UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22255
EGA Emerging Global Shares Trust
(Exact name of registrant as specified in charter)
171 East Ridgewood Avenue
Ridgewood, NJ 07450
(Address of principal executive offices) (Zip code)
Robert C. Holderith
171 East Ridgewood Avenue
Ridgewood, NJ 07450
(Name and address of agent for service)
Registrant's telephone number, including area code: 1-201-389-6872
Date of fiscal year end: March 31
Date of reporting period: September 30, 2013
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. | Reports to Stockholders. |
EGA Emerging Global Shares Trust
Semi-Annual Report
September 30, 2013
EGShares Basic Materials GEMS ETF
EGShares Beyond BRICs ETF
EGShares Brazil Infrastructure ETF
EGShares China Infrastructure ETF
EGShares Consumer Goods GEMS ETF
EGShares Consumer Services GEMS ETF
EGShares EM Dividend High Income ETF
EGShares Emerging Markets Consumer ETF
EGShares Emerging Markets Core ETF
EGShares Emerging Markets Dividend Growth ETF
EGShares Emerging Markets Domestic Demand ETF
EGShares Emerging Markets Metals & Mining ETF
EGShares Energy GEMS ETF
EGShares Financials GEMS ETF
EGShares GEMS Composite ETF
EGShares Health Care GEMS ETF
EGShares India Consumer ETF
EGShares India Infrastructure ETF
EGShares India Small Cap ETF
EGShares Industrials GEMS ETF
EGShares Low Volatility Emerging Markets Dividend ETF
EGShares Technology GEMS ETF
EGShares Telecom GEMS ETF
EGShares Utilities GEMS ETF
Table of Contents
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Dear Shareholder,
Over the past six months, investors’ appetite for risk continued to oscillate. Uncertainty over the Federal Reserve’s intent to taper its massive asset purchase program prompted investors to alternately pull money out of and pour money into ETFs (exchange traded funds), particularly those focused on stocks. Ultimately, record outflows in June and August were more than offset by sizable inflows in July and September. This uptick in new investment put the ETF industry on pace to nearly match last year’s record of $188 billion in net new assets.1
I am pleased to report that within this environment, Emerging Global Advisors, LLC has continued to grow our assets under management, which stood at $1.47 billion at the end of the third quarter. We also recently launched two new ETFs: EGShares EM Dividend High Income ETF (EMHD), which targets a high dividend yield, and EGShares Emerging Markets Dividend Growth ETF (EMDG), which offers exposure to the return potential of dividend-growing emerging markets companies. Together these offerings round out our suite of dividend-focused exchange-traded funds.
There were also some changes within the EGShares family in recent months. In September, we announced the closing of twelve funds, including the GEMS series of sector-based ETFs — a decision we made in the best interest of shareholders. The funds were liquidated in October and shareholders subsequently received liquidating payments. Collectively these 12 s trategies represented less than 4% of the assets we manage, and due to their small size, were difficult to implement cost-effectively for investors. Also, the successful transition of the underlying index for the EGShares Beyond BRICs ETF (BBRC) to one that includes up to 33% exposure to frontier market companies, was completed effective October 25. This change allows BBRC to provide deeper access to less mature, fast-growing emerging economies.
Finally, I would like to highlight that on September 14, 2013, the EGShares Emerging Markets Consumer ETF (ECON) reached a pivotal milestone: its three-year anniversary. Further, ECON earned a 5-star Overall Morningstar Rating™ among 382 Diversified Emerging Markets ETFs and open-end funds as of September 30, 2013 based on risk-adjusted return. These results reaffirm our belief behind the fund’s design — that the consumer remains a central thesis for investing in emerging markets today.
As always, we remain committed to providing investors with the tools to help them allocate “within” rather than “to” emerging markets. Thank you for the trust you have placed in us through your investment.
Robert C. Holderith
President
Emerging Global Advisors, LLC
1 | Source for fund flow data: IndexUniverse as of September 30, 2013. |
The Morningstar Rating™ is provided for those exchange-traded funds (“ETFs”) with at least a three-year history. Ratings are based on the ETF’s Morningstar Risk-Adjusted Return measure, which accounts for variation in monthly performance, placing more emphasis on downward variations and rewarding consistent performance. An ETF’s risk-adjusted return includes a brokerage commission estimate. This estimate is intended to reflect what an average investor would pay when buying or selling an ETF. PLEASE NOTE, this estimate is subject to change and the actual brokerage commission an investor pays may be higher or lower than this estimate. Morningstar compares each ETF’s risk-adjusted return to the open-end mutual fund rating breakpoints for that category. Consistent with the open-end mutual fund ratings, the top 10% of ETFs in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The overall rating for an ETF is based on a weighted average of the time-period ratings (e.g., the ETF’s 3,5, and 10 year rating). The determination of an ETF’s rating does not affect the retail open end mutual fund data published by Morningstar. Past performance is no guarantee of future results. Morningstar Rating is for the ETF share class only; other classes may have different performance characteristics. As of 9/30/13, EGShares Emerging Markets Consumer ETF was rated 5 stars out of 382 U.S.-domiciled Diversified Emerging Markets equity ETFs over the three-year period. Past performance is no guarantee of future results. © 2013 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
This manager commentary represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice.
Diversification does not guarantee a profit or protect against loss.
This material must be accompanied or preceded by the prospectus
Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. These funds will concentrate their investments in issuers of one or more particular industries to the same extent that their Underlying Indices are so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from maintaining exposure to issuers conducting business in a specific industry.
Past performance does not guarantee future results.
Robert Holderith is a registered representative of ALPS Distributors, Inc. EGShares Funds are distributed by ALPS Distributors, Inc.
EGA Emerging Global Shares Trust 1 |
Comments from the Chief Investment Officer
Dear Shareholder,
For the globally oriented investor, there is a Dickensian metaphor existing today. “A Tale of Two Markets” is very much visible where a home biased investor focused on domestic securities should feel comfortable with the recent performance of U.S. stocks versus those in developing markets. During the six-month reporting period, the S&P 500 Index was up 8.3%, while the MSCI Emerging Markets Index fell –2.3% — a disparity that was even greater over the past year, when the indices returned 19.3% and 1.3%, respectively.1 More broadly speaking, there is also a “Tale of Two Realities” where the S&P 500 Index can be up since the summer of 2011 — the last time the U.S. stock market saw losses well in excess of 10% — despite fiscal cliffs, debt ceilings and government shutdowns along the way. How such a market reality can exist while an economic reality is so uncertain should be a mystery. However, when a tapering of dovish Federal Reserve policy is held back, we realize that ongoing monetary stimulus was needed and is needed to keep market momentum intact.
The question is whether capital markets in the developing world are similarly dependent on central bank support or if the true economic contribution of corporations (state owned or otherwise) is the engine providing economic growth.
Of course, there are always political events in emerging and frontier markets that grab headlines and spook investors. Syria has been the main focus in recent quarters. However, the impact of such events cannot compare to a U.S. government shutdown or the obvious concerns that arise when quantitative easing cannot yet be “tapered” more than five years after the global financial crisis.
Eventually, the U.S., Euro-Zone and Japan will bring economic growth levels closer to long-run averages despite structural concerns mainly related to an aging population and aggregate debt levels. Still, portfolio concentration towards the developed world may be the greatest inadvertent risk taken on by investors. To be true to a globally oriented framework, our firm believes that emerging and frontier market exposures are essential for adequate diversification and potential return enhancement. To focus more on the U.S., Euro-Zone and Japan may likely only lead to portfolios that are sub-optimal.
For investors seeking return enhancement, risk reduction, a thematic exposure or other objectives, EGA has constructed a suite of products geared accordingly within the developing world. Rather than focus only on market cap-weighted benchmarks, we think about objective-oriented customized indices that may better match investor needs and effectively implement exposures in these often challenging markets.
As investors continue to allocate away from home-biased portfolios to include not only emerging and frontier exposures, but more specific and goal-oriented exposures, our organization will continue to build tools to help investors allocate optimally.
Richard Kang
Chief Investment Officer
Emerging Global Advisors, LLC
1 | Bloomberg, September 30, 2013 |
MSCI Emerging Markets Index is an index created by Morgan Stanley Capital International (MSCI) that is designed to measure equity market performance in global emerging markets. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any claims contained herein. It is not possible to invest directly in an index.
S&P 500 Index is a broad-based measure of domestic stock market performance.
This manager commentary represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice.
Diversification does not guarantee a profit or protect against loss.
This material must be accompanied or preceded by the prospectus
Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. These funds will concentrate their investments in issuers of one or more particular industries to the same extent that their Underlying Indices are so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from maintaining exposure to issuers conducting business in a specific industry.
Past performance does not guarantee future results.
Richard Kang is a registered representative of ALPS Distributors Inc. EGShares Funds are distributed by ALPS Distributors, Inc.
2 EGA Emerging Global Shares Trust |
Portfolio Summary (Unaudited)
EGShares Basic Materials GEMS ETF
Top Ten Holdings* | |||
Vale SA Preference A Shares ADR | 10.7 | % | |
China Shenhua Energy Co., Ltd. Class H | 6.7 | ||
MMC Norilsk Nickel OJSC ADR | 5.5 | ||
Grupo Mexico SAB de CV Series B | 5.5 | ||
Impala Platinum Holdings, Ltd. | 5.3 | ||
Gerdau SA Preference Shares ADR | 5.3 | ||
Uralkali OJSC GDR | 5.0 | ||
KGHM Polska Miedz SA | 3.9 | ||
AngloGold Ashanti, Ltd. | 3.9 | ||
Petronas Chemicals Group Bhd | 3.8 |
* | Expressed as a percentage of total investments in securities as of 9/30/2013. Holdings are subject to change. |
EGShares Basic Materials GEMS ETF (ticker: LGEM)
The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Basic Materials Titans 30 IndexSM (“Basic Materials Underlying Index”). The Basic Materials Underlying Index is comprised of publicly traded firms in the “Basic Materials Industry,” as defined by the S&P Dow Jones Indices’ proprietary system. The Basic Materials Underlying Index includes companies whose businesses generally involve: chemicals; forestry and paper; industrial metals and mining; and mining.
Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry.
EGA Emerging Global Shares Trust 3 |
Portfolio Summary (Unaudited)
EGShares Beyond BRICs ETF
Top Ten Holdings* | |||
Naspers, Ltd. N Shares | 6.3 | % | |
MTN Group, Ltd. | 5.1 | ||
Sasol, Ltd. | 4.9 | ||
America Movil SAB de CV Series L | 3.8 | ||
Public Bank Bhd | 3.3 | ||
PT Bank Central Asia Tbk | 2.6 | ||
Fomento Economico Mexicano SAB de CV ADR | 2.6 | ||
CIMB Group Holdings Bhd | 2.2 | ||
Wal-Mart de Mexico SAB de CV Series V | 1.9 | ||
Grupo Televisa SAB Series CPO | 1.8 |
* | Expressed as a percentage of total investments in securities as of 9/30/2013. Holdings are subject to change. |
EGShares Beyond BRICs ETF (ticker: BBRC)
The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the INDXX Beyond BRICs Index (“Beyond BRICs Underlying Index”). The Beyond BRICs Underlying Index is comprised of 50 leading companies that INDXX, LLC determines to be representative of all industries in emerging market countries, excluding Brazil, Russia, India and China. The Fund invests in the constituent companies of the Beyond BRICs Underlying Index, which may include small and medium capitalized companies (“small cap” and “mid cap” companies, respectively), having a market capitalization of at least $100 million at the time of purchase.
Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry.
4 EGA Emerging Global Shares Trust |
Portfolio Summary (Unaudited)
EGShares Brazil Infrastructure ETF
Top Ten Holdings* | |||
Tim Participacoes SA | 5.5 | % | |
CCR SA | 5.3 | ||
BR Malls Participacoes SA | 5.2 | ||
Ultrapar Participacoes SA | 5.1 | ||
Gerdau SA | 4.9 | ||
Telefonica Brasil SA | 4.9 | ||
Companhia de Saneamento Basico do Estado de Sao Paulo | 4.8 | ||
Transmissora Alianca de Energia Eletrica SA | 4.6 | ||
Multiplan Empreendimentos Imobiliarios SA | 4.5 | ||
Embraer SA | 4.5 |
* | Expressed as a percentage of total investments in securities as of 9/30/2013. Holdings are subject to change. |
** | Amount rounds to less than 0.1% |
EGShares Brazil Infrastructure ETF (ticker: BRXX)
The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the INDXX Brazil Infrastructure Index (“Brazil Infrastructure Underlying Index”). The Brazil Infrastructure Underlying Index is comprised of 30 leading companies that INDXX, LLC determines to be representative of Brazil’s infrastructure sectors. The Fund invests in Brazilian large and mid cap infrastructure companies that are included in the Brazil Infrastructure Underlying Index, which are generally defined as companies that are domiciled in Brazil and that have a market capitalization of at least $200 million at the time of purchase.
Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry. Because the Fund only invests in Brazilian securities, its NAV will be much more sensitive to changes in economic, political and other factors within Brazil than would a fund that invested in a greater variety of countries. Special risks include, among others, political and legal uncertainty, persistent religious, ethnic and border disputes, greater government control over the economy, currency fluctuations or blockage and the risk of nationalization or expropriation of assets.
EGA Emerging Global Shares Trust 5 |
Portfolio Summary (Unaudited)
EGShares China Infrastructure ETF
Top Ten Holdings* | |||
China Oilfield Services, Ltd. Class H | 5.5 | % | |
China Railway Construction Corp., Ltd. Class H | 5.3 | ||
China Railway Group, Ltd. Class H | 5.0 | ||
China Longyuan Power Group Corp. Class H | 5.0 | ||
China Telecom Corp., Ltd. Class H | 5.0 | ||
Anhui Conch Cement Co., Ltd. Class H | 4.7 | ||
Jiangxi Copper Co., Ltd. Class H | 4.7 | ||
Datang International Power Generation Co., Ltd. Class H | 4.7 | ||
China Communications Construction Co., Ltd. Class H | 4.6 | ||
CSR Corp., Ltd. Class H | 4.6 |
* | Expressed as a percentage of total investments in securities as of 9/30/2013. Holdings are subject to change. |
EGShares China Infrastructure ETF (ticker: CHXX)
The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the INDXX China Infrastructure Index (“China Infrastructure Underlying Index”). The China Infrastructure Underlying Index is comprised of 30 leading companies that INDXX, LLC determines to be representative of China’s infrastructure sectors. The Fund invests in Chinese large and mid cap infrastructure companies that are included in the China Infrastructure Underlying Index, which are generally defined as companies that are domiciled in China and that have a market capitalization of at least $200 million at the time of purchase.
Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry. Because the Fund only invests in Chinese securities, its NAV will be much more sensitive to changes in economic, political and other factors within China than would a fund that invested in a greater variety of countries. Special risks include, among others, political and legal uncertainty, persistent religious, ethnic and border disputes, greater government control over the economy, currency fluctuations or blockage and the risk of nationalization or expropriation of assets.
6 EGA Emerging Global Shares Trust |
Portfolio Summary (Unaudited)
EGShares Consumer Goods GEMS ETF
Top Ten Holdings* | |||
Cia de Bebidas das Americas Preference | |||
Shares ADR | 10.8 | % | |
Fomento Economico Mexicano SAB de CV ADR | 8.2 | ||
Hindustan Unilever, Ltd. | 7.5 | ||
BRF SA ADR | 6.9 | ||
ITC, Ltd. | 5.5 | ||
PT Astra International Tbk | 5.3 | ||
Grupo Bimbo SAB de CV Series A | 5.0 | ||
China Mengniu Dairy Co., Ltd. | 4.1 | ||
Great Wall Motor Co., Ltd. Class H | 3.7 | ||
IOI Corp. Bhd | 3.4 |
* | Expressed as a percentage of total investments in securities as of 9/30/2013. Holdings are subject to change. |
EGShares Consumer Goods GEMS ETF (ticker: GGEM)
The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Consumer Goods Titans 30 IndexSM (“Consumer Goods Underlying Index”). The Consumer Goods Underlying Index is comprised of publicly traded firms in the “Consumer Goods Industry,” as defined by the S&P Dow Jones Indices’ proprietary classification system. The Consumer Goods Underlying Index includes companies whose businesses generally involve: automobiles and parts; beverages; food production; household goods; leisure goods; personal goods; and tobacco.
Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry.
EGA Emerging Global Shares Trust 7 |
Portfolio Summary (Unaudited)
EGShares Consumer Services GEMS ETF
Top Ten Holdings* | |||
Naspers, Ltd. N Shares | 12.3 | % | |
Magnit OJSC GDR | 7.5 | ||
Grupo Televisa SAB ADR | 6.2 | ||
Wal-Mart de Mexico SAB de CV Series V | 5.9 | ||
Ctrip.com International, Ltd. ADR | 5.3 | ||
S.A.C.I. Falabella | 4.7 | ||
Steinhoff International Holdings, Ltd. | 4.5 | ||
Genting Bhd | 4.1 | ||
Cia Brasileira de Distribuicao Grupo Pao de Acucar | |||
Preference Shares ADR | 3.9 | ||
SM Investments Corp. | 3.7 |
* | Expressed as a percentage of total investments in securities as of 9/30/2013. Holdings are subject to change. |
EGShares Consumer Services GEMS ETF (ticker: VGEM)
The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Consumer Services Titans 30 IndexSM (“Consumer Services Underlying Index”). The Consumer Services Underlying Index is comprised of publicly traded firms in the “Consumer Services Industry,” as defined by the S&P Dow Jones Indices’ proprietary classification system. The Consumer Services Underlying Index includes companies whose businesses generally involve: food and drug retail; general retail; media; and travel and leisure.
Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry.
8 EGA Emerging Global Shares Trust |
Portfolio Summary (Unaudited)
EGShares EM Dividend High Income ETF
Top Ten Holdings* | |||
Delta Electronics Thailand PCL-NVDR | 2.5 | % | |
Telecom Egypt Co. | 2.4 | ||
Light SA | 2.4 | ||
Banco do Brasil SA | 2.4 | ||
Oi SA | 2.4 | ||
EDP - Energias do Brasil SA | 2.3 | ||
Tractebel Energia SA | 2.3 | ||
Ford Otomotiv Sanayi AS | 2.3 | ||
Yanzhou Coal Mining Co., Ltd. Class H | 2.3 | ||
Zijin Mining Group Co., Ltd. Class H | 2.3 |
* | Expressed as a percentage of total investments in securities as of 9/30/2013. Holdings are subject to change. |
EGShares EM Dividend High Income ETF (ticker: EMHD)
The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the FTSE Equal Weighted Emerging All Cap ex-Taiwan Diversified Dividend Yield 50 Index (“Dividend High Income Underlying Index”). The Dividend High Income Underlying Index is comprised of the 50 highest yielding, liquid emerging market equity securities in the FTSE Emerging All Cap ex-Taiwan Universe (excluding China B Shares) (the “FTSE Universe”) having a market capitalization greater than or equal to the 99th percentile of the FTSE Universe and having also paid dividends over the three previous years.
Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry.
EGA Emerging Global Shares Trust 9 |
Portfolio Summary (Unaudited)
EGShares Emerging Markets Consumer ETF
Top Ten Holdings* | |||
Naspers, Ltd. N shares | 9.9 | % | |
Cia de Bebidas das Americas Preference Shares | 8.0 | ||
Fomento Economico Mexicano SAB de CV Series UBD | 5.7 | ||
Magnit OJSC GDR | 5.5 | ||
BRF SA ADR | 4.9 | ||
Wal-Mart de Mexico SAB de CV Series V | 4.4 | ||
PT Astra International Tbk | 3.9 | ||
Want Want China Holdings Ltd. | 3.8 | ||
Grupo Televisa SAB Series CPO | 3.7 | ||
ITC, Ltd. | 3.6 |
* | Expressed as a percentage of total investments in securities as of 9/30/2013. Holdings are subject to change. |
EGShares Emerging Markets Consumer ETF (ticker: ECON)
The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Consumer Titans 30 IndexSM (“Consumer Underlying Index”). The Consumer Underlying Index is comprised of 30 publicly traded firms in the “Consumer Goods Industry” and “Consumer Services Industry,” as defined by the S&P Dow Jones Indices’ proprietary classification system. The Consumer Underlying Index includes companies whose businesses involve: general retailers, beverage providers, food producers, media, auto & parts, travel & leisure and personal goods.
Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry.
10 EGA Emerging Global Shares Trust |
Portfolio Summary (Unaudited)
EGShares Emerging Markets Core ETF
Top Ten Holdings* | |||
Genting Malaysia Bhd | 1.4 | % | |
Grupo Televisa SAB ADR | 1.4 | ||
Richter Gedeon Nyrt | 1.3 | ||
Embraer SA ADR | 1.3 | ||
Grupo de Inversiones Suramericana SA | 1.3 | ||
Genting Bhd | 1.3 | ||
Sun Pharmaceutical Industries, Ltd. | 1.3 | ||
Kimberly-Clark de Mexico, SAB de CV Class A | 1.3 | ||
Magnit OJSC GDR | 1.3 | ||
Powszechny Zaklad Ubezpieczen SA | 1.3 |
* | Expressed as a percentage of total investments in securities as of 9/30/2013. Holdings are subject to change. |
EGShares Emerging Market Core ETF (ticker: EMCR)
The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the S&P Emerging Markets Core Index (“Core Underlying Index”). The Core Underlying Index is comprised of 116 leading companies that S&P Dow Jones Indices determines to be representative of all industries in emerging market countries. The Fund invests in the constituent companies of the Core Underlying Index, which may include small and medium capitalized companies (“small cap” and “mid cap” companies, respectively) domiciled in emerging market countries having a market capitalization of at least $1 billion at the time of purchase.
Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry.
EGA Emerging Global Shares Trust 11 |
Portfolio Summary (Unaudited)
EGShares Emerging Markets Dividend Growth ETF
Top Ten Holdings* | |||
LUKOIL OAO ADR | 2.9 | % | |
Industrial and Commercial Bank of China, Ltd. Class H | 2.9 | ||
Bank of China, Ltd. Class H | 2.9 | ||
Sasol, Ltd. | 2.8 | ||
China Petroleum & Chemical Corp. Class H | 2.8 | ||
China Mobile, Ltd. | 2.8 | ||
MTN Group, Ltd. | 2.8 | ||
Banco do Brasil SA | 2.8 | ||
Standard Bank Group, Ltd. | 2.8 | ||
Remgro, Ltd. | 2.7 |
* | Expressed as a percentage of total investments in securities as of 9/30/2013. Holdings are subject to change. |
EGShares Emerging Markets Dividend Growth ETF (ticker: EMDG)
The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the FTSE Emerging All Cap ex-Taiwan Diversified Capped Dividend Growth 50 Index (“Dividend Growth Underlying Index”). The Fund invests in the constituent companies of the Dividend Growth Underlying Index, which may include small, medium and large capitalized companies (“small cap”, “mid cap” and “large cap” companies, respectively) domiciled in emerging market countries. The Dividend Growth Underlying Index is comprised of 50 emerging markets companies with a high compounded annual dividend growth rate that are members of the FTSE Emerging All Cap ex-Taiwan Universe.
Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry.
12 EGA Emerging Global Shares Trust |
Portfolio Summary (Unaudited)
EGShares Emerging Markets Domestic Demand ETF
* | Expressed as a percentage of total investments in securities as of 9/30/2013. Holdings are subject to change. |
Top Ten Holdings* | |||
ITC, Ltd. | 5.1 | % | |
Grupo Modelo, SAB de CV Series C | 5.1 | ||
Naspers, Ltd. N Shares | 4.7 | ||
MTN Group, Ltd. | 4.6 | ||
Cia de Bebidas das Americas Preference Shares ADR | 4.4 | ||
China Telecom Corp., Ltd. Class H | 4.1 | ||
BRF SA ADR | 3.9 | ||
Great Wall Motor Co., Ltd. Class H | 3.8 | ||
America Movil SAB de CV Series L ADR | 3.8 | ||
Telefonica Brasil SA Preference Shares ADR | 3.3 |
EGShares Emerging Markets Domestic Demand ETF (ticker: EMDD)
The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the INDXX Emerging Markets Domestic Demand Index (“Domestic Demand Underlying Index”). The Domestic Demand Underlying Index is comprised of 50 emerging markets companies in sectors INDXX, LLC determines may have greater exposure to local markets than the MSCI Emerging Markets IndexSM. The Fund invests in the constituent companies of the Domestic Demand Underlying Index, which may include small and medium capitalized companies (“small cap” and “mid cap” companies, respectively) domiciled in emerging market countries having a market capitalization of at least $100 million at the time of purchase. The Domestic Demand Underlying Index includes emerging market companies in the consumer goods, consumer services, health care, telecommunications and utilities industries.
Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry.
EGA Emerging Global Shares Trust 13 |
Portfolio Summary (Unaudited)
EGShares Emerging Markets Metals & Mining ETF
Top Ten Holdings* | |||
Vale SA ADR | 11.2 | % | |
China Shenhua Energy Co., Ltd. Class H | 7.0 | ||
MMC Norilsk Nickel OJSC ADR | 6.0 | ||
Gerdau SA Preference Shares ADR | 5.8 | ||
Grupo Mexico SAB de CV Series B | 5.8 | ||
Impala Platinum Holdings, Ltd. | 5.6 | ||
AngloGold Ashanti, Ltd. | 4.4 | ||
KGHM Polska Miedz SA | 4.3 | ||
Companhia Siderurgica Nacional SA ADR | 3.8 | ||
Kumba Iron Ore, Ltd. | 3.5 |
* | Expressed as a percentage of total investments in securities as of 9/30/2013. Holdings are subject to change. |
EGShares Emerging Markets Metals & Mining ETF (ticker: EMT)
The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Metals & Mining Titans 30 IndexSM (“Metals & Mining Underlying Index”). The Metals & Mining Underlying Index is comprised of 30 publicly traded firms in the “Industrial Metals and Mining Sector” and “Mining Sector,” as defined by the S&P Dow Jones Indices’ proprietary classification system. The Metals & Mining Underlying Index includes companies involved in the extraction and basic processing of basic resources (other than oil and gas), such as coal, metal ore (including the production of basic aluminum, iron and steel products), precious metals and gemstones.
Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry.
14 EGA Emerging Global Shares Trust |
Portfolio Summary (Unaudited)
EGShares Energy GEMS ETF
Top Ten Holdings* | |||
Gazprom OAO ADR | 11.9 | % | |
CNOOC, Ltd. | 8.3 | ||
LUKOIL OAO ADR | 7.8 | ||
Petroleo Brasileiro SA ADR | 6.6 | ||
PetroChina Co., Ltd. Class H | 6.2 | ||
Sasol, Ltd. | 4.5 | ||
Ecopetrol SA ADR | 4.4 | ||
NovaTek OAO GDR | 4.4 | ||
China Petroleum & Chemical Corp. Class H | 4.3 | ||
Reliance Industries, Ltd. GDR 144A | 3.8 |
* | Expressed as a percentage of total investments in securities as of 9/30/2013. Holdings are subject to change. |
EGShares Energy GEMS ETF (ticker: OGEM)
The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Oil and Gas Titans 30 IndexSM (“The Oil and Gas Underlying Index”). The Oil and Gas Underlying Index is comprised of publicly traded firms in the “Oil and Gas Industry,” as defined by the S&P Dow Jones Indices’ proprietary classification system. Oil and Gas Underlying Index includes companies whose businesses involve: oil and gas production; oil equipment, services and distribution; and alternative energy.
Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry.
EGA Emerging Global Shares Trust 15 |
Portfolio Summary (Unaudited)
EGShares Financials GEMS ETF
Top Ten Holdings* | |||
China Construction Bank Corp. Class H | 10.9 | % | |
Industrial and Commercial Bank of China, Ltd. Class H | 9.8 | ||
Itau Unibanco Holding SA Preference Shares ADR | 7.0 | ||
Sberbank of Russia ADR | 6.2 | ||
Bank of China, Ltd. Class H | 6.0 | ||
Banco Bradesco SA Preference Shares ADR | 5.7 | ||
China Life Insurance Co., Ltd. Class H | 4.2 | ||
Housing Development Finance Corp., Ltd. | 4.0 | ||
Standard Bank Group, Ltd. | 3.6 | ||
Ping An Insurance Group Co. of China, Ltd. Class H | 3.2 |
* | Expressed as a percentage of total investments in securities as of 9/30/2013. Holdings are subject to change. |
EGShares Financials GEMS ETF (ticker: FGEM)
The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Financials Titans 30 IndexSM (“Financials Underlying Index”). The Financials Underlying Index is comprised of publicly traded firms in the “Financials Industry,” as defined by the S&P Dow Jones Indices’ proprietary classification system. The Financials Underlying Index includes companies whose businesses involve: banking; insurance; real estate; and financial services.
Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry.
16 EGA Emerging Global Shares Trust |
Portfolio Summary (Unaudited)
EGShares GEMS Composite ETF
Top Ten Holdings* | |||
China Construction Bank Corp. Class H | 4.8 | % | |
China Mobile, Ltd. | 4.4 | ||
Industrial and Commercial Bank of China, Ltd. Class H | 4.4 | ||
America Movil SAB de CV Series L | 4.0 | ||
Gazprom OAO ADR | 3.9 | ||
Baidu, Inc. ADR | 3.6 | ||
Naspers, Ltd. N Shares | 3.0 | ||
Itau Unibanco Holding SA Preference Shares ADR | 2.8 | ||
LUKOIL OAO ADR | 2.5 | ||
CNOOC, Ltd. | 2.5 |
* | Expressed as a percentage of total investments in securities as of 9/30/2013. Holdings are subject to change. |
EGShares GEMS Composite ETF (ticker: AGEM)
The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Sector Titans Composite 100 IndexSM (“Sector Underlying Index”). The Sector Underlying Index is comprised of a representative sample of 100 Emerging Markets companies deemed to be the 10 leading companies in each of the 10 “Industries,” as defined by the S&P Dow Jones Indices’ proprietary classification system.
Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry.
EGA Emerging Global Shares Trust 17 |
Portfolio Summary (Unaudited)
EGShares Health Care GEMS ETF
Top Ten Holdings* | |||
Aspen Pharmacare Holdings, Ltd. | 13.8 | % | |
Sun Pharmaceutical Industries, Ltd. | 12.1 | ||
Life Healthcare Group Holdings, Ltd. | 6.5 | ||
Mindray Medical International, Ltd. ADR | 6.1 | ||
IHH Healthcare Bhd | 5.9 | ||
Dr. Reddy's Laboratories, Ltd. ADR | 5.4 | ||
Netcare, Ltd. | 4.8 | ||
Mediclinic International, Ltd. | 4.2 | ||
Richter Gedeon Nyrt | 4.1 | ||
Cipla, Ltd. | 4.0 |
* | Expressed as a percentage of total investments in securities as of 9/30/2013. Holdings are subject to change. |
EGShares Health Care GEMS ETF (ticker: HGEM)
The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Health Care Titans 30 IndexSM (“Health Care Underlying Index”). The Health Care Underlying Index is comprised of publicly traded firms in the “Health Care Industry,” as defined by the S&P Dow Jones Indices’ proprietary classification system. The Health Care Underlying Index includes companies whose businesses generally involve: health care equipment and services; and pharmaceuticals and biotechnology.
Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry.
18 EGA Emerging Global Shares Trust |
Portfolio Summary (Unaudited)
EGShares India Consumer ETF
Top Ten Holdings* | |||
United Spirits, Ltd. | 7.5 | % | |
Hindustan Unilever, Ltd. | 6.2 | ||
Godrej Consumer Products, Ltd. | 6.1 | ||
Hero MotoCorp, Ltd. | 5.7 | ||
GlaxoSmithKline Consumer Healthcare, Ltd. | 5.3 | ||
ITC, Ltd. | 5.2 | ||
Nestle India, Ltd. | 5.1 | ||
Motherson Sumi Systems, Ltd. | 5.0 | ||
Zee Entertainment Enterprises, Ltd. | 4.9 | ||
Tata Motors, Ltd. | 4.7 |
* | Expressed as a percentage of total investments in securities as of 9/30/2013. Holdings are subject to change. |
EGShares India Consumer ETF (ticker: INCO)
The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the INDXX India Consumer Index (“India Consumer Underlying Index”). The India Consumer Underlying Index is comprised of 30 leading companies that INDXX, LLC determines to be representative of India’s consumer sector. The Fund invests in the constituent companies of the India Consumer Underlying Index, which may include small and medium capitalized companies (“small cap” and “mid cap” companies, respectively), and are generally consumer goods and services companies domiciled in India having a market capitalization of at least $100 million at the time of purchase. India Consumer Underlying Index includes companies whose businesses involve: automobiles and parts; beverages; food production; household goods; leisure goods; personal goods; food and drug retail; general retail; media; travel and leisure; and tobacco.
Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry. Small cap and mid cap companies generally will have greater volatility in price than the stocks of large companies due to limited product lines or resources or a dependency upon a particular market niche. Because the Fund only invests in Indian securities, its NAV will be much more sensitive to changes in economic, political and other factors within India than would a fund that invested in a greater variety of countries. Special risks include, among others, political and legal uncertainty, persistent religious, ethnic and border disputes, greater government control over the economy, currency fluctuations or blockage and the risk of nationalization or expropriation of assets.
EGA Emerging Global Shares Trust 19 |
Portfolio Summary (Unaudited)
EGShares India Infrastructure ETF
Top Ten Holdings* | |||
Bharat Heavy Electricals, Ltd. | 6.2 | % | |
Reliance Communications, Ltd. | 5.6 | ||
Tata Steel, Ltd. | 5.2 | ||
GAIL India, Ltd. | 5.1 | ||
Tata Power Co., Ltd. | 5.0 | ||
NMDC, Ltd. | 5.0 | ||
Tata Motors, Ltd. | 4.9 | ||
NTPC, Ltd. | 4.9 | ||
Ambuja Cements, Ltd. | 4.9 | ||
Power Grid Corp. of India, Ltd. | 4.8 |
* | Expressed as a percentage of total investments in securities as of 9/30/2013. Holdings are subject to change. |
EGShares India Infrastructure ETF (ticker: INXX)
The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the INDXX India Infrastructure Index (“India Infrastructure Underlying Index”). The India Infrastructure Underlying Index is comprised of 30 leading companies that INDXX, LLC determines to be representative of India’s infrastructure sectors. The Fund invests in Indian large and mid cap infrastructure companies that are included in the India Infrastructure Underlying Index, which are generally defined as companies that are domiciled in India and that have a market capitalization of at least $200 million at the time of purchase.
Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry. Because the Fund only invests in Indian securities, its NAV will be much more sensitive to changes in economic, political and other factors within India than would a fund that invested in a greater variety of countries. Special risks include, among others, political and legal uncertainty, persistent religious, ethnic and border disputes, greater government control over the economy, currency fluctuations or blockage and the risk of nationalization or expropriation of assets.
20 EGA Emerging Global Shares Trust |
Portfolio Summary (Unaudited)
EGShares India Small Cap ETF
Top Ten Holdings* | |||
Apollo Hospitals Enterprise, Ltd. | 5.0 | % | |
Mahindra & Mahindra Financial Services, Ltd. | 5.0 | ||
Aditya Birla Nuvo, Ltd. | 4.9 | ||
Tata Global Beverages, Ltd. | 4.0 | ||
Exide Industries, Ltd. | 3.6 | ||
Ipca Laboratories, Ltd. | 3.5 | ||
United Phosphorus, Ltd. | 3.2 | ||
Tata Chemicals, Ltd. | 3.0 | ||
Federal Bank, Ltd. | 2.8 | ||
Reliance Capital, Ltd. | 2.6 |
* | Expressed as a percentage of total investments in securities as of 9/30/2013. Holdings are subject to change. |
EGShares India Small Cap ETF (ticker: SCIN)
The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the INDXX India Small Cap Index (“India Small Cap Underlying Index”). The India Small Cap Underlying Index is comprised of 75 leading companies that INDXX, LLC determines to be representative of small market cap companies in India. The Fund invests in Indian Small Cap companies that are included in the India Small Cap Underlying Index, which are generally defined as companies that are domiciled in India and are at the bottom end of the group that have a market capitalization of at least $100 million but below $2 billion at the time of purchase.
Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry. Because the Fund only invests in Indian securities, its NAV will be much more sensitive to changes in economic, political and other factors within India than would a fund that invested in a greater variety of countries. Special risks include, among others, political and legal uncertainty, persistent religious, ethnic and border disputes, greater government control over the economy, currency fluctuations or blockage and the risk of nationalization or expropriation of assets. Small and medium capitalization companies may have greater volatility in price than the stocks of large capitalization companies due to limited product lines or resources or a dependency upon a particular market niche.
EGA Emerging Global Shares Trust 21 |
Portfolio Summary (Unaudited)
EGShares Industrials GEMS ETF
Top Ten Holdings* | |||
Cemex SAB de CV ADR | 11.4 | % | |
Alfa, SAB Class A | 7.1 | ||
Sime Darby Bhd | 6.5 | ||
Bidvest Group, Ltd. | 6.3 | ||
Tata Motors, Ltd. ADR | 4.7 | ||
Embraer SA ADR | 4.4 | ||
Imperial Holdings, Ltd. | 4.3 | ||
Mahindra & Mahindra, Ltd. | 3.9 | ||
Anhui Conch Cement Co., Ltd. Class H | 3.9 | ||
Siam Cement PCL | 3.7 |
* | Expressed as a percentage of total investments in securities as of 9/30/2013. Holdings are subject to change. |
EGShares Industrials GEMS ETF (ticker: IGEM)
The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Industrials Titans 30 IndexSM (“Industrials Underlying Index”). The Industrials Underlying Index is comprised of publicly traded firms in the “Industrials Industry,” as defined by the S&P Dow Jones Indices’ proprietary classification system. The Industrials Underlying Index includes companies whose businesses generally involve: construction and materials; aerospace and defense; general industrials; electronic and electrical equipment; industrial engineering; industrial transportation; and support services.
Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry.
22 EGA Emerging Global Shares Trust |
Portfolio Summary (Unaudited)
EGShares Low Volatility Emerging Markets Dividend ETF
Top Ten Holdings* | |||
Lewis Group, Ltd. | 5.6 | % | |
Aygaz AS | 4.8 | ||
Vodacom Group, Ltd. | 4.3 | ||
Capital Property Fund | 4.3 | ||
Nam Tai Electronics, Inc. | 4.0 | ||
Globe Telecom, Inc. | 3.9 | ||
Banpu PCL NVDR | 3.8 | ||
Reunert, Ltd. | 3.7 | ||
Growthpoint Properties, Ltd. | 3.6 | ||
Grupo Aeroportuario del Pacifico SAB de CV | 3.5 |
* | Expressed as a percentage of total investments in securities as of 9/30/2013. Holdings are subject to change. |
EGShares Low Volatility Emerging Markets Dividend ETF (ticker: HILO)
The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the INDXX Emerging Market High Income Low Beta Index (“HILB Underlying Index”). The HILB Underlying Index is a dividend yield weighted stock market index comprised of a representative sample of 30 emerging markets companies that INDXX, LLC determines to have lower relative volatility (i.e., low beta) than the broad market benchmark indices of the local exchanges in which the component securities trade and have also paid dividends consistently over the last three years. The Fund invests in the constituent companies of the HILB Underlying Index, which may include small and medium capitalized companies (“small cap” and “mid cap” companies, respectively), domiciled in emerging markets countries having a market capitalization of at least $250 million.
Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry.
EGA Emerging Global Shares Trust 23 |
Portfolio Summary (Unaudited)
EGShares Technology GEMS ETF
Top Ten Holdings* | |||
Tencent Holdings, Ltd. | 11.4 | % | |
Baidu, Inc. ADR | 10.8 | ||
Infosys, Ltd. | 7.5 | ||
Tata Consultancy Services, Ltd. | 6.5 | ||
SINA Corp. | 5.1 | ||
Wipro, Ltd. ADR | 4.5 | ||
NetEase, Inc. ADR | 4.4 | ||
Lenovo Group, Ltd. | 4.4 | ||
Mail.ru Group, Ltd. GDR | 4.1 | ||
Sohu.com, Inc. | 3.3 |
* | Expressed as a percentage of total investments in securities as of 9/30/2013. Holdings are subject to change. |
EGShares Technology GEMS ETF (ticker: QGEM)
The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Technology Titans 30 IndexSM (“Technology Underlying Index”). The Technology Underlying Index is comprised of publicly traded firms in the “Technology Industry,” as defined by the S&P Dow Jones Indices’ proprietary classification system. The Technology Underlying Index includes companies whose businesses generally involve: software and computer services; and technology hardware and equipment.
Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry.
24 EGA Emerging Global Shares Trust |
Portfolio Summary (Unaudited)
EGShares Telecom GEMS ETF
Top Ten Holdings* | |||
China Mobile, Ltd. | 11.3 | % | |
America Movil SAB de CV Series L ADR | 9.9 | ||
MTN Group, Ltd. | 7.9 | ||
Mobile TeleSystems ADR | 5.4 | ||
Advanced Info Service PCL | 4.7 | ||
PT Telekomunikasi Indonesia Persero Tbk ADR | 4.4 | ||
China Telecom Corp., Ltd. Class H | 3.9 | ||
China Unicom Hong Kong, Ltd. ADR | 3.8 | ||
Axiata Group Bhd | 3.8 | ||
Telefonica Brasil SA Preference Shares ADR | 3.6 |
* | Expressed as a percentage of total investments in securities as of 9/30/2013. Holdings are subject to change. |
EGShares Telecom GEMS ETF (ticker: TGEM)
The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Telecommunications Titans 30 IndexSM (“Telecom Underlying Index”). The Telecom Underlying Index is comprised of publicly traded firms in the “Telecommunications Industry,” as defined by the S&P Dow Jones Indices’ proprietary classification system. The Telecom Underlying Index includes companies whose businesses generally involve: fixed line telecommunications and mobile telecommunications.
Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry.
EGA Emerging Global Shares Trust 25 |
Portfolio Summary (Unaudited)
EGShares Utilities GEMS ETF
Top Ten Holdings* | |||
Ultrapar Participacoes SA ADR | 10.0 | % | |
Tenaga Nasional Bhd | 6.5 | ||
Enersis SA ADR | 5.9 | ||
PT Perusahaan Gas Negara Persero Tbk | 5.3 | ||
Cia Energética de Minas Gerais ADR | 5.2 | ||
China Resources Power Holdings Co., Ltd. | 4.8 | ||
PGE SA | 4.7 | ||
Empresa Nacional de Electricidad SA ADR | 4.3 | ||
CEZ AS | 4.3 | ||
Huaneng Power International, Inc. ADR | 4.2 |
* | Expressed as a percentage of total investments in securities as of 9/30/2013. Holdings are subject to change. |
EGShares Utilities GEMS ETF (ticker: UGEM)
The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Utilities Titans 30 IndexSM (“Utilities Underlying Index”). The Utilities Underlying Index is comprised of publicly traded firms in the “Utilities Industry,” as defined by the S&P Dow Jones Indices’ proprietary classification system. The Utilities Underlying Index includes companies whose businesses generally involve: electricity; and gas, water and multi-utilities.
Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry.
26 EGA Emerging Global Shares Trust |
Shareholder Expense Examples (Unaudited)
As a shareholder of an EGA EGShares Funds Trust ETF, you incur advisory fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held throughout the entire period (April 1, 2013 to September 30, 2013).
Actual expenses
The first line under each Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled “Expenses Paid Through 9/30/2013” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line under each Fund in the table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line under each Fund in the table is useful in comparing ongoing Fund costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning | Ending | Annualized | Expenses Paid | |
Account Value | Account Value | Expense Ratios | Through | |
4/1/2013 | 9/30/2013 | for the Period | 9/30/20131 | |
EGShares Basic Materials GEMS ETF (Consolidated)2 | ||||
Actual | $1,000.00 | $ 830.06 | 0.85% | $3.90 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.81 | 0.85% | $4.31 |
EGShares Beyond BRICs ETF | ||||
Actual | $1,000.00 | $ 910.79 | 0.85% | $4.07 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.81 | 0.85% | $4.31 |
EGShares Brazil Infrastructure ETF | ||||
Actual | $1,000.00 | $ 856.54 | 0.85% | $3.96 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.81 | 0.85% | $4.31 |
EGShares China Infrastructure ETF | ||||
Actual | $1,000.00 | $1,015.98 | 0.85% | $4.30 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.81 | 0.85% | $4.31 |
EGShares Consumer Goods GEMS ETF (Consolidated)2 | ||||
Actual | $1,000.00 | $ 959.19 | 0.85% | $4.17 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.81 | 0.85% | $4.31 |
EGShares Consumer Services GEMS ETF | ||||
Actual | $1,000.00 | $1,018.46 | 0.85% | $4.30 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.81 | 0.85% | $4.31 |
EGShares EM Dividend High Income ETF3 | ||||
Actual | $1,000.00 | $1,023.20 | 0.85% | $1.11 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.81 | 0.85% | $4.31 |
EGShares Emerging Markets Consumer ETF (Consolidated)2 | ||||
Actual | $1,000.00 | $1,013.58 | 0.85% | $4.29 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.81 | 0.85% | $4.31 |
EGA Emerging Global Shares Trust 27 |
Shareholder Expense Examples (Unaudited) (concluded)
Beginning | Ending | Annualized | Expenses Paid | |||||
Account Value | Account Value | Expense Ratios | Through | |||||
4/1/2013 | 9/30/2013 | for the Period | 9/30/20131 | |||||
EGShares Emerging Markets Core ETF (Consolidated)2 | ||||||||
Actual | $1,000.00 | $ 981.31 | 0.70% | $3.48 | ||||
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.56 | 0.70% | $3.55 | ||||
EGShares Emerging Markets Dividend Growth ETF4 | ||||||||
Actual | $1,000.00 | $1,003.87 | 0.85% | $2.15 | ||||
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.81 | 0.85% | $4.31 | ||||
EGShares Emerging Markets Domestic Demand ETF (Consolidated)2 | ||||||||
Actual | $1,000.00 | $1,004.51 | 0.85% | $4.27 | ||||
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.81 | 0.85% | $4.31 | ||||
EGShares Emerging Markets Metals & Mining ETF (Consolidated)2 | ||||||||
Actual | $1,000.00 | $ 824.98 | 0.85% | $3.89 | ||||
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.81 | 0.85% | $4.31 | ||||
EGShares Energy GEMS ETF (Consolidated)2 | ||||||||
Actual | $1,000.00 | $ 976.35 | 0.85% | $4.21 | ||||
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.81 | 0.85% | $4.31 | ||||
EGShares Financials GEMS ETF (Consolidated)2 | ||||||||
Actual | $1,000.00 | $ 920.28 | 0.85% | $4.09 | ||||
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.81 | 0.85% | $4.31 | ||||
EGShares GEMS Composite ETF (Consolidated)2 | ||||||||
Actual | $1,000.00 | $ 989.82 | 0.75% | $3.74 | ||||
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.31 | 0.75% | $3.80 | ||||
EGShares Health Care GEMS ETF (Consolidated)2 | ||||||||
Actual | $1,000.00 | $1,032.13 | 0.85% | $4.33 | ||||
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.81 | 0.85% | $4.31 | ||||
EGShares India Consumer ETF (Consolidated)2 | ||||||||
Actual | $1,000.00 | $ 937.56 | 0.89% | $4.32 | ||||
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.61 | 0.89% | $4.51 | ||||
EGShares India Infrastructure ETF (Consolidated)2 | ||||||||
Actual | $1,000.00 | $ 836.19 | 0.85% | $3.91 | ||||
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.81 | 0.85% | $4.31 | ||||
EGShares India Small Cap ETF (Consolidated)2 | ||||||||
Actual | $1,000.00 | $ 773.49 | 0.85% | $3.78 | ||||
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.81 | 0.85% | $4.31 | ||||
EGShares Industrials GEMS ETF (Consolidated)2 | ||||||||
Actual | $1,000.00 | $ 914.96 | 0.85% | $4.08 | ||||
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.81 | 0.85% | $4.31 | ||||
EGShares Low Volatility Emerging Markets Dividend ETF (Consolidated)2 | ||||||||
Actual | $1,000.00 | $ 915.31 | 0.85% | $4.08 | ||||
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.81 | 0.85% | $4.31 | ||||
EGShares Technology GEMS ETF (Consolidated)2 | ||||||||
Actual | $1,000.00 | $1,205.60 | 0.85% | $4.70 | ||||
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.81 | 0.85% | $4.31 | ||||
EGShares Telecom GEMS ETF (Consolidated)2 | ||||||||
Actual | $1,000.00 | $1,013.80 | 0.85% | $4.29 | ||||
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.81 | 0.85% | $4.31 | ||||
EGShares Utilities GEMS ETF (Consolidated)2 | ||||||||
Actual | $1,000.00 | $ 896.59 | 0.85% | $4.04 | ||||
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.81 | 0.85% | $4.31 |
1 | Expenses are calculated using each Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 183/365 (to reflect the six-month period). |
2 | Expenses for these Funds include the accounts of wholly owned subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 in the Notes to Financial Statements. |
3 | Expenses are calculated using each Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by (47/365) (to reflect commencement of operations). |
4 | Expenses are calculated using each Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by (92/365) (to reflect commencement of operations). |
28 EGA Emerging Global Shares Trust |
Frequency Distribution of Premium and Discount (Unaudited)
The chart below presents information about differences between the per share net asset value (“NAV”) of each Fund and the market trading price of shares of each Fund. For these purposes, the “market price” is the midpoint of the highest bid and lowest offer for Fund shares as of the close of trading on the exchange where Fund shares are listed. The term “premium” is sometimes used to describe a market price in excess of NAV and the term “discount” is sometimes used to describe a market price below NAV. The chart presents information about the size and frequency of premiums or discounts. As with other exchange-traded funds, the market price of Fund shares is typically slightly higher or lower than the Fund’s per share NAV. Factors that contribute to the differences between market price and NAV include the supply and demand for Fund shares and investors’ assessments of the underlying value of a Fund’s portfolio securities. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares, as they are bought and sold at current market prices.
Differences between the closing times of U.S. and non-U.S. markets may contribute to differences between the NAV and market price of Fund shares. Many non-U.S. markets close prior to the close of the U.S. securities exchanges. Developments after the close of such markets as a result of ongoing price discovery may be reflected in a Fund’s market price but not in its NAV (or vice versa).
Market Price | Market Price | |||||||||
Above or Equal to NAV | Below NAV | |||||||||
Basis Point | Number | % of | Number | % of | ||||||
Differential | of Days | Total Days | of Days | Total Days | ||||||
EGShares Basic Materials GEMS ETF | ||||||||||
June 23, 2011*–September 30, 2013 | ||||||||||
0-24.99 | 62 | 10.86% | 49 | 8.58% | ||||||
25-49.99 | 80 | 14.01% | 52 | 9.11% | ||||||
50-74.99 | 72 | 12.61% | 26 | 4.55% | ||||||
75-99.99 | 53 | 9.28% | 13 | 2.28% | ||||||
> 100 | 116 | 20.31% | 48 | 8.41% | ||||||
Total | 383 | 67.07% | 188 | 32.93% | ||||||
EGShares Beyond BRICs ETF | ||||||||||
August 15, 2012*–September 30, 2013 | ||||||||||
0-24.99 | 23 | 8.16% | 16 | 5.67% | ||||||
25-49.99 | 44 | 15.60% | 7 | 2.48% | ||||||
50-74.99 | 62 | 21.99% | 3 | 1.07% | ||||||
75-99.99 | 74 | 26.24% | 5 | 1.77% | ||||||
> 100 | 46 | 16.31% | 2 | 0.71% | ||||||
Total | 249 | 88.30% | 33 | 11.70% | ||||||
EGShares Brazil Infrastructure ETF | ||||||||||
February 24, 2010*–September 30, 2013 | ||||||||||
0-24.99 | 95 | 10.51% | 87 | 9.62% | ||||||
25-49.99 | 71 | 7.86% | 101 | 11.17% | ||||||
50-74.99 | 38 | 4.20% | 65 | 7.19% | ||||||
75-99.99 | 31 | 3.43% | 33 | 3.65% | ||||||
> 100 | 344 | 38.05% | 39 | 4.32% | ||||||
Total | 579 | 64.05% | 325 | 35.95% | ||||||
EGShares China Infrastructure ETF | ||||||||||
February 17, 2010*–September 30, 2013 | ||||||||||
0-24.99 | 107 | 11.76% | 89 | 9.78% | ||||||
25-49.99 | 83 | 9.12% | 86 | 9.45% | ||||||
50-74.99 | 83 | 9.12% | 66 | 7.25% | ||||||
75-99.99 | 68 | 7.47% | 61 | 6.70% | ||||||
> 100 | 123 | 13.52% | 144 | 15.83% | ||||||
Total | 464 | 50.99% | 446 | 49.01% | ||||||
EGShares Consumer Goods GEMS ETF | ||||||||||
June 23, 2011*–September 30, 2013 | ||||||||||
0-24.99 | 70 | 12.26% | 113 | 19.79% | ||||||
25-49.99 | 45 | 7.88% | 103 | 18.04% | ||||||
50-74.99 | 32 | 5.60% | 66 | 11.56% | ||||||
75-99.99 | 21 | 3.68% | 40 | 7.00% | ||||||
> 100 | 19 | 3.33% | 62 | 10.86% | ||||||
Total | 187 | 32.75% | 384 | 67.25% |
EGA Emerging Global Shares Trust 29 |
Frequency Distribution of Premium and Discount (Unaudited) (continued)
Market Price | Market Price | |||||||||
Above or Equal to NAV | Below NAV | |||||||||
Basis Point | Number | % of | Number | % of | ||||||
Differential | of Days | Total Days | of Days | Total Days | ||||||
EGShares Consumer Services GEMS ETF | ||||||||||
June 23, 2011*–September 30, 2013 | ||||||||||
0-24.99 | 103 | 18.04% | 130 | 22.77% | ||||||
25-49.99 | 48 | 8.40% | 93 | 16.29% | ||||||
50-74.99 | 18 | 3.15% | 64 | 11.21% | ||||||
75-99.99 | 7 | 1.22% | 50 | 8.76% | ||||||
> 100 | 6 | 1.05% | 52 | 9.11% | ||||||
Total | 182 | 31.86% | 389 | 68.14% | ||||||
EGShares EM Dividend High Income ETF | ||||||||||
August 15, 2013*–September 30, 2013 | ||||||||||
0-24.99 | 2 | 6.25% | 1 | 3.13% | ||||||
25-49.99 | 6 | 18.75% | – | 0.00% | ||||||
50-74.99 | 7 | 21.87% | – | 0.00% | ||||||
75-99.99 | 6 | 18.75% | – | 0.00% | ||||||
> 100 | 10 | 31.25% | – | 0.00% | ||||||
Total | 31 | 96.87% | 1 | 3.13% | ||||||
EGShares Emerging Markets Consumer ETF | ||||||||||
September 14, 2010*–September 30, 2013 | ||||||||||
0-24.99 | 142 | 18.49% | 111 | 14.45% | ||||||
25-49.99 | 191 | 24.87% | 39 | 5.08% | ||||||
50-74.99 | 139 | 18.10% | 23 | 3.00% | ||||||
75-99.99 | 57 | 7.42% | 17 | 2.21% | ||||||
> 100 | 33 | 4.30% | 16 | 2.08% | ||||||
Total | 562 | 73.18% | 206 | 26.82% | ||||||
EGShares Emerging Markets Core ETF | ||||||||||
October 16, 2012*–September 30, 2013 | ||||||||||
0-24.99 | 16 | 6.69% | 14 | 5.86% | ||||||
25-49.99 | 38 | 15.90% | 9 | 3.77% | ||||||
50-74.99 | 66 | 27.61% | 4 | 1.67% | ||||||
75-99.99 | 57 | 23.85% | – | 0.00% | ||||||
> 100 | 32 | 13.39% | 3 | 1.26% | ||||||
Total | 209 | 87.44% | 30 | 12.56% | ||||||
EGShares Emerging Markets Dividend Growth ETF | ||||||||||
July 1, 2013*–September 30, 2013 | ||||||||||
0-24.99 | 11 | 17.19% | 8 | 12.50% | ||||||
25-49.99 | 11 | 17.19% | 3 | 4.69% | ||||||
50-74.99 | 15 | 23.43% | 2 | 3.12% | ||||||
75-99.99 | 7 | 10.94% | – | 0.00% | ||||||
> 100 | 7 | 10.94% | – | 0.00% | ||||||
Total | 51 | 79.69% | 13 | 20.31% | ||||||
EGShares Emerging Markets Domestic Demand ETF | ||||||||||
August 15, 2012*–September 30, 2013 | ||||||||||
0-24.99 | 21 | 7.45% | 13 | 4.61% | ||||||
25-49.99 | 41 | 14.54% | 2 | 0.71% | ||||||
50-74.99 | 70 | 24.82% | – | 0.00% | ||||||
75-99.99 | 72 | 25.53% | 1 | 0.35% | ||||||
> 100 | 60 | 21.28% | 2 | 0.71% | ||||||
Total | 264 | 93.62% | 18 | 6.38% | ||||||
EGShares Emerging Markets Metals & Mining ETF | ||||||||||
May 21, 2009*–September 30, 2013 | ||||||||||
0-24.99 | 176 | 16.05% | 150 | 13.68% | ||||||
25-49.99 | 146 | 13.31% | 123 | 11.21% | ||||||
50-74.99 | 96 | 8.75% | 86 | 7.84% | ||||||
75-99.99 | 85 | 7.75% | 47 | 4.28% | ||||||
> 100 | 98 | 8.93% | 90 | 8.20% | ||||||
Total | 601 | 54.79% | 496 | 45.21% |
30 EGA Emerging Global Shares Trust |
Frequency Distribution of Premium and Discount (Unaudited) (continued)
Market Price | Market Price | |||||||||
Above or Equal to NAV | Below NAV | |||||||||
Basis Point | Number | % of | Number | % of | ||||||
Differential | of Days | Total Days | of Days | Total Days | ||||||
EGShares Energy GEMS ETF | ||||||||||
May 21, 2009*–September 30, 2013 | ||||||||||
0-24.99 | 157 | 14.32% | 147 | 13.41% | ||||||
25-49.99 | 145 | 13.23% | 129 | 11.77% | ||||||
50-74.99 | 126 | 11.50% | 101 | 9.22% | ||||||
75-99.99 | 60 | 5.47% | 45 | 4.11% | ||||||
> 100 | 85 | 7.75% | 101 | 9.22% | ||||||
Total | 573 | 52.27% | 523 | 47.73% | ||||||
EGShares Financials GEMS ETF | ||||||||||
September 16, 2009*–September 30, 2013 | ||||||||||
0-24.99 | 146 | 14.38% | 165 | 16.26% | ||||||
25-49.99 | 115 | 11.33% | 129 | 12.71% | ||||||
50-74.99 | 63 | 6.21% | 111 | 10.93% | ||||||
75-99.99 | 46 | 4.53% | 53 | 5.22% | ||||||
> 100 | 90 | 8.87% | 97 | 9.56% | ||||||
Total | 460 | 45.32% | 555 | 54.68% | ||||||
EGShares GEMS Composite ETF | ||||||||||
July 22, 2009*–September 30, 2013 | ||||||||||
0-24.99 | 177 | 16.78% | 157 | 14.88% | ||||||
25-49.99 | 157 | 14.88% | 125 | 11.85% | ||||||
50-74.99 | 77 | 7.30% | 101 | 9.58% | ||||||
75-99.99 | 63 | 5.97% | 36 | 3.41% | ||||||
> 100 | 84 | 7.96% | 78 | 7.39% | ||||||
Total | 558 | 52.89% | 497 | 47.11% | ||||||
EGShares Health Care GEMS ETF | ||||||||||
June 23, 2011*–September 30, 2013 | ||||||||||
0-24.99 | 70 | 12.26% | 63 | 11.03% | ||||||
25-49.99 | 83 | 14.54% | 49 | 8.58% | ||||||
50-74.99 | 56 | 9.81% | 55 | 9.63% | ||||||
75-99.99 | 51 | 8.93% | 29 | 5.08% | ||||||
> 100 | 58 | 10.16% | 57 | 9.98% | ||||||
Total | 318 | 55.70% | 253 | 44.30% | ||||||
EGShares India Consumer ETF | ||||||||||
August 10, 2011*–September 30, 2013 | ||||||||||
0-24.99 | 47 | 8.75% | 58 | 10.80% | ||||||
25-49.99 | 52 | 9.69% | 50 | 9.31% | ||||||
50-74.99 | 58 | 10.80% | 36 | 6.70% | ||||||
75-99.99 | 42 | 7.82% | 11 | 2.05% | ||||||
> 100 | 137 | 25.51% | 46 | 8.57% | ||||||
Total | 336 | 62.57% | 201 | 37.43% | ||||||
EGShares India Infrastructure ETF | ||||||||||
August 11, 2010*–September 30, 2013 | ||||||||||
0-24.99 | 81 | 10.27% | 78 | 9.89% | ||||||
25-49.99 | 85 | 10.77% | 67 | 8.49% | ||||||
50-74.99 | 79 | 10.01% | 71 | 9.00% | ||||||
75-99.99 | 55 | 6.97% | 47 | 5.96% | ||||||
> 100 | 114 | 14.45% | 112 | 14.19% | ||||||
Total | 414 | 52.47% | 375 | 47.53% | ||||||
EGShares India Small Cap ETF | ||||||||||
July 7, 2010*–September 30, 2013 | ||||||||||
0-24.99 | 93 | 11.43% | 82 | 10.07% | ||||||
25-49.99 | 76 | 9.34% | 72 | 8.84% | ||||||
50-74.99 | 62 | 7.62% | 65 | 7.98% | ||||||
75-99.99 | 56 | 6.88% | 39 | 4.79% | ||||||
> 100 | 150 | 18.43% | 119 | 14.62% | ||||||
Total | 437 | 53.70% | 377 | 46.30% |
EGA Emerging Global Shares Trust 31 |
Frequency Distribution of Premium and Discount (Unaudited) (concluded)
Market Price | Market Price | |||||||||
Above or Equal to NAV | Below NAV | |||||||||
Basis Point | Number | % of | Number | % of | ||||||
Differential | of Days | Total Days | of Days | Total Days | ||||||
EGShares Industrials GEMS ETF | ||||||||||
June 23, 2011*–September 30, 2013 | ||||||||||
0-24.99 | 79 | 13.84% | 66 | 11.56% | ||||||
25-49.99 | 62 | 10.86% | 51 | 8.93% | ||||||
50-74.99 | 50 | 8.76% | 36 | 6.30% | ||||||
75-99.99 | 44 | 7.71% | 36 | 6.30% | ||||||
> 100 | 80 | 14.01% | 67 | 11.73% | ||||||
Total | 315 | 55.18% | 256 | 44.82% | ||||||
EGShares Low Volatility Emerging Markets Dividend ETF | ||||||||||
August 4, 2011*–September 30, 2013 | ||||||||||
0-24.99 | 91 | 16.82% | 68 | 12.57% | ||||||
25-49.99 | 102 | 18.85% | 39 | 7.21% | ||||||
50-74.99 | 86 | 15.90% | 27 | 4.99% | ||||||
75-99.99 | 43 | 7.95% | 24 | 4.43% | ||||||
> 100 | 43 | 7.95% | 18 | 3.33% | ||||||
Total | 365 | 67.47% | 176 | 32.53% | ||||||
EGShares Technology GEMS ETF | ||||||||||
June 23, 2011*–September 30, 2013 | ||||||||||
0-24.99 | 125 | 21.89% | 106 | 18.56% | ||||||
25-49.99 | 72 | 12.61% | 66 | 11.56% | ||||||
50-74.99 | 43 | 7.53% | 40 | 7.01% | ||||||
75-99.99 | 30 | 5.25% | 23 | 4.03% | ||||||
> 100 | 34 | 5.96% | 32 | 5.60% | ||||||
Total | 304 | 53.24% | 267 | 46.76% | ||||||
EGShares Telecom GEMS ETF | ||||||||||
June 23, 2011*–September 30, 2013 | ||||||||||
0-24.99 | 66 | 11.56% | 100 | 17.51% | ||||||
25-49.99 | 34 | 5.95% | 105 | 18.39% | ||||||
50-74.99 | 25 | 4.38% | 78 | 13.66% | ||||||
75-99.99 | 28 | 4.90% | 38 | 6.66% | ||||||
> 100 | 51 | 8.93% | 46 | 8.06% | ||||||
Total | 204 | 35.72% | 367 | 64.28% | ||||||
EGShares Utilities GEMS ETF | ||||||||||
June 23, 2011*–September 30, 2013 | ||||||||||
0-24.99 | 84 | 14.71% | 131 | 22.94% | ||||||
25-49.99 | 49 | 8.58% | 105 | 18.39% | ||||||
50-74.99 | 18 | 3.15% | 69 | 12.08% | ||||||
75-99.99 | 13 | 2.28% | 32 | 5.61% | ||||||
> 100 | 6 | 1.05% | 64 | 11.21% | ||||||
Total | 170 | 29.77% | 401 | 70.23% |
* Commencement of Operations.
Each line in the table shows the number of trading days in which the Fund 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.
32 EGA Emerging Global Shares Trust |
Schedule of Investments (Consolidated)†
EGShares Basic Materials GEMS ETF
September 30, 2013 (Unaudited)
Investments | Shares | Value | ||||
COMMON STOCKS—97.3% | ||||||
Brazil—18.9% | ||||||
Companhia Siderurgica Nacional SA ADR | 23,657 | $ | 101,015 | |||
Gerdau SA Preference Shares ADR | 20,898 | 155,899 | ||||
Vale SA Preference A Shares ADR | 22,420 | 318,588 | ||||
Total Brazil | 575,502 | |||||
Chile—3.4% | ||||||
Empresas CMPC SA | 34,102 | 103,886 | ||||
China—16.9% | ||||||
Aluminum Corp. of China, Ltd. Class H ADR* | 5,768 | 53,123 | ||||
China Coal Energy Co., Ltd. Class H | 114,380 | 68,435 | ||||
China Shenhua Energy Co., Ltd. Class H | 65,027 | 197,886 | ||||
Jiangxi Copper Co., Ltd. Class H | 41,896 | 82,332 | ||||
Yanzhou Coal Mining Co., Ltd. Class H ADR | 6,879 | 65,763 | ||||
Zijin Mining Group Co., Ltd. Class H | 200,294 | 48,039 | ||||
Total China | 515,578 | |||||
India—6.9% | ||||||
Coal India, Ltd. | 18,175 | 85,483 | ||||
Hindalco Industries, Ltd. | 26,127 | 46,699 | ||||
Jindal Steel & Power, Ltd. | 11,934 | 44,892 | ||||
Tata Steel, Ltd. | 7,797 | 33,820 | ||||
Total India | 210,894 | |||||
Malaysia—3.7% | ||||||
Petronas Chemicals Group Bhd | 53,800 | 113,063 | ||||
Mexico—8.4% | ||||||
Grupo Mexico SAB de CV Series B | 54,532 | 162,348 | ||||
Industrias Penoles SAB de CV | 3,216 | 93,936 | ||||
Total Mexico | 256,284 | |||||
Poland—3.8% | ||||||
KGHM Polska Miedz SA | 2,927 | 115,617 |
Investments | Shares | Value | ||||||||
Russia—14.8% | ||||||||||
Evraz PLC* | 20,319 | $ | 42,118 | |||||||
MMC Norilsk Nickel OJSC ADR | 11,290 | 162,915 | ||||||||
Novolipetsk Steel GDR | 2,827 | 45,939 | ||||||||
Severstal GDR | 5,844 | 50,317 | ||||||||
Uralkali OJSC GDR | 5,748 | 149,448 | ||||||||
Total Russia | 450,737 | |||||||||
South Africa—17.1% | ||||||||||
Anglo American Platinum, Ltd.* | 1,746 | 75,676 | ||||||||
AngloGold Ashanti, Ltd. ADR | 8,652 | 114,899 | ||||||||
Gold Fields, Ltd. ADR | 17,846 | 81,556 | ||||||||
Impala Platinum Holdings, Ltd. | 12,787 | 157,389 | ||||||||
Kumba Iron Ore, Ltd. | 2,007 | 92,535 | ||||||||
Total South Africa | 522,055 | |||||||||
Thailand—3.4% | ||||||||||
PTT Global Chemical PCL | 43,000 | 102,414 | ||||||||
TOTAL INVESTMENTS IN SECURITIES—97.3% | ||||||||||
(Cost: $4,346,909) | 2,966,030 | |||||||||
Other Assets in Excess of Liabilities—2.7% | 81,867 | |||||||||
Net Assets—100.0% | $ | 3,047,897 | ||||||||
† | The Consolidated Schedule of Investments includes the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements. | |||||||||
* | Non-income producing security | |||||||||
ADR | American Depositary Receipts | |||||||||
GDR | Global Depositary Receipts | |||||||||
Global Depositary Receipts | ||||||||||
% of | ||||||||||
Summary by Sector | Value | Net Assets | ||||||||
Chemicals | $ | 262,511 | 8.6 | % | ||||||
Forestry & Paper | 103,886 | 3.4 | ||||||||
Industrial Metals & Mining | 1,283,505 | 42.1 | ||||||||
Mining | 1,213,714 | 39.8 | ||||||||
Oil & Gas Producers | 102,414 | 3.4 | ||||||||
Total Investments | 2,966,030 | 97.3 | ||||||||
Other Assets in Excess of Liabilities | 81,867 | 2.7 | ||||||||
Net Assets | $ | 3,047,897 | 100.0 | % |
The accompanying notes are an integral part of these financial statements.
EGA Emerging Global Shares Trust 33 |
Schedule of Investments
September 30, 2013 (Unaudited)
Investments | Shares | Value | ||||
COMMON STOCKS—98.9% | ||||||
Chile—4.4% | ||||||
Banco de Chile | 524,803 | $ | 79,107 | |||
Banco Santander Chile | 840,910 | 55,033 | ||||
Cencosud SA | 15,021 | 66,865 | ||||
Empresa Nacional de Electricidad SA | 45,856 | 64,193 | ||||
Empresas Copec SA | 5,242 | 74,648 | ||||
Enersis SA | 272,287 | 86,973 | ||||
S.A.C.I. Falabella | 6,607 | 63,234 | ||||
Total Chile | 490,053 | |||||
Colombia—1.4% | ||||||
Ecopetrol SA | 67,413 | 154,891 | ||||
Czech Republic—0.5% | ||||||
CEZ AS | 2,140 | 55,267 | ||||
Indonesia—9.0% | ||||||
PT Astra International Tbk | 279,605 | 155,738 | ||||
PT Bank Central Asia Tbk | 329,444 | 284,494 | ||||
PT Bank Mandiri Persero Tbk | 235,326 | 161,558 | ||||
PT Bank Rakyat Indonesia Persero Tbk | 266,033 | 166,558 | ||||
PT Perusahaan Gas Negara Persero Tbk | 162,079 | 72,782 | ||||
PT Semen Indonesia Persero Tbk | 13,577 | 15,242 | ||||
PT Telekomunikasi Indonesia Persero Tbk | 667,403 | 121,032 | ||||
PT Unilever Indonesia Tbk | 5,209 | 13,562 | ||||
Total Indonesia | 990,966 | |||||
Kenya—1.1% | ||||||
East African Breweries, Ltd. | 18,364 | 70,171 | ||||
Safaricom, Ltd. | 474,796 | 46,873 | ||||
Total Kenya | 117,044 | |||||
Malaysia—15.8% | ||||||
Axiata Group Bhd | 85,700 | 180,891 | ||||
CIMB Group Holdings Bhd | 102,400 | 236,247 | ||||
DiGi.Com Bhd | 63,100 | 94,084 | ||||
Genting Bhd | 57,300 | 182,826 | ||||
IHH Healthcare Bhd* | 12,500 | 15,915 | ||||
IOI Corp. Bhd | 16,900 | 27,791 | ||||
Malayan Banking Bhd | 58,400 | 176,302 | ||||
Maxis Bhd | 42,900 | 92,131 | ||||
Petronas Chemicals Group Bhd | 44,000 | 92,468 | ||||
Petronas Gas Bhd | 3,600 | 24,298 | ||||
Public Bank Bhd | 66,000 | 359,208 | ||||
Sime Darby Bhd | 42,500 | 123,869 | ||||
Tenaga Nasional Bhd | 46,200 | 127,991 | ||||
Total Malaysia | 1,734,021 | |||||
Mexico—15.5% | ||||||
Alfa, SAB de CV Class A | 38,432 | 103,060 | ||||
America Movil SAB de CV Series L | 415,232 | 409,436 | ||||
Arca Continental, SAB de CV | 1,264 | 7,826 | ||||
Cemex SAB de CV Series CPO* | 155,467 | 173,492 | ||||
Fomento Economico Mexicano SAB de CV ADR | 29,365 | 283,305 | ||||
Grupo Bimbo SAB de CV Series A | 25,412 | 78,067 | ||||
Grupo Financiero Banorte SAB de CV Class O | 10,378 | 64,300 | ||||
Grupo Financiero Inbursa SAB de CV Class O | 9,525 | 21,635 | ||||
Grupo Mexico SAB de CV Series B | 47,677 | 141,940 | ||||
Grupo Televisa SAB Series CPO | 35,668 | 198,069 | ||||
Industrias Penoles SAB de CV | 585 | 17,087 | ||||
Wal-Mart de Mexico SAB de CV Series V | 77,688 | 202,191 | ||||
Total Mexico | 1,700,408 |
Investments | Shares | Value | ||||
Nigeria—4.6% | ||||||
Guaranty Trust Bank PLC | 1,089,880 | $ | 169,334 | |||
Nigerian Breweries PLC | 166,730 | 170,291 | ||||
Zenith Bank PLC | 1,365,800 | 168,242 | ||||
Total Nigeria | 507,867 | |||||
Oman—0.7% | ||||||
Bank Muscat SAOG | 46,996 | 75,682 | ||||
Philippines—1.2% | ||||||
Philippine Long Distance Telephone Co. | 390 | 26,675 | ||||
SM Investments Corp. | 5,703 | 102,167 | ||||
Total Philippines | 128,842 | |||||
Poland—3.8% | ||||||
Bank Pekao SA | 2,361 | 135,011 | ||||
PGE SA | 16,349 | 87,153 | ||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 8,115 | 15,936 | ||||
Powszechna Kasa Oszczednosci Bank Polski SA | 11,868 | 141,055 | ||||
Powszechny Zaklad Ubezpieczen SA | 257 | 34,917 | ||||
Total Poland | 414,072 | |||||
Qatar—5.7% | ||||||
Barwa Real Estate Co. | 4,711 | 32,346 | ||||
Gulf International Services Q.S.C. | 1,763 | 24,258 | ||||
Industries Qatar Q.S.C. | 4,031 | 165,949 | ||||
Ooredoo Q.S.C. | 3,828 | 146,974 | ||||
Qatar Fuel Co. | 767 | 59,550 | ||||
Qatar Gas Transport Co., Ltd. (Nakilat) | 6,793 | 35,465 | ||||
Qatar National Bank SAQ | 3,606 | 165,190 | ||||
Total Qatar | 629,732 | |||||
South Africa—21.4% | ||||||
Barclays Africa Group, Ltd. | 4,444 | 65,090 | ||||
FirstRand, Ltd. | 37,862 | 126,034 | ||||
Kumba Iron Ore, Ltd. | 797 | 36,747 | ||||
MTN Group, Ltd. | 28,637 | 557,730 | ||||
Naspers, Ltd. N Shares | 7,451 | 687,398 | ||||
Sasol, Ltd. | 11,166 | 531,386 | ||||
Shoprite Holdings, Ltd. | 6,069 | 99,745 | ||||
Standard Bank Group, Ltd. | 16,402 | 195,382 | ||||
Vodacom Group, Ltd. | 4,501 | 55,660 | ||||
Total South Africa | 2,355,172 | |||||
Sri Lanka—1.2% | ||||||
John Keells Holdings PLC | 81,391 | 134,418 | ||||
Thailand—6.5% | ||||||
Advanced Info Service PCL NVDR | 16,700 | 136,141 | ||||
Bangkok Bank PCL NVDR | 6,820 | 42,734 | ||||
CP ALL PCL NVDR | 59,900 | 67,502 | ||||
Kasikornbank PCL NVDR | 16,500 | 92,311 | ||||
PTT Exploration & Production PCL NVDR | 19,000 | 99,313 | ||||
PTT Global Chemical PCL NVDR | 21,900 | 52,160 | ||||
PTT PCL NVDR | 11,800 | 119,207 | ||||
Siam Commercial Bank PCL NVDR | 21,400 | 101,253 | ||||
Total Thailand | 710,621 | |||||
Turkey—6.0% | ||||||
Akbank TAS | 39,241 | 144,328 | ||||
Haci Omer Sabanci Holding AS | 3,823 | 18,446 | ||||
KOC Holding AS | 13,513 | 62,259 | ||||
Turk Telekomunikasyon AS | 10,947 | 37,990 | ||||
Turkcell Iletisim Hizmetleri AS* | 11,634 | 68,440 |
The accompanying notes are an integral part of these financial statements.
34 EGA Emerging Global Shares Trust |
Schedule of Investments (concluded)
EGShares Beyond BRICs ETF
September 30, 2013 (Unaudited)
Investments | Shares | Value | ||||||
Turkey (concluded) | ||||||||
Turkiye Garanti Bankasi AS | 49,139 | $ | 193,364 | |||||
Turkiye Halk Bankasi AS | 7,148 | 52,298 | ||||||
Turkiye Is Bankasi Class C | 33,266 | 87,817 | ||||||
Total Turkey | 664,942 | |||||||
United Arab Emirates—0.1% | ||||||||
First Gulf Bank PJSC | 3,412 | 15,374 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Cost: $10,870,166) | 10,879,372 | |||||||
Exchange Traded Fund—0.1% | ||||||||
United States—0.1% | ||||||||
Market Vectors Vietnam ETF | ||||||||
(Cost: $9,610) | 526 | 9,421 | ||||||
TOTAL INVESTMENTS IN SECURITIES—99.0% | ||||||||
(Cost: $10,879,776) | 10,888,793 | |||||||
Other Assets in Excess of Liabilities—1.0% | 110,862 | |||||||
Net Assets—100.0% | $ | 10,999,655 | ||||||
* | Non-income producing security | |||||||
ADR | American Depositary Receipts | |||||||
NVDR | Non-Voting Depositary Receipts | |||||||
ETF | Exchange Traded Fund |
% of | |||||||
Summary by Sector | Value | Net Assets | |||||
Consumer Discretionary | $ | 1,287,265 | 11.7 | % | |||
Consumer Staples | 1,087,316 | 9.9 | |||||
Energy | 1,114,654 | 10.1 | |||||
Financials | 3,660,650 | 33.3 | |||||
Funds | 9,421 | 0.1 | |||||
Health Care | 15,915 | 0.1 | |||||
Industrials | 691,722 | 6.3 | |||||
Materials | 529,136 | 4.8 | |||||
Telecommunication Services | 1,974,057 | 18.0 | |||||
Utilities | 518,657 | 4.7 | |||||
Total Investments | 10,888,793 | 99.0 | |||||
Other Assets in Excess of Liabilities | 110,862 | 1.0 | |||||
Net Assets | $ | 10,999,655 | 100.0 | % |
The accompanying notes are an integral part of these financial statements.
EGA Emerging Global Shares Trust 35 |
Schedule of Investments
EGShares Brazil Infrastructure ETF
September 30, 2013 (Unaudited)
Investments | Shares | Value | ||||
COMMON STOCKS—99.0% | ||||||
Basic Materials—13.1% | ||||||
Companhia Siderurgica Nacional SA | 560,390 | $ | 2,363,856 | |||
Gerdau SA | 390,000 | 2,887,267 | ||||
Vale SA | 170,003 | 2,623,303 | ||||
Total Basic Materials | 7,874,426 | |||||
Consumer Services—3.2% | ||||||
Localiza Rent a Car SA | 127,796 | 1,905,989 | ||||
Financials—12.1% | ||||||
BR Malls Participacoes SA | 339,507 | 3,083,862 | ||||
BR Properties SA | 174,249 | 1,531,885 | ||||
Multiplan Empreendimentos Imobiliarios SA | 112,431 | 2,680,404 | ||||
Total Financials | 7,296,151 | |||||
Industrials—25.1% | ||||||
All America Latina Logistica | 398,486 | 1,575,291 | ||||
Arteris SA | 113,828 | 981,271 | ||||
CCR SA | 398,278 | 3,125,679 | ||||
Ecorodovias Infraestrutura e Logistica SA | 174,091 | 1,193,427 | ||||
Embraer SA | 332,434 | 2,658,218 | ||||
JSL SA | 57,835 | 390,755 | ||||
Marcopolo SA Preference Shares | 636,380 | 1,886,799 | ||||
Randon SA Implementos e Participacoes Preference Shares | 152,517 | 848,211 | ||||
Weg SA | 199,483 | 2,435,681 | ||||
Total Industrials | 15,095,332 | |||||
Oil & Gas—0.0% | ||||||
OSX Brasil SA* | 47,276 | 12,530 |
Investments | Shares | Value | ||||
Telecommunications—11.5% | ||||||
Oi SA Preference Shares | 374,567 | $ | 715,128 | |||
Telefonica Brasil SA | 129,807 | 2,883,563 | ||||
Tim Participacoes SA | 709,003 | 3,280,578 | ||||
Total Telecommunications | 6,879,269 | |||||
Utilities—34.0% | ||||||
AES Tiete SA | 112,393 | 1,001,214 | ||||
Companhia de Gas de Sao Paulo Preference Shares Class A | 83,385 | 2,154,626 | ||||
Companhia de Saneamento Basico do Estado de Sao Paulo | 289,416 | 2,834,289 | ||||
Companhia de Saneamento de Minas Gerais | 57,929 | 912,895 | ||||
Companhia Energetica de Minas Gerais | 93,072 | 779,345 | ||||
Companhia Energetica de Sao Paulo Preference Shares Class B | 232,839 | 2,439,211 | ||||
CPFL Energia SA | 293,944 | 2,533,989 | ||||
Tractebel Energia SA | 122,702 | 2,033,963 | ||||
Transmissora Alianca de Energia Eletrica SA | 277,798 | 2,732,992 | ||||
Ultrapar Participacoes SA | 123,037 | 3,007,319 | ||||
Total Utilities | 20,429,843 | |||||
TOTAL INVESTMENTS IN SECURITIES—99.0% | ||||||
(Cost: $58,433,753) | 59,493,540 | |||||
Other Assets in Excess of Liabilities—1.0% | 610,180 | |||||
Net Assets—100.0% | $ | 60,103,720 | ||||
* Non-income producing security |
The accompanying notes are an integral part of these financial statements.
