403		$	7,846,063		$	4,485,232
*Includes Market Value of Securities on Loan	$	21,866,509		$	—		$	—		$	—
Net Assets Consist of:
Paid-in Capital	$	226,627,383		$	4,434,148		$	8,876,704		$	7,119,053
Distributions in Excess of Net Investment Income		(595,108	)		(16,810	)		(25,239	)		(20,690	)
Accumulated Net Realized Loss on Investments and Foreign Currency Translations		(16,560,526	)		(205,669	)		(880,330	)		(1,164,869	)
Net Unrealized Appreciation (Depreciation) on Investments		(5,579,511	)		207,730			(125,068	)		(1,448,245	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		(1,076	)		4			(4	)		(17	)
Net Assets	$	203,891,162		$	4,419,403		$	7,846,063		$	4,485,232
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		14,350,000			300,000			600,000			400,000
Net Asset Value, Offering and Redemption Price Per Share	$	14.21		$	14.73		$	13.08		$	11.21

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

50

Statements of Assets and Liabilities

April 30, 2013 (Unaudited)

	Global X China Materials ETF			Global X NASDAQ China Technology ETF			Global X FTSE ASEAN 40 ETF			Global X FTSE Andean 40 ETF
Assets:
Cost of Investments	$	3,238,712		$	2,787,319		$	49,068,363		$	9,945,157
Cost of Foreign Currency		—			4,485			53,806			3,236
Investments at Value	$	2,287,370		$	2,931,376		$	55,462,955		$	9,567,747
Foreign Currency at Value		—			4,480			53,776			3,249
Receivable for Investment Securities Sold		177,040			—			—			—
Dividend and Interest Receivable		—			—			303,349			18,383
Total Assets		2,464,410			2,935,856			55,820,080			9,589,379
Liabilities:
Payable for Investment Securities Purchased		184,616			—			—			—
Cash Overdraft		5,826			—			7,937			—
Payable due to Investment Adviser		1,232			1,482			28,210			5,521
Total Liabilities		191,674			1,482			36,147			5,521
Net Assets	$	2,272,736		$	2,934,374		$	55,783,933		$	9,583,858
Net Assets Consist of:
Paid-in Capital	$	3,599,877		$	3,815,786		$	50,153,634		$	10,333,467
Undistributed (Distributions in Excess of) Net Investment Income		(7,444	)		(4,162	)		292,343			89,882
Accumulated Net Realized Loss on Investments and Foreign Currency Translations		(368,484	)		(1,021,302	)		(1,056,884	)		(462,096	)
Net Unrealized Appreciation (Depreciation) on Investments		(951,342	)		144,057			6,394,592			(377,410	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		129			(5	)		248			15
Net Assets	$	2,272,736		$	2,934,374		$	55,783,933		$	9,583,858
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		150,000			200,000			3,050,000			700,000
Net Asset Value, Offering and Redemption Price Per Share	$	15.15		$	14.67		$	18.29		$	13.69

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

51

Statements of Assets and Liabilities

April 30, 2013 (Unaudited)

	Global X FTSE Colombia 20 ETF			Global X Brazil Mid Cap ETF			Global X Brazil Consumer ETF			Global X Brazil Financials ETF
Assets:
Cost of Investments	$	188,255,199		$	18,014,326		$	20,145,117		$	4,406,500
Cost of Foreign Currency		180,247			35,084			64,789			2,333
Investments at Value	$	187,714,093	*	$	18,836,383		$	24,831,895		$	3,957,572
Cash		15,538,300			—			—			—
Foreign Currency at Value		180,821			35,158			64,894			2,333
Receivable for Capital Shares Sold		3,018,000			—			—			—
Dividend and Interest Receivable		49,312			148,152			45,092			11,836
Receivable for Investment Securities Sold		—			—			—			11,117
Total Assets		206,500,526			19,019,693			24,941,881			3,982,858
Liabilities:
Obligation to Return Securities Lending Collateral		15,538,300			—			—			—
Payable for Investment Securities Purchased		3,022,996			—			—			12,233
Payable due to custody		111,496			—			—			—
Payable due to Investment Adviser		104,223			10,706			15,321			2,533
Total Liabilities		18,777,015			10,706			15,321			14,766
Net Assets	$	187,723,511		$	19,008,987		$	24,926,560		$	3,968,092
*Includes Market Value of Securities on Loan	$	15,139,656		$	—		$	—		$	—
Net Assets Consist of:
Paid-in Capital	$	209,254,599		$	20,855,702		$	23,179,853		$	5,181,448
Undistributed (Distributions in Excess of) Net Investment Income		728,812			285,329			91,663			(26,081	)
Accumulated Net Realized Loss on Investments and Foreign Currency Translations		(21,719,497	)		(2,954,709	)		(3,032,066	)		(738,425	)
Net Unrealized Appreciation (Depreciation) on Investments		(541,106	)		822,057			4,686,778			(448,928	)
Net Unrealized Appreciation on Foreign Currency Translations		703			608			332			78
Net Assets	$	187,723,511		$	19,008,987		$	24,926,560		$	3,968,092
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		9,330,000			1,200,000			1,200,000			300,000
Net Asset Value, Offering and Redemption Price Per Share	$	20.12		$	15.84		$	20.77		$	13.23

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

52

Statements of Assets and Liabilities

April 30, 2013 (Unaudited)

	Global X FTSE Argentina 20 ETF			Global X FTSE Greece 20 ETF			Global X FTSE Norway 30 ETF			Global X FTSE Nordic Region ETF
Assets:
Cost of Investments	$	4,933,916		$	25,626,635		$	60,051,546		$	42,499,392
Cost of Repurchase Agreement		—			—			3,600,795			672,280
Cost of Foreign Currency		—			—			153,108			82,782
Investments at Value	$	3,930,503		$	28,117,580		$	63,331,427	*	$	45,300,330	*
Repurchase Agreement		—			—			3,600,795			672,280
Foreign Currency at Value		—			—			153,477			82,786
Receivable for Investment Securities Sold		144,239			—			—			—
Dividend and Interest Receivable		11,153			—			184,624			223,565
Reclaim Receivable		—			—			—			138,703
Total Assets		4,085,895			28,117,580			67,270,323			46,417,664
Liabilities:
Payable for Investment Securities Purchased		143,507			145,204			—			—
Obligation to Return Securities Lending Collateral		—			—			3,600,795			672,280
Payable due to Investment Adviser		2,310			10,925			25,639			16,855
Payable due to Custodian		66			7,393			—			—
Cash Overdraft		1,782			49,936			—			160,693
Total Liabilities		147,665			213,458			3,626,434			849,828
Net Assets	$	3,938,230		$	27,904,122		$	63,643,889		$	45,567,836
*Includes Market Value of Securities on Loan	$	—		$	—		$	3,497,288		$	650,720
Net Assets Consist of:
Paid-in Capital	$	6,100,000		$	22,576,128		$	64,010,326		$	42,787,457
Undistributed (Distributions in Excess of) Net Investment Income		(3,902	)		(65,696	)		293,147			960,814
Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency Translations		(1,154,455	)		2,902,659			(3,941,968	)		(985,133	)
Net Unrealized Appreciation (Depreciation) on Investments		(1,003,413	)		2,490,945			3,279,881			2,800,938
Net Unrealized Appreciation on Foreign Currency Translations		—			86			2,503			3,760
Net Assets	$	3,938,230		$	27,904,122		$	63,643,889		$	45,567,836
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		225,000			1,600,000			4,100,000			2,110,000
Net Asset Value, Offering and Redemption Price Per Share	$	17.50		$	17.44		$	15.52		$	21.60

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

53

Statements of Assets and Liabilities

April 30, 2013 (Unaudited)

	Global X Central Asia & Mongolia Index ETF			Global X Nigeria Index ETF
Assets:
Cost of Investments	$	2,461,028		$	2,557,509
Cost of Foreign Currency		1,945			27,808
Investments at Value	$	2,432,260		$	2,442,883
Foreign Currency at Value		1,906			27,942
Dividend and Interest Receivable		5,641			3,442
Reclaim Receivable		1,009			—
Total Assets		2,440,816			2,474,267
Liabilities:
Cash Overdraft		250,160			280,160
Payable due to Custodian		16			—
Payable due to Investment Adviser		1,072			1,010
Total Liabilities		251,248			281,170
Net Assets	$	2,189,568		$	2,193,097
Net Assets Consist of:
Paid-in Capital	$	2,207,000		$	2,281,500
Undistributed Net Investment Income		11,186			30,395
Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency Translations		150			(4,307	)
Net Unrealized Depreciation on Investments		(28,768	)		(114,626	)
Net Unrealized Appreciation on Foreign Currency Translations		—			135
Net Assets	$	2,189,568		$	2,193,097
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		150,000			150,000
Net Asset Value, Offering and Redemption Price Per Share	$	14.60		$	14.62

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

54

Statements of Operations

For the period endedApril 30, 2013 (Unaudited)

	Global X China Consumer ETF			Global X China Energy ETF			Global X China Financials ETF			Global X China Industrials ETF
Investment Income:
Dividend Income	$	234,105		$	466		$	5		$	1
Security Lending Income		313,296			—			—			—
Less: Foreign Taxes Withheld		—			(895	)		—			—
Total Investment Income		547,401			(429	)		5			1
Supervision and Administration Fees(1)		602,175			16,381			24,414			15,412
Total Expenses		602,175			16,381			24,414			15,412
Net Investment Loss		(54,774	)		(16,810	)		(24,409	)		(15,411	)
Net Realized Gain on:
Investments		(3,672,584	)(2)		31,924	(2)		96,237	(2)		(121,211	)
Foreign Currency Transactions		(355	)		(15	)		(33	)		(5	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(3,672,939	)		31,909			96,204			(121,216	)
Net Change in Unrealized Appreciation on:
Investments		4,699,061			412,607			364,498			126,583
Foreign Currency Transactions		(1,128	)		2			(3	)		(1,091	)
Net Change in Unrealized Appreciation on Investments  and Foreign Currency Transactions		4,697,933			412,609			364,495			125,492
Net Realized and Unrealized Gain on Investments and Foreign Currency Transactions		1,024,994			444,518			460,699			4,276
Net Increase(Decrease) in Net Assets Resulting from Operations	$	970,220		$	427,708		$	436,290		$	(11,135	)

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

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

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

55

Statements of Operations

For the period endedApril 30, 2013 (Unaudited)

	Global X China Materials ETF			Global X NASDAQ China Technology ETF			Global X FTSE ASEAN 40 ETF			Global X FTSE Andean 40 ETF
Investment Income:
Dividend Income	$	3,698		$	8,051		$	622,143		$	178,379
Less: Foreign Taxes Withheld		(370	)		(1,317	)		(26,480	)		(15,375	)
Total Investment Income		3,328			6,734			595,663			163,004
Supervision and Administration Fees(1)		8,269			9,154			136,810			32,189
Total Expenses		8,269			9,154			136,810			32,189
Net Investment Income(Loss)		(4,941	)		(2,420	)		458,853			130,815
Net Realized Gain on:
Investments		(198,646	)		(241,191	)		(599,709	)		(75,767	)
Foreign Currency Transactions		(9	)		(20	)		(2,009	)		1,167
Net Realized (Loss) on Investments and Foreign Currency Transactions		(198,655	)		(241,211	)		(601,718	)		(74,600	)
Net Change in Unrealized Appreciation on:
Investments		75,106			440,089			5,342,842			(359,271	)
Foreign Currency Transactions		129			(6	)		296			156
Net Change in Unrealized Appreciation (Depreciation) on Investments  and Foreign Currency Transactions		75,235			440,083			5,343,138			(359,115	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		(123,420	)		198,872			4,741,420			(433,715	)
Net Increase(Decrease) in Net Assets Resulting from Operations	$	(128,361	)	$	196,452		$	5,200,273		$	(302,900	)

⁽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.)

