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)

399 Park Avenue, Floor 32

New York, NY 10022

(Address of principal executive offices) (Zip code)

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

Registrant’s telephone number, including area code: (888) 493-8631

Date of fiscal year end: October 31

Date of reporting period: April 30, 2011

1

Item 1. Reports to Stockholders.

1

Global X Silver Miners ETF

Global X Lithium ETF

Global X Copper Miners ETF

Global X Pure Gold Miners ETF (formerly Global X Gold Miners ETF)

Global X Uranium ETF

Global X Aluminum ETF

Global X Gold Explorers ETF

Global X Brazil Mid Cap ETF

Global X Brazil Financials ETF

Global X Brazil Consumer ETF

Global X FTSE Colombia 20 ETF (formerly Global X/InterBolsa FTSE

Colombia 20 ETF)

Global X FTSE Nordic Region ETF (formerly Global X Nordic 30 ETF)

Global X FTSE Norway 30 ETF

Global X FTSE Argentina 20 ETF

Global X FTSE Andean 40 ETF

Global X FTSE ASEAN 40 ETF

Global X China Consumer ETF

Global X China Energy ETF

Global X China Financials ETF

Global X China Industrials ETF

Global X China Technology ETF

Global X China Materials ETF

Global X Russell Emerging Markets Growth ETF

Global X Russell Emerging Markets Value ETF

Global X S&P/TSX Venture 30 Canada ETF (formerly Global X S&P/TSX

Venture Canada ETF)

Global X Oil Equities ETF

Global X Waste Management ETF

Semi Annual Report

April 30, 2011

TABLE OF CONTENTS

Schedules of Investments	1
Statements of Assets and Liabilities	71
Statements of Operations	78
Statements of Changes	84
Financial Highlights	95
Notes to Financial Statements	98
Disclosure of Fund Expenses	114
Supplemental Information	118
Approval of Investment Advisory Agreement	122

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

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

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X Silver Miners ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 101.8%
ARGENTINA — 4.8%
Basic Materials — 4.8%
Silver Standard Resources *		860,014	$	29,876,887
TOTAL ARGENTINA				29,876,887
CANADA — 49.2%
Basic Materials — 49.2%
Alexco Resource *		925,073		8,871,450
Aurcana *		5,353,543		4,980,040
Bear Creek Mining *		1,255,579		11,002,907
ECU Silver Mining *		5,130,191		4,175,737
Endeavour Silver *		1,340,935		15,407,343
Excellon Resources *		4,076,923		3,232,233
First Majestic Silver *		1,362,365		28,572,222
Fortuna Silver Mines *		2,050,590		11,228,389
Great Panther Silver *		1,992,930		7,015,282
Impact Silver *		656,541		1,561,540
MAG Silver *		747,244		9,011,763
Minco Silver *		472,464		3,106,476
Minefinders *		1,343,725		22,520,831
Orko Silver *		2,109,390		6,087,352
Pan American Silver		1,425,589		51,435,251
Scorpio Mining *		3,209,685		4,207,198
Silver Wheaton		1,839,417		74,717,118
Silvercorp Metals		2,189,589		29,756,514
Silvermex Resources *		3,528,283		3,244,827
US Silver *		4,769,345		3,226,618
Wildcat Silver *		1,284,048		3,786,992
TOTAL CANADA				307,148,083
MEXICO — 23.5%
Basic Materials — 23.5%
Fresnillo		2,604,681		71,380,787
Industrias Penoles		1,937,031		75,399,670
TOTAL MEXICO				146,780,457

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

1

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X Silver Miners ETF

	Shares		Value
COMMON STOCK — continued
PERU — 4.3%
Basic Materials — 4.3%
Hochschild Mining		2,659,003	$	27,087,372
RUSSIA — 4.3%
Basic Materials — 4.3%
Polymetal GDR *		1,414,128		27,066,410
UNITED STATES — 15.7%
Basic Materials — 15.7%
Coeur d’Alene Mines *		943,948		29,932,591
Golden Minerals *		195,267		3,905,340
Hecla Mining *		3,206,918		30,177,098
Mines Management *		401,680		1,168,889
Revett Minerals *		363,417		2,208,930
Tahoe Resources *		1,333,611		30,337,536
TOTAL UNITED STATES				97,730,384
TOTAL COMMON STOCK (Cost $508,993,282)				635,689,593
TOTAL INVESTMENTS — 101.8% (Cost $508,993,282)			$	635,689,593

Percentages are based on Net Assets of $624,402,462.

* Non-income producing security.

GDR — Global Depositary Receipt

The following is a summary of the inputs used as of April 30, 2011 in valuing the Fund’s investments carried at value:

Investments in Securities		Level 1		Level 2		Level 3		Total
Common Stock	$	635,689,593	$	—	$	—	$	635,689,593
Total Investments in Securities	$	635,689,593	$	—	$	—	$	635,689,593

There have been no significant transfers between Level 1 and Level 2.

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

2

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X Lithium ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 100.1%
AUSTRALIA — 5.1%
Basic Materials — 5.1%
Galaxy Resources *		3,682,125	$	4,359,646
Orocobre *		1,109,955		2,956,927
Talison Lithium *		412,487		2,180,164
TOTAL AUSTRALIA				9,496,737
CANADA — 17.0%
Basic Materials — 16.1%
Avalon Rare Metals *		2,341,887		21,364,149
Canada Lithium *		3,970,331		3,021,816
Lithium Americas *		1,492,407		3,234,074
Lithium One *		1,366,014		2,599,181
				30,219,220
Industrials — 0.9%
Electrovaya *		795,464		1,774,238
TOTAL CANADA				31,993,458
CHILE — 22.1%
Basic Materials — 22.1%
Sociedad Quimica y Minera de Chile ADR		681,477		41,590,541
CHINA — 1.1%
Industrials — 1.1%
China BAK Battery *		1,352,582		2,123,554
FRANCE — 6.3%
Industrials — 6.3%
Saft Groupe		258,372		11,862,107
HONG KONG — 0.9%
Industrials — 0.9%
Coslight Technology International Group		3,426,887		1,694,491
JAPAN — 4.4%
Industrials — 0.0%
Panasonic		39		480

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

3

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X Lithium ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Industrials — 4.4%
GS Yuasa		1,214,051	$	8,263,331
TOTAL JAPAN				8,263,811
UNITED STATES — 43.2%
Basic Materials — 27.6%
FMC		397,761		35,114,341
Rockwood Holdings *		293,647		16,661,531
				51,775,872
Industrials — 15.6%
A123 Systems *		1,060,758		6,406,978
Advanced Battery Technologies *		1,878,942		3,231,780
Ener1 *		1,877,663		4,750,488
Exide Technologies *		998,514		10,025,081
Ultralife *		363,761		1,600,549
Valence Technology *		2,406,015		3,272,180
				29,287,056
TOTAL UNITED STATES				81,062,928
TOTAL COMMON STOCK (Cost $168,868,341)				188,087,627
U.S. TREASURY OBLIGATION — 33.0%
United States Treasury Bills (A) 0.010%, 05/19/11 (Cost $61,999,690)	$	62,000,000		61,999,504
TOTAL INVESTMENTS — 133.1% (Cost $230,868,031)			$	250,087,131

Percentages are based on Net Assets of $187,938,325.

* Non-income producing security.

^(A)  The rate reported is the effective yield at time of purchase.

ADR — American Depositary Receipt

The following is a summary of the inputs used as of April 30, 2011 in valuing the Fund’s investments carried at value:

Investments in Securities		Level 1		Level 2		Level 3		Total
Common Stock	$	188,087,627	$	—	$	—	$	188,087,627
U.S. Treasury Obligation		—		61,999,504		—		61,999,504
Total Investments in Securities	$	188,087,627	$	61,999,504	$	—	$	250,087,131

There have been no significant transfers between Level 1 and Level 2.

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

4

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X Copper Miners ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.0%
AUSTRALIA — 11.6%
Basic Materials — 11.6%
Aditya Birla Minerals *		344,375	$	679,569
Cudeco *		300,327		1,129,321
Equinox Minerals *		584,653		5,006,014
OZ Minerals		3,122,057		4,928,699
Straits Resources *		561,059		544,353
TOTAL AUSTRALIA				12,287,956
BERMUDA — 0.9%
Basic Materials — 0.9%
Katanga Mining *		425,747		909,100
CANADA — 42.4%
Basic Materials — 42.4%
Augusta Resource *		202,903		927,267
Capstone Mining *		458,804		1,833,276
Continental Minerals		115,421		317,225
Copper Mountain Mining *		209,186		1,603,170
Copper Mountain Mining *		12,300		93,929
Duluth Metals *		248,894		644,599
First Quantum Minerals		35,788		5,100,736
HudBay Minerals, Cl B		311,275		4,968,554
Imperial Metals *		79,124		1,835,075
Inmet Mining		69,615		4,886,296
Ivanhoe Mines *		190,408		5,003,922
Lundin Mining *		555,111		5,433,750
Mercator Minerals *		486,462		1,804,949
Northern Dynasty Minerals *		170,312		2,314,540
Polymet Mining *		302,173		610,389
Quadra FNX Mining *		315,008		5,171,326
Taseko Mines *		447,008		2,355,732
TOTAL CANADA				44,904,735
CHINA — 4.6%
Basic Materials — 4.6%
Jiangxi Copper, Cl H		1,447,534		4,911,539

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

5

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X Copper Miners ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
MEXICO — 4.8%
Basic Materials — 4.8%
Grupo Mexico, Cl B		1,458,688	$	5,051,898
POLAND — 4.7%
Basic Materials — 4.7%
KGHM Polska Miedz		67,716		4,988,659
SOUTH AFRICA — 2.5%
Basic Materials — 2.5%
Metorex *		1,836,930		2,054,030
Palabora Mining		28,578		639,982
TOTAL SOUTH AFRICA				2,694,012
SWITZERLAND — 5.1%
Basic Materials — 5.1%
Xstrata		211,644		5,377,694
UNITED KINGDOM — 12.9%
Basic Materials — 12.9%
Antofagasta		193,266		4,412,068
Kazakhmys		193,913		4,465,698
Vedanta Resources		123,267		4,786,169
TOTAL UNITED KINGDOM				13,663,935
UNITED STATES — 9.5%
Basic Materials — 9.5%
Freeport-McMoRan Copper & Gold		90,558		4,983,407
Southern Copper		134,381		5,033,912
TOTAL UNITED STATES				10,017,319
TOTAL COMMON STOCK (Cost $94,173,895)				104,806,847
TIME DEPOSIT — 0.1%
Brown Brothers, 0.029% (A) (Cost $119,342)	$	119,342		119,342
TOTAL INVESTMENTS — 99.1% (Cost $94,293,237)			$	104,926,189

Percentages are based on Net Assets of $105,879,152.

* Non-income producing security.

^(A)  The rate reported is the 7-day simple yield as of April 30, 2011.

Cl — Class

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

6

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X Copper Miners ETF

The following is a summary of the inputs used as of April 30, 2011 in valuing the Fund’s investments carried at value:

Investments in Securities		Level 1		Level 2		Level 3		Total
Common Stock	$	104,806,847	$	—	$	—	$	104,806,847
Time Deposit		—		119,342		—		119,342
Total Investments in Securities	$	104,806,847	$	119,342	$	—	$	104,926,189

There have been no significant transfers between Level 1 and Level 2.

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

7

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X Pure Gold Miners ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 100.0%
AUSTRALIA — 9.3%
Basic Materials — 9.3%
Centamin Egypt *		53,200	$	115,498
CGA Mining *		14,972		47,796
Medusa Mining		8,400		73,948
Perseus Mining *		21,200		68,098
TOTAL AUSTRALIA				305,340
CANADA — 38.9%
Basic Materials — 38.9%
Alamos Gold		6,128		102,867
Aurizon Mines *		8,128		55,418
Centerra Gold		8,268		153,823
China Gold International Resources *		17,516		87,580
Detour Gold *		3,372		113,992
Eldorado Gold		9,116		169,696
Kinross Gold		9,684		153,552
Kirkland Lake Gold *		2,988		44,473
Lake Shore Gold *		18,124		77,784
Osisko Mining *		10,312		150,974
Romarco Minerals *		25,528		48,573
SEMAFO *		14,432		122,657
TOTAL CANADA				1,281,389
CHINA — 4.0%
Basic Materials — 4.0%
Real Gold Mining		22,800		32,412
Zhaojin Mining Industry		21,200		98,139
TOTAL CHINA				130,551
JERSEY — 4.9%
Basic Materials — 4.9%
Randgold Resources ADR *		1,876		162,405
RUSSIA — 4.9%
Basic Materials — 4.9%
Polyus Gold ADR		4,444		159,984
SOUTH AFRICA — 16.4%
Basic Materials — 16.4%
AngloGold Ashanti ADR		3,164		161,301

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

8

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X Pure Gold Miners ETF

	Shares		Value
COMMON STOCK — continued
Basic Materials — continued
Gold Fields ADR		8,640	$	154,138
Great Basin Gold *		23,028		61,100
Harmony Gold Mining ADR		10,460		162,862
TOTAL SOUTH AFRICA				539,401
TURKEY — 3.7%
Basic Materials — 3.7%
Koza Altin Isletmeleri *		7,800		122,348
UNITED KINGDOM — 5.4%
Basic Materials — 5.4%
African Barrick Gold		5,600		49,285
Petropavlovsk *		8,600		128,253
TOTAL UNITED KINGDOM				177,538
UNITED STATES — 12.5%
Basic Materials — 12.5%
Alacer Gold *		14,576		152,077
Allied Nevada Gold *		4,328		186,364
Gold Resource *		2,480		74,772
TOTAL UNITED STATES				413,213
TOTAL COMMON STOCK
(Cost $3,052,144)				3,292,169
TOTAL INVESTMENTS — 100.0%
(Cost $3,052,144)			$	3,292,169

Percentages are based on Net Assets of $3,292,809.

* Non-income producing security.

ADR — American Depositary Receipt

The following is a summary of the inputs used as of April 30, 2011 in valuing the Fund’s investments carried at value:

Investments in Securities		Level 1		Level 2		Level 3		Total
Common Stock	$	3,292,169	$	—	$	—	$	3,292,169
Total Investments in Securities	$	3,292,169	$	—	$	—	$	3,292,169

There have been no significant transfers between Level 1 and Level 2.

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

9

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X Uranium ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 100.1%
AUSTRALIA — 27.5%
Basic Materials — 27.5%
Bannerman Resources *		5,091,136	$	1,897,678
Berkeley Resources *		2,370,084		2,234,556
Deep Yellow *		10,490,467		2,185,131
Energy Resources of Australia		1,821,245		10,881,627
Extract Resources *		1,924,648		14,094,730
Greenland Minerals & Energy *		5,894,290		5,234,142
Mantra Resources *		1,445,708		10,682,415
Paladin Energy *		6,831,726		24,715,725
Toro Energy *		12,866,881		1,551,654
TOTAL AUSTRALIA				73,477,658
CANADA — 46.9%
Basic Materials — 46.9%
Cameco		1,849,536		54,606,280
Denison Mines *		4,862,380		11,307,861
Forsys Metals *		1,749,934		3,274,189
Hathor Exploration *		2,753,548		6,345,385
Laramide Resources *		1,428,524		1,766,779
Mega Uranium *		7,478,134		4,031,552
Uex *		4,103,727		4,251,218
Uranium One		9,569,242		39,854,983
TOTAL CANADA				125,438,247
SOUTH AFRICA — 3.0%
Basic Materials — 3.0%
First Uranium *		8,672,117		7,975,414
UNITED KINGDOM — 4.5%
Basic Materials — 4.5%
Kalahari Minerals *		3,173,563		12,057,208
UNITED STATES — 18.2%
Basic Materials — 18.2%
Uranerz Energy *		2,535,474		7,048,618
Uranium Energy *		2,957,542		10,292,246
Uranium Resources *		6,602,475		12,016,505
Ur-Energy *		2,592,845		4,174,480

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

10

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X Uranium ETF

	Shares		Value
COMMON STOCK — continued
Basic Materials — continued
USEC *		3,283,266	$	15,037,358
TOTAL UNITED STATES				48,569,207
TOTAL COMMON STOCK (Cost $332,421,702)				267,517,734
TOTAL INVESTMENTS — 100.1% (Cost $332,421,702)			$	267,517,734

Percentages are based on Net Assets of $267,168,699.

* Non-income producing security.

The following is a summary of the inputs used as of April 30, 2011 in valuing the Fund’s investments carried at value:

Investments in Securities		Level 1		Level 2		Level 3		Total
Common Stock	$	267,517,734	$	—	$	—	$	267,517,734
Total Investments in Securities	$	267,517,734	$	—	$	—	$	267,517,734

There have been no significant transfers between Level 1 and Level 2.

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

11

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X Aluminum ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.7%
AUSTRALIA — 7.7%
Basic Materials — 7.7%
Alumina		171,500	$	424,914
CHINA — 10.0%
Basic Materials — 10.0%
Aluminum Corp of China, Cl H		293,300		275,326
China Zhongwang Holdings		423,500		217,588
XinRen Aluminum Holdings *		156,100		58,670
TOTAL CHINA				551,584
GREECE — 5.8%
Basic Materials — 5.8%
Mytilineos Holdings		40,250		320,703
HONG KONG — 3.9%
Basic Materials — 3.9%
Minmetals Resources *		327,600		215,141
JAPAN — 14.1%
Basic Materials — 14.1%
Alconix		2,380		70,197
Daiki Aluminum Industry		22,750		63,958
Nippon Light Metal		124,600		251,965
Sky Aluminum		55,650		158,510
Sumitomo Light Metal Industries		203,700		231,078
TOTAL JAPAN				775,708
MALAYSIA — 2.7%
Basic Materials — 2.7%
Press Metal		172,200		148,879
NORWAY— 8.9%
Basic Materials — 8.9%
Norsk Hydro		55,300		490,379
RUSSIA — 4.7%
Basic Materials — 4.7%
United RUSAL *		170,100		260,213
SINGAPORE — 3.5%
Basic Materials — 3.5%
Midas Holdings		322,700		192,476

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

12

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X Aluminum ETF

	Shares		Value
COMMON STOCK — continued
SOUTH KOREA — 1.5%
Basic Materials — 1.5%
Daeho AL		11,340	$	36,207
Dayou Smart Aluminum		24,500		45,307
TOTAL SOUTH KOREA				81,514
UNITED KINGDOM— 13.9%
Basic Materials — 13.9%
Rio Tinto		10,500		764,529
UNITED STATES — 23.0%
Basic Materials — 23.0%
Alcoa		34,125		580,125
Century Aluminum *		15,400		307,692
Kaiser Aluminum		4,620		231,508
Noranda Aluminum Holding *		8,400		142,716
TOTAL UNITED STATES				1,262,041
TOTAL COMMON STOCK (Cost $5,356,742)				5,488,081
TOTAL INVESTMENTS — 99.7% (Cost $5,356,742)			$	5,488,081

Percentages are based on Net Assets of $5,501,647.

* Non-income producing security.

Cl — Class

The following is a summary of the inputs used as of April 30, 2011 in valuing the Fund’s investments carried at value:

Investments in Securities		Level 1		Level 2		Level 3		Total
Common Stock	$	5,488,081	$	—	$	—	$	5,488,081
Total Investments in Securities	$	5,488,081	$	—	$	—	$	5,488,081

There have been no significant transfers between Level 1 and Level 2

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

13

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X Gold Explorers ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 100.1%
AUSTRALIA — 11.9%
Basic Materials — 11.9%
Ampella Mining *		286,990	$	676,448
Gryphon Minerals *		501,415		865,778
Regis Resources *		592,745		1,559,582
TOTAL AUSTRALIA				3,101,808
CANADA — 79.5%
Basic Materials — 79.5%
Atac Resources *		123,463		912,269
Auryx Gold *		281,721		208,462
Canaco Resources *		203,906		967,799
Chesapeake Gold *		57,191		789,550
Continental Gold *		119,178		1,064,539
East Asia Minerals *		126,105		747,832
European Goldfields *		82,114		1,142,305
Exeter Resource *		145,463		759,606
Gabriel Resources *		168,036		1,282,473
Greystar Resources *		111,996		409,626
Guyana Goldfields *		130,685		1,291,654
International Tower Hill Mines *		122,878		1,188,513
Kaminak Gold, Cl A *		108,946		444,537
Keegan Resources *		83,637		778,019
Lydian International *		113,155		301,428
Novagold Resources *		92,587		1,189,743
Premier Gold Mines *		165,393		1,267,547
Rainy River Resources *		106,641		1,116,010
Rubicon Minerals *		256,072		1,329,084
Sabina Gold & Silver *		204,081		1,579,147
Seabridge Gold *		43,696		1,488,723
Volta Resources *		208,755		372,934
TOTAL CANADA				20,631,800
HONG KONG — 2.7%
Basic Materials — 2.7%
China Precious Metal Resources Holdings *		3,313,902		704,096

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

14

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X Gold Explorers ETF

	Shares		Value
COMMON STOCK — continued
UNITED STATES — 6.0%
Basic Materials — 6.0%
US Gold *		166,236	$	1,562,618
TOTAL COMMON STOCK (Cost $24,342,871)				26,000,322
TOTAL INVESTMENTS — 100.1% (Cost $24,342,871)			$	26,000,322

Percentages are based on Net Assets of $25,966,684.

* Non-income producing security.

Cl — Class

The following is a summary of the inputs used as of April 30, 2011 in valuing the Fund’s investments carried at value:

Investments in Securities		Level 1		Level 2		Level 3		Total
Common Stock	$	26,000,322	$	—	$	—	$	26,000,322
Total Investments in Securities	$	26,000,322	$	—	$	—	$	26,000,322

There have been no significant transfers between Level 1 and Level 2.

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

15

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X Brazil Mid Cap ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 83.0%
BRAZIL — 83.0%
Basic Materials — 2.2%
Fibria Celulose ADR		44,235	$	714,395
Consumer Goods — 10.9%
Cosan, Cl A		28,252		351,737
Cosan Industria e Comercio		24,120		368,930
Hypermarcas *		58,983		790,815
Hypermarcas - Unit (B)(C)*		59		76,257
JBS		135,223		457,334
Marfrig Alimentos		33,367		341,943
Natura Cosmeticos		43,615		1,224,159
				3,611,175
Consumer Services — 9.5%
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		27,593		1,254,378
Gol Linhas Aereas Inteligentes ADR *		23,629		336,713
Lojas Renner		31,106		1,152,880
TAM ADR		17,865		373,021
				3,116,992
Financials — 13.1%
BR Malls Participacoes		81,554		861,683
Cyrela Brazil Realty Empreendimentos e Participacoes		71,790		760,800
MRV Engenharia e Participacoes		83,325		727,306
Multiplan Empreendimentos Imobiliarios		16,800		351,166
PDG Realty Empreendimentos e Participacoes		202,688		1,193,192
Porto Seguro		25,625		425,834
				4,319,981
Industrials — 17.3%
All America Latina Logistica		146,999		1,211,130
Cia de Concessoes Rodoviarias		40,268		1,250,535
Duratex		60,229		633,687
Embraer ADR		40,399		1,312,160
LLX Logistica *		116,521		336,304
Weg		76,970		956,620
				5,700,436

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

16

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X Brazil Mid Cap ETF

	Shares		Value
COMMON STOCK — continued
Telecommunications — 5.4%
Telegraph Norte Leste Participacoes ADR		60,780	$	1,036,299
Tim Participacoes ADR *		15,864		748,464
				1,784,763
Utilities — 24.6%
Cia de Saneamento Basico do Estado de Sao Paulo ADR		13,971		817,583
Cia Energetica de Minas Gerais ADR		94,371		1,969,523
Cia Paranaense de Energia ADR		24,609		678,470
CPFL Energia ADR		21,265		1,880,677
EDP - Energias do Brasil		13,680		340,130
Tractebel Energia		50,280		890,208
Ultrapar Participacoes ADR		85,024		1,529,582
				8,106,173
TOTAL BRAZIL				27,353,915
TOTAL COMMON STOCK (Cost $23,921,027)				27,353,915
PREFERRED STOCK — 16.1%
BRAZIL — 16.1%
Basic Materials — 5.0%
Metalurgica Gerdau, Cl A		71,075		1,023,426
Suzano Papel e Celulose		63,430		624,219
				1,647,645
Consumer Services — 2.1%
Lojas Americanas		74,950		667,069
Financials — 5.9%
Banco do Estado do Rio Grande do Sul		39,475		469,283
Bradespar		57,146		1,480,419
				1,949,702
Telecommunications — 1.0%
Telemar Norte Leste		9,675		336,073
Utilities — 2.1%
Cia Energetica de Sao Paulo		35,717		688,455
TOTAL BRAZIL				5,288,944
TOTAL PREFERRED STOCK (Cost $4,806,807)				5,288,944

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

17

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X Brazil Mid Cap ETF

	Shares		Value
CORPORATE OBLIGATION — 0.2%
Marfrig Alimentos, Convertible 1.00%, 07/15/15(A)(B)(C)		12	$	77,333
TOTAL CORPORATE OBLIGATION (Cost $70,659)				77,333
TOTAL INVESTMENTS — 99.3% (Cost $28,798,493)			$	32,720,192

Percentages are based on Net Assets of $32,960,854.

* Non-income producing security.