36 EGA Emerging Global Shares Trust |
Schedule of Investments
EGShares China Infrastructure ETF
September 30, 2013 (Unaudited)
Investments | Shares | Value | ||||
COMMON STOCKS—99.6% | ||||||
Basic Materials—10.8% | ||||||
Aluminum Corp. of China, Ltd. Class H* | 1,122,504 | $ | 416,860 | |||
Angang Steel Co., Ltd. Class H* | 311,698 | 184,885 | ||||
Jiangxi Copper Co., Ltd. Class H | 231,466 | 454,864 | ||||
Total Basic Materials | 1,056,609 | |||||
Financials—11.3% | ||||||
Agile Property Holdings, Ltd. | 75,438 | 83,073 | ||||
Country Garden Holdings Co., Ltd. | 260,864 | 166,842 | ||||
Evergrande Real Estate Group, Ltd.* | 348,901 | 145,766 | ||||
Greentown China Holdings, Ltd. | 35,901 | 67,495 | ||||
Guangzhou R&F Properties Co., Ltd. Class H | 174,833 | 273,235 | ||||
Longfor Properties Co., Ltd. | 66,392 | 105,301 | ||||
Shimao Property Holdings, Ltd. | 75,731 | 174,212 | ||||
Soho China, Ltd. | 106,846 | 91,895 | ||||
Total Financials | 1,107,819 | |||||
Industrials—42.0% | ||||||
Anhui Conch Cement Co., Ltd. Class H | 143,571 | 460,973 | ||||
China Communications Construction Co., Ltd. Class H | 569,954 | 449,781 | ||||
China National Building Material Co., Ltd. Class H | 331,943 | 318,882 | ||||
China Railway Construction Corp., Ltd. Class H | 487,734 | 515,711 | ||||
China Railway Group, Ltd. Class H | 889,166 | 486,137 | ||||
CSR Corp., Ltd. Class H | 636,907 | 444,307 | ||||
Jiangsu Expressway Co., Ltd. Class H | 255,153 | 301,045 | ||||
Shanghai Electric Group Co., Ltd. Class H | 957,011 | 340,593 | ||||
Weichai Power Co., Ltd. Class H | 104,821 | 409,544 | ||||
Zoomlion Heavy Industry Science and | ||||||
Technology Co., Ltd. Class H | 443,751 | 384,520 | ||||
Total Industrials | 4,111,493 |
Investments | Shares | Value | ||||
Oil & Gas—11.9% | ||||||
China Gas Holdings, Ltd. | 129,679 | $ | 141,298 | |||
China Longyuan Power Group Corp. Class H | 467,386 | 485,759 | ||||
China Oilfield Services, Ltd. Class H | 214,879 | 538,642 | ||||
Total Oil & Gas | 1,165,699 | |||||
Technology—2.5% | ||||||
China Communications Services Corp., Ltd. Class H | 418,223 | 244,296 | ||||
Telecommunications—9.4% | ||||||
China Telecom Corp., Ltd. Class H | 974,027 | 484,806 | ||||
China Unicom Hong Kong, Ltd. | 277,900 | 433,594 | ||||
Total Telecommunications | 918,400 | |||||
Utilities—11.7% | ||||||
Datang International Power Generation Co., Ltd. Class H | 1,030,169 | 454,302 | ||||
ENN Energy Holdings, Ltd. | 47,869 | 266,037 | ||||
Huaneng Power International, Inc. Class H | 429,873 | 429,033 | ||||
Total Utilities | 1,149,372 | |||||
TOTAL INVESTMENTS IN SECURITIES—99.6% | ||||||
(Cost: $11,418,161) | 9,753,688 | |||||
Other Assets in Excess of Liabilities—0.4% | 36,740 | |||||
Net Assets—100.0% | $ | 9,790,428 | ||||
* Non-income producing security |
The accompanying notes are an integral part of these financial statements.
EGA Emerging Global Shares Trust 37 |
Schedule of Investments (Consolidated)†
EGShares Consumer Goods GEMS ETF
September 30, 2013 (Unaudited)
Investments | Shares | Value | ||||
COMMON STOCKS—95.1% | ||||||
Brazil—16.8% | ||||||
BRF—SA ADR | 3,095 | $ | 75,920 | |||
Cia de Bebidas das Americas Preference Shares ADR | 3,115 | 119,460 | ||||
Total Brazil | 195,380 | |||||
Cayman Islands—3.9% | ||||||
China Mengniu Dairy Co., Ltd. | 10,222 | 45,803 | ||||
China—10.7% | ||||||
Belle International Holdings, Ltd. | 24,645 | 35,783 | ||||
China Agri-Industries Holdings, Ltd. | 8,456 | 3,991 | ||||
Dongfeng Motor Group Co., Ltd. Class H | 16,172 | 24,565 | ||||
Great Wall Motor Co., Ltd. Class H | 7,563 | 41,008 | ||||
Guangzhou Automobile Group Co., Ltd. Class H | 17,599 | 19,085 | ||||
Total China | 124,432 | |||||
Colombia—3.0% | ||||||
Grupo Nutresa SA | 2,451 | 34,998 | ||||
India—16.0% | ||||||
Bajaj Auto, Ltd. | 684 | 21,714 | ||||
Hero MotoCorp, Ltd. | 667 | 21,407 | ||||
Hindustan Unilever, Ltd. | 8,249 | 82,675 | ||||
ITC, Ltd. | 11,128 | 60,506 | ||||
Total India | 186,302 | |||||
Indonesia—10.4% | ||||||
PT Astra International Tbk | 105,405 | 58,710 | ||||
PT Gudang Garam Tbk | 4,320 | 13,057 | ||||
PT Indofood Sukses Makmur Tbk | 43,211 | 26,307 | ||||
PT Unilever Indonesia Tbk | 8,943 | 23,284 | ||||
Total Indonesia | 121,358 | |||||
Malaysia—8.3% | ||||||
British American Tobacco Malaysia Bhd | 1,100 | 21,666 | ||||
IOI Corp. Bhd | 22,800 | 37,493 | ||||
Kuala Lumpur Kepong Bhd | 3,600 | 24,961 | ||||
PPB Group Bhd | 2,700 | 11,779 | ||||
Total Malaysia | 95,899 |
Investments | Shares | Value | ||||||
Mexico—21.6% | ||||||||
Arca Continental, SAB de CV | 5,731 | $ | 35,482 | |||||
Coca-Cola Femsa SAB de CV ADR | 262 | 33,007 | ||||||
Fomento Economico Mexicano SAB de CV ADR | 934 | 90,682 | ||||||
Grupo Bimbo SAB de CV Series A | 17,831 | 54,778 | ||||||
Kimberly-Clark de Mexico, SAB de CV Class A | 12,709 | 36,948 | ||||||
Total Mexico | 250,897 | |||||||
South Africa—3.2% | ||||||||
Tiger Brands, Ltd. | 1,240 | 36,855 | ||||||
Thailand—1.2% | ||||||||
Charoen Pokphand Foods Public Co., Ltd. | 18,600 | 14,271 | ||||||
TOTAL INVESTMENTS IN SECURITIES—95.1% | ||||||||
(Cost: $1,076,549) | 1,106,195 | |||||||
Other Assets in Excess of Liabilities—4.9% | 57,221 | |||||||
Net Assets—100.0% | $ | 1,163,416 | ||||||
† | The Consolidated Schedule of Investments includes the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements. | |||||||
ADR | American Depositary Receipts |
Summary by Sector | Value | % of Net Assets | |||||
Automobiles & Parts | $ | 186,489 | 16.0 | % | |||
Beverages | 278,631 | 23.9 | |||||
Food Producers | 367,156 | 31.6 | |||||
Personal Goods | 178,690 | 15.4 | |||||
Tobacco | 95,229 | 8.2 | |||||
Total Investments | 1,106,195 | 95.1 | |||||
Other Assets in Excess of Liabilities | 57,221 | 4.9 | |||||
Net Assets | $ | 1,163,416 | 100.0 | % |
The accompanying notes are an integral part of these financial statements.
38 EGA Emerging Global Shares Trust |
Schedule of Investments
EGShares Consumer Services GEMS ETF
September 30, 2013 (Unaudited)
Investments | Shares | Value | ||||
COMMON STOCKS—95.4% | ||||||
Brazil—3.8% | ||||||
Cia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR | 1,805 | $ | 83,066 | |||
Chile—7.3% | ||||||
Latam Airlines Group SA ADR | 4,263 | 64,286 | ||||
S.A.C.I. Falabella | 10,259 | 98,186 | ||||
Total Chile | 162,472 | |||||
China—11.5% | ||||||
Air China, Ltd. Class H | 39,839 | 26,970 | ||||
China Resources Enterprise, Ltd. | 19,310 | 61,377 | ||||
Ctrip.com International, Ltd. ADR* | 1,898 | 110,900 | ||||
New Oriental Education & Technology Group, Ltd. ADR | 2,166 | 53,933 | ||||
Total China | 253,180 | |||||
Colombia—2.8% | ||||||
Almacenes Exito SA | 3,579 | 61,243 | ||||
Malaysia—6.5% | ||||||
Genting Bhd | 27,200 | 86,787 | ||||
Genting Malaysia Bhd | 43,400 | 56,189 | ||||
Total Malaysia | 142,976 | |||||
Mexico—13.2% | ||||||
Grupo Elektra, SAB de CV | 750 | 24,109 | ||||
Grupo Televisa SAB ADR | 4,643 | 129,772 | ||||
TV Azteca SAB de CV Series CPO | 27,161 | 15,145 | ||||
Wal-Mart de Mexico SAB de CV Series V | 47,374 | 123,296 | ||||
Total Mexico | 292,322 | |||||
Philippines—3.5% | ||||||
SM Investments Corp. | 4,300 | 77,033 | ||||
Russia—8.7% | ||||||
Magnit OJSC GDR | 2,570 | 158,698 | ||||
X5 Retail Group NV GDR* | 1,977 | 32,739 | ||||
Total Russia | 191,437 |
Investments | Shares | Value | ||||||||
South Africa—32.6% | ||||||||||
Foschini Group, Ltd. (The) | 3,983 | $ | 41,184 | |||||||
Massmart Holdings, Ltd. | 2,084 | 34,814 | ||||||||
Mr. Price Group, Ltd. | 3,785 | 52,297 | ||||||||
Naspers, Ltd. N Shares | 2,812 | 259,423 | ||||||||
Pick n Pay Stores, Ltd. | 7,356 | 30,414 | ||||||||
Shoprite Holdings, Ltd. | 4,597 | 75,553 | ||||||||
Steinhoff International Holdings, Ltd. | 26,910 | 95,594 | ||||||||
Truworths International, Ltd. | 7,246 | 64,801 | ||||||||
Woolworths Holdings, Ltd. | 8,938 | 65,891 | ||||||||
Total South Africa | 719,971 | |||||||||
Thailand—2.9% | ||||||||||
CP ALL PCL | 57,600 | 64,911 | ||||||||
Turkey—2.6% | ||||||||||
BIM Birlesik Magazalar AS | 2,788 | 57,335 | ||||||||
TOTAL INVESTMENTS IN SECURITIES—95.4% | ||||||||||
(Cost: $2,013,583) | 2,105,946 | |||||||||
Other Assets in Excess of Liabilities—4.6% | 101,017 | |||||||||
Net Assets—100.0% | $ | 2,206,963 | ||||||||
* | Non-income producing security | |||||||||
ADR | American Depositary Receipts | |||||||||
GDR | Global Depositary Receipts | |||||||||
% of | ||||||||||
Summary by Sector | Value | Net Assets | ||||||||
Food & Drug Retailers | $ | 563,958 | 25.6 | % | ||||||
General Industrials | 61,378 | 2.8 | ||||||||
General Retailers | 635,545 | 28.8 | ||||||||
Household Goods & Home Construction | 95,594 | 4.3 | ||||||||
Media | 404,340 | 18.3 | ||||||||
Travel & Leisure | 345,131 | 15.6 | ||||||||
Total Investments | 2,105,946 | 95.4 | ||||||||
Other Assets in Excess of Liabilities | 101,017 | 4.6 | ||||||||
Net Assets | $ | 2,206,963 | 100.0 | % |
The accompanying notes are an integral part of these financial statements.
EGA Emerging Global Shares Trust 39 |
Schedule of Investments
EGShares EM Dividend High Income ETF
September 30, 2013 (Unaudited)
Investments | Shares | Value | ||||
COMMON STOCKS—99.1% | ||||||
Brazil—22.0% | ||||||
AES Tiete SA | 4,398 | $ | 43,347 | |||
Banco do Brasil SA | 4,156 | 48,168 | ||||
Cia de Transmissao de Energia Eletrica Paulista* | 2,712 | 42,044 | ||||
Cia Energetica de Minas Gerais | 4,800 | 40,193 | ||||
EDP—Energias do Brasil SA | 8,676 | 46,770 | ||||
Light SA | 5,720 | 48,565 | ||||
Oi SA | 24,934 | 47,604 | ||||
Telefonica Brasil SA | 1,818 | 40,386 | ||||
Tractebel Energia SA | 2,806 | 46,513 | ||||
Vale SA | 3,110 | 44,134 | ||||
Total Brazil | 447,724 | |||||
Chile—2.1% | ||||||
Administradora de Fondos de Pensiones Provida SA | 6,922 | 42,220 | ||||
China—18.9% | ||||||
Anhui Expressway Co., Ltd. Class H | 73,412 | 39,758 | ||||
Bank of China, Ltd. Class H | 94,914 | 43,325 | ||||
Beijing Capital Land, Ltd. Class H | 87,134 | 31,010 | ||||
Bosideng International Holdings, Ltd. | 152,148 | 36,687 | ||||
China Shanshui Cement Group, Ltd | 80,546 | 31,055 | ||||
CITIC Pacific, Ltd. | 26,248 | 34,049 | ||||
Kingboard Laminates Holdings, Ltd. | 95,626 | 39,458 | ||||
Tianneng Power International, Ltd. | 93,164 | 36,280 | ||||
Yanzhou Coal Mining Co., Ltd. Class H | 46,210 | 46,120 | ||||
Zijin Mining Group Co., Ltd. Class H | 192,176 | 46,092 | ||||
Total China | 383,834 | |||||
Colombia—2.1% | ||||||
Ecopetrol SA | 19,034 | 43,733 | ||||
Czech Republic—2.0% | ||||||
CEZ AS | 1,608 | 41,528 | ||||
Egypt—2.4% | ||||||
Telecom Egypt Co. | 24,828 | 48,780 | ||||
Hungary—1.6% | ||||||
Magyar Telekom Telecommunications PLC | 23,628 | 32,903 | ||||
India—2.0% | ||||||
Hexaware Technologies, Ltd. | 20,000 | 41,067 | ||||
Indonesia—1.6% | ||||||
PT Harum Energy Tbk | 141,227 | 32,929 | ||||
Poland—2.3% | ||||||
PGE SA | 7,480 | 39,874 | ||||
Powszechny Zaklad Ubezpieczen SA | 50 | 6,793 | ||||
Total Poland | 46,667 | |||||
Russia—2.0% | ||||||
MMC Norilsk Nickel OJSC ADR | 2,766 | 39,913 |
Investments | Shares | Value | ||||||||
South Africa—18.3% | ||||||||||
African Bank Investments, Ltd. | 24,800 | $ | 41,154 | |||||||
Capital Property Fund | 32,344 | 34,003 | ||||||||
Emira Property Fund | 29,788 | 43,570 | ||||||||
Fountainhead Property Trust | 56,712 | 44,350 | ||||||||
JD Group, Ltd. | 12,414 | 38,610 | ||||||||
Kumba Iron Ore, Ltd. | 886 | 40,850 | ||||||||
Lewis Group, Ltd. | 6,372 | 41,364 | ||||||||
SA Corporate Real Estate Fund | 111,716 | 44,403 | ||||||||
Vodacom Group, Ltd. | 3,568 | 44,123 | ||||||||
Total South Africa | 372,427 | |||||||||
Thailand—8.1% | ||||||||||
Bangkok Expressway PCL-NVDR | 35,826 | 39,514 | ||||||||
Banpu PCL-NVDR | 42,000 | 36,925 | ||||||||
Delta Electronics Thailand PCL-NVDR | 32,000 | 50,384 | ||||||||
Thai Vegetable Oil PCL-NVDR | 66,000 | 38,191 | ||||||||
Total Thailand | 165,014 | |||||||||
Turkey—13.7% | ||||||||||
Aksa Akrilik Kimya Sanayii AS | 10,434 | 44,050 | ||||||||
Aygaz AS | 9,408 | 42,044 | ||||||||
Ford Otomotiv Sanayi AS | 3,370 | 46,314 | ||||||||
Tofas Turk Otomobil Fabrikasi AS | 6,200 | 37,699 | ||||||||
Tupras-Turkiye Petrol Rafinerileri AS | 1,700 | 35,885 | ||||||||
Turk Telekomunikasyon AS | 10,642 | 36,932 | ||||||||
Turk Traktor ve Ziraat Makineleri AS | 1,230 | 35,875 | ||||||||
Total Turkey | 278,799 | |||||||||
TOTAL INVESTMENTS IN SECURITIES—99.1% | ||||||||||
(Cost: $1,990,013) | 2,017,538 | |||||||||
Other Assets in Excess of Liabilities—0.9% | 18,771 | |||||||||
Net Assets—100.0% | $ | 2,036,309 | ||||||||
* | Non-income producing security | |||||||||
ADR | American Depositary Receipts | |||||||||
NVDR | Non-Voting Depositary Receipts | |||||||||
% of | ||||||||||
Summary by Industry | Value | Net Assets | ||||||||
Basic Materials | $ | 370,471 | 18.2 | % | ||||||
Consumer Goods | 195,171 | 9.6 | ||||||||
Consumer Services | 79,975 | 4.0 | ||||||||
Financials | 378,996 | 18.6 | ||||||||
Industrials | 230,635 | 11.3 | ||||||||
Oil & Gas | 79,618 | 3.9 | ||||||||
Technology | 41,067 | 2.0 | ||||||||
Telecommunications | 250,727 | 12.3 | ||||||||
Utilities | 390,878 | 19.2 | ||||||||
Total Investments | 2,017,538 | 99.1 | ||||||||
Other Assets in Excess of Liabilities | 18,771 | 0.9 | ||||||||
Net Assets | $ | 2,036,309 | 100.0 | % |
The accompanying notes are an integral part of these financial statements.
40 EGA Emerging Global Shares Trust |
Schedule of Investments (Consolidated)†
EGShares Emerging Markets Consumer ETF
September 30, 2013 (Unaudited)
Investments | Shares | Value | ||||
COMMON STOCKS—99.9% | ||||||
Brazil—15.4% | ||||||
BRF SA ADR | 2,373,878 | $ | 58,231,227 | |||
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR | 653,099 | 30,055,616 | ||||
Cia de Bebidas das Americas | ||||||
Preference Shares ADR | 2,464,342 | 94,507,516 | ||||
Total Brazil | 182,794,359 | |||||
Chile—6.7% | ||||||
Cencosud SA | 4,933,019 | 21,958,832 | ||||
Latam Airlines Group SA ADR | 1,307,172 | 19,712,154 | ||||
S.A.C.I. Falabella | 4,022,179 | 38,495,288 | ||||
Total Chile | 80,166,274 | |||||
China—17.0% | ||||||
Belle International Holdings, Ltd. | 21,197,826 | 30,777,937 | ||||
China Mengniu Dairy Co., Ltd. | 6,608,585 | 29,612,364 | ||||
Ctrip.com International, Ltd. ADR* | 587,387 | 34,321,022 | ||||
Dongfeng Motor Group Co., Ltd. Class H | 12,899,723 | 19,594,558 | ||||
Hengan International Group Co., Ltd. | 3,599,355 | 42,096,091 | ||||
Want Want China Holdings, Ltd. | 30,020,428 | 45,600,748 | ||||
Total China | 202,002,720 | |||||
Colombia—1.7% | ||||||
Grupo Nutresa SA | 1,384,613 | 19,770,847 | ||||
India—6.4% | ||||||
Hindustan Unilever, Ltd. | 3,232,194 | 32,394,220 | ||||
ITC, Ltd. | 7,939,461 | 43,168,957 | ||||
Total India | 75,563,177 | |||||
Indonesia—3.9% | ||||||
PT Astra International Tbk | 82,385,345 | 45,888,210 | ||||
Malaysia—6.2% | ||||||
Genting Bhd | 10,066,520 | 32,118,978 | ||||
Genting Malaysia Bhd | 15,180,980 | 19,654,467 | ||||
IOI Corp. Bhd | 13,656,020 | 22,456,287 | ||||
Total Malaysia | 74,229,732 |
Investments | Shares | Value | ||||||||
Mexico—16.5% | ||||||||||
Fomento Economico Mexicano SAB de CV Series UBD | 6,974,843 | $ | 67,291,240 | |||||||
Grupo Bimbo SAB de CV Series A | 10,798,768 | 33,174,603 | ||||||||
Grupo Televisa SAB Series CPO | 7,956,349 | 44,182,631 | ||||||||
Wal-Mart de Mexico SAB de CV Series V | 20,079,002 | 52,257,647 | ||||||||
Total Mexico | 196,906,121 | |||||||||
Russia—5.5% | ||||||||||
Magnit OJSC GDR | 1,059,791 | 65,442,094 | ||||||||
South Africa—18.7% | ||||||||||
Naspers, Ltd. N Shares | 1,276,450 | 117,760,004 | ||||||||
Shoprite Holdings, Ltd. | 1,765,754 | 29,020,565 | ||||||||
Steinhoff International Holdings, Ltd.* | 8,401,840 | 29,846,308 | ||||||||
Tiger Brands, Ltd. | 879,600 | 26,143,054 | ||||||||
Truworths International, Ltd. | 2,280,704 | 20,396,310 | ||||||||
Total South Africa | 223,166,241 | |||||||||
Thailand—1.9% | ||||||||||
CP ALL PCL | 20,346,700 | 22,929,066 | ||||||||
TOTAL INVESTMENTS IN SECURITIES—99.9% | ||||||||||
(Cost: $1,140,841,053) | 1,188,858,841 | |||||||||
Other Assets in Excess of Liabilities—0.1% | 1,520,533 | |||||||||
Net Assets—100.0% | $ | 1,190,379,374 | ||||||||
† | The Consolidated Schedule of Investments includes the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements. | |||||||||
* | Non-income producing security | |||||||||
ADR | American Depositary Receipts | |||||||||
GDR | Global Depositary Receipts | |||||||||
% of | ||||||||||
Summary by Industry | Value | Net Assets | ||||||||
Consumer Goods | $ | 640,554,167 | 53.8 | % | ||||||
Consumer Services | 548,304,674 | 46.1 | ||||||||
Total Investments | 1,188,858,841 | 99.9 | ||||||||
Other Assets in Excess of Liabilities | 1,520,533 | 0.1 | ||||||||
Net Assets | $ | 1,190,379,374 | 100.0 | % |
The accompanying notes are an integral part of these financial statements.
EGA Emerging Global Shares Trust 41 |
Schedule of Investments (Consolidated)†
EGShares Emerging Markets Core ETF
September 30, 2013 (Unaudited)
Investments | Shares | Value | ||||
COMMON STOCKS—99.7% | ||||||
Brazil—10.1% | ||||||
Banco Bradesco SA Preference Shares ADR | 3,107 | $ | 43,125 | |||
BRF SA ADR | 1,855 | 45,503 | ||||
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR | 1,074 | 49,425 | ||||
Cia de Bebidas das Americas Preference Shares ADR | 1,236 | 47,400 | ||||
Cia Energética de Minas Gerais—ADR | 4,482 | 38,725 | ||||
Embraer SA ADR | 1,688 | 54,809 | ||||
Itau Unibanco Holding SA Preference Shares ADR | 3,205 | 45,255 | ||||
Petroleo Brasileiro SA ADR | 3,122 | 48,360 | ||||
Vale SA ADR | 2,498 | 38,994 | ||||
Total Brazil | 411,596 | |||||
Chile—5.5% | ||||||
Cencosud SA | 10,502 | 46,749 | ||||
Empresa Nacional de Electricidad SA ADR | 1,046 | 43,922 | ||||
Enersis SA ADR | 2,944 | 47,281 | ||||
Latam Airlines Group SA ADR | 2,600 | 39,208 | ||||
S.A.C.I. Falabella | 4,782 | 45,767 | ||||
Total Chile | 222,927 | |||||
China—17.9% | ||||||
AAC Technologies Holdings, Inc. | 5,304 | 24,109 | ||||
Baidu, Inc. ADR* | 117 | 18,156 | ||||
Bank of China, Ltd. Class H | 47,812 | 21,825 | ||||
China Communications Construction Co., Ltd. Class H | 20,000 | 15,783 | ||||
China Construction Bank Corp. Class H | 26,980 | 20,769 | ||||
China Everbright International, Ltd. | 19,142 | 16,908 | ||||
China Life Insurance Co., Ltd. Class H ADR | 460 | 17,876 | ||||
China Merchants Holdings International Co., Ltd. | 6,335 | 23,036 | ||||
China Mobile, Ltd. ADR | 378 | 21,330 | ||||
China Overseas Land & Investment, Ltd. | 7,706 | 22,705 | ||||
China Pacific Insurance Group Co., Ltd. Class H | 6,290 | 22,548 | ||||
China Resources Enterprise, Ltd. | 6,252 | 19,872 | ||||
China Resources Land, Ltd. | 8,604 | 24,463 | ||||
China Unicom Hong Kong, Ltd. ADR | 1,148 | 17,702 | ||||
CNOOC, Ltd. | 8,140 | 16,563 | ||||
Cosco Pacific, Ltd. | 14,068 | 21,514 | ||||
Country Garden Holdings Co., Ltd. | 25,445 | 16,274 | ||||
Ctrip.com International, Ltd. ADR* | 336 | 19,633 | ||||
Digital China Holdings, Ltd. | 10,934 | 13,394 | ||||
Dongfeng Motor Group Co., Ltd. Class H | 15,862 | 24,094 | ||||
GCL-Poly Energy Holdings, Ltd.* | 98,174 | 28,357 | ||||
Haier Electronics Group Co., Ltd. | 9,535 | 18,467 | ||||
Hanergy Solar Group, Ltd.* | 143,271 | 25,864 | ||||
Hengan International Group Co., Ltd. | 1,552 | 18,151 | ||||
Industrial and Commercial Bank of China, Ltd. Class H | 31,078 | 21,680 | ||||
Lenovo Group, Ltd. | 22,030 | 23,038 | ||||
Mindray Medical International, Ltd. ADR | 566 | 22,012 | ||||
NetEase, Inc. ADR | 348 | 25,268 | ||||
New Oriental Education & Technology Group, Ltd. ADR | 743 | 18,501 | ||||
Picc Property & Casualty Co., Ltd. Class H | 17,327 | 23,504 | ||||
Ping An Insurance Group Co. of China, Ltd. Class H | 2,620 | 19,476 | ||||
Semiconductor Manufacturing International Corp.* | 241,820 | 16,215 | ||||
Sinopharm Group Co. Class H | 6,192 | 15,538 | ||||
Spreadtrum Communications, Inc. ADR | 566 | 17,240 | ||||
Tencent Holdings, Ltd. | 335 | 17,573 | ||||
ZTE Corp. Class H* | 12,210 | 25,254 | ||||
Total China | 734,692 |
Investments | Shares | Value | ||||
Colombia—1.3% | ||||||
Grupo de Inversiones Suramericana SA | 2,720 | $ | 54,391 | |||
Czech Republic—1.2% | ||||||
CEZ AS | 1,882 | 48,604 | ||||
Hungary—1.4% | ||||||
Richter Gedeon Nyrt | 3,160 | 55,006 | ||||
India—13.5% | ||||||
Dr Reddy's Laboratories, Ltd. | 1,295 | 49,255 | ||||
Hindustan Unilever, Ltd. | 5,092 | 51,034 | ||||
Infosys, Ltd. ADR | 896 | 43,107 | ||||
ITC, Ltd. | 7,432 | 40,410 | ||||
Mahindra & Mahindra, Ltd. | 2,434 | 32,170 | ||||
NTPC, Ltd. | 21,156 | 49,827 | ||||
Reliance Industries, Ltd. | 2,424 | 31,842 | ||||
Sun Pharmaceutical Industries, Ltd. | 5,672 | 53,753 | ||||
Tata Consultancy Services, Ltd. | 1,444 | 44,465 | ||||
Tata Motors, Ltd. ADR | 1,434 | 38,173 | ||||
Titan Industries, Ltd. | 8,468 | 31,394 | ||||
Wipro, Ltd. | 6,638 | 50,157 | ||||
Zee Entertainment Enterprises, Ltd. | 10,342 | 37,747 | ||||
Total India | 553,334 | |||||
Indonesia—3.2% | ||||||
PT Astra International Tbk | 74,786 | 41,656 | ||||
PT Telekomunikasi Indonesia Persero Tbk ADR | 1,252 | 45,460 | ||||
PT Unilever Indonesia Tbk | 16,659 | 43,374 | ||||
Total Indonesia | 130,490 | |||||
Malaysia—5.2% | ||||||
Genting Bhd | 17,000 | 54,241 | ||||
Genting Malaysia Bhd | 45,600 | 59,037 | ||||
Sime Darby Bhd | 16,800 | 48,964 | ||||
Tenaga Nasional Bhd | 17,600 | 48,758 | ||||
Total Malaysia | 211,000 | |||||
Mexico—10.4% | ||||||
Alfa, SAB Class A | 16,239 | 43,547 | ||||
America Movil SAB de CV Series L ADR | 2,616 | 51,823 | ||||
Cemex SAB de CV Series CPO* | 39,720 | 44,325 | ||||
Fomento Economico Mexicano SAB de CV ADR | 518 | 50,293 | ||||
Grupo Aeroportuario del Sureste SAB de CV Class B | 3,985 | 43,375 | ||||
Grupo Bimbo SAB de CV Series A | 12,728 | 39,101 | ||||
Grupo Televisa SAB ADR | 2,068 | 57,801 | ||||
Kimberly-Clark de Mexico SAB de CV Class A | 18,462 | 53,673 | ||||
Wal-Mart de Mexico SAB de CV Series V | 16,194 | 42,147 | ||||
Total Mexico | 426,085 | |||||
Philippines—3.5% | ||||||
Ayala Land, Inc. | 78,400 | 49,068 | ||||
Jollibee Foods Corp. | 12,110 | 46,866 | ||||
SM Investments Corp. | 2,690 | 48,190 | ||||
Total Philippines | 144,124 | |||||
Poland—1.3% | ||||||
Powszechny Zaklad Ubezpieczen SA | 388 | 52,715 | ||||
Russia—6.8% | ||||||
Gazprom OAO ADR | 5,448 | 47,997 | ||||
LUKOIL OAO ADR | 802 | 50,847 | ||||
Magnit OJSC GDR | 861 | 53,167 | ||||
MMC Norilsk Nickel OJSC ADR | 3,032 | 43,752 | ||||
Sberbank of Russia ADR | 3,918 | 47,212 |
The accompanying notes are an integral part of these financial statements.
42 EGA Emerging Global Shares Trust |
Schedule of Investments (Consolidated)† (concluded)
EGShares Emerging Markets Core ETF
September 30, 2013 (Unaudited)
Investments | Shares | Value | ||||
Russia (concluded) | ||||||
Uralkali OJSC GDR | 1,432 | $ | 37,232 | |||
Total Russia | 280,207 | |||||
South Africa—14.3% | ||||||
AngloGold Ashanti, Ltd. ADR | 976 | 12,961 | ||||
Aspen Pharmacare Holdings, Ltd.* | 1,798 | 46,943 | ||||
Bidvest Group, Ltd. | 1,306 | 32,664 | ||||
FirstRand, Ltd. | 12,456 | 41,463 | ||||
Impala Platinum Holdings, Ltd. | 3,485 | 42,895 | ||||
Imperial Holdings, Ltd. | 1,482 | 32,103 | ||||
Life Healthcare Group Holdings, Ltd. | 9,614 | 34,143 | ||||
MTN Group, Ltd. | 1,744 | 33,966 | ||||
Naspers, Ltd. N Shares | 395 | 36,441 | ||||
Netcare, Ltd. | 15,250 | 36,368 | ||||
Remgro, Ltd. | 1,832 | 35,316 | ||||
Sanlam, Ltd. | 6,978 | 32,492 | ||||
Sasol, Ltd. ADR | 772 | 36,894 | ||||
Shoprite Holdings, Ltd. | 1,706 | 28,038 | ||||
Steinhoff International Holdings, Ltd.* | 11,642 | 41,356 | ||||
Tiger Brands, Ltd. | 1,022 | 30,376 | ||||
Woolworths Holdings, Ltd. | 4,468 | 32,938 | ||||
Total South Africa | 587,357 | |||||
Thailand—1.9% | ||||||
Advanced Info Service PCL-NVDR | 5,000 | 40,761 | ||||
BEC World PCL-NVDR | 21,000 | 38,099 | ||||
Total Thailand | 78,860 |
Investments | Shares | Value | ||||||||
Turkey—2.2% | ||||||||||
Arcelik AS | 8,462 | $ | 49,153 | |||||||
Haci OMER Sabanci Holding AS | 8,510 | 41,060 | ||||||||
Total Turkey | 90,213 | |||||||||
TOTAL INVESTMENTS IN SECURITIES—99.7% | ||||||||||
(Cost: $4,115,479) | 4,081,601 | |||||||||
Other Assets in Excess of Liabilities—0.3% | 14,064 | |||||||||
Net Assets—100.0% | $ | 4,095,665 | ||||||||
† | The Consolidated Schedule of Investments includes the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements. | |||||||||
* | Non-income producing security | |||||||||
ADR | American Depositary Receipts | |||||||||
GDR | Global Depositary Receipts | |||||||||
NVDR | Non-Voting Depositary Receipts | |||||||||
% of | ||||||||||
Summary by Sector | Value | Net Assets | ||||||||
Consumer Discretionary | $ | 755,637 | 18.4 | % | ||||||
Consumer Staples | 658,713 | 16.1 | ||||||||
Energy | 232,503 | 5.7 | ||||||||
Financials | 653,218 | 15.9 | ||||||||
Health Care | 313,017 | 7.6 | ||||||||
Industrials | 387,998 | 9.5 | ||||||||
Information Technology | 372,196 | 9.1 | ||||||||
Materials | 220,159 | 5.4 | ||||||||
Telecommunication Services | 211,043 | 5.2 | ||||||||
Utilities | 277,117 | 6.8 | ||||||||
Total Investments | 4,081,601 | 99.7 | ||||||||
Other Assets in Excess of Liabilities | 14,064 | 0.3 | ||||||||
Net Assets | $ | 4,095,665 | 100.0 | % |
The accompanying notes are an integral part of these financial statements.
EGA Emerging Global Shares Trust 43 |
Schedule of Investments
EGShares Emerging Markets Dividend Growth ETF
September 30, 2013 (Unaudited)
Investments | Shares | Value | ||||
COMMON STOCKS—99.6% | ||||||
Brazil—16.0% | ||||||
Banco do Brasil SA | 4,755 | $ | 55,111 | |||
CCR SA | 6,217 | 48,791 | ||||
Cia de Bebidas das Americas Preference Shares ADR | 1,396 | 53,537 | ||||
Cia de Saneamento Basico do Estado de Sao Paulo ADR | 2,358 | 23,486 | ||||
Cia Energética de Minas Gerais ADR | 3,732 | 32,244 | ||||
Itau Unibanco Holding SA Preference Shares ADR | 3,812 | 53,826 | ||||
Ultrapar Participacoes SA ADR | 2,122 | 52,180 | ||||
Total Brazil | 319,175 | |||||
Chile—2.7% | ||||||
Empresa Nacional de Electricidad SA ADR | 792 | 33,256 | ||||
Sociedad Quimica y Minera de Chile SA ADR | 650 | 19,858 | ||||
Total Chile | 53,114 | |||||
China—21.0% | ||||||
Bank of China, Ltd. Class H | 124,826 | 56,979 | ||||
China Construction Bank Corp. Class H | 65,110 | 50,122 | ||||
China Mobile, Ltd. | 4,934 | 55,129 | ||||
China Overseas Land & Investment, Ltd. | 16,623 | 48,978 | ||||
China Petroleum & Chemical Corp. Class H | 70,684 | 55,325 | ||||
China Shenhua Energy Co., Ltd. Class H | 15,623 | 47,543 | ||||
CNOOC, Ltd. | 24,431 | 49,712 | ||||
Industrial and Commercial Bank of China, Ltd. Class H | 81,902 | 57,135 | ||||
Total China | 420,923 | |||||
India—3.9% | ||||||
ITC, Ltd. | 9,479 | 51,540 | ||||
Mahindra & Mahindra Ltd. GDR | 2,084 | 27,404 | ||||
Total India | 78,944 | |||||
Indonesia—8.9% | ||||||
PT Astra International Tbk | 91,311 | 50,860 | ||||
PT Bank Rakyat Indonesia Persero Tbk | 67,642 | 42,349 | ||||
PT Gudang Garam Tbk | 3,978 | 12,023 | ||||
PT Perusahaan Gas Negara Persero Tbk | 72,736 | 32,662 | ||||
PT Semen Indonesia Persero Tbk | 21,186 | 23,784 | ||||
PT United Tractors Tbk | 11,080 | 15,596 | ||||
Total Indonesia | 177,274 | |||||
Malaysia—8.1% | ||||||
Genting Malaysia Bhd | 20,600 | 26,670 | ||||
IOI Corp. Bhd | 26,400 | 43,413 | ||||
Kuala Lumpur Kepong Bhd | 3,800 | 26,348 | ||||
Sime Darby Bhd | 16,600 | 48,382 | ||||
YTL Corp. Bhd | 38,200 | 18,048 | ||||
Total Malaysia | 162,861 | |||||
Mexico—6.3% | ||||||
America Movil SAB de CV Series L ADR | 2,490 | 49,327 | ||||
Grupo Aeroportuario del Sureste SAB de CV Class B | 1,566 | 17,045 | ||||
Industrias Penoles SAB de CV | 900 | 26,288 | ||||
Mexichem SAB de CV | 7,800 | 33,816 | ||||
Total Mexico | 126,476 |
Investments | Shares | Value | ||||||||
Peru—0.6% | ||||||||||
Cia de Minas Buenaventura SAA ADR | 1,042 | $ | 12,202 | |||||||
Philippines—0.8% | ||||||||||
Aboitiz Equity Ventures, Inc. | 15,060 | 15,565 | ||||||||
Russia—8.0% | ||||||||||
Gazprom OAO ADR | 5,835 | 51,406 | ||||||||
LUKOIL OAO ADR | 904 | 57,313 | ||||||||
Rosneft OAO GDR | 6,443 | 52,188 | ||||||||
Total Russia | 160,907 | |||||||||
South Africa—17.7% | ||||||||||
Gold Fields, Ltd. | 5,324 | 24,383 | ||||||||
MTN Group, Ltd. | 2,830 | 55,117 | ||||||||
Remgro, Ltd. | 2,822 | 54,400 | ||||||||
Sasol, Ltd. | 1,168 | 55,585 | ||||||||
Shoprite Holdings, Ltd. | 2,868 | 47,136 | ||||||||
Standard Bank Group, Ltd. | 4,602 | 54,819 | ||||||||
Tiger Brands, Ltd. | 1,126 | 33,466 | ||||||||
Truworths International, Ltd. | 3,288 | 29,405 | ||||||||
Total South Africa | 354,311 | |||||||||
Thailand—5.6% | ||||||||||
Advanced Info Service PCL NVDR | 5,798 | 47,266 | ||||||||
Charoen Pokphand Foods PCL | 20,730 | 15,905 | ||||||||
PTT Exploration & Production PCL | 9,400 | 49,134 | ||||||||
Total Thailand | 112,305 | |||||||||
TOTAL INVESTMENTS IN SECURITIES—99.6% | ||||||||||
(Cost: $2,008,259) | 1,994,057 | |||||||||
Other Assets in Excess of Liabilities—0.4% | 7,864 | |||||||||
Net Assets—100.0% | $ | 2,001,921 | ||||||||
ADR | American Depositary Receipts | |||||||||
GDR | Global Depositary Receipts | |||||||||
NVDR | Non-Voting Depositary Receipts | |||||||||
% of | ||||||||||
Summary by Industry | Value | Net Assets | ||||||||
Basic Materials | $ | 164,090 | 8.2 | % | ||||||
Consumer Goods | 287,092 | 14.3 | ||||||||
Consumer Services | 103,211 | 5.2 | ||||||||
Financials | 419,319 | 21.0 | ||||||||
Industrials | 250,967 | 12.5 | ||||||||
Oil & Gas | 370,663 | 18.5 | ||||||||
Telecommunications | 206,839 | 10.3 | ||||||||
Utilities | 191,876 | 9.6 | ||||||||
Total Investments | 1,994,057 | 99.6 | ||||||||
Other Assets in Excess of Liabilities | 7,864 | 0.4 | ||||||||
Net Assets | $ | 2,001,921 | 100.0 | % |
The accompanying notes are an integral part of these financial statements.