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

56

Statements of Operations

For the period endedApril 30, 2013 (Unaudited)

	Global X FTSE Colombia 20 ETF			Global X Brazil Mid Cap ETF			Global X Brazil Consumer ETF			Global X Brazil Financials ETF
Investment Income:
Dividend Income	$	3,049,690		$	397,943		$	203,613		$	61,193
Interest Income		—			4,463			6,347			—
Security Lending Income		25,812			—			—			—
Less: Foreign Taxes Withheld		(26,732	)		—			—			—
Total Investment Income		3,048,770			402,406			209,960			61,193
Supervision and Administration Fees(1)		626,286			65,329			94,907			15,322
Custodian Fees		134,664			–			–			–
Total Expenses		760,950			65,329			94,907			15,322
Waiver of Supervision and Administration Fees		(36,212	)		–			–			–
Net Investment Income		2,324,032			337,077			115,053			45,871
Net Realized Gain on:
Investments		(1,810,649	)(2)		15,206	(2)		313,209	(2)		(115,047	)
Foreign Currency Transactions		80,163			8,637			(2,216	)		93
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(1,730,486	)		23,843			310,993			(114,954	)
Net Change in Unrealized Appreciation on:
Investments		(13,730,767	)		535,677			1,519,339			341,419
Foreign Currency Transactions		7,758			702			926			78
Net Change in Unrealized Appreciation (Depreciation) on Investments  and Foreign Currency Transactions		(13,723,009	)		536,379			1,520,265			341,497
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		(15,453,495	)		560,222			1,831,258			226,543
Net Increase(Decrease) in Net Assets Resulting from Operations	$	(13,129,463	)	$	897,299		$	1,946,311		$	272,414

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

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

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

57

Statements of Operations

For the period endedApril 30, 2013 (Unaudited)

	Global X FTSE Argentina 20 ETF			Global X FTSE Greece 20 ETF			Global X FTSE Norway 30 ETF			Global X FTSE Nordic Region ETF
Investment Income:
Dividend Income	$	31,980		$	12,602		$	716,789		$	1,114,133
Security Lending Income		—			—			30,013			12,101
Less: Foreign Taxes Withheld		(2,742	)		—			(114,695	)		(31,725	)
Total Investment Income		29,238			12,602			632,107			1,094,509
Supervision and Administration Fees(1)		12,382			66,463			143,936			80,154
Custodian Fees		71			11,835			–			–
Total Expenses		12,453			78,298			143,936			80,154
Net Investment Income (Loss)		16,785			(65,696	)		488,171			1,014,355
Net Realized Gain on:
Investments		(260,818	)		3,159,656	(2)		7,336	(2)		(222,999	)
Foreign Currency Transactions		(126	)		(602	)		610			(2,269	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(260,944	)		3,159,054			7,946			(225,268	)
Net Change in Unrealized Appreciation on:
Investments		387,142			(1,656,790	)		2,926,215			4,567,912
Foreign Currency Transactions		—			86			2,431			3,970
Net Change in Unrealized Appreciation (Depreciation) on Investments  and Foreign Currency Transactions		387,142			(1,656,704	)		2,928,646			4,571,882
Net Realized and Unrealized Gain on Investments and Foreign Currency Transactions		126,198			1,502,350			2,936,592			4,346,614
Net Increase in Net Assets Resulting from Operations	$	142,983		$	1,436,654		$	3,424,763		$	5,360,969

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

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

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

58

Statements of Operations

For the period endedApril 30, 2013 (Unaudited)

	Global X Central Asia & Mongolia Index ETF(2)			Global X Nigeria Index ETF(2)
Investment Income:
Dividend Income	$	12,744		$	34,894
Less: Foreign Taxes Withheld		(470	)		(3,489	)
Total Investment Income		12,274			31,405
Supervision and Administration Fees(1)		1,072			1,010
Custodian Fees		16			356
Total Expenses		1,088			1,366
Waiver of Custodian Fees		—			(356	)
Net Expenses		1,088			1,010
Net Investment Income		11,186			30,395
Net Realized Gain on:
Investments		–			78
Foreign Currency Transactions		150			(4,385	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		150			(4,307	)
Net Change in Unrealized Appreciation on:
Investments		(28,768	)		(114,626	)
Foreign Currency Transactions		—			135
Net Change in Unrealized Depreciation on Investments and Foreign Currency Transactions		(28,768	)		(114,491	)
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions		(28,618	)		(118,798	)
Net Decrease in Net Assets Resulting from Operations	$	(17,432	)	$	(88,403	)

⁽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⁾ The Fund commenced operations on April 2, 2013.

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

59

Statements of Changes in Net Assets

	Global X China Consumer ETF						Global X China Energy ETF
	Period Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012 (Audited)			Period Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012 (Audited)
Operations:
Net Investment Income (Loss)	$	(54,774	)	$	2,143,351		$	(16,810	)	$	88,567
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions (1)		(3,672,939	)		(24,420,329	)		31,909			(251,146	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		4,697,933			11,897,215			412,609			183,932
Net Increase (Decrease) in Net Assets Resulting from Operations		970,220			(10,379,763	)		427,708			21,353
Dividends and Distributions from:
Net Investment Income		(2,128,638	)		(487,644	)		(88,650	)		(78,332	)
Total Dividends and Distributions		(2,128,638	)		(487,644	)		(88,650	)		(78,332	)
Capital Share Transactions:
Issued		83,270,000			61,626,500			—			1,388,000
Redeemed		(4,935,000	)		(60,902,500	)		(736,000	)		(1,336,500	)
Increase (Decrease) in Net Assets from Capital Share Transactions		78,335,000			724,000			(736,000	)		51,500
Total Increase (Decrease) in Net Assets		77,176,582			(10,143,407	)		(396,942	)		(5,479	)
Net Assets:
Beginning of Period		126,714,580			136,857,987			4,816,345			4,821,824
End of Period	$	203,891,162		$	126,714,580		$	4,419,403		$	4,816,345
Undistributed (Distributions in Excess of) Net Investment Income	$	(595,108	)	$	1,588,304		$	(16,810	)	$	88,650
Share Transactions:
Issued		5,650,000			4,250,000			—			100,000
Redeemed		(350,000	)		(4,150,000	)		(50,000	)		(100,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		5,300,000			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.

60

Statements of Changes in Net Assets

	Global X China Financials ETF						Global X China Industrials ETF
	Period Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012 (Audited)			Period Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012 (Audited)
Operations:
Net Investment Income (Loss)	$	(24,409	)	$	185,315		$	(15,411	)	$	65,072
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		96,204	(1)		521,875	(1)		(121,216	)		(945,050	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		364,495			152,783			125,492			892,011
Net Increase (Decrease) in Net Assets Resulting from Operations		436,290			859,973			(11,135	)		12,033
Dividends and Distributions from:
Net Investment Income		(186,317	)		(14,611	)		(64,616	)		(8,938	)
Total Dividends and Distributions		(186,317	)		(14,611	)		(64,616	)		(8,938	)
Capital Share Transactions:
Issued		2,860,500			3,928,000			—			—
Redeemed		(1,277,000	)		(9,684,500	)		—			—
Increase (Decrease) in Net Assets  from Capital Share Transactions		1,583,500			(5,756,500	)		—			—
Total Increase (Decrease) in Net Assets		1,833,473			(4,911,138	)		(75,751	)		3,095
Net Assets:
Beginning of Period		6,012,590			10,923,728			4,560,983			4,557,888
End of Period	$	7,846,063		$	6,012,590		$	4,485,232		$	4,560,983
Undistributed (Distributions in Excess of) Net Investment Income/Accumulated Net Investment Loss	$	(25,239	)	$	185,487		$	(20,690	)	$	59,337
Share Transactions:
Issued		200,000			350,000			—			—
Redeemed		(100,000	)		(850,000	)		—			—
Net Increase (Decrease) in Shares Outstanding from Share Transactions		100,000			(500,000	)		—			—

⁽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.

61

Statements of Changes in Net Assets

	Global X China Materials ETF						Global X NASDAQ China Technology ETF
	Period Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012 (Audited)			Period Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012 (Audited)
Operations:
Net Investment Income (Loss)	$	(4,941	)	$	37,835		$	(2,420	)	$	14,122
Net Realized Loss on Investments and Foreign Currency Transactions (1)		(198,655	)		(924,388	)		(241,211	)		(146,960	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		75,235			439,407			440,083			(284,138	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(128,361	)		(447,146	)		196,452			(416,976	)
Dividends and Distributions from:
Net Investment Income		(40,384	)		—			(16,025	)		(57,614	)
Total Dividends and Distributions		(40,384	)		—			(16,025	)		(57,614	)
Capital Share Transactions:
Issued		—			898,000			—			1,391,000
Redeemed		—			(884,000	)		—			(2,776,500	)
Increase (Decrease) in Net Assets  from Capital Share Transactions		—			14,000			—			(1,385,500	)
Total Increase (Decrease) in Net Assets		(168,745	)		(433,146	)		180,427			(1,860,090	)
Net Assets:
Beginning of Period		2,441,481			2,874,627			2,753,947			4,614,037
End of Period	$	2,272,736		$	2,441,481		$	2,934,374		$	2,753,947
Undistributed (Distributions in Excess of) Net Investment Income/Accumulated Net Investment Loss	$	(7,444	)	$	37,881		$	(4,162	)	$	14,283
Share Transactions:
Issued		—			50,000	(2)		—			100,000
Redeemed		—			(50,000	)(2)		—			(200,000	)
Net Decrease in Shares Outstanding from Share Transactions		—			—			—			(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 1 for 2 share split on May 16, 2013. (See Note 8 in the Notes to Financial Statements).

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

62

Statements of Changes in Net Assets

	Global X FTSE ASEAN 40 ETF						Global X FTSE Andean 40 ETF
	Period Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012 (Audited)			Period Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012 (Audited)
Operations:
Net Investment Income	$	458,853		$	880,478		$	130,815		$	129,929
Net Realized Loss on Investments and Foreign Currency Transactions (1)		(601,718	)		(639,423	)		(74,600	)		(212,252	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		5,343,138			2,392,834			(359,115	)		442,908
Net Increase (Decrease) in Net Assets Resulting from Operations		5,200,273			2,633,889			(302,900	)		360,585
Dividends and Distributions from:
Net Investment Income		(806,416	)		(517,045	)		(155,634	)		(120,234	)
Total Dividends and Distributions		(806,416	)		(517,045	)		(155,634	)		(120,234	)
Capital Share Transactions:
Issued		18,734,000			8,732,000			1,422,000			2,269,000
Redeemed		—			(1,455,000	)		—			(695,000	)
Increase in Net Assets from Capital Share Transactions		18,734,000			7,277,000			1,422,000			1,574,000
Total Increase in Net Assets		23,127,857			9,393,844			963,466			1,814,351
Net Assets:
Beginning of Period		32,656,076			23,262,232			8,620,392			6,806,041
End of Period	$	55,783,933		$	32,656,076		$	9,583,858		$	8,620,392
Undistributed Net Investment Income	$	292,343		$	639,906		$	89,882		$	114,701
Share Transactions:
Issued		1,100,000			550,000			100,000			150,000
Redeemed		—			(100,000	)		—			(50,000	)
Net Increase in Shares Outstanding from Share Transactions		1,100,000			450,000			100,000			100,000

⁽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.

63

Statements of Changes in Net Assets

	Global X FTSE Colombia 20 ETF						Global X Brazil Mid Cap ETF
	Period Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012 (Audited)			Period Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012 (Audited)
Operations:
Net Investment Income	$	2,324,032		$	3,105,851		$	337,077		$	662,219
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions (1)		(1,730,486	)		(4,740,110	)		23,843			(1,901,725	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		(13,723,009	)		17,279,659			536,379			1,685,394
Net Increase (Decrease) in Net Assets Resulting from Operations		(13,129,463	)		15,645,400			897,299			445,888
Dividends and Distributions from:
Net Investment Income		(3,654,817	)		(1,467,527	)		(544,000	)		(495,614	)
Total Dividends and Distributions		(3,654,817	)		(1,467,527	)		(544,000	)		(495,614	)
Capital Share Transactions:
Issued		27,456,500			136,925,500			—			1,448,000
Redeemed		(5,327,500	)		(110,337,500	)		(2,338,500	)		(3,733,500	)
Increase (Decrease) in Net Assets from Capital Share Transactions		22,129,000			26,588,000			(2,338,500	)		(2,285,500	)
Total Increase (Decrease) in Net Assets		5,344,720			40,765,873			(1,985,201	)		(2,335,226	)
Net Assets:
Beginning of Period		182,378,791			141,612,918			20,994,188			23,329,414
End of Period	$	187,723,511		$	182,378,791		$	19,008,987		$	20,994,188
Undistributed Net Investment Income	$	728,812		$	2,059,597		$	285,329		$	492,252
Share Transactions:
Issued		1,250,000			6,400,000			—			100,000
Redeemed		(250,000	)		(5,450,000	)		(150,000	)		(250,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		1,000,000			950,000			(150,000	)		(150,000	)

⁽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.