^(A)  Floating rate security — Rate disclosed is the rate in effect on April 30, 2011.

^(B)  Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such security as of April 30, 2011 was $153,590 and represents 0.5% of net assets.

^(C)  Securities considered illiquid. The total value of such securities as of April 30, 2011 was $153,590 and represented 0.5% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the inputs used as of April 30, 2011 in valuing the Fund’s investments carried at value:

Investments in Securities		Level 1		Level 2		Level 3		Total
Common Stock	$	27,277,658	$	—	$	76,257	$	27,353,915
Preferred Stock		5,288,944		—		—		5,288,944
Corporate Obligation		—		—		77,333		77,333
Total Investments in Securities	$	32,566,602	$	—	$	153,590	$	32,720,192

	Investments in Common Stock		Investments in Corporate Obligation		Total
Beginning balance as of October 31, 2010	$	—	$	71,750	$	71,750
Accrued discounts/premiums		—		—		—
Realized gain/(loss)		—		—		—
Change in unrealized appreciation/(depreciation)		—		5,583		5,583
Net purchases		76,257		—		76,257
Net sales		—		—		—
Transfers into Level 3		—		—		—
Transfers out of Level 3		—		—		—
Ending balance as of April 30, 2011	$	76,257	$	77,333	$	153,590

There have been no significant transfers between Level 1 and Level 2.

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

18

Schedule of Investments		April 30, 2011 (Unaudited)
	Global Brazil Financials ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 93.2%
BRAZIL — 93.2%
Financials — 93.2%
Banco Bradesco ADR		46,700	$	944,741
Banco do Brasil		48,642		893,677
Banco Santander Brasil ADR		33,890		393,463
BM&F Bovespa		57,650		432,833
BR Malls Participacoes		45,116		476,687
BR Properties		19,147		226,404
Brasil Brokers Participacoes		33,921		183,730
Brookfield Incorporacoes		37,400		210,657
CETIP - Balcao Organizado de Ativos e Derivativos		37,675		619,374
Cielo		51,223		479,015
Cyrela Brazil Realty Empreendimentos e Participacoes		35,024		371,170
Even Construtora e Incorporadora		17,446		97,045
Iguatemi Empresa de Shopping Centers		7,296		189,102
Itau Unibanco Holding ADR		39,930		948,338
MRV Engenharia e Participacoes		44,237		386,125
Multiplan Empreendimentos Imobiliarios		12,870		269,018
PDG Realty Empreendimentos e Participacoes		73,587		433,195
Porto Seguro		20,006		332,458
Redecard		33,991		493,982
Rossi Residencial		31,134		289,568
Sul America		22,960		298,641
TOTAL BRAZIL				8,969,223
TOTAL COMMON STOCK (Cost $8,468,641)				8,969,223
PREFERRED STOCK — 6.0%
BRAZIL — 6.0%
Financials — 6.0%
Banco ABC Brasil		9,020		77,126
Banco do Estado do Rio Grande do Sul		32,165		382,381
Banco Industrial e Comercial		11,440		82,545
Banco Panamericano		9,130		32,504
TOTAL BRAZIL				574,556
TOTAL PREFERRED STOCK (Cost $543,864)				574,556
TOTAL INVESTMENTS — 99.2% (Cost $9,012,505)			$	9,543,779

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

19

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X Brazil Financials ETF

Percentages are based on Net Assets of $9,626,073.

ADR — American Depositary Receipt

The following is a summary of the inputs used as of April 30, 2011 in valuing the Fund’s investments carried at value:

Investments in Securities		Level 1		Level 2		Level 3		Total
Common Stock	$	8,969,223	$	—	$	—	$	8,969,223
Preferred Stock		574,556		—		—		574,556
Total Investments in Securities	$	9,543,779	$	—	$	—	$	9,543,779

There have been no significant transfers between Level 1 and Level 2.

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

20

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X Brazil Consumer ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 86.9%
BRAZIL — 86.9%
Consumer Goods — 51.3%
BRF - Brasil Foods ADR		102,760	$	2,128,160
Cia Hering		89,335		1,933,793
Cosan, Cl A		90,404		1,125,530
Cosan Industria e Comercio		70,445		1,077,499
Gafisa ADR		108,390		1,339,700
Hypermarcas *		98,351		1,318,641
Hypermarcas - Unit (B)(C)*		84		108,570
JBS		407,446		1,378,012
M Dias Branco		14,966		386,281
Marfrig Alimentos		105,239		1,078,482
Natura Cosmeticos		57,954		1,626,618
Sao Martinho		22,078		339,661
SLC Agricola		37,128		466,873
Souza Cruz		155,125		1,765,250
Tereos Internacional *		524,612		1,103,920
				17,176,990
Consumer Services — 35.6%
Anhanguera Educacional Participacoes		68,441		1,528,501
B2W Cia Global Do Varejo		36,834		514,458
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		37,006		1,682,293
Drogasil		70,071		503,371
Gol Linhas Aereas Inteligentes ADR *		75,636		1,077,813
Localiza Rent a Car		88,713		1,525,548
Lojas Renner		44,901		1,664,163
Marisa Lojas		35,924		683,310
Multiplus		76,243		1,556,365
TAM ADR		57,178		1,193,877
				11,929,699
TOTAL BRAZIL				29,106,689
TOTAL COMMON STOCK (Cost $27,065,432)				29,106,689

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

21

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X Brazil Consumer ETF

	Shares		Value
PREFERRED STOCK — 12.3%
BRAZIL — 12.3%
Consumer Goods — 7.1%
Cia de Bebidas das Americas ADR		58,218	$	1,896,742
Sao Paulo Alpargatas		68,422		495,874
				2,392,616
Consumer Services — 5.2%
Lojas Americanas		161,100		1,433,821
Saraiva Livreiros Editores		12,271		305,020
				1,738,841
TOTAL BRAZIL				4,131,457
TOTAL PREFERRED STOCK (Cost $3,643,202)				4,131,457
CORPORATE OBLIGATION — 0.1%
Marfrig Alimentos 1.00%, 07/15/15(A)(B)(C)		6		38,642
TOTAL CORPORATE OBLIGATION (Cost $35,153)				38,642
TOTAL INVESTMENTS — 99.3% (Cost $30,743,787)			$	33,276,788

Percentages are based on Net Assets of $33,495,152.

* Non-income producing security.

^(A)  Floating rate security — Rate disclosed is the rate in effect on April 30, 2011.

^(B)  Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such security as of April 301, 2011 was $147,212 and represents 0.4% of net assets.

^(C)  Securities considered illiquid. The total value of such securities as of April 30, 2011 was $147,212 and represented 0.4% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

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

22

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X Brazil Consumer ETF

The following is a summary of the inputs used as of April 30, 2011 in valuing the Fund’s investments carried at value:

Investments in Securities		Level 1		Level 2		Level 3		Total
Common Stock	$	28,998,119	$	—	$	108,570	$	29,106,689
Preferred Stock		4,131,457		—		—		4,131,457
Corporate Obligation		—		—		38,642		38,642
Total Investments in Securities	$	33,129,576	$	—	$	147,212	$	33,276,788

	Investments in Common Stock		Investments in Corporate Obligations		Total
Beginning balance as of October 31, 2010	$	—	$	35,852	$	35,852
Accrued discounts/premiums		—		—		—
Realized gain/(loss)		—		—		—
Change in unrealized appreciation/(depreciation)		—		2,790		2,790
Net purchases		108,570		—		108,570
Net sales		—		—		—
Transfers into Level 3		—		—		—
Transfers out of Level 3		—		—		—
Ending balance as of April 30, 2011	$	108,570	$	38,642	$	147,212

There have been no significant transfers between Level 1 and Level 2.

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

23

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X FTSE Colombia 20 ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.8%
COLOMBIA — 99.8%
Consumer Goods — 5.9%
Grupo Nacional de Chocolates		564,209	$	7,296,384
Textiles Fabricato Tejicondor *		75,991,808		1,891,520
				9,187,904
Consumer Services — 5.0%
Almacenes Exito		505,606		7,779,874
Financials — 38.6%
BanColombia ADR		244,708		16,211,905
Bolsa de Valores de Colombia		224,647,121		5,159,627
Cia Colombiana de Inversiones		2,541,213		7,116,029
Financiera Colombiana		379,520		7,321,173
Grupo Aval Acciones y Valores		14,032,562		10,716,727
Grupo de Inversiones Suramericana		476,200		9,897,374
Helm Bank		6,644,802		1,420,906
Interbolsa		1,196,814		1,929,581
				59,773,322
Industrials — 11.2%
Cementos Argos		1,242,291		7,519,666
Inversiones Argos		747,488		7,805,979
Tableros y Maderas de Caldas		311,736,998		2,098,586
				17,424,231
Oil & Gas — 28.3%
Ecopetrol ADR		452,054		19,831,609
Pacific Rubiales Energy CAD		524,622		15,943,850
Pacific Rubiales Energy USD		15,000		456,111
Sociedad de Inversiones en Energia		964,679		7,618,328
				43,849,898
Telecommunications — 1.2%
Empresa de Telecomunicaciones de Bogota *		5,228,049		1,922,403
Utilities — 9.6%
Interconexion Electrica		1,056,863		7,497,348

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

24

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X FTSE Colombia 20 ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
Isagen	$	5,498,796	$	7,310,160
				14,807,508
TOTAL COLOMBIA				154,745,140
TOTAL COMMON STOCK (Cost $148,969,157)				154,745,140
TOTAL INVESTMENTS — 99.8% (Cost $148,969,157)			$	154,745,140

Percentages are based on Net Assets of $155,083,105.

* Non-income producing security.

ADR — American Depositary Receipt

CAD — Canadian Dollar

USD — U.S. Dollar

The following is a summary of the inputs used as of April 30, 2011 in valuing the Fund’s investments carried at value:

Investments in Securities		Level 1		Level 2		Level 3		Total
Common Stock	$	154,745,140	$	—	$	—	$	154,745,140
Total Investments in Securities	$	154,745,140	$	—	$	—	$	154,745,140

There have been no significant transfers between Level 1 and Level 2.

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

25

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X FTSE Nordic Region ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.5%
DENMARK— 18.1%
Consumer Goods — 2.3%
Carlsberg, Cl B		6,741	$	800,747
Financials — 3.7%
Danske Bank		52,845		1,270,161
Health Care — 9.4%
Novo Nordisk ADR		25,549		3,254,687
Industrials — 2.7%
A P Moller - Maersk, Cl B		91		921,894
TOTAL DENMARK				6,247,489
FINLAND — 14.6%
Basic Materials — 1.7%
UPM-Kymmene		29,170		597,898
Financials — 3.0%
Sampo, Cl A		31,028		1,044,039
Industrials — 1.7%
Kone, Cl B		9,050		566,814
Technology — 5.7%
Nokia ADR		212,403		1,960,480
Utilities — 2.5%
Fortum		24,580		846,733
TOTAL FINLAND				5,015,964
NORWAY — 18.9%
Basic Materials — 3.5%
Norsk Hydro		56,803		503,707
Yara International		12,030		704,989
				1,208,696

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

26

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X FTSE Nordic Region ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — 1.7%
Orkla		56,550	$	573,178
Financials — 3.2%
DnB		68,999		1,122,395
Oil & Gas — 8.1%
Seadrill		18,422		653,086
Statoil ADR		72,341		2,120,315
				2,773,401
Telecommunications — 2.4%
Telenor		47,015		812,752
TOTAL NORWAY				6,490,422
SWEDEN — 47.9%
Consumer Goods — 1.5%
Svenska Cellulosa, Cl B		33,600		515,211
Consumer Services — 3.3%
Hennes & Mauritz, Cl B		32,412		1,145,879
Financials — 17.2%
Investor, Cl B		25,135		626,398
Nordea Bank		169,053		1,930,154
Skandinaviska Enskilda Banken, Cl A		120,266		1,157,055
Svenska Handelsbanken, Cl A		34,969		1,214,274
Swedbank, Cl A		52,762		1,001,246
				5,929,127
Industrials — 15.5%
Atlas Copco, Cl A		35,706		1,048,890
Sandvik		65,777		1,396,359
Scania, Cl B		22,687		589,809
SKF, Cl B		22,524		711,264
Volvo, Cl B		80,425		1,579,468
				5,325,790
Technology — 7.5%
Ericsson ADR		170,809		2,596,297
Telecommunications — 2.9%
TeliaSonera		120,208		982,127
TOTAL SWEDEN				16,494,431
TOTAL COMMON STOCK (Cost $28,370,414)				34,248,306
TOTAL INVESTMENTS — 99.5% (Cost $28,370,414)			$	34,248,306

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

27

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X FTSE Nordic Region ETF

Percentages are based on Net Assets of $34,433,038.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the inputs used as of April 30, 2011 in valuing the Fund’s investments carried at value:

Investments in Securities		Level 1		Level 2		Level 3		Total
Common Stock	$	34,248,306	$	—	$	—	$	34,248,306
Total Investments in Securities	$	34,248,306	$	—	$	—	$	34,248,306

There have been no significant transfers between Level 1 and Level 2.

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

28

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X FTSE Norway 30 ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.1%
NORWAY — 99.1%
Basic Materials — 8.6%
Norsk Hydro		243,328	$	2,157,739
Yara International		39,136		2,293,469
				4,451,208
Consumer Goods — 9.7%
Aker, Cl A		11,662		355,834
Austevoll Seafood		34,137		262,352
Cermaq		28,713		591,366
Marine Harvest		1,090,301		1,440,899
Orkla		231,669		2,348,146
				4,998,597
Consumer Services — 5.3%
Royal Caribbean Cruises *		43,813		1,738,717
Schibsted		33,200		998,444
				2,737,161
Financials — 22.2%
DnB		496,135		8,070,543
Gjensidige Forsikring		81,242		1,058,944
Norwegian Property		202,899		410,147
Storebrand		185,266		1,925,511
				11,465,145
Health Care — 1.0%
Algeta *		17,032		492,076
Industrials — 1.3%
Golden Ocean Group		139,256		170,624
Tomra Systems		58,790		504,510
				675,134
Oil & Gas — 44.9%
Aker Solutions		83,968		2,027,222
DNO International *		382,130		573,508

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

29

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X FTSE Norway 30 ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — continued
Fred Olsen Energy		10,957	$	505,663
Frontline		23,336		515,334
Petroleum Geo-Services *		88,759		1,402,358
ProSafe		93,049		755,919
Renewable Energy *		202,866		716,480
Seadrill		69,358		2,458,837
Statoil		367,669		10,762,652
Subsea 7		88,159		2,320,062
TGS Nopec Geophysical		42,104		1,108,845
				23,146,880
Technology — 1.4%
Atea		39,963		442,018
Nordic Semiconductor		69,240		258,802
				700,820
Telecommunications — 4.7%
Telenor		138,973		2,402,438
TOTAL NORWAY				51,069,459
TOTAL COMMON STOCK (Cost $45,924,822)				51,069,459
TOTAL INVESTMENTS — 99.1% (Cost $45,924,822)			$	51,069,459

Percentages are based on Net Assets of $51,559,079.

* Non-income producing security.

Cl — Class

The following is a summary of the inputs used as of April 30, 2011 in valuing the Fund’s investments carried at value:

Investments in Securities		Level 1		Level 2		Level 3		Total
Common Stock	$	51,069,459	$	—	$	—	$	51,069,459
Total Investments in Securities	$	51,069,459	$	—	$	—	$	51,069,459

There have been no significant transfers between Level 1 and Level 2.

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

30

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X FTSE Argentina 20 ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 98.9%
ARGENTINA — 80.5%
Basic Materials — 21.6%
Tenaris ADR		16,300	$	827,877
Consumer Goods — 4.5%
Cresud SACIF y A ADR		9,900		172,359
Consumer Services — 5.2%
MercadoLibre		2,170		198,338
Financials — 21.0%
Banco Macro ADR		8,799		325,475
BBVA Banco Frances ADR		14,750		153,547
Grupo Financiero Galicia ADR *		17,569		224,532
IRSA Inversiones y Representaciones ADR		7,900		100,093
				803,647
Oil & Gas — 11.7%
Petrobras Argentina ADR		7,879		179,720
Transportadora de Gas del Sur ADR *		10,600		56,180
YPF		4,801		211,292
				447,192
Telecommunications — 10.7%
Nortel Inversora		6,350		165,862
Telecom Argentina ADR		10,757		245,475
				411,337
Utilities — 5.8%
Empresa Distribuidora Y Comericalizadora Norte		3,000		31,260
Pampa Energia ADR *		11,959		190,465
				221,725
TOTAL ARGENTINA				3,082,475

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

31

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X FTSE Argentina 20 ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
CANADA — 9.5%
Basic Materials — 9.5%
Goldcorp		3,094	$	172,738
Pan American Silver		600		21,648
Silver Standard Resources *		650		22,581
Yamana Gold		11,543		146,711
TOTAL CANADA				363,678
CHILE — 4.6%
Consumer Services — 4.6%
Cencosud		22,428		177,183
TOTAL CHILE				177,183
UNITED STATES — 4.3%
Oil & Gas — 4.3%
Apache		1,238		165,112
TOTAL COMMON STOCK (Cost $3,738,369)				3,788,448
U.S. TREASURY OBLIGATION — 13.1%
United States Treasury Bills (A) 0.010%, 05/19/11 (Cost $499,998)	$	500,000		499,996
TOTAL INVESTMENTS — 112.0% (Cost $4,238,367)			$	4,288,444

Percentages are based on Net Assets of $3,830,073.

* Non-income producing security.

^(A)  The rate reported is the effective yield at time of purchase.

ADR — American Depositary Receipt

The following is a summary of the inputs used as of April 30, 2011 in valuing the Fund’s investments carried at value:

Investments in Securities		Level 1		Level 2		Level 3		Total
Common Stock	$	3,788,448	$	—	$	—	$	3,788,448
U.S. Treasury Obligation		—		499,996		—		499,996
Total Investments in Securities	$	3,788,448	$	499,996	$	—	$	4,288,444

There have been no significant transfers between Level 1 and Level 2.

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

32

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X FTSE Andean 40 ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.8%
ARGENTINA — 3.3%
Consumer Services — 3.3%
Cencosud		31,700	$	250,432
CHILE — 49.0%
Basic Materials — 12.3%
CAP		5,468		293,987
Empresas CMPC		5,367		297,943
Sociedad Quimica y Minera de Chile ADR		5,865		357,941
				949,871
Consumer Goods — 2.3%
Cia Cervecerias Unidas ADR		1,241		74,460
Cia Pesquera Camanchaca *		143,752		25,609
Embotelladora Andina ADR, Cl B		1,206		34,781
Viva Concha Y Tora		902		45,100
				179,950
Consumer Services — 8.6%
Empresas La Polar		11,500		64,538
Lan Airlines ADR		4,951		138,331
Ripley *		45,400		60,954
SACI Falabella		36,732		400,972
				664,795
Financials — 6.6%
Banco de Chile ADR		2,048		182,579
Banco de Credito e Inversiones		1,420		96,254
Banco Santander Chile ADR		1,768		161,931
Corpbanca ADR		2,888		66,857
				507,621
Industrials — 1.7%
Cia Sud Americana de Vapores		71,600		57,078
Salfacorp		18,500		71,512
				128,590

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

33

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X FTSE Andean 40 ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — 5.1%
Empresas COPEC		20,512	$	397,976
Technology — 1.0%
Sonda *		26,700		76,834
Telecommunications — 1.1%
ENTEL Chile		4,350		87,926
Utilities — 10.3%
AES Gener		113,000		69,209
Colbun		336,300		101,358
Empresa Nacional de Electricidad ADR		6,322		356,434
Enersis ADR		12,725		271,806
				798,807
TOTAL CHILE				3,792,370
COLOMBIA — 29.8%
Consumer Services — 1.8%
Almacenes Exito		8,936		137,500
Financials — 10.6%
BanColombia ADR		6,440		426,650
Banco Davivienda		3,207		35,960
Financiera Colombiana		5,121		98,796
Grupo de Inversiones Suramericana		12,527		260,362
				821,768
Industrials — 3.8%
Cementos Argos		18,372		111,207
Inversiones Argos		17,197		179,587
				290,794
Oil & Gas — 11.1%
Ecopetrol ADR		11,897		521,921
Pacific Rubiales Energy CAD		10,985		333,847
				855,768
Utilities — 2.5%
Interconexion Electrica		17,808		126,329
Isagen		48,500		64,477
				190,806
TOTAL COLOMBIA				2,296,636
PERU — 11.1%
Basic Materials — 7.1%
Cia de Minas Buenaventura ADR		11,019		459,162
Volcan Cia Minera SAA *		76,833		84,282
				543,444
Financials — 4.0%
Credicorp		1,285		124,182
Credicorp Ltd		1,928		186,091
				310,273

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

34

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X FTSE Andean 40 ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
TOTAL PERU			$	853,717
UNITED STATES — 6.6%
Basic Materials — 6.6%
Southern Copper		13,629		510,542
TOTAL COMMON STOCK (Cost $7,307,664)				7,703,697
TOTAL INVESTMENTS — 99.8% (Cost $7,307,664)			$	7,703,697

Percentages are based on Net Assets of $7,720,097.

* Non-income producing security.

ADR — American Depositary Receipt

CAD — Canadian Dollar

Cl — Class

Ltd. — Limited

The following is a summary of the inputs used as of April 30, 2011 in valuing the Fund’s investments carried at value:

Investments in Securities		Level 1		Level 2		Level 3		Total
Common Stock	$	7,703,697	$	—	$	—	$	7,703,697
Total Investments in Securities	$	7,703,697	$	—	$	—	$	7,703,697

There have been no significant transfers between Level 1 and Level 2.

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

35

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X FTSE ASEAN 40 ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 100.0%
INDONESIA — 17.2%
Consumer Goods — 6.1%
Astra International		20,300	$	133,113
Unilever Indonesia		10,200		18,225
				151,338
Financials — 7.4%
Bank Central Asia		82,200		71,036
Bank Mandiri		61,559		51,401
Bank Rakyat Indonesia Persero		82,000		61,766
				184,203
Telecommunications — 2.5%
Telekomunikasi Indonesia ADR		1,688		61,004
Utilities — 1.2%
Perusahaan Gas Negara		65,000		30,363
TOTAL INDONESIA				426,908
MALAYSIA — 29.5%
Basic Materials — 1.6%
Petronas Chemicals Group *		15,966		38,985
Consumer Goods — 2.4%
IOI		33,500		59,850
Consumer Services — 2.9%
Genting		18,600		72,867
Financials — 12.7%
CIMB Group Holdings		37,400		103,447
Malayan Banking		36,000		106,383
Public Bank		23,700		104,853
				314,683

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

36

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X FTSE ASEAN 40 ETF

	Shares		Value
COMMON STOCK — continued
Industrials — 4.5%
PLUS Expressways		13,400	$	20,320
Sime Darby		30,200		91,997
				112,317
Oil & Gas — 0.8%
Petronas Gas		5,400		20,535
Telecommunications — 3.9%
Axiata Group *		42,500		70,331
Maxis		15,000		27,204
				97,535
Utilities — 0.7%
Tenaga Nasional		9,000		18,267
TOTAL MALAYSIA				735,039
PHILIPPINES — 0.6%
Telecommunications — 0.6%
Philippine Long Distance Telephone ADR		252		14,613
SINGAPORE — 41.2%
Consumer Goods — 3.0%
Wilmar International		17,100		73,631
Consumer Services — 5.9%
Genting Singapore *		40,700		72,162
Jardine Cycle & Carriage		952		28,687
Singapore Airlines		3,900		44,866
				145,715
Financials — 20.1%
CapitaLand		21,300		59,171
City Developments		4,500		43,533
DBS Group Holdings		11,600		141,979
Oversea-Chinese Banking		16,800		131,089
United Overseas Bank		7,800		125,040
				500,812
Industrials — 3.2%
Noble Group		30,200		55,026
Singapore Technologies Engineering		10,200		26,252
				81,278
Oil & Gas — 3.5%
Keppel		8,910		86,632
Telecommunications — 5.5%
Singapore Telecommunications		53,300		135,874
TOTAL SINGAPORE				1,023,942
THAILAND — 11.5%
Financials — 4.4%
Bangkok Bank		6,300		35,868

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

37

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X FTSE ASEAN 40 ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Kasikornbank		7,800	$	33,044
Siam Commercial Bank		10,500		40,790
				109,702
Industrials — 1.0%
Siam Cement		2,050		25,745
Oil & Gas — 5.1%
PTT		5,700		71,584
PTT Exploration & Production		8,900		55,141
				126,725
Telecommunications — 1.0%
Advanced Info Service		8,000		24,782
TOTAL THAILAND				286,954
TOTAL COMMON STOCK (Cost $2,329,467)				2,487,456
TOTAL INVESTMENTS — 100.0% (Cost $2,329,467)			$	2,487,456

Percentages are based on Net Assets of $2,486,539.

* Non-income producing security.

ADR — American Depositary Receipt

The following is a summary of the inputs used as of April 30, 2011 in valuing the Fund’s investments carried at value:

Investments in Securities		Level 1		Level 2		Level 3		Total
Common Stock	$	2,487,456	$	—	$	—	$	2,487,456
Total Investments in Securities	$	2,487,456	$	—	$	—	$	2,487,456

There have been no significant transfers between Level 1 and Level 2.