44 EGA Emerging Global Shares Trust |
Schedule of Investments (Consolidated)†
EGShares Emerging Markets Domestic Demand ETF
September 30, 2013 (Unaudited)
Investments | Shares | Value | ||||
COMMON STOCKS—99.6% | ||||||
Brazil—11.7% | ||||||
BRF SA ADR | 5,288 | $ | 129,715 | |||
Cia de Bebidas das Americas Preference Shares ADR | 3,818 | 146,420 | ||||
Cia de Saneamento Basico do Estado de Sao Paulo ADR | 432 | 4,303 | ||||
Cia Energética de Minas Gerais ADR | 401 | 3,464 | ||||
Telefonica Brasil SA Preference Shares ADR | 4,842 | 108,654 | ||||
Total Brazil | 392,556 | |||||
Chile—0.9% | ||||||
Enersis SA ADR | 1,794 | 28,812 | ||||
China—22.1% | ||||||
BYD Co., Ltd. Class H* | 19,528 | 87,125 | ||||
China Longyuan Power Group Corp. Class H | 44,119 | 45,853 | ||||
China Telecom Corp., Ltd. Class H | 271,380 | 135,075 | ||||
Dongfeng Motor Group Co., Ltd. Class H | 58,985 | 89,598 | ||||
ENN Energy Holdings, Ltd. | 4,778 | 26,554 | ||||
Great Wall Motor Co., Ltd. Class H | 23,528 | 127,574 | ||||
Guangzhou Automobile Group Co., Ltd. Class H | 45,797 | 49,664 | ||||
Hengan International Group Co., Ltd. | 4,265 | 49,881 | ||||
Huaneng Power International, Inc. Class H | 60,009 | 59,892 | ||||
Sinopharm Group Co. Class H | 6,501 | 16,313 | ||||
Want Want China Holdings Ltd. | 33,044 | 50,193 | ||||
Total China | 737,722 | |||||
India—14.5% | ||||||
Bajaj Auto, Ltd. | 851 | 27,016 | ||||
Bharti Airtel, Ltd. | 7,435 | 37,843 | ||||
Cipla, Ltd. | 2,924 | 20,200 | ||||
Dr Reddy's Laboratories, Ltd. | 794 | 30,199 | ||||
Hero MotoCorp, Ltd. | 364 | 11,682 | ||||
ITC, Ltd. | 31,195 | 169,616 | ||||
Mahindra & Mahindra, Ltd. | 2,915 | 38,528 | ||||
NTPC, Ltd. | 8,268 | 19,473 | ||||
Sun Pharmaceutical Industries, Ltd. | 7,540 | 71,456 | ||||
Tata Motors, Ltd. ADR | 2,213 | 58,910 | ||||
Total India | 484,923 | |||||
Indonesia—3.8% | ||||||
PT Astra International Tbk | 84,061 | 46,821 | ||||
PT Kalbe Farma Tbk | 122,171 | 12,449 | ||||
PT Perusahaan Gas Negara Persero Tbk | 75,489 | 33,898 | ||||
PT Telekomunikasi Indonesia Persero Tbk ADR | 948 | 34,422 | ||||
Total Indonesia | 127,590 | |||||
Malaysia—2.7% | ||||||
Genting Bhd* | 16,600 | 52,965 | ||||
Tenaga Nasional Bhd | 13,500 | 37,400 | ||||
Total Malaysia | 90,365 |
Investments | Shares | Value | ||||||||
Mexico—21.0% | ||||||||||
America Movil SAB de CV Series L ADR | 6,305 | $ | 124,902 | |||||||
Arca Continental, SAB de CV | 4,661 | 28,857 | ||||||||
Coca-Cola Femsa SAB de CV ADR | 389 | 49,006 | ||||||||
Fomento Economico Mexicano SAB de CV ADR | 1,099 | 106,702 | ||||||||
Grupo Modelo, SAB de CV Series C | 18,272 | 167,955 | ||||||||
Grupo Televisa SAB ADR | 3,871 | 108,194 | ||||||||
Kimberly-Clark de Mexico, SAB de CV Class A | 18,934 | 55,046 | ||||||||
Wal-Mart de Mexico SAB de CV Series V | 22,757 | 59,227 | ||||||||
Total Mexico | 699,889 | |||||||||
Philippines—1.4% | ||||||||||
Philippine Long Distance Telephone Co. ADR | 704 | 47,759 | ||||||||
Poland—0.3% | ||||||||||
PGE SA | 2,088 | 11,131 | ||||||||
Russia—8.3% | ||||||||||
Magnit OJSC GDR | 1,616 | 99,788 | ||||||||
Mobile TeleSystems ADR | 4,573 | 101,795 | ||||||||
Sistema JSFC GDR | 2,851 | 74,098 | ||||||||
Total Russia | 275,681 | |||||||||
South Africa—10.3% | ||||||||||
Aspen Pharmacare Holdings, Ltd.* | 1,413 | 36,892 | ||||||||
MTN Group, Ltd. | 7,819 | 152,282 | ||||||||
Naspers, Ltd. N Shares | 1,687 | 155,636 | ||||||||
Total South Africa | 344,810 | |||||||||
Thailand—2.6% | ||||||||||
Advanced Info Service PCL NVDR | 8,700 | 70,924 | ||||||||
Bangkok Dusit Medical Services PCL NVDR | 3,700 | 14,904 | ||||||||
Total Thailand | 85,828 | |||||||||
TOTAL INVESTMENTS IN SECURITIES—99.6% | ||||||||||
(Cost: $3,055,968) | 3,327,066 | |||||||||
Other Assets in Excess of Liabilities—0.4% | 12,297 | |||||||||
Net Assets—100.0% | $ | 3,339,363 | ||||||||
† | The Consolidated Schedule of Investments includes the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements. | |||||||||
* | Non-income producing security | |||||||||
ADR | American Depositary Receipts | |||||||||
GDR | Global Depositary Receipts | |||||||||
NVDR | Non-Voting Depositary Receipts | |||||||||
% of | ||||||||||
Summary by Sector | Value | Net Assets | ||||||||
Consumer Discretionary | $ | 853,713 | 25.6 | % | ||||||
Consumer Staples | 1,112,406 | 33.3 | ||||||||
Health Care | 202,413 | 6.0 | ||||||||
Telecommunication Services | 887,754 | 26.6 | ||||||||
Utilities | 270,780 | 8.1 | ||||||||
Total Investments | 3,327,066 | 99.6 | ||||||||
Other Assets in Excess of Liabilities | 12,297 | 0.4 | ||||||||
Net Assets | $ | 3,339,363 | 100.0 | % |
The accompanying notes are an integral part of these financial statements.
EGA Emerging Global Shares Trust 45 |
Schedule of Investments (Consolidated)†
EGShares Emerging Markets Metals & Mining ETF
September 30, 2013 (Unaudited)
Investments | Shares | Value | ||||
COMMON STOCKS—97.8% | ||||||
Brazil—20.3% | ||||||
Companhia Siderurgica Nacional SA ADR | 64,992 | $ | 277,516 | |||
Gerdau SA Preference Shares ADR | 57,438 | 428,487 | ||||
Vale SA ADR | 52,607 | 821,195 | ||||
Total Brazil | 1,527,198 | |||||
Chile—1.9% | ||||||
Capital SA | 6,582 | 145,587 | ||||
China—19.0% | ||||||
Aluminum Corp. of China, Ltd. Class H* | 395,113 | 146,732 | ||||
China Coal Energy Co., Ltd. Class H | 352,099 | 210,665 | ||||
China Shenhua Energy Co., Ltd. Class H | 168,168 | 511,759 | ||||
Jiangxi Copper Co., Ltd. Class H | 114,698 | 225,398 | ||||
Yanzhou Coal Mining Co., Ltd. Class H | 187,973 | 187,606 | ||||
Zijin Mining Group Co., Ltd. Class H | 617,148 | 148,017 | ||||
Total China | 1,430,177 | |||||
India—8.7% | ||||||
Coal India, Ltd. | 46,877 | 220,476 | ||||
Hindalco Industries, Ltd. | 83,497 | 149,242 | ||||
Jindal Steel & Power, Ltd. | 31,899 | 119,994 | ||||
Steel Authority of India, Ltd. | 69,262 | 55,261 | ||||
Tata Steel, Ltd. | 24,973 | 108,321 | ||||
Total India | 653,294 | |||||
Indonesia—1.1% | ||||||
PT Bumi Resources Tbk* | 2,132,080 | 83,773 | ||||
Mexico—8.9% | ||||||
Grupo Mexico SAB de CV Series B | 143,052 | 425,882 | ||||
Industrias Penoles SAB de CV | 8,437 | 246,436 | ||||
Total Mexico | 672,318 | |||||
Poland—4.2% | ||||||
KGHM Polska Miedz SA | 8,066 | 318,609 |
Investments | Shares | Value | ||||||||
Russia—11.3% | ||||||||||
Evraz PLC* | 58,224 | $ | 120,688 | |||||||
MMC Norilsk Nickel OJSC ADR | 30,334 | 437,720 | ||||||||
Novolipetsk Steel GDR | 7,528 | 122,330 | ||||||||
Severstal GDR | 19,355 | 166,647 | ||||||||
Total Russia | 847,385 | |||||||||
South Africa—19.5% | ||||||||||
Anglo American Platinum, Ltd.* | 5,462 | 236,738 | ||||||||
AngloGold Ashanti, Ltd. | 24,167 | 322,795 | ||||||||
Gold Fields, Ltd. | 51,815 | 237,303 | ||||||||
Impala Platinum Holdings, Ltd. | 33,542 | 412,853 | ||||||||
Kumba Iron Ore, Ltd. | 5,517 | 254,367 | ||||||||
Total South Africa | 1,464,056 | |||||||||
Turkey—2.9% | ||||||||||
Eregli Demir ve Celik Fabrikalari TAS | 171,234 | 216,704 | ||||||||
TOTAL INVESTMENTS IN SECURITIES—97.8% | ||||||||||
(Cost: $13,766,996) | 7,359,101 | |||||||||
Other Assets in Excess of Liabilities—2.2% | 167,434 | |||||||||
Net Assets—100.0% | $ | 7,526,535 | ||||||||
† | The Consolidated Schedule of Investments includes the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements. | |||||||||
* | Non-income producing security | |||||||||
ADR | American Depositary Receipts | |||||||||
GDR | Global Depositary Receipts | |||||||||
% of | ||||||||||
Summary by Sector | Value | Net Assets | ||||||||
Industrial Metals & Mining | $ | 3,965,921 | 52.7 | % | ||||||
Mining | 3,393,180 | 45.1 | ||||||||
Total Investments | 7,359,101 | 97.8 | ||||||||
Other Assets in Excess of Liabilities | 167,434 | 2.2 | ||||||||
Net Assets | $ | 7,526,535 | 100.0 | % |
The accompanying notes are an integral part of these financial statements.
46 EGA Emerging Global Shares Trust |
Schedule of Investments (Consolidated)†
September 30, 2013 (Unaudited)
Investments | Shares | Value | ||||
COMMON STOCKS—98.3% | ||||||
Brazil—6.5% | ||||||
Petroleo Brasileiro SA ADR | 32,577 | $ | 504,618 | |||
Chile—2.8% | ||||||
Empresas Copec SA | 15,452 | 220,041 | ||||
China—22.3% | ||||||
China Oilfield Services, Ltd. Class H | 58,941 | 147,749 | ||||
China Petroleum & Chemical Corp. Class H | 425,355 | 332,928 | ||||
CNOOC, Ltd. | 311,304 | 633,434 | ||||
Kunlun Energy Co., Ltd. | 107,475 | 150,226 | ||||
PetroChina Co., Ltd. Class H | 433,397 | 478,376 | ||||
Total China | 1,742,713 | |||||
Colombia—4.3% | ||||||
Ecopetrol SA ADR | 7,371 | 339,066 | ||||
Hungary—1.7% | ||||||
MOL Hungarian Oil and Gas PLC | 1,837 | 132,964 | ||||
India—11.1% | ||||||
Bharat Petroleum Corp., Ltd. | 11,140 | 58,943 | ||||
Cairn India, Ltd. | 20,976 | 106,832 | ||||
GAIL India, Ltd. | 13,931 | 72,943 | ||||
Indian Oil Corp., Ltd. | 21,487 | 71,337 | ||||
Oil & Natural Gas Corp., Ltd. | 60,591 | 259,233 | ||||
Reliance Industries, Ltd. GDR 144A | 11,175 | 293,791 | ||||
Total India | 863,079 | |||||
Malaysia—1.4% | ||||||
Petronas Dagangan BHD | 12,300 | 109,434 | ||||
Poland—3.9% | ||||||
Polski Koncern Naftowy Orlen SA | 11,326 | 160,193 | ||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 73,501 | 144,341 | ||||
Total Poland | 304,534 | |||||
Russia—33.9% | ||||||
Gazprom Neft JSC ADR | 720 | $ | 15,804 | |||
Gazprom OAO ADR | 103,927 | 915,597 | ||||
LUKOIL OAO ADR | 9,485 | 601,349 | ||||
NovaTek OAO GDR | 2,522 | 333,408 | ||||
Rosneft Oil Co. OJSC GDR | 31,747 | 257,151 | ||||
Surgutneftegas ADR | 28,314 | 243,076 | ||||
Tatneft ADR | 7,060 | 276,399 | ||||
Total Russia | 2,642,784 |
Investments | Shares | Value | ||||
South Africa—4.4% | ||||||
Sasol, Ltd. | 7,247 | $ | 344,882 | |||
Thailand—4.6% | ||||||
PTT Exploration & Production PCL | 26,465 | 138,332 | ||||
PTT PCL | 14,789 | 149,403 | ||||
Thai Oil PCL | 38,186 | 70,500 | ||||
Total Thailand | 358,235 | |||||
Turkey—1.4% | ||||||
Tupras-Turkiye Petrol Rafinerileri AS | 4,997 | 105,481 | ||||
TOTAL INVESTMENTS IN SECURITIES—98.3% | ||||||
(Cost: $9,578,863) | 7,667,831 | |||||
Other Assets in Excess of Liabilities—1.7% | 133,758 | |||||
Net Assets—100.0% | $ | 7,801,589 |
† | The Consolidated Schedule of Investments includes the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements. | |
ADR | American Depositary Receipts | |
GDR | Global Depositary Receipts | |
144A | Series 144A securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, Series 144A securities are deemed to be liquid. |
| |||||||
Summary by Sector | Value | % of Net Assets | |||||
Oil & Gas Producers | $ | 7,520,082 | 96.4 | % | |||
Oil Equipment, Services & Distribution | 147,749 | 1.9 | |||||
Total Investments | 7,667,831 | 98.3 | |||||
Other Assets in Excess of Liabilities | 133,758 | 1.7 | |||||
Net Assets | $ | 7,801,589 | 100.0 | % |
The accompanying notes are an integral part of these financial statements.
EGA Emerging Global Shares Trust 47 |
Schedule of Investments (Consolidated)†
September 30, 2013 (Unaudited)
Investments | Shares | Value | ||||
COMMON STOCKS—99.5% | ||||||
Brazil—13.8% | ||||||
Banco Bradesco SA Preference Shares ADR | 16,240 | $ | 225,411 | |||
Banco Santander Brasil SA ADR | 6,455 | 44,862 | ||||
Itau Unibanco Holding SA Preference Shares ADR | 19,830 | 280,000 | ||||
Total Brazil | 550,273 | |||||
China—43.9% | ||||||
Agricultural Bank of China, Ltd. Class H | 237,644 | 109,397 | ||||
Bank of China, Ltd. Class H | 524,227 | 239,294 | ||||
Bank of Communications Co., Ltd. Class H | 75,580 | 55,551 | ||||
China Citic Bank Corp., Ltd. Class H | 89,968 | 46,636 | ||||
China Construction Bank Corp. Class H | 560,240 | 431,279 | ||||
China Life Insurance Co., Ltd. Class H | 63,792 | 165,338 | ||||
China Merchants Bank Co., Ltd. Class H | 43,906 | 79,828 | ||||
China Overseas Land & Investment, Ltd. | 37,068 | 109,218 | ||||
Industrial and Commercial Bank of China, Ltd. Class H | 558,445 | 389,572 | ||||
Ping An Insurance Group Co. of China, Ltd. Class H | 17,260 | 128,307 | ||||
Total China | 1,754,420 | |||||
India—9.5% | ||||||
HDFC Bank, Ltd. ADR | 3,480 | 107,114 | ||||
Housing Development Finance Corp., Ltd. | 13,038 | 159,161 | ||||
ICICI Bank, Ltd. ADR | 2,468 | 75,225 | ||||
State Bank of India GDR | 748 | 38,896 | ||||
Total India | 380,396 | |||||
Indonesia—2.9% | ||||||
PT Bank Central Asia Tbk | 133,117 | 114,954 | ||||
Malaysia—3.4% | ||||||
CIMB Group Holdings BHD | 26,200 | 60,446 | ||||
Malayan Banking BHD | 25,600 | 77,283 | ||||
Total Malaysia | 137,729 | |||||
Mexico—2.8% | ||||||
Grupo Financiero Banorte SAB de CV Class O | 17,834 | 110,496 | ||||
Poland—2.2% | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 7,421 | 88,201 |
Investments | Shares | Value | ||||||||
Russia—7.8% | ||||||||||
Sberbank of Russia ADR | 20,602 | $ | 248,254 | |||||||
VTB Bank OJSC GDR | 24,637 | 65,042 | ||||||||
Total Russia | 313,296 | |||||||||
South Africa—9.1% | ||||||||||
Barclays Africa Group, Ltd. | 3,167 | 46,386 | ||||||||
FirstRand, Ltd. | 26,844 | 89,358 | ||||||||
Sanlam, Ltd. | 18,575 | 86,491 | ||||||||
Standard Bank Group, Ltd. | 11,889 | 141,622 | ||||||||
Total South Africa | 363,857 | |||||||||
Turkey—4.1% | ||||||||||
Akbank TAS | 20,427 | 75,131 | ||||||||
Turkiye Garanti Bankasi AS | 22,081 | 86,890 | ||||||||
Total Turkey | 162,021 | |||||||||
TOTAL INVESTMENTS IN SECURITIES—99.5% | ||||||||||
(Cost: $4,443,597) | 3,975,643 | |||||||||
Other Assets in Excess of Liabilities—0.5% | 19,175 | |||||||||
Net Assets—100.0% | $ | 3,994,818 | ||||||||
† | The Consolidated Schedule of Investments includes the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements. | |||||||||
ADR | American Depositary Receipts | |||||||||
GDR | Global Depositary Receipts | |||||||||
% of | ||||||||||
Summary by Sector | Value | Net Assets | ||||||||
Banks | $ | 3,327,128 | 83.3 | % | ||||||
Financial Services | 159,161 | 4.0 | ||||||||
Life Insurance | 380,136 | 9.5 | ||||||||
Real Estate Investment & Services | 109,218 | 2.7 | ||||||||
Total Investments | 3,975,643 | 99.5 | ||||||||
Other Assets in Excess of Liabilities | 19,175 | 0.5 | ||||||||
Net Assets | $ | 3,994,818 | 100.0 | % |
The accompanying notes are an integral part of these financial statements.
48 EGA Emerging Global Shares Trust |
Schedule of Investments (Consolidated)†
September 30, 2013 (Unaudited)
Investments | Shares | Value | ||||
COMMON STOCKS—99.0% | ||||||
Brazil—15.4% | ||||||
Banco Bradesco SA Preference Shares ADR | 18,142 | $ | 251,811 | |||
BRF SA ADR | 6,202 | 152,135 | ||||
Cia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR | 1,203 | 55,362 | ||||
Cia de Bebidas das Americas Preference Shares ADR | 6,482 | 248,585 | ||||
Cia de Saneamento Basico do Estado de Sao Paulo ADR | 2,565 | 25,547 | ||||
Cia Energética de Minas Gerais—CEMIG ADR | 2,899 | 25,047 | ||||
Cia Siderurgica Nacional SA ADR | 7,405 | 31,619 | ||||
Embraer SA ADR | 1,332 | 43,250 | ||||
Gerdau SA Preference Shares ADR | 5,624 | 41,955 | ||||
Itau Unibanco Holding SA Preference Shares ADR | 21,652 | 305,726 | ||||
Petroleo Brasileiro SA ADR | 14,114 | 218,626 | ||||
Telefonica Brasil SA Preference Shares ADR | 2,337 | 52,442 | ||||
Ultrapar Participacoes SA ADR | 4,152 | 102,098 | ||||
Vale SA ADR | 11,125 | 173,661 | ||||
Total Brazil | 1,727,864 | |||||
Chile—1.7% | ||||||
Cencosud SA | 9,074 | 40,392 | ||||
Empresa Nacional de Electricidad SA ADR | 1,140 | 47,869 | ||||
Enersis SA ADR | 2,011 | 32,297 | ||||
S.A.C.I. Falabella | 7,745 | 74,125 | ||||
Total Chile | 194,683 | |||||
China—30.4% | ||||||
Baidu, Inc. ADR* | 2,555 | 396,485 | ||||
Bank of China, Ltd. Class H | 548,155 | 250,217 | ||||
China Communications Construction Co., Ltd. Class H | 40,875 | 32,257 | ||||
China Construction Bank Corp. Class H | 689,067 | 530,451 | ||||
China Life Insurance Co., Ltd. Class H | 63,365 | 164,231 | ||||
China Mobile, Ltd. | 43,714 | 488,426 | ||||
China Petroleum & Chemical Corp. Class H | 215,367 | 168,569 | ||||
China Shenhua Energy Co., Ltd. Class H | 26,524 | 80,716 | ||||
China Telecom Corp., Ltd. Class H | 131,529 | 65,467 | ||||
China Unicom Hong Kong, Ltd. | 27,395 | 42,743 | ||||
CNOOC, Ltd. | 137,535 | 279,853 | ||||
Dongfeng Motor Group Co., Ltd. Class H | 21,567 | 32,760 | ||||
Industrial and Commercial Bank of China, Ltd. Class H | 691,284 | 482,240 | ||||
Lenovo Group, Ltd. | 39,249 | 41,045 | ||||
Mindray Medical International, Ltd. ADR | 953 | 37,062 | ||||
NetEase.com, Inc. ADR | 510 | 37,031 | ||||
PetroChina Co., Ltd. Class H | 177,515 | 195,938 | ||||
Shandong Weigao Group Medical Polymer Co., Ltd. Class H | 16,218 | 15,915 | ||||
SINA Corp.* | 244 | 19,806 | ||||
Sinopharm Group Co. Class H | 768 | 1,927 | ||||
Sohu.com, Inc.* | 375 | 29,561 | ||||
ZTE Corp. Class H* | 1,288 | 2,664 | ||||
Total China | 3,395,364 | |||||
Czech Republic—0.3% | ||||||
CEZ AS | 1,423 | 36,750 | ||||
Hungary—0.2% | ||||||
Richter Gedeon Nyrt | 1,260 | 21,933 |
Investments | Shares | Value | ||||
India—10.4% | ||||||
Bharti Airtel, Ltd. | 6,203 | $ | 31,572 | |||
Cipla, Ltd. | 1,630 | 11,261 | ||||
Dr. Reddy's Laboratories, Ltd. ADR | 479 | 18,101 | ||||
HDFC Bank, Ltd. ADR | 3,042 | 93,633 | ||||
Hindustan Unilever, Ltd. | 8,693 | 87,124 | ||||
Housing Development Finance Corp., Ltd. | 12,537 | 153,045 | ||||
Infosys, Ltd. ADR | 4,167 | 200,474 | ||||
ITC, Ltd. | 15,077 | 81,978 | ||||
Mahindra & Mahindra, Ltd. | 1,261 | 16,667 | ||||
NTPC, Ltd. | 3,187 | 7,506 | ||||
Reliance Industries, Ltd. GDR 144A | 6,250 | 164,312 | ||||
Sun Pharmaceutical Industries, Ltd. | 6,692 | 63,419 | ||||
Tata Consultancy Services, Ltd. | 3,960 | 121,941 | ||||
Tata Motors, Ltd. ADR | 2,680 | 71,342 | ||||
Tata Motors, Ltd. | 1,508 | 8,009 | ||||
Wipro, Ltd. ADR | 2,761 | 28,328 | ||||
Total India | 1,158,712 | |||||
Indonesia—2.1% | ||||||
PT Astra International Tbk | 158,051 | 88,033 | ||||
PT Perusahaan Gas Negara Persero Tbk | 121,697 | 54,648 | ||||
PT Telekomunikasi Indonesia Persero Tbk | 367,005 | 66,555 | ||||
PT United Tractors Tbk | 15,260 | 21,480 | ||||
Total Indonesia | 230,716 | |||||
Malaysia—2.1% | ||||||
Genting Bhd | 22,600 | 72,109 | ||||
IOI Corp. Bhd | 23,593 | 38,797 | ||||
Sime Darby Bhd | 22,500 | 65,578 | ||||
Tenaga Nasional Bhd | 21,200 | 58,732 | ||||
Total Malaysia | 235,216 | |||||
Mexico—9.5% | ||||||
America Movil SAB de CV Series L | 444,409 | 438,206 | ||||
Cemex SAB de CV Series CPO* | 101,575 | 113,352 | ||||
Fomento Economico Mexicano SAB de CV | 14,570 | 140,567 | ||||
Grupo Bimbo SAB de CV Series A | 24,336 | 74,762 | ||||
Grupo Mexico SAB de CV Series B | 21,513 | 64,047 | ||||
Grupo Televisa SAB Series CPO | 19,229 | 106,781 | ||||
Wal-Mart de Mexico SAB de CV Series V | 49,906 | 129,886 | ||||
Total Mexico | 1,067,601 | |||||
Poland—0.1% | ||||||
Asseco Poland SA | 640 | 9,977 | ||||
Russia—13.3% | ||||||
Federal Hydrogenerating Co. JSC ADR | 4,280 | 6,720 | ||||
Gazprom OAO ADR | 49,338 | 434,668 | ||||
LUKOIL OAO ADR | 4,435 | 281,179 | ||||
Magnit OJSC GDR | 2,451 | 151,349 | ||||
MMC Norilsk Nickel OJSC ADR | 5,622 | 81,125 | ||||
Mobile TeleSystems ADR | 4,122 | 91,756 | ||||
Rosneft Oil Co. OJSC GDR | 7,283 | 58,992 | ||||
Sberbank of Russia ADR | 21,975 | 264,799 | ||||
Surgutneftegas ADR | 7,911 | 67,916 | ||||
Uralkali OJSC GDR | 2,117 | 55,042 | ||||
Total Russia | 1,493,546 |
The accompanying notes are an integral part of these financial statements.
EGA Emerging Global Shares Trust 49 |
Schedule of Investments (Consolidated)† (concluded)
EGShares GEMS Composite ETF
September 30, 2013 (Unaudited)
Investments | Shares | Value | ||||
South Africa—12.3% | ||||||
AngloGold Ashanti, Ltd. | 3,284 | $ | 43,864 | |||
Aspen Pharmacare Holdings, Ltd.* | 3,030 | 79,109 | ||||
Bidvest Group, Ltd. | 2,178 | 54,473 | ||||
Gold Fields, Ltd. | 6,503 | 29,783 | ||||
Impala Platinum Holdings, Ltd. | 4,963 | 61,087 | ||||
Imperial Holdings, Ltd. | 1,816 | 39,338 | ||||
Mediclinic International, Ltd. | 3,452 | 25,479 | ||||
MTN Group, Ltd. | 13,527 | 263,450 | ||||
Naspers, Ltd. N Shares | 3,546 | 327,139 | ||||
Netcare, Ltd. | 12,112 | 28,885 | ||||
Sasol, Ltd. | 4,230 | 201,304 | ||||
Shoprite Holdings, Ltd. | 2,822 | 46,380 | ||||
Standard Bank Group, Ltd. | 11,415 | 135,976 | ||||
Tiger Brands, Ltd. | 1,289 | 38,311 | ||||
Total South Africa | 1,374,578 | |||||
Thailand—1.2% | ||||||
Advanced Info Service PCL NVDR | 9,900 | 80,706 | ||||
CP ALL PCL NVDR | 23,700 | 26,708 | ||||
Siam Cement PCL NVDR | 1,800 | 24,514 | ||||
Total Thailand | 131,928 | |||||
TOTAL INVESTMENTS IN SECURITIES—99.0% | ||||||
(Cost: $12,597,199) | 11,078,868 | |||||
Other Assets in Excess of Liabilities—1.0% | 107,512 | |||||
Net Assets—100.0% | $ | 11,186,380 |
† | The Consolidated Schedule of Investments includes the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements. |
* | Non-income producing security |
ADR | American Depositary Receipts | |
GDR | Global Depositary Receipts | |
NVDR | Non-Voting Depositary Receipts | |
144A | Series 144A securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, Series 144A securities are deemed to be liquid. | |
% of | |||||||
Summary by Industry | Value | Net Assets | |||||
Basic Materials | $ | 662,900 | 5.9 | % | |||
Consumer Goods | 983,052 | 8.8 | |||||
Consumer Services | 1,030,232 | 9.2 | |||||
Financials | 2,632,130 | 23.5 | |||||
Health Care | 303,091 | 2.7 | |||||
Industrials | 490,259 | 4.4 | |||||
Oil & Gas | 2,071,357 | 18.5 | |||||
Technology | 887,311 | 7.9 | |||||
Telecommunications | 1,621,323 | 14.5 | |||||
Utilities | 397,213 | 3.6 | |||||
Total Investments | 11,078,868 | 99.0 | |||||
Other Assets in Excess of Liabilities | 107,512 | 1.0 | |||||
Net Assets | $ | 11,186,380 | 100.0 | % |
The accompanying notes are an integral part of these financial statements.
50 EGA Emerging Global Shares Trust |
Schedule of Investments (Consolidated)†
September 30, 2013 (Unaudited)
Investments | Shares | Value | ||||
COMMON STOCKS—92.4% | ||||||
China—14.5% | ||||||
CSPC Pharmaceutical Group, Ltd. | 87,453 | $ | 46,686 | |||
Mindray Medical International, Ltd. ADR | 8,588 | 333,987 | ||||
Shandong Weigao Group Medical Polymer Co., Ltd. Class H | 183,768 | 180,329 | ||||
Shanghai Pharmaceuticals Holding Co., Ltd. Class H | 57,209 | 109,916 | ||||
WuXi PharmaTech Cayman, Inc. ADR* | 6,942 | 190,211 | ||||
Total China | 861,129 | |||||
Hungary—4.8% | ||||||
EGIS Pharmaceuticals PLC | 504 | 63,533 | ||||
Richter Gedeon Nyrt | 12,810 | 222,984 | ||||
Total Hungary | 286,517 | |||||
India—27.6% | ||||||
Apollo Hospitals Enterprise, Ltd. | 10,507 | 156,023 | ||||
Aurobindo Pharma, Ltd. | 16,323 | 52,759 | ||||
Cipla, Ltd. | 31,525 | 217,787 | ||||
Divi's Laboratories, Ltd. | 4,687 | 72,646 | ||||
Dr. Reddy's Laboratories, Ltd. ADR | 7,778 | 293,931 | ||||
Glenmark Pharmaceuticals, Ltd. | 12,608 | 106,928 | ||||
Piramal Healthcare, Ltd. | 8,182 | 77,474 | ||||
Sun Pharmaceutical Industries, Ltd. | 70,218 | 665,447 | ||||
Total India | 1,642,995 | |||||
Indonesia—3.5% | ||||||
PT Kalbe Farma Tbk | 2,044,607 | 208,345 | ||||
Malaysia—6.6% | ||||||
IHH Healthcare Bhd* | 255,000 | 324,666 | ||||
Top Glove Corp. Bhd | 35,700 | 68,892 | ||||
Total Malaysia | 393,558 | |||||
Mexico—3.2% | ||||||
Genomma Lab Internacional SAB de CV Class B* | 82,831 | 188,141 |
Investments | Shares | Value | ||||||
South Africa—28.8% | ||||||||
Adcock Ingram Holdings, Ltd. | 15,006 | $ | 102,215 | |||||
Aspen Pharmacare Holdings, Ltd.* | 29,069 | 758,950 | ||||||
Life Healthcare Group Holdings, Ltd. | 99,919 | 354,848 | ||||||
Mediclinic International, Ltd. | 31,544 | 232,825 | ||||||
Netcare, Ltd. | 110,532 | 263,596 | ||||||
Total South Africa | 1,712,434 | |||||||
Thailand—3.4% | ||||||||
Bangkok Dusit Medical Services PCL | 30,500 | 122,858 | ||||||
Bumrungrad Hospital PCL | 29,500 | 77,334 | ||||||
Total Thailand | 200,192 | |||||||
TOTAL INVESTMENTS IN SECURITIES—92.4% | ||||||||
(Cost: $4,824,317) | 5,493,311 | |||||||
Other Assets in Excess of Liabilities—7.6% | 449,480 | |||||||
Net Assets—100.0% | $ | 5,942,791 | ||||||
† | The Consolidated Schedule of Investments includes the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements. | |||||||
* | Non-income producing security | |||||||
ADR | American Depositary Receipts |
% of | |||||||
Summary by Sector | Value | Net Assets | |||||
Health Care Equipment & Services | $ | 2,115,358 | 35.6 | % | |||
Pharmaceuticals & Biotechnology | 3,377,953 | 56.8 | |||||
Total Investments | 5,493,311 | 92.4 | |||||
Other Assets in Excess of Liabilities | 449,480 | 7.6 | |||||
Net Assets | $ | 5,942,791 | 100.0 | % |
The accompanying notes are an integral part of these financial statements.
EGA Emerging Global Shares Trust 51 |
Schedule of Investments (Consolidated)†
EGShares India Consumer ETF
September 30, 2013 (Unaudited)
Investments | Shares | Value | ||||
COMMON STOCKS—99.6% | ||||||
Consumer Goods—76.3% | ||||||
Apollo Tyres, Ltd. | 42,886 | $ | 45,657 | |||
Bajaj Auto, Ltd. | 5,820 | 184,761 | ||||
Emami, Ltd. | 9,216 | 71,396 | ||||
Exide Industries, Ltd. | 67,906 | 140,303 | ||||
Gitanjali Gems, Ltd.* | 8,100 | 7,206 | ||||
GlaxoSmithKline Consumer Healthcare, Ltd. | 3,153 | 218,431 | ||||
Godrej Consumer Products, Ltd. | 18,949 | 253,445 | ||||
Hero MotoCorp, Ltd. | 7,352 | 235,956 | ||||
Hindustan Unilever, Ltd. | 25,644 | 257,013 | ||||
ITC, Ltd. | 39,705 | 215,887 | ||||
Marico, Ltd. | 44,450 | 156,131 | ||||
McLeod Russel India, Ltd. | 10,419 | 41,756 | ||||
Motherson Sumi Systems, Ltd. | 56,380 | 207,085 | ||||
MRF, Ltd. | 449 | 95,997 | ||||
Nestle India, Ltd. | 2,541 | 211,850 | ||||
Tata Global Beverages, Ltd. | 67,040 | 154,041 | ||||
Titan Industries, Ltd. | 42,109 | 156,114 | ||||
TTK Prestige, Ltd. | 292 | 15,532 | ||||
United Breweries, Ltd. | 10,383 | 142,713 | ||||
United Spirits, Ltd. | 7,628 | 308,654 | ||||
Videocon Industries, Ltd.* | 13,951 | 40,178 | ||||
Total Consumer Goods | 3,160,106 |
Investments | Shares | Value | ||||
Consumer Services—12.5% | ||||||
Dish TV India, Ltd.* | 79,589 | $ | 64,200 | |||
Indian Hotels Co., Ltd. | 77,714 | 59,522 | ||||
Jubilant Foodworks, Ltd.* | 4,985 | 92,068 | ||||
Sun TV Network, Ltd. | 10,801 | 67,837 | ||||
TV18 Broadcast, Ltd.* | 107,840 | 33,934 | ||||
Zee Entertainment Enterprises, Ltd. | 55,378 | 202,123 | ||||
Total Consumer Services | 519,684 | |||||
Industrials—10.8% | ||||||
Bharat Forge, Ltd. | 19,984 | 79,977 | ||||
Mahindra & Mahindra, Ltd. | 13,100 | 173,142 | ||||
Tata Motors, Ltd. | 36,669 | 194,752 | ||||
Total Industrials | 447,871 | |||||
TOTAL INVESTMENTS IN SECURITIES—99.6% | ||||||
(Cost: $3,982,359) | 4,127,661 | |||||
Other Assets in Excess of Liabilities—0.4% | 16,551 | |||||
Net Assets—100.0% | $ | 4,144,212 |
† | The Consolidated Schedule of Investments includes the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements. |
* | Non-income producing security |
The accompanying notes are an integral part of these financial statements.
52 EGA Emerging Global Shares Trust |
Schedule of Investments (Consolidated)†
EGShares India Infrastructure ETF
September 30, 2013 (Unaudited)
Investments | Shares | Value | ||||
COMMON STOCKS—98.7% | ||||||
Basic Materials—10.0% | ||||||
NMDC, Ltd. | 396,394 | $ | 760,433 | |||
Tata Steel, Ltd. | 180,749 | 784,001 | ||||
Total Basic Materials | 1,544,434 | |||||
Consumer Goods—4.5% | ||||||
Aditya Birla Nuvo, Ltd. | 35,054 | 695,537 | ||||
Consumer Services—1.1% | ||||||
Dish TV India, Ltd.* | 210,438 | 169,749 | ||||
Financials—2.7% | ||||||
Housing Development & Infrastructure, Ltd.* | 152,967 | 88,450 | ||||
Indiabulls Real Estate, Ltd. | 143,906 | 124,126 | ||||
Unitech, Ltd.* | 792,492 | 198,740 | ||||
Total Financials | 411,316 | |||||
Industrials—37.6% | ||||||
Adani Ports and Special Economic Zone, Ltd. | 307,637 | 678,369 | ||||
Ambuja Cements, Ltd. | 256,199 | 747,051 | ||||
Bharat Heavy Electricals, Ltd. | 432,073 | 948,276 | ||||
Century Textiles & Industries, Ltd. | 37,924 | 146,050 | ||||
Crompton Greaves, Ltd. | 265,969 | 365,572 | ||||
Havells India, Ltd. | 27,791 | 282,261 | ||||
IRB Infrastructure Developers, Ltd. | 80,421 | 96,279 | ||||
Jaiprakash Associates, Ltd. | 833,741 | 464,780 | ||||
Larsen & Toubro, Ltd. | 57,381 | 722,934 | ||||
Punj Lloyd, Ltd.* | 128,828 | 47,226 | ||||
Siemens, Ltd. | 64,506 | 492,102 | ||||
Sintex Industries, Ltd. | 138,000 | 45,519 | ||||
Tata Motors, Ltd. | 141,255 | 750,216 | ||||
Total Industrials | 5,786,635 |
Investments | Shares | Value | ||||
Oil & Gas—5.0% | ||||||
GAIL India, Ltd. | 147,357 | $ | 771,562 | |||
Telecommunications—14.1% | ||||||
Bharti Airtel, Ltd. | 130,697 | 665,228 | ||||
Idea Cellular, Ltd. | 245,829 | 660,662 | ||||
Reliance Communications, Ltd. | 364,288 | 854,495 | ||||
Total Telecommunications | 2,180,385 | |||||
Utilities—23.7% | ||||||
National Hydroelectric Power Corp., Ltd. | 1,132,576 | 353,676 | ||||
NTPC, Ltd. | 317,206 | 747,097 | ||||
Power Grid Corp. of India, Ltd. | 464,208 | 727,028 | ||||
Reliance Infrastructure, Ltd. | 86,903 | 514,297 | ||||
Reliance Power, Ltd.* | 500,610 | 539,352 | ||||
Tata Power Co., Ltd. | 587,770 | 761,881 | ||||
Total Utilities | 3,643,331 | |||||
TOTAL INVESTMENTS IN SECURITIES—98.7% | ||||||
(Cost: $16,173,684) | 15,202,949 | |||||
Other Assets in Excess of Liabilities—1.3% | 193,492 | |||||
Net Assets—100.0% | $ | 15,396,441 |
† | The Consolidated Schedule of Investments includes the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements. |
* | Non-income producing security |
The accompanying notes are an integral part of these financial statements.