64

Statements of Changes in Net Assets

	Global X Brazil Consumer ETF						Global X Brazil Financials ETF
	Period Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012 (Audited)			Period Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012 (Audited)
Operations:
Net Investment Income	$	115,053		$	241,816		$	45,871		$	120,320
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		310,993	(1)		(1,566,256	)(1)		(114,954	)		(686,342	)(1)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		1,520,265			5,437,960			341,497			8,774
Net Increase (Decrease) in Net Assets Resulting from Operations		1,946,311			4,113,520			272,414			(557,248	)
Dividends and Distributions from:
Net Investment Income		(293,164	)		(392,931	)		(149,310	)		(256,178	)
Total Dividends and Distributions		(293,164	)		(392,931	)		(149,310	)		(256,178	)
Capital Share Transactions:
Issued		—			13,388,000			—			—
Redeemed		(1,984,000	)		(21,212,500	)		—			(2,803,000	)
Decrease in Net Assets from Capital Share Transactions		(1,984,000	)		(7,824,500	)		—			(2,803,000	)
Total Increase (Decrease) in Net Assets		(330,853	)		(4,103,911	)		123,104			(3,616,426	)
Net Assets:
Beginning of Period		25,257,413			29,361,324			3,844,988			7,461,414
End of Period	$	24,926,560		$	25,257,413		$	3,968,092		$	3,844,988
Undistributed (Distributions in Excess of) Net Investment Income	$	91,663		$	269,774		$	(26,081	)	$	77,358
Share Transactions:
Issued		—			750,000			—			—
Redeemed		(100,000	)		(1,200,000	)		—			(200,000	)
Net Decrease in Shares Outstanding from Share Transactions		(100,000	)		(450,000	)		—			(200,000	)

⁽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.

65

Statements of Changes in Net Assets

	Global X FTSE Argentina 20 ETF						Global X FTSE Greece 20 ETF
	Period Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012 (Audited)			Period Ended April 30, 2013 (Unaudited)			Period Ended October 31, 2012 (Audited)(3)
Operations:
Net Investment Income (Loss)	$	16,785		$	42,329		$	(65,696	)	$	117,722
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(260,944	)(1)		(457,569	)		3,159,054	(1)		14,471	(1)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		387,142			(393,454	)		(1,656,704	)		4,147,735
Net Increase (Decrease) in Net Assets Resulting from Operations		142,983			(808,694	)		1,436,654			4,279,928
Dividends and Distributions from:
Net Investment Income		(31,297	)		(102,814	)		(30,671	)		(4,711	)
Net Realized Gains		—			—			(17,078	)		—
Total Dividends and Distributions		(31,297	)		(102,814	)		(47,749	)		(4,711	)
Capital Share Transactions:
Issued		881,000			—			12,181,500			23,308,000
Redeemed		—			—			(11,529,500	)		(1,720,000	)
Increase in Net Assets from Capital Share Transactions		881,000			—			652,000			21,588,000
Total Increase (Decrease) in Net Assets		992,686			(911,508	)		2,040,905			25,863,217
Net Assets:
Beginning of Period		2,945,544			3,857,052			25,863,217			—
End of Period	$	3,938,230		$	2,945,544		$	27,904,122		$	25,863,217
Undistributed (Distributions in Excess of) Net Investment Income	$	(3,902	)	$	10,610		$	(65,696	)	$	30,671
Share Transactions:
Issued		50,000	(2)		—			750,000			1,700,000
Redeemed		—			—			(750,000	)		(100,000	)
Net Increase in Shares Outstanding from Share Transactions		50,000	(2)		—			—			1,600,000

⁽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 1 for 2 share split on May 16, 2013. (See Note 8 in the Notes to Financial Statements).

⁽³⁾ Commenced operations on December 7, 2011.

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

66

Statements of Changes in Net Assets

	Global X FTSE Norway 30 ETF						Global X FTSE Nordic Region ETF
	Period Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012 (Audited)			Period Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012 (Audited)
Operations:
Net Investment Income	$	488,171		$	1,805,432		$	1,014,355		$	731,475
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions(1)		7,946			(5,402,275	)		(225,268	)		(339,377	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		2,928,646			6,129,970			4,571,882			1,941,642
Net Increase in Net Assets Resulting from Operations		3,424,763			2,533,127			5,360,969			2,333,740
Dividends and Distributions from:
Net Investment Income		(1,583,434	)		(1,360,544	)		(698,310	)		(742,231	)
Net Realized Gains		—			—			—			(90,580	)
Total Dividends and Distributions		(1,583,434	)		(1,360,544	)		(698,310	)		(832,811	)
Capital Share Transactions:
Issued		9,972,500			14,196,000			14,612,000			1,653,000
Redeemed		(9,298,500	)		(28,947,000	)		—			(5,865,500	)
Increase (Decrease) in Net Assets from Capital Share Transactions		674,000			(14,751,000	)		14,612,000			(4,212,500	)
Total Increase (Decrease) in Net Assets		2,515,329			(13,578,417	)		19,274,659			(2,711,571	)
Net Assets:
Beginning of Period		61,128,560			74,706,977			26,293,177			29,004,748
End of Period	$	63,643,889		$	61,128,560		$	45,567,836		$	26,293,177
Undistributed Net Investment Income	$	293,147		$	1,388,410		$	960,814		$	644,769
Share Transactions:
Issued		650,000			950,000			700,000			100,000
Redeemed		(600,000	)		(2,250,000	)		—			(350,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		50,000			(1,300,000	)		700,000			(250,000	)

⁽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.

67

Statements of Changes in Net Assets

	Global X Central Asia & Mongolia Index ETF			Global X Nigeria Index ETF
	Period Ended April 30, 2013(1) (Unadited)			Period Ended April 30, 2013(1) (Unaudited)
Operations:
Net Investment Income	$	11,186		$	30,395
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		150			(4,307	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		(28,768	)		(114,491	)
Net Decrease in Net Assets Resulting from Operations		(17,432	)		(88,403	)
Capital Share Transactions:
Issued		2,207,000			2,281,500
Increase in Net Assets from Capital Share Transactions		2,207,000			2,281,500
Total Increase in Net Assets		2,189,568			2,193,097
Net Assets:
Beginning of Period		—			—
End of Period	$	2,189,568		$	2,193,097
Undistributed Net Investment Income	$	11,186		$	30,395
Share Transactions:
Issued		150,000			150,000
Net Increase in Shares Outstanding from Share Transactions		150,000			150,000

⁽¹⁾ Commenced operations on April 2, 2013.

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

68

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income (Loss) ($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)			Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)
Global X China Consumer ETF
2013(Unaudited)		14.00		—			0.38			0.38			(0.17	)		—			(0.17	)		14.21		2.67			203,891		0.65	†		(0.06	)†		8.95	††
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
2013(Unaudited)		13.76		(0.05	)		1.27			1.22			(0.25	)		—			(0.25	)		14.73		9.06			4,419		0.65	†		(0.67	)†		9.99	††
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
2013(Unaudited)		12.03		(0.04	)		1.46			1.42			(0.37	)		—			(0.37	)		13.08		11.82			7,846		0.65	†		(0.65	)†		2.86	††
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
2013(Unaudited)		11.40		(0.04	)		0.01			(0.03	)		(0.16	)		—			(0.16	)		11.21		(0.37	)		4,485		0.65	†		(0.65	)†		3.98	††
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
2013(4)(Unaudited)		16.28		(0.03	)		(0.83	)		(0.86	)		(0.27	)		—			(0.27	)		15.15		(5.44	)		2,273		0.65	†		(0.39	)†		7.63	††
2012(4)		19.16		0.25			(3.13	)		(2.88	)		—			—			—			16.28		(15.03	)		2,441		0.65			1.50			50.30
2011(4)		29.18		0.01			(9.74	)		(9.73	)		(0.29	)		—			(0.29	)		19.16		(33.69	)		2,875		0.65			0.05			36.82
2010(4) (5)		29.90		0.05			(0.77	)		(0.72	)		—			—			—			29.18		(2.41	)		57,642		0.65	†		0.23	†		6.13	††
Global X NASDAQ China Technology ETF
2013(Unaudited)		13.77		(0.01	)		0.99			0.98			(0.08	)		—			(0.08	)		14.67		7.15			2,934		0.65	†		(0.17	)†		25.19	††
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(6)		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
2013(Unaudited)		16.75		0.18			1.74			1.92			(0.38	)		—			(0.38	)		18.29		11.64			55,784		0.65	†		2.18	†		12.88	††
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(7)		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) Per share amounts have been restated for a 1 for 2 reverse share split. See Note 8 in the Notes to financial statements.

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

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

(7) 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 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.

69

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income ($)*		Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)			Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income to Average Net Assets (%)			Portfolio Turnover (%)
Global X FTSE Andean 40 ETF
2013(Unaudited)		14.37		0.21		(0.63	)		(0.42	)		(0.26	)		—			(0.26	)		13.69		(3.03	)		9,584		0.72	†		2.92	†		16.47	††
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
2013(Unaudited)		21.89		0.27		(1.59	)		(1.32	)		(0.45	)		—			(0.45	)		20.12		(6.22	)		187,724		0.79	†@		2.52	†		22.59	††
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
2013(Unaudited)		15.55		0.28		0.46			0.74			(0.45	)		—			(0.45	)		15.84		4.82			19,009		0.69	†		3.56	†		9.17	††
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
2013(Unaudited)		19.43		0.09		1.49			1.58			(0.24	)		—			(0.24	)		20.77		8.20			24,927		0.77	†		0.93	†		7.16	††
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
2013(Unaudited)		12.82		0.15		0.76			0.91			(0.50	)		—			(0.50	)		13.23		7.11			3,968		0.77	†		2.30	†		7.68	††
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
2013(7)(Unaudited)		16.84		0.09		0.75			0.84			(0.18	)		—			(0.18	)		17.50		4.99			3,938		0.74	†		1.00	†		15.00	††
2012(7)		22.04		0.24		(4.85	)		(4.61	)		(0.59	)		—			(0.59	)		16.84		(21.44	)		2,946		0.74			1.25			29.51
2011(6) (7)		29.86		0.45		(8.27	)		(7.82	)		—			—			—			22.04		(26.19	)		3,857		0.75	†		2.53	†		40.86	††

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

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

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

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

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

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

(7) Per share amounts have been restated for a 1 for 2 reverse share split. See Note 8 in the Notes to financial statements.

* Per share data calculated using average shares method.

** Total Return is for the period indicated and has not been annualized.  The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

† Annualized.

†† Portfolio turnover rate is for the period indicated and has not been annualized. Excludes effect of in-kind transfers.

^@ The Ratio of Expenses to Average Net Assets includes the effect of a waiver. If these expense offsets were excluded, the ratio would have been 0.83%, 0.83%, 0.83%, 0.86% and 0.86% for the periods ended 2013,2012, 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.

70

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income (Loss) ($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)			Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)
Global X FTSE Greece 20 ETF
2013(Unaudited)		16.16		(0.05	)		1.36			1.31			(0.02	)		(0.01	)		(0.03	)		17.44		8.14			27,904		0.65	†		(0.54	)†		14.22	††
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
2013(Unaudited)		15.09		0.13			0.73			0.86			(0.43	)		—			(0.43	)		15.52		5.76			63,644		0.50	†		1.69	†		5.43	††
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
2013(Unaudited)		18.65		0.64			2.81			3.45			(0.50	)		—			(0.50	)		21.60		18.77			45,568		0.50	†		6.32	†		9.03	††
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	††
Global X Central Asia & Mongolia Index ETF
2013(4)(Unaudited)		14.84		0.08			(0.32	)		(0.24	)		—			—			—			14.60		(1.62	)		2,190		0.69	†		7.09	†		0.27	††
Global X Nigeria Index ETF
2013(4)(Unaudited)		15.31		0.24			(0.93	)		(0.69	)		—			—			—			14.62		(4.51	)		2,193		0.68	†@		20.46	†		0.93	††

(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.

(4) The Fund commenced operations on April 2, 2013.

* Per share data calculated using average shares method.

** Total Return is for the period indicated and has not been annualized.  The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

† Annualized.

†† Portfolio turnover rate is for the period indicated and has not been annualized. Excludes effect of in-kind transfers.

^@ The Ratio of Expenses to Average Net Assets includes the effect of a waiver. If these expense offsets were excluded, the ratio would have been 0.92% for the period ended April 30, 2013.

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

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

71

Notes to Financial Statements

April 30, 2013 (Unaudited)

1. ORGANIZATION

The Global X Funds (the "Trust") is a Delaware Statutory Trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of April 30, 2013, the Trust had seventy-nine portfolios, thirty-five 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, Global X FTSE Nordic Region ETF, Global X Central Asia & Mongolia Index ETF and Global X Nigeria Index ETF (each a “Fund”, collectively, the “Funds”). Each Fund is non-diversified.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

SECURITY VALUATION — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm if a security’s primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent mean between the quoted bid and asked prices (absent both bid and asked prices on such exchange, the bid price may be used).

