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, 15th Floor

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

Bruno del Ama

Global X Management Company LLC

623 Fifth Avenue, 15th 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, 2014

Date of reporting period: April 30, 2014

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, 2014

 

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	8
Global X Uranium ETF	11
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	47
Approval of Investment Advisory Agreement	49
Supplemental Information	54

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, 2014 (Unaudited)
Global X Silver Miners ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 100.3%
CANADA—53.2%
Basic Materials — 53.2%
Alexco Resource *		988,896	$	1,275,676
Aurcana *(A)		1,032,100		640,325
AuRico Gold(A)		2,730,831		11,360,257
Bear Creek Mining *		1,408,665		1,876,421
Endeavour Silver *(A)		2,003,427		9,155,661
First Majestic Silver *(A)		132,000		1,252,498
Fortuna Silver Mines *		2,472,604		10,241,889
MAG Silver *(A)		854,617		6,503,635
Pan American Silver		945,453		12,253,071
Primero Mining *		1,614,062		10,205,236
Scorpio Mining *		3,431,090		813,908
Silver Standard Resources *		1,155,274		11,448,765
Silver Wheaton		1,297,422		28,802,768
Silvercorp Metals(A)		3,077,684		6,401,583
Silvercrest Mines *		2,020,393		3,483,913
Tahoe Resources *		559,122		12,441,937
TOTAL CANADA				128,157,543
MEXICO—21.0%
Basic Materials — 21.0%
Fresnillo		1,930,325		27,751,600
Industrias Penoles		975,162		22,703,529
TOTAL MEXICO				50,455,129
PERU—3.5%
Basic Materials — 3.5%
Hochschild Mining *		3,027,101		8,433,033
UNITED KINGDOM— 4.7%
Basic Materials — 4.7%
Polymetal International		1,176,694		11,244,830
UNITED STATES— 17.9%
Basic Materials — 17.9%
Coeur d'Alene Mines *		1,226,714		10,623,343
First Majestic Silver *		935,778		8,889,891
Golden Minerals *(A)		514,637		360,246

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

1

 

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Silver Miners ETF

	Shares/ Number of Warrants/Face Amount(1)		Value
COMMON STOCK — continued
Basic Materials — continued
Great Panther Silver *		2,611,597	$	2,846,641
Hecla Mining(A)		3,647,908		11,199,078
McEwen Mining *(A)		3,783,321		9,079,970
TOTAL UNITED STATES				42,999,169
TOTAL COMMON STOCK
(Cost $340,688,132)				241,289,704
WARRANTS — 0.0%
Coeur d'Alene Mines, Expires 04/16/17*
(Cost $–)		14,402		19,442
REPURCHASE AGREEMENTS — 6.6%
Barclays
0.040%, dated 04/30/14, to be repurchased on 05/01/14 repurchase price $15,000,017 (collateralized by U.S. Treasury Bills, ranging in par value $1,665,942-$4,288,746, 0.625%-4.625%, 08/31/16-11/15/21 with a total market value of $15,300,005) (B)		15,000,000		15,000,000
Deutsche Bank
0.040%, dated 04/30/14, to be repurchased on 05/01/14 repurchase price $1,032,910 (collateralized by U.S. Treasury Bills, par value $934,576, 4.500%, 05/15/17 with a total market value of $1,035,846) (B)		1,032,909		1,032,909
TOTAL REPURCHASE AGREEMENTS
(Cost $16,032,909)				16,032,909
TIME DEPOSITS — 0.1%
Brown Brothers Harriman
0.030%, 05/01/14		186,786		186,786
0.070%, 05/01/14, GBP		1		2
TOTAL TIME DEPOSITS
(Cost $186,788)				186,788
TOTAL INVESTMENTS — 107.0%
(Cost $356,907,829)			$	257,528,843

Percentages are based on Net Assets of $240,651,874.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2014. The total value of securities on loan at April 30, 2014 was $15,150,472.

(B)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2014 was $16,032,909.
(1)	In U.S. Dollars unless otherwise indicated.

GBP — Great British Pound

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

2

 

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Silver Miners ETF

The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	241,289,704	$	—	$	—	$	241,289,704
Warrants		—		19,442		—		19,442
Repurchase Agreements		—		16,032,909		—		16,032,909
Time Deposits		—		186,788		—		186,788
Total Investments in Securities	$	241,289,704	$	16,239,139	$	—	$	257,528,843

For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 and Level 3 investments.

As of April 30, 2014, there were no Level 3 investments.

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

3

 

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Gold Explorers ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 8 in Notes to Financial Statements for more detailed information.

	Shares/Face Amount		Value
COMMON STOCK — 99.8%
AUSTRALIA—9.2%
Basic Materials — 9.2%
Gryphon Minerals *		11,343,614	$	1,422,654
Papillon Resources *		2,130,741		2,573,287
TOTAL AUSTRALIA				3,995,941
CANADA—90.6%
Basic Materials — 90.6%
Asanko Gold *		1,166,482		2,479,725
Atac Resources *(A)		3,454,487		4,128,806
Chesapeake Gold *		620,864		1,546,425
Continental Gold *		611,144		2,174,592
Exeter Resource *		3,097,590		1,858,554
Gold Canyon Resources *		7,218,969		1,942,973
Guyana Goldfields *(A)		866,060		1,896,395
International Tower Hill Mines *		3,144,700		2,075,502
Kaminak Gold, Cl A *		3,152,748		2,301,171
Lydian International, Cl A *(A)		2,019,057		1,860,542
Newstrike Capital *		2,707,149		2,321,719
Novagold Resources *		760,348		2,684,028
Paramount Gold and Silver *(A)		1,763,550		1,781,186
Pretium Resources *(A)		364,050		2,358,246
Rubicon Minerals *		1,918,732		2,048,188
Sabina Gold & Silver *		2,384,860		1,588,384
Seabridge Gold *		257,551		2,057,833
Torex Gold Resources *		1,932,862		2,151,445
TOTAL CANADA				39,255,714
TOTAL COMMON STOCK
(Cost $64,805,399)				43,251,655
REPURCHASE AGREEMENT — 8.6%
Deutsche Bank
0.040%, dated 04/30/14, to be repurchased on 05/01/14 repurchase price $3,726,559 (collateralized by U.S. Treasury Bills, par value $3,371,787, 4.500%, 05/15/17 with a total market value of $3,737,151) (B)	$	3,726,555		3,726,555
TOTAL REPURCHASE AGREEMENT
(Cost $3,726,555)				3,726,555

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

4

 

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Gold Explorers ETF

	Face Amount		Value
TIME DEPOSIT — 0.3%
Brown Brothers Harriman, 0.030%, 05/01/14
(Cost $105,199)	$	105,199	$	105,199
TOTAL INVESTMENTS — 108.7%
(Cost $68,637,153)			$	47,083,409

Percentages are based on Net Assets of $43,334,687.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2014. The total value of securities on loan at April 30, 2014 was $2,972,154.
(B)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of April 30, 2014 was $3,726,555.

Cl — Class

The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	43,251,655	$	—	$	—	$	43,251,655
Repurchase Agreement		—		3,726,555		—		3,726,555
Time Deposit		—		105,199		—		105,199
Total Investments in Securities	$	43,251,655	$	3,831,754	$	—	$	47,083,409

For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2014, there were no Level 3 investments.

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

5

 

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Pure Gold Miners ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.8%
AUSTRALIA—4.1%
Basic Materials — 4.1%
Medusa Mining *		74,853	$	125,169
Perseus Mining *		165,342		53,761
TOTAL AUSTRALIA				178,930
CANADA—44.9%
Basic Materials — 44.9%
African Barrick Gold		38,139		159,889
Alamos Gold		19,805		185,212
Argonaut Gold *		36,547		135,044
B2Gold *		74,436		213,926
Centerra Gold		47,068		241,341
Detour Gold *		22,882		227,766
Eldorado Gold		28,994		176,863
Kinross Gold *		39,664		161,036
Osisko Mining *		32,621		233,634
SEMAFO *		55,400		207,235
TOTAL CANADA				1,941,946
CHINA—4.2%
Basic Materials — 4.2%
Real Gold Mining *(A)(B)		36,500		4,171
Zhaojin Mining Industry		294,673		176,737
TOTAL CHINA				180,908
EGYPT—6.0%
Basic Materials — 6.0%
Centamin *		238,605		260,851
JERSEY—4.8%
Basic Materials — 4.8%
Randgold Resources ADR		2,583		206,821
RUSSIA—4.4%
Basic Materials — 4.4%
Polyus Gold International *		61,261		191,350
SOUTH AFRICA— 21.8%
Basic Materials — 21.8%
AngloGold Ashanti ADR *		11,835		214,213
Gold Fields ADR		50,496		213,598

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

6

 

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Pure Gold Miners ETF

	Shares/Face Amount(1)		Value
COMMON STOCK — continued
Basic Materials — continued
Harmony Gold Mining ADR *		64,695	$	212,847
Sibanye Gold ADR		29,318		302,855
TOTAL SOUTH AFRICA				943,513
TURKEY—3.7%
Basic Materials — 3.7%
Koza Altin Isletmeleri		15,879		158,297
UNITED KINGDOM— 1.6%
Basic Materials — 1.6%
Petropavlovsk *		59,909		68,782
UNITED STATES— 4.3%
Basic Materials — 4.3%
Alacer Gold		78,215		186,965
TOTAL COMMON STOCK
(Cost $5,760,903)				4,318,363
TIME DEPOSITS — 0.2%
Brown Brothers Harriman
0.030%, 05/01/14		8,743		8,743
1.750%, 05/01/14, AUD		3		3
TOTAL TIME DEPOSITS
(Cost $8,746)				8,746
TOTAL INVESTMENTS — 100.0%
(Cost $5,769,649)			$	4,327,109

Percentages are based on Net Assets of $4,327,099.

* Non-income producing security.

ADR — American Depositary Receipt

AUD — Australian Dollar

(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, 2014 was $4,171 and represents 0.1% of Net Assets.
(B)	Security considered illiquid. The total value of such security as of April 30, 2014 was $4,171 and represented 0.1% of Net Assets.
(1)	In U.S. Dollars unless otherwise indicated.

The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(a)		Total
Common Stock	$	4,314,192	$	—	$	4,171	$	4,318,363
Time Deposits		—		8,746		—		8,746
Total Investments in Securities	$	4,314,192	$	8,746	$	4,171	$	4,327,109

^(a) 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, 2014, 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.

7

 

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Copper Miners ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 100.1%
AUSTRALIA—16.2%
Basic Materials — 16.2%
Cudeco *(A)		469,735	$	818,217
OZ Minerals		440,749		1,506,792
PanAust		1,007,810		1,502,685
Sandfire Resources *		287,946		1,519,405
TOTAL AUSTRALIA				5,347,099
CANADA—41.3%
Basic Materials — 41.3%
Capstone Mining *		600,697		1,583,882
Copper Mountain Mining *		343,461		730,135
Copper Mountain Mining *^		12,300		25,584
First Quantum Minerals (A)		81,274		1,618,732
HudBay Minerals, Cl B		193,637		1,651,846
Imperial Metals *		122,729		1,562,036
Lundin Mining *		321,876		1,644,547
Northern Dynasty Minerals *		205,298		158,079
Taseko Mines *		633,499		1,368,358
Teck Resources, Cl B (A)		69,916		1,593,451
Turquoise Hill Resources *(A)		421,032		1,642,025
TOTAL CANADA				13,578,675
CHINA—4.5%
Basic Materials — 4.5%
Jiangxi Copper, Cl H		893,714		1,475,508
MEXICO—4.5%
Basic Materials — 4.5%
Grupo Mexico, Cl B		491,314		1,479,641
PERU—4.7%
Basic Materials — 4.7%
Southern Copper		51,774		1,560,469
POLAND—4.6%
Basic Materials — 4.6%
KGHM Polska Miedz *		42,219		1,526,223

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

8

 

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Copper Miners ETF

	Shares/Face Amount(1)		Value
COMMON STOCK — continued
SWITZERLAND—4.8%
Basic Materials — 4.8%
Glencore Xstrata		293,770	$	1,579,755
TURKEY—0.9%
Basic Materials — 0.9%
Park Elektrik Uretim Madencilik Sanayi ve Ticaret		155,431		290,023
UNITED KINGDOM— 13.8%
Basic Materials — 13.8%
Antofagasta		109,018		1,448,591
Kazakhmys *		365,587		1,469,681
Vedanta Resources		100,577		1,606,434
TOTAL UNITED KINGDOM				4,524,706
UNITED STATES— 4.8%
Basic Materials — 4.8%
Freeport-McMoRan Copper & Gold *		45,844		1,575,658
TOTAL COMMON STOCK
(Cost $40,693,366)				32,937,757
REPURCHASE AGREEMENT — 9.8%
Deutsche Bank
0.040%, dated 04/30/14, to be repurchased on 05/01/14 repurchase price $3,225,662 (collateralized by U.S. Treasury Bills, par value $2,918,576, 4.500%, 05/15/17 with a total market value of $3,234,830) (B)		3,225,658		3,225,658
TOTAL REPURCHASE AGREEMENT
(Cost $3,225,658)				3,225,658
TIME DEPOSITS — 0.0%
Brown Brothers Harriman
0.030%, 05/01/14		476		476
1.750%, 05/01/14, AUD		11		11
TOTAL TIME DEPOSITS
(Cost $487)				487
TOTAL INVESTMENTS — 109.9%
(Cost $43,919,511)			$	36,163,902

Percentages are based on Net Assets of $32,908,692.

*	Non-income producing security.
^	Traded on U.S. stock exchange.
(A)	This security or a partial position of this security is on loan at April 30, 2014. The total value of securities on loan at April 30, 2014 was $3,073,757.
(B)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of April 30, 2014 was $3,225,658.
(1)	In U.S. Dollars unless otherwise indicated.

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

9

 

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Copper Miners ETF

AUD — Australian Dollar

Cl — Class

The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	32,937,757	$	—	$	—	$	32,937,757
Repurchase Agreement		—		3,225,658		—		3,225,658
Time Deposits		—		487		—		487
Total Investments in Securities	$	32,937,757	$	3,226,145	$	—	$	36,163,902

For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2014, there were no Level 3 investments.

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

10

 

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Uranium ETF

Sector Weightings †:

 

† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 99.9%
AUSTRALIA—24.3%
Basic Materials — 24.3%
Bannerman Resources *(A)(B)		23,015,485	$	1,838,793
Berkeley Resources *(A)		9,035,256		2,392,211
Energy Resources of Australia *		8,090,634		9,958,929
Greenland Minerals & Energy *(A)(B)		29,267,806		4,078,455
Paladin Energy *(B)		34,260,345		13,845,071
Silex Systems *		4,193,149		7,050,714
Syrah Resources *(B)		4,427,973		15,878,390
TOTAL AUSTRALIA				55,042,563
CANADA—56.8%
Basic Materials — 56.8%
Alpha Exploration *(B)		343,295		137,813
Cameco (B)		2,568,044		54,662,165
Denison Mines *		18,011,686		24,649,906
Energy Fuels *(A)		1,057,123		8,217,406
Fission 3.0 *		6,232,075		625,453
Fission Uranium *(B)		8,544,402		9,432,714
Laramide Resources *(A)		4,949,335		2,393,274
Mega Uranium *(A) (B)		18,804,460		3,774,446
UEX *(A)		13,437,457		5,333,054
Uranium Participation *(B)		4,464,519		19,551,746
TOTAL CANADA				128,777,977
FRANCE—6.5%
Utilities — 6.5%
Areva *		585,228		14,728,130
UNITED STATES— 12.3%
Basic Materials — 12.3%
Uranerz Energy *(A)		5,974,816		8,962,224
Uranium Energy *(B)		4,404,237		4,712,534
Uranium Resources *		1,008,308		2,712,348
Ur-Energy *(A) (B)		9,090,368		10,908,442

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

11

 

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Uranium ETF

	Shares/Face Amount(1)		Value
COMMON STOCK — continued
Basic Materials — continued
USEC *		178,464	$	603,208
TOTAL UNITED STATES				27,898,756
TOTAL COMMON STOCK
(Cost $271,136,518)				226,447,426
U.S. TREASURY OBLIGATION — 13.2%
United States Treasury Bills
0.002%, 05/22/14 (C)
(Cost $29,999,965)		30,000,000		29,999,790
REPURCHASE AGREEMENTS — 15.0%
Barclays
0.040%, dated 04/30/14, to be repurchased on 05/01/14 repurchase price $32,000,036 (collateralized by U.S. Treasury Bills, ranging in par value $3,554,009-$9,149,325, 0.625%-4.625%, 08/31/16-11/15/21 with a total market value of $32,640,011) (D)		32,000,000		32,000,000
Deutsche Bank
0.040%, dated 04/30/14, to be repurchased on 05/01/14 repurchase price $1,999,962 (collateralized by U.S. Treasury Bills, par value $1,809,564, 4.500%, 05/15/17 with a total market value of $2,005,647) (D)		1,999,960		1,999,960
TOTAL REPURCHASE AGREEMENTS
(Cost $33,999,960)				33,999,960
TIME DEPOSITS — 0.0%
Brown Brothers Harriman
1.750%, 05/01/14, AUD		15,297		14,211
0.070%, 05/01/14, GBP		5		8
TOTAL TIME DEPOSITS
(Cost $14,219)				14,219
TOTAL INVESTMENTS — 128.1%
(Cost $335,150,662)			$	290,461,395

Percentages are based on Net Assets of $226,706,925.

*	Non-income producing security.
(A)	Affiliated investment (see Note 3).
(B)	This security or a partial position of this security is on loan at April 30, 2014. The total value of securities on loan at April 30, 2014 was $30,625,245.
(C)	The rate reported on the Schedule of Investments is the effective yield at time of purchase.
(D)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2014 was $33,999,960.
(1)	In U.S. Dollars unless otherwise indicated.

AUD — Australian Dollar

GBP — Great British Pound

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

12

 

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Uranium ETF

The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	226,447,426	$	—	$	—	$	226,447,426
U.S. Treasury Obligation		—		29,999,790		—		29,999,790
Repurchase Agreements		—		33,999,960		—		33,999,960
Time Deposits		—		14,219		—		14,219
Total Investments in Securities	$	226,447,426	$	64,013,969	$	—	$	290,461,395

For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2014, there were no Level 3 investments.

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

13

 

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Lithium ETF

Sector Weightings †:

 

† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 100.1%
AUSTRALIA—3.1%
Basic Materials — 3.1%
Galaxy Resources *(A)		6,920,461	$	372,887
Orocobre *		578,800		1,199,079
Reed Resources *(A)		13,209,631		282,249
TOTAL AUSTRALIA				1,854,215
CANADA—1.5%
Basic Materials — 1.5%
Avalon Rare Metals *(A)		592,024		334,889
RB Energy *(A)		866,796		545,677
TOTAL CANADA				880,566
CHILE—8.4%
Basic Materials — 8.4%
Sociedad Quimica y Minera de Chile ADR		156,908		5,005,365
CHINA—4.6%
Industrials — 4.6%
BYD, Cl H		502,300		2,704,909
FRANCE—4.8%
Industrials — 4.8%
Saft Groupe		80,537		2,863,711
HONG KONG— 5.9%
Industrials — 5.9%
Coslight Technology International Group *		824,473		574,253
Sinopoly Battery *		46,825,200		2,899,038
TOTAL HONG KONG				3,473,291
JAPAN—9.0%
Industrials — 9.0%
GS Yuasa (A)		449,494		2,541,278
Panasonic		254,900		2,789,975
TOTAL JAPAN				5,331,253
SOUTH KOREA— 8.0%
Basic Materials — 4.1%
LG Chemical		9,453		2,406,018

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

14

 

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Lithium ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Industrials — 3.9%
Samsung SDI		15,775	$	2,305,260
TOTAL SOUTH KOREA	��			4,711,278
TAIWAN—10.1%
Industrials — 10.1%
Changs Ascending Enterprise *		239,217		541,046
Dynapack International Technology		980,000		2,550,765
Simplo Technology		560,300		2,913,011
TOTAL TAIWAN				6,004,822
UNITED STATES— 44.7%
Basic Materials — 39.3%
Avalon Rare Metals *(A)		206,382		116,606
FMC		158,590		12,211,430
Rockwood Holdings		153,887		10,933,671
				23,261,707
Industrials — 5.4%
Johnson Controls		66,478		3,000,817
Ultralife *		57,513		207,047
				3,207,864
TOTAL UNITED STATES				26,469,571
TOTAL COMMON STOCK
(Cost $54,884,109)				59,298,981
REPURCHASE AGREEMENT — 3.0%
Deutsche Bank
0.040%, dated 04/30/14, to be repurchased on 05/01/14 repurchase price $1,762,542 (collateralized by U.S. Treasury Bills, par value $1,594,746, 4.500%, 05/15/17 with a total market value of $1,767,552) (B)	$	1,762,540		1,762,540
(Cost $1,762,540)				1,762,540
TOTAL INVESTMENTS — 103.1%
(Cost $56,646,649)			$	61,061,521

Percentages are based on Net Assets of $59,229,393.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2014. The total value of securities on loan at April 30, 2014 was $1,588,628.
(B)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of April 30, 2014 was $1,762,540.

ADR — American Depositary Receipt

Cl — Class

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

15

 

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Lithium ETF

The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	59,298,981	$	—	$	—	$	59,298,981
Repurchase Agreement		—		1,762,540		—		1,762,540
Total Investments in Securities	$	59,298,981	$	1,762,540	$	—	$	61,061,521

For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 and Level 3 investments.

As of April 30, 2014, there were no Level 3 investments.

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

16

 

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Fertilizers/Potash ETF

Sector Weightings †:

 

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.9%
AUSTRALIA—8.7%
Basic Materials — 8.7%
Incitec Pivot		348,013	$	931,112
Nufarm		185,847		716,503
TOTAL AUSTRALIA				1,647,615
CANADA—10.2%
Basic Materials — 10.2%
Agrium		348		33,424
Agrium ^		9,520		914,586
Potash Corp of Saskatchewan		27,230		984,637
TOTAL CANADA				1,932,647
CHILE—5.5%
Basic Materials — 5.5%
Sociedad Quimica y Minera de Chile ADR		32,932		1,050,531
CHINA—6.7%
Basic Materials — 6.7%
China BlueChemical		1,359,916		729,690
Sinofert Holdings *		4,433,085		548,922
TOTAL CHINA				1,278,612
GERMANY—5.8%
Basic Materials — 5.8%
K+S		31,663		1,107,195
ISRAEL—10.2%
Basic Materials — 10.2%
Israel Chemicals		110,771		981,430
The Israel Corp *		1,708		962,956
TOTAL ISRAEL				1,944,386
NETHERLANDS—5.1%
Industrials — 5.1%
OCI *		22,453		960,202
NORWAY—5.0%
Basic Materials — 5.0%
Yara International		20,159		951,603

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

17

 

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Fertilizers/Potash ETF

	Shares/Face Amount(1)		Value
COMMON STOCK — continued
RUSSIA—3.7%
Basic Materials — 3.7%
Uralkali GDR		31,685	$	701,823
SOUTH KOREA— 2.6%
Basic Materials — 2.6%
Namhae Chemical *		51,448		482,963
SWITZERLAND—4.6%
Basic Materials — 4.6%
Syngenta		2,223		880,511
TAIWAN—4.0%
Basic Materials — 4.0%
Taiwan Fertilizer		377,382		749,815
TURKEY—4.3%
Basic Materials — 4.3%
Bagfas Bandirma Gubre Fabrik *		19,871		400,892
Gubre Fabrikalari		206,388		409,541
TOTAL TURKEY				810,433
UNITED STATES— 23.5%
Basic Materials — 23.5%
CF Industries Holdings		4,022		986,074
Intrepid Potash *		53,841		877,608
Mosaic		18,012		901,320
Scotts Miracle-Gro, Cl A		15,034		920,231
Terra Nitrogen		5,162		772,287
TOTAL UNITED STATES				4,457,520
TOTAL COMMON STOCK
(Cost $23,830,703)				18,955,856
TIME DEPOSITS — 1.2%
Brown Brothers Harriman
1.750%, 05/01/14, AUD		5		5
0.240%, 05/01/14, CAD		261,191		238,302
0.650%, 05/01/14, NOK		9		2
TOTAL TIME DEPOSITS
(Cost $238,309)				238,309
TOTAL INVESTMENTS — 101.1%
(Cost $24,069,012)			$	19,194,165

Percentages are based on Net Assets of $18,981,144.

*	Non-income producing security.
^	Traded on U.S. stock exchange.
(1)	In U.S. Dollars unless otherwise indicated.

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

18

 

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Fertilizers/Potash ETF

ADR — American Depositary Receipt

AUD — Australian Dollar

CAD — Canadian Dollar

Cl — Class

GDR — Global Depositary Receipt

NOK — Norwegian Krone

The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	18,955,856	$	—	$	—	$	18,955,856
Time Deposits		—		238,309		—		238,309
Total Investments in Securities	$	18,955,856	$	238,309	$	—	$	19,194,165

For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2014, there were no Level 3 investments.

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

19

 

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Junior Miners ETF

Sector Weightings †:

 

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 100.1%
AUSTRALIA—18.7%
Basic Materials — 18.7%
Aquila Resources *		15,297	$	35,527
Arrium		118,607		131,121
Atlas Iron		65,184		54,803
Beadell Resources *		76,277		46,768
Cudeco *		10,434		18,175
Evolution Mining		42,597		33,834
Independence Group		18,726		75,326
Lynas *(A)		189,603		29,063
Medusa Mining *		18,602		31,106
Mount Gibson Iron		50,469		34,226
Northern Star Resources		41,559		45,172
OceanaGold *		19,970		50,091
OZ Minerals		27,300		93,331
Paladin Energy *		67,805		27,401
PanAust		45,145		67,313
Regis Resources		30,100		67,950
Resolute Mining *		61,095		34,338
Sandfire Resources *		8,413		44,393
Silver Lake Resources *		31,493		11,995
Sundance Resources *		302,496		25,292
Syrah Resources *		6,436		23,079
Western Areas		11,550		44,314
TOTAL AUSTRALIA				1,024,618
BELGIUM—0.9%
Basic Materials — 0.9%
Nyrstar *		12,807		50,958
BRAZIL—0.1%
Basic Materials — 0.1%
MMX Mineracao e Metalicos *		4,425		5,100
CANADA—40.2%
Basic Materials — 40.2%
African Barrick Gold *		9,300		38,988
Alamos Gold		11,396		106,573
Argonaut Gold *		12,807		47,323

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

20

 

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Junior Miners ETF

	Shares		Value
COMMON STOCK — continued
Basic Materials — continued
AuRico Gold		22,147	$	92,132
B2Gold *		58,236		167,368
Capstone Mining *		32,152		84,777
Centerra Gold		15,128		77,569
Continental Gold *		9,826		34,963
Denison Mines *		35,051		47,969
Detour Gold *		11,853		117,984
Dundee Precious Metals *		9,266		30,773
Endeavour Silver *		8,855		40,467
Fortuna Silver Mines *		12,522		51,868
Gabriel Resources *		19,158		16,780
HudBay Minerals, Cl B		15,452		131,815
IAMGOLD *^		5,313		18,517
IAMGOLD *		28,109		98,100
MAG Silver *		4,575		34,728
Nevsun Resources		2,788		10,098
Nevsun Resources^		15,746		57,316
Novagold Resources *		20,826		73,516
Pan American Silver		13,275		172,044
Premier Gold Mines *		14,844		27,628
Primero Mining *		7,500		47,420
Rio Alto Mining *		14,499		28,970
Rubicon Minerals *		3,930		4,195
Rubicon Minerals *^		20,716		22,580
Sandstorm Gold *		1,240		6,867
Sandstorm Gold *^		7,373		41,363
Seabridge Gold *		3,949		31,553
SEMAFO *		24,546		91,819
Sherritt International		25,079		106,169
Silver Standard Resources *		7,269		72,036
Silvercorp Metals		14,868		30,925
Taseko Mines *		16,921		36,549
Thompson Creek Metals *		13,701		36,719
Torex Gold Resources *		54,364		60,512
TOTAL CANADA				2,196,973
CHINA—1.0%
Basic Materials — 1.0%
Hidili Industry International Development *		87,293		10,246

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

21

 

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Junior Miners ETF

	Shares		Value
COMMON STOCK — continued
Basic Materials — continued
Zhaojin Mining Industry		74,500	$	44,683
TOTAL CHINA				54,929
EGYPT—1.8%
Basic Materials — 1.8%
Centamin *		92,362		100,973
FINLAND—0.4%
Basic Materials — 0.4%
Talvivaara Mining *		171,763		20,136
HONG KONG— 2.7%
Basic Materials — 2.7%
China Precious Metal Resources Holdings *		292,400		29,417
Shougang Fushan Resources Group		392,236		117,879
TOTAL HONG KONG				147,296
INDONESIA—0.7%
Basic Materials — 0.7%
Aneka Tambang Persero		357,147		36,297
IRELAND—0.9%
Basic Materials — 0.9%
Kenmare Resources *		238,919		50,424
JAPAN—3.6%
Basic Materials — 3.6%
Pacific Metals *		12,865		59,773
Toho Zinc		11,447		36,390
UACJ		25,162		99,432
TOTAL JAPAN				195,595
PERU—0.8%
Basic Materials — 0.8%
Hochschild Mining *		15,100		42,066
RUSSIA—0.2%
Basic Materials — 0.2%
Raspadskaya *		18,627		9,063
SOUTH AFRICA— 5.2%
Basic Materials — 5.2%
Harmony Gold Mining ADR *		19,274		63,412
Northam Platinum *		19,617		76,450
Sibanye Gold ADR		14,037		145,002
TOTAL SOUTH AFRICA				284,864

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

22

 

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Junior Miners ETF

	Shares		Value
COMMON STOCK — continued
TURKEY—0.8%
Basic Materials — 0.8%
Koza Altin Isletmeleri *		3,600	$	35,888
Park Elektrik Uretim Madencilik Sanayi ve Ticaret		3,900		7,277
TOTAL TURKEY				43,165
UNITED KINGDOM— 2.5%
Basic Materials — 2.5%
African Minerals		21,533		45,263
Ferrexpo		13,315		32,732
Kazakhmys *		9,700		38,995
Petropavlovsk *		18,404		21,130
TOTAL UNITED KINGDOM				138,120
UNITED STATES— 19.6%
Basic Materials — 19.6%
Alacer Gold		21,616		51,671
Allied Nevada Gold *		8,638		29,283
Alpha Natural Resources *		19,625		84,388
Arch Coal		19,073		87,354
Century Aluminum *		4,850		66,687
Cloud Peak Energy *		5,426		106,838
Coeur d'Alene Mines *		9,120		78,979
First Majestic Silver *		10,104		95,988
Gold Resource		3,411		15,725
Hecla Mining		30,692		94,224
McEwen Mining *		18,229		43,750
Molycorp *		14,148		67,203
RTI International Metals *		2,705		76,173
Stillwater Mining *		11,042		174,243
TOTAL UNITED STATES				1,072,506
TOTAL COMMON STOCK
(Cost $6,401,436)				5,473,083
TOTAL INVESTMENTS — 100.1%
(Cost $6,401,436)			$	5,473,083

Percentages are based on Net Assets of $5,466,177.

*	Non-income producing security.
^	Traded on U.S. stock exchange.
(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, 2014 was $29,063 and represents 0.6% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

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

23

 

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Junior Miners ETF

The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	5,434,957	$	38,126	$	—	$	5,473,083
Total Investments in Securities	$	5,434,957	$	38,126	$	—	$	5,473,083

For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2014, there were no Level 3 investments.

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

24

 

Statements of Assets and Liabilities

April 30, 2014 (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	$	340,874,920		$	64,910,598		$	5,769,649		$	40,693,853
Cost of Repurchase Agreements		16,032,909			3,726,555			—			3,225,658
Investments, at Value	$	241,495,934	*	$	43,356,854	*	$	4,327,109		$	32,938,244	*
Repurchase Agreements, at Value		16,032,909			3,726,555			—			3,225,658
Cash		3,006			—			—			—
Receivable for Investment Securities Sold		9,303,286			—			—			1,153,819
Receivable for Capital Shares Sold		3,125,000			—			—			—
Dividend and Interest Receivable		229,327			7,639			2,055			108,370
Unrealized Appreciation on Spot Foreign Currency Contracts		1,338			—			—			200
Total Assets		270,190,800			47,091,048			4,329,164			37,426,291
Liabilities:
Obligation to Return Securities Lending Collateral		16,032,909			3,726,555			—			3,225,658
Payable for Investment Securities Purchased		13,375,740			3,838			—			1,274,094
Payable due to Investment Adviser		128,127			23,282			2,065			17,405
Unrealized Depreciation on Spot Foreign Currency Contracts		2,150			3			—			442
Foreign Currency Overdraft		—			2,683			—			—
Total Liabilities		29,538,926			3,756,361			2,065			4,517,599
Net Assets	$	240,651,874		$	43,334,687		$	4,327,099		$	32,908,692
Net Assets Consist of:
Paid-in Capital	$	460,779,789		$	94,798,618		$	7,653,672		$	50,196,514
Distributions in Excess of Net Investment Income/(Accumulated Net Investment Loss)		(343,649	)		(1,485,104	)		(59,777	)		(113,373	)
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(120,404,371	)		(28,425,083	)		(1,824,256	)		(9,418,360	)
Net Unrealized Depreciation on Investments		(99,378,986	)		(21,553,744	)		(1,442,540	)		(7,755,609	)
Net Unrealized Depreciation on Foreign Currency Translations		(909	)		—			—			(480	)
Net Assets	$	240,651,874		$	43,334,687		$	4,327,099		$	32,908,692
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		19,250,000			3,124,758			349,960			3,500,000
Net Asset Value, Offering and Redemption Price Per Share	$	12.50		$	13.87		$	12.36		$	9.40
*Includes Market Value of Securities on Loan	$	15,150,472		$	2,972,154		$	—		$	3,073,757

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

25

 

Statements of Assets and Liabilities

April 30, 2014 (Unaudited)

	Global X Uranium ETF			Global X Lithium ETF			Global X Fertilizers/Potash ETF			Global X Junior Miners ETF
Assets:
Cost of Investments	$	241,839,748		$	54,884,109		$	24,069,012		$	6,401,436
Cost of Affiliated Investments		59,310,954			—			—			—
Cost of Repurchase Agreements		33,999,960			1,762,540			—			—
Investments, at Value	$	208,563,130	*	$	59,298,981	*	$	19,194,165		$	5,473,083
Affiliated Investments, at Value		47,898,305			—			—			—
Repurchase Agreements, at Value		33,999,960			1,762,540			—			—
Dividend and Interest Receivable		56,328			69,216			16,827			2,451
Receivable for Investment Securities Sold		18,468			921,663			—			—
Unrealized Appreciation on Spot Foreign Currency Contracts		3			—			—			—
Reclaim Receivable		—			18,025			20,692			889
Total Assets		290,536,194			62,070,425			19,231,684			5,476,423
Liabilities:
Obligation to Return Securities Lending Collateral		33,999,960			1,762,540			—			—
Cash Overdraft		29,692,340			65,218			239,955			7,144
Payable due to Investment Adviser		136,924			37,221			10,585			3,102
Unrealized Depreciation on Spot Foreign Currency Contracts		45			188			—			—
Payable for Investment Securities Purchased		—			975,865			—			—
Total Liabilities		63,829,269			2,841,032			250,540			10,246
Net Assets	$	226,706,925		$	59,229,393		$	18,981,144		$	5,466,177
Net Assets Consist of:
Paid-in Capital	$	483,277,645		$	105,194,940		$	25,357,078		$	9,129,350
Undistributed (Distributions in Excess of) Net Investment Income/(Accumulated Net Investment Loss)		(738,740	)		(64,457	)		70,741			(22,217	)
Accumulated Net Realized Loss on Investments, Affiliated Investments and Foreign Currency Transactions		(211,142,712	)		(50,316,630	)		(1,572,907	)		(2,712,663	)
Net Unrealized Appreciation (Depreciation) on Investments and Affiliated Investments		(44,689,267	)		4,414,872			(4,874,847	)		(928,353	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		(1	)		668			1,079			60
Net Assets	$	226,706,925		$	59,229,393		$	18,981,144		$	5,466,177
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		14,765,071			4,500,000			1,600,000			333,201
Net Asset Value, Offering and Redemption Price Per Share	$	15.35		$	13.16		$	11.86		$	16.41
*Includes Market Value of Securities on Loan	$	30,625,245		$	1,588,628		$	—		$	—

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

26

 

Statements of Operations

For the period ended April 30, 2014 (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	$	1,314,147		$	—		$	24,061		$	249,686
Interest Income		342			14			—			10
Security Lending Income		85,101			16,494			—			11,001
Less: Foreign Taxes Withheld		(91,796	)		—			(3,286	)		(4,969	)
Total Investment Income		1,307,794			16,508			20,775			255,728
Supervision and Administration Fees(1)		718,725			114,560			10,501			100,470
Total Expenses		718,725			114,560			10,501			100,470
Net Investment Income (Loss)		589,069			(98,052	)		10,274			155,258
Net Realized Loss on:
Investments		(38,120,395	)		(4,505,313	)(2)		(766,183	)		(3,195,603	)(2)
Foreign Currency Transactions		(21,253	)		(4,058	)		(887	)		(8,885	)
Net Realized Loss on Investments and Foreign Currency Transactions		(38,141,648	)		(4,509,371	)		(767,070	)		(3,204,488	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		30,815,905			3,957,016			859,336			2,099,842
Foreign Currency Translations		9,361			(26	)		—			4,304
Net Change in Unrealized Appreciation on Investments  and Foreign Currency Translations		30,825,266			3,956,990			859,336			2,104,146
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		(7,316,382	)		(552,381	)		92,266			(1,100,342	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(6,727,313	)	$	(650,433	)	$	102,540		$	(945,084	)

(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 redemptions. (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, 2014 (Unaudited)

	Global X Uranium ETF			Global X Lithium ETF			Global X Fertilizers/Potash ETF			Global X Junior Miners ETF
Investment Income:
Dividend Income	$	365,557		$	405,595		$	205,065		$	32,981
Interest Income		297			47			22,965			2
Security Lending Income		264,242			19,635			—			—
Less: Foreign Taxes Withheld		(54,833	)		(37,604	)		(21,483	)		(4,056	)
Total Investment Income		575,263			387,673			206,547			28,927
Supervision and Administration Fees(1)		595,606			196,866			70,950			19,063
Total Expenses		595,606			196,866			70,950			19,063
Net Investment Income (Loss)		(20,343	)		190,807			135,597			9,864
Net Realized Gain (Loss) on:
Investments(2)		(2,935,384	)		(9,604,745	)		(145,563	)		(159,905	)
Affiliated Investments		(9,680,613	)		—			—			—
Foreign Currency Transactions		(23,092	)		(6,017	)		1,411			1,370
Net Realized Loss on Investments and Foreign Currency Transactions		(12,639,089	)		(9,610,762	)		(144,152	)		(158,535	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		2,104,278			9,795,766			473,787			123,568
Affiliated Investments		9,116,698			—			—			—
Foreign Currency Translations		5			(1,816	)		421			18
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		11,220,981			9,793,950			474,208			123,586
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		(1,418,108	)		183,188			330,056			(34,949	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(1,438,451	)	$	373,995		$	465,653		$	(25,085	)