EGA Emerging Global Shares Trust 53 |
Schedule of Investments (Consolidated)†
September 30, 2013 (Unaudited)
Investments | Shares | Value | ||||
COMMON STOCKS—99.8% | ||||||
Basic Materials—6.7% | ||||||
Nagarjuna Fertilizers & Chemicals, Ltd.*+§ | 582,385 | $ | 9,318 | |||
Orissa Minerals Development Co., Ltd. | 2,364 | 68,724 | ||||
Tata Chemicals, Ltd. | 131,195 | 498,543 | ||||
United Phosphorus, Ltd. | 234,910 | 543,515 | ||||
Total Basic Materials | 1,120,100 | |||||
Consumer Goods—22.5% | ||||||
Aditya Birla Nuvo, Ltd. | 41,919 | 831,751 | ||||
Apollo Tyres, Ltd. | 221,919 | 236,257 | ||||
Arvind, Ltd. | 129,278 | 160,759 | ||||
Bombay Dyeing & Manufacturing Co., Ltd. | 77,726 | 60,897 | ||||
Delta Corp., Ltd. | 60,224 | 58,776 | ||||
Exide Industries, Ltd. | 290,261 | 599,717 | ||||
Gitanjali Gems, Ltd.* | 23,914 | 21,276 | ||||
Godrej Industries, Ltd. | 60,754 | 260,270 | ||||
McLeod Russel India, Ltd. | 40,935 | 164,054 | ||||
MRF, Ltd. | 1,891 | 404,299 | ||||
Raymond, Ltd. | 29,204 | 106,497 | ||||
Shree Renuka Sugars, Ltd. | 338,624 | 103,310 | ||||
Tata Global Beverages, Ltd. | 294,811 | 677,399 | ||||
TTK Prestige, Ltd. | 2,092 | 111,273 | ||||
Total Consumer Goods | 3,796,535 | |||||
Consumer Services—5.1% | ||||||
Dish TV India, Ltd.* | 352,830 | 284,608 | ||||
Jet Airways India, Ltd.* | 10,232 | 58,699 | ||||
Jubilant Foodworks, Ltd.* | 19,936 | 368,197 | ||||
TV18 Broadcast, Ltd.* | 473,687 | 149,056 | ||||
Total Consumer Services | 860,560 | |||||
Financials—24.5% | ||||||
Allahabad Bank | 162,268 | 196,987 | ||||
Anant Raj, Ltd.* | 71,415 | 46,941 | ||||
Andhra Bank | 158,379 | 130,665 | ||||
Federal Bank, Ltd. | 103,614 | 471,025 | ||||
Housing Development & Infrastructure, Ltd.* | 203,428 | 117,628 | ||||
IFCI, Ltd.* | 439,505 | 152,691 | ||||
Indiabulls Real Estate, Ltd. | 142,181 | 122,638 | ||||
Indian Overseas Bank | 163,063 | 115,125 | ||||
Jammu & Kashmir Bank, Ltd.(The) | 15,484 | 281,621 | ||||
Karnataka Bank, Ltd. | 109,076 | 145,394 | ||||
Mahindra & Mahindra Financial Services, Ltd. | 204,597 | 842,016 | ||||
Manappuram Finance, Ltd. | 226,317 | 52,418 | ||||
Multi Commodity Exchange of India, Ltd. | 13,601 | 82,795 | ||||
Oriental Bank of Commerce | 85,909 | 198,632 | ||||
Reliance Capital, Ltd. | 85,264 | 429,350 | ||||
SKS Microfinance, Ltd.* | 41,867 | 85,767 | ||||
Syndicate Bank | 135,455 | 146,371 | ||||
UCO Bank | 166,909 | 154,498 | ||||
Unitech, Ltd.* | 1,001,060 | 251,045 | ||||
Vijaya Bank, Ltd. | 187,188 | 107,340 | ||||
Total Financials | 4,130,947 |
Investments | Shares | Value | ||||
Health Care—14.1% | ||||||
Apollo Hospitals Enterprise, Ltd. | 56,727 | $ | 842,365 | |||
Aurobindo Pharma, Ltd. | 105,611 | 341,353 | ||||
Biocon, Ltd. | 46,513 | 250,898 | ||||
Ipca Laboratories, Ltd. | 51,244 | 585,575 | ||||
Strides Arcolab, Ltd. | 26,337 | 362,021 | ||||
Total Health Care | 2,382,212 | |||||
Industrials—14.4% | ||||||
Amara Raja Batteries, Ltd. | 59,888 | 278,180 | ||||
Ashok Leyland, Ltd. | 1,201,997 | 290,875 | ||||
Bharat Forge, Ltd. | 88,229 | 353,099 | ||||
Century Textiles & Industries, Ltd. | 41,871 | 161,251 | ||||
Crompton Greaves, Ltd. | 257,514 | 353,951 | ||||
Educomp Solutions, Ltd.* | 38,158 | 11,306 | ||||
India Cements, Ltd. | 139,866 | 113,604 | ||||
IRB Infrastructure Developers, Ltd. | 97,425 | 116,636 | ||||
IVRCL, Ltd.* | 179,397 | 32,810 | ||||
Jain Irrigation Systems, Ltd. | 199,838 | 184,979 | ||||
NCC, Ltd. | 105,066 | 30,041 | ||||
Pipavav Defence & Offshore Engineering Co., Ltd.* | 211,080 | 175,830 | ||||
Punj Lloyd, Ltd.* | 173,907 | 63,752 | ||||
Sintex Industries, Ltd. | 144,516 | 47,668 | ||||
Voltas, Ltd. | 186,258 | 219,862 | ||||
Total Industrials | 2,433,844 | |||||
Oil & Gas—2.9% | ||||||
Aban Offshore, Ltd. | 16,612 | 56,877 | ||||
Hindustan Petroleum Corp., Ltd. | 116,065 | 356,232 | ||||
Suzlon Energy, Ltd.* | 673,586 | 70,473 | ||||
Total Oil & Gas | 483,582 | |||||
Technology—1.6% | ||||||
Financial Technologies India, Ltd. | 11,689 | 26,354 | ||||
Hexaware Technologies, Ltd. | 116,595 | 239,410 | ||||
Total Technology | 265,764 | |||||
Telecommunications—0.3% | ||||||
Mahanagar Telephone Nigam* | 206,922 | 49,082 | ||||
Utilities—7.7% | ||||||
CESC, Ltd. | 38,842 | 210,264 | ||||
GMR Infrastructure, Ltd. | 697,599 | 241,800 | ||||
GVK Power & Infrastructure, Ltd.* | 588,999 | 58,801 | ||||
Indraprastha Gas, Ltd. | 48,335 | 207,955 | ||||
Jaiprakash Power Ventures, Ltd.* | 222,687 | 54,422 | ||||
JSW Energy, Ltd. | 200,240 | 140,413 | ||||
Lanco Infratech, Ltd.* | 547,184 | 46,760 | ||||
Petronet LNG, Ltd. | 180,461 | 342,156 | ||||
Total Utilities | 1,302,571 | |||||
TOTAL INVESTMENTS IN SECURITIES—99.8% | ||||||
(Cost: $24,357,122) | 16,825,197 | |||||
Other Assets in Excess of Liabilities—0.2% | 28,772 | |||||
Net Assets—100.0% | $ | 16,853,969 |
† | The Consolidated Schedule of Investments includes the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements. |
* | Non-income producing security |
+ | Fair valued security. |
§ | Illiquid. |
The accompanying notes are an integral part of these financial statements.
54 EGA Emerging Global Shares Trust |
Schedule of Investments (Consolidated)†
September 30, 2013 (Unaudited)
Investments | Shares | Value | ||||
COMMON STOCKS—99.2% | ||||||
Brazil—4.4% | ||||||
Embraer SA ADR | 3,759 | $ | 122,055 | |||
China—23.6% | ||||||
Anhui Conch Cement Co., Ltd. Class H | 33,412 | 107,278 | ||||
Beijing Enterprises Holdings, Ltd. | 11,751 | 84,854 | ||||
China Communications Construction Co., Ltd. Class H | 108,000 | 85,228 | ||||
China Merchants Holdings International Co., Ltd. | 28,491 | 103,602 | ||||
China National Building Material Co., Ltd. Class H | 71,041 | 68,246 | ||||
China Railway Construction Corp., Ltd. Class H | 44,583 | 47,140 | ||||
China Railway Group, Ltd. Class H | 98,892 | 54,068 | ||||
Citic Pacific, Ltd. | 26,212 | 34,002 | ||||
Weichai Power Co., Ltd. Class H | 12,221 | 47,748 | ||||
Zoomlion Heavy Industry Science And Technology Co., Ltd. Class H | 35,048 | 30,370 | ||||
Total China | 662,536 | |||||
Colombia—3.7% | ||||||
Grupo Argos SA | 8,771 | 103,708 | ||||
India—14.1% | ||||||
Adani Enterprises, Ltd. | 3,811 | 8,568 | ||||
Ambuja Cements, Ltd. | 15,448 | 45,045 | ||||
Bharat Heavy Electricals, Ltd. | 14,535 | 31,900 | ||||
Larsen & Toubro, Ltd. | 5,808 | 73,174 | ||||
Mahindra & Mahindra, Ltd. | 8,193 | 108,287 | ||||
Tata Motors, Ltd. ADR | 4,867 | 129,559 | ||||
Total India | 396,533 | |||||
Indonesia—7.3% | ||||||
PT Indocement Tunggal Prakarsa Tbk | 46,238 | 71,872 | ||||
PT Semen Indonesia Persero Tbk | 76,213 | 85,559 | ||||
PT United Tractors Tbk | 33,454 | 47,090 | ||||
Total Indonesia | 204,521 | |||||
Malaysia—6.5% | ||||||
Sime Darby Bhd | 62,200 | 181,285 | ||||
Mexico—20.4% | ||||||
Alfa, SAB Class A | 74,072 | 198,632 | ||||
Cemex SAB de CV ADR* | 28,284 | 316,215 | ||||
Grupo Carso SAB de CV Series A1 | 11,073 | 58,781 | ||||
Total Mexico | 573,628 |
Investments | Shares | Value | ||||||
Philippines—5.0% | ||||||||
Aboitiz Equity Ventures, Inc. | 61,190 | $ | 63,242 | |||||
Ayala Corp. | 5,620 | 78,027 | ||||||
Total Philippines | 141,269 | |||||||
South Africa—10.5% | ||||||||
Bidvest Group, Ltd. | 6,986 | 174,724 | ||||||
Imperial Holdings, Ltd. | 5,582 | 120,917 | ||||||
Total South Africa | 295,641 | |||||||
Thailand—3.7% | ||||||||
Siam Cement PCL | 7,600 | 103,504 | ||||||
TOTAL INVESTMENTS IN SECURITIES—99.2% | ||||||||
(Cost: $2,984,394) | 2,784,680 | |||||||
Other Assets in Excess of Liabilities—0.8% | 23,302 | |||||||
Net Assets—100.0% | $ | 2,807,982 | ||||||
† | The Consolidated Schedule of Investments includes the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements. | |||||||
* | Non-income producing security | |||||||
ADR | American Depositary Receipts |
% of | |||||||
Summary by Sector | Value | Net Assets | |||||
Aerospace & Defense | $ | 122,055 | 4.3 | % | |||
Construction & Materials | 1,161,037 | 41.4 | |||||
General Industrials | 873,547 | 31.1 | |||||
Industrial Engineering | 394,955 | 14.1 | |||||
Industrial Transportation | 224,518 | 8.0 | |||||
Support Services | 8,568 | 0.3 | |||||
Total Investments | 2,784,680 | 99.2 | |||||
Other Assets in Excess of Liabilities | 23,302 | 0.8 | |||||
Net Assets | $ | 2,807,982 | 100.0 | % |
The accompanying notes are an integral part of these financial statements.
EGA Emerging Global Shares Trust 55 |
Schedule of Investments (Consolidated)†
EGShares Low Volatility Emerging Markets Dividend ETF
September 30, 2013 (Unaudited)
Investments | Shares | Value | ||||
COMMON STOCKS—100.6% | ||||||
China—4.0% | ||||||
Nam Tai Electronics, Inc. | 513,766 | $ | 3,991,962 | |||
India—9.2% | ||||||
Coal India, Ltd. | 618,283 | 2,907,969 | ||||
National Hydroelectric Power Corp., Ltd. | 9,387,101 | 2,931,360 | ||||
Oil India Ltd. | 468,999 | 3,276,738 | ||||
Total India | 9,116,067 | |||||
Indonesia—2.9% | ||||||
PT Bank Bukopin Tbk | 52,030,586 | 2,875,611 | ||||
Malaysia—6.6% | ||||||
DiGi.Com Bhd | 2,047,100 | 3,052,280 | ||||
Maxis Bhd | 1,611,100 | 3,459,948 | ||||
Total Malaysia | 6,512,228 | |||||
Mexico—5.9% | ||||||
Fibra Uno Administracion SA de CV | 837,860 | 2,309,824 | ||||
Grupo Aeroportuario del Pacifico SAB de CV ADR | 68,770 | 3,517,586 | ||||
Total Mexico | 5,827,410 | |||||
Philippines—6.6% | ||||||
Aboitiz Power Corp. | 3,672,700 | 2,657,098 | ||||
Globe Telecom, Inc. | 105,185 | 3,865,319 | ||||
Total Philippines | 6,522,417 | |||||
Poland—3.4% | ||||||
Asseco Poland SA | 216,994 | 3,382,646 | ||||
Russia—9.1% | ||||||
LUKOIL OAO ADR | 43,849 | 2,780,027 | ||||
Rosneft Oil Co. OJSC GDR | 419,504 | 3,397,982 | ||||
Uralkali OJSC GDR | 108,399 | 2,818,374 | ||||
Total Russia | 8,996,383 | |||||
South Africa—21.7% | ||||||
Capital Property Fund | 4,056,348 | 4,264,430 | ||||
Growthpoint Properties, Ltd. | 1,468,503 | 3,596,929 | ||||
Lewis Group, Ltd. | 860,924 | 5,588,788 | ||||
Reunert, Ltd. | 505,572 | 3,650,216 | ||||
Vodacom Group, Ltd. | 347,181 | 4,293,298 | ||||
Total South Africa | 21,393,661 |
Investments | Shares | Value | ||||||||||
Thailand—15.1% | ||||||||||||
Banpu PCL NVDR | 4,249,000 | $ | 3,735,534 | |||||||||
BTS Group Holdings PCL NVDR | 9,658,500 | 2,701,786 | ||||||||||
Cal-Comp Electronics PCL NVDR | 34,827,300 | 3,384,750 | ||||||||||
Glow Energy PCL NVDR | 1,217,614 | 2,539,940 | ||||||||||
Tisco Financial Group PCL NVDR | 2,106,700 | 2,542,453 | ||||||||||
Total Thailand | 14,904,463 | |||||||||||
Turkey—16.1% | ||||||||||||
Aksa Akrilik Kimya Sanayii AS | 710,568 | 2,999,852 | ||||||||||
Aygaz AS | 1,073,048 | 4,795,390 | ||||||||||
Konya Cimento Sanayii AS | 25,960 | 3,221,178 | ||||||||||
Tekfen Holding AS | 1,000,968 | 2,261,376 | ||||||||||
Turk Traktor ve Ziraat Makineleri AS | 89,917 | 2,622,588 | ||||||||||
Total Turkey | 15,900,384 | |||||||||||
TOTAL INVESTMENTS IN SECURITIES—100.6% | ||||||||||||
(Cost: $102,978,500) | 99,423,232 | |||||||||||
Liabilities in Excess of Other Assets—(0.6)% | (637,414 | ) | ||||||||||
Net Assets—100.0% | $ | 98,785,818 | ||||||||||
† | The Consolidated Schedule of Investments includes the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements. | |||||||||||
ADR | American Depositary Receipts | |||||||||||
GDR | Global Depositary Receipts | |||||||||||
NVDR | Non-Voting Depositary Receipts | |||||||||||
% of | ||||||||||||
Summary by Industry | Value | Net Assets | ||||||||||
Basic Materials | $ | 12,461,729 | 12.6 | % | ||||||||
Consumer Services | 5,588,788 | 5.7 | ||||||||||
Financials | 20,552,409 | 20.8 | ||||||||||
Industrials | 20,388,280 | 20.6 | ||||||||||
Oil & Gas | 9,454,747 | 9.6 | ||||||||||
Technology | 3,382,646 | 3.4 | ||||||||||
Telecommunications | 14,670,845 | 14.8 | ||||||||||
Utilities | 12,923,788 | 13.1 | ||||||||||
Total Investments | 99,423,232 | 100.6 | ||||||||||
Liabilities in Excess of Other Assets | (637,414 | ) | (0.6 | ) | ||||||||
Net Assets | $ | 98,785,818 | 100.0 | % |
The accompanying notes are an integral part of these financial statements.
56 EGA Emerging Global Shares Trust |
Schedule of Investments (Consolidated)†
September 30, 2013 (Unaudited)
Investments | Shares | Value | ||||
COMMON STOCKS—99.5% | ||||||
Chile—2.1% | ||||||
Sonda SA | 34,212 | $ | 91,008 | |||
China—55.0% | ||||||
AsiaInfo-Linkage, Inc.* | 6,187 | 71,398 | ||||
Baidu, Inc. ADR* | 2,993 | 464,454 | ||||
China Communications Services Corp., Ltd. Class H | 166,762 | 97,410 | ||||
Comba Telecom Systems Holdings, Ltd.* | 175,499 | 58,159 | ||||
Lenovo Group, Ltd. | 179,181 | 187,380 | ||||
NetEase, Inc. ADR | 2,592 | 188,205 | ||||
Pactera Technology International, Ltd. ADR* | 9,103 | 53,617 | ||||
SINA Corp.* | 2,670 | 216,724 | ||||
Sohu.com, Inc.* | 1,781 | 140,396 | ||||
Spreadtrum Communications, Inc. ADR | 4,142 | 126,165 | ||||
TCL Communication Technology Holdings, Ltd. | 111,982 | 72,199 | ||||
Tencent Holdings, Ltd. | 9,344 | 490,144 | ||||
Travelsky Technology, Ltd. Class H | 114,409 | 91,909 | ||||
ZTE Corp. Class H* | 53,382 | 110,410 | ||||
Total China | 2,368,570 | |||||
India—25.5% | ||||||
Financial Technologies India, Ltd. | 3,529 | 7,956 | ||||
Hexaware Technologies, Ltd. | 33,703 | 69,204 | ||||
Infosys, Ltd. ADR | 6,675 | 321,134 | ||||
Mphasis, Ltd. | 9,669 | 67,763 | ||||
Oracle Financial Services Software, Ltd.* | 1,528 | 75,025 | ||||
Tata Consultancy Services, Ltd. | 8,972 | 276,275 | ||||
Tech Mahindra, Ltd. | 4,128 | 88,076 | ||||
Wipro, Ltd. ADR | 18,594 | 190,774 | ||||
Total India | 1,096,207 | |||||
Indonesia—2.0% | ||||||
PT Tower Bersama Infrastructure Tbk | 174,302 | 88,054 |
Investments | Shares | Value | ||||||||
Netherlands—2.7% | ||||||||||
Yandex NV Class A* | 3,161 | $ | 115,124 | |||||||
Poland—2.3% | ||||||||||
Asseco Poland SA | 6,217 | 96,915 | ||||||||
Russia—4.0% | ||||||||||
Mail.ru Group, Ltd. GDR | 4,555 | 174,001 | ||||||||
South Africa—2.0% | ||||||||||
DataTec, Ltd. | 14,750 | 87,192 | ||||||||
Thailand—2.7% | ||||||||||
Shin Corp. PCL | 10,500 | 27,693 | ||||||||
Shin Corp. PCL—Foreign | 32,825 | 86,575 | ||||||||
Total Thailand | 114,268 | |||||||||
Turkey—1.2% | ||||||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 12,018 | 52,163 | ||||||||
TOTAL INVESTMENTS IN SECURITIES—99.5% | ||||||||||
(Cost: $3,791,112) | 4,283,502 | |||||||||
Other Assets in Excess of Liabilities—0.5% | 20,624 | |||||||||
Net Assets—100.0% | $ | 4,304,126 | ||||||||
† | The Consolidated Schedule of Investments includes the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements. | |||||||||
* | Non-income producing security | |||||||||
ADR | American Depositary Receipts | |||||||||
GDR | Global Depositary Receipts | |||||||||
% of | ||||||||||
Summary by Sector | Value | Net Assets | ||||||||
Software & Computer Services | $ | 3,377,293 | 78.5 | % | ||||||
Technology Hardware & Equipment | 906,209 | 21.0 | ||||||||
Total Investments | 4,283,502 | 99.5 | ||||||||
Other Assets in Excess of Liabilities | 20,624 | 0.5 | ||||||||
Net Assets | $ | 4,304,126 | 100.0 | % |
The accompanying notes are an integral part of these financial statements.
EGA Emerging Global Shares Trust 57 |
Schedule of Investments (Consolidated)†
September 30, 2013 (Unaudited)
Investments | Shares | Value | ||||
COMMON STOCKS—94.4% | ||||||
Brazil—7.6% | ||||||
Oi SA ADR | 31,947 | $ | 58,782 | |||
Telefonica Brasil SA Preference Shares ADR | 6,053 | 135,829 | ||||
Tim Participacoes SA ADR | 4,572 | 107,762 | ||||
Total Brazil | 302,373 | |||||
Chile—1.6% | ||||||
Empresa Nacional De Telecom | 3,994 | 64,724 | ||||
China—17.9% | ||||||
China Mobile, Ltd. | 37,833 | 422,716 | ||||
China Telecom Corp., Ltd. Class H | 292,673 | 145,673 | ||||
China Unicom Hong Kong, Ltd. ADR | 9,237 | 142,435 | ||||
Total China | 710,824 | |||||
Czech Republic—1.5% | ||||||
Telefonica Czech Republic SA* | 3,641 | 57,741 | ||||
India—5.2% | ||||||
Bharti Airtel, Ltd. | 24,365 | 124,014 | ||||
Reliance Communications, Ltd. | 34,508 | 80,944 | ||||
Total India | 204,958 | |||||
Indonesia—4.1% | ||||||
PT Telekomunikasi Indonesia Persero Tbk ADR | 4,513 | 163,867 | ||||
Malaysia—11.3% | ||||||
Axiata Group Bhd | 66,700 | 140,787 | ||||
DiGi.Com Bhd | 69,800 | 104,074 | ||||
Maxis Bhd | 56,900 | 122,197 | ||||
Telekom Malaysia Bhd | 50,800 | 81,667 | ||||
Total Malaysia | 448,725 | |||||
Mexico—9.4% | ||||||
America Movil SAB de CV Series L ADR | 18,730 | 371,041 | ||||
Morocco—1.6% | ||||||
Maroc Telecom | 5,618 | 64,443 | ||||
Philippines—3.2% | ||||||
Philippine Long Distance Telephone Co. ADR | 1,854 | 125,775 | ||||
Poland—1.6% | ||||||
Telekomunikacja Polska SA | 23,241 | 61,797 |
Investments | Shares | Value | ||||||||
Russia—7.4% | ||||||||||
Mobile TeleSystems ADR | 9,133 | $ | 203,301 | |||||||
VimpelCom, Ltd. ADR | 7,615 | 89,476 | ||||||||
Total Russia | 292,777 | |||||||||
South Africa—11.2% | ||||||||||
MTN Group, Ltd. | 15,154 | 295,137 | ||||||||
Telkom South Africa, Ltd.* | 18,312 | 44,453 | ||||||||
Vodacom Group, Ltd. | 8,524 | 105,409 | ||||||||
Total South Africa | 444,999 | |||||||||
Thailand—6.3% | ||||||||||
Advanced Info Service PCL | 21,500 | 175,272 | ||||||||
Total Access Communication NVDR | 22,100 | 74,891 | ||||||||
Total Thailand | 250,163 | |||||||||
Turkey—4.5% | ||||||||||
Turk Telekomunikasyon AS | 18,269 | 63,400 | ||||||||
Turkcell Iletisim Hizmetleri AS ADR* | 7,784 | 114,814 | ||||||||
Total Turkey | 178,214 | |||||||||
TOTAL INVESTMENTS IN SECURITIES—94.4% | ||||||||||
(Cost: $3,834,624) | 3,742,421 | |||||||||
Other Assets in Excess of Liabilities—5.6% | 223,000 | |||||||||
Net Assets—100.0% | $ | 3,965,421 | ||||||||
† | The Consolidated Schedule of Investments includes the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements. | |||||||||
* | Non-income producing security | |||||||||
ADR | American Depositary Receipts | |||||||||
NVDR | Non-Voting Depositary Receipts | |||||||||
% of | ||||||||||
Summary by Sector | Value | Net Assets | ||||||||
Fixed Line Telecommunications | $ | 877,933 | 22.2 | % | ||||||
Mobile Telecommunications | 2,864,488 | 72.2 | ||||||||
Total Investments | 3,742,421 | 94.4 | ||||||||
Other Assets in Excess of Liabilities | 223,000 | 5.6 | ||||||||
Net Assets | $ | 3,965,421 | 100.0 | % |
The accompanying notes are an integral part of these financial statements.
58 EGA Emerging Global Shares Trust |
Schedule of Investments (Consolidated)†
September 30, 2013 (Unaudited)
Investments | Shares | Value | ||||
COMMON STOCKS—97.8% | ||||||
Brazil—25.2% | ||||||
Centrais Eletricas Brasileiras SA ADR | 18,613 | $ | 52,302 | |||
Cia de Saneamento Basico do Estado de Sao Paulo ADR | 9,336 | 92,986 | ||||
Cia Energética de Minas Gerais ADR | 13,890 | 120,010 | ||||
Cia Paranaense de Energia-Copel Preference Shares ADR | 3,135 | 43,765 | ||||
CPFL Energia SA ADR | 3,227 | 55,666 | ||||
Ultrapar Participacoes SA ADR | 9,452 | 232,425 | ||||
Total Brazil | 597,154 | |||||
Chile—12.4% | ||||||
Colbun SA | 221,167 | 57,269 | ||||
Empresa Nacional de Electricidad SA ADR | 2,383 | 100,062 | ||||
Enersis SA ADR | 8,434 | 135,450 | ||||
Total Chile | 292,781 | |||||
China—14.4% | ||||||
China Resources Power Holdings Co., Ltd. | 46,812 | 111,308 | ||||
Datang International Power Generation Co., Ltd. Class H | 128,094 | 56,489 | ||||
Guangdong Investment, Ltd. | 89,207 | 76,610 | ||||
Huaneng Power International, Inc. ADR | 2,398 | 96,040 | ||||
Total China | 340,447 | |||||
Colombia—2.6% | ||||||
Interconexion Electrica SA ESP | 12,538 | 62,154 | ||||
Czech Republic—4.2% | ||||||
CEZ AS | 3,830 | 98,913 | ||||
India—10.3% | ||||||
NTPC, Ltd. | 34,978 | 82,382 | ||||
Petronet LNG, Ltd. | 5,706 | 10,818 | ||||
Power Grid Corp. of India, Ltd. | 37,125 | 58,144 | ||||
Reliance Infrastructure, Ltd. | 3,828 | 22,654 | ||||
Rural Electrification Corp., Ltd. | 10,859 | 32,618 | ||||
Tata Power Co., Ltd. | 29,348 | 38,041 | ||||
Total India | 244,657 |
Investments | Shares | Value | ||||||
Indonesia—5.2% | ||||||||
PT Perusahaan Gas Negara Persero Tbk | 274,927 | $ | 123,456 | |||||
Malaysia—9.8% | ||||||||
Tenaga Nasional Bhd | 54,600 | 151,262 | ||||||
YTL Corp. Bhd | 108,740 | 51,376 | ||||||
YTL Power International Bhd | 52,500 | 28,670 | ||||||
Total Malaysia | 231,308 | |||||||
Philippines—4.2% | ||||||||
Aboitiz Power Corp. | 56,800 | 41,093 | ||||||
Manila Electric Co. | 8,870 | 58,264 | ||||||
Total Philippines | 99,357 | |||||||
Poland—7.0% | ||||||||
PGE SA | 20,588 | 109,750 | ||||||
Tauron Polska Energia SA | 36,534 | 56,062 | ||||||
Total Poland | 165,812 | |||||||
Russia—2.5% | ||||||||
Federal Hydrogenerating Co. JSC ADR | 37,770 | 59,299 | ||||||
TOTAL INVESTMENTS IN SECURITIES—97.8% | ||||||||
(Cost: $2,695,321) | 2,315,338 | |||||||
Other Assets in Excess of Liabilities—2.2% | 52,179 | |||||||
Net Assets—100.0% | $ | 2,367,517 | ||||||
† | The Consolidated Schedule of Investments includes the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements. | |||||||
ADR | American Depositary Receipts | |||||||
Summary by Sector | Value | % of Net Assets | |||||
Electricity | $ | 1,698,997 | 71.8 | % | |||
Gas, Water & Multiutilities | 616,341 | 26.0 | |||||
Total Investments | 2,315,338 | 97.8 | |||||
Other Assets in Excess of Liabilities | 52,179 | 2.2 | |||||
Net Assets | $ | 2,367,517 | 100.0 | % |
The accompanying notes are an integral part of these financial statements.
EGA Emerging Global Shares Trust 59 |
Statements of Assets and Liabilities
EGA Emerging Global Shares Trust
September 30, 2013 (Unaudited)
EGShares Basic Materials | EGShares | EGShares | EGShares | EGShares Consumer Goods | ||||||||||||||||
GEMS ETF | Beyond | Brazil | China | GEMS ETF | ||||||||||||||||
(Consolidated) | BRICs ETF | Infrastructure ETF | Infrastructure ETF | (Consolidated) | ||||||||||||||||
ASSETS: | ||||||||||||||||||||
Cost of Investments: | $ | 4,346,909 | $ | 10,879,776 | $ | 58,433,753 | $ | 11,418,161 | $ | 1,076,549 | ||||||||||
Investments at value | 2,966,030 | 10,888,793 | 59,493,540 | 9,753,688 | 1,106,195 | |||||||||||||||
Cash | 72,630 | — | 50,658 | 57,425 | 50,983 | |||||||||||||||
Foreign cash* | 6,994 | — | 48,678 | 3,365 | 5,321 | |||||||||||||||
Restricted cash† | — | — | — | — | — | |||||||||||||||
Receivables: | ||||||||||||||||||||
Capital shares sold | — | — | — | — | — | |||||||||||||||
Dividends and interest | 4,623 | 25,519 | 552,121 | 4,304 | 1,734 | |||||||||||||||
Spot foreign currency contracts | — | — | — | — | — | |||||||||||||||
Investment securities sold | — | 6,695,532 | — | — | — | |||||||||||||||
Total Assets | 3,050,277 | 17,609,844 | 60,144,997 | 9,818,782 | 1,164,233 | |||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Payables: | ||||||||||||||||||||
Accrued investment advisory fees | 2,380 | 7,683 | 41,277 | 7,215 | 817 | |||||||||||||||
Capital shares payable | — | — | — | — | — | |||||||||||||||
Due to custodian | — | 133,776 | — | — | — | |||||||||||||||
Due to broker | — | — | — | — | — | |||||||||||||||
Spot foreign currency contracts | — | — | — | — | — | |||||||||||||||
Income payable | — | — | — | — | — | |||||||||||||||
Investment securities purchased | — | 6,468,730 | — | 21,139 | — | |||||||||||||||
Total Liabilities | 2,380 | 6,610,189 | 41,277 | 28,354 | 817 | |||||||||||||||
NET ASSETS | $ | 3,047,897 | $ | 10,999,655 | $ | 60,103,720 | $ | 9,790,428 | $ | 1,163,416 | ||||||||||
NET ASSETS: | ||||||||||||||||||||
Paid-in capital | $ | 4,682,541 | $ | 11,237,554 | $ | 77,570,478 | $ | 14,266,112 | $ | 1,171,750 | ||||||||||
Undistributed (accumulated) net investment income (loss) | 75,529 | 136,704 | 1,377,478 | 164,442 | 24,091 | |||||||||||||||
Undistributed (accumulated) net realized gain (loss) on investments and foreign currency transactions | (329,662 | ) | (375,032 | ) | (19,878,128 | ) | (2,975,682 | ) | (62,364 | ) | ||||||||||
Net unrealized appreciation (depreciation) on investments and on foreign currency translations | (1,380,511 | ) | 429 | 1,033,892 | (1,664,444 | ) | 29,939 | |||||||||||||
NET ASSETS | $ | 3,047,897 | $ | 10,999,655 | $ | 60,103,720 | $ | 9,790,428 | $ | 1,163,416 | ||||||||||
Outstanding beneficial interest shares (unlimited shares of beneficial interest authorized, no par value) | 300,000 | 550,000 | 3,300,000 | 550,000 | 50,000 | |||||||||||||||
Net asset value per share | $ | 10.16 | $ | 20.00 | $ | 18.21 | $ | 17.80 | $ | 23.27 | ||||||||||
* Cost of foreign cash: | $ | 6,912 | $ | 6 | $ | 48,731 | $ | 3,341 | $ | 19,038 |
EGShares Consumer Services | EGShares EM Dividend High | EGShares Emerging Markets Consumer ETF | EGShares Emerging Markets Core ETF | EGShares Emerging Markets Dividend | EGShares Emerging Markets Domestic Demand ETF | EGShares Emerging Markets Metals & Mining ETF | ||||||||||||||||||||||
GEMS ETF | Income ETF | (Consolidated) | (Consolidated) | Growth ETF | (Consolidated) | (Consolidated) | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Cost of Investments: | $ | 2,013,583 | $ | 1,990,013 | $ | 1,140,841,053 | $ | 4,115,479 | $ | 2,008,259 | $ | 3,055,968 | $ | 13,766,996 | ||||||||||||||
Investments at value | 2,105,946 | 2,017,538 | 1,188,858,841 | 4,081,601 | 1,994,057 | 3,327,066 | 7,359,101 | |||||||||||||||||||||
Cash | 100,998 | 13,716 | — | — | 10,400 | 1,904 | 142,482 | |||||||||||||||||||||
Foreign cash* | 12 | 1,796 | 3,428,823 | 6,421 | 971 | 1,084 | 20,316 | |||||||||||||||||||||
Restricted cash† | — | — | 3,679,589 | — | — | — | 534,484 | |||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||
Capital shares sold | — | — | 22,228,163 | — | — | — | — | |||||||||||||||||||||
Dividends and interest | 1,511 | 4,657 | 1,806,573 | 6,219 | 3,799 | 6,534 | �� | 12,381 | ||||||||||||||||||||
Spot foreign currency contracts | — | — | — | 22,935 | — | — | — | |||||||||||||||||||||
Investment securities sold | — | — | 4,502,234 | 550 | — | 5,090 | 553,583 | |||||||||||||||||||||
Total Assets | 2,208,467 | 2,037,707 | 1,224,504,223 | 4,117,726 | 2,009,227 | 3,341,678 | 8,622,347 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||
Accrued investment advisory fees | 1,504 | 1,398 | 779,996 | 2,351 | 1,407 | 2,315 | 5,700 | |||||||||||||||||||||
Capital shares payable | — | — | 5,711 | — | — | — | 555,628 | |||||||||||||||||||||
Due to custodian | — | — | 4,938,550 | 221 | — | — | — | |||||||||||||||||||||
Due to broker | — | — | 3,679,589 | — | — | — | 534,484 | |||||||||||||||||||||
Spot foreign currency contracts | — | — | 1,278,256 | — | — | — | — | |||||||||||||||||||||
Income payable | — | — | — | — | 5,899 | — | — | |||||||||||||||||||||
Investment securities purchased | — | — | 23,442,747 | 19,489 | — | — | — | |||||||||||||||||||||
Total Liabilities | 1,504 | 1,398 | 34,124,849 | 22,061 | 7,306 | 2,315 | 1,095,812 | |||||||||||||||||||||
NET ASSETS | $ | 2,206,963 | $ | 2,036,309 | $ | 1,190,379,374 | $ | 4,095,665 | $ | 2,001,921 | $ | 3,339,363 | $ | 7,526,535 | ||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Paid-in capital | $ | 2,176,929 | $ | 2,000,000 | $ | 1,112,585,001 | $ | 4,073,840 | $ | 2,000,000 | $ | 3,011,821 | $ | 16,362,946 | ||||||||||||||
Undistributed (accumulated) net investment income (loss) | 11,369 | 9,011 | 6,173,139 | 56,344 | 4,784 | 37,155 | 118,731 | |||||||||||||||||||||
Undistributed (accumulated) net realized gain (loss) on investments and foreign currency transactions | (73,692 | ) | (226 | ) | 23,596,825 | (672 | ) | 11,318 | 19,250 | (2,548,422 | ) | |||||||||||||||||
Net unrealized appreciation (depreciation) on investments and on foreign currency translations | 92,357 | 27,524 | 48,024,409 | (33,847 | ) | (14,181 | ) | 271,137 | (6,406,720 | ) | ||||||||||||||||||
NET ASSETS | $ | 2,206,963 | $ | 2,036,309 | $ | 1,190,379,374 | $ | 4,095,665 | $ | 2,001,921 | $ | 3,339,363 | $ | 7,526,535 | ||||||||||||||
Outstanding beneficial interest shares authorized, no par value) (unlimited shares of beneficial interest authorized, no par value) | 100,000 | 100,000 | 44,300,000 | 200,000 | 100,000 | 150,000 | 750,000 | |||||||||||||||||||||
Net asset value per share | $ | 22.07 | $ | 20.36 | $ | 26.87 | $ | 20.48 | $ | 20.02 | $ | 22.26 | $ | 10.04 | ||||||||||||||
* Cost of foreign cash: | $ | 12 | $ | 1,806 | $ | 3,415,027 | $ | 6,423 | $ | 971 | $ | 1,054 | $ | 19,869 |
† | Restricted cash represents deposits being held by custodian as collateral for outstanding creation or redemption transactions. |
The accompanying notes are an integral part of these financial statements.
60 and 61 EGA Emerging Global Shares Trust |
Statements of Assets and Liabilities (concluded)
EGA Emerging Global Shares Trust
September 30, 2013 (Unaudited)
EGShares Energy GEMS ETF (Consolidated) | EGShares Financials GEMS (Consolidated) | EGShares GEMS Composite ETF (Consolidated) | EGShares Health Care GEMS ETF (Consolidated) | EGShares India Consumer ETF (Consolidated) | ||||||||||||||||
ASSETS: | ||||||||||||||||||||
Cost of Investments: | $ | 9,578,863 | $ | 4,443,597 | $ | 12,597,199 | $ | 4,824,317 | $ | 3,982,359 | ||||||||||
Investments at value | 7,667,831 | 3,975,643 | 11,078,868 | 5,493,311 | 4,127,661 | |||||||||||||||
Cash | 95,133 | 7,943 | 78,286 | 390,893 | 6,148 | |||||||||||||||
Foreign cash* | 13,366 | 6,848 | 19,348 | 59,885 | 12,186 | |||||||||||||||
Restricted cash† | — | — | — | — | — | |||||||||||||||
Receivables: | ||||||||||||||||||||
Capital shares sold | — | — | — | — | — | |||||||||||||||
Dividends and interest | 30,697 | 7,186 | 16,751 | 2,804 | 1,154 | |||||||||||||||
Spot foreign currency contracts | — | — | — | — | — | |||||||||||||||
Investment securities sold | — | — | 674 | — | — | |||||||||||||||
Total Assets | 7,807,027 | 3,997,620 | 11,193,927 | 5,946,893 | 4,147,149 | |||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Payables: | ||||||||||||||||||||
Accrued investment advisory fees | 5,438 | 2,802 | 6,869 | 4,102 | 2,937 | |||||||||||||||
Capital shares payable | — | — | — | — | — | |||||||||||||||
Due to custodian | — | — | — | — | — | |||||||||||||||
Due to broker | — | — | — | — | — | |||||||||||||||
Income payable | — | — | — | — | — | |||||||||||||||
Investment securities purchased | — | — | 678 | — | — | |||||||||||||||
Total Liabilities | 5,438 | 2,802 | 7,547 | 4,102 | 2,937 | |||||||||||||||
NET ASSETS | $ | 7,801,589 | $ | 3,994,818 | $ | 11,186,380 | $ | 5,942,791 | $ | 4,144,212 | ||||||||||
NET ASSETS: | ||||||||||||||||||||
Paid-in capital | $ | 11,302,414 | $ | 4,540,181 | $ | 14,365,249 | $ | 5,479,539 | $ | 4,670,151 | ||||||||||
Undistributed (accumulated) net investment income (loss) | 129,363 | 64,309 | 239,859 | 17,221 | (27,993 | ) | ||||||||||||||
Undistributed (accumulated) net realized gain (loss) on investments and foreign currency transactions | (1,718,952 | ) | (140,843 | ) | (1,899,986 | ) | (222,509 | ) | (643,583 | ) | ||||||||||
Net unrealized appreciation (depreciation) on investments and on foreign currency translations | (1,911,236 | ) | (468,829 | ) | (1,518,742 | ) | 668,540 | 145,637 | ||||||||||||
NET ASSETS | $ | 7,801,589 | $ | 3,994,818 | $ | 11,186,380 | $ | 5,942,791 | $ | 4,144,212 | ||||||||||
Outstanding beneficial interest shares (unlimited shares of beneficial interest authorized, no par value) | 350,000 | 200,000 | 500,000 | 250,000 | 200,000 | |||||||||||||||
Net asset value per share | $ | 22.29 | $ | 19.97 | $ | 22.37 | $ | 23.77 | $ | 20.72 | ||||||||||
* Cost of foreign cash: | $ | 13,848 | $ | 7,737 | $ | 19,753 | $ | 60,309 | $ | 11,859 |
EGShares India Infrastructure ETF (Consolidated) | EGShares India Small Cap ETF (Consolidated) | EGShares Industrials GEMS ETF (Consolidated) | EGShares Low Volatility Emerging Markets Dividend ETF (Consolidated) | EGShares Technology GEMS ETF (Consolidated) | EGShares Telecom GEMS ETF (Consolidated) | EGShares Utilities GEMS ETF (Consolidated) | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Cost of Investments: | $ | 16,173,684 | $ | 24,357,122 | $ | 2,984,394 | $ | 102,978,500 | $ | 3,791,112 | $ | 3,834,624 | $ | 2,695,321 | ||||||||||||||
Investments at value | 15,202,949 | 16,825,197 | 2,784,680 | 99,423,232 | 4,283,502 | 3,742,421 | 2,315,338 | |||||||||||||||||||||
Cash | 4,832,544 | — | 74,222 | — | 18,447 | 123,795 | 36,416 | |||||||||||||||||||||
Foreign cash* | 48,135 | — | 45,089 | 4,591,721 | 3,522 | 89,139 | 3,772 | |||||||||||||||||||||
Restricted cash† | 5,082,037 | — | 1,012,107 | — | — | — | 833,723 | |||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||
Capital shares sold | 45,725 | — | — | — | — | — | — | |||||||||||||||||||||
Dividends and interest | 124,435 | 7,964 | 2,679 | 66,861 | 1,177 | 12,830 | 14,363 | |||||||||||||||||||||
Spot foreign currency contracts | — | 79,293 | — | — | — | — | — | |||||||||||||||||||||
Investment securities sold | — | — | 966,131 | 1,720,245 | — | — | 962,436 | |||||||||||||||||||||
Total Assets | 25,335,825 | 16,912,454 | 4,884,908 | 105,802,059 | 4,306,648 | 3,968,185 | 4,166,048 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||
Accrued investment advisory fees | 17,314 | 11,519 | 2,634 | 69,089 | 2,522 | 2,764 | 2,186 | |||||||||||||||||||||
Capital shares payable | 4,840,033 | — | 1,059,429 | — | — | — | 880,621 | |||||||||||||||||||||
Due to custodian | — | 46,966 | — | 1,986,538 | — | — | — | |||||||||||||||||||||
Due to broker | 5,082,037 | — | 1,012,107 | — | — | — | 833,723 | |||||||||||||||||||||
Income payable | — | — | — | 903,375 | — | — | — | |||||||||||||||||||||
Investment securities purchased | — | — | 2,756 | 4,057,239 | — | — | 82,001 | |||||||||||||||||||||
Total Liabilities | 9,939,384 | 58,485 | 2,076,926 | 7,016,241 | 2,522 | 2,764 | 1,798,531 | |||||||||||||||||||||
NET ASSETS | $ | 15,396,441 | $ | 16,853,969 | $ | 2,807,982 | $ | 98,785,818 | $ | 4,304,126 | $ | 3,965,421 | $ | 2,367,517 | ||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Paid-in capital | $ | 66,609,828 | $ | 38,683,878 | $ | 3,230,961 | $ | 112,569,953 | $ | 3,970,230 | $ | 4,027,696 | $ | 2,880,186 | ||||||||||||||
Undistributed (accumulated) net investment income (loss) | 361,271 | 220,827 | 41,242 | 348,510 | 21,160 | 110,524 | 93,616 | |||||||||||||||||||||
Undistributed (accumulated) net realized gain (loss) on investments and foreign currency transactions | (50,609,430 | ) | (14,522,536 | ) | (264,347 | ) | (10,575,231 | ) | (179,668 | ) | (80,025 | ) | (225,690 | ) | ||||||||||||||
Net unrealized appreciation (depreciation) on investments and on foreign currency translations | (965,228 | ) | (7,528,200 | ) | (199,874 | ) | (3,557,414 | ) | 492,404 | (92,774 | ) | (380,595 | ) | |||||||||||||||
NET ASSETS | $ | 15,396,441 | $ | 16,853,969 | $ | 2,807,982 | $ | 98,785,818 | $ | 4,304,126 | $ | 3,965,421 | $ | 2,367,517 | ||||||||||||||
Outstanding beneficial interest shares (unlimited shares of beneficial interest authorized, no par value) | 1,500,000 | 1,750,000 | 150,000 | 5,550,000 | 200,000 | 200,000 | 150,000 | |||||||||||||||||||||
Net asset value per share | $ | 10.26 | $ | 9.63 | $ | 18.72 | $ | 17.80 | $ | 21.52 | $ | 19.83 | $ | 15.78 | ||||||||||||||
* Cost of foreign cash: | $ | 47,151 | $ | — | $ | 45,131 | $ | 4,592,058 | $ | 3,485 | $ | 89,705 | $ | 3,747 |
† | Restricted cash represents deposits being held by custodian as collateral for outstanding creation or redemption transactions. |
The accompanying notes are an integral part of these financial statements.