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

72

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (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 April 30, 2013, there were securities valued using Fair Value Procedures of $62,676, $35,456, $120,753, $115,739 and $92,340 in Global X China Materials ETF, Global X Colombia 20 ETF, Global X Brazil Mid Cap ETF, Global X Brazil Consumer ETF Funds, and Global X FTSE Greece 20 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:

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)

73

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 six months ended April 30, 2013, 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 April 30, 2013. 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 4/30/13		Valuation Technique(s)	Unobservable Input	Discount Percentage Range
Common Stock	$	62,676	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.

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.

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.

74

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

As of and during the six months ended April 30, 2013, 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.

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.

75

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (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	$	710,500	$	1,900
Global X China Energy ETF		50,000		1,900		736,500		1,900
Global X China Financials ETF		50,000		1,900		654,000		1,900
Global X China Industrials ETF		50,000		1,900		560,500		1,900
Global X China Materials ETF		50,000		1,900		757,500		1,900
Global X NASDAQ China Technology ETF		50,000		1,900		733,500		1,900
Global X FTSE ASEAN 40 ETF		50,000		2,300		914,500		2,300
Global X FTSE Andean 40 ETF		50,000		2,300		684,500		2,300
Global X FTSE Colombia 20 ETF		50,000		2,500		1,006,000		2,500
Global X Brazil Mid Cap ETF		50,000		1,900		792,000		1,900
Global X Brazil Consumer ETF		50,000		1,500		1,038,500		1,500
Global X Brazil Financials ETF		50,000		1,500		661,500		1,500
Global X FTSE Argentina 20 ETF		50,000		1,000		875,000		1,000
Global X FTSE Greece 20 ETF		50,000		1,000		872,000		1,000
Global X FTSE Norway 30 ETF		50,000		1,400		776,000		1,400
Global X FTSE Nordic Region ETF		50,000		1,400		1,080,000		1,400
Global X Central Asia & Mongolia Index ETF		50,000		2,700		730,000		2,700
Global X Nigeria Index ETF		50,000		2,300		731,000		2,300

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, Global X FTSE Greece 20 ETF, Global X Central Asia & Mongolia Index ETF and Global X Nigeria Index 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, Global X FTSE Greece 20 ETF, Global X Central Asia & Mongolia Index ETF and Global X Nigeria Index ETF may pay up to 0.11%, 0.01%, 0.10%, 0.01% and 0.24% respectively in Custody Fees (in addition to the Supervision and Administration Fee).

76

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

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	%
Global X Central Asia & Mongolia Index ETF		0.68	%
Global X Nigeria Index ETF		0.68	%

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 Investments 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.

77

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)  

3. RELATED PARTY TRANSACTIONS (continued)

SEI Investments Distribution Co. (“SIDCO”) serves as each Funds underwriter and distributor of Shares pursuant to a Distribution Agreement. Under the Distribution Agreement, SIDCO, as agent, receives orders to create and redeem Shares in Creation Unit Aggregations and transmits such orders to the Trust’s custodian and transfer agent. The Distributor has no obligation to sell any specific quantity of Fund Shares. SIDCO bears the following costs and expenses relating to the distribution of Shares: (i) the costs of processing and maintaining records of creations of Creation Units; (ii) all costs of maintaining the records required of a registered broker/dealer; (iii) the expenses of maintaining its registration or qualification as a dealer or broker under Federal or state laws; (iv) filing fees; and (v) all other expenses incurred in connection with the distribution services as contemplated in the Distribution Agreement. SIDCO receives no fee for its distribution services under the Distribution Agreement

4. INVESTMENT TRANSACTIONS

For the period ended April 30, 2013, 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	$	16,374,870	$	18,182,967
Global X China Energy ETF		503,891		602,973
Global X China Financials ETF		215,004		421,187
Global X China Industrials ETF		187,690		276,516
Global X China Materials ETF		192,400		234,503
Global X NASDAQ China Technology ETF		716,662		733,360
Global X FTSE ASEAN 40 ETF		9,806,177		5,539,413
Global X FTSE Andean 40 ETF		2,031,971		1,487,000
Global X FTSE Colombia 20 ETF		57,294,247		42,056,101
Global X Brazil Mid Cap ETF		1,760,221		3,294,607
Global X Brazil Consumer ETF		1,773,172		3,569,658
Global X Brazil Financials ETF		304,303		383,607
Global X FTSE Argentina 20 ETF		536,208		506,738
Global X FTSE Greece 20 ETF		3,727,978		3,547,759
Global X FTSE Norway 30 ETF		3,201,487		4,640,476
Global X FTSE Nordic Region ETF		3,058,341		2,936,954
Global X Central Asia & Mongolia Index ETF		5,905		-
Global X Nigeria Index ETF		1,799,811		20,424

78

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)  

4. INVESTMENT TRANSACTIONS (continued)

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.

For the year or period ended October 31, 2012 and April 30, 2013, in-kind transactions associated with creations and redemptions were, respectively:

			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 40 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

			Sales and		Realized
	Purchases		Maturities		Gain/(Loss)
Global X China Consumer ETF	$	83,319,052	$	4,944,111	$	1,035,672
Global X China Energy ETF		-		736,908		151,578
Global X China Financials ETF		2,858,501		1,276,009		167,483
Global X China Industrials ETF		-		-		-
Global X China Materials ETF		-		-		-
Global X NASDAQ China Technology ETF		-		-		-
Global X FTSE ASEAN 40 ETF		13,867,767		-		-
Global X FTSE Andean 40 ETF		782,343		-		-
Global X FTSE Colombia 20 ETF		9,514,131		1,874,614		215,004
Global X Brazil Mid Cap ETF		-		1,063,277		236,527
Global X Brazil Consumer ETF		-		460,508		69,432
Global X Brazil Financials ETF		-		-		-
Global X FTSE Argentina 20 ETF		842,881		-		-
Global X FTSE Greece 20 ETF		12,092,057		11,467,113		3,810,050
Global X FTSE Norway 30 ETF		9,976,665		9,301,193		1,424,891
Global X FTSE Nordic Region ETF		14,571,736		-		-
Global X Central Asia & Mongolia Index ETF		2,205,126		-		-
Global X Nigeria Index ETF		528,045		-		-

79

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)  

5. TAX INFORMATION

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

The 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.

Global X Funds	Paid-in Capital			Undistributed Net Investment Income/(Loss)			Accumulated Net Realized 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	)

80

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)  

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

81

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)  

5. TAX INFORMATION (continued)

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

	Global X China Consumer ETF			Global X China Energy ETF			Global X China 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 Industrials ETF			Global X China Materials ETF			Global X NASDAQ China 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 ASEAN 40 ETF			Global X FTSE Andean 40 ETF			Global X FTSE 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 Mid Cap ETF			Global X Brazil Consumer ETF			Global X Brazil 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 Argentina 20 ETF			Global X FTSE Greece 20 ETF		Global X FTSE 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	)

82

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)  

5. TAX INFORMATION (continued)

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.

Expiration Date	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
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

Expiration Date	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
Oct. 2019	$	—	$	120,886	$	8,249,654	$	918,379	$	563,593	$	—
Oct. 2018		—		—		—		—		—		—
Total	$	—	$	120,886	$	8,249,654	$	918,379	$	563,593	$	—

Expiration Date	Global X Argentina 20 ETF		Global X FTSE Greece 20 ETF		Global X FTSE Norway 30 ETF		Global X FTSE Nordic Region ETF
Oct. 2019	$	414,683	$	—	$	1,802,290	$	—
Oct. 2018		—		—		—		—
Total	$	414,683	$	—	$	1,802,290	$	—

83

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)  

5. TAX INFORMATION (continued)

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 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 April 30, 2013 were as follows:

Global X Funds	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Global X China Consumer ETF	$	236,014,636	$	19,940,216	$	(25,519,727	)	$	(5,579,511	)
Global X China Energy ETF		4,205,046		791,335		(583,605	)		207,730
Global X China Financials ETF		7,962,179		380,993		(506,061	)		(125,068	)
Global X China Industrials ETF		5,925,699		383,857		(1,832,102	)		(1,448,245	)
Global X China Materials ETF		3,238,712		17,942		(969,284	)		(951,342	)
Global X NASDAQ China Technology ETF		2,787,319		426,328		(282,271	)		144,057
Global X FTSE ASEAN 40 ETF		49,068,363		6,943,562		(548,970	)		6,394,592
Global X FTSE Andean 40 ETF		9,945,157		562,387		(939,797	)		(377,410	)
Global X FTSE Colombia 20 ETF		188,255,199		13,675,309		(14,216,415	)		(541,106	)
Global X Brazil Mid Cap ETF		18,014,326		3,397,236		(2,575,179	)		822,057
Global X Brazil Consumer ETF		20,145,117		6,582,956		(1,896,178	)		4,686,778
Global X Brazil Financials ETF		4,406,500		313,867		(762,795	)		(448,928	)
Global X FTSE Argentina 20 ETF		4,933,916		301,506		(1,304,919	)		(1,003,413	)
Global X FTSE Greece 20 ETF		25,626,635		5,609,798		(3,118,853	)		2,490,945
Global X FTSE Norway 30 ETF		63,652,341		5,436,405		(2,156,524	)		3,279,881
Global X FTSE Nordic Region ETF		43,171,672		5,164,112		(2,363,174	)		2,800,938
Global X Central Asia & Mongolia Index ETF		2,461,028		75,224		(103,992	)		(28,768	)
Global X Nigeria Index ETF		2,557,509		8,733		(123,359	)		(114,626	)

84

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)  

5. TAX INFORMATION (continued)

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

6. CONCENTRATION OF RISKS

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

The securities markets of emerging countries are less liquid and subject to greater price volatility, and have a smaller market capitalization, than the U.S. securities markets. In certain countries, there may be fewer publicly traded securities and the market may be dominated by a few issues or sectors.

Issuers and securities markets in such countries are not subject to as extensive and frequent accounting, financial and other reporting requirements or as comprehensive government regulations as are issuers and securities markets in the U.S. In particular, the assets and profits appearing on the financial statements of emerging country issuers may not reflect their financial position or results of operations in the same manner as financial statements for U.S. issuers. Substantially less information may be publicly available about emerging country issuers than is available about issuers in the United States.

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

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

85

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)  

7. OTHER

At April 30, 2013, 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 40 ETF	3	100	%
Global X FTSE Colombia 20 ETF	5	100	%
Global X Brazil Mid Cap ETF	2	100	%
Global X Brazil Consumer ETF	3	100	%
Global X Brazil Financials ETF	2	100	%
Global X FTSE Argentina 20 ETF	4	100	%
Global X FTSE Greece 20 ETF	6	100	%
Global X FTSE Norway 30 ETF	7	100	%
Global X FTSE Nordic Region ETF	5	100	%
Global X Central Asia & Mongolia Index ETF	2	100	%
Global X Nigeria Index ETF	1	100	%

Pursuant to the Trust’s organizational documents, the Trustees of the Trust and the Trust’s officers are indemnified against certain liabilities that may arise out of the performance of their duties.

8. REVERSE SHARE SPLIT

Effective May 16, 2013, the Global X China Materials ETF and the Global X FTSE Argentina 20 ETF executed a 1-for-2 reverse share split for shareholders of record after the close of markets on May 15, 2013. The effect of this transaction was to divide the number of outstanding shares of the Funds by two, resulting in a corresponding increase 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 period then ended have been given retroactive effect to reflect these reverse share splits. There were no changes in net assets, results of operations or total return as a result of these transactions.

86

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)  

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 April 30, 2013, the value of the securities on loan was $21,866,509, $15,139,656, $3,497,288 and $650,720 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 ETF, 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. SUBSEQUENT EVENTS

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events.

Effective June 24, 2013, the Adviser to the Global X FTSE Colombia 20 ETF, entered into a voluntary Expense Limitation Agreement with the Fund to assure that the Fund’s total operating expenses (exclusive of taxes, brokerage fees, commissions, and other transaction expenses, interest and extraordinary expenses (such as litigation and indemnification expenses)) will not exceed 0.68% of the Fund’s average daily net assets per year until at least July 1, 2014 and is annually renewable thereafter.