(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 redemptions. (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, 2014  (Unaudited)			Year Ended October 31, 2013  (Audited)			Period Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013 (Audited)
Operations:
Net Investment Income (Loss)	$	589,069		$	1,799,528		$	(98,052	)	$	(219,006	)
Net Realized Loss on Investments and Foreign Currency Transactions		(38,141,648	)		(52,723,423	)(1)		(4,509,371	)(1)		(14,771,461	)(1)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		30,825,266			(137,292,070	)		3,956,990			(16,783,162	)
Net Decrease in Net Assets Resulting from Operations		(6,727,313	)		(188,215,965	)		(650,433	)		(31,773,629	)
Dividends and Distributions from:
Net Investment Income		(1,275,569	)		(3,117,053	)		—			(1,890,494	)
Total Dividends and Distributions		(1,275,569	)		(3,117,053	)		—			(1,890,494	)
Capital Share Transactions:
Issued		30,415,000			62,405,000			14,002,500			25,777,500
Redeemed		—			(38,799,000	)		(2,037,000	)		(1,345,123	)
Increase in Net Assets  from Capital Share Transactions		30,415,000			23,606,000			11,965,500			24,432,377
Total Increase (Decrease) in Net Assets		22,412,118			(167,727,018	)		11,315,067			(9,231,746	)
Net Assets:
Beginning of Period		218,239,756			385,966,774			32,019,620			41,251,366
End of Period	$	240,651,874		$	218,239,756		$	43,334,687		$	32,019,620
Undistributed (Distributions in Excess of) Net Investment Income/(Accumulated Net Investment Loss)	$	(343,649	)	$	342,851		$	(1,485,104	)	$	(1,387,052	)
Share Transactions:
Issued		2,300,000			3,450,000			900,000			1,287,500	(2)
Redeemed		—			(1,950,000	)		(150,000	)		(100,242	)(2)
Net Increase in Shares Outstanding from Share Transactions		2,300,000			1,500,000			750,000			1,187,258

(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, 2014  (Unaudited)			Year Ended October 31, 2013  (Audited)			Period Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013 (Audited)
Operations:
Net Investment Income	$	10,274		$	30,834		$	155,258		$	503,553
Net Realized Loss on Investments and Foreign Currency Transactions		(767,070	)		(829,765	)		(3,204,488	)(1)		(4,403,652	)(1)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		859,336			(1,351,098	)		2,104,146			(2,860,215	)
Net Increase (Decrease) in Net Assets Resulting from Operations		102,540			(2,150,029	)		(945,084	)		(6,760,314	)
Dividends and Distributions from:
Net Investment Income		(34,586	)		(5,222	)		(225,417	)		(1,026,703	)
Total Dividends and Distributions		(34,586	)		(5,222	)		(225,417	)		(1,026,703	)
Capital Share Transactions:
Issued		637,000			1,128,500			1,730,500			13,827,500
Redeemed		—			(517	)		(479,500	)		(4,253,000	)
Increase in Net Assets  from Capital Share Transactions		637,000			1,127,983			1,251,000			9,574,500
Total Increase (Decrease) in Net Assets		704,954			(1,027,268	)		80,499			1,787,483
Net Assets:
Beginning of Period		3,622,145			4,649,413			32,828,193			31,040,710
End of Period	$	4,327,099		$	3,622,145		$	32,908,692		$	32,828,193
Distributions in Excess of Net Investment Income	$	(59,777	)	$	(34,465	)	$	(113,373	)	$	(43,214	)
Share Transactions:
Issued		50,000			100,000	(2)		200,000			1,350,000
Redeemed		—			(40	)(2)		(50,000	)		(400,000	)
Net Increase in Shares Outstanding from Share Transactions		50,000			99,960			150,000			950,000

⁽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, 2014  (Unaudited)			Year Ended October 31, 2013  (Audited)			Period Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013 (Audited)
Operations:
Net Investment Income (Loss)	$	(20,343	)	$	679,183		$	190,807		$	119,219
Net Realized Loss on Investments and Foreign Currency Transactions(1)		(12,639,089	)		(117,718,649	)		(9,610,762	)		(6,709,625	)
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		11,220,981			70,217,355			9,793,950			1,798,258
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,438,451	)		(46,822,111	)		373,995			(4,792,148	)
Dividends and Distributions from:
Net Investment Income		(734,117	)		(2,536,311	)		(160,079	)		(1,597,778	)
Total Dividends and Distributions		(734,117	)		(2,536,311	)		(160,079	)		(1,597,778	)
Capital Share Transactions:
Issued		112,578,000			33,324,000			10,505,000			—
Redeemed		(2,569,500	)		(762,848	)		(2,595,000	)		(12,375,500	)
Increase (Decrease) in Net Assets  from Capital Share Transactions		110,008,500			32,561,152			7,910,000			(12,375,500	)
Total Increase (Decrease) in Net Assets		107,835,932			(16,797,270	)		8,123,916			(18,765,426	)
Net Assets:
Beginning of Period		118,870,993			135,668,263			51,105,477			69,870,903
End of Period	$	226,706,925		$	118,870,993		$	59,229,393		$	51,105,477
Undistributed (Distributions in Excess of) Net Investment Income	$	(738,740	)	$	15,720		$	(64,457	)	$	(95,185	)
Share Transactions:
Issued		6,700,000			1,816,667	(2)		750,000			—
Redeemed		(150,000	)		(51,596	)(2)		(200,000	)		(900,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		6,550,000			1,765,071			550,000			(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, 2014  (Unaudited)			Period Ended October 31, 2013  (Audited)			Period Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013 (Audited)
Operations:
Net Investment Income	$	135,597		$	485,091		$	9,864		$	22,860
Net Realized Loss on Investments and Foreign Currency Transactions(1)		(144,152	)		(102,022	)		(158,535	)		(600,164	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		474,208			(3,832,165	)		123,586			(1,296,295	)
Net Increase (Decrease) in Net Assets Resulting from Operations		465,653			(3,449,096	)		(25,085	)		(1,873,599	)
Dividends and Distributions from:
Net Investment Income		(366,898	)		(330,509	)		—			(337,710	)
Total Dividends and Distributions		(366,898	)		(330,509	)		—			(337,710	)
Capital Share Transactions:
Issued		—			4,105,000			742,500			5,786,500
Redeemed		(3,981,500	)		(5,845,000	)		(788,000	)		(748,458	)
Increase (Decrease) in Net Assets  from Capital Share Transactions		(3,981,500	)		(1,740,000	)		(45,500	)		5,038,042
Total Increase (Decrease) in Net Assets		(3,882,745	)		(5,519,605	)		(70,585	)		2,826,733
Net Assets:
Beginning of Period		22,863,889			28,383,494			5,536,762			2,710,029
End of Period	$	18,981,144		$	22,863,889		$	5,466,177		$	5,536,762
Undistributed (Distributions in Excess of) Net Investment Income/(Accumulated Net Investment Loss)	$	70,741		$	302,042		$	(22,217	)	$	(32,081	)
Share Transactions:
Issued		—			350,000			50,000			300,000	(2)
Redeemed		(350,000	)		(450,000	)		(50,000	)		(50,132	)(2)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(350,000	)		(100,000	)		—			249,868

⁽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 ($)			Distribution from Net Realized Gains ($)			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
2014(Unaudited)		12.88		0.03			(0.34	)		(0.31	)		(0.07	)		—			(0.07	)		12.50		(2.30	)		240,652		0.65	†		0.53	†		13.03	††
2013		24.98		0.11			(12.01	)		(11.90	)		(0.20	)		—			(0.20	)		12.88		(47.97	)		218,240		0.65			0.67			23.79
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
2014(Unaudited)		13.48		(0.04	)		0.43	^		0.39			—			—			—			13.87		2.89			43,335		0.65	†		(0.56	)†		20.78	††
2013(2)		34.72		(0.12	)		(19.68	)		(19.80	)		(1.44	)		—			(1.44	)		13.48		(59.16	)		32,020		0.65			(0.65	)		31.73
2012(2)		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
2014(Unaudited)		12.08		0.03			0.37			0.40			(0.12	)		—			(0.12	)		12.36		3.53			4,327		0.59	†		0.58	†		16.32	††
2013(4)		23.24		0.13			(11.26	)		(11.13	)		(0.03	)		—			(0.03	)		12.08		(47.95	)		3,622		0.59			0.86			35.86
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
2014(Unaudited)		9.80		0.05			(0.38	)		(0.33	)		(0.07	)		—			(0.07	)		9.40		(3.39	)		32,909		0.65	†		1.00	†		11.48	††
2013		12.93		0.17			(2.87	)		(2.70	)		(0.43	)		—			(0.43	)		9.80		(21.69	)		32,828		0.65			1.63			37.06
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)	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.
(3)	The Fund commenced operations on November 3, 2010.
(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.
^	The amount shown for a share outstanding throughout the period does not accord with the aggregate net gains on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.
*	Per share data calculated using average shares method.
**	Total return is 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 ($)			Distribution from Net Realized Gains ($)			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
2014(Unaudited)		14.47		—	‡		0.96	^		0.96			(0.08	)		—			(0.08	)		15.35		6.67			226,707		0.69	†		(0.02	)†		4.40	††
2013(1)		21.03		0.09			(6.28	)		(6.19	)		(0.37	)		—			(0.37	)		14.47		(29.88	)		118,871		0.69			0.51			73.16
2012(1)		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
2014(Unaudited)		12.94		0.05			0.21			0.26			(0.04	)		—			(0.04	)		13.16		2.03			59,229		0.75	†		0.73	†		29.65	††
2013		14.41		0.03			(1.15	)		(1.12	)		(0.35	)		—			(0.35	)		12.94		(8.00	)		51,105		0.75			0.21			38.46
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
2014(Unaudited)		11.73		0.08			0.24			0.32			(0.19	)		—			(0.19	)		11.86		2.79			18,981		0.69	†		1.32	†		12.07	††
2013		13.85		0.25			(2.21	)		(1.96	)		(0.16	)		—			(0.16	)		11.73		(14.33	)		22,864		0.69			1.93			14.12
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
2014(Unaudited)		16.62		0.03			(0.24	)		(0.21	)		—			—			—			16.41		(1.26	)		5,466		0.69	†		0.36	†		10.11	††
2013(1)		32.52		0.12			(12.64	)		(12.52	)		(3.38	)		—			(3.38	)		16.62		(42.49	)		5,537		0.69			0.60			37.23
2012(1)		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(1)(5)		45.12		(0.20	)		(10.33	)		(10.53	)		—			—			—			34.59		(23.34	)		2,882		0.75	†		(0.77	)†		28.23	††

(1)	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.
(2)	The Fund commenced operations on November 4, 2010.
(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.
^	The amount shown for a share outstanding throughout the period does not accord with the aggregate net gains on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.
‡	Less than $0.01 per share.
*	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, 2014 (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, 2014, the Trust had seventy-nine portfolios, forty 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 materially differ from those estimates.

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, 2014 (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, 2014, there were $4,171 and $29,063 of fair valued securities in the Global X Pure Gold Miners ETF and the 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)

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.

36

 

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (concluded)

For the period ended April 30, 2014 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 Bank of New York Mellon 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. For Financial Statement purposes, the Funds gross up the securities lending collateral (included in Repurchase Agreements, at Value) and obligation to return securities lending collateral on the Statements of Assets and Liabilities.

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

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

However, management’s conclusions regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the six months ended April 30, 2014, 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.

37

 

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (concluded)

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

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

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

An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard Redemption Fee per transaction to the custodian on the date of such redemption, regardless of the number of Creation Units redeemed that day.

If a Creation Unit is purchased or redeemed for cash, a higher transaction fee will be charged. The following table discloses Creation Unit breakdown:

	Creation Unit		Transaction				Redemption
	Shares		Fee		Value		Fee
Global X Silver Miners ETF		50,000	$	1,000	$	625,000	$	1,000
Global X Gold Explorers ETF		50,000		1,000		693,500		1,000
Global X Pure Gold Miners ETF		50,000		1,000		618,000		1,000
Global X Copper Miners ETF		50,000		1,000		470,000		1,000
Global X Uranium ETF		50,000		1,000		767,500		1,000
Global X Lithium ETF		50,000		1,000		658,000		1,000
Global X Fertilizers/Potash ETF		50,000		1,000		593,000		1,000
Global X Junior Miners ETF		50,000		1,000		820,500		1,000

38

 

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

3. RELATED PARTY TRANSACTIONS

The Adviser serves as the investment adviser and the administrator for the Funds. Subject to the supervision of the Board of Trustees, the Adviser is responsible for managing the investment activities of the Funds and the Funds’ business affairs and other administrative matters and provides or causes to be furnished all supervisory, administrative and other services reasonably necessary for the operation of the Funds, including certain distribution services (provided pursuant to a separate Distribution Agreement), certain shareholder and distribution-related services (provided pursuant to a separate Rule 12b-1 Plan and related agreements) and investment advisory services (provided pursuant to a separate Investment Advisory Agreement), under what is essentially an "all-in" fee structure. For its service to the Funds, under the Supervision and Administration Agreement, each Fund pays a monthly fee to the Adviser at the annual rate (stated as a percentage of the average daily net assets of the Fund). In addition, the Funds bear other expenses, 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	%

The Adviser and MCCA Lithium ETF, LLC (“MCCA”), a single purpose limited liability firm, have 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;

39

 

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

3. RELATED PARTY TRANSACTIONS (concluded)

and assistance with the preparation and filing of reports, registration statements, proxy statements and other materials required to be filed or furnished by the Funds under federal and state securities laws. As compensation for these services, the Sub-Administrator receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser.

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, 2014, the Global X Uranium ETF Fund owns greater than 5% of the outstanding shares of nine common stocks. These investments are labeled as “Affiliated Investments” in the Schedule of Investments.

The following is a summary of the transactions with affiliates for the period ended April 30, 2014:

						Changes in
						Unrealized
	Purchases at		Proceeds from			Appreciation			Realized Gain			Value at		Dividend
Value At 10/31/2013	Cost		Sales			(Depreciation)			(Loss)			04/30/2014		Income
Bannerman Resources
$868,809	$	730,436	$	(421,610	)	$	2,968,282		$	(2,307,124	)	$	1,838,793	$	—
Berkeley Resources
$1,788,653	$	1,076,932	$	(580,387	)	$	806,160		$	(699,147	)	$	2,392,211	$	—
Energy Fuels
$4,066,327	$	4,325,991	$	(212,738	)	$	95,265		$	(57,439	)	$	8,217,406	$	—
Greenland Minerals & Energy
$7,878,640	$	2,460,849	$	(2,259,878	)	$	(555,474	)	$	(3,445,682	)	$	4,078,455	$	—
Laramide Resources
$1,039,006	$	1,408,658	$	(83,543	)	$	123,529		$	(94,376	)	$	2,393,274	$	—
Mega Uranium
$695,671	$	1,615,099	$	(195,960	)	$	3,401,210		$	(1,741,574	)	$	3,774,446	$	—
UEX
$3,969,361	$	2,903,252	$	(1,416,526	)	$	1,151,411		$	(1,274,444	)	$	5,333,054	$	—
Uranerz Energy
$3,147,270	$	4,385,214	$	(220,324	)	$	1,784,553		$	(134,489	)	$	8,962,224	$	—
Ur-Energy
$5,464,983	$	6,370,256	$	(342,221	)	$	(658,238	)	$	73,662		$	10,908,442	$	—
Totals:
$28,918,720	$	25,276,687	$	(5,733,187	)	$	9,116,698		$	(9,680,613	)	$	47,898,305	$	—

40

 

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

4. INVESTMENT TRANSACTIONS

For the period ended April 30, 2014, 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	$	29,179,971	$	29,564,570
Global X Gold Explorers ETF		7,305,235		7,486,935
Global X Pure Gold Miners ETF		595,417		637,359
Global X Copper Miners ETF		3,773,329		3,627,884
Global X Uranium ETF		7,675,745		8,370,623
Global X Lithium ETF		16,141,719		15,660,210
Global X Fertilizers/Potash ETF		2,508,123		2,954,685
Global X Junior Miners ETF		588,440		558,359

For the periods ended October 31, 2013 and April 30, 2014, respectively, in-kind transactions associated with creations and redemptions were:

			Sales and		Realized
	Purchases		Maturities		Gain/(Loss)
Global X Silver Miners ETF	$	62,443,359	$	38,771,921	$	1,251,715
Global X Gold Explorers ETF		25,834,037		1,349,849		155,061
Global X Pure Gold Miners ETF		1,123,530		-		-
Global X Copper Miners ETF		13,814,170		4,245,214		436,241
Global X Uranium ETF		32,740,034		7 32,362		81,522
Global X Lithium ETF		-		11,644,475		1,923,524
Global X Fertilizers/Potash ETF		3,815,379		5,411,456		251,851
Global X Junior Miners ETF		5,760,364		7 42,029		(19,792	)

			Sales and		Realized
	Purchases		Maturities		Gain/(Loss)
Global X Silver Miners ETF	$	30,369,704	$	-	$	-
Global X Gold Explorers ETF		14,027,005		2,041,964		445,631
Global X Pure Gold Miners ETF		637,525		-		-
Global X Copper Miners ETF		1,723,259		477,361		68,696
Global X Uranium ETF		112,429,252		2,561,347		731,679
Global X Lithium ETF		8,850,976		2,119,632		576,280
Global X Fertilizers/Potash ETF		-		3,723,684		249,254
Global X Junior Miners ETF		741,354		787,355		102,031

During the period ended April 30, 2014, 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

41

 

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

5. TAX INFORMATION (continued)

charged or credited to undistributed net investment income (loss), accumulated net realized gain (loss) or paid-in capital, as appropriate, in the period that the differences arise.

The tax character of dividends and distributions paid during the periods ended October 31, 2013 and 2012 were as follows:

			Long-Term Capital
Global X Funds	Ordinary Income		Gain		Totals
Global X Silver Miners ETF
2013	$	3,117,053	$	-	$	3,117,053
2012		528,916		-		528,916
Global X Gold Explorers ETF
2013	$	1,890,494	$	-	$	1,890,494
2012		545,816		-		545,816
Global X Pure Gold Miners ETF
2013	$	5,222	$	-	$	5,222
2012		86,778		-		86,778
Global X Copper Miners ETF
2013	$	1,026,703	$	-	$	1,026,703
2012		2,658,157		15,799		2,673,956
Global X Uranium ETF
2013	$	2,536,311	$	-	$	2,536,311
2012		–		-		–
Global X Lithium ETF
2013	$	1,597,778	$	-	$	1,597,778
2012		114,415		-		114,415
Global X Fertilizers/Potash ETF
2013	$	330,509	$	-	$	330,509
2012		218,268		-		218,268
Global X Junior Miners ETF
2013	$	337,710	$	-	$	337,710
2012		71,812		-		71,812

As of October 31, 2013, the components of tax basis accumulated losses were as follows:

	Global X Silver Miners ETF			Global X Gold Explorers ETF			Global X Pure Gold Miners ETF
Undistributed Ordinary Income	$	742,690		$	–		$	34,586
Capital Loss Carryforwards		(63,730,060	)		(12,854,466	)		(1,051,271	)
Unrealized Depreciation on Investments and Foreign Currency		(149,137,664	)		(37,783,462	)		(2,377,842	)
Late Year Loss Deferral		–			(175,569	)		–
Other Temporary Differences		1			(1	)		–
Total Accumulated Losses	$	(212,125,033	)	$	(50,813,498	)	$	(3,394,527	)

	Global X Copper Miners ETF			Global X Uranium ETF			Global X Lithium ETF
Undistributed Ordinary Income	$	204,347		$	677,437		$	–
Capital Loss Carryforwards		(5,139,722	)		(166,764,902	)		(40,546,818	)
Unrealized Depreciation on Investments and Foreign Currency		(11,181,938	)		(88,310,682	)		(5,604,393	)
Late Year Loss Deferral		–			–			(28,248	)
Other Temporary Differences		(8	)		(5	)		(4	)
Total Accumulated Losses	$	(16,117,321	)	$	(254,398,152	)	$	(46,179,463	)

42

 

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

5. TAX INFORMATION (continued)

	Global X Fertilizers/Potash ETF			Global X Junior Miners ETF
Undistributed Ordinary Income	$	302,042		$	–
Capital Loss Carryforwards		(1,295,027	)		(2,507,709	)
Unrealized Depreciation on Investments and Foreign Currency		(5,481,702	)		(1,130,380	)
Other Temporary Differences		(2	)		1
Total Accumulated Losses	$	(6,474,689	)	$	(3,638,088	)

Deferred late-year losses represent ordinary losses realized on investment transactions from January 1, 2013 through October 31, 2013.

For Federal income tax purposes, capital losses incurred in taxable years beginning before December 22, 2010 may be carried forward for a maximum period of eight years and applied against future gains. As of October 31, 2013, 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, 2013, no Funds utilized capital loss carryforwards to offset capital gains.

Under the 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 are 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	$	14,673,133	$	40,623,462	$	55,296,595
Global X Gold Explorers ETF		5,368,890		7,354,600		12,723,490
Global X Pure Gold Miners ETF		307,847		743,424		1,051,271
Global X Copper Miners ETF		1,488,456		3,651,266		5,139,722
Global X Uranium ETF		37,696,172		116,362,932		154,059,104
Global X Lithium ETF		8,782,727		24,434,783		33,217,510
Global X Fertilizers /Potash ETF		893,126		401,901		1,295,027
Global X Junior Miners ETF		1,496,460		505,238		2,001,698

43

 

Notes to Financial Statements (continued)

April 30, 2014 (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, 2014 were as follows:

			Aggregated Gross		Aggregated Gross			Net Unrealized
Global X Funds	Federal Tax Cost		Unrealized Appreciation		Unrealized Depreciation			Appreciation (Depreciation)
Global X Silver Miners ETF	$	356,907,829	$	2,700,268	$	(102,079,254	)	$	(99,378,986	)
Global X Gold Explorers ETF		68,637,153		82,623		(21,636,367	)		(21,553,744	)
Global X Pure Gold Miners ETF		5,769,649		369,402		(1,811,942	)		(1,442,540	)
Global X Copper Miners ETF		43,919,511		874,492		(8,630,101	)		(7,755,609	)
Global X Uranium ETF		335,150,662		3,658,988		(48,348,255	)		(44,689,267	)
Global X Lithium ETF		56,646,649		10,717,039		(6,302,167	)		4,414,872
Global X Fertilizers/Potash ETF		24,069,012		936,408		(5,811,255	)		(4,874,847	)
Global X Junior Miners ETF		6,401,436		365,788		(1,294,141	)		(928,353	)

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 Index becomes 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.

44

 

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

7. AUTHORIZED PARTICIPANTS

At April 30, 2014, the Funds’ total shares outstanding were originally acquired by Authorized Participants, in the form of Creation Units, as follows. However, the individual shares comprising such Creation Units are listed and traded on an exchange and have likely been purchased and sold by persons other than the Authorized Participants.

	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	%

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 received in connection with these loans will be cash and can be invested in repurchase agreements or U.S. Treasury obligations and is recognized in the schedule of investments and statement of asset and liabilities. The obligation to return securities lending collateral is also recognized as a liability in the statement of assets and liabilities. 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, 2014, the value of securities on loan was $15,150,472, $2,972,154, $3,073,757, $30,625,245, and $1,588,628 for the Global X Silver Miners ETF, Global X Gold Explorers ETF, Global X Copper Miners ETF, Global X Uranium ETF and Global X Lithium ETF, respectively and the value of securities purchased with the cash collateral held from securities on loan was $16,032,909, $3,726,555, $3,225,658, $33,999,960 and $1,762,540 for the Global X Silver Miners ETF, Global X Gold Explorers ETF, Global X Copper Miners ETF, Global X Uranium ETF and Global X Lithium ETF, respectively.

45

 

Notes to Financial Statements (concluded)

April 30, 2014 (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.

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.

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.

46

 

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.

47

 

Disclosure of Fund Expenses(Unaudited) (concluded)

	Beginning Account Value 11/1/2013		Ending Account Value 4/30/2014		Annualized Expense Ratios			Expenses Paid During Period(1)
Global X Silver Miners ETF
Actual Fund Return	$	1,000.00	$	977.00		0.65	%	$	3.19
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X Gold Explorers ETF
Actual Fund Return	$	1,000.00	$	1,028.90		0.65	%	$	3.27
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	$	1,035.30		0.59	%	$	2.98
Hypothetical 5% Return		1,000.00		1,021.87		0.59			2.96
Global X Copper Miners ETF
Actual Fund Return	$	1,000.00	$	966.10		0.65	%	$	3.17
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X Uranium ETF
Actual Fund Return	$	1,000.00	$	1,066.70		0.69	%	$	3.54
Hypothetical 5% Return		1,000.00		1,021.37		0.69			3.46
Global X Lithium ETF
Actual Fund Return	$	1,000.00	$	1,020.30		0.75	%	$	3.76
Hypothetical 5% Return		1,000.00		1,021.08		0.75			3.76
Global X Fertilizers/Potash ETF
Actual Fund Return	$	1,000.00	$	1,027.90		0.69	%	$	3.47
Hypothetical 5% Return		1,000.00		1,021.37		0.69			3.46
Global X Junior Miners ETF
Actual Fund Return	$	1,000.00	$	987.40		0.69	%	$	3.40
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.)

48

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 15, 2013, 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 each Renewal Fund’s other service providers throughout the year.

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

49

 

Approval of Investment Advisory Agreement (Unaudited) (continued)

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;

• 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.

50

 

Approval of Investment Advisory Agreement (Unaudited) (continued)

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

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

51

 

Approval of Investment Advisory Agreement (Unaudited) (continued)

Comparison of Fees and Services

With respect to this factor, the Board considered:

• comparative information with respect to the management fee paid to Global X Management by each of the Renewal Funds. In connection with this consideration, Global X Management provided the Board with 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/or other comparable registered funds and fees and expenses paid by other funds that are series of the Trust under the same unitary management fee structure;

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

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

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

Economies of Scale

With respect to this factor, the Board considered:

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

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

52

 

Approval of Investment Advisory Agreement (Unaudited) (concluded)

Other Benefits

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

53

 

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 www.GlobalXFunds.com.

54

 

NOTES

 

NOTES

 

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-001-0600

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)

Global X Next Emerging & Frontier ETF (ticker: EMFM)

Global X FTSE Portugal 20 ETF (ticker: PGAL)

Semi-Annual Report

April 30, 2014

  

Table of Contents

Schedules of Investments
Global X China Consumer ETF	1
Global X China Energy ETF	4
Global X China Financials ETF	6
Global X China Industrials ETF	8
Global X China Materials ETF	10
Global X NASDAQ China Technology ETF	12
Global X FTSE ASEAN 40 ETF	14
Global X FTSE Andean 40 ETF	17
Global X FTSE Colombia 20 ETF	21
Global X Brazil Mid Cap ETF	23
Global X Brazil Consumer ETF	27
Global X Brazil Financials ETF	30
Global X FTSE Argentina 20 ETF	32
Global X FTSE Greece 20 ETF	34
Global X FTSE Norway 30 ETF	37
Global X FTSE Nordic Region ETF	40
Global X Central Asia & Mongolia Index ETF	43
Global X Nigeria Index ETF	45
Global Next Emerging & Frontier ETF	47
Global X FTSE Portugal 20 ETF	59
Statements of Assets and Liabilities	61
Statements of Operations	66
Statements of Changes in Net Assets	71
Financial Highlights	81
Notes to Financial Statements	84
Disclosure of Fund Expenses	100
Approval of Investment Advisory Agreement	103
Supplemental Information	108

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, 2014 (Unaudited)
Global X China Consumer ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 9 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 99.8%
CHINA— 73.9%
Consumer Goods — 46.4%
ANTA Sports Products		2,117,796	$	3,097,635
BYD, Cl H *		1,220,400		6,571,911
China Yurun Food Group*(A)		3,681,788		1,771,335
Daphne International Holdings(A)		2,277,524		913,601
Dongfeng Motor Group, Cl H		5,301,946		7,071,131
Great Wall Motor, Cl H(A)		1,591,329		7,204,438
Guangzhou Automobile Group, Cl H		6,103,417		6,156,201
Hengan International Group		720,856		7,591,677
Labixiaoxin Snacks Group(A)(C)(D)		1,106,700		385,413
Li Ning(A)		2,866,669		1,996,661
Shenzhou International Group Holdings		1,315,962		4,531,976
Tingyi Cayman Islands Holding		2,653,418		7,375,407
Tsingtao Brewery, Cl H		904,264		6,584,036
Uni-President China Holdings(A)		2,929,461		2,425,804
Want Want China Holdings		4,706,197		7,381,365
				71,058,591
Consumer Services — 27.5%
Air China, Cl H		4,702,028		2,668,523
Ajisen China Holdings		1,446,393		1,218,239
China Southern Airlines, Cl H		4,856,895		1,447,117
Chow Tai Fook Jewellery Group(A)		2,934,379		4,117,922
Ctrip.com International ADR*		109,546		5,120,180
E-Commerce China Dangdang ADR, Cl A(A) *		122,661		1,323,512
Golden Eagle Retail Group		1,347,310		1,737,803
GOME Electrical Appliances Holding		31,570,057		5,945,128
Home Inns & Hotels Management ADR *		53,312		1,515,127
Intime Retail Group		2,617,496		2,569,234
New Oriental Education & Technology Group ADR		99,218		2,401,076
Parkson Retail Group(A)		3,192,612		934,771
Sun Art Retail Group(A)		5,705,900		7,433,247
Wumart Stores, Cl H		1,475,711		1,448,501

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

1

Schedule of Investments	April 30, 2014 (Unaudited)
Global X China Consumer ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Consumer Services — continued
Youku.com ADR *		99,564	$	2,219,282
				42,099,662
TOTAL CHINA				113,158,253
HONG KONG— 25.9%
Consumer Goods — 20.3%
Belle International Holdings, Cl A		6,989,196		7,238,953
Biostime International Holdings*		420,000		2,789,906
Bosideng International Holdings(A)		7,681,362		1,129,474
China Agri-Industries Holdings		5,569,656		2,227,015
China Foods*		1,996,313		674,626
China Mengniu Dairy		1,396,226		7,176,572
China Resources Enterprise(A)		2,641,413		7,512,386
Skyworth Digital Holdings *		4,923,196		2,355,885
				31,104,817
Consumer Services — 5.6%
China Dongxiang Group		7,767,988		1,372,657
Melco Crown Entertainment ADR*		207,995		7,109,269
				8,481,926
TOTAL HONG KONG				39,586,743
TOTAL COMMON STOCK
(Cost $174,705,261)				152,744,996
REPURCHASE AGREEMENTS — 14.0%
Barclays
0.040%, dated 04/30/14, to be repurchased on 05/01/14, repurchase price $21,000,023 (collateralized by U.S. Treasury Bills, ranging in par value $88,582-$5,776,2001, 0.625%-4.625%, 10/15/16-11/15/21 with a total market value of $21,420,007)(B)	$	21,000,000		21,000,000
Deutsche Bank
0.040%, dated 04/30/14, to be repurchased on 05/01/14, repurchase price $376,801 (collateralized by U.S. Treasury Bills, par value $340,930, 4.500%, 05/15/17 with a total market value of $377,872)(B)		376,801		376,801
TOTAL REPURCHASE AGREEMENTS
(Cost $21,376,801)				21,376,801

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

2

Schedule of Investments	April 30, 2014 (Unaudited)
Global X China Consumer ETF

	Face Amount(1)		Value
TIME DEPOSITS — 0.2%
Brown Brothers Harriman
0.030%, 05/01/14		158,803	$	158,803
0.005%, 05/01/14, HKD		667,173		86,054
TOTAL TIME DEPOSITS
(Cost $244,857)				244,857
TOTAL INVESTMENTS — 114.0%
(Cost $196,326,919)			$	174,366,654

Percentages are based on Net Assets of $152,999,850.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

HKD — Hong Kong Dollar

^(A) This security or a partial position of this security is on loan at April 30, 2014. The total value of securities on loan at April 30, 2014 was $19,669,442.

^(B) This security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2014 was $21,376,801.

^(C) Security considered illiquid. The total value of such security as of April 30, 2014 was $385,413 and represented 0.3% of Net Assets.

^(D) 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, 2014, was $385,413 and represented 0.3% of Net Assets.

⁽¹⁾ In U.S. Dollars unless otherwise indicated.

The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(a)		Total
Common Stock	$	152,359,583	$	—	$	385,413	$	152,744,996
Repurchase Agreements		21,376,801		—		—		21,376,801
Time Deposits		—		244,857		—		244,857
Total Investments in Securities	$	173,736,384	$	244,857	$	385,413	$	174,366,654

(a) 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, 2014 the transfers into Level 3 were due to a security being halted. Transfers between levels are recognized at period end.

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

3

Schedule of Investments	April 30, 2014 (Unaudited)
Global X China Energy ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.8%
CHINA— 52.1%
Energy — 41.3%
Anton Oilfield Services Group		40,328	$	26,684
China Coal Energy, Cl H		152,091		82,196
China Longyuan Power Group, Cl H		124,176		127,813
China Oilfield Services, Cl H		70,756		168,655
China Petroleum & Chemical, Cl H		409,297		361,628
China Shenhua Energy, Cl H		61,140		165,607
Daqo New Energy ADR *		293		12,034
Hanwha SolarOne ADR *		3,805		9,893
JA Solar Holdings ADR *		1,524		14,676
JinkoSolar Holding ADR *		1,108		29,805
PetroChina, Cl H		324,013		375,294
ReneSola ADR *		3,482		9,471
Tianneng Power International		25,015		8,679
Trina Solar ADR *		1,800		20,124
Yanzhou Coal Mining, Cl H		71,275		53,689
Yingli Green Energy Holding ADR *		4,034		13,796
				1,480,044
Oil & Gas — 4.6%
ENN Energy Holdings		23,461		164,013
Utilities — 6.2%
Datang International Power Generation, Cl H		106,812		39,815
Huadian Power International, Cl H		53,961		29,302
Huaneng Power International, Cl H		123,621		120,704
Huaneng Renewables, Cl H		105,700		32,720
				222,541
TOTAL CHINA				1,866,598
HONG KONG— 47.7%
Energy — 24.1%
Beijing Enterprises Holdings		19,473		169,288
China Gas Holdings		77,237		125,525
CNOOC		222,985		368,720
Kunlun Energy		106,905		166,846

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

4

Schedule of Investments	April 30, 2014 (Unaudited)
Global X China Energy ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Energy — continued
Shougang Fushan Resources Group		105,115	$	31,590
				861,969
Oil & Gas — 2.5%
China Oil & Gas Group		154,700		25,541
Shunfeng Photovoltaic International *		34,200		44,068
Xinjiang Goldwind Science & Technology*		21,100		22,916
				92,525
Utilities — 21.1%
China Power International Development		94,984		34,181
China Resources Gas Group		32,100		95,021
China Resources Power Holdings		64,401		161,980
GCL-Poly Energy Holdings*		419,011		125,385
Hong Kong & China Gas		75,425		173,946
Power Assets Holdings		19,200		165,924
				756,437
TOTAL HONG KONG				1,710,931
TOTAL COMMON STOCK
(Cost $3,417,406)				3,577,529
TIME DEPOSIT — 0.2%
Brown Brothers Harriman, 0.030%, 05/01/14
(Cost $5,395)	$	5,395		5,395
TOTAL INVESTMENTS — 100.0%
(Cost $3,422,801)			$	3,582,924

Percentages are based on Net Assets of $3,583,935.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	3,577,529	$	—	$	—	$	3,577,529
Time Deposit		—		5,395		—		5,395
Total Investments in Securities	$	3,577,529	$	5,395	$	—	$	3,582,924

For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2014, there were no Level 3 investments.

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

5

Schedule of Investments	April 30, 2014 (Unaudited)
Global X China Financials ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.8%
CHINA— 79.3%
Financials — 72.1%
Agricultural Bank of China, Cl H		1,809,688	$	758,613
Bank of China, Cl H		3,644,734		1,603,073
Bank of Communications, Cl H		958,971		596,191
China Citic Bank, Cl H		790,252		470,913
China Construction Bank, Cl H		2,335,326		1,611,515
China Life Insurance, Cl H		282,540		728,129
China Merchants Bank, Cl H		433,434		773,735
China Minsheng Banking, Cl H		500,713		503,751
China Pacific Insurance Group, Cl H		204,412		640,687
Chongqing Rural Commercial Bank, Cl H		234,967		103,043
CITIC Securities, Cl H		100,596		201,894
E-House China Holdings ADR		8,546		74,350
Industrial & Commercial Bank of China, Cl H		2,632,737		1,568,854
PICC Property & Casualty, Cl H		424,042		558,975
Ping An Insurance Group of China, Cl H		99,407		735,332
Sino-Ocean Land Holdings		428,921		226,827
SOHO China		195,359		155,472
				11,311,354
Real Estate — 7.2%
Agile Property Holdings		117,612		95,419
Country Garden Holdings		426,793		171,203
Evergrande Real Estate Group*		438,561		195,722
Greentown China Holdings		58,593		58,949
Guangzhou R&F Properties		98,193		128,172
Longfor Properties		119,638		154,621
Shimao Property Holdings		123,504		243,728
Shui On Land		344,001		90,959
				1,138,773
TOTAL CHINA				12,450,127
HONG KONG— 20.5%
Financials — 19.3%
Cheung Kong Holdings		44,300		754,242
China Everbright		82,541		110,297
China Overseas Land & Investment		299,466		734,668

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

6

Schedule of Investments	April 30, 2014 (Unaudited)
Global X China Financials ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Financials — continued
China Resources Land		186,908	$	384,763
Franshion Properties China		280,858		88,391
Haitong Securities, Cl H		131,500		183,860
Hopson Development Holdings *		58,461		57,157
KWG Property Holding		109,547		60,617
New China Life Insurance, Cl H *		89,811		264,697
People's Insurance Group of China, Cl H		408,000		156,297
Shenzhen Investment		210,945		68,837
Sunac China Holdings		136,600		69,419
Yuexiu Property		441,845		85,486
				3,018,731
Real Estate — 1.2%
China Taiping Insurance Holdings *		75,330		119,510
Poly Property Group		191,207		82,866
				202,376
TOTAL HONG KONG				3,221,107
TOTAL COMMON STOCK
(Cost $18,381,478)				15,671,234
TIME DEPOSIT — 0.3%
Brown Brothers Harriman, 0.030% 05/01/14
(Cost $46,469)	$	46,469		46,469
TOTAL INVESTMENTS — 100.1%
(Cost $18,427,947)			$	15,717,703

Percentages are based on Net Assets of $15,697,874.

* Non-income producing security.

Cl — Class

The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	15,671,234	$	—	$	—	$	15,671,234
Time Deposit		—		46,469		—		46,469
Total Investments in Securities	$	15,671,234	$	46,469	$	—	$	15,717,703

For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2014, there were no Level 3 investments.