62 and 63 EGA Emerging Global Shares Trust |
EGA Emerging Global Shares Trust
Period Ended September 30, 2013 (Unaudited)
EGShares Basic Materials GEMS ETF (Consolidated) | EGShares Beyond BRICs ETF | EGShares Brazil Infrastructure ETF | EGShares China Infrastructure ETF | EGShares Consumer Goods GEMS ETF (Consolidated) | ||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||
Dividend income* | $ | 83,200 | $ | 152,905 | $ | 1,726,430 | $ | 237,360 | $ | 26,378 | ||||||||||
Interest income | — | 5 | 7 | — | — | |||||||||||||||
Total investment income | 83,200 | 152,910 | 1,726,437 | 237,360 | 26,378 | |||||||||||||||
EXPENSES: | ||||||||||||||||||||
Investment advisory fees | 14,499 | 40,685 | 277,649 | 47,096 | 9,330 | |||||||||||||||
Net investment income | 68,701 | 112,225 | 1,448,788 | 190,264 | 17,048 | |||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSLATIONS: | ||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||
Investments | (121,691 | ) | (370,892 | ) | (8,213,161 | ) | (687,624 | ) | (47,568 | ) | ||||||||||
In-Kind Redemptions | 80,335 | — | — | 128,781 | 12,616 | |||||||||||||||
Foreign currency transactions | (187 | ) | 5,297 | (140,552 | ) | (618 | ) | (2,838 | ) | |||||||||||
Net realized gain (loss) | (41,543 | ) | (365,595 | ) | (8,353,713 | ) | (559,461 | ) | (37,790 | ) | ||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||
Investments | (578,041 | ) | (618,875 | ) | (4,124,928 | ) | 294,677 | (163,250 | ) | |||||||||||
Foreign currency translations | 359 | (8,879 | ) | (25,337 | ) | 29 | 242 | |||||||||||||
Change in unrealized appreciation (depreciation) | (577,682 | ) | (627,754 | ) | (4,150,265 | ) | 294,706 | (163,008 | ) | |||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency translations | (619,225 | ) | (993,349 | ) | (12,503,978 | ) | (264,755 | ) | (200,798 | ) | ||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (550,524 | ) | $ | (881,124 | ) | $ | (11,055,190 | ) | $ | (74,491 | ) | $ | (183,750 | ) | |||||
* Net of foreign taxes withheld of: | $ | 8,719 | $ | 17,181 | $ | 175 | $ | 23,204 | $ | 1,897 |
EGShares Consumer Services GEMS ETF | EGShares EM Dividend High Income ETF1 | EGShares Emerging Markets Consumer ETF (Consolidated) | EGShares Emerging Markets Core ETF (Consolidated) | EGShares Emerging Markets Dividend Growth ETF2 | EGShares Emerging Markets Domestic Demand ETF (Consolidated) | EGShares Emerging Markets Metals & Mining ETF (Consolidated) | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividend income* | $ | 19,798 | $ | 21,807 | $ | 10,144,641 | $ | 63,346 | $ | 14,983 | $ | 41,275 | $ | 181,882 | ||||||||||||||
Interest income | 3 | — | — | 100 | — | — | — | |||||||||||||||||||||
Total investment income | 19,801 | 21,807 | 10,144,641 | 63,446 | 14,983 | 41,275 | 181,882 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory fees | 9,091 | 2,158 | 4,376,670 | 14,275 | 4,300 | 12,097 | 31,351 | |||||||||||||||||||||
Net investment income | 10,710 | 19,649 | 5,767,971 | 49,171 | 10,683 | 29,178 | 150,531 | |||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSLATIONS: | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments | (21,369 | ) | (5,561 | ) | (8,430,289 | ) | (53,701 | ) | (358 | ) | (46,348 | ) | (405,607 | ) | ||||||||||||||
In-Kind Redemptions | 22,541 | 3,126 | 40,454,410 | 57,522 | 11,860 | 66,200 | 69,401 | |||||||||||||||||||||
Foreign currency transactions | (987 | ) | 2,209 | (673,793 | ) | (3,168 | ) | (184 | ) | 1,364 | (2,122 | ) | ||||||||||||||||
Net realized gain (loss) | 185 | (226 | ) | 31,350,328 | 653 | 11,318 | 21,216 | (338,328 | ) | |||||||||||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||
Investments | 29,065 | 27,525 | (24,954,823 | ) | (127,692 | ) | (14,202 | ) | 9,322 | (1,234,697 | ) | |||||||||||||||||
Foreign currency translations | (14 | ) | (1 | ) | 186 | 784 | 21 | (8 | ) | 1,347 | ||||||||||||||||||
Change in unrealized appreciation (depreciation) | 29,051 | 27,524 | (24,954,637 | ) | (126,908 | ) | (14,181 | ) | 9,314 | (1,233,350 | ) | |||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency translations | 29,236 | 27,298 | 6,395,691 | (126,255 | ) | (2,863 | ) | 30,530 | (1,571,678 | ) | ||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 39,946 | $ | 46,947 | $ | 12,163,662 | $ | (77,084 | ) | $ | 7,820 | $ | 59,708 | $ | (1,421,147 | ) | ||||||||||||
* Net of foreign taxes withheld of: | $ | 2,278 | $ | 1,548 | $ | 688,281 | $ | 7,575 | $ | 1,079 | $ | 4,075 | $ | 19,891 |
1 | Represents the period August 15, 2013 (commencement of operations) to September 30, 2013. |
2 | Represents the period July 1, 2013 (commencement of operations) to September 30, 2013. |
The accompanying notes are an integral part of these financial statements.
64 and 65 EGA Emerging Global Shares Trust |
Statements of Operations (concluded)
EGA Emerging Global Shares Trust
Period Ended September 30, 2013 (Unaudited)
EGShares Energy GEMS ETF (Consolidated) | EGShares Financials GEMS ETF (Consolidated) | EGShares GEMS Composite ETF (Consolidated) | EGShares Health Care GEMS ETF (Consolidated) | EGShares India Consumer ETF (Consolidated) | ||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||
Dividend income* | $ | 208,503 | $ | 113,415 | $ | 299,584 | $ | 40,745 | $ | 39,531 | ||||||||||
Interest income | 34 | 1 | 21 | — | 803 | |||||||||||||||
Total investment income | 208,537 | 113,416 | 299,605 | 40,745 | 40,334 | |||||||||||||||
EXPENSES: | ||||||||||||||||||||
Investment advisory fees | 34,292 | 17,228 | 49,058 | 25,075 | 24,231 | |||||||||||||||
Net investment income | 174,245 | 96,188 | 250,547 | 15,670 | 16,103 | |||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSLATIONS: | ||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||
Investments | (254,764 | ) | (9,569 | ) | (4,714 | ) | (175,118 | ) | (371,948 | ) | ||||||||||
In-Kind Redemptions | (93,501 | ) | — | (200,474 | ) | 23,878 | — | |||||||||||||
Foreign currency transactions | (2,065 | ) | (137 | ) | (2,637 | ) | (2,941 | ) | 7,655 | |||||||||||
Net realized gain (loss) | (350,330 | ) | (9,706 | ) | (207,825 | ) | (154,181 | ) | (364,293 | ) | ||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||
Investments | (108,380 | ) | (430,570 | ) | (573,306 | ) | 323,942 | (85,093 | ) | |||||||||||
Foreign currency translations | (432 | ) | (742 | ) | 24 | (488 | ) | 220 | ||||||||||||
Change in unrealized appreciation (depreciation) | (108,812 | ) | (431,312 | ) | (573,282 | ) | 323,454 | (84,873 | ) | |||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency translations | (459,142 | ) | (441,018 | ) | (781,107 | ) | 169,273 | (449,166 | ) | |||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (284,897 | ) | $ | (344,830 | ) | $ | (530,560 | ) | $ | 184,943 | $ | (433,063 | ) | ||||||
* Net of foreign taxes withheld of: | $ | 29,270 | $ | 12,551 | $ | 39,164 | $ | 3,643 | $ | — |
EGShares India Infrastructure ETF (Consolidated) | EGShares India Small Cap ETF (Consolidated) | EGShares Industrials GEMS ETF (Consolidated) | EGShares Low Volatility Emerging Markets Dividend ETF (Consolidated) | EGShares Technology GEMS ETF (Consolidated) | EGShares Telecom GEMS ETF (Consolidated) | EGShares Utilities GEMS ETF (Consolidated) | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividend income* | $ | 599,360 | $ | 312,584 | $ | 33,920 | $ | 2,755,359 | $ | 22,959 | $ | 105,553 | $ | 73,451 | ||||||||||||||
Interest income | — | — | — | 672 | — | 1 | 534 | |||||||||||||||||||||
Total investment income | 599,360 | 312,584 | 33,920 | 2,756,031 | 22,959 | 105,554 | 73,985 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory fees | 230,775 | 81,846 | 13,867 | 417,600 | 12,323 | 16,687 | 13,980 | |||||||||||||||||||||
Net investment income | 368,585 | 230,738 | 20,053 | 2,338,431 | 10,636 | 88,867 | 60,005 | |||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSLATIONS: | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments | (37,773,514 | ) | (275,775 | ) | (55,277 | ) | (5,674,209 | ) | (18,155 | ) | (12,372 | ) | (45,409 | ) | ||||||||||||||
In-Kind Redemptions | — | — | 81,599 | 2,448,100 | 7,752 | 5,273 | 1,483 | |||||||||||||||||||||
Foreign currency transactions | 1,668,466 | (28,411 | ) | (694 | ) | 118,085 | 1,187 | (435 | ) | (434 | ) | |||||||||||||||||
Net realized gain (loss) | (36,105,048 | ) | (304,186 | ) | 25,628 | (3,108,024 | ) | (9,216 | ) | (7,534 | ) | (44,360 | ) | |||||||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||
Investments | 22,363,787 | (4,826,390 | ) | (307,087 | ) | (8,366,895 | ) | 563,114 | (27,424 | ) | (373,619 | ) | ||||||||||||||||
Foreign currency translations | 5,111 | 3,006 | (224 | ) | (2,578 | ) | 8 | (768 | ) | (620 | ) | |||||||||||||||||
Change in unrealized appreciation (depreciation) | 22,368,898 | (4,823,384 | ) | (307,311 | ) | (8,369,473 | ) | 563,122 | (28,192 | ) | (374,239 | ) | ||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency translations | (13,736,150 | ) | (5,127,570 | ) | (281,683 | ) | (11,477,497 | ) | 553,906 | (35,726 | ) | (418,599 | ) | |||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (13,367,565 | ) | $ | (4,896,832 | ) | $ | (261,630 | ) | $ | (9,139,066 | ) | $ | 564,542 | $ | 53,141 | $ | (358,594 | ) | |||||||||
* Net of foreign taxes withheld of: | $ | — | $ | — | $ | 3,497 | $ | 245,306 | $ | 2,078 | $ | 13,190 | $ | 11,659 |
The accompanying notes are an integral part of these financial statements.
66 and 67 EGA Emerging Global Shares Trust |
Statements of Changes in Net Assets
EGA Emerging Global Shares Trust
EGShares Basic Materials GEMS ETF (Consolidated) | EGShares Beyond BRICs ETF | EGShares Brazil Infrastructure ETF | ||||||||||||||||||||||
For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Year Ended March 31, 2013 | For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Period August 15, 20121 Through March 31, 2013 (Unaudited) | For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Year Ended March 31, 2013 | |||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||
RESULTING FROM OPERATIONS: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 68,701 | $ | 59,919 | $ | 112,225 | $ | 55,119 | $ | 1,448,788 | $ | 2,523,832 | ||||||||||||
Net realized gain (loss) on investments and foreign currency transactions | (41,543 | ) | (253,084 | ) | (365,595 | ) | (8,442 | ) | (8,353,713 | ) | (4,978,845 | ) | ||||||||||||
Net unrealized appreciation (depreciation) on investments and foreign currency translations | (577,682 | ) | (542,341 | ) | (627,754 | ) | 628,183 | (4,150,265 | ) | (4,949,509 | ) | |||||||||||||
Net increase (decrease) in net assets resulting from operations | (550,524 | ) | (735,506 | ) | (881,124 | ) | 674,860 | (11,055,190 | ) | (7,404,522 | ) | |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||||||||
Net investment income | — | (60,948 | ) | — | (37,506 | ) | — | (3,009,024 | ) | |||||||||||||||
Total Distribution | — | (60,948 | ) | — | (37,506 | ) | — | (3,009,024 | ) | |||||||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||||||||||
Proceeds from sale of shares | 936,822 | 7,684,851 | 4,192,864 | 7,050,561 | — | 8,274,032 | ||||||||||||||||||
Cost of shares redeemed | (1,010,772 | ) | (4,806,473 | ) | — | — | (8,580,424 | ) | (7,711,903 | ) | ||||||||||||||
Transaction fees | 177 | 270 | — | — | — | — | ||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (73,773 | ) | 2,878,648 | 4,192,864 | 7,050,561 | (8,580,424 | ) | 562,129 | ||||||||||||||||
Net Increase (Decrease) in Net Assets | (624,297 | ) | 2,082,194 | 3,311,740 | 7,687,915 | (19,635,614 | ) | (9,851,417 | ) | |||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||
Beginning of period | 3,672,194 | 1,590,000 | 7,687,915 | — | 79,739,334 | 89,590,751 | ||||||||||||||||||
End of period | $ | 3,047,897 | $ | 3,672,194 | $ | 10,999,655 | $ | 7,687,915 | $ | 60,103,720 | $ | 79,739,334 | ||||||||||||
Undistributed (accumulated) net investment income (loss) included in net assets at end of period | $ | 75,529 | $ | 6,828 | $ | 136,704 | $ | 24,479 | $ | 1,377,478 | $ | (71,310 | ) | |||||||||||
SHARES CREATED AND REDEEMED: | ||||||||||||||||||||||||
Shares outstanding, beginning of period | 300,000 | 100,000 | 350,000 | — | 3,750,000 | 3,700,000 | ||||||||||||||||||
Shares sold | 100,000 | 550,000 | 200,000 | 350,000 | — | 400,000 | ||||||||||||||||||
Shares redeemed | (100,000 | ) | (350,000 | ) | — | — | (450,000 | ) | (350,000 | ) | ||||||||||||||
Shares outstanding, end of period | 300,000 | 300,000 | 550,000 | 350,000 | 3,300,000 | 3,750,000 |
EGShares China Infrastructure ETF | EGShares Consumer Goods GEMS ETF (Consolidated) | EGShares Consumer Services GEMS ETF | EGShares EM Dividend High Income ETF | EGShares Emerging Markets Consumer ETF (Consolidated) | ||||||||||||||||||||||||||||||||
For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Year Ended March 31, 2013 | For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Year Ended March 31, 2013 | For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Year Ended March 31, 2013 | For the Period August 15, 20131 Through September 30, 2013 (Unaudited) | For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Year Ended March 31, 2013 | ||||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||||||
RESULTING FROM OPERATIONS: | ||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 190,264 | $ | 156,789 | $ | 17,048 | $ | 25,507 | $ | 10,710 | $ | 7,488 | $ | 19,649 | $ | 5,767,971 | $ | 3,672,737 | ||||||||||||||||||
Net realized gain (loss) on investments and foreign currency transactions | (559,461 | ) | (1,003,019 | ) | (37,790 | ) | 178,645 | 185 | 98,420 | (226 | ) | 31,350,328 | 923,018 | |||||||||||||||||||||||
Net unrealized appreciation (depreciation) on investments and foreign currency translations | 294,706 | 1,460,711 | (163,008 | ) | 72,812 | 29,051 | 40,669 | 27,524 | (24,954,637 | ) | 39,262,229 | |||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (74,491 | ) | 614,481 | (183,750 | ) | 276,964 | 39,946 | 146,577 | 46,947 | 12,163,662 | 43,857,984 | |||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||||||||||||||||||||
Net investment income | — | (154,518 | ) | — | (23,469 | ) | — | (6,933 | ) | (10,638 | ) | — | (2,930,218 | ) | ||||||||||||||||||||||
Total Distribution | — | (154,518 | ) | — | (23,469 | ) | — | (6,933 | ) | (10,638 | ) | — | (2,930,218 | ) | ||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares | 917,029 | 2,804,555 | 1,116,257 | 5,587,055 | 985,769 | 4,064,823 | 3,047,399 | 422,758,327 | 477,224,008 | |||||||||||||||||||||||||||
Cost of shares redeemed | (4,191,060 | ) | (2,428,671 | ) | (2,195,129 | ) | (4,518,604 | ) | (985,769 | ) | (3,080,989 | ) | (1,047,399 | ) | (130,023,170 | ) | (35,143,331 | ) | ||||||||||||||||||
Transaction fees | — | — | (75 | ) | (12 | ) | — | — | — | 4,192 | 1,873 | |||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (3,274,031 | ) | 375,884 | (1,078,947 | ) | 1,068,439 | — | 983,834 | 2,000,000 | 292,739,349 | 442,082,550 | |||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | (3,348,522 | ) | 835,847 | (1,262,697 | ) | 1,321,934 | 39,946 | 1,123,478 | 2,036,309 | 304,903,011 | 483,010,316 | |||||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||||||
Beginning of period | 13,138,950 | 12,303,103 | 2,426,113 | 1,104,179 | 2,167,017 | 1,043,539 | — | 885,476,363 | 402,466,047 | |||||||||||||||||||||||||||
End of period | $ | 9,790,428 | $ | 13,138,950 | $ | 1,163,416 | $ | 2,426,113 | $ | 2,206,963 | $ | 2,167,017 | $ | 2,036,309 | $ | 1,190,379,374 | $ | 885,476,363 | ||||||||||||||||||
Undistributed (accumulated) net investment income (loss) included in net assets at end of period | $ | 164,442 | $ | (25,822 | ) | $ | 24,091 | $ | 7,043 | $ | 11,369 | $ | 659 | $ | 9,011 | $ | 6,173,139 | $ | 405,168 | |||||||||||||||||
SHARES CREATED AND REDEEMED: | ||||||||||||||||||||||||||||||||||||
Shares outstanding, beginning of period | 750,000 | 750,000 | 100,000 | 50,000 | 100,000 | 50,000 | — | 33,400,000 | 16,250,000 | |||||||||||||||||||||||||||
Shares sold | 50,000 | 150,000 | 50,000 | 250,000 | 50,000 | 200,000 | 150,000 | 15,700,000 | 18,600,000 | |||||||||||||||||||||||||||
Shares redeemed | (250,000 | ) | (150,000 | ) | (100,000 | ) | (200,000 | ) | (50,000 | ) | (150,000 | ) | (50,000 | ) | (4,800,000 | ) | (1,450,000 | ) | ||||||||||||||||||
Shares outstanding, end of period | 550,000 | 750,000 | 50,000 | 100,000 | 100,000 | 100,000 | 100,000 | 44,300,000 | 33,400,000 |
1 | Commencement of operations. |
The accompanying notes are an integral part of these financial statements.
68 and 69 EGA Emerging Global Shares Trust |
Statements of Changes in Net Assets (continued)
EGA Emerging Global Shares Trust
EGShares Emerging Markets Core ETF (Consolidated) | EGShares Emerging Markets Dividend Growth ETF | EGShares Emerging Markets Domestic Demand ETF (Consolidated) | ||||||||||||||||||
For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Period October 16, 20121 Through March 31, 2013 | For the Period July 1, 20131 Through September 30, 2013 (Unaudited) | For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Period August 15, 20121 Through September 30, 2013 (Unaudited) | ||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||||||
Net investment income (loss) | $ | 49,171 | $ | 9,042 | $ | 10,683 | $ | 29,178 | $ | 19,063 | ||||||||||
Net realized gain (loss) on investments and foreign currency transactions | 653 | (1,547 | ) | 11,318 | 21,216 | 95,675 | ||||||||||||||
Net unrealized appreciation (depreciation) on investments and foreign currency translations | (126,908 | ) | 93,061 | (14,181 | ) | 9,314 | 261,823 | |||||||||||||
Net increase (decrease) in net assets resulting | ||||||||||||||||||||
from operations | (77,084 | ) | 100,556 | 7,820 | 59,708 | 376,561 | ||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||||
Net investment income | — | (4,026 | ) | (5,899 | ) | — | (8,302 | ) | ||||||||||||
Total Distribution | — | (4,026 | ) | (5,899 | ) | — | (8,302 | ) | ||||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||||||
Proceeds from sale of shares | 1,994,833 | 5,118,595 | 3,041,849 | 2,172,860 | 5,008,034 | |||||||||||||||
Cost of shares redeemed | (1,994,464 | ) | (1,041,854 | ) | (1,041,849 | ) | (1,108,571 | ) | (3,160,206 | ) | ||||||||||
Transaction fees | (834 | ) | (57 | ) | — | (525 | ) | (196 | ) | |||||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (465 | ) | 4,076,684 | 2,000,000 | 1,063,764 | 1,847,632 | ||||||||||||||
Net Increase (Decrease) in Net Assets | (77,549 | ) | 4,173,214 | 2,001,921 | 1,123,472 | 2,215,891 | ||||||||||||||
NET ASSETS: | ||||||||||||||||||||
Beginning of period | 4,173,214 | — | — | 2,215,891 | — | |||||||||||||||
End of period | $ | 4,095,665 | $ | 4,173,214 | $ | 2,001,921 | $ | 3,339,363 | $ | 2,215,891 | ||||||||||
Undistributed (accumulated) net investment income (loss) included in net assets at end of period | $ | 56,344 | $ | 7,173 | $ | 4,784 | $ | 37,155 | $ | 7,977 | ||||||||||
SHARES CREATED AND REDEEMED: | ||||||||||||||||||||
Shares outstanding, beginning of period | 200,000 | — | — | 100,000 | — | |||||||||||||||
Shares sold | 100,000 | 250,000 | 150,000 | 100,000 | 250,000 | |||||||||||||||
Shares redeemed | (100,000 | ) | (50,000 | ) | (50,000 | ) | (50,000 | ) | (150,000 | ) | ||||||||||
Shares outstanding, end of period | 200,000 | 200,000 | 100,000 | 150,000 | 100,000 |
EGShares Emerging Markets Metals & Mining ETF (Consolidated) | EGShares Energy GEMS ETF (Consolidated) | EGShares Financials GEMS ETF (Consolidated) | EGShares GEMS Composite ETF (Consolidated) | ||||||||||||||||||||||||||||
For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Year Ended March 31, 2013 | For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Year Ended March 31, 2013 | For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Year Ended March 31, 2013 | For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Year Ended March 31, 2013 | ||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS: | |||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 150,531 | $ | 308,775 | $ | 174,245 | $ | 219,388 | $ | 96,188 | $ | 64,710 | $ | 250,547 | $ | 260,776 | |||||||||||||||
Net realized gain (loss) on investments and foreign currency transactions | (338,328 | ) | (1,337,576 | ) | (350,330 | ) | (251,090 | ) | (9,706 | ) | 3,220 | (207,825 | ) | (395,547 | ) | ||||||||||||||||
Net unrealized appreciation (depreciation) on investments and foreign currency translations | (1,233,350 | ) | (1,820,716 | ) | (108,812 | ) | (633,837 | ) | (431,312 | ) | 475,021 | (573,282 | ) | (94,970 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (1,421,147 | ) | (2,849,517 | ) | (284,897 | ) | (665,539 | ) | (344,830 | ) | 542,951 | (530,560 | ) | (229,741 | ) | ||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | |||||||||||||||||||||||||||||||
Net investment income | — | (299,796 | ) | — | (200,778 | ) | — | (82,898 | ) | — | (242,214 | ) | |||||||||||||||||||
Total Distribution | — | (299,796 | ) | — | (200,778 | ) | — | (82,898 | ) | — | (242,214 | ) | |||||||||||||||||||
CAPITAL SHARE TRANSACTIONS: | |||||||||||||||||||||||||||||||
Proceeds from sale of shares | 939,596 | 631,668 | 993,942 | 5,804,410 | — | 2,852,785 | — | 4,476,741 | |||||||||||||||||||||||
Cost of shares redeemed | (509,784 | ) | (3,340,104 | ) | (2,039,626 | ) | (7,022,141 | ) | — | (2,995,302 | ) | (5,235,706 | ) | (1,037,160 | ) | ||||||||||||||||
Transaction fees | 275 | (670 | ) | (175 | ) | (394 | ) | — | 472 | (154 | ) | (624 | ) | ||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 430,087 | (2,709,106 | ) | (1,045,859 | ) | (1,218,125 | ) | — | (142,045 | ) | (5,235,860 | ) | 3,438,957 | �� | |||||||||||||||||
Net Increase (Decrease) in Net Assets | (991,060 | ) | (5,858,419 | ) | (1,330,756 | ) | (2,084,442 | ) | (344,830 | ) | 318,008 | (5,766,420 | ) | 2,967,002 | |||||||||||||||||
NET ASSETS: | |||||||||||||||||||||||||||||||
Beginning of period | 8,517,595 | 14,376,014 | 9,132,345 | 11,216,787 | 4,339,648 | 4,021,640 | 16,952,800 | 13,985,798 | |||||||||||||||||||||||
End of period | $ | 7,526,535 | $ | 8,517,595 | $ | 7,801,589 | $ | 9,132,345 | $ | 3,994,818 | $ | 4,339,648 | $ | 11,186,380 | $ | 16,952,800 | |||||||||||||||
Undistributed (accumulated) net investment income (loss) included in net assets at end of period | $ | 118,731 | $ | (31,800 | ) | $ | 129,363 | $ | (44,882 | ) | $ | 64,309 | $ | (31,879 | ) | $ | 239,859 | $ | (10,688 | ) | |||||||||||
SHARES CREATED AND REDEEMED: | |||||||||||||||||||||||||||||||
Shares outstanding, beginning of period | 700,000 | 900,000 | 400,000 | 450,000 | 200,000 | 200,000 | 750,000 | 600,000 | |||||||||||||||||||||||
Shares sold | 100,000 | 50,000 | 50,000 | 250,000 | — | 150,000 | — | 200,000 | |||||||||||||||||||||||
Shares redeemed | (50,000 | ) | (250,000 | ) | (100,000 | ) | (300,000 | ) | — | (150,000 | ) | (250,000 | ) | (50,000 | ) | ||||||||||||||||
Shares outstanding, end of period | 750,000 | 700,000 | 350,000 | 400,000 | 200,000 | 200,000 | 500,000 | 750,000 |
1 | Commencement of operations. |
The accompanying notes are an integral part of these financial statements.
70 and 71 EGA Emerging Global Shares Trust |
Statements of Changes in Net Assets (continued)
EGA Emerging Global Shares Trust
EGShares Health Care GEMS ETF (Consolidated) | EGShares India Consumer ETF (Consolidated) | EGShares India Infrastructure ETF (Consolidated) | ||||||||||||||||||||||
For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Year Ended March 31, 2013 | For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Year Ended March 31, 2013 | For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Year Ended March 31, 2013 | |||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 15,670 | $ | 5,659 | $ | 16,103 | $ | (47 | ) | $ | 368,585 | $ | 288,638 | |||||||||||
Net realized gain (loss) on investments and foreign currency transactions | (154,181 | ) | 248,537 | (364,293 | ) | (291,189 | ) | (36,105,048 | ) | (3,074,168 | ) | |||||||||||||
Net unrealized appreciation (depreciation) on investments and foreign currency translations | 323,454 | 342,579 | (84,873 | ) | 128,040 | 22,368,898 | (7,868,171 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 184,943 | 596,775 | (433,063 | ) | (163,196 | ) | (13,367,565 | ) | (10,653,701 | ) | ||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||||||||
Net investment income | — | (7,726 | ) | — | — | — | (741,080 | ) | ||||||||||||||||
Return of Capital | — | — | — | — | — | — | ||||||||||||||||||
Total Distribution | — | (7,726 | ) | — | — | — | (741,080 | ) | ||||||||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||||||||||
Proceeds from sale of shares | 1,104,492 | 8,547,260 | — | 4,886,779 | 18,665,796 | 3,590,929 | ||||||||||||||||||
Cost of shares redeemed | (1,104,492 | ) | (5,286,845 | ) | (2,051,516 | ) | — | (41,412,898 | ) | (1,384,494 | ) | |||||||||||||
Transaction fees | (175 | ) | (143 | ) | (2,277 | ) | (876 | ) | (2,066 | ) | (1,118 | ) | ||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (175 | ) | 3,260,272 | (2,053,793 | ) | 4,885,903 | (22,749,168 | ) | 2,205,317 | |||||||||||||||
Net Increase (Decrease) in Net Assets | 184,768 | 3,849,321 | (2,486,856 | ) | 4,722,707 | (36,116,733 | ) | (9,189,464 | ) | |||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||
Beginning of period | 5,758,023 | 1,908,702 | 6,631,068 | 1,908,361 | 51,513,174 | 60,702,638 | ||||||||||||||||||
End of period | $ | 5,942,791 | $ | 5,758,023 | $ | 4,144,212 | $ | 6,631,068 | $ | 15,396,441 | $ | 51,513,174 | ||||||||||||
Undistributed (accumulated) net investment income (loss) included in net assets at end of period | $ | 17,221 | $ | 1,551 | $ | (27,993 | ) | $ | (44,096 | ) | $ | 361,271 | $ | (7,314 | ) | |||||||||
SHARES CREATED AND REDEEMED: | ||||||||||||||||||||||||
Shares outstanding, beginning of period | 250,000 | 100,000 | 300,000 | 100,000 | 4,200,000 | 4,050,000 | ||||||||||||||||||
Shares sold | 50,000 | 400,000 | — | 200,000 | 1,500,000 | 250,000 | ||||||||||||||||||
Shares redeemed | (50,000 | ) | (250,000 | ) | (100,000 | ) | — | (4,200,000 | ) | (100,000 | ) | |||||||||||||
Shares outstanding, end of period | 250,000 | 250,000 | 200,000 | 300,000 | 1,500,000 | 4,200,000 |
EGShares India Small Cap ETF (Consolidated) | EGShares Industrials GEMS ETF (Consolidated) | EGShares Low Volatility Emerging Markets Dividend ETF (Consolidated) | EGShares Technology GEMS ETF (Consolidated) | |||||||||||||||||||||||||||||
For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Year Ended March 31, 2013 | For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Year Ended March 31, 2013 | For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Year Ended March 31, 2013 | For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Year Ended March 31, 2013 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 230,738 | $ | 178,031 | $ | 20,053 | $ | 22,605 | $ | 2,338,431 | $ | 3,286,655 | $ | 10,636 | $ | 24,081 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currency transactions | (304,186 | ) | (1,182,754 | ) | 25,628 | 117,796 | (3,108,024 | ) | (1,854,705 | ) | (9,216 | ) | (99,216 | ) | ||||||||||||||||||
Net unrealized appreciation (depreciation) on investments and foreign currency translations | (4,823,384 | ) | (2,448,190 | ) | (307,311 | ) | 162,806 | (8,369,473 | ) | 3,582,740 | 563,122 | (73,419 | ) | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (4,896,832 | ) | (3,452,913 | ) | (261,630 | ) | 303,207 | (9,139,066 | ) | 5,014,690 | 564,542 | (148,554 | ) | |||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||||||||||||||||
Net investment income | — | (165,603 | ) | — | (38,792 | ) | (1,732,295 | ) | (4,409,451 | ) | — | (17,448 | ) | |||||||||||||||||||
Return of Capital | — | (8,562 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
Total Distribution | — | (174,165 | ) | — | (38,792 | ) | (1,732,295 | ) | (4,409,451 | ) | — | (17,448 | ) | |||||||||||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||||||||||||||||||
Proceeds from sale of shares | 1,063,350 | — | 965,112 | 6,744,871 | 51,149,057 | 69,939,964 | 1,918,841 | 4,390,403 | ||||||||||||||||||||||||
Cost of shares redeemed | (474,634 | ) | (1,823,856 | ) | (964,272 | ) | (5,818,053 | ) | (30,613,381 | ) | (40,678,667 | ) | (857,087 | ) | (3,434,199 | ) | ||||||||||||||||
Transaction fees | (1,408 | ) | (1,765 | ) | 100 | (312 | ) | (255 | ) | 317 | (150 | ) | (622 | ) | ||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 587,308 | (1,825,621 | ) | 940 | 926,506 | 20,535,421 | 29,261,614 | 1,061,604 | 955,582 | |||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | (4,309,524 | ) | (5,452,699 | ) | (260,690 | ) | 1,190,921 | 9,664,060 | 29,866,853 | 1,626,146 | 789,580 | |||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 21,163,493 | 26,616,192 | 3,068,672 | 1,877,751 | 89,121,758 | 59,254,905 | 2,677,980 | 1,888,400 | ||||||||||||||||||||||||
End of period | $ | 16,853,969 | $ | 21,163,493 | $ | 2,807,982 | $ | 3,068,672 | $ | 98,785,818 | $ | 89,121,758 | $ | 4,304,126 | $ | 2,677,980 | ||||||||||||||||
Undistributed (accumulated) net investment income (loss) included in net assets at end of period | $ | 220,827 | $ | (9,911 | ) | $ | 41,242 | $ | 21,189 | $ | 348,510 | $ | (257,626 | ) | $ | 21,160 | $ | 10,524 | ||||||||||||||
SHARES CREATED AND REDEEMED: | ||||||||||||||||||||||||||||||||
Shares outstanding, beginning of period | 1,700,000 | 1,850,000 | 150,000 | 100,000 | 4,500,000 | 2,950,000 | 150,000 | 100,000 | ||||||||||||||||||||||||
Shares sold | 100,000 | — | 50,000 | 350,000 | 2,750,000 | 3,650,000 | 100,000 | 250,000 | ||||||||||||||||||||||||
Shares redeemed | (50,000 | ) | (150,000 | ) | (50,000 | ) | (300,000 | ) | (1,700,000 | ) | (2,100,000 | ) | (50,000 | ) | (200,000 | ) | ||||||||||||||||
Shares outstanding, end of period | 1,750,000 | 1,700,000 | 150,000 | 150,000 | 5,550,000 | 4,500,000 | 200,000 | 150,000 |
The accompanying notes are an integral part of these financial statements.
72 and 73 EGA Emerging Global Shares Trust |
Statements of Changes in Net Assets (concluded)
EGA Emerging Global Shares Trust
EGShares Telecom GEMS ETF (Consolidated) | EGShares Utilities GEMS ETF (Consolidated) | |||||||||||||||
For the Period | For the Period | |||||||||||||||
April 1, 2013 | April 1, 2013 | |||||||||||||||
Through | Through | |||||||||||||||
September 30, 2013 | For the Year Ended | September 30, 2013 | For the Year Ended | |||||||||||||
(Unaudited) | March 31, 2013 | (Unaudited) | March 31, 2013 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 88,867 | $ | 130,475 | $ | 60,005 | $ | 88,847 | ||||||||
Net realized gain (loss) on investments and | ||||||||||||||||
foreign currency transactions | (7,534 | ) | (24,477 | ) | (44,360 | ) | (88,434 | ) | ||||||||
Net unrealized appreciation (depreciation) | ||||||||||||||||
on investments and foreign currency translations | (28,192 | ) | (87,842 | ) | (374,239 | ) | (134,076 | ) | ||||||||
Net increase (decrease) in net assets resulting | ||||||||||||||||
from operations | 53,141 | 18,156 | (358,594 | ) | (133,663 | ) | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income | — | (123,602 | ) | — | (57,510 | ) | ||||||||||
Total Distribution | — | (123,602 | ) | — | (57,510 | ) | ||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from sale of shares | 909,302 | 3,907,663 | — | 4,296,547 | ||||||||||||
Cost of shares redeemed | (909,302 | ) | (2,921,229 | ) | (793,543 | ) | (3,373,423 | ) | ||||||||
Transaction fees | (126 | ) | (255 | ) | (75 | ) | (357 | ) | ||||||||
Net increase (decrease) in net assets resulting | ||||||||||||||||
from capital share transactions | (126 | ) | 986,179 | (793,618 | ) | 922,767 | ||||||||||
Net Increase (Decrease) in Net Assets | 53,015 | 880,733 | (1,152,212 | ) | 731,594 | |||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 3,912,406 | 3,031,673 | 3,519,729 | 2,788,135 | ||||||||||||
End of period | $ | 3,965,421 | $ | 3,912,406 | $ | 2,367,517 | $ | 3,519,729 | ||||||||
Undistributed (accumulated) net investment | ||||||||||||||||
income (loss) included in net assets | ||||||||||||||||
at end of period | $ | 110,524 | $ | 21,657 | $ | 93,616 | $ | 33,611 | ||||||||
SHARES CREATED AND REDEEMED: | ||||||||||||||||
Shares outstanding, beginning of period | 200,000 | 150,000 | 200,000 | 150,000 | ||||||||||||
Shares sold | 50,000 | 200,000 | — | 250,000 | ||||||||||||
Shares redeemed | (50,000 | ) | (150,000 | ) | (50,000 | ) | (200,000 | ) | ||||||||
Shares outstanding, end of period | 200,000 | 200,000 | 150,000 | 200,000 |
The accompanying notes are an integral part of these financial statements.
74 EGA Emerging Global Shares Trust |
EGA Emerging Global Shares Trust
For a share outstanding throughout each period
EGShares Basic Materials GEMS ETF (Consolidated)
For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Year Ended March 31, 2013 | For the Period June 23, 20111 Through March 31, 2012 | |||||||||||||
Net asset value, beginning of period | $ | 12.24 | $ | 15.90 | $ | 20.00 | |||||||||
Investment operations: | |||||||||||||||
Net investment income2 | 0.21 | 0.31 | 0.31 | ||||||||||||
Net realized and unrealized loss on investments and foreign currency translations | (2.29 | ) | (3.36 | ) | (4.11 | ) | |||||||||
Total from investment operations | (2.08 | ) | (3.05 | ) | (3.80 | ) | |||||||||
Distributions to shareholders: | |||||||||||||||
Net investment income | — | (0.61 | ) | (0.30 | ) | ||||||||||
Net asset value, end of period | $ | 10.16 | $ | 12.24 | $ | 15.90 | |||||||||
NET ASSET VALUE TOTAL RETURN3 | (16.99 | )% | (19.70 | )% | (18.87 | )% | |||||||||
RATIOS/SUPPLEMENTAL DATA: | |||||||||||||||
Net assets, end of period (000’s omitted) | $ | 3,048 | $ | 3,672 | $ | 1,590 | |||||||||
Ratios to average net assets: | |||||||||||||||
Expenses, net of expense reimbursements/waivers6 | 0.85 | %4 | 0.85 | % | 0.85 | %4 | |||||||||
Expenses, prior to expense reimbursements/waivers6 | 0.85 | %4 | 5.52 | % | 7.99 | %4 | |||||||||
Net investment income | 4.03 | %4 | 2.24 | % | 2.30 | %4 | |||||||||
Portfolio turnover rate | 8 | %5 | 33 | % | 21 | %5 | |||||||||
EGShares Beyond BRICs ETF
For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Period August 15, 20121 Through March 31, 2013 | ||||||||||||||
Net asset value, beginning of period | $ | 21.97 | $ | 20.00 | |||||||||||
Investment operations: | |||||||||||||||
Net investment income2 | 0.24 | 0.17 | |||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency translations | (2.21 | ) | 1.91 | ||||||||||||
Total from investment operations | (1.97 | ) | 2.08 | ||||||||||||
Distributions to shareholders: | |||||||||||||||
Net investment income | — | (0.11 | ) | ||||||||||||
Net asset value, end of period | $ | 20.00 | $ | 21.97 | |||||||||||
NET ASSET VALUE TOTAL RETURN3 | (8.92 | )% | 10.41 | % | |||||||||||
RATIOS/SUPPLEMENTAL DATA: | |||||||||||||||
Net assets, end of period (000’s omitted) | $ | 11,000 | $ | 7,688 | |||||||||||
Ratios to average net assets: | |||||||||||||||
Expenses, net of expense reimbursements/waivers6 | 0.85 | %4 | 0.85 | %4 | |||||||||||
Expenses, prior to expense reimbursements/waivers6 | 0.85 | %4 | 2.43 | %4 | |||||||||||
Net investment income | 2.34 | %4 | 1.26 | %4 | |||||||||||
Portfolio turnover rate | 59 | %5 | 1 | %5 |
1 | Commencement of operations. |
2 | Based on average shares outstanding. |
3 | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. For periods prior to April 1, 2013 through September 30, 2013, the total return would have been lower if certain expenses had not been reimbursed/waived by the sub-adviser. |
4 | Annualized. |
5 | Not annualized. |
6 | Effective April 1, 2013, EGA replaced the fee and expense structure with a Unified Fee. See Note 9 for additional information. |
The accompanying notes are an integral part of these financial statements.
