UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________
FORM N-CSR
________
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-22209
Global X Funds
(Exact name of registrant as specified in charter)
________
623 Fifth Avenue, 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. Global X Management Company LLC 623 Fifth Ave, 15th floor New York, NY 10022 | Eric S. Purple, Esq. K&L Gates LLP 1601 K Street, NW Washington, DC 20006 |
Registrant’s telephone number, including area code: (212) 644-6440
Date of fiscal year end: October 31, 2014
Date of reporting period: October 31, 2014
Explanatory Note: This Form N-CSR/A is filed in order to amend the Registrant’s Annual Report for Global X MSCI Argentina ETF, Global X MSCI Norway ETF and Global X MSCI Nigeria ETF dated October 31, 2014 and filed on January 9, 2015 (the “Report”). The Report is amended solely to correct the Management Discussion of Fund Performance (unaudited) for Global X MSCI Argentina ETF, Global X MSCI Norway ETF and Global X MSCI Nigeria ETF.
Other than the aforementioned revision, no other information or disclosures contained in the Report are amended by this Form N-CSR/A.
| Item 1. | Reports to Stockholders. |

Global X Silver Miners ETF (ticker: SIL)
Global X Gold Explorers ETF (ticker: GLDX)
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)
Annual Report
October 31, 2014

Table of Contents
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, is available (i) without charge, upon request, by calling 1-888-GXFund-1; and (ii) on the Commission’s website at http://www.sec.gov.

Management Discussion of Fund Performance (unaudited)
Global X Silver Miners ETF
Global X Silver Miners ETF
The Global X Silver Miners ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Silver Miners Index (the “Index”). The Fund generally seeks to replicate the Index, but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.
The Index is designed to reflect the performance of the silver mining industry. It is comprised of selected companies globally that are actively engaged in some aspect of the silver mining industry, such as silver mining, refining, or exploration. The Fund is the first ETF globally focused exclusively on the silver mining sector.
For the 12-month period ended October 31, 2014 (the “reporting period”), the Fund decreased 31.85%, while the Index decreased 31.54%. The Fund had a net asset value of $12.88 per share on October 31, 2013 and ended the reporting period with a net asset value of $8.72 on October 31, 2014.
During the reporting period, the highest returns came from Golden Minerals and MAG Silver, which returned 49.35% and 5.96%, respectively. The worst performers were Aurcana and Coeur d'Alene Mines, which returned -85.72% and -69.70%, respectively.
| | AVERAGE ANNUAL TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2014 | |
| | One Year Return | | | Three Year Return | | | Annualized Inception to Date* | |
| | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | |
Global X Silver Miners ETF | | | (31.85 | )% | | | (32.29 | )% | | | (27.89 | )% | | | (28.25 | )% | | | (10.09 | )% | | | (10.21 | )% |
Solactive Global Silver Miners Index | | | (31.54 | )% | | | (31.54 | )% | | | (27.43 | )% | | | (27.43 | )% | | | (9.52 | )% | | | (9.52 | )% |
S&P 500 Index | | | 17.27 | % | | | 17.27 | % | | | 19.77 | % | | | 19.77 | % | | | 14.58 | % | | | 14.58 | % |
Growth of a $10,000 Investment
(at Net Asset Value)

*Fund commenced operations on April 19, 2010.
The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices above.
Management Discussion of Fund Performance (unaudited)
Global X Gold Explorers ETF
Global X Gold Explorers ETF
The Global X Gold Explorers ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Gold Explorers Index (the “Index”). The Fund generally seeks to replicate the Index, but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.
The Index is designed to track the performance of the largest and most liquid listed companies that are active in the exploration for gold.
For the 12-month period ended October 31, 2014 (the “reporting period”), the Fund decreased 28.49%, while the Index decreased 29.25%. The Fund had a net asset value of $13.48 per share on October 31, 2013 and ended the reporting period with a net asset value of $9.64 on October 31, 2014.
During the reporting period, the highest returns came from International Pretium Resources and Papillon Resources, which returned 39.34% and 26.87%, respectively. The worst performers were Gold Canyon Resources and Sabina Gold & Silver, which returned -63.71% and -59.74%, respectively.
| | AVERAGE ANNUAL TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2014 | |
| | One Year Return | | | Three Year Return | | | Annualized Inception to Date* | |
| | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | |
Global X Gold Explorers ETF | | | (28.49 | )% | | | (30.71 | )% | | | (42.06 | )% | | | (42.37 | )% | | | (36.06 | )% | | | (36.27 | )% |
Solactive Global Gold Explorers Index | | | (29.25 | )% | | | (29.25 | )% | | | (41.51 | )% | | | (41.51 | )% | | | (35.74 | )% | | | (35.74 | )% |
S&P 500 Index | | | 17.27 | % | | | 17.27 | % | | | 19.77 | % | | | 19.77 | % | | | 16.40 | % | | | 16.40 | % |
Growth of a $10,000 Investment
(at Net Asset Value)
*Fund commenced operations on November 3, 2010.
The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices above.
Management Discussion of Fund Performance (unaudited)
Global X Copper Miners ETF
Global X Copper Miners ETF
The Global X Copper Miners ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Copper Miners Index (the “Index”). The Fund generally seeks to replicate the Index, but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.
The Index is designed to reflect the performance of the copper mining industry. It is comprised of selected companies globally that are actively engaged in some aspect of the copper mining industry, such as copper mining, refining, or exploration.
For the 12-month period ended October 31, 2014 (the “reporting period”), the Fund decreased 14.49%, while the Index decreased 14.85%. The Fund had a net asset value of $9.80 per share on October 31, 2013 and ended the reporting period with a net asset value of $8.32 on October 31, 2014.
During the reporting period, the highest returns came from Grupo Mexico and Copper Mountain Mining, which returned 9.98% and 7.02%, respectively. The worst performers were Northern Dynasty Minerals and Taseko Mines, which returned -53.78% and -46.12%, respectively.
| | AVERAGE ANNUAL TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2014 | |
| | One Year Return | | | Three Year Return | | | Annualized Inception to Date* | |
| | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | |
Global X Copper Miners ETF | | | (14.49 | )% | | | (14.17 | )% | | | (14.63 | )% | | | (14.47 | )% | | | (9.14 | )% | | | (9.18 | )% |
Solactive Global Copper Miners Index | | | (14.85 | )% | | | (14.85 | )% | | | (14.88 | )% | | | (14.88 | )% | | | (9.12 | )% | | | (9.12 | )% |
S&P 500 Index | | | 17.27 | % | | | 17.27 | % | | | 19.77 | % | | | 19.77 | % | | | 14.58 | % | | | 14.58 | % |
Growth of a $10,000 Investment
(at Net Asset Value)
*Fund commenced operations on April 19, 2010.
The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices above.
Management Discussion of Fund Performance (unaudited)
Global X Uranium ETF
Global X Uranium ETF
The Global X Uranium ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Uranium Index (the “Index”). The Fund generally seeks to replicate the Index, but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.
The Index is designed to reflect the performance of the uranium mining industry. It is comprised of selected companies globally that are primarily engaged in some aspect of the uranium mining industry, such as mining, refining, exploration, and manufacturing of equipment for the uranium industry. The Fund is the nation’s first ETF focused exclusively on the uranium industry.
For the 12-month period ended October 31, 2014 (the “reporting period”), the Fund decreased 19.18%, while the Index decreased 17.81%. The Fund had a net asset value of $14.47 per share on October 31, 2013 and ended the reporting period with a net asset value of $11.63 on October 31, 2014.
During the reporting period, the highest returns came from Mega Uranium and Syrah Resources, which returned 101.77% and 80.18%, respectively. The worst performers were Centrus Energy and Silex Systems, which returned -92.95% and -77.57%, respectively.
| | AVERAGE ANNUAL TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2014 | |
| | One Year Return | | | Three Year Return | | | Annualized Inception to Date* | |
| | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | |
Global X Uranium ETF | | | (19.18 | )% | | | (21.06 | )% | | | (26.71 | )% | | | (26.96 | )% | | | (29.98 | )% | | | (30.18 | )% |
Solactive Global Uranium Index | | | (17.81 | )% | | | (17.81 | )% | | | (27.32 | )% | | | (27.32 | )% | | | (30.24 | )% | | | (30.24 | )% |
S&P 500 Index | | | 17.27 | % | | | 17.27 | % | | | 19.77 | % | | | 19.77 | % | | | 15.85 | % | | | 15.85 | % |
Growth of a $10,000 Investment
(at Net Asset Value)
*Fund commenced operations on November 4, 2010.
The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)
Global X Lithium ETF
Global X Lithium ETF
The Global X Lithium ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Lithium Index (the “Index”). The Fund generally seeks to replicate the Index, but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.
The Index is designed to reflect the performance of the largest and most liquid listed companies that are active in the exploration and/or mining of Lithium or the production of Lithium batteries. The Fund is the first ETF globally focused exclusively on the lithium sector.
For the 12-month period ended October 31, 2014 (the “reporting period”), the Fund decreased 6.97%, while the Index decreased 4.44%. The Fund had a net asset value of $12.94 per share on October 31, 2013 and ended the reporting period with a net asset value of $12.00 on October 31, 2014.
During the reporting period, the highest returns came from FDG Electric Vehicles and Reed Resources, which returned 48.61% and 29.26%, respectively. The worst performers were RB Energy and Avalon Rare Minerals, which returned -98.83% and -72.80%, respectively.
| | AVERAGE ANNUAL TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2014 | |
| | One Year Return | | | Three Year Return | | | Annualized Inception to Date* | |
| | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | |
Global X Lithium ETF | | | (6.97 | )% | | | (7.16 | )% | | | (8.08 | )% | | | (7.69 | )% | | | (4.93 | )% | | | (4.87 | )% |
Solactive Global Lithium Index | | | (4.44 | )% | | | (4.44 | )% | | | (7.36 | )% | | | (7.36 | )% | | | (4.01 | )% | | | (4.01 | )% |
S&P 500 Index | | | 17.27 | % | | | 17.27 | % | | | 19.77 | % | | | 19.77 | % | | | 17.86 | % | | | 17.86 | % |
Growth of a $10,000 Investment
(at Net Asset Value)

*Fund commenced operations on July 22, 2010.
The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices above.
Management Discussion of Fund Performance (unaudited)
Global X Fertilizers/Potash ETF
Global X Fertilizers/Potash ETF
The Global X Fertilizers/Potash ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Fertilizers/Potash Total Return Index (the “Index”). The Fund generally seeks to replicate the Index, but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.
The Index tracks the performance of the largest and most liquid listed companies globally that are active in some aspect of the fertilizer industry. The Fund is the nation’s first ETF focused exclusively on the fertilizers industry.
For the 12-month period ended October 31, 2014 (the “reporting period”), the Fund decreased 5.79%, while the Index decreased 5.63%. The Fund had a net asset value of $11.73 per share on October 31, 2013 and ended the reporting period with a net asset value of $10.87 on October 31, 2014.
During the reporting period, the highest returns came from Euro Future and Bagfas Bandirma Gubre Fabrik, which returned 73.48% and 23.68%, respectively. The worst performers were China BlueChemical and Uralkali, which returned -42.42% and -32.56%, respectively.
| | AVERAGE ANNUAL TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2014 | |
| | One Year Return | | | Three Year Return | | | Annualized Inception to Date* | |
| | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | |
Global X Fertilizers/Potash ETF | | | (5.79 | )% | | | (5.89 | )% | | | (7.09 | )% | | | (7.13 | )% | | | (8.06 | )% | | | (8.13 | )% |
Solactive Global Fertilizers/Potash Total Return Index | | | (5.63 | )% | | | (5.63 | )% | | | (6.93 | )% | | | (6.93 | )% | | | (7.79 | )% | | | (7.79 | )% |
S&P 500 Index | | | 17.27 | % | | | 17.27 | % | | | 19.77 | % | | | 19.77 | % | | | 15.58 | % | | | 15.58 | % |
Growth of a $10,000 Investment
(at Net Asset Value)
*Fund commenced operations on May 25, 2011.
The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices above.
Management Discussion of Fund Performance (unaudited)
Global X Junior Miners ETF
Global X Junior Miners ETF
The Global X Junior Miners ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Junior Miners Index (“Index”). The Fund generally seeks to replicate the Index, but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.
The Index is designed to track the market performance of small-capitalization mining companies globally, as defined by Solactive AG.
For the 12-month period ended October 31, 2014 (the “reporting period”), the Fund decreased 29.36%, while the Index decreased 28.82%. The Fund had a net asset value of $16.62 per share on October 31, 2013 and ended the reporting period with a net asset value of $11.74 on October 31, 2014.
During the reporting period, the highest returns came from Century Aluminum and Aquila Resources, which returned 237.33% and 48.31%, respectively. The worst performers were MMX Mineracao e Metalicos and African Minerals, which returned -92.54% and -91.99%, respectively.
| | AVERAGE ANNUAL TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2014 | |
| | One Year Return | | | Three Year Return | | | Annualized Inception to Date* | |
| | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | |
Global X Junior Miners ETF | | | (29.36 | )% | | | (29.78 | )% | | | (26.73 | )% | | | (26.82 | )% | | | (28.16 | )% | | | (28.33 | )% |
Hybrid Solactive Global Junior Miners & S&P/TSX Venture 30 Index** | | | (28.82 | )% | | | (28.82 | )% | | | (27.10 | )% | | | (27.10 | )% | | | (28.40 | )% | | | (28.40 | )% |
S&P 500 Index | | | 17.27 | % | | | 17.27 | % | | | 19.77 | % | | | 19.77 | % | | | 16.38 | % | | | 16.38 | % |
Growth of a $10,000 Investment
(at Net Asset Value)

*Fund commenced operations on March 16, 2011.
**Annualized Inception to Date return reflects performance of S&P/TSX Venture 30 Index through September 6, 2012 and Solactive Global Junior Miners Index thereafter. The inception of the Solactive Global Junior Miners Index was on August 31, 2012.
The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices above.
Schedule of Investments | October 31, 2014 |
Global X Silver Miners ETF
Sector Weightings (unaudited)†:
† 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 7 in the Notes to Financial Statements for more detailed information.
| | Shares | | | Value | |
COMMON STOCK — 99.1% | | | | | | | | |
CANADA— 57.6% | | | | | | | | |
Basic Materials — 57.6% | | | | | | | | |
Alexco Resource * | | | 1,279,243 | | | $ | 614,037 | |
Aurcana * | | | 1,289,328 | | | | 360,227 | |
AuRico Gold | | | 2,786,687 | | | | 8,945,265 | |
Bear Creek Mining * (A) | | | 1,668,638 | | | | 1,894,414 | |
Endeavour Silver * | | | 2,238,894 | | | | 6,806,238 | |
First Majestic Silver * (A) | | | 132,000 | | | | 676,713 | |
Fortuna Silver Mines * (A) | | | 2,482,991 | | | | 8,588,997 | |
MAG Silver * | | | 1,117,566 | | | | 6,750,099 | |
Pan American Silver | | | 903,050 | | | | 8,335,151 | |
Primero Mining * (A) | | | 2,137,501 | | | | 7,299,107 | |
Scorpio Mining * | | | 4,235,360 | | | | 713,751 | |
Silver Standard Resources * (A) | | | 1,713,378 | | | | 7,487,462 | |
Silver Wheaton | | | 1,326,680 | | | | 23,044,432 | |
Silvercorp Metals (A) | | | 3,750,191 | | | | 4,500,229 | |
SilverCrest Mines * (A) | | | 2,462,755 | | | | 3,101,789 | |
Tahoe Resources * (A) | | | 539,957 | | | | 9,353,284 | |
TOTAL CANADA | | | | | | | 98,471,195 | |
MEXICO— 14.8% | | | | | | | | |
Basic Materials — 14.8% | | | | | | | | |
Fresnillo | | | 1,147,039 | | | | 12,799,727 | |
Industrias Penoles | | | 554,286 | | | | 12,538,640 | |
TOTAL MEXICO | | | | | | | 25,338,367 | |
PERU— 3.5% | | | | | | | | |
Basic Materials — 3.5% | | | | | | | | |
Hochschild Mining * | | | 3,747,323 | | | | 5,932,192 | |
UNITED KINGDOM— 5.9% | | | | | | | | |
Basic Materials — 5.9% | | | | | | | | |
Polymetal International | | | 1,227,648 | | | | 10,114,849 | |
UNITED STATES— 17.3% | | | | | | | | |
Basic Materials — 17.3% | | | | | | | | |
Coeur d'Alene Mines * | | | 1,992,814 | | | | 7,373,412 | |
First Majestic Silver * | | | 1,196,092 | | | | 6,135,952 | |
The accompanying notes are an integral part of the financial statements.
Schedule of Investments | October 31, 2014 |
Global X Silver Miners ETF
| | Shares/Face Amount(1) | | | Value | |
COMMON STOCK — continued | | | | | | | | |
Basic Materials — continued | | | | | | | | |
Great Panther Silver * (A) | | | 2,970,900 | | | $ | 2,079,630 | |
Hecla Mining (A) | | | 3,986,409 | | | | 8,690,371 | |
McEwen Mining * (A) | | | 4,326,907 | | | | 5,365,365 | |
TOTAL UNITED STATES | | | | | | | 29,644,730 | |
TOTAL COMMON STOCK | | | | | | | | |
(Cost $323,578,750) | | | | | | | 169,501,333 | |
| | | | | | | | |
REPURCHASE AGREEMENTS — 6.8% | | | | | | | | |
| | | | | | | | |
Barclays | | | | | | | | |
0.080%, dated 10/31/14, to be repurchased on 11/03/14, repurchase price $10,000,067 (collateralized by U.S. Treasury Obligations, ranging in par value $43,125-$1,106,913, 0.250%-4.875%, 11/15/14-05/15/22 with a total market value of $10,144,057)(B) | | | 10,000,000 | | | | 10,000,000 | |
Deutsche Bank | | | | | | | | |
0.100%, dated 10/31/14, to be repurchased on 11/03/14, repurchase price $1,557,796 (collateralized by U.S. Treasury Notes, par value $1,628,195, 1.125%, 12/31/19 with a total market value of $1,582,529)(B) | | | 1,557,783 | | | | 1,557,783 | |
TOTAL REPURCHASE AGREEMENTS | | | | | | | | |
(Cost $11,557,783) | | | | | | | 11,557,783 | |
| | | | | | | | |
TIME DEPOSITS — 2.3% | | | | | | | | |
| | | | | | | | |
Brown Brothers Harriman | | | | | | | | |
0.030%, 11/03/14 | | | 3,854,793 | | | | 3,854,793 | |
0.091%, 11/03/14, GBP | | | 5 | | | | 8 | |
TOTAL TIME DEPOSITS | | | | | | | | |
(Cost $3,854,801) | | | | | | | 3,854,801 | |
| | | | | | | | |
TOTAL INVESTMENTS — 108.2% | | | | | | | | |
(Cost $338,991,334) | | | | | | $ | 184,913,917 | |
Percentages are based on Net Assets of $170,965,001.
| * | Non-income producing security. |
| (1) | In U.S. Dollars unless otherwise indicated. |
| (A) | This security or a partial position of this security is on loan at October 31, 2014. The total value of securities on loan at October 31, 2014 was $9,973,544. |
| (B) | These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2014 was $11,557,783. |
GBP — British Pound Sterling
The following is a summary of the inputs used as of October 31, 2014, in valuing the Fund's investments carried at value:
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stock | | $ | 169,501,333 | | | $ | — | | | $ | — | | | $ | 169,501,333 | |
Repurchase Agreements | | | — | | | | 11,557,783 | | | | — | | | | 11,557,783 | |
Time Deposits | | | — | | | | 3,854,801 | | | | — | | | | 3,854,801 | |
Total Investments in Securities | | $ | 169,501,333 | | | $ | 15,412,584 | | | $ | — | | | $ | 184,913,917 | |
For the year ended October 31, 2014, there have been no transfers between Level 1, Level 2 and Level 3 investments.
As of October 31, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.
Schedule of Investments | October 31, 2014 |
Global X Gold Explorers ETF
Sector Weightings (unaudited)†:
† 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 7 in the Notes to Financial Statements for more detailed information.
| | Shares/Face Amount | | | Value | |
COMMON STOCK — 99.5% | | | | | | | | |
AUSTRALIA— 3.6% | | | | | | | | |
Basic Materials — 3.6% | | | | | | | | |
Gryphon Minerals * | | | 13,240,434 | | | $ | 1,000,895 | |
CANADA— 95.9% | | | | | | | | |
Basic Materials — 95.9% | | | | | | | | |
Asanko Gold * (A) | | | 921,607 | | | | 1,389,624 | |
Atac Resources * | | | 2,086,343 | | | | 888,239 | |
B2Gold * | | | 956,672 | | | | 1,595,231 | |
Chesapeake Gold * | | | 696,126 | | | | 1,358,355 | |
Continental Gold * (A) | | | 635,162 | | | | 1,064,753 | |
Exeter Resource * | | | 2,985,298 | | | | 1,716,546 | |
Gold Canyon Resources * (A) (B) | | | 7,658,908 | | | | 1,052,934 | |
Guyana Goldfields * (A) | | | 833,125 | | | | 1,699,577 | |
International Tower Hill Mines * | | | 3,139,724 | | | | 1,098,903 | |
Kaminak Gold, Cl A * | | | 2,443,188 | | | | 1,321,872 | |
Lydian International, Cl A * (A) | | | 1,953,460 | | | | 952,950 | |
Newstrike Capital * | | | 2,458,899 | | | | 2,071,892 | |
Novagold Resources * | | | 646,458 | | | | 1,596,751 | |
Paramount Gold and Silver * (A) | | | 2,382,421 | | | | 1,596,222 | |
Pretium Resources * (A) | | | 298,570 | | | | 1,366,465 | |
Rubicon Minerals * (A) | | | 166,895 | | | | 140,627 | |
Rubicon Minerals ^ * | | | 1,333,401 | | | | 1,136,058 | |
Sabina Gold & Silver * (A) | | | 2,922,488 | | | | 959,085 | |
Seabridge Gold * | | | 263,525 | | | | 1,686,560 | |
Torex Gold Resources * | | | 1,758,989 | | | | 1,872,178 | |
TOTAL CANADA | | | | | | | 26,564,822 | |
TOTAL COMMON STOCK | | | | | | | | |
(Cost $59,096,782) | | | | | | | 27,565,717 | |
| | | | | | | | |
REPURCHASE AGREEMENT — 13.9% | | | | | | | | |
| | | | | | | | |
Deutsche Bank | | | | | | | | |
0.100%, dated 10/31/14, to be repurchased on 11/03/14, repurchase price $3,861,478 (collateralized by U.S. Treasury Notes, par value $4,035,983, 1.125%, 12/31/19 with a total market value of $3,922,786)(C) | | | | | | | | |
(Cost $3,861,446) | | $ | 3,861,446 | | | | 3,861,446 | |
The accompanying notes are an integral part of the financial statements.
Schedule of Investments | October 31, 2014 |
Global X Gold Explorers ETF
| | Face Amount(1) | | | Value | |
TIME DEPOSITS — 0.4% | | | | | | |
| | | | | | | | |
Brown Brothers Harriman | | | | | | | | |
0.030%, 11/03/14 | | | 124,179 | | | $ | 124,179 | |
0.005%, 11/03/14, HKD | | | 2 | | | | — | |
TOTAL TIME DEPOSITS | | | | | | | | |
(Cost $124,179) | | | | | | | 124,179 | |
TOTAL INVESTMENTS — 113.8% | | | | | | | | |
(Cost $63,082,407) | | | | | | $ | 31,551,342 | |
Percentages are based on Net Assets of $27,714,015.
| * | Non-income producing security. |
| (1) | In U.S. Dollars unless otherwise indicated. |
| (A) | This security or a partial position of this security is on loan at October 31, 2014. The total value of securities on loan at October 31, 2014 was $2,993,071. |
| (B) | Affiliated investment (see Note 3). |
| (C) | These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2014 was $3,861,446. |
| ^ | Traded on U.S. Stock Exchange. |
Amounts designated as “—“ are $0 or have been rounded to $0.
Cl — Class
HKD — Hong Kong Dollar
The following is a summary of the inputs used as of October 31, 2014, in valuing the Fund's investments carried at value:
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stock | | $ | 27,565,717 | | | $ | — | | | $ | — | | | $ | 27,565,717 | |
Repurchase Agreement | | | — | | | | 3,861,446 | | | | — | | | | 3,861,446 | |
Time Deposits | | | — | | | | 124,179 | | | | — | | | | 124,179 | |
Total Investments in Securities | | $ | 27,565,717 | | | $ | 3,985,625 | | | $ | — | | | $ | 31,551,342 | |
For the year ended October 31, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
As of October 31, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Copper Miners ETF
Sector Weightings (unaudited)†:
† 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 7 in the Notes to Financial Statements for more detailed information.
| | Shares | | | Value | |
COMMON STOCK — 99.8% | | | | | | | | |
AUSTRALIA— 16.4% | | | | | | | | |
Basic Materials — 16.4% | | | | | | | | |
Cudeco * (A) | | | 497,035 | | | $ | 605,096 | |
OZ Minerals | | | 369,749 | | | | 1,257,783 | |
PanAust | | | 836,777 | | | | 1,257,747 | |
Sandfire Resources | | | 265,246 | | | | 1,307,974 | |
TOTAL AUSTRALIA | | | | | | | 4,428,600 | |
CANADA— 39.4% | | | | | | | | |
Basic Materials — 39.4% | | | | | | | | |
Capstone Mining * | | | 699,597 | | | | 1,309,282 | |
Copper Mountain Mining ^ * | | | 12,300 | | | | 22,509 | |
Copper Mountain Mining * | | | 402,388 | | | | 745,923 | |
First Quantum Minerals | | | 78,447 | | | | 1,182,845 | |
HudBay Minerals, Cl B | | | 177,529 | | | | 1,358,885 | |
Imperial Metals * (A) | | | 143,469 | | | | 1,212,701 | |
Lundin Mining * | | | 293,022 | | | | 1,307,287 | |
Taseko Mines * | | | 699,071 | | | | 922,774 | |
Teck Resources, Cl B (A) | | | 81,654 | | | | 1,289,865 | |
Turquoise Hill Resources * | | | 390,852 | | | | 1,309,354 | |
TOTAL CANADA | | | | | | | 10,661,425 | |
CHINA— 5.0% | | | | | | | | |
Basic Materials — 5.0% | | | | | | | | |
Jiangxi Copper, Cl H | | | 768,714 | | | | 1,365,906 | |
MEXICO— 5.0% | | | | | | | | |
Basic Materials — 5.0% | | | | | | | | |
Grupo Mexico, Cl B | | | 392,914 | | | | 1,350,716 | |
PERU— 5.0% | | | | | | | | |
Basic Materials — 5.0% | | | | | | | | |
Southern Copper | | | 46,664 | | | | 1,342,990 | |
POLAND— 4.8% | | | | | | | | |
Basic Materials — 4.8% | | | | | | | | |
KGHM Polska Miedz | | | 33,499 | | | | 1,294,094 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Copper Miners ETF
| | Shares/Face Amount(1) | | | Value | |
COMMON STOCK — continued | | | | | | | | |
SWITZERLAND— 4.7% | | | | | | | | |
Basic Materials — 4.7% | | | | | | | | |
Glencore | | | 247,770 | | | $ | 1,268,064 | |
TURKEY— 1.1% | | | | | | | | |
Basic Materials — 1.1% | | | | | | | | |
Park Elektrik Uretim Madencilik Sanayi ve Ticaret | | | 174,431 | | | | 314,262 | |
UNITED KINGDOM— 13.9% | | | | | | | | |
Basic Materials — 13.9% | | | | | | | | |
Antofagasta | | | 116,543 | | | | 1,309,818 | |
KAZ Minerals | | | 315,387 | | | | 1,161,522 | |
Vedanta Resources | | | 99,327 | | | | 1,306,223 | |
TOTAL UNITED KINGDOM | | | | | | | 3,777,563 | |
UNITED STATES— 4.5% | | | | | | | | |
Basic Materials — 4.5% | | | | | | | | |
Freeport-McMoRan Copper & Gold | | | 42,977 | | | | 1,224,844 | |
TOTAL COMMON STOCK | | | | | | | | |
(Cost $37,529,085) | | | | | | | 27,028,464 | |
| | | | | | | | |
REPURCHASE AGREEMENT — 5.1% | | | | | | | | |
Deutsche Bank | | | | | | | | |
0.100%, dated 10/31/14, to be repurchased on 11/03/14, repurchase price $1,367,072 (collateralized by U.S. Treasury Notes, par value $1,428,852, 1.125%, 12/31/19 with a total market value of $1,388,777)(B) | | | | | | | | |
(Cost $1,367,061) | | | 1,367,061 | | | | 1,367,061 | |
TIME DEPOSITS — 0.1% | | | | | | | | |
Brown Brothers Harriman | | | | | | | | |
0.030%, 11/03/14 | | | 21,868 | | | | 21,868 | |
1.799%, 11/03/14, AUD | | | 21 | | | | 18 | |
0.337%, 11/03/14, CAD | | | 1 | | | | 1 | |
0.005%, 11/03/14, HKD | | | 1 | | | | — | |
TOTAL TIME DEPOSITS | | | | | | | | |
(Cost $21,887) | | | | | | | 21,887 | |
| | | | | | | | |
TOTAL INVESTMENTS — 105.0% | | | | | | | | |
(Cost $38,918,033) | | | | | | $ | 28,417,412 | |
Percentages are based on Net Assets of $27,052,765.
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Copper Miners ETF
* | Non-income producing security. |
(1) | In U.S. Dollars unless otherwise indicated. |
(A) | This security or a partial position of this security is on loan at October 31, 2014. The total value of securities on loan at October 31, 2014 was $1,305,370. |
(B) | These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2014 was $1,367,061. |
^ | Traded on U.S. Stock Exchange. |
Amounts designated as “—“ are $0 or have been rounded to $0.
AUD — Australian Dollar |
CAD — Canadian Dollar |
Cl — Class |
HKD — Hong Kong Dollar |
The following is a summary of the inputs used as of October 31, 2014, in valuing the Fund's investments carried at value:
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stock | | $ | 27,028,464 | | | $ | — | | | $ | — | | | $ | 27,028,464 | |
Repurchase Agreement | | | — | | | | 1,367,061 | | | | — | | | | 1,367,061 | |
Time Deposits | | | — | | | | 21,887 | | | | — | | | | 21,887 | |
Total Investments in Securities | | $ | 27,028,464 | | | $ | 1,388,948 | | | $ | — | | | $ | 28,417,412 | |
For the year ended October 31, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
As of October 31, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Uranium ETF
Sector Weightings (unaudited)†:

† 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 7 in the Notes to Financial Statements for more detailed information.
| | Shares | | | Value | |
COMMON STOCK — 99.9% | | | | | | | | |
AUSTRALIA— 17.0% | | | | | | | | |
Basic Materials — 17.0% | | | | | | | | |
Bannerman Resources * (A) | | | 24,413,568 | | | $ | 1,137,352 | |
Berkeley Resources * (A) | | | 11,908,173 | | | | 2,564,476 | |
Energy Resources of Australia * | | | 10,955,362 | | | | 12,374,207 | |
Greenland Minerals & Energy * (A) (B) | | | 52,006,205 | | | | 3,428,498 | |
Paladin Energy * (B) | | | 37,339,313 | | | | 10,666,875 | |
Silex Systems * (A) (B) | | | 11,645,735 | | | | 5,937,210 | |
TOTAL AUSTRALIA | | | | | | | 36,108,618 | |
CANADA— 65.4% | | | | | | | | |
Basic Materials — 65.4% | | | | | | | | |
Cameco (B) | | | 3,047,425 | | | | 52,896,454 | |
Denison Mines * (A) (B) | | | 26,697,187 | | | | 25,100,020 | |
Energy Fuels * (A) (B) | | | 1,653,724 | | | | 9,988,789 | |
Fission 3.0 * (A) | | | 13,408,055 | | | | 1,010,852 | |
Fission Uranium * (B) | | | 11,573,901 | | | | 8,212,445 | |
Laramide Resources * (A) | | | 7,242,264 | | | | 2,248,253 | |
Mega Uranium * (A) | | | 25,740,956 | | | | 2,739,735 | |
UEX * (A) (B) | | | 18,568,291 | | | | 4,611,399 | |
Uranium Participation * (A) (B) | | | 7,153,981 | | | | 32,107,095 | |
TOTAL CANADA | | | | | | | 138,915,042 | |
FRANCE— 3.5% | | | | | | | | |
Utilities — 3.5% | | | | | | | | |
Areva * | | | 558,593 | | | | 7,505,995 | |
UNITED STATES— 14.0% | | | | | | | | |
Basic Materials — 14.0% | | | | | | | | |
Centrus Energy, Cl A * | | | 42,294 | | | | 262,223 | |
Uranerz Energy * (A) | | | 8,270,584 | | | | 7,774,349 | |
Uranium Energy * (A) (B) | | | 7,974,917 | | | | 9,171,155 | |
Uranium Resources * (A) | | | 2,567,322 | | | | 4,030,695 | |
Ur-Energy * (A) (B) | | | 10,457,913 | | | | 8,366,330 | |
TOTAL UNITED STATES | | | | | | | 29,604,752 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Uranium ETF
| | Face Amount(1)/Number of Warrants | | | Value | |
COMMON STOCK — continued | | | | | | | | |
TOTAL COMMON STOCK | | | | | | | | |
(Cost $321,344,818) | | | | | | $ | 212,134,407 | |
| | | | | | | | |
REPURCHASE AGREEMENTS — 12.3% | | | | | | | | |
Barclays | | | | | | | | |
0.080%, dated 10/31/14, to be repurchased on 11/03/14, repurchase price $25,000,167 (collateralized by U.S. Treasury Obligations, ranging in par value $82,470-$3,263,448, 0.250%-4.875%, 11/15/14-05/15/22 with a total market value of $25,360,142)(C) | | | 25,000,000 | | | | 25,000,000 | |
Deutsche Bank | | | | | | | | |
0.100%, dated 10/31/14, to be repurchased on 11/03/14, repurchase price $1,022,456 (collateralized by U.S. Treasury Notes, par value $1,068,662, 1.125%, 12/31/19 with a total market value of $1,038,689)(C) | | | 1,022,447 | | | | 1,022,447 | |
TOTAL REPURCHASE AGREEMENTS | | | | | | | | |
(Cost $26,022,447) | | | | | | | 26,022,447 | |
| | | | | | | | |
TIME DEPOSITS — 0.1% | | | | | | | | |
Brown Brothers Harriman | | | | | | | | |
0.030%, 11/03/14 | | | 236,422 | | | | 236,422 | |
1.799%, 11/03/14, AUD | | | 286 | | | | 252 | |
0.337%, 11/03/14, CAD | | | 17 | | | | 15 | |
0.091%, 11/03/14, GBP | | | 5 | | | | 8 | |
TOTAL TIME DEPOSITS | | | | | | | | |
(Cost $236,697) | | | | | | | 236,697 | |
| | | | | | | | |
WARRANTS — 0.0% | | | | | | | | |
Australia — 0.0% | | | | | | | | |
Greenland Minerals & Energy *(A) | | | 655,000 | | | | 8,636 | |
TOTAL WARRANTS | | | | | | | | |
(Cost $0) | | | | | | | 8,636 | |
TOTAL INVESTMENTS — 112.3% | | | | | | | | |
(Cost $347,603,962) | | | | | | $ | 238,402,187 | |
Percentages are based on Net Assets of $212,356,612.
* | Non-income producing security. |
(1) | In U.S. Dollars unless otherwise indicated. |
(A) | Affiliated investment (see Note 3). |
(B) | This security or a partial position of this security is on loan at October 31, 2014. The total value of securities on loan at October 31, 2014 was $22,806,229. |
(C) | These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2014 was $26,022,447. |
AUD — Australian Dollar |
CAD — Canadian Dollar |
Cl — Class |
GBP — British Pound Sterling |
The accompanying notes are an integral part of the financial statements.
Schedule of Investments | October 31, 2014 |
Global X Uranium ETF
The following is a summary of the inputs used as of October 31, 2014, in valuing the Fund's investments carried at value:
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stock | | $ | 212,134,407 | | | $ | — | | | $ | — | | | $ | 212,134,407 | |
Repurchase Agreements | | | — | | | | 26,022,447 | | | | — | | | | 26,022,447 | |
Time Deposits | | | — | | | | 236,697 | | | | — | | | | 236,697 | |
Warrants | | | — | | | | 8,636 | | | | — | | | | 8,636 | |
Total Investments in Securities | | $ | 212,134,407 | | | $ | 26,267,780 | | | $ | — | | | $ | 238,402,187 | |
For the year ended October 31, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
As of October 31, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.
Schedule of Investments | October 31, 2014 |
Global X Lithium ETF
Sector Weightings (unaudited)†:
† 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 7 in the Notes to Financial Statements for more detailed information.
| | Shares | | | Value | |
COMMON STOCK — 99.7% | | | | | | | | |
AUSTRALIA— 2.7% | | | | | | | | |
Basic Materials — 2.7% | | | | | | | | |
Galaxy Resources * | | | 4,853,772 | | | $ | 162,125 | |
Orocobre * | | | 501,493 | | | | 1,207,822 | |
TOTAL AUSTRALIA | | | | | | | 1,369,947 | |
CANADA— 0.3% | | | | | | | | |
Basic Materials — 0.3% | | | | | | | | |
Avalon Rare Metals * (A) | | | 498,107 | | | | 110,450 | |
RB Energy * (A)(C)(D) | | | 809,122 | | | | 7,177 | |
Western Lithium USA * | | | 55,160 | | | | 38,650 | |
TOTAL CANADA | | | | | | | 156,277 | |
CHILE— 8.5% | | | | | | | | |
Basic Materials — 8.5% | | | | | | | | |
Sociedad Quimica y Minera de Chile ADR | | | 180,181 | | | | 4,275,695 | |
CHINA— 4.7% | | | | | | | | |
Industrials — 4.7% | | | | | | | | |
BYD, Cl H | | | 369,500 | | | | 2,344,156 | |
FRANCE— 4.6% | | | | | | | | |
Industrials — 4.6% | | | | | | | | |
Blue Solutions * | | | 3,163 | | | | 116,510 | |
Saft Groupe | | | 74,544 | | | | 2,213,485 | |
TOTAL FRANCE | | | | | | | 2,329,995 | |
HONG KONG— 6.3% | | | | | | | | |
Consumer Goods — 5.3% | | | | | | | | |
FDG Electric Vehicles *(C)(D) | | | 41,788,900 | | | | 2,694,250 | |
Industrials — 1.0% | | | | | | | | |
Coslight Technology International Group * | | | 813,473 | | | | 523,421 | |
TOTAL HONG KONG | | | | | | | 3,217,671 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Lithium ETF
| | Shares/Face Amount | | | Value | |
COMMON STOCK — continued | | | | | | | | |
JAPAN— 9.7% | | | | | | | | |
Industrials — 9.7% | | | | | | | | |
GS Yuasa | | | 485,094 | | | $ | 2,358,291 | |
Panasonic | | | 218,900 | | | | 2,548,187 | |
TOTAL JAPAN | | | | | | | 4,906,478 | |
SOUTH KOREA— 9.6% | | | | | | | | |
Basic Materials — 4.1% | | | | | | | | |
LG Chemical | | | 11,007 | | | | 2,059,828 | |
Industrials — 5.5% | | | | | | | | |
Samsung SDI | | | 23,432 | | | | 2,762,561 | |
TOTAL SOUTH KOREA | | | | | | | 4,822,389 | |
TAIWAN— 9.7% | | | | | | | | |
Industrials — 9.7% | | | | | | | | |
Advanced Lithium Electrochemistry Cayman * | | | 126,000 | | | | 189,726 | |
Changs Ascending Enterprise * | | | 219,917 | | | | 325,358 | |
Dynapack International Technology | | | 820,100 | | | | 1,995,213 | |
Simplo Technology | | | 489,900 | | | | 2,383,746 | |
TOTAL TAIWAN | | | | | | | 4,894,043 | |
UNITED STATES— 43.6% | | | | | | | | |
Basic Materials — 33.0% | | | | | | | | |
Avalon Rare Metals * (A) | | | 226,867 | | | | 54,448 | |
FMC | | | 150,389 | | | | 8,624,809 | |
Rockwood Holdings | | | 103,649 | | | | 7,971,645 | |
| | | | | | | 16,650,902 | |
Consumer Goods — 4.9% | | | | | | | | |
Tesla Motors * | | | 10,200 | | | | 2,465,340 | |
Industrials — 5.7% | | | | | | | | |
Johnson Controls | | | 56,684 | | | | 2,678,319 | |
Ultralife * | | | 65,940 | | | | 209,030 | |
| | | | | | | 2,887,349 | |
TOTAL UNITED STATES | | | | | | | 22,003,591 | |
TOTAL COMMON STOCK | | | | | | | | |
(Cost $51,065,911) | | | | | | | 50,320,242 | |
| | | | | | | | |
REPURCHASE AGREEMENT — 0.5% | | | | | | | | |
Deutsche Bank | | | | | | | | |
0.100%, dated 10/31/14, to be repurchased on 11/03/14, repurchase price $234,869 (collateralized by U.S. Treasury Notes, par value $245,483, 1.125%, 12/31/19 with a total market value of $238,598)(B) | | | | | | | | |
(Cost $234,867) | | $ | 234,867 | | | | 234,867 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Lithium ETF
| | Face Amount(1) | | | Value | |
TIME DEPOSITS — 0.1% | | | | | | | | |
Brown Brothers Harriman | | | | | | | | |
1.799%, 11/03/14, AUD | | | 3 | | | $ | 3 | |
0.337%, 11/03/14, CAD | | | 5,893 | | | | 5,227 | |
0.110%, 11/03/14, EUR | | | 21,754 | | | | 27,255 | |
0.005%, 11/03/14, HKD | | | 1 | | | | — | |
0.005%, 11/03/14, JPY | | | 1 | | | | — | |
TOTAL TIME DEPOSITS | | | | | | | | |
(Cost $32,485) | | | | | | | 32,485 | |
TOTAL INVESTMENTS — 100.3% | | | | | | | | |
(Cost $51,333,263) | | | | | | $ | 50,587,594 | |
Percentages are based on Net Assets of $50,389,223.
* | Non-income producing security. |
(1) | In U.S. Dollars unless otherwise indicated. |
(A) | This security or a partial position of this security is on loan at October 31, 2014. The total value of securities on loan at October 31, 2014 was $105,504. |
(B) | These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2014 was $234,867. |
(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 October 31, 2014 was $2,701,427 and represents 5.4% of Net Assets. |
(D) | Security considered illiquid. The total value of such security as of October 31, 2014 was $2,701,427 and represented 5.4% of Net Assets. |
Amounts designated as “—“ are $0 or have been rounded to $0.
ADR — American Depositary Receipt
AUD — Australian Dollar
CAD — Canadian Dollar
Cl — Class
EUR — Euro
HKD — Hong Kong Dollar
JPY — Japanese Yen
The following is a summary of the inputs used as of October 31, 2014, in valuing the Fund's investments carried at value:
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stock | | $ | 47,618,815 | | | $ | — | | | $ | 2,701,427 | | | $ | 50,320,242 | |
Repurchase Agreement | | | — | | | | 234,867 | | | | — | | | | 234,867 | |
Time Deposits | | | — | | | | 32,485 | | | | — | | | | 32,485 | |
Total Investments in Securities | | $ | 47,618,815 | | | $ | 267,352 | | | $ | 2,701,427 | | | $ | 50,587,594 | |
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 | | $ | - | |
Transfers into Level 3 | | | 2,701,427 | |
Ending Balance as of October 31, 2014 | | $ | 2,701,427 | |
For the year ended October 31, 2014, the transfers in and out of Level 3 were due to changes in the availability of observable inputs to determine fair value. Transfers between levels are recognized at period end.
Net change in unrealized appreciation/(depreciation) from investments (Level 3) still held as of October 31, 2014 is $0.
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Fertilizers/Potash ETF
Sector Weightings (unaudited)†:
† Sector weightings percentages are based on the total market value of investments.
| | Shares | | | Value | |
COMMON STOCK — 99.8% | | | | | | | | |
AUSTRALIA— 10.7% | | | | | | | | |
Basic Materials — 10.7% | | | | | | | | |
Incitec Pivot | | | 311,805 | | | $ | 797,560 | |
Nufarm | | | 204,901 | | | | 891,532 | |
TOTAL AUSTRALIA | | | | | | | 1,689,092 | |
CANADA— 10.5% | | | | | | | | |
Basic Materials — 10.5% | | | | | | | | |
Agrium | | | 282 | | | | 27,581 | |
Agrium ^ | | | 8,713 | | | | 852,306 | |
Potash Corp of Saskatchewan | | | 22,461 | | | | 767,492 | |
TOTAL CANADA | | | | | | | 1,647,379 | |
CHILE— 4.4% | | | | | | | | |
Basic Materials — 4.4% | | | | | | | | |
Sociedad Quimica y Minera de Chile ADR | | | 29,305 | | | | 695,408 | |
CHINA— 7.7% | | | | | | | | |
Basic Materials — 7.7% | | | | | | | | |
China BlueChemical | | | 1,517,716 | | | | 538,183 | |
Sinofert Holdings | | | 4,414,885 | | | | 671,751 | |
TOTAL CHINA | | | | | | | 1,209,934 | |
GERMANY— 4.1% | | | | | | | | |
Basic Materials — 4.1% | | | | | | | | |
K+S | | | 22,825 | | | | 636,721 | |
ISRAEL— 8.1% | | | | | | | | |
Basic Materials — 8.1% | | | | | | | | |
Israel Chemicals | | | 90,971 | | | | 612,390 | |
The Israel Corp * | | | 1,348 | | | | 661,115 | |
TOTAL ISRAEL | | | | | | | 1,273,505 | |
NETHERLANDS— 4.6% | | | | | | | | |
Industrials — 4.6% | | | | | | | | |
OCI * | | | 20,905 | | | | 727,871 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Fertilizers/Potash ETF
| | Shares/Face Amount(1) | | | Value | |
COMMON STOCK — continued | | | | | | | | |
NORWAY— 5.0% | | | | | | | | |
Basic Materials — 5.0% | | | | | | | | |
Yara International | | | 17,199 | | | $ | 788,999 | |
RUSSIA— 4.0% | | | | | | | | |
Basic Materials — 4.0% | | | | | | | | |
Uralkali GDR | | | 35,106 | | | | 627,344 | |
SOUTH KOREA— 2.5% | | | | | | | | |
Basic Materials — 2.5% | | | | | | | | |
Namhae Chemical | | | 50,448 | | | | 398,399 | |
SWITZERLAND— 4.1% | | | | | | | | |
Basic Materials — 4.1% | | | | | | | | |
Syngenta | | | 2,089 | | | | 646,375 | |
TAIWAN— 4.6% | | | | | | | | |
Basic Materials — 4.6% | | | | | | | | |
Taiwan Fertilizer | | | 410,982 | | | | 728,287 | |
TURKEY— 4.7% | | | | | | | | |
Basic Materials — 4.7% | | | | | | | | |
Bagfas Bandirma Gubre Fabrik | | | 61,955 | | | | 348,814 | |
Gubre Fabrikalari | | | 208,988 | | | | 396,289 | |
TOTAL TURKEY | | | | | | | 745,103 | |
UNITED STATES— 24.8% | | | | | | | | |
Basic Materials — 24.8% | | | | | | | | |
CF Industries Holdings | | | 3,416 | | | | 888,160 | |
Intrepid Potash * | | | 48,319 | | | | 649,890 | |
Mosaic | | | 16,702 | | | | 740,066 | |
Scotts Miracle-Gro, Cl A | | | 13,912 | | | | 824,147 | |
Terra Nitrogen | | | 5,727 | | | | 809,340 | |
TOTAL UNITED STATES | | | | | | | 3,911,603 | |
TOTAL COMMON STOCK | | | | | | | | |
(Cost $21,715,195) | | | | | | | 15,726,020 | |
| | | | | | | | |
TIME DEPOSITS — 0.1% | | | | | | | | |
Brown Brothers Harriman | | | | | | | | |
0.030%, 11/03/14 | | | 19,179 | | | | 19,179 | |
1.799%, 11/03/14, AUD | | | 8 | | | | 7 | |
0.005%, 11/03/14, HKD | | | 1 | | | | — | |
TOTAL TIME DEPOSITS | | | | | | | | |
(Cost $19,186) | | | | | | | 19,186 | |
TOTAL INVESTMENTS — 99.9% | | | | | | | | |
(Cost $21,734,381) | | | | | | $ | 15,745,206 | |
Percentages are based on Net Assets of $15,761,064.
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Fertilizers/Potash ETF
* | Non-income producing security. |
^ | Traded on U.S. Stock Exchange. |
(1) | In U.S. Dollars unless otherwise indicated. |
Amounts designated as “—“ are $0 or have been rounded to $0.
ADR — American Depositary Receipt
AUD — Australian Dollar
Cl — Class
GDR — Global Depositary Receipt
HKD — Hong Kong Dollar
The following is a summary of the inputs used as of October 31, 2014, in valuing the Fund's investments carried at value:
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stock | | $ | 15,726,020 | | | $ | — | | | $ | — | | | $ | 15,726,020 | |
Time Deposits | | | — | | | | 19,186 | | | | — | | | | 19,186 | |
Total Investments in Securities | | $ | 15,726,020 | | | $ | 19,186 | | | $ | — | | | $ | 15,745,206 | |
For the year ended October 31, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
As of October 31, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Junior Miners ETF
Sector Weightings (unaudited)†:
† Sector weightings percentages are based on the total market value of investments.
| | Shares | | | Value | |
COMMON STOCK — 99.7% | | | | | | | | |
AUSTRALIA— 18.9% | | | | | | | | |
Basic Materials — 18.9% | | | | | | | | |
Arrium | | | 124,307 | | | $ | 36,604 | |
Atlas Iron | | | 63,604 | | | | 18,729 | |
Beadell Resources * | | | 63,277 | | | | 14,183 | |
Evolution Mining | | | 39,072 | | | | 20,607 | |
Independence Group | | | 18,126 | | | | 72,334 | |
Jacana Minerals *(A)(B) | | | 2,200 | | | | 194 | |
Lynas * | | | 192,403 | | | | 11,162 | |
Medusa Mining | | | 16,602 | | | | 8,683 | |
Mineral Resources | | | 10,960 | | | | 81,887 | |
Mount Gibson Iron | | | 57,369 | | | | 22,692 | |
Northern Star Resources | | | 47,559 | | | | 45,985 | |
OceanaGold * | | | 20,470 | | | | 35,986 | |
OZ Minerals | | | 25,900 | | | | 88,105 | |
Paladin Energy * | | | 55,505 | | | | 15,856 | |
PanAust | | | 42,089 | | | | 63,263 | |
Regis Resources * | | | 25,100 | | | | 30,447 | |
Resolute Mining * | | | 52,795 | | | | 14,850 | |
Sandfire Resources | | | 7,613 | | | | 37,541 | |
Silver Lake Resources * | | | 36,693 | | | | 8,870 | |
Sirius Resources NL * | | | 21,000 | | | | 57,223 | |
Sundance Resources * | | | 219,096 | �� | | | 11,940 | |
Syrah Resources * | | | 7,336 | | | | 23,794 | |
Western Areas | | | 15,550 | | | | 59,321 | |
Whitehaven Coal * | | | 53,600 | | | | 71,378 | |
TOTAL AUSTRALIA | | | | | | | 851,634 | |
BELGIUM— 1.3% | | | | | | | | |
Basic Materials — 1.3% | | | | | | | | |
Nyrstar | | | 16,707 | | | | 56,308 | |
BERMUDA— 2.2% | | | | | | | | |
Basic Materials — 2.2% | | | | | | | | |
Petra Diamonds * | | | 37,700 | | | | 100,122 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Junior Miners ETF
| | Shares | | | Value | |
COMMON STOCK — continued | | | | | | | | |
BRAZIL— 0.0% | | | | | | | | |
Basic Materials — 0.0% | | | | | | | | |
MMX Mineracao e Metalicos * | | | 4,425 | | | $ | 757 | |
CANADA— 39.7% | | | | | | | | |
Basic Materials — 39.7% | | | | | | | | |
African Barrick Gold | | | 12,400 | | | | 40,866 | |
Alamos Gold | | | 11,042 | | | | 82,366 | |
Argonaut Gold * | | | 13,028 | | | | 27,733 | |
AuRico Gold | | | 21,497 | | | | 69,005 | |
B2Gold * | | | 72,349 | | | | 120,640 | |
Capstone Mining * | | | 29,634 | | | | 55,459 | |
Centerra Gold | | | 13,841 | | | | 54,016 | |
China Gold International Resources * | | | 20,947 | | | | 40,131 | |
Continental Gold * | | | 9,023 | | | | 15,126 | |
Denison Mines * | | | 37,716 | | | | 35,460 | |
Detour Gold * | | | 13,637 | | | | 79,830 | |
Dominion Diamond * | | | 6,911 | | | | 96,666 | |
Dundee Precious Metals * | | | 7,679 | | | | 21,863 | |
Endeavour Silver * | | | 8,658 | | | | 26,320 | |
Fission Uranium * | | | 29,845 | | | | 21,177 | |
Fortuna Silver Mines * | | | 10,957 | | | | 37,902 | |
HudBay Minerals, Cl B | | | 16,852 | | | | 128,993 | |
IAMGOLD | | | 5,313 | | | | 10,085 | |
IAMGOLD ^ | | | 27,111 | | | | 51,240 | |
Ivanhoe Mines, Cl A * | | | 44,558 | | | | 33,593 | |
Lake Shore Gold * | | | 36,405 | | | | 26,478 | |
MAG Silver * | | | 5,212 | | | | 31,343 | |
Nevsun Resources | | | 2,788 | | | | 9,422 | |
Nevsun Resources^ | | | 14,224 | | | | 48,219 | |
Novagold Resources * | | | 20,147 | | | | 49,763 | |
Pan American Silver | | | 13,025 | | | | 120,221 | |
Premier Gold Mines * | | | 12,609 | | | | 20,242 | |
Primero Mining * | | | 13,809 | | | | 47,155 | |
Rio Alto Mining * | | | 13,943 | | | | 29,557 | |
Rubicon Minerals * | | | 3,930 | | | | 3,311 | |
Rubicon Minerals ^ * | | | 26,241 | | | | 22,357 | |
Sandstorm Gold * | | | 1,240 | | | | 3,563 | |
Sandstorm Gold ^ * | | | 8,634 | | | | 24,952 | |
Seabridge Gold * | | | 3,537 | | | | 22,637 | |
SEMAFO | | | 23,878 | | | | 58,242 | |
Sherritt International | | | 24,492 | | | | 60,825 | |
Silver Standard Resources * | | | 6,999 | | | | 30,586 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Junior Miners ETF
| | Shares | | | Value | |
COMMON STOCK — continued | | | | | | | | |
Basic Materials — continued | | | | | | | | |
Silvercorp Metals | | | 14,218 | | | $ | 17,062 | |
Taseko Mines * | | | 16,441 | | | | 21,702 | |
Thompson Creek Metals * | | | 11,643 | | | | 22,005 | |
Torex Gold Resources * | | | 62,634 | | | | 66,664 | |
TOTAL CANADA | | | | | | | 1,784,777 | |
CHINA— 0.8% | | | | | | | | |
Basic Materials — 0.8% | | | | | | | | |
Zhaojin Mining Industry | | | 70,600 | | | | 37,507 | |
EGYPT— 1.6% | | | | | | | | |
Basic Materials — 1.6% | | | | | | | | |
Centamin | | | 89,262 | | | | 73,116 | |
HONG KONG— 1.8% | | | | | | | | |
Basic Materials — 0.7% | | | | | | | | |
China Precious Metal Resources Holdings * | | | 295,800 | | | | 31,276 | |
Energy — 1.1% | | | | | | | | |
Shougang Fushan Resources Group | | | 222,936 | | | | 50,307 | |
TOTAL HONG KONG | | | | | | | 81,583 | |
INDONESIA— 0.5% | | | | | | | | |
Basic Materials — 0.5% | | | | | | | | |
Aneka Tambang Persero | | | 286,647 | | | | 23,008 | |
IRELAND— 0.6% | | | | | | | | |
Basic Materials — 0.6% | | | | | | | | |
Kenmare Resources * | | | 230,419 | | | | 25,325 | |
JAPAN— 3.4% | | | | | | | | |
Basic Materials — 3.4% | | | | | | | | |
Pacific Metals | | | 12,065 | | | | 37,130 | |
Toho Zinc | | | 10,947 | | | | 36,423 | |
UACJ | | | 21,562 | | | | 77,320 | |
TOTAL JAPAN | | | | | | | 150,873 | |
PERU— 0.5% | | | | | | | | |
Basic Materials — 0.5% | | | | | | | | |
Hochschild Mining | | | 14,500 | | | | 22,954 | |
RUSSIA— 0.2% | | | | | | | | |
Basic Materials — 0.2% | | | | | | | | |
Raspadskaya * | | | 20,351 | | | | 8,233 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Junior Miners ETF
| | Shares | | | Value | |
COMMON STOCK — continued | | | | | | | | |
SOUTH AFRICA— 4.9% | | | | | | | | |
Basic Materials — 4.9% | | | | | | | | |
Harmony Gold Mining ADR | | | 20,743 | | | $ | 33,604 | |
Northam Platinum * | | | 19,917 | | | | 61,245 | |
Sibanye Gold ADR | | | 17,203 | | | | 126,442 | |
TOTAL SOUTH AFRICA | | | | | | | 221,291 | |
TURKEY— 0.7% | | | | | | | | |
Basic Materials — 0.7% | | | | | | | | |
Koza Altin Isletmeleri | | | 3,600 | | | | 23,268 | |
Park Elektrik Uretim Madencilik Sanayi ve Ticaret | | | 4,400 | | | | 7,927 | |
TOTAL TURKEY | | | | | | | 31,195 | |
UNITED KINGDOM— 2.4% | | | | | | | | |
Basic Materials — 2.4% | | | | | | | | |
African Minerals * | | | 20,633 | | | | 4,951 | |
Ferrexpo | | | 25,315 | | | | 34,081 | |
KAZ Minerals | | | 18,800 | | | | 69,238 | |
TOTAL UNITED KINGDOM | | | | | | | 108,270 | |
UNITED STATES— 20.2% | | | | | | | | |
Basic Materials — 20.2% | | | | | | | | |
Alacer Gold | | | 19,944 | | | | 33,079 | |
Allied Nevada Gold * | | | 8,242 | | | | 11,456 | |
Alpha Natural Resources * | | | 18,790 | | | | 36,828 | |
Arch Coal | | | 18,385 | | | | 39,711 | |
Century Aluminum * | | | 4,431 | | | | 129,740 | |
Cloud Peak Energy * | | | 5,242 | | | | 62,747 | |
Coeur d'Alene Mines * | | | 8,945 | | | | 33,097 | |
First Majestic Silver * | | | 9,807 | | | | 50,310 | |
Gold Resource | | | 3,945 | | | | 15,346 | |
Hecla Mining | | | 29,624 | | | | 64,580 | |
McEwen Mining * | | | 19,321 | | | | 23,958 | |
Molycorp * | | | 16,128 | | | | 22,257 | |
RTI International Metals * | | | 2,618 | | | | 61,654 | |
Stillwater Mining * | | | 10,268 | | | | 134,819 | |
SunCoke Energy * | | | 5,869 | | | | 140,269 | |
Westmoreland Coal * | | | 1,370 | | | | 50,101 | |
TOTAL UNITED STATES | | | | | | | 909,952 | |
TOTAL COMMON STOCK | | | | | | | | |
(Cost $6,967,359) | | | | | | | 4,486,905 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Junior Miners ETF
| | Face Amount(1) | | | Value | |
TIME DEPOSITS — 0.5% | | | | | | | | |
Brown Brothers Harriman | | | | | | | | |
0.030%, 11/03/14 | | | 22,076 | | | $ | 22,076 | |
1.799%, 11/03/14, AUD | | | 1 | | | | 1 | |
TOTAL TIME DEPOSITS | | | | | | | | |
(Cost $22,077) | | | | | | | 22,077 | |
TOTAL INVESTMENTS — 100.2% | | | | | | | | |
(Cost $6,989,436) | | | | | | $ | 4,508,982 | |
Percentages are based on Net Assets of $4,498,744.
* | Non-income producing security. |
^ | Traded on U.S. Stock Exchange. |
(1) | In U.S. Dollars unless otherwise indicated. |
(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 October 31, 2014 was $194 and represents 0.0% of Net Assets. |
(B) | Security considered illiquid. The total value of such security as of October 31, 2014 was $194 and represented 0.0% of Net Assets. |
Amounts designated as “—“ are $0 or have been rounded to $0.
ADR — American Depositary Receipt
AUD — Australian Dollar
Cl — Class
The following is a summary of the inputs used as of October 31, 2014, in valuing the Fund's investments carried at value:
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3(a) | | | Total | |
Common Stock | | $ | 4,478,478 | | | $ | 8,233 | | | $ | 194 | | | $ | 4,486,905 | |
Time Deposits | | | — | | | | 22,077 | | | | — | | | | 22,077 | |
Total Investments in Securities | | $ | 4,478,478 | | | $ | 30,310 | | | $ | 194 | | | $ | 4,508,982 | |
| (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 year ended October 31, 2014 the transfers in and out of Level 3 were due to changes in the availability of observable inputs to determine fair value. Transfers between levels are recognized at period end.
The accompanying notes are an integral part of the financial statements.
Statements of Assets and Liabilities |
October 31, 2014 |
| | Global X Silver Miners ETF | | | Global X Gold Explorers ETF | | | Global X Copper Miners ETF | | | Global X Uranium ETF | |
Assets: | | | | | | | | | | | | | | | | |
Cost of Investments | | $ | 327,433,551 | | | $ | 55,730,948 | | | $ | 37,550,972 | | | $ | 134,747,000 | |
Cost of Repurchase Agreements | | | 11,557,783 | | | | 3,861,446 | | | | 1,367,061 | | | | 26,022,447 | |
Cost of Affiliated Investments | | | — | | | | 3,490,013 | | | | — | | | | 186,834,515 | |
Cost of Foreign Currency | | | — | | | | — | | | | 3 | | | | — | |
Investments, at Value | | $ | 173,356,134 | * | | $ | 26,636,962 | * | | $ | 27,050,351 | * | | $ | 92,154,896 | * |
Repurchase Agreement, at Value | | | 11,557,783 | | | | 3,861,446 | | | | 1,367,061 | | | | 26,022,447 | |
Affiliated Investments, at Value | | | — | | | | 1,052,934 | | | | — | | | | 120,224,844 | |
Foreign Currency, at Value | | | — | | | | — | | | | 3 | | | | — | |
Cash | | | — | | | | 25,851 | (1) | | | — | | | | 13,464 | (1) |
Receivable for Investment Securities Sold | | | 9,019,905 | | | | — | | | | 1,365,028 | | | | — | |
Receivable for Fund Shares Sold | | | 177,508 | | | | — | | | | — | | | | 59,287 | |
Dividend and Interest Receivable | | | 5,657 | | | | 43,154 | | | | 42,678 | | | | 104,953 | |
Unrealized Appreciation on Spot Contracts | | | — | | | | — | | | | 175 | | | | — | |
Reclaim Receivable | | | — | | | | — | | | | 21,496 | | | | — | |
Total Assets | | | 194,116,987 | | | | 31,620,347 | | | | 29,846,792 | | | | 238,579,891 | |
| | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
Obligation to Return Securities Lending Collateral | | | 11,557,783 | | | | 3,887,297 | | | | 1,367,061 | | | | 26,035,911 | |
Payable for Investment Securities Purchased | | | 10,174,703 | | | | — | | | | 1,411,321 | | | | 59,287 | |
Payable for Capital Shares Redeemed | | | 1,308,453 | | | | — | | | | — | | | | — | |
Payable due to Investment Adviser | | | 107,712 | | | | 19,035 | | | | 15,503 | | | | 128,081 | |
Unrealized Depreciation on Spot Contracts | | | 3,335 | | | | — | | | | 142 | | | | — | |
Total Liabilities | | | 23,151,986 | | | | 3,906,332 | | | | 2,794,027 | | | | 26,223,279 | |
Net Assets | | $ | 170,965,001 | | | $ | 27,714,015 | | | $ | 27,052,765 | | | $ | 212,356,612 | |
Net Assets Consist of: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 464,563,650 | | | $ | 89,606,750 | | | $ | 48,418,512 | | | $ | 533,907,784 | |
Undistributed (Distributions in Excess of) Net Investment Income/(Accumulated Net Investment Loss) | | | (55,245 | ) | | | (6,566 | ) | | | 263,104 | | | | 8,946,170 | |
Accumulated Net Realized Loss on Investments | | | (139,458,887 | ) | | | (30,355,104 | ) | | | (11,136,783 | ) | | | (221,295,568 | ) |
Net Unrealized Depreciation on Investments | | | (154,077,417 | ) | | | (31,531,065 | ) | | | (10,500,621 | ) | | | (109,201,775 | ) |
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations | | | (7,100 | ) | | | — | | | | 8,553 | | | | 1 | |
Net Assets | | $ | 170,965,001 | | | $ | 27,714,015 | | | $ | 27,052,765 | | | $ | 212,356,612 | |
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value) | | | 19,600,000 | | | | 2,874,758 | | | | 3,250,000 | | | | 18,265,071 | |
| | | | | | | | | | | | | | | | |
Net Asset Value, Offering and Redemption Price Per Share | | $ | 8.72 | | | $ | 9.64 | | | $ | 8.32 | | | $ | 11.63 | |
*Includes Market Value of Securities on Loan | | $ | 9,973,544 | | | $ | 2,993,071 | | | $ | 1,305,370 | | | $ | 22,806,229 | |
(1) | Cash is restricted, received from securities on loan. (See Note 7 in Notes to Financial Statements.) |
The accompanying notes are an integral part of the financial statements.

Statements of Assets and Liabilities |
October 31, 2014 |
| | Global X Lithium ETF | | | Global X Fertilizers/Potash ETF | | | Global X Junior Miners ETF | |
Assets: | | | | | | | | | | | | |
Cost of Investments | | $ | 51,098,396 | | | $ | 21,734,381 | | | $ | 6,989,436 | |
Cost of Repurchase Agreement | | | 234,867 | | | | — | | | | — | |
Cost of Foreign Currency | | | 946,254 | | | | — | | | | — | |
Investments, at Value | | $ | 50,352,727 | * | | $ | 15,745,206 | | | $ | 4,508,982 | |
Repurchase Agreement, at Value | | | 234,867 | | | | — | | | | — | |
Foreign Currency, at Value | | | 951,278 | | | | — | | | | — | |
Cash | | | 25,096 | (1) | | | — | | | | — | |
Receivable for Investment Securities Sold | | | 5,711,196 | | | | — | | | | — | |
Dividend and Interest Receivable | | | 26,936 | | | | 15,136 | | | | 1,584 | |
Unrealized Appreciation on Spot Contracts | | | 19 | | | | �� | | | | — | |
Due From Broker | | | — | | | | 1,146 | | | | — | |
Reclaim Receivable | | | — | | | | 22,326 | | | | 982 | |
Total Assets | | | 57,302,119 | | | | 15,783,814 | | | | 4,511,548 | |
| | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | |
Payable for Investment Securities Purchased | | | 5,703,426 | | | | 13,173 | | | | 5,559 | |
Cash Overdraft | | | 844,895 | | | | — | | | | — | |
Obligation to Return Securities Lending Collateral | | | 259,963 | | | | — | | | | — | |
Payable for Fund Shares Redeemed | | | 72,113 | | | | — | | | | — | |
Payable due to Investment Adviser | | | 32,443 | | | | 9,556 | | | | 2,910 | |
Due To Broker | | | — | | | | — | | | | 4,326 | |
Unrealized Depreciation on Spot Contracts | | | 56 | | | | 21 | | | | 9 | |
Total Liabilities | | | 6,912,896 | | | | 22,750 | | | | 12,804 | |
Net Assets | | $ | 50,389,223 | | | $ | 15,761,064 | | | $ | 4,498,744 | |
Net Assets Consist of: | | | | | | | | | | | | |
Paid-in Capital | | $ | 102,817,437 | | | $ | 23,890,803 | | | $ | 10,218,961 | |
Undistributed Net Investment Income/Accumulated Net Investment Loss | | | 289,051 | | | | 305,048 | | | | (2,782 | ) |
Accumulated Net Realized Loss on Investments | | | (51,971,515 | ) | | | (2,444,190 | ) | | | (3,237,043 | ) |
Net Unrealized Depreciation on Investments | | | (745,669 | ) | | | (5,989,175 | ) | | | (2,480,454 | ) |
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations | | | (81 | ) | | | (1,422 | ) | | | 62 | |
Net Assets | | $ | 50,389,223 | | | $ | 15,761,064 | | | $ | 4,498,744 | |
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value) | | | 4,200,000 | | | | 1,450,000 | | | | 383,201 | |
| | | | | | | | | | | | |
Net Asset Value, Offering and Redemption Price Per Share | | $ | 12.00 | | | $ | 10.87 | | | $ | 11.74 | |
*Includes Market Value of Securities on Loan | | $ | 105,504 | | | $ | — | | | $ | — | |
| (1) | Cash is restricted, received from securities on loan. (See Note 7 in Notes to Financial Statements.) |
The accompanying notes are an integral part of the financial statements.

Statements of Operations |
For the year ended October 31, 2014 |
| | Global X Silver Miners ETF | | | Global X Gold Explorers ETF | | | Global X Copper Miners ETF | | | Global X Uranium ETF | |
Investment Income: | | | | | | | | | | | | | | | | |
Dividend Income | | $ | 2,059,929 | | | $ | — | | | $ | 725,956 | | | $ | 898,967 | |
Interest Income | | | 403 | | | | 25 | | | | 23 | | | | 401 | |
Security Lending Income | | | 144,806 | | | | 267,811 | | | | 21,974 | | | | 1,284,830 | |
Less: Foreign Taxes Withheld | | | (161,707 | ) | | | — | | | | (14,965 | ) | | | (134,845 | ) |
Total Investment Income | | | 2,043,431 | | | | 267,836 | | | | 732,988 | | | | 2,049,353 | |
Supervision and Administration Fees(1) | | | 1,484,428 | | | | 258,158 | | | | 212,913 | | | | 1,423,482 | |
Total Expenses | | | 1,484,428 | | | | 258,158 | | | | 212,913 | | | | 1,423,482 | |
Net Investment Income | | | 559,003 | | | | 9,678 | | | | 520,075 | | | | 625,871 | |
Net Realized Loss on: | | | | | | | | | | | | | | | | |
Investments (2) | | | (57,287,436 | ) | | | (5,546,943 | ) | | | (4,417,749 | ) | | | (3,539,473 | ) |
Affiliated Investments (2) | | | — | | | | (1,439,548 | ) | | | — | | | | (11,919,253 | ) |
Foreign Currency Transactions | | | (75,860 | ) | | | (6,768 | ) | | | (26,019 | ) | | | (118,150 | ) |
Net Realized Loss on Investments, Affiliated Investments and Foreign Currency Transactions | | | (57,363,296 | ) | | | (6,993,259 | ) | | | (4,443,768 | ) | | | (15,576,876 | ) |
Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | | | | | |
Investments | | | (23,882,526 | ) | | | (5,547,128 | ) | | | (645,170 | ) | | | (13,583,687 | ) |
Affiliated Investments | | | — | | | | (473,177 | ) | | | — | | | | (39,707,845 | ) |
Foreign Currency Translations | | | 3,170 | | | | (26 | ) | | | 13,337 | | | | 7 | |
Net Change in Unrealized Depreciation on Investments, Affiliated Investments and Foreign Currency Translations | | | (23,879,356 | ) | | | (6,020,331 | ) | | | (631,833 | ) | | | (53,291,525 | ) |
Net Realized and Unrealized Loss on Investments, Affiliated Investments and Foreign Currency Transactions and Translations | | | (81,242,652 | ) | | | (13,013,590 | ) | | | (5,075,601 | ) | | | (68,868,401 | ) |
Net Decrease in Net Assets Resulting from Operations | | $ | (80,683,649 | ) | | $ | (13,003,912 | ) | | $ | (4,555,526 | ) | | $ | (68,242,530 | ) |
(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.

Statements of Operations |
For the year ended October 31, 2014 |
| | Global X Lithium ETF | | | Global X Fertilizers/Potash ETF | | | Global X Junior Miners ETF | |
Investment Income: | | | | | | | | | | | | |
Dividend Income | | $ | 957,541 | | | $ | 580,990 | | | $ | 70,602 | |
Interest Income | | | 65 | | | | 16 | | | | 3 | |
Security Lending Income | | | 27,212 | | | | — | | | | — | |
Less: Foreign Taxes Withheld | | | (155,566 | ) | | | (60,238 | ) | | | (7,393 | ) |
Total Investment Income | | | 829,252 | | | | 520,768 | | | | 63,212 | |
Supervision and Administration Fees(1) | | | 414,670 | | | | 134,650 | | | | 38,507 | |
Total Expenses | | | 414,670 | | | | 134,650 | | | | 38,507 | |
Net Investment Income | | | 414,582 | | | | 386,118 | | | | 24,705 | |
Net Realized Gain (Loss) on: | | | | | | | | | | | | |
Investments (2) | | | (9,618,316 | ) | | | (928,101 | ) | | | (457,212 | ) |
Foreign Currency Transactions | | | 817 | | | | 1,856 | | | | 485 | |
Net Realized Loss on Investments and Foreign Currency Transactions | | | (9,617,499 | ) | | | (926,245 | ) | | | (456,727 | ) |
Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | |
Investments | | | 4,635,225 | | | | (640,541 | ) | | | (1,428,533 | ) |
Foreign Currency Translations | | | (2,565 | ) | | | (2,080 | ) | | | 20 | |
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations | | | 4,632,660 | | | | (642,621 | ) | | | (1,428,513 | ) |
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions and Translations | | | (4,984,839 | ) | | | (1,568,866 | ) | | | (1,885,240 | ) |
Net Decrease in Net Assets Resulting from Operations | | $ | (4,570,257 | ) | | $ | (1,182,748 | ) | | $ | (1,860,535 | ) |
(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.

Statements of Changes in Net Assets |
| | Global X Silver Miners ETF | | | Global X Gold Explorers ETF | |
| | Year Ended October 31, 2014 | | | Year Ended October 31, 2013 | | | Year Ended October 31, 2014 | | | Year Ended October 31, 2013 | |
Operations: | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | $ | 559,003 | | | $ | 1,799,528 | | | $ | 9,678 | | | $ | (219,006 | ) |
Net Realized Loss on Investments, Affiliated Investments and Foreign Currency Transactions(1) | | | (57,363,296 | ) | | | (52,723,423 | ) | | | (6,993,259 | ) | | | (14,771,461 | ) |
Net Change in Unrealized Depreciation on Investments, Affiliated Investments and Foreign Currency Translations | | | (23,879,356 | ) | | | (137,292,070 | ) | | | (6,020,331 | ) | | | (16,783,162 | ) |
Net Decrease in Net Assets Resulting from Operations | | | (80,683,649 | ) | | | (188,215,965 | ) | | | (13,003,912 | ) | | | (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 | | | 50,580,032 | | | | 62,405,000 | | | | 16,427,825 | | | | 25,777,500 | |
Redeemed | | | (15,895,569 | ) | | | (38,799,000 | ) | | | (7,729,518 | ) | | | (1,345,123 | ) |
Increase in Net Assets from Capital Share Transactions | | | 34,684,463 | | | | 23,606,000 | | | | 8,698,307 | | | | 24,432,377 | |
Total Decrease in Net Assets | | | (47,274,755 | ) | | | (167,727,018 | ) | | | (4,305,605 | ) | | | (9,231,746 | ) |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of Year | | | 218,239,756 | | | | 385,966,774 | | | | 32,019,620 | | | | 41,251,366 | |
End of Year | | $ | 170,965,001 | | | $ | 218,239,756 | | | $ | 27,714,015 | | | $ | 32,019,620 | |
Undistributed (Distributions in Excess of) Net Investment Income/(Accumulated Net Investment Loss) | | $ | (55,245 | ) | | $ | 342,851 | | | $ | (6,566 | ) | | $ | (1,387,052 | ) |
Share Transactions: | | | | | | | | | | | | | | | | |
Issued | | | 4,000,000 | | | | 3,450,000 | | | | 1,050,000 | | | | 1,287,500 | (2) |
Redeemed | | | (1,350,000 | ) | | | (1,950,000 | ) | | | (550,000 | ) | | | (100,242 | )(2) |
Net Increase in Shares Outstanding from Share Transactions | | | 2,650,000 | | | | 1,500,000 | | | | 500,000 | | | | 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 9 in the Notes to Financial Statements.) |
The accompanying notes are an integral part of the financial statements.