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

7

Schedule of Investments	April 30, 2014 (Unaudited)
Global X China Industrials ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.8%
CHINA— 73.3%
Industrials — 73.3%
Anhui Conch Cement, Cl H		40,937	$	152,069
BYD, Cl H *		27,544		148,326
China Communications Construction, Cl H		242,883		158,832
China COSCO Holdings, Cl H		207,962		82,348
China Lesso Group Holdings		78,245		41,580
China National Building Material, Cl H		164,217		155,258
China National Materials		86,346		16,706
China Railway Construction, Cl H		152,111		125,762
China Railway Group, Cl H		309,268		137,622
China Rongsheng Heavy Industry Group *		249,418		43,109
China Shanshui Cement Group		162,852		62,806
China Shipping Container Lines, Cl H *		313,252		74,748
China Shipping Development, Cl H *		91,744		50,174
China South Locomotive and Rolling Stock		155,013		113,167
China Zhongwang Holdings		104,108		32,496
Dongfang Electric, Cl H		25,843		40,333
First Tractor, Cl H		32,441		18,997
Guangshen Railway, Cl H		119,588		45,195
Haitian International Holdings		51,396		103,548
Harbin Power Equipment, Cl H		47,671		27,854
Hollysys Automation Technologies *		3,086		66,071
Jiangsu Expressway, Cl H		98,479		110,890
Metallurgical Corp of China, Cl H *		217,441		41,789
Sany Heavy Equipment International Holdings		62,094		14,416
Shanghai Electric Group, Cl H		233,151		91,421
Weichai Power, Cl H		39,159		136,373
Yangzijiang Shipbuilding Holdings		154,243		135,333
Zhejiang Expressway, Cl H		115,600		100,049
Zhuzhou CSR Times Electric, Cl H		41,593		122,049
TOTAL CHINA				2,449,321
HONG KONG— 26.5%
Industrials — 26.5%
AviChina Industry & Technology, Cl H		164,800		88,002
Beijing Capital International Airport, Cl H		113,171		78,533

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

8

Schedule of Investments	April 30, 2014 (Unaudited)
Global X China Industrials ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Industrials — continued
Chaowei Power Holdings		43,100	$	22,181
China High Speed Transmission Equipment Group *		77,750		54,153
China International Marine Containers Group, Cl H		36,600		72,039
China Merchants Holdings International		50,900		159,207
China Resources Cement Holdings		140,141		97,248
CITIC Resources Holdings *		41		6
Shanghai Industrial Holdings		37,399		115,772
Shenzhen International Holdings		63,382		76,847
Sunny Optical Technology Group		47,464		55,466
Zoomlion Heavy Industry Science and Technology		101,500		67,685
TOTAL HONG KONG				887,139
TOTAL COMMON STOCK
(Cost $4,411,304)				3,336,460
TIME DEPOSIT — 0.2%
Brown Brothers Harriman, 0.030%, 05/01/14
(Cost $7,423)	$	7,423		7,423
TOTAL INVESTMENTS — 100.0%
(Cost $4,418,727)			$	3,343,883

Percentages are based on Net Assets of $3,342,529.

* Non-income producing security.

Cl — Class

The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	3,336,460	$	—	$	—	$	3,336,460
Time Deposit		—		7,423		—		7,423
Total Investments in Securities	$	3,336,460	$	7,423	$	—	$	3,343,883

For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2014, there were no Level 3 investments.

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

9

Schedule of Investments	April 30, 2014 (Unaudited)
Global X China Materials ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.7%
CHINA— 61.9%
Basic Materials — 61.9%
Aluminum Corp of China, Cl H *		269,299	$	96,216
Angang Steel, Cl H *		138,484		83,952
BBMG, Cl H		124,300		87,378
China BlueChemical		188,529		101,159
China Hongqiao Group		122,582		83,798
China Molybdenum, Cl H		149,188		66,387
China Rare Earth Holdings *		38		5
Dongyue Group		149,557		59,800
Fosun International *		82,200		99,451
Hidili Industry International Development *		16		2
Hunan Non-Ferrous Metal, Cl H *		203,987		59,199
Jiangxi Copper, Cl H		58,941		97,311
Maanshan Iron & Steel, Cl H *		240,025		50,154
Real Gold Mining (A)(B) *		97,864		11,184
Sinofert Holdings		244,130		30,229
Sinopec Shanghai Petrochemical, Cl H		404,410		98,587
Sinopec Yizheng Chemical Fibre, Cl H		290,614		64,473
Yongye International *		4,287		29,966
Zhaojin Mining Industry		109,244		65,521
Zijin Mining Group, Cl H		418,949		102,131
TOTAL CHINA				1,286,903
HONG KONG— 35.4%
Basic Materials — 35.4%
China Lumena New Materials (A)(B)		462,350		67,090
China Precious Metal Resources Holdings *		434,700		43,734
Citic Pacific		55,400		97,181
Fufeng Group		123,844		47,123
Kingboard Chemical Holdings		51,100		97,415
Kingboard Laminates Holdings		149,828		57,976
Nine Dragons Paper Holdings		144,500		94,868
North Mining Shares, Cl C *		1,176,456		54,627
Shougang Concord International Enterprises		853,924		39,651
West China Cement		354,300		38,387

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

10

Schedule of Investments	April 30, 2014 (Unaudited)
Global X China Materials ETF

	Shares		Value
COMMON STOCK — continued
Basic Materials — continued
Yingde Gases		98,049	$	99,023
TOTAL HONG KONG				737,075
SINGAPORE— 2.4%
Basic Materials — 2.4%
Midas Holdings		133,266		49,960
TOTAL COMMON STOCK
(Cost $2,656,179)				2,073,938
TOTAL INVESTMENTS — 99.7%
(Cost $2,656,179)			$	2,073,938

Percentages are based on Net Assets of $2,081,022.

* Non-income producing security.

Cl — Class

^(A) Securities considered illiquid. The total value of such securities as of April 30, 2014 was $78,274 and represented 3.8% 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, 2014, was $78,274 and represents 3.8% of Net Assets.

The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Common Stock	$	1,995,664	$	—	$	78,274	$	2,073,938
Total Investments in Securities	$	1,995,664	$	—	$	78,274	$	2,073,938

(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, 2013	$	11,184
Transfers into Level 3		67,090
Ending Balance as of April 30, 2014	$	78,274

For the period ended April 30, 2014 the transfers into Level 3 were due to a security being halted. Transfers between levels are recognized at period end.

Net change in unrealized appreciation/(depreciation) from investments (Level 3) still held as of April 30, 2014 is $0.

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

11

Schedule of Investments	April 30, 2014 (Unaudited)
Global X NASDAQ China Technology ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.8%
CHINA— 75.8%
Technology — 75.8%
21Vianet Group ADR *		27,890	$	669,918
500.com ADR, Cl A *		4,221		133,806
Autohome ADR *		1,312		42,023
AutoNavi Holdings ADR *		7,484		154,769
Baidu ADR *		10,157		1,562,655
BYD Electronic International *		500,204		308,395
China Communications Services, Cl H		561,221		284,485
China Finance Online *		11,517		42,843
ChinaCache International Holdings ADR *		5,454		75,265
Coolpad Group		803,702		347,274
FIH Mobile *		1,441,959		777,432
Kingdee International Software Group *		1,129,837		336,636
Lenovo Group		1,638,413		1,863,910
Montage Technology Group *		9,244		192,183
NetEase ADR *		12,496		850,853
O-Net Communications Group		321,300		83,299
Qihoo 360 Technology ADR *		15,946		1,345,524
Semiconductor Manufacturing International *		10,124,117		822,679
SINA *		25,414		1,214,789
Sohu.com *		10,284		567,368
Sungy Mobile ADR *		3,669		60,025
Tencent Holdings		21,753		1,355,748
Travelsky Technology, Cl H		207,035		157,821
YY ADR *		11,608		665,835
ZTE, Cl H *		399,337		814,853
TOTAL CHINA				14,730,388
HONG KONG— 24.0%
Technology — 24.0%
ASM Pacific Technology		96,520		1,073,143
Chinasoft International *		786,700		226,280
Citic 21CN *		1,367,800		760,384
Comba Telecom Systems Holdings *		512,052		130,771
Digital China Holdings		520,324		481,201
Ju Teng International Holdings		555,344		410,440

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

12

Schedule of Investments	April 30, 2014 (Unaudited)
Global X NASDAQ China Technology ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Technology — continued
TCL Communication Technology Holdings		320,200	$	341,554
VODone *		2,028,888		177,951
VTech Holdings		77,351		1,067,537
TOTAL HONG KONG				4,669,261
TOTAL COMMON STOCK
(Cost $18,902,639)				19,399,649
TIME DEPOSIT — 0.2%
Brown Brothers Harriman, 0.030%, 05/01/14
(Cost $39,737)	$	39,737		39,737
TOTAL INVESTMENTS — 100.0%
(Cost $18,942,376)			$	19,439,386

Percentages are based on Net Assets of $19,432,573.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	19,399,649	$	—	$	—	$	19,399,649
Time Deposit		—		39,737		—		39,737
Total Investments in Securities	$	19,399,649	$	39,737	$	—	$	19,439,386

For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2014, there were no Level 3 investments.

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

13

Schedule of Investments	April 30, 2014 (Unaudited)
Global X FTSE ASEAN 40 ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.1%
INDONESIA— 16.6%
Consumer Goods — 4.4%
Astra International		1,666,231	$	1,070,083
Unilever Indonesia		95,996		242,865
				1,312,948
Financials — 8.0%
Bank Central Asia		1,016,456		967,090
Bank Mandiri		773,960		657,714
Bank Rakyat Indonesia Persero		891,560		763,434
				2,388,238
Telecommunications — 2.8%
Telekomunikasi Indonesia ADR		20,789		825,323
Utilities — 1.4%
Perusahaan Gas Negara		884,539		407,402
TOTAL INDONESIA				4,933,911
MALAYSIA— 28.8%
Basic Materials — 1.7%
Petronas Chemicals Group		238,824		492,202
Consumer Goods — 1.6%
IOI		308,493		472,352
Consumer Services — 1.9%
Genting		183,815		551,642
Financials — 11.9%
CIMB Group Holdings		444,657		1,022,623
Malayan Banking		356,964		1,082,206
Public Bank		234,329		1,445,226
				3,550,055
Industrials — 2.5%
Sime Darby		258,622		747,632

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

14

Schedule of Investments	April 30, 2014 (Unaudited)
Global X FTSE ASEAN 40 ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — 1.6%
Petronas Gas		65,639	$	472,367
Telecommunications — 6.2%
Axiata Group		413,228		851,638
DiGi.Com		309,500		525,074
Maxis		217,706		463,346
				1,840,058
Utilities — 1.4%
Tenaga Nasional		116,055		422,923
TOTAL MALAYSIA				8,549,231
PHILIPPINES— 3.0%
Consumer Services — 1.4%
SM Investments		26,447		430,105
Telecommunications — 1.6%
Philippine Long Distance Telephone ADR		7,257		468,076
TOTAL PHILIPPINES				898,181
SINGAPORE— 36.4%
Consumer Goods — 1.6%
Wilmar International		174,521		473,296
Consumer Services — 4.0%
Genting Singapore		504,245		532,922
Jardine Cycle & Carriage		8,257		308,954
Singapore Airlines		41,773		345,859
				1,187,735
Financials — 19.9%
CapitaLand		210,388		537,004
DBS Group Holdings		143,944		1,944,972
Oversea-Chinese Banking		224,608		1,728,857
United Overseas Bank		98,062		1,702,025
				5,912,858
Industrials — 1.3%
Singapore Technologies Engineering		128,645		391,979
Oil & Gas — 3.4%
Keppel		118,207		992,837
Telecommunications — 6.2%
Singapore Telecommunications		606,634		1,853,241
TOTAL SINGAPORE				10,811,946
THAILAND— 14.3%
Consumer Services — 1.6%
CP ALL		365,163		473,945

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

15

Schedule of Investments	April 30, 2014 (Unaudited)
Global X FTSE ASEAN 40 ETF

	Shares		Value
COMMON STOCK — continued
Financials — 4.9%
Bangkok Bank		41,201	$	240,000
Kasikornbank		96,718		572,358
Siam Commercial Bank		128,871		659,090
				1,471,448
Industrials — 1.1%
Siam Cement		24,836		333,091
Oil & Gas — 4.2%
PTT		70,714		683,977
PTT Exploration & Production		115,180		567,713
				1,251,690
Telecommunications — 2.5%
Advanced Info Service		98,471		736,402
TOTAL THAILAND				4,266,576
TOTAL COMMON STOCK
(Cost $30,972,098)				29,459,845
TOTAL INVESTMENTS — 99.1%
(Cost $30,972,098)			$	29,459,845

Percentages are based on Net Assets of $29,722,935.

ADR — American Depositary Receipt

The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	29,459,845	$	—	$	—	$	29,459,845
Total Investments in Securities	$	29,459,845	$	—	$	—	$	29,459,845

For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2014, there were no Level 3 investments.

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

16

Schedule of Investments	April 30, 2014 (Unaudited)
Global X FTSE Andean 40 ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 96.7%
CHILE— 49.6%
Basic Materials — 5.4%
CAP		5,961	$	89,375
Empresas CMPC		85,065		189,350
Sociedad Quimica y Minera de Chile ADR		7,567		241,387
				520,112
Consumer Goods — 2.3%
Cia Cervecerias Unidas ADR		5,918		139,487
Embotelladora Andina ADR, Cl B		3,106		75,228
				214,715
Consumer Services — 11.0%
Cencosud		89,987		299,821
Latam Airlines Group ADR		27,294		418,417
SACI Falabella		38,474		327,290
				1,045,528
Financials — 10.4%
Banco de Chile ADR		3,288		254,393
Banco de Credito e Inversiones		3,461		191,373
Banco Santander Chile ADR		12,809		310,874
Corpbanca ADR		8,532		150,590
Parque Arauco		46,414		83,071
				990,301
Oil & Gas — 4.1%
Empresas COPEC		30,250		390,285
Technology — 0.9%
Sonda		37,810		87,446

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

17

Schedule of Investments	April 30, 2014 (Unaudited)
Global X FTSE Andean 40 ETF

	Shares		Value
COMMON STOCK — continued
Telecommunications — 1.1%
ENTEL Chile		8,695	$	106,743
Utilities — 14.4%
AES Gener		194,500		104,617
Aguas Andinas, Cl A		233,471		144,033
Colbun		565,324		139,875
E.CL		39,554		50,240
Empresa Nacional de Electricidad ADR		9,018		397,423
Enersis ADR		30,241		486,880
Inversiones Aguas Metropolitanas		34,900		57,769
				1,380,837
TOTAL CHILE				4,735,967
COLOMBIA— 34.4%
Consumer Goods — 5.0%
Almacenes Exito		17,104		260,546
Grupo Nutresa		15,815		221,965
				482,511
Financials — 10.7%
BanColombia ADR		7,886		448,950
Celsia ESP		22,600		68,853
Financiera Colombiana		7,715		149,155
Grupo de Inversiones Suramericana		17,977		350,707
				1,017,665
Industrials — 4.6%
Cementos Argos		29,960		167,083
Grupo Argos		24,676		271,661
				438,744
Oil & Gas — 11.7%
Ecopetrol ADR		19,186		719,283
Pacific Rubiales Energy ^		24,520		400,222
				1,119,505
Utilities — 2.4%
Interconexion Electrica		25,480		119,468
Isagen		62,600		102,309
				221,777
TOTAL COLOMBIA				3,280,202
PERU— 12.7%
Basic Materials — 6.2%
Cia de Minas Buenaventura ADR		15,785		205,205
Southern Copper		12,764		384,707
				589,912

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

18

Schedule of Investments	April 30, 2014 (Unaudited)
Global X FTSE Andean 40 ETF

	Shares/ Rights		Value
COMMON STOCK — continued
Financials — 6.5%
Credicorp		1,056	$	157,872
Credicorp †		3,107		463,720
				621,592
TOTAL PERU				1,211,504
TOTAL COMMON STOCK
(Cost $10,879,963)				9,227,673
PREFERRED STOCK — 3.1%
COLOMBIA— 3.1%
Financials — 2.1%
Banco Davivienda		7,570		107,809
Grupo Aval Acciones y Valores		134,171		90,761
				198,570
Industrials — 1.0%
Grupo Argos		9,110		100,387
TOTAL PREFERRED STOCK
(Cost $261,720)				298,957
RIGHTS — 0.0%
Chile — 0.0%
AES Gener SA, Expires 05/01/14*
(Cost $—)		8,080		694
TOTAL INVESTMENTS — 99.8%
(Cost $11,141,683)			$	9,527,324

Percentages are based on Net Assets of $9,545,927.

* Non-income producing security.

^ Security traded on the Toronto Stock Exchange.

† Security traded on the New York Stock Exchange.

ADR — American Depositary Receipt

Cl — Class

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

19

Schedule of Investments	April 30, 2014 (Unaudited)
Global X FTSE Andean 40 ETF

The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	9,227,673	$	—	$	—	$	9,227,673
Preferred Stock		298,957		—		—		298,957
Rights		694		—		—		694
Total Investments in Securities	$	9,527,324	$	—	$	—	$	9,527,324

For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2014, there were no Level 3 investments.

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

20

Schedule of Investments	April 30, 2014 (Unaudited)
Global X FTSE Colombia 20 ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 86.9%
COLOMBIA— 86.9%
Consumer Goods — 9.7%
Almacenes Exito		338,835	$	5,161,500
Fabricato *		8,922,000		81,085
Grupo Nutresa		364,255		5,112,351
				10,354,936
Financials — 31.6%
Banco de Bogota		131,790		4,756,914
BanColombia ADR		258,982		14,743,845
Bolsa de Valores de Colombia		41,858,146		447,421
Celsia ESP		836,014		2,547,014
Financiera Colombiana		263,479		5,093,875
Grupo de Inversiones Suramericana		329,439		6,426,916
Interbolsa (B)(C) *		1,320,603		6,683
				34,022,668
Industrials — 13.5%
Cementos Argos		929,543		5,183,927
Cemex Latam Holdings *		470,212		4,341,371
Grupo Argos		453,463		4,992,232
				14,517,530
Oil & Gas — 20.6%
Canacol Energy *		245,305		1,848,656
Ecopetrol ADR(A)		346,516		12,990,885
Pacific Rubiales Energy ^		449,095		7,330,240
				22,169,781
Utilities — 11.5%
Empresa de Energia de Bogota		5,176,408		4,250,023
Interconexion Electrica		936,962		4,393,124
Isagen		2,280,841		3,727,644
				12,370,791

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

21

Schedule of Investments	April 30, 2014 (Unaudited)
Global X FTSE Colombia 20 ETF

	Shares		Value
COMMON STOCK — continued
TOTAL COMMON STOCK
(Cost $97,228,024)			$	93,435,706
PREFERRED STOCK — 12.8%
COLOMBIA— 12.8%
Consumer Services — 1.8%
Avianca Holdings		951,716		1,973,143
Financials — 9.3%
Banco Davivienda		284,784		4,055,791
Grupo Aval Acciones y Valores		4,963,865		3,357,816
Grupo de Inversiones Suramericana		131,589		2,595,665
				10,009,272
Industrials — 1.7%
Grupo Argos		164,937		1,817,516
TOTAL PREFERRED STOCK
(Cost $11,948,603)				13,799,931
TOTAL INVESTMENTS — 99.7%
(Cost $109,176,627)			$	107,235,637

Percentages are based on Net Assets of $107,595,913.

* Non-income producing security.

^ Security traded on the Toronto Stock Exchange.

ADR — American Depositary Receipt

^(A) This security or a partial position of this security is on loan at April 30, 2014. The total value of securities on loan at April 30, 2014 was $6,971,038. This security is collateralized by cash in the amount of $7,200,681, which is held at Citibank.

^(B) Securities considered illiquid. The total value of such securities as of April 30, 2014 was $6,683 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, 2014, was $6,683 and represents 0.0% of Net Assets.

The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Common Stock	$	93,429,023	$	—	$	6,683	$	93,435,706
Preferred Stock		13,799,931		—		—		13,799,931
Total Investments in Securities	$	107,228,954	$	—	$	6,683	$	107,235,637

(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, 2014, 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.

22

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Brazil Mid Cap ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 89.8%
BRAZIL— 89.8%
Basic Materials — 7.6%
Cia Siderurgica Nacional ADR		104,030	$	402,596
Fibria Celulose ADR *		33,920		336,826
				739,422
Consumer Goods — 11.2%
Cia Hering		8,813		93,990
Cosan, Cl A		11,615		140,890
Cosan Industria e Comercio		6,849		116,692
Hypermarcas		24,427		180,211
JBS *		66,343		229,400
M Dias Branco		2,900		124,857
Natura Cosmeticos		12,056		207,624
				1,093,664
Consumer Services — 12.2%
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		9,460		449,918
Kroton Educacional		16,200		344,379
Localiza Rent a Car		9,800		146,577
Lojas Renner		8,665		252,285
				1,193,159
Financials — 14.3%
BM&F Bovespa		117,571		600,048
BR Malls Participacoes		28,411		245,662
CETIP - Mercados Organizados		14,964		189,722
Cyrela Brazil Realty Empreendimentos e Participacoes		18,079		109,540
Multiplan Empreendimentos Imobiliarios		5,818		129,315
Porto Seguro		7,109		104,415
				1,378,702

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

23

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Brazil Mid Cap ETF

	Shares		Value
COMMON STOCK — continued
Industrials — 8.4%
All America Latina Logistica		31,762	$	125,068
Duratex *		20,386		88,411
EcoRodovias Infraestrutura e Logistica		14,519		85,691
Embraer ADR		7,758		266,875
WEG		20,645		248,142
				814,187
Telecommunications — 8.3%
Tim Participacoes ADR		29,972		806,546
Utilities — 27.8%
Cia de Saneamento Basico do Estado de Sao Paulo ADR *		44,809		424,789
Cia Energetica de Minas Gerais ADR		45,660		344,276
Cia Paranaense de Energia ADR		6,397		91,797
CPFL Energia ADR		32,927		551,857
EDP - Energias do Brasil		16,650		73,029
Tractebel Energia		14,460		212,450
Transmissora Alianca de Energia Eletrica		5,900		52,074
Ultrapar Participacoes ADR		37,795		940,717
				2,690,989
TOTAL COMMON STOCK
(Cost $8,727,273)				8,716,669
PREFERRED STOCK — 9.1%
BRAZIL— 9.1%
Basic Materials — 2.1%
Braskem *		10,300		70,168
Metalurgica Gerdau		18,750		137,151
				207,319
Consumer Services — 2.1%
Lojas Americanas		26,095		198,368
Financials — 1.3%
Bradespar		14,403		125,701
Industrials — 1.6%
Klabin		151,500		154,914
Telecommunications — 0.7%
Oi		74,825		69,490
Utilities — 1.3%
Cia Energetica de Sao Paulo		10,864		126,972
TOTAL PREFERRED STOCK
(Cost $1,464,887)				882,764

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

24

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Brazil Mid Cap ETF

	Face Amount/ Number of Warrants/ Rights		Value
CORPORATE OBLIGATIONS — 0.6%
Hypermarcas (A)(B)
11.300%, 10/15/18	$	59,000	$	26,899
3.000%, 10/15/15		59,000		26,898
TOTAL CORPORATE OBLIGATIONS
(Cost $70,852)				53,797
WARRANTS — 0.0%
Brazil — 0.0%
Hypermarcas
Strike Price $29.48, Expires 10/15/15(A)(B)*
(Cost $—)		59		—
RIGHTS — 0.0%
Brazil — 0.0%
Klabin SA, Expires 05/19/14*
(Cost $—)		924		—
TIME DEPOSIT — 0.0%
Brown Brothers Harriman, 0.030%, 05/01/14
(Cost $3,752)		3,752		3,752
TOTAL INVESTMENTS — 99.5%
(Cost $10,266,764)			$	9,656,982

Percentages are based on Net Assets of $9,708,610.

* 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, 2014, was $53,797 and represented 0.6% of Net Assets.

^(B) Securities considered illiquid. The total value of such securities as of April 30, 2014 was $53,797 and represented 0.6% of Net Assets.

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

The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Common Stock	$	8,716,669	$	—	$	—	$	8,716,669
Preferred Stock		882,764		—		—		882,764
Corporate Obligations		—		—		53,797		53,797
Warrants		—		—		—		—
Rights		—		—		—		—
Time Deposit		—		3,752		—		3,752
Total Investments in Securities	$	9,599,433	$	3,752	$	53,797	$	9,656,982

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

25

Schedule of Investments	April 30, 2014 (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, 2014, 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.

26

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Brazil Consumer ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 91.7%
BRAZIL— 91.7%
Consumer Goods — 56.3%
Ambev ADR *		96,837	$	702,068
Arezzo Industria e Comercio		21,403		239,203
BRF ADR		31,883		720,556
Cia Hering		51,821		552,665
Cosan, Cl A		48,505		588,365
Cosan Industria e Comercio		37,811		644,216
Gafisa ADR *		109,988		364,060
Grendene		39,541		249,154
Hypermarcas		88,407		652,223
JBS *		202,770		701,135
M Dias Branco *		16,128		694,377
Marfrig Alimentos *		114,407		213,447
Natura Cosmeticos		40,651		700,078
Sao Martinho		23,777		350,937
SLC Agricola		21,853		168,277
Souza Cruz		70,392		645,911
Technos		31,521		186,037
				8,372,709
Consumer Services — 35.4%
Anhanguera Educacional Participacoes		111,220		688,345
B2W Cia Digital *		30,409		336,855
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		14,529		690,999
Gol Linhas Aereas Inteligentes ADR *		48,476		315,094
International Meal Holdings *		23,560		185,965
Localiza Rent a Car		50,353		753,122
Lojas Renner		26,415		769,083
Marisa Lojas		23,861		161,374
Multiplus		22,260		284,720
Raia Drogasil *		93,979		805,866
Restoque Comercio e Confeccoes de Roupas *		47,947		132,245
Rossi Residencial *		157,500		113,017
				5,236,685

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

27

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Brazil Consumer ETF

	Shares/Face Amount/ Number of Warrants		Value
COMMON STOCK — continued
TOTAL COMMON STOCK
(Cost $14,126,180)			$	13,609,394
PREFERRED STOCK — 7.8%
BRAZIL— 7.8%
Consumer Goods — 2.0%
Alpargatas		60,831		299,279
Consumer Services — 5.8%
Lojas Americanas		104,163		791,821
Saraiva Livreiros Editores *		9,193		65,141
				856,962
TOTAL PREFERRED STOCK
(Cost $1,010,618)				1,156,241
CORPORATE OBLIGATIONS — 0.5%
Hypermarcas (A)(B)
11.300%, 10/15/18	$	84,000		38,296
3.000%, 10/15/15		84,000		38,296
TOTAL CORPORATE OBLIGATIONS
(Cost $100,874)				76,592
WARRANTS — 0.0%
Brazil — 0.0%
Hypermarcas
Strike Price $29.48, Expires 10/15/15(A)(B)*		84		—
TOTAL WARRANTS
(Cost $—)				—
TOTAL INVESTMENTS — 100.0%
(Cost $15,237,672)			$	14,842,227

Percentages are based on Net Assets of $14,843,572.

* 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, 2014, was $76,592 and represented 0.5% of Net Assets.

^(B) Securities considered illiquid. The total value of such securities as of April 30, 2014 was $76,592 and represented 0.5% of Net Assets.

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

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

28

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Brazil Consumer ETF

The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Common Stock	$	13,609,394	$	—	$	—	$	13,609,394
Preferred Stock		1,156,241		—		—		1,156,241
Corporate Obligations		—		—		76,592		76,592
Warrants		—		—		—		—
Total Investments in Securities	$	14,765,635	$	—	$	76,592	$	14,842,227

(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, 2014, 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.

29

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Brazil Financials ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 96.1%
BRAZIL— 96.1%
Financials — 96.1%
Banco Bradesco ADR		20,422	$	303,675
Banco do Brasil		11,453		120,655
Banco Santander Brasil ADR		47,929		318,728
BB Seguridade Participacoes		12,800		150,689
BM&F Bovespa		25,666		130,992
BR Malls Participacoes		15,074		130,340
BR Properties		16,174		129,842
Brasil Brokers Participacoes		8,334		16,483
Brasil Insurance Participacoes e Administracao		5,250		23,498
Brookfield Incorporacoes *		17,783		11,405
CETIP - Mercados Organizados		12,404		157,265
Cielo		9,216		160,740
Cyrela Brazil Realty Empreendimentos e Participacoes		15,185		92,006
Even Construtora e Incorporadora		13,329		43,339
Ez Tec Empreendimentos e Participacoes		2,985		36,279
Grupo BTG Pactual		10,017		136,794
Iguatemi Empresa de Shopping Centers		3,344		33,174
Itau Unibanco Holding ADR		19,284		315,487
LPS Brasil Consultoria de Imoveis		3,600		18,196
MRV Engenharia e Participacoes		18,569		58,961
Multiplan Empreendimentos Imobiliarios		4,748		105,532
PDG Realty Empreendimentos e Participacoes *		79,522		48,503
Porto Seguro		6,006		88,215
Rossi Residencial *		20,774		14,907
Sul America		19,510		141,748
TOTAL COMMON STOCK
(Cost $3,186,563)				2,787,453
PREFERRED STOCK — 3.5%
BRAZIL— 3.5%
Financials — 3.5%
Banco ABC Brasil *		4,109		24,049

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

30

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Brazil Financials ETF

	Shares/Face Amount		Value
PREFERRED STOCK — continued
Financials — continued
Banco do Estado do Rio Grande do Sul		10,458	$	60,034
Banco Panamericano *		9,571		15,925
TOTAL PREFERRED STOCK
(Cost $131,118)				100,008
TIME DEPOSIT — 0.5%
Brown Brothers Harriman, 0.030%, 05/01/14
(Cost $15,537)	$	15,537		15,537
TOTAL INVESTMENTS — 100.1%
(Cost $3,333,218)			$	2,902,998

Percentages are based on Net Assets of $2,899,449.

* Non-income producing security.

ADR — American Depositary Receipt

The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	2,787,453	$	—	$	—	$	2,787,453
Preferred Stock		100,008		—		—		100,008
Time Deposit		—		15,537		—		15,537
Total Investments in Securities	$	2,887,461	$	15,537	$	—	$	2,902,998

For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2014, there were no Level 3 investments.

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

31

Schedule of Investments	April 30, 2014 (Unaudited)
Global X FTSE Argentina 20 ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 100.0%
ARGENTINA— 78.9%
Basic Materials — 18.8%
Tenaris ADR		31,833	$	1,402,244
Consumer Goods — 3.3%
Cresud SACIF y A ADR		20,524		247,725
Consumer Services — 17.0%
Arcos Dorados Holdings, Cl A		37,276		339,584
MercadoLibre		9,868		920,388
				1,259,972
Financials — 16.6%
Banco Macro ADR *		11,621		355,138
BBVA Banco Frances ADR *		25,762		252,467
Grupo Financiero Galicia ADR		33,571		451,866
IRSA Inversiones y Representaciones ADR		13,495		179,348
				1,238,819
Oil & Gas — 14.9%
Petrobras Argentina ADR *		36,165		198,184
Transportadora de Gas del Sur ADR *		19,773		52,201
YPF ADR		30,113		857,016
				1,107,401
Telecommunications — 4.8%
Telecom Argentina ADR *		17,581		358,125
Utilities — 3.5%
Pampa Energia ADR *		35,301		261,228
TOTAL ARGENTINA				5,875,514
CANADA— 14.8%
Basic Materials — 14.8%
Goldcorp		11,778		291,152
Pan American Silver		21,522		278,925

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

32

Schedule of Investments	April 30, 2014 (Unaudited)
Global X FTSE Argentina 20 ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Basic Materials — continued
Silver Standard Resources *		28,533	$	282,762
Yamana Gold		33,271		248,867
TOTAL CANADA				1,101,706
CHILE— 3.5%
Consumer Services — 3.5%
Cencosud		78,849		262,711
UNITED STATES— 2.8%
Basic Materials — 1.8%
McEwen Mining *		56,091		134,619
Oil & Gas — 1.0%
Apco Oil and Gas International *		5,088		71,130
TOTAL UNITED STATES				205,749
TOTAL COMMON STOCK
(Cost $6,837,737)				7,445,680
TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.030%, 05/01/14
(Cost $11,167)	$	11,167		11,167
TOTAL INVESTMENTS — 100.1%
(Cost $6,848,904)			$	7,456,847

Percentages are based on Net Assets of $7,451,848.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	7,445,680	$	—	$	—	$	7,445,680
Time Deposit		—		11,167		—		11,167
Total Investments in Securities	$	7,445,680	$	11,167	$	—	$	7,456,847

For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2014, there were no Level 3 investments.

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

33

Schedule of Investments	April 30, 2014 (Unaudited)
Global X FTSE Greece 20 ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 100.0%
CYPRUS— 0.0%
Financials — 0.0%
Bank of Cyprus(A)(B) *		3,387,287	$	97,276
GREECE— 100.0%
Basic Materials — 3.3%
Mytilineos Holdings *		772,702		6,892,999
Consumer Goods — 18.6%
Coca-Cola HBC		1,005,978		25,443,288
Coca-Cola HBC ADR		213,250		5,371,767
JUMBO *		507,171		8,197,200
				39,012,255
Consumer Services — 14.0%
Folli Follie *		245,870		8,527,678
OPAP		1,300,462		20,748,214
				29,275,892
Financials — 29.4%
Alpha Bank AE *		20,798,144		20,111,413
Eurobank Properties Real Estate Investment		240,940		2,787,791
Marfin Investment Group Holdings *		4,843,666		3,346,484
National Bank of Greece ADR *		1,813,950		7,110,684
Piraeus Bank *		12,057,268		28,436,953
				61,793,325
Industrials — 10.0%
Ellaktor *		1,015,687		5,354,621
Metka		256,460		4,589,809
Piraeus Port Authority		65,342		1,695,193
Titan Cement *		298,802		9,410,107
				21,049,730

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

34

Schedule of Investments	April 30, 2014 (Unaudited)
Global X FTSE Greece 20 ETF

	Shares/Face Amount(1)		Value
COMMON STOCK — continued
Oil & Gas — 6.2%
Hellenic Petroleum		700,999	$	6,000,505
Motor Oil Hellas Corinth Refineries		557,583		7,023,937
				13,024,442
Telecommunications — 11.5%
Hellenic Telecommunications Organization *		1,515,938		24,164,994
Utilities — 7.0%
Athens Water Supply & Sewage		309,032		3,987,233
Public Power		572,320		8,646,733
Terna Energy *		338,365		2,018,548
				14,652,514
TOTAL GREECE				209,866,151
TOTAL COMMON STOCK
(Cost $202,288,572)				209,963,427
U.S. TREASURY OBLIGATION — 26.2%
United States Treasury Bills
0.002%, 05/22/14(C)
(Cost $54,999,936)		55,000,000		54,999,615
TIME DEPOSITS — 0.4%
Brown Brothers Harriman
0.030%, 05/14/14		750,593		750,593
0.054%, 05/01/14, EUR		46,103		63,960
TOTAL TIME DEPOSITS
(Cost $814,553)				814,553
TOTAL INVESTMENTS — 126.6%
(Cost $258,103,061)			$	265,777,595

Percentages are based on Net Assets of $209,903,240.

* Non-income producing security.

ADR — American Depositary Receipt

EUR — Euro Dollar

^(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, 2014, was $97,276 and represented 0.0% of Net Assets.

^(B) Securities considered illiquid. The total value of such securities as of April 30, 2014 was $97,276 and represented 0.0% of Net Assets.

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

⁽¹⁾ In U.S. Dollars unless otherwise indicated.

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

35

Schedule of Investments	April 30, 2014 (Unaudited)
Global X FTSE Greece 20 ETF

The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Common Stock	$	209,866,151	$	—	$	97,276	$	209,963,427
U.S. Treasury Obligation		—		54,999,615		—		54,999,615
Time Deposits		—		814,553		—		814,553
Total Investments in Securities	$	209,866,151	$	55,814,168	$	97,276	$	265,777,595

(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, 2014, 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.

36

Schedule of Investments	April 30, 2014 (Unaudited)
Global X FTSE Norway 30 ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 9 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 99.4%
NORWAY— 94.7%
Basic Materials — 10.2%
Norsk Hydro		908,645	$	4,862,473
Yara International		107,463		5,072,779
				9,935,252
Consumer Goods — 8.9%
Aker, Cl A		19,280		651,932
Austevoll Seafood		58,900		380,492
Leroey Seafood Group		11,400		402,739
Marine Harvest		231,774		2,838,542
Orkla(A)		534,031		4,410,205
				8,683,910
Consumer Services — 4.2%
Norwegian Air Shuttle *		8,481		336,712
Schibsted		65,622		3,768,880
				4,105,592
Financials — 17.0%
DnB(A)		635,975		11,244,549
Gjensidige Forsikring(A)		137,189		2,529,468
SpareBank 1 SR Bank		82,493		797,966
Storebrand		360,770		2,022,249
				16,594,232
Industrials — 2.3%
BW LPG * (A)		58,300		745,387
Stolt-Nielsen		15,470		417,700
Tomra Systems		119,454		1,110,279
				2,273,366

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

37

Schedule of Investments	April 30, 2014 (Unaudited)
Global X FTSE Norway 30 ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Oil & Gas — 41.6%
Aker Solutions(A)		119,403	$	1,911,276
Det Norske Oljeselskap *		62,451		682,367
DNO International *		815,066		2,825,986
Fred Olsen Energy		18,820		598,702
Petroleum Geo-Services		175,687		2,117,654
ProSafe		148,470		1,306,290
REC Silicon *		1,866,800		1,038,873
Seadrill		209,117		7,299,729
Statoil(A)		661,402		20,072,493
TGS Nopec Geophysical		82,363		2,840,438
				40,693,808
Technology — 1.9%
Atea		75,042		861,601
Opera Software		74,240		957,927
				1,819,528
Telecommunications — 8.6%
Telenor		358,672		8,417,264
TOTAL NORWAY				92,522,952
UNITED KINGDOM— 4.7%
Oil & Gas — 4.7%
Subsea 7		227,621		4,552,956
TOTAL COMMON STOCK
(Cost $88,814,559)				97,075,908
REPURCHASE AGREEMENTS — 14.6%
Barclays
0.040%, dated 04/30/14, to be repurchased on 05/01/14, repurchase price $13,000,014 (collateralized by U.S. Treasury Bills, ranging in par value $1,443,816-$3,716,914, 0.625%-4.625%, 10/15/16-11/15/21 with a total market value of $13,260,004)(B)	$	13,000,000		13,000,000
Deutsche Bank
0.040%, dated 04/30/14, to be repurchased on 05/01/14, repurchase price $1,224,532 (collateralized by U.S. Treasury Bills, par value $1,107,956, 4.500%, 05/15/17 with a total market value of $1,228,013)(B)		1,224,531		1,224,531
TOTAL REPURCHASE AGREEMENTS
(Cost $14,224,531)				14,224,531

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

38

Schedule of Investments	April 30, 2014 (Unaudited)
Global X FTSE Norway 30 ETF

	Face Amount		Value
TIME DEPOSIT — 0.0%
Brown Brothers Harriman, 0.030%, 05/01/14
(Cost $48,396)	$	48,396	$	48,396
TOTAL INVESTMENTS — 114.0%
(Cost $103,087,486)			$	111,348,835

Percentages are based on Net Assets of $97,706,504.