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

38

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X China Consumer ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 100.0%
CHINA— 86.1%
Consumer Goods — 39.8%
361 Degrees International		1,713,937	$	1,138,814
Anta Sports Products		2,180,688		3,526,886
BaWang International Group Holding		2,885,633		806,323
China Huiyuan Juice Group		1,177,795		773,478
China Yurun Food Group		2,415,129		8,847,709
Dongfeng Motor Group, Cl H		5,735,947		8,951,915
Great Wall Motor, Cl H		2,960,710		5,306,930
Guangzhou Automobile Group, Cl H		6,342,494		7,162,553
Hengan International Group		1,155,574		9,017,343
Li Ning		1,903,966		3,260,761
Shenzhou International Group Holdings		847,122		983,922
Tingyi Cayman Islands Holding		3,538,587		9,386,535
Tsingtao Brewery, Cl H		817,725		4,343,496
Uni-President China Holdings		2,734,827		1,570,627
Want Want China Holdings		10,160,796		9,119,451
Zhongpin *		86,852		1,450,428
				75,647,171
Consumer Services — 40.1%
Air China, Cl H		5,948,184		6,020,259
Ajisen China Holdings		1,154,600		2,304,472
China Southern Airlines, Cl H *		5,047,136		2,638,634
Focus Media Holding ADR *		259,758		9,130,494
Golden Eagle Retail Group		1,765,961		4,627,578
GOME Electrical Appliances Holdings		25,676,865		9,224,746
Home Inns & Hotels Management ADR *		116,742		5,046,757
Intime Department Store Group		3,369,231		5,258,255
New Oriental Education & Technology Group ADR *		71,414		8,901,041
Parkson Retail Group		3,907,527		5,997,723
PCD Stores Group		11,978,325		3,208,246
Peak Sport Products		1,864,913		1,421,636
Wumart Stores, Cl H *		1,465,964		3,360,095
Youku.com ADR *		151,258		8,942,373
				76,082,309

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

39

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X China Consumer ETF

	Shares		Value
COMMON STOCK — continued
Health Care — 6.2%
Shandong Weigao Group Medical Polymer, Cl H		1,991,038	$	5,460,939
Sinopharm Group, Cl H		1,798,271		6,228,961
				11,689,900
TOTAL CHINA				163,419,380
HONG KONG — 13.9%
Consumer Goods — 11.1%
AviChina Industry & Technology, Cl H *		5,041,482		3,142,040
Bosideng International Holdings		7,313,443		2,316,676
China Agri-Industries Holdings		4,472,019		5,102,060
China Foods		2,060,677		1,440,847
China Resources Enterprise		2,257,953		9,100,546
				21,102,169
Consumer Services — 2.8%
China Dongxiang Group		7,628,118		2,661,919
China Travel International Investment Hong Kong		7,670,022		1,570,370
New World Department Store China		1,332,617		1,163,438
				5,395,727
TOTAL HONG KONG				26,497,896
TOTAL COMMON STOCK (Cost $191,687,324)				189,917,276
TOTAL INVESTMENTS — 100.0% (Cost $191,687,324)			$	189,917,276

Percentages are based on Net Assets of $189,917,391.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the inputs used as of April 30, 2011 in valuing the Fund’s investments carried at value:

Investments in Securities		Level 1		Level 2		Level 3		Total
Common Stock	$	189,917,276	$	—	$	—	$	189,917,276
Total Investments in Securities	$	189,917,276	$	—	$	—	$	189,917,276

There have been no significant transfers between Level 1 and Level 2.

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

40

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X China Energy ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.8%
CHINA — 68.5%
Energy — 61.2%
China Coal Energy, Cl H		373,971	$	521,043
China Longyuan Power Group, Cl H		278,900		286,589
China Oilfield Services, Cl H		220,426		435,976
China Petroleum & Chemical, Cl H		1,032,470		1,039,662
China Shenhua Energy, Cl H		22,552		1,038,838
Hanwha SolarOne		10,509		71,776
JA Solar Holdings ADR *		24,046		165,196
JinkoSolar Holding ADR *		2,877		78,111
LDK Solar ADR *		20,751		239,674
PetroChina, Cl H		703,147		1,010,459
Renesola ADR *		12,364		113,502
Suntech Power Holdings ADR *		25,787		231,309
Tianneng Power International		79,008		41,712
Trina Solar ADR *		11,366		323,817
Trony Solar Holdings *		118,526		74,480
Yanzhou Coal Mining, Cl H		126,820		494,810
Yingli Green Energy Holding ADR *		21,245		266,200
				6,433,154
Utilities — 7.3%
Datang International Power Generation, Cl H		407,159		153,617
ENN Energy Holdings		97,396		333,604
Huadian Power International, Cl H		177,244		38,115
Huaneng Power International, Cl H		435,939		240,258
				765,594
TOTAL CHINA				7,198,748
HONG KONG — 31.3%
Energy — 21.5%
Beijing Enterprises Holdings		66,324		352,292
CNOOC		416,149		1,026,721
Fushan International Energy Group		552,095		387,453
Kunlun Energy		279,703		495,592
				2,262,058
Utilities — 9.8%
China Power International Development		207,702		47,874
China Resources Power Holdings		242,018		445,648

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

41

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X China Energy ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
GCL Poly Energy Holdings		747,942	$	534,526
				1,028,048
TOTAL HONG KONG				3,290,106
TOTAL COMMON STOCK (Cost $9,456,385)				10,488,854
TOTAL INVESTMENTS — 99.8% (Cost $9,456,385)			$	10,488,854

Percentages are based on Net Assets of $10,518,579.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the inputs used as of April 30, 2011 in valuing the Fund’s investments carried at value:

Investments in Securities		Level 1		Level 2		Level 3		Total
Common Stock	$	10,488,854	$	—	$	—	$	10,488,854
Total Investments in Securities	$	10,488,854	$	—	$	—	$	10,488,854

There have been no significant transfers between Level 1 and Level 2.

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

42

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X China Financials ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 100.0%
CHINA — 88.3%
Financials — 88.3%
Agile Property Holdings		59,058	$	95,972
Agricultural Bank of China, Cl H *		609,691		360,355
Bank of China, Cl H		1,383,423		764,224
Bank of Communications, Cl H		345,146		365,772
China Citic Bank, Cl H		500,984		358,680
China Construction Bank, Cl H		813,661		769,038
China Life Insurance, Cl H		212,124		753,889
China Merchants Bank, Cl H		139,399		359,003
China Minsheng Banking, Cl H		194,219		186,318
China Pacific Insurance Group, Cl H		69,298		299,379
Chongqing Rural Commercial Bank, Cl H *		105,621		73,307
CNinsure ADR		2,502		36,729
Country Garden Holdings		162,659		65,978
E-House China Holdings ADR		3,720		44,454
Evergrande Real Estate Group		228,509		162,718
Greentown China Holdings		28,256		28,307
Guangzhou R&F Properties		46,235		62,989
Industrial & Commercial Bank of China, Cl H		909,104		769,108
Kaisa Group Holdings *		190,216		77,155
Longfor Properties		69,434		110,366
PICC Property & Casualty, Cl H *		162,636		209,004
Ping An Insurance Group of China, Cl H		33,420		363,425
Renhe Commercial Holdings		542,162		92,852
Shimao Property Holdings		66,604		90,568
Shui On Land		119,984		53,148
Sino-Ocean Land Holdings		212,496		120,670
Soho China		93,001		80,356
TOTAL CHINA				6,753,764
HONG KONG — 11.7%
Financials — 11.7%
China Everbright		40,316		88,981
China Overseas Land & Investment		178,650		343,686
China Resources Land		86,472		149,207
China Taiping Insurance Holdings *		35,404		97,332
Franshion Properties China		160,058		49,877
Hopson Development Holdings		29,029		28,633
KWG Property Holding		55,217		39,888

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

43

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X China Financials ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Poly Hong Kong Investments		80,623	$	64,470
Shenzhen Investment		104,791		32,790
TOTAL HONG KONG				894,864
TOTAL COMMON STOCK (Cost $8,101,835)				7,648,628
TOTAL INVESTMENTS — 100.0% (Cost $8,101,835)			$	7,648,628

Percentages are based on Net Assets of $7,647,564.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the inputs used as of April 30, 2011 in valuing the Fund’s investments carried at value:

Investments in Securities		Level 1		Level 2		Level 3		Total
Common Stock	$	7,648,628	$	—	$	—	$	7,648,628
Total Investments in Securities	$	7,648,628	$	—	$	—	$	7,648,628

There have been no significant transfers between Level 1 and Level 2.

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

44

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X China Industrials ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 101.6%
CHINA — 85.9%
Industrials — 85.9%
Anhui Conch Cement, Cl H		86,428	$	407,882
Asia Cement China Holdings		68,573		55,717
BBMG, Cl H		185,421		305,139
Byd, Cl H		81,278		294,095
China Communications Construction, Cl H		427,657		394,841
China COSCO Holdings, Cl H		404,818		388,872
China National Building Material, Cl H		266,724		561,893
China National Materials		169,646		167,114
China Railway Construction, Cl H		299,295		264,382
China Railway Group, Cl H		606,490		324,882
China Rongsheng Heavy Industry Group		467,562		394,356
China Shanshui Cement Group		310,184		347,494
China Shipping Container Lines, Cl H *		556,438		222,120
China Shipping Development, Cl H		205,498		216,191
China South Locomotive and Rolling Stock		291,238		321,394
China Zhongwang Holdings		216,563		111,267
Dongfang Electric, Cl H		50,695		166,788
Duoyuan Global Water ADR (A)(B)*		3,967		15,392
First Tractor, Cl H		63,741		87,824
Guangshen Railway, Cl H		241,736		95,874
Haitian International Holdings		86,800		128,536
Harbin Electric *		3,145		58,874
Harbin Power Equipment, Cl H		107,746		103,918
Metallurgical Corp of China, Cl H *		442,269		187,366
Sany Heavy Equipment International Holdings		91,174		161,781
Shanghai Electric Group, Cl H		447,826		222,590
Sinotrans, Cl H		254,694		62,313
Sinotruk Hong Kong		109,567		90,860
Weichai Power, Cl H		58,587		399,839
Yangzijiang Shipbuilding Holdings		249,121		368,420
Zhuzhou CSR Times Electric, Cl H		72,204		285,900
				7,213,914
TOTAL CHINA				7,213,914

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

45

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X China Industrials ETF

	Shares		Value
COMMON STOCK — continued
HONG KONG — 15.7%
Industrials — 15.7%
Beijing Capital International Airport, Cl H		235,196	$	115,994
China High Speed Transmission Equipment Group		184,504		244,235
China Resources Cement Holdings		275,125		279,876
Citic Resources Holdings *		338,503		83,690
Shanghai Industrial Holdings		94,850		374,348
Shenzhen International Holdings		1,062,258		98,485
Sinotrans Shipping		214,507		66,844
Tianjin Development Holdings		68,712		51,672
TOTAL HONG KONG				1,315,144
TOTAL COMMON STOCK (Cost $8,649,197)				8,529,058
TOTAL INVESTMENTS — 101.6% (Cost $8,649,197)			$	8,529,058

Percentages are based on Net Assets of $8,391,729.

* 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 security as of April 30, 2011 was $15,392 and represents 0.2% of net assets.

^(B)  Security is considered illiquid. The total value of such security as of April 30, 2011 was $15,392 and represented 0.2% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the inputs used as of April 30, 2011 in valuing the Fund’s investments carried at value:

Investments in Securities		Level 1		Level 2		Level 3		Total
Common Stock	$	8,513,666	$	—	$	15,392	$	8,529,058
Total Investments in Securities	$	8,513,666	$	—	$	15,392	$	8,529,058

	Investments in Common Stock
Beginning balance as of October 31, 2010	$	—
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		—
Net purchases		—
Net sales		—
Transfers into Level 3		15,392
Transfers out of Level 3		—
Ending balance as of April 30, 2011	$	15,392

There have been no significant transfers between Level 1 and Level 2.

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

46

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X China Industrials ETF

For the period ended April 30, 2011, transfers between Level 1 and Level 3 assets and liabilities totaled $15,392.

The Level 3 investment presented above was considered a Level 1 investment at the beginning of the reporting period. The reason for the classification change was a temporary trading suspension of the investment’s shares, which necessitated a fair value determination by the Fair Value Committee at the end of the reporting period.

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

47

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X China Technology ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.5%
CHINA — 87.2%
Technology — 82.7%
AAC Acoustic Technologies Holdings		83,193	$	217,466
Alibaba.com		151,719		269,214
AsiaInfo Holdings *		5,944		112,341
Baidu ADR *		1,825		271,049
BYD Electronic International		109,900		58,871
Camelot Information Systems ADR *		5,699		109,991
China Communications Services, Cl H		242,625		148,089
Ctrip.com International ADR *		5,715		278,435
Foxconn International Holdings *		266,309		157,058
Giant Interactive Group ADR		28,742		254,367
Kingdee International Software Group		202,562		129,896
Kingsoft		70,700		46,066
Lenovo Group		468,766		272,837
Netease.com ADR *		5,578		274,884
Perfect World ADR *		5,295		144,077
Qihoo 360 Technology		4,574		130,359
Semiconductor Manufacturing International *		2,212,416		199,422
Shanda Interactive Entertainment ADR *		5,658		273,734
Sina *		2,136		287,826
Sohu.com *		2,597		274,658
Spreadtrum Communications ADR *		6,127		131,118
Tencent Holdings		9,800		278,886
Travelsky Technology, Cl H		76,249		76,977
VanceInfo Technologies ADR *		5,614		180,546
ZTE, Cl H		74,905		269,587
				4,847,754
Telecommunications — 4.5%
China Telecom, Cl H		456,776		263,505
TOTAL CHINA				5,111,259
HONG KONG — 12.3%
Technology — 2.8%
Longtop Financial Technologies ADR *		7,244		163,424
Telecommunications — 9.5%
China Mobile		29,941		275,279
China Unicom Hong Kong		139,471		283,759
				559,038

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

48

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X China Technology ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Telecommunications — continued
TOTAL HONG KONG			$	722,462
TOTAL COMMON STOCK (Cost $4,995,142)				5,833,721
TIME DEPOSIT — 0.1%
Brown Brothers, 0.029%(A) (Cost $5,376)	$	5,376		5,376
TOTAL INVESTMENTS — 99.6% (Cost $5,000,518)			$	5,839,097

Percentages are based on Net Assets of $5,860,754.

* Non-income producing security.

^(A)  The rate reported is the 7-day simple yield as of April 30, 2011.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the inputs used as of April 30, 2011 in valuing the Fund’s investments carried at value:

Investments in Securities		Level 1		Level 2		Level 3		Total
Common Stock	$	5,833,721	$	—	$	—	$	5,833,721
Time Deposit		—		5,376		—		5,376
Total Investments in Securities	$	5,833,721	$	5,376	$	—	$	5,839,097

There have been no significant transfers between Level 1 and Level 2.

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

49

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X China Materials ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.9%
CHINA— 78.9%
Basic Materials — 78.9%
Aluminum Corp of China, Cl H		334,560	$	314,058
Angang Steel, Cl H		230,725		296,209
China Agritech (A)(B)*		4,840		24,975
China BlueChemical		359,905		292,896
China Green Agriculture *		5,209		36,671
China Hongqiao Group *		307,044		306,415
China Molybdenum, Cl H		335,777		300,932
China Rare Earth Holdings		366,506		158,101
China Vanadium Titano — Magnetite Mining		298,620		140,352
Chongqing Iron & Steel, Cl H		183,170		48,352
Dongyue Group		295,182		311,302
General Steel Holdings *		13,028		29,443
Gulf Resources *		4,734		14,817
Hidili Industry International Development		303,938		307,230
Hunan Non-Ferrous Metal, Cl H		555,754		241,884
Jiangxi Copper, Cl H		90,552		307,247
Lingbao Gold, Cl H		96,598		78,986
Maanshan Iron & Steel, Cl H		577,926		304,371
Real Gold Mining		146,164		207,787
ShengdaTech (A)(B)*		12,544		33,367
Sinopec Shanghai Petrochemical, Cl H		626,078		303,127
Sinopec Yizheng Chemical Fibre, Cl H *		476,197		203,579
Xinjiang Xinxin Mining Industry, Cl H		233,494		141,012
Yongye International *		13,259		69,477
Zhaojin Mining Industry		63,351		293,265
Zijin Mining Group, Cl H		378,607		297,878
TOTAL CHINA				5,063,733
HONG KONG — 21.0%
Basic Materials — 21.0%
China Lumena New Materials		272,800		141,566
Citic Pacific		103,627		309,577
Fufeng Group		246,002		181,194
Shougang Concord International Enterprises		1,192,926		158,219
Sinofert Holdings		602,260		251,268
Yingde Gases *		332,745		303,356
				1,345,180

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

50

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X China Materials ETF

	Shares	Value
COMMON STOCK — continued
Basic Materials — continued
TOTAL HONG KONG		$	1,345,180
TOTAL COMMON STOCK (Cost $6,598,917)			6,408,913
TOTAL INVESTMENTS — 99.9% (Cost $6,598,917)		$	6,408,913

Percentages are based on Net Assets of $6,414,642.

* Non-income producing security.

^(A)  Securities are fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such security as of April 30, 2011 was $58,342 and represents 0.9% of net assets.

^(B)  Securities considered illiquid. The total value of such security as of April 30, 2011 was $58,3422 and represented 0.9% of Net Assets.

Cl — Class

The following is a summary of the inputs used as of April 30, 2011 in valuing the Fund’s investments carried at value:

Investments in Securities		Level 1		Level 2		Level 3		Total
Common Stock	$	6,350,571	$	—	$	58,342	$	6,408,913
Total Investments in Securities	$	6,350,571	$	—	$	58,342	$	6,408,913

	Investments in Common Stock
Beginning balance as of October 31, 2010	$	1,048,393
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		—
Net purchases		—
Net sales		—
Transfers into Level 3		58,342
Transfers out of Level 3		(1,048,393	)
Ending balance as of April 30, 2011	$	58,342

There have been no significant transfers between Level 1 and Level 2.

For the period ended April 30, 2011, transfers between Level 1 and Level 3 assets and liabilities totaled $990,052.

The Level 3 investments at the end of the reporting period were considered Level 1 investments at the beginning of the reporting period. The reason for the classification change was a temporary suspension of the investments’ shares, which necessitated a fair value determination by the Fair Value Committee at the end of the reporting period.

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

51

Schedule of Investments	April 30, 2011 (Unaudited)
Global X Russell Emerging Markets Growth ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 93.5%
BRAZIL — 14.0%
Basic Materials — 3.8%
Cia Siderurgica Nacional ADR		1,110	$	17,682
Gerdau ADR		870		10,510
Vale ADR, Cl B		2,158		72,077
				100,269
Consumer Goods — 0.2%
Cia de Bebidas das Americas ADR		228		5,996
Financials — 7.5%
Banco Bradesco ADR		4,032		81,567
Banco do Brasil		1,020		18,740
Cielo		860		8,042
Itau Unibanco Holding ADR		3,302		78,423
Itausa — Investimentos Itau		1,440		11,489
				198,261
Oil & Gas — 2.5%
OGX Petroleo e Gas Participacoes *		1,820		19,230
Petroleo Brasileiro ADR		1,206		45,020
				64,250
TOTAL BRAZIL				368,776
CHILE — 1.2%
Consumer Services — 0.4%
SACI Falabella		900		9,824
Oil & Gas — 0.5%
Empresas COPEC		626		12,146
Utilities — 0.3%
Empresa Nacional de Electricidad ADR		162		9,134
TOTAL CHILE				31,104

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

52

Schedule of Investments	April 30, 2011 (Unaudited)
Global X Russell Emerging Markets Growth ETF

	Shares		Value
COMMON STOCK — continued
CHINA — 17.8%
Basic Materials — 1.5%
Aluminum Corp of China ADR		30	$	706
China Shenhua Energy, Cl H		4,800		22,406
Yanzhou Coal Mining ADR		302		11,790
Zijin Mining Group, Cl H		6,000		4,721
				39,623
Consumer Goods — 0.3%
Tingyi Cayman Islands Holding		2,800		7,427
Consumer Services — 0.1%
Air China, Cl H		3,200		3,239
Energy — 0.3%
China Coal Energy, Cl H		6,000		8,360
Financials — 12.3%
Agricultural Bank of China, Cl H *		24,000		14,185
Bank of China, Cl H		89,000		49,165
Bank of Communications, Cl H		9,000		9,538
China Citic Bank, Cl H		10,000		7,159
China Construction Bank, Cl H		94,000		88,845
China Life Insurance ADR		738		39,623
China Merchants Bank, Cl H		5,800		14,937
China Pacific Insurance Group, Cl H		1,460		6,307
Industrial & Commercial Bank of China, Cl H		82,000		69,373
Ping An Insurance Group of China, Cl H		2,200		23,924
				323,056
Industrials — 0.5%
Byd, Cl H		840		3,039
China Communications Construction, Cl H		6,000		5,540
China Railway Construction, Cl H		3,000		2,650
China Railway Group, Cl H		6,000		3,214
				14,443
Oil & Gas — 0.2%
China Petroleum & Chemical ADR		38		3,829
Technology — 2.6%
Baidu ADR *		254		37,724
Tencent Holdings		1,100		31,304
				69,028
TOTAL CHINA				469,005
COLOMBIA — 0.5%
Oil & Gas — 0.5%
Ecopetrol ADR		306		13,424

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

53

Schedule of Investments	April 30, 2011 (Unaudited)
Global X Russell Emerging Markets Growth ETF

	Shares		Value
COMMON STOCK — continued
CZECH REPUBLIC — 0.2%
Utilities — 0.2%
CEZ		100	$	5,741
HONG KONG — 3.3%
Financials — 0.6%
China Overseas Land & Investment		5,600		10,773
China Resources Land		3,000		5,177
				15,950
Oil & Gas — 2.1%
CNOOC ADR		222		55,378
Telecommunications — 0.6%
China Mobile ADR		326		15,025
TOTAL HONG KONG				86,353
INDIA — 11.6%
Basic Materials — 1.8%
Sterlite Industries India ADR		2,956		48,331
Financials — 3.4%
HDFC Bank ADR		248		42,681
ICICI Bank ADR		408		20,563
State Bank of India GDR		186		25,482
				88,726
Industrials — 0.6%
Larsen & Toubro GDR		410		14,795
Oil & Gas — 2.8%
Reliance Industries GDR (A)		1,694		74,519
Technology — 3.0%
Infosys Technologies ADR		1,110		72,350
Wipro ADR		512		7,050
				79,400
TOTAL INDIA				305,771
INDONESIA — 2.0%
Consumer Goods — 0.9%
Astra International		3,000		19,672
Unilever Indonesia		1,720		3,073
				22,745
Financials — 0.6%
Bank Central Asia		18,800		16,247
Telecommunications — 0.5%
Telekomunikasi Indonesia ADR		348		12,577
TOTAL INDONESIA				51,569
MALAYSIA — 1.9%
Financials — 1.4%
CIMB Group Holdings		5,200		14,383

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

54

Schedule of Investments	April 30, 2011 (Unaudited)
Global X Russell Emerging Markets Growth ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Malayan Banking		3,600	$	10,638
Public Bank		2,600		11,486
				36,507
Industrials — 0.3%
Sime Darby		2,600		7,920
Telecommunications — 0.2%
Maxis		2,800		5,078
TOTAL MALAYSIA				49,505
MEXICO — 5.8%
Basic Materials — 0.7%
Grupo Mexico, Cl B		5,400		18,702
Consumer Goods — 1.0%
Fomento Economico Mexicano ADR		318		20,002
Grupo Modelo		920		5,754
				25,756
Consumer Services — 1.2%
Grupo Elektra		100		4,561
Wal-Mart de Mexico		8,200		25,649
				30,210
Telecommunications — 2.9%
America Movil ADR, Ser L		1,250		71,500
Telefonos de Mexico ADR		308		5,766
				77,266
TOTAL MEXICO				151,934
MOROCCO — 0.1%
Telecommunications — 0.1%
Maroc Telecom		204		4,045
POLAND — 0.9%
Financials — 0.9%
Bank Pekao		130		8,533
Powszechna Kasa Oszczednosci Bank Polski		898		15,480
TOTAL POLAND				24,013
RUSSIA — 4.1%
Basic Materials — 2.0%
MMC Norilsk Nickel ADR		1,668		46,037
Novolipetsk Steel GDR		186		7,098
				53,135
Financials — 1.6%
VTB Bank GDR		6,532		42,262

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

55

Schedule of Investments	April 30, 2011 (Unaudited)
Global X Russell Emerging Markets Growth ETF

	Shares		Value
COMMON STOCK — continued
Telecommunications — 0.5%
Mobile Telesystems ADR		560	$	11,844
TOTAL RUSSIA				107,241
SOUTH AFRICA — 10.2%
Basic Materials — 2.6%
Anglo Platinum		102		10,364
AngloGold Ashanti ADR		562		28,651
Impala Platinum Holdings		672		20,990
Kumba Iron Ore		116		8,483
				68,488
Consumer Services — 1.4%
Naspers, Cl N		608		36,586
Financials — 1.7%
ABSA Group		472		9,775
FirstRand		5,022		15,806
Standard Bank Group		1,194		18,741
				44,322
Oil & Gas — 2.0%
Sasol ADR		926		53,541
Telecommunications — 2.5%
MTN Group		2,730		60,716
Vodacom Group		340		4,160
				64,876
TOTAL SOUTH AFRICA				267,813
SOUTH KOREA — 7.3%
Basic Materials — 1.3%
LG Chemical		66		32,753
POSCO ADR		20		2,206
				34,959
Consumer Goods — 1.3%
Hyundai Mobis		60		20,168
LG Electronics		138		13,309
				33,477
Financials — 0.4%
KB Financial Group ADR		90		4,796
Shinhan Financial Group ADR		50		4,851
				9,647
Technology — 4.3%
Hynix Semiconductor		720		22,787
Samsung Electronics		108		90,303
				113,090
TOTAL SOUTH KOREA				191,173

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

56

Schedule of Investments	April 30, 2011 (Unaudited)
Global X Russell Emerging Markets Growth ETF

	Shares		Value
COMMON STOCK — continued
TAIWAN — 10.3%
Basic Materials — 1.4%
China Steel		15,400	$	19,015
Nan Ya Plastics		6,000		18,375
				37,390
Financials — 0.6%
Cathay Financial Holding		9,600		16,006
Industrials — 1.8%
Hon Hai Precision Industry		12,200		46,170
Oil & Gas — 0.4%
Formosa Petrochemical		3,000		10,516
Technology — 6.1%
HTC		1,000		45,343
MediaTek		1,600		17,663
Taiwan Semiconductor Manufacturing ADR		7,122		96,147
				159,153
TOTAL TAIWAN				269,235
THAILAND — 0.9%
Oil & Gas — 0.9%
PTT		1,080		13,563
PTT Exploration & Production		1,720		10,657
TOTAL THAILAND				24,220
TURKEY — 1.4%
Financials — 1.3%
Akbank		2,034		10,568
Turkiye Garanti Bankasi		3,092		16,024
Turkiye Is Bankasi, Cl C		2,078		7,353
				33,945
Telecommunications — 0.1%
Turkcell Iletisim Hizmet ADR		114		1,687
TOTAL TURKEY				35,632
TOTAL COMMON STOCK (Cost $2,348,662)				2,456,554
PREFERRED STOCK — 6.5%
BRAZIL — 6.5%
Basic Materials — 3.4%
Vale ADR, Cl B		2,978		89,042
Consumer Goods — 1.3%
Cia de Bebidas das Americas ADR		1,078		35,121
Financials — 1.1%
Itausa — Investimentos Itau		3,600		27,601

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

57

Schedule of Investments	April 30, 2011 (Unaudited)
Global X Russell Emerging Markets Growth ETF

	Shares/Face Amount		Value
PREFERRED STOCK — continued
Technology — 0.7%
Samsung Electronics		30	$	17,697
TOTAL BRAZIL				169,461
TOTAL PREFERRED STOCK (Cost $169,277)				169,461
TIME DEPOSIT — 0.0%
Brown Brothers, 0.029% (B) (Cost $440)	$	440		440
TOTAL INVESTMENTS — 100.0% (Cost $2,518,379)			$	2,626,455

Percentages are based on Net Assets of $2,626,346.

* Non-income producing security.

^(A)  Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” These securities have been determined to be liquid under guidelines established by the board of Trustees.

^(B)  The rate reported is the 7-day simple yield as of April 30, 2011.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

Ser — Series

The following is a summary of the inputs used as of April 30, 2011 in valuing the Fund’s investments carried at value:

Investments in Securities		Level 1		Level 2			Level 3		Total
Common Stock	$	2,456,554	$	—		$	—	$	2,456,554
Preferred Stock		169,461		—			—		169,461
Time Deposit		—		440			—		440
Total Investments in Securities	$	2,626,015	$	440	��	$	—	$	2,626,455

There have been no significant transfers between Level 1 and Level 2.

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

58

Schedule of Investments	April 30, 2011 (Unaudited)
Global X Russell Emerging Markets Value ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 89.4%
BRAZIL — 8.3%
Basic Materials — 0.5%
Gerdau ADR		514	$	6,209
Usinas Siderurgicas de Minas Gerais		520		8,446
				14,655
Financials — 2.7%
Banco Santander Brasil ADR		2,400		27,864
BM&F Bovespa		5,800		43,546
				71,410
Oil & Gas — 3.3%
Petroleo Brasileiro ADR		2,342		87,427
Telecommunications — 0.8%
Vivo Participacoes		40		1,567
Vivo Participacoes ADR		484		20,236
				21,803
Utilities — 1.0%
Centrais Eletricas Brasileiras ADR		968		14,346
Centrais Eletricas Brasileiras ADR, Cl B		718		13,455
				27,801
TOTAL BRAZIL				223,096
CHILE — 0.7%
Utilities — 0.7%
Enersis ADR		884		18,882
CHINA — 8.8%
Basic Materials — 0.6%
Aluminum Corp of China ADR		480		11,304
China Shenhua Energy, Cl H		1,000		4,668
				15,972
Financials — 0.6%
Agricultural Bank of China, Cl H *		13,200		7,802

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

59

Schedule of Investments	April 30, 2011 (Unaudited)
Global X Russell Emerging Markets Value ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
China Minsheng Banking, Cl H		9,000	$	8,634
				16,436
Industrials — 0.5%
China COSCO Holdings, Cl H		9,000		8,645
Shanghai Electric Group, Cl H		9,600		4,772
				13,417
Oil & Gas — 5.8%
China Petroleum & Chemical ADR		486		48,974
PetroChina ADR		736		107,147
				156,121
Telecommunications — 1.1%
China Telecom ADR		486		28,358
Utilities — 0.2%
Huaneng Power International ADR		260		5,769
TOTAL CHINA				236,073
CZECH REPUBLIC — 0.7%
Utilities — 0.7%
CEZ		340		19,520
HONG KONG — 6.4%
Oil & Gas — 0.4%
CNOOC ADR		42		10,477
Telecommunications — 6.0%
China Mobile ADR		2,794		128,776
China Unicom Hong Kong ADR		1,644		33,636
				162,412
TOTAL HONG KONG				172,889
INDIA — 0.7%
Basic Materials — 0.6%
Tata Steel GDR		1,106		15,506
Telecommunications — 0.1%
Tata Communications ADR		384		4,167
TOTAL INDIA				19,673
MEXICO — 0.4%
Telecommunications — 0.4%
America Movil ADR, Ser L		192		10,983
Telefonos de Mexico ADR		50	��	936
TOTAL MEXICO				11,919
POLAND — 0.3%
Utilities — 0.3%
PGE Polska Grupa Energetyczna		966		8,727

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

60

Schedule of Investments	April 30, 2011 (Unaudited)
Global X Russell Emerging Markets Value ETF

	Shares		Value
COMMON STOCK — continued
RUSSIA — 28.1%
Basic Materials — 0.2%
United RUSAL *		2,800	$	4,283
Financials — 0.7%
VTB Bank GDR		3,056		19,772
Oil & Gas — 26.4%
Gazprom Neft JSC ADR		888		22,422
Gazprom OAO ADR		19,468		328,231
Lukoil OAO ADR		864		60,221
NovaTek OAO GDR		508		71,374
Rosneft Oil GDR		6,088		54,335
Surgutneftegas ADR		13,504		142,197
Tatneft ADR		724		32,645
				711,425
Telecommunications — 0.1%
Mobile Telesystems ADR		88		1,861
Utilities — 0.7%
Federal Hydrogenerating JSC ADR *		3,936		20,448
TOTAL RUSSIA				757,789
SOUTH AFRICA — 1.3%
Basic Materials — 0.3%
Impala Platinum Holdings		242		7,559
Financials — 0.9%
Standard Bank Group		1,506		23,638
Telecommunications — 0.1%
Vodacom Group		282		3,449
TOTAL SOUTH AFRICA				34,646
SOUTH KOREA — 24.7%
Basic Materials — 3.6%
POSCO ADR		878		96,844
Consumer Goods — 5.9%
Hyundai Mobis		110		36,976
Hyundai Motor		528		121,865
				158,841
Financials — 5.0%
KB Financial Group ADR		884		47,108
Samsung Life Insurance		314		28,548
Shinhan Financial Group ADR		622		60,347
				136,003
Industrials — 2.3%
Hyundai Heavy Industries		126		63,118

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

61

Schedule of Investments	April 30, 2011 (Unaudited)
Global X Russell Emerging Markets Value ETF

	Shares		Value
COMMON STOCK — continued
Technology — 6.3%
LG Display ADR		1,556	$	27,728
Samsung Electronics GDR		340		141,270
				168,998
Telecommunications — 0.8%
SK Telecom ADR		1,136		21,561
Utilities — 0.8%
Korea Electric Power ADR		1,742		21,078
TOTAL SOUTH KOREA				666,443
TAIWAN — 8.3%
Basic Materials — 6.3%
Formosa Chemicals & Fibre		18,000		72,515
Formosa Plastics		17,800		72,640
Nan Ya Plastics		7,800		23,887
				169,042
Technology — 0.4%
HTC		220		9,975
Telecommunications — 1.6%
Chunghwa Telecom ADR		1,340		42,277
TOTAL TAIWAN				221,294
THAILAND — 0.2%
Oil & Gas — 0.2%
PTT		380		4,772
TURKEY — 0.5%
Telecommunications — 0.5%
Turkcell Iletisim Hizmet ADR		832		12,314
TOTAL COMMON STOCK (Cost $2,216,872)				2,408,037
PREFERRED STOCK — 11.0%
BRAZIL — 10.4%
Basic Materials — 0.5%
Usinas Siderurgicas de Minas Gerais		1,320		13,510
Oil & Gas — 9.9%
Petroleo Brasileiro ADR, Cl A		7,956		265,492
TOTAL BRAZIL				279,002
SOUTH KOREA — 0.6%
Basic Materials — 0.1%
LG Chemical		22		3,791
Consumer Goods — 0.5%
Hyundai Motor		186		14,689

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

62

Schedule of Investments	April 30, 2011 (Unaudited)
Global X Russell Emerging Markets Value ETF

	Shares	Value
PREFERRED STOCK — continued
Consumer Goods — continued
TOTAL SOUTH KOREA		$	18,480
TOTAL PREFERRED STOCK (Cost $294,367)			297,482
TOTAL INVESTMENTS — 100.4% (Cost $2,511,239)		$	2,705,519

Percentages are based on Net Assets of $2,694,083.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

Ser — Series

The following is a summary of the inputs used as of April 30, 2011 in valuing the Fund’s investments carried at value:

Investments in Securities		Level 1		Level 2		Level 3		Total
Common Stock	$	2,408,037	$	—	$	—	$	2,408,037
Preferred Stock		297,482		—		—		297,482
Total Investments in Securities	$	2,705,519	$	—	$	—	$	2,705,519

There have been no significant transfers between Level 1 and Level 2.

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

63

Schedule of Investments	April 30, 2011 (Unaudited)
Global X S&P/TSX Venture 30 Canada ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 100.1%
CANADA — 100.1%
Basic Materials — 62.0%
Atac Resources *		50,145	$	370,522
Bear Creek Mining *		25,785		225,959
Canaco Resources *		51,265		243,319
Clifton Star Resources *		15,605		65,488
East Asia Minerals *		19,680		116,707
Great Western Minerals Group *		70,195		59,362
Hathor Exploration *		26,700		61,529
Kaminak Gold, Cl A *		30,385		123,981
Orko Silver *		27,320		78,841
Quest Rare Minerals *		29,350		252,857
Rainy River Resources *		26,480		277,116
Rare Element Resources *		22,955		330,494
Timmins Gold *		48,920		124,110
Trelawney Mining and Exploration *		19,195		92,120
Victoria Gold *		77,630		68,111
Western Potash *		43,315		59,524
				2,550,040
Oil & Gas — 38.1%
Africa Oil *		31,460		62,188
Alange Energy *		753,100		230,866
Arcan Resources *		25,590		119,023
Canacol Energy *		214,895		290,767
Ithaca Energy *		90,595		228,882
Painted Pony Petroleum, Cl A *		12,340		129,922
Pan Orient Energy *		14,565		93,918
Petrodorado Energy *		95,270		39,276
Renegade Petroleum *		15,240		61,862
Shamaran Petroleum, Cl Common Subscription Receipt *		3,110		2,827
Sterling Resources *		27,480		114,161
Surge Energy, Cl Common Subscription Receipt *		6,140		56,987
TAG Oil *		11,085		68,197
Wild Stream Exploration *		5,585		68,189
				1,567,065
TOTAL CANADA				4,117,105
TOTAL COMMON STOCK (Cost $3,990,214)				4,117,105

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

64

Schedule of Investments	April 30, 2011 (Unaudited)
Global X S&P/TSX Venture 30 Canada ETF

	Face Amount		Value
U.S. TREASURY OBLIGATION — 17.0%
United States Treasury Bills (A) 0.010%, 05/19/11 (Cost $699,997)	$	700,000	$	699,994
TOTAL INVESTMENTS — 117.1% (Cost $4,690,211)			$	4,817,099

Percentages are based on Net Assets of $4,114,111.

* Non-income producing security.

^(A)  The rate reported is the effective yield at time of purchase.

Cl — Class

The following is a summary of the inputs used as of April 30, 2011 in valuing the Fund’s investments carried at value:

Investments in Securities		Level 1		Level 2		Level 3		Total
Common Stock	$	4,117,105	$	—	$	—	$	4,117,105
U.S. Treasury Obligation		—		699,994		—		699,994
Total Investments in Securities	$	4,117,105	$	699,994	$	—	$	4,817,099

There have been no significant transfers between Level 1 and Level 2.

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

65

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X Oil Equities ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 100.0%
CANADA — 19.2%
Oil & Gas — 19.2%
Canadian Natural Resources		3,125	$	147,034
Cenovus Energy		4,040		155,365
Crescent Point Energy		3,225		146,454
Nexen		5,840		154,519
Suncor Energy		3,350		154,433
TOTAL CANADA				757,805
UNITED STATES — 80.8%
Oil & Gas — 80.8%
Apache		1,300		173,381
Berry Petroleum, Cl A		3,175		168,688
Brigham Exploration *		4,455		149,376
Clayton Williams Energy *		1,515		137,214
Concho Resources *		1,465		156,535
ConocoPhillips		1,995		157,465
Continental Resources *		2,335		160,368
Denbury Resources *		6,620		149,413
Devon Energy		1,755		159,705
Forest Oil *		4,680		168,059
Hess		1,895		162,894
Newfield Exploration *		2,215		156,822
Noble Energy		1,705		164,140
Northern Oil and Gas *		4,885		116,068
Petrohawk Energy *		7,425		200,549
Pioneer Natural Resources		1,595		163,057
Range Resources		3,155		178,100
SM Energy		2,185		165,754
Swift Energy *		3,745		146,766
Whiting Petroleum *		2,325		161,588
TOTAL UNITED STATES				3,195,942
TOTAL COMMON STOCK (Cost $3,853,036)				3,953,747
TOTAL INVESTMENTS — 100.0% (Cost $3,853,036)			$	3,953,747

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

66

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X Oil Equities ETF

Percentages are based on Net Assets of $3,954,389.

* Non-income producing security.

Cl — Class

The following is a summary of the inputs used as of April 30, 2011 in valuing the Fund’s investments carried at value:

Investments in Securities		Level 1		Level 2		Level 3		Total
Common Stock	$	3,953,747	$	—	$	—	$	3,953,747
Total Investments in Securities	$	3,953,747	$	—	$	—	$	3,953,747

There have been no significant transfers between Level 1 and Level 2.

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

67

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X Waste Management ETF

Sector Weightings†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 100.0%
AUSTRALIA — 4.5%
Industrials — 4.5%
Tox Free Solutions		23,600	$	55,885
Transpacific Industries Group *		67,600		82,262
TOTAL AUSTRALIA				138,147
CANADA — 5.5%
Industrials — 5.5%
IESI-BFC		3,900		98,984
Newalta		4,928		68,398
TOTAL CANADA				167,382
CHINA — 3.8%
Industrials — 2.0%
Chiho-Tiande Group		79,200		60,885
Technology — 1.8%
Think Environmental *		78,400		53,488
TOTAL CHINA				114,373
FRANCE — 12.5%
Industrials — 12.5%
Veolia Environnement		9,240		308,652
Seche Environnement		764		72,992
TOTAL FRANCE				381,644
HONG KONG — 10.1%
Consumer Goods — 2.1%
Fook Woo Group Holdings *		203,600		63,183
Industrials — 6.3%
China Everbright International		201,600		90,340
China Metal Recycling Holdings		73,200		101,611
				191,951
Utilities — 1.7%
China Water Affairs Group		136,400		51,638

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

68

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X Waste Management ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Utilities — continued
TOTAL HONG KONG			$	306,772
JAPAN — 2.4%
Basic Materials — 2.4%
Asahi Holdings		3,600		73,953
NORWAY — 2.9%
Industrials — 2.9%
Tomra Systems		10,400		89,248
SOUTH KOREA — 1.4%
Industrials — 1.4%
Insun ENT		13,600		42,659
UNITED KINGDOM — 2.0%
Industrials — 2.0%
Shanks Group		29,600		59,516
UNITED STATES — 54.9%
Basic Materials — 2.6%
Calgon Carbon *		4,700		80,652
Consumer Goods — 3.5%
Darling International *		6,612		106,916
Industrials — 48.8%
Casella Waste Systems, Cl A *		6,856		46,347
Clean Harbors *		1,348		132,778
EnergySolutions		9,032		51,031
Metalico *		8,764		55,564
Republic Services, Cl A		7,844		248,027
Sims Metal Management		9,400		179,929
Stericycle *		3,336		304,510
US Ecology		3,168		58,165
Waste Connections		3,404		104,741
Waste Management		7,788		307,314
				1,488,406
TOTAL UNITED STATES				1,675,974
TOTAL COMMON STOCK (Cost $2,968,475)				3,049,668
U.S. TREASURY OBLIGATION — 8.2%
United States Treasury Bills (A) 0.010%, 05/19/11 (Cost $249,999)	$	250,000		249,998
TOTAL INVESTMENTS — 108.2% (Cost $3,218,474)			$	3,299,666

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

69

Schedule of Investments		April 30, 2011 (Unaudited)
	Global X Waste Management ETF

Percentages are based on Net Assets of $3,049,691.

* Non-income producing security.

^(A) The rate reported is the effective yield at time of purchase.

Cl — Class

The following is a summary of the inputs used as of April 30, 2011 in valuing the Fund’s investments carried at value:

Investments in Securities		Level 1		Level 2		Level 3		Total
Common Stock	$	3,049,668	$	—	$	—	$	3,049,668
U.S. Treasury Obligation		—		249,998		—		249,998
Total Investments in Securities	$	3,049,668	$	249,998	$	—	$	3,299,666

There have been no significant transfers between Level 1 and Level 2.

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

70

STATEMENTSOF ASSETSAND LIABILITIES

April 30, 2011 (Unaudited)

	Global X Silver Miners ETF			Global X Lithium ETF			Global X Copper Miners ETF			Global X Pure Gold Miners ETF
Assets:
Cost of Investments	$	508,993,282		$	230,868,031		$	94,293,237		$	3,052,144
Cost of Foreign Currency		—			—			180,610			414
Investments at Value	$	635,689,593		$	250,087,131		$	104,926,189		$	3,292,169
Cash		—			—			—			345
Foreign Currency at Value		—			—			195,617			424
Receivable for Investment Securities Sold		42,132,713			—			7,083,507			—
Receivable for Capital Shares Sold		35,598,500			—			8,135,000			—
Dividend and Interest Receivable		920,656			96,530			107,749			1,443
Reclaim Receivable		—			—			8,660			—
Total Assets		714,341,462			250,183,661			120,456,722			3,294,381
Liabilities:
Payable for Investment Securities Purchased		53,631,727			—			6,301,652			—
Payable for Capital Shares Redeemed		31,295,000			—			8,135,000			—
Overdraft of Foreign Currency*		4,479,226			105,151			—			—
Payable due to Investment Adviser		334,781			115,337			56,491			1,572
Due to Custodian		198,266			62,024,848			84,427			—
Total Liabilities		89,939,000			62,245,336			14,577,570			1,572
Net Assets	$	624,402,462		$	187,938,325		$	105,879,152		$	3,292,809
*Proceeds of Foreign Currency	$	4,488,282		$	102,602		$	—		$	—
Net Assets Consist of:
Paid-in Capital	$	488,408,866		$	166,895,500		$	95,127,000		$	3,053,000
Distributions in Excess of Net Investment Income/Accumulated Net Investment Loss		(2,195,770	)		(1,822,491	)		(185,664	)		(236	)
Accumulated Net Realized Gain on Investments and Foreign Currency Translations		11,561,158			3,647,195			289,398			4
Net Unrealized Appreciation on Investments		126,696,311			19,219,100			10,632,952			240,025
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		(68,103	)		(979	)		15,466			16
Net Assets	$	624,402,462		$	187,938,325		$	105,879,152		$	3,292,809
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		21,950,000			8,350,000			5,200,000			200,000
Net Asset Value, Offering and Redemption Price Per Share	$	28.45		$	22.51		$	20.36		$	16.46

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

71

STATEMENTSOF ASSETSAND LIABILITIES

April 30, 2011 (Unaudited)

	Global X Uranium ETF			Global X Aluminum ETF			Global X Gold Explorers ETF			Global X Brazil Mid Cap ETF
Assets:
Cost of Investments	$	332,421,702		$	5,356,742		$	24,342,871		$	28,798,493
Cost of Foreign Currency		75,014			—			104,110			168,137
Investments at Value	$	267,517,734		$	5,488,081		$	26,000,322		$	32,720,192
Cash		—			42,941			—			—
Foreign Currency at Value		75,345			—			104,113			173,678
Receivable for Capital Shares Sold		2,164,500			—			—			—
Dividend and Interest Receivable		—			8,407			—			204,886
Total Assets		269,757,579			5,539,429			26,104,435			33,098,756
Liabilities:
Payable for Investment Securities Purchased		2,166,279			—			—			—
Due to Custodian		277,638			—			123,906			119,208
Payable due to Investment Adviser		144,963			3,137			13,845			18,694
Overdraft of Foreign Currency*		—			34,645			—			—
Total Liabilities		2,588,880			37,782			137,751			137,902
Net Assets	$	267,168,699		$	5,501,647		$	25,966,684		$	32,960,854
*Proceeds of Foreign Currency	$	—		$	31,848		$	—		$	—
Net Assets Consist of:
Paid-in Capital	$	328,419,000		$	5,360,000		$	23,736,000		$	29,372,000
Undistributed (Distributions in Excess of) Net Investment Income/Accumulated Net Investment Loss		(339,145	)		11,237			(66,714	)		43,997
Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency Translations		3,992,481			1,757			639,944			(382,470	)
Net Unrealized Appreciation (Depreciation) on Investments		(64,903,968	)		131,339			1,657,451			3,921,699
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		331			(2,686	)		3			5,628
Net Assets	$	267,168,699		$	5,501,647		$	25,966,684		$	32,960,854
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		18,800,000			350,000			1,400,000			1,750,000
Net Asset Value, Offering and Redemption Price Per Share	$	14.21		$	15.72		$	18.55		$	18.83

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

72

STATEMENTSOF ASSETSAND LIABILITIES

April 30, 2011 (Unaudited)

	Global X Brazil Financials ETF		Global X Brazil Consumer ETF			Global X FTSE Colombia 20 ETF			Global X FTSE Nordic Region ETF
Assets:
Cost of Investments	$	9,012,505	$	30,743,787		$	148,969,157		$	28,370,414
Cost of Foreign Currency		78,982		192,037			526,349			26,073
Investments at Value	$	9,543,779	$	33,276,788		$	154,745,140		$	34,248,306
Cash		—		3,736			—			—
Foreign Currency at Value		82,096		196,677			526,349			26,455
Dividend and Interest Receivable		39,120		38,717			249,795			161,780
Receivable for Capital Shares Sold		—		—			8,483,500			—
Reclaim Receivable		—		—			—			11,532
Total Assets		9,664,995		33,515,918			164,004,784			34,448,073
Liabilities:
Payable for Investment Securities Purchased		—		—			8,488,974			—
Due to Custodian		32,838		—			361,576			1,501
Payable due to Investment Adviser		6,084		20,766			71,129			13,534
Total Liabilities		38,922		20,766			8,921,679			15,035
Net Assets	$	9,626,073	$	33,495,152		$	155,083,105		$	34,433,038
Net Assets Consist of:
Paid-in Capital	$	8,996,000	$	31,065,000		$	150,164,400		$	28,037,144
Undistributed (Distributions in Excess of) Net Investment Income		90,897		180,816			(191,140	)		526,180
Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency Translations		4,446		(289,007	)		(669,485	)		(8,895	)
Net Unrealized Appreciation on Investments		531,274		2,533,001			5,775,983			5,877,892
Net Unrealized Appreciation on Foreign Currency Translations		3,456		5,342			3,347			717
Net Assets	$	9,626,073	$	33,495,152		$	155,083,105		$	34,433,038
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		550,000		1,650,000			7,280,000			1,510,000
Net Asset Value, Offering and Redemption Price Per Share	$	17.50	$	20.30		$	21.30		$	22.80

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

73

STATEMENTSOF ASSETSAND LIABILITIES

April 30, 2011 (Unaudited)

	Global X FTSE Norway 30 ETF			Global X FTSE Argentina 20 ETF			Global X FTSE Andean 40 ETF			Global X FTSE ASEAN 40 ETF
Assets:
Cost of Investments	$	45,924,822		$	4,238,367		$	7,307,664		$	2,329,467
Cost of Foreign Currency		154,649			—			7,687			—
Investments at Value	$	51,069,459		$	4,288,444		$	7,703,697		$	2,487,456
Cash		—			24,050			—			—
Foreign Currency at Value		158,101			—			7,747			—
Dividend and Interest Receivable		387,099			19,960			20,859			10,890
Total Assets		51,614,659			4,332,454			7,732,303			2,498,346
Liabilities:
Due to Custodian		33,854			500,054			7,790			4,530
Payable due to Investment Adviser		21,726			2,327			4,416			1,184
Overdraft of Foreign Currency*		—			—			—			6,093
Total Liabilities		55,580			502,381			12,206			11,807
Net Assets	$	51,559,079		$	3,830,073		$	7,720,097		$	2,486,539
*Proceeds of Foreign Currency	$	—		$	—		$	—		$	5,744
Net Assets Consist of:
Paid-in Capital	$	45,993,000		$	3,761,000		$	7,298,000		$	2,317,500
Undistributed Net Investment Income		477,570			28,660			31,097			12,090
Accumulated Net Realized Loss on Investments and Foreign Currency Translations		(60,532	)		(9,664	)		(5,095	)		(849	)
Net Unrealized Appreciation on Investments		5,144,637			50,077			396,033			157,989
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		4,404			—			62			(191	)
Net Assets	$	51,559,079		$	3,830,073		$	7,720,097		$	2,486,539
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		2,900,000			250,000			500,000			150,000
Net Asset Value, Offering and Redemption Price Per Share	$	17.78		$	15.32		$	15.44		$	16.58

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

74

STATEMENTSOF ASSETSAND LIABILITIES

April 30, 2011 (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	$	191,687,324		$	9,456,385	$	8,101,835		$	8,649,197
Cost of Foreign Currency		97,547			—		15,740			2,606
Investments at Value	$	189,917,276		$	10,488,854	$	7,648,628		$	8,529,058
Foreign Currency at Value		98,288			—		15,761			2,613
Receivable for Investment Securities Sold		14,703,161			864,275		458,024			577,093
Receivable for Capital Shares Sold		9,174,000			876,500		695,000			839,000
Dividend and Interest Receivable		502,520			60,335		30,382			50,160
Total Assets		214,395,245			12,289,964		8,847,795			9,997,924
Liabilities:
Payable for Investment Securities Purchased		18,709,473			866,706		473,540			744,744
Payable for Capital Shares Redeemed		5,478,000			876,500		695,000			839,000
Due to Custodian		193,537			22,551		27,494			17,963
Payable due to Investment Adviser		96,844			5,628		4,197			4,488
Total Liabilities		24,477,854			1,771,385		1,200,231			1,606,195
Net Assets	$	189,917,391		$	10,518,579	$	7,647,564		$	8,391,729
Net Assets Consist of:
Paid-in Capital	$	187,928,500		$	9,260,500	$	9,944,379		$	8,257,721
Undistributed (Distributions in Excess of) Net Investment Income		(1,108,113	)		29,186		(58,642	)		18,117
Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency Translations		4,865,672			196,391		(1,785,004	)		236,000
Net Unrealized Appreciation (Depreciation) on Investments		(1,770,048	)		1,032,469		(453,207	)		(120,139	)
Net Unrealized Appreciation on Foreign Currency Translations		1,380			33		38			30
Net Assets	$	189,917,391		$	10,518,579	$	7,647,564		$	8,391,729
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		10,400,000			600,000		550,000			500,000
Net Asset Value, Offering and Redemption Price Per Share	$	18.26		$	17.53	$	13.90		$	16.78

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

75

STATEMENTSOF ASSETSAND LIABILITIES

April 30, 2011 (Unaudited)

	Global X China Technology ETF			Global X China Materials ETF			Global X Russell Emerging  Markets Growth ETF			Global X Russell Emerging  Markets Value ETF
Assets:
Cost of Investments	$	5,000,518		$	6,598,917		$	2,518,379		$	2,511,239
Cost of Foreign Currency		—			26,324			32,154			45,606
Investments at Value	$	5,839,097		$	6,408,913		$	2,626,455		$	2,705,519
Foreign Currency at Value		—			26,343			32,884			46,677
Receivable for Capital Shares Sold		977,000			713,000			—			—
Receivable for Investment Securities Sold		657,939			820,141			—			—
Dividend and Interest Receivable		8,551			35,677			5,622			4,459
Total Assets		7,482,587			8,004,074			2,664,961			2,756,655
Liabilities:
Payable for Investment Securities Purchased		638,821			859,507			—			—
Payable for Capital Shares Redeemed		977,000			713,000			—			—
Payable due to Investment Adviser		3,071			3,984			1,479			1,524
Due to Custodian		2,941			12,941			37,136			61,048
Total Liabilities		1,621,833			1,589,432			38,615			62,572
Net Assets	$	5,860,754		$	6,414,642		$	2,626,346		$	2,694,083
Net Assets Consist of:
Paid-in Capital	$	4,642,000		$	(5,186,500	)	$	2,511,000		$	2,498,000
Undistributed (Distributions in Excess of) Net Investment Income		(46	)		(307,096	)		8,952			2,318
Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency Translations		380,210			12,098,208			(2,443	)		(1,596	)
Net Unrealized Appreciation (Depreciation) on Investments		838,579			(190,004	)		108,076			194,280
Net Unrealized Appreciation on Foreign Currency Translations		11			34			761			1,081
Net Assets	$	5,860,754		$	6,414,642		$	2,626,346		$	2,694,083
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		300,000			450,000			100,000			100,000
Net Asset Value, Offering and Redemption Price Per Share	$	19.54		$	14.25		$	26.26		$	26.94

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

76

STATEMENTSOF ASSETSAND LIABILITIES

April 30, 2011 (Unaudited)

	Global X S&P/TSX Venture 30 Canada ETF			Global X Oil Equities ETF			Global X Waste Management  ETF
Assets:
Cost of Investments	$	4,690,211		$	3,853,036		$	3,218,474
Cost of Foreign Currency		—			756			—
Investments at Value	$	4,817,099		$	3,953,747		$	3,299,666
Cash		—			488			—
Foreign Currency at Value		—			768			—
Dividend and Interest Receivable		—			971			892
Total Assets		4,817,099			3,955,974			3,300,558
Liabilities:
Payable due to Investment Adviser		2,577			1,585			708
Due to Custodian		700,411			—			250,159
Total Liabilities		702,988			1,585			250,867
Net Assets	$	4,114,111		$	3,954,389		$	3,049,691
Net Assets Consist of:
Paid-in Capital	$	4,000,000		$	3,854,000		$	2,968,000
Undistributed Net Investment Income/Accumulated Net Investment Loss		(3,387	)		(349	)		469
Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency Translations		(9,390	)		13			30
Net Unrealized Appreciation on Investments		126,888			100,711			81,192
Net Unrealized Appreciation on Foreign Currency Translations		—			14			—
Net Assets	$	4,114,111		$	3,954,389		$	3,049,691
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		250,000			250,000			200,000
Net Asset Value, Offering and Redemption Price Per Share	$	16.46		$	15.82		$	15.25

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

77

STATEMENTSOF OPERATIONS

For the period ended April 30, 2011 (Unaudited)

	Global X Silver Miners ETF			Global X Lithium ETF			Global X Copper Miners ETF			Global X Pure Gold Miners ETF(1)			Global X Uranium ETF(2)
Investment Income:
Dividend Income	$	2,255,927		$	373,628		$	501,573		$	2,246		$	2,671,161
Interest Income		208			177			27			—			252
Security Lending Income		—			—			—			—			282,315
Less: Foreign Taxes Withheld		(127,998	)		(41,024	)		(24,642	)		(287	)		(46,600	)
Total Investment Income		2,128,137			332,781			476,958			1,959			2,907,128
Supervision and Administration Fees(3)		1,336,634			571,301			278,518			2,195			564,188
Total Expenses		1,336,634			571,301			278,518			2,195			564,188
Net Investment Income (Loss)		791,503			(238,520	)		198,440			(236	)		2,342,940
Net Realized Gain (Loss) on:
Investments		11,569,265	(4)		3,815,716	(4)		293,635	(4)		—			4,102,824	(4)
Foreign Currency Transactions		(11,112	)		(168,080	)		5,976			4			(110,343	)
Net Realized Gain on Investments		11,558,153			3,647,636			299,611			4			3,992,481
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		97,399,130			12,019,561			9,869,060			240,025			(64,903,968	)
Foreign Currency Transactions		(68,289	)		(1,562	)		15,317			16			331
Net Change in Unrealized Appreciation (Depreciation) on Investments		97,330,841			12,017,999			9,884,377			240,041			(64,903,637	)
Net Realized and Unrealized Gain (Loss) on Investments		108,888,994			15,665,635			10,183,988			240,045			(60,911,156	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	109,680,497		$	15,427,115		$	10,382,428		$	239,809		$	(58,568,216	)

(1) The Fund commenced operations on March 14, 2011.

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

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

(4) Includes realized gains 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

STATEMENTSOF OPERATIONS

For the period ended April 30, 2011 (Unaudited)

	Global X Aluminum ETF(1)			Global X Gold Explorers ETF(2)			Global X Brazil Mid Cap ETF			Global X Brazil Financials ETF			Global X Brazil Consumer ETF
Investment Income:
Dividend Income	$	22,273		$	—		$	568,860		$	181,847		$	357,765
Interest Income		7			58			6			1			8
Less: Foreign Taxes Withheld		(1,248	)		—			(56,405	)		(21,215	)		(21,814	)
Total Investment Income		21,032			58			512,461			160,633			335,959
Supervision and Administration Fees(3)		9,795			66,772			107,793			34,390			123,926
Total Expenses		9,795			66,772			107,793			34,390			123,926
Net Investment Income (Loss)		11,237			(66,714	)		404,668			126,243			212,033
Net Realized Gain (Loss) on:
Investments		(7	)		670,410	(4)		(388,355	)(4)		(3,077	)		(293,699	)(4)
Foreign Currency Transactions		1,764			(30,466	)		5,886			7,526			4,693
Net Realized Gain (Loss) on Investments		1,757			639,944			(382,469	)		4,449			(289,006	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		131,339			1,657,451			1,327,995			35,864			222,156
Foreign Currency Transactions		(2,686	)		3			5,018			3,352			5,178
Net Change in Unrealized Appreciation on Investments		128,653			1,657,454			1,333,013			39,216			227,334
Net Realized and Unrealized Gain (Loss) on Investments		130,410			2,297,398			950,544			43,665			(61,672	)
Net Increase in Net Assets Resulting from Operations	$	141,647		$	2,230,684		$	1,355,212		$	169,908		$	150,361

(1) The Fund commenced operations on January 4, 2011.

(2) The Fund commenced operations on November 3, 2010.

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

(4) Includes realized gains 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.

79

STATEMENTSOF OPERATIONS

For the period ended April 30, 2011 (Unaudited)

	Global X FTSE Colombia 20 ETF			Global X FTSE Nordic Region ETF			Global X FTSE Norway 30 ETF(1)			Global X FTSE Argentina 20 ETF(2)			Global X FTSE Andean 40 ETF(3)
Investment Income:
Dividend Income	$	1,579,981		$	725,897		$	705,805		$	33,038		$	48,021
Interest Income		118			—			33			2			1
Less: Foreign Taxes Withheld		(95,028	)		(120,390	)		(164,685	)		(87	)		(6,914	)
Total Investment Income		1,485,071			605,507			541,153			32,953			41,108
Supervision and Administration Fees(4)		537,656			56,593			56,600			4,236			10,011
Custodian Fees		135,382			—			—			57			—
Total Expenses		673,038			56,593			56,600			4,293			10,011
Waiver of Supervision and Administration Fees		(9,986	)		—			—			—			—
Net Expenses		663,052			56,593			56,600			4,293			10,011
Net Investment Income		822,019			548,914			484,553			28,660			31,097
Net Realized Gain (Loss) on:
Investments		(157,228	)(5)		(10,905	)(5)		(57,059	)(5)		(10,221	)		(15,789	)
Foreign Currency Transactions		(33,646	)		15,293			(3,473	)		557			10,694
Net Realized Gain (Loss) on Investments		(190,874	)		4,388			(60,532	)		(9,664	)		(5,095	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(16,156,054	)		4,320,025			5,144,637			50,077			396,033
Foreign Currency Transactions		7,411			317			4,404			—			62
Net Change in Unrealized Appreciation (Depreciation) on Investments		(16,148,643	)		4,320,342			5,149,041			50,077			396,095
Net Realized and Unrealized Gain (Loss) on Investments		(16,339,517	)		4,324,730			5,088,509			40,413			391,000
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(15,517,498	)	$	4,873,644		$	5,573,062		$	69,073		$	422,097

(1) The Fund commenced operations on November 9, 2010.

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

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

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

(5) Includes realized gains 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.

80

STATEMENTSOF OPERATIONS

For the period ended April 30, 2011 (Unaudited)

	Global X FTSE ASEAN 40 ETF(1)			Global X China Consumer ETF			Global X China Energy ETF			Global X China Financials ETF			Global X China Industrials ETF
Investment Income:
Dividend Income	$	14,952		$	675,001		$	59,800		$	29,606		$	52,753
Interest Income		1			216			—			3			—
Less: Foreign Taxes Withheld		(540	)		(4,418	)		(683	)		(459	)		(1,787	)
Total Investment Income		14,413			670,799			59,117			29,150			50,966
Supervision and Administration Fees(2)		2,323			558,084			26,497			87,790			32,847
Total Expenses		2,323			558,084			26,497			87,790			32,847
Net Investment Income (Loss)		12,090			112,715			32,620			(58,640	)		18,119
Net Realized Gain (Loss) on:
Investments		(148	)		5,119,246	(3)		251,315	(3)		(393,207	)(3)		456,436	(3)
Foreign Currency Transactions		(701	)		11,527			(49	)		955			(316	)
Net Realized Gain (Loss) on Investments		(849	)		5,130,773			251,266			(392,252	)		456,120
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		157,989			(23,005,438	)		818,334			(3,460,041	)		(659,769	)
Foreign Currency Transactions		(191	)		807			36			(99	)		(680	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		157,798			(23,004,631	)		818,370			(3,460,140	)		(660,449	)
Net Realized and Unrealized Gain (Loss) on Investments		156,949			(17,873,858	)		1,069,636			(3,852,392	)		(204,329	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	169,039		$	(17,761,143	)	$	1,102,256		$	(3,911,032	)	$	(186,210	)

(1) The Fund commenced operations on February 16, 2011.

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

(3) Includes realized gains 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.

81

STATEMENTSOF OPERATIONS

For the period ended April 30, 2011 (Unaudited)

	Global X China Technology ETF			Global X China Materials ETF			Global X Russell Emerging Markets Growth ETF(1)			Global X Russell Emerging Markets Value ETF(1)			Global X S&P/TSX Venture 30 Canada ETF(2)
Investment Income:
Dividend Income	$	17,540		$	64,780		$	14,445		$	7,888		$	—
Interest Income		2			—			—			—			—
Less: Foreign Taxes Withheld		(595	)		(2,857	)		(994	)		(933	)		—
Total Investment Income		16,947			61,923			13,451			6,955			—
Supervision and Administration Fees(3)		16,993			77,565			4,499			4,637			3,387
Total Expenses		16,993			77,565			4,499			4,637			3,387
Net Investment Income (Loss)		(46	)		(15,642	)		8,952			2,318			(3,387	)
Net Realized Gain (Loss) on:
Investments		380,058	(4)		12,117,281	(4)		(1,825	)		(1,463	)		(9,390	)(4)
Foreign Currency Transactions		153			(3,456	)		(618	)		(133	)		—
Net Realized Gain (Loss) on Investments		380,211			12,113,825			(2,443	)		(1,596	)		(9,390	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		344,715			(11,101,595	)		108,076			194,280			126,888
Foreign Currency Transactions		(26	)		(40	)		761			1,081			—
Net Change in Unrealized Appreciation (Depreciation) on Investments		344,689			(11,101,635	)		108,837			195,361			126,888
Net Realized and Unrealized Gain on Investments		724,900			1,012,190			106,394			193,765			117,498
Net Increase in Net Assets Resulting from Operations	$	724,854		$	996,548		$	115,346		$	196,083		$	114,111

(1) The Fund commenced operations on January 24, 2011.

(2) The Fund commenced operations on March 16, 2011.

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

(4) Includes realized gains 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.

82

STATEMENTSOF OPERATIONS

For the period ended April 30, 2011 (Unaudited)

	Global X  Oil Equities ETF(1)			Global X Waste Management ETF(2)
Investment Income:
Dividend Income	$	2,023		$	1,474
Less: Foreign Taxes Withheld		(248	)		(297	)
Total Investment Income		1,775			1,177
Supervision and Administration Fees(3)		2,124			708
Total Expenses		2,124			708
Net Investment Income (Loss)		(349	)		469
Net Realized Gain on:
Foreign Currency Transactions		13			30
Net Realized Gain on Investments		13			30
Net Change in Unrealized Appreciation on:
Investments		100,711			81,192
Foreign Currency Transactions		14			—
Net Change in Unrealized Appreciation on Investments		100,725			81,192
Net Realized and Unrealized Gain on Investments		100,738			81,222
Net Increase in Net Assets Resulting from Operations	$	100,389		$	81,691

(1) The Fund commenced operations on March 14, 2011.

(2) The Fund commenced operations on April 12, 2011.

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

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

83

STATEMENTSOF CHANGESIN NET ASSETS

	Global X Silver Miners ETF						Global X Lithium ETF
	Period Ended April 30, 2011 (Unaudited)			Period Ended October 31, 2010 (1) (Audited)			Period Ended April 30, 2011 (Unaudited)			Period Ended October 31, 2010 (2) (Audited)
Operations:
Net Investment Income (Loss)	$	791,503		$	229,608		$	(238,520	)	$	(60,245	)
Net Realized Gain on Investments and Foreign Currency Transactions		11,558,153	(3)		276,359	(3)		3,647,636	(3)		114,188
Net Change in Unrealized Appreciation on Investments and Foreign Currency Transactions		97,330,841			29,297,367			12,017,999			7,200,122
Net Increase in Net Assets Resulting from Operations		109,680,497			29,803,334			15,427,115			7,254,065
Dividends and Distributions:
Net Investment Income		(3,208,369	)		—			(1,533,030	)		—
Net Realized Gains		—			—			(105,325	)		—
Total Dividends and Distributions		(3,208,369	)		—			(1,638,355	)		—
Capital Share Transactions:
Issued		407,021,000			143,459,000			116,051,500			71,062,500
Redeemed		(60,762,500	)		(1,590,500	)		(20,218,500	)		—
Increase in Net Assets from Capital Share Transactions		346,258,500			141,868,500			95,833,000			71,062,500
Total Increase in Net Assets		452,730,628			171,671,834			109,621,760			78,316,565
Net Assets:
Beginning of Period		171,671,834			—			78,316,565			—
End of Period	$	624,402,462		$	171,671,834		$	187,938,325		$	78,316,565
Undistributed (Distributions in Excess of) Net Investment Income/Accumulated Net Investment Loss	$	(2,195,770	)	$	221,096		$	(1,822,491	)	$	(50,941	)
Share Transactions:
Issued		15,700,000			8,600,000			5,350,000			3,950,000
Redeemed		(2,250,000	)		(100,000	)		(950,000	)		—
Net Increase in Shares Outstanding from Share Transactions		13,450,000			8,500,000			4,400,000			3,950,000

(1) The Fund commenced operations on April 19, 2010.

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

(3) Includes realized gains 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.

84

STATEMENTSOF CHANGESIN NET ASSETS

	Global X Copper Miners ETF						Global X Pure Gold Miners ETF
	Period Ended April 30, 2011 (Unaudited)			Period Ended October 31, 2010 (1) (Audited)			Period Ended April 30, 2011(2) (Unaudited)
Operations:
Net Investment Income (Loss)	$	198,440		$	1,341		$	(236	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		299,611	(3)		(6,805	)		4
Net Change in Unrealized Appreciation on Investments and Foreign Currency Transactions		9,884,377			764,041			240,041
Net Increase in Net Assets Resulting from Operations		10,382,428			758,577			239,809
Dividends and Distributions:
Net Investment Income		(388,853	)		—			—
Total Dividends and Distributions		(388,853	)		—			—
Capital Share Transactions:
Issued		103,667,500			29,170,000			3,053,000
Redeemed		(37,710,500	)		—			—
Increase in Net Assets from Capital Share Transactions		65,957,000			29,170,000			3,053,000
Total Increase in Net Assets		75,950,575			29,928,577			3,292,809
Net Assets:
Beginning of Period		29,928,577			—			—
End of Period	$	105,879,152		$	29,928,577		$	3,292,809
Undistributed (Distributions in Excess of) Net Investment Income/Accumulated Net Investment Loss	$	(185,664	)	$	4,749		$	(236	)
Share Transactions:
Issued		5,400,000			1,800,000			200,000
Redeemed		(2,000,000	)		—			—
Net Increase in Shares Outstanding from Share Transactions		3,400,000			1,800,000			200,000

(1) The Fund commenced operations on April 19, 2010.

(2) The Fund commenced operations on March 14, 2011.

(3) Includes realized gains 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.

85

STATEMENTSOF CHANGESIN NET ASSETS

	Global X Uranium ETF Period Ended April 30, 2011(1) (Unaudited)			Global X Aluminum ETF Period Ended April 30, 2011(2) (Unaudited)		Global X Gold Explorers ETF Period Ended April 30, 2011(3) (Unaudited)
Operations:
Net Investment Income (Loss)	$	2,342,940		$	11,237	$	(66,714	)
Net Realized Gain on Investments and Foreign Currency Transactions		3,992,481	(4)		1,757		639,944	(4)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		(64,903,637	)		128,653		1,657,454
Net Increase (Decrease) in Net Assets Resulting from Operations		(58,568,216	)		141,647		2,230,684
Dividends and Distributions:
Net Investment Income		(2,682,085	)		—		—
Total Dividends and Distributions		(2,682,085	)		—		—
Capital Share Transactions:
Issued		370,062,000			5,360,000		27,082,000
Redeemed		(41,643,000	)		—		(3,346,000	)
Increase in Net Assets from Capital Share Transactions		328,419,000			5,360,000		23,736,000
Total Increase in Net Assets		267,168,699			5,501,647		25,966,684
Net Assets:
Beginning of Period		—			—		—
End of Period	$	267,168,699		$	5,501,647	$	25,966,684
Undistributed (Distributions in Excess of) Net Investment Income/Accumulated Net Investment Loss	$	(339,145	)	$	11,237	$	(66,714	)
Share Transactions:
Issued		20,950,000			350,000		1,600,000
Redeemed		(2,150,000	)		—		(200,000	)
Net Increase in Shares Outstanding from Share Transactions		18,800,000			350,000		1,400,000

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

(2) The Fund commenced operations on January 4, 2011.

(3) The Fund commenced operations on November 3, 2010.

(4) Includes realized gains 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.

86

STATEMENTSOF CHANGESIN NET ASSETS

	Global X Brazil Mid Cap ETF					Global X Brazil Financials ETF
	Period Ended April 30, 2011 (Unaudited)			Period Ended October 31, 2010(1) (Audited)		Period Ended April 30, 2011 (Unaudited)			Year Ended October 31, 2010(2) (Audited)
Operations:
Net Investment Income	$	404,668		$	60,548	$	126,243		$	12,403
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(382,469	)(3)		31,759		4,449			1,420
Net Change in Unrealized Appreciation on Investments and Foreign Currency Transactions		1,333,013			2,594,314		39,216			495,514
Net Increase in Net Assets Resulting from Operations		1,355,212			2,686,621		169,908			509,337
Dividends and Distributions:
Net Investment Income		(417,712	)		—		(49,172	)		—
Net Realized Gains		(35,267	)		—		—			—
Total Dividends and Distributions		(452,979	)		—		(49,172	)		—
Capital Share Transactions:
Issued		6,216,500			26,555,500		1,676,000			7,320,000
Redeemed		(3,400,000	)		—		—			—
Increase in Net Assets from Capital Share Transactions		2,816,500			26,555,500		1,676,000			7,320,000
Total Increase in Net Assets		3,718,733			29,242,121		1,796,736			7,829,337
Net Assets:
Beginning of Period		29,242,121			—		7,829,337			—
End of Period	$	32,960,854		$	29,242,121	$	9,626,073		$	7,829,337
Undistributed Net Investment Income	$	43,997		$	57,041	$	90,897		$	13,826
Share Transactions:
Issued		350,000			1,600,000		100,000			450,000
Redeemed		(200,000	)		—		—			—
Net Increase in Shares Outstanding from Share Transactions		150,000			1,600,000		100,000			450,000

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

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

(3) Includes realized gains 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.

87

STATEMENTSOF CHANGESIN NET ASSETS

	Global X Brazil Consumer ETF					Global X FTSE Colombia 20 ETF
	Period Ended April 30, 2011 (Unaudited)			Period Ended October 31, 2010(1) (Audited)		Period Ended April  30, 2011 (Unaudited)			Year Ended October 31, 2010 (Audited)
Operations:
Net Investment Income	$	212,033		$	3,140	$	822,019		$	248,896
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(289,006	)		23,620		(190,874	)		148,195
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		227,334			2,311,009		(16,148,643	)		20,392,508
Net Increase (Decrease) in Net Assets Resulting from Operations		150,361			2,337,769		(15,517,498	)		20,789,599
Dividends and Distributions:
Net Investment Income		(34,887	)(2)		—		(1,100,700	)(2)		(264,734	)
Net Realized Gains		(23,091	)		—		(643,516	)		—
Total Dividends and Distributions		(57,978	)		—		(1,744,216	)		(264,734	)
Capital Share Transactions:
Issued		11,164,000			22,596,500		43,150,000			168,870,000
Redeemed		(2,695,500	)		—		(67,160,100	)		—
Increase (Decrease) in Net Assets from Capital Share Transactions		8,468,500			22,596,500		(24,010,100	)		168,870,000
Total Increase (Decrease) in Net Assets		8,560,883			24,934,269		(41,271,814	)		189,394,865
Net Assets:
Beginning of Period		24,934,269			—		196,354,919			6,960,054
End of Period	$	33,495,152		$	24,934,269	$	155,083,105		$	196,354,919
Undistributed Net Investment Income	$	180,816		$	3,670	$	(191,140	)	$	87,541
Share Transactions:
Issued		550,000			1,250,000		1,980,000	(4)		8,040,000	(3)
Redeemed		(150,000	)		—		(3,240,000	)(4)		—
Net Increase in Shares Outstanding from Share Transactions		400,000			1,250,000		(1,260,000	)		8,040,000

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

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

(3) Restated to reflect the effect of a 2 for 1 share split on April 12, 2011. (See Note 8 in Notes to Financial Statements)

(4) Adjusted to reflect the effect of a 2 for 1 share split on April 12, 2011. (See Note 8 in Notes to Financial Statements)

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

88

STATEMENTSOF CHANGESIN NET ASSETS

							Global X FTSE Norway 30			Global X FTSE Argentina 20
	Global X FTSE Nordic Region
	ETF						ETF			ETF
	Period Ended April  30, 2011 (Unaudited)			Year Ended October 31, 2010 (Audited)			Period Ended April 30, 2011(1) (Unaudited)			Period Ended April 30, 2011(2) (Audited)
Operations:
Net Investment Income	$	548,914		$	129,926		$	484,553		$	28,660
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		4,388	(3)		412,087	(3)		(60,532	)(3)		(9,664	)
Net Change in Unrealized Appreciation on Investments and Foreign Currency Transactions		4,320,342			1,293,175			5,149,041			50,077
Net Increase in Net Assets Resulting from Operations		4,873,644			1,835,188			5,573,062			69,073
Dividends and Distributions:
Net Investment Income		(150,580	)		(2,158	)		(6,983	)		—
Total Dividends and Distributions		(150,580	)		(2,158	)		(6,983	)		—
Capital Share Transactions:
Issued		18,105,000			9,938,400			54,156,500			3,761,000
Redeemed		(1,078,500	)		(2,462,600	)		(8,163,500	)		—
Increase in Net Assets from Capital Share Transactions		17,026,500			7,475,800			45,993,000			3,761,000
Total Increase in Net Assets		21,749,564			9,308,830			51,559,079			3,830,073
Net Assets:
Beginning of Period		12,683,474			3,374,644			—			—
End of Period	$	34,433,038		$	12,683,474		$	51,559,079		$	3,830,073
Undistributed Net Investment Income	$	526,180		$	127,846		$	477,570		$	28,660
Share Transactions:
Issued		900,000			590,000			3,400,000			250,000
Redeemed		(50,000	)		(140,000	)		(500,000	)		—
Net Increase in Shares Outstanding from Share Transactions		850,000			450,000			2,900,000			250,000

(1) The Fund commenced operations on November 9, 2010.

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

(3) Includes realized gains 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.

89

STATEMENTSOF CHANGESIN NET ASSETS

	Global X FTSE Andean 40 ETF Period Ended April 30, 2011(1) (Unaudited)			Global X FTSE ASEAN 40 ETF Period Ended April 30, 2011(2) (Unaudited)			Global X China Period Ended April 30, 2011 (Unaudited)			Consumer ETF Period Ended October 31, 2010(3) (Audited)
Operations:
Net Investment Income	$	31,097		$	12,090		$	112,715		$	513,308
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(5,095	)		(849	)		5,130,773	(4)		(264,708	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		396,095			157,798			(23,004,631	)		21,235,963
Net Increase (Decrease) in Net Assets Resulting from Operations		422,097			169,039			(17,761,143	)		21,484,563
Dividends and Distributions:
Net Investment Income		—			—			(1,734,529	)		—
Total Dividends and Distributions		—			—			(1,734,529	)		—
Capital Share Transactions:
Issued		7,298,000			2,317,500			72,030,500			153,390,500
Redeemed		—			—			(37,492,500	)		—
Increase in Net Assets from Capital Share Transactions		7,298,000			2,317,500			34,538,000			153,390,500
Total Increase in Net Assets		7,720,097			2,486,539			15,042,328			174,875,063
Net Assets:
Beginning of Period		—			—			174,875,063			—
End of Period	$	7,720,097		$	2,486,539		$	189,917,391		$	174,875,063
Undistributed (Distributions in Excess of) Net Investment Income	$	31,097		$	12,090		$	(1,108,113	)	$	513,701
Share Transactions:
Issued		500,000			150,000			3,700,000			8,600,000
Redeemed		—			—			(1,900,000	)		—
Net Increase in Shares Outstanding from Share Transactions		500,000			150,000			1,800,000			8,600,000

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

(2) The Fund commenced operations on February 16, 2011.

(3) The Fund commenced operations on November 30, 2009.

(4) Includes realized gains 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.

90

STATEMENTSOF CHANGESIN NET ASSETS

	Global X China Energy ETF						Global X China Financials ETF
	Period Ended April 30, 2011 (Unaudited)			Period Ended October 31, 2010(1) (Audited)			Period Ended April 30, 2011 (Unaudited)			Period Ended October 31, 2010(2) (Audited)
Operations:
Net Investment Income (Loss)	$	32,620		$	57,846		$	(58,640	)	$	1,175,125
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		251,266	(3)		(54,664	)		(392,252	)(3)		1,589,811	(3)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		818,370			214,132			(3,460,140	)		3,006,971
Net Increase (Decrease) in Net Assets Resulting from Operations		1,102,256			217,314			(3,911,032	)		5,771,907
Dividends and Distributions:
Net Investment Income		(61,491	)		—			(1,177,311	)		—
Total Dividends and Distributions		(61,491	)		—			(1,177,311	)		—
Capital Share Transactions:
Issued		5,637,000			4,500,000			695,000			82,874,000
Redeemed		(876,500	)		—			(58,117,500	)		(18,487,500	)
Increase (Decrease) in Net Assets from Capital Share Transactions		4,760,500			4,500,000			(57,422,500	)		64,386,500
Total Increase (Decrease) in Net Assets		5,801,265			4,717,314			(62,510,843	)		70,158,407
Net Assets:
Beginning of Period		4,717,314			—			70,158,407			—
End of Period	$	10,518,579		$	4,717,314		$	7,647,564		$	70,158,407
Undistributed (Distributions in Excess of) Net Investment Income	$	29,186		$	58,057		$	(58,642	)	$	1,177,309
Share Transactions:
Issued		350,000			300,000			50,000			6,000,000
Redeemed		(50,000	)		—			(4,250,000	)		(1,250,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		300,000			300,000			(4,200,000	)		4,750,000

(1) The Fund commenced operations on December 15, 2009.

(2) The Fund commenced operations on December 10, 2009.

(3) Includes realized gains 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.

91

STATEMENTSOF CHANGESIN NET ASSETS

	Global X China Industrials ETF						Global X China Technology ETF
	Period Ended April 30, 2011 (Unaudited)			Period Ended October 31, 2010(1) (Audited)			Period Ended April 30, 2011 (Unaudited)			Period Ended October 31, 2010(2) (Audited)
Operations:
Net Investment Income (Loss)	$	18,119		$	135,007		$	(46	)	$	7,404
Net Realized Gain on Investments and Foreign Currency Transactions		456,120	(3)		1,515,803	(3)		380,211	(3)		38,475
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		(660,449	)		540,340			344,689			493,901
Net Increase (Decrease) in Net Assets Resulting from Operations		(186,210	)		2,191,150			724,854			539,780
Dividends and Distributions:
Net Investment Income		(149,711	)		—			(7,571	)		—
Net Realized Gains		—			—			(38,309	)		—
Total Dividends and Distributions		(149,711	)		—			(45,880	)		—
Capital Share Transactions:
Issued		839,000			27,227,000			1,857,500			3,761,500
Redeemed		(4,961,500	)		(16,568,000	)		(977,000	)		—
Increase (Decrease) in Net Assets from Capital Share Transactions		(4,122,500	)		10,659,000			880,500			3,761,500
Total Increase (Decrease) in Net Assets		(4,458,421	)		12,850,150			1,559,474			4,301,280
Net Assets:
Beginning of Period		12,850,150			—			4,301,280			—
End of Period	$	8,391,729		$	12,850,150		$	5,860,754		$	4,301,280
Undistributed (Distributions in Excess of) Net Investment Income	$	18,117		$	149,709		$	(46	)	$	7,571
Share Transactions:
Issued		50,000			1,700,000			100,000			250,000
Redeemed		(300,000	)		(950,000	)		(50,000	)		—
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(250,000	)		750,000			50,000			250,000

(1) The Fund commenced operations on November 30, 2009.

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

(3) Includes realized gains 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.

92

STATEMENTSOF CHANGESIN NET ASSETS

							Global X Russell Emerging Markets Growth ETF Period Ended April 30, 2011(2) (Unaudited)			Global X Russell Emerging Markets  Value ETF Period Ended April 30, 2011(2) (Unaudited)
	Global X China Materials ETF
	Period Ended April 30, 2011 (Unaudited)			Period Ended October 31, 2010(1) (Audited)
Operations:
Net Investment Income (Loss)	$	(15,642	)	$	46,418		$	8,952		$	2,318
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		12,113,825	(3)		(17,369	)		(2,443	)		(1,596	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		(11,101,635	)		10,911,665			108,837			195,361
Net Increase in Net Assets Resulting from Operations		996,548			10,940,714			115,346			196,083
Dividends and Distributions:
Net Investment Income		(336,120	)		—			—			—
Total Dividends and Distributions		(336,120	)		—			—			—
Capital Share Transactions:
Issued		2,226,000			46,701,000			2,511,000			2,498,000
Redeemed		(54,113,500	)		—			—			—
Increase (Decrease) in Net Assets from Capital Share Transactions		(51,887,500	)		46,701,000			2,511,000			2,498,000
Total Increase (Decrease) in Net Assets		(51,227,072	)		57,641,714			2,626,346			2,694,083
Net Assets:
Beginning of Period		57,641,714			—			—			—
End of Period	$	6,414,642		$	57,641,714		$	2,626,346		$	2,694,083
Undistributed (Distributions in Excess of) Net Investment Income	$	(307,096	)	$	44,666		$	8,952		$	2,318
Share Transactions:
Issued		150,000			3,950,000			100,000			100,000
Redeemed		(3,650,000	)		—			—			—
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(3,500,000	)		3,950,000			100,000			100,000

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

(2) The Fund commenced operations on January 24, 2011.

(3) Includes realized gains 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.

93

STATEMENTSOF CHANGESIN NET ASSETS

	Global X S&P/TSX Venture 30 Canada ETF Period Ended April 30, 2011(1) (Unaudited)			Global X Oil Equities ETF Period Ended April 30, 2011(2) (Unaudited)			Global X Waste Management ETF Period Ended April 30, 2011(3) (Unaudited)
Operations:
Net Investment Income (Loss)	$	(3,387	)	$	(349	)	$	469
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(9,390	)(4)		13			30
Net Change in Unrealized Appreciation on Investments and Foreign Currency Transactions		126,888			100,725			81,192
Net Increase in Net Assets Resulting from Operations		114,111			100,389			81,691
Capital Share Transactions:
Issued		4,830,000			3,854,000			2,968,000
Redeemed		(830,000	)		—			—
Increase in Net Assets from Capital Share Transactions		4,000,000			3,854,000			2,968,000
Total Increase in Net Assets		4,114,111			3,954,389			3,049,691
Net Assets:
Beginning of Period		—			—			—
End of Period	$	4,114,111		$	3,954,389		$	3,049,691
Accumulated Net Investment Loss/ Undistributed Net Investment Income	$	(3,387	)	$	(349	)	$	469
Share Transactions:
Issued		300,000			250,000			200,000
Redeemed		(50,000	)		—			—
Net Increase in Shares Outstanding from Share Transactions		250,000			250,000			200,000

(1) The Fund commenced operations on March 16, 2011.

(2) The Fund commenced operations on March 14, 2011.

(3) The Fund commenced operations on April 12, 2011.

(4) Includes realized gains 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.

94

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($)			Distribution from Capital Gains($)			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
Institutional Shares
2011(Unaudited)		20.20		0.05			8.44			8.49			(0.24	)		—			28.45		42.13			624,402		0.65	†		0.38	†		8.05	††
2010(1)		14.50		0.05			5.65			5.70			—			—			20.20		39.31			171,672		0.65	†		0.61	†		0.35	††
Global X Lithium ETF
Institutional Shares
2011(Unaudited)		19.83		(0.03	)		2.98			2.95			(0.25	)		(0.02	)		22.51		14.87			187,938		0.75	†		(0.31	)†		4.81	††
2010(2)		15.51		(0.03	)		4.35			4.32			—			—			19.83		27.85			78,317		0.75	†		(0.62	)†		5.55	††
Global X Copper Miners ETF
Institutional Shares
2011(Unaudited)		16.63		0.04			3.78			3.82			(0.09	)		—			20.36		23.01			105,879		0.65	†		0.46	†		3.74	††
2010(1)		14.40		—			2.23			2.23			—			—			16.63		15.49			29,929		0.65	†		0.06	†		1.36	††
Global X Pure Gold Miners ETF
Institutional Shares
2011(3) (Unaudited)		15.15		—			1.31			1.31			—			—			16.46		8.65			3,293		0.59	†		(0.06	)†		—	††
Global X Uranium ETF
Institutional Shares
2011(4) (Unaudited)		16.78		0.25			(2.43	)		(2.18	)		(0.39	)		—			14.21		(13.67	)		267,169		0.69	†		2.85	†		0.60	††
Global X Aluminum ETF
Institutional Shares
2011(5) (Unaudited)		15.27		0.04			0.41			0.45			—			—			15.72		2.95			5,502		0.69	†		0.79	†		—	††
Global X Gold Explorers ETF
Institutional Shares
2011(6) (Unaudited)		15.49		(0.06	)		3.12			3.06			—			—			18.55		19.75			25,967		0.65	†		(0.65	)†		13.05	††
Global X Brazil Mid Cap ETF
Institutional Shares
2011(Unaudited)		18.28		0.23			0.57			0.80			(0.23	)		(0.02	)		18.83		4.53			32,961		0.69	†		2.59	†		5.32	††
2010(7)		15.16		0.08			3.04			3.12			—			—			18.28		20.58			29,242		0.69	†		1.24	†		2.69	††
Global X Brazil Financials ETF
Institutional Shares
2011(Unaudited)		17.40		0.23			(0.04	)		0.19			(0.09	)		—			17.50		1.11			9,626		0.77	†		2.83	†		7.23	††
2010(8)		15.08		0.05			2.27			2.32			—			—			17.40		15.38			7,829		0.77	†		1.15	†		—	††
Global X Brazil Consumer ETF
Institutional Shares
2011(Unaudited)		19.95		0.13			0.25			0.38			(0.02	)		(0.01	)		20.30		1.93			33,495		0.77	†		1.32	†		9.87	††
2010(9)		15.48		—			4.47			4.47			—			—			19.95		28.88			24,934		0.77	†		0.07	†		4.72	††
Global X FTSE Colombia 20 ETF
Institutional Shares
2011(Unaudited)(12)		22.99		0.10			(1.58	)		(1.48	)		(0.13	)		(0.08	)		21.30		(6.42	)		155,083		0.84	†@		1.04	†		29.18	††
2010(11)		13.92		0.16			9.44			9.60			(0.53	)		—			22.99		71.28			196,355		0.86			0.77			40.95
2009(10)(11)		7.50		0.25			6.17			6.42			—			—			13.92		85.60			6,960		0.86			2.93			1.94	††

(1) The Fund commenced operations on April 19, 2010.

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

(3) The Fund commenced operations on March 14, 2011.

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

(5) The Fund commenced operations on January 4, 2011.

(6) The Fund commenced operations on November 3, 2010.

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

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

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

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

(11) Per share amounts have been restated for a 2 for 1 share split on April 12, 2011. (See Note 8 in Notes to Financial Statements)

(12) Per share amounts have been adjusted for a 2 for 1 share split on April 12, 2011. (See Note 8 in Notes to Financial Statements)

* Per share calculations were performed using average shares.

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

† Annualized.

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

@ The Ratio of Expenses to Average Net Assets includes the effect of a waiver. If these expense offsets were excluded, the ratio would have been 0.85%, 0.86 and 0.86% for the period ended April 31, 2011 and fiscal years ended 2010, 2009, respectively.

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

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

95

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($)			Distribution from Capital Gains($)			Net Asset Value, End of Period ($)		Total Return **(%)			Net Assets End of Period ($000)		Ratio of Expenses to Average Net Assets(%)			Ratio of Net Investment Income (Loss) to Average Net Assets(%)			Portfolio Turnover (%)
Global X FTSE Nordic Region ETF
Institutional Shares
2011(Unaudited)		19.22		0.49			3.26			3.75			(0.17	)		—			22.80		19.67			34,433		0.50	†		4.85	†		4.18	††
2010		16.07		0.32			2.84			3.16			(0.01	)		—			19.22		19.68			12,683		0.50			1.91			4.07
2009(1)		14.50		(0.02	)		1.59			1.57			—			—			16.07		10.83			3,375		0.50	†		(0.50	)		0.70	††
Global X FTSE Norway 30 ETF
Institutional Shares
2011(2) (Unaudited)		14.80		0.33			2.66			2.99			(0.01	)		—			17.78		20.20			51,559		0.50	†		4.26	†		1.18	††
Global X FTSE Argentina 20 ETF
Institutional Shares
2011(3) (Unaudited)		14.93		0.12			0.27			0.39			—			—			15.32		2.61			3,830		0.74	†		5.01			7.74	††
Global X FTSE Andean 40 ETF
Institutional Shares
2011(4) (Unaudited)		14.88		0.08			0.48			0.56			—			—			15.44		3.76			7,720		0.72	†		2.24	†		3.44	††
Global X FTSE ASEAN 40 ETF
Institutional Shares
2011(5) (Unaudited)		15.08		0.11			1.39			1.50			—			—			16.58		9.95			2,487		0.65	†		3.38	†		2.36	††
Global X China Consumer ETF
Institutional Shares
2011(Unaudited)		20.33		0.01			(1.89	)		(1.88	)		(0.19	)		—			18.26		(9.22	)		189,917		0.65	†		0.13	†		6.11	††
2010(6)		15.65		0.17			4.51			4.68			—			—			20.33		29.90			174,875		0.65	†		1.03	†		3.91	††
Global X China Energy ETF
Institutional Shares
2011(Unaudited)		15.72		0.06			1.89			1.95			(0.14	)		—			17.53		12.50			10,519		0.65	†		0.80	†		4.29	††
2010(7)		15.02		0.23			0.47			0.70			—			—			15.72		4.66			4,717		0.65	†		1.80	†		20.55	††
Global X China Financials ETF
Institutional Shares
2011(Unaudited)		14.77		(0.03	)		(0.52	)		(0.55	)		(0.32	)		—			13.90		(3.63	)		7,646		0.65	†		(0.43	)†		24.98	††
2010(8)		14.90		0.27			(0.40	)		(0.13	)		—			—			14.77		(0.87	)		70,158		0.65	†		2.26	†		14.42	††
Global X China Industrials ETF
Institutional Shares
2011(Unaudited)		17.13		0.03			(0.15	)		(0.12	)		(0.23	)		—			16.78		(0.65	)		8,392		0.65	†		0.36	†		12.75	††
2010(6)		15.50		0.08			1.55			1.63			—			—			17.13		10.52	��		12,850		0.65	†		0.61	†		12.74	††
Global X China Technology ETF
Institutional Shares
2011(Unaudited)		17.21		—			2.49			2.49			(0.03	)		(0.13	)		19.54		14.59			5,861		0.65	†		—	†		8.59	††
2010(9)		14.90		0.03			2.28			2.31			—			—			17.21		15.50			4,301		0.65	†		0.24	†		5.15	††
Global X China Materials ETF
Institutional Shares
2011(Unaudited)		14.59		(0.01	)		(0.19	)		(0.20	)		(0.14	)		—			14.25		(1.30	)		6,415		0.65	†		(0.13	)†		20.75	††
2010(10)		14.95		0.02			(0.38	)		(0.36	)		—			—			14.59		(2.41	)		57,642		0.65	†		0.23	†		6.13	††

(1) The Fund commenced operations on August 17, 2009.

(2) The Fund commenced operations on November 9, 2010.

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

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

(5) The Fund commenced operations on February 16, 2011.

(6) The Fund commenced operations on November 30, 2009.

(7) The Fund commenced operations on December 15, 2009.

(8) The Fund commenced operations on December 10, 2009.

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

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

* Per share calculations were performed using average shares.

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

† Annualized

†† Portfolio turnover rate is for the period indicated and has not been annualized. Excludes the effects 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.

96

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 on Investments($)		Total from Operations($)		Distribution from Net Investment Income ($)		Net Asset Value End of Period ($)		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 Russell Emerging Markets Growth ETF
Institutional Shares
2011(1) (Unaudited)	25.11		0.09			1.06		1.15		—		26.26		4.58		2,626		0.69	†		1.37	†		—	††
Global X Russell Emerging Markets Value ETF
Institutional Shares
2011(1) (Unaudited)	24.98		0.02			1.94		1.96		—		26.94		7.85		2,694		0.69	†		0.34	†		—	††
Global X S&P/TSX Venture 30 Canada ETF
Institutional Shares
2011(2) (Unaudited)	15.04		(0.02	)		1.44		1.42		—		16.46		9.44		4,114		0.75	†		(0.75	)†		—	††
Global X Oil Equities ETF
Institutional Shares
2011(3) (Unaudited)	15.08		—			0.74		0.74		—		15.82		4.91		3,954		0.49	†		(0.08	)†		—	††
Global X Waste Management ETF
Institutional Shares
2011(4) (Unaudited)	14.87		—			0.38		0.38		—		15.25		2.56		3,050		0.65	†		0.43	†		—	††

(1) The Fund commenced operations on January 24, 2011.

(2) The Fund commenced operations on March 16, 2011.

(3) The Fund commenced operations on March 14, 2011.

(4) The Fund commenced operations on April 12, 2011.

* Per share calculations were performed using average shares.

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

† Annualized

†† Portfolio turnover rate is for the period indicated and has not been annualized. Excludes the effects 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.

97

NOTESTO FINANCIAL STATEMENTS

APRIL 30, 2011 (UNAUDITED)

1. ORGANIZATION

The Global X Funds (the “Trust”) is a Delaware Statutory Trust formed on March 6, 2008. The Trust is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of April 30, 2011, the Trust consisted of the following fifty-five, non-diversified investment portfolios: Global X FTSE Nordic Region ETF¹, Global X FTSE Denmark 30 ETF, Global X FTSE Finland 30 ETF, Global X FTSE Norway 30 ETF, Global X FTSE Argentina 20 ETF, Global X FTSE Colombia 20 ETF², Global X FTSE Philippines PSEi ETF³, Global X FTSE United Arab Emirates 20 ETF, Global X Emerging Africa ETF⁴, Global X Pakistan KSE30 ETF, Global X China Consumer ETF, Global X China Energy ETF, Global X China Financials ETF, Global X China Industrials ETF, Global X China Materials ETF, Global X China Technology ETF, Global X Copper Miners ETF, Global X Pure Gold Miners ETF⁵, Global X Platinum Miners ETF, Global X Silver Miners ETF, Global X Brazil Consumer ETF, Global X Brazil Financials ETF, Global X Brazil Industrials ETF, Global X Brazil Materials ETF, Global X Brazil Utilities ETF, Global X Brazil Mid Cap ETF, Global X China Mid Cap, Global X Aluminum ETF, Global X Lithium ETF, Global X Uranium ETF, Global X Fishing Industry ETF⁶, Global X Food ETF, Global X Shipping ETF, Global X Waste Management ETF, Global X Gold Explorers ETF, Global X Russell Emerging Markets Growth ETF, Global X Russell Emerging Markets Value ETF, Global X Next 11 ETF, Global X FTSE ASEAN 40 ETF, Global X FTSE Andean 40 ETF, Global X S&P/TSX Venture 30 Canada ETF ⁷, Global X Oil Equities ETF, Global X Auto ETF, Global X UK Mid-Cap ETF, Global X Mexico Small-Cap ETF, Global X Hong Kong Small-Cap ETF, Global X Germany Small-Cap ETF, Global X Singapore Small-Cap ETF, Global X South Korea Small-Cap ETF, Global X Taiwan Small-Cap ETF, Global X Rare Earths ETF, Global X Strategic Metals ETF, Global X Fertilizers/Potash ETF, Global X SuperDividend ETF, and Global X Canada Preferred ETF (each a “Fund”, collectively the “Funds”).⁸ As of April 30, 2011, the following investment portfolios were operational: Global X FTSE Nordic Region ETF, Global X FTSE Norway 30 ETF, Global X FTSE Argentina 20 ETF, Global X FTSE Colombia 20 ETF, Global X China Consumer ETF, Global X China Energy ETF, Global X China Financials ETF, Global X China Industrials ETF, Global X China Materials ETF, Global X China Technology ETF, Global X Copper Miners ETF, Global X Pure Gold Miners ETF, Global X Silver Miners ETF, Global X Brazil Consumer ETF, Global X Brazil Financials ETF, Global X Brazil Mid Cap ETF, Global X Aluminum ETF, Global X Lithium ETF, Global X Uranium ETF, Global X Waste Management ETF, Global X Gold Explorers ETF, Global X Russell Emerging Markets Growth ETF, Global X Russell Emerging Markets Value ETF, Global X FTSE ASEAN 40 ETF, Global X FTSE Andean 40 ETF, Global X S&P/TSX Venture 30 Canada ETF, and Global X Oil Equities ETF.⁹

¹  Effective March 1, 2011, the name of Global X Nordic 30 ETF was changed to Global X Nordic Region ETF.

²  Effective March 1, 2011, the name of Global X/Interbolsa FTSE Colombia 20 ETF was changed to Global X FTSE Colombia 20 ETF.

³  Effective March 1, 2011, the name of Global X Philippines 30 ETF was changed to Global X Philippines PSEi ETF.

⁴  Effective March 1, 2011, the name of Global X Emerging Africa NR-40 ETF was changed to Global X Emerging Africa ETF.

⁵  Effective March 1, 2011, the name of Global X Gold Miners ETF was changed to Global X Pure Gold Miners ETF.

⁶  Effective March 1, 2011, the name of Global X Fishing ETF was changed to Global X Fishing Industry ETF.

⁷  Effective March 17, 2011, the name of the Global X S&P/TSX Venture Canada ETF was changed to Global X S&P/TSX Venture 30 Canada ETF.

⁸  On May 11, 2011, the Trust added the following investment portfolios: Global X Farming ETF, Global X MLP ETF, and Global X MLP Natural Gas ETF.

⁹  Since April 30, 2011, the following funds have become operational (start date in parentheses): Global X Food ETF (May 2, 2011), Global X Fishing Industry ETF (May 3, 2011), Global X Mexico Small-Cap ETF (May 4, 2011), Global X Auto ETF (May 18, 2011), Global X Canada Preferred ETF (May 24, 2011), Global X Fertilizers/Potash ETF (May 25, 2011), Global X Farming ETF (June 1, 2011), Global X SuperDividend ETF (June 8, 2011).

98

NOTESTO FINANCIAL STATEMENTS (CONTINUED)

APRIL 30, 2011 (UNAUDITED)

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Securities for which market prices are not “readily available” are valued in accordance with Fair Value Procedures established by the Board. 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 a national 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. 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, 2011 there were $153,590, $147,212, $15,392 and $58,342, of fair valued securities in the Global X Brazil Mid Cap ETF, Global X Brazil Consumer ETF, Global X China Industrials ETF and Global X China Materials ETF, respectively. As of April 30, 2011, no other Fund has fair valued securities.

99

NOTESTO FINANCIAL STATEMENTS (CONTINUED)

APRIL 30, 2011 (UNAUDITED)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (concluded)

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which the Fund’s calculated their net asset value. The closing prices of such securities may no longer reflect their market value at the time the Funds calculated net asset value if an event that could materially affect the value of those securities (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. If 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. In addition, the Funds’ Sub-administrator, SEI Investments Global Funds Services (“SEIGFS”), monitors price movements among certain selected indices, securities and/or baskets of securities that may be an indicator that the closing prices received earlier from foreign exchanges or markets may not reflect market value at the time the Funds calculate net asset value. If price movements in a monitored index or security exceed levels established by the Sub-administrator, the Sub-administrator notifies the Adviser that such limits have been exceeded. In such event, the Adviser makes the determination whether a Committee meeting should be called based on the information provided.

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 has the ability to access at the measurement date

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

Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments, fair value of investments for which the Fund does not have the ability to fully redeem tranches at net asset value as of the measurement date or within the near term) Investments are classified within the level of the lowest significant input considered in determining fair value.

Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

For the period ended April 30, 2011 there has been no significant changes to the Funds’ fair valuation methodologies.

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — The Funds distribute substantially all of their net investment income annually. 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 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

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2. SIGNIFICANT ACCOUNTING POLICIES (concluded)

CREATION UNITS (concluded)

transaction on the date of such redemption, regardless of the number of Creation Units redeemed that day.

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

	Creation Unit Shares		Transaction Fee		Value		Redemption Fee
Global X Silver Miners ETF		50,000	$	1,000	$	1,422,500	$	1,000
Global X Lithium ETF		50,000		1,000		1,125,500		1,000
Global X Copper Miners ETF		50,000		1,000		1,018,000		1,000
Global X Pure Gold Miners ETF		50,000		1,000		823,000		1,000
Global X Uranium ETF		50,000		1,000		710,500		1,000
Global X Aluminum ETF		50,000		1,000		786,000		1,000
Global X Gold Explorers ETF		50,000		1,000		927,500		1,000
Global X Brazil Mid Cap ETF		50,000		1,900		941,500		1,900
Global X Brazil Financials ETF		50,000		1,500		875,000		1,500
Global X Brazil Consumer ETF		50,000		1,500		1,015,000		1,500
Global X FTSE Colombia 20 ETF		50,000		2,500		1,065,000		2,500
Global X FTSE Nordic Region ETF		50,000		1,400		1,140,000		1,400
Global X FTSE Norway 30 ETF		50,000		1,400		889,000		1,400
Global X FTSE Argentina 20 ETF		50,000		1,000		766,000		1,000
Global X FTSE Andean 40 ETF		50,000		2,300		772,000		2,300
Global X ASEAN 40 ETF		50,000		2,300		829,000		2,300
Global X China Consumer ETF		50,000		1,900		913,000		1,900
Global X China Energy ETF		50,000		1,900		876,500		1,900
Global X China Financials ETF		50,000		1,900		695,000		1,900
Global X China Industrials ETF		50,000		1,900		839,000		1,900
Global X China Technology ETF		50,000		1,900		977,000		1,900
Global X China Materials ETF		50,000		1,900		712,500		1,900
Global X Russell Emerging Markets Growth ETF		50,000		4,500		1,313,000		4,500
Global X Russell Emerging Markets Value ETF		50,000		4,500		1,347,000		4,500
Global X S&P/TSX Venture 30 Canada ETF		50,000		1,000		823,000		1,000
Global X Oil Equities ETF		50,000		1,000		791,000		1,000
Global X Waste Management ETF		50,000		1,000		762,500		1,000

3. RELATED PARTY TRANSACTIONS

The Adviser serves as the investment adviser and the administrator for the Funds. Subject to the supervision of the Board of Trustees, the Adviser is responsible for managing the investment activities of the Funds and the Funds’ business affairs and other administrative matters and provides or causes to be furnished all supervisory, administrative and other services reasonably necessary for the operation of the Funds, including certain distribution services (provided pursuant to a separate Distribution Agreement), certain shareholder and distribution-related services (provided pursuant to a separate Rule 12b-1 Plan and related agreements) and investment advisory services (provided pursuant to a separate Investment Advisory Agreement), under what is essentially an “all-in” fee

102

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3. RELATED PARTY TRANSACTIONS (continued)

structure. For its service to the Funds, under the Supervision and Administration Agreement, each Fund pays a monthly a fee to the Adviser at the annual rate (stated as a percentage of the average daily net assets of the Fund). In addition, the Funds bear other expenses 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 and governmental fees, brokerage fees, commissions and other transaction expenses, costs of borrowing money, including interest expenses and extraordinary expenses (such as litigation and indemnification expenses). In addition, the Global X FTSE Colombia 20 ETF and Global X FTSE Argentina 20 ETF pays, or would be required to pay, custodial fees that are not covered by the Supervision and Administration Agreement.

	Supervision and Administration Fee
Global X Silver Miners ETF		0.65	%
Global X Lithium ETF		0.75	%
Global X Copper Miners ETF		0.65	%
Global X Pure Gold Miners ETF		0.59	%
Global X Uranium ETF		0.69	%
Global X Aluminum ETF		0.69	%
Global X Gold Explorers ETF		0.65	%
Global X Brazil Mid Cap ETF		0.69	%
Global X Brazil Financials ETF		0.77	%
Global X Brazil Consumer ETF		0.77	%
Global X FTSE Colombia 20 ETF*		0.68	%
Global X FTSE Nordic Region ETF		0.50	%
Global X FTSE Norway 30 ETF		0.50	%
Global X FTSE Argentina 20 ETF*		0.74	%
Global X FTSE Andean 40 ETF		0.72	%
Global X ASEAN 40 ETF		0.65	%
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 Technology ETF		0.65	%
Global X China Materials ETF		0.65	%
Global X Russell Emerging Markets Growth ETF		0.69	%
Global X Russell Emerging Markets Value ETF		0.69	%
Global X S&P/TSX Venture 30 Canada ETF		0.75	%
Global X Oil Equities ETF		0.49	%
Global X Waste Management ETF		0.65	%

* The Global X FTSE Colombia 20 ETF and the Global X FTSE Argentina 20 ETF paid 0.16% and 0.00%, respectively in Custody Fees (in addition to the Supervision and Administration Fee) during the period ended April 30, 2011.

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APRIL 30, 2011 (UNAUDITED)

3. RELATED PARTY TRANSACTIONS (concluded)

The Adviser and InterBolsa S.A. (“InterBolsa”), one of the leading broker-dealers located in Colombia, entered into an agreement, pursuant to which InterBolsa has agreed to provide certain marketing, marketing-related and other services and allows the use of InterBolsa’s name and brand with respect to the Global X FTSE Colombia 20 ETF. Under this agreement, InterBolsa agreed to make an initial payment to the Adviser regarding certain start up expenses for the Fund and the Adviser has agreed to share with InterBolsa fifty percent (50%) of the Adviser’s legitimate profits and losses with respect to the Global X FTSE Colombia 20 ETF.

The Adviser and MCCA Lithium ETF, LLC (“MCCA”), a single purpose limited liability firm, have entered into an agreement, pursuant to which MCCA has agreed to assist the Adviser, in its capacity as sponsor of the Global X Lithium ETF, by providing initial capital and additional financial resources to the Adviser in connection with the listing, launch and the continuing operation of the Global X Lithium Fund. In return, the Adviser has agreed to compensate MCCA for its financial assistance to the Adviser with respect to the Global X Lithium ETF by sharing with MCCA fifty percent (50%) of the Adviser’s Net Profits with respect to the Global X Lithium ETF. For this purpose, the term Net Profits means, for any calendar quarter, the total management fees received by the Adviser with respect to the Global X Lithium ETF less direct expenses, marketing expenses and overhead expenses for the Global X Lithium ETF during such quarter. In the event that there are no Net Profits with respect to the Global X Lithium ETF in any calendar quarter, MCCA shall pay fifty percent of the negative shortfall in Net Profits to the Adviser. The agreement between the parties does not contemplate that MCCA or any of its affiliates will be involved directly or indirectly in the distribution of shares of the Global X Lithium ETF.

SEIGFS serves as Sub-Administrator to the Funds. As Sub-Administrator, SEIGFS provides the Funds with the required general administrative services, including, without limitation: office space, equipment, and personnel; clerical and general back office services; bookkeeping, internal accounting and secretarial services; the calculation of NAV; and assistance with the preparation and filing of reports, registration statements, proxy statements and other materials required to be filed or furnished by the Funds under federal and state securities laws. As compensation for these services, the Sub-Administrator receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser.

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

104

NOTESTO FINANCIAL STATEMENTS (CONTINUED)

APRIL 30, 2011 (UNAUDITED)

4. INVESTMENT TRANSACTIONS

For the period ended April 30, 2011, the purchases and sales of investments in securities excluding in-kind transactions, long-term U.S. Government and short-term securities were:

	Purchases		Sales and Maturities
Global X Silver Miners ETF	$	67,861,826	$	32,922,228
Global X Lithium ETF		19,591,480		7,209,321
Global X Copper Miners ETF		9,814,496		3,128,826
Global X Gold Explorers ETF		6,147,814		2,965,521
Global X Uranium ETF		33,926,333		1,121,539
Global X Aluminum ETF		211,126		—
Global X Pure Gold Miners ETF		—		—
Global X Brazil Mid Cap ETF		1,665,052		4,032,906
Global X Brazil Financials ETF		693,627		649,552
Global X Brazil Consumer ETF		3,117,449		4,537,352
Global X FTSE Colombia 20 ETF		51,294,017		47,338,696
Global X FTSE Nordic Region ETF		1,817,478		950,375
Global X FTSE Norway 30 ETF		2,660,625		320,871
Global X FTSE Argentina 20 ETF		418,633		292,127
Global X FTSE Andean 40 ETF		3,556,085		239,519
Global X FTSE ASEAN 40 ETF		790,853		43,857
Global X China Consumer ETF		36,325,853		10,550,703
Global X China Energy ETF		1,121,776		347,075
Global X China Financials ETF		6,686,013		6,633,836
Global X China Industrials ETF		1,850,225		1,286,645
Global X China Technology ETF		960,283		443,553
Global X China Materials ETF		5,762,615		5,434,793
Global X Russell Emerging Markets Growth ETF		426,954		—
Global X Russell Emerging Markets Value ETF		374,687		—
Global X S&P/TSX Venture 30 Canada ETF		—		—
Global X Oil Equities ETF		—		—
Global X Waste Management ETF		44,981		—

105

NOTESTO FINANCIAL STATEMENTS (CONTINUED)

APRIL 30, 2011 (UNAUDITED)

4. INVESTMENT TRANSACTIONS (concluded)

For the period ended April 30, 2011, in-kind transactions associated with creations and redemptions were:

	Purchases		Sales and Maturities		Realized Gain/(Loss)
Global X Silver Miners ETF	$	373,879,714	$	53,750,708	$	15,635,435
Global X Lithium ETF		100,350,670		18,824,713		4,954,937
Global X Copper Miners ETF		94,412,333		36,378,372		214,660
Global X Pure Gold Miners ETF		3,052,144		—		—
Global X Uranium ETF		335,521,904		40,008,195		4,338,070
Global X Aluminum ETF		5,145,616		—		—
Global X Gold Explorers ETF		23,726,433		3,236,264		(97,847	)
Global X Brazil Mid Cap ETF		6,181,675		1,340,119		(61,539	)
Global X Brazil Financials ETF		1,675,018		—		—
Global X Brazil Consumer ETF		11,161,468		1,489,065		46,095
Global X FTSE Colombia 20 ETF		9,387,610		40,624,972		5,374,907
Global X FTSE Nordic Region ETF		17,030,340		642,932		(67,310	)
Global X FTSE Norway 30 ETF		51,781,427		8,139,326		(34,570	)
Global X FTSE Argentina 20 ETF		3,622,084		—		—
Global X FTSE Andean 40 ETF		4,006,971		—		—
Global X FTSE ASEAN 40 ETF		1,582,618		—		—
Global X China Consumer ETF		42,173,944		34,935,987		8,076,487
Global X China Energy ETF		4,758,439		834,054		260,833
Global X China Financials ETF		—		58,577,667		(469,371	)
Global X China Industrials ETF		—		4,678,184		357,920
Global X China Technology ETF		874,845		586,547		289,119
Global X China Materials ETF		1,528,181		54,150,081		11,470,204
Global X Russell Emerging Markets Growth ETF		2,090,985		—		—
Global X Russell Emerging Markets Value ETF		2,136,553		—		—
Global X S&P/TSX Venture 30 Canada ETF		4,829,680		830,075		(9,390	)
Global X Oil Equities ETF		3,853,036		—		—
Global X Waste Management ETF		2,923,494		—		—

During the period ended April 30, 2011, 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.

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APRIL 30, 2011 (UNAUDITED)

5. TAX INFORMATION (continued)

The tax character of dividends and distributions paid during the last period ended October 31, 2010 and 2009 were as follows:

Global X Funds	Ordinary Income		Long-Term Capital Gain		Totals
Global X FTSE Colombia 20 ETF
2010	$	264,734	$	—	$	264,734
2009	$	—	$	—	$	—
Global X FTSE Nordic Region ETF
2010	$	2,158	$	—	$	2,158
2009	$	—	$	—	$	—

As of October 31, 2010, the components of Distributable Earnings on a tax basis were as follows:

	Global X Silver Miners ETF		Global X Lithium ETF			Global X Copper Miners ETF
Undistributed Ordinary Income	$	2,989,314	$	1,619,934		$	367,992
Capital Loss Carryforwards		—		—			(10,213	)
Unrealized Appreciation on Investments and Foreign Currency		26,532,154		5,620,698			400,798
Other Temporary Differences		—		13,433			—
Total Distributable Earnings	$	29,521,468	$	7,254,065		$	758,577
	Global X Brazil Mid Cap ETF		Global X Brazil Financials ETF			Global X Brazil Consumer ETF
Undistributed Ordinary Income	$	318,873	$	13,826		$	26,760
Capital Loss Carryforwards		—		(3	)		—
Unrealized Appreciation on Investments and Foreign Currency		2,367,748		495,514			2,311,009
Total Distributable Earnings	$	2,686,621	$	509,337		$	2,337,769
	Global X FTSE Colombia 20 ETF		Global X FTSE Nordic Region ETF			Global X China Consumer ETF
Undistributed Ordinary Income	$	891,803	$	150,580		$	1,734,523
Undistributed Long-Term Capital Gain		456,069		—			—
Capital Loss Carryforwards		—		(7,319	)		(173,208	)
Unrealized Appreciation on Investments and Foreign Currency		20,832,547		1,529,491			19,923,248
Other Temporary Differences		—		78			—
Total Distributable Earnings	$	22,180,419	$	1,672,830		$	21,484,563

107

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APRIL 30, 2011 (UNAUDITED)

5. TAX INFORMATION (continued)

	Global X China Energy ETF		Global X China Financials ETF			Global X China Industrials ETF
Undistributed Ordinary Income	$	61,491	$	1,177,309		$	149,709
Capital Loss Carryforwards		—		(626,459	)		(220,121	)
Unrealized Appreciation on Investments and Foreign Currency		155,823		2,240,678			540,341
Total Distributable Earnings	$	217,314	$	2,791,528		$	469,929

	Global X China Technology  ETF		Global X China Materials ETF
Undistributed Ordinary Income	$	45,879	$	336,119
Unrealized Appreciation on Investments and Foreign Currency		493,901		10,604,595
Total Distributable Earnings	$	539,780	$	10,940,714

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

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, 2010, the Funds that had capital loss carryforwards are listed below.

	Global X Copper Miners ETF		Global X Brazil Financials ETF		Global X FTSE Nordic Region ETF		Global X China Consumer ETF		Global X China Financials ETF		Global X China Industrials ETF
Oct. 2018	$	10,213	$	3	$	7,319	$	173,208	$	626,459	$	220,121
Total	$	10,213	$	3	$	7,319	$	173,208	$	626,459	$	220,121

108

NOTESTO FINANCIAL STATEMENTS (CONTINUED)

APRIL 30, 2011 (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, 2011 were as follows:

Global X Funds	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Global X Silver Miners ETF	$	508,993,282	$	128,670,867	$	(1,974,556	)	$	126,696,311
Global X Lithium ETF		230,868,031		34,301,190		(15,082,090	)		19,219,100
Global X Copper Miners ETF		94,293,237		12,098,292		(1,465,340	)		10,632,952
Global X Pure Gold Miners ETF		3,052,144		303,650		(63,625	)		240,025
Global X Uranium ETF		332,421,702		586,248		(65,490,216	)		(64,903,968	)
Global X Aluminum ETF		5,356,742		266,072		(134,733	)		131,339
Global X Gold Explorers ETF		24,342,871		2,445,686		(788,235	)		1,657,451
Global X Brazil Mid Cap ETF		28,798,493		4,464,032		(542,333	)		3,921,699
Global X Brazil Financials ETF		9,012,505		767,383		(236,109	)		531,274
Global X Brazil Consumer ETF		30,743,787		3,915,271		(1,382,270	)		2,533,001
Global X FTSE Colombia 20 ETF		148,969,157		8,128,369		(2,352,386	)		5,775,983
Global X FTSE Nordic Region ETF		28,370,414		6,153,815		(275,923	)		5,877,892
Global X FTSE Norway 30 ETF		45,924,822		5,453,263		(308,626	)		5,144,637
Global X FTSE Argentina 20 ETF		4,238,367		200,323		(150,246	)		50,077
Global X FTSE Andean 40 ETF		7,307,664		554,340		(158,307	)		396,033
Global X FTSE ASEAN 40 ETF		2,329,467		161,624		(3,635	)		157,989
Global X China Consumer ETF		191,687,324		12,557,299		(14,327,347	)		(1,770,048	)
Global X China Energy ETF		9,456,385		1,253,075		(220,606	)		1,032,469
Global X China Financials ETF		8,101,835		390,569		(843,776	)		(453,207	)
Global X China Industrials ETF		8,649,197		1,571,224		(1,691,363	)		(120,139	)
Global X China Technology ETF		5,000,518		1,237,905		(399,326	)		838,579
Global X China Materials ETF		6,598,917		726,257		(916,261	)		(190,004	)
Global X Russell Emerging Markets Growth ETF		2,518,379		171,079		(63,003	)		108,076
Global X Russell Emerging Markets Value ETF		2,511,239		237,984		(43,704	)		194,280
Global X S&P/TSX Venture 30 Canada ETF		4,690,211		288,623		(161,735	)		126,888
Global X Oil Equities ETF		3,853,036		150,179		(49,468	)		100,711
Global X Waste Management ETF		3,218,474		107,118		(25,926	)		81,192

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

6. CONCENTRATION OF RISKS

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

The securities markets of emerging countries are less liquid and subject to greater price volatility, and have a smaller market capitalization, than the U.S. securities markets. In certain countries, there may be fewer publicly traded securities and the market may be dominated by a few issues or sectors. Issuers and securities markets in such countries are not subject to as extensive and frequent accounting, financial and other reporting requirements or as comprehensive government regulations as are issuers and securities markets in the U.S. In particular, the assets and profits appearing on the financial statements of emerging country issuers may not reflect their financial position or results of operations in the same manner as financial statements for U.S. issuers. Substantially less information

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NOTESTO FINANCIAL STATEMENTS (CONTINUED)

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6. CONCENTRATION OF RISKS (concluded)

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

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

The Funds (other than the Global X Russell Emerging Markets Growth ETF and the Global X Russell Emerging Markets Value ETF) 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 Global X Russell Emerging Markets Growth ETF and the Global X Russell Emerging Markets Value ETF use, and the other Funds may utilize, a representative sampling strategy with respect to its Underlying Index when a replication strategy might be detrimental to its shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to follow its Underlying Index, or, in certain instances, when securities in the Underlying Index become temporarily illiquid, unavailable or less liquid, or due to legal restrictions (such as diversification requirements that apply to the Funds but not the Underlying Indexes).

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

110

NOTESTO FINANCIAL STATEMENTS (CONTINUED)

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7. OTHER

At April 30, 2011, the total Shares outstanding that were held by Authorized Participants were as follows. The Authorized Participants have entered into an agreement with the Funds’ Distributor.

	Authorized Participants		Percentage of Shares Outstanding
Global X Silver Miners ETF		6		100	%
Global X Lithium ETF		4		100	%
Global X Copper Miners ETF		5		100	%
Global X Pure Gold Miners ETF		1		100	%
Global X Uranium ETF		6		100	%
Global X Aluminum ETF		2		100	%
Global X Gold Explorers ETF		3		100	%
Global X Brazil Mid Cap ETF		3		100	%
Global X Brazil Financials ETF		3		100	%
Global X Brazil Consumer ETF		3		100	%
Global X FTSE Colombia 20 ETF		5		100	%
Global X FTSE Nordic Region ETF		5		100	%
Global X FTSE Norway 30 ETF		4		100	%
Global X FTSE Argentina 20 ETF		3		100	%
Global X FTSE Andean 40 ETF		3		100	%
Global X FTSE ASEAN 40 ETF		1		100	%
Global X China Consumer ETF		6		100	%
Global X China Energy ETF		3		100	%
Global X China Financials ETF		3		100	%
Global X China Industrials ETF		1		100	%
Global X China Technology ETF		3		100	%
Global X China Materials ETF		2		100	%
Global X Russell Emerging Markets Growth ETF		1		100	%
Global X Russell Emerging Markets Value ETF		1		100	%
Global X S&P/TSX Venture 30 Canada ETF		2		100	%
Global X Oil Equities ETF		1		100	%
Global X Waste Management ETF		2		100	%

Pursuant to the Trust’s organizational documents, the Trustees of the Trust and the Trust’s officers are indemnified against certain liabilities that may arise out of the performance of their duties. Additionally, in the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established.

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NOTESTO FINANCIAL STATEMENTS (CONTINUED)

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8. SHARE SPLIT

On April 12, 2011, the Global X Colombia 20 ETF Fund declared a 2 for 1 share split.

9. CHANGE OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Global X Funds have selected Ernst & Young LLP (“E&Y”) to serve as the Funds’ independent registered public accounting firm for the Funds’ fiscal year ended October 31, 2011. The decision to select E&Y was recommended by the Funds’ Audit Committee on December 21, 2010 and was approved by the Funds’ Board of Trustees on January 28, 2011. During the Global X Funds’ fiscal years ended October 31, 2009 and October 31, 2010, neither the Funds, their portfolios, nor anyone on their behalf, consulted with E&Y 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 E&Y 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, Sanville & Company (“Sanville”). The decision not to renew the engagement of Sanville, effective upon its completion of its audit for the fiscal year ended October 31, 2010, and to select E&Y was recommended by the Funds’ Audit Committee and approved by the Funds’ Board of Trustees. Sanville’s report on the Global X Funds’ financial statements for the fiscal years ended October 31, 2009 and October 31, 2010 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, 2009 and October 31, 2010 (i) there were no disagreements with Sanville 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 Sanville, 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.

10. LOANS OF PORTFOLIO SECURITIES

The Funds may lend portfolio securities having a market value up to one-third of the Funds’ total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments. It is the Funds’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund 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 Fund could also experience delays and costs in gaining access to the collateral. The Fund bears 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, 2011, there were no securities on loan for any of the Funds.

112

NOTESTO FINANCIAL STATEMENTS (CONCLUDED)

APRIL 30, 2011 (UNAUDITED)

11. SUBSEQUENT EVENT

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

Subsequent to period end, the following investment portfolios of the Trust commenced operations.

Fund Name	Commenced Operations
Global X Food ETF	May 2, 2011
Global X Fishing Industry ETF	May 3, 2011
Global X Mexico Small-Cap ETF	May 4, 2011
Global X Auto ETF	May 18, 2011
Global X Canada Preferred ETF	May 24, 2011
Global X Fertilizers/Potash ETF	May 25, 2011
Global X Farming ETF	June 1, 2011
Global X SuperDividend ETF	June 8, 2011

113

DISCLOSUREOF FUND EXPENSES

APRIL 30, 2011 (UNAUDITED)

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

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

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

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

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

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

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

114

DISCLOSUREOF FUND EXPENSES (CONTINUED)

APRIL 30, 2011 (UNAUDITED)

	Beginning Account Value 11/1/2010		Ending Account Value 4/30/2011		Annualized Expense Ratios			Expenses Paid During Period
Global X Silver Miners ETF(1)
Actual Fund Return	$	1,000.00	$	1,421.30		0.65	%	$	3.90
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X Lithium ETF(1)
Actual Fund Return	$	1,000.00		1,148.70		0.75			4.00
Hypothetical 5% Return		1,000.00		1,021.08		0.75			3.76
Global X Copper Miners ETF(1)
Actual Fund Return	$	1,000.00		1,230.10		0.65			3.59
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X Pure Gold Miners ETF
Actual Fund Return	$	1,000.00		1,086.50		0.59			0.81	(2)
Hypothetical 5% Return		1,000.00		1,021.87		0.59			2.96	(1)
Global X Uranium ETF
Actual Fund Return	$	1,000.00		863.30		0.69			3.13	(3)
Hypothetical 5% Return		1,000.00		1,021.37		0.69			3.46	(1)
Global X Aluminum ETF
Actual Fund Return	$	1,000.00		1,029.50		0.69			2.29	(4)
Hypothetical 5% Return		1,000.00		1,021.37		0.69			2.22	(1)
Global X Gold Explorers ETF
Actual Fund Return	$	1,000.00		1,401.79		0.65			2.23	(5)
Hypothetical 5% Return		1,000.00		1,021.62		0.65			3.46	(1)
Global X Brazil Mid Cap ETF(1)
Actual Fund Return	$	1,000.00		1,045.30		0.69			3.50
Hypothetical 5% Return		1,000.00		1,021.37		0.69			3.46
Global X Brazil Financials ETF(1)
Actual Fund Return	$	1,000.00		1,011.10		0.77			3.84
Hypothetical 5% Return		1,000.00		1,020.98		0.77			3.86
Global X Brazil Consumer ETF(1)
Actual Fund Return	$	1,000.00		1,019.30		0.77			3.86
Hypothetical 5% Return		1,000.00		1,020.98		0.77			3.86

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

⁽²⁾ Commenced operations on March 14, 2011. Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 48/365 (to reflect the period from inception to date.)

⁽³⁾ Commenced operations on November 4, 2010. Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 178/365 (to reflect the period from inception to date.)

⁽⁴⁾ Commenced operations on January 4, 2011. Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 116/365 (to reflect the period from inception to date.)

⁽⁵⁾ Commenced operations on November 3, 2010. Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 179/365 (to reflect the period from inception to date.)

115

DISCLOSUREOF FUND EXPENSES (CONTINUED)

APRIL 30, 2011 (UNAUDITED)

	Beginning Account Value 11/1/2010		Ending Account Value 4/30/2011		Annualized Expense Ratios			Expenses Paid During Period
Global X FTSE Colombia 20 ETF(1)
Actual Fund Return	$	1,000.00	$	935.80		0.84	%	$	4.03
Hypothetical 5% Return		1,000.00		1,020.63		0.84			4.21
Global X FTSE Nordic Region ETF(1)
Actual Fund Return	$	1,000.00		1,196.70		0.50			2.72
Hypothetical 5% Return		1,000.00		1,022.32		0.50			2.51
Global X FTSE Norway 30 ETF
Actual Fund Return	$	1,000.00		1,202.00		0.50			2.61	(2)
Hypothetical 5% Return		1,000.00		1,022.32		0.50			2.51	(1)
Global X FTSE Argentina 20 ETF
Actual Fund Return	$	1,000.00		1,026.10		0.74			1.23	(3)
Hypothetical 5% Return		1,000.00		1,021.12		0.74			3.71	(1)
Global X FTSE Andean 40 ETF
Actual Fund Return	$	1,000.00		1,037.60		0.72			1.77	(4)
Hypothetical 5% Return		1,000.00		1,021.22		0.72			3.61	(1)
Global X FTSE ASEAN 40 ETF
Actual Fund Return	$	1,000.00		1,099.50		0.65			1.38	(5)
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26	(1)
Global X China Consumer ETF(1)
Actual Fund Return	$	1,000.00		907.80		0.65			3.07
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X China Energy ETF(1)
Actual Fund Return	$	1,000.00		1,125.00		0.65			3.42
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X China Financials ETF(1)
Actual Fund Return	$	1,000.00		963.70		0.65			3.16
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X China Industrials ETF(1)
Actual Fund Return	$	1,000.00		993.50		0.65			3.21
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26

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

⁽²⁾ Commenced operations on November 9, 2010. Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 173/365 (to reflect the period from inception to date.)

⁽³⁾ Commenced operations on March 2, 2011. Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 60/365 (to reflect the period from inception to date.)

⁽⁴⁾ Commenced operations on February 2, 2011. Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 88/365 (to reflect the period from inception to date.)

⁽⁵⁾ Commenced operations on February 16, 2011. Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 179/365 (to reflect the period from inception to date.)

116

DISCLOSUREOF FUND EXPENSES (CONCLUDED)

APRIL 30, 2011 (UNAUDITED)

	Beginning Account Value 11/1/2010		Ending Account Value 4/30/2011		Annualized Expense Ratios			Expenses Paid During Period
Global X China Technology ETF(1)
Actual Fund Return	$	1,000.00	$	1,134.90		0.65	%	$	3.44
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X China Materials ETF(1)
Actual Fund Return	$	1,000.00		987.00		0.65			3.20
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X Russell Emerging Markets Growth ETF
Actual Fund Return	$	1,000.00		1,045.80		0.69			1.88	(2)
Hypothetical 5% Return		1,000.00		1,021.57		0.69			3.46	(1)
Global X Russell Emerging Markets Value ETF
Actual Fund Return	$	1,000.00		1,078.50		0.69			1.91	(2)
Hypothetical 5% Return		1,000.00		1,022.96		0.69			3.46	(1)
Global X S&P/TSX Venture 30 Canada ETF
Actual Fund Return	$	1,000.00		1,094.40		0.75			0.99	(3)
Hypothetical 5% Return		1,000.00		1,021.08		0.75			3.76	(1)
Global X Oil Equities ETF
Actual Fund Return	$	1,000.00		1,049.10		0.49			0.66	(4)
Hypothetical 5% Return		1,000.00		1,022.36		0.49			2.46	(1)
Global X Waste Management ETF
Actual Fund Return	$	1,000.00		1,025.60		0.65			0.34	(5)
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26	(1)

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

⁽²⁾ Commenced operations on January 24, 2011. Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 97/365 (to reflect the period from inception to date.)

⁽³⁾ Commenced operations on March 16, 2011. Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 46/365 (to reflect the period from inception to date.)

⁽⁴⁾ Commenced operations on March 14, 2011. Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 48/365 (to reflect the period from inception to date.)

⁽⁵⁾ Commenced operations on April 12, 2011. Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 19/365 (to reflect the period from inception to date.)

117

SUPPLEMENTAL INFORMATION

APRIL 30, 2011 (UNAUDITED)

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

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

The following information shows the frequency distributions of premiums and discounts for the Funds. The information shown is for the full calendar quarter completed after the inception date through the date of the most recent calendar quarter end.

Information for the Global X Pure Gold Miners ETF, Global X Aluminum ETF, Global X FTSE Argentina 20 ETF, Global X FTSE Andean 40 ETF, Global X FTSE ASEAN 40 ETF, Global X Russell Emerging Markets Growth ETF, Global X Russell Emerging Markets Value ETF, Global X S&P/TSX Venture 30 Canada ETF, Global X Oil Equities ETF and Global X Waste Management ETF, showing the frequency distributions of premiums and discounts for the Funds are not presented as they did not have a full quarter of information as of April 30, 2011.

Each line in the table shows the number of trading days in which the Funds traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

118

SUPPLEMENTAL INFORMATION (CONTINUED)

APRIL 30, 2011 (UNAUDITED)

	Percentage of Total Days
Premium/Discount Range	Global X Silver Miners ETF			Global X Lithium Miners ETF			Global X Copper Miners ETF			Global  X Uranium ETF(1)			Global X Gold Explorers ETF(2)			Global X Brazil Mid Cap ETF
Greater than 3.0% and Less than 3.5%		—			0.82	%		—			0.85	%		0.84	%		—
Greater than 2.5% and Less than 3.0%		0.82	%		—			0.82	%		—			—			—
Greater than 2.0% and Less than 2.5%		0.82	%		0.82	%		0.82	%		2.54	%		—			3.28	%
Greater than 1.5% and Less than 2.0%		—			—			—			1.69	%		—			25.41	%
Greater than 1.0% and Less than 1.5%		1.64	%		—			2.46	%		6.78	%		2.52	%		23.77	%
Greater than 0.5% and Less than 1.0%		20.49	%		9.84	%		28.69	%		25.42	%		22.69	%		7.38	%
Between 0.5% and -0.5%		73.77	%		87.71	%		59.83	%		55.08	%		73.95	%		35.24	%
Less than -0.5% and Greater than -1.0%		1.64	%		—			6.56	%		5.08	%		—			4.10	%
Less than -1.0% and Greater than -1.5%		0.82	%		—			—			0.85	%		—			—
Less than -1.5% and Greater than -2.0%		—			—			—			0.85	%		—			—
Less than -2.0% and Greater than -2.5%		—			—			—			—			—			—
Less than -2.5% and Greater than -3.0%		—			—			—			—			—			—
Less than -3.0% and Greater than -3.5%		—			—			—			—			—			—
Total		100.00	%		99.19	%		99.18	%		99.14	%		100.00	%		99.18	%

	Number of Days
Premium/Discount Range	Global X Silver Miners ETF		Global X Lithium Miners ETF		Global X Copper Miners ETF		Global  X Uranium ETF(2)		Global X Gold Explorers ETF(4)		Global X Brazil Mid Cap ETF
Greater than 3.0% and Less than 3.5%		—		1		—		1		1		—
Greater than 2.5% and Less than 3.0%		1		—		1		—		—		—
Greater than 2.0% and Less than 2.5%		1		1		1		3		—		4
Greater than 1.5% and Less than 2.0%		—		—		—		2		—		31
Greater than 1.0% and Less than 1.5%		2		—		3		8		3		29
Greater than 0.5% and Less than 1.0%		25		12		35		30		27		9
Between 0.5% and -0.5%		90		107		73		65		88		43
Less than -0.5% and Greater than -1.0%		2		—		8		6		—		5
Less than -1.0% and Greater than -1.5%		1		—		—		1		—		—
Less than -1.5% and Greater than -2.0%		—		—		—		1		—		—
Less than -2.0% and Greater than -2.5%		—		—		—		—		—		—
Less than -2.5% and Greater than -3.0%		—		—		—		—		—		—
Less than -3.0% and Greater than -3.5%		—		—		—		—		—		—
Total		122		121		121		117		119		121

119

SUPPLEMENTAL INFORMATION (CONTINUED)

APRIL 30, 2011 (UNAUDITED)

	Percentage of Total Days
Premium/Discount Range	Global X Brazil Financials ETF			Global X Brazil Consumer ETF			Global X FTSE Colombia 20 ETF			Global X FTSE Nordic Region ETF			Global  X FTSE Norway 30 ETF(3)			Global X China Consumer ETF
Greater than 3.0% and Less than 3.5%		—			—			—			—			—			—
Greater than 2.5% and Less than 3.0%		0.82	%		0.82	%		—			—			—			—
Greater than 2.0% and Less than 2.5%		2.46	%		4.92	%		—			—			—			0.82	%
Greater than 1.5% and Less than 2.0%		28.69	%		21.31	%		—			—			—			0.82	%
Greater than 1.0% and Less than 1.5%		44.26	%		16.39	%		0.82	%		—			6.09	%		13.93	%
Greater than 0.5% and Less than 1.0%		18.85	%		3.28	%		9.02	%		18.85	%		26.96	%		27.05	%
Between 0.5% and -0.5%		4.10	%		45.90	%		60.65	%		78.68	%		63.47	%		43.44	%
Less than -0.5% and Greater than -1.0%		—			5.74	%		26.23	%		1.64	%		3.48	%		9.02	%
Less than -1.0% and Greater than -1.5%		—			1.64	%		1.64	%		—			—			3.28	%
Less than -1.5% and Greater than -2.0%		—			—			0.82	%		—			—			0.82	%
Less than -2.0% and Greater than -2.5%		—			—			—			—			—			—
Less than -2.5% and Greater than -3.0%		—			—			—			—			—			—
Less than -3.0% and Greater than -3.5%		0.82	%		—			—			—			—			—
Total		100.00	%		100.00	%		99.18	%		99.17	%		100.00	%		99.18	%

	Number of Days
Premium/Discount Range	Global X Brazil Financials ETF		Global X Brazil Consumer ETF		Global X FTSE Colombia 20 ETF		Global X FTSE Nordic Region ETF		Global  X FTSE Norway 30 ETF(5)		Global X China Consumer ETF
Greater than 3.0% and Less than 3.5%		—		—		—		—		—		—
Greater than 2.5% and Less than 3.0%		1		1		—		—		—		—
Greater than 2.0% and Less than 2.5%		3		6		—		—		—		1
Greater than 1.5% and Less than 2.0%		35		26		—		—		—		1
Greater than 1.0% and Less than 1.5%		54		20		1		—		7		17
Greater than 0.5% and Less than 1.0%		23		4		11		23		31		33
Between 0.5% and -0.5%		5		56		74		96		73		53
Less than -0.5% and Greater than -1.0%		—		7		32		2		4		11
Less than -1.0% and Greater than -1.5%		—		2		2		—		—		4
Less than -1.5% and Greater than -2.0%		—		—		1		—		—		1
Less than -2.0% and Greater than -2.5%		—		—		—		—		—		—
Less than -2.5% and Greater than -3.0%		—		—		—		—		—		—
Less than -3.0% and Greater than -3.5%		1		—		—		—		—		—
Total		122		122		121		121		115		121

120

SUPPLEMENTAL INFORMATION (CONCLUDED)

APRIL 30, 2011 (UNAUDITED)

	Percentage of Total Days
Premium/Discount Range	Global X China Energy ETF			Global X China Financials ETF			Global X China Industrials ETF			Global X China Technology ETF			Global X China Materials ETF
Greater than 3.0% and Less than 3.5%		—			—			—			—			—
Greater than 2.5% and Less than 3.0%		—			—			—			—			—
Greater than 2.0% and Less than 2.5%		—			—			—			0.82	%		—
Greater than 1.5% and Less than 2.0%		2.46	%		0.82	%		0.82	%		—			0.82	%
Greater than 1.0% and Less than 1.5%		8.20	%		2.46	%		3.28	%		—			2.46	%
Greater than 0.5% and Less than 1.0%		24.59	%		13.11	%		8.20	%		5.74	%		9.02	%
Between 0.5% and -0.5%		47.54	%		42.62	%		59.01	%		81.14	%		53.28	%
Less than -0.5% and Greater than -1.0%		11.48	%		24.59	%		18.03	%		10.66	%		20.49	%
Less than -1.0% and Greater than -1.5%		4.10	%		12.30	%		7.38	%		1.64	%		9.02	%
Less than -1.5% and Greater than -2.0%		0.82	%		2.46	%		2.46	%		—			3.28	%
Less than -2.0% and Greater than -2.5%		—			—			0.82	%		—			0.82	%
Less than -2.5% and Greater than -3.0%		—			0.82	%		—			—			—
Less than -3.0% and Greater than -3.5%		—			—			—			—			—
Total		99.19	%		99.18	%		100.00	%		100.00	%		99.19	%
	Number of Days
Premium/Discount Range	Global X China Energy ETF			Global X China Financials ETF			Global X China Industrials ETF			Global X China Technology ETF			Global X China Materials ETF
Greater than 3.0% and Less than 3.5%		—			—			—			—			—
Greater than 2.5% and Less than 3.0%		—			—			—			—			—
Greater than 2.0% and Less than 2.5%		—			—			—			1			—
Greater than 1.5% and Less than 2.0%		3			1			1			—			1
Greater than 1.0% and Less than 1.5%		10			3			4			—			3
Greater than 0.5% and Less than 1.0%		30			16			10			7			11
Between 0.5% and -0.5%		58			52			72			99			65
Less than -0.5% and Greater than -1.0%		14			30			22			13			25
Less than -1.0% and Greater than -1.5%		5			15			9			2			11
Less than -1.5% and Greater than -2.0%		1			3			3			—			4
Less than -2.0% and Greater than -2.5%		—			—			1			—			1
Less than -2.5% and Greater than -3.0%		—			1			—			—			—
Less than -3.0% and Greater than -3.5%		—			—			—			—			—
Total		121			121			122			122			121

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

⁽²⁾  The Fund commenced operations on November 3, 2010.

⁽³⁾  The Fund commenced operations on November 9, 2010.

121

APPROVALOF INVESTMENT ADVISORY AGREEMENT (UNAUDITED)

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

At a quarterly Board meeting held on November 17, 2010, the Board of Trustees (including the Independent Trustees) considered and unanimously approved the continuation of (i) the Investment Advisory Agreement (“Renewal Investment Advisory Agreement”) for each Fund covered by this Semi-Annual Report (other than the Global X FTSE Andean 40 ETF, Global X FTSE ASEAN 40 ETF, Global X Russell Emerging Markets Growth ETF, Global X Russell Emerging Markets Value ETF, Global S&P/TSX Venture 30 Canada ETF and the Global X Oil Equities ETF) (each a “Renewal Fund”) and (ii) the Supervision and Administration Agreement between the Trust (“Renewal Supervision and Administration Agreement”), on behalf of each Renewal Fund, and Global X Management Company (“Global X Management”). The Renewal Investment Advisory Agreement and the Renewal Supervision and Administration Agreement are referred to herein as the “Renewal Agreements.”

At the November 17, 2010 meeting, the Board (including the Independent Trustees) also initially considered and unanimously approved (i) the initial Investment Advisory Agreement (“New Fund Investment Advisory Agreement”) for the Global X FTSE Andean 40 ETF, Global X FTSE ASEAN 40 ETF, Global X Russell Emerging Markets Growth ETF, Global X Russell Emerging Markets Value ETF, Global X S&P/TSX Venture 30 Canada ETF and the Global X Oil Equities ETF (each a “New Fund”) and (ii) the Supervision and Administration Agreement (“New Fund Supervision and Administration Agreement”) between the Trust, on behalf each of each New Fund, and Global X Management. The New Fund Investment Advisory Agreement and New Fund Supervision and Administration Agreement are referred to herein as the “New Fund Agreements.”

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

In determining to approve the New Fund Agreements and the continuation of the Renewal Agreements for each New Fund or Renewal Fund (as applicable), the Board concluded that the New Fund Agreements and the Renewal Agreements were fair and reasonable and in the best interests of each New Fund or Renewal Fund (as applicable) and its shareholders, respectively. In approving New Fund Agreements and the continuation of the Renewal Agreements for each New Fund or Renewal Fund (as applicable), the Board considered

122

APPROVALOF INVESTMENT ADVISORY AGREEMENT (UNAUDITED)

among other things the following categories of material factors. In addition, the Board based their determinations regarding the continuation of each of the Renewal Fund Agreements on their consideration of all of the materials provided to them by Global X Management and each Renewal Fund’s other service providers throughout the year.

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

NEW FUNDS AGREEMENTS

Nature, extent and quality of services

With respect to this factor, the Board considered:

• the terms of the New Funds Agreements and the range of services to be provided to the New Funds in accordance with the New Funds Agreements;

• Global X Management’s key personnel and the portfolio managers who would provide investment advisory services to the New Funds;

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

• the nature, extent and quality of Global X Management’s services (including advisory, administrative and compliance services) provided by or made available to each of the Renewal Funds and that would be made available to each of the New Funds; and

• the quality of Global X Management’s resources and personnel that would be made available to each of the New Funds, including Global X Management’s experience and the professional qualifications of Global X Management’s key personnel.

123

APPROVALOF INVESTMENT ADVISORY AGREEMENT (UNAUDITED)

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to each of the New Funds.

Performance

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

Cost of Services and Profitability

With respect to this factor, the Board considered:

• Global X Management’s expected cost to provide investment management, supervision and administrative and related services to each of the New Funds;

• The unitary fee (including the proposed investment advisory fee) (“Management Fee”) that was proposed to be borne by each New Fund under the New Fund Agreements for the investment advisory, supervisory and administrative services that each New Fund requires under a unitary fee structure (including the types of fees and expenses that are not included within the unitary fee and would be borne by each New Fund); and

• the expected profitability to Global X Management, if any, from all services to be provided to each of the New Funds and all aspects of the relationship between Global X Management and each of the New Funds. In connection with these considerations, the Board noted that Global X Management advised the Board that it was uncertain whether it would generate any profits from its services to each of the New Funds during the first 12 months of each New Fund’s operations, but expected to generate profits after that initial period.

Based on these considerations, the Board concluded that the profits anticipated to be realized by Global X Management from its relationship with each of the New Funds would not be excessive.

Comparison of Fees and Services

With respect to this factor, the Board considered:

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

124

APPROVALOF INVESTMENT ADVISORY AGREEMENT (UNAUDITED)

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

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

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

Economies of Scale

With respect to this factor, the Board considered:

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

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

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

Based on these considerations, the Board concluded that approval of the proposed Management Fee for each New Fund was reasonable.

Other Benefits

In considering the New Funds Agreement, in addition to the categories discussed above, the Board considered other benefits that may be realized by Global X Management as a result of its relationships with each of the New Funds.

125

APPROVALOF INVESTMENT ADVISORY AGREEMENT (UNAUDITED)

RENEWAL AGREEMENTS

Nature, extent and quality of services

With respect to this factor, the Board considered:

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

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

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

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

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

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

126

APPROVALOF INVESTMENT ADVISORY AGREEMENT (UNAUDITED)

Performance

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

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

Cost of Services and Profitability

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

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

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

127

APPROVALOF INVESTMENT ADVISORY AGREEMENT (UNAUDITED)

Comparison of Fees and Services

With respect to this factor, the Board considered:

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

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

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

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

Economies of Scale

With respect to this factor, the Board considered:

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

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

128

APPROVALOF INVESTMENT ADVISORY AGREEMENT (UNAUDITED)

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

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

Other Benefits

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

129

Notes

Notes

399 Park Avenue, 32^nd Floor

New York, NY 10022

1-888-GXFund-1

(1-888-493-8631)

www.globalxfunds.com

Investment Adviser:

Global X Management Company LLC

399 Park Avenue, 32^nd Floor

New York, NY 10022

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Sub-Administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Counsel for the Independent Trustees:

Dechert LLP

1175 I Street N.W.

Washington, DC 20007

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

GLX-SA-001-0300

Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6. Schedule of Investments.

Not applicable.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

There have been no material changes.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))), are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There has been no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) 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)	The Global X Funds
By (Signature and Title)*	/s/    BRUNO DEL AMA
	Bruno del Ama
	President

Date: July 6, 2011

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 6, 2011

By (Signature and Title)*	/s/    JOSE C. GONZALEZ
	Jose C. Gonzalez
	CFO

Date: July 6, 2011

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