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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22209

Global X Funds

(Exact name of registrant as specified in charter)

623 Fifth Avenue, 15^th Floor

New York, NY 10022

(Address of principal executive offices) (Zip code)

Bruno del Ama

Global X Management Company LLC

623 Fifth Avenue, 15^th Floor

New York, NY 10022

(Name and address of agent for service)

With a copy to:

Daphne Tippens Chisolm, Esq.		Eric S. Purple, Esq.
Global X Management Company LLC		K&L Gates LLP
623 Fifth Ave, 15th floor		1601 K Street, NW
New York, NY 10022		Washington, DC 20006

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

Date of fiscal year end: October 31, 2015

Date of reporting period: October 31, 2015

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)

Annual Report

October 31, 2015

Table of Contents

Management Discussion of Fund Performance (unaudited)	1

Schedules of Investments

Global X Silver Miners ETF	7
Global X Gold Explorers ETF	9
Global X Copper Miners ETF	11
Global X Uranium ETF	14
Global X Lithium ETF	17
Global X Fertilizers/Potash ETF	20

Statements of Assets and Liabilities	23

Statements of Operations	25

Statements of Changes in Net Assets	27

Financial Highlights	30

Notes to Financial Statements	31

Report of Independent Registered Public Accounting Firm	47

Disclosure of Fund Expenses (unaudited)	48

Supplemental Information (unaudited)	50

Trustees and Officers of the Trust (unaudited)	51

Notice to Shareholders (unaudited)	54

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

A description of the policies and procedures that Global X Funds uses to determine how to vote proxies relating to Fund securities, as well as information relating to how the Funds voted proxies relating to Fund securities during the most recent 12-month period ended June 30, 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

The Global X Silver Miners ETF (“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 Total Return Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to measure broad-based equity market performance of global companies involved in the silver mining industry, as defined by the index provider.

For the 12-month period ended October 31, 2015 (the “reporting period”), the Fund decreased 20.35%, while the Underlying Index decreased 20.33%. The Fund had a net asset value of $26.16 per share on October 31, 2014 and ended the reporting period with a net asset value of $20.83 on October 31, 2015.

During the reporting period, the highest returns came from Silver Standard Resources, Inc. and AuRico Metals, which returned 69.64% and 45.45%, respectively. The worst performers were Bear Creek Mining and Tahoe Resources, which returned -51.05% and -50.65%, respectively.

Amid concerns of interest rate hikes in the United States, a strengthening US dollar, and lower than expected US economic data, silver prices exhibited a volatile pattern during the reporting period, declining to a six year low. The profitability of silver mining companies tends to be highly leveraged to spot silver prices, and therefore performance of these companies has suffered as prices have declined.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2015
	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 Silver Miners ETF		-20.35	%		-20.01	%		-34.39	%		-34.69	%		-18.80	%		-18.89	%		-12.04	%		-12.06	%
Solactive Global Silver Miners Total Return Index		-20.33	%		-20.33	%		-34.09	%		-34.09	%		-18.36	%		-18.36	%		-11.52	%		-11.52	%
S&P 500 Index		5.20	%		5.20	%		16.20	%		16.20	%		14.33	%		14.33	%		12.83	%		12.83	%

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distribution or the redemption or sale of Fund shares.

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X Gold Explorers ETF

The Global X Gold Explorers ETF (“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 Total Return Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is a free float-adjusted, liquidity-tested and market capitalization-weighted index that is designed to measure broad-based equity market performance of global companies involved in gold exploration, as defined by the index provider.

For the 12-month period ended October 31, 2015 (the “reporting period”), the Fund increased 3.36%, while the Underlying Index increased 4.45%. The Fund had a net asset value of $19.28 per share on October 31, 2014 and ended the reporting period with a net asset value of $19.89 on October 31, 2015.

During the reporting period, the highest returns came from Gold Canyon Resources and Paramount Gold & Silver, which returned 91.79% and 91.04%, respectively. The worst performers were Timmins Gold and Lydian International, which returned -55.16% and -54.57%, respectively.

Gold prices have exhibited a volatile pattern during the reporting period owing to an expectation of an interest rate hike by the US Federal Reserve. Gold exploration companies are heavily leveraged to the prices of gold and in a declining price environment, can experience drastic changes in profitability. By the end of October 2015, gold prices reached six year lows.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2015
	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		3.36	%		6.56	%		-32.92	%		-32.88	%		-29.61	%		-29.36	%
Solactive Global Gold Explorers Total Return Index		4.45	%		4.45	%		-31.80	%		-31.80	%		-29.00	%		-29.00	%
S&P 500 Index		5.20	%		5.20	%		16.20	%		16.20	%		14.06	%		14.06	%

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.

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distribution or the redemption or sale of Fund shares.

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X Copper Miners ETF

The Global X Copper Miners ETF (“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 Total Return Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to measure broad-based equity market performance of global companies involved in the copper mining industry, as defined by the index provider.

For the 12-month period ended October 31, 2015 (the “reporting period”), the Fund decreased 38.64%, while the Underlying Index decreased 38.45%. The Fund had a net asset value of $24.96 per share on October 31, 2014 and ended the reporting period with a net asset value of $14.98 on October 31, 2015.

During the reporting period, the highest returns came from Southern Copper and Sandfire Resources NL, which returned -2.17% and -6.1%, respectively. The worst performers were Imperial Metals and Copper Mountain Mining Corp., which returned -92.9% and -78.56%, respectively.

Copper prices ended the reporting period near six year lows. The metal has suffered from weak economic growth in emerging markets, which had traditionally been major purchasers of the metal for industrial capacities. Copper mining companies, which are held in the Fund, therefore suffered from declining sales numbers.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2015
	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 Copper Miners ETF		-38.64	%		-37.36	%		-25.65	%		-25.22	%		-19.21	%		-18.97	%		-15.36	%		-15.08	%
Solactive Global Copper Miners Total Return Index		-38.45	%		-38.45	%		-25.68	%		-25.68	%		-19.15	%		-19.15	%		-15.20	%		-15.20	%
S&P 500 Index		5.20	%		5.20	%		16.20	%		16.20	%		14.33	%		14.33	%		12.83	%		12.83	%

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.

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distribution or the redemption or sale of Fund shares.

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X Uranium ETF

The Global X Uranium ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Uranium Total Return Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to measure broad-based equity market performance of global companies involved in the uranium industry, as defined by the index provider.

For the 12-month period ended October 31, 2015 (the “reporting period”), the Fund decreased 33.01%, while the Underlying Index decreased 30.62%. The Fund had a net asset value of $23.26 per share on October 31, 2014 and ended the reporting period with a net asset value of $14.94 on October 31, 2015.

During the reporting period, the highest returns came from Berkeley Resources and Peninsula Energy, which returned 42.41% and 15.52%, respectively. The worst performers were Energy Resources of Australia and Greenland Minerals & Energy, which returned -78.53% and -69.71%, respectively.

During the reporting period, uranium prices declined as supply outweighed demand. Commodities broadly experienced a heavy selloff during the reporting period due to slowing demand and the looming threat of rising interest rates in the US. Uranium saw a small recovery at the end of September 2015, attributed to Japan restarting its nuclear power plants and increasing nuclear power capacity leading to the construction of more than 60 reactors. Many expect that as coal burning electric plants fall out of favor due to their high levels of pollution, nuclear power will become an increasingly popular choice to meet energy needs around the globe.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2015
	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		-33.01	%		-32.72	%		-27.59	%		-28.00	%		-30.60	%		-30.69	%
Solactive Global Uranium Total Return Index		-30.62	%		-30.62	%		-26.61	%		-26.61	%		-30.24	%		-30.24	%
S&P 500 Index		5.20	%		5.20	%		16.20	%		16.20	%		13.63	%		13.63	%

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.

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distribution or the redemption or sale of Fund shares.

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X Lithium ETF

The Global X Lithium ETF (“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 (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to measure broad-based equity market performance of global companies involved in the lithium industry, as defined by the index provider.

For the 12-month period ended October 31, 2015 (the “reporting period”), the Fund decreased 13.18%, while the Underlying Index decreased 13.38%. The Fund had a net asset value of $24.00 per share on October 31, 2014 and ended the reporting period with a net asset value of $20.62 on October 31, 2015.

During the reporting period, the highest returns came from Ultralife and Galaxy Resources, which returned 107.08% and 59.69%, respectively. The worst performers were Avalon Rare Metals and Western Lithium USA, which returned -61.64% and -60.69%, respectively.

Commodities as a whole performed poorly during the reporting period, as global markets coped with impending interest rate hikes in the United States as well as slowing growth in major emerging markets like China, Brazil, and Russia. Despite the broad commodity downturn, there is optimism surrounding the lithium sector given expected increases in demand for the metal. Lithium is a key component of lithium-ion battery technology, and demand could increase as fast growing electric car and renewable energy industries are heavily dependent on battery storage.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2015
	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 Lithium ETF		-13.18	%		-12.89	%		-9.42	%		-9.01	%		-11.36	%		-11.30	%		-6.55	%		-6.45	%
Solactive Global Lithium Index		-13.38	%		-13.38	%		-8.44	%		-8.44	%		-10.61	%		-10.61	%		-5.77	%		-5.77	%
S&P 500 Index		5.20	%		5.20	%		16.20	%		16.20	%		14.33	%		14.33	%		15.35	%		15.35	%

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.

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distribution or the redemption or sale of Fund shares.

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X Fertilizers/Potash ETF

The Global X Fertilizers/Potash ETF (“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 (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to track the performance of the largest listed companies globally that are active in some aspect of the fertilizer/potash industry, as defined by the index provider.

For the 12-month period ended October 31, 2015 (the “reporting period”), the Fund decreased 6.01%, while the Underlying Index decreased 5.47%. The Fund had a net asset value of $10.87 per share on October 31, 2014 and ended the reporting period with a net asset value of $9.98 on October 31, 2015.

During the reporting period, the highest returns came from Nufarm and Gubre Fabrikalari, which returned 37.19% and 21.06%, respectively. The worst performers were Intrepid Potash and Uralkali, which returned -71.5% and -33.67%, respectively.

Prices of fertilizers and potash have been weighed down by lower prices for crops, which is the result of slowing demand from major importing countries. In North America, demand for potash, in first half of 2015 fell by as much as 25 to 30% year over year, while global supply remains high. This fall in demand has weighed significantly on companies in the sector.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2015
	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		-6.01	%		-6.22	%		-8.80	%		-8.95	%		-7.60	%		-7.71	%
Solactive Global Fertilizers/Potash Total Return Index		-5.47	%		-5.47	%		-8.58	%		-8.58	%		-7.29	%		-7.29	%
S&P 500 Index		5.20	%		5.20	%		16.20	%		16.20	%		13.16	%		13.16	%

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.

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distribution or the redemption or sale of Fund shares.

See definition of comparative indices above.

Schedule of Investments

October 31, 2015

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 2 and 7 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 100.4%
CANADA— 59.7%
Basic Materials — 59.7%
Alamos Gold		1,620,143	$	6,221,349
AuRico Metals ^{*^}		533,199		324,185
AuRico Metals ^*		121,780		73,533
Bear Creek Mining ^{* (A)}		2,520,115		1,367,586
Endeavour Silver ^*		3,005,449		4,958,991
First Majestic Silver ^*		1,877,718		6,199,979
Fortuna Silver Mines ^*		1,981,009		5,163,176
MAG Silver ^{* (A)}		1,412,493		10,113,450
Pan American Silver ^(A)		898,127		6,798,821
Primero Mining ^{* (A)}		2,334,539		5,370,858
Silver Standard Resources ^*		1,020,016		7,038,110
Silver Wheaton		1,164,136		15,820,608
Silvercorp Metals ^(A)		5,464,655		4,043,845
Silvercrest Metals ^*		579,500		73,083
Tahoe Resources		1,474,854		12,309,707
TOTAL CANADA				85,877,281
MEXICO— 20.1%
Basic Materials — 20.1%
Fresnillo		1,087,861		12,264,688
Industrias Penoles		1,254,516		16,607,465
TOTAL MEXICO				28,872,153
PERU— 4.1%
Basic Materials — 4.1%
Hochschild Mining ^*		5,196,022		5,938,311
UNITED KINGDOM— 5.2%
Basic Materials — 5.2%
Polymetal International		838,850		7,442,769
UNITED STATES— 11.3%
Basic Materials — 11.3%
Coeur d'Alene Mines ^{* (A)}		1,809,100		4,884,570
Hecla Mining		2,780,678		5,756,004

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

Schedule of Investments

October 31, 2015

Global X Silver Miners ETF

	Shares/Face Amount⁽¹⁾		Value
COMMON STOCK — continued
Basic Materials — continued
McEwen Mining ^(A)		6,215,469	$	5,595,165
TOTAL UNITED STATES				16,235,739
TOTAL COMMON STOCK
(Cost $267,934,607)				144,366,253

REPURCHASE AGREEMENTS (B) — 4.8%
Barclays Bank
0.070%, dated 10/30/15, to be repurchased on 11/02/15 repurchase price $5,000,029 (collateralized by U.S. Treasury Obligations, ranging in par value $11-$2,741,568, 0.000%-2.750%, 11/05/15-02/15/45 with a total market value of $5,100,000)		5,000,000		5,000,000
Deutsche Bank
0.050%, dated 10/30/15, to be repurchased on 11/02/15 repurchase price $1,827,726 (collateralized by U.S. Treasury Notes, par value $1,827,726, 3.250%, 07/31/16 with a total market value of $1,877,988)		1,827,718		1,827,718
TOTAL REPURCHASE AGREEMENTS
(Cost $6,827,718)				6,827,718

TIME DEPOSIT — 0.0%
Brown Brothers Harriman, 0.080%, 11/02/15, GBP
(Cost $11)		7		11
TOTAL INVESTMENTS — 105.2%
(Cost $274,762,336)			$	151,193,982

Percentages are based on Net Assets of $143,755,814.

*	Non-income producing security.
^	Traded on U.S. stock exchange.
(1)	In U.S. Dollars unless otherwise indicated.
(A)	This security or a partial position of this security is on loan at October 31, 2015. The total value of securities on loan at October 31, 2015 was $6,097,231.
(B)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2015 was $6,827,718.

GBP — British Pound Sterling

The following is a summary of the inputs used as of October 31, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	144,366,253	$	—	$	—	$	144,366,253
Repurchase Agreements		—		6,827,718		—		6,827,718
Time Deposit		—		11		—		11
Total Investments in Securities	$	144,366,253	$	6,827,729	$	—	$	151,193,982

For the year ended October 31, 2015, there have been no transfers between Level 1, Level 2 and Level 3 investments.

As of October 31, 2015, there were no Level 3 investments.

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

Schedule of Investments

October 31, 2015

Global X Gold Explorers ETF

Sector Weightings (unaudited)†:

	Shares/Face Amount		Value
COMMON STOCK — 99.7%
AUSTRALIA— 8.2%
Basic Materials — 8.2%
Gold Road Resources ^*		4,367,306	$	1,293,080
Gryphon Minerals ^{* (A)}		28,310,517		1,090,699
TOTAL AUSTRALIA				2,383,779
CANADA— 91.5%
Basic Materials — 91.5%
Asanko Gold ^*		777,370		1,324,978
Atac Resources ^*		3,979,081		1,216,519
Chesapeake Gold ^*		814,922		1,426,355
Continental Gold ^{* (B)}		563,534		702,075
Exeter Resource ^*		3,121,416		1,136,195
Gold Canyon Resources ^{* (A)}		12,839,169		3,385,572
Guyana Goldfields ^*		458,500		1,142,439
International Tower Hill Mines ^*		4,807,994		1,242,866
Kaminak Gold, Cl A ^*		2,284,736		1,414,481
Lydian International, Cl A ^{* (B)}		3,245,419		719,358
Novagold Resources ^*		477,188		1,727,421
OceanGold		1,105,731		2,112,835
Premier Gold Mines ^*		858,900		1,575,542
Pretium Resources ^{* (B)}		258,381		1,546,317
Rubicon Minerals ^{* ^ (B)}		1,333,401		601,764
Rubicon Minerals ^{* (B)}		118,412		52,493
Sabina Gold & Silver ^{* (B)}		3,355,724		1,564,560
Seabridge Gold ^*		257,802		2,106,242
Torex Gold Resources ^{* (B)}		1,738,868		1,648,027
TOTAL CANADA				26,646,039
TOTAL COMMON STOCK
(Cost $41,461,684)				29,029,818

REPURCHASE AGREEMENT (C) — 3.6%
Deutsche Bank
0.050%, dated 10/30/15, to be repurchased on 11/02/15 repurchase price $1,037,814 (collateralized by U.S. Treasury Notes, par value $1,037,814, 3.250%, 07/31/16 with a total market value of $1,066,354)
(Cost $1,037,810)	$	1,037,810		1,037,810

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

Schedule of Investments

October 31, 2015

Global X Gold Explorers ETF

	Face Amount⁽¹⁾		Value
TIME DEPOSITS — 0.3%
Brown Brothers Harriman
0.030%, 11/02/15		77,330	$	77,330
0.050%, 11/02/15, CAD		8		6
TOTAL TIME DEPOSITS
(Cost $77,336)				77,336
TOTAL INVESTMENTS — 103.6%
(Cost $42,576,830)			$	30,144,964

Percentages are based on Net Assets of $29,093,081.

*	Non-income producing security.
^	Traded on U.S. stock exchange.
(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, 2015. The total value of securities on loan at October 31, 2015 was $546,286.
(C)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2015 was $1,037,810.

CAD — Canadian Dollar

Cl — Class

The following is a summary of the inputs used as of October 31, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	29,029,818	$	—	$	—	$	29,029,818
Repurchase Agreement		—		1,037,810		—		1,037,810
Time Deposits		—		77,336		—		77,336
Total Investments in Securities	$	29,029,818	$	1,115,146	$	—	$	30,144,964

For the year ended October 31, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2015, there were no Level 3 investments.

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

Schedule of Investments

October 31, 2015

Global X Copper Miners ETF

Sector Weightings (unaudited)†:

	Shares		Value
COMMON STOCK — 99.3%
AUSTRALIA— 14.8%
Basic Materials — 14.8%
Cudeco ^{*(A) (B)}		597,947	$	377,503
OZ Minerals		329,349		1,024,487
Sandfire Resources		309,986		1,402,151
TOTAL AUSTRALIA				2,804,141
CANADA— 37.1%
Basic Materials — 37.1%
Capstone Mining ^*		1,923,410		984,969
Copper Mountain Mining ^{* (C)}		1,325,702		526,896
Copper Mountain Mining ^{*^}		12,300		4,637
First Quantum Minerals		169,470		904,116
HudBay Minerals, Cl B		190,029		986,202
Imperial Metals ^{* (C)}		143,616		869,369
Lundin Mining ^*		281,703		949,524
Teck Resources, Cl B		152,593		893,387
Turquoise Hill Resources ^*		337,555		918,150
TOTAL CANADA				7,037,250
CHILE— 4.7%
Basic Materials — 4.7%
Antofagasta		110,143		895,603
CHINA— 4.8%
Basic Materials — 4.8%
Jiangxi Copper, Cl H		693,029		917,469
HONG KONG— 1.7%
Basic Materials — 1.7%
CST Mining Group ^*		29,296,000		325,087
MEXICO—6.2%
Basic Materials — 6.2%
Grupo Mexico, Cl B		479,314		1,167,492
PERU— 6.4%
Basic Materials — 6.4%
Southern Copper ^(C)		43,767		1,214,972

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

Schedule of Investments

October 31, 2015

Global X Copper Miners ETF

	Shares/Face Amount⁽¹⁾		Value
COMMON STOCK — continued
POLAND— 4.8%
Basic Materials — 4.8%
KGHM Polska Miedz		39,029	$	910,438
SWITZERLAND— 5.0%
Basic Materials — 5.0%
Glencore Xstrata		550,170		955,894
UNITED KINGDOM— 8.9%
Basic Materials — 8.9%
KAZ Minerals ^*		466,687		836,793
Vedanta Resources		110,677		845,248
TOTAL UNITED KINGDOM				1,682,041
UNITED STATES— 4.9%
Basic Materials — 4.9%
Freeport-McMoRan Copper & Gold		79,242		932,678
TOTAL COMMON STOCK
(Cost $34,066,809)				18,843,065

REPURCHASE AGREEMENT (D) — 5.7%
Deutsche Bank
0.050%, dated 10/30/15, to be repurchased on 11/02/15 repurchase price $1,082,010 (collateralized by U.S. Treasury Notes, par value $1,082,010, 3.250%, 07/31/16 with a total market value of $1,111,765)
(Cost $1,082,005)		1,082,005		1,082,005

TIME DEPOSITS — 0.9%
Brown Brothers Harriman
0.030%, 11/02/15		165,822		165,822
1.104%, 11/02/15, AUD		11		8
0.050%, 11/02/15, CAD		2		1
0.080%, 11/02/15, GBP		1		2
TOTAL TIME DEPOSITS
(Cost $165,833)				165,833
TOTAL INVESTMENTS — 105.9%
(Cost $35,314,647)			$	20,090,903

Percentages are based on Net Assets of $18,979,404.

*	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 security as of October 31, 2015, was $377,503 and represents 2.0% of Net Assets.
(B)	Security considered illiquid. The total value of such security as of October 31, 2015 was $377,503 and represented 2.0% of Net Assets.
(C)	This security or a partial position of this security is on loan at October 31, 2015. The total value of securities on loan at October 31, 2015 was $1,069,340.
(D)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2015 was $1,082,005.

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

Schedule of Investments

October 31, 2015

Global X Copper Miners ETF

AUD — Australian Dollar

CAD — Canadian Dollar

Cl — Class

GBP — British Pound Sterling

The following is a summary of the inputs used as of October 31, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	18,460,925	$	4,637	$	377,503	$	18,843,065
Repurchase Agreement		—		1,082,005		—		1,082,005
Time Deposits		—		165,833		—		165,833
Total Investments in Securities	$	18,460,925	$	1,252,475	$	377,503	$	20,090,903

⁽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:

	Common Stock
Beginning Balance as of October 31, 2014	$	-
Transfers into Level 3		377,503
Ending Balance as of October 31, 2015	$	377,503

For the year ended October 31, 2015, the transfers into Level 3 were due to changes in the availability of observable inputs to determine fair value. Transfers between levels are recognized at period end.

For the year ended October 31, 2015, the transfers between Level 1 and Level 2 in the amount of $4,637 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, 2015

Global X Uranium ETF

Sector Weightings (unaudited)†:

	Shares		Value
COMMON STOCK — 100.7%
AUSTRALIA— 16.5%
Basic Materials — 16.5%
Bannerman Resources ^*		16,821,309	$	516,050
Berkeley Resources ^*		8,274,187		2,538,384
Energy Resources of Australia ^{* (A)}		10,378,854		2,517,630
Greenland Minerals & Energy ^{* (A)}		34,830,609		695,797
Paladin Energy ^{* (A)}		40,682,341		7,111,079
Peninsula Energy ^*		7,968,033		6,992,295
Silex Systems ^{* (A) (B)}		9,486,202		3,011,729
TOTAL AUSTRALIA				23,382,964
CANADA— 60.3%
Basic Materials — 56.1%
Cameco		2,786,466		39,443,078
Denison Mines ^{* (A)}		18,148,490		7,351,779
Energy Fuels ^{* (A) (B)}		1,451,793		3,950,306
Fission 3.0 ^{* (B)}		9,579,896		475,938
Fission Uranium ^*		15,204,190		6,972,533
Laramide Resources ^{* (B)}		6,245,849		716,075
Mega Uranium ^{* (B)}		24,227,864		1,296,251
Uex ^{* (A) (B)}		13,892,565		1,274,206
Uranium Participation ^{* (A)}		4,694,232		18,226,544
				79,706,710
Financials — 4.2%
NexGen Energy ^{* (A)}		10,680,043		5,958,980
TOTAL CANADA				85,665,690
CHINA— 4.4%
Utilities — 4.4%
CGN Power, Cl H ^(C)		15,145,800		6,292,755

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

Schedule of Investments

October 31, 2015

Global X Uranium ETF

	Shares/Face Amount⁽¹⁾		Value
COMMON STOCK — continued
FRANCE— 4.2%
Utilities — 4.2%
Areva ^*		822,434	$	5,905,288
HONG KONG— 3.7%
Health Care — 2.7%
CGN Mining ^*		45,356,700		3,862,585
Industrials — 1.0%
CNNC International ^*		3,665,000		1,465,981
TOTAL HONG KONG				5,328,566
UNITED STATES— 11.6%
Basic Materials — 11.6%
Centrus Energy, Cl A ^{* (B)}		447,240		1,207,548
Energy Fuels ^{* (A) (B)}		1,079,399		2,935,965
Uranium Energy ^{* (A) (B)}		5,301,722		5,937,929
Uranium Resources ^{* (A) (B)}		2,099,765		1,560,125
Ur-Energy ^{* (A) (B)}		8,975,014		4,860,868
TOTAL UNITED STATES				16,502,435
TOTAL COMMON STOCK
(Cost $271,531,936)				143,077,698

REPURCHASE AGREEMENTS (D) — 14.7%
Barclays Bank
0.070%, dated 10/30/15, to be repurchased on 11/02/15 repurchase price $19,000,111 (collateralized by U.S. Treasury Obligations, ranging in par value $20-$5,752,259, 0.000%-2.750%, 11/05/15-02/15/45 with a total market value of $19,380,000)		19,000,000		19,000,000
Deutsche Bank
0.050%, dated 10/30/15, to be repurchased on 11/02/15 repurchase price $1,830,615 (collateralized by U.S. Treasury Notes, par value $1,830,615, 3.250%, 07/31/16 with a total market value of $1,880,957)		1,830,607		1,830,607
TOTAL REPURCHASE AGREEMENTS
(Cost $20,830,607)				20,830,607

TIME DEPOSITS — 0.1%
Brown Brothers Harriman
1.104%, 11/02/15, AUD		3		2
0.050%, 11/02/15, CAD		127,538		97,480
0.080%, 11/02/15, GBP		5		8
TOTAL TIME DEPOSITS
(Cost $97,490)				97,490
TOTAL INVESTMENTS — 115.5%
(Cost $292,460,033)			$	164,005,795

Percentages are based on Net Assets of $142,056,424.

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

Schedule of Investments

October 31, 2015

Global X Uranium 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, 2015. The total value of securities on loan at October 31, 2015 was $16,391,367.
(B)	Affiliated investment (see Note 3).
(C)	Security sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." These securities have been determined to be liquid under guidelines established by the board of Trustees.
(D)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2015 was $20,830,607.

AUD — Australian Dollar

CAD — Canadian Dollar

Cl — Class

GBP — British Pound Sterling

The following is a summary of the inputs used as of October 31, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	143,077,698	$	—	$	—	$	143,077,698
Repurchase Agreements		—		20,830,607		—		20,830,607
Time Deposits		—		97,490		—		97,490
Total Investments in Securities	$	143,077,698	$	20,928,097	$	—	$	164,005,795

For the year ended October 31, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2015, there were no Level 3 investments.

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

Schedule of Investments

October 31, 2015

Global X Lithium ETF

Sector Weightings (unaudited)†:

	Shares		Value
COMMON STOCK — 100.1%
AUSTRALIA— 2.4%
Basic Materials — 2.4%
Galaxy Resources ^*		6,670,672	$	366,458
Orocobre ^*		485,701		622,009
TOTAL AUSTRALIA				988,467
CANADA— 0.8%
Basic Materials — 0.8%
Avalon Rare Metals ^{* (A)}		437,807		38,482
Western Lithium USA ^{* (A)}		1,003,609		287,655
TOTAL CANADA				326,137
CHILE— 9.6%
Basic Materials — 9.6%
Sociedad Quimica y Minera de Chile ADR		201,553		3,906,097
CHINA— 4.7%
Industrials — 4.7%
BYD, Cl H ^*		309,200		1,930,979
FRANCE— 4.7%
Industrials — 4.7%
Blue Solutions ^*		19,288		465,549
Saft Groupe		55,582		1,442,875
TOTAL FRANCE				1,908,424
HONG KONG— 6.6%
Consumer Goods — 5.6%
FDG Electric Vehicles ^*		32,890,600		2,291,703
Industrials — 1.0%
Coslight Technology International Group ^*		1,038,373		388,547
TOTAL HONG KONG				2,680,250
JAPAN— 9.3%
Industrials — 9.3%
GS Yuasa		447,894		1,714,747
Panasonic		174,500		2,075,057
TOTAL JAPAN				3,789,804

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

Schedule of Investments

October 31, 2015

Global X Lithium ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
SOUTH KOREA— 11.1%
Basic Materials — 4.9%
LG Chemical		7,450	$	1,989,847
Industrials — 6.2%
Samsung SDI		20,237		1,890,479
Vitzrocell ^*		49,371		619,276
				2,509,755
TOTAL SOUTH KOREA				4,499,602
TAIWAN— 11.3%
Industrials — 11.3%
Advanced Lithium Electrochemistry Cayman ^*		805,929		913,586
Changs Ascending Enterprise ^*		260,017		310,769
Dynapack International Technology		922,300		1,517,113
Simplo Technology		526,500		1,873,204
TOTAL TAIWAN				4,614,672
UNITED KINGDOM— 0.2%
Basic Materials — 0.2%
Bacanora Minerals ^*		63,258		82,553
UNITED STATES— 39.4%
Basic Materials — 28.2%
Albemarle		58,442		3,127,816
Avalon Rare Metals ^*		110,956		10,419
FMC		204,618		8,329,999
				11,468,234
Consumer Goods — 4.5%
Tesla Motors ^{* (A)}		8,879		1,837,331
Industrials — 6.7%
China BAK Battery ^*		21,214		64,915
Johnson Controls		47,535		2,147,631
Ultralife ^*		76,731		520,236
				2,732,782
TOTAL UNITED STATES				16,038,347
TOTAL COMMON STOCK
(Cost $49,714,593)				40,765,332

REPURCHASE AGREEMENT (B) — 3.0%
Deutsche Bank
0.050%, dated 10/30/15, to be repurchased on 11/02/15 repurchase price $1,211,995 (collateralized by U.S. Treasury Notes, par value $1,211,995, 3.250%, 07/31/16 with a total market value of $1,245,325)
(Cost $1,211,990)	$	1,211,990		1,211,990

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

Schedule of Investments

October 31, 2015

Global X Lithium ETF

	Face Amount⁽¹⁾		Value
TIME DEPOSIT — 0.0%
Brown Brothers Harriman, 1.104%, 11/02/15, AUD
(Cost $2)		3	$	2
TOTAL INVESTMENTS — 103.1%
(Cost $50,926,585)			$	41,977,324

Percentages are based on Net Assets of $40,730,959.

*	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, 2015. The total value of securities on loan at October 31, 2015 was $1,089,488.
(B)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2015 was $1,211,990.

ADR — American Depositary Receipt

AUD — Australian Dollar

Cl — Class

The following is a summary of the inputs used as of October 31, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	40,765,332	$	—	$	—	$	40,765,332
Repurchase Agreement		—		1,211,990		—		1,211,990
Time Deposit		—		2		—		2
Total Investments in Securities	$	40,765,332	$	1,211,992	$	—	$	41,977,324

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, 2014	$	2,701,427
Transfers out of Level 3		(2,291,703	)
Transfers into Level 3		-
Net purchases		286,808
Net sales		(750,234	)
Realized gain/(loss)		(1,756,221	)
Change in unrealized appreciation/(depreciation)		1,809,923
Ending Balance as of October 31, 2015	$	-

For the year ended October 31, 2015, the transfers 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.

For the year ended October 31, 2015 there have been no transfers between Level 1 and Level 2 investments.

As of October 31, 2015, there were no Level 3 investments.

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

Schedule of Investments

October 31, 2015

Global X Fertilizers/Potash ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.7%
AUSTRALIA— 10.4%
Basic Materials — 10.4%
Incitec Pivot		219,029	$	617,252
Nufarm		95,692		571,432
TOTAL AUSTRALIA				1,188,684
BELGIUM— 4.4%
Basic Materials — 4.4%
Tessenderlo Chemie		15,620		506,771
CANADA— 8.5%
Basic Materials — 8.5%
Agrium		282		26,220
Agrium ^		5,868		546,135
Potash Corp of Saskatchewan		20,153		407,695
TOTAL CANADA				980,050
CHILE— 5.2%
Basic Materials — 5.2%
Sociedad Quimica y Minera de Chile ADR		30,606		593,144
CHINA— 3.9%
Basic Materials — 3.9%
China BlueChemical		947,841		283,737
Sinofert Holdings		948,385		167,648
TOTAL CHINA				451,385
GERMANY— 4.4%
Basic Materials — 4.4%
K+S		20,042		508,212
ISRAEL— 8.7%
Basic Materials — 8.7%
Israel Chemicals		94,041		521,293
The Israel Corp		1,835		473,627
TOTAL ISRAEL				994,920
NETHERLANDS— 5.4%
Basic Materials — 5.4%
OCI ^*		21,605		613,955
NORWAY— 4.8%
Basic Materials — 4.8%
Yara International		12,197		555,955

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

Schedule of Investments

October 31, 2015

Global X Fertilizers/Potash ETF

	Shares/Face Amount⁽¹⁾		Value
COMMON STOCK — continued
POLAND— 5.2%
Basic Materials — 5.2%
Grupa Azoty		25,188	$	602,148
RUSSIA— 4.4%
Basic Materials — 4.4%
Uralkali GDR		42,024		505,128
SOUTH KOREA— 0.8%
Basic Materials — 0.8%
Namhae Chemical		10,708		94,395
SWITZERLAND— 4.4%
Basic Materials — 4.4%
Syngenta		1,509		509,455
TAIWAN— 4.3%
Basic Materials — 4.3%
Taiwan Fertilizer		383,182		490,434
TURKEY— 1.4%
Basic Materials — 1.4%
Bagfas Bandirma Gubre Fabrik		14,255		64,871
Gubre Fabrikalari		39,688		89,828
TOTAL TURKEY				154,699
UNITED STATES— 23.5%
Basic Materials — 23.5%
CF Industries Holdings		10,787		547,656
Compass Minerals International		7,426		603,288
Intrepid Potash ^*		30,282		116,889
Mosaic		14,269		482,150
Scotts Miracle-Gro, Cl A		10,238		677,346
Terra Nitrogen		2,535		268,152
TOTAL UNITED STATES				2,695,481
TOTAL COMMON STOCK
(Cost $17,349,056)				11,444,816

TIME DEPOSITS — 0.0%
Brown Brothers Harriman
0.030%, 11/02/15		4,171		4,171
1.104%, 11/02/15, AUD		10		7
0.121%, 11/02/15, NOK		7		1
TOTAL TIME DEPOSITS
(Cost $4,179)				4,179
TOTAL INVESTMENTS — 99.7%
(Cost $17,353,235)			$	11,448,995

Percentages are based on Net Assets of $11,482,617.

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

Schedule of Investments

October 31, 2015

Global X Fertilizers/Potash ETF

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

ADR — American Depositary Receipt

AUD — Australian Dollar

Cl — Class

GDR — Global Depositary Receipt

NOK — Norwegian Krone

The following is a summary of the inputs used as of October 31, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	11,444,816	$	—	$	—	$	11,444,816
Time Deposits		—		4,179		—		4,179
Total Investments in Securities	$	11,444,816	$	4,179	$	—	$	11,448,995

For the year ended October 31, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2015, there were no Level 3 investments.

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

Statements of Assets and Liabilities

October 31, 2015

	Global X Silver Miners ETF			Global X Gold Explorers ETF			Global X Copper Miners ETF
Assets:
Cost of Investments	$	267,934,618		$	36,390,188		$	34,232,642
Cost of Repurchase Agreement		6,827,718			1,037,810			1,082,005
Cost of Affiliated Investments		—			5,148,832			—
Cost of Foreign Currency		—			—			3
Investments, at Value	$	144,366,264	*	$	24,630,883	*	$	19,008,898	*
Repurchase Agreement, at Value		6,827,718			1,037,810			1,082,005
Affiliated Investments, at Value		—			4,476,271			—
Foreign Currency, at Value		—			—			3
Cash		546	⁽¹⁾		—			—
Receivable for Investment Securities Sold		10,186,302			—			1,894,696
Reclaim Receivable		22,609			—			9,643
Dividend and Interest Receivable		16,032			2,258			4,777
Unrealized Appreciation on Spot Contracts		8,618			—			1,673
Receivable for Fund Shares Sold		—			—			70,190
Total Assets		161,428,089			30,147,222			22,071,885
Liabilities:
Payable for Investment Securities Purchased		9,172,626			—			1,998,832
Obligation to Return Securities Lending Collateral		6,828,264			1,037,810			1,082,005
Cash Overdraft		1,587,335			—			—
Payable due to Investment Adviser		84,050			16,331			10,639
Unrealized Depreciation on Spot Contracts		—			—			1,005
Total Liabilities		17,672,275			1,054,141			3,092,481
Net Assets	$	143,755,814		$	29,093,081		$	18,979,404
Net Assets Consist of:
Paid-in Capital	$	473,429,574		$	90,118,619		$	50,666,697
Undistributed Net Investment Income		225,582			162,412			26,145
Accumulated Net Realized Loss on Investments, Affiliated Investments and Foreign Currency Transactions		(206,327,997	)		(48,756,084	)		(16,500,351	)
Net Unrealized Depreciation on Investments and Affiliated Investments		(123,568,354	)		(12,431,866	)		(15,223,744	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		(2,991	)		—			10,657
Net Assets	$	143,755,814		$	29,093,081		$	18,979,404
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		6,900,000			1,462,379			1,266,667
Net Asset Value, Offering and Redemption Price Per Share	$	20.83		$	19.89		$	14.98
*Includes Market Value of Securities on Loan	$	6,097,231		$	546,286		$	1,069,340

(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, 2015

	Global X Uranium ETF			Global X Lithium ETF			Global X Fertilizers/Potash ETF
Assets:
Cost of Investments	$	203,729,430		$	49,714,595		$	17,353,235
Cost of Affiliated Investments		67,899,996			—			—
Cost of Repurchase Agreement		20,830,607			1,211,990			—
Cost of Foreign Currency		—			943,413			—
Investments, at Value	$	115,948,248	*	$	40,765,334	*	$	11,448,995
Affiliated Investments, at Value		27,226,940	*		—			—
Repurchase Agreement, at Value		20,830,607			1,211,990			—
Foreign Currency, at Value		—			943,875			—
Cash		160,252	⁽¹⁾		—			—
Receivable for Investment Securities Sold		1,355,955			4,956,767			—
Dividend and Interest Receivable		113,454			25,539			9,225
Unrealized Appreciation on Spot Contracts		3,294			1,085			—
Reclaim Receivable		—			—			31,160
Total Assets		165,638,750			47,904,590			11,489,380
Liabilities:
Obligation to Return Securities Lending Collateral		20,990,859			1,211,990			—
Cash Overdraft		1,696,554			1,241,168			—
Payable for Investment Securities Purchased		804,723			4,694,538			—
Payable due to Investment Adviser		85,404			25,290			6,763
Unrealized Depreciation on Spot Contracts		4,786			645			—
Total Liabilities		23,582,326			7,173,631			6,763
Net Assets	$	142,056,424		$	40,730,959		$	11,482,617
Net Assets Consist of:
Paid-in Capital	$	540,266,379		$	100,900,495		$	20,626,540
Undistributed (Distributions in Excess of) Net Investment Income		1,074,464			(18,247	)		330,845
Accumulated Net Realized Loss on Investment, Affiliated Investments and Foreign Currency Transactions		(270,830,452	)		(51,200,629	)		(3,567,361	)
Net Unrealized Depreciation on Investments and Affiliated Investments		(128,454,238	)		(8,949,261	)		(5,904,240	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		271			(1,399	)		(3,167	)
Net Assets	$	142,056,424		$	40,730,959		$	11,482,617
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		9,507,536			1,975,000			1,150,000
Net Asset Value, Offering and Redemption Price Per Share	$	14.94		$	20.62		$	9.98
*Includes Market Value of Securities on Loan	$	16,391,367		$	1,089,488		$	—

(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, 2015

	Global X Silver Miners ETF			Global X Gold Explorers ETF			Global X Copper Miners ETF
Investment Income:
Dividend Income	$	1,533,504		$	135,885		$	383,484
Interest Income		127			14			6
Security Lending Income		83,582			266,487			24,928
Less: Foreign Taxes Withheld		(126,589	)		—			(27,129	)
Total Investment Income		1,490,624			402,386			381,289
Supervision and Administration Fees⁽¹⁾		1,117,498			193,765			144,171
Income Tax⁽³⁾		–			150			–
Total Expenses		1,117,498			193,915			144,171
Net Investment Income		373,126			208,471			237,118
Net Realized Gain (Loss) on:
Investments		(66,986,628	)⁽²⁾		(16,396,433	)		(5,619,889)	⁽²⁾
Affiliated Investments		—			(1,971,364	)		—
Foreign Currency Transactions		32,574			(32,532	)		5,013
Net Realized Loss on Investments, Affiliated Investments and Foreign Currency Transactions		(66,954,054	)		(18,400,329	)		(5,614,876	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		30,509,063			16,110,405			(4,723,123	)
Affiliated Investments		—			2,988,794			—
Foreign Currency Translations		4,109			—			2,104
Net Change in Unrealized Appreciation (Depreciation) on Investments, Affiliated Investments and Foreign Currency Translations		30,513,172			19,099,199			(4,721,019	)
Net Realized and Unrealized Gain (Loss) on Investments, Affiliated Investments and Foreign Currency Transactions and Translations		(36,440,882	)		698,870			(10,335,895	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(36,067,756	)	$	907,341		$	(10,098,777	)

(1)

The Supervision and Administration fees 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.)

(3)

See Note 2 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, 2015

	Global X Uranium ETF			Global X Lithium ETF			Global X Fertilizers/Potash ETF
Investment Income:
Dividend Income	$	1,002,308		$	566,600		$	562,002
Interest Income		72			46			5
Security Lending Income		1,926,672			16,866			—
Less: Foreign Taxes Withheld		(150,346	)		(94,860	)		(41,262	)
Total Investment Income		2,778,706			488,652			520,745
Supervision and Administration Fees⁽¹⁾		1,340,857			334,037			98,108
Total Expenses		1,340,857			334,037			98,108
Net Investment Income		1,437,849			154,615			422,637
Net Realized Gain (Loss) on:
Investments ⁽²⁾		(34,567,650	)		1,314,822			(1,017,037	)
Affiliated Investments ⁽²⁾		(22,262,769	)		—			—
Foreign Currency Transactions		(43,181	)		(22,710	)		(9,722	)
Net Realized Gain (Loss) on Investments, Affiliated Investments and Foreign Currency Transactions		(56,873,600	)		1,292,112			(1,026,759	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(18,412,701	)		(8,203,592	)		84,935
Affiliated Investments		(839,762	)		—			—
Foreign Currency Translations		270			(1,318	)		(1,745	)
Net Change in Unrealized Appreciation (Depreciation) on Investments, Affiliated Investments and Foreign Currency Translations		(19,252,193	)		(8,204,910	)		83,190
Net Realized and Unrealized Loss on Investments, Affiliated Investments and Foreign Currency Transactions and Translations		(76,125,793	)		(6,912,798	)		(943,569	)
Net Decrease in Net Assets Resulting from Operations	$	(74,687,944	)	$	(6,758,183	)	$	(520,932	)

(1)

The Supervision and Administration fees 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 Changes in Net Assets

	Global X Silver Miners ETF						Global X Gold Explorers ETF
	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
Operations:
Net Investment Income	$	373,126		$	559,003		$	208,471		$	9,678
Net Realized Loss on Investments, Affiliated Investments and Foreign Currency Transactions		(66,954,054	)⁽¹⁾		(57,363,296	)⁽¹⁾		(18,400,329	)		(6,993,259	)⁽¹⁾
Net Change in Unrealized Appreciation (Depreciation) on Investments, Affiliated Investments and Foreign Currency Translations		30,513,172			(23,879,356	)		19,099,199			(6,020,331	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(36,067,756	)		(80,683,649	)		907,341			(13,003,912	)
Dividends and Distributions from:
Net Investment Income		(129,601	)		(1,275,569	)		(40,294	)		—
Total Dividends and Distributions		(129,601	)		(1,275,569	)		(40,294	)		—
Capital Share Transactions:
Issued		29,928,286			50,580,032			512,019			16,427,825
Redeemed		(20,940,116	)		(15,895,569	)		—			(7,729,518	)
Increase in Net Assets from Capital Share Transactions		8,988,170			34,684,463			512,019			8,698,307
Total Increase (Decrease) in Net Assets		(27,209,187	)		(47,274,755	)		1,379,066			(4,305,605	)
Net Assets:
Beginning of Year		170,965,001			218,239,756			27,714,015			32,019,620
End of Year	$	143,755,814		$	170,965,001		$	29,093,081		$	27,714,015
Undistributed (Distributions in Excess of) Net Investment Income/ (Accumulated Net Investment Loss)	$	225,582		$	(55,245	)	$	162,412		$	(6,566	)
Share Transactions:
Issued		1,183,334	⁽²⁾		1,333,333	⁽²⁾		25,000	⁽³⁾		525,000	⁽³⁾
Redeemed		(816,667	)⁽²⁾		(450,000	)⁽²⁾		—			(275,000	)⁽³⁾
Net Increase in Shares Outstanding from Share Transactions		366,667			883,333			25,000			250,000

⁽¹⁾

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

⁽²⁾

Adjusted to reflect the effect of a 1 for 3 reverse share split on November 18, 2015. (See Note 9 in the Notes to Financial Statements.)

⁽³⁾

Adjusted to reflect the effect of a 1 for2 reverse share split on November 18, 2015. (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, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
Operations:
Net Investment Income	$	237,118		$	520,075		$	1,437,849		$	625,871
Net Realized Loss on Investments, Affiliated Investments and Foreign Currency Transactions⁽¹⁾		(5,614,876	)		(4,443,768	)		(56,873,600	)		(15,576,876	)
Net Change in Unrealized Depreciation on Investments, Affiliated Investments and Foreign Currency Translations		(4,721,019	)		(631,833	)		(19,252,193	)		(53,291,525	)
Net Decrease in Net Assets Resulting from Operations		(10,098,777	)		(4,555,526	)		(74,687,944	)		(68,242,530	)
Dividends and Distributions from:
Net Investment Income		(509,286	)		(225,417	)		(9,307,517	)		(734,117	)
Total Dividends and Distributions		(509,286	)		(225,417	)		(9,307,517	)		(734,117	)
Capital Share Transactions:
Issued		6,134,592			4,282,425			31,602,266			170,458,752
Redeemed		(3,599,890	)		(5,276,910	)		(17,906,993	)		(7,996,486	)
Increase (Decrease) in Net Assets from Capital Share Transactions		2,534,702			(994,485	)		13,695,273			162,462,266
Total Increase (Decrease) in Net Assets		(8,073,361	)		(5,775,428	)		(70,300,188	)		93,485,619
Net Assets:
Beginning of Year		27,052,765			32,828,193			212,356,612			118,870,993
End of Year	$	18,979,404		$	27,052,765		$	142,056,424		$	212,356,612
Undistributed Net Investment Income	$	26,145		$	263,104		$	1,074,464		$	8,946,170
Share Transactions:
Issued		350,000	⁽²⁾		150,000	⁽²⁾		1,350,000	⁽³⁾		5,300,000	⁽³⁾
Redeemed		(166,666	)⁽²⁾		(183,333	)⁽²⁾		(975,000	)⁽³⁾		(275,000	)⁽³⁾
Net Increase (Decrease) in Shares Outstanding from Share Transactions		183,334			(33,333	)		375,000			5,025,000

⁽¹⁾

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

⁽²⁾

Adjusted to reflect the effect of a 1 for 3 reverse share split on November 18, 2015. (See Note 9 in the Notes to Financial Statements.)

⁽³⁾

Adjusted to reflect the effect of a 1 for2 reverse share split on November 18, 2015. (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, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
Operations:
Net Investment Income	$	154,615		$	414,582		$	422,637		$	386,118
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		1,292,112			(9,617,499	)		(1,026,759	)		(926,245	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		(8,204,910	)		4,632,660			83,190			(642,621	)
Net Decrease in Net Assets Resulting from Operations		(6,758,183	)		(4,570,257	)		(520,932	)		(1,182,748	)
Dividends and Distributions from:
Net Investment Income		(471,239	)		(160,079	)		(350,078	)		(366,898	)
Total Dividends and Distributions		(471,239	)		(160,079	)		(350,078	)		(366,898	)
Capital Share Transactions:
Issued		3,158,262			10,505,000			—			—
Redeemed		(5,587,104	)		(6,490,918	)		(3,407,437	)		(5,553,179	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(2,428,842	)		4,014,082			(3,407,437	)		(5,553,179	)
Total Decrease in Net Assets		(9,658,264	)		(716,254	)		(4,278,447	)		(7,102,825	)
Net Assets:
Beginning of Year		50,389,223			51,105,477			15,761,064			22,863,889
End of Year	$	40,730,959		$	50,389,223		$	11,482,617		$	15,761,064
Undistributed (Distributions in Excess of) Net Investment Income	$	(18,247	)	$	289,051		$	330,845		$	305,048
Share Transactions:
Issued		125,000	⁽²⁾		375,000	⁽²⁾		—			—
Redeemed		(250,000	)⁽²⁾		(250,000	)⁽²⁾		(300,000	)		(500,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(125,000	)		125,000			(300,000	)		(500,000	)

⁽¹⁾

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

⁽²⁾

Adjusted to reflect the effect of a 1 for2 reverse share split on November 18, 2015. (See Note 9 in the 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 ($)			Distribution from Capital Gains ($)			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
2015⁽¹⁾		26.16			0.06			(5.37	)		(5.31	)		(0.02	)		—			(0.02	)		20.83		(20.35	)		143,756		0.65			0.22			26.75
2014⁽¹⁾		38.64			0.09			(12.35	)		(12.26	)		(0.22	)		—			(0.22	)		26.16		(31.85	)		170,965		0.65			0.24			24.23
2013⁽¹⁾		74.94			0.34			(36.03	)		(35.69	)		(0.61	)		—			(0.61	)		38.64		(47.97	)		218,240		0.65			0.67			23.79
2012⁽¹⁾		70.98	��		0.40			3.67			4.07			(0.11	)		—			(0.11	)		74.94		5.76			385,967		0.65			0.62			18.13
2011⁽¹⁾		60.60			0.12			10.99			11.11			(0.73	)		—			(0.73	)		70.98		18.20			363,106		0.65			0.16			26.50
Global X Gold Explorers ETF
2015⁽²⁾		19.28			0.14			0.50			0.64			(0.03	)		—			(0.03	)		19.89		3.36			29,093		0.65			0.70			57.53
2014⁽²⁾		26.96			0.01			(7.69	)		(7.68	)		—			—			—			19.28		(28.49	)		27,714		0.65			0.02			29.94
2013⁽²⁾⁽³⁾		69.44			(0.25	)		(39.35	)		(39.60	)		(2.88	)		—			(2.88	)		26.96		(59.16	)		32,020		0.65			(0.65	)		31.73
2012⁽²⁾⁽³⁾		106.88			(0.49	)		(34.92	)		(35.41	)		(2.03	)		—			(2.03	)		69.44		(33.42	)		41,251		0.65			(0.65	)		43.12
2011^(2)(3)(4)		123.92			(0.83	)		(16.21	)		(17.04	)		—			—			—			106.88		(13.75	)		27,392		0.65	†		(0.65	)†		29.96
Global X Copper Miners ETF
2015⁽¹⁾		24.96			0.21			(9.68	)		(9.47	)		(0.51	)		—			(0.51	)		14.98		(38.64	)		18,979		0.65			1.07			29.72
2014⁽¹⁾		29.40			0.45			(4.69	)		(4.24	)		(0.20	)		—			(0.20	)		24.96		(14.49	)		27,053		0.65			1.59			15.77
2013⁽¹⁾		38.79			0.52			(8.63	)		(8.11	)		(1.28	)		—			(1.28	)		29.40		(21.69	)		32,828		0.65			1.63			37.06
2012⁽¹⁾		44.76			0.72			(3.97	)		(3.25	)		(1.70	)		(1.02	)		(2.72	)		38.79		(7.08	)		31,041		0.65			1.84			28.90
2011⁽¹⁾		49.89			1.05			(5.90	)		(4.85	)		(0.28	)		—			(0.28	)		44.76		(9.85	)		45,517		0.65			1.91			15.78
Global X Uranium ETF
2015⁽²⁾		23.26			0.15			(7.50	)		(7.35	)		(0.97	)		—			(0.97	)		14.94		(33.01	)		142,056		0.69			0.74			22.37
2014⁽²⁾		28.94			0.09			(5.60	)		(5.51	)		(0.17	)		—			(0.17	)		23.26		(19.18	)		212,357		0.69			0.30			20.90
2013⁽²⁾⁽⁵⁾		42.06			0.18			(12.56	)		(12.38	)		(0.74	)		—			(0.74	)		28.94		(29.88	)		118,871		0.69			0.51			73.16
2012⁽²⁾⁽⁵⁾		60.54			0.15			(18.63	)		(18.48	)		—			—			—			42.06		(30.53	)		135,668		0.69			0.30			55.90
2011^(2)(5)(6)		100.68			0.87			(38.68	)		(37.81	)		(2.33	)		—			(2.33	)		60.54		(38.70	)		199,349		0.69	†		1.10	†		24.17
Global X Lithium ETF
2015⁽²⁾		24.00			0.08			(3.22	)		(3.14	)		(0.24	)		—			(0.24	)		20.62		(13.18	)		40,731		0.75			0.35			31.14
2014⁽²⁾		25.88			0.20			(2.00	)		(1.80	)		(0.08	)		—			(0.08	)		24.00		(6.97	)		50,389		0.75			0.75			43.37
2013⁽²⁾		28.82			0.06			(2.31	)		(2.25	)		(0.69	)		—			(0.69	)		25.88		(8.00	)		51,105		0.75			0.21			38.46
2012⁽²⁾		31.80			0.43			(3.37	)		(2.94	)		(0.04	)		—			(0.04	)		28.82		(9.25	)		69,871		0.75			1.40			28.78
2011⁽²⁾		39.66			(0.09	)		(7.24	)		(7.33	)		(0.49	)		(0.04	)		(0.53	)		31.80		(18.86	)		107,301		0.75			(0.22	)		24.87
Global X Fertilizers/Potash ETF
2015		10.87			0.33			(0.97	)		(0.64	)		(0.25	)		—			(0.25	)		9.98		(6.01	)		11,483		0.69			2.97			30.64
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⁽⁷⁾		15.05			0.06			(1.05	)		(0.99	)		—			—			—			14.06		(6.58	)		35,160		0.69	†		0.90	†		7.55

(1)	Per share amounts have been adjusted for a 1 for 3 reverse share split on November 18, 2015. For more information see Note 9 in the Notes to Financial Statements.
(2)	Per share amounts have been adjusted for a 1 for 2 reverse share split on November 18, 2015. For more information see Note 9 in the Notes to Financial Statements.
(3)	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
(4)	The Fund commenced operations on November 3, 2010.
(5)	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.
(6)	The Fund commenced operations on November 4, 2010.
(7)	The Fund commenced operations on May 25, 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, 2015

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, 2015, the Trust had ninety-one portfolios, forty-seven 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 and Global X Fertilizers/Potash ETF (the “Funds”). Each Fund has elected non-diversified status.

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), 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 as of reporting date. 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

Notes to Financial Statements (continued)

October 31, 2015

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (continued)

Value Procedures include: the security's trading has been halted or suspended; the security has been de-listed from its primary trading exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, the Funds may fair value their securities if an event that may materially affect the value of the Funds’ securities that traded outside of the United States (a “Significant Event”) has occurred between the time of the security's last close and the time that the Funds calculate their net asset value. A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If Global X Management Company LLC (the “Adviser”) becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate net asset value, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably available to the Committee. As of October 31, 2015, there was $377,503 of fair valued securities in the Global X Copper Miners ETF. 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 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)

Notes to Financial Statements (continued)

October 31, 2015

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (concluded)

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement. For the year ended October 31, 2015 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, 2015. The disclosures below also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.

Global X Copper Miners ETF

Quantitative information about Level 3 fair value measurements

Discount Percentage

Assets

Fair Value at 10/31/15

Valuation Technique(s)

Unobservable Input

Range

Common Stock

377,503

Discount from the Last
Traded Price

Last Traded Price Comparability
Adjustment %

The unobservable input used to determine fair value of the Level 3 asset may have similar or diverging impacts on valuation. Significant increases and decreases in this input could result in significantly higher or lower fair value measurement.

REPURCHASE AGREEMENTS — Securities pledged as collateral for repurchase agreements are held by Citibank N.A. and are designated as being held on each Fund’s behalf by its custodian under a book-entry system. Each Fund monitors the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest. It is the Funds’ policy to only enter into repurchase agreements with banks and other financial institutions which are deemed by the 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, 2015

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

At October 31, 2015, 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	$	5,000,000	$	5,000,000	$	-	$	-
Deutsche Bank		1,827,718		1,827,718		-		-
Global X Gold Explorers ETF
Deutsche Bank		1,037,810		1,037,810		-		-
Global X Copper Miners ETF
Deutsche Bank		1,082,005		1,082,005		-		-
Global X Uranium ETF
Barclays		19,000,000		19,000,000		-		-
Deutsche Bank		1,830,607		1,830,607				-
Global X Lithium ETF
Deutsche Bank		1,211,990		1,211,990		-		-

⁽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, 2015, the Global X Gold Explorers ETF incurred federal excise tax in the amount of $150. 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 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, 2015, 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.

Notes to Financial Statements (continued)

October 31, 2015

2. SIGNIFICANT ACCOUNTING POLICIES (concluded)

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 to Brown Brothers Harriman & Co. (“BBH”), the Funds’ 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		Value at October
	Creation Unit Shares		Fee		31, 2015		Redemption Fee
Global X Silver Miners ETF		50,000	$	1,000	$	1,041,500	$	1,000
Global X Gold Explorers ETF		50,000		1,000		994,500		1,000
Global X Copper Miners ETF		50,000		1,000		749,000		1,000
Global X Uranium ETF		50,000		1,000		747,000		1,000
Global X Lithium ETF		50,000		1,000		1,031,000		1,000
Global X Fertilizers/Potash ETF		50,000		1,000		499,000		1,000

Notes to Financial Statements (continued)

October 31, 2015

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 services 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	%

The Adviser and MCCA Lithium ETF, LLC (“MCCA”), a single purpose limited liability firm, had entered into an agreement, pursuant to which MCCA 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 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. The agreement was terminated on August 7, 2015.

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

Notes to Financial Statements (continued)

October 31, 2015

3. RELATED PARTY TRANSACTIONS (continued)

SEI Investments Distribution Co. (“SIDCO”) serves as each Funds’ underwriter and distributor of Shares pursuant to a distribution agreement. Under the distribution agreement, SIDCO, as agent, receives orders to create and redeem Shares in Creation Unit Aggregations and transmits such orders to the Trust’s custodian and transfer agent. SIDCO has no obligation to sell any specific quantity of Fund Shares. SIDCO bears the following costs and expenses relating to the distribution of Shares: (1) the costs of processing and maintaining records of creations of Creation Units; (2) all costs of maintaining the records required of a registered broker/dealer; (3) the expenses of maintaining its registration or qualification as a dealer or broker under Federal or state laws; (4) filing fees; and (5) 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.

BBH, located at 50 Post Office Square, Boston, MA 02110, serves as Custodian of the Funds’ assets. As Custodian, BBH has agreed to (1) make receipts and disbursements of money on behalf of the Funds, (2) collect and receive all income and other payments and distributions on account of the Funds’ portfolio investments, (3) respond to correspondence from shareholders, security brokers and others relating to its duties; and (4) make periodic reports to the Funds concerning the Funds’ 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. BBH also serves as Transfer Agent. As Transfer Agent, BBH has agreed to (1) issue and redeem shares of each Fund, (2) make dividend and other distributions to shareholders of each Fund, (3) respond to correspondence by shareholders and others relating to its duties; (4) maintain shareholder accounts, and (5) make periodic reports to the Funds. As compensation for these services, the Transfer Agent 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, 2015, 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.

							Changes in
							Unrealized
Value at		Purchases at		Proceeds from			Appreciation			Realized Gain			Value at		Dividend
10/31/2014		Cost		Sales			(Depreciation)			(Loss)			10/31/15		Income
Global X Gold Explorers ETF
	Gold Canyon Resources
$	1,052,934	$	1,343,365	$	(842,920	)	$	3,676,137		$	(1,843,944	)	$	3,385,572	$	—
	Gryphon Minerals
$	1,000,895	$	933,911	$	(29,344	)	$	(687,343	)	$	(127,420	)	$	1,090,699	$	—
Totals:
$	2,053,829	$	2,277,276	$	(872,264	)	$	2,988,794		$	(1,971,364	)	$	4,476,271	$	—

Notes to Financial Statements (continued)

October 31, 2015

3. RELATED PARTY TRANSACTIONS (concluded)

							Changes in
							Unrealized
Value at		Purchases at		Proceeds from			Appreciation			Realized Gain			Value at		Dividend
10/31/2014		Cost		Sales			(Depreciation)			(Loss)			10/31/15		Income
Global X Uranium ETF
	Centrus Energy
$	262,223	$	1,393,515	$	(37,996	)	$	(408,282	)	$	(1,912	)	$	1,207,548	$	—
	Energy Fuels
$	9,988,789	$	11,229,434	$	(6,014,042	)	$	(5,753,506	)	$	(2,564,404	)	$	6,886,271	$	—
	Fission 3.0
$	1,010,852	$	186,055	$	(349,986	)	$	(5,748	)	$	(365,235	)	$	475,938	$	—
	Laramide Resources
$	2,248,253	$	302,040	$	(388,742	)	$	(49,359	)	$	(1,396,117	)	$	716,075	$	—
	Mega Uranium
$	2,739,735	$	401,640	$	(402,023	)	$	(397,761	)	$	(1,045,340	)	$	1,296,251	$	—
	Silex Systems
$	5,937,210	$	729,027	$	(1,352,295	)	$	3,685,212		$	(5,987,425	)	$	3,011,729	$	—
	UEX
$	4,611,399	$	647,938	$	(1,010,705	)	$	(273,487	)	$	(2,700,939	)	$	1,274,206	$	—
	Uranium Energy
$	9,171,155	$	2,337,799	$	(4,786,647	)	$	3,796,610		$	(4,580,988	)	$	5,937,929	$	—
	Uranium Resources
$	4,030,695	$	600,976	$	(886,435	)	$	(261,145	)	$	(1,923,966	)	$	1,560,125	$	—
	Ur-Energy
$	8,366,330	$	1,420,867	$	(2,057,590	)	$	(1,172,296	)	$	(1,696,443	)	$	4,860,868	$	—
Totals:
$	48,366,641	$	19,249,291	$	(17,286,461	)	$	(839,762	)	$	(22,262,769	)	$	27,226,940	$	—

4. INVESTMENT TRANSACTIONS

For the year ended October 31, 2015, 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	$	47,412,008	$	45,106,147
Global X Gold Explorers ETF		17,135,047		16,913,970
Global X Copper Miners ETF		6,540,448		6,930,172
Global X Uranium ETF		42,865,629		49,501,721
Global X Lithium ETF		13,890,690		14,414,817
Global X Fertilizers/Potash ETF		4,308,013		4,466,313

Notes to Financial Statements (continued)

October 31, 2015

4. INVESTMENT TRANSACTIONS (concluded)

For the years ended October 31, 2015 and October 31, 2014 in-kind transactions associated with creations and redemptions were, respectively:

	Purchases		Sales and Maturities		Realized Gain (Loss)
Global X Silver Miners ETF	$	29,988,868	$	20,953,183	$	1,128,279
Global X Gold Explorers ETF		511,642		-		-
Global X Copper Miners ETF		6,123,996		3,576,659		(190,048	)
Global X Uranium ETF		31,551,324		17,897,881		(3,478,497	)
Global X Lithium ETF		2,552,262		4,456,568		564,779
Global X Fertilizers/Potash ETF		-		3,189,800		117,962

	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

During the year ended October 31, 2015, 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 investment in master limited partnership, non-deductible excise tax paid, 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, 2015.

Global X Funds	Paid-in Capital			Undistributed Net Investment Income			Accumulated Net Realized Gain (Loss)
Global X Silver Miners ETF	$	(122,246	)	$	37,302		$	84,944
Global X Gold Explorers ETF		(150	)		801			(651	)
Global X Copper Miners ETF		(286,517	)		35,209			251,308
Global X Uranium ETF		(7,336,678	)		(2,038	)		7,338,716
Global X Lithium ETF		511,900			9,326			(521,226	)
Global X Fertilizers/Potash ETF		143,174			(46,762	)		(96,412	)

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

Notes to Financial Statements (continued)

October 31, 2015

5. TAX INFORMATION (continued)

The tax character of dividends and distributions declared during the years ended October 31, 2015 and 2014 were as follows:

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

Global X Silver Miners ETF
2015	$	129,601	$	–	$	–	$	129,601
2014		1,275,569		–		–		1,275,569
Global X Gold Explorers ETF
2015	$	40,294	$	–	$	–	$	40,294
2014		–		–		–		–
Global X Copper Miners ETF
2015	$	509,286	$	–	$	–	$	509,286
2014		225,417		–		–		225,417
Global X Uranium ETF
2015	$	9,307,517	$	–	$	–	$	9,307,517
2014		734,117		–		–		734,117
Global X Lithium ETF
2015	$	471,239	$	–	$	–	$	471,239
2014		160,079		–		–		160,079
Global X Fertilizers/Potash ETF
2015	$	350,078	$	–	$	–	$	350,078
2014		366,898		–		–		366,898

As of October 31, 2015, 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
Undistributed Ordinary Income	$	313,290		$	2,809,191		$	205,680
Capital Loss Carryforwards		(185,016,525	)		(39,820,135	)		(13,014,245	)
Unrealized Depreciation on Investments and Foreign Currency		(144,970,525	)		(24,014,595	)		(18,878,720	)
Other Temporary Differences		–			1			(8	)
Total Accumulated Losses	$	(329,673,760	)	$	(61,025,538	)	$	(31,687,293	)

	Global X Funds
	Global X Uranium ETF			Global X Lithium ETF			Global X Fertilizers/Potash ETF
Undistributed Ordinary Income	$	2,214,134		$	–		$	330,847
Capital Loss Carryforwards		(231,930,607	)		(50,804,114	)		(3,330,550	)
Unrealized Depreciation on Investments and Foreign Currency		(168,493,485	)		(9,365,417	)		(6,144,214	)
Other Temporary Differences		3			(5	)		(6	)
Total Accumulated Losses	$	(398,209,955	)	$	(60,169,536	)	$	(9,143,923	)

Notes to Financial Statements (continued)

October 31, 2015

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, 2015, the Funds that had capital loss carryforwards are listed below:

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

During the fiscal year ended October 31, 2015, the following funds utilized capital loss carryforwards to offset capital gains.

Global X Funds
Global X Lithium ETF		$	1,695,799

For taxable years beginning after December 22, 2010, a RIC is permitted to carry forward net capital losses to offset capital gains realized in later years, and the losses carried forward retain their original character as either long-term or short-term losses. Net capital losses of a RIC realized in taxable years beginning before that date (pre-2011 losses) can be carried forward up to 8 years and are characterized in later years as short-term losses. If a Fund uses pre-2011 loss carryforwards in later years, the carryforwards will not reduce the Fund’s current earnings and profits, while loss carryforwards from later years will reduce the Fund’s current earnings and profits. To the extent that later year capital gains are offset by pre-2011 loss carryforwards, distributions of such gains will be treated as ordinary dividend distributions. 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	$	19,717,142	$	156,865,918	$	176,583,060
Global X Gold Explorers ETF		6,155,815		33,533,344		39,689,159
Global X Copper M iners ETF		2,294,456		10,719,789		13,014,245
Global X Uranium ETF		50,760,288		168,464,521		219,224,809
Global X Lithium ETF		10,348,428		33,126,378		43,474,806
Global X Fertilizers/Potash ETF		941,537		2,389,013		3,330,550

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at October 31, 2015 were as follows:

Global X Funds	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Depreciation
Global X Silver Miners ETF	$	296,161,516	$	1,165,387	$	(146,132,921	)	$	(144,967,534	)
Global X Gold Explorers ETF		54,159,559		2,607,422		(26,622,017	)		(24,014,595	)
Global X Copper Miners ETF		38,980,280		–		(18,889,377	)		(18,889,377	)
Global X Uranium ETF		332,499,551		1,006,781		(169,500,537	)		(168,493,756	)
Global X Lithium ETF		51,341,342		1,707,234		(11,071,252	)		(9,364,018	)
Global X Fertilizers/Potash ETF		17,590,042		689,652		(6,830,699	)		(6,141,047	)

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, 2015

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 United States. 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 a 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 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

Notes to Financial Statements (continued)

October 31, 2015

7. LOANS OF PORTFOLIO SECURITIES (continued)

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, 2015, the value of securities on loan was $6,097,231, $546,286, $1,069,340, $16,391,367 and $1,089,488 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 $6,827,718, $1,037,810, $1,082,005, $20,830,607 and $1,211,990 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, 2015, the following Funds had securities on loan, by counterparty:

	Market Value		Cash Collateral
Global X Silver Miners ETF
Citigroup	$	557,546	$	691,900
Deutsche Bank Securities		2,616,074		2,906,100
JPMorgan		1,939,196		2,154,600
Merrill Lynch Pierce Fenner & Smith		32,663		35,026
Morgan Stanley		744,571		815,500
SG Americas Securities		207,181		225,138
Global X Gold Explorers ETF
Barclays Capital		81,592		87,500
Deutsche Bank Securities		37,974		42,544
Jefferies & Co.		135,390		600,000
Merrill Lynch Pierce Fenner & Smith		271,817		286,800
Morgan Stanley		15,294		16,560
SG Americas Securities		4,219		4,406
Global X Copper Miners ETF
Citigroup		199,385		199,293
Credit Suisse		142,643		142,562
UBS Securities		727,312		740,150

Notes to Financial Statements (continued)

October 31, 2015

7. LOANS OF PORTFOLIO SECURITIES (concluded)

	Market Value		Cash Collateral
Global X Uranium ETF
Barclays Capital		340,969		667,447
BMO Capital Markets		252,250		280,215
Citigroup		225,840		333,050
Credit Suisse		3,112,683		3,522,228
Deutsche Bank Securities		867,182		958,106
Goldman Sachs & Co.		275,893		319,569
JPMorgan		3,723,138		5,124,806
Macquarie Capital		2,219,775		2,534,750
Merrill Lynch Pierce Fenner & Smith		687,140		759,021
Morgan Stanley		3,913,356		5,632,260
Scotia Capital USA		282,123		319,507
UBS Securities		491,018		539,900
Global X Lithium ETF
Citigroup		105,104		183,350
Goldman Sachs & Co.		11,813		13,440
Morgan Stanley		972,571		1,015,200

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.

Notes to Financial Statements (continued)

October 31, 2015

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 splits are as follows:

May 16, 2013:

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

Effective November 18, 2015, the Global X Silver Miners ETF, Global X Gold Explorers ETF, Global X Copper Miners ETF, Global X Uranium ETF and the Global X Lithium ETF executed a reverse share split for shareholders of record after the close of markets on November 17, 2015. 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 splits are as follows:

November 18, 2015:

Fund Name			Ratio
Global X Silver Miners ETF			1:3
Global X Gold Explorers ETF			1:2
Global X Copper Miners ETF			1:3
Global X Uranium ETF			1:2
Global X Lithium ETF			1:2

10. RECENT ACCOUNTING PRONOUCEMENT

In June 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. ASU 2014-11 changes the accounting for repurchase-to-maturity transactions and repurchase financing arrangements and requires enhanced disclosures about repurchase agreements and other similar transactions. This update requires repurchase-to-maturity transactions to be accounted for as secured borrowings. This update also eliminates existing guidance for repurchase financings and requires instead that entities consider the initial transfer and the related repurchase agreement separately when applying the derecognition requirements under U.S. GAAP. The accounting changes in this update are effective for fiscal

Notes to Financial Statements (concluded)

October 31, 2015

10. RECENT ACCOUNTING PRONOUCEMENT (concluded)

periods and interim periods beginning after December 15, 2014, and early adoption is prohibited. At this time, management is currently evaluating the implications of ASU No. 2014-11 and its impact on the financial statement disclosures has not yet been determined.

11. SUBSEQUENT EVENTS

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

Subsequent to October 31, 2015 the following portfolios were added to the Trust; Global X Internet of Things ETF, Global X Healthy Lifestyles ETF, Global X Big Data ETF, Global X FinTech ETF and Global X Conscious Companies ETF.

Report of Independent Registered Public Accounting Firm

October 31, 2015

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 and Global X Fertilizers/Potash ETF (six of the series constituting Global X Funds) (the “Funds”) as of October 31, 2015, 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 five 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.

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, 2015, 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, 2015, 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 five years or periods then ended, in conformity with U.S. generally accepted accounting principles.



Philadelphia, Pennsylvania
December 30, 2015

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 (May 1, 2015 to October 31, 2015).

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 5/1/2015		Ending Account Value 10/31/2015		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
Global X Silver Miners ETF
Actual Fund Return	$	1,000.00	$	781.50		0.65	%	$	2.92
Hypothetical 5% Return		1,000.00		1,021.93		0.65			3.31
Global X Gold Explorers ETF
Actual Fund Return	$	1,000.00	$	894.80		0.65	%	$	3.10
Hypothetical 5% Return		1,000.00		1,021.93		0.65			3.31
Global X Copper Miners ETF
Actual Fund Return	$	1,000.00	$	624.50		0.65	%	$	2.66
Hypothetical 5% Return		1,000.00		1,021.93		0.65			3.32
Global X Uranium ETF
Actual Fund Return	$	1,000.00	$	639.00		0.69	%	$	2.85
Hypothetical 5% Return		1,000.00		1,021.72		0.69			3.52
Global X Lithium ETF
Actual Fund Return	$	1,000.00	$	819.60		0.75	%	$	3.44
Hypothetical 5% Return		1,000.00		1,021.42		0.75			3.82
Global X Fertilizers/Potash ETF
Actual Fund Return	$	1,000.00	$	853.00		0.69	%	$	3.22
Hypothetical 5% Return		1,000.00		1,021.72		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, 15^th floor New York, NY 10022 (1974)	Trustee (since 2008)	CEO of Risk Advisors Inc. (since 2007) (consulting firm).	47³	None.
Scott R. Chichester¹ 623 Fifth Ave, 15^thfloor New York, NY 10022 (1970)	Trustee (since 2008)	CFO, AdeptPros Inc. (app development, training and consulting) (since 2012); Founder, Madison Park Advisors LLC (advisory services) (since 2011); 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); Proprietor, Scott R. Chichester CPA (since 2001) (CPA firm).	47³	Director of AdeptPros Inc. (since 2015); Director of Sterling Seal & Supply Inc. (since 2011); Director of Bayview Acquisition Corp. (since 2010); Trustee of ARK ETF Trust (since 2014).
Kartik Kiran Shah 623 Fifth Ave, 15^th floor New York, NY 10022 (1977)	Trustee (since 2008)	President and Chief Business Officer, Oxeia Biopharmaceuticals, Inc. (2015-present); Vice President, Business Development, Cynvenio Biosystems (2012-2014); Independent Consultant, Self-Employed (2011-2012) (non-financial services); Director, Wireless Generation (2008-2011) (software).	47³	Director of Oxeia Biopharmaceuticals, Inc. (2015-present).

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, 2015.

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, 15^th 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).	47³	None.
Luis Berruga 623 Fifth Ave, 15^th floor New York, NY 10022 (1977)	Chief Operating Officer, Treasurer, Principal Accounting Officer and Chief Financial Officer (since 9/2015)	Chief Financial Officer, GXMC (since 9/2015) and Chief Operating Officer (since 2/2014); Investment Banker, Jefferies (2012-2014); Regional Product Specialist, Morgan Stanley (2005-2012).	N/A	N/A
Daphne Tippens Chisolm 623 Fifth Ave, 15^th floor New York, NY 10022 (1969)	Secretary (since 2012) and Chief Compliance Officer (since 2/2015)	General Counsel, GXMC (since 2011); Chief Compliance Officer, GXMC (1/2014 - 5/2014 and 2/2015-present); Founder and President of Law Offices of DT Chisolm, P.C. (since 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

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

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

As of October 31, 2015, the Trust had ninety-one investment portfolios, forty-seven 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, 2015 tax year end, this notice is for informational purposes only. For shareholders with an October 31, 2015 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended October 31, 2015, 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	%		73.75	%		100.00	%		0.00	%		0.00	%		0.00	%		48.93	%
Global X Gold Explorers ETF		0.00	%		100.00	%		100.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Global X Copper Miners ETF		0.00	%		100.00	%		100.00	%		8.59	%		100.00	%		0.00	%		0.00	%		0.00	%		4.28	%
Global X Uranium ETF		0.00	%		100.00	%		100.00	%		0.00	%		5.06	%		0.00	%		0.00	%		0.00	%		0.48	%
Global X Lithium ETF		0.00	%		100.00	%		100.00	%		10.61	%		100.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Global X Fertilizers/Potash ETF		0.00	%		100.00	%		100.00	%		36.55	%		97.84	%		0.00	%		0.00	%		0.00	%		10.53	%

⁽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, 2015, 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	$	1,536,439	$	124,154
Global X Gold Explorers ETF		135,885		-
Global X Copper Miners ETF		385,970		22,775
Global X Uranium ETF		1,002,380		45,138
Global X Lithium ETF		-		-
Global X Fertilizers/Potash ETF		419,523		41,181

The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2015. Complete information will be computed and reported in conjunction with your 2015 Form 1099-DIV.

Notes

623 Fifth Avenue, 15^th floor

New York, NY 10022

1-888-GXFund-1

(1-888-493-8631)

www.globalxfunds.com

Investment Adviser and Administrator:

Global X Management Company LLC

623 Fifth Avenue, 15^th floor

New York, NY 10022

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Sub-Administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Counsel for Global X Funds and the Independent Trustees:

K&L Gates LLP

1601 K Street N.W.

Washington, DC 20006

Custodian and Transfer Agent:

Brown Brothers Harriman & Co.

50Post Office Square

Boston, MA 02110

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-001-0700

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)

Global X FTSE Andean 40 ETF (ticker: AND)

Global X MSCI Colombia ETF (ticker: GXG)

Global X Brazil Mid Cap ETF (ticker: BRAZ)

Global X Brazil Consumer ETF (ticker: BRAQ)

Global X MSCI Argentina ETF (ticker: ARGT)

Global X FTSE Greece 20 ETF (ticker: GREK)

Global X MSCI Norway ETF (ticker: NORW)

Global X FTSE Nordic Region ETF (ticker: GXF)

Global X MSCI Nigeria ETF (ticker: NGE)

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

Global X FTSE Portugal 20 ETF (ticker: PGAL)

Global X MSCI Pakistan ETF (ticker: PAK)

Annual Report

October 31, 2015

Table of Contents

Management Discussion of Fund Performance (unaudited)	1
Schedules of Investments
Global X China Consumer ETF	39
Global X China Energy ETF	42
Global X China Financials ETF	45
Global X China Industrials ETF	47
Global X China Materials ETF	50
Global X NASDAQ China Technology ETF	53
Global X Southeast Asia ETF	55
Global X FTSE Andean 40 ETF	58
Global X MSCI Colombia ETF	62
Global X Brazil Mid Cap ETF	65
Global X Brazil Consumer ETF	68
Global X MSCI Argentina ETF	71
Global X FTSE Greece 20 ETF	74
Global X MSCI Norway ETF	77
Global X FTSE Nordic Region ETF	81
Global X MSCI Nigeria ETF	84
Global X Next Emerging & Frontier ETF	86
Global X FTSE Portugal 20 ETF	99
Global X MSCI Pakistan ETF	102
Statements of Assets and Liabilities	104
Statements of Operations	109
Statements of Changes in Net Assets	114
Financial Highlights	124
Notes to Financial Statements	127
Report of Independent Registered Public Accounting Firm	146
Disclosure of Fund Expenses (unaudited)	147
Supplemental Information (unaudited)	150
Trustees and Officers of the Trust (unaudited)	151
Notice to Shareholders (unaudited)	154

Management Discussion of Fund Performance (unaudited)

Global X China Consumer ETF

The Global X China Consumer ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive China Consumer Total Return Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to measure the equity performance of the investable universe of companies in the consumer sector of the Chinese economy, as defined by the index provider. It is made up of securities of companies that have their main business operations in the consumer sector and generally includes companies whose businesses involve: general retail, diversified consumer services, food production and retail, beverages, household goods, leisure goods, personal goods, automobiles, auto components and distributors, tobacco, media, and travel and leisure.

For the 12-month period ended October 31, 2015 (the “reporting period”), the Fund increased 1.34%, while the Underlying Index increased 2.15%. The Fund had a net asset value of $13.82 per share on October 31, 2014 and ended the reporting period with a net asset value of $13.72 on October 31, 2015.

During the reporting period, the highest returns came from China Southern Airlines and Ctrip.com International which returned 119.77% and 61.39%, respectively. The worst performers were China Yurun Food Group and E-Commerce China Dangdang, which returned -50.20% and -47.94%, respectively.

The Chinese government is striving to transform its country from a manufacturing and export based economy to one led by domestic consumption. Despite overall sluggish economic growth in China, retail sales remained strong, rising 11% year over year in October 2015. The consumer sector has benefitted from rising household income and urbanization in China, ultimately leading to positive returns during the reporting period.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2015
	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 China Consumer ETF		1.34	%		1.20	%		0.71	%		0.47	%		-6.52	%		-6.75	%		-1.27	%		-1.31	%
Solactive China Consumer Total Return Index		2.15	%		2.15	%		1.36	%		1.36	%		-5.98	%		-5.98	%		-0.73	%		-0.73	%
S&P 500 Index		5.20	%		5.20	%		16.20	%		16.20	%		14.33	%		14.33	%		13.78	%		13.78	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on November 30, 2009.

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

Management Discussion of Fund Performance (unaudited)

Global X China Consumer ETF

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X China Energy ETF

The Global X China Energy ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive China Energy Total Return Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to measure the equity performance of the investable universe of companies in the energy sector of the Chinese economy, as defined by the index provider. It is made up of securities of companies that have their main business operations in the energy sector and generally includes companies whose businesses involve: oil, gas, consumable fuels, alternative energy and electricity production and distribution, and energy equipment and services.

For the 12-month period ended October 31, 2015 (the “reporting period”), the Fund decreased 20.89%, while the Underlying Index decreased 20.41%. The Fund had a net asset value of $15.03 per share on October 31, 2014 and ended the reporting period with a net asset value of $11.61 on October 31, 2015.

During the reporting period, the highest returns came from Tianneng Power International and China Power International Development which returned 103.74% and 45.01%, respectively. The worst performers were Yingli Green Energy Holding and Shunfeng International Clean Energy, which returned -75.94% and -61.49%, respectively.

Chinese energy companies were negatively impacted by the global fall in energy prices as well as slowing economic growth in China. Falling energy prices have not only hurt Chinese energy companies domestically, but have also made some overseas investments unviable. The Chinese government is taking measures to bring improvements in the Energy sector, including increasing efficiency and encouraging green energy investments.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2015
	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 China Energy ETF		-20.89	%		-20.62	%		-3.60	%		-3.37	%		-4.20	%		-4.34	%		-2.83	%		-2.83	%
Solactive China Energy Total Return Index		-20.41	%		-20.41	%		-2.85	%		-2.85	%		-3.50	%		-3.50	%		-2.05	%		-2.05	%
S&P 500 Index		5.20	%		5.20	%		16.20	%		16.20	%		14.33	%		14.33	%		13.65	%		13.65	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on December 15, 2009.

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

Management Discussion of Fund Performance (unaudited)

Global X China Energy ETF

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X China Financials ETF

The Global X China Financials ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive China Financials Total Return Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to measure the equity performance of the investable universe of companies in the financials sector of the Chinese economy, as defined by index provider. It is made up of securities of companies that have their main business operations in the financials sector and generally includes companies whose businesses involve: banking; insurance, real estate, and financial services.

For the 12-month period ended October 31, 2015 (the “reporting period”), the Fund increased 11.50%, while the Underlying Index increased 11.96%. The Fund had a net asset value of $13.50 per share on October 31, 2014 and ended the reporting period with a net asset value of $14.90 on October 31, 2015.

During the reporting period, the highest returns came from Evergrande Real Estate Group and Hopson Development Holdings, which returned 107.21% and 49.82%, respectively. The worst performers were China Galaxy Securities and Agile Property Holdings, which returned -48.05% and -37.23%, respectively.

In the third quarter of 2015, China's Financial Services sector outpaced the rest of the country's economy, partially reversing the sector's underperformance earlier in the year. In an effort to ease credit within the economy, China's government cut bank reserve requirement levels, leading banks to increase their lending to a record level of over $165 billion. While lending has remained strong, the country's Real Estate sector has experienced declines.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2015
	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 China Financials ETF		11.50	%		11.53	%		8.95	%		9.12	%		1.55	%		1.35	%		1.16	%		1.10	%
Solactive China Financials Total Return Index		11.96	%		11.96	%		9.67	%		9.67	%		1.93	%		1.93	%		1.60	%		1.60	%
S&P 500 Index		5.20	%		5.20	%		16.20	%		16.20	%		14.33	%		14.33	%		13.72	%		13.72	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on December 10, 2009.

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

Management Discussion of Fund Performance (unaudited)

Global X China Financials ETF

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X China Industrials ETF

The Global X China Industrials ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive China Industrials Total Return Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to measure the equity performance of the investable universe of companies in the industrials sector of the Chinese economy, as defined by the index provider. It is made up of securities of companies that have their main business operations in the industrial sector and generally includes companies whose businesses involve: construction and materials, electronic and electrical equipment, industrial engineering, industrial transportation, and support services, and trading companies, shipbuilding and aerospace.

For the 12-month period ended October 31, 2015 (the “reporting period”), the Fund increased 12.49%, while the Underlying Index increased 17.38%. The Fund had a net asset value of $12.93 per share on October 31, 2014 and ended the reporting period with a net asset value of $14.44 on October 31, 2015.

During the reporting period, the highest returns came from China Shanshui Cement Group and China Communications Construction which returned 120.10% and 67.73%, respectively. The worst performers were China Huarong Energy and Weichai Power which returned -74.72% and -44.20%, respectively.

In the third quarter of 2015, China's GDP expanded by 6.9%, the most sluggish rate since the global financial crisis. Weaker demand for manufactured Chinese goods led to a 6.1% decline in exports. Despite these negative indicators, the Fund delivered positive returns for the 12-month period ended October 31, 2015, as the Chinese government devalued the currency and implemented measures to revive the economy.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2015
	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 China Industrials ETF		12.49	%		13.13	%		9.48	%		9.95	%		-2.36	%		-2.26	%		-0.32	%		-0.15	%
Solactive China Industrials Total Return Index		17.38	%		17.38	%		11.62	%		11.62	%		-1.01	%		-1.01	%		0.96	%		0.96	%
S&P 500 Index		5.20	%		5.20	%		16.20	%		16.20	%		14.33	%		14.33	%		13.78	%		13.78	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on November 30, 2009.

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

Management Discussion of Fund Performance (unaudited)

Global X China Industrials ETF

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X China Materials ETF

The Global X China Materials ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive China Materials Total Return Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to measure the equity performance of the investable universe of companies in the materials sector of the Chinese economy, as defined by the index provider. It is made up of securities of companies that have their main business operations in the basic materials sector and generally includes companies whose businesses involve: chemicals, metals and mining, and forestry and paper products.

For the 12-month period ended October 31, 2015 (the “reporting period”), the Fund decreased 8.95%, while the Underlying Index decreased 6.63%. The Fund had a net asset value of $14.80 per share on October 31, 2014 and ended the reporting period with a net asset value of $13.29 on October 31, 2015.

During the reporting period, the highest returns came from West China Cement and Hunan Nonferrous Metals, which returned 74.46% and 67.90%, respectively. The worst performers were North Mining Shares and Fosun International which returned -76.65% and -59.85%, respectively.

The materials sector in China has underperformed on account of falling commodity prices and rising costs. This has led to narrowing profits in the mining and raw materials sectors as well as a reduction in investments in fixed assets.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2015
	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 China Materials ETF		-8.95	%		-11.32	%		-5.11	%		-5.04	%		-13.60	%		-13.81	%		-12.21	%		-12.31	%
Solactive China Materials Total Return Index		-6.63	%		-6.63	%		-2.84	%		-2.84	%		-12.17	%		-12.17	%		-10.87	%		-10.87	%
S&P 500 Index		5.20	%		5.20	%		16.20	%		16.20	%		14.33	%		14.33	%		13.33	%		13.33	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on January 12, 2010.

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

Management Discussion of Fund Performance (unaudited)

Global X China Materials ETF

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X NASDAQ China Technology ETF

The Global X NASDAQ China Technology ETF (“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 (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to track the performance of the technology sector in China as defined by the index provider. It is made up of securities of companies that 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.

For the 12-month period ended October 31, 2015 (the “reporting period”), the Fund decreased 5.94%, while the Underlying Index decreased 5.48%. The Fund had a net asset value of $23.48 per share on October 31, 2014 and ended the reporting period with a net asset value of $22.01 on October 31, 2015.

During the reporting period, the highest returns came from NetEase and TravelSky Technology, which returned 52.59% and 37.70%, respectively. The worst performers were 500.com and SunCorp Technologies, which returned -62.40% and -62.25%, respectively.

The technology industry in China has witnessed significant growth despite the economy growing by its slowest pace since the global financial crisis. The sector has effectively capitalized on China's nearly 650 million internet users, through areas such as mobile games and e-commerce. As a result, many technology companies in China grew their sales and earnings during the reporting period, but fell short of meeting lofty growth expectations.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2015
	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 NASDAQ China Technology ETF		-5.94	%		-6.68	%		17.29	%		16.92	%		5.74	%		5.34	%		7.44	%		7.16	%
Hybrid NASDAQ OMX China Technology Index/Solactive China Technology Index**		-5.48	%		-5.48	%		18.56	%		18.56	%		6.49	%		6.49	%		8.18	%		8.18	%
S&P 500 Index		5.20	%		5.20	%		16.20	%		16.20	%		14.33	%		14.33	%		13.89	%		13.89	%

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.

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

Management Discussion of Fund Performance (unaudited)

Global X NASDAQ China Technology ETF

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X Southeast Asia ETF

The Global X Southeast Asia ETF (“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 (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index tracks the equity performance of the 40 largest and most liquid companies in the five Association of Southeast Asian Nations ("ASEAN") regions: Singapore, Malaysia, Indonesia, Thailand and the Philippines, as defined by the index provider.

For the 12-month period ended October 31, 2015 (the “reporting period”), the Fund decreased 19.97%, while the Underlying Index decreased 19.65%. The Fund had a net asset value of $16.76 per share on October 31, 2014 and ended the reporting period with a net asset value of $13.07 on October 31, 2015.

During the reporting period, the highest returns came from Unilever Indonesia and The Siam Cement, which returned 9.88% and 9.05%, respectively. The worst performers were Perusahaan Gas Negara and PTT Exploration & Production, which returned -54.03% and -48.02%, respectively.

The Southeast Asia region consisting of Singapore, Malaysia, Indonesia, Thailand, and the Philippines was negatively impacted by falling Chinese demand for their goods and services. Singapore marginally escaped a technical recession in the third quarter of 2015, which could be broadly atrributed to falling exports to China, and a weak manufacturing sector. Malaysia faced economic issues arising from high levels of household debt and the impact of falling energy prices. The region continues to exhibit strong demographics and a growing consumer class, which are expected to be drivers of future growth across this region.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2015
	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		-19.97	%		-20.71	%		-5.26	%		-5.52	%		-0.67	%		-0.83	%
FTSE/ASEAN 40 Index		-19.65	%		-19.65	%		-4.75	%		-4.75	%		-0.13	%		-0.13	%
S&P 500 Index		5.20	%		5.20	%		16.20	%		16.20	%		12.20	%		12.20	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on February 16, 2011.

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

Management Discussion of Fund Performance (unaudited)

Global X Southeast Asia ETF

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X FTSE Andean 40 ETF

The Global X FTSE Andean 40 ETF (“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 (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is a free-float adjusted, modified capitalization-weighted index designed to measure performance of the 40 largest and most liquid companies in the Chile, Colombia, and Peru markets, as defined by the index provider.

For the 12-month period ended October 31, 2015 (the “reporting period”), the Fund decreased 30.33%, while the Underlying Index decreased 30.10%. The Fund had a net asset value of $10.60 per share on October 31, 2014 and ended the reporting period with a net asset value of $7.23 on October 31, 2015.

During the reporting period, the highest returns came from Cia Cervecerias Unidas and Embotelladora Andina, which returned 15.47% and 12.75%, respectively. The worst performers were Pacific Exploration & Production Corp. and CAP, which returned -86.70% and -70.45%, respectively.

The Andean nations of Colombia, Peru, and Chile were affected negatively by the sell-off in commodity prices, leading to a reduction of trade and a widening of current account deficits. This was coupled with a fall in investments in primary economic sectors leading to a slowdown in these economies and depreciation of their currencies, which negatively impacted returns.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2015
	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		-30.33	%		-29.86	%		-19.01	%		-18.88	%		-12.77	%		-12.72	%
FTSE Andean 40 Index		-30.10	%		-30.10	%		-18.66	%		-18.66	%		-12.34	%		-12.34	%
S&P 500 Index		5.20	%		5.20	%		16.20	%		16.20	%		12.70	%		12.70	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on February 2, 2011.

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

Management Discussion of Fund Performance (unaudited)

Global X FTSE Andean 40 ETF

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Colombia ETF

The Global X MSCI Colombia ETF (“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 “Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to measure broad-based equity market performance in Colombia, as defined by the index provider.

For the 12-month period ended October 31, 2015 (the “reporting period”), the Fund decreased 47.93%, while the Underlying Index decreased 47.11%. The Fund had a net asset value of $17.42 per share on October 31, 2014 and ended the reporting period with a net asset value of $8.79 on October 31, 2015.

During the reporting period, the highest returns came from Empresa de Energia de Bogotá and ISAGEN, which returned -11.05% and -14.62%, respectively. The worst performers were Pacific Exploration & Production Corp. and Avianca Holdings which returned -86.7% and -69.47%, respectively.

Colombia's economy has been negatively impacted by falling oil prices, given the country's reliance on crude oil exports. The oil price collapse has also pushed the Colombian peso down, which has put further pressure on returns. Despite the economy's struggles, the political environment has been improving, as the government and rebel groups have recommitted to the peace talks.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2015
	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		-47.93	%		-48.58	%		-23.92	%		-24.33	%		-15.59	%		-15.74	%		4.69	%		4.59	%
Hybrid MSCI All Colombia Capped Index/FTSE Colombia 20 Index**		-47.11	%		-47.11	%		-23.18	%		-23.18	%		-14.82	%		-14.82	%		5.79	%		5.79	%
S&P 500 Index		5.20	%		5.20	%		16.20	%		16.20	%		14.33	%		14.33	%		16.75	%		16.75	%

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.

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

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 March 1, 2016. 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.

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X Brazil Mid Cap ETF

The Global X Brazil Mid Cap ETF (“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 (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to measure the equity performance of Brazilian mid-market capitalization companies, as defined by the index provider.

For the 12-month period ended October 31, 2015 (the “reporting period”), the Fund decreased 41.75%, while the Underlying Index decreased 41.43%. The Fund had a net asset value of $12.22 per share on October 31, 2014 and ended the reporting period with a net asset value of $6.87 on October 31, 2015.

During the reporting period, the highest returns came from Klabin and Fibria Celulose, which returned 13.81% and 9.74%, respectively. The worst performers were Via Varejo and Cia Brasileira de Distribuicao Grupo pao de Acucar, which returned -78.85% and -67.37%, respectively.

During the reporting period, Brazil's currency, the real, reached a 12-year low versus the U.S. dollar on account of political uncertainty, a downgrade in credit rating and the government’s failure to meet fiscal targets. The government has indicated that it will attempt to reduce spending and increase taxes to bring the budget deficit under control. Mid-cap companies in Brazil tend to be more sensitive to domestic economic and political trends, which ultimately weighed on returns during the reporting period.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2015
	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 Brazil Mid Cap ETF		-41.75	%		-41.91	%		-20.80	%		-20.94	%		-15.18	%		-15.56	%		-11.19	%		-11.33	%
Solactive Brazil Mid Cap Index		-41.43	%		-41.43	%		-20.29	%		-20.29	%		-14.49	%		-14.49	%		-10.50	%		-10.50	%
S&P 500 Index		5.20	%		5.20	%		16.20	%		16.20	%		14.33	%		14.33	%		14.74	%		14.74	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on June 21, 2010.

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

Management Discussion of Fund Performance (unaudited)

Global X Brazil Mid Cap ETF

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X Brazil Consumer ETF

The Global X Brazil Consumer ETF (“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 (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to measure the equity performance of the consumer sector of the Brazilian economy, as defined by the index provider. It is comprised of securities of companies that have their main business operations in the consumer sector and are domiciled, principally traded in or have their main business operations in Brazil. The stocks are screened for liquidity and weighted according to modified free-float market capitalization. A specific capping methodology is applied at the semi-annual index review to facilitate compliance with the rules governing the listing of financial products on exchanges in the United States.

For the 12-month period ended October 31, 2015 (the “reporting period”), the Fund decreased 47.30%, while the Underlying Index decreased 46.97%. The Fund had a net asset value of $16.57 per share on October 31, 2014 and ended the reporting period with a net asset value of $8.49 on October 31, 2015.

During the reporting period, the highest returns came from Raia Drogasil and Minerva, which returned 11.46% and 2.38%, respectively. The worst performers were Via Varejo and Gol Linhas Aéreas Inteligentes, which returned -88.52% and

-82.68%, respectively.

During the reporting period, Brazil's currency, the real, reached a 12 year low versus the US dollar on account of political uncertainty, a downgrade in credit rating and the government’s failure to meet fiscal targets. The government has indicated that it will attempt to reduce spending and increase taxes to bring the budget deficit under control. The Brazilian consumer sector was further negatively impacted by the country entering a recession in Q2 2015, which weakened Brazil's finances and hurt consumer confidence.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2015
	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 Brazil Consumer ETF		-47.30	%		-47.22	%		-22.76	%		-22.83	%		-14.53	%		-14.93	%		-9.51	%		-9.64	%
Solactive Brazil Consumer Index		-46.97	%		-46.97	%		-22.01	%		-22.01	%		-13.66	%		-13.66	%		-8.58	%		-8.58	%
S&P 500 Index		5.20	%		5.20	%		16.20	%		16.20	%		14.33	%		14.33	%		15.90	%		15.90	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on July 7, 2010.

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

Management Discussion of Fund Performance (unaudited)

Global X Brazil Consumer ETF

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Argentina ETF

The Global X MSCI Argentina ETF (“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 (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to represent the performance of the broad Argentina equity universe, while including a minimum number of constituents, as defined by the index provider. 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.

For the 12-month period ended October 31, 2015 (the “reporting period”), the Fund decreased 6.04%, while the Underlying Index decreased 5.06%. The Fund had a net asset value of $21.18 per share on October 31, 2014 and ended the reporting period with a net asset value of $19.81 on October 31, 2015.

During the reporting period, the highest returns came from Transportadora de Gas del Sur and Grupo Clarin, which returned 93.65% and 92.63%, respectively. The worst performers were EPI Holdings and Arcos Dorados Holdings, which returned -73.79% and -49.45%, respectively.

During the reporting period, political instability and soaring inflation weighed heavily on the Argentine economy. However, during the presidential elections and the consequent run-off election, markets rallied largely following expectations that the business-friendly presidential candidate could emerge as the new president and would bring about much-needed changes to the existing policies and open up the economy to foreign investment.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2015
	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		-6.04	%		-5.52	%		6.31	%		6.64	%		-7.46	%		-7.37	%
Hybrid FTSE Argentina 20/MSCI All Argentina 25/50 Index**		-5.06	%		-5.06	%		7.52	%		7.52	%		-6.52	%		-6.52	%
S&P 500 Index		5.20	%		5.20	%		16.20	%		16.20	%		12.79	%		12.79	%

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.

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

Management Discussion of Fund Performance (unaudited)

Global X MSCI Argentina ETF

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

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 (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to reflect broad-based equity market performance in Greece, as defined by the index provider.

For the 12-month period ended October 31, 2015 (the “reporting period”), the Fund decreased 33.66%, while the Underlying Index decreased 33.05%. The Fund had a net asset value of $15.84 per share on October 31, 2014 and ended the reporting period with a net asset value of $10.41 on October 31, 2015.

During the reporting period, the highest returns came from Motor Oil Hellas Corith Refineries and Bank of Cyprus, which returned 68.85% and 22.21%, respectively. The worst performers were Piraeus Bank and Eurobank Ergasias, which returned -92.93% and -90.14%, respectively.

During the reporting period, Greece was mired in a renewed debt crisis. As a result, its economic and stock market performance has been significantly volatile. After the European Central Bank refused to increase emergency funding to Greek banks, capital controls were imposed and the stock market closed for five weeks. However, in August 2015, Greece received its third Euro zone bail-out worth $95 billion. Political stability following general elections was restored and the Government is implementing reforms focusing primarily on fiscal sustainability.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2015
	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 Greece 20 ETF		-33.66	%		-32.66	%		-13.27	%		-13.15	%		-8.87	%		-8.72	%
FTSE/ATHEX Custom Capped Index		-33.05	%		-33.05	%		-12.81	%		-12.81	%		-7.93	%		-7.93	%
S&P 500 Index		5.20	%		5.20	%		16.20	%		16.20	%		16.10	%		16.10	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on December 7, 2011.

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

Management Discussion of Fund Performance (unaudited)

Global X FTSE Greece 20 ETF

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Norway ETF

The Global X MSCI Norway ETF (“Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Norway IMI 25/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to measure broad-based equity market performance in Norway, as defined by the index provider. The Underlying Index consists of stocks traded primarily on the Norwegian stock exchange. The Underlying Index may include large-, mid- or small-capitalization companies.

For the 12-month period ended October 31, 2015 (the “reporting period”), the Fund decreased 22.50%, while the Underlying Index decreased 22.50%. The Fund had a net asset value of $14.82 per share on October 31, 2014 and ended the reporting period with a net asset value of $10.75 on October 31, 2015.

During the reporting period, the highest returns came from Ocean Yield and Bakkafrost P, which returned 43.68% and 36.97%, respectively. The worst performers were Seadrill and Odfjell Drilling, which returned -72.03% and -70.31%, respectively.

Owing to the continuous decline in oil prices, Norway witnessed stock market decline. The country has made attempts to revive the sluggish economy. For instance, the central bank reduced its deposit rate to a record low and signaled the possibility of another cut in the coming year. While declines in the country's currency negatively hurt returns, it could help the country regain global competitiveness in other sectors of its economy.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2015
	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		-22.50	%		-22.85	%		-7.11	%		-7.05	%		-3.41	%		-3.41	%
Hybrid MSCI Norway IMI 25/50 Index/FTSE Norway 30 Index**		-22.50	%		-22.50	%		-6.50	%		-6.50	%		-2.60	%		-2.60	%
S&P 500 Index		5.20	%		5.20	%		16.20	%		16.20	%		13.80	%		13.80	%

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

Management Discussion of Fund Performance (unaudited)

Global X MSCI Norway ETF

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X FTSE Nordic Region ETF

The Global X FTSE Nordic Region ETF (“Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE Nordic 30 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to reflect broad-based equity market performance in Sweden, Denmark, Norway and Finland, as defined by the index provider. The Underlying Index tracks the equity performance of the 30 largest and most liquid companies in Sweden, Denmark, Norway and Finland.

For the 12-month period ended October 31, 2015 (the “reporting period”), the Fund decreased 5.05%, while the Underlying Index decreased 5.16%. The Fund had a net asset value of $24.36 per share on October 31, 2014 and ended the reporting period with a net asset value of $22.29 on October 31, 2015.

During the reporting period, the highest returns came from Svenska Cellulosa and Novo Nordisk, which returned 32.96% and 18.73%, respectively. The worst performers were Seadrill and Norsk Hydro, which returned -56.36% and -39.66%, respectively.

Although the Nordic countries (Sweden, Denmark, Finland, and Norway) exhibited healthy public finances and ran current account surplus, the slowdown in exports to China has weighed on their stock market performance. Norway in particular, has been significantly hit by the fall in the oil prices.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2015
	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		-5.05	%		-5.61	%		9.28	%		9.26	%		5.80	%		5.62	%		9.53	%		9.46	%
FTSE Nordic 30 Index		-5.16	%		-5.16	%		8.99	%		8.99	%		5.65	%		5.65	%		9.45	%		9.45	%
S&P 500 Index		5.20	%		5.20	%		16.20	%		16.20	%		14.33	%		14.33	%		15.27	%		15.27	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on August 17, 2009.

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

Management Discussion of Fund Performance (unaudited)

Global X FTSE Nordic Region ETF

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Nigeria ETF

The Global X MSCI Nigeria ETF (“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 (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to reflect broad-based equity market performance in Nigeria, as defined by the index provider.

For the 12-month period ended October 31, 2015 (the “reporting period”), the Fund decreased 37.25%, while the Underlying Index decreased 35.76%. The Fund had a net asset value of $13.02 per share on October 31, 2014 and ended the reporting period with a net asset value of $7.94 on October 31, 2015.

During the reporting period, the highest returns came from Forte Oil and Oando, which returned 38.36% and 0.21%, respectively. The worst performers were Access Bank and United Bank for Africa, which returned -99.86% and -94.21%, respectively.

The oil dependent economy has been hurt by falling crude oil prices. Crude makes up about two-thirds of government income and 90 percent of the country's exports. Foreign-exchange reserves dropped 30% since the beginning of 2014 to $30 billion. Despite the economy's struggles, the political enviroment appears to be stabilizing as the markets reacted positively to the election of Muhammadu Buhari.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2015
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X MSCI Nigeria ETF		-37.25	%		-39.10	%		-21.21	%		-20.65	%
Hybrid MSCI All Nigeria Select 25/50 Index/Solactive Nigeria Index**		-35.76	%		-35.76	%		-19.83	%		-19.83	%
S&P 500 Index		5.20	%		5.20	%		13.82	%		13.82	%

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

Management Discussion of Fund Performance (unaudited)

Global X MSCI Nigeria 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 performance reflects contractual fee waivers in effect until at least March 1, 2016. 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.

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X Next Emerging & Frontier ETF

The Global X Next Emerging & Frontier ETF (“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 (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to reflect equity performance of next emerging markets and frontier markets companies, as defined by the the index provider. Next Emerging markets are defined as emerging market countries, excluding the BRICs (Brazil, Russia, India and China) and the most developed tier of emerging markets (currently, South Korea and Taiwan). Frontier markets are those emerging market countries that generally have smaller economies or less developed capital markets. The Underlying Index is comprised of common stocks, ADRs and GDRs of selected companies globally that are domiciled, principally traded in or have their main business operations in these markets or that generate at least 50% of their revenues from these markets. The Underlying Index screens the largest stocks according to free-float market capitalization, which may include small- or mid-cap companies, and weights them by modified liquidity.

For the 12-month period ended October 31, 2015 (the “reporting period”), the Fund decreased 23.29%, while the Underlying Index decreased 22.92%. The Fund had a net asset value of $25.55 per share on October 31, 2014 and ended the reporting period with a net asset value of $19.27 on October 31, 2015.

During the reporting period, the highest returns came from Kernel Holding and Cable & Wireless Communications, which returned 76.06% and 53.84%, respectively. The worst performers were Afren and Kumba Iron Ore, which returned

-97.56% and -81.89%, respectively.

Many emerging and frontier markets have experienced declines in their stock markets and currencies as commodity prices fell and expectations of rising interest rates in the United States became more prevalent. Weak global demand for commodity exports and manufactured goods have hampered the performance for many of these economies. Despite this slowdown, many of the next emerging and frontier market countries have attractive demographics and among the highest economic growth rates in the world, fueling optimism for future growth.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2015
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Next Emerging & Frontier ETF		-23.29	%		-23.66	%		-11.61	%		-12.19	%
Solactive Next Emerging & Frontier Index		-22.92	%		-22.92	%		-11.00	%		-11.00	%
S&P 500 Index		5.20	%		5.20	%		10.69	%		10.69	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on November 6, 2013.

Management Discussion of Fund Performance (unaudited)

Global X Next Emerging & Frontier ETF

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X FTSE Portugal 20 ETF

The Global X FTSE Portugal 20 ETF (“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 (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to reflect broad-based equity market performance in Portugal, as defined the index provider.

For the 12-month period ended October 31, 2015 (the “reporting period”), the Fund decreased 12.39%, while the Underlying Index decreased 12.09%. The Fund had a net asset value of $12.65 per share on October 31, 2014 and ended the reporting period with a net asset value of $10.85 on October 31, 2015.

During the reporting period, the highest returns came from Altri and Jeronimo Martins, which returned 73.54% and 64.54%, respectively. The worst performers were Sonae Industria and Pharol SGPS, which returned -95.54% and -74.10%, respectively.

Political uncertainty prevailed as a key story line in Portugal during the reporting period, which contributed to stock market declines. Although austerity measures implemented following the Euro-zone debt crisis is credited with helping the economy out of recession, Portuguese unemployment still remains at high levels at 12%. The newly formed government has indicated that it hopes to reverse the austerity measures and improve the economic wellbeing of its citizens by raising the minimum wage, lifting a freeze on pensions, and cancelling pay cuts for civil servants.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2015
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X FTSE Portugal 20 ETF		-12.39	%		-13.17	%		-14.38	%		-14.70	%
FTSE Portugal 20 Index		-12.09	%		-12.09	%		-13.95	%		-13.95	%
S&P 500 Index		5.20	%		5.20	%		10.85	%		10.85	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on November 12, 2013.

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

Management Discussion of Fund Performance (unaudited)

Global X FTSE Portugal 20 ETF

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Pakistan ETF

The Global X MSCI Pakistan ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Pakistan Select 25/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to represent the performance of the broad Pakistan equity universe, while including a minimum number of constituents, as defined by the index provider. The broad Pakistan equity universe includes securities that are classified in Pakistan according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Pakistan and carry out the majority of their operations in Pakistan.

For the period from the Fund's commencement date on April 22, 2015 through October 31, 2015 (the “reporting period”), the Fund decreased 7.26%, while the Underlying Index decreased 5.72%. The Fund had a net asset value of $15.28 per share on April 22, 2015 and ended the reporting period with a net asset value of $14.17 on October 31, 2015.

During the reporting period, the highest returns came from Fauji Fertilizer Bin Qasim and Abbott Laboratories Pakistan, which returned 16.87% and 12.93%, respectively. The worst performers were Pakistan Petroleum and Oil & Gas Development, which returned -29.38% and -26.25%, respectively.

Pakistan earned praise from the International Monetary Fund for improving political stability and government efforts to control budget deficits and foreign reserves. Many are optimistc about the country's growth prospects stemming from planned improvements in the domestic energy supply and investment related to the China-Pakistan Economic Corridor.

	AVERAGE ANNUAL TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2015
	Cumulative Inception to Date*
	Net Asset Value			Market Price
Global X MSCI Pakistan ETF*		-7.26	%		-6.41	%
MSCI All Pakistan Select 25/50 Index		-5.72	%		-5.72	%
S&P 500 Index		-0.27	%		-0.27	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on April 22, 2015. 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.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Pakistan ETF

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on previous page.

Schedule of Investments	October 31, 2015

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 2 and Note 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 100.0%
CHINA— 77.8%
Consumer Goods — 40.7%
ANTA Sports Products		1,003,396	$	2,815,946
Belle International Holdings, Cl A		4,634,496		4,508,858
BYD, Cl H ^{* (A)}		689,600		4,306,608
China Yurun Food Group ^{* (A)}		1,606,688		346,211
Dongfeng Motor Group, Cl H		3,016,046		4,374,183
Great Wall Motor, Cl H		3,547,997		4,339,945
Guangzhou Automobile Group, Cl H		2,459,117		2,163,995
Hengan International Group		403,149		4,366,958
Li Ning ^{* (A)}		1,612,669		842,739
Tingyi Cayman Islands Holding		2,248,325		3,864,168
Tsingtao Brewery, Cl H		388,617		1,862,830
Want Want China Holdings ^(A)		5,304,909		4,421,841
				38,214,282
Consumer Services — 34.2%
Air China, Cl H		2,037,328		1,968,953
Alibaba Group Holding ADR ^*		59,147		4,958,293
China Southern Airlines, Cl H		1,944,595		1,653,512
Ctrip.com International ADR ^*		54,637		5,079,602
E-Commerce China Dangdang ADR, Cl A ^*		48,832		330,593
Golden Eagle Retail Group ^(A)		533,247		685,988
GOME Electrical Appliances Holding		13,699,605		2,527,765
Homeinns Hotel Group ADR ^*		26,667		799,477
Intime Retail Group ^(A)		2,053,084		2,272,933
JD.com ADR ^*		158,336		4,373,240
New Oriental Education & Technology Group ADR		55,564		1,528,566
Vipshop Holdings ADR ^*		228,425		4,687,281
Wumart Stores, Cl H ^* ^(A)		632,911		451,607
Youku.com ADR ^*		32,649		794,677
				32,112,487

Industrials — 2.9%
China Resources Enterprise		1,459,188		2,763,949

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

Schedule of Investments	October 31, 2015

Global X China Consumer ETF

	Shares/Face Amount⁽¹⁾		Value
COMMON STOCK — continued
TOTAL CHINA			$	73,090,718
HONG KONG— 22.2%
Consumer Goods — 12.9%
Biostime International Holdings ^(A)		213,700		476,476
Bosideng International Holdings		3,316,662		320,963
China Agri-Industries Holdings ^(A)		2,408,856		888,934
China Foods ^*		862,613		395,127
China Mengniu Dairy		2,266,252		4,403,782
Shenzhou International Group Holdings		578,062		2,852,979
Skyworth Digital Holdings		2,068,787		1,537,556
Uni-President China Holdings		1,522,343		1,251,252
				12,127,069
Consumer Services — 9.3%
Ajisen China Holdings		649,493		311,753
China Dongxiang Group		3,835,488		974,944
Chow Tai Fook Jewellery Group ^(A)		1,269,679		1,086,176
Melco Crown Entertainment ADR ^(A)		231,388		4,333,897
Sun Art Retail Group ^(A)		2,472,225		2,028,793
				8,735,563
TOTAL HONG KONG				20,862,632
TOTAL COMMON STOCK
(Cost $108,872,764)				93,953,350

REPURCHASE AGREEMENTS (B) — 11.2%
Barclays Bank
0.070%, dated 10/30/15, to be repurchased on 11/02/15 repurchase price $8,000,047 (collateralized by U.S. Treasury Obligations, ranging in par value $0.00-$4,512,269, 0.000%-2.750%, 11/05/15-02/15/45 with a total market value of $8,160,000)		8,000,000		8,000,000
Deutsche Bank
0.050%, dated 10/30/15, to be repurchased on 11/02/15 repurchase price $2,561,556 (collateralized by U.S. Treasury Obligations, par value $2,561,556, 3.250%, 07/31/16 with a total market value of $2,631,998)		2,561,545		2,561,545
TOTAL REPURCHASE AGREEMENTS
(Cost $10,561,545)				10,561,545

TIME DEPOSITS — 0.2%
Brown Brothers Harriman
0.030%, 11/02/15		167,289		167,289
0.005%, 11/02/15, HKD		100,414		12,956
TOTAL TIME DEPOSITS
(Cost $180,245)				180,245

TOTAL INVESTMENTS — 111.4%
(Cost $119,614,554)			$	104,695,140

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

Schedule of Investments	October 31, 2015

Global X China Consumer ETF

Percentages are based on Net Assets of $93,950,939.

*	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, 2015. The total value of securities on loan at October 31, 2015 was $9,955,736.
(B)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2015 was $10,561,545.

ADR — American Depositary Receipt

Cl — Class

HKD — Hong Kong Dollar

The following is a summary of the inputs used as of October 31, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	93,953,350	$	—	$	—	$	93,953,350
Repurchase Agreements		—		10,561,545		—		10,561,545
Time Deposits		—		180,245		—		180,245
Total Investments in Securities	$	93,953,350	$	10,741,790	$	—	$	104,695,140

For the year ended October 31, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2015, there were no Level 3 investments.

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

Schedule of Investments	October 31, 2015

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— 56.2%
Basic Materials — 6.7%
China Coal Energy, Cl H		44,491	$	19,116
China Shenhua Energy, Cl H		47,230		79,955
Yanzhou Coal Mining, Cl H		36,975		17,843
				116,914
Consumer Goods — 0.5%
Tianneng Power International ^*		12,615		9,181
Oil & Gas — 32.0%
Anton Oilfield Services Group ^*		24,728		3,286
China Longyuan Power Group, Cl H		64,726		59,464
China Oilfield Services, Cl H		37,766		42,200
China Petroleum & Chemical, Cl H		250,627		179,479
Huaneng Renewables, Cl H		71,800		22,420
JA Solar Holdings ADR ^*		588		5,010
JinkoSolar Holding ADR ^*		459		11,883
Kunlun Energy		63,905		52,278
PetroChina, Cl H		220,613		172,503
Trina Solar ADR ^*		768		7,826
				556,349
Utilities — 17.0%
CGN Power, Cl H ^(A)		173,100		71,919
Datang International Power Generation, Cl H		55,412		20,520
ENN Energy Holdings		14,851		85,560
Huadian Fuxin Energy, Cl H		48,900		15,080
Huadian Power International, Cl H		33,361		24,536
Huaneng Power International, Cl H		71,961		78,274
				295,889
TOTAL CHINA				978,333
HONG KONG— 43.7%
Basic Materials — 0.4%
Shougang Fushan Resources Group		54,815		7,426

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

Schedule of Investments	October 31, 2015

Global X China Energy ETF

	Shares/Face Amount⁽¹⁾		Value
COMMON STOCK — continued
Industrials — 3.9%
Beijing Enterprises Holdings		10,543	$	66,862
Oil & Gas — 17.6%
China Gas Holdings		33,037		52,688
China Oil & Gas Group ^*		89,920		6,265
CNOOC		155,685		174,566
GCL-Poly Energy Holdings		218,111		45,310
Shunfeng International Clean Energy ^*		34,000		10,924
Xinjiang Goldwind Science & Technology, Cl H		9,120		17,204
				306,957
Utilities — 21.8%
Beijing Jingneng Clean Energy, Cl H		42,800		14,911
China Power International Development		68,284		43,173
China Resources Gas Group		16,690		45,978
China Resources Power Holdings		35,431		80,553
Hong Kong & China Gas		44,233		89,835
Power Assets Holdings		8,980		89,625
Towngas China		20,600		14,087
				378,162
TOTAL HONG KONG				759,407
TOTAL COMMON STOCK
(Cost $2,478,209)				1,737,740

TIME DEPOSITS — 0.4%
Brown Brothers Harriman
0.030%, 11/02/15		7,688		7,688
0.005%, 11/02/15, HKD		7		1
TOTAL TIME DEPOSITS
(Cost $7,689)				7,689
TOTAL INVESTMENTS — 100.3%
(Cost $2,485,898)			$	1,745,429

Percentages are based on Net Assets of $1,740,803.

*	Non-income producing security.
(1)	In U.S. Dollars unless otherwise indicated.
(A)	Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." These securities have been determined to be liquid under guidelines established by the board of Trustees.

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, 2015

Global X China Energy ETF

The following is a summary of the inputs used as of October 31, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	1,737,740	$	—	$	—	$	1,737,740
Time Deposits		—		7,689		—		7,689
Total Investments in Securities	$	1,737,740	$	7,689	$	—	$	1,745,429

For the year ended October 31, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2015, there were no Level 3 investments.

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

Schedule of Investments	October 31, 2015

Global X China Financials ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 100.0%
CHINA— 70.5%
Financials — 70.5%
Agile Property Holdings		353,112	$	192,728
Agricultural Bank of China, Cl H		6,658,788		2,732,216
Bank of China, Cl H		5,765,934		2,730,413
Bank of Communications, Cl H		1,980,071		1,466,511
China Citic Bank, Cl H ^*		2,131,122		1,383,149
China Construction Bank, Cl H		7,877,526		5,722,568
China Everbright Bank, Cl H		812,800		399,578
China Galaxy Securities, Cl H		859,500		749,696
China Life Insurance, Cl H		718,040		2,598,808
China Merchants Bank, Cl H		991,134		2,602,492
China Minsheng Banking, Cl H^*		1,516,255		1,527,974
China Pacific Insurance Group, Cl H		565,512		2,262,019
Chongqing Rural Commercial Bank, Cl H		629,167		396,979
CITIC Securities, Cl H		510,396		1,107,710
Country Garden Holdings		1,974,997		754,312
Evergrande Real Estate Group		1,091,861		839,665
Guangzhou R&F Properties		230,693		229,797
Industrial & Commercial Bank of China, Cl H		8,987,237		5,740,161
Longfor Properties		297,838		400,443
PICC Property & Casualty, Cl H		1,156,942		2,642,272
Ping An Insurance Group of China, Cl H		497,314		2,800,965
Shui On Land		852,201		235,314
Sino-Ocean Land Holdings		1,108,452		647,900
SOHO China		465,959		240,492
TOTAL CHINA				40,404,162
HONG KONG— 29.5%
Financials — 24.7%
Cheung Kong Property Holdings		375,650		2,641,634
China Everbright		213,641		505,565
China Jinmao Holdings Group		1,027,658		283,762
China Overseas Land & Investment		830,366		2,699,994
China Resources Land		673,708		1,760,311
China Taiping Insurance Holdings ^*		364,530		1,152,370
Haitong Securities, Cl H		711,900		1,247,416
KWG Property Holding		292,585		212,169

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

Schedule of Investments	October 31, 2015

Global X China Financials ETF

	Shares/Face Amount⁽¹⁾		Value
COMMON STOCK — continued
Financials — continued
New China Life Insurance, Cl H		234,511	$	1,034,861
People's Insurance Group of China, Cl H		2,039,000		1,094,469
Poly Property Group		518,307		168,531
Shenzhen Investment		724,118		294,315
Shimao Property Holdings		295,304		521,252
Sunac China Holdings		448,400		276,558
Yuexiu Property		1,556,745		269,163
				14,162,370
Industrials — 4.8%
CK Hutchison Holdings		200,050		2,749,039
TOTAL HONG KONG				16,911,409
TOTAL COMMON STOCK
(Cost $61,665,900)				57,315,571

TIME DEPOSITS — 0.1%
Brown Brothers Harriman
0.030%, 11/02/15		83,734		83,734
0.005%, 11/02/15, HKD		38		5
TOTAL TIME DEPOSITS
(Cost $83,739)				83,739
TOTAL INVESTMENTS — 100.1%
(Cost $61,749,639)			$	57,399,310

Percentages are based on Net Assets of $57,357,654.

*	Non-income producing security.
(1)	In U.S. Dollars unless otherwise indicated.

Cl — Class

HKD — Hong Kong Dollar

The following is a summary of the inputs used as of October 31, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	57,315,571	$	—	$	—	$	57,315,571
Time Deposits		—		83,739		—		83,739
Total Investments in Securities	$	57,315,571	$	83,739	$	—	$	57,399,310

For the year ended October 31, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2015, there were no Level 3 investments.

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

Schedule of Investments	October 31, 2015

Global X China Industrials ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 100.0%
CHINA— 67.8%
Basic Materials — 1.1%
China Zhongwang Holdings		186,708	$	82,632
Consumer Goods — 5.0%
BYD, Cl H ^*		57,944		361,865
Consumer Services — 1.4%
Guangshen Railway, Cl H		188,188		97,614
Industrials — 60.3%
Anhui Conch Cement, Cl H		110,237		337,819
China Communications Construction, Cl H		252,583		349,375
China COSCO Holdings, Cl H ^{*(A) (B)}		336,262		190,587
China Lesso Group Holdings		130,345		106,125
China National Building Material, Cl H		379,817		237,689
China National Materials		140,146		33,815
China Railway Construction, Cl H		222,211		334,316
China Railway Group, Cl H		360,168		342,968
China Shanshui Cement Group ^{(A) (B)}		243,852		105,318
China Shipping Container Lines, Cl H ^{*(A) (B)}		488,452		174,290
China Shipping Development, Cl H ^{(A) (B)}		148,244		93,375
China South Locomotive and Rolling Stock		264,063		338,337
Dongfang Electric, Cl H		42,843		51,466
First Tractor, Cl H		52,541		35,931
Haitian International Holdings		83,796		147,263
Harbin Power Equipment, Cl H		83,271		49,855
Hollysys Automation Technologies		5,555		118,821
Jiangsu Expressway, Cl H		161,179		218,785
Metallurgical Corp of China, Cl H ^{(A) (B)}		379,941		132,027
Sany Heavy Equipment International Holdings		117,894		28,751
Shanghai Electric Group, Cl H ^{(A) (B)}		371,151		227,256
Weichai Power, Cl H		128,918		137,732
Zhejiang Expressway, Cl H		189,200		233,872
Zhuzhou CSR Times Electric, Cl H		50,133		326,992
				4,352,765

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

Schedule of Investments	October 31, 2015

Global X China Industrials ETF

	Shares/Face Amount⁽¹⁾		Value
COMMON STOCK — continued
TOTAL CHINA			$	4,894,876
HONG KONG— 28.7%
Consumer Goods — 3.1%
AviChina Industry & Technology, Cl H		274,400		224,828
Industrials — 24.0%
Beijing Capital International Airport, Cl H		182,571		196,232
China Huarong Energy ^*		724,218		29,903
China International Marine Containers Group, Cl H		58,100		103,604
China Merchants Holdings International		104,411		348,257
China Resources Cement Holdings		228,941		92,461
China State Construction International		225,300		343,033
Shanghai Industrial Holdings		60,899		161,086
Shenzhen International Holdings		125,696		191,704
Sunny Optical Technology Group		88,164		206,585
Zoomlion Heavy Industry Science and Technology		167,900		64,343
				1,737,208
Oil & Gas — 1.6%
China High Speed Transmission Equipment Group		124,950		112,534
TOTAL HONG KONG				2,074,570
SINGAPORE— 3.5%
Industrials — 3.5%
Yangzijiang Shipbuilding Holdings		280,043		249,949
TOTAL COMMON STOCK
(Cost $8,703,114)				7,219,395

TIME DEPOSITS — 0.1%
Brown Brothers Harriman	��
0.030%, 11/02/15		4,789		4,789
0.005%, 11/02/15, HKD		20,542		2,651
TOTAL TIME DEPOSITS
(Cost $7,440)				7,440
TOTAL INVESTMENTS — 100.1%
(Cost $8,710,554)			$	7,226,835

Percentages are based on Net Assets of $7,222,274.

*	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, 2015, was $922,853 and represents 12.8% of Net Assets.
(B)	Security considered illiquid. The total value of such securities as of October 31, 2015 was $922,853 and represented 12.8% of Net Assets.

Cl — Class

HKD — Hong Kong Dollar

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

Schedule of Investments	October 31, 2015

Global X China Industrials ETF

The following is a summary of the inputs used as of October 31, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	6,296,542	$	—	$	922,853	$	7,219,395
Time Deposits		—		7,440		—		7,440
Total Investments in Securities	$	6,296,542	$	7,440	$	922,853	$	7,226,835

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, 2014	$	507,987
Transfers out of Level 3		(665,329	)
Transfers into Level 3		922,853
Net purchases		661,541
Net sales		(959,582	)
Realized gain (loss)		181,864
Net merger receipt		363,140
Change in unrealized appreciation (depreciation)		(89,621	)
Ending Balance as of October 31, 2015	$	922,853

For the year ended October 31, 2015, 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, 2015 is $(185,352).

For the year ended October 31, 2015, there have been no transfers between Level 1 and Level 2.

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

Schedule of Investments	October 31, 2015

Global X China Materials ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 98.2%
CHINA— 61.6%
Basic Materials — 57.1%
Aluminum Corp of China, Cl H ^*		184,499	$	59,753
Angang Steel, Cl H		113,584		47,485
China BlueChemical		176,329		52,784
China Hongqiao Group		120,582		63,013
China Molybdenum, Cl H		119,788		66,926
Dongyue Group		111,057		30,523
Fosun International		35,600		65,135
Jiangxi Copper, Cl H		47,641		63,070
Maanshan Iron & Steel, Cl H ^*		180,025		38,792
Real Gold Mining ^{*(A) (B)}		97,864		1
Sinofert Holdings		186,630		32,991
Sinopec Shanghai Petrochemical, Cl H		162,810		68,064
Sinopec Yizheng Chemical Fibre, Cl H ^*		194,014		61,583
Zhaojin Mining Industry		84,844		48,169
Zijin Mining Group, Cl H		224,649		60,582
				758,871
Industrials — 4.5%
BBMG, Cl H		84,900		59,922
TOTAL CHINA				818,793
HONG KONG— 34.9%
Basic Materials — 24.5%
China Lumena New Materials ^{*(A) (B)}		413,450		667
China Precious Metal Resources Holdings ^*		358,400		16,186
China Silver Group		68,400		18,093
Fufeng Group		110,544		58,480
Kingboard Chemical Holdings		49,400		69,988
Kingboard Laminates Holdings		79,228		33,122
Nine Dragons Paper Holdings		99,200		65,919
North Mining Shares, Cl C ^*		1,222,056		13,245
Yingde Gases		110,949		49,676
				325,376
Industrials — 10.4%
Citic Pacific		36,400		68,102
TCC International Holdings		148,000		29,218

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

Schedule of Investments	October 31, 2015

Global X China Materials ETF

	Shares/Face Amount⁽¹⁾		Value
COMMON STOCK — continued
Industrials — continued
West China Cement		242,100	$	41,859
				139,179
TOTAL HONG KONG				464,555
SINGAPORE— 1.7%
Basic Materials — 1.7%
Midas Holdings^*		98,566		22,170
TOTAL COMMON STOCK
(Cost $2,431,750)				1,305,518

TIME DEPOSITS — 0.1%

Brown Brothers Harriman
0.030%, 11/02/15		780		780
0.005%, 11/02/15, HKD		5		1
TOTAL TIME DEPOSITS
(Cost $781)				781
TOTAL INVESTMENTS — 98.3%
(Cost $2,432,531)			$	1,306,299

Percentages are based on Net Assets of $1,328,518.

*	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, 2015, was $668 and represents 0.1% of Net Assets.
(B)	Security considered illiquid. The total value of such securities as of October 31, 2015 was $668 and represented 0.1% of Net Assets.

Cl — Class

HKD — Hong Kong Dollar

The following is a summary of the inputs used as of October 31, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	1,304,850	$	—	$	668	$	1,305,518
Time Deposits		—		781		—		781
Total Investments in Securities	$	1,304,850	$	781	$	668	$	1,306,299

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

Schedule of Investments	October 31, 2015

Global X China Materials 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, 2014	$	121,942
Net purchases		1,341
Net sales		(144,602	)
Realized gain		14,738
Change in unrealized appreciation (depreciation)		7,249
Ending Balance as of October 31, 2015	$	668

For the year ended October 31, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

Net change in unrealized appreciation (depreciation) from investments (Level 3) still held as of October 31, 2015 is $7,249.

For the year ended October 31, 2015, there have been no transfers between Level 1 and Level 2.

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

Schedule of Investments	October 31, 2015

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— 69.3%
Technology — 69.3%
21Vianet Group ADR ^*		19,224	$	385,249
Autohome ADR ^*		12,050		435,487
Baidu ADR ^*		7,292		1,367,031
China Communications Services, Cl H		332,003		133,657
China Finance Online ADR ^*		7,361		29,959
ChinaCache International Holdings ADR ^*		3,668		27,547
Coolpad Group ^*		980,515		172,062
Kingdee International Software Group		700,349		290,076
Lenovo Group		1,308,703		1,222,566
NetEase ADR		9,662		1,396,449
Qihoo 360 Technology ADR ^*		20,298		1,158,813
Semiconductor Manufacturing International ^*		6,116,974		568,279
Shanghai Baosight Software, Cl B		42,947		170,414
Sohu.com ^*		10,921		551,729
Tencent Holdings		63,125		1,194,065
Travelsky Technology, Cl H		122,555		181,537
V1 Group		1,234,878		94,009
Vimicro International ADR ^*		7,512		96,304
YY ADR ^*		9,829		559,663
ZTE, Cl H		266,313		643,954
TOTAL CHINA				10,678,850
HONG KONG— 25.2%
Technology — 25.2%
Alibaba Health Information Technology ^*		775,929		620,735
ASM Pacific Technology		69,243		494,076
BYD Electronic International ^*		296,281		194,587
China Public Procurement ^*		3,417,200		62,170
Chinasoft International ^*		583,176		254,337
Comba Telecom Systems Holdings		403,189		83,238
Digital China Holdings^*		308,638		316,200
FIH Mobile		891,119		426,582
Hi Sun Technology China ^*		676,900		131,885
Ju Teng International Holdings		301,744		165,470
PAX Global Technology		242,300		318,269
Suncorp Technologies ^*		4,566,600		126,685
TCL Communication Technology Holdings		170,032		127,029

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

Schedule of Investments	October 31, 2015

Global X NASDAQ China Technology ETF

	Shares/Face Amount⁽¹⁾		Value
COMMON STOCK — continued
Technology — continued
VTech Holdings		46,382	$	563,459
TOTAL HONG KONG				3,884,722
UNITED STATES— 5.4%
Technology — 5.4%
NQ Mobile ADR ^*		28,735		110,917
SINA ^*		13,815		658,147
Weibo ADR ^*		3,508		56,549
TOTAL UNITED STATES				825,613
TOTAL COMMON STOCK
(Cost $15,242,864)				15,389,185

TIME DEPOSITS — 0.1%

Brown Brothers Harriman
0.030%, 11/02/15		21,238		21,238
0.005%, 11/02/15, HKD		6		1
TOTAL TIME DEPOSITS
(Cost $21,239)				21,239
TOTAL INVESTMENTS — 100.0%
(Cost $15,264,103)			$	15,410,424

Percentages are based on Net Assets of $15,404,435.

*	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, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	15,389,185	$	—	$	—	$	15,389,185
Time Deposits		—		21,239		—		21,239
Total Investments in Securities	$	15,389,185	$	21,239	$	—	$	15,410,424

For the year ended October 31, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2015, there were no Level 3 investments.

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

Schedule of Investments	October 31, 2015

Global X Southeast Asia ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.7%
INDONESIA— 17.2%
Consumer Goods — 4.0%
Astra International		997,431	$	429,943
Unilever Indonesia		55,996		151,368
				581,311
Financials — 8.9%
Bank Central Asia		608,856		573,826
Bank Mandiri		459,260		291,913
Bank Rakyat Indonesia Persero		533,860		410,512
				1,276,251
Telecommunications — 3.5%
Telekomunikasi Indonesia ADR		12,517		497,676
Utilities — 0.8%
Perusahaan Gas Negara		523,539		114,748
TOTAL INDONESIA				2,469,986
MALAYSIA— 25.2%
Basic Materials — 1.4%
Petronas Chemicals Group		141,424		209,041
Financials — 10.0%
CIMB Group Holdings		267,605		287,164
Malayan Banking		259,881		499,678
Public Bank		154,429		649,925
				1,436,767
Health Care — 1.4%
IHH Healthcare		137,200		201,520
Industrials — 2.2%
Sime Darby		160,346		312,033

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

Schedule of Investments	October 31, 2015

Global X Southeast Asia ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — 1.5%
Petronas Gas		39,239	$	209,896
Telecommunications — 5.1%
Axiata Group		219,428		315,147
DiGi.Com		183,500		224,677
Maxis		129,006		197,893
				737,717
Utilities — 3.6%
Tenaga Nasional		175,255		516,464
TOTAL MALAYSIA				3,623,438
PHILIPPINES— 4.7%
Consumer Services — 2.1%
SM Investments		15,727		293,916
Financials — 1.2%
SM Prime Holdings		382,400		176,417
Telecommunications — 1.4%
Philippine Long Distance Telephone ADR		4,256		201,819
TOTAL PHILIPPINES				672,152
SINGAPORE— 37.3%
Consumer Goods — 1.6%
Wilmar International		103,621		231,584
Consumer Services — 3.4%
Genting Singapore		298,645		173,792
Jardine Cycle & Carriage		5,418		126,195
Singapore Airlines		24,873		191,809
				491,796
Financials — 22.6%
CapitaLand		124,888		276,439
DBS Group Holdings		88,353		1,089,508
Oversea-Chinese Banking		158,436		1,021,548
United Overseas Bank		59,577		864,834
				3,252,329
Oil & Gas — 2.5%
Keppel		70,807		357,953
Telecommunications — 7.2%
Singapore Telecommunications		362,434		1,029,980
TOTAL SINGAPORE				5,363,642
THAILAND— 15.3%
Consumer Services — 2.1%
CP ALL NVDR		218,563		307,251

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

Schedule of Investments	October 31, 2015

Global X Southeast Asia ETF

	Shares/Face Amount⁽¹⁾		Value
COMMON STOCK — continued
Financials — 4.7%
Bangkok Bank NVDR		23,201	$	109,262
Kasikornbank NVDR		57,518		278,958
Siam Commercial Bank NVDR		77,171		289,656
				677,876
Industrials — 2.5%
Airports of Thailand NVDR		21,300		178,460
Siam Cement NVDR		14,886		190,012
				368,472
Oil & Gas — 3.3%
PTT Exploration & Production NVDR		68,480		140,551
PTT NVDR		42,114		325,616
				466,167
Telecommunications — 2.7%
Advanced Info Service NVDR		58,611		383,956
TOTAL THAILAND				2,203,722
TOTAL COMMON STOCK
(Cost $18,293,623)				14,332,940
TIME DEPOSITS — 0.2%
Brown Brothers Harriman
0.030%, 11/02/15		29,368		29,368
0.010%, 11/02/15, SGD		3		2
TOTAL TIME DEPOSITS
(Cost $29,370)				29,370
TOTAL INVESTMENTS — 99.9%
(Cost $18,322,993)			$	14,362,310

Percentages are based on Net Assets of $14,375,833.

(1)

In U.S. Dollars unless otherwise indicated.

ADR — American Depositary Receipt

NVDR — Non-Voting Depositary Receipt

SGD — Singapore Dollar

The following is a summary of the inputs used as of October 31, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	14,332,940	$	—	$	—	$	14,332,940
Time Deposits		—		29,370		—		29,370
Total Investments in Securities	$	14,332,940	$	29,370	$	—	$	14,362,310

For the year ended October 31, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2015, there were no Level 3 investments.

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

Schedule of Investments	October 31, 2015

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 — 94.6%
CHILE— 49.1%
Basic Materials — 5.1%
CAP		2,551	$	6,750
Empresas CMPC		38,959		96,259
Sociedad Quimica y Minera de Chile ADR		3,188		61,784
				164,793
Consumer Goods — 2.9%
Cia Cervecerias Unidas ADR		2,576		61,747
Vina Concha y Toro		19,500		33,201
				94,948
Consumer Services — 8.2%
Cencosud		40,300		88,565
Latam Airlines Group ADR ^*		11,735		64,660
SACI Falabella		16,725		112,247
				265,472
Financials — 11.7%
Banco de Chile		3,888		412
Banco de Chile ADR		1,396		88,548
Banco de Credito e Inversiones		1,546		63,104
Banco Santander Chile ADR		5,424		103,002
Corpbanca ADR		3,717		50,923
Parque Arauco		17,964		30,045

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

Schedule of Investments	October 31, 2015

Global X FTSE Andean 40 ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Sociedad Matriz Banco de Chile, Cl B		161,020	$	45,823
				381,857
Oil & Gas — 3.8%
Empresas COPEC		13,129		123,116
Technology — 0.8%
Sonda		16,324		26,258
Telecommunications — 1.1%
ENTEL Chile		3,765		34,862
Utilities — 15.5%
AES Gener		87,831		42,269
Aguas Andinas, Cl A		101,242		53,294
Colbun		245,396		65,154
E.CL		18,272		26,430
Empresa Nacional de Electricidad ADR		3,613		136,499
Enersis ADR		13,713		181,697
				505,343
TOTAL CHILE				1,596,649
COLOMBIA— 29.1%
Consumer Goods — 2.5%
Grupo Nutresa		10,775		81,311
Consumer Services — 1.6%
Almacenes Exito		11,624		52,502
Financials — 12.5%
BanColombia ADR		4,456		154,267
Financiera Colombiana		5,569		73,573
Grupo Aval Acciones y Valores ADR		3,153		25,255
Grupo de Inversiones Suramericana		12,167		154,764
				407,859
Industrials — 5.2%
Cementos Argos		20,282		67,338
Grupo Argos		16,796		103,396
				170,734
Oil & Gas — 4.6%
Ecopetrol ADR		12,817		119,454
Pacific Exploration and Production^*		16,132		31,442
				150,896
Utilities — 2.7%
Interconexion Electrica		17,260		41,427
Isagen		42,430		45,049
				86,476
TOTAL COLOMBIA				949,778

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

Schedule of Investments	October 31, 2015

Global X FTSE Andean 40 ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
PERU— 16.4%
Basic Materials — 6.7%
Cia de Minas Buenaventura ADR ^*		10,703	$	68,606
Southern Copper		5,390		149,627
				218,233
Financials — 9.7%
Credicorp		1,056		119,729
Credicorp Ltd.		1,722		194,896
				314,625
TOTAL PERU				532,858
TOTAL COMMON STOCK
(Cost $5,445,340)				3,079,285
PREFERRED STOCK — 5.1%
CHILE— 0.9%
Consumer Goods — 0.9%
Embotelladora Andina		8,230		30,210
COLOMBIA— 4.2%
Financials — 3.0%
Banco Davivienda		5,180		42,673
Grupo Aval Acciones y Valores		134,171		53,826
				96,499
Industrials — 1.2%
Grupo Argos		6,530		38,798
TOTAL COLOMBIA				135,297
TOTAL PREFERRED STOCK
(Cost $229,510)				165,507
TIME DEPOSIT — 0.3%
Brown Brothers Harriman, 0.030%, 11/02/15
(Cost $9,463)	$	9,463		9,463
TOTAL INVESTMENTS — 100.0%
(Cost $5,684,313)			$	3,254,255

Percentages are based on Net Assets of $3,252,788.

*	Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

Ltd. — Limited

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

Schedule of Investments	October 31, 2015

Global X FTSE Andean 40 ETF

The following is a summary of the inputs used as of October 31, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	3,079,285	$	—	$	—	$	3,079,285
Preferred Stock		165,507		—		—		165,507
Time Deposit		—		9,463		—		9,463
Total Investments in Securities	$	3,244,792	$	9,463	$	—	$	3,254,255

For the year ended October 31, 2015, there have been no transfers between Level 1, Level 2 and Level 3 investments.

As of October 31, 2015, there were no Level 3 investments.

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

Schedule of Investments	October 31, 2015

Global X MSCI Colombia ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 88.5%
COLOMBIA— 88.5%
Basic Materials — 2.4%
Mineros		2,435,898	$	1,600,625
Consumer Goods — 4.9%
Grupo Nutresa		430,178		3,246,233
Consumer Services — 3.2%
Almacenes Exito		479,193		2,164,365
Financials — 34.3%
Banco de Bogota		11,617		237,040
BanColombia ADR ^(A)		323,905		11,213,591
Bolsa de Valores de Colombia		217,229,526		1,239,594
Celsia ESP		1,604,535		1,659,194
Financiera Colombiana		74,548		984,863
Grupo Aval Acciones y Valores		301,311		119,837
Grupo Aval Acciones y Valores ADR		151,369		1,212,466
Grupo de Inversiones Suramericana		486,030		6,182,322
Interbolsa ^{*(B) (C)}		1,320,603		457
				22,849,364
Industrials — 16.7%
Cementos Argos		879,720		2,920,737
Cemex Latam Holdings ^*		673,036		2,346,257
Construcciones El Condor		2,751,553		1,027,729
Constructora Conconcreto		3,657,544		1,498,941
Grupo Argos		538,805		3,316,870
				11,110,534
Oil & Gas — 12.8%
Canacol Energy ^*		885,464		2,050,641
Ecopetrol ADR ^(A)		497,406		4,635,824
Pacific Exploration and Production		945,084		1,841,987
				8,528,452

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

Schedule of Investments	October 31, 2015

Global X MSCI Colombia ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Utilities — 14.2%
Empresa de Energia de Bogota		4,965,996	$	3,211,625
Interconexion Electrica		1,302,933		3,127,220
Isagen		2,949,738		3,131,833
				9,470,678
TOTAL COMMON STOCK
(Cost $89,667,293)				58,970,251

PREFERRED STOCK — 11.2%
COLOMBIA—11.2%
Consumer Services — 1.5%
Avianca Holdings		1,929,476		987,593
Financials — 8.3%
Banco Davivienda		368,740		3,037,658
Grupo Aval Acciones y Valores		1,431,941		574,460
Grupo de Inversiones Suramericana		153,703		1,932,782
				5,544,900
Industrials — 1.4%
Grupo Argos		158,438		941,368
TOTAL PREFERRED STOCK
(Cost $10,803,828)				7,473,861

TIME DEPOSIT — 0.3%
Brown Brothers Harriman, 0.030%, 11/02/15
(Cost $198,414)	$	198,414		198,414
TOTAL INVESTMENTS — 100.0%
(Cost $100,669,535)			$	66,642,526

Percentages are based on Net Assets of $66,615,982.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at October 31, 2015. The total value of securities on loan at October 31, 2015 was $1,243,616.
(B)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such security as of October 31, 2015, was $457 and represents 0.0% of Net Assets.
(C)	Security considered illiquid. The total value of such security as of October 31, 2015 was $457 and represented 0.0% of Net Assets.

ADR — American Depositary Receipt

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

Schedule of Investments	October 31, 2015

Global X MSCI Colombia ETF

The following is a summary of the inputs used as of October 31, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	57,942,065	$	1,027,729	$	457	$	58,970,251
Preferred Stock		7,473,861		—		—		7,473,861
Time Deposit		—		198,414		—		198,414
Total Investments in Securities	$	65,415,926	$	1,226,143	$	457	$	66,642,526

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, 2014	$	3,471,731
Transfers out of Level 3		(1,600,625	)
Net purchases		1,607,983
Net sales		(1,920,696	)
Realized gain (loss)		(1,642,503	)
Change in unrealized appreciation (depreciation)		84,567
Ending Balance as of October 31, 2015	$	457

For the year ended October 31, 2015, 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, 2015 is $(184).

For the year ended October 31, 2015, the transfers between Level 1 and Level 2 in the amount of $1,027,729, 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, 2015

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 — 92.8%
BRAZIL— 92.8%
Basic Materials — 10.4%
Cia Siderurgica Nacional ADR		44,605	$	54,864
Fibria Celulose ADR		16,574		224,080
Gerdau ADR		32,718		45,478
				324,422
Consumer Goods — 4.5%
Cosan Industria e Comercio		3,943		25,349
Hypermarcas ^*		11,887		54,121
M Dias Branco		1,316		23,933
Natura Cosmeticos		6,089		36,278
				139,681
Consumer Services — 13.4%
B2W Cia Digital ^*		3,050		11,569
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		4,531		59,492
Kroton Educacional		49,400		126,724
Localiza Rent a Car		4,772		32,280
Lojas Renner		20,755		99,897
Raia Drogasil		6,480		67,419
Via Varejo		13,690		15,137
				412,518
Financials — 18.8%
BM&F Bovespa		55,806		165,517
BR Malls Participacoes		13,671		39,836
CETIP - Mercados Organizados		7,112		63,096
Grupo BTG Pactual, Cl Miscellaneous		29,917		223,386
Multiplan Empreendimentos Imobiliarios		2,437		26,674
Porto Seguro		2,986		25,116
Qualicorp		9,080		38,270
				581,895

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

Schedule of Investments	October 31, 2015

Global X Brazil Mid Cap ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Industrials — 14.2%
CCR		29,088	$	91,722
Embraer ADR		3,351		98,419
Klabin		30,984		176,780
WEG		18,770		70,321
				437,242
Telecommunications — 5.2%
Tim Participacoes ADR		14,357		159,506
Utilities — 26.3%
Centrais Eletricas Brasileiras ADR ^*		33,346		42,016
Cia de Saneamento Basico do Estado de Sao Paulo ADR		20,919		91,834
Cia Energetica de Minas Gerais ADR		22,047		42,991
Cia Paranaense de Energia ADR		3,275		27,051
CPFL Energia ADR^*		15,896		127,327
Equatorial Energia		5,330		47,689
Tractebel Energia		6,697		59,013
Transmissora Alianca de Energia Eletrica		10,840		56,123
Ultrapar Participacoes ADR		18,377		318,106
				812,150
TOTAL COMMON STOCK
(Cost $4,701,162)				2,867,414
PREFERRED STOCK — 6.4%
BRAZIL— 6.4%
Basic Materials — 3.9%
Braskem		4,654		26,372
Suzano Papel e Celulose		20,590		88,656
Usinas Siderurgicas de Minas Gerais		11,240		8,130
				123,158
Consumer Services — 2.1%
Lojas Americanas		14,839		64,512
Utilities — 0.4%
Cia de Transmissao de Energia Eletrica Paulista		990		11,436
TOTAL PREFERRED STOCK
(Cost $239,908)				199,106
CORPORATE OBLIGATION — 0.3%
Hypermarcas
11.300%, 10/15/18^(A)(B)
(Cost $27,733)	$	59,000		7,911

TOTAL INVESTMENTS — 99.5%
(Cost $4,968,803)			$	3,074,431

Percentages are based on Net Assets of $3,089,321.

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

Schedule of Investments	October 31, 2015

Global X Brazil Mid Cap ETF

*	Non-income producing security.
(A)	Security considered illiquid. The total value of such securities as of October 31, 2015 was $7,911 and represented 0.3% of Net Assets.
(B)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31, 2015, was $7,911 and represents 0.3% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the inputs used as of October 31, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3^(a)		Total
Common Stock	$	2,867,414	$	—	$	—	$	2,867,414
Preferred Stock		199,106		—		—		199,106
Corporate Obligation		—		—		7,911		7,911
Total Investments in Securities	$	3,066,520	$	—	$	7,911	$	3,074,431

^(a) A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has over 1% 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, 2015, 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, 2015

Global X Brazil Consumer ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 92.3%
BRAZIL— 92.3%
Consumer Goods — 51.2%
AMBEV ADR		37,072	$	180,541
Arezzo Industria e Comercio		6,082		33,229
BRF ADR		11,057		169,504
Cia Hering		20,173		79,513
Cosan, Cl A		24,232		84,812
Cosan Industria e Comercio		17,937		115,313
Gafisa ADR^*		24,202		31,221
Grendene		10,157		47,698
Hypermarcas ^*		32,950		150,020
JBS		43,206		160,182
M Dias Branco		6,118		111,261
Marfrig Alimentos ^*		35,286		58,479
Minerva ^*		14,335		47,589
Natura Cosmeticos		23,986		142,906
Sao Martinho		7,207		83,308
SLC Agricola		5,906		26,459
				1,522,035
Consumer Services — 41.1%
B2W Cia Digital ^*		14,544		55,169
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		7,795		102,348
CVC Brasil Operadora e Agencia de Viagens		10,260		38,972
Estacio Participacoes		39,900		160,487
GAEC Educacao		4,870		16,851
Gol Linhas Aereas Inteligentes ADR		14,496		12,878
Kroton Educacional		57,908		148,550
Localiza Rent a Car		21,001		142,059
Lojas Renner		31,275		150,531
Multiplus		6,462		57,733
Raia Drogasil		18,862		196,244
Restoque Comercio e Confeccoes de Roupas^*		43,209		34,175
Smiles		8,101		63,440
Via Varejo		37,574		41,546
				1,220,983

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

Schedule of Investments	October 31, 2015

Global X Brazil Consumer ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
TOTAL COMMON STOCK
(Cost $5,179,003)			$	2,743,018
PREFERRED STOCK — 6.9%
BRAZIL— 6.9%
Consumer Goods — 1.1%
Alpargatas		15,758		33,823
Consumer Services — 5.8%
Lojas Americanas		39,462		171,558
TOTAL PREFERRED STOCK
(Cost $245,663)				205,381
CORPORATE OBLIGATION — 0.4%
Hypermarcas
11.300%, 10/15/18^(A)(B) (Cost $39,485)	$	84,000		11,264

TOTAL INVESTMENTS — 99.6%
(Cost $5,464,151)			$	2,959,663

Percentages are based on Net Assets of $2,970,632.

*	Non-income producing security.
(A)	Security considered illiquid. The total value of such securities as of October 31, 2015 was $11,264 and represented 0.4% of Net Assets.
(B)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such security as of October 31, 2015, was $11,264 and represents 0.4% 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, 2015

Global X Brazil Consumer ETF

The following is a summary of the inputs used as of October 31, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3^(a)		Total
Common Stock	$	2,743,018	$	—	$	—	$	2,743,018
Preferred Stock		205,381		—		—		205,381
Corporate Obligation		—		—		11,264		11,264
Total Investments in Securities	$	2,948,399	$	—	$	11,264	$	2,959,663

For the year ended October 31, 2015, 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, 2015

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— 83.3%
Basic Materials — 18.8%
Tenaris ADR		114,076	$	2,882,701
Consumer Goods — 2.4%
Cresud SACIF y A ADR ^*		28,269		361,282
Consumer Services — 14.7%
Arcos Dorados Holdings, Cl A		105,290		324,293
Grupo Clarin GDR, Cl B		31,402		491,441
MercadoLibre		14,596		1,435,808
				2,251,542
Financials — 19.1%
Banco Macro ADR ^*		13,980		862,985
BBVA Banco Frances ADR^*		37,271		866,551
Grupo Financiero Galicia ADR		32,443		867,850
IRSA Inversiones y Representaciones ADR ^*		18,998		341,774
				2,939,160
Oil & Gas — 17.2%
Petrobras Argentina ADR		70,032		439,801
Transportadora de Gas del Sur ADR^*		86,574		536,759
YPF ADR		78,233		1,671,057
				2,647,617
Telecommunications — 5.0%
Telecom Argentina ADR		39,508		770,801
Utilities — 6.1%
Empresa Distribuidora Y Comercializadora Norte ADR ^*		15,775		291,207
Pampa Energia ADR ^*		26,582		643,816
				935,023
TOTAL ARGENTINA				12,788,126

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

Schedule of Investments	October 31, 2015

Global X MSCI Argentina ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
CANADA— 5.7%
Basic Materials — 4.1%
Pan American Silver		7,237	$	54,871
Pan American Silver^		28,761		217,721
Silver Standard Resources ^*		50,986		351,803
				624,395
Industrials — 1.6%
Finning International		15,628		249,647
TOTAL CANADA				874,042
CHILE— 6.7%
Consumer Goods — 4.8%
Cia Cervecerias Unidas ADR		15,193		364,176
Embotelladora Andina ADR, Cl B		16,657		367,287
				731,463
Consumer Services — 1.9%
Cencosud		133,538		293,470
TOTAL CHILE				1,024,933
HONG KONG— 0.7%
Consumer Goods — 0.7%
EPI Holdings ^*		2,062,690		106,460
MEXICO— 1.9%
Consumer Goods — 1.9%
Arca Continental		46,470		296,638
SPAIN— 1.5%
Industrials — 1.5%
Prosegur Cia de Seguridad		52,970		236,980
TOTAL COMMON STOCK
(Cost $18,070,726)				15,327,179
U.S. TREASURY OBLIGATION — 19.5%
United States Treasury Bills
0.000%, 11/12/15^(A)
(Cost $3,000,005)	$	3,000,000		2,999,991
TOTAL INVESTMENTS — 119.3%
(Cost $21,070,731)			$	18,327,170

Percentages are based on Net Assets of $15,355,058.

*	Non-income producing security.
(A)	The rate reported on the Schedule of Investments is the effective yield at time of purchase.
^	Traded on the U.S. Stock Exchange.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

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

Schedule of Investments	October 31, 2015

Global X MSCI Argentina ETF

The following is a summary of the inputs used as of October 31, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	15,327,179	$	—	$	—	$	15,327,179
U.S. Treasury Obligation		—		2,999,991		—		2,999,991
Total Investments in Securities	$	15,327,179	$	2,999,991	$	—	$	18,327,170

For the year ended October 31, 2015, there have been no transfers between Level 1, Level 2 and Level 3 investments.

As of October 31, 2015, there were no Level 3 investments.

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

Schedule of Investments	October 31, 2015

Global X FTSE Greece 20 ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.5%
BELGIUM— 0.9%
Industrials — 0.9%
Viohalco ^*		356,415	$	901,609
Viohalco^ ^*		710,700		1,744,444
TOTAL BELGIUM				2,646,053
GREECE— 76.5%
Basic Materials — 3.5%
Mytilineos Holdings		1,052,729		5,640,077
Mytilineos Holdings ADR ^(A)		996,200		5,337,241
				10,977,318
Consumer Goods — 4.6%
JUMBO		1,213,922		11,800,492
JUMBO ADR ^*		340,000		2,805,000
				14,605,492
Consumer Services — 14.5%
FF Group		385,297		7,793,107
FF Group ADR ^(A)		286,300		5,790,761
OPAP		1,733,136		15,411,865
OPAP ADR		3,670,900		16,592,468
				45,588,201
Financials — 13.5%
Alpha Bank AE ^*		83,638,301		10,625,019
Eurobank Ergasias ^*		195,356,844		6,689,860
National Bank of Greece ADR ^*		25,711,575		19,851,907
Piraeus Bank ^*		51,729,847		5,314,358
				42,481,144

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

Schedule of Investments	October 31, 2015

Global X FTSE Greece 20 ETF

	Shares/Face Amount⁽¹⁾		Value
COMMON STOCK — continued
Industrials — 8.7%
Ellaktor ^*		3,318,939	$	6,525,983
Metka		536,581		5,174,593
Metka ADR ^(B)		130,000		1,253,668
Titan Cement		318,208		7,012,626
Titan Cement ADR ^*(B)		679,800		7,490,648
				27,457,518
Oil & Gas — 8.8%
Hellenic Petroleum		1,810,742		10,601,300
Motor Oil Hellas Corinth Refineries		696,435		8,608,695
Motor Oil Hellas Corinth Refineries ADR ^{* (A)}		1,388,300		8,580,388
				27,790,383
Real Estate Investment Trusts — 2.9%
Grivalia Properties		997,852		9,115,874
Telecommunications — 12.2%
Hellenic Telecommunications Organization		4,119,714		38,545,807
Utilities — 7.8%
Athens Water Supply & Sewage		1,067,170		6,790,203
Public Power		2,458,685		14,231,833
Terna Energy		863,575		2,747,383
Terna Energy ADR ^(B)		88,800		565,017
				24,334,436
TOTAL GREECE				240,896,173
SWITZERLAND— 22.1%
Consumer Goods — 22.1%
Coca-Cola HBC		2,909,805		69,655,564
TOTAL COMMON STOCK
(Cost $389,428,447)				313,197,790
U.S. TREASURY OBLIGATION — 12.7%
United States Treasury Bills
0.000%, 11/12/15^(C)
(Cost $40,000,061)		40,000,000		39,999,880
TIME DEPOSIT — 0.0%
Brown Brothers Harriman, 0.080%, 11/02/15, GBP
(Cost $1)		1		1
TOTAL INVESTMENTS — 112.2%
(Cost $429,428,509)			$	353,197,671

Percentages are based on Net Assets of $314,907,191.

*	Non-income producing security.
^	Traded on the Ghana Stock Exchange.

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

Schedule of Investments	October 31, 2015

Global X FTSE Greece 20 ETF

(1)	In U.S. Dollars unless otherwise indicated.
(A)	Security considered illiquid. The total value of such securities as of October 31, 2015 was $19,708,390 and represented 6.3% of Net Assets.
(B)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31, 2015, was $9,309,333 and represents 3.0% of Net Assets.
(C)	The rate reported on the Schedule of Investments is the effective yield at time of purchase.

ADR — American Depositary Receipt

GBP — British Pound Sterling

The following is a summary of the inputs used as of October 31, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	284,180,067	$	29,017,723	$	—	$	313,197,790
U.S. Treasury Obligation		—		39,999,880		—		39,999,880
Time Deposit		—		1		—		1
Total Investments in Securities	$	284,180,067	$	69,017,604	$	—	$	353,197,671

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, 2014	$	534,734
Net sales		(7,793	)
Realized gain (loss)		(1,111,748	)
Change in unrealized appreciation (depreciation)		584,807
Ending Balance as of October 31, 2015	$	-

For the year ended October 31, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2015, there were no Level 3 investments.

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

Schedule of Investments	October 31, 2015

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 2 and Note 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 99.7%
NORWAY— 97.2%
Basic Materials — 11.2%
Borregaard		77,597	$	415,413
Norsk Hydro		857,654		3,087,303
Yara International		84,067		3,831,885
				7,334,601
Consumer Goods — 14.3%
Austevoll Seafood		99,318		613,270
Bakkafrost P		27,785		896,417
Kongsberg Automotive Holding ^*		361,893		209,562
Leroy Seafood Group		20,800		732,516
Marine Harvest		215,531		2,901,153
Orkla		387,793		3,311,121
Salmar		38,503		632,480
				9,296,519
Consumer Services — 6.8%
Norwegian Air Shuttle ^{* (A)}		20,711		764,382
Schibsted, Cl A		45,790		1,542,243
Schibsted, Cl B ^*		53,936		1,689,125
XXL ^(B)		39,544		424,096
				4,419,846
Financials — 20.0%
Aker, Cl A		23,200		459,240
DnB		535,148		6,842,872
Entra ^(B)		56,910		485,919
Gjensidige Forsikring		150,548		2,298,660
Norwegian Property		237,368		258,076

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

Schedule of Investments	October 31, 2015

Global X MSCI Norway ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Protector Forsikring		43,209	$	312,765
Selvaag Bolig		50,468		143,737
Sparebank 1 Nord Norge		74,939		309,965
SpareBank 1 SMN		97,700		614,825
Storebrand ^*		364,588		1,280,957
				13,007,016
Industrials — 4.2%
Avance Gas Holding ^{(A) (B)}		20,030		276,952
BW LPG ^(B)		59,250		404,018
Golden Ocean Group^*		96,543		188,253
Hexagon Composites ^(A)		78,200		121,064
Hoegh LNG Holdings		47,918		577,612
Ocean Yield ^(A)		40,607		328,722
Stolt-Nielsen		28,890		392,629
Thin Film Electronics ^{* (A)}		391,749		185,185
Wilh Wilhelmsen, Cl B		57,827		252,171
				2,726,606
Oil & Gas — 25.8%
Akastor SA		129,986		170,513
Aker Solutions		122,686		492,959
BW Offshore		390,700		163,450
Det Norske Oljeselskap ^*		89,672		552,648
DNO International ^{* (A)}		512,284		515,807
Fred Olsen Energy		31,360		145,834
Petroleum Geo-Services ^(A)		158,790		663,924
ProSafe		188,770		524,250
Renewable Energy ^{* (A)}		1,683,894		303,474
Scatec Solar ^{(A) (B)}		35,700		178,040
Statoil		623,117		10,029,608
Subsea 7		187,324		1,466,616
TGS Nopec Geophysical		75,940		1,503,220
				16,710,343
Technology — 3.0%
Atea		64,383		601,085
Nordic Semiconductor ^{* (A)}		134,144		647,591
Opera Software ^(A)		112,920		707,935
				1,956,611
Telecommunications — 11.9%
Telenor		409,116		7,750,277
TOTAL NORWAY				63,201,819

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

Schedule of Investments	October 31, 2015

Global X MSCI Norway ETF

	Shares/Face Amount⁽¹⁾		Value
COMMON STOCK — continued
UNITED KINGDOM— 2.5%
Oil & Gas — 2.5%
Seadrill ^*		258,038	$	1,622,305
TOTAL COMMON STOCK
(Cost $101,513,002)				64,824,124
REPURCHASE AGREEMENTS (C) — 10.6%
Barclays Bank
0.070%, dated 10/30/15, to be repurchased on 11/02/15 repurchase price $5,000,029 (collateralized by U.S. Treasury Obligations, ranging in par value $11-$2,850,422, 0.000%-2.750%, 11/05/15-02/15/45 with a total market value of $5,100,000)		5,000,000		5,000,000
Deutsche Bank
0.050%, dated 10/30/15, to be repurchased on 11/02/15 repurchase price $1,910,374 (collateralized by U.S. Treasury Bills, par value $1,910,374, 3.250%, 07/31/16 with a total market value of $1,962,909)		1,910,366		1,910,366
TOTAL REPURCHASE AGREEMENTS
(Cost $6,910,366)				6,910,366
TIME DEPOSITS — 0.1%
Brown Brothers Harriman
0.030%, 11/02/15		51,859		51,859
0.121%, 11/02/15, NOK		608		72
TOTAL TIME DEPOSITS
(Cost $51,931)				51,931
TOTAL INVESTMENTS — 110.4%
(Cost $108,475,299)			$	71,786,421

Percentages are based on Net Assets of $65,023,841.

*	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, 2015. The total value of securities on loan at October 31, 2015 was $1,870,159.
(B)	Security sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." These securities have been determined to be liquid under guidelines established by the board of Trustees.
(C)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2015 was $6,910,366.

Cl — Class

NOK — Norwegian Krone

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

Schedule of Investments	October 31, 2015

Global X MSCI Norway ETF

The following is a summary of the inputs used as of October 31, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	64,824,124	$	—	$	—	$	64,824,124
Repurchase Agreements		—		6,910,366		—		6,910,366
Time Deposits		—		51,931		—		51,931
Total Investments in Securities	$	64,824,124	$	6,962,297	$	—	$	71,786,421

For the year ended October 31, 2015, there have been no transfers between Level 1, Level 2 and Level 3 investments.

As of October 31, 2015, there were no Level 3 investments.

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

Schedule of Investments	October 31, 2015

Global X FTSE Nordic Region 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 2 and Note 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 99.1%
DENMARK— 28.4%
Consumer Goods — 3.8%
Carlsberg, Cl B		9,781	$	805,522
Pandora		10,700		1,240,187
				2,045,709
Financials — 3.5%
Danske Bank		66,573		1,839,060
Health Care — 19.4%
Coloplast, Cl B		9,265		667,785
Novo Nordisk ADR		160,052		8,511,565
Novozymes, Cl B		21,090		982,463
				10,161,813
Industrials — 1.7%
A P Moller - Maersk, Cl B		609		902,062
TOTAL DENMARK				14,948,644
FINLAND— 13.2%
Financials — 4.1%
Sampo, Cl A		44,171		2,170,344
Industrials — 2.9%
Kone, Cl B		35,484		1,523,218
Technology — 5.0%
Nokia ADR		351,966		2,611,588
Utilities — 1.2%
Fortum		41,149		620,467
TOTAL FINLAND				6,925,617

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

Schedule of Investments	October 31, 2015

Global X FTSE Nordic Region ETF

	Shares		Value
COMMON STOCK — continued
NORWAY— 8.7%
Basic Materials — 1.4%
Yara International		16,267	$	741,471
Financials — 2.4%
DnB		100,126		1,280,299
Oil & Gas — 2.5%
Statoil ADR ^(A)		82,117		1,327,011
Telecommunications — 2.4%
Telenor		64,846		1,228,440
TOTAL NORWAY				4,577,221
SWEDEN— 48.8%
Consumer Goods — 3.1%
Svenska Cellulosa, Cl B		54,323		1,612,234
Consumer Services — 6.1%
Hennes & Mauritz, Cl B		82,085		3,212,461
Financials — 19.1%
Investor, Cl B		42,371		1,583,869
Nordea Bank		274,665		3,056,883
Skandinaviska Enskilda Banken, Cl A		136,035		1,440,304
Svenska Handelsbanken, Cl A		124,091		1,698,205
Swedbank, Cl A		98,045		2,264,367
				10,043,628
Industrials — 11.7%
Assa Abloy, Cl B		87,927		1,760,414
Atlas Copco, Cl A		57,933		1,521,509
Sandvik		92,051		866,202
SKF, Cl B		38,479		681,578
Volvo, Cl B		132,663		1,386,634
				6,216,337
Technology — 6.4%
Ericsson ADR		257,517		2,508,215
Hexagon, Cl B		23,730		829,479
				3,337,694
Telecommunications — 2.4%
TeliaSonera		242,561		1,249,235
TOTAL SWEDEN				25,671,589
TOTAL COMMON STOCK
(Cost $51,204,366)				52,123,071

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

Schedule of Investments	October 31, 2015

Global X FTSE Nordic Region ETF

	Shares/Face Amount⁽¹⁾		Value

REPURCHASE AGREEMENT (B) — 1.1%
Deutsche Bank
0.050%, dated 10/30/15, to be repurchased on 11/02/15 repurchase price $595,002 (collateralized by U.S. Treasury Bills, par value $595,002, 3.250%, 07/31/16 with a total market value of $611,365)
(Cost $595,000)		595,000	$	595,000
TIME DEPOSITS — 0.0%
Brown Brothers Harriman
0.030%, 11/02/15		5,117		5,117
0.121%, 11/02/15, NOK		27		3
TOTAL TIME DEPOSITS
(Cost $5,120)				5,120
TOTAL INVESTMENTS — 100.2%
(Cost $51,804,486)			$	52,723,191

Percentages are based on Net Assets of $52,595,789.

(1)	In U.S. Dollars unless otherwise indicated.
(A)	This security or a partial position of this security is on loan at October 31, 2015. The total value of securities on loan at October 31, 2015 was $565,600.
(B)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2015 was $595,000.

ADR — American Depositary Receipt

Cl — Class

NOK — Norwegian Krone

The following is a summary of the inputs used as of October 31, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	52,123,071	$	—	$	—	$	52,123,071
Repurchase Agreement		—		595,000		—		595,000
Time Deposits		—		5,120		—		5,120
Total Investments in Securities	$	52,123,071	$	600,120	$	—	$	52,723,191

For the year ended October 31, 2015, there have been no transfers between Level 1, Level 2 and Level 3 investments.

As of October 31, 2015, there were no Level 3 investments.

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

Schedule of Investments

October 31, 2015

Global X MSCI Nigeria ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.9%
NIGERIA— 99.9%
Consumer Goods — 36.2%
Flour Mills of Nigeria		5,922,489	$	629,590
Guinness Nigeria		1,808,151		1,135,488
Nestle Nigeria		433,807		1,798,016
Nigerian Breweries		6,337,189		4,356,917
Unilever Nigeria		5,081,138		987,382
				8,907,393
Financials — 46.8%
Access Bank		36,732,480		848,879
Diamond Bank		42,125,168		554,473
Ecobank Transnational ^*		11,886,296		1,110,701
FBN Holdings		36,441,515		933,694
First City Monument Bank		44,673,779		439,892
Guaranty Trust Bank		21,455,950		2,488,912
Stanbic IBTC Holdings		11,517,943		1,094,219
Transnational Corp of Nigeria		66,036,000		600,478
UAC of Nigeria		5,285,024		703,077
United Bank for Africa		50,326,762		884,922
Zenith Bank		20,971,600		1,854,309
				11,513,556
Industrials — 9.3%
Dangote Cement		1,504,100		1,231,919
Lafarge Africa		2,208,933		1,065,459
				2,297,378
Oil & Gas — 7.6%
Forte Oil		1,010,363		1,472,018
Oando ^*		13,622,165		411,300
				1,883,318
TOTAL COMMON STOCK
(Cost $32,253,655)				24,601,645

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

Schedule of Investments

October 31, 2015

Global X MSCI Nigeria ETF

	Shares/Face Amount⁽¹⁾		Value
TIME DEPOSITS — 0.1%
Brown Brothers Harriman
0.030%, 11/02/15		20,411	$	20,411
0.080%, 11/02/15, GBP		1		1
0.121%, 11/02/15, NOK		18		2
TOTAL TIME DEPOSITS
(Cost $20,414)				20,414
TOTAL INVESTMENTS — 100.0%
(Cost $32,274,069)			$	24,622,059

Percentages are based on Net Assets of $24,623,123.

*	Non-income producing security.
(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, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	23,129,627	$	1,472,018	$	—	$	24,601,645
Time Deposits		—		20,414		—		20,414
Total Investments in Securities	$	23,129,627	$	1,492,432	$	—	$	24,622,059

For the year ended October 31, 2015, the transfers between Level 1 and Level 2, in the amount of $3,494,926, 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, 2015, there were no Level 3 investments.

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

Schedule of Investments	October 31, 2015

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 — 99.5%
ARGENTINA— 2.5%
Consumer Services — 1.2%
MercadoLibre		12,915	$	1,270,448
Oil & Gas — 1.3%
YPF ADR		67,569		1,443,274
TOTAL ARGENTINA				2,713,722
AUSTRALIA— 1.2%
Oil & Gas — 1.2%
Oil Search		236,827		1,326,369
BANGLADESH— 1.0%
Health Care — 0.3%
Square Pharmaceuticals		120,719		376,980
Telecommunications — 0.7%
GrameenPhone		222,900		712,112
TOTAL BANGLADESH				1,089,092
CANADA— 1.7%
Basic Materials — 1.7%
Endeavour Mining ^*		306,992		159,556
First Quantum Minerals		85,793		457,703
Turquoise Hill Resources ^*		213,501		577,669
Yamana Gold		291,602		638,608
				1,833,536

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

Schedule of Investments	October 31, 2015

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
TOTAL CANADA			$	1,833,536
CHILE— 4.3%
Basic Materials — 0.2%
Empresas CMPC		88,800		219,405
Consumer Services — 1.4%
Cencosud		66,600		146,363
Latam Airlines Group ^*		80,080		428,129
SACI Falabella		135,680		910,595
				1,485,087
Financials — 0.4%
Banco de Chile		1,969,299		208,595
Banco Santander Chile		4,344,800		206,463
				415,058
Oil & Gas — 0.2%
Empresas COPEC		18,870		176,951
Utilities — 2.1%
AES Gener		215,400		103,664
Empresa Nacional de Electricidad		883,449		1,107,874
Enersis		4,005,853		1,057,771
				2,269,309
TOTAL CHILE				4,565,810
CHINA— 0.2%
Oil & Gas — 0.2%
SPT Energy Group		2,439,400		239,216
COLOMBIA— 0.6%
Consumer Services — 0.1%
Almacenes Exito		12,210		55,149
Financials — 0.1%
Grupo de Inversiones Suramericana		10,401		132,301
Industrials — 0.1%
Cementos Argos		39,846		132,292
Oil & Gas — 0.3%
Ecopetrol		583,448		272,403
TOTAL COLOMBIA				592,145
CZECH REPUBLIC— 1.2%
Financials — 0.2%
Komercni Banka		1,221		253,881
Utilities — 1.0%
CEZ		51,941		1,044,002

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

Schedule of Investments	October 31, 2015

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
TOTAL CZECH REPUBLIC			$	1,297,883
EGYPT— 0.5%
Financials — 0.3%
Commercial International Bank Egypt SAE		54,600		359,011
Telecommunications — 0.2%
Global Telecom Holding SAE ^*		282,503		65,788
Telecom Egypt		171,900		147,495
				213,283
TOTAL EGYPT				572,294
FRANCE— 0.1%
Oil & Gas — 0.1%
Etablissements Maurel et Prom		29,941		108,451
HONG KONG— 0.8%
Consumer Goods — 0.4%
CP Pokphand ^*		3,729,700		447,558
Consumer Services — 0.4%
NagaCorp		645,083		457,795
TOTAL HONG KONG				905,353
HUNGARY— 1.0%
Financials — 0.7%
OTP Bank		35,910		698,571
Health Care — 0.2%
Richter Gedeon Nyrt		15,546		260,497
Oil & Gas — 0.1%
MOL Hungarian Oil & Gas		2,997		136,038
TOTAL HUNGARY				1,095,106
INDONESIA— 8.3%
Consumer Goods — 1.8%
Astra International		2,335,597		1,006,760
Gudang Garam		85,114		267,079
Indofood CBP Sukses Makmur TBK		222,300		214,383
Indofood Sukses Makmur		444,400		179,383
Unilever Indonesia		103,969		281,048
				1,948,653
Financials — 3.2%
Bank Central Asia		1,461,768		1,377,666
Bank Mandiri		1,936,618		1,230,946
Bank Rakyat Indonesia Persero		1,050,600		807,859
				3,416,471

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

Schedule of Investments	October 31, 2015

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Health Care — 0.2%
Kalbe Farma		2,388,900	$	249,580
Industrials — 1.2%
Indocement Tunggal Prakarsa		167,200		219,880
Semen Indonesia Persero		1,142,485		817,998
United Tractors		133,200		176,140
				1,214,018
Telecommunications — 1.3%
Telekomunikasi Indonesia Persero		7,208,005		1,411,321
Utilities — 0.6%
Perusahaan Gas Negara		3,043,939		667,165
TOTAL INDONESIA				8,907,208
JAPAN— 0.8%
Industrials — 0.6%
Namura Shipbuilding		73,900		654,031
Oil & Gas — 0.2%
Inpex		20,900		200,124
TOTAL JAPAN				854,155
KENYA— 0.3%
Telecommunications — 0.3%
Safaricom		2,010,700		282,739
KUWAIT— 0.9%
Financials — 0.9%
Kuwait Finance House		349,095		645,086
National Bank of Kuwait SAK		131,219		355,055
TOTAL KUWAIT				1,000,141
MALAYSIA— 10.0%
Basic Materials — 0.2%
Petronas Chemicals Group		126,990		187,706
Consumer Goods — 0.4%
British American Tobacco Malaysia		9,985		143,685
IOI		166,000		164,609
Kuala Lumpur Kepong		28,350		150,329
				458,623
Consumer Services — 0.3%
Genting		88,800		153,374
Genting Malaysia		212,000		212,197
				365,571

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

Schedule of Investments	October 31, 2015

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Financials — 2.2%
CIMB Group Holdings		317,370	$	340,567
Malayan Banking		474,026		911,419
Public Bank		250,100		1,052,562
				2,304,548
Health Care — 0.3%
IHH Healthcare		215,252		316,164
Industrials — 1.2%
MISC		133,200		279,981
Sime Darby		479,699		933,493
				1,213,474
Oil & Gas — 0.7%
Petronas Dagangan		22,200		116,271
Petronas Gas		29,249		156,458
Sapurakencana Petroleum		1,074,967		527,975
				800,704
Telecommunications — 3.2%
Axiata Group		663,667		953,172
DiGi.Com		943,002		1,154,607
Maxis		658,596		1,010,276
Telekom Malaysia		188,085		291,584
				3,409,639
Utilities — 1.5%
Tenaga Nasional		489,873		1,443,620
YTL		420,600		147,837
				1,591,457
TOTAL MALAYSIA				10,647,886
MEXICO— 10.8%
Basic Materials — 2.8%
Fresnillo		82,211		926,858
Grupo Mexico, Cl B		430,668		1,049,002
Industrias Penoles		9,954		131,772
Mexichem		315,317		819,734
				2,927,366
Consumer Goods — 1.2%
Arca Continental		45,938		293,242
Coca-Cola Femsa		22,200		170,199
Gruma, Cl B		26,000		398,760
Grupo Bimbo, Ser A ^*		88,800		250,947
Grupo Lala, Cl B		84,681		216,150
				1,329,298

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

Schedule of Investments	October 31, 2015

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — 2.2%
Grupo Elektra		8,547	$	170,126
Grupo Televisa		103,421		601,551
Wal-Mart de Mexico		549,680		1,454,950
				2,226,627
Financials — 1.1%
Grupo Financiero Banorte, Cl O		114,984		615,173
Grupo Financiero Inbursa, Cl O		288,600		577,942
				1,193,115
Industrials — 2.1%
Alfa, Cl A		521,870		1,081,076
Cemex, Cl Preference ^*		574,838		363,779
Grupo Aeroportuario del Sureste, Cl B		13,200		204,428
Promotora y Operadora de Infraestructura ^*		52,513		659,782
				2,309,065
Telecommunications — 1.1%
America Movil		1,315,367		1,169,834
Utilities — 0.3%
Infraestructura Energetica Nova		73,240		351,782
TOTAL MEXICO				11,507,087
NIGERIA— 0.3%
Consumer Goods — 0.1%
Nigerian Breweries		198,400		136,403
Financials — 0.2%
Guaranty Trust Bank		1,400,900		162,506
TOTAL NIGERIA				298,909
OMAN— 0.5%
Financials — 0.1%
BankMuscat SAOG		65,410		91,064
Telecommunications — 0.4%
Oman Telecommunications SAOG		99,510		421,302
TOTAL OMAN				512,366
PAKISTAN— 1.0%
Basic Materials — 0.2%
Fauji Fertilizer		124,500		148,099
Industrials — 0.4%
Lucky Cement ^*		84,000		426,202
Oil & Gas — 0.4%
Oil & Gas Development		94,300		123,294

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

Schedule of Investments	October 31, 2015

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — continued
Pakistan Petroleum		276,600	$	333,199
				456,493
TOTAL PAKISTAN				1,030,794
PANAMA— 0.7%
Consumer Services — 0.7%
Copa Holdings, Cl A		15,679		792,103
PERU— 0.6%
Financials — 0.6%
Credicorp Ltd.		5,239		592,950
PHILIPPINES— 5.0%
Basic Materials — 0.1%
DMCI Holdings		627,830		166,277
Consumer Goods — 0.7%
JG Summit Holdings		189,449		288,908
Universal Robina		94,817		406,243
				695,151
Consumer Services — 1.4%
Jollibee Foods		42,100		185,233
SM Investments		67,334		1,258,378
				1,443,611
Financials — 0.6%
Ayala Land		399,900		306,203
SM Prime Holdings		782,297		360,906
				667,109
Industrials — 0.6%
Alliance Global Group		455,400		177,413
Ayala		19,980		332,858
International Container Terminal Services		88,800		156,472
				666,743
Telecommunications — 1.1%
Globe Telecom		3,170		154,370
Philippine Long Distance Telephone		21,564		1,013,259
				1,167,629
Utilities — 0.5%
Aboitiz Power		261,558		234,631
Manila Electric		39,960		277,381
				512,012
TOTAL PHILIPPINES				5,318,532

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

Schedule of Investments	October 31, 2015

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
POLAND— 5.1%
Basic Materials — 0.8%
KGHM Polska Miedz		34,946	$	815,193
Consumer Goods — 0.1%					��
LPP ^*		77		145,805
Financials — 1.5%
Bank Pekao		11,824		461,185
Bank Zachodni		2,355		190,557
Powszechna Kasa Oszczednosci Bank Polski		56,891		422,974
Powszechny Zaklad Ubezpieczen		5,514		537,852
				1,612,568
Oil & Gas — 1.7%
Polski Koncern Naftowy Orlen S.A.		93,056		1,516,329
Polskie Gornictwo Naftowe i Gazownictwo		150,800		268,548
				1,784,877
Telecommunications — 0.2%
Orange Polska ^*		102,300		188,286
Utilities — 0.8%
PGE		231,750		865,720
TOTAL POLAND				5,412,449
QATAR— 1.9%
Financials — 0.7%
Qatar National Bank		15,020		753,011
Industrials — 0.9%
Industries Qatar QSC		30,136		1,018,262
Telecommunications — 0.3%
Ooredoo QSC		12,790		273,350
TOTAL QATAR				2,044,623
RUSSIA— 0.1%
Oil & Gas — 0.1%
Bashneft OAO ^*		5,250		157,882
SINGAPORE— 0.7%
Consumer Goods — 0.7%
Thai Beverage		1,656,007		798,147
SOUTH AFRICA— 11.4%
Basic Materials — 2.0%
Anglo American Platinum ^*		16,095		282,937
AngloGold Ashanti ^*		45,130		384,826

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

Schedule of Investments	October 31, 2015

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Basic Materials — continued
Gold Fields ADR		302,068	$	764,232
Impala Platinum Holdings		56,620		155,097
Kumba Iron Ore		18,336		79,577
Sasol		14,943		479,656
				2,146,325
Consumer Goods — 1.6%
Steinhoff International Holdings		187,911		1,152,918
Tiger Brands		23,483		538,556
				1,691,474
Consumer Services — 3.2%
Mr Price Group		17,400		267,806
Naspers, Cl N		13,703		2,011,783
Shoprite Holdings		40,204		419,318
Woolworths Holdings		99,318		737,477
				3,436,384
Financials — 1.3%
FirstRand		208,480		766,927
Standard Bank Group		59,965		625,116
				1,392,043
Health Care — 1.6%
Aspen Pharmacare Holdings		26,441		595,230
Mediclinic International		93,156		820,323
Netcare		117,400		335,109
				1,750,662
Industrials — 0.7%
Bidvest Group		27,910		715,607
Telecommunications — 1.0%
MTN Group		36,143		413,088
Vodacom Group		64,310		697,707
				1,110,795
TOTAL SOUTH AFRICA				12,243,290
SOUTH KOREA— 0.5%
Consumer Goods — 0.5%
Youngone ^*		11,700		491,584
THAILAND— 9.5%
Consumer Goods — 0.5%
Charoen Pokphand Foods NVDR		924,757		538,201
Consumer Services — 0.8%
CP ALL NVDR		602,222		846,590

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

Schedule of Investments	October 31, 2015

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Financials — 0.5%
Siam Commercial Bank NVDR		145,860	$	547,475
Health Care — 0.5%
Bangkok Dusit Medical Services NVDR		600,600		320,838
Bumrungrad Hospital NVDR		34,400		208,910
				529,748
Industrials — 2.9%
Airports of Thailand NVDR		109,494		917,388
CH Karnchang NVDR		1,156,800		918,805
Siam Cement NVDR		103,100		1,316,016
				3,152,209
Oil & Gas — 2.0%
PTT Exploration & Production NVDR		257,960		529,446
PTT Global Chemical NVDR		313,231		490,972
PTT NVDR		140,991		1,090,111
				2,110,529
Technology — 0.6%
Intouch Holdings NVDR		292,730		617,270
Telecommunications — 1.7%
Advanced Info Service NVDR		177,454		1,162,488
Total Access Communication NVDR		210,821		403,060
True NVDR ^*		1,011,500		287,232
				1,852,780
TOTAL THAILAND				10,194,802
TURKEY— 9.3%
Basic Materials — 1.6%
Eregli Demir ve Celik Fabrikalari		1,177,873		1,674,816
Consumer Goods — 0.4%
Anadolu Efes Biracilik Ve Malt Sanayii		16,650		131,526
Coca-Cola Icecek		9,990		126,779
Ford Otomotiv Sanayi		14,430		169,992
				428,297
Consumer Services — 2.1%
BIM Birlesik Magazalar		64,489		1,313,435
Turk Hava Yollari ^*		317,175		937,930
				2,251,365
Financials — 1.2%
Akbank		170,000		437,320
Turkiye Garanti Bankasi		170,925		444,396
Turkiye Is Bankasi, Cl C		262,644		449,226
				1,330,942

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

Schedule of Investments	October 31, 2015

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Industrials — 0.2%
Enka Insaat ve Sanayi		120,315	$	213,638
Oil & Gas — 2.7%
KOC Holding		276,136		1,251,887
Tupras Turkiye Petrol Rafinerileri		62,043		1,640,785
				2,892,672
Telecommunications — 1.1%
Turk Telekomunikasyon		83,936		181,329
Turkcell Iletisim Hizmetleri		234,840		935,618
				1,116,947
TOTAL TURKEY				9,908,677
UKRAINE— 0.6%
Consumer Goods — 0.6%
Kernel Holding		46,531		630,536
UNITED ARAB EMIRATES— 3.1%
Financials — 2.4%
Emaar Properties PJSC		847,171		1,487,721
First Gulf Bank PJSC		229,961		773,236
National Bank of Abu Dhabi PJSC		128,874		305,264
				2,566,221
Industrials — 0.7%
DP World		35,080		708,967
TOTAL UNITED ARAB EMIRATES				3,275,188
UNITED KINGDOM— 1.9%
Financials — 0.5%
Bank of Georgia Holdings		15,654		483,521
Oil & Gas — 0.6%
Premier Oil		174,473		184,578
Tullow Oil		163,600		512,655
				697,233
Telecommunications — 0.8%
Cable & Wireless Communications		739,662		840,759
TOTAL UNITED KINGDOM				2,021,513
UNITED STATES— 0.5%
Oil & Gas — 0.5%
Kosmos Energy ^*		68,624		468,016
Pacific Drilling ^*		50,606		80,969
TOTAL UNITED STATES				548,985

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

Schedule of Investments	October 31, 2015

Global X Next Emerging & Frontier ETF

	Shares/Face Amount⁽¹⁾		Value
COMMON STOCK — continued
VIETNAM— 0.6%
Financials — 0.1%
Bank for Foreign Trade of Vietnam JSC		60,800	$	129,845
Oil & Gas — 0.5%
PetroVietnam Gas JSC		69,970		146,610
PetroVietnam Technical Service		336,200		325,129
				471,739
TOTAL VIETNAM				601,584
TOTAL COMMON STOCK
(Cost $135,579,420)				106,413,107

PREFERRED STOCK — 0.3%
CHILE— 0.2%
Basic Materials — 0.2%
Sociedad Quimica y Minera de Chile		7,090		136,592
COLOMBIA— 0.1%
Financials — 0.1%
Banco Davivienda		13,800		113,683
TOTAL PREFERRED STOCK
(Cost $410,124)				250,275

CORPORATE OBLIGATION — 0.0%
BankMuscat SAOG
0.035%, 03/19/18
(Cost $–)		22,009		5,374

CONVERTIBLE BOND — 0.0%
BankMuscat SAOG
4.500%, 03/20/17
(Cost $–)		2,702		702

TIME DEPOSITS — 1.0%
Brown Brothers Harriman
0.030%, 11/02/15		1,059,428		1,059,428
1.032%, 11/02/15, AUD		7		5
0.050%, 11/02/15, CAD		25		19
0.005%, 11/02/15, HKD		65,683		8,475
4.900%, 05/01/15, ZAR		10,288		745
TOTAL TIME DEPOSITS
(Cost $1,068,672)				1,068,672
TOTAL INVESTMENTS — 100.8%
(Cost $137,058,216)			$	107,738,130

Percentages are based on Net Assets of $106,925,030.

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

Schedule of Investments	October 31, 2015

Global X Next Emerging & Frontier ETF

*	Non-income producing security.
(1)	In U.S. Dollars unless otherwise indicated.

ADR — American Depositary Receipt

AUD — Australian Dollar

CAD — Canadian Dollar

Cl — Class

HKD — Hong Kong Dollar

Ltd. — Limited

NVDR — Non-Voting Depositary Receipt

Ser — Series

ZAR — South African Rand

The following is a summary of the inputs used as of October 31, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	106,413,107	$	—	$	—	$	106,413,107
Preferred Stock		250,275		—		—		250,275
Corporate Obligation		—		5,374		—		5,374
Convertible Bond		—		702		—		702
Time Deposits		—		1,068,672		—		1,068,672
Total Investments in Securities	$	106,663,382	$	1,074,748	$	—	$	107,738,130

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, 2014	$	1,024,905
Transfers out of Level 3		(798,147	)
Net purchases		68,036
Net sales		(123,043	)
Realized gain (loss)		14,392
Change in unrealized appreciation (depreciation)		(186,143	)
Ending Balance as of October 31, 2015	$	-

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

Schedule of Investments	October 31, 2015

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 2 and Note 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 99.6%
PORTUGAL— 99.6%
Basic Materials — 12.5%
Altri		294,009	$	1,396,872
Portucel		465,209		1,903,983
Semapa-Sociedade de Investimento e Gestao		97,017		1,379,282
				4,680,137
Consumer Services — 21.6%
Jeronimo Martins		335,335		4,735,941
NOS SGPS ^(A)		203,876		1,702,382
Sonae		1,380,381		1,659,031
				8,097,354
Financials — 10.5%
Banco BPI, Cl G ^*		1,434,747		1,752,900
Banco Comercial Portugues, Cl R ^{* (A)}		28,071,017		1,621,759
Banco Espirito Santo ^{*(B) (C)}		2,085,614		—
BANIF - Banco Internacional do Funchal ^{* (A)}		127,414,646		408,173
Sonae Capital ^*		355,869		165,894
				3,948,726
Industrials — 7.2%
Cimpor Cimentos de Portugal ^*		151,699		98,702
CTT-Correios de Portugal		153,850		1,756,445
Mota-Engil		273,832		691,190
Sonae Industria ^*		13,352,321		134,222
				2,680,559
Oil & Gas — 15.0%
Galp Energia		516,274		5,610,087

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

Schedule of Investments	October 31, 2015

Global X FTSE Portugal 20 ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Telecommunication Services — 3.4%
Pharol SGPS ^*		2,205,735	$	935,645
Sonaecom		134,145		317,114
				1,252,759
Utilities — 29.4%
EDP Renovaveis		244,735		1,787,810
Energias de Portugal		2,018,836		7,511,035
REN - Redes Energeticas Nacionais		552,038		1,693,447
				10,992,292
TOTAL COMMON STOCK
(Cost $47,071,288)				37,261,914

REPURCHASE AGREEMENT (D) — 7.4%
Deutsche Bank
0.050%, dated 10/30/15, to be repurchased on 11/02/15 repurchase price $2,773,674 (collateralized by U.S. Treasury Bills, par value $2,773,674, 3.250%, 07/31/16 with a total market value of $2,849,950) (Cost $2,773,662)	$	2,773,662		2,773,662

TIME DEPOSIT — 0.0%
Brown Brothers Harriman, 0.030%, 11/02/15
(Cost $16,783)		16,783		16,783

TOTAL INVESTMENTS — 107.0%
(Cost $49,861,733)			$	40,052,359

Percentages are based on Net Assets of $37,448,523.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at October 31, 2015. The total value of securities on loan at October 31, 2015 was $1,960,486.
(B)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such security as of October 31, 2015, was $0 and represents 0.0% of Net Assets.
(C)	Security considered illiquid. The total value of such security as of October 31, 2015 was $0 and represented 0.0% of Net Assets.
(D)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2015 was $2,773,662.

Cl — Class

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

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

100

Schedule of Investments	October 31, 2015

Global X FTSE Portugal 20 ETF

The following is a summary of the inputs used as of October 31, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	37,261,914	$	—	$	—	$	37,261,914
Repurchase Agreement		—		2,773,662		—		2,773,662
Time Deposit		—		16,783		—		16,783
Total Investments in Securities	$	37,261,914	$	2,790,445	$	—	$	40,052,359

For the period ended October 31, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2015, there were no Level 3 investments.

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

101

Schedule of Investments	October 31, 2015

Global X MSCI Pakistan ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 100.4%
PAKISTAN— 100.4%
Basic Materials — 14.4%
Engro		99,200	$	287,314
Fatima Fertilizer		299,400		132,319
Fauji Fertilizer		249,900		297,271
Fauji Fertilizer Bin Qasim		179,300		98,869
				815,773
Consumer Goods — 6.8%
Indus Motor		11,300		127,925
Nishat Mills		96,100		93,750
Pak Elektron		111,600		81,455
PAK Suzuki Motor		18,250		80,564
				383,694
Financials — 36.3%
Askari Bank		315,500		66,951
Bank Al Habib		540,600		220,318
Bank Alfalah		468,300		127,472
Habib Bank		284,800		566,010
MCB Bank		276,100		640,780
National Bank of Pakistan		353,600		186,938
United Bank		162,600		252,923
				2,061,392
Industrials — 12.1%
DG Khan Cement		55,200		73,626
Fauji Cement		423,500		143,655
Lucky Cement		72,800		369,376
Maple Leaf Cement Factory		145,300		97,844
				684,501
Oil & Gas — 19.9%
Attock Petroleum		14,800		72,660

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

102

Schedule of Investments	October 31, 2015

Global X MSCI Pakistan ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — continued
National Refinery		24,600	$	53,774
Oil & Gas Development		295,440		386,277
Pakistan Oilfields		48,770		147,438
Pakistan Petroleum		131,500		158,408
Pakistan State Oil		79,820		255,301
Shell Pakistan		24,700		51,404
				1,125,262
Telecommunications — 1.2%
Pakistan Telecommunication		407,080		67,943
Utilities — 9.7%
Hub Power		259,842		256,764
K-Electric ^*		1,162,900		83,434
Kot Addu Power		181,700		145,811
SUI Southern Gas ^*		179,300		64,763
				550,772
TOTAL COMMON STOCK
(Cost $6,149,851)				5,689,337
TOTAL INVESTMENTS — 100.4%
(Cost $6,149,851)			$	5,689,337

Percentages are based on Net Assets of $5,666,859.

Non-income producing security.

As of October 31, 2015, all of the Fund's investments were considered Level 1, in accordance with the authorative guidance on fair value measuremnts and disclosure under U.S. GAAP.

For the period ended October 31, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2015, there were no Level 3 investments.

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

103

Statements of Assets and Liabilities

October 31, 2015

	Global X China Consumer ETF			Global X China Energy ETF			Global X China Financials ETF			Global X China Industrials ETF
Assets:
Cost of Investments	$	109,053,009		$	2,485,898		$	61,749,639		$	8,710,554
Cost of Repurchase Agreement		10,561,545			—			—			—
Investments, at Value	$	94,133,595	*	$	1,745,429		$	57,399,310		$	7,226,835
Repurchase Agreement, at Value		10,561,545			—			—			—
Receivable for Investment Securities Sold		5,957,870			94,110			4,839,982			478,703
Receivable for Capital Shares Sold		—			—			—	��		174,480
Dividend and Interest Receivable		50,924			468			21,966			6,326
Total Assets		110,703,934			1,840,007			62,261,258			7,886,344
Liabilities:
Obligation to Return Securities Lending Collateral		10,561,545			—			—			—
Payable for Investment Securities Purchased		6,142,546			98,219			4,872,026			618,313
Payable for Capital Shares Redeemed		—			—			—			41,751
Payable due to Investment Adviser		48,904			985			31,578			4,006
Total Liabilities		16,752,995			99,204			4,903,604			664,070
Net Assets	$	93,950,939		$	1,740,803		$	57,357,654		$	7,222,274
Net Assets Consist of:
Paid-in Capital	$	133,581,768		$	3,191,064		$	60,788,725		$	10,226,457
Undistributed Net Investment Income		3,540,439			48,201			2,726,593			95,160
Accumulated Net Realized Loss on Investments and Foreign Currency Translations		(28,251,856	)		(757,993	)		(1,807,334	)		(1,615,624	)
Net Unrealized Depreciation on Investments		(14,919,414	)		(740,469	)		(4,350,329	)		(1,483,719	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		2			—			(1	)		—
Net Assets	$	93,950,939		$	1,740,803		$	57,357,654		$	7,222,274
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		6,850,000			150,000			3,850,000			500,000
Net Asset Value, Offering and Redemption Price Per Share	$	13.72		$	11.61		$	14.90		$	14.44
*Includes Market Value of Securities on Loan	$	9,955,736		$	—		$	—		$	—

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

104

Statements of Assets and Liabilities

October 31, 2015

	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	$	2,432,531		$	15,264,103		$	18,322,993		$	5,684,313
Cost of Foreign Currency		—			—			4,086			165
Investments, at Value	$	1,306,299		$	15,410,424		$	14,362,310		$	3,254,255
Foreign Currency, at Value		—			—			4,088			164
Receivable for Investment Securities Sold		114,499			—			—			—
Receivable for Capital Shares Sold		1,341			—			—			—
Dividend and Interest Receivable		—			2,112			14,518			378
Reclaim Receivable		—			—			2,908			—
Total Assets		1,422,139			15,412,536			14,383,824			3,254,797
Liabilities:
Payable for Investment Securities Purchased		91,815			—			—			—
Payable for Capital Shares Redeemed		1,071			—			—			—
Payable due to Investment Adviser		735			8,101			7,968			2,009
Unrealized Depreciation on Forward Foreign Currency Contracts		—			—			23			—
Total Liabilities		93,621			8,101			7,991			2,009
Net Assets	$	1,328,518		$	15,404,435		$	14,375,833		$	3,252,788
Net Assets Consist of:
Paid-in Capital	$	3,382,230		$	17,135,090		$	21,833,153		$	8,315,005
Undistributed Net Investment Income		70,631			91,745			447,921			80,784
Accumulated Net Realized Loss on Investments and Foreign Currency Translations		(998,110	)		(1,968,721	)		(3,944,740	)		(2,712,945	)
Net Unrealized Appreciation (Depreciation) on Investments		(1,126,232	)		146,321			(3,960,683	)		(2,430,058	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		(1	)		—			182			2
Net Assets	$	1,328,518		$	15,404,435		$	14,375,833		$	3,252,788
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		99,971			700,000			1,100,000			450,000
Net Asset Value, Offering and Redemption Price Per Share	$	13.29		$	22.01		$	13.07		$	7.23

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

105

Statements of Assets and Liabilities

October 31, 2015

	Global X MSCI Colombia ETF			Global X Brazil Mid Cap ETF			Global X Brazil Consumer ETF			Global X MSCI Argentina ETF
Assets:
Cost of Investments	$	100,669,535		$	4,968,803		$	5,464,151		$	21,070,731
Cost of Foreign Currency		—			23,116			23,449			—
Investments, at Value	$	66,642,526	*	$	3,074,431		$	2,959,663		$	18,327,170
Cash		1,298,800	⁽¹⁾		—			—			—
Foreign Currency, at Value		—			23,330			23,730			—
Dividend and Interest Receivable		8,263			8,883			6,127			31,816
Reclaim Receivable		—			—			—			536
Total Assets		67,949,589			3,106,644			2,989,520			18,359,522
Liabilities:
Obligation to Return Securities Lending Collateral		1,298,800			—			—			—
Payable due to Investment Adviser		34,807			1,818			2,111			8,602
Cash Overdraft		—			15,175			15,829			2,995,769
Unrealized Depreciation on Forward Foreign Currency Contracts		—			35			—			—
Payable due to Custodian		—			295			948			93
Total Liabilities		1,333,607			17,323			18,888			3,004,464
Net Assets	$	66,615,982		$	3,089,321		$	2,970,632		$	15,355,058
Net Assets Consist of:
Paid-in Capital	$	158,784,678		$	11,877,345		$	9,664,211		$	21,299,554
Undistributed Net Investment Income		491,296			55,329			36,221			44,367
Accumulated Net Realized Loss on Investments and Foreign Currency Translations		(58,633,037	)		(6,948,322	)		(4,224,885	)		(3,245,285	)
Net Unrealized Depreciation on Investments		(34,027,009	)		(1,894,372	)		(2,504,488	)		(2,743,561	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		54			(659	)		(427	)		(17	)
Net Assets	$	66,615,982		$	3,089,321		$	2,970,632		$	15,355,058
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		7,580,000			450,000			350,000			774,975
Net Asset Value, Offering and Redemption Price Per Share	$	8.79		$	6.87		$	8.49		$	19.81
*Includes Market Value of Securities on Loan	$	1,243,616		$	—		$	—		$	—

(1) Cash is restricted, received from securities on loan. (See Note 8 in Notes to Financial Statements).

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

106

Statements of Assets and Liabilities

October 31, 2015

	Global X FTSE Greece 20 ETF			Global X MSCI Norway ETF			Global X FTSE Nordic Region ETF			Global X MSCI Nigeria ETF
Assets:
Cost of Investments	$	429,428,509		$	101,564,933		$	51,209,486		$	32,274,069
Cost of Repurchase Agreement		—			6,910,366			595,000			—
Investments, at Value	$	353,197,671		$	64,876,055	*	$	52,128,191	*	$	24,622,059
Repurchase Agreement, at Value		—			6,910,366			595,000			—
Receivable for Investment Securities Sold		2,599,542			—			—			383,481
Receivable for Capital Shares Sold		137,558			—			—			—
Dividend and Interest Receivable		97,147			5,674			17,710			26,890
Reclaim Receivable		—			170,522			472,406			3,583
Due from Broker		—			—			—			5,766
Total Assets		356,031,918			71,962,617			53,213,307			25,041,779
Liabilities:
Cash Overdraft		38,189,750			—			3			—
Payable for Capital Shares Redeemed		2,602,111			—			—			403,311
Payable for Investment Securities Purchased		137,558			—			—			—
Payable due to Investment Adviser		146,527			28,410			22,515			15,345
Obligation to Return Securities Lending Collateral		—			6,910,366			595,000			—
Payable due to Custodian		35,553			—			—			—
Payable for Foreign Capital Gains Tax		12,924			—			—			—
Due to Broker		304			—			—			—
Total Liabilities		41,124,727			6,938,776			617,518			418,656
Net Assets	$	314,907,191		$	65,023,841		$	52,595,789		$	24,623,123
Net Assets Consist of:
Paid-in Capital	$	464,217,944		$	111,358,023		$	53,205,019		$	36,977,531
Undistributed Net Investment Income		3,523,899			1,890,655			1,135,677			820,220
Accumulated Net Realized Loss on Investments and Foreign Currency Translations		(76,603,828	)		(11,485,775	)		(2,582,537	)		(5,521,045	)
Net Unrealized Appreciation (Depreciation) on Investments		(76,230,838	)		(36,688,878	)		918,705			(7,652,010	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		14			(50,184	)		(81,075	)		(1,573	)
Net Assets	$	314,907,191		$	65,023,841		$	52,595,789		$	24,623,123
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		30,250,000			6,050,000			2,360,000			3,100,000
Net Asset Value, Offering and Redemption Price Per Share	$	10.41		$	10.75		$	22.29		$	7.94
*Includes Market Value of Securities on Loan	$	—		$	1,870,159		$	565,600		$	—

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

107

Statements of Assets and Liabilities

October 31, 2015

	Global X Next Emerging & Frontier ETF			Global X FTSE Portugal 20 ETF			Global X MSCI Pakistan ETF
Assets:
Cost of Investments	$	137,058,216		$	47,088,071		$	6,149,851
Cost of Repurchase Agreement		—			2,773,662			—
Cost of Foreign Currency		124,422			—			—
Investments, at Value	$	107,738,130		$	37,278,697	*	$	5,689,337
Foreign Currency, at Value		124,432			—			—
Repurchase Agreement, at Value		—			2,773,662			—
Dividend and Interest Receivable		73,802			1,430			78,269
Receivable for Investment Securities Sold		472,449			—			—
Reclaim Receivable		15,977			191,493			—
Unrealized Appreciation on Forward Foreign Currency Contracts		110			—			—
Due from Broker		8,226			—			—
Total Assets		108,433,126			40,245,282			5,767,606
Liabilities:
Payable for Capital Shares Redeemed		1,443,951			—			—
Payable due to Investment Adviser		46,463			17,475			3,257
Unrealized Depreciation on Forward Foreign Currency Contracts		73			—			—
Obligation to Return Securities Lending Collateral		—			2,773,662			—
Cash Overdraft		—			—			73,640
Payable due to Custodian		17,479			4,282			1,910
Payable for Foreign Capital Gains Tax		130			—			—
Accrued Foreign Capital Gains Tax on Appreciated Securities		—			—			21,940
Due to Broker		—			1,340			—
Total Liabilities		1,508,096			2,796,759			100,747
Net Assets	$	106,925,030		$	37,448,523		$	5,666,859
Net Assets Consist of:
Paid-in Capital	$	144,153,390		$	51,598,705		$	6,047,981
Undistributed Net Investment Income		2,242,259			1,003,581			110,195
Accumulated Net Realized Loss on Investments and Foreign Currency Translations		(10,161,190	)		(5,326,902	)		(8,372	)
Net Unrealized Depreciation on Investments		(29,320,086	)		(9,809,374	)		(460,514	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		10,657			(17,487	)		(22,431	)
Net Assets	$	106,925,030		$	37,448,523		$	5,666,859
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		5,550,000			3,450,000			400,000
Net Asset Value, Offering and Redemption Price Per Share	$	19.27		$	10.85		$	14.17
*Includes Market Value of Securities on Loan	$	—		$	1,960,486		$	—

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

108

Statements of Operations

For the year ended October 31, 2015

	Global X China Consumer ETF			Global X China Energy ETF			Global X China Financials ETF			Global X China Industrials ETF
Investment Income:
Dividend Income	$	4,689,255		$	72,629		$	3,536,205		$	156,816
Interest Income		52			1			25			11
Security Lending Income		130,292			—			—			—
Less: Foreign Taxes Withheld		(54,330	)		(5,532	)		(279,138	)		(10,484	)
Total Investment Income		4,765,269			67,098			3,257,092			146,343
Supervision and Administration Fees⁽¹⁾		686,886			18,887			530,409			46,914
Total Expenses		686,886			18,887			530,409			46,914
Net Investment Income		4,078,383			48,211			2,726,683			99,429
Net Realized Gain (Loss) on:
Investments ⁽²⁾		(12,632,137	)		79,381			3,005,060			861,936
Foreign Currency Transactions		(1,446	)		(10	)		(176	)		(409	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(12,633,583	)		79,371			3,004,884			861,527
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		7,370,040			(693,919	)		(2,867,617	)		(1,121,417	)
Foreign Currency Translation		(62	)		—			(3	)		—
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		7,369,978			(693,919	)		(2,867,620	)		(1,121,417	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		(5,263,605	)		(614,548	)		137,264			(259,890	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(1,185,222	)	$	(566,337	)	$	2,863,947		$	(160,461	)

(1)

The Supervision and Administration fees 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.

109

Statements of Operations

For the year ended October 31, 2015

	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	$	93,853		$	228,228		$	673,713		$	180,344
Interest Income		1			12			10			—
Less: Foreign Taxes Withheld		(4,017	)		(5,106	)		(29,989	)		(22,423	)
Total Investment Income		89,837			223,134			643,734			157,921
Supervision and Administration Fees⁽¹⁾		19,188			123,615			144,236			41,546
Total Expenses		19,188			123,615			144,236			41,546
Net Investment Income		70,649			99,519			499,498			116,375
Net Realized Gain (Loss) on:
Investments ⁽²⁾		(389,789	)		426,009			(3,070,663	)		(1,885,525	)
Foreign Currency Transactions		(18	)		918			(3,087	)		(8,477	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(389,807	)		426,927			(3,073,750	)		(1,894,002	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(339,996	)		(2,620,410	)		(2,491,295	)		(313,548	)
Foreign Currency Translation		3			—			(577	)		4
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translations		(339,993	)		(2,620,410	)		(2,491,872	)		(313,544	)
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions and Translations		(729,800	)		(2,193,483	)		(5,565,622	)		(2,207,546	)
Net Decrease in Net Assets Resulting from Operations	$	(659,151	)	$	(2,093,964	)	$	(5,066,124	)	$	(2,091,171	)

(1)

The Supervision and Administration fees 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.

110

Statements of Operations

For the year ended October 31, 2015

	Global X MSCI Colombia ETF			Global X Brazil Mid Cap ETF			Global X Brazil Consumer ETF			Global X MSCI Argentina ETF
Investment Income:
Dividend Income	$	2,479,537		$	136,359		$	117,128		$	254,680
Interest Income		129			11,010			15,673			11,253
Security Lending Income		23,303			—			—			—
Less: Foreign Taxes Withheld		(11,875	)		(3,455	)		(3,108	)		(32,722	)
Total Investment Income		2,491,094			143,914			129,693			233,211
Supervision and Administration Fees⁽¹⁾		496,154			33,680			49,093			130,732
Custodian Fees		82,051			–			–			658
Total Expenses		578,205			33,680			49,093			131,390
Waiver of Supervision and Administration Fees		(51,075	)		–			–			–
Waiver of Custodian Fees		(82,051	)		–			–			–
Net Expenses		445,079			33,680			49,093			131,390
Net Investment Income		2,046,015			110,234			80,600			101,821
Net Realized Gain (Loss) on:
Investments ⁽²⁾		(32,824,227	)		(2,031,038	)		(1,698,344	)		(418,091	)
Foreign Currency Transactions		(624,950	)		(3,274	)		(14,205	)		1,618
Net Realized Loss on Investments and Foreign Currency Transactions		(33,449,177	)		(2,034,312	)		(1,712,549	)		(416,473	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(18,878,800	)		(863,107	)		(2,485,783	)		(1,540,975	)
Foreign Currency Translations		(9,306	)		67			13			(14	)
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translations		(18,888,106	)		(863,040	)		(2,485,770	)		(1,540,989	)
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions		(52,337,283	)		(2,897,352	)		(4,198,319	)		(1,957,462	)
Net Decrease in Net Assets Resulting from Operations	$	(50,291,268	)	$	(2,787,118	)	$	(4,117,719	)	$	(1,855,641	)

(1)

The Supervision and Administration fees 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.

111

Statements of Operations

For the year ended October 31, 2015

	Global X FTSE Greece 20 ETF			Global X MSCI Norway ETF			Global X FTSE Nordic Region ETF			Global X MSCI Nigeria ETF
Investment Income:
Dividend Income	$	5,625,414		$	3,141,012		$	1,829,732		$	1,171,987
Interest Income		122			151			5			204
Security Lending Income		7,412			381,972			6,542			—
Less: Foreign Taxes Withheld		(351,200	)		(580,022	)		(146,864	)		(97,626	)
Total Investment Income		5,281,748			2,943,113			1,689,415			1,074,565
Supervision and Administration Fees⁽¹⁾		1,303,599			451,912			279,063			166,192
Custodian Fees		156,613			–			–			58,656
Total Expenses		1,460,212			451,912			279,063			224,848
Waiver of Custodian Fees		–			–			–			(58,656	)
Net Expenses		1,460,212			451,912			279,063			166,192
Net Investment Income		3,821,536			2,491,201			1,410,352			908,373
Net Realized Gain (Loss) on:
Investments		(76,175,038	)⁽²⁾		(26,663,663	)⁽²⁾		(334,205	)⁽²⁾		(4,464,364	)
Foreign Currency Transactions		(50,393	)		(161,375	)		8,655			33,138
Net Realized Loss on Investments and Foreign Currency Transactions		(76,225,431	)		(26,825,038	)		(325,550	)		(4,431,226	)
Net Change in Unrealized Depreciation on:
Investments		(8,460,313	)		(7,350,161	)		(3,970,539	)		(5,676,912	)
Foreign Currency Translation		(425	)		(37,681	)		(41,875	)		(971	)
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translations		(8,460,738	)		(7,387,842	)		(4,012,414	)		(5,677,883	)
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions and Translations		(84,686,169	)		(34,212,880	)		(4,337,964	)		(10,109,109	)
Net Decrease in Net Assets Resulting from Operations	$	(80,864,633	)	$	(31,721,679	)	$	(2,927,612	)	$	(9,200,736	)

(1)

The Supervision and Administration fees 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.

112

Statements of Operations

For the year or period ended October 31, 2015

	Global X Next Emerging & Frontier ETF			Global X FTSE Portugal 20 ETF			Global X MSCI Pakistan ETF⁽³⁾
Investment Income:
Dividend Income	$	3,964,729		$	1,412,262		$	148,315
Interest Income		—			7			—
Security Lending Income		—			33,018			—
Less: Foreign Taxes Withheld		(344,979	)		(214,273	)		(15,405	)
Total Investment Income		3,619,750			1,231,014			132,910
Supervision and Administration Fees⁽¹⁾		633,469			205,875			16,940
Custodian Fees		111,494			23,497			5,421
Total Expenses		744,963			229,372			22,361
Net Investment Income		2,874,787			1,001,642			110,549
Net Realized Gain (Loss) on:
Investments		(10,586,106	)⁽²⁾		(4,826,440	)⁽²⁾		(7,787	)
Foreign Currency Transactions		(93,235	)		1,939			(939	)
Net Realized Loss on Investments and Foreign Currency Transactions		(10,679,341	)		(4,824,501	)		(8,726	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(27,228,926	)		(1,686,810	)		(460,514	)
Foreign Capital Gains Tax on Appreciated Securities		—			—			(21,940	)
Foreign Currency Translation		2,084			(11,320	)		(491	)
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translations		(27,226,842	)		(1,698,130	)		(482,945	)
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions and Translations		(37,906,183	)		(6,522,631	)		(491,671	)
Net Decrease in Net Assets Resulting from Operations	$	(35,031,396	)	$	(5,520,989	)	$	(381,122	)

(1)	The Supervision and Administration fees 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).

(3)

The Fund commenced operations on April 22, 2015.

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

113

Statements of Changes in Net Assets

	Global X China Consumer ETF						Global X China Energy ETF
	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
Operations:
Net Investment Income	$	4,078,383		$	1,913,938		$	48,211		$	81,755
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		(12,633,583	)		(2,704,977	)		79,371			134,132
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		7,369,978			(22,387,593	)		(693,919	)		(382,964	)
Net Decrease in Net Assets Resulting from Operations		(1,185,222	)		(23,178,632	)		(566,337	)		(167,077	)
Dividends and Distributions from:
Net Investment Income		(2,353,761	)		(1,981,753	)		(81,629	)		(85,026	)
Total Dividends and Distributions		(2,353,761	)		(1,981,753	)		(81,629	)		(85,026	)
Capital Share Transactions:
Issued		4,518,462			48,155,014			—			1,700,115
Redeemed		(41,042,576	)		(59,534,481	)		(2,120,068	)		(1,473,525	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(36,524,114	)		(11,379,467	)		(2,120,068	)		226,590
Total Decrease in Net Assets		(40,063,097	)		(36,539,852	)		(2,768,034	)		(25,513	)
Net Assets:
Beginning of Year		134,014,036			170,553,888			4,508,837			4,534,350
End of Year	$	93,950,939		$	134,014,036		$	1,740,803		$	4,508,837
Undistributed Net Investment Income	$	3,540,439		$	1,730,708		$	48,201		$	81,629
Share Transactions:
Issued		350,000			3,050,000			—			100,000
Redeemed		(3,200,000	)		(4,100,000	)		(150,000	)		(100,000	)
Net Decrease in Shares Outstanding from Share Transactions		(2,850,000	)		(1,050,000	)		(150,000	)		—

⁽¹⁾

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

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

114

Statements of Changes in Net Assets

	Global X China Financials ETF						Global X China Industrials ETF
	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
Operations:
Net Investment Income	$	2,726,683		$	581,521		$	99,429		$	45,160
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		3,004,884			(2,274,890	)		861,527			(488,702	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(2,867,620	)		(2,627,366	)		(1,121,417	)		713,362
Net Increase (Decrease) in Net Assets Resulting from Operations		2,863,947			(4,320,735	)		(160,461	)		269,820
Dividends and Distributions from:
Net Investment Income		(617,666	)		(243,282	)		(44,362	)		(65,300	)
Total Dividends and Distributions		(617,666	)		(243,282	)		(44,362	)		(65,300	)
Capital Share Transactions:
Issued		45,839,534			43,844,234			6,125,108			2,505,369
Redeemed		(39,313,495	)		(33,212,829	)		(4,518,645	)		(1,137,500	)
Increase in Net Assets from Capital Share Transactions		6,526,039			10,631,405			1,606,463			1,367,869
Total Increase in Net Assets		8,772,320			6,067,388			1,401,640			1,572,389
Net Assets:
Beginning of Year		48,585,334			42,517,946			5,820,634			4,248,245
End of Year	$	57,357,654		$	48,585,334		$	7,222,274		$	5,820,634
Undistributed Net Investment Income	$	2,726,593		$	580,994		$	95,160		$	39,452
Share Transactions:
Issued		2,850,000			3,200,000			350,000			200,000
Redeemed		(2,600,000	)		(2,800,000	)		(300,000	)		(100,000	)
Net Increase in Shares Outstanding from Share Transactions		250,000			400,000			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.

115

Statements of Changes in Net Assets

	Global X China Materials ETF						Global X NASDAQ China Technology ETF
	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
Operations:
Net Investment Income	$	70,649		$	30,707		$	99,519		$	54,398
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		(389,807	)		116,946			426,927			222,294
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(339,993	)		(240,082	)		(2,620,410	)		1,408,514
Net Increase (Decrease) in Net Assets Resulting from Operations		(659,151	)		(92,429	)		(2,093,964	)		1,685,206
Dividends and Distributions from:
Net Investment Income		(30,768	)		(36,867	)		(64,823	)		(3,666	)
Total Dividends and Distributions		(30,768	)		(36,867	)		(64,823	)		(3,666	)
Capital Share Transactions:
Issued		4,880,764			3,210,002			2,507,379			11,389,496
Redeemed		(5,821,646	)		(2,390,367	)		(7,251,028	)		(1,081,619	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(940,882	)		819,635			(4,743,649	)		10,307,877
Total Increase (Decrease) in Net Assets		(1,630,801	)		690,339			(6,902,436	)		11,989,417
Net Assets:
Beginning of Year		2,959,319			2,268,980			22,306,871			10,317,454
End of Year	$	1,328,518		$	2,959,319		$	15,404,435		$	22,306,871
Undistributed Net Investment Income	$	70,631		$	30,768		$	91,745		$	54,302
Share Transactions:
Issued		250,000			200,000			100,000			500,000
Redeemed		(350,000	)		(150,000	)		(350,000	)		(50,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(100,000	)		50,000			(250,000	)		450,000

⁽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.

116

Statements of Changes in Net Assets

	Global X Southeast Asia ETF						Global X FTSE Andean 40 ETF
	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
Operations:
Net Investment Income	$	499,498		$	782,192		$	116,375		$	162,703
Net Realized Loss on Investments and Foreign Currency Transactions⁽¹⁾		(3,073,750	)		(1,187,065	)		(1,894,002	)		(783,510	)
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translations		(2,491,872	)		(370,487	)		(313,544	)		(785,045	)
Net Decrease in Net Assets Resulting from Operations		(5,066,124	)		(775,360	)		(2,091,171	)		(1,405,852	)
Dividends and Distributions from:
Net Investment Income		(689,799	)		(1,423,135	)		(168,007	)		(153,480	)
Total Dividends and Distributions		(689,799	)		(1,423,135	)		(168,007	)		(153,480	)
Capital Share Transactions:
Issued		1,664,730			871,105			432,014			1,612,500
Redeemed		(10,868,937	)		(18,970,966	)		(3,930,506	)		(1,425,000	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(9,204,207	)		(18,099,861	)		(3,498,492	)		187,500
Total Decrease in Net Assets		(14,960,130	)		(20,298,356	)		(5,757,670	)		(1,371,832	)
Net Assets:
Beginning of Year		29,335,963			49,634,319			9,010,458			10,382,290
End of Year	$	14,375,833		$	29,335,963		$	3,252,788		$	9,010,458
Undistributed Net Investment Income	$	447,921		$	641,309		$	80,784		$	140,219
Share Transactions:
Issued		100,000			50,000			50,000			150,000
Redeemed		(750,000	)		(1,200,000	)		(450,000	)		(150,000	)
Net Decrease in Shares Outstanding from Share Transactions		(650,000	)		(1,150,000	)		(400,000	)		—

⁽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.

117

Statements of Changes in Net Assets

	Global X MSCI Colombia ETF						Global X Brazil Mid Cap ETF
	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
Operations:
Net Investment Income	$	2,046,015		$	2,347,157		$	110,234		$	272,879
Net Realized Loss on Investments and Foreign Currency Transactions⁽¹⁾		(33,449,177	)		(1,311,327	)		(2,034,312	)		(484,122	)
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translations		(18,888,106	)		(19,271,052	)		(863,040	)		(902,819	)
Net Decrease in Net Assets Resulting from Operations		(50,291,268	)		(18,235,222	)		(2,787,118	)		(1,114,062	)
Dividends and Distributions from:
Net Investment Income		(2,318,237	)		(4,567,150	)		(242,176	)		(531,843	)
Total Dividends and Distributions		(2,318,237	)		(4,567,150	)		(242,176	)		(531,843	)
Capital Share Transactions:
Issued		45,234,599			29,655,286			—			—
Redeemed		(26,696,623	)		(55,789,957	)		(1,823,648	)		(2,802,000	)
Increase (Decrease) in Net Assets from Capital Share Transactions		18,537,976			(26,134,671	)		(1,823,648	)		(2,802,000	)
Total Decrease in Net Assets		(34,071,529	)		(48,937,043	)		(4,852,942	)		(4,447,905	)
Net Assets:
Beginning of Year		100,687,511			149,624,554			7,942,263			12,390,168
End of Year	$	66,615,982		$	100,687,511		$	3,089,321		$	7,942,263
Undistributed Net Investment Income	$	491,296		$	1,165,141		$	55,329		$	209,391
Share Transactions:
Issued		4,150,000			1,550,000			—			—
Redeemed		(2,350,000	)		(3,050,000	)		(200,000	)		(200,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		1,800,000			(1,500,000	)		(200,000	)		(200,000	)

⁽¹⁾

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

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

118

Statements of Changes in Net Assets

	Global X Brazil Consumer ETF						Global X MSCI Argentina ETF
	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
Operations:
Net Investment Income	$	80,600		$	269,976		$	101,821		$	69,027
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		(1,712,549	)		146,889			(416,473	)		216,289
Net Change in Unrealized Depreciation on Investments and Foreign Currency Transactions		(2,485,770	)		(1,193,505	)		(1,540,989	)		(1,390,959	)
Net Decrease in Net Assets Resulting from Operations		(4,117,719	)		(776,640	)		(1,855,641	)		(1,105,643	)
Dividends and Distributions from:
Net Investment Income		(240,598	)		(185,072	)		(90,100	)		(45,738	)
Total Dividends and Distributions		(240,598	)		(185,072	)		(90,100	)		(45,738	)
Capital Share Transactions:
Issued		—			—			4,191,155			33,130,182
Redeemed		(2,613,701	)		(7,882,187	)		(7,542,603	)		(17,921,744	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(2,613,701	)		(7,882,187	)		(3,351,448	)		15,208,438
Total Increase (Decrease) in Net Assets		(6,972,018	)		(8,843,899	)		(5,297,189	)		14,057,057
Net Assets:
Beginning of Year		9,942,650			18,786,549			20,652,247			6,595,190
End of Year	$	2,970,632		$	9,942,650		$	15,355,058		$	20,652,247
Undistributed Net Investment Income	$	36,221		$	238,743		$	44,367		$	31,028
Share Transactions:
Issued		—			—			200,000			1,500,000
Redeemed		(250,000	)		(450,000	)		(400,000	)		(850,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(250,000	)		(450,000	)		(200,000	)		650,000

⁽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.

119

Statements of Changes in Net Assets

	Global X FTSE Greece 20 ETF						Global X MSCI Norway ETF
	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
Operations:
Net Investment Income	$	3,821,536		$	747,129		$	2,491,201		$	4,715,125
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		(76,225,431	)		3,451,956			(26,825,038	)		1,465,465
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translations		(8,460,738	)		(88,239,623	)		(7,387,842	)		(35,374,857	)
Net Decrease in Net Assets Resulting from Operations		(80,864,633	)		(84,040,538	)		(31,721,679	)		(29,194,267	)
Dividends and Distributions from:
Net Investment Income		(956,353	)		(53,067	)		(4,921,308	)		(2,012,342	)
Net Realized Gains		—			(99,419	)		—			—
Total Dividends and Distributions		(956,353	)		(152,486	)		(4,921,308	)		(2,012,342	)
Capital Share Transactions:
Issued		336,524,730			365,866,512			41,588,211			157,097,512
Redeemed		(79,997,814	)		(236,410,164	)		(122,958,997	)		(23,318,063	)
Increase (Decrease) in Net Assets from Capital Share Transactions		256,526,916			129,456,348			(81,370,786	)		133,779,449
Total Increase (Decrease) in Net Assets		174,705,930			45,263,324			(118,013,773	)		102,572,840
Net Assets:
Beginning of Year		140,201,261			94,937,937			183,037,614			80,464,774
End of Year	$	314,907,191		$	140,201,261		$	65,023,841		$	183,037,614
Undistributed Net Investment Income	$	3,523,899		$	707,125		$	1,890,655		$	4,442,674
Share Transactions:
Issued		28,000,000			16,150,000			3,200,000			9,000,000
Redeemed		(6,600,000	)		(11,500,000	)		(9,500,000	)		(1,450,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		21,400,000			4,650,000			(6,300,000	)		7,550,000

⁽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.

120

Statements of Changes in Net Assets

	Global X FTSE Nordic Region ETF						Global X MSCI Nigeria ETF
	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
Operations:
Net Investment Income	$	1,410,352		$	1,941,897		$	908,373		$	443,264
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(325,550	)⁽¹⁾		3,135,947	⁽¹⁾		(4,431,226	)		(1,146,397	)
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translations		(4,012,414	)		(2,958,708	)		(5,677,883	)		(1,689,895	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(2,927,612	)		2,119,136			(9,200,736	)		(2,393,028	)
Dividends and Distributions from:
Net Investment Income		(2,045,741	)		(1,480,041	)		(505,208	)		(76,054	)
Net Realized Gains		—			—			—			(16,784	)
Total Dividends and Distributions		(2,045,741	)		(1,480,041	)		(505,208	)		(92,838	)
Capital Share Transactions:
Issued		2,475,978			13,753,500			19,080,421			14,117,633
Redeemed		(4,833,389	)		(10,480,721	)		(1,675,335	)		(677,320	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(2,357,411	)		3,272,779			17,405,086			13,440,313
Total Increase (Decrease) in Net Assets		(7,330,764	)		3,911,874			7,699,142			10,954,447
Net Assets:
Beginning of Year		59,926,553			56,014,679			16,923,981			5,969,534
End of Year	$	52,595,789		$	59,926,553		$	24,623,123		$	16,923,981
Undistributed Net Investment Income	$	1,135,677		$	1,695,771		$	820,220		$	383,917
Share Transactions:
Issued		100,000			550,000			2,000,000			950,000
Redeemed		(200,000	)		(450,000	)		(200,000	)		(50,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(100,000	)		100,000			1,800,000			900,000

⁽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.

121

Statements of Changes in Net Assets

	Global X Next Emerging & Frontier ETF						Global X FTSE Portugal 20 ETF
	Year Ended October 31, 2015			Period Ended October 31, 2014⁽¹⁾			Year Ended October 31, 2015			Period Ended October 31, 2014⁽²⁾
Operations:
Net Investment Income	$	2,874,787		$	1,853,596		$	1,001,642		$	574,014
Net Realized Loss on Investments and Foreign Currency Transactions⁽³⁾		(10,679,341	)		(238,800	)		(4,824,501	)		(1,289,384	)
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translations		(27,226,842	)		(2,082,587	)		(1,698,130	)		(8,128,731	)
Net Decrease in Net Assets Resulting from Operations		(35,031,396	)		(467,791	)		(5,520,989	)		(8,844,101	)
Dividends and Distributions from:
Net Investment Income		(2,316,518	)		(28,312	)		(575,663	)		—
Total Dividends and Distributions		(2,316,518	)		(28,312	)		(575,663	)		—
Capital Share Transactions:
Issued		8,809,775			156,318,000			25,089,819			53,026,360
Redeemed		(16,563,940	)		(3,794,788	)		(18,236,165	)		(7,490,738	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(7,754,165	)		152,523,212			6,853,654			45,535,622
Total Increase (Decrease) in Net Assets		(45,102,079	)		152,027,109			757,002			36,691,521
Net Assets:
Beginning of Year/Period		152,027,109			—			36,691,521			—
End of Year/Period	$	106,925,030		$	152,027,109		$	37,448,523		$	36,691,521
Undistributed Net Investment Income	$	2,242,259		$	1,775,431		$	1,003,581		$	575,664
Share Transactions:
Issued		400,000			6,100,000			2,200,000			3,450,000
Redeemed		(800,000	)		(150,000	)		(1,650,000	)		(550,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(400,000	)		5,950,000			550,000			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.

122

Statements of Changes in Net Assets

	Global X MSCI Pakistan ETF
	Period Ended October 31, 2015⁽¹⁾
Operations:
Net Investment Income	$	110,549
Net Realized Loss on Investments and Foreign Currency Transactions		(8,726	)
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translations		(482,945	)
Net Decrease in Net Assets Resulting from Operations		(381,122	)
Capital Share Transactions:
Issued		6,047,981
Increase in Net Assets from Capital Share Transactions		6,047,981
Total Increase in Net Assets		5,666,859
Net Assets:
Beginning of Period		—
End of Period	$	5,666,859
Undistributed Net Investment Income	$	110,195
Share Transactions:
Issued		400,000
Net Increase in Shares Outstanding from Share Transactions		400,000

(1)

Commenced operations on April 22, 2015.

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

123

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income ($)*		Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)			Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)		Ratio of Net Investment Income to Average Net Assets (%)		Portfolio Turnover (%)
Global X China Consumer ETF
2015		13.82		0.53		(0.37	)		0.16			(0.26	)		—			(0.26	)		13.72		1.34			93,951		0.65		3.86		24.57
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
Global X China Energy ETF
2015		15.03		0.22		(3.31	)		(3.09	)		(0.33	)		—			(0.33	)		11.61		(20.89	)		1,741		0.65		1.66		15.62
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
Global X China Financials ETF
2015		13.50		0.54		1.02			1.56			(0.16	)		—			(0.16	)		14.90		11.50			57,358		0.65		3.34		15.88
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
Global X China Industrials ETF
2015		12.93		0.21		1.40			1.61			(0.10	)		—			(0.10	)		14.44		12.49			7,222		0.65		1.38		23.87
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
Global X China Materials ETF
2015		14.80		0.40		(1.70	)		(1.30	)		(0.21	)		—			(0.21	)		13.29		(8.95	)		1,329		0.65		2.39		28.59
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⁽¹⁾		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⁽¹⁾		19.16		0.25		(3.13	)		(2.88	)		—			—			—			16.28		(15.03	)		2,441		0.65		1.50		50.30
2011⁽¹⁾		29.18		0.01		(9.74	)		(9.73	)		(0.29	)		—			(0.29	)		19.16		(33.69	)		2,875		0.65		0.05		36.82
Global X NASDAQ China Technology ETF
2015		23.48		0.12		(1.52	)		(1.40	)		(0.07	)		—			(0.07	)		22.01		(5.94	)		15,404		0.65		0.52		44.95
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

(1)	Per share amounts have been restated for a 1 for 2 reverse share split on May 16, 2013. See Note 7 in the Notes to Financial Statements.
^	The amount shown for a share outstanding throughout the period does not accord with the aggregate net gains on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.
*	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.

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

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

124

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income ($)*		Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)			Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income to Average Net Assets (%)			Portfolio Turnover (%)
Global X Southeast Asia ETF
2015		16.76		0.34		(3.61	)		(3.27	)		(0.42	)		—			(0.42	)		13.07		(19.97	)		14,376		0.65			2.26			24.06
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⁽¹⁾		15.08		0.38		0.05			0.43			—			—			—			15.51		2.85			23,262		0.62	†		3.46	†		2.68	††
Global X FTSE Andean 40 ETF
2015		10.60		0.17		(3.34	)		(3.17	)		(0.20	)		—			(0.20	)		7.23		(30.33	)		3,253		0.72			2.02			21.91
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⁽²⁾		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
2015		17.42		0.31		(8.53	)		(8.22	)		(0.41	)		—			(0.41	)		8.79		(47.93	)		66,616		0.61	@		2.80			66.93
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
Global X Brazil Mid Cap ETF
2015		12.22		0.21		(5.19	)		(4.98	)		(0.37	)		—			(0.37	)		6.87		(41.75	)		3,089		0.69			2.26			31.63
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
Global X Brazil Consumer ETF
2015		16.57		0.15		(7.83	)		(7.68	)		(0.40	)		—			(0.40	)		8.49		(47.30	)		2,971		0.77			1.26			29.16
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
Global X MSCI Argentina ETF
2015		21.18		0.11		(1.39	)		(1.28	)		(0.09	)		—			(0.09	)		19.81		(6.04	)		15,355		0.74			0.58			26.88
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⁽³⁾		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⁽³⁾		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⁽³⁾⁽⁴⁾		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 16, 2011.
(2)	The Fund commenced operations on February 2, 2011.
(3)	Per share amounts have been restated for a 1 for 2 reverse share split on May 16, 2013. See Note 7 in the Notes to Financial Statements.
(4)	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 0.79%, 0.78%, 0.80%, 0.83%, and 0.83% for the years ended October 31, 2015, 2014, 2013, 2012, and 2011, 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% for the Global X Brazil Consumer ETF.

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

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

125

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income ($)*		Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)			Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income to Average Net Assets (%)			Portfolio Turnover (%)
Global X FTSE Greece 20 ETF
2015		15.84		0.18		(5.48	)		(5.30	)		(0.13	)		—			(0.13	)		10.41		(33.66	)		314,907		0.62			1.61			29.35
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
2015		14.82		0.34		(3.58	)		(3.24	)		(0.83	)		—			(0.83	)		10.75		(22.50	)		65,024		0.50			2.76			16.05
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
2015		24.36		0.59		(1.81	)		(1.22	)		(0.85	)		—			(0.85	)		22.29		(5.05	)		52,596		0.50			2.53			7.76
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
Global X MSCI Nigeria ETF
2015		13.02		0.34		(5.11	)		(4.77	)		(0.31	)		—			(0.31	)		7.94		(37.25	)		24,623		0.68	@		3.72			34.00
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
2015		25.55		0.49		(6.37	)		(5.88	)		(0.40	)		—			(0.40	)		19.27		(23.29	)		106,925		0.58			2.22			19.72
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
2015		12.65		0.30		(1.87	)		(1.57	)		(0.23	)		—			(0.23	)		10.85		(12.39	)		37,449		0.61			2.68			35.26
2014⁽⁵⁾		15.04		0.38		(2.77	)		(2.39	)		—			—			—			12.65		(15.89	)		36,692		0.61	†		2.58	†		53.58	††
Global X MSCI Pakistan ETF
2015⁽⁶⁾		15.28		0.35		(1.46	)		(1.11	)		—			—			—			14.17		(7.26	)		5,667		0.90	†		4.43	†		19.31	††

(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.
(6)	The Fund commenced operations on April 22, 2015.
^	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%, 0.92% and 0.92% for the years and or period ended October 31, 2015, 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.

126

Notes to Financial Statements

October 31, 2015

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, 2015, the Trust had ninety-one portfolios, forty-seven 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, Global X FTSE Andean 40 ETF, Global X MSCI Colombia ETF, Global X Brazil Mid Cap ETF, Global X Brazil Consumer 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 MSCI Nigeria ETF, Global X Next Emerging & Frontier ETF, Global X FTSE Portugal 20 ETF and Global X MSCI Pakistan ETF (each a “Fund”, and collectively, the “Funds”). Each Fund has elected non-diversification status.

The Global X MSCI Pakistan ETF commenced operations on April 22, 2015.

2. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ 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.

127

Notes to Financial Statements

October 31, 2015 (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, 2015, there were securities valued using Fair Value Procedures of $922,853, $668, $457, $7,911, $11,264 and $9,309,333 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 and Global X FTSE Greece 20 ETF, respectively. There were no other securities priced using the Fair Value Procedures.

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

Level 3 – Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments, fair value of investments for which the Funds do not have the ability to fully redeem tranches at net asset value as of the measurement date or within the near term)

128

Notes to Financial Statements

October 31, 2015 (continued)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

For the year ended October 31, 2015, there have been no significant changes to the Funds’ fair valuation methodologies.

Global X China Industrials ETF

Quantitative information about Level 3 fair value measurements

Fair Value at

Assets

10/31/2015

Valuation Technique(s)

Unobservable Input

Discount Percentage

Common Stock

922,853

Discount from the Last
Traded Price

Last Traded Price
Comparability Adjustment %

1-33%

DUE TO/FROM BROKERS — Due to/from brokers includes cash and collateral balances with the Funds’ clearing brokers or counterparties at October 31, 2015. 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.

129

Notes to Financial Statements

October 31, 2015 (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 Funds.

At October 31, 2015, 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	$	8,000,000	$	8,000,000	$	-	$	-
Deutsche Bank		2,561,545		2,561,545		-		-
Global X MSCI Norway ETF
Barclays		5,000,000		5,000,000		-		-
Deutsche Bank		1,910,366		1,910,366		-		-
Global X FTSE Nordic Region ETF
Deutsche Bank		595,000		595,000		-		-
Global X FTSE Portugal 20 ETF
Deutsche Bank		2,773,662		2,773,662		-		-

⁽¹⁾Net Amount represents the net amount receivable due from the counterparty in the event of default.

130

Notes to Financial Statements

October 31, 2015 (continued)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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 Brown Brothers Harriman & Co. (“BBH”), the Fund’s custodian (“Custodian”), on the date of such redemption, regardless of the number of Creation Units redeemed that day.

131

Notes to Financial Statements

October 31, 2015 (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		Creation		October 31,		Redemption
	Shares		Fee		2015		Fee
Global X China Consumer ETF		50,000	$	1,900	$	686,000	$	1,900
Global X China Energy ETF		50,000		1,900		580,500		1,900
Global X China Financials ETF		50,000		1,900		745,000		1,900
Global X China Industrials ETF		50,000		1,900		722,000		1,900
Global X China Materials ETF		50,000		1,900		664,500		1,900
Global X NASDAQ China Technology ETF		50,000		1,900		1,100,500		1,900
Global X Southeast Asia ETF		50,000		2,300		653,500		2,300
Global X FTSE Andean 40 ETF		50,000		2,300		361,500		2,300
Global X MSCI Colombia ETF		50,000		2,500		439,500		2,500
Global X Brazil Mid Cap ETF		50,000		1,900		343,500		1,900
Global X Brazil Consumer ETF		50,000		1,500		424,500		1,500
Global X MSCI Argentina ETF		50,000		1,000		990,500		1,000
Global X FTSE Greece 20 ETF		50,000		1,000		520,500		1,000
Global X MSCI Norway ETF		50,000		1,400		537,500		1,400
Global X FTSE Nordic Region ETF		50,000		1,400		1,114,500		1,400
Global X MSCI Nigeria ETF		50,000		2,300		397,000		2,300
Global X Next Emerging & Frontier ETF		50,000		9,500		963,500		9,500
Global X FTSE Portugal 20 ETF		50,000		1,000		542,500		1,000
Global X MSCI Pakistan ETF		50,000		3,800		708,500		3,800

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 services agreement), certain shareholder and distribution-related services (provided pursuant to a separate Rule 12b-1 Plan and related agreements) and investment advisory services (provided pursuant to a separate Investment Advisory Agreement), under what is essentially an "all-in" fee structure. For its service to the Funds, under the Supervision and Administration Agreement, each Fund pays a monthly fee to the Adviser at the annual rate (stated as a percentage of the average daily net assets of the Fund). In addition, the Funds bear other expenses, directly and indirectly that are not covered by the Supervision and Administration Agreement, which may vary and affect the total expense ratios of the Funds, such as taxes, brokerage fees, commissions and other transaction expenses, interest expenses, acquired fund fees and extraordinary expenses (such as litigation and indemnification expenses). In addition, the Global X MSCI Colombia ETF, Global X MSCI Argentina ETF, Global X FTSE Greece 20 ETF, Global X MSCI Nigeria ETF, Global X Next Emerging & Frontier ETF, Global X FTSE Portugal 20 ETF and Global X MSCI Pakistan 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,

132

Notes to Financial Statements

October 31, 2015 (continued)

3. RELATED PARTY TRANSACTIONS (continued)

Global X FTSE Greece 20 ETF, Global X MSCI Nigeria ETF, Global X Next Emerging & Frontier ETF, Global X FTSE Portugal 20 ETF and Global X MSCI Pakistan ETF may pay up to 0.11%, 0.01%, 0.06%, 0.24%, 0.09%, 0.06% and 0.20%, respectively, in Custody Fees (in addition to the

Supervision and Administration Fee).

	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 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 MSCI Nigeria ETF**		0.68	%
Global X Next Emerging & Frontier ETF		0.49	%
Global X FTSE Portugal 20 ETF		0.55	%
Global X MSCI Pakistan ETF		0.68	%

*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 Global X MSCI Colombia Fund (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 Fund’s average daily net assets per year until at least March 1, 2016. The Fund (at a later date) may reimburse the Adviser for the fees and expenses it waived or reimbursed and/or limited pursuant to the expense limitation agreement during any of the prior three fiscal years, provided that, among other things, any reimbursement made to the Adviser does not cause Total Annual Fund Operating Expenses to exceed the maximum permitted rate during the period in which it is paid and the Board of Trustees has approved such reimbursement to the Adviser. At October 31, 2015, the amounts of waivers/reimbursements subject to recoupment for Global X MSCI Colombia ETF were $133,126 expiring in 2018, $132,223 expiring in 2017, $84,928 expiring in 2016 and $77,243 expiring in 2015. As of October 31, 2015, there had been no recoupment of previously waived and reimbursed fees.

**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 Global X MSCI Nigeria Fund (the “Fund”) (exclusive of taxes, brokerage fees, commissions, and other transaction expenses, interest and extraordinary expenses (such as litigation and indemnification expenses)) will not exceed 0.68% of the Fund’s average daily net assets per year until at least March 1, 2016. The Fund (at a later date) may reimburse the Adviser for the fees and expenses it waived or reimbursed and/or limited pursuant to the expense limitation agreement during any of the prior three fiscal years, provided that, among other things, any reimbursement made to the Adviser does not cause Total Annual Fund Operating Expenses of the Fund to exceed the maximum permitted rate during the period in which it is paid and the Board of Trustees has approved such reimbursement to the Adviser. At October 31, 2015, the amounts of waivers/reimbursements subject to recoupment for Global X MSCI Nigeria ETF were $58,656 expiring in 2018, $33,893 expiring in 2017 and $5,469 expiring in 2016. As of October 31, 2015, there had been no recoupment of previously waived and reimbursed fees.

133

Notes to Financial Statements

October 31, 2015 (continued)

3. RELATED PARTY TRANSACTIONS (continued)

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.

BBH, located at 50 Post Office Square, Boston, MA 02110, serves as Custodian of the 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 Funds’ portfolio investments, (3) respond to correspondence from shareholders, security brokers and others relating to its duties; and (4) make periodic reports to the Funds concerning the Funds’ 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. BBH also serves as Transfer Agent. As Transfer Agent, BBH has agreed to (1) issue and redeem shares of each Fund, (2) make dividend and other distributions to shareholders of each Fund, (3) respond to correspondence by shareholders and others relating to its duties; (4) maintain shareholder accounts, and (5) make periodic reports to the Funds. As compensation for these services, the Transfer Agent 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.

134

Notes to Financial Statements

October 31, 2015 (continued)

4. INVESTMENT TRANSACTIONS

For the year or period ended October 31, 2015, 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	$	30,751,542	$	25,971,341
Global X China Energy ETF		455,467		486,280
Global X China Financials ETF		14,503,566		12,523,990
Global X China Industrials ETF		1,932,432		1,702,740
Global X China Materials ETF		840,759		835,957
Global X NASDAQ China Technology ETF		9,336,099		8,508,746
Global X Southeast Asia ETF		5,307,091		7,879,757
Global X FTSE Andean 40 ETF		1,242,394		2,927,625
Global X MSCI Colombia ETF		61,866,261		49,605,675
Global X Brazil Mid Cap ETF		1,562,630		2,596,914
Global X Brazil Consumer ETF		1,870,841		4,097,089
Global X MSCI Argentina ETF		4,740,155		4,876,287
Global X FTSE Greece 20 ETF		72,684,808		68,861,352
Global X MSCI Norway ETF		15,119,515		16,399,266
Global X FTSE Nordic Region ETF		4,280,707		5,049,826
Global X MSCI Nigeria ETF		25,991,844		8,134,895
Global X Next Emerging & Frontier ETF		25,443,507		27,112,857
Global X FTSE Portugal 20 ETF		13,331,652		13,060,614
Global X MSCI Pakistan ETF		7,073,642		911,490

During the year or period ended October 31, 2015, there were no purchases or sales of long-term U.S. Government securities for the Funds.

135

Notes to Financial Statements

October 31, 2015 (continued)

4. INVESTMENT TRANSACTIONS (continued)

For the year or period ended October 31, 2015 and October 31, 2014, in-kind transactions associated with creations and redemptions were, respectively:

			Sales and		Realized Gain
	Purchases		Maturities		(Loss)
Global X China Consumer ETF	$	1,135,345	$	41,029,893	$	(3,147,297	)
Global X China Energy ETF		-		2,122,033		219,731
Global X China Financials ETF		45,882,818		39,106,611		3,401,732
Global X China Industrials ETF		6,131,493		4,518,457		1,036,289
Global X China Materials ETF		4,885,323		5,808,257		(332,946	)
Global X NASDAQ China Technology ETF		1,415,138		6,938,264		1,274,116
Global X Southeast Asia ETF		1,207,349		8,031,728		(919,877	)
Global X FTSE Andean 40 ETF		234,771		2,109,859		(480,205	)
Global X MSCI Colombia ETF		15,101,015		9,743,616		(280,459	)
Global X Brazil Mid Cap ETF		-		892,420		(229,856	)
Global X Brazil Consumer ETF		-		513,276		(471,937	)
Global X MSCI Argentina ETF		4,124,088		7,272,609		164,299
Global X FTSE Greece 20 ETF		334,382,731		79,994,697		(11,482,974	)
Global X MSCI Norway ETF		41,440,084		122,868,376		(20,092,704	)
Global X FTSE Nordic Region ETF		2,472,391		4,832,278		1,294,820
Global X MSCI Nigeria ETF		-		-		-
Global X Next Emerging & Frontier ETF		6,537,161		12,195,780		(829,169	)
Global X FTSE Portugal 20 ETF		25,105,756		18,233,849		(1,050,630	)
Global X MSCI Pakistan ETF		-		-		-

			Sales and		Realized Gain
	Purchases		Maturities		(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 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 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

136

Notes to Financial Statements

October 31, 2015 (continued)

5. TAX INFORMATION

The following differences, primarily attributable to foreign currency, redemptions in-kind and sales of passive foreign investment companies, have been reclassified to/from the following accounts during the fiscal period ended October 31, 2015.

Global X Funds	Paid-in Capital			Undistributed Net Investment Income/(Loss)			Accumulated Net Realized Gain/(Loss)
Global X China Consumer ETF	$	(5,132,406	)	$	85,109		$	5,047,297
Global X China Energy ETF		214,899			(10	)		(214,889	)
Global X China Financials ETF		3,340,376			36,582			(3,376,958	)
Global X China Industrials ETF		939,021			641			(939,662	)
Global X China Materials ETF		(333,360	)		(18	)		333,378
Global X NASDAQ China Technology ETF		1,209,798			2,747			(1,212,545	)
Global X Southeast Asia ETF		(946,998	)		(3,087	)		950,085
Global X FTSE Andean 40 ETF		(572,037	)		(7,803	)		579,840
Global X MSCI Colombia ETF		(325,167	)		(401,623	)		726,790
Global X Brazil Mid Cap ETF		(229,958	)		(22,120	)		252,078
Global X Brazil Consumer ETF		(480,057	)		(42,524	)		522,581
Global X MSCI Argentina ETF		(53,088	)		1,618			51,470
Global X FTSE Greece 20 ETF		(17,050,388	)		(48,409	)		17,098,797
Global X MSCI Norway ETF		(22,212,881	)		(121,912	)		22,334,793
Global X FTSE Nordic Region ETF		1,173,086			75,295			(1,248,381	)
Global X MSCI Nigeria ETF		(30,368	)		33,138			(2,770	)
Global X Next Emerging & Frontier ETF		(830,963	)		(91,441	)		922,404
Global X FTSE Portugal 20 ETF		(1,187,069	)		1,938			1,185,131
Global X MSCI Pakistan ETF⁽¹⁾		—			(354	)		354

⁽¹⁾ Commenced operations on April 22, 2015.

137

Notes to Financial Statements

October 31, 2015 (continued)

5. TAX INFORMATION (continued)

The tax character of dividends and distributions declared during the periods ended October 31, 2015 and 2014 were as follows:

Global X Funds	Ordinary Income		Long-Term Capital Gain		Totals

Global X China Consumer ETF
2015	$	2,353,761	$	–	$	2,353,761
2014		1,981,753		–		1,981,753
Global X China Energy ETF
2015	$	81,629	$	–	$	81,629
2014		85,026		–		85,026
Global X China Financials ETF
2015	$	617,666	$	–	$	617,666
2014		243,282		–		243,282
Global X China Industrials ETF
2015	$	44,362	$	–	$	44,362
2014		65,300		–		65,300
Global X China Materials ETF
2015	$	30,768	$	–	$	30,768
2014		36,867		–		36,867
Global X NASDAQ China Technology ETF
2015	$	64,823	$	–	$	64,823
2014		3,666		–		3,666
Global X Southeast Asia ETF
2015	$	689,799	$	–	$	689,799
2014		1,423,135		–		1,423,135
Global X FTSE Andean 40 ETF
2015	$	168,007	$	–	$	168,007
2014		153,480		–		153,480
Global X MSCI Colombia ETF
2015	$	2,318,237	$	–	$	2,318,237
2014		4,567,150		–		4,567,150
Global X Brazil Mid Cap ETF
2015	$	242,176	$	–	$	242,176
2014		531,843		–		531,843
Global X Brazil Consumer ETF
2015	$	240,598	$	–	$	240,598
2014		185,072		–		185,072
Global X MSCI Argentina ETF
2015	$	90,100	$	–	$	90,100
2014		45,738		–		45,738
Global X FTSE Greece 20 ETF
2015	$	956,353	$	–	$	956,353
2014		118,994		33,492		152,486
Global X MSCI Norway ETF
2015	$	4,921,308	$	–	$	4,921,308
2014		2,012,342		–		2,012,342
Global X FTSE Nordic Region ETF
2015	$	2,045,741	$	–	$	2,045,741
2014		1,480,041		–		1,480,041
Global X MSCI Nigeria ETF
2015	$	505,208	$	–	$	505,208
2014		92,838		–		92,838
Global X Next Emerging & Frontier ETF
2015	$	2,316,518	$	–	$	2,316,518
2014		28,312		–		28,312
Global X FTSE Portugal 20 ETF
2015	$	575,663	$	–	$	575,663
2014		–		–		–
Global X MSCI Pakistan ETF⁽¹⁾
2015	$	–	$	–	$	–

⁽¹⁾Commenced operations on April 22, 2015.

138

Notes to Financial Statements

October 31, 2015 (continued)

5. TAX INFORMATION (continued)

As of October 31, 2015, the components of tax basis accumulated losses were as follows:

	Global X China Consumer ETF			Global X China Energy ETF			Global X China Financials ETF
Undistributed Ordinary Income	$	3,897,491		$	48,200		$	2,771,631
Capital Loss Carryforwards		(27,019,305	)		(754,956	)		(1,667,972	)
Unrealized Depreciation on Investments and Foreign Currency		(16,509,018	)		(743,505	)		(4,534,728	)
Other Temporary Differences		3			-			(2	)
Total Accumulated Losses	$	(39,630,829	)	$	(1,450,261	)	$	(3,431,071	)

	Global X China Industrials ETF			Global X China Materials ETF			Global X NASDAQ China Technology ETF
Undistributed Ordinary Income	$	95,164		$	70,632		$	94,445
Capital Loss Carryforwards		(1,586,527	)		(963,423	)		(1,635,512	)
Unrealized Depreciation on Investments and Foreign Currency		(1,512,818	)		(1,160,921	)		(189,589	)
Other Temporary Differences		(2	)		-			1
Total Accumulated Losses	$	(3,004,183	)	$	(2,053,712	)	$	(1,730,655	)

	Global X Southeast Asia ETF			Global X FTSE Andean 40 ETF			Global X MSCI Colombia ETF
Undistributed Ordinary Income	$	447,920		$	81,274		$	808,120
Capital Loss Carryforwards		(3,827,248	)		(2,451,855	)		(49,177,815	)
Unrealized Depreciation on Investments and Foreign Currency		(4,077,989	)		(2,691,638	)		(43,798,998	)
Other Temporary Differences		(3	)		2			(3	)
Total Accumulated Losses	$	(7,457,320	)	$	(5,062,217	)	$	(92,168,696	)

	Global X Brazil Mid Cap ETF			Global X Brazil Consumer ETF			Global X MSCI Argentina ETF
Undistributed Ordinary Income	$	55,360		$	36,222		$	44,367
Capital Loss Carryforwards		(6,915,882	)		(3,765,955	)		(2,436,274	)
Unrealized Depreciation on Investments and Foreign Currency		(1,927,501	)		(2,963,846	)		(3,552,587	)
Other Temporary Differences		(1	)		—			(2	)
Total Accumulated Losses	$	(8,788,024	)	$	(6,693,579	)	$	(5,944,496	)

	Global X FTSE Greece 20 ETF			Global X MSCI Norway ETF			Global X FTSE Nordic Region ETF
Undistributed Ordinary Income	$	3,839,733		$	1,890,658		$	1,487,702
Capital Loss Carryforwards		(16,532,722	)		(10,016,662	)		(1,999,710	)
Unrealized Depreciation on Investments and Foreign Currency		(136,617,759	)		(38,208,171	)		(97,219	)
Other Temporary Differences		(5	)		(7	)		(3	)
Total Accumulated Losses	$	(149,310,753	)	$	(46,334,182	)	$	(609,230	)

139

Notes to Financial Statements

October 31, 2015 (continued)

5. TAX INFORMATION (continued)

	Global X MSCI Nigeria ETF			Global X Next Emerging & Frontier ETF			Global X FTSE Portugal 20 ETF
Undistributed Ordinary Income	$	820,219		$	2,268,026		$	1,003,582
Capital Loss Carryforwards		(4,348,029	)		(10,016,854	)		(2,579,572	)
Unrealized Depreciation on Investments and Foreign Currency		(8,826,598	)		(29,479,531	)		(12,574,191	)
Other Temporary Differences		—			(1	)		(1	)
Total Accumulated Losses	$	(12,354,408	)	$	(37,228,360	)	$	(14,150,182	)

	Global X MSCI Pakistan ETF
Undistributed Ordinary Income	$	131,535
Capital Loss Carryforwards		-
Unrealized Depreciation on Investments and Foreign Currency		(512,657	)
Other Temporary Differences		-
Total Accumulated Losses	$	(381,122	)

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, 2015, 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		Financials		Industrials		Materials
Expiration date	Consumer ETF		Energy 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
	NASDAQ		Global X		FTSE		MSCI		Global X
	China		Southeast		Andean 40		Colombia		Brazil Mid
Expiration date	Technology		Asia ETF		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
			MSCI		Global X		Global X		Glob al X
	Glob al X Brazil		Argentina		FTSE Greece		MSCI		FTSE Nordic
Expiration date	Consumer ETF		ETF		20 ETF		Norway ETF		Region ETF
October 2019	$	563,593	$	414,683	$	-	$	1,802,290	$	-
October 2018		-		-		-		-		-
	$	563,593	$	414,683	$	-	$	1,802,290	$	-

140

Notes to Financial Statements

October 31, 2015 (continued)

5. TAX INFORMATION (continued)

Global X

FTSE

Global X

Glob al X MS CI

Emerging &

Portugal 20

MSCI

Expiration date

Nigeria ETF

Frontier ETF

ETF

Pakistan ETF

October 2019

October 2018

Global X Funds	Short-Term Loss		Long-Term Loss		Total
Global X China Consumer ETF	$	2,811,294	$	22,693,682	$	25,504,976
Global X China Energy ETF		98,914		622,130		721,044
Global X China Financials ETF		934,694		181,324		1,116,018
Global X China Industrials ETF		141,546		1,350,171		1,491,717
Global X China Materials ETF		14,977		948,446		963,423
Global X NASDAQ China Technology ETF		1,399,046		—		1,399,046
Global X Southeast Asia ETF		1,694,186		2,133,062		3,827,248
Global X FTSE Andean 40 ETF		420,645		1,910,324		2,330,969
Global X MSCI Colombia ETF		17,015,026		23,913,135		40,928,161
Global X Brazil Mid Cap ETF		968,019		5,029,484		5,997,503
Global X Brazil Consumer ETF		1,095,948		2,106,414		3,202,362
Global X MSCI Argentina ETF		707,481		1,314,110		2,021,591
Global X FTSE Greece 20 ETF		9,838,003		6,694,719		16,532,722
Global X MSCI Norway ETF		5,176,585		3,037,787		8,214,372
Global X FTSE Nordic Region ETF		751,648		1,248,062		1,999,710
Global X MSCI Nigeria ETF		2,607,050		1,740,979		4,348,029
Global X Next Emerging & Frontier ETF		4,117,627		5,899,227		10,016,854
Global X FTSE Portugal 20 ETF		2,579,572		—		2,579,572
Global X MSCI Pakistan ETF⁽¹⁾		—		—		—

(1) Commenced operations on April 22, 2015.

During the year ended October 31, 2015 the following funds utilized capital loss carryforwards to offset capital gains amounting to:

Global X Funds
Global X China Consumer ETF	$	35,678
Global X China Financials ETF		325,234
Global X China Materials ETF		14,406
Global X NASDAQ China Technology ETF		436,300
Global X FTSE Portugal 20 ETF		32,893

141

Notes to Financial Statements

October 31, 2015 (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, 2015 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	$	121,204,160	$	8,004,646	$	(24,513,666	)	$	(16,509,020	)
Global X China Energy ETF		2,488,934		58,515		(802,020	)		(743,505	)
Global X China Financials ETF		61,934,038		2,331,577		(6,866,305	)		(4,534,728	)
Global X China Industrials ETF		8,739,653		249,550		(1,762,368	)		(1,512,818	)
Global X China Materials ETF		2,467,219		637		(1,161,557	)		(1,160,920	)
Global X NASDAQ China Technology ETF		15,600,012		1,691,487		(1,881,075	)		(189,588	)
Global X Southeast Asia ETF		18,440,481		66,900		(4,145,071	)		(4,078,171	)
Global X FTSE Andean 40 ETF		5,945,895		20,796		(2,712,436	)		(2,691,640	)
Global X MSCI Colombia ETF		110,441,578		298,944		(44,097,996	)		(43,799,052	)
Global X Brazil Mid Cap ETF		5,001,274		62,891		(1,989,734	)		(1,926,843	)
Global X Brazil Consumer ETF		5,923,083		148,662		(3,112,082	)		(2,963,420	)
Global X MSCI Argentina ETF		21,879,740		1,932,624		(5,485,194	)		(3,552,570	)
Global X FTSE Greece 20 ETF		489,815,444		20,222,332		(156,840,105	)		(136,617,773	)
Global X MSCI Norway ETF		109,944,408		717,541		(38,875,528	)		(38,157,987	)
Global X FTSE Nordic Region ETF		52,739,336		5,928,185		(5,944,330	)		(16,145	)
Global X MSCI Nigeria ETF		33,447,084		623,878		(9,448,903	)		(8,825,025	)
Global X Next Emerging & Frontier ETF		137,228,319		2,917,974		(32,408,163	)		(29,490,189	)
Global X FTSE Portugal 20 ETF		52,609,063		1,441,035		(13,997,739	)		(12,556,704	)
Global X MSCI Pakistan ETF⁽¹⁾		6,179,563		50,061		(540,287	)		(490,226	)

⁽¹⁾ Commenced operations on April 22, 2015.

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

6. CONCENTRATION OF RISKS

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

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

142

Notes to Financial Statements

October 31, 2015 (continued)

6. CONCENTRATION OF RISKS (continued)

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 index when a replication strategy might be detrimental to its shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to follow its underlying index, or, in certain instances, when securities in the underlying index become temporarily illiquid, unavailable or less liquid, or due to legal restrictions (such as diversification requirements that apply to the Funds but not the underlying indexes).

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

7. 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 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 a 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.

143

Notes to Financial Statements

October 31, 2015 (continued)

8. LOANS OF PORTFOLIO SECURITIES (continued)

As of October 31, 2015, the value of the securities on loan was $9,955,736, $1,243,616, $1,870,159, $565,600 and $1,960,486 for the Global X China Consumer ETF, Global X MSCI Colombia ETF, Global X MSCI Norway ETF, Global X FTSE Nordic Region ETF and Global X FTSE Portugal 20 ETF, respectively. The value of securities purchased with the cash collateral held from securities on loan was $10,561,545, $6,910,366, $595,000 and $2,773,662 for the Global X China Consumer ETF, Global X MSCI Norway ETF, Global X FTSE Nordic Region ETF and Global X FTSE Portugal 20 ETF, respectively. The value of the cash collateral held from securities on loan was $1,298,800 for the Global X MSCI Columbia ETF.

At October 31, 2015, the following Funds had securities on loan, by counterparty:

	Market Value		Cash Collateral
Global X China Consumer ETF
BMO Capital Markets Corp	$	7,216	$	7,702
BNP Paribas Prime Brokerage		13,088		15,185
Credit Suisse		267,196		280,849
Deutsche Bank		274,329		290,527
Goldman Sachs		4,725,705		5,027,751
JPMorgan		79,404		83,830
Macquarie Capital		16,053		16,920
ML Pierce, Fenner & Smith		850,822		897,786
Morgan Stanley		3,273,211		3,462,025
Nomura Securities		187,425		203,970
Scotia Capital		261,287		275,000
Global X MSCI Colombia ETF
BMO Capital Markets Corp		495,824		532,000
JPMorgan		747,792		766,800
Global X MSCI Norway ETF
Citigroup		447,625		462,540
Credit Suisse		354,308		362,880
Goldman Sachs		79,997		82,302
JPMorgan		25,308		26,326
Morgan Stanley		504,371		526,027
Nomura Securities		41,812		43,500
Scotia Capital		210,601		232,920
UBS Securities		206,137		210,171
Global X FTSE Nordic Region ETF
Deutsche Bank		565,600		595,000
Global X FTSE Portugal 20 ETF
Credit Suisse		1,914,007		2,628,574
ML Pierce, Fenner & Smith		14,560		45,449
Morgan Stanley		31,919		99,639

144

Notes to Financial Statements

October 31, 2015 (concluded)

9. CONTRACTUAL OBLIGATIONS

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

10. NEW ACCOUNTING PRONOUNCMENT

In June 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. ASU 2014-11 changes the accounting for repurchase-to-maturity transactions and repurchase financing arrangements and requires enhanced disclosures about repurchase agreements and other similar transactions. This update requires repurchase-to-maturity transactions to be accounted for as secured borrowings. This update also eliminates existing guidance for repurchase financings and requires instead that entities consider the initial transfer and the related repurchase agreement separately when applying the derecognition requirements under U.S. GAAP. The accounting changes in this update are effective for fiscal periods and interim periods beginning after December 15, 2014, and early adoption is prohibited. At this time, management is currently evaluating the implications of ASU No. 2014-11 and its impact on the Funds’ financial statement disclosures has not yet been determined.

11. SUBSEQUENT EVENTS

Subsequent to October 31, 2015 the following portfolios were added to the Trust: Global X Internet of Things ETF, Global X Healthy Lifestyles ETF, Global X Big Data ETF, Global X FinTech ETF and Global X Conscious Companies ETF.

145

Report of Independent Registered Public Accounting Firm

October 31, 2015

The Board of Trustees and Shareholders of Global X Funds

We have audited the accompanying statements of assets and liabilities, including the schedule of investments, of Global X China Consumer ETF, Global X China Energy ETF, Global X China Financials ETF, Global X China Industrials ETF, Global X China Materials ETF, Global X NASDAQ China Technology ETF, Global X 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 MSCI Argentina ETF, Global X FTSE Greece 20 ETF, Global X MSCI Norway ETF, Global X FTSE Nordic Region ETF, Global X MSCI Nigeria ETF, Global X Next Emerging & Frontier ETF, Global X FTSE Portugal 20 ETF, and Global X MSCI Pakistan ETF (nineteen of the series constituting the Global X Funds) (the “Funds”) as of October 31, 2015, 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 five 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.

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, 2015, 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 the five years or periods then ended, in conformity with U.S. generally accepted accounting principles.

Philadelphia, Pennsylvania

December 30, 2015

146

Disclosure of Fund Expenses (unaudited)

ETFs 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 a Fund.

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

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

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

147

Disclosure of Fund Expenses (unaudited) (continued)

	Beginning Account Value 5/1/2015		Ending Account Value 10/31/2015		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
Global X China Consumer ETF
Actual Fund Return	$	1,000.00	$	885.70		0.65	%	$	3.09
Hypothetical 5% Return		1,000.00		1,021.93		0.65			3.31
Global X China Energy ETF
Actual Fund Return	$	1,000.00	$	746.10		0.65	%	$	2.86
Hypothetical 5% Return		1,000.00		1,021.93		0.65			3.31
Global X China Financials ETF
Actual Fund Return	$	1,000.00	$	772.80		0.65	%	$	2.90
Hypothetical 5% Return		1,000.00		1,021.93		0.65			3.31
Global X China Industrials ETF
Actual Fund Return	$	1,000.00	$	739.40		0.65	%	$	2.85
Hypothetical 5% Return		1,000.00		1,021.93		0.65			3.31
Global X China Materials ETF
Actual Fund Return	$	1,000.00	$	657.30		0.65	%	$	2.72
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	$	783.80		0.65	%	$	2.92
Hypothetical 5% Return		1,000.00		1,021.93		0.65			3.31
Global X Southeast Asia ETF
Actual Fund Return	$	1,000.00	$	814.80		0.65	%	$	2.97
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	$	781.60		0.72	%	$	3.23
Hypothetical 5% Return		1,000.00		1,021.58		0.72			3.67
Global X MSCI Colombia ETF
Actual Fund Return	$	1,000.00	$	711.20		0.61	%	$	2.63
Hypothetical 5% Return		1,000.00		1,022.13		0.61			3.11
Global X Brazil Mid Cap ETF
Actual Fund Return	$	1,000.00	$	697.80		0.69	%	$	2.95
Hypothetical 5% Return		1,000.00		1,021.73		0.69			3.52
Global X Brazil Consumer ETF
Actual Fund Return	$	1,000.00	$	648.90		0.77	%	$	3.20
Hypothetical 5% Return		1,000.00		1,021.32		0.77			3.92
Global X MSCI Argentina ETF
Actual Fund Return	$	1,000.00	$	880.70		0.74	%	$	3.52
Hypothetical 5% Return		1,000.00		1,021.46		0.74			3.79
Global X FTSE Greece 20 ETF
Actual Fund Return	$	1,000.00	$	858.90		0.62	%	$	2.92
Hypothetical 5% Return		1,000.00		1,022.06		0.62			3.18
Global X MSCI Norway ETF
Actual Fund Return	$	1,000.00	$	816.90		0.50	%	$	2.29
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	$	913.20		0.50	%	$	2.41
Hypothetical 5% Return		1,000.00		1,022.68		0.50			2.55
Global X MSCI Nigeria ETF
Actual Fund Return	$	1,000.00	$	784.60		0.68	%	$	3.06
Hypothetical 5% Return		1,000.00		1,021.78		0.68			3.46

148

Disclosure of Fund Expenses (unaudited) (concluded)

	Beginning Account Value 5/1/2015		Ending Account Value 10/31/2015		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
Global X Next Emerging & Frontier ETF
Actual Fund Return	$	1,000.00	$	824.20		0.57	%	$	2.63
Hypothetical 5% Return		1,000.00		1,022.32		0.57			2.91
Global X FTSE Portugal 20 ETF
Actual Fund Return	$	1,000.00	$	877.10		0.61	%	$	2.90
Hypothetical 5% Return		1,000.00		1,022.11		0.61			3.13
Global X MSCI Pakistan ETF
Actual Fund Return	$	1,000.00	$	924.90		0.90	%	$	4.36
Hypothetical 5% Return		1,000.00		1,020.68		0.90			4.57

⁽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.).

149

Supplemental Information (unaudited)

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

150

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, 15^th floor New York, NY 10022 (1974)	Trustee (since 2008)	CEO of Risk Advisors Inc. (since 2007) (consulting firm).	47³	None.
Scott R. Chichester¹ 623 Fifth Ave, 15^th floor New York, NY 10022 (1970)	Trustee (since 2008)	CFO, AdeptPros Inc. (app development, training and consulting) (since 2012); Founder, Madison Park Advisors LLC (advisory services) (since 2011); 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); Proprietor, Scott R. Chichester CPA (since 2001) (CPA firm).	47³	Director of AdeptPros Inc. (since 2015); Director of Sterling Seal & Supply Inc. (since 2011); Director of Bayview Acquisition Corp. (since 2010); Trustee of ARK ETF Trust (since 2014).
Kartik Kiran Shah 623 Fifth Ave, 15^th floor New York, NY 10022 (1977)	Trustee (since 2008)	President and Chief Business Officer, Oxeia Biopharmaceuticals, Inc. (2015-present); Vice President, Business Development, Cynvenio Biosystems (2012-2014); Independent Consultant, Self-Employed (2011-2012) (non-financial services); Director, Wireless Generation (2008-2011) (software).	47³	Director of Oxeia Biopharmaceuticals, Inc. (2015-present).

151

Trustees and Officers of the Trust (unaudited)(continued)

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, 15^th 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).	47³	None.
Luis Berruga 623 Fifth Ave, 15^th floor New York, NY 10022 (1977)	Chief Operating Officer, Treasurer, Principal Accounting Officer and Chief Financial Officer (from 9/2015).	Chief Financial Officer, GXMC (since 9/2015) and Chief Operating Officer (since 2/2014); Investment Banker, Jefferies (2012-2014); Regional Product Specialist, Morgan Stanley (2005-2012).	N/A	N/A
Daphne Tippens Chisolm 623 Fifth Ave, 15^th floor New York, NY 10022 (1969)	Secretary (since 2012) and Chief Compliance Officer (since 2/2015).	General Counsel, GXMC (since 2011); Chief Compliance Officer, GXMC (1/2014 - 5/2014 and 2/2015 - present); Founder and President of Law Offices of DT Chisolm, P.C. (since 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

152

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

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

As of October 31, 2015, the Trust had ninety one investment portfolios, forty seven 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.

153

Notice to Shareholders (unaudited)

	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	%		53.65	%		0.00	%		0.00	%		0.00	%		1.81	%
Global X China Energy ETF		0.00	%		100.00	%		100.00	%		0.00	%		97.68	%		0.00	%		0.00	%		0.00	%		6.35	%
Global X China Financials ETF		0.00	%		100.00	%		100.00	%		0.00	%		100.00	%		0.00	%		0.00	%		0.00	%		31.08	%
Global X China Industrials ETF		0.00	%		100.00	%		100.00	%		0.00	%		99.96	%		0.00	%		0.00	%		0.00	%		19.11	%
Global X China Materials ETF		0.00	%		100.00	%		100.00	%		0.00	%		95.54	%		0.00	%		0.00	%		0.00	%		11.34	%
Global X NASDAQ China Technology ETF		0.00	%		100.00	%		100.00	%		0.00	%		100.00	%		0.00	%		0.00	%		0.00	%		6.93	%
Global X Southeast Asia ETF		0.00	%		100.00	%		100.00	%		0.00	%		42.68	%		0.00	%		0.00	%		0.00	%		4.16	%
Global X FTSE Andean 40 ETF		0.00	%		100.00	%		100.00	%		0.00	%		97.47	%		0.00	%		0.00	%		0.00	%		11.74	%
Global X MSCI Colombia ETF		0.00	%		100.00	%		100.00	%		0.00	%		100.00	%		0.00	%		0.00	%		0.00	%		0.49	%
Global X Brazil Mid Cap ETF		0.00	%		100.00	%		100.00	%		0.00	%		63.53	%		0.00	%		0.34	%		0.00	%		0.00	%
Global X Brazil Consumer ETF		0.00	%		100.00	%		100.00	%		0.00	%		32.82	%		0.00	%		0.13	%		0.00	%		0.00	%
Global X MSCI Argentina ETF		0.00	%		100.00	%		100.00	%		32.85	%		100.00	%		0.00	%		0.00	%		0.00	%		26.63	%
Global X FTSE Greece 20 ETF		0.00	%		100.00	%		100.00	%		0.00	%		100.00	%		0.00	%		0.00	%		0.00	%		26.78	%
Global X MSCI Norway ETF		0.00	%		100.00	%		100.00	%		0.00	%		35.61	%		0.00	%		0.00	%		0.00	%		1.44	%
Global X FTSE Nordic Region ETF		0.00	%		100.00	%		100.00	%		17.68	%		98.80	%		0.00	%		0.00	%		0.00	%		5.44	%
Global X MSCI Nigeria ETF		0.00	%		100.00	%		100.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		16.19	%
Global X Next Emerging & Frontier ETF		0.00	%		100.00	%		100.00	%		0.00	%		100.00	%		0.00	%		0.00	%		0.00	%		12.94	%
Global X FTSE Portugal 20 ETF		0.00	%		100.00	%		100.00	%		0.00	%		99.64	%		0.00	%		0.00	%		0.00	%		27.09	%
Global X MSCI Pakistan ETF		0.00	%		100.00	%		100.00	%		0.00	%		100.00	%		0.00	%		0.00	%		0.00	%		100.00	%

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

⁽³⁾“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 "Interest Related Dividends" is reflected as a percentage of ordinary income distribution. Interest related dividends is exempt from U.S. withholding tax when paid to 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.

154

Notice to Shareholders (unaudited)

The Funds intend to pass through a foreign tax credit to shareholders. For the fiscal year ended October 31, 2015, 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	$	4,689,255	$	43,358
Global X China Energy ETF		72,629		5,532
Global X China Financials ETF		3,536,230		278,588
Global X China Industrials ETF		156,850		10,479
Global X China Materials ETF		93,854		3,935
Global X NASDAQ China Technology ETF		228,239		4,828
Global X Southeast Asia ETF		673,723		29,952
Global X FTSE Andean 40 ETF		180,344		22,348
Global X MSCI Colombia ETF		2,479,537		11,521
Global X Brazil Mid Cap ETF		154,524		-
Global X Brazil Consumer ETF		138,250		-
Global X MSCI Argentina ETF		265,933		32,707
Global X FTSE Greece 20 ETF		5,625,413		349,713
Global X MSCI Norway ETF		3,141,012		72,123
Global X FTSE Nordic Region ETF		1,829,732		117,707
Global X MSCI Nigeria ETF		-		97,626
Global X Next Emerging & Frontier ETF		3,971,685		344,384
Global X FTSE Portugal 20 ETF		1,412,262		213,925
Global X MSCI Pakistan ETF		148,315		15,419

155

Notes

623 Fifth Avenue, 15^th floor

New York, NY 10022

1-888-GXFund-1

(1-888-493-8631)

www.globalxfunds.com

Investment Adviser and Administrator:

Global X Management Company LLC

623 Fifth Avenue, 15^th floor

New York, NY 10022

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Sub-Administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Counsel for Global X Funds and the Independent Trustees:

K&L Gates LLP

1601 K Street N.W.

Washington, DC 20006

Custodian and Transfer Agent:

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

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-002-0500

Global X SuperDividend® ETF (ticker: SDIV)

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

Global X SuperDividend® Emerging Markets ETF (ticker: SDEM)

Global X SuperDividend® REIT ETF (ticker: SRET)

Global X SuperIncome™ Preferred ETF (ticker: SPFF)

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™ Activist Index ETF (ticker: ACTX)

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

Global X GF China Bond ETF (ticker: CHNB)

Global X Scientific Beta US ETF (ticker: SCIU)

Global X Scientific Beta Europe ETF (ticker: SCID)

Global X Scientific Beta Japan ETF (ticker: SCIJ)

Global X Scientific Beta Asia ex-Japan ETF (ticker: SCIX)

Global X YieldCo Index ETF (ticker: YLCO)

Annual Report

October 31, 2015

Table of Contents

Management Discussion of Fund Performance (unaudited)		1

Schedules of Investments	37

Global X SuperDividend® ETF	37

Global X SuperDividend® U.S. ETF	44

Global X SuperDividend® Emerging Markets ETF	48

Global X SuperDividend® REIT ETF	52

Global X SuperIncome™ Preferred ETF	54

Global X Social Media Index ETF	57

Global X \| JPMorgan Efficiente Index ETF	60

Global X \| JPMorgan US Sector Rotator Index ETF	61

Global X Permanent ETF	62

Global X Guru™ Index ETF	67

Global X Guru™ Activist Index ETF	71

Global X Guru™ International Index ETF	74

Global X GF China Bond ETF	79

Global X Scientific Beta US ETF	81

Global X Scientific Beta Europe ETF	94

Global X Scientific Beta Japan ETF	115

Global X Scientific Beta Asia ex-Japan ETF	128

Global X YieldCo Index ETF	141

Statements of Assets and Liabilities	143

Statements of Operations	148

Statements of Changes in Net Assets	153

Financial Highlights	162

Notes to Financial Statements	164

Report of Independent Registered Public Accounting Firm	182

Disclosure of Fund Expenses (unaudited)	183

Approval of Investment Advisory Agreement (unaudited)	186

Supplemental Information (unaudited)	189

Trustees and Officers of the Trust (unaudited)	190

Notice to Shareholders (unaudited)	193

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 (“Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global SuperDividend® Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index tracks the performance of 100 equally-weighted companies that rank among the highest dividend yielding equity securities in the world, as defined by the index provider.

For the 12-month period ended October 31, 2015 (the “reporting period”), the Fund decreased 9.01%, while the Underlying Index decreased 8.96%. The Fund had a net asset value of $24.24 per share on October 31, 2014 and ended the reporting period with a net asset value of $20.65 on October 31, 2015.

During the reporting period, the highest returns came from Evergrande Real Estate Group and Provident Financial, which returned 96.43% and 62.89%, respectively. The worst performers were Commonwealth Bank of Australia and CTC Media, which returned -75.25% and -67.89%, respectively.

Stocks held by the Fund have among the highest dividend yields in the world. High dividend investing is a value-oriented strategy that was negatively impacted by the underperformance of value stocks versus their growth counterparts over the course of the reporting period. The Fund has had an average approximate exposure of 29.8% to stocks in the United States, 17.4% to stocks in Australia, and 7.6% to stocks in the United Kingdom. Over the reporting period, stocks in the Fund from these regions had total returns of approximately -11.5%, -11.7% and 19.6%, respectively.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2015
	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		-9.01	%		-9.53	%		5.00	%		4.82	%		2.91	%		2.84	%
Solactive Global SuperDividend® Index		-8.96	%		-8.96	%		4.87	%		4.87	%		2.49	%		2.49	%
S&P 500 Index		5.20	%		5.20	%		16.20	%		16.20	%		14.07	%		14.07	%

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.

Management Discussion of Fund Performance (unaudited)

Global X SuperDividend® ETF

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on previous page.

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 ("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 ("Underlying Index").The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index tracks the performance of 50 equally-weighted common stocks including master limited partnerships ("MLPs") and real estate investment trust ("REITs") that rank among the highest dividend yielding equity securities in the United States, as defined by the index provider. The components of the Underlying Index have paid dividends consistently over the last two years. The Underlying Index is comprised of securities that the index provider determines to have lower relative volatility, as measured by the beta of each security relative to the market benchmark.

For the 12-month period ended October 31, 2015 (the “reporting period”), the Fund decreased 8.67%, while the Underlying Index decreased 8.34%. The Fund had a net asset value of $29.60 per share on October 31, 2014 and ended the reporting period with a net asset value of $25.23 on October 31, 2015.

During the reporting period, the highest returns came from Reynolds American and TECO Energy, which returned 59.48% and 43.96%, respectively. The worst performers were Memorial Production Partners and Windstream Holdings, which returned -58.9% and -55.92%, respectively.

The Fund invests in many of the highest yielding stocks in the United States. High dividend investing is a value-oriented strategy that was negatively impacted by the underperformance of value stocks versus their growth counterparts over the course of the reporting period. In addition, the Fund's exposure to high yielding MLPs weighed on returns as MLPs experienced declines related to falling oil prices.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2015
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X SuperDividend® U.S. ETF		-8.67	%		-8.85	%		6.61	%		6.85	%
INDXX SuperDividend® U.S. Low Volatility Index		-8.34	%		-8.34	%		6.95	%		6.95	%
S&P 500 Index		5.20	%		5.20	%		13.91	%		13.91	%

Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on March 11, 2013.

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

Management Discussion of Fund Performance (unaudited)

Global X SuperDividend® U.S. ETF

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X SuperDividend® Emerging Markets ETF

Global X SuperDividend® Emerging Markets ETF

The Global X SuperDividend® Emerging Markets ETF (“Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the INDXX SuperDividend® Emerging Markets Index (“Underlying Index”).The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index tracks the performance of 50 equally weighted companies that rank among the highest dividend yielding equity securities in emerging markets, as defined by the index provider. The Underlying Index may include components from the following countries: Brazil, Chile, Colombia, Mexico, Peru, Czech Republic, Egypt, Greece, Hungary, Poland, Qatar, Russia, South Africa, Turkey, United Arab Emirates, China, India, Indonesia, Malaysia, Philippines, and Thailand. The Underlying Index selects the publicly-listed securities in these markets with the highest dividend yield, subject to minimum market capitalization and liquidity requirements, and subject to maximum allocations to individual countries and sectors. The components of the Underlying Index must also have paid dividends consistently over the last 2 years.

For the period from the Fund's commencement date on March 16, 2015 through October, 31 2015 (the “reporting period”), the Fund decreased 4.89%, while the Underlying Index decreased 4.35%. The Fund had a net asset value of $14.90 per share on March 16, 2015 and ended the reporting period with a net asset value of $13.73 on October 31, 2015.

During the reporting period, the highest returns came from Evergrande Real Estate Group and Intime Retail Group, which returned 95.48% and 90.91%, respectively. The worst performers were Kumba Iron Ore and Exxaro Resources, which returned -68.01% and -45.31%, respectively.

Stocks held by the Fund have among the highest dividend yields in emerging markets. High dividend investing is a value-oriented strategy that was negatively impacted by the underperformance of value stocks versus their growth counterparts over the course of the reporting period. During the reporting period, emerging markets suffered from expectations of rising rates in the United States as well as slowing economic figures from China.

Management Discussion of Fund Performance (unaudited)

Global X SuperDividend® Emerging Markets ETF

	AVERAGE TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2015
	Cumulative Inception to Date*
	Net Asset Value			Market Price
Global X SuperDividend® Emerging Markets ETF		-4.89	%		-5.03	%
INDXX SuperDividend® Emerging Markets Index		-4.35	%		-4.35	%
S&P 500		1.14	%		1.14	%

Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on March 16, 2015. 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.

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X SuperDividend® REIT ETF

Global X SuperDividend® REIT Markets ETF

The Global X SuperDividend® REIT ETF (“Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global SuperDividend® REIT Index (“Underlying Index”). The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index tracks the performance of real estate investment trusts (“REITs”) that rank among the highest dividend-yielding REITs globally, as determined by the index provider. The index provider screens the highest dividend-yielding REITs to exclude REITs that have historically exhibited the highest volatility, as determined by the index provider.

For the period from the Fund's commencement date on March 16, 2015 through October, 31 2015 (the “reporting period”), the Fund decreased 8.86%, while the Underlying Index decreased 10.10%. The Fund had a net asset value of $15.12 per share on March 16, 2015 and ended the reporting period with a net asset value of $13.18 on October 31, 2015.

During the reporting period, the highest returns came from Vicinity Centres and Blackstone Mortgage Trust, which returned 10.31% and 3.37%, respectively. The worst performers were Corrections Corp. of America and PennyMac Mortgage Investment Trust, which returned -25.39% and -23.11%, respectively.

The Fund invests in among the highest dividend-yielding REITs around the world. REITs struggled over the course of the reporting period as the market priced in expectations of rising interest rates in the United States. The Fund is unique in its exposure to REITs globally, which included holdings in the United States, Canada, South Africa, and Australia, which may help diversify across interest rate regimes.

	AVERAGE ANNUAL TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2015
	Cumulative Inception to Date*
	Net Asset Value			Market Price
Global X SuperDividend® REIT ETF		-8.86	%		-8.59	%
Solactive Global SuperDividend® REIT Index		-10.10	%		-10.10	%
S&P 500		1.14	%		1.14	%

Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on March 16, 2015. 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.

Management Discussion of Fund Performance (unaudited)

Global X SuperDividend® REIT ETF

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale 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 (“Underlying Index”).The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index tracks the performance of the highest dividend-yielding preferred securities in the United States and Canada, as determined by the index provider. The Underlying 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. The Underlying Index does not seek to directly reflect the performance of the companies issuing the preferred stock.

For the 12-month period ended October 31, 2015 (the “reporting period”), the Fund decreased 1.95%, while the Underlying Index decreased 0.60%. The Fund had a net asset value of $14.74 per share on October 31, 2014 and ended the reporting period with a net asset value of $13.49 on October 31, 2015.

During the reporting period, the highest returns came from Annaly Capital Management and Digital Realty Trust, which returned 60.08% and 58.94%, respectively. The worst performers were Southwestern Energy and ArcelorMittal, which returned -53.41% and -51.91%, respectively.

The Fund invests in certain of the highest dividend-yielding preferred shares in the United States and Canada. Preferred shares held by the Fund issued by companies in the Financials, Consumer Goods, Consumer Services, and Telecommunications sectors had positive total returns. Preferred shares held by the Fund issued by companies in the Energy and Materials sectors suffered from falling commodity prices, which led to declining credit quality and widening credit spreads.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2015
	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 SuperIncome™ Preferred ETF		-1.95	%		-2.35	%		3.27	%		3.23	%		3.83	%		4.35	%
S&P Enhanced Yield North American Preferred Stock Index		-0.60	%		-0.60	%		3.99	%		3.99	%		4.56	%		4.56	%
S&P 500 Index		5.20	%		5.20	%		16.20	%		16.20	%		16.35	%		16.35	%

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.

Management Discussion of Fund Performance (unaudited)

Global X SuperIncome™ Preferred ETF

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on previous page.

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 Total Return Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying 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, as defined by the index provider.

For the 12-month period ended October 31, 2015 (the “reporting period”), the Fund increased 0.00%, while the Index increased 0.28%. The Fund had a net asset value of $19.30 per share on October 31, 2014 and ended the reporting period with a net asset value of $19.29 on October 31, 2015.

During the reporting period, the highest returns came from XING and NEXON, which returned 88.12% and 63.58%, respectively. The worst performers were Yelp, Cl A and Groupon, Cl A, which returned -62.92% and -49.25%, respectively.

The social media industry faced high growth expectations, but largely delivered with meaningful revenue expansion during the reporting period. Future growth expectations remain high as investors expect social media platforms to continue to attract new users and monetize their networks. In November 2014, the number of global internet users crossed 3 billion, which is nearly half the world's population, but social media has a global penetration of only 30%. As more people in emerging markets gain internet access, social networks will need to continue to attract these users and convert them into additional revenue.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2015
	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 Social Media Index ETF		0.00	%		0.00	%		14.91	%		15.03	%		6.93	%		6.74	%
Solactive Social Media Total Return Index		0.28	%		0.28	%		15.28	%		15.28	%		7.42	%		7.42	%
S&P 500 Index		5.20	%		5.20	%		16.20	%		16.20	%		16.10	%		16.10	%

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.

Management Discussion of Fund Performance (unaudited)

Global X Social Media Index ETF

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale 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 (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index tracks the total return performance of a portfolio of eleven exchange-traded funds (each, an "ETF") and two exchange-traded products (each an "ETP") (each ETP and ETF, a "Constituent" and together the "Constituents"), as defined by the index provider. 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 Underlying Index allocates index weights among the Constituents based on a proprietary methodology created by the index provider. On a monthly basis and subject to certain weighting constraints, the Underlying 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 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 Underlying Index achieving the highest possible returns for the relevant month.

For the 12-month period ended October 31, 2015 (the “reporting period”), the Fund decreased 6.37%, while the Underlying Index decreased 5.72%. The Fund had a net asset value of $25.49 per share on October 31, 2014 and ended the reporting period with a net asset value of $23.72 on October 31, 2015.

During the reporting period, the highest returns came from Vanguard REIT Index Fund and iShares iBoxx USD Investment Grade Corporate Bond ETF, which returned 3.23% and 1.51%, respectively. The worst performers were Vanguard FTSE Emerging Markets ETF and Vanguard Developed Markets Index Fund ETF, which returned -19.73% and -8.87%, respectively.

Over the reporting period, the Fund had an approximate average weighting of 37.1% in ETFs with exposure to developed market equities, 27.1% in ETFs with exposure to Bonds, 12.5% in ETFs with exposure to Emerging Markets, 10.8% in ETFs with exposure to Alternatives, and 12.5% in ETFs with exposure to Short Term US Treasuries or Inflation Protected Securities. The Fund allocated 50% of its exposure to an ETF accessing short term US Treasuries from August 2015 to October 2015.

Management Discussion of Fund Performance (unaudited)

Global X | JPMorgan Efficiente Index ETF

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2015
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X \| JPMorgan Efficiente Index ETF		-6.37	%		-7.02	%		-4.25	%		-4.89	%
JPMorgan ETF Efficiente 10 TR Series X Index		-5.72	%		-5.72	%		-3.56	%		-3.56	%
S&P 500 Index		5.20	%		5.20	%		9.93	%		9.93	%

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.

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale 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 (“Underlying Index”), which is composed of underlying equity exchange-traded funds ("ETFs") and a fixed income ETF. The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying 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, as defined by the index provider. The Underlying Index rebalances monthly to reflect changing market conditions by tracking the performance of a portfolio that may include a U.S. Treasury Bond ETF and zero to five ETFs selected out of a pool of ten U.S. sector ETFs. 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 Underlying Index seeks to select up to five U.S. sector ETFs with the highest positive performance during the prior month. The Underlying 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 Underlying 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 Underlying 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 Underlying 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 Underlying Index achieving the highest possible returns for the relevant month.

For the 12-month period ended October 31, 2015 (the “reporting period”), the Fund decreased 6.90%, while the Underlying Index decreased 6.07%. The Fund had a net asset value of $25.41 per share on October 31, 2014 and ended the reporting period with a net asset value of $23.55 on October 31, 2015.

During the reporting period, the highest returns came from Health Care Select Sector SPDR Fund and Consumer Staples Select Sector SPDR Fund, which returned 6.32% and 0.52%, respectively. The worst performers were Financial Select Sector SPDR Fund and Technology Select Sector SPDR Fund, which returned -12.71% and -7.74%, respectively.

Over the reporting period, the Fund had an approximate average weighting of 25% to ETFs with exposure to short term US Treasuries, 11.9% to ETFs with exposure to Consumer Discretionary stocks, and 10.9% exposure to ETFs with exposure to real estate investment trusts. From July 2015 to Octobter 2015, the Fund became very defensive, with an approximate average exposure of 60% to ETFs accessing short term US Treasuries, as US market volatility increased and many individual sector ETFs produced negative returns.

Management Discussion of Fund Performance (unaudited)

Global X | JPMorgan US Sector Rotator Index ETF

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2015
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X \| JPMorgan US Sector Rotator Index ETF		-6.90	%		-6.86	%		-5.36	%		-5.74	%
JPMorgan US Sector Rotator TR Series X Index		-6.07	%		-6.07	%		-4.47	%		-4.47	%
S&P 500 Index		5.20	%		5.20	%		9.93	%		9.93	%

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.

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale 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 (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Permanent Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund utilizes a "sampling" methodology to seek to achieve its investment objective.

The Underlying Index tracks the performance of four asset class categories that are designed to perform differently across different economic environments, as defined by the index provider. On each rebalance, the Underlying Index allocates 25% each to four asset class categories, as follows: stocks, U.S. Treasury Bonds (long- term), U.S. Treasury Bills and Bonds (short-term), and gold and silver.

For the 12-month period ended October 31, 2015 (the “reporting period”), the Fund increased 0.25%, while the Underlying Index increased 0.11%. The Fund had a net asset value of $24.11 per share on October 31, 2014 and ended the reporting period with a net asset value of $23.94 on October 31, 2015.

During the reporting period, the highest returns came from Amazon.com and Facebook, Cl A, which returned 104.90% and 35.98%, respectively. The worst performers were Glencore Xstrata and Potash Corp of Saskatchewan, which returned -63.96% and -40.80%, respectively.

The Fund seeks to provide generally equal exposure to equities, short term treasuries, long term treasuries, and precious metals. Over the reporting period, the Fund's exposures across asset classes with low correlations to each other resulted in an annualized volatility of approximately 8.8%.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2015
	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 Permanent Index ETF		0.25	%		0.66	%		-0.94	%		-0.88	%		-0.22	%		-0.07	%
Solactive Permanent Index		0.11	%		0.11	%		-0.82	%		-0.82	%		-0.04	%		-0.04	%
S&P 500 Index		5.20	%		5.20	%		16.20	%		16.20	%		14.76	%		14.76	%

Growth of a $10,000 Investment

(at Net Asset Value)

* The 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.

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

Management Discussion of Fund Performance (unaudited)

Global X Permanent ETF

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

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale 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 (“Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Guru Index (“Underlying Index”).The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is comprised of the top U.S. listed equity positions reported on Form 13F by a select group of entities characterized as hedge funds, as defined by the index provider. 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 Underlying Index. Additional filters are applied to eliminate hedge funds that have high turnover rates for equity holdings. Only hedge funds with a concentrated top holding are included in the selection process. Once the hedge fund pool has been determined, the Index Provider utilizes Form 13F filings to compile the top stock holding from each of these hedge funds. The stocks are screened for liquidity, equal weighted, and rebalanced quarterly following the Form 13F filing timeline.

For the 12-month period ended October 31, 2015 (the “reporting period”), the Fund decreased 7.94%, while the Underlying Index decreased 7.60%. The Fund had a net asset value of $26.30 per share on October 31, 2014 and ended the reporting period with a net asset value of $23.96 on October 31, 2015.

During the reporting period, the highest returns came from CDW and NIKE, Cl B, which returned 45.98% and 42.5%, respectively. The worst performers were Arbutus Biopharma and Horizon Pharma, which returned -51.24% and -50.75%, respectively.

The Fund invests in many of the top U.S. listed equity positions reported on Form 13F by major hedge funds. Over the course of the reporting period, the underperformance of hedge fund picks in the Health Care industry (more specifically the Pharamceuticals industry) weighed heavily on the Fund's performance. Stocks held by the Fund in the Pharamceuticals industry were down approximately 25%, with the majority of losses occurring during October 2015. Pharmaceuticals had an average weight of 8.2% over the course of the reporting period. The Energy sector also contributed negatively to the fund's returns, as stocks held from that sector fell nearly 27.3% and had an average weight of 5.5% in the fund.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2015
	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 Guru™ Index ETF		-7.94	%		-7.95	%		14.20	%		14.21	%		17.11	%		17.10	%
Solactive Guru Index		-7.60	%		-7.60	%		14.86	%		14.86	%		17.76	%		17.76	%
S&P 500 Index		5.20	%		5.20	%		16.20	%		16.20	%		17.81	%		17.81	%

Growth of a $10,000 Investment

(at Net Asset Value)

* The 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.

Management Discussion of Fund Performance (unaudited)

Global X Guru™ Index ETF

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative Indices on the previous page.

Management Discussion of Fund Performance (unaudited)

Global X Guru™ Activist Index ETF

Global X Guru™ Activist Index ETF

The Global X Guru™ Activist Index ETF ("Fund") seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Guru Activist Index ("Underlying Index'').The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is comprised of US listed equity positions reported on Form 13F and Schedule 13D by a select group of entities characterized as premier activist investors, as defined by the index provider. Activist investors are defined by the index provider as investors that aim to buy securities to put public pressure on management to increase shareholder value. Once the pool of activist investors has been determined, the index provider utilizes Form13F filings and Schedule 13D filings to compile the top 50 aggregate stock holdings held by the pool of activist investors, after screening for certain liquidity and market capitalization requirements. The stocks are equal weighted and rebalanced quarterly following the Form 13F filing timeline. On a monthly basis, securities may be added to or removed from the Underlying Index as a result of Schedule 13D filings.

For the period from the Fund's commencement date on April 28, 2015 through October 31, 2015 (the “reporting period”), the Fund decreased 10.83%, while the Underlying Index decreased 10.70%. The Fund had a net asset value of $15.05 per share on April 28, 2015 and ended the reporting period with a net asset value of $13.42 on October 31, 2015.

During the reporting period, the highest returns came from Mondelez International, Cl A and Time Warner, which returned 20.20% and 19.53%, respectively. The worst performers were SunEdison, Inc. and Platform Specialty Products Corp. which, returned -67.47% and -60.30%, respectively.

The Fund invests in certain U.S. listed equity positions held by activist investors. Activist investors seek to unlock unrealized value for shareholders by effecting major changes in target companies. Traditionally, an activist investor will purchase a large number of shares in a company with the objective of accumulating enough voting power to swing company proxy votes. Through these proxy votes, an activist investor will seek to obtain seats on a company’s board of directors, allowing for considerable influence over the company’s strategy, governance, and policies. More recently, activist investors have incorporated highly public campaigns into their strategies via appearances on TV news outlets and social media to galvanize other investors to their cause and to increase pressure on the company’s senior management and board. The Fund's exposures to energy and materials stocks weighed negatively on returns while its exposure to consumer staples was a positive.

Management Discussion of Fund Performance (unaudited)

Global X Guru™ Activist Index ETF

	AVERAGE TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2015
	Cumulative Inception to Date*
	Net Asset Value			Market Price
Global X Guru™ Activist Index ETF		-10.83	%		-10.90	%
Solactive Guru Activist Index		-10.70	%		-10.70	%
S&P 500		-0.61	%		-0.61	%

Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on April 28, 2015. 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.

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale 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 (“Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Guru International Index (“Underlying Index”).The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is comprised of international companies reported on Form 13F by hedge funds and other institutional investors, as defined by the index provider. 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. 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 Underlying Index. Stocks in the Underlying Index are equal weighted and rebalanced quarterly following the Form 13F filing timeline.

For the 12-month period ended October 31, 2015 (the “reporting period”), the Fund decreased 15.31%, while the Underlying Index decreased 14.69%. The Fund had a net asset value of $15.62 per share on October 31, 2014 and ended the reporting period with a net asset value of $13.13 on October 31, 2015.

During the reporting period, the highest returns came from Ctrip.com International ADR and Talisman Energy, Inc. which returned 126.37% and 70.08%, respectively. The worst performers were Altisource Portfolio Solutions SA and Arbutus Biopharma, which returned -64.08% and -59.66%, respectively.

The Fund invests in international stocks reported on Form 13F by hedge funds and other institutional investors. During the reporting period, the Fund had a 10% average weighting to China, which contributed positively to the Fund's performance, while a 10% average weighting to Brazil weighed on the Fund's performance.

Management Discussion of Fund Performance (unaudited)

Global X Guru™ International Index ETF

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2015
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Guru™ International Index ETF		-15.31	%		-15.31	%		-6.73	%		-6.73	%
Solactive Guru International Index		-14.69	%		-14.69	%		-6.00	%		-6.00	%
S&P 500 Index		5.20	%		5.20	%		8.58	%		8.58	%

Growth of a $10,000 Investment

(at Net Asset Value)

* The 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.

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X GF China Bond ETF

Global X GF China Bond ETF

The Global X GF China Bond ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P China Composite Select Bond Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund utilizes a "sampling" methodology to seek to acheive its investment objective.

The Underlying Index is designed to provide exposure to RMB-denominated bonds that are issued or distributed within mainland China. The Underlying Index, strictly in accordance with its guidelines and mandated procedures, includes securities with a minimum maturity of one year and with an outstanding principal amount of RMB 1 billion. The Underlying Index is composed of RMB denominated bonds issued by governments, agencies, and Central State-Owned Enterprises (CSOEs). The Fund seeks to achieve its investment objective by primarily investing directly in Chinese bonds issued or distributed in the PRC. Because the Fund does not satisfy the criteria to qualify as a Renminbi Qualified Foreign Institutional Investor ("RQFII") or Qualified Foreign Institutional Investor ("QFII") itself, the Fund invests directly in RMB-denominated bonds via the RQFII quota of the Fund’s sub-adviser, GF International Investment Management Limited ("GFIIM" or “Sub-Adviser”). The Sub-Adviser has obtained RQFII status and has been granted an RQFII quota of at least 500 Million RMB (“RQFII quota”), which the Sub-Adviser will use all or a portion of to invest the portion of the Fund’s assets allocated to it by the Adviser in RMB-denominated bonds. At such time that the Sub-Adviser has utilized its entire RQFII quota, the Sub-Adviser may, subject to applicable regulations, apply for an increase of the RQFII quota. Assets not allocated to the Sub-Adviser for investment directly in RMB-denominated bonds are managed by the adviser.

For the period from the Fund's commencement date on November 18, 2014 through October 31, 2015 (the “reporting period”), the Fund increased 1.67%, while the Underlying Index increased 2.64%. The Fund had a net asset value of $38.00 per share on November 18, 2014 and ended the reporting period with a net asset value of $37.56 on October 31, 2015.

During the reporting period, the highest returns came from Export Import Bank China and China North Industries Group, which returned 8.65% and 4.78%, respectively. The worst performers were China Development Bank and China Government Bond, which returned -30.42% and -8.34%, respectively.

In the third quarter of 2015, China's gross domestic product grew by 6.9%, its slowest rate since the global economic crisis. The Chinese government has implemented a series of economic stimulus measures to maintain high economic growth rates, such as devaluing the currency, lowering interest rates, and easing bank reserve requirements. These measures have had a mixed impact on the Fund. Devaluation of the yuan versus the dollar resulted in negative price returns for investors, but interest rate cuts have boosted price returns of the underlying bonds. The International Monetary Fund announced that it will be adding the yuan to its special drawing rights (SDR) basket, effectively making the yuan a global reserve currency, which could result in more purchasing of yuan-denominated assets such as Chinese onshore bonds.

Management Discussion of Fund Performance (unaudited)

Global X GF China Bond ETF

	AVERAGE TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2015
	Cumulative Inception to Date*
	Net Asset Value			Market Price
Global X GF China Bond ETF		1.67	%		1.37	%
S&P China Composite Select Bond Index		2.64	%		2.64	%
S&P 500 Index		3.30	%		3.30	%

Growth of a $10,000 Investment

(at Net Asset Value)

* Fund commenced operations on November 18, 2014. 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. The Fund’s performance reflects contractual fee waivers in effect until at least March 1, 2016. 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.

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X Scientific Beta US ETF

Global X Scientific Beta US ETF

The Global X Scientific Beta US ETF (“Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Scientific Beta United States Multi-Beta Multi-Strategy Equal Risk Contribution Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index generally comprises approximately 500 or less U.S. listed common stocks selected based on a proprietary methodology developed by the index provider. The objective of the Underlying Index is to outperform traditional market capitalization-weighted indexes, with lower volatility. The Underlying Index’s components are selected by applying four factors that have been widely recognized by academic literature to outperform market capitalization weighted-indexes over the long run: Value, Size, Low-Volatility and Momentum. Each of these factors is applied by using the following metrics: price-to-book ratio for Value; free-float market capitalization for Size; historical volatility over the trailing 104 week period for Low-Volatility; and one-year-minus-one-month total returns for Momentum. Finally, components are weighted by employing a proprietary, multi-step process that combines multiple weighting methodologies to diversify the risks associated with any one weighting scheme.

For the period from the Fund's commencement date on May 12, 2015 through October, 31 2015 (the “reporting period”), the Fund decreased 0.92%, while the Underlying Index decreased 0.79%. The Fund had a net asset value of $24.90 per share on May 12, 2015 and ended the reporting period with a net asset value of $24.67 on October 31, 2015.

During the reporting period, the highest returns came from Amazon.com and Activision Blizzard, which returned 40.34% and 38.1%, respectively. The worst performers were Keurig Green Mountain and Southwestern Energy, which returned -50.33% and -49.57%, respectively.

Over the reporting period, the Fund had a 20.4% weighting to stocks in the Financials sector, with other large exposures of 14.6% to the Technology sector, 13.6% to the Consumer Services sector, and 13.1% to the Consumer Goods sector and 13.1% to the Health Care sector. The Fund had an approximate average exposure of 20% to Low Volatility stocks, 24% to Mid Cap stocks, 29% to Value stocks, and 27% to Momentum stocks, as defined by the index provider.

Management Discussion of Fund Performance (unaudited)

Global X Scientific Beta US ETF

	AVERAGE TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2015
	Cumulative Inception to Date*
	Net Asset Value			Market Price
Global X Scientific Beta US ETF		-0.92	%		-0.88	%
Scientific Beta US Multi-Beta Multi-Strategy Equal Risk Contribution Index		-0.79	%		-0.79	%
S&P 500 Index		0.02	%		0.02	%

Growth of a $10,000 Investment

(at Net Asset Value)

* Fund commenced operations on May 12, 2015. 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.

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X Scientific Beta Europe ETF

Global X Scientific Beta Europe ETF

The Global X Scientific Beta Europe ETF (“Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Scientific Beta Extended Developed Europe Multi-Beta Multi-Strategy Equal Risk Contribution Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index generally comprises approximately 600 or less European-listed common stocks selected based on a proprietary methodology developed by the index provider. The objective of the Underlying Index is to outperform traditional market capitalization-weighted indexes, with lower volatility. The components of the Underlying Index are selected from a universe of the 600 largest, as measured by free float market capitalization, and most liquid stocks that are ordinarily traded principally on a stock exchange in one of the following 16 developed European countries: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. The Underlying Index’s components are selected by applying four factors that have been widely recognized by academic literature to outperform market capitalization weighted-indexes over the long run: Value, Size, Low-Volatility and Momentum. Each of these factors is applied by using the following metrics: price-to-book ratio for Value; free-float market capitalization for Size; historical volatility over the trailing 104 week period for Low-Volatility; and one-year-minus-one-month total returns for Momentum. Finally, components are weighted by employing a proprietary, multi-step process that combines multiple weighting methodologies to diversify the risks associated with any one weighting scheme.

For the period from the Fund's commencement date on May 12, 2015 through October, 31 2015 (the “reporting period”), the Fund decreased 1.93%, while the Underlying Index decreased 1.75%. The Fund had a net asset value of $24.89 per share on May 12, 2015 and ended the reporting period with a net asset value of $24.41 on October 31, 2015.

During the reporting period, the highest returns came from Vonovia and Galenica, which returned 66.01% and 65.86%, respectively. The worst performers were AdStar, Inc. and Deutsche Wohnen, which returned -93.75% and -78.34%, respectively.

Over the reporting period, the Fund had a 27% weighting to stocks in the Financials sector, with other large exposures of 17.9% to the Industrials sector, 12.3% to the Consumer Services sector and 12.1% to the Consumer Goods sector. The Fund had an approximate average exposure of 34% to Low Volatility stocks, 18% to Mid Cap stocks, 28% to Value stocks, and 20% to Momentum stocks, as defined by the index provider.

Management Discussion of Fund Performance (unaudited)

Global X Scientific Beta Europe ETF

	AVERAGE TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2015
	Cumulative Inception to Date*
	Net Asset Value			Market Price
Global X Scientific Beta Europe ETF		-1.93	%		-2.13	%
Scientific Beta Extended Developed Europe Multi-Beta Multi-Strategy Equal Risk Contribution Index		-1.75	%		-1.75	%
S&P 500 Index		0.02	%		0.02	%

Growth of a $10,000 Investment

(at Net Asset Value)

* Fund commenced operations on May 12, 2015. 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.

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative Indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X Scientific Beta Japan ETF

Global X Scientific Beta Japan ETF

The Global X Scientific Beta Japan ETF (“Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Scientific Beta Japan Multi-Beta Multi-Strategy Equal Risk Contribution Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index generally comprises approximately 500 or less Japanese-listed common stocks selected based on a proprietary methodology developed by the index provider. The objective of the Underlying Index is to outperform traditional market capitalization-weighted indexes, with lower volatility The components of the Underlying Index are selected from a universe of the 500 largest, as measured by free float market capitalization, and most liquid stocks traded principally on a stock exchange in and incorporated or domiciled (i.e., maintain a principal place of business) in Japan. The Underlying Index’s components are selected by applying four factors that have been widely recognized by academic literature to outperform market capitalization weighted-indexes over the long run: Value, Size, Low-Volatility and Momentum. Each of these factors is applied by using the following metrics: price-to-book ratio for Value; free-float market capitalization for Size; historical volatility over the trailing 104 week period for Low-Volatility; and one-year-minus-one-month total returns for Momentum. Finally, components are weighted by employing a proprietary, multi-step process that combines multiple weighting methodologies to diversify the risks associated with any one weighting scheme.

For the period from the Fund's commencement date on May 12, 2015 through October, 31 2015 (the “reporting period”), the Fund increased 0.48%, while the Underlying Index increased 0.65%. The Fund had a net asset value of $25.07 per share on May 12, 2015 and ended the reporting period with a net asset value of $25.19 on October 31, 2015.

During the reporting period, the highest returns came from ACOM and KOSÉ, which returned 69.53% and 60.09%, respectively. The worst performers were IHI and Topcon, which returned -38.31% and -36.97%, respectively.

Over the reporting period, the Fund had a 19.8% weighting to stocks in the Industrials sector, with other large exposures of 16.5% to the Financials sector, 18.1% to the Consumer Goods sector and 16.5% to the Consumer Services sector. The Fund had an approximate average exposure of 19% to Low Volatility stocks, 22% to Mid Cap stocks, 34% to Value stocks, and 25% to Momentum stocks, as defined by the index provider.

Management Discussion of Fund Performance (unaudited)

Global X Scientific Beta Japan ETF

	AVERAGE TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2015
	Cumulative Inception to Date*
	Net Asset Value			Market Price
Global X Scientific Beta Japan ETF		0.48	%		-0.28	%
Scientific Beta Japan Multi-Beta Multi-Strategy Equal Risk Contribution Index		0.65	%		0.65	%
S&P 500 Index		0.02	%		0.02	%

Growth of a $10,000 Investment

(at Net Asset Value)

* Fund commenced operations on May 12, 2015. 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.

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative Indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X Scientific Beta Asia ex-Japan ETF

Global X Scientific Beta Asia ex-Japan ETF

The Global X Scientific Beta Asia ex-Japan ETF (“Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Scientific Beta Developed Asia-Pacific ex-Japan Multi-Beta Multi-Strategy Equal Risk Contribution Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index generally comprises approximately 400 or less Asian-listed common stocks selected based on a proprietary methodology developed by the index provider. The objective of the Underlying Index is to outperform traditional market capitalization-weighted indexes, with lower volatility. The components of the Underlying Index are selected from a universe of the 400 largest, as measured by free float market capitalization, and most liquid stocks traded principally on a stock exchange in and incorporated or domiciled (i.e., maintain a principal place of business) in developed markets in Asia, excluding Japan, but may include Hong Kong, New Zealand, Singapore, South Korea and Australia. The Underlying Index’s components are selected by applying four factors that have been widely recognized by academic literature to outperform market capitalization weighted-indexes over the long run: Value, Size, Low-Volatility and Momentum. Each of these factors is applied by using the following metrics: price-to-book ratio for Value; free-float market capitalization for Size; historical volatility over the trailing 104 week period for Low-Volatility; and one-year-minus-one-month total returns for Momentum. Finally, components are weighted by employing a proprietary, multi-step process that combines multiple weighting methodologies to diversify the risks associated with any one weighting scheme.

For the period from the Fund's commencement date on May 12, 2015 through October, 31 2015 (the “reporting period”), the Fund decreased 13.10%, while the Underlying Index decreased 14.09%. The Fund had a net asset value of $24.89 per share on May 12, 2015 and ended the reporting period with a net asset value of $21.63 on October 31, 2015.

During the reporting period, the highest returns came from Blackmores and Medy-Tox, which returned 97.54% and 42.04%, respectively. The worst performers were Commonwealth Bank of Australia and Liquefied Natural Gas, which returned -75.25% and -70.94%, respectively.

Over the reporting period, the Fund had a 32.7% weighting to stocks in the Financials sector, with other large exposures of 16.4% to the Industrials sector, 15.2% to the Consumer Services sector and 7.0% to the Health Care sector. The Fund had an approximate average exposure of 27% to Low Volatility stocks, 20% to Mid Cap stocks, 28% to Value stocks, and 26% to Momentum stocks, as defined by the index provider.

Management Discussion of Fund Performance (unaudited)

Global X Scientific Beta Asia ex-Japan ETF

	AVERAGE TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2015
	Cumulative Inception to Date*
	Net Asset Value			Market Price
Global X Scientific Beta Asia ex-Japan ETF		-13.10	%		-12.90	%
Scientific Beta Developed Asia-Pacific ex-Japan Multi-Beta Multi-Strategy Equal Risk Contribution Index		-14.09	%		-14.09	%
S&P 500 Index		0.02	%		0.02	%

Growth of a $10,000 Investment

(at Net Asset Value)

* Fund commenced operations on May 12, 2015. 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.

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative Indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X YieldCo Index ETF

Global X YieldCo Index ETF

The Global X YieldCo Index ETF (“Fund”) seeks to track, before fees and expenses, the price and yield performance of the INDXX Global Yieldco Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index comprises publicly traded companies that are formed to own operating assets that produce defined cash flows (“Yieldcos”), as well as companies that have publicly announced plans to spin-off a YieldCo in an initial public offering, as determined by the index provider. The components of the Underlying Index are YieldCos selected from the universe of global publicly listed equities, which have a minimum market capitalization of $500 million and an Average Daily Value Traded (“ADVT”) over the last three months greater than $1 million. If less than 20 securities satisfy this criteria, the market capitalization and ADVT requirements are lowered. If there are still fewer than 20 securities, the parent companies of proposed YieldCos with the nearest anticipated listing dates will be included in the Underlying Index until there are 20 Underlying Index constituents. If a parent company is a part of the Underlying Index, and its corresponding YieldCo becomes publicly listed, the listed YieldCo will replace the parent entity in the Underlying Index during the subsequent index rebalance. Underlying Index constituents are ranked by market capitalization. The remaining securities are weighted based on their market capitalization, with a cap of 4.75% on any of the securities falling outside of the top five by market capitalization. If any parent companies of YieldCos are Underlying Index constituents, they are each capped at a 4.75% weighting. Companies that are structured as partnerships are capped at a 25% weighting in the aggregate.

For the period from the Fund's commencement date on May 27, 2015 through October, 31 2015 (the “reporting period”), the Fund decreased 26.39%, while the Underlying Index decreased 26.23%. The Fund had a net asset value of $15.19 per share on May 27, 2015 and ended the reporting period with a net asset value of $11.06 on October 31, 2015.

During the reporting period, the highest returns came from 8point3 Energy Partners and Greencoat UK Wind, which returned 6.49% and 2.82%, respectively. The worst performers were SunEdison and TerraForm Power, Cl A, which returned -65.4% and -53.86%, respectively.

Soon after the Fund launched, the Energy sector experienced a heavy selloff as falling energy prices cut into profitability. Despite the long term contracted nature of the solar and wind projects held by YieldCos, many market participants became worried that renewable energy sources would fall out of favor with cheap fossil fuel prices. In addition, some have commented that the plethora of initial public offerings of YieldCos resulted in too much supply of YieldCo shares in the market, which hurt prices.

Management Discussion of Fund Performance (unaudited)

Global X YieldCo Index ETF

	AVERAGE TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2015
	Cumulative Inception to Date*
	Net Asset Value			Market Price
Global X YieldCo Index ETF		-26.39	%		-26.13	%
Indxx Global YieldCo Index		-26.23	%		-26.23	%
S&P 500 Index		-1.24	%		-1.24	%

Growth of a $10,000 Investment

(at Net Asset Value)

* Fund commenced operations on May 27, 2015. 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.

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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative Indices on previous page.

Schedule of Investments

October 31, 2015

Global X SuperDividend® ETF

Sector Weightings (unaudited)†:

	Shares		Value
COMMON STOCK — 98.5%
AUSTRALIA— 17.1%
Consumer Services — 1.7%
Myer Holdings		7,301,843	$	5,001,120
Southern Cross Media Group		14,158,446		9,899,316
				14,900,436
Financials — 6.3%
ASX		303,142		8,914,923
Bank of Queensland		910,317		8,488,516
Bendigo and Adelaide Bank		955,489		7,294,121
Commonwealth Bank of Australia		141,400		7,740,662
IOOF Holdings ^(A)		1,233,316		8,218,352
National Australia Bank		339,069		7,293,549
Westpac Banking		338,254		7,572,851
				55,522,974
Industrials — 1.3%
Sydney Airport		2,486,693		11,443,145
Oil & Gas — 1.1%
APA Group		1,460,291		9,584,970
Real Estate Investment Trust — 3.9%
Abacus Property Group		4,175,098		9,740,426
Charter Hall Retail		2,981,288		9,018,479
Cromwell Property Group		11,118,754		7,972,338

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

Schedule of Investments

October 31, 2015

Global X SuperDividend® ETF

	Shares		Value
COMMON STOCK — continued
Real Estate Investment Trust — continued
Stockland		2,725,836	$	7,876,228
				34,607,471
Telecommunications — 0.8%
Telstra		1,929,652		7,434,235
Utilities — 2.0%
DUET Group		5,007,371		8,431,120
Spark Infrastructure Group		5,869,085		8,709,581
				17,140,701
TOTAL AUSTRALIA				150,633,932
BRAZIL— 3.0%
Financials — 0.6%
Banco do Brasil		1,194,800		4,964,281
Telecommunications — 0.8%
Telefonica Brasil ADR		719,095		7,449,824
Utilities — 1.6%
Light		2,000,100		6,676,280
Transmissora Alianca de Energia Eletrica		1,429,800		7,402,604
				14,078,884
TOTAL BRAZIL				26,492,989
CANADA— 3.9%
Consumer Services — 1.1%
Parkland Fuel ^(A)		543,465		9,449,940
Oil & Gas — 1.8%
Surge Energy ^(A)		3,970,950		8,923,142
Veresen ^(A)		797,676		6,938,168
				15,861,310
Real Estate Investment Trust — 1.0%
Dream Global		1,354,399		9,409,934
TOTAL CANADA				34,721,184
CHINA— 3.4%
Consumer Goods — 1.1%
Pacific Textiles Holdings		7,081,500		10,124,130
Financials — 2.3%
Evergrande Real Estate Group		26,079,200		20,055,487
TOTAL CHINA				30,179,617
FINLAND— 4.8%
Basic Materials — 1.1%
UPM-Kymmene		521,820		9,828,150
Health Care — 1.3%
Orion, Cl B		307,778		11,056,426

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

Schedule of Investments

October 31, 2015

Global X SuperDividend® ETF

	Shares		Value
COMMON STOCK — continued
Telecommunications — 1.6%
Elisa		370,059	$	14,013,237
Utilities — 0.8%
Fortum		469,174		7,074,459
TOTAL FINLAND				41,972,272
FRANCE— 7.6%
Financials — 1.0%
Euler Hermes		97,705		9,201,060
Industrials — 1.1%
Bouygues		247,489		9,422,385
Oil & Gas — 1.1%
Total		190,680		9,298,509
Real Estate Investment Trust — 1.0%
Fonciere Des Regions		96,044		9,097,688
Utilities — 3.4%
Electricite de France		369,667		6,915,484
Suez Environnement		538,880		10,304,236
Veolia Environnement ^*		528,269		12,356,777
				29,576,497
TOTAL FRANCE				66,596,139
GERMANY— 1.2%
Telecommunications — 1.2%
Freenet		325,249		11,022,954
GREECE— 0.8%
Industrials — 0.8%
Costamare		522,887		7,357,020
HONG KONG— 1.0%
Technology — 1.0%
VTech Holdings		697,324		8,471,252
ISRAEL— 1.4%
Telecommunications — 1.4%
Bezeq The Israeli Telecommunication		5,749,539		12,383,760
ITALY— 1.2%
Utilities — 1.2%
Hera		4,005,919		10,576,129
NIGERIA— 0.9%
Financials — 0.9%
FBN Holdings		292,875,730		7,503,975
NORWAY— 1.3%
Industrials — 1.3%
Ship Finance International ^(A)		664,091		11,349,315

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

Schedule of Investments

October 31, 2015

Global X SuperDividend® ETF

	Shares		Value
COMMON STOCK — continued
PORTUGAL— 1.1%
Utilities — 1.1%
Energias de Portugal		2,631,151	$	9,789,140
SINGAPORE— 6.9%
Industrials — 2.0%
Hutchison Port Holdings Trust		14,333,675		7,955,190
Venture		1,630,161		9,626,156
				17,581,346
Real Estate Investment Trust — 4.0%
Ascendas		5,507,149		9,398,133
Mapletree Industrial Trust		8,599,000		9,363,424
Mapletree Logistics Trust		11,100,463		8,084,593
Suntec		7,017,685		8,267,890
				35,114,040
Telecommunications — 0.9%
StarHub		3,128,806		8,042,629
TOTAL SINGAPORE				60,738,015
SOUTH AFRICA— 1.0%
Real Estate Investment Trust — 1.0%
Redefine Properties		10,187,950		8,530,143
SPAIN— 0.9%
Financials — 0.9%
Banco Santander		1,368,566		7,710,146
SWEDEN— 0.9%
Telecommunications — 0.9%
TeliaSonera		1,606,117		8,271,807
UNITED KINGDOM— 9.0%
Financials — 7.9%
Admiral Group		442,797		11,030,603
Amlin		1,327,978		13,515,637
Intermediate Capital Group		1,299,296		11,357,553
Phoenix Group Holdings		786,627		10,393,196
Provident Financial		240,470		12,886,964
Standard Life		1,501,793		9,762,234
				68,946,187
Utilities — 1.1%
SSE		424,283		9,927,239
TOTAL UNITED KINGDOM				78,873,426

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

Schedule of Investments

October 31, 2015

Global X SuperDividend® ETF

	Shares		Value
COMMON STOCK — continued
UNITED STATES— 31.1%
Consumer Goods — 1.2%
Vector Group ^(A)		451,068	$	10,938,399
Financials — 4.5%
Arlington Asset Investment, Cl A		400,635		5,548,795
Armour Residential		400,042		8,208,862
BGC Partners, Cl A		1,056,665		9,140,152
New York Community Bancorp ^(A)		603,875		9,976,015
Resource Capital^(A)		509,722		6,544,830
				39,418,654
Health Care — 1.8%
AstraZeneca		146,985		9,421,795
PDL BioPharma ^(A)		1,368,387		6,267,213
				15,689,008
Industrials — 1.0%
RR Donnelley & Sons		552,135		9,314,518
Real Estate Investment Trust — 20.7%
Altisource Residential		524,817		7,552,117
American Capital Mortgage Investment		544,993		7,907,848
Annaly Capital Management		928,746		9,241,023
Apollo Commercial Real Estate Finance		595,409		9,889,743
Apollo Residential Mortgage		590,918		7,605,115
Capstead Mortgage		833,443		8,042,725
Chimera Investment		620,219		8,732,684
CYS Investments		1,118,277		8,633,098
Franklin Street Properties		786,360		8,193,871
Hatteras Financial		535,944		7,669,359
Hospitality Properties Trust		314,206		8,433,289
Invesco Mortgage Capital		646,570		7,791,168
Investors Real Estate Trust		1,306,255		10,606,791
Medical Properties Trust		660,186		7,460,102
New Residential Investment		564,849		6,851,618
New York Mortgage Trust ^(A)		1,277,411		7,255,694
NorthStar Realty Finance		530,273		6,368,579
Omega Healthcare Investors		247,188		8,532,930
PennyMac Mortgage Investment Trust		463,766		6,780,259
RAIT Financial Trust		1,352,834		6,561,245
Sabra Health Care		306,770		6,957,544
Senior Housing Properties Trust		441,206		6,701,919
Starwood Property Trust		408,260		8,201,943
				181,970,664
Telecommunications — 1.9%
Consolidated Communications Holdings		416,374		9,201,865

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

Schedule of Investments

October 31, 2015

Global X SuperDividend® ETF

	Shares/Face Amount⁽¹⁾/ Number of Rights		Value
COMMON STOCK — continued
Telecommunications — continued
Frontier Communications ^(A)		1,200,794	$	6,172,081
Windstream Holdings ^(A)		191,727		1,248,143
				16,622,089
TOTAL UNITED STATES				273,953,332
TOTAL COMMON STOCK
(Cost $949,487,372)				867,126,547

PREFERRED STOCK — 0.6%
BRAZIL— 0.6%
Financials — 0.6%
Bradespar
(Cost $6,429,830)		2,507,000		5,381,018

RIGHTS — 0.0%
Australia — 0.0%
Westpac Banking^*		14,811		51,777

Spain — 0.0%
Banco Santander^*		1,378,166		76,120

TOTAL RIGHTS
(Cost $–)				127,897

REPURCHASE AGREEMENTS — 5.3%
Barclays Bank
0.070%, dated 10/30/15, to be repurchased on 11/02/15 repurchase price $44,000,257 (collateralized by U.S. Treasury Obligations, ranging in par value $33-$16,689,451, 0.000%-2.750%, 11/05/15-02/15/45 with a total market value of $44,880,000) ^(B)	$	44,000,000		44,000,000
Deutsche Bank
0.050%, dated 10/30/15, to be repurchased on 11/02/15 repurchase price $2,835,313 (collateralized by U.S. Treasury Obligations, par value $2,835,313, 3.250%, 07/31/16 with a total market value of $2,913,284) ^(B)		2,835,301		2,835,301
TOTAL REPURCHASE AGREEMENTS
(Cost $46,835,301)				46,835,301

TIME DEPOSITS — 0.6%
Brown Brothers Harriman
0.030%, 11/02/15		5,086,508		5,086,508
1.032%, 11/02/15, AUD		209,771		149,661
0.050%, 11/02/15, CAD		50,472		38,577
0.080%, 11/02/15, GBP		53		82
0.005%, 11/02/15, HKD		29		4

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

Schedule of Investments

October 31, 2015

Global X SuperDividend® ETF

	Face Amount⁽¹⁾		Value
TIME DEPOSITS — continued
2.800%, 11/02/15, NZD		11	$	7
0.004%, 11/02/15, SGD		30		21
4.900%, 11/02/15, ZAR		3,317		241
TOTAL TIME DEPOSITS
(Cost $5,275,101)				5,275,101
TOTAL INVESTMENTS — 105.0%
(Cost $1,008,027,604)			$	924,745,864

Percentages are based on Net Assets of $880,666,002.

*	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, 2015. The total value of securities on loan at October 31, 2015 was $44,921,955.
(B)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2015 was $46,835,301.

ADR — American Depositary Receipt

AUD — Australian Dollar

CAD — Canadian Dollar

Cl — Class

EUR — Euro

GBP — British Pound Sterling

HKD — Hong Kong Dollar

NZD — New Zealand Dollar

SGD — Singapore Dollar

ZAR — South African Rand

The following is a summary of the inputs used as of October 31, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	867,126,547	$	—	$	—	$	867,126,547
Preferred Stock		5,381,018		—		—		5,381,018
Rights		127,897		—		—		127,897
Repurchase Agreements		—		46,835,301		—		46,835,301
Time Deposits		—		5,275,101		—		5,275,101
Total Investments in Securities	$	872,635,462	$	52,110,402	$	—	$	924,745,864

For the year ended October 31, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2015, there were no Level 3 investments.

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

Schedule of Investments

October 31, 2015

Global X SuperDividend® U.S. ETF

Sector Weightings (unaudited)†:

	Shares		Value
COMMON STOCK — 83.2%
Basic Materials — 1.5%
Kronos Worldwide		522,071	$	4,124,361
Consumer Goods — 16.1%
Altria Group		116,701		7,056,910
B&G Foods		230,136		8,351,635
Mattel ^(A)		251,152		6,173,316
Philip Morris International		78,630		6,950,892
Reynolds American		174,960		8,454,067
Universal ^(A)		136,605		7,378,036
				44,364,856
Consumer Services — 2.6%
Six Flags Entertainment		136,432		7,099,921
Financials — 14.4%
Apollo Commercial Real Estate Finance		406,391		6,750,155
Apollo Residential Mortgage		439,712		5,659,093
Arlington Asset Investment, Cl A ^(A)		284,941		3,946,433
Chimera Investment		431,886		6,080,955
New York Community Bancorp ^(A)		390,359		6,448,730
New York Mortgage Trust ^(A)		896,716		5,093,347
Starwood Property Trust		274,622		5,517,156
				39,495,869
Health Care — 1.5%
PDL BioPharma ^(A)		928,157		4,250,959

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

Schedule of Investments

October 31, 2015

Global X SuperDividend® U.S. ETF

	Shares		Value
COMMON STOCK — continued
Industrials — 4.2%
Covanta Holding		306,090	$	5,130,069
Macquarie Infrastructure		80,517		6,405,127
				11,535,196
Real Estate Investment Trusts — 11.3%
AG Mortgage Investment Trust		373,317		5,678,151
Capstead Mortgage		568,615		5,487,135
Colony Capital		262,703		5,343,379
Communications Sales & Leasing		157,307		3,160,298
CYS Investments		781,023		6,029,497
Western Asset Mortgage Capital ^(A)		480,185		5,483,713
				31,182,173
Telecommunications — 8.2%
AT&T		189,140		6,338,081
CenturyLink		178,561		5,037,206
Frontier Communications		798,549		4,104,542
Verizon Communications		130,578		6,121,497
Windstream Holdings ^(A)		124,131		808,093
				22,409,419
Utilities — 23.4%
Ameren		151,057		6,598,170
Avista		187,700		6,353,645
Consolidated Edison		100,267		6,592,555
Duke Energy		81,191		5,802,721
Empire District Electric		252,511		5,694,123
Entergy		80,592		5,493,150
Northwest Natural Gas		133,168		6,361,435
PPL		186,405		6,412,332
Southern		138,798		6,259,790
Talen Energy ^*		20,998		182,263
TECO Energy		320,177		8,644,779
				64,394,963
TOTAL COMMON STOCK
(Cost $245,018,026)				228,857,717

MASTER LIMITED PARTNERSHIPS — 16.1%
Consumer Services — 2.5%
Stonemor Partners		226,766		6,982,125
Oil & Gas — 11.6%
CSI Compressco		398,319		5,660,113
Enbridge Energy Partners		163,774		4,575,846
Energy Transfer Partners		108,210		4,778,554

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

Schedule of Investments

October 31, 2015

Global X SuperDividend® U.S. ETF

	Shares/Face Amount		Value
MASTER LIMITED PARTNERSHIPS — continued
Oil & Gas — continued
Exterran Partners		131,000	$	2,616,070
Martin Midstream Partners		217,237		6,289,011
Midcoast Energy Partners		255,905		3,224,403
TC PipeLines		90,597		4,680,241
				31,824,238
Utilities — 2.0%
Ferrellgas Partners		266,158		5,429,623
TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $49,034,319)				44,235,986

REPURCHASE AGREEMENTS — 3.9%
Barclays Bank
0.070%, dated 10/30/15, to be repurchased on 11/02/15 repurchase price $9,000,053 (collateralized by U.S. Treasury Obligations, ranging in par value $20.00-$5,130,760, 0.000%-2.750%, 11/05/15-02/15/45 with a total market value of $9,180,000) ^(B)	$	9,000,000		9,000,000
Deutsche Bank
0.050%, dated 10/30/15, to be repurchased on 11/02/15 repurchase price $1,708,562 (collateralized by U.S. Treasury Obligations, par value $1,708,562, 3.250%, 07/31/16 with a total market value of $1,755,548) ^(B)		1,708,555		1,708,555
TOTAL REPURCHASE AGREEMENTS
(Cost $10,708,555)				10,708,555
TIME DEPOSIT — 0.5%
Brown Brothers Harriman, 0.030%, 11/02/15
(Cost $1,407,051)		1,407,051		1,407,051
TOTAL INVESTMENTS — 103.7%
(Cost $306,167,951)			$	285,209,309

Percentages are based on Net Assets of $274,998,625.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at October 31, 2015. The total value of securities on loan at October 31, 2015 was $10,251,104.
(B)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2015 was $10,708,555.

Cl — Class

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

Schedule of Investments

October 31, 2015

Global X SuperDividend® U.S. ETF

The following is a summary of the inputs used as of October 31, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	228,857,717	$	—	$	—	$	228,857,717
Master Limited Partnerships		44,235,986		—		—		44,235,986
Repurchase Agreements		—		10,708,555		—		10,708,555
Time Deposit		—		1,407,051		—		1,407,051
Total Investments in Securities	$	273,093,703	$	12,115,606	$	—	$	285,209,309

For the year ended October 31, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2015, there were no Level 3 investments.

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

Schedule of Investments

October 31, 2015

Global X SuperDividend® Emerging Markets ETF‡

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 92.4%
BRAZIL— 10.6%
Consumer Services — 1.6%
Multiplus		6,140	$	54,856
Industrials — 2.2%
CCR		13,510		42,600
EcoRodovias Infraestrutura e Logistica		20,600		31,889
				74,489
Oil & Gas — 1.8%
Petroleo Brasileiro ADR ^*		12,664		61,800
Utilities — 5.0%
CPFL Energia ^*		12,509		50,412
EDP - Energias do Brasil		23,880		70,081
Light		15,200		50,737
				171,230
TOTAL BRAZIL				362,375
CHINA— 19.2%
Basic Materials — 1.9%
China Hongqiao Group		124,433		65,025
Consumer Services — 4.0%
Intime Retail Group		125,100		138,496
Financials — 10.5%
Agile Property Holdings		130,200		71,063
Country Garden Holdings		199,600		76,233
Evergrande Real Estate Group		204,488		157,256
SOHO China		113,200		58,425
				362,977

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

Schedule of Investments

October 31, 2015

Global X SuperDividend® Emerging Markets ETF‡

	Shares		Value
COMMON STOCK — continued
Oil & Gas — 2.8%
Sinopec Engineering Group, Cl H		109,800	$	94,923
TOTAL CHINA				661,421
CZECH REPUBLIC— 2.0%
Utilities — 2.0%
CEZ		3,440		69,143
GREECE— 1.9%
Industrials — 1.9%
Costamare		4,592		64,609
HONG KONG— 2.6%
Financials — 2.6%
KWG Property Holding		125,450		90,970
INDIA— 6.5%
Basic Materials — 1.5%
NMDC		34,470		52,883
Financials — 2.7%
Indiabulls Housing Finance		8,250		90,971
Technology — 2.3%
Hexaware Technologies		21,440		78,729
TOTAL INDIA				222,583
MALAYSIA— 7.9%
Basic Materials — 2.7%
HAP Seng Consolidated		63,870		89,948
Financials — 1.8%
Malayan Banking		32,800		63,065
Telecommunications — 1.8%
Maxis		40,500		62,126
Utilities — 1.6%
YTL		156,840		55,128
TOTAL MALAYSIA				270,267
MEXICO— 3.9%
Real Estate Investment Trust — 3.9%
Mexico Real Estate Management		48,400		66,939
PLA Administradora Industrial S de RL		37,000		68,074
TOTAL MEXICO				135,013
POLAND— 3.4%
Telecommunications — 1.8%
Orange Polska		33,050		60,830
Utilities — 1.6%
PGE		14,600		54,539

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

Schedule of Investments

October 31, 2015

Global X SuperDividend® Emerging Markets ETF‡

	Shares		Value
COMMON STOCK — continued
TOTAL POLAND			$	115,369
RUSSIA— 10.9%
Oil & Gas — 5.2%
Gazprom OAO ADR		19,681		82,857
Rosneft OAO GDR		24,185		96,740
				179,597
Telecommunications — 5.7%
Mobile TeleSystems ADR		10,286		72,311
Sistema GDR		17,411		121,006
				193,317
TOTAL RUSSIA				372,914
SOUTH AFRICA— 11.7%
Basic Materials — 3.4%
Assore		5,590		32,391
Kumba Iron Ore		4,105		17,815
Sasol		2,130		68,371
				118,577
Oil & Gas — 1.1%
Exxaro Resources		8,690		36,172
Real Estate Investment Trust — 5.7%
Capital Property Fund		62,300		72,828
Growthpoint Properties		31,400		57,698
Redefine Properties		80,200		67,150
				197,676
Telecommunications — 1.5%
MTN Group		4,530		51,775
TOTAL SOUTH AFRICA				404,200
THAILAND— 3.4%
Oil & Gas — 1.4%
PTT Exploration & Production		23,350		47,924
Telecommunications — 2.0%
Intouch Holdings		32,000		67,478
TOTAL THAILAND				115,402
TURKEY— 3.1%
Consumer Services — 1.5%
Dogus Otomotiv Servis ve Ticaret		13,830		50,350
Industrials — 1.6%
Turk Traktor ve Ziraat Makineleri		2,380		56,729
TOTAL TURKEY				107,079

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

Schedule of Investments

October 31, 2015

Global X SuperDividend® Emerging Markets ETF‡

	Shares		Value
COMMON STOCK — continued
UNITED KINGDOM— 5.3%
Basic Materials — 5.3%
MMC Norilsk Nickel ADR		4,868	$	72,290
Vedanta Resources		14,380		109,821
TOTAL UNITED KINGDOM				182,111
TOTAL COMMON STOCK
(Cost $3,580,854)				3,173,456

PREFERRED STOCK — 7.3%
BRAZIL— 4.2%
Financials — 1.2%
Bradespar		18,540		39,794
Utilities — 3.0%
Cia Energetica de Sao Paulo		10,850		45,730
Cia Paranaense de Energia		6,750		57,075
				102,805
TOTAL BRAZIL				142,599
RUSSIA— 3.1%
Oil & Gas — 3.1%
Surgutneftegas OAO		157,100		107,013
TOTAL PREFERRED STOCK
(Cost $311,706)				249,612
TOTAL INVESTMENTS — 99.7%
(Cost $3,892,560)			$	3,423,068

Percentages are based on Net Assets of $3,433,051.

*	Non-income producing security.
‡	Fund commenced operations on March 16, 2015.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

As of October 31, 2015, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended October 31, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2015, there were no Level 3 investments.

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

Schedule of Investments

October 31, 2015

Global X SuperDividend® REIT ETF‡

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.4%
AUSTRALIA— 10.7%
Real Estate Investment Trusts — 10.7%
Federation Centres ^(A)		69,665	$	144,634
GPT Group		43,334		147,473
Stockland		44,922		129,801
TOTAL AUSTRALIA				421,908
CANADA— 9.5%
Real Estate Investment Trusts — 9.5%
Cominar Real Estate Investment Trust		10,198		119,880
H&R Real Estate Investment Trust		8,005		128,364
RioCan Real Estate Investment Trust		6,616		128,947
TOTAL CANADA				377,191
SOUTH AFRICA— 3.3%
Real Estate Investment Trusts — 3.3%
Redefine Properties		158,100		132,374
UNITED STATES— 75.9%
Real Estate Investment Trusts — 75.9%
American Capital Agency		7,260		129,446
American Capital Mortgage Investment		8,474		122,958
Annaly Capital Management		15,012		149,368
Anworth Mortgage Asset		30,535		145,651
Armour Residential		6,061		124,372
Blackstone Mortgage Trust, Cl A		5,271		145,058
Capstead Mortgage		13,086		126,280
Chambers Street Properties		18,285		129,458
Chimera Investment		10,158		143,025
Columbia Property Trust		6,274		155,845
Corrections Corp of America		3,891		110,894
CYS Investments		18,030		139,192
EPR Properties		2,361		134,128
Government Properties Income Trust		6,787		110,492
Hatteras Financial		8,668		124,039
Liberty Property Trust		3,791		128,970
MFA Financial		20,076		138,926
PennyMac Mortgage Investment Trust		6,911		101,039

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

Schedule of Investments

October 31, 2015

Global X SuperDividend® REIT ETF‡

	Shares		Value
COMMON STOCK — continued
Real Estate Investment Trusts — continued
Select Income		6,195	$	125,139
Spirit Realty Capital		11,918		121,325
Starwood Property Trust		6,452		129,621
Two Harbors Investment		15,243		128,956
WP Carey		2,132		135,105
TOTAL UNITED STATES				2,999,287
TOTAL COMMON STOCK
(Cost $4,293,419)				3,930,760
TOTAL INVESTMENTS — 99.4%
(Cost $4,293,419)			$	3,930,760

Percentages are based on Net Assets of $3,953,805.

‡	The Fund commenced operations on March 16, 2015.
(A)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such security as of October 31, 2015 was $144,634 and represents 3.7% of Net Assets.

Cl — Class

The following is a summary of the inputs used as of October 31, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	3,786,126	$	144,634	$	—	$	3,930,760
Total Investments in Securities	$	3,786,126	$	144,634	$	—	$	3,930,760

For the period ended October 31, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2015, there were no Level 3 investments.

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

Schedule of Investments

October 31, 2015

Global X SuperIncome™ Preferred ETF

Sector Weightings (unaudited)†:

	Shares		Value
PREFERRED STOCK — 99.7%
BERMUDA— 1.3%
Financials — 1.3%
PartnerRe, 0.000%		104,986	$	3,000,500
LUXEMBOURG— 2.6%
Basic Materials — 2.6%
ArcelorMittal, 6.000%		675,322		6,104,911
NETHERLANDS— 6.2%
Financials — 6.2%
Aegon, 6.375%		280,579		7,182,822
ING Groep, 7.050%		123,022		3,237,939
ING Groep, 6.375%		161,198		4,128,281
				14,549,042
TOTAL NETHERLANDS				14,549,042
UNITED STATES— 89.6%
Basic Materials — 2.3%
Alcoa, 5.375%^(A)		172,416		5,453,518
Consumer Goods — 3.3%
CHS, 7.500%		145,416		4,038,202
CHS, 6.750%^{(A) (B)}		137,808		3,715,304
				7,753,506
Consumer Services — 2.1%
Weyerhaeuser, 0.000%		97,340		4,885,495
Financials — 64.8%
Aegon, 8.000%		149,090		4,126,811
Ally Financial, 8.500%^(B)		93,807		2,410,840
Barclays Bank, 8.125%		230,625		6,060,825

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

Schedule of Investments

October 31, 2015

Global X SuperIncome™ Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Barclays Bank, 7.750%		99,780	$	2,619,225
Barclays Bank, 7.100%		119,039		3,087,872
Capital One Financial, 6.700%^(A)		141,614		3,853,317
Capital One Financial, 6.250%		141,431		3,663,063
Citigroup, 7.125%^(B)		114,770		3,164,209
Citigroup, 6.875%		58,195		1,559,044
Citigroup Capital XIII, 7.875%^(B)		270,968		6,882,587
Colony Capital, 0.000%		86,557		1,960,516
Countrywide Capital IV, 6.750%		80,658		2,076,943
Countrywide Capital V, 7.000%		238,041		6,112,893
Deutsche Bank Contingent Capital Trust III, 7.600%		249,939		6,683,369
Deutsche Bank Contingent Capital Trust V, 8.050%		174,221		4,763,202
Discover Financial Services, 6.500%		163,075		4,352,472
First Niagara Financial Group, 8.625%^(B)		98,026		2,699,636
GMAC Capital Trust I, 8.125%^(B)		359,679		9,290,508
Hartford Financial Services Group, 7.875%^(B)		174,805		5,383,994
HSBC Holdings, 8.125%^(A)		168,153		4,447,647
HSBC Holdings, 8.000%		284,098		7,386,548
ING Groep, 7.200%		169,628		4,451,039
JPMorgan Chase, 6.700%		259,870		7,016,490
Ladenburg Thalmann Financial Services, 8.000%^(A)		102,151		2,430,172
Merrill Lynch Preferred Capital Trust V, 7.280%		134,848		3,515,487
Morgan Stanley, 7.125%^{(A) (B)}		168,203		4,684,454
Morgan Stanley, 6.875%^(B)		167,537		4,531,876
Morgan Stanley, 6.625%^(A)		97,970		2,621,677
RBS Capital Fund Trust, 0.000%		224,778		5,596,972
Regions Financial, 6.375%^(B)		142,166		3,764,556
Regions Financial, 6.375%		140,286		3,647,436
Royal Bank of Scotland Group, 7.250%		159,364		4,060,595
Royal Bank of Scotland Group, 6.600%^(A)		82,534		2,095,538
Wells Fargo, 8.000%		420,171		11,785,797
				152,787,610
Oil & Gas — 3.7%
Southwestern Energy, 6.250%		250,779		7,029,636
WPX Energy, 0.000%		45,776		1,693,254
				8,722,890
Real Estate Investment Trusts — 4.4%
Digital Realty Trust, 7.375%		102,926		2,825,319
Vereit, 6.700%^(A)		304,489		7,554,372
				10,379,691
Telecommunications — 9.0%
Frontier Communications, 0.000%		121,750		12,069,078
Qwest, 7.500%		161,852		4,240,522

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

Schedule of Investments

October 31, 2015

Global X SuperIncome™ Preferred ETF

	Shares/Face Amount		Value
PREFERRED STOCK — continued
Telecommunications — continued
Qwest, 7.375%		186,270	$	4,807,629
				21,117,229
TOTAL UNITED STATES				211,099,939
TOTAL PREFERRED STOCK
(Cost $251,559,409)				234,754,392

REPURCHASE AGREEMENT — 2.1%
Deutsche Bank
0.050%, dated 10/30/15, to be repurchased on 11/02/15 repurchase price $5,029,221 (collateralized by U.S. Treasury Obligations, par value $5,029,221, 3.250%, 07/31/16 with a total market value of $5,167,525) ^(C)
(Cost $5,029,200)	$	5,029,200		5,029,200
TIME DEPOSIT — 0.8%
Brown Brothers Harriman, 0.030%, 11/02/15
(Cost $1,828,540)		1,828,540		1,828,540
TOTAL INVESTMENTS — 102.6%
(Cost $258,417,149)			$	241,612,132

Percentages are based on Net Assets of $235,426,807.

(A)	This security or a partial position of this security is on loan at October 31, 2015. The total value of securities on loan at October 31, 2015 was $4,907,868.
(B)	Floating rate security - Rate disclosed is the rate in effect on October 31, 2015.
(C)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2015 was $5,029,200.

Ser — Series

The following is a summary of the inputs used as of October 31, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Preferred Stock	$	234,754,392	$	—	$	—	$	234,754,392
Time Deposit		—		1,828,540		—		1,828,540
Repurchase Agreement		—		5,029,200		—		5,029,200
Total Investments in Securities	$	234,754,392	$	6,857,740	$	—	$	241,612,132

For the year ended October 31, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2015, there were no Level 3 investments.

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

Schedule of Investments

October 31, 2015

Global X Social Media Index ETF

Sector Weightings (unaudited)†:

	Shares		Value
COMMON STOCK — 100.3%
CHINA— 22.2%
Technology — 22.2%
Changyou.com ADR ^*		7,384	$	147,385
NetEase ADR		25,863		3,737,979
Renren ADR ^*		159,664		577,984
Tencent Holdings		402,905		7,621,305
Youku.com ADR ^*		145,259		3,535,604
YY ADR ^{* (A)}		26,158		1,489,436
TOTAL CHINA				17,109,693
GERMANY— 0.8%
Technology — 0.8%
XING		3,342		663,039
IRELAND— 1.9%
Consumer Goods — 1.9%
King Digital Entertainment ^{* (A)}		96,725		1,447,006
JAPAN— 10.7%
Technology — 10.7%
Dena ^{* (A)}		125,731		2,033,784
Gree ^{* (A)}		123,835		630,078
Mixi ^*		49,130		1,889,068
Nexon		265,572		3,714,817
TOTAL JAPAN				8,267,747
RUSSIA— 9.4%
Technology — 9.4%
Mail.ru Group GDR ^*		152,938		2,982,291
Yandex, Cl A ^*		266,110		4,284,371
TOTAL RUSSIA				7,266,662

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

Schedule of Investments

October 31, 2015

Global X Social Media Index ETF

	Shares/Face Amount⁽¹⁾		Value
COMMON STOCK — continued

TAIWAN— 1.2%
Technology — 1.2%
PChome Online		81,833	$	920,081
UNITED STATES— 54.1%
Technology — 54.1%
Alphabet ^*		5,202		3,835,903
Angie's List ^{* (A)}		52,225		403,699
Demand Media ^*		154		670
Facebook, Cl A ^*		78,103		7,964,163
Groupon, Cl A ^*		563,962		2,092,299
Jive Software ^*		56,101		273,212
LinkedIn, Cl A ^*		38,560		9,287,947
Nutrisystem		33,927		784,731
Pandora Media ^*		181,591		2,090,112
SINA ^*		68,405		3,258,814
Twitter ^*		116,127		3,304,974
United Online ^*		16,683		194,858
Weibo ADR ^{* (A)}		30,939		498,737
Yahoo! ^*		108,420		3,861,920
Yelp, Cl A ^*		78,530		1,747,293
Zynga, Cl A ^*		909,840		2,156,321
TOTAL UNITED STATES				41,755,653
TOTAL COMMON STOCK
(Cost $92,191,167)				77,429,881

REPURCHASE AGREEMENT — 4.6%
Deutsche Bank
0.050%, dated 10/30/15, to be repurchased on 11/02/15 repurchase price $3,529,766 (collateralized by U.S. Treasury Obligations, par value $3,529,766, 3.250%, 07/31/16 with a total market value of $3,626,834) ^(B)
(Cost $3,529,751)	$	3,529,751		3,529,751
TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.030%, 11/02/15
(Cost $71,538)		71,538		71,538
TOTAL INVESTMENTS — 105.0%
(Cost $95,792,456)			$	81,031,170

Percentages are based on Net Assets of $77,144,752.

*	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, 2015. The total value of securities on loan at October 31, 2015 was $3,423,061.

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

Schedule of Investments

October 31, 2015

Global X Social Media Index ETF

(B)

These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2015 was $3,529,751.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

The following is a summary of the inputs used as of October 31, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	77,429,881	$	—	$	—	$	77,429,881
Time Deposit		—		71,538		—		71,538
Repurchase Agreement		—		3,529,751		—		3,529,751
Total Investments in Securities	$	77,429,881	$	3,601,289	$	—	$	81,031,170

For the year ended October 31, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2015, there were no Level 3 investments.

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

Schedule of Investments	October 31, 2015

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 — 99.9%
iShares 1-3 Year Treasury Bond ETF, Cl 3		48,788	$	4,138,686
iShares 20+ Year Treasury Bond ETF		13,377		1,642,428
iShares iBoxx $ Investment Grade Corporate Bond ETF		14,300		1,664,806
iShares JP Morgan USD Emerging Markets Bond ETF		7,827		849,230
TOTAL EXCHANGE TRADED FUNDS
(Cost $8,268,821)				8,295,150

TIME DEPOSIT — 0.2%
Brown Brothers Harriman, 0.030%, 11/02/15
(Cost $12,732)	$	12,732		12,732

TOTAL INVESTMENTS — 100.1%
(Cost $8,281,553)			$	8,307,882

Percentages are based on Net Assets of $8,302,420.

Cl — Class

ETF — Exchange Traded Fund

USD — U.S. Dollar

The following is a summary of the inputs used as of October 31, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	8,295,150	$	—	$	—	$	8,295,150
Time Deposit		—		12,732		—		12,732
Total Investments in Securities	$	8,295,150	$	12,732	$	—	$	8,307,882

For the year ended October 31, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2015, there were no Level 3 investments.

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

Schedule of Investments	October 31, 2015

Global X \| JPMorgan US Sector Rotator 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 1-3 Year Treasury Bond ETF, Cl 3		98,554	$	8,360,336
SPDR Dow Jones REIT ETF		30,116		2,745,375
Utilities Select Sector SPDR Fund		68,880		3,013,500
TOTAL EXCHANGE TRADED FUNDS
(Cost $13,934,295)				14,119,211

TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.030%, 11/02/15
(Cost $16,371)	$	16,371		16,371

TOTAL INVESTMENTS — 100.1%
(Cost $13,950,666)			$	14,135,582

Percentages are based on Net Assets of $14,127,289.

Cl — Class

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, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	14,119,211	$	—	$	—	$	14,119,211
Time Deposit		—		16,371		—		16,371
Total Investments in Securities	$	14,119,211	$	16,371	$	—	$	14,135,582

For the year ended October 31, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2015, there were no Level 3 investments.

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

Schedule of Investments	October 31, 2015

Global X Permanent ETF

Sector Weightings (unaudited)†:

	Face Amount⁽¹⁾/ Shares		Value
U.S. TREASURY OBLIGATIONS — 50.3%
U.S. Treasury Bonds
4.625%, 02/15/40	$	518,200	$	684,301
4.375%, 05/15/40		541,700		690,512
4.375%, 11/15/39		541,800		690,837
3.875%, 08/15/40		579,318		685,285

U.S. Treasury Notes
1.500%, 07/31/16		660,000		665,414
1.500%, 06/30/16		664,000		669,006
1.000%, 08/31/16		665,000		668,126
0.875%, 11/30/16		668,000		670,836

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $5,329,514)				5,424,317

EXCHANGE TRADED COMMODITIES — 24.3%
ETFS Physical Gold ^*		9,440		1,042,507
ETFS Physical Silver ^*		31,662		472,234
ETFS Physical Silver (GBP shares) ^*		3,802		56,698
Gold Bullion Securities ^*		9,569		1,042,830
TOTAL EXCHANGE TRADED COMMODITIES
(Cost $3,731,980)				2,614,269

COMMON STOCK — 18.7%
AUSTRALIA— 0.3%
Basic Materials — 0.3%
BHP Billiton ADR		878		28,878

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

Schedule of Investments	October 31, 2015

Global X Permanent ETF

	Shares		Value
COMMON STOCK — continued
CANADA— 0.2%
Basic Materials — 0.2%
Potash Corp of Saskatchewan		1,149	$	23,244
FRANCE— 0.3%
Oil & Gas — 0.3%
Total		712		34,721
NETHERLANDS— 0.3%
Oil & Gas — 0.3%
Royal Dutch Shell ADR, Cl A		625		32,787
PERU— 0.3%
Basic Materials — 0.3%
Southern Copper		1,205		33,451
SWITZERLAND— 0.4%
Basic Materials — 0.4%
Glencore		8,630		14,994
Syngenta ADR		447		30,079
TOTAL SWITZERLAND				45,073
UNITED KINGDOM— 0.9%
Basic Materials — 0.6%
MMC Norilsk Nickel ADR		2,000		29,700
Rio Tinto ADR		867		31,654
				61,354
Oil & Gas — 0.3%
BP		5,300		31,628
TOTAL UNITED KINGDOM				92,982
UNITED STATES— 16.0%
Consumer Goods — 1.7%
Altria Group		391		23,644
Archer-Daniels-Midland		737		33,652
Coca-Cola		464		19,650
Monsanto		334		31,136
PepsiCo		205		20,949
Philip Morris International		238		21,039
Procter & Gamble		245		18,713
Walgreens Boots Alliance		227		19,222
				188,005
Consumer Services — 1.3%
Amazon.com ^*		44		27,540
Comcast, Cl A		318		19,913

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

Schedule of Investments	October 31, 2015

Global X Permanent ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
CVS Health		183	$	18,077
Home Depot		173		21,390
McDonald's		202		22,674
Wal-Mart Stores		270		15,455
Walt Disney		168		19,108
				144,157
Financials — 1.4%
Bank of America		1,127		18,911
Berkshire Hathaway, Cl B ^*		140		19,043
Citigroup		347		18,450
Goldman Sachs Group		92		17,250
JPMorgan Chase		283		18,183
Mastercard, Cl A		205		20,293
Visa, Cl A		285		22,110
Wells Fargo		340		18,407
				152,647
Health Care — 2.1%
AbbVie		285		16,972
Allergan ^*		63		19,434
Amgen		125		19,773
Biogen Idec ^*		48		13,944
Bristol-Myers Squibb		289		19,059
Celgene ^*		166		20,370
Eli Lilly		229		18,679
Gilead Sciences		163		17,625
Johnson & Johnson		196		19,802
Merck		336		18,366
Pfizer		573		19,379
UnitedHealth Group		157		18,491
				221,894
Industrials — 1.2%
3M		130		20,437
Boeing		138		20,433
Deere		366		28,548
General Electric		718		20,765
Union Pacific		197		17,602
United Technologies		173		17,025
				124,810
Oil & Gas — 0.8%
Chevron		369		33,535
Exxon Mobil		428		35,413
Schlumberger		223		17,429
				86,377

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

Schedule of Investments	October 31, 2015

Global X Permanent ETF

	Shares/Face Amount⁽¹⁾		Value
COMMON STOCK — continued
Real Estate Investment Trusts — 5.5%
American Tower, Cl A		572	$	58,476
AvalonBay Communities		335		58,568
Care Capital Properties		209		6,887
Crown Castle International		665		56,831
Equity Residential		760		58,763
General Growth Properties		2,082		60,274
ProLogis		1,439		61,489
Public Storage		290		66,543
Simon Property Group		309		62,251
Ventas		838		45,017
Welltower		813		52,739
				587,838
Technology — 1.7%
Alphabet ^*		33		24,334
Apple		152		18,164
Cisco Systems		697		20,108
Facebook, Cl A ^*		222		22,637
Intel		629		21,298
International Business Machines		118		16,530
Microsoft		434		22,846
Oracle		453		17,594
QUALCOMM		306		18,183
				181,694
Telecommunications — 0.3%
AT&T		537		17,995
Verizon Communications		410		19,221
				37,216
TOTAL UNITED STATES				1,724,638
TOTAL COMMON STOCK
(Cost $1,886,428)				2,015,774

EXCHANGE TRADED FUNDS — 5.6%
Vanguard FTSE All-World ex-US ETF, Cl U		6,631		301,578
Vanguard Small-Cap ETF		2,649		302,198
TOTAL EXCHANGE TRADED FUNDS
(Cost $567,483)				603,776

TIME DEPOSITS — 0.7%
Brown Brothers Harriman
0.030%, 11/02/15	$	77,059		77,059
0.080%, 11/02/15, GBP		2		3
TOTAL TIME DEPOSITS
(Cost $77,062)				77,062

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

Schedule of Investments	October 31, 2015

Global X Permanent ETF

	Value

TOTAL INVESTMENTS — 99.6%
(Cost $11,592,467)	$	10,735,198

Percentages are based on Net Assets of $10,773,714.

(1)	In U.S. Dollars unless otherwise indicated.
*	Non-income producing security.

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, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
U.S. Treasury Obligations	$	—	$	5,424,317	$	—	$	5,424,317
Exchange Traded Commodities		2,614,269		—		—		2,614,269
Common Stock		2,015,774		—		—		2,015,774
Exchange Traded Funds		603,776		—		—		603,776
Time Deposits		—		77,062		—		77,062
Total Investments in Securities	$	5,233,819	$	5,501,379	$	—	$	10,735,198

For the year ended October 31, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2015, there were no Level 3 investments.

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

Schedule of Investments	October 31, 2015

Global X Guru™ Index ETF

Sector Weightings (unaudited)†:

	Shares		Value
COMMON STOCK — 97.4%
CANADA— 3.3%
Health Care — 1.0%
Valeant Pharmaceuticals International ^*		19,341	$	1,813,606
Industrials — 2.3%
Canadian Pacific Railway		30,739		4,318,830
TOTAL CANADA				6,132,436
IRELAND— 3.7%
Health Care — 3.7%
Horizon Pharma ^{* (A)}		151,764		2,385,730
Shire ADR		19,650		4,461,533
TOTAL IRELAND				6,847,263
MEXICO— 2.5%
Telecommunications — 2.5%
America Movil ADR, Ser L		257,318		4,582,834
UNITED KINGDOM— 2.3%
Consumer Services — 2.3%
Liberty Global ^*		99,235		4,231,380
UNITED STATES— 85.6%
Basic Materials — 2.9%
Celanese, Cl A		74,670		5,305,304

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

Schedule of Investments	October 31, 2015

Global X Guru™ Index ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — 12.9%
Darling Ingredients ^*		347,773	$	3,519,463
DR Horton		154,795		4,557,165
General Motors		152,802		5,334,318
Mondelez International, Cl A		104,560		4,826,489
NIKE, Cl B		42,011		5,504,701
				23,742,136
Consumer Services — 13.8%
CBS, Cl B		96,546		4,491,320
Houghton Mifflin Harcourt ^*		204,190		4,000,082
Michaels ^*		190,201		4,446,900
Netflix ^*		38,524		4,175,231
Pandora Media ^*		251,830		2,898,563
priceline.com ^*		3,699		5,379,234
				25,391,330
Financials — 16.9%
Ally Financial ^*		221,627		4,414,810
American International Group		75,128		4,737,571
Bank of New York Mellon		109,635		4,566,298
Citigroup		83,612		4,445,650
JPMorgan Chase		70,966		4,559,565
Moody's		43,407		4,174,017
Voya Financial		107,350		4,355,190
				31,253,101
Health Care — 8.8%
Allergan ^*		15,037		4,638,463
Cigna		32,952		4,416,886
Depomed ^*		153,743		2,690,502
Humana		25,458		4,547,563
				16,293,414
Industrials — 10.1%
FleetCor Technologies ^*		29,479		4,270,328
Owens-Illinois ^*		217,400		4,684,970
RR Donnelley & Sons ^(A)		300,453		5,068,642
Spirit Aerosystems Holdings, Cl A ^*		85,611		4,515,124
				18,539,064
Oil & Gas — 1.9%
Cheniere Energy ^*		70,864		3,509,185
Real Estate Investment Trusts — 5.2%
American Tower, Cl A		47,617		4,867,886
Crown Castle International		55,953		4,781,743
				9,649,629
Technology — 13.1%
Akamai Technologies ^*		65,660		3,993,442

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

Schedule of Investments	October 31, 2015

Global X Guru™ Index ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Technology — continued
Apple		41,238	$	4,927,941
CDK Global		93,081		4,634,503
CDW		121,602		5,434,393
Facebook, Cl A ^*		51,427		5,244,011
				24,234,290
TOTAL UNITED STATES				157,917,453
TOTAL COMMON STOCK
(Cost $188,969,327)				179,711,366

MASTER LIMITED PARTNERSHIPS — 2.4%
UNITED STATES— 2.4%
Oil & Gas — 2.4%
Enterprise Products Partners
(Cost $5,205,006)		163,151		4,507,862


REPURCHASE AGREEMENT — 1.4%
Deutsche Bank
0.050%, dated 10/30/15, to be repurchased on 11/02/15 repurchase price $2,487,610 (collateralized by U.S. Treasury Obligations, par value $2,487,610, 3.250%, 07/31/16 with a total market value of $2,556,020) ^(B)
(Cost $2,487,600)	$	2,487,600		2,487,600
TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.030%, 11/02/15
(Cost $264,466)		264,466		264,466
TOTAL INVESTMENTS — 101.3%
(Cost $196,926,399)			$	186,971,294

Percentages are based on Net Assets of $184,504,854.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at October 31, 2015. The total value of securities on loan at October 31, 2015 was $2,248,289.
(B)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2015 was $2,487,600.

ADR — American Depositary Receipt

Cl — Class

Ser — Series

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

Schedule of Investments	October 31, 2015

Global X Guru™ Index ETF

The following is a summary of the inputs used as of October 31, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	179,711,366	$	—	$	—	$	179,711,366
Master Limited Partnership		4,507,862		—		—		4,507,862
Time Deposit		—		264,466		—		264,466
Repurchase Agreement		—		2,487,600		—		2,487,600
Total Investments in Securities	$	184,219,228	$	2,752,066	$	—	$	186,971,294

For the year ended October 31, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2015, there were no Level 3 investments.

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

Schedule of Investments	October 31, 2015

Global X Guru™ Activist Index ETF‡

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.8%
CANADA— 6.6%
Basic Materials — 1.9%
Agrium		535	$	49,792
Consumer Services — 2.0%
Restaurant Brands International		1,312		52,690
Health Care — 0.8%
Valeant Pharmaceuticals International ^*		227		21,286
Industrials — 1.9%
Canadian Pacific Railway		361		50,721
TOTAL CANADA				174,489
UNITED STATES— 93.2%
Basic Materials — 8.3%
Air Products & Chemicals		386		53,646
Dow Chemical		1,240		64,071
EI du Pont de Nemours		1,045		66,254
Freeport-McMoRan Copper & Gold		3,386		39,853
				223,824
Consumer Goods — 8.1%
ConAgra Foods		1,256		50,931
Mondelez International, Cl A		1,227		56,638
PepsiCo		568		58,044
Walgreens Boots Alliance		612		51,824
				217,437
Consumer Services — 14.7%
eBay ^*		2,004		55,912
Hertz Global Holdings ^*		3,033		59,144
McDonald's		563		63,196

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

Schedule of Investments	October 31, 2015

Global X Guru™ Activist Index ETF‡

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Sysco		1,378	$	56,843
Time Warner		714		53,792
Twenty-First Century Fox, Cl B		1,878		57,992
Yum! Brands		667		47,297
				394,176
Financials — 12.1%
American Express		700		51,282
Aon		553		51,600
Bank of New York Mellon		1,287		53,604
CBRE Group, Cl A ^*		1,496		55,771
Intercontinental Exchange		235		59,314
Loews		1,461		53,268
				324,839
Health Care — 11.6%
Allergan ^*		177		54,598
Amgen		334		52,832
Baxter International		1,391		52,010
Hologic ^*		1,321		51,334
Progenics Pharmaceuticals ^*		6,831		50,140
Zoetis, Cl A		1,165		50,107
				311,021
Industrials — 2.0%
FedEx		344		53,681
Oil & Gas — 12.7%
Baker Hughes		999		52,627
Cheniere Energy ^*		885		43,825
Chesapeake Energy ^*		5,200		37,076
CVR Energy		1,323		58,820
Halliburton		1,373		52,696
Hess		965		54,243
Williams		1,033		40,742
				340,029
Technology — 19.5%
Adobe Systems ^*		653		57,895
Alphabet ^*		86		61,130
Apple		483		57,718
EMC		2,104		55,167
Juniper Networks		2,002		62,842
Microsoft		1,198		63,063
Motorola Solutions		869		60,804
Nuance Communications ^*		3,092		52,471
QUALCOMM		914		54,310
				525,400

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

Schedule of Investments	October 31, 2015

Global X Guru™ Activist Index ETF‡

	Shares		Value
COMMON STOCK — continued
Telecommunications — 4.2%
AT&T		1,657	$	55,526
Level 3 Communications ^*		1,146		58,389
				113,915
TOTAL UNITED STATES				2,504,322
TOTAL COMMON STOCK
(Cost $2,736,334)				2,678,811
TOTAL INVESTMENTS — 99.8%
(Cost $2,736,334)			$	2,678,811

Percentages are based on Net Assets of $2,683,146.

*	Non-income producing security.
‡	Fund commenced operations on April 28, 2015.

Cl — Class

As of October 31, 2015, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended October 31, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2015, there were no Level 3 investments.

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

Schedule of Investments	October 31, 2015

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 — 99.6%
ARGENTINA— 1.9%
Oil & Gas — 1.9%
YPF ADR		1,138	$	24,308
BELGIUM— 2.1%
Consumer Goods — 2.1%
Anheuser-Busch InBev ADR		233		27,804
BRAZIL— 9.6%
Consumer Goods — 1.9%
AMBEV ADR		5,226		25,451
Financials — 5.4%
Banco Bradesco ADR		3,949		21,483
Banco Santander Brasil ADR		6,906		24,654
Itau Unibanco Holding ADR		3,563		24,406
				70,543
Industrials — 2.3%
Embraer ADR		1,009		29,634
TOTAL BRAZIL				125,628
CANADA— 13.7%
Basic Materials — 3.8%
Agrium		254		23,640
Barrick Gold		3,373		25,938
				49,578
Consumer Goods — 1.8%
Gildan Activewear, Cl A		839		24,105
Consumer Services — 1.9%
Restaurant Brands International		625		25,100

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

Schedule of Investments	October 31, 2015

Global X Guru™ International Index ETF

	Shares		Value
COMMON STOCK — continued
Industrials — 1.9%
Canadian Pacific Railway		176	$	24,728
Oil & Gas — 2.3%
Cenovus Energy		2,056		30,655
Technology — 2.0%
BlackBerry ^*		3,553		25,901
TOTAL CANADA				180,067
CHINA— 12.0%
Consumer Services — 7.2%
Alibaba Group Holding ADR ^*		364		30,514
Ctrip.com International ADR ^*		391		36,351
Vipshop Holdings ADR ^*		1,403		28,790
				95,655
Technology — 4.8%
Baidu ADR ^*		164		30,745
NetEase ADR		218		31,508
				62,253
TOTAL CHINA				157,908
CYPRUS— 1.4%
Oil & Gas — 1.4%
Ocean Rig ^*		8,352		17,873
FINLAND— 2.3%
Technology — 2.3%
Nokia ADR		4,126		30,615
FRANCE— 1.5%
Health Care — 1.5%
Flamel Technologies ADR ^*		1,204		19,721
GERMANY— 1.8%
Financials — 1.8%
Deutsche Bank		847		23,674
HONG KONG— 1.8%
Consumer Services — 1.8%
Melco Crown Entertainment ADR		1,292		24,199
INDIA— 2.0%
Technology — 2.0%
Infosys ADR		1,467		26,641
IRELAND— 1.9%
Health Care — 1.9%
Shire ADR		110		24,975

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

Schedule of Investments	October 31, 2015

Global X Guru™ International Index ETF

	Shares		Value
COMMON STOCK — continued
ISRAEL— 7.5%
Health Care — 1.7%
Teva Pharmaceutical Industries ADR		383	$	22,670
Technology — 5.8%
Mellanox Technologies ^*		635		29,915
RADWARE ^*		1,344		20,039
Tower Semiconductor ^*		1,936		25,865
				75,819
TOTAL ISRAEL				98,489
MEXICO— 3.6%
Industrials — 1.6%
Cemex ADR ^*		3,399		21,448
Telecommunications — 2.0%
America Movil ADR, Ser L		1,464		26,074
TOTAL MEXICO				47,522
NETHERLANDS— 5.8%
Industrials — 3.8%
AerCap Holdings ^*		570		23,655
Koninklijke Philips		987		26,590
				50,245
Oil & Gas — 2.0%
Royal Dutch Shell ADR, Cl A		488		25,600
TOTAL NETHERLANDS				75,845
PERU— 2.0%
Financials — 2.0%
Credicorp Ltd.		231		26,145
SINGAPORE— 4.1%
Oil & Gas — 2.1%
Interoil ^*		712		27,241
Technology — 2.0%
Avago Technologies, Cl A		219		26,966
TOTAL SINGAPORE				54,207
SOUTH KOREA— 2.0%
Telecommunications — 2.0%
SK Telecom ADR		1,108		26,104
TAIWAN— 2.2%
Technology — 2.2%
Taiwan Semiconductor Manufacturing ADR		1,339		29,404

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

Schedule of Investments	October 31, 2015

Global X Guru™ International Index ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
UNITED KINGDOM— 6.2%
Consumer Goods — 2.0%
Fiat Chrysler Automobiles ^*		1,766	$	25,854
Oil & Gas — 4.2%
BP ADR		769		27,453
Ensco, Cl A		1,680		27,939
				55,392
TOTAL UNITED KINGDOM				81,246
UNITED STATES— 14.2%
Consumer Goods — 1.6%
Caesarstone ^*		597		21,199
Consumer Services — 2.5%
TAL Education Group ADR ^*		857		32,952
Health Care — 1.5%
Arbutus Biopharma ^*		3,488		19,184
Industrials — 1.9%
Chicago Bridge & Iron		545		24,454
Oil & Gas — 4.3%
Euronav		2,069		30,952
TransCanada		755		25,361
				56,313
Technology — 2.4%
SINA ^*		674		32,109
TOTAL UNITED STATES				186,211
TOTAL COMMON STOCK
(Cost $1,457,400)				1,308,586

TIME DEPOSIT — 0.3%
Brown Brothers Harriman, 0.030%, 11/02/15
(Cost $3,477)	$	3,477		3,477
TOTAL INVESTMENTS — 99.9%
(Cost $1,460,877)			$	1,312,063

Percentages are based on Net Assets of $1,312,967.

Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

Ltd. — Limited

Ser — Series

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

Schedule of Investments	October 31, 2015

Global X Guru™ International Index ETF

The following is a summary of the inputs used as of October 31, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	1,308,586	$	—	$	—	$	1,308,586
Time Deposit		—		3,477		—		3,477
Total Investments in Securities	$	1,308,586	$	3,477	$	—	$	1,312,063

For the year ended October 31, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2015, there were no Level 3 investments.

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

Schedule of Investments	October 31, 2015

Global X GF China Bond ETF‡

Sector Weightings (unaudited)†:

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

	Face Amount⁽¹⁾		Value
CORPORATE OBLIGATIONS — 96.5%
Basic Materials — 4.5%
Wuhan Iron & Steel Group MTN
4.990%, 08/08/16		10,000,000	$	1,603,147
Consumer Services — 4.6%
Overseas Chinese Town Enterprises MTN
5.400%, 08/08/17		10,000,000		1,628,863
Energy — 9.2%
China Three Gorges MTN
4.440%, 04/17/18		10,000,000		1,618,656
Shenhua Group MTN
5.150%, 06/13/19		10,000,000		1,672,237
				3,290,893
Financials — 32.4%
Agricultural Development Bank of China
4.950%, 07/16/19		10,000,000		1,677,213
China Development Bank
4.830%, 09/19/19		30,000,000		5,002,238
3.750%, 07/09/17		20,000,000		3,210,533
China Merchants Group MTN
5.400%, 08/18/21		10,000,000		1,685,678
				11,575,662
Government — 22.7%
China Government Bond
4.000%, 09/11/17		20,000,000		3,249,960
3.530%, 10/30/19		30,000,000		4,860,432
				8,110,392
Industrials — 13.6%
China North Industries Group
4.480%, 05/24/17		10,000,000		1,612,483
China Shipbuilding Industry MTN
5.350%, 05/12/17		10,000,000		1,623,854

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

Schedule of Investments	October 31, 2015

Global X GF China Bond ETF‡

	Face Amount⁽¹⁾		Value
CORPORATE OBLIGATIONS — continued
Industrials — continued
China State Shipbuilding MTN
4.800%, 07/18/19		10,000,000	$	1,638,990
				4,875,327
Technology — 4.7%
China Electronics MTN
5.400%, 06/13/19		10,000,000		1,672,253
Utilities — 4.8%
China Huaneng Group MTN
5.750%, 03/14/19		10,000,000		1,695,598
TOTAL CORPORATE OBLIGATIONS
(Cost $34,326,659)				34,452,135

TIME DEPOSIT — 2.0%
Brown Brothers Harriman, 0.030%, 11/02/15
(Cost $707,915)	$	707,915		707,915
TOTAL INVESTMENTS — 98.5%
(Cost $35,034,574)			$	35,160,050

Percentages are based on Net Assets of $35,679,527.

‡

Fund commenced operations on November 18, 2014.

⁽¹⁾

In local currency (CNY) unless otherwise indicated.

CNY — Chinese Yuan Renminbi

MTN — Medium Term Note

As of October 31, 2015, all of the Fund’s investments were considered Level 2, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended October 31, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2015, there were no Level 3 investments.

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

Schedule of Investments	October 31, 2015

Global X Scientific Beta US ETF‡

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.7%
IRELAND— 0.3%
Financials — 0.2%
XL Group, Cl A		157	$	5,979
Health Care — 0.1%
Alkermes ^*		30		2,158
Technology — 0.0%
Seagate Technology		24		913
TOTAL IRELAND				9,050
ISRAEL— 0.4%
Technology — 0.4%
Check Point Software Technologies ^*		127		10,787
SINGAPORE— 0.1%
Technology — 0.1%
Avago Technologies, Cl A		16		1,970
SWEDEN— 0.2%
Consumer Goods — 0.2%
Autoliv		46		5,577
SWITZERLAND— 0.4%
Industrials — 0.4%
Mettler-Toledo International ^*		6		1,866
TE Connectivity		100		6,444
TOTAL SWITZERLAND				8,310

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

Schedule of Investments	October 31, 2015

Global X Scientific Beta US ETF‡

	Shares		Value
COMMON STOCK — continued
UNITED KINGDOM— 0.2%
Consumer Goods — 0.2%
Delphi Automotive		44	$	3,660
UNITED STATES— 98.1%
Basic Materials — 3.4%
Air Products & Chemicals		18		2,501
Airgas		43		4,135
Alcoa		522		4,661
Ashland		65		7,132
Celanese, Cl A		32		2,273
CF Industries Holdings		223		11,322
Dow Chemical		46		2,377
Eastman Chemical		18		1,299
Ecolab		12		1,444
EI du Pont de Nemours		90		5,706
Freeport-McMoRan Copper & Gold		122		1,436
International Flavors & Fragrances		28		3,250
International Paper		37		1,580
Mosaic		111		3,751
Newmont Mining		647		12,591
Nucor		47		1,988
PPG Industries		24		2,502
Praxair		16		1,777
Sigma-Aldrich		83		11,597
				83,322
Consumer Goods — 13.5%
Activision Blizzard		459		15,955
Altria Group		119		7,196
Archer-Daniels-Midland		141		6,438
BorgWarner		24		1,028
Brown-Forman, Cl B		33		3,504
Bunge		203		14,811
Campbell Soup		101		5,130
Church & Dwight		107		9,212
Clorox		137		16,706
Coach		126		3,931
Coca-Cola		49		2,075
Coca-Cola Enterprises		62		3,183
Colgate-Palmolive		31		2,057
ConAgra Foods		481		19,505
Constellation Brands, Cl A		72		9,705
DR Horton		66		1,943
Dr Pepper Snapple Group		91		8,133

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

Schedule of Investments	October 31, 2015

Global X Scientific Beta US ETF‡

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Electronic Arts ^*		128	$	9,225
Estee Lauder, Cl A		68		5,471
Ford Motor		271		4,014
General Mills		29		1,685
General Motors		52		1,815
Genuine Parts		55		4,992
Goodyear Tire & Rubber		69		2,266
Hanesbrands		167		5,334
Harley-Davidson		28		1,385
Harman International Industries		20		2,199
Hasbro		17		1,306
Hershey		21		1,862
Hormel Foods		29		1,959
Jarden ^*		55		2,464
JM Smucker		93		10,917
Kellogg		62		4,372
Keurig Green Mountain		20		1,015
Kimberly-Clark		23		2,753
Lennar		40		2,003
Leucadia National		205		4,102
LKQ ^*		62		1,836
Mattel		224		5,506
McCormick		88		7,390
Michael Kors Holdings ^*		53		2,048
Mohawk Industries ^*		27		5,279
Molson Coors Brewing, Cl B		96		8,458
Mondelez International, Cl A		92		4,247
Monsanto		20		1,864
Monster Beverage ^*		39		5,316
Newell Rubbermaid		145		6,152
NIKE, Cl B		52		6,814
PepsiCo		21		2,146
Philip Morris International		26		2,299
Polaris Industries		11		1,236
Procter & Gamble		35		2,673
PVH		69		6,276
Ralph Lauren, Cl A		26		2,880
Reynolds American		151		7,296
Snap-On		11		1,825
Stanley Black & Decker		105		11,128
Tesla Motors ^*		24		4,966
Tyson Foods, Cl A		210		9,316
Under Armour, Cl A ^*		86		8,177
VF		76		5,131

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

Schedule of Investments	October 31, 2015

Global X Scientific Beta US ETF‡

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Walgreens Boots Alliance		80	$	6,774
Whirlpool		32		5,124
				333,808
Consumer Services — 13.7%
Advance Auto Parts		39		7,739
Alaska Air Group		16		1,220
Amazon.com ^*		7		4,381
American Airlines Group		25		1,156
AmerisourceBergen, Cl A		60		5,790
AutoZone ^*		12		9,413
Bed Bath & Beyond ^*		46		2,743
Best Buy		222		7,777
Cardinal Health		68		5,590
CarMax ^*		45		2,655
Carnival		97		5,246
Charter Communications, Cl A ^*		48		9,165
Chipotle Mexican Grill, Cl A ^*		14		8,963
Comcast, Cl A		90		5,636
Costco Wholesale		35		5,534
CVS Health		71		7,013
Darden Restaurants		25		1,547
Delta Air Lines		91		4,626
DISH Network, Cl A ^*		111		6,990
Dollar General		85		5,760
Dollar Tree ^*		101		6,615
eBay ^*		478		13,336
Expedia		63		8,587
Foot Locker		25		1,694
Gap		66		1,796
H&R Block		40		1,490
Hertz Global Holdings ^*		65		1,268
Hilton Worldwide Holdings		68		1,699
Home Depot		28		3,462
IHS, Cl A ^*		12		1,435
Interpublic Group of		88		2,018
Kohl's		266		12,268
Kroger		122		4,612
L Brands		106		10,174
Liberty Global, Cl A ^*		141		6,277
Lowe's		21		1,550
Marriott International, Cl A		54		4,146
McDonald's		44		4,939
McKesson		21		3,755
MGM Resorts International ^*		181		4,198

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

Schedule of Investments	October 31, 2015

Global X Scientific Beta US ETF‡

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Netflix ^*		44	$	4,769
Nielsen Holdings		271		12,875
Nordstrom		116		7,564
Norwegian Cruise Line Holdings ^*		22		1,400
Omnicom Group		16		1,199
O'Reilly Automotive ^*		14		3,868
Rite Aid ^*		156		1,229
Ross Stores		111		5,614
Royal Caribbean Cruises		55		5,409
Signet Jewelers		36		5,434
Sirius XM Holdings ^*		462		1,885
Southwest Airlines		154		7,129
Staples		887		11,522
Starbucks		90		5,631
Starwood Hotels & Resorts Worldwide		21		1,677
Sysco		53		2,186
Target		132		10,188
Tiffany		14		1,154
Time Warner		76		5,726
Time Warner Cable		16		3,030
TJX		61		4,465
Tractor Supply		38		3,511
TripAdvisor ^*		22		1,843
Twenty-First Century Fox, Cl A		34		1,044
Ulta Salon Cosmetics & Fragrance ^*		18		3,131
United Continental Holdings ^*		66		3,980
Viacom, Cl B		17		838
Wal-Mart Stores		61		3,492
Walt Disney		45		5,118
Whole Foods Market		16		479
Wyndham Worldwide		47		3,824
Yum! Brands		40		2,837
				338,314
Financials — 14.4%
ACE		40		4,542
Affiliated Managers Group ^*		6		1,082
Aflac		70		4,463
Allstate		110		6,807
Ally Financial ^*		80		1,594
American Express		14		1,026
American International Group		54		3,405
Ameriprise Financial		13		1,500
Aon		11		1,026
Arch Capital Group ^*		160		11,982

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

Schedule of Investments	October 31, 2015

Global X Scientific Beta US ETF‡

	Shares		Value
COMMON STOCK — continued
Financials — continued
Bank of America		198	$	3,322
Bank of New York Mellon		218		9,080
BB&T		157		5,833
Berkshire Hathaway, Cl B ^*		68		9,249
BlackRock, Cl A		9		3,168
Capital One Financial		51		4,024
CBRE Group, Cl A ^*		75		2,796
Charles Schwab		250		7,630
Chubb		43		5,562
Cincinnati Financial		115		6,927
CIT Group		235		10,105
Citigroup		34		1,808
Citizens Financial Group		103		2,503
CME Group, Cl A		180		17,005
Comerica		125		5,425
Discover Financial Services		65		3,654
Equifax		66		7,034
Extra Space Storage		24		1,902
Fifth Third Bancorp		284		5,410
First Republic Bank		41		2,677
FNF Group		166		5,857
Franklin Resources		24		978
Goldman Sachs Group		21		3,937
Hartford Financial Services Group		133		6,153
Huntington Bancshares		1,165		12,780
Intercontinental Exchange		39		9,844
Invesco		105		3,483
JPMorgan Chase		106		6,810
KeyCorp		297		3,689
Lincoln National		89		4,762
Loews		167		6,089
M&T Bank		91		10,906
Markel ^*		19		16,492
Marsh & McLennan		54		3,010
Mastercard, Cl A		28		2,772
McGraw Hill Financial		17		1,575
MetLife		30		1,511
Moody's		32		3,077
Morgan Stanley		88		2,901
New York Community Bancorp		514		8,491
Northern Trust		129		9,080
PNC Financial Services Group		86		7,762
Principal Financial Group		59		2,959
Progressive		285		9,442

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

Schedule of Investments	October 31, 2015

Global X Scientific Beta US ETF‡

	Shares		Value
COMMON STOCK — continued
Financials — continued
Prudential Financial		18	$	1,485
Regions Financial		424		3,965
State Street		39		2,691
SunTrust Banks		64		2,657
T Rowe Price Group		14		1,059
TD Ameritrade Holding		143		4,929
Travelers		39		4,403
Unum Group		122		4,227
US Bancorp		96		4,049
Visa, Cl A		39		3,025
Voya Financial		106		4,300
Wells Fargo		126		6,822
Western Union		275		5,294
Willis Group Holdings		166		7,405
				353,212
Health Care — 11.6%
Abbott Laboratories		97		4,346
AbbVie		19		1,131
Aetna		77		8,838
Allergan ^*		15		4,627
Amgen		9		1,424
Anthem		67		9,323
Baxter International		62		2,318
Becton Dickinson and		37		5,273
Biogen Idec ^*		4		1,162
BioMarin Pharmaceutical ^*		32		3,745
Boston Scientific ^*		310		5,667
Bristol-Myers Squibb		37		2,440
Celgene ^*		12		1,473
Cigna		95		12,734
CR Bard		36		6,709
DaVita HealthCare Partners ^*		160		12,402
DENTSPLY International		148		9,006
Edwards Lifesciences ^*		36		5,658
Eli Lilly		57		4,650
Endo International ^*		74		4,439
Express Scripts Holding ^*		141		12,180
Gilead Sciences		17		1,838
HCA Holdings ^*		51		3,508
Henry Schein ^*		71		10,771
Hologic ^*		33		1,282
Humana		53		9,467
Illumina ^*		17		2,436
Incyte ^*		40		4,701

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

Schedule of Investments	October 31, 2015

Global X Scientific Beta US ETF‡

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Intuitive Surgical ^*		10	$	4,966
Jazz Pharmaceuticals ^*		32		4,393
Johnson & Johnson		14		1,414
Laboratory Corp of America Holdings ^*		98		12,029
Mallinckrodt ^*		52		3,415
Medivation ^*		89		3,743
Medtronic		62		4,583
Merck		173		9,456
Mylan ^*		23		1,014
Perrigo		44		6,941
Pfizer		249		8,421
Quest Diagnostics		235		15,968
Regeneron Pharmaceuticals ^*		3		1,672
ResMed		41		2,362
Stryker		28		2,677
Thermo Fisher Scientific		25		3,269
UnitedHealth Group		120		14,134
Universal Health Services, Cl B		68		8,302
Varian Medical Systems ^*		72		5,654
Vertex Pharmaceuticals ^*		18		2,245
Waters ^*		67		8,563
Zimmer Biomet Holdings		33		3,451
Zoetis, Cl A		84		3,613
				285,833
Industrials — 11.0%
3M		18		2,830
Accenture, Cl A		38		4,074
Acuity Brands		7		1,530
Agilent Technologies		16		604
Alliance Data Systems ^*		18		5,352
AMETEK		50		2,741
Amphenol, Cl A		83		4,500
Automatic Data Processing		38		3,306
Ball		101		6,918
Boeing		11		1,629
Caterpillar		16		1,168
CH Robinson Worldwide		99		6,869
CSX		95		2,564
Cummins		10		1,035
Danaher		41		3,826
Deere		88		6,864
Dover		80		5,154
Eaton		25		1,398
Emerson Electric		20		944

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

Schedule of Investments	October 31, 2015

Global X Scientific Beta US ETF‡

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Expeditors International of Washington		89	$	4,431
Fastenal		41		1,606
FedEx		30		4,682
Fidelity National Information Services		150		10,938
Fiserv ^*		77		7,431
FleetCor Technologies ^*		34		4,925
Fluor		43		2,056
General Dynamics		34		5,052
General Electric		145		4,193
Honeywell International		12		1,239
Illinois Tool Works		39		3,586
Ingersoll-Rand		65		3,852
JB Hunt Transport Services		46		3,513
Johnson Controls		36		1,627
Kansas City Southern		24		1,986
L-3 Communications Holdings		68		8,595
LinkedIn, Cl A ^*		12		2,890
Lockheed Martin		16		3,517
Martin Marietta Materials		37		5,741
Masco		145		4,205
Norfolk Southern		17		1,361
Northrop Grumman		16		3,004
Parker-Hannifin		26		2,722
Paychex		114		5,880
Precision Castparts		7		1,616
Raytheon		67		7,866
Republic Services, Cl A		229		10,016
Rockwell Automation		17		1,856
Rockwell Collins		59		5,116
Roper Technologies		64		11,926
Sealed Air		39		1,916
Sherwin-Williams		14		3,736
Stericycle ^*		41		4,976
Textron		98		4,133
Towers Watson, Cl A		69		8,525
TransDigm Group ^*		51		11,212
Tyco International		27		984
Union Pacific		11		983
United Parcel Service, Cl B		19		1,957
United Rentals ^*		12		898
United Technologies		10		984
Verisk Analytics, Cl A ^*		93		6,660
Vulcan Materials		102		9,851
Wabtec		31		2,569

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

Schedule of Investments	October 31, 2015

Global X Scientific Beta US ETF‡

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Waste Management		31	$	1,667
Westrock		22		1,183
WW Grainger		15		3,150
Xerox		621		5,831
				271,949
Oil & Gas — 4.4%
Anadarko Petroleum		26		1,739
Apache		62		2,922
Baker Hughes		46		2,423
Cabot Oil & Gas		136		2,953
Cameron International ^*		113		7,685
Cheniere Energy ^*		24		1,188
Chevron		28		2,545
Cimarex Energy		44		5,195
Concho Resources ^*		68		7,882
ConocoPhillips		37		1,974
Devon Energy		30		1,258
EOG Resources		24		2,060
EQT		68		4,493
Exxon Mobil		44		3,641
FMC Technologies ^*		54		1,827
Halliburton		35		1,343
Hess		22		1,237
HollyFrontier		179		8,766
Kinder Morgan		127		3,473
Marathon Oil		90		1,654
Marathon Petroleum		102		5,284
National Oilwell Varco		42		1,581
Noble Energy		37		1,326
Occidental Petroleum		76		5,665
ONEOK		59		2,001
Phillips 66		28		2,493
Pioneer Natural Resources		10		1,371
Schlumberger		26		2,032
Spectra Energy		109		3,114
Tesoro		81		8,661
Valero Energy		45		2,966
Weatherford International ^*		385		3,943
Williams		37		1,459
				108,154
Real Estate Investment Trusts — 7.5%
American Tower, Cl A		17		1,738
Annaly Capital Management		1,516		15,084
AvalonBay Communities		104		18,182

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

Schedule of Investments	October 31, 2015

Global X Scientific Beta US ETF‡

	Shares		Value
COMMON STOCK — continued
Real Estate Investment Trusts — continued
Boston Properties		27	$	3,398
Crown Castle International		27		2,307
Digital Realty Trust		185		13,683
Equinix		17		5,043
Equity Residential		144		11,134
Essex Property Trust		38		8,377
Federal Realty Investment Trust		47		6,744
General Growth Properties		316		9,148
HCP		163		6,064
Host Hotels & Resorts		126		2,184
Kimco Realty		175		4,685
Macerich		118		9,999
Plum Creek Timber		65		2,648
ProLogis		75		3,205
Public Storage		20		4,589
Realty Income		267		13,206
Simon Property Group		21		4,231
SL Green Realty		61		7,236
Ventas		135		7,252
VEREIT		819		6,765
Vornado Realty Trust		30		3,016
Welltower		201		13,039
Weyerhaeuser		110		3,226
				186,183
Technology — 9.9%
Adobe Systems ^*		32		2,837
Akamai Technologies ^*		67		4,075
Altera		187		9,827
Amdocs		322		19,182
Analog Devices		65		3,908
ANSYS ^*		24		2,287
Apple		43		5,139
Applied Materials		85		1,425
Autodesk ^*		38		2,097
Broadcom, Cl A		112		5,757
CA		152		4,212
Cerner ^*		54		3,580
Cisco Systems		228		6,578
Citrix Systems ^*		56		4,598
Cognizant Technology Solutions, Cl A ^*		22		1,498
Computer Sciences		105		6,992
Corning		79		1,469
EMC		173		4,536
F5 Networks ^*		41		4,518

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

Schedule of Investments	October 31, 2015

Global X Scientific Beta US ETF‡

	Shares		Value
COMMON STOCK — continued
Technology — continued
Facebook, Cl A ^*		52	$	5,302
Harris		67		5,302
Hewlett-Packard		131		3,532
Intel		305		10,327
International Business Machines		24		3,362
Intuit		40		3,897
Juniper Networks		295		9,260
KLA-Tencor		52		3,490
Lam Research		77		5,897
Linear Technology		61		2,710
Maxim Integrated Products		81		3,319
Microchip Technology		80		3,863
Micron Technology ^*		128		2,120
Microsoft		51		2,685
Motorola Solutions		58		4,058
NetApp		190		6,460
NVIDIA		355		10,071
Oracle		26		1,010
Palo Alto Networks ^*		28		4,508
QUALCOMM		59		3,506
Red Hat ^*		51		4,035
salesforce.com inc ^*		24		1,865
SanDisk ^*		30		2,310
ServiceNow ^*		48		3,919
Skyworks Solutions		77		5,948
Symantec		438		9,023
Texas Instruments		62		3,517
VeriSign ^*		81		6,529
VMware, Cl A ^*		41		2,466
Western Digital		27		1,804
Workday, Cl A ^*		46		3,633
Xilinx		79		3,762
Yahoo! ^*		141		5,022
				243,027
Telecommunications — 1.4%
AT&T		233		7,808
CenturyLink		136		3,836
Level 3 Communications ^*		96		4,891
SBA Communications, Cl A ^*		113		13,449
T-Mobile US ^*		92		3,486
Verizon Communications		37		1,735
				35,205
Utilities — 7.3%
AES		196		2,146

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

Schedule of Investments	October 31, 2015

Global X Scientific Beta US ETF‡

	Shares		Value
COMMON STOCK — continued
Utilities — continued
Ameren		167	$	7,295
American Electric Power		67		3,796
American Water Works		336		19,273
CenterPoint Energy		373		6,919
CMS Energy		274		9,883
Consolidated Edison		119		7,824
Dominion Resources		18		1,286
DTE Energy		88		7,180
Duke Energy		186		13,293
Edison International		195		11,801
Entergy		98		6,680
Eversource Energy		141		7,183
Exelon		256		7,147
FirstEnergy		203		6,334
NextEra Energy		33		3,388
PG&E		213		11,374
PPL		180		6,192
Public Service Enterprise Group		251		10,364
Sempra Energy		44		4,506
Southern		202		9,110
WEC Energy Group		165		8,507
Xcel Energy		246		8,765
				180,246
TOTAL UNITED STATES				2,419,253
TOTAL COMMON STOCK
(Cost $2,483,238)				2,458,607
TOTAL INVESTMENTS — 99.7%
(Cost $2,483,238)			$	2,458,607

Percentages are based on Net Assets of $2,466,512.

*	Non-income producing security.
‡	Fund commenced operations on May 12, 2015.

Cl — Class

As of October 31, 2015, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended October 31, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2015, there were no Level 3 investments.

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

Schedule of Investments	October 31, 2015

Global X Scientific Beta Europe ETF‡

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.4%
AUSTRIA— 0.7%
Basic Materials — 0.0%
voestalpine		27	$	982
Financials — 0.3%
Erste Group Bank ^*		91		2,681
IMMOFINANZ ^*		1,777		4,578
				7,259
Industrials — 0.2%
ANDRITZ		61		3,086
Wienerberger		120		2,222
				5,308
Oil & Gas — 0.2%
OMV		172		4,598
TOTAL AUSTRIA				18,147
BELGIUM— 3.5%
Basic Materials — 0.1%
Solvay		20		2,271
Umicore		30		1,281
				3,552
Consumer Goods — 0.1%
Anheuser-Busch InBev		25		3,002
Consumer Services — 1.0%
Colruyt		140		6,965
Delhaize Group		62		5,781

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

Schedule of Investments	October 31, 2015

Global X Scientific Beta Europe ETF‡

	Shares			Value
COMMON STOCK — continued
Consumer Services — continued
Telenet Group Holding ^*		153		$	8,944
					21,690
Financials — 1.1%
Ackermans & van Haaren		60			9,180
Ageas		82			3,640
Groupe Bruxelles Lambert		52			4,246
KBC Groep		32			1,958
Sofina		57			6,438
					25,462
Health Care — 0.4%
UCB		125			10,870
Industrials — 0.1%
bpost		130			3,270
Real Estate Investment Trusts — 0.3%
Cofinimmo		72			8,073
Telecommunications — 0.4%
Proximus		308			10,722
TOTAL BELGIUM					86,641
CHILE— 0.1%
Basic Materials — 0.1%
Antofagasta		160			1,301
DENMARK— 4.4%
Consumer Goods — 0.3%
Carlsberg, Cl B		48			3,953
Pandora		20			2,318
					6,271
Financials — 1.3%
Danske Bank		144			3,978
Jyske Bank ^*		124			6,082
Sydbank		250			8,262
Topdanmark ^*		249			6,661
Tryg		330			5,963
			��		30,946
Health Care — 1.9%
Christian Hansen Holding		238			14,370
Coloplast, Cl B		100			7,207
Genmab ^*		35			3,468
GN Store Nord		98			1,796
Novo Nordisk, Cl B		129			6,885
Novozymes, Cl B		139			6,475
William Demant Holding ^*		65			5,671
					45,872

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

Schedule of Investments	October 31, 2015

Global X Scientific Beta Europe ETF‡

	Shares		Value
COMMON STOCK — continued
Industrials — 0.6%
A P Moller - Maersk, Cl B		2	$	2,962
DSV		179		7,291
FLSmidth		57		2,168
ISS		74		2,616
				15,037
Telecommunications — 0.3%
TDC		1,582		8,330
TOTAL DENMARK				106,456
FINLAND— 2.3%
Basic Materials — 0.2%
Stora Enso, Cl R		170		1,586
UPM-Kymmene		118		2,222
				3,808
Consumer Goods — 0.1%
Amer Sports		103		2,904
Nokian Renkaat		31		1,176
				4,080
Consumer Services — 0.1%
Kesko, Cl B		89		2,855
Financials — 0.2%
Sampo, Cl A		115		5,651
Health Care — 0.2%
Orion, Cl B		145		5,209
Industrials — 0.6%
Huhtamaki		231		8,190
Kone, Cl B		88		3,777
Metso		41		1,009
				12,976
Oil & Gas — 0.2%
Neste		245		6,006
Technology — 0.1%
Nokia		240		1,795
Telecommunications — 0.2%
Elisa		155		5,869
Utilities — 0.4%
Fortum		459		6,921
TOTAL FINLAND				55,170
FRANCE— 13.6%
Basic Materials — 0.4%
Air Liquide		12		1,563
Arkema		30		2,207

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

Schedule of Investments	October 31, 2015

Global X Scientific Beta Europe ETF‡

	Shares		Value
COMMON STOCK — continued
Basic Materials — continued
Imerys		60	$	4,129
				7,899
Consumer Goods — 2.3%
Christian Dior		12		2,374
Cie Generale des Etablissements Michelin, Cl B		14		1,401
Danone		42		2,942
Faurecia		60		2,388
Hermes International		19		7,353
L'Oreal		36		6,603
LVMH Moet Hennessy Louis Vuitton		19		3,560
Pernod Ricard		59		6,987
Peugeot ^*		233		4,124
Renault		18		1,705
SEB		60		6,130
Societe BIC		66		10,575
Valeo		6		933
				57,075
Consumer Services — 2.1%
Accor		52		2,599
Air France-KLM ^*		80		590
Carrefour		60		1,967
Casino Guichard Perrachon		40		2,313
Eutelsat Communications		346		11,469
JCDecaux		52		2,128
Kering		43		8,007
Lagardere SCA		219		6,413
Numericable-SFR SAS ^*		16		728
Publicis Groupe		48		3,132
Societe Television Francaise 1		172		2,226
Sodexo		21		1,878
Technicolor		105		715
Vivendi		351		8,497
				52,662
Financials — 1.2%
AXA		60		1,612
BNP Paribas		24		1,465
CNP Assurances		116		1,665
Credit Agricole		160		2,036
Fonciere Des Regions		60		5,683
Natixis		497		3,064
SCOR		220		8,231
Societe Generale		27		1,262
Wendel		36		4,341
				29,359

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

Schedule of Investments	October 31, 2015

Global X Scientific Beta Europe ETF‡

	Shares		Value
COMMON STOCK — continued
Health Care — 1.2%
Essilor International		31	$	4,096
Ipsen		33		2,094
Orpea		153		12,338
Sanofi		88		8,929
				27,457
Industrials — 3.2%
Aeroports de Paris		104		13,137
Alstom ^*		71		2,326
Bollore		1,108		5,510
Bouygues		46		1,751
Bureau Veritas		188		4,272
Cie de Saint-Gobain		28		1,181
Edenred		111		2,051
Eiffage		40		2,508
Eurazeo		40		2,831
Groupe Eurotunnel		77		1,084
Legrand		27		1,489
Rexel		359		4,929
Safran		64		4,886
Schneider Electric		16		974
Teleperformance		183		14,450
Thales		107		7,792
Vinci		49		3,322
Zodiac Aerospace		171		4,345
				78,838
Oil & Gas — 0.2%
Technip		47		2,466
Total		69		3,365
				5,831
Real Estate Investment Trusts — 0.6%
Gecina		51		6,558
ICADE		83		6,176
Klepierre		41		1,955
				14,689
Technology — 1.3%
Atos		99		7,934
Cap Gemini		52		4,655
Dassault Systemes		125		9,920
Iliad		13		2,748
Ingenico Group		36		4,271
STMicroelectronics		402		2,796
				32,324

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

Schedule of Investments	October 31, 2015

Global X Scientific Beta Europe ETF‡

	Shares		Value
COMMON STOCK — continued
Telecommunications — 0.2%
Orange		229	$	4,056
Utilities — 0.9%
Electricite de France		115		2,151
Engie		177		3,120
Rubis SCA		105		8,466
Suez Environnement		309		5,908
Veolia Environnement ^*		113		2,643
				22,288
TOTAL FRANCE				332,478
GERMANY— 9.8%
Basic Materials — 1.3%
Aurubis		106		7,119
BASF		14		1,153
Bayer		16		2,145
Brenntag		30		1,821
Evonik Industries		56		2,045
K+S		109		2,764
LANXESS		38		2,051
Linde		23		4,008
Symrise		126		8,336
				31,442
Consumer Goods — 0.8%
adidas		20		1,802
Bayerische Motoren Werke		12		1,238
Beiersdorf		30		2,864
Daimler		24		2,093
HUGO BOSS		51		5,272
OSRAM Licht		74		4,374
Rheinmetall		40		2,530
				20,173
Consumer Services — 0.7%
Axel Springer		74		4,180
Deutsche Lufthansa ^*		151		2,240
Kabel Deutschland Holding		38		4,859
METRO		75		2,322
ProSiebenSat.1 Media		23		1,250
Zalando ^{* (A)}		24		845
				15,696
Financials — 2.3%
Aareal Bank		40		1,531
Allianz		24		4,224
Commerzbank ^*		200		2,212
Deutsche Bank		40		1,125

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

Schedule of Investments	October 31, 2015

Global X Scientific Beta Europe ETF‡

	Shares		Value
COMMON STOCK — continued
Financials — continued
Deutsche Boerse		33	$	3,053
Deutsche EuroShop		120		5,815
Deutsche Wohnen		313		8,871
Hannover Rueck		71		8,251
LEG Immobilien		95		7,614
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		21		4,210
Vonovia		280		9,385
				56,291
Health Care — 1.4%
Fresenius & KGaA		158		11,650
Fresenius Medical Care & KGaA		107		9,679
Gerresheimer		28		2,195
Merck KGaA		56		5,495
MorphoSys ^*		19		1,181
STADA Arzneimittel		95		3,633
				33,833
Industrials — 1.9%
Bilfinger		55		2,479
Deutsche Post		51		1,525
Duerr		21		1,758
Fraport Frankfurt Airport Services Worldwide		88		5,609
GEA Group		105		4,230
HeidelbergCement		18		1,348
KION Group ^*		47		2,129
Leoni		40		1,641
MAN		48		5,028
MTU Aero Engines		62		5,765
Siemens		17		1,718
Wirecard		249		12,929
				46,159
Technology — 0.3%
Infineon Technologies		67		829
SAP		33		2,620
United Internet		76		3,967
				7,416
Telecommunications — 1.0%
Deutsche Telekom		321		6,030
Drillisch		25		1,295
Freenet		354		11,998
Telefonica Deutschland Holding		874		5,654
				24,977
Utilities — 0.1%
E.ON		160		1,696

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

100

Schedule of Investments	October 31, 2015

Global X Scientific Beta Europe ETF‡

	Shares		Value
COMMON STOCK — continued
Utilities — continued
RWE		119	$	1,664
				3,360
TOTAL GERMANY				239,347
IRELAND— 1.7%
Consumer Goods — 0.8%
Glanbia		509		9,919
Kerry Group, Cl A		119		9,721
				19,640
Consumer Services — 0.4%
Paddy Power		64		7,437
Ryanair Holdings ^*		202		3,012
				10,449
Financials — 0.2%
Bank of Ireland ^*		12,383		4,637
Industrials — 0.3%
CRH		73		2,005
Smurfit Kappa Group		178		5,099
				7,104
TOTAL IRELAND				41,830
ITALY— 5.0%
Basic Materials — 0.2%
Tenaris		325		4,100
Consumer Goods — 0.7%
Davide Campari-Milano		663		5,705
Fiat Chrysler Automobiles ^*		249		3,691
Luxottica Group		102		7,183
Moncler		55		890
				17,469
Consumer Services — 0.2%
Mediaset		920		4,695
Financials — 2.1%
Assicurazioni Generali		201		3,828
Azimut Holding		58		1,402
Banca Monte dei Paschi di Siena ^*		1,948		3,598
Banca Popolare dell'Emilia Romagna SC		525		4,260
Banca Popolare di Milano Scarl		4,543		4,291
Banca Popolare di Sondrio SCARL		1,000		4,589
Banco Popolare SC ^*		289		4,345
EXOR		118		5,885
Intesa Sanpaolo		570		1,995
Mediobanca		506		5,114
UniCredit		348		2,260

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

101

Schedule of Investments	October 31, 2015

Global X Scientific Beta Europe ETF‡

	Shares		Value
COMMON STOCK — continued
Financials — continued
Unione di Banche Italiane SCpA		501	$	3,769
Unipol Gruppo Finanziario		209		979
UnipolSai		1,244		3,018
				49,333
Health Care — 0.0%
Recordati		33		824
Industrials — 0.7%
Atlantia		100		2,784
CNH Industrial		233		1,583
Finmeccanica ^*		720		9,465
Italcementi		124		1,384
Prysmian		40		868
				16,084
Oil & Gas — 0.2%
Eni		177		2,905
Saipem ^*		254		2,398
				5,303
Telecommunications — 0.2%
Telecom Italia ^*		2,686		3,765
Utilities — 0.7%
Enel		461		2,137
Enel Green Power		3,998		8,502
Snam		1,087		5,656
Terna Rete Elettrica Nazionale		618		3,159
				19,454
TOTAL ITALY				121,027
LUXEMBOURG— 0.1%
Consumer Services — 0.0%
B&M European Value Retail		311		1,601
Health Care — 0.1%
Eurofins Scientific		4		1,455
TOTAL LUXEMBOURG				3,056
MEXICO— 0.1%
Basic Materials — 0.1%
Fresnillo		180		2,029
NETHERLANDS— 4.2%
Basic Materials — 0.5%
Akzo Nobel		28		1,993
ArcelorMittal		100		560
Koninklijke DSM		119		6,384
OCI ^*		152		4,319
				13,256

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

102

Schedule of Investments	October 31, 2015

Global X Scientific Beta Europe ETF‡

	Shares		Value
COMMON STOCK — continued
Consumer Goods — 0.7%
Heineken		73	$	6,702
Heineken Holding		64		5,156
Unilever		88		3,997
				15,855
Consumer Services — 0.4%
Koninklijke Ahold		176		3,601
RELX		224		3,848
Wolters Kluwer		92		3,130
				10,579
Financials — 0.7%
Aegon		699		4,327
Delta Lloyd		434		3,442
Euronext ^(A)		56		2,473
ING Groep		127		1,857
NN Group		113		3,567
				15,666
Industrials — 0.8%
Aalberts Industries		53		1,731
Arcadis		32		811
Boskalis Westminster		110		5,376
Koninklijke Philips		149		4,047
Koninklijke Vopak		60		2,424
PostNL ^*		358		1,485
TNT Express ^*		530		4,479
				20,353
Oil & Gas — 0.1%
SBM Offshore ^*		166		2,286
Real Estate Investment Trusts — 0.5%
Unibail-Rodamco		18		5,052
Wereldhave		113		7,087
				12,139
Technology — 0.4%
ASM International		160		6,152
ASML Holding		27		2,524
				8,676
Telecommunications — 0.1%
Koninklijke KPN		800		2,952
TOTAL NETHERLANDS				101,762
NORWAY— 1.8%
Basic Materials — 0.3%
Norsk Hydro		400		1,440

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

103

Schedule of Investments	October 31, 2015

Global X Scientific Beta Europe ETF‡

	Shares		Value
COMMON STOCK — continued
Basic Materials — continued
Yara International		150	$	6,837
				8,277
Consumer Goods — 0.6%
Marine Harvest		656		8,830
Orkla		858		7,326
				16,156
Consumer Services — 0.1%
Schibsted, Cl A		62		2,088
Financials — 0.4%
DnB		140		1,790
Gjensidige Forsikring ^*		412		6,291
				8,081
Oil & Gas — 0.3%
Statoil		169		2,720
Subsea 7 ^*		331		2,592
TGS Nopec Geophysical		160		3,167
				8,479
Telecommunications — 0.1%
Telenor		89		1,686
TOTAL NORWAY				44,767
PORTUGAL— 0.4%
Consumer Services — 0.1%
Jeronimo Martins		159		2,246
Financials — 0.1%
Banco Comercial Portugues, Cl R ^*		57,800		3,339
Oil & Gas — 0.1%
Galp Energia		200		2,173
Utilities — 0.1%
Energias de Portugal		599		2,229
TOTAL PORTUGAL				9,987
SPAIN— 3.8%
Basic Materials — 0.1%
Acerinox		179		1,946
Consumer Goods — 0.3%
Viscofan		132		7,749
Consumer Services — 0.2%
Distribuidora Internacional de Alimentacion ^*		48		307
Industria de Diseno Textil		80		3,014
Mediaset Espana Comunicacion		176		2,149
				5,470

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

104

Schedule of Investments	October 31, 2015

Global X Scientific Beta Europe ETF‡

	Shares		Value
COMMON STOCK — continued
Financials — 0.8%
Banco Bilbao Vizcaya Argentaria		120	$	1,039
Banco de Sabadell		1,131		2,198
Banco Popular Espanol		484		1,853
Banco Santander		200		1,127
Bankia		1,555		2,013
Bankinter		693		5,051
Bolsas y Mercados Espanoles SHMSF		33		1,191
CaixaBank		709		2,735
Mapfre		659		1,969
				19,176
Industrials — 0.8%
Abertis Infraestructuras		89		1,486
Acciona		24		2,028
ACS Actividades de Construccion y Servicios		33		1,128
Aena SA ^{* (A)}		10		1,121
Amadeus IT Holding, Cl A		61		2,612
Ferrovial		200		5,073
Zardoya Otis		302		3,736
				17,184
Oil & Gas — 0.2%
Gamesa Tecnologica		180		2,860
Repsol		169		2,142
				5,002
Real Estate Investment Trusts — 0.2%
Merlin Properties Socimi		291		3,748
Telecommunications — 0.1%
Telefonica		120		1,595
Utilities — 1.1%
Enagas		216		6,574
Endesa		425		9,508
Gas Natural SDG		160		3,484
Iberdrola		787		5,648
Red Electrica		67		5,936
				31,150
TOTAL SPAIN				93,020
SWEDEN— 5.4%
Basic Materials — 0.5%
BillerudKorsnas		348		6,349
Boliden		180		3,468
Hexpol		169		1,656
				11,473

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

105

Schedule of Investments	October 31, 2015

Global X Scientific Beta Europe ETF‡

	Shares		Value
COMMON STOCK — continued
Consumer Goods — 0.7%
Electrolux		40	$	1,187
Husqvarna, Cl B		248		1,646
Svenska Cellulosa, Cl B		226		6,707
Swedish Match		123		3,892
				13,432
Consumer Services — 0.5%
Hennes & Mauritz, Cl B		63		2,466
ICA Gruppen		255		9,136
				11,602
Financials — 1.5%
Castellum		421		6,346
Fabege		318		5,090
Industrivarden, Cl C		295		5,404
Intrum Justitia		102		3,688
Investment Kinnevik, Cl B		75		2,411
Investor, Cl B		100		3,738
JM		31		883
Nordea Bank		225		2,504
Skandinaviska Enskilda Banken, Cl A		251		2,658
Svenska Handelsbanken, Cl A		371		5,077
Swedbank, Cl A		153		3,534
				41,333
Health Care — 0.6%
Elekta, Cl B		177		1,377
Getinge, Cl B		36		907
Meda, Cl A		635		9,401
Swedish Orphan Biovitrum ^*		155		2,373
				14,058
Industrials — 0.8%
Assa Abloy, Cl B		180		3,603
Atlas Copco, Cl A		95		2,495
NCC, Cl B		124		3,853
Nibe Industrier, Cl B		24		778
Securitas, Cl B		456		5,993
Skanska, Cl B		78		1,530
Trelleborg, Cl B		192		3,265
				21,517
Oil & Gas — 0.1%
Lundin Petroleum ^*		100		1,454
Technology — 0.3%
Hexagon, Cl B		20		699
Telefonaktiebolaget LM Ericsson, Cl B		711		6,979
				7,678

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

106

Schedule of Investments	October 31, 2015

Global X Scientific Beta Europe ETF‡

	Shares		Value
COMMON STOCK — continued
Telecommunications — 0.4%
Tele2, Cl B		701	$	7,059
TeliaSonera		600		3,090
				10,149
TOTAL SWEDEN				132,696
SWITZERLAND— 11.0%
Basic Materials — 1.0%
Clariant		265		4,893
EMS-Chemie Holding		17		7,218
Givaudan		4		7,182
Glencore Xstrata		271		471
Syngenta		12		4,051
				23,815
Consumer Goods — 1.3%
Aryzta		88		3,982
Barry Callebaut		8		9,633
Cie Financiere Richemont		25		2,151
Coca-Cola HBC		147		3,519
Nestle		106		8,129
Swatch Group		11		4,317
				31,731
Consumer Services — 0.6%
Dufry ^*		46		5,399
Galenica		6		8,826
				14,225
Financials — 3.7%
Baloise Holding		43		5,178
Credit Suisse Group		60		1,502
GAM Holding		174		3,195
Helvetia Holding		13		6,825
Julius Baer Group		123		6,129
Pargesa Holding		85		5,415
Partners Group Holding		35		12,711
PSP Swiss Property		137		11,959
Swiss Life Holding		29		6,946
Swiss Prime Site		216		16,566
Swiss Re		97		9,044
UBS Group		101		2,027
Zurich Insurance Group		27		7,157
				94,654
Health Care — 1.3%
Actelion		9		1,254
Lonza Group		67		9,869
Novartis		53		4,831

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

107

Schedule of Investments	October 31, 2015

Global X Scientific Beta Europe ETF‡

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Roche Holding		22	$	5,988
Sonova Holding		45		6,162
Straumann Holding		12		3,409
				31,513
Industrials — 2.4%
ABB		80		1,514
DKSH Holding		59		3,606
Flughafen Zuerich		15		11,397
Geberit		15		4,859
Georg Fischer		5		3,084
Kaba Holding		6		3,756
Kuehne + Nagel International		50		6,954
LafargeHolcim		45		2,545
OC Oerlikon ^*		468		4,506
Schindler Holding		29		4,724
SGS		2		3,823
Sulzer		34		3,446
Wolseley		41		2,417
				56,631
Technology — 0.4%
AMS		76		2,444
Logitech International		221		3,262
Temenos Group ^*		81		3,800
				9,506
Telecommunications — 0.3%
Swisscom		14		7,243
TOTAL SWITZERLAND				269,318
UNITED KINGDOM— 31.3%
Basic Materials — 0.6%
Anglo American		104		878
BHP Billiton		57		916
Croda International		116		5,192
Johnson Matthey		40		1,597
Mondi		85		1,974
Randgold Resources		54		3,643
Rio Tinto		34		1,238
Victrex		60		1,714
				17,152
Consumer Goods — 3.2%
Barratt Developments		487		4,607
Bellway		175		7,016
Berkeley Group Holdings		154		7,891
Bovis Homes Group		150		2,375

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

108

Schedule of Investments	October 31, 2015

Global X Scientific Beta Europe ETF‡

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
British American Tobacco		59	$	3,517
Britvic		213		2,299
Burberry Group		110		2,256
Diageo		59		1,712
Galliford Try		150		3,468
Greencore Group		358		1,670
Imperial Tobacco Group		148		7,997
Persimmon		244		7,514
Reckitt Benckiser Group		77		7,544
SABMiller		50		3,085
Tate & Lyle		136		1,255
Taylor Wimpey		1,652		5,052
Unilever		100		4,468
				73,726
Consumer Services — 6.2%
AA		369		1,578
ASOS ^*		40		2,015
Betfair Group		83		4,137
Booker Group		827		2,377
Carnival		111		6,201
Compass Group		197		3,405
Daily Mail & General Trust, Cl A		128		1,481
Dixons Carphone		498		3,548
easyJet		161		4,351
Firstgroup ^*		2,029		3,032
Greene King		635		7,880
Home Retail Group		1,770		3,069
Inchcape		324		4,001
Informa		736		6,456
InterContinental Hotels Group		64		2,571
International Consolidated Airlines Group		137		1,232
ITV		400		1,559
J Sainsbury		1,179		4,851
Just Eat ^*		165		1,086
Kingfisher		1,000		5,453
Marks & Spencer Group		115		911
Merlin Entertainments ^(A)		301		1,928
MoneySuperMarket.com		151		779
Next		101		12,479
Ocado Group ^*		200		1,164
Pearson		333		4,431
Playtech		204		2,697
RELX		216		3,876
Restaurant Group		384		4,252

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

109

Schedule of Investments	October 31, 2015

Global X Scientific Beta Europe ETF‡

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Rightmove		42	$	2,490
Sky		523		8,853
Sports Direct International ^*		143		1,539
Stagecoach Group		1,318		7,043
Tesco ^*		859		2,432
Thomas Cook Group ^*		800		1,518
UBM		483		3,819
WH Smith		157		4,134
Whitbread		45		3,451
William Hill		476		2,331
WM Morrison Supermarkets		1,734		4,512
WPP		108		2,432
				147,354
Financials — 7.5%
3i Group		347		2,685
Admiral Group		441		10,986
Amlin		1,685		17,149
Aviva		400		3,002
Barclays		600		2,150
Beazley		1,130		6,345
Capital & Counties Properties		1,234		8,471
Close Brothers Group		400		9,044
Direct Line Insurance Group		1,996		12,158
Hargreaves Lansdown		58		1,293
Henderson Group		400		1,774
Hiscox		772		11,535
HSBC Holdings		770		6,037
ICAP		524		3,561
IG Group Holdings		754		8,797
Intermediate Capital Group		466		4,073
Investec		407		3,407
Jardine Lloyd Thompson Group		300		4,390
Jupiter Fund Management		245		1,706
Legal & General Group		1,095		4,424
Lloyds Banking Group		2,965		3,376
London Stock Exchange Group		29		1,140
Man Group		1,400		3,613
Old Mutual		1,177		3,859
Paragon Group of		670		4,346
Phoenix Group Holdings		838		11,072
Provident Financial		235		12,594
Prudential		100		2,346
Royal Bank of Scotland Group ^*		400		1,962
RSA Insurance Group		541		3,517

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

110

Schedule of Investments	October 31, 2015

Global X Scientific Beta Europe ETF‡

	Shares		Value
COMMON STOCK — continued
Financials — continued
Schroders		40	$	1,843
St. James's Place		140		2,085
Standard Chartered		171		1,905
Standard Life		297		1,931
Unite Group		255		2,619
				181,195
Health Care — 0.7%
BTG ^*		458		3,904
GlaxoSmithKline		162		3,515
Hikma Pharmaceuticals		169		5,649
Shire		33		2,510
Smith & Nephew		204		3,497
				19,075
Industrials — 5.9%
Ashtead Group		95		1,467
Babcock International Group		201		2,992
BAE Systems		690		4,692
Balfour Beatty ^*		1,173		4,515
BBA Aviation		2,580		7,599
Berendsen		433		6,854
Bodycote		295		2,346
Bunzl		244		7,005
Capita		355		6,990
Carillion		858		4,048
Cobham		1,067		4,573
DCC		79		6,351
DS Smith		800		4,782
Essentra		172		2,237
Experian		132		2,259
G4S		1,521		5,701
Halma		400		4,717
Hays		800		1,741
Howden Joinery Group		929		6,652
Intertek Group		132		5,351
Kingspan Group		150		3,650
Meggitt		731		3,992
Melrose Industries		1,200		4,933
Michael Page International		220		1,681
QinetiQ Group		1,600		5,535
Regus		308		1,592
Rentokil Initial		3,266		7,793
Rotork		400		1,158
Royal Mail		200		1,375
RPC Group		60		603

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

111

Schedule of Investments	October 31, 2015

Global X Scientific Beta Europe ETF‡

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Senior		400	$	1,401
Serco Group ^*		561		812
Smiths Group		154		2,288
Spectris		20		515
Spirax-Sarco Engineering		96		4,509
Travis Perkins		94		2,782
Ultra Electronics Holdings		180		4,679
WS Atkins		197		4,193
				146,363
Oil & Gas — 0.6%
Amec Foster Wheeler		89		977
BG Group		144		2,280
BP		713		4,254
John Wood Group		278		2,563
Petrofac		71		924
Royal Dutch Shell, Cl A		146		3,811
Tullow Oil ^*		373		1,169
				15,978
Real Estate Investment Trusts — 2.7%
British Land		412		5,539
Derwent London		181		10,846
Great Portland Estates		892		12,253
Hammerson		547		5,378
Intu Properties		1,501		8,023
Land Securities Group		334		6,907
Segro		1,100		7,641
Shaftesbury		714		10,371
				66,958
Technology — 0.8%
ARM Holdings		55		871
Dialog Semiconductor ^*		40		1,487
Micro Focus International		260		5,043
Sage Group		618		5,202
Telecity Group		352		6,387
				18,990
Telecommunications — 1.0%
BT Group, Cl A		508		3,648
Cable & Wireless Communications		2,581		2,934
Inmarsat		496		7,545
TalkTalk Telecom Group		1,002		3,915
Vodafone Group		2,184		7,227
				25,269

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

112

Schedule of Investments	October 31, 2015

Global X Scientific Beta Europe ETF‡

	Shares/Number of Rights		Value
COMMON STOCK — continued
Utilities — 2.1%
Centrica		871	$	3,041
Drax Group		1,085		4,367
National Grid		411		5,871
Pennon Group		900		11,272
Severn Trent		245		8,487
SSE		323		7,557
United Utilities Group		547		8,351
				48,946
TOTAL UNITED KINGDOM				761,006
UNITED STATES— 0.2%
Health Care — 0.2%
AstraZeneca		87		5,577
TOTAL COMMON STOCK
(Cost $2,489,063)				2,425,615

PREFERRED STOCK — 0.3%
GERMANY— 0.3%
Basic Materials — 0.2%
FUCHS PETROLUB, 0.000%		39		1,879
Henkel & KGaA, 0.000%		34		3,707
				5,586
Consumer Goods — 0.1%
Porsche Automobil Holding, 0.000%		14		659
Volkswagen, 0.000%		6		724
				1,383
TOTAL GERMANY				6,969
TOTAL PREFERRED STOCK
(Cost $8,313)				6,969

RIGHTS — 0.0%
France — 0.0%
Technicolor^*		105		26

Spain — 0.0%
Banco Santander^*		200		11

TOTAL RIGHTS
(Cost $–)				37
TOTAL INVESTMENTS — 99.7%
(Cost $2,497,376)			$	2,432,621

Percentages are based on Net Assets of $2,440,790.

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

113

Schedule of Investments	October 31, 2015

Global X Scientific Beta Europe ETF‡

*	Non-income producing security.
‡	Fund commenced operations on May 12, 2015.
(A)	Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." These securities have been determined to be liquid under guidelines established by the Board of Trustees.

Cl — Class

As of October 31, 2015, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended October 31, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2015, there were no Level 3 investments.

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

114

Schedule of Investments	October 31, 2015

Global X Scientific Beta Japan ETF‡

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.9%
Basic Materials — 9.8%
ADEKA		600	$	8,890
Air Water		314		5,181
Asahi Kasei		1,010		6,248
Daicel		593		7,902
Daido Steel		1,177		4,535
Denki Kagaku Kogyo		1,389		6,503
DIC		2,247		6,145
Dowa Holdings		160		1,405
Hitachi Chemical		579		9,270
Hitachi Metals		300		3,428
JFE Holdings		140		2,223
JSR		293		4,664
Kaneka		1,387		12,389
Kansai Paint		156		2,395
Kobe Steel ^*		1,800		2,297
Kuraray		420		5,221
Maruichi Steel Tube		431		11,109
Mitsubishi Chemical Holdings		1,117		7,038
Mitsubishi Gas Chemical		1,345		7,557
Mitsui Chemicals		2,517		9,615
Mitsui Mining & Smelting		2,516		4,879
Nagase		534		6,691
Nihon Parkerizing		153		1,376
Nippon Kayaku		282		2,961
Nippon Paint Holdings		131		2,797

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

115

Schedule of Investments	October 31, 2015

Global X Scientific Beta Japan ETF‡

	Shares		Value
COMMON STOCK — continued
Basic Materials — continued
Nippon Paper Industries		325	$	6,057
Nippon Shokubai		169		13,331
Nippon Steel & Sumitomo Metal		74		1,515
Nissan Chemical Industries		227		5,681
Nitto Denko		40		2,593
NOF		1,139		8,193
Oji Holdings		450		2,346
Shin-Etsu Chemical		19		1,139
Showa Denko		4,029		5,108
Sumitomo Chemical		657		3,806
Sumitomo Metal Mining		335		4,193
Taiyo Nippon Sanso		339		3,531
Teijin		2,702		9,628
Toagosei		640		5,410
Toray Industries		630		5,547
Tosoh		862		4,422
Ube Industries		3,886		8,212
Yamato Kogyo		296		7,947
Zeon		607		4,995
				246,373
Consumer Goods — 18.1%
ABC-Mart		183		10,267
Aisin Seiki		136		5,449
Ajinomoto		290		6,505
Asahi Group Holdings		186		5,775
Asics		198		5,521
Bridgestone		89		3,301
Calbee		292		10,671
Casio Computer		195		3,704
Citizen Holdings		600		4,584
Coca-Cola East Japan		482		6,807
Coca-Cola West		478		9,725
Daihatsu Motor		629		7,767
Daiichikosho		246		8,235
Daiwa House Industry		132		3,496
Denso		71		3,331
Ezaki Glico		160		7,690
Fuji Heavy Industries ^*		40		1,567
GungHo Online Entertainment ^*		564		1,846
Honda Motor		160		5,362
House Foods Group		752		13,061
Ito En		220		4,623
Japan Tobacco		58		2,024
JTEKT		93		1,620

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

116

Schedule of Investments	October 31, 2015

Global X Scientific Beta Japan ETF‡

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Kagome		400	$	6,825
Kao		80		4,136
Kewpie		349		8,023
Kikkoman		45		1,423
Kirin Holdings		100		1,426
Koito Manufacturing		47		1,801
Konami		411		9,393
Kose		75		7,389
Lion		600		5,822
MEIJI Holdings		100		7,947
Morinaga		276		1,416
Nexon		427		5,973
NH Foods		647		13,570
NHK Spring		613		6,304
Nichi-iko Pharmaceutical		57		1,597
Nichirei		1,253		8,213
Nifco		167		6,497
Nikon		375		4,885
Nintendo		14		2,260
Nissan Motor ^*		736		7,724
Nisshin Seifun Group		939		14,458
Nisshinbo Holdings		266		3,635
Nissin Foods Holdings		58		2,696
NOK		155		3,689
NSK		100		1,195
Onward Holdings		1,492		9,421
Pigeon		300		8,490
Pola Orbis Holdings		28		1,794
Rinnai		25		1,995
Sangetsu		504		8,094
Sanrio		76		2,031
Sapporo Holdings		1,159		4,802
Sega Sammy Holdings		194		2,056
Sekisui Chemical		433		5,153
Sekisui House		374		6,274
Sharp ^*		1,627		1,793
Shimano		17		2,702
Shiseido		124		2,971
Sony		75		2,163
Sumitomo Electric Industries		234		3,228
Sumitomo Forestry		451		5,438
Sumitomo Rubber Industries		320		4,805
Suntory Beverage & Food		124		5,045
Suzuki Motor		42		1,389

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

117

Schedule of Investments	October 31, 2015

Global X Scientific Beta Japan ETF‡

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Takara Holdings		140	$	1,013
Tokai Rika		348		7,643
Toyo Suisan Kaisha		164		6,088
Toyo Tire & Rubber		221		4,701
Toyobo		5,355		7,899
Toyoda Gosei		326		7,559
Toyota Industries		80		4,249
Toyota Motor ^*		45		2,785
TS Tech		190		5,259
Unicharm		248		5,333
Wacoal Holdings		995		12,566
Yakult Honsha		20		1,067
Yamaha		219		5,490
Yamaha Motor		114		2,590
Yamazaki Baking		1,278		24,814
Yokohama Rubber		256		4,964
				454,892
Consumer Services — 16.4%
Aeon		288		4,293
ANA Holdings		4,918		14,765
Aoyama Trading		236		8,664
Arcs		458		9,291
Autobacs Seven		459		8,083
Benesse Holdings		169		4,558
Central Japan Railway		14		2,576
Cosmos Pharmaceutical		43		5,391
Dai Nippon Printing		377		3,930
Dena ^*		213		3,445
Don Quijote Holdings		197		7,305
Duskin		511		8,813
East Japan Railway		40		3,835
FamilyMart		93		3,826
Fast Retailing		3		1,103
Fuji Media Holdings		326		3,901
H2O Retailing		546		10,709
Hakuhodo DY Holdings		370		3,925
Hankyu Hanshin Holdings		1,129		7,400
HIS		60		2,034
Isetan Mitsukoshi Holdings		178		2,884
Izumi		236		8,840
J Front Retailing		205		3,401
Japan Airlines ^*		188		7,135
Kakaku.com ^*		236		4,447
Keihan Electric Railway		1,623		11,580

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

118

Schedule of Investments	October 31, 2015

Global X Scientific Beta Japan ETF‡

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Keikyu		133	$	1,101
Keio		152		1,246
Keisei Electric Railway		230		2,857
Kintetsu Group Holdings		400		1,555
K's Holdings		369		13,102
Lawson		51		3,799
M3 ^*		421		8,223
Marui Group		312		4,067
Matsumotokiyoshi Holdings		328		14,162
McDonald's Holdings Japan ^*		375		8,883
Nagoya Railroad		3,023		12,574
Nankai Electric Railway		2,114		10,861
Nippon Television Holdings		280		4,887
Nishimatsu		442		1,769
Nishi-Nippon Railroad		1,948		10,138
Nitori Holdings		161		12,661
Odakyu Electric Railway		109		1,073
Oriental Land		84		5,139
Park24		324		6,830
Pilot		37		1,579
Rakuten ^*		126		1,762
Resorttrust		140		3,620
Ryohin Keikaku		36		7,288
Sankyo		304		11,790
Seibu Holdings		77		1,570
Seven & i Holdings		26		1,187
Shimachu		354		7,791
Shimamura		46		5,211
Shochiku		483		4,283
Sotetsu Holdings		981		5,617
Start Today		56		1,891
Sugi Holdings		89		4,359
Sundrug		153		8,140
Takashimaya		372		3,351
Tobu Railway		302		1,469
Toho		124		3,247
Tokyo Broadcasting System Holdings		337		5,051
Tokyu		140		1,143
Tsuruha Holdings		152		12,117
TV Asahi Holdings		222		3,731
UNY Group Holdings		1,756		9,779
USS		319		5,686
Valor		67		1,576
Welcia Holdings		36		1,787

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

119

Schedule of Investments	October 31, 2015

Global X Scientific Beta Japan ETF‡

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
West Japan Railway		65	$	4,595
Yamada Denki		1,495		6,777
				407,458
Financials — 10.8%
77 Bank		949		5,285
Acom ^*		475		2,622
AEON Financial Service		128		3,230
Aeon Mall		100		1,685
Aozora Bank		3,693		13,558
Awa Bank		1,200		6,692
Bank of Kyoto		287		2,928
Bank of Yokohama		1,032		6,493
Chiba Bank		600		4,415
Chugoku Bank		456		6,518
Credit Saison		121		2,508
Dai-ichi Life Insurance		191		3,348
Daishi Bank		1,400		6,369
Daito Trust Construction		20		2,178
Daiwa Securities Group		239		1,648
Fukuoka Financial Group		1,111		5,901
Gunma Bank		466		2,954
Hachijuni Bank		430		2,958
Hiroshima Bank		548		3,074
Hitachi Capital		240		6,950
Hokuhoku Financial Group		1,830		4,094
Hyakugo Bank		942		4,855
Hyakujushi Bank		1,146		4,340
Iida Group Holdings		158		2,988
Invincible Investment		3		1,787
Iyo Bank		362		3,927
Jafco ^*		100		3,857
Japan Exchange Group		80		1,302
Joyo Bank		800		4,190
Juroku Bank		1,216		5,462
Keiyo Bank		1,067		5,402
Leopalace21 ^*		1,314		7,055
Matsui Securities ^*		129		1,147
Mitsubishi UFJ Financial Group		618		4,049
Mitsubishi UFJ Lease & Finance		715		3,785
Mizuho Financial Group		2,436		5,053
MS&AD Insurance Group Holdings		105		3,125
Musashino Bank		100		3,837
Nishi-Nippon City Bank		2,136		6,301
Nomura Holdings		279		1,770

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

120

Schedule of Investments	October 31, 2015

Global X Scientific Beta Japan ETF‡

	Shares		Value
COMMON STOCK — continued
Financials — continued
Nomura Real Estate Holdings		315	$	6,784
North Pacific Bank		958		3,707
NTT Urban Development		244		2,441
Ogaki Kyoritsu Bank		2,014		7,894
Okasan Securities Group ^*		427		2,534
Orient ^*		1,730		3,484
ORIX		123		1,816
Resona Holdings		1,200		6,400
San-In Godo Bank		848		7,891
SBI Holdings		432		4,944
Senshu Ikeda Holdings		1,504		6,518
Seven Bank		1,657		7,607
Shiga Bank		1,000		5,378
Shinsei Bank		1,721		3,637
Shizuoka Bank		408		4,132
Sompo Japan Nipponkoa Holdings		88		2,792
Sony Financial Holdings		93		1,683
Sumitomo Mitsui Financial Group		47		1,893
Sumitomo Mitsui Trust Holdings		460		1,783
Suruga Bank		180		3,577
T&D Holdings		206		2,735
Tokai Tokyo Financial Holdings		163		1,001
Tokio Marine Holdings		109		4,237
Tokyo Tatemono		165		2,063
Tokyu Fudosan Holdings		200		1,417
Yamaguchi Financial Group		351		4,348
				272,336
Health Care — 9.1%
Alfresa Holdings		479		9,261
Asahi Intecc		90		3,505
Astellas Pharma		328		4,797
Chugai Pharmaceutical		115		3,726
Daiichi Sankyo		372		7,351
Eisai		95		5,989
Hisamitsu Pharmaceutical		33		1,288
Kaken Pharmaceutical		187		13,017
Kissei Pharmaceutical		369		9,556
Kobayashi Pharmaceutical		75		5,855
KYORIN Holdings		607		10,276
Kyowa Hakko Kirin		720		11,945
Medipal Holdings		280		4,928
Miraca Holdings		103		4,618
Mitsubishi Tanabe Pharma		930		15,844
Nihon Kohden		360		7,062

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

121

Schedule of Investments	October 31, 2015

Global X Scientific Beta Japan ETF‡

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Nihon M&A Center		43	$	1,785
Nippon Shinyaku		179		7,046
Nipro		596		6,727
Olympus		50		1,701
Ono Pharmaceutical		32		4,423
Otsuka Holdings		492		16,487
Rohto Pharmaceutical		331		5,497
Santen Pharmaceutical		535		7,320
Sawai Pharmaceutical		135		8,692
Shionogi		72		2,978
Sumitomo Dainippon Pharma		481		5,353
Suzuken		170		6,558
Sysmex		27		1,559
Taisho Pharmaceutical Holdings		99		6,219
Takeda Pharmaceutical		105		5,160
Terumo		113		3,380
Toho Holdings		362		8,078
Topcon		152		2,217
Tsumura		313		7,589
				227,787
Industrials — 18.4%
Aica Kogyo		226		4,515
Alps Electric		103		3,235
Amada Holdings		204		1,831
Asahi Glass		1,316		7,602
Azbil		160		4,070
Century Tokyo Leasing		100		3,427
Chiyoda		782		5,981
COMSYS Holdings		372		4,892
Daifuku		157		2,346
Daikin Industries		20		1,299
Disco		86		7,918
DMG Mori		180		2,595
Ebara		1,241		5,420
FANUC		12		2,143
Fuji Electric		400		1,800
Fujikura		1,126		5,832
Furukawa Electric		4,631		8,519
Glory		178		4,536
GS Yuasa		2,300		8,805
Hamamatsu Photonics		48		1,233
Haseko		279		2,869
Hazama Ando		154		915
Hirose Electric		16		1,957

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

122

Schedule of Investments	October 31, 2015

Global X Scientific Beta Japan ETF‡

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Hitachi		353	$	2,056
Hitachi Construction Machinery		195		3,041
Horiba		100		3,969
Hoshizaki Electric		80		5,840
Hoya		62		2,584
Ibiden		344		4,783
IHI		280		798
Isuzu Motors		152		1,791
ITOCHU		488		6,163
Japan Airport Terminal		40		2,188
Japan Aviation Electronics Industry		183		3,286
Japan Display ^*		588		1,861
Japan Steel Works		1,193		4,469
Kajima		1,872		10,813
Kamigumi		800		6,934
Kanamoto		62		1,260
Kawasaki Heavy Industries		328		1,329
Kawasaki Kisen Kaisha		3,209		7,260
Keyence		2		1,054
Kinden		796		10,402
Komatsu		104		1,725
Kubota ^*		128		2,006
Kumagai Gumi		300		905
Kurita Water Industries		131		2,978
Kyocera		80		3,648
Lintec		487		11,506
LIXIL Group		198		4,268
Mabuchi Motor		75		3,754
Maeda Road Construction		382		7,012
Marubeni		1,557		9,063
Minebea		254		2,833
MISUMI Group		300		3,950
Mitsubishi		472		8,654
Mitsubishi Electric		127		1,337
Mitsubishi Logistics		240		3,472
Mitsubishi Materials		1,481		5,204
Mitsui		740		9,447
Mitsui Engineering & Shipbuilding		2,904		4,500
Mitsui OSK Lines		658		1,772
Miura		761		9,151
Monotaro		70		1,818
Murata Manufacturing		12		1,726
Nabtesco		237		4,796
Nachi-Fujikoshi		327		1,480

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

123

Schedule of Investments	October 31, 2015

Global X Scientific Beta Japan ETF‡

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Nidec		91	$	6,917
Nippon Electric Glass		1,576		7,797
Nippon Express		1,195		6,209
Nippon Konpo Unyu Soko		286		5,567
Nippon Yusen		1,400		3,689
NTN		800		4,024
Obayashi		1,051		9,267
OKUMA		200		1,619
Omron		28		936
OSG		168		3,189
Panasonic		99		1,177
Penta-Ocean Construction		355		1,624
Recruit Holdings		25		808
Rengo		1,359		6,498
Sankyu		1,839		10,439
Sanwa Holdings		702		5,701
Secom		46		3,094
Seino Holdings		268		3,207
Shimadzu		163		2,560
Shimizu		722		6,360
SHO-BOND Holdings		73		2,913
SMC		9		2,337
Sohgo Security Services		146		7,102
Sojitz		4,563		10,134
Sumitomo		500		5,513
Sumitomo Heavy Industries		1,364		6,217
Sumitomo Osaka Cement		3,547		13,756
Tadano		152		1,831
Taiheiyo Cement		827		2,741
Taisei		451		2,952
Taiyo Yuden		339		4,818
TDK		83		5,344
Temp Holdings		141		2,121
Toppan Printing		432		3,902
Toshiba ^*		1,614		4,589
TOTO		69		2,361
Toyo Seikan Group Holdings		185		3,606
Toyota Tsusho		120		2,768
Tsubakimoto Chain		629		4,644
Ushio		346		4,797
Yamato Holdings		74		1,466
				469,220
Oil & Gas — 1.5%
Idemitsu Kosan		620		10,219

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

124

Schedule of Investments	October 31, 2015

Global X Scientific Beta Japan ETF‡

	Shares		Value
COMMON STOCK — continued
Oil & Gas — continued
Inpex		825	$	7,900
Japan Petroleum Exploration		307		9,260
JX Holdings		2,057		8,114
TonenGeneral Sekiyu		303		3,161
				38,654
Real Estate Investment Trusts — 5.9%
Activia Properties		2		8,519
Advance Residence Investment		3		6,426
Daiwa House Residential Investment		4		8,128
Daiwa Office Investment		2		10,259
Frontier Real Estate Investment		1		4,060
GLP J-Reit		4		3,991
Industrial & Infrastructure Fund Investment		1		4,541
Japan Excellent		13		14,295
Japan Hotel Investment		19		13,241
Japan Logistics Fund		4		7,504
Japan Prime Realty Investment		1		3,269
Japan Real Estate Investment		1		4,641
Japan Retail Fund Investment		1		1,944
Kenedix Office Investment, Cl A		1		4,599
Mori Hills Investment, Cl A		10		12,430
Mori Trust Sogo		3		5,330
Nippon Accommodations Fund		6		20,759
Nippon Building Fund		1		4,765
Nippon Prologis		2		3,535
Orix		4		5,403
United Urban Investment		1		1,393
				149,032
Technology — 6.0%
Advantest		161		1,295
Canon		54		1,629
FUJIFILM Holdings		132		5,307
Hitachi High-Technologies		415		11,264
IT Holdings		781		19,449
Itochu Techno-Solutions		368		8,112
Konica Minolta		309		3,203
Mixi ^*		73		2,807
NEC		2,966		9,217
Nomura Research Institute		132		5,436
NTT Data		101		5,064
Obic		200		10,640
Oki Electric Industry		779		1,323
Oracle Japan ^*		129		5,901
Otsuka		134		6,518

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

125

Schedule of Investments	October 31, 2015

Global X Scientific Beta Japan ETF‡

	Shares		Value
COMMON STOCK — continued
Technology — continued
Renesas Electronics ^*		265	$	1,717
Ricoh		288		3,124
Rohm		73		3,648
SCREEN Holdings		800		4,773
SCSK		272		10,492
Square Enix Holdings		259		7,040
Sumco		461		4,691
Tokyo Ohka Kogyo		423		13,635
Trend Micro ^*		60		2,354
				148,639
Telecommunications — 0.9%
Hikari Tsushin		48		3,679
KDDI		80		1,953
Nippon Telegraph & Telephone		339		12,602
NTT DOCOMO		242		4,728
				22,962
Utilities — 3.0%
Chubu Electric Power		197		3,052
Chugoku Electric Power ^*		200		3,040
Electric Power Development		393		13,043
Hokkaido Electric Power ^*		516		5,546
Hokuriku Electric Power		438		6,576
Iwatani		850		4,740
Kansai Electric Power ^*		464		5,991
Kyushu Electric Power ^*		491		5,973
Osaka Gas		1,267		5,021
Shikoku Electric Power ^*		193		3,301
Toho Gas		1,584		9,766
Tohoku Electric Power		438		6,199
Tokyo Electric Power ^*		590		4,053
Tokyo Gas		264		1,316
				77,617
TOTAL COMMON STOCK
(Cost $2,516,728)				2,514,970
TOTAL INVESTMENTS — 99.9%
(Cost $2,516,728)			$	2,514,970

Percentages are based on Net Assets of $2,518,541.

*	Non-income producing security.
‡	Fund commenced operations on May 12, 2015.

Cl — Class

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

126

Schedule of Investments	October 31, 2015

Global X Scientific Beta Japan ETF‡

As of October 31, 2015, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended October 31, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2015, there were no Level 2 or 3 investments.

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

127

Schedule of Investments	October 31, 2015

Global X Scientific Beta Asia ex-Japan ETF‡

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.7%
AUSTRALIA— 29.8%
Basic Materials — 3.0%
Alumina		5,750	$	4,451
BHP Billiton		80		1,314
BlueScope Steel		1,108		3,526
Evolution Mining		7,540		7,558
Fortescue Metals Group		1,640		2,445
Incitec Pivot		2,670		7,524
Independence Group		930		1,838
Mineral Resources		600		1,832
Newcrest Mining ^*		500		4,391
Northern Star Resources		3,283		6,465
Nufarm		1,170		6,987
OZ Minerals		550		1,711
Regis Resources		490		727
Rio Tinto		50		1,807
Sandfire Resources		250		1,131
Syrah Resources ^*		270		607
Washington H Soul Pattinson		616		7,076
Western Areas		580		989
Whitehaven Coal ^*		7,530		5,479
				67,858
Consumer Goods — 2.0%
Asaleo Care		1,560		1,959
Bega Cheese		430		1,779

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

128

Schedule of Investments	October 31, 2015

Global X Scientific Beta Asia ex-Japan ETF‡

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Blackmores		84	$	10,048
Breville Group		630		2,953
Burson Group		820		2,094
Coca-Cola Amatil		470		3,055
GrainCorp, Cl A		940		6,070
GUD Holdings		650		3,728
Pacific Brands ^*		1,140		586
Select Harvests		651		4,719
Tassal Group		190		573
Treasury Wine Estates		944		4,768
				42,332
Consumer Services — 5.4%
Amalgamated Holdings		840		8,390
AP Eagers		850		6,471
APN News & Media ^*		7,950		2,921
ARB		120		1,266
Aristocrat Leisure		678		4,508
Australian Pharmaceutical Industries		6,910		9,762
Automotive Holdings Group		380		1,152
Corporate Travel Management		360		2,895
Domino's Pizza Enterprises		100		3,335
Echo Entertainment Group		2,030		7,401
Fairfax Media		4,900		3,304
G8 Education		457		978
Greencross		200		893
Harvey Norman Holdings		1,310		3,720
InvoCare		620		4,915
Mantra Group		790		2,328
Metcash		3,430		2,912
Myer Holdings		2,964		2,030
Navitas		1,057		3,167
Nine Entertainment Holdings		2,653		2,934
Qantas Airways ^*		657		1,852
Retail Food Group		1,230		4,063
Seven Group Holdings		720		2,594
Seven West Media		4,692		2,260
Sigma Pharmaceuticals		5,310		3,182
Southern Cross Media Group		6,944		4,855
Super Retail Group		190		1,309
TABCORP Holdings		2,046		6,890
Tatts Group		2,921		8,253
Village Roadshow		100		537
Wesfarmers		126		3,543

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

129

Schedule of Investments	October 31, 2015

Global X Scientific Beta Asia ex-Japan ETF‡

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Woolworths		100	$	1,720
				116,340
Financials — 5.3%
Abacus Property Group		4,398		10,261
AMP		370		1,513
Ardent Leisure Group		5,470		10,889
ASX		60		1,765
Australia & New Zealand Banking Group		70		1,359
Aveo Group		2,665		5,856
Bank of Queensland		350		3,264
Bendigo and Adelaide Bank		380		2,901
BT Investment Management		530		4,313
Challenger		460		2,700
Charter Hall Retail		3,058		9,252
Commonwealth Bank of Australia		30		1,642
Cover-More Group		500		813
Cromwell Property Group		8,378		6,007
FlexiGroup		450		982
Genworth Mortgage Insurance Australia		1,020		1,965
Insurance Australia Group		429		1,717
IOOF Holdings		547		3,645
Lend Lease Group		430		3,988
Macquarie Group		60		3,669
Magellan Financial Group		160		2,572
McMillan Shakespeare		740		6,637
National Australia Bank		145		3,119
Perpetual		50		1,602
Platinum Asset Management		671		3,543
Premier Investments		440		4,298
QBE Insurance Group		592		5,595
Steadfast Group		980		1,049
Stockland		1,100		3,178
Suncorp Group		350		3,274
Veda Group		1,170		2,187
Westpac Banking		70		1,567
				117,122
Health Care — 3.5%
Ansell		560		8,038
Cochlear		180		11,423
CSL		112		7,495
Estia Health		430		2,282
Healthscope		1,380		2,658
Japara Healthcare		1,080		2,389
Mayne Pharma Group ^*		5,160		3,773

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

130

Schedule of Investments	October 31, 2015

Global X Scientific Beta Asia ex-Japan ETF‡

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Mesoblast ^(B)(C) ^*		410	$	997
nib holdings		1,975		5,087
Primary Health Care		2,527		6,689
Ramsay Health Care		156		6,902
Regis Healthcare		550		2,296
Sirtex Medical		250		6,787
Sonic Healthcare		680		9,354
				76,170
Industrials — 4.5%
Adelaide Brighton		500		1,495
Amcor		1,040		10,128
Asciano		1,230		7,196
Aurizon Holdings		1,380		5,090
Boral		737		2,834
Brambles		660		4,888
Brickworks		726		7,526
Computershare		580		4,473
CSR		2,438		4,818
Downer EDI		500		1,266
DuluxGroup		1,300		5,472
GWA Group ^*		1,330		2,353
IPH		510		2,674
Macquarie Atlas Roads Group		480		1,397
Monadelphous Group		240		1,185
Orora		2,450		4,090
Pact Group Holdings		1,010		3,697
Qube Holdings		1,460		2,385
SAI Global		350		1,096
Slater & Gordon		503		994
Spotless Group Holdings		1,680		2,577
Sydney Airport		1,000		4,602
Transfield Services ^*		6,136		4,400
Transpacific Industries Group		10,850		5,263
Transurban Group		640		4,767
				96,666
Oil & Gas — 1.1%
APA Group		610		4,004
Beach Energy		6,330		2,890
Caltex Australia		190		4,284
Liquefied Natural Gas ^*		1,020		1,088
Oil Search		670		3,752
Santos		400		1,667
Woodside Petroleum		140		2,958

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

131

Schedule of Investments	October 31, 2015

Global X Scientific Beta Asia ex-Japan ETF‡

	Shares		Value
COMMON STOCK — continued
Oil & Gas — continued
WorleyParsons		330	$	1,535
				22,178
Real Estate Investment Trusts — 2.8%
ALE Property Group		3,958		11,014
BWP Trust		2,730		6,272
Dexus Property Group		290		1,601
Federation Centres ^(B)		2,960		6,145
Goodman Group		1,120		4,850
GPT Group		1,150		3,914
Growthpoint Properties Australia		3,390		7,449
Investa Office Fund		2,004		5,776
Mirvac Group		1,160		1,494
Scentre Group		920		2,717
Shopping Centres Australasia Property Group		2,130		3,130
Westfield ^*		400		2,925
				57,287
Technology — 0.5%
IRESS		570		3,819
iSentia Group		760		2,239
Recall Holdings		470		2,569
Technology One		1,160		3,186
				11,813
Telecommunications — 0.5%
M2 Group		620		4,379
Telstra		923		3,556
TPG Telecom		330		2,604
Vocus Communications		130		604
				11,143
Utilities — 1.2%
AGL Energy		520		6,207
AusNet Services		6,260		6,454
DUET Group		1,419		2,389
Origin Energy		217		851
Spark Infrastructure Group		6,630		9,838
				25,739
TOTAL AUSTRALIA				644,648
CHINA— 0.6%
Consumer Goods — 0.6%
Pacific Textiles Holdings		8,510		12,166
HONG KONG— 29.9%
Basic Materials — 0.3%
G-Resources Group		283,264		6,360

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

132

Schedule of Investments	October 31, 2015

Global X Scientific Beta Asia ex-Japan ETF‡

	Shares		Value
COMMON STOCK — continued
Consumer Goods — 4.8%
China Smarter Energy Group Holdings ^*		27,540	$	2,345
China Strategic Holdings ^*		98,419		3,098
First Pacific		4,440		3,042
Global Brands Group Holding ^*		5,750		1,195
Man Wah Holdings		6,480		7,425
Samsonite International		1,686		4,993
Shenzhou International Group Holdings		1,150		5,676
Sincere Watch Hong Kong ^*		15,770		1,669
Stella International Holdings		5,640		13,957
Techtronic Industries		1,349		4,952
Texwinca Holdings		8,340		8,125
Uni-President China Holdings		8,710		7,159
Vitasoy International Holdings		10,170		16,954
Yue Yuen Industrial Holdings		7,110		26,008
				106,598
Consumer Services — 6.0%
Cafe de Coral Holdings		4,210		14,259
Cathay Pacific Airways		5,250		10,459
Chow Sang Sang Holdings International		2,251		4,392
Esprit Holdings		6,374		7,179
Giordano International		2,160		1,165
Great Eagle Holdings		1,736		5,723
Hongkong & Shanghai Hotels		9,213		10,485
Lifestyle International Holdings		3,890		5,632
L'Occitane International		1,720		3,471
Luk Fook Holdings International		1,310		3,389
Melco International Development		777		1,209
Miramar Hotel & Investment		6,856		11,536
MTR		2,770		12,581
NagaCorp		3,120		2,214
Sa Sa International Holdings		2,580		829
Shangri-La Asia		5,830		5,356
Shun Tak Holdings ^*		18,670		7,468
Television Broadcasts		1,082		3,951
Transport International Holdings		6,701		18,114
				129,412
Financials — 7.1%
AIA Group		590		3,471
Bank of East Asia		1,730		6,486
China Innovative Finance Group ^*		22,700		2,226
Chinese Estates Holdings		2,744		6,394
CK Hutchison Holdings		110		1,512
Dah Sing Banking Group		2,231		4,243
Dah Sing Financial Holdings		750		4,214

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

133

Schedule of Investments	October 31, 2015

Global X Scientific Beta Asia ex-Japan ETF‡

	Shares		Value
COMMON STOCK — continued
Financials — continued
Far East Consortium International		21,030	$	7,679
Goldin Properties ^*		680		586
Good Fellow Resources Holdings ^*		7,210		1,768
Guoco Group		1,500		17,225
Haitong International Securities Group		2,430		1,351
Hang Lung Group		970		3,523
Hang Lung Properties		1,600		3,927
Hang Seng Bank		331		6,090
Henderson Land Development		803		5,144
HKR International		22,018		9,830
Hong Kong Exchanges and Clearing		50		1,315
Hopewell Holdings		3,160		11,437
Hysan Development		971		4,316
Kerry Properties		1,474		4,374
Kowloon Development		9,920		11,239
New World Development		2,560		2,745
Sino Land		2,070		3,210
Sun Hung Kai		14,680		9,907
Sun Hung Kai Properties		480		6,435
Swire Properties		1,860		5,604
Value Partners Group		1,070		1,142
Wharf Holdings		520		3,110
Wheelock		650		3,040
				153,543
Health Care — 0.0%
China Traditional Chinese Medicine ^*		1,000		759
Industrials — 3.8%
Hanison Construction		5,245		968
Hopewell Highway Infrastructure		23,500		10,825
Johnson Electric Holdings		5,689		20,884
Kerry Logistics Network		1,370		2,043
NWS Holdings		10,501		15,853
Orient Overseas International		1,891		9,040
Pacific Basin Shipping		10,520		3,122
SITC International Holdings		13,000		6,693
Summit Ascent Holdings ^*		2,630		1,317
Swire Pacific, Cl A		758		8,802
				79,547
Oil & Gas — 0.8%
Brightoil Petroleum Holdings ^*		7,700		2,752
China LNG Group ^*		118,450		4,967
Hanergy Thin Film Power Group ^{(B) (C)} ^*		29,000		3,658
United Energy Group ^*		29,170		3,952
				15,329

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

134

Schedule of Investments	October 31, 2015

Global X Scientific Beta Asia ex-Japan ETF‡

	Shares		Value
COMMON STOCK — continued
Real Estate Investment Trusts — 2.6%
Champion��		21,450	$	11,237
Link		2,070		12,406
Prosperity		35,210		12,948
Sunlight		20,290		10,289
Yuexiu		22,000		11,639
				58,519
Technology — 0.7%
BYD Electronic International ^*		3,550		2,332
FIH Mobile		9,410		4,505
Suncorp Technologies ^*		51,699		1,434
VTech Holdings		594		7,216
				15,487
Telecommunications — 1.8%
Huanxi Media Group ^*		3,320		1,371
Hutchison Telecommunications Hong Kong Holdings		31,132		11,529
PCCW		30,600		16,583
SmarTone Telecommunications Holdings		4,821		8,584
				38,067
Utilities — 2.0%
Cheung Kong Infrastructure Holdings		1,950		18,154
CLP Holdings		784		6,828
HK Electric Investments & HK Electric Investments ^(A)		3,995		3,067
Hong Kong & China Gas		2,350		4,773
Power Assets Holdings		1,100		10,979
				43,801
TOTAL HONG KONG				647,422
NEW ZEALAND— 12.4%
Basic Materials — 0.3%
Nuplex Industries		2,620		7,552
Consumer Services — 0.8%
Air New Zealand		3,170		6,241
SKY Network Television		1,030		3,164
SKYCITY Entertainment Group		1,176		3,191
Summerset Group Holdings		760		2,021
Trade Me Group		1,342		3,323
				17,940
Health Care — 1.9%
Ebos Group		1,298		11,988
Fisher & Paykel Healthcare		3,000		15,792
Metlifecare		2,550		7,695
Ryman Healthcare		1,000		5,338
				40,813

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

135

Schedule of Investments	October 31, 2015

Global X Scientific Beta Asia ex-Japan ETF‡

	Shares		Value
COMMON STOCK — continued
Industrials — 3.1%
Auckland International Airport		6,403	$	22,788
Fletcher Building		1,083		5,466
Freightways		1,240		4,942
Infratil		8,669		18,212
Mainfreight		470		4,929
Port of Tauranga		740		9,012
				65,349
Oil & Gas — 0.1%
Z Energy		680		3,083
Real Estate Investment Trusts — 3.0%
Argosy Property		23,130		17,605
Goodman Property Trust		11,810		9,629
Kiwi Property Group		11,110		10,223
Precinct Properties New Zealand		17,259		14,246
Property for Industry		12,580		13,108
				64,811
Technology — 0.1%
Xero ^*		210		2,272
Telecommunications — 0.9%
Chorus ^*		5,766		11,099
Spark New Zealand		3,749		8,523
				19,622
Utilities — 2.2%
Contact Energy		3,530		12,396
Genesis Energy		2,800		3,533
Meridian Energy		1,830		2,749
Mighty River Power		6,616		12,534
Vector		7,050		15,741
				46,953
TOTAL NEW ZEALAND				268,395
SINGAPORE— 26.8%
Consumer Goods — 1.7%
First Resources		1,310		1,759
Golden Agri-Resources		27,200		7,574
Olam International		3,890		5,555
Sinarmas Land		16,590		5,686
Thai Beverage		6,834		3,294
Wilmar International		4,690		10,482
				34,350
Consumer Services — 3.1%
Accordia Golf Trust		6,420		2,934
Asian Pay Television Trust		29,990		16,917

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

136

Schedule of Investments	October 31, 2015

Global X Scientific Beta Asia ex-Japan ETF‡

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
ComfortDelGro		3,700	$	8,031
Dairy Farm International Holdings		850		5,602
Genting Singapore		5,520		3,212
Mandarin Oriental International		5,978		9,147
OUE		5,279		6,747
Singapore Airlines		1,000		7,712
Singapore Press Holdings		1,150		3,276
SMRT		4,070		4,243
				67,821
Financials — 6.2%
ARA Asset Management		4,670		4,702
Ascendas India Trust		18,092		11,302
CapitaLand		1,400		3,099
City Developments		670		3,799
DBS Group Holdings		550		6,782
Frasers Centrepoint Trust		2,550		2,968
Global Logistic Properties		2,010		3,215
Great Eastern Holdings		600		9,147
GuocoLand		5,850		7,769
Hong Leong Finance		6,353		10,796
Hongkong Land Holdings		1,259		9,455
Keppel		3,900		2,910
Mapletree Industrial Trust		12,762		13,897
Mapletree Logistics Trust		15,520		11,303
Oversea-Chinese Banking		673		4,339
Religare Health Trust		10,970		7,794
Singapore Exchange		820		4,321
United Overseas Bank		420		6,097
UOL Group		910		4,262
Wing Tai Holdings		2,666		3,322
Yanlord Land Group		3,400		2,537
				133,816
Health Care — 1.3%
Biosensors International Group ^(B) ^*		13,125		6,373
Haw Par		2,560		15,336
Raffles Medical Group		2,250		6,908
				28,617
Industrials — 3.7%
Jardine Matheson Holdings		144		7,861
Jardine Strategic Holdings		130		3,922
Neptune Orient Lines ^*		12,270		8,717
Noble Group		4,153		1,498
SATS		1,930		5,223

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

137

Schedule of Investments	October 31, 2015

Global X Scientific Beta Asia ex-Japan ETF‡

	Shares		Value
COMMON STOCK — continued
Industrials — continued
SIA Engineering		2,410	$	6,866
Singapore Post		9,130		12,354
Singapore Technologies Engineering		980		2,316
United Engineers		4,920		6,991
Venture		2,236		13,204
Yangzijiang Shipbuilding Holdings		8,790		7,846
				76,798
Oil & Gas — 0.9%
Ezion Holdings		6,090		3,044
Keppel		570		2,882
Sembcorp Industries		5,400		13,803
Sembcorp Marine		1,390		2,322
				22,051
Real Estate Investment Trusts — 8.3%
AIMS AMP Capital Industrial		7,210		7,207
Ascendas		3,600		6,144
Ascott Residence Trust		8,533		7,372
Cache Logistics Trust		9,973		7,157
Cambridge Industrial Trust		17,232		7,506
CapitaLand Commercial Trust		4,270		4,299
CapitaLand Mall Trust		3,160		4,468
CapitaLand Retail China Trust		6,476		7,029
First		7,120		6,304
Fortune		16,000		16,556
Frasers Centrepoint Trust		6,580		9,185
Frasers Commercial Trust		9,850		9,635
Keppel		6,000		4,134
Lippo Malls Indonesia Retail Trust		33,129		7,570
Mapletree Commercial Trust		7,830		7,659
Mapletree Greater China Commercial Trust		9,660		6,863
OUE Hospitality Trust		23,104		13,445
Parkway Life		5,060		8,346
Sabana Shari'ah Compliant Industrial		15,810		8,580
Soilbuild Business Space		20,740		11,847
SPH		17,690		11,873
Starhill Global		13,080		7,565
Suntec		3,170		3,735
				184,479
Technology — 0.2%
Silverlake Axis		7,903		3,245
Telecommunications — 0.7%
M1		3,490		7,077
Singapore Telecommunications		1,450		4,121

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

138

Schedule of Investments	October 31, 2015

Global X Scientific Beta Asia ex-Japan ETF‡

	Shares/Number of Rights		Value
COMMON STOCK — continued
Telecommunications — continued
StarHub		1,690	$	4,344
				15,542
Utilities — 0.7%
Keppel Infrastructure Trust		24,199		8,985
SIIC Environment Holdings ^*		6,564		3,984
				12,969
TOTAL SINGAPORE				579,688
UNITED STATES— 0.2%
Industrials — 0.2%
Sims Metal Management		650		4,563
TOTAL COMMON STOCK
(Cost $2,439,633)				2,156,882

RIGHTS — 0.0%
Australia — 0.0%
Flexigroup^* ^{(B) (C)}		101		62
Westpac Banking^*		3		10
TOTAL RIGHTS
(Cost $–)				72
TOTAL INVESTMENTS — 99.7%
(Cost $2,439,633)			$	2,156,954

Percentages are based on Net Assets of $2,162,791.

*	Non-income producing security.
‡	Fund commenced operations on May 12, 2015.
(A)	Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." These securities have been determined to be liquid under guidelines established by the Board of Trustees.
(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, 2015, was $17,235 and represents 0.8% of Net Assets.
(C)	Securities considered illiquid. The total value of such securities as of October 31, 2015, was $4,717 and represented 0.2% of Net Assets.

Cl — Class

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

139

Schedule of Investments	October 31, 2015

Global X Scientific Beta Asia ex-Japan ETF‡

The following is a summary of the inputs used as of October 31, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3^(a)		Total
Common Stock
Australia	$	637,506	$	6,145	$	997	$	644,648
China		12,166		—		—		12,166
Hong Kong		643,764		—		3,658		647,422
New Zealand		268,395		—		—		268,395
Singapore		573,315		6,373		—		579,688
United States		4,563		—		—		4,563
Rights		10		62		—		72
Total Investments in Securities	$	2,139,719	$	12,580	$	4,655	$	2,156,954

(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, 2015, 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.

140

Schedule of Investments	October 31, 2015

Global X YieldCo Index ETF‡

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 86.0%
CANADA— 28.1%
Utilities — 28.1%
Brookfield Renewable Energy Partners		14,432	$	380,715
Capstone Infrastructure		19,141		46,816
Innergex Renewable Energy		20,173		163,129
Northland Power		14,070		181,743
TransAlta Renewables		20,603		159,048
				931,451
TOTAL CANADA				931,451
GUERNSEY— 5.1%
Financials — 5.1%
Renewables Infrastructure Group		109,170		169,024
SPAIN— 4.9%
Utilities — 4.9%
Saeta Yield		16,231		161,546
UNITED STATES— 47.9%
Financials — 7.5%
NRG Yield, Cl A		18,243		250,476
Oil & Gas — 9.9%
8Point3 Energy Partners		11,200		150,752
Pattern Energy Group, Cl A		7,548		176,548
				327,300
Real Estate Investment Trusts — 3.5%
Hannon Armstrong Sustainable Infrastructure Capital		6,421		115,642
Utilities — 27.0%
Abengoa Yield		11,335		210,038
NextEra Energy Partners		10,518		276,203
Terraform Global ^*		16,700		127,421
TerraForm Power, Cl A		15,668		285,941
				899,603

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

141

Schedule of Investments	October 31, 2015

Global X YieldCo Index ETF‡

	Face Amount/ Shares		Value
COMMON STOCK — continued
TOTAL UNITED STATES			$	1,593,021
TOTAL COMMON STOCK
(Cost $3,737,631)				2,855,042

U.S. TREASURY OBLIGATIONS — 15.1%
U.S. Treasury Bills
0.000%, 11/12/15^(A)	$	500,000		499,999

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $500,001)				499,999

EXCHANGE TRADED FUNDS — 13.9%
Bluefield Solar Income Fund		55,200		89,514
Foresight Solar Fund		55,920		86,795
Greencoat UK Wind		91,730		158,313
John Laing Environmental Assets Group		31,600		52,219
NextEnergy Solar Fund		47,700		75,510
TOTAL EXCHANGE TRADED FUNDS
(Cost $467,203)				462,351

TOTAL INVESTMENTS — 115.0%
(Cost $4,704,835)			$	3,817,392

Percentages are based on Net Assets of $3,319,309.

*	Non-income producing security.
‡	Fund commenced operations on May 27, 2015.
(A)	The rate reported on the Schedule of Investments is the effective yield at time of purchase.

Cl — Class

The following is a summary of the inputs used as of October 31, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	2,855,042	$	—	$	—	$	2,855,042
U.S. Treasury Obligations		—		499,999		—		499,999
Exchange Traded Funds		462,351		—		—		462,351
Total Investments in Securities	$	3,317,393	$	499,999	$	—	$	3,817,392

For the period ended October 31, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2015, there were no Level 3 investments.

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

142

Statements of Assets and Liabilities

October 31, 2015

	Global X SuperDividend® ETF			Global X SuperDividend® U.S. ETF			Global X SuperDividend® Emerging Markets ETF			Global X SuperDividend® REIT ETF
Assets:
Cost of Investments	$	961,192,303		$	295,459,396		$	3,892,560		$	4,293,419
Cost of Repurchase Agreement		46,835,301			10,708,555			—			—
Cost of Foreign Currency		—			—			1,928			995
Investments, at Value	$	877,910,563	*	$	274,500,754	*	$	3,423,068		$	3,930,760
Repurchase Agreement, at Value		46,835,301			10,708,555			—			—
Foreign Currency, at Value		—			—			1,918			503
Cash		—			—			—			13,134
Dividend and Interest Receivable		2,851,872			586,790			14,180			10,612
Receivable for Fund Shares Sold		—			—			—			22,845
Due from Broker		—			750			—			—
Reclaim Receivable		338,238			14,812			—			326
Total Assets		927,935,974			285,811,661			3,439,166			3,978,180
Liabilities:
Obligation to Return Securities Lending Collateral		46,835,301			10,708,555			—			—
Payable due to Investment Adviser		433,042			104,481			1,914			1,527
Unrealized Depreciation on Spot Contracts		1,621			—			—			3
Payable for Investment Securities Purchased		—			—			—			22,845
Cash Overdraft		8			—			4,201			—
Total Liabilities		47,269,972			10,813,036			6,115			24,375
Net Assets	$	880,666,002		$	274,998,625		$	3,433,051		$	3,953,805
Net Assets Consist of:
Paid-in Capital	$	1,020,171,190		$	310,874,721		$	3,884,738		$	4,303,098
Undistributed (Distributions in Excess of) Net Investment Income		(5,638,231	)		—			26,374			18,276
Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(50,555,231	)		(14,917,454	)		(7,921	)		(4,923	)
Net Unrealized Appreciation (Depreciation) on Investments		(83,281,740	)		(20,958,642	)		(469,492	)		(362,659	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		(29,986	)		—			(648	)		13
Net Assets	$	880,666,002		$	274,998,625		$	3,433,051		$	3,953,805
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		42,650,000			10,900,000			250,000			300,000
Net Asset Value, Offering and Redemption Price Per Share	$	20.65		$	25.23		$	13.73		$	13.18
*Includes Market Value of Securities on Loan	$	44,921,955		$	10,251,104		$	—		$	—

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

143

Statements of Assets and Liabilities

October 31, 2015

	Global X SuperIncome™ Preferred ETF			Global X Social Media Index ETF			Global X \| JPMorgan Efficiente Index ETF			Global X \| JPMorgan US Sector Rotator Index ETF
Assets:
Cost of Investments	$	253,387,949		$	92,262,705		$	8,281,553		$	13,950,666
Cost of Repurchase Agreement		5,029,200			3,529,751			—			—
Investments, at Value	$	236,582,932	*	$	77,501,419	*	$	8,307,882		$	14,135,582
Repurchase Agreement, at Value		5,029,200			3,529,751			—			—
Receivable for Investment Securities Sold		1,192,723			7,365,651			—			—
Dividend and Interest Receivable		445,079			12,269			—			—
Due from Broker		11,586			—			—			—
Reclaim Receivable		—			449			—			—
Total Assets		243,261,520			88,409,539			8,307,882			14,135,582
Liabilities:
Obligation to Return Securities Lending Collateral		5,029,200			3,529,751			—			—
Payable for Investment Securities Purchased		2,687,090			7,694,382			—			—
Payable due to Investment Adviser		118,423			40,654			5,462			8,293
Total Liabilities		7,834,713			11,264,787			5,462			8,293
Net Assets	$	235,426,807		$	77,144,752		$	8,302,420		$	14,127,289
Net Assets Consist of:
Paid-in Capital	$	260,885,893		$	102,929,417		$	10,147,132		$	16,596,533
Undistributed (Distributions in Excess of) Net Investment Income		267,725			(32,203	)		256,863			131,976
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(8,921,794	)		(10,991,121	)		(2,127,904	)		(2,786,136	)
Net Unrealized Appreciation (Depreciation) on Investments		(16,805,017	)		(14,761,286	)		26,329			184,916
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		—			(55	)		—			—
Net Assets	$	235,426,807		$	77,144,752		$	8,302,420		$	14,127,289
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		17,450,000			4,000,000			350,000			600,000
Net Asset Value, Offering and Redemption Price Per Share	$	13.49		$	19.29		$	23.72		$	23.55
*Includes Market Value of Securities on Loan	$	4,907,868		$	3,423,061		$	—		$	—

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

144

Statements of Assets and Liabilities

October 31, 2015

	Global X Permanent ETF			Global X Guru™ Index ETF			Global X Guru™ Activist Index ETF			Global X Guru™ International Index ETF
Assets:
Cost of Investments	$	11,592,467		$	194,438,799		$	2,736,334		$	1,460,877
Cost of Repurchase Agreement		—			2,487,600			—			—
Investments, at Value	$	10,735,198		$	184,483,694	*	$	2,678,811		$	1,312,063
Repurchase Agreement, at Value		—			2,487,600			—			—
Cash		—			—			3,640			—
Dividend and Interest Receivable		42,871			139,908			2,283			28
Reclaim Receivable		44			—			82			1,691
Total Assets		10,778,113			187,111,202			2,684,816			1,313,782
Liabilities:
Payable due to Investment Adviser		4,399			118,748			1,670			815
Obligation to Return Securities Lending Collateral		—			2,487,600			—			—
Total Liabilities		4,399			2,606,348			1,670			815
Net Assets	$	10,773,714		$	184,504,854		$	2,683,146		$	1,312,967
Net Assets Consist of:
Paid-in Capital	$	12,000,053		$	208,456,185		$	2,997,667		$	1,608,860
Undistributed Net Investment Income		91,967			578,659			11,721			9,574
Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(461,037	)		(14,574,885	)		(268,719	)		(156,653	)
Net Unrealized Appreciation (Depreciation) on Investments		(857,269	)		(9,955,105	)		(57,523	)		(148,814	)
Net Assets	$	10,773,714		$	184,504,854		$	2,683,146		$	1,312,967
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		450,000			7,700,000			200,000			100,000
Net Asset Value, Offering and Redemption Price Per Share	$	23.94		$	23.96		$	13.42		$	13.13
*Includes Market Value of Securities on Loan	$	—		$	2,248,289		$	—		$	—

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

145

Statements of Assets and Liabilities

October 31, 2015

	Global X GF China Bond ETF			Global X Scientific Beta US ETF			Global X Scientific Beta Europe ETF			Global X Scientific Beta Japan ETF
Assets:
Cost of Investments	$	35,034,574		$	2,483,238		$	2,497,376		$	2,516,728
Cost of Foreign Currency		10,598			—			659			90
Investments, at Value	$	35,160,050		$	2,458,607		$	2,432,621		$	2,514,970
Cash		—			6,862			4,416			—
Foreign Currency, at Value		12,190			—			547			90
Dividend and Interest Receivable		582,551			1,754			2,320			13,505
Reclaim Receivable		—			9			1,664			—
Total Assets		35,754,791			2,467,232			2,441,568			2,528,565
Liabilities:
Payable due to Investment Adviser		17,752			720			774			789
Cash Overdraft		—			—			—			9,235
Unrealized Depreciation on Spot Contracts		—			—			4			—
Accrued Foreign Capital Gains Tax on Appreciated Securities		57,512			—			—			—
Total Liabilities		75,264			720			778			10,024
Net Assets	$	35,679,527		$	2,466,512		$	2,440,790		$	2,518,541
Net Assets Consist of:
Paid-in Capital	$	36,102,990		$	2,490,000		$	2,489,000		$	2,507,000
Undistributed (Distributions in Excess of) Net Investment Income		(487,379	)		18,288			26,121			12,102
Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(4,970	)		(17,145	)		(9,570	)		1,275
Net Unrealized Appreciation (Depreciation) on Investments		125,476			(24,631	)		(64,755	)		(1,758	)
Foreign Capital Gains Tax on Appreciated Securities		(57,512	)		—			—			—
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		922			—			(6	)		(78	)
Net Assets	$	35,679,527		$	2,466,512		$	2,440,790		$	2,518,541
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		950,000			100,000			100,000			100,000
Net Asset Value, Offering and Redemption Price Per Share	$	37.56		$	24.67		$	24.41		$	25.19

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

146

Statements of Assets and Liabilities

October 31, 2015

	Global X Scientific Beta Asia ex-Japan ETF			Global X YieldCo Index ETF
Assets:
Cost of Investments	$	2,439,633		$	4,704,835
Cost of Foreign Currency		280			1,871
Investments, at Value	$	2,156,954		$	3,817,392
Cash		6,514			—
Foreign Currency, at Value		281			1,871
Dividend and Interest Receivable		5,308			5,652
Unrealized Appreciation on Spot Contracts		7			—
Reclaim Receivable		—			207
Total Assets		2,169,064			3,825,122
Liabilities:
Payable for Investment Securities Purchased		5,581			—
Payable due to Investment Adviser		688			1,826
Unrealized Depreciation on Spot Contracts		4			12
Cash Overdraft		—			503,975
Total Liabilities		6,273			505,813
Net Assets	$	2,162,791		$	3,319,309
Net Assets Consist of:
Paid-in Capital	$	2,499,952		$	4,351,749
Undistributed Net Investment Income		46,987			10,723
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(101,438	)		(155,720	)
Net Unrealized Appreciation (Depreciation) on Investments		(282,679	)		(887,443	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		(31	)		—
Net Assets	$	2,162,791		$	3,319,309
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		100,000			300,000
Net Asset Value, Offering and Redemption Price Per Share	$	21.63		$	11.06

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

147

Statements of Operations

For the year or period ended October 31, 2015

	Global X SuperDividend® ETF			Global X SuperDividend® U.S. ETF			Global X SuperDividend® Emerging Markets ETF⁽²⁾			Global X SuperDividend® REIT ETF⁽²⁾
Investment Income:
Dividend Income	$	64,233,340		$	19,476,257		$	166,834		$	126,868
Interest Income		939			320			—			—
Security Lending Income		518,197			255,237			—			—
Less: Foreign Taxes Withheld		(3,187,533	)		(15,429	)		(11,240	)		(2,801	)
Total Investment Income		61,564,943			19,716,385			155,594			124,067
Supervision and Administration Fees⁽¹⁾		5,800,309			1,325,426			13,670			8,652
Total Expenses		5,800,309			1,325,426			13,670			8,652
Net Investment Income		55,764,634			18,390,959			141,924			115,415
Net Realized Gain (Loss) on:
Investments		(37,203,933	)⁽³⁾		(14,851,179	)⁽³⁾		(7,906	)		12,329
Foreign Currency Transactions		(948,136	)		—			(4,990	)		(541	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(38,152,069	)		(14,851,179	)		(12,896	)		11,788
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(115,523,009	)		(32,039,760	)		(469,492	)		(362,659	)
Foreign Currency Translations		(3,596	)		—			(648	)		13
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translations		(115,526,605	)		(32,039,760	)		(470,140	)		(362,646	)
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions and Translations		(153,678,674	)		(46,890,939	)		(483,036	)		(350,858	)
Net Decrease in Net Assets Resulting from Operations	$	(97,914,040	)	$	(28,499,980	)	$	(341,112	)	$	(235,443	)

(1)	The Supervision and Administration fees include 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 16, 2015.
(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.

148

Statements of Operations

For the year or period ended October 31, 2015

	Global X SuperIncome™ Preferred ETF			Global X Social Media Index ETF			Global X \| JPMorgan Efficiente Index ETF			Global X \| JPMorgan US Sector Rotator Index ETF
Investment Income:
Dividend Income	$	17,503,410		$	353,721		$	329,939		$	302,316
Interest Income		169,128			22			28			51
Security Lending Income		150,772			353,748			—			—
Less: Foreign Taxes Withheld		—			(29,308	)		—			—
Total Investment Income		17,823,310			678,183			329,967			302,367
Supervision and Administration Fees⁽¹⁾		1,424,288			634,501			95,445			137,886
Tax Expense		3,118			–			–			–
Total Expenses		1,427,406			634,501			95,445			137,886
Net Investment Income		16,395,904			43,682			234,522			164,481
Net Realized Gain (Loss) on:
Investments ⁽²⁾		(6,016,791	)		3,429,958			(1,998,124	)		(2,764,955	)
Foreign Currency Transactions		—			(27,251	)		—			—
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(6,016,791	)		3,402,707			(1,998,124	)		(2,764,955	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(16,410,848	)		(3,954,928	)		(28,134	)		149,664
Foreign Currency Translations		—			826			—			—
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(16,410,848	)		(3,954,102	)		(28,134	)		149,664
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions and Translations		(22,427,639	)		(551,395	)		(2,026,258	)		(2,615,291	)
Net Decrease in Net Assets Resulting from Operations	$	(6,031,735	)	$	(507,713	)	$	(1,791,736	)	$	(2,450,810	)

(1)	The Supervision and Administration fees include 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.

149

Statements of Operations

For the year or period ended October 31, 2015

	Global X Permanent ETF			Global X Guru™ Index ETF			Global X Guru™ Activist Index ETF⁽¹⁾			Global X Guru™ International Index ETF
Investment Income:
Dividend Income	$	68,283		$	3,433,980		$	22,579		$	32,913
Interest Income		86,340			160			—			—
Security Lending Income		—			50,742			—			—
Less: Foreign Taxes Withheld		(1,163	)		(5,975	)		(405	)		(3,826	)
Total Investment Income		153,460			3,478,907			22,174			29,087
Supervision and Administration Fees⁽²⁾		48,720			2,285,259			10,453			13,619
Total Expenses		48,720			2,285,259			10,453			13,619
Net Investment Income		104,740			1,193,648			11,721			15,468
Net Realized Gain (Loss) on:
Investments		36,193	⁽³⁾		10,809,860	⁽³⁾		(268,719	)		(92,603	)⁽³⁾
Foreign Currency Transactions		261			—			—			—
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		36,454			10,809,860			(268,719	)		(92,603	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(97,856	)		(28,388,415	)		(57,523	)		(177,481	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		(97,856	)		(28,388,415	)		(57,523	)		(177,481	)
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions		(61,402	)		(17,578,555	)		(326,242	)		(270,084	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	43,338		$	(16,384,907	)	$	(314,521	)	$	(254,616	)

(1)

The Fund commenced operations on April 28, 2015.

(2)	The Supervision and Administration fees include fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)
(3)	Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.)

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

150

Statements of Operations

For the year or period ended October 31, 2015

	Global X GF China Bond ETF⁽¹⁾			Global X Scientific Beta US ETF⁽³⁾			Global X Scientific Beta Europe ETF⁽³⁾			Global X Scientific Beta Japan ETF⁽³⁾
Investment Income:
Dividend Income	$	—		$	21,879		$	33,008		$	19,278
Interest Income		1,640,198			—			—			—
Less: Foreign Taxes Withheld		—			(9	)		(3,360	)		(2,959	)
Total Investment Income		1,640,198			21,870			29,648			16,319
Supervision and Administration Fees⁽²⁾		203,315			4,020			4,335			4,414
Custodian Fees		41,318			–			–			–
Total Expenses		244,633			4,020			4,335			4,414
Waiver of Supervision and Administration Fees		(33,886	)		–			–			–
Net Expenses		210,747			4,020			4,335			4,414
Net Investment Income		1,429,451			17,850			25,313			11,905
Net Realized Gain (loss) on:
Investments		(541,008	)		(16,707	)		(8,949	)		1,331
Foreign Currency Transactions		(190,853	)		—			187			141
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(731,861	)		(16,707	)		(8,762	)		1,472
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		125,476			(24,631	)		(64,755	)		(1,758	)
Foreign Capital Gains Tax on Appreciated Securities		(57,512	)		—			—			—
Foreign Currency Translations		922			—			(6	)		(78	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		68,886			(24,631	)		(64,761	)		(1,836	)
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions and Translations		(662,975	)		(41,338	)		(73,523	)		(364	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	766,476		$	(23,488	)	$	(48,210	)	$	11,541

(1)

The Fund commenced operations on November 18, 2014.

(2)

The Supervision and Administration fees include fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)

(3)

The Fund commenced operations on May 12, 2015.

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

151

Statements of Operations

For the year or period ended October 31, 2015

	Global X Scientific Beta Asia ex-Japan ETF⁽¹⁾			Global X YieldCo Index ETF⁽²⁾
Investment Income:
Dividend Income	$	49,621		$	62,717
Interest Income		—			1
Less: Foreign Taxes Withheld		(2,211	)		(3,396	)
Total Investment Income		47,410			59,322
Supervision and Administration Fees⁽³⁾		3,962			8,768
Total Expenses		3,962			8,768
Net Investment Income		43,448			50,554
Net Realized Gain (loss) on:
Investments		(100,540	)		(159,320	)
Foreign Currency Transactions		2,641			(2,481	)
Net Realized (Loss) on Investments and Foreign Currency Transactions		(97,899	)		(161,801	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(282,679	)		(887,443	)
Foreign Currency Translations		(31	)		—
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(282,710	)		(887,443	)
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions and Translations		(380,609	)		(1,049,244	)
Net Decrease in Net Assets Resulting from Operations	$	(337,161	)	$	(998,690	)

(1)

The Fund commenced operations on May 12, 2015.

(2)

(3)

The Fund commenced operations on May 27, 2015.

The Supervision and Administration fees include fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)

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

152

Statements of Changes in Net Assets

	Global X SuperDividend® ETF						Global X SuperDividend® U.S. ETF
	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
Operations:
Net Investment Income	$	55,764,634		$	53,950,753		$	18,390,959		$	6,886,974
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(38,152,069	)⁽¹⁾		28,755,720	⁽¹⁾		(14,851,179	)⁽¹⁾		2,818,231	⁽¹⁾
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(115,526,605	)		(20,389,996	)		(32,039,760	)		9,558,716
Net Increase (Decrease) in Net Assets Resulting from Operations		(97,914,040	)		62,316,477			(28,499,980	)		19,263,921
Dividends and Distributions from:
Net Investment Income		(63,792,372	)		(55,528,000	)		(13,048,101	)		(5,177,061	)
Net Realized Gains		(1,980,385	)		—			—			—
Return of Capital		—			—			(7,048,014	)		(617,714	)
Total Dividends and Distributions		(65,772,757	)		(55,528,000	)		(20,096,115	)		(5,794,775	)
Capital Share Transactions:
Issued		105,826,823			304,468,290			113,535,136			227,401,148
Redeemed		(99,050,071	)		(48,918,715	)		(66,655,050	)		(16,035,000	)
Increase in Net Assets from Capital Share Transactions		6,776,752			255,549,575			46,880,086			211,366,148
Total Increase (Decrease) in Net Assets		(156,910,045	)		262,338,052			(1,716,009	)		224,835,294
Net Assets:
Beginning of Year		1,037,576,047			775,237,995			276,714,634			51,879,340
End of Year	$	880,666,002		$	1,037,576,047		$	274,998,625		$	276,714,634
Undistributed (Distributions in Excess of) Net Investment Income	$	(5,638,231	)	$	(2,625,792	)	$	—		$	—
Share Transactions:
Issued		4,550,000			12,250,000			3,950,000			7,950,000
Redeemed		(4,700,000	)		(2,100,000	)		(2,400,000	)		(600,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(150,000	)		10,150,000			1,550,000			7,350,000

(1)

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.

153

Statements of Changes in Net Assets

	Global X SuperDividend® Emerging Markets ETF			Global X SuperDividend® REIT ETF
	Period Ended October 31, 2015⁽¹⁾			Period Ended October 31, 2015⁽¹⁾
Operations:
Net Investment Income	$	141,924		$	115,415
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(12,896	)		11,788
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(470,140	)		(362,646	)
Net Decrease in Net Assets Resulting from Operations		(341,112	)		(235,443	)
Dividends and Distributions from:
Net Investment Income		(110,575	)		(113,850	)
Total Dividends and Distributions		(110,575	)		(113,850	)
Capital Share Transactions:
Issued		3,884,738			4,303,098
Increase in Net Assets from Capital Share Transactions		3,884,738			4,303,098
Total Increase in Net Assets		3,433,051			3,953,805
Net Assets:
Beginning of Period		—			—
End of Period	$	3,433,051		$	3,953,805
Undistributed Net Investment Income	$	26,374		$	18,276
Share Transactions:
Issued		250,000			300,000
Increase in Shares Outstanding from Share Transactions		250,000			300,000

(1)

The Fund commenced operations on March 16, 2015.

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

154

Statements of Changes in Net Assets

	Global X SuperIncome™ Preferred ETF						Global X Social Media Index ETF
	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
Operations:
Net Investment Income (Loss)	$	16,395,904		$	6,891,089		$	43,682		$	(12,711	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(6,016,791	)⁽¹⁾		(483,511	)⁽¹⁾		3,402,707	⁽¹⁾		8,231,848	⁽¹⁾
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(16,410,848	)		(826,411	)		(3,954,102	)		(13,398,596	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(6,031,735	)		5,581,167			(507,713	)		(5,179,459	)
Dividends and Distributions from:
Net Investment Income		(16,693,614	)		(6,808,392	)		(57,330	)		(1,764	)
Total Dividends and Distributions		(16,693,614	)		(6,808,392	)		(57,330	)		(1,764	)
Capital Share Transactions:
Issued		143,668,838			117,538,007			47,160,234			104,020,692
Redeemed		(48,391,387	)		(13,401,000	)		(95,868,254	)		(68,369,208	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		95,277,451			104,137,007			(48,708,020	)		35,651,484
Total Increase (Decrease) in Net Assets		72,552,102			102,909,782			(49,273,063	)		30,470,261
Net Assets:
Beginning of Year		162,874,705			59,964,923			126,417,815			95,947,554
End of Year	$	235,426,807		$	162,874,705		$	77,144,752		$	126,417,815
Undistributed (Distributions in Excess of) Net Investment Income	$	267,725		$	314,426		$	(32,203	)	$	(3,828	)
Share Transactions:
Issued		9,850,000			7,900,000			2,500,000			5,100,000
Redeemed		(3,450,000	)		(900,000	)		(5,050,000	)		(3,500,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		6,400,000			7,000,000			(2,550,000	)		1,600,000

(1)

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.

155

Statements of Changes in Net Assets

	Global X \| JPMorgan Efficiente Index ETF						Global X \| JPMorgan US Sector Rotator Index ETF
	Year Ended October 31, 2015			Period Ended October 31, 2014⁽¹⁾			Year Ended October 31, 2015			Period Ended October 31, 2014⁽¹⁾
Operations:
Net Investment Income (Loss)	$	234,522		$	(380	)	$	164,481		$	(381	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(1,998,124	)⁽²⁾		—			(2,764,955	)⁽²⁾		3,446
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(28,134	)		54,463			149,664			35,252
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,791,736	)		54,083			(2,450,810	)		38,317
Dividends and Distributions from:
Net Investment Income		(15,956	)		—			(32,505	)		—
Net Realized Gains		—			—			(3,065	)		—
Total Dividends and Distributions		(15,956	)		—			(35,570	)		—
Capital Share Transactions:
Issued		23,733,266			2,495,000			28,365,035			2,503,000
Redeemed		(16,172,237	)		—			(14,292,683	)		—
Net Increase in Net Assets from Capital Share Transactions		7,561,029			2,495,000			14,072,352			2,503,000
Total Increase in Net Assets		5,753,337			2,549,083			11,585,972			2,541,317
Net Assets:
Beginning of Year or Period		2,549,083			—			2,541,317			—
End of Year or Period	$	8,302,420		$	2,549,083		$	14,127,289		$	2,541,317
Undistributed Net Investment Income/Accumulated Net Investment Loss	$	256,863		$	(380	)	$	131,976		$	—
Share Transactions:
Issued		900,000			100,000			1,100,000			100,000
Redeemed		(650,000	)		—			(600,000	)		—
Net Increase in Shares Outstanding from Share Transactions		250,000			100,000			500,000			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.

156

Statements of Changes in Net Assets

	Global X Permanent ETF						Global X Guru™ Index ETF
	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
Operations:
Net Investment Income	$	104,740		$	121,011		$	1,193,648		$	4,142,275
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		36,454	⁽¹⁾		(70,010	)⁽¹⁾		10,809,860	⁽¹⁾		30,193,967	⁽¹⁾
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(97,856	)		196,407			(28,388,415	)		(2,560,775	)
Net Increase (Decrease) in Net Assets Resulting from Operations		43,338			247,408			(16,384,907	)		31,775,467
Dividends and Distributions from:
Net Investment Income		(105,609	)		(217,743	)		(4,215,674	)		(424,262	)
Net Realized Gains		—			(47,656	)		—			(50,655	)
Total Dividends and Distributions		(105,609	)		(265,399	)		(4,215,674	)		(474,917	)
Capital Share Transactions:
Issued		3,655,316			1,157,000			11,909,461			568,526,986
Redeemed		(1,258,291	)		(7,176,640	)		(243,390,062	)		(404,301,007	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		2,397,025			(6,019,640	)		(231,480,601	)		164,225,979
Total Increase (Decrease) in Net Assets		2,334,754			(6,037,631	)		(252,081,182	)		195,526,529
Net Assets:
Beginning of Year		8,438,960			14,476,591			436,586,036			241,059,507
End of Year	$	10,773,714		$	8,438,960		$	184,504,854		$	436,586,036
Undistributed Net Investment Income	$	91,967		$	90,545		$	578,659		$	3,815,497
Share Transactions:
Issued		150,000			50,000			450,000			22,750,000
Redeemed		(50,000	)		(300,000	)		(9,350,000	)		(16,200,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		100,000			(250,000	)		(8,900,000	)		6,550,000

(1)

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.

157

Statements of Changes in Net Assets

	Global X Guru™ Activist Index ETF			Global X Guru™ International Index ETF
	Period Ended October 31, 2015⁽¹⁾			Year Ended October 31, 2015			Period Ended October 31, 2014⁽²⁾
Operations:
Net Investment Income	$	11,721		$	15,468		$	10,465
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(268,719	)		(92,603	)⁽³⁾		36,258	⁽³⁾
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(57,523	)		(177,481	)		28,667
Net Increase (Decrease) in Net Assets Resulting from Operations		(314,521	)		(254,616	)		75,390
Dividends and Distributions from:
Net Investment Income		—			(16,359	)		—
Total Dividends and Distributions		—			(16,359	)		—
Capital Share Transactions:
Issued		2,997,667			—			3,080,523
Redeemed		—			(759,471	)		(812,500	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		2,997,667			(759,471	)		2,268,023
Total Increase (Decrease) in Net Assets		2,683,146			(1,030,446	)		2,343,413
Net Assets:
Beginning of Year or Period		—			2,343,413			—
End of Year or Period	$	2,683,146		$	1,312,967		$	2,343,413
Undistributed Net Investment Income	$	11,721		$	9,574		$	10,465
Share Transactions:
Issued		200,000			—			200,000
Redeemed		—			(50,000	)		(50,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		200,000			(50,000	)		150,000

(1)	The Fund commenced operations on April 28, 2015.
(2)	The Fund commenced operations on 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.

158

Statements of Changes in Net Assets

	Global X GF China Bond ETF			Global X Scientific Beta US ETF
	Period Ended October 31, 2015⁽¹⁾			Period Ended October 31, 2015⁽²⁾
Operations:
Net Investment Income	$	1,429,451		$	17,850
Net Realized Loss on Investments and Foreign Currency Transactions		(731,861	)		(16,707	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		68,886			(24,631	)
Net Increase (Decrease) in Net Assets Resulting from Operations		766,476			(23,488	)
Dividends and Distributions from:
Net Investment Income		(1,077,663	)		—
Return of Capital		(206,554	)		—
Total Dividends and Distributions		(1,284,217	)		—
Capital Share Transactions:
Issued		49,389,420			2,490,000
Redeemed		(13,192,152	)		—
Net Increase in Net Assets from Capital Share Transactions		36,197,268			2,490,000
Total Increase in Net Assets		35,679,527			2,466,512
Net Assets:
Beginning of Period		—			—
End of Period	$	35,679,527		$	2,466,512
Undistributed Net Investment Income	$	(487,379	)	$	18,288
Share Transactions:
Issued		1,300,000	⁽³⁾		100,000
Redeemed		(350,000	)⁽³⁾		—
Net Increase in Shares Outstanding from Share Transactions		950,000			100,000

(1)	The Fund commenced operations on November 18, 2014.
(2)	The Fund commenced operations on May 12, 2015.
(3)	Adjusted to reflect the effect of a 2 for 1 share split on March 11, 2015. (See note 9 in the Notes to Financial Statements.)

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

159

Statements of Changes in Net Assets

	Global X Scientific Beta Europe ETF			Global X Scientific Beta Japan ETF
	Period Ended October 31, 2015⁽¹⁾			Period Ended October 31, 2015⁽¹⁾
Operations:
Net Investment Income	$	25,313		$	11,905
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(8,762	)		1,472
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(64,761	)		(1,836	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(48,210	)		11,541
Capital Share Transactions:
Issued		2,489,000			2,507,000
Increase in Net Assets from Capital Share Transactions		2,489,000			2,507,000
Total Increase in Net Assets		2,440,790			2,518,541
Net Assets:
Beginning of Period		—			—
End of Period	$	2,440,790		$	2,518,541
Undistributed Net Investment Income	$	26,121		$	12,102
Share Transactions:
Issued		100,000			100,000
Increase in Shares Outstanding from Share Transactions		100,000			100,000

(1)

The Fund commenced operations on May 12, 2015.

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

160

Statements of Changes in Net Assets

	Global X Scientific Beta Asia ex- Japan ETF			Global X YieldCo Index ETF
	Period Ended October 31, 2015⁽¹⁾			Period Ended October 31, 2015⁽²⁾
Operations:
Net Investment Income	$	43,448		$	50,554
Net Realized Loss on Investments and Foreign Currency Transactions		(97,899	)		(161,801	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(282,710	)		(887,443	)
Net Decrease in Net Assets Resulting from Operations		(337,161	)		(998,690	)
Dividends and Distributions from:
Net Investment Income		—			(33,750	)
Total Dividends and Distributions		—			(33,750	)
Capital Share Transactions:
Issued		2,499,952			4,351,749
Increase in Net Assets from Capital Share Transactions		2,499,952			4,351,749
Total Increase in Net Assets		2,162,791			3,319,309
Net Assets:
Beginning of Period		—			—
End of Period	$	2,162,791		$	3,319,309
Undistributed Net Investment Income	$	46,987		$	10,723
Share Transactions:
Issued		100,000			300,000
Increase in Shares Outstanding from Share Transactions		100,000			300,000

(1)	The Fund commenced operations on May 12, 2015.
(2)	The Fund commenced operations on May 27, 2015.

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

161

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
2015		24.24		1.26		(3.36	)		(2.10	)		(1.44	)		(0.05	)		—			(1.49	)		20.65		(9.01	)		880,666		0.58			5.58			26.12
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
2015		29.60		1.71		(4.19	)		(2.48	)		(1.23	)		—			(0.66	)		(1.89	)		25.23		(8.67	)		274,999		0.45			6.25			42.51
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 SuperDividend® Emerging Markets ETF
2015⁽³⁾		14.90		0.66		(1.34	)		(0.68	)		(0.49	)		—			—			(0.49	)		13.73		(4.89	)		3,433		0.65	†		6.72	†		1.25
Global X SuperDividend® REIT ETF
2015⁽³⁾		15.12		0.63		(1.95	)		(1.32	)		(0.62	)		—			—			(0.62	)		13.18		(8.86	)		3,954		0.54	†		7.20	†		1.45
Global X SuperIncome™ Preferred ETF
2015		14.74		0.95		(1.21	)		(0.26	)		(0.99	)		—			—			(0.99	)		13.49		(1.95	)		235,427		0.58			6.68			76.54
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⁽⁴⁾		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
Global X Social Media Index ETF
2015		19.30		0.01		(0.01	)		—			(0.01	)		—			—			(0.01	)		19.29		0.00			77,145		0.65			0.04			26.51
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⁽⁵⁾		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
2015		25.49		0.43		(2.04	)		(1.61	)		(0.16	)		—			—			(0.16	)		23.72		(6.37	)		8,302		0.69			1.70			311.58
2014⁽⁶⁾		24.95		—		0.54			0.54			—			—			—			—			25.49		2.16			2,549		0.69	†		(0.69	)†		—
Global X \| JPMorgan US Sector Rotator Index ETF
2015		25.41		0.20		(1.94	)		(1.74	)		(0.11	)		(0.01	)		—			(0.12	)		23.55		(6.90	)		14,127		0.69			0.82			907.92
2014⁽⁶⁾		25.03		—		0.38			0.38			—			—			—			—			25.41		1.52			2,541		0.69	†		(0.69	)†		63.35
Global X Permanent ETF
2015		24.11		0.25		(0.19	)		0.06			(0.23	)		—			—			(0.23	)		23.94		0.25			10,774		0.48			1.03			31.10
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⁽⁷⁾		25.04		0.09		(0.36	)		(0.27	)		—			—			—			—			24.77		(1.08	)		14,859		0.48	†		0.92	†		14.89

*	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. 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.
(1)	The Fund commenced operations on June 8, 2011.
(2)	The Fund commenced operations on March 11, 2013.
(3)	The Fund commenced operations on March 16, 2015.
(4)	The Fund commenced operations on July 16, 2012.
(5)	The Fund commenced operations on November 14, 2011.
(6)	The Fund commenced operations on October 22, 2014.
(7)	The Fund commenced operations on February 7, 2012.

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

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

162

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income ($)*		Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)			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 to Average Net Assets (%)			Portfolio Turnover (%)††
Global X Guru™ Index ETF
2015		26.30		0.10		(2.16	)		(2.06	)		(0.28	)		—			—			(0.28	)		23.96		(7.94	)		184,505		0.75			0.39			129.71
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⁽¹⁾		14.96		0.02		0.85			0.87			—			—			—			—			15.83		5.82			5,539		0.75	†		1.90	†		1.90
Global X Guru™ Activist Index ETF
2015⁽²⁾		15.05		0.06		(1.69	)		(1.63	)		—			—			—			—			13.42		(10.83	)		2,683		0.75	†		0.84	†		50.29
Global X Guru™ International Index ETF
2015		15.62		0.12		(2.50	)		(2.38	)		(0.11	)		—			—			(0.11	)		13.13		(15.31	)		1,313		0.75			0.85			118.14
2014⁽³⁾		14.83		0.09		0.70			0.79			—			—			—			—			15.62		5.33			2,343		0.75	†		0.89	†		62.71
Global X GF China Bond ETF
2015⁽⁴⁾⁽⁷⁾		38.00		1.20		(0.58	)		0.62			(0.89	)		—			(0.17	)		(1.06	)		37.56		1.67			35,680		0.50	†@		3.37	†		102.51
Global X Scientific Beta US ETF
2015⁽⁵⁾		24.90		0.18		(0.41	)		(0.23	)		—			—			—			—			24.67		(0.92	)		2,467		0.35	†		1.55	†		20.90
Global X Scientific Beta Europe ETF
2015⁽⁵⁾		24.89		0.25		(0.73	)		(0.48	)		—			—			—			—			24.41		(1.93	)		2,441		0.38	†		2.22	†		17.53
Global X Scientific Beta Japan ETF
2015⁽⁵⁾		25.07		0.12		—			0.12			—			—			—			—			25.19		0.48			2,519		0.38	†		1.02	†		20.31
Global X Scientific Beta Asia ex-Japan ETF
2015⁽⁵⁾		24.89		0.44		(3.70	)		(3.26	)		—			—			—			—			21.63		(13.10	)		2,163		0.38	†		4.17	†		59.21
Global X YieldCo Index ETF
2015⁽⁶⁾		15.19		0.20		(4.19	)		(3.99	)		(0.14	)		—			—			(0.14	)		11.06		(26.39	)		3,319		0.65	†		3.72	†		22.97

*	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.
@	The ratio of expenses to Average Net Assets includes the effect of a waiver. If these offsets were excluded, the ratio would have been 0.58%.
^	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.
(1)	The Fund commenced operations on June 4, 2012.
(2)	The Fund commenced operations on April 28, 2015.
(3)	The Fund commenced operations on March 10, 2014.
(4)	The Fund commenced operations on November 18, 2014.
(5)	The Fund commenced operations on May 12, 2015.
(6)	The Fund commenced operations on May 27, 2015.
(7)	Per share amounts have been adjusted for a 2 for 1 share split on March 11, 2015. For more information see Note 9 in the Notes to Financial Statements.

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

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

163

Notes to Financial Statements

October 31, 2015

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, 2015, the Trust had ninety-one portfolios, forty-seven 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 SuperDividend® Emerging Markets ETF, Global X SuperDividend® REIT ETF, Global X SuperIncome™ Preferred 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™ Activist Index ETF, Global X Guru™ International Index ETF, Global X GF China Bond ETF, Global X Scientific Beta US ETF, Global X Scientific Beta Europe ETF, Global X Scientific Beta Japan ETF, Global X Scientific Beta Asia ex-Japan ETF, and Global X YieldCo Index ETF (each a “Fund” collectively, the “Funds”). Each Fund has elected non-diversification status.

The Global X GF China Bond ETF commenced operations on November 18, 2014. The Global X SuperDividend® Emerging Markets ETF and Global X SuperDividend® REIT ETF commenced operations on March 16, 2015. The Global X Guru™ Activist Index ETF commenced operations on April 28, 2015. The Global X Scientific Beta US ETF, Global X Scientific Beta Europe ETF, Global X Scientific Beta Japan ETF and the Global X Scientific Beta Asia ex-Japan ETF commenced operations on May 12, 2015. The Global X YieldCo Index ETF commenced operations on May 27, 2015.

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.

164

Notes to Financial Statements (continued)

October 31, 2015

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

MASTER LIMITED PARTNERSHIPS (“MLPs”) (concluded)

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 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 EST 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 as of the reporting date. 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

165

Notes to Financial Statements (continued)

October 31, 2015

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (concluded)

Funds may fair value their securities if an event that may materially affect the value of the Funds’ securities that traded outside of the United States (a “Significant Event”) has occurred between the time of the security's last close and the time that the Funds calculate their net asset value. A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If Global X Management Company LLC (the “Adviser”) becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate net asset value, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably available to the Committee. As of October 31, 2015, there were $144,634 and $17,231 of fair valued securities in the Global X SuperDividend® REIT ETF and Global X Scientific Beta Asia ex-Japan ETF, respectively. There were no other securities priced using the Fair Value Procedures.

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

Level 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)

For the year or period ended October 31, 2015, there have been no significant changes to the Funds’ fair valuation methodologies.

166

Notes to Financial Statements (continued)

October 31, 2015

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

The unobservable inputs used to determine fair value of Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.

REPURCHASE AGREEMENTS - Securities pledged as collateral for repurchase agreements are held by Citibank, N.A. and are designated as being held on each Fund’s behalf by its custodian under a book-entry system. Each Fund monitors the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest.

It is the Funds’ policy to only enter into repurchase agreements with banks and other financial institutions which are deemed by the 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.

At October 31, 2015, 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	$	44,000,000	$	44,000,000	$	-	$	-	��
Deutsche Bank		2,835,301		2,835,301		-		-
Global X SuperDividend® U.S. ETF
Barclays		9,000,000		9,000,000		-		-
Deutsche Bank		1,708,555		1,708,555		-		-
Global X SuperIncome™ Preferred ETF
Deutsche Bank		5,029,200		5,029,200		-		-
Global X Social Media Index ETF
Deutsche Bank		3,529,751		3,529,751		-		-
Global X Guru™ Index ETF
Deutsche Bank		2,487,600		2,487,600		-		-

⁽¹⁾Net Amount represents the net amount receivable due from the counterparty in the event of default.

167

Notes to Financial Statements (continued)

October 31, 2015

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

During the year ended October 31, 2015, the Global X SuperIncome^TM Preferred ETF incurred federal excise tax in the amount of $3,118. 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 a tax benefit or expense in the current year. The Funds did not record any tax provisions in the current period; however, management’s conclusions regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the year or period ended October 31, 2015, 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.

168

Notes to Financial Statements (continued)

October 31, 2015

2. SIGNIFICANT ACCOUNTING POLICIES (concluded)

INVESTMENTS IN REITs — With respect to the Funds, dividend income is recorded based on the income included in distributions received from 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 Brown Brothers Harriman & Co. (“BBH”), the Funds’ custodian (“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:

					Value at
					October 31,
	Creation Unit Shares		Creation Fee		2015		Redemption Fee
Global X SuperDividend® ETF		50,000	$	3,800	$	1,032,500	$	3,800
Global X SuperDividend® U.S. ETF		50,000		750		1,261,500		750
Global X SuperDividend® Emerging Markets ETF		50,000		3,000		686,500		3,000
Global X SuperDividend® REIT ETF		50,000		750		659,000		750
Global X SuperIncome™ Preferred ETF		50,000		500		674,500		500
Global X Social Media Index ETF		50,000		1,000		964,500		1,000
Global X \| JPMorgan Efficiente Index ETF		50,000		500		1,186,000		500
Global X \| JPMorgan US Sector Rotator Index ETF		50,000		500		1,177,500		500
Global X Permanent ETF		50,000		1,000		1,197,000		1,000
Global X Guru™ Index ETF		50,000		750		1,198,000		750
Global X Guru™ Activist Index ETF		50,000		750		671,000		750
Global X Guru™ International Index ETF		50,000		750		656,500		750
Global X GF China Bond ETF		50,000		1,000		1,878,000		1,000
Global X Scientific Beta US ETF		50,000		2,500		1,233,500		2,500
Global X Scientific Beta Europe ETF		50,000		10,500		1,220,500		10,500
Global X Scientific Beta Japan ETF		50,000		5,500		1,259,500		5,500
Global X Scientific Beta Asia ex-Japan ETF		50,000		11,000		1,081,500		11,000
Global X YieldCo Index ETF		50,000		500		553,000		500

169

Notes to Financial Statements (continued)

October 31, 2015

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). In addition, the Global X GF China Bond ETF pays custodial fees that are not covered by the Supervision and Administration Agreement. Pursuant to an agreement with the Custodian, the Global X GF China Bond ETF may pay up to 0.10% in Custody Fees (in addition to the Supervision and Administration Fee).

The following table discloses supervision and administration fees pursuant to the agreement:

	Supervision and
	Administration Fee
Global X SuperDividend® ETF		0.58	%
Global X SuperDividend® U.S. ETF		0.45	%
Global X SuperDividend® Emerging Markets ETF		0.65	%
Global X SuperDividend® REIT ETF		0.58	%
Global X SuperIncome^TM Preferred ETF		0.58	%
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 Guru^TM Index ETF		0.75	%
Global X Guru^TM Activist Index ETF		0.75	%
Global X Guru^TMInternational Index ETF		0.75	%
Global X GF China Bond ETF *		0.48	%
Global X Scientific Beta US ETF		0.35	%
Global X Scientific Beta Europe ETF		0.38	%
Global X Scientific Beta Japan ETF		0.38	%
Global X Scientific Beta Asia ex-Japan ETF		0.38	%
Global X YieldCo Index ETF		0.65	%

170

Notes to Financial Statements (continued)

October 31, 2015

3. RELATED PARTY TRANSACTIONS (continued)

*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 0.50% of the Fund’s average daily net assets per year until at least March 1, 2016. Pursuant to the Expense Limitation Agreement, the Fund (at a later date) may reimburse the Adviser for the fees and expenses it waived or reimbursed and/or limited pursuant to the Expense Limitation Agreement during any of the prior three fiscal years, provided that, among other things, any reimbursement made to the Adviser does not cause Total Annual Fund Operating Expenses of the Fund to exceed 0.50% 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, 2015, the amount of waivers/reimbursements subject to recoupment for Global X GF China Bond ETF are $33,886 expiring in 2018. As of October 31, 2015, there had been no recoupment of previously waived and reimbursed fees.

GF International Investment Management Limited (“Sub-Adviser”), located at Suites 3503-3505, 35/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong serves as sub-adviser to the Global X GF China Bond ETF. The Sub-Adviser is responsible for the day-to-day investment management of the Global X GF China Bond ETF, subject to the oversight of the Adviser. For the services it provides to the Global X GF China Bond ETF, the Adviser pays the Sub-Adviser a fee equal to 50% of the net profit the Adviser derives from its relationship with the Global X GF China Bond ETF. In addition, the investment sub-advisory agreement requires the Sub-Adviser to pay the Adviser a payment equal to 50% of any amount by which certain administrative and other operating expenses of the Fund exceed the unitary fee paid by the Fund to the Adviser, calculated quarterly.

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. SIDCO has no obligation to sell any specific quantity of Fund Shares. SIDCO bears the following costs and expenses relating to the distribution of Shares: (1) the costs of processing and maintaining records of creations of Creation Units; (2) all costs of maintaining the records required of a registered broker/dealer; (3) the expenses of maintaining its registration or qualification as a dealer or broker under Federal or state laws; (4) filing fees; and (5) 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.

171

Notes to Financial Statements (continued)

October 31, 2015

3. RELATED PARTY TRANSACTIONS (concluded)

correspondence by shareholders and others relating to its duties; (4) maintain shareholder accounts, and (5) make periodic reports to the Funds. As compensation for these services, BBH 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 year or period ended October 31, 2015, 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	$	258,090,718	$	263,012,784
Global X SuperDividend® U.S. ETF		123,014,934		138,466,382
Global X SuperDividend® Emerging Markets ETF		1,214,967		41,983
Global X SuperDividend® REIT ETF		38,909		38,878
Global X SuperIncome™ Preferred ETF		183,319,834		183,753,876
Global X Social Media Index ETF		26,581,658		26,084,317
Global X \| JPMorgan Efficiente Index ETF		41,058,174		40,834,753
Global X \| JPMorgan US Sector Rotator Index ETF		174,941,766		174,710,368
Global X Permanent ETF		703,180		491,095
Global X Guru™ Index ETF		391,941,017		394,407,177
Global X Guru™ Activist Index ETF		1,305,452		1,297,441
Global X Guru™ International Index ETF		2,158,781		2,165,741
Global X GF China Bond ETF		77,653,616		44,099,554
Global X Scientific Beta US ETF		519,013		508,217
Global X Scientific Beta Europe ETF		447,613		422,546
Global X Scientific Beta Japan ETF		521,790		503,219
Global X Scientific Beta Asia ex-Japan ETF		1,941,175		1,304,666
Global X YieldCo Index ETF		691,091		671,448

For the year ended October 31, 2015, the purchases and sales of long-term U.S. Government securities were:

			Sales and
	Purchases		Maturities
Global X Permanent ETF	$	3,297,523	$	2,417,392

172

Notes to Financial Statements (continued)

October 31, 2015

4. INVESTMENT TRANSACTIONS (concluded)

For the year or periods ended October 31, 2015 in-kind transactions associated with creations and redemptions were:

			Sales and		Realized
	Purchases		Maturities		Gain
Global X SuperDividend® ETF	$	101,430,555	$	95,779,030	$	7,033,898
Global X SuperDividend® U.S. ETF		113,364,881		51,541,836		5,510,557
Global X SuperDividend® Emerging Markets ETF		2,727,482		-		-
Global X SuperDividend® REIT ETF		4,298,312		-		-
Global X SuperIncome™ Preferred ETF		143,517,095		48,396,514		598,502
Global X Social Media Index ETF		45,438,519		94,218,207		7,918,432
Global X \| JPMorgan Efficiente Index ETF		23,753,014		16,203,931		95,084
Global X \| JPMorgan US Sector Rotator Index ETF		28,317,222		14,354,708		21,181
Global X Permanent ETF		1,731,998		597,499		80,850
Global X Guru™ Index ETF		11,925,032		243,540,847		17,920,882
Global X Guru™ Activist Index ETF		2,997,065		-		-
Global X Guru™ International Index ETF		-		758,840		34,757
Global X GF China Bond ETF		-		-		-
Global X Scientific Beta US ETF		2,489,675		-		-
Global X Scientific Beta Europe ETF		2,481,275		-		-
Global X Scientific Beta Japan ETF		2,496,883		-		-
Global X Scientific Beta Asia ex-Japan ETF		1,903,496		-		-
Global X YieldCo Index ETF		4,344,899		-		-

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 SuperIncome^TM Preferred ETF		117,436,325		13,616,202		873,051
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 Guru^TM Index ETF		568,383,721		403,551,463		37,571,401
Global X Guru^TMInternational Index ETF		3,080,436		734,683		66,415

173

Notes to Financial Statements (continued)

October 31, 2015

5. TAX INFORMATION

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, 2015:

Global X Funds	Paid-in Capital			Undistributed Net Investment Income			Accumulated Net Realized Gain (Loss)
Global X SuperDividend® ETF	$	5,606,903		$	5,015,299		$	(10,622,202	)
Global X SuperDividend® U.S. ETF		(1,565,208	)		1,705,156			(139,948	)
Global X SuperDividend® Emerging Markets ETF		–			(4,975	)		4,975
Global X SuperDividend® REIT ETF		–			16,711			(16,711	)
Global X SuperIncome™ Preferred ETF		287,080			251,009			(538,089	)
Global X Social Media Index ETF		6,875,705			(14,727	)		(6,860,978	)
Global X \| JPMorgan Efficiente Index ETF		91,103			38,677			(129,780	)
Global X \| JPMorgan US Sector Rotator Index ETF		21,181			–			(21,181	)
Global X Permanent ETF		80,850			2,291			(83,141	)
Global X Guru™ Index ETF		18,007,483			(214,812	)		(17,792,671	)
Global X Guru™ International Index ETF		33,893			–			(33,893	)
Global X GF China Bond ETF		(94,278	)		(632,613	)		726,891
Global X Scientific Beta US ETF		–			438			(438	)
Global X Scientific Beta Europe ETF		–			808			(808	)
Global X Scientific Beta Japan ETF		–			197			(197	)
Global X Scientific Beta Asia ex-Japan ETF		–			3,539			(3,539	)
Global X YieldCo Index ETF		–			(6,081	)		6,081

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

174

Notes to Financial Statements (continued)

October 31, 2015

5. TAX INFORMATION (continued)

The tax character of dividends and distributions declared during the years or periods ended October 31, 2015 and October 31, 2014 were as follows:

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

Global X SuperDividend® ETF
2015	$	63,792,396	$	1,980,361	$	–	$	65,772,757
2014		55,528,000		–		–		55,528,000
Global X SuperDividend® U.S. ETF
2015	$	13,048,101	$	–	$	7,048,014	$	20,096,115
2014		5,177,061		–		617,714		5,794,775
Global X SuperDividend® Emerging Markets ETF
2015	$	110,575	$	–	$	–	$	110,575
Global X SuperDividend® REIT ETF
2015	$	113,850	$	–	$	–	$	113,850
Global X SuperIncome™ Preferred ETF
2015	$	16,693,614	$	–	$	–	$	16,693,614
2014		6,808,392		–		–		6,808,392
Global X Social Media Index ETF
2015	$	57,330	$	–	$	–	$	57,330
2014		1,764		–		–		1,764
Global X \| JPMorgan Efficiente Index ETF
2015	$	15,956	$	–	$	–	$	15,956
2014		–		–		–		–
Global X \| JPMorgan US Sector Rotator Index ETF
2015	$	35,570	$	–	$	–	$	35,570
2014		–		–		–		–
Global X Permanent ETF
2015	$	105,609	$	–	$	–	$	105,609
2014		217,578		47,821		–		265,399
Global X Guru™ Index ETF
2015	$	4,215,674	$	–	$	–	$	4,215,674
2014		424,270		50,647		–		474,917
Global X Guru™ International Index ETF
2015	$	16,359	$	–	$	–	$	16,359
2014		–		–		–		–
Global X GF China Bond ETF
2015	$	1,077,663	$	–	$	206,554	$	1,284,217
Global X YieldCo Index ETF
2015	$	33,750	$	–	$	–	$	33,750

175

Notes to Financial Statements (continued)

October 31, 2015

5. TAX INFORMATION (continued)

As of October 31, 2015, 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 SuperDividend® Emerging Markets ETF			Global X SuperDividend® REIT ETF			Global X SuperIncome™ Preferred ETF
Undistributed Ordinary Income	$	3,773,985		$	—		$	48,776		$	24,015		$	542,070
Capital Loss Carryforwards		(43,826,894	)		(17,160,697	)		(6,022	)		(321	)		(7,792,207	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(99,452,280	)		(18,715,399	)		(494,439	)		(372,987	)		(17,744,104	)
Other Temporary Differences		1			—			(2	)		—			(464,845	)
Total Distributable Earnings	$	(139,505,188	)	$	(35,876,096	)	$	(451,687	)	$	(349,293	)	$	(25,459,086	)

	Global X Funds
	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
Undistributed Ordinary Income	$	6,657		$	256,863		$	131,977		$	91,966		$	578,657
Capital Loss Carryforwards		(8,366,075	)		(2,118,785	)		(2,519,657	)		(427,671	)		(14,096,223	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(17,425,251	)		17,210			(81,564	)		(890,634	)		(10,433,765	)
Other Temporary Differences		4			—			—			—			—
Total Distributable Earnings	$	(25,784,665	)	$	(1,844,712	)	$	(2,469,244	)	$	(1,226,339	)	$	(23,951,331	)

	Global X Funds
	Global X Guru™ Activist Index ETF			Global X Guru™ International Index ETF			Global X GF China Bond ETF			Global X Scientific Beta US ETF			Global X Scientific Beta Europe ETF
Undistributed Ordinary Income	$	11,721		$	18,012		$	—		$	18,289		$	31,100
Capital Loss Carryforwards		(214,336	)		(150,303	)		—			(16,868	)		(9,104	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(111,906	)		(163,602	)		(423,463	)		(24,908	)		(70,206	)
Other Temporary Differences		—			—			—			(1	)		—
Total Distributable Earnings	$	(314,521	)	$	(295,893	)	$	(423,463	)	$	(23,488	)	$	(48,210	)

176

Notes to Financial Statements (continued)

October 31, 2015

5. TAX INFORMATION (continued)

	Global X Funds
	Global X Scientific Beta Japan ETF			Global X Scientific Beta Asia ex-Japan ETF			Global X YieldCo Index ETF
Undistributed Ordinary Income	$	18,478		$	51,090		$	12,245
Capital Loss Carryforwards		—			(100,432	)		(151,516	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(6,938	)		(287,820	)		(893,169	)
Other Temporary Differences		1			1			—
Total Distributable Earnings	$	11,541		$	(337,161	)	$	(1,032,440	)

	Short-Term		Long-Term
Global X Funds	Loss		Loss		Total
Global X SuperDividend® ETF	$	20,935,291	$	22,891,603	$	43,826,894
Global X SuperDividend® U.S. ETF		17,160,697		-		17,160,697
Global X SuperDividend® Emerging Markets ETF		6,022		-		6,022
Global X SuperDividend® REIT ETF		321		-		321
Global X SuperIncome^TM Preferred ETF		5,202,365		2,589,842		7,792,207
Global X Social Media Index ETF		4,255,564		4,110,511		8,366,075
Global X JPMorgan Efficiente Index ETF		2,118,785		-		2,118,785
Global X JPMorgan US Sector Rotator Index ETF		2,519,657		-		2,519,657
Global X Permanent ETF		392,694		34,977		427,671
Global X Guru^TM Index ETF		14,096,223		-		14,096,223
Global X Guru^TM Activist Index ETF		214,336		-		214,336
Global X Guru^TM International Index ETF		148,934		1,369		150,303
Global X Scientific Beta US ETF		16,868		-		16,868
Global X Scientific Beta Europe ETF		9,104		-		9,104
Global X Scientific Beta Asia ex-Japan ETF		100,432		-		100,432
Global X YieldCo Index ETF		151,516		-		151,516

During the year ended October 31, 2015 the following funds utilized capital loss carryforwards to offset capital gains amounting to:

Global X Funds
Global X SuperDividend® U.S. ETF	$	428,615
Global X Social Media Index ETF		188,749
Global X Guru^TM Index ETF		3,586,223

177

Notes to Financial Statements (continued)

October 31, 2015

5. TAX INFORMATION (concluded)

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at October 31, 2015 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	$	1,024,168,158	$	69,962,834	$	(169,385,128	)	$	(99,422,294	)
Global X SuperDividend® U.S. ETF		303,924,708		15,805,899		(34,521,298	)		(18,715,399	)
Global X SuperDividend® Emerging Markets ETF		3,916,859		150,369		(644,160	)		(493,791	)
Global X SuperDividend® REIT ETF		4,303,760		525		(373,525	)		(373,000	)
Global X SuperIncome™ Preferred ETF		259,356,236		2,378,808		(20,122,912	)		(17,744,104	)
Global X Social Media Index ETF		98,456,366		7,348,736		(24,773,932	)		(17,425,196	)
Global X \| JPMorgan Efficiente Index ETF		8,290,672		27,812		(10,602	)		17,210
Global X \| JPMorgan US Sector Rotator Index ETF		14,217,146		184,916		(266,480	)		(81,564	)
Global X Permanent ETF		11,625,832		441,399		(1,332,033	)		(890,634	)
Global X Guru™ Index ETF		197,405,059		13,442,848		(23,876,613	)		(10,433,765	)
Global X Guru™ Activist Index ETF		2,790,717		113,658		(225,564	)		(111,906	)
Global X Guru™ International Index ETF		1,475,665		84,797		(248,399	)		(163,602	)
Global X GF China Bond ETF		35,526,923		303,075		(669,948	)		(366,873	)
Global X Scientific Beta US ETF		2,483,515		35,763		(60,671	)		(24,908	)
Global X Scientific Beta Europe ETF		2,502,821		94,850		(165,050	)		(70,200	)
Global X Scientific Beta Japan ETF		2,521,830		129,985		(136,845	)		(6,860	)
Global X Scientific Beta Asia ex-Japan ETF		2,444,743		114,826		(402,615	)		(287,789	)
Global X YieldCo Index ETF		4,710,561		4,956		(898,125	)		(893,169	)

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.

6. CONCENTRATION OF RISKS

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

178

Notes to Financial Statements (continued)

October 31, 2015

6. CONCENTRATION OF RISKS (concluded)

investment income, net realized gains and net unrealized gains as income and/or capital gains are earned.

The Funds (other than the Global X GF China Bond ETF and the Global X Permanent ETF) 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 (other than the Global X GF China Bond ETF and the Global X Permanent ETF) 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).

Because of the practical difficulties and expense of purchasing all of the securities in their respective underlying indexes, the Global X GF China Bond ETF and the Global X Permanent ETF do not expect to purchase all of the securities in their underlying indexes. Instead, the Adviser will utilize a “sampling” methodology in seeking to achieve the Funds’ objective. As such, the Funds may purchase a subset of the securities in their respective underlying index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the underlying index.

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 a 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, 2015 the value of securities on loan was $44,921,955, $10,251,104, $4,907,868, $3,423,061 and $2,248,289 for the Global X SuperDividend® ETF, Global X SuperDividend® U.S. ETF, Global X SuperIncome™ Preferred ETF, Global X Social Media Index ETF and Global X Guru™ Index ETF, respectively and the value of securities purchased with the cash collateral held from securities on loan was $46,835,301, $10,708,555, $5,029,200, $3,529,751 and $2,487,600 for the Global X SuperDividend® ETF, Global X SuperDividend® U.S. ETF, Global X SuperIncome™ Preferred ETF, Global X Social Media Index ETF and Global X Guru™ Index ETF, respectively.

179

Notes to Financial Statements (continued)

October 31, 2015

7. LOANS OF PORTFOLIO SECURITIES (concluded)

At October 31, 2015, the following Funds had securities on loan, by counterparty:

	Market Value		Cash Collateral
Global X SuperDividend® ETF
Barclays	$	4,718,012	$	4,922,675
BNP Prime Brokerage		5,010,295		5,226,565
Citigroup		1,599,108		1,635,350
Credit Suisse		208,538		217,500
Goldman Sachs & Co.		9,637,618		10,108,143
JPMorgan		5,923,502		6,130,502
Merrill Lynch Pierce Fenner & Smith		215,334		220,500
Morgan Stanley		705,496		748,200
National Financial Services		6,517,220		6,778,750
Nomura Securities		10,386,832		10,847,116
Global X SuperDividend® U.S. ETF
Barclays		2,755,500		2,901,600
BMO Capital Markets		4,401,815		4,564,000
Deutsche Bank		1,072,040		1,124,250
Goldman Sachs & Co.		90,489		97,300
Jefferies & Co.		177,614		182,400
JPMorgan		65,380		70,301
Merrill Lynch Pierce Fenner & Smith		272,938		286,800
Morgan Stanley		1,415,328		1,481,904
Global X SuperIncome™ Preferred ETF
Citigroup		10,156		10,400
Deutsche Bank		1,334,614		1,372,400
JPMorgan		27,210		28,000
Merrill Lynch Pierce Fenner & Smith		1,677,736		1,719,900
Morgan Stanley		4,758		5,000
National Financial Services		1,003,969		1,024,250
Wells Fargo Securities		849,425		869,250
Global X Social Media Index ETF
Barclays		418,880		434,000
Citigroup		115,950		112,500
Credit Suisse		1,023,897		1,060,702
Merrill Lynch Pierce Fenner & Smith		140,134		137,199
Morgan Stanley		767,312		785,400
National Financial Services		148,104		153,450
UBS Securities		808,784		846,500
Global X Guru™ Index ETF
JPMorgan		1,136,556		1,301,400
Pershing		1,111,733		1,186,200

180

Notes to Financial Statements (concluded)

October 31, 2015

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.

9. SHARE SPLIT

Effective March 11, 2015, the Global X GF China Bond ETF executed a share split after the close of markets on March 10, 2015. The effect of this transaction was to multiply the number of outstanding shares of the Fund by two, resulting in a corresponding proportionate decrease in the net asset value per share. The capital share activity presented in the statement of changes in net assets and per share data in the financial highlights has been given retroactive effect to reflect these share splits. There were no changes in net assets, results of operations or total return as a result of these transactions.

10. NEW ACCOUNTING PRONOUNCEMENT

11. SUBSEQUENT EVENTS

Subsequent to October 31, 2015, the following investment portfolios were added to the Trust: Global X Internet of Things ETF, Global X Healthy Lifestyle ETF, Global X Big Data ETF, Global X FinTech ETF, and Global X Conscious Companies ETF.

181

Report of Independent Registered Public Accounting Firm

October 31, 2015

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 SuperDividend^® ETF, Global X SuperDividend^®U.S. ETF, Global X SuperDividend^® Emerging Markets ETF, Global X SuperDividend^® REIT ETF, Global X SuperIncome^TM Preferred 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^TM Index ETF, Global X Guru^TMActivist Index ETF, Global X Guru^TMInternational Index ETF, Global X GF China Bond ETF, Global X Scientific Beta US ETF, Global X Scientific Beta Europe ETF, Global X Scientific Beta Japan ETF, Global X Scientific Beta Asia ex-Japan ETF, and Global X YieldCo Index ETF (eighteen of the series constituting the Global X Funds) (the “Funds”) as of October 31, 2015, 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 periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds listed above at October 31, 2015, 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 the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Philadelphia, Pennsylvania

December 30, 2015

182

Disclosure of Fund Expenses (unaudited)

All ETFs 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 a Fund.

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

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.

183

Disclosure of Fund Expenses (unaudited) (continued)

	Beginning Account Value 5/1/2015		Ending Account Value 10/31/2015		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
Global X SuperDividend® ETF
Actual Fund Return	$	1,000.00	$	891.80		0.58	%	$	2.77
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	$	920.10		0.45	%	$	2.18
Hypothetical 5% Return		1,000.00		1,022.94		0.45			2.29
Global X SuperDividend® Emerging Markets ETF
Actual Fund Return	$	1,000.00	$	773.50		0.65	%	$	2.91
Hypothetical 5% Return		1,000.00		1,021.93		0.65			3.31
Global X SuperDividend® REIT ETF
Actual Fund Return	$	1,000.00	$	904.20		0.53	%	$	2.54
Hypothetical 5% Return		1,000.00		1,022.53		0.53			2.70
Global X SuperIncome™ Preferred ETF
Actual Fund Return	$	1,000.00	$	955.90		0.58	%	$	2.86
Hypothetical 5% Return		1,000.00		1,022.28		0.58			2.96
Global X Social Media Index ETF
Actual Fund Return	$	1,000.00	$	948.80		0.65	%	$	3.19
Hypothetical 5% Return		1,000.00		1,021.93		0.65			3.31
Global X \| JPMorgan Efficiente Index ETF
Actual Fund Return	$	1,000.00	$	911.30		0.69	%	$	3.32
Hypothetical 5% Return		1,000.00		1,021.73		0.69			3.52
Global X \| JPMorgan US Sector Rotator Index ETF
Actual Fund Return	$	1,000.00	$	955.00		0.69	%	$	3.40
Hypothetical 5% Return		1,000.00		1,021.73		0.69			3.52
Global X Permanent ETF
Actual Fund Return	$	1,000.00	$	980.30		0.48	%	$	2.40
Hypothetical 5% Return		1,000.00		1,022.79		0.48			2.45
Global X Guru™ Index ETF
Actual Fund Return	$	1,000.00	$	899.40		0.75	%	$	3.59
Hypothetical 5% Return		1,000.00		1,021.42		0.75			3.82
Global X Guru™ Activist Index ETF
Actual Fund Return	$	1,000.00	$	897.70		0.75	%	$	3.59
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	$	867.20		0.75	%	$	3.53
Hypothetical 5% Return		1,000.00		1,021.42		0.75			3.82
Global X GF China Bond ETF
Actual Fund Return	$	1,000.00	$	1,013.40		0.50	%	$	2.54
Hypothetical 5% Return		1,000.00		1,022.68		0.50			2.55
Global X Scientific Beta US ETF
Actual Fund Return⁽²⁾	$	1,000.00	$	990.80		0.35	%	$	1.64
Hypothetical 5% Return		1,000.00		1,023.45		0.35			1.77
Global X Scientific Beta Europe ETF
Actual Fund Return⁽²⁾	$	1,000.00	$	980.70		0.38	%	$	1.77
Hypothetical 5% Return		1,000.00		1,023.30		0.38			1.93
Global X Scientific Beta Japan ETF
Actual Fund Return⁽²⁾	$	1,000.00	$	1,004.80		0.38	%	$	1.79
Hypothetical 5% Return		1,000.00		1,023.30		0.38			1.93

184

Disclosure of Fund Expenses (unaudited) (concluded)

	Beginning Account Value 5/1/2015		Ending Account Value 10/31/2015		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
Global X Scientific Beta Asia ex-Japan ETF
Actual Fund Return⁽²⁾	$	1,000.00	$	869.00		0.38	%	$	1.67
Hypothetical 5% Return		1,000.00		1,023.30		0.38			1.93
Global X YieldCo Index ETF
Actual Fund Return⁽³⁾	$	1,000.00	$	736.10		0.65	%	$	2.43
Hypothetical 5% Return		1,000.00		1,021.95		0.65			3.29

⁽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), unless otherwise noted.

⁽²⁾

Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 173/365 (to reflect the period from inception to date.)

⁽³⁾

Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 158/365 (to reflect the period from inception to date.)

185

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 Board meeting held on April 21, 2015, 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 YieldCo Index ETF and (ii) the Supervision and Administration Agreement between the Trust, on behalf of the Global X YieldCo Index ETF, and Global X Management Company (“Global X Management”). At a quarterly Board meeting held on March 10, 2015, 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 Scientific Beta US ETF, Global X Scientific Beta Europe ETF, Global X Scientific Beta Asia ex-Japan ETF, and Global X Scientific Beta Japan ETF and (ii) the Supervision and Administration Agreement between the Trust, on behalf of these funds, and Global X Management.

The Global X YieldCo Index ETF, Global X Scientific Beta US ETF, Global X Scientific Beta Europe ETF, Global X Scientific Beta Asia ex-Japan ETF, and Global X Scientific Beta Japan ETF are referred to herein as the “New Funds.” 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, in the exercise of their business judgement, 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 the Board and other reports as the Board deems necessary or appropriate, (iii) vote proxies, exercise consents, and exercise all other rights

186

APPROVAL OF INVESTMENT ADVISORY AGREEMENT(unaudited)

appertaining to securities and assets held by each New Fund, (iv) select broker-dealers to execute portfolio transactions for each New Fund when necessary, (v) assist in the preparation and filing of reports and proxy statements (if any) to the shareholders of each New Fund, the periodic updating of the registration statement, prospectuses, statement of additional information, and other reports and documents for each New Fund that are required to be filed by the Trust with the Securities and Exchange Commission ("SEC") and other regulatory or governmental bodies, and (vi) monitor anticipated purchases and redemptions of the shares (including creation units) of each New Fund by shareholders and new investors;

•

the nature, extent and quality of Global X Management’s services (including advisory, administrative and compliance services) 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 costs 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 Management Fee rate paid by each Fund to Global X Management, in light of the nature, extent and quality of the services provided, was reasonable and in the best interests of Fund shareholders.

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 paid by unaffiliated comparable specialized and/or focused exchange-traded funds and/or other registered funds

•

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

187

APPROVAL OF INVESTMENT ADVISORY AGREEMENT(unaudited)

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.

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

Other Benefits

In considering the New 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. As a result, the Board concluded that, in the exercise of its business judgement, all information it considered supported approval of the New Fund Agreements.

188

Supplemental Information (unaudited)

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

189

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, 15^th floor New York, NY 10022 (1974)	Trustee (since 2008)	CEO of Risk Advisors Inc. (since 2007) (consulting firm).	47³	None.
Scott R. Chichester¹ 623 Fifth Ave, 15^th floor New York, NY 10022 (1970)	Trustee (since 2008)	CFO, AdeptPros Inc. (app development, training and consulting) (since 2012); Founder, Madison Park Advisors LLC (advisory services) (since 2011); 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); Proprietor, Scott R. Chichester CPA (since 2001) (CPA firm).	47³	Director of AdeptPros Inc. (since 2015); Director of Sterling Seal & Supply Inc. (since 2011);Director of Bayview Acquisition Corp. (since 2010); Trustee of ARK ETF Trust (since 2014).
Kartik Kiran Shah 623 Fifth Ave, 15^th floor New York, NY 10022 (1977)	Trustee (since 2008)	President and Chief Business Officer, Oxeia Biopharmaceuticals, Inc. (2015-Present); Vice President, Business Development, Cynvenio Biosystems (2012-2014); Independent Consultant, Self-Employed (2011-2012) (non-financial services); Director, Wireless Generation (2008-2011) (software).	47³	Director of Oxeia Biopharmaceuticals, Inc. (2015-Present).

190

Trustees and Officers of the Trust (unaudited)(continued)

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, 15^th 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).	47³	None.
Luis Berruga 623 Fifth Ave, 15^th floor New York, NY 10022 (1977)	Chief Operating Officer, Treasurer, Principal Accounting Officer and Chief Financial Officer (since 9/2015).	Chief Financial Officer, GXMC (since 9/2015) and Chief Operating Officer (since 2/2014); Investment Banker, Jefferies (2012-2014); Regional Product Specialist, Morgan Stanley (2005 - 2012).	N/A	N/A
Daphne Tippens Chisolm 623 Fifth Ave, 15^th floor New York, NY 10022 (1969)	Secretary (since 2012) and Chief Compliance Officer (since 2/2015)	General Counsel, GXMC (since 2011); Chief Compliance Officer, GXMC (1/2014 - 5/2014 and 2/2015-present); Founder and President of Law Offices of DT Chisolm, P.C. (since 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

191

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)

N/A

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

As of October 31, 2015, the Trust had ninety-one investment portfolios, forty-seven 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.

192

NOTICE TO SHAREHOLDERS (unaudited)

For shareholders that do not have an October 31, 2015 tax year end, this notice is for informational purposes only. For shareholders with an October 31, 2015 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended October 31, 2015, 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	%		2.98	%		97.02	%		100.00	%		0.00	%		50.75	%		0.00	%		0.00	%		0.00	%		0.89	%
Global X SuperDividend® U.S. ETF		35.07	%		0.00	%		64.93	%		100.00	%		75.63	%		73.56	%		0.00	%		0.00	%		0.00	%		0.00	%
Global X SuperDividend® Emerging Markets ETF		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		63.34	%		0.00	%		0.00	%		0.00	%		7.42	%
Global X SuperDividend® REIT ETF		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		2.63	%		0.00	%		0.00	%		0.00	%		0.00	%
Global X SuperIncome™ Preferred ETF		0.00	%		0.00	%		100.00	%		100.00	%		73.78	%		73.67	%		0.00	%		14.51	%		0.00	%		0.00	%
Global X Social Media Index ETF		0.00	%		0.00	%		100.00	%		100.00	%		100.00	%		100.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Global X \| JPMorgan Efficiente Index ETF		0.00	%		0.00	%		100.00	%		100.00	%		3.95	%		1.98	%		0.00	%		0.01	%		0.00	%		0.00	%
Global X \| JPMorgan US Sector Rotator Index ETF		0.00	%		0.00	%		100.00	%		100.00	%		19.68	%		7.70	%		0.00	%		0.02	%		100.00	%		0.00	%
Global X Permanent ETF		0.00	%		0.00	%		100.00	%		100.00	%		42.90	%		51.05	%		55.71	%		9.13	%		0.00	%		0.00	%
Global X Guru™ Index ETF		0.00	%		0.00	%		100.00	%		100.00	%		99.98	%		98.16	%		0.00	%		0.00	%		0.00	%		0.00	%
Global X Guru™ Activist Index ETF		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Global X Guru™ International Index ETF		0.00	%		0.00	%		100.00	%		100.00	%		34.99	%		100.00	%		0.00	%		0.00	%		0.00	%		16.68	%
Global X GF China Bond ETF		16.08	%		0.00	%		83.92	%		100.00	%		0.00	%		0.00	%		0.00	%		0.00	%		100.00	%		0.00	%
Global X Scientific Beta US ETF		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Global X Scientific Beta Europe ETF		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		93.79	%		0.00	%		0.00	%		0.00	%		100.00	%
Global X Scientific Beta Japan ETF		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		77.36	%		0.00	%		0.00	%		0.00	%		100.00	%
Global X Scientific Beta Asia ex-Japan ETF		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		39.43	%		0.00	%		0.00	%		0.00	%		100.00	%
Global X YieldCo Index ETF		0.00	%		0.00	%		100.00	%		100.00	%		24.15	%		97.94	%		0.00	%		0.00	%		0.00	%		0.00	%

⁽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.

⁽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.

193

NOTICE TO SHAREHOLDERS (unaudited)

The Funds intend to pass through a foreign tax credit to shareholders. For the fiscal year ended October 31, 2015, the total amount of foreign source income and foreign tax credit are as follows:

	Foreign		Foreign Tax
	Source		Credit Pass
Global X Funds	Income		through
Global X SuperDividend® ETF	$	31,198,172	$	593,759
Global X SuperDividend® Emerging Markets ETF		167,970		8,864
Global X Guru^TM International Index ETF		32,913		3,276
Global X Scientific Beta Europe ETF		32,519		1,185
Global X Scientific Beta Japan ETF		19,279		2,959
Global X Scientific Beta Asia ex-Japan ETF		24,506		1,965

194

NOTES

623 Fifth Avenue, 15^th floor

New York, NY 10022

1-888-GXFund-1

(1-888-493-8631)

www.globalxfunds.com

Investment Adviser and Administrator:

Global X Management Company LLC

623 Fifth Avenue, 15^th floor

New York, NY 10022

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Sub-Administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Counsel for Global X Funds and the Independent Trustees:

K&L Gates LLP

1601 K Street N.W.

Washington, DC 20007

Custodian and Transfer Agent:

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

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-003-0500

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 2015 and 2014 related to the registrant.

In 2015 and 2014, Ernst & Young, LLP billed the registrant aggregate fees for services rendered to the registrant for the last two fiscal years as follows:

		2015						2014
			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	$	575,582	$	0	$	0	$	483,530	$	0	$	0
(b)	Audit-Related Fees	$	0	$	0	$	0	$	0	$	0	$	0
(c)	Tax Fees	$	192,855	$	0	$	0	$	127,725	$	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 2015 and 2014:

	2015			2014
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 2015 and 2014 for the last two fiscal years were $192,855 and $127,725, 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 8, 2016

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 8, 2016

By (Signature and Title)*	/s/ Luis Berruga
	Luis Berruga
	Chief Financial Officer

Date: January 8, 2016

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

Global X Funds N-CSRCertified annual shareholder report (management investment company)