* Non-income producing security.

Cl — Class

^(A) This security or a partial position of this security is on loan at April 30, 2014. The total value of securities on loan at April 30, 2014 was $13,527,938.

^(B) This security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2014 was $14,224,531.

The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	97,075,908	$	—	$	—	$	97,075,908
Repurchase Agreements		—		14,224,531		—		14,224,531
Time Deposit		—		48,396		—		48,396
Total Investments in Securities	$	97,075,908	$	14,272,927	$	—	$	111,348,835

For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2014, there were no Level 3 investments.

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

39

Schedule of Investments	April 30, 2014 (Unaudited)
Global X FTSE Nordic Region ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.3%
DENMARK— 21.8%
Consumer Goods — 1.7%
Carlsberg, Cl B		11,077	$	1,106,671
Financials — 3.3%
Danske Bank *		75,733		2,139,668
Health Care — 14.3%
Coloplast, Cl B		10,506		881,489
Novo Nordisk ADR		188,324		8,548,026
				9,429,515
Industrials — 2.5%
A P Moller - Maersk, Cl B		704		1,677,561
TOTAL DENMARK				14,353,415
FINLAND— 12.4%
Financials — 3.7%
Sampo, Cl A		49,491		2,457,385
Industrials — 2.6%
Kone, Cl B		39,948		1,708,098
Technology — 4.5%
Nokia ADR		394,004		2,955,030
Utilities — 1.6%
Fortum		46,649		1,052,968
TOTAL FINLAND				8,173,481
NORWAY— 13.9%
Basic Materials — 2.3%
Norsk Hydro		140,813		753,539
Yara International		16,481		777,984
				1,531,523

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

40

Schedule of Investments	April 30, 2014 (Unaudited)
Global X FTSE Nordic Region ETF

	Shares		Value
COMMON STOCK — continued
Financials — 3.0%
DnB		113,351	$	2,004,137
Oil & Gas — 6.3%
Seadrill		37,267		1,300,893
Statoil ADR		92,485		2,818,018
				4,118,911
Telecommunications — 2.3%
Telenor		63,940		1,500,535
TOTAL NORWAY				9,155,106
SWEDEN— 51.2%
Consumer Goods — 2.6%
Svenska Cellulosa, Cl B		60,793		1,702,563
Consumer Services — 5.7%
Hennes & Mauritz, Cl B		91,795		3,738,322
Financials — 20.8%
Investor, Cl B		47,391		1,833,047
Nordea Bank		307,098		4,437,246
Skandinaviska Enskilda Banken, Cl A		152,325		2,097,860
Svenska Handelsbanken, Cl A		46,287		2,322,821
Swedbank, Cl A		113,150		3,005,291
				13,696,265
Industrials — 14.3%
Assa Abloy, Cl B		32,789		1,735,716
Atlas Copco, Cl A		64,873		1,877,687
Sandvik		103,841		1,465,260
Scania, Cl B		31,844		964,792
SKF, Cl B		43,590		1,126,253
Volvo, Cl B		147,073		2,318,443
				9,488,151
Technology — 5.3%
Ericsson ADR		288,108		3,454,415
Telecommunications — 2.5%
TeliaSonera		226,761		1,644,681
TOTAL SWEDEN				33,724,397
TOTAL COMMON STOCK
(Cost $55,744,533)				65,406,399
TOTAL INVESTMENTS — 99.3%
(Cost $55,744,533)			$	65,406,399

Percentages are based on Net Assets of $65,899,967.

* Non-income producing security.

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

41

Schedule of Investments	April 30, 2014 (Unaudited)
Global X FTSE Nordic Region ETF

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	65,406,399	$	—	$	—	$	65,406,399
Total Investments in Securities	$	65,406,399	$	—	$	—	$	65,406,399

For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2014, there were no Level 3 investments.

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

42

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Central Asia & Mongolia Index ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.6%
CANADA— 14.7%
Basic Materials — 14.7%
Centerra Gold		17,904	$	91,803
Dundee Precious Metals *		26,460		87,874
SouthGobi Resources *		23,150		13,795
Turquoise Hill Resources *		23,786		92,766
TOTAL CANADA				286,238
CHINA— 7.6%
Oil & Gas — 7.6%
MIE Holdings		377,100		71,014
SPT Energy Group		141,500		76,837
TOTAL CHINA				147,851
HONG KONG— 1.9%
Basic Materials — 1.9%
Mongolia Energy *		1,792,800		37,692
KAZAKHSTAN— 32.5%
Financials — 8.1%
Halyk Savings Bank of Kazakhstan JSC GDR		17,440		156,960
Oil & Gas — 15.2%
KazMunaiGas Exploration Production JSC GDR		12,578		187,161
Nostrum Oil & Gas *		10,880		108,800
				295,961
Telecommunications — 9.2%
KCell JSC GDR		11,835		178,708
TOTAL KAZAKHSTAN				631,629
MONGOLIA— 3.3%
Basic Materials — 3.3%
Mongolian Mining *		783,900		64,710
NETHERLANDS— 0.3%
Oil & Gas — 0.3%
Nostrum Oil & Gas GDR		500		5,000

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

43

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Central Asia & Mongolia Index ETF

	Shares		Value
COMMON STOCK — continued
SWEDEN— 4.9%
Telecommunications — 4.9%
TeliaSonera		13,046	$	94,622
UNITED ARAB EMIRATES— 8.2%
Oil & Gas — 8.2%
Dragon Oil		14,968		159,213
UNITED KINGDOM— 26.2%
Basic Materials — 17.8%
Central Asia Metals		30,038		90,021
China Nonferrous Gold *		87,179		41,950
Kazakhmys		31,322		125,916
Polymetal International		9,270		88,587
				346,474
Financials — 4.8%
Bank of Georgia Holdings		2,144		94,226
Oil & Gas — 3.6%
Tethys Petroleum *		150,338		69,168
TOTAL UNITED KINGDOM				509,868
TOTAL COMMON STOCK
(Cost $2,034,032)				1,936,823
TOTAL INVESTMENTS — 99.6%
(Cost $2,034,032)			$	1,936,823

Percentages are based on Net Assets of $1,944,069.

* Non-income producing security.

GDR — Global Depositary Receipt

The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	1,936,823	$	—	$	—	$	1,936,823
Total Investments in Securities	$	1,936,823	$	—	$	—	$	1,936,823

For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2014, there were no Level 3 investments.

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

44

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Nigeria Index ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.6%
CANADA— 1.5%
Oil & Gas — 1.5%
Mart Resources		189,405	$	257,482
FRANCE— 1.6%
Oil & Gas — 1.6%
MPI		44,165		264,696
ITALY— 5.9%
Oil & Gas — 5.9%
Saipem		37,160		994,989
NIGERIA— 70.6%
Consumer Goods — 18.0%
Dangote Sugar Refinery		1,720,100		106,001
Flour Mills of Nigeria		611,000		260,260
Guinness Nigeria *		350,400		383,880
Nestle Nigeria		124,900		808,565
Nigerian Breweries		1,293,000		1,207,283
Unilever Nigeria		964,700		285,237
				3,051,226
Financials — 44.0%
Access Bank		10,366,400		528,483
Diamond Bank *		5,665,600		213,716
Ecobank Transnational		1,609,211		135,228
FBN Holdings		12,250,100		1,079,747
Fidelity Bank		14,980,200		181,833
First City Monument Bank *		9,203,720		202,808
Guaranty Trust Bank		12,119,200		1,978,753
Skye Bank		7,133,000		154,959
Transnational Corp of Nigeria *		17,718,300		380,505
UAC of Nigeria		947,680		333,649
United Bank for Africa		16,474,962		692,225
Zenith Bank		11,124,500		1,571,903
				7,453,809
Industrials — 6.5%
Dangote Cement		468,000		658,405

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

45

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Nigeria Index ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Lafarge Cement WAPCO Nigeria		643,000	$	434,270
				1,092,675
Oil & Gas — 2.1%
Oando		3,500,900		348,673
TOTAL NIGERIA				11,946,383
NORWAY— 6.4%
Oil & Gas — 6.4%
TGS Nopec Geophysical		31,550		1,088,059
UNITED KINGDOM— 9.6%
Oil & Gas — 9.6%
Afren *		336,600		895,092
Subsea 7		36,751		735,106
TOTAL UNITED KINGDOM				1,630,198
UNITED STATES— 4.0%
Oil & Gas — 4.0%
SEACOR Holdings *		8,191		683,048
TOTAL COMMON STOCK
(Cost $17,270,138)				16,864,855
TOTAL INVESTMENTS — 99.6%
(Cost $17,270,138)			$	16,864,855

Percentages are based on Net Assets of $16,931,816.

* Non-income producing security.

The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	16,864,855	$	—	$	—	$	16,864,855
Total Investments in Securities	$	16,864,855	$	—	$	—	$	16,864,855

For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2014, there were no Level 3 investments.

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

46

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Next Emerging & Frontier ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.8%
ARGENTINA— 2.0%
Consumer Services — 1.0%
Arcos Dorados Holdings, Cl A		95,818	$	872,902
MercadoLibre		8,160		761,083
				1,633,985
Oil & Gas — 1.0%
YPF ADR		53,306		1,517,089
TOTAL ARGENTINA				3,151,074
AUSTRALIA— 1.0%
Basic Materials — 1.0%
Paladin Energy *		2,485,200		1,004,303
Resolute Mining *		924,000		519,328
TOTAL AUSTRALIA				1,523,631
BANGLADESH— 1.1%
Consumer Services — 0.2%
Square Pharmaceuticals		97,200		352,851
Telecommunications — 0.9%
Bangladesh Submarine Cable		216,000		506,876
GrameenPhone		238,600		826,798
				1,333,674
TOTAL BANGLADESH				1,686,525

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

47

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
CANADA— 3.4%
Basic Materials — 1.8%
African Barrick Gold		193,400	$	810,786
Turquoise Hill Resources *		527,537		2,050,370
				2,861,156
Oil & Gas — 0.9%
Africa Oil *		60,504		456,519
Pan American Silver		70,002		906,919
				1,363,438
Technology — 0.7%
Goldcorp		44,146		1,090,308
TOTAL CANADA				5,314,902
CHILE— 6.4%
Basic Materials — 1.2%
Empresas CMPC		96,000		213,691
Sociedad Quimica y Minera de Chile, Cl B		52,752		1,681,972
				1,895,663
Consumer Goods — 0.8%
Cia Cervecerias Unidas		103,200		1,218,088
Consumer Services — 1.9%
Cencosud		72,000		239,892
Latam Airlines Group		88,800		1,355,004
SACI Falabella		144,000		1,224,978
				2,819,874
Financials — 0.3%
Banco de Chile		2,034,200		261,370
Banco Santander Chile		4,706,600		284,437
				545,807
Oil & Gas — 0.2%
Empresas COPEC		20,400		263,200
Telecommunications — 0.1%
ENTEL Chile		14,400		176,780
Utilities — 1.9%
Aguas Andinas, Cl A		334,600		206,421
Empresa Nacional de Electricidad		948,000		1,402,456
Enersis		4,283,600		1,385,468
				2,994,345
TOTAL CHILE				9,913,757

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

48

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
COLOMBIA— 1.0%
Consumer Goods — 0.1%
Almacenes Exito		13,200	$	201,077
Industrials — 0.2%
Cementos Argos		48,000		267,689
Oil & Gas — 0.7%
Ecopetrol		600,000		1,116,920
TOTAL COLOMBIA				1,585,686
CZECH REPUBLIC— 1.4%
Financials — 0.2%
Komercni Banka		1,320		304,160
Telecommunications — 0.2%
Telefonica Czech Republic		18,000		272,689
Utilities — 1.0%
CEZ		52,560		1,580,289
TOTAL CZECH REPUBLIC				2,157,138
EGYPT— 0.2%
Financials — 0.2%
Commercial International Bank Egypt SAE		59,100		316,182
HUNGARY— 0.6%
Financials — 0.5%
OTP Bank		36,480		694,771
Oil & Gas — 0.1%
MOL Hungarian Oil & Gas		3,240		186,101
TOTAL HUNGARY				880,872
INDONESIA— 8.3%
Basic Materials — 1.2%
Indocement Tunggal Prakarsa		180,000		341,738
Semen Indonesia Persero		1,164,000		1,495,083
				1,836,821
Consumer Goods — 2.0%
Astra International		2,437,400		1,565,341
Charoen Pokphand Indonesia		649,400		211,758
Gudang Garam		96,000		469,143
Indofood CBP Sukses Makmur TBK		240,000		207,586
Indofood Sukses Makmur		481,200		293,427
Unilever Indonesia		108,000		273,235
				3,020,490

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

49

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — 0.4%
Kalbe Farma		2,581,400	$	344,961
Media Nusantara Citra		1,270,600		298,376
				643,337
Financials — 2.6%
Bank Central Asia		1,548,000		1,472,819
Bank Mandiri		2,025,000		1,720,852
Bank Rakyat Indonesia Persero		1,080,000		924,793
				4,118,464
Industrials — 0.3%
Jasa Marga Persero		456,000		232,703
United Tractors		144,000		270,276
				502,979
Telecommunications — 0.9%
Telekomunikasi Indonesia Persero		7,215,800		1,413,639
Utilities — 0.9%
Perusahaan Gas Negara		3,061,400		1,410,021
TOTAL INDONESIA				12,945,751
KAZAKHSTAN— 0.2%
Oil & Gas — 0.2%
KazMunaiGas Exploration Production JSC GDR		17,054		253,763
KENYA— 0.2%
Telecommunications — 0.2%
Safaricom		2,173,200		327,191
KUWAIT— 1.9%
Financials — 1.5%
Kuwait Finance House		596,640		1,761,691
National Bank of Kuwait SAK *		179,580		626,070
				2,387,761
Telecommunications — 0.4%
Mobile Telecommunications KSC *		226,600		523,977
TOTAL KUWAIT				2,911,738
MALAYSIA— 10.4%
Basic Materials — 0.2%
Petronas Chemicals Group		142,600		293,890
Consumer Goods — 0.5%
IOI		180,000		275,608
Kuala Lumpur Kepong		30,600		226,771
UMW Holdings		84,000		276,785
				779,164

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

50

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — 0.6%
Genting		96,000	$	288,103
Genting Malaysia		228,000		294,644
IHH Healthcare *		240,000		294,718
				877,465
Energy — 0.9%
Sapurakencana Petroleum *		1,117,200		1,474,547
Financials — 2.4%
CIMB Group Holdings		324,596		746,506
Malayan Banking		456,000		1,382,453
Public Bank		251,900		1,553,596
				3,682,555
Industrials — 1.1%
MISC *		144,000		287,074
Sime Darby		492,267		1,423,059
				1,710,133
Oil & Gas — 0.3%
Petronas Dagangan		24,000		222,692
Petronas Gas		36,000		259,072
				481,764
Real Estate — 0.1%
IOI Properties Group Sdn *		95,400		78,295
Telecommunications — 3.0%
Axiata Group		660,000		1,360,220
DiGi.Com		946,600		1,605,930
Maxis		646,600		1,376,166
Telekom Malaysia		192,000		364,538
				4,706,854
Utilities — 1.3%
Tenaga Nasional		504,000		1,836,656
YTL		456,000		224,823
				2,061,479
TOTAL MALAYSIA				16,146,146
MEXICO— 9.2%
Basic Materials — 2.9%
Alpek, Cl A		154,800		266,229
Fresnillo		90,000		1,293,898
Grupo Mexico, Cl B		444,000		1,337,150
Industrias Penoles		10,764		250,605
Mexichem		336,000		1,252,030
Minera Frisco *		84,000		153,583
				4,553,495

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

51

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — 0.7%
Arca Continental		48,000	$	305,257
Coca-Cola Femsa		24,000		268,898
Grupo Bimbo, Ser A		96,000		264,752
Kimberly-Clark de Mexico, Cl A		96,000		250,516
				1,089,423
Consumer Services — 1.2%
Grupo Elektra		9,240		264,535
Grupo Sanborns		120,000		199,499
Wal-Mart de Mexico		552,000		1,396,587
				1,860,621
Financials — 1.0%
Grupo Financiero Banorte, Cl O		120,000		796,988
Grupo Financiero Inbursa, Cl O		312,000		799,153
				1,596,141
Industrials — 2.2%
Alfa, Cl A		550,800		1,455,019
Promotora y Operadora de Infraestructura *		141,600		1,977,437
				3,432,456
Telecommunications — 0.9%
America Movil		1,342,800		1,353,808
Utilities — 0.3%
Infraestructura Energetica Nova		84,000		439,431
TOTAL MEXICO				14,325,375
NIGERIA— 0.3%
Consumer Goods — 0.1%
Nigerian Breweries		214,600		200,374
Financials — 0.2%
Guaranty Trust Bank		1,515,600		247,458
TOTAL NIGERIA				447,832
OMAN— 0.2%
Financials — 0.2%
BankMuscat SAOG *		156,000		251,221
PAKISTAN— 1.4%
Basic Materials — 0.1%
Fauji Fertilizer		166,800		191,858
Consumer Goods — 0.5%
Engro Foods *		660,000		727,305
Consumer Services — 0.2%
Nishat Mills		276,000		323,087

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

52

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — 0.6%
Oil & Gas Development		108,000	$	276,147
Pakistan Petroleum		288,000		677,099
				953,246
TOTAL PAKISTAN				2,195,496
PANAMA— 1.2%
Consumer Services — 1.2%
Copa Holdings, Cl A		13,320		1,801,930
PAPUA NEW GUINEA— 1.3%
Oil & Gas — 1.3%
Oil Search		240,074		1,982,719
PERU— 0.5%
Financials — 0.5%
Credicorp Ltd.		5,520		823,860
PHILIPPINES— 3.0%
Consumer Goods — 0.4%
LT Group		612,000		251,225
Universal Robina		108,000		353,701
				604,926
Consumer Services — 0.8%
SM Investments		74,400		1,209,960
Financials — 0.2%
Ayala		21,600		302,342
Industrials — 0.3%
Alliance Global Group		492,000		343,782
International Container Terminal Services		96,000		232,786
				576,568
Real Estate — 0.2%
Ayala Land		432,000		291,682
Technology — 0.9%
Philippine Long Distance Telephone		22,674		1,464,807
Utilities — 0.2%
Manila Electric		43,200		272,108
TOTAL PHILIPPINES				4,722,393
POLAND— 4.4%
Basic Materials — 0.8%
KGHM Polska Miedz		35,280		1,275,377
Financials — 1.5%
Bank Pekao		11,880		760,636
Powszechna Kasa Oszczednosci Bank Polski		60,000		822,420

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

53

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Powszechny Zaklad Ubezpieczen		5,256	$	745,091
				2,328,147
Oil & Gas — 1.1%
Polski Koncern Naftowy Orlen S.A.		94,800		1,418,407
Polskie Gornictwo Naftowe i Gazownictwo		156,000		242,683
				1,661,090
Utilities — 1.0%
PGE		234,000		1,623,041
TOTAL POLAND				6,887,655
QATAR— 2.2%
Financials — 0.6%
Qatar National Bank		17,872		932,661
Industrials — 1.2%
Industries Qatar QSC		38,406		1,877,657
Telecommunications — 0.4%
Ooredoo QSC		14,358		579,707
TOTAL QATAR				3,390,025
RUSSIA— 1.2%
Basic Materials — 1.2%
Polyus Gold International		613,200		1,915,344
SOUTH AFRICA— 9.9%
Basic Materials — 2.0%
Anglo American Platinum *		17,400		826,957
AngloGold Ashanti		46,800		844,629
Assore		5,160		199,411
Impala Platinum Holdings		58,800		661,748
Kumba Iron Ore		17,958		638,639
				3,171,384
Consumer Goods — 0.4%
Tiger Brands		25,320		676,628
Consumer Services — 3.3%
Aspen Pharmacare Holdings		28,320		753,648
Mediclinic International		96,000		670,690
Naspers, Cl N		14,532		1,370,253
Shoprite Holdings		42,000		701,391
Steinhoff International Holdings		192,000		996,637
Woolworths Holdings		96,000		652,440
				5,145,059
Financials — 2.0%
Barclays Africa Group		51,580		755,033

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

54

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
FirstRand		216,000	$	793,742
Remgro		37,200		748,384
Standard Bank Group		60,000		787,491
				3,084,650
Industrials — 0.5%
Bidvest Group		28,495		781,408
Oil & Gas — 0.2%
Exxaro Resources		19,200		261,670
Technology — 0.5%
Sasol		14,880		834,895
Telecommunications — 1.0%
MTN Group		37,200		745,415
Vodacom Group		66,000		787,006
				1,532,421
TOTAL SOUTH AFRICA				15,488,115
SOUTH KOREA— 0.3%
Consumer Services — 0.3%
Kolao Holdings *		18,609		461,938
SWEDEN— 1.1%
Telecommunications — 1.1%
TeliaSonera		246,000		1,784,221
THAILAND— 9.4%
Basic Materials — 0.4%
PTT Global Chemical		312,000		672,497
Consumer Goods — 1.0%
Charoen Pokphand Foods		960,000		800,989
Thai Beverage		1,765,400		830,809
				1,631,798
Consumer Services — 1.2%
Bangkok Dusit Medical Services		1,786,000		816,835
BEC World		168,000		284,240
CP ALL		613,400		796,131
				1,897,206
Financials — 1.5%
Bangkok Bank		94,000		547,559
Bangkok Bank NVDR		26,000		151,452
Kasikornbank		103,400		611,901
Kasikornbank NVDR		28,600		169,249
Siam Commercial Bank		144,000		736,465
				2,216,626

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

55

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Industrials — 1.4%
Airports of Thailand		113,400	$	683,344
Siam Cement		80,840		1,084,195
Siam Cement NVDR		22,360		299,884
				2,067,423
Oil & Gas — 2.1%
PTT		143,800		1,390,896
PTT Exploration & Production		264,000		1,301,236
Thai Oil		382,600		617,764
				3,309,896
Telecommunications — 1.8%
Advanced Info Service		179,500		1,342,367
Intouch Holdings		32,200		77,614
Intouch Holdings NVDR		243,800		587,652
Total Access Communication		23,800		91,567
Total Access Communication NVDR		180,200		693,291
				2,792,491
TOTAL THAILAND				14,587,937
TURKEY— 7.9%
Basic Materials — 1.0%
Eregli Demir ve Celik Fabrikalari		1,088,400		1,510,271
Consumer Goods — 0.4%
Anadolu Efes Biracilik Ve Malt Sanayii		18,000		215,245
Coca-Cola Icecek		10,800		252,923
Ford Otomotiv Sanayi		15,600		176,202
				644,370
Consumer Services — 1.9%
Arcelik		48,000		295,517
BIM Birlesik Magazalar		67,212		1,551,744
Turk Hava Yollari		336,600		1,076,011
				2,923,272
Financials — 1.7%
Akbank		190,600		665,256
Haci Omer Sabanci Holding		156,000		657,526
Turkiye Garanti Bankasi		180,000		658,947
Turkiye Is Bankasi, Cl C		264,000		621,383
				2,603,112
Industrials — 1.0%
Enka Insaat ve Sanayi		96,000		290,971
KOC Holding		288,000		1,286,183
				1,577,154

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

56

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — 0.9%
Tupras Turkiye Petrol Rafinerileri		64,440	$	1,449,599
Telecommunications — 1.0%
Turk Telekomunikasyon		84,000		251,815
Turkcell Iletisim Hizmetleri *		222,600		1,296,668
				1,548,483
TOTAL TURKEY				12,256,261
UNITED ARAB EMIRATES— 3.6%
Financials — 1.7%
Abu Dhabi Commercial Bank PJSC *		418,200		884,688
First Gulf Bank PJSC		228,340		1,078,615
National Bank of Abu Dhabi PJSC *		167,540		650,007
				2,613,310
Industrials — 0.2%
DP World		14,144		261,664
Real Estate — 1.7%
Emaar Properties PJSC		901,400		2,675,033
TOTAL UNITED ARAB EMIRATES				5,550,007
UNITED KINGDOM— 3.3%
Basic Materials — 0.9%
Ferrexpo		178,600		439,052
Kazakhmys		252,000		1,013,054
				1,452,106
Financials — 0.5%
Bank of Georgia Holdings		16,560		727,792
Oil & Gas — 1.5%
Afren *		456,000		1,212,602
Premier Oil		192,000		1,098,292
				2,310,894
Telecommunications — 0.4%
Cable & Wireless Communications		767,695		684,377
TOTAL UNITED KINGDOM				5,175,169
UNITED STATES— 0.6%
Oil & Gas — 0.6%
Vaalco Energy *		94,490		871,198
VIETNAM— 0.7%
Basic Materials — 0.1%
Petrovietnam Fertilizer & Chemicals JSC		83,600		137,202
Real Estate — 0.3%
Vingroup JSC *		168,200		518,582

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

57

Schedule of Investments	April 30, 2014 (Unaudited)
Global X Next Emerging & Frontier ETF

	Shares/Face Amount(1)		Value
COMMON STOCK — continued
Utilities — 0.3%
PetroVietnam Gas JSC		72,200	$	340,752
Pha Lai Thermal Power JSC		156,700		154,600
				495,352
TOTAL VIETNAM				1,151,136
TOTAL COMMON STOCK
(Cost $153,754,887)				155,184,188
CONVERTIBLE BOND — 0.0%
BankMuscat SAOG
4.500%, 03/20/17		2,702		8
(Cost $–)				8
TIME DEPOSIT — 0.0%
Brown Brothers Harriman, 1.752%, 05/01/14, AUD
(Cost $5)		6		5
TOTAL INVESTMENTS — 99.8%
(Cost $153,754,892)			$	155,184,201

Percentages are based on Net Assets of $155,572,775.

* Non-income producing security.

ADR – American Depositary Receipt

AUD – Australian Dollar

Cl – Class

GDR – Global Depositary Receipt

NVDR – Non-voting Depository Receipt

⁽¹⁾ In U.S. Dollars unless otherwise indicated.

The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	155,184,188	$	—	$	—	$	155,184,188
Convertible Bond		—		8		—		8
Time Deposit		—		5		—		5
Total Investments in Securities	$	155,184,188	$	13	$	—	$	155,184,201

For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2014, there were no Level 3 investments.

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

58

Schedule of Investments	April 30, 2014 (Unaudited)
Global X FTSE Portugal 20 ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.8%
PORTUGAL— 99.8%
Basic Materials — 12.6%
Altri		195,100	$	662,063
Cimpor Cimentos de Portugal		52,488		230,764
Portucel		237,600		1,125,699
Semapa-Sociedade de Investimento e Gestao		57,275		859,363
Sonae Industria *		89,300		75,697
				2,953,586
Consumer Goods — 13.3%
Jeronimo Martins		116,575		2,038,607
Sonae *		580,600		1,090,639
				3,129,246
Consumer Services — 4.2%
ZON OPTIMUS		135,500		977,337
Energy — 13.2%
Galp Energia		179,350		3,106,527
Financials — 19.7%
Banco BPI, Cl G *		423,100		1,085,338
Banco Comercial Portugues, Cl R *		6,454,600		1,961,095
Banco Espirito Santo *		555,600		983,554
BANIF - Banco Internacional do Funchal *		40,319,200		581,742
				4,611,729
Industrials — 4.2%
Mota-Engil		119,400		912,230
Sonae Capital *		121,937		78,664
				990,894

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

59

Schedule of Investments	April 30, 2014 (Unaudited)
Global X FTSE Portugal 20 ETF

	Shares/Face Amount(1)		Value
COMMON STOCK — continued
Telecommunication Services — 5.8%
Portugal Telecom		237,000	$	986,404
Sonaecom		118,900		379,398
				1,365,802
Utilities — 26.8%
EDP Renovaveis *		164,000		1,123,291
Energias de Portugal		983,400		4,775,111
Redes Energeticas Nacionais		98,100		368,555
				6,266,957
TOTAL COMMON STOCK
(Cost $21,563,768)				23,402,078
U.S. TREASURY OBLIGATION — 6.4%
United States Treasury Bills
0.002%, 05/22/14(A)
(Cost $1,499,999)		1,500,000		1,499,990
TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.544%, 05/01/14, EUR
(Cost $17,613)		12,696		17,613
TOTAL INVESTMENTS — 106.3%
(Cost $23,081,380)			$	24,919,681

Percentages are based on Net Assets of $23,442,113.

* Non-income producing security.

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

Cl - Class

EUR - Euro Dollar

(1) In U.S. Dollars unless otherwise indicated.

The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	23,402,078	$	—	$	—	$	23,402,078
U.S. Treasury Obligation		—		1,499,990		—		1,499,990
Time Deposit		—		17,613		—		17,613
Total Investments in Securities	$	23,402,078	$	1,517,603	$	—	$	24,919,681

For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2014, there were no Level 3 investments.

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

60

Statements of Assets and Liabilities

April 30, 2014 (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	$	174,950,118		$	3,422,801		$	18,427,947		$	4,418,727
Cost of Repurchase Agreements		21,376,801			—			—			—
Cost of Foreign Currency		17,105			—			—			—
Investments, at Value	$	152,989,853	*	$	3,582,924		$	15,717,703		$	3,343,883
Repurchase Agreements, at Value		21,376,801			—			—			—
Foreign Currency, at Value		17,105			—			—			—
Receivable for Investment Securities Sold		22,629,762			306,107			2,359,254			198,296
Dividend and Interest Receivable		105,338	��		—			1,700			—
Unrealized Appreciation on Foreign Spot Currency Contracts		87			—			—			—
Total Assets		197,118,946			3,889,031			18,078,657			3,542,179
Liabilities:
Payable for Investment Securities Purchased		22,649,684			303,091			627,323			197,502
Obligation to Return Securities Lending Collateral		21,376,801			—			—			—
Payable due to Investment Adviser		87,946			2,005			10,459			2,142
Cash Overdraft		4,665			—			—			—
Payable for Capital Shares Redeemed		—			—			1,743,000			—
Unrealized Depreciation on Foreign Spot Currency Contracts		—			—			1			6
Total Liabilities		44,119,096			305,096			2,380,783			199,650
Net Assets	$	152,999,850		$	3,583,935		$	15,697,874		$	3,342,529
Net Assets Consist of:
Paid-in Capital	$	186,564,641		$	3,853,633		$	21,953,945		$	5,925,500
Distributions in Excess of Net Investment Income		(213,111	)		(14,180	)		(112,762	)		(26,627	)
Accumulated Net Realized Loss on Investments and Foreign Currency Translation		(11,392,186	)		(415,641	)		(3,433,063	)		(1,481,495	)
Net Unrealized Appreciation (Depreciation) on Investments		(21,960,265	)		160,123			(2,710,244	)		(1,074,844	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translation		771			—			(2	)		(5	)
Net Assets	$	152,999,850		$	3,583,935		$	15,697,874		$	3,342,529
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		10,900,000			250,000			1,350,000			300,000
Net Asset Value, Offering and Redemption Price Per Share	$	14.04		$	14.34		$	11.63		$	11.14
*Includes Market Value of Securities on Loan	$	19,669,442		$	—		$	—		$	—

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

61

Statements of Assets and Liabilities

April 30, 2014 (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		$	2,656,179		$	18,942,376		$	30,972,098		$	11,141,683
Cost of Foreign Currency			—			—			70,396			9,206
Investments, at Value		$	2,073,938		$	19,439,386		$	29,459,845		$	9,527,324
Foreign Currency, at Value			—			—			70,387			9,190
Receivable for Investment Securities Sold			143,827			—			—			—
Dividend and Interest Receivable			—			4,130			249,465			68,736
Reclaim Receivable			—			—			2,134			—
Total Assets			2,217,765			19,443,516			29,781,831			9,605,250
	��
Liabilities:
Payable for Investment Securities Purchased			135,219			—			—			—
Payable due to Investment Adviser			1,148			10,943			16,044			5,637
Cash Overdraft			376			—			42,852			53,686
Total Liabilities			136,743			10,943			58,896			59,323
Net Assets		$	2,081,022		$	19,432,573		$	29,722,935		$	9,545,927
Net Assets Consist of:
Paid-in Capital		$	3,599,439		$	20,164,786		$	33,695,793		$	12,444,467
Undistributed (Distributions in Excess of) Net Investment Income			(7,432	)		(24,635	)		286,208			82,297
Accumulated Net Realized Loss on Investments and Foreign Currency Translation			(928,743	)		(1,204,588	)		(2,746,564	)		(1,366,459	)
Net Unrealized Appreciation (Depreciation) on Investments			(582,241	)		497,010			(1,512,253	)		(1,614,359	)
Net Unrealized Depreciation on Foreign Currency Translation			(1	)		—			(249	)		(19	)
Net Assets		$	2,081,022		$	19,432,573		$	29,722,935		$	9,545,927
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)			149,971			950,000			1,800,000			850,000
Net Asset Value, Offering and Redemption Price Per Share		$	13.88		$	20.46		$	16.51		$	11.23

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

62

Statements of Assets and Liabilities

April 30, 2014 (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	$	109,176,627		$	10,266,764		$	15,237,672		$	3,333,218
Cost of (Proceeds from) Foreign Currency		239,663			(171	)		3,872			—
Investments, at Value	$	107,235,637	*	$	9,656,982		$	14,842,227		$	2,902,998
Cash		7,200,681			—			—			—
Foreign Currency, at Value		239,436			—			3,873			—
Dividend and Interest Receivable		951,157			57,309			39,284			5,381
Receivable for Investment Securities Sold		229,375			—			—			9,121
Reclaim Receivable		—			—			—			322
Total Assets		115,856,286			9,714,291			14,885,384			2,917,822
Liabilities:
Obligation to Return Securities Lending Collateral		7,200,681			—			—			—
Cash Overdraft		573,631			—			32,380			—
Payable for Investment Securities Purchased		242,746			—			—			16,666
Payable due to Custodian		194,344			—			—			—
Payable due to Investment Adviser		48,971			5,510			9,432			1,707
Foreign Currency Overdraft		—			171			—			—
Total Liabilities		8,260,373			5,681			41,812			18,373
Net Assets	$	107,595,913		$	9,708,610		$	14,843,572		$	2,899,449
Net Assets Consist of:
Paid-in Capital	$	140,135,762		$	15,072,566		$	18,143,181		$	4,608,459
Undistributed (Distributions in Excess of) Net Investment Income		(832,121	)		90,088			104,743			42,381
Accumulated Net Realized Loss on Investments and Foreign Currency Translation		(29,766,624	)		(4,844,331	)		(3,009,124	)		(1,321,199	)
Net Unrealized Depreciation on Investments		(1,940,990	)		(609,782	)		(395,445	)		(430,220	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translation		(114	)		69			217			28
Net Assets	$	107,595,913		$	9,708,610		$	14,843,572		$	2,899,449
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		5,630,000			750,000			900,000			250,000
Net Asset Value, Offering and Redemption Price Per Share	$	19.11		$	12.94		$	16.49		$	11.60
*Includes Market Value of Securities on Loan	$	6,971,038		$	—		$	—		$	—

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

63

Statements of Assets and Liabilities

April 30, 2014 (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	$	6,848,904		$	258,103,061		$	88,862,955		$	55,744,533
Cost of Repurchase Agreements		—			—			14,224,531			—
Cost of Foreign Currency		—			—			373,452			—
Investments, at Value	$	7,456,847		$	265,777,595		$	97,124,304	*	$	65,406,399
Repurchase Agreements, at Value		—			—			14,224,531			—
Foreign Currency, at Value		—			1			330,493			—
Receivable for Investment Securities Sold		426,291			5,361,481			—			—
Unrealized Appreciation on Spot Foreign Currency Contracts		—			749			—			—
Receivable for Capital Shares Sold		—			1,116,500			—			—
Dividend and Interest Receivable		—			—			651,271			299,692
Reclaim Receivable		—			—			—			378,081
Total Assets		7,883,138			272,256,326			112,330,599			66,084,172
Liabilities:
Payable for Investment Securities Purchased		426,596			3,283,743			—			—
Obligation to Return Securities Lending Collateral		—			—			14,224,531			—
Payable due to Investment Adviser		4,499			102,921			38,418			26,327
Payable due to Custodian		195			41,824			—			—
Payable for Capital Shares Redeemed		—			3,350,500			—			—
Cash Overdraft		—			55,574,098			361,146			157,878
Total Liabilities		431,290			62,353,086			14,624,095			184,205
Net Assets	$	7,451,848		$	209,903,240		$	97,706,504		$	65,899,967
Net Assets Consist of:
Paid-in Capital	$	9,036,557		$	199,684,721		$	91,841,079		$	53,951,957
Undistributed (Distributions in Excess of) Net Investment Income		(18,531	)		(378,834	)		1,245,952			1,162,776
Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency Translation		(2,174,121	)		2,923,099			(3,652,974	)		1,119,062
Net Unrealized Appreciation on Investments		607,943			7,674,534			8,261,349			9,661,866
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translation		—			(280	)		11,098			4,306
Net Assets	$	7,451,848		$	209,903,240		$	97,706,504		$	65,899,967
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		374,975			9,100,000			5,650,000			2,560,000
Net Asset Value, Offering and Redemption Price Per Share	$	19.87		$	23.07		$	17.29		$	25.74
*Includes Market Value of Securities on Loan	$	—		$	—		$	13,527,938		$	—

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

64

Statements of Assets and Liabilities

April 30, 2014 (Unaudited)

	Global X Central Asia & Mongolia Index ETF			Global X Nigeria Index ETF			Global X Next Emerging & Frontier ETF			Global X FTSE Portugal 20 ETF
Assets:
Cost of Investments	$	2,034,032		$	17,270,138		$	153,754,892		$	23,081,380
Cost of Foreign Currency		—			123,223			1,319,234			—
Investments, at Value	$	1,936,823		$	16,864,855		$	155,184,201		$	24,919,681
Foreign Currency, at Value		—			123,158			1,319,774			—
Receivable for Investment Securities Sold		65,522			16,083			190,275			—
Dividend and Interest Receivable		9,742			80,715			306,453			—
Reclaim Receivable		1,824			—			3,428			2,348
Receivable for Capital Shares Sold		—			736,000			—			—
Total Assets		2,013,911			17,820,811			157,004,131			24,922,029
Liabilities:
Payable for Investment Securities Purchased		64,709			750,113			190,340			—
Cash Overdraft		3,861			129,760			1,201,460			1,466,563
Payable due to Investment Adviser		1,073			7,416			28,899			10,284
Payable due to Custodian		191			—			10,657			3,069
Unrealized Depreciation on Spot Foreign Currency Contracts		8			1,706			—			—
Total Liabilities		69,842			888,995			1,431,356			1,479,916
Net Assets	$	1,944,069		$	16,931,816		$	155,572,775		$	23,442,113
Net Assets Consist of:
Paid-in Capital	$	2,153,379		$	17,131,000		$	153,692,000		$	21,681,000
Undistributed Net Investment Income(Accumulated Net Investment Loss)		6,116			251,447			475,870			(11,289	)
Accumulated Net Realized Loss on Investments and Foreign Currency Translation		(118,231	)		(44,345	)		(24,675	)		(65,899	)
Net Unrealized Appreciation (Depreciation) on Investments		(97,209	)		(405,283	)		1,429,309			1,838,301
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translation		14			(1,003	)		271			—
Net Assets	$	1,944,069		$	16,931,816		$	155,572,775		$	23,442,113
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		150,000			1,150,000			6,000,000			1,300,000
Net Asset Value, Offering and Redemption Price Per Share	$	12.96		$	14.72		$	25.93		$	18.03

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

65

Statements of Operations

For the period ended April 30, 2014 (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	$	455,232		$	247		$	5,373		$	1,281
Interest Income		45			27			24			2
Security Lending Income		116,474			—			—			—
Less: Foreign Taxes Withheld		—			(465	)		—			—
Total Investment Income		571,751			(191	)		5,397			1,283
Supervision and Administration Fees(1)		583,713			13,964			118,156			13,384
Total Expenses		583,713			13,964			118,156			13,384
Net Investment Loss		(11,962	)		(14,155	)		(112,759	)		(12,101	)
Net Realized Gain (Loss) on:
Investments (2)		1,474,979			55,079			(2,061,216	)		(240,686	)
Foreign Currency Translation		(1,105	)		(22	)		(913	)		56
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		1,473,874			55,057			(2,062,129	)		(240,630	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(22,058,946	)		(176,292	)		(3,854,896	)		897
Foreign Currency Translation		1,249			1			(6	)		(82	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		(22,057,697	)		(176,291	)		(3,854,902	)		815
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions and Translation		(20,583,823	)		(121,234	)		(5,917,031	)		(239,815	)
Net Decrease in Net Assets Resulting from Operations	$	(20,595,785	)	$	(135,389	)	$	(6,029,790	)	$	(251,916	)

⁽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.

66

Statements of Operations

For the period ended April 30, 2014 (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	$	265		$	27,281		$	570,261		$	169,072
Interest Income		2			1			13			3
Less: Foreign Taxes Withheld		(689	)		(1,216	)		(31,088	)		(20,838	)
Total Investment Income		(422	)		26,066			539,186			148,237
Supervision and Administration Fees(1)		7,010			50,702			115,363			33,713
Total Expenses		7,010			50,702			115,363			33,713
Net Investment Income (Loss)		(7,432	)		(24,636	)		423,823			114,524
Net Realized Gain (Loss) on:
Investments		(107,641	)		(222,869	)		(1,199,053	)(2)		(711,740	)(2)
Foreign Currency Transactions		66			(3	)		(33,159	)		9,744
Net Realized Loss on Investments and Foreign Currency Transactions		(107,575	)		(222,872	)		(1,232,212	)		(701,996	)
Net Change in Unrealized Depreciation on:
Investments		(36,016	)		(861,207	)		(414,359	)		(282,907	)
Foreign Currency Translation		(68	)		—			(1	)		(4	)
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translation		(36,084	)		(861,207	)		(414,360	)		(282,911	)
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions and Translation		(143,659	)		(1,084,079	)		(1,646,572	)		(984,907	)
Net Decrease in Net Assets Resulting from Operations	$	(151,091	)	$	(1,108,715	)	$	(1,222,749	)	$	(870,383	)

⁽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.

67

Statements of Operations

For the period ended April 30, 2014 (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	$	1,989,027		$	157,308		$	189,223		$	57,554
Interest Income		46			9,621			6,476			—
Security Lending Income		61,546			—			—			—
Less: Foreign Taxes Withheld		(45,841	)		—			—			—
Total Investment Income		2,004,778			166,929			195,699			57,554
Supervision and Administration Fees(1)		366,881			32,663			55,488			8,226
Income Tax(2)		—			—			808			5
Custodian Fees		72,814			—			—			—
Total Expenses		439,695			32,663			56,296			8,231
Waiver of Supervision and Administration Fees		(75,534	)		—			—			—
Net Expenses		364,161			32,663			56,296			8,231
Net Investment Income		1,640,617			134,266			139,403			49,323
Net Realized Gain (Loss) on:
Investments		(3,404,464	)(3)		(332,504	)(3)		236,557	(3)		(102,389	)
Foreign Currency Translation		(133,337	)		(17,936	)		(5,277	)		815
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(3,537,801	)		(350,440	)		231,280			(101,574	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(6,077,326	)		(481,247	)		(1,570,212	)		(6,256	)
Foreign Currency Translation		4,019			706			624			154
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translation		(6,073,307	)		(480,541	)		(1,569,588	)		(6,102	)
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions and Translation		(9,611,108	)		(830,981	)		(1,338,308	)		(107,676	)
Net Decrease in Net Assets Resulting from Operations	$	(7,970,491	)	$	(696,715	)	$	(1,198,905	)	$	(58,353	)

⁽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⁾ See Note 2 in Notes to Financial Statements.

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

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

68

Statements of Operations

For the period ended April 30, 2014 (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	$	54,107		$	99,881		$	1,934,540		$	1,724,987
Interest Income		2			58			102			—
Security Lending Income		—			—			87,673			4,189
Less: Foreign Taxes Withheld		(5,588	)		—			(370,049	)		(85,977	)
Total Investment Income		48,521			99,939			1,652,266			1,643,199
Supervision and Administration Fees(1)		25,442			451,138			212,757			144,157
Custodian Fees		95			27,632			—			—
Total Expenses		25,537			478,770			212,757			144,157
Net Investment Income (Loss)		22,984			(378,831	)		1,439,509			1,499,042
Net Realized Gain (Loss) on:
Investments		(526,090	)		11,404,519	(2)		1,200,448	(2)		2,342,256	(2)
Foreign Currency Transactions		(71	)		(1,116	)		1,805			(8,389	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(526,161	)		11,403,403			1,202,253			2,333,867
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		419,573			(12,794,244	)		2,237,712			1,856,296
Foreign Currency Translation		—			(1,039	)		11,098			1,124
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translation		419,573			(12,795,283	)		2,248,810			1,857,420
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translation		(106,588	)		(1,391,880	)		3,451,063			4,191,287
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(83,604	)	$	(1,770,711	)	$	4,890,572		$	5,690,329

⁽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.

69

Statements of Operations

For the period ended April 30, 2014 (Unaudited)

	Global X Central Asia & Mongolia Index ETF			Global X Nigeria Index ETF			Global X Next Emerging & Frontier ETF(2)			Global X FTSE Portugal 20 ETF(3)
Investment Income:
Dividend Income	$	16,986		$	311,073		$	632,038		$	23,418
Interest Income		2			6			48			3
Less: Foreign Taxes Withheld		(471	)		(29,576	)		(59,209	)		(3,513	)
Total Investment Income		16,517			281,503			572,877			19,908
Supervision and Administration Fees(1)		6,439			30,056			58,021			28,128
Income Tax(4)		—			—			17			—
Custodian Fees		95			10,608			10,657			3,069
Total Expenses		6,534			40,664			68,695			31,197
Waiver of Custodian Fees		—			(10,608	)		—			—
Net Expenses		6,534			30,056			68,695			31,197
Net Investment Income (Loss)		9,983			251,447			504,182			(11,289	)
Net Realized Gain (Loss) on:
Investments		(100,156	)		(41,517	)		(5,179	)		(65,952	)
Foreign Currency Translation		(1,325	)		(2,829	)		(19,496	)		53
Net Realized Loss on Investments and Foreign Currency Transactions		(101,481	)		(44,346	)		(24,675	)		(65,899	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		32,720			(119,590	)		1,429,309			1,838,301
Foreign Currency Translation		37			(891	)		271			—
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translation		32,757			(120,481	)		1,429,580			1,838,301
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translation		(68,724	)		(164,827	)		1,404,905			1,772,402
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(58,741	)	$	86,620		$	1,909,087		$	1,761,113

⁽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⁾ Commenced operations on November 6, 2013.

⁽³⁾ Commenced operations on November 12, 2013.

⁽⁴⁾ See Note 2 in Notes to Financial Statements.

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

70

Statements of Changes in Net Assets

	Global X China Consumer ETF						Global X China Energy ETF
	Period Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013 (Audited)			Period Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013 (Audited)
Operations:
Net Investment Income (Loss)	$	(11,962	)	$	2,017,582		$	(14,155	)	$	84,934
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions(1)		1,473,874			6,005,751			55,057			(83,593	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions and Translation		(22,057,697	)		10,366,613			(176,291	)		541,289
Net Increase (Decrease) in Net Assets Resulting from Operations		(20,595,785	)		18,389,946			(135,389	)		542,630
Dividends and Distributions from:
Net Investment Income		(1,981,753	)		(2,128,638	)		(85,026	)		(88,625	)
Total Dividends and Distributions		(1,981,753	)		(2,128,638	)		(85,026	)		(88,625	)
Capital Share Transactions:
Issued		41,074,500			84,722,000			—			—
Redeemed		(36,051,000	)		(57,144,000	)		(730,000	)		(736,000	)
Increase (Decrease) in Net Assets  from Capital Share Transactions		5,023,500			27,578,000			(730,000	)		(736,000	)
Total Increase (Decrease) in Net Assets		(17,554,038	)		43,839,308			(950,415	)		(281,995	)
Net Assets:
Beginning of Period		170,553,888			126,714,580			4,534,350			4,816,345
End of Period	$	152,999,850		$	170,553,888		$	3,583,935		$	4,534,350
Undistributed (Distributions in Excess of) Net Investment Income	$	(213,111	)	$	1,477,248		$	(14,180	)	$	84,959
Share Transactions:
Issued		2,550,000			5,750,000			—			—
Redeemed		(2,400,000	)		(4,050,000	)		(50,000	)		(50,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		150,000			1,700,000			(50,000	)		(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.

71

Statements of Changes in Net Assets

	Global X China Financials ETF						Global X China Industrials ETF
	Period Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013 (Audited)			Period Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013 (Audited)
Operations:
Net Investment Income (Loss)	$	(112,759	)	$	244,069		$	(12,101	)	$	56,240
Net Realized Loss on Investments and Foreign Currency Transactions(1)		(2,062,129	)		(163,619	)		(240,630	)		(227,952	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions and Translation		(3,854,902	)		1,634,223			815			498,090
Net Increase (Decrease) in Net Assets Resulting from Operations		(6,029,790	)		1,714,673			(251,916	)		326,378
Dividends and Distributions from:
Net Investment Income		(243,282	)		(186,317	)		(65,300	)		(64,616	)
Total Dividends and Distributions		(243,282	)		(186,317	)		(65,300	)		(64,616	)
Capital Share Transactions:
Issued		6,952,000			38,748,500			—			—
Redeemed		(27,499,000	)		(3,771,500	)		(588,500	)		(574,500	)
Increase (Decrease) in Net Assets  from Capital Share Transactions		(20,547,000	)		34,977,000			(588,500	)		(574,500	)
Total Increase (Decrease) in Net Assets		(26,820,072	)		36,505,356			(905,716	)		(312,738	)
Net Assets:
Beginning of Period		42,517,946			6,012,590			4,248,245			4,560,983
End of Period	$	15,697,874		$	42,517,946		$	3,342,529		$	4,248,245
Undistributed (Distributions in Excess of) Net Investment Income	$	(112,762	)	$	243,239		$	(26,627	)	$	50,961
Share Transactions:
Issued		500,000			3,000,000			—			—
Redeemed		(2,350,000	)		(300,000	)		(50,000	)		(50,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(1,850,000	)		2,700,000			(50,000	)		(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.

72

Statements of Changes in Net Assets

	Global X China Materials ETF						Global X NASDAQ China Technology ETF
	Period Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013 (Audited)			Period Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013 (Audited)
Operations:
Net Investment Income (Loss)	$	(7,432	)	$	39,240		$	(24,636	)	$	5,445
Net Realized Loss on Investments and Foreign Currency Transactions		(107,575	)		(651,209	)		(222,872	)		(201,661	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions and Translation		(36,084	)		480,290			(861,207	)		1,654,248
Net Increase (Decrease) in Net Assets Resulting from Operations		(151,091	)		(131,679	)		(1,108,715	)		1,458,032
Dividends and Distributions from:
Net Investment Income		(36,867	)		(40,384	)		(3,666	)		(16,025	)
Total Dividends and Distributions		(36,867	)		(40,384	)		(3,666	)		(16,025	)
Capital Share Transactions:
Issued		—			—			10,227,500			6,121,500
Redeemed		—			(438	)		—			—
Increase (Decrease) in Net Assets  from Capital Share Transactions		—			(438	)		10,227,500			6,121,500
Total Increase (Decrease) in Net Assets		(187,958	)		(172,501	)		9,115,119			7,563,507
Net Assets:
Beginning of Period		2,268,980			2,441,481			10,317,454			2,753,947
End of Period	$	2,081,022		$	2,268,980		$	19,432,573		$	10,317,454
Undistributed (Distributions in Excess of) Net Investment Income	$	(7,432	)	$	36,737		$	(24,635	)	$	3,703
Share Transactions:
Issued		—			—			450,000			300,000
Redeemed		—			(29	)(1)		—			—
Net Increase (Decrease) in Shares Outstanding from Share Transactions		—			(29	)		450,000			300,000

⁽¹⁾ 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.

73

Statements of Changes in Net Assets

	Global X FTSE ASEAN 40 ETF						Global X FTSE Andean 40 ETF
	Period Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013 (Audited)			Period Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013 (Audited)
Operations:
Net Investment Income	$	423,823		$	1,344,793		$	114,524		$	157,723
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(1,232,212	)(1)		437,210	(1)		(701,996	)(1)		(272,504	)
Net Change in Unrealized Depreciation on Investments and Foreign Currency Transactions		(414,360	)		(2,149,844	)		(282,911	)		(1,313,187	)
Net Decrease in Net Assets Resulting from Operations		(1,222,749	)		(367,841	)		(870,383	)		(1,427,968	)
Dividends and Distributions from:
Net Investment Income		(1,423,135	)		(806,416	)		(153,480	)		(155,634	)
Total Dividends and Distributions		(1,423,135	)		(806,416	)		(153,480	)		(155,634	)
Capital Share Transactions:
Issued		—			40,455,000			1,612,500			3,345,500
Redeemed		(17,265,500	)		(22,302,500	)		(1,425,000	)		—
Increase (Decrease) in Net Assets  from Capital Share Transactions		(17,265,500	)		18,152,500			187,500			3,345,500
Total Increase (Decrease) in Net Assets		(19,911,384	)		16,978,243			(836,363	)		1,761,898
Net Assets:
Beginning of Period		49,634,319			32,656,076			10,382,290			8,620,392
End of Period	$	29,722,935		$	49,634,319		$	9,545,927		$	10,382,290
Undistributed Net Investment Income	$	286,208		$	1,178,283		$	82,297		$	116,790
Share Transactions:
Issued		—			2,300,000			150,000			250,000
Redeemed		(1,100,000	)		(1,350,000	)		(150,000	)		—
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(1,100,000	)		950,000			—			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.

74

Statements of Changes in Net Assets

	Global X FTSE Colombia 20 ETF						Global X Brazil Mid Cap ETF
	Period Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013 (Audited)			Period Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013 (Audited)
Operations:
Net Investment Income	$	1,640,617		$	3,492,239		$	134,266		$	535,095
Net Realized Loss on Investments and Foreign Currency Transactions(1)		(3,537,801	)		(6,132,756	)		(350,440	)		(937,657	)
Net Change in Unrealized Depreciation on Investments and Foreign Currency Transactions and Translation		(6,073,307	)		(9,050,403	)		(480,541	)		(415,458	)
Net Decrease in Net Assets Resulting from Operations		(7,970,491	)		(11,690,920	)		(696,715	)		(818,020	)
Dividends and Distributions from:
Net Investment Income		(4,567,150	)		(3,654,817	)		(531,843	)		(544,000	)
Total Dividends and Distributions		(4,567,150	)		(3,654,817	)		(531,843	)		(544,000	)
Capital Share Transactions:
Issued		10,141,500			42,301,000			—			—
Redeemed		(39,632,500	)		(59,709,500	)		(1,453,000	)		(7,242,000	)
Decrease in Net Assets  from Capital Share Transactions		(29,491,000	)		(17,408,500	)		(1,453,000	)		(7,242,000	)
Total Decrease in Net Assets		(42,028,641	)		(32,754,237	)		(2,681,558	)		(8,604,020	)
Net Assets:
Beginning of Period		149,624,554			182,378,791			12,390,168			20,994,188
End of Period	$	107,595,913		$	149,624,554		$	9,708,610		$	12,390,168
Undistributed (Distributions in Excess of) Net Investment Income	$	(832,121	)	$	1,897,019		$	90,088		$	483,347
Share Transactions:
Issued		550,000			2,000,000			—			—
Redeemed		(2,200,000	)		(3,050,000	)		(100,000	)		(500,000	)
Net Decrease in Shares Outstanding from Share Transactions		(1,650,000	)		(1,050,000	)		(100,000	)		(500,000	)

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

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

75

Statements of Changes in Net Assets

	Global X Brazil Consumer ETF						Global X Brazil Financials ETF
	Period Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013 (Audited)			Period Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013 (Audited)
Operations:
Net Investment Income	$	139,403		$	180,332		$	49,323		$	78,417
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		231,280	(1)		142,953	(1)		(101,574	)		(626,596	)(1)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions and Translation		(1,569,588	)		(1,992,485	)		(6,102	)		366,257
Net Decrease in Net Assets Resulting from Operations		(1,198,905	)		(1,669,200	)		(58,353	)		(181,922	)
Dividends and Distributions from:
Net Investment Income		(185,072	)		(293,164	)		(22,454	)		(149,310	)
Total Dividends and Distributions		(185,072	)		(293,164	)		(22,454	)		(149,310	)
Capital Share Transactions:
Issued		—			—			555,500			—
Redeemed		(2,559,000	)		(4,508,500	)		—			(1,089,000	)
Increase (Decrease) in Net Assets  from Capital Share Transactions		(2,559,000	)		(4,508,500	)		555,500			(1,089,000	)
Total Increase (Decrease) in Net Assets		(3,942,977	)		(6,470,864	)		474,693			(1,420,232	)
Net Assets:
Beginning of Period		18,786,549			25,257,413			2,424,756			3,844,988
End of Period	$	14,843,572		$	18,786,549		$	2,899,449		$	2,424,756
Undistributed Net Investment Income	$	104,743		$	156,942		$	42,381		$	6,465
Share Transactions:
Issued		—			—			50,000			—
Redeemed		(150,000	)		(250,000	)		—			(100,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(150,000	)		(250,000	)		50,000			(100,000	)

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

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

76

Statements of Changes in Net Assets

	Global X FTSE Argentina 20 ETF						Global X FTSE Greece 20 ETF
	Period Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013 (Audited)			Period Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013 (Audited)
Operations:
Net Investment Income (Loss)	$	22,984		$	22,958		$	(378,831	)	$	336,427
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(526,161	)		(752,497	)		11,403,403	(1)		(1,115,260	)(1)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions and Translation		419,573			1,578,925			(12,795,283	)		16,321,802
Net Increase (Decrease) in Net Assets Resulting from Operations		(83,604	)		849,386			(1,770,711	)		15,542,969
Dividends and Distributions from:
Net Investment Income		(45,738	)		(31,297	)		(53,067	)		(30,671	)
Net Realized Gains		—			—			(99,419	)		(17,078	)
Total Dividends and Distributions		(45,738	)		(31,297	)		(152,486	)		(47,749	)
Capital Share Transactions:
Issued		986,000			2,832,000			160,453,500			72,034,500
Redeemed		—			(443	)		(43,565,000	)		(18,455,000	)
Increase in Net Assets  from Capital Share Transactions		986,000			2,831,557			116,888,500			53,579,500
Total Increase in Net Assets		856,658			3,649,646			114,965,303			69,074,720
Net Assets:
Beginning of Period		6,595,190			2,945,544			94,937,937			25,863,217
End of Period	$	7,451,848		$	6,595,190		$	209,903,240		$	94,937,937
Undistributed (Distributions in Excess of) Net Investment Income	$	(18,531	)	$	2,271		$	(378,834	)	$	336,427
Share Transactions:
Issued		50,000			150,000	(2)		6,800,000			3,700,000
Redeemed		—			(25	)(2)		(1,900,000	)		(1,100,000	)
Net Increase in Shares Outstanding from Share Transactions		50,000			149,975			4,900,000			2,600,000

⁽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).

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

77

Statements of Changes in Net Assets

	Global X FTSE Norway 30 ETF						Global X FTSE Nordic Region ETF
	Period Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013 (Audited)			Period Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013 (Audited)
Operations:
Net Investment Income	$	1,439,509		$	2,017,974		$	1,499,042		$	1,204,474
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		1,202,253	(1)		861,775	(1)		2,333,867	(1)		(462,098	)
Net Change in Unrealized Appreciation on Investments and Foreign Currency Transactions and Translation		2,248,810			5,669,899			1,857,420			9,575,936
Net Increase in Net Assets Resulting from Operations		4,890,572			8,549,648			5,690,329			10,318,312
Dividends and Distributions from:
Net Investment Income		(2,012,342	)		(1,583,434	)		(1,480,041	)		(698,310	)
Total Dividends and Distributions		(2,012,342	)		(1,583,434	)		(1,480,041	)		(698,310	)
Capital Share Transactions:
Issued		25,408,500			29,239,000			13,753,500			20,101,500
Redeemed		(11,045,000	)		(16,869,000	)		(8,078,500	)		—
Increase in Net Assets  from Capital Share Transactions		14,363,500			12,370,000			5,675,000			20,101,500
Total Increase in Net Assets		17,241,730			19,336,214			9,885,288			29,721,502
Net Assets:
Beginning of Period		80,464,774			61,128,560			56,014,679			26,293,177
End of Period	$	97,706,504		$	80,464,774		$	65,899,967		$	56,014,679
Undistributed Net Investment Income	$	1,245,952		$	1,822,950		$	1,162,776		$	1,150,933
Share Transactions:
Issued		1,550,000			1,850,000			550,000			950,000
Redeemed		(700,000	)		(1,100,000	)		(350,000	)		—
Net Increase in Shares Outstanding from Share Transactions		850,000			750,000			200,000			950,000

⁽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.

78

Statements of Changes in Net Assets

	Global X Central Asia & Mongolia Index ETF						Global X Nigeria Index ETF
	Period Ended April 30, 2014 (Unaudited)			Period Ended October 31, 2013(2) (Audited)			Period Ended April 30, 2014 (Unaudited)			Period Ended October 31, 2013(2) (Audited)
Operations:
Net Investment Income	$	9,983		$	48,324		$	251,447		$	81,137
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(101,481	)		(70,246	)(1)		(44,346	)		11,702
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions and Translation		32,757			(129,952	)		(120,481	)		(285,805	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(58,741	)		(151,874	)		86,620			(192,966	)
Dividends and Distributions from:
Net Investment Income		(52,316	)		—			(76,054	)		—
Net Realized Gains		—			—			(16,784	)		—
Total Dividends and Distributions		(52,316	)		—			(92,838	)		—
Capital Share Transactions:
Issued		681,500			2,207,000			10,968,500			6,162,500
Redeemed		—			(681,500	)		—			—
Increase in Net Assets  from Capital Share Transactions		681,500			1,525,500			10,968,500			6,162,500
Total Increase in Net Assets		570,443			1,373,626			10,962,282			5,969,534
Net Assets:
Beginning of Period		1,373,626			—			5,969,534			—
End of Period	$	1,944,069		$	1,373,626		$	16,931,816		$	5,969,534
Undistributed Net Investment Income	$	6,116		$	48,324		$	251,447		$	76,054
Share Transactions:
Issued		50,000			150,000			750,000			400,000
Redeemed		—			(50,000	)		—			—
Net Increase in Shares Outstanding from Share Transactions		50,000			100,000			750,000			400,000

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

⁽²⁾ Commenced operations on April 2, 2013.

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

79

Statements of Changes in Net Assets

	Global X Next Emerging & Frontier ETF			Global X Portugal FTSE 20 ETF
	Period Ended April 30, 2014(1) (Unaudited)			Period Ended April 30, 2014(2) (Unaudited)
Operations:
Net Investment Income (Loss)	$	504,182		$	(11,289	)
Net Realized Loss on Investments and Foreign Currency Transactions		(24,675	)		(65,899	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		1,429,580			1,838,301
Net Increase in Net Assets Resulting from Operations		1,909,087			1,761,113
Dividends and Distributions from:
Net Investment Income		(28,312	)		—
Total Dividends and Distributions		(28,312	)		—
Capital Share Transactions:
Issued		153,692,000			21,681,000
Increase in Net Assets from Capital Share Transactions		153,692,000			21,681,000
Total Increase in Net Assets		155,572,775			23,442,113
Net Assets:
Beginning of Period		—			—
End of Period	$	155,572,775		$	23,442,113
Undistributed (Distributions in Excess of) Net Investment Income	$	475,870		$	(11,289	)
Share Transactions:
Issued		6,000,000			1,300,000
Net Increase in Shares Outstanding from Share Transactions		6,000,000			1,300,000

⁽¹⁾ Commenced operations on November 6, 2013.

⁽²⁾ Commenced operations on November 12, 2013.

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

80

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 ($)			Distribution from Net Realized Gains ($)			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
2014(Unaudited)		15.87		—			(1.68	)		(1.68	)		(0.15	)		—			(0.15	)		14.04		(10.69	)		153,000		0.65	†		(0.01	)†		9.47	††
2013		14.00		0.16			1.88			2.04			(0.17	)		—			(0.17	)		15.87		14.66			170,554		0.65			1.11			27.76
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
2014(Unaudited)		15.11		(0.05	)		(0.44	)		(0.49	)		(0.28	)		—			(0.28	)		14.34		(3.31	)		3,584		0.65	†		(0.66	)†		7.45	††
2013		13.76		0.26			1.34			1.60			(0.25	)		—			(0.25	)		15.11		11.72			4,534		0.65			1.82			24.41
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
2014(Unaudited)		13.29		(0.04	)		(1.55	)		(1.59	)		(0.07	)		—			(0.07	)		11.63		(12.06	)		15,698		0.65	†		(0.62	)†		1.90	††
2013		12.03		0.27			1.36			1.63			(0.37	)		—			(0.37	)		13.29		13.61			42,518		0.65			2.09			33.49
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
2014(Unaudited)		12.14		(0.03	)		(0.78	)		(0.81	)		(0.19	)		—			(0.19	)		11.14		(6.84	)		3,343		0.65	†		(0.59	)†		5.40	††
2013		11.40		0.15			0.75			0.90			(0.16	)		—			(0.16	)		12.14		7.89			4,248		0.65			1.28			19.01
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
2014(Unaudited)		15.13		(0.05	)		(0.95	)		(1.00	)		(0.25	)		—			(0.25	)		13.88		(6.75	)		2,081		0.65	†		(0.69	)†		6.21	††
2013(4)		16.28		0.17			(1.05	)		(0.88	)		(0.27	)		—			(0.27	)		15.13		(5.63	)		2,269		0.65			1.65			31.07
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
2014(Unaudited)		20.63		(0.03	)		(0.13	)		(0.16	)		(0.01	)		—			(0.01	)		20.46		(0.80	)		19,433		0.65	†		(0.32	)†		32.54	††
2013		13.77		0.02			6.92			6.94			(0.08	)		—			(0.08	)		20.63		50.68			10,317		0.65			0.14			57.24
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
2014(Unaudited)		17.12		0.19			(0.21	)		(0.02	)		(0.59	)		—			(0.59	)		16.51		0.16			29,723		0.65	†		2.39	†		4.64	††
2013		16.75		0.47			0.28			0.75			(0.38	)		—			(0.38	)		17.12		4.50			49,634		0.65			2.73			24.07
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.

81

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 ($)			Distribution from Net Realized Gains ($)			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
2014(Unaudited)		12.21		0.13		(0.94	)		(0.81	)		(0.17	)		—			(0.17	)		11.23		(6.60	)		9,546		0.72	†		2.45	†		2.24	††
2013		14.37		0.23		(2.13	)		(1.90	)		(0.26	)		—			(0.26	)		12.21		(13.52	)		10,382		0.72			1.71			22.05
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
2014(Unaudited)		20.55		0.27		(0.96	)		(0.69	)		(0.75	)		—			(0.75	)		19.11		(3.16	)		107,596		0.68	†@		3.04	†		12.57	††
2013		21.89		0.42		(1.31	)		(0.89	)		(0.45	)		—			(0.45	)		20.55		(4.21	)		149,625		0.75	@		2.05			52.06
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
2014(Unaudited)		14.58		0.18		(1.11	)		(0.93	)		(0.71	)		—			(0.71	)		12.94		(6.38	)		9,709		0.69	†		2.84	†		7.58	††
2013		15.55		0.50		(1.02	)		(0.52	)		(0.45	)		—			(0.45	)		14.58		(3.52	)		12,390		0.69			3.32			16.38
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
2014(Unaudited)		17.89		0.15		(1.34	)		(1.19	)		(0.21	)		—			(0.21	)		16.49		(6.65	)		14,844		0.78	†‡		1.93	†		6.81	††
2013		19.43		0.15		(1.45	)		(1.30	)		(0.24	)		—			(0.24	)		17.89		(6.80	)		18,787		0.77			0.80			15.01
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
2014(Unaudited)		12.12		0.24		(0.65	)		(0.41	)		(0.11	)		—			(0.11	)		11.60		(3.25	)		2,899		0.77	†‡		4.62	†		9.97	††
2013		12.82		0.30		(0.50	)		(0.20	)		(0.50	)		—			(0.50	)		12.12		(1.87	)		2,425		0.77			2.36			14.87
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
2014(Unaudited)		20.29		0.06		(0.36	)		(0.30	)		(0.12	)		—			(0.12	)		19.87		(1.46	)		7,452		0.74	†		0.67	†		21.35	††
2013(6)		16.84		0.10		3.53			3.63			(0.18	)		—			(0.18	)		20.29		21.73			6,595		0.74			0.57			26.52
2012(6)		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)	Per share amounts have been restated for a 1 for 2 reverse share split. See Note 8 in the Notes to financial statements.
(7)	The Fund commenced operations on March 2, 2011.
*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized.  The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and has not been annualized. Excludes effect of in-kind transfers.
@	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 0.81%, 0.83%, 0.83%, 0.83%, 0.86% and 0.86% for the period ended April 30, 2014 and years or periods ended October 31, 2013, 2012, 2011, 2010 and 2009, respectively.
‡	The Ratio of Expenses to Average Net Assets includes the effect of income taxes. If these expenses were excluded, the ratio would have been 0.77%, and 0.77% for the Global X Brazil Consumer ETF and Global X Brazil Financials ETF, respectively.

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

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

82

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 ($)			Distribution from Net Realized Gains ($)			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
2014(Unaudited)		22.60		(0.05	)		0.55	^		0.50			(0.01	)		(0.02	)		(0.03	)		23.07		2.20			209,903		0.58	†		(0.46	)†		26.99	††
2013		16.16		0.15			6.32			6.47			(0.02	)		(0.01	)		(0.03	)		22.60		40.14			94,938		0.61			0.84			77.29
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
2014(Unaudited)		16.76		0.28			0.64			0.92			(0.39	)		—			(0.39	)		17.29		5.63			97,707		0.50	†		3.38	†		10.69	††
2013		15.09		0.50			1.60			2.10			(0.43	)		—			(0.43	)		16.76		14.21			80,465		0.50			3.23			11.01
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
2014(Unaudited)		23.74		0.63			2.00			2.63			(0.63	)		—			(0.63	)		25.74		11.26			65,900		0.50	†		5.20	†		3.45	††
2013		18.65		0.62			4.97			5.59			(0.50	)		—			(0.50	)		23.74		30.54			56,015		0.50			2.92			8.95
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
2014(Unaudited)		13.74		0.07			(0.50	)		(0.43	)		(0.35	)		—			(0.35	)		12.96		(3.22	)		1,944		0.69	†		1.05	†		38.13	††
2013(4)		14.84		0.41			(1.51	)		(1.10	)		—			—			—			13.74		(7.41	)		1,374		0.69	†		5.01	†		11.01	††
Global X Nigeria Index ETF
2014(Unaudited)		14.92		0.41			(0.40	)		0.01			(0.17	)		(0.04	)		(0.21	)		14.72		0.00			16,932		0.68	†@		5.69	†		2.84	††
2013(4)		15.31		0.30			(0.69	)		(0.39	)		—			—			—			14.92		(2.55	)		5,970		0.68	†@		3.54	†		5.44	††
Global X Next Emerging & Frontier ETF
2014(5)(Unaudited)		25.08		0.51			0.39			0.90			(0.05	)		—			(0.05	)		25.93		3.59			155,573		0.58	†‡		4.23	†		0.46	††
Global X FTSE Portugal 20 ETF
2014(6)(Unaudited)		15.04		(0.02	)		3.01			2.99			—			—			—			18.03		19.88			23,442		0.61	†		(0.22	)†		15.41	††

(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.
(5)	The Fund commenced operations on November 6, 2013.
(6)	The Fund commenced operations on November 12, 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% and 0.92% for the periods ended April 30, 2014 and October 31, 2013, respectively.
^	The amount shown for a share outstanding throughout the period does not accord with the aggregate net gains on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.
‡	The Ratio of Expenses to Average Net Assets includes the effect of income taxes. If this expense was excluded, the ratio would have been 0.58%.

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

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

83

Notes to Financial Statements

April 30, 2014 (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, 2014, the Trust had seventy-nine portfolios, forty 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, Global X Nigeria Index ETF, Global X Next Emerging & Frontier ETF and Global X FTSE Portugal 20 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.

84

Notes to Financial Statements (continued)

April 30, 2014 (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, 2014, there were securities valued using Fair Value Procedures of $385,413, $78,274, $6,683, $53,797, $76,592 and $97,276 in Global X China Consumer ETF, Global X China Materials ETF, Global X FTSE Colombia 20 ETF, Global X Brazil Mid Cap ETF, Global X Brazil Consumer ETF, 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)

85

Notes to Financial Statements (continued)

April 30, 2014 (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, 2014, 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, 2014. 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 4/30/14	Valuation Technique(s)	Unobservable Input	Discount Percentage Range
		Discount from the Last Traded	Last Traded Price Comparability
Common Stock	$78,274	Price	Adjustment %	0% to 99%

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. For Financial Statement purposes, the Funds gross up the securities lending collateral (included in Repurchase Agreements, at Value) and Obligation to Return Securities Lending Collateral on the Statements of Assets and Liabilities.

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.

During the period ended April 30, 2014, The Global X Brazil Consumer ETF, Global X Brazil Financials ETF, and Global X Next Emerging & Frontier ETF incurred federal excise tax in the amount of $808, $5, and $17, respectively. No other provisions for Federal income taxes have been made in the financial statements.

86

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is "more-likely-than-not" (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax 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 six months ended April 30, 2014, 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.

87

Notes to Financial Statements (continued)

April 30, 2014 (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	$	702,000	$	1,900
Global X China Energy ETF		50,000		1,900		717,000		1,900
Global X China Financials ETF		50,000		1,900		581,500		1,900
Global X China Industrials ETF		50,000		1,900		557,000		1,900
Global X China Materials ETF		50,000		1,900		694,000		1,900
Global X NASDAQ China Technology ETF		50,000		1,900		1,023,000		1,900
Global X FTSE ASEAN 40 ETF		50,000		2,300		825,500		2,300
Global X FTSE Andean 40 ETF		50,000		2,300		561,500		2,300
Global X FTSE Colombia 20 ETF		50,000		2,500		955,500		2,500
Global X Brazil Mid Cap ETF		50,000		1,900		647,000		1,900
Global X Brazil Consumer ETF		50,000		1,500		824,500		1,500
Global X Brazil Financials ETF		50,000		1,500		580,000		1,500
Global X FTSE Argentina 20 ETF		50,000		1,000		993,500		1,000
Global X FTSE Greece 20 ETF		50,000		1,000		1,153,500		1,000
Global X FTSE Norway 30 ETF		50,000		1,400		864,500		1,400
Global X FTSE Nordic Region ETF		50,000		1,400		1,287,000		1,400
Global X Central Asia & Mongolia Index ETF		50,000		2,700		648,000		2,700
Global X Nigeria Index ETF		50,000		2,300		736,000		2,300
Global X Next Emerging & Frontier ETF		50,000		9,500		1,296,500		9,500
Global X FTSE Portugal 20 ETF		50,000		1,000		901,500		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 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, Global X Nigeria Index ETF, Global X Next Emerging & Frontier ETF and Global X FTSE Portugal 20 ETF pay custodial fees that are not covered by the Supervision and Administration Agreement. Pursuant to an agreement with the Custodian, the Global X FTSE Colombia 20 ETF, Global X FTSE Argentina 20 ETF, Global X FTSE Greece 20 ETF, Global X Central Asia & Mongolia Index ETF, Global X Nigeria Index ETF, Global X Next Emerging & Frontier ETF and Global X FTSE Portugal 20 ETF may pay up to 0.14%, 0.01%, 0.14%, 0.01%, 0.24%, 0.09% and 0.06% respectively in Custody Fees (in addition to the Supervision and Administration Fee).

88

Notes to Financial Statements (continued)

April 30, 2014 (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	%
Global X Next Emerging & Frontier ETF		0.49	%
Global X FTSE Portugal 20 ETF		0.55	%

*Pursuant to an Expense Limitation Agreement, the Adviser has agreed to waive or reimburse fees and/or limit Fund expenses to the extent necessary to assure that the operating expenses of the Fund (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 March 1, 2015 for the Global X FTSE Colombia 20 Fund and March 1, 2015 for the Global X Nigeria Index Fund. Pursuant to the Expense Limitation Agreement, the Fund (at a later date) may reimburse the Adviser for the fees and expenses it waived or reimbursed and/or limited pursuant to the Expense Limitation Agreement during any of the prior three fiscal years, provided that, among other things, any reimbursement made to the Adviser does not cause Total Annual Fund Operating Expenses of the Fund to exceed 0.68% during the period in which it is paid and the Board of Trustees has approved in advance such reimbursement to the Adviser.

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.

89

Notes to Financial Statements (continued)

April 30, 2014 (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, 2014, 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	$	16,926,964	$	18,471,904
Global X China Energy ETF		324,033		404,199
Global X China Financials ETF		670,600		982,307
Global X China Industrials ETF		220,474		271,933
Global X China Materials ETF		135,219		181,530
Global X NASDAQ China Technology ETF		5,030,409		5,114,232
Global X FTSE ASEAN 40 ETF		1,704,906		7,548,543
Global X FTSE Andean ETF		1,586,937		1,504,634
Global X FTSE Colombia 20 ETF		14,083,639		36,325,833
Global X Brazil Mid Cap ETF		751,243		1,846,562
Global X Brazil Consumer ETF		1,011,358		2,995,442
Global X Brazil Financials ETF		627,101		221,585
Global X FTSE Argentina 20 ETF		1,495,401		1,501,266
Global X FTSE Greece 20 ETF		44,764,515		44,243,345
Global X FTSE Norway 30 ETF		9,378,697		10,047,055
Global X FTSE Nordic Region ETF		2,070,114		2,493,878
Global X Central Asia & Mongolia Index ETF		722,246		767,470
Global X Nigeria Index ETF		8,521,934		266,679
Global X Next Emerging & Frontier ETF		48,130,327		178,839
Global X FTSE Portugal 20 ETF		1,983,604		2,048,944

During the period ended April 30, 2014, there were no purchases or sales of long-term U.S. Government securities for the Funds.

90

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

4. INVESTMENT TRANSACTIONS (continued)

For the year or period ended October 31, 2013 and April 30, 2014, in-kind transactions associated with creations and redemptions were, respectively:

			Sales and		Realized
	Purchases		Maturities		Gain/(Loss)
Global X China Consumer ETF	$	84,769,686	$	56,960,691	$	8,039,568
Global X China Energy ETF		-		736,908		151,578
Global X China Financials ETF		38,715,376		3,760,719		306,039
Global X China Industrials ETF		-		571,688		20,684
Global X NASDAQ China Technology ETF		6,127,853		-		-
Global X FTSE ASEAN 40 ETF		30,200,196		16,631,937		1,496,471
Global X FTSE Andean ETF		1,803,820		-		-
Global X FTSE Colombia 20 ETF		14,471,052		19,928,936		(87,329	)
Global X Brazil Mid Cap ETF		-		3,589,792		589,045
Global X Brazil Consumer ETF		-		1,031,963		50,747
Global X Brazil Financials ETF		-		325,739		(39,490	)
Global X FTSE Argentina 20 ETF		2,735,472		-		-
Global X FTSE Greece 20 ETF		69,281,318		18,417,422		6,681,268
Global X FTSE Norway 30 ETF		29,193,965		16,855,364		2,326,541
Global X FTSE Nordic Region ETF		20,050,713		-		-
Global X Central Asia & Mongolia Index ETF		2,205,126		681,289		(53,621	)
Global X Nigeria Index ETF		1,361,807		-		-

			Sales and		Realized
	Purchases		Maturities		Gain/(Loss)
Global X China Consumer ETF	$	40,880,588	$	36,035,099	$	6,668,240
Global X China Energy ETF		-		730,950		142,450
Global X China Financials ETF		6,962,953		27,556,314		(1,892,992	)
Global X China Industrials ETF		-		590,797		(33,973	)
Global X China Materials ETF		-		-		-
Global X NASDAQ China Technology ETF		10,236,340		-		-
Global X FTSE ASEAN 40 ETF		-		12,623,269		(825,071	)
Global X FTSE Andean ETF		861,619		778,248		(48,376	)
Global X FTSE Colombia 20 ETF		3,583,813		13,683,304		(1,946,659	)
Global X Brazil Mid Cap ETF		-		776,989		131,362
Global X Brazil Consumer ETF		-		593,007		(49,721	)
Global X Brazil Financials ETF		171,813		-		-
Global X FTSE Argentina 20 ETF		949,761		-		-
Global X FTSE Greece 20 ETF		160,441,048		43,613,010		16,170,817
Global X FTSE Norway 30 ETF		25,009,589		11,049,530		1,883,727
Global X FTSE Nordic Region ETF		13,746,411		8,081,011		2,406,446
Global X Central Asia & Mongolia Index ETF		681,707		-		-
Global X Nigeria Index ETF		2,957,734		-		-
Global X Next Emerging & Frontier ETF		105,808,579		-		-
Global X FTSE Portugal 20 ETF		21,695,021		-		-

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.

91

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

5. TAX INFORMATION (continued)

The tax character of dividends and distributions paid during the periods ended October 31, 2013 and 2012 were as follows:

Global X Funds	Ordinary Income		Long-Term Capital Gain		Totals
Global X China Consumer ETF
2013	$	2,128,638	$	–	$	2,128,638
2012		487,644		–		487,644
Global X China Energy ETF
2013	$	88,625	$	–	$	88,625
2012		78,332		–		78,332
Global X China Financials ETF
2013	$	186,317	$	–	$	186,317
2012		14,611		–		14,611
Global X China Industrials ETF
2013	$	64,616	$	–	$	64,616
2012		8,938		–		8,938
Global X China Materials ETF
2013	$	40,384	$	–	$	40,384
2012		–		–		–
Global X NASDAQ China Technology ETF
2013	$	16,025	$	–	$	16,025
2012		57,614		–		57,614
Global X FTSE ASEAN 40 ETF
2013	$	806,416	$	–	$	806,416
2012		517,045		–		517,045
Global X FTSE Andean 40 ETF
2013	$	155,634	$	–	$	155,634
2012		120,234		–		120,234
Global X FTSE Colombia 20 ETF
2013	$	3,654,817	$	–	$	3,654,817
2012		1,467,527		–		1,467,527
Global X Brazil Mid Cap ETF
2013	$	544,000	$	–	$	544,000
2012		495,614		–		495,614
Global X Brazil Consumer ETF
2013	$	293,164	$	–	$	293,164
2012		392,931		–		392,931
Global X Brazil Financials ETF
2013	$	149,310	$	–	$	149,310
2012		256,178		–		256,178
Global X FTSE Argentina 20 ETF
2013	$	31,297	$	–	$	31,297
2012		102,814		–		102,814
Global X FTSE Greece 20 ETF
2013	$	47,749	$	–	$	47,749
2012		4,711		–		4,711
Global X FTSE Norway 30 ETF
2013	$	1,583,434	$	–	$	1,583,434
2012		1,360,544		–		1,360,544
Global X FTSE Nordic Region ETF
2013	$	698,310	$	–	$	698,310
2012		825,103		7,708		832,811
Global X Central Asia & Mongolia Index ETF*
2013	$	–	$	–	$	–
Global X Nigeria Index ETF*
2013	$	–	$	–	$	–

*Commenced operations April 2, 2013.

92

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

5. TAX INFORMATION (continued)

As of October 31, 2013, 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	$	1,981,740		$	85,001		$	243,280
Capital Loss Carryforwards		(6,049,213	)		(458,715	)		(926,122	)
Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency		(6,919,782	)		324,432			699,844
Other Temporary Differences		2			(1	)		(1	)
Total Accumulated Gains/(Losses)	$	(10,987,253	)	$	(49,283	)	$	17,001
	Global X China Industrials ETF			Global X China Materials ETF			Global X NASDAQ China Technology ETF
Undistributed Ordinary Income	$	59,640		$	36,867		$	3,666
Capital Loss Carryforwards		(1,187,021	)		(812,455	)		(916,999	)
Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency		(1,138,372	)		(554,870	)		1,293,501
Other Temporary Differences		(2	)		(1	)		—
Total Accumulated Gains/(Losses)	$	(2,265,755	)	$	(1,330,459	)	$	380,168
	Global X FTSE ASEAN 40 ETF			Global X FTSE Andean 40 ETF			Global X FTSE Colombia 20 ETF
Undistributed Ordinary Income	$	1,313,145		$	137,847		$	4,381,503
Capital Loss Carryforwards		(1,158,747	)		(555,450	)		(18,964,122	)
Unrealized Depreciation on Investments and Foreign Currency		(1,481,370	)		(1,457,074	)		(5,419,585	)
Other Temporary Differences		(2	)		—			(4	)
Total Accumulated Losses	$	(1,326,974	)	$	(1,874,677	)	$	(20,002,208	)
	Global X Brazil Mid Cap ETF			Global X Brazil Consumer ETF			Global X Brazil Financials ETF
Undistributed Ordinary Income	$	487,664		$	150,412		$	15,515
Capital Loss Carryforwards		(4,436,046	)		(2,248,892	)		(990,674	)
Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency		(187,016	)		182,847			(653,040	)
Other Temporary Differences		—			1			(4	)
Total Accumulated Losses	$	(4,135,398	)	$	(1,915,632	)	$	(1,628,203	)
	Global X FTSE Argentina 20 ETF			Global X FTSE Greece 20 ETF			Global X FTSE Norway 30 ETF
Undistributed Ordinary Income	$	4,223		$	118,988		$	1,818,788
Capital Loss Carryforwards		(1,248,913	)		—			(4,229,407	)
Undistributed Long-Term Capital Gains		—			33,492			—
Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency		(210,675	)		11,989,237			5,397,818
Other Temporary Differences		(2	)		(1	)		(4	)
Total Accumulated Gains/(Losses)	$	(1,455,367	)	$	12,141,716		$	2,987,195
	Global X FTSE Nordic Region ETF			Global X Central Asia & Mongolia Index ETF*			Global X Nigeria Index ETF*
Undistributed Ordinary Income	$	1,463,463		$	52,316		$	92,838
Capital Loss Carryforwards		(622,538	)		(16,751	)		—
Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency		6,896,799			(133,819	)		(285,805	)
Other Temporary Differences		(2	)		1			1
Total Accumulated Gains/(Losses)	$	7,737,722		$	(98,253	)	$	(192,966	)

* Commenced operations April 2, 2013.

93

Notes to Financial Statements (continued)

April 30, 2014 (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, 2013, 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		Global X Central Asia & Mongolia Index ETF		Global X Nigeria Index ETF
Oct. 2019	$	414,683	$	—	$	1,802,290	$	—	$	—	$	—
Oct. 2018		—		—		—		—		—		—
Total	$	414,683	$	—	$	1,802,290	$	—	$	—	$	—

Under the Regulated Investment Company Modernization Act of 2010, the Funds are 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 are 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:

94

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

5. TAX INFORMATION (continued)

	Short-Term		Long-Term
Global X Funds	Loss		Loss		Total
Global X China Consumer ETF	$	88,359	$	4,446,525	$	4,534,884
Global X China Energy ETF		33,989		390,814		424,803
Global X China Financials ETF		141,647		232,521		374,168
Global X China Industrials ETF		560		1,091,651		1,092,211
Global X China Materials ETF		30,358		782,097		812,455
Global X NASDAQ China Technology ETF		152,056		528,477		680,533
Global X FTSE ASEAN 40 ETF		1,074,094		84,653		1,158,747
Global X FTSE Andean 40 ETF		245,063		189,501		434,564
Global X FTSE Colombia 20 ETF		6,532,044		4,182,424		10,714,468
Global X Brazil Mid Cap ETF		686,397		2,831,270		3,517,667
Global X Brazil Consumer ETF		590,186		1,095,113		1,685,299
Global X Brazil Financials ETF		124,936		865,738		990,674
Global X FTSE Argentina 20 ETF		235,160		599,070		834,230
Global X FTSE Norway 30 ETF		987,418		1,439,699		2,427,117
Global X FTSE Nordic Region ETF		418,219		204,319		622,538
Global X Central Asia & Mongolia Index ETF*		16,751		—		16,751

*Commenced operations April 2, 2013.

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at April 30, 2014 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	$	196,326,919	$	11,409,288	$	(33,369,553	)	$	(21,960,265	)
Global X China Energy ETF		3,422,801		595,098		(434,975	)		160,123
Global X China Financials ETF		18,427,947		87,353		(2,797,597	)		(2,710,244	)
Global X China Industrials ETF		4,418,727		333,886		(1,408,730	)		(1,074,844	)
Global X China Materials ETF		2,656,179		70,242		(652,483	)		(582,241	)
Global X NASDAQ China Technology ETF		18,942,376		1,930,981		(1,433,971	)		497,010
Global X FTSE ASEAN 40 ETF		30,972,098		1,097,443		(2,609,696	)		(1,512,253	)
Global X FTSE Andean 40 ETF		11,141,683		325,705		(1,940,064	)		(1,614,359	)
Global X FTSE Colombia 20 ETF		109,176,627		13,535,320		(15,476,310	)		(1,940,990	)
Global X Brazil Mid Cap ETF		10,266,764		1,095,286		(1,705,068	)		(609,782	)
Global X Brazil Consumer ETF		15,237,672		2,174,602		(2,570,047	)		(395,445	)
Global X Brazil Financials ETF		3,333,218		188,172		(618,392	)		(430,220	)
Global X FTSE Argentina 20 ETF		6,848,904		926,416		(318,473	)		607,943
Global X FTSE Greece 20 ETF		258,103,061		15,520,634		(7,846,100	)		7,674,534
Global X FTSE Norway 30 ETF		103,087,486		11,207,321		(2,945,972	)		8,261,349
Global X FTSE Nordic Region ETF		55,744,533		10,163,658		(501,792	)		9,661,866
Global X Central Asia & Mongolia Index ETF		2,034,032		134,812		(232,021	)		(97,209	)
Global X Nigeria Index ETF		17,270,138		476,693		(881,976	)		(405,283	)
Global X Next Emerging & Frontier ETF		153,754,892		3,078,893		(1,649,584	)		1,429,309
Global X FTSE Portugal 20 ETF		23,081,380		2,042,644		(204,343	)		1,838,301

95

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

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 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.

96

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

7. AUTHORIZED PARTICIPANTS

At April 30, 2014, the Funds’ total shares outstanding were originally acquired by Authorized Participants, in the form of Creation Units, as follows. However, the individual shares comprising such Creation Units are listed and traded on an exchange and have likely been purchased and sold by persons other than the Authorized Participants.

			Percentage of
	Authorized		Shares
	Participants		Outstanding
Global X China Consumer ETF		5		100	%
Global X China Energy ETF		2		100	%
Global X China Financials ETF		3		100	%
Global X China Industrials ETF		1		100	%
Global X China Materials ETF		2		100	%
Global X NASDAQ China Technology ETF		4		100	%
Global X FTSE ASEAN 40 ETF		2		100	%
Global X FTSE Andean 40 ETF		3		100	%
Global X FTSE Colombia 20 ETF		5		100	%
Global X Brazil Mid Cap ETF		1		100	%
Global X Brazil Consumer ETF		3		100	%
Global X Brazil Financials ETF		2		100	%
Global X FTSE Argentina 20 ETF		5		100	%
Global X FTSE Greece 20 ETF		6		100	%
Global X FTSE Norway 30 ETF		7		100	%
Global X FTSE Nordic Region ETF		6		100	%
Global X Central Asia & Mongolia ETF		3		100	%
Global X Nigeria Index ETF		2		100	%
Global X Next Emerging & Frontier ETF		4		100	%
Global X FTSE Portugal 20 ETF		5		100	%

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.

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 received in connection with these loans will be cash and can be invested in repurchase agreements or U.S. Treasury obligations and is recognized in the schedule of investments and statement of assets and liabilities. The obligation to return securities lending collateral is also recognized as a liability in the statement of assets and liabilities. It is the Funds’ policy to obtain

97

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

9. LOANS OF PORTFOLIO SECURITIES (continued)

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, 2014, the value of the securities on loan was $19,669,442, $6,971,038 and $13,527,938 for the Global X China Consumer ETF, Global X FTSE Colombia 20 ETF and Global X FTSE Norway 30 ETF, respectively. The value of securities purchased with the cash collateral held from securities on loan was $21,376,801 and $14,224,531 for the Global X China Consumer ETF and Global X FTSE Norway 30 ETF, respectively. The value of the cash collateral held from securities on loan was $7,200,681 for the Global X FTSE Columbia 20 ETF.

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.

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.

11. SUBSEQUENT EVENTS

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

The following changes will take effect for the Global X FTSE Norway 30 ETF on or around July 15, 2014.

	Current	New
ETF Name	Global X FTSE Norway 30 ETF	Global X MSCI Norway ETF
Index	FTSE Norway 30 Index	MSCI Norway IMI 25/50 Index
Index Components	30	50
Weighting Methodology	Modified free float market- capitalization	Float adjusted market-capitalization

98

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

11. SUBSEQUENT EVENTS (continued)

The following changes will take effect for the Global X FTSE Colombia 20 ETF on or around July 15, 2014.

	Current	New
ETF Name	Global X FTSE Colombia 20 ETF	Global X MSCI Colombia ETF
Index	FTSE Colombia 20 Index	MSCI All Colombia Capped Index
Index Components	23	24
Weighting Methodology	Modified free float market-capitalization	Modified free float market-capitalization

The following changes will take effect for the Global X FTSE Argentina 20 ETF on or around August 15, 2014.

	Current	New
ETF Name	Global X FTSE Argentina 20 ETF	Global X MSCI Argentina ETF
Index	FTSE Argentina 20 Index	MSCI All Argentina 25/50 Index
Index Components	20	25
Weighting Methodology	Modified free float market-capitalization	Modified float adjusted market-capitalization

The following changes will take effect for the Global X Nigeria Index ETF on or around August 15, 2014.

	Current	New
ETF Name	Global X Nigeria Index ETF	Global X MSCI Nigeria ETF
Index	Solactive Nigeria Index	MSCI All Nigeria Select 25/50 Index
Index Components	28	21
Weighting Methodology	Modified free float market-capitalization	Modified free float market-capitalization

99

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.

100

Disclosure of Fund Expenses (Unaudited) (Continued)

	Beginning Account Value 11/1/2013		Ending Account Value 4/30/2014		Annualized Expense Ratios			Expenses Paid During Period(1)
Global X China Consumer ETF
Actual Fund Return	$	1,000.00	$	893.10		0.65	%	$	3.05
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X China Energy ETF
Actual Fund Return	$	1,000.00	$	966.90		0.65	%	$	3.17
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X China Financials ETF
Actual Fund Return	$	1,000.00	$	879.40		0.65	%	$	3.03
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X China Industrials ETF
Actual Fund Return	$	1,000.00	$	931.60		0.65	%	$	3.11
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X China Materials ETF
Actual Fund Return	$	1,000.00	$	932.50		0.65	%	$	3.11
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	$	992.00		0.65	%	$	3.21
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	$	1,001.60		0.65	%	$	3.23
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	$	934.00		0.72	%	$	3.45
Hypothetical 5% Return		1,000.00		1,021.22		0.72			3.61
Global X FTSE Colombia 20 ETF
Actual Fund Return	$	1,000.00	$	968.40		0.68	%	$	3.34
Hypothetical 5% Return		1,000.00		1,021.40		0.68			3.43
Global X Brazil Mid Cap ETF
Actual Fund Return	$	1,000.00	$	936.20		0.69	%	$	3.31
Hypothetical 5% Return		1,000.00		1,021.37		0.69			3.46
Global X Brazil Consumer ETF
Actual Fund Return	$	1,000.00	$	933.50		0.78	%	$	3.75
Hypothetical 5% Return		1,000.00		1,020.92		0.78			3.91
Global X Brazil Financials ETF
Actual Fund Return	$	1,000.00	$	967.50		0.77	%	$	3.76
Hypothetical 5% Return		1,000.00		1,020.97		0.77			3.86
Global X FTSE Argentina 20 ETF
Actual Fund Return	$	1,000.00	$	985.40		0.74	%	$	3.66
Hypothetical 5% Return		1,000.00		1,021.11		0.74			3.72
Global X FTSE Greece 20 ETF
Actual Fund Return	$	1,000.00	$	1,022.00		0.58	%	$	2.93
Hypothetical 5% Return		1,000.00		1,021.90		0.58			2.93
Global X FTSE Norway 30 ETF
Actual Fund Return	$	1,000.00	$	1,056.30		0.50	%	$	2.55
Hypothetical 5% Return		1,000.00		1,022.32		0.50			2.51
Global X FTSE Nordic Region ETF
Actual Fund Return	$	1,000.00	$	1,112.60		0.50	%	$	2.62
Hypothetical 5% Return		1,000.00		1,022.32		0.50			2.51

101

Disclosure of Fund Expenses (Unaudited) (Concluded)

	Beginning Account Value 11/1/2013		Ending Account Value 4/30/2014		Annualized Expense Ratios			Expenses Paid During Period(1)
Global X Central Asia & Mongolia Index ETF
Actual Fund Return	$	1,000.00	$	967.80		0.69	%	$	3.37
Hypothetical 5% Return		1,000.00		1,021.37		0.69			3.46
Global X Nigeria Index ETF
Actual Fund Return	$	1,000.00	$	1,000.00		0.68	%	$	3.37
Hypothetical 5% Return		1,000.00		1,021.42		0.68			3.41
Global X Next Emerging & Frontier ETF
Actual Fund Return (2)	$	1,000.00	$	1,035.90		0.58	%	$	2.83
Hypothetical 5% Return		1,000.00		1,021.93		0.58			2.81
Global X FTSE Portugal 20 ETF
Actual Fund Return (3)	$	1,000.00	$	1,198.80		0.61	%	$	3.21
Hypothetical 5% Return		1,000.00		1,021.79		0.61			2.96

⁽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 176/365 (to reflect the period from inception to date.).

⁽³⁾ Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 170/365 (to reflect the period from inception to date.).

102

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 15, 2013, the Board of Trustees (including the Independent Trustees) considered and unanimously approved the continuation of (i) the Investment Advisory Agreement ("Renewal Investment Advisory Agreement") for each Fund covered by this Semi-Annual Report (each a "Renewal Fund") and (ii) the Supervision and Administration Agreement between the Trust ("Renewal Supervision and Administration Agreement"), on behalf of each Renewal Fund, and Global X Management Company ("Global X Management"). The Renewal Investment Advisory Agreement and the Renewal Supervision and Administration Agreement are referred to herein as the "Renewal Agreements."

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

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

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

103

Approval of Investment Advisory Agreement (Unaudited) (Continued)

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;

• 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.

104

Approval of Investment Advisory Agreement (Unaudited) (Continued)

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/or 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 Renewal Funds had recently commenced operations. The Board observed that, for the Renewal Funds that had recently commenced operations, meaningful data relating to investment performance was not available and, therefore, could not be a factor in approving the Renewal Agreements for the affected Renewal Funds.

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

Cost of Services and Profitability

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

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

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

105

Approval of Investment Advisory Agreement (Unaudited) (Continued)

Comparison of Fees and Services

With respect to this factor, the Board considered:

• comparative information with respect to the management fee paid to Global X Management by each of the Renewal Funds. In connection with this consideration, Global X Management provided the Board with 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/or other comparable registered funds and fees and expenses paid by other funds that are series of the Trust under the same unitary management fee structure;

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

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

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

Economies of Scale

With respect to this factor, the Board considered:

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

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

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

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

106

Approval of Investment Advisory Agreement (Unaudited) (Concluded)

Other Benefits

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

107

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 www.GlobalXFunds.com.

108

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-002-0300

 

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)

Global X Permanent ETF (ticker: PERM)

Global X Guru™ Index ETF (ticker: GURU)

Global X Guru™ International Index ETF (ticker: GURI)

Global X Guru™ Small Cap Index ETF (ticker: GURX)

Global X SuperIncome™ Preferred ETF (ticker: SPFF)

Semi-Annual Report

April 30, 2014

 

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
Global X Permanent ETF	17
Global X Guru™ Index ETF	22
Global X Guru™ International Index ETF	26
Global X Guru™ Small Cap Index ETF	30
Global X SuperIncome™ Preferred ETF	35
Statements of Assets and Liabilities	38
Statements of Operations	40
Statements of Changes in Net Assets	42
Financial Highlights	48
Notes to Financial Statements	49
Disclosure of Fund Expenses	61
Approval of Investment Advisory Agreement	63
Supplemental Information	72

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, 2014 (Unaudited)
Global X SuperDividend™ ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 98.3%
AUSTRALIA— 17.9%
Banks — 5.2%
Bank of Queensland		899,818	$	10,248,478
Bendigo and Adelaide Bank		868,939		9,291,350
Commonwealth Bank of Australia		130,579		9,571,159
National Australia Bank		284,089		9,316,297
Westpac Banking *		294,864		9,620,341
				48,047,625
Consumer Services — 3.9%
David Jones (A)		3,047,338		11,125,701
Metcash (A)		3,251,731		8,397,956
Myer Holdings (A)		3,885,190		8,012,710
Southern Cross Media Group (A)		7,035,768		8,399,024
				35,935,391
Financials — 3.8%
Abacus Property Group		4,196,594		9,512,639
ASX		267,842		8,843,218
IOOF Holdings		1,038,116		8,178,166
Stockland		2,483,536		8,974,996
				35,509,019
Industrials — 1.0%
Sydney Airport		2,482,393		9,731,890
Oil & Gas — 1.0%
APA Group		1,513,391		9,363,530

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

1

 

Schedule of Investments	April 30, 2014 (Unaudited)
Global X SuperDividend™ ETF

	Shares		Value
COMMON STOCK — continued
Telecommunications — 1.0%
Telstra		1,869,252	$	9,064,682
Utilities — 2.0%
DUET Group		4,648,683		9,371,387
Spark Infrastructure Group		5,575,185		9,141,516
				18,512,903
TOTAL AUSTRALIA				166,165,040
BELGIUM— 1.0%
Telecommunications — 1.0%
Belgacom		295,242		9,035,847
BERMUDA— 1.0%
Industrials — 1.0%
Ship Finance International		507,845		8,953,307
BRAZIL— 2.3%
Financials — 1.2%
Banco do Brasil		1,022,300		10,769,740
Utilities — 1.1%
Transmissora Alianca de Energia Eletrica		1,183,800		10,448,339
TOTAL BRAZIL				21,218,079
CANADA— 8.5%
Basic Materials — 0.8%
Canexus (A)		1,676,247		7,371,480
Consumer Services — 1.0%
Parkland Fuel (A)		513,214		9,505,263
Financials — 0.4%
AGF Management, Cl B		355,858		3,964,259
Oil & Gas — 5.3%
Bonterra Energy		178,820		9,327,256
Canadian Oil Sands		470,247		10,193,941
Crescent Point Energy (A)		251,631		10,236,966
Freehold Royalties (A)		434,744		9,860,623
Veresen (A)		603,168		8,920,536
				48,539,322
Telecommunications — 1.0%
Bell Aliant (A)		370,607		9,129,501
TOTAL CANADA				78,509,825
FINLAND— 3.8%
Basic Materials — 1.0%
UPM-Kymmene		503,720		8,805,316
Health Care — 0.9%
Orion, Cl B		286,658		8,737,342

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

2

 

Schedule of Investments	April 30, 2014 (Unaudited)
Global X SuperDividend™ ETF

	Shares		Value
COMMON STOCK — continued
Telecommunications — 1.0%
Elisa		320,499	$	9,573,174
Utilities — 0.9%
Fortum		363,454		8,203,935
TOTAL FINLAND				35,319,767
FRANCE— 7.9%
Financials — 2.0%
Euler Hermes		68,722		8,289,925
Fonciere Des Regions		97,014		9,848,105
				18,138,030
Industrials — 2.0%
Bouygues (A)		214,789		9,659,247
Veolia Environnement (A)		497,594		9,278,112
				18,937,359
Oil & Gas — 1.1%
Total		140,590		10,041,028
Utilities — 2.8%
Electricite de France		225,027		8,630,510
GDF Suez		356,073		8,978,395
Suez Environnement		454,110		8,914,618
				26,523,523
TOTAL FRANCE				73,639,940
GERMANY— 1.0%
Telecommunications — 1.0%
Freenet		267,779		9,255,985
HONG KONG— 2.0%
Technology — 1.1%
VTech Holdings		758,149		10,463,365
Telecommunications — 0.9%
SmarTone Telecommunications Holdings		7,894,815		8,136,202
TOTAL HONG KONG				18,599,567
ISRAEL— 1.1%
Telecommunications — 1.1%
Bezeq		5,319,839		9,638,893
ITALY— 1.1%
Utilities — 1.1%
Hera		3,463,019		10,194,959
NETHERLANDS— 1.0%
Financials — 1.0%
Corio		198,020		9,267,765

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

3

 

Schedule of Investments	April 30, 2014 (Unaudited)
Global X SuperDividend™ ETF

	Shares		Value
COMMON STOCK — continued
NORWAY— 0.9%
Oil & Gas — 0.9%
Seadrill		246,484	$	8,604,113
POLAND— 0.9%
Basic Materials — 0.9%
KGHM Polska Miedz *		231,385		8,364,602
PORTUGAL— 1.1%
Utilities — 1.1%
EDP - Energias de Portugal		2,144,851		10,414,787
RUSSIA— 0.7%
Consumer Services — 0.7%
CTC Media		778,573		6,750,228
SINGAPORE— 6.0%
Industrials — 2.0%
Hutchison Port Holdings Trust, Cl U		13,973,772		9,502,165
Venture		1,509,361		9,234,106
				18,736,271
Real Estate Investment Trusts — 3.0%
Ascendas		5,213,849		9,523,582
Mapletree Logistics Trust		10,885,263		9,550,761
Suntec Real Estate Investment Trust		6,747,385		9,230,091
				28,304,434
Telecommunications — 1.0%
StarHub		2,682,106		8,878,312
TOTAL SINGAPORE				55,919,017
SOUTH AFRICA— 1.1%
Financials — 1.1%
Redefine Properties *		10,713,925		10,122,752
SWEDEN— 0.9%
Telecommunications — 0.9%
TeliaSonera		1,179,917		8,557,855
TAIWAN— 0.9%
Industrials — 0.9%
Chong Hong Construction		3,157,600		8,710,116
TURKEY— 1.2%
Consumer Goods — 1.2%
Ford Otomotiv Sanayi *		976,084		11,024,889
UNITED KINGDOM— 6.7%
Financials — 5.7%
Admiral Group		360,537		8,510,007
Amlin		1,212,978		9,168,810

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

4

 

Schedule of Investments	April 30, 2014 (Unaudited)
Global X SuperDividend™ ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Intermediate Capital Group		1,202,926	$	9,009,556
Provident Financial		290,062		9,731,093
Resolution		1,452,221		7,314,066
Standard Life		1,374,523		8,869,837
				52,603,369
Utilities — 1.0%
SSE		371,833		9,573,940
TOTAL UNITED KINGDOM				62,177,309
UNITED STATES— 29.3%
Consumer Goods — 1.1%
Vector Group (A)		465,039		9,905,331
Financials — 4.5%
AGF Management, Cl B		516,280		5,774,592
BGC Partners, Cl A		1,256,385		9,008,280
Home Loan Servicing Solutions		426,522		9,447,462
New York Community Bancorp (A)		559,519		8,622,188
OneBeacon Insurance Group, Cl A		563,356		8,698,217
				41,550,739
Health Care — 2.0%
AstraZeneca		131,691		10,370,211
PDL BioPharma (A)		1,027,237		8,721,242
				19,091,453
Industrials — 1.9%
Costamare		426,813		9,150,871
RR Donnelley & Sons		479,719		8,443,054
				17,593,925
Real Estate Investment Trusts — 16.5%
American Capital Mortgage Investment		449,818		8,906,396
Apollo Commercial Real Estate Finance		528,240		8,985,362
ARMOUR Residential		2,066,625		8,762,490
Capstead Mortgage		699,562		8,940,402
Chimera Investment		2,874,074		8,880,889
Franklin Street Properties		718,327		8,749,223
Hospitality Properties Trust		333,145		10,011,007
Invesco Mortgage Capital		542,223		9,038,857
Investors Real Estate Trust		1,007,952		8,789,341
Medical Properties Trust		674,821		9,110,084
New York Mortgage Trust (A)		1,195,219		8,808,764
NorthStar Realty Finance		596,586		9,557,308

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

5

 

Schedule of Investments	April 30, 2014 (Unaudited)
Global X SuperDividend™ ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Real Estate Investment Trusts — continued
Omega Healthcare Investors (A)		280,294	$	9,748,625
PennyMac Mortgage Investment Trust		368,042		8,626,905
Resource Capital		1,483,415		8,158,783
Sabra Health Care		316,505		9,485,655
Starwood Property Trust		368,253		8,856,485
				153,416,576
Telecommunications — 3.3%
Consolidated Communications Holdings		460,461		9,172,383
Frontier Communications (A)		1,912,399		11,378,774
Windstream Holdings (A)		1,131,146		10,259,494
				30,810,651
TOTAL UNITED STATES				272,368,675
TOTAL COMMON STOCK
(Cost $828,346,809)				912,813,317
PREFERRED STOCK — 1.0%
BRAZIL— 1.0%
Utilities — 1.0%
AES Tiete		1,210,756		9,535,094
(Cost $11,405,370)				9,535,094
REPURCHASE AGREEMENTS — 10.2%
Barclays
0.040%, dated 04/30/14, to be repurchased on 05/01/14 repurchase price $90,000,100 (collateralized by U.S. Treasury Bills, ranging in par value $9,995,652-$25,732,478, 0.625%-4.625%, 10/15/16-11/15/21 with a total market value of $91,800,030) (B)	$	90,000,000		90,000,000
Deutsche Bank
0.040%, dated 04/30/14, to be repurchased on 05/01/14 repurchase price $4,430,699 (collateralized by U.S. Treasury Bills, par value $4,008,893, 4.500%, 05/15/17 with a total market value of $4,443,292) (B)		4,430,694		4,430,694
TOTAL REPURCHASE AGREEMENTS
(Cost $94,430,694)				94,430,694

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

6

 

Schedule of Investments	April 30, 2014 (Unaudited)
Global X SuperDividend™ ETF

	Face Amount(1)		Value
TIME DEPOSITS — 0.1%
Brown Brothers Harriman
0.030%, 05/01/14		782,430	$	782,430
0.238%, 05/01/14, CAD		32,378		29,541
0.067%, 05/01/14, GBP		1		2
2.250%, 05/01/14, NZD		11		9
0.005%, 05/01/14, SGD		130,255		103,897
TOTAL TIME DEPOSITS
(Cost $915,879)				915,879
TOTAL INVESTMENTS — 109.6%
(Cost $935,098,752)			$	1,017,694,984

Percentages are based on Net Assets of $928,731,072.

* Non-income producing security.

(A) This security or a partial position of this security is on loan at April 30, 2014. The total value of securities on loan at April 30, 2014 was $90,187,629.

(B) These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2014 was $94,430,694.

(1) In U.S. Dollars unless otherwise indicated.

CAD — Canadian Dollar

Cl — Class

GBP — Great British Pound

NZD — New Zealand Dollar

SGD — Singapore Dollar

The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	912,813,317	$	—	$	—	$	912,813,317
Preferred Stock		9,535,094		—		—		9,535,094
Repurchase Agreements		—		94,430,694		—		94,430,694
Time Deposits		—		915,879		—		915,879
Total Investments in Securities	$	922,348,411	$	95,346,573	$	—	$	1,017,694,984

For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2014, there were no Level 3 investments.

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

7

Schedule of Investments April 30, 2014 (Unaudited)

Global X SuperDividend™ U.S. ETF

Sector Weightings †: 

† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 83.3%
Consumer Goods — 10.9%
Altria Group		48,165	$	1,931,898
Lorillard		35,323		2,098,893
Philip Morris International		21,595		1,844,861
Reynolds American		34,957		1,972,623
Vector Group (A)		90,514		1,927,948
				9,776,223
Consumer Services — 3.9%
Six Flags Entertainment		42,463		1,704,465
Thomson Reuters		49,402		1,787,364
				3,491,829
Financials — 7.5%
Apollo Residential Mortgage		103,359		1,669,248
Chimera Investment		560,489		1,731,911
Ellington Financial		69,195		1,637,845
New York Community Bancorp		108,112		1,666,006
				6,705,010
Health Care — 3.9%
Eli Lilly		29,353		1,734,762
Merck		30,315		1,775,247
				3,510,009
Industrials — 3.9%
Covanta Holding		96,296		1,776,661
Iron Mountain		59,512		1,692,521
				3,469,182

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

8

Schedule of Investments April 30, 2014 (Unaudited)

Global X SuperDividend™ U.S. ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — 5.8%
Chevron		15,061	$	1,890,457
LinnCo		54,093		1,490,803
Spectra Energy		45,200		1,794,892
				5,176,152
Real Estate Investment Trusts — 14.7%
ARMOUR Residential		400,056		1,696,237
Capstead Mortgage		136,311		1,742,055
Colony Financial		74,117		1,612,045
CommonWealth		63,140		1,604,387
Mack-Cali Realty		77,876		1,586,334
New York Mortgage Trust		233,406		1,720,202
Resource Capital		289,899		1,594,445
Starwood Property Trust		71,717		1,724,794
				13,280,499
Telecommunications — 8.3%
AT&T		51,906		1,853,044
CenturyLink		55,038		1,921,377
Verizon Communications		35,905		1,677,841
Windstream Holdings (A)		220,593		2,000,778
				7,453,040
Utilities — 24.4%
Ameren		41,563		1,716,968
Avista		57,280		1,841,552
Consolidated Edison		30,745		1,784,132
Duke Energy		23,822		1,774,501
Empire District Electric		71,252		1,732,849
Entergy		26,422		1,915,595
Ferrellgas Partners (A)		68,234		1,695,615
Northwest Natural Gas		40,575		1,796,255
Pepco Holdings (A)		82,515		2,208,101
PPL		53,610		1,787,358
Southern		40,080		1,836,866
TECO Energy		101,947		1,830,968
				21,920,760
TOTAL COMMON STOCK
(Cost $70,918,662)				74,782,704
MASTER LIMITED PARTNERSHIPS — 16.4%
Basic Materials — 2.1%
PetroLogistics		139,738		1,911,616

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

9

Schedule of Investments April 30, 2014 (Unaudited)

Global X SuperDividend™ U.S. ETF

	Shares/Face Amount		Value
MASTER LIMITED PARTNERSHIPS — continued
Oil & Gas — 14.3%
Enbridge Energy Partners (A)		62,735	$	1,879,541
Energy Transfer Partners (A)		31,668		1,747,757
Enterprise Products Partners (A)		26,043		1,904,524
Memorial Production Partners		77,760		1,822,694
ONEOK Partners (A)		30,633		1,745,775
QR Energy		98,010		1,809,265
TC PipeLines (A)		36,179		1,918,934
				12,828,490
TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $13,675,357)				14,740,106
REPURCHASE AGREEMENTS — 7.9%
Barclays
0.040%, dated 04/30/14, to be repurchased on 05/01/14 repurchase price  $6,000,007 (collateralized by U.S. Treasury Bills, ranging in par value $666,377-$1,715,499, 0.625%-4.625%, 10/15/16-11/15/21 with a total market value of $6,120,002) (B)	$	6,000,000		6,000,000
Deutsche Bank
0.040%, dated 04/30/14, to be repurchased on 05/01/14 repurchase price  $1,032,276 (collateralized by U.S. Treasury Bills, par value $934,003, 4.500%, 05/15/17 with a total market value of $1,035,210) (B)		1,032,275		1,032,275
TOTAL REPURCHASE AGREEMENTS
(Cost $7,032,275)				7,032,275
TOTAL INVESTMENTS — 107.6%
(Cost $91,626,294)			$	96,555,085

Percentages are based on Net Assets of $89,762,391.

(A)	This security or a partial position of this security is on loan at April 30, 2014. The total value of securities on loan at April 30, 2014 was $6,817,175.
(B)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2014 was $7,032,275.

The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	74,782,704	$	—	$	—	$	74,782,704
Master Limited Partnerships		14,740,106		—		—		14,740,106
Repurchase Agreements		—		7,032,275		—		7,032,275
Total Investments in Securities	$	89,522,810	$	7,032,275	$	—	$	96,555,085

For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2014, there were no Level 3 investments.

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

10

Schedule of Investments April 30, 2014 (Unaudited)

Global X Canada Preferred ETF

Sector Weightings †: 

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
PREFERRED STOCK — 99.4%
CANADA— 99.4%
Consumer Goods — 2.6%
George Weston, Ser I, 5.800%		3,605	$	83,641
Loblaw, Ser A, 5.950%		3,453		83,108
				166,749
Financials — 64.2%
Bank of Montreal, Ser 13, 4.500%		4,484		106,572
Bank of Montreal, Ser 23, 5.400%(A)		5,140		121,413
Bank of Montreal, Ser 25, 3.900%(A)		3,489		78,913
Bank of Nova Scotia, Ser 16, 5.250%		5,022		120,275
Bank of Nova Scotia, Ser 20, 5.000%(A)		2,727		63,693
Bank of Nova Scotia, Ser 32, 3.700%(A)		5,777		129,450
Brookfield Asset Management, Ser 22, 7.000%(A)		4,584		107,401
Brookfield Asset Management, Ser 24, 5.400%(A)		3,917		93,096
Brookfield Asset Management, Ser 32, 4.500%(A)		4,545		108,271
Brookfield Office Properties, Ser L, 6.750%(A)		4,090		95,790
Brookfield Office Properties, Ser N, 6.150%		4,490		106,919
Brookfield Office Properties, Ser P, 5.150%(A)		4,883		113,560
Brookfield Renewable Power Preferred Equity, Ser 3, 4.400%(A)		3,853		84,369
Canadian Imperial Bank of Commerce, Ser 27, 5.600%		4,173		96,896
Canadian Imperial Bank of Commerce, Ser 33, 5.350%(A)		4,172		96,568
Fairfax Financial Holdings, Ser C, 5.750%(A)		4,117		94,844
Fairfax Financial Holdings, Ser G, 5.000%(A)		3,826		75,818
Fairfax Financial Holdings, Ser I, 5.000%(A)		4,938		105,874
Great-West Lifeco, Ser G, 5.200%		4,704		105,449
Great-West Lifeco, Ser I, 4.500%		4,704		96,136
Great-West Lifeco, Ser P, 5.400%		3,856		89,043
Industrial Alliance Insurance & Financial Services, Ser G, 4.300%(A)		3,839		91,067
Intact Financial, Ser 1, 4.200%(A)		3,846		85,514
Intact Financial, Ser 3, 4.200%(A)		3,835		90,972
Manulife Financial, Ser 1, 5.600%(A)		3,989		92,951
Manulife Financial, Ser 2, 4.650%		3,985		83,623
Manulife Financial, Ser 4, 6.600%(A)		5,448		126,352
Power Corp of Canada, Ser D, 5.000%		3,853		82,927

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

11

Schedule of Investments April 30, 2014 (Unaudited)

Global X Canada Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Power Financial, Ser P, 4.400%(A)		4,301	$	93,707
Power Financial, Ser R, 5.500%		4,112		95,630
Power Financial, Ser S, 4.800%		4,707		102,166
Royal Bank of Canada, Ser AJ, 5.000%(A)		8,733		205,726
Royal Bank of Canada, Ser AV, 6.250%(A)		8,796		202,877
Sun Life Financial, Ser 1, 4.750%		5,910		125,744
Sun Life Financial, Ser 2, 4.800%		4,552		97,805
Sun Life Financial, Ser 4, 4.450%		4,432		89,364
Toronto-Dominion Bank, Ser AK, 6.250%(A)		5,103		117,745
Toronto-Dominion Bank, Ser O, 4.850%		6,484		152,213
				4,026,733
Oil & Gas — 17.2%
Enbridge, Ser B, 4.000%(A)		7,551		173,610
Enbridge, Ser F, 4.000%(A)		7,551		171,474
Enbridge, Ser N, 4.000%(A)		6,795		158,646
Husky Energy, Ser 1, 4.450%(A)		4,609		96,465
Pembina Pipeline, Ser 1, 4.250%(A)		3,849		86,774
TransCanada, Ser 1, 4.600%(A)		8,319		183,602
TransCanada, Ser 3, 4.000%(A)		4,998		95,259
TransCanada, Ser 5, 4.400%(A)		5,345		111,869
				1,077,699
Telecommunications — 9.3%
BCE, Ser AF, 4.541%(A)		5,572		111,333
BCE, Ser AG, 4.500%(A)		3,863		79,195
BCE, Ser AK, 4.150%(A)		9,450		197,441
Bell Aliant, Ser A, 4.850%(A)		4,734		92,861
Shaw Communications, Ser A, 4.500%(A)		4,929		101,184
				582,014
Utilities — 6.1%
Brookfield Renewable Power Preferred Equity, Ser I, 5.250%(A)		3,835		85,724
Canadian Utilities, Ser Y, 4.000%(A)		4,997		118,354
Emera, Ser C, 4.100%(A)		3,938		90,433
Fortis, Ser K, 4.000%(A)		3,846		88,251
				382,762
TOTAL PREFERRED STOCK
(Cost $6,980,262)				6,235,957

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

12

Schedule of Investments April 30, 2014 (Unaudited)

Global X Canada Preferred ETF

	Face Amount		Value
TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.030%, 05/01/14
(Cost $4,234)	$	4,234	$	4,234
TOTAL INVESTMENTS — 99.5%
(Cost $6,984,496)			$	6,240,191

Percentages are based on Net Assets of $6,271,123.

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, 2014, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Preferred Stock	$	6,235,957	$	—	$	—	$	6,235,957
Time Deposit		—		4,234		—		4,234
Total Investments in Securities	$	6,235,957	$	4,234	$	—	$	6,240,191

For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2014, there were no Level 3 investments.

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

13

Schedule of Investments April 30, 2014 (Unaudited)

Global X Social Media Index ETF

Sector Weightings †: 

† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 100.0%
CHINA— 23.6%
Technology — 23.6%
Changyou.com ADR *(A)		12,980	$	363,829
NetEase ADR		32,931		2,242,272
Renren ADR *		304,172		1,000,726
SINA *		175,595		8,393,441
Tencent Holdings		206,133		12,847,170
Youku.com ADR *		109,671		2,444,566
YY ADR *		47,000		2,695,920
TOTAL CHINA				29,987,924
GERMANY— 0.9%
Technology — 0.9%
XING		9,064		1,158,653
JAPAN— 11.6%
Technology — 11.6%
Dena		317,321		5,338,603
Gree *		305,635		2,977,576
Mixi		23,080		1,207,786
Nexon		678,622		5,297,015
TOTAL JAPAN				14,820,980
RUSSIA— 6.1%
Technology — 6.1%
Mail.ru Group GDR *		64,128		1,742,358
Yandex, Cl A *		225,936		5,987,304
TOTAL RUSSIA				7,729,662
TAIWAN— 1.0%
Technology — 1.0%
PChome Online		187,330		1,284,102
UNITED STATES— 56.8%
Consumer Goods — 0.9%
King Digital Entertainment *		67,400		1,155,910

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

14

Schedule of Investments April 30, 2014 (Unaudited)

Global X Social Media Index ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Technology — 55.9%
Angie's List *(A)		128,158	$	1,449,467
Demand Media *		135,527		563,792
Facebook, Cl A *		228,192		13,641,318
Google, Cl A *		12,268		6,561,908
Groupon, Cl A *		895,690		6,260,873
Jive Software *(A)		114,209		854,283
LinkedIn, Cl A *		78,969		12,119,373
Nutrisystem		83,235		1,248,525
Pandora Media *		234,055		5,481,568
Twitter *(A)		143,842		5,605,523
United Online *		42,241		500,556
Weibo ADR *		257,000		5,026,920
Yelp, Cl A *		98,995		5,773,388
Zynga, Cl A *		1,484,822		6,013,529
				71,101,023
TOTAL UNITED STATES				72,256,933
TOTAL COMMON STOCK
(Cost $144,700,295)				127,238,254
REPURCHASE AGREEMENTS — 3.9%
Barclays
0.040%, dated 04/30/14, to be repurchased on 05/01/14 repurchase price $4,000,004 (collateralized by U.S. Treasury Bills, ranging in par value $45,262-$1,161,716, 0.625%-4.625%, 10/15/16-11/15/21 with a total market value of $4,144,394) (B)	$	4,000,000		4,000,000
Deutsche Bank
0.040%, dated 04/30/14, to be repurchased on 05/01/14 repurchase price $1,042,751 (collateralized by U.S. Treasury Bills, par value $943,480, 4.500%, 05/15/17 with a total market value of $1,045,715) (B)		1,042,750		1,042,750
TOTAL REPURCHASE AGREEMENTS
(Cost $5,042,750)				5,042,750
TOTAL INVESTMENTS — 103.9%
(Cost $149,743,045)			$	132,281,004

Percentages are based on Net Assets of $127,271,950.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2014. The total value of securities on loan at April 30, 2014 was $4,917,245.
(B)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2014 was $5,042,750.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

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

15

Schedule of Investments April 30, 2014 (Unaudited)

Global X Social Media Index ETF

The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	127,238,254	$	—	$	—	$	127,238,254
Repurchase Agreements		—		5,042,750		—		5,042,750
Total Investments in Securities	$	127,238,254	$	5,042,750	$	—	$	132,281,004

For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2014, there were no Level 3 investments.

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

16

Schedule of Investments April 30, 2014 (Unaudited)

Global X Permanent ETF

Sector Weightings †: 

† Sector weightings percentages are based on the total market value of investments.

	Face Amount/Shares(1)		Value
U.S. TREASURY OBLIGATIONS — 47.5%
U.S. Treasury Bonds
4.625%, 02/15/40		531,500	$	647,931
4.375%, 11/15/39		1,104,800		1,297,447
3.875%, 08/15/40		610,100		662,531
U.S. Treasury Notes
2.625%, 12/31/14		615,300		625,707
2.500%, 03/31/15		617,800		631,338
2.375%, 02/28/15		619,000		630,703
2.125%, 11/30/14		627,400		634,924
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $5,203,336)				5,130,581
EXCHANGE TRADED COMMODITIES — 24.7%
ETFS Physical Gold *		8,610		1,082,966
ETFS Physical Silver *		23,335		432,239
ETFS Physical Silver, GBP *		3,802		70,382
Gold Bullion Securities *		8,719		1,082,725
TOTAL EXCHANGE TRADED COMMODITIES
(Cost $3,663,722)				2,668,312
COMMON STOCK — 20.7%
AUSTRALIA— 0.4%
Basic Materials — 0.4%
BHP Billiton ADR		555		39,150
BRAZIL— 0.3%
Basic Materials — 0.3%
Vale ADR, Cl B		2,623		34,676

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

17

Schedule of Investments April 30, 2014 (Unaudited)

Global X Permanent ETF

	Shares		Value
COMMON STOCK — continued
CANADA— 0.2%
Basic Materials — 0.2%
Potash Corp of Saskatchewan		742	$	26,831
CHINA— 0.4%
Oil & Gas — 0.4%
PetroChina ADR		338		38,978
NETHERLANDS— 0.4%
Oil & Gas — 0.4%
Royal Dutch Shell ADR, Cl A		600		47,244
SINGAPORE— 0.3%
Consumer Goods — 0.3%
Wilmar International		10,413		28,240
SWITZERLAND— 0.4%
Basic Materials — 0.4%
Glencore Xstrata		8,289		44,574
UNITED KINGDOM— 1.3%
Basic Materials — 0.9%
Anglo American		1,836		49,040
Rio Tinto ADR		861		46,744
				95,784
Oil & Gas — 0.4%
BP		5,082		42,834
TOTAL UNITED KINGDOM				138,618
UNITED STATES— 17.0%
Basic Materials — 0.3%
Mosaic		674		33,727
Consumer Goods — 1.6%
Altria Group		606		24,307
Archer-Daniels-Midland		1,033		45,173
Coca-Cola		464		18,926
Monsanto		346		38,302
PepsiCo		230		19,755
Philip Morris International		195		16,659
Procter & Gamble		222		18,326
				181,448
Consumer Services — 1.6%
Amazon.com *		69		20,985
Comcast, Cl A		466		24,120
CVS Caremark		326		23,707
eBay *		363		18,814
Home Depot		247		19,639
McDonald's		217		22,000

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

18

Schedule of Investments April 30, 2014 (Unaudited)

Global X Permanent ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Wal-Mart Stores		246	$	19,608
Walt Disney		293		23,247
				172,120
Financials — 2.1%
American Express		251		21,945
American International Group		428		22,740
Bank of America		1,463		22,150
Berkshire Hathaway, Cl B *		167		21,518
Citigroup		389		18,637
Goldman Sachs Group *		119		19,018
JPMorgan Chase		353		19,761
Mastercard, Cl A		310		22,800
US Bancorp		521		21,246
Visa, Cl A		96		19,451
Wells Fargo		451		22,388
				231,654
Health Care — 1.6%
AbbVie		329		17,134
Amgen		182		20,339
Bristol-Myers Squibb		402		20,136
Gilead Sciences		364		28,570
Johnson & Johnson		215		21,777
Merck		399		23,366
Pfizer		610		19,081
UnitedHealth Group		287		21,536
				171,939
Industrials — 1.5%
3M		170		23,645
Boeing		185		23,869
General Electric		800		21,512
Honeywell International		232		21,553
Union Pacific		122		23,232
United Parcel Service, Cl B		275		27,088
United Technologies		203		24,021
				164,920
Oil & Gas — 1.0%
Chevron		291		36,526
Exxon Mobil		386		39,530
Schlumberger		267		27,114
				103,170
Real Estate Investment Trusts — 5.1%
American Tower, Cl A		697		58,213
AvalonBay Communities		383		52,299

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

19

Schedule of Investments April 30, 2014 (Unaudited)

Global X Permanent ETF

	Shares		Value
COMMON STOCK — continued
Real Estate Investment Trusts — continued
Equity Residential		966	$	57,419
General Growth Properties		2,600		59,722
HCP		1,150		48,139
Health Care		782		49,336
ProLogis		1,382		56,151
Public Storage		343		60,200
Simon Property Group		342		59,234
Ventas		751		49,626
				550,339
Technology — 1.8%
Apple		48		28,324
Cisco Systems		759		17,541
Google, Cl A *		23		12,302
Google, Cl C *		23		12,113
Intel		742		19,804
International Business Machines		109		21,415
Microsoft		541		21,857
Oracle		739		30,210
QUALCOMM		358		28,178
				191,744
Telecommunications — 0.4%
AT&T		576		20,563
Verizon Communications		364		17,010
				37,573
TOTAL UNITED STATES				1,838,634
TOTAL COMMON STOCK
(Cost $2,085,249)				2,236,945
EXCHANGE TRADED FUNDS — 6.8%
Vanguard FTSE All-World ex-US ETF, Cl U		7,101		362,577
Vanguard Small-Cap ETF		3,354		369,577
TOTAL EXCHANGE TRADED FUNDS
(Cost $629,325)				732,154
TOTAL INVESTMENTS — 99.7%
(Cost $11,581,632)			$	10,767,992

Percentages are based on Net Assets of $10,801,664.

* Non-income producing security.

(1) In U.S. Dollars unless otherwise indicated.

ADR — American Depositary Receipt

Cl — Class

ETF — Exchange Traded Fund

FTSE — Financial Times and London Stock Exchange

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

20

Schedule of Investments April 30, 2014 (Unaudited)

Global X Permanent ETF

The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
U.S. Treasury Obligations	$	—	$	5,130,581	$	—	$	5,130,581
Exchange Traded Commodities		2,668,312		—		—		2,668,312
Common Stock		2,236,945		—		—		2,236,945
Exchange Traded Funds		732,154		—		—		732,154
Total Investments in Securities	$	5,637,411	$	5,130,581	$	—	$	10,767,992

For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2014, there were no Level 3 investments.

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

21

Schedule of Investments April 30, 2014 (Unaudited)

Global X Guru™ Index ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 97.8%
ARGENTINA— 2.0%
Oil & Gas — 2.0%
YPF ADR		362,701	$	10,322,470
CANADA— 3.7%
Health Care — 1.8%
Valeant Pharmaceuticals International *		68,462		9,154,054
Industrials — 1.9%
Canadian Pacific Railway		63,958		9,975,529
TOTAL CANADA				19,129,583
CHINA— 1.7%
Technology — 1.7%
Baidu ADR *		57,691		8,875,760
IRELAND— 1.6%
Health Care — 1.6%
Endo International *		132,260		8,325,106
MEXICO— 1.9%
Telecommunications — 1.9%
America Movil ADR, Ser L		480,254		9,643,500
UNITED STATES— 86.9%
Basic Materials — 2.3%
Celanese, Cl A		191,295		11,751,252
Consumer Goods — 13.6%
Deckers Outdoor *(A)		116,272		9,179,674
Delphi Automotive		154,331		10,315,484
General Motors		277,446		9,566,338

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

22

Schedule of Investments April 30, 2014 (Unaudited)

Global X Guru™ Index ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Lear		130,178	$	10,812,585
Mondelez International, Cl A		293,270		10,455,075
NIKE, Cl B		133,427		9,733,500
Procter & Gamble		129,156		10,661,828
				70,724,484
Consumer Services — 12.3%
Burlington Stores *		389,132		10,113,540
CBS, Cl B		151,241		8,735,680
Delta Air Lines		324,307		11,944,227
Extended Stay America		378,353		8,153,507
Pandora Media *		264,104		6,185,316
priceline.com *		7,712		8,928,568
Twenty-First Century Fox		311,986		9,771,402
				63,832,240
Financials — 17.5%
American Homes 4 Rent, Cl A		599,731		9,625,683
American International Group		199,879		10,619,571
CIT Group		209,775		9,030,814
Citigroup		203,067		9,728,940
Hartford Financial Services Group		287,886		10,326,471
Howard Hughes *		75,540		10,784,090
JPMorgan Chase		171,444		9,597,435
Mastercard, Cl A		129,364		9,514,722
Nationstar Mortgage Holdings *(A)		343,291		11,235,915
				90,463,641
Health Care — 4.9%
Alere *		281,660		9,407,444
Theravance *(A)		247,669		6,667,249
Thermo Fisher Scientific		81,165		9,252,810
				25,327,503
Industrials — 9.6%
Boeing		76,756		9,903,059
FleetCor Technologies *		83,891		9,574,480
Lockheed Martin (A)		62,014		10,178,978
RR Donnelley & Sons		549,462		9,670,531
Spirit Aerosystems Holdings, Cl A *		338,653		10,169,750
				49,496,798
Oil & Gas — 6.1%
Hess		124,628		11,111,832
Pioneer Natural Resources		52,810		10,206,589
SandRidge Energy *(A)		1,530,317		10,497,975
				31,816,396

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

23

Schedule of Investments April 30, 2014 (Unaudited)

Global X Guru™ Index ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Technology — 16.7%
Apple		18,380	$	10,845,854
CACI International, Cl A *		136,254		9,490,091
Catamaran *		190,660		7,197,415
Facebook, Cl A *		148,993		8,906,802
Micron Technology *		394,479		10,303,792
Microsoft		267,963		10,825,705
Motorola Solutions		152,699		9,708,603
NXP Semiconductor *		176,576		10,527,461
VeriSign *(A)		180,641		8,522,642
				86,328,365
Telecommunications — 3.9%
Crown Castle International		134,779		9,802,477
Sprint *		1,222,871		10,394,403
				20,196,880
TOTAL UNITED STATES				449,937,559
TOTAL COMMON STOCK
(Cost $508,708,576)				506,233,978
MASTER LIMITED PARTNERSHIP — 2.1%
UNITED STATES— 2.1%
Oil & Gas — 2.1%
Enterprise Products Partners (A)
(Cost $9,448,300)		150,791		11,027,346
REPURCHASE AGREEMENTS — 5.3%
Barclays
0.040%, dated 04/30/14, to be repurchased on 05/01/14 repurchase price
$26,000,029 (collateralized by U.S. Treasury Bills, ranging in par value $2,887,633-$7,433,827, 0.625%-4.625%, 10/15/16-11/15/21, with a total market value of $26,520,009) (B)	$	26,000,000		26,000,000
Deutsche Bank
0.040%, dated 04/30/14, to be repurchased on 05/01/14 repurchase price
$1,558,712 (collateralized by U.S. Treasury Bills, par value $1,410,321, 4.500%, 05/15/17 with a total market value of $1,563,142) (B)		1,558,710		1,558,710
TOTAL REPURCHASE AGREEMENTS
(Cost $27,558,710)				27,558,710

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

24

Schedule of Investments April 30, 2014 (Unaudited)

Global X Guru™ Index ETF

	Face Amount		Value
TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.030%, 05/01/14
(Cost $496,620)	$	496,620	$	496,620
TOTAL INVESTMENTS — 105.3%
(Cost $546,212,206)			$	545,316,654

Percentages are based on Net Assets of $517,650,854.

* Non-income producing security.

(A) This security or a partial position of this security is on loan at April 30, 2014. The total value of securities on loan at April 30, 2014 was $26,852,095.

(B) These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2014 was $27,558,710.

ADR — American Depositary Receipt

Cl — Class

Ser — Series

The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	506,233,978	$	—	$	—	$	506,233,978
Master Limited Partnership		11,027,346		—		—		11,027,346
Repurchase Agreements		—		27,558,710		—		27,558,710
Time Deposit		—		496,620		—		496,620
Total Investments in Securities	$	517,261,324	$	28,055,330	$	—	$	545,316,654

For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2014, there were no Level 3 investments.

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

25

Schedule of Investments April 30, 2014 (Unaudited)

Global X Guru™ International Index ETF

Sector Weightings †: 

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.8%
ARGENTINA— 2.2%
Oil & Gas — 2.2%
YPF ADR		1,122	$	31,932
BELGIUM— 2.1%
Consumer Goods — 2.1%
Anheuser-Busch InBev ADR		290		30,688
BRAZIL— 10.4%
Consumer Goods — 2.5%
BRF ADR		1,634		36,928
Financials — 5.4%
Banco Bradesco ADR		2,596		38,602
Banco Santander Brasil ADR		6,058		40,286
				78,888
Oil & Gas — 2.5%
Petroleo Brasileiro ADR *		2,704		37,532
TOTAL BRAZIL				153,348
CANADA— 23.8%
Basic Materials — 3.9%
Barrick Gold		1,472		25,716
Teck Resources, Cl B		1,348		30,694
				56,410
Consumer Goods — 2.0%
Gildan Activewear, Cl A		580		29,667
Consumer Services — 2.0%
Imax *		1,132		29,025
Financials — 2.1%
Brookfield Asset Management, Cl A		738		31,040

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

26

Schedule of Investments April 30, 2014 (Unaudited)

Global X Guru™ International Index ETF

	Shares		Value
COMMON STOCK — continued
Industrials — 2.0%
Canadian Pacific Railway		190	$	29,634
Oil & Gas — 9.0%
Canadian Natural Resources		814		33,187
Penn West Petroleum		3,684		33,377
Suncor Energy		906		34,972
Talisman Energy		2,926		30,225
				131,761
Technology — 2.8%
BlackBerry *		2,900		22,214
Canadian Solar *		686		18,604
				40,818
TOTAL CANADA				348,355
CHINA— 10.1%
Consumer Services — 4.6%
Home Inns & Hotels Management ADR *		764		21,713
Vipshop Holdings ADR *		178		24,954
Youku.com ADR *		874		19,482
				66,149
Health Care — 1.9%
Mindray Medical International ADR		856		28,299
Technology — 3.6%
Baidu ADR *		174		26,770
Ctrip.com International ADR *		564		26,361
				53,131
TOTAL CHINA				147,579
COLOMBIA— 2.3%
Financials — 2.3%
BanColombia ADR		584		33,247
FINLAND— 2.0%
Technology — 2.0%
Nokia ADR		3,894		29,205
HONG KONG— 1.6%
Consumer Services — 1.6%
Melco Crown Entertainment ADR *		672		22,969
INDIA— 4.0%
Industrials — 2.2%
Tata Motors ADR		858		32,106
Technology — 1.8%
Infosys ADR		484		25,996
TOTAL INDIA				58,102

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

27

Schedule of Investments April 30, 2014 (Unaudited)

Global X Guru™ International Index ETF

	Shares		Value
COMMON STOCK — continued
INDONESIA— 2.0%
Telecommunications — 2.0%
Telekomunikasi Indonesia ADR		744	$	29,537
ISRAEL— 4.2%
Consumer Goods — 2.2%
SodaStream International *		760		32,323
Health Care — 2.0%
Teva Pharmaceutical Industries ADR		606		29,609
TOTAL ISRAEL				61,932
LUXEMBOURG— 2.0%
Basic Materials — 2.0%
Ternium ADR		1,010		28,947
MEXICO— 2.1%
Telecommunications — 2.1%
America Movil ADR, Ser L		1,562		31,365
NETHERLANDS— 8.0%
Industrials — 5.8%
AerCap Holdings *		702		29,295
Chicago Bridge & Iron		354		28,345
Koninklijke Philips		864		27,613
				85,253
Oil & Gas — 2.2%
Royal Dutch Shell ADR, Cl A		410		32,283
TOTAL NETHERLANDS				117,536
NORWAY— 2.4%
Oil & Gas — 2.4%
Golar LNG		798		35,272
RUSSIA— 1.6%
Technology — 1.6%
Yandex, Cl A *		874		23,161
TAIWAN— 2.3%
Technology — 2.3%
Taiwan Semiconductor Manufacturing ADR		1,662		33,406
UNITED KINGDOM— 5.9%
Oil & Gas — 4.1%
BP ADR		608		30,777
Ensco, Cl A		578		29,160
				59,937

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

28

Schedule of Investments April 30, 2014 (Unaudited)

Global X Guru™ International Index ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Telecommunications — 1.8%
Vodafone Group ADR		722	$	27,407
TOTAL UNITED KINGDOM				87,344
UNITED STATES— 10.8%
Health Care — 1.6%
Novadaq Technologies *		1,468		22,974
Industrials — 1.9%
Scorpio Bulkers *		3,114		27,870
Oil & Gas — 2.0%
Kosmos Energy *		2,732		29,834
Technology — 3.6%
NXP Semiconductor *		518		30,883
SINA *		448		21,414
				52,297
Telecommunications — 1.7%
VimpelCom ADR		3,054		25,654
TOTAL UNITED STATES				158,629
TOTAL COMMON STOCK
(Cost $1,482,893)				1,462,554
TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.030%, 05/01/14
(Cost $911)	$	911		911
TOTAL INVESTMENTS — 99.9%
(Cost $1,483,804)			$	1,463,465

Percentages are based on Net Assets of $1,465,438.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

Ser — Series

The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	1,462,554	$	—	$	—	$	1,462,554
Time Deposit		—		911		—		911
Total Investments in Securities	$	1,462,554	$	911	$	—	$	1,463,465

For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2014, there were no Level 3 investments.

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

29

Schedule of Investments April 30, 2014 (Unaudited)

Global X Guru™ Small Cap Index ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 94.9%
ARGENTINA— 1.4%
Financials — 1.4%
Banco Macro ADR *		978	$	29,888
AUSTRALIA— 1.1%
Basic Materials — 1.1%
Tronox, Cl A		960		23,520
CANADA— 4.6%
Basic Materials — 0.9%
Dominion Diamond *		1,595		20,081
Consumer Services — 1.0%
Imax *		855		21,922
Industrials — 2.0%
Masonite International *		387		21,324
Progressive Waste Solutions		900		21,933
				43,257
Technology — 0.7%
Canadian Solar *		519		14,075
TOTAL CANADA				99,335
CYPRUS— 0.8%
Technology — 0.8%
QIWI ADR		564		16,317
GREECE— 0.9%
Industrials — 0.9%
Aegean Marine Petroleum Network		2,208		20,380
ISRAEL— 1.0%
Technology — 1.0%
RADWARE *		1,296		21,423

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

30

Schedule of Investments April 30, 2014 (Unaudited)

Global X Guru™ Small Cap Index ETF

	Shares		Value
COMMON STOCK — continued
LUXEMBOURG— 1.0%
Financials — 1.0%
Altisource Portfolio Solutions *		219	$	22,713
NORWAY— 1.2%
Oil & Gas — 1.2%
Golar LNG		603		26,653
UNITED STATES— 82.9%
Basic Materials — 6.3%
Axiall		537		25,024
Flotek Industries *		849		23,780
Resolute Forest Products *		1,086		19,374
Sensient Technologies		411		22,215
SunCoke Energy *		987		20,599
Texas Industries *		267		23,149
				134,141
Consumer Goods — 9.3%
American Axle & Manufacturing Holdings *		1,137		20,068
Cooper Tire & Rubber		993		24,974
Cooper-Standard Holding *		369		25,000
Federal-Mogul Holdings *		1,182		20,354
Libbey *		939		25,043
MDC Holdings		744		20,534
Ryland Group		489		18,773
Steven Madden *		618		22,007
Wolverine World Wide		840		23,604
				200,357
Consumer Services — 16.0%
Children's Place Retail Stores		411		19,728
DeVry Education Group		549		24,721
Education Management *		3,792		15,054
Houghton Mifflin Harcourt *		1,149		23,474
ITT Educational Services *		726		19,602
LifeLock *		1,137		17,851
Marriott Vacations Worldwide *		420		22,882
Monro Muffler Brake		372		20,981
Office Depot *		4,545		18,589
Orient-Express Hotels, Cl A *		1,536		20,122
Overstock.com *		1,056		16,917
Pinnacle Entertainment *		930		21,641
Scientific Games, Cl A *		1,614		19,336
Sears Hometown and Outlet Stores *		924		21,816
TAL Education Group ADR *		948		20,970

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

31

Schedule of Investments April 30, 2014 (Unaudited)

Global X Guru™ Small Cap Index ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Tile Shop Holdings *		1,350	$	19,028
Vail Resorts		324		22,430
				345,142
Financials — 10.1%
Ambac Financial Group *		657		19,828
American Capital Mortgage Investment		1,125		22,275
Enstar Group *		177		22,851
MBIA *		1,527		18,507
Nationstar Mortgage Holdings *		729		23,860
NMI Holdings, Cl A *		2,154		24,448
PennyMac Financial Services, Cl A *		1,204		19,107
St. Joe *		1,197		21,366
Walker & Dunlop *		1,398		21,921
Walter Investment Management *		849		22,566
				216,729
Health Care — 6.9%
Aegerion Pharmaceuticals *		399		17,660
Aerie Pharmaceuticals *		909		14,235
Depomed *		1,617		22,654
Halozyme Therapeutics *		1,515		11,287
Hill-Rom Holdings		594		22,192
LifePoint Hospitals *		411		22,983
Vivus *		3,681		19,141
Wright Medical Group *		690		18,871
				149,023
Industrials — 8.3%
American Railcar Industries		312		21,665
Dycom Industries *		741		23,267
GenCorp *		1,164		20,440
Meritor *		1,800		21,366
Nortek *		312		25,634
Quad		1,017		22,018
Scorpio Bulkers *		2,355		21,077
Swift Transportation, Cl A *		909		21,862
				177,329
Oil & Gas — 14.5%
Basic Energy Services *		945		24,967
CARBO Ceramics		180		25,184
Enbridge Energy Management		831		24,415
Energy XXI Bermuda		948		22,686
Forest Oil *		12,597		23,430
Key Energy Services *		2,463		24,728
Magnum Hunter Resources *		2,661		22,618

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

32

Schedule of Investments April 30, 2014 (Unaudited)

Global X Guru™ Small Cap Index ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — continued
Northern Oil and Gas *		1,590	$	24,534
Penn Virginia *		1,455		24,211
Rosetta Resources *		483		22,865
Scorpio Tankers		2,244		20,218
SemGroup, Cl A		336		21,464
Stone Energy *		612		30,019
				311,339
Technology — 10.4%
CACI International, Cl A *		282		19,641
Carbonite *		2,130		21,065
Entegris *		1,842		20,428
Lexmark International, Cl A		540		23,220
Mentor Graphics		1,014		20,990
Qlik Technologies *		738		16,221
Spansion, Cl A *		1,365		24,338
Tableau Software, Cl A *		234		12,933
Universal Display *		660		17,193
Veeco Instruments *		573		21,184
Zillow, Cl A *		270		29,349
				226,562
Telecommunications — 1.1%
Intelsat *		1,137		20,671
Leap Wireless *(A)		856		2,157
				22,828
TOTAL UNITED STATES				1,783,450
TOTAL COMMON STOCK
(Cost $2,140,440)				2,043,679
MASTER LIMITED PARTNERSHIPS — 5.2%
UNITED STATES— 5.2%
Financials — 0.9%
Och-Ziff Capital Management Group, Cl A		1,599		19,172
Oil & Gas — 4.3%
Atlas Energy		528		21,622
EnLink Midstream Partners		720		21,233
Equities Midstream Partners		339		26,113
NGL Energy Partners		609		23,550
				92,518
TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $111,689)				111,690
TOTAL INVESTMENTS — 100.1%
(Cost $2,252,129)			$	2,155,369

Percentages are based on Net Assets of $2,152,651.

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

33

Schedule of Investments April 30, 2014 (Unaudited)

Global X Guru™ Small Cap Index ETF

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

(A) Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2014 was $2,157 and represents 0.1% of Net Assets.

The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(a)		Total
Common Stock	$	2,041,522	$	—	$	2,157	$	2,043,679
Master Limited Partnerships		111,690		—		—		111,690
Total Investments in Securities	$	2,153,212	$	—	$	2,157	$	2,155,369

(a) 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, 2014, 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.

34

Schedule of Investments April 30, 2014 (Unaudited)

Global X SuperIncome™ Preferred ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
PREFERRED STOCK — 100.2%
Basic Materials — 2.5%
Cliffs Natural Resources, 7.000% (B)		126,828	$	2,411,000
Consumer Goods — 2.0%
CHS, 7.100%(A)		70,217		1,939,394
Financials — 70.1%
Aegon, 8.000%		61,085		1,742,144
Aegon, 7.250%		121,993		3,099,842
Ally Financial, 8.500%(A)		49,927		1,350,026
Annaly Capital Management, 7.625%		50,941		1,273,525
Annaly Capital Management, 7.500%		78,268		1,928,523
Aviva, 8.250%		68,393		1,900,642
Barclays Bank, 8.125%(B)		97,168		2,517,623
Barclays Bank, 7.750%		42,201		1,093,850
Barclays Bank, 7.100%		50,121		1,286,606
Citigroup, 7.125%(A)		46,663		1,266,901
Citigroup, 6.875%		23,638		598,514
Citigroup Capital XIII, 7.875%(A)(B)		110,784		3,019,972
Deutsche Bank Contingent Capital Trust III, 7.600%		105,374		2,897,785
Deutsche Bank Contingent Capital Trust V, 8.050%		74,087		2,087,031
First Niagara Financial Group, 8.625%(A)		59,274		1,720,724
GMAC Capital Trust I, 8.125%(A)		129,596		3,562,594
Hatteras Financial, 7.625%		49,104		1,173,586
HSBC Holdings, 8.125%		67,210		1,758,886
HSBC Holdings, 8.000%		116,641		3,149,307
ING Groep, 7.375%		84,337		2,179,268
ING Groep, 7.200%		62,330		1,608,737
ING Groep, 7.050%		45,085		1,160,488
KKR Financial Holdings, 7.375%		63,251		1,603,413
Lloyds Banking Group, 7.750%		146,668		3,945,369
Merrill Lynch Capital Trust III, 7.375%		61,315		1,577,022
Merrill Lynch Preferred Capital Trust III, 7.000%		61,382		1,569,538

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

35

Schedule of Investments April 30, 2014 (Unaudited)

Global X SuperIncome™ Preferred ETF

	Shares/Face Amount		Value
PREFERRED STOCK — continued
Financials — continued
Merrill Lynch Preferred Capital Trust V, 7.280%		69,541	$	1,783,031
NorthStar Realty Finance, 8.250%		59,239		1,484,529
Royal Bank of Scotland Group, 7.250%		105,455		2,677,503
Royal Bank of Scotland Group, 6.750%		42,554		1,032,360
Royal Bank of Scotland Group, 6.600%		54,114		1,296,030
Santander Finance Preferred SAU, 10.500%		141,052		3,692,741
SLM, 6.000%		49,943		1,119,722
Wells Fargo, 8.000%		168,604		4,978,876
				69,136,708
Real Estate Investment Trusts — 14.7%
American Realty Capital Properties, 6.700%		182,622		4,304,400
CBL & Associates Properties, 7.375%		77,426		1,970,492
CommonWealth, 7.250%		47,056		1,212,163
Digital Realty Trust, 7.375%		50,882		1,292,403
Digital Realty Trust, 7.000%		48,880		1,226,888
Hospitality Properties Trust, 7.125%		49,425		1,275,165
National Retail Properties, 6.625%		48,305		1,211,489
Vornado Realty, 7.875%		78,277		2,023,460
				14,516,460
Telecommunications — 7.9%
Qwest, 7.500%		61,583		1,643,034
Qwest, 7.375%		70,981		1,895,903
Qwest, 7.000%		55,892		1,461,017
Telephone & Data Systems, 7.000%		50,731		1,299,728
United States Cellular, 6.950%		57,784		1,465,980
				7,765,662
Utilities — 3.0%
Dominion Resources, 8.375%		116,789		2,978,120
TOTAL PREFERRED STOCK
(Cost $97,406,853)				98,747,344
REPURCHASE AGREEMENT — 1.3%
Deutsche Bank
0.040%, dated 04/30/14, to be repurchased on 05/01/14 repurchase price
$1,306,551 (collateralized by U.S. Treasury Bills, par value $1,182,167, 4.500%, 05/15/17 with a total market value of $1,310,265) (C)
(Cost $1,306,550)	$	1,306,550		1,306,550

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

36

Schedule of Investments April 30, 2014 (Unaudited)

Global X SuperIncome™ Preferred ETF

	Face Amount		Value
TIME DEPOSIT — 0.2%
Brown Brothers Harriman, 0.030%, 05/01/14
(Cost $163,548)	$	163,548	$	163,548
TOTAL INVESTMENTS — 101.7%
(Cost $98,876,951)			$	100,217,442

Percentages are based on Net Assets of $98,575,419.

(A) Floating rate security - Rate disclosed is the rate in effect on April 30, 2014.

(B) This security or a partial position of this security is on loan at April 30, 2014. The total value of securities on loan at April 30, 2014 was $1,272,857.

(C) This security was purchased with cash collateral held from securities on loan. The total value of such security as of April 30, 2014 was $1,306,550.

The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Preferred Stock	$	98,747,344	$	—	$	—	$	98,747,344
Repurchase Agreement		—		1,306,550		—		1,306,550
Time Deposit		—		163,548		—		163,548
Total Investments in Securities	$	98,747,344	$	1,470,098	$	—	$	100,217,442

For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2014, there were no Level 3 investments.

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

37

Statements of Assets and Liabilities

April 30, 2014 (Unaudited)

	Global X SuperDividend™ ETF			Global X SuperDividend™ U.S. ETF			Global X Canada Preferred ETF			Global X Social Media Index ETF			Global X Permanent ETF
Assets:
Cost of Investments	$	840,668,058		$	84,594,019		$	6,984,496		$	144,700,295		$	11,581,632
Cost of Repurchase Agreements		94,430,694			7,032,275			—			5,042,750			—
Cost of Foreign Currency		426,102			—			238,302			23,604			—
Investments, at Value	$	923,264,290	*	$	89,522,810	*	$	6,240,191		$	127,238,254	*	$	10,767,992
Repurchase Agreements, at Value		94,430,694			7,032,275			—			5,042,750			—
Foreign Currency, at Value		428,151			—			238,302			23,610			—
Cash		27,269			163,549			—			—			—
Dividend and Interest Receivable		4,806,026			106,137			10,892			121,664			49,235
Reclaim Receivable		627,763			—			—			67			65
Receivable for Investment Securities Sold		42,056			—			—			17,690,613			—
Receivable for Capital Shares Sold		—			—			—			1,703,000			—
Total Assets		1,023,626,249			96,824,771			6,489,385			151,819,958			10,817,292
Liabilities:
Obligation to Return Securities Lending Collateral		94,430,694			7,032,275			—			5,042,750			—
Payable due to Investment Adviser		422,426			30,105			3,194			71,258			4,249
Payable for Investment Securities Purchased		42,057			—			215,068			19,377,951			—
Cash Overdraft		—			—			—			55,853			11,379
Unrealized Depreciation on Spot Foreign Currency Contracts		—			—			—			196			—
Total Liabilities		94,895,177			7,062,380			218,262			24,548,008			15,628
Net Assets	$	928,731,072		$	89,762,391		$	6,271,123		$	127,271,950		$	10,801,664
Net Assets Consist of:
Paid-in Capital	$	854,704,918		$	83,248,931		$	7,788,840		$	147,487,574		$	11,923,135
Undistributed (Distributions in Excess of) Net Investment Income		(5,493,920	)		(66,069	)		9,598			(189,736	)		319
Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(3,111,959	)		1,650,738			(783,003	)		(2,563,592	)		(308,150	)
Net Unrealized Appreciation (Depreciation) on Investments		82,596,232			4,928,791			(744,305	)		(17,462,041	)		(813,640	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		35,801			—			(7	)		(255	)		—
Net Assets	$	928,731,072		$	89,762,391		$	6,271,123		$	127,271,950		$	10,801,664
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		37,200,000			3,200,000			500,000			7,350,000			450,000
Net Asset Value, Offering and Redemption Price Per Share	$	24.97		$	28.05		$	12.54		$	17.32		$	24.00
*Includes Market Value of Securities on Loan	$	90,187,629		$	6,817,175		$	—		$	4,917,245		$	—

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

38

Statements of Assets and Liabilities

April 30, 2014 (Unaudited)

	Global X Guru™ Index ETF			Global X Guru™ International Index ETF			Global X Guru™ Small Cap Index ETF			Global X SuperIncome™ Preferred ETF
Assets:
Cost of Investments	$	518,653,496		$	1,483,804		$	2,252,129		$	97,570,401
Cost of Repurchase Agreements		27,558,710			—			—			1,306,550
Investments, at Value	$	517,757,944	*	$	1,463,465		$	2,155,369		$	98,910,892	*
Repurchase Agreements, at Value		27,558,710			—			—			1,306,550
Dividend and Interest Receivable		276,223			2,824			104			149,617
Receivable for Capital Shares Sold		—			—			—			1,503,500
Reclaim Receivable		—			58			—			—
Total Assets		545,592,877			1,466,347			2,155,473			101,870,559
Liabilities:
Obligation to Return Securities Lending Collateral		27,558,710			—			—			1,306,550
Payable due to Investment Adviser		320,333			—			—			44,509
Payable for Investment Securities Purchased		46,385			—			—			1,501,936
Cash Overdraft		16,595			—			1,481			442,145
Payable due to Administrator		—			909			1,341			—
Total Liabilities		27,942,023			909			2,822			3,295,140
Net Assets	$	517,650,854		$	1,465,438		$	2,152,651		$	98,575,419
Net Assets Consist of:
Paid-in Capital	$	500,292,981		$	1,483,000		$	2,253,000		$	97,443,598
Undistributed (Distributions in Excess of) Net Investment Income/(Accumulated Net Investment Loss)		373,084			2,777			(715	)		(719	)
Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		17,880,341			—			(2,874	)		(207,951	)
Net Unrealized Appreciation (Depreciation) on Investments		(895,552	)		(20,339	)		(96,760	)		1,340,491
Net Assets	$	517,650,854		$	1,465,438		$	2,152,651		$	98,575,419
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		21,200,000			100,000			150,000			6,550,000
Net Asset Value, Offering and Redemption Price Per Share	$	24.42		$	14.65		$	14.35		$	15.05
*Includes Market Value of Securities on Loan	$	26,852,095		$	—		$	—		$	1,272,857

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

39

Statements of Operations

For the period ended April 30, 2014 (Unaudited)

	Global X SuperDividend™ ETF			Global X SuperDividend™ U.S. ETF			Global X Canada Preferred ETF			Global X Social Media Index ETF			Global X Permanent ETF
Investment Income:
Dividend Income	$	26,972,192		$	2,019,459		$	185,578		$	217,233		$	39,702
Interest Income		1,077			23			4			41			58,185
Security Lending Income		315,918			16,072			—			49,400			—
Less: Foreign Taxes Withheld		(1,067,254	)		—			(27,836	)		(31,981	)		(165	)
Total Investment Income		26,221,933			2,035,554			157,746			234,693			97,722
Supervision and Administration Fees(1)		2,361,207			145,454			20,476			421,315			31,439
Total Expenses		2,361,207			145,454			20,476			421,315			31,439
Net Investment Income (Loss)		23,860,726			1,890,100			137,270			(186,622	)		66,283
Net Realized Gain (Loss) on:
Investments		16,494,297			2,364,887	(2)		(466,069	)(2)		(241,169	)(2)		(5,004	)(2)
Foreign Currency Transactions		(47,929	)		—			(2,502	)		7,104			13
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		16,446,368			2,364,887			(468,571	)		(234,065	)		(4,991	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		30,002,497			3,406,389			176,326			(20,054,388	)		142,180
Foreign Currency Translations		24,661			—			110			735			—
Net Change in Unrealized Appreciation (Depreciation) on Investments  and Foreign Currency Translations		30,027,158			3,406,389			176,436			(20,053,653	)		142,180
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		46,473,526			5,771,276			(292,135	)		(20,287,718	)		137,189
Net Increase(Decrease) in Net Assets Resulting from Operations	$	70,334,252		$	7,661,376		$	(154,865	)	$	(20,474,340	)	$	203,472

(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.

40

Statements of Operations

For the period endedApril 30, 2014 (Unaudited)

	Global X Guru™ Index ETF			Global X Guru™ International Index ETF(2)			Global X Guru™ Small Cap Index ETF(2)			Global X SuperIncome™ Preferred ETF
Investment Income:
Dividend Income	$	2,324,413		$	4,782		$	1,418		$	2,703,597
Interest Income		114			—			—			66
Security Lending Income		148,421			—			—			12,594
Less: Foreign Taxes Withheld		(14,841	)		(499	)		(31	)		—
Total Investment Income		2,458,107			4,283			1,387			2,716,257
Supervision and Administration Fees(1)		1,670,818			1,506			2,102			216,376
Total Expenses		1,670,818			1,506			2,102			216,376
Net Investment Income (Loss)		787,289			2,777			(715	)		2,499,881
Net Realized Gain (Loss) on:
Investments		18,046,612	(3)		—			(2,874	)		800,633	(3)
Net Realized Gain (Loss) on Investments		18,046,612			—			(2,874	)		800,633
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(21,889,637	)		(20,339	)		(96,760	)		908,249
Net Change in Unrealized Appreciation (Depreciation) on Investments		(21,889,637	)		(20,339	)		(96,760	)		908,249
Net Realized and Unrealized Gain (Loss) on Investments		(3,843,025	)		(20,339	)		(99,634	)		1,708,882
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(3,055,736	)	$	(17,562	)	$	(100,349	)	$	4,208,763

(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 March 10, 2014.

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

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

41

Statements of Changes in Net Assets

	Global X SuperDividend™ ETF						Global X SuperDividend™ U.S. ETF
	Period Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013 (Audited)			Period Ended April 30, 2014 (Unaudited)			Period Ended October 31, 2013(1) (Audited)
Operations:
Net Investment Income	$	23,860,726		$	29,155,457		$	1,890,100		$	1,450,539
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		16,446,368			(14,284,101	)		2,364,887	(2)		(979,751	)
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		30,027,158			52,400,521			3,406,389			1,522,402
Net Increase in Net Assets Resulting from Operations		70,334,252			67,271,877			7,661,376			1,993,190
Dividends and Distributions from:
Net Investment Income		(25,204,175	)		(35,106,732	)		(1,807,825	)		(1,478,850	)
Total Dividends and Distributions		(25,204,175	)		(35,106,732	)		(1,807,825	)		(1,478,850	)
Capital Share Transactions:
Issued		108,363,000			586,001,500			48,064,500			51,365,000
Redeemed		—			(5,757,000	)		(16,035,000	)		—
Increase in Net Assets  from Capital Share Transactions		108,363,000			580,244,500			32,029,500			51,365,000
Total Increase in Net Assets		153,493,077			612,409,645			37,883,051			51,879,340
Net Assets:
Beginning of Period		775,237,995			162,828,350			51,879,340			—
End of Period	$	928,731,072		$	775,237,995		$	89,762,391		$	51,879,340
Distributions in Excess of Net Investment Income	$	(5,493,920	)	$	(5,379,769	)	$	(66,069	)	$	(28,311	)
Share Transactions:
Issued		4,550,000			25,450,000			1,800,000			2,000,000
Redeemed		—			(250,000	)		(600,000	)		—
Net Increase in Shares Outstanding from Share Transactions		4,550,000			25,200,000			1,200,000			2,000,000

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

(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.

42

Statements of Changes in Net Assets

	Global X Canada Preferred ETF						Global X Social Media Index ETF
	Period Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013 (Audited)			Period Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013 (Audited)
Operations:
Net Investment Income (Loss)	$	137,270		$	443,151		$	(186,622	)	$	(1,263	)
Net Realized Loss on Investments and Foreign Currency Transactions		(468,571)	(1)		(405,953	)		(234,065)	(1)		(263,977	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		176,436			(897,819	)		(20,053,653	)		4,168,340
Net Increase (Decrease) in Net Assets Resulting from Operations		(154,865	)		(860,621	)		(20,474,340	)		3,903,100
Dividends and Distributions from:
Net Investment Income		(143,175	)		(468,097	)		(1,764	)		(98,361	)
Total Dividends and Distributions		(143,175	)		(468,097	)		(1,764	)		(98,361	)
Capital Share Transactions:
Issued		—			726,000			68,195,000			84,127,501
Redeemed		(1,222,000	)		(6,100,500	)		(16,394,500	)		(5,456,000	)
Increase (Decrease) in Net Assets  from Capital Share Transactions		(1,222,000	)		(5,374,500	)		51,800,500			78,671,501
Total Increase (Decrease) in Net Assets		(1,520,040	)		(6,703,218	)		31,324,396			82,476,240
Net Assets:
Beginning of Period		7,791,163			14,494,381			95,947,554			13,471,314
End of Period	$	6,271,123		$	7,791,163		$	127,271,950		$	95,947,554
Undistributed (Distributions in Excess of) Net Investment Income	$	9,598		$	18,863		$	(189,736	)	$	(1,262	)
Share Transactions:
Issued		—			50,000			3,250,000			4,300,000
Redeemed		(100,000	)		(450,000	)		(850,000	)		(400,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(100,000	)		(400,000	)		2,400,000			3,900,000

(1) 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.

43

Statements of Changes in Net Assets

	Global X Permanent ETF
	Period Ended April 30, 2014 (Unaudited)			Period Ended October 31, 2013(1) (Audited)			Year Ended June 30, 2013 (Audited)
Operations:
Net Investment Income	$	66,283		$	43,524		$	165,982
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(4,991)	(2)		19,164			54,577
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		142,180			528,051			(1,434,759	)
Net Increase (Decrease) in Net Assets Resulting from Operations		203,472			590,739			(1,214,200	)
Dividends and Distributions from:
Net Investment Income		(217,743	)		—			(114,515	)
Net Realized Gains		(47,656	)		—			—
Total Dividends and Distributions		(265,399	)		—			(114,515	)
Capital Share Transactions:
Issued		1,157,000			—			17,655,500
Redeemed		(4,770,000	)		(1,162,000	)		(16,138,000	)
Increase (Decrease) in Net Assets  from Capital Share Transactions		(3,613,000	)		(1,162,000	)		1,517,500
Total Increase (Decrease) in Net Assets		(3,674,927	)		(571,261	)		188,785
Net Assets:
Beginning of Period		14,476,591			15,047,852			14,859,067
End of Period	$	10,801,664		$	14,476,591		$	15,047,852
Undistributed Net Investment Income	$	319		$	151,779		$	92,317
Share Transactions:
Issued		50,000			—			700,000
Redeemed		(200,000	)		(50,000	)		(650,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(150,000	)		(50,000	)		50,000

(1) For the period July 1, 2013 to October 31, 2013. Effective July 1, 2013 the Global X Permanent ETF changed its fiscal year end to October 31 (See Note 1 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.

44

Statements of Changes in Net Assets

	Global X Guru™ Index ETF
	Period Ended April 30, 2014 (Unaudited)			Period Ended October 31, 2013 (Audited)(1)		Year Ended June 30, 2013 (Audited)
Operations:
Net Investment Income	$	787,289		$	45,129	$	90,358
Net Realized Gain on Investments and Foreign Currency Transactions		18,046,612	(2)		80,579		1,013,460
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(21,889,637	)		19,607,750		1,093,978
Net Increase (Decrease) in Net Assets Resulting from Operations		(3,055,736	)		19,733,458		2,197,796
Dividends and Distributions from:
Net Investment Income		(424,262	)		—		(20,046	)
Net Realized Gains		(50,655	)		—		(77,984	)
Total Dividends and Distributions		(474,917	)		—		(98,030	)
Capital Share Transactions:
Issued		547,215,000			168,586,499		59,344,500
Redeemed		(267,093,000	)		—		(14,244,000	)
Increase in Net Assets  from Capital Share Transactions		280,122,000			168,586,499		45,100,500
Total Increase in Net Assets		276,591,347			188,319,957		47,200,266
Net Assets:
Beginning of Period		241,059,507			52,739,550		5,539,284
End of Period	$	517,650,854		$	241,059,507	$	52,739,550
Undistributed Net Investment Income	$	373,084		$	10,057	$	10,056
Share Transactions:
Issued		21,950,000			7,500,000		2,950,000
Redeemed		(10,800,000	)		—		(750,000	)
Net Increase in Shares Outstanding from Share Transactions		11,150,000			7,500,000		2,200,000

(1) For the period July 1, 2013 to October 31, 2013. Effective July 1, 2013 the Global X Guru™ Index ETF changed its fiscal year end to October 31 (See Note 1 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.

45

Statements of Changes in Net Assets

	Global X Guru™ International Index ETF			Global X Guru™ Small Cap Index ETF
	Period Ended April 30, 2014(1) (Unaudited)			Period Ended April 30, 2014(1) (Unaudited)
Operations:
Net Investment Income (Loss)	$	2,777		$	(715	)
Net Realized Loss on Investments and Foreign Currency Transactions		—			(2,874	)
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translations		(20,339	)		(96,760	)
Net Decrease in Net Assets Resulting from Operations		(17,562	)		(100,349	)
Capital Share Transactions:
Issued		1,483,000			2,253,000
Increase in Net Assets  from Capital Share Transactions		1,483,000			2,253,000
Total Increase in Net Assets		1,465,438			2,152,651
Net Assets:
Beginning of Period		—			—
End of Period	$	1,465,438		$	2,152,651
Undistributed Net Investment Income/(Accumulated Net Investment Loss)	$	2,777		$	(715	)
Share Transactions:
Issued		100,000			150,000
Increase in Shares Outstanding from Share Transactions		100,000			150,000

(1) The Fund commenced operations on March 10, 2014.

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

46

Statements of Changes in Net Assets

	Global X SuperIncome™ Preferred ETF
	Period Ended April 30, 2014 (Unaudited)			Period Ended October 31, 2013(1) (Audited)			Period Ended June 30, 2013(2) (Audited)
Operations:
Net Investment Income	$	2,499,881		$	1,017,923		$	999,901
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		800,633	(3)		(823,814	)		(173,657	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		908,249			1,490,613			(1,058,371	)
Net Increase (Decrease) in Net Assets Resulting from Operations		4,208,763			1,684,722			(232,127	)
Dividends and Distributions from:
Net Investment Income		(2,728,767	)		(978,675	)		(796,414	)
Net Realized Gains		—			—			(6,583	)
Total Dividends and Distributions		(2,728,767	)		(978,675	)		(802,997	)
Capital Share Transactions:
Issued		50,531,500			24,089,500			37,687,000
Redeemed		(13,401,000	)		—			(1,482,500	)
Increase in Net Assets  from Capital Share Transactions		37,130,500			24,089,500			36,204,500
Total Increase in Net Assets		38,610,496			24,795,547			35,169,376
Net Assets:
Beginning of Period		59,964,923			35,169,376			—
End of Period	$	98,575,419		$	59,964,923		$	35,169,376
Undistributed (Distributions in Excess of) Net Investment Income	$	(719	)	$	228,167		$	188,919
Share Transactions:
Issued		3,400,000			1,650,000			2,500,000
Redeemed		(900,000	)		—			(100,000	)
Net Increase in Shares Outstanding from Share Transactions		2,500,000			1,650,000			2,400,000

(1)	For the period July 1, 2013 to October 31, 2013. Effective July 1, 2013 the Global X SuperIncome Preferred ETF changed its fiscal year end to October 31 (See Note 1 in Notes to Financial Statements).
(2)	The Fund commenced operations on July 16, 2012.
(3)	Includes realized gain (loss) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements.)

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

47

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 ($)			Distribution from Net Realized Gains ($)			Return of Capital ($)			Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover  (%)
Global X SuperDividend™ ETF
2014(Unaudited)		23.74		0.69			1.27			1.96			(0.73	)		—			—			(0.73	)		24.97		8.52			928,731		0.58	†		5.86	†		24.27	††
2013		21.86		1.34			2.27			3.61			(1.73	)		—			—			(1.73	)		23.74		17.34			775,238		0.58			5.93			45.00
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
2014(Unaudited)		25.94		0.77			2.11			2.88			(0.77	)		—			—			(0.77	)		28.05		11.35			89,762		0.45	†		5.85	†		54.31	††
2013(2)		25.15		0.98			0.82			1.80			(0.91	)		—			(0.10	)		(1.01	)		25.94		7.32			51,879		0.45	†		6.02	†		20.36	††
Global X Canada Preferred ETF
2014(Unaudited)		12.99		0.24			(0.44	)		(0.20	)		(0.25	)		—			—			(0.25	)		12.54		(1.51	)		6,271		0.58	†		3.89	†		22.27	††
2013		14.49		0.49			(1.48	)		(0.99	)		(0.51	)		—			—			(0.51	)		12.99		(7.03	)		7,791		0.58			3.47			36.48
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
2014(Unaudited)		19.38		(0.03	)		(2.03	)		(2.06	)		—	‡		—			—			—	‡		17.32		(10.63	)		127,272		0.65	†		(0.29	)†		20.27	††
2013		12.83		—			6.66			6.66			(0.11	)		—			—			(0.11	)		19.38		52.34			95,948		0.65			(0.01	)		55.96
2012(4)		14.93		0.12			(2.22	)		(2.10	)		—			—			—			—			12.83		(14.07	)		13,471		0.65	†		0.88	†		91.78	††
Global X Permanent ETF
2014(Unaudited)		24.13		0.12			0.19			0.31			(0.36	)		(0.08	)		—			(0.44	)		24.00		1.37			10,802		0.48	†		1.01	†		4.34	††
2013^		23.15		0.07			0.91			0.98			—			—			—			—			24.13		4.23			14,477		0.48	†		0.90	†		3.08	††
2013		24.77		0.25			(1.66	)		(1.41	)		(0.21	)		—			—			(0.21	)		23.15		(5.77	)		15,084		0.48			0.98			44.44
2012(5)		25.04		0.09			(0.36	)		(0.27	)		—			—			—			—			24.77		(1.08	)		14,859		0.48	†		0.92	†		14.89	††
Global X Guru™ Index ETF
2014(Unaudited)		23.99		0.04			0.42	^^		0.46			(0.03	)		—	‡		—			(0.03	)		24.42		1.91			517,651		0.75	†		0.35	†		78.87	††
2013^		20.68		0.01			3.30			3.31			—			—			—			—			23.99		16.01			241,060		0.75	†		0.10	†		24.89	††
2013		15.83		0.17			5.66			5.83			(0.20	)		(0.78	)		—			(0.98	)		20.68		38.08			52,740		0.75			0.85			77.25
2012(6)		14.96		0.02			0.85			0.87			—			—			—			—			15.83		5.82			5,539		0.75	†		1.90	†		1.90	††
Global X Guru™ International Index ETF
2014(7)(Unaudited)		14.83		0.03			(0.21	)		(0.18	)		—			—			—			—			14.65		(1.21	)		1,465		0.75	†		1.38	†		—	††
Global X Guru™ Small Cap Index ETF
2014(7)(Unaudited)		15.01		(0.01	)		(0.65	)		(0.66	)		—			—			—			—			14.35		(4.40	)		2,153		0.75	†		(0.25	)†		1.22	††
Global X SuperIncome™ Preferred ETF
2014(Unaudited)		14.81		0.49			0.31			0.80			(0.56	)		—			—			(0.56	)		15.05		5.58			98,575		0.58	†		6.70	†		41.68	††
2013^		14.65		0.31			0.18			0.49			(0.33	)		—			—			(0.33	)		14.81		3.38			59,965		0.58	†		6.34	†		61.86	††
2013(8)		15.02		1.13			(0.47	)		0.66			(1.02	)		(0.01	)		—			(1.03	)		14.65		4.46			35,169		0.58	†		7.84	†		91.98	††

(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.

(5) The Fund commenced operations on February 7, 2012.

(6) The Fund commenced operations on July 4, 2012.

(7) The Fund commenced operations on March 10, 2014.

(8) The Fund commenced operations on July 16, 2012.

^ For the period July 1, 2013 to October 31, 2013. Effective July 1, 2013 the Global X Permanent ETF, Global X Guru Index ETF (formerly Global X Top Guru Holdings Index ETF) and Global X SuperIncome Preferred ETF each changed their fiscal year end to October 31 (See Note 1 in Notes to Financial Statements).

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

^‡ Less than $0.01 per share.

* 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.

48

Notes to Financial Statements

April 30, 2014 (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, 2014, the Trust had seventy-nine portfolios, forty 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, Global X Social Media Index ETF, Global X Permanent ETF, Global X Guru™ Index ETF (formerly Global X Top Guru Holdings Index ETF), Global X Guru™ International Index ETF, Global X Guru™ Small Cap Index ETF, and Global X SuperIncome™ Preferred ETF (each a “Fund”, collectively, the “Funds”). Each Fund is non-diversified.

Effective July 1, 2013 the Global X Permanent ETF, Global X Guru Index ETF (formerly Global X Top Guru Holdings Index ETF) and Global X SuperIncome Preferred ETF each changed their fiscal year end to October 31. Their previous fiscal year end was June 30.

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 materially differ from those estimates.

MASTER LIMITED PARTNERSHIPS (“MLPs”) — MLPs are publicly traded partnerships engaged in the transportation, storage and processing of minerals and natural resources. By confining their operations to these specific activities, their interests, or units, are able to trade on public securities exchanges exactly like the shares of a corporation, without entity level taxation. To qualify as a MLP and to not be taxed as a corporation, a partnership must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Internal Revenue Code of 1986, as amended (the “Code”). These qualifying sources include natural resource based activities such as the processing, transportation and storage of mineral or natural resources. MLPs generally have two classes of owners, the general partner and limited partners. The general partner of an MLP is typically owned by a major energy company, an investment fund, the direct management of the MLP, or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units.

Limited partners typically own the remainder of the partnership, through ownership of common units, and have a limited role in the partnership’s operations and management. MLPs are typically structured such that common units and general partner interests have first priority to receive quarterly cash distributions up to an established minimum amount (“minimum quarterly distributions” or “MQD”). Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid. Once common and general partner interests have been paid, subordinated units receive distributions of up to the MQD; however, subordinated units

49

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

do not accrue arrearages. Distributable cash in excess of the MQD is paid to both common and subordinated units and is distributed to both common and subordinated units generally on a pro rata basis. The general partner is also eligible to receive incentive distributions if the general partner operates the business in a manner which results in distributions paid per common unit surpassing specified target levels. As the general partner increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of the incremental cash distributions

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 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 (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 all relevant

50

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (continued)

information reasonably available to the Committee. As of April 30, 2014, 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)

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 or period ended April 30, 2014, 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 Bank of New York Mellon 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 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. For Financial Statement purposes, the Funds gross up the securities lending collateral (included in Repurchase Agreements, at Value) and obligation to return securities lending collateral on the Statements of Assets and Liabilities.

51

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is "more-likely-than-not" (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax 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 or period ended April 30, 2014, 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 the ex-dividend date.

52

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (concluded)

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.

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
	Shares		Creation Fee		Value		Redemption Fee
Global X SuperDividend™ ETF		50,000	$	3,800	$	1,248,500	$	3,800
Global X SuperDividend™ U.S. ETF		50,000		750		1,402,500		750
Global X Canada Preferred ETF		50,000		1,000		627,000		1,000
Global X Social Media Index ETF		50,000		1,000		866,000		1,000
Global X Permanent ETF		50,000		1,000		1,200,000		1,000
Global X Guru™ Index ETF		50,000		750		1,221,000		750
Global X GuruTM International Index ETF		50,000		750		732,500		750
Global X Guru™ Small Cap Index ETF		50,000		750		717,500		750
Global X SuperIncome™ Preferred ETF		50,000		500		752,500		500

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

53

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

3. RELATED PARTY TRANSACTIONS (concluded)

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	%
Global X Permanent ETF		0.48	%
Global X Guru™ Index ETF		0.75	%
Global X GuruTM International Index ETF		0.75	%
Global X Guru™ Small Cap Index ETF		0.75	%
Global X SuperIncome™ Preferred ETF		0.58	%

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 Fund’s 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.

54

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

4. INVESTMENT TRANSACTIONS

For the period ended April 30, 2014, 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	$	200,990,768	$	201,075,365
Global X SuperDividend™ U.S. ETF		37,155,728		50,269,436
Global X Canada Preferred ETF		1,565,215		1,570,972
Global X Social Media Index ETF		26,289,180		25,928,790
Global X Permanent ETF		556,016		2,351,234
Global X Guru™ Index ETF		348,098,151		521,422,701
Global X GuruTM International Index ETF		–		–
Global X Guru™ Small Cap Index ETF		28,830		26,945
Global X SuperIncomeTM Preferred ETF		31,798,354		31,571,858

For the period ended April 30, 2014, the purchases and sales of long-term U.S. Government securities were:

			Sales and
	Purchases		Maturities
Global X Permanent ETF	$	403,247	$	2,131,555

For the period ended April 30, 2014, in-kind transactions associated with creations and redemptions were:

			Sales and		Realized
	Purchases		Maturities		Gain/(Loss)
Global X SuperDividend ETF	$	104,304,872	$	-	$	-
Global X SuperDividend US ETF		47,938,399		2,565,545		251,607
Global X Canada Preferred ETF		–		1,218,991		(168,070	)
Global X Social Media Index ETF		67,459,703		16,197,480		4,668,575
Global X Permanent ETF		602,819		2,509,370		137,039
Global X Guru Index ETF		547,059,650		93,596,664		4,250,877
Global X Guru International Index ETF		1,482,893		–		–
Global X Guru Small Cap Index ETF		2,253,119		–		–
Global X SuperIncome Preferred ETF		50,522,952		13,616,202		873,051

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.

55

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

5. TAX INFORMATION (continued)

The tax character of dividends and distributions declared during the years or periods ended October 31, 2013 and October 31, 2012 were as follows:

Global X Funds	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals
Global X SuperDividend™ ETF
2013	$	35,106,732	$	–	$	–	$	35,106,732
2012		4,983,491		–		–		4,983,491
Global X SuperDividend™ U.S. ETF
2013	$	1,333,281	$	–	$	145,569	$	1,478,850
Global X Canada Preferred ETF
2013	$	468,097	$	–	$	–	$	468,097
2012		426,223		–		–		426,223
Global X Social Media Index ETF
2013	$	98,361	$	–	$	–	$	98,361
2012		–		–		–		–
Global X Permanent ETF
2013*	$	–	$	–	$	–	$	–
2013**		114,515		–		–		114,515
2012		–		–		–		–
Global X Guru™ Index ETF
2013*	$	–	$	–	$	–	$	–
2013**		98,030		–		–		98,030
2012		–		–		–		–
Global X SuperIncome™ Preferred ETF
2013*	$	978,675	$	–	$	–	$	978,675
2013**		802,997		–		–		802,997

^*For the period from July 1, 2013 to October 31, 2013

^**For the year or period ended June 30, 2013

As of October 31, 2013, the components of tax basis distributable earnings (accumulated losses) were as follows:

	Global X SuperDividend™ ETF			Global X SuperDividend™ U.S. ETF			Global X Canada Preferred ETF
Undistributed Ordinary Income	$	2,820,999		$	–		$	15,503
Capital Loss Carryforwards		(18,271,023	)		(1,039,239	)		(290,539	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		44,346,098			1,699,147			(944,640	)
Other Temporary Differences		3			1			(1	)
Total Distributable Earnings (Accumulated Losses)	$	28,896,077		$	659,909		$	(1,219,677	)

56

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

5. TAX INFORMATION (continued)

	Global X Social Media Index ETF			Global X Permanent ETF			Global X Guru™ Index ETF
Undistributed Ordinary Income	$	1,764		$	185,867		$	10,055
Undistributed Long-Term Capital Gain		–			47,821			50,646
Capital Loss Carryforwards		(923,567	)		(286,005	)		–
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		1,182,282			(1,007,227	)		20,827,824
Other Temporary Differences		1			–			1
Total Distributable Earnings (Accumulated Losses)	$	260,480		$	(1,059,544	)	$	20,888,526

	Global X SuperIncome™ Preferred ETF
Undistributed Ordinary Income	$	402,086
Capital Loss Carryforwards		(566,439	)
Unrealized Depreciation on Investments and Foreign Currency		(9,901	)
Other Temporary Differences		(173,921	)
Total Accumulated Losses	$	(348,175	)

Deferred late-year losses represent ordinary losses realized on investment transactions from January 1, 2013 through October 31, 2013.

For Federal income tax purposes, capital losses incurred in taxable years beginning before December 22, 2010 be carried forward for a maximum period of eight years and applied against future gains. As of October 31, 2013, the Funds that had capital loss carryforwards are listed below:

	Global X
	SuperDividend
Expiration date	ETF
October 2019	$	838,578

Under the Regulated Investment Company Modernization Act of 2010, the Funds are 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 are 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:

57

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

5. TAX INFORMATION (concluded)

	Short-Term		Long-Term
Global X Funds	Loss		Loss		Total
Global X SuperDividend™ ETF	$	14,307,276	$	3,125,169	$	17,432,445
Global X SuperDividend™ U.S. ETF		1,039,239		-		1,039,239
Global X Canada Preferred ETF		232,921		57,618		290,539
Global X Social Media Index ETF		923,567		-		923,567
Global X Permanent ETF		286,005		-		286,005
Global X SuperIncome™ Preferred ETF		484,935		81,504		566,439

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at April 30, 2014 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	$	935,098,752	$	108,638,553	$	(26,042,321	)	$	82,596,232
Global X SuperDividend™ U.S. ETF		91,626,294		5,733,679		(804,888	)		4,928,791
Global X Canada Preferred ETF		6,984,496		3,346		(747,651	)		(744,305	)
Global X Social Media Index ETF		149,743,045		6,567,532		(24,029,573	)		(17,462,041	)
Global X Permanent ETF		11,581,632		359,738		(1,173,378	)		(813,640	)
Global X Guru™ Index ETF		546,212,206		23,336,338		(24,231,890	)		(895,552	)
Global X GuruTM International Index ETF		1,483,804		68,786		(89,125	)		(20,339	)
Global X Guru™ Small Cap  Index ETF		2,252,129		62,428		(159,188	)		(96,760	)
Global X SuperIncome™ Preferred ETF		98,876,951		1,632,955		(292,464	)		1,340,491

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 those of 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.

58

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

6. CONCENTRATION OF RISKS (concluded)

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 an 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 their Underlying Indices, or, in certain instances, when securities in the Underlying Indices become temporarily illiquid, unavailable or less liquid, or due to legal restrictions (such as diversification requirements that apply to the Funds but not the Underlying Indices).

7. AUTHORIZED PARTICIPANTS

At April 30, 2014, the Funds’ total shares outstanding were originally acquired by Authorized Participants, in the form of Creation Units, as follows. However, the individual shares comprising such Creation Units are listed and traded on an exchange and have likely been purchased and sold by persons other than Authorized Participants.

	Authorized Participants		Shares 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		6		100	%
Global X Permanent ETF		4		100	%
Global X Guru™ Index ETF		9		100	%
Global X GuruTM International Index ETF		1		100	%
Global X Guru™ Small Cap Index ETF		2		100	%
Global X SuperIncomeTM Preferred ETF		5		100	%

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 received in connection with these loans will be cash and can be invested in repurchase agreements or U.S. Treasury obligations and is recognized in the schedule of investments and statement of assets and liabilities. The obligation to return securities lending collateral is also recognized as a liability in the statement of assets and liabilities. It is the Funds’ policy to obtain

59

Notes to Financial Statements (concluded)

April 30, 2014 (Unaudited)

8. LOANS OF PORTFOLIO SECURITIES (concluded)

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, 2014, the value of securities on loan was $90,187,629, $6,817,175, $4,917,245, $26,852,095 and $1,272,857 for the Global X SuperDividend™ ETF, Global X SuperDividend™ U.S. ETF, Global X Social Media Index ETF, Global X Guru™ Index ETF and Global Superincome™ Preferred ETF, respectively and the value of securities purchased with the cash collateral held from securities on loan was $94,430,694, $7,032,275, $5,042,750, $27,558,710 and $1,306,550 for the Global X SuperDividend™ ETF, Global X SuperDividend™ U.S. ETF, Global X Social Media Index ETF, Global X Guru™ Index ETF and Global Superincome™ Preferred ETF, respectively.

9. CONTRACTUAL OBLIGATIONS

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

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.

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.

60

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.

61

Disclosure of Fund Expenses (Unaudited) (concluded)

	Beginning Account Value 11/1/2013		Ending Account Value 4/30/2014		Annualized Expense Ratios			Expenses Paid During Period(1)
Global X SuperDividend™ ETF
Actual Fund Return	$	1,000.00	$	1,085.20		0.58	%	$	3.00
Hypothetical 5% Return		1,000.00		1,021.92		0.58			2.91
Global X SuperDividend™ U.S. ETF
Actual Fund Return	$	1,000.00	$	1,113.50		0.45	%	$	2.36
Hypothetical 5% Return		1,000.00		1,022.56		0.45			2.26
Global X Canada Preferred ETF
Actual Fund Return	$	1,000.00	$	984.90		0.58	%	$	2.85
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	$	892.70		0.65	%	$	3.05
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X Permanent ETF
Actual Fund Return	$	1,000.00	$	1,013.70		0.48	%	$	2.40
Hypothetical 5% Return		1,000.00		1,022.41		0.48			2.41
Global X Guru™ Index  ETF
Actual Fund Return	$	1,000.00	$	1,019.10		0.75	%	$	3.75
Hypothetical 5% Return		1,000.00		1,021.08		0.75			3.76
Global X Guru™ International Index  ETF
Actual Fund Return(2)	$	1,000.00	$	987.90		0.75	%	$	1.04
Hypothetical 5% Return		1,000.00		1,021.08		0.75			3.76
Global X Guru™ Small Cap Index  ETF
Actual Fund Return(2)	$	1,000.00	$	956.00		0.75	%	$	1.02
Hypothetical 5% Return		1,000.00		1,021.08		0.75			3.76
Global X SuperIncome™ Preferred ETF
Actual Fund Return	$	1,000.00	$	1,055.80		0.58	%	$	2.96
Hypothetical 5% Return		1,000.00		1,021.92		0.58			2.91

⁽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 51/365 (to reflect the period from inception to date.)

62

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 15, 2013, 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 Guru International Index ETF and the Global X Guru Small Cap Index 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 Guru International Index ETF and the Global X Guru Small Cap Index ETF (each a “New Fund”) and (ii) the Supervision and Administration Agreement between the Trust, on behalf of each New Fund, and Global X Management. The Investment Advisory Agreements and Supervision and Administration Agreements for each 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 approve the New Fund Agreements and the continuation of the Renewal Agreements for each New Fund or 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 each 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 each 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 approval of the New Fund Agreements and the continuation of the Renewal Agreements is discussed separately below.

63

Approval of Investment Advisory Agreement (Unaudited) (continued)

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 each 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 each New Fund;

• Global X Management’s responsibilities under the New Fund Agreements to, among other things, (i) manage the investment operations of each New Fund and the composition of each New Fund’s assets, including the purchase, retention and disposition of its holdings, (ii) provide quarterly reports to the Trust’s officers and Board and other reports as the Board deems necessary or appropriate, (iii) vote proxies, exercise consents, and exercise all other rights appertaining to securities and assets held by each New Fund, (iv) select broker-dealers to execute portfolio transactions for each New Fund when necessary, (v) assist in the preparation and filing of reports and proxy statements (if any) to the shareholders of each New Fund, the periodic updating of the registration statement, prospectuses, statement of additional information, and other reports and documents for each 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 each 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 each New Fund; and

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

64

Approval of Investment Advisory Agreement (Unaudited) (continued)

Performance

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

• The unitary fee (including the proposed investment advisory fee) ("Management Fee") that was proposed to be borne by each New Fund under the New Fund Agreements for the investment advisory, supervisory and administrative services that each New Fund requires under a unitary fee structure (including the types of fees and expenses that are not included within the unitary fee and would be borne by each New Fund); and

• the expected profitability to Global X Management, if any, from all services to be provided to each New Fund and all aspects of the relationship between Global X Management and each New Fund.

Based on these considerations, the Board concluded that the profits anticipated to be realized by Global X Management from its relationship with each New Fund would not be excessive.

65

Approval of Investment Advisory Agreement (Unaudited) (continued)

Comparison of Fees and Services

With respect to this factor, the Board considered:

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

• the structure of the proposed unitary Management Fee (which includes as one component the proposed investment advisory fee for each New Fund) and the expected total expense ratios for each New Fund. In this regard, the Board took into consideration that the purpose of adopting a unitary Management Fee structure for each 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 each New Fund and that the proposed Management Fee for each New Fund was set at a competitive fee to make each New Fund viable in the marketplace; and

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

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

Economies of Scale

With respect to this factor, the Board considered:

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

• the significant investment of time, personnel and other resources that Global X Management intends to made in each New Fund in order to seek to assure that each New Fund is attractive to investors; and

• that the proposed unitary Management Fee would provide a high level of certainty as to the total level of expenses for each New Fund and its shareholders.

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

66

Approval of Investment Advisory Agreement (Unaudited) (continued)

Other Benefits

In considering the New Fund Agreements, in addition to the categories discussed above, the Board considered other benefits that may be realized by Global X Management as a result of its relationships with each New Fund.

67

Approval of Investment Advisory Agreement (Unaudited) (continued)

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.

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

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

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

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

68

Approval of Investment Advisory Agreement (Unaudited) (continued)

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

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

69

Approval of Investment Advisory Agreement (Unaudited) (continued)

Comparison of Fees and Services

With respect to this factor, the Board considered:

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

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

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

Economies of Scale

With respect to this factor, the Board considered:

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

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

• 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.

70

Approval of Investment Advisory Agreement (Unaudited) (concluded)

Other Benefits

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

71

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 www.GlobalXFunds.com

72

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-003-0300

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 registrant’s 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 3, 2014

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 3, 2014

By (Signature and Title)*	/s/ Jose C. Gonzalez
	Jose C. Gonzalez
	Chief Financial Officer

Date: July 3, 2014

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