Statements of Changes in Net Assets |
| | Global X Copper Miners ETF | | | Global X Uranium ETF | |
| | Year Ended October 31, 2014 | | | Year Ended October 31, 2013 | | | Year Ended October 31, 2014 | | | Year Ended October 31, 2013 | |
Operations: | | | | | | | | | | | | | | | | |
Net Investment Income | | $ | 520,075 | | | $ | 503,553 | | | $ | 625,871 | | | $ | 679,183 | |
Net Realized Loss on Investments, Affiliated Investments and Foreign Currency Transactions(1) | | | (4,443,768 | ) | | | (4,403,652 | ) | | | (15,576,876 | ) | | | (117,718,649 | ) |
Net Change in Unrealized Appreciation (Depreciation) on Investments, Affiliated Investments and Foreign Currency Translations | | | (631,833 | ) | | | (2,860,215 | ) | | | (53,291,525 | ) | | | 70,217,355 | |
Net Decrease in Net Assets Resulting from Operations | | | (4,555,526 | ) | | | (6,760,314 | ) | | | (68,242,530 | ) | | | (46,822,111 | ) |
Dividends and Distributions from: | | | | | | | | | | | | | | | | |
Net Investment Income | | | (225,417 | ) | | | (1,026,703 | ) | | | (734,117 | ) | | | (2,536,311 | ) |
Total Dividends and Distributions | | | (225,417 | ) | | | (1,026,703 | ) | | | (734,117 | ) | | | (2,536,311 | ) |
Capital Share Transactions: | | | | | | | | | | | | | | | | |
Issued | | | 4,282,425 | | | | 13,827,500 | | | | 170,458,752 | | | | 33,324,000 | |
Redeemed | | | (5,276,910 | ) | | | (4,253,000 | ) | | | (7,996,486 | ) | | | (762,848 | ) |
Increase (Decrease) in Net Assets from Capital Share Transactions | | | (994,485 | ) | | | 9,574,500 | | | | 162,462,266 | | | | 32,561,152 | |
Total Increase (Decrease) in Net Assets | | | (5,775,428 | ) | | | 1,787,483 | | | | 93,485,619 | | | | (16,797,270 | ) |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of Year | | | 32,828,193 | | | | 31,040,710 | | | | 118,870,993 | | | | 135,668,263 | |
End of Year | | $ | 27,052,765 | | | $ | 32,828,193 | | | $ | 212,356,612 | | | $ | 118,870,993 | |
Undistributed (Distributions in Excess of) Net Investment Income | | $ | 263,104 | | | $ | (43,214 | ) | | $ | 8,946,170 | | | $ | 15,720 | |
Share Transactions: | | | | | | | | | | | | | | | | |
Issued | | | 450,000 | | | | 1,350,000 | | | | 10,600,000 | | | | 1,816,667 | (2) |
Redeemed | | | (550,000 | ) | | | (400,000 | ) | | | (550,000 | ) | | | (51,596 | )(2) |
Net Increase (Decrease) in Shares Outstanding from Share Transactions | | | (100,000 | ) | | | 950,000 | | | | 10,050,000 | | | | 1,765,071 | |
| (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 9 in the Notes to Financial Statements.) |
The accompanying notes are an integral part of the financial statements.

Statements of Changes in Net Assets |
| | Global X Lithium ETF | | | Global X Fertilizers/Potash ETF | |
| | Year Ended October 31, 2014 | | | Year Ended October 31, 2013 | | | Year Ended October 31, 2014 | | | Year Ended October 31, 2013 | |
Operations: | | | | | | | | | | | | | | | | |
Net Investment Income | | $ | 414,582 | | | $ | 119,219 | | | $ | 386,118 | | | $ | 485,091 | |
Net Realized Loss on Investments and Foreign Currency Transactions(1) | | | (9,617,499 | ) | | | (6,709,625 | ) | | | (926,245 | ) | | | (102,022 | ) |
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations | | | 4,632,660 | | | | 1,798,258 | | | | (642,621 | ) | | | (3,832,165 | ) |
Net Decrease in Net Assets Resulting from Operations | | | (4,570,257 | ) | | | (4,792,148 | ) | | | (1,182,748 | ) | | | (3,449,096 | ) |
Dividends and Distributions from: | | | | | | | | | | | | | | | | |
Net Investment Income | | | (160,079 | ) | | | (1,597,778 | ) | | | (366,898 | ) | | | (330,509 | ) |
Total Dividends and Distributions | | | (160,079 | ) | | | (1,597,778 | ) | | | (366,898 | ) | | | (330,509 | ) |
Capital Share Transactions: | | | | | | | | | | | | | | | | |
Issued | | | 10,505,000 | | | | — | | | | — | | | | 4,105,000 | |
Redeemed | | | (6,490,918 | ) | | | (12,375,500 | ) | | | (5,553,179 | ) | | | (5,845,000 | ) |
Increase (Decrease) in Net Assets from Capital Share Transactions | | | 4,014,082 | | | | (12,375,500 | ) | | | (5,553,179 | ) | | | (1,740,000 | ) |
Total Decrease in Net Assets | | | (716,254 | ) | | | (18,765,426 | ) | | | (7,102,825 | ) | | | (5,519,605 | ) |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of Year | | | 51,105,477 | | | | 69,870,903 | | | | 22,863,889 | | | | 28,383,494 | |
End of Year | | $ | 50,389,223 | | | $ | 51,105,477 | | | $ | 15,761,064 | | | $ | 22,863,889 | |
Undistributed (Distributions in Excess of) Net Investment Income | | $ | 289,051 | | | $ | (95,185 | ) | | $ | 305,048 | | | $ | 302,042 | |
Share Transactions: | | | | | | | | | | | | | | | | |
Issued | | | 750,000 | | | | — | | | | — | | | | 350,000 | |
Redeemed | | | (500,000 | ) | | | (900,000 | ) | | | (500,000 | ) | | | (450,000 | ) |
Net Increase (Decrease) in Shares Outstanding from Share Transactions | | | 250,000 | | | | (900,000 | ) | | | (500,000 | ) | | | (100,000 | ) |
| (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.

Statements of Changes in Net Assets |
| | Global X Junior Miners ETF | |
| | Year Ended October 31, 2014 | | | Year Ended October 31, 2013 | |
Operations: | | | | | | | | |
Net Investment Income | | $ | 24,705 | | | $ | 22,860 | |
Net Realized Loss on Investments and Foreign Currency Transactions(1) | | | (456,727 | ) | | | (600,164 | ) |
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translations | | | (1,428,513 | ) | | | (1,296,295 | ) |
Net Decrease in Net Assets Resulting from Operations | | | (1,860,535 | ) | | | (1,873,599 | ) |
Dividends and Distributions from: | | | | | | | | |
Net Investment Income | | | — | | | | (337,710 | ) |
Total Dividends and Distributions | | | — | | | | (337,710 | ) |
Capital Share Transactions: | | | | | | | | |
Issued | | | 2,436,603 | | | | 5,786,500 | |
Redeemed | | | (1,614,086 | ) | | | (748,458 | ) |
Increase in Net Assets from Capital Share Transactions | | | 822,517 | | | | 5,038,042 | |
Total Increase (Decrease) in Net Assets | | | (1,038,018 | ) | | | 2,826,733 | |
Net Assets: | | | | | | | | |
Beginning of Year | | | 5,536,762 | | | | 2,710,029 | |
End of Year | | $ | 4,498,744 | | | $ | 5,536,762 | |
Accumulated Net Investment Loss/Distributions in Excess of Net Investment Income | | $ | (2,782 | ) | | $ | (32,081 | ) |
Share Transactions: | | | | | | | | |
Issued | | | 150,000 | | | | 300,000 | (2) |
Redeemed | | | (100,000 | ) | | | (50,132 | )(2) |
Net Increase in Shares Outstanding from Share Transactions | | | 50,000 | | | | 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.

Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period
| | Net Asset Value, Beginning of Period ($) | | | Net Investment Income (Loss) ($)* | | | Net Realized and Unrealized Gain (Loss) on Investments ($) | | | Total from Operations ($) | | | Distribution from Net Investment Income ($) | | | Distribution from Capital Gains ($) | | | Total from Distributions ($) | | | Net Asset Value, End of Period ($) | | | Total Return (%)** | | | Net Assets End of Period ($)(000) | | | Ratio of Expenses to Average Net Assets (%) | | | Ratio of Net Investment Income (Loss) to Average Net Assets (%) | | | Portfolio Turnover (%)†† | |
Global X Silver Miners ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2014 | | | 12.88 | | | | 0.03 | | | | (4.12 | ) | | | (4.09 | ) | | | (0.07 | ) | | | — | | | | (0.07 | ) | | | 8.72 | | | | (31.85 | ) | | | 170,965 | | | | 0.65 | | | | 0.24 | | | | 24.23 | |
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 | | | 13.48 | | | | — | | | | (3.84 | ) | | | (3.84 | ) | | | — | | | | — | | | | — | | | | 9.64 | | | | (28.49 | ) | | | 27,714 | | | | 0.65 | | | | 0.02 | | | | 29.94 | |
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 Copper Miners ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2014 | | | 9.80 | | | | 0.15 | | | | (1.56 | ) | | | (1.41 | ) | | | (0.07 | ) | | | — | | | | (0.07 | ) | | | 8.32 | | | | (14.49 | ) | | | 27,053 | | | | 0.65 | | | | 1.59 | | | | 15.77 | |
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 | |
Global X Uranium ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2014 | | | 14.47 | | | | 0.04 | | | | (2.80 | ) | | | (2.76 | ) | | | (0.08 | ) | | | — | | | | (0.08 | ) | | | 11.63 | | | | (19.18 | ) | | | 212,357 | | | | 0.69 | | | | 0.30 | | | | 20.90 | |
2013(4) | | | 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(4) | | | 30.27 | | | | 0.08 | | | | (9.32 | ) | | | (9.24 | ) | | | — | | | | — | | | | — | | | | 21.03 | | | | (30.53 | ) | | | 135,668 | | | | 0.69 | | | | 0.30 | | | | 55.90 | |
2011(4)(5) | | | 50.34 | | | | 0.44 | | | | (19.34 | ) | | | (18.90 | ) | | | (1.17 | ) | | | — | | | | (1.17 | ) | | | 30.27 | | | | (38.70 | ) | | | 199,349 | | | | 0.69 | † | | | 1.10 | † | | | 24.17 | |
(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 9 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 3 reverse share split on May 16, 2013. For more information see Note 9 in the Notes to Financial Statements |
(5) | The Fund commenced operations on November 4, 2010. |
* | 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.

Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period
| | Net Asset Value, Beginning of Period ($) | | | Net Investment Income (Loss) ($)* | | | Net Realized and Unrealized Gain (Loss) on Investments ($) | | | Total from Operations ($) | | | Distribution from Net Investment Income ($) | | | Distribution from Capital Gains ($) | | | Total from Distributions ($) | | | Net Asset Value, End of Period ($) | | | Total Return (%)** | | | Net Assets End of Period ($)(000) | | | Ratio of Expenses to Average Net Assets (%) | | | Ratio of Net Investment Income (Loss) to Average Net Assets (%) | | | Portfolio Turnover (%)†† | |
Global X Lithium ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2014 | | | 12.94 | | | | 0.10 | | | | (1.00 | ) | | | (0.90 | ) | | | (0.04 | ) | | | — | | | | (0.04 | ) | | | 12.00 | | | | (6.97 | ) | | | 50,389 | | | | 0.75 | | | | 0.75 | | | | 43.37 | |
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(2) | | | 15.51 | | | | (0.03 | ) | | | 4.35 | | | | 4.32 | | | | — | | | | — | | | | — | | | | 19.83 | | | | 27.85 | | | | 78,317 | | | | 0.75 | † | | | (0.62 | )† | | | 5.55 | |
Global X Fertilizers/Potash ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2014 | | | 11.73 | | | | 0.23 | | | | (0.90 | ) | | | (0.67 | ) | | | (0.19 | ) | | | — | | | | (0.19 | ) | | | 10.87 | | | | (5.79 | ) | | | 15,761 | | | | 0.69 | | | | 1.98 | | | | 18.79 | |
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(3) | | | 15.05 | | | | 0.06 | | | | (1.05 | ) | | | (0.99 | ) | | | — | | | | — | | | | — | | | | 14.06 | | | | (6.58 | ) | | | 35,160 | | | | 0.69 | † | | | 0.90 | † | | | 7.55 | |
Global X Junior Miners ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2014 | | | 16.62 | | | | 0.07 | | | | (4.95 | ) | | | (4.88 | ) | | | — | | | | — | | | | — | | | | 11.74 | | | | (29.36 | ) | | | 4,499 | | | | 0.69 | | | | 0.44 | | | | 27.75 | |
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)(4) | | | 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 9 in the Notes to Financial Statements. |
(2) | The Fund commenced operations on July 22, 2010. |
(3) | The Fund commenced operations on May 25, 2011. |
(4) | The Fund commenced operations on March 16, 2011. |
* | Per share data calculated using average shares method. |
** | 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.

Notes to Financial Statements |
October 31, 2014 |
1. ORGANIZATION
The Global X Funds (the “Trust”) is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of October 31, 2014, the Trust had eighty-eight 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 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 Funds are an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. 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

Notes to Financial Statements (continued) |
October 31, 2014 |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
SECURITY VALUATION (continued)
de-listed from its primary trading exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, the Funds may fair value their securities if an event that may materially affect the value of the Funds’ securities that traded outside of the United States (a “Significant Event”) has occurred between the time of the security's last close and the time that the Funds calculate their net asset value. A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If Global X Management Company LLC (“Adviser”) becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate net asset value, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably available to the Committee. As of October 31, 2014, there were $2,701,427 and $194 of fair valued securities in the Global X Lithium ETF and Global X Junior Miners ETF, respectively. There were no other securities priced using the Fair Value Procedures.
In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:
The three levels of the fair value hierarchy are described below:
Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date
Level 2 – Other significant observable inputs (including quoted prices in non-active markets, quoted prices for similar investments, fair value of investments for which the Fund has the ability to fully redeem tranches at net asset value as of the measurement date or within the near term, and short-term investments valued at amortized cost)
Level 3 – Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments and fair value of investments for which the Fund does not have the ability to fully redeem tranches at net asset value as of the measurement date or within the near term)
Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement. For the year ended October 31, 2014, there have been no significant changes to the Funds’ fair valuation methodologies.

Notes to Financial Statements (continued) |
October 31, 2014 |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
SECURITY VALUATION (concluded)
The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of October 31, 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 Lithium ETF
Quantitative information about Level 3 fair value measurements
Assets | | Fair Value at 10/31/14 | | | Valuation Technique(s) | | Unobservable Input | | Discount Percentage Range |
Common Stock | | $ | 2,701,427 | | | Discount from the Last Traded Price | | Last Traded Price Comparability Adjustment % | | 9% to 87% |
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.
DUE TO/FROM BROKERS — Due to/from brokers includes cash and collateral balances with the Funds’ clearing brokers or counterparties at October 31, 2014. The Funds continuously monitor the credit standing of each broker or counterparty with whom they conduct business. In the event a broker or counterparty is unable to fulfill its obligations, the Funds would be subject to counterparty credit risk.
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 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 record the securities lending collateral (included in Repurchase Agreements, at value or restricted cash) as an asset and the obligation to return securities lending collateral as a liability on the Statements of Assets and Liabilities.
Repurchase agreements are entered into by the Funds under Master Repurchase Agreements (“MRA”) which permit the Funds, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Funds.

Notes to Financial Statements (continued) |
October 31, 2014 |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
At October 31, 2014, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:
| | | | | Fair Value of Non-cash | | | Cash Collateral | | | | |
| | Repurchase Agreements | | | Collateral Received | | | Received | | | Net Amount(1) | |
Global X Silver Miners ETF | | | | | | | | | | | | | | | | |
Barclays | | $ | 10,000,000 | | | $ | 10,000,000 | | | $ | - | | | $ | - | |
Deutsche Bank | | | 1,557,783 | | | | 1,557,783 | | | | - | | | | - | |
Global X Gold Explorers ETF | | | | | | | | | | | | | | | | |
Deutsche Bank | | | 3,861,446 | | | | 3,861,446 | | | | - | | | | - | |
Global X Copper Miners ETF | | | | | | | | | | | | | | | | |
Deutsche Bank | | | 1,367,061 | | | | 1,367,061 | | | | - | | | | - | |
Global X Uranium ETF | | | | | | | | | | | | | | | | |
Barclays | | | 25,000,000 | | | | 25,000,000 | | | | - | | | | - | |
Deutsche Bank | | | 1,022,447 | | | | 1,022,447 | | | | | | | | - | |
Global X Lithium ETF | | | | | | | | | | | | | | | | |
Deutsche Bank | | | 234,867 | | | | 234,867 | | | | - | | | | - | |
(1) Net Amount represents the net amount receivable due from the counterparty in the event of default.
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. Management’s conclusions regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.
As of and during the year ended October 31, 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 year, 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.

Notes to Financial Statements (continued) |
October 31, 2014 |
2. SIGNIFICANT ACCOUNTING POLICIES (concluded)
FOREIGN CURRENCY TRANSACTIONS AND 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 and translations represent net foreign exchange gains or losses from foreign currency spot 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 | | | | | | Value at October | | | | |
| | Shares | | | Creation Fee | | | 31, 2014 | | | Redemption Fee | |
Global X Silver Miners ETF | | | 50,000 | | | $ | 1,000 | | | $ | 436,000 | | | $ | 1,000 | |
Global X Gold Explorers ETF | | | 50,000 | | | | 1,000 | | | | 482,000 | | | | 1,000 | |
Global X Copper Miners ETF | | | 50,000 | | | | 1,000 | | | | 416,000 | | | | 1,000 | |
Global X Uranium ETF | | | 50,000 | | | | 1,000 | | | | 581,500 | | | | 1,000 | |
Global X Lithium ETF | | | 50,000 | | | | 1,000 | | | | 600,000 | | | | 1,000 | |
Global X Fertilizers/Potash ETF | | | 50,000 | | | | 1,000 | | | | 543,500 | | | | 1,000 | |
Global X Junior Miners ETF | | | 50,000 | | | | 1,000 | | | | 587,000 | | | | 1,000 | |

Notes to Financial Statements (continued) |
October 31, 2014 |
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 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; and assistance with the preparation and filing of reports, registration statements, proxy statements

Notes to Financial Statements (continued) |
October 31, 2014 |
3. RELATED PARTY TRANSACTIONS (continued)
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.
Brown Brothers Harriman & Co. (“BBH”), located at 40 Water Street, Boston, MA 02109, serves as Custodian of Funds’ assets. As Custodian, BBH has agreed to (1) make receipts and disbursements of money on behalf of the Fund, (2) collect and receive all income and other payments and distributions on account of the Fund’s portfolio investments, (3) respond to correspondence from shareholders, security brokers and others relating to its duties; and (4) make periodic reports to the Fund concerning the Fund’s operations. BBH does not exercise any supervisory function over the purchase and sale of securities. As compensation for these services, the Custodian receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees.
At October 31, 2014, Global X Gold Explorers ETF and Global X Uranium ETF own greater than 5% of the outstanding shares of the following common stocks. These investments are noted as “Affiliated Investment” in the Schedules of Investments.
The following is a summary of the transactions with affiliates for the year ended October 31, 2014:
| | | | | | | | | Changes in | | | | | | | | | | |
| | | | | | | | | Unrealized | | | | | | | | | | |
Value At | | | Purchases at | | | Proceeds | | | Appreciation | | | Realized | | | Value at | | | Dividend | |
10/31/2013 | | | Cost | | | from Sales | | | (Depreciation) | | | Loss | | | 10/31/2014 | | | Income | |
Global X Gold Explorers ETF | | | | | | | | | | | | | | | | | | | | | |
Gold Canyon Resources | | | | | | | | | | | | | | | | | | | | | |
$ | 2,457,145 | | | $ | 1,213,031 | | | $ | (704,517 | ) | | $ | (473,177 | ) | | $ | (1,439,548 | ) | | $ | 1,052,934 | | | $ | - | |
Global X Uranium ETF | | | | | | | | | | | | | | | | | | | | | |
Bannerman Resources | | | | | | | | | | | | | | | | | | | | | |
$ | 868,809 | | | $ | 1,132,296 | | | $ | (706,265 | ) | | $ | 2,857,923 | | | $ | (3,015,411 | ) | | $ | 1,137,352 | | | $ | - | |
Berkeley Resources | | | | | | | | | | | | | | | | | | | | | |
| 1,788,653 | | | | 2,048,488 | | | | (709,021 | ) | | | 188,627 | | | | (752,271 | ) | | | 2,564,476 | | | | - | |
Denison Mines | | | | | | | | | | | | | | | | | | | | | |
| 9,913,657 | | | | 26,843,613 | | | | (1,267,875 | ) | | | (9,750,299 | ) | | | (639,076 | ) | | | 25,100,020 | | | | - | |
Energy Fuels | | | | | | | | | | | | | | | | | | | | | |
| 4,066,327 | | | | 9,100,184 | | | | (426,348 | ) | | | (2,726,038 | ) | | | (25,336 | ) | | | 9,988,789 | | | | - | |

Notes to Financial Statements (continued) |
October 31, 2014 |
3. RELATED PARTY TRANSACTIONS (concluded)
| | | | | | | | | Changes in | | | | | | | | | | |
| | | | | | | | | Unrealized | | | | | | | | | | |
Value At | | | Purchases at | | | Proceeds | | | Appreciation | | | Realized | | | Value at | | | Dividend | |
10/31/2013 | | | Cost | | | from Sales | | | (Depreciation) | | | Loss | | | 10/31/2014 | | | Income | |
Fission 3.0 | | | | | | | | | | | | | | | | | | | | | | | | | |
$ | - | | | $ | 1,791,654 | | | $ | (282,790 | ) | | $ | (480,181 | ) | | $ | (17,831 | ) | | $ | 1,010,852 | | | $ | - | |
Greenland Minerals & Energy | | | | | | | | | | | | | | | | | |
| 7,878,640 | | | | 4,809,124 | | | | (2,356,281 | ) | | | (3,462,129 | ) | | | (3,440,856 | ) | | | 3,428,498 | | | | - | |
Greenland Minerals & Energy Warrant | | | | | | | | | | | | | | | | | |
| - | | | | - | | | | - | | | | 8,636 | | | | - | | | | 8,636 | | | | - | |
Laramide Resources | | | | | | | | | | | | | | | | | |
| 1,039,006 | | | | 2,509,028 | | | | (136,937 | ) | | | (1,071,343 | ) | | | (91,501 | ) | | | 2,248,253 | | | | - | |
Mega Uranium | | | | | | | | | | | | | | | | | | | | | |
| 695,671 | | | | 3,059,592 | | | | (285,781 | ) | | | 959,254 | | | | (1,689,001 | ) | | | 2,739,735 | | | | - | |
Silex Systems | | | | | | | | | | | | | | | | | | | | | | |
| 5,464,944 | | | | 8,922,736 | | | | (381,560 | ) | | | (8,017,451 | ) | | | (51,459 | ) | | | 5,937,210 | | | | - | |
UEX | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3,969,361 | | | | 5,151,446 | | | | (1,547,524 | ) | | | (1,700,101 | ) | | | (1,261,783 | ) | | | 4,611,399 | | | | - | |
Uranerz Energy | | | | | | | | | | | | | | | | | | | | | |
| 3,147,270 | | | | 7,615,578 | | | | (520,710 | ) | | | (2,200,568 | ) | | | (267,221 | ) | | | 7,774,349 | | | | - | |
Uranium Energy | | | | | | | | | | | | | | | | | | | | | |
| 4,438,157 | | | | 9,611,523 | | | | (374,045 | ) | | | (4,353,372 | ) | | | (151,108 | ) | | | 9,171,155 | | | | - | |
Uranium Participation | | | | | | | | | | | | | | | | | | | | | |
| 8,314,806 | | | | 27,490,564 | | | | (1,070,072 | ) | | | (2,627,251 | ) | | | (952 | ) | | | 32,107,095 | | | | - | |
Uranium Resources | | | | | | | | | | | | | | | | | | | | | |
| 1,362,383 | | | | 5,891,106 | | | | (169,343 | ) | | | (3,010,684 | ) | | | (42,767 | ) | | | 4,030,695 | | | | - | |
Ur-Energy | | | | | | | | | | | | | | | | | | | | | | |
| 5,464,983 | | | | 9,085,928 | | | | (1,389,033 | ) | | | (4,322,868 | ) | | | (472,680 | ) | | | 8,366,330 | | | | - | |
Totals: | | | | | | | | | | | | | | | | | | | | | | |
$ | 58,412,667 | | | $ | 125,062,860 | | | $ | (11,623,585 | ) | | $ | (39,707,845 | ) | | $ | (11,919,253 | ) | | $ | 120,224,844 | | | $ | - | |
4. INVESTMENT TRANSACTIONS
For the year ended October 31, 2014, the purchases and sales of investments in securities, excluding in-kind transactions, long-term U.S. Government and short-term securities were:
| | Purchases | | | Sales and Maturities | |
Global X Silver Miners ETF | | $ | 54,484,368 | | | $ | 57,038,086 | |
Global X Gold Explorers ETF | | | 11,478,809 | | | | 11,613,932 | |
Global X Copper Miners ETF | | | 5,572,284 | | | | 5,132,154 | |
Global X Uranium ETF | | | 42,870,166 | | | | 42,829,944 | |
Global X Lithium ETF | | | 23,701,164 | | | | 23,670,550 | |
Global X Fertilizers/Potash ETF | | | 3,659,841 | | | | 3,978,278 | |
Global X Junior Miners ETF | | | 1,560,360 | | | | 1,537,167 | |

Notes to Financial Statements (continued) |
October 31, 2014 |
4. INVESTMENT TRANSACTIONS (concluded)
For the years ended October 31, 2014, in-kind transactions associated with creations and redemptions were:
| | Purchases | | | Sales and Maturities | | | Realized Gain | |
Global X Silver Miners ETF | | $ | 50,460,864 | | | $ | 15,836,571 | | | $ | 1,273,352 | |
Global X Gold Explorers ETF | | | 16,459,659 | | | | 7,748,634 | | | | 874,815 | |
Global X Copper Miners ETF | | | 4,274,343 | | | | 5,265,265 | | | | 522,868 | |
Global X Uranium ETF | | | 170,157,507 | | | | 7,973,974 | | | | 1,260,399 | |
Global X Lithium ETF | | | 8,850,976 | | | | 5,301,237 | | | | 1,530,749 | |
Global X Fertilizers/Potash ETF | | | - | | | | 5,184,776 | | | | 126,429 | |
Global X Junior Miners ETF | | | 2,439,784 | | | | 1,615,215 | | | | 225,508 | |
For the years ended October 31, 2013, in-kind transactions associated with creations and redemptions were:
| | Purchases | | | Sales and Maturities | | | Realized 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 Copper Miners ETF | | | 13,814,170 | | | | 4,245,214 | | | | 436,241 | |
Global X Uranium ETF | | | 32,740,034 | | | | 732,362 | | | | 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 | | | | 742,029 | | | | (19,792 | ) |
During the year ended October 31, 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 charged or credited to undistributed net investment income (loss), accumulated net realized gain (loss) or paid-in capital, as appropriate, in the period that the differences arise.
The following differences, primarily attributable to distribution reclassifications, investment in master limited partnership, return of capital, foreign currency, redemptions in-kind and sales of passive foreign investment companies have been reclassified to/from the following accounts during the fiscal year ended October 31, 2014.
Global X Funds | | Paid-in Capital | | | Undistributed Net Investment Income | | | Accumulated Net Realized Loss | |
Global X Silver Miners ETF | | $ | (485,602 | ) | | $ | 318,470 | | | $ | 167,132 | |
Global X Gold Explorers ETF | | | (1,924,675 | ) | | | 1,370,808 | | | | 553,867 | |
Global X Copper Miners ETF | | | 467,483 | | | | 11,660 | | | | (479,143 | ) |
Global X Uranium ETF | | | (1,823,627 | ) | | | 9,038,696 | | | | (7,215,069 | ) |
Global X Lithium ETF | | | 1,518,415 | | | | 129,733 | | | | (1,648,148 | ) |
Global X Fertilizers/Potash ETF | | | 105,404 | | | | (16,214 | ) | | | (89,190 | ) |
Global X Junior Miners ETF | | | 221,594 | | | | 4,594 | | | | (226,188 | ) |
These reclassifications have no impact on net assets or net asset value per share.
 |
|
Notes to Financial Statements (continued) |
October 31, 2014 |
5. TAX INFORMATION (continued)
The tax character of dividends and distributions declared during the years ended October 31, 2014 and 2013 were as follows:
Global X Funds | | Ordinary Income | | | Long-Term Capital Gain | | | Return of Capital | | | Totals | |
| | | |
Global X Silver Miners ETF | | | | | | | | | | | | | | | | |
2014 | | $ | 1,275,569 | | | $ | – | | | $ | – | | | $ | 1,275,569 | |
2013 | | | 3,117,053 | | | | – | | | | – | | | | 3,117,053 | |
Global X Gold Explorers ETF | | | | | | | | | | | | | | | | |
2014 | | $ | – | | | $ | – | | | $ | – | | | $ | – | |
2013 | | | 1,890,494 | | | | – | | | | – | | | | 1,890,494 | |
Global X Copper Miners ETF | | | | | | | | | | | | | | | | |
2014 | | $ | 225,417 | | | $ | – | | | $ | – | | | $ | 225,417 | |
2013 | | | 1,026,703 | | | | – | | | | – | | | | 1,026,703 | |
Global X Uranium ETF | | | | | | | | | | | | | | | | |
2014 | | $ | 734,117 | | | $ | – | | | $ | – | | | $ | 734,117 | |
2013 | | | 2,536,311 | | | | – | | | | – | | | | 2,536,311 | |
Global X Lithium ETF | | | | | | | | | | | | | | | | |
2014 | | $ | 160,079 | | | $ | – | | | $ | – | | | $ | 160,079 | |
2013 | | | 1,597,778 | | | | – | | | | – | | | | 1,597,778 | |
Global X Fertilizers/Potash ETF | | | | | | | | | | | | | | | | |
2014 | | $ | 366,898 | | | $ | – | | | $ | – | | | $ | 366,898 | |
2013 | | | 330,509 | | | | – | | | | – | | | | 330,509 | |
Global X Junior Miners ETF | | | | | | | | | | | | | | | | |
2014 | | $ | – | | | $ | – | | | $ | – | | | $ | – | |
2013 | | | 337,710 | | | | – | | | | – | | | | 337,710 | |
As of October 31,2014, the components of tax basis accumulated losses were as follows:
| | Global X Funds | |
| | Global X Silver Miners ETF | | | Global X Gold Explorers ETF | | | Global X Copper Miners ETF | | | Global X Uranium ETF | |
Undistributed Ordinary Income | | $ | – | | | $ | – | | | $ | 472,475 | | | $ | 8,992,689 | |
Capital Loss Carryforwards | | | (123,324,501 | ) | | | (16,217,215 | ) | | | (8,437,959 | ) | | | (173,560,460 | ) |
Unrealized Depreciation on Investments and Foreign Currency | | | (170,233,869 | ) | | | (45,675,521 | ) | | | (13,400,254 | ) | | | (156,983,392 | ) |
Late Year Loss Deferral * | | | (40,279 | ) | | | – | | | | – | | | | – | |
Other Temporary Differences | | | – | | | | 1 | | | | (9 | ) | | | (9 | ) |
Total Accumulated Losses | | $ | (293,598,649 | ) | | $ | (61,892,735 | ) | | $ | (21,365,747 | ) | | $ | (321,551,172 | ) |
| | Global X Funds | |
| | Global X Lithium ETF | | | Global X Fertilizers/Potash ETF | | | Global X Junior Miners ETF | |
Undistributed Ordinary Income | | $ | 301,758 | | | $ | 305,028 | | | $ | 28,543 | |
Capital Loss Carryforwards | | | (51,683,786 | ) | | | (2,414,103 | ) | | | (2,897,051 | ) |
Unrealized Depreciation on Investments and Foreign Currency | | | (1,046,181 | ) | | | (6,020,657 | ) | | | (2,851,710 | ) |
Other Temporary Differences | | | (5 | ) | | | (7 | ) | | | 1 | |
Total Accumulated Losses | | $ | (52,428,214 | ) | | $ | (8,129,739 | ) | | $ | (5,720,217 | ) |
*Deferred late-year losses represent ordinary losses realized on investment transactions from January 1, 2014 through October 31, 2014.
 |
|
Notes to Financial Statements (continued) |
October 31, 2014 |
5. TAX INFORMATION (concluded)
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, 2014, the Funds that had capital loss carryforwards are listed below:
| | Global X Silver | | | Global X Gold | | | Global X | | | Global X | | | Global X Junior | |
Expiration Date | | Miners ETF | | | Explorers ETF | | | Uranium ETF | | | Lithium ETF | | | Miners ETF | |
Oct. 2019 | | $ | 8,433,465 | | | $ | 130,976 | | | $ | 12,705,798 | | | $ | 7,329,308 | | | $ | 506,011 | |
During the fiscal year ended October 31, 2014, 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 | | $ | 18,061,290 | | | $ | 96,829,746 | | | $ | 114,891,036 | |
Global X Gold Explorers ETF | | | 5,158,634 | | | | 10,927,605 | | | | 16,086,239 | |
Global X Copper Miners ETF | | | 2,044,539 | | | | 6,393,420 | | | | 8,437,959 | |
Global X Uranium ETF | | | 40,611,362 | | | | 120,243,300 | | | | 160,854,662 | |
Global X Lithium ETF | | | 9,532,302 | | | | 34,822,176 | | | | 44,354,478 | |
Global X Fertilizers/Potash ETF | | | 900,313 | | | | 1,513,790 | | | | 2,414,103 | |
Global X Junior Miners ETF | | | 1,601,784 | | | | 789,256 | | | | 2,391,040 | |
The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at October 31, 2014 were as follows:
| | | | | Aggregated Gross | | | Aggregated Gross | | | | |
| | | | | Unrealized | | | Unrealized | | | Net Unrealized | |
Global X Funds | | Federal Tax Cost | | | Appreciation | | | Depreciation | | | Depreciation | |
Global X Silver Miners ETF | | $ | 355,140,686 | | | $ | - | | | $ | (170,226,769 | ) | | $ | (170,226,769 | ) |
Global X Gold Explorers ETF | | | 77,226,863 | | | | - | | | | (45,675,521 | ) | | | (45,675,521 | ) |
Global X Copper Miners ETF | | | 41,826,219 | | | | 208,409 | | | | (13,617,216 | ) | | | (13,408,807 | ) |
Global X Uranium ETF | | | 395,385,580 | | | | 8,636 | | | | (156,992,029 | ) | | | (156,983,393 | ) |
Global X Lithium ETF | | | 51,633,694 | | | | 7,979,235 | | | | (9,025,335 | ) | | | (1,046,100 | ) |
Global X Fertilizers/Potash ETF | | | 21,764,441 | | | | 647,711 | | | | (6,666,946 | ) | | | (6,019,235 | ) |
Global X Junior Miners ETF | | | 7,360,754 | | | | 101,910 | | | | (2,953,682 | ) | | | (2,851,772 | ) |
The preceding differences between book and tax cost are primarily due to mark-to-market treatment of passive foreign investment companies and wash sales.
 |
|
Notes to Financial Statements (continued) |
October 31, 2014 |
6. CONCENTRATION OF RISKS
The Funds invest in securities of foreign issuers in various 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 become temporarily illiquid, unavailable or less liquid, or due to legal restrictions (such as diversification requirements that apply to the Funds but not the Underlying Indexes). Commodity related securities are susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets could have a great impact on these Funds.
7. LOANS OF PORTFOLIO SECURITIES
The Funds may lend portfolio securities having a market value up to one-third of the Funds’ total assets. Security loans made pursuant to the securities lending agreement are required at all times to be secured by collateral equal to at least 102% for U.S.-based securities and 105% for foreign-based securities. Such collateral will be cash securities issued or guaranteed by the U.S. Government or any agencies. Cash collateral received in connection with these loans 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
 |
|
Notes to Financial Statements (continued) |
October 31, 2014 |
7. LOANS OF PORTFOLIO SECURITIES (concluded)
securities. The Funds could also experience delays and costs in gaining access to the collateral. The Funds bear the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. As of October 31, 2014, the value of securities on loan was $9,973,544, $2,993,071, $1,305,370, $22,806,229 and $105,504 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 $11,557,783, $3,861,446, $1,367,061, $26,022,447 and $234,867 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.
At October 31, 2014, the following Funds had securities on loan, by counterparty:
| | Market Value | | | Cash Collateral | |
Global X Silver Miners ETF | | | | | | | | |
BNP Prime Brokerage | | $ | 120 | | | $ | 150 | |
Credit Suisse | | | 498,475 | | | | 594,310 | |
Deutsche Bank Securities | | | 1,941,774 | | | | 2,445,360 | |
Goldman Sachs & Co. | | | 2,568,912 | | | | 2,943,000 | |
JPMorgan | | | 662,350 | | | | 810,500 | |
Merrill Lynch Pierce Fenner & Smith | | | 940,215 | | | | 1,053,768 | |
National Financial Services | | | 2,919,081 | | | | 3,201,804 | |
Nomura Securities | | | 23,577 | | | | 27,264 | |
UBS Securities | | | 419,040 | | | | 481,627 | |
Global X Gold Explorers ETF | | | | | | | | |
Barclays Capital | | | 916,876 | | | | 1,167,835 | |
Credit Suisse | | | 782,941 | | | | 932,890 | |
Deutsche Bank Securities | | | 19,028 | | | | 28,400 | |
JPMorgan | | | 734,277 | | | | 952,363 | |
Morgan Stanley | | | 537,708 | | | | 802,549 | |
Nomura Securities | | | 2,241 | | | | 3,260 | |
Global X Copper Miners ETF | | | | | | | | |
Credit Suisse | | | 1,231,108 | | | | 1,288,371 | |
Merrill Lynch Pierce Fenner & Smith | | | 64,523 | | | | 68,370 | |
UBS Securities | | | 9,739 | | | | 10,320 | |
Global X Uranium ETF | | | | | | | | |
Barclays Capital | | | 687,060 | | | | 943,737 | |
BNP Prime Brokerage | | | 248,348 | | | | 300,000 | |
Citigroup | | | 3,925,069 | | | | 4,204,195 | |
Credit Suisse | | | 178,436 | | | | 192,500 | |
Deutsche Bank Securities | | | 1,748,571 | | | | 1,902,550 | |
Goldman Sachs & Co. | | | 876,501 | | | | 972,800 | |
JPMorgan | | | 7,465,984 | | | | 8,273,789 | |
Macquarie Capital | | | 173,338 | | | | 187,000 | |
Merrill Lynch Pierce Fenner & Smith | | | 1,659,483 | | | | 1,792,866 | |
Morgan Stanley | | | 4,645,210 | | | | 5,992,818 | |
UBS Securities | | | 1,198,229 | | | | 1,273,656 | |
Global X Lithium ETF | | | | | | | | |
Citigroup | | | 126 | | | | 1,417 | |
Credit Suisse | | | 36,119 | | | | 156,633 | |
Goldman Sachs & Co. | | | 66,270 | | | | 74,716 | |
JPMorgan | | | 2,838 | | | | 25,600 | |
Morgan Stanley | | | 45 | | | | 400 | |
Nomura Securities | | | 106 | | | | 1,197 | |
 |
|
Notes to Financial Statements (concluded) |
October 31, 2014 |
8. 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.
9. REVERSE SHARE SPLIT
Effective May 16, 2013, the Global X Gold Explorers 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 Uranium ETF | | 1:3 |
Global X Junior Miners ETF | | | 1:3 |
10. 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, except as follows:
Subsequent to the October 31, 2014 fiscal year end, the following portfolio of the Trust commenced operations:
Fund Name | Commenced Operations |
Global X GF China Bond ETF | November 18, 2014 |
 |
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Report of Independent Registered Public Accounting Firm |
October 31, 2014 |
The Board of Trustees and Shareholders of Global X Funds
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Global X Silver Miners ETF, Global X Gold Explorers ETF, Global X Copper Miners ETF, Global X Uranium ETF, Global X Lithium ETF, Global X Fertilizers/Potash ETF, and Global X Junior Miners ETF (seven of the series constituting Global X Funds) (the “Funds”) as of October 31, 2014, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the four years or periods then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights of the Global X Silver Miners ETF, Global X Copper Miners ETF and Global X Lithium ETF for each of the periods presented through October 31, 2010 were audited by other auditors whose report dated December 23, 2010, expressed an unqualified opinion on those financial statements and financial highlights.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2014, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds listed above at October 31, 2014, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the four years or periods then ended, in conformity with U.S. generally accepted accounting principles.
Philadelphia, Pennsylvania |
December 29, 2014 |

Disclosure Of Fund Expenses (unaudited) |
All Exchange Traded Funds (“ETF”) have operating expenses. As a shareholder of an ETF, your investment is affected by these ongoing costs, which include (among others) costs for ETF management, administrative services, commissions, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns. In addition, a shareholder is responsible for brokerage fees as a result of their investment in the Fund.
Operating expenses such as these are deducted from an ETF’s gross income and directly reduce its final investment return. These expenses are expressed as a percentage of the ETF’s average net assets; this percentage is known as the ETF’s expense ratio.
The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The table on the next page illustrates your Fund’s costs in two ways:
Actual Fund Return. This section helps you to estimate the actual expenses that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.
You can use this information, together with the actual amount you invested in the Funds, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Funds under “Expenses Paid During Period.”
Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other funds. It assumes that the Funds had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.
NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.

Disclosure of Fund Expenses (unaudited) (concluded) |
| | Beginning Account Value 5/1/2014 | | | Ending Account Value 10/31/2014 | | | Annualized Expense Ratios | | | Expenses Paid During Period(1) | |
Global X Silver Miners ETF | | | | | | | | | | | | |
Actual Fund Return | | $ | 1,000.00 | | | $ | 697.60 | | | | 0.65 | % | | $ | 2.78 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.93 | | | | 0.65 | | | | 3.31 | |
Global X Gold Explorers ETF | | | | | | | | | | | | | | | | |
Actual Fund Return | | $ | 1,000.00 | | | $ | 695.00 | | | | 0.65 | % | | $ | 2.78 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.93 | | | | 0.65 | | | | 3.31 | |
Global X Copper Miners ETF | | | | | | | | | | | | | | | | |
Actual Fund Return | | $ | 1,000.00 | | | $ | 885.10 | | | | 0.65 | % | | $ | 3.09 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.93 | | | | 0.65 | | | | 3.31 | |
Global X Uranium ETF | | | | | | | | | | | | | | | | |
Actual Fund Return | | $ | 1,000.00 | | | $ | 757.70 | | | | 0.69 | % | | $ | 3.06 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.73 | | | | 0.69 | | | | 3.52 | |
Global X Lithium ETF | | | | | | | | | | | | | | | | |
Actual Fund Return | | $ | 1,000.00 | | | $ | 916.40 | | | | 0.75 | % | | $ | 3.62 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.42 | | | | 0.75 | | | | 3.82 | |
Global X Fertilizers/Potash ETF | | | | | | | | | | | | | | | | |
Actual Fund Return | | $ | 1,000.00 | | | $ | 916.50 | | | | 0.69 | % | | $ | 3.33 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.73 | | | | 0.69 | | | | 3.52 | |
Global X Junior Miners ETF | | | | | | | | | | | | | | | | |
Actual Fund Return | | $ | 1,000.00 | | | $ | 715.40 | | | | 0.69 | % | | $ | 2.98 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.73 | | | | 0.69 | | | | 3.52 | |
(1)Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 184/365 (to reflect the one-half year period.)

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

Trustees and Officers of the Trust (unaudited) |
Set forth below are the names, addresses, year of birth, position with the Trust, Term of Office and Length of Time Served, the principal occupations for the last five years, number of Funds in fund complex overseen by trustee, and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust.
Name, Address (Year of Birth) | Position(s) Held with Funds | Principal Occupation(s) During the Past 5 Years | Number of Funds in Trust Overseen by Trustee | Other Directorships Held by Trustees |
Independent Trustees2 | |
Sanjay Ram Bharwani 623 Fifth Ave, 15th floor New York, NY 10022 (1974) | Trustee (since 2008) | CEO of Risk Advisors Inc. (since 2007) (consulting firm). | 403 | None. |
Scott R. Chichester1 623 Fifth Ave, 15th floor New York, NY 10022 (1970) | Trustee (since 2008) | CFO, Sterling Seal & Supply Inc. (since 2011), Director, President & Treasurer, Bayview Acquisition Corp (since 2010), CPA, Penda Aiken Inc. (2009-2011) (consultant); Founder and President, DirectPay USA LLC (since 2006) (payroll company); Chief Financial Officer, Ong Corporation (2002-2010) (technology company); Proprietor, Scott R. Chichester CPA (since 2001) (CPA firm). | 403 | Director of Bayview Acquisition Corp. (since 2010). |
Kartik Kiran Shah 623 Fifth Ave, 15th floor New York, NY 10022 (1977) | Trustee (since 2008) | Vice President, Business Development, Cynvenio Biosystems (2012-2014); Independent Consultant, Self-Employed (2011-2012) (non-financial services); Director, Wireless Generation (2008-2011) (software). | 403 | None. |

Trustees and Officers of the Trust (unaudited) |
The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-888-493-8631. The following chart lists Trustees and Officers as of October 31, 2014.
Name, Address (Year of Birth) | Position(s) Held with Funds | Principal Occupation(s) During the Past 5 Years | Number of Funds in Trust Overseen by Trustee | Other Directorships Held by Trustees |
Interested Trustee / Officers2 | |
Bruno del Ama 623 Fifth Ave, 15th floor New York, NY 10022 (1976) | Trustee (since 2008), President, Chief Executive Officer (since 2008) | Chief Executive Officer, Global X Management Company (“GXMC”) (since 2008); Chief Compliance Officer, GXMC (2008-2013). | 403 | None. |
Jose C. Gonzalez 623 Fifth Ave, 15th floor New York, NY 10022 (1976) | Chief Operating Officer (since 2008); Chief Compliance Officer (2008-5/2014), Treasurer, Principal Accounting Officer and Chief Financial Officer (2008-9/2014) | Chief Operating Officer, Global X Management Company LLC (since 2008); Founder and President of GWM Group, Inc. (since 2006) (broker-dealer firm). | N/A | N/A |
Thomas K. Lynch 623 Fifth Ave, 15th floor New York, NY 10022 (1956) | Treasurer, Principal Accounting Officer and Chief Financial Officer (since 9/2014); Chief Compliance Officer (since 5/2014). | Chief Compliance Officer, GXMC (since 5/2014); Senior Compliance Officer, GXMC (2/2014 - 4/2014); Compliance, Financial and Operations Consultant (2013); Chief Compliance Officer, Van Eck Associates (12/ 2006 - 2/ 2013). | N/A | N/A |
Daphne Tippens Chisolm 11524-C Providence Road, Suite 236 Charlotte, NC 28277 (1969) | Secretary (since 2012) | General Counsel, GXMC (since 2011); Chief Compliance Officer, GXMC (1/2014 - 5/2014); Founder and President of Law Offices of DT Chisolm, P.C. (since 2009) (law firm); Counsel, Dechert (2007-2009) (law firm). | N/A | N/A |
Dianne M. Descoteaux4 One Freedom Valley Drive Oaks, PA 19456 (1977) | Assistant Secretary (since 2011) | Counsel, SEI Investments (since 2010); Associate, Morgan, Lewis & Bockius LLP (2006-2010). | N/A | N/A |

Trustees and Officers of the Trust (unaudited) |
Name, Address (Year of Birth) | Position(s) Held with Funds | Principal Occupation(s) During the Past 5 Years | Other Directorships Held by Trustees |
Lisa Whittaker4 One Freedom Valley Drive Oaks, PA 19456 (1978) | Assistant Secretary (since 2013) | Counsel at SEI Investments (since 2012); Associate Counsel and Compliance Officer at The Glendale Trust Company (2011-2012); Associate of Drinker Biddle & Reath LLP (2006-2011). | N/A |
Peter Rodriguez4 One Freedom Valley Drive Oaks, PA 19456 (1962) | Assistant Treasurer (since 2011) | Fund Accounting Director, SEI Investments Global Funds Services (since 2011); Mutual Fund Trading Director, SEI Global Trust Company (2009-2011); Asset Data Services Director, SEI Global Wealth Services (2006-2009). | N/A |
| 1 | Mr. Chichester is currently married to a sister of Mr. del Ama’s wife. While an “immediate family member” (as defined in Section 2(a)(19) of the 1940 Act) of Mr. del Ama would be considered an Interested Person, Mr. Chichester is not considered an immediate family member for this purpose. Although this fact was taken into consideration in determining whether Mr. Chichester should be considered to be an Independent Trustee for purposes of the Section 2(a)(19) of the 1940 Act, it was determined that this relationship was not one that should disqualify Mr. Chichester from serving as an Independent Trustee of the Trust. |
| 2 | Each Trustee serves until his or her successor is duly elected or appointed and qualified. |
| 3 | As of October 31, 2014, the Trust had eighty-eight investment portfolios, forty of which were operational. |
| 4 | These officers of the Trust also serve as officers of one or more mutual funds for which SEI Investments Company or an affiliate acts as investment manager, administrator or distributor. |

Notice To Shareholders (unaudited) |
For shareholders that do not have an October 31, 2014 tax year end, this notice is for informational purposes only. For shareholders with an October 31, 2014 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended October 31, 2014, the Funds have designated the following items with regard to distributions paid during the year.
| | Long-Term Capital Gain Distributions | | | Ordinary Income Distributions | | | Total Distributions | | | Qualifying for Corporate Dividends Received Deduction (1) | | | Qualifying Dividend Income (2) | | | U.S. Government Interest (3) | | | Interest Related Dividends (4) | | | Short Term Capital Gain Dividends(5) | | | Foreign Tax Credit | |
Global X Silver Miners ETF | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 44.50 | % | | | 100.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % |
Global X Gold Explorers ETF | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % |
Global X Copper Miners ETF | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 66.71 | % | | | 100.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 4.13 | % |
Global X Uranium ETF | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.00 | % | | | 36.52 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 7.06 | % |
Global X Lithium ETF | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 14.79 | % | | | 100.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 43.92 | % |
Global X Fertilizers/Potash ETF | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 23.42 | % | | | 100.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 14.10 | % |
Global X Junior Miners ETF | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 25.54 | % | | | 100.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 100.00 | % |
(1) Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary Income distributions (the total of short term capital gain and net investment income distributions).
(2) The percentage in this column represents the amount of "Qualifying Dividend Income" as created by the Jobs and Growth Relief Reconciliation Act of 2003 and its reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). It is the intention of each of the aforementioned funds to designate the maximum amount permitted by law.
(3) "U.S. Government Interest represents the amount of interest that was derived from U.S. Government obligations and distributed during the fiscal year. Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders who are residents of California, Connecticut and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income.
(4) The percentage in this column represents the amount of "Qualifying Interest Income" as created by the American Jobs Creation Act of 2004 and is a percentage of net investment income that is exempt from U.S. withholding tax when paid for foreign investors.
(5) The percentage of this column represents the amount of “Short Term Capital Gain Dividend” is reflected as a percentage of short term capital gain distribution that is exempted from U.S. withholding tax when paid to foreign investors.
The Funds intend to pass through a foreign tax credit to shareholders. For the fiscal year ended October 31, 2014, the total amount of foreign source income and foreign tax credit are as follows:
Fund Name | | Foreign Source Income | | | Foreign Tax Credit Pass Through | |
Global X Silver Miners ETF | | $ | - | | | $ | - | |
Global X Gold Explorers ETF | | | - | | | | - | |
Global X Copper Miners ETF | | | 732,686 | | | | 9,704 | |
Global X Uranium ETF | | | 898,967 | | | | 55,752 | |
Global X Lithium ETF | | | 732,388 | | | | 125,360 | |
Global X Fertizers/Potash ETF | | | 422,330 | | | | 60,237 | |
Global X Junior Miners ETF | | | 50,561 | | | | 7,393 | |
The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2014. Complete information will be computed and reported in conjunction with your 2014 Form 1099-DIV.

623 Fifth Avenue, 15th 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, 15th 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 Global X Funds and the Independent Trustees:
K&L Gates LLP
1601 K Street N.W.
Washington, DC 20006
Custodian:
Brown Brothers Harriman & Co.
40 Water Street
Boston, MA 02109
Independent Registered Public Accounting Firm:
Ernst & Young LLP
2005 Market Street
Suite 700
Philadelphia, PA 19103
This information must be preceded or accompanied by a current prospectus for the Funds described.
GLX-AR-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 Southeast Asia ETF (ticker: ASEA)
(formerly Global X FTSE ASEAN 40 ETF)
Global X FTSE Andean 40 ETF (ticker: AND)
Global X MSCI Colombia ETF (ticker: GXG)
(formerly Global X FTSE Colombia 20 ETF)
Global X Brazil Mid Cap ETF (ticker: BRAZ)
Global X Brazil Consumer ETF (ticker: BRAQ)
Global X Brazil Financials ETF (ticker: BRAF)
Global X MSCI Argentina ETF (ticker: ARGT)
(formerly Global X FTSE Argentina 20 ETF)
Global X FTSE Greece 20 ETF (ticker: GREK)
Global X MSCI Norway ETF (ticker: NORW)
(formerly Global X FTSE Norway 30 ETF)
Global X FTSE Nordic Region ETF (ticker: GXF)
Global X Central Asia & Mongolia Index ETF (ticker: AZIA)
Global X MSCI Nigeria ETF (ticker: NGE)
(formerly Global X Nigeria Index ETF)
Global X Next Emerging & Frontier ETF (ticker: EMFM)
Global X FTSE Portugal 20 ETF (ticker: PGAL)
Annual Report
October 31, 2014

Table of Contents
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, is available (i) without charge, upon request, by calling 1-888-GXFund-1; and (ii) on the Commission’s website at http://www.sec.gov.

Management Discussion of Fund Performance (unaudited)
Global X China Consumer ETF
Global X China Consumer ETF
The Global X China Consumer ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive China Consumer Index (the “Index”). The Fund generally seeks to replicate the Index, but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.
The Index is designed to reflect the performance of the consumer sector in China. It is comprised of selected companies which have their main business operations in the consumer sector and are domiciled in China or have their main business operations in that country. Only securities which are tradable for foreign investors without restrictions are eligible. The Fund is the first ETF worldwide focused exclusively on the consumer sector in China.
For the 12-month period ended October 31, 2014 (the “reporting period”), the Fund decreased 12.09%, while the Index decreased 12.43%. The Fund had a net asset value of $15.87 per share on October 31, 2013 and ended the reporting period with a net asset value of $13.82 on October 31, 2014.
During the reporting period, the highest returns came from E-Commerce China Dangdang and ANTA Sports Products, which returned 48.36% and 42.29%, respectively. The worst performers were Labixiaoxin Snacks Group and Biostime International Holdings, which returned -73.71% and -69.35%, respectively.
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2014 | |
| | One Year Return | | | Three Year Return | | | Annualized Inception to Date* | |
| | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | |
Global X China Consumer ETF | | | -12.09 | % | | | -11.60 | % | | | -2.50 | % | | | -1.62 | % | | | -1.79 | % | | | -1.82 | % |
Solactive China Consumer Index | | | -12.43 | % | | | -12.43 | % | | | -2.36 | % | | | -2.36 | % | | | -1.50 | % | | | -1.50 | % |
S&P 500 Index | | | 17.27 | % | | | 17.27 | % | | | 19.77 | % | | | 19.77 | % | | | 15.61 | % | | | 15.61 | % |
Growth of a $10,000 Investment
(At Net Asset Value)

*Fund commenced operations on November 30, 2009.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)
Global X China Energy ETF
Global X China Energy ETF
The Global X China Energy ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive China Energy Index (the “Index”). The Fund generally seeks to replicate the Index, but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.
The Index is designed to reflect the performance of the energy sector in China. It is comprised of selected companies which have their main business operations in the energy sector and are domiciled in China or have their main business operations in that country. Only securities which are tradable for foreign investors without restrictions are eligible. The Fund is the nation’s first ETF focused exclusively on the energy sector in China.
For the 12-month period ended October 31, 2014 (the “reporting period”), the Fund increased 1.34%, while the Index increased 2.52%. The Fund had a net asset value of $15.11 per share on October 31, 2013 and ended the reporting period with a net asset value of $15.03 on October 31, 2014.
During the reporting period, the highest returns came from Xinjiang Goldwind Science & Technology and Huadian Power International, which returned 78.47% and 64.40%, respectively. The worst performers were Anton Oilfield Services Group and LDK Solar, which returned -66.14% and -62.96%, respectively.
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2014 | |
| | One Year Return | | | Three Year Return | | | Annualized Inception to Date* | |
| | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | |
Global X China Energy ETF | | | 1.34 | % | | | 1.40 | % | | | 4.87 | % | | | 5.77 | % | | | 1.35 | % | | | 1.28 | % |
Solactive China Energy Index | | | 2.52 | % | | | 2.52 | % | | | 5.82 | % | | | 5.82 | % | | | 2.28 | % | | | 2.28 | % |
S&P 500 Index | | | 17.27 | % | | | 17.27 | % | | | 19.77 | % | | | 19.77 | % | | | 15.47 | % | | | 15.47 | % |
Growth of a $10,000 Investment
(At Net Asset Value)

*Fund commenced operations on December 15, 2009.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)
Global X China Financials ETF
Global X China Financials ETF
The Global X China Financials ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive China Financials Index (the “Index”). The Fund generally seeks to replicate the Index, but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.
The Index is designed to reflect the performance of the financial sector in China. It is comprised of selected companies which have their main business operations in the financial sector and are domiciled in China or have their main business operations in that country. Only securities which are tradable for foreign investors without restrictions are eligible. The Fund is the nation’s first ETF focused exclusively on the financial sector in China.
For the 12-month period ended October 31, 2014 (the “reporting period”), the Fund increased 2.08%, while the Index increased 2.52%. The Fund had a net asset value of $13.29 per share on October 31, 2013 and ended the reporting period with a net asset value of $13.50 on October 31, 2014.
During the reporting period, the highest returns came from China Taiping Insurance Holdings and China Everbright, which returned 44.74% and 35.04%, respectively. The worst performers were Agile Property Holdings and Greentown China Holdings, which returned -49.35% and -48.33%, respectively.
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2014 | |
| | One Year Return | | | Three Year Return | | | Annualized Inception to Date* | |
| | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | |
Global X China Financials ETF | | | 2.08 | % | | | 2.32 | % | | | 8.55 | % | | | 9.08 | % | | | -0.83 | % | | | -0.91 | % |
Solactive China Financials Index | | | 2.52 | % | | | 2.52 | % | | | 9.07 | % | | | 9.07 | % | | | -0.50 | % | | | -0.50 | % |
S&P 500 Index | | | 17.27 | % | | | 17.27 | % | | | 19.77 | % | | | 19.77 | % | | | 15.54 | % | | | 15.54 | % |
Growth of a $10,000 Investment
(At Net Asset Value)

*Fund commenced operations on December 10, 2009.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)
Global X China Industrials ETF
Global X China Industrials ETF
The Global X China Industrials ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive China Industrials Index (the “Index”). The Fund generally seeks to replicate the Index, but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.
The Index is designed to reflect the performance of the industrial sector in China. It is comprised of selected companies which have their main business operations in the industrial sector and are domiciled in China or have their main business operations in that country. Only securities which are tradable for foreign investors without restrictions are eligible. The Fund is the first ETF worldwide focused exclusively on the industrial sector in China.
For the 12-month period ended October 31, 2014 (the “reporting period”), the Fund increased 8.13%, while the Index increased 7.82%. The Fund had a net asset value of $12.14 per share on October 31, 2013 and ended the reporting period with a net asset value of $12.93 on October 31, 2014.
During the reporting period, the highest returns came from China Zhongwang Holdings and Sunny Optical Technology Group, which returned 74.39% and 69.54%, respectively. The worst performers were Zoomlion Heavy Industry Science & Technology and Sany Heavy Equipment International Holdings, which returned -45.73% and -23.24%, respectively.
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2014 | |
| | One Year Return | | | Three Year Return | | | Annualized Inception to Date* | |
| | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | |
Global X China Industrials ETF | | | 8.13 | % | | | 9.52 | % | | | 5.38 | % | | | 6.32 | % | | | -2.74 | % | | | -2.65 | % |
Solactive China Industrials Index | | | 7.82 | % | | | 7.82 | % | | | 5.70 | % | | | 5.70 | % | | | -2.34 | % | | | -2.34 | % |
S&P 500 Index | | | 17.27 | % | | | 17.27 | % | | | 19.77 | % | | | 19.77 | % | | | 15.61 | % | | | 15.61 | % |
Growth of a $10,000 Investment
(At Net Asset Value)

*Fund commenced operations on November 30, 2009.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)
Global X China Materials ETF
Global X China Materials ETF
The Global X China Materials ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive China Materials Index (the “Index”). The Fund generally seeks to replicate the Index, but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.
The Index is designed to reflect the performance of the materials sector in China. It is comprised of selected companies which have their main business operations in the materials sector and are domiciled in China or have their main business operations in that country. Only securities which are tradable for foreign investors without restrictions are eligible. The Fund is the nation’s first ETF focused exclusively on the materials sector in China.
For the 12-month period ended October 31, 2014 (the “reporting period”), the Fund decreased 0.57%, while the Index increased 2.24%. The Fund had a net asset value of $15.13 per share on October 31, 2013 and ended the period with a net asset value of $14.80 on October 31, 2014.
During the reporting period, the highest returns came from Sinopec Yizheng Chemical Fibre and China Molybdenum, which returned 139.24% and 47.09%, respectively. The worst performers were China BlueChemical and Hidili Industry International Development, which returned -42.42% and -36.45% respectively.
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2014 | |
| | One Year Return | | | Three Year Return | | | Annualized Inception to Date* | |
| | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | |
Global X China Materials ETF | | | -0.57 | % | | | 1.77 | % | | | -7.27 | % | | | -6.13 | % | | | -12.88 | % | | | -12.51 | % |
Solactive China Materials Index | | | 2.24 | % | | | 2.24 | % | | | -6.66 | % | | | -6.66 | % | | | -11.84 | % | | | -11.84 | % |
S&P 500 Index | | | 17.27 | % | | | 17.27 | % | | | 19.77 | % | | | 19.77 | % | | | 15.09 | % | | | 15.09 | % |
Growth of a $10,000 Investment
(At Net Asset Value)

*Fund commenced operations on January 12, 2010.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)
Global X NASDAQ China Technology ETF
Global X NASDAQ China Technology ETF
The Global X NASDAQ China Technology ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the NASDAQ OMX China Technology Index (the “Index”). The Fund generally seeks to replicate the Index, but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.
The Index is designed to reflect the performance of the technology sector in China. It is made up of securities of companies which have their main business operations in the technology sector and generally includes companies whose businesses involve: computer services; internet; software; computer hardware; electronic office equipment; semiconductors; and telecommunications equipment. Only securities which are tradable for foreign investors without restrictions are eligible.
For the 12-month period ended October 31, 2014 (the “reporting period”), the Fund increased 13.85%, while the Index increased 15.30%. The Fund had a net asset value of $20.63 per share on October 31, 2013 and ended the reporting period with a net asset value of $23.48 on October 31, 2014.
During the reporting period, the highest returns came from BYD Electronic International and YY, which returned 155.59% and 68.52%, respectively. The worst performers were Sungy Mobile and ChinaCache International Holdings, which returned -76.69% and -56.70%, respectively.
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2014 | |
| | One Year Return | | | Three Year Return | | | Annualized Inception to Date* | |
| | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | |
Global X NASDAQ China Technology ETF | | | 13.85 | % | | | 13.54 | % | | | 15.93 | % | | | 16.10 | % | | | 10.40 | % | | | 10.24 | % |
Hybrid NASDAQ OMX China Technology Index/Solactive China Technology Index** | | | 15.30 | % | | | 15.30 | % | | | 16.93 | % | | | 16.93 | % | | | 11.22 | % | | | 11.22 | % |
S&P 500 Index | | | 17.27 | % | | | 17.27 | % | | | 19.77 | % | | | 19.77 | % | | | 15.75 | % | | | 15.75 | % |
Growth of a $10,000 Investment
(At Net Asset Value)

*Fund commenced operations on December 8, 2009.
** Reflects performance of Solactive China Technology Index through December 12, 2011 and NASDAQ OMX China Technology Index thereafter. The inception of the NASDAQ OMX China Technology Index was on November 14, 2011.

Management Discussion of Fund Performance (unaudited)
Global X NASDAQ China Technology ETF
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)
Global X Southeast Asia ETF
Global X Southeast Asia ETF
The Global X Southeast Asia ETF, formerly the Global X FTSE ASEAN 40 ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE/ASEAN 40 Index (the “Index”). The Fund generally seeks to replicate the Index, but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.
The Index tracks the performance of the 40 largest companies in the five ASEAN regions: Indonesia, Philippines, Singapore, Malaysia and Thailand. The Index is free float-adjusted and weighted by market capitalization and designed using eligible stocks within the FTSE All-World universe. The Fund is the nation’s first ETF focused exclusively on the ASEAN region.
For the 12-month period ended October 31, 2014 (the “reporting period”), the Fund increased 1.68%, while the Index increased 2.28%. The Fund had a net asset value of $17.12 per share on October 31, 2013 and ended the reporting period with a net asset value of $16.76 on October 31, 2014.
During the reporting period, the highest returns came from Siam Commercial Bank and Tenaga Nasional, which returned 60.99% and 38.93%, respectively. The worst performers were Genting Singapore and PTT Exploration & Production, which returned -29.87% and -15.37%, respectively.
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2014 | |
| | One Year Return | | | Three Year Return | | | Annualized Inception to Date* | |
| | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | |
Global X Southeast Asia ETF | | | 1.68 | % | | | 2.27 | % | | | 5.58 | % | | | 5.90 | % | | | 5.30 | % | | | 5.35 | % |
FTSE/ASEAN 40 Index | | | 2.28 | % | | | 2.28 | % | | | 6.13 | % | | | 6.13 | % | | | 5.91 | % | | | 5.91 | % |
S&P 500 Index | | | 17.27 | % | | | 17.27 | % | | | 19.77 | % | | | 19.77 | % | | | 14.16 | % | | | 14.16 | % |
Growth of a $10,000 Investment
(At Net Asset Value)

*Fund commenced operations on February 16, 2011.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)
Global X FTSE Andean 40 ETF
Global X FTSE Andean 40 ETF
The Global X Andean 40 ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE Andean 40 Index (the “Index”). The Fund generally seeks to replicate the Index, but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.
The Index is designed to represent the performance of the 40 largest and most liquid companies listed on the Chile, Colombia, and Peru stock exchanges. The Index is designed to provide investors with a comprehensive and transparent way to measure the performance of the constituent companies. The Fund is the nation’s first ETF focused exclusively on the Andean region.
For the 12-month period ended October 31, 2014 (the “reporting period”), the Fund decreased 11.84%, while the Index decreased 11.37%. The Fund had a net asset value of $12.21 per share on October 31, 2013 and ended the reporting period with a net asset value of $10.60 on October 31, 2014.
During the reporting period, the highest returns came from CorpBanca and Credicorp, which returned 21.08% and 17.86%, respectively. The worst performers were CAP and Embotelladora Andina, which returned -52.64% and -43.41%, respectively.
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2014 | |
| | One Year Return | | | Three Year Return | | | Annualized Inception to Date* | |
| | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | |
Global X FTSE Andean 40 ETF | | | -11.84 | % | | | -12.40 | % | | | -6.38 | % | | | -6.34 | % | | | -7.38 | % | | | -7.47 | % |
FTSE Andean 40 Index | | | -11.37 | % | | | -11.37 | % | | | -6.14 | % | | | -6.14 | % | | | -6.88 | % | | | -6.88 | % |
S&P 500 Index | | | 17.27 | % | | | 17.27 | % | | | 19.77 | % | | | 19.77 | % | | | 14.79 | % | | | 14.79 | % |
Growth of a $10,000 Investment
(At Net Asset Value)

*Fund commenced operations on February 2, 2011.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)
Global X MSCI Colombia ETF
Global X MSCI Colombia ETF
The Global X MSCI Colombia ETF, formerly the Global X FTSE Colombia 20 ETF (the “Fund”), seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Colombia Capped Index (the “Index”). The Fund generally seeks to replicate the Index, but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.
The MSCI All Colombia Capped Index is a market capitalization-weighted index of the 24 most liquid stocks in the Colombian market. The Index is designed to measure broad based equity market performance in Colombia.
On July 15, 2014, the index for the Fund was changed from the FTSE Colombia 20 Index to the MSCI All Colombia Capped Index. For the 12-month period ended October 31, 2014 (the “reporting period”), the Fund decreased 11.73%, while the Hybrid MSCI All Colombia Capped Index/FTSE Colombia 20 Index decreased 10.61%. The Fund had a net asset value of $20.55 per share on October 31, 2013 and ended the reporting period with a net asset value of $17.42 on October 31, 2014.
During the reporting period, the highest returns came from Textiles Fabricato Tejicondor and Banco Davivienda, which returned 22.30% and 16.37%, respectively. The worst performers were Ecopetrol and Canacol Energy, which returned
-39.33% and -25.67%, respectively.
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2014 | |
| | One Year Return | | | Three Year Return | | | Five Year Return | | | Annualized Inception to Date* | |
| | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | |
Global X MSCI Colombia ETF | | | -11.73 | % | | | -11.19 | % | | | -0.81 | % | | | -0.85 | % | | | 7.10 | % | | | 7.09 | % | | | 18.25 | % | | | 18.37 | % |
Hybrid MSCI All Colombia Capped Index/FTSE Colombia 20 Index** | | | -10.61 | % | | | -10.61 | % | | | -0.07 | % | | | -0.07 | % | | | 8.32 | % | | | 8.32 | % | | | 19.42 | % | | | 19.42 | % |
FTSE Colombia 20 Index | | | -8.98 | % | | | -8.98 | % | | | 0.54 | % | | | 0.54 | % | | | 8.71 | % | | | 8.71 | % | | | 19.80 | % | | | 19.80 | % |
S&P 500 Index | | | 17.27 | % | | | 17.27 | % | | | 19.77 | % | | | 19.77 | % | | | 16.69 | % | | | 16.69 | % | | | 18.89 | % | | | 18.89 | % |
Growth of a $10,000 Investment
(At Net Asset Value)

*Fund commenced operations on February 5, 2009.
** Reflects performance of the FTSE Colombia 20 Index through July 14, 2014 and MSCI All Colombia Capped Index thereafter. The inception of the MSCI All Colombia Capped Index was on June 30, 2014.
Effective July 15, 2014, the Fund changed its index from the FTSE Colombia 20 Index to the MSCI All Colombia Capped Index (“New Index”). This change was effected due to the planned migration to the New Index, potentially allowing for broader access to the local market.

Management Discussion of Fund Performance (unaudited)
Global X MSCI Colombia ETF
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. The Fund’s performace reflects contractual fee waivers in effect until at least August 1, 2015. Absent these waivers performance would be lower. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)
Global X Brazil Mid Cap ETF
Global X Brazil Mid Cap ETF
The Global X Brazil Mid Cap ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Brazil Mid Cap Index (the “Index”). The Fund generally seeks to replicate the Index, but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.
The Index is designed to reflect the performance of Brazilian mid-capitalization companies. It is comprised of mid-market capitalization securities of companies that are domiciled or have their main business operations in Brazil. The Fund is the first ETF globally focused exclusively on Brazil mid-capitalization companies.
For the 12-month period ended October 31, 2014 (the “reporting period”), the Fund decreased 11.59%, while the Index decreased 11.13%. The Fund had a net asset value of $14.58 per share on October 31, 2013 and ended the reporting period with a net asset value of $12.22 on October 31, 2014.
During the reporting period, the highest returns came from Oleo e Gas Participacoes and Kroton Educacional, which returned 80.73% and 79.42%, respectively. The worst performers were Oi and Metalurgica Gerdau, which returned
-69.36% and -45.76%, respectively.
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2014 | |
| | One Year Return | | | Three Year Return | | | Annualized Inception to Date* | |
| | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | |
Global X Brazil Mid Cap ETF | | | -11.59 | % | | | -11.83 | % | | | -4.40 | % | | | -4.35 | % | | | -2.17 | % | | | -2.30 | % |
Solactive Brazil Mid Cap Index | | | -11.13 | % | | | -11.13 | % | | | -3.55 | % | | | -3.55 | % | | | -1.40 | % | | | -1.40 | % |
S&P 500 Index | | | 17.27 | % | | | 17.27 | % | | | 19.77 | % | | | 19.77 | % | | | 17.04 | % | | | 17.04 | % |
Growth of a $10,000 Investment
(At Net Asset Value)

*Fund commenced operations on June 21, 2010.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)
Global X Brazil Consumer ETF
Global X Brazil Consumer ETF
The Global X Brazil Consumer ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Brazil Consumer Index (the “Index”). The Fund generally seeks to replicate the Index, but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.
The Index is designed to reflect the performance of the consumer sector in Brazil. It is comprised of selected companies which have their main business operations in the consumer sector and are domiciled or have their main business operations in Brazil. The Fund is the nation’s first ETF focused exclusively on the Brazil consumer sector.
For the 12-month period ended October 31, 2014 (the “reporting period”), the Fund decreased 6.20%, while the Index decreased 4.84%. The Fund had a net asset value of $17.89 per share on October 31, 2013 and ended the reporting period with a net asset value of $16.57 on October 31, 2014.
During the reporting period, the highest returns came from B2W Cia Digital and Anhanguera Educacional Participacoes, which returned 94.29% and 37.64%, respectively. The worst performers were Rossi Residencia and Saraiva Livreiros Editores, which returned -67.82% and -54.51%, respectively.
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2014 | |
| | One Year Return | | | Three Year Return | | | Annualized Inception to Date* | |
| | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | |
Global X Brazil Consumer ETF | | | -6.20 | % | | | -6.78 | % | | | 0.90 | % | | | 0.04 | % | | | 2.56 | % | | | 2.36 | % |
Solactive Brazil Consumer Index | | | -4.84 | % | | | -4.84 | % | | | 2.06 | % | | | 2.06 | % | | | 3.71 | % | | | 3.71 | % |
S&P 500 Index | | | 17.27 | % | | | 17.27 | % | | | 19.77 | % | | | 19.77 | % | | | 18.53 | % | | | 18.53 | % |
Growth of a $10,000 Investment
(At Net Asset Value)

*Fund commenced operations on July 7, 2010.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)
Global X Brazil Financials ETF
Global X Brazil Financials ETF
The Global X Brazil Financials ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Brazil Financials Index (the “Index”). The Fund generally seeks to replicate the Index, but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.
The Index is designed to reflect the performance of the financial sector in Brazil. It is comprised of selected companies which have their main business operations in the financial sector and are domiciled or have their main business operations in Brazil. The Fund is the first ETF worldwide focused exclusively on the financial sector in Brazil.
For the 12-month period ended October 31, 2014 (the “reporting period”), the Fund decreased 9.25%, while the Index decreased 8.82%. The Fund had a net asset value of $12.12 per share on October 31, 2013 and ended the reporting period with a net asset value of $10.88 on October 31, 2014.
During the reporting period, the highest returns came from BB Seguridade Participacoes and CETIP – Mercados Organizados, which returned 30.48% and 20.64%, respectively. The worst performers were Rossi Residencial and Brasil Insurance Participacoes e Administracao, which returned -67.82% and -61.92%, respectively.
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2014 | |
| | One Year Return | | | Three Year Return | | | Annualized Inception to Date* | |
| | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | |
Global X Brazil Financials ETF | | | -9.25 | % | | | -10.68 | % | | | -7.04 | % | | | -7.37 | % | | | -5.13 | % | | | -5.51 | % |
Solactive Brazil Financials Index | | | -8.82 | % | | | -8.82 | % | | | -6.49 | % | | | -6.49 | % | | | -4.56 | % | | | -4.56 | % |
S&P 500 Index | | | 17.27 | % | | | 17.27 | % | | | 19.77 | % | | | 19.77 | % | | | 17.62 | % | | | 17.62 | % |
Growth of a $10,000 Investment
(At Net Asset Value)

*Fund commenced operations on July 28, 2010.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)
Global X MSCI Argentina ETF
Global X MSCI Argentina ETF
The Global X MSCI Argentina ETF, formerly the Global X FTSE Argentina 20 ETF (the “Fund”), seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Argentina 25/50 Index (the “Index”). The Fund generally seeks to replicate the Index, but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.
The Index is designed to represent the performance of the Broad Argentina Equity Universe, while including a minimum number of constituents. The Broad Argentina Equity Universe includes securities that are classified in Argentina according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Argentina and carry out the majority of their operations in Argentina. The index targets a minimum of 25 securities and 20 issuers at construction. The Index is designed to take into account the 25% and 50% concentration constraints required for a fund to qualify as a regulated investment company (RIC) in the United States.
On August 15, 2014, the index for the Fund was changed from the FTSE Argentina 20 Index to the MSCI All Argentina 25/50 Index. For the 12-month period ended October 31, 2014 (the “reporting period”), the Fund increased 5.03%, while the Hybrid MSCI All Argentina 25/50 Index/FTSE Argentina 20 Index increased 6.13%. The Fund had a net asset value of $20.29 per share on October 31, 2013 and ended the reporting period with a net asset value of $21.18 on October 31, 2014.
During the reporting period, the highest returns came from Pampa Energia and BBVA Banco Frances, which returned 110.99% and 82.54%, respectively. The worst performers were Arcos Dorados Holdings and McEwen Mining, which returned -47.46% and -42.06%, respectively.
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2014 | |
| | One Year Return | | | Three Year Return | | | Annualized Inception to Date* | |
| | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | |
Global X MSCI Argentina ETF | | | 5.03 | % | | | 4.57 | % | | | 0.15 | % | | | 0.33 | % | | | -7.85 | % | | | -7.87 | % |
Hybrid MSCI All Argentina 25/50 Index / FTSE Argentina 20 Index** | | | 6.13 | % | | | 6.13 | % | | | 1.26 | % | | | 1.26 | % | | | -6.95 | % | | | -6.95 | % |
FTSE Argentina 20 Index | | | 4.60 | % | | | 4.60 | % | | | 0.77 | % | | | 0.77 | % | | | -7.32 | % | | | -7.32 | % |
S&P 500 Index | | | 17.27 | % | | | 17.27 | % | | | 19.77 | % | | | 19.77 | % | | | 14.95 | % | | | 14.95 | % |
Growth of a $10,000 Investment
(At Net Asset Value)

*Fund commenced operations on March 2, 2011.
**Reflects performance of the FTSE Argentina 20 Index through August 14, 2014 and the MSCI All Argentina 25/50 Index (“New Index”) thereafter. This change was effected due to the planned migration to the New Index, potentially allowing for broader access to the local market.

Management Discussion of Fund Performance (unaudited)
Global X MSCI Argentina ETF
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)
Global X FTSE Greece 20 ETF
Global X FTSE Greece 20 ETF
The Global X FTSE Greece 20 ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE/ATHEX Custom Capped Index (the “Index”). The Fund generally seeks to replicate the Index, but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.
The Index is designed to reflect broad based equity market performance in Greece. The Fund is the nation’s first ETF focused exclusively on Greece.
For the 12-month period ended October 31, 2014 (the “reporting period”), the Fund decreased 29.83%, while the Index decreased 29.69%. The Fund had a net asset value of $22.60 per share on October 31, 2013 and ended the reporting period with a net asset value of $15.84 on October 31, 2014.
During the reporting period, the highest returns came from Folli Follie and Grivalia Properties, which returned 12.66% and 10.97%, respectively. The worst performers were Hellenic Petroleum and National Bank of Greece, which returned
-60.64% and -58.46%, respectively.
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2014 | |
| | One Year Return | | | Annualized Inception to Date* | |
| | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | |
Global X FTSE Greece 20 ETF | | | -29.83 | % | | | -30.86 | % | | | 1.67 | % | | | 1.38 | % |
FTSE/ATHEX Custom Capped Index | | | -29.69 | % | | | -29.69 | % | | | 2.75 | % | | | 2.75 | % |
S&P 500 Index | | | 17.27 | % | | | 17.27 | % | | | 20.12 | % | | | 20.12 | % |
Growth of a $10,000 Investment
(At Net Asset Value)

*Fund commenced operations on December 7, 2011.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)
Global X MSCI Norway ETF
Global X MSCI Norway ETF
The Global X MSCI Norway ETF, formerly the Global X FTSE Norway 30 ETF (the “Fund”), seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Norway IMI 25/50 Index (the “Index”). The Fund generally seeks to replicate the Index, but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.
The Index is designed to reflect broad based equity market performance in Norway. The Fund is the nation’s first ETF focused exclusively on Norway.
On July 15, 2014, the index for the Fund was changed from the FTSE Norway 30 Index to the MSCI Norway IMI 25/50 Index. For the 12-month period ended October 31, 2014 (the “reporting period”), the Fund decreased 9.46%, while the Hybrid MSCI Norway IMI 25/50 Index/FTSE Norway 30 Index decreased 9.72%. The Fund had a net asset value of $16.76 per share on October 31, 2013 and ended the reporting period with a net asset value of $14.82 on October 31, 2014.
During the reporting period, the highest returns came from Algeta and Marine Harvest, which returned 51.60% and 35.82%, respectively. The worst performers were Polarcus and Fred Olsen Energy, which returned -75.31% and -71.66%, respectively.
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2014 | |
| | One Year Return | | | Three Year Return | | | Annualized Inception to Date* | |
| | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | |
Global X MSCI Norway ETF | | | -9.46 | % | | | -9.09 | % | | | 4.78 | % | | | 5.12 | % | | | 2.09 | % | | | 2.21 | % |
Hybrid MSCI Norway IMI 25/50 Index / FTSE Norway 30 Index** | | | -9.72 | % | | | -9.72 | % | | | 4.65 | % | | | 4.65 | % | | | 2.16 | % | | | 2.16 | % |
FTSE Norway 30 Index | | | -10.44 | % | | | -10.44 | % | | | 4.37 | % | | | 4.37 | % | | | 1.95 | % | | | 1.95 | % |
S&P 500 Index | | | 17.27 | % | | | 17.27 | % | | | 19.77 | % | | | 19.77 | % | | | 16.07 | % | | | 16.07 | % |
Growth of a $10,000 Investment
(At Net Asset Value)

*Fund commenced operations on November 9, 2010.
**Reflects performance of the FTSE Norway 30 Index through July 14, 2014 and the MSCI Norway IMI 25/50 Index (“New Index”) thereafter. This change was effected due to the planned migration to the New Index, potentially allowing for broader access to the local market.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)
Global X FTSE Nordic Region ETF
Global X FTSE Nordic Region ETF
The Global X FTSE Nordic Region ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE Nordic 30 Index (the “Index”). The Fund generally seeks to replicate the Index, but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.
The Index is a market capitalization-weighted index of the 30 largest and most liquid stocks in Sweden, Denmark, Norway and Finland. The Index is designed to measure broad based equity market performance in these countries. The Fund is the nation’s first ETF focused exclusively on the Nordic region.
For the 12-month period ended October 31, 2014 (the “reporting period”), the Fund increased 5.30%, while the Index increased 5.02%. The Fund had a net asset value of $23.74 per share on October 31, 2013 and ended the reporting period with a net asset value of $24.36 on October 31, 2014.
During the reporting period, the highest returns came from Scania and Novo Nordisk, which returned 50.41% and 37.41%, respectively. The worst performers were Seadrill and SKF, which returned -45.31% and -22.23%, respectively.
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2014 | |
| | One Year Return | | | Three Year Return | | | Five Year Return | | | Annualized Inception to Date* | |
| | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | |
Global X FTSE Nordic Region ETF | | | 5.30 | % | | | 5.34 | % | | | 15.07 | % | | | 15.50 | % | | | 10.82 | % | | | 10.78 | % | | | 12.57 | % | | | 12.62 | % |
FTSE Nordic 30 Index | | | 5.02 | % | | | 5.02 | % | | | 14.57 | % | | | 14.57 | % | | | 10.60 | % | | | 10.60 | % | | | 12.50 | % | | | 12.50 | % |
S&P 500 Index | | | 17.27 | % | | | 17.27 | % | | | 19.77 | % | | | 19.77 | % | | | 16.69 | % | | | 16.69 | % | | | 17.31 | % | | | 17.31 | % |
Growth of a $10,000 Investment
(At Net Asset Value)

*Fund commenced operations on August 17, 2009.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)
Global X Central Asia & Mongolia Index ETF
Global X Central Asia & Mongolia Index ETF
The Global X Central Asia & Mongolia Index ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Central Asia & Mongolia Index (the “Index”). The Fund generally seeks to replicate the Index, but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.
The Index is designed to reflect broad based equity market performance in Central Asia and Mongolia. The Fund is the nation’s first ETF focused exclusively on Central Asia and Mongolia.
For the 12-month period ended October 31, 2014 (the “reporting period”), the Fund decreased 8.23%, while the Index decreased 7.59%. The Fund had a net asset value of $13.74 per share on October 31, 2013 and ended the reporting period with a net asset value of $12.29 on October 31, 2014.
During the reporting period, the highest returns came from Bank of Georgia Holdings and Halyk Savings Bank of Kazakhstan JSC, which returned 32.67% and 24.35%, respectively. The worst performers were Max Petroleum and Tethys Petroleum, which returned -61.27% and -58.14%, respectively.
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2014 | |
| | One Year Return | | | Annualized Inception to Date* | |
| | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | |
Global X Central Asia & Mongolia Index ETF | | | -8.23 | % | | | -8.51 | % | | | -9.81 | % | | | -10.01 | % |
Solactive Central Asia & Mongolia Index | | | -7.59 | % | | | -7.59 | % | | | -9.26 | % | | | -9.26 | % |
S&P 500 Index | | | 17.27 | % | | | 17.27 | % | | | 19.63 | % | | | 19.63 | % |
Growth of a $10,000 Investment
(At Net Asset Value)

*Fund commenced operations on April 2, 2013.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)
Global X MSCI Nigeria ETF
Global X MSCI Nigeria ETF
The Global X MSCI Nigeria ETF, formerly the Global X Nigeria Index ETF (the “Fund”), seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Nigeria Select 25/50 Index (the “Index”). The Fund generally seeks to replicate the Index, but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.
The Index is designed to reflect broad based equity market performance in Nigeria. The Fund is the nation’s first ETF focused exclusively on Nigeria.
On August 15, 2014, the index for the Fund was changed from the Solactive Nigeria Index to the MSCI All Nigeria Select 25/50 Index. For the 12-month period ended October 31, 2014 (the “reporting period”), the Fund decreased 11.55%, while the Hybrid MSCI All Nigeria Select 25/50 Index/Solactive Nigeria Index decreased 10.70%. The Fund had a net asset value of $14.92 per share on October 31, 2013 and ended the reporting period with a net asset value of $13.02 on October 31, 2014.
During the reporting period, the highest returns came from Transnational Corp of Nigeria and Oando, which returned 115.41% and 88.40%, respectively. The worst performers were Unilever Nigeria and Skye Bank, which returned -41.68% and -39.00%, respectively.
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2014 | |
| | One Year Return | | | Annualized Inception to Date* | |
| | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | |
Global X MSCI Nigeria ETF | | | -11.55 | % | | | -10.33 | % | | | -8.98 | % | | | -6.16 | % |
Hybrid MSCI All Nigeria Select 25/50 Index / Solactive Nigeria Index | | | -10.70 | % | | | -10.70 | % | | | -8.13 | % | | | -8.13 | % |
Solactive Nigeria Index | | | -13.04 | % | | | -13.04 | % | | | -9.58 | % | | | -9.58 | % |
S&P 500 Index | | | 17.27 | % | | | 17.27 | % | | | 19.63 | % | | | 19.63 | % |
Growth of a $10,000 Investment
(At Net Asset Value)

*Fund commenced operations on April 2, 2013.
**Reflects performance of the Solactive Nigeria Index through August 14, 2014 and the MSCI All Nigeria Select 25/50 Index (“New Index”) thereafter. This change was effected due to the planned migration to the New Index, potentially allowing for broader access to the local market.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. The Fund’s performance reflects contractual fee waivers in effect until at least March 1, 2015. Absent these waivers performance would be lower. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
There are no assurances that the Fund will meet its stated objectives.

Management Discussion of Fund Performance (unaudited)
Global X MSCI Nigeria ETF
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)
Global X Next Emerging & Frontier ETF
Global X Next Emerging & Frontier ETF
The Global X Next Emerging & Frontier ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Next Emerging & Frontier Index (the “Index”). The Fund generally seeks to replicate the Index, but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.
The Index is designed to reflect broad based equity market performance of the Next Emerging markets and Frontier markets companies.
For the period from the Fund’s commencement date on November 6, 2013 through October 31, 2014 (the “reporting period”), the Fund increased 2.07%, while the Index increased 2.39%. The Fund had a net asset value of $25.08 per share on November 6, 2013 and ended the reporting period with a net asset value of $25.55 on October 31, 2014.
During the reporting period, the highest returns came from Grameenphone and Emaar Properties PJSC, which returned 102.01% and 82.83%, respectively. The worst performers were iSentric and Resolute Mining, which returned -58.12% and -54.57%, respectively.
| | AVERAGE ANNUAL TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2014 | |
| | Cumulative Inception to Date* | |
| | Net Asset Value | | | Market Price | |
Global X Next Emerging & Frontier ETF | | | 2.07 | % | | | 1.23 | % |
Solactive Next Emerging & Frontier Index | | | 2.39 | % | | | 2.39 | % |
S&P 500 Index | | | 16.27 | % | | | 16.27 | % |
Growth of a $10,000 Investment
(At Net Asset Value)

*Fund commenced operations on November 6, 2013. Total return is for the period indicated and has not been annualized.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)
Global X FTSE Portugal 20 ETF
Global X FTSE Portugal 20 ETF
The Global X FTSE Portugal 20 ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE Portugal 20 Index (the “Index”). The Fund generally seeks to replicate the Index, but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.
The Index is designed to reflect broad based equity market performance in Portugal. The Fund is the nation’s first ETF focused exclusively on Portugal.
For the period from the Fund’s commencement date on November 12, 2013 through October 31, 2014 (the “reporting period”), the Fund decreased 15.89%, while the Index decreased 14.66%. The Fund had a net asset value of $15.04 per share on November 12, 2013 and ended the reporting period with a net asset value of $12.65 on October 31, 2014.
During the reporting period, the highest returns came from Banco Comercial Portugues and Banco BPI, which returned 26.73% and 24.61%, respectively. The worst performers were Sonae Industria and Portugal Telecom, which returned
-61.27% and -58.14%, respectively.
| | AVERAGE ANNUAL TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2014* | |
| | Cumulative Inception to Date* | |
| | Net Asset Value | | | Market Price | |
Global X FTSE Portugal 20 ETF | | | -15.89 | % | | | -15.76 | % |
FTSE Portugal 20 Index | | | -14.66 | % | | | -14.66 | % |
S&P 500 Index | | | 16.41 | % | | | 16.41 | % |
Growth of a $10,000 Investment
(At Net Asset Value)

*Fund commenced operations on November 12, 2013. Total return is for the period indicated and has not been annualized.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices above.

Schedule of Investments | October 31, 2014 |
Global X China Consumer ETF |
Sector Weightings (unaudited)†:

† 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% |
CHINA— 75.1% | | | | | | | | |
Consumer Goods — 45.3% | | | | | | | | |
ANTA Sports Products | | | 1,675,396 | | | $ | 3,283,735 | |
BYD, Cl H (A) | | | 978,500 | | | | 6,207,732 | |
China Yurun Food Group * (A) | | | 2,938,388 | | | | 1,257,923 | |
Daphne International Holdings (A) | | | 1,761,524 | | | | 885,850 | |
Dongfeng Motor Group, Cl H | | | 3,964,446 | | | | 6,124,157 | |
Great Wall Motor, Cl H | | | 1,542,299 | | | | 6,761,678 | |
Guangzhou Automobile Group, Cl H | | | 4,824,117 | | | | 4,292,140 | |
Hengan International Group | | | 599,449 | | | | 6,318,980 | |
Li Ning * (A) | | | 2,313,369 | | | | 1,226,009 | |
Shenzhou International Group Holdings | | | 1,074,362 | | | | 3,705,795 | |
Tingyi Cayman Islands Holding | | | 2,433,825 | | | | 6,050,669 | |
Tsingtao Brewery, Cl H | | | 714,917 | | | | 5,282,229 | |
Uni-President China Holdings (A) | | | 2,776,143 | | | | 2,566,658 | |
Want Want China Holdings | | | 5,005,909 | | | | 6,829,291 | |
| | | | | | | 60,792,846 | |
Consumer Services — 29.8% | | | | | | | | |
Air China, Cl H | | | 3,713,028 | | | | 2,403,471 | |
Ajisen China Holdings | | | 1,189,993 | | | | 819,394 | |
China Southern Airlines, Cl H | | | 3,394,895 | | | | 1,190,700 | |
Chow Tai Fook Jewellery Group (A) | | | 2,318,379 | | | | 3,222,628 | |
Ctrip.com International ADR * | | | 82,969 | | | | 4,837,093 | |
E-Commerce China Dangdang ADR, Cl A * (A) | | | 109,200 | | | | 1,433,796 | |
Golden Eagle Retail Group (A) | | | 966,947 | | | | 1,184,495 | |
GOME Electrical Appliances Holding | | | 25,150,705 | | | | 3,956,553 | |
Home Inns & Hotels Management ADR * | | | 36,527 | | | | 1,103,480 | |
Intime Retail Group (A) | | | 2,557,484 | | | | 2,229,291 | |
New Oriental Education & Technology Group ADR * | | | 56,877 | | | | 1,228,543 | |
Parkson Retail Group | | | 2,456,612 | | | | 719,067 | |
Sun Art Retail Group (A) | | | 4,510,625 | | | | 4,827,495 | |
Vipshop Holdings ADR * | | | 32,000 | | | | 7,337,280 | |
Wumart Stores, Cl H (A) | | | 1,237,211 | | | | 1,070,467 | |
Youku.com ADR * | | | 123,596 | | | | 2,422,482 | |
| | | | | | | 39,986,235 | |
TOTAL CHINA | | | | | | | 100,779,081 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X China Consumer ETF |
| | Shares/Face Amount(1) | | | Value | |
COMMON STOCK — continued | | | | | | |
HONG KONG— 25.0% | | | | | | | | |
Consumer Goods — 19.3% | | | | | | | | |
Belle International Holdings, Cl A | | | 5,554,596 | | | $ | 7,069,304 | |
Biostime International Holdings (A) | | | 338,000 | | | | 765,329 | |
Bosideng International Holdings (A) | | | 6,049,462 | | | | 897,060 | |
China Agri-Industries Holdings | | | 4,795,156 | | | | 1,830,212 | |
China Foods* (A) | | | 1,566,113 | | | | 585,636 | |
China Mengniu Dairy | | | 1,470,826 | | | | 6,495,744 | |
China Resources Enterprise | | | 2,570,457 | | | | 6,111,928 | |
Skyworth Digital Holdings | | | 3,897,588 | | | | 2,135,954 | |
| | | | | | | 25,891,167 | |
Consumer Services — 5.7% | | | | | | | | |
China Dongxiang Group | | | 6,119,588 | | | | 1,120,515 | |
Melco Crown Entertainment ADR | | | 240,937 | | | | 6,539,030 | |
| | | | | | | 7,659,545 | |
TOTAL HONG KONG | | | | | | | 33,550,712 | |
TOTAL COMMON STOCK | | | | | | | | |
(Cost $156,619,247) | | | | | | | 134,329,793 | |
| | | | | | | | |
REPURCHASE AGREEMENTS — 13.1% | | | | | | | | |
Barclays | | | | | | | | |
0.080%, dated 10/31/14, to be repurchased on 11/03/14, repurchase price $16,000,107 (collateralized by U.S. Treasury Bills, ranging in par value $8,016-$2,965,011, 0.250%-4.875%, 11/15/14-05/15/22 with a total market value of $16,230,491) (B) | | | 16,000,000 | | | | 16,000,000 | |
Deutsche Bank | | | | | | | | |
0.100%, dated 10/31/14, to be repurchased on 11/03/14, repurchase price $1,500,938 (collateralized by U.S. Treasury Bills, par value $1,568,767, 1.125%, 12/31/19 with a total market value of $1,524,768)(B) | | | 1,500,925 | | | | 1,500,925 | |
TOTAL REPURCHASE AGREEMENTS | | | | | | | | |
(Cost $17,500,925) | | | | | | | 17,500,925 | |
| | | | | | | | |
TIME DEPOSITS — 0.3% | | | | | | | | |
Brown Brothers Harriman | | | | | | | | |
0.030%, 11/03/14 | | | 342,198 | | | | 342,198 | |
0.005%, 11/03/14, HKD | | | 10 | | | | 1 | |
TOTAL TIME DEPOSITS | | | | | | | | |
(Cost $342,199) | | | | | | | 342,199 | |
TOTAL INVESTMENTS — 113.5% | | | | | | | | |
(Cost $174,462,371) | | | | | | $ | 152,172,917 | |
Percentages are based on Net Assets of $134,014,036.
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X China Consumer ETF |
| * | Non-Income Producing Security. |
| (1) | In U.S. Dollars unless otherwise indicated. |
| (A) | This security or a partial position of this security is on loan at October 31, 2014. The total value of securities on loan at October 31, 2014 was $15,680,079. |
| (B) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2014 was $17,500,925. |
ADR — American Depositary Receipt |
Cl — Class |
HKD — Hong Kong Dollar |
The following is a summary of the inputs used as of October 31, 2014 in valuing the Fund's investments carried at value:
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stock | | $ | 134,329,793 | | | $ | — | | | $ | — | | | $ | 134,329,793 | |
Repurchase Agreements | | | — | | | | 17,500,925 | | | | — | | | | 17,500,925 | |
Time Deposits | | | — | | | | 342,199 | | | | — | | | | 342,199 | |
Total Investments in Securities | | $ | 134,329,793 | | | $ | 17,843,124 | | | $ | — | | | $ | 152,172,917 | |
For the year ended October 31, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
As of October 31, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X China Energy ETF |
Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.
| | Shares | | | Value | |
COMMON STOCK — 99.9% | | | | | | | | |
CHINA— 52.1% | | | | | | | | |
Energy — 39.3% | | | | | | | | |
Anton Oilfield Services Group | | | 48,428 | | | $ | 10,241 | |
China Coal Energy, Cl H | | | 126,891 | | | | 77,720 | |
China Longyuan Power Group, Cl H | | | 154,076 | | | | 164,502 | |
China Oilfield Services, Cl H | | | 87,956 | | | | 183,507 | |
China Petroleum & Chemical, Cl H | | | 524,197 | | | | 454,225 | |
China Shenhua Energy, Cl H | | | 78,340 | | | | 220,720 | |
Daqo New Energy ADR * | | | 280 | | | | 10,898 | |
Hanwha SolarOne ADR * | | | 4,088 | | | | 8,503 | |
JA Solar Holdings ADR * | | | 1,366 | | | | 11,433 | |
JinkoSolar Holding ADR * | | | 1,213 | | | | 29,925 | |
PetroChina, Cl H | | | 366,113 | | | | 458,396 | |
ReneSola ADR * | | | 4,066 | | | | 9,758 | |
Tianneng Power International | | | 30,315 | | | | 10,828 | |
Trina Solar ADR * | | | 3,162 | | | | 33,391 | |
Yanzhou Coal Mining, Cl H | | | 88,075 | | | | 74,047 | |
Yingli Green Energy Holding ADR * | | | 4,690 | | | | 13,741 | |
| | | | | | | 1,771,835 | |
Oil & Gas — 4.5% | | | | | | | | |
ENN Energy Holdings | | | 31,361 | | | | 203,407 | |
Utilities — 8.3% | | | | | | | | |
Datang International Power Generation, Cl H | | | 133,812 | | | | 70,226 | |
Huadian Power International, Cl H | | | 80,761 | | | | 61,650 | |
Huaneng Power International, Cl H | | | 153,021 | | | | 187,843 | |
Huaneng Renewables, Cl H | | | 145,900 | | | | 52,489 | |
| | | | | | | 372,208 | |
TOTAL CHINA | | | | | | | 2,347,450 | |
HONG KONG— 47.8% | | | | | | | | |
Energy — 22.9% | | | | | | | | |
Beijing Enterprises Holdings | | | 25,373 | | | | 207,101 | |
China Gas Holdings | | | 90,337 | | | | 161,682 | |
CNOOC | | | 275,585 | | | | 432,822 | |
Kunlun Energy | | | 150,305 | | | | 199,239 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X China Energy ETF |
| | Shares/Face Amount(1) | | | Value | |
COMMON STOCK — continued | | | | | | | | |
Energy — continued | | | | | | | | |
Shougang Fushan Resources Group | | | 137,815 | | | $ | 31,099 | |
| | | | | | | 1,031,943 | |
Oil & Gas — 2.5% | | | | | | | | |
China Oil & Gas Group | | | 204,700 | | | | 32,466 | |
Shunfeng Photovoltaic International * | | | 52,500 | | | | 43,800 | |
Xinjiang Goldwind Science & Technology, Cl H | | | 21,500 | | | | 38,757 | |
| | | | | | | 115,023 | |
Utilities — 22.4% | | | | | | | | |
China Power International Development | | | 134,184 | | | | 60,559 | |
China Resources Gas Group | | | 39,700 | | | | 113,389 | |
China Resources Power Holdings | | | 78,601 | | | | 228,550 | |
GCL-Poly Energy Holdings* | | | 518,611 | | | | 175,206 | |
Hong Kong & China Gas | | | 92,067 | | | | 214,877 | |
Power Assets Holdings | | | 22,600 | | | | 218,126 | |
| | | | | | | 1,010,707 | |
TOTAL HONG KONG | | | | | | | 2,157,673 | |
TOTAL COMMON STOCK | | | | | | | | |
(Cost $4,551,673) | | | | | | | 4,505,123 | |
| | | | | | | | |
TIME DEPOSITS — 0.4% | | | | | | | | |
Brown Brothers Harriman | | | | | | | | |
0.030%, 11/03/14 | | | 16,078 | | | | 16,078 | |
0.005%, 11/03/14, HKD | | | 5 | | | | 1 | |
TOTAL TIME DEPOSITS | | | | | | | | |
(Cost $16,079) | | | | | | | 16,079 | |
TOTAL INVESTMENTS — 100.3% | | | | | | | | |
(Cost $4,567,752) | | | | | | $ | 4,521,202 | |
Percentages are based on Net Assets of $4,508,837.
| * | Non-income producing security |
| (1) | In U.S. Dollars unless otherwise indicated. |
ADR — American Depositary Receipt
Cl — Class
HKD — Hong Kong Dollar
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X China Energy ETF |
The following is a summary of the inputs used as of October 31, 2014 in valuing the Fund's investments carried at value:
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stock | | $ | 4,505,123 | | | $ | — | | | $ | — | | | $ | 4,505,123 | |
Time Deposits | | | — | | | | 16,079 | | | | — | | | | 16,079 | |
Total Investments in Securities | | $ | 4,505,123 | | | $ | 16,079 | | | $ | — | | | $ | 4,521,202 | |
For the year ended October 31, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
As of October 31, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X China Financials ETF |
Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.
| | Shares | | | Value | |
COMMON STOCK — 99.6% | | | | | | | | |
CHINA— 77.2% | | | | | | | | |
Financials — 71.3% | | | | | | | | |
Agricultural Bank of China, Cl H | | | 4,926,888 | | | $ | 2,287,084 | |
Bank of China, Cl H | | | 10,171,834 | | | | 4,866,090 | |
Bank of Communications, Cl H | | | 2,477,271 | | | | 1,855,909 | |
China Citic Bank, Cl H | | | 2,029,722 | | | | 1,321,706 | |
China Construction Bank, Cl H | | | 6,479,626 | | | | 4,829,307 | |
China Life Insurance, Cl H | | | 792,040 | | | | 2,369,420 | |
China Merchants Bank, Cl H | | | 1,191,934 | | | | 2,207,057 | |
China Minsheng Banking, Cl H | | | 1,529,355 | | | | 1,532,274 | |
China Pacific Insurance Group, Cl H | | | 540,712 | | | | 2,021,953 | |
Chongqing Rural Commercial Bank, Cl H | | | 647,767 | | | | 311,555 | |
CITIC Securities, Cl H | | | 259,196 | | | | 646,386 | |
E-House China Holdings ADR | | | 21,831 | | | | 218,092 | |
Industrial & Commercial Bank of China, Cl H | | | 7,256,637 | | | | 4,800,205 | |
PICC Property & Casualty, Cl H | | | 1,095,442 | | | | 2,008,612 | |
Ping An Insurance Group of China, Cl H | | | 288,007 | | | | 2,352,646 | |
Sino-Ocean Land Holdings | | | 1,146,252 | | | | 654,773 | |
SOHO China | | | 481,559 | | | | 353,320 | |
| | | | | | | 34,636,389 | |
Real Estate — 5.9% | | | | | | | | |
Agile Property Holdings | | | 323,012 | | | | 182,015 | |
Country Garden Holdings | | | 1,457,997 | | | | 573,408 | |
Evergrande Real Estate Group | | | 1,143,761 | | | | 439,500 | |
Greentown China Holdings | | | 155,993 | | | | 162,325 | |
Guangzhou R&F Properties | | | 250,293 | | | | 272,717 | |
Longfor Properties | | | 307,038 | | | | 355,925 | |
Shimao Property Holdings | | | 313,804 | | | | 674,934 | |
Shui On Land | | | 877,801 | | | | 200,344 | |
| | | | | | | 2,861,168 | |
TOTAL CHINA | | | | | | | 37,497,557 | |
HONG KONG— 22.4% | | | | | | | | |
Financials — 20.7% | | | | | | | | |
Cheung Kong Holdings | | | 129,350 | | | | 2,295,049 | |
China Everbright | | | 220,141 | | | | 428,065 | |
China Overseas Land & Investment | | | 806,366 | | | | 2,339,493 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X China Financials ETF |
| | Shares/Rights/ Face Amount (1) | | | Value | |
COMMON STOCK — continued | | | | | | | | |
Financials — continued | | | | | | | | |
China Resources Land | | | 483,408 | | | $ | 1,149,428 | |
Franshion Properties China | | | 760,958 | | | | 179,564 | |
Haitong Securities, Cl H | | | 338,500 | | | | 580,520 | |
Hopson Development Holdings * | | | 149,061 | | | | 132,431 | |
KWG Property Holding | | | 300,185 | | | | 208,247 | |
New China Life Insurance, Cl H | | | 249,511 | | | | 933,028 | |
People's Insurance Group of China, Cl H | | | 2,102,100 | | | | 908,040 | |
Shenzhen Investment | | | 554,718 | | | | 160,224 | |
Sunac China Holdings | | | 426,600 | | | | 369,105 | |
Yuexiu Property | | | 2,004,345 | | | | 369,586 | |
| | | | | | | 10,052,780 | |
Real Estate — 1.7% | | | | | | | | |
China Taiping Insurance Holdings * | | | 301,130 | | | | 646,122 | |
Poly Property Group | | | 515,807 | | | | 199,533 | |
| | | | | | | 845,655 | |
TOTAL HONG KONG | | | | | | | 10,898,435 | |
TOTAL COMMON STOCK | | | | | | | | |
(Cost $49,908,573) | | | | | | | 48,395,992 | |
| | | | | | | | |
RIGHTS — 0.1% | | | | | | | | |
China — 0.0% | | | | | | | | |
Agile Property Holdings, Expires 11/11/14, Exercise Price 3.80, HKD* | | | 44,176 | | | | 2,905 | |
| | | | | | | | |
Hong Kong — 0.1% | | | | | | | | |
China Taiping Insurance Holdings, Expires 11/18/14, Exercise Price 11.89, HKD* | | | 44,022 | | | | 26,964 | |
| | | | | | | | |
TOTAL RIGHTS | | | | | | | | |
(Cost $–) | | | | | | | 29,869 | |
| | | | | | | | |
TIME DEPOSITS — 0.1% | | | | | | | | |
Brown Brothers Harriman | | | | | | | | |
0.030%, 11/03/14 | | | 42,109 | | | | 42,109 | |
0.005%, 11/03/14, HKD | | | 11 | | | | 1 | |
TOTAL TIME DEPOSITS | | | | | | | | |
(Cost $42,110) | | | | | | | 42,110 | |
TOTAL INVESTMENTS — 99.8% | | | | | | | | |
(Cost $49,950,683) | | | | | | $ | 48,467,971 | |
Percentages are based on Net Assets of $48,585,334.
| * | Non-income producing security. |
| (1) | In U.S. Dollars unless otherwise indicated.. |
ADR — American Depositary Receipt
Cl — Class
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X China Financials ETF |
HKD — Hong Kong Dollar
The following is a summary of the inputs used as of October 31, 2014 in valuing the Fund's investments carried at value:
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stock | | $ | 48,395,992 | | | $ | — | | | $ | — | | | $ | 48,395,992 | |
Rights | | | — | | | | 29,869 | | | | — | | | | 29,869 | |
Time Deposits | | | — | | | | 42,110 | | | | — | | | | 42,110 | |
Total Investments in Securities | | $ | 48,395,992 | | | $ | 71,979 | | | $ | — | | | $ | 48,467,971 | |
For the year ended October 31, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
As of October 31, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X China Industrials ETF |
Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.
| | Shares | | | Value | |
COMMON STOCK — 96.9% | | | | | | | | |
CHINA— 72.7% | | | | | | | | |
Industrials — 72.7% | | | | | | | | |
Anhui Conch Cement, Cl H | | | 83,837 | | | $ | 274,585 | |
BYD, Cl H | | | 42,144 | | | | 267,367 | |
China Communications Construction, Cl H | | | 368,683 | | | | 282,863 | |
China COSCO Holdings, Cl H * | | | 296,462 | | | | 133,032 | |
China Lesso Group Holdings | | | 112,745 | | | | 59,170 | |
China National Building Material, Cl H | | | 284,817 | | | | 264,060 | |
China National Materials | | | 122,246 | | | | 27,743 | |
China Railway Construction, Cl H | | | 217,011 | | | | 227,779 | |
China Railway Group, Cl H | | | 439,868 | | | | 271,117 | |
China Rongsheng Heavy Industry Group * | | | 374,218 | | | | 59,835 | |
China Shanshui Cement Group | | | 223,852 | | | | 82,553 | |
China Shipping Container Lines, Cl H * | | | 430,852 | | | | 122,780 | |
China Shipping Development, Cl H * | | | 130,644 | | | | 85,914 | |
China South Locomotive and Rolling Stock (A)(B) | | | 234,313 | | | | 238,386 | |
China Zhongwang Holdings | | | 160,308 | | | | 84,544 | |
Dongfang Electric, Cl H | | | 38,943 | | | | 65,882 | |
First Tractor, Cl H | | | 45,941 | | | | 29,383 | |
Guangshen Railway, Cl H | | | 164,188 | | | | 70,501 | |
Haitian International Holdings | | | 73,196 | | | | 157,053 | |
Harbin Power Equipment, Cl H | | | 73,571 | | | | 44,398 | |
Hollysys Automation Technologies * | | | 4,462 | | | | 109,453 | |
Jiangsu Expressway, Cl H | | | 140,479 | | | | 156,869 | |
Metallurgical Corp of China, Cl H | | | 329,541 | | | | 90,510 | |
Sany Heavy Equipment International Holdings * | | | 103,294 | | | | 22,909 | |
Shanghai Electric Group, Cl H | | | 321,151 | | | | 160,675 | |
Weichai Power, Cl H | | | 55,859 | | | | 214,283 | |
Yangzijiang Shipbuilding Holdings | | | 222,543 | | | | 195,623 | |
Zhejiang Expressway, Cl H | | | 164,800 | | | | 166,177 | |
Zhuzhou CSR Times Electric, Cl H (A)(B) | | | 62,693 | | | | 269,601 | |
TOTAL CHINA | | | | | | | 4,235,045 | |
HONG KONG— 24.2% | | | | | | | | |
Industrials — 24.2% | | | | | | | | |
AviChina Industry & Technology, Cl H | | | 238,700 | | | | 181,598 | |
Beijing Capital International Airport, Cl H | | | 159,571 | | | | 117,077 | |
China High Speed Transmission Equipment Group * | | | 109,150 | | | | 85,995 | |
China International Marine Containers Group, Cl H | | | 50,500 | | | | 117,863 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X China Industrials ETF |
| | Shares/Face Amount(1) | | | Value | |
COMMON STOCK — continued | | | | | | | | |
Industrials — continued | | | | | | | | |
China Merchants Holdings International | | | 87,218 | | | $ | 275,537 | |
China Resources Cement Holdings | | | 199,741 | | | | 135,733 | |
Shanghai Industrial Holdings | | | 53,299 | | | | 164,257 | |
Shenzhen International Holdings | | | 92,496 | | | | 146,940 | |
Sunny Optical Technology Group | | | 69,264 | | | | 111,820 | |
Zoomlion Heavy Industry Science and Technology | | | 144,500 | | | | 69,499 | |
TOTAL HONG KONG | | | | | | | 1,406,319 | |
TOTAL COMMON STOCK | | | | | | | | |
(Cost $6,003,666) | | | | | | | 5,641,364 | |
| | | | | | | | |
TIME DEPOSITS — 0.4% | | | | | | | | |
Brown Brothers Harriman | | | | | | | | |
0.030%, 11/03/14 | | | 19,149 | | | | 19,149 | |
0.005%, 11/03/14, HKD | | | 12,919 | | | | 1,666 | |
TOTAL TIME DEPOSITS | | | | | | | | |
(Cost $20,815) | | | | | | | 20,815 | |
TOTAL INVESTMENTS — 97.3% | | | | | | | | |
(Cost $6,024,481) | | | | | | $ | 5,662,179 | |
Percentages are based on Net Assets of $5,820,634.
| * | Non-income producing security. |
| (1) | In U.S. Dollars unless otherwise indicated. |
| (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 October 31, 2014 was $507,987 and represents 8.7% of Net Assets. |
| (B) | Security considered illiquid. The total value of such securities as of October 31, 2014 was $507,987 and represented 8.7% of Net Assets. |
Cl — Class |
HKD — Hong Kong Dollar |
The following is a summary of the inputs used as of October 31, 2014 in valuing the Fund's investments carried at value:
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3(1) | | | Total | |
Common Stock | | $ | 5,133,377 | | | $ | — | | | $ | 507,987 | | | $ | 5,641,364 | |
Time Deposits | | | — | | | | 20,815 | | | | — | | | | 20,815 | |
Total Investments in Securities | | $ | 5,133,377 | | | $ | 20,815 | | | $ | 507,987 | | | $ | 5,662,179 | |
(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 accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X China Industrials ETF |
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
| | Investments in Common Stock | |
| | | |
Beginning Balance as of October 31, 2013 | | $ | — | |
Transfers into Level 3 | | | 507,987 | |
Ending Balance as of October 31, 2014 | | $ | 507,987 | |
For the year ended October 31, 2014, the transfers in and out of Level 3 were due to changes in the availability of
observable inputs to determine fair value. Transfers between levels are recognized at period end.
Net change in unrealized appreciation/(depreciation) from investments (Level 3) still held as of October 31, 2014 is $0.
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X China Materials ETF |
Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.
| | Shares | | | Value | |
COMMON STOCK — 99.9% | | | | | | | | |
CHINA— 65.8% | | | | | | | | |
Basic Materials — 65.8% | | | | | | | | |
Aluminum Corp of China, Cl H * | | | 352,399 | | | $ | 156,315 | |
Angang Steel, Cl H | | | 192,884 | | | | 142,017 | |
BBMG, Cl H | | | 209,800 | | | | 148,249 | |
China BlueChemical | | | 314,729 | | | | 111,603 | |
China Hongqiao Group | | | 198,482 | | | | 152,793 | |
China Molybdenum, Cl H | | | 213,988 | | | | 127,479 | |
Dongyue Group | | | 201,457 | | | | 75,853 | |
Fosun International | | | 128,500 | | | | 152,274 | |
Hunan Non-Ferrous Metal, Cl H (A)(B) * | | | 272,387 | | | | 87,457 | |
Jiangxi Copper, Cl H | | | 84,941 | | | | 150,929 | |
Maanshan Iron & Steel, Cl H * | | | 320,525 | | | | 83,487 | |
Real Gold Mining(A)(B) * | | | 97,864 | | | | 11,180 | |
Sinofert Holdings * | | | 326,030 | | | | 49,608 | |
Sinopec Shanghai Petrochemical, Cl H | | | 426,110 | | | | 132,418 | |
Sinopec Yizheng Chemical Fibre, Cl H * | | | 307,914 | | | | 136,185 | |
Zhaojin Mining Industry | | | 152,244 | | | | 80,880 | |
Zijin Mining Group, Cl H | | | 575,649 | | | | 147,713 | |
TOTAL CHINA | | | | | | | 1,946,440 | |
HONG KONG— 32.6% | | | | | | | | |
Basic Materials — 32.6% | | | | | | | | |
China Lumena New Materials (A)(B) * | | | 578,350 | | | | 23,305 | |
China Precious Metal Resources Holdings * | | | 582,500 | | | | 61,591 | |
Citic Pacific | | | 83,000 | | | | 145,340 | |
Fufeng Group | | | 165,944 | | | | 77,888 | |
Kingboard Chemical Holdings | | | 71,800 | | | | 141,281 | |
Kingboard Laminates Holdings | | | 140,128 | | | | 57,098 | |
Nine Dragons Paper Holdings | | | 189,600 | | | | 146,933 | |
North Mining Shares, Cl C * | | | 1,701,156 | | | | 78,968 | |
Shougang Concord International Enterprises * | | | 1,140,224 | | | | 52,930 | |
West China Cement | | | 428,800 | | | | 42,575 | |
Yingde Gases | | | 172,849 | | | | 135,289 | |
TOTAL HONG KONG | | | | | | | 963,198 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X China Materials ETF |
| | Shares/Face Amount(1) | | | Value | |
COMMON STOCK — continued | | | | | | | | |
SINGAPORE— 1.5% | | | | | | | | |
Basic Materials — 1.5% | | | | | | | | |
Midas Holdings | | | 178,266 | | | $ | 45,070 | |
TOTAL COMMON STOCK | | | | | | | | |
(Cost $3,740,944) | | | | | | | 2,954,708 | |
| | | | | | | | |
TIME DEPOSITS — 0.5% | | | | | | | | |
Brown Brothers Harriman | | | | | | | | |
0.030%, 11/03/14 | | | 16,132 | | | | 16,132 | |
0.005%, 11/03/14, HKD | | | 2 | | | | — | |
TOTAL TIME DEPOSITS | | | | | | | | |
(Cost $16,132) | | | | | | | 16,132 | |
TOTAL INVESTMENTS — 100.4% | | | | | | | | |
(Cost $3,757,076) | | | | | | $ | 2,970,840 | |
Percentages are based on Net Assets of $2,959,319.
| * | Non-income producing security. |
| (1) | In U.S. Dollars unless otherwise indicated. |
| (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 October 31, 2014 was $121,942 and represents 4.1% of Net Assets . |
| (B) | Security considered illiquid. The total value of such securities as of October 31, 2014 was $121,942 and represented 4.1% of Net Assets. |
Cl — Class |
HKD — Hong Kong Dollar |
Amounts designated as “—“ are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X China Materials ETF |
The following is a summary of the inputs used as of October 31, 2014 in valuing the Fund's investments carried at value:
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3(1) | | | Total | |
Common Stock | | $ | 2,832,766 | | | $ | — | | | $ | 121,942 | | | $ | 2,954,708 | |
Time Deposits | | | — | | | | 16,132 | | | | — | | | | 16,132 | |
Total Investments in Securities | | $ | 2,832,766 | | | $ | 16,132 | | | $ | 121,942 | | | $ | 2,970,840 | |
(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 | |
Change in unrealized appreciation/(depreciation) | | | (3 | ) |
Transfers into Level 3 | | | 110,761 | |
Ending Balance as of October 31, 2014 | | $ | 121,942 | |
For the year ended October 31, 2014, the transfers in and out of Level 3 were due to changes in the availability of
observable inputs to determine fair value. Transfers between levels are recognized at period end.
Net change in unrealized appreciation/(depreciation) from investments (Level 3) still held as of October 31, 2014 is $(3).
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X NASDAQ China Technology ETF |
Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.
| | Shares | | | Value | |
COMMON STOCK — 99.9% | | | | | | | | |
CHINA— 79.0% | | | | | | | | |
Technology — 79.0% | | | | | | | | |
21Vianet Group ADR * | | | 32,877 | | | $ | 687,787 | |
500.com ADR, Cl A * | | | 4,706 | | | | 145,180 | |
Autohome ADR * | | | 1,449 | | | | 76,638 | |
Baidu ADR * | | | 8,562 | | | | 2,044,349 | |
BYD Electronic International | | | 560,481 | | | | 667,067 | |
China Communications Services, Cl H | | | 627,803 | | | | 294,667 | |
China Finance Online ADR * | | | 12,789 | | | | 72,897 | |
ChinaCache International Holdings ADR * | | | 6,568 | | | | 67,650 | |
Coolpad Group | | | 1,823,415 | | | | 390,302 | |
FIH Mobile * | | | 1,627,519 | | | | 866,729 | |
Kingdee International Software Group | | | 1,275,649 | | | | 417,803 | |
Lenovo Group | | | 1,202,163 | | | | 1,770,258 | |
NetEase ADR | | | 20,861 | | | | 1,975,954 | |
O-Net Communications Group | | | 349,800 | | | | 95,623 | |
Qihoo 360 Technology ADR * | | | 20,909 | | | | 1,525,939 | |
Semiconductor Manufacturing International * | | | 9,744,674 | | | | 1,005,227 | |
SINA * | | | 19,874 | | | | 814,238 | |
Sohu.com * | | | 15,538 | | | | 754,991 | |
Sungy Mobile ADR * | | | 4,714 | | | | 31,631 | |
Tencent Holdings | | | 112,535 | | | | 1,793,548 | |
Travelsky Technology, Cl H | | | 231,455 | | | | 241,746 | |
YY ADR * | | | 10,810 | | | | 895,716 | |
ZTE, Cl H | | | 407,411 | | | | 987,638 | |
TOTAL CHINA | | | | | | | 17,623,578 | |
HONG KONG— 20.9% | | | | | | | | |
Technology — 20.9% | | | | | | | | |
Alibaba Health Information Technology * | | | 1,166,029 | | | | 727,716 | |
ASM Pacific Technology | | | 88,143 | | | | 969,491 | |
Chinasoft International * | | | 770,376 | | | | 259,269 | |
Comba Telecom Systems Holdings | | | 631,097 | | | | 289,703 | |
Digital China Holdings | | | 583,038 | | | | 542,801 | |
Ju Teng International Holdings | | | 571,544 | | | | 318,376 | |
TCL Communication Technology Holdings | | | 369,832 | | | | 363,385 | |
V1 Group | | | 2,339,278 | | | | 247,345 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X NASDAQ China Technology ETF |
| | Shares/Face Amount(1) | | | Value | |
COMMON STOCK — continued | | | | | | | | |
Technology — continued | | | | | | | | |
VTech Holdings | | | 74,892 | | | $ | 937,695 | |
TOTAL HONG KONG | | | | | | | 4,655,781 | |
TOTAL COMMON STOCK | | | | | | | | |
(Cost $19,512,628) | | | | | | | 22,279,359 | |
| | | | | | | | |
TIME DEPOSIT — 0.0% | | | | | | | | |
Brown Brothers Harriman, 0.005%, 11/03/14, HKD | | | | | | | | |
(Cost $1) | | | 11 | | | | 1 | |
TOTAL INVESTMENTS — 99.9% | | | | | | | | |
(Cost $19,512,629) | | | | | | $ | 22,279,360 | |
Percentages are based on Net Assets of $22,306,871.
| * | Non-income producing security. |
| (1) | In U.S. Dollars unless otherwise indicated. |
ADR — American Depositary Receipt
Cl — Class
HKD — Hong Kong Dollar
The following is a summary of the inputs used as of October 31, 2014 in valuing the Fund's investments carried at value:
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stock | | $ | 22,279,359 | | | $ | — | | | $ | — | | | $ | 22,279,359 | |
Time Deposit | | | — | | | | 1 | | | | — | | | | 1 | |
Total Investments in Securities | | $ | 22,279,359 | | | $ | 1 | | | $ | — | | | $ | 22,279,360 | |
For the year ended October 31, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
As of October 31, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Southeast Asia ETF |
Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.
| | Shares | | | Value | |
COMMON STOCK — 99.8% | | | | | | | | |
INDONESIA— 17.2% | | | | | | | | |
Consumer Goods — 3.9% | | | | | | | | |
Astra International | | | 1,636,431 | | | $ | 917,403 | |
Unilever Indonesia | | | 93,296 | | | | 234,687 | |
| | | | | | | 1,152,090 | |
Financials — 8.6% | | | | | | | | |
Bank Central Asia | | | 1,002,256 | | | | 1,082,287 | |
Bank Mandiri | | | 760,760 | | | | 651,541 | |
Bank Rakyat Indonesia Persero | | | 869,460 | | | | 796,795 | |
| | | | | | | 2,530,623 | |
Telecommunications — 3.2% | | | | | | | | |
Telekomunikasi Indonesia ADR | | | 20,591 | | | | 933,802 | |
Utilities — 1.5% | | | | | | | | |
Perusahaan Gas Negara | | | 859,739 | | | | 423,289 | |
TOTAL INDONESIA | | | | | | | 5,039,804 | |
MALAYSIA— 28.1% | | | | | | | | |
Basic Materials — 1.5% | | | | | | | | |
Petronas Chemicals Group | | | 232,124 | | | | 434,009 | |
Consumer Goods — 1.5% | | | | | | | | |
IOI | | | 299,693 | | | | 445,542 | |
Consumer Services — 1.8% | | | | | | | | |
Genting | | | 178,515 | | | | 529,154 | |
Financials — 11.4% | | | | | | | | |
CIMB Group Holdings | | | 436,805 | | | | 861,857 | |
Malayan Banking | | | 357,581 | | | | 1,054,506 | |
Public Bank | | | 253,129 | | | | 1,426,773 | |
| | | | | | | 3,343,136 | |
Industrials — 2.5% | | | | | | | | |
Sime Darby | | | 254,022 | | | | 747,566 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Southeast Asia ETF |
| | Shares | | | Value | |
COMMON STOCK — continued | | | | | | | | |
Oil & Gas — 1.5% | | | | | | | | |
Petronas Gas | | | 63,839 | | | $ | 436,300 | |
Telecommunications — 6.4% | | | | | | | | |
Axiata Group | | | 407,428 | | | | 873,259 | |
DiGi.Com | | | 300,800 | | | | 566,072 | |
Maxis | | | 211,606 | | | | 433,602 | |
| | | | | | | 1,872,933 | |
Utilities — 1.5% | | | | | | | | |
Tenaga Nasional | | | 112,655 | | | | 457,573 | |
TOTAL MALAYSIA | | | | | | | 8,266,213 | |
PHILIPPINES— 3.2% | | | | | | | | |
Consumer Services — 1.5% | | | | | | | | |
SM Investments | | | 25,697 | | | | 448,660 | |
Telecommunications — 1.7% | | | | | | | | |
Philippine Long Distance Telephone ADR | | | 7,008 | | | | 491,471 | |
TOTAL PHILIPPINES | | | | | | | 940,131 | |
SINGAPORE— 36.2% | | | | | | | | |
Consumer Goods — 1.4% | | | | | | | | |
Wilmar International | | | 169,621 | | | | 422,238 | |
Consumer Services — 3.4% | | | | | | | | |
Genting Singapore | | | 489,945 | | | | 419,245 | |
Jardine Cycle & Carriage | | | 8,027 | | | | 249,146 | |
Singapore Airlines | | | 40,573 | | | | 312,464 | |
| | | | | | | 980,855 | |
Financials — 21.3% | | | | | | | | |
CapitaLand | | | 204,488 | | | | 504,261 | |
DBS Group Holdings | | | 143,873 | | | | 2,068,279 | |
Oversea-Chinese Banking | | | 252,836 | | | | 1,945,195 | |
United Overseas Bank | | | 96,287 | | | | 1,722,755 | |
| | | | | | | 6,240,490 | |
Industrials — 1.2% | | | | | | | | |
Singapore Technologies Engineering | | | 125,045 | | | | 364,775 | |
Oil & Gas — 2.9% | | | | | | | | |
Keppel | | | 116,607 | | | | 856,297 | |
Telecommunications — 6.0% | | | | | | | | |
Singapore Telecommunications | | | 595,534 | | | | 1,751,162 | |
TOTAL SINGAPORE | | | | | | | 10,615,817 | |
THAILAND— 15.1% | | | | | | | | |
Consumer Services — 1.7% | | | | | | | | |
CP ALL | | | 354,763 | | | | 495,601 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Southeast Asia ETF |
| | Shares/Face Amount | | | Value | |
COMMON STOCK — continued | | | | | | | | |
Financials — 5.5% | | | | | | | | |
Bangkok Bank | | | 38,601 | | | $ | 234,664 | |
Kasikornbank | | | 95,418 | | | | 691,392 | |
Siam Commercial Bank | | | 126,671 | | | | 690,332 | |
| | | | | | | 1,616,388 | |
Industrials — 1.1% | | | | | | | | |
Siam Cement | | | 24,136 | | | | 334,954 | |
Oil & Gas — 4.4% | | | | | | | | |
PTT | | | 68,914 | | | | 778,641 | |
PTT Exploration & Production | | | 111,980 | | | | 503,687 | |
| | | | | | | 1,282,328 | |
Telecommunications — 2.4% | | | | | | | | |
Advanced Info Service | | | 95,671 | | | | 702,038 | |
TOTAL THAILAND | | | | | | | 4,431,309 | |
TOTAL COMMON STOCK | | | | | | | | |
(Cost $30,762,662) | | | | | | | 29,293,274 | |
| | | | | | | | |
TIME DEPOSIT — 0.2% | | | | | | | | |
Brown Brothers Harriman, 0.030%, 11/03/14 | | | | | | | | |
(Cost $45,956) | | $ | 45,956 | | | | 45,956 | |
TOTAL INVESTMENTS — 100.0% | | | | | | | | |
(Cost $30,808,618) | | | | | | $ | 29,339,230 | |
Percentages are based on Net Assets of $29,335,963.
ADR — American Depositary Receipt |
The following is a summary of the inputs used as of October 31, 2014 in valuing the Fund's investments carried at value:
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stock | | $ | 29,293,274 | | | $ | — | | | $ | — | | | $ | 29,293,274 | |
Time Deposit | | | — | | | | 45,956 | | | | — | | | | 45,956 | |
Total Investments in Securities | | $ | 29,293,274 | | | $ | 45,956 | | | $ | — | | | $ | 29,339,230 | |
For the year ended October 31, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
As of October 31, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X FTSE Andean 40 ETF |
Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.
| | Shares | | | Value | |
COMMON STOCK — 96.6% | | | | | | | | |
CHILE— 50.6% | | | | | | | | |
Basic Materials — 5.3% | | | | | | | | |
CAP | | | 5,961 | | | $ | 56,996 | |
Empresas CMPC | | | 94,539 | | | | 231,711 | |
Sociedad Quimica y Minera de Chile ADR | | | 7,813 | | | | 185,402 | |
| | | | | | | 474,109 | |
Consumer Goods — 2.2% | | | | | | | | |
Cia Cervecerias Unidas ADR | | | 6,287 | | | | 133,976 | |
Embotelladora Andina ADR, Cl B | | | 3,355 | | | | 62,437 | |
| | | | | | | 196,413 | |
Consumer Services — 10.1% | | | | | | | | |
Cencosud | | | 95,050 | | | | 268,990 | |
Latam Airlines Group ADR * | | | 28,441 | | | | 346,980 | |
SACI Falabella | | | 40,565 | | | | 296,024 | |
| | | | | | | 911,994 | |
Financials — 11.2% | | | | | | | | |
Banco de Chile ADR | | | 3,364 | | | | 248,936 | |
Banco de Credito e Inversiones | | | 3,675 | | | | 205,632 | |
Banco Santander Chile ADR | | | 13,180 | | | | 279,284 | |
Corpbanca ADR | | | 9,064 | | | | 183,093 | |
Parque Arauco | | | 42,614 | | | | 86,472 | |
| | | | | | | 1,003,417 | |
Oil & Gas — 4.3% | | | | | | | | |
Empresas COPEC | | | 31,939 | | | | 386,217 | |
Technology — 1.1% | | | | | | | | |
Sonda | | | 39,994 | | | | 96,661 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X FTSE Andean 40 ETF |
| | Shares | | | Value | |
COMMON STOCK — continued | | | | | | | | |
Telecommunications — 1.1% | | | | | | | | |
ENTEL Chile | | | 9,255 | | | $ | 99,603 | |
Utilities — 15.3% | | | | | | | | |
AES Gener | | | 214,581 | | | | 118,735 | |
Aguas Andinas, Cl A | | | 247,492 | | | | 148,561 | |
Colbun | | | 599,506 | | | | 162,254 | |
E.CL | | | 44,682 | | | | 65,661 | |
Empresa Nacional de Electricidad ADR | | | 9,471 | | | | 442,106 | |
Enersis ADR | | | 28,502 | | | | 450,047 | |
| | | | | | | 1,387,364 | |
TOTAL CHILE | | | | | | | 4,555,778 | |
COLOMBIA— 32.9% | | | | | | | | |
Consumer Goods — 4.9% | | | | | | | | |
Almacenes Exito | | | 16,604 | | | | 234,466 | |
Grupo Nutresa | | | 15,315 | | | | 206,603 | |
| | | | | | | 441,069 | |
Financials — 11.9% | | | | | | | | |
BanColombia ADR | | | 7,101 | | | | 401,704 | |
Celsia ESP | | | 22,600 | | | | 65,801 | |
Financiera Colombiana | | | 7,425 | | | | 145,491 | |
Financiera Colombiana - Temporary | | | 202 | | | | 3,725 | |
Grupo Aval Acciones y Valores ADR | | | 6,782 | | | | 91,421 | |
Grupo de Inversiones Suramericana | | | 17,637 | | | | 365,449 | |
| | | | | | | 1,073,591 | |
Industrials — 4.7% | | | | | | | | |
Cementos Argos | | | 31,532 | | | | 160,663 | |
Grupo Argos | | | 24,256 | | | | 263,188 | |
| | | | | | | 423,851 | |
Oil & Gas — 9.3% | | | | | | | | |
Ecopetrol ADR | | | 18,370 | | | | 492,316 | |
Pacific Rubiales Energy ^ | | | 22,886 | | | | 345,081 | |
| | | | | | | 837,397 | |
Utilities — 2.1% | | | | | | | | |
Interconexion Electrica | | | 25,480 | | | | 108,807 | |
Isagen | | | 62,600 | | | | 82,626 | |
| | | | | | | 191,433 | |
TOTAL COLOMBIA | | | | | | | 2,967,341 | |
PERU— 13.1% | | | | | | | | |
Basic Materials — 5.6% | | | | | | | | |
Cia de Minas Buenaventura ADR | | | 15,466 | | | | 142,287 | |
Southern Copper | | | 12,537 | | | | 360,815 | |
| | | | | | | 503,102 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X FTSE Andean 40 ETF |
| | Shares/Face Amount | | | Value | |
COMMON STOCK — continued | | | | | | | | |
Financials — 7.5% | | | | | | | | |
BBVA Banco Continental | | | 25,000 | | | $ | 40,876 | |
Credicorp | | | 1,056 | | | | 168,960 | |
Credicorp Ltd. | | | 2,924 | | | | 470,764 | |
| | | | | | | 680,600 | |
TOTAL PERU | | | | | | | 1,183,702 | |
TOTAL COMMON STOCK | | | | | | | | |
(Cost $10,864,584) | | | | | | | 8,706,821 | |
| | | | | | | | |
PREFERRED STOCK — 3.3% | | | | | | | | |
COLOMBIA— 3.3% | | | | | | | | |
Financials — 2.2% | | | | | | | | |
Banco Davivienda, | | | 7,570 | | | | 112,774 | |
Grupo Aval Acciones y Valores | | | 134,171 | | | | 89,849 | |
| | | | | | | 202,623 | |
Industrials — 1.1% | | | | | | | | |
Grupo Argos | | | 9,110 | | | | 100,350 | |
TOTAL PREFERRED STOCK | | | | | | | | |
(Cost $261,720) | | | | | | | 302,973 | |
| | | | | | | | |
TIME DEPOSIT — 0.1% | | | | | | | | |
Brown Brothers Harriman, 0.030%, 11/03/14 | | | | | | | | |
(Cost $4,947) | | $ | 4,947 | | | | 4,947 | |
TOTAL INVESTMENTS — 100.0% | | | | | | | | |
(Cost $11,131,251) | | | | | | $ | 9,014,741 | |
Percentages are based on Net Assets of $9,010,458.
* Non-income producing security. |
^ Security traded on the Toronto Stock Exchange. |
ADR — American Depositary Receipt |
Cl — Class |
Ltd. — Limited |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X FTSE Andean 40 ETF |
The following is a summary of the inputs used as of October 31, 2014 in valuing the Fund's investments carried at value:
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stock | | $ | 8,706,821 | | | $ | — | | | $ | — | | | $ | 8,706,821 | |
Preferred Stock | | | 302,973 | | | | — | | | | — | | | | 302,973 | |
Time Deposit | | | — | | | | 4,947 | | | | — | | | | 4,947 | |
Total Investments in Securities | | $ | 9,009,794 | | | $ | 4,947 | | | $ | — | | | $ | 9,014,741 | |
For the year ended October 31, 2014, there have been no transfers between Level 1, Level 2 and Level 3 investments.
As of October 31, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X MSCI Colombia ETF |
Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.
| | Shares | | | Value | |
COMMON STOCK — 88.2% | | | | | | | | |
COLOMBIA— 88.2% | | | | | | | | |
Consumer Goods — 9.0% | | | | | | | | |
Almacenes Exito | | | 309,761 | | | $ | 4,374,158 | |
Grupo Nutresa | | | 351,727 | | | | 4,744,880 | |
| | | | | | | 9,119,038 | |
Financials — 31.9% | | | | | | | | |
Banco de Bogota | | | 47,217 | | | | 1,558,052 | |
BanColombia ADR | | | 221,888 | | | | 12,552,204 | |
Bolsa de Valores de Colombia | | | 292,661,726 | | | | 3,124,376 | |
Celsia ESP | | | 1,563,812 | | | | 4,553,135 | |
Financiera Colombiana | | | 99,589 | | | | 1,951,427 | |
Financiera Colombiana – Temporary | | | 2,622 | | | | 48,349 | |
Grupo Aval Acciones y Valores | | | 398,611 | | | | 264,999 | |
Grupo Aval Acciones y Valores ADR | | | 81,710 | | | | 1,101,451 | |
Grupo de Inversiones Suramericana | | | 337,069 | | | | 6,984,276 | |
Interbolsa(B)(C) * | | | 1,320,603 | | | | 641 | |
| | | | | | | 32,138,910 | |
Industrials — 13.1% | | | | | | | | |
Cementos Argos | | | 271,687 | | | | 1,384,308 | |
Cemex Latam Holdings * | | | 548,912 | | | | 4,874,482 | |
Grupo Argos | | | 319,795 | | | | 3,469,910 | |
Mineros (B)(C) | | | 2,561,063 | | | | 3,471,090 | |
| | | | | | | 13,199,790 | |
Oil & Gas — 20.6% | | | | | | | | |
Canacol Energy * | | | 806,471 | | | | 2,753,926 | |
Ecopetrol ADR (A) | | | 401,824 | | | | 10,768,883 | |
Pacific Rubiales Energy ^ | | | 475,585 | | | | 7,171,001 | |
| | | | | | | 20,693,810 | |
Utilities — 13.6% | | | | | | | | |
Empresa de Energia de Bogota | | | 5,918,677 | | | | 4,681,521 | |
Interconexion Electrica | | | 1,045,862 | | | | 4,466,134 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X MSCI Colombia ETF |
| | Shares/Face Amount | | | Value | |
COMMON STOCK — continued | | | | | | | | |
Utilities — continued | | | | | | | | |
Isagen | | | 3,408,359 | | | $ | 4,498,720 | |
| | | | | | | 13,646,375 | |
TOTAL COMMON STOCK | | | | | | | | |
(Cost $105,137,199) | | | | | | | 88,797,923 | |
| | | | | | | | |
PREFERRED STOCK — 11.7% | | | | | | | | |
COLOMBIA— 11.7% | | | | | | | | |
Consumer Services — 4.3% | | | | | | | | |
Avianca Holdings | | | 2,307,076 | | | | 4,321,394 | |
Financials — 7.1% | | | | | | | | |
Banco Davivienda | | | 316,769 | | | | 4,719,063 | |
Grupo Aval Acciones y Valores | | | 1,431,941 | | | | 958,912 | |
Grupo de Inversiones Suramericana | | | 73,403 | | | | 1,481,773 | |
| | | | | | | 7,159,748 | |
Industrials — 0.3% | | | | | | | | |
Grupo Argos | | | 29,038 | | | | 319,865 | |
TOTAL PREFERRED STOCK | | | | | | | | |
(Cost $10,609,940) | | | | | | | 11,801,007 | |
| | | | | | | | |
TIME DEPOSIT — 0.1% | | | | | | | | |
Brown Brothers Harriman, 0.030%, 11/03/14 | | | | | | | | |
(Cost $115,736) | | $ | 115,736 | | | | 115,736 | |
TOTAL INVESTMENTS — 100.0% | | | | | | | | |
(Cost $115,862,875) | | | | | | $ | 100,714,666 | |
Percentages are based on Net Assets of $100,687,511.
| * | Non-income producing security |
| (A) | This security or a partial position of this security is on loan at October 31, 2014. The total value of securities on loan at October 31, 2014 was $6,235,100. This security is collateralized by cash in the amount of $6,514,284, which is held at Citibank. |
| (B) | Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31, 2014 was $3,471,731 and represents 3.4% of Net Assets . |
| (C) | Security considered illiquid. The total value of such securities as of October 31, 2014 was $3,471,731 and represented 3.4% of Net Assets. |
^ Security traded on the Toronto Stock Exchange |
ADR — American Depositary Receipt |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X MSCI Colombia ETF |
The following is a summary of the inputs used as of October 31, 2014 in valuing the Fund's investments carried at value:
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3(1) | | | Total | |
Common Stock | | $ | 85,326,192 | | | $ | — | | | $ | 3,471,731 | | | $ | 88,797,923 | |
Preferred Stock | | | 11,801,007 | | | | — | | | | — | | | | 11,801,007 | |
Time Deposit | | | — | | | | 115,736 | | | | — | | | | 115,736 | |
Total Investments in Securities | | $ | 97,127,199 | | | $ | 115,736 | | | $ | 3,471,731 | | | $ | 100,714,666 | |
(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 | | $ | 6,839 | |
Change in unrealized appreciation/(depreciation) | | | (6,198 | ) |
Transfers into Level 3 | | | 3,471,090 | |
Ending Balance as of October 31, 2014 | | $ | 3,471,731 | |
For the year ended October 31, 2014, the transfers in and out of Level 3 were due to changes in the availability of
observable inputs to determine fair value. Transfers between levels are recognized at period end.
Net change in unrealized appreciation/(depreciation) from investments (Level 3) still held as of October 31, 2014 is $(6,198).
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Brazil Mid Cap ETF |
Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.
| | Shares | | | Value | |
COMMON STOCK — 91.0% | | | | | | | | |
BRAZIL— 91.0% | | | | | | | | |
Basic Materials — 7.9% | | | | | | | | |
Cia Siderurgica Nacional ADR | | | 83,005 | | | $ | 272,256 | |
Fibria Celulose ADR * | | | 28,787 | | | | 352,065 | |
| | | | | | | 624,321 | |
Consumer Goods — 10.1% | | | | | | | | |
Cosan, Cl A | | | 9,382 | | | | 99,355 | |
Cosan Industria e Comercio | | | 6,143 | | | | 86,607 | |
Hypermarcas * | | | 21,027 | | | | 148,353 | |
JBS | | | 52,035 | | | | 234,358 | |
M Dias Branco | | | 2,356 | | | | 92,533 | |
Natura Cosmeticos | | | 9,619 | | | | 141,142 | |
| | | | | | | 802,348 | |
Consumer Services — 13.3% | | | | | | | | |
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR | | | 7,604 | | | | 317,847 | |
Kroton Educacional | | | 55,760 | | | | 401,362 | |
Localiza Rent a Car | | | 8,222 | | | | 119,705 | |
Lojas Renner | | | 7,081 | | | | 214,152 | |
| | | | | | | 1,053,066 | |
Financials — 13.0% | | | | | | | | |
BM&F Bovespa | | | 100,766 | | | | 447,676 | |
BR Malls Participacoes | | | 23,711 | | | | 192,321 | |
CETIP - Mercados Organizados | | | 12,072 | | | | 154,501 | |
Cyrela Brazil Realty Empreendimentos e Participacoes | | | 15,679 | | | | 78,732 | |
Multiplan Empreendimentos Imobiliarios | | | 4,399 | | | | 91,890 | |
Porto Seguro | | | 5,306 | | | | 64,231 | |
| | | | | | | 1,029,351 | |
Industrials — 11.0% | | | | | | | | |
All America Latina Logistica | | | 25,902 | | | | 71,684 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Brazil Mid Cap ETF |
| | Shares | | | Value | |
COMMON STOCK — continued | | | | | | | | |
Industrials — continued | | | | | | | | |
Cosan Logistica * | | | 6,143 | | | $ | 10,391 | |
Duratex | | | 15,763 | | | | 57,181 | |
EcoRodovias Infraestrutura e Logistica | | | 11,227 | | | | 50,702 | |
Embraer ADR | | | 5,969 | | | | 230,642 | |
Klabin | | | 54,704 | | | | 273,135 | |
WEG | | | 16,075 | | | | 191,515 | |
| | | | | | | 885,250 | |
Telecommunications — 8.9% | | | | | | | | |
Tim Participacoes ADR | | | 25,728 | | | | 708,035 | |
Utilities — 26.8% | | | | | | | | |
Centrais Eletricas Brasileiras ADR | | | 59,207 | | | | 149,794 | |
Cia de Saneamento Basico do Estado de Sao Paulo ADR | | | 35,652 | | | | 276,660 | |
Cia Energetica de Minas Gerais ADR | | | 45,220 | | | | 261,372 | |
Cia Paranaense de Energia ADR | | | 5,496 | | | | 77,494 | |
CPFL Energia ADR | | | 27,654 | | | | 412,044 | |
EDP - Energias do Brasil | | | 13,081 | | | | 51,557 | |
Tractebel Energia | | | 11,487 | | | | 158,017 | |
Transmissora Alianca de Energia Eletrica | | | 5,000 | | | | 37,498 | |
Ultrapar Participacoes ADR | | | 32,144 | | | | 697,525 | |
| | | | | | | 2,121,961 | |
TOTAL COMMON STOCK | | | | | | | | |
(Cost $7,580,029) | | | | | | | 7,224,332 | |
| | | | | | | | |
PREFERRED STOCK — 7.9% | | | | | | | | |
BRAZIL— 7.9% | | | | | | | | |
Basic Materials — 1.8% | | | | | | | | |
Braskem | | | 8,294 | | | | 61,289 | |
Metalurgica Gerdau | | | 15,115 | | | | 82,553 | |
| | | | | | | 143,842 | |
Consumer Services — 1.9% | | | | | | | | |
Lojas Americanas | | | 25,189 | | | | 150,100 | |
Financials — 1.1% | | | | | | | | |
Bradespar | | | 12,586 | | | | 85,875 | |
Telecommunications — 2.0% | | | | | | | | |
Oi* | | | 308,711 | | | | 163,617 | |
Utilities — 1.1% | | | | | | | | |
Cia Energetica de Sao Paulo | | | 8,746 | | | | 87,088 | |
TOTAL PREFERRED STOCK | | | | | | | | |
(Cost $1,284,130) | | | | | | | 630,522 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Brazil Mid Cap ETF |
| | Face Amount/Number of Warrants | | | Value | |
CORPORATE OBLIGATIONS — 0.6% | | | | | | | | |
Hypermarcas(A) (B) | | | | | | | | |
11.300%, 10/15/18 | | $ | 59,000 | | | $ | 24,446 | |
3.000%, 10/15/15 | | | 59,000 | | | | 24,446 | |
TOTAL CORPORATE OBLIGATIONS | | | | | | | | |
(Cost $70,852) | | | | | | | 48,892 | |
| | | | | | | | |
WARRANTS — 0.0% | | | | | | | | |
Hypermarcas Strike Price $29.48, Expires 10/15/15(A)(B)* | | | | | | | | |
(Cost $—) | | | 59 | | | | — | |
| | | | | | | | |
TIME DEPOSIT — 0.4% | | | | | | | | |
Brown Brothers Harriman, 0.030%, 11/03/14 | | | | | | | | |
(Cost $29,482) | | | 29,482 | | | | 29,482 | |
TOTAL INVESTMENTS — 99.9% | | | | | | | | |
(Cost $8,964,493) | | | | | | $ | 7,933,228 | |
Percentages are based on Net Assets of $7,942,263.
| * | Non-income producing security. |
| (A) | Securities considered illiquid. The total value of such securities as of October 31, 2014 was $48,892 and represented 0.6% of Net Assets. |
| (B) | Securities are fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of October 31, 2014, was $48,892 and represented 0.6% of Net Assets. |
ADR — American Depositary Receipt |
Cl — Class |
Amounts designated as “—“ are either $0 or have been rounded to $0.
The following is a summary of the inputs used as of October 31, 2014 in valuing the Fund's investments carried at value:
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3(a) | | | Total | |
Common Stock | | $ | 7,224,332 | | | $ | — | | | $ | — | | | $ | 7,224,332 | |
Preferred Stock | | | 630,522 | | | | — | | | | — | | | | 630,522 | |
Corporate Obligations | | | — | | | | — | | | | 48,892 | | | | 48,892 | |
Time Deposit | | | — | | | | 29,482 | | | | — | | | | 29,482 | |
Warrants | | | — | | | | — | | | | — | | | | — | |
Total Investments in Securities | | $ | 7,854,854 | | | $ | 29,482 | | | $ | 48,892 | | | $ | 7,933,228 | |
(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 year ended October 31, 2014, the transfers in and out of Level 3 were due to changes in the availability of
observable inputs to determine fair value. Transfers between levels are recognized at period end.
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Brazil Consumer ETF |
Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.
| | Shares | | | Value | |
COMMON STOCK — 93.2% | | | | | | | | |
BRAZIL— 93.2% | | | | | | | | |
Consumer Goods — 54.0% | | | | | | | | |
AMBEV ADR | | | 66,821 | | | $ | 446,364 | |
Arezzo Industria e Comercio | | | 10,912 | | | | 127,647 | |
BRF ADR | | | 21,005 | | | | 547,180 | |
Cia Hering | | | 35,653 | | | | 363,295 | |
Cosan, Cl A | | | 40,251 | | | | 426,258 | |
Cosan Industria e Comercio | | | 27,787 | | | | 391,756 | |
Gafisa ADR | | | 50,264 | | | | 107,565 | |
Grendene | | | 17,052 | | | | 121,559 | |
Hypermarcas * | | | 59,980 | | | | 423,181 | |
JBS | | | 135,916 | | | | 612,147 | |
M Dias Branco | | | 10,718 | | | | 420,953 | |
Marfrig Alimentos * | | | 62,786 | | | | 154,825 | |
Minerva * | | | 24,285 | | | | 126,203 | |
Natura Cosmeticos | | | 27,816 | | | | 408,150 | |
Sao Martinho | | | 12,202 | | | | 193,963 | |
SLC Agricola | | | 10,526 | | | | 72,463 | |
Souza Cruz | | | 48,092 | | | | 392,428 | |
Technos | | | 9,649 | | | | 38,542 | |
| | | | | | | 5,374,479 | |
Consumer Services — 39.2% | | | | | | | | |
B2W Cia Digital * | | | 17,004 | | | | 223,721 | |
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR | | | 10,664 | | | | 445,755 | |
Cosan Logistica * | | | 27,787 | | | | 47,001 | |
Gol Linhas Aereas Inteligentes ADR | | | 22,077 | | | | 114,138 | |
International Meal Holdings | | | 10,867 | | | | 78,398 | |
Kroton Educacional | | | 80,028 | | | | 576,044 | |
Localiza Rent a Car | | | 29,401 | | | | 428,052 | |
Lojas Renner | | | 15,991 | | | | 483,618 | |
Marisa Lojas | | | 11,596 | | | | 74,205 | |
Multiplus | | | 11,327 | | | | 160,433 | |
Raia Drogasil | | | 49,842 | | | | 456,886 | |
Restoque Comercio e Confeccoes de Roupas * | | | 25,679 | | | | 89,174 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Brazil Consumer ETF |
| | Shares/Face Amount/Number of Warrants | | | Value | |
COMMON STOCK — continued | | | | | | | | |
Consumer Services — continued | | | | | | | | |
Rossi Residencial * | | | 80,863 | | | $ | 32,300 | |
Smiles | | | 15,931 | | | | 277,913 | |
Via Varejo * | | | 41,674 | | | | 404,943 | |
| | | | | | | 3,892,581 | |
TOTAL COMMON STOCK | | | | | | | | |
(Cost $9,323,829) | | | | | | | 9,267,060 | |
| | | | | | | | |
PREFERRED STOCK — 5.7% | | | | | | | | |
BRAZIL— 5.7% | | | | | | | | |
Consumer Goods — 1.0% | | | | |
Alpargatas | | | 27,958 | | | | 99,026 | |
Consumer Services — 4.7% | | | | |
Lojas Americanas | | | 78,612 | | | | 468,445 | |
Saraiva Livreiros Editores | | | 93 | | | | 525 | |
| | | | | | | 468,970 | |
TOTAL PREFERRED STOCK | | | | | | | | |
(Cost $498,665) | | | | | | | 567,996 | |
| | | | | | | | |
CORPORATE OBLIGATIONS — 0.7% |
Hypermarcas(A)(B) | | | | | | | | |
11.300%, 10/15/18 | | $ | 84,000 | | | | 34,804 | |
3.000%, 10/15/15 | | | 84,000 | | | | 34,804 | |
| | | | | | | | |
TOTAL CORPORATE OBLIGATIONS | | | | | | | | |
(Cost $100,875) | | | | | | | 69,608 | |
| | | | | | | | |
WARRANTS — 0.0% |
Hypermarcas, Strike Price $29.48, Expires 10/15/15(A)(B)* | | | | | | | | |
(Cost $—) | | | 84 | | | | — | |
| | | | | | | | |
TIME DEPOSIT — 0.1% |
Brown Brothers Harriman, 0.030%, 11/03/14 | | | | | | | | |
(Cost $13,084) | | | 13,084 | | | | 13,084 | |
TOTAL INVESTMENTS — 99.7% | | | | | | | | |
(Cost $9,936,453) | | | | | | $ | 9,917,748 | |
Percentages are based on Net Assets of $9,942,650.
| * | Non-income producing security. |
| (A) | Securities considered illiquid. The total value of such securities as of October 31, 2014 was $69,608 and represented 0.7% of Net Assets. |
| (B) | Securities are fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of October 31, 2014, was $69,608 and represented 0.7% of Net Assets. |
ADR — American Depositary Receipt |
Cl — Class |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Brazil Consumer ETF |
Amounts designated as “—“ are either $0 or have been rounded to $0.
The following is a summary of the inputs used as of October 31, 2014 in valuing the Fund's investments carried at value: |
|
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3(a) | | | Total | |
Common Stock | | $ | 9,267,060 | | | $ | — | | | $ | — | | | $ | 9,267,060 | |
Preferred Stock | | | 567,996 | | | | — | | | | — | | | | 567,996 | |
Corporate Obligations | | | — | | | | — | | | | 69,608 | | | | 69,608 | |
Time Deposit | | | — | | | | 13,084 | | | | — | | | | 13,084 | |
Warrants | | | — | | | | — | | | | — | | | | — | |
Total Investments in Securities | | $ | 9,835,056 | | | $ | 13,084 | | | $ | 69,608 | | | $ | 9,917,748 | |
|
(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 year ended October 31, 2014, the transfers in and out of Level 3 were due to changes in the availability of
observable inputs to determine fair value. Transfers between levels are recognized at period end.
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Brazil Financials ETF
Sector Weightings (unaudited)†:
† Sector weightings percentages are based on the total market value of investments.
| | Shares | | | Value | |
COMMON STOCK — 95.9% | | | | | | | | |
BRAZIL— 95.9% | | | | | | | | |
Financials — 95.9% | | | | | | | | |
Aliansce Shopping Centers | | | 4,992 | | | $ | 37,031 | |
Banco Bradesco ADR | | | 19,010 | | | | 284,770 | |
Banco do Brasil | | | 13,313 | | | | 150,469 | |
Banco Santander Brasil ADR | | | 44,735 | | | | 245,148 | |
BB Seguridade Participacoes | | | 10,897 | | | | 146,836 | |
BM&F Bovespa | | | 26,821 | | | | 119,158 | |
BR Malls Participacoes | | | 16,471 | | | | 133,597 | |
BR Properties | | | 17,314 | | | | 88,354 | |
Brasil Brokers Participacoes | | | 11,664 | | | | 15,071 | |
Brasil Insurance Participacoes e Administracao | | | 6,704 | | | | 20,357 | |
Brookfield Incorporacoes * | | | 21,304 | | | | 13,720 | |
CETIP - Mercados Organizados | | | 11,208 | | | | 143,443 | |
Cielo | | | 8,004 | | | | 132,745 | |
Cyrela Brazil Realty Empreendimentos e Participacoes | | | 19,254 | | | | 96,684 | |
Even Construtora e Incorporadora | | | 15,534 | | | | 33,937 | |
Ez Tec Empreendimentos e Participacoes | | | 3,514 | | | | 30,364 | |
Grupo BTG Pactual | | | 9,579 | | | | 122,400 | |
Helbor Empreendimentos | | | 7,700 | | | | 19,019 | |
Iguatemi Empresa de Shopping Centers | | | 4,636 | | | | 47,428 | |
Itau Unibanco Holding ADR | | | 19,576 | | | | 288,942 | |
LPS Brasil Consultoria de Imoveis | | | 4,197 | | | | 14,540 | |
MRV Engenharia e Participacoes | | | 21,781 | | | | 72,797 | |
Multiplan Empreendimentos Imobiliarios | | | 5,591 | | | | 116,790 | |
PDG Realty Empreendimentos e Participacoes * | | | 91,756 | | | | 45,626 | |
Porto Seguro | | | 6,623 | | | | 80,174 | |
Rossi Residencial * | | | 20,774 | | | | 8,298 | |
Sul America | | | 18,453 | | | | 98,980 | |
TOTAL COMMON STOCK | | | | | | | | |
(Cost $3,219,391) | | | | | | | 2,606,678 | |
| | | | | | | | |
PREFERRED STOCK — 3.5% | | | | | | | | |
BRAZIL— 3.5% | | | | | | | | |
Financials — 3.5% | | | | |
Banco ABC Brasil | | | 3,617 | | | | 20,300 | |
The accompanying notes are an integral part of the financial statements.
Schedule of Investments | October 31, 2014 |
Global X Brazil Financials ETF
| | Shares/Face Amount | | | Value | |
PREFERRED STOCK — continued |
Financials — continued | | | | |
Banco do Estado do Rio Grande do Sul | | | 12,638 | | | $ | 76,237 | |
TOTAL PREFERRED STOCK | | | | | | | | |
(Cost $116,925) | | | | | | | 96,537 | |
| | | | | | | | |
TIME DEPOSIT — 0.5% |
Brown Brothers Harriman, 0.030%, 11/03/14 | | | | | | | | |
(Cost $12,689) | | $ | 12,689 | | | | 12,689 | |
TOTAL INVESTMENTS — 99.9% | | | | | | | | |
(Cost $3,349,005) | | | | | | $ | 2,715,904 | |
Percentages are based on Net Assets of $2,718,963.
| * | Non-income producing security. |
ADR — American Depositary Receipt
The following is a summary of the inputs used as of October 31, 2014 in valuing the Fund's investments carried at value:
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stock | | $ | 2,606,678 | | | $ | — | | | $ | — | | | $ | 2,606,678 | |
Preferred Stock | | | 96,537 | | | | — | | | | — | | | | 96,537 | |
Time Deposit | | | — | | | | 12,689 | | | | — | | | | 12,689 | |
Total Investments in Securities | | $ | 2,703,215 | | | $ | 12,689 | | | $ | — | | | $ | 2,715,904 | |
For the year ended October 31, 2014, there have been no transfers between Level 1, Level 2 and Level 3 investments.
As of October 31, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.
Schedule of Investments | October 31, 2014 |
Global X MSCI Argentina ETF
Sector Weightings (unaudited)†:
† Sector weightings percentages are based on the total market value of investments.
| | Shares | | | Value | |
COMMON STOCK — 99.8% |
ARGENTINA— 82.8% | | | | | | | | |
Basic Materials — 19.5% | | | | | | | | |
Tenaris ADR | | | 101,360 | | | $ | 4,017,910 | |
Consumer Goods — 1.9% | | | | | | | | |
Cresud SACIF y A ADR | | | 37,537 | | | | 394,138 | |
Consumer Services — 19.5% | | | | | | | | |
Arcos Dorados Holdings, Cl A | | | 126,079 | | | | 776,647 | |
MercadoLibre | | | 23,734 | | | | 3,231,384 | |
| | | | | | | 4,008,031 | |
Financials — 15.5% | | | | |
Banco Macro ADR | | | 24,228 | | | | 1,023,391 | |
BBVA Banco Frances ADR | | | 62,239 | | | | 822,800 | |
Grupo Financiero Galicia ADR | | | 67,462 | | | | 991,691 | |
IRSA Inversiones y Representaciones ADR | | | 25,704 | | | | 378,620 | |
| | | | | | | 3,216,502 | |
Oil & Gas — 13.6% | | | | | | | | |
Petrobras Argentina ADR | | | 90,121 | | | | 608,317 | |
Transportadora de Gas del Sur ADR * | | | 138,955 | | | | 469,668 | |
YPF ADR | | | 49,144 | | | | 1,728,394 | |
| | | | | | | 2,806,379 | |
Telecommunications — 7.5% | | | | | | | | |
Grupo Clarin GDR, Cl B | | | 50,169 | | | | 416,403 | |
Telecom Argentina ADR | | | 49,279 | | | | 1,136,867 | |
| | | | | | | 1,553,270 | |
Utilities — 5.3% | | | | | | | | |
Empresa Distribuidora Y Comercializadora Norte ADR * | | | 33,337 | | | | 410,379 | |
Pampa Energia ADR * | | | 62,003 | | | | 690,713 | |
| | | | | | | 1,101,092 | |
TOTAL ARGENTINA | | | | | | | 17,097,322 | |
The accompanying notes are an integral part of the financial statements.
Schedule of Investments | October 31, 2014 |
Global X MSCI Argentina ETF
| | Shares | | | Value | |
COMMON STOCK — continued | | | | | | | | |
CANADA— 5.5% | | | | | | | | |
Basic Materials — 2.7% | | | | | | | | |
Pan American Silver | | | 28,761 | | | $ | 265,464 | |
Silver Standard Resources * | | | 66,924 | | | | 292,458 | |
| | | | | | | 557,922 | |
Industrials — 2.3% | | | | | | | | |
Finning International | | | 17,946 | | | | 463,194 | |
Oil & Gas — 0.5% | | | | | | | | |
Pan American Silver | | | 11,429 | | | | 105,628 | |
TOTAL CANADA | | | | | | | 1,126,744 | |
CHILE— 5.6% | | | | | | | | |
Consumer Goods — 3.9% | | | | | | | | |
Cia Cervecerias Unidas ADR | | | 22,895 | | | | 487,892 | |
Embotelladora Andina ADR, Cl B | | | 17,195 | | | | 319,999 | |
| | | | | | | 807,891 | |
Consumer Services — 1.7% | | | | | | | | |
Cencosud | | | 120,938 | | | | 342,253 | |
TOTAL CHILE | | | | | | | 1,150,144 | |
HONG KONG— 1.3% | | | | | | | | |
Oil & Gas — 1.3% | | | | | | | | |
EPI Holdings * | | | 11,975,600 | | | | 268,691 | |
SPAIN— 1.7% | | | | | | | | |
Consumer Goods — 1.7% | | | | | | | | |
Prosegur Cia de Seguridad | | | 59,700 | | | | 350,055 | |
UNITED STATES— 2.9% | | | | | | | | |
Basic Materials — 1.3% | | | | | | | | |
McEwen Mining * | | | 226,454 | | | | 280,803 | |
Oil & Gas — 1.6% | | | | | | | | |
Apco Oil and Gas International * | | | 22,958 | | | | 328,988 | |
TOTAL UNITED STATES | | | | | | | 609,791 | |
TOTAL COMMON STOCK | | | | | | | | |
(Cost $21,805,333) | | | | | | | 20,602,747 | |
The accompanying notes are an integral part of the financial statements.
Schedule of Investments | October 31, 2014 |
Global X MSCI Argentina ETF
| | Face Amount | | | Value | |
TIME DEPOSIT — 0.2% |
Brown Brothers Harriman, 0.030%, 11/03/14 | | | | | | | | |
(Cost $40,433) | | $ | 40,433 | | | $ | 40,433 | |
TOTAL INVESTMENTS — 100.0% | | | | | | | | |
(Cost $21,845,766) | | | | | | $ | 20,643,180 | |
Percentages are based on Net Assets of $20,652,247.
| * | Non-income producing security. |
ADR — American Depositary Receipt
Cl — Class
GDR — Global Depositary Receipt
The following is a summary of the inputs used as of October 31, 2014 in valuing the Fund's investments carried at value:
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stock | | $ | 20,602,747 | | | $ | — | | | $ | — | | | $ | 20,602,747 | |
Time Deposit | | | — | | | | 40,433 | | | | — | | | | 40,433 | |
Total Investments in Securities | | $ | 20,602,747 | | | $ | 40,433 | | | $ | — | | | $ | 20,643,180 | |
For the year ended October 31, 2014, there have been no transfers between Level 1, Level 2 and Level 3 investments.
As of October 31, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.
Schedule of Investments | October 31, 2014 |
Global X FTSE Greece 20 ETF
Sector Weightings (unaudited)†:

† 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 — 99.6% | | | | | | | | |
CYPRUS— 0.3% | | | | | | | | |
Financials — 0.3% | | | | | | | | |
Bank of Cyprus (C)(D) * | | | 3,387,287 | | | $ | 534,734 | |
GREECE— 99.3% | | | | | | | | |
Basic Materials — 3.9% | | | | | | | | |
Mytilineos Holdings * | | | 841,417 | | | | 5,408,093 | |
Consumer Goods — 17.7% | | | | | | | | |
Coca-Cola HBC | | | 624,811 | | | | 13,584,586 | |
Coca-Cola HBC AG ADR * | | | 213,250 | | | | 4,627,525 | |
JUMBO * | | | 599,538 | | | | 6,572,646 | |
| | | | | | | 24,784,757 | |
Consumer Services — 10.2% | | | | | | | | |
Folli Follie | | | 227,680 | | | | 7,445,277 | |
OPAP | | | 569,158 | | | | 6,895,643 | |
| | | | | | | 14,340,920 | |
Financials — 33.2% | | | | | | | | |
Alpha Bank AE * | | | 9,937,290 | | | | 6,474,210 | |
Eurobank Ergasias * | | | 34,884,753 | | | | 12,106,843 | |
National Bank of Greece ADR * (A) | | | 6,440,261 | | | | 15,649,834 | |
Piraeus Bank * | | | 8,527,016 | | | | 12,392,832 | |
| | | | | | | 46,623,719 | |
Industrials — 10.9% | | | | | | | | |
Ellaktor * | | | 1,403,938 | | | | 3,957,728 | |
Metka | | | 272,133 | | | | 2,659,447 | |
Titan Cement | | | 333,861 | | | | 7,399,613 | |
The accompanying notes are an integral part of the financial statements.
Schedule of Investments | October 31, 2014 |
Global X FTSE Greece 20 ETF
| | Shares/Face Amount(1) | | | Value | |
COMMON STOCK — continued | | | | | | | | |
Industrials — continued | | | | | | | | |
Viohalco * | | | 412,060 | | | $ | 1,316,485 | |
| | | | | | | 15,333,273 | |
Oil & Gas — 5.8% | | | | | | | | |
Hellenic Petroleum * | | | 743,560 | | | | 3,819,578 | |
Motor Oil Hellas Corinth Refineries | | | 587,520 | | | | 4,298,837 | |
| | | | | | | 8,118,415 | |
Real Estate Investment Trusts — 3.2% | | | | | | | | |
Grivalia Properties REIC | | | 412,163 | | | | 4,451,350 | |
Telecommunications — 8.3% | | | | | | | | |
Hellenic Telecommunications Organization * | | | 1,028,575 | | | | 11,611,177 | |
Utilities — 6.1% | | | | | | | | |
Athens Water Supply & Sewage | | | 438,337 | | | | 3,026,044 | |
Public Power * | | | 590,749 | | | | 4,485,296 | |
Terna Energy | | | 361,045 | | | | 1,035,887 | |
| | | | | | | 8,547,227 | |
TOTAL GREECE | | | | | | | 139,218,931 | |
TOTAL COMMON STOCK | | | | | | | | |
(Cost $207,524,190) | | | | | | | 139,753,665 | |
| | | | | | | | |
U.S. TREASURY OBLIGATION — 13.6% | | | | | | | | |
| | | | | | | | |
United States Treasury Bills | | | | | | | | |
0.000%, 11/06/14(E) | | | | | | | | |
(Cost $19,000,000) | | | 19,000,000 | | | | 19,000,000 | |
| | | | | | | | |
REPURCHASE AGREEMENT — 1.7% | | | | | | | | |
Deutsche Bank | | | | | | | | |
0.100%, dated 10/31/14, to be repurchased on 11/03/14 repurchase price $2,341,220 (collateralized by U.S. Treasury Notes, par value $2,447,022, 1.125%, 12/31/19 with a total market value of $2,378,391) (B) | | | | | | | | |
(Cost $2,341,200) | | | 2,341,200 | | | | 2,341,200 | |
| | | | | | | | |
TIME DEPOSIT — 0.1% | | | | | | | | |
Brown Brothers Harriman, 0.110%, 11/03/14, EUR | | | | | | | | |
(Cost $122,378) | | | 97,676 | | | | 122,378 | |
TOTAL INVESTMENTS — 115.0% | | | | | | | | |
(Cost $228,987,768) | | | | | | $ | 161,217,243 | |
Percentages are based on Net Assets of $140,201,261.
| * | Non Income producing security. |
| (1) | In U.S. Dollars unless otherwise indicated. |
| (A) | This security or a partial position of this security is on loan at October 31, 2014. The total value of securities on loan at October 31, 2014 was $1,896,372. |
| (B) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2014 was $2,341,200. |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X FTSE Greece 20 ETF
| (C) | Securities considered illiquid. The total value of such securities as of October 31, 2014 was $534,734 and represented 0.3% of Net Assets. |
| (D) | Securities are fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of October 31, 2014, was $534,734 and represented 0.3% of Net Assets. |
| (E) | The rate reported on the Schedule of Investments is the effective yield at time of purchase. |
ADR — American Depositary Receipt
EUR — Euro
The following is a summary of the inputs used as of October 31, 2014 in valuing the Fund's investments carried at value:
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3(a) | | | Total | |
Common Stock | | $ | 139,218,931 | | | $ | — | | | $ | 534,734 | | | $ | 139,753,665 | |
U.S. Treasury Obligation | | | — | | | | 19,000,000 | | | | — | | | | 19,000,000 | |
Repurchase Agreement | | | — | | | | 2,341,200 | | | | — | | | | 2,341,200 | |
Time Deposit | | | — | | | | 122,378 | | | | — | | | | 122,378 | |
Total Investments in Securities | | $ | 139,218,931 | | | $ | 21,463,578 | | | $ | 534,734 | | | $ | 161,217,243 | |
(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 year ended October 31, 2014, there have been no transfers between Level 1, Level 2 and Level 3 investments.
The accompanying notes are an integral part of the financial statements.
Schedule of Investments | October 31, 2014 |
Global X MSCI Norway ETF
Sector Weightings (unaudited)†:
† 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 — 99.2% | | | | | | | | |
CYPRUS— 0.2% | | | | | | | | |
Oil & Gas — 0.2% | | | | | | | | |
Songa Offshore * | | | 1,250,700 | | | $ | 431,659 | |
NORWAY— 96.6% | | | | | | | | |
Basic Materials — 10.5% | | | | | | | | |
Borregaard | | | 163,400 | | | | 1,137,580 | |
Norsk Hydro | | | 1,634,676 | | | | 9,138,301 | |
Yara International | | | 193,144 | | | | 8,860,420 | |
| | | | | | | 19,136,301 | |
Consumer Goods — 10.6% | | | | | | | | |
Austevoll Seafood | | | 207,800 | | | | 1,348,191 | |
Bakkafrost P | | | 38,335 | | | | 936,939 | |
Kongsberg Automotive Holding * | | | 320,265 | | | | 305,986 | |
Leroy Seafood Group | | | 44,040 | | | | 1,663,487 | |
Marine Harvest | | | 425,907 | | | | 6,024,903 | |
Orkla | | | 1,067,284 | | | | 8,149,680 | |
Salmar | | | 55,340 | | | | 995,973 | |
| | | | | | | 19,425,159 | |
Consumer Services — 4.2% | | | | | | | | |
Norwegian Air Shuttle * (A) | | | 42,421 | | | | 1,367,325 | |
Schibsted (A) | | | 119,834 | | | | 6,335,173 | |
| | | | | | | 7,702,498 | |
Financials — 19.8% | | | | | | | | |
Aker, Cl A | | | 48,900 | | | | 1,191,535 | |
DnB | | | 1,150,554 | | | | 21,115,930 | |
Gjensidige Forsikring (A) | | | 318,414 | | | | 5,777,768 | |
Norwegian Property | | | 1,005,868 | | | | 1,534,653 | |
Selvaag Bolig | | | 104,198 | | | | 302,515 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X MSCI Norway ETF
| | Shares | | | Value | |
COMMON STOCK — continued | | | | | | | | |
Financials — continued | | | | | | | | |
SpareBank 1 Nord Norge | | | 80,300 | | | $ | 469,834 | |
SpareBank 1 SMN | | | 205,600 | | | | 1,827,285 | |
Storebrand * | | | 768,823 | | | | 3,938,068 | |
| | | | | | | 36,157,588 | |
Industrials — 4.6% | | | | | | | | |
American Shipping | | | 22,300 | | | | 145,341 | |
BW LPG | | | 82,560 | | | | 781,452 | |
Deep Sea Supply | | | 809,800 | | | | 916,438 | |
Golden Ocean Group | | | 790,900 | | | | 961,241 | |
Hexagon Composites | | | 49,000 | | | | 203,955 | |
Hoegh LNG Holdings * | | | 84,600 | | | | 1,090,239 | |
IDEX * (A) | | | 178,300 | | | | 85,835 | |
Ocean Yield | | | 20,600 | | | | 126,023 | |
Stolt-Nielsen | | | 61,410 | | | | 1,105,216 | |
Thin Film Electronics * | | | 197,900 | | | | 121,947 | |
Tomra Systems | | | 264,654 | | | | 1,979,711 | |
Wilh Wilhelmsen, Cl B | | | 118,427 | | | | 861,319 | |
| | | | | | | 8,378,717 | |
Oil & Gas — 32.7% | | | | | | | | |
Akastor (A) | | | 260,036 | | | | 895,547 | |
Aker Solutions * | | | 260,036 | | | | 1,683,243 | |
Archer * | | | 618,200 | | | | 595,215 | |
Awilco Drilling (A) | | | 10,180 | | | | 143,253 | |
BW Offshore | | | 842,300 | | | | 1,031,821 | |
Det Norske Oljeselskap * | | | 188,905 | | | | 1,220,006 | |
DNO International * (A) | | | 1,026,784 | | | | 2,494,335 | |
Electromagnetic GeoServices * | | | 439,500 | | | | 234,365 | |
Fred Olsen Energy | | | 58,860 | | | | 627,311 | |
Kvaerner (A) | | | 411,900 | | | | 544,238 | |
Odfjell Drilling | | | 33,207 | | | | 97,885 | |
Petroleum Geo-Services (A) | | | 333,890 | | | | 1,654,365 | |
ProSafe | | | 398,170 | | | | 1,822,464 | |
REC Solar * | | | 28,920 | | | | 387,471 | |
Renewable Energy * (A) | | | 3,058,700 | | | | 1,222,393 | |
Seadrill | | | 421,358 | | | | 9,468,228 | |
Sevan Drilling * | | | 296,267 | | | | 42,129 | |
Statoil | | | 1,410,156 | | | | 31,958,801 | |
TGS Nopec Geophysical (A) | | | 160,260 | | | | 3,738,846 | |
| | | | | | | 59,861,916 | |
Technology — 3.4% | | | | | | | | |
Atea | | | 136,692 | | | | 1,493,265 | |
Dolphin Group * | | | 605,584 | | | | 259,241 | |
Nordic Semiconductor (A) | | | 282,544 | | | | 1,590,382 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X MSCI Norway ETF
| | Shares/Face Amount(1) | | | Value | |
COMMON STOCK — continued | | | | | | | | |
Technology — continued | | | | | | | | |
Opera Software | | | 237,840 | | | $ | 2,973,440 | |
| | | | | | | 6,316,328 | |
Telecommunications — 10.8% | | | | | | | | |
Telenor | | | 884,604 | | | | 19,864,608 | |
TOTAL NORWAY | | | | | | | 176,843,115 | |
UNITED ARAB EMIRATES— 0.1% | | | | | | | | |
Oil & Gas — 0.1% | | | | | | | | |
Polarcus * (A) | | | 911,700 | | | | 121,542 | |
UNITED KINGDOM— 2.3% | | | | | | | | |
Oil & Gas — 2.3% | | | | | | | | |
Subsea 7 | | | 385,603 | | | | 4,149,616 | |
TOTAL COMMON STOCK | | | | | | | | |
(Cost $210,884,649) | | | | | | | 181,545,932 | |
REPURCHASE AGREEMENTS — 7.0% | | | | | | | | |
Barclays | | | | | | | | |
0.080%, dated 10/31/14, to be repurchased on 11/03/14, repurchase price $11,000,073 (collateralized by U.S. Treasury Notes, ranging in par value $109,630-$2,146,341, 0.250%-4.875%, 11/15/14-05/15/22 with a total | | | | | | | | |
market value of $11,158,463)(B) | | | 11,000,000 | | | | 11,000,000 | |
Deutsche Bank | | | | | | | | |
0.100%, dated 10/31/14, to be repurchased on 11/03/14, repurchase price $1,720,130 (collateralized by U.S. Treasury Notes, par value $1,797,865, 1.125%, 12/31/19 with a total market value of $1,747,441)(B) | | | 1,720,116 | | | | 1,720,116 | |
TOTAL REPURCHASE AGREEMENTS | | | | | | | | |
(Cost $12,720,116) | | | | | | | 12,720,116 | |
TIME DEPOSITS — 0.6% | | | | | | | | |
Brown Brothers Harriman | | | | | | | | |
0.030%, 11/03/14 | | | 37,536 | | | | 37,536 | |
0.650%, 05/01/14, NOK | | | 7,696,322 | | | | 1,140,027 | |
TOTAL TIME DEPOSITS | | | | | | | | |
(Cost $1,177,563) | | | | | | | 1,177,563 | |
TOTAL INVESTMENTS — 106.8% | | | | | | | | |
(Cost $224,782,328) | | | | | | $ | 195,443,611 | |
Percentages are based on Net Assets of $183,037,614.
| * | Non-Income producing security. |
| (1) | In U.S. Dollars unless otherwise indicated. |
| (A) | This security or a partial position of this security is on loan at October 31, 2014. The total value of securities on loan at October 31, 2014 was $12,009,359. |
| (B) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2014 was $12,720,116. |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X MSCI Norway ETF
Cl — Class
NOK — Norwegian Krone
The following is a summary of the inputs used as of October 31, 2014 in valuing the Fund's investments carried at value:
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stock | | $ | 181,545,932 | | | $ | — | | | $ | — | | | $ | 181,545,932 | |
Repurchase Agreements | | | — | | | | 12,720,116 | | | | — | | | | 12,720,116 | |
Time Deposits | | | — | | | | 1,177,563 | | | | — | | | | 1,177,563 | |
Total Investments in Securities | | $ | 181,545,932 | | | $ | 13,897,679 | | | $ | — | | | $ | 195,443,611 | |
For the year ended October 31, 2014, there have been no transfers between Level 1, Level 2 and Level 3 investments.
As of October 31, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X FTSE Nordic Region ETF
Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.
| | Shares | | | Value | |
COMMON STOCK — 99.4% | | | | | | | | |
DENMARK— 24.6% | | | | | | | | |
Consumer Goods — 1.6% | | | | | | | | |
Carlsberg, Cl B | | | 10,639 | | | $ | 936,600 | |
Financials — 3.3% | | | | | | | | |
Danske Bank | | | 72,733 | | | | 1,994,362 | |
Health Care — 17.1% | | | | | | | | |
Coloplast, Cl B | | | 10,167 | | | | 884,779 | |
Novo Nordisk ADR | | | 181,985 | | | | 8,222,082 | |
Novozymes, Cl B | | | 23,730 | | | | 1,100,451 | |
| | | | | | | 10,207,312 | |
Industrials — 2.6% | | | | | | | | |
A P Moller - Maersk, Cl B | | | 676 | | | | 1,574,832 | |
TOTAL DENMARK | | | | | | | 14,713,106 | |
FINLAND— 13.5% | | | | | | | | |
Financials — 3.8% | | | | | | | | |
Sampo, Cl A | | | 47,551 | | | | 2,274,036 | |
Industrials — 2.8% | | | | | | | | |
Kone, Cl B | | | 38,504 | | | | 1,654,685 | |
Technology — 5.2% | | | | | | | | |
Nokia ADR | | | 378,500 | | | | 3,130,195 | |
Utilities — 1.7% | | | | | | | | |
Fortum | | | 44,809 | | | | 1,038,049 | |
TOTAL FINLAND | | | | | | | 8,096,965 | |
NORWAY— 13.3% | | | | | | | | |
Basic Materials — 2.6% | | | | | | | | |
Norsk Hydro | | | 135,520 | | | | 757,595 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X FTSE Nordic Region ETF
| | Shares/Face Amount | | | Value | |
COMMON STOCK — continued | | | | | | | | |
Basic Materials — continued | | | | | | | | |
Yara International | | | 17,397 | | | $ | 798,082 | |
| | | | | | | 1,555,677 | |
Financials — 3.3% | | | | | | | | |
DnB | | | 108,746 | | | | 1,995,798 | |
Oil & Gas — 4.7% | | | | | | | | |
Seadrill | | | 35,122 | | | | 789,217 | |
Statoil ADR | | | 88,841 | | | | 2,038,901 | |
| | | | | | | 2,828,118 | |
Telecommunications — 2.7% | | | | | | | | |
Telenor | | | 70,486 | | | | 1,582,829 | |
TOTAL NORWAY | | | | | | | 7,962,422 | |
SWEDEN— 48.0% | | | | | | | | |
Consumer Goods — 2.2% | | | | | | | | |
Svenska Cellulosa, Cl B | | | 58,393 | | | | 1,302,751 | |
Consumer Services — 5.8% | | | | | | | | |
Hennes & Mauritz, Cl B | | | 88,195 | | | | 3,500,270 | |
Financials — 20.3% | | | | | | | | |
Investor, Cl B | | | 45,531 | | | | 1,625,525 | |
Nordea Bank | | | 296,685 | | | | 3,796,638 | |
Skandinaviska Enskilda Banken, Cl A | | | 146,325 | | | | 1,870,524 | |
Svenska Handelsbanken, Cl A | | | 44,467 | | | | 2,115,716 | |
Swedbank, Cl A | | | 106,045 | | | | 2,798,634 | |
| | | | | | | 12,207,037 | |
Industrials — 11.7% | | | | | | | | |
Assa Abloy, Cl B | | | 31,489 | | | | 1,664,180 | |
Atlas Copco, Cl A | | | 62,313 | | | | 1,794,385 | |
Sandvik | | | 99,741 | | | | 1,090,375 | |
SKF, Cl B | | | 41,289 | | | | 824,636 | |
Volvo, Cl B | | | 141,273 | | | | 1,621,721 | |
| | | | | | | 6,995,297 | |
Technology — 5.5% | | | | | | | | |
Ericsson ADR | | | 276,754 | | | | 3,276,767 | |
Telecommunications — 2.5% | | | | | | | | |
TeliaSonera | | | 217,761 | | | | 1,502,206 | |
TOTAL SWEDEN | | | | | | | 28,784,328 | |
TOTAL COMMON STOCK | | | | | | | | |
(Cost $54,667,577) | | | | | | | 59,556,821 | |
TIME DEPOSITS — 0.0% | | | | | | | | |
Brown Brothers Harriman | | | | | | | | |
0.030%, 11/03/14 | | $ | 27,286 | | | | 27,286 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X FTSE Nordic Region ETF
| | Face Amount(1) | | | Value | |
TIME DEPOSITS — continued | | | | | | | | |
0.005%, 11/03/14, SEK | | | 12 | | | $ | 2 | |
TOTAL TIME DEPOSITS | | | | | | | | |
(Cost $27,288) | | | | | | | 27,288 | |
TOTAL INVESTMENTS — 99.4% | | | | | | | | |
(Cost $54,694,865) | | | | | | $ | 59,584,109 | |
Percentages are based on Net Assets of $59,926,553.
| (1) | In U.S. Dollars unless otherwise indicated. |
ADR — American Depositary Receipt
Cl — Class
SEK — Swedish Krone
The following is a summary of the inputs used as of October 31, 2014 in valuing the Fund's investments carried at value:
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stock | | $ | 59,556,821 | | | $ | — | | | $ | — | | | $ | 59,556,821 | |
Time Deposits | | | — | | | | 27,288 | | | | — | | | | 27,288 | |
Total Investments in Securities | | $ | 59,556,821 | | | $ | 27,288 | | | $ | — | | | $ | 59,584,109 | |
For the year ended October 31, 2014, there have been no transfers between Level 1, Level 2 and Level 3 investments.
As of October 31, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Central Asia & Mongolia Index ETF
Sector Weightings (unaudited)†:
† Sector weightings percentages are based on the total market value of investments.
| | Shares | | | Value | |
COMMON STOCK — 99.6% | | | | | | | | |
CANADA— 13.1% | | | | | | | | |
Basic Materials — 13.1% | | | | | | | | |
Centerra Gold | | | 22,432 | | | $ | 87,543 | |
Dundee Precious Metals * | | | 26,869 | | | | 76,500 | |
SouthGobi Resources * | | | 57,050 | | | | 31,706 | |
Turquoise Hill Resources * | | | 38,015 | | | | 127,350 | |
TOTAL CANADA | | | | | | | 323,099 | |
CHINA— 7.6% | | | | | | | | |
Oil & Gas — 7.6% | | | | | | | | |
MIE Holdings | | | 758,400 | | | | 104,638 | |
SPT Energy Group | | | 257,600 | | | | 81,380 | |
TOTAL CHINA | | | | | | | 186,018 | |
HONG KONG— 3.9% | | | | | | | | |
Basic Materials — 3.9% | | | | | | | | |
Mongolia Energy * | | | 4,399,200 | | | | 97,001 | |
KAZAKHSTAN— 31.4% | | | | | | | | |
Financials — 9.0% | | | | | | | | |
Halyk Savings Bank of Kazakhstan JSC GDR | | | 22,480 | | | | 220,304 | |
Oil & Gas — 13.5% | | | | | | | | |
KazMunaiGas Exploration Production JSC GDR | | | 15,942 | | | | 254,275 | |
Nostrum Oil & Gas * | | | 7,304 | | | | 78,876 | |
| | | | | | | 333,151 | |
Telecommunications — 8.9% | | | | | | | | |
KCell JSC GDR | | | 16,262 | | | | 217,748 | |
TOTAL KAZAKHSTAN | | | | | | | 771,203 | |
MONGOLIA— 6.5% | | | | | | | | |
Basic Materials — 6.5% | | | | | | | | |
Mongolian Mining * | | | 1,784,500 | | | | 158,772 | |
SWEDEN— 5.1% | | | | | | | | |
Telecommunications — 5.1% | | | | | | | | |
TeliaSonera | | | 18,246 | | | | 125,868 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Central Asia & Mongolia Index ETF
| | Shares/Face Amount(1) | | | Value | |
COMMON STOCK — continued | | | | | | | | |
UNITED ARAB EMIRATES— 6.7% | | | | | | | | |
Oil & Gas — 6.7% | | | | | | | | |
Dragon Oil | | | 19,268 | | | $ | 165,689 | |
UNITED KINGDOM— 25.3% | | | | | | | | |
Basic Materials — 17.2% | | | | | | | | |
Central Asia Metals | | | 48,219 | | | | 123,429 | |
China Nonferrous Gold * | | | 213,813 | | | | 112,882 | |
KAZ Minerals * | | | 18,222 | | | | 67,109 | |
Polymetal International | | | 14,470 | | | | 119,221 | |
| | | | | | | 422,641 | |
Financials — 4.7% | | | | | | �� | | |
Bank of Georgia Holdings | | | 2,803 | | | | 114,800 | |
Oil & Gas — 3.4% | | | | | | | | |
Tethys Petroleum * | | | 316,738 | | | | 83,611 | |
TOTAL UNITED KINGDOM | | | | | | | 621,052 | |
TOTAL COMMON STOCK | | | | | | | | |
(Cost $2,748,152) | | | | | | | 2,448,702 | |
| | | | | | | | |
TIME DEPOSITS — 0.2% | | | | | | | | |
Brown Brothers Harriman | | | | | | | | |
0.091%, 11/03/14, GBP | | | 2,411 | | | | 3,857 | |
0.005%, 11/03/14, HKD | | | 4 | | | | 1 | |
TOTAL TIME DEPOSITS | | | | | | | | |
(Cost $3,858) | | | | | | | 3,858 | |
TOTAL INVESTMENTS — 99.8% | | | | | | | | |
(Cost $2,752,010) | | | | | | $ | 2,452,560 | |
Percentages are based on Net Assets of $2,457,033.
| * | Non-income producing security. |
| (1) | In U.S. Dollars unless otherwise indicated. |
GBP — British Pound Sterling
GDR — Global Depositary Receipt
HKD — Hong Kong Dollar
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Central Asia & Mongolia Index ETF
The following is a summary of the inputs used as of October 31, 2014 in valuing the Fund's investments carried at value:
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stock | | $ | 2,448,702 | | | $ | — | | | $ | — | | | $ | 2,448,702 | |
Time Deposits | | | — | | | | 3,858 | | | | — | | | | 3,858 | |
Total Investments in Securities | | $ | 2,448,702 | | | $ | 3,858 | | | $ | — | | | $ | 2,452,560 | |
For the year ended October 31, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
As of October 31, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X MSCI Nigeria ETF
Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.
| | Shares | | | Value | |
COMMON STOCK — 99.7% | | | | | | | | |
NIGERIA— 99.7% | | | | | | | | |
Consumer Goods — 36.0% | | | | | | | | |
Dangote Sugar Refinery | | | 4,294,400 | | | $ | 181,472 | |
Flour Mills of Nigeria | | | 1,233,612 | | | | 457,252 | |
Guinness Nigeria | | | 664,658 | | | | 648,007 | |
Nestle Nigeria | | | 246,915 | | | | 1,460,771 | |
Nigerian Breweries | | | 3,019,539 | | | | 2,953,005 | |
Unilever Nigeria | | | 1,776,263 | | | | 387,100 | |
| | | | | | | 6,087,607 | |
Financials — 45.7% | | | | | | | | |
Access Bank | | | 10,468,300 | | | | 537,160 | |
Diamond Bank | | | 11,225,300 | | | | 406,591 | |
Ecobank Transnational | | | 7,015,534 | | | | 804,679 | |
FBN Holdings | | | 9,802,192 | | | | 685,236 | |
Fidelity Bank * | | | 8,050,616 | | | | 94,770 | |
First City Monument Bank | | | 10,612,916 | | | | 249,226 | |
Guaranty Trust Bank | | | 11,567,200 | | | | 1,745,729 | |
Skye Bank | | | 8,968,900 | | | | 129,945 | |
Transnational Corp of Nigeria | | | 21,894,800 | | | | 533,987 | |
UAC of Nigeria | | | 1,750,680 | | | | 560,133 | |
United Bank for Africa | | | 15,001,562 | | | | 430,169 | |
Zenith Bank | | | 12,276,800 | | | | 1,571,193 | |
| | | | | | | 7,748,818 | |
Industrials — 8.6% | | | | | | | | |
Ashaka Cement | | | 475,193 | | | | 89,904 | |
Dangote Cement | | | 564,000 | | | | 732,025 | |
Lafarge Cement WAPCO Nigeria | | | 951,600 | | | | 631,853 | |
| | | | | | | 1,453,782 | |
Oil & Gas — 9.4% | | | | | | | | |
Forte Oil | | | 435,328 | | | | 557,004 | |
Oando * | | | 3,671,500 | | | | 480,077 | |
SEPLAT Petroleum Development | | | 169,967 | | | | 558,782 | |
| | | | | | | 1,595,863 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X MSCI Nigeria ETF
| | Face Amount(1) | | | Value | |
COMMON STOCK — continued | | | | | | | | |
TOTAL COMMON STOCK | | | | | | | | |
(Cost $18,861,168) | | | | | | $ | 16,886,070 | |
| | | | | | | | |
TIME DEPOSITS — 0.2% | | | | | | | | |
Brown Brothers Harriman | | | | | | | | |
0.030%, 11/03/14 | | | 25,846 | | | | 25,846 | |
0.091%, 11/03/14, GBP | | | 1 | | | | 2 | |
0.650%, 11/03/14, NOK | | | 18 | | | | 3 | |
TOTAL TIME DEPOSITS | | | | | | | | |
(Cost $25,851) | | | | | | | 25,851 | |
TOTAL INVESTMENTS — 99.9% | | | | | | | | |
(Cost $18,887,019) | | | | | | $ | 16,911,921 | |
Percentages are based on Net Assets of $16,923,981.
| (1) | In U.S. Dollars unless otherwise indicated. |
GBP — British Pound Sterling
NOK — Norwegian Krone
The following is a summary of the inputs used as of October 31, 2014 in valuing the Fund's investments carried at value:
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stock | | $ | 12,740,198 | | | $ | 4,145,872 | | | $ | — | | | $ | 16,886,070 | |
Time Deposits | | | — | | | | 25,851 | | | | — | | | | 25,851 | |
Total Investments in Securities | | $ | 12,740,198 | | | $ | 4,171,723 | | | $ | — | | | $ | 16,911,921 | |
For the year ended October 31, 2014, the transfers in and out of Level 3 were due to changes in the availability of observable inputs to determine fair value. Transfers between levels are recognized at period end.
As of October 31, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Next Emerging & Frontier ETF
Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.
| | Shares | | | Value | |
COMMON STOCK — 99.6% | | | | | | | | |
| | | | | | | | |
ARGENTINA— 3.6% | | | | | | | | |
Consumer Services — 1.8% | | | | | | | | |
Arcos Dorados Holdings, Cl A | | | 95,031 | | | $ | 585,391 | |
MercadoLibre | | | 16,197 | | | | 2,205,221 | |
| | | | | | | 2,790,612 | |
Oil & Gas — 1.8% | | | | | | | | |
YPF ADR | | | 76,998 | | | | 2,708,020 | |
TOTAL ARGENTINA | | | | | | | 5,498,632 | |
AUSTRALIA— 0.8% | | | | | | | | |
Basic Materials — 0.7% | | | | | | | | |
Paladin Energy * | | | 2,464,800 | | | | 704,129 | |
Resolute Mining * | | | 916,600 | | | | 257,820 | |
| | | | | | | 961,949 | |
Consumer Services — 0.1% | | | | | | | | |
Donaco International * | | | 272,900 | | | | 217,090 | |
iSentric * | | | 35,523 | | | | 8,275 | |
| | | | | | | 225,365 | |
TOTAL AUSTRALIA | | | | | | | 1,187,314 | |
BAHRAIN— 0.1% | | | | | | | | |
Financials — 0.1% | | | | | | | | |
Al-Salam Bank | | | 262,700 | | | | 132,395 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Next Emerging & Frontier ETF
| | Shares | | | Value | |
COMMON STOCK — continued | | | | | | | | |
BANGLADESH—1.0% | | | | | | | | |
Consumer Services — 0.3% | | | | | | | | |
Square Pharmaceuticals | | | 114,666 | | | $ | 412,967 | |
Telecommunications — 0.7% | | | | | | | | |
GrameenPhone | | | 238,600 | | | | 1,154,690 | |
TOTAL BANGLADESH | | | | | | | 1,567,657 | |
CANADA— 2.6% | | | | | | | | |
Basic Materials — 2.2% | | | | | | | | |
African Barrick Gold | | | 195,830 | | | | 645,394 | |
Asanko Gold * | | | 66,841 | | | | 100,785 | |
Endeavour Mining * | | | 328,934 | | | | 140,040 | |
First Quantum Minerals | | | 94,229 | | | | 1,420,811 | |
Turquoise Hill Resources * | | | 291,377 | | | | 976,899 | |
| | | | | | | 3,283,929 | |
Oil & Gas — 0.4% | | | | | | | | |
Pan American Silver | | | 69,415 | | | | 641,540 | |
TOTAL CANADA | | | | | | | 3,925,469 | |
CAYMAN ISLANDS— 0.4% | | | | | | | | |
Consumer Services — 0.4% | | | | | | | | |
NagaCorp | | | 657,983 | | | | 553,184 | |
CHILE— 4.2% | | | | | | | | |
Basic Materials — 0.3% | | | | | | | | |
Empresas CMPC | | | 95,200 | | | | 233,331 | |
Sociedad Quimica y Minera de Chile, Cl B | | | 7,650 | | | | 177,758 | |
| | | | | | | 411,089 | |
Consumer Services — 1.5% | | | | | | | | |
Cencosud | | | 71,400 | | | | 202,061 | |
Latam Airlines Group * | | | 88,060 | | | | 1,053,716 | |
SACI Falabella | | | 148,680 | | | | 1,084,994 | |
| | | | | | | 2,340,771 | |
Financials — 0.3% | | | | | | | | |
Banco de Chile | | | 2,064,127 | | | | 251,490 | |
Banco Santander Chile | | | 4,664,700 | | | | 246,929 | |
| | | | | | | 498,419 | |
Oil & Gas — 0.2% | | | | | | | | |
Empresas COPEC | | | 20,230 | | | | 244,628 | |
Utilities — 1.9% | | | | | | | | |
Empresa Nacional de Electricidad | | | 953,549 | | | | 1,485,963 | |
Enersis | | | 4,309,153 | | | | 1,370,959 | |
| | | | | | | 2,856,922 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Next Emerging & Frontier ETF
| | Shares | | | Value | |
COMMON STOCK — continued | | | | | | | | |
TOTAL CHILE | | | | | | $ | 6,351,829 | |
COLOMBIA— 2.5% | | | | | | | | |
Consumer Goods — 0.1% | | | | | | | | |
Almacenes Exito | | | 13,090 | | | | 184,845 | |
Financials — 0.2% | | | | | | | | |
Grupo de Inversiones Suramericana | | | 11,121 | | | | 230,434 | |
Industrials — 0.1% | | | | | | | | |
Cementos Argos | | | 43,046 | | | | 219,329 | |
Oil & Gas — 2.1% | | | | | | | | |
Ecopetrol | | | 627,448 | | | | 838,830 | |
Pacific Rubiales Energy ^ | | | 152,059 | | | | 2,292,788 | |
| | | | | | | 3,131,618 | |
TOTAL COLOMBIA | | | | | | | 3,766,226 | |
CZECH REPUBLIC— 1.3% | | | | | | | | |
Financials — 0.2% | | | | | | | | |
Komercni Banka | | | 1,309 | | | | 280,343 | |
Telecommunications — 0.1% | | | | | | | | |
Telefonica Czech Republic | | | 17,850 | | | | 199,383 | |
Utilities — 1.0% | | | | | | | | |
CEZ | | | 57,021 | | | | 1,576,893 | |
TOTAL CZECH REPUBLIC | | | | | | | 2,056,619 | |
EGYPT— 0.6% | | | | | | | | |
Financials — 0.5% | | | | | | | | |
Commercial International Bank Egypt SAE | | | 58,600 | | | | 395,690 | |
Talaat Moustafa Group | | | 182,550 | | | | 268,334 | |
| | | | | | | 664,024 | |
Telecommunications — 0.1% | | | | | | | | |
Global Telecom Holding SAE * | | | 302,703 | | | | 184,161 | |
TOTAL EGYPT | | | | | | | 848,185 | |
FRANCE— 0.2% | | | | | | | | |
Oil & Gas — 0.2% | | | | | | | | |
Etablissements Maurel et Prom | | | 32,341 | | | | 386,844 | |
GREECE— 0.0% | | | | | | | | |
Industrials — 0.0% | | | | | | | | |
Metka | | | 8,182 | | | | 79,959 | |
HUNGARY— 0.7% | | | | | | | | |
Consumer Services — 0.2% | | | | | | | | |
Richter Gedeon Nyrt | | | 16,746 | | | | 255,382 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Next Emerging & Frontier ETF
| | Shares | | | Value | |
COMMON STOCK — continued | | | | | | | | |
Financials — 0.4% | | | | | | | | |
OTP Bank | | | 38,390 | | | $ | 634,131 | |
Oil & Gas — 0.1% | | | | | | | | |
MOL Hungarian Oil & Gas | | | 3,213 | | | | 152,756 | |
TOTAL HUNGARY | | | | | | | 1,042,269 | |
INDONESIA— 8.7% | | | | | | | | |
Basic Materials — 1.3% | | | | | | | | |
Indocement Tunggal Prakarsa | | | 178,500 | | | | 354,489 | |
Semen Indonesia Persero | | | 1,225,085 | | | | 1,609,286 | |
| | | | | | | 1,963,775 | |
Consumer Goods — 1.9% | | | | | | | | |
Astra International | | | 2,496,097 | | | | 1,399,343 | |
Charoen Pokphand Indonesia | | | 643,700 | | | | 223,710 | |
Gudang Garam | | | 91,514 | | | | 437,313 | |
Indofood CBP Sukses Makmur TBK | | | 238,000 | | | | 217,617 | |
Indofood Sukses Makmur | | | 476,900 | | | | 269,329 | |
Unilever Indonesia | | | 111,169 | | | | 279,647 | |
| | | | | | | 2,826,959 | |
Consumer Services — 0.2% | | | | | | | | |
Kalbe Farma | | | 2,559,600 | | | | 361,119 | |
Financials — 3.0% | | | | | | | | |
Bank Central Asia | | | 1,600,268 | | | | 1,728,051 | |
Bank Mandiri | | | 2,093,918 | | | | 1,793,302 | |
Bank Rakyat Indonesia Persero | | | 1,130,500 | | | | 1,036,019 | |
| | | | | | | 4,557,372 | |
Industrials — 0.1% | | | | | | | | |
United Tractors | | | 142,800 | | | | 217,125 | |
Telecommunications — 1.1% | | | | | | | | |
Telekomunikasi Indonesia Persero | | | 7,706,505 | | | | 1,753,652 | |
Utilities — 1.1% | | | | | | | | |
Perusahaan Gas Negara | | | 3,256,539 | | | | 1,603,344 | |
TOTAL INDONESIA | | | | | | | 13,283,346 | |
KAZAKHSTAN— 0.2% | | | | | | | | |
Oil & Gas — 0.2% | | | | | | | | |
KazMunaiGas Exploration Production JSC GDR | | | 18,761 | | | | 299,238 | |
KENYA— 0.2% | | | | | | | | |
Telecommunications — 0.2% | | | | | | | | |
Safaricom | | | 2,155,400 | | | | 292,768 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Next Emerging & Frontier ETF
| | Shares | | | Value | |
COMMON STOCK — continued | | | | | | | | |
KUWAIT— 1.1% | | | | | | | | |
Financials — 1.1% | | | | | | | | |
Kuwait Finance House | | | 397,414 | | | $ | 1,067,802 | |
National Bank of Kuwait SAK | | | 178,080 | | | | 595,031 | |
TOTAL KUWAIT | | | | | | | 1,662,833 | |
LUXEMBOURG— 0.1% | | | | | | | | |
Consumer Goods — 0.1% | | | | | | | | |
Adecoagro * | | | 24,455 | | | | 221,807 | |
MALAYSIA— 10.8% | | | | | | | | |
Basic Materials — 0.2% | | | | | | | | |
Petronas Chemicals Group | | | 136,290 | | | | 254,825 | |
Consumer Goods — 0.4% | | | | | | | | |
British American Tobacco Malaysia | | | 10,705 | | | | 226,191 | |
IOI | | | 178,200 | | | | 264,923 | |
Kuala Lumpur Kepong | | | 30,350 | | | | 212,222 | |
| | | | | | | 703,336 | |
Consumer Services — 0.6% | | | | | | | | |
Genting | | | 95,200 | | | | 282,192 | |
Genting Malaysia | | | 226,100 | | | | 295,578 | |
IHH Healthcare | | | 230,452 | | | | 346,808 | |
| | | | | | | 924,578 | |
Energy — 0.8% | | | | | | | | |
Sapurakencana Petroleum | | | 1,152,767 | | | | 1,195,086 | |
Financials — 2.4% | | | | | | | | |
CIMB Group Holdings | | | 339,770 | | | | 670,398 | |
Malayan Banking | | | 497,826 | | | | 1,468,089 | |
Public Bank | | | 269,200 | | | | 1,517,358 | |
| | | | | | | 3,655,845 | |
Industrials — 1.2% | | | | | | | | |
MISC | | | 142,800 | | | | 297,821 | |
Sime Darby | | | 508,330 | | | | 1,495,974 | |
| | | | | | | 1,793,795 | |
Oil & Gas — 0.2% | | | | | | | | |
Petronas Dagangan | | | 23,800 | | | | 147,608 | |
Petronas Gas | | | 31,649 | | | | 216,301 | |
| | | | | | | 363,909 | |
Telecommunications — 3.5% | | | | | | | | |
Axiata Group | | | 694,767 | | | | 1,489,126 | |
DiGi.Com | | | 1,001,002 | | | | 1,883,773 | |
The accompanying notes are an integral part of the financial statements.
Schedule of Investments | October 31, 2014 |
Global X Next Emerging & Frontier ETF
| | Shares | | | Value | |
COMMON STOCK — continued | | | | | | | | |
Telecommunications — continued | | | | | | | | |
Maxis | | | 691,396 | | | $ | 1,416,739 | |
Telekom Malaysia | | | 205,785 | | | | 450,453 | |
| | | | | | | 5,240,091 | |
Utilities — 1.5% | | | | | | | | |
Tenaga Nasional | | | 523,973 | | | | 2,128,230 | |
YTL | | | 452,200 | | | | 228,214 | |
| | | | | | | 2,356,444 | |
TOTAL MALAYSIA | | | | | | | 16,487,909 | |
MEXICO— 11.1% | | | | | | | | |
Basic Materials — 2.8% | | | | | | | | |
Fresnillo | | | 90,211 | | | | 1,006,658 | |
Grupo Mexico, Cl B | | | 461,568 | | | | 1,586,727 | |
Industrias Penoles | | | 10,674 | | | | 241,459 | |
Mexichem | | | 347,317 | | | | 1,418,851 | |
| | | | | | | 4,253,695 | |
Consumer Goods — 1.7% | | | | | | | | |
Arca Continental | | | 49,138 | | | | 315,975 | |
Coca-Cola Femsa | | | 23,800 | | | | 251,735 | |
Fomento Economico Mexicano | | | 82,809 | | | | 796,773 | |
Grupo Bimbo, Ser A | | | 95,200 | | | | 279,608 | |
Grupo Lala, Cl B | | | 299,181 | | | | 681,888 | |
Kimberly-Clark de Mexico, Cl A | | | 99,183 | | | | 230,543 | |
| | | | | | | 2,556,522 | |
Consumer Services — 1.1% | | | | | | | | |
Grupo Elektra | | | 9,163 | | | | 347,956 | |
Wal-Mart de Mexico | | | 578,480 | | | | 1,339,914 | |
| | | | | | | 1,687,870 | |
Financials — 1.1% | | | | | | | | |
Grupo Financiero Banorte, Cl O | | | 122,984 | | | | 787,184 | |
Grupo Financiero Inbursa, Cl O | | | 309,400 | | | | 932,360 | |
| | | | | | | 1,719,544 | |
Industrials — 2.4% | | | | | | | | |
Alfa, Cl A | | | 564,170 | | | | 1,798,847 | |
Cemex * | | | 592,129 | | | | 729,023 | |
OHL Mexico * | | | 101,790 | | | | 285,298 | |
Promotora y Operadora de Infraestructura * | | | 58,013 | | | | 799,228 | |
| | | | | | | 3,612,396 | |
Telecommunications — 1.7% | | | | | | | | |
America Movil | | | 1,382,967 | | | | 1,689,360 | |
Grupo Televisa | | | 113,521 | | | | 821,419 | |
| | | | | | | 2,510,779 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Next Emerging & Frontier ETF
| | Shares | | | Value | |
COMMON STOCK — continued | | | | | | | | |
Utilities — 0.3% | | | | | | | | |
Infraestructura Energetica Nova | | | 78,840 | | | $ | 480,423 | |
TOTAL MEXICO | | | | | | | 16,821,229 | |
NIGERIA— 0.3% | | | | | | | | |
Consumer Goods — 0.1% | | | | | | | | |
Nigerian Breweries | | | 212,800 | | | | 208,111 | |
Financials — 0.2% | | | | | | | | |
Guaranty Trust Bank | | | 1,503,200 | | | | 226,864 | |
TOTAL NIGERIA | | | | | | | 434,975 | |
OMAN— 0.6% | | | | | | | | |
Financials — 0.2% | | | | | | | | |
BankMuscat SAOG | | | 154,700 | | | | 282,880 | |
Telecommunications — 0.4% | | | | | | | | |
Oman Telecommunications SAOG | | | 130,110 | | | | 562,684 | |
TOTAL OMAN | | | | | | | 845,564 | |
PAKISTAN— 0.6% | | | | | | | | |
Oil & Gas — 0.5% | | | | | | | | |
Oil & Gas Development | | | 101,500 | | | | 225,200 | |
Pakistan Petroleum | | | 285,600 | | | | 567,949 | |
| | | | | | | 793,149 | |
Telecommunications — 0.1% | | | | | | | | |
Pakistan Telecommunication | | | 764,993 | | | | 154,219 | |
TOTAL PAKISTAN | | | | | | | 947,368 | |
PANAMA— 1.3% | | | | | | | | |
Consumer Services — 1.3% | | | | | | | | |
Copa Holdings, Cl A | | | 16,747 | | | | 1,958,059 | |
PAPUA NEW GUINEA— 1.3% | | | | | | | | |
Oil & Gas — 1.3% | | | | | | | | |
Oil Search | | | 255,827 | | | | 1,940,639 | |
PERU— 0.6% | | | | | | | | |
Financials — 0.6% | | | | | | | | |
Credicorp Ltd. | | | 5,649 | | | | 909,489 | |
PHILIPPINES— 3.8% | | | | | | | | |
Consumer Goods — 0.5% | | | | | | | | |
JG Summit Holdings * | | | 203,049 | | | | 288,680 | |
Universal Robina | | | 101,717 | | | | 421,602 | |
| | | | | | | 710,282 | |
Consumer Services — 0.8% | | | | | | | | |
SM Investments | | | 73,124 | | | | 1,276,717 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Next Emerging & Frontier ETF
| | Shares | | | Value | |
COMMON STOCK — continued | | | | | | | | |
Financials — 0.4% | | | | | | | | |
Ayala | | | 21,420 | | | $ | 329,355 | |
SM Prime Holdings | | | 838,497 | | | | 326,617 | |
| | | | | | | 655,972 | |
Industrials — 0.5% | | | | | | | | |
Alliance Global Group | | | 487,900 | | | | 275,072 | |
DMCI Holdings | | | 672,730 | | | | 242,857 | |
International Container Terminal Services | | | 95,200 | | | | 246,088 | |
| | | | | | | 764,017 | |
Real Estate — 0.2% | | | | | | | | |
Ayala Land | | | 428,400 | | | | 319,808 | |
Technology — 1.0% | | | | | | | | |
Philippine Long Distance Telephone | | | 22,684 | | | | 1,579,160 | |
Utilities — 0.4% | | | | | | | | |
Aboitiz Power | | | 280,458 | | | | 256,240 | |
Manila Electric | | | 42,840 | | | | 250,119 | |
| | | | | | | 506,359 | |
TOTAL PHILIPPINES | | | | | | | 5,812,315 | |
POLAND— 4.8% | | | | | | | | |
Basic Materials — 0.9% | | | | | | | | |
KGHM Polska Miedz | | | 37,256 | | | | 1,439,230 | |
Consumer Goods — 0.2% | | | | | | | | |
LPP * | | | 85 | | | | 254,019 | |
Financials — 1.7% | | | | | | | | |
Bank Pekao | | | 12,644 | | | | 662,169 | |
Bank Zachodni * | | | 2,523 | | | | 286,244 | |
Powszechna Kasa Oszczednosci Bank Polski | | | 60,891 | | | | 678,156 | |
Powszechny Zaklad Ubezpieczen | | | 5,686 | | | | 853,932 | |
| | | | | | | 2,480,501 | |
Oil & Gas — 1.0% | | | | | | | | |
Polski Koncern Naftowy Orlen S.A. | | | 99,686 | | | | 1,243,036 | |
Polskie Gornictwo Naftowe i Gazownictwo | | | 162,300 | | | | 242,779 | |
| | | | | | | 1,485,815 | |
Utilities — 1.0% | | | | | | | | |
PGE | | | 242,550 | | | | 1,594,110 | |
TOTAL POLAND | | | | | | | 7,253,675 | |
QATAR— 1.9% | | | | | | | | |
Financials — 0.7% | | | | | | | | |
Qatar National Bank | | | 18,420 | | | | 1,083,990 | |
Industrials — 1.2% | | | | | | | | |
Industries Qatar QSC | | | 35,056 | | | | 1,813,665 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Next Emerging & Frontier ETF
| | Shares | | | Value | |
COMMON STOCK — continued | | | | | | | | |
TOTAL QATAR | | | | | | $ | 2,897,655 | |
RUSSIA— 0.7% | | | | | | | | |
Basic Materials — 0.7% | | | | | | | | |
Polyus Gold International | | | 336,121 | | | | 1,005,578 | |
SOUTH AFRICA— 9.5% | | | | | | | | |
Basic Materials — 1.5% | | | | | | | | |
Anglo American Platinum * | | | 17,255 | | | | 543,500 | |
AngloGold Ashanti | | | 48,330 | | | | 409,057 | |
Aquarius Platinum * | | | 374,603 | | | | 98,886 | |
Impala Platinum Holdings | | | 60,620 | | | | 440,588 | |
Kumba Iron Ore | | | 19,616 | | | | 489,113 | |
Mondi | | | 17,421 | | | | 290,828 | |
| | | | | | | 2,271,972 | |
Consumer Goods — 0.5% | | | | | | | | |
Tiger Brands | | | 25,813 | | | | 774,857 | |
Consumer Services — 4.1% | | | | | | | | |
Aspen Pharmacare Holdings | | | 28,961 | | | | 1,031,449 | |
Mediclinic International | | | 98,156 | | | | 875,203 | |
Naspers, Cl N | | | 14,988 | | | | 1,862,327 | |
Shoprite Holdings | | | 43,004 | | | | 621,995 | |
Steinhoff International Holdings | | | 199,111 | | | | 1,016,553 | |
Woolworths Holdings | | | 108,118 | | | | 767,210 | |
| | | | | | | 6,174,737 | |
Financials — 1.1% | | | | | | | | |
FirstRand | | | 220,480 | | | | 942,035 | |
Standard Bank Group | | | 62,265 | | | | 782,047 | |
| | | | | | | 1,724,082 | |
Industrials — 0.6% | | | | | | | | |
Bidvest Group | | | 29,910 | | | | 821,381 | |
Oil & Gas — 0.1% | | | | | | | | |
Exxaro Resources | | | 19,040 | | | | 198,208 | |
Technology — 0.5% | | | | | | | | |
Sasol | | | 15,383 | | | | 764,750 | |
Telecommunications — 1.1% | | | | | | | | |
MTN Group | | | 37,763 | | | | 834,088 | |
Vodacom Group | | | 69,110 | | | | 837,240 | |
| | | | | | | 1,671,328 | |
TOTAL SOUTH AFRICA | | | | | | | 14,401,315 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Next Emerging & Frontier ETF
| | Shares | | | Value | |
COMMON STOCK — continued | | | | | | | | |
SOUTH KOREA— 0.2% | | | | | | | | |
Consumer Services — 0.2% | | | | | | | | |
Kolao Holdings | | | 18,454 | | | $ | 283,182 | |
THAILAND— 8.8% | | | | | | | | |
Basic Materials — 0.4% | | | | | | | | |
PTT Global Chemical | | | 322,531 | | | | 613,967 | |
Consumer Goods — 1.3% | | | | | | | | |
Charoen Pokphand Foods | | | 991,457 | | | | 951,275 | |
Thai Beverage(A) | | | 1,775,507 | | | | 1,024,905 | |
| | | | | | | 1,976,180 | |
Consumer Services — 1.3% | | | | | | | | |
Bangkok Dusit Medical Services, Cl F | | | 1,771,600 | | | | 1,006,282 | |
CP ALL | | | 648,522 | | | | 905,979 | |
| | | | | | | 1,912,261 | |
Financials — 0.5% | | | | | | | | |
Siam Commercial Bank | | | 156,260 | | | | 851,586 | |
Industrials — 1.6% | | | | | | | | |
Airports of Thailand | | | 117,494 | | | | 872,998 | |
Siam Cement | | | 86,440 | | | | 1,194,289 | |
Siam Cement NVDR | | | 22,360 | | | | 308,935 | |
| | | | | | | 2,376,222 | |
Oil & Gas — 1.9% | | | | | | | | |
PTT | | | 148,891 | | | | 1,682,281 | |
PTT Exploration & Production | | | 280,360 | | | | 1,261,060 | |
| | | | | | | 2,943,341 | |
Telecommunications — 1.8% | | | | | | | | |
Advanced Info Service | | | 185,454 | | | | 1,360,869 | |
Intouch Holdings, Cl F | | | 32,200 | | | | 73,159 | |
Intouch Holdings | | | 5,900 | | | | 13,405 | |
Intouch Holdings NVDR | | | 265,830 | | | | 603,974 | |
Total Access Communication | | | 21,500 | | | | 68,322 | |
Total Access Communication NVDR | | | 195,721 | | | | 621,957 | |
| | | | | | | 2,741,686 | |
TOTAL THAILAND | | | | | | | 13,415,243 | |
TURKEY— 8.5% | | | | | | | | |
Basic Materials — 1.6% | | | | | | | | |
Eregli Demir ve Celik Fabrikalari | | | 1,199,573 | | | | 2,501,587 | |
Consumer Goods — 0.4% | | | | | | | | |
Anadolu Efes Biracilik Ve Malt Sanayii * | | | 17,850 | | | | 209,035 | |
Coca-Cola Icecek | | | 10,710 | | | | 244,571 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Next Emerging & Frontier ETF
| | Shares | | | Value | |
COMMON STOCK — continued | | | | | | | | |
Consumer Goods — continued | | | | | | | | |
Ford Otomotiv Sanayi | | | 15,470 | | | $ | 197,887 | |
| | | | | | | 651,493 | |
Consumer Services — 1.8% | | | | | | | | |
BIM Birlesik Magazalar | | | 69,699 | | | | 1,594,770 | |
Turk Hava Yollari * | | | 348,475 | | | | 1,144,214 | |
| | | | | | | 2,738,984 | |
Financials — 1.4% | | | | | | | | |
Akbank | | | 189,000 | | | | 683,574 | |
Turkiye Garanti Bankasi | | | 188,425 | | | | 736,658 | |
Turkiye Is Bankasi, Cl C | | | 281,144 | | | | 704,063 | |
| | | | | | | 2,124,295 | |
Industrials — 1.2% | | | | | | | | |
Enka Insaat ve Sanayi | | | 116,254 | | | | 281,707 | |
KOC Holding | | | 298,736 | | | | 1,527,184 | |
| | | | | | | 1,808,891 | |
Oil & Gas — 1.0% | | | | | | | | |
Tupras Turkiye Petrol Rafinerileri | | | 68,143 | | | | 1,480,903 | |
Telecommunications — 1.1% | | | | | | | | |
Turk Telekomunikasyon | | | 90,036 | | | | 259,134 | |
Turkcell Iletisim Hizmetleri * | | | 228,640 | | | | 1,328,464 | |
| | | | | | | 1,587,598 | |
TOTAL TURKEY | | | | | | | 12,893,751 | |
UKRAINE— 0.3% | | | | | | | | |
Consumer Goods — 0.3% | | | | | | | | |
Kernel Holding * | | | 49,731 | | | | 391,920 | |
UNITED ARAB EMIRATES— 3.3% | | | | | | | | |
Financials — 1.1% | | | | | | | | |
First Gulf Bank PJSC | | | 233,913 | | | | 1,155,873 | |
National Bank of Abu Dhabi PJSC | | | 166,140 | | | | 610,643 | |
| | | | | | | 1,766,516 | |
Industrials — 0.6% | | | | | | | | |
DP World | | | 44,946 | | | | 861,165 | |
Real Estate — 1.6% | | | | | | | | |
Emaar Properties PJSC | | | 893,371 | | | | 2,432,265 | |
TOTAL UNITED ARAB EMIRATES | | | | | | | 5,059,946 | |
UNITED KINGDOM— 2.2% | | | | | | | | |
Basic Materials — 0.5% | | | | | | | | |
KAZ Minerals | | | 216,735 | | | | 798,202 | |
Financials — 0.4% | | | | | | | | |
Bank of Georgia Holdings | | | 16,774 | | | | 686,997 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Next Emerging & Frontier ETF
| | Shares/Face Amount(1) | | | Value | |
COMMON STOCK — continued | | | | | | | | |
Oil & Gas — 0.9% | | | | | | | | |
Afren * | | | 452,200 | | | $ | 558,866 | |
Premier Oil | | | 186,673 | | | | 770,213 | |
| | | | | | | 1,329,079 | |
Telecommunications — 0.4% | | | | | | | | |
Cable & Wireless Communications | | | 774,762 | | | | 597,935 | |
TOTAL UNITED KINGDOM | | | | | | | 3,412,213 | |
UNITED STATES— 0.5% | | | | | | | | |
Oil & Gas — 0.5% | | | | | | | | |
Vaalco Energy * | | | 93,718 | | | | 695,388 | |
VIETNAM— 0.2% | | | | | | | | |
Utilities — 0.2% | | | | | | | | |
PetroVietnam Gas JSC | | | 75,070 | | | | 373,939 | |
TOTAL COMMON STOCK | | | | | | | | |
(Cost $153,450,010) | | | | | | | 151,397,926 | |
| | | | | | | | |
PREFERRED STOCK — 0.3% | | | | | | | | |
COLOMBIA— 0.3% | | | | | | | | |
Consumer Services — 0.1% | | | | | | | | |
Avianca Holdings | | | 115,101 | | | | 215,596 | |
Financials — 0.2% | | | | | | | | |
Banco Davivienda | | | 14,600 | | | | 217,503 | |
TOTAL PREFERRED STOCK | | | | | | | | |
(Cost $472,933) | | | | | | | 433,099 | |
| | | | | | | | |
CONVERTIBLE BOND — 0.0% | | | | | | | | |
BankMuscat SAOG 4.500%, 03/20/17 | | | | | | | | |
(Cost $–) | | | 2,702 | | | | 758 | |
| | | | | | | | |
TIME DEPOSITS — 0.4% | | | | | | | | |
Brown Brothers Harriman | | | | | | | | |
0.030%, 11/03/14 | | | 591,024 | | | | 591,024 | |
1.799%, 11/03/14, AUD | | | 6 | | | | 5 | |
0.337%, 11/03/14, CAD | | | 25 | | | | 22 | |
TOTAL TIME DEPOSITS | | | | | | | | |
(Cost $591,051) | | | | | | | 591,051 | |
TOTAL INVESTMENTS — 100.3% | | | | | | | | |
(Cost $154,513,994) | | | | | | $ | 152,422,834 | |
Percentages are based on Net Assets of $152,027,109.
| * | Non-income producing security. |
| ^ | Security traded on the Toronto Stock Exchange. |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Next Emerging & Frontier ETF
| (1) | In U.S. Dollars unless otherwise indicated. |
| (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 October 31, 2014, was $1,024,905 and represented 0.7% of Net Assets. |
ADR — American Depositary Receipt
AUD — Australian Dollar
CAD — Canadian Dollar
Cl — Class
GDR — Global Depositary Receipt
Ltd. — Limited
NVDR — Non-voting Depositary Receipt
Ser — Series
The following is a summary of the inputs used as of October 31, 2014 in valuing the Fund's investments carried at value:
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3(a) | | | Total | |
Common Stock | | $ | 150,373,021 | | | $ | — | | | $ | 1,024,905 | | | $ | 151,397,926 | |
Preferred Stock | | | 433,099 | | | | — | | | | — | | | | 433,099 | |
Convertible Bond | | | — | | | | 758 | | | | — | | | | 758 | |
Time Deposits | | | — | | | | 591,051 | | | | — | | | | 591,051 | |
Total Investments in Securities | | $ | 150,806,120 | | | $ | 591,809 | | | $ | 1,024,905 | | | $ | 152,422,834 | |
(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 year ended October 31, 2014, the transfers in and out of Level 3 were due to changes in the availability of
observable inputs to determine fair value. Transfers between levels are recognized at period end.
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X FTSE Portugal 20 ETF
Sector Weightings (unaudited)†:

† 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 — 99.8% | | | | | | | | |
PORTUGAL— 99.8% | | | | | | | | |
Basic Materials — 12.7% | | | | | | | | |
Altri | | | 415,628 | | | $ | 1,161,769 | |
Cimpor Cimentos de Portugal | | | 107,799 | | | | 219,879 | |
Portucel | | | 473,103 | | | | 1,758,095 | |
Semapa-Sociedade de Investimento e Gestao | | | 121,703 | | | | 1,471,293 | |
Sonae Industria * | | | 179,121 | | | | 40,395 | |
| | | | | | | 4,651,431 | |
Consumer Goods — 8.5% | | | | | | | | |
Jeronimo Martins | | | 160,947 | | | | 1,407,316 | |
Sonae | | | 1,285,713 | | | | 1,722,016 | |
| | | | | | | 3,129,332 | |
Consumer Services — 5.3% | | | | | | | | |
ZON OPTIMUS | | | 340,905 | | | | 1,953,215 | |
Energy — 14.8% | | | | | | | | |
Galp Energia | | | 373,781 | | | | 5,415,996 | |
Financials — 18.5% | | | | | | | | |
Banco BPI, Cl G * (A) | | | 943,048 | | | | 1,844,388 | |
Banco Comercial Portugues, Cl R * (A) | | | 36,994,966 | | | | 4,171,580 | |
Banco Espirito Santo (D)(E) * | | | 2,085,614 | | | | — | |
BANIF - Banco Internacional do Funchal * | | | 85,797,316 | | | | 773,966 | |
| | | | | | | 6,789,934 | |
Industrials — 4.4% | | | | | | | | |
Mota-Engil | | | 297,332 | | | | 1,557,161 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X FTSE Portugal 20 ETF
| | Shares/Face Amount/Number of Rights | | | Value | |
COMMON STOCK — continued | | | | | | | | |
Industrials — continued | | | | | | | | |
Sonae Capital * | | | 249,669 | | | $ | 90,402 | |
| | | | | | | 1,647,563 | |
Technology — 0.4% | | | | | | | | |
Novabase SGPS | | | 42,800 | | | | 128,697 | |
Telecommunication Services — 4.5% | | | | | | | | |
Portugal Telecom (A) | | | 897,935 | | | | 1,470,402 | |
Sonaecom * | | | 91,145 | | | | 174,605 | |
| | | | | | | 1,645,007 | |
Utilities — 30.7% | | | | | | | | |
EDP Renovaveis | | | 279,445 | | | | 1,815,001 | |
Energias de Portugal | | | 1,927,118 | | | | 8,284,084 | |
REN - Redes Energeticas Nacionais | | | 375,941 | | | | 1,164,821 | |
| | | | | | | 11,263,906 | |
TOTAL COMMON STOCK | | | | | | | | |
(Cost $44,747,645) | | | | | | | 36,625,081 | |
| | | | | | | | |
U.S. TREASURY OBLIGATION — 8.2% | | | | | | | | |
United States Treasury Bills | | | | | | | | |
0.000%, 11/06/14 (C) | | | | | | | | |
(Cost $3,000,000) | | $ | 3,000,000 | | | | 3,000,000 | |
| | | | | | | | |
RIGHTS — 0.0% | | | | | | | | |
Mota-Engil, Expires 12/31/14 (E)* | | | | | | | | |
(Cost $—) | | | 16,400 | | | | — | |
| | | | | | | | |
REPURCHASE AGREEMENT — 4.3% | | | | | | | | |
Deutsche Bank | | | | | | | | |
0.100%, dated 10/31/14, to be repurchased on 11/03/14, repurchase price $1,595,626 (collateralized by U.S. Treasury Notes, par value $1,667,735 1.125%, 12/31/19 with a total market value of $1,620,960) (B) | | | | | | | | |
(Cost $1,595,613) | | | 1,595,613 | | | | 1,595,613 | |
TOTAL INVESTMENTS — 112.3% | | | | | | | | |
(Cost $49,343,258) | | | | | | $ | 41,220,694 | |
Percentages are based on Net Assets of $36,691,521.
| * | Non-income producing security. |
| (A) | This security or a partial position of this security is on loan at October 31, 2014. The total value of securities on loan at October 31, 2014 was $1,450,044. |
| (B) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2014 was $1,595,613. |
| (C) | The rate reported on the Schedule of Investments is the effective yield at time of purchase. |
| (D) | Security considered illiquid. The total value of such security as of October 31, 2014 was $0 and represented 0.0% of Net Assets. |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X FTSE Portugal 20 ETF
| (E) | Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such security as of October 31, 2014 was $0 and represented 0.0% of Net Assets. |
Cl — Class
Amounts designated as “—“ are either $0 or have been rounded to $0.
The following is a summary of the inputs used as of October 31, 2014 in valuing the Fund's investments carried at value:
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stock | | $ | 36,625,081 | | | $ | — | | | $ | — | | | $ | 36,625,081 | |
U.S. Treasury Obligation | | | — | | | | 3,000,000 | | | | — | | | | 3,000,000 | |
Rights | | | — | | | | — | | | | — | | | | — | |
Repurchase Agreement | | | — | | | | 1,595,613 | | | | — | | | | 1,595,613 | |
Total Investments in Securities | | $ | 36,625,081 | | | $ | 4,595,613 | | | $ | — | | | $ | 41,220,694 | |
For the period ended October 31, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
As of October 31, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.

Statements of Assets and Liabilities |
October 31, 2014 |
| | Global X China Consumer ETF | | | Global X China Energy ETF | | | Global X China Financials ETF | | | Global X China Industrials ETF | |
Assets: | | | | | | | | | | | | | | | | |
Cost of Investments | | $ | 156,961,446 | | | $ | 4,567,752 | | | $ | 49,950,683 | | | $ | 6,024,481 | |
Cost of Repurchase Agreement | | | 17,500,925 | | | | — | | | | — | | | | — | |
Investments, at Value | | $ | 134,671,992 | * | | $ | 4,521,202 | | | $ | 48,467,971 | | | $ | 5,662,179 | |
Repurchase Agreement, at Value | | | 17,500,925 | | | | — | | | | — | | | | — | |
Receivable for Investment Securities Sold | | | 11,975,874 | | | | 138,886 | | | | 1,348,415 | | | | 299,937 | |
Dividend and Interest Receivable | | | 113,531 | | | | — | | | | 21,767 | | | | 2,114 | |
Receivable for Capital Shares Sold | | | — | | | | — | | | | — | | | | 2,469,693 | |
Total Assets | | | 164,262,322 | | | | 4,660,088 | | | | 49,838,153 | | | | 8,433,923 | |
| | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
Obligation to Return Securities Lending Collateral | | | 17,500,925 | | | | — | | | | — | | | | — | |
Payable for Investment Securities Purchased | | | 12,672,694 | | | | 148,583 | | | | 1,227,179 | | | | 2,611,463 | |
Payable due to Investment Adviser | | | 74,667 | | | | 2,668 | | | | 25,640 | | | | 1,826 | |
Total Liabilities | | | 30,248,286 | | | | 151,251 | | | | 1,252,819 | | | | 2,613,289 | |
Net Assets | | $ | 134,014,036 | | | $ | 4,508,837 | | | $ | 48,585,334 | | | $ | 5,820,634 | |
Net Assets Consist of: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 175,238,288 | | | $ | 5,096,233 | | | $ | 50,922,310 | | | $ | 7,680,973 | |
Undistributed Net Investment Income | | | 1,730,708 | | | | 81,629 | | | | 580,994 | | | | 39,452 | |
Accumulated Net Realized Loss on Investments | | | (20,665,570 | ) | | | (622,475 | ) | | | (1,435,260 | ) | | | (1,537,489 | ) |
Net Unrealized Depreciation on Investments | | | (22,289,454 | ) | | | (46,550 | ) | | | (1,482,712 | ) | | | (362,302 | ) |
Net Unrealized Appreciation on Foreign Currency Translations | | | 64 | | | | — | | | | 2 | | | | — | |
Net Assets | | $ | 134,014,036 | | | $ | 4,508,837 | | | $ | 48,585,334 | | | $ | 5,820,634 | |
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value) | | | 9,700,000 | | | | 300,000 | | | | 3,600,000 | | | | 450,000 | |
| | | | | | | | | | | | | | | | |
Net Asset Value, Offering and Redemption Price Per Share | | $ | 13.82 | | | $ | 15.03 | | | $ | 13.50 | | | $ | 12.93 | |
| | | | | | | | | | | | | | | | |
*Includes Market Value of Securities on Loan | | $ | 15,680,079 | | | $ | — | | | $ | — | | | $ | — | |
The accompanying notes are an integral part of the financial statements.

Statements of Assets and Liabilities |
October 31, 2014 |
| | Global X China Materials ETF | | | Global X NASDAQ China Technology ETF | | | Global X Southeast Asia ETF | | | Global X FTSE Andean 40 ETF | |
Assets: | | | | | | | | | | | | | | | | |
Cost of Investments | | $ | 3,757,076 | | | $ | 19,512,629 | | | $ | 30,808,618 | | | $ | 11,131,251 | |
Cost of Foreign Currency | | | — | | | | — | | | | 6,935 | | | | — | |
Investments, at Value | | $ | 2,970,840 | | | $ | 22,279,360 | | | $ | 29,339,230 | | | $ | 9,014,741 | |
Foreign Currency, at Value | | | — | | | | — | | | | 6,935 | | | | — | |
Receivable for Investment Securities Sold | | | 125,639 | | | | — | | | | — | | | | — | |
Dividend and Interest Receivable | | | 347 | | | | 40,662 | | | | — | | | | 1,164 | |
Reclaim Receivable | | | — | | | | — | | | | 5,780 | | | | — | |
Total Assets | | | 3,096,826 | | | | 22,320,022 | | | | 29,351,945 | | | | 9,015,905 | |
| | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
Payable for Investment Securities Purchased | | | 135,856 | | | | — | | | | — | | | | — | |
Payable due to Investment Adviser | | | 1,651 | | | | 11,983 | | | | 15,982 | | | | 5,447 | |
Cash Overdraft | | | — | | | | 1,168 | | | | — | | | | — | |
Total Liabilities | | | 137,507 | | | | 13,151 | | | | 15,982 | | | | 5,447 | |
Net Assets | | $ | 2,959,319 | | | $ | 22,306,871 | | | $ | 29,335,963 | | | $ | 9,010,458 | |
Net Assets Consist of: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 4,656,472 | | | $ | 20,668,941 | | | $ | 31,984,358 | | | $ | 12,385,534 | |
Undistributed Net Investment Income | | | 30,768 | | | | 54,302 | | | | 641,309 | | | | 140,219 | |
Accumulated Net Realized Loss on Investments | | | (941,681 | ) | | | (1,183,103 | ) | | | (1,821,075 | ) | | | (1,398,783 | ) |
Net Unrealized Appreciation (Depreciation) on Investments | | | (786,236 | ) | | | 2,766,731 | | | | (1,469,388 | ) | | | (2,116,510 | ) |
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations | | | (4 | ) | | | — | | | | 759 | | | | (2 | ) |
Net Assets | | $ | 2,959,319 | | | $ | 22,306,871 | | | $ | 29,335,963 | | | $ | 9,010,458 | |
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value) | | | 199,971 | | | | 950,000 | | | | 1,750,000 | | | | 850,000 | |
| | | | | | | | | | | | | | | | |
Net Asset Value, Offering and Redemption Price Per Share | | $ | 14.80 | | | $ | 23.48 | | | $ | 16.76 | | | $ | 10.60 | |
The accompanying notes are an integral part of the financial statements.
Statements of Assets and Liabilities |
October 31, 2014 |
| | Global X MSCI Colombia ETF | | | Global X Brazil Mid Cap ETF | | | Global X Brazil Consumer ETF | | | Global X Brazil Financials ETF | |
Assets: | | | | | | | | | | | | | | | | |
Cost of Investments | | $ | 115,862,875 | | | $ | 8,964,493 | | | $ | 9,936,453 | | | $ | 3,349,005 | |
Cost of Foreign Currency | | | 5,429 | | | | 925 | | | | 4,186 | | | | — | |
Investments, at Value | | $ | 100,714,666 | * | | $ | 7,933,228 | | | $ | 9,917,748 | | | $ | 2,715,904 | |
Cash | | | 6,514,284 | (1) | | | — | | | | — | | | | — | |
Foreign Currency, at Value | | | 5,429 | | | | 925 | | | | 4,186 | | | | — | |
Receivable for Capital Shares Sold | | | 3,482,323 | | | | — | | | | — | | | | — | |
Receivable for Investment Securities Sold | | | 128,038 | | | | — | | | | — | | | | — | |
Dividend and Interest Receivable | | | 49,514 | | | | 12,666 | | | | 27,038 | | | | 4,836 | |
Unrealized Appreciation on Spot Contracts | | | 120 | | | | — | | | | — | | | | — | |
Total Assets | | | 110,894,374 | | | | 7,946,819 | | | | 9,948,972 | | | | 2,720,740 | |
| | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
Obligation to Return Securities Lending Collateral | | | 6,514,284 | | | | — | | | | — | | | | — | |
Payable for Investment Securities Purchased | | | 3,470,096 | | | | — | | | | — | | | | — | |
Due to Broker | | | 143,303 | | | | — | | | | — | | | | — | |
Payable due to Investment Adviser | | | 51,071 | | | | 4,549 | | | | 6,290 | | | | 1,777 | |
Payable due to Custodian | | | 24,686 | | | | — | | | | — | | | | — | |
Unrealized Depreciation on Spot Contracts | | | 3,423 | | | | 7 | | | | 32 | | | | — | |
Total Liabilities | | | 10,206,863 | | | | 4,556 | | | | 6,322 | | | | 1,777 | |
Net Assets | | $ | 100,687,511 | | | $ | 7,942,263 | | | $ | 9,942,650 | | | $ | 2,718,963 | |
Net Assets Consist of: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 140,571,869 | | | $ | 13,930,951 | | | $ | 12,757,969 | | | $ | 4,608,454 | |
Undistributed Net Investment Income | | | 1,165,141 | | | | 209,391 | | | | 238,743 | | | | 113,368 | |
Accumulated Net Realized Loss on Investments | | | (25,910,650 | ) | | | (5,166,088 | ) | | | (3,034,917 | ) | | | (1,369,530 | ) |
Net Unrealized Depreciation on Investments | | | (15,148,209 | ) | | | (1,031,265 | ) | | | (18,705 | ) | | | (633,101 | ) |
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations | | | 9,360 | | | | (726 | ) | | | (440 | ) | | | (228 | ) |
Net Assets | | $ | 100,687,511 | | | $ | 7,942,263 | | | $ | 9,942,650 | | | $ | 2,718,963 | |
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value) | | | 5,780,000 | | | | 650,000 | | | | 600,000 | | | | 250,000 | |
| | | | | | | | | | | | | | | | |
Net Asset Value, Offering and Redemption Price Per Share | | $ | 17.42 | | | $ | 12.22 | | | $ | 16.57 | | | $ | 10.88 | |
| | | | | | | | | | | | | | | | |
*Includes Market Value of Securities on Loan | | $ | 6,235,100 | | | $ | — | | | $ | — | | | $ | — | |
(1) Cash is restricted, received from securities on loan. (See Note 7 in Notes to Financial Statements.)
The accompanying notes are an integral part of the financial statements.
Statements of Assets and Liabilities |
October 31, 2014 |
| | Global X MSCI Argentina ETF | | | Global X FTSE Greece 20 ETF | | | Global X MSCI Norway ETF | | | Global X FTSE Nordic Region ETF | |
Assets: | | | | | | | | | | | | | | | | |
Cost of Investments | | $ | 21,845,766 | | | $ | 226,646,568 | | | $ | 212,062,212 | | | $ | 54,694,865 | |
Cost of Repurchase Agreement | | | — | | | | 2,341,200 | | | | 12,720,116 | | | | — | |
Cost of Foreign Currency | | | — | | | | 1 | | | | — | | | | — | |
Investments, at Value | | $ | 20,643,180 | | | $ | 158,876,043 | * | | $ | 182,723,495 | * | | $ | 59,584,109 | |
Repurchase Agreement, at Value | | | — | | | | 2,341,200 | | | | 12,720,116 | | | | — | |
Foreign Currency, at Value | | | — | | | | 1 | | | | — | | | | — | |
Receivable for Investment Securities Sold | | | 762,163 | | | | 857,058 | | | | — | | | | — | |
Dividend and Interest Receivable | | | 4,244 | | | | 2,199 | | | | 223,257 | | | | 174 | |
Reclaim Receivable | | | 126 | | | | — | | | | 162,373 | | | | 367,381 | |
Unrealized Appreciation on Spot Contracts | | | — | | | | 439 | | | | 6,901 | | | | — | |
Due from Broker | | | — | | | | — | | | | 3,412 | | | | — | |
Receivable for Capital Shares Sold | | | — | | | | 911,889 | �� | | | — | | | | — | |
Total Assets | | | 21,409,713 | | | | 162,988,829 | | | | 195,839,554 | | | | 59,951,664 | |
| | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
Payable for Investment Securities Purchased | | | 743,046 | | | | 186,150 | | | | — | | | | — | |
Payable due to Investment Adviser | | | 12,919 | | | | 73,448 | | | | 79,594 | | | | 25,111 | |
Cash Overdraft | | | — | | | | 18,526,753 | | | | — | | | | — | |
Payable due to Custodian | | | — | | | | 51,830 | | | | 2,230 | | | | — | |
Obligation to Return Securities Lending Collateral | | | — | | | | 2,341,200 | | | | 12,720,116 | | | | — | |
Due to Broker | | | 1,501 | | | | — | | | | — | | | | — | |
Payable for Capital Shares Redeemed | | | — | | | | 1,584,195 | | | | — | | | | — | |
Payable for Foreign Capital Gains Tax | | | — | | | | 23,992 | | | | — | | | | — | |
Total Liabilities | | | 757,466 | | | | 22,787,568 | | | | 12,801,940 | | | | 25,111 | |
Net Assets | | $ | 20,652,247 | | | $ | 140,201,261 | | | $ | 183,037,614 | | | $ | 59,926,553 | |
Net Assets Consist of: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 24,704,090 | | | $ | 224,741,416 | | | $ | 214,941,690 | | | $ | 54,389,344 | |
Undistributed Net Investment Income | | | 31,028 | | | | 707,125 | | | | 4,442,674 | | | | 1,695,771 | |
Accumulated Net Realized Loss on Investments | | | (2,880,282 | ) | | | (17,477,194 | ) | | | (6,995,530 | ) | | | (1,008,606 | ) |
Net Unrealized Appreciation (Depreciation) on Investments | | | (1,202,586 | ) | | | (67,770,525 | ) | | | (29,338,717 | ) | | | 4,889,244 | |
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations | | | (3 | ) | | | 439 | | | | (12,503 | ) | | | (39,200 | ) |
Net Assets | | $ | 20,652,247 | | | $ | 140,201,261 | | | $ | 183,037,614 | | | $ | 59,926,553 | |
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value) | | | 974,975 | | | | 8,850,000 | | | | 12,350,000 | | | | 2,460,000 | |
| | | | | | | | | | | | | | | | |
Net Asset Value, Offering and Redemption Price Per Share | | $ | 21.18 | | | $ | 15.84 | | | $ | 14.82 | | | $ | 24.36 | |
| | | | | | | | | | | | | | | | |
*Includes Market Value of Securities on Loan | | $ | — | | | $ | 1,896,372 | | | $ | 12,009,359 | | | $ | — | |
The accompanying notes are an integral part of the financial statements.
Statements of Assets and Liabilities |
October 31, 2014 |
| | Global X Central Asia & Mongolia Index ETF | | | Global X MSCI Nigeria ETF | | | Global X Next Emerging & Frontier ETF | | | Global X FTSE Portugal 20 ETF | |
Assets: | | | | | | | | | | | | | | | | |
Cost of Investments | | $ | 2,752,010 | | | $ | 18,887,019 | | | $ | 154,513,994 | | | $ | 47,747,645 | |
Cost of Repurchase Agreement | | | — | | | | — | | | | — | | | | 1,595,613 | |
Cost of Foreign Currency | | | — | | | | — | | | | 291,606 | | | | — | |
Investments, at Value | | $ | 2,452,560 | | | $ | 16,911,921 | | | $ | 152,422,834 | | | $ | 39,625,081 | * |
Repurchase Agreement, at Value | | | — | | | | — | | | | — | | | | 1,595,613 | |
Foreign Currency, at Value | | | — | | | | — | | | | 132,035 | | | | — | |
Dividend and Interest Receivable | | | 6,514 | | | | 18,214 | | | | 111,987 | | | | 4,080 | |
Reclaim Receivable | | | 3,971 | | | | 4,736 | | | | 17,999 | | | | 75,586 | |
Receivable due from Custodian | | | — | | | | 124,484 | | | | — | | | | — | |
Unrealized Appreciation on Spot Contracts | | | — | | | | — | | | | 1 | | | | — | |
Receivable for Investment Securities Sold | | | — | | | | — | | | | 656,656 | | | | — | |
Due from Broker | | | — | | | | — | | | | 155,772 | | | | — | |
Total Assets | | | 2,463,045 | | | | 17,059,355 | | | | 153,497,284 | | | | 41,300,360 | |
| | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
Payable for Investment Securities Purchased | | | — | | | | 124,484 | | | | — | | | | — | |
Cash Overdraft | | | 4,469 | | | | — | | | | — | | | | 2,989,057 | |
Payable due to Investment Adviser | | | 1,478 | | | | 10,890 | | | | 63,570 | | | | 18,251 | |
Payable due to Custodian | | | 65 | | | | — | | | | 30,211 | | | | 5,918 | |
Obligation to Return Securities Lending Collateral | | | — | | | | — | | | | — | | | | 1,595,613 | |
Due to Broker | | | — | | | | — | | | | 999,740 | | | | — | |
Payable for Capital Shares Redeemed | | | — | | | | — | | | | 376,645 | | | | — | |
Unrealized Depreciation on Spot Contracts | | | — | | | | — | | | | 9 | | | | — | |
Total Liabilities | | | 6,012 | | | | 135,374 | | | | 1,470,175 | | | | 4,608,839 | |
Net Assets | | $ | 2,457,033 | | | $ | 16,923,981 | | | $ | 152,027,109 | | | $ | 36,691,521 | |
Net Assets Consist of: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 2,865,881 | | | $ | 19,602,813 | | | $ | 152,738,518 | | | $ | 45,932,120 | |
Undistributed Net Investment Income | | | 54,942 | | | | 383,917 | | | | 1,775,431 | | | | 575,664 | |
Accumulated Net Realized Loss on Investments | | | (165,083 | ) | | | (1,087,049 | ) | | | (404,253 | ) | | | (1,687,532 | ) |
Net Unrealized Depreciation on Investments | | | (299,450 | ) | | | (1,975,098 | ) | | | (2,091,160 | ) | | | (8,122,564 | ) |
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations | | | 743 | | | | (602 | ) | | | 8,573 | | | | (6,167 | ) |
Net Assets | | $ | 2,457,033 | | | $ | 16,923,981 | | | $ | 152,027,109 | | | $ | 36,691,521 | |
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value) | | | 200,000 | | | | 1,300,000 | | | | 5,950,000 | | | | 2,900,000 | |
| | | | | | | | | | | | | | | | |
Net Asset Value, Offering and Redemption Price Per Share | | $ | 12.29 | | | $ | 13.02 | | | $ | 25.55 | | | $ | 12.65 | |
*Includes Market Value of Securities on Loan | | $ | — | | | $ | — | | | $ | — | | | $ | 1,450,044 | |
The accompanying notes are an integral part of the financial statements.
Statements of Operations |
For the year ended October 31, 2014 |
| | Global X China Consumer ETF | | | Global X China Energy ETF | | | Global X China Financials ETF | | | Global X China Industrials ETF | |
Investment Income: | | | | | | | | | | | | | | | | |
Dividend Income | | $ | 2,817,080 | | | $ | 118,857 | | | $ | 851,641 | | | $ | 73,294 | |
Interest Income | | | 70 | | | | 28 | | | | 28 | | | | 3 | |
Security Lending Income | | | 236,023 | | | | — | | | | — | | | | — | |
Less: Foreign Taxes Withheld | | | (83,761 | ) | | | (9,119 | ) | | | (55,284 | ) | | | (4,549 | ) |
Total Investment Income | | | 2,969,412 | | | | 109,766 | | | | 796,385 | | | | 68,748 | |
Supervision and Administration Fees(1) | | | 1,055,474 | | | | 28,011 | | | | 214,864 | | | | 23,588 | |
Total Expenses | | | 1,055,474 | | | | 28,011 | | | | 214,864 | | | | 23,588 | |
Net Investment Income | | | 1,913,938 | | | | 81,755 | | | | 581,521 | | | | 45,160 | |
Net Realized Gain (Loss) on: | | | | | | | | | | | | | | | | |
Investments (2) | | | (2,703,686 | ) | | | 134,208 | | | | (2,273,883 | ) | | | (488,710 | ) |
Foreign Currency Transactions | | | (1,291 | ) | | | (76 | ) | | | (1,007 | ) | | | 8 | |
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | | | (2,704,977 | ) | | | 134,132 | | | | (2,274,890 | ) | | | (488,702 | ) |
Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | | | | | |
Investments | | | (22,388,135 | ) | | | (382,965 | ) | | | (2,627,364 | ) | | | 713,439 | |
Foreign Currency Translation | | | 542 | | | | 1 | | | | (2 | ) | | | (77 | ) |
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translation | | | (22,387,593 | ) | | | (382,964 | ) | | | (2,627,366 | ) | | | 713,362 | |
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translation | | | (25,092,570 | ) | | | (248,832 | ) | | | (4,902,256 | ) | | | 224,660 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | $ | (23,178,632 | ) | | $ | (167,077 | ) | | $ | (4,320,735 | ) | | $ | 269,820 | |
(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.
Statements of Operations |
For the year ended October 31, 2014 |
| | Global X China Materials ETF | | | Global X NASDAQ China Technology ETF | | | Global X Southeast Asia ETF | | | Global X FTSE Andean 40 ETF | |
Investment Income: | | | | | | | | | | | | | | | | |
Dividend Income | | $ | 49,315 | | | $ | 180,689 | | | $ | 1,040,062 | | | $ | 263,296 | |
Interest Income | | | 4 | | | | 9 | | | | 20 | | | | 2 | |
Less: Foreign Taxes Withheld | | | (2,765 | ) | | | (4,380 | ) | | | (42,594 | ) | | | (32,026 | ) |
Total Investment Income | | | 46,554 | | | | 176,318 | | | | 997,488 | | | | 231,272 | |
Supervision and Administration Fees(1) | | | 15,847 | | | | 121,920 | | | | 215,296 | | | | 68,569 | |
Total Expenses | | | 15,847 | | | | 121,920 | | | | 215,296 | | | | 68,569 | |
Net Investment Income | | | 30,707 | | | | 54,398 | | | | 782,192 | | | | 162,703 | |
Net Realized Gain (Loss) on: | | | | | | | | | | | | | | | | |
Investments (2) | | | 116,884 | | | | 222,390 | | | | (1,156,632 | ) | | | (792,528 | ) |
Foreign Currency Transactions | | | 62 | | | | (96 | ) | | | (30,433 | ) | | | 9,018 | |
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | | | 116,946 | | | | 222,294 | | | | (1,187,065 | ) | | | (783,510 | ) |
Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | | | | | |
Investments | | | (240,011 | ) | | | 1,408,514 | | | | (371,494 | ) | | | (785,058 | ) |
Foreign Currency Translation | | | (71 | ) | | | — | | | | 1,007 | | | | 13 | |
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translation | | | (240,082 | ) | | | 1,408,514 | | | | (370,487 | ) | | | (785,045 | ) |
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translation | | | (123,136 | ) | | | 1,630,808 | | | | (1,557,552 | ) | | | (1,568,555 | ) |
Net Increase (Decrease) in Net Assets Resulting from Operations | | $ | (92,429 | ) | | $ | 1,685,206 | | | $ | (775,360 | ) | | $ | (1,405,852 | ) |
(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.
Statements of Operations |
For the year ended October 31, 2014 |
| | Global X MSCI Colombia ETF | | | Global X Brazil Mid Cap ETF | | | Global X Brazil Consumer ETF | | | Global X Brazil Financials ETF | |
Investment Income: | | | | | | | | | | | | | | | | |
Dividend Income | | $ | 3,051,064 | | | $ | 320,570 | | | $ | 361,498 | | | $ | 137,528 | |
Interest Income | | | 104 | | | | 15,259 | | | | 14,500 | | | | 7 | |
Security Lending Income | | | 101,619 | | | | — | | | | — | | | | — | |
Less: Foreign Taxes Withheld | | | (75,017 | ) | | | — | | | | — | | | | — | |
Total Investment Income | | | 3,077,770 | | | | 335,829 | | | | 375,998 | | | | 137,535 | |
Supervision and Administration Fees(1) | | | 753,891 | | | | 62,950 | | | | 105,214 | | | | 19,851 | |
Income tax (2) | | | – | | | | – | | | | 808 | | | | 5 | |
Custodian Fees | | | 108,945 | | | | – | | | | – | | | | – | |
Total Expenses | | | 862,836 | | | | 62,950 | | | | 106,022 | | | | 19,856 | |
Waiver of Supervision and Administration Fees | | | (132,223 | ) | | | — | | | | — | | | | — | |
Net Expenses | | | 730,613 | | | | 62,950 | | | | 106,022 | | | | 19,856 | |
Net Investment Income | | | 2,347,157 | | | | 272,879 | | | | 269,976 | | | | 117,679 | |
Net Realized Gain (Loss) on: | | | | | | | | | | | | | | | | |
Investments | | | (1,179,333 | )(3) | | | (464,811 | )(3) | | | 144,270 | (3) | | | (147,920 | ) |
Foreign Currency Transactions | | | (131,994 | ) | | | (19,311 | ) | | | 2,619 | | | | 641 | |
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | | | (1,311,327 | ) | | | (484,122 | ) | | | 146,889 | | | | (147,279 | ) |
Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | | | | | |
Investments | | | (19,284,545 | ) | | | (902,730 | ) | | | (1,193,472 | ) | | | (209,137 | ) |
Foreign Currency Translation | | | 13,493 | | | | (89 | ) | | | (33 | ) | | | (102 | ) |
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translation | | | (19,271,052 | ) | | | (902,819 | ) | | | (1,193,505 | ) | | | (209,239 | ) |
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions and Translation | | | (20,582,379 | ) | | | (1,386,941 | ) | | | (1,046,616 | ) | | | (356,518 | ) |
Net Decrease in Net Assets Resulting from Operations | | $ | (18,235,222 | ) | | $ | (1,114,062 | ) | | $ | (776,640 | ) | | $ | (238,839 | ) |
(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.
Statements of Operations |
For the year ended October 31, 2014 |
| | Global X MSCI Argentina ETF | | | Global X FTSE Greece 20 ETF | | | Global X MSCI Norway ETF | | | Global X FTSE Nordic Region ETF | |
Investment Income: | | | | | | | | | | | | | | | | |
Dividend Income | | $ | 194,547 | | | $ | 2,111,413 | | | $ | 5,856,280 | | | $ | 2,404,189 | |
Interest Income | | | 18 | | | | 146 | | | | 113 | | | | 12 | |
Security Lending Income | | | — | | | | 2,301 | | | | 392,630 | | | | 15,665 | |
Less: Foreign Taxes Withheld | | | (20,959 | ) | | | (129,084 | ) | | | (906,490 | ) | | | (170,998 | ) |
Total Investment Income | | | 173,606 | | | | 1,984,776 | | | | 5,342,533 | | | | 2,248,868 | |
Supervision and Administration Fees(1) | | | 104,009 | | | | 1,092,988 | | | | 627,408 | | | | 306,971 | |
Custodian Fees | | | 570 | | | | 144,659 | | | | — | | | | — | |
Total Expenses | | | 104,579 | | | | 1,237,647 | | | | 627,408 | | | | 306,971 | |
Net Expenses | | | 104,579 | | | | 1,237,647 | | | | 627,408 | | | | 306,971 | |
Net Investment Income | | | 69,027 | | | | 747,129 | | | | 4,715,125 | | | | 1,941,897 | |
Net Realized Gain (Loss) on: | | | | | | | | | | | | | | | | |
Investments (2) | | | 212,773 | | | | 3,505,710 | | | | 1,544,359 | | | | 3,152,093 | |
Foreign Currency Transactions | | | 3,516 | | | | (53,754 | ) | | | (78,894 | ) | | | (16,146 | ) |
Net Realized Gain on Investments and Foreign Currency Transactions | | | 216,289 | | | | 3,451,956 | | | | 1,465,465 | | | | 3,135,947 | |
Net Change in Unrealized Depreciation on: | | | | | | | | | | | | | | | | |
Investments | | | (1,390,956 | ) | | | (88,239,303 | ) | | | (35,362,354 | ) | | | (2,916,326 | ) |
Foreign Currency Translation | | | (3 | ) | | | (320 | ) | | | (12,503 | ) | | | (42,382 | ) |
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translation | | | (1,390,959 | ) | | | (88,239,623 | ) | | | (35,374,857 | ) | | | (2,958,708 | ) |
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translation | | | (1,174,670 | ) | | | (84,787,667 | ) | | | (33,909,392 | ) | | | 177,239 | |
Net Increase(Decrease) in Net Assets Resulting from Operations | | $ | (1,105,643 | ) | | $ | (84,040,538 | ) | | $ | (29,194,267 | ) | | $ | 2,119,136 | |
(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.
Statements of Operations |
For the year or period ended October 31, 2014 |
| | Global X Central Asia & Mongolia Index ETF | | | Global X MSCI Nigeria ETF | | | Global X Next Emerging & Frontier ETF(4) | | | Global X FTSE Portugal 20 ETF(5) | |
Investment Income: | | | | | | | | | | | | | | | | |
Dividend Income | | $ | 77,344 | | | $ | 594,483 | | | $ | 2,656,537 | | | $ | 822,676 | |
Interest Income | | | 3,811 | | | | 19 | | | | 1,253 | | | | 15 | |
Security Lending Income | | | — | | | | — | | | | — | | | | 10,644 | |
Less: Foreign Taxes Withheld | | | (5,107 | ) | | | (55,206 | ) | | | (270,063 | ) | | | (123,422 | ) |
Total Investment Income | | | 76,048 | | | | 539,296 | | | | 2,387,727 | | | | 709,913 | |
Supervision and Administration Fees(1) | | | 14,672 | | | | 96,032 | | | | 453,531 | | | | 122,253 | |
Income Tax (2) | | | — | | | | — | | | | 17 | | | | — | |
Custodian Fees | | | 169 | | | | 33,893 | | | | 80,583 | | | | 13,646 | |
Total Expenses | | | 14,841 | | | | 129,925 | | | | 534,131 | | | | 135,899 | |
Waiver of Supervision and Administration Fees | | | — | | | | (33,893 | ) | | | — | | | | — | |
Net Expenses | | | 14,841 | | | | 96,032 | | | | 534,131 | | | | 135,899 | |
Net Investment Income | | | 61,207 | | | | 443,264 | | | | 1,853,596 | | | | 574,014 | |
Net Realized Gain (Loss) on: | | | | | | | | | | | | | | | | |
Investments | | | (148,332 | ) | | | (1,087,050 | ) | | | (188,929 | )(3) | | | (1,291,034 | )(3) |
Foreign Currency Transactions | | | (2,399 | ) | | | (59,347 | ) | | | (49,871 | ) | | | 1,650 | |
Net Realized Loss on Investments and Foreign Currency Transactions | | | (150,731 | ) | | | (1,146,397 | ) | | | (238,800 | ) | | | (1,289,384 | ) |
Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | | | | | |
Investments | | | (169,521 | ) | | | (1,689,405 | ) | | | (2,091,160 | ) | | | (8,122,564 | ) |
Foreign Currency Translation | | | 766 | | | | (490 | ) | | | 8,573 | | | | (6,167 | ) |
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translation | | | (168,755 | ) | | | (1,689,895 | ) | | | (2,082,587 | ) | | | (8,128,731 | ) |
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions and Translation | | | (319,486 | ) | | | (2,836,292 | ) | | | (2,321,387 | ) | | | (9,418,115 | ) |
Net Decrease in Net Assets Resulting from Operations | | $ | (258,279 | ) | | $ | (2,393,028 | ) | | $ | (467,791 | ) | | $ | (8,844,101 | ) |
(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 redemptions. (See Note 4 in Notes to Financial Statements.) |
(4) | Commenced operations on November 6, 2013. |
(5) | Commenced operations on November 12, 2013. |
The accompanying notes are an integral part of the financial statements.
Statements of Changes in Net Assets |
|
| | Global X China Consumer ETF | | | Global X China Energy ETF | |
| | Year Ended October 31, 2014 | | | Year Ended October 31, 2013 | | | Year Ended October 31, 2014 | | | Year Ended October 31, 2013 | |
Operations: | | | | | | | | | | | | | | | | |
Net Investment Income | | $ | 1,913,938 | | | $ | 2,017,582 | | | $ | 81,755 | | | $ | 84,934 | |
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions (1) | | | (2,704,977 | ) | | | 5,995,641 | | | | 134,132 | | | | (83,593 | ) |
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translation | | | (22,387,593 | ) | | | 10,376,723 | | | | (382,964 | ) | | | 541,289 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | (23,178,632 | ) | | | 18,389,946 | | | | (167,077 | ) | | | 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 | | | 48,155,014 | | | | 84,722,000 | | | | 1,700,115 | | | | — | |
Redeemed | | | (59,534,481 | ) | | | (57,144,000 | ) | | | (1,473,525 | ) | | | (736,000 | ) |
Increase (Decrease) in Net Assets from Capital Share Transactions | | | (11,379,467 | ) | | | 27,578,000 | | | | 226,590 | | | | (736,000 | ) |
Total Increase (Decrease) in Net Assets | | | (36,539,852 | ) | | | 43,839,308 | | | | (25,513 | ) | | | (281,995 | ) |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of Year | | | 170,553,888 | | | | 126,714,580 | | | | 4,534,350 | | | | 4,816,345 | |
End of Year | | $ | 134,014,036 | | | $ | 170,553,888 | | | $ | 4,508,837 | | | $ | 4,534,350 | |
Undistributed Net Investment Income | | $ | 1,730,708 | | | $ | 1,780,604 | | | $ | 81,629 | | | $ | 85,001 | |
Share Transactions: | | | | | | | | | | | | | | | | |
Issued | | | 3,050,000 | | | | 5,750,000 | | | | 100,000 | | | | — | |
Redeemed | | | (4,100,000 | ) | | | (4,050,000 | ) | | | (100,000 | ) | | | (50,000 | ) |
Net Increase (Decrease) in Shares Outstanding from Share Transactions | | | (1,050,000 | ) | | | 1,700,000 | | | | — | | | | (50,000 | ) |
(1) | Includes realized gains/(losses) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements.) |
The accompanying notes are an integral part of the financial statements.
Statements of Changes in Net Assets |
|
| | Global X China Financials ETF | | | Global X China Industrials ETF | |
| | Year Ended October 31, 2014 | | | Year Ended October 31, 2013 | | | Year Ended October 31, 2014 | | | Year Ended October 31, 2013 | |
Operations: | | | | | | | | | | | | | | | | |
Net Investment Income | | $ | 581,521 | | | $ | 244,069 | | | $ | 45,160 | | | $ | 56,240 | |
Net Realized Loss on Investments and Foreign Currency Transactions (1) | | | (2,274,890 | ) | | | (163,619 | ) | | | (488,702 | ) | | | (227,952 | ) |
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translation | | | (2,627,366 | ) | | | 1,634,223 | | | | 713,362 | | | | 498,090 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | (4,320,735 | ) | | | 1,714,673 | | | | 269,820 | | | | 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 | | | 43,844,234 | | | | 38,748,500 | | | | 2,505,369 | | | | — | |
Redeemed | | | (33,212,829 | ) | | | (3,771,500 | ) | | | (1,137,500 | ) | | | (574,500 | ) |
Increase (Decrease) in Net Assets from Capital Share Transactions | | | 10,631,405 | | | | 34,977,000 | | | | 1,367,869 | | | | (574,500 | ) |
Total Increase (Decrease) in Net Assets | | | 6,067,388 | | | | 36,505,356 | | | | 1,572,389 | | | | (312,738 | ) |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of Year | | | 42,517,946 | | | | 6,012,590 | | | | 4,248,245 | | | | 4,560,983 | |
End of Year | | $ | 48,585,334 | | | $ | 42,517,946 | | | $ | 5,820,634 | | | $ | 4,248,245 | |
Undistributed Net Investment Income | | $ | 580,994 | | | $ | 243,279 | | | $ | 39,452 | | | $ | 50,774 | |
Share Transactions: | | | | | | | | | | | | | | | | |
Issued | | | 3,200,000 | | | | 3,000,000 | | | | 200,000 | | | | — | |
Redeemed | | | (2,800,000 | ) | | | (300,000 | ) | | | (100,000 | ) | | | (50,000 | ) |
Net Increase (Decrease) in Shares Outstanding from Share Transactions | | | 400,000 | | | | 2,700,000 | | | | 100,000 | | | | (50,000 | ) |
(1) | Includes realized gains/(losses) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements). |
The accompanying notes are an integral part of the financial statements.
Statements of Changes in Net Assets |
|
| | Global X China Materials ETF | | | Global X NASDAQ China Technology ETF | |
| | Year Ended October 31, 2014 | | | Year Ended October 31, 2013 | | | Year Ended October 31, 2014 | | | Year Ended October 31, 2013 | |
Operations: | | | | | | | | | | | | | | | | |
Net Investment Income | | $ | 30,707 | | | $ | 39,240 | | | $ | 54,398 | | | $ | 5,445 | |
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | | | 116,946 | (1) | | | (651,209 | ) | | | 222,294 | (1) | | | (201,661 | ) |
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translation | | | (240,082 | ) | | | 480,290 | | | | 1,408,514 | | | | 1,654,248 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | (92,429 | ) | | | (131,679 | ) | | | 1,685,206 | | | | 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 | | | 3,210,002 | | | | — | | | | 11,389,496 | | | | 6,121,500 | |
Redeemed | | | (2,390,367 | ) | | | (438 | ) | | | (1,081,619 | ) | | | — | |
Increase (Decrease) in Net Assets from Capital Share Transactions | | | 819,635 | | | | (438 | ) | | | 10,307,877 | | | | 6,121,500 | |
Total Increase (Decrease) in Net Assets | | | 690,339 | | | | (172,501 | ) | | | 11,989,417 | | | | 7,563,507 | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of Year | | | 2,268,980 | | | | 2,441,481 | | | | 10,317,454 | | | | 2,753,947 | |
End of Year | | $ | 2,959,319 | | | $ | 2,268,980 | | | $ | 22,306,871 | | | $ | 10,317,454 | |
Undistributed Net Investment Income | | $ | 30,768 | | | $ | 36,867 | | | $ | 54,302 | | | $ | 3,667 | |
Share Transactions: | | | | | | | | | | | | | | | | |
Issued | | | 200,000 | | | | — | | | | 500,000 | | | | 300,000 | |
Redeemed | | | (150,000 | ) | | | (29 | )(2) | | | (50,000 | ) | | | — | |
Net Increase (Decrease) in Shares Outstanding from Share Transactions | | | 50,000 | | | | (29 | ) | | | 450,000 | | | | 300,000 | |
(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. |
The accompanying notes are an integral part of the financial statements.
Statements of Changes in Net Assets |
|
| | Global X Southeast Asia ETF | | | Global X FTSE Andean 40 ETF | |
| | Year Ended October 31, 2014 | | | Year Ended October 31, 2013 | | | Year Ended October 31, 2014 | | | Year Ended October 31, 2013 | |
Operations: | | | | | | | | | | | | | | | | |
Net Investment Income | | $ | 782,192 | | | $ | 1,344,793 | | | $ | 162,703 | | | $ | 157,723 | |
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | | | (1,187,065 | )(1) | | | 437,210 | (1) | | | (783,510 | )(1) | | | (272,504 | ) |
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translation | | | (370,487 | ) | | | (2,149,844 | ) | | | (785,045 | ) | | | (1,313,187 | ) |
Net Decrease in Net Assets Resulting from Operations | | | (775,360 | ) | | | (367,841 | ) | | | (1,405,852 | ) | | | (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 | | | 871,105 | | | | 40,455,000 | | | | 1,612,500 | | | | 3,345,500 | |
Redeemed | | | (18,970,966 | ) | | | (22,302,500 | ) | | | (1,425,000 | ) | | | — | |
Increase (Decrease) in Net Assets from Capital Share Transactions | | | (18,099,861 | ) | | | 18,152,500 | | | | 187,500 | | | | 3,345,500 | |
Total Increase (Decrease) in Net Assets | | | (20,298,356 | ) | | | 16,978,243 | | | | (1,371,832 | ) | | | 1,761,898 | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of Year | | | 49,634,319 | | | | 32,656,076 | | | | 10,382,290 | | | | 8,620,392 | |
End of Year | | $ | 29,335,963 | | | $ | 49,634,319 | | | $ | 9,010,458 | | | $ | 10,382,290 | |
Undistributed Net Investment Income | | $ | 641,309 | | | $ | 1,285,520 | | | $ | 140,219 | | | $ | 121,253 | |
Share Transactions: | | | | | | | | | | | | | | | | |
Issued | | | 50,000 | | | | 2,300,000 | | | | 150,000 | | | | 250,000 | |
Redeemed | | | (1,200,000 | ) | | | (1,350,000 | ) | | | (150,000 | ) | | | — | |
Net Increase (Decrease) in Shares Outstanding from Share Transactions | | | (1,150,000 | ) | | | 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.
Statements of Changes in Net Assets |
|
| | Global X MSCI Colombia ETF | | | Global X Brazil Mid Cap ETF | |
| | Year Ended October 31, 2014 | | | Year Ended October 31, 2013 | | | Year Ended October 31, 2014 | | | Year Ended October 31, 2013 | |
Operations: | | | | | | | | | | | | | | | | |
Net Investment Income | | $ | 2,347,157 | | | $ | 3,492,239 | | | $ | 272,879 | | | $ | 535,095 | |
Net Realized Loss on Investments and Foreign Currency Transactions (1) | | | (1,311,327 | ) | | | (6,132,756 | ) | | | (484,122 | ) | | | (937,657 | ) |
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translation | | | (19,271,052 | ) | | | (9,050,403 | ) | | | (902,819 | ) | | | (415,458 | ) |
Net Decrease in Net Assets Resulting from Operations | | | (18,235,222 | ) | | | (11,690,920 | ) | | | (1,114,062 | ) | | | (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 | | | 29,655,286 | | | | 42,301,000 | | | | — | | | | — | |
Redeemed | | | (55,789,957 | ) | | | (59,709,500 | ) | | | (2,802,000 | ) | | | (7,242,000 | ) |
Decrease in Net Assets from Capital Share Transactions | | | (26,134,671 | ) | | | (17,408,500 | ) | | | (2,802,000 | ) | | | (7,242,000 | ) |
Total Decrease in Net Assets | | | (48,937,043 | ) | | | (32,754,237 | ) | | | (4,447,905 | ) | | | (8,604,020 | ) |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of Year | | | 149,624,554 | | | | 182,378,791 | | | | 12,390,168 | | | | 20,994,188 | |
End of Year | | $ | 100,687,511 | | | $ | 149,624,554 | | | $ | 7,942,263 | | | $ | 12,390,168 | |
Undistributed Net Investment Income | | $ | 1,165,141 | | | $ | 2,094,412 | | | $ | 209,391 | | | $ | 487,665 | |
Share Transactions: | | | | | | | | | | | | | | | | |
Issued | | | 1,550,000 | | | | 2,000,000 | | | | — | | | | — | |
Redeemed | | | (3,050,000 | ) | | | (3,050,000 | ) | | | (200,000 | ) | | | (500,000 | ) |
Net Decrease in Shares Outstanding from Share Transactions | | | (1,500,000 | ) | | | (1,050,000 | ) | | | (200,000 | ) | | | (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.
Statements of Changes in Net Assets |
|
| | Global X Brazil Consumer ETF | | | Global X Brazil Financials ETF | |
| | Year Ended October 31, 2014 | | | Year Ended October 31, 2013 | | | Year Ended October 31, 2014 | | | Year Ended October 31, 2013 | |
Operations: | | | | | | | | | | | | | | | | |
Net Investment Income | | $ | 269,976 | | | $ | 180,332 | | | $ | 117,679 | | | $ | 78,417 | |
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | | | 146,889 | (1) | | | 142,953 | (1) | | | (147,279 | ) | | | (626,596 | )(1) |
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translation | | | (1,193,505 | ) | | | (1,992,485 | ) | | | (209,239 | ) | | | 366,257 | |
Net Decrease in Net Assets Resulting from Operations | | | (776,640 | ) | | | (1,669,200 | ) | | | (238,839 | ) | | | (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 | | | (7,882,187 | ) | | | (4,508,500 | ) | | | — | | | | (1,089,000 | ) |
Increase (Decrease) in Net Assets from Capital Share Transactions | | | (7,882,187 | ) | | | (4,508,500 | ) | | | 555,500 | | | | (1,089,000 | ) |
Total Increase (Decrease) in Net Assets | | | (8,843,899 | ) | | | (6,470,864 | ) | | | 294,207 | | | | (1,420,232 | ) |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of Year | | | 18,786,549 | | | | 25,257,413 | | | | 2,424,756 | | | | 3,844,988 | |
End of Year | | $ | 9,942,650 | | | $ | 18,786,549 | | | $ | 2,718,963 | | | $ | 2,424,756 | |
Undistributed Net Investment Income | | $ | 238,743 | | | $ | 150,412 | | | $ | 113,368 | | | $ | 15,512 | |
Share Transactions: | | | | | | | | | | | | | | | | |
Issued | | | — | | | | — | | | | 50,000 | | | | — | |
Redeemed | | | (450,000 | ) | | | (250,000 | ) | | | — | | | | (100,000 | ) |
Net Increase (Decrease) in Shares Outstanding from Share Transactions | | | (450,000 | ) | | | (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.
Statements of Changes in Net Assets |
|
| | Global X MSCI Argentina ETF | | | Global X FTSE Greece 20 ETF | |
| | Year Ended October 31, 2014 | | | Year Ended October 31, 2013 | | | Year Ended October 31, 2014 | | | Year Ended October 31, 2013 | |
Operations: | | | | | | | | | | | | | | | | |
Net Investment Income | | $ | 69,027 | | | $ | 22,958 | | | $ | 747,129 | | | $ | 336,427 | |
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | | | 216,289 | (1) | | | (752,497 | ) | | | 3,451,956 | (1) | | | (1,115,260 | )(1) |
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translation | | | (1,390,959 | ) | | | 1,578,925 | | | | (88,239,623 | ) | | | 16,321,802 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | (1,105,643 | ) | | | 849,386 | | | | (84,040,538 | ) | | | 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 | | | 33,130,182 | | | | 2,832,000 | | | | 365,866,512 | | | | 72,034,500 | |
Redeemed | | | (17,921,744 | ) | | | (443 | ) | | | (236,410,164 | ) | | | (18,455,000 | ) |
Increase in Net Assets from Capital Share Transactions | | | 15,208,438 | | | | 2,831,557 | | | | 129,456,348 | | | | 53,579,500 | |
Total Increase in Net Assets | | | 14,057,057 | | | | 3,649,646 | | | | 45,263,324 | | | | 69,074,720 | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of Year | | | 6,595,190 | | | | 2,945,544 | | | | 94,937,937 | | | | 25,863,217 | |
End of Year | | $ | 20,652,247 | | | $ | 6,595,190 | | | $ | 140,201,261 | | | $ | 94,937,937 | |
Undistributed Net Investment Income | | $ | 31,028 | | | $ | 4,223 | | | $ | 707,125 | | | $ | 53,064 | |
Share Transactions: | | | | | | | | | | | | | | | | |
Issued | | | 1,500,000 | | | | 150,000 (2) | | | | 16,150,000 | | | | 3,700,000 | |
Redeemed | | | (850,000 | ) | | | (25) (2) | | | | (11,500,000 | ) | | | (1,100,000 | ) |
Net Increase in Shares Outstanding from Share Transactions | | | 650,000 | | | | 149,975 | | | | 4,650,000 | | | | 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. |
The accompanying notes are an integral part of the financial statements.
Statements of Changes in Net Assets |
|
| | Global X MSCI Norway ETF | | | Global X FTSE Nordic Region ETF | |
| | Year Ended October 31, 2014 | | | Year Ended October 31, 2013 | | | Year Ended October 31, 2014 | | | Year Ended October 31, 2013 | |
Operations: | | | | | | | | | | | | | | | | |
Net Investment Income | | $ | 4,715,125 | | | $ | 2,017,974 | | | $ | 1,941,897 | | | $ | 1,204,474 | |
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | | | 1,465,465 | (1) | | | 861,775 | (1) | | | 3,135,947 | (1) | | | (462,098 | ) |
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translation | | | (35,374,857 | ) | | | 5,669,899 | | | | (2,958,708 | ) | | | 9,575,936 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | (29,194,267 | ) | | | 8,549,648 | | | | 2,119,136 | | | | 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 | | | 157,097,512 | | | | 29,239,000 | | | | 13,753,500 | | | | 20,101,500 | |
Redeemed | | | (23,318,063 | ) | | | (16,869,000 | ) | | | (10,480,721 | ) | | | — | |
Increase in Net Assets from Capital Share Transactions | | | 133,779,449 | | | | 12,370,000 | | | | 3,272,779 | | | | 20,101,500 | |
Total Increase in Net Assets | | | 102,572,840 | | | | 19,336,214 | | | | 3,911,874 | | | | 29,721,502 | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of Year | | | 80,464,774 | | | | 61,128,560 | | | | 56,014,679 | | | | 26,293,177 | |
End of Year | | $ | 183,037,614 | | | $ | 80,464,774 | | | $ | 59,926,553 | | | $ | 56,014,679 | |
Undistributed Net Investment Income | | $ | 4,442,674 | | | $ | 1,818,785 | | | $ | 1,695,771 | | | $ | 1,143,775 | |
Share Transactions: | | | | | | | | | | | | | | | | |
Issued | | | 9,000,000 | | | | 1,850,000 | | | | 550,000 | | | | 950,000 | |
Redeemed | | | (1,450,000 | ) | | | (1,100,000 | ) | | | (450,000 | ) | | | — | |
Net Increase in Shares Outstanding from Share Transactions | | | 7,550,000 | | | | 750,000 | | | | 100,000 | | | | 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.
Statements of Changes in Net Assets |
|
| | Global X Central Asia & Mongolia Index ETF | | | Global X MSCI Nigeria ETF | |
| | Year Ended October 31, 2014 | | | Period Ended October 31, 2013(1) | | | Year Ended October 31, 2014 | | | Period Ended October 31, 2013(1) | |
Operations: | | | | | | | | | | | | | | | | |
Net Investment Income | | $ | 61,207 | | | $ | 48,324 | | | $ | 443,264 | | | $ | 81,137 | |
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | | | (150,731 | ) | | | (70,246 | )(2) | | | (1,146,397 | ) | | | 11,702 | |
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translation | | | (168,755 | ) | | | (129,952 | ) | | | (1,689,895 | ) | | | (285,805 | ) |
Net Decrease in Net Assets Resulting from Operations | | | (258,279 | ) | | | (151,874 | ) | | | (2,393,028 | ) | | | (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 | | | 1,394,002 | | | | 2,207,000 | | | | 14,117,633 | | | | 6,162,500 | |
Redeemed | | | — | | | | (681,500 | ) | | | (677,320 | ) | | | — | |
Increase in Net Assets from Capital Share Transactions | | | 1,394,002 | | | | 1,525,500 | | | | 13,440,313 | | | | 6,162,500 | |
Total Increase in Net Assets | | | 1,083,407 | | | | 1,373,626 | | | | 10,954,447 | | | | 5,969,534 | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of Year/Period | | | 1,373,626 | | | | — | | | | 5,969,534 | | | | — | |
End of Year/Period | | $ | 2,457,033 | | | $ | 1,373,626 | | | $ | 16,923,981 | | | $ | 5,969,534 | |
Undistributed Net Investment Income | | $ | 54,942 | | | $ | 48,449 | | | $ | 383,917 | | | $ | 76,054 | |
Share Transactions: | | | | | | | | | | | | | | | | |
Issued | | | 100,000 | | | | 150,000 | | | | 950,000 | | | | 400,000 | |
Redeemed | | | — | | | | (50,000 | ) | | | (50,000 | ) | | | — | |
Net Increase in Shares Outstanding from Share Transactions | | | 100,000 | | | | 100,000 | | | | 900,000 | | | | 400,000 | |
(1) | Commenced operations on April 2, 2013. |
(2) | Includes realized gains(losses) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements.) |
The accompanying notes are an integral part of the financial statements.
Statements of Changes in Net Assets |
|
| | Global X Next Emerging & Frontier ETF | | | Global X FTSE Portugal 20 ETF | |
| | Period Ended October 31, 2014(1) | | | Period Ended October 31, 2014(2) | |
Operations: | | | | | | | | |
Net Investment Income | | $ | 1,853,596 | | | $ | 574,014 | |
Net Realized Loss on Investments and Foreign Currency Transactions (3) | | | (238,800 | ) | | | (1,289,384 | ) |
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translation | | | (2,082,587 | ) | | | (8,128,731 | ) |
Net Decrease in Net Assets Resulting from Operations | | | (467,791 | ) | | | (8,844,101 | ) |
Dividends and Distributions from: | | | | | | | | |
Net Investment Income | | | (28,312 | ) | | | — | |
Total Dividends and Distributions | | | (28,312 | ) | | | — | |
Capital Share Transactions: | | | | | | | | |
Issued | | | 156,318,000 | | | | 53,026,360 | |
Redeemed | | | (3,794,788 | ) | | | (7,490,738 | ) |
Increase in Net Assets from Capital Share Transactions | | | 152,523,212 | | | | 45,535,622 | |
Total Increase in Net Assets | | | 152,027,109 | | | | 36,691,521 | |
Net Assets: | | | | | | | | |
Beginning of Period | | | — | | | | — | |
End of Period | | $ | 152,027,109 | | | $ | 36,691,521 | |
Undistributed Net Investment Income | | $ | 1,775,431 | | | $ | 575,664 | |
Share Transactions: | | | | | | | | |
Issued | | | 6,100,000 | | | | 3,450,000 | |
Redeemed | | | (150,000 | ) | | | (550,000 | ) |
Net Increase in Shares Outstanding from Share Transactions | | | 5,950,000 | | | | 2,900,000 | |
| (1) | Commenced operations on November 6, 2013. |
| (2) | Commenced operations on November 12, 2013. |
| (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.
Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period
| | Net Asset Value, Beginning of Period ($) | | | Net Investment Income ($)* | | | Net Realized and Unrealized Gain (Loss) on Investments ($) | | | Total from Operations ($) | | | Distribution from Net Investment Income ($) | | | Distribution from Capital Gains ($) | | | Total from Distributions ($) | | | Net Asset Value, End of Period ($) | | | Total Return (%)** | | | Net Assets End of Period ($)(000) | | | Ratio of Expenses to Average Net Assets (%) | | | Ratio of Net Investment Income to Average Net Assets (%) | | | Portfolio Turnover (%) | |
Global X China Consumer ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2014 | | | 15.87 | | | | 0 .17 | | | | (2 .07) | | | | (1 .90) | | | | (0 .15) | | | | — | | | | (0 .15) | | | | 13.82 | | | | (12 .09) | | | | 134,014 | | | | 0 .65 | | | | 1 .18 | | | | 18 .89 | |
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 | | | 15.11 | | | | 0 .29 | | | | (0 .09) | | | | 0 .20 | | | | (0 .28) | | | | — | | | | (0 .28) | | | | 15.03 | | | | 1 .34 | | | | 4,509 | | | | 0 .65 | | | | 1 .90 | | | | 12 .65 | |
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 | | | 13.29 | | | | 0 .23 | | | | 0 .05 | ^ | | | 0 .28 | | | | (0 .07) | | | | — | | | | (0 .07) | | | | 13.50 | | | | 2 .08 | | | | 48,585 | | | | 0 .65 | | | | 1 .76 | | | | 6 .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 | | | 12.14 | | | | 0 .15 | | | | 0 .83 | | | | 0 .98 | | | | (0 .19) | | | | — | | | | (0 .19) | | | | 12.93 | | | | 8 .13 | | | | 5,821 | | | | 0 .65 | | | | 1 .24 | | | | 10 .61 | |
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 | | | 15.13 | | | | 0 .19 | | | | (0 .27) | | | | (0 .08) | | | | (0 .25) | | | | — | | | | (0 .25) | | | | 14.80 | | | | (0 .57) | | | | 2,959 | | | | 0 .65 | | | | 1 .26 | | | | 13 .51 | |
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 | | | 20.63 | | | | 0 .06 | | | | 2 .80 | | | | 2 .86 | | | | (0 .01) | | | | — | | | | (0 .01) | | | | 23.48 | | | | 13 .85 | | | | 22,307 | | | | 0 .65 | | | | 0 .29 | | | | 64 .79 | |
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 Southeast Asia ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2014 | | | 17.12 | | | | 0 .39 | | | | (0 .16) | | | | 0 .23 | | | | (0 .59) | | | | — | | | | (0 .59) | | | | 16.76 | | | | 1 .68 | | | | 29,336 | | | | 0 .65 | | | | 2 .36 | | | | 8 .36 | |
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. |
^ | The amount shown for a share outstanding throughout the period does not accord with the aggregate net gains on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund. |
* | Per share data calculated using average shares method. |
** | Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
† | Annualized. |
†† | Portfolio turnover rate is for the period indicated and has not been annualized. Excludes effect of in-kind transfers. |
Amounts designated as “—” are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period
| | Net Asset Value, Beginning of Period ($) | | | Net Investment Income ($)* | | | Net Realized and Unrealized Gain (Loss) on Investments ($) | | | Total from Operations ($) | | | Distribution from Net Investment Income ($) | | | Distribution from Capital Gains ($) | | | Total from Distributions ($) | | | Net Asset Value, End of Period ($) | | | Total Return (%)** | | | Net Assets End of Period ($)(000) | | | Ratio of Expenses to Average Net Assets (%) | | | Ratio of Net Investment Income to Average Net Assets (%) | | | Portfolio Turnover (%) | |
Global X FTSE Andean 40 ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2014 | | | 12.21 | | | | 0 .19 | | | | (1 .63) | | | | (1 .44) | | | | (0 .17) | | | | — | | | | (0 .17) | | | | 10.60 | | | | (11 .84) | | | | 9,010 | | | | 0 .72 | | | | 1 .71 | | | | 19 .94 | |
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 MSCI Colombia ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2014 | | | 20.55 | | | | 0 .40 | | | | (2 .78) | | | | (2 .38) | | | | (0 .75) | | | | — | | | | (0 .75) | | | | 17.42 | | | | (11 .73) | | | | 100,688 | | | | 0 .66 | @ | | | 2 .12 | | | | 47 .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 | |
Global X Brazil Mid Cap ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2014 | | | 14.58 | | | | 0 .39 | | | | (2 .04) | | | | (1 .65) | | | | (0 .71) | | | | — | | | | (0 .71) | | | | 12.22 | | | | (11 .59) | | | | 7,942 | | | | 0 .69 | | | | 2 .99 | | | | 17 .72 | |
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(2) | | | 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 | | | 17.89 | | | | 0 .33 | | | | (1 .44) | | | | (1 .11) | | | | (0 .21) | | | | — | | | | (0 .21) | | | | 16.57 | | | | (6 .20) | | | | 9,943 | | | | 0 .78‡ | | | | 1 .98 | | | | 18 .59 | |
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(3) | | | 15.48 | | | | — | | | | 4 .47 | | | | 4 .47 | | | | — | | | | — | | | | — | | | | 19.95 | | | | 28 .88 | | | | 24,934 | | | | 0 .77 | †�� | | | 0 .07 | † | | | 4 .72 | †† |
Global X Brazil Financials ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2014 | | | 12.12 | | | | 0 .52 | | | | (1 .65) | | | | (1 .13) | | | | (0 .11) | | | | — | | | | (0 .11) | | | | 10.88 | | | | (9 .25) | | | | 2,719 | | | | 0 .77‡ | | | | 4 .56 | | | | 17 .31 | |
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(4) | | | 15.08 | | | | 0 .05 | | | | 2 .27 | | | | 2 .32 | | | | — | | | | — | | | | — | | | | 17.40 | | | | 15 .38 | | | | 7,829 | | | | 0 .77 | † | | | 1 .15 | † | | | — | †† |
Global X MSCI Argentina ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2014 | | | 20.29 | | | | 0 .10 | | | | 0 .91 | ^ | | | 1 .01 | | | | (0 .12) | | | | — | | | | (0 .12) | | | | 21.18 | | | | 5 .03 | | | | 20,652 | | | | 0 .74 | | | | 0 .49 | | | | 95 .29 | |
2013(5) | | | 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(5) | | | 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(5)(6) | | | 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 June 21, 2010. |
(3) | The Fund commenced operations on July 7, 2010. |
(4) | The Fund commenced operations on July 28, 2010. |
(5) | Per share amounts have been restated for a 1 for 2 reverse share split. See Note 8 in the Notes to Financial Statements. |
(6) | The Fund commenced operations on March 2, 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 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 offsets were excluded, the ratio would have been 0.78%, 0.80%, 0.83%, 0.83%, and 0.86% for the years ended October 31, 2014, 2013, 2012, 2011, and 2010, 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 $0.
The accompanying notes are an integral part of the financial statements.
Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period
| | Net Asset Value, Beginning of Period ($) | | | Net Investment Income ($)* | | | Net Realized and Unrealized Gain (Loss) on Investments ($) | | | Total from Operations ($) | | | Distribution from Net Investment Income ($) | | | Distribution from Capital Gains ($) | | | Total from Distributions ($) | | | Net Asset Value, End of Period ($) | | | Total Return (%)** | | | Net Assets End of Period ($)(000) | | | Ratio of Expenses to Average Net Assets (%) | | | Ratio of Net Investment Income to Average Net Assets (%) | | | Portfolio Turnover (%) | |
Global X FTSE Greece 20 ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2014 | | | 22.60 | | | | 0 .08 | | | | (6 .83) | | | | (6 .75) | | | | (0 .01) | | | | — | | | | (0 .01) | | | | 15.84 | | | | (29 .83) | | | | 140,201 | | | | 0 .62 | | | | 0 .38 | | | | 64 .19 | |
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 MSCI Norway ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2014 | | | 16.76 | | | | 0 .63 | | | | (2 .18) | | | | (1 .55) | | | | (0 .39) | | | | — | | | | (0 .39) | | | | 14.82 | | | | (9 .46) | | | | 183,038 | | | | 0 .50 | | | | 3 .76 | | | | 26 .50 | |
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 | | | 23.74 | | | | 0 .79 | | | | 0 .46 | | | | 1 .25 | | | | (0 .63) | | | | — | | | | (0 .63) | | | | 24.36 | | | | 5 .30 | | | | 59,927 | | | | 0 .50 | | | | 3 .16 | | | | 6 .05 | |
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 | |
Global X Central Asia & Mongolia Index ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2014 | | | 13.74 | | | | 0 .38 | | | | (1 .48) | | | | (1 .10) | | | | (0 .35) | | | | — | | | | (0 .35) | | | | 12.29 | | | | (8 .23) | | | | 2,457 | | | | 0 .69 | | | | 2 .84 | | | | 55 .76 | |
2013(3) | | | 14.84 | | | | 0 .41 | | | | (1 .51) | | | | (1 .10) | | | | — | | | | — | | | | — | | | | 13.74 | | | | (7 .41) | | | | 1,374 | | | | 0 .69 | † | | | 5 .01 | † | | | 11 .01 | †† |
Global X MSCI Nigeria ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2014 | | | 14.92 | | | | 0 .47 | | | | (2 .16) | | | | (1 .69) | | | | (0 .17) | | | | (0 .04) | | | | (0 .21) | | | | 13.02 | | | | (11 .55) | | | | 16,924 | | | | 0 .68 | @ | | | 3 .14 | | | | 54 .75 | |
2013(3) | | | 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(4) | | | 25.08 | | | | 0 .51 | | | | 0 .01 | ^ | | | 0 .52 | | | | (0 .05) | | | | — | | | | (0 .05) | | | | 25.55 | | | | 2 .07 | | | | 152,027 | | | | 0 .58 | †‡ | | | 2 .00 | † | | | 24 .14 | †† |
Global X FTSE Portugal 20 ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2014(5) | | | 15.04 | | | | 0 .38 | | | | (2 .77) | | | | (2 .39) | | | | — | | | | — | | | | — | | | | 12.65 | | | | (1 5.89) | | | | 36,692 | | | | 0 .61 | † | | | 2 .58 | † | | | 53 .58 | †† |
(1) | The Fund commenced operations on December 7, 2011. |
(2) | The Fund commenced operations on November 9, 2010. |
(3) | The Fund commenced operations on April 2, 2013. |
(4) | The Fund commenced operations on November 6, 2013. |
(5) | The Fund commenced operations on November 12, 2013. |
^ | The amount shown for a share outstanding throughout the period does not accord with the aggregate net gains on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund. |
* | Per share data calculated using average shares method. |
** | Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
† | Annualized. |
†† | Portfolio turnover rate is for the period indicated and has not been annualized. Excludes effect of in-kind transfers. |
@ | The ratio of Expenses to Average Net Assets includes the effect of a waiver. If these offsets were excluded, the ratio would have been 0.92% and 0.92% for the year and period ended October 31, 2014, and 2013, 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 0.58% for the Global X Next Emerging & Frontier ETF. |
Amounts designated as “—” are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.

Notes to Financial Statements |
October 31, 2014 |
1. ORGANIZATION
The Global X Funds (the "Trust") is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of October 31, 2014, the Trust had eighty-eight 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 Southeast Asia ETF (formerly Global X FTSE ASEAN 40 ETF), Global X FTSE Andean 40 ETF, Global X MSCI Colombia ETF (formerly Global X FTSE Colombia 20 ETF), Global X Brazil Mid Cap ETF, Global X Brazil Consumer ETF, Global X Brazil Financials ETF, Global X MSCI Argentina ETF (formerly Global X FTSE Argentina 20 ETF), Global X FTSE Greece 20 ETF, Global X MSCI Norway ETF (formerly Global X FTSE Norway 30 ETF), Global X FTSE Nordic Region ETF, Global X Central Asia & Mongolia Index ETF, Global X MSCI Nigeria ETF (formerly 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 Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. 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 and the Nigerian Stock Exchange), 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 and the Nigerian Stock Exchange, the 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.
Notes to Financial Statements |
October 31, 2014 (continued) |
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 October 31, 2014, there were securities valued using Fair Value Procedures of $507,987, $121,942, $3,471,731, $48,892, $69,608, $534,734, and $1,024,905 in Global X China Industrials ETF, Global X China Materials ETF, Global X MSCI Colombia ETF, Global X Brazil Mid Cap ETF, Global X Brazil Consumer ETF, Global X FTSE Greece 20 ETF and Global X Next Emerging & Frontier 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)
Notes to Financial Statements |
October 31, 2014 (continued) |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
Level 3 – Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments and, 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 year ended October 31, 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 October 31, 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 Industrials ETF
Quantitative information about level 3 fair value measurements | |
Assets | | Fair Value at 10/31/14 | | | Valuation Technique(s) | | Unobservable Input | | Discount Percentage | |
| | | | | Discount from the Last | | Last Traded Price | | | |
Common Stock | | $ | 507,987 | | | Traded Price | | Comparability Adjustment % | | | 0 | % |
Global X China Materials ETF
Quantitative information about Level 3 fair value measurements | |
Assets | | Fair Value at 10/31/14 | | | Valuation Technique(s) | | Unobservable Input | | Discount Percentage Range | |
| | | | | Discount from the Last | | Last Traded Price | | | |
Common Stock | | $ | 121,942 | | | Traded Price | | Comparability Adjustment % | | | 0% to 90 | % |
Global X MSCI Colombia ETF
Quantitative information about Level 3 fair value measurements | |
Assets | | Fair Value at 10/31/14 | | | Valuation Technique(s) | | Unobservable Input | | Range | |
| | | | | | Discount from the Last | | Last Traded Price | | | | |
Common Stock | | $ | 3,471,731 | | | Traded Price | | Comparability Adjustment % | | | 5% 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.
DUE TO/FROM BROKERS —Due to/from brokers includes cash and collateral balances with the Funds’ clearing brokers or counterparties at October 31, 2014. The Funds continuously monitor the credit standing of each broker or counterparty with whom they conduct business. In the event a broker or counterparty is unable to fulfill its obligations, the Funds would be subject to counterparty credit risk.
Notes to Financial Statements |
October 31, 2014 (continued) |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
REPURCHASE AGREEMENTS — Securities pledged as collateral for repurchase agreements are held by Citibank, N.A. and are designated as being held on each Fund’s behalf by its custodian under a book-entry system. Each Fund monitors the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest. It is the Funds’ policy to only enter into repurchase agreements with banks and other financial institutions which are deemed by the 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 record the securities lending collateral (included in Repurchase Agreements, at value or restricted cash) as an asset and the obligation to return securities lending collateral as a liability on the Statements of Assets and Liabilities.
Repurchase agreements are entered into by the Funds under Master Repurchase Agreements (“MRA”) which permit the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund.
At October 31, 2014, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:
| | | | | Fair Value of Non-cash | | | Cash Collateral | | | | |
| | Repurchase Agreements | | | Collateral Received | | | Received | | | Net Amount(1) | |
Global X China Consumer ETF | | | | | | | | | | | | | | | | |
Barclays | | $ | 16,000,000 | | | $ | 16,000,000 | | | $ | - | | | $ | - | |
Deutsche Bank | | | 1,500,925 | | | | 1,500,925 | | | | - | | | | - | |
Global X FTSE Greece 20 ETF | | | | | | | | | | | | | | | | |
Deutsche Bank | | | 2,341,200 | | | | 2,341,200 | | | | - | | | | - | |
Global X MSCI Norway ETF | | | | | | | | | | | | | | | | |
Barclays | | | 11,000,000 | | | | 11,000,000 | | | | - | | | | - | |
Deutsche Bank | | | 1,720,116 | | | | 1,720,116 | | | | - | | | | - | |
Global X FTSE Portugal 20 ETF | | | | | | | | | | | | | | | | |
Deutsche Bank | | | 1,595,613 | | | | 1,595,613 | | | | - | | | | - | |
(1)Net Amount represents the net amount receivable due from the counterparty in the event of default.
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.
During the year ended October 31, 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.
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

Notes to Financial Statements |
October 31, 2014 (continued) |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
a tax benefit or expense in the current year. The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.
As of and during the year ended October 31, 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 year, 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 TRANSACTIONS AND 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 and translations represent net foreign exchange gains or losses from foreign currency spot 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.
Notes to Financial Statements |
October 31, 2014 (continued) |
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:
| | | | | | | | Value at | | | | |
| | Creation Unit | | | | | | October 31, | | | Redemption | |
| | Shares | | | Creation Fee | | | 2014 | | | Fee | |
Global X China Consumer ETF | | | 50,000 | | | $ | 1,900 | | | $ | 691,000 | | | $ | 1,900 | |
Global X China Energy ETF | | | 50,000 | | | | 1,900 | | | | 751,500 | | | | 1,900 | |
Global X China Financials ETF | | | 50,000 | | | | 1,900 | | | | 675,000 | | | | 1,900 | |
Global X China Industrials ETF | | | 50,000 | | | | 1,900 | | | | 646,500 | | | | 1,900 | |
Global X China Materials ETF | | | 50,000 | | | | 1,900 | | | | 751,500 | | | | 1,900 | |
Global X NASDAQ China Technology ETF | | | 50,000 | | | | 1,900 | | | | 1,174,000 | | | | 1,900 | |
Global X Southeast Asia ETF | | | 50,000 | | | | 2,300 | | | | 838,000 | | | | 2,300 | |
Global X FTSE Andean 40 ETF | | | 50,000 | | | | 2,300 | | | | 530,000 | | | | 2,300 | |
Global X MSCI Colombia ETF | | | 50,000 | | | | 2,500 | | | | 871,000 | | | | 2,500 | |
Global X Brazil Mid Cap ETF | | | 50,000 | | | | 1,900 | | | | 611,000 | | | | 1,900 | |
Global X Brazil Consumer ETF | | | 50,000 | | | | 1,500 | | | | 828,500 | | | | 1,500 | |
Global X Brazil Financials ETF | | | 50,000 | | | | 1,500 | | | | 544,000 | | | | 1,500 | |
Global X MSCI Argentina ETF | | | 50,000 | | | | 1,000 | | | | 1,059,000 | | | | 1,000 | |
Global X FTSE Greece 20 ETF | | | 50,000 | | | | 1,000 | | | | 792,000 | | | | 1,000 | |
Global X MSCI Norway ETF | | | 50,000 | | | | 1,400 | | | | 741,000 | | | | 1,400 | |
Global X FTSE Nordic Region ETF | | | 50,000 | | | | 1,400 | | | | 1,218,000 | | | | 1,400 | |
Global X Central Asia & Mongolia Index ETF | | | 50,000 | | | | 2,700 | | | | 614,500 | | | | 2,700 | |
Global X MSCI Nigeria ETF | | | 50,000 | | | | 2,300 | | | | 651,000 | | | | 2,300 | |
Global X Next Emerging & Frontier ETF | | | 50,000 | | | | 9,500 | | | | 1,277,500 | | | | 9,500 | |
Global X FTSE Portugal 20 ETF | | | 50,000 | | | | 1,000 | | | | 632,500 | | | | 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, if any (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 MSCI Colombia ETF, Global X MSCI Argentina ETF, Global X FTSE Greece 20 ETF, Global X Central Asia & Mongolia Index ETF, Global X MSCI Nigeria 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 MSCI Colombia ETF, Global X MSCI Argentina ETF, Global X FTSE Greece 20 ETF, Global X Central Asia & Mongolia Index ETF, Global X MSCI Nigeria ETF, Global X Next Emerging & Frontier ETF and Global X FTSE Portugal 20 ETF may pay up to 0.11%, 0.01%, 0.06%, 0.01%, 0.24%, 0.09% and 0.06% respectively in Custody Fees (in addition to the Supervision and Administration Fee).
Notes to Financial Statements |
October 31, 2014 (continued) |
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 Southeast Asia ETF | | | 0.65 | % |
Global X FTSE Andean 40 ETF | | | 0.72 | % |
Global X MSCI Colombia ETF* | | | 0.61 | % |
Global X Brazil Mid Cap ETF | | | 0.69 | % |
Global X Brazil Consumer ETF | | | 0.77 | % |
Global X Brazil Financials ETF | | | 0.77 | % |
Global X MSCI Argentina ETF | | | 0.74 | % |
Global X FTSE Greece 20 ETF | | | 0.55 | % |
Global X MSCI Norway ETF | | | 0.50 | % |
Global X FTSE Nordic Region ETF | | | 0.50 | % |
Global X Central Asia & Mongolia Index ETF | | | 0.68 | % |
Global X MSCI Nigeria ETF* | | | 0.68 | % |
Global X Next Emerging & Frontier ETF | | | 0.49 | % |
Global X FTSE Portugal 20 ETF | | | 0.55 | % |
*Effective July 15, 2014, 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 0.61% of the Global X MSCI Colombia Fund’s average daily net assets per year until at least August 1, 2015. Prior to July 15, 2014, pursuant to an Expense Limitation Agreement, the Adviser had 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)) did not exceed 0.68% of the Global X MSCI Colombia Fund’s average daily net assets per year until at least March 1, 2015.
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 Global X MSCI Nigeria Fund’s average daily net assets per year until at least March 1, 2015.
Pursuant to the Expense Limitation Agreements, the Funds (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 the maximum permitted rate during the period in which it is paid and the Board of Trustees has approved in advance such reimbursement to the Adviser. At October 31, 2014, the amounts of waivers/reimbursements subject to recoupment for Global X MSCI Colombia ETF were $132,223 expiring in 2017, $84,928 expiring in 2016 and $77,243 expiring in 2015. The amounts of waivers/reimbursements subject to recoupment for Global X MSCI Nigeria ETF were $33,893 expiring in 2017 and $5,469 expiring in 2016. As of October 31, 2014, there has been no recoupment of previously waived and reimbursed fees.
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.
Notes to Financial Statements |
October 31, 2014 (continued) |
3. RELATED PARTY TRANSACTIONS (concluded)
SEI Investments Distribution Co. (“SIDCO”) serves as each Funds’ underwriter and distributor of Shares pursuant to a Distribution Agreement. Under the Distribution Agreement, SIDCO, as agent, receives orders to create and redeem Shares in Creation Unit Aggregations and transmits such orders to the Trust’s custodian and transfer agent. The Distributor has no obligation to sell any specific quantity of Fund Shares. SIDCO bears the following costs and expenses relating to the distribution of Shares: (i) the costs of processing and maintaining records of creations of Creation Units; (ii) all costs of maintaining the records required of a registered broker/dealer; (iii) the expenses of maintaining its registration or qualification as a dealer or broker under Federal or state laws; (iv) filing fees; and (v) all other expenses incurred in connection with the distribution services as contemplated in the Distribution Agreement. SIDCO receives no fee for its distribution services under the Distribution Agreement.
Brown Brothers Harriman & Co. (“BBH”), located at 40 Water Street, Boston, MA 02109, serves as Custodian of Funds’ assets. As Custodian, BBH has agreed to (1) make receipts and disbursements of money on behalf of the Fund, (2) collect and receive all income and other payments and distributions on account of the Fund’s portfolio investments, (3) respond to correspondence from shareholders, security brokers and others relating to its duties; and (4) make periodic reports to the Fund concerning the Fund’s operations. BBH does not exercise any supervisory function over the purchase and sale of securities. As compensation for these services, the Custodian receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees.
4. INVESTMENT TRANSACTIONS
For the period ended October 31, 2014, the purchases and sales of investments in securities, excluding in-kind transactions, long-term U.S. Government and short-term securities were:
| | Purchases | | | Sales and Maturities | |
Global X China Consumer ETF | | $ | 31,419,747 | | | $ | 30,527,976 | |
Global X China Energy ETF | | | 562,077 | | | | 543,086 | |
Global X China Financials ETF | | | 2,605,194 | | | | 2,340,910 | |
Global X China Industrials ETF | | | 402,015 | | | | 571,870 | |
Global X China Materials ETF | | | 337,118 | | | | 337,607 | |
Global X NASDAQ China Technology ETF | | | 11,983,835 | | | | 11,982,935 | |
Global X Southeast Asia ETF | | | 2,822,239 | | | | 8,321,557 | |
Global X FTSE Andean 40 ETF | | | 2,053,997 | | | | 1,906,277 | |
Global X MSCI Colombia ETF | | | 53,457,115 | | | | 72,490,994 | |
Global X Brazil Mid Cap ETF | | | 1,639,343 | | | | 3,260,831 | |
Global X Brazil Consumer ETF | | | 2,539,382 | | | | 8,580,743 | |
Global X Brazil Financials ETF | | | 911,711 | | | | 442,031 | |
Global X MSCI Argentina ETF | | | 14,160,291 | | | | 13,284,768 | |
Global X FTSE Greece 20 ETF | | | 128,015,882 | | | | 123,651,618 | |
Global X MSCI Norway ETF | | | 35,602,043 | | | | 33,986,328 | |
Global X FTSE Nordic Region ETF | | | 3,831,928 | | | | 3,741,954 | |
Global X Central Asia & Mongolia Index ETF | | | 1,201,897 | | | | 1,200,405 | |
Global X MSCI Nigeria ETF | | | 17,933,636 | | | | 7,609,770 | |
Global X Next Emerging & Frontier ETF | | | 73,126,501 | | | | 23,870,280 | |
Global X FTSE Portugal 20 ETF | | | 13,304,951 | | | | 12,811,233 | |

Notes to Financial Statements |
October 31, 2014 (continued) |
4. INVESTMENT TRANSACTIONS (continued)
During the year or period ended October 31, 2014, there were no purchases or sales of long-term U.S. Government securities for the Funds.
For the year or period ended October 31, 2013 and October 31, 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 Southeast Asia ETF | | | 30,200,196 | | | | 16,631,937 | | | | 1,496,471 | |
Global X FTSE Andean 40 ETF | | | 1,803,820 | | | | - | | | | - | |
Global X MSCI Colombia 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 MSCI Argentina ETF | | | 2,735,472 | | | | - | | | | - | |
Global X FTSE Greece 20 ETF | | | 69,281,318 | | | | 18,417,422 | | | | 6,681,268 | |
Global X MSCI Norway 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 MSCI Nigeria ETF | | | 1,361,807 | | | | - | | | | - | |
| | | | | Sales and | | | Realized | |
| | Purchases | | | Maturities | | | Gain/(Loss) | |
Global X China Consumer ETF | | $ | 47,940,122 | | | $ | 59,438,708 | | | $ | 8,591,703 | |
Global X China Energy ETF | | | 1,699,167 | | | | 1,473,707 | | | | 285,984 | |
Global X China Financials ETF | | | 43,833,368 | | | | 33,262,860 | | | | (1,909,351 | ) |
Global X China Industrials ETF | | | 2,505,310 | | | | 1,137,325 | | | | (192,086 | ) |
Global X China Materials ETF | | | 3,140,144 | | | | 2,325,727 | | | | 242,887 | |
Global X NASDAQ China Technology ETF | | | 11,399,519 | | | | 1,083,174 | | | | 427,255 | |
Global X Southeast Asia ETF | | | 618,059 | | | | 13,850,456 | | | | (775,180 | ) |
Global X FTSE Andean 40 ETF | | | 861,619 | | | | 778,248 | | | | (48,376 | ) |
Global X MSCI Colombia ETF | | | 10,416,753 | | | | 19,375,791 | | | | (1,830,863 | ) |
Global X Brazil Mid Cap ETF | | | - | | | | 1,446,513 | | | | 210,770 | |
Global X Brazil Consumer ETF | | | - | | | | 1,757,766 | | | | (6,808 | ) |
Global X Brazil Financials ETF | | | 171,813 | | | | - | | | | - | |
Global X MSCI Argentina ETF | | | 31,901,934 | | | | 17,604,834 | | | | 1,741,787 | |
Global X FTSE Greece 20 ETF | | | 362,238,361 | | | | 236,278,267 | | | | 16,402,582 | |
Global X MSCI Norway ETF | | | 156,687,697 | | | | 23,285,532 | | | | 3,808,749 | |
Global X FTSE Nordic Region ETF | | | 13,746,411 | | | | 10,481,543 | | | | 3,016,773 | |
Global X Central Asia & Mongolia ETF | | | 1,397,287 | | | | - | | | | - | |
Global X MSCI Nigeria ETF | | | 3,562,309 | | | | - | | | | - | |
Global X Next Emerging & Frontier ETF | | | 107,644,116 | | | | 2,778,201 | | | | 215,323 | |
Global X FTSE Portugal 20 ETF | | | 53,044,408 | | | | 7,499,502 | | | | 396,498 | |
Notes to Financial Statements |
October 31, 2014 (continued) |
5. TAX INFORMATION
The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to undistributed net investment income (loss), accumulated net realized gain (loss) or paid-in capital, as appropriate, in the period that the differences arise.
The following differences, primarily attributable to utilization of earnings and profits on shareholder redemptions and distributions reclassifications, foreign currency, redemptions in-kind and sales of passive foreign investment companies, have been reclassified to/from the following accounts during the fiscal period ended October 31, 2014.
Global X Funds | | Paid-in Capital | | | Undistributed Net Investment Income/(Loss) | | | Accumulated Net Realized Gain/(Loss) | |
Global X China Consumer ETF | | $ | 5,076,614 | | | $ | 17,919 | | | $ | (5,094,533 | ) |
Global X China Energy ETF | | | 286,010 | | | | (101 | ) | | | (285,909 | ) |
Global X China Financials ETF | | | (2,210,040 | ) | | | (524 | ) | | | 2,210,564 | |
Global X China Industrials ETF | | | (200,896 | ) | | | 8,818 | | | | 192,078 | |
Global X China Materials ETF | | | 237,398 | | | | 61 | | | | (237,459 | ) |
Global X NASDAQ China Technology ETF | | | 423,778 | | | | (97 | ) | | | (423,681 | ) |
Global X Southeast Asia ETF | | | (877,074 | ) | | | (3,268 | ) | | | 880,342 | |
Global X FTSE Andean 40 ETF | | | (58,933 | ) | | | 9,743 | | | | 49,190 | |
Global X MSCI Colombia ETF | | | (2,920,222 | ) | | | 1,290,722 | | | | 1,629,500 | |
Global X Brazil Mid Cap ETF | | | 207,385 | | | | (19,310 | ) | | | (188,075 | ) |
Global X Brazil Consumer ETF | | | (62,025 | ) | | | 3,427 | | | | 58,598 | |
Global X Brazil Financials ETF | | | (5 | ) | | | 2,631 | | | | (2,626 | ) |
Global X MSCI Argentina ETF | | | 1,445,095 | | | | 3,516 | | | | (1,448,611 | ) |
Global X FTSE Greece 20 ETF | | | 12,488,847 | | | | (40,001 | ) | | | (12,448,846 | ) |
Global X MSCI Norway ETF | | | 3,684,662 | | | | (78,894 | ) | | | (3,605,768 | ) |
Global X FTSE Nordic Region ETF | | | 2,839,608 | | | | 90,140 | | | | (2,929,748 | ) |
Global X Central Asia & Mongolia Index ETF | | | — | | | | (2,398 | ) | | | 2,398 | |
Global X MSCI Nigeria ETF | | | — | | | | (59,347 | ) | | | 59,347 | |
Global X Next Emerging & Frontier ETF(1) | | | 215,306 | | | | (49,853 | ) | | | (165,453 | ) |
Global X FTSE Portugal 20 ETF(2) | | | 396,498 | | | | 1,650 | | | | (398,148 | ) |
(1) Commenced operations November 6, 2013.
(2) Commenced operations November 12, 2013.
Notes to Financial Statements |
October 31, 2014 (continued) |
5. TAX INFORMATION (continued)
The tax character of dividends and distributions declared during the periods ended October 31, 2014 and 2013 were as follows:
Global X Funds | | Ordinary Income | | | Long-Term Capital Gain | | | Totals | |
| | | |
Global X China Consumer ETF |
2014 | | $ | 1,981,753 | | | $ | – | | | $ | 1,981,753 | |
2013 | | | 2,128,638 | | | | – | | | | 2,128,638 | |
Global X China Energy ETF |
2014 | | $ | 85,026 | | | $ | – | | | $ | 85,026 | |
2013 | | | 88,625 | | | | – | | | | 88,625 | |
Global X China Financials ETF |
2014 | | $ | 243,282 | | | $ | – | | | $ | 243,282 | |
2013 | | | 186,317 | | | | – | | | | 186,317 | |
Global X China Industrials ETF |
2014 | | $ | 65,300 | | | $ | – | | | $ | 65,300 | |
2013 | | | 64,616 | | | | – | | | | 64,616 | |
Global X China Materials ETF |
2014 | | $ | 36,867 | | | $ | – | | | $ | 36,867 | |
2013 | | | 40,384 | | | | – | | | | 40,384 | |
Global X NASDAQ China Technology ETF |
2014 | | $ | 3,666 | | | $ | – | | | $ | 3,666 | |
2013 | | | 16,025 | | | | – | | | | 16,025 | |
Global X Southeast Asia ETF |
2014 | | $ | 1,423,135 | | | $ | – | | | $ | 1,423,135 | |
2013 | | | 806,416 | | | | – | | | | 806,416 | |
Global X FTSE Andean 40 ETF |
2014 | | $ | 153,480 | | | $ | – | | | $ | 153,480 | |
2013 | | | 155,634 | | | | – | | | | 155,634 | |
Global X MSCI Colombia ETF |
2014 | | $ | 4,567,150 | | | $ | – | | | $ | 4,567,150 | |
2013 | | | 3,654,817 | | | | – | | | | 3,654,817 | |
Global X Brazil Mid Cap ETF |
2014 | | $ | 531,843 | | | $ | – | | | $ | 531,843 | |
2013 | | | 544,000 | | | | – | | | | 544,000 | |
Global X Brazil Consumer ETF |
2014 | | $ | 185,072 | | | $ | – | | | $ | 185,072 | |
2013 | | | 293,164 | | | | – | | | | 293,164 | |
Global X Brazil Financials ETF |
2014 | | $ | 22,454 | | | $ | – | | | $ | 22,454 | |
2013 | | | 149,310 | | | | – | | | | 149,310 | |
Global X MSCI Argentina ETF |
2014 | | $ | 45,738 | | | $ | – | | | $ | 45,738 | |
2013 | | | 31,297 | | | | – | | | | 31,297 | |
Global X FTSE Greece 20 ETF |
2014 | | $ | 118,994 | | | $ | 33,492 | | | $ | 152,486 | |
2013 | | | 47,749 | | | | – | | | | 47,749 | |
Global X MSCI Norway ETF |
2014 | | $ | 2,012,342 | | | $ | – | | | $ | 2,012,342 | |
2013 | | | 1,583,434 | | | | – | | | | 1,583,434 | |
Global X FTSE Nordic Region ETF |
2014 | | $ | 1,480,041 | | | $ | – | | | $ | 1,480,041 | |
2013 | | | 698,310 | | | | – | | | | 698,310 | |
Global X Central Asia & Mongolia Index ETF |
2014 | | $ | 52,316 | | | $ | – | | | $ | 52,316 | |
2013 | | | – | | | | – | | | | – | |
Global X MSCI Nigeria ETF |
2014 | | $ | 92,838 | | | $ | – | | | $ | 92,838 | |
2013 | | | – | | | | – | | | | – | |
Global X Next Emerging & Frontier ETF(1) |
2014 | | $ | 28,312 | | | $ | – | | | $ | 28,312 | |
Global X FTSE Portugal 20 ETF(2) |
2014 | | $ | – | | | $ | – | | | $ | – | |
(1)Commenced operations November 6, 2013.
(2)Commenced operations November 12, 2013.
Notes to Financial Statements |
October 31, 2014 (continued) |
5. TAX INFORMATION (continued)
As of October 31, 2014, 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 | | $ | 1,969,844 | | | $ | 81,629 | | | $ | 617,665 | |
Capital Loss Carryforwards | | | (17,328,473 | ) | | | (612,885 | ) | | | (1,306,781 | ) |
Unrealized Depreciation on Investments and Foreign Currency | | | (25,865,619 | ) | | | (56,137 | ) | | | (1,647,856 | ) |
Other Temporary Differences | | | (4 | ) | | | (3 | ) | | | (4 | ) |
Total Accumulated Losses | | $ | (41,224,252 | ) | | $ | (587,396 | ) | | $ | (2,336,976 | ) |
| | Global X China Industrials ETF | | | Global X China Materials ETF | | | Global X NASDAQ China Technology ETF | |
Undistributed Ordinary Income | | $ | 40,506 | | | $ | 30,768 | | | $ | 58,833 | |
Capital Loss Carryforwards | | | (1,441,161 | ) | | | (938,459 | ) | | | (898,727 | ) |
Unrealized Depreciation on Investments and Foreign Currency | | | (459,681 | ) | | | (789,463 | ) | | | 2,477,825 | |
Other Temporary Differences | | | (3 | ) | | | 1 | | | | (1 | ) |
Total Distributable Earnings (Accumulated Losses) | | $ | (1,860,339 | ) | | $ | (1,697,153 | ) | | $ | 1,637,930 | |
| | Global X Southeast Asia ETF | | | Global X Andean 40 ETF | | | Global X MSCI Colombia ETF | |
Undistributed Ordinary Income | | $ | 641,310 | | | $ | 154,556 | | | $ | 2,089,415 | |
Capital Loss Carryforwards | | | (1,652,420 | ) | | | (1,002,786 | ) | | | (19,187,538 | ) |
Unrealized Depreciation on Investments and Foreign Currency | | | (1,637,279 | ) | | | (2,526,847 | ) | | | (22,786,232 | ) |
Other Temporary Differences | | | (6 | ) | | | 1 | | | | (3 | ) |
Total Accumulated Losses | | $ | (2,648,395 | ) | | | $ (3,375,0 76) | | | $ | (39,884,358 | ) |
| | Global X Brazil Mid Cap ETF | | | Global X Brazil Consumer ETF | | | Global X Brazil Financials ETF | |
Undistributed Ordinary Income | | $ | 209,389 | | | $ | 238,744 | | | $ | 113,926 | |
Capital Loss Carryforwards | | | (5,095,803 | ) | | | (2,578,461 | ) | | | (1,143,797 | ) |
Unrealized Depreciation on Investments and Foreign Currency | | | (1,102,273 | ) | | | (475,602 | ) | | | (859,617 | ) |
Other Temporary Differences | | | (1 | ) | | | — | | | | (3 | ) |
Total Accumulated Losses | | $ | (5,988,688 | ) | | $ | (2,815,319 | ) | | $ | (1,889,491 | ) |
| | Global X MSCI Argentina ETF | | | Global X FTSE Greece 20 ETF | | | Global X MSCI Norway ETF | |
Undistributed Ordinary Income | | $ | 31,029 | | | $ | 707,126 | | | $ | 4,495,136 | |
Capital Loss Carryforwards | | | (1,806,944 | ) | | | (4,430,311 | ) | | | (3,797,528 | ) |
Unrealized Depreciation on Investments and Foreign Currency | | | (2,275,925 | ) | | | (80,816,966 | ) | | | (32,601,688 | ) |
Other Temporary Differences | | | (3 | ) | | | (4 | ) | | | 4 | |
Total Accumulated Losses | | $ | (4,051,843 | ) | | $ | (84,540,155 | ) | | $ | (31,904,076 | ) |
Notes to Financial Statements |
October 31, 2014 (continued) |
5. TAX INFORMATION (continued)
| | Global X FTSE Nordic Region ETF | | | Global X Central Asia & Mongolia Index ETF | | | Global X MSCI Nigeria ETF | |
Undistributed Ordinary Income | | $ | 2,045,741 | | | $ | 62,356 | | | $ | 383,917 | |
Capital Loss Carryforwards | | | (412,755 | ) | | | (76,411 | ) | | | (606,112 | ) |
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency | | | 3,904,227 | | | | (394,791 | ) | | | (2,456,638 | ) |
Other Temporary Differences | | | (4 | ) | | | (2 | ) | | | 1 | |
Total Distributable Earnings (Accumulated Losses) | | $ | 5,537,209 | | | $ | (408,848 | ) | | $ | (2,678,832 | ) |
| | Global X Next Emerging & Frontier ETF | | | Global X FTSE Portugal 20 ETF | |
Undistributed Ordinary Income | | $ | 1,793,239 | | | $ | 575,663 | |
Capital Loss Carryforwards | | | (399,316 | ) | | | (257,210 | ) |
Unrealized Depreciation on Investments and Foreign Currency | | | (2,105,327 | ) | | | (9,559,053 | ) |
Other Temporary Differences | | | (5 | ) | | | 1 | |
Total Accumulated Losses | | $ | (711,409 | ) | | $ | (9,240,599 | ) |
| | | | | | | | |
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, 2014, the Funds that had capital loss carryforwards are listed below:
| | | | | | | | Global X | | | Global X | | | Global X | |
| | | | | Global X | | | China | | | China | | | China | |
| | Global X China | | | China Energy | | | Financials | | | Industrials | | | Materials | |
Expiration date | | Consumer ETF | | | ETF | | | ETF | | | ETF | | | ETF | |
October 2019 | | $ | 1,341,121 | | | $ | 33,912 | | | $ | - | | | $ | - | | | $ | - | |
October 2018 | | | 173,208 | | | | - | | | | 551,954 | | | | 94,810 | | | | - | |
| | $ | 1,514,329 | | | $ | 33,912 | | | $ | 551,954 | | | $ | 94,810 | | | $ | - | |
| | Global X | | | Global X | | | Global X | | | MSCI | | | Global X | |
| | NASDAQ China | | | Southeast | | | FTSE Andean | | | Colombia | | | Brazil Mid | |
Expiration date | | Technology ETF | | | Asia ETF | | | 40 ETF | | | ETF | | | Cap ETF | |
October 2019 | | $ | 236,466 | | | $ | - | | | $ | 120,886 | | | $ | 8,249,654 | | | $ | 918,379 | |
October 2018 | | | - | | | | - | | | | - | | | | - | | | | - | |
| | $ | 236,466 | | | $ | - | | | $ | 120,886 | | | $ | 8,249,654 | | | $ | 918,379 | |
| | Global X | | | Global X | | | Global X | | | | | | | |
| | Brazil | | | Brazil | | | MSCI | | | Global X | | | Global X | |
| | Consumer | | | Financials | | | Argentina | | | FTSE Greece | | | MSCI Norway | |
Expiration date | | ETF | | | ETF | | | ETF | | | 20 ETF | | | ETF | |
October 2019 | | $ | 563,593 | | | $ | - | | | $ | 414,683 | | | $ | - | | | $ | 1,802,290 | |
October 2018 | | | - | | | | - | | | | - | | | | - | | | | - | |
| | $ | 563,593 | | | $ | - | | | $ | 414,683 | | | $ | - | | | $ | 1,802,290 | |
Notes to Financial Statements |
October 31, 2014 (continued) |
5. TAX INFORMATION (continued)
| | | | | | | Global X | | | | | | | | | | | | Global X | |
| | | Global X | | | | Central Asia | | | | Global X | | | | Global X Next | | | | FTSE | |
| | | FTSE Nordic | | | | &Mongolia | | | | MSCI Nigeria | | | | Emerging & | | | | Portugal 20 | |
Expiration date | | | Region ETF | | | | Index ETF | | | | ETF | | | | Frontier ETF | | | | ETF | |
October 2019 | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | - | |
October 2018 | | | - | | | | - | | | | - | | | | - | | | | - | |
| | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | - | |
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:
Global X Funds | | Short-Term Loss | | | Long-Term Loss | | | Total | |
Global X China Consumer ETF | | $ | 2,846,972 | | | $ | 12,967,172 | | | $ | 15,814,144 | |
Global X China Energy ETF | | | 47,040 | | | | 531,933 | | | | 578,973 | |
Global X China Financials ETF | | | 248,269 | | | | 506,558 | | | | 754,827 | |
Global X China Industrials ETF | | | 560 | | | | 1,345,791 | | | | 1,346,351 | |
Global X China Materials ETF | | | 30,358 | | | | 908,101 | | | | 938,459 | |
Global X NASDAQ China Technology ETF | | | 152,056 | | | | 510,205 | | | | 662,261 | |
Global X Southeast Asia ETF | | | 1,414,797 | | | | 237,623 | | | | 1,652,420 | |
Global X FTSE Andean 40 ETF | | | 387,284 | | | | 494,616 | | | | 881,900 | |
Global X MSCI Colombia ETF | | | 6,755,460 | | | | 4,182,424 | | | | 10,937,884 | |
Global X Brazil Mid Cap ETF | | | 744,516 | | | | 3,432,908 | | | | 4,177,424 | |
Global X Brazil Consumer ETF | | | 695,905 | | | | 1,318,963 | | | | 2,014,868 | |
Global X Brazil Financials ETF | | | 129,982 | | | | 1,013,815 | | | | 1,143,797 | |
Global X MSCI Argentina ETF | | | 288,330 | | | | 1,103,931 | | | | 1,392,261 | |
Global X FTSE Greece 20 ETF | | | 4,430,311 | | | | — | | | | 4,430,311 | |
Global X MSCI Norway ETF | | | 794,087 | | | | 1,201,151 | | | | 1,995,238 | |
Global X FTSE Nordic Region ETF | | | 355,991 | | | | 56,764 | | | | 412,755 | |
Global X Central Asia & Mongolia Index ETF | | | 76,411 | | | | — | | | | 76,411 | |
Global X MSCI Nigeria ETF | | | 228,044 | | | | 378,068 | | | | 606,112 | |
Global X Next Emerging & Frontier ETF(1) | | | 399,316 | | | | — | | | | 399,316 | |
Global X FTSE Portugal 20 ETF(2) | | | 257,210 | | | | — | | | | 257,210 | |
(1)Commenced operations November 6, 2013.
(2)Commenced operations November 12, 2013.
During the year ended October 31, 2014 the following funds utilized capital loss carryforwards to offset capital gains amounting to:
Global X Funds | | | |
Global X NASDAQ China Technology ETF | | $ | 18,272 | |
Global X MSCI Norway ETF | | | 431,879 | |
Global X FTSE Nordic Region ETF | | | 209,783 | |
Notes to Financial Statements |
October 31, 2014 (continued) |
5. TAX INFORMATION (continued)
The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at October 31, 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 | | $ | 178,038,600 | | | $ | 7,751,889 | | | $ | (33,617,572 | ) | | $ | (25,865,683 | ) |
Global X China Energy ETF | | | 4,577,339 | | | | 423,045 | | | | (479,182 | ) | | | (56,137 | ) |
Global X China Financials ETF | | | 50,115,829 | | | | 565,281 | | | | (2,213,139 | ) | | | (1,647,858 | ) |
Global X China Industrials ETF | | | 6,121,860 | | | | 532,057 | | | | (991,738 | ) | | | (459,681 | ) |
Global X China Materials ETF | | | 3,760,299 | | | | 65,688 | | | | (855,147 | ) | | | (789,459 | ) |
Global X NASDAQ China Technology ETF | | | 19,801,535 | | | | 4,040,395 | | | | (1,562,570 | ) | | | 2,477,825 | |
Global X Southeast Asia ETF | | | 30,977,268 | | | | 1,159,248 | | | | (2,797,286 | ) | | | (1,638,038 | ) |
Global X FTSE Andean 40 ETF | | | 11,541,586 | | | | 367,954 | | | | (2,894,799 | ) | | | (2,526,845 | ) |
Global X MSCI Colombia ETF | | | 123,510,258 | | | | 8,172,727 | | | | (30,968,319 | ) | | | (22,795,592 | ) |
Global X Brazil Mid Cap ETF | | | 9,034,775 | | | | 837,588 | | | | (1,939,135 | ) | | | (1,101,547 | ) |
Global X Brazil Consumer ETF | | | 10,392,910 | | | | 1,634,178 | | | | (2,109,340 | ) | | | (475,162 | ) |
Global X Brazil Financials ETF | | | 3,575,293 | | | | 148,488 | | | | (1,007,877 | ) | | | (859,389 | ) |
Global X MSCI Argentina ETF | | | 22,919,102 | | | | 1,010,809 | | | | (3,286,731 | ) | | | (2,275,922 | ) |
Global X FTSE Greece 20 ETF | | | 242,034,648 | | | | — | | | | (80,817,405 | ) | | | (80,817,405 | ) |
Global X MSCI Norway ETF | | | 228,032,787 | | | | 4,647,176 | | | | (37,236,352 | ) | | | (32,589,176 | ) |
Global X FTSE Nordic Region ETF | | | 55,640,682 | | | | 7,446,571 | | | | (3,503,144 | ) | | | 3,943,427 | |
Global X Central Asia & Mongolia Index ETF | | | 2,848,094 | | | | 72,730 | | | | (468,264 | ) | | | (395,534 | ) |
Global X MSCI Nigeria ETF | | | 19,367,957 | | | | 295,894 | | | | (2,751,930 | ) | | | (2,456,036 | ) |
Global X Next Emerging & Frontier ETF(1) | | | 154,536,734 | | | | 9,503,004 | | | | (11,616,904 | ) | | | (2,113,900 | ) |
Global X FTSE Portugal 20 ETF(2) | | | 50,773,580 | | | | 33,907 | | | | (9,586,793 | ) | | | (9,552,886 | ) |
(1)Commenced operation November 6, 2013.
(2)Commenced operation November 12, 2013.
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 various 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.

Notes to Financial Statements |
October 31, 2014 (continued) |
6. CONCENTRATION OF RISKS
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 index).
Certain Funds may invest in commodity related securities, which are susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets could have a great impact on those securities.
7. REVERSE SHARE SPLIT
Effective May 16, 2013, the Global X China Materials ETF and the Global X MSCI Argentina 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.
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 additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Funds if and to the extent that the market value of the securities loans were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. The Funds could also experience delays and costs in gaining access to the collateral. The Funds bear the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. As of October 31, 2014, the value of the securities on loan was $15,680,079, $6,235,100, $1,896,372, $12,009,359 and $1,450,044 for the Global X China Consumer ETF, Global X MSCI Colombia ETF, Global X FTSE Greece 20 ETF, Global X MSCI Norway ETF and Global X FTSE Portugal 20 ETF, respectively. The value of securities purchased with the cash collateral held from securities on loan was $17,500,925, $2,341,200, $12,720,116 and $1,595,613 for the Global X China Consumer ETF, Global X FTSE Greece 20 ETF, Global X MSCI Norway ETF and Global X Portugal 20 ETF, respectively. The

Notes to Financial Statements |
October 31, 2014 (continued) |
8. LOANS OF PORTFOLIO SECURITIES (continued)
value of the cash collateral held from securities on loan was $6,514,284 for the Global X MSCI Colombia ETF.
At October 31, 2014, the following Funds had securities on loan, by counterparty:
| | Market Value | | | Cash Collateral | |
Global X China Consumer ETF | | | | | | | | |
Credit Suisse | | $ | 217,422 | | | $ | 774,641 | |
Deutsche Bank | | | 699,942 | | | | 761,750 | |
Goldman Sachs | | | 5,840,281 | | | | 6,389,669 | |
Merrill Lynch Pierce Fenner & Smith | | | 296,575 | | | | 500,000 | |
Morgan Stanley | | | 8,167,114 | | | | 8,600,781 | |
UBS Securities | | | 458,745 | | | | 474,084 | |
Global X MSCI Colombia ETF | | | | | | | | |
Morgan Stanley | | | 5,881,340 | | | | 6,144,684 | |
UBS Securities | | | 353,760 | | | | 369,600 | |
Global X FTSE Greece 20 ETF | | | | | | | | |
Citigroup | | | 195,858 | | | | 241,800 | |
JPMorgan | | | 1,700,514 | | | | 2,099,400 | |
Global X MSCI Norway ETF | | | | | | | | |
Citigroup | | | 1,224,342 | | | | 1,306,373 | |
Credit Suisse | | | 3,771,717 | | | | 3,953,923 | |
Deutsche Bank | | | 479,573 | | | | 540,000 | |
Goldman Sachs | | | 1,095,279 | | | | 1,175,275 | |
JPMorgan | | | 12,035 | | | | 12,500 | |
Morgan Stanley | | | 3,379,055 | | | | 3,536,670 | |
SG Americas Securities | | | 2,047,358 | | | | 2,195,375 | |
Global X FTSE Portugal 20 ETF | | | | | | | | |
Credit Suisse | | | 1,100,440 | | | | 1,248,118 | |
Merrill Lynch Pierce Fenner & Smith | | | 349,604 | | | | 347,495 | |
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.

Notes to Financial Statements |
October 31, 2014 (concluded) |
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, except as follows:
Subsequent to the October 31, 2014 fiscal year end, the following portfolio of the Trust commenced operations:
Fund Name | | Commenced Operations |
| | |
Global X GF China Bond ETF | | November 18, 2014 |
Report of Independent Registered Public Accounting Firm |
|
The Board of Trustees and Shareholders of Global X Funds
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Global X NASDAQ China Technology ETF, 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 Southeast Asia ETF, Global X FTSE Andean 40 ETF, Global X MSCI Colombia ETF, Global X Brazil Mid Cap ETF, Global X Brazil Consumer ETF, Global X Brazil Financials ETF, Global X MSCI Argentina ETF, Global X FTSE Greece 20 ETF, Global X MSCI Norway ETF, Global X FTSE Nordic Region ETF, Global X Central Asia & Mongolia Index ETF, Global X MSCI Nigeria Index ETF, Global X FTSE Portugal 20 ETF and Global X Next Emerging & Frontier ETF (twenty of the series constituting the Global X Funds) (the “Funds”) as of October 31, 2014, and the related statements of operations for the year or period then ended, the statements of changes in net assets for each of the two years or periods then ended, and the financial highlights for each of the four years or periods then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights of the Global X 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 MSCI Colombia ETF, Global X Brazil Mid Cap ETF, Global X Brazil Consumer ETF, Global X Brazil Financials ETF and Global X FTSE Nordic Region ETF for each of the periods presented through October 31, 2010 were audited by other auditors whose report dated December 23, 2010, expressed an unqualified opinion on those financial statements and financial highlights.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2014, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds listed above at October 31, 2014, the results of their operations for the year or period then ended, the changes in their net assets for each of the two years or periods then ended, and their financial highlights for each of four years or periods then ended, in conformity with U.S. generally accepted accounting principles.
Philadelphia, Pennsylvania
December 29, 2014
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.
Disclosure of Fund Expenses (unaudited) (continued) |
| | Beginning Account Value 5/1/2014 | | | Ending Account Value 10/31/2014 | | | Annualized Expense Ratios | | | Expenses Paid During Period(1) | |
Global X China Consumer ETF |
Actual Fund Return | | $ | 1,000.00 | | | $ | 984.30 | | | | 0.65 | % | | $ | 3.25 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.93 | | | | 0.65 | | | | 3.31 | |
| | | | | | | | | | | | | | | | |
Global X China Energy ETF | | | | | | | | | | | | | | | | |
Actual Fund Return | | $ | 1,000.00 | | | $ | 1,048.10 | | | | 0.65 | % | | $ | 3.36 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.93 | | | | 0.65 | | | | 3.31 | |
| | | | | | | | | | | | | | | | |
Global X China Financials ETF | | | | | | | | | | | | | | | | |
Actual Fund Return | | $ | 1,000.00 | | | $ | 1,160.80 | | | | 0.65 | % | | $ | 3.54 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.93 | | | | 0.65 | | | | 3.31 | |
| | | | | | | | | | | | | | | | |
Global X China Industrials ETF | | | | | | | | | | | | | | | | |
Actual Fund Return | | $ | 1,000.00 | | | $ | 1,160.70 | | | | 0.65 | % | | $ | 3.54 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.93 | | | | 0.65 | | | | 3.31 | |
| | | | | | | | | | | | | | | | |
Global X China Materials ETF | | | | | | | | | | | | | | | | |
Actual Fund Return | | $ | 1,000.00 | | | $ | 1,066.30 | | | | 0.65 | % | | $ | 3.39 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.93 | | | | 0.65 | | | | 3.31 | |
| | | | | | | | | | | | | | | | |
Global X NASDAQ China Technology ETF | | | | | | | | | | | | | | | | |
Actual Fund Return | | $ | 1,000.00 | | | $ | 1,147.60 | | | | 0.65 | % | | $ | 3.52 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.93 | | | | 0.65 | | | | 3.31 | |
| | | | | | | | | | | | | | | | |
Global X Southeast Asia ETF | | | | | | | | | | | | | | | | |
Actual Fund Return | | $ | 1,000.00 | | | $ | 1,015.10 | | | | 0.65 | % | | $ | 3.30 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.93 | | | | 0.65 | | | | 3.31 | |
| | | | | | | | | | | | | | | | |
Global X FTSE Andean 40 ETF | | | | | | | | | | | | | | | | |
Actual Fund Return | | $ | 1,000.00 | | | $ | 943.90 | | | | 0.72 | % | | $ | 3.53 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.58 | | | | 0.72 | | | | 3.67 | |
| | | | | | | | | | | | | | | | |
Global X MSCI Colombia ETF | | | | | | | | | | | | | | | | |
Actual Fund Return | | $ | 1,000.00 | | | $ | 911.60 | | | | 0.64 | % | | $ | 3.10 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.96 | | | | 0.64 | | | | 3.28 | |
| | | | | | | | | | | | | | | | |
Global X Brazil Mid Cap ETF | | | | | | | | | | | | | | | | |
Actual Fund Return | | $ | 1,000.00 | | | $ | 944.40 | | | | 0.69 | % | | $ | 3.38 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.73 | | | | 0.69 | | | | 3.52 | |
| | | | | | | | | | | | | | | | |
Global X Brazil Consumer ETF | | | | | | | | | | | | | | | | |
Actual Fund Return | | $ | 1,000.00 | | | $ | 1,004.90 | | | | 0.77 | % | | $ | 3.89 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.32 | | | | 0.77 | | | | 3.92 | |
| | | | | | | | | | | | | | | | |
Global X Brazil Financials ETF | | | | | | | | | | | | | | | | |
Actual Fund Return | | $ | 1,000.00 | | | $ | 937.90 | | | | 0.77 | % | | $ | 3.76 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.32 | | | | 0.77 | | | | 3.92 | |
| | | | | | | | | | | | | | | | |
Global X MSCI Argentina ETF | | | | | | | | | | | | | | | | |
Actual Fund Return | | $ | 1,000.00 | | | $ | 1,065.90 | | | | 0.74 | % | | $ | 3.88 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.42 | | | | 0.74 | | | | 3.79 | |
| | | | | | | | | | | | | | | | |
Global X FTSE Greece 20 ETF | | | | | | | | | | | | | | | | |
Actual Fund Return | | $ | 1,000.00 | | | $ | 686.60 | | | | 0.65 | % | | $ | 2.76 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.93 | | | | 0.65 | | | | 3.31 | |
| | | | | | | | | | | | | | | | |
Global X MSCI Norway ETF | | | | | | | | | | | | | | | | |
Actual Fund Return | | $ | 1,000.00 | | | $ | 857.10 | | | | 0.50 | % | | $ | 2.34 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,022.68 | | | | 0.50 | | | | 2.55 | |
| | | | | | | | | | | | | | | | |
Global X FTSE Nordic Region ETF | | | | | | | | | | | | | | | | |
Actual Fund Return | | $ | 1,000.00 | | | $ | 946.40 | | | | 0.50 | % | | $ | 2.45 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,022.68 | | | | 0.50 | | | | 2.55 | |
Disclosure of Fund Expenses (unaudited) (conCLUDED) |
|
| | Beginning Account Value 5/1/2014 | | | Ending Account Value 10/31/2014 | | | Annualized Expense Ratios | | | Expenses Paid During Period(1) | |
Global X Central Asia & Mongolia Index ETF | | | | | | | | | | | | | | | | |
Actual Fund Return | | $ | 1,000.00 | | | $ | 948.30 | | | | 0.69 | % | | $ | 3.37 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.73 | | | | 0.69 | | | | 3.52 | |
| | | | | | | | | | | | | | | | |
Global X MSCI Nigeria ETF | | | | | | | | | | | | | | | | |
Actual Fund Return | | $ | 1,000.00 | | | $ | 884.50 | | | | 0.68 | % | | $ | 3.23 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.78 | | | | 0.68 | | | | 3.47 | |
| | | | | | | | | | | | | | | | |
Global X Next Emerging & Frontier ETF | | | | | | | | | | | | | | | | |
Actual Fund Return | | $ | 1,000.00 | | | $ | 985.30 | | | | 0.58 | % | | $ | 2.89 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,022.28 | | | | 0.58 | | | | 2.96 | |
| | | | | | | | | | | | | | | | |
Global X FTSE Portugal 20 ETF | | | | | | | | | | | | | | | | |
Actual Fund Return | | $ | 1,000.00 | | | $ | 701.60 | | | | 0.61 | % | | $ | 2.63 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,022.12 | | | | 0.61 | | | | 3.12 | |
| (1) | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period.). |
Supplemental Information (unaudited) |
|
Net asset value, or “NAV”, is the price per Share at which the Funds issue and redeem Shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of the Funds generally is determined using the midpoint between the highest bid and the lowest offer on the stock exchange on which the Shares of the Funds are listed for trading, as of the time that the Funds’ NAV is calculated. The Funds’ Market Price may be at, above or below their NAV. The NAV of the Funds will fluctuate with changes in the market value of the 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.
Trustees and Officers of the Trust (unaudited) |
|
Set forth below are the names, addresses, year of birth, position with the Trust, Term of Office and Length of Time Served, the principal occupations for the last five years, number of Funds in fund complex overseen by the Trustees, and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust.
Name, Address (Year of Birth) | Position(s) Held with Funds | Principal Occupation(s) During the Past 5 Years | Number of Funds in Trust Overseen by Trustee | Other Directorships Held by Trustees |
Independent Trustees2 | |
Sanjay Ram Bharwani 623 Fifth Ave, 15th floor New York, NY 10022 (1974) | Trustee (since 2008) | CEO of Risk Advisors Inc. (since 2007) (consulting firm). | 403 | None. |
Scott R. Chichester1 623 Fifth Ave, 15th floor New York, NY 10022 (1970) | Trustee (since 2008) | CFO, Sterling Seal & Supply Inc. (since 2011), President & Treasurer, Bayview Acquisition Corp (since 2010), CPA, Penda Aiken Inc. (2009-2011) (consultant); Founder and President, DirectPay USA LLC (since 2006) (payroll company); Chief Financial Officer, Ong Corporation (2002-2010) (technology company); Proprietor, Scott R. Chichester CPA (since 2001) (CPA firm). | 403 | Director of Bayview Acquisition Corp. (since 2010). |
Kartik Kiran Shah 623 Fifth Ave, 15th floor New York, NY 10022 (1977) | Trustee (since 2008) | Vice President, Business Development, Cynvenio Biosystems (2012-2014); Independent Consultant, Self-Employed (2011-2012) (non-financial services); Director, Wireless Generation (2008-2011) (software). | 403 | None. |
Trustees and Officers of the Trust (unaudited) (continued) |
|
The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-888-493-8631. The following chart lists Trustees and Officers as of October 31, 2014.
Name, Address (Year of Birth) | Position(s) Held with Funds | Principal Occupation(s) During the Past 5 Years | Number of Funds in Trust Overseen by Trustee | Other Directorships Held by Trustees |
Interested Trustee / Officers2 | |
Bruno del Ama 623 Fifth Ave, 15th floor New York, NY 10022 (1976) | Trustee (since 2008), President, Chief Executive Officer (since 2008) | Chief Executive Officer, Global X Management Company ("GXMC")(since 2008); Chief Compliance Officer, GXMC (2008-2013). | 403 | None. |
Jose C. Gonzalez 623 Fifth Ave, 15th floor New York, NY 10022 (1976) | Chief Operating Office (since 2008); Chief Compliance Officer (2008-5/2014); Treasurer, Principal Accounting Officer and Chief Financial Officer (2008-9/2014). | Chairman, GXMC (since 2014); Chief Operating Officer, GXMC (2008 - 2/2014); Founder and President of GWM Group, Inc. (since 2006) (broker-dealer firm). | N/A | N/A |
Thomas K. Lynch 623 Fifth Ave, 15th floor New York, NY 10022 (1956) | Treasurer, Principal Accounting Officer and Chief Financial Officer (since 9/2014); Chief Compliance Officer (since 5/2014). | Chief Compliance Officer, GXMC (since 5/2014); Senior Compliance Officer, GXMC (2/2014 - 4/2014); Compliance, Financial and Operations Consultant (2013); Chief Compliance Officer, Van Eck Associates (12/ 2006 - 2/ 2013). | N/A | N/A |
Daphne Tippens Chisolm 11524-C Providence Road, Suite 236 Charlotte, NC 28277 (1969) | Secretary (since 2012) | General Counsel, GXMC (since 2011); Chief Compliance Officer, GXMC (1/2014 - 5/2014); Founder and President of Law Offices of DT Chisolm, P.C. (since 2009) (law firm); Counsel, Dechert (2007-2009) (law firm). | N/A | N/A |
Dianne M. Descoteaux4 One Freedom Valley Drive Oaks, PA 19456 (1977) | Assistant Secretary (since 2011) | Counsel, SEI Investments (since 2010); Associate, Morgan, Lewis & Bockius LLP (2006-2010). | N/A | N/A |
Trustees and Officers of the Trust (unaudited) (concluded) |
|
Name, Address (Year of Birth) | Position(s) Held with Funds | Principal Occupation(s) During the Past 5 Years | Other Directorships Held by Trustees |
Lisa Whittaker4 One Freedom Valley Drive Oaks, PA 19456 (1978) | Assistant Secretary (since 2013) | Counsel at SEI Investments (since 2012); Associate Counsel and Compliance Officer at The Glendale Trust Company (2011-2012); Associate of Drinker Biddle & Reath LLP (2006-2011). | N/A |
Peter Rodriguez4 One Freedom Valley Drive Oaks, PA 19456 (1962) | Assistant Treasurer (since 2011) | Fund Accounting Director, SEI Investments Global Fund Services (since 2011); Mutual Fund Trading Director, SEI Global Trust Company (2009-2011); Asset Data Services Director, SEI Global Wealth Services (2006-2009). | N/A |
| 1 | Mr. Chichester is currently married to a sister of Mr. del Ama’s wife. While an “immediate family member” (as defined in Section 2(a)(19) of the 1940 Act) of Mr. del Ama would be considered an Interested Person, Mr. Chichester is not considered an immediate family member for this purpose. Although this fact was taken into consideration in determining whether Mr. Chichester should be considered to be an Independent Trustee for purposes of the Section 2(a)(19) of the 1940 Act, it was determined that this relationship was not one that should disqualify Mr. Chichester from serving as an Independent Trustee of the Trust. |
2 Each Trustee serves until his or her successor is duly elected or appointed and qualified.
| 3 | As of October 31, 2014, the Trust had eighty-eight investment portfolios, forty of which were operational. |
4 These officers of the Trust also serve as officers of one or more mutual funds for which SEI Investments Company or an affiliate acts as investment manager, administrator or distributor.

Notice to Shareholders (unaudited) |
|
For shareholders that do not have an October 31, 2014 tax year end, this notice is for informational purposes only. For shareholders with an October 31, 2014 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended October 31, 2014, the Funds have designated the following items with regard to distributions paid during the year.
| | Long-Term Capital Gain Distributions | | | Ordinary Income Distributions | | | Total Distributions | | | Qualifying for Corporate Dividends Received Deduction (1) | | | Qualifying Dividend Income (2) | | | U.S. Government Interest (3) | | | Interest Related Dividends (4) | | | Short Term Capital Gain Dividends(5) | | | Foreign Tax Credit | |
Global X China Consumer ETF | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.00 | % | | | 26.06 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 3.38 | % |
Global X China Energy ETF | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.00 | % | | | 99.78 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 9.69 | % |
Global X China Financials ETF | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.00 | % | | | 100.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 18.52 | % |
Global X China Industrials ETF | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.00 | % | | | 91.94 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 6.51 | % |
Global X China Materials ETF | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.00 | % | | | 99.81 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 6.98 | % |
Global X NASDAQ China Technology ETF | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.00 | % | | | 100.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 54.43 | % |
Global X Southeast Asia ETF | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.00 | % | | | 66.41 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 2.91 | % |
Global X FTSE Andean 40 ETF | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.00 | % | | | 91.44 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 17.21 | % |
Global X MSCI Colombia ETF | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.00 | % | | | 57.13 | % | | | 0.00 | % | | | 0.00 | % | | �� | 0.00 | % | | | 1.61 | % |
Global X Brazil Mid Cap ETF | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.00 | % | | | 65.24 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % |
Global X Brazil Consumer ETF | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.00 | % | | | 39.78 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % |
Global X Brazil Financials ETF | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.00 | % | | | 81.05 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % |
Global X MSCI Argentina ETF | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 60.31 | % | | | 100.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 31.08 | % |
Global X FTSE Greece 20 ETF | | | 11.91 | % | | | 88.09 | % | | | 100.00 | % | | | 0.00 | % | | | 90.26 | % | | | 0.01 | % | | | 0.00 | % | | | 100.00 | % | | | 45.76 | % |
Global X MSCI Norway ETF | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.00 | % | | | 64.91 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 1.03 | % |
Global X FTSE Nordic Region ETF | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 2.12 | % | | | 90.09 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 10.36 | % |
Global X Central Asia & Mongolia Index ETF | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.00 | % | | | 100.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 8.89 | % |
Global X MSCI Nigeria ETF | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.00 | % | | | 100.00 | % | | | 0.00 | % | | | 0.00 | % | | | 100.00 | % | | | 36.32 | % |
Global X Next Emerging & Frontier ETF | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.00 | % | | | 100.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 90.51 | % |
Global X FTSE Portugal 20 ETF | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.00 | % | | | 99.50 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 100.00 | % |
(1) Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary Income distributions (the total of short term capital gain and net investment income distributions).
(2) The percentage in this column represents the amount of "Qualifying Dividend Income" as created by the Jobs and Growth Relief Reconciliation Act of 2003 and its reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). It is the intention of each of the aforementioned funds to designate the maximum amount permitted by law.
(3) "U.S. Government Interest represents the amount of interest that was derived from U.S. Government obligations and distributed during the fiscal year. Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders who are residents of California, Connecticut and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income.
(4) The percentage in this column represents the amount of "Qualifying Interest Income" as created by the American Jobs Creation Act of 2004 and is a percentage of net investment income that is exempt from U.S. withholding tax when paid for foreign investors.
(5) The percentage of this column represents the amount of “Short Term Capital Gain Dividend” is reflected as a percentage of short term capital gain distribution for calendar year ended 2013 that is exempted from U.S. withholding tax when paid to foreign investors.

Notice to Shareholders (unaudited) |
|
The Funds intend to pass through a foreign tax credit to shareholders. For the fiscal year ended October 31, 2014, the total amount of foreign source income and foreign tax credit are as follows:
Fund Name | | Foreign Source Income | | | Foreign Tax Credit Pass Through | |
Global X China Consumer ETF | | $ | 2,817,151 | | | $ | 69,329 | |
Global X China Energy ETF | | | 118,857 | | | | 9,119 | |
Global X China Financials ETF | | | 851,669 | | | | 55,283 | |
Global X China Industrials ETF | | | 73,294 | | | | 4,549 | |
Global X China Materials ETF | | | 49,315 | | | | 2,765 | |
Global X NASDAQ China Technology ETF | | | 180,689 | | | | 4,379 | |
Global X Southeast Asia ETF | | | 1,052,031 | | | | 42,594 | |
Global X FTSE Andean 40 ETF | | | 263,298 | | | | 31,899 | |
Global X MSCI Colombia ETF | | | 3,051,168 | | | | 74,955 | |
Global X Brazil Mid Cap ETF | | | - | | | | - | |
Global X Brazil Consumer ETF | | | - | | | | - | |
Global X Brazil Financials ETF | | | - | | | | - | |
Global X MSCI Argentina ETF | | | 194,547 | | | | 20,625 | |
Global X FTSE Greece 20 ETF | | | 2,111,433 | | | | 128,648 | |
Global X MSCI Norway ETF | | | 5,856,279 | | | | 20,955 | |
Global X FTSE Nordic Region ETF | | | 2,404,189 | | | �� | 170,998 | |
Global X Central Asia & Mongolia Index ETF | | | 81,152 | | | | 5,107 | |
Global X MSCI Nigeria ETF | | | 594,483 | | | | 52,950 | |
Global X Next Emerging & Frontier ETF | | | 2,604,598 | | | | 270,063 | |
Global X FTSE Portugal 20 ETF | | | 822,676 | | | | 123,422 | |
The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2014. Complete information will be computed and reported in conjunction with your 2014 Form 1099-DIV.
623 Fifth Avenue, 15th 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, 15th 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 Global X Funds and the Independent Trustees:
K&L Gates LLP
1601 K Street N.W.
Washington, DC 20006
Custodian:
Brown Brothers Harriman & Co.
40 Water Street
Boston, MA 02109
Independent Registered Public Accounting Firm:
Ernst & Young LLP
2005 Market Street
Suite 700
Philadelphia, PA 19103
This information must be preceded or accompanied by a prospectus for the funds described.
GLX-AR-002-0400

Global X SuperDividend® ETF (ticker: SDIV)
Global X SuperDividend® U.S. ETF (ticker: DIV)
Global X Social Media Index ETF (ticker: SOCL)
Global X | JPMorgan Efficiente Index ETF (ticker: EFFE)
Global X | JPMorgan US Sector Rotator Index ETF (ticker: SCTO)
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)
Annual Report
October 31, 2014

Table of Contents
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, is available (i) without charge, upon request, by calling 1-888-GXFund-1; and (ii) on the Commission’s website at http://www.sec.gov.

Management Discussion of Fund Performance (unaudited) |
Global X SuperDividend® ETF |
Global X SuperDividend® ETF
The Global X SuperDividend® ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global SuperDividend™ Index (the “Index”). The Fund generally seeks to replicate the Index, but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.
The Index tracks the performance of 100 equally weighted companies that rank among the highest dividend-yielding equity securities in the world.
For the 12-month period ended October 31, 2014 (the “reporting period”), the Fund increased 8.41%, while the Index increased 8.02%. The Fund had a net asset value of $23.74 per share on October 31, 2013 and ended the reporting period with a net asset value of $24.24 on October 31, 2014.
During the reporting period, the highest returns came from NorthStar Realty Finance and BGC Partners which returned 121.78% and 71.33%, respectively. The worst performers were Southern Cross Media Group and CTC Media, which returned -48.65% and -46.23%, respectively.
| | AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2014* | |
| | One Year Return | | | Three Year Return | | | Annualized Inception to Date | |
| | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | |
Global X SuperDividend® ETF | | | 8.41 | % | | | 8.53 | % | | | 11.29 | % | | | 11.56 | % | | | 6.71 | % | | | 6.80 | % |
Solactive Global SuperDividendTM Index | | | 8.02 | % | | | 8.02 | % | | | 10.79 | % | | | 10.79 | % | | | 6.10 | % | | | 6.10 | % |
S&P 500 Index | | | 17.27 | % | | | 17.27 | % | | | 19.77 | % | | | 19.77 | % | | | 16.81 | % | | | 16.81 | % |
Growth of a $10,000 Investment
(at Net Asset Value)

* The Fund commenced operations on June 8, 2011.
The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited) |
Global X SuperDividend® U.S. ETF |
Global X SuperDividend® U.S. ETF
The Global X SuperDividend® U.S. ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the INDXX SuperDividend™ U.S. Low Volatility Index (the “Index”). The Fund generally seeks to replicate the Index, but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.
The Index tracks the performance of 50 equally weighted common stocks, master limited partnerships (“MLPs”) and real estate investment trusts (“REITs”) that rank among the highest dividend-yielding equity securities in the United States, as defined by INDXX, LLC.
For the 12-month period ended October 31, 2014 (the “reporting period”), the Fund total return was 20.80% vs. 21.03% for the Index. The Fund had a net asset value of $25.94 per share on October 31, 2013 and ended the reporting period with a net asset value of $29.60 on October 31, 2014.
During the reporting period, the highest returns came from World Wrestling Entertainment and Vector Group which returned 78.49% and 57.00%, respectively. The worst performers were American Realty Capital Properties and Natural Resource Partners, which returned -31.70% and -26.09%, respectively.
| | AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2014* | |
| | One Year Return | | | Annualized Inception to Date | |
| | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | |
Global X SuperDividend® U.S. ETF | | | 20.80 | % | | | 20.90 | % | | | 17.18 | % | | | 17.75 | % |
INDXX SuperDividendTM U.S. Low Volatility Index | | | 21.03 | % | | | 21.03 | % | | | 17.70 | % | | | 17.70 | % |
S&P 500 Index | | | 17.27 | % | | | 17.27 | % | | | 19.56 | % | | | 19.56 | % |
Growth of a $10,000 Investment
(at Net Asset Value)

* The Fund commenced operations on March 11, 2013. Total return is for the period indicated and has not been annualized.
The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited) |
Global X Social Media Index ETF |
Global X Social Media Index ETF
The Global X Social Media Index ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Social Media Index (the “Index”). The Fund generally seeks to replicate the Index, but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.
The Index tracks the equity performance of the largest and most liquid companies involved in the social media industry, including companies that provide social networking, file sharing, and other web-based media applications.
For the 12-month period ended October 31, 2014 (the “reporting period”), the Fund decreased 0.41%, while the Index decreased 0.20%. The Fund had a net asset value of $19.38 per share on October 31, 2013 and ended the reporting period with a net asset value of $19.30 on October 31, 2014.
During the reporting period, the highest returns came from Mixi and PChome Online, which returned 2,161.88% and 86.06% respectively. The worst performers were SINA and Angie's List, which returned -50.99% and -50.50% respectively.
| | AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2014* | |
| | One Year Return | | | Annualized Inception to Date | |
| | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | |
Global X Social Media Index ETF | | | (0.41 | )% | | | (0.56 | )% | | | 9.37 | % | | | 9.11 | % |
Solactive Social Media Index | | | (0.20 | )% | | | (0.20 | )% | | | 9.98 | % | | | 9.98 | % |
S&P 500 Index | | | 17.27 | % | | | 17.27 | % | | | 20.03 | % | | | 20.03 | % |
Growth of a $10,000 Investment
(at Net Asset Value)

* The Fund commenced operations on November 14, 2011.
The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited) |
Global X | JPMorgan Efficiente Index ETF |
Global X | JPMorgan Efficiente Index ETF
The Global X | JPMorgan Efficiente Index ETF (“Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the JPMorgan ETF Efficiente 10 TR Series X Index (the “Index”). The Fund generally seeks to replicate the Index, but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.
The Index tracks the total return performance of a portfolio of eleven ETFs and two exchange traded products (each an "ETP") (each ETP and ETF a "Constituent" and together the "Constituents"). The share prices of the ETFs and ETPs are expected to track the performance of equities or bonds in developed or emerging markets, real estate investments, U.S. Treasury bonds, U.S. Treasury Inflation Protected Securities, a single commodity or a portfolio of commodity futures contracts. The Index allocates index weights among the Constituents based on a proprietary methodology created by J.P. Morgan Securities LLC. On a monthly basis and subject to certain weighting constraints, the Index is rebalanced to reallocate index weights among the Constituents so that the resulting portfolio would have had the highest return during the previous six months and an annualized volatility level of 10% or less over the same period (subject to upward adjustment under limited circumstances). This methodology is informed by the “modern portfolio theory” approach to asset allocation, which suggests that an investor allocate among assets in a manner that maximizes return for a given risk appetite. Since the Index weights assigned to the Constituents at each monthly rebalancing are determined based on past performance, there is no guarantee that any monthly rebalancing will result in the Index achieving the highest possible returns for the relevant month.
For the period from the Fund’s commencement date on October 22, 2014 through October 31, 2014, the Fund increased 2.16%, while the Index increased 2.20%. The Fund had a net asset value of $24.95 per share on October 22, 2014 and ended the reporting period with a net asset value of $25.49 on October 31, 2014.
During the reporting period, the highest returns came from Vanguard S&P 500 ETF and Vanguard FTSE Emerging Markets ETF, which returned 4.65% and 3.90% respectively. The worst performers were iShares 20+ Year Treasury Bond ETF and iShares J.P. Morgan USD Emerging Markets Bond ETF, which returned -1.18% and 0.42% respectively.

Management Discussion of Fund Performance (unaudited) (concluded) |
Global X | JPMorgan Efficiente Index ETF |
| | TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2014* | |
| | Cumulative Inception to Date | |
| | Net Asset Value | | | Market Price | |
Global X | JPMorgan Efficiente Index ETF | | | 2.16 | % | | | 0.00 | % |
JPMorgan ETF Efficiente 10 TR Series X Index | | | 2.20 | % | | | 2.20 | % |
S&P 500 Index | | | 4.74 | % | | | 4.74 | % |
Growth of a $10,000 Investment
(at Net Asset Value)

* The Fund commenced operations on October 22, 2014.
The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited) |
Global X | JPMorgan US Sector Rotator Index ETF |
Global X | JPMorgan US Sector Rotator Index ETF
The Global X | JPMorgan US Sector Rotator Index ETF (“Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the JPMorgan US Sector Rotator TR Series X Index (the “Index”). The Fund generally seeks to replicate the Index, but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.
The Index aims to participate in the best-performing U.S. sectors of the market while limiting its exposure to the market during periods of high volatility or market declines. The Index is based on a proprietary methodology from J.P. Morgan Securities LLC.
The Index rebalances monthly to reflect changing market conditions by tracking the performance of a portfolio of one to five ETFs selected out of a pool of ten U.S. sector ETFs and a U.S. treasury bond ETF. The sectors represented by the U.S. sector ETFs are: consumer discretionary, consumer staples, energy, financials, healthcare, industrial, utilities, materials, technology and real estate.
On each monthly rebalancing date, the Index seeks to select up to five U.S. sector ETFs with the highest positive performance during the prior month. The Index will include an allocation to the U.S. treasury bond ETF if fewer than five U.S. sector ETFs have positive performance during the prior month. The U.S. sector ETFs selected for inclusion in the Index each month are equal-volatility weighted, based on each U.S. sector ETF’s realized volatility during the prior month, meaning that each U.S. sector ETF has the same amount of volatility contribution to the Index as of such monthly rebalancing date. If the overall realized volatility of the portfolio of selected U.S. sector ETFs exceeds 20%, based on each U.S. sector ETF’s realized volatility during the prior month, the weight assigned on a monthly rebalancing date to each U.S. sector ETF is adjusted down proportionally and the exposure is re-allocated to the U.S. treasury bond ETF in order to reduce the overall volatility of the Index to 20% as of such monthly rebalancing date. Since the Index weights assigned to the U.S. Sector ETF and the U.S. treasury bond ETF are determined on past performance, there is no guarantee that any monthly rebalancing will result in the Index achieving the highest possible returns for the relevant month.
For the period from the Fund’s commencement date on October 22, 2014, the Fund increased 1.52%, while the Index increased 1.58%. The Fund had a net asset value of $25.03 per share on October 22, 2014 and ended the reporting period with a net asset value of $25.41 on October 31, 2014.
During the reporting period, the highest returns came from Health Care Select Sector SPDR Fund and Consumer Staples Select Sector SPDR Fund, which returned 6.39% and 2.52% respectively. The worst performers were iShares 1-3 Year Treasury Bond ETF and Utilities Select Sector SPDR Fund, which returned -0.14% and 0.02% respectively.

Management Discussion of Fund Performance (unaudited)(concluded) |
Global X | JPMorgan US Sector Rotator Index ETF |
| | TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2014* | |
| | Cumulative Inception to Date | |
| | Net Asset Value | | | Market Price | |
Global X | JPMorgan US Sector Rotator Index ETF | | | 1.52 | % | | | 0.00 | % |
JPMorgan US Sector Rotator TR Series X Index | | | 1.58 | % | | | 1.58 | % |
S&P 500 Index | | | 4.74 | % | | | 4.74 | % |
Growth of a $10,000 Investment
(at Net Asset Value)

* The Fund commenced operations on October 22, 2014.
The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited) |
Global X Permanent ETF |
Global X Permanent ETF
The Global X Permanent ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Permanent Index (the “Index”). The Fund generally seeks to replicate the Index, but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.
The Index tracks the performance of four asset class categories that are designed to perform differently across different economic environments, as defined by Solactive AG.
For the 12-month period ended October 31, 2014 (the “reporting period”), the Fund increased 1.84%, while the Index increased 2.48%. The Fund had a net asset value of $24.13 per share on October 31, 2013 and ended the reporting period with a net asset value of $24.11 on October 31, 2014.
74 of the Fund’s 102 investments held during the reporting period ended October 31, 2014 increased in value for the reporting period, led by Gilead Sciences and Union Pacific, which returned 57.36% and 56.82%, respectively. The worst performers were Vale and ETFS Physical Silver, which returned -33.47% and -27.58%, respectively.
| | AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2014* | |
| | One Year Return | | | Annualized Inception to Date | |
| | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | |
Global X Permanent ETF | | | 1.84 | % | | | 1.19 | % | | | (0.39 | )% | | | (0.34 | )% |
Solactive Permanent Index | | | 2.48 | % | | | 2.48 | % | | | (0.04 | )% | | | (0.04 | )% |
S&P 500 Index | | | 17.27 | % | | | 17.27 | % | | | 18.47 | % | | | 18.47 | % |
Growth of a $10,000 Investment
(at Net Asset Value)

* Fund commenced operations on February 7, 2012.
The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited) |
Global X Guru™ Index ETF |
Global X Guru™ Index ETF
The Global X Guru™ Index ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Guru Index (the “Index”). The Fund generally seeks to replicate the Index, but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.
The Index is comprised of the top U.S. listed equity positions reported on Form 13F by a select group of entities that Solactive AG characterizes as hedge funds. Hedge funds are selected from a pool of thousands of privately offered pooled investment vehicles based on the size of their reported equity holdings and the efficacy of replicating their publicly disclosed positions. Hedge funds must have minimum reported holdings of $500 million in their Form 13F to be considered for the Index. Additional filters are applied to eliminate hedge funds that have high turnover rates for equity holdings. Turnover is a measure of the hedge funds and other investors' trading activity or holdings that have been "turned over" or replaced with other holdings.
For the 12-month period ended October 31, 2014 (the “reporting period”), the Fund increased 9.76%, while the Index increased 10.30%. The Fund had a net asset value of $23.99 per share on October 31, 2013 and ended the reporting period with a net asset value of $26.30 on October 31, 2014.
79 of the Fund’s 115 investments held during the year ended October 31, 2014 increased in value for the reporting period, led by Micron Technology and Burlington Stores, which returned 65.53% and 61.93%, respectively. The worst performers were Education Management and VIVUS, which returned -75.92% and -37.70%, respectively.
| | AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2014* | |
| | One Year Return | | | Annualized Inception to Date | |
| | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | |
Global X Guru™ Index ETF | | | 9.76 | % | | | 9.58 | % | | | 29.44 | % | | | 29.42 | % |
Solactive Guru Index | | | 10.30 | % | | | 10.30 | % | | | 30.24 | % | | | 30.24 | % |
S&P 500 Index | | | 17.27 | % | | | 17.27 | % | | | 23.47 | % | | | 23.47 | % |
Growth of a $10,000 Investment
(at Net Asset Value)

* Fund commenced operations on June 4, 2012.
The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative Indices on the previous page.

Management Discussion of Fund Performance (unaudited) |
Global X Guru™ International Index ETF |
Global X Guru™ International Index ETF
The Global X Guru™ International Index ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Guru International Index (the “Index”). The Fund generally seeks to replicate the Index, but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.
The Index is comprised of international companies reported on Form 13F by hedge funds and other institutional investors. Hedge funds are defined as privately offered pooled investment vehicles. International companies refer to American Depositary Receipts ("ADRs") and other non-US companies.
Using a proprietary methodology developed by Solactive AG (the “Index Provider”), the Index Provider determines the pool of hedge funds and other institutional investors whose Form 13F holdings may be included in the Index. Hedge funds are selected from a pool of thousands of privately offered pooled investment vehicles based on the size of their reported equity holdings and the efficacy of replicating their publicly disclosed positions. Institutional investors are selected based on the qualitative factor of whether they have a strong management team with a track record of creating shareholder value. Additional filters are applied to exclude the holdings of hedge funds and institutional investors that report less than $500 million in holdings on their Form 13F or that have high turnover rates for equity holdings, as defined by the Index Provider. Turnover is a measure of the hedge funds and other investors' trading activity or holdings that have been "turned over" or replaced with other holdings.
Once the pool of investors has been determined, the Index Provider utilizes Form 13F filings to compile 50 stocks that represent the top international positions from these investors. The stocks must meet minimum size and liquidity thresholds to be included in the Index. Stocks in the Index are equal weighted and rebalanced quarterly following the Form 13F filing timeline.
For the period from the Fund’s commencement date on March 10, 2014 through October 31, 2014 (the “reporting period”), the Fund increased 5.33%, while the Index increased 5.88%. The Fund had a net asset value of $14.83 per share on March 10, 2014 and ended the reporting period with a net asset value of $15.62 on October 31, 2014.
42 of the Fund’s 75 investments held during the period ended October 31, 2014 increased in value for the reporting period, led by Vipshop Holdings and AerCap Holdings, which returned 232.64% and 107.56%, respectively. The worst performers were AngloGold Ashanti and SINA, which returned -51.30% and -45.23%, respectively.

Management Discussion of Fund Performance (unaudited) (concluded) |
Global X Guru™ International Index ETF |
| | TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2014* | |
| | Cumulative Inception to Date | |
| | Net Asset Value | | | Market Price | |
Global X Guru™ International Index ETF | | | 5.33 | % | | | 5.33 | % |
Solactive Guru International Index | | | 5.88 | % | | | 5.88 | % |
S&P 500 Index | | | 8.84 | % | | | 8.84 | % |
Growth of a $10,000 Investment
(at Net Asset Value)

* Fund commenced operations on March 10,2014.
The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited) |
Global X Guru™ Small Cap Index ETF |
Global X Guru™ Small Cap Index ETF
The Global X Guru™ Small Cap Index ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Guru Small Cap Index (the “Index”). The Fund generally seeks to replicate the Index, but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.
The Index is comprised of small-capitalization companies reported on Form 13F by hedge funds and other institutional investors. Small-capitalization companies are defined as companies whose market capitalization is less than $3 billion as of the date of its inclusion in the Index. Hedge funds are defined as privately offered pooled investment vehicles.
Using a proprietary methodology developed by Solactive AG (the “Index Provider”), the Index Provider determines the pool of hedge funds and other institutional investors whose Form 13F holdings may be included in the Index. Hedge funds are selected from a pool of thousands of privately offered pooled investment vehicles based on the size of their reported equity holdings and the efficacy of replicating their publicly disclosed positions. Institutional investors are selected based on the qualitative factor of whether they have a strong management team with a track record of creating shareholder value. Additional filters are applied to exclude the holdings of hedge funds and institutional investors that report less than $500 million in holdings on the Form 13F or that have high turnover rates for equity holdings, as defined by the Index Provider. Turnover is a measure of the hedge funds and other institutional investors' trading activity or holdings that have been "turned over" or replaced with other holdings.
Once the pool of investors has been determined, the Index Provider utilizes Form 13F filings to compile 100 stocks that represent the top small-capitalization positions from these investors. The stocks must meet minimum liquidity thresholds to be included in the Index. Stocks in the Index are equal weighted and rebalanced quarterly following the Form 13F filing timeline.
For the period from the Fund’s commencement date on March 10, 2014 through October 31, 2014 (the “reporting period”), the Fund decreased 4.33%, while the Index decreased 3.95%. The Fund had a net asset value of $15.01 per share on March 10, 2014 and ended the reporting period with a net asset value of $14.36 on October 31, 2014.
89 of the Fund’s 172 investments held during the period ended October 31, 2014 increased in value for the reporting period, led by Depomed and American Railcar Industries, which returned 113.86% and 104.26%, respectively. The worst performers were Education Management and ITT Educational Services, which returned -87.06% and -74.80%, respectively.

Management Discussion of Fund Performance (unaudited) (concluded) |
Global X Guru™ Small Cap Index ETF |
| | TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2014* | |
| | Cumulative Inception to Date | |
| | Net Asset Value | | | Market Price | |
Global X Guru™ Small Cap Index ETF | | | (4.33 | )% | | | (4.33 | )% |
Solactive Guru Small Cap Index | | | (3.95 | )% | | | (3.95 | )% |
S&P 500 Index | | | 8.84 | % | | | 8.84 | % |
Growth of a $10,000 Investment
(at Net Asset Value)

* Fund commenced operations on March 10,2014.
The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited) |
Global X SuperIncome™ Preferred ETF |
Global X SuperIncome™ Preferred ETF
The Global X SuperIncome™ Preferred ETF (“Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P Enhanced Yield North American Preferred Stock Index (the “Index”). The Fund generally seeks to replicate the Index, but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.
The Index tracks the performance of the highest yielding preferred securities in the U.S., as determined by Standard & Poor’s. The Index is comprised of preferred stocks that meet certain criteria relating to size, liquidity, issuer concentration and rating, maturity, and other requirements, as determined by the Index Provider.
For the 12-month period ended October 31, 2014 (the “reporting period”), the Fund increased 6.89%, while the Index increased 7.20%. The Fund had a net asset value of $14.81 per share on October 31, 2013 and ended the reporting period with a net asset value of $14.74 on October 31, 2014.
61 of the Fund’s 82 investments held during the period ended October 31, 2014 increased in value for the reporting period, led by Goodyear Tire & Rubber 5.875% and Cliffs Natural Resources 7.000%, which returned 53.94% and 33.02%, respectively. The worst performers were Anglogold Ashanti Holdings Finance 6.000% and Qwest Corp 7.000% Notes, which returned -59.08% and -5.88%, respectively.
| | AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2014* | |
| | One Year Return | | | Annualized Inception to Date | |
| | Net Asset Value | | | Market Price | | | Net Asset Value | | | Market Price | |
Global X SuperIncome™ Preferred ETF | | | 6.89 | % | | | 6.58 | % | | | 6.47 | % | | | 7.42 | % |
S&P Enhanced Yield North American Preferred Stock Index | | | 7.20 | % | | | 7.20 | % | | | 6.90 | % | | | 6.90 | % |
S&P 500 Index | | | 17.27 | % | | | 17.27 | % | | | 21.58 | % | | | 21.58 | % |
Growth of a $10,000 Investment
(at Net Asset Value)

* Fund commenced operations on July 16, 2012.
The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative Indices above.
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X SuperDividend® ETF |
Sector Weightings (unaudited)†: | |

† 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 7 in the Notes to Financial Statements for more detailed information.
| | Shares | | | Value | |
COMMON STOCK — 98.0% | | | | | | | | |
AUSTRALIA— 18.0% | | | | | | | | |
Banks — 5.1% | | | | | | | | |
Bank of Queensland | | | 959,017 | | | $ | 10,629,893 | |
Bendigo and Adelaide Bank | | | 991,839 | | | | 10,828,051 | |
Commonwealth Bank of Australia | | | 149,032 | | | | 10,542,777 | |
National Australia Bank | | | 327,539 | | | | 10,073,827 | |
Westpac Banking | | | 339,554 | | | | 10,380,683 | |
| | | | | | | 52,455,231 | |
Consumer Services — 1.4% | | | | | | | | |
Myer Holdings (A) | | | 4,423,890 | | | | 7,543,859 | |
Southern Cross Media Group | | | 8,102,168 | | | | 6,979,348 | |
| | | | | | | 14,523,207 | |
Financials — 1.8% | | | | | | | | |
ASX | | | 301,262 | | | | 9,530,457 | |
IOOF Holdings (A) | | | 1,187,616 | | | | 9,426,518 | |
| | | | | | | 18,956,975 | |
Industrials — 1.1% | | | | | | | | |
Sydney Airport | | | 2,836,493 | | | | 10,995,318 | |
Oil & Gas — 1.2% | | | | | | | | |
APA Group | | | 1,727,791 | | | | 11,952,354 | |
Real Estate Investment Trusts — 4.3% | | | | | | | | |
Abacus Property Group | | | 4,812,194 | | | | 11,420,744 | |
Charter Hall Retail | | | 3,035,988 | | | | 10,861,304 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X SuperDividend® ETF |
| | Shares | | | Value | |
COMMON STOCK — continued | | | | | | | | |
Real Estate Investment Trusts — continued | | | | | | | | |
Cromwell Property Group | | | 13,937,700 | | | $ | 12,128,688 | |
Stockland | | | 2,838,136 | | | | 10,577,586 | |
| | | | | | | 44,988,322 | |
Telecommunications — 1.0% | | | | | | | | |
Telstra | | | 2,134,152 | | | | 10,561,394 | |
Utilities — 2.1% | | | | | | | | |
DUET Group | | | 5,314,283 | | | | 11,491,251 | |
Spark Infrastructure Group | | | 6,365,685 | | | | 10,631,297 | |
| | | | | | | 22,122,548 | |
TOTAL AUSTRALIA | | | | | | | 186,555,349 | |
BELGIUM— 1.2% | | | | | | | | |
Telecommunications — 1.2% | | | | | | | | |
Belgacom | | | 340,402 | | | | 12,841,576 | |
BERMUDA— 1.0% | | | | | | | | |
Industrials — 1.0% | | | | | | | | |
Ship Finance International (A) | | | 579,909 | | | | 9,968,636 | |
BRAZIL— 2.3% | | | | | | | | |
Financials — 1.3% | | | | | | | | |
Banco do Brasil | | | 1,179,100 | | | | 13,326,721 | |
Utilities — 1.0% | | | | | | | | |
Transmissora Alianca de Energia Eletrica | | | 1,363,000 | | | | 10,222,014 | |
TOTAL BRAZIL | | | | | | | 23,548,735 | |
CANADA— 7.1% | | | | | | | | |
Consumer Services — 1.1% | | | | | | | | |
Parkland Fuel (A) | | | 590,651 | | | | 11,551,603 | |
Financials — 0.4% | | | | | | | | |
AGF Management, Cl B | | | 488,770 | | | | 4,439,226 | |
Oil & Gas — 4.6% | | | | | | | | |
Bonterra Energy (A) | | | 205,837 | | | | 9,250,752 | |
Canadian Oil Sands | | | 538,295 | | | | 8,431,673 | |
Crescent Point Energy (A) | | | 289,522 | | | | 9,565,563 | |
Freehold Royalties (A) | | | 500,244 | | | | 9,317,596 | |
Veresen (A) | | | 693,900 | | | | 10,887,482 | |
| | | | | | | 47,453,066 | |
Real Estate Investment Trusts — 1.0% | | | | | | | | |
Dream Global Real Estate Investment Trust | | | 1,245,265 | | | | 10,084,056 | |
TOTAL CANADA | | | | | | | 73,527,951 | |
CHINA— 1.1% | | | | | | | | |
Consumer Goods — 1.1% | | | | | | | | |
Pacific Textiles Holdings | | | 8,433,600 | | | | 11,309,758 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X SuperDividend® ETF |
| | Shares | | | Value | |
COMMON STOCK — continued | | | | | | | | |
FINLAND— 3.9% | | | | | | | | |
Basic Materials — 0.9% | | | | | | | | |
UPM-Kymmene | | | 582,720 | | | $ | 9,213,715 | |
Health Care — 1.1% | | | | | | | | |
Orion, Cl B | | | 330,298 | | | | 11,210,641 | |
Telecommunications — 1.0% | | | | | | | | |
Elisa | | | 369,739 | | | | 10,145,065 | |
Utilities — 0.9% | | | | | | | | |
Fortum | | | 419,414 | | | | 9,716,175 | |
TOTAL FINLAND | | | | | | | 40,285,596 | |
FRANCE— 6.0% | | | | | | | | |
Financials — 0.8% | | | | | | | | |
Euler Hermes | | | 78,397 | | | | 7,677,140 | |
Industrials — 1.7% | | | | | | | | |
Bouygues | | | 247,879 | | | | 8,556,119 | |
Veolia Environnement | | | 575,419 | | | | 9,613,747 | |
| | | | | | | 18,169,866 | |
Oil & Gas — 0.9% | | | | | | | | |
Total | | | 161,870 | | | | 9,617,084 | |
Real Estate Investment Trusts — 1.0% | | | | | | | | |
Fonciere Des Regions | | | 111,937 | | | | 10,280,000 | |
Utilities — 1.6% | | | | | | | | |
Electricite de France | | | 256,927 | | | | 7,580,819 | |
Suez Environnement | | | 518,280 | | | | 8,720,793 | |
| | | | | | | 16,301,612 | |
TOTAL FRANCE | | | | | | | 62,045,702 | |
GERMANY— 0.8% | | | | | | | | |
Telecommunications — 0.8% | | | | | | | | |
Freenet | | | 308,749 | | | | 8,078,961 | |
HONG KONG— 2.0% | | | | | | | | |
Consumer Services — 1.0% | | | | | | | | |
Giordano International | | | 19,647,547 | | | | 10,007,197 | |
Technology — 1.0% | | | | | | | | |
VTech Holdings | | | 864,849 | | | | 10,828,455 | |
TOTAL HONG KONG | | | | | | | 20,835,652 | |
ISRAEL— 1.0% | | | | | | | | |
Telecommunications — 1.0% | | | | | | | | |
Bezeq The Israeli Telecommunication | | | 6,118,939 | | | | 10,366,297 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X SuperDividend® ETF |
| | Shares | | | Value | |
COMMON STOCK — continued | | | | | | | | |
ITALY— 1.0% | | | | | | | | |
Utilities — 1.0% | | | | | | | | |
Hera | | | 3,953,119 | | | $ | 10,400,990 | |
NETHERLANDS— 1.1% | | | | | | | | |
Real Estate Investment Trusts — 1.1% | | | | | | | | |
Corio | | | 234,760 | | | | 11,415,192 | |
NORWAY— 0.6% | | | | | | | | |
Oil & Gas — 0.6% | | | | | | | | |
Seadrill | | | 281,384 | | | | 6,322,908 | |
PORTUGAL— 1.0% | | | | | | | | |
Utilities — 1.0% | | | | | | | | |
Energias de Portugal | | | 2,454,051 | | | | 10,549,206 | |
RUSSIA— 0.5% | | | | | | | | |
Consumer Services — 0.5% | | | | | | | | |
CTC Media | | | 896,561 | | | | 5,702,128 | |
SINGAPORE— 7.3% | | | | | | | | |
Industrials — 2.0% | | | | | | | | |
Hutchison Port Holdings Trust, Cl U | | | 15,954,679 | | | | 10,769,408 | |
Venture | | | 1,817,861 | | | | 10,931,206 | |
| | | | | | | 21,700,614 | |
Real Estate Investment Trusts — 4.3% | | | | | | | | |
Ascendas | | | 6,011,049 | | | | 10,427,569 | |
Mapletree Industrial Trust | | | 10,248,500 | | | | 11,759,267 | |
Mapletree Logistics Trust | | | 12,540,863 | | | | 11,462,866 | |
Suntec Real Estate Investment Trust | | | 7,767,985 | | | | 10,786,350 | |
| | | | | | | 44,436,052 | |
Telecommunications — 1.0% | | | | | | | | |
StarHub | | | 3,095,906 | | | | 9,946,396 | |
TOTAL SINGAPORE | | | | | | | 76,083,062 | |
SOUTH AFRICA— 1.1% | | | | | | | | |
Real Estate Investment Trusts — 1.1% | | | | | | | | |
Redefine Properties | | | 12,242,325 | | | | 11,070,954 | |
SPAIN— 0.9% | | | | | | | | |
Financials — 0.9% | | | | | | | | |
Banco Santander | | | 1,086,500 | | | | 9,567,026 | |
SWEDEN— 0.9% | | | | | | | | |
Telecommunications — 0.9% | | | | | | | | |
TeliaSonera | | | 1,359,117 | | | | 9,375,754 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X SuperDividend® ETF |
| | Shares | | | Value | |
COMMON STOCK — continued | | | | | | | | |
TAIWAN— 0.8% | | | | | | | | |
Consumer Goods — 0.8% | | | | | | | | |
AmTRAN Technology | | | 15,281,654 | | | $ | 8,792,233 | |
UNITED KINGDOM— 6.6% | | | | | | | | |
Financials — 5.6% | | | | | | | | |
Admiral Group | | | 414,837 | | | | 8,860,068 | |
Amlin | | | 1,398,978 | | | | 10,192,535 | |
Friends Life Group | | | 1,676,221 | | | | 8,672,605 | |
Intermediate Capital Group | | | 1,373,626 | | | | 9,012,319 | |
Provident Financial | | | 332,052 | | | | 11,278,060 | |
Standard Life | | | 1,586,123 | | | | 9,990,347 | |
| | | | | | | 58,005,934 | |
Utilities — 1.0% | | | | | | | | |
SSE | | | 424,993 | | | | 10,871,977 | |
TOTAL UNITED KINGDOM | | | | | | | 68,877,911 | |
UNITED STATES— 31.8% | | | | | | | | |
Consumer Goods — 1.2% | | | | | | | | |
Vector Group (A) | | | 562,067 | | | | 12,556,577 | |
Financials — 4.5% | | | | | | | | |
AGF Management, Cl B | | | 516,280 | | | | 4,659,427 | |
BGC Partners, Cl A | | | 1,445,457 | | | | 12,257,475 | |
Home Loan Servicing Solutions | | | 490,928 | | | | 9,430,727 | |
New York Community Bancorp (A) | | | 636,719 | | | | 10,155,668 | |
OneBeacon Insurance Group, Cl A | | | 648,535 | | | | 10,331,163 | |
| | | | | | | 46,834,460 | |
Health Care — 2.1% | | | | | | | | |
AstraZeneca | | | 150,305 | | | | 10,925,524 | |
PDL BioPharma (A) | | | 1,172,900 | | | | 10,004,837 | |
| | | | | | | 20,930,361 | |
Industrials — 1.9% | | | | | | | | |
Costamare | | | 491,081 | | | | 10,101,536 | |
RR Donnelley & Sons | | | 551,880 | | | | 9,630,306 | |
| | | | | | | 19,731,842 | |
Real Estate Investment Trusts — 18.1% | | | | | | | | |
American Capital Mortgage Investment | | | 517,638 | | | | 10,140,528 | |
Apollo Commercial Real Estate Finance | | | 607,955 | | | | 9,994,780 | |
ARMOUR Residential | | | 2,381,431 | | | | 9,430,467 | |
Capstead Mortgage | | | 805,122 | | | | 10,233,101 | |
Chimera Investment | | | 3,307,566 | | | | 10,319,606 | |
Franklin Street Properties | | | 827,062 | | | | 9,916,473 | |
Hospitality Properties Trust | | | 383,667 | | | | 11,360,380 | |
Invesco Mortgage Capital | | | 623,919 | | | | 10,319,620 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X SuperDividend® ETF |
| | Shares/Number of Rights/Face Amount | | | Value | |
COMMON STOCK — continued | | | | | | | | |
Real Estate Investment Trusts — continued | | | | | | | | |
Investors Real Estate Trust | | | 1,159,903 | | | $ | 9,743,185 | |
Medical Properties Trust | | | 776,622 | | | | 10,476,631 | |
New York Mortgage Trust (A) | | | 1,375,112 | | | | 10,739,625 | |
NorthStar Realty Finance | | | 726,516 | | | | 13,498,667 | |
Omega Healthcare Investors (A) | | | 322,601 | | | | 12,310,454 | |
PennyMac Mortgage Investment Trust | | | 424,087 | | | | 9,156,038 | |
Resource Capital | | | 1,706,723 | | | | 9,028,565 | |
Sabra Health Care | | | 364,101 | | | | 10,402,366 | |
Senior Housing Properties Trust | | | 506,113 | | | | 11,433,093 | |
Starwood Property Trust | | | 423,949 | | | | 9,564,289 | |
| | | | | | | 188,067,868 | |
Telecommunications — 4.0% | | | | | | | | |
Consolidated Communications Holdings (A) | | | 530,069 | | | | 13,728,787 | |
Frontier Communications (A) | | | 2,200,090 | | | | 14,388,589 | |
Windstream Holdings (A) | | | 1,301,826 | | | | 13,643,136 | |
| | | | | | | 41,760,512 | |
TOTAL UNITED STATES | | | | | | | 329,881,620 | |
TOTAL COMMON STOCK | | | | | | | | |
(Cost $983,604,668) | | | | | | | 1,017,403,197 | |
| | | | | | | | |
PREFERRED STOCK — 1.1% | | | | | | | | |
| | | | | | | | |
BRAZIL— 1.1% | | | | | | | | |
Utilities — 1.1% | | | | | | | | |
AES Tiete | | | 1,478,056 | | | | 11,271,649 | |
TOTAL PREFERRED STOCK | | | | | | | | |
(Cost $13,034,337) | | | | | | | 11,271,649 | |
| | | | | | | | |
RIGHTS — 0.0% | | | | | | | | |
Spain — 0.0% | | | | | | | | |
Banco Santander* | | | 1,078,700 | | | | 205,428 | |
TOTAL RIGHTS (Cost $–) | | | | | | | 205,428 | |
REPURCHASE AGREEMENTS — 8.2% | | | | | | | | |
Barclays | | | | | | | | |
0.080%, dated 10/31/14, to be repurchased on 11/03/14, repurchase price $83,000,553 (collateralized by U.S. Treasury Notes, ranging in par value $348,818-$9,365,930, 0.250%-4.875%, 11/15/14-05/15/22 with a total market value of $84,195,671) (B) | | $ | 83,000,000 | | | | 83,000,000 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X SuperDividend® ETF |
| | Face Amount(1) | | | Value | |
REPURCHASE AGREEMENTS — continued | | | | | | | | |
Deutsche Bank | | | | | | | | |
0.100%, dated 10/31/14, to be repurchased on 11/03/2014, repurchase price $1,646,402 (collateralized by U.S. Treasury Notes, par value | | | | | | | | |
$1,720,805, 1.125%, 12/31/19 with a total market value of $1,672,541) (B) | | | 1,646,388 | | | $ | 1,646,388 | |
TOTAL REPURCHASE AGREEMENTS | | | | | | | | |
(Cost $84,646,388) | | | | | | | 84,646,388 | |
| | | | | | | | |
TIME DEPOSITS — 0.6% | | | | | | | | |
Brown Brothers Harriman | | | | | | | | |
0.030%, 11/03/14 | | | 5,604,848 | | | | 5,604,848 | |
1.799%, 11/03/14, AUD | | | 2,884 | | | | 2,535 | |
0.337%, 11/03/14, CAD | | | 121,526 | | | | 107,788 | |
0.110%, 11/03/14, EUR | | | 13 | | | | 17 | |
0.091%, 11/03/14, GBP | | | 11 | | | | 18 | |
0.005%, 11/03/14, HKD | | | 14 | | | | 3 | |
2.800%, 11/03/14, NZD | | | 11 | | | | 8 | |
4.314%, 11/03/14, ZAR | | | 10 | | | | 1 | |
TOTAL TIME DEPOSITS | | | | | | | | |
(Cost $5,715,218) | | | | | | | 5,715,218 | |
TOTAL INVESTMENTS — 107.9% | | | | | | | | |
(Cost $1,087,000,611) | | | | | | $ | 1,119,241,880 | |
Percentages are based on Net Assets of $1,037,576,047.
| * | Non-income producing security. |
| (1) | In U.S. Dollars unless otherwise indicated. |
| (A) | This security or a partial position of this security is on loan at October 31, 2014. The total value of securities on loan at October 31, 2014 was $81,446,443. |
| (B) | These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2014 was $84,646,388. |
AUD — Australian Dollar
CAD — Canadian Dollar
Cl — Class
EUR — Euro
GBP — British Pound Sterling
HKD — Hong Kong Dollar
NZD — New Zealand Dollar
ZAR — South African Rand
The following is a summary of the inputs used as of October 31, 2014, in valuing the Fund's investments carried at value:
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stock | | $ | 1,017,403,197 | | | $ | — | | | $ | — | | | $ | 1,017,403,197 | |
Preferred Stock | | | 11,271,649 | | | | — | | | | — | | | | 11,271,649 | |
Rights | | | 205,428 | | | | — | | | | — | | | | 205,428 | |
Repurchase Agreements | | | — | | | | 84,646,388 | | | | — | | | | 84,646,388 | |
Time Deposits | | | — | | | | 5,715,218 | | | | — | | | | 5,715,218 | |
Total Investments in Securities | | $ | 1,028,880,274 | | | $ | 90,361,606 | | | $ | — | | | $ | 1,119,241,880 | |
For the year ended October 31, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
As of October 31, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X SuperDividend® U.S. ETF |
Sector Weightings (unaudited)†:

† 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 7 in the Notes to Financial Statements for more detailed information.
| | Shares | | | Value | |
COMMON STOCK — 85.4% | | | | | | | | |
CANADA— 1.9% | | | | | | | | |
Consumer Services — 1.9% | | | | | | | | |
Thomson Reuters | | | 141,429 | | | $ | 5,263,987 | |
UNITED STATES— 83.5% | | | | | | | | |
Consumer Goods — 11.3% | | | | | | | | |
Altria Group | | | 140,455 | | | | 6,789,595 | |
Lorillard | | | 101,771 | | | | 6,258,916 | |
Philip Morris International | | | 62,732 | | | | 5,583,775 | |
Reynolds American | | | 102,013 | | | | 6,417,638 | |
Vector Group (A) | | | 279,035 | | | | 6,233,642 | |
| | | | | | | 31,283,566 | |
Consumer Services — 4.1% | | | | | | | | |
Six Flags Entertainment | | | 122,492 | | | | 4,936,428 | |
Stonemor Partners (A) | | | 243,666 | | | | 6,501,009 | |
| | | | | | | 11,437,437 | |
Financials — 3.5% | | | | | | | | |
Ellington Financial | | | 207,608 | | | | 4,669,104 | |
New York Community Bancorp (A) | | | 314,077 | | | | 5,009,528 | |
| | | | | | | 9,678,632 | |
Health Care — 3.9% | | | | | | | | |
Eli Lilly | | | 83,987 | | | | 5,570,858 | |
Merck | | | 87,389 | | | | 5,063,318 | |
| | | | | | | 10,634,176 | |
Industrials — 4.7% | | | | | | | | |
Covanta Holding (A) | | | 278,795 | | | | 6,153,006 | |
Iron Mountain | | | 192,734 | | | | 6,951,915 | |
| | | | | | | 13,104,921 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X SuperDividend® U.S. ETF |
| | Shares | | | Value | |
COMMON STOCK — continued | | | | | | | | |
Oil & Gas — 5.1% | | | | | | | | |
Chevron | | | 43,211 | | | $ | 5,183,160 | |
LinnCo (A) | | | 160,954 | | | | 3,858,067 | |
Spectra Energy (A) | | | 129,344 | | | | 5,061,231 | |
| | | | | | | 14,102,458 | |
Real Estate Investment Trusts — 17.5% | | | | | | | | |
American Realty Capital Properties | | | 361,612 | | | | 3,207,498 | |
Apollo Commercial Real Estate Finance | | | 292,822 | | | | 4,813,994 | |
Apollo Residential Mortgage | | | 310,300 | | | | 5,175,804 | |
ARMOUR Residential | | | 1,219,703 | | | | 4,830,024 | |
Capstead Mortgage | | | 408,923 | | | | 5,197,411 | |
Chimera Investment | | | 1,689,411 | | | | 5,270,962 | |
Colony Financial | | | 217,574 | | | | 4,847,549 | |
New York Mortgage Trust (A) | | | 712,118 | | | | 5,561,642 | |
Resource Capital | | | 889,944 | | | | 4,707,804 | |
Starwood Property Trust | | | 211,095 | | | | 4,762,303 | |
| | | | | | | 48,374,991 | |
Telecommunications — 8.7% | | | | | | | | |
AT&T (A) | | | 149,796 | | | | 5,218,893 | |
CenturyLink | | | 161,111 | | | | 6,682,884 | |
Verizon Communications | | | 103,521 | | | | 5,201,930 | |
Windstream Holdings (A) | | | 659,278 | | | | 6,909,234 | |
| | | | | | | 24,012,941 | |
Utilities — 24.7% | | | | | | | | |
Ameren | | | 120,661 | | | | 5,108,787 | |
Avista | | | 164,439 | | | | 5,829,363 | |
Consolidated Edison (A) | | | 88,528 | | | | 5,609,134 | |
Duke Energy | | | 68,442 | | | | 5,622,510 | |
Empire District Electric (A) | | | 204,518 | | | | 5,816,492 | |
Entergy | | | 76,026 | | | | 6,387,705 | |
Ferrellgas Partners | | | 201,096 | | | | 5,427,581 | |
Northwest Natural Gas | | | 116,481 | | | | 5,466,453 | |
Pepco Holdings | | | 239,568 | | | | 6,549,789 | |
PPL | | | 155,623 | | | | 5,445,249 | |
Southern | | | 115,708 | | | | 5,364,223 | |
TECO Energy | | | 293,966 | | | | 5,764,673 | |
| | | | | | | 68,391,959 | |
TOTAL UNITED STATES | | | | | | | 231,021,081 | |
TOTAL COMMON STOCK | | | | | | | | |
(Cost $226,065,249) | | | | | | | 236,285,068 | |
| | | | | | | | |
MASTER LIMITED PARTNERSHIPS — 14.0% | | | | | | | | |
UNITED STATES— 14.0% | | | | | | | | |
Oil & Gas — 14.0% | | | | | | | | |
Enbridge Energy Partners | | | 182,638 | | | | 6,587,753 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X SuperDividend® U.S. ETF |
| | Shares/Face Amount | | | Value | |
MASTER LIMITED PARTNERSHIPS — continued | | | | | | | | |
Oil & Gas — continued | | | | | | | | |
Energy Transfer Partners (A) | | | 92,202 | | | $ | 5,940,575 | |
Enterprise Products Partners (A) | | | 149,338 | | | | 5,510,572 | |
Memorial Production Partners | | | 229,557 | | | | 4,804,628 | |
ONEOK Partners (A) | | | 88,517 | | | | 4,523,219 | |
QR Energy (A) | | | 292,523 | | | | 4,797,377 | |
TC PipeLines (A) | | | 105,230 | | | | 6,561,090 | |
TOTAL MASTER LIMITED PARTNERSHIPS | | | | | | | | |
(Cost $37,863,915) | | | | | | | 38,725,214 | |
| | | | | | | | |
REPURCHASE AGREEMENTS — 11.5% | | | | | | | | |
Barclays | | | | | | | | |
0.080%, dated 10/31/14, to be repurchased on 11/03/14, repurchase price $29,000,193 (collateralized by U.S. Treasury Notes, ranging in par value $289,024-$5,658,537, 0.250%-4.875%, 11/15/14-05/15/22 with a total market value of $29,417,765) (B) | | $ | 29,000,000 | | | | 29,000,000 | |
Deutsche Bank | | | | | | | | |
0.100%, dated 10/31/14, to be repurchased on 11/03/14, repurchase price $2,745,123 (collateralized by U.S. Treasury Notes, par value $2,869,179, 1.125%, 12/31/19 with a total market value of $2,788,707)(B) | | | 2,745,100 | | | | 2,745,100 | |
TOTAL REPURCHASE AGREEMENTS | | | | | | | | |
(Cost $31,745,100) | | | | | | | 31,745,100 | |
| | | | | | | | |
TIME DEPOSIT — 0.2% | | | | | | | | |
Brown Brothers Harriman, 0.030%, 11/03/14 | | | | | | | | |
(Cost $748,823) | | | 748,823 | | | | 748,823 | |
TOTAL INVESTMENTS — 111.1% | | | | | | | | |
(Cost $296,423,087) | | | | | | $ | 307,504,205 | |
Percentages are based on Net Assets of $276,714,634.
| (A) | This security or a partial position of this security is on loan at October 31, 2014. The total value of securities on loan at October 31, 2014 was $31,033,584. |
| (B) | These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2014 was $31,745,100. |
The following is a summary of the inputs used as of October 31, 2014, in valuing the Fund's investments carried at value:
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stock | | $ | 236,285,068 | | | $ | — | | | $ | — | | | $ | 236,285,068 | |
Master Limited Partnerships | | | 38,725,214 | | | | — | | | | — | | | | 38,725,214 | |
Repurchase Agreements | | | — | | | | 31,745,100 | | | | — | | | | 31,745,100 | |
Time Deposit | | | — | | | | 748,823 | | | | — | | | | 748,823 | |
Total Investments in Securities | | $ | 275,010,282 | | | $ | 32,493,923 | | | $ | — | | | $ | 307,504,205 | |
For the period ended October 31, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
As of October 31, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Social Media Index ETF |
Sector Weightings (unaudited)†:

† 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 7 in the Notes to Financial Statements for more detailed information.
| | Shares | | | Value | |
COMMON STOCK — 99.8% | | | | | | | | |
CHINA— 25.1% | | | | | | | | |
Technology — 25.1% | | | | | | | | |
Changyou.com ADR * (A) | | | 15,158 | | | $ | 364,398 | |
NetEase ADR | | | 34,387 | | | | 3,257,137 | |
Renren ADR * | | | 265,304 | | | | 920,605 | |
SINA * | | | 185,292 | | | | 7,591,413 | |
Tencent Holdings | | | 833,065 | | | | 13,277,135 | |
Youku.com ADR * | | | 161,861 | | | | 3,172,476 | |
YY ADR * (A) | | | 38,596 | | | | 3,198,064 | |
TOTAL CHINA | | | | | | | 31,781,228 | |
GERMANY— 0.6% | | | | | | | | |
Technology — 0.6% | | | | | | | | |
XING | | | 7,502 | | | | 795,175 | |
JAPAN— 12.9% | | | | | | | | |
Technology — 12.9% | | | | | | | | |
Dena (A) | | | 298,421 | | | | 3,769,360 | |
Gree (A) | | | 287,735 | | | | 1,991,725 | |
Mixi (A) | | | 101,390 | | | | 5,363,211 | |
Nexon | | | 610,122 | | | | 5,251,931 | |
TOTAL JAPAN | | | | | | | 16,376,227 | |
RUSSIA— 6.1% | | | | | | | | |
Technology — 6.1% | | | | | | | | |
Mail.ru Group GDR * | | | 58,422 | | | | 1,416,149 | |
Yandex, Cl A * | | | 218,326 | | | | 6,248,490 | |
TOTAL RUSSIA | | | | | | | 7,664,639 | |
TAIWAN— 1.4% | | | | | | | | |
Technology — 1.4% | | | | | | | | |
PChome Online | | | 175,791 | | | | 1,782,964 | |
UNITED STATES— 53.7% | | | | | | | | |
Consumer Goods — 0.8% | | | | | | | | |
King Digital Entertainment (A) | | | 91,502 | | | | 1,043,123 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Social Media Index ETF |
| | Shares/Face Amount(1) | | | Value | |
COMMON STOCK — continued | | | | | | | | |
Technology — 52.9% | | | | | | | | |
Angie's List * (A) | | | 123,932 | | | $ | 863,806 | |
Demand Media * | | | 24,966 | | | | 175,761 | |
Facebook, Cl A * | | | 159,322 | | | | 11,947,557 | |
Google, Cl A * | | | 10,983 | | | | 6,236,916 | |
Groupon, Cl A * (A) | | | 937,669 | | | | 6,854,360 | |
Jive Software * (A) | | | 106,533 | | | | 650,916 | |
LinkedIn, Cl A * | | | 61,752 | | | | 14,138,738 | |
Nutrisystem | | | 80,409 | | | | 1,354,088 | |
Pandora Media * | | | 254,628 | | | | 4,909,228 | |
Twitter * | | | 117,739 | | | | 4,882,636 | |
United Online | | | 39,115 | | | | 438,870 | |
Weibo ADR * (A) | | | 212,993 | | | | 3,942,501 | |
Yelp, Cl A * (A) | | | 85,586 | | | | 5,135,160 | |
Zynga, Cl A * | | | 2,068,194 | | | | 5,273,895 | |
| | | | | | | 66,804,432 | |
TOTAL UNITED STATES | | | | | | | 67,847,555 | |
TOTAL COMMON STOCK | | | | | | | | |
(Cost $137,054,146) | | | | | | | 126,247,788 | |
| | | | | | | | |
REPURCHASE AGREEMENTS — 17.0% | | | | | | | | |
Barclays | | | | | | | | |
0.080%, dated 10/31/14, to be repurchased on 11/03/14, repurchase price $20,000,133 (collateralized by U.S. Treasury Notes, ranging in par value $83,273-2,272,115, 0.250%-4.875%, 11/15/14-05/15/22 with a total market value of $20,288,114)(B) | | | 20,000,000 | | | | 20,000,000 | |
Deutsche Bank | | | | | | | | |
0.100%, dated 10/31/14, to be repurchased on 11/03/14, repurchase price $1,498,094 (collateralized by U.S. Treasury Notes, par value $1,565,795, 1.125%, 12/31/19 with a total market value of $1,521,879)(B) | | | 1,498,082 | | | | 1,498,082 | |
TOTAL REPURCHASE AGREEMENTS | | | | | | | | |
(Cost $21,498,082) | | | | | | | 21,498,082 | |
| | | | | | | | |
TIME DEPOSITS — 0.2% | | | | | | | | |
Brown Brothers Harriman | | | | | | | | |
0.030%, 11/03/14 | | | 214,431 | | | | 214,431 | |
0.005%, 11/03/14, HKD | | | 1 | | | | — | |
0.005%, 11/03/14, JPY | | | 3 | | | | — | |
TOTAL TIME DEPOSITS | | | | | | | | |
(Cost $214,431) | | | | | | | 214,431 | |
TOTAL INVESTMENTS — 117.0% | | | | | | | | |
(Cost $158,766,659) | | | | | | $ | 147,960,301 | |
Percentages are based on Net Assets of $126,417,815.
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Social Media Index ETF |
| * | Non-income producing security. |
| (1) | In U.S. Dollars unless otherwise indicated. |
| (A) | This security or a partial position of this security is on loan at October 31, 2014. The total value of securities on loan at October 31, 2014 was $21,082,613. |
| (B) | These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2014 was $21,498,082. |
ADR — American Depositary Receipt
Cl — Class
GDR — Global Depositary Receipt
HKD — Hong Kong Dollar
JPY — Japanese Yen
Amounts designated as “—” are $0 or have been rounded to $0.
The following is a summary of the inputs used as of October 31, 2014, in valuing the Fund's investments carried at value:
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stock | | $ | 126,247,788 | | | $ | — | | | $ | — | | | $ | 126,247,788 | |
Repurchase Agreements | | | — | | | | 21,498,082 | | | | — | | | | 21,498,082 | |
Time Deposits | | | — | | | | 214,431 | | | | — | | | | 214,431 | |
Total Investments in Securities | | $ | 126,247,788 | | | $ | 21,712,513 | | | $ | — | | | $ | 147,960,301 | |
For the year ended October 31, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
As of October 31, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.
Schedule of Investments | October 31, 2014 |
Global X | JPMorgan Efficiente Index ETF
Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.
| | Shares/Face Amount | | | Value | |
EXCHANGE TRADED FUNDS — 100.0% | | | | | | | | |
iShares 20+ Year Treasury Bond ETF | | | 4,180 | | | $ | 498,465 | |
iShares J.P. Morgan USD Emerging Markets Bond ETF | | | 4,358 | | | | 499,775 | |
Vanguard FTSE Emerging Markets ETF | | | 11,958 | | | | 509,889 | |
Vanguard REIT ETF | | | 6,808 | | | | 537,764 | |
Vanguard S&P 500 ETF | | | 2,720 | | | | 503,010 | |
TOTAL EXCHANGE TRADED FUNDS | | | | | | | | |
(Cost $2,494,440) | | | | | | | 2,548,903 | |
| | | | | | | | |
TIME DEPOSIT — 0.0% | | | | | | | | |
Brown Brothers Harriman, 0.030%, 11/03/14 | | | | | | | | |
(Cost $560) | | $ | 560 | | | | 560 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0% | | | | | | | | |
(Cost $2,495,000) | | | | | | $ | 2,549,463 | |
Percentages are based on Net Assets of $2,549,083.
ETF — Exchange Traded Fund |
FTSE — Financial Times and Stock Exchange |
REIT — Real Estate Investment Trust |
S&P — Standard & Poor's |
USD — U.S. Dollar |
The following is a summary of the inputs used as of October 31, 2014, in valuing the Fund's investments carried at value:
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Exchange Traded Funds | | $ | 2,548,903 | | | $ | — | | | $ | — | | | $ | 2,548,903 | |
Time Deposit | | | — | | | | 560 | | | | — | | | | 560 | |
Total Investments in Securities | | $ | 2,548,903 | | | $ | 560 | | | $ | — | | | $ | 2,549,463 | |
For the period ended October 31, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
As of October 31, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.
Schedule of Investments | October 31, 2014 |
Global X | JPMorgan US Sector Rotator Index ETF
Sector Weightings (unaudited)†:

† Sector weightings percentages are based on total market value of investments.
| | Shares/Face Amount | | | Value | |
EXCHANGE TRADED FUNDS — 100.0% | | | | | | | | |
Consumer Staples Select Sector SPDR Fund | | | 13,702 | | | $ | 640,021 | |
Health Care Select Sector SPDR Fund | | | 5,304 | | | | 356,800 | |
Industrial Select Sector SPDR Fund | | | 6,401 | | | | 353,463 | |
SPDR Down Jones REIT ETF | | | 7,417 | | | | 654,625 | |
Utilities Select Sector SPDR Fund | | | 11,781 | | | | 535,682 | |
TOTAL EXCHANGE TRADED FUNDS | | | | | | | | |
(Cost $2,505,339) | | | | | | | 2,540,591 | |
| | | | | | | | |
TIME DEPOSIT — 0.0% | | | | | | | | |
Brown Brothers Harriman, 0.030% | | | | | | | | |
(Cost $865) | | $ | 865 | | | | 865 | |
TOTAL TIME DEPOSIT | | | | | | | | |
(Cost $865) | | | | | | | 865 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0% | | | | | | | | |
(Cost $2,506,204) | | | | | | $ | 2,541,456 | |
Percentages are based on Net Assets of $2,541,317.
ETF — Exchange Traded Fund |
REIT — Real Estate Investment Trust |
SPDR — Standard & Poor’s Depositary Receipts |
The following is a summary of the inputs used as of October 31, 2014, in valuing the Fund's investments carried at value:
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Exchange Traded Funds | | $ | 2,540,591 | | | $ | — | | | $ | — | | | $ | 2,540,591 | |
Time Deposit | | | — | | | | 865 | | | | — | | | | 865 | |
Total Investments in Securities | | $ | 2,540,591 | | | $ | 865 | | | $ | — | | | $ | 2,541,456 | |
For the period ended October 31, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
As of October 31, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.
Schedule of Investments | October 31, 2014 |
Global X Permanent ETF
Sector Weightings (unaudited) †:

† Sector weightings percentages are based on the total market value of investments.
| | Face Amount/Shares | | | Value | |
U.S. TREASURY OBLIGATIONS — 51.7% | | | | | | | | |
U.S. Treasury Bonds | | | | | | | | |
4.625%, 02/15/40 | | $ | 430,200 | | | $ | 557,916 | |
4.375%, 11/15/39 | | | 450,800 | | | | 563,852 | |
4.375%, 05/15/40 | | | 450,700 | | | | 564,572 | |
3.875%, 08/15/40 | | | 482,318 | | | | 559,828 | |
U.S. Treasury Notes | | | | | | | | |
2.000%, 04/30/16 | | | 518,100 | | | | 530,850 | |
1.875%, 06/30/15 | | | 519,500 | | | | 525,425 | |
1.750%, 07/31/15 | | | 521,000 | | | | 527,227 | |
1.750%, 05/31/16 | | | 520,100 | | | | 531,437 | |
TOTAL U.S. TREASURY OBLIGATIONS | | | | | | | | |
(Cost $4,311,193) | | | | | | | 4,361,107 | |
| | | | | | | | |
EXCHANGE TRADED COMMODITIES — 21.8% | | | | | | | | |
ETFS Physical Gold | | | 6,696 | | | | 757,987 | |
ETFS Physical Silver | | | 17,265 | | | | 265,099 | |
ETFS Physical Silver (GBP shares) | | | 3,802 | | | | 58,406 | |
Gold Bullion Securities | | | 6,779 | | | | 757,282 | |
TOTAL EXCHANGE TRADED COMMODITIES | | | | | | | | |
(Cost $2,898,716) | | | | | | | 1,838,774 | |
| | | | | | | | |
COMMON STOCK — 20.0% | | | | | | | | |
AUSTRALIA— 0.3% | | | | | | | | |
Basic Materials — 0.3% | | | | | | | | |
BHP Billiton ADR | | | 437 | | | | 25,975 | |
BRAZIL— 0.2% | | | | | | | | |
Basic Materials — 0.2% | | | | | | | | |
Vale ADR, Cl B | | | 2,003 | | | | 20,210 | |
The accompanying notes are an integral part of the financial statements.
Schedule of Investments | October 31, 2014 |
Global X Permanent ETF
| | Shares | | | Value | |
COMMON STOCK — continued | | | | | | | | |
CANADA— 0.3% | | | | | | | | |
Basic Materials — 0.3% | | | | | | | | |
Potash Corp of Saskatchewan | | | 714 | | | $ | 24,397 | |
CHINA— 0.3% | | | | | | | | |
Oil & Gas — 0.3% | | | | | | | | |
PetroChina ADR | | | 219 | | | | 27,485 | |
FRANCE— 0.3% | | | | | | | | |
Oil & Gas — 0.3% | | | | | | | | |
Total SA | | | 362 | | | | 21,507 | |
NETHERLANDS— 0.3% | | | | | | | | |
Oil & Gas — 0.3% | | | | | | | | |
Royal Dutch Shell ADR, Cl A | | | 331 | | | | 23,762 | |
SWITZERLAND— 0.6% | | | | | | | | |
Basic Materials — 0.6% | | | | | | | | |
Glencore Xstrata | | | 4,930 | | | | 25,232 | |
Syngenta ADR | | | 343 | | | | 21,266 | |
TOTAL SWITZERLAND | | | | | | | 46,498 | |
UNITED KINGDOM— 0.6% | | | | | | | | |
Basic Materials — 0.6% | | | | | | | | |
Anglo American | | | 1,116 | | | | 23,505 | |
Rio Tinto ADR | | | 511 | | | | 24,513 | |
TOTAL UNITED KINGDOM | | | | | | | 48,018 | |
UNITED STATES— 17.1% | | | | | | | | |
Consumer Goods — 1.5% | | | | | | | | |
Altria Group | | | 332 | | | | 16,049 | |
Archer-Daniels-Midland | | | 607 | | | | 28,529 | |
Coca-Cola | | | 358 | | | | 14,993 | |
Monsanto | | | 225 | | | | 25,884 | |
PepsiCo | | | 180 | | | | 17,311 | |
Philip Morris International | | | 147 | | | | 13,084 | |
Procter & Gamble | | | 166 | | | | 14,487 | |
| | | | | | | 130,337 | |
Consumer Services — 1.5% | | | | | | | | |
Amazon.com * | | | 55 | | | | 16,800 | |
Comcast, Cl A | | | 272 | | | | 15,055 | |
CVS Health | | | 186 | | | | 15,961 | |
Home Depot | | | 193 | | | | 18,821 | |
McDonald's | | | 173 | | | | 16,215 | |
Twenty-First Century Fox ADR, Cl A | | | 416 | | | | 14,344 | |
The accompanying notes are an integral part of the financial statements.
Schedule of Investments | October 31, 2014 |
Global X Permanent ETF
| | Shares | | | Value | |
COMMON STOCK — continued | | | | | | | | |
Consumer Services — continued | | | | | | | | |
Wal-Mart Stores | | | 188 | | | $ | 14,339 | |
Walt Disney | | | 175 | | | | 15,992 | |
| | | | | | | 127,527 | |
Financials — 2.4% | | | | | | | | |
American Express | | | 205 | | | | 18,440 | |
American International Group | | | 348 | | | | 18,643 | |
Bank of America | | | 1,181 | | | | 20,266 | |
Berkshire Hathaway, Cl B * | | | 133 | | | | 18,641 | |
Citigroup | | | 297 | | | | 15,898 | |
Goldman Sachs Group | | | 93 | | | | 17,669 | |
JPMorgan Chase | | | 277 | | | | 16,753 | |
Mastercard, Cl A | | | 250 | | | | 20,937 | |
US Bancorp | | | 421 | | | | 17,935 | |
Visa, Cl A | | | 74 | | | | 17,866 | |
Wells Fargo | | | 367 | | | | 19,484 | |
| | | | | | | 202,532 | |
Health Care — 1.8% | | | | | | | | |
AbbVie | | | 247 | | | | 15,674 | |
Amgen | | | 146 | | | | 23,678 | |
Bristol-Myers Squibb | | | 310 | | | | 18,039 | |
Gilead Sciences * | | | 177 | | | | 19,824 | |
Johnson & Johnson | | | 173 | | | | 18,646 | |
Merck | | | 323 | | | | 18,715 | |
Pfizer | | | 460 | | | | 13,777 | |
UnitedHealth Group | | | 233 | | | | 22,138 | |
| | | | | | | 150,491 | |
Industrials — 1.6% | | | | | | | | |
3M | | | 99 | | | | 15,223 | |
Boeing | | | 151 | | | | 18,861 | |
Deere | | | 299 | | | | 25,576 | |
General Electric | | | 634 | | | | 16,364 | |
Union Pacific | | | 200 | | | | 23,290 | |
United Parcel Service, Cl B | | | 138 | | | | 14,478 | |
United Technologies | | | 165 | | | | 17,655 | |
| | | | | | | 131,447 | |
Oil & Gas — 0.8% | | | | | | | | |
Chevron | | | 229 | | | | 27,469 | |
Exxon Mobil | | | 308 | | | | 29,787 | |
Schlumberger | | | 132 | | | | 13,023 | |
| | | | | | | 70,279 | |
Real Estate Investment Trusts — 5.5% | | | | | | | | |
American Tower, Cl A | | | 467 | | | | 45,533 | |
Crown Castle International | | | 562 | | | | 43,903 | |
Equity Residential | | | 672 | | | | 46,744 | |
The accompanying notes are an integral part of the financial statements.
Schedule of Investments | October 31, 2014 |
Global X Permanent ETF
| | Shares/Face Amount(1) | | | Value | |
COMMON STOCK — continued | | | | | | | | |
Real Estate Investment Trusts — continued | | | | | | | | |
General Growth Properties | | | 1,752 | | | $ | 45,394 | |
HCP | | | 1,010 | | | | 44,410 | |
Health Care | | | 693 | | | | 49,279 | |
ProLogis | | | 1,086 | | | | 45,232 | |
Public Storage | | | 271 | | | | 49,956 | |
Simon Property Group | | | 268 | | | | 48,028 | |
Ventas | | | 647 | | | | 44,326 | |
Washington Prime Group | | | 171 | | | | 3,015 | |
| | | | | | | 465,820 | |
Technology — 1.7% | | | | | | | | |
Apple | | | 157 | | | | 16,956 | |
Cisco Systems | | | 581 | | | | 14,217 | |
Facebook, Cl A * | | | 218 | | | | 16,348 | |
Google, Cl A * | | | 25 | | | | 14,197 | |
Intel | | | 596 | | | | 20,270 | |
International Business Machines | | | 85 | | | | 13,974 | |
Microsoft | | | 437 | | | | 20,517 | |
Oracle | | | 345 | | | | 13,472 | |
QUALCOMM | | | 179 | | | | 14,053 | |
| | | | | | | 144,004 | |
Telecommunications — 0.3% | | | | | | | | |
AT&T | | | 452 | | | | 15,748 | |
Verizon Communications | | | 276 | | | | 13,869 | |
| | | | | | | 29,617 | |
TOTAL UNITED STATES | | | | | | | 1,452,054 | |
TOTAL COMMON STOCK | | | | | | | | |
(Cost $1,516,405) | | | | | | | 1,689,906 | |
| | | | | | | | |
EXCHANGE TRADED FUNDS — 5.9% | | | | | | | | |
Vanguard FTSE All-World ex-US ETF, Cl U | | | 4,941 | | | | 243,789 | |
Vanguard Small-Cap ETF | | | 2,198 | | | | 254,155 | |
TOTAL EXCHANGE TRADED FUNDS | | | | | | | | |
(Cost $420,830) | | | | | | | 497,944 | |
| | | | | | | | |
TIME DEPOSITS — 0.2% | | | | | | | | |
Brown Brothers Harriman | | | | | | | | |
0.030%, 11/03/14 | | | 16,932 | | | | 16,932 | |
0.091%, GBP, 11/03/14 | | | 1 | | | | 2 | |
TOTAL TIME DEPOSITS | | | | | | | | |
(Cost $16,934) | | | | | | | 16,934 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.6% | | | | | | | | |
(Cost $9,164,078) | | | | | | $ | 8,404,665 | |
Percentages are based on Net Assets of $8,438,960.
The accompanying notes are an integral part of the financial statements.
Schedule of Investments | October 31, 2014 |
Global X Permanent ETF
| * | 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 Stock Exchange
GBP — British Pound Sterling
The following is a summary of the inputs used as of October 31, 2014, in valuing the Fund's investments carried at value:
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
U.S. Treasury Obligations | | $ | — | | | $ | 4,361,107 | | | $ | — | | | $ | 4,361,107 | |
Exchange Traded Commodities | | | 1,838,774 | | | | — | | | | — | | | | 1,838,774 | |
Common Stock | | | 1,689,906 | | | | — | | | | — | | | | 1,689,906 | |
Exchange Traded Funds | | | 497,944 | | | | — | | | | — | | | | 497,944 | |
Time Deposits | | | — | | | | 16,934 | | | | — | | | | 16,934 | |
Total Investments in Securities | | $ | 4,026,624 | | | $ | 4,378,041 | | | $ | — | | | $ | 8,404,665 | |
For the year ended October 31, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
As of October 31, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.
Schedule of Investments | October 31, 2014 |
Global X Guru™ Index ETF
Sector Weightings (unaudited) †:

† 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 7 in the Notes to Financial Statements for more detailed information.
| | Shares | | | Value | |
COMMON STOCK — 96.4% | | | | | | | | |
ARGENTINA— 1.9% | | | | | | | | |
Oil & Gas — 1.9% | | | | | | | | |
YPF ADR | | | 240,600 | | | $ | 8,461,902 | |
CANADA— 1.9% | | | | | | | | |
Industrials — 1.9% | | | | | | | | |
Canadian Pacific Railway | | | 39,580 | | | | 8,219,974 | |
CHINA— 1.9% | | | | | | | | |
Technology — 1.9% | | | | | | | | |
Baidu ADR * | | | 35,334 | | | | 8,436,699 | |
IRELAND— 3.9% | | | | | | | | |
Health Care — 3.9% | | | | | | | | |
Actavis * | | | 35,961 | | | | 8,729,173 | |
Endo International * | | | 123,251 | | | | 8,247,957 | |
TOTAL IRELAND | | | | | | | 16,977,130 | |
MEXICO— 1.8% | | | | | | | | |
Telecommunications — 1.8% | | | | | | | | |
America Movil ADR, Ser L | | | 327,925 | | | | 8,004,649 | |
UNITED STATES— 85.0% | | | | | | | | |
Basic Materials — 3.3% | | | | | | | | |
Celanese, Cl A | | | 130,441 | | | | 7,660,800 | |
FMC | | | 117,119 | | | | 6,716,775 | |
| | | | | | | 14,377,575 | |
Consumer Goods — 7.1% | | | | | | | | |
Darling Ingredients * | | | 397,245 | | | | 6,991,512 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Guru™ Index ETF
| | Shares | | | Value | |
COMMON STOCK — continued | | | | | | | | |
Consumer Goods — continued | | | | | | | | |
General Motors | | | 228,823 | | | $ | 7,185,042 | |
Mondelez International, Cl A | | | 216,395 | | | | 7,630,088 | |
NIKE, Cl B | | | 100,384 | | | | 9,332,700 | |
| | | | | | | 31,139,342 | |
Consumer Services — 20.7% | | | | | | | | |
American Airlines Group | | | 197,383 | | | | 8,161,787 | |
Burlington Stores * | | | 231,508 | | | | 9,709,446 | |
CBS, Cl B | | | 129,085 | | | | 6,998,989 | |
Delta Air Lines | | | 200,783 | | | | 8,077,500 | |
Extended Stay America | | | 339,045 | | | | 7,818,378 | |
Hertz Global Holdings * | | | 256,652 | | | | 5,625,812 | |
Houghton Mifflin Harcourt * | | | 416,949 | | | | 8,343,150 | |
KAR Auction Services | | | 264,543 | | | | 8,031,525 | |
Pandora Media * | | | 274,589 | | | | 5,294,076 | |
Time Warner Cable | | | 52,136 | | | | 7,674,940 | |
Twenty-First Century Fox ADR, Cl A | | | 215,926 | | | | 7,445,128 | |
Twenty-First Century Fox, Cl B | | | 222,992 | | | | 7,396,645 | |
| | | | | | | 90,577,376 | |
Financials — 16.6% | | | | | | | | |
American International Group | | | 143,404 | | | | 7,682,152 | |
CIT Group | | | 159,954 | | | | 7,826,549 | |
Citigroup | | | 158,915 | | | | 8,506,720 | |
Howard Hughes * | | | 48,608 | | | | 7,163,847 | |
JPMorgan Chase | | | 136,301 | | | | 8,243,485 | |
Moody's | | | 84,657 | | | | 8,400,514 | |
Nationstar Mortgage Holdings * (A) | | | 237,449 | | | | 8,339,209 | |
Voya Financial | | | 203,500 | | | | 7,987,375 | |
Wells Fargo | | | 154,221 | | | | 8,187,593 | |
| | | | | | | 72,337,444 | |
Health Care — 1.7% | | | | | | | | |
Thermo Fisher Scientific | | | 63,707 | | | | 7,490,032 | |
Industrials — 9.1% | | | | | | | | |
Colfax * | | | 120,952 | | | | 6,577,370 | |
FleetCor Technologies * | | | 53,536 | | | | 8,060,380 | |
Lockheed Martin | | | 45,777 | | | | 8,723,723 | |
RR Donnelley & Sons (A) | | | 454,889 | | | | 7,937,813 | |
Spirit Aerosystems Holdings, Cl A * | | | 212,096 | | | | 8,343,857 | |
| | | | | | | 39,643,143 | |
Oil & Gas — 3.2% | | | | | | | | |
Hess | | | 78,223 | | | | 6,634,093 | |
Pioneer Natural Resources | | | 38,143 | | | | 7,211,315 | |
| | | | | | | 13,845,408 | |
The accompanying notes are an integral part of the financial statements.
Schedule of Investments | October 31, 2014 |
Global X Guru™ Index ETF
| | Shares/Face Amount | | | Value | |
COMMON STOCK — continued | | | | | | | | |
Real Estate Investment Trusts — 3.5% | | | | | | | | |
American Homes 4 Rent, Cl A | | | 439,193 | | | $ | 7,699,053 | |
Crown Castle International | | | 98,673 | | | | 7,708,335 | |
| | | | | | | 15,407,388 | |
Technology — 16.1% | | | | | | | | |
Akamai Technologies * | | | 129,641 | | | | 7,817,353 | |
Apple | | | 78,968 | | | | 8,528,544 | |
CDW | | | 241,461 | | | | 7,446,657 | |
EMC | | | 260,171 | | | | 7,474,713 | |
Facebook, Cl A * | | | 105,171 | | | | 7,886,773 | |
Hewlett-Packard | | | 220,803 | | | | 7,922,412 | |
Micron Technology * | | | 245,655 | | | | 8,128,724 | |
Motorola Solutions | | | 126,927 | | | | 8,186,792 | |
NCR * | | | 241,686 | | | | 6,687,451 | |
| | | | | | | 70,079,419 | |
Telecommunications — 3.7% | | | | | | | | |
Sprint * (A) | | | 1,360,675 | | | | 8,068,803 | |
T-Mobile US * | | | 266,433 | | | | 7,777,179 | |
| | | | | | | 15,845,982 | |
TOTAL UNITED STATES | | | | | | | 370,743,109 | |
TOTAL COMMON STOCK | | | | | | | | |
(Cost $403,163,638) | | | | | | | 420,843,463 | |
| | | | | | | | |
MASTER LIMITED PARTNERSHIPS — 3.5% | | | | | | | | |
UNITED STATES— 3.5% | | | | | | | | |
Oil & Gas — 3.5% | | | | | | | | |
Enterprise Products Partners (A) | | | 201,110 | | | | 7,420,959 | |
Northern Tier Energy | | | 307,487 | | | | 7,760,972 | |
TOTAL MASTER LIMITED PARTNERSHIPS | | | | | | | | |
(Cost $14,428,446) | | | | | | | 15,181,931 | |
| | | | | | | | |
REPURCHASE AGREEMENTS — 2.8% | | | | | | | | |
Barclays | | | | | | | | |
0.080%, dated 10/31/14, to be repurchased on 11/03/14, repurchase price $11,000,073 (collateralized by U.S. Treasury Notes, ranging in par value $109,630-$2,146,341, 0.250%-4.875%, 11/15/14-05/15/22 with a total market value of $11,158,463)(B) | | $ | 11,000,000 | | | | 11,000,000 | |
Deutsche Bank | | | | | | | | |
0.100%, dated 10/31/14, to be repurchased on 11/03/14, repurchase price $1,404,084 (collateralized by U.S. Treasury Notes, par value $1,467,536, 1.125%, 12/31/19 with a total market value of $1,426,376)(B) | | | 1,404,072 | | | | 1,404,072 | |
TOTAL REPURCHASE AGREEMENTS | | | | | | | | |
(Cost $12,404,072) | | | | | | | 12,404,072 | |
The accompanying notes are an integral part of the financial statements.
Schedule of Investments | October 31, 2014 |
Global X Guru™ Index ETF
| | Face Amount | | | Value | |
TIME DEPOSIT — 0.2% | | | | | | | | |
Brown Brothers Harriman, 0.030%, 11/03/14 | | | | | | | | |
(Cost $691,788) | | $ | 691,788 | | | $ | 691,788 | |
TOTAL INVESTMENTS — 102.9% | | | | | | | | |
(Cost $430,687,944) | | | | | | $ | 449,121,254 | |
Percentages are based on Net Assets of $436,586,036.
* | Non-income producing security. |
(A) | This security or a partial position of this security is on loan at October 31, 2014. The total value of securities on loan at October 31, 2014 was $11,827,315. |
(B) | These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2014 was $12,404,072. |
ADR — American Depositary Receipt |
Cl — Class |
Ser — Series |
The following is a summary of the inputs used as of October 31, 2014, in valuing the Fund's investments carried at value:
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stock | | $ | 420,843,463 | | | $ | — | | | $ | — | | | $ | 420,843,463 | |
Master Limited Partnerships | | | 15,181,931 | | | | — | | | | — | | | | 15,181,931 | |
Repurchase Agreements | | | — | | | | 12,404,072 | | | | — | | | | 12,404,072 | |
Time Deposit | | | — | | | | 691,788 | | | | — | | | | 691,788 | |
Total Investments in Securities | | $ | 436,025,394 | | | $ | 13,095,860 | | | $ | — | | | $ | 449,121,254 | |
For the year ended October 31, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
As of October 31, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.
Schedule of Investments | October 31, 2014 |
Global X Guru™ International Index ETF
Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.
| | Shares | | | Value | |
COMMON STOCK — 100.0% | | | | | | | | |
ARGENTINA— 2.3% | | | | | | | | |
Oil & Gas — 2.3% | | | | | | | | |
YPF ADR | | | 1,506 | | | $ | 52,966 | |
BELGIUM— 2.1% | | | | | | | | |
Consumer Goods — 2.1% | | | | | | | | |
Anheuser-Busch InBev ADR | | | 439 | | | | 48,720 | |
BRAZIL— 9.6% | | | | | | | | |
Consumer Goods — 4.0% | | | | | | | | |
AMBEV ADR | | | 6,714 | | | | 44,849 | |
BRF ADR | | | 1,911 | | | | 49,782 | |
| | | | | | | 94,631 | |
Financials — 3.6% | | | | | | | | |
Banco Bradesco ADR | | | 2,912 | | | | 43,622 | |
Banco Santander Brasil ADR | | | 7,225 | | | | 39,593 | |
| | | | | | | 83,215 | |
Industrials — 2.0% | | | | | | | | |
Embraer ADR | | | 1,224 | | | | 47,295 | |
TOTAL BRAZIL | | | | | | | 225,141 | |
CANADA— 15.7% | | | | | | | | |
Basic Materials — 1.3% | | | | | | | | |
Barrick Gold | | | 2,589 | | | | 30,731 | |
Consumer Goods — 2.1% | | | | | | | | |
Gildan Activewear, Cl A | | | 839 | | | | 50,030 | |
Consumer Services — 2.3% | | | | | | | | |
IMAX * | | | 1,795 | | | | 52,881 | |
Financials — 4.0% | | | | | | | | |
Brookfield Asset Management, Cl A | | | 1,011 | | | | 49,509 | |
Toronto-Dominion Bank | | | 924 | | | | 45,516 | |
| | | | | | | 95,025 | |
The accompanying notes are an integral part of the financial statements.
Schedule of Investments | October 31, 2014 |
Global X Guru™ International Index ETF
| | Shares | | | Value | |
COMMON STOCK — continued | | | | | | | | |
Industrials — 2.2% | | | | | | | | |
Canadian Pacific Railway | | | 242 | | | $ | 50,258 | |
Oil & Gas — 1.7% | | | | | | | | |
Canadian Natural Resources | | | 1,153 | | | | 40,217 | |
Technology — 2.1% | | | | | | | | |
BlackBerry * | | | 4,771 | | | | 50,095 | |
TOTAL CANADA | | | | | | | 369,237 | |
CHINA— 7.8% | | | | | | | | |
Consumer Services — 2.2% | | | | | | | | |
Vipshop Holdings ADR * | | | 225 | | | | 51,590 | |
Health Care — 1.9% | | | | | | | | |
Mindray Medical International ADR | | | 1,512 | | | | 44,060 | |
Technology — 3.7% | | | | | | | | |
21Vianet Group ADR * | | | 1,622 | | | | 33,932 | |
Baidu ADR * | | | 221 | | | | 52,768 | |
| | | | | | | 86,700 | |
TOTAL CHINA | | | | | | | 182,350 | |
COLOMBIA— 1.8% | | | | | | | | |
Financials — 1.8% | | | | | | | | |
BanColombia ADR | | | 761 | | | | 43,050 | |
FINLAND— 2.1% | | | | | | | | |
Technology — 2.1% | | | | | | | | |
Nokia ADR | | | 5,963 | | | | 49,314 | |
HONG KONG— 1.9% | | | | | | | | |
Consumer Services — 1.9% | | | | | | | | |
Melco Crown Entertainment ADR | | | 1,653 | | | | 44,862 | |
INDIA— 2.4% | | | | | | | | |
Technology — 2.4% | | | | | | | | |
Infosys ADR | | | 829 | | | | 55,427 | |
ISRAEL— 6.6% | | | | | | | | |
Health Care — 2.2% | | | | | | | | |
Teva Pharmaceutical Industries ADR | | | 915 | | | | 51,670 | |
Technology — 4.4% | | | | | | | | |
Check Point Software Technologies * | | | 713 | | | | 52,940 | |
Mellanox Technologies * | | | 1,141 | | | | 51,106 | |
| | | | | | | 104,046 | |
TOTAL ISRAEL | | | | | | | 155,716 | |
LUXEMBOURG— 1.7% | | | | | | | | |
Financials — 1.7% | | | | | | | | |
Altisource Portfolio Solutions * | | | 546 | | | | 40,764 | |
The accompanying notes are an integral part of the financial statements.
Schedule of Investments | October 31, 2014 |
Global X Guru™ International Index ETF
| | Shares | | | Value | |
COMMON STOCK — continued | | | | | | | | |
MEXICO— 4.1% | | | | | | | | |
Industrials — 2.0% | | | | | | | | |
Cemex ADR * | | | 3,767 | | | $ | 46,334 | |
Telecommunications — 2.1% | | | | | | | | |
America Movil ADR, Ser L, Cl L | | | 2,043 | | | | 49,870 | |
TOTAL MEXICO | | | | | | | 96,204 | |
NETHERLANDS— 11.7% | | | | | | | | |
Industrials — 5.5% | | | | | | | | |
AerCap Holdings * | | | 985 | | | | 42,690 | |
Chicago Bridge & Iron | | | 777 | | | | 42,455 | |
Koninklijke Philips | | | 1,600 | | | | 44,704 | |
| | | | | | | 129,849 | |
Oil & Gas — 1.9% | | | | | | | | |
Royal Dutch Shell ADR, Cl A | | | 605 | | | | 43,433 | |
Technology — 4.3% | | | | | | | | |
InterXion Holding * | | | 1,767 | | | | 48,310 | |
NXP Semiconductor * | | | 755 | | | | 51,838 | |
| | | | | | | 100,148 | |
TOTAL NETHERLANDS | | | | | | | 273,430 | |
NORWAY— 1.8% | | | | | | | | |
Oil & Gas — 1.8% | | | | | | | | |
Golar LNG | | | 744 | | | | 41,746 | |
PANAMA— 1.9% | | | | | | | | |
Consumer Services — 1.9% | | | | | | | | |
Copa Holdings, Cl A | | | 378 | | | | 44,196 | |
SINGAPORE— 2.3% | | | | | | | | |
Technology — 2.3% | | | | | | | | |
Avago Technologies, Cl A | | | 635 | | | | 54,769 | |
SOUTH AFRICA— 1.0% | | | | | | | | |
Basic Materials — 1.0% | | | | | | | | |
AngloGold Ashanti ADR | | | 2,807 | | | | 23,214 | |
SOUTH KOREA— 2.0% | | | | | | | | |
Telecommunications — 2.0% | | | | | | | | |
SK Telecom ADR | | | 1,651 | | | | 45,881 | |
SWITZERLAND— 2.0% | | | | | | | | |
Financials — 2.0% | | | | | | | | |
UBS | | | 2,747 | | | | 47,743 | |
TAIWAN— 2.2% | | | | | | | | |
Technology — 2.2% | | | | | | | | |
Taiwan Semiconductor Manufacturing ADR | | | 2,326 | | | | 51,219 | |
The accompanying notes are an integral part of the financial statements.

Schedule of Investments | October 31, 2014 |
Global X Guru™ International Index ETF
| | Shares | | | Value | |
COMMON STOCK — continued | | | | | | | | |
UNITED KINGDOM— 4.0% | | | | | | | | |
Health Care — 2.1% | | | | | | | | |
AstraZeneca ADR | | | 683 | | | $ | 49,818 | |
Oil & Gas — 1.9% | | | | | | | | |
BP ADR | | | 1,016 | | | | 44,155 | |
TOTAL UNITED KINGDOM | | | | | | | 93,973 | |
UNITED STATES— 13.0% | | | | | | | | |
Consumer Services — 1.9% | | | | | | | | |
TAL Education Group ADR * | | | 1,402 | | | | 44,528 | |
Health Care — 6.9% | | | | | | | | |
Grifols ADR | | | 1,280 | | | | 45,299 | |
Novadaq Technologies * | | | 3,402 | | | | 53,139 | |
Tornier * | | | 2,273 | | | | 63,531 | |
| | | | | | | 161,969 | |
Oil & Gas — 1.9% | | | | | | | | |
Kosmos Energy * | | | 4,848 | | | | 45,232 | |
Telecommunications — 2.3% | | | | | | | | |
Intelsat * | | | 2,714 | | | | 52,814 | |
TOTAL UNITED STATES | | | | | | | 304,543 | |
TOTAL COMMON STOCK | | | | | | | | |
(Cost $2,315,798) | | | | | | | 2,344,465 | |
TOTAL INVESTMENTS — 100.0% | | | | | | | | |
(Cost $2,315,798) | | | | | | $ | 2,344,465 | |
Percentages are based on Net Assets of $2,343,413.
* | Non-income producing security. |
ADR — American Depositary Receipt |
Cl — Class |
Ser — Series |
As of October 31, 2014, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP.
For the period ended October 31, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
As of October 31, 2014, there were no Level 2 or Level 3 investments.
The accompanying notes are an integral part of the financial statements.
Schedule of Investments | October 31, 2014 |
Global X Guru™ Small Cap Index ETF
Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.
| | Shares | | | Value | |
COMMON STOCK — 95.3% | | | | | | | | |
ARGENTINA—1.2% | | | | | | | | |
Financials — 1.2% | | | | | | | | |
Banco Macro ADR | | | 634 | | | $ | 26,780 | |
AUSTRALIA— 0.8% | | | | | | | | |
Basic Materials — 0.8% | | | | | | | | |
Tronox, Cl A | | | 743 | | | | 17,966 | |
CANADA— 3.0% | | | | | | | | |
Basic Materials — 0.7% | | | | | | | | |
Pretium Resources * | | | 3,141 | | | | 14,323 | |
Consumer Services — 1.1% | | | | | | | | |
IMAX * | | | 813 | | | | 23,951 | |
Industrials — 1.2% | | | | | | | | |
Progressive Waste Solutions | | | 879 | | | | 25,693 | |
TOTAL CANADA | | | | | | | 63,967 | |
CHINA—1.9% | | | | | | | | |
Health Care — 0.9% | | | | | | | | |
Mindray Medical International ADR | | | 673 | | | | 19,611 | |
Technology — 1.0% | | | | | | | | |
YY ADR * | | | 254 | | | | 21,046 | |
TOTAL CHINA | | | | | | | 40,657 | |
FRANCE— 0.9% | | | | | | | | |
Health Care — 0.9% | | | | | | | | |
Flamel Technologies ADR * | | | 1,504 | | | | 18,349 | |
GREECE— 0.9% | | | | | | | | |
Industrials — 0.9% | | | | | | | | |
StealthGas * | | | 2,213 | | | | 18,589 | |
The accompanying notes are an integral part of the financial statements.
Schedule of Investments | October 31, 2014 |
Global X Guru™ Small Cap Index ETF
| | Shares | | | Value | |
COMMON STOCK — continued | | | | | | | | |
IRELAND— 1.3% | | | | | | | | |
Health Care — 1.3% | | | | | | | | |
Horizon Pharma * | | | 2,227 | | | $ | 28,817 | |
ISRAEL— 1.1% | | | | | | | | |
Technology — 1.1% | | | | | | | | |
RADWARE * | | | 1,296 | | | | 24,611 | |
LUXEMBOURG— 0.9% | | | | | | | | |
Financials — 0.9% | | | | | | | | |
Altisource Portfolio Solutions * | | | 247 | | | | 18,441 | |
NETHERLANDS— 1.0% | | | | | | | | |
Technology — 1.0% | | | | | | | | |
InterXion Holding * | | | 804 | | | | 21,981 | |
UNITED STATES— 82.3% | | | | | | | | |
Basic Materials — 3.7% | | | | | | | | |
Alpha Natural Resources * | | | 5,517 | | | | 10,813 | |
Flotek Industries * | | | 773 | | | | 17,130 | |
Mercer International * | | | 2,187 | | | | 27,512 | |
Resolute Forest Products * | | | 1,283 | | | | 23,813 | |
| | | | | | | 79,268 | |
Consumer Goods — 12.5% | | | | | | | | |
American Axle & Manufacturing Holdings * | | | 1,206 | | | | 23,312 | |
Chico's FAS | | | 1,405 | | | | 21,187 | |
Cooper-Standard Holding * | | | 330 | | | | 18,012 | |
Cooper Tire & Rubber | | | 729 | | | | 23,481 | |
Famous Dave's of America * | | | 852 | | | | 22,211 | |
Federal-Mogul Holdings * | | | 1,289 | | | | 20,121 | |
Lands' End * | | | 621 | | | | 29,479 | |
Libbey * | | | 810 | | | | 23,288 | |
MDC Holdings | | | 744 | | | | 18,168 | |
Ryland Group | | | 570 | | | | 20,412 | |
Take-Two Interactive Software * | | | 994 | | | | 26,291 | |
Watsco | | | 235 | | | | 23,881 | |
| | | | | | | 269,843 | |
Consumer Services — 13.3% | | | | | | | | |
Children's Place Retail Stores | | | 445 | | | | 21,916 | |
Houghton Mifflin Harcourt * | | | 1,149 | | | | 22,991 | |
ITT Educational Services * | | | 2,484 | | | | 25,113 | |
Life Time Fitness * | | | 542 | | | | 30,227 | |
Meritage Homes * | | | 522 | | | | 19,204 | |
Office Depot * | | | 4,202 | | | | 21,935 | |
The accompanying notes are an integral part of the financial statements.
Schedule of Investments | October 31, 2014 |
Global X Guru™ Small Cap Index ETF
| | Shares | | | Value | |
COMMON STOCK — continued | | | | | | | | |
Consumer Services — continued | | | | | | | | |
Pinnacle Entertainment * | | | 885 | | | $ | 22,683 | |
Sears Hometown and Outlet Stores * | | | 1,120 | | | | 16,845 | |
Sinclair Broadcast Group, Cl A | | | 746 | | | | 21,671 | |
Sotheby's | | | 550 | | | | 21,813 | |
TAL Education Group ADR * | | | 635 | | | | 20,168 | |
Tile Shop Holdings * | | | 1,913 | | | | 16,471 | |
Vail Resorts | | | 286 | | | | 24,699 | |
| | | | | | | 285,736 | |
Financials — 10.1% | | | | | | | | |
Ambac Financial Group * | | | 881 | | | | 20,157 | |
Enstar Group * | | | 151 | | | | 22,359 | |
Harbinger Group * | | | 1,732 | | | | 22,758 | |
Home Loan Servicing Solutions | | | 1,021 | | | | 19,613 | |
MBIA * | | | 2,134 | | | | 20,828 | |
MGIC Investment * | | | 2,678 | | | | 23,888 | |
Nationstar Mortgage Holdings * | | | 696 | | | | 24,443 | |
PennyMac Financial Services, Cl A * | | | 1,430 | | | | 23,824 | |
St. Joe * | | | 1,031 | | | | 19,744 | |
Walter Investment Management * | | | 868 | | | | 19,721 | |
| | | | | | | 217,335 | |
Health Care — 7.1% | | | | | | | | |
Alere * | | | 631 | | | | 25,221 | |
Depomed * | | | 1,489 | | | | 22,931 | |
Hill-Rom Holdings | | | 507 | | | | 22,552 | |
Keryx Biopharmaceuticals * | | | 1,357 | | | | 22,865 | |
Medicines * | | | 847 | | | | 21,446 | |
Theravance | | | 965 | | | | 15,459 | |
Vanda Pharmaceuticals * | | | 1,784 | | | | 21,426 | |
| | | | | | | 151,900 | |
Industrials — 9.7% | | | | | | | | |
Con-way | | | 431 | | | | 18,692 | |
Dycom Industries * | | | 749 | | | | 23,511 | |
EnPro Industries * | | | 330 | | | | 21,295 | |
GATX | | | 330 | | | | 20,922 | |
MasTec * | | | 750 | | | | 21,480 | |
Nortek * | | | 259 | | | | 21,569 | |
Quad | | | 1,017 | | | | 22,425 | |
Scorpio Bulkers * | | | 2,694 | | | | 13,174 | |
Swift Transportation, Cl A * | | | 1,038 | | | | 25,639 | |
YRC Worldwide * | | | 972 | | | | 20,840 | |
| | | | | | | 209,547 | |
Oil & Gas — 8.3% | | | | | | | | |
Carrizo Oil & Gas * | | | 376 | | | | 19,530 | |
DHT Holdings | | | 3,029 | | | | 20,173 | |
The accompanying notes are an integral part of the financial statements.
Schedule of Investments | October 31, 2014 |
Global X Guru™ Small Cap Index ETF
| | Shares | | | Value | |
COMMON STOCK — continued | | | | | | | | |
Oil & Gas — continued | | | | | | | | |
Enbridge Energy Management | | | 619 | | | $ | 21,993 | |
Exterran Holdings | | | 505 | | | | 19,862 | |
Magnum Hunter Resources * | | | 3,312 | | | | 15,368 | |
MRC Global * | | | 881 | | | | 18,527 | |
Sanchez Energy * | | | 660 | | | | 11,266 | |
SandRidge Energy * | | | 4,247 | | | | 16,563 | |
Scorpio Tankers | | | 2,244 | | | | 19,590 | |
Stone Energy * | | | 648 | | | | 15,876 | |
| | | | | | | 178,748 | |
Real Estate Invesment Trust — 1.0% | | | | | | | | |
Empire State Realty Trust, Cl A | | | 1,321 | | | | 21,083 | |
Technology — 10.6% | | | | | | | | |
CACI International, Cl A * | | | 312 | | | | 25,675 | |
Eastman Kodak * | | | 989 | | | | 21,333 | |
Entegris * | | | 1,842 | | | | 25,014 | |
Immersion * | | | 2,050 | | | | 17,261 | |
InterDigital | | | 501 | | | | 24,765 | |
OSI Systems * | | | 325 | | | | 23,036 | |
Synaptics * | | | 273 | | | | 18,681 | |
Tableau Software, Cl A * | | | 366 | | | | 30,228 | |
Universal Display * | | | 656 | | | | 20,520 | |
Veeco Instruments * | | | 607 | | | | 21,846 | |
| | | | | | | 228,359 | |
Telecommunications — 5.0% | | | | | | | | |
DigitalGlobe * | | | 735 | | | | 21,014 | |
Intelsat * | | | 1,229 | | | | 23,916 | |
Leap Wireless *(A)(B) | | | 856 | | | | 2,157 | |
Marin Software * | | | 2,577 | | | | 23,064 | |
VASCO Data Security International * | | | 1,523 | | | | 38,563 | |
| | | | | | | 108,714 | |
Utilities — 1.0% | | | | | | | | |
Dynegy * | | | 741 | | | | 22,601 | |
TOTAL UNITED STATES | | | | | | | 1,773,134 | |
TOTAL COMMON STOCK | | | | | | | | |
(Cost $2,131,262) | | | | | | | 2,053,292 | |
| | | | | | | | |
MASTER LIMITED PARTNERSHIPS — 4.6% | | | | | | | | |
UNITED STATES— 4.6% | | | | | | | | |
Financials — 0.8% | | | | | | | | |
Och-Ziff Capital Management Group, Cl A | | | 1,599 | | | | 17,621 | |
Oil & Gas — 3.8% | | | | | | | | |
Atlas Energy | | | 498 | | | | 18,690 | |
Golar LNG Partners | | | 586 | | | | 21,207 | |
Rose Rock Midstream | | | 388 | | | | 21,325 | |
The accompanying notes are an integral part of the financial statements.
Schedule of Investments | October 31, 2014 |
Global X Guru™ Small Cap Index ETF
| | Shares/Face Amount | | | Value | |
MASTER LIMITED PARTNERSHIPS — continued | | | | | | | | |
Oil & Gas — continued | | | | | | | | |
Summit Midstream Partners | | | 422 | | | $ | 19,830 | |
| | | | | | | 81,052 | |
TOTAL MASTER LIMITED PARTNERSHIPS | | | | | | | | |
(Cost $102,769) | | | | | | | 98,673 | |
| | | | | | | | |
TIME DEPOSIT — 0.1% | | | | | | | | |
Brown Brothers Harriman, 0.030%, 11/03/14 | | | | | | | | |
(Cost $3,483) | | $ | 3,483 | | | | 3,483 | |
TOTAL INVESTMENTS — 100.0% | | | | | | | | |
(Cost $2,237,514) | | | | | | $ | 2,155,448 | |
Percentages are based on Net Assets of $2,154,599.
* | Non-income producing security. |
(A) | Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31, 2014 was $2,157 and represents 0.1% of Net Assets. |
(B) | Security considered illiquid. The total value of such security as of October 31, 2014 was $2,157 and represented 0.1% of Net Assets. |
ADR — American Depositary Receipt |
Cl — Class |
The following is a summary of the inputs used as of October 31, 2014, in valuing the Fund's investments carried at value:
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3(a) | | | Total | |
Common Stock | | $ | 2,051,135 | | | $ | — | | | $ | 2,157 | | | $ | 2,053,292 | |
Master Limited Partnerships | | | 98,673 | | | | — | | | | — | | | | 98,673 | |
Time Deposit | | | — | | | | 3,483 | | | | — | | | | 3,483 | |
Total Investments in Securities | | $ | 2,149,808 | | | $ | 3,483 | | | $ | 2,157 | | | $ | 2,155,448 | |
(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 October 31, 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.
Schedule of Investments | October 31, 2014 |
Global X SuperIncome™ Preferred ETF
Sector Weightings (unaudited)†:

† 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 7 in the Notes to Financial Statements for more detailed information.
| | Shares | | | Value | |
PREFERRED STOCK — 99.9% | | | | | | | | |
UNITED STATES— 99.9% | | | | | | | | |
Basic Materials — 8.1% | | | | | | | | |
ArcelorMittal, 6.000% | | | 404,281 | | | $ | 8,287,761 | |
Cliffs Natural Resources, Ser A, 7.000% (A) | | | 218,991 | | | | 2,299,405 | |
NuStar Logistics, 7.625%(B) | | | 98,850 | | | | 2,633,364 | |
| | | | | | | 13,220,530 | |
Consumer Goods — 3.5% | | | | | | | | |
CHS, Ser 2, 7.100%(B) | | | 100,285 | | | | 2,693,655 | |
CHS, Ser 3, 6.750%(B) | | | 117,621 | | | | 2,961,697 | |
| | | | | | | 5,655,352 | |
Financials — 72.3% | | | | | | | | |
Aegon, 8.000% | | | 127,180 | | | | 3,620,815 | |
Ally Financial, Ser A, 8.500%(B) | | | 83,894 | | | | 2,221,513 | |
Aviva, 8.250% | | | 96,992 | | | | 2,717,716 | |
Barclays Bank, Ser 3, 7.100% | | | 83,494 | | | | 2,135,777 | |
Barclays Bank, Ser 4, 7.750% | | | 69,817 | | | | 1,792,202 | |
Barclays Bank, Ser 5, 8.125% | | | 161,772 | | | | 4,175,335 | |
Capital One Financial, Ser C, 6.250% | | | 118,987 | | | | 2,896,144 | |
Citigroup, Ser J, 7.125%(B) | | | 77,784 | | | | 2,104,835 | |
Citigroup, Ser L, 6.875%(A) | | | 39,302 | | | | 1,002,594 | |
Citigroup Capital XIII, 7.875%(B) | | | 186,048 | | | | 4,952,598 | |
Deutsche Bank Contingent Capital Trust III, 7.600% | | | 171,943 | | | | 4,712,957 | |
Deutsche Bank Contingent Capital Trust V, 8.050%(A) | | | 120,410 | | | | 3,391,950 | |
First Niagara Financial Group, Ser B, 8.625%(B) | | | 84,880 | | | | 2,368,152 | |
GMAC Capital Trust I, Ser 2, 8.125%(B) | | | 219,060 | | | | 5,855,474 | |
Hartford Financial Services Group, 7.875%(B) | | | 145,013 | | | | 4,390,994 | |
HSBC Holdings, 8.125% | | | 112,870 | | | | 2,966,224 | |
HSBC Holdings, Ser 2, 8.000%(A) | | | 195,049 | | | | 5,227,313 | |
ING Groep, 7.375% | | | 183,633 | | | | 4,682,641 | |
ING Groep, 7.200% | | | 132,736 | | | | 3,398,041 | |
JPMorgan Chase, Ser T, 6.700% | | | 118,629 | | | | 3,052,324 | |
JPMorgan Chase Capital XXIX, Ser CC, 6.700% | | | 194,444 | | | | 5,001,100 | |
KKR Financial Holdings, Ser A, 7.375% | | | 89,617 | | | | 2,330,042 | |
The accompanying notes are an integral part of the financial statements.
Schedule of Investments | October 31, 2014 |
Global X SuperIncome™ Preferred ETF
| | Shares/Face Amount | | | Value | |
PREFERRED STOCK — continued | | | | | | | | |
Lloyds Banking Group, 7.750% | | | 208,960 | | | $ | 5,483,110 | |
Merrill Lynch Capital Trust III, 7.375%(A) | | | 100,696 | | | | 2,594,936 | |
Merrill Lynch Preferred Capital Trust III, 7.000% | | | 100,528 | | | | 2,576,533 | |
Merrill Lynch Preferred Capital Trust V, Ser F, 7.280% | | | 113,954 | | | | 2,933,176 | |
Morgan Stanley, Ser E, 7.125%(B) | | | 120,536 | | | | 3,285,811 | |
Morgan Stanley, Ser F, 6.875%(B) | | | 118,573 | | | | 3,144,556 | |
Morgan Stanley, Ser G, 6.625% | | | 69,412 | | | | 1,768,618 | |
PartnerRe, Ser E, 7.250% | | | 89,846 | | | | 2,459,983 | |
Raymond James Financial, 6.900% | | | 82,345 | | | | 2,223,315 | |
Royal Bank of Scotland Group, Ser Q, 6.750% | | | 67,730 | | | | 1,702,732 | |
Royal Bank of Scotland Group, Ser S, 6.600% | | | 86,526 | | | | 2,147,575 | |
Royal Bank of Scotland Group, Ser T, 7.250% | | | 168,447 | | | | 4,270,132 | |
Wells Fargo, Ser J, 8.000% | | | 279,621 | | | | 8,212,469 | |
| | | | | | | 117,799,687 | |
Real Estate Investment Trusts — 10.9% | | | | | | | | |
American Realty Capital Properties, Ser F, 6.700% | | | 261,928 | | | | 5,767,654 | |
Annaly Capital Management, Ser D, 7.500% | | | 110,715 | | | | 2,719,160 | |
Digital Realty Trust, Ser E, 7.375% | | | 86,570 | | | | 2,312,285 | |
Equity Commonwealth, Ser E, 7.250% | | | 66,549 | | | | 1,687,683 | |
Hatteras Financial, Ser A, 7.625% | | | 69,376 | | | | 1,619,236 | |
NorthStar Realty Finance, Ser B, 8.250%(A) | | | 84,771 | | | | 2,125,209 | |
NorthStar Realty Finance, Ser E, 8.750% | | | 60,218 | | | | 1,536,161 | |
| | | | | | | 17,767,388 | |
Telecommunications — 5.1% | | | | | | | | |
Qwest, 7.500% | | | 102,408 | | | | 2,734,293 | |
Qwest, Ser 51, 7.375% | | | 118,149 | | | | 3,116,771 | |
Qwest, Ser 52, 7.000%(A) | | | 94,014 | | | | 2,411,459 | |
| | | | | | | 8,262,523 | |
TOTAL PREFERRED STOCK | | | | | | | | |
(Cost $163,099,649) | | | | | | | 162,705,480 | |
| | | | | | | | |
REPURCHASE AGREEMENT — 3.3% | | | | | | | | |
Deutsche Bank | | | | | | | | |
0.100%, dated 10/31/14, to be repurchased on 11/03/14, repurchase price $5,416,045 (collateralized by U.S. Treasury Notes, par value $5,660,803, 1.125%, 12/31/19 with a total market value of $5,502,035)(C) | | | | | | | | |
(Cost $5,416,000) | | $ | 5,416,000 | | | | 5,416,000 | |
| | | | | | | | |
TOTAL INVESTMENTS — 103.2% | | | | | | | | |
(Cost $168,515,649) | | | | | | $ | 168,121,480 | |
Percentages are based on Net Assets of $162,874,705.
The accompanying notes are an integral part of the financial statements.
Schedule of Investments | October 31, 2014 |
Global X SuperIncome™ Preferred ETF
(A) | This security or a partial position of this security is on loan at October 31, 2014. The total value of securities on loan at October 31, 2014 was $5,261,009. |
(B) | Floating rate security - Rate disclosed is the rate in effect on October 31, 2014. |
(C) | These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2014 was $5,416,000. |
The following is a summary of the inputs used as of October 31, 2014, in valuing the Fund's investments carried at value:
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Preferred Stock | | $ | 162,705,480 | | | $ | — | | | $ | — | | | $ | 162,705,480 | |
Repurchase Agreement | | | — | | | | 5,416,000 | | | | — | | | | 5,416,000 | |
Total Investments in Securities | | $ | 162,705,480 | | | $ | 5,416,000 | | | $ | — | | | $ | 168,121,480 | |
For the period ended October 31, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
As of October 31, 2014, there were no Level 2 or Level 3 investments.
The accompanying notes are an integral part of the financial statements.
Statements of Assets and Liabilities
October 31, 2014
| | Global X SuperDividend® ETF | | | Global X SuperDividend® U.S. ETF | | | Global X Social Media Index ETF | | | Global X | JPMorgan Efficiente Index ETF | |
Assets: | | | | | | | | | | | | | | | | |
Cost of Investments | | $ | 1,002,354,223 | | | $ | 264,677,987 | | | $ | 137,268,577 | | | $ | 2,495,000 | |
Cost of Repurchase Agreements | | | 84,646,388 | | | | 31,745,100 | | | | 21,498,082 | | | | — | |
Cost of Foreign Currency | | | 70,777 | | | | — | | | | 65,063 | | | | — | |
Investments, at Value | | $ | 1,034,595,492 | * | | $ | 275,759,105 | * | | $ | 126,462,219 | * | | $ | 2,549,463 | |
Repurchase Agreement, at Value | | | 84,646,388 | | | | 31,745,100 | | | | 21,498,082 | | | | — | |
Foreign Currency, at Value | | | 70,796 | | | | — | | | | 65,063 | | | | — | |
Receivable for Capital Shares Sold | | | 7,256,914 | | | | 29,528,047 | | | | — | | | | — | |
Dividend and Interest Receivable | | | 3,206,575 | | | | 983,017 | | | | 90,465 | | | | — | |
Reclaim Receivable | | | 197,019 | | | | 4,526 | | | | 4,966 | | | | — | |
Unrealized Appreciation on Spot Contracts | | | 719 | | | | — | | | | — | | | | — | |
Receivable for Investment Securities Sold | | | — | | | | — | | | | 8,119,519 | | | | — | |
Total Assets | | | 1,129,973,903 | | | | 338,019,795 | | | | 156,240,314 | | | | 2,549,463 | |
Liabilities: | | | | | | | | | | | | | | | | |
Obligation to Return Securities Lending Collateral | | | 84,646,388 | | | | 31,745,100 | | | | 21,498,082 | | | | — | |
Payable for Investment Securities Purchased | | | 7,246,199 | | | | 29,475,012 | | | | 8,254,677 | | | | — | |
Payable due to Investment Adviser | | | 505,269 | | | | 85,049 | | | | 69,740 | | | | 380 | |
Total Liabilities | | | 92,397,856 | | | | 61,305,161 | | | | 29,822,499 | | | | 380 | |
Net Assets | | $ | 1,037,576,047 | | | $ | 276,714,634 | | | $ | 126,417,815 | | | $ | 2,549,083 | |
Net Assets Consist of: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 1,007,787,535 | | | $ | 265,559,843 | | | $ | 144,761,732 | | | $ | 2,495,000 | |
Undistributed (Distributions in Excess of) Net Investment Income/(Accumulated Net Investment Loss) | | | (2,625,792 | ) | | | — | | | | (3,828 | ) | | | (380 | ) |
Accumulated Net Realized Gain (Loss) on Investments | | | 199,425 | | | | 73,673 | | | | (7,532,850 | ) | | | — | |
Net Unrealized Appreciation (Depreciation) on Investments | | | 32,241,269 | | | | 11,081,118 | | | | (10,806,358 | ) | | | 54,463 | |
Net Unrealized Depreciation on Foreign Currency Translations | | | (26,390 | ) | | | — | | | | (881 | ) | | | — | |
Net Assets | | $ | 1,037,576,047 | | | $ | 276,714,634 | | | $ | 126,417,815 | | | $ | 2,549,083 | |
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value) | | | 42,800,000 | | | | 9,350,000 | | | | 6,550,000 | | | | 100,000 | |
| | | | | | | | | | | | | | | | |
Net Asset Value, Offering and Redemption Price Per Share | | $ | 24.24 | | | $ | 29.60 | | | $ | 19.30 | | | $ | 25.49 | |
*Includes Market Value of Securities on Loan | | $ | 81,446,443 | | | $ | 31,033,584 | | | $ | 21,082,613 | | | $ | — | |
The accompanying notes are an integral part of the financial statements.
Statements of Assets and Liabilities
October 31, 2014
| | Global X | JPMorgan US Sector Rotator Index ETF | | | Global X Permanent ETF | | | Global X Guru™ Index ETF | | | Global X Guru™ International Index ETF | |
Assets: | | | | | | | | | | | | | | | | |
Cost of Investments | | $ | 2,506,204 | | | $ | 9,164,078 | | | $ | 418,283,872 | | | $ | 2,315,798 | |
Cost of Repurchase Agreements | | | — | | | | — | | | | 12,404,072 | | | | — | |
Investments, at Value | | $ | 2,541,456 | | | $ | 8,404,665 | | | $ | 436,717,182 | * | | $ | 2,344,465 | |
Repurchase Agreement, at Value | | | — | | | | — | | | | 12,404,072 | | | | — | |
Receivable for Investment Securities Sold | | | 1,609,676 | | | | — | | | | 2,632,074 | | | | — | |
Dividend and Interest Receivable | | | — | | | | 37,745 | | | | 146,998 | | | | 699 | |
Reclaim Receivable | | | — | | | | — | | | | — | | | | 333 | |
Total Assets | | | 4,151,132 | | | | 8,442,410 | | | | 451,900,326 | | | | 2,345,497 | |
Liabilities: | | | | | | | | | | | | | | | | |
Payable for Investment Securities Purchased | | | 1,609,434 | | | | — | | | | — | | | | — | |
Payable due to Investment Adviser | | | 381 | | | | 3,450 | | | | 280,182 | | | | — | |
Obligation to Return Securities Lending Collateral | | | — | | | | — | | | | 12,404,072 | | | | — | |
Payable for Capital Shares Redeemed | | | — | | | | — | | | | 2,630,036 | | | | — | |
Cash Overdraft | | | — | | | | — | | | | — | | | | 653 | |
Payable due to Administrator | | | — | | | | — | | | | — | | | | 1,431 | |
Total Liabilities | | | 1,609,815 | | | | 3,450 | | | | 15,314,290 | | | | 2,084 | |
Net Assets | | $ | 2,541,317 | | | $ | 8,438,960 | | | $ | 436,586,036 | | | $ | 2,343,413 | |
Net Assets Consist of: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 2,503,000 | | | $ | 9,522,178 | | | $ | 421,929,303 | | | $ | 2,334,438 | |
Undistributed Net Investment Income | | | — | | | | 90,545 | | | | 3,815,497 | | | | 10,465 | |
Accumulated Net Realized Gain (Loss) on Investments | | | 3,065 | | | | (414,350 | ) | | | (7,592,074 | ) | | | (30,157 | ) |
Net Unrealized Appreciation (Depreciation) on Investments | | | 35,252 | | | | (759,413 | ) | | | 18,433,310 | | | | 28,667 | |
Net Assets | | $ | 2,541,317 | | | $ | 8,438,960 | | | $ | 436,586,036 | | | $ | 2,343,413 | |
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value) | | | 100,000 | | | | 350,000 | | | | 16,600,000 | | | | 150,000 | |
| | | | | | | | | | | | | | | | |
Net Asset Value, Offering and Redemption Price Per Share | | $ | 25.41 | | | $ | 24.11 | | | $ | 26.30 | | | $ | 15.62 | |
*Includes Market Value of Securities on Loan | | $ | — | | | $ | — | | | $ | 11,827,315 | | | $ | — | |
The accompanying notes are an integral part of the financial statements.
Statements of Assets and Liabilities
October 31, 2014
| | Global X Guru™ Small Cap Index ETF | | | Global X SuperIncome™ Preferred ETF | |
Assets: | | | | | | | | |
Cost of Investments | | $ | 2,237,514 | | | $ | 163,099,649 | |
Cost of Repurchase Agreement | | | — | | | | 5,416,000 | |
Investments, at Value | | $ | 2,155,448 | | | $ | 162,705,480 | * |
Repurchase Agreement, at Value | | | — | | | | 5,416,000 | |
Dividend and Interest Receivable | | | 407 | | | | 346,102 | |
Reclaim Receivable | | | 36 | | | | — | |
Receivable for Capital Shares Sold | | | — | | | | 3,026,810 | |
Total Assets | | | 2,155,891 | | | | 171,494,392 | |
Liabilities: | | | | | | | | |
Payable due to Administrator | | | 1,292 | | | | — | |
Payable for Investment Securities Purchased | | | — | | | | 3,040,923 | |
Obligation to Return Securities Lending Collateral | | | — | | | | 5,416,000 | |
Payable due to Investment Adviser | | | — | | | | 75,750 | |
Cash Overdraft | | | — | | | | 87,014 | |
Total Liabilities | | | 1,292 | | | | 8,619,687 | |
Net Assets | | $ | 2,154,599 | | | $ | 162,874,705 | |
Net Assets Consist of: | | | | | | | | |
Paid-in Capital | | $ | 2,251,332 | | | $ | 165,321,362 | |
Undistributed Net Investment Income | | | — | | | | 314,426 | |
Accumulated Net Realized Loss on Investments | | | (14,667 | ) | | | (2,366,914 | ) |
Net Unrealized Depreciation on Investments | | | (82,066 | ) | | | (394,169 | ) |
Net Assets | | $ | 2,154,599 | | | $ | 162,874,705 | |
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value) | | | 150,000 | | | | 11,050,000 | |
| | | | | | | | |
Net Asset Value, Offering and Redemption Price Per Share | | $ | 14.36 | | | $ | 14.74 | |
*Includes Market Value of Securities on Loan | | $ | — | | | $ | 5,261,009 | |
The accompanying notes are an integral part of the financial statements.
Statements of Operations
For the year or period ended October 31, 2014
| | Global X SuperDividend® ETF | | | Global X SuperDividend® U.S. ETF | | | Global X Social Media Index ETF | | | Global X | JPMorgan Efficiente Index ETF(2) | | | Global X | JPMorgan US Sector Rotator Index ETF(2) | |
Investment Income: | | | | | | | | | | | | | | | | | | | | |
Dividend Income | | $ | 61,826,334 | | | $ | 7,292,826 | | | $ | 490,337 | | | $ | — | | | $ | — | |
Interest Income | | | 10,100 | | | | 93 | | | | 3,395 | | | | — | | | | — | |
Security Lending Income | | | 778,090 | | | | 91,329 | | | | 413,899 | | | | — | | | | — | |
Less: Foreign Taxes Withheld | | | (3,186,336 | ) | | | (6,790 | ) | | | (48,811 | ) | | | — | | | | — | |
Total Investment Income | | | 59,428,188 | | | | 7,377,458 | | | | 858,820 | | | | — | | | | — | |
Supervision and Administration Fees(1) | | | 5,477,435 | | | | 490,484 | | | | 871,531 | | | | 380 | | | | 381 | |
Total Expenses | | | 5,477,435 | | | | 490,484 | | | | 871,531 | | | | 380 | | | | 381 | |
Net Investment Income (Loss) | | | 53,950,753 | | | | 6,886,974 | | | | (12,711 | ) | | | (380 | ) | | | (381 | ) |
Net Realized Gain (Loss) on: | | | | | | | | | | | | | | | | | | | | |
Investments | | | 29,121,545 | (3) | | | 2,818,231 | (3) | | | 8,222,966 | (3) | | | — | | | | 3,446 | |
Foreign Currency Transactions | | | (365,825 | ) | | | — | | | | 8,882 | | | | — | | | | — | |
Net Realized Gain on Investments and Foreign Currency Transactions | | | 28,755,720 | | | | 2,818,231 | | | | 8,231,848 | | | | — | | | | 3,446 | |
Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | | | | | | | | | |
Investments | | | (20,352,466 | ) | | | 9,558,716 | | | | (13,398,705 | ) | | | 54,463 | | | | 35,252 | |
Foreign Currency Translations | | | (37,530 | ) | | | — | | | | 109 | | | | — | | | | — | |
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations | | | (20,389,996 | ) | | | 9,558,716 | | | | (13,398,596 | ) | | | 54,463 | | | | 35,252 | |
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations | | | 8,365,724 | | | | 12,376,947 | | | | (5,166,748 | ) | | | 54,463 | | | | 38,698 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | $ | 62,316,477 | | | $ | 19,263,921 | | | $ | (5,179,459 | ) | | $ | 54,083 | | | $ | 38,317 | |
| (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 October 22, 2014. |
| (3) | Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.) |
The accompanying notes are an integral part of the financial statements.
Statements of Operations
For the year or period ended October 31, 2014
| | Global X Permanent ETF | | | 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 | | $ | 74,046 | | | $ | 6,978,810 | | | $ | 21,452 | | | $ | 11,076 | | | $ | 7,433,263 | |
Interest Income | | | 104,375 | | | | 207 | | | | — | | | | 1 | | | | 141 | |
Security Lending Income | | | — | | | | 723,990 | | | | — | | | | — | | | | 47,287 | |
Less: Foreign Taxes Withheld | | | (621 | ) | | | (35,278 | ) | | | (2,171 | ) | | | (43 | ) | | | — | |
Total Investment Income | | | 177,800 | | | | 7,667,729 | | | | 19,281 | | | | 11,034 | | | | 7,480,691 | |
Supervision and Administration Fees(1) | | | 56,789 | | | | 3,525,454 | | | | 8,816 | | | | 10,274 | | | | 589,602 | |
Total Expenses | | | 56,789 | | | | 3,525,454 | | | | 8,816 | | | | 10,274 | | | | 589,602 | |
Net Investment Income | | | 121,011 | | | | 4,142,275 | | | | 10,465 | | | | 760 | | | | 6,891,089 | |
Net Realized Gain (Loss) on: | | | | | | | | | | | | | | | | | | | | |
Investments | | | (70,128 | )(3) | | | 30,193,967 | (3) | | | 36,258 | | | | (17,095 | ) | | | (483,511 | )(3) |
Foreign Currency Transactions | | | 118 | | | | — | | | | — | | | | — | | | | — | |
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | | | (70,010 | ) | | | 30,193,967 | | | | 36,258 | | | | (17,095 | ) | | | (483,511 | ) |
Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | | | | | | | | | |
Investments | | | 196,407 | | | | (2,560,775 | ) | | | 28,667 | | | | (82,066 | ) | | | (826,411 | ) |
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions | | | 196,407 | | | | (2,560,775 | ) | | | 28,667 | | | | (82,066 | ) | | | (826,411 | ) |
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions | | | 126,397 | | | | 27,633,192 | | | | 64,925 | | | | (99,161 | ) | | | (1,309,922 | ) |
Net Increase (Decrease) in Net Assets Resulting from Operations | | $ | 247,408 | | | $ | 31,775,467 | | | $ | 75,390 | | | $ | (98,401 | ) | | $ | 5,581,167 | |
| (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 gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.) |
The accompanying notes are an integral part of the financial statements.
Statements of Changes in Net Assets
| | Global X SuperDividend® ETF | | | Global X SuperDividend® U.S. ETF | |
| | Year Ended October 31, 2014 | | | Year Ended October 31, 2013 | | | Year Ended October 31, 2014 | | | Period Ended October 31, 2013(1) | |
Operations: | | | | | | | | | | | | | | | | |
Net Investment Income | | $ | 53,950,753 | | | $ | 29,155,457 | | | $ | 6,886,974 | | | $ | 1,450,539 | |
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | | | 28,755,720 | (2) | | | (14,284,101 | )(2) | | | 2,818,231 | (2) | | | (979,751 | ) |
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations | | | (20,389,996 | ) | | | 52,400,521 | | | | 9,558,716 | | | | 1,522,402 | |
Net Increase in Net Assets Resulting from Operations | | | 62,316,477 | | | | 67,271,877 | | | | 19,263,921 | | | | 1,993,190 | |
Dividends and Distributions from: | | | | | | | | | | | | | | | | |
Net Investment Income | | | (55,528,000 | ) | | | (35,106,732 | ) | | | (5,177,061 | ) | | | (1,333,281 | ) |
Return of Capital | | | — | | | | — | | | | (617,714 | ) | | | (145,569 | ) |
Total Dividends and Distributions | | | (55,528,000 | ) | | | (35,106,732 | ) | | | (5,794,775 | ) | | | (1,478,850 | ) |
Capital Share Transactions: | | | | | | | | | | | | | | | | |
Issued | | | 304,468,290 | | | | 586,001,500 | | | | 227,401,148 | | | | 51,365,000 | |
Redeemed | | | (48,918,715 | ) | | | (5,757,000 | ) | | | (16,035,000 | ) | | | — | |
Increase in Net Assets from Capital Share Transactions | | | 255,549,575 | | | | 580,244,500 | | | | 211,366,148 | | | | 51,365,000 | |
Total Increase in Net Assets | | | 262,338,052 | | | | 612,409,645 | | | | 224,835,294 | | | | 51,879,340 | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of Year/Period | | | 775,237,995 | | | | 162,828,350 | | | | 51,879,340 | | | | — | |
End of Year/Period | | $ | 1,037,576,047 | | | $ | 775,237,995 | | | $ | 276,714,634 | | | $ | 51,879,340 | |
Undistributed (Distributions in Excess of) Net Investment Income | | $ | (2,625,792 | ) | | $ | (4,150,471 | ) | | $ | — | | | $ | (148,344 | ) |
Share Transactions: | | | | | | | | | | | | | | | | |
Issued | | | 12,250,000 | | | | 25,450,000 | | | | 7,950,000 | | | | 2,000,000 | |
Redeemed | | | (2,100,000 | ) | | | (250,000 | ) | | | (600,000 | ) | | | — | |
Net Increase in Shares Outstanding from Share Transactions | | | 10,150,000 | | | | 25,200,000 | | | | 7,350,000 | | | | 2,000,000 | |
(1) The Fund commenced operations on March 11, 2013.
(2) Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.)
The accompanying notes are an integral part of the financial statements.
Statements of Changes in Net Assets
| | Global X Social Media Index ETF | | | Global X | JPMorgan Efficiente Index ETF | | | Global X | JPMorgan US Sector Rotator Index ETF | |
| | Year Ended October 31, 2014 | | | Year Ended October 31, 2013 | | | Period Ended October 31, 2014(1) | | | Period Ended October 31, 2014(1) | |
Operations: | | | | | | | | | | | | | | | | |
Net Investment Loss | | $ | (12,711 | ) | | $ | (1,263 | ) | | $ | (380 | ) | | $ | (381 | ) |
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | | | 8,231,848 | (2) | | | (263,977 | )(2) | | | — | | | | 3,446 | |
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations | | | (13,398,596 | ) | | | 4,168,340 | | | | 54,463 | | | | 35,252 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | (5,179,459 | ) | | | 3,903,100 | | | | 54,083 | | | | 38,317 | |
Dividends and Distributions from: | | | | | | | | | | | | | | | | |
Net Investment Income | | | (1,764 | ) | | | (98,361 | ) | | | — | | | | — | |
Total Dividends and Distributions | | | (1,764 | ) | | | (98,361 | ) | | | — | | | | — | |
Capital Share Transactions: | | | | | | | | | | | | | | | | |
Issued | | | 104,020,692 | | | | 84,127,501 | | | | 2,495,000 | | | | 2,503,000 | |
Redeemed | | | (68,369,208 | ) | | | (5,456,000 | ) | | | — | | | | — | |
Increase in Net Assets from Capital Share Transactions | | | 35,651,484 | | | | 78,671,501 | | | | 2,495,000 | | | | 2,503,000 | |
Total Increase in Net Assets | | | 30,470,261 | | | | 82,476,240 | | | | 2,549,083 | | | | 2,541,317 | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of Year/Period | | | 95,947,554 | | | | 13,471,314 | | | | — | | | | — | |
End of Year/Period | | $ | 126,417,815 | | | $ | 95,947,554 | | | $ | 2,549,083 | | | $ | 2,541,317 | |
Distributions in Excess of Net Investment Income/Accumulated Net Investment Loss | | $ | (3,828 | ) | | $ | (1,350 | ) | | $ | (380 | ) | | $ | — | |
Share Transactions: | | | | | | | | | | | | | | | | |
Issued | | | 5,100,000 | | | | 4,300,000 | | | | 100,000 | | | | 100,000 | |
Redeemed | | | (3,500,000 | ) | | | (400,000 | ) | | | — | | | | — | |
Net Increase in Shares Outstanding from Share Transactions | | | 1,600,000 | | | | 3,900,000 | | | | 100,000 | | | | 100,000 | |
| (1) | The Fund commenced operations on October 22, 2014. |
| (2) | Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.) |
The accompanying notes are an integral part of the financial statements.
Statements of Changes in Net Assets
| | Global X Permanent ETF | |
| | Year Ended October 31, 2014 | | | Period Ended October 31, 2013(1) | | | Year Ended June 30, 2013 | |
Operations: | | | | | | | | | | | | |
Net Investment Income | | $ | 121,011 | | | $ | 43,524 | | | $ | 165,982 | |
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions(2) | | | (70,010 | ) | | | 19,164 | | | | 54,577 | |
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations | | | 196,407 | | | | 528,051 | | | | (1,434,759 | ) |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 247,408 | | | | 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 | | | (7,176,640 | ) | | | (1,162,000 | ) | | | (16,138,000 | ) |
Increase (Decrease) in Net Assets from Capital Share Transactions | | | (6,019,640 | ) | | | (1,162,000 | ) | | | 1,517,500 | |
Total Increase (Decrease) in Net Assets | | | (6,037,631 | ) | | | (571,261 | ) | | | 188,785 | |
Net Assets: | | | | | | | | | | | | |
Beginning of Year/Period | | | 14,476,591 | | | | 15,047,852 | | | | 14,859,067 | |
End of Year/Period | | $ | 8,438,960 | | | $ | 14,476,591 | | | $ | 15,047,852 | |
Undistributed Net Investment Income | | $ | 90,545 | | | $ | 151,779 | | | $ | 62,178 | |
Share Transactions: | | | | | | | | | | | | |
Issued | | | 50,000 | | | | — | | | | 700,000 | |
Redeemed | | | (300,000 | ) | | | (50,000 | ) | | | (650,000 | ) |
Net Increase (Decrease) in Shares Outstanding from Share Transactions | | | (250,000 | ) | | | (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 gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.) |
The accompanying notes are an integral part of the financial statements.
Statements of Changes in Net Assets
| | Global X Guru™ Index ETF | |
| | Year Ended October 31, 2014 | | | Period Ended October 31, 2013(1) | | | Year Ended June 30, 2013 | |
Operations: | | | | | | | | | | | | |
Net Investment Income | | $ | 4,142,275 | | | $ | 45,129 | | | $ | 90,358 | |
Net Realized Gain on Investments and Foreign Currency Transactions | | | 30,193,967 | (2) | | | 80,579 | | | | 1,013,460 | (2) |
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations | | | (2,560,775 | ) | | | 19,607,750 | | | | 1,093,978 | |
Net Increase in Net Assets Resulting from Operations | | | 31,775,467 | | | | 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 | | | 568,526,986 | | | | 168,586,499 | | | | 59,344,500 | |
Redeemed | | | (404,301,007 | ) | | | — | | | | (14,244,000 | ) |
Increase in Net Assets from Capital Share Transactions | | | 164,225,979 | | | | 168,586,499 | | | | 45,100,500 | |
Total Increase in Net Assets | | | 195,526,529 | | | | 188,319,957 | | | | 47,200,266 | |
Net Assets: | | | | | | | | | | | | |
Beginning of Year/Period | | | 241,059,507 | | | | 52,739,550 | | | | 5,539,284 | |
End of Year/Period | | $ | 436,586,036 | | | $ | 241,059,507 | | | $ | 52,739,550 | |
Undistributed Net Investment Income | | $ | 3,815,497 | | | $ | 10,057 | | | $ | 10,056 | |
Share Transactions: | | | | | | | | | | | | |
Issued | | | 22,750,000 | | | | 7,500,000 | | | | 2,950,000 | |
Redeemed | | | (16,200,000 | ) | | | — | | | | (750,000 | ) |
Net Increase in Shares Outstanding from Share Transactions | | | 6,550,000 | | | | 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 gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.) |
The accompanying notes are an integral part of the financial statements.
Statements of Changes in Net Assets
| | Global X Guru™ International Index ETF | | | Global X Guru™ Small Cap Index ETF | |
| | Period Ended October 31, 2014(1) | | | Period Ended October 31, 2014(1) | |
Operations: | | | | | | | | |
Net Investment Income | | $ | 10,465 | | | $ | 760 | |
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | | | 36,258 | | | | (17,095 | ) |
Net Change in Unrealized Appreciation (Depreciation) on Investments | | | 28,667 | | | | (82,066 | ) |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 75,390 | | | | (98,401 | ) |
Capital Share Transactions: | | | | | | | | |
Issued | | | 3,080,523 | | | | 2,253,000 | |
Redeemed | | | (812,500 | ) | | | — | |
Increase in Net Assets from Capital Share Transactions | | | 2,268,023 | | | | 2,253,000 | |
Total Increase in Net Assets | | | 2,343,413 | | | | 2,154,599 | |
Net Assets: | | | | | | | | |
Beginning of Period | | | — | | | | — | |
End of Period | | $ | 2,343,413 | | | $ | 2,154,599 | |
Undistributed Net Investment Income | | $ | 10,465 | | | $ | — | |
Share Transactions: | | | | | | | | |
Issued | | | 200,000 | | | | 150,000 | |
Redeemed | | | (50,000 | ) | | | — | |
Net Increase in Shares Outstanding from Share Transactions | | | 150,000 | | | | 150,000 | |
| (1) | The Fund commenced operations on March 10, 2014. |
The accompanying notes are an integral part of the financial statements.
Statements of Changes in Net Assets
| | Global X SuperIncome™ Preferred ETF | |
| | Year Ended October 31, 2014 | | | Period Ended October 31, 2013(1) | | | Period Ended June 30, 2013(2) | |
Operations: | | | | | | | | | | | | |
Net Investment Income | | $ | 6,891,089 | | | $ | 1,017,923 | | | $ | 999,901 | |
Net Realized Loss on Investments and Foreign Currency Transactions | | | (483,511 | )(3) | | | (823,814 | ) | | | (173,657 | )(3) |
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations | | | (826,411 | ) | | | 1,490,613 | | | | (1,058,371 | ) |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 5,581,167 | | | | 1,684,722 | | | | (232,127 | ) |
Dividends and Distributions from: | | | | | | | | | | | | |
Net Investment Income | | | (6,808,392 | ) | | | (978,675 | ) | | | (796,414 | ) |
Net Realized Gains | | | — | | | | — | | | | (6,583 | ) |
Total Dividends and Distributions | | | (6,808,392 | ) | | | (978,675 | ) | | | (802,997 | ) |
Capital Share Transactions: | | | | | | | | | | | | |
Issued | | | 117,538,007 | | | | 24,089,500 | | | | 37,687,000 | |
Redeemed | | | (13,401,000 | ) | | | — | | | | (1,482,500 | ) |
Increase in Net Assets from Capital Share Transactions | | | 104,137,007 | | | | 24,089,500 | | | | 36,204,500 | |
Total Increase in Net Assets | | | 102,909,782 | | | | 24,795,547 | | | | 35,169,376 | |
Net Assets: | | | | | | | | | | | | |
Beginning of Year/Period | | | 59,964,923 | | | | 35,169,376 | | | | — | |
End of Year/Period | | $ | 162,874,705 | | | $ | 59,964,923 | | | $ | 35,169,376 | |
Undistributed Net Investment Income | | $ | 314,426 | | | $ | 228,167 | | | $ | 188,919 | |
Share Transactions: | | | | | | | | | | | | |
Issued | | | 7,900,000 | | | | 1,650,000 | | | | 2,500,000 | |
Redeemed | | | (900,000 | ) | | | — | | | | (100,000 | ) |
Net Increase in Shares Outstanding from Share Transactions | | | 7,000,000 | | | | 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 gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.) |
The accompanying notes are an integral part of the financial statements.
Financial Highlights
Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period
| | Net Asset Value, Beginning of Period ($) | | | Net Investment Income (Loss) ($)* | | | Net Realized and Unrealized Gain (Loss) on Investments ($) | | | Total from Operations ($) | | | Distribution from Net Investment Income ($) | | | Distribution from Capital Gains ($) | | | 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 | | | 23.74 | | | | 1.40 | | | | 0.56 | | | | 1.96 | | | | (1.46 | ) | | | — | | | | — | | | | (1.46 | ) | | | 24.24 | | | | 8.41 | | | | 1,037,576 | | | | 0.58 | | | | 5.71 | | | | 33.63 | |
2013 | | | 21.86 | | | | 1.34 | | | | 2.27 | | | | 3.61 | | | | (1.73 | ) | | | — | | | | — | | | | (1.73 | ) | | | 23.74 | | | | 17.34 | | | | 775,238 | | | | 0.58 | | | | 5.93 | | | | 43.64 | |
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 | | | 25.94 | | | | 1.78 | | | | 3.45 | | | | 5.23 | | | | (1.41 | ) | | | — | | | | (0.16 | ) | | | (1.57 | ) | | | 29.60 | | | | 20.80 | | | | 276,715 | | | | 0.45 | | | | 6.32 | | | | 40.04 | |
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 Social Media Index ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2014 | | | 19.38 | | | | — | | | | (0.08 | ) | | | (0.08 | ) | | | — | | | | — | | | | — | | | | — | | | | 19.30 | | | | (0.41 | ) | | | 126,418 | | | | 0.65 | | | | (0.01 | ) | | | 26.52 | |
2013 | | | 12.83 | | | | — | | | | 6.66 | | | | 6.66 | | | | (0.11 | ) | | | — | | | | — | | | | (0.11 | ) | | | 19.38 | | | | 52.34 | | | | 95,948 | | | | 0.65 | | | | (0.01 | ) | | | 55.96 | |
2012(3) | | | 14.93 | | | | 0.12 | | | | (2.22 | ) | | | (2.10 | ) | | | — | | | | — | | | | — | | | | — | | | | 12.83 | | | | (14.07 | ) | | | 13,471 | | | | 0.65 | † | | | 0.88 | † | | | 91.78 | |
Global X | JPMorgan Efficiente Index ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2014(4) | | | 24.95 | | | | — | | | | 0.54 | | | | 0.54 | | | | — | | | | — | | | | — | | | | — | | | | 25.49 | | | | 2.16 | | | | 2,549 | | | | 0.69 | † | | | (0.69 | )† | | | — | |
Global X | JPMorgan US Sector Rotator Index ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2014(4) | | | 25.03 | | | | — | | | | 0.38 | | | | 0.38 | | | | — | | | | — | | | | — | | | | — | | | | 25.41 | | | | 1.52 | | | | 2,541 | | | | 0.69 | † | | | (0.69 | )† | | | 63.35 | |
Global X Permanent ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2014 | | | 24.13 | | | | 0.24 | | | | 0.18 | | | | 0.42 | | | | (0.36 | ) | | | (0.08 | ) | | | — | | | | (0.44 | ) | | | 24.11 | | | | 1.84 | | | | 8,439 | | | | 0.48 | | | | 1.02 | | | | 24.63 | |
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 | ) | | | 15,048 | | | | 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 | | | 23.99 | | | | 0.22 | | | | 2.12 | | | | 2.34 | | | | (0.03 | ) | | | — | | | | — | | | | (0.03 | ) | | | 26.30 | | | | 9.76 | | | | 436,586 | | | | 0.75 | | | | 0.88 | | | | 128.37 | |
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) | | | 14.83 | | | | 0.09 | | | | 0.70 | | | | 0.79 | | | | — | | | | — | | | | — | | | | — | | | | 15.62 | | | | 5.33 | | | | 2,343 | | | | 0.75 | † | | | 0.89 | † | | | 62.71 | |
Global X Guru™ Small Cap Index ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2014(7) | | | 15.01 | | | | 0.01 | | | | (0.66 | ) | | | (0.65 | ) | | | — | | | | — | | | | — | | | | — | | | | 14.36 | | | | (4.33 | ) | | | 2,155 | | | | 0.75 | † | | | 0.06 | † | | | 78.42 | |
Global X SuperIncome™ Preferred ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2014 | | | 14.81 | | | | 1.01 | | | | (0.02 | ) | | | 0.99 | | | | (1.06 | ) | | | — | | | | — | | | | (1.06 | ) | | | 14.74 | | | | 6.89 | | | | 162,875 | | | | 0.58 | | | | 6.78 | | | | 85.07 | |
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 November 14, 2011. |
| (4) | The Fund commenced operations on October 22, 2014. |
| (5) | The Fund commenced operations on February 7, 2012. |
| (6) | The Fund commenced operations on June 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). |
| * | 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. |
| †† | Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers. |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.

Notes to Financial Statements
October 31, 2014
1. ORGANIZATION
The Global X Funds (the "Trust") is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of October 31, 2014, the Trust had eighty-eight 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 Social Media Index ETF, Global X | JPMorgan Efficiente Index ETF, Global X | JPMorgan US Sector Rotator Index ETF, Global X Permanent ETF, Global X Guru™ 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 Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. 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”) – Certain funds may invest in 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
Notes to Financial Statements (continued)
October 31, 2014
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
MASTER LIMITED PARTNERSHIPS (“MLPs”) (concluded)
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. The exchange rates used by the Trust for valuation are captured as of the New York or London close each day. 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”)
Notes to Financial Statements (continued)
October 31, 2014
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
SECURITY VALUATION (concluded)
becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate net asset value, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably available to the Committee. As of October 31, 2014, there was $2,157 of fair valued securities in the Global X Guru™ Small Cap Index Fund. 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, and 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 year or period ended October 31, 2014, there have been no significant changes to the Funds’ fair valuation methodologies.
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.
Notes to Financial Statements (continued)
October 31, 2014
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
REPURCHASE AGREEMENTS (concluded)
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 record the securities lending collateral (included in Repurchase Agreements, at value or restricted cash) as an asset and the obligation to return securities lending collateral as a liability on the Statements of Assets and Liabilities.
Repurchase agreements are entered into by the Funds under Master Repurchase Agreements (“MRA”) which permit the Funds, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Funds.
At October 31, 2014, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:
| | | | | Fair Value of Non-cash | | | Cash Collateral | | | | |
| | Repurchase Agreements | | | Collateral Received | | | Received | | | Net Amount(1) | |
Global X SuperDividend® ETF | | | | | | | | | | | | | | | | |
Barclays | | $ | 83,000,000 | | | $ | 83,000,000 | | | $ | - | | | $ | - | |
Deutsche Bank | | | 1,646,388 | | | | 1,646,388 | | | | - | | | | - | |
Global X SuperDividend® U.S. ETF | | | | | | | | | | | | | | | | |
Barclays | | | 29,000,000 | | | | 29,000,000 | | | | - | | | | - | |
Deutsche Bank | | | 2,745,100 | | | | 2,745,100 | | | | - | | | | - | |
Global X Social Media Index ETF | | | | | | | | | | | | | | | | |
Barclays | | | 20,000,000 | | | | 20,000,000 | | | | - | | | | - | |
Deutsche Bank | | | 1,498,082 | | | | 1,498,082 | | | | - | | | | - | |
Global X Guru™ Index ETF | | | | | | | | | | | | | | | | |
Barclays | | | 11,000,000 | | | | 11,000,000 | | | | - | | | | - | |
Deutsche Bank | | | 1,404,072 | | | | 1,404,072 | | | | - | | | | - | |
Global X SuperIncome™ Preferred ETF | | | | | | | | | | | | | | | | |
Deutsche Bank | | | 5,416,000 | | | | 5,416,000 | | | | - | | | | - | |
(1)Net Amount represents the net amount receivable due from the counterparty in the event of default.
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.
Notes to Financial Statements (continued)
October 31, 2014
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
FEDERAL INCOME TAXES (concluded)
As of and during the year or period ended October 31, 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 TRANSACTIONS AND 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 and translations represent net foreign exchange gains or losses from foreign currency spot contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — The Funds distribute their net investment income on a pro rata basis. Any net realized capital gains are distributed annually. All distributions are recorded on the ex-dividend date.
INVESTMENTS IN REITs — With respect to the Funds, dividend income is recorded based on the income included in distributions received from 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.

Notes to Financial Statements (continued)
October 31, 2014
2. SIGNIFICANT ACCOUNTING POLICIES (concluded)
CREATION UNITS (concluded)
If a Creation Unit is purchased or redeemed for cash, a higher transaction fee will be charged. The following table discloses Creation Unit breakdown:
| | | | | Creation | | | Value at October | | | | |
| | Creation Unit Shares | | | Fee | | | 31, 2014 | | | Redemption Fee | |
Global X SuperDividend® ETF | | | 50,000 | | | $ | 3,800 | | | $ | 1,212,000 | | | $ | 3,800 | |
Global X SuperDividend® U.S. ETF | | | 50,000 | | | | 750 | | | | 1,480,000 | | | | 750 | |
Global X Social Media Index ETF | | | 50,000 | | | | 1,000 | | | | 965,000 | | | | 1,000 | |
Global X | JPMorgan Efficiente Index ETF | | | 50,000 | | | | 500 | | | | 1,274,500 | | | | 500 | |
Global X | JPMorgan US Sector Rotator Index ETF | | | 50,000 | | | | 500 | | | | 1,270,500 | | | | 500 | |
Global X Permanent ETF | | | 50,000 | | | | 1,000 | | | | 1,205,500 | | | | 1,000 | |
Global X GuruTM Index ETF | | | 50,000 | | | | 750 | | | | 1,315,000 | | | | 750 | |
Global X GuruTM International Index ETF | | | 50,000 | | | | 750 | | | | 781,000 | | | | 750 | |
Global X GuruTM Small Cap Index ETF | | | 50,000 | | | | 750 | | | | 718,000 | | | | 750 | |
Global X SuperIncomeTM Preferred ETF | | | 50,000 | | | | 500 | | | | 737,000 | | | | 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 expense ratios of the Funds, such as taxes, brokerage fees, commissions, acquired fund fees, and other transaction expenses, interest expenses and extraordinary expenses (such as litigation and indemnification expenses).
Notes to Financial Statements (continued)
October 31, 2014
3. RELATED PARTY TRANSACTIONS (concluded)
| | Supervision and | |
| | Administration Fee | |
Global X SuperDividend® ETF | | | 0.58 | % |
Global X SuperDividend® U.S. ETF | | | 0.45 | % |
Global X Social Media Index ETF | | | 0.65 | % |
Global X | JPMorgan Efficiente Index ETF | | | 0.69 | % |
Global X | JPMorgan US Sector Rotator Index ETF | | | 0.69 | % |
Global X Permanent ETF | | | 0.48 | % |
Global X GuruTM Index ETF | | | 0.75 | % |
Global X GuruTM International Index ETF | | | 0.75 | % |
Global X GuruTM Small Cap Index ETF | | | 0.75 | % |
Global X SuperIncomeTM 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.
Brown Brothers Harriman & Co. (“BBH”), located at 40 Water Street, Boston, MA 02109, serves as Custodian of Funds’ assets. As Custodian, BBH has agreed to (1) make receipts and disbursements of money on behalf of the Fund, (2) collect and receive all income and other payments and distributions on account of the Fund’s portfolio investments, (3) respond to correspondence from shareholders, security brokers and others relating to its duties; and (4) make periodic reports to the Fund concerning the Fund’s operations. BBH does not exercise any supervisory function over the purchase and sale of securities. As compensation for these services, the Custodian receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees.
Notes to Financial Statements (continued)
October 31, 2014
4. INVESTMENT TRANSACTIONS
For the year or period ended October 31, 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 | | $ | 321,260,539 | | | $ | 316,432,335 | |
Global X SuperDividend® U.S. ETF | | | 46,494,656 | | | | 47,037,018 | |
Global X Social Media Index ETF | | | 35,337,434 | | | | 35,175,215 | |
Global X | JPMorgan Efficiente Index ETF | | | - | | | | - | |
Global X | JPMorgan US Sector Rotator Index ETF | | | 1,609,434 | | | | 1,609,677 | |
Global X Permanent ETF | | | 238,825 | | | | 580,803 | |
Global X GuruTM Index ETF | | | 594,442,041 | | | | 591,836,289 | |
Global X GuruTM International Index ETF | | | 1,153,296 | | | | 1,219,327 | |
Global X GuruTM Small Cap Index ETF | | | 1,709,830 | | | | 1,711,792 | |
Global X SuperIncomeTM Preferred ETF | | | 87,263,856 | | | | 86,888,203 | |
For the year ended October 31, 2014, the purchases and sales of long-term U.S. Government securities were:
| | | | | Sales and | |
| | Purchases | | | Maturities | |
Global X Permanent ETF | | $ | 2,559,031 | | | $ | 4,492,575 | |
For the year or periods ended October 31, 2014 in-kind transactions associated with creations and redemptions were:
| | | | | Sales and | | | | |
| | Purchases | | | Maturities | | | Realized Gain | |
Global X SuperDividend® ETF | | $ | 291,318,883 | | | $ | 46,485,624 | | | $ | 6,877,254 | |
Global X SuperDividend® U.S. ETF | | | 226,952,335 | | | | 15,011,076 | | | | 3,725,106 | |
Global X Social Media Index ETF | | | 102,815,373 | | | | 67,464,717 | | | | 13,728,822 | |
Global X | JPMorgan Efficiente Index ETF | | | 2,494,440 | | | | - | | | | - | |
Global X | JPMorgan US Sector Rotator Index ETF | | | 2,502,135 | | | | - | | | | - | |
Global X Permanent ETF | | | 602,819 | | | | 4,899,378 | | | | 47,979 | |
Global X GuruTM Index ETF | | | 568,383,721 | | | | 403,551,463 | | | | 37,571,401 | |
Global X GuruTM International Index ETF | | | 3,080,436 | | | | 734,683 | | | | 66,415 | |
Global X GuruTM Small Cap Index ETF | | | 2,253,119 | | | | - | | | | - | |
Global X SuperIncomeTM Preferred ETF | | | 117,436,325 | | | | 13,616,202 | | | | 873,051 | |
For the year or periods ended June 30, 2013 in-kind transactions associated with creations and redemptions were:
| | | | | Sales and | | | | |
| | Purchases | | | Maturities | | | Realized Gain | |
Global X Permanent ETF | | $ | 11,729,628 | | | $ | 10,171,012 | | | $ | 186,744 | |
Global X GuruTM Index ETF | | | 59,260,722 | | | | 12,391,609 | | | | 1,219,288 | |
Global X SuperIncomeTM Preferred ETF | | | 37,655,138 | | | | 1,438,509 | | | | 3,348 | |
Notes to Financial Statements (continued)
October 31, 2014
4. INVESTMENT TRANSACTIONS (concluded)
For the year or periods ended October 31, 2013, in-kind transactions associated with creations and redemptions were:
| | Purchases | | | Maturities | | | Gain/(Loss) | |
Global X SuperDividend® ETF | | $ | 559,947,524 | | | $ | 5,170,131 | | | $ | 751,728 | |
Global X SuperDividend® U.S. ETF | | | 51,281,379 | | | | - | | | | - | |
Global X Social Media Index ETF | | | 83,598,308 | | | | 5,418,926 | | | | 546,004 | |
Global X Permanent ETF | | | - | | | | 592,624 | | | | 16,079 | |
Global X GuruTM Index ETF | | | 168,558,609 | | | | - | | | | - | |
Global X SuperIncomeTM Preferred ETF | | | 24,107,356 | | | | - | | | | - | |
5. TAX INFORMATION
The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to undistributed net investment income (loss), accumulated net realized gain (loss) or paid-in capital, as appropriate, in the period that the differences arise.
The following differences, primarily attributable to foreign currency, redemptions in-kind, REIT adjustments, MLP dividends, return of capital distribution and sales of passive foreign investment companies have been reclassified to/from the following accounts during the fiscal year ended October 31, 2014:
Global X Funds | | Paid-in Capital | | | Undistributed Net Investment Income | | | Accumulated Net Realized Gain (Loss) | |
Global X SuperDividend® ETF | | $ | 5,896,042 | | | $ | 3,101,926 | | | $ | (8,997,968 | ) |
Global X SuperDividend® U.S. ETF | | | 2,974,264 | | | | (943,855 | ) | | | (2,030,409 | ) |
Global X Social Media Index ETF | | | 13,423,174 | | | | 11,997 | | | | (13,435,171 | ) |
Global X | JPMorgan US Sector Rotator Index ETF | | | – | | | | 381 | | | | (381 | ) |
Global X Permanent ETF | | | 5,683 | | | | 35,498 | | | | (41,181 | ) |
Global X Guru™ Index ETF | | | 37,532,343 | | | | 87,427 | | | | (37,619,770 | ) |
Global X Guru™ International Index ETF | | | 66,415 | | | | – | | | | (66,415 | ) |
Global X Guru™ Small Cap Index ETF | | | (1,668 | ) | | | (760 | ) | | | 2,428 | |
Global X SuperIncome™ Preferred ETF | | | 871,257 | | | | 3,562 | | | | (874,819 | ) |
These reclassifications have no impact on net assets or net asset value per share.

Notes to Financial Statements (continued)
October 31, 2014
5. TAX INFORMATION (continued)
The tax character of dividends and distributions declared during the years or periods ended October 31, 2014 and October 31, 2013 were as follows:
Global X Funds | | Ordinary Income | | | Long-Term Capital Gain | | | Return of Capital | | | Totals | |
| | | |
Global X SuperDividend® ETF |
2014 | | $ | 55,528,000 | | | $ | – | | | $ | – | | | $ | 55,528,000 | |
2013 | | | 35,106,732 | | | | – | | | | – | | | | 35,106,732 | |
Global X SuperDividend® U.S. ETF |
2014 | | $ | 5,177,061 | | | $ | – | | | $ | 617,714 | | | $ | 5,794,775 | |
2013 | | | 1,333,281 | | | | – | | | | 145,569 | | | | 1,478,850 | |
Global X Social Media Index ETF |
2014 | | $ | 1,764 | | | $ | – | | | $ | – | | | $ | 1,764 | |
2013 | | | 98,361 | | | | – | | | | – | | | | 98,361 | |
Global X Permanent ETF |
2014 | | $ | 217,578 | | | $ | 47,821 | | | $ | – | | | $ | 265,399 | |
2013* | | | – | | | | – | | | | – | | | | – | |
2013** | | | 114,515 | | | | – | | | | – | | | | 114,515 | |
Global X Guru™ Index ETF |
2014 | | $ | 424,270 | | | $ | 50,647 | | | $ | – | | | $ | 474,917 | |
2013* | | | – | | | | – | | | | – | | | | – | |
2013** | | | 98,030 | | | | – | | | | – | | | | 98,030 | |
Global X SuperIncome™ Preferred Index ETF |
2014 | | $ | 6,808,392 | | | $ | – | | | $ | – | | | $ | 6,808,392 | |
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
Notes to Financial Statements (continued)
October 31, 2014
5. TAX INFORMATION (continued)
As of October 31, 2014, the components of tax basis distributable earnings (accumulated losses) were as follows:
| | Global X Funds | |
| | Global X SuperDividend® ETF | | | Global X SuperDividend® U.S. ETF | | | Global X Social Media Index ETF | | | Global X | JPMorgan Efficiente Index ETF | | | Global X | JPMorgan US Sector Rotator Index ETF | |
Undistributed Ordinary Income | | $ | 5,093,945 | | | $ | – | | | $ | 19,487 | | | $ | – | | | $ | 3,065 | |
Undistributed Long-Term Capital Gain | | | 1,980,361 | | | | – | | | | – | | | | – | | | | – | |
Capital Loss Carryforwards | | | – | | | | (1,452,981 | ) | | | (4,661,406 | ) | | | – | | | | – | |
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency | | | 22,714,204 | | | | 12,607,769 | | | | (13,702,001 | ) | | | 54,463 | | | | 35,252 | |
Late Year Loss Deferral * | | | – | | | | – | | | | – | | | | (380 | ) | | | – | |
Other Temporary Differences | | | 2 | | | | 3 | | | | 3 | | | | – | | | | – | |
Total Distributable Earnings | | $ | 29,788,512 | | | $ | 11,154,791 | | | $ | (18,343,917 | ) | | $ | 54,083 | | | $ | 38,317 | |
| | Global X Funds | |
| | Global X Permanent ETF | | | Global X Guru™ Index ETF | | | Global X Guru™ International Index ETF | | | Global X Guru™ Small Cap Index ETF | | | Global X SuperIncome™ Preferred ETF | |
Undistributed Ordinary Income | | $ | 90,544 | | | $ | 3,815,497 | | | $ | 10,466 | | | $ | – | | | $ | 539,784 | |
Undistributed Long-Term Capital Gain | | | – | | | | – | | | | – | | | | – | | | | – | |
Capital Loss Carryforwards | | | (404,180 | ) | | | (6,256,459 | ) | | | (16,419 | ) | | | (16,000 | ) | | | (1,398,794 | ) |
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency | | | (769,582 | ) | | | 17,097,695 | | | | 14,929 | | | | (80,734 | ) | | | (1,362,284 | ) |
Other Temporary Differences | | | – | | | | – | | | | (1 | ) | | | 1 | | | | (225,363 | ) |
Total Distributable Earnings | | $ | (1,083,218 | ) | | $ | 14,656,733 | | | $ | 8,975 | | | $ | (96,733 | ) | | $ | (2,446,657 | ) |
*Deferred late-year losses represent ordinary losses realized on investment transactions from January 1, 2014 through October 31, 2014.

Notes to Financial Statements (continued)
October 31, 2014
5. TAX INFORMATION (concluded)
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:
| | Short-Term | | | Long-Term | | | | |
Global X Funds | | Loss | | | Loss | | | Total | |
Global X SuperDividend® U.S. ETF | | $ | 1,452,981 | | | $ | - | | | $ | 1,452,981 | |
Global X Social Media Index ETF | | | 4,444,314 | | | | 217,092 | | | | 4,661,406 | |
Global X Permanent ETF | | | 390,625 | | | | 13,555 | | | | 404,180 | |
Global X GuruTM Index ETF | | | 6,256,459 | | | | - | | | | 6,256,459 | |
Global X GuruTM International Index ETF | | | 16,419 | | | | - | | | | 16,419 | |
Global X GuruTM Small Cap Index ETF | | | 16,000 | | | | - | | | | 16,000 | |
Global X SuperIncomeTM Preferred ETF | | | 1,060,170 | | | | 338,624 | | | | 1,398,794 | |
During the year ended October 31, 2014 the following funds utilized capital loss carryforwards to offset capital gains amounting to:
Global X Funds | | | |
Global X SuperDividendTM ETF | | $ | 18,271,023 | |
The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at October 31, 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 | | $ | 1,096,501,286 | | | $ | 81,820,794 | | | $ | (59,080,200 | ) | | $ | 22,740,594 | |
Global X SuperDividend® U.S. ETF | | | 294,896,436 | | | | 17,280,112 | | | | (4,672,343 | ) | | | 12,607,769 | |
Global X Social Media Index ETF | | | 161,661,421 | | | | 13,098,487 | | | | (26,799,607 | ) | | | (13,701,120 | ) |
Global X | JPMorgan Efficiente Index ETF | | | 2,495,000 | | | | 60,399 | | | | (5,936 | ) | | | 54,463 | |
Global X | JPMorgan US Sector Rotator Index ETF | | | 2,506,204 | | | | 35,508 | | | | (256 | ) | | | 35,252 | |
Global X Permanent ETF | | | 9,174,247 | | | | 391,871 | | | | (1,161,453 | ) | | | (769,582 | ) |
Global X Guru™ Index ETF | | | 432,023,559 | | | | 34,950,942 | | | | (17,853,247 | ) | | | 17,097,695 | |
Global X GuruTM International Index ETF | | | 2,329,536 | | | | 175,547 | | | | (160,618 | ) | | | 14,929 | |
Global X GuruTM Small Cap Index ETF | | | 2,236,182 | | | | 142,758 | | | | (223,492 | ) | | | (80,734 | ) |
Global X SuperIncome™ Preferred ETF | | | 169,483,764 | | | | 1,743,496 | | | | (3,105,780 | ) | | | (1,362,284 | ) |
The preceding differences between book and tax cost are primarily due to mark-to-market treatment of passive foreign investment companies, MLP adjustments and wash sales.
Notes to Financial Statements (continued)
October 31, 2014
6. CONCENTRATION OF RISKS
The Funds invest in securities of foreign issuers in various 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
maybe 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 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. 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 additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Funds if and to the extent that the market value of the securities loans were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. The Funds could also experience delays and costs in gaining access to the collateral. The Funds bear the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. As of October 31, 2014, the value of securities on
Notes to Financial Statements (continued)
October 31, 2014
7. LOANS OF PORTFOLIO SECURITIES (continued)
loan was $81,446,443, $31,033,584, $21,082,613, $11,827,315, and $5,261,009 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 $84,646,388, $31,745,100, $21,498,082, $12,404,072 and $5,416,000 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 X SuperIncome™ Preferred ETF, respectively.
At October 31, 2014, the following Funds had securities on loan, by counterparty:
| | Market Value | | | Cash Collateral | |
Global X SuperDividend® ETF | | | | | | | | |
ABN Amro Securities | | $ | 4,172,152 | | | $ | 4,325,056 | |
Barclays | | | 2,202,420 | | | | 2,256,000 | |
BMO Capital Markets | | | 141,143 | | | | 146,102 | |
BNP Prime Brokerage | | | 9,209,583 | | | | 9,458,627 | |
Citigroup | | | 437,589 | | | | 461,700 | |
Credit Suisse | | | 656,659 | | | | 683,751 | |
Goldman Sachs & Co. | | | 25,628,869 | | | | 26,353,448 | |
JPMorgan | | | 6,434,667 | | | | 6,753,612 | |
Merrill Lynch Pierce Fenner & Smith | | | 3,770,252 | | | | 3,956,400 | |
Morgan Stanley | | | 2,611,415 | | | | 2,725,085 | |
Nomura Securities | | | 18,880,611 | | | | 19,825,757 | |
UBS Securities | | | 7,301,083 | | | | 7,700,850 | |
Global X SuperDividend® U.S. ETF | | | | | | | | |
Barclays | | | 823,743 | | | | 837,550 | |
BMO Capital Markets | | | 206,142 | | | | 215,000 | |
BNP Prime Brokerage | | | 1,315,953 | | | | 1,345,050 | |
Citigroup | | | 489,794 | | | | 500,700 | |
Credit Suisse | | | 180,522 | | | | 183,917 | |
Deutsche Bank | | | 5,236,940 | | | | 5,377,900 | |
Goldman Sachs & Co. | | | 4,593,303 | | | | 4,697,763 | |
Jefferies & Co. | | | 156,981 | | | | 160,800 | |
JPMorgan | | | 8,306,996 | | | | 8,451,600 | |
Mizuho Securities | | | 1,700,952 | | | | 1,742,400 | |
Merrill Lynch Pierce Fenner & Smith | | | 1,661,984 | | | | 1,737,250 | |
Morgan Stanley | | | 6,360,274 | | | | 6,495,170 | |
Notes to Financial Statements (concluded)
October 31, 2014
7. LOANS OF PORTFOLIO SECURITIES (concluded)
| | Market Value | | | Cash Collateral | |
Global X Social Media Index ETF | | | | | | | | |
Barclays | | $ | 3,590,400 | | | $ | 3,532,500 | |
Citigroup | | | 3,663,635 | | | | 3,944,357 | |
Credit Suisse | | | 852,135 | | | | 905,145 | |
Deutsche Bank | | | 2,408,344 | | | | 2,383,062 | |
JPMorgan | | | 466,990 | | | | 469,000 | |
Morgan Stanley | | | 5,767,833 | | | | 6,002,291 | |
Pershing | | | 3,717,889 | | | | 3,599,407 | |
UBS Securities | | | 615,387 | | | | 662,320 | |
Global X Guru™ Index ETF | | | | | | | | |
JPMorgan | | | 1,824,556 | | | | 1,846,400 | |
Mizuho Securities | | | 4,059,000 | | | | 4,180,000 | |
Morgan Stanley | | | 2,907,239 | | | | 2,948,422 | |
Pershing | | | 2,158,520 | | | | 2,548,000 | |
UBS Securities | | | 878,000 | | | | 881,250 | |
Global X SuperIncome™ Preferred ETF | | | | | | | | |
Citigroup | | | 2,409,246 | | | | 2,469,600 | |
Credit Suisse | | | 525,000 | | | | 525,000 | |
JPMorgan | | | 947,649 | | | | 992,050 | |
Merrill Lynch Pierce Fenner & Smith | | | 1,379,114 | | | | 1,429,350 | |
8. 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.
9. 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, except as follows:
Subsequent to the October 31, 2014 fiscal year end, the following portfolio of the Trust commenced operations:
Fund Name | Commenced Operations |
Global X GF China Bond ETF | November 18, 2014 |
Report Of Independent Registered Public Accounting Firm
OCTOBER 31, 2014
The Board of Trustees and Shareholders of Global X Funds
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Global X | JPMorgan US Sector Rotator Index ETF, Global X | JPMorgan Efficiente Index ETF, Global X SuperDividend® ETF, Global X SuperDividend® U.S. ETF, Global X Social Media Index ETF, Global X Permanent ETF, Global X GuruTM Index ETF, Global X GuruTM International Index ETF, Global X GuruTM Small Cap Index ETF, and Global X SuperIncomeTM Preferred ETF (ten of the series constituting the Global X Funds) (the “Funds”) as of October 31, 2014, and the related statements of operations for the year or periods indicated therein, the statements of changes in net assets, and financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2014, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds listed above at October 31, 2014, and the results of their operations, the changes in their net assets and their financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.
Philadelphia, Pennsylvania
December 29, 2014

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.
Disclosure of Fund Expenses (unaudited) (concluded)
| | Beginning Account Value 5/1/2014 | | | Ending Account Value 10/31/2014 | | | Annualized Expense Ratios | | | Expenses Paid During Period(1) | |
Global X SuperDividend® ETF |
Actual Fund Return | | $ | 1,000.00 | | | $ | 999.00 | | | | 0.58 | % | | $ | 2.92 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,022.28 | | | | 0.58 | | | | 2.96 | |
Global X SuperDividend® U.S. ETF |
Actual Fund Return | | $ | 1,000.00 | | | $ | 1084.90 | | | | 0.45 | % | | $ | 2.36 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,022.94 | | | | 0.45 | | | | 2.29 | |
Global X Social Media Index ETF |
Actual Fund Return | | $ | 1,000.00 | | | $ | 1,114.30 | | | | 0.65 | % | | $ | 3.46 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.93 | | | | 0.65 | | | | 3.31 | |
Global X | JPMorgan Efficiente Index ETF |
Actual Fund Return(2) | | $ | 1,000.00 | | | $ | 1,021.60 | | | | 0.69 | % | | $ | 0.19 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.73 | | | | 0.69 | | | | 3.52 | |
Global X | JPMorgan US Sector Rotator Index ETF |
Actual Fund Return(2) | | $ | 1,000.00 | | | $ | 1,015.20 | | | | 0.69 | % | | $ | 0.19 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.73 | | | | 0.69 | | | | 3.52 | |
Global X Permanent ETF |
Actual Fund Return | | $ | 1,000.00 | | | $ | 1,004.60 | | | | 0.48 | % | | $ | 2.43 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,022.79 | | | | 0.48 | | | | 2.45 | |
Global X Guru™ Index ETF |
Actual Fund Return | | $ | 1,000.00 | | | $ | 1,077.00 | | | | 0.75 | % | | $ | 3.93 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.42 | | | | 0.75 | | | | 3.82 | |
Global X Guru™ International Index ETF |
Actual Fund Return | | $ | 1,000.00 | | | $ | 1,066.20 | | | | 0.75 | % | | $ | 3.91 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.42 | | | | 0.75 | | | | 3.82 | |
Global X Guru™ Small Cap Index ETF |
Actual Fund Return | | $ | 1,000.00 | | | $ | 1,000.70 | | | | 0.75 | % | | $ | 3.78 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.42 | | | | 0.75 | | | | 3.82 | |
Global X SuperIncome™ Preferred ETF |
Actual Fund Return | | $ | 1,000.00 | | | $ | 1,012.40 | | | | 0.58 | % | | $ | 2.94 | |
Hypothetical 5% Return | | | 1,000.00 | | | | 1,022.28 | | | | 0.58 | | | | 2.96 | |
| (1) | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 184/365 (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 10/365 (to reflect the period from inception to date.) |
Approval Of Investment Advisory Agreement (unaudited)
Section 15(c) of the Investment Company Act of 1940, as amended ("1940 Act"), requires the board of trustees of an exchange-traded fund (“ETF”), including a majority of those trustees who are not "interested persons" of the ETF, 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 whether to approve entering into, or renewing, each agreement.
At a quarterly Board meeting held on September 5, 2014, the Board of Trustees (including the Trust’s Independent Trustees voting separately) initially considered and unanimously approved (i) the initial Investment Advisory Agreement for the Global X | JP Morgan Efficiente Index ETF and the Global X | JP Morgan US Sector Rotator 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 Trust’s Independent Trustees) and the Independent Trustees’ independent legal counsel requested (in writing) detailed information from Global X Management in connection with their consideration of the New Fund Agreements and received and reviewed written responses from Global X Management and supporting materials relating to those requests for information. In the course of their consideration of the New Fund Agreements, the Trust’s Independent Trustees were advised by their counsel and, in addition to meeting with management of Global X Management, they met separately in executive session with their counsel.
In determining to approve the New Fund Agreements for each New Fund, the Board considered a variety of factors, including the factors discussed at greater detail below. After full consideration of the factors below, as well as other factors that were instructive in their consideration, the Board, including all of the Trust’s Independent Trustees voting separately, concluded that the New Fund Agreements were fair and reasonable and in the best interest of each New Fund. 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. Each member of the Board may have afforded different weight to the various factors.
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 |
APPROVAL OF INVESTMENT ADVISORY AGREEMENT (unaudited)(continued)
proxy statements (if any) to the shareholders of each New Fund and 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) 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.
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 proposed rate of the Management Fee paid by each Fund to Global X Management, in light of the nature and quality of the services provided, was reasonable and in the best interest of Fund shareholders.
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 another 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. The Board also took into consideration that each New Fund, unlike other series of the Trust, would invest substantially in other exchange-traded funds, and that the unitary fee for each New Fund is based on services provided that will be in addition to, rather than duplicative of, the services provided under the advisory contract(s) of any exchange-traded fund in which a New Fund may invest 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 it would be in the best interest of the New Funds and their shareholders to approve 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. |
APPROVAL OF INVESTMENT ADVISORY AGREEMENT (unaudited)(continued)
Based on these considerations, the Board concluded that approval of the proposed unitary Management Fee for each New Fund was reasonable.
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.
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 the 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

Trustees and Officers of the Trust (unaudited)
Set forth below are the names, addresses, year of birth, position with the Trust, Term of Office and Length of Time Served, the principal occupations for the last five years, number of Funds in fund complex overseen by trustee, and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust.
Name, Address (Year of Birth) | Position(s) Held with Funds | Principal Occupation(s) During the Past 5 Years | Number of Funds in Trust Overseen by Trustee | Other Directorships Held by Trustees |
Independent Trustees2 | |
Sanjay Ram Bharwani 623 Fifth Ave, 15th floor New York, NY 10022 (1974) | Trustee (since 2008) | CEO of Risk Advisors Inc. (since 2007) (consulting firm). | 403 | None. |
Scott R. Chichester1 623 Fifth Ave, 15th floor New York, NY 10022 (1970) | Trustee (since 2008) | CFO, Sterling Seal & Supply Inc. (since 2011), Director, President & Treasurer, Bayview Acquisition Corp (since 2010), CPA, Penda Aiken Inc. (2009-2011) (consultant); Founder and President, DirectPay USA LLC (since 2006) (payroll company); Chief Financial Officer, Ong Corporation (2002-2010) (technology company); Proprietor, Scott R. Chichester CPA (since 2001) (CPA firm). | 403 | Director of Bayview Acquisition Corp. (since 2010). |
Kartik Kiran Shah 623 Fifth Ave, 15th floor New York, NY 10022 (1977) | Trustee (since 2008) | Vice President, Business Development, Cynvenio Biosystems (2012-2014); Independent Consultant, Self-Employed (2011-2012) (non-financial services); Director, Wireless Generation (2008-2011) (software). | 403 | None. |
Trustees and Officers of the Trust (unaudited)
The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-888-493-8631. The following chart lists Trustees and Officers as of October 31, 2014.
Name, Address (Year of Birth) | Position(s) Held with Funds | Principal Occupation(s) During the Past 5 Years | Number of Funds in Trust Overseen by Trustee | Other Directorships Held by Trustees |
Interested Trustee / Officers2 | |
Bruno del Ama 623 Fifth Ave, 15th floor New York, NY 10022 (1976) | Trustee (since 2008), President, Chief Executive Officer (since 2008) | Chief Executive Officer, Global X Management Company (“GXMC”) (since 2008); Chief Compliance Officer, GXMC (2008-2013). | 403 | None. |
Jose C. Gonzalez 623 Fifth Ave, 15th floor New York, NY 10022 (1976) | Chief Operating Officer (since 2008); Chief Compliance Officer (2008-5/2014), Treasurer, Principal Accounting Officer and Chief Financial Officer (2008-9/2014) | Chief Operating Officer, Global X Management Company LLC (since 2008); Founder and President of GWM Group, Inc. (since 2006) (broker-dealer firm). | N/A | N/A |
Thomas K. Lynch 623 Fifth Ave, 15th floor New York, NY 10022 (1956) | Treasurer, Principal Accounting Officer and Chief Financial Officer (since 9/2014); Chief Compliance Officer (since 5/2014). | Chief Compliance Officer, GXMC (since 5/2014); Senior Compliance Officer, GXMC (2/2014 - 4/2014); Compliance, Financial and Operations Consultant (2013); Chief Compliance Officer, Van Eck Associates (12/ 2006 - 2/ 2013). | N/A | N/A |
Daphne Tippens Chisolm 11524-C Providence Road, Suite 236 Charlotte, NC 28277 (1969) | Secretary (since 2012) | General Counsel, GXMC (since 2011); Chief Compliance Officer, GXMC (1/2014 - 5/2014); Founder and President of Law Offices of DT Chisolm, P.C. (since 2009) (law firm); Counsel, Dechert (2007-2009) (law firm). | N/A | N/A |
Dianne M. Descoteaux4 One Freedom Valley Drive Oaks, PA 19456 (1977) | Assistant Secretary (since 2011) | Counsel, SEI Investments (since 2010); Associate, Morgan, Lewis & Bockius LLP (2006-2010). | N/A | N/A |

Trustees and Officers of the Trust (unaudited)
Name, Address (Year of Birth) | Position(s) Held with Funds | Principal Occupation(s) During the Past 5 Years | Other Directorships Held by Trustees |
Lisa Whittaker4 One Freedom Valley Drive Oaks, PA 19456 (1978) | Assistant Secretary (since 2013) | Counsel at SEI Investments (since 2012); Associate Counsel and Compliance Officer at The Glendale Trust Company (2011-2012); Associate of Drinker Biddle & Reath LLP (2006-2011). | N/A |
Peter Rodriguez4 One Freedom Valley Drive Oaks, PA 19456 (1962) | Assistant Treasurer (since 2011) | Fund Accounting Director, SEI Investments Global Funds Services (since 2011); Mutual Fund Trading Director, SEI Global Trust Company (2009-2011); Asset Data Services Director, SEI Global Wealth Services (2006-2009). | N/A |
| 1 | Mr. Chichester is currently married to a sister of Mr. del Ama’s wife. While an “immediate family member” (as defined in Section 2(a)(19) of the 1940 Act) of Mr. del Ama would be considered an Interested Person, Mr. Chichester is not considered an immediate family member for this purpose. Although this fact was taken into consideration in determining whether Mr. Chichester should be considered to be an Independent Trustee for purposes of the Section 2(a)(19) of the 1940 Act, it was determined that this relationship was not one that should disqualify Mr. Chichester from serving as an Independent Trustee of the Trust. |
| 2 | Each Trustee serves until his or her successor is duly elected or appointed and qualified. |
| 3 | As of October 31, 2014, the Trust had eighty-eight investment portfolios, forty of which were operational. |
| 4 | These officers of the Trust also serve as officers of one or more mutual funds for which SEI Investments Company or an affiliate acts as investment manager, administrator or distributor. |

NOTICE TO SHAREHOLDERS (unaudited)
For shareholders that do not have an October 31, 2014 tax year end, this notice is for informational purposes only. For shareholders with an October 31, 2014 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended October 31, 2014, the Funds are designating the following items with regard to distributions paid during the year.
| | | Return of Capital | | | | Long-Term Capital Gain Distributions | | | | Ordinary Income Distributions | | | | Total Distributions | | | | Qualifying for Corporate Dividends Received Deduction (1) | | | | Qualifying Dividend Income (2) | | | | U.S. Government Interest (3) | | | | Interest Related Dividends (4) | | | | Short Term Capital Gain Dividends(5) | | | | Foreign Tax Credit | |
Global X SuperDividend® ETF | | | 0.00 | % | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.00 | % | | | 58.65 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 1.50 | % |
Global X SuperDividend® U.S. ETF | | | 10.66 | % | | | 0.00 | % | | | 89.34 | % | | | 100.00 | % | | | 83.68 | % | | | 84.27 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % |
Global X Social Media Index ETF | | | 0.00 | % | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.06 | % | | | 0.00 | % | | | 0.00 | % | | | 96.46 | % |
Global X | JPMorgan Efficiente Index ETF | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % |
Global X | JPMorgan US Sector Rotator Index ETF | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % |
Global X Permanent ETF | | | 0.00 | % | | | 18.02 | % | | | 81.98 | % | | | 100.00 | % | | | 18.58 | % | | | 26.29 | % | | | 32.49 | % | | | 45.30 | % | | | 0.00 | % | | | 0.00 | % |
Global X Guru™ Index ETF | | | 0.00 | % | | | 10.66 | % | | | 89.34 | % | | | 100.00 | % | | | 97.61 | % | | | 95.64 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % |
Global X Guru™ International Index ETF | | | 0.00 | % | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 22.37 | % | | | 100.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 100.00 | % |
Global X Guru™ Small Cap Index ETF | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % |
Global X SuperIncome™ Preferred ETF | | | 0.00 | % | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 82.32 | % | | | 80.45 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % |
(1) Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary Income distributions (the total of short term capital gain and net investment income distributions).
(2) The percentage in this column represents the amount of "Qualifying Dividend Income" as created by the Jobs and Growth Relief Reconciliation Act of 2003 and its reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). It is the intention of each of the aforementioned funds to designate the maximum amount permitted by law.
(3) "U.S. Government Interest represents the amount of interest that was derived from U.S. Government obligations and distributed during the fiscal year. Generally, interest from direct U.S. Government obligations is exempt from state income tax.
(4) The percentage in this column represents the amount of "Qualifying Interest Income" as created by the American Jobs Creation Act of 2004 and is a percentage of net investment income that is exempt from U.S. withholding tax when paid for foreign investors..
(5) The percentage of this column represents the amount of “Short Term Capital Gain Dividend” is reflected as a percentage of short term capital gain distribution that is exempted from U.S. withholding tax when paid to foreign investors.
The Funds intend to pass through a foreign tax credit to shareholders. For the fiscal year ended October 31, 2014, the total amount of foreign source income and foreign tax credit are as follows:
| | Foreign Source | | | Foreign Tax Credit Pass | |
Fund Name | | Income | | | Through | |
Global X SuperDividend® ETF | | $ | 39,620,931 | | | $ | 842,752 | |
Global X SuperDividend® U.S. ETF | | | - | | | | - | |
Global X Social Media Index ETF | | | 422,291 | | | | 48,051 | |
Global X | JPMorgan Efficiente Index ETF | | | - | | | | - | |
Global X | JPMorgan US Sector Rotator Index ETF | | | - | | | | - | |
Global X Permanent ETF | | | - | | | | - | |
Global X GuruTM Index ETF | | | - | | | | - | |
Global X GuruTM International Index ETF | | | 22,016 | | | | 2,142 | |
Global X GuruTM Small Cap Index ETF | | | - | | | | - | |
Global X SuperIncomeTM Preferred ETF | | | - | | | | - | |
The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2014. Complete information will be computed and reported in conjunction with your 2014 Form 1099-DIV.

NOTES
NOTES
NOTES
623 Fifth Avenue, 15th 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, 15th 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 Global X Funds and the Independent Trustees:
K&L Gates LLP
1601 K Street N.W.
Washington, DC 20007
Custodian:
Brown Brothers Harriman & Co.
40 Water Street
Boston, MA 02109
Independent Registered Public Accounting Firm:
Ernst & Young LLP
2005 Market Street
Suite 700
Philadelphia, PA 19103
This information must be preceded or accompanied by a current prospectus for the Funds described.
GLX-AR-003-0400
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.
Item 3. Audit Committee Financial Expert.
(a)(1) The registrant’s board of trustees has determined that the registrant has at least one audit committee financial expert serving on the audit committee.
(a)(2) The audit committee financial expert is Scott Chichester and is independent as defined in Form N-CSR Item 3(a)(2).
Item 4. Principal Accountant Fees and Services.
Fees billed by Ernst & Young LLP in 2014 and 2013 related to the registrant.
In 2014 and 2013, Ernst & Young, LLP billed the registrant aggregate fees for services rendered to the registrant for the last two fiscal years as follows:
| 2014 | 2013 |
| | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval |
(a) | Audit Fees | $468,530 | $0 | $0 | $361,500 | $0 | $0 |
(b) | Audit-Related Fees | $0 | $0 | $0 | $0 | $0 | $0 |
(c) | Tax Fees | $127,725 | $0 | $0 | $100,575 | $0 | $0 |
(d) | All Other Fees | $0 | $0 | $0 | $0 | $0 | $0 |
(e)(1) Not applicable.
(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows for Ernst & Young LLP in 2014 and 2013:
| 2014 | 2013 |
Audit-Related Fees | 0% | 0% |
Tax Fees | 0% | 0% |
All Other Fees | 0% | 0% |
(f) Not applicable.
(g) The aggregate non-audit fees and services billed by Ernst & Young, LLP in 2014 and 2013 for the last two fiscal years were $127,725 and $100,575, respectively.
(h) During the past fiscal year, all non-audit services provided by registrant’s principal accountant to either registrant’s investment adviser or to any entity controlling, controlled by, or under common control with registrant’s investment adviser that provides ongoing services to registrant were pre-approved by the audit committee of registrant’s Board of Trustees. Included in the audit committee’s pre-approval was the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.
Item 5. Audit Committee of Listed Registrants.
Not applicable to open-end management investment companies.
Item 6. Schedule of Investments.
Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end management investment companies. Effective for closed-end management investment companies for fiscal years ending on or after December 31, 2005.
Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes.
Item 11. Controls and Procedures.
(a) The certifying officers, whose certifications are included herewith, have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing date of this report. In their opinion, based on their evaluation, the registrant’s disclosure controls and procedures are adequately designed, and are operating effectively to ensure, that information required to be disclosed by the registrant in the reports it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
(b) There were no significant changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.
Items 12. Exhibits.
(a)(1) Code of Ethics attached hereto.
(a)(2) A separate certification for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.
(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as an Exhibit.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Global X Funds |
| |
| |
By (Signature and Title)* | /s/ Bruno del Ama |
| Bruno del Ama |
| President |
| |
Date: January 20, 2015
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ Bruno del Ama |
| Bruno del Ama |
| President |
Date: January 20, 2015
By (Signature and Title)* | /s/ Thomas K. Lynch |
| Thomas K. Lynch |
| Chief Financial Officer |
Date: January 20, 2015
* Print the name and title of each signing officer under his or her signature.