87

Disclosure of Fund Expenses (Unaudited)

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

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

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

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

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

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

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

88

Disclosure of Fund Expenses (Unaudited)

	Beginning Account Value 11/1/2012		Ending Account Value 4/30/2013		Annualized Expense Ratios			Expenses Paid During Period(1)
Global X China Consumer ETF
Actual Fund Return	$	1,000.00	$	1,026.70		0.65	%	$	3.26
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X China Energy ETF
Actual Fund Return	$	1,000.00	$	1,090.60		0.65	%	$	3.37
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X China Financials ETF
Actual Fund Return	$	1,000.00	$	1,118.20		0.65	%	$	3.41
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X China Industrials ETF
Actual Fund Return	$	1,000.00	$	996.30		0.65	%	$	3.21
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X China Materials ETF
Actual Fund Return	$	1,000.00	$	945.60		0.65	%	$	3.13
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X NASDAQ China Technology ETF
Actual Fund Return	$	1,000.00	$	1,071.50		0.65	%	$	3.34
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X FTSE ASEAN 40 ETF
Actual Fund Return	$	1,000.00	$	1,116.40		0.65	%	$	3.41
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X FTSE Andean 40 ETF
Actual Fund Return	$	1,000.00	$	969.70		0.72	%	$	3.51
Hypothetical 5% Return		1,000.00		1,021.23		0.72			3.61
Global X FTSE Colombia 20 ETF
Actual Fund Return	$	1,000.00	$	937.80		0.79	%	$	3.78
Hypothetical 5% Return		1,000.00		1,020.90		0.79			3.94
Global X Brazil Mid Cap ETF
Actual Fund Return	$	1,000.00	$	1,048.20		0.69	%	$	3.50
Hypothetical 5% Return		1,000.00		1,021.38		0.69			3.46
Global X Brazil Consumer ETF
Actual Fund Return	$	1,000.00	$	1,082.00		0.77	%	$	3.97
Hypothetical 5% Return		1,000.00		1,020.98		0.77			3.85
Global X Brazil Financials ETF
Actual Fund Return	$	1,000.00	$	1,071.10		0.77	%	$	3.95
Hypothetical 5% Return		1,000.00		1,020.98		0.77			3.86
Global X FTSE Argentina 20 ETF
Actual Fund Return	$	1,000.00	$	1,049.90		0.74	%	$	3.76
Hypothetical 5% Return		1,000.00		1,021.12		0.74			3.71
Global X FTSE Greece 20 ETF
Actual Fund Return	$	1,000.00	$	1,081.40		0.65	%	$	3.34
Hypothetical 5% Return		1,000.00		1,021.58		0.65			3.25
Global X FTSE Norway 30 ETF
Actual Fund Return	$	1,000.00	$	1,057.60		0.50	%	$	2.55
Hypothetical 5% Return		1,000.00		1,022.32		0.50			2.50
Global X FTSE Nordic Region ETF
Actual Fund Return	$	1,000.00	$	1,187.70		0.50	%	$	2.71
Hypothetical 5% Return		1,000.00		1,022.32		0.50			2.51

89

Disclosure of Fund Expenses (Unaudited)

	Beginning Account Value 11/1/2012		Ending Account Value 4/30/2013		Annualized Expense Ratios			Expenses Paid During Period(1)
Global X Central Asia & Mongolia Index ETF
Actual Fund Return (2)	$	1,000.00	$	983.80		0.69	%	$	0.54
Hypothetical 5% Return		1,000.00		1,003.42		0.69			3.43
Global X Nigeria Index ETF
Actual Fund Return (2)	$	1,000.00	$	954.90		0.68	%	$	0.53
Hypothetical 5% Return		1,000.00		1,003.43		0.68			3.38

⁽¹⁾ Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period.).

⁽²⁾ Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 29/365 (to reflect the period from inception to date.).

90

Approval of Investment Advisory Agreement (Unaudited)

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

At a quarterly Board meeting held on November 16, 2012, the Board of Trustees (including the Independent Trustees) considered and unanimously approved the continuation of (i) the Investment Advisory Agreement ("Renewal Investment Advisory Agreement") for each Fund covered by this Semi-Annual Report (each a "Renewal Fund") and (ii) the Supervision and Administration Agreement between the Trust ("Renewal Supervision and Administration Agreement"), on behalf of each Renewal Fund, and Global X Management Company ("Global X Management"). The Renewal Investment Advisory Agreement and the Renewal Supervision and Administration Agreement are referred to herein as the "Renewal Agreements."

In advance of the Board meeting, the Board (including the Independent Trustees) requested (in writing) detailed information from Global X Management in connection with their consideration of the Renewal Agreements and received and reviewed written responses from Global X Management and supporting materials relating to those requests for information. Certain of the Renewal Funds had not commenced operations as of the November 16, 2012 meeting (the “Non-Operational Renewal Funds”). With respect to the Non-Operational Renewal Funds, Global X Management noted that the materials that were presented to the Board at the meetings at which each of the Non-Operational Renewal Funds were initially approved were still relevant and current.

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

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

91

Approval of Investment Advisory Agreement (Unaudited)

Nature, extent and quality of services

With respect to this factor, the Board considered:

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

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

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

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

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

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

92

Approval of Investment Advisory Agreement (Unaudited)

Performance

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

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

Cost of Services and Profitability

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

In addition, the Board considered the current and expected profitability to Global X Management from all services provided to the Renewal Funds and all aspects of Global X Management’s relationship with each of the Renewal Funds. Global X Management discussed with the Board its current and expected profitability with respect to each of the Renewal Funds with respect to which Global X Management generates or is expected to generate a profit. In addition, Global X Management noted that it was unlikely that it would generate profits in the upcoming year from its services to certain of the smaller Renewal Funds because of the small amount of assets under management and the required payment of certain fixed fees and expenses for each of the Renewal Funds. With respect to the Non-Operational Funds, Global X Management noted that the information presented to the Board at the meeting at which each Non-Operational Fund was initially approved was still relevant and current.

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

93

Approval of Investment Advisory Agreement (Unaudited)

Comparison of Fees and Services

With respect to this factor, the Board considered:

• comparative information with respect to the Management Fee paid to Global X Management by each of the Renewal Funds. In connection with this consideration, Global X Management provided the Board at the November 16, 2012 meeting (and with respect to the Non-Operational Renewal Funds, at the meeting at which each Non-Operational Fund was initially approved) with comparative expense data for each of the Renewal Funds, including fees and expenses paid by unaffiliated comparable specialized and/or focused exchange-traded funds and other comparable registered funds and fees and expenses paid by other funds that are series of the Trust under the same unified Management Fee structure. With respect to the Non-Operational Funds, Global X Management noted that the information presented to the Board at the meeting at which each Non-Operational Fund was initially approved was still relevant and current;

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

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

• that Global X Management has contractually agreed pursuant to an expense limitation with respect to certain Renewal Funds to waive fees payable to Global X Management and/or limit fees and operating expenses to the extent necessary to assure that the total annual operating expenses (exclusive of taxes, brokerage fees, commissions and other transaction expenses, interest and extraordinary expenses) of the relevant Renewal Fund will not exceed a specified annual rate until a certain date and that Global X Management intends these arrangements to benefit shareholders of the relevant Renewal Fund by limiting the maximum level of expenses that can be incurred that are not part of the unified Management Fee.

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

94

Approval of Investment Advisory Agreement (Unaudited)

Economies of Scale

With respect to this factor, the Board considered:

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

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

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

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

Other Benefits

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

95

Supplemental Information (Unaudited)

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

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

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

96

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-SA-002-0200

Global X SuperDividend ETF (ticker: SDIV)

Global X SuperDividend U.S. ETF (ticker: DIV)

Global X Canada Preferred ETF (ticker: CNPF)

Global X Social Media Index ETF (ticker: SOCL)

Semi Annual Report

April 30, 2013

Table of Contents

Schedules of Investments
Global X SuperDividend ETF	1
Global X SuperDividend U.S. ETF	8
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
Disclosure of Fund Expenses	30
Approval of Investment Advisory Agreement	32
Supplemental Information	38

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 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.

Schedule of Investments April 30, 2013 (Unaudited)

Global X SuperDividend ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 97.4%
AUSTRALIA— 21.4%
Banks — 5.3%
Bank of Queensland		594,423	$	6,180,865
Bendigo and Adelaide Bank		543,339		6,229,867
Commonwealth Bank of Australia		83,027		6,322,137
National Australia Bank		182,199		6,422,109
Westpac Banking		181,924		6,374,695
				31,529,673
Consumer Goods — 1.9%
Fleetwood (A)		579,352		5,135,247
GUD Holdings (A)		745,293		5,632,579
				10,767,826
Consumer Services — 6.1%
David Jones (A)		2,011,638		6,214,681
Metcash (A)		1,332,294		5,649,059
Myer Holdings (A)		2,002,612		6,664,301
Navitas (A)		1,073,749		6,022,167
Southern Cross Media Group		3,835,009		6,182,292
Tatts Group		1,657,442		5,618,739
				36,351,239
Financials — 2.0%
ASX		151,022		5,888,386
IOOF Holdings		663,816		6,069,725
				11,958,111

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

1

Schedule of Investments April 30, 2013 (Unaudited)

Global X SuperDividend ETF

	Shares		Value
COMMON STOCK — continued
Industrials — 2.0%
Cabcharge Australia (A)		1,135,735	$	5,628,046
GWA Group		2,202,058		5,912,638
				11,540,684
Oil & Gas — 1.0%
APA Group		886,591		5,983,524
Telecommunications — 1.0%
Telstra		1,188,152		6,134,146
Utilities — 2.1%
DUET Group		2,474,938		6,311,785
Spark Infrastructure Group		3,201,585		5,941,154
				12,252,939
TOTAL AUSTRALIA				126,518,142
BELGIUM— 0.8%
Telecommunications — 0.8%
Belgacom		203,002		4,678,513
BERMUDA— 1.0%
Industrials — 1.0%
Ship Finance International		337,319		5,559,017
BRAZIL— 1.7%
Basic Materials — 0.7%
Cia Siderurgica Nacional		1,107,510		4,389,631
Utilities — 1.0%
Light		570,139		5,690,704
TOTAL BRAZIL				10,080,335
CANADA— 5.5%
Consumer Services — 0.8%
Parkland Fuel (A)		291,114		4,811,205
Financials — 0.7%
Extendicare (A)		715,141		3,996,470
Health Care — 1.0%
CML HealthCare (A)		786,935		6,038,024
Oil & Gas — 3.0%
Freehold Royalties		241,893		5,887,356
Penn West Petroleum		559,200		5,162,102
PetroBakken Energy (A)		729,127		6,224,122
				17,273,580
TOTAL CANADA				32,119,279

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

2

Schedule of Investments April 30, 2013 (Unaudited)

Global X SuperDividend ETF

	Shares		Value
COMMON STOCK — continued
CZECH REPUBLIC— 0.8%
Telecommunications — 0.8%
Telefonica Czech Republic		343,049	$	4,956,508
FINLAND— 1.7%
Health Care — 0.9%
Orion, Cl B		182,118		5,228,521
Telecommunications — 0.8%
Elisa		265,659		5,037,980
TOTAL FINLAND				10,266,501
FRANCE— 4.2%
Financials — 1.0%
Euler Hermes		64,153		6,125,259
Industrials — 1.0%
Bouygues (A)		214,249		5,978,871
Utilities — 2.2%
Electricite de France		293,367		6,556,356
GDF Suez		294,953		6,331,547
				12,887,903
TOTAL FRANCE				24,992,033
GERMANY— 1.1%
Telecommunications — 1.1%
Freenet		263,419		6,560,064
HONG KONG— 2.0%
Technology — 1.0%
VTech Holdings		480,599		6,131,235
Telecommunications — 1.0%
SmarTone Telecommunications Holdings		3,232,815		5,757,299
TOTAL HONG KONG				11,888,534
HUNGARY— 1.0%
Telecommunications — 1.0%
Magyar Telekom Telecommunications		3,226,565		5,962,928
ITALY— 2.1%
Utilities — 2.1%
Enel		1,495,224		5,781,383
Hera		3,278,923		6,671,587
TOTAL ITALY				12,452,970

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

3

Schedule of Investments April 30, 2013 (Unaudited)

Global X SuperDividend ETF

	Shares		Value
COMMON STOCK — continued
NEW ZEALAND— 2.2%
Health Care — 1.0%
Fisher & Paykel Healthcare		2,607,351	$	5,922,445
Telecommunications — 1.2%
Telecom Corp of New Zealand		3,014,091		6,730,073
TOTAL NEW ZEALAND				12,652,518
NORWAY— 1.0%
Oil & Gas — 1.0%
Seadrill		151,214		5,787,380
POLAND— 0.8%
Basic Materials — 0.8%
KGHM Polska Miedz		97,465		4,565,033
PORTUGAL— 1.1%
Utilities — 1.1%
EDP - Energias de Portugal		1,870,351		6,428,847
SINGAPORE— 5.9%
Financials — 0.9%
Keppel Land		1,615,965		5,326,636
Industrials — 0.9%
Venture		805,561		5,441,477
Real Estate Investment Trust — 3.0%
Ascendas		2,579,049		5,758,208
Mapletree Logistics Trust		5,724,463		6,088,371
Suntec Real Estate Investment Trust		3,841,685		6,066,475
				17,913,054
Telecommunications — 1.1%
StarHub		1,625,706		6,243,070
TOTAL SINGAPORE				34,924,237
TAIWAN— 2.0%
Industrials — 1.0%
Coretronic		6,983,231		5,548,820
Technology — 1.0%
HTC		599,812		6,117,627
TOTAL TAIWAN				11,666,447
TURKEY— 1.2%
Consumer Goods — 1.2%
Ford Otomotiv Sanayi		505,234		7,017,335

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

4

Schedule of Investments April 30, 2013 (Unaudited)

Global X SuperDividend ETF

	Shares		Value
COMMON STOCK — continued
UNITED KINGDOM— 11.0%
Consumer Services — 2.1%
Firstgroup		2,004,570	$	6,573,228
Halfords Group		1,124,351		6,021,968
				12,595,196
Financials — 6.9%
Amlin		873,128		5,756,024
Aviva		1,019,244		4,830,473
Intermediate Capital Group		969,226		6,359,430
Man Group		3,430,589		5,446,141
Provident Financial		242,602		6,138,817
Resolution		1,369,849		5,615,408
Standard Life		1,052,623		6,118,513
				40,264,806
Industrials — 1.0%
Interserve		770,388		5,657,913
Utilities — 1.0%
SSE		253,763		6,137,425
TOTAL UNITED KINGDOM				64,655,340
UNITED STATES— 28.9%
Basic Materials — 0.7%
Cliffs Natural Resources		205,110		4,377,047
Consumer Goods — 0.9%
Vector Group (A)		342,843		5,591,769
Financials — 3.3%
BGC Partners, Cl A		1,295,477		7,410,129
Franklin Street Properties		407,794		6,227,014
New York Community Bancorp (A)		410,879		5,567,411
				19,204,554
Health Care — 2.2%
AstraZeneca		123,541		6,414,337
PDL BioPharma (A)		804,237		6,224,794
				12,639,131
Industrials — 2.2%
Costamare		371,866		5,964,731
RR Donnelley & Sons (A)		570,320		7,020,639
				12,985,370

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

5

Schedule of Investments April 30, 2013 (Unaudited)

Global X SuperDividend ETF

	Shares		Value
COMMON STOCK — continued
Real Estate Investment Trust — 15.2%
American Capital Agency		174,313	$	5,806,366
American Capital Mortgage Investment		218,793		5,811,142
Annaly Capital Management		369,364		5,887,662
ARMOUR Residential (A)		846,002		5,490,553
Capstead Mortgage		454,497		6,035,720
Chimera Investment		1,892,067		6,243,821
CYS Investments		456,955		5,679,951
Hospitality Properties Trust		206,636		6,077,165
Invesco Mortgage Capital		272,485		5,831,179
Investors Real Estate Trust		585,677		5,698,637
Medical Properties Trust (A)		386,888		6,225,028
NorthStar Realty Finance		661,743		6,597,578
Omega Healthcare Investors (A)		199,800		6,567,426
Sabra Health Care		208,482		6,216,933
Starwood Property Trust		212,610		5,844,649
				90,013,810
Technology — 1.0%
Pitney Bowes (A)		426,253		5,826,879
Telecommunications — 3.0%
Consolidated Communications Holdings		329,326		6,069,478
Frontier Communications (A)		1,393,429		5,796,665
Windstream (A)		659,802		5,621,513
				17,487,656
Utilities — 0.4%
Atlantic Power (A)		531,407		2,500,242
TOTAL UNITED STATES				170,626,458
TOTAL COMMON STOCK
(Cost $536,608,961)				574,358,419
PREFERRED STOCK — 1.7%
BRAZIL— 1.7%
Utilities — 1.7%
AES Tiete		524,456		5,315,990
Centrais Eletricas Brasileiras		934,659		4,853,734
TOTAL BRAZIL				10,169,724
TOTAL PREFERRED STOCK
(Cost $11,436,788)				10,169,724

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

6

Schedule of Investments April 30, 2013 (Unaudited)

Global X SuperDividend ETF

	Face Amount		Value
REPURCHASE AGREEMENT — 10.7%
Barclays Capital
0.150%, dated 04/30/13, to be repurchased on 05/01/13, repurchase price $63,273,940 (collateralized by U.S. Treasury Bills, ranging in par value $6,222,520-$30,592,065, 0.000%, 07/11/13-12/12/13, with a total market value of $64,539,191)(B)
(Cost $63,273,676)	$	63,273,676	$	63,273,676
TIME DEPOSIT — 0.2%
Brown Brothers Harriman, 0.028%, 05/01/13
(Cost $1,242,280)		1,242,280		1,242,280
TOTAL INVESTMENTS — 110.0%
(Cost $612,561,705)			$	649,044,099

Percentages are based on Net Assets of $590,079,016.

Cl — Class

(A)	This security or a partial position of this security is on loan at April 30, 2013.  The total value of securities on loan at April 30, 2013 was $58,389,487.
(B)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2013 was $63,273,676.

The following is a summary of the inputs used as of April 30, 2013, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	538,125,371	$	36,233,048	$	—	$	574,358,419
Repurchase Agreement		63,273,676		—		—		63,273,676
Preferred Stock		10,169,724		—		—		10,169,724
Time Deposit		—		1,242,280		—		1,242,280
Total Investments in Securities	$	611,568,771	$	37,475,328	$	—	$	649,044,099

For the period ended April 30, 2013, there have been no transfers between Level 1, Level 2 or Level 3 investments.

For the period ended April 30, 2013, there were no Level 3 investments.

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

7

Schedule of Investments April 30, 2013 (Unaudited)

Global X SuperDividend U.S. ETF

Sector Weightings †:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.6%
UNITED STATES— 99.6%
Basic Materials — 2.0%
Natural Resource Partners		25,999	$	620,856
Consumer Goods — 8.0%
Altria Group		17,065		623,043
Lorillard		14,754		632,799
Reynolds American		13,195		625,707
Vector Group		35,900		585,529
				2,467,078
Consumer Services — 4.2%
Regal Entertainment Group, Cl A		36,631		657,160
World Wrestling Entertainment, Cl A		68,770		631,309
				1,288,469
Health Care — 6.1%
Bristol-Myers Squibb		15,348		609,623
Merck		13,372		628,484
PDL BioPharma		81,023		627,118
				1,865,225
Industrials — 2.1%
Lockheed Martin		6,435		637,644
Oil & Gas — 15.7%
Enbridge Energy Partners		20,434		608,933
Energy Transfer Partners		11,817		588,368
Enterprise Products Partners		9,995		606,197
Linn Energy		14,956		577,451
Niska Gas Storage Partners		47,956		729,890
ONEOK Partners		10,376		561,342

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

8

Schedule of Investments April 30, 2013 (Unaudited)

Global X SuperDividend U.S. ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — continued
QR Energy		32,529	$	593,980
TC Pipelines		12,345		580,215
				4,846,376
Real Estate Investment Trust — 23.3%
American Capital Agency		18,565		618,400
Annaly Capital Management		37,615		599,583
Anworth Mortgage Asset		93,340		588,975
ARMOUR Residential		85,533		555,109
Capstead Mortgage		45,829		608,609
CYS Investments		48,634		604,521
Dynex Capital		53,130		571,148
Hatteras Financial		21,545		588,825
MFA Financial		67,635		626,976
PennyMac Mortgage Investment Trust		22,279		562,545
Silver Bay Realty Trust		1,223		23,335
Two Harbors Investment		45,212		541,640
WP Carey		9,598		676,851
				7,166,517
Technology — 2.1%
United Online		95,988		652,718
Telecommunications — 11.9%
AT&T		15,813		592,355
CenturyLink		16,589		623,249
Consolidated Communications Holdings		33,856		623,966
Frontier Communications		140,214		583,290
Verizon Communications		12,200		657,702
Windstream		67,086		571,573
				3,652,135
Utilities — 24.2%
Ameren		16,938		614,003
Avista		21,719		609,218
Consolidated Edison		9,602		611,167
Entergy		9,098		648,050
Ferrellgas Partners		28,312		561,427
FirstEnergy		14,342		668,337
Great Plains Energy		25,944		626,029
Hawaiian Electric Industries		20,982		593,791
Integrys Energy Group		10,054		618,924
Pepco Holdings		28,283		639,196
Pinnacle West Capital		10,169		619,292
Vectren		17,233		647,271
				7,456,705

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

9

Schedule of Investments April 30, 2013 (Unaudited)

Global X SuperDividend U.S. ETF

	Face Amount		Value
COMMON STOCK — continued
TOTAL UNITED STATES			$	30,653,723
TOTAL COMMON STOCK
(Cost $29,440,658)				30,653,723
TIME DEPOSIT — 0.3%
Brown Brothers Harriman, 0.028%, 05/01/13
(Cost $75,661)	$	75,661		75,661
TOTAL INVESTMENTS — 99.9%
(Cost $29,516,319)			$	30,729,384

Percentages are based on Net Assets of $30,763,710.

Cl — Class

The following is a summary of the inputs used as of April 30, 2013, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	30,653,723	$	—	$	—	$	30,653,723
Time Deposit		—		75,661		—		75,661
Total Investments in Securities	$	30,653,723	$	75,661	$	—	$	30,729,384

For the period ended April 30, 2013, there have been no transfers between Level 1, Level 2 or Level 3 investments.

For the period ended April 30, 2013, there were no Level 3 investments.

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

10

Schedule of Investments April 30, 2013 (Unaudited)

Global X Canada Preferred ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
PREFERRED STOCK — 99.3%
CANADA— 99.3%
Consumer Goods — 3.2%
George Weston, Ser V, 4.750%		6,266	$	159,472
Loblaw, Ser A, 5.950%		7,069		183,558
RONA, 5.250%(A)		5,404		118,491
				461,521
Financials — 63.4%
Bank of Montreal, Ser 13, 4.500%		8,873		226,702
Bank of Montreal, Ser 23, 5.400%(A)		10,141		267,655
Bank of Montreal, Ser 25, 3.900%(A)		7,352		184,922
Bank of Nova Scotia, Ser 16, 5.250%		8,884		231,745
Bank of Nova Scotia, Ser 18, 3.350%(A)		8,884		225,396
Bank of Nova Scotia, Ser 20, 5.000%(A)		9,012		223,634
Brookfield Asset Management, Ser 22, 7.000%(A)		9,479		251,782
Brookfield Asset Management, Ser 24, 5.400%(A)		8,684		229,373
Brookfield Asset Management, Ser 26, 4.500%(A)		7,831		201,323
Brookfield Office Properties, Ser L, 6.750%(A)		7,832		203,448
Brookfield Office Properties, Ser P, 5.150%(A)		9,316		243,199
Brookfield Office Properties, Ser R, 5.100%(A)		7,832		204,536
Canadian Imperial Bank of Commerce, Ser 27, 5.600%		8,438		216,426
Canadian Imperial Bank of Commerce, Ser 33, 5.350%(A)		8,435		220,451
Canadian Imperial Bank of Commerce, Ser 35, 6.500%(A)		9,136		236,233
Fairfax Financial Holdings, Ser C, 5.750%(A)		7,831		199,380
Fairfax Financial Holdings, Ser G, 5.000%(A)		7,832		192,486
Fairfax Financial Holdings, Ser I, 5.000%(A)		9,398		237,690
Great-West Lifeco, Ser G, 5.200%		9,393		241,480
Great-West Lifeco, Ser I, 4.500%		9,393		230,385
Great-West Lifeco, Ser N, 3.650%(A)		7,829		191,869
HSBC Bank Canada, Ser E, 6.600%(A)		7,832		205,003
Industrial Alliance Insurance & Financial Services, Ser G, 4.300%(A)		7,828		203,888
Intact Financial, Ser 1, 4.200%(A)		7,831		204,354
Intact Financial, Ser 3, 4.200%(A)		7,832		203,759
Manulife Financial, Ser 1, 5.600%(A)		10,959		285,546
Manulife Financial, Ser 2, 4.650%		10,960		270,995

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

11

Schedule of Investments April 30, 2013 (Unaudited)