EGA Emerging Global Shares Trust 75 |
Financial Highlights (continued)
EGA Emerging Global Shares Trust
For a share outstanding throughout each period
EGShares Brazil Infrastructure ETF
For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Year Ended March 31, 2013 | For the Year Ended March 31, 2012 | For the Year Ended March 31, 2011 | For the Period February 24, 20101 Through March 31, 2010 | |||||||||||||||||||||
Net asset value, beginning of period | $ | 21.26 | $ | 24.21 | $ | 25.38 | $ | 20.55 | $ | 20.00 | |||||||||||||||
Investment operations: | |||||||||||||||||||||||||
Net investment income2 | 0.42 | 0.71 | 0.96 | 0.47 | 0.03 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency translations | (3.47 | ) | (2.84 | ) | (1.15 | ) | 4.67 | 0.527 | |||||||||||||||||
Total from investment operations | (3.05 | ) | (2.13 | ) | (0.19 | ) | 5.14 | 0.55 | |||||||||||||||||
Distributions to shareholders: | |||||||||||||||||||||||||
Net investment income | — | (0.82 | ) | (0.98 | ) | (0.31 | ) | — | |||||||||||||||||
Net asset value, end of period | $ | 18.21 | $ | 21.26 | $ | 24.21 | $ | 25.38 | $ | 20.55 | |||||||||||||||
NET ASSET VALUE TOTAL RETURN3 | (14.35 | )% | (8.63 | )% | (0.04 | )% | 25.16 | % | 2.75 | % | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | |||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $ | 60,104 | $ | 79,739 | $ | 89,591 | $ | 83,760 | $ | 11,303 | |||||||||||||||
Ratios to average net assets: | |||||||||||||||||||||||||
Expenses, net of expense reimbursements/waivers8 | 0.85 | %4 | 0.85 | % | 0.88 | %5 | 0.85 | % | 0.85 | %4 | |||||||||||||||
Expenses, prior to expense reimbursements/waivers8 | 0.85 | %4 | 1.52 | % | 1.51 | % | 1.91 | % | 5.67 | %4 | |||||||||||||||
Net investment income | 4.44 | %4 | 3.31 | % | 4.10 | % | 2.09 | % | 1.58 | %4 | |||||||||||||||
Portfolio turnover rate | 24 | %6 | 30 | % | 30 | % | 35 | % | 1 | %6 | |||||||||||||||
EGShares China Infrastructure ETF
For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Year Ended March 31, 2013 | For the Year Ended March 31, 2012 | For the Year Ended March 31, 2011 | For the Period February 17, 20101 Through March 31, 2010 | |||||||||||||||||||||
Net asset value, beginning of period | $ | 17.52 | $ | 16.40 | $ | 22.24 | $ | 20.78 | $ | 20.09 | |||||||||||||||
Investment operations: | |||||||||||||||||||||||||
Net investment income (loss)2 | 0.30 | 0.23 | 0.33 | 0.10 | (0.02 | ) | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency translations | (0.02 | ) | 1.13 | (5.76 | ) | 1.49 | 0.71 | ||||||||||||||||||
Total from investment operations | 0.28 | 1.36 | (5.43 | ) | 1.59 | 0.69 | |||||||||||||||||||
Distributions to shareholders: | |||||||||||||||||||||||||
Net investment income | — | (0.24 | ) | (0.41 | ) | (0.13 | ) | — | |||||||||||||||||
Net asset value, end of period | $ | 17.80 | $ | 17.52 | $ | 16.40 | $ | 22.24 | $ | 20.78 | |||||||||||||||
NET ASSET VALUE TOTAL RETURN3 | 1.60 | % | 8.16 | % | (24.35 | )% | 7.69 | % | 3.43 | % | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | |||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $ | 9,790 | $ | 13,139 | $ | 12,303 | $ | 21,132 | $ | 6,235 | |||||||||||||||
Ratios to average net assets: | |||||||||||||||||||||||||
Expenses, net of expense reimbursements/waivers8 | 0.85 | %4 | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | %4 | |||||||||||||||
Expenses, prior to expense reimbursements/waivers8 | 0.85 | %4 | 2.45 | % | 2.03 | % | 2.89 | % | 7.82 | %4 | |||||||||||||||
Net investment income (loss) | 3.43 | %4 | 1.32 | % | 1.75 | % | 0.47 | % | (0.85 | )%4 | |||||||||||||||
Portfolio turnover rate | 7 | %6 | 19 | % | 12 | % | 34 | % | 1 | %6 |
1 | Commencement of operations. |
2 | Based on average shares outstanding. |
3 | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. For periods prior to April 1, 2013 through September 30, 2013, the total return would have been lower if certain expenses had not been reimbursed/waived by the sub-adviser. |
4 | Annualized. |
5 | The ratio includes 0.03% for the period ended March 31, 2012 attributed to excise tax expense, which is outside the cap expense. |
6 | Not annualized. |
7 | The realized and unrealized gain or loss on investments and foreign currency transactions does not accord with the amounts reported in the Statement of Operations due to the timing of subscriptions and/or redemptions of Fund shares in relation to the investment performance during the period and contributions made by Authorized Participants to compensate the Fund for additional costs incurred in purchasing securities that were not transferred in kind (See Note 10). |
8 | Effective April 1, 2013, EGA replaced the fee and expense structure with a Unified Fee. See Note 9 for additional information. |
The accompanying notes are an integral part of these financial statements.
76 EGA Emerging Global Shares Trust |
Financial Highlights (continued)
EGA Emerging Global Shares Trust
For a share outstanding throughout each period
EGShares Consumer Goods GEMS ETF (Consolidated)
For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Year Ended March 31, 2013 | For the Period June 23, 20111 Through March 31, 2012 | |||||||||||||
Net asset value, beginning of period | $ | 24.26 | $ | 22.08 | $ | 20.00 | |||||||||
Investment operations: | |||||||||||||||
Net investment income2 | 0.19 | 0.30 | 0.23 | ||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency translations | (1.18 | ) | 2.11 | 2.07 | |||||||||||
Total from investment operations | (0.99 | ) | 2.41 | 2.30 | |||||||||||
Distributions to shareholders: | |||||||||||||||
Net investment income | — | (0.23 | ) | (0.22 | ) | ||||||||||
Net asset value, end of period | $ | 23.27 | $ | 24.26 | $ | 22.08 | |||||||||
NET ASSET VALUE TOTAL RETURN3 | (4.08 | )% | 10.98 | % | 11.62 | % | |||||||||
RATIOS/SUPPLEMENTAL DATA: | |||||||||||||||
Net assets, end of period (000’s omitted) | $ | 1,163 | $ | 2,426 | $ | 1,104 | |||||||||
Ratios to average net assets: | |||||||||||||||
Expenses, net of expense reimbursements/waivers6 | 0.85 | %4 | 0.85 | % | 0.85 | %4 | |||||||||
Expenses, prior to expense reimbursements/waivers6 | 0.85 | %4 | 7.58 | % | 8.77 | %4 | |||||||||
Net investment income | 1.56 | %4 | 1.31 | % | 1.45 | %4 | |||||||||
Portfolio turnover rate | 7 | %5 | 24 | % | 50 | %5 | |||||||||
EGShares Consumer Services GEMS ETF
For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Year Ended March 31, 2013 | For the Period June 23, 20111 Through March 31, 2012 | |||||||||||||
Net asset value, beginning of period | $ | 21.67 | $ | 20.87 | $ | 20.00 | |||||||||
Investment operations: | |||||||||||||||
Net investment income (loss)2 | 0.11 | 0.09 | (0.03 | ) | |||||||||||
Net realized and unrealized gain on investments and foreign currency translations | 0.29 | 0.78 | 0.92 | ||||||||||||
Total from investment operations | 0.40 | 0.87 | 0.89 | ||||||||||||
Distributions to shareholders: | |||||||||||||||
Net investment income | — | (0.07 | ) | (0.02 | ) | ||||||||||
Net asset value, end of period | $ | 22.07 | $ | 21.67 | $ | 20.87 | |||||||||
NET ASSET VALUE TOTAL RETURN3 | 1.85 | % | 4.17 | % | 4.49 | % | |||||||||
RATIOS/SUPPLEMENTAL DATA: | |||||||||||||||
Net assets, end of period (000’s omitted) | $ | 2,207 | $ | 2,167 | $ | 1,044 | |||||||||
Ratios to average net assets: | |||||||||||||||
Expenses, net of expense reimbursements/waivers6 | 0.85 | %4 | 0.85 | % | 0.85 | %4 | |||||||||
Expenses, prior to expense reimbursements/waivers6 | 0.85 | %4 | 6.04 | % | 6.77 | %4 | |||||||||
Net investment income (loss) | 1.00 | %4 | 0.42 | % | (0.18 | )%4 | |||||||||
Portfolio turnover rate | 3 | %5 | 32 | % | 51 | %5 |
1 | Commencement of operations. |
2 | Based on average shares outstanding. |
3 | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. For periods prior to April 1, 2013 through September 30, 2013, the total return would have been lower if certain expenses had not been reimbursed/waived by the sub-adviser. |
4 | Annualized. |
5 | Not annualized. |
6 | Effective April 1, 2013, EGA replaced the fee and expense structure with a Unified Fee. See Note 9 for additional information. |
The accompanying notes are an integral part of these financial statements.
EGA Emerging Global Shares Trust 77 |
Financial Highlights (continued)
EGA Emerging Global Shares Trust
For a share outstanding throughout each period
EGShares EM Dividend High Income ETF
For the Period August 15, 20131 Through September 30, 2013 (Unaudited) | |||||
Net asset value, beginning of period | $ | 20.00 | |||
Investment operations: | |||||
Net investment income2 | 0.20 | ||||
Net realized and unrealized gain on investments and foreign currency translations | 0.27 | ||||
Total from investment operations | 0.47 | ||||
Distributions to shareholders: | |||||
Net investment income | (0.11 | ) | |||
Net asset value, end of period | $ | 20.36 | |||
NET ASSET VALUE TOTAL RETURN3 | 2.32 | % | |||
RATIOS/SUPPLEMENTAL DATA: | |||||
Net assets, end of period (000’s omitted) | $ | 2,036 | |||
Ratios to average net assets: | |||||
Expenses | 0.85 | %4 | |||
Net investment income | 7.74 | %4 | |||
Portfolio turnover rate | 5 | %5 | |||
EGShares Emerging Markets Consumer ETF (Consolidated)
For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Year Ended March 31, 2013 | For the Year Ended March 31, 2012 | For the Period September 14, 20101 Through March 31, 2011 | |||||||||||||||||||||||
Net asset value, beginning of period | $ | 26.51 | $ | 24.77 | $ | 22.76 | $ | 20.00 | ||||||||||||||||||
Investment operations: | ||||||||||||||||||||||||||
Net investment income2 | 0.15 | 0.17 | 0.17 | 0.04 | ||||||||||||||||||||||
Net realized and unrealized gain on investments and foreign currency translations | 0.21 | 1.68 | 1.96 | 2.74 | ||||||||||||||||||||||
Total from investment operations | 0.36 | 1.85 | 2.13 | 2.78 | ||||||||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||||||
Net investment income | — | (0.11 | ) | (0.12 | ) | (0.02 | ) | |||||||||||||||||||
Net asset value, end of period | $ | 26.87 | $ | 26.51 | $ | 24.77 | $ | 22.76 | ||||||||||||||||||
NET ASSET VALUE TOTAL RETURN3 | 1.36 | % | 7.46 | % | 9.44 | % | 13.88 | % | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $ | 1,190,379 | $ | 885,476 | $ | 402,466 | $ | 194,611 | ||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Expenses, net of expense reimbursements/waivers6 | 0.85 | %4 | �� | 0.85 | % | 0.85 | % | 0.85 | %4 | |||||||||||||||||
Expenses, prior to expense reimbursements/waivers6 | 0.85 | %4 | 1.23 | % | 1.31 | % | 1.44 | %4 | ||||||||||||||||||
Net investment income | 1.12 | %4 | 0.68 | % | 0.76 | % | 0.37 | %4 | ||||||||||||||||||
Portfolio turnover rate | 8 | %5 | 7 | % | 3 | % | 9 | %5 |
1 | Commencement of operations. |
2 | Based on average shares outstanding. |
3 | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. For periods prior to April 1, 2013 through September 30, 2013, the total return would have been lower if certain expenses had not been reimbursed/waived by the sub-adviser. |
4 | Annualized. |
5 | Not annualized. |
6 | Effective April 1, 2013, EGA replaced the fee and expense structure with a Unified Fee. See Note 9 for additional information. |
The accompanying notes are an integral part of these financial statements.
78 EGA Emerging Global Shares Trust |
Financial Highlights (continued)
EGA Emerging Global Shares Trust
For a share outstanding throughout each period
EGShares Emerging Markets Core ETF (Consolidated)
For the Period | ||||||||||
April 1, 2013 | For the Period | |||||||||
Through | October 16, 20121 | |||||||||
September 30, 2013 | Through | |||||||||
(Unaudited) | March 31, 2013 | |||||||||
Net asset value, beginning of period | $ | 20.87 | $ | 20.00 | ||||||
Investment operations: | ||||||||||
Net investment income2 | 0.25 | 0.09 | ||||||||
Net realized and unrealized gain (loss) on investments and foreign currency translations | (0.64 | ) | 0.82 | |||||||
Total from investment operations | (0.39 | ) | 0.91 | |||||||
Distributions to shareholders: | ||||||||||
Net investment income | — | (0.04 | ) | |||||||
Net asset value, end of period | $ | 20.48 | $ | 20.87 | ||||||
NET ASSET VALUE TOTAL RETURN3 | (1.87 | )% | 4.55 | % | ||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||
Net assets, end of period (000’s omitted) | $ | 4,096 | $ | 4,173 | ||||||
Ratios to average net assets: | ||||||||||
Expenses, net of expense reimbursements/waivers6 | 0.70 | %4 | 0.70 | %4 | ||||||
Expenses, prior to expense reimbursements/waivers6 | 0.70 | %4 | 11.94 | %4 | ||||||
Net investment income | 2.41 | %4 | 0.96 | %4 | ||||||
Portfolio turnover rate | 14 | %5 | 3 | %5 | ||||||
EGShares Emerging Markets Dividend Growth ETF
For the Period | ||||||||||
July 1, 20131 | ||||||||||
Through | ||||||||||
September 30, 2013 | ||||||||||
(Unaudited) | ||||||||||
Net asset value, beginning of period | $ | 20.00 | ||||||||
Investment operations: | ||||||||||
Net investment income2 | 0.11 | |||||||||
Net realized and unrealized loss on investments and foreign currency translations | (0.03 | ) | ||||||||
Total from investment operations | 0.08 | |||||||||
Distributions to shareholders: | ||||||||||
Net investment income | (0.06 | ) | ||||||||
Net asset value, end of period | $ | 20.02 | ||||||||
NET ASSET VALUE TOTAL RETURN3 | 0.39 | % | ||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||
Net assets, end of period (000’s omitted) | $ | 2,002 | ||||||||
Ratios to average net assets: | ||||||||||
Expenses | 0.85 | %4 | ||||||||
Net investment income | 2.12 | %4 | ||||||||
Portfolio turnover rate | 8 | %5 |
1 | Commencement of operations. |
2 | Based on average shares outstanding. |
3 | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. For periods prior to April 1, 2013 through September 30, 2013, the total return would have been lower if certain expenses had not been reimbursed/waived by the sub-adviser. |
4 | Annualized. |
5 | Not annualized. |
6 | Effective April 1, 2013, EGA replaced the fee and expense structure with a Unified Fee. See Note 9 for additional information. |
The accompanying notes are an integral part of these financial statements.
EGA Emerging Global Shares Trust 79 |
Financial Highlights (continued)
EGA Emerging Global Shares Trust
For a share outstanding throughout each period
EGShares Emerging Markets Domestic Demand ETF (Consolidated)
For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Period August 15, 20121 Through March 31, 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 22.16 | $ | 20.00 | |||||||||||||||||||||
Investment operations: | |||||||||||||||||||||||||
Net investment income2 | 0.22 | 0.13 | |||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency translations | (0.12 | ) | 2.11 | ||||||||||||||||||||||
Total from investment operations | 0.10 | 2.24 | |||||||||||||||||||||||
Distributions to shareholders: | |||||||||||||||||||||||||
Net investment income | — | (0.08 | ) | ||||||||||||||||||||||
Net asset value, end of period | $ | 22.26 | $ | 22.16 | |||||||||||||||||||||
NET ASSET VALUE TOTAL RETURN3 | 0.45 | % | 11.23 | % | |||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | |||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $ | 3,339 | $ | 2,216 | |||||||||||||||||||||
Ratios to average net assets: | |||||||||||||||||||||||||
Expenses, net of expense reimbursements/waivers7 | 0.85 | %4 | 0.85 | %4 | |||||||||||||||||||||
Expenses, prior to expense reimbursements/waivers7 | 0.85 | %4 | 4.53 | %4 | |||||||||||||||||||||
Net investment income | 2.05 | %4 | 1.02 | %4 | |||||||||||||||||||||
Portfolio turnover rate | 19 | %5 | 57 | %5 | |||||||||||||||||||||
EGShares Emerging Markets Metals & Mining ETF (Consolidated)6
For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Year Ended March 31, 2013 | For the Year Ended March 31, 2012 | For the Year Ended March 31, 2011 | For the Period May 21, 20091 Through March 31, 2010 | |||||||||||||||||||||
Net asset value, beginning of period | $ | 12.17 | $ | 15.97 | $ | 22.96 | $ | 20.47 | $ | 13.73 | |||||||||||||||
Investment operations: | |||||||||||||||||||||||||
Net investment income (loss)2 | 0.21 | 0.37 | 0.48 | 0.13 | (0.01 | ) | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency translations | (2.34 | ) | (3.74 | ) | (6.88 | ) | 2.52 | 6.82 | |||||||||||||||||
Total from investment operations | (2.13 | ) | (3.37 | ) | (6.40 | ) | 2.65 | 6.81 | |||||||||||||||||
Distributions to shareholders: | |||||||||||||||||||||||||
Net investment income | — | (0.43 | ) | (0.59 | ) | (0.16 | ) | (0.07 | ) | ||||||||||||||||
Net asset value, end of period | $ | 10.04 | $ | 12.17 | $ | 15.97 | $ | 22.96 | $ | 20.47 | |||||||||||||||
NET ASSET VALUE TOTAL RETURN3 | (17.50 | )% | (21.51 | )% | (27.66 | )% | 12.95 | % | 49.69 | % | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | |||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $ | 7,527 | $ | 8,518 | $ | 14,376 | $ | 37,878 | $ | 27,640 | |||||||||||||||
Ratios to average net assets: | |||||||||||||||||||||||||
Expenses, net of expense reimbursements/waivers7 | 0.85 | %4 | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | %4 | |||||||||||||||
Expenses, prior to expense reimbursements/waivers7 | 0.85 | %4 | 2.72 | % | 1.99 | % | 1.96 | % | 4.37 | %4 | |||||||||||||||
Net investment income (loss) | 4.10 | %4 | 2.66 | % | 2.48 | % | 0.63 | % | (0.06 | )%4 | |||||||||||||||
Portfolio turnover rate | 5 | %5 | 15 | % | 10 | % | 35 | % | 17 | %5 |
1 | Commencement of operations. |
2 | Based on average shares outstanding. |
3 | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. For periods prior to April 1, 2013 through September 30, 2013, the total return would have been lower if certain expenses had not been reimbursed/waived by the sub-adviser. |
4 | Annualized. |
5 | Not annualized. |
6 | On September 16, 2010, there was a 3 for 1 forward stock split. Historical shares amounts have been adjusted to reflect the 3 for 1 forward stock split on a retroactive basis. |
7 | Effective April 1, 2013, EGA replaced the fee and expense structure with a Unified Fee. See Note 9 for additional information. |
The accompanying notes are an integral part of these financial statements.
80 EGA Emerging Global Shares Trust |
Financial Highlights (continued)
EGA Emerging Global Shares Trust
For a share outstanding throughout each period
EGShares Energy GEMS ETF (Consolidated)7
For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Year Ended March 31, 2013 | For the Year Ended March 31, 2012 | For the Year Ended March 31, 2011 | For the Period May 21, 20091 Through March 31, 2010 | |||||||||||||||||||||
Net asset value, beginning of period | $ | 22.83 | $ | 24.93 | $ | 29.93 | $ | 24.02 | $ | 20.49 | |||||||||||||||
Investment operations: | |||||||||||||||||||||||||
Net investment income2 | 0.47 | 0.50 | 0.47 | 0.26 | 0.09 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency translations | (1.01 | ) | (2.03 | ) | (4.95 | ) | 5.94 | 3.50 | |||||||||||||||||
Total from investment operations | (0.54 | ) | (1.53 | ) | (4.48 | ) | 6.20 | 3.59 | |||||||||||||||||
Distributions to shareholders: | |||||||||||||||||||||||||
Net investment income | — | (0.57 | ) | (0.52 | ) | (0.29 | ) | (0.06 | ) | ||||||||||||||||
Net asset value, end of period | $ | 22.29 | $ | 22.83 | $ | 24.93 | $ | 29.93 | $ | 24.02 | |||||||||||||||
NET ASSET VALUE TOTAL RETURN3 | (2.37 | )% | (6.21 | )% | (14.78 | )% | 25.96 | % | 17.53 | %4 | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | |||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $ | 7,802 | $ | 9,132 | $ | 11,217 | $ | 25,440 | $ | 9,607 | |||||||||||||||
Ratios to average net assets: | |||||||||||||||||||||||||
Expenses, net of expense reimbursements/waivers8 | 0.85 | %5 | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | %5 | |||||||||||||||
Expenses, prior to expense reimbursements/waivers8 | 0.85 | %5 | 2.93 | % | 2.23 | % | 2.56 | % | 5.90 | %5 | |||||||||||||||
Net investment income | 4.32 | %5 | 2.16 | % | 1.84 | % | 1.04 | % | 0.49 | %5 | |||||||||||||||
Portfolio turnover rate | 6 | %6 | 16 | % | 19 | % | 19 | % | 49 | %6 | |||||||||||||||
EGShares Financials GEMS ETF (Consolidated)7
For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Year Ended March 31, 2013 | For the Year Ended March 31, 2012 | For the Year Ended March 31, 2011 | For the Period September 16, 20091 Through March 31, 2010 | |||||||||||||||||||||
Net asset value, beginning of period | $ | 21.70 | $ | 20.11 | $ | 24.55 | $ | 22.84 | $ | 20.12 | |||||||||||||||
Investment operations: | |||||||||||||||||||||||||
Net investment income2 | 0.48 | 0.33 | 0.57 | 0.42 | 0.08 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency translations | (2.21 | ) | 1.67 | (4.66 | ) | 2.09 | 2.71 | ||||||||||||||||||
Total from investment operations | (1.73 | ) | 2.00 | (4.09 | ) | 2.51 | 2.79 | ||||||||||||||||||
Distributions to shareholders: | |||||||||||||||||||||||||
Net investment income | — | (0.41 | ) | (0.35 | ) | (0.80 | ) | (0.07 | ) | ||||||||||||||||
Net asset value, end of period | $ | 19.97 | $ | 21.70 | $ | 20.11 | $ | 24.55 | $ | 22.84 | |||||||||||||||
NET ASSET VALUE TOTAL RETURN3 | (7.97 | )% | 10.00 | % | (16.52 | )% | 11.03 | % | 13.87 | % | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | |||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $ | 3,995 | $ | 4,340 | $ | 4,022 | $ | 11,046 | $ | 6,852 | |||||||||||||||
Ratios to average net assets: | |||||||||||||||||||||||||
Expenses, net of expense reimbursements/waivers8 | 0.85 | %5 | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | %5 | |||||||||||||||
Expenses, prior to expense reimbursements/waivers8 | 0.85 | %5 | 5.89 | % | 4.13 | % | 2.81 | % | 5.47 | %5 | |||||||||||||||
Net investment income | 4.74 | %5 | 1.63 | % | 2.62 | % | 1.77 | % | 0.67 | %5 | |||||||||||||||
Portfolio turnover rate | 1 | %6 | 19 | % | 25 | % | 39 | % | 12 | %6 |
1 | Commencement of operations. |
2 | Based on average shares outstanding. |
3 | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. For periods prior to April 1, 2013 through September 30, 2013, the total return would have been lower if certain expenses had not been reimbursed/waived by the sub-adviser. |
4 | For the period ended March 31, 2010, 0.73% of the Fund’s total return consists of a voluntary reimbursement by the current and former sub-advisers for a realized investment loss, and another (1.08)% consists of a realized investment loss on a trading error. Excluding these items, total return would have been 17.88%. |
5 | Annualized. |
6 | Not annualized. |
7 | On September 16, 2010, there was a 2 for 1 forward stock split. Historical share amounts have been adjusted to reflect the 2 for 1 forward stock split on a retroactive basis. |
8 | Effective April 1, 2013, EGA replaced the fee and expense structure with a Unified Fee. See Note 9 for additional information. |
The accompanying notes are an integral part of these financial statements.
EGA Emerging Global Shares Trust 81 |
Financial Highlights (continued)
EGA Emerging Global Shares Trust
For a share outstanding throughout each period
EGShares GEMS Composite ETF (Consolidated)1
For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Year Ended March 31, 2013 | For the Year Ended March 31, 2012 | For the Year Ended March 31, 2011 | For the Period July 22, 20092 Through March 31, 2010 | |||||||||||||||||||||
Net asset value, beginning of period | $ | 22.60 | $ | 23.31 | $ | 27.60 | $ | 24.34 | $ | 20.00 | |||||||||||||||
Investment operations: | |||||||||||||||||||||||||
Net investment income3 | 0.42 | 0.41 | 0.47 | 0.39 | 0.09 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency translations | (0.65 | ) | (0.77 | ) | (4.37 | ) | 3.48 | 4.31 | |||||||||||||||||
Total from investment operations | (0.23 | ) | (0.36 | ) | (3.90 | ) | 3.87 | 4.40 | |||||||||||||||||
Distributions to shareholders: | |||||||||||||||||||||||||
Net investment income | — | (0.35 | ) | (0.39 | ) | (0.61 | ) | (0.06 | ) | ||||||||||||||||
Net asset value, end of period | $ | 22.37 | $ | 22.60 | $ | 23.31 | $ | 27.60 | $ | 24.34 | |||||||||||||||
NET ASSET VALUE TOTAL RETURN4 | (1.02 | )% | (1.57 | )% | (13.97 | )% | 16.04 | % | 21.96 | % | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | |||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $ | 11,186 | $ | 16,953 | $ | 13,986 | $ | 31,874 | $ | 31,755 | |||||||||||||||
Ratios to average net assets: | |||||||||||||||||||||||||
Expenses, net of expense reimbursements/waivers7 | 0.75 | %5 | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | %5 | |||||||||||||||
Expenses, prior to expense reimbursements/waivers7 | 0.75 | %5 | 2.41 | % | 1.84 | % | 2.00 | % | 3.43 | %5 | |||||||||||||||
Net investment income | 3.83 | %5 | 1.83 | % | 1.94 | % | 1.55 | % | 0.52 | %5 | |||||||||||||||
Portfolio turnover rate | 2 | %6 | 10 | % | 10 | % | 39 | % | 6 | %6 | |||||||||||||||
EGShares Health Care GEMS ETF (Consolidated)
For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Year Ended March 31, 2013 | For the Period June 23, 20112 Through March 31, 2012 | |||||||||||||||||||||||
Net asset value, beginning of period | $ | 23.03 | $ | 19.09 | $ | 20.00 | |||||||||||||||||||
Investment operations: | |||||||||||||||||||||||||
Net investment income3 | 0.06 | 0.04 | 0.03 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency translations | 0.68 | 3.94 | (0.90 | ) | |||||||||||||||||||||
Total from investment operations | 0.74 | 3.98 | (0.87 | ) | |||||||||||||||||||||
Distributions to shareholders: | |||||||||||||||||||||||||
Net investment income | — | (0.04 | ) | (0.04 | ) | ||||||||||||||||||||
Net asset value, end of period | $ | 23.77 | $ | 23.03 | $ | 19.09 | |||||||||||||||||||
NET ASSET VALUE TOTAL RETURN4 | 3.21 | % | 20.85 | % | (4.33 | )% | |||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | |||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $ | 5,943 | $ | 5,758 | $ | 1,909 | |||||||||||||||||||
Ratios to average net assets: | |||||||||||||||||||||||||
Expenses, net of expense reimbursements/waivers7 | 0.85 | %5 | 0.85 | % | 0.85 | %5 | |||||||||||||||||||
Expenses, prior to expense reimbursements/waivers7 | 0.85 | %5 | 5.67 | % | 7.79 | %5 | |||||||||||||||||||
Net investment income | 0.53 | %5 | 0.21 | % | 0.23 | %5 | |||||||||||||||||||
Portfolio turnover rate | 5 | %6 | 29 | % | 26 | %6 |
1 | On September 16, 2010, there was a 2 for 1 stock split. Historical share amounts have been adjusted to reflect the 2 for 1 stock split on a retroactive basis. |
2 | Commencement of operations. |
3 | Based on average shares outstanding. |
4 | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. For periods prior to April 1, 2013 through September 30, 2013, the total return would have been lower if certain expenses had not been reimbursed/waived by the sub-adviser. |
5 | Annualized. |
6 | Not annualized. |
7 | Effective April 1, 2013, EGA replaced the fee and expense structure with a Unified Fee. See Note 9 for additional information. |
The accompanying notes are an integral part of these financial statements.
82 EGA Emerging Global Shares Trust |
Financial Highlights (continued)
EGA Emerging Global Shares Trust
For a share outstanding throughout each period
EGShares India Consumer ETF (Consolidated)
For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Year Ended March 31, 2013 | For the Period August 10, 20111 Through March 31, 2012 | ||||||||||||||||||
Net asset value, beginning of period | $ | 22.10 | $ | 19.08 | $ | 20.00 | ||||||||||||||
Investment operations: | ||||||||||||||||||||
Net investment income (loss)2 | 0.06 | (— | )3 | (— | )3 | |||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency translations | (1.44 | ) | 3.02 | 4 | (0.92 | )4 | ||||||||||||||
Total from investment operations | (1.38 | ) | 3.02 | (0.92 | ) | |||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
Net investment income | — | — | — | |||||||||||||||||
Net asset value, end of period | $ | 20.72 | $ | 22.10 | $ | 19.08 | ||||||||||||||
NET ASSET VALUE TOTAL RETURN5 | (6.24 | )% | 15.83 | % | (4.60 | )% | ||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of period (000’s omitted) | $ | 4,144 | $ | 6,631 | $ | 1,908 | ||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Expenses, net of expense reimbursements/waivers9 | 0.89 | %6 | 0.89 | % | 0.89 | %6 | ||||||||||||||
Expenses, prior to expense reimbursements/waivers9 | 0.89 | %6 | 4.31 | % | 6.16 | %6 | ||||||||||||||
Net investment income (loss) | 0.59 | %6 | (0.00 | )%7 | (0.04 | )%6 | ||||||||||||||
Portfolio turnover rate | 4 | %8 | 50 | % | 104 | %8 | ||||||||||||||
EGShares India Infrastructure ETF (Consolidated)
For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Year Ended March 31, 2013 | For the Year Ended March 31, 2012 | For the Period August 11, 20101 Through March 31, 2011 | |||||||||||||||||
Net asset value, beginning of period | $ | 12.27 | $ | 14.99 | $ | 19.40 | $ | 20.00 | ||||||||||||
Investment operations: | ||||||||||||||||||||
Net investment income2 | 0.08 | 0.07 | 0.06 | 0.01 | ||||||||||||||||
Net realized and unrealized loss on investments and foreign currency translations | (2.09 | ) | (2.60 | ) | (4.39 | ) | (0.61 | ) | ||||||||||||
Total from investment operations | (2.01 | ) | (2.53 | ) | (4.33 | ) | (0.60 | ) | ||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
Net investment income | — | (0.19 | ) | (0.08 | ) | — | ||||||||||||||
Net asset value, end of period | $ | 10.26 | $ | 12.27 | $ | 14.99 | $ | 19.40 | ||||||||||||
NET ASSET VALUE TOTAL RETURN5 | (16.38 | )% | (17.08 | )% | (22.19 | )% | (3.00 | )% | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of period (000’s omitted) | $ | 15,396 | $ | 51,513 | $ | 60,703 | $ | 85,377 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Expenses, net of expense reimbursements/waivers9 | 0.85 | %6 | 0.85 | % | 0.85 | % | 0.85 | %6 | ||||||||||||
Expenses, prior to expense reimbursements/waivers9 | 0.85 | %6 | 1.61 | % | 1.69 | % | 2.24 | %6 | ||||||||||||
Net investment income | 1.36 | %6 | 0.53 | % | 0.39 | % | 0.11 | %6 | ||||||||||||
Portfolio turnover rate | 51 | %8 | 24 | % | 23 | % | 9 | %8 |
1 | Commencement of operations. |
2 | Based on average shares outstanding. |
3 | Less than $(0.005). |
4 | The realized and unrealized gain on investments and foreign currency transactions does not accord with the amounts reported in the Statement of Operations due to the timing of subscriptions of fund shares in relation to the investment performance during the period and contributions made by Authorized Participants to compensate the Fund for additional costs incurred in purchasing securities that were not transferred in kind (See Note 10). |
5 | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. For periods prior to April 1, 2013 through September 30, 2013, the total return would have been lower if certain expenses had not been reimbursed/waived by the sub-adviser. |
6 | Annualized. |
7 | Less than (0.005)%. |
8 | Not annualized. |
Effective April 1, 2013, EGA replaced the fee and expense structure with a Unified Fee. See Note 9 for additional information.
The accompanying notes are an integral part of these financial statements.
EGA Emerging Global Shares Trust 83 |
Financial Highlights (continued)
EGA Emerging Global Shares Trust
For a share outstanding throughout each period
EGShares India Small Cap ETF (Consolidated)
For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Year Ended March 31, 2013 | For the Year Ended March 31, 2012 | For the Period July 7, 20101 Through March 31, 2011 | |||||||||||||||||
Net asset value, beginning of period | $ | 12.45 | $ | 14.39 | $ | 19.29 | $ | 20.00 | ||||||||||||
Investment operations: | ||||||||||||||||||||
Net investment income (loss)2 | 0.13 | 0.10 | 0.14 | (0.01 | ) | |||||||||||||||
Net realized and unrealized loss on investments and foreign currency translations | (2.95 | ) | (1.94 | ) | (4.88 | ) | (0.68 | ) | ||||||||||||
Total from investment operations | (2.82 | ) | (1.84 | ) | (4.74 | ) | (0.69 | ) | ||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
Net investment income | — | (0.10 | ) | (0.16 | ) | (0.02 | ) | |||||||||||||
Return of Capital | — | (— | )7 | — | — | |||||||||||||||
Total Distribution | — | (0.10 | ) | (0.16 | ) | (0.02 | ) | |||||||||||||
Net asset value, end of period | $ | 9.63 | $ | 12.45 | $ | 14.39 | $ | 19.29 | ||||||||||||
NET ASSET VALUE TOTAL RETURN3 | (22.65 | )% | (12.87 | )% | (24.33 | )% | (3.45 | )% | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of period (000’s omitted) | $ | 16,854 | $ | 21,163 | $ | 26,616 | $ | 34,729 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Expenses, net of expense reimbursements/waivers8 | 0.85 | %4 | 0.85 | % | 0.85 | % | 0.90 | %4,5 | ||||||||||||
Expenses, prior to expense reimbursements/waivers8 | 0.85 | %4 | 2.09 | % | 2.26 | % | 3.12 | %4 | ||||||||||||
Net investment income (loss) | 2.40 | %4 | 0.76 | % | 0.84 | % | (0.06 | )%4 | ||||||||||||
Portfolio turnover rate | 3 | %6 | 43 | % | 125 | % | 1 | %6 | ||||||||||||
EGShares Industrials GEMS ETF (Consolidated)
For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Year Ended March 31, 2013 | For the Period June 23, 20111 Through March 31, 2012 | ||||||||||||||||||
Net asset value, beginning of period | $ | 20.46 | $ | 18.78 | $ | 20.00 | ||||||||||||||
Investment operations: | ||||||||||||||||||||
Net investment income2 | 0.12 | 0.16 | 0.09 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency translations | (1.86 | ) | 1.71 | (1.27 | ) | |||||||||||||||
Total from investment operations | (1.74 | ) | 1.87 | (1.18 | ) | |||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
Net investment income | — | (0.19 | ) | (0.04 | ) | |||||||||||||||
Net asset value, end of period | $ | 18.72 | $ | 20.46 | $ | 18.78 | ||||||||||||||
NET ASSET VALUE TOTAL RETURN3 | (8.50 | )% | 10.00 | % | (5.88 | )% | ||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of period (000’s omitted) | $ | 2,808 | $ | 3,069 | $ | 1,878 | ||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Expenses, net of expense reimbursements/waivers8 | 0.85 | %4 | 0.85 | % | 0.85 | %4 | ||||||||||||||
Expenses, prior to expense reimbursements/waivers8 | 0.85 | %4 | 5.80 | % | 7.37 | %4 | ||||||||||||||
Net investment income | 1.23 | %4 | 0.85 | % | 0.61 | %4 | ||||||||||||||
Portfolio turnover rate | 9 | %6 | 61 | % | 70 | %6 |
1 | Commencement of operations. |
2 | Based on average shares outstanding. |
3 | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. For periods prior to April 1, 2013 through September 30, 2013, the total return would have been lower if certain expenses had not been reimbursed/waived by the sub-adviser. |
4 | Annualized. |
5 | The ratio includes 0.05% for the period ended March 31, 2011 attributed to interest expense. |
6 | Not annualized. |
7 | Less than $(0.005) |
8 | Effective April 1, 2013, EGA replaced the fee and expense structure with a Unified Fee. See Note 9 for additional information. |
The accompanying notes are an integral part of these financial statements.
84 EGA Emerging Global Shares Trust |
Financial Highlights (continued)
EGA Emerging Global Shares Trust
For a share outstanding throughout each period
EGShares Low Volatility Emerging Markets Dividend ETF (Consolidated)
For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Year Ended March 31, 2013 | For the Period August 4, 20111 Through March 31, 2012 | |||||||||||||
Net asset value, beginning of period | $ | 19.80 | $ | 20.09 | $ | 20.00 | |||||||||
Investment operations: | |||||||||||||||
Net investment income2 | 0.61 | 0.86 | 0.33 | ||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency translations | (2.29 | ) | (0.09 | )3 | 0.13 | ||||||||||
Total from investment operations | (1.68 | ) | 0.77 | 0.46 | |||||||||||
Distributions to shareholders: | |||||||||||||||
Net investment income | (0.32 | ) | (1.06 | ) | (0.37 | ) | |||||||||
Net asset value, end of period | $ | 17.80 | $ | 19.80 | $ | 20.09 | |||||||||
NET ASSET VALUE TOTAL RETURN4 | (8.47 | )% | 4.12 | % | 2.45 | % | |||||||||
RATIOS/SUPPLEMENTAL DATA: | |||||||||||||||
Net assets, end of period (000’s omitted) | $ | 98,786 | $ | 89,122 | $ | 59,255 | |||||||||
Ratios to average net assets: | |||||||||||||||
Expenses, net of expense reimbursements/waivers7 | 0.85 | %5 | 0.85 | % | 0.85 | %5 | |||||||||
Expenses, prior to expense reimbursements/waivers7 | 0.85 | %5 | 1.43 | % | 2.07 | %5 | |||||||||
Net investment income | 4.76 | %5 | 4.45 | % | 2.62 | %5 | |||||||||
Portfolio turnover rate | 58 | %6 | 86 | % | 45 | %6 | |||||||||
EGShares Technology GEMS ETF (Consolidated)
For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Year Ended March 31, 2013 | For the Period June 23, 20111 Through March 31, 2012 | |||||||||||||
Net asset value, beginning of period | $ | 17.85 | $ | 18.88 | $ | 20.00 | |||||||||
Investment operations: | |||||||||||||||
Net investment income (loss)2 | 0.07 | 0.25 | (0.02 | ) | |||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency translations | 3.60 | (0.93 | ) | (1.10 | ) | ||||||||||
Total from investment operations | 3.67 | (0.68 | ) | (1.12 | ) | ||||||||||
Distributions to shareholders: | |||||||||||||||
Net investment income | — | (0.35 | ) | — | |||||||||||
Net asset value, end of period | $ | 21.52 | $ | 17.85 | $ | 18.88 | |||||||||
NET ASSET VALUE TOTAL RETURN4 | 20.56 | % | (3.45 | )% | (5.60 | )% | |||||||||
RATIOS/SUPPLEMENTAL DATA: | |||||||||||||||
Net assets, end of period (000’s omitted) | $ | 4,304 | $ | 2,678 | $ | 1,888 | |||||||||
Ratios to average net assets: | |||||||||||||||
Expenses, net of expense reimbursements/waivers7 | 0.85 | %5 | 0.85 | % | 0.85 | %5 | |||||||||
Expenses, prior to expense reimbursements/waivers7 | 0.85 | %5 | 8.37 | % | 7.81 | %5 | |||||||||
Net investment income (loss) | 0.73 | %5 | 1.46 | % | (0.13 | )%5 | |||||||||
Portfolio turnover rate | 4 | %6 | 30 | % | 21 | %6 |
1 | Commencement of operations. |
2 | Based on average shares outstanding. |
3 | The realized and unrealized loss on investments and foreign currency transactions does not accord with the amounts reported in the Statement of Operations due to the timing of subscriptions and/or redemptions of Fund shares in relation to the investment performance during the period and contributions made by Authorized Participants to compensate the Fund for additional costs incurred in purchasing securities that were not transferred in kind (See Note 10). |
4 | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. For periods prior to April 1, 2013 through September 30, 2013, the total return would have been lower if certain expenses had not been reimbursed/waived by the sub-adviser. |
5 | Annualized. |
6 | Not annualized. |
7 | Effective April 1, 2013, EGA replaced the fee and expense structure with a Unified Fee. See Note 9 for additional information. |
The accompanying notes are an integral part of these financial statements.
EGA Emerging Global Shares Trust 85 |
Financial Highlights (concluded)
EGA Emerging Global Shares Trust
For a share outstanding throughout each period
EGShares Telecom GEMS ETF (Consolidated)
For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Year Ended March 31, 2013 | For the Period June 23, 20111 Through March 31, 2012 | |||||||||||||
Net asset value, beginning of period | $ | 19.56 | $ | 20.21 | $ | 20.00 | |||||||||
Investment operations: | |||||||||||||||
Net investment income2 | 0.44 | 0.66 | 0.41 | ||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency translations | (0.17 | ) | (0.69 | ) | 0.018 | ||||||||||
Total from investment operations | 0.27 | (0.03 | ) | 0.42 | |||||||||||
Distributions to shareholders: | |||||||||||||||
Net investment income | — | (0.62 | ) | (0.21 | ) | ||||||||||
Net asset value, end of period | $ | 19.83 | $ | 19.56 | $ | 20.21 | |||||||||
NET ASSET VALUE TOTAL RETURN3 | 1.38 | % | (0.21 | )% | 2.22 | % | |||||||||
RATIOS/SUPPLEMENTAL DATA: | |||||||||||||||
Net assets, end of period (000’s omitted) | $ | 3,965 | $ | 3,912 | $ | 3,032 | |||||||||
Ratios to average net assets: | |||||||||||||||
Expenses, net of expense reimbursements/waivers7 | 0.85 | %4 | 0.85 | % | 0.85 | %4 | |||||||||
Expenses, prior to expense reimbursements/waivers7 | 0.85 | %4 | 4.29 | % | 7.74 | %4 | |||||||||
Net investment income | 4.53 | %4 | 3.33 | % | 2.73 | %4 | |||||||||
Portfolio turnover rate | 2 | %5 | 12 | % | 18 | %5 | |||||||||
EGShares Utilities GEMS ETF (Consolidated)
For the Period April 1, 2013 Through September 30, 2013 (Unaudited) | For the Year Ended March 31, 2013 | For the Period June 23, 20111 Through March 31, 2012 | |||||||||||||
Net asset value, beginning of period | $ | 17.60 | $ | 18.59 | $ | 20.00 | |||||||||
Investment operations: | |||||||||||||||
Net investment income2 | 0.30 | 0.55 | 0.25 | ||||||||||||
Net realized and unrealized loss on investments and foreign currency translations | (2.12 | ) | (1.25 | ) | (1.46 | ) | |||||||||
Total from investment operations | (1.82 | ) | (0.70 | ) | (1.21 | ) | |||||||||
Distributions to shareholders: | |||||||||||||||
Net investment income | — | (0.29 | ) | (0.20 | ) | ||||||||||
Net asset value, end of period | $ | 15.78 | $ | 17.60 | $ | 18.59 | |||||||||
NET ASSET VALUE TOTAL RETURN3 | (10.34 | )% | (3.72 | )% | (5.89 | )% | |||||||||
RATIOS/SUPPLEMENTAL DATA: | |||||||||||||||
Net assets, end of period (000’s omitted) | $ | 2,368 | $ | 3,520 | $ | 2,788 | |||||||||
Ratios to average net assets: | |||||||||||||||
Expenses, net of expense reimbursements/waivers7 | 0.85 | %4 | 0.85 | % | 0.87 | %4,6 | |||||||||
Expenses, prior to expense reimbursements/waivers7 | 0.85 | %4 | 5.44 | % | 7.08 | %4 | |||||||||
Net investment income | 3.65 | %4 | 3.13 | % | 1.82 | %4 | |||||||||
Portfolio turnover rate | 1 | %5 | 36 | % | 27 | %5 |
1 | Commencement of operations. |
2 | Based on average shares outstanding. |
3 | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. For periods prior to April 1, 2013 through September 30, 2013, the total return would have been lower if certain expenses had not been reimbursed/waived by the sub-adviser. |
4 | Annualized. |
5 | Not annualized. |
6 | The ratio includes 0.02% for the period ended March 31, 2012 attributed to interest expense, which is outside the cap expense. |
7 | Effective April 1, 2013, EGA replaced the fee and expense structure with a Unified Fee. See Note 9 for additional information. |
8 | The realized and unrealized gain on investments and foreign currency transactions does not accord with the amounts reported in the Statement of Operations due to the timing of subscriptions of fund shares in relation to the investment performance during the period and contributions made by Authorized Participants to compensate the Fund for additional costs incurred in purchasing securities that were not transferred in kind (See Note 10). |
The accompanying notes are an integral part of these financial statements.
86 EGA Emerging Global Shares Trust |
Notes to Financial Statements
September 30, 2013 (Unaudited)
1. ORGANIZATION
EGA Emerging Global Shares Trust (the “Trust”) is a Delaware statutory trust organized on September 12, 2008. The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust currently consists of fifty-nine separate non-diversified series, each of which tracks an underlying index (each, an “Underlying Index”). As of the date of this report, only the following ETFs (each an “ETF” or “Fund” and collectively the “ETFs” or “Funds”) are being publicly offered:
Commencement | |
Funds | of Operations |
EGShares Basic Materials GEMS ETF (“Basic Materials ETF”) | June 23, 2011 |
EGShares Beyond BRICs ETF (“Beyond BRICs ETF”) | August 15, 2012 |
EGShares Brazil Infrastructure ETF (“Brazil Infrastructure ETF”) | February 24, 2010 |
EGShares China Infrastructure ETF (“China Infrastructure ETF”) | February 17, 2010 |
EGShares Consumer Goods GEMS ETF (“Consumer Goods ETF”) | June 23, 2011 |
EGShares Consumer Services GEMS ETF (“Consumer Services ETF”) | June 23, 2011 |
EGShares EM Dividend High Income ETF (“Dividend High Income ETF”) | August 15, 2013 |
EGShares Emerging Markets Consumer ETF (“Consumer ETF”) | September 14, 2010 |
EGShares Emerging Markets Core ETF (“Core ETF”) | October 16, 2012 |
EGShares Emerging Markets Dividend Growth ETF (“Dividend Growth ETF”) | July 1, 2013 |
EGShares Emerging Markets Domestic Demand ETF (“Domestic Demand ETF”) | August 15, 2012 |
EGShares Emerging Markets Metals & Mining ETF (“Metals & Mining ETF”) | May 21, 2009 |
EGShares Energy GEMS ETF (“Energy ETF”) | May 21, 2009 |
EGShares Financials GEMS ETF (“Financials ETF”) | September 16, 2009 |
EGShares GEMS Composite ETF (“Composite ETF”) | July 22, 2009 |
EGShares Health Care GEMS ETF (“Health Care ETF”) | June 23, 2011 |
EGShares India Consumer ETF (“India Consumer ETF”) | August 10, 2011 |
EGShares India Infrastructure ETF (“India Infrastructure ETF”) | August 11, 2010 |
EGShares India Small Cap ETF (“India Small Cap ETF”) | July 7, 2010 |
EGShares Industrials GEMS ETF (“Industrials ETF”) | June 23, 2011 |
EGShares Low Volatility Emerging Markets Dividend ETF (“Low Volatility Dividend ETF”) | August 4, 2011 |
EGShares Technology GEMS ETF (“Technology ETF”) | June 23, 2011 |
EGShares Telecom GEMS ETF (“Telecom ETF”) | June 23, 2011 |
EGShares Utilities GEMS ETF (“Utilities ETF”) | June 23, 2011 |
The Basic Materials ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Basic Materials Titans 30 IndexSM. The Dow Jones Emerging Markets Basic Materials Titans 30 IndexSM is comprised of publicly traded firms in the “Basic Materials Industry,” as defined by the S&P Dow Jones Indices’ proprietary classification system.
The Beyond BRICs ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the INDXX Beyond BRICs Index. The INDXX Beyond BRICs Index is comprised of 50 leading companies that INDXX, LLC determines to be representative of all industries in emerging market countries, excluding Brazil, Russia, India and China.
The Brazil Infrastructure ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the INDXX Brazil Infrastructure Index. The INDXX Brazil Infrastructure Index is comprised of 30 leading companies that INDXX, LLC determines to be representative of Brazil’s infrastructure sectors.
The China Infrastructure ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the INDXX China Infrastructure Index. The INDXX China Infrastructure Index is comprised of 30 leading companies that INDXX, LLC determines to be representative of China’s infrastructure sectors.
The Consumer Goods ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Consumer Goods Titans 30 IndexSM. The Dow Jones Emerging Markets Consumer Goods Titans 30 IndexSM is comprised of publicly traded firms in the “Consumer Goods Industry,” as defined by S&P Dow Jones Indices’ proprietary classification system.
EGA Emerging Global Shares Trust 87 |
Notes to Financial Statements (continued)
September 30, 2013 (Unaudited)
The Consumer Services ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Consumer Services Titans 30 IndexSM. The Dow Jones Emerging Markets Consumer Services Titans 30 IndexSM is comprised of publicly traded firms in the “Consumer Services Industry,” as defined by S&P Dow Jones Indices’ proprietary classification system.
The Dividend High Income ETF’s objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the FTSE Equal Weighted Emerging All Cap ex Taiwan Diversified Dividend Yield 50 Index. The equally-weighted index measures the stock performance of the 50 highest yielding, liquid emerging market equity securities in the FTSE Emerging All Cap ex Taiwan Universe (excluding China B Shares, and the least capitalized dividend-paying companies). To ensure diversification, the number of stocks per industry and country is limited to 10.
The Consumer ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Consumer Titans 30 IndexSM. The Dow Jones Emerging Markets Consumer Titans 30 IndexSM is comprised of publicly traded firms in the “Consumer Goods Industry” and “Consumer Services Industry,” as defined by S&P Dow Jones Indices proprietary classification system.
The Core ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the S&P Emerging Markets Core Index. The S&P Emerging Markets Core Index is comprised of 116 leading companies that S&P Dow Jones Indices determines to be representative of all industries in emerging market countries.
The Dividend Growth ETF’s objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the FTSE Emerging All Cap ex Taiwan Diversified Capped Dividend Growth 50 Index, which measures the stock performance of 50 emerging market companies whose 5-year dividend payout growth is faster than the average dividend payout growth in the FTSE All Cap Emerging ex Taiwan Universe.
The Domestic Demand ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the INDXX Emerging Markets Domestic Demand Index. The INDXX Emerging Markets Domestic Demand Index is comprised of a representative sample of 50 emerging markets companies in sectors that INDXX, LLC determines may have greater exposure to local markets than the MSCI Emerging Markets IndexSM.
The Metals & Mining ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Metals & Mining Titans 30 IndexSM. The Dow Jones Emerging Markets Metals & Mining Titans 30 IndexSM is comprised of publicly traded firms in the “Industrial Metals and Mining Sector” and “Mining Sector,” as defined by S&P Dow Jones Indices’ proprietary classification system.
The Energy ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Oil and Gas Titans 30 IndexSM. The Dow Jones Emerging Markets Oil and Gas Titans 30 IndexSM is comprised of publicly traded firms in the “Oil and Gas Industry,” as defined by S&P Dow Jones Indices’ proprietary classification system.
The Financials ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Financials Titans 30 IndexSM. The Dow Jones Emerging Markets Financials Titans 30 IndexSM is comprised of publicly traded firms in the “Financials Industry,” as defined by S&P Dow Jones Indices’ proprietary classification system.
The Composite ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Sector Titans Composite 100 IndexSM. The Dow Jones Emerging Markets Sector Titans Composite 100 IndexSM is comprised of a representative sample of 100 Emerging Markets companies deemed to be the 10 leading companies in each of the 10 “Industries,” as defined by S&P Dow Jones Indices’ proprietary classification system.
The Health Care ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Health Care Titans 30 IndexSM. The Dow Jones Emerging Markets Health Care Titans 30 IndexSM is comprised of publicly traded firms in the “Health Care Industry,” as defined by S&P Dow Jones Indices’ proprietary classification system.
The India Consumer ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the INDXX India Consumer Index. The INDXX India Consumer Index is comprised of 30 leading companies that INDXX, LLC determines to be representative of India’s consumer sectors.
The India Infrastructure ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the INDXX India Infrastructure Index. The INDXX India Infrastructure Index is comprised of 30 leading companies that INDXX, LLC determines to be representative of India’s infrastructure sectors.
88 EGA Emerging Global Shares Trust |
Notes to Financial Statements (continued)
September 30, 2013 (Unaudited)
The India Small Cap ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the INDXX India Small Cap Index. The INDXX India Small Cap Index is comprised of a representative sample of 75 emerging markets companies that INDXX, LLC determines to be representative of small capitalization companies domiciled in India.
The Industrials ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Industrials Titans 30 IndexSM. The Dow Jones Emerging Markets Industrials Titans 30 IndexSM is comprised of publicly traded firms in the “Industrials Industry,” as defined by S&P Dow Jones Indices’ proprietary classification system.
The Low Volatility Dividend ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the INDXX Emerging Market High Income Low Beta Index. The INDXX Emerging Market High Income Low Beta Index is comprised of a representative sample of 30 emerging markets companies that INDXX, LLC determines to have lower relative volatility (i.e., low beta) than the broad market benchmark indices of the local exchanges in which the component securities trade, which have also paid dividends consistently over the last three years.
The Technology ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Technology Titans 30 IndexSM. The Dow Jones Emerging Markets Technology Titans 30 IndexSM is comprised of publicly traded firms in the “Technology Industry,” as defined by S&P Dow Jones Indices’ proprietary classification system.
The Telecom ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Telecommunications Titans 30 IndexSM. The Dow Jones Emerging Markets Telecommunications Titans 30 IndexSM is comprised of publicly traded firms in the “Telecommunications Industry,” as defined by S&P Dow Jones Indices’ proprietary classification system.
The Utilities ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Utilities Titans 30 IndexSM. The Dow Jones Emerging Markets Utilities Titans 30 IndexSM is comprised of publicly traded firms in the “Utilities Industry,” as defined by S&P Dow Jones Indices’ proprietary classification system.
2. CONSOLIDATION OF SUBSIDIARIES
The Consolidated Schedules of Investments; Consolidated Statements of Assets and Liabilities, of Operations and of Changes in Net Assets; and the Consolidated Financial Highlights of the ETFs listed below include the accounts of wholly owned subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation.
Funds | Wholly Owned Subsidiary |
Basic Materials ETF | EGShares Basic Materials Mauritius |
Consumer Goods ETF | EGShares Consumer Goods Mauritius |
Consumer ETF | EGShares Consumer Mauritius |
Core ETF | EGShares Core Mauritius |
Domestic Demand ETF | EGShares Domestic Demand Mauritius |
Metals & Mining ETF | EGShares Metals & Mining Mauritius |
Energy ETF | EGShares Energy Fund Mauritius |
Financials ETF | EGShares Financials Fund Mauritius |
Composite ETF | EGShares Composite Mauritius |
Health Care ETF | EGShares Health Care Mauritius |
India Consumer ETF | EGShares India Consumer Mauritius |
India Infrastructure ETF | EGShares India Infrastructure Mauritius |
India Small Cap ETF | EGShares India Small Cap Mauritius |
Industrials ETF | EGShares Industrials Mauritius |
Low Volatility Dividend ETF | EGShares Low Volatility Emerging Markets Dividend Mauritius |
Technology ETF | EGShares Technology Mauritius |
Telecom ETF | EGShares Telecom Mauritius |
Utilities ETF | EGShares Utilities Mauritius |
EGA Emerging Global Shares Trust 89 |
Notes to Financial Statements (continued)
September 30, 2013 (Unaudited)
The Basic Materials ETF, Consumer Goods ETF, Consumer ETF, Core ETF, Domestic Demand ETF, Metals & Mining ETF, Energy ETF, Financials ETF, Composite ETF, Health Care ETF, Industrials ETF, Low Volatility Dividend ETF, Technology ETF, Telecom ETF and Utilities ETF may each invest its assets in a wholly owned subsidiary in Mauritius, which in turn invests virtually all of its assets in Indian securities, based on the number of Indian securities that are included in each ETF’s respective Underlying Index.
The India Consumer ETF, India Infrastructure ETF and India Small Cap ETF invest substantially all of their assets in wholly owned subsidiaries in Mauritius, which in turn invest at least 90% of their assets in Indian securities, and to some extent American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”), based on the number of Indian securities that are included in each ETF’s respective Underlying Index.
By investing in a wholly owned subsidiary, the Basic Materials ETF, the Consumer Goods ETF, the Consumer ETF, the Core ETF, the Domestic Demand ETF, the Metals & Mining ETF, the Energy ETF, the Financials ETF, the Composite ETF, the Health Care ETF, the India Consumer ETF, the India Infrastructure ETF, the India Small Cap ETF, the Industrials ETF, the Low Volatility Dividend ETF, the Technology ETF, the Telecom ETF and the Utilities ETF each obtain benefits under the tax treaty between Mauritius and India. Each subsidiary may be subject to withholding taxes imposed by the Indian government on dividends, interest and realized capital gains should new legislation be passed to modify the current tax treaty with Mauritius. Any change in the provisions of this treaty could result in the imposition of withholding and other taxes on these ETFs by authorities in India. This would reduce the return on investment and the return received by each ETF’s shareholders.
A summary of each ETF’s investment in its corresponding subsidiary is as follows:
Subsidiary | % of ETF’s Total | |||||||||
Inception Date | Net Assets at | Net Assets at | ||||||||
Funds | of Subsidiary | September 30, 2013 | September 30, 2013 | |||||||
Basic Materials ETF | June 23, 2011 | $ | 220,330 | 7.2% | ||||||
Consumer Goods ETF | June 23, 2011 | 191,656 | 16.5% | |||||||
Consumer ETF | September 14, 2010 | 109,232,089 | 9.2% | |||||||
Core ETF | October 16, 2012 | 479,919 | 11.7% | |||||||
Domestic Demand ETF | August 15, 2012 | 427,469 | 12.8% | |||||||
Metals & Mining ETF | September 19, 2011 | 675,865 | 9.0% | |||||||
Energy ETF | June 27, 2011 | 585,905 | 7.5% | |||||||
Financials ETF | June 27, 2011 | 164,895 | 4.1% | |||||||
Composite ETF | September 19, 2011 | 592,759 | 5.3% | |||||||
Health Care ETF | June 23, 2011 | 1,412,108 | 23.8% | |||||||
India Consumer ETF | August 10, 2011 | 4,143,900 | 100.0% | |||||||
India Infrastructure ETF | August 11, 2010 | 15,381,982 | 99.9% | |||||||
India Small Cap ETF | July 7, 2010 | 16,848,538 | 99.5% | |||||||
Industrials ETF | June 23, 2011 | 272,994 | 9.7% | |||||||
Low Volatility Dividend ETF | August 4, 2011 | 9,589,835 | 9.7% | |||||||
Technology ETF | June 23, 2011 | 588,218 | 13.7% | |||||||
Telecom ETF | June 23, 2011 | 215,118 | 5.4% | |||||||
Utilities ETF | June 23, 2011 | 256,433 | 10.8% |
3. SIGNIFICANT ACCOUNTING POLICIES
These financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the 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 amounts could differ from these estimates. The following summarizes the significant accounting policies of the ETFs.
Indemnifications
In the normal course of business, the Trust enters into contracts that contain a variety of representations that provide general indemnifications. The Trust’s maximum exposure under these arrangements cannot be known as this would involve future claims that may be made against the Trust that have not yet occurred; however, the Trust expects any risk of loss to be remote.
90 EGA Emerging Global Shares Trust |
Notes to Financial Statements (continued)
September 30, 2013 (Unaudited)
Investment Valuation
The Net Asset Value (“NAV”) per share is computed as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”), ordinarily 4:00 p.m. Eastern time, on each day during which the NYSE is open for trading. The NAV per share of an ETF is computed by dividing the value of the ETF’s portfolio securities, cash and other assets (including accrued interest), less all liabilities (including accrued expenses), and by the total number of shares outstanding at the time such computation is made.
Securities Valuation
Foreign equity securities are valued at the last reported sale price on the principal exchange on which such securities are traded. U.S. listed equity securities and listed ADRs and GDRs are valued at the last reported sale price on the principal exchange on which such securities are traded, as of the close of regular trading on the NYSE on the day the securities are being valued or, if there are no sales, at the mean of the most recent bid and asked prices. U.S. equity securities that are traded in over-the-counter markets are valued at the NASDAQ Official Closing Price as of the close of regular trading on the NYSE on the day the securities are valued or, if there are no sales, at the mean of the most recent bid and asked prices. Securities for which market quotations are not readily available, including restricted securities, are valued by a method that the Board of Trustees (the “Board”) believes accurately reflects fair value. The value of assets denominated in foreign currencies is converted into U.S. dollars using exchange rates deemed appropriate by management of the ETFs. Use of a rate different from the rate used by CME Group Index Services LLC or INDXX, LLC may adversely affect an ETF’s ability to track its Underlying Index.
Foreign Currency Translations
Investments denominated in foreign currencies are subject to additional risk factors as compared to investments denominated in U.S. dollars. The value of an investment denominated in a foreign currency could change significantly as foreign currencies strengthen or weaken relative to the U.S. dollar. Generally, when the U.S. dollar gains in value against a foreign currency, an investment traded in that foreign currency loses value because that currency is worth fewer U.S. dollars. Risks related to foreign currencies also include those related to economic or political developments, market inefficiencies or a higher risk that essential investment information may be incomplete, unavailable or inaccurate. A U.S. dollar investment in depositary receipts or ordinary shares of foreign issuers traded on U.S. exchanges is indirectly subject to foreign currency risk to the extent that the issuer conducts its principal business in markets where transactions are denominated in foreign currencies.
Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities and income items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The ETFs do not separately report the effect of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized and unrealized gains or losses from investments.
Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period.
Security Transactions and Related Income
Investment transactions are recorded on trade date. The ETFs determine the gain or loss realized from the investment transactions by comparing the identified cost, which is the same basis used for federal income tax purposes, with the net sales proceeds. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis.
Federal Income Taxes
The Basic Materials ETF, Beyond BRICs ETF, Brazil Infrastructure ETF, China Infrastructure ETF, Consumer Goods ETF, Consumer Services ETF, Consumer ETF, Core ETF, Domestic Demand ETF, Metals & Mining ETF, Energy ETF, Financials ETF, Composite ETF, Health Care ETF, India Consumer ETF, India Infrastructure ETF, India Small Cap ETF, Industrials ETF, Low Volatility Dividend ETF, Technology ETF, Telecom ETF and Utilities ETF have qualified and continue to qualify, and the Dividend High Income ETF and Dividend Growth ETF intend to qualify, as a “regulated investment company” under Subchapter M of the Internal Revenue Code. If so qualified, an ETF will not be subject to federal income tax to the extent it distributes substantially all of its net investment income and capital gains to shareholders. Each ETF expects to declare and pay all of its net investment income, if any, to shareholders as dividends annually (quarterly for Dividend Growth ETF and the Low Volatility Dividend ETF: monthly for Dividend High Income ETF), and will also declare and pay net realized capital gains, if any, at least annually, except where the costs of such distributions exceed the amount of tax that the distributions are
EGA Emerging Global Shares Trust 91 |
Notes to Financial Statements (continued)
September 30, 2013 (Unaudited)
intended to avoid, in which case the ETF will pay the applicable tax. An ETF may distribute such investment income and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the ETF. Distributions to shareholders are recorded on the ex-dividend date.
The ETFs are subject to accounting standards that provide guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. These standards require the evaluation of tax positions taken or expected to be taken by the ETFs and whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Accounting for uncertainty in income taxes requires management of the ETFs to analyze all open tax years as defined by IRS statute of limitations, for all major jurisdictions, including federal tax authorities and certain state tax authorities. Open tax years are those years that are open for examination by the relevant income taxing authority. As of March 31, 2013, open federal and state income tax years include the tax years or periods ended March 31, 2010, March 31, 2011, March 31, 2012 and March 31, 2013. The ETFs have no examinations in progress.
There is no tax liability resulting from uncertain income tax positions taken or expected to be taken. The ETFs are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax expense will significantly change in the next twelve months.
Expenses
Effective April 1, 2013, Emerging Global Advisors, LLC (“EGA”) replaced the current fee and expense structure with a unified fee (“Unified Fee”) for all of the series of the Trust. Under the Unified Fee, EGA took on the contractual obligation to pay all ordinary operating expenses of the ETFs without any increase in EGA’s advisory fee. The ETFs were previously obligated to pay these expenses through March 31, 2013, although EGA, as discussed later in Note 9, had entered into annual voluntary expense waiver and reimbursement agreements that capped an ETF’s ordinary operating expenses at the same rate as EGA’s advisory fee. Under the Unified Fee, EGA pays all of the expenses of each series of the Trust, except for the fee payment under the investment advisory agreements between EGA and the Trust, payments under each series’ 12b-1 plan (if ever implemented), brokerage expenses, taxes, interest, litigation expenses and other non-routine or extraordinary expenses.
4. INVESTMENT RISKS
The ETFs are subject to emerging markets risk. Investments in emerging market securities are subject to even greater risks than for foreign investments generally, including increased risks of: illiquidity of securities; price volatility; inflation or deflation; restrictions on foreign investment; nationalization; higher taxation; economic and political instability; pervasive corruption and crime; less governmental regulation; and less developed legal systems.
The Basic Materials ETF concentrates its investments in industries to the same extent as the Basic Materials Underlying Index, and as such, may be adversely affected by increased price volatility of securities in the basic materials industry, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that industry. Issuers in the basic materials industry are at risk for environmental damage and product liability claims and may be adversely affected by depletion of resources, technical progress, labor relations and governmental regulations.
The Beyond BRICs ETF concentrates its investments in industries to the same extent as the Beyond BRICs Underlying Index, and as such, may be adversely affected by increased price volatility of securities in those industries, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting those industries.
The Brazil Infrastructure ETF only invests in Brazilian securities. Its NAV will therefore be much more sensitive to changes in economic, political and other factors within Brazil than would a fund that invested in a greater variety of countries.
The China Infrastructure ETF only invests in Chinese securities. Its NAV will therefore be much more sensitive to changes in economic, political and other factors within China than would a fund that invested in a greater variety of countries.
The Brazil Infrastructure ETF, China Infrastructure ETF, and India Infrastructure ETF concentrate their investments in industries to the same extent as their respective Underlying Indices, and as such, may be adversely affected by increased price volatility of securities in the infrastructure sector, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that sector.
The Consumer Goods ETF, Consumer Services ETF, Consumer ETF and India Consumer ETF concentrate their investments in industries to the same extent as their respective Underlying Indices, and as such, may be adversely affected by increased price volatility of securities in the consumer industry, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that industry. The success of consumer goods and consumer services suppliers and retailers is tied closely to the performance of the domestic and international economy, interest rates, currency exchange rates, competition, preferences, and consumer confidence.
92 EGA Emerging Global Shares Trust |
Notes to Financial Statements (continued)
September 30, 2013 (Unaudited)
The Dividend High Income ETF concentrates its investments in industries to the same extent as the Emerging Markets High Dividend Underlying Index. The Fund may be adversely affected by increased price volatility of securities in those industries, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting those industries.
The Core ETF concentrates its investments in industries to the same extent as the Core Underlying Index, and as such, may be adversely affected by increased price volatility of securities in those industries, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting those industries.
The Dividend Growth ETF concentrates its investments in industries to the same extent as the Dividend Growth Underlying Index. The Fund may be adversely affected by increased price volatility of securities in those industries, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting those industries.
The Domestic Demand ETF concentrates its investments in industries to the same extent as the Domestic Demand Underlying Index, and as such, may be adversely affected by increased price volatility of securities in the consumer goods, consumer services, health care, telecommunications and utilities industries, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting those industries.
The Metals & Mining ETF concentrates its investments in industries to the same extent as the Metals & Mining Underlying Index, and as such, may be adversely affected by increased price volatility of securities in the metals and mining industry, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that industry. Securities of companies involved in metals and mining may be subject to broad price fluctuations, reflecting volatility of energy and basic materials prices and possible instability of supply of various basic resources.
The Energy ETF concentrates its investments in industries to the same extent as the Energy Underlying Index, and as such, may be adversely affected by increased price volatility of securities in the oil and gas industry, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that industry. The profitability of companies in the oil and gas industry (including alternative energy suppliers) is related to worldwide energy prices, exploration, and production spending.
The Financials ETF concentrates its investments in industries to the same extent as the Financials Underlying Index, and as such, may be adversely affected by increased price volatility of securities in the financial industry, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that industry. Companies in the financial industry are subject to extensive governmental regulation, which may adversely affect the scope of their activities, the prices they can charge and the amount of capital they must maintain.
The GEM Composite ETF concentrates its investments in a particular industry or group of industries to approximately the same extent that the Composite Underlying Index is concentrated. The Composite Underlying Index is comprised of a representative sample of 100 Emerging Markets companies deemed to be the 10 leading companies in each of the 10 “Industries” as defined by the Industry Classification Benchmark (“ICB”) system.
The Health Care ETF concentrates its investments in industries to the same extent as the Health Care Underlying Index, and as such, may be adversely affected by increased price volatility of securities in the health care industry, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that industry. The profitability of companies in the health care industry may be affected by extensive government regulation, restriction on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure, an increased emphasis on outpatient services, limited number of products, industry innovation, changes in technologies and other market developments.
The India Consumer ETF, India Infrastructure ETF and India Small Cap ETF only invest in Indian securities. Their NAVs will therefore be much more sensitive to changes in economic, political and other factors within India than would a fund that invested in a greater variety of countries.
The India Small Cap ETF primarily invests in small capitalization companies, and as such, may be adversely affected by increased price volatility of securities in that capitalization.
The Industrials ETF concentrates its investments in industries to the same extent as the Industrials Underlying Index, and as such, may be adversely affected by increased price volatility of securities in the industrials industry, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that industry. Government regulation, world events and economic conditions affect the performance of companies in the industrials industry.
The Low Volatility Emerging Market Dividend ETF concentrates its investments in industries to the same extent as the HILB Underlying Index, and as such, may be adversely affected by increased price volatility of securities in those industries, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting those industries.
EGA Emerging Global Shares Trust 93 |
Notes to Financial Statements (continued)
September 30, 2013 (Unaudited)
The Technology ETF concentrates its investments in industries to the same extent as the Technology Underlying Index, and as such, may be adversely affected by increased price volatility of securities in the technology industry, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that industry. Technology companies may be affected by intense competition, obsolescence of existing technology, general economic conditions, government regulation and may have limited product lines, markets, financial resources or personnel.
The Telecom ETF concentrates its investments in industries to the same extent as the Telecom Underlying Index, and as such, may be adversely affected by increased price volatility of securities in the telecommunications industry, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that industry. The global telecommunications market is characterized by increasing competition and government regulation.
The Utilities ETF concentrates its investments in industries to the same extent as the Utilities Underlying Index, and as such, may be adversely affected by increased price volatility of securities in the utilities industry, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that industry. Companies in the utilities industry may be adversely affected by changes in exchange rates, domestic and international competition, and governmental limitation on rates charged to customers.
5. DISTRIBUTION AGREEMENT
ALPS Distributors, Inc., (the “Distributor”) serves as the distributor of creation units (see Note 10) for the ETFs pursuant to a distribution agreement. The Distributor does not maintain a secondary market in shares. The ETFs have adopted a Distribution and Service Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, each ETF is authorized to pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities. For the period ended September 30, 2013, no fees were paid by the ETFs under the Plan, and there are no current plans to impose these fees
6. FEDERAL INCOME TAX MATTERS
For the period ended September 30, 2013, federal tax cost of investments and net unrealized appreciation (depreciation) were as follows:
Federal | Gross | Gross | Net Unrealized | |||||||||||||
Tax Cost of | Unrealized | Unrealized | Appreciation | |||||||||||||
Funds | Investments | Appreciation | Depreciation | (Depreciation) | ||||||||||||
Basic Materials ETF* | $ | 4,465,716 | $ | 7,999 | $ | (1,507,685 | ) | $ | (1,499,686 | ) | ||||||
Beyond BRICs ETF* | 10,880,516 | 415,405 | (407,128 | ) | 8,277 | |||||||||||
Brazil Infrastructure ETF* | 60,763,244 | 6,839,105 | (8,108,809 | ) | (1,269,704 | ) | ||||||||||
China Infrastructure ETF* | 11,472,337 | 545,100 | (2,263,749 | ) | (1,718,649 | ) | ||||||||||
Consumer Goods ETF* | 1,091,028 | 117,625 | (102,458 | ) | 15,167 | |||||||||||
Consumer Services ETF* | 2,064,061 | 277,686 | (235,801 | ) | 41,885 | |||||||||||
Dividend High Income ETF | 1,990,013 | 75,979 | (48,454 | ) | 27,525 | |||||||||||
Consumer ETF* | 1,143,515,764 | 109,078,993 | (63,735,916 | ) | 45,343,077 | |||||||||||
Core ETF* | 4,122,574 | 221,556 | (262,529 | ) | (40,973 | ) | ||||||||||
Dividend Growth ETF | 2,008,259 | 99,606 | (113,808 | ) | (14,202 | ) | ||||||||||
Domestic Demand ETF* | 3,055,968 | 339,686 | (68,588 | ) | 271,098 | |||||||||||
Metals & Mining ETF* | 13,889,481 | — | (6,530,380 | ) | (6,530,380 | ) | ||||||||||
Energy ETF* | 9,649,208 | 122,158 | (2,103,535 | ) | (1,981,377 | ) | ||||||||||
Financials ETF* | 4,501,962 | 94,407 | (620,726 | ) | (526,319 | ) | ||||||||||
Composite ETF* | 12,680,518 | 893,943 | (2,495,593 | ) | (1,601,650 | ) | ||||||||||
Health Care ETF* | 4,842,416 | 758,116 | (107,221 | ) | 650,895 | |||||||||||
India Consumer ETF* | 3,983,058 | 500,013 | (355,410 | ) | 144,603 | |||||||||||
India Infrastructure ETF* | 17,284,214 | 1,004,223 | (3,085,488 | ) | (2,081,265 | ) | ||||||||||
India Small Cap ETF* | 24,540,867 | 781,971 | (8,497,641 | ) | (7,715,670 | ) | ||||||||||
Industrials ETF* | 3,091,046 | 105,997 | (412,363 | ) | (306,366 | ) | ||||||||||
Low Volatility Dividend ETF* | 103,169,079 | 1,978,229 | (5,724,076 | ) | (3,745,847 | ) | ||||||||||
Technology ETF* | 3,798,660 | 613,425 | (128,583 | ) | 484,842 | |||||||||||
Telecom ETF* | 3,850,105 | 315,399 | (423,083 | ) | (107,684 | ) | ||||||||||
Utilities ETF* | 2,759,701 | 103,413 | (547,776 | ) | (444,363 | ) |
* | Cost of investments on a tax basis, includes the adjustment for financial reporting purposes, as of the most completed Federal income Tax reporting period end. |
94 EGA Emerging Global Shares Trust |
Notes to Financial Statements (continued)
September 30, 2013 (Unaudited)
For the period ended March 31, 2013, the components of accumulated earnings (losses) on a tax-basis were as follows:
Funds | Undistributed Ordinary Income | Accumulated Capital and Other Losses | Net Unrealized Appreciation (Depreciation) | Total Accumulated Earnings (Losses) | ||||||||||||
Basic Materials ETF | $ | 6,828 | $ | (169,312 | ) | $ | (921,636 | ) | $ | (1,084,120 | ) | |||||
Beyond BRICs ETF | 24,479 | (8,697 | ) | 627,443 | 643,225 | |||||||||||
Brazil Infrastructure ETF | 147,999 | (9,414,233 | ) | 2,854,666 | (6,411,568 | ) | ||||||||||
China Infrastructure ETF | — | (2,387,867 | ) | (2,013,326 | ) | (4,401,193 | ) | |||||||||
Consumer Goods ETF | 7,043 | (10,095 | ) | 178,468 | 175,416 | |||||||||||
Consumer Services ETF | 659 | (23,399 | ) | 12,828 | (9,912 | ) | ||||||||||
Consumer ETF | 434,225 | (5,107,849 | ) | 70,304,335 | 65,630,711 | |||||||||||
Core ETF | 12,943 | — | 85,966 | 98,909 | ||||||||||||
Domestic Demand ETF | 7,977 | (1,966 | ) | 261,823 | 267,834 | |||||||||||
Metals & Mining ETF | 14,821 | (2,134,230 | ) | (5,295,855 | ) | (7,415,264 | ) | |||||||||
Energy ETF | 1,787 | (1,344,946 | ) | (1,872,769 | ) | (3,215,928 | ) | |||||||||
Financials ETF | 12,037 | (116,688 | ) | (95,882 | ) | (200,533 | ) | |||||||||
Composite ETF | 51,762 | (1,671,292 | ) | (1,028,779 | ) | (2,648,309 | ) | |||||||||
Health Care ETF | 1,551 | (50,229 | ) | 326,987 | 278,309 | |||||||||||
India Consumer ETF | — | (322,687 | ) | 229,811 | (92,876 | ) | ||||||||||
India Infrastructure ETF | — | (13,401,166 | ) | (24,444,656 | ) | (37,845,822 | ) | |||||||||
India Small Cap ETF | — | (14,044,516 | ) | (2,888,561 | ) | (16,933,077 | ) | |||||||||
Industrials ETF | 21,189 | (183,323 | ) | 785 | (161,349 | ) | ||||||||||
Low Volatility Dividend ETF | 560,079 | (8,094,333 | ) | 4,621,480 | (2,912,774 | ) | ||||||||||
Technology ETF | 10,524 | (162,904 | ) | (78,266 | ) | (230,646 | ) | |||||||||
Telecom ETF | 21,657 | (57,010 | ) | (80,063 | ) | (115,416 | ) | |||||||||
Utilities ETF | 37,221 | (120,560 | ) | (70,736 | ) | (154,075 | ) |
The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales, unamortized organization costs, mark to market on Passive Foreign Investment Companies (“PFIC”) securities and deferral of post-October and December losses.
For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of redemptions in kind, PFIC sales adjustments, non-deductible offering costs, return of capital distributions and tax treatment of currency gains and losses. Results of operations and net assets were not affected by these reclassifications.
EGA Emerging Global Shares Trust 95 |
Notes to Financial Statements (continued)
September 30, 2013 (Unaudited)
Certain net losses incurred after October 31 and December 31, and within the taxable year or period are deemed to arise on the first business day of the ETFs’ next taxable year. For the period ended March 31, 2013, the ETFs deferred to April 1, 2013 these losses of:
Late Year | Post October | |||||||
Funds | Ordinary Losses | Capital Losses | ||||||
Basic Materials ETF | $ | — | $ | 85,174 | ||||
Beyond BRICs ETF | — | 8,697 | ||||||
Brazil Infrastructure ETF | 219,309 | 513,854 | ||||||
China Infrastructure ETF | 25,822 | 45,445 | ||||||
Consumer Goods ETF | — | 5,732 | ||||||
Consumer Services ETF | — | — | ||||||
Consumer ETF | 29,057 | — | ||||||
Core ETF | — | — | ||||||
Domestic Demand ETF | — | 1,966 | ||||||
Metals & Mining ETF | — | 335,077 | ||||||
Energy ETF | — | 93,133 | ||||||
Financials ETF | — | 20,912 | ||||||
Composite ETF | — | 10,679 | ||||||
Health Care ETF | — | — | ||||||
India Consumer ETF | 44,096 | 244,068 | ||||||
India Infrastructure ETF | 7,314 | 77,922 | ||||||
India Small Cap ETF | 9,911 | 1,668,917 | ||||||
Industrials ETF | — | 17,260 | ||||||
Low Volatility Dividend ETF | