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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22209

Global X Funds

(Exact name of registrant as specified in charter)

600 Lexington Avenue, 20^th Floor

New York, NY 10022

(Address of principal executive offices) (Zip code)

Bruno del Ama

Global X Management Company LLC

600 Lexington Avenue, 20^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	Stradley Ronon Stevens & Young, LLP
600 Lexington Ave, 20th floor	1250 Connecticut Avenue NW, Suite 500
New York, NY 10022	Washington, DC 20036

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

Date of fiscal year end: October 31, 2016

Date of reporting period: April 30, 2016

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)

Semi-Annual Report

April 30, 2016

 

Table of Contents

Schedule of Investments
Global X Silver Miners ETF	1
Global X Gold Explorers ETF	3
Global X Copper Miners ETF	6
Global X Uranium ETF	9
Global X Lithium ETF	12
Global X Fertilizers/Potash ETF	15
Statements of Assets and Liabilities	18
Statements of Operations	20
Statements of Changes in Net Assets	22
Financial Highlights	25
Notes to Financial Statements	26
Disclosure of Fund Expenses	41
Approval of Investment Advisory Agreement	43
Supplemental Information	47

Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Shares may only be redeemed directly from a fund by Authorized Participants, in very large creation/redemption units. Brokerage commissions will reduce returns.

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.

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Silver Miners ETF

Sector Weightings †:

 

† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Notes 2 and 7 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 99.9%
CANADA— 63.3%
Basic Materials — 63.3%
Alamos Gold, Cl A		1,858,374	$	13,380,293
AuRico Metals ^ *		533,199		383,850
AuRico Metals *		1,026,789		737,754
Bear Creek Mining * (A)		1,088,009		2,041,211
Endeavour Silver * (A)		1,396,723		5,796,400
First Majestic Silver * (A)		1,422,720		15,174,468
Fortuna Silver Mines *		1,779,175		11,405,696
Great Panther Silver *		1,826,800		3,879,361
MAG Silver *		956,055		12,428,715
Pan American Silver		1,878,813		29,441,000
Primero Mining *		2,269,373		4,275,683
Silver Standard Resources * (A)		1,110,993		10,432,224
Silver Wheaton		1,701,010		35,636,160
Silvercorp Metals (A)		2,402,875		5,742,871
Tahoe Resources		2,440,431		34,523,741
TOTAL CANADA				185,279,427
MEXICO— 17.5%
Basic Materials — 17.5%
Fresnillo		2,007,355		32,728,614
Industrias Penoles		1,182,114		18,549,582
TOTAL MEXICO				51,278,196
PERU— 2.5%
Basic Materials — 2.5%
Hochschild Mining *		3,180,296		7,256,110
UNITED KINGDOM— 4.1%
Basic Materials — 4.1%
Polymetal International		1,154,621		11,992,065
UNITED STATES— 12.5%
Basic Materials — 12.5%
Coeur d'Alene Mines *		1,761,216		14,265,849
Hecla Mining		3,516,767		15,157,266

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

1

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Silver Miners ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Basic Materials — continued
McEwen Mining (A)		2,779,615	$	7,226,999
TOTAL UNITED STATES				36,650,114
TOTAL COMMON STOCK
(Cost $256,236,152)				292,455,912
REPURCHASE AGREEMENTS (B) — 7.4%
Barclays Bank
0.280%, dated 04/29/16, to be repurchased on 05/02/16 repurchase price $15,000,350 (collateralized by U.S. Treasury Obligations, ranging in par value $5-$1,681,383, 0.000%-6.375%, 05/15/16-08/15/44, with a total market value of $15,300,000	$	15,000,000		15,000,000
Deutsche Bank
0.290%, dated 04/29/16, to be repurchased on 05/02/16 repurchase price $6,725,176 (collateralized by U.S. Treasury Notes, par value $6,639,942, 2.250%, 11/30/17 with a total market value of $6,780,708)		6,725,013		6,725,013
TOTAL REPURCHASE AGREEMENTS
(Cost $21,725,013)				21,725,013
TOTAL INVESTMENTS — 107.3%
(Cost $277,961,165)			$	314,180,925

Percentages are based on Net Assets of $292,784,448.

*	Non-income producing security.
^	Traded on U.S. stock exchange
(A)	This security or a partial position of this security is on loan at April 30, 2016. The total value of securities on loan at April 30, 2016 was $20,499,964.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2016 was $21,725,013.

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	292,455,912	$	—	$	—	$	292,455,912
Repurchase Agreements		—		21,725,013		—		21,725,013
Total Investments in Securities	$	292,455,912	$	21,725,013	$	—	$	314,180,925

For the period ended April 30, 2016, there have been no transfers between Level 1, Level 2 and Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

2

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Gold Explorers ETF

Sector Weightings †:

 

† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Notes 2 and 7 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 100.0%
AUSTRALIA— 9.1%
Basic Materials — 9.1%
Gold Road Resources *		4,867,906	$	1,838,894
Gryphon Minerals *‡		31,494,117		4,085,900
TOTAL AUSTRALIA				5,924,794
CANADA— 90.9%
Basic Materials — 90.9%
Asanko Gold *		864,363		2,801,624
Atac Resources *		4,415,712		2,538,171
Chesapeake Gold *		904,842		2,781,129
Continental Gold *		624,753		1,381,579
Exeter Resource *		3,503,534		3,538,569
First Mining Finance *		14,246,534		8,643,914
Guyana Goldfields *		509,693		2,962,290
International Tower Hill Mines *		5,328,080		3,922,000
Kaminak Gold, Cl A *		2,542,294		3,957,747
Lydian International, Cl A *		3,590,744		816,990
Novagold Resources * (A)		530,764		3,444,658
OceanGold		1,248,871		4,476,633
Premier Gold Mines *		957,398		2,866,232
Pretium Resources *		287,140		2,367,999
Rubicon Minerals ^ * (A)		1,168,976		49,448
Rubicon Minerals * (A)		368,186		14,697
Sabina Gold & Silver *		3,743,882		5,409,889
Seabridge Gold *		285,250		4,087,632
Torex Gold Resources *		1,922,387		3,422,420
				59,483,621
Financials — 0.0%
Irving Resources *		241,000		26,936
TOTAL CANADA				59,510,557
TOTAL COMMON STOCK
(Cost $45,270,148)				65,435,351

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

3

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Gold Explorers ETF

	Number of Rights/Face Amount		Value
RIGHT — 0.0%
Australia — 0.0%
Gold Road Resources* (B) (C) (Cost $–)		486,791	$	—
U.S. TREASURY OBLIGATION — 13.8%
United States Treasury Bill
0.110%, 05/12/16(D)
(Cost $8,999,698)	$	9,000,000		8,999,640
REPURCHASE AGREEMENT (E) — 2.7%
Deutsche Bank
0.290%, dated 04/29/16, to be repurchased on 05/02/16 repurchase price $1,786,088 (collateralized by U.S. Treasury Notes, par value $1,763,452, 2.250%, 11/30/17 with a total market value of $1,800,837) (Cost $1,786,045)		1,786,045		1,786,045
TOTAL INVESTMENTS — 116.5%
(Cost $56,055,891)			$	76,221,036

Percentages are based on Net Assets of $65,443,911.

*	Non-income producing security.
‡	Affiliated Investment (See Note 3 in Notes to Financial Statements).
^	Traded on U.S. stock exchange
(A)	This security or a partial position of this security is on loan at April 30, 2016.  The total value of securities on loan at April 30, 2016 was $1,692,253.
(B)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2016, was $– and represents 0.0% of Net Assets.
(C)	Security considered illiquid. The total value of such securities as of April 30, 2016 was $– and represented 0.0% of Net Assets.
(D)	The rate reported on the Schedule of Investments is the effective yield at time of purchase.
(E)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2016 was $1,786,045.

Cl — Class

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

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

4

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Gold Explorers ETF

The following is a summary of the level of inputs used as of April 30, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	65,435,351	$	—	$	—	$	65,435,351
U.S. Treasury Obligation		—		8,999,640		—		8,999,640
Repurchase Agreement		—		1,786,045		—		1,786,045
Right		—		—		—		—
Total Investments in Securities	$	65,435,351	$	10,785,685	$	—	$	76,221,036

For the period ended April 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

5

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Copper Miners ETF

Sector Weightings †:

 

† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Notes 2 and 7 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 100.5%
AUSTRALIA— 10.1%
Basic Materials — 10.1%
Cudeco *(A) (B)		449,047	$	277,099
OZ Minerals		238,849		1,071,791
Sandfire Resources		238,486		1,079,262
TOTAL AUSTRALIA				2,428,152
CANADA— 46.2%
Basic Materials — 46.2%
Altius Minerals		87,000		779,291
Capstone Mining *		1,637,244		1,032,591
Copper Mountain Mining *		1,974,597		945,839
Copper Mountain Mining ^ *		12,300		5,904
First Quantum Minerals (C)		177,275		1,512,909
HudBay Minerals, Cl B		215,384		1,076,404
Imperial Metals * (C)		219,189		1,013,176
Lundin Mining *		298,486		1,174,785
Nevsun Resources		297,700		1,114,652
Teck Resources, Cl B		116,082		1,423,455
Turquoise Hill Resources *		360,002		1,072,806
TOTAL CANADA				11,151,812
CHILE— 4.3%
Basic Materials — 4.3%
Antofagasta (C)		147,143		1,041,537
CHINA— 4.0%
Basic Materials — 4.0%
Jiangxi Copper, Cl H		788,029		964,059
HONG KONG— 4.8%
Basic Materials — 4.8%
CST Mining Group *		71,240,800		1,157,162
MEXICO— 4.3%
Basic Materials — 4.3%
Grupo Mexico, Cl B		409,014		1,044,906

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

6

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Copper Miners ETF

	Shares/ Number of Rights/ Face Amount		Value
COMMON STOCK — continued
POLAND— 4.3%
Basic Materials — continued
Southern Copper		35,161	$	1,043,227
POLAND— 4.2%
Basic Materials — 4.2%
KGHM Polska Miedz		52,569		1,023,360
SWITZERLAND— 4.4%
Basic Materials — 4.4%
Glencore Xstrata		445,370		1,062,797
UNITED KINGDOM— 8.7%
Basic Materials — 8.7%
KAZ Minerals *		398,387		1,000,870
Vedanta Resources		178,577		1,103,680
TOTAL UNITED KINGDOM				2,104,550
UNITED STATES— 5.2%
Basic Materials — 5.2%
Freeport-McMoRan Copper & Gold		90,459		1,266,426
TOTAL COMMON STOCK
(Cost $30,902,408)				24,287,988
RIGHT — 0.0%
Australia — 0.0%
Cudeco* (A) (B)
(Cost $–)		176,887		—
REPURCHASE AGREEMENT (D) — 5.1%
Deutsche Bank
0.290%, dated 04/29/16, to be repurchased on 05/02/16 repurchase price $1,224,086 (collateralized by U.S. Treasury Notes, par value $1,208,572, 2.250%, 11/30/17 with a total market value of $1,234,193) (Cost $1,224,056)	$	1,224,056		1,224,056
TOTAL INVESTMENTS — 105.6%
(Cost $32,126,464)			$	25,512,044

Percentages are based on Net Assets of $24,168,749.

*	Non-income producing security.
^	Traded on U.S. stock exchange
(A)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2016, was $277,099 and represents 1.1% of Net Assets.
(B)	Security considered illiquid. The total value of such securities as of April 30, 2016 was $277,099 and represented 1.1% of Net Assets.
(C)	This security or a partial position of this security is on loan at April 30, 2016.  The total value of securities on loan at April 30, 2016 was $1,161,982.
(D)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2016 was $1,224,056.

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

7

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Copper Miners ETF

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

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	24,010,889	$	—	$	277,099	$	24,287,988
Right		—		—		—		—
Repurchase Agreement		—		1,224,056		—		1,224,056
Total Investments in Securities	$	24,010,889	$	1,224,056	$	277,099	$	25,512,044

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, 2015	$	377,503
Change in unrealized appreciation/(depreciation)		(100,404	)
Ending Balance as of April 30, 2016	$	277,099

For the period ended April 30, 2016, 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.

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

8

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Uranium ETF

Sector Weightings †:

 

† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Notes 2 and 7 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 99.8%
AUSTRALIA— 14.7%
Basic Materials — 14.7%
Berkeley Resources *		7,218,530	$	3,140,024
Energy Resources of Australia *		8,792,254		2,314,881
Greenland Minerals & Energy * (A)		31,310,809		764,634
Paladin Energy * (A)		34,602,441		6,997,807
Peninsula Energy *		7,375,322		4,305,780
Silex Systems * (A)		6,396,304		1,806,094
TOTAL AUSTRALIA				19,329,220
CANADA— 66.9%
Basic Materials — 54.1%
Cameco		2,451,143		30,722,453
Denison Mines * (A)		15,574,864		9,449,862
Energy Fuels *		1,369,435		3,247,024
Fission 3.0 *		8,402,773		570,203
Fission Uranium *		12,925,762		7,326,593
Laramide Resources *		4,140,089		1,057,663
Mega Uranium *‡		14,545,905		1,858,011
Uex *		10,769,008		2,106,344
Uranium Participation *		3,982,691		14,689,472
				71,027,625
Financials — 12.8%
NexGen Energy *		9,357,693		16,808,885
TOTAL CANADA				87,836,510
CHINA— 3.2%
Utilities — 3.2%
CGN Power, Cl H (B)		12,868,900		4,130,815
FRANCE— 2.7%
Utilities — 2.7%
Areva *		698,534		3,600,278

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

9

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Uranium ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
HONG KONG— 5.6%
Health Care — 3.1%
CGN Mining *		66,584,200	$	4,077,179
Industrials — 2.5%
CNNC International *		9,071,500		3,321,181
TOTAL HONG KONG				7,398,360
UNITED STATES— 6.7%
Basic Materials — 6.7%
Centrus Energy, Cl A *‡ (A)		377,948		1,205,654
Uranium Energy * (A)		4,505,133		3,652,762
Uranium Resources *		137,072		268,661
Ur-Energy * (A)		7,037,275		3,695,273
TOTAL UNITED STATES				8,822,350
TOTAL COMMON STOCK
(Cost $228,465,304)				131,117,533
U.S. TREASURY OBLIGATION — 12.2%
United States Treasury Bill
0.110%, 05/12/16(C)
(Cost $15,999,462)	$	16,000,000		15,999,360
REPURCHASE AGREEMENTS (D) — 6.4%
Barclays Bank
0.280%, dated 04/29/16, to be repurchased on 05/02/16 repurchase price $7,000,163 (collateralized by U.S. Treasury Obligations, ranging in par value $2-$1,133,382, 0.000%-6.375%, 5/15/16-8/15/44 with a total market value of $7,140,000)		7,000,000		7,000,000
Deutsche Bank
0.290%, dated 04/29/16, to be repurchased on 05/02/16 repurchase price $1,384,150 (collateralized by U.S. Treasury Notes, par value $1,366,608, 2.250%, 11/30/17 with a total market value of $1,395,580)		1,384,117		1,384,117
TOTAL REPURCHASE AGREEMENTS
(Cost $8,384,117)				8,384,117
TOTAL INVESTMENTS — 118.4%
(Cost $252,848,883)			$	155,501,010

Percentages are based on Net Assets of $131,386,652.

*	Non-income producing security.
‡	Affiliated Investment (See Note 3 in Notes to Financial Statements).
(A)	This security or a partial position of this security is on loan at April 30, 2016.  The total value of securities on loan at April 30, 2016 was $7,280,338.
(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." The total value of such securities at April 30, 2016 was $4,130,815 and represents 3.1% of Net Assets.
(C)	The rate reported on the Schedule of Investments is the effective yield at time of purchase.
(D)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2016 was $8,384,117.

Cl — Class

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

10

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Uranium ETF

The following is a summary of the level of inputs used as of April 30, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	131,117,533	$	—	$	—	$	131,117,533
U.S. Treasury Obligation		—		15,999,360		—		15,999,360
Repurchase Agreements		—		8,384,117		—		8,384,117
Total Investments in Securities	$	131,117,533	$	24,383,477	$	—	$	155,501,010

For the period ended April 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

11

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Lithium ETF

Sector Weightings †:

 

† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Notes 2 and 7 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 99.7%
AUSTRALIA— 10.3%
Basic Materials — 10.3%
Galaxy Resources *		8,528,272	$	2,505,712
Orocobre *		1,344,297		3,405,985
TOTAL AUSTRALIA				5,911,697
CANADA— 2.1%
Basic Materials — 2.1%
Lithium Americas *		2,118,067		1,217,474
CHILE— 9.4%
Basic Materials — 9.4%
Sociedad Quimica y Minera de Chile ADR		258,591		5,386,451
CHINA— 4.0%
Consumer Goods — 4.0%
BYD, Cl H *		392,000		2,309,390
FRANCE— 4.7%
Industrials — 4.7%
Blue Solutions *		31,108		507,006
Saft Groupe		70,432		2,189,353
TOTAL FRANCE				2,696,359
HONG KONG— 4.5%
Consumer Goods — 3.7%
FDG Electric Vehicles *		34,711,800		2,103,149
Industrials — 0.8%
Coslight Technology International Group *		1,326,973		448,186
TOTAL HONG KONG				2,551,335
JAPAN— 7.8%
Industrials — 7.8%
GS Yuasa		567,894		2,409,681
Panasonic		221,220		2,055,995
TOTAL JAPAN				4,465,676

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

12

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Lithium ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
SOUTH KOREA— 10.3%
Basic Materials — 4.3%
LG Chemical		9,450	$	2,463,270
Industrials — 6.0%
Samsung SDI		25,651		2,566,451
Vitzrocell		88,408		872,907
				3,439,358
TOTAL SOUTH KOREA				5,902,628
TAIWAN— 11.0%
Industrials — 11.0%
Advanced Lithium Electrochemistry Cayman *		1,158,129		1,262,154
Changs Ascending Enterprise *		373,151		874,654
Dynapack International Technology		1,256,300		1,891,091
Simplo Technology		666,700		2,253,133
TOTAL TAIWAN				6,281,032
UNITED KINGDOM— 0.9%
Basic Materials — 0.9%
Bacanora Minerals *		418,958		497,123
UNITED STATES— 34.7%
Basic Materials — 25.0%
Albemarle		46,258		3,060,429
FMC		259,956		11,245,697
				14,306,126
Consumer Goods — 4.5%
Tesla Motors * (A)		10,652		2,564,575
Industrials — 5.2%
China BAK Battery * (A)		84,722		218,583
Johnson Controls		55,441		2,295,257
Ultralife *		97,272		459,124
				2,972,964
TOTAL UNITED STATES				19,843,665
TOTAL COMMON STOCK
(Cost $60,268,991)				57,062,830
REPURCHASE AGREEMENT (B) — 3.4%
Deutsche Bank
0.290%, dated 04/29/16, to be repurchased on 05/02/16 repurchase price $1,973,778 (collateralized by U.S. Treasury Notes, par value $1,948,762, 2.250%, 11/30/17 with a total market value of $1,990,076) (Cost $1,973,730)	$	1,973,730		1,973,730

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

13

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Lithium ETF

	Value
TOTAL INVESTMENTS — 103.1%
(Cost $62,242,721)	$	59,036,560

Percentages are based on Net Assets of $57,277,026.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2016.  The total value of securities on loan at April 30, 2016 was $2,017,188.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2016 was $1,973,730.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	57,062,830	$	—	$	—	$	57,062,830
Repurchase Agreement		—		1,973,730		—		1,973,730
Total Investments in Securities	$	57,062,830	$	1,973,730	$	—	$	59,036,560

For the period ended April 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

14

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Fertilizers/Potash ETF

Sector Weightings †:

 

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

	Shares		Value
COMMON STOCK — 99.4%
AUSTRALIA— 9.9%
Basic Materials — 9.9%
Incitec Pivot		190,991	$	469,330
Nufarm		87,593		469,262
TOTAL AUSTRALIA				938,592
BELGIUM— 4.9%
Basic Materials — 4.9%
Tessenderlo Chemie		13,393		460,341
CANADA— 9.5%
Basic Materials — 9.5%
Agrium		282		24,341
Agrium ^		5,087		438,092
Potash Corp of Saskatchewan		24,944		442,008
TOTAL CANADA				904,441
CHILE— 5.6%
Basic Materials — 5.6%
Sociedad Quimica y Minera de Chile ADR		25,615		533,561
CHINA— 3.0%
Basic Materials — 3.0%
China BlueChemical		761,901		176,793
Sinofert Holdings		794,765		108,603
TOTAL CHINA				285,396
GERMANY— 5.1%
Basic Materials — 5.1%
K+S		19,392		483,745
ISRAEL— 8.6%
Basic Materials — 8.6%
Israel Chemicals		96,659		480,123
The Israel Corp		1,646		337,799
TOTAL ISRAEL				817,922
NETHERLANDS— 4.0%
Basic Materials — 4.0%
OCI *		19,289		381,428

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

15

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Fertilizers/Potash ETF

	Shares		Value
COMMON STOCK — continued
NORWAY— 4.5%
Basic Materials — 4.5%
Yara International		10,707	$	428,687
POLAND— 4.7%
Basic Materials — 4.7%
Grupa Azoty		19,458		442,667
SOUTH KOREA— 0.9%
Basic Materials — 0.9%
Namhae Chemical		9,349		80,985
SWITZERLAND— 5.9%
Basic Materials — 5.9%
Syngenta *		1,391		557,271
TAIWAN— 4.6%
Basic Materials — 4.6%
Taiwan Fertilizer		323,097		439,271
TURKEY— 1.5%
Basic Materials — 1.5%
Bagfas Bandirma Gubre Fabrik		12,265		71,809
Gubre Fabrikalari		35,888		73,463
TOTAL TURKEY				145,272
UNITED KINGDOM— 2.7%
Basic Materials — 2.7%
Sirius Minerals *		903,600		258,119
UNITED STATES— 24.0%
Basic Materials — 24.0%
CF Industries Holdings		10,505		347,400
Compass Minerals International		6,156		461,454
CVR Partners		23,204		201,875
Intrepid Potash *		25,831		33,063
Mosaic		15,424		431,718
Scotts Miracle-Gro, Cl A		7,663		542,387
Terra Nitrogen		2,130		259,711
TOTAL UNITED STATES				2,277,608
TOTAL COMMON STOCK
(Cost $14,520,892)				9,435,306
TOTAL INVESTMENTS — 99.4%
(Cost $14,520,892)			$	9,435,306

Percentages are based on Net Assets of $9,491,264.

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

16

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Fertilizers/Potash ETF

* Non-income producing security.

^ Traded on U.S. stock exchange.

ADR — American Depositary Receipt

Cl — Class

As of April 30, 2016, 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 April 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

17

 

Statements of Assets and Liabilities

April 30, 2016 (Unaudited)

	Global X Silver Miners ETF			Global X Gold Explorers ETF			Global X Copper Miners ETF
Assets:
Cost of Investments	$	256,236,152		$	51,392,120		$	30,902,408
Cost of Repurchase Agreements		21,725,013			1,786,045			1,224,056
Cost of Affiliated Investments		—			2,877,726			—
Cost of Foreign Currency		123,374			6			21
Investments, at Value	$	292,455,912	*	$	70,349,091	*	$	24,287,988	*
Repurchase Agreements, at Value		21,725,013			1,786,045			1,224,056
Affiliated Investments, at Value		—			4,085,900			—
Cash		168,006			—			37,419
Foreign Currency, at Value		123,821			6			21
Receivable for Investment Securities Sold		22,456,578			1,341			4,396,107
Dividend and Interest Receivable		86,346			5,029			2,715
Reclaim Receivable		24,504			—			9,881
Unrealized Appreciation on Forward Foreign Currency Contracts		2,162			—			3
Total Assets		337,042,342			76,227,412			29,958,190
Liabilities:
Payable for Investment Securities Purchased		22,407,533			—			2,924,369
Obligation to Return Securities Lending Collateral		21,725,013			1,786,045			1,224,056
Payable due to Investment Adviser		120,986			25,273			11,786
Unrealized Depreciation on Forward Foreign Currency Contracts		4,362			1			—
Payable for Capital Shares Redeemed		—			—			1,629,230
Cash Overdraft		—			8,972,182			—
Total Liabilities		44,257,894			10,783,501			5,789,441
Net Assets	$	292,784,448		$	65,443,911		$	24,168,749
Net Assets Consist of:
Paid-in Capital	$	506,398,761		$	99,379,184		$	51,199,344
Undistributed (Distributions in Excess of) Net Investment Income		140,923			(2,679,614	)		(165,568	)
Accumulated Net Realized Loss on Investments and Foreign Currency Translations		(249,980,339	)		(51,420,810	)		(20,260,349	)
Net Unrealized Appreciation (Depreciation) on Investments		36,219,760			20,165,145			(6,614,420	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		5,343			6			9,742
Net Assets	$	292,784,448		$	65,443,911		$	24,168,749
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		7,997,318			1,812,054			1,399,374
Net Asset Value, Offering and Redemption Price Per Share	$	36.61		$	36.12		$	17.27
*Includes Market Value of Securities on Loan	$	20,499,964		$	1,692,253		$	1,161,982

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

18

 

Statements of Assets and Liabilities

April 30, 2016 (Unaudited)

	Global X Uranium ETF			Global X Lithium ETF			Global X Fertilizers/Potash ETF
Assets:
Cost of Investments	$	240,841,735		$	60,268,991		$	14,520,892
Cost of Repurchase Agreements		8,384,117			1,973,730			—
Cost of Affiliated Investments		3,623,031			—			—
Cost of Foreign Currency		985			11,979			19
Investments, at Value	$	144,053,228	*	$	57,062,830	*	$	9,435,306
Repurchase Agreements, at Value		8,384,117			1,973,730			—
Affiliated Investments, at Value		3,063,665			—			—
Foreign Currency, at Value		1,034			11,981			20
Cash		—			199,991 (1)			5,053
Dividend and Interest Receivable		67,225			161,365			28,244
Unrealized Appreciation on Forward Foreign Currency Contracts		—			13			—
Reclaim Receivable		—			—			27,902
Total Assets		155,569,269			59,409,910			9,496,525
Liabilities:
Cash Overdraft		15,724,609			—			—
Obligation to Return Securities Lending Collateral		8,384,117			2,101,780			—
Payable due to Investment Adviser		73,891			30,893			5,261
Payable for Investment Securities Purchased		—			211			—
Total Liabilities		24,182,617			2,132,884			5,261
Net Assets	$	131,386,652		$	57,277,026		$	9,491,264
Net Assets Consist of:
Paid-in Capital	$	527,168,575		$	112,972,333		$	19,711,506
Undistributed (Distributions in Excess of) Net Investment Income		(945,756	)		110,313			55,998
Accumulated Net Realized Loss on Investments and Foreign Currency Translations		(297,488,343	)		(52,602,133	)		(5,189,693	)
Net Unrealized Appreciation (Depreciation) on Investments		(97,347,873	)		(3,206,161	)		(5,085,586	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		49			2,674			(961	)
Net Assets	$	131,386,652		$	57,277,026		$	9,491,264
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		8,531,666			2,524,628			1,050,000
Net Asset Value, Offering and Redemption Price Per Share	$	15.40		$	22.69		$	9.04
*Includes Market Value of Securities on Loan	$	7,280,338		$	2,017,188		$	—

(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.

19

 

Statements of Operations

For the period endedApril 30, 2016 (Unaudited)

	Global X Silver Miners ETF			Global X Gold Explorers ETF			Global X Copper Miners ETF
Investment Income:
Dividend Income	$	907,263		$	42,782		$	65,332
Interest Income		203			87			11
Security Lending Income		69,420			34,490			9,866
Less: Foreign Taxes Withheld		(60,181	)		(6,417	)		(1,110	)
Total Investment Income		916,705			70,942			74,099
Supervision and Administration Fees (1)		508,837			103,538			59,888
Overdraft Fees		–			20			26
Total Expenses		508,837			103,558			59,914
Net Investment Income (Loss)		407,868			(32,616	)		14,185
Net Realized Gain (Loss) on:
Investments (2)		(43,659,233	)		(2,249,143	)		(3,760,304	)
Affiliated Investments		—			(411,963	)		—
Foreign Currency Transactions		6,891			(3,620	)		306
Net Realized Loss on Investments, Affiliated Investments and Foreign Currency Transactions		(43,652,342	)		(2,664,726	)		(3,759,998	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		159,788,114			29,477,218			8,609,324
Affiliated Investments		—			3,119,793			—
Foreign Currency Translations		8,334			6			(915	)
Net Change in Unrealized Appreciation on Investments, Affiliated Investments  and Foreign Currency Transactions		159,796,448			32,597,017			8,608,409
Net Realized and Unrealized Gain on Investments, Affiliated Investments and Foreign Currency Translations		116,144,106			29,932,291			4,848,411
Net Increase in Net Assets Resulting from Operations	$	116,551,974		$	29,899,675		$	4,862,596

(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.

20

 

Statements of Operations

For the period ended April 30, 2016 (Unaudited)

	Global X Uranium ETF			Global X Lithium ETF			Global X Fertilizers/Potash ETF
Investment Income:
Dividend Income	$	372,173		$	447,211		$	142,469
Interest Income		485			24			20
Security Lending Income		502,225			19,415			—
Less: Foreign Taxes Withheld		(55,826	)		(86,261	)		(21,363	)
Total Investment Income		819,057			380,389			121,126
Supervision and Administration Fees (1)		417,581			154,442			32,877
Overdraft Fees		–			25			–
Total Expenses		417,581			154,467			32,877
Net Investment Income		401,476			225,922			88,249
Net Realized Gain (Loss) on:
Investments (2)		(23,757,325	)		(1,435,258	)		(1,620,529	)
Affiliated Investments		(2,901,854	)		—			—
Foreign Currency Transactions		1,288			33,754			(1,803	)
Net Realized Loss on Investments, Affiliated Investments and Foreign Currency Transactions		(26,657,891	)		(1,401,504	)		(1,622,332	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		27,121,079			5,743,100			818,654
Affiliated Investments		3,985,286			—			—
Foreign Currency Translations		(222	)		4,073			2,206
Net Change in Unrealized Appreciation on Investments, Affiliated Investments  and Foreign Currency Transactions		31,106,143			5,747,173			820,860
Net Realized and Unrealized Gain (Loss) on Investments, Affiliated Investments and Foreign Currency Translations		4,448,252			4,345,669			(801,472	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	4,849,728		$	4,571,591		$	(713,223	)

(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.

21

 

Statements of Changes in Net Assets

	Global X Silver Miners ETF						Global X Gold Explorers ETF
	Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Operations:
Net Investment Income (Loss)	$	407,868		$	373,126		$	(32,616	)	$	208,471
Net Realized Loss on Investments, Affiliated Investments and Foreign Currency Transactions		(43,652,342	)(1)		(66,954,054	)(1)		(2,664,726	)		(18,400,329	)(1)
Net Change in Unrealized Appreciation (Depreciation) on Investments, Affiliated Investments and Foreign Currency Transactions		159,796,448			30,513,172			32,597,017			19,099,199
Net Increase (Decrease) in Net Assets Resulting from Operations		116,551,974			(36,067,756	)		29,899,675			907,341
Dividends and Distributions from:
Net Investment Income		(492,527	)		(129,601	)		(2,809,410	)		(40,294	)
Total Dividends and Distributions		(492,527	)		(129,601	)		(2,809,410	)		(40,294	)
Capital Share Transactions:
Issued		35,711,045			29,928,286			9,266,318			512,019
Redeemed		(2,741,858	)		(20,940,116	)		(5,753	)		—
Increase in Net Assets  from Capital Share Transactions		32,969,187			8,988,170			9,260,565			512,019
Total Increase (Decrease) in Net Assets		149,028,634			(27,209,187	)		36,350,830			1,379,066
Net Assets:
Beginning of Period		143,755,814			170,965,001			29,093,081			27,714,015
End of Period	$	292,784,448		$	143,755,814		$	65,443,911		$	29,093,081
Undistributed (Distributions in Excess of) Net Investment Income	$	140,923		$	225,582		$	(2,679,614	)	$	162,412
Share Transactions:
Issued		1,250,000			1,183,334			350,000			25,000
Redeemed		(152,682	)		(816,667	)		(325	)		—
Net Increase in Shares Outstanding from Share Transactions		1,097,318			366,667			349,675			25,000

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

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

22

 

Statements of Changes in Net Assets

	Global X Copper Miners ETF						Global X Uranium ETF
	Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Operations:
Net Investment Income	$	14,185		$	237,118		$	401,476		$	1,437,849
Net Realized Loss on Investments, Affiliated Investments and Foreign Currency Transactions(1)		(3,759,998	)		(5,614,876	)		(26,657,891	)		(56,873,600	)
Net Change in Unrealized Appreciation (Depreciation) on Investments, Affiliated Investments and Foreign Currency Transactions		8,608,409			(4,721,019	)		31,106,143			(19,252,193	)
Net Increase (Decrease) in Net Assets Resulting from Operations		4,862,596			(10,098,777	)		4,849,728			(74,687,944	)
Dividends and Distributions from:
Net Investment Income		(205,898	)		(509,286	)		(2,421,696	)		(9,307,517	)
Total Dividends and Distributions		(205,898	)		(509,286	)		(2,421,696	)		(9,307,517	)
Capital Share Transactions:
Issued		4,121,155			6,134,592			691,966			31,602,266
Redeemed		(3,588,508	)		(3,599,890	)		(13,789,770	)		(17,906,993	)
Increase (Decrease) in Net Assets  from Capital Share Transactions		532,647			2,534,702			(13,097,804	)		13,695,273
Total Increase (Decrease) in Net Assets		5,189,345			(8,073,361	)		(10,669,772	)		(70,300,188	)
Net Assets:
Beginning of Period		18,979,404			27,052,765			142,056,424			212,356,612
End of Period	$	24,168,749		$	18,979,404		$	131,386,652		$	142,056,424
Undistributed (Distributions in Excess of) Net Investment Income	$	(165,568	)	$	26,145		$	(945,756	)	$	1,074,464
Share Transactions:
Issued		383,333			350,000			50,000			1,350,000
Redeemed		(250,626	)		(166,666	)		(1,025,870	)		(975,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		132,707			183,334			(975,870	)		375,000

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

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

23

 

Statements of Changes in Net Assets

	Global X Lithium ETF						Global X Fertilizers/Potash ETF
	Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Operations:
Net Investment Income	$	225,922		$	154,615		$	88,249		$	422,637
Net Realized Gain (Loss) on Investments, Affiliated Investments and Foreign Currency Transactions(1)		(1,401,504	)		1,292,112			(1,622,332	)		(1,026,759	)
Net Change in Unrealized Appreciation (Depreciation) on Investments, Affiliated Investments and Foreign Currency Transactions		5,747,173			(8,204,910	)		820,860			83,190
Net Increase (Decrease) in Net Assets Resulting from Operations		4,571,591			(6,758,183	)		(713,223	)		(520,932	)
Dividends and Distributions from:
Net Investment Income		(97,362	)		(471,239	)		(363,096	)		(350,078	)
Total Dividends and Distributions		(97,362	)		(471,239	)		(363,096	)		(350,078	)
Capital Share Transactions:
Issued		12,079,389			3,158,262			—			—
Redeemed		(7,551	)		(5,587,104	)		(915,034	)		(3,407,437	)
Increase (Decrease) in Net Assets  from Capital Share Transactions		12,071,838			(2,428,842	)		(915,034	)		(3,407,437	)
Total Increase (Decrease) in Net Assets		16,546,067			(9,658,264	)		(1,991,353	)		(4,278,447	)
Net Assets:
Beginning of Period		40,730,959			50,389,223			11,482,617			15,761,064
End of Period	$	57,277,026		$	40,730,959		$	9,491,264		$	11,482,617
Undistributed (Distributions in Excess of) Net Investment Income	$	110,313		$	(18,247	)	$	55,998		$	330,845
Share Transactions:
Issued		550,000			125,000			—			—
Redeemed		(372	)		(250,000	)		(100,000	)		(300,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		549,628			(125,000	)		(100,000	)		(300,000	)

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

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

24

 

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
2016(Unaudited)		20.83		0.05			15.80			15.85			(0.07	)		—			(0.07	)		36.61		76.48			292,784		0.65	†		0.52	†		23.07
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
2016(Unaudited)		19.89		(0.02	)		18.17			18.15			(1.92	)		—			(1.92	)		36.12		102.40			65,444		0.65	†		(0.20	)†		10.74
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		29.94			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
2016(Unaudited)		14.98		0.01			2.42			2.43			(0.14	)		—			(0.14	)		17.27		16.72			24,169		0.65	†		0.15	†		21.50
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
2016(Unaudited)		14.94		0.04			0.69			0.73			(0.27	)		—			(0.27	)		15.40		5.14			131,387		0.69	†		0.66	†		4.50
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
2016(Unaudited)		20.62		0.10			2.02			2.12			(0.05	)		—			(0.05	)		22.69		10.30			57,277		0.75	†		1.10	†		4.90
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
2016(Unaudited)		9.98		0.08			(0.69	)		(0.61	)		(0.33	)		—			(0.33	)		9.04		(6.17	)		9,491		0.69	†		1.85	†		14.11
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.

25

 

Notes to Financial Statements

April 30, 2016 (Unaudited)

1. ORGANIZATION

The Global X Funds (the “Trust”) is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of April 30, 2016, the Trust had one hundred seven 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

26

 

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

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 April 30, 2016, there was $277,099 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)

27

 

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (concluded)

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement. For the six months ended April 30, 2016 there have been no significant changes to the Funds’ fair valuation methodologies.

The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of April 30, 2016. 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 04/30/16		Valuation Technique(s)	Unobservable Input	Range
			Discount from the Last	Last Traded Price Comparability
Common Stock		$277,099	Traded Price	Adjustment %		33%

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.

28

 

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

At April 30, 2016, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

	Repurchase		Fair Value of Non-cash		Cash Collateral
	Agreements		Collateral Received		Received		Net Amount (1)
Global X Silver Miners ETF
Barclays	$	15,000,000		15,000,000		-		-
Deutsche Bank		6,725,013		6,725,013		-		-
Global X Gold Explorers ETF
Deutsche Bank		1,786,045		1,786,045		-		-
Global X Copper Miners ETF
Deutsche Bank		1,224,056		1,224,056		-		-
Global X Uranium ETF
Barclays		7,000,000		7,000,000		-		-
Deutsche Bank		1,384,117		1,384,117		-		-
Global X Lithium ETF
Deutsche Bank		1,973,730		1,973,730		-		-

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

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

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provision in the current period. Management’s conclusions regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the six months ended April 30, 2016, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period, the Funds did not incur any interest or penalties.

SECURITY TRANSACTIONS AND INVESTMENT INCOME — Security transactions are accounted for on the trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sale of investment securities are based on specific identification. Dividend income is recorded on the ex-dividend date. Interest income is recognized on the accrual basis from the settlement date.

29

 

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (concluded)

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

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

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

An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard redemption fee per transaction to 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 April 30,
	Creation Unit Shares		Fee		2016		Redemption Fee
Global X Silver Miners ETF		50,000	$	1,000	$	1,830,500	$	1,000
Global X Gold Explorers ETF		50,000		1,000		1,806,000		1,000
Global X Copper Miners ETF		50,000		1,000		863,500		1,000
Global X Uranium ETF		50,000		1,000		584,500		1,000
Global X Lithium ETF		50,000		1,000		1,134,500		1,000
Global X Fertilizers/Potash ETF		50,000		1,000		452,000		1,000

30

 

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

3. RELATED PARTY TRANSACTIONS

The Adviser serves as the investment adviser and the administrator for the Funds. Subject to the supervision of the Board of Trustees, the Adviser is responsible for managing the investment activities of the Funds and the Funds’ business affairs and other administrative matters and provides or causes to be furnished all supervisory, administrative and other services reasonably necessary for the operation of the Funds, including certain distribution services (provided pursuant to a separate distribution 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 below (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%

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.

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 from the Funds for its distribution services under the distribution agreement.

31

 

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

3. RELATED PARTY TRANSACTIONS (concluded)

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 April 30, 2016, 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
10/31/2015		Cost		Sales			(Depreciation)		(Loss)			4/30/16		Income
Global X Gold Explorers ETF
	Gryphon Minerals
$	1,090,699	$	388,426	$	(101,055	)	$	3,119,793	$	(411,963	)	$	4,085,900	$	—
Global X Uranium ETF
	Centrus Energy
$	1,207,548	$	3,696	$	(108,472	)	$	1,306,052	$	(1,203,171	)	$	1,205,654	$	—
	Mega Uranium
$	1,296,251	$	3,720	$	(422,510	)	$	2,679,234	$	(1,698,684	)	$	1,858,011	$	—
Totals:
$	2,503,799	$	7,416	$	(530,981	)	$	3,985,286	$	(2,901,854	)	$	3,063,665	$	—

32

 

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

4. INVESTMENT TRANSACTIONS

For the period ended April 30, 2016, the purchases and sales of investments in securities, excluding in-kind transactions, long-term U.S. Government and short-term securities were:

			Sales and
	Purchases		Maturities
Global X Silver Miners ETF	$	38,717,140	$	39,810,541
Global X Gold Explorers ETF		3,685,221		6,489,029
Global X Copper Miners ETF		4,335,172		4,137,340
Global X Uranium ETF		5,628,902		8,927,654
Global X Lithium ETF		4,648,777		2,100,289
Global X Fertilizers/Potash ETF		1,368,646		1,711,095

For the period ended April 30, 2016, in-kind transactions associated with creations and redemptions were:

			Sales and		Realized
	Purchases		Maturities		Gain (Loss)
Global X Silver Miners ETF	$	35,740,931	$	2,686,744	$	(92,513	)
Global X Gold Explorers ETF		9,273,379		-		-
Global X Copper Miners ETF		3,980,240		3,582,170		1,112,237
Global X Uranium ETF		691,847		13,800,548		(6,679,141	)
Global X Lithium ETF		9,441,167		-		-
Global X Fertilizers/Potash ETF		-		864,976		(66,175	)

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

	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

During the period ended April 30, 2016, 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.

33

 

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

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	)

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

34

 

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

5. TAX INFORMATION (concluded)

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 Miners 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 April 30, 2016 were as follows:

Global X Funds	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation
Global X Silver Miners ETF	$	277,961,165	$	54,370,488	$	(18,150,728	)	$	36,219,760
Global X Gold Explorers ETF		56,055,891		24,328,005		(4,162,860	)		20,165,145
Global X Copper Miners ETF		32,126,464		1,027,462		(7,641,882	)		(6,614,420	)
Global X Uranium ETF		252,848,883		13,049,187		(110,397,060	)		(97,347,873	)
Global X Lithium ETF		62,242,721		4,440,989		(7,647,150	)		(3,206,161	)
Global X Fertilizers/Potash ETF		14,520,892		422,087		(5,507,673	)		(5,085,586	)

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

6. CONCENTRATION OF RISKS

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

35

 

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

6. CONCENTRATION OF RISKS (concluded)

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. A more complete description of risks is included in each Fund’s prospectus and SAI.

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 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.

36

 

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

7. LOANS OF PORTFOLIO SECURITIES (continued)

As of April 30, 2016, the value of securities on loan was $20,499,964, $1,692,253, $1,161,982, $7,280,338 and $2,017,188 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 $21,725,013, $1,786,045, $1,224,056, $8,384,117 and $1,973,730 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 April 30, 2016, the following Funds had securities on loan, by counterparty:

	Market Value		Cash Collateral
Global X Silver Miners ETF
BNP Paribas Prime Brokerage IN	$	248,521	$	265,400
Cantor Fitzgerald & Co.		47,000		60,000
Citigroup Global Markets INC.		1,785,385		1,900,250
Credit Suisse Sec USA LLC		588,250		601,250
Deutsche Bank Securities INC.		131,097		140,000
Goldman, Sachs & Co.		3,104,150		3,172,750
JP Morgan Clearing Corp		90,170		106,500
Morgan Stanley & Co. LLC		12,220,409		12,861,878
National Financial Services		879,343		943,750
Scotia Capital USA INC.		277,300		354,000
UBS Securities LLC		112,339		119,235
Wells Fargo Securities LLC		1,016,000		1,200,000
Global X Gold Explorers ETF
Deutsche Bank Securities		1,949		2,445
JP Morgan Clearing Corp		1,690,304		1,783,600
Global X Copper Miners ETF
Citigroup Global Markets INC.		141,694		150,043
Credit Suisse Sec USA LLC		97,839		103,682
ING Financial Markets LLC.		124,562		132,000
JP Morgan Clearing Corp		797,887		838,331

37

 

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

7. LOANS OF PORTFOLIO SECURITIES (concluded)

	Market Value		Cash Collateral
Global X Uranium ETF
Cantor Fitzgerald & Co.	$	15,345	$	27,900
Credit Suisse Sec USA LLC		679,834		751,498
Deutsche Bank Securities		773,095		831,462
Goldman, Sachs & Co.		173,765		193,200
JP Morgan Clearing Corp		956,599		1,018,860
Macquarie Capital (USA) INC		1,011,605		1,250,000
ML Pierce, Fenner & Smith INC		101,161		107,859
Morgan Stanley & Co. LLC		2,090,338		2,594,088
National Financial Services		339,872		374,250
UBS Securities LLC		1,138,724		1,235,000
Global X Lithium ETF
Citigroup Global Markets INC.		1,511,031		1,541,775
JP Morgan Clearing Corp		178,027		198,520
Morgan Stanley & Co. LLC		145,546		166,160
Scotia Capital USA INC.		182,584		195,325

8. CONTRACTUAL OBLIGATIONS

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

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

9. REVERSE SHARE SPLIT

Effective May 16, 2013, the Global X Gold Explorers ETF and Global X Uranium 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

38

 

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

9. REVERSE SHARE SPLIT (concluded)

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. CHANGE OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Global X Funds have selected PricewaterhouseCoopers LLP (“PwC”) to serve as the Funds’ independent registered public accounting firm for the Funds’ fiscal year ending October 31, 2016. The decision to select PwC was recommended by the Funds’ Audit Committee and was approved by the Funds’ Board of Trustees on November 13, 2015. During the Global X Funds’ fiscal years ended October 31, 2011, October 31, 2012, October 31, 2013, October 31, 2014 and October 31, 2015, neither the Funds, their portfolios, nor anyone on their behalf, consulted with PwC on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Global X Funds’ financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(iv) of said Item 304).

The selection of PwC does not reflect any disagreements with or dissatisfaction by the Global X Funds or the Funds’ Board of Trustees with the performance of the Global X Funds’ prior independent registered public accounting firm, Ernst & Young, LLP (“E&Y”). The decision not to renew the engagement of E&Y upon the completion of its audit for the fiscal year ended October 31, 2015 and the completion of related non-audit work, and the selection of PwC to perform the audit for the fiscal year ended October 31, 2016, was recommended by the Funds’ Audit Committee and approved by the Funds’ Board of Trustees. E&Y’s report on the Global X Funds’ financial statements for the fiscal years ended October 31, 2011, October 31, 2012, October 31, 2013, October 31, 2014 and October 31, 2015 contained no adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. During the Global X Funds’ fiscal years ended October 31, 2011, October 31, 2012, October 31, 2013, October 31, 2014 and October 31, 2015 (i) there were no disagreements with E&Y on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of E&Y, would have caused them to make reference to the subject matter of the disagreements in connection with their reports on the Global X Funds’

39

 

Notes to Financial Statements (concluded)

April 30, 2016 (Unaudited)

10. CHANGE OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (concluded)

financial statements for such years; and (ii) there were no “reportable events” of the kind described in Item 304(a)(1)(v) of Regulation S-K.

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 the April 30th period end, the following investment portfolios of the Trust commenced operations:

Fund Name:	Commenced Operations:
Global X Longevity Thematic ETF	May 4, 2016
Global X Millennials Thematic ETF	May 4, 2016
Global X Health & Wellness Thematic ETF	May 4, 2016

40

 

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 (November 1, 2015 to April 30, 2016).

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.

41

 

Disclosure of Fund Expenses (Unaudited) (Concluded)

	Beginning Account Value 11/1/2015		Ending Account Value 04/30/2016		Annualized Expense Ratios			Expenses Paid During Period(1)
Global X Silver Miners ETF
Actual Fund Return	$	1,000.00	$	1,765.80		0.65	%	$	4.47
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27
Global X Gold Explorers ETF
Actual Fund Return	$	1,000.00	$	2,024.00		0.65	%	$	4.89
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27
Global X Copper Miners ETF
Actual Fund Return	$	1,000.00	$	1,167.20		0.65	%	$	3.50
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27
Global X Uranium ETF
Actual Fund Return	$	1,000.00	$	1,051.40		0.69	%	$	3.52
Hypothetical 5% Return		1,000.00		1,021.43		0.69			3.47
Global X Lithium ETF
Actual Fund Return	$	1,000.00	$	1,103.00		0.75	%	$	3.92
Hypothetical 5% Return		1,000.00		1,021.13		0.75			3.77
Global X Fertilizers/Potash ETF
Actual Fund Return	$	1,000.00	$	938.30		0.69	%	$	3.33
Hypothetical 5% Return		1,000.00		1,021.43		0.69			3.47

⁽¹⁾ Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 182/366 (to reflect the one-half year period.)

42

 

Approval of investment Advisory Agreement (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended ("1940 Act"), requires the board of trustees of an exchange-traded fund (“ETF”), including a majority of those trustees who are not "interested persons" of the ETF, as defined in the 1940 Act ("Independent Trustees"), consider on an initial basis and periodically thereafter (as required by the 1940 Act), at an in person meeting called for such purpose, the terms of each fund’s investment advisory agreement and whether to approve entering into, or renewing, each agreement.

At a quarterly Board meeting held on November 13, 2015, the Board of Trustees (including the Trust’s Independent Trustees voting separately) considered and unanimously approved the continuation of (i) the Investment Advisory Agreement ("Renewal Investment Advisory Agreement") for each Fund named in this Semi-Annual report (each a “Renewal Fund” and the “Renewal Funds”) and (ii) the Supervision and Administration Agreement between the Trust ("Renewal Supervision and Administration Agreement"), on behalf of each Renewal Fund, and Global X Management Company LLC ("Global X Management"). The Renewal Investment Advisory Agreement and the Renewal Supervision and Administration Agreement are referred to herein as the "Renewal Agreements."

In advance of the Board meeting, the Board (including the 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 Renewal 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 Renewal 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 continuation of the Renewal Agreements each Renewal 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 Renewal Agreements were fair and reasonable and in the best interest of each Renewal 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.

RENEWAL AGREEMENTS

Nature, Extent and Quality of Services

With respect to this factor, the Board considered:

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

• Global X Management’s key personnel and the portfolio managers who would continue to provide investment advisory, supervision and administrative services to each Renewal Fund;

43

 

Approval of investment Advisory Agreement (Unaudited) (Continued)

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

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

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

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

Performance

With respect to this factor, the Board considered the performance of each Renewal Fund. It examined the performance of the Renewal Funds for the one-year, three-year, five-year and since-inception periods, as applicable. Also, the Board considered the total return and investment performance of the Renewal Funds relative to (i) the performance of unaffiliated comparable specialized and/or focused exchange-traded funds and other registered funds in the same classification as the Renewal Funds, which performance information is publicly available from such registered funds as well as other third party sources; and (ii) the performance of comparable registered funds and pertinent indexes. The Board considered instances of under-performance and over-performance with respect to the comparator funds. The Board also considered the Renewal Funds' tracking against their underlying indexes in absolute terms.

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

44

 

Approval of investment Advisory Agreement (Unaudited) (Continued)

Cost of Services and Profitability

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

In addition, the Board considered the current and expected profitability to Global X Management from all services provided or expected to be provided to the Renewal Funds and all aspects of Global X Management’s relationship with each Renewal Fund. In connection with these considerations, Global X Management provided the Board with financial information regarding its operations and discussed with the Board its current and expected profitability with respect to each Renewal Fund.

Based on these considerations, the Board concluded that the Management Fee rate paid by each Renewal 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 Management Fee paid to Global X Management by each Renewal Fund. In connection with this consideration, Global X Management provided the Board with comparative expense data for each Renewal Fund, including fees and expenses paid by unaffiliated comparable specialized and/or focused exchange-traded funds and/or other comparable registered funds;

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

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

Based on these considerations, the Board concluded that it would be in the best interest of the Renewal Funds and their shareholders to approve the Renewal Agreements.

45

 

Approval of investment Advisory Agreement (Unaudited) (Continued)

Economies of Scale

With respect to this factor, the Board considered:

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

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

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

Other Benefits

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

46

 

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.

47

 

Notes

 

600 Lexington Avenue, 20^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

600 Lexington Avenue, 20^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:

Stradley Ronon Stevens & Young, LLP

1250 Connecticut Avenue, N.W.

Suite 500

Washington, DC 20036

Custodian and Transfer Agent:

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

Independent Registered Public Accounting Firm:

Pricewaterhouse Coopers LLP

Two Commerce Square

Suite 1800

2001 Market Street

Philadelphia, PA, 19103

This information must be preceded or accompanied by a current prospectus for the Funds described.

GLX-SA-001-0800

 

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 MSCI Greece ETF (ticker: GREK)

(formerly Global X FTSE Greece 20 ETF)

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)

Semi-Annual Report

April 30, 2016

 

Table of Contents

Schedule of Investments
Global X China Consumer ETF	1
Global X China Energy ETF	4
Global X China Financials ETF	6
Global X China Industrials ETF	8
Global X China Materials ETF	11
Global X NASDAQ China Technology ETF	13
Global X Southeast Asia ETF	15
Global X FTSE Andean 40 ETF	18
Global X MSCI Colombia ETF	21
Global X Brazil Mid Cap ETF	23
Global X Brazil Consumer ETF	26
Global X MSCI Argentina ETF	28
Global X MSCI Greece ETF	31
Global X MSCI Norway ETF	34
Global X FTSE Nordic Region ETF	37
Global X MSCI Nigeria ETF	40
Global X Next Emerging & Frontier ETF	42
Global X FTSE Portugal 20 ETF	55
Global X MSCI Pakistan ETF	58
Statements of Assets and Liabilities	60
Statements of Operations	65
Statements of Changes in Net Assets	70
Financial Highlights	80
Notes to Financial Statements	83
Disclosure of Fund Expenses	103
Approval of Investment Advisory Agreement	106
Supplemental Information	110

Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Shares may only be redeemed directly from a fund by Authorized Participants, in very large creation/redemption units. Brokerage commissions will reduce returns.

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.

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X China Consumer ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 2 and 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 99.7%
CHINA— 67.0%
Consumer Goods — 36.0%
ANTA Sports Products		885,796	$	2,265,533
Belle International Holdings, Cl A		5,169,796		3,172,308
BYD, Cl H *		728,400		4,291,223
China Yurun Food Group * (A)		1,370,288		234,941
Dongfeng Motor Group, Cl H		3,009,046		3,304,939
Great Wall Motor, Cl H		3,260,697		2,471,626
Guangzhou Automobile Group, Cl H		2,112,617		2,459,255
Hengan International Group		432,449		3,891,216
Li Ning * (A)		1,503,269		655,011
Tingyi Cayman Islands Holding (A)		1,923,125		2,248,588
Tsingtao Brewery, Cl H (A)		349,517		1,324,679
Want Want China Holdings		4,853,809		3,741,785
				30,061,104
Consumer Services — 27.8%
Air China, Cl H		1,792,528		1,363,367
Alibaba Group Holding ADR *		55,323		4,256,552
China Southern Airlines, Cl H		1,701,395		1,070,336
Ctrip.com International ADR *		95,212		4,152,195
E-Commerce China Dangdang ADR, Cl A * (A)		36,158		258,168
Golden Eagle Retail Group (A)		447,647		515,903
GOME Electrical Appliances Holding (A)		11,925,105		1,537,295
Intime Retail Group		1,791,584		1,616,703
JD.com ADR *		146,934		3,755,633
New Oriental Education & Technology Group ADR		40,632		1,591,149
Vipshop Holdings ADR *		226,495		3,089,392
				23,206,693
Industrials — 3.2%
China Resources Beer Holdings		1,233,688		2,716,366
TOTAL CHINA				55,984,163
HONG KONG— 32.7%
Consumer Goods — 19.9%
Biostime International Holdings (A)		187,500		522,095

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

1

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X China Consumer ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Consumer Goods — continued
Bosideng International Holdings		1,676,562	$	136,162
China Agri-Industries Holdings (A)		2,121,056		730,060
China Foods *		740,713		273,093
China Mengniu Dairy		2,337,552		3,971,657
Li & Fung		4,862,400		3,015,024
Shenzhou International Group Holdings		509,962		2,642,767
Skyworth Digital Holdings		1,872,987		1,226,573
Uni-President China Holdings		1,343,743		1,254,151
WH Group (B)		3,534,600		2,861,508
				16,633,090
Consumer Services — 12.8%
Ajisen China Holdings		346,593		147,444
China Dongxiang Group		3,673,588		757,714
Chow Tai Fook Jewellery Group (A)		1,124,479		782,781
Galaxy Entertainment Group		1,100,500		3,716,947
Melco Crown Entertainment ADR (A)		248,806		3,682,329
Sun Art Retail Group		2,173,525		1,630,732
				10,717,947
TOTAL HONG KONG				27,351,037
TOTAL COMMON STOCK
(Cost $102,555,869)				83,335,200
REPURCHASE AGREEMENTS (C) — 8.4%
Barclays Bank
0.280%, dated 04/29/16, to be repurchased on 05/02/16 repurchase price $6,000,140 (collateralized by U.S. Treasury Obligations, ranging in par value $1.00-$1,108,439, 0.000%-6.375%, 05/15/16-08/15/44, with a total market value of $6,120,000)	$	6,000,000		6,000,000
Deutsche Bank
0.290%, dated 04/29/16, to be repurchased on 05/02/16 repurchase price $1,027,072 (collateralized by U.S. Treasury Obligations, par value $1,014,055, 2.250%, 11/30/17 with a total market value of $1,035,553)		1,027,047		1,027,047
TOTAL REPURCHASE AGREEMENTS
(Cost $7,027,047)				7,027,047
TOTAL INVESTMENTS — 108.1%
(Cost $109,582,916)			$	90,362,247

Percentages are based on Net Assets of $83,594,499.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2016.  The total value of securities on loan at April 30, 2016 was $6,564,632.
(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." The total value of such securities at April 30, 2016 was $2,861,508 and represents 3.4% of Net Assets.
(C)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2016 was $7,027,047.

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

2

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X China Consumer ETF

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2016, in valuing the Fund's investments carried at value:
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	83,335,200	$	—	$	—	$	83,335,200
Repurchase Agreements		—		7,027,047		—		7,027,047
Total Investments in Securities	$	83,335,200	$	7,027,047	$	—	$	90,362,247

For the period ended April 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

3

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X China Energy ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.8%
CHINA— 51.6%
Basic Materials — 7.1%
China Coal Energy, Cl H		34,591	$	16,410
China Shenhua Energy, Cl H		44,130		74,638
Yanzhou Coal Mining, Cl H		29,475		16,795
				107,843
Consumer Goods — 0.6%
Tianneng Power International *		11,215		9,210
Oil & Gas — 31.3%
China Longyuan Power Group, Cl H		51,526		35,802
China Oilfield Services, Cl H		30,166		26,249
China Petroleum & Chemical, Cl H*		230,827		164,553
Huaneng Renewables, Cl H		57,800		17,138
JA Solar Holdings ADR *		503		4,361
JinkoSolar Holding ADR *		399		8,886
Kunlun Energy		51,305		44,710
PetroChina, Cl H		229,913		169,237
Trina Solar ADR *		559		5,450
				476,386
Utilities — 12.6%
CGN Power, Cl H (A)		137,600		44,168
Datang International Power Generation, Cl H		45,512		12,966
ENN Energy Holdings		12,461		60,962
Huadian Fuxin Energy, Cl H		40,100		8,788
Huadian Power International, Cl H		27,061		13,919
Huaneng Power International, Cl H		70,161		50,379
				191,182
TOTAL CHINA				784,621
HONG KONG— 48.2%
Basic Materials — 0.5%
Shougang Fushan Resources Group		47,315		7,136
Industrials — 2.9%
Beijing Enterprises Holdings		8,393		43,928

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

4

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X China Energy ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — 16.0%
China Gas Holdings		25,237	$	36,503
CNOOC		125,985		156,888
GCL-Poly Energy Holdings		200,011		29,909
Shunfeng International Clean Energy *		42,700		8,092
Xinjiang Goldwind Science & Technology, Cl H		7,340		12,131
				243,523
Utilities — 28.8%
Beijing Jingneng Clean Energy, Cl H		34,600		10,972
China Power International Development		54,884		23,561
China Power New Energy Development		66,200		5,206
China Resources Gas Group		13,350		37,861
China Resources Power Holdings		29,531		50,023
CLP Holdings		17,000		157,241
Concord New Energy Group		78,700		4,261
Hong Kong & China Gas		39,033		72,861
Power Assets Holdings		7,240		69,019
Towngas China		16,280		8,458
				439,463
TOTAL HONG KONG				734,050
TOTAL INVESTMENTS — 99.8%
(Cost $2,250,663)			$	1,518,671

Percentages are based on Net Assets of $1,521,320.

*	Non-income producing security.
(A)	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." The total value of such securities at April 30, 2016 was $44,168 and represents 2.9% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

As of April 30, 2016, 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 April 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

5

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X China Financials ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.9%
CHINA— 70.7%
Financials — 70.7%
Agile Property Holdings		119,612	$	68,154
Agricultural Bank of China, Cl H		2,243,988		812,871
Bank of China, Cl H		2,037,034		832,439
Bank of Communications, Cl H		673,471		426,281
China Citic Bank, Cl H *		717,222		451,199
China Construction Bank, Cl H		2,741,726		1,763,679
China Everbright Bank, Cl H		250,100		113,811
China Galaxy Securities, Cl H		296,300		261,266
China Life Insurance, Cl H		334,340		778,397
China Merchants Bank, Cl H		324,834		714,390
China Minsheng Banking, Cl H		518,655		488,755
China Pacific Insurance Group, Cl H		204,112		720,965
Chongqing Rural Commercial Bank, Cl H		214,867		113,289
CITIC Securities, Cl H		182,796		403,899
Country Garden Holdings		651,897		257,996
Evergrande Real Estate Group		300,761		223,326
Guangzhou R&F Properties		80,093		112,129
Industrial & Commercial Bank of China, Cl H		3,195,537		1,734,287
Longfor Properties		101,438		142,797
PICC Property & Casualty, Cl H		394,742		722,598
Ping An Insurance Group of China, Cl H		174,414		824,044
Shui On Land		289,401		75,734
Sino-Ocean Land Holdings		245,952		110,972
SOHO China		160,259		80,778
TOTAL CHINA				12,234,056
HONG KONG— 29.2%
Financials — 24.6%
Cheung Kong Property Holdings		127,550		875,579
China Everbright		73,841		146,593
China Jinmao Holdings Group		349,258		100,403
China Overseas Land & Investment		263,466		840,610
China Resources Land		229,908		567,864
China Taiping Insurance Holdings *		124,330		254,840
Haitong Securities, Cl H		245,500		408,259
KWG Property Holding		101,285		65,807
New China Life Insurance, Cl H		79,511		260,862
People's Insurance Group of China, Cl H		699,600		283,188

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

6

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X China Financials ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Poly Property Group		169,507	$	45,451
Shenzhen Investment		246,918		99,949
Shimao Property Holdings		99,904		138,577
Sunac China Holdings		155,400		99,764
Yuexiu Property		531,445		77,416
				4,265,162
Industrials — 4.6%
CK Hutchison Holdings		66,450		796,660
TOTAL HONG KONG				5,061,822
TOTAL INVESTMENTS — 99.9%
(Cost $22,796,481)			$	17,295,878

Percentages are based on Net Assets of $17,319,230.

* Non-income producing security.

Cl — Class  

As of April 30, 2016, 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 April 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

7

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X China Industrials ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.4%
CHINA— 63.6%
Basic Materials — 1.4%
China Zhongwang Holdings		100,788	$	50,412
Consumer Goods — 5.3%
BYD, Cl H *		33,414		196,852
Consumer Services — 1.4%
Guangshen Railway, Cl H		101,848		52,912
Industrials — 55.5%
Anhui Conch Cement, Cl H		66,187		175,339
China Communications Construction, Cl H		147,633		178,137
China COSCO Holdings, Cl H		182,532		71,533
China Lesso Group Holdings		68,855		37,991
China National Building Material, Cl H		205,347		106,416
China National Materials		75,556		20,065
China Railway Construction, Cl H		135,141		172,820
China Railway Group, Cl H		220,258		175,475
China Shanshui Cement Group(A) (B)		122,652		4,973
China Shipping Container Lines, Cl H *		260,982		59,886
China Shipping Development, Cl H		81,484		58,089
CRRC		180,413		176,059
Dongfang Electric, Cl H		22,993		17,933
First Tractor, Cl H		28,341		15,966
Haitian International Holdings		45,046		77,117
Harbin Power Equipment, Cl H		44,211		18,181
Hollysys Automation Technologies		3,000		57,510
Jiangsu Expressway, Cl H		87,199		114,883
Metallurgical Corp of China, Cl H		207,601		62,624
Sany Heavy Equipment International Holdings		45,000		8,992
Shanghai Electric Group, Cl H		187,871		78,953
Weichai Power, Cl H		69,388		83,725
Zhejiang Expressway, Cl H		101,710		104,107
Zhuzhou CSR Times Electric, Cl H		30,913		176,738
				2,053,512
TOTAL CHINA				2,353,688

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

8

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X China Industrials ETF

	Shares		Value
COMMON STOCK — continued
HONG KONG— 32.8%
Consumer Goods — 2.8%
AviChina Industry & Technology, Cl H		148,480	$	104,127
Industrials — 28.6%
Beijing Capital International Airport, Cl H		102,041		109,839
China Huarong Energy *		146,129		14,128
China International Marine Containers Group, Cl H		30,280		47,388
China Merchants Holdings International		60,901		181,356
China Resources Cement Holdings		122,221		40,335
China State Construction International Holdings		119,550		186,787
COSCO Pacific		116,200		123,732
Shanghai Industrial Holdings		32,399		73,927
Shenzhen International Holdings		62,706		102,661
Sunny Optical Technology Group		47,824		147,963
Zoomlion Heavy Industry Science and Technology		93,600		31,734
				1,059,850
Oil & Gas — 1.4%
China High Speed Transmission Equipment Group		67,820		52,719
TOTAL HONG KONG				1,216,696
SINGAPORE— 3.0%
Industrials — 3.0%
Yangzijiang Shipbuilding Holdings		152,003		111,962
TOTAL INVESTMENTS — 99.4%
(Cost $5,537,277)			$	3,682,346

Percentages are based on Net Assets of $3,703,508.

*	Non-income producing security.
(A)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2016 was $4,973 and represents 0.1% of Net Assets.
(B)	Security considered illiquid. The total value of such securities as of April 30, 2016 was $4,973 and represented 0.1% of Net Assets.

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2016, in valuing the Fund's investments carried at value:
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	3,677,373	$	—	$	4,973	$	3,682,346
Total Investments in Securities	$	3,677,373	$	—	$	4,973	$	3,682,346

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

9

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X China Industrials ETF

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

	Investments in Common Stock
Beginning Balance as of October 31, 2015	$	922,853
Transfers out of Level 3		(331,086	)
Net sales		(355,141	)
Realized loss		(185,283	)
Change in unrealized appreciation (depreciation)		(46,370	)
Ending Balance as of April 30, 2016	$	4,973

For the period ended April 30, 2016, the transfers out of Level 3 were due to the changes in availability of observable inputs to determine fair value. Transfers between levels are receognized at period end.

Net change in unrealized appreciation (depreciation) from investments (Level 3) still held as of April 30, 2016 is $(46,370).

For the period ended April 30, 2016, there have been no transfers between Level 1 and Level 2.

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

10

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X China Materials ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.6%
CHINA— 62.3%
Basic Materials — 57.7%
Aluminum Corp of China, Cl H *		181,439	$	60,813
Angang Steel, Cl H		107,324		50,914
China BlueChemical		185,209		42,976
China Hongqiao Group		91,042		66,780
China Molybdenum, Cl H(A)		342,454		57,391
Dongyue Group(A) (B)		104,857		17,593
Fosun International		43,150		59,965
Jiangxi Copper, Cl H		50,891		62,259
Maanshan Iron & Steel, Cl H *		176,825		40,803
Real Gold Mining *(A) (B)		97,864		1
Sinofert Holdings		176,730		24,150
Sinopec Shanghai Petrochemical, Cl H		131,850		64,929
Sinopec Yizheng Chemical Fibre, Cl H *		216,414		47,428
Zhaojin Mining Industry		80,484		68,789
Zijin Mining Group, Cl H		204,059		67,606
				732,397
Industrials — 4.6%
BBMG, Cl H		78,820		57,917
TOTAL CHINA				790,314
HONG KONG— 35.6%
Basic Materials — 23.3%
China Lumena New Materials *(A) (B)		80,850		130
China Precious Metal Resources Holdings *		778,400		24,986
China Silver Group		75,600		16,860
Fufeng Group		108,554		34,006
G-Resources Group		2,179,600		50,014
Kingboard Chemical Holdings		35,100		67,691
Nine Dragons Paper Holdings		82,070		59,141
Yingde Gases		114,879		42,799
				295,627
Industrials — 12.3%
Citic Pacific		40,200		58,871
TCC International Holdings		256,840		51,651
West China Cement		215,260		45,510
				156,032
TOTAL HONG KONG				451,659

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

11

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X China Materials ETF

	Shares		Value
COMMON STOCK — continued
SINGAPORE— 1.7%
Basic Materials — 1.7%
Midas Holdings *		98,366	$	20,858
TOTAL INVESTMENTS — 99.6%
(Cost $2,209,847)			$	1,262,831

Percentages are based on Net Assets of $1,268,194.

*	Non-income producing security.
(A)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2016 was $75,115 and represents 5.9% of Net Assets.
(B)	Security considered illiquid. The total value of such securities as of April 30, 2016 was $17,724 and represented 1.4% of Net Assets.

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2016, in valuing the Fund's investments carried at value:
Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Common Stock	$	1,187,716	$	57,391	$	17,724	$	1,262,831
Total Investments in Securities	$	1,187,716	$	57,391	$	17,724	$	1,262,831

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

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

	Investments in Common Stock
Beginning Balance as of October 31, 2015	$	668
Transfers into Level 3		17,593
Net sales		(536	)
Realized loss		(66,598	)
Change in unrealized appreciation (depreciation)		66,597
Ending Balance as of April 30, 2016	$	17,724

For the period ended April 30, 2016, the transfers in and out of Level 3 were due to the changes in availability of observable inputs to determine fair value. Transfers between levels are receognized at period end.

Net change in unrealized appreciation (depreciation) from investments (Level 3) still held as of April 30, 2016 is $66,597.

For the period ended April 30, 2016, there have been no transfers between Level 1 and Level 2.

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

12

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X NASDAQ China Technology ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.9%
CHINA— 65.9%
Technology — 65.9%
21Vianet Group ADR *		20,250	$	408,544
500.com ADR, Cl A *		8,015		150,602
Autohome ADR *		11,879		351,143
Baidu ADR *		5,570		1,082,251
Baozun ADR *		1,385		8,005
China Communications Services, Cl H		325,603		154,046
China Finance Online ADR *		7,763		43,628
Coolpad Group*		980,615		194,677
Eastern Communications, Cl B *		105,219		80,493
Kingdee International Software Group		688,049		224,406
Lenovo Group		1,157,083		920,332
NetEase ADR		7,175		1,009,523
Semiconductor Manufacturing International *		8,430,144		695,521
Shanghai Baosight Software, Cl B		42,145		158,971
Shanghai Potevio, Cl B *		46,055		85,386
Sohu.com *		10,708		481,110
Tencent Holdings		52,935		1,084,331
Travelsky Technology, Cl H		120,255		224,164
YY ADR *		9,272		582,467
ZTE, Cl H		278,903		435,763
TOTAL CHINA				8,375,363
HONG KONG— 27.7%
Technology — 27.7%
Alibaba Health Information Technology *		910,809		616,427
ASM Pacific Technology		60,203		434,611
BYD Electronic International *		290,381		166,580
China Electronics Holdings *		307,000		91,421
China Public Procurement *		3,387,400		62,445
Chinasoft International *		576,186		209,463
Digital China Holdings *		303,278		209,947
FIH Mobile		873,959		375,172
Heng Xin China Holdings *		1,154,600		31,406
HKBN		263,400		324,615
Hua Hong Semiconductor * (A)		118,000		118,955
National Agricultural Holdings *		382,700		84,363
New Sports Group *		3,297,000		80,329
PAX Global Technology		237,760		205,663
Suncorp Technologies *		4,492,500		72,972

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

13

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X NASDAQ China Technology ETF

	Shares		Value
COMMON STOCK — continued
Technology — continued
VTech Holdings		43,022	$	444,795
TOTAL HONG KONG				3,529,164
UNITED STATES— 6.3%
Technology — 6.3%
NQ Mobile ADR, Cl A *		28,446		145,075
SINA *		11,297		565,867
Weibo ADR *		3,495		85,522
TOTAL UNITED STATES				796,464
TOTAL INVESTMENTS — 99.9%
(Cost $13,186,076)			$	12,700,991

Percentages are based on Net Assets of $12,719,081.

*	Non-income producing security.
(A)	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." The total value of such securities at April 30, 2016 was $118,955 and represents 0.9% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

As of April 30, 2016, 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 April 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

14

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Southeast Asia ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.4%
INDONESIA— 18.8%
Consumer Goods — 5.4%
Astra International		838,501	$	427,580
Gudang Garam		19,190		100,766
Unilever Indonesia		47,666		153,881
				682,227
Financials — 9.0%
Bank Central Asia		511,576		506,223
Bank Mandiri		389,280		284,846
Bank Rakyat Indonesia Persero		448,540		352,016
				1,143,085
Telecommunications — 4.4%
Telekomunikasi Indonesia ADR		10,523		561,612
TOTAL INDONESIA				2,386,924
MALAYSIA— 26.9%
Basic Materials — 1.6%
Petronas Chemicals Group		120,024		206,159
Financials — 11.1%
CIMB Group Holdings		227,575		272,053
Malayan Banking		224,931		514,177
Public Bank		130,209		623,297
				1,409,527
Health Care — 1.5%
IHH Healthcare		116,380		195,134
Industrials — 2.1%
Sime Darby		137,196		270,423
Oil & Gas — 1.5%
Petronas Gas		33,159		186,570

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

15

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Southeast Asia ETF

	Shares		Value
COMMON STOCK — continued
Telecommunications — 4.8%
Axiata Group		187,488	$	271,165
DiGi.Com		155,500		175,144
Maxis		110,006		157,695
				604,004
Utilities — 4.3%
Tenaga Nasional		147,705		542,952
TOTAL MALAYSIA				3,414,769
PHILIPPINES— 6.8%
Consumer Goods — 1.3%
JG Summit Holdings		95,460		165,929
Consumer Services — 2.1%
SM Investments		13,277		267,310
Financials — 2.5%
Ayala Land		220,070		162,633
SM Prime Holdings		326,700		157,819
				320,452
Telecommunications — 0.9%
Philippine Long Distance Telephone ADR		3,218		118,744
TOTAL PHILIPPINES				872,435
SINGAPORE— 32.4%
Consumer Goods — 1.9%
Wilmar International		87,701		242,082
Consumer Services — 2.5%
Jardine Cycle & Carriage		4,598		132,119
Singapore Airlines		20,993		179,621
				311,740
Financials — 21.1%
CapitaLand		105,778		244,760
DBS Group Holdings		74,623		848,361
Oversea-Chinese Banking		136,196		888,687
United Overseas Bank		50,337		696,602
				2,678,410
Telecommunications — 6.9%
Singapore Telecommunications		306,454		880,110
TOTAL SINGAPORE				4,112,342
THAILAND— 14.5%
Consumer Services — 1.9%
CP ALL NVDR		183,573		240,437
Financials — 4.5%
Bangkok Bank NVDR		19,701		92,498
Kasikornbank NVDR		48,628		231,098

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

16

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Southeast Asia ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Siam Commercial Bank NVDR		64,791	$	247,627
				571,223
Industrials — 3.0%
Airports of Thailand NVDR		17,800		199,760
Siam Cement NVDR		12,496		174,579
				374,339
Oil & Gas — 3.4%
PTT Exploration & Production NVDR		58,210		125,402
PTT PCL NVDR		35,564		309,518
				434,920
Telecommunications — 1.7%
Advanced Info Service NVDR		49,501		221,075
TOTAL THAILAND				1,841,994
TOTAL INVESTMENTS — 99.4%
(Cost $14,634,151)			$	12,628,464

Percentages are based on Net Assets of $12,698,807.

ADR — American Depositary Receipt

NVDR — Non-Voting Depositary Receipt

As of April 30, 2016, 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 April 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

17

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X FTSE Andean 40 ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 95.0%
CHILE— 42.1%
Basic Materials — 4.5%
CAP		2,851	$	10,169
Empresas CMPC		42,219		94,384
Sociedad Quimica y Minera de Chile ADR		3,461		72,093
				176,646
Consumer Goods — 2.5%
Cia Cervecerias Unidas ADR		2,795		62,664
Vina Concha y Toro		20,600		34,603
				97,267
Consumer Services — 8.8%
Cencosud		42,840		115,180
Latam Airlines Group ADR *		12,594		90,425
SACI Falabella		18,435		142,720
				348,325
Financials — 9.6%
Banco de Chile ADR		1,486		97,868
Banco de Chile		3,889		427
Banco de Credito e Inversiones		1,826		78,544
Banco Santander Chile ADR		5,886		114,188
Parque Arauco		21,144		40,959
Sociedad Matriz Banco de Chile, Cl B		174,650		49,640
				381,626
Oil & Gas — 3.6%
Empresas COPEC		14,279		142,681
Technology — 0.9%
Sonda		17,334		34,626

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

18

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X FTSE Andean 40 ETF

	Shares		Value
COMMON STOCK — continued
Telecommunications — 0.9%
ENTEL Chile		4,105	$	35,822
Utilities — 11.3%
AES Gener		95,311		47,786
Aguas Andinas, Cl A		115,732		67,077
Colbun		266,246		71,772
E.CL		19,392		33,698
Empresa Nacional de Electricidad ADR		3,478		96,862
Enersis ADR		14,882		127,390
				444,585
TOTAL CHILE				1,661,578
COLOMBIA— 28.9%
Consumer Goods — 2.7%
Grupo Nutresa		11,725		106,875
Consumer Services — 1.8%
Almacenes Exito		12,674		71,181
Financials — 12.3%
BanColombia ADR		4,955		191,709
Financiera Colombiana		6,017		81,377
Grupo Aval Acciones y Valores ADR		4,048		32,748
Grupo de Inversiones Suramericana		13,297		179,475
				485,309
Industrials — 5.3%
Cementos Argos		22,172		90,013
Grupo Argos		18,286		120,522
				210,535
Oil & Gas — 3.6%
Ecopetrol ADR		13,980		138,961
Pacific Exploration and Production *		17,926		3,415
				142,376
Utilities — 3.2%
Interconexion Electrica		18,802		57,347
Isagen *		46,290		66,618
				123,965
TOTAL COLOMBIA				1,140,241
PERU— 18.8%
Basic Materials — 8.7%
Cia de Minas Buenaventura ADR *		10,792		109,539
Southern Copper		7,912		234,749
				344,288
Financials — 10.1%
Credicorp		1,056		153,194

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

19

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X FTSE Andean 40 ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Credicorp Ltd.		1,670	$	242,851
				396,045
TOTAL PERU				740,333
UNITED STATES— 5.2%
Financials — 1.5%
Itau CorpBanca ADR		4,382		59,420
Utilities — 3.7%
Endesa Americas ADR		3,478		49,144
Enersis Chile ADR *		14,882		94,798
				143,942
TOTAL UNITED STATES				203,362
TOTAL COMMON STOCK
(Cost $5,448,252)				3,745,514
PREFERRED STOCK — 4.6%
CHILE— 0.7%
Consumer Goods — 0.7%
Embotelladora Andina		8,720		29,501
COLOMBIA— 3.9%
Financials — 2.8%
Banco Davivienda		5,690		53,541
Grupo Aval Acciones y Valores		134,171		55,975
				109,516
Industrials — 1.1%
Grupo Argos		7,080		43,437
TOTAL COLOMBIA				152,953
TOTAL PREFERRED STOCK
(Cost $235,722)				182,454
TOTAL INVESTMENTS — 99.6%
(Cost $5,683,974)			$	3,927,968

Percentages are based on Net Assets of $3,945,098.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

Ltd. — Limited

As of April 30, 2016, 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 April 30, 2016, there have been no transfers between Level 1, Level 2 and Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

20

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X MSCI Colombia ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 88.6%
COLOMBIA— 88.6%
Basic Materials — 2.8%
Mineros		2,907,298	$	2,466,576
Consumer Goods — 4.8%
Grupo Nutresa		470,578		4,289,380
Consumer Services — 4.8%
Almacenes Exito		759,793		4,267,243
Financials — 33.2%
Banco de Bogota		13,777		304,192
BanColombia ADR		350,199		13,549,199
Bolsa de Valores de Colombia		344,184,916		2,159,904
Celsia ESP		2,544,835		3,434,867
Financiera Colombiana		90,109		1,218,761
Grupo Aval Acciones y Valores		286,711		121,624
Grupo Aval Acciones y Valores ADR		193,001		1,561,378
Grupo de Inversiones Suramericana		532,650		7,189,393
Interbolsa *(A) (B)		1,320,603		463
				29,539,781
Industrials — 15.4%
Cementos Argos		792,511		3,217,388
Cemex Latam Holdings *		996,436		4,562,282
Construcciones El Condor		5,402,396		2,272,779
Grupo Argos		556,905		3,670,528
				13,722,977
Oil & Gas — 10.6%
Canacol Energy *		1,098,279		3,533,502
Ecopetrol ADR		531,133		5,279,462
Pacific Exploration and Production *		3,301,300		628,791
				9,441,755
Telecommunications — 2.7%
Empresa de Telecomunicaciones de Bogota		11,077,800		2,369,043

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

21

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X MSCI Colombia ETF

	Shares		Value
COMMON STOCK — continued
Utilities — 14.3%
Empresa de Energia de Bogota		5,751,476	$	3,730,273
Interconexion Electrica		1,319,833		4,025,574
Isagen *		3,436,038		4,944,936
				12,700,783
TOTAL COMMON STOCK
(Cost $93,632,134)				78,797,538
PREFERRED STOCK — 11.0%
COLOMBIA— 11.0%
Consumer Services — 3.1%
Avianca Holdings		3,735,526		2,737,081
Financials — 7.2%
Banco Davivienda		416,190		3,916,190
Grupo Aval Acciones y Valores		1,431,941		597,395
Grupo de Inversiones Suramericana		141,463		1,884,586
				6,398,171
Industrials — 0.7%
Grupo Argos		100,438		616,206
TOTAL PREFERRED STOCK
(Cost $11,331,679)				9,751,458
TOTAL INVESTMENTS — 99.6%
(Cost $104,963,813)			$	88,548,996

Percentages are based on Net Assets of $88,926,207.

*	Non-income producing security.
(A)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2016 was $463 and represents 0.0% of Net Assets.
(B)	Security considered illiquid. The total value of such securities as of April 30, 2016 was $463 and represented 0.0% of Net Assets.

ADR — American Depositary Receipt

The following is a summary of the level of inputs used as of April 30, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(a)		Total
Common Stock	$	78,797,075	$	—	$	463	$	78,797,538
Preferred Stock		9,751,458		—		—		9,751,458
Total Investments in Securities	$	88,548,533	$	—	$	463	$	88,548,996

^(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 period ended April 30, 2016, 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.

22

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Brazil Mid Cap ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 94.2%
BRAZIL— 94.2%
Basic Materials — 10.0%
Cia Siderurgica Nacional ADR		42,607	$	161,055
Fibria Celulose ADR		16,134		142,947
Gerdau ADR		30,244		67,444
				371,446
Consumer Goods — 6.2%
Cosan Industria e Comercio		4,643		42,679
Hypermarcas *		11,527		102,216
M Dias Branco		1,266		28,579
Natura Cosmeticos		5,069		37,458
Sao Martinho		1,509		19,560
				230,492
Consumer Services — 13.7%
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		4,381		64,182
Kroton Educacional		46,750		173,680
Localiza Rent a Car		4,572		44,424
Lojas Renner		19,825		118,635
Raia Drogasil		6,650		106,992
				507,913
Financials — 18.7%
BM&F Bovespa		50,706		251,561
BR Malls Participacoes		14,201		70,124
CETIP - Mercados Organizados		7,112		86,891
Grupo BTG Pactual, Cl Miscellaneous		29,977		169,222
Multiplan Empreendimentos Imobiliarios		2,437		41,879
Porto Seguro		2,926		23,555
Sul America		10,585		50,827
				694,059

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

23

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Brazil Mid Cap ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Health Care — 0.7%
Odontoprev		8,110	$	24,888
Industrials — 11.4%
CCR		27,217		126,431
Embraer ADR		2,988		69,023
Klabin		29,374		149,645
WEG		17,700		77,965
				423,064
Technology — 0.8%
TOTVS		3,566		29,048
Telecommunications — 4.1%
Tim Participacoes ADR		13,726		152,221
Utilities — 28.6%
Centrais Eletricas Brasileiras ADR *		32,056		70,844
Cia de Saneamento Basico do Estado de Sao Paulo ADR		19,472		148,766
Cia Energetica de Minas Gerais ADR		22,047		43,212
Cia Paranaense de Energia ADR		3,395		28,077
CPFL Energia ADR*		15,182		175,808
EDP - Energias do Brasil		7,224		26,566
Equatorial Energia		5,850		71,675
Tractebel Energia		6,287		69,287
Transmissora Alianca de Energia Eletrica		10,610		61,800
Ultrapar Participacoes ADR		17,429		365,660
				1,061,695
TOTAL COMMON STOCK
(Cost $4,506,606)				3,494,826
PREFERRED STOCK — 5.1%
BRAZIL— 5.1%
Basic Materials — 2.9%
Braskem		4,720		33,662
Suzano Papel e Celulose		19,660		75,032
				108,694
Consumer Services — 2.2%
Lojas Americanas		17,531		81,283
TOTAL PREFERRED STOCK
(Cost $204,175)				189,977
CORPORATE OBLIGATION — 0.2%
Hypermarcas
11.300%, 10/15/18 (A)(B)
(Cost $14,761)	$	24,583		7,242
TOTAL INVESTMENTS — 99.5%
(Cost $4,725,542)			$	3,692,045

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

24

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Brazil Mid Cap ETF

Percentages are based on Net Assets of $3,710,620.

*	Non-income producing security.
(A)	Security considered illiquid. The total value of such securities as of April 30, 2016 was $7,242 and represented 0.2% of Net Assets.
(B)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2016 was $7,242 and represents 0.2% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(a)		Total
Common Stock	$	3,494,826	$	—	$	—	$	3,494,826
Preferred Stock		189,977		—		—		189,977
Corporate Obligation		—		—		7,242		7,242
Total Investments in Securities	$	3,684,803	$	—	$	7,242	$	3,692,045

^(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 period ended April 30, 2016, 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.

25

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Brazil Consumer ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 93.0%
BRAZIL— 93.0%
Consumer Goods — 50.9%
AMBEV ADR		28,958	$	161,875
Arezzo Industria e Comercio		7,582		54,424
BRF ADR		9,891		140,650
Cia Hering		24,753		102,863
Cosan, Cl A		29,385		158,092
Cosan Industria e Comercio		21,847		200,819
Grendene		14,777		72,540
Hypermarcas *		26,030		230,821
JBS		38,856		102,128
M Dias Branco		7,518		169,715
Marfrig Alimentos *		46,416		86,354
Minerva *		17,705		55,052
Natura Cosmeticos		23,206		171,483
Sao Martinho		8,717		112,992
SLC Agricola		8,306		37,525
				1,857,333
Consumer Services — 42.1%
B2W Cia Digital *		20,384		80,926
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		10,023		146,837
CVC Brasil Operadora e Agencia de Viagens		13,360		72,476
Estacio Participacoes		36,370		126,053
Kroton Educacional		53,468		198,638
Localiza Rent a Car		20,161		195,896
Lojas Renner		29,215		174,826
Multiplus		8,152		88,801
Raia Drogasil		13,002		209,190
Smiles		9,261		107,456
Via Varejo		76,434		137,328
				1,538,427
TOTAL COMMON STOCK
(Cost $4,481,666)				3,395,760
PREFERRED STOCK — 6.3%
BRAZIL— 6.3%
Consumer Goods — 1.7%
Alpargatas		23,158		62,613

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

26

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Brazil Consumer ETF

	Shares/Face Amount		Value
PREFERRED STOCK — continued
Consumer Services — 4.6%
Lojas Americanas		35,882	$	166,372
TOTAL PREFERRED STOCK
(Cost $212,898)				228,985
CORPORATE OBLIGATION — 0.3%
Hypermarcas
11.300%, 10/15/18(A) (B)
(Cost $21,016)	$	35,000		10,310
TOTAL INVESTMENTS — 99.6%
(Cost $4,715,580)			$	3,635,055

Percentages are based on Net Assets of $3,651,017.

*	Non-income producing security.
(A)	Security considered illiquid. The total value of such securities as of April 30, 2016 was $10,310 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 April 30, 2016 was $10,310 and represents 0.3% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(a)		Total
Common Stock	$	3,395,760	$	—	$	—	$	3,395,760
Preferred Stock		228,985		—		—		228,985
Corporate Obligation		—		—		10,310		10,310
Total Investments in Securities	$	3,624,745	$	—	$	10,310	$	3,635,055

^(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 period ended April 30, 2016, 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.

27

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X MSCI Argentina ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.9%
ARGENTINA— 72.6%
Basic Materials — 17.0%
Tenaris ADR		436,952	$	11,828,291
Consumer Goods — 2.0%
Cresud SACIF y A ADR *		132,849		1,393,586
Consumer Services — 16.3%
Arcos Dorados Holdings, Cl A		579,714		2,405,813
Grupo Clarin GDR, Cl B		116,583		2,215,077
MercadoLibre		53,902		6,731,821
				11,352,711
Financials — 15.7%
Banco Macro ADR*		53,670		3,361,352
BBVA Banco Frances ADR*		128,549		2,712,384
Grupo Financiero Galicia ADR		110,867		3,156,383
IRSA Inversiones y Representaciones ADR *		111,909		1,659,610
				10,889,729
Oil & Gas — 13.5%
Petrobras Argentina ADR		293,039		1,887,171
Transportadora de Gas del Sur ADR*		292,966		1,828,108
YPF ADR		281,812		5,678,512
				9,393,791
Telecommunications — 4.5%
Telecom Argentina ADR		166,275		3,112,668
Utilities — 3.6%
Empresa Distribuidora Y Comercializadora Norte ADR *		32,154		506,747
Pampa Energia ADR *		97,535		1,995,566
				2,502,313
TOTAL ARGENTINA				50,473,089

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

28

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X MSCI Argentina ETF

	Shares		Value
COMMON STOCK — continued
CANADA— 9.1%
Basic Materials — 6.7%
Pan American Silver		28,761	$	450,685
Pan American Silver ^		131,137		2,059,289
Silver Standard Resources *		230,019		2,159,878
				4,669,852
Industrials — 2.4%
Finning International		93,046		1,656,495
TOTAL CANADA				6,326,347
CHILE— 6.5%
Consumer Goods — 4.2%
Cia Cervecerias Unidas ADR		64,587		1,448,040
Embotelladora Andina ADR, Cl B		73,348		1,499,967
				2,948,007
Consumer Services — 2.3%
Cencosud		595,050		1,599,852
TOTAL CHILE				4,547,859
LUXEMBOURG— 3.6%
Consumer Goods — 3.6%
Adecoagro *		234,703		2,501,934
MEXICO— 2.2%
Consumer Goods — 2.2%
Arca Continental		217,637		1,507,898
SPAIN— 2.2%
Industrials — 2.2%
Prosegur Cia de Seguridad		262,070		1,515,810
UNITED STATES— 3.7%
Technology — 3.7%
Globant *		72,056		2,557,268
TOTAL INVESTMENTS — 99.9%
(Cost $65,798,648)			$	69,430,205

Percentages are based on Net Assets of $69,503,746.

*	Non-income producing security.
^	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.

29

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X MSCI Argentina ETF

As of April 30, 2016, 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 April 30, 2016, there have been no transfers between Level 1, Level 2 and Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

30

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X MSCI Greece ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Notes 2 and 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 99.9%
GREECE— 90.2%
Basic Materials — 2.2%
Mytilineos Holdings		722,903	$	2,897,905
Mytilineos Holdings ADR		626,200		2,510,248
				5,408,153
Consumer Goods — 5.7%
JUMBO		770,944		10,127,967
JUMBO ADR *		340,000		3,910,000
				14,037,967
Consumer Services — 13.4%
Aegean Airlines		547,025		5,018,521
FF Group		222,767		4,592,608
FF Group ADR		240,300		4,954,073
OPAP		1,605,455		12,136,070
OPAP ADR		1,804,900		6,373,102
				33,074,374
Financials — 35.7%
Alpha Bank AE *		16,123,524		35,271,940
Eurobank Ergasias *		16,229,463		13,755,358
Hellenic Exchanges - Athens Stock Exchange		1,057,025		6,029,074
National Bank of Greece *		53,608,322		15,963,994
Piraeus Bank *		56,007,179		16,678,349
				87,698,715
Industrials — 12.0%
Aegean Marine Petroleum Network (A)		613,912		4,935,852
Ellaktor *		2,222,484		3,232,797
Metka		366,354		2,802,937
Metka ADR		130,000		994,617

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

31

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X MSCI Greece ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Industrials — continued
Titan Cement		230,635	$	5,256,713
Titan Cement ADR *		539,800		6,151,669
Tsakos Energy Navigation		1,010,463		6,426,545
				29,801,130
Oil & Gas — 3.8%
Motor Oil Hellas Corinth Refineries		440,532		5,025,425
Motor Oil Hellas Corinth Refineries ADR		768,300		4,382,229
				9,407,654
Real Estate Investment Trusts — 2.5%
Grivalia Properties		722,100		6,202,898
Telecommunications — 11.1%
Hellenic Telecommunications Organization		2,823,206		27,388,105
Utilities — 3.8%
Athens Water Supply & Sewage		701,167		3,734,311
Public Power		1,663,418		5,582,195
				9,316,506
TOTAL GREECE				222,335,502
MONACO— 6.1%
Industrials — 6.1%
GasLog (A)		689,978		8,838,618
GasLog Partners		345,927		6,195,553
TOTAL MONACO				15,034,171
UNITED STATES— 3.6%
Industrials — 3.6%
Capital Product Partners		1,479,767		4,143,348
Dorian LPG *		461,683		4,690,699
TOTAL UNITED STATES				8,834,047
TOTAL COMMON STOCK
(Cost $291,521,455)				246,203,720
U.S. TREASURY OBLIGATION — 14.2%
United States Treasury Bill
0.110%, 05/12/16 (B)
(Cost $34,998,824)	$	35,000,000		34,998,600
REPURCHASE AGREEMENT (C) — 1.9%
Deutsche Bank
0.290%, dated 04/29/16, to be repurchased on 05/02/16 repurchase price $4,835,867 (collateralized by U.S. Treasury Obligations, par value $4,774,578, 2.250%, 11/30/17 with a total market value of $1,035,553)
(Cost $4,835,750)		4,835,750		4,835,750
TOTAL INVESTMENTS — 116.0%
(Cost $331,356,029)			$	286,038,070

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

32

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X MSCI Greece ETF

Percentages are based on Net Assets of $246,530,426.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2016.  The total value of securities on loan at April 30, 2016 was $4,550,847.
(B)	The rate reported on the Schedule of Investments is the effective yield at time of purchase.
(C)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2016 was $4,835,750.

ADR — American Depositary Receipt

The following is a summary of the level of inputs used as of April 30, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	246,203,720	$	—	$	—	$	246,203,720
U.S. Treasury Obligation		—		34,998,600		—		34,998,600
Repurchase Agreement		—		4,835,750		—		4,835,750
Total Investments in Securities	$	246,203,720	$	39,834,350	$	—	$	286,038,070

For the period ended April 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

33

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X MSCI Norway ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Notes 2 and 8 in Notes to Financial Statements for more detailed information. 

	Shares		Value
COMMON STOCK — 99.4%
NORWAY— 97.4%
Basic Materials — 9.8%
Borregaard		134,797	$	1,008,590
Norsk Hydro (A)		1,060,390		4,612,996
Yara International		130,093		5,208,664
				10,830,250
Consumer Goods — 14.7%
Austevoll Seafood		155,618		1,309,322
Bakkafrost P		45,025		1,593,028
Kongsberg Automotive Holding *		669,493		541,258
Leroy Seafood Group		32,660		1,593,992
Marine Harvest		296,717		4,617,117
Orkla (A)		581,693		5,078,395
Salmar (A)		62,813		1,560,116
				16,293,228
Consumer Services — 7.3%
Europris * (B)		138,039		642,851
Norwegian Air Shuttle * (A)		34,121		1,572,074
Schibsted, Cl A (A)		71,700		2,091,604
Schibsted, Cl B *		85,456		2,429,214
XXL (B)		115,544		1,395,450
				8,131,193
Financials — 19.6%
Aker, Cl A (A)		38,470		793,063
DnB (A)		814,624		10,430,214
Entra (B)		106,610		1,006,211
Gjensidige Forsikring		225,508		3,861,923
Norwegian Property		449,168		501,471
Protector Forsikring		85,209		833,323
Selvaag Bolig		103,158		335,646

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

34

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X MSCI Norway ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Sparebank 1 Nord Norge		142,539	$	667,348
SpareBank 1 SMN		160,700		987,867
Storebrand *		556,988		2,358,035
				21,775,101
Industrials — 5.9%
Avance Gas Holding (A) (B)		52,490		357,871
BW LPG (B)		103,750		623,607
Frontline		91,964		764,620
Golden Ocean Group *		388,253		344,745
Hexagon Composites		156,400		477,803
Hoegh LNG Holdings		78,518		916,589
IDEX * (A)		547,307		567,538
Ocean Yield		78,907		534,059
Stolt-Nielsen		48,740		644,633
Thin Film Electronics *		1,290,469		676,297
Wilh Wilhelmsen, Cl B		117,327		625,076
				6,532,838
Oil & Gas — 27.0%
Akastor		388,895		540,913
Aker Solutions		224,186		860,289
BW Offshore		1,659,070		362,622
Det Norske Oljeselskap *		146,872		1,311,430
DNO International * (A)		915,784		1,057,109
Fred Olsen Energy		102,160		442,776
Petroleum Geo-Services (A)		304,790		1,078,377
ProSafe		407,570		246,495
REC Silicon *		4,002,794		879,861
Scatec Solar (B)		110,310		486,318
Statoil		983,899		17,387,325
Subsea 7		306,024		2,816,119
Tanker Investments *		52,409		423,055
TGS Nopec Geophysical		122,080		2,042,159
				29,934,848
Technology — 3.4%
Atea		105,283		987,149
Nordic Semiconductor * (A)		219,444		1,276,764
Opera Software (A)		183,420		1,498,822
				3,762,735
Telecommunications — 9.7%
Telenor		623,606		10,733,735
TOTAL NORWAY				107,993,928

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

35

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X MSCI Norway ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
UNITED KINGDOM— 2.0%
Oil & Gas — 2.0%
Seadrill *		463,638	$	2,248,996
TOTAL COMMON STOCK
(Cost $136,868,783)				110,242,924
REPURCHASE AGREEMENTS (C) — 21.5%
Barclays Bank
0.280%, dated 04/29/16, to be repurchased on 05/02/16 repurchase price $22,000,513 (collateralized by U.S. Treasury Obligations, ranging on par value $18-$5,773,114, 0.000%-6.375%, 05/15/16-08/15/44 with a total market value of $22,440,000)	$	22,000,000		22,000,000
Deutsche Bank
0.290%, dated 04/29/16, to be repurchased on 05/02/16 repurchase price $1,830,637 (collateralized by U.S. Treasury Obligations, par value $1,807,436, 2.250%, 11/30/17 with a total market value of $1,845,754)		1,830,593		1,830,593
TOTAL REPURCHASE AGREEMENTS
(Cost $23,830,593)				23,830,593
TOTAL INVESTMENTS — 120.9%
(Cost $160,699,376)			$	134,073,517

Percentages are based on Net Assets of $110,926,638.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2016.  The total value of securities on loan at April 30, 2016 was $23,080,591.
(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." The total value of such securities at April 30, 2016 was $4,512,308 and represents 4.1% of Net Assets.
(C)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2016 was $23,830,593.

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	110,242,924	$	—	$	—	$	110,242,924
Repurchase Agreements		—		23,830,593		—		23,830,593
Total Investments in Securities	$	110,242,924	$	23,830,593	$	—	$	134,073,517

For the period ended April 30, 2016, there have been no transfers between Level 1, Level 2 and Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

36

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X FTSE Nordic Region ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Notes 2 and 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 98.5%
DENMARK— 30.1%
Consumer Goods — 4.2%
Carlsberg, Cl B		8,516	$	829,544
Pandora		9,127		1,185,416
				2,014,960
Financials — 3.7%
Danske Bank		62,023		1,754,278
Health Care — 20.7%
Coloplast, Cl B		8,001		600,109
Novo Nordisk ADR		151,744		8,465,798
Novozymes, Cl B		18,080		866,676
				9,932,583
Industrials — 1.5%
A P Moller - Maersk, Cl B		511		718,733
TOTAL DENMARK				14,420,554
FINLAND— 13.3%
Financials — 3.5%
Sampo, Cl A		38,341		1,674,427
Industrials — 3.0%
Kone, Cl B		30,864		1,408,340
Technology — 5.7%
Nokia ADR (A)		467,713		2,745,475
Utilities — 1.1%
Fortum		35,289		531,902
TOTAL FINLAND				6,360,144

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

37

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X FTSE Nordic Region ETF

	Shares		Value
COMMON STOCK — continued
NORWAY— 8.4%
Basic Materials — 1.2%
Yara International		13,997	$	560,412
Financials — 2.3%
DnB		86,706		1,110,159
Oil & Gas — 2.9%
Statoil ADR		77,672		1,366,251
Telecommunications — 2.0%
Telenor		56,026		964,340
TOTAL NORWAY				4,001,162
SWEDEN— 46.7%
Consumer Goods — 3.2%
Svenska Cellulosa, Cl B		48,543		1,530,271
Consumer Services — 5.8%
Hennes & Mauritz, Cl B		77,715		2,765,693
Financials — 17.5%
Investor, Cl B		36,761		1,350,394
Nordea Bank		259,805		2,524,391
Skandinaviska Enskilda Banken, Cl A		117,875		1,126,964
Svenska Handelsbanken, Cl A		117,241		1,562,248
Swedbank, Cl A		85,135		1,838,015
				8,402,012
Industrials — 12.3%
Assa Abloy, Cl B		76,427		1,604,286
Atlas Copco, Cl A		50,303		1,302,964
Sandvik		87,061		894,219
SKF, Cl B		30,069		554,345
Volvo, Cl B		125,653		1,472,291
				5,828,105
Technology — 5.8%
Ericsson ADR		243,264		1,968,006
Hexagon, Cl B		20,630		823,405
				2,791,411
Telecommunications — 2.1%
TeliaSonera		210,021		1,003,971
TOTAL SWEDEN				22,321,463
TOTAL COMMON STOCK
(Cost $47,301,755)				47,103,323

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

38

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X FTSE Nordic Region ETF

	Face Amount		Value
REPURCHASE AGREEMENT (B) — 1.9%
Deutsche Bank
0.290%, dated 04/29/16, to be repurchased on 05/02/16 repurchase price $923,147 (collateralized by U.S. Treasury Obligations, par value $911,447, 2.250%, 11/30/17 with a total market value of $930,770)
(Cost $923,125)	$	923,125	$	923,125
TOTAL INVESTMENTS — 100.4%
(Cost $48,224,880)			$	48,026,448

Percentages are based on Net Assets of $47,813,976.

(A)	This security or a partial position of this security is on loan at April 30, 2016.  The total value of securities on loan at April 30, 2016 was $874,384.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2016 was $923,125.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	47,103,323	$	—	$	—	$	47,103,323
Repurchase Agreement		—		923,125		—		923,125
Total Investments in Securities	$	47,103,323	$	923,125	$	—	$	48,026,448

For the period ended April 30, 2016, there have been no transfers between Level 1, Level 2 and Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

39

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X MSCI Nigeria ETF

Sector Weightings †:

 

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

	Shares		Value
COMMON STOCK — 99.9%
NIGERIA— 99.9%
Consumer Goods — 39.9%
Flour Mills of Nigeria		6,703,048	$	707,179
Guinness Nigeria		1,615,651		740,903
Nestle Nigeria		498,421		1,540,610
Nigerian Breweries		7,025,083		4,090,112
PZ Cussons Nigeria		4,966,968		533,004
Unilever Nigeria		5,818,554		897,703
				8,509,511
Financials — 44.7%
Access Bank		42,693,780		868,675
Diamond Bank *		56,895,995		397,314
Ecobank Transnational *		12,433,296		935,698
FBN Holdings		49,205,415		889,925
Guaranty Trust Bank		24,002,998		2,022,257
Stanbic IBTC Holdings		12,643,523		879,743
Transnational Corp of Nigeria		97,789,672		486,369
UAC of Nigeria		6,751,107		611,517
United Bank for Africa		55,332,362		945,140
Zenith Bank		23,626,100		1,507,418
				9,544,056
Industrials — 9.7%
Dangote Cement		1,553,381		1,275,169
Lafarge Africa		2,331,320		796,315
				2,071,484
Oil & Gas — 5.6%
Forte Oil		545,282		587,195
Oando *		26,542,681		608,062
				1,195,257
TOTAL INVESTMENTS — 99.9%
(Cost $30,876,480)			$	21,320,308

Percentages are based on Net Assets of $21,351,082.

* Non-income producing security.

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

40

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X MSCI Nigeria ETF

As of April 30, 2016, 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 April 30, 2016, there have been no transfers between Level 1, Level 2 and Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

41

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Next Emerging & Frontier ETF

Sector Weightings †:

 

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

	Shares		Value
COMMON STOCK — 99.4%
ARGENTINA— 2.6%
Consumer Services — 1.4%
MercadoLibre		1,475	$	184,213
Oil & Gas — 1.2%
YPF ADR		7,765		156,465
TOTAL ARGENTINA				340,678
AUSTRALIA— 1.1%
Oil & Gas — 1.1%
Oil Search		27,627		148,217
BANGLADESH— 1.0%
Health Care — 0.3%
Square Pharmaceuticals		13,114		42,400
Telecommunications — 0.7%
GrameenPhone		26,500		83,312
TOTAL BANGLADESH				125,712
CANADA— 2.8%
Basic Materials — 2.8%
Endeavour Mining *		3,392		45,738
First Quantum Minerals		9,897		84,463
Turquoise Hill Resources *		24,150		72,300
Yamana Gold		33,756		167,092
TOTAL CANADA				369,593

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

42

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
CHILE— 4.5%
Basic Materials — 0.2%
Empresas CMPC		10,400	$	23,250
Consumer Services — 1.5%
Cencosud		7,400		19,896
Latam Airlines Group *		9,160		65,425
SACI Falabella		15,780		122,165
				207,486
Financials — 0.4%
Banco de Chile		241,999		26,539
Banco Santander Chile		508,200		24,462
				51,001
Oil & Gas — 0.2%
Empresas COPEC		2,210		22,083
Utilities — 2.2%
AES Gener		19,700		9,877
Empresa Nacional de Electricidad		101,749		93,680
Endesa Americas *		101,749		47,706
Enersis		461,553		78,452
Enersis Chile *		461,553		56,543
				286,258
TOTAL CHILE				590,078
CHINA— 0.2%
Oil & Gas — 0.2%
SPT Energy Group		276,200		21,007
COLOMBIA— 0.6%
Consumer Services — 0.1%
Almacenes Exito		1,430		8,031
Financials — 0.1%
Grupo de Inversiones Suramericana		1,171		15,806
Industrials — 0.1%
Cementos Argos		4,646		18,862
Oil & Gas — 0.3%
Ecopetrol		69,448		34,451
TOTAL COLOMBIA				77,150
CZECH REPUBLIC— 1.1%
Financials — 0.2%
Komercni Banka		143		29,423
Utilities — 0.9%
CEZ		5,971		116,664

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

43

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
TOTAL CZECH REPUBLIC			$	146,087
EGYPT— 0.5%
Financials — 0.3%
Commercial International Bank Egypt SAE		7,375		37,523
Telecommunications — 0.2%
Global Telecom Holding SAE *		37,503		12,501
Telecom Egypt		19,400		16,997
				29,498
TOTAL EGYPT				67,021
FRANCE— 0.1%
Oil & Gas — 0.1%
Etablissements Maurel et Prom		3,341		13,431
HONG KONG— 0.8%
Consumer Goods — 0.4%
CP Pokphand		427,100		45,699
Consumer Services — 0.4%
NagaCorp		72,283		51,716
TOTAL HONG KONG				97,415
HUNGARY— 1.3%
Financials — 0.8%
OTP Bank		4,130		109,518
Health Care — 0.3%
Richter Gedeon Nyrt		1,776		35,340
Oil & Gas — 0.2%
MOL Hungarian Oil & Gas		356		21,785
TOTAL HUNGARY				166,643
INDONESIA— 9.1%
Consumer Goods — 2.3%
Astra International		273,897		139,669
Gudang Garam		9,844		51,691
Indofood CBP Sukses Makmur TBK		27,500		31,852
Indofood Sukses Makmur		51,700		27,931
Unilever Indonesia		12,759		41,190
				292,333
Financials — 3.3%
Bank Central Asia		170,658		168,872
Bank Mandiri		225,818		165,237
Bank Rakyat Indonesia Persero		120,400		94,491
				428,600

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

44

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Health Care — 0.2%
Kalbe Farma		268,400	$	27,984
Industrials — 1.1%
Indocement Tunggal Prakarsa		20,200		30,212
Semen Indonesia Persero		131,885		99,004
United Tractors		15,200		17,288
				146,504
Telecommunications — 1.7%
Telekomunikasi Indonesia Persero		826,605		222,509
Utilities — 0.5%
Perusahaan Gas Negara		349,339		69,402
TOTAL INDONESIA				1,187,332
JAPAN— 0.7%
Industrials — 0.5%
Namura Shipbuilding		8,640		67,185
Oil & Gas — 0.2%
Inpex		2,400		19,923
TOTAL JAPAN				87,108
KENYA— 0.3%
Telecommunications — 0.3%
Safaricom		241,700		40,938
KUWAIT— 0.8%
Financials — 0.8%
Kuwait Finance House		45,314		73,767
National Bank of Kuwait SAK		16,399		36,503
TOTAL KUWAIT				110,270
MALAYSIA— 10.2%
Basic Materials — 0.2%
Petronas Chemicals Group		15,190		26,091
Consumer Goods — 0.4%
British American Tobacco Malaysia		1,035		12,155
IOI		18,600		21,045
Kuala Lumpur Kepong		3,980		24,370
				57,570
Consumer Services — 0.4%
Genting		10,400		23,534
Genting Malaysia		25,200		28,835
				52,369
Financials — 2.3%
CIMB Group Holdings		36,900		44,112
Malayan Banking		53,926		123,271

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

45

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Public Bank		29,100	$	139,299
				306,682
Health Care — 0.3%
IHH Healthcare		24,372		40,864
Industrials — 1.2%
MISC		15,400		33,311
Sime Darby		56,699		111,758
				145,069
Oil & Gas — 0.6%
Petronas Dagangan		2,600		15,867
Petronas Gas		3,489		19,631
Sapurakencana Petroleum		119,967		50,671
				86,169
Telecommunications — 3.0%
Axiata Group		76,217		110,233
DiGi.Com		112,902		127,165
Maxis		77,996		111,808
Telekom Malaysia		21,485		36,574
				385,780
Utilities — 1.8%
Tenaga Nasional		56,873		209,061
YTL		52,800		21,085
				230,146
TOTAL MALAYSIA				1,330,740
MEXICO— 10.4%
Basic Materials — 3.0%
Fresnillo		9,511		155,071
Grupo Mexico, Cl B		49,968		127,653
Industrias Penoles		1,134		17,794
Mexichem		36,817		93,412
				393,930
Consumer Goods — 1.3%
Arca Continental		5,238		36,291
Coca-Cola Femsa		2,600		22,767
Gruma, Cl B		2,940		43,043
Grupo Bimbo, Ser A		9,760		29,851
Grupo Lala, Cl B		9,781		26,272
				158,224
Consumer Services — 1.8%
Grupo Elektra		961		18,149
Grupo Televisa		11,921		69,803

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

46

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Wal-Mart de Mexico		64,380	$	159,811
				247,763
Financials — 1.1%
Grupo Financiero Banorte, Cl O		13,124		74,947
Grupo Financiero Inbursa, Cl O		32,900		64,766
				139,713
Industrials — 2.1%
Alfa, Cl A		61,370		115,938
Cemex, Cl Preference *		63,284		47,216
Grupo Aeroportuario del Sureste, Cl B		1,470		22,738
Promotora y Operadora de Infraestructura		6,103		77,711
				263,603
Telecommunications — 0.8%
America Movil		154,167		109,623
Telesites *		8,508		5,265
				114,888
Utilities — 0.3%
Infraestructura Energetica Nova		8,740		34,242
TOTAL MEXICO				1,352,363
NIGERIA— 0.2%
Consumer Goods — 0.1%
Nigerian Breweries		22,000		12,809
Financials — 0.1%
Guaranty Trust Bank		205,100		17,279
TOTAL NIGERIA				30,088
OMAN— 0.5%
Financials — 0.1%
BankMuscat SAOG		6,940		7,391
Telecommunications — 0.4%
Oman Telecommunications SAOG		12,210		50,743
TOTAL OMAN				58,134
PAKISTAN— 1.0%
Basic Materials — 0.1%
Fauji Fertilizer		16,700		17,085
Industrials — 0.4%
Lucky Cement *		9,720		51,098
Oil & Gas — 0.5%
Oil & Gas Development		11,400		14,288
Pakistan Petroleum		33,700		47,008
				61,296

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

47

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
TOTAL PAKISTAN			$	129,479
PANAMA— 0.9%
Consumer Services — 0.9%
Copa Holdings, Cl A		1,825		116,344
PERU— 0.7%
Financials — 0.7%
Credicorp Ltd.		600		87,252
PHILIPPINES— 4.6%
Basic Materials — 0.1%
DMCI Holdings		77,930		20,742
Consumer Goods — 0.7%
JG Summit Holdings		21,449		37,283
Universal Robina		10,937		48,611
				85,894
Consumer Services — 1.4%
Jollibee Foods		4,800		23,505
SM Investments		7,724		155,510
				179,015
Financials — 0.6%
Ayala Land		44,500		32,886
SM Prime Holdings		84,197		40,673
				73,559
Industrials — 0.5%
Alliance Global Group		51,500		15,926
Ayala		2,250		36,998
International Container Terminal Services		9,800		13,586
				66,510
Telecommunications — 0.8%
Globe Telecom		370		17,313
Philippine Long Distance Telephone		2,514		92,062
				109,375
Utilities — 0.5%
Aboitiz Power		31,058		29,741
Manila Electric		4,860		35,553
				65,294
TOTAL PHILIPPINES				600,389
POLAND— 4.5%
Basic Materials — 0.6%
KGHM Polska Miedz		4,006		77,985

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

48

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — 0.1%
LPP *		9	$	13,266
Financials — 1.3%
Bank Pekao		1,324		53,812
Bank Zachodni		297		20,643
Powszechna Kasa Oszczednosci Bank Polski		6,291		40,284
Powszechny Zaklad Ubezpieczen		6,330		57,205
				171,944
Oil & Gas — 1.7%
Polski Koncern Naftowy Orlen S.A.		10,636		191,430
Polskie Gornictwo Naftowe i Gazownictwo		17,300		23,008
				214,438
Telecommunications — 0.1%
Orange Polska		11,600		18,889
Utilities — 0.7%
PGE		26,490		91,402
TOTAL POLAND				587,924
QATAR— 1.7%
Financials — 0.6%
Qatar National Bank		2,174		86,007
Industrials — 0.8%
Industries Qatar QSC		3,616		104,310
Telecommunications — 0.3%
Ooredoo QSC		1,450		36,530
TOTAL QATAR				226,847
RUSSIA— 0.2%
Oil & Gas — 0.2%
Bashneft OAO		590		26,256
SINGAPORE— 0.8%
Consumer Goods — 0.8%
Thai Beverage		192,007		106,429
SOUTH AFRICA— 10.8%
Basic Materials — 3.0%
Anglo American Platinum *		1,815		52,627
AngloGold Ashanti *		5,060		80,642
Gold Fields ADR		34,462		161,971
Impala Platinum Holdings *		6,320		26,295
Kumba Iron Ore		2,656		21,665
Sasol		1,703		55,771
				398,971

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

49

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — 0.5%
Tiger Brands		2,873	$	71,345
Consumer Services — 3.0%
Mr Price Group		2,020		25,759
Naspers, Cl N		1,577		217,212
Shoprite Holdings		4,934		59,577
Woolworths Holdings		11,718		75,700
				378,248
Financials — 1.1%
FirstRand		24,880		80,268
Standard Bank Group		7,025		63,271
				143,539
Health Care — 1.5%
Aspen Pharmacare Holdings		3,061		72,415
Mediclinic International *		6,598		87,449
Netcare		13,600		34,775
				194,639
Industrials — 0.6%
Bidvest Group		3,200		81,526
Telecommunications — 1.1%
MTN Group		4,783		50,276
Vodacom Group		7,610		88,815
				139,091
TOTAL SOUTH AFRICA				1,407,359
SOUTH KOREA— 0.4%
Consumer Goods — 0.4%
Youngone		1,330		53,345
THAILAND— 9.0%
Consumer Goods — 0.6%
Charoen Pokphand Foods NVDR		108,357		73,830
Consumer Services — 0.7%
CP ALL NVDR		71,222		93,284
Financials — 0.5%
Siam Commercial Bank NVDR		17,000		64,973
Health Care — 0.5%
Bangkok Dusit Medical Services NVDR		66,800		45,515
Bumrungrad Hospital NVDR		3,900		22,665
				68,180
Industrials — 3.1%
Airports of Thailand NVDR		12,694		142,458
CH Karnchang NVDR		131,900		95,347

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

50

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Siam Cement NVDR		11,810	$	164,995
				402,800
Oil & Gas — 2.1%
PTT Exploration & Production NVDR		30,660		66,051
PTT Global Chemical NVDR		36,531		65,365
PTT PCL NVDR		16,341		142,218
				273,634
Technology — 0.4%
Intouch Holdings NVDR		34,770		52,508
Telecommunications — 1.1%
Advanced Info Service NVDR		20,354		90,903
Total Access Communication NVDR		24,221		23,403
True NVDR		116,421		24,830
				139,136
TOTAL THAILAND				1,168,345
TURKEY— 9.6%
Basic Materials — 1.8%
Eregli Demir ve Celik Fabrikalari		136,673		228,416
Consumer Goods — 0.4%
Anadolu Efes Biracilik Ve Malt Sanayii		1,950		15,352
Coca-Cola Icecek		1,170		17,184
Ford Otomotiv Sanayi		1,690		22,741
				55,277
Consumer Services — 2.0%
BIM Birlesik Magazalar		7,439		163,992
Turk Hava Yollari *		37,575		92,784
				256,776
Financials — 1.3%
Akbank		19,900		61,246
Turkiye Garanti Bankasi		19,925		61,465
Turkiye Is Bankasi, Cl C		30,044		52,792
				175,503
Industrials — 0.1%
Enka Insaat ve Sanayi		12,515		21,767
Oil & Gas — 2.9%
KOC Holding		31,736		166,159
Tupras Turkiye Petrol Rafinerileri		7,673		202,788
				368,947
Telecommunications — 1.1%
Turk Telekomunikasyon		10,436		25,247

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

51

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Telecommunications — continued
Turkcell Iletisim Hizmetleri *		26,940	$	116,657
				141,904
TOTAL TURKEY				1,248,590
UKRAINE— 0.6%
Consumer Goods — 0.6%
Kernel Holding		5,321		71,670
UNITED ARAB EMIRATES— 3.0%
Financials — 2.4%
Emaar Properties PJSC		96,871		179,344
First Gulf Bank PJSC		29,061		102,463
National Bank of Abu Dhabi PJSC		15,934		38,523
				320,330
Industrials — 0.6%
DP World *		4,033		76,224
TOTAL UNITED ARAB EMIRATES				396,554
UNITED KINGDOM— 1.9%
Financials — 0.5%
Bank of Georgia Holdings		1,784		59,847
Oil & Gas — 0.7%
Premier Oil *		19,173		20,714
Tullow Oil		18,700		76,620
				97,334
Telecommunications — 0.7%
Cable & Wireless Communications		84,862		91,495
TOTAL UNITED KINGDOM				248,676
UNITED STATES— 0.4%
Oil & Gas — 0.4%
Kosmos Energy *		7,732		50,103
Pacific Drilling *		6,825		4,574
TOTAL UNITED STATES				54,677
VIETNAM— 0.5%
Financials — 0.1%
Bank for Foreign Trade of Vietnam JSC		6,800		14,033
Oil & Gas — 0.4%
PetroVietnam Gas JSC		8,770		20,066
PetroVietnam Technical Service		40,200		31,020
				51,086

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

52

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares/Face Amount/Number of Rights		Value
COMMON STOCK — continued
TOTAL VIETNAM			$	65,119
TOTAL COMMON STOCK
(Cost $15,227,595)				12,955,260
PREFERRED STOCK — 0.2%
CHILE— 0.1%
Basic Materials — 0.1%
Sociedad Quimica y Minera de Chile		720		15,390
COLOMBIA— 0.1%
Financials — 0.1%
Banco Davivienda		1,570		14,773
TOTAL PREFERRED STOCK
(Cost $34,995)				30,163
CORPORATE OBLIGATION — 0.1%
Bank Muscat SAOG
0.035%, 03/19/18
(Cost $–)	$	22,009		5,316
CONVERTIBLE BOND — 0.0%
BankMuscat SAOG
4.500%, 03/20/17
(Cost $–)		2,702		723
RIGHT — 0.0%
Thailand — 0.0%
True NVDR *†(A) (B)		39,114		336
TOTAL RIGHT (Cost $–)				336
TOTAL INVESTMENTS — 99.7%
(Cost $15,262,590)			$	12,991,798

Percentages are based on Net Assets of $13,034,723.

*	Non-income producing security.
†	Expiration date is unavailable.
(A)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2016, was $336 and represents 0.0% of Net Assets.
(B)	Security considered illiquid. The total value of such securities as of April 30, 2016 was $336 and represented 0.0% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

Ltd. — Limited

NVDR — Non-Voting Depositary Receipt

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

53

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Next Emerging & Frontier ETF

Ser — Series

The following is a summary of the level of inputs used as of April 30, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(a)		Total
Common Stock	$	12,955,260	$	—	$	—	$	12,955,260
Preferred Stock		30,163		—		—		30,163
Corporate Obligation		—		5,316		—		5,316
Convertible Bond		—		723		—		723
Right		—		—		336		336
Total Investments in Securities	$	12,985,423	$	6,039	$	336	$	12,991,798

^(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 period ended April 30, 2016, 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. 

54

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X FTSE Portugal 20 ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Notes 2 and 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 98.9%
PORTUGAL— 98.9%
Basic Materials — 10.5%
Altri		190,131	$	741,274
Navigator		325,009		1,159,550
Semapa-Sociedade de Investimento e Gestao		62,717		793,750
				2,694,574
Consumer Services — 17.2%
Jeronimo Martins		126,585		2,071,813
NOS SGPS		168,176		1,206,761
Sonae		1,030,281		1,144,625
				4,423,199
Financials — 8.8%
Banco BPI, Cl G *		831,090		1,041,361
Banco Comercial Portugues, Cl R * (A)		23,275,632		1,031,688
Banco Espirito Santo *(B) (C)		2,085,614		—
BANIF - Banco Internacional do Funchal * (A) (B) (C)		95,112,146		2,179
Sonae Capital		236,569		182,893
				2,258,121
Industrials — 9.6%
Cimpor Cimentos de Portugal *		87,799		44,045
Corticeira Amorim SGPS		102,932		721,974
CTT-Correios de Portugal		130,850		1,209,137
Mota-Engil		225,032		465,992
Sonae Industria *		7,583,221		39,084
				2,480,232
Oil & Gas — 21.7%
Galp Energia		407,016		5,591,750
Telecommunications — 1.8%
Pharol SGPS *		1,394,535		226,806

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

55

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X FTSE Portugal 20 ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Telecommunications — continued
Sonaecom		85,422	$	223,070
				449,876
Utilities — 29.3%
EDP Renovaveis		158,335		1,234,980
Energias de Portugal		1,463,147		5,201,705
REN - Redes Energeticas Nacionais		369,838		1,110,234
				7,546,919
TOTAL COMMON STOCK
(Cost $33,886,087)				25,444,671
REPURCHASE AGREEMENT (D) — 11.1%
Deutsche Bank
0.290%, dated 04/29/16, to be repurchased on 05/02/16 repurchase price $2,865,017 (collateralized by U.S. Treasury Obligations, par value $2,828,706, 2.250%, 11/30/17 with a total market value of $2,888,675)
(Cost $2,864,948)	$	2,864,948		2,864,948
TOTAL INVESTMENTS — 110.0%
(Cost $36,751,035)			$	28,309,619

Percentages are based on Net Assets of $25,726,945.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2016.  The total value of securities on loan at April 30, 2016 was $748,408.
(B)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2016 was $2,179 and represents 0.0% of Net Assets.
(C)	Security considered illiquid. The total value of such securities as of April 30, 2016 was $2,179 and represented 0.0% of Net Assets.
(D)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2016 was $2,864,948.

Cl — Class

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

The following is a summary of the level of inputs used as of April 30, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(a)		Total
Common Stock	$	25,442,492	$	—	$	2,179	$	25,444,671
Repurchase Agreement		—		2,864,948		—		2,864,948
Total Investments in Securities	$	25,442,492	$	2,864,948	$	2,179	$	28,309,619

^(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.

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

56

 

Schedule of Investments April 30, 2016 (Unaudited)

Global X FTSE Portugal 20 ETF

For the period ended April 30, 2016, the transfers into Level 3 were due to the changes in availability of observable inputs to determine fair value. Transfers between levels are receognized at period end.

For the period ended April 30, 2016, there have been no transfers between Level 1 and Level 2.

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

57

 

Schedule of Investments	April 30, 2016 (Unaudited)
Global X MSCI Pakistan ETF

Sector Weightings†:

 

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

	Shares		Value
COMMON STOCK — 100.2%
PAKISTAN— 100.2%
Basic Materials — 15.2%
Dawood Hercules		42,400	$	49,491
Engro		112,490		335,812
Fatima Fertilizer *		285,500		83,611
Fauji Fertilizer		271,000		277,245
Fauji Fertilizer Bin Qasim		172,100		88,632
				834,791
Consumer Goods — 6.0%
Indus Motor		10,910		98,805
Nishat Mills		91,700		93,804
Pak Elektron		135,600		81,442
PAK Suzuki Motor		16,350		59,286
				333,337
Financials — 30.8%
Askari Bank		282,300		50,024
Bank Alfalah		433,800		104,440
Habib Bank		300,450		541,667
MCB Bank		284,260		573,783
National Bank of Pakistan		338,500		179,336
United Bank		157,190		245,906
				1,695,156
Health Care — 3.0%
Ferozsons Laboratories		6,830		52,835
Searle		26,590		112,183
				165,018
Industrials — 15.5%
DG Khan Cement		46,660		77,763
Fauji Cement		392,000		160,960

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

58

 

Schedule of Investments	April 30, 2016 (Unaudited)
Global X MSCI Pakistan ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Industrials — continued
Lucky Cement *		79,870	$	419,878
Maple Leaf Cement Factory		130,600		119,490
Packages		12,200		73,034
				851,125
Oil & Gas — 19.9%
Byco Petroleum Pakistan *		103,800		21,227
National Refinery		19,400		63,631
Oil & Gas Development		310,440		389,075
Pakistan Oilfields		46,870		143,287
Pakistan Petroleum		129,600		180,781
Pakistan State Oil		71,430		241,012
Shell Pakistan		20,980		55,057
				1,094,070
Telecommunications — 1.0%
Pakistan Telecommunication		396,480		53,762
Utilities — 8.8%
Hub Power		232,842		241,363
K-Electric *		1,082,700		74,388
Kot Addu Power		174,800		125,368
SUI Southern Gas *		156,800		42,598
				483,717
TOTAL COMMON STOCK
(Cost $6,030,576)				5,510,976
U.S. TREASURY OBLIGATION — 9.1%
United States Treasury Bill
0.110%, 05/12/16(A)
(Cost $499,983)	$	500,000		499,980
TOTAL INVESTMENTS — 109.3%
(Cost $6,530,559)			$	6,010,956

Percentages are based on Net Assets of $5,499,669.

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

The following is a summary of the level of inputs used as of April 30, 2016, in valuing the Fund's investments carried at value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stock	$	5,510,976	$	—	$	—	$	5,510,976
U.S. Treasury Obligation		—		499,980		—		499,980
Total Investments in Securities	$	5,510,976	$	499,980	$	—	$	6,010,956

For the period ended April 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

59

 

Statements of Assets and Liabilities

April 30, 2016 (Unaudited)

	Global X China Consumer ETF			Global X China Energy ETF			Global X China Financials ETF			Global X China Industrials ETF
Assets:
Cost of Investments	$	102,555,869		$	2,250,663		$	22,796,481		$	5,537,277
Cost of Repurchase Agreement		7,027,047			—			—			—
Cost of Foreign Currency		4			—			4			4
Investments, at Value	$	83,335,200	*	$	1,518,671		$	17,295,878		$	3,682,346
Repurchase Agreement, at Value		7,027,047			—			—			—
Cash		215,236			—			22,059			20,307
Foreign Currency, at Value		4			—			4			4
Receivable for Investment Securities Sold		9,959,441			185,773			368,301			187,467
Dividend and Interest Receivable		17,395			—			—			—
Unrealized Appreciation on Forward Foreign Currency Contracts		1			—			—			—
Total Assets		100,554,324			1,704,444			17,686,242			3,890,124
Liabilities:
Payable for Investment Securities Purchased		9,887,986			181,448			357,688			184,629
Obligation to Return Securities Lending Collateral		7,027,047			—			—			—
Payable due to Investment Adviser		44,792			821			9,324			1,987
Cash Overdraft		—			855			—			—
Total Liabilities		16,959,825			183,124			367,012			186,616
Net Assets	$	83,594,499		$	1,521,320		$	17,319,230		$	3,703,508
Net Assets Consist of:
Paid-in Capital	$	138,988,090		$	3,191,064		$	33,695,398		$	7,609,955
Distributions in Excess of Net Investment Income		(289,668	)		(3,354	)		(123,424	)		(16,553	)
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(35,883,254	)		(934,398	)		(10,752,140	)		(2,034,963	)
Net Unrealized Depreciation on Investments		(19,220,669	)		(731,992	)		(5,500,603	)		(1,854,931	)
Net Unrealized Depreciation on Foreign Currency Translations		—			—			(1	)		—
Net Assets	$	83,594,499		$	1,521,320		$	17,319,230		$	3,703,508
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		7,350,000			150,000			1,400,000			300,000
Net Asset Value, Offering and Redemption Price Per Share	$	11.37		$	10.14		$	12.37		$	12.35
*Includes Market Value of Securities on Loan	$	6,564,632		$	—		$	—		$	—

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

60

 

Statements of Assets and Liabilities

April 30, 2016 (Unaudited)

	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	$	2,209,847		$	13,186,076		$	14,634,151		$	5,683,974
Cost of Foreign Currency		4			7			14,191			585
Investments, at Value	$	1,262,831		$	12,700,991		$	12,628,464		$	3,927,968
Cash		1,915			25,344			5,129			6,247
Foreign Currency, at Value		4			7			14,223			590
Receivable for Investment Securities Sold		121,054			—			—			—
Dividend and Interest Receivable		—			—			54,801			12,521
Reclaim Receivable		—			—			3,008			—
Total Assets		1,385,804			12,726,342			12,705,625			3,947,326
Liabilities:
Payable for Investment Securities Purchased		116,936			—			—			—
Payable due to Investment Adviser		674			7,261			6,818			2,228
Total Liabilities		117,610			7,261			6,818			2,228
Net Assets	$	1,268,194		$	12,719,081		$	12,698,807		$	3,945,098
Net Assets Consist of:
Paid-in Capital	$	3,382,230		$	15,035,205		$	20,057,072		$	8,632,974
Undistributed (Distributions in Excess of) Net Investment Income		(3,175	)		107,574			95,154			22,891
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(1,163,844	)		(1,938,613	)		(5,448,504	)		(2,954,771	)
Net Unrealized Depreciation on Investments		(947,016	)		(485,085	)		(2,005,687	)		(1,756,006	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		(1	)		—			772			10
Net Assets	$	1,268,194		$	12,719,081		$	12,698,807		$	3,945,098
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		99,971			600,000			950,000			500,000
Net Asset Value, Offering and Redemption Price Per Share	$	12.69		$	21.20		$	13.37		$	7.89

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

61

 

Statements of Assets and Liabilities

April 30, 2016 (Unaudited)

	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	$	104,963,813		$	4,725,542		$	4,715,580		$	65,798,648
Cost of Foreign Currency		92,771			4,202			3,357			—
Investments, at Value	$	88,548,996		$	3,692,045		$	3,635,055		$	69,430,205
Cash		243,978			—			2,426			97,287
Foreign Currency, at Value		93,879			4,202			3,357			—
Receivable for Investment Securities Sold		82,459			—			—			—
Dividend and Interest Receivable		7,144			21,986			12,376			8,846
Reclaim Receivable		—			—			—			1,161
Total Assets		88,976,456			3,718,233			3,653,214			69,537,499
Liabilities:
Payable due to Investment Adviser		34,363			1,961			2,190			33,446
Cash Overdraft		—			5,614			—			—
Unrealized Depreciation on Forward Foreign Currency Contracts		—			38			7			—
Payable due to Custodian		15,886			—			—			307
Total Liabilities		50,249			7,613			2,197			33,753
Net Assets	$	88,926,207		$	3,710,620		$	3,651,017		$	69,503,746
Net Assets Consist of:
Paid-in Capital	$	172,836,907		$	11,877,345		$	9,664,211		$	70,735,288
Undistributed (Distributions in Excess of) Net Investment Income		158,815			12,753			(150	)		(173,490	)
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(67,655,900	)		(7,146,900	)		(4,932,827	)		(4,689,525	)
Net Unrealized Appreciation (Depreciation) on Investments		(16,414,817	)		(1,033,497	)		(1,080,525	)		3,631,557
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		1,202			919			308			(84	)
Net Assets	$	88,926,207		$	3,710,620		$	3,651,017		$	69,503,746
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		9,330,000			450,000			350,000			3,374,975
Net Asset Value, Offering and Redemption Price Per Share	$	9.53		$	8.25		$	10.43		$	20.59

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

62

 

Statements of Assets and Liabilities

April 30, 2016 (Unaudited)

	Global X MSCI Greece ETF			Global X MSCI Norway ETF			Global X FTSE Nordic Region ETF			Global X MSCI Nigeria ETF
Assets:
Cost of Investments	$	326,520,279		$	136,868,783		$	47,301,755		$	30,876,480
Cost of Repurchase Agreement		4,835,750			23,830,593			923,125			—
Cost of Foreign Currency		12,726			275,318			—			282,380
Investments, at Value	$	281,202,320	*	$	110,242,924	*	$	47,103,323	*	$	21,320,308
Cash		—			438,165	(1)		—			—
Foreign Currency, at Value		12,966			275,318			—			282,380
Repurchase Agreement, at Value		4,835,750			23,830,593			923,125			—
Receivable for Investment Securities Sold		1,961,204			—			—			—
Dividend and Interest Receivable		3,504			598,574			177,825			90,680
Receivable for Capital Shares Sold		—			1,079,482			—			—
Reclaim Receivable		—			—			599,892			431
Total Assets		288,015,744			136,465,056			48,804,165			21,693,799
Liabilities:
Cash Overdraft		34,564,172			151,004			47,628			259,603
Payable for Capital Shares Redeemed		1,949,551			—			—			—
Payable due to Investment Adviser		108,924			42,173			19,436			11,468
Payable for Investment Securities Purchased		—			1,074,473			—			63,688
Obligation to Return Securities Lending Collateral		4,835,750			24,268,758			923,125			—
Unrealized Depreciation on Forward Foreign Currency Contracts		—			2,010			—			—
Payable due to Custodian		26,921			—			—			7,958
Total Liabilities		41,485,318			25,538,418			990,189			342,717
Net Assets	$	246,530,426		$	110,926,638		$	47,813,976		$	21,351,082
Net Assets Consist of:
Paid-in Capital	$	473,175,369		$	152,329,720		$	50,183,474		$	38,983,151
Undistributed (Distributions in Excess of) Net Investment Income		(416,502	)		894,616			710,435			577,218
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(180,910,722	)		(15,676,455	)		(2,833,270	)		(8,653,125	)
Net Unrealized Depreciation on Investments		(45,317,959	)		(26,625,859	)		(198,432	)		(9,556,172	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		240			4,616			(48,231	)		10
Net Assets	$	246,530,426		$	110,926,638		$	47,813,976		$	21,351,082
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		31,400,000			10,200,000			2,210,000			3,500,000
Net Asset Value, Offering and Redemption Price Per Share	$	7.85		$	10.88		$	21.64		$	6.10
*Includes Market Value of Securities on Loan	$	4,550,847		$	23,080,591		$	874,384		$	—

(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. 

63

 

Statements of Assets and Liabilities

April 30, 2016 (Unaudited)

	Global X Next Emerging & Frontier ETF			Global X FTSE Portugal 20 ETF			Global X MSCI Pakistan ETF
Assets:
Cost of Investments	$	15,262,590		$	33,886,087		$	6,530,559
Cost of Repurchase Agreement		—			2,864,948			—
Cost of Foreign Currency		15,551			16,288			62,539
Investments, at Value	$	12,991,798		$	25,444,671	*	$	6,010,956
Foreign Currency, at Value		15,603			16,467			62,538
Repurchase Agreement, at Value		—			2,864,948			—
Dividend and Interest Receivable		40,268			78,563			16,629
Reclaim Receivable		16,647			207,416			—
Total Assets		13,064,316			28,612,065			6,090,123
Liabilities:
Cash Overdraft		15,957			4,284			545,829
Payable due to Investment Adviser		5,118			11,341			2,978
Obligation to Return Securities Lending Collateral		—			2,864,948			—
Unrealized Depreciation on Forward Foreign Currency Contracts		—			152			—
Payable due to Custodian		8,518			4,395			2,080
Accrued Foreign Capital Gains Tax on Appreciated Securities		—			—			39,567
Total Liabilities		29,593			2,885,120			590,454
Net Assets	$	13,034,723		$	25,726,945		$	5,499,669
Net Assets Consist of:
Paid-in Capital	$	55,754,200		$	41,990,779		$	6,047,981
Undistributed Net Investment Income		172,766			85,722			98,783
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(40,632,885	)		(7,898,478	)		(87,906	)
Net Unrealized Depreciation on Investments		(2,270,792	)		(8,441,416	)		(519,603	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		11,434			(9,662	)		(39,586	)
Net Assets	$	13,034,723		$	25,726,945		$	5,499,669
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		650,000			2,500,000			400,000
Net Asset Value, Offering and Redemption Price Per Share	$	20.05		$	10.29		$	13.75
*Includes Market Value of Securities on Loan	$	—		$	748,408		$	—

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

64

 

Statements of Operations

For the period endedApril 30, 2016 (Unaudited)

	Global X China Consumer ETF			Global X China Energy ETF			Global X China Financials ETF			Global X China Industrials ETF
Investment Income:
Dividend Income	$	410,366		$	2,615		$	40,913		$	6,187
Interest Income		92			1			64			2
Security Lending Income		68,790			—			—			—
Less: Foreign Taxes Withheld		—			(15	)		—			(499	)
Total Investment Income		479,248			2,601			40,977			5,690
Supervision and Administration Fees(1)		260,660			4,818			118,981			14,153
Other Fees		44			–			–			1
Total Expenses		260,704			4,818			118,981			14,154
Net Investment Income (Loss)		218,544			(2,217	)		(78,004	)		(8,464	)
Net Realized Gain (Loss) on:
Investments		(7,675,236	)(2)		(176,401	)		(8,944,521	)(2)		(419,315	)(2)
Foreign Currency Transactions		43,838			(4	)		(285	)		(24	)
Net Realized Loss on Investments and Foreign Currency Transactions		(7,631,398	)		(176,405	)		(8,944,806	)		(419,339	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(4,301,255	)		8,477			(1,150,274	)		(371,212	)
Foreign Currency Translations		(2	)		—			—			—
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(4,301,257	)		8,477			(1,150,274	)		(371,212	)
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions and Translations		(11,932,655	)		(167,928	)		(10,095,080	)		(790,551	)
Net Decrease in Net Assets Resulting from Operations	$	(11,714,111	)	$	(170,145	)	$	(10,173,084	)	$	(799,015	)

(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. 

65

 

Statements of Operations

For the period endedApril 30, 2016 (Unaudited)

	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	$	939		$	163,930		$	184,866		$	47,908
Interest Income		2			10			12			10
Less: Foreign Taxes Withheld		—			(600	)		(9,773	)		(8,310	)
Total Investment Income		941			163,340			175,105			39,608
Supervision and Administration Fees(1)		3,915			46,579			41,720			11,787
Other Fees		–			38			1			10
Total Expenses		3,915			46,617			41,721			11,797
Net Investment Income (Loss)		(2,974	)		116,723			133,384			27,811
Net Realized Gain (Loss) on:
Investments		(165,724	)		30,132	(2)		(1,500,829	)(2)		(241,784	)
Foreign Currency Transactions		(10	)		(24	)		(2,935	)		(42	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(165,734	)		30,108			(1,503,764	)		(241,826	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		179,216			(631,406	)		1,954,996			674,052
Foreign Currency Translations		—			—			590			8
Net Change in Unrealized Appreciation (Depreciation) on Investments  and Foreign Currency Translations		179,216			(631,406	)		1,955,586			674,060
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		13,482			(601,298	)		451,822			432,234
Net Increase (Decrease) in Net Assets Resulting from Operations	$	10,508		$	(484,575	)	$	585,206		$	460,045

(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. 

66

 

Statements of Operations

For the period endedApril 30, 2016 (Unaudited)

	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	$	874,549		$	48,654		$	17,645		$	139,179
Interest Income		221			—			—			13
Security Lending Income		771			—			—			—
Less: Foreign Taxes Withheld		(58,986	)		(350	)		(959	)		(25,935	)
Total Investment Income		816,555			48,304			16,686			113,257
Supervision and Administration Fees(1)		222,973			10,422			11,529			116,727
Tax Expense		–			89			23			–
Custodian Fees		37,393			–			–			631
Other Fees		224			1			–			2
Total Expenses		260,590			10,512			11,552			117,360
Waiver of Supervision and Administration Fees		(38,840	)		–			–			–
Waiver of Custodian Fees		(21,507	)		–			–			–
Net Expenses		200,243			10,512			11,552			117,360
Net Investment Income (Loss)		616,312			37,792			5,134			(4,103	)
Net Realized Gain (Loss) on:
Investments		(8,975,804	)(2)		(198,775	)		(708,819	)		(1,445,276	)
Foreign Currency Transactions		(47,059	)		197			877			1,036
Net Realized Loss on Investments and Foreign Currency Transactions		(9,022,863	)		(198,578	)		(707,942	)		(1,444,240	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		17,612,192			860,875			1,423,963			6,375,118
Foreign Currency Translations		1,148			1,578			735			(67	)
Net Change in Unrealized Appreciation on Investments  and Foreign Currency Translations		17,613,340			862,453			1,424,698			6,375,051
Net Realized and Unrealized Gain on Investments and Foreign Currency Transactions and Translations		8,590,477			663,875			716,756			4,930,811
Net Increase in Net Assets Resulting from Operations	$	9,206,789		$	701,667		$	721,890		$	4,926,708

(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. 

67

 

Statements of Operations

For the period endedApril 30, 2016 (Unaudited)

	Global X MSCI Greece ETF			Global X MSCI Norway ETF			Global X FTSE Nordic Region ETF			Global X MSCI Nigeria ETF
Investment Income:
Dividend Income	$	619,330		$	1,789,878		$	1,332,703		$	754,090
Interest Income		1,047			52			18			95
Security Lending Income		3,504			217,716			2,042			—
Less: Foreign Taxes Withheld		–			(622,927	)		(147,878	)		(71,499	)
Total Investment Income		623,881			1,384,719			1,186,885			682,686
Supervision and Administration Fees(1)		652,964			168,211			121,095			67,150
Custodian Fees		71,231			–			–			23,700
Other Fees		44			16			206			2
Total Expenses		724,239			168,227			121,301			90,852
Waiver of Custodian Fees		–			–			–			(15,742	)
Net Expenses		724,239			168,227			121,301			75,110
Net Investment Income (Loss)		(100,358	)		1,216,492			1,065,584			607,576
Net Realized Gain (Loss) on:
Investments		(104,328,335	)(2)		(4,161,406	)(2)		(245,215	)(2)		(3,210,789	)
Foreign Currency Transactions		21,441			(29,274	)		(5,518	)		78,709
Net Realized Loss on Investments and Foreign Currency Transactions		(104,306,894	)		(4,190,680	)		(250,733	)		(3,132,080	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		30,912,879			10,063,019			(1,117,137	)		(1,904,162	)
Foreign Currency Translations		226			54,800			32,844			1,583
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		30,913,105			10,117,819			(1,084,293	)		(1,902,579	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		(73,393,789	)		5,927,139			(1,335,026	)		(5,034,659	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(73,494,147	)	$	7,143,631		$	(269,442	)	$	(4,427,083	)

(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. 

68

 

Statements of Operations

For the period endedApril 30, 2016 (Unaudited)

	Global X Next Emerging & Frontier ETF			Global X FTSE Portugal 20 ETF			Global X MSCI Pakistan ETF
Investment Income:
Dividend Income	$	580,189		$	422,923		$	181,105
Interest Income		1,002			61			3
Security Lending Income		—			75,202			—
Less: Foreign Taxes Withheld		(40,033	)		(71,041	)		(23,197	)
Total Investment Income		541,158			427,145			157,911
Supervision and Administration Fees(1)		166,100			75,313			17,835
Custodian Fees		30,175			9,171			5,420
Other Fees		–			–			60
Total Expenses		196,275			84,484			23,315
Net Investment Income		344,883			342,661			134,596
Net Realized Gain (Loss) on:
Investments		(30,473,878	)(2)		(2,568,733	)(2)		(60,007	)
Foreign Currency Transactions		2,183			(2,843	)		(687	)
Net Realized Loss on Investments and Foreign Currency Transactions		(30,471,695	)		(2,571,576	)		(60,694	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		27,049,294			1,367,958			(59,089	)
Foreign Capital Gains Tax on Appreciated Securities		—			—			(17,627	)
Foreign Currency Translations		777			7,825			472
Net Change in Unrealized Appreciation (Depreciation) on Investments  and Foreign Currency Translations		27,050,071			1,375,783			(76,244	)
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions and Translations		(3,421,624	)		(1,195,793	)		(136,938	)
Net Decrease in Net Assets Resulting from Operations	$	(3,076,741	)	$	(853,132	)	$	(2,342	)

(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).

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

69

 

Statements of Changes in Net Assets

	Global X China Consumer ETF						Global X China Energy ETF
	Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Operations:
Net Investment Income (Loss)	$	218,544		$	4,078,383		$	(2,217	)	$	48,211
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(7,631,398	)(1)		(12,633,583	)(1)		(176,405	)		79,371	(1)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(4,301,257	)		7,369,978			8,477			(693,919	)
Net Decrease in Net Assets Resulting from Operations		(11,714,111	)		(1,185,222	)		(170,145	)		(566,337	)
Dividends and Distributions from:
Net Investment Income		(4,048,651	)		(2,353,761	)		(49,338	)		(81,629	)
Total Dividends and Distributions		(4,048,651	)		(2,353,761	)		(49,338	)		(81,629	)
Capital Share Transactions:
Issued		12,663,013			4,518,462			—			—
Redeemed		(7,256,691	)		(41,042,576	)		—			(2,120,068	)
Increase (Decrease) in Net Assets  from Capital Share Transactions		5,406,322			(36,524,114	)		—			(2,120,068	)
Total Decrease in Net Assets		(10,356,440	)		(40,063,097	)		(219,483	)		(2,768,034	)
Net Assets:
Beginning of Period		93,950,939			134,014,036			1,740,803			4,508,837
End of Period	$	83,594,499		$	93,950,939		$	1,521,320		$	1,740,803
Undistributed (Distributions in Excess of) Net Investment Income	$	(289,668	)	$	3,540,439		$	(3,354	)	$	48,201
Share Transactions:
Issued		1,200,000			350,000			—			—
Redeemed		(700,000	)		(3,200,000	)		—			(150,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		500,000			(2,850,000	)		—			(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. 

70

 

Statements of Changes in Net Assets

	Global X China Financials ETF						Global X China Industrials ETF
	Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Operations:
Net Investment Income (Loss)	$	(78,004	)	$	2,726,683		$	(8,464	)	$	99,429
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions(1)		(8,944,806	)		3,004,884			(419,339	)		861,527
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translations		(1,150,274	)		(2,867,620	)		(371,212	)		(1,121,417	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(10,173,084	)		2,863,947			(799,015	)		(160,461	)
Dividends and Distributions from:
Net Investment Income		(2,772,013	)		(617,666	)		(103,249	)		(44,362	)
Total Dividends and Distributions		(2,772,013	)		(617,666	)		(103,249	)		(44,362	)
Capital Share Transactions:
Issued		—			45,839,534			—			6,125,108
Redeemed		(27,093,327	)		(39,313,495	)		(2,616,502	)		(4,518,645	)
Increase (Decrease) in Net Assets  from Capital Share Transactions		(27,093,327	)		6,526,039			(2,616,502	)		1,606,463
Total Increase (Decrease) in Net Assets		(40,038,424	)		8,772,320			(3,518,766	)		1,401,640
Net Assets:
Beginning of Period		57,357,654			48,585,334			7,222,274			5,820,634
End of Period	$	17,319,230		$	57,357,654		$	3,703,508		$	7,222,274
Undistributed (Distributions in Excess of) Net Investment Income	$	(123,424	)	$	2,726,593		$	(16,553	)	$	95,160
Share Transactions:
Issued		—			2,850,000			—			350,000
Redeemed		(2,450,000	)		(2,600,000	)		(200,000	)		(300,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(2,450,000	)		250,000			(200,000	)		50,000

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

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

71

 

Statements of Changes in Net Assets

	Global X China Materials ETF						Global X NASDAQ China Technology ETF
	Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Operations:
Net Investment Income (Loss)	$	(2,974	)	$	70,649		$	116,723		$	99,519
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(165,734	)		(389,807	)(1)		30,108	(1)		426,927	(1)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		179,216			(339,993	)		(631,406	)		(2,620,410	)
Net Increase (Decrease) in Net Assets Resulting from Operations		10,508			(659,151	)		(484,575	)		(2,093,964	)
Dividends and Distributions from:
Net Investment Income		(70,832	)		(30,768	)		(100,894	)		(64,823	)
Total Dividends and Distributions		(70,832	)		(30,768	)		(100,894	)		(64,823	)
Capital Share Transactions:
Issued		—			4,880,764			—			2,507,379
Redeemed		—			(5,821,646	)		(2,099,885	)		(7,251,028	)
Decrease in Net Assets from Capital Share Transactions		—			(940,882	)		(2,099,885	)		(4,743,649	)
Total Decrease in Net Assets		(60,324	)		(1,630,801	)		(2,685,354	)		(6,902,436	)
Net Assets:
Beginning of Period		1,328,518			2,959,319			15,404,435			22,306,871
End of Period	$	1,268,194		$	1,328,518		$	12,719,081		$	15,404,435
Undistributed (Distributions in Excess of) Net Investment Income	$	(3,175	)	$	70,631		$	107,574		$	91,745
Share Transactions:
Issued		—			250,000			—			100,000
Redeemed		—			(350,000	)		(100,000	)		(350,000	)
Net Decrease in Shares Outstanding from Share Transactions		—			(100,000	)		(100,000	)		(250,000	)

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

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

72

 

Statements of Changes in Net Assets

	Global X Southeast Asia ETF						Global X FTSE Andean 40 ETF
	Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Operations:
Net Investment Income	$	133,384		$	499,498		$	27,811		$	116,375
Net Realized Loss on Investments and Foreign Currency Transactions		(1,503,764	)(1)		(3,073,750	)(1)		(241,826	)		(1,894,002	)(1)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		1,955,586			(2,491,872	)		674,060			(313,544	)
Net Increase (Decrease) in Net Assets Resulting from Operations		585,206			(5,066,124	)		460,045			(2,091,171	)
Dividends and Distributions from:
Net Investment Income		(486,151	)		(689,799	)		(85,704	)		(168,007	)
Total Dividends and Distributions		(486,151	)		(689,799	)		(85,704	)		(168,007	)
Capital Share Transactions:
Issued		—			1,664,730			317,969			432,014
Redeemed		(1,776,081	)		(10,868,937	)		—			(3,930,506	)
Increase (Decrease) in Net Assets  from Capital Share Transactions		(1,776,081	)		(9,204,207	)		317,969			(3,498,492	)
Total Increase (Decrease) in Net Assets		(1,677,026	)		(14,960,130	)		692,310			(5,757,670	)
Net Assets:
Beginning of Period		14,375,833			29,335,963			3,252,788			9,010,458
End of Period	$	12,698,807		$	14,375,833		$	3,945,098		$	3,252,788
Undistributed Net Investment Income	$	95,154		$	447,921		$	22,891		$	80,784
Share Transactions:
Issued		—			100,000			50,000			50,000
Redeemed		(150,000	)		(750,000	)		—			(450,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(150,000	)		(650,000	)		50,000			(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. 

73

 

Statements of Changes in Net Assets

	Global X MSCI Colombia ETF						Global X Brazil Mid Cap ETF
	Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Operations:
Net Investment Income	$	616,312		$	2,046,015		$	37,792		$	110,234
Net Realized Loss on Investments and Foreign Currency Transactions		(9,022,863	)(1)		(33,449,177	)(1)		(198,578	)		(2,034,312	)(1)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		17,613,340			(18,888,106	)		862,453			(863,040	)
Net Increase (Decrease) in Net Assets Resulting from Operations		9,206,789			(50,291,268	)		701,667			(2,787,118	)
Dividends and Distributions from:
Net Investment Income		(948,793	)		(2,318,237	)		(80,368	)		(242,176	)
Total Dividends and Distributions		(948,793	)		(2,318,237	)		(80,368	)		(242,176	)
Capital Share Transactions:
Issued		14,442,060			45,234,599			—			—
Redeemed		(389,831	)		(26,696,623	)		—			(1,823,648	)
Increase (Decrease) in Net Assets from Capital Share Transactions		14,052,229			18,537,976			—			(1,823,648	)
Total Increase (Decrease) in Net Assets		22,310,225			(34,071,529	)		621,299			(4,852,942	)
Net Assets:
Beginning of Period		66,615,982			100,687,511			3,089,321			7,942,263
End of Period	$	88,926,207		$	66,615,982		$	3,710,620		$	3,089,321
Undistributed Net Investment Income	$	158,815		$	491,296		$	12,753		$	55,329
Share Transactions:
Issued		1,800,000			4,150,000			—			—
Redeemed		(50,000	)		(2,350,000	)		—			(200,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		1,750,000			1,800,000			—			(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. 

74

 

Statements of Changes in Net Assets

	Global X Brazil Consumer ETF						Global X MSCI Argentina ETF
	Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Operations:
Net Investment Income (Loss)	$	5,134		$	80,600		$	(4,103	)	$	101,821
Net Realized Loss on Investments and Foreign Currency Transactions		(707,942	)		(1,712,549	)(1)		(1,444,240	)		(416,473	)(1)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		1,424,698			(2,485,770	)		6,375,051			(1,540,989	)
Net Increase (Decrease) in Net Assets Resulting from Operations		721,890			(4,117,719	)		4,926,708			(1,855,641	)
Dividends and Distributions from:
Net Investment Income		(41,505	)		(240,598	)		(213,754	)		(90,100	)
Total Dividends and Distributions		(41,505	)		(240,598	)		(213,754	)		(90,100	)
Capital Share Transactions:
Issued		—			—			49,435,734			4,191,155
Redeemed		—			(2,613,701	)		—			(7,542,603	)
Increase (Decrease) in Net Assets from Capital Share Transactions		—			(2,613,701	)		49,435,734			(3,351,448	)
Total Increase (Decrease) in Net Assets		680,385			(6,972,018	)		54,148,688			(5,297,189	)
Net Assets:
Beginning of Period		2,970,632			9,942,650			15,355,058			20,652,247
End of Period	$	3,651,017		$	2,970,632		$	69,503,746		$	15,355,058
Undistributed (Distributions in Excess of) Net Investment Income	$	(150	)	$	36,221		$	(173,490	)	$	44,367
Share Transactions:
Issued		—			—			2,600,000			200,000
Redeemed		—			(250,000	)		—			(400,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		—			(250,000	)		2,600,000			(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. 