Global X Canada Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Manulife Financial, Ser 4, 6.600%(A)		14,090	$	369,225
Power Financial, Ser P, 4.400%(A)		8,768		222,975
Royal Bank of Canada, Ser AJ, 5.000%(A)		12,525		318,020
Royal Bank of Canada, Ser AR, 6.250%(A)		10,958		279,429
Royal Bank of Canada, Ser AV, 6.250%(A)		12,524		326,572
Sun Life Financial, Ser 1, 4.750%		10,752		267,239
Sun Life Financial, Ser 2, 4.800%		8,737		217,677
Sun Life Financial, Ser 4, 4.450%		8,065		197,652
Toronto-Dominion Bank, Ser AG, 6.250%(A)		11,741		304,291
Toronto-Dominion Bank, Ser AK, 6.250%(A)		10,959		287,178
Toronto-Dominion Bank, Ser O, 4.850%		13,308		341,864
				9,165,782
Oil & Gas — 16.5%
Enbridge, Ser B, 4.000%(A)		15,658		402,543
Enbridge, Ser F, 4.000%(A)		15,710		403,256
Enbridge, Ser N, 4.000%(A)		14,093		362,729
Husky Energy, Ser 1, 4.450%(A)		9,246		235,406
TransCanada, Ser 1, 4.600%(A)		17,223		435,084
TransCanada, Ser 3, 4.000%(A)		10,960		268,166
TransCanada, Ser 5, 4.400%(A)		10,855		274,756
				2,381,940
Telecommunications — 7.2%
BCE, Ser AA, 3.450%(A)		8,101		191,056
BCE, Ser AC, 4.600%(A)		7,390		174,655
BCE, Ser AG, 4.500%(A)		8,396		207,098
Bell Aliant, Ser A, 4.850%(A)		9,007		229,679
Shaw Communications, Ser A, 4.500%(A)		9,398		240,582
				1,043,070
Utilities — 9.0%
Brookfield Renewable Power Preferred Equity, Ser I, 5.250%(A)		7,854		202,460
Canadian Utilities, Ser Y, 4.000%(A)		10,178		270,248
Emera, Ser C, 4.100%(A)		7,829		202,049
Fortis, Ser H, 4.250%(A)		7,854		198,796
TransAlta, Ser A, 4.600%(A)		9,393		220,968
TransAlta, Ser C, 4.600%(A)		8,612		211,571
				1,306,092
TOTAL CANADA				14,358,405
TOTAL PREFERRED STOCK
(Cost $14,404,419)				14,358,405

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

12

Schedule of Investments April 30, 2013 (Unaudited)

Global X Canada Preferred ETF

	Face Amount		Value
TIME DEPOSIT — 0.4%
Brown Brothers Harriman, 0.028%, 05/01/13
(Cost $56,698)	$	56,698	$	56,698
TOTAL INVESTMENTS — 99.7%
(Cost $14,461,117)			$	14,415,103

Percentages are based on Net Assets of $14,460,598.

Ser — Series

^(A) Floating rate security - Rate disclosed is the rate in effect on April 30, 2013.

The following is a summary of the inputs used as of April 30, 2013, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Preferred Stock	$	11,981,208	$	2,377,197	$	—	$	14,358,405
Time Deposit		—		56,698		—		56,698
Total Investments in Securities	$	11,981,208	$	2,433,895	$	—	$	14,415,103

For the period ended April 30, 2013, there have been no transfers between Level 1, Level 2 or Level 3 investments.

For the period ended April 30, 2013, there were no Level 3 investments.

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

13

Schedule of Investments April 30, 2013 (Unaudited)

Global X Social Media Index ETF

Sector Weightings†:

 

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.7%
CHINA— 26.5%
Technology — 26.5%
Changyou.com ADR		1,856	$	53,824
NetEase ADR		2,970		167,478
Renren ADR *		39,237		109,864
SINA *		18,729		1,054,817
Tencent Holdings		30,783		1,055,963
Youku.com ADR *		15,707		318,224
TOTAL CHINA				2,760,170
GERMANY— 0.4%
Technology — 0.4%
XING		754		38,478
JAPAN— 17.8%
Technology — 17.8%
Dena		32,151		916,527
Gree		31,935		409,158
Mixi		1,940		32,876
Nexon		40,922		496,177
TOTAL JAPAN				1,854,738
RUSSIA— 7.8%
Technology — 7.8%
Mail.ru Group GDR		9,244		249,588
Yandex, Cl A *		21,971		565,534
TOTAL RUSSIA				815,122
TAIWAN— 0.6%
Technology — 0.6%
PChome Online *		15,130		68,442
UNITED STATES— 46.6%
Technology — 46.6%
Angie's List *		13,869		336,185
Demand Media *		13,902		120,391
Facebook, Cl A *		36,031		1,000,221
Google, Cl A *		581		479,075
Groupon, Cl A *		72,215		440,512
Jive Software *		10,228		138,998
LinkedIn, Cl A *		5,316		1,021,151

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

14

Schedule of Investments April 30, 2013 (Unaudited)

Global X Social Media Index ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Technology — continued
MeetMe *		4,994	$	9,638
Nutrisystem		9,455		76,586
Pandora Media *		34,230		476,824
United Online		30,173		205,176
Yelp, Cl A *		3,980		103,599
Zynga, Cl A *		139,615		445,372
TOTAL UNITED STATES				4,853,728
TOTAL COMMON STOCK
(Cost $10,730,847)				10,390,678
TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.028%, 05/01/13
(Cost $9,900)	$	9,900		9,900
TOTAL INVESTMENTS — 99.8%
(Cost $10,740,747)			$	10,400,578

Percentages are based on Net Assets of $10,420,974.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

The following is a summary of the inputs used as of April 30, 2013, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	10,390,678	$	—	$	—	$	10,390,678
Time Deposit		—		9,900		—		9,900
Total Investments in Securities	$	10,390,678	$	9,900	$	—	$	10,400,578

For the period ended April 30, 2013, there have been no transfers between Level 1, Level 2 or Level 3 investments.

For the period ended April 30, 2013, there were no Level 3 investments.

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

15

Statements of Assets and Liabilities

April 30, 2013 (Unaudited)

	Global X SuperDividend ETF			Global X SuperDividend U.S. ETF		Global X Canada Preferred ETF			Global X Social Media Index ETF
Assets:
Cost of Investments	$	549,288,029		$	29,516,319	$	14,461,117		$	10,740,747
Cost of Repurchase Agreement		63,273,676			—		—			—
Investments at Value	$	585,770,423	*	$	30,729,384	$	14,415,103		$	10,400,578
Repurchase Agreement		63,273,676			—		—			—
Foreign Currency at Value		799,455			—		27,835			—
Receivable for Capital Shares Sold		9,588,000			—		—			—
Dividend and Interest Receivable		3,552,841			43,302		24,498			12,742
Reclaim Receivable		161,336			—		—			364
Receivable for Investment Securities Sold		—			—		—			2,772,405
Total Assets		663,145,731			30,772,686		14,467,436			13,186,089
Liabilities:
Payable for Investment Securities Purchased		9,547,759			—		—			1,304,175
Obligation to Return Securities Lending Collateral		63,273,676			—		—			—
Payable for Capital Shares Redeemed		—			—		—			1,455,000
Payable due to Investment Adviser		245,280			8,976		6,838			5,940
Total Liabilities		73,066,715			8,976		6,838			2,765,115
Net Assets	$	590,079,016		$	30,763,710	$	14,460,598		$	10,420,974
*Includes Market Value of Securities on Loan	$	58,389,487		$	—	$	—		$	—
Net Assets Consist of:
Paid-in Capital	$	557,288,128		$	29,522,500	$	14,734,086		$	11,897,351
Undistributed Net Investment Income		43,710			15,470		32,121			63,950
Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency Translations		(3,771,313	)		12,675		(259,931	)		(1,199,387	)
Net Unrealized Appreciation (Depreciation) on Investments		36,482,394			1,213,065		(46,014	)		(340,169	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		36,097			—		336			(771	)
Net Assets	$	590,079,016		$	30,763,710	$	14,460,598		$	10,420,974
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		24,500,000			1,150,000		1,000,000			700,000
Net Asset Value, Offering and Redemption Price Per Share	$	24.08		$	26.75	$	14.46		$	14.89

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

16

Statements of Operations

For the period endedApril 30, 2013 (Unaudited)

	Global X SuperDividend ETF			Global X SuperDividend U.S. ETF(1)		Global X Canada Preferred ETF			Global X Social Media Index ETF
Investment Income:
Dividend Income	$	11,775,013		$	124,561	$	347,534		$	104,652
Interest Income		—			—		—			9
Security Lending Income		191,405			—		—			—
Less: Foreign Taxes Withheld		(665,504	)		—		(52,008	)		(2,188	)
Total Investment Income		11,300,914			124,561		295,526			102,473
Supervision and Administration Fees(2)		870,503			11,331		42,467			38,524
Total Expenses		870,503			11,331		42,467			38,524
Net Investment Income		10,430,411			113,230		253,059			63,949
Net Realized Gain on:
Investments (3)		(557,244	)		12,675		(10,508	)		464,128
Foreign Currency Transactions		95,069			—		(1,838	)		(2,599	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(462,175	)		12,675		(12,346	)		461,529
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		36,282,352			1,213,065		(23,262	)		1,236,435
Foreign Currency Transactions		31,785			—		513			(392	)
Net Change in Unrealized Appreciation (Depreciation) on Investments  and Foreign Currency Transactions		36,314,137			1,213,065		(22,749	)		1,236,043
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		35,851,962			1,225,740		(35,095	)		1,697,572
Net Increase in Net Assets Resulting from Operations	$	46,282,373		$	1,338,970	$	217,964		$	1,761,521

(1)	The Fund commenced operations on March 11, 2013.
(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.

17

Statements of Changes in Net Assets

	Global X SuperDividend ETF						Global X SuperDividend U.S. ETF
	Period Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012 (Audited)			Period Ended April 30, 2013(1) (Unaudited)
Operations:
Net Investment Income	$	10,430,411		$	5,086,960		$	113,230
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions(2)		(462,175	)		(2,112,857	)		12,675
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		36,314,137			2,746,077			1,213,065
Net Increase in Net Assets Resulting from Operations		46,282,373			5,720,180			1,338,970
Dividends and Distributions from:
Net Investment Income		(10,958,207	)		(4,983,491	)		(97,760	)
Total Dividends and Distributions		(10,958,207	)		(4,983,491	)		(97,760	)
Capital Share Transactions:
Issued		396,538,500			132,719,500			29,522,500
Redeemed		(4,612,000	)		—			—
Increase in Net Assets  from Capital Share Transactions		391,926,500			132,719,500			29,522,500
Total Increase in Net Assets		427,250,666			133,456,189			30,763,710
Net Assets:
Beginning of Period		162,828,350			29,372,161			—
End of Period	$	590,079,016		$	162,828,350		$	30,763,710
Undistributed Net Investment Income	$	43,710		$	571,506		$	15,470
Share Transactions:
Issued		17,250,000			6,100,000			1,150,000
Redeemed		(200,000	)		—			—
Net Increase in Shares Outstanding from Share Transactions		17,050,000			6,100,000			1,150,000

(1)	The Fund commenced operations on March 11, 2013.
(2)	Includes realized gains (losses) as a result of in-kind redemptions.  See Note 4 in the Notes to Financial Statements.

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

18

Statements of Changes in Net Assets

	Global X Canada Preferred ETF						Global X Social Media Index ETF
	Period Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012 (Audited)			Period Ended April 30, 2013 (Unaudited)			Period Ended October 31, 2012(1) (Audited)
Operations:
Net Investment Income	$	253,059		$	448,023		$	63,949		$	95,441
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions(2)		(12,346	)		(283,704	)		461,529			(1,525,644	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		(22,749	)		315,539			1,236,043			(1,576,983	)
Net Increase (Decrease) in Net Assets Resulting from Operations		217,964			479,858			1,761,521			(3,007,186	)
Dividends and Distributions from:
Net Investment Income		(264,747	)		(426,223	)		(98,361	)		—
Total Dividends and Distributions		(264,747	)		(426,223	)		(98,361	)		—
Capital Share Transactions:
Issued		726,000			7,185,500			—			27,517,000
Redeemed		(713,000	)		(707,000	)		(4,713,500	)		(11,038,500	)
Increase (Decrease) in Net Assets  from Capital Share Transactions		13,000			6,478,500			(4,713,500	)		16,478,500
Total Increase (Decrease) in Net Assets		(33,783	)		6,532,135			(3,050,340	)		13,417,314
Net Assets:
Beginning of Period		14,494,381			7,962,246			13,471,314			—
End of Period	$	14,460,598		$	14,494,381		$	10,420,974		$	13,471,314
Undistributed Net Investment Income	$	32,121		$	43,809		$	63,950		$	98,362
Share Transactions:
Issued		50,000			500,000			—			1,900,000
Redeemed		(50,000	)		(50,000	)		(350,000	)		(850,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		—			450,000			(350,000	)		1,050,000

(1)	The Fund commenced operations on November 14, 2011.
(2)	Includes realized gains (losses) as a result of in-kind redemptions.  See Note 4 in the Notes to Financial Statements.

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

19

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income ($)*		Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)		Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income to Average Net Assets (%)			Portfolio Turnover (%)††
Global X SuperDividend ETF
2013(Unaudited)		21.86		0 .79		2 .34			3 .13			(0 .91	)		—		(0 .91	)		24.08		14 .73			590,079		0 .58	†		6 .95	†		31 .29
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 SuperDividend U.S. ETF
2013(2)(Unaudited)		25.15		0 .17		1 .58			1 .75			(0 .15	)		—		(0 .15	)		26.75		7 .63			30,764		0 .45	†		4 .50	†		0 .12
Global X Canada Preferred ETF
2013(Unaudited)		14.49		0 .25		(0 .02	)		0 .23			(0 .26	)		—		(0 .26	)		14.46		1 .60			14,461		0 .58	†		3 .45	†		18 .07
2012		14.48		0 .54		—			0 .54			(0 .53	)		—		(0 .53	)		14.49		3 .78			14,494		0 .58			3 .73			38 .15
2011(3)		14.97		0 .27		(0 .56	)		(0 .29	)		(0 .20	)		—		(0 .20	)		14.48		(1 .94	)		7,962		0 .58	†		4 .28	†		3 .02
Global X Social Media Index ETF
2013(Unaudited)		12.83		0 .07		2 .10			2 .17			(0 .11	)		—		(0 .11	)		14.89		17 .05			10,421		0 .65	†		1 .08	†		11 .57
2012(4)		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 March 11, 2013.
(3)	The Fund commenced operations on May 24, 2011.
(4)	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.

20

Notes to Financial Statements

April 30, 2013 (Unaudited)

1. ORGANIZATION

The Global X Funds (the "Trust") is a Delaware Statutory Trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of April 30, 2013, the Trust had seventy-nine portfolios, thirty-five of which were operational. The financial statements herein and the related notes pertain to the Global X SuperDividend ETF, Global X SuperDividend U.S. ETF, Global X Canada Preferred ETF and Global X Social Media Index ETF (each a “Fund”, collectively, the “Funds”). Each Fund is non-diversified.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies followed by the Funds.

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

SECURITY VALUATION — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm if a security’s primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent mean between the quoted bid and asked prices (absent both bid and asked prices on such exchange, the bid price may be used).

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

21

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (continued)

Securities for which market prices are not "readily available" are valued in accordance with Fair Value Procedures established by the Board of Trustees (the “Board”). The Funds’ Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security's trading has been halted or suspended; the security has been de-listed from 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 April 30, 2013, there were no 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:

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)

22

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 six months ended April 30, 2013, 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. 

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 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.

As of and during the six months ended April 30, 2013, 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.

23

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 the ex-dividend date.

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.

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.

24

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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		Transaction				Redemption
	Unit Shares		Fee		Value		Fee
Global X SuperDividend ETF		50,000	$	3,800	$	1,204,000	$	3,800
Global X SuperDividend U.S. ETF		50,000		750		1,337,500		750
Global X Canada Preferred ETF		50,000		1,000		723,000		1,000
Global X Social Media Index ETF		50,000		1,000		744,500		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 SuperDividend U.S. ETF		0.45	%
Global X Canada Preferred ETF		0.58	%
Global X Social Media Index ETF		0.65	%

SEI Investments 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

25

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

3. RELATED PARTY TRANSACTIONS (continued)

to the Trust’s custodian and transfer agent. The Distributor has no obligation to sell any specific quantity of Fund Shares. SIDCO bears the following costs and expenses relating to the distribution of Shares: (i) the costs of processing and maintaining records of creations of Creation Units; (ii) all costs of maintaining the records required of a registered broker/dealer; (iii) the expenses of maintaining its registration or qualification as a dealer or broker under Federal or state laws; (iv) filing fees; and (v) all other expenses incurred in connection with the distribution services as contemplated in the Distribution Agreement. SIDCO receives no fee for its distribution services under the Distribution Agreement.

4. INVESTMENT TRANSACTIONS

For the period ended April 30, 2013, 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	$	111,447,436	$	98,640,712
Global X SuperDividend U.S. ETF		28,670		56,983
Global X Canada Preferred ETF		2,654,530		2,658,588
Global X Social Media Index ETF		1,375,883		1,535,013

For the period ended April 30, 2013, in-kind transactions associated with creations and redemptions were:

			Sales and		Realized
	Purchases		Maturities		Gain/(Loss)
Global X SuperDividend ETF	$	378,737,931	$	4,057,979	$	492,054
Global X SuperDividend U.S. ETF		29,468,910		-		-
Global X Canada Preferred ETF		725,588		711,381		7,606
Global X Social Media Index ETF		-		4,682,349		417,806

During the period ended April 30, 2013, there were no purchases or sales of long-term U.S. Government securities for the Funds.

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.

26

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

5. TAX INFORMATION (continued)

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

Global X Funds	Ordinary Income		Long-Term 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

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

	Global X Funds
	Global X SuperDividend ETF			Global X Canada Preferred ETF			Global X Social 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	)

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

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

	Short-Term		Long-Term
Global X Funds	Loss		Loss		Total
Global X SuperDividend ETF	$	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

27

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

5. TAX INFORMATION (continued)

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at April 30, 2013 were as follows:

Global X Funds	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Global X SuperDividend ETF	$	612,561,705	$	50,402,551	$	(13,920,157	)	$	36,482,394
Global X SuperDividend U.S. ETF		29,516,319		1,310,898		(97,833	)		1,213,065
Global X Canada Preferred ETF		14,461,117		200,821		(246,835	)		(46,014	)
Global X Social Media Index ETF		10,740,747		1,118,353		(1,458,522	)		(340,169	)

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 issuers or sectors. Issuers and securities markets in such countries are not subject to as extensive and frequent accounting, financial and other reporting requirements or as comprehensive government regulations as are issuers and securities markets in the U.S. In particular, the assets and profits appearing on the financial statements of emerging country issuers may not reflect their financial position or results of operations in the same manner as financial statements for U.S. issuers. Substantially less information may be publicly available about emerging country issuers than is available about issuers in the United States.

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

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

28

Notes to Financial Statements (concluded)

April 30, 2013

7. OTHER

At April 30, 2013, 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 SuperDividend U.S. ETF	5		100	%
Global X Canada Preferred ETF	3		100	%
Global X Social Media Index 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 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 April 30, 2013, the value of securities on loan was $58,389,487 for the Global X SuperDividend ETF.

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. 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.

29

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 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.

30

Disclosure of Fund Expenses (Unaudited)

	Beginning Account Value 11/1/2012		Ending Account Value 4/30/2013		Annualized Expense Ratios			Expenses Paid During Period(1)
Global X SuperDividend ETF
Actual Fund Return	$	1,000.00	$	1,147.30		0.58	%	$	3.09
Hypothetical 5% Return		1,000.00		1,021.92		0.58			2.91
Global X SuperDividend U.S. ETF
Actual Fund Return (2)	$	1,000.00	$	1,076.30		0.45	%	$	0.69
Hypothetical 5% Return		1,000.00		1,022.56		0.45			2.26
Global X Canada Preferred ETF
Actual Fund Return	$	1,000.00	$	1,016.00		0.58	%	$	2.90
Hypothetical 5% Return		1,000.00		1,021.92		0.58			2.91
Global X Social Media Index ETF
Actual Fund Return	$	1,000.00	$	1,170.50		0.65	%	$	3.50
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26

⁽¹⁾ Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 181/365 (to reflect the one-half year period.)

⁽²⁾ Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 54/365 (to reflect the period from inception to date.)

31

Approval of Investment Advisory Agreement(Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended ("1940 Act"), requires that 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"), to consider on an initial basis and periodically thereafter (as required by the 1940 Act), at an in person meeting called for such purpose, the terms of each fund’s investment advisory agreement and approve each agreement with such changes as the Independent Trustees deem appropriate.

At a quarterly Board meeting held on November 16, 2012, the Board of Trustees (including the Independent Trustees) considered and unanimously approved the continuation of (i) the Investment Advisory Agreement ("Renewal Investment Advisory Agreement") for each Fund covered by this Semi-Annual Report (other than the Global X SuperDividend U.S. ETF) (each a "Renewal Fund") and (ii) the Supervision and Administration Agreement between the Trust ("Renewal Supervision and Administration Agreement"), on behalf of each Renewal Fund, and Global X Management Company ("Global X Management"). The Renewal Investment Advisory Agreement and the Renewal Supervision and Administration Agreement are referred to herein as the "Renewal Agreements." At the same meeting, the Board (including the Independent Trustees) also initially considered and unanimously approved (i) the initial Investment Advisory Agreement for the Global X SuperDividend U.S. ETF (“New Fund”) and (ii) the Supervision and Administration Agreement between the Trust, on behalf of the New Fund, and Global X Management. The Investment Advisory Agreements and Supervision and Administration Agreements for the New Fund 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 Renewal Agreements and the New Fund Agreements and received and reviewed written responses from Global X Management and supporting materials relating to those requests for information.

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

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

32

Approval of Investment Advisory Agreement(Unaudited)

NEW FUND 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 to the New Fund;

• 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 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) provided by or made available to each of the Renewal Funds and 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 because the New Fund had not commenced operations, meaningful 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

33

Approval of Investment Advisory Agreement(Unaudited)

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.

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 provided the Board with 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 to make the New Fund viable in the marketplace; and

• that Global X Management would be responsible for most ordinary expenses of the New Funds, including the costs of various third-party services required by the New 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 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 make in the New Fund in order to seek to assure that the New Fund is attractive to investors; and

34

Approval of Investment Advisory Agreement(Unaudited)

• 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.

Renewal Agreements

Nature, extent and quality of services

With respect to this factor, the Board considered:

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

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

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

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

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

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

35

Approval of Investment Advisory Agreement(Unaudited)

Performance

With respect to this fact, the Board considered each Renewal Fund’s total return and investment performance relative to (i) the performance of unaffiliated comparable specialized and/or focused exchange-traded funds and other registered funds in the same classification as each of the Renewal Funds, which performance information is publicly available from such registered funds as well as other third party sources; and (ii) the performance of comparable registered funds and pertinent indexes.

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

Cost of Services and Profitability

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

In addition, the Board considered the current and expected profitability to Global X Management from all services provided to the Renewal Funds and all aspects of Global X Management’s relationship with each of the Renewal Funds. Global X Management discussed with the Board its current and expected profitability with respect to each of the Renewal Funds with respect to which Global X Management generates or is expected to generate a profit. In addition, Global X Management noted that it was unlikely that it would generate profits in the upcoming year from its services to certain of the smaller Renewal Funds because of the small amount of assets under management and the required payment of certain fixed fees and expenses for each of the Renewal Funds.

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

Comparison of Fees and Services

With respect to this factor, the Board considered:

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

• the structure of the unified Management Fee structure (which includes as one component the investment advisory fee for each Renewal Fund) and the current total expense ratios for each of the Renewal Funds. In this regard, the Board took into

36

Approval of Investment Advisory Agreement(Unaudited)

consideration that the purpose of adopting a unitary Management Fee structure for the Renewal Funds was to create a simple, all-inclusive fee that would provide a level of predictability with respect to the overall expense ratio (i.e., the total fees) of each of the Renewal Funds and that the proposed Management Fee for each Renewal Fund was set at a competitive fee to make each Renewal Fund viable in the marketplace;

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

• that Global X Management has contractually agreed pursuant to an expense limitation with respect to a Renewal Fund to waive fees payable to Global X Management and/or limit fees and operating expenses to the extent necessary to assure that the total annual operating expenses (exclusive of taxes, brokerage fees, commissions and other transaction expenses, interest and extraordinary expenses) of the relevant Renewal Fund will not exceed a specified annual rate until a certain date and that Global X Management intends these arrangements to benefit shareholders of the relevant Renewal Fund by limiting the maximum level of expenses that can be incurred that are not part of the unified Management Fee.

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

Economies of Scale

With respect to this factor, the Board considered:

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

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

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

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

Other Benefits

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

37

Supplemental Information (unaudited)

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

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

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

38

Notes

39

Notes

40

Notes

41

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.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6. Schedule of Investments.

Not applicable.

Item 7.    Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 9.    Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes.

Item 11. Controls and Procedures.

(a) The certifying officers, whose certifications are included herewith, have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing date of this report. In their opinion, based on their evaluation, the registrant’s disclosure controls and procedures are adequately designed, and are operating effectively to ensure, that information required to be disclosed by the registrant in the reports it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no significant changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.

Items 12. Exhibits.

(a)(1) Not applicable for semi-annual report.

(a)(2) A separate certification for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.

(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as an Exhibit.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	Global X Funds
By (Signature and Title)*	/s/ Bruno del Ama
	Bruno del Ama
	President

Date: July 9, 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:  July 9, 2013
By (Signature and Title)*	/s/ Jose C. Gonzalez
	Jose C. Gonzalez
	CFO

Date: July 9, 2013

* Print the name and title of each signing officer under his or her signature.