75

 

Statements of Changes in Net Assets

	Global X MSCI Greece ETF						Global X MSCI Norway ETF
	Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Operations:
Net Investment Income (Loss)	$	(100,358	)	$	3,821,536		$	1,216,492		$	2,491,201
Net Realized Loss on Investments and Foreign Currency Transactions(1)		(104,306,894	)		(76,225,431	)		(4,190,680	)		(26,825,038	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		30,913,105			(8,460,738	)		10,117,819			(7,387,842	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(73,494,147	)		(80,864,633	)		7,143,631			(31,721,679	)
Dividends and Distributions from:
Net Investment Income		(3,840,043	)		(956,353	)		(2,212,531	)		(4,921,308	)
Total Dividends and Distributions		(3,840,043	)		(956,353	)		(2,212,531	)		(4,921,308	)
Capital Share Transactions:
Issued		38,207,986			336,524,730			46,083,254			41,588,211
Redeemed		(29,250,561	)		(79,997,814	)		(5,111,557	)		(122,958,997	)
Increase (Decrease) in Net Assets from Capital Share Transactions		8,957,425			256,526,916			40,971,697			(81,370,786	)
Total Increase (Decrease) in Net Assets		(68,376,765	)		174,705,930			45,902,797			(118,013,773	)
Net Assets:
Beginning of Period		314,907,191			140,201,261			65,023,841			183,037,614
End of Period	$	246,530,426		$	314,907,191		$	110,926,638		$	65,023,841
Undistributed (Distributions in Excess of) Net Investment Income	$	(416,502	)	$	3,523,899		$	894,616		$	1,890,655
Share Transactions:
Issued		4,750,000			28,000,000			4,650,000			3,200,000
Redeemed		(3,600,000	)		(6,600,000	)		(500,000	)		(9,500,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		1,150,000			21,400,000			4,150,000			(6,300,000	)

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

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

76

 

Statements of Changes in Net Assets

	Global X FTSE Nordic Region ETF						Global X MSCI Nigeria ETF
	Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Operations:
Net Investment Income	$	1,065,584		$	1,410,352		$	607,576		$	908,373
Net Realized Loss on Investments and Foreign Currency Transactions		(250,733	)(1)		(325,550	)(1)		(3,132,080	)		(4,431,226	)
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translations		(1,084,293	)		(4,012,414	)		(1,902,579	)		(5,677,883	)
Net Decrease in Net Assets Resulting from Operations		(269,442	)		(2,927,612	)		(4,427,083	)		(9,200,736	)
Dividends and Distributions from:
Net Investment Income		(1,490,826	)		(2,045,741	)		(850,578	)		(505,208	)
Total Dividends and Distributions		(1,490,826	)		(2,045,741	)		(850,578	)		(505,208	)
Capital Share Transactions:
Issued		—			2,475,978			4,220,932			19,080,421
Redeemed		(3,021,545	)		(4,833,389	)		(2,215,312	)		(1,675,335	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(3,021,545	)		(2,357,411	)		2,005,620			17,405,086
Total Increase (Decrease) in Net Assets		(4,781,813	)		(7,330,764	)		(3,272,041	)		7,699,142
Net Assets:
Beginning of Period		52,595,789			59,926,553			24,623,123			16,923,981
End of Period	$	47,813,976		$	52,595,789		$	21,351,082		$	24,623,123
Undistributed Net Investment Income	$	710,435		$	1,135,677		$	577,218		$	820,220
Share Transactions:
Issued		—			100,000			700,000			2,000,000
Redeemed		(150,000	)		(200,000	)		(300,000	)		(200,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(150,000	)		(100,000	)		400,000			1,800,000

⁽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. 

77

 

Statements of Changes in Net Assets

	Global X Next Emerging & Frontier ETF						Global X FTSE Portugal 20 ETF
	Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Operations:
Net Investment Income	$	344,883		$	2,874,787		$	342,661		$	1,001,642
Net Realized Loss on Investments and Foreign Currency Transactions(1)		(30,471,695	)		(10,679,341	)		(2,571,576	)		(4,824,501	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		27,050,071			(27,226,842	)		1,375,783			(1,698,130	)
Net Decrease in Net Assets Resulting from Operations		(3,076,741	)		(35,031,396	)		(853,132	)		(5,520,989	)
Dividends and Distributions from:
Net Investment Income		(2,414,376	)		(2,316,518	)		(1,260,520	)		(575,663	)
Total Dividends and Distributions		(2,414,376	)		(2,316,518	)		(1,260,520	)		(575,663	)
Capital Share Transactions:
Issued		—			8,809,775			502,970			25,089,819
Redeemed		(88,399,190	)		(16,563,940	)		(10,110,896	)		(18,236,165	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(88,399,190	)		(7,754,165	)		(9,607,926	)		6,853,654
Total Increase (Decrease) in Net Assets		(93,890,307	)		(45,102,079	)		(11,721,578	)		757,002
Net Assets:
Beginning of Period		106,925,030			152,027,109			37,448,523			36,691,521
End of Period	$	13,034,723		$	106,925,030		$	25,726,945		$	37,448,523
Undistributed Net Investment Income	$	172,766		$	2,242,259		$	85,722		$	1,003,581
Share Transactions:
Issued		—			400,000			50,000			2,200,000
Redeemed		(4,900,000	)		(800,000	)		(1,000,000	)		(1,650,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(4,900,000	)		(400,000	)		(950,000	)		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.

78

 

Statements of Changes in Net Assets

	Global X MSCI Pakistan ETF
	Period Ended April 30, 2016 (Unaudited)			Period Ended October 31, 2015(1)
Operations:
Net Investment Income	$	134,596		$	110,549
Net Realized Loss on Investments and Foreign Currency Transactions		(60,694	)		(8,726	)
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translations		(76,244	)		(482,945	)
Net Decrease in Net Assets Resulting from Operations		(2,342	)		(381,122	)
Dividends and Distributions from:
Net Investment Income		(146,008	)		—
Net Realized Gains		(18,840	)		—
Total Dividends and Distributions		(164,848	)		—
Capital Share Transactions:
Issued		—			6,047,981
Increase in Net Assets  from Capital Share Transactions		—			6,047,981
Total Increase (Decrease) in Net Assets		(167,190	)		5,666,859
Net Assets:
Beginning of Period		5,666,859			—
End of Period	$	5,499,669		$	5,666,859
Undistributed Net Investment Income	$	98,783		$	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.

79

 

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income (Loss)($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)		��	Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)††
Global X China Consumer ETF
2016(Unaudited)		13.72		0 .03			(1.79	)		(1.76	)		(0.59	)		—			(0.59	)		11.37		(13.15	)		83,594		0.65	†		0.55	†		19.95
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
2016(Unaudited)		11.61		(0.01	)		(1.13	)		(1.14	)		(0.33	)		—			(0.33	)		10.14		(9.84	)		1,521		0.65	†		(0.30	)†		12.17
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
2016(Unaudited)		14.90		(0.03	)		(1.77	)		(1.80	)		(0.73	)		—			(0.73	)		12.37		(12.65	)		17,319		0.65	†		(0.43	)†		1.15
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
2016(Unaudited)		14.44		(0.02	)		(1.73	)		(1.75	)		(0.34	)		—			(0.34	)		12.35		(12.17	)		3,704		0.65	†		(0.39	)†		3.69
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
2016(Unaudited)		13.29		(0.03	)		0.14			0.11			(0.71	)		—			(0.71	)		12.69		1.03			1,268		0.65	†		(0.49	)†		12.29
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
2016(Unaudited)		22.01		0.17			(0.84	)		(0.67	)		(0.14	)		—			(0.14	)		21.20		(3.08	)		12,719		0.65	†		1.63	†		24.52
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.
†	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.

80

 

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 (Loss) to Average Net Assets (%)			Portfolio Turnover (%)††
Global X Southeast Asia ETF
2016(Unaudited)		13.07		0.13		0.61			0.74			(0.44	)		—			(0.44	)		13.37		5.97			12,699		0.65	†		2.08	†		4.71
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
2016(Unaudited)		7.23		0.06		0.77			0.83			(0.17	)		—			(0.17	)		7.89		12.08			3,945		0.72	†		1.70	†		8.21
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
2016(Unaudited)		8.79		0.07		0.79			0.86			(0.12	)		—			(0.12	)		9.53		10.13			88,926		0.61	@†		1.88	†		12.51
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
2016(Unaudited)		6.87		0.08		1.48			1.56			(0.18	)		—			(0.18	)		8.25		23.47			3,711		0.69	†		2.50	†		6.48
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
2016(Unaudited)		8.49		0.01		2.05			2.06			(0.12	)		—			(0.12	)		10.43		24.63			3,651		0.77	†		0.34	†		11.21
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
2016(Unaudited)		19.81		0.00		0.94			0.94			(0.16	)		—			(0.16	)		20.59		4.86			69,504		0.74	†		(0.03	)†		10.28
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 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 0.80%, 0.79%, 0.78%, 0.80%, 0.83%, and 0.83% for the period ended April 30, 2016 and 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.

81

 

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income ($)*		Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)			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 MSCI Greece ETF
2016(Unaudited)		10.41		—		(2.44	)		(2.44	)		(0.12	)		—			(0.12	)		7.85		(23.46	)		246,530		0.61	†		(0.08	)†		56.70
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
2016(Unaudited)		10.75		0.18		0.32			0.50			(0.37	)		—			(0.37	)		10.88		5.02			110,927		0.50	†		3.62	†		8.19
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
2016(Unaudited)		22.29		0.46		(0.48	)		(0.02	)		(0.63	)		—			(0.63	)		21.64		(0.10	)		47,814		0.50	†		4.40	†		6.15
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
2016(Unaudited)		7.94		0.20		(1.74	)		(1.54	)		(0.30	)		—			(0.30	)		6.10		(19.75	)		21,351		0.76	†@		6.16	†		25.01
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
2016(Unaudited)		19.27		0.09		1.15			1.24			(0.46	)		—			(0.46	)		20.05		6.80			13,035		0.58	†		1.02	†		3.02
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
2016(Unaudited)		10.85		0.12		(0.22	)		(0.10	)		(0.46	)		—			(0.46	)		10.29		(0.91	)		25,727		0.61	†		2.51	†		15.77
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
2016(Unaudited)		14.17		0.34		(0.34	)		—			(0.37	)		(0.05	)		(0.42	)		13.75		0.10			5,500		0.89	†		5.14	†		10.44
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 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 0.92%, 0.92%,  0.92% and 0.92% for the period ended April 30, 2016 and 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.

82

 

Notes to Financial Statements

April 30, 2016 (Unaudited)

1. ORGANIZATION

The Global X Funds (the "Trust") is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of April 30, 2016, the Trust had one hundred and seven 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 MSCI Greece ETF (formerly 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.

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 differ from those estimates.

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

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

83

 

Notes to Financial Statements

April 30, 2016(continued) (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Securities for which market prices are not "readily available" are valued in accordance with Fair Value Procedures established by the Board of Trustees (the “Board”). The Funds’ Fair Value Procedures are implemented through a Fair Value Committee (the "Committee") designated by the Board. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security's trading has been halted or suspended; the security has been de-listed from its primary trading exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, the Funds may fair value their securities if an event that may materially affect the value of the Funds’ securities that traded outside of the United States (a “Significant Event”) has occurred between the time of the security's last close and the time that the Funds calculate net asset value. A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include: government actions, natural disaster, armed conflict, acts of terrorism and significant market fluctuations. If Global X Management Company LLC (the “Adviser”) becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate net asset value, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. As of April 30, 2016, there were securities valued using Fair Value Procedures of $4,973, $75,115,$463, $7,242, $10,310, $336 and $2,179 in Global X China Industrials ETF, Global X China Materials ETF, Global X MSCI Colombia ETF, Global X Brazil Mid Cap ETF, Global X Brazil Consumer ETF, Global X Next Emerging & Frontier ETF and Global X FTSE Portugal 20 ETF, respectively. There were no other securities priced using the Fair Value Procedures.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

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

Level 2 – Other significant observable inputs (including quoted prices in non-active markets, quoted prices for similar investments, fair value of investments for which the Funds have the ability to fully redeem tranches at net asset value as of the measurement date or within the near term, and short-term investments valued at amortized cost)

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

84

 

Notes to Financial Statements

April 30, 2016(continued) (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

For the period ended April 30, 2016, there have been no significant changes to the Funds’ fair valuation methodologies.

The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of April 30, 2016. The disclosures below also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.

Global X China Materials ETF

Quantitative information about Level 3 fair value measurements

Assets	Fair Value at 04/30/2016		Valuation Technique(s)	Unobservable Input	Discount Percentage
Common Stock		$17,724	Discount from the Last Traded Price	Last Traded Price Comparability Adjustment %		5 - 99.9%

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.

DUE TO/FROM BROKERS — Due to/from brokers includes cash and collateral balances with the Funds’ clearing brokers or counterparties at April 30, 2016. The Funds continuously monitor the credit standing of each broker or counterparty with whom they conduct business.  In the event a broker or counterparty is unable to fulfill its obligations, the Funds would be subject to counterparty credit risk.

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

85

 

Notes to Financial Statements

April 30, 2016(continued) (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 April 30, 2016, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

	Repurchase Agreements		Fair Value of Non-cash Collateral Received		Cash Collateral Received		Net Amount(1)
Global X China Consumer ETF
Barclays Bank	$	6,000,000	$	6,000,000	$	-	$	-
Deutsche Bank		1,027,047		1,027,047		-		-
Global X MSCIGreece ETF
Deutsche Bank		4,835,750		4,835,750		-		-
Global X MSCI Norway ETF
Barclays Bank		22,000,000		22,000,000		-		-
Deutsche Bank		1,830,593		1,830,593		-		-
Global X FTSE Nordic Region ETF
Deutsche Bank		923,125		923,125		-		-
Global X FTSE Portugal 20 ETF
Deutsche Bank		2,864,948		2,864,948		-		-

⁽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 period ended April 30, 2016, the Global X Brazil Mid Cap ETF and Global X Brazil Consumer ETF incurred federal excise tax in the amount of $89 and $23, respectively. No other provisions for Federal income taxes have been made in the financials.

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.

86

 

Notes to Financial Statements

April 30, 2016(continued) (Unaudited)

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.

As of and during the period ended April 30, 2016, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year, the Funds did not incur any interest or penalties.

SECURITY TRANSACTIONS AND INVESTMENT INCOME — Security transactions are accounted for on the trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sale of investment securities are based on specific identification. Dividend income is recorded on the ex-dividend date. Interest income is recognized on the accrual basis from the settlement date.

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

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

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

87

 

Notes to Financial Statements

April 30, 2016 (continued) (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

	Creation Unit		Creation		Value at		Redemption
	Shares		Fee		April 30, 2016		Fee
Global X China Consumer ETF		50,000	$	1,900	$	568,500	$	1,900
Global X China Energy ETF		50,000		1,900		507,000		1,900
Global X China Financials ETF		50,000		1,900		618,500		1,900
Global X China Industrials ETF		50,000		1,900		617,500		1,900
Global X China Materials ETF		50,000		1,900		634,500		1,900
Global X NASDAQ China Technology ETF		50,000		1,900		1,060,000		1,900
Global X Southeast Asia ETF		50,000		2,300		668,500		2,300
Global X FTSE Andean 40 ETF		50,000		2,300		394,500		2,300
Global X MSCI Colombia ETF		50,000		2,500		476,500		2,500
Global X Brazil Mid Cap ETF		50,000		1,900		412,500		1,900
Global X Brazil Consumer ETF		50,000		1,500		521,500		1,500
Global X MSCI Argentina ETF		50,000		1,000		1,029,500		1,000
Global X MSCI Greece ETF		50,000		1,000		392,500		1,000
Global X MSCI Norway ETF		50,000		1,400		544,000		1,400
Global X FTSE Nordic Region ETF		50,000		1,400		1,082,000		1,400
Global X MSCI Nigeria ETF		50,000		2,300		305,000		2,300
Global X Next Emerging & Frontier ETF		50,000		9,500		1,002,500		9,500
Global X FTSE Portugal 20 ETF		50,000		1,000		514,500		1,000
Global X MSCI Pakistan ETF		50,000		3,800		687,500		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 below (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 MSCI Greece 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, Global X MSCI Greece 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).

88

 

 Notes to Financial Statements

April 30, 2016 (continued) (Unaudited)

3. RELATED PARTY TRANSACTIONS (continued)

	Supervision and Administration Fee
Global X China Consumer ETF		0.65%
Global X China Energy ETF		0.65%
Global X China Financials ETF		0.65%
Global X China Industrials ETF		0.65%
Global X China Materials ETF		0.65%
Global X NASDAQ China Technology ETF		0.65%
Global X 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 MSCI Greece 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 ETF (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, 2017. 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 April 30, 2016, the amounts of waivers/reimbursements subject to recoupment for Global X MSCI Colombia ETF were $60,347 expiring 2019, $133,126 expiring in 2018, $132,223 expiring in 2017 and $84,928 expiring in 2016. As of April 30, 2016, there had been no recoupment of previously waived and reimbursed fees.

** Efffective March 2, 2016, the Adviser discontinued an expense limitation agreements that had been in place with respect to the Global X MSCI Nigeria ETF. At April 30, 2016, the amounts of waivers/reimbursements subject to recoupment for Global X MSCI Nigeria ETF were $15,742 expiring in 2019, $58,656 expiring in 2018, $33,893 expiring in 2017 and $5,469 expiring in 2016. As of April 30, 2016, there had been no recoupment of previously waived and reimbursed fees.

89

 

 Notes to Financial Statements

April 30, 2016 (continued) (Unaudited)

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 from the Funds 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.

90

 

Notes to Financial Statements

April 30, 2016 (continued) (Unaudited)

4. INVESTMENT TRANSACTIONS

For the period ended April 30, 2016, 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	$	16,384,576	$	16,114,241
Global X China Energy ETF		183,716		234,861
Global X China Financials ETF		423,385		3,230,841
Global X China Industrials ETF		165,817		295,768
Global X China Materials ETF		148,632		191,993
Global X NASDAQ China Technology ETF		3,517,975		3,542,869
Global X Southeast Asia ETF		611,187		1,470,690
Global X FTSE Andean 40 ETF		359,335		273,694
Global X MSCI Colombia ETF		18,004,904		8,597,750
Global X Brazil Mid Cap ETF		197,931		237,938
Global X Brazil Consumer ETF		337,059		370,443
Global X MSCI Argentina ETF		4,238,429		3,488,967
Global X MSCI Greece ETF		140,674,142		143,608,010
Global X MSCI Norway ETF		5,979,135		7,482,450
Global X FTSE Nordic Region ETF		2,992,322		3,627,405
Global X MSCI Nigeria ETF		6,935,396		5,075,118
Global X Next Emerging & Frontier ETF		2,016,903		27,136,845
Global X FTSE Portugal 20 ETF		4,409,710		5,437,298
Global X MSCI Pakistan ETF		550,082		611,472

During the period ended April 30, 2016, there were no purchases or sales of long-term U.S. Government securities for the Funds.

91

 

Notes to Financial Statements

April 30, 2016 (continued) (Unaudited)

4. INVESTMENT TRANSACTIONS (continued)

For the period ended April 30, 2016 in-kind transactions associated with creations and redemptions were:

	Purchases		Sales and Maturities		Realized Gain (Loss)
Global X China Consumer ETF	$	8,335,368	$	7,250,415	$	(1,159,800	)
Global X China Energy ETF		-		-		-
Global X China Financials ETF		-		27,117,442		(8,033,974	)
Global X China Industrials ETF		-		2,616,569		(215,683	)
Global X China Materials ETF		-		-		-
Global X NASDAQ China Technology ETF		-		2,061,309		293,542
Global X Southeast Asia ETF		-		1,296,706		(438,125	)
Global X FTSE Andean 40 ETF		165,267		-		-
Global X MSCI Colombia ETF		4,205,830		127,421		(1,820	)
Global X Brazil Mid Cap ETF		-		-		-
Global X Brazil Consumer ETF		-		-		-
Global X MSCI Argentina ETF		48,423,727		-		-
Global X MSCI Greece ETF		38,248,535		29,237,949		(4,992,353	)
Global X MSCI Norway ETF		46,128,937		5,108,436		(281,925	)
Global X FTSE Nordic Region ETF		-		3,022,314		424,816
Global X MSCI Nigeria ETF		-		-		-
Global X Next Emerging & Frontier ETF		-		65,046,354		(19,651,937	)
Global X FTSE Portugal 20 ETF		502,228		10,091,107		(718,630	)
Global X MSCI Pakistan ETF		-		-		-

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

	Purchases		Sales and Maturities		Realized Gain (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 MSCI Greece 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		-		-		-

92

 

 Notes to Financial Statements

April 30, 2016 (continued) (Unaudited)

5. TAX INFORMATION

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

The 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 MSCI Greece ETF
2015	$	956,353	$	–	$	956,353
2014		118,994		33,492		152,486

93

 

 Notes to Financial Statements

April 30, 2016 (continued) (Unaudited)

5. TAX INFORMATION (continued)

Global X Funds	Ordinary Income		Long-Term Capital Gain		Totals
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.

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	)

94

 

Notes to Financial Statements

April 30, 2016 (continued) (Unaudited)

5. TAX INFORMATION (continued) 

	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 MSCI Greece 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	)

	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	)

95

 

 Notes to Financial Statements

April 30, 2016 (continued) (Unaudited)

5. TAX INFORMATION (continued)

For Federal income tax purposes, capital loss carryforwards represent realized losses of the Funds

that may be carried forward for a maximum period of eight years and applied against future gains.

As of October 31, 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		Global X
	Global X Brazil		Argentina		MSCI Greece		MSCI		FTSE Nordic
Expiration date	Consumer ETF		ETF		ETF		Norway ETF		Region ETF
October 2019	$	563,593	$	414,683	$	-	$	1,802,290	$	-
October 2018		-		-		-		-		-
	$	563,593	$	414,683	$	-	$	1,802,290	$	-

			Global X		Global X
			Next		FTSE		Global X
	Global X MSCI		Emerging &		Portugal 20		MSCI
Expiration date	Nigeria ETF		Frontier ETF		ETF		Pakistan ETF
October 2019	$	-	$	-	$	-	$	-
October 2018		-		-		-		-
	$	-	$	-	$	-	$	-

96

 

Notes to Financial Statements

April 30, 2016 (continued) (Unaudited)

5. TAX INFORMATION (continued)

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 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 MSCI Greece 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

97

 

Notes to Financial Statements

April 30, 2016 (continued) (Unaudited)

5. TAX INFORMATION (continued)

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at April 30, 2016 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	$	109,582,916	$	5,897,714	$	(25,118,383	)	$	(19,220,669	)
Global X China Energy ETF		2,250,663		30,048		(762,040	)		(731,992	)
Global X China Financials ETF		22,796,481		97,388		(5,597,991	)		(5,500,603	)
Global X China Industrials ETF		5,537,277		58,859		(1,913,790	)		(1,854,931	)
Global X China Materials ETF		2,209,847		5,396		(952,412	)		(947,016	)
Global X NASDAQ China Technology ETF		13,186,076		1,144,404		(1,629,489	)		(485,085	)
Global X Southeast Asia ETF		14,634,151		380,687		(2,386,374	)		(2,005,687	)
Global X FTSE Andean 40 ETF		5,683,974		111,115		(1,867,121	)		(1,756,006	)
Global X MSCI Colombia ETF		104,963,813		2,796,161		(19,210,978	)		(16,414,817	)
Global X Brazil Mid Cap ETF		4,725,542		181,627		(1,215,124	)		(1,033,497	)
Global X Brazil Consumer ETF		4,715,580		350,328		(1,430,853	)		(1,080,525	)
Global X MSCI Argentina ETF		65,798,648		4,877,704		(1,246,147	)		3,631,557
Global X MSCI Greece ETF		331,356,029		12,516,748		(57,834,707	)		(45,317,959	)
Global X MSCI Norway ETF		160,699,376		2,288,453		(28,914,312	)		(26,625,859	)
Global X FTSE Nordic Region ETF		48,224,880		5,526,342		(5,724,774	)		(198,432	)
Global X MSCI Nigeria ETF		30,876,480		56,708		(9,612,880	)		(9,556,172	)
Global X Next Emerging & Frontier ETF		15,262,590		678,495		(2,949,287	)		(2,270,792	)
Global X FTSE Portugal 20 ETF		36,751,035		837,364		(9,278,780	)		(8,441,416	)
Global X MSCI Pakistan ETF(1)		6,530,559		216,866		(736,469	)		(519,603	)

⁽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.

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

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

may be publicly available about emerging country issuers than is available about issuers in the United States.

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

98

 

Notes to Financial Statements

April 30, 2016 (continued) (Unaudited)

6. CONCENTRATION OF RISKS (continued)

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.

A more complete description of risks is included in each Fund’s prospectus and SAI.

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.

99

 

Notes to Financial Statements

April 30, 2016 (continued) (Unaudited)

8. LOANS OF PORTFOLIO SECURITIES (continued)

As of April 30, 2016, the value of the securities on loan was $6,564,632, $4,550,847, $23,080,591,$874,384, and $748,408 for the Global X China Consumer ETF, Global X MSCI Greece 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 $7,027,047, $4,835,750, $23,830,593, $923,125 and $2,864,948 for the Global X China Consumer ETF, Global X MSCI Greece ETF, Global X MSCI Norway ETF, Global X FTSE Nordic Region ETF and Global X FTSE Portugal 20 ETF, respectively. The value of cash collateral held from securities on loan was $438,165 for the Global X MSCI Norway ETF.

At April 30, 2016, the following Funds had securities on loan, by counterparty:

	Market Value		Cash Collateral
Global X China Consumer ETF
BNP Paribas Prime Brokerage	$	18,558	$	21,569
Citigroup Global Markets		107,550		120,000
Credit Suisse		644,530		750,000
Deutsche Bank		2,810,524		2,973,548
Goldman Sachs		15		18
JPMorgan		89,537		94,530
ML Pierce, Fenner & Smith		1,023,628		1,078,373
Morgan Stanley		1,823,778		1,939,770
UBS Securities		46,512		49,239
Global X MSCI Greece ETF
Deutsche Bank		2,981,250		3,150,000
JPMorgan		380,475		427,500
Wells Fargo		1,189,122		1,258,250
Global X MSCI Norway ETF
Barclays Bank		510,041		538,650
Citigroup		573,518		608,453
Credit Suisse		1,643,731		1,733,315
Goldman Sachs		1,885,165		1,983,200
Jefferies		4,388,525		4,610,400
JPMorgan		9,720,974		10,214,610
Morgan Stanley		334,669		352,320
UBS Securities		4,023,968		4,227,810
Global X FTSE Nordic Region ETF
Goldman Sachs		874,384		923,125
Global X FTSE Portugal 20 ETF
Citigroup		89,847		1,981,637
Credit Suisse		415,526		459,287
JPMorgan		209,338		231,384
ML Pierce, Fenner & Smith		11,902		96,500
Morgan Stanley		21,795		96,140

100

 

Notes to Financial Statements

April 30, 2016 (continued) (Unaudited)

9. CONTRACTUAL OBLIGATIONS

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

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

10. CHANGE OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Global X Funds have selected PricewaterhouseCoopers LLP (“PwC”) to serve as the Funds’ independent registered public accounting firm for the Funds’ fiscal year ending October 31, 2016. The decision to select PwC was recommended by the Funds’ Audit Committee and was approved by the Funds’ Board of Trustees on November 13, 2015. During the Global X Funds’ fiscal years ended October 31, 2011, October 31, 2012, October 31, 2013, October 31, 2014 and October 31, 2015, neither the Funds, their portfolios, nor anyone on their behalf, consulted with PwC on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Global X Funds’ financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(iv) of said Item 304).

The selection of PwC does not reflect any disagreements with or dissatisfaction by the Global X Funds or the Funds’ Board of Trustees with the performance of the Global X Funds’ prior independent registered public accounting firm, Ernst & Young, LLP (“E&Y”). The decision not to renew the engagement of E&Y upon the completion of its audit for the fiscal year ended October 31, 2015 and the completion of related non-audit work, and the selection of PwC to perform the audit for the fiscal year ended October 31, 2016, was recommended by the Funds’ Audit Committee and approved by the Funds’ Board of Trustees. E&Y’s report on the Global X Funds’ financial statements for the fiscal years ended October 31, 2011, October 31, 2012, October 31, 2013, October 31, 2014 and October 31, 2015 contained no adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. During the Global X Funds’ fiscal years ended October 31, 2011, October 31, 2012, October 31, 2013, October 31, 2014 and October 31, 2015 (i) there were no disagreements with E&Y on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of E&Y, would have caused them to make reference to the subject matter of the disagreements in connection with their reports on the Global X Funds’ financial statements for such years; and (ii) there were no “reportable events” of the kind described in Item 304(a)(1)(v) of Regulation S-K.

101

 

Notes to Financial Statements

April 30, 2016 (concluded) (Unaudited)

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 the April 30th period end, the following investment portfolios of the Trust commenced operations:

Fund Name:	Commenced Operations:
Global X Longevity Thematic ETF	May 4, 2016
Global X Millennials Thematic ETF	May 4, 2016
Global X Health & Wellness Thematic ETF	May 4, 2016

102

 

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 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 from November 1, 2015 through April 30, 2016.

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.

103

 

Disclosure of Fund Expenses (unaudited) (continued)

	Beginning Account Value 11/1/2015		Ending Account Value 4/30/2016		Annualized Expense Ratios			Expenses Paid During Period(1)
Global X China Consumer ETF
Actual Fund Return	$	1,000.00	$	868.50		0.65	%	$	3.02
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27
Global X China Energy ETF
Actual Fund Return	$	1,000.00	$	901.60		0.65	%	$	3.08
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27
Global X China Financials ETF
Actual Fund Return	$	1,000.00	$	873.50		0.65	%	$	3.03
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27
Global X China Industrials ETF
Actual Fund Return	$	1,000.00	$	878.30		0.65	%	$	3.04
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27
Global X China Materials ETF
Actual Fund Return	$	1,000.00	$	1,010.30		0.65	%	$	3.25
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27
Global X NASDAQ China Technology ETF
Actual Fund Return	$	1,000.00	$	969.20		0.65	%	$	3.19
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27
Global X Southeast Asia ETF
Actual Fund Return	$	1,000.00	$	1,059.70		0.65	%	$	3.33
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27
Global X FTSE Andean 40 ETF
Actual Fund Return	$	1,000.00	$	1,120.80		0.72	%	$	3.80
Hypothetical 5% Return		1,000.00		1,021.28		0.72			3.62
Global X MSCI Colombia ETF
Actual Fund Return	$	1,000.00	$	1,101.30		0.61	%	$	3.19
Hypothetical 5% Return		1,000.00		1,021.82		0.61			3.07
Global X Brazil Mid Cap ETF
Actual Fund Return	$	1,000.00	$	1,234.70		0.69	%	$	3.82
Hypothetical 5% Return		1,000.00		1,021.45		0.69			3.45
Global X Brazil Consumer ETF
Actual Fund Return	$	1,000.00	$	1,246.30		0.77	%	$	4.31
Hypothetical 5% Return		1,000.00		1,021.02		0.77			3.88
Global X MSCI Argentina ETF
Actual Fund Return	$	1,000.00	$	1,048.60		0.74	%	$	3.79
Hypothetical 5% Return		1,000.00		1,021.16		0.74			3.74
Global X MSCI Greece ETF
Actual Fund Return	$	1,000.00	$	765.40		0.61	%	$	2.68
Hypothetical 5% Return		1,000.00		1,021.83		0.61			3.07
Global X MSCI Norway ETF
Actual Fund Return	$	1,000.00	$	1,050.20		0.50	%	$	2.55
Hypothetical 5% Return		1,000.00		1,022.37		0.50			2.52
Global X FTSE Nordic Region ETF
Actual Fund Return	$	1,000.00	$	999.00		0.50	%	$	2.49
Hypothetical 5% Return		1,000.00		1,022.37		0.50			2.52
Global X MSCI Nigeria ETF
Actual Fund Return	$	1,000.00	$	802.50		0.76	%	$	3.41
Hypothetical 5% Return		1,000.00		1,021.08		0.76			3.83

104

 

Disclosure of Fund Expenses (unaudited) (concluded)

	Beginning Account Value 11/1/2015		Ending Account Value 4/30/2016		Annualized Expense Ratios			Expenses Paid During Period(1)
Global X Next Emerging & Frontier ETF
Actual Fund Return	$	1,000.00	$	1,068.00		0.58	%	$	2.98
Hypothetical 5% Return		1,000.00		1,021.98		0.58			2.91
Global X FTSE Portugal 20 ETF
Actual Fund Return	$	1,000.00	$	990.90		0.61	%	$	3.01
Hypothetical 5% Return		1,000.00		1,021.84		0.61			3.05
Global X MSCI Pakistan ETF
Actual Fund Return	$	1,000.00	$	1,001.00		0.89	%	$	4.43
Hypothetical 5% Return		1,000.00		1,020.44		0.89			4.47

⁽¹⁾ Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period.).

105

 

Approval of Investment Advisory Agreement (unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended ("1940 Act"), requires the board of trustees of an exchange-traded fund (“ETF”), including a majority of those trustees who are not "interested persons" of the ETF, as defined in the 1940 Act ("Independent Trustees"), consider on an initial basis and periodically thereafter (as required by the 1940 Act), at an in person meeting called for such purpose, the terms of each fund’s investment advisory agreement and whether to approve entering into, or renewing, each agreement.

At a quarterly Board meeting held on November 13, 2015, the Board of Trustees (including the Trust’s Independent Trustees voting separately) considered and unanimously approved the continuation of (i) the Investment Advisory Agreement ("Renewal Investment Advisory Agreement") for each Fund named in this Semi-Annual report (each a “Renewal Fund” and together the “Renewal Funds”) and (ii) the Supervision and Administration Agreement between the Trust ("Renewal Supervision and Administration Agreement"), on behalf of each Renewal Fund, and Global X Management Company LLC ("Global X Management"). The Renewal Investment Advisory Agreement and the Renewal Supervision and Administration Agreement are referred to herein as the "Renewal Agreements."

In advance of the Board meeting, the Board (including the 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 Renewal 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 Renewal 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 continuation of the Renewal Agreements for each Renewal 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 Renewal Agreements were fair and reasonable and in the best interest of each Renewal 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.

RENEWAL AGREEMENTS

Nature, Extent and Quality of Services

With respect to this factor, the Board considered:

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

106

 

Approval of Investment Advisory Agreement (unaudited) (continued)

• Global X Management’s key personnel and the portfolio managers who would continue to provide investment advisory, supervision and administrative services to each Renewal Fund;

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

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

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

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

Performance

With respect to this factor, the Board considered the performance of each Renewal Fund. It examined the performance of the Renewal Funds for the one-year, three-year, five-year and since-inception periods, as applicable. Also, the Board considered the total return and investment performance of the Renewal Funds relative to (i) the performance of unaffiliated comparable specialized and/or focused exchange-traded funds and other registered funds in the same classification as the Renewal Funds, which performance information is publicly available from such registered funds as well as other third party sources; and (ii) the performance of comparable registered funds and pertinent indexes. The Board considered instances of under-performance and over-performance with respect to the comparator funds. The Board also considered the Renewal Funds' tracking against their underlying indexes in absolute terms.

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

107

 

Approval of Investment Advisory Agreement (unaudited) (continued)

Cost of Services and Profitability

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

In addition, the Board considered the current and expected profitability to Global X Management from all services provided or expected to be provided to the Renewal Funds and all aspects of Global X Management’s relationship with each Renewal Fund. In connection with these considerations, Global X Management provided the Board with financial information regarding its operations and discussed with the Board its current and expected profitability with respect to each Renewal Fund.

Based on these considerations, the Board concluded that the Management Fee rate paid by each Renewal 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 Management Fee paid to Global X Management by each Renewal Fund. In connection with this consideration, Global X Management provided the Board with comparative expense data for each Renewal Fund, including fees and expenses paid by unaffiliated comparable specialized and/or focused exchange-traded funds and/or other comparable registered funds;

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

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

108

 

Approval of Investment Advisory Agreement (unaudited) (concluded)

Based on these considerations, the Board concluded that it would be in the best interest of the Renewal Funds and their shareholders to approve the Renewal Agreements.

Economies of Scale

With respect to this factor, the Board considered:

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

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

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

Other Benefits

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

109

 

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 their 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

110

 

Notes

111

 

Notes

112

 

600 Lexington Avenue, 20^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

600 Lexington Avenue, 20^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:

Stradley Ronon Stevens & Young, LLP

1250 Connecticut Avenue, N.W.

Suite 500

Washington, DC 20036

Custodian and Transfer Agent:

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

Independent Registered Public Accounting Firm:

PricewaterhouseCoopers LLP

Two Commerce Square

Suite 1800

2001 Market Street

Philadelphia, PA 19103

This information must be preceded or accompanied by a prospectus for the funds described.

GLX-SA-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 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)

Global X S&P 500® Catholic Values ETF (ticker: CATH)

Semi-Annual Report

April 30, 2016

Table of Contents

Schedules of Investments
Global X SuperDividend® ETF	1
Global X SuperDividend® U.S. ETF	7
Global X SuperDividend® Emerging Markets ETF	10
Global X SuperDividend® REIT ETF	15
Global X SuperIncome™ Preferred ETF	17
Global X Social Media Index ETF	20
Global X | JPMorgan Efficiente Index ETF	22
Global X | JPMorgan US Sector Rotator Index ETF	23
Global X Permanent ETF	24
Global X Guru™ Index ETF	30
Global X Guru™ Activist Index ETF	32
Global X Guru™ International Index ETF	35
Global X Scientific Beta US ETF	39
Global X Scientific Beta Europe ETF	52
Global X Scientific Beta Japan ETF	72
Global X Scientific Beta Asia ex-Japan ETF	84
Global X YieldCo Index ETF	97
Global X S&P 500® Catholic Values ETF	99
Statements of Assets and Liabilities	112
Statements of Operations	117
Statements of Changes in Net Assets	122
Financial Highlights	131
Notes to Financial Statements	133
Disclosure of Fund Expenses	151
Approval of Investment Advisory Agreement	154
Supplemental Information	161

Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Shares may only be redeemed directly from a fund by Authorized Participants, in very large creation/redemption units. Brokerage commissions will reduce returns.

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

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

Schedule of Investments April 30, 2016 (Unaudited)

Global X SuperDividend® ETF

Sector Weightings †:

 † Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Notes 2 and 7 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 98.9%
AUSTRALIA— 19.8%
Consumer Services — 2.8%
Myer Holdings (A)		8,225,502	$	6,496,989
Seven West Media		10,162,393		8,220,746
Southern Cross Media Group		8,525,848		7,027,012
				21,744,747
Financials — 6.8%
ASX		222,772		7,434,460
Bank of Queensland		841,017		7,220,490
Bendigo and Adelaide Bank		1,069,389		7,606,082
Commonwealth Bank of Australia		126,600		7,138,858
IOOF Holdings (A)		1,220,916		8,329,764
National Australia Bank		366,149		7,597,600
Westpac Banking		312,094		7,395,310
				52,722,564
Industrials — 1.0%
Sydney Airport		1,441,093		7,489,425
Oil & Gas — 2.5%
APA Group		1,061,691		7,089,499
WorleyParsons (A)		2,351,691		12,544,889
				19,634,388
Real Estate Investment Trust — 3.9%
Abacus Property Group		3,174,217		7,679,010
Charter Hall Retail		2,205,588		8,011,996
Cromwell Property Group		9,540,854		7,426,716

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

1 

Schedule of Investments April 30, 2016 (Unaudited)

Global X SuperDividend® ETF

	Shares		Value
COMMON STOCK — continued
Real Estate Investment Trust — continued
Stockland		2,144,836	$	7,152,945
				30,270,667
Telecommunications — 0.9%
Telstra		1,779,852		7,280,447
Utilities — 1.9%
DUET Group		4,120,771		7,075,716
Spark Infrastructure Group		4,972,935		7,855,838
				14,931,554
TOTAL AUSTRALIA				154,073,792
BRAZIL— 2.7%
Financials — 1.6%
Banco do Brasil		1,974,400		12,478,748
Telecommunications — 1.1%
Telefonica Brasil ADR		708,600		8,729,952
TOTAL BRAZIL				21,208,700
CANADA— 3.2%
Consumer Services — 1.1%
Parkland Fuel		441,206		8,428,915
Oil & Gas — 1.1%
Veresen (A)		1,201,764		8,711,494
Real Estate Investment Trust — 1.0%
Dream Global Real Estate Investment Trust (A)		1,118,543		7,858,198
TOTAL CANADA				24,998,607
CHINA— 1.7%
Consumer Goods — 0.8%
Pacific Textiles Holdings		4,676,300		6,028,335
Financials — 0.9%
Evergrande Real Estate Group		9,915,700		7,362,764
TOTAL CHINA				13,391,099
FINLAND— 3.7%
Basic Materials — 0.9%
UPM-Kymmene		385,250		7,359,947
Health Care — 0.9%
Orion, Cl B		198,528		6,926,083
Telecommunications — 0.9%
Elisa		184,649		6,896,580
Utilities — 1.0%
Fortum		501,224		7,554,814
TOTAL FINLAND				28,737,424

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

2 

Schedule of Investments April 30, 2016 (Unaudited)

Global X SuperDividend® ETF

	Shares		Value
COMMON STOCK — continued
FRANCE— 4.8%
Financials — 1.0%
Euler Hermes		78,626	$	7,474,468
Industrials — 0.7%
Bouygues (A)		176,989		5,903,012
Oil & Gas — 1.0%
Total		150,940		7,594,542
Real Estate Investment Trust — 1.0%
Fonciere Des Regions		82,277		7,787,620
Utilities — 1.1%
Electricite de France (A)		580,857		8,345,952
TOTAL FRANCE				37,105,594
GERMANY— 0.9%
Telecommunications — 0.9%
Freenet		226,689		6,924,517
GREECE— 1.2%
Industrials — 1.2%
Costamare		961,956		9,330,973
HONG KONG— 0.8%
Technology — 0.8%
VTech Holdings		590,224		6,102,197
ISRAEL— 0.8%
Telecommunications — 0.8%
Bezeq The Israeli Telecommunication		3,034,476		6,479,511
NORWAY— 1.1%
Industrials — 1.1%
Ship Finance International (A)		543,371		8,242,938
PORTUGAL— 0.9%
Utilities — 0.9%
Energias de Portugal		2,094,551		7,446,439
SINGAPORE— 6.5%
Industrials — 1.8%
Hutchison Port Holdings Trust		15,100,450		6,719,700
Venture		1,171,461		7,295,211
				14,014,911
Real Estate Investment Trust — 3.8%
Ascendas		3,981,049		7,286,471
Mapletree Industrial Trust		6,078,000		7,258,056
Mapletree Logistics Trust		9,758,163		7,841,089

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

3 

Schedule of Investments April 30, 2016 (Unaudited)

Global X SuperDividend® ETF

	Shares		Value
COMMON STOCK — continued
Real Estate Investment Trust — continued
Suntec		5,854,785	$	7,339,989
				29,725,605
Telecommunications — 0.9%
StarHub		2,790,106		6,871,211
TOTAL SINGAPORE				50,611,727
SOUTH AFRICA— 1.1%
Real Estate Investment Trust — 1.1%
Redefine Properties		9,929,750		8,605,795
SWEDEN— 0.9%
Telecommunications — 0.9%
TeliaSonera		1,444,117		6,903,363
UNITED KINGDOM— 4.9%
Basic Materials — 1.1%
MMC Norilsk Nickel ADR		589,889		8,700,863
Financials — 2.8%
Intermediate Capital Group		855,296		7,692,953
Phoenix Group Holdings		575,727		7,253,094
Standard Life		1,424,193		6,803,430
				21,749,477
Utilities — 1.0%
SSE		338,563		7,489,015
TOTAL UNITED KINGDOM				37,939,355
UNITED STATES— 43.9%
Consumer Goods — 0.8%
Vector Group (A)		302,015		6,523,524
Financials — 7.2%
Armour Residential (A)		345,670		7,355,858
BGC Partners, Cl A		768,714		6,979,923
CBL & Associates Properties		637,183		7,442,297
NorthStar Realty Finance		661,291		8,457,912
Redwood Trust		655,347		8,493,297
TPG Specialty Lending		434,300		7,135,549
United Development Funding IV (A) (B) (C)		331,777		708,513
WP GLIMCHER		863,824		9,061,514
				55,634,863
Health Care — 0.9%
AstraZeneca		115,995		6,674,504
Industrials — 2.1%
Nordic American Tankers (A)		508,500		7,835,985
RR Donnelley & Sons		501,602		8,727,875
				16,563,860

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

4 

Schedule of Investments April 30, 2016 (Unaudited)

Global X SuperDividend® ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — 5.8%
DHT Holdings		1,123,039	$	6,446,244
Golar LNG		398,198		6,602,123
ONEOK		317,549		11,479,396
Targa Resources		301,660		12,205,164
Williams		420,805		8,159,409
				44,892,336
Real Estate Investment Trust — 25.1%
Altisource Residential		712,154		8,275,230
American Capital Agency		375,696		6,901,536
American Capital Mortgage Investment		505,740		7,500,124
Annaly Capital Management		680,382		7,089,580
Apollo Commercial Real Estate Finance		411,094		6,548,727
Capstead Mortgage		708,714		6,888,700
Chimera Investment		526,985		7,483,187
CYS Investments		887,311		7,196,092
Franklin Street Properties		732,243		7,776,421
Government Properties Income Trust (A)		492,284		9,314,013
Hatteras Financial		516,062		8,200,225
Hospitality Properties Trust		282,935		7,240,307
Invesco Mortgage Capital		647,974		8,326,466
Investors Real Estate Trust (A)		1,066,853		6,422,455
Medical Properties Trust		612,265		8,149,247
MFA Financial		1,017,436		7,030,483
New Residential Investment		612,375		7,409,738
New York Mortgage Trust (A)		1,357,299		7,057,955
Omega Healthcare Investors		220,424		7,443,718
PennyMac Mortgage Investment Trust		560,118		7,612,004
Sabra Health Care		372,288		7,851,554
Select Income		337,232		7,806,921
Senior Housing Properties Trust		460,704		8,099,176
Starwood Property Trust		378,428		7,326,366
Two Harbors Investment		893,168		6,993,505
VEREIT		870,165		7,727,065
				195,670,795
Telecommunications — 2.0%
Consolidated Communications Holdings (A)		322,121		7,614,940
Frontier Communications		1,507,248		8,380,299
				15,995,239
TOTAL UNITED STATES				341,955,121
TOTAL COMMON STOCK
(Cost $816,154,035)				770,057,152

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

5 

Schedule of Investments April 30, 2016 (Unaudited)

Global X SuperDividend® ETF

	Face Amount		Value
REPURCHASE AGREEMENTS (D) — 4.5%
Barclays Bank
0.280%, dated 04/30/16, to be repurchased on 05/02/16 repurchase price $33,000,770 (collateralized by U.S. Treasury Obligations, ranging in par value $12–$4,981,132, 0.000%–6.375%, 05/15/15-08/15/44 with a total market value of $33,660,000)	$	33,000,000	$	33,000,000
Deutsche Bank
0.290%, dated 04/30/16, to be repurchased on 05/02/16 repurchase price $1,711,175 (collateralized by U.S. Treasury Obligations, par value $1,689,488, 2.250%, 11/30/17 with a total market value of $1,725,305)		1,711,134		1,711,134
TOTAL REPURCHASE AGREEMENTS
(Cost $34,711,134)				34,711,134
TOTAL INVESTMENTS — 103.4%
(Cost $850,865,169)			$	804,768,286

Percentages are based on Net Assets of $778,183,803.

(A)	This security or a partial position of this security is on loan at April 30, 2016.  The total value of securities on loan at April 30, 2016 was $33,167,707.
(B)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2016 was $708,513 and represents 0.1% of Net Assets.
(C)	Security considered illiquid. The total value of such securities as of April 30, 2016 was $708,513 and represented 0.1% of Net Assets.
(D)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2016 was $34,711,134.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2016, in valuing the Fund's investments carried at value:
Investments in Securities	Level 1		Level 2		Level 3(a)		Total
Common Stock	$	769,348,639	$	—	$	708,513	$	770,057,152
Repurchase Agreements		—		34,711,134		—		34,711,134
Total Investments in Securities	$	769,348,639	$	34,711,134	$	708,513	$	804,768,286

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

For the period ended April 30, 2016, 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.

6 

Schedule of Investments April 30, 2016 (Unaudited)

Global X SuperDividend® U.S. ETF

Sector Weightings †:

 † Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Notes 2 and 7 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 91.3%
UNITED STATES— 91.3%
Consumer Goods — 13.2%
Altria Group		86,900	$	5,449,499
B&G Foods		140,649		5,796,145
Cal-Maine Foods (A)		104,105		5,284,370
Mattel		162,766		5,060,395
Philip Morris International		56,983		5,591,172
Universal		96,065		5,240,346
Vector Group		234,377		5,062,543
				37,484,470
Consumer Services — 20.0%
ClubCorp Holdings		489,449		6,534,144
CrossAmerica Partners		255,179		6,009,466
DineEquity		61,677		5,304,222
Guess?		265,551		4,872,861
National CineMedia		351,074		4,985,251
Regal Entertainment Group, Cl A (A)		271,839		5,667,843
SeaWorld Entertainment		272,899		5,438,877
Six Flags Entertainment		100,967		6,063,068
Staples		555,671		5,667,844
Sunoco (A)		170,334		6,113,287
				56,656,863
Financials — 10.0%
Chimera Investment		423,686		6,016,341
Ellington Financial		306,598		5,215,232
Icahn Enterprises		105,638		6,430,185

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

7 

Schedule of Investments April 30, 2016 (Unaudited)

Global X SuperDividend® U.S. ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
New York Community Bancorp		338,043	$	5,080,786
Starwood Property Trust		293,596		5,684,019
				28,426,563
Industrials — 2.3%
Covanta Holding		394,738		6,418,440
Oil & Gas — 4.9%
Cone Midstream Partners		511,573		7,243,874
Delek Logistics Partners		197,869		6,648,398
				13,892,272
Real Estate Investment Trusts — 16.2%
American Capital Agency		291,510		5,355,039
Annaly Capital Management		525,053		5,471,052
Apollo Commercial Real Estate Finance		318,950		5,080,874
Colony Capital		322,315		5,698,529
CYS Investments		688,385		5,582,803
Hatteras Financial		400,403		6,362,404
Invesco Mortgage Capital		502,725		6,460,016
PennyMac Mortgage Investment Trust		437,490		5,945,489
				45,956,206
Technology — 1.7%
Computer Programs & Systems (A)		94,303		4,840,573
Telecommunications — 3.8%
AT&T		143,087		5,554,637
Verizon Communications		103,272		5,260,676
				10,815,313
Utilities — 19.2%
Ameren		114,986		5,519,328
Avista		139,438		5,587,281
Consolidated Edison		73,672		5,495,931
Duke Energy		70,464		5,551,154
Empire District Electric		157,414		5,300,129
Entergy		71,250		5,356,575
Northwest Natural Gas		100,556		5,182,656
PPL		147,945		5,568,650
Southern		107,402		5,380,840
TECO Energy		191,488		5,317,622
				54,260,166
TOTAL COMMON STOCK
(Cost $244,969,420)				258,750,866

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

8 

Schedule of Investments April 30, 2016 (Unaudited)

Global X SuperDividend® U.S. ETF

	Shares/Face Amount		Value
MASTER LIMITED PARTNERSHIPS — 8.1%
UNITED STATES— 8.1%
Consumer Services — 1.6%
Stonemor Partners		192,390	$	4,694,316
Oil & Gas — 4.6%
Suburban Propane Partners (A)		207,165		6,254,311
Summit Midstream Partners		316,526		6,700,856
				12,955,167
Utilities — 1.9%
Ferrellgas Partners		284,106		5,324,146
TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $21,339,954)				22,973,629
REPURCHASE AGREEMENTS (B) — 5.3%
Barclays Bank
0.280%, dated 04/30/16, to be repurchased on 05/02/16 repurchase price $13,000,303 (collateralized by U.S. Treasury Obligations, ranging in par value $11–$3,411,386, 0.000%–6.375%, 05/15/15-08/15/44 with a total market value of $13,260,000)	$	13,000,000		13,000,000
Deutsche Bank
0.290%, dated 04/30/16, to be repurchased on 05/02/16 repurchase price $1,918,256 (collateralized by U.S. Treasury Obligations, par value $1,893,945, 2.250%, 11/30/17 with a total market value of $1,934,096)		1,918,210		1,918,210
TOTAL REPURCHASE AGREEMENTS
(Cost $14,918,210)				14,918,210
TOTAL INVESTMENTS — 104.7%
(Cost $281,227,584)			$	296,642,705

 Percentages are based on Net Assets of $283,323,965.

(A)	This security or a partial position of this security is on loan at April 30, 2016.  The total value of securities on loan at April 30, 2016 was $14,546,254.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2016 was $14,918,210.

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2016, in valuing the Fund's investments carried at value:
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	258,750,866	$	—	$	—	$	258,750,866
Master Limited Partnerships		22,973,629		—		—		22,973,629
Repurchase Agreements		—		14,918,210		—		14,918,210
Total Investments in Securities	$	281,724,495	$	14,918,210	$	—	$	296,642,705

For the period ended April 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

9 

Schedule of Investments April 30, 2016 (Unaudited)

Global X SuperDividend® Emerging Markets ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 92.1%
BRAZIL— 8.0%
Consumer Services — 2.2%
Multiplus		7,030	$	76,579
Financials — 5.8%
Banco do Brasil		16,910		106,876
Banco Santander Brasil ADR		17,229		92,692
				199,568
TOTAL BRAZIL				276,147
CHINA— 13.1%
Basic Materials — 2.3%
China Hongqiao Group		106,533		78,143
Consumer Services — 1.9%
Intime Retail Group		72,970		65,847
Financials — 5.0%
Agricultural Bank of China, Cl H		154,100		55,822
Country Garden Holdings		143,300		56,713
Evergrande Real Estate Group		85,188		63,254
				175,789
Oil & Gas — 2.2%
China Oilfield Services, Cl H		85,700		74,573
Utilities — 1.7%
Datang International Power Generation, Cl H		209,500		59,686
TOTAL CHINA				454,038
CZECH REPUBLIC— 2.0%
Utilities — 2.0%
CEZ		3,490		68,189

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

10 

Schedule of Investments April 30, 2016 (Unaudited)

Global X SuperDividend® Emerging Markets ETF

	Shares		Value
COMMON STOCK — continued
GREECE— 1.6%
Consumer Services — 1.6%
OPAP		7,260	$	54,880
HONG KONG— 9.2%
Consumer Goods — 1.5%
Belle International Holdings, Cl A		83,100		50,992
Financials — 1.7%
KWG Property Holding		91,928		59,727
Industrials — 3.8%
China Resources Cement Holdings		223,300		73,693
China South City Holdings		295,300		56,721
				130,414
Oil & Gas — 2.2%
CNOOC		61,280		76,312
TOTAL HONG KONG				317,445
INDIA— 6.4%
Basic Materials — 4.6%
NMDC		49,670		71,251
Vedanta		55,900		87,478
				158,729
Financials — 1.8%
Power Finance		22,500		60,838
TOTAL INDIA				219,567
INDONESIA— 3.1%
Industrials — 3.1%
Indocement Tunggal Prakarsa		38,200		57,135
United Tractors		44,650		50,785
TOTAL INDONESIA				107,920
MALAYSIA— 5.0%
Consumer Goods — 1.4%
British American Tobacco Malaysia		4,100		48,153
Consumer Services — 1.8%
Astro Malaysia Holdings		88,500		62,753
Financials — 1.8%
Malayan Banking		27,520		62,909
TOTAL MALAYSIA				173,815
PHILIPPINES— 2.0%
Telecommunications — 2.0%
Globe Telecom		1,480		69,253

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

11 

Schedule of Investments April 30, 2016 (Unaudited)

Global X SuperDividend® Emerging Markets ETF

	Shares		Value
COMMON STOCK — continued
POLAND— 3.3%
Telecommunications — 1.7%
Orange Polska		36,050	$	58,702
Utilities — 1.6%
Energa		16,500		53,736
TOTAL POLAND				112,438
RUSSIA— 4.6%
Basic Materials — 2.1%
Severstal PAO		6,560		73,731
Oil & Gas — 2.5%
Gazprom OAO ADR		16,181		83,624
TOTAL RUSSIA				157,355
SOUTH AFRICA— 9.1%
Consumer Services — 2.5%
Foschini Group		7,870		84,717
Real Estate Investment Trust — 4.4%
Growthpoint Properties		40,030		70,994
Redefine Properties		97,400		84,414
				155,408
Telecommunications — 2.2%
MTN Group		7,160		75,262
TOTAL SOUTH AFRICA				315,387
THAILAND— 9.8%
Basic Materials — 1.4%
Banpu		127,300		46,649
Financials — 1.8%
BTS Group Holdings		235,500		62,027
Telecommunications — 4.8%
Advanced Info Service		12,050		53,816
Intouch Holdings		36,280		54,789
Total Access Communication		59,600		57,586
				166,191
Utilities — 1.8%
Glow Energy		25,050		63,467
TOTAL THAILAND				338,334
TURKEY— 8.2%
Basic Materials — 2.6%
Eregli Demir ve Celik Fabrikalari		52,800		88,242
Consumer Goods — 1.8%
Tofas Turk Otomobil Fabrikasi		7,990		63,307

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

12 

Schedule of Investments April 30, 2016 (Unaudited)

Global X SuperDividend® Emerging Markets ETF

	Shares/Number of Rights		Value
COMMON STOCK — continued
Industrials — 1.6%
TAV Havalimanlari Holding		9,400	$	54,867
Telecommunications — 2.2%
Turk Telekomunikasyon		30,900		74,754
TOTAL TURKEY				281,170
UNITED KINGDOM— 6.7%
Basic Materials — 6.7%
MMC Norilsk Nickel ADR		4,698		69,296
NLMK PJSC GDR		6,560		88,888
PhosAgro OAO GDR		4,700		72,850
TOTAL UNITED KINGDOM				231,034
TOTAL COMMON STOCK
(Cost $2,891,049)				3,176,972
PREFERRED STOCK — 6.9%
BRAZIL— 5.1%
Financials — 2.6%
Itau Unibanco Holding, 0.000%*		9,303		88,658
Utilities — 2.5%
Cia de Transmissao de Energia Eletrica Paulista, 0.000%*		5,300		87,176
TOTAL BRAZIL				175,834
RUSSIA— 1.8%
Oil & Gas — 1.8%
Surgutneftegas OAO, 0.000%*		96,200		62,465
TOTAL PREFERRED STOCK
(Cost $178,617)				238,299
RIGHTS — 0.8%
Thailand — 0.8%
Banpu*†(A) (B)
(Cost $14,448)		127,300		28,427
TOTAL INVESTMENTS — 99.8%
(Cost $3,084,114)			$	3,443,698

Percentages are based on Net Assets of $3,448,935.

*	Non-income producing security.
†	Expiration date is unavailable.
(A)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2016 was $28,427 and represents 0.8% of Net Assets.
(B)	Security considered illiquid. The total value of such securities as of April 30, 2016 was $28,427 and represented 0.8% of Net Assets.

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

13 

Schedule of Investments April 30, 2016 (Unaudited)

Global X SuperDividend® Emerging Markets ETF

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

The following is a summary of the level of inputs used as of April 30, 2016, in valuing the Fund's investments carried at value:
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	3,176,972	$	—	$	—	$	3,176,972
Preferred Stock		238,299		—		—		238,299
Rights		—		28,427		—		28,427
Total Investments in Securities	$	3,415,271	$	28,427	$	—	$	3,443,698

For the period ended April 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

14 

Schedule of Investments April 30, 2016 (Unaudited)

Global X SuperDividend® REIT ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.4%
CANADA— 11.0%
Real Estate Investment Trusts — 11.0%
Artis Real Estate Investment Trust		18,844	$	201,588
Cominar Real Estate Investment Trust		14,897		205,509
H&R Real Estate Investment Trust		11,826		206,950
TOTAL CANADA				614,047
SINGAPORE— 3.4%
Real Estate Investment Trusts — 3.4%
Ascendas Real Estate Investment Trust		102,600		187,788
UNITED STATES— 85.0%
Real Estate Investment Trusts — 85.0%
American Capital Agency		9,375		172,219
American Capital Mortgage Investment		12,313		182,602
Annaly Capital Management		17,425		181,569
Apollo Commercial Real Estate Finance		10,015		159,539
Blackstone Mortgage Trust, Cl A		6,417		176,339
Capstead Mortgage		19,163		186,264
Chimera Investment		16,700		237,141
CYS Investments		24,109		195,524
EPR Properties		2,748		181,038
Gaming and Leisure Properties		6,122		200,740
Gramercy Property Trust		21,737		184,112
Hatteras Financial		13,264		210,765
HCP		4,228		143,033
Invesco Mortgage Capital		13,981		179,656
Iron Mountain		6,116		223,417
Lexington Realty Trust		21,693		190,465
Liberty Property Trust		5,421		189,193
MFA Financial		26,033		179,888
Omega Healthcare Investors		4,498		151,897
Select Income		8,321		192,631
Senior Housing Properties Trust		10,349		181,935
Spirit Realty Capital		15,812		180,731
STAG Industrial		9,220		184,031
Starwood Property Trust		8,657		167,600
Two Harbors Investment		20,959		164,109

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

15 

Schedule of Investments April 30, 2016 (Unaudited)

Global X SuperDividend® REIT ETF

	Shares		Value
COMMON STOCK — continued
Real Estate Investment Trusts — continued
WP Carey		2,712	$	165,676
				4,762,114
TOTAL INVESTMENTS — 99.4%
(Cost $5,314,247)			$	5,563,949

Percentages are based on Net Assets of $5,599,749.

Cl — Class

As of April 30, 2016, 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 April 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

16 

Schedule of Investments April 30, 2016 (Unaudited)

Global X SuperIncome™ Preferred ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Notes 2 and 7 in Notes to Financial Statements for more detailed information.

	Shares		Value
PREFERRED STOCK — 99.5%
BERMUDA— 1.1%
Financials — 1.1%
PartnerRe, Ser E, 7.250%		88,784	$	2,318,150
GERMANY— 0.9%
Financials — 0.9%
Deutsche Bank Contingent Capital Trust II, 6.550%		74,635		1,858,412
NETHERLANDS— 6.0%
Financials — 6.0%
Aegon, 6.375%		236,968		6,094,817
ING Groep, 7.050%		104,548		2,751,703
ING Groep, 6.375%		135,470		3,519,511
TOTAL NETHERLANDS				12,366,031
UNITED STATES— 91.5%
Basic Materials — 3.8%
Alcoa, Ser 1, 5.375%* (A)		144,964		5,520,229
NuStar Logistics, 7.625%(B)		94,540		2,320,957
				7,841,186
Consumer Goods — 3.1%
CHS, Ser 3, 6.750%(B)		115,315		3,078,910
CHS, Ser 4, 7.500%		120,566		3,338,473
				6,417,383
Consumer Services — 2.0%
Weyerhaeuser, 6.375%*		80,318		4,137,180
Financials — 59.3%
Aegon, 8.000%		125,727		3,373,255
Ally Financial, Ser A, 8.500%(B)		83,429		2,084,056
Barclays Bank, Ser 3, 7.100%		102,753		2,663,358

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

17 

Schedule of Investments April 30, 2016 (Unaudited)

Global X SuperIncome™ Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Barclays Bank, Ser 4, 7.750%		86,053	$	2,257,170
Barclays Bank, Ser 5, 8.125%		198,141		5,226,959
Capital One Financial, Ser C, 6.250%		117,932		3,122,839
Capital One Financial, Ser D, 6.700%		118,295		3,246,015
Citigroup, Ser J, 7.125%(B)		96,492		2,697,916
Citigroup, Ser L, 6.875%(A)		48,893		1,316,200
Citigroup Capital XIII, 7.875%(B)		229,165		5,992,665
Countrywide Capital IV, 6.750%		98,683		2,541,087
Countrywide Capital V, 7.000%		290,377		7,401,710
Deutsche Bank Contingent Capital Trust III, 7.600%(A)		190,149		4,928,662
Deutsche Bank Contingent Capital Trust V, 8.050%(A)		134,296		3,521,241
Discover Financial Services, Ser B, 6.500%		136,077		3,599,237
First Niagara Financial Group, Ser B, 8.625%(B)		82,087		2,197,469
GMAC Capital Trust I, Ser 2, 8.125%(B)		320,499		8,034,910
Hartford Financial Services Group, 7.875%(B)		145,272		4,615,292
HSBC Holdings, 8.125%		140,868		3,830,201
HSBC Holdings, Ser 2, 8.000%(A)		238,875		6,330,188
ING Groep, 7.200%		144,241		3,781,999
JPMorgan Chase, Ser T, 6.700%		218,710		6,042,957
Morgan Stanley, Ser E, 7.125%(A) (B)		141,170		4,058,637
Morgan Stanley, Ser F, 6.875%(B)		139,349		3,823,737
Morgan Stanley, Ser G, 6.625%		82,277		2,224,770
RBS Capital Fund Trust, 6.080%		196,604		4,826,628
Regions Financial, Ser A, 6.375%		117,175		3,069,985
Royal Bank of Scotland Group, Ser S, 6.600%		70,618		1,774,630
Royal Bank of Scotland Group, Ser T, 7.250%		137,622		3,470,827
Wells Fargo, Ser J, 8.000%		359,265		10,120,495
				122,175,095
Industrials — 1.0%
Seaspan, 9.500%		81,808		2,056,653
Oil & Gas — 7.2%
Kinder Morgan, 9.750%* (A)		188,600		8,328,576
Southwestern Energy, Ser B, 6.250%*		202,460		6,415,958
				14,744,534
Real Estate Investment Trusts — 6.5%
Annaly Capital Management, Ser D, 7.500%		105,976		2,649,400
Digital Realty Trust, Ser H, 7.375%		86,334		2,400,085
NorthStar Realty Finance, Ser B, 8.250%		80,227		1,845,221
Vereit, Ser F, 6.700%		251,353		6,467,313
				13,362,019
Telecommunications — 8.6%
Frontier Communications, 11.125%*		98,014		10,222,860
Qwest, 7.500%		134,101		3,447,737

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

18 

Schedule of Investments April 30, 2016 (Unaudited)

Global X SuperIncome™ Preferred ETF

	Shares/Face Amount		Value
PREFERRED STOCK — continued
Telecommunications — continued
Qwest, Ser 51, 7.375%		154,764	$	3,955,768
				17,626,365
TOTAL UNITED STATES				188,360,415
TOTAL PREFERRED STOCK
(Cost $211,527,005)				204,903,008
REPURCHASE AGREEMENTS (C) — 5.3%
Barclays Bank
0.280%, dated 04/30/16, to be repurchased on 05/02/16 repurchase price $9,000,210 (collateralized by U.S. Treasury Obligations, ranging in par value $7–$2,361,729, 0.000%–6.375%, 05/15/15-08/15/44 with a total
market value of $9,180,000)	$	9,000,000		9,000,000
Deutsche Bank
0.290%, dated 04/30/16, to be repurchased on 05/02/16 repurchase price $1,984,031 (collateralized by U.S. Treasury Obligations, par value
$1,958,886, 2.250%, 11/30/17 with a total market value of $2,000,414)		1,983,983		1,983,983
TOTAL REPURCHASE AGREEMENTS
(Cost $10,983,983)				10,983,983
TOTAL INVESTMENTS — 104.8%
(Cost $222,510,988)			$	215,886,991

Percentages are based on Net Assets of $206,020,773.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2016.  The total value of securities on loan at April 30, 2016 was $10,685,320.
(B)	Floating rate security - Rate disclosed is the rate in effect on April 30, 2016.
(C)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2016 was $10,983,983.

Ser — Series

The following is a summary of the level of inputs used as of April 30, 2016, in valuing the Fund's investments carried at value:
Investments in Securities	Level 1		Level 2		Level 3		Total
Preferred Stock	$	204,903,008	$	—	$	—	$	204,903,008
Repurchase Agreements		—		10,983,983		—		10,983,983
Total Investments in Securities	$	204,903,008	$	10,983,983	$	—	$	215,886,991

For the period ended April 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

19 

Schedule of Investments	April 30, 2016 (Unaudited)
Global X Social Media Index ETF

Sector Weightings †:

 

† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Notes 2 and 7 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 100.0%
CHINA— 20.6%
Technology — 20.6%
Changyou.com ADR *		6,220	$	125,208
NetEase ADR		22,555		3,173,489
Renren ADR *		167,606		527,959
Tencent Holdings		348,135		7,131,265
YY ADR *		22,582		1,418,601
TOTAL CHINA				12,376,522
GERMANY— 0.9%
Technology — 0.9%
XING		2,855		541,505
JAPAN— 12.7%
Technology — 12.7%
Dena		109,631		1,909,923
Gree		108,235		622,127
Mixi		43,110		1,523,023
Nexon		229,972		3,576,554
TOTAL JAPAN				7,631,627
RUSSIA— 12.3%
Technology — 12.3%
Mail.ru Group GDR *		132,123		2,675,491
Yandex, Cl A *		229,930		4,706,667
TOTAL RUSSIA				7,382,158
TAIWAN— 1.2%
Technology — 1.2%
PChome Online		70,683		750,595
UNITED STATES— 52.3%
Technology — 52.3%
Alphabet, Cl A *		4,495		3,181,921
Angie's List *		44,056		385,490
Facebook, Cl A *		67,547		7,942,176

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

20 

Schedule of Investments	April 30, 2016 (Unaudited)
Global X Social Media Index ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Technology — continued
Groupon, Cl A * (A)		487,440	$	1,764,533
Jive Software *		48,231		196,300
LinkedIn, Cl A *		33,260		4,167,811
Nutrisystem		29,620		652,232
Pandora Media *		156,815		1,557,173
SINA *		59,112		2,960,920
Twitter *		100,281		1,466,108
United Online *		14,311		154,988
Weibo ADR *		13,934		340,965
Yahoo! *		93,729		3,430,481
Yelp, Cl A *		67,451		1,416,471
Zynga, Cl A *		784,539		1,867,203
TOTAL UNITED STATES				31,484,772
TOTAL COMMON STOCK
(Cost $82,037,504)				60,167,179
REPURCHASE AGREEMENT (B) — 2.3%
Deutsche Bank
0.290%, dated 04/30/16, to be repurchased on 05/02/16 repurchase price $1,388,934 (collateralized by U.S. Treasury Obligations, par value $1,371,330, 2.250%, 11/30/17 with a total market value of $1,400,403)
(Cost $1,388,900)	$	1,388,900		1,388,900
TOTAL INVESTMENTS — 102.3%
(Cost $83,426,404)			$	61,556,079

Percentages are based on Net Assets of $60,161,018.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2016.  The total value of securities on loan at April 30, 2016 was $1,295,332.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2016 was $1,388,900.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

The following is a summary of the level of inputs used as of April 30, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	60,167,179	$	—	$	—	$	60,167,179
Repurchase Agreement		—		1,388,900		—		1,388,900
Total Investments in Securities	$	60,167,179	$	1,388,900	$	—	$	61,556,079

For the period ended April 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

21 

Schedule of Investments	April 30, 2016 (Unaudited)
Global X | JPMorgan Efficiente Index ETF

Sector Weightings †:

 

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

	Shares		Value
EXCHANGE TRADED FUNDS — 89.4%
iShares 20+ Year Treasury Bond ETF		10,624	$	1,374,533
iShares iBoxx $ Investment Grade Corporate Bond ETF		5,834		702,005
iShares JP Morgan USD Emerging Markets Bond ETF		12,597		1,406,203
Vanguard REIT ETF		16,589		1,357,478
Vanguard S&P 500 ETF		7,317		1,384,523
TOTAL EXCHANGE TRADED FUNDS
(Cost $6,008,362)				6,224,742
EXCHANGE TRADED COMMODITY — 10.6%
ETFS Physical Gold
(Cost $646,489)		5,890		735,779
TOTAL INVESTMENTS — 100.0%
(Cost $6,654,851)			$	6,960,521

Percentages are based on Net Assets of $6,963,439.

ETF — Exchange Traded Fund

REIT — Real Estate Investment Trust

S&P — Standard & Poor's

USD — U.S. Dollar

As of April 30, 2016, 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 April 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

22 

Schedule of Investments	April 30, 2016 (Unaudited)
Global X | JPMorgan US Sector Rotator Index ETF

Sector Weightings †:

 

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

	Shares		Value
EXCHANGE TRADED FUNDS — 100.0%
Energy Select Sector SPDR Fund		34,458	$	2,326,260
Financial Select Sector SPDR Fund		137,216		3,198,505
Materials Select Sector SPDR Fund		66,573		3,135,588
SPDR Dow Jones REIT ETF		32,743		3,023,161
Technology Select Sector SPDR Fund		85,327		3,594,827
TOTAL INVESTMENTS — 100.0%
(Cost $15,049,133)			$	15,278,341

Percentages are based on Net Assets of $15,280,425.

ETF — Exchange Traded Fund

REIT — Real Estate Investment Trust

SPDR — Standard & Poor’s Depositary Receipts

As of April 30, 2016, 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 April 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

23 

Schedule of Investments	April 30, 2016 (Unaudited)
Global X Permanent ETF

Sector Weightings †:

 

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

	Face Amount/Shares		Value
U.S. TREASURY OBLIGATIONS — 49.4%
U.S. Treasury Bonds
4.625%, 02/15/40	$	402,200	$	556,183
4.375%, 05/15/40		419,700		560,972
4.375%, 11/15/39		419,800		560,892
3.875%, 08/15/40		449,318		559,103
U.S. Treasury Notes
1.500%, 07/31/16		514,000		515,480
1.500%, 06/30/16		518,000		519,033
1.000%, 08/31/16		517,000		518,074
0.875%, 11/30/16		520,000		521,178
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $4,106,504)				4,310,915
EXCHANGE TRADED COMMODITIES — 26.3%
ETFS Physical Gold		7,286		910,167
ETFS Physical Silver		23,884		408,682
ETFS Physical Silver (GBP shares)		3,802		65,132
Gold Bullion Securities		7,387		910,743
TOTAL EXCHANGE TRADED COMMODITIES
(Cost $3,117,908)				2,294,724
COMMON STOCK — 18.1%
AUSTRALIA— 0.2%
Basic Materials — 0.2%
BHP Billiton ADR		678		21,249
CANADA— 0.2%
Basic Materials — 0.2%
Potash Corp of Saskatchewan		889		15,753

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

24 

Schedule of Investments	April 30, 2016 (Unaudited)
Global X Permanent ETF

	Shares		Value
COMMON STOCK — continued
FRANCE— 0.3%
Oil & Gas — 0.3%
Total		552	$	27,774
NETHERLANDS— 0.3%
Oil & Gas — 0.3%
Royal Dutch Shell ADR, Cl A		483		25,546
PERU— 0.3%
Basic Materials — 0.3%
Southern Copper		935		27,741
SWITZERLAND— 0.5%
Basic Materials — 0.5%
Glencore Xstrata		6,630		15,821
Syngenta ADR		351		28,280
TOTAL SWITZERLAND				44,101
UNITED KINGDOM— 0.9%
Basic Materials — 0.6%
MMC Norilsk Nickel ADR		1,520		22,420
Rio Tinto ADR		671		22,586
				45,006
Oil & Gas — 0.3%
BP		4,100		22,447
TOTAL UNITED KINGDOM				67,453
UNITED STATES— 15.4%
Consumer Goods — 1.7%
Altria Group		303		19,001
Archer-Daniels-Midland		571		22,806
Coca-Cola		354		15,859
Monsanto		260		24,357
PepsiCo		159		16,371
Philip Morris International		184		18,054
Procter & Gamble		189		15,143
Walgreens Boots Alliance		177		14,032
				145,623
Consumer Services — 1.3%
Amazon.com *		34		22,426
Comcast, Cl A		246		14,947
CVS Health		143		14,371
Home Depot		135		18,075
McDonald's		156		19,733
Wal-Mart Stores		210		14,043

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

25 

Schedule of Investments	April 30, 2016 (Unaudited)
Global X Permanent ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Walt Disney		130	$	13,424
				117,019
Financials — 1.3%
Bank of America		875		12,740
Berkshire Hathaway, Cl B *		108		15,712
Citigroup		269		12,449
Goldman Sachs Group		72		11,816
JPMorgan Chase		219		13,841
Mastercard, Cl A		159		15,421
Visa, Cl A		221		17,070
Wells Fargo		264		13,195
				112,244
Health Care — 1.9%
AbbVie		221		13,481
Allergan *		49		10,611
Amgen		97		15,355
Biogen Idec *		38		10,450
Bristol-Myers Squibb		225		16,241
Celgene *		130		13,443
Eli Lilly		177		13,369
Gilead Sciences		127		11,203
Johnson & Johnson		152		17,036
Merck		260		14,258
Pfizer		445		14,556
UnitedHealth Group		121		15,933
				165,936
Industrials — 1.1%
3M		102		17,073
Boeing		106		14,289
Deere		284		23,887
General Electric		556		17,097
Union Pacific		151		13,172
United Technologies		135		14,090
				99,608
Oil & Gas — 0.8%
Chevron		285		29,121
Exxon Mobil		332		29,349
Schlumberger		173		13,899
				72,369
Real Estate Investment Trusts — 5.3%
American Tower, Cl A		444		46,567
AvalonBay Communities		261		46,142
Care Capital Properties		161		4,294

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

26 

Schedule of Investments	April 30, 2016 (Unaudited)
Global X Permanent ETF

	Shares		Value
COMMON STOCK — continued
Real Estate Investment Trusts — continued
Crown Castle International		515	$	44,743
Equity Residential		590		40,161
General Growth Properties		1,614		45,241
ProLogis		1,115		50,632
Public Storage		226		55,327
Simon Property Group		239		48,080
Ventas		644		40,005
Welltower		629		43,665
				464,857
Technology — 1.6%
Alphabet, Cl A *		25		17,697
Apple		118		11,061
Cisco Systems		541		14,872
Facebook, Cl A *		172		20,224
Intel		487		14,746
International Business Machines		92		13,427
Microsoft		336		16,756
Oracle		347		13,832
QUALCOMM		238		12,024
				134,639
Telecommunications — 0.4%
AT&T		415		16,110
Verizon Communications		316		16,097
				32,207
TOTAL UNITED STATES				1,344,502
TOTAL COMMON STOCK
(Cost $1,497,946)				1,574,119
EXCHANGE TRADED FUNDS — 5.3%
Vanguard FTSE All-World ex-US ETF, Cl U		5,155		227,129
Vanguard Small-Cap ETF		2,059		233,614
TOTAL EXCHANGE TRADED FUNDS
(Cost $448,471)				460,743
TOTAL INVESTMENTS — 99.1%
(Cost $9,170,829)			$	8,640,501

Percentages are based on Net Assets of $8,722,917.

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

27 

Schedule of Investments	April 30, 2016 (Unaudited)
Global X Permanent ETF

The following is a summary of the level of inputs used as of April 30, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
U.S. Treasury Obligations	$	—	$	4,310,915	$	—	$	4,310,915
Exchange Traded Commodities		2,294,724		—		—		2,294,724
Common Stock		1,574,119		—		—		1,574,119
Exchange Traded Funds		460,743		—		—		460,743
Total Investments in Securities	$	4,329,586	$	4,310,915	$	—	$	8,640,501

For the period ended April 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

28 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Guru™ Index ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Notes 2 and 7 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 99.8%
CANADA— 0.7%
Health Care — 0.7%
Valeant Pharmaceuticals International *		18,891	$	630,204
CHINA— 2.2%
Technology — 2.2%
Baidu ADR *		10,948		2,127,197
IRELAND— 1.5%
Health Care — 1.5%
Horizon Pharma *		95,739		1,471,508
UNITED STATES— 95.4%
Basic Materials — 4.3%
Air Products & Chemicals		13,471		1,965,284
Celanese, Cl A		30,084		2,126,939
				4,092,223
Consumer Goods — 15.5%
Constellation Brands, Cl A		12,581		1,963,391
Darling Ingredients *		211,383		3,062,940
DR Horton		72,279		2,172,707
General Motors		61,713		1,962,474
Mondelez International, Cl A		44,868		1,927,529
NIKE, Cl B		30,714		1,810,283
NVR *		1,136		1,887,225
				14,786,549
Consumer Services — 16.5%
CBS, Cl B		38,391		2,146,441

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

29 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Guru™ Index ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Extended Stay America		148,084	$	2,317,515
Houghton Mifflin Harcourt *		103,016		2,112,858
Netflix *		18,864		1,698,326
Pandora Media * (A)		202,803		2,013,834
Sears Holdings * (A)		98,884		1,619,225
Signet Jewelers		16,959		1,841,069
Yum! Brands		25,132		1,999,502
				15,748,770
Financials — 16.1%
Ally Financial *		104,769		1,865,936
American International Group		33,907		1,892,689
Bank of New York Mellon		51,218		2,061,012
Berkshire Hathaway, Cl B *		13,725		1,996,713
Investors Bancorp		156,463		1,807,148
JPMorgan Chase		30,382		1,920,142
STORE Capital		70,748		1,816,101
Western Union		97,428		1,948,560
				15,308,301
Health Care — 7.1%
Allergan *		6,301		1,364,545
Cigna		13,176		1,825,403
Humana		10,617		1,879,952
Incyte *		24,011		1,735,275
				6,805,175
Industrials — 10.8%
Dycom Industries *		32,449		2,290,899
FleetCor Technologies *		14,038		2,171,398
Macquarie Infrastructure		30,066		2,116,346
Orbital ATK		21,229		1,846,923
Spirit Aerosystems Holdings, Cl A *		39,390		1,857,238
				10,282,804
Oil & Gas — 2.6%
Cheniere Energy *		63,058		2,451,695
Real Estate Investment Trusts — 8.5%
American Tower, Cl A		20,737		2,174,896
Colony Capital		115,532		2,042,606
Crown Castle International		21,296		1,850,196
Equinix		6,142		2,029,010
				8,096,708
Technology — 12.1%
Alphabet, Cl A *		2,459		1,740,677
Apple		18,234		1,709,255
Broadcom		13,668		1,992,111

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

30 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Guru™ Index ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Technology — continued
CDK Global		41,420	$	1,970,349
EMC		71,525		1,867,518
Yahoo! *		60,899		2,228,903
				11,508,813
Utilities — 1.9%
FirstEnergy		55,430		1,806,464
TOTAL UNITED STATES				90,887,502
TOTAL COMMON STOCK
(Cost $101,912,537)				95,116,411
REPURCHASE AGREEMENT (B) — 2.4%
Deutsche Bank
0.290%, dated 04/30/16, to be repurchased on 05/02/16 repurchase price $2,310,011 (collateralized by U.S. Treasury Obligations, par value $2,280,734, 2.250%, 11/30/17 with a total market value of $2,329,086)
(Cost $2,309,955)	$	2,309,955		2,309,955
TOTAL INVESTMENTS — 102.2%
(Cost $104,222,492)			$	97,426,366

Percentages are based on Net Assets of $95,312,332.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2016.  The total value of securities on loan at April 30, 2016 was $2,219,404.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2016 was $2,309,955.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2016, in valuing the Fund's investments carried at value:
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	95,116,411	$	—	$	—	$	95,116,411
Repurchase Agreement		—		2,309,955		—		2,309,955
Total Investments in Securities	$	95,116,411	$	2,309,955	$	—	$	97,426,366

For the period ended April 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

31 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Guru™ Activist Index ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.8%
CANADA— 6.8%
Basic Materials — 1.9%
Agrium		283	$	24,372
Consumer Services — 2.3%
Restaurant Brands International		684		29,590
Health Care — 0.6%
Valeant Pharmaceuticals International *		249		8,307
Industrials — 2.0%
Canadian Pacific Railway		182		26,254
TOTAL CANADA				88,523
UNITED STATES— 93.0%
Basic Materials — 9.5%
Air Products & Chemicals		178		25,968
Dow Chemical		498		26,200
EI du Pont de Nemours		392		25,837
Freeport-McMoRan Copper & Gold		3,298		46,172
				124,177
Consumer Goods — 9.8%
ConAgra Foods		566		25,221
Herbalife *		511		29,612
Mondelez International, Cl A		598		25,690
PepsiCo		240		24,710
Walgreens Boots Alliance		302		23,943
				129,176
Consumer Services — 19.9%
Comcast, Cl A		409		24,851
Hertz Global Holdings *		2,781		25,752

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

32 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Guru™ Activist Index ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
McDonald's		201	$	25,424
Scripps Networks Interactive, Cl A		422		26,312
Sysco		532		24,509
Time Warner		368		27,651
Time Warner Cable		126		26,726
Twenty-First Century Fox, Cl B		892		26,867
Wynn Resorts		310		27,373
Yum! Brands		332		26,414
				261,879
Financials — 8.1%
American International Group		453		25,286
Bank of New York Mellon		676		27,202
CBRE Group, Cl A *		914		27,082
Willis Towers Watson		214		26,729
				106,299
Health Care — 9.1%
Allergan *		84		18,191
Amgen		156		24,695
Baxter International		618		27,328
Hologic *		685		23,009
Zoetis, Cl A		566		26,619
				119,842
Industrials — 7.9%
FedEx		177		29,224
General Electric		805		24,754
PayPal Holdings *		649		25,428
Xerox		2,597		24,931
				104,337
Oil & Gas — 13.9%
Baker Hughes		556		26,888
Cheniere Energy *		832		32,348
CONSOL Energy		2,662		40,063
CVR Energy		869		21,099
Hess		548		32,672
Williams		1,553		30,113
				183,183
Technology — 12.9%
Adobe Systems *		287		27,041
Alphabet, Cl C *		33		22,869
Apple		241		22,591
EMC		945		24,674
Microsoft		450		22,442
Motorola Solutions		368		27,670

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

33 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Guru™ Activist Index ETF

	Shares		Value
COMMON STOCK — continued
Technology — continued
Nuance Communications *		1,282	$	22,025
				169,312
Telecommunications — 1.9%
Level 3 Communications *		481		25,137
TOTAL UNITED STATES				1,223,342
TOTAL INVESTMENTS — 99.8%
(Cost $1,361,085)			$	1,311,865

Percentages are based on Net Assets of $1,314,436.

* Non-income producing security.

Cl — Class

As of April 30, 2016, 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 April 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

34 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Guru™ International Index ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.7%
ARGENTINA— 2.0%
Oil & Gas — 2.0%
YPF ADR		1,311	$	26,417
BELGIUM— 1.9%
Consumer Goods — 1.9%
Anheuser-Busch InBev ADR		195		24,215
BRAZIL— 10.9%
Financials — 2.9%
Banco Bradesco ADR		5,061		37,805
Industrials — 1.4%
Embraer ADR		778		17,972
Oil & Gas — 4.2%
Petroleo Brasileiro ADR *		7,201		55,520
Telecommunications — 2.4%
Tim Participacoes ADR		2,897		32,128
TOTAL BRAZIL				143,425
CANADA— 18.8%
Basic Materials — 6.8%
Agrium		273		23,511
Barrick Gold		1,806		34,982
Novagold Resources *		4,686		30,412
				88,905
Consumer Goods — 2.2%
Gildan Activewear, Cl A		928		28,824
Consumer Services — 2.3%
Restaurant Brands International		696		30,109

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

35 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Guru™ International Index ETF

	Shares		Value
COMMON STOCK — continued
Financials — 1.9%
Brookfield Asset Management, Cl A		747	$	25,263
Industrials — 3.9%
Canadian Pacific Railway		180		25,965
Progressive Waste Solutions		766		24,673
				50,638
Technology — 1.7%
BlackBerry *		3,181		22,458
TOTAL CANADA				246,197
CHINA— 12.8%
Consumer Services — 5.7%
Alibaba Group Holding ADR *		333		25,621
Ctrip.com International ADR *		544		23,724
Vipshop Holdings ADR *		1,811		24,702
				74,047
Oil & Gas — 3.5%
JinkoSolar Holding ADR *		1,069		23,807
Trina Solar ADR *		2,321		22,630
				46,437
Technology — 3.6%
Baidu ADR *		138		26,813
NetEase ADR		147		20,683
				47,496
TOTAL CHINA				167,980
DENMARK— 1.9%
Health Care — 1.9%
Novo Nordisk ADR		445		24,827
HONG KONG— 3.5%
Consumer Services — 1.7%
Melco Crown Entertainment ADR		1,454		21,519
Telecommunications — 1.8%
China Mobile ADR		417		23,986
TOTAL HONG KONG				45,505
INDIA— 4.1%
Financials — 2.1%
ICICI Bank ADR		4,014		28,299
Technology — 2.0%
Infosys ADR		1,384		26,019
TOTAL INDIA				54,318
INDONESIA— 1.9%
Telecommunications — 1.9%
Telekomunikasi Indonesia ADR		475		25,351

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

36 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Guru™ International Index ETF

	Shares		Value
COMMON STOCK — continued
IRELAND— 3.6%
Consumer Services — 1.6%
Ryanair Holdings ADR		268	$	21,695
Health Care — 2.0%
Shire ADR		138		25,864
TOTAL IRELAND				47,559
ISRAEL— 4.9%
Health Care — 1.6%
Teva Pharmaceutical Industries ADR		400		21,780
Technology — 3.3%
Mellanox Technologies *		504		21,798
Tower Semiconductor *		1,815		21,217
				43,015
TOTAL ISRAEL				64,795
MEXICO— 1.9%
Telecommunications — 1.9%
America Movil ADR, Cl L		1,739		24,624
NETHERLANDS— 8.0%
Industrials — 4.1%
AerCap Holdings *		716		28,647
Koninklijke Philips		909		25,007
				53,654
Oil & Gas — 2.1%
Royal Dutch Shell ADR, Cl A		508		26,868
Telecommunications — 1.8%
VimpelCom ADR		6,214		23,675
TOTAL NETHERLANDS				104,197
PANAMA— 1.9%
Consumer Services — 1.9%
Copa Holdings, Cl A		392		24,990
PERU— 2.2%
Financials — 2.2%
Credicorp Ltd.		201		29,229
SOUTH KOREA— 1.7%
Telecommunications — 1.7%
SK Telecom ADR		1,139		22,780
SWITZERLAND— 2.0%
Financials — 2.0%
UBS Group		1,524		26,319

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

37 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Guru™ International Index ETF

	Shares		Value
COMMON STOCK — continued
TAIWAN— 1.7%
Technology — 1.7%
Taiwan Semiconductor Manufacturing ADR		954	$	22,505
UNITED KINGDOM— 2.0%
Oil & Gas — 2.0%
BP ADR		762		25,588
UNITED STATES— 12.0%
Consumer Goods — 4.0%
Fiat Chrysler Automobiles		3,583		28,986
Unilever		523		23,022
				52,008
Financials — 1.9%
Deutsche Bank		1,342		25,444
Industrials — 4.1%
Chicago Bridge & Iron		683		27,491
Orbotech *		1,094		26,344
				53,835
Technology — 2.0%
SINA *		519		25,997
TOTAL UNITED STATES				157,284
TOTAL INVESTMENTS — 99.7%
(Cost $1,340,308)			$	1,308,105

Percentages are based on Net Assets of $1,311,655.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

Ltd. — Limited

As of April 30, 2016, 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 April 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

38 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta US ETF

Sector Weightings †:

 

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

	Shares		Value
COMMON STOCK — 99.9%
IRELAND— 0.2%
Financials — 0.2%
XL Group, Cl A		2,729	$	89,320
Technology — 0.0%
Seagate Technology		474		10,319
TOTAL IRELAND				99,639
ISRAEL— 0.4%
Technology — 0.4%
Check Point Software Technologies *		1,986		164,580
SWEDEN— 0.4%
Consumer Goods — 0.4%
Autoliv		1,304		159,701
SWITZERLAND— 0.2%
Industrials — 0.2%
TE Connectivity		1,522		90,529
UNITED KINGDOM— 0.1%
Consumer Goods — 0.1%
Delphi Automotive		674		49,627
UNITED STATES— 98.6%
Basic Materials — 3.5%
Air Products & Chemicals		109		15,902
Airgas		701		99,850
Alcoa		8,269		92,365
Ashland		863		96,311

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

39 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Basic Materials — continued
Celanese, Cl A		1,695	$	119,836
CF Industries Holdings		3,020		99,871
Dow Chemical		700		36,827
Eastman Chemical		354		27,039
Ecolab		466		53,581
EI du Pont de Nemours		477		31,439
Freeport-McMoRan Copper & Gold		2,163		30,282
International Flavors & Fragrances		606		72,399
International Paper		607		26,265
LyondellBasell Industries, Cl A		609		50,346
Mosaic		2,067		57,855
Newmont Mining		10,948		382,852
Nucor		830		41,317
PPG Industries		158		17,442
Praxair		226		26,546
				1,378,325
Consumer Goods — 14.7%
Activision Blizzard		5,547		191,205
Altria Group		1,911		119,839
Archer-Daniels-Midland		1,210		48,327
BorgWarner		435		15,625
Brown-Forman, Cl B		878		84,569
Bunge		2,302		143,875
Campbell Soup		2,940		181,427
Church & Dwight		1,900		176,130
Clorox		2,139		267,867
Coach		2,041		82,191
Coca-Cola		790		35,392
Coca-Cola Enterprises		1,948		102,231
Colgate-Palmolive		433		30,708
ConAgra Foods		7,321		326,224
Constellation Brands, Cl A		1,088		169,793
DR Horton		2,072		62,284
Dr Pepper Snapple Group		1,393		126,638
Electronic Arts *		1,867		115,474
Estee Lauder, Cl A		1,070		102,581
Ford Motor		4,332		58,742
General Mills		1,617		99,187
General Motors		1,439		45,760
Genuine Parts		538		51,632
Goodyear Tire & Rubber		1,583		45,859
Hanesbrands		3,505		101,750
Harley-Davidson		478		22,863
Hasbro		577		48,838

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

40 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Hershey		303	$	28,212
Hormel Foods		1,696		65,381
Ingredion		347		39,936
JM Smucker		1,629		206,851
Kellogg		826		63,445
Kimberly-Clark		253		31,673
Kraft Heinz		444		34,663
Lear		397		45,707
Lennar, Cl A		1,181		53,511
LKQ *		1,150		36,857
Mattel		3,624		112,670
McCormick		2,251		211,099
Michael Kors Holdings *		949		49,025
Mohawk Industries *		458		88,225
Molson Coors Brewing, Cl B		1,491		142,584
Mondelez International, Cl A		2,525		108,474
Monsanto		449		42,062
Monster Beverage *		726		104,704
Newell Rubbermaid		2,593		118,085
NIKE, Cl B		1,213		71,494
PepsiCo		303		31,197
Philip Morris International		368		36,108
Procter & Gamble		415		33,250
PVH		1,331		127,244
Reynolds American		2,376		117,850
Snap-On		291		46,350
Stanley Black & Decker		1,566		175,267
Tesla Motors *		452		108,823
Tyson Foods, Cl A		4,423		291,122
Under Armour, Cl A *		2,968		130,414
VF		637		40,163
Walgreens Boots Alliance		1,330		105,443
Whirlpool		351		61,123
				5,816,023
Consumer Services — 12.7%
Advance Auto Parts		695		108,490
Alaska Air Group		532		37,469
Amazon.com *		88		58,044
AmerisourceBergen, Cl A		915		77,867
AutoZone *		162		123,967
Bed Bath & Beyond		832		39,287
Best Buy		4,198		134,672
Cardinal Health		1,013		79,480
CarMax *		402		21,286

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

41 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Carnival		1,300	$	63,765
Charter Communications, Cl A *		794		168,518
Chipotle Mexican Grill, Cl A *		99		41,676
Comcast, Cl A		1,549		94,117
Costco Wholesale		471		69,769
CVS Health		1,009		101,405
Darden Restaurants		756		47,061
Delta Air Lines		1,499		62,463
DISH Network, Cl A *		1,095		53,972
Dollar General		1,597		130,810
Dollar Tree *		1,134		90,391
eBay *		6,790		165,880
Expedia		825		95,510
Foot Locker		794		48,783
H&R Block		1,859		37,626
Hilton Worldwide Holdings		765		16,868
Home Depot		400		53,556
IHS, Cl A *		218		26,853
Interpublic Group		2,677		61,410
JetBlue Airways *		3,752		74,252
Kohl's		3,129		138,615
Kroger		1,500		53,085
L Brands		1,893		148,203
Liberty Global, Cl A *		2,709		102,211
Lowe's		397		30,180
Marriott International, Cl A		626		43,876
McDonald's		1,405		177,718
McKesson		183		30,711
MGM Resorts International *		3,155		67,202
Netflix *		353		31,781
Nielsen Holdings		5,287		275,664
Nordstrom		1,337		68,361
Norwegian Cruise Line Holdings *		517		25,276
Omnicom Group		208		17,258
O'Reilly Automotive *		125		32,835
priceline.com *		32		42,997
Rite Aid *		5,050		40,653
Ross Stores		1,344		76,312
Royal Caribbean Cruises		769		59,521
Signet Jewelers		827		89,779
Sirius XM Holdings *		18,833		74,390
Southwest Airlines		1,983		88,462
Staples		12,409		126,572
Starbucks		1,280		71,974

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

42 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Starwood Hotels & Resorts Worldwide		321	$	26,284
Sysco		699		32,203
Target		2,283		181,498
Tiffany		254		18,123
Time Warner		750		56,355
Time Warner Cable		370		78,481
TJX		1,040		78,853
Tractor Supply		638		60,393
TripAdvisor *		378		24,415
Twenty-First Century Fox, Cl A		583		17,642
Ulta Salon Cosmetics & Fragrance *		389		81,021
United Continental Holdings *		494		22,630
Viacom, Cl B		373		15,256
Wal-Mart Stores		1,114		74,493
Walt Disney		753		77,755
Whole Foods Market		268		7,793
Wyndham Worldwide		528		37,462
Yum! Brands		622		49,486
				5,039,026
Financials — 15.5%
Affiliated Managers Group *		124		21,120
Aflac		1,585		109,318
Allstate		1,084		70,514
Ally Financial *		1,403		24,987
American Express		323		21,134
American International Group		1,536		85,740
Ameriprise Financial		223		21,386
Aon		194		20,393
Arch Capital Group *		3,937		277,519
Bank of America		3,212		46,767
Bank of New York Mellon		3,761		151,343
BB&T		2,609		92,306
Berkshire Hathaway, Cl B *		558		81,178
BlackRock, Cl A		68		24,230
Capital One Financial		845		61,170
CBRE Group, Cl A *		1,379		40,860
Charles Schwab		3,800		107,958
Chubb		575		67,770
Cincinnati Financial		2,478		163,573
CIT Group		4,254		147,061
Citigroup		565		26,148
Citizens Financial Group		2,074		47,391
CME Group, Cl A		2,820		259,186
Comerica		2,338		103,807

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

43 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Discover Financial Services		1,061	$	59,703
E*TRADE Financial *		2,683		67,558
Equifax		1,104		132,756
Everest Re Group		356		65,824
Extra Space Storage		692		58,785
Fifth Third Bancorp		5,131		93,949
First Republic Bank		1,145		80,516
FNF Group		3,406		108,651
Franklin Resources		518		19,342
Goldman Sachs Group		481		78,937
Hartford Financial Services Group		2,229		98,923
Huntington Bancshares		20,226		203,473
Intercontinental Exchange		669		160,580
Invesco		1,907		59,136
JPMorgan Chase		2,004		126,653
KeyCorp		5,123		62,962
Lincoln National		1,589		69,042
Loews		2,760		109,517
M&T Bank		1,508		178,427
Markel *		318		285,917
Marsh & McLennan		288		18,187
Mastercard, Cl A		448		43,452
MetLife		510		23,001
Moody's		574		54,943
Morgan Stanley		758		20,511
Nasdaq		891		54,984
New York Community Bancorp		8,950		134,518
Northern Trust		2,174		154,528
PNC Financial Services Group		1,248		109,549
Principal Financial Group		1,084		46,265
Progressive		5,287		172,356
Prudential Financial		318		24,690
Regions Financial		8,231		77,207
S&P Global		257		27,461
Signature Bank NY *		276		38,041
State Street		370		23,051
SunTrust Banks		1,048		43,743
Synchrony Financial *		1,378		42,125
T Rowe Price Group		194		14,606
TD Ameritrade Holding		2,937		87,611
Travelers		929		102,097
Unum Group		3,599		123,122
US Bancorp		1,443		61,602
Visa, Cl A		639		49,356

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

44 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Voya Financial		1,243	$	40,360
Wells Fargo		2,000		99,960
Western Union		4,434		88,680
Willis Towers Watson		1,098		137,140
				6,106,656
Health Care — 10.7%
Abbott Laboratories		1,725		67,103
Aetna		1,169		131,244
Allergan *		199		43,095
Anthem		1,087		153,017
Baxalta		574		24,079
Baxter International		1,013		44,795
Becton Dickinson		536		86,435
BioMarin Pharmaceutical *		672		56,905
Boston Scientific *		4,261		93,401
Bristol-Myers Squibb		564		40,709
Celgene *		198		20,475
Cigna		1,341		185,782
Cooper		185		28,320
CR Bard		579		122,847
DaVita HealthCare Partners *		2,711		200,343
DENTSPLY SIRONA		2,684		159,966
Edwards Lifesciences *		1,082		114,919
Eli Lilly		1,219		92,071
Endo International *		639		17,253
Express Scripts Holding *		2,029		149,598
Gilead Sciences		289		25,493
Henry Schein *		991		167,182
Hologic *		1,072		36,009
Humana		733		129,792
Incyte *		708		51,167
Jazz Pharmaceuticals *		255		38,428
Johnson & Johnson		194		21,744
Laboratory Corp of America Holdings *		1,894		237,356
Mallinckrodt *		530		33,136
Medivation *		654		37,801
Medtronic		923		73,056
Merck		2,458		134,797
Perrigo		686		66,316
Pfizer		3,776		123,513
Quest Diagnostics		3,655		274,746
Regeneron Pharmaceuticals *		64		24,110
ResMed		978		54,572
Stryker		520		56,685

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

45 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Thermo Fisher Scientific		345	$	49,766
UnitedHealth Group		1,425		187,644
Universal Health Services, Cl B		1,306		174,586
Varian Medical Systems *		1,202		97,578
Vertex Pharmaceuticals *		332		28,001
Waters *		1,066		138,751
Zimmer Biomet Holdings		543		62,863
Zoetis, Cl A		1,433		67,394
				4,224,843
Industrials — 12.1%
3M		288		48,205
Accenture, Cl A		453		51,153
Acuity Brands		164		39,998
Agilent Technologies		286		11,703
Alliance Data Systems *		377		76,648
AMETEK		1,311		63,046
Amphenol, Cl A		1,535		85,699
Automatic Data Processing		518		45,812
Ball		987		70,452
Boeing		445		59,986
Caterpillar		348		27,047
CH Robinson Worldwide		1,659		117,739
CSX		754		20,562
Cummins		196		22,938
Danaher		1,037		100,330
Deere		1,595		134,155
Dover		1,216		79,891
Eaton		415		26,257
Emerson Electric		308		16,826
Expeditors International of Washington		2,906		144,167
Fastenal		765		35,794
FedEx		320		52,835
Fidelity National Information Services		2,225		146,405
Fiserv *		1,057		103,290
FleetCor Technologies *		544		84,146
Fluor		794		43,400
Fortune Brands Home & Security		904		50,090
General Dynamics		549		77,146
General Electric		3,257		100,153
Global Payments		706		50,959
Honeywell International		144		16,455
Illinois Tool Works		206		21,531
Ingersoll-Rand		702		46,009
JB Hunt Transport Services		750		62,160

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

46 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Johnson Controls		560	$	23,184
Kansas City Southern		473		44,817
L-3 Communications Holdings, Cl 3		995		130,872
LinkedIn, Cl A *		223		27,944
Lockheed Martin		229		53,215
Martin Marietta Materials		767		129,800
Masco		2,477		76,069
Mettler-Toledo International *		149		53,335
Norfolk Southern		275		24,780
Northrop Grumman		226		46,615
Parker-Hannifin		446		51,745
Paychex		1,827		95,223
PayPal Holdings *		577		22,607
Raytheon		859		108,535
Republic Services, Cl A		4,942		232,620
Rockwell Automation		285		32,339
Rockwell Collins		911		80,341
Roper Technologies		955		168,166
Sealed Air		889		42,103
Sherwin-Williams		255		73,264
Stericycle *		683		65,267
Textron		1,106		42,780
Total System Services		1,053		53,850
TransDigm Group *		804		183,207
Tyco International		387		14,907
Union Pacific		227		19,801
United Parcel Service, Cl B		289		30,365
United Technologies		151		15,760
Vantiv, Cl A *		1,394		76,029
Verisk Analytics, Cl A *		1,785		138,480
Vulcan Materials		1,759		189,321
Wabtec		311		25,791
Waste Connections		610		41,041
Waste Management		1,335		78,485
Westrock		220		9,207
WW Grainger		255		59,803
Xerox		10,044		96,422
				4,791,077
Oil & Gas — 4.4%
Anadarko Petroleum		514		27,119
Apache		1,119		60,874
Baker Hughes		745		36,028
Cabot Oil & Gas		2,430		56,862
Chevron		448		45,777

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

47 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — continued
Cimarex Energy		1,648	$	179,434
Concho Resources *		2,138		248,371
ConocoPhillips		607		29,009
Devon Energy		644		22,334
EOG Resources		414		34,205
EQT		1,241		86,994
Exxon Mobil		722		63,825
Halliburton		703		29,041
Hess		400		23,848
HollyFrontier		4,269		151,976
Kinder Morgan		1,228		21,809
Marathon Oil		1,855		26,137
Marathon Petroleum		1,730		67,608
National Oilwell Varco		768		27,679
Noble Energy		595		21,485
Occidental Petroleum		1,401		107,387
Phillips 66		834		68,480
Pioneer Natural Resources		195		32,389
Schlumberger		515		41,375
Spectra Energy		1,686		52,721
Tesoro		1,307		104,155
Valero Energy		1,038		61,107
				1,728,029
Real Estate Investment Trusts — 8.0%
American Tower, Cl A		239		25,066
Annaly Capital Management		24,300		253,206
AvalonBay Communities		1,688		298,422
Boston Properties		138		17,783
Crown Castle International		1,344		116,767
Digital Realty Trust		3,102		272,914
Equinix		324		107,033
Equity Residential		2,513		171,060
Essex Property Trust		664		146,379
Federal Realty Investment Trust		733		111,475
General Growth Properties		4,681		131,208
HCP		2,768		93,641
Host Hotels & Resorts		2,361		37,351
Kimco Realty		2,542		71,481
Macerich		2,165		164,713
ProLogis		1,106		50,223
Public Storage		320		78,339
Realty Income		4,629		274,037
Simon Property Group		352		70,812
SL Green Realty		686		72,085

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

48 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Real Estate Investment Trusts — continued
UDR		3,188	$	111,325
Ventas		2,198		136,540
VEREIT		14,876		132,099
Vornado Realty Trust		482		46,142
Welltower		1,815		125,997
Weyerhaeuser		1,948		62,570
				3,178,668
Technology — 8.0%
Adobe Systems *		448		42,210
Akamai Technologies *		658		33,552
Alphabet, Cl A *		33		23,360
Amdocs		5,180		292,877
Analog Devices		968		54,518
ANSYS *		786		71,345
Apple		387		36,278
Applied Materials		1,348		27,593
Autodesk *		730		43,669
CA		2,254		66,854
Cerner *		512		28,744
Cisco Systems		2,765		76,010
Citrix Systems *		1,697		138,882
Cognizant Technology Solutions, Cl A *		400		23,348
Corning		1,201		22,423
EMC		2,674		69,818
F5 Networks *		371		38,862
Facebook, Cl A *		654		76,897
Harris		1,372		109,774
HP		5,023		61,632
Intel		2,701		81,786
International Business Machines		384		56,041
Intuit		537		54,178
Juniper Networks		6,271		146,741
KLA-Tencor		416		29,095
Lam Research		731		55,848
Linear Technology		1,087		48,350
Maxim Integrated Products		2,694		96,230
Microchip Technology		1,296		62,973
Micron Technology *		2,111		22,693
Microsoft		562		28,027
Motorola Solutions		876		65,866
NetApp		3,818		90,258
NVIDIA		4,332		153,916
Oracle		386		15,386
Palo Alto Networks *		449		67,741

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

49 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Technology — continued
Qorvo *		402	$	18,102
QUALCOMM		925		46,731
Red Hat *		771		56,568
salesforce.com *		294		22,285
SanDisk		525		39,443
ServiceNow *		734		52,466
Skyworks Solutions		1,331		88,937
Symantec		5,835		97,124
Texas Instruments		866		49,397
VeriSign *		1,180		101,952
Western Digital		413		16,877
Workday, Cl A *		406		30,442
Xilinx		1,284		55,315
Yahoo! *		1,347		49,300
				3,138,714
Telecommunications — 1.5%
AT&T		3,635		141,111
CenturyLink		2,001		61,931
Level 3 Communications *		1,706		89,155
SBA Communications, Cl A *		1,371		141,268
T-Mobile US *		2,991		117,486
Verizon Communications		571		29,087
				580,038
Utilities — 7.5%
AGL Resources		602		39,648
Alliant Energy		801		56,486
Ameren		2,395		114,960
American Electric Power		1,012		64,262
American Water Works		5,203		378,570
CenterPoint Energy		5,662		121,450
CMS Energy		4,451		181,067
Consolidated Edison		1,659		123,761
Dominion Resources		310		22,156
DTE Energy		1,372		122,327
Duke Energy		1,523		119,982
Edison International		1,562		110,449
Entergy		1,459		109,688
Eversource Energy		2,140		120,782
Exelon		3,725		130,710
FirstEnergy		3,164		103,115
NextEra Energy		435		51,147
PG&E		3,370		196,134
Pinnacle West Capital		820		59,573
PPL		2,190		82,432

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

50 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
Public Service Enterprise Group		2,046	$	94,382
SCANA		915		62,851
Sempra Energy		640		66,144
Southern		2,922		146,392
WEC Energy Group		2,236		130,158
Xcel Energy		4,152		166,204
				2,974,830
TOTAL UNITED STATES				38,956,229
TOTAL INVESTMENTS — 99.9%
(Cost $38,924,578)			$	39,520,305

Percentages are based on Net Assets of $39,569,312.

* Non-income producing security.

Cl — Class

As of April 30, 2016, 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 April 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

51 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Europe ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.0%
AUSTRIA— 1.1%
Basic Materials — 0.1%
voestalpine		260	$	9,374
Financials — 0.4%
Erste Group Bank		940		27,045
IMMOFINANZ		11,452		27,007
				54,052
Industrials — 0.3%
ANDRITZ		220		12,324
Wienerberger		1,684		33,281
				45,605
Oil & Gas — 0.3%
OMV		1,096		32,901
TOTAL AUSTRIA				141,932
BELGIUM— 4.4%
Basic Materials — 0.2%
Solvay		128		12,939
Umicore		294		14,656
				27,595
Consumer Goods — 0.2%
Anheuser-Busch InBev		103		12,753
Ontex Group		256		7,845
				20,598
Consumer Services — 0.7%
Colruyt		687		39,563

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

52 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Delhaize Group		380	$	39,837
Telenet Group Holding *		319		15,857
				95,257
Financials — 1.4%
Ackermans & van Haaren		385		50,137
Ageas		584		22,916
Groupe Bruxelles Lambert		295		26,060
KBC Groep		222		12,467
Sofina		548		69,825
				181,405
Health Care — 0.6%
UCB		976		73,052
Industrials — 0.5%
bpost		2,207		62,272
Real Estate Investment Trusts — 0.6%
Cofinimmo *		655		81,396
Telecommunications — 0.2%
Proximus		758		25,503
TOTAL BELGIUM				567,078
CHILE— 0.1%
Basic Materials — 0.1%
Antofagasta		1,465		10,370
DENMARK— 4.1%
Consumer Goods — 0.3%
Carlsberg, Cl B		241		23,476
Pandora		98		12,728
				36,204
Financials — 0.7%
Danske Bank		656		18,555
Jyske Bank		720		29,483
Sydbank		1,074		30,377
Tryg		1,379		26,038
				104,453
Health Care — 1.9%
Christian Hansen Holding		994		61,874
Coloplast, Cl B		254		19,051
Genmab *		221		32,751
GN Store Nord		609		11,977
H Lundbeck		207		6,916
Novo Nordisk, Cl B		525		29,318
Novozymes, Cl B		258		12,367

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

53 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
William Demant Holding *		680	$	69,902
				244,156
Industrials — 0.6%
A P Moller - Maersk, Cl B		13		18,285
DSV		776		32,660
ISS		546		20,737
				71,682
Oil & Gas — 0.0%
Vestas Wind Systems		83		5,939
Technology — 0.1%
SimCorp		334		15,019
Telecommunications — 0.5%
TDC		11,495		58,834
TOTAL DENMARK				536,287
FINLAND— 2.4%
Basic Materials — 0.2%
Stora Enso, Cl R		1,804		15,745
UPM-Kymmene		816		15,589
				31,334
Consumer Goods — 0.2%
Amer Sports		643		19,015
Nokian Renkaat		280		10,333
				29,348
Consumer Services — 0.2%
Kesko, Cl B		488		19,501
Financials — 0.2%
Sampo, Cl A		655		28,605
Health Care — 0.2%
Orion, Cl B		650		22,677
Industrials — 0.4%
Huhtamaki		962		37,792
Kone, Cl B		220		10,039
Metso		321		7,717
				55,548
Oil & Gas — 0.5%
Neste		1,679		53,729
Telecommunications — 0.2%
Elisa		694		25,921
Utilities — 0.3%
Fortum		2,798		42,174
TOTAL FINLAND				308,837

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

54 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
FRANCE— 14.5%
Basic Materials — 0.4%
Air Liquide		57	$	6,463
Arkema		296		23,623
Imerys		330		24,364
				54,450
Consumer Goods — 2.4%
Christian Dior		87		15,281
Cie Generale des Etablissements Michelin, Cl B		196		20,462
Danone		155		10,859
Faurecia		284		11,733
Hermes International		87		30,989
L'Oreal		193		35,026
LVMH Moet Hennessy Louis Vuitton		122		20,275
Pernod Ricard		297		32,071
Peugeot *		1,269		20,428
Plastic Omnium		123		4,074
Renault		143		13,804
SEB		417		46,744
Societe BIC		254		36,059
UBISOFT Entertainment *		220		6,393
Valeo		33		5,233
				309,431
Consumer Services — 1.8%
Accor		285		12,628
Air France-KLM *		440		3,947
Carrefour		653		18,507
Casino Guichard Perrachon		300		17,854
Eutelsat Communications		1,123		34,888
JCDecaux		368		16,259
Kering		249		42,678
Lagardere SCA		1,130		29,988
Publicis Groupe		300		22,207
Sodexo		111		11,212
Technicolor		1,169		8,020
Vivendi		1,604		30,790
				248,978
Financials — 1.4%
AXA		610		15,381
BNP Paribas		190		10,063
CNP Assurances		836		14,233
Credit Agricole		880		9,735
Fonciere Des Regions		339		32,087

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

55 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Natixis		2,773	$	15,299
SCOR		1,314		44,751
Societe Generale		207		8,120
Wendel		220		25,424
				175,093
Health Care — 1.1%
Essilor International		120		15,538
Ipsen		350		21,186
Orpea		658		54,269
Sanofi		502		41,461
				132,454
Industrials — 3.7%
Aeroports de Paris		528		66,461
Airbus Group		146		9,132
Alstom		679		17,358
Bollore		5,313		21,055
Bouygues		257		8,572
Bureau Veritas		697		16,525
Cie de Saint-Gobain		208		9,528
Edenred		631		12,445
Eiffage		354		28,151
Eurazeo		276		19,441
Groupe Eurotunnel		977		12,477
Legrand		183		10,425
Rexel		2,375		35,988
Safran		251		17,298
Schneider Electric		158		10,286
Teleperformance		792		71,118
Thales		759		65,632
Vinci		386		28,842
Zodiac Aerospace		891		20,895
				481,629
Oil & Gas — 0.4%
Technip		406		23,767
Total		416		20,931
				44,698
Real Estate Investment Trusts — 0.8%
Gecina		357		51,642
ICADE		541		42,599
Klepierre		179		8,421
				102,662
Technology — 1.4%
Atos		588		52,321

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

56 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Technology — continued
Capital Gemini		286	$	26,707
Dassault Systemes		431		33,715
Iliad		57		12,460
Ingenico Group		176		20,763
STMicroelectronics		4,740		29,121
				175,087
Telecommunications — 0.1%
Orange		1,035		17,165
Utilities — 1.0%
Electricite de France		991		14,239
Engie		1,077		17,763
Rubis SCA		655		51,134
Suez Environnement		1,509		27,826
Veolia Environnement		773		18,995
				129,957
TOTAL FRANCE				1,871,604
GERMANY— 10.4%
Basic Materials — 1.5%
Aurubis		1,233		66,918
BASF		77		6,363
Bayer		45		5,193
Brenntag		111		6,510
Evonik Industries		504		15,970
K+S		921		22,975
LANXESS		387		20,241
Linde		150		22,918
Symrise		521		34,526
				201,614
Consumer Goods — 1.1%
adidas		144		18,572
Bayerische Motoren Werke		89		8,206
Beiersdorf		112		10,052
Continental		21		4,613
Daimler		165		11,469
HUGO BOSS		276		17,604
OSRAM Licht		620		32,363
Rheinmetall		333		26,057
				128,936
Consumer Services — 0.6%
Axel Springer		377		21,054
Deutsche Lufthansa		1,344		20,873
METRO		318		10,107
ProSiebenSat.1 Media		143		7,292

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

57 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Zalando * (A)		154	$	5,105
				64,431
Financials — 2.4%
Aareal Bank		318		11,298
Allianz		141		23,942
Commerzbank		1,560		14,580
Deutsche Annington Immobilien		2,117		71,250
Deutsche Bank		310		5,848
Deutsche Boerse		141		11,577
Deutsche EuroShop		710		33,093
Deutsche Wohnen		1,314		40,251
Hannover Rueck		386		44,024
LEG Immobilien		516		47,759
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		120		22,259
				325,881
Health Care — 1.2%
Fresenius & KGaA		587		42,706
Fresenius Medical Care & KGaA		465		40,343
Gerresheimer		312		23,206
Merck KGaA		183		17,202
STADA Arzneimittel		652		27,667
				151,124
Industrials — 2.2%
Bilfinger		752		32,785
Deutsche Post		231		6,784
Duerr		65		5,205
Fraport Frankfurt Airport Services Worldwide		428		25,912
GEA Group		476		22,074
HeidelbergCement		123		10,931
HOCHTIEF		59		7,565
KION Group		759		41,362
Krones		57		6,498
KUKA		64		6,307
MAN		383		41,565
MTU Aero Engines		389		36,722
Siemens		80		8,349
Wirecard		732		31,620
				283,679
Oil & Gas — 0.0%
Nordex *		176		4,929
Technology — 0.3%
Infineon Technologies		447		6,361
SAP		207		16,198

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

58 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Technology — continued
United Internet		485	$	23,683
				46,242
Telecommunications — 0.9%
Deutsche Telekom		1,761		30,829
Drillisch		188		7,759
Freenet		994		30,363
Telefonica Deutschland Holding		8,799		44,685
				113,636
Utilities — 0.2%
E.ON		1,309		13,507
RWE		1,177		17,585
				31,092
TOTAL GERMANY				1,351,564
IRELAND— 1.7%
Consumer Goods — 0.6%
Glanbia		3,219		60,685
Kerry Group, Cl A		305		27,202
				87,887
Consumer Services — 0.5%
Paddy Power		383		51,346
Ryanair Holdings ADR		170		13,762
				65,108
Financials — 0.2%
Bank of Ireland *		64,315		19,521
Industrials — 0.4%
CRH		501		14,558
Smurfit Kappa Group		1,307		34,655
				49,213
TOTAL IRELAND				221,729
ITALY— 5.1%
Basic Materials — 0.2%
Tenaris		2,168		29,251
Consumer Goods — 0.8%
Davide Campari-Milano		3,147		30,385
Fiat Chrysler Automobiles		2,559		20,546
Luxottica Group		592		32,254
Moncler		1,100		17,840
				101,025
Consumer Services — 0.3%
Mediaset		7,900		35,560
Yoox Net-A-Porter Group, Cl A *		213		6,236
				41,796

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

59 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Financials — 1.9%
Assicurazioni Generali		1,181	$	18,017
Azimut Holding		377		9,491
Banca Monte dei Paschi di Siena *		21,520		17,414
Banca Popolare dell'Emilia Romagna SC		2,855		16,693
Banca Popolare di Milano Scarl		35,979		27,280
Banca Popolare di Sondrio SCARL		8,379		31,267
Banco Popolare SC		1,461		10,316
EXOR		708		26,598
Intesa Sanpaolo		3,800		10,533
Mediobanca		2,347		19,287
UniCredit		2,831		10,940
Unione di Banche Italiane SCpA		3,201		13,572
Unipol Gruppo Finanziario		1,781		7,629
UnipolSai		9,178		21,423
				240,460
Health Care — 0.1%
Recordati		534		13,572
Industrials — 0.7%
Atlantia		424		11,810
CNH Industrial		1,383		10,613
Finmeccanica *		3,432		43,357
Italcementi		1,012		12,008
Prysmian		441		10,400
				88,188
Oil & Gas — 0.2%
Eni		1,146		18,638
Saipem		23,415		11,210
				29,848
Telecommunications — 0.2%
Telecom Italia *		21,839		21,261
Utilities — 0.7%
A2A		9,951		14,201
Enel		3,878		17,580
Hera		4,901		14,741
Snam		5,897		35,999
Terna Rete Elettrica Nazionale		1,741		9,819
				92,340
TOTAL ITALY				657,741
LUXEMBOURG— 0.2%
Consumer Services — 0.1%
B&M European Value Retail		1,666		6,770
Health Care — 0.1%
Eurofins Scientific		39		14,475

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

60 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
TOTAL LUXEMBOURG			$	21,245
MEXICO— 0.1%
Basic Materials — 0.1%
Fresnillo		1,181		19,255
NETHERLANDS— 4.2%
Basic Materials — 0.5%
Akzo Nobel		142		10,066
ArcelorMittal		1,883		10,637
Koninklijke DSM		771		47,296
				67,999
Consumer Goods — 0.5%
Heineken		263		24,655
Heineken Holding		181		14,945
Unilever		522		22,937
				62,537
Consumer Services — 0.4%
Koninklijke Ahold		983		21,392
RELX		941		15,795
Wolters Kluwer		498		18,957
				56,144
Financials — 0.6%
Aegon		4,299		24,678
Euronext (A)		218		9,213
ING Groep		973		11,919
NN Group		653		22,632
				68,442
Industrials — 1.0%
Aalberts Industries		498		17,066
Boskalis Westminster		773		32,231
Koninklijke Philips		969		26,636
Koninklijke Vopak		370		20,106
Randstad Holding		72		3,868
TNT Express		4,009		36,398
				136,305
Oil & Gas — 0.2%
SBM Offshore		1,856		24,861
Real Estate Investment Trusts — 0.7%
Unibail-Rodamco		108		28,945
Wereldhave		1,051		54,157
				83,102
Technology — 0.2%
ASM International		674		27,501

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

61 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Telecommunications — 0.1%
Koninklijke KPN		4,899	$	19,274
TOTAL NETHERLANDS				546,165
NORWAY— 2.6%
Basic Materials — 0.4%
Norsk Hydro		2,475		10,767
Yara International		1,117		44,722
				55,489
Consumer Goods — 0.9%
Marine Harvest		3,296		51,288
Orkla		6,815		59,498
				110,786
Consumer Services — 0.1%
Schibsted, Cl A		475		13,857
Financials — 0.5%
DnB		635		8,130
Gjensidige Forsikring		2,783		47,660
				55,790
Oil & Gas — 0.7%
Statoil		1,442		25,483
Subsea 7		4,319		39,745
TGS Nopec Geophysical		1,594		26,664
				91,892
Telecommunications — 0.0%
Telenor		333		5,732
TOTAL NORWAY				333,546
PORTUGAL— 0.5%
Consumer Services — 0.2%
Jeronimo Martins		1,405		22,997
Financials — 0.1%
Banco Comercial Portugues, Cl R *		272,543		12,080
Oil & Gas — 0.1%
Galp Energia		1,260		17,310
Utilities — 0.1%
Energias de Portugal		4,342		15,436
TOTAL PORTUGAL				67,823
SPAIN— 3.8%
Consumer Goods — 0.2%
Viscofan		501		28,111
Consumer Services — 0.1%
Distribuidora Internacional de Alimentacion		273		1,515
Industria de Diseno Textil		334		10,725

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

62 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Mediaset Espana Comunicacion		380	$	4,936
				17,176
Financials — 1.0%
Banco Bilbao Vizcaya Argentaria		1,020		6,990
Banco de Sabadell		6,609		12,634
Banco Popular Espanol		3,883		10,563
Banco Santander		1,751		8,866
Bankia		16,101		14,993
Bankinter		4,584		34,945
Bolsas y Mercados Espanoles SHMSF		175		5,923
CaixaBank		5,859		17,642
Mapfre		4,259		10,805
				123,361
Health Care — 0.0%
Grifols		228		4,960
Industrials — 0.8%
Abertis Infraestructuras		411		6,932
Acciona		243		19,466
ACS Actividades de Construccion y Servicios		123		4,068
Aena SA * (A)		64		9,129
Amadeus IT Holding, Cl A		243		11,060
Ferrovial		1,190		25,610
Zardoya Otis		1,860		19,748
				96,013
Oil & Gas — 0.2%
Gamesa Tecnologica		886		17,449
Repsol		1,205		15,796
				33,245
Real Estate Investment Trusts — 0.1%
Merlin Properties Socimi		1,494		17,368
Telecommunications — 0.1%
Cellnex Telecom SAU (A)		405		6,684
Telefonica		546		5,955
				12,639
Utilities — 1.3%
Enagas		461		14,048
Endesa		4,019		84,398
Gas Natural SDG		948		19,723
Iberdrola		3,486		24,771
Red Electrica		133		11,877
				154,817
TOTAL SPAIN				487,690

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

63 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
SWEDEN— 6.1%
Basic Materials — 0.5%
BillerudKorsnas		1,467	$	22,803
Boliden		1,201		20,959
Hexpol		1,069		11,060
				54,822
Consumer Goods — 0.5%
Husqvarna, Cl B		674		5,377
Svenska Cellulosa, Cl B		1,652		52,078
Swedish Match		436		13,842
				71,297
Consumer Services — 0.6%
Hennes & Mauritz, Cl B		284		10,107
ICA Gruppen		2,002		65,806
				75,913
Financials — 1.8%
Castellum		2,082		33,349
Fabege		2,044		34,141
Fastighets Balder, Cl B *		365		9,313
Industrivarden, Cl C		1,942		35,391
Intrum Justitia		408		14,657
Investment Kinnevik, Cl B		588		16,931
Investor, Cl B		440		16,163
JM		211		6,107
Nordea Bank		1,295		12,583
Skandinaviska Enskilda Banken, Cl A		1,556		14,876
Svenska Handelsbanken, Cl A		2,185		29,115
Swedbank, Cl A		873		18,848
				241,474
Health Care — 0.7%
Elekta, Cl B		1,681		12,300
Getinge, Cl B		652		13,800
Meda, Cl A		3,145		58,059
Swedish Orphan Biovitrum *		1,226		17,895
				102,054
Industrials — 1.1%
Assa Abloy, Cl B		743		15,596
Atlas Copco, Cl A		226		5,854
Fingerprint Cards, Cl B *		155		9,294
NCC, Cl B *		712		24,353
Nibe Industrier, Cl B		280		9,738
Saab, Cl B		202		6,917
Securitas, Cl B		2,245		35,484

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

64 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Skanska, Cl B		371	$	8,167
Trelleborg, Cl B		1,446		26,370
				141,773
Oil & Gas — 0.1%
Lundin Petroleum *		620		11,623
Technology — 0.4%
Hexagon, Cl B		213		8,501
Telefonaktiebolaget LM Ericsson, Cl B		4,316		34,969
				43,470
Telecommunications — 0.4%
Tele2, Cl B		3,525		33,657
TeliaSonera		3,505		16,755
				50,412
TOTAL SWEDEN				792,838
SWITZERLAND— 11.8%
Basic Materials — 0.9%
Clariant		1,428		27,040
EMS-Chemie Holding		68		33,646
Givaudan		17		33,521
Glencore Xstrata		2,071		4,942
Syngenta *		69		27,643
				126,792
Consumer Goods — 1.7%
Aryzta		650		25,261
Barry Callebaut		32		37,625
Chocoladefabriken Lindt & Spruengli		1		73,229
Cie Financiere Richemont		109		7,255
Coca-Cola HBC		962		19,729
Nestle		414		30,883
Swatch Group		65		22,216
				216,198
Consumer Services — 0.5%
Dufry *		226		29,756
Galenica		27		39,493
				69,249
Financials — 4.3%
Baloise Holding		198		24,520
Credit Suisse Group		421		6,400
GAM Holding		1,351		17,619
Helvetia Holding		81		43,606
Julius Baer Group		879		37,608
Pargesa Holding		552		38,384
Partners Group Holding		142		58,518

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

65 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
PSP Swiss Property		880	$	84,833
Swiss Life Holding		176		44,454
Swiss Prime Site		1,235		108,296
Swiss Re		595		52,828
UBS Group		778		13,474
Zurich Insurance Group		137		30,687
				561,227
Health Care — 1.2%
Actelion		54		8,732
Lonza Group		419		69,768
Novartis		119		9,088
Roche Holding		56		14,168
Sonova Holding		156		20,865
Straumann Holding		96		33,302
				155,923
Industrials — 2.5%
ABB		346		7,321
DKSH Holding		422		27,605
Flughafen Zuerich		101		92,781
Geberit		42		16,138
Georg Fischer		22		17,880
Kaba Holding		50		32,447
Kuehne + Nagel International		216		31,144
LafargeHolcim		273		13,834
OC Oerlikon		2,683		25,920
Schindler Holding		155		28,251
SGS		7		15,417
Wolseley		197		11,027
				319,765
Technology — 0.5%
AMS		273		7,220
Logitech International		1,605		24,615
Temenos Group		433		22,474
				54,309
Telecommunications — 0.2%
Sunrise Communications Group (A)		146		8,941
Swisscom		34		17,257
				26,198
TOTAL SWITZERLAND				1,529,661
UNITED KINGDOM— 25.8%
Basic Materials — 0.9%
Anglo American		1,063		11,888
BHP Billiton		485		6,629

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

66 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Basic Materials — continued
Croda International		403	$	17,776
Johnson Matthey		161		6,809
Mondi		508		9,734
Randgold Resources		426		42,248
Rio Tinto		318		10,717
Victrex		170		3,486
				109,287
Consumer Goods — 2.6%
Barratt Developments		2,846		22,201
Bellway		725		25,988
Berkeley Group Holdings		941		41,285
Bovis Homes Group		1,205		15,393
British American Tobacco		221		13,500
Britvic		591		6,095
Burberry Group		388		6,758
Diageo		226		6,112
Galliford Try		1,574		29,422
Greencore Group		2,553		13,494
Imperial Tobacco Group		527		28,707
Persimmon		1,066		31,029
Reckitt Benckiser Group		263		25,636
SABMiller		181		11,096
Tate & Lyle		1,248		10,750
Taylor Wimpey		7,881		21,277
Unilever		551		24,655
				333,398
Consumer Services — 5.7%
AA		1,122		4,579
ASOS *		285		15,034
Auto Trader Group (A)		1,438		7,899
Booker Group		8,770		20,812
Carnival		757		37,669
Compass Group		465		8,304
Daily Mail & General Trust, Cl A		789		8,068
Dixons Carphone		2,755		17,160
Domino's Pizza Enterprises *		901		12,123
easyJet		427		9,214
Firstgroup *		22,154		32,405
Greene King		3,233		38,741
Home Retail Group		3,584		8,957
Inchcape		1,573		15,612
Informa		4,544		43,567
InterContinental Hotels Group		279		11,154
International Consolidated Airlines Group		614		4,722

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

67 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
ITV		2,200	$	7,258
J Sainsbury		12,290		52,013
Just Eat *		888		4,989
Kingfisher		6,390		34,063
Marks & Spencer Group		1,015		6,297
Merlin Entertainments (A)		2,819		17,819
MoneySuperMarket.com		2,324		10,687
National Express Group		3,295		15,668
Next		361		26,891
Ocado Group *		2,159		9,349
Pearson		1,625		19,163
Playtech		1,104		13,011
RELX		884		15,669
Restaurant Group		2,184		8,801
Rightmove		222		12,546
Saga		4,036		12,392
Sky		1,426		19,605
SSP Group		1,116		4,703
Stagecoach Group		5,626		21,222
Tesco		8,285		20,887
Thomas Cook Group *		4,374		5,655
UBM		2,184		18,204
WH Smith		1,061		26,034
Whitbread		73		4,141
William Hill		1,558		7,137
WM Morrison Supermarkets		14,238		39,858
WPP		467		10,918
				741,000
Financials — 6.5%
3i Group		2,513		17,435
Admiral Group		2,548		69,313
Aviva		2,039		12,916
Barclays		4,768		11,979
Beazley		10,165		48,529
Capital & Counties Properties		6,066		31,412
Close Brothers Group		2,020		35,865
Direct Line Insurance Group		15,082		79,956
Hargreaves Lansdown		512		9,645
Henderson Group		2,200		8,237
Hiscox		6,987		92,168
HSBC Holdings		4,616		30,598
ICAP		2,080		14,275
IG Group Holdings		4,260		48,239
Intermediate Capital Group		2,774		24,952

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

68 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Investec		1,982	$	15,185
Jardine Lloyd Thompson Group		1,885		23,941
Jupiter Fund Management		1,395		8,601
Legal & General Group		6,495		21,227
Lloyds Banking Group		18,823		18,494
London Stock Exchange Group		119		4,729
Man Group		8,794		19,014
Old Mutual		7,239		19,671
Phoenix Group Holdings		4,793		60,383
Provident Financial		618		26,381
Prudential		229		4,520
Royal Bank of Scotland Group *		2,070		6,974
RSA Insurance Group		4,182		28,125
Schroders		220		8,102
St. James's Place		770		9,780
Standard Chartered		1,338		10,821
Standard Life		1,491		7,123
Unite Group		1,937		17,947
				846,537
Health Care — 0.3%
BTG *		1,281		11,109
GlaxoSmithKline		637		13,614
Hikma Pharmaceuticals		362		11,688
Smith & Nephew		357		6,046
				42,457
Industrials — 5.0%
Babcock International Group		369		5,122
BAE Systems		1,378		9,635
Balfour Beatty		8,077		28,231
BBA Aviation		15,289		44,839
Berendsen		1,151		19,896
Bunzl		520		15,532
Capita		1,055		15,470
Carillion		3,456		14,884
Cobham		4,942		11,149
DCC		356		31,603
DS Smith		5,958		33,279
Essentra		912		10,848
Experian		460		8,430
G4S		5,468		15,091
Halma		1,937		25,311
Hays		3,421		6,420
Howden Joinery Group		3,453		24,988
Intertek Group		694		33,111

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

69 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Kingspan Group		761	$	20,047
Meggitt		4,646		27,952
Michael Page International		1,400		8,337
QinetiQ Group		11,517		37,741
Regus		1,638		7,016
Rentokil Initial		14,516		37,447
Rexam		878		8,039
Rotork		2,200		6,027
Royal Mail		3,973		28,338
RPC Group		857		9,158
Serco Group		4,591		6,456
Smiths Group		762		12,368
Spectris		110		2,934
Spirax-Sarco Engineering		404		20,210
Travis Perkins		704		19,058
Ultra Electronics Holdings		1,234		31,924
WS Atkins		1,084		21,152
				658,043
Oil & Gas — 0.8%
Amec Foster Wheeler		719		5,202
BP		4,773		26,133
John Wood Group		2,124		19,431
Petrofac		431		5,335
Royal Dutch Shell, Cl A		986		25,703
Tullow Oil		3,747		15,353
				97,157
Real Estate Investment Trusts — 1.8%
British Land		2,212		23,298
Derwent London		683		32,857
Great Portland Estates		3,318		36,842
Hammerson		2,217		18,983
Intu Properties		6,185		27,571
Land Securities Group		1,662		27,560
Segro		4,709		28,814
Shaftesbury		3,329		44,377
				240,302
Technology — 0.6%
ARM Holdings		594		8,158
Dialog Semiconductor *		402		13,969
Micro Focus International		1,150		25,758
Sage Group		2,257		19,573
				67,458
Telecommunications — 0.8%
BT Group, Cl A		1,757		11,407

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

70 

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Telecommunications — continued
Cable & Wireless Communications		10,524	$	11,347
Inmarsat		2,184		29,738
TalkTalk Telecom Group		1,498		5,868
Vodafone Group		11,970		38,436
				96,796
Utilities — 0.8%
Centrica		3,167		11,060
National Grid		726		10,367
Pennon Group		2,314		27,525
Severn Trent		741		24,174
SSE		600		13,272
United Utilities Group		999		13,749
				100,147
TOTAL UNITED KINGDOM				3,332,582
UNITED STATES— 0.1%
Health Care — 0.1%
AstraZeneca		221		12,717
TOTAL COMMON STOCK
(Cost $12,527,259)				12,810,664
PREFERRED STOCK — 0.4%
GERMANY— 0.4%
Basic Materials — 0.2%
FUCHS PETROLUB, 0.000%*		287		12,279
Henkel & KGaA, 0.000%*		108		12,330
				24,609
Consumer Goods — 0.1%
Porsche Automobil Holding, 0.000%*		104		5,805
Volkswagen, 0.000%*		54		7,820
				13,625
Industrials — 0.1%
Sartorius, 0.000%*		64		15,793
TOTAL PREFERRED STOCK
(Cost $54,141)				54,027
TOTAL INVESTMENTS — 99.4%
(Cost $12,581,400)			$	12,864,691

Percentages are based on Net Assets of $12,936,596.

*	Non-income producing security.
(A)	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." The total value of such securities at April 30, 2016 was $64,790 and represents 0.5% of Net Assets.

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

71

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Europe ETF

ADR — American Depositary Receipt

Cl — Class

KGaA — Kommanditgesellschaft auf Aktien (German, partnership limited by shares)

As of April 30, 2016, 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 April 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

72

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Japan ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.7%
JAPAN— 99.7%
Basic Materials — 9.7%
ADEKA		2,704	$	39,349
Air Water		985		15,337
Asahi Kasei		4,331		30,752
Daicel		3,035		39,287
Daido Steel		9,885		34,461
Denki Kagaku Kogyo		7,787		33,915
DIC		12,974		31,163
Dowa Holdings		960		6,272
Hitachi Chemical		2,205		38,661
Hitachi Metals		868		9,248
JFE Holdings		665		9,817
JSR		1,638		23,285
Kaneka		6,109		53,213
Kansai Paint		337		6,117
Kobe Steel		10,440		10,538
Kuraray		2,221		29,186
Maruichi Steel Tube		2,901		87,033
Mitsubishi Chemical Holdings		5,314		28,896
Mitsubishi Gas Chemical		8,431		47,830
Mitsui Chemicals		11,510		40,018
Mitsui Mining & Smelting		12,116		23,554
Nagase		2,983		34,459
Nihon Parkerizing		606		5,568
Nippon Kayaku		1,771		19,714
Nippon Paper Industries		3,220		63,380

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

73

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Basic Materials — continued
Nippon Shokubai		774	$	41,885
Nippon Steel & Sumitomo Metal		541		11,827
Nissan Chemical Industries		707		19,533
Nitto Denko		200		11,283
NOF		6,584		53,473
Oji Holdings		3,959		16,762
Shin-Etsu Chemical		99		5,739
Showa Denko		25,737		27,663
Sumitomo Chemical		4,264		20,165
Sumitomo Metal Mining		1,975		23,110
Taiyo Nippon Sanso		695		6,671
Teijin		15,215		56,454
Toagosei		3,520		32,767
Toray Industries		2,977		25,784
Tosoh		4,581		21,836
Ube Industries		23,953		47,013
Yamato Kogyo		1,834		44,327
Zeon		4,478		33,022
				1,260,367
Consumer Goods — 18.4%
ABC-Mart		898		60,093
Aisin Seiki		793		32,092
Ajinomoto		1,083		25,862
Asahi Group Holdings		392		12,856
Asics		897		18,536
Bridgestone		508		19,542
Calbee		1,085		43,858
Calsonic Kansei		2,811		20,151
Casio Computer		893		17,652
Citizen Holdings		4,170		24,320
Coca-Cola East Japan		2,845		53,659
Coca-Cola West		3,007		84,031
Daihatsu Motor		3,263		45,745
Daiichikosho		1,435		61,426
Daiwa House Industry		423		11,714
Denso		192		7,628
Ezaki Glico		593		30,982
Fuji Heavy Industries		192		6,668
GungHo Online Entertainment		3,184		8,570
Honda Motor		860		24,053
House Foods Group		2,931		57,746
Ito En		1,470		46,163
Japan Tobacco		613		25,953
JTEKT		675		9,028

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

74

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Kagome		1,879	$	40,989
Kao		303		17,320
Kewpie		1,702		45,988
Kikkoman		196		6,476
Kirin Holdings		500		7,437
Koito Manufacturing		207		9,364
Konami		2,701		86,715
Kose		264		25,316
Lion		3,090		38,930
Megmilk Snow Brand		1,096		26,029
MEIJI Holdings		358		28,708
Morinaga		1,885		9,285
Nexon		1,449		22,535
NH Foods		2,573		58,460
NHK Spring		3,327		30,660
Nichi-iko Pharmaceutical		478		11,803
Nichirei		6,916		62,053
Nifco		601		29,771
Nikon		2,029		30,550
Nintendo		101		14,306
Nippon Suisan Kaisha		1,558		8,853
Nissan Motor		3,538		33,067
Nisshin Seifun Group		3,947		66,364
Nisshinbo Holdings		2,135		24,045
Nissin Foods Holdings		298		14,149
NOK		754		13,150
Pigeon		1,392		38,106
Pola Orbis Holdings		215		17,663
Rinnai		270		24,654
Sangetsu		2,375		43,950
Sanrio		550		11,134
Sapporo Holdings		7,000		38,535
Sega Sammy Holdings		1,353		15,200
Sekisui Chemical		1,514		19,626
Sekisui House		1,657		29,913
Sharp *		13,689		18,935
Shimano		79		11,873
Shiseido		907		21,065
Sony		395		10,256
Sumitomo Electric Industries		1,350		16,970
Sumitomo Forestry		2,985		35,822
Sumitomo Rubber Industries		1,343		21,338
Suntory Beverage & Food		795		35,591
Takara Holdings		700		6,117

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

75

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Tokai Rika		1,489	$	28,932
Toyo Suisan Kaisha		402		14,653
Toyo Tire & Rubber		1,100		17,282
Toyobo		30,019		52,465
Toyoda Gosei		1,606		30,786
Toyota Industries		334		15,187
Toyota Motor		98		5,179
TS Tech		1,402		33,505
Unicharm		498		10,670
Wacoal Holdings		5,098		63,371
Yamaha		904		27,037
Yamaha Motor		308		5,328
Yamazaki Baking		5,537		135,170
Yokohama Rubber		1,094		19,223
				2,386,187
Consumer Services — 17.0%
Aeon		2,161		33,194
ANA Holdings		21,839		62,867
Aoyama Trading		1,302		50,135
Arcs		2,041		49,139
Autobacs Seven		3,587		63,362
Benesse Holdings		889		25,799
Central Japan Railway		62		11,262
Cosmos Pharmaceutical		140		24,207
Dai Nippon Printing		2,785		27,096
Dena		1,170		20,384
Dentsu		100		5,299
Don Quijote Holdings		609		22,625
Duskin		3,494		65,409
East Japan Railway		179		16,435
FamilyMart		544		29,438
Fuji Media Holdings		1,974		22,988
H2O Retailing		2,620		44,591
Hakuhodo DY Holdings		1,601		18,824
Hankyu Hanshin Holdings		5,389		35,005
HIS		597		15,205
Isetan Mitsukoshi Holdings		1,228		13,589
Izumi		860		34,482
J Front Retailing		1,271		15,930
Japan Airlines		804		29,704
Kakaku.com		731		13,616
Keihan Electric Railway		5,101		37,759
Keikyu		533		4,947
Keio		745		6,754

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

76

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Keisei Electric Railway		1,005	$	14,305
Kintetsu Group Holdings		2,000		8,412
K's Holdings		2,116		73,076
Lawson		418		33,207
M3		1,365		38,400
Marui Group		1,521		24,067
Matsumotokiyoshi Holdings		1,628		82,926
McDonald's Holdings Japan		1,804		44,984
Nagoya Railroad		14,251		73,524
Nankai Electric Railway		8,841		48,008
Nippon Television Holdings		1,722		28,841
Nishimatsu		3,795		16,883
Nishi-Nippon Railroad		6,683		41,661
Nitori Holdings		532		51,114
Odakyu Electric Railway		557		6,211
Oriental Land		305		21,665
Park24		1,936		55,821
Pilot		242		9,963
Resorttrust		803		17,284
Ryohin Keikaku		121		27,899
Sankyo		2,085		81,260
Seibu Holdings		199		4,345
Seven & i Holdings		296		12,568
Shimachu		1,814		43,555
Shimamura		368		51,007
Shochiku		2,006		20,398
SKY Perfect JSAT Holdings		3,411		18,650
Skylark		799		10,462
Sotetsu Holdings		4,981		32,727
Start Today		401		17,390
Sugi Holdings		307		15,265
Sundrug		508		37,413
Takashimaya		1,972		14,874
Tobu Railway		1,476		7,753
Toho		497		13,053
Tokyo Broadcasting System Holdings		1,554		22,207
Tokyu		1,665		14,768
Tsuruha Holdings		578		57,046
TV Asahi Holdings		1,163		19,968
UNY Group Holdings		10,369		77,529
USS		1,157		18,967
Valor		610		15,142
Welcia Holdings		316		17,189
West Japan Railway		300		18,724

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

77

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Yamada Denki		10,946	$	56,267
				2,216,823
Financials — 9.1%
77 Bank		4,617		16,786
Acom *		5,737		31,206
AEON Financial Service		332		7,683
Aeon Mall		483		6,911
Aozora Bank		18,893		69,042
Awa Bank		4,898		25,773
Bank of Kyoto		2,037		14,241
Chiba Bank		3,807		20,068
Chugoku Bank		2,789		29,925
Credit Saison		682		12,990
Dai-ichi Life Insurance		1,332		17,043
Daishi Bank		9,207		33,043
Daito Trust Construction		80		11,586
Daiwa Securities Group		1,427		8,618
Fukuoka Financial Group		5,497		19,420
Gunma Bank		2,319		9,515
Hachijuni Bank		3,052		13,834
Hiroshima Bank		3,488		13,105
Hitachi Capital		1,492		33,412
Hokuhoku Financial Group		12,285		16,075
Hyakugo Bank		4,942		18,891
Iida Group Holdings		1,281		25,035
Iyo Bank		1,988		13,601
Jafco		549		15,958
Japan Exchange Group		400		6,266
Joyo Bank		3,959		14,320
Juroku Bank		6,544		19,939
Keiyo Bank		4,939		18,695
Leopalace21		5,562		34,672
Matsui Securities		529		4,712
Mitsubishi UFJ Financial Group		3,889		18,904
Mitsubishi UFJ Lease & Finance		3,915		17,783
Mizuho Financial Group		19,134		30,008
MS&AD Insurance Group Holdings		607		16,841
Musashino Bank		563		14,754
Nishi-Nippon City Bank		11,434		21,373
Nomura Holdings		1,879		8,410
Nomura Real Estate Holdings		1,553		29,378
North Pacific Bank		6,604		17,344
NTT Urban Development		740		7,221
Ogaki Kyoritsu Bank		9,665		30,713

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

78

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Okasan Securities Group		2,618	$	14,412
Orient *		5,051		10,527
ORIX		767		11,373
Resona Holdings		7,035		25,853
San-In Godo Bank		5,992		40,098
SBI Holdings		1,636		17,767
Senshu Ikeda Holdings		8,593		33,330
Seven Bank		7,990		35,173
Shiga Bank		5,657		25,484
Shinsei Bank		11,400		16,621
Shizuoka Bank		1,906		14,696
Sompo Japan Nipponkoa Holdings		504		13,851
Sony Financial Holdings		1,002		13,017
Sumitomo Mitsui Financial Group		287		9,155
Sumitomo Mitsui Trust Holdings		2,860		9,211
Suruga Bank		293		5,915
T&D Holdings		1,424		14,394
Tokai Tokyo Financial Holdings		963		5,211
Tokio Marine Holdings		604		20,825
Tokyo Tatemono		1,118		15,235
Tokyu Fudosan Holdings		1,504		10,655
Yamaguchi Financial Group		2,118		20,290
				1,178,187
Health Care — 9.5%
Alfresa Holdings		2,770		55,351
Asahi Intecc		459		22,779
Astellas Pharma		622		8,703
Chugai Pharmaceutical		407		14,303
Daiichi Sankyo		2,347		57,055
Eisai		469		29,960
Hisamitsu Pharmaceutical		308		15,055
Kaken Pharmaceutical		647		36,705
Kissei Pharmaceutical		1,375		32,809
Kobayashi Pharmaceutical		367		30,253
KYORIN Holdings		2,400		48,989
Kyowa Hakko Kirin		2,894		53,663
Medipal Holdings		1,813		29,806
Miraca Holdings		459		20,184
Mitsubishi Tanabe Pharma		3,794		69,608
Nihon Kohden		780		20,332
Nihon M&A Center		350		20,740
Nippon Shinyaku		884		41,269
Nipro		4,679		46,968
Olympus		210		8,528

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

79

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Ono Pharmaceutical		450	$	20,936
Otsuka Holdings		2,252		90,422
PeptiDream *		214		12,721
Rohto Pharmaceutical		2,468		43,642
Santen Pharmaceutical		2,106		31,414
Sawai Pharmaceutical		496		32,821
Shionogi		199		10,495
Sosei Group *		34		7,140
Sumitomo Dainippon Pharma		3,740		49,741
Suzuken		1,138		40,683
Sysmex		102		6,673
Taisho Pharmaceutical Holdings		517		43,488
Takeda Pharmaceutical		498		24,492
Terumo		426		16,822
Toho Holdings		2,906		69,502
Topcon		409		5,229
Tsumura		2,471		65,311
				1,234,592
Industrials — 18.5%
Aica Kogyo		847		19,680
Alps Electric		307		5,710
Amada Holdings		1,273		13,242
Asahi Glass		6,778		41,112
Azbil		792		20,956
Century Tokyo Leasing		708		24,979
Chiyoda		3,954		31,264
COMSYS Holdings		1,426		22,071
Daifuku		1,000		18,636
Disco		259		22,899
DMG Mori		1,044		12,441
Ebara		7,303		34,469
Fuji Electric		1,930		8,568
Fujikura		5,108		25,923
Furukawa Electric		33,473		84,155
Glory		888		30,127
GS Yuasa		10,957		46,493
Haseko		1,479		14,100
Hirose Electric		70		8,839
Hitachi		2,657		12,804
Hitachi Construction Machinery		1,277		21,101
Horiba		405		15,860
Hoshizaki Electric		394		34,136
Hoya		302		12,027
Ibiden		2,338		30,461

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

80

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
ITOCHU		2,530	$	33,459
Japan Airport Terminal		109		4,090
Japan Steel Works		7,133		28,600
Kajima		10,234		65,520
Kamigumi		2,592		24,177
Kawasaki Kisen Kaisha		12,892		28,436
Keyence		10		6,277
Kinden		4,943		59,504
Komatsu		504		8,981
Kurita Water Industries		771		19,038
Kyocera		340		17,392
Lintec		2,608		51,870
LIXIL Group		1,105		23,774
Mabuchi Motor		302		15,863
Maeda Road Construction		2,443		45,506
Marubeni		8,387		45,943
MISUMI Group		1,016		14,756
Mitsubishi		1,593		27,737
Mitsubishi Logistics		1,258		17,836
Mitsubishi Materials		9,058		29,884
Mitsui		4,161		52,171
Mitsui Engineering & Shipbuilding		23,306		37,683
Mitsui OSK Lines		4,638		10,273
Miura		3,575		68,864
Monotaro		390		12,229
Murata Manufacturing		40		5,531
Nabtesco		508		11,908
Nidec		447		34,195
Nippon Electric Glass		9,955		54,429
Nippon Express		4,458		21,208
Nippon Konpo Unyu Soko		1,830		35,404
Nippon Yusen		9,342		18,947
NTN		3,967		12,977
Obayashi		7,175		72,490
OKUMA		1,000		8,225
OSG		596		11,364
Penta-Ocean Construction		2,344		10,866
Recruit Holdings		105		3,351
Rengo		7,701		43,041
Sankyu		10,540		50,929
Sanwa Holdings		2,706		21,700
Secom		202		15,944
Seino Holdings		1,994		21,040
Shimadzu		571		9,040

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

81

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Shimizu		5,504	$	50,567
SMC		20		5,111
Sohgo Security Services		396		22,725
Sojitz		26,279		54,772
Sumitomo		2,629		28,748
Sumitomo Heavy Industries		4,485		19,827
Sumitomo Osaka Cement		23,015		101,099
Tadano		1,131		11,342
Taiheiyo Cement		4,027		10,990
Taisei		2,951		20,630
Taiyo Yuden		1,936		20,447
TDK		295		18,142
Temp Holdings		1,194		18,637
Toda		3,982		19,167
Toppan Printing		3,034		26,854
Toshiba		11,969		26,288
TOTO		362		12,874
Toyo Seikan Group Holdings		1,223		25,090
Toyota Tsusho		672		15,827
Tsubakimoto Chain		4,095		28,016
Ulvac		181		5,836
Ushio		2,420		34,221
Yamato Holdings		394		8,208
				2,409,923
Oil & Gas — 2.1%
Idemitsu Kosan		3,935		86,648
Inpex		4,999		41,498
Japan Petroleum Exploration		2,049		49,197
JX Holdings		11,005		48,404
Showa Shell Sekiyu		602		6,459
TonenGeneral Sekiyu		3,649		35,707
				267,913
Real Estate Investment Trusts — 6.5%
Activia Properties		5		27,011
Advance Residence Investment		13		35,454
Daiwa House Residential Investment		14		34,570
Daiwa Office Investment		12		77,835
Frontier Real Estate Investment		6		30,506
GLP J-Reit		28		34,387
Industrial & Infrastructure Fund Investment		6		30,562
Invincible Investment		27		20,743
Japan Excellent		57		81,615
Japan Hotel REIT Investment		75		68,695
Japan Logistics Fund		17		37,990

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

82

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Real Estate Investment Trusts — continued
Japan Prime Realty Investment		8	$	35,777
Japan Real Estate Investment		2		12,599
Japan Retail Fund Investment		4		9,948
Kenedix Office Investment, Cl A		3		17,805
Mori Hills REIT Investment, Cl A		54		81,559
Mori Trust Sogo Reit		11		21,734
Nippon Accommodations Fund		24		102,957
Nippon Building Fund		2		12,823
Nippon Prologis REIT		16		38,970
Orix JREIT		14		23,605
United Urban Investment		7		12,241
				849,386
Technology — 5.0%
Advantest		901		8,926
Canon		294		8,551
FUJIFILM Holdings		706		30,148
Hitachi High-Technologies		1,699		47,955
IT Holdings		3,551		87,186
Itochu Techno-Solutions		1,880		37,953
Konica Minolta		1,129		10,214
Mixi		247		8,726
NEC		12,075		30,472
Nomura Research Institute		509		18,506
NTT Data		450		24,141
Obic		660		35,839
Oki Electric Industry		4,779		6,923
Oracle Japan		750		41,427
Otsuka		1,095		54,446
Renesas Electronics *		1,600		9,825
Ricoh		1,576		16,703
Rohm		331		15,159
SCREEN Holdings		1,553		12,599
SCSK		1,029		38,613
Square Enix Holdings		1,379		36,590
Sumco		1,014		6,871
Tokyo Ohka Kogyo		1,665		48,785
Trend Micro		450		17,601
				654,159
Telecommunications — 1.0%
Hikari Tsushin		328		25,260
KDDI		392		11,610
Nippon Telegraph & Telephone		1,618		73,554
NTT DOCOMO		907		22,015
				132,439

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

83

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Utilities — 2.9%
Chubu Electric Power		1,702	$	23,074
Chugoku Electric Power		1,189		15,847
Electric Power Development		1,443		44,708
Hokkaido Electric Power *		3,338		31,259
Hokuriku Electric Power		2,159		28,976
Iwatani		1,985		11,948
Kansai Electric Power *		2,746		25,080
Kyushu Electric Power		2,969		30,857
Osaka Gas		6,867		25,467
Shikoku Electric Power		1,481		18,811
Toho Gas		7,984		55,965
Tohoku Electric Power		2,266		29,819
Tokyo Electric Power *		4,703		25,934
Tokyo Gas		1,416		6,420
				374,165
TOTAL JAPAN				12,964,141
TOTAL INVESTMENTS — 99.7%
(Cost $12,463,564)			$	12,964,141

Percentages are based on Net Assets of $12,997,087.

* Non-income producing security.

Cl — Class

REIT — Real Estate Investment Trust

As of April 30, 2016, 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 April 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2016, there were no Level 2 or 3 investments.

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

84

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Asia ex-Japan ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.7%
AUSTRALIA— 32.3%
Basic Materials — 3.9%
Alumina		2,767	$	3,157
BHP Billiton		80		1,263
BlueScope Steel		1,195		5,900
Evolution Mining		6,794		10,161
Fortescue Metals Group		1,621		4,218
Incitec Pivot		2,138		5,254
Independence Group		315		736
Mineral Resources		755		4,269
Newcrest Mining *		436		6,312
Northern Star Resources		2,736		8,080
Nufarm		1,181		6,327
OZ Minerals		890		3,994
Regis Resources		1,091		2,415
Rio Tinto		47		1,849
Sandfire Resources		502		2,272
Saracen Mineral Holdings *		1,756		1,421
South32		949		1,202
St. Barbara *		924		1,636
Syrah Resources *		270		975
TFS		1,110		1,321
Washington H Soul Pattinson		550		6,821
Western Areas		806		1,538

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

85

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
Basic Materials — continued
Whitehaven Coal *		11,870	$	6,975
				88,096
Consumer Goods — 1.9%
Asaleo Care		1,776		2,670
Bega Cheese		661		3,102
Bellamy's Australia		152		1,168
Blackmores		73		8,969
Breville Group		797		5,006
Burson Group		820		3,116
Coca-Cola Amatil		412		2,704
GrainCorp, Cl A		902		5,639
GUD Holdings		334		2,177
Pacific Brands		2,740		2,394
Tassal Group		190		565
Treasury Wine Estates		843		5,996
				43,506
Consumer Services — 6.2%
AP Eagers		997		8,209
APN News & Media *		7,827		3,703
APN Outdoor Group		316		1,522
ARB		208		2,559
Aristocrat Leisure		743		5,670
Australian Pharmaceutical Industries		7,889		11,799
Automotive Holdings Group		450		1,346
Corporate Travel Management		356		3,874
Domino's Pizza Enterprises		102		4,827
Event Hospitality and Entertainment		800		9,164
Fairfax Media		5,498		3,336
G8 Education		457		1,371
Greencross		110		597
Harvey Norman Holdings		1,221		4,174
InvoCare		436		4,079
JB Hi-Fi		60		1,006
Mantra Group		900		2,541
Metcash		4,240		5,695
Myer Holdings		3,194		2,523
Navitas		1,285		5,021
Nine Entertainment Holdings		2,992		2,580
Qantas Airways		803		1,973
RCG		1,165		1,218
Retail Food Group		693		2,909
Seven West Media		4,159		3,364
Sigma Pharmaceuticals		6,729		5,649
Southern Cross Media Group		7,687		6,336

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

86

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Star Entertainment Group		2,174	$	9,374
Super Retail Group		322		2,079
TABCORP Holdings		1,634		5,524
Tatts Group		2,921		8,404
Wesfarmers		142		4,635
Woolworths		81		1,367
				138,428
Financials — 5.3%
Abacus Property Group		4,398		10,640
AMP		442		1,983
Ardent Leisure Group		5,553		9,196
ASX		83		2,770
Australia & New Zealand Banking Group		70		1,297
Aveo Group		2,922		7,626
Bank of Queensland		326		2,799
Bendigo and Adelaide Bank		380		2,703
BT Investment Management		579		4,370
Challenger		563		3,850
Charter Hall Retail		1,956		7,105
Commonwealth Bank of Australia		24		1,353
FlexiGroup		450		821
Gateway Lifestyle		1,195		2,563
Genworth Mortgage Insurance Australia		1,149		2,096
Insurance Australia Group		357		1,572
IOOF Holdings		547		3,732
Lend Lease Group		286		2,772
Macquarie Group		60		2,908
Magellan Financial Group		175		2,871
McMillan Shakespeare		910		8,528
National Australia Bank		150		3,112
Platinum Asset Management		791		3,658
Premier Investments		535		6,492
QBE Insurance Group		592		5,037
Steadfast Group		1,206		1,730
Stockland		1,295		4,319
Suncorp Group		415		3,959
Vicinity Centres		1,605		4,067
Westpac Banking		70		1,659
				117,588
Health Care — 3.9%
Ansell		323		4,913
Cochlear		202		16,653
CSL		106		8,508
Estia Health		481		2,122

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

87

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Healthscope		1,380	$	2,865
Japara Healthcare		1,479		3,194
Mayne Pharma Group *		5,662		6,028
nib holdings		1,904		6,627
Primary Health Care		3,324		8,802
Ramsay Health Care		143		7,088
Regis Healthcare		550		2,141
Sirtex Medical		274		6,219
Sonic Healthcare		782		11,590
				86,750
Industrials — 4.9%
Adelaide Brighton		586		2,312
Amcor		1,027		12,070
Asciano		1,443		9,724
Aurizon Holdings		1,714		5,585
Boral		777		3,819
Brambles		635		6,048
Brickworks		762		8,902
Broadspectrum		1,613		1,822
CIMIC Group		45		1,229
Cleanaway Waste Management		13,187		7,951
Computershare		504		3,889
CSR		1,242		3,242
Downer EDI		500		1,419
DuluxGroup		698		3,409
GWA Group		1,584		2,792
IPH		510		2,693
Macquarie Atlas Roads Group		884		3,285
Monadelphous Group		321		1,867
Orora		2,757		5,554
OzForex Group		249		410
Pact Group Holdings		1,010		3,993
Qube Holdings		952		1,809
SAI Global		666		1,855
Spotless Group Holdings		1,680		1,660
Sydney Airport		1,126		5,852
Transurban Group		691		6,107
				109,298
Oil & Gas — 0.9%
APA Group		656		4,380
Beach Energy		9,814		5,542
Oil Search		635		3,407
Santos		520		1,905
Woodside Petroleum		128		2,768

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

88

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — continued
WorleyParsons		449	$	2,395
				20,397
Real Estate Investment Trusts — 3.2%
ALE Property Group		4,117		13,353
BWP Trust		3,116		8,323
Cromwell Property Group		8,949		6,966
Dexus Property Group		547		3,515
Goodman Group		1,361		7,156
GPT Group		1,566		6,011
Growthpoint Properties Australia		3,617		8,916
Investa Office Fund		1,902		6,053
Mirvac Group		1,543		2,202
Scentre Group		1,136		4,066
Shopping Centres Australasia Property Group		2,525		4,509
Westfield		400		3,083
				74,153
Technology — 0.6%
Altium		325		1,525
IRESS		244		2,167
iSentia Group		863		2,391
MYOB Group		584		1,515
Recall Holdings (A)		470		3,049
Technology One		1,267		4,719
				15,366
Telecommunications — 0.3%
Telstra		490		2,004
TPG Telecom		353		2,886
Vocus Communications		130		856
				5,746
Utilities — 1.2%
AGL Energy		554		7,733
AusNet Services		4,604		5,393
DUET Group		1,462		2,510
Origin Energy		285		1,194
Spark Infrastructure Group		5,558		8,780
				25,610
TOTAL AUSTRALIA				724,938
CHINA— 0.6%
Consumer Goods — 0.6%
Pacific Textiles Holdings		10,121		13,047

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

89

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
HONG KONG— 27.2%
Basic Materials — 0.2%
G-Resources Group		168,250	$	3,861
KuangChi Science *		1,283		615
				4,476
Consumer Goods — 5.5%
China Strategic Holdings *		107,394		3,226
First Pacific		4,788		3,037
Global Brands Group Holding *		5,750		682
HengTen Networks Group *		10,684		489
Man Wah Holdings		8,235		9,618
Samsonite International		1,889		6,100
Shenzhou International Group Holdings		1,258		6,519
Stella International Holdings		6,584		16,636
Techtronic Industries		1,459		5,483
Texwinca Holdings		10,165		9,907
Uni-President China Holdings		11,084		10,345
Vitasoy International Holdings		11,002		20,622
Yue Yuen Industrial Holdings		8,197		29,904
				122,568
Consumer Services — 5.7%
Cafe de Coral Holdings		4,527		13,686
Cathay Pacific Airways		4,586		7,331
Chow Sang Sang Holdings International		2,426		3,941
Esprit Holdings		6,076		5,326
Giordano International		4,305		1,948
Great Eagle Holdings		1,900		7,715
Hongkong & Shanghai Hotels		8,675		10,344
Kingston Financial Group		1,974		735
Lifestyle International Holdings		4,725		7,833
L'Occitane International		939		1,811
Luk Fook Holdings International		486		1,109
Melco International Development		777		892
Miramar Hotel & Investment		6,891		12,668
MTR		2,688		13,306
NagaCorp		4,688		3,354
Sa Sa International Holdings		3,564		1,093
Shangri-La Asia		5,453		6,671
Shun Tak Holdings		13,327		4,450
Television Broadcasts		1,082		4,045
Transport International Holdings		7,040		19,149
				127,407

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

90

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
Financials — 5.8%
AIA Group		590	$	3,552
Bank of East Asia		1,500		5,463
Cheung Kong Property Holdings		235		1,613
China Innovative Finance Group *(A) (B)		25,525		3,034
China LNG Group		107,551		3,813
Chinese Estates Holdings		3,730		9,272
CK Hutchison Holdings		188		2,254
Dah Sing Banking Group		2,667		4,758
Dah Sing Financial Holdings		819		5,612
Far East Consortium International		24,614		8,218
GreaterChina Professional Services		13,735		1,098
Guoco Group		1,640		18,065
Haitong International Securities Group		2,990		1,731
Hang Lung Group		1,076		3,308
Hang Lung Properties		1,482		2,957
Hang Seng Bank		314		5,707
Henderson Land Development		803		5,021
Hong Kong Exchanges and Clearing		50		1,265
Hopewell Holdings		2,993		10,109
Hysan Development		1,235		5,469
Kerry Properties		966		2,634
New World Development		1,334		1,331
Sino Land		2,388		3,762
Sun Hung Kai		9,278		5,442
Sun Hung Kai Properties		216		2,730
Swire Properties		2,045		5,325
Value Partners Group		1,070		1,028
Wharf Holdings		461		2,502
Wheelock		732		3,397
				130,470
Health Care — 0.1%
CSPC Pharmaceutical Group		923		822
Town Health International Medical Group		3,153		593
				1,415
Industrials — 2.7%
AAC Technologies Holdings		116		807
Hopewell Highway Infrastructure		27,399		13,669
Johnson Electric Holdings		6,177		18,275
Kerry Logistics Network		1,717		2,421
NWS Holdings		6,028		9,185
Orient Overseas International		1,337		5,093
SITC International Holdings		13,670		7,402
Swire Pacific, Cl A		351		3,817
				60,669

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

91

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — 0.1%
Brightoil Petroleum Holdings		7,700	$	2,452
Hanergy Thin Film Power Group *(A) (B)		29,000		37
				2,489
Real Estate Investment Trusts — 3.0%
Champion		25,485		13,667
Link		2,231		13,561
Prosperity		36,337		14,146
Sunlight Real Estate Investment Trust		21,466		11,318
Yuexiu Real Estate Investment Trust		23,953		13,278
				65,970
Technology — 0.6%
BYD Electronic International		1,083		621
China Goldjoy Group		9,397		1,005
FIH Mobile		10,377		4,454
HKBN		1,708		2,105
VTech Holdings		562		5,811
				13,996
Telecommunications — 1.5%
Hutchison Telecommunications Hong Kong Holdings		35,161		12,329
PCCW		18,404		12,479
SmarTone Telecommunications Holdings		5,631		9,321
				34,129
Utilities — 2.0%
Cheung Kong Infrastructure Holdings		1,810		17,115
CLP Holdings		846		7,825
HK Electric Investments & HK Electric Investments (C)		5,228		4,704
Hong Kong & China Gas		2,802		5,230
Power Assets Holdings		1,046		9,972
				44,846
TOTAL HONG KONG				608,435
NEW ZEALAND— 14.0%
Basic Materials — 0.5%
Nuplex Industries		3,126		11,519
Consumer Services — 0.9%
Air New Zealand		3,771		6,487
SKY Network Television		841		3,134
SKYCITY Entertainment Group		1,176		4,021
Summerset Group Holdings		1,190		3,695
Trade Me Group		1,195		3,810
				21,147
Financials — 0.2%
Stride Property		2,883		4,475

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

92

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
Health Care — 2.3%
a2 Milk *		1,130	$	1,399
Ebos Group		1,554		17,342
Fisher & Paykel Healthcare		2,803		17,934
Metlifecare		2,678		9,794
Ryman Healthcare		822		5,133
				51,602
Industrials — 3.3%
Auckland International Airport		6,094		26,207
Fletcher Building		808		4,712
Freightways		464		2,148
Infratil		10,646		24,120
Mainfreight		588		6,739
Port of Tauranga		809		10,584
				74,510
Oil & Gas — 0.2%
Z Energy		721		3,953
Real Estate Investment Trusts — 3.1%
Argosy Property		18,320		15,244
Goodman Property Trust		12,123		11,359
Kiwi Property Group		11,668		12,075
Precinct Properties New Zealand		17,568		15,663
Property for Industry		13,500		15,623
				69,964
Technology — 0.2%
Xero *		328		3,761
Telecommunications — 1.1%
Chorus		5,039		14,094
Spark New Zealand		3,852		9,993
				24,087
Utilities — 2.2%
Contact Energy		3,608		12,816
Genesis Energy		2,941		4,226
Meridian Energy		872		1,616
Mighty River Power		6,802		14,364
Vector		6,980		16,351
				49,373
TOTAL NEW ZEALAND				314,391
SINGAPORE— 25.3%
Consumer Goods — 1.4%
First Resources		2,246		3,183
Golden Agri-Resources		27,361		8,143
Olam International		4,215		5,175
Sinarmas Land		12,020		4,203

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

93

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Wilmar International		3,906	$	10,782
				31,486
Consumer Services — 3.1%
Accordia Golf Trust		7,103		3,409
Asian Pay Television Trust		37,078		16,552
ComfortDelGro		3,790		8,150
Dairy Farm International Holdings		717		4,947
Genting Singapore		4,950		3,002
Mandarin Oriental International		5,843		8,764
OUE		5,438		6,757
Singapore Airlines		1,033		8,839
Singapore Press Holdings		929		2,806
SMRT		4,615		5,253
				68,479
Financials — 5.0%
ARA Asset Management		5,406		4,766
CapitaLand		1,400		3,239
City Developments		670		4,157
DBS Group Holdings		252		2,865
Frasers Centrepoint Trust		3,064		3,807
Global Logistic Properties		2,010		2,864
Great Eastern Holdings		240		3,989
Hong Leong Finance		6,504		11,614
Hongkong Land Holdings		1,329		8,440
Keppel		4,199		3,421
Mapletree Industrial Trust		13,165		15,721
Mapletree Logistics Trust		11,847		9,520
Oversea-Chinese Banking		559		3,648
Religare Health Trust		11,287		8,650
Singapore Exchange		837		4,689
Suntec Real Estate Investment Trust		3,934		4,932
United Overseas Bank		258		3,570
UOL Group		824		3,764
Wing Tai Holdings		2,813		3,924
Yanlord Land Group		3,905		3,516
				111,096
Health Care — 1.2%
Haw Par		2,580		17,257
Raffles Medical Group		2,561		8,955
				26,212
Industrials — 3.3%
Jardine Matheson Holdings		70		3,871
Jardine Strategic Holdings		110		3,185
Neptune Orient Lines *		13,054		12,480

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

94

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Noble Group		4,153	$	1,421
SATS		1,986		6,058
SIA Engineering		2,262		6,379
Singapore Post		9,631		11,250
Singapore Technologies Engineering		848		2,032
United Engineers		3,407		5,932
Venture		2,386		14,859
Yangzijiang Shipbuilding Holdings		8,084		5,954
				73,421
Oil & Gas — 0.7%
Ezion Holdings		6,090		2,492
Keppel		371		1,491
Sembcorp Industries		5,132		11,034
Sembcorp Marine		1,603		1,992
				17,009
Real Estate Investment Trusts — 9.1%
AIMS AMP Capital Industrial		8,291		8,605
Ascendas Real Estate Investment Trust		4,428		8,105
Ascott Residence Trust		9,212		7,779
Cache Logistics Trust		10,594		6,818
Cambridge Industrial Trust		18,746		7,601
CapitaLand Commercial Trust		4,005		4,261
CapitaLand Mall Trust		3,188		4,910
CapitaLand Retail China Trust		7,003		7,685
First Real Estate Investment Trust		7,794		7,249
Fortune Real Estate Investment Trust		21,462		23,572
Frasers Centrepoint Trust		7,707		11,182
Frasers Commercial Trust		11,247		10,837
Keppel		6,745		5,269
Lippo Malls Indonesia Retail Trust		33,129		8,011
Mapletree Commercial Trust		9,377		10,465
Mapletree Greater China Commercial Trust		11,400		8,736
OUE Hospitality Trust		27,031		13,978
Parkway Life Real Estate Investment Trust		5,301		9,663
Sabana Shari'ah Compliant Industrial Real Estate Investment Trust		17,130		7,838
Soilbuild Business Space		23,373		12,173
SPH REIT		18,686		13,277
Starhill Global		14,184		8,231
				206,245
Technology — 0.1%
Silverlake Axis		3,439		1,446
Telecommunications — 0.7%
M1		3,841		7,058
Singapore Telecommunications		1,547		4,443

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

95

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Asia ex-Japan ETF

	Shares/Number of Warrants		Value
COMMON STOCK — continued
Telecommunications — continued
StarHub		1,549	$	3,815
				15,316
Utilities — 0.7%
Keppel Infrastructure Trust		30,996		11,300
SIIC Environment Holdings *		8,026		4,180
				15,480
TOTAL SINGAPORE				566,190
UNITED STATES— 0.3%
Industrials — 0.3%
Sims Metal Management		836		6,048
TOTAL COMMON STOCK
(Cost $2,326,477)				2,233,049
WARRANTS — 0.0%
Singapore — 0.0%
Ezion Holdings*(A) (B)
0.000%, 04/20/20		1,218		45
TOTAL WARRANTS (Cost $–)				45
TOTAL INVESTMENTS — 99.7%
(Cost $2,326,477)			$	2,233,094

Percentages are based on Net Assets of $2,239,408.

*	Non-income producing security.
(A)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2016, was $6,165 and represents 0.3% of Net Assets.
(B)	Security considered illiquid. The total value of such securities as of April 30, 2016 was $3,116 and represented 0.1% of Net Assets.
(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." The total value of such securities at April 30, 2016 was $4,704 and represents 0.2% of Net Assets.

Cl — Class

REIT — Real Estate Investment Trust

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

96

Schedule of Investments April 30, 2016 (Unaudited)

Global X Scientific Beta Asia ex-Japan ETF

The following is a summary of the level of inputs used as of April 30, 2016, in valuing the Fund's investments carried at value:
Investments in Securities	Level 1		Level 2		Level 3(a)		Total
Common Stock	$	2,226,929	$	3,049	$	3,071	$	2,233,049
Warrants		—		45		—		45
Total Investments in Securities	$	2,226,929	$	3,094	$	3,071	$	2,233,094

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

For the period ended April 30, 2016, 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.

97

Schedule of Investments April 30, 2016 (Unaudited)

Global X YieldCo Index ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 86.4%
CANADA— 32.7%
Utilities — 32.7%
Brookfield Renewable Energy Partners		15,752	$	456,809
Capstone Infrastructure		23,242		90,734
Innergex Renewable Energy		19,664		217,425
Northland Power		21,786		361,940
TransAlta Renewables		31,838		314,669
TOTAL CANADA				1,441,577
GUERNSEY— 4.7%
Financials — 4.7%
Renewables Infrastructure Group		137,491		206,647
SPAIN— 4.7%
Utilities — 4.7%
Saeta Yield		19,431		206,973
UNITED STATES— 44.3%
Financials — 9.2%
NRG Yield, Cl A		26,846		406,180
Oil & Gas — 8.7%
8Point3 Energy Partners, Cl A		10,538		166,184
Pattern Energy Group, Cl A		10,331		216,951
				383,135
Real Estate Investment Trusts — 4.0%
Hannon Armstrong Sustainable Infrastructure Capital		9,121		176,947
Utilities — 22.4%
Abengoa Yield		11,072		199,628
NextEra Energy Partners		16,104		465,246
TerraForm Global, Cl A		42,339		123,206
TerraForm Power, Cl A		18,568		198,306
				986,386
TOTAL UNITED STATES				1,952,648
TOTAL COMMON STOCK
(Cost $4,190,410)				3,807,845

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

98

Schedule of Investments April 30, 2016 (Unaudited)

Global X YieldCo Index ETF

	Shares		Value
EXCHANGE TRADED FUNDS — 13.0%
Bluefield Solar Income Fund		73,570	$	113,700
Foresight Solar Fund		66,950		94,888
Greencoat UK Wind		120,680		190,043
John Laing Environmental Assets Group		53,210		77,753
NextEnergy Solar Fund		65,970		96,277
TOTAL EXCHANGE TRADED FUNDS
(Cost $585,889)				572,661
TOTAL INVESTMENTS — 99.4%
(Cost $4,776,299)			$	4,380,506

Percentages are based on Net Assets of $4,406,237.

Cl — Class

As of April 30, 2016, 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 April 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

99

Schedule of Investments April 30, 2016 (Unaudited)

Global X S&P 500® Catholic Values ETF‡

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.9%
IRELAND— 0.1%
Financials — 0.1%
XL Group, Cl A		40	$	1,309
Technology — 0.0%
Seagate Technology		42		914
TOTAL IRELAND				2,223
SWITZERLAND— 0.1%
Industrials — 0.1%
TE Connectivity		52		3,093
UNITED STATES— 99.7%
Basic Materials — 2.3%
Air Products & Chemicals		26		3,793
Airgas		8		1,140
Alcoa		180		2,011
Avery Dennison		12		871
CF Industries Holdings		32		1,058
Dow Chemical		154		8,102
Eastman Chemical		20		1,528
Ecolab		36		4,139
EI du Pont de Nemours		120		7,909
FMC		18		779
Freeport-McMoRan Copper & Gold		172		2,408
International Flavors & Fragrances		10		1,195
International Paper		56		2,423
LyondellBasell Industries, Cl A		48		3,968
Mosaic		48		1,344

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

100

Schedule of Investments April 30, 2016 (Unaudited)

Global X S&P 500® Catholic Values ETF‡

	Shares		Value
COMMON STOCK — continued
Basic Materials — continued
Newmont Mining		72	$	2,518
Nucor		44		2,190
PPG Industries		36		3,974
Praxair		40		4,698
				56,048
Consumer Discretionary — 0.1%
Macy's		42		1,663
PulteGroup		44		809
Under Armour, Cl C *		24		979
				3,451
Consumer Goods — 11.2%
Activision Blizzard		70		2,413
Altria Group		272		17,057
Archer-Daniels-Midland		82		3,275
BorgWarner		30		1,078
Brown-Forman, Cl B		14		1,348
Campbell Soup		24		1,481
Clorox		18		2,254
Coach		38		1,530
Coca-Cola		540		24,193
Coca-Cola Enterprises		28		1,469
Colgate-Palmolive		124		8,794
ConAgra Foods		60		2,674
Constellation Brands, Cl A		24		3,746
Delphi Automotive		38		2,797
DR Horton		46		1,383
Dr Pepper Snapple Group		26		2,364
Electronic Arts *		42		2,598
Estee Lauder, Cl A		30		2,876
Ford Motor		536		7,268
Garmin		16		682
General Mills		82		5,030
General Motors		194		6,169
Genuine Parts		20		1,919
Goodyear Tire & Rubber		36		1,043
Hanesbrands		54		1,568
Harley-Davidson		26		1,244
Harman International Industries		10		768
Hasbro		16		1,354
Hershey		20		1,862
Hormel Foods		38		1,465
JM Smucker		16		2,032
Kellogg		34		2,612
Kimberly-Clark		50		6,260

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

101

Schedule of Investments April 30, 2016 (Unaudited)

Global X S&P 500® Catholic Values ETF‡

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Kraft Heinz		82	$	6,402
Leggett & Platt		18		887
Lennar, Cl A		24		1,087
Mattel		46		1,430
McCormick		16		1,500
Mead Johnson Nutrition, Cl A		26		2,266
Michael Kors Holdings *		24		1,240
Mohawk Industries *		8		1,541
Molson Coors Brewing, Cl B		26		2,486
Mondelez International, Cl A		218		9,364
Monsanto		60		5,621
Monster Beverage *		20		2,884
Newell Rubbermaid		62		2,824
NIKE, Cl B		186		10,962
PepsiCo		200		20,593
Philip Morris International		214		20,998
Procter & Gamble		368		29,484
PVH		12		1,147
Ralph Lauren, Cl A		8		746
Reynolds American		114		5,654
Snap-On		14		2,230
Stanley Black & Decker		34		3,805
Tyson Foods, Cl A		40		2,633
Under Armour, Cl A *		24		1,055
VF		46		2,900
Walgreens Boots Alliance		120		9,514
Whirlpool		10		1,741
				277,600
Consumer Services — 14.5%
ADT		38		1,595
Advance Auto Parts		10		1,561
Amazon.com *		54		35,618
American Airlines Group		138		4,787
AmerisourceBergen, Cl A		52		4,425
AutoNation *		10		507
AutoZone *		4		3,061
Bed Bath & Beyond		22		1,039
Best Buy		38		1,219
Cablevision Systems, Cl A		30		1,002
Cardinal Health		88		6,904
CarMax *		26		1,377
Carnival		62		3,041
CBS, Cl B		58		3,243
Chipotle Mexican Grill, Cl A *		4		1,684

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

102

Schedule of Investments April 30, 2016 (Unaudited)

Global X S&P 500® Catholic Values ETF‡

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Comcast, Cl A		334	$	20,294
Costco Wholesale		60		8,888
CVS Health		152		15,275
Darden Restaurants		16		996
Delta Air Lines		178		7,418
Discovery Communications, Cl A *		20		546
Discovery Communications, Cl C *		32		857
Dollar General		40		3,276
Dollar Tree *		32		2,551
Dun & Bradstreet		8		883
eBay *		150		3,665
Expedia		16		1,852
Gap		32		742
H&R Block		32		648
Home Depot		174		23,296
Interpublic Group		56		1,285
Kohl's		26		1,152
Kroger		136		4,813
L Brands		36		2,818
Lowe's		126		9,578
Marriott International, Cl A		26		1,822
McDonald's		124		15,685
McKesson		62		10,406
Netflix *		58		5,222
News, Cl A		52		646
News		14		181
Nielsen Holdings		82		4,275
Nordstrom		18		920
Omnicom Group		32		2,655
O'Reilly Automotive *		14		3,678
priceline.com *		6		8,062
Robert Half International		30		1,150
Ross Stores		56		3,180
Royal Caribbean Cruises		24		1,858
Scripps Networks Interactive, Cl A		14		873
Signet Jewelers		10		1,086
Southwest Airlines		146		6,513
Staples		88		898
Starbucks		204		11,471
Starwood Hotels & Resorts Worldwide		24		1,965
Sysco		72		3,317
Target		82		6,519
TEGNA		30		701
Tiffany		16		1,142

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

103

Schedule of Investments April 30, 2016 (Unaudited)

Global X S&P 500® Catholic Values ETF‡

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Time Warner		108	$	8,115
Time Warner Cable		38		8,060
TJX		92		6,974
Tractor Supply		18		1,704
TripAdvisor *		16		1,033
Twenty-First Century Fox, Cl A		154		4,660
Twenty-First Century Fox, Cl B		60		1,807
United Continental Holdings *		82		3,756
Urban Outfitters *		12		364
Viacom, Cl B		48		1,963
Wal-Mart Stores		218		14,578
Walt Disney		206		21,271
Whole Foods Market		44		1,280
Wyndham Worldwide		16		1,135
Wynn Resorts		12		1,060
Yum! Brands		56		4,455
				358,336
Financials — 14.7%
Affiliated Managers Group *		8		1,363
Aflac		58		4,000
Allstate		52		3,383
American Express		112		7,328
American International Group		158		8,819
Ameriprise Financial		24		2,302
Aon		38		3,995
Assurant		8		677
Bank of America		1,422		20,704
Bank of New York Mellon		148		5,955
BB&T		112		3,963
Berkshire Hathaway, Cl B *		258		37,533
BlackRock, Cl A		18		6,413
Capital One Financial		72		5,212
CBRE Group, Cl A *		40		1,185
Charles Schwab		166		4,716
Chubb		64		7,543
Cincinnati Financial		20		1,320
Citigroup		406		18,790
Citizens Financial Group		72		1,645
CME Group, Cl A		46		4,228
Comerica		24		1,066
Discover Financial Services		58		3,264
E*TRADE Financial *		38		957
Equifax		28		3,367
Extra Space Storage		18		1,529

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

104

Schedule of Investments April 30, 2016 (Unaudited)

Global X S&P 500® Catholic Values ETF‡

	Shares		Value
COMMON STOCK — continued
Financials — continued
Fifth Third Bancorp		108	$	1,977
Franklin Resources		52		1,942
Goldman Sachs Group		54		8,861
Hartford Financial Services Group		54		2,397
Huntington Bancshares		110		1,107
Intercontinental Exchange		16		3,840
Invesco		58		1,799
JPMorgan Chase		506		31,980
KeyCorp		114		1,401
Legg Mason		14		450
Leucadia National		46		767
Lincoln National		34		1,477
Loews		36		1,428
M&T Bank		22		2,603
Marsh & McLennan		72		4,547
Mastercard, Cl A		136		13,191
MetLife		150		6,765
Moody's		24		2,297
Morgan Stanley		210		5,683
Nasdaq		16		987
Navient		48		656
Northern Trust		30		2,132
People's United Financial		42		651
PNC Financial Services Group		68		5,969
Principal Financial Group		38		1,622
Progressive		80		2,608
Prudential Financial		62		4,814
Regions Financial		178		1,670
S&P Global		36		3,847
State Street		56		3,489
SunTrust Banks		70		2,922
Synchrony Financial *		114		3,485
T Rowe Price Group		34		2,560
Torchmark		16		926
Travelers		40		4,396
Unum Group		32		1,095
US Bancorp		224		9,563
Visa, Cl A		266		20,545
Wells Fargo		636		31,786
Western Union		70		1,400
Willis Towers Watson		20		2,498
Zions Bancorporation		28		771
				366,161

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

105

Schedule of Investments April 30, 2016 (Unaudited)

Global X S&P 500® Catholic Values ETF‡

	Shares		Value
COMMON STOCK — continued
Health Care — 13.6%
AbbVie		434	$	26,473
Aetna		94		10,553
Alexion Pharmaceuticals *		60		8,357
Anthem		70		9,854
Baxalta		184		7,719
Baxter International		148		6,545
Biogen Idec *		58		15,949
Boston Scientific *		364		7,979
Celgene *		210		21,716
CR Bard		20		4,243
DaVita HealthCare Partners *		44		3,252
DENTSPLY SIRONA		64		3,814
Edwards Lifesciences *		58		6,160
Eli Lilly		262		19,789
Express Scripts Holding *		170		12,534
Gilead Sciences		368		32,462
Henry Schein *		22		3,711
Humana		40		7,083
Illumina *		40		5,399
Intuitive Surgical *		10		6,264
Laboratory Corp of America Holdings *		28		3,509
Mallinckrodt *		30		1,876
Medtronic		378		29,918
Patterson		22		954
Quest Diagnostics		38		2,856
Regeneron Pharmaceuticals *		22		8,288
St. Jude Medical		76		5,791
Stryker		84		9,157
UnitedHealth Group		256		33,711
Varian Medical Systems *		26		2,111
Vertex Pharmaceuticals *		66		5,566
Waters *		22		2,864
Zimmer Biomet Holdings		48		5,557
Zoetis, Cl A		124		5,832
				337,846
Industrials — 10.6%
3M		138		23,099
Accenture, Cl A		88		9,938
Allegion		22		1,440
Alliance Data Systems *		8		1,626
AMETEK		54		2,597
Amphenol, Cl A		42		2,345
Automatic Data Processing		64		5,660
Ball		20		1,428

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

106

Schedule of Investments April 30, 2016 (Unaudited)

Global X S&P 500® Catholic Values ETF‡

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Caterpillar		134	$	10,415
CH Robinson Worldwide		32		2,271
Cintas		20		1,796
CSRA		18		467
CSX		220		5,999
Cummins		38		4,447
Deere		68		5,719
Dover		36		2,365
Eaton		106		6,707
Emerson Electric		148		8,085
Expeditors International of Washington		42		2,084
Fastenal		66		3,088
FedEx		58		9,576
Fidelity National Information Services		38		2,500
Fiserv *		30		2,932
FLIR Systems		20		604
Flowserve		30		1,464
Illinois Tool Works		74		7,735
Ingersoll-Rand		58		3,801
Jacobs Engineering Group *		28		1,248
JB Hunt Transport Services		20		1,658
Johnson Controls		90		3,726
Kansas City Southern		24		2,274
Martin Marietta Materials		8		1,354
Masco		76		2,334
Norfolk Southern		68		6,127
Owens-Illinois *		22		406
PACCAR		80		4,713
Parker-Hannifin		30		3,481
Paychex		44		2,293
PayPal Holdings *		154		6,035
Pentair		42		2,439
Quanta Services *		36		854
Republic Services, Cl A		54		2,542
Rockwell Automation		30		3,404
Roper Technologies		24		4,226
Ryder System		12		827
Sealed Air		26		1,231
Sherwin-Williams		10		2,873
Stericycle *		20		1,911
Teradata *		18		455
Total System Services		24		1,227
Tyco International		98		3,775
Union Pacific		194		16,923

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

107

Schedule of Investments April 30, 2016 (Unaudited)

Global X S&P 500® Catholic Values ETF‡

	Shares		Value
COMMON STOCK — continued
Industrials — continued
United Parcel Service, Cl B		158	$	16,601
United Rentals *		20		1,339
United Technologies		178		18,578
Verisk Analytics, Cl A *		36		2,793
Vulcan Materials		18		1,937
Waste Management		94		5,526
Westrock		34		1,423
WW Grainger		14		3,283
Xerox		132		1,267
Xylem		40		1,671
				262,942
Oil & Gas — 7.3%
Anadarko Petroleum		70		3,693
Apache		52		2,829
Baker Hughes		60		2,902
Cabot Oil & Gas		64		1,498
Chesapeake Energy		72		495
Chevron		260		26,567
Cimarex Energy		14		1,524
Columbia Pipeline Group		56		1,435
Concho Resources *		18		2,091
ConocoPhillips		170		8,124
Devon Energy		70		2,428
Diamond Offshore Drilling		8		194
EOG Resources		76		6,279
EQT		22		1,542
Exxon Mobil		572		50,564
First Solar *		10		558
FMC Technologies *		32		976
Halliburton		118		4,875
Helmerich & Payne		14		926
Hess		36		2,146
Kinder Morgan		252		4,476
Marathon Oil		116		1,634
Marathon Petroleum		72		2,814
Murphy Oil		22		786
National Oilwell Varco		52		1,874
Newfield Exploration *		28		1,015
Noble Energy		60		2,167
Occidental Petroleum		106		8,125
ONEOK		28		1,012
Phillips 66		64		5,255
Pioneer Natural Resources		22		3,654
Range Resources		24		1,059

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

108

Schedule of Investments April 30, 2016 (Unaudited)

Global X S&P 500® Catholic Values ETF‡

	Shares		Value
COMMON STOCK — continued
Oil & Gas — continued
Schlumberger		192	$	15,424
Southwestern Energy *		54		725
Spectra Energy		92		2,877
Tesoro		16		1,275
Transocean		48		532
Valero Energy		64		3,768
Williams		94		1,823
				181,941
Real Estate Investment Trusts — 2.9%
American Tower, Cl A		58		6,083
Apartment Investment & Management, Cl A		22		881
AvalonBay Communities		18		3,182
Boston Properties		22		2,835
Crown Castle International		46		3,996
Equinix		10		3,304
Equity Residential		50		3,404
Essex Property Trust		10		2,205
Federal Realty Investment Trust		10		1,521
General Growth Properties		80		2,242
HCP		64		2,165
Host Hotels & Resorts		104		1,645
Iron Mountain		26		950
Kimco Realty		56		1,575
Macerich		18		1,369
ProLogis		72		3,270
Public Storage		20		4,896
Realty Income		34		2,013
Simon Property Group		42		8,448
SL Green Realty		14		1,471
UDR		36		1,257
Ventas		46		2,858
Vornado Realty Trust		24		2,298
Welltower		48		3,332
Weyerhaeuser		108		3,469
				70,669
Technology — 16.5%
Adobe Systems *		70		6,595
Akamai Technologies *		24		1,224
Alphabet, Cl C *		42		29,106
Alphabet, Cl A *		40		28,315
Analog Devices		44		2,478
Apple		770		72,179
Applied Materials		156		3,193
Autodesk *		32		1,914

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

109

Schedule of Investments April 30, 2016 (Unaudited)

Global X S&P 500® Catholic Values ETF‡

	Shares		Value
COMMON STOCK — continued
Technology �� continued
Broadcom		52	$	7,579
CA		42		1,246
Cerner *		82		4,603
Cisco Systems		698		19,188
Citrix Systems *		22		1,800
Cognizant Technology Solutions, Cl A *		84		4,903
EMC		270		7,050
F5 Networks *		10		1,048
Facebook, Cl A *		318		37,389
Hewlett Packard Enterprise		238		3,965
HP		240		2,945
Intel		656		19,863
International Business Machines		122		17,805
Intuit		36		3,632
Juniper Networks		48		1,123
KLA-Tencor		22		1,539
Lam Research		22		1,681
Linear Technology		34		1,512
Microchip Technology		30		1,458
Micron Technology *		144		1,548
Microsoft		1,098		54,758
Motorola Solutions		22		1,654
NetApp		40		946
NVIDIA		70		2,487
Oracle		438		17,459
Pitney Bowes		44		923
Qorvo *		18		811
QUALCOMM		208		10,508
Red Hat *		26		1,908
salesforce.com *		88		6,670
SanDisk		28		2,104
Skyworks Solutions		26		1,737
Symantec		84		1,398
Texas Instruments		140		7,986
VeriSign *		14		1,210
Western Digital		32		1,308
Xilinx		36		1,551
Yahoo! *		120		4,392
				406,691
Telecommunications — 2.7%
AT&T		846		32,842
CenturyLink		74		2,290
Frontier Communications		160		890
Level 3 Communications *		40		2,090

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

110

Schedule of Investments April 30, 2016 (Unaudited)

Global X S&P 500® Catholic Values ETF‡

	Shares		Value
COMMON STOCK — continued
Telecommunications — continued
Verizon Communications		560	$	28,526
				66,638
Utilities — 3.3%
AES		90		1,005
AGL Resources		16		1,054
Ameren		34		1,632
American Electric Power		68		4,318
American Water Works		24		1,746
CenterPoint Energy		60		1,287
CMS Energy		38		1,546
Consolidated Edison		40		2,984
Dominion Resources		82		5,860
DTE Energy		24		2,140
Duke Energy		94		7,406
Edison International		44		3,111
Entergy		24		1,804
Eversource Energy		44		2,483
Exelon		126		4,421
FirstEnergy		58		1,890
NextEra Energy		64		7,526
NiSource		44		999
NRG Energy		44		664
PG&E		68		3,958
Pinnacle West Capital		16		1,162
PPL		92		3,463
Public Service Enterprise Group		70		3,229
SCANA		20		1,374
Sempra Energy		32		3,307
Southern		126		6,313
TECO Energy		32		889
WEC Energy Group		44		2,561
Xcel Energy		70		2,802
				82,934
TOTAL UNITED STATES				2,471,257
TOTAL INVESTMENTS — 99.9%
(Cost $2,513,211)			$	2,476,573

Percentages are based on Net Assets of $2,477,818.

*	Non-income producing security.
‡	Fund commenced operations on April 18, 2016.

Cl — Class

S&P — Standard & Poor's

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

111

Schedule of Investments April 30, 2016 (Unaudited)

Global X S&P 500® Catholic Values ETF‡

As of April 30, 2016, 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 April 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

112

Statements of Assets and Liabilities

April 30, 2016 (Unaudited)

	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	$	816,154,035		$	266,309,374		$	3,084,114		$	5,314,247
Cost of Repurchase Agreements		34,711,134			14,918,210			—			—
Cost of Foreign Currency		277,505			—			2,716			1,391
Investments, at Value	$	770,057,152	*	$	281,724,495	*	$	3,443,698		$	5,563,949
Repurchase Agreements, at Value		34,711,134			14,918,210			—			—
Cash		3,744,756			1,029,201			—			15,380
Foreign Currency, at Value		281,739			—			2,736			1,445
Dividend and Interest Receivable		4,024,401			658,354			4,670			17,811
Receivable for Capital Shares Sold		3,104,522			—			—			—
Reclaim Receivable		419,627			14,812			—			596
Receivable for Investment Securities Sold		—			—			—			239,586
Total Assets		816,343,331			298,345,072			3,451,104			5,838,767
Liabilities:
Obligation to Return Securities Lending Collateral		34,711,134			14,918,210			—			—
Payable for Investment Securities Purchased		3,088,445			—			—			236,754
Payable due to Investment Adviser		359,059			102,897			1,785			2,259
Unrealized Depreciation on Spot Contracts		890			—			1			5
Cash Overdraft		—			—			383			—
Total Liabilities		38,159,528			15,021,107			2,169			239,018
Net Assets	$	778,183,803		$	283,323,965		$	3,448,935		$	5,599,749
Net Assets Consist of:
Paid-in Capital	$	923,643,147		$	322,955,613		$	3,884,738		$	5,602,368
Distributions in Excess of Net Investment Income		(14,508,623	)		(1,820,812	)		(43,349	)		(53,335	)
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(84,857,253	)		(53,225,957	)		(752,077	)		(199,075	)
Net Unrealized Appreciation (Depreciation) on Investments		(46,096,883	)		15,415,121			359,584			249,702
Net Unrealized Appreciation on Foreign Currency Translations		3,415			—			39			89
Net Assets	$	778,183,803		$	283,323,965		$	3,448,935		$	5,599,749
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		37,600,000			11,400,000			250,000			400,000
Net Asset Value, Offering and Redemption Price Per Share	$	20.70		$	24.85		$	13.80		$	14.00
*Includes Market Value of Securities on Loan	$	33,167,707		$	14,546,254		$	—		$	—

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

113

Statements of Assets and Liabilities

April 30, 2016 (Unaudited)

	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	$	211,527,005		$	82,037,504		$	6,654,851		$	15,049,133
Cost of Repurchase Agreement		10,983,983			1,388,900			—			—
Cost of Foreign Currency		—			2			—			—
Investments, at Value	$	204,903,008	*	$	60,167,179	*	$	6,960,521		$	15,278,341
Repurchase Agreement, at Value		10,983,983			1,388,900			—			—
Cash		478,568			—			6,852			10,706
Foreign Currency, at Value		—			2			—			—
Receivable for Capital Shares Sold		1,347,771			—			—			—
Dividend and Interest Receivable		476,138			41,534			—			—
Receivable for Investment Securities Sold		255,841			—			—			—
Total Assets		218,445,309			61,597,615			6,967,373			15,289,047
Liabilities:
Obligation to Return Securities Lending Collateral		10,983,983			1,388,900			—			—
Payable for Investment Securities Purchased		1,346,118			—			—			—
Payable due to Investment Adviser		94,435			32,657			3,934			8,622
Cash Overdraft		—			15,040			—			—
Total Liabilities		12,424,536			1,436,597			3,934			8,622
Net Assets	$	206,020,773		$	60,161,018		$	6,963,439		$	15,280,425
Net Assets Consist of:
Paid-in Capital	$	232,496,836		$	92,968,340		$	8,972,982		$	17,670,332
Undistributed (Distributions in Excess of) Net Investment Income		(192,332	)		(189,626	)		30,771			46,256
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(19,659,734	)		(10,749,683	)		(2,345,984	)		(2,665,371	)
Net Unrealized Appreciation (Depreciation) on Investments		(6,623,997	)		(21,870,325	)		305,670			229,208
Net Unrealized Appreciation on Foreign Currency Translations		—			2,312			—			—
Net Assets	$	206,020,773		$	60,161,018		$	6,963,439		$	15,280,425
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		15,250,000			3,200,000			300,000			650,000
Net Asset Value, Offering and Redemption Price Per Share	$	13.51		$	18.80		$	23.21		$	23.51
*Includes Market Value of Securities on Loan	$	10,685,320		$	1,295,332		$	—		$	—

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

114

Statements of Assets and Liabilities

April 30, 2016 (Unaudited)

	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	$	9,170,829		$	101,912,537		$	1,361,085		$	1,340,308
Cost of Repurchase Agreement		—			2,309,955			—			—
Cost of Foreign Currency		3			37			—			—
Investments, at Value	$	8,640,501		$	95,116,411	*	$	1,311,865		$	1,308,105
Repurchase Agreement, at Value		—			2,309,955			—			—
Cash		52,181			195,673			2,662			774
Foreign Currency, at Value		3			38			—			—
Dividend and Interest Receivable		33,440			73,197			616			1,653
Reclaim Receivable		178			—			94			1,912
Total Assets		8,726,303			97,695,274			1,315,237			1,312,444
Liabilities:
Payable due to Investment Adviser		3,386			72,987			801			—
Obligation to Return Securities Lending Collateral		—			2,309,955			—			—
Payable due to Administrator		—			—			—			789
Total Liabilities		3,386			2,382,942			801			789
Net Assets	$	8,722,917		$	95,312,332		$	1,314,436		$	1,311,655
Net Assets Consist of:
Paid-in Capital	$	9,656,001		$	133,464,647		$	1,753,664		$	1,608,860
Undistributed (Distributions in Excess of) Net Investment Income		25,971			190,466			2,935			(5,616	)
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(428,727	)		(31,546,655	)		(392,943	)		(259,386	)
Net Unrealized Depreciation on Investments		(530,328	)		(6,796,126	)		(49,220	)		(32,203	)
Net Assets	$	8,722,917		$	95,312,332		$	1,314,436		$	1,311,655
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		350,000			4,300,000			100,000			100,000
Net Asset Value, Offering and Redemption Price Per Share	$	24.92		$	22.17		$	13.14		$	13.12
*Includes Market Value of Securities on Loan	$	—		$	2,219,404		$	—		$	—

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

115

Statements of Assets and Liabilities

April 30, 2016 (Unaudited)

	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
Assets:
Cost of Investments	$	38,924,578		$	12,581,400		$	12,463,564		$	2,326,477
Cost of Foreign Currency		—			12,886			637			97
Investments, at Value	$	39,520,305		$	12,864,691		$	12,964,141		$	2,233,094
Cash		35,506			15,282			—			505
Foreign Currency, at Value		—			13,004			646			97
Dividend and Interest Receivable		17,641			37,192			101,761			6,400
Reclaim Receivable		63			10,532			—			—
Total Assets		39,573,515			12,940,701			13,066,548			2,240,096
Liabilities:
Payable due to Investment Adviser		4,203			3,975			3,919			688
Cash Overdraft		—			—			65,530			—
Unrealized Depreciation on Spot Contracts		—			130			12			—
Total Liabilities		4,203			4,105			69,461			688
Net Assets	$	39,569,312		$	12,936,596		$	12,997,087		$	2,239,408
Net Assets Consist of:
Paid-in Capital	$	38,947,223		$	12,657,893		$	12,466,734		$	2,499,952
Undistributed Net Investment Income		89,134			119,345			78,974			18,199
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(62,772	)		(124,766	)		(54,844	)		(185,371	)
Net Unrealized Appreciation (Depreciation) on Investments		595,727			283,291			500,577			(93,383	)
Net Unrealized Appreciation on Foreign Currency Translations		—			833			5,646			11
Net Assets	$	39,569,312		$	12,936,596		$	12,997,087		$	2,239,408
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		1,600,000			550,000			500,000			100,000
Net Asset Value, Offering and Redemption Price Per Share	$	24.73		$	23.52		$	25.99		$	22.39

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

116

Statements of Assets and Liabilities

April 30, 2016 (Unaudited)

	Global X YieldCo Index ETF			Global X S&P 500® Catholic Values ETF
Assets:
Cost of Investments	$	4,776,299		$	2,513,211
Cost of Foreign Currency		1,587			—
Investments, at Value	$	4,380,506		$	2,476,573
Cash		15,764			795
Foreign Currency, at Value		1,587			—
Receivable for Investment Securities Sold		7,736			—
Dividend and Interest Receivable		2,572			669
Reclaim Receivable		343			—
Total Assets		4,408,508			2,478,037
Liabilities:
Payable due to Investment Adviser		2,270			219
Unrealized Depreciation on Spot Contracts		1			—
Total Liabilities		2,271			219
Net Assets	$	4,406,237		$	2,477,818
Net Assets Consist of:
Paid-in Capital	$	5,242,065		$	2,514,000
Undistributed (Distributions in Excess of) Net Investment Income		(15,003	)		448
Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(425,089	)		8
Net Unrealized Depreciation on Investments		(395,793	)		(36,638	)
Net Unrealized Appreciation on Foreign Currency Translations		57			—
Net Assets	$	4,406,237		$	2,477,818
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		400,000			100,000
Net Asset Value, Offering and Redemption Price Per Share	$	11.02		$	24.78

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

117

Statements of Operations

For the period ended April 30, 2016 (Unaudited)

	Global X SuperDividend® ETF			Global X SuperDividend® U.S. ETF			Global X SuperDividend® Emerging Markets ETF			Global X SuperDividend® REIT ETF
Investment Income:
Dividend Income	$	22,041,788		$	9,176,015		$	58,016		$	149,482
Interest Income		537			360			—			—
Security Lending Income		603,558			169,153			—			—
Less: Foreign Taxes Withheld		(750,991	)		—			(2,635	)		(4,928	)
Total Investment Income		21,894,892			9,345,528			55,381			144,554
Supervision and Administration Fees(1)		2,199,080			603,202			10,055			10,884
Other Fees		1,679			338			5			6
Total Expenses		2,200,759			603,540			10,060			10,890
Net Investment Income		19,694,133			8,741,988			45,321			133,664
Net Realized Loss on:
Investments		(34,235,864	)(2)		(38,308,503	)(2)		(739,758	)		(192,315	)
Foreign Currency Transactions		(66,158	)		—			(4,398	)		(1,837	)
Net Realized Loss on Investments and Foreign Currency Transactions		(34,302,022	)		(38,308,503	)		(744,156	)		(194,152	)
Net Change in Unrealized Appreciation on:
Investments		37,184,857			36,373,763			829,076			612,361
Foreign Currency Translations		33,401			—			687			76
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		37,218,258			36,373,763			829,763			612,437
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Transactions		2,916,236			(1,934,740	)		85,607			418,285
Net Increase in Net Assets Resulting from Operations	$	22,610,369		$	6,807,248		$	130,928		$	551,949

(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.

118

Statements of Operations

For the period ended April 30, 2016 (Unaudited)

	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	$	7,690,399		$	109,036		$	112,087		$	159,250
Interest Income		382			32			11			7
Security Lending Income		84,926			5,431			—			—
Less: Foreign Taxes Withheld		—			(9,624	)		—			—
Total Investment Income		7,775,707			104,875			112,098			159,257
Supervision and Administration Fees(1)		597,123			255,423			25,404			47,776
Other Fees		85			–			3			18
Total Expenses		597,208			255,423			25,407			47,794
Net Investment Income (Loss)		7,178,499			(150,548	)		86,691			111,463
Net Realized Gain (Loss) on:
Investments (2)		(10,737,940	)		249,832			(218,080	)		120,765
Foreign Currency Transactions		—			(8,394	)		—			—
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(10,737,940	)		241,438			(218,080	)		120,765
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		10,181,020			(7,109,039	)		279,341			44,292
Foreign Currency Translations		—			2,367			—			—
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		10,181,020			(7,106,672	)		279,341			44,292
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		(556,920	)		(6,865,234	)		61,261			165,057
Net Increase (Decrease) in Net Assets Resulting from Operations	$	6,621,579		$	(7,015,782	)	$	147,952		$	276,520

(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.

119

Statements of Operations

For the period ended April 30, 2016 (Unaudited)

	Global X Permanent ETF			Global X Guru™ Index ETF			Global X Guru™ Activist Index ETF			Global X Guru™ International Index ETF
Investment Income:
Dividend Income	$	31,196		$	865,318		$	15,151		$	12,148
Interest Income		40,838			107			—			1
Security Lending Income		—			39,732			—			—
Less: Foreign Taxes Withheld		(500	)		(1,777	)		(124	)		(1,101	)
Total Investment Income		71,534			903,380			15,027			11,048
Supervision and Administration Fees(1)		22,813			531,084			6,418			4,604
Other Fees		–			33			–			5
Total Expenses		22,813			531,117			6,418			4,609
Net Investment Income		48,721			372,263			8,609			6,439
Net Realized Gain (Loss) on:
Investments		32,334	(2)		(16,971,770	)(2)		(124,224	)(2)		(102,733	)
Foreign Currency Transactions		(24	)		—			—			—
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		32,310			(16,971,770	)		(124,224	)		(102,733	)
Net Change in Unrealized Appreciation on:
Investments		326,941			3,158,979			8,303			116,611
Net Change in Unrealized Appreciation on Investments		326,941			3,158,979			8,303			116,611
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		359,251			(13,812,791	)		(115,921	)		13,878
Net Increase (Decrease) in Net Assets Resulting from Operations	$	407,972		$	(13,440,528	)	$	(107,312	)	$	20,317

(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. 

120

Statements of Operations

For the period ended April 30, 2016 (Unaudited)

	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
Investment Income:
Dividend Income	$	114,540		$	155,907		$	121,005		$	38,984
Less: Foreign Taxes Withheld		(1	)		(12,173	)		(17,308	)		(1,389	)
Total Investment Income		114,539			143,734			103,697			37,595
Supervision and Administration Fees(1)		20,433			16,210			16,157			3,961
Other Fees		2			4			–			5
Total Expenses		20,435			16,214			16,157			3,966
Waiver of Supervision and Administration Fees		(5,742	)		–			–			–
Net Expenses		14,693			16,214			16,157			3,966
Net Investment Income		99,846			127,520			87,540			33,629
Net Realized Gain (Loss) on:
Investments		(45,627	)		(112,168	)		(54,926	)		(84,337	)
Foreign Currency Transactions		—			(3,028	)		(28	)		404
Net Realized Loss on Investments and Foreign Currency Transactions		(45,627	)		(115,196	)		(54,954	)		(83,933	)
Net Change in Unrealized Appreciation on:
Investments		620,358			348,046			502,335			189,296
Foreign Currency Translations		—			839			5,724			42
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		620,358			348,885			508,059			189,338
Net Realized and Unrealized Gain on Investments and Foreign Currency Transactions and Translations		574,731			233,689			453,105			105,405
Net Increase in Net Assets Resulting from Operations	$	674,577		$	361,209		$	540,645		$	139,034

(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.) 

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

121

Statements of Operations

For the period ended April 30, 2016 (Unaudited)

	Global X YieldCo Index ETF			Global X S&P 500® Catholic Values ETF(3)
Investment Income:
Dividend Income	$	115,479		$	670
Less: Foreign Taxes Withheld		(4,783	)		(3	)
Total Investment Income		110,696			667
Supervision and Administration Fees(1)		11,536			294
Other Fees		27			—
Total Expenses		11,563			294
Waiver of Supervision and Administration Fees		—			(75	)
Net Expenses		11,563			219
Net Investment Income		99,133			448
Net Realized Gain (Loss) on:
Investments		(269,998	)(2)		8
Foreign Currency Transactions		629			—
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(269,369	)		8
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		491,650			(36,638	)
Foreign Currency Translations		57			—
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		491,707			(36,638	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		222,338			(36,630	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	321,471		$	(36,182	)

(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.)
(3)	The Fund commenced operations on April 18, 2016.

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

122

Statements of Changes in Net Assets

	Global X SuperDividend® ETF						Global X SuperDividend® U.S. ETF
	Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015 (Audited)			Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015 (Audited)
Operations:
Net Investment Income	$	19,694,133		$	55,764,634		$	8,741,988		$	18,390,959
Net Realized Loss on Investments and Foreign Currency Transactions(1)		(34,302,022	)		(38,152,069	)		(38,308,503	)		(14,851,179	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		37,218,258			(115,526,605	)		36,373,763			(32,039,760	)
Net Increase (Decrease) in Net Assets Resulting from Operations		22,610,369			(97,914,040	)		6,807,248			(28,499,980	)
Dividends and Distributions from:
Net Investment Income		(28,564,525	)		(63,792,372	)		(10,562,800	)		(13,048,101	)
Net Realized Gains		—			(1,980,385	)		—			—
Return of Capital		—			—			—			(7,048,014	)
Total Dividends and Distributions		(28,564,525	)		(65,772,757	)		(10,562,800	)		(20,096,115	)
Capital Share Transactions:
Issued		6,214,505			105,826,823			47,806,144			113,535,136
Redeemed		(102,742,548	)		(99,050,071	)		(35,725,252	)		(66,655,050	)
Increase (Decrease) in Net Assets  from Capital Share Transactions		(96,528,043	)		6,776,752			12,080,892			46,880,086
Total Increase (Decrease) in Net Assets		(102,482,199	)		(156,910,045	)		8,325,340			(1,716,009	)
Net Assets:
Beginning of Period		880,666,002			1,037,576,047			274,998,625			276,714,634
End of Period	$	778,183,803		$	880,666,002		$	283,323,965		$	274,998,625
Distributions in Excess of Net Investment Income	$	(14,508,623	)	$	(5,638,231	)	$	(1,820,812	)	$	—
Share Transactions:
Issued		300,000			4,550,000			2,000,000			3,950,000
Redeemed		(5,350,000	)		(4,700,000	)		(1,500,000	)		(2,400,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(5,050,000	)		(150,000	)		500,000			1,550,000

(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.

123

Statements of Changes in Net Assets

	Global X SuperDividend® Emerging Markets ETF						Global X SuperDividend® REIT ETF
	Period Ended April 30, 2016 (Unaudited)			Period Ended October 31, 2015(1) (Audited)			Period Ended April 30, 2016 (Unaudited)			Period Ended October 31, 2015(1) (Audited)
Operations:
Net Investment Income	$	45,321		$	141,924		$	133,664		$	115,415
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(744,156	)		(12,896	)		(194,152	)		11,788
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		829,763			(470,140	)		612,437			(362,646	)
Net Increase (Decrease) in Net Assets Resulting from Operations		130,928			(341,112	)		551,949			(235,443	)
Dividends and Distributions from:
Net Investment Income		(115,044	)		(110,575	)		(205,275	)		(113,850	)
Total Dividends and Distributions		(115,044	)		(110,575	)		(205,275	)		(113,850	)
Capital Share Transactions:
Issued		—			3,884,738			1,299,270			4,303,098
Increase in Net Assets  from Capital Share Transactions		—			3,884,738			1,299,270			4,303,098
Total Increase in Net Assets		15,884			3,433,051			1,645,944			3,953,805
Net Assets:
Beginning of Period		3,433,051			—			3,953,805			—
End of Period	$	3,448,935		$	3,433,051		$	5,599,749		$	3,953,805
Undistributed (Distributions in Excess of) Net Investment Income	$	(43,349	)	$	26,374		$	(53,335	)	$	18,276
Share Transactions:
Issued		—			250,000			100,000			300,000	��
Net Increase in Shares Outstanding from Share Transactions		—			250,000			100,000			300,000

(1) The Fund commenced operations on March 16, 2015.

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

124

Statements of Changes in Net Assets

	Global X SuperIncome™ Preferred ETF						Global X Social Media Index ETF
	Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015 (Audited)			Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015  (Audited)
Operations:
Net Investment Income (Loss)	$	7,178,499		$	16,395,904		$	(150,548	)	$	43,682
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions(1)		(10,737,940	)		(6,016,791	)		241,438			3,402,707
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		10,181,020			(16,410,848	)		(7,106,672	)		(3,954,102	)
Net Increase (Decrease) in Net Assets Resulting from Operations		6,621,579			(6,031,735	)		(7,015,782	)		(507,713	)
Dividends and Distributions from:
Net Investment Income		(7,638,556	)		(16,693,614	)		(6,875	)		(57,330	)
Total Dividends and Distributions		(7,638,556	)		(16,693,614	)		(6,875	)		(57,330	)
Capital Share Transactions:
Issued		4,661,484			143,668,838			30,490,956			47,160,234
Redeemed		(33,050,541	)		(48,391,387	)		(40,452,033	)		(95,868,254	)
Increase (Decrease) in Net Assets  from Capital Share Transactions		(28,389,057	)		95,277,451			(9,961,077	)		(48,708,020	)
Total Increase (Decrease) in Net Assets		(29,406,034	)		72,552,102			(16,983,734	)		(49,273,063	)
Net Assets:
Beginning of Period		235,426,807			162,874,705			77,144,752			126,417,815
End of Period	$	206,020,773		$	235,426,807		$	60,161,018		$	77,144,752
Undistributed (Distributions in Excess of) Net Investment Income	$	(192,332	)	$	267,725		$	(189,626	)	$	(32,203	)
Share Transactions:
Issued		350,000			9,850,000			1,500,000			2,500,000
Redeemed		(2,550,000	)		(3,450,000	)		(2,300,000	)		(5,050,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(2,200,000	)		6,400,000			(800,000	)		(2,550,000	)

(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.

125

Statements of Changes in Net Assets

	Global X | JPMorgan Efficiente Index ETF						Global X | JPMorgan US Sector Rotator Index ETF
	Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015 (Audited)			Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015 (Audited)
Operations:
Net Investment Income	$	86,691		$	234,522		$	111,463		$	164,481
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions(1)		(218,080	)		(1,998,124	)		120,765			(2,764,955	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		279,341			(28,134	)		44,292			149,664
Net Increase (Decrease) in Net Assets Resulting from Operations		147,952			(1,791,736	)		276,520			(2,450,810	)
Dividends and Distributions from:
Net Investment Income		(312,783	)		(15,956	)		(197,183	)		(32,505	)
Net Realized Gains		—			—			—			(3,065	)
Total Dividends and Distributions		(312,783	)		(15,956	)		(197,183	)		(35,570	)
Capital Share Transactions:
Issued		1,121,897			23,733,266			2,227,237			28,365,035
Redeemed		(2,296,047	)		(16,172,237	)		(1,153,438	)		(14,292,683	)
Increase (Decrease) in Net Assets  from Capital Share Transactions		(1,174,150	)		7,561,029			1,073,799			14,072,352
Total Increase (Decrease) in Net Assets		(1,338,981	)		5,753,337			1,153,136			11,585,972
Net Assets:
Beginning of Period		8,302,420			2,549,083			14,127,289			2,541,317
End of Period	$	6,963,439		$	8,302,420		$	15,280,425		$	14,127,289
Undistributed Net Investment Income	$	30,771		$	256,863		$	46,256		$	131,976
Share Transactions:
Issued		50,000			900,000			100,000			1,100,000
Redeemed		(100,000	)		(650,000	)		(50,000	)		(600,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(50,000	)		250,000			50,000			500,000

(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.

126

Statements of Changes in Net Assets

	Global X Permanent ETF						Global X Guru™ Index ETF
	Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015 (Audited)			Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015 (Audited)
Operations:
Net Investment Income	$	48,721		$	104,740		$	372,263		$	1,193,648
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions(1)		32,310			36,454			(16,971,770	)		10,809,860
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		326,941			(97,856	)		3,158,979			(28,388,415	)
Net Increase (Decrease) in Net Assets Resulting from Operations		407,972			43,338			(13,440,528	)		(16,384,907	)
Dividends and Distributions from:
Net Investment Income		(114,717	)		(105,609	)		(760,456	)		(4,215,674	)
Total Dividends and Distributions		(114,717	)		(105,609	)		(760,456	)		(4,215,674	)
Capital Share Transactions:
Issued		—			3,655,316			2,087,511			11,909,461
Redeemed		(2,344,052	)		(1,258,291	)		(77,079,049	)		(243,390,062	)
Increase (Decrease) in Net Assets  from Capital Share Transactions		(2,344,052	)		2,397,025			(74,991,538	)		(231,480,601	)
Total Increase (Decrease) in Net Assets		(2,050,797	)		2,334,754			(89,192,522	)		(252,081,182	)
Net Assets:
Beginning of Period		10,773,714			8,438,960			184,504,854			436,586,036
End of Period	$	8,722,917		$	10,773,714		$	95,312,332		$	184,504,854
Undistributed Net Investment Income	$	25,971		$	91,967		$	190,466		$	578,659
Share Transactions:
Issued		—			150,000			100,000			450,000
Redeemed		(100,000	)		(50,000	)		(3,500,000	)		(9,350,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(100,000	)		100,000			(3,400,000	)		(8,900,000	)

(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.   

127

Statements of Changes in Net Assets

	Global X Guru™ Activist Index ETF						Global X Guru™ International Index ETF
	Period Ended April 30, 2016 (Unaudited)			Period Ended October 31, 2015(1) (Audited)			Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015 (Audited)
Operations:
Net Investment Income	$	8,609		$	11,721		$	6,439		$	15,468
Net Realized Loss on Investments		(124,224	)(2)		(268,719	)		(102,733	)		(92,603	)(2)
Net Change in Unrealized Appreciation (Depreciation) on		8,303			(57,523	)		116,611			(177,481	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(107,312	)		(314,521	)		20,317			(254,616	)
Dividends and Distributions from:
Net Investment Income		(17,395	)		—			(21,629	)		(16,359	)
Total Dividends and Distributions		(17,395	)		—			(21,629	)		(16,359	)
Capital Share Transactions:
Issued		—			2,997,667			—			—
Redeemed		(1,244,003	)		—			—			(759,471	)
Increase (Decrease) in Net Assets  from Capital Share Transactions		(1,244,003	)		2,997,667			—			(759,471	)
Total Increase (Decrease) in Net Assets		(1,368,710	)		2,683,146			(1,312	)		(1,030,446	)
Net Assets:
Beginning of Period		2,683,146			—			1,312,967			2,343,413
End of Period	$	1,314,436		$	2,683,146		$	1,311,655		$	1,312,967
Undistributed (Distributions in Excess of) Net Investment Income	$	2,935		$	11,721		$	(5,616	)	$	9,574
Share Transactions:
Issued		—			200,000			—			—
Redeemed		(100,000	)		—			—			(50,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(100,000	)		200,000			—			(50,000	)

(1) The Fund commenced operations on April 28, 2015.

(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.

128

Statements of Changes in Net Assets

	Global X Scientific Beta US ETF						Global X Scientific Beta Europe ETF
	Period Ended April 30, 2016 (Unaudited)			Period Ended October 31, 2015(1) (Audited)			Period Ended April 30, 2016 (Unaudited)			Period Ended October 31, 2015(1) (Audited)
Operations:
Net Investment Income	$	99,846		$	17,850		$	127,520		$	25,313
Net Realized Loss on Investments and Foreign Currency Transactions		(45,627	)		(16,707	)		(115,196	)		(8,762	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		620,358			(24,631	)		348,885			(64,761	)
Net Increase (Decrease) in Net Assets Resulting from Operations		674,577			(23,488	)		361,209			(48,210	)
Dividends and Distributions from:
Net Investment Income		(29,000	)		—			(34,296	)		—
Total Dividends and Distributions		(29,000	)		—			(34,296	)		—
Capital Share Transactions:
Issued		36,457,223			2,490,000			10,168,893			2,489,000
Increase in Net Assets  from Capital Share Transactions		36,457,223			2,490,000			10,168,893			2,489,000
Total Increase in Net Assets		37,102,800			2,466,512			10,495,806			2,440,790
Net Assets:
Beginning of Period		2,466,512			—			2,440,790			—
End of Period	$	39,569,312		$	2,466,512		$	12,936,596		$	2,440,790
Undistributed Net Investment Income	$	89,134		$	18,288		$	119,345		$	26,121
Share Transactions:
Issued		1,500,000			100,000			450,000			100,000
Net Increase in Shares Outstanding from Share Transactions		1,500,000			100,000			450,000			100,000

(1) The Fund commenced operations on May 12, 2015.

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

129

Statements of Changes in Net Assets

	Global X Scientific Beta Japan ETF						Global X Scientific Beta Asia ex-Japan ETF
	Period Ended April 30, 2016 (Unaudited)			Period Ended October 31, 2015(1) (Audited)			Period Ended April 30, 2016 (Unaudited)			Period Ended October 31, 2015(1) (Audited)
Operations:
Net Investment Income	$	87,540		$	11,905		$	33,629		$	43,448
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(54,954	)		1,472			(83,933	)		(97,899	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		508,059			(1,836	)		189,338			(282,710	)
Net Increase (Decrease) in Net Assets Resulting from Operations		540,645			11,541			139,034			(337,161	)
Dividends and Distributions from:
Net Investment Income		(20,668	)		—			(62,417	)		—
Net Realized Gains		(1,165	)		—			—			—
Total Dividends and Distributions		(21,833	)		—			(62,417	)		—
Capital Share Transactions:
Issued		9,959,734			2,507,000			—			2,499,952
Increase in Net Assets  from Capital Share Transactions		9,959,734			2,507,000			—			2,499,952
Total Increase in Net Assets		10,478,546			2,518,541			76,617			2,162,791
Net Assets:
Beginning of Period		2,518,541			—			2,162,791			—
End of Period	$	12,997,087		$	2,518,541		$	2,239,408		$	2,162,791
Undistributed Net Investment Income	$	78,974		$	12,102		$	18,199		$	46,987
Share Transactions:
Issued		400,000			100,000			—			100,000
Net Increase in Shares Outstanding from Share Transactions		400,000			100,000			—			100,000

(1) The Fund commenced operations on May 12, 2015.  

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

130

Statements of Changes in Net Assets

	Global X YieldCo Index ETF						Global X S&P 500® Catholic Values ETF
	Period Ended April 30, 2016 (Unaudited)			Period Ended October 31, 2015(1) (Audited)			Period Ended April 30, 2016(2) (Unaudited)
Operations:
Net Investment Income	$	99,133		$	50,554		$	448
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(269,369	)(3)		(161,801	)		8
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		491,707			(887,443	)		(36,638	)
Net Increase (Decrease) in Net Assets Resulting from Operations		321,471			(998,690	)		(36,182	)
Dividends and Distributions from:
Net Investment Income		(124,859	)		(33,750	)		—
Total Dividends and Distributions		(124,859	)		(33,750	)		—
Capital Share Transactions:
Issued		1,973,895			4,351,749			2,514,000
Redeemed		(1,083,579	)		—			—
Increase in Net Assets  from Capital Share Transactions		890,316			4,351,749			2,514,000
Total Increase in Net Assets		1,086,928			3,319,309			2,477,818
Net Assets:
Beginning of Period		3,319,309			—			—
End of Period	$	4,406,237		$	3,319,309		$	2,477,818
Undistributed (Distributions in Excess of) Net Investment Income	$	(15,003	)	$	10,723		$	448
Share Transactions:
Issued		200,000			300,000			100,000
Redeemed		(100,000	)		—			—
Net Increase in Shares Outstanding from Share Transactions		100,000			300,000			100,000

(1)	The Fund commenced operations on May 27, 2015.
(2)	The Fund commenced operations on April 18, 2016.
(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.

131

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
2016(Unaudited)		20.65		0.50			0.27			0.77			(0.72	)		—			—			(0.72	)		20.70		4.00			778,184		0.58	†		5.20	†		26.59
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
2016(Unaudited)		25.23		0.78			(0.22	)		0.56			(0.94	)		—			—			(0.94	)		24.85		2.37			283,324		0.45	†		6.53	†		49.90
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
2016(Unaudited)		13.73		0.18			0.35			0.53			(0.46	)		—			—			(0.46	)		13.80		4.27			3,449		0.65	†		2.93	†		65.48
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
2016(Unaudited)		13.18		0.41			1.06			1.47			(0.65	)		—			—			(0.65	)		14.00		11.73			5,600		0.52	†		6.39	†		41.94
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
2016(Unaudited)		13.49		0.45			0.05	^^		0.50			(0.48	)		—			—			(0.48	)		13.51		3.83			206,021		0.58	†		6.98	†		13.30
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
2016(Unaudited)		19.29		(0.04	)		(0.45	)		(0.49	)		—	(8)		—			—			—	(8)		18.80		(2.53	)		60,161		0.65	†		(0.38	)†		6.89
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
2016(Unaudited)		23.72		0.27			0.26			0.53			(1.04	)		—			—			(1.04	)		23.21		2.42			6,963		0.69	†		2.36	†		248.25
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
2016(Unaudited)		23.55		0.18			0.14			0.32			(0.36	)		—			—			(0.36	)		23.51		1.39			15,280		0.69	†		1.61	†		439.85
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
2016(Unaudited)		23.94		0.12			1.11			1.23			(0.25	)		—			—			(0.25	)		24.92		5.24			8,723		0.48	†		1.03	†		—
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 SuperIncome™ Preferred ETF and Global X Permanent ETF each changed their fiscal year end to October 31.
^^	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.
(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.
(8)	Amount represents less than $0.01 per share.

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

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

132

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 Guru™ Index ETF
2016(Unaudited)		23.96		0.06		(1.74	)		(1.68	)		(0.11	)		—			(0.11	)		22.17		(7.04	)		95,312		0.75	†		0.53	†		58.64
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
2016(Unaudited)		13.42		0.06		(0.22	)		(0.16	)		(0.12	)		—			(0.12	)		13.14		(1.21	)		1,314		0.75	†		1.01	†		42.47
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
2016(Unaudited)		13.13		0.06		0.15			0.21			(0.22	)		—			(0.22	)		13.12		1.62			1,312		0.75	†		1.05	†		52.50
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 Scientific Beta US ETF
2016(Unaudited)		24.67		0.20		0.15			0.35			(0.29	)		—			(0.29	)		24.73		1.43			39,569		0.25	†@		1.71			8.67
2015(4)		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
2016(Unaudited)		24.41		0.33		(0.88	)^^		(0.55	)		(0.34	)		—			(0.34	)		23.52		(2.26	)		12,937		0.38	†		2.99	†		19.85
2015(4)		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
2016(Unaudited)		25.19		0.25		0.77			1.02			(0.21	)		(0.01	)		(0.22	)		25.99		4.07			12,997		0.38	†		2.06	†		12.49
2015(4)		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
2016(Unaudited)		21.63		0.34		1.04			1.38			(0.62	)		—			(0.62	)		22.39		6.58			2,239		0.38	†		3.23	†		12.89
2015(4)		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
2016(Unaudited)		11.06		0.28		0.06			0.34			(0.38	)		—			(0.38	)		11.02		3.32			4,406		0.65	†		5.59	†		17.36
2015(5)		15.19		0.20		(4.19	)		(3.99	)		(0.14	)		—			(0.14	)		11.06		(26.39	)		3,319		0.65	†		3.72	†		22.97
Global X S&P 500® Catholic Values ETF
2016(6)(Unaudited)		25.14		—		(0.36	)		(0.36	)		—			—			—			24.78		(1.43	)		2,478		0.29	†@		0.59	†		—

*	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 0.35% and 0.39%, respectively.
^	For the period July 1, 2013 to October 31, 2013. Effective July 1, 2013 the Global X Guru™ Index ETF (formerly Global X Top Guru Holdings Index ETF) changed its fiscal year end to October 31.
^^	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.
(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 May 12, 2015.
(5)	The Fund commenced operations on May 27, 2015.
(6)	The Fund commenced operationson April 18, 2016.

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

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

133

Notes to Financial Statements

April 30, 2016 (Unaudited)

1. ORGANIZATION

The Global X Funds (the "Trust") is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of April 30, 2016, the Trust had one hundred seven 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 Scientific Beta US ETF, Global X Scientific Beta Europe ETF, Global X Scientific Beta Japan ETF, Global X Scientific Beta Asia ex-Japan ETF, Global X YieldCo Index ETF, and Global X S&P 500® Catholic Values ETF (each a “Fund” collectively, the “Funds”). Each Fund has elected non-diversification status.

The Global X S&P 500® Catholic Values ETF commenced operations on April 18, 2016.

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.

134

Notes to Financial Statements (CONTINUED)

April 30, 2016 (Unaudited)

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 Funds may fair value their

135

Notes to Financial Statements (CONTINUED)

April 30, 2016 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (concluded)

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 April 30, 2016, there were $708,513, $28,427 and $6,165 of fair valued securities in the Global X SuperDividend® ETF, Global X SuperDividend® Emerging Markets ETF and Global X Scientific Beta Asia ex-Japan ETF, respectively. There were no other securities priced using the Fair Value Procedures.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

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

Level 2 – Other significant observable inputs (including quoted prices in non-active markets, quoted prices for similar investments, fair value of investments for which the Funds have the ability to fully redeem tranches at net asset value as of the measurement date or within the near term, and short-term investments valued at amortized cost)

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

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

For the year or period ended April 30, 2016, there have been no significant changes to the Funds’ fair valuation methodologies.

136

Notes to Financial Statements(CONTINUED)

April 30, 2016 (Unaudited)

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.

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 April 30, 2016, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

	Repurchase Agreements		Fair Value of Non-cash Collateral Received		Cash Collateral Received		Net Amount(1)
Global X SuperDividend® ETF
Barclays Bank	$	33,000,000	$	33,000,000	$	-	$	-
Deutsche Bank		1,711,134		1,711,134		-		-
Global X SuperDividend® U.S. ETF
Barclays Bank		13,000,000		13,000,000		-		-
Deutsche Bank		1,918,210		1,918,210		-		-
Global X SuperIncome™ Preferred ETF
Barclays Bank		9,000,000		9,000,000		-		-
Deutsche Bank		1,983,983		1,983,983		-		-
Global X Social Media Index ETF
Deutsche Bank		1,388,900		1,388,900		-		-
Global X Guru™ Index ETF
Deutsche Bank		2,309,955		2,309,955		-		-

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

137

Notes to Financial Statements(CONTINUED)

April 30, 2016 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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 period ended April 30, 2016, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period, the Funds did not incur any interest or penalties.

SECURITY TRANSACTIONS AND INVESTMENT INCOME — Security transactions are accounted for on the trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sale of investment securities are based on specific identification. Dividend income is recorded on the ex-dividend date. Interest income is recognized on the accrual basis from the settlement date.

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

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

138

Notes to Financial Statements(CONTINUED)

April 30, 2016 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (concluded)

INVESTMENTS IN REITs — With respect to the Funds, dividend income is recorded based on the income included in distributions received from 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:

			Creation		Value at April 30,
	Creation Unit Shares		Fee		2016		Redemption Fee
Global X SuperDividend® ETF		50,000	$	3,800	$	1,035,000	$	3,800
Global X SuperDividend® U.S. ETF		50,000		750		1,242,500		750
Global X SuperDividend® Emerging Markets ETF		50,000		3,000		690,000		3,000
Global X SuperDividend® REIT ETF		50,000		750		700,000		750
Global X SuperIncome™ Preferred ETF		50,000		500		675,500		500
Global X Social Media Index ETF		50,000		1,000		940,000		1,000
Global X | JPMorgan Efficiente Index ETF		50,000		500		1,160,500		500
Global X | JPMorgan US Sector Rotator Index ETF		50,000		500		1,175,500		500
Global X Permanent ETF		50,000		1,000		1,246,000		1,000
Global X Guru™ Index ETF		50,000		750		1,108,500		750
Global X Guru™ Activist Index ETF		50,000		750		657,000		750
Global X Guru™ International Index ETF		50,000		750		656,000		750
Global X Scientific Beta US ETF		50,000		2,500		1,236,500		2,500
Global X Scientific Beta Europe ETF		50,000		10,500		1,176,000		10,500
Global X Scientific Beta Japan ETF		50,000		5,500		1,299,500		5,500
Global X Scientific Beta Asia ex-Japan ETF		50,000		11,000		1,119,500		11,000
Global X YieldCo Index ETF		50,000		500		551,000		500
Global X S&P 500® Catholic Values ETF		50,000		2,300		1,239,000		2,300

139

Notes to Financial Statements(CONTINUED)

April 30, 2016 (Unaudited)

3. RELATED PARTY TRANSACTIONS

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

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 SuperIncomeTM 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 GuruTM Index ETF		0.75%
Global X GuruTM Activist Index ETF		0.75%
Global X GuruTM International Index ETF		0.75%
Global X Scientific Beta US ETF*		0.19%
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%
Global X S&P 500® Catholic Values ETF**		0.29%

140

Notes to Financial Statements(CONTINUED)

April 30, 2016 (Unaudited)

3. RELATED PARTY TRANSACTIONS (concluded)

* Effective March 1, 2016, pursuant to an expense limitation agreement, the Adviser has contractually agreed to reimburse or waive fees and/or limit fund expenses to the extent necessary to assure that the operating expenses of the Global X Scientific Beta US ETF (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 0.19% of the Fund’s average daily net assets per year until at least March 1, 2017. The Fund (at a later date) may reimburse the Adviser for the fees it reimbursed or waived and/or limited pursuant to the expense limitation agreement during any of the prior three fiscal years, provided that, among other things, reimbursement to be made to the Adviser does not cause Total Annual Fund Operating Expenses of the Fund to exceed 0.19% during the year in which it is paid and the Board of Trustees has approved such reimbursement to the Adviser.

** Pursuant to an expense limitation agreement, the Adviser has contractually 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 S&P 500® Catholic Values ETF (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 0.29% of the Fund’s average daily net assets per year until at least March 1, 2017. 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 0.29% during the period in which it is paid and the Board of Trustees has approved such reimbursement to the Adviser.

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 from the Funds 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. BBH also serves as the Fund’s 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, 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.

141

Notes to Financial Statements(CONTINUED)

April 30, 2016 (Unaudited)

4. INVESTMENT TRANSACTIONS

For the period ended April 30, 2016, 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	$	205,234,378	$	212,237,072
Global X SuperDividend® U.S. ETF		136,183,816		142,921,931
Global X SuperDividend® Emerging Markets ETF		2,072,824		2,141,227
Global X SuperDividend® REIT ETF		1,791,313		1,832,885
Global X SuperIncome™ Preferred ETF		27,850,395		28,524,000
Global X Social Media Index ETF		5,495,720		6,057,345
Global X | JPMorgan Efficiente Index ETF		18,292,744		18,519,990
Global X | JPMorgan US Sector Rotator Index ETF		61,352,984		61,433,058
Global X Permanent ETF		-		14,506
Global X Guru™ Index ETF		82,694,034		82,817,492
Global X Guru™ Activist Index ETF		741,866		750,560
Global X Guru™ International Index ETF		658,292		672,650
Global X Scientific Beta US ETF		1,211,193		1,167,182
Global X Scientific Beta Europe ETF		1,610,751		1,685,146
Global X Scientific Beta Japan ETF		1,041,446		1,009,002
Global X Scientific Beta Asia ex-Japan ETF		272,226		300,623
Global X YieldCo Index ETF		626,819		844,973
Global X S&P 500® Catholic Values ETF		-		461

For the period ended April 30, 2016, the purchases and sales of long-term U.S. Government securities were:

			Sales and
	Purchases		Maturities
Global X Permanent ETF	$	-	$	1,085,937

142

Notes to Financial Statements(CONTINUED)

April 30, 2016 (Unaudited)

4. INVESTMENT TRANSACTIONS (concluded)

For the periods ended April 30, 2016 in-kind transactions associated with creations and redemptions were:

			Sales and
	Purchases		Maturities		Realized Gain
Global X SuperDividend® ETF	$	6,088,688	$	100,776,316	$	101,510
Global X SuperDividend® U.S. ETF		47,781,818		29,176,876		2,734,173
Global X SuperDividend® Emerging Markets ETF		-		-		-
Global X SuperDividend® REIT ETF		1,299,594		-		-
Global X SuperIncome™ Preferred ETF		4,663,558		33,003,074		(2,067,492	)
Global X Social Media Index ETF		30,191,803		40,038,426		373,699
Global X | JPMorgan Efficiente Index ETF		1,122,106		2,290,750		7,626
Global X | JPMorgan US Sector Rotator Index ETF		2,227,758		1,153,611		(29,197	)
Global X Permanent ETF		-		1,107,409		9,615
Global X Guru™ Index ETF		2,092,546		77,053,021		(440,611	)
Global X Guru™ Activist Index ETF		-		1,242,332		(95,155	)
Global X Guru™ International Index ETF		-		-		-
Global X Scientific Beta US ETF		36,446,766		-		-
Global X Scientific Beta Europe ETF		10,270,697		-		-
Global X Scientific Beta Japan ETF		9,969,557		-		-
Global X Scientific Beta Asia ex-Japan ETF		-		-		-
Global X YieldCo Index ETF		1,971,718		911,080		29,597
Global X S&P 500® Catholic Values ETF		2,513,664		-		-

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

			Sales and
	Purchases		Maturities		Realized 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 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		-		-

143

Notes to Financial Statements(CONTINUED)

April 30, 2016 (Unaudited)

5. TAX INFORMATION

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

The 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 YieldCo Index ETF
2015	$	33,750	$	–	$	–	$	33,750

144

Notes to Financial Statements(CONTINUED)

April 30, 2016 (Unaudited)

5. TAX INFORMATION (continued)

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

	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 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 Guru™ Activist Index ETF			Global X Guru™ International Index 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	)		(24,908	)		(70,206	)
Other Temporary Differences		—			—			(1	)		—
Total Distributable Earnings	$	(314,521	)	$	(295,893	)	$	(23,488	)	$	(48,210	)

	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	)

145

Notes to Financial Statements(CONTINUED)

April 30, 2016 (Unaudited)

5. TAX INFORMATION (continued)

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 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 SuperIncomeTM 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 GuruTM Index ETF		14,096,223		-		14,096,223
Global X GuruTM Activist Index ETF		214,336		-		214,336
Global X GuruTM 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 GuruTM Index ETF		3,586,223

146

Notes to Financial Statements(CONTINUED)

April 30, 2016 (Unaudited)

5. TAX INFORMATION (concluded)

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at April 30, 2016 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	$	850,865,169	$	57,437,121	$	(103,534,004	)	$	(46,096,883	)
Global X SuperDividend® U.S. ETF		281,227,584		24,994,105		(9,578,984	)		15,415,121
Global X SuperDividend® Emerging Markets ETF		3,084,114		519,021		(159,437	)		359,584
Global X SuperDividend® REIT ETF		5,314,247		365,478		(115,776	)		249,702
Global X SuperIncome™ Preferred ETF		222,510,988		3,179,697		(9,803,694	)		(6,623,997	)
Global X Social Media Index ETF		83,426,404		3,474,124		(25,344,449	)		(21,870,325	)
Global X | JPMorgan Efficiente Index ETF		6,654,851		305,670		–			305,670
Global X | JPMorgan US Sector Rotator Index ETF		15,049,133		541,685		(312,477	)		229,208
Global X Permanent ETF		9,170,829		450,741		(981,069	)		(530,328	)
Global X Guru™ Index ETF		104,222,492		5,059,587		(11,855,713	)		(6,796,126	)
Global X Guru™ Activist Index ETF		1,361,085		85,111		(134,331	)		(49,220	)
Global X Guru™ International Index ETF		1,340,308		117,958		(150,161	)		(32,203	)
Global X Scientific Beta US ETF		38,924,578		1,204,859		(609,132	)		595,727
Global X Scientific Beta Europe ETF		12,581,400		730,531		(447,240	)		283,291
Global X Scientific Beta Japan ETF		12,463,564		984,752		(484,175	)		500,577
Global X Scientific Beta Asia ex-Japan ETF		2,326,477		134,982		(228,365	)		(93,383	)
Global X YieldCo Index ETF		4,776,298		246,564		(642,357	)		(395,793	)
Global X S&P 500 Catholic Values ETF		2,513,211		33,426		(70,064	)		(36,638	)

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, 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.

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.

147

Notes to Financial Statements(CONTINUED)

April 30, 2016 (Unaudited)

6. CONCENTRATION OF RISKS (concluded)

The Funds (other than 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 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 its respective underlying indices, the Global X Permanent ETF does not expect to purchase all of the securities in its underlying indices. Instead, the Adviser will utilize a “sampling” methodology in seeking to achieve the Fund’s objective. As such, the Fund may purchase a subset of the securities in its respective underlying index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the underlying index.

A more complete description of risks is included in each Fund’s prospectus and SAI.

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 April 30, 2016 the value of securities on loan was $33,167,707, $14,546,254, $10,685,320, $1,295,332 and $2,219,404 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 $34,711,134, $14,918,210, $10,983,983, $1,388,900 and $2,309,955 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.

148

Notes to Financial Statements(CONTINUED)

April 30, 2016 (Unaudited)

7. LOANS OF PORTFOLIO SECURITIES (concluded)

At April 30, 2016, the following Funds had securities on loan, by counterparty:

	Market Value		Cash Collateral
Global X SuperDividend® ETF
Barclays Bank	$	95,490	$	97,875
BNP Prime Brokerage		7,405,980		7,741,280
Citigroup		3,494,847		3,651,048
Credit Suisse		1,738,855		1,827,800
Goldman Sachs & Co.		2,215,535		2,282,370
JPMorgan		4,321,947		4,583,950
Merrill Lynch Pierce Fenner & Smith		1,764,600		1,815,000
Morgan Stanley		2,931,504		3,098,253
National Financial Services		2,285,903		2,372,650
SG Americas Securities		1,057,000		1,120,000
UBS Securities		5,856,046		6,120,908
Global X SuperDividend® U.S. ETF
Barclays Bank		1,681,020		1,716,000
Citigroup		2,426,176		2,485,650
Credit Suisse		2,696,742		2,758,925
Goldman Sachs & Co.		3,298,761		3,386,025
JPMorgan		437,065		446,160
Morgan Stanley		4,006,490		4,125,450
Global X SuperIncome™ Preferred ETF
Citigroup		4,022,200		4,132,750
Deutsche Bank		444,610		454,125
Merrill Lynch Pierce Fenner & Smith		3,249,759		3,336,333
Morgan Stanley		346,907		363,000
National Financial Services		691,330		706,125
Wells Fargo Securities		1,930,514		1,991,650
Global X Social Media Index ETF
National Financial Services		1,295,332		1,388,900
Global X Guru™ Index ETF
Citigroup		137,824		142,350
Goldman Sachs & Co.		1,010,080		1,070,000
Morgan Stanley		1,071,500		1,097,605

149

Notes to Financial Statements(CONTINUED)

April 30, 2016 (Unaudited)

8. CONTRACTUAL OBLIGATIONS

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

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

9. CHANGE OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Global X Funds have selected PricewaterhouseCoopers LLP (“PwC”) to serve as the Funds’ independent registered public accounting firm for the Funds’ fiscal year ending October 31, 2016. The decision to select PwC was recommended by the Funds’ Audit Committee and was approved by the Funds’ Board of Trustees on November 13, 2015. During the Global X Funds’ fiscal years ended October 31, 2011, October 31, 2012, October 31, 2013, October 31, 2014 and October 31, 2015, neither the Funds, their portfolios, nor anyone on their behalf, consulted with PwC on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Global X Funds’ financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(iv) of said Item 304).

The selection of PwC does not reflect any disagreements with or dissatisfaction by the Global X Funds or the Funds’ Board of Trustees with the performance of the Global X Funds’ prior independent registered public accounting firm, Ernst & Young, LLP (“E&Y”). The decision not to renew the engagement of E&Y, upon the completion of its audit for the fiscal year ended October 31, 2015 and the completion of related non-audit work, and the selection of PwC to perform the audit for the fiscal year ended October 31, 2016, was recommended by the Funds’ Audit Committee and approved by the Funds’ Board of Trustees. E&Y’s report on the Global X Funds’ financial statements for the fiscal years ended October 31, 2011, October 31, 2012, October 31, 2013, October 31, 2014 and October 31, 2015 contained no adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. During the Global X Funds’ fiscal years ended October 31, 2011, October 31, 2012, October 31, 2013, October 31, 2014 and October 31, 2015 (i) there were no disagreements with E&Y on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of E&Y, would have caused them to make reference to the subject matter of the disagreements in connection with their reports on the Global X Funds’ financial statements for such years; and (ii) there were no “reportable events” of the kind described in Item 304(a)(1)(v) of Regulation S-K.

150

Notes to Financial Statements(CONCLUDED)

April 30, 2016 (Unaudited)

10. SUBSEQUENT EVENTS

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

Subsequent to the April 30th period end, the following investment portfolios of the Trust commenced operations:

Fund Name:	Commenced Operations:
Global X Longevity Thematic ETF	May 4, 2016
Global X Millennials Thematic ETF	May 4, 2016
Global X Health & Wellness Thematic ETF	May 4, 2016

151

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.

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 (November 1, 2015 through April 30, 2016).

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

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

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

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

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

152

Disclosure of Fund Expenses(Unaudited) (CONTINUED)

	Beginning Account Value 11/1/2015		Ending Account Value 4/30/2016		Annualized Expense Ratios			Expenses Paid During Period(1)
Global X SuperDividend® ETF
Actual Fund Return	$	1,000.00	$	1,040.00		0.58	%	$	2.94
Hypothetical 5% Return		1,000.00		1,021.98		0.58			2.92
Global X SuperDividend® U.S. ETF
Actual Fund Return	$	1,000.00	$	1,023.70		0.45	%	$	2.26
Hypothetical 5% Return		1,000.00		1,022.63		0.45			2.26
Global X SuperDividend® Emerging Markets ETF
Actual Fund Return	$	1,000.00	$	1,042.70		0.65	%	$	3.30
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27
Global X SuperDividend® REIT ETF
Actual Fund Return	$	1,000.00	$	1,117.30		0.52	%	$	2.74
Hypothetical 5% Return		1,000.00		1,022.28		0.52			2.61
Global X SuperIncome™ Preferred ETF
Actual Fund Return	$	1,000.00	$	1,038.30		0.58	%	$	2.94
Hypothetical 5% Return		1,000.00		1,021.98		0.58			2.92
Global X Social Media Index ETF
Actual Fund Return	$	1,000.00	$	974.70		0.65	%	$	3.19
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27
Global X | JPMorgan Efficiente Index ETF
Actual Fund Return	$	1,000.00	$	1,024.20		0.69	%	$	3.47
Hypothetical 5% Return		1,000.00		1,021.43		0.69			3.47
Global X | JPMorgan US Sector Rotator Index ETF
Actual Fund Return	$	1,000.00	$	1,013.90		0.69	%	$	3.45
Hypothetical 5% Return		1,000.00		1,021.43		0.69			3.47
Global X Permanent ETF
Actual Fund Return	$	1,000.00	$	1,052.40		0.48	%	$	2.45
Hypothetical 5% Return		1,000.00		1,022.48		0.48			2.41
Global X Guru™ Index ETF
Actual Fund Return	$	1,000.00	$	929.60		0.75	%	$	3.60
Hypothetical 5% Return		1,000.00		1,021.13		0.75			3.77
Global X Guru™ Activist Index ETF
Actual Fund Return	$	1,000.00	$	987.90		0.75	%	$	3.71
Hypothetical 5% Return		1,000.00		1,021.13		0.75			3.77
Global X Guru™ International Index ETF
Actual Fund Return	$	1,000.00	$	1,016.20		0.75	%	$	3.76
Hypothetical 5% Return		1,000.00		1,021.13		0.75			3.77
Global X Scientific Beta US ETF
Actual Fund Return	$	1,000.00	$	1,014.30		0.25	%	$	1.25
Hypothetical 5% Return		1,000.00		1,023.62		0.25			1.26
Global X Scientific Beta Europe ETF
Actual Fund Return	$	1,000.00	$	977.40		0.38	%	$	1.87
Hypothetical 5% Return		1,000.00		1,022.97		0.38			1.91
Global X Scientific Beta Japan ETF
Actual Fund Return	$	1,000.00	$	1,040.70		0.38	%	$	1.93
Hypothetical 5% Return		1,000.00		1,022.97		0.38			1.91

153

Disclosure of Fund Expenses(Unaudited) (CONCLUDED)

	Beginning Account Value 11/1/2015		Ending Account Value 4/30/2016		Annualized Expense Ratios			Expenses Paid During Period(1)
Global X Scientific Beta Asia ex-Japan ETF
Actual Fund Return	$	1,000.00	$	1,065.80		0.38	%	$	1.95
Hypothetical 5% Return		1,000.00		1,022.97		0.38			1.91
Global X YieldCo Index ETF
Actual Fund Return	$	1,000.00	$	1,033.20		0.65	%	$	3.29
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27
Global X S&P 500® Catholic Values ETF
Actual Fund Return(2)	$	1,000.00	$	985.70		0.29	%	$	0.09
Hypothetical 5% Return		1,000.00		1,023.42		0.29			1.46

⁽¹⁾ Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 182/366 (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 11/366 (to reflect the period from inception to date.)

154

Approval of investment Advisory Agreement(Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended ("1940 Act"), requires the board of trustees of an exchange-traded fund (“ETF”), including a majority of those trustees who are not "interested persons" of the ETF, as defined in the 1940 Act ("Independent Trustees"), consider on an initial basis and periodically thereafter (as required by the 1940 Act), at an in person meeting called for such purpose, the terms of each fund’s investment advisory agreement and whether to approve entering into, or renewing, each agreement.

At a quarterly Board meeting held on November 13, 2015, the Board of Trustees (including the Trust’s Independent Trustees voting separately) considered and unanimously approved the continuation of (i) the Investment Advisory Agreement ("Renewal Investment Advisory Agreement") for each Fund named in this Semi-Annual report (each a “Renewal Fund” and together the “Renewal Funds”) and (ii) the Supervision and Administration Agreement between the Trust ("Renewal Supervision and Administration Agreement"), on behalf of each Renewal Fund, and Global X Management Company LLC ("Global X Management"). The Renewal Investment Advisory Agreement and the Renewal Supervision and Administration Agreement are referred to herein as the "Renewal Agreements." On May 29, 2015, the Board (including the Independent Trustees) also initially considered and unanimously approved (i) the initial Investment Advisory Agreement for the Global X S&P 500® Catholic Value ETF (the “New Fund”) and (ii) the Supervision and Administration Agreement between the Trust, on behalf of the New Fund, and Global X Management. The Investment Advisory Agreements and Supervision and Administration Agreements for the New Fund are referred to herein as the “New Fund Agreements.”

In advance of the Board meeting, the Board (including the 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 Renewal Agreements and the New Fund Agreements and received and reviewed written responses from Global X Management and supporting materials relating to those requests for information. In the course of their consideration of the Renewal Agreements and 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 and the continuation of the Renewal Agreements for the New Fund or each Renewal Fund (as applicable), the Board considered a variety of factors, including the factors discussed in 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 and the Renewal Agreements were fair and reasonable and in the best interest of the New Fund or each Renewal Fund (as applicable). 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.

155

Approval of investment Advisory Agreement(Unaudited) (continued)

NEW FUND AGREEMENTS

Nature, Extent and Quality of Services

With respect to this factor, the Board considered:

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

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

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

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

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

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to the New Fund.

Performance

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

156

Approval of investment Advisory Agreement(Unaudited) (continued)

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 the New Fund;

• The unitary fee (including the proposed investment advisory fee) ("Management Fee") that was proposed to be borne by the New Fund under the New Fund Agreements for the investment advisory, supervisory and administrative services that the New Fund requires under a unitary fee structure (including the types of fees and expenses that are not included within the unitary fee and would be borne by the New Fund); and

• the expected profitability to Global X Management, if any, from all services to be provided to the New Fund and all aspects of the relationship between Global X Management and the New Fund.

Based on these considerations, the Board concluded that the proposed Management Fee paid by the New Fund to Global X Management, in light of the nature, extent and quality of the services to be provided, was reasonable and in the best interests of its 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 the New Fund. In connection with this consideration, Global X Management provided the Board with comparative expense data for the New Fund, including fees and expenses paid by unaffiliated comparable specialized and/or focused exchange-traded funds and/or other comparable registered funds;

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

• that Global X Management would be responsible for most ordinary expenses of the New Fund, including the costs of various third-party services required by the New Fund, including investment advisory, administrative, audit, certain custody, portfolio accounting, legal, transfer agency and printing costs, but that the New Fund would bear other expenses not covered under the proposed all-inclusive Management Fee, such as 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.

157

Approval of investment Advisory Agreement(Unaudited) (continued)

Economies of Scale

With respect to this factor, the Board considered:

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

• the significant investment of time, personnel and other resources that Global X anagement intends to made in the New Fund in order to seek to assure that the New Fund is attractive to investors; and

• that the proposed unitary Management Fee would provide a high level of certainty as to the total level of expenses for the New Fund and its shareholders.

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

Other Benefits

In considering the New Fund 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 the 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.

RENEWAL AGREEMENTS

Nature, Extent and Quality of Services

With respect to this factor, the Board considered:

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

• Global X Management’s key personnel and the portfolio managers who would continue to provide investment advisory, supervision and administrative services to each Renewal Fund.

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

158

Approval of investment Advisory Agreement(Unaudited) (continued)

additional information, and other reports and documents for each Renewal Fund that are required to be filed by the Trust with the SEC and other regulatory and governmental bodies, and (vi) monitor anticipated purchases and redemptions of the shares (including creation units) of each Renewal Fund by shareholders and new investors;

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

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

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

Performance

With respect to this factor, the Board considered the performance of each Renewal Fund. It examined the performance of the Renewal Funds for the one-year, three-year, five-year and since-inception periods, as applicable. Also, the Board considered the total return and investment performance of the Renewal Funds relative to (i) the performance of unaffiliated comparable specialized and/or focused exchange-traded funds and other registered funds in the same classification as the Renewal Funds, which performance information is publicly available from such registered funds as well as other third party sources; and (ii) the performance of comparable registered funds and pertinent indexes. The Board considered instances of under-performance and over-performance with respect to the comparator funds. The Board also considered the Renewal Funds' tracking against their underlying indexes in absolute terms.

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

Cost of Services and Profitability

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

In addition, the Board considered the current and expected profitability to Global X Management from all services provided or expected to be provided to the Renewal Funds and all aspects of

159

Approval of investment Advisory Agreement(Unaudited) (continued)

Global X Management’s relationship with each Renewal Fund. In connection with these considerations, Global X Management provided the Board with financial information regarding its operations and discussed with the Board its current and expected profitability with respect to each Renewal Fund.

Based on these considerations, the Board concluded that the Management Fee rate paid by each Renewal 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 Management Fee paid to Global X Management by each Renewal Fund. In connection with this consideration, Global X Management provided the Board with comparative expense data for each Renewal Fund, including fees and expenses paid by unaffiliated comparable specialized and/or focused exchange-traded funds and/or other comparable registered funds;

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

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

Based on these considerations, the Board concluded that it would be in the best interest of the Renewal Funds and their shareholders to approve the Renewal Agreements.

Economies of Scale

With respect to this factor, the Board considered:

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

160

Approval of investment Advisory Agreement(Unaudited) (CONCLUDED)

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

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

Other Benefits

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

161

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

162

 

NOTES

163

NOTES

164

600 Lexington Avenue, 20^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

600 Lexington Avenue, 20^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:

Stradley Ronon Stevens & Young, LLP

1250 Connecticut Avenue, N.W.

Suite 500

Washington, DC 20036

Custodian and Transfer Agent:

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

Independent Registered Public Accounting Firm:

PricewaterhouseCoopers LLP

Two Commerce Square

Suite 1800

Philadelphia, PA 19103

This information must be preceded or accompanied by a current prospectus for the Funds described.

GLX-SA-003-0500

Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6. Schedule of Investments.

Not applicable.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

There have been no material changes.

Item 11. Controls and Procedures.

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

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

Items 12. Exhibits.

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

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

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

SIGNATURES

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

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

Date: July 07, 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: July 07, 2016

By (Signature and Title)*	/s/ Luis Berruga
	Luis Berruga
	Chief Financial Officer

Date: July 07, 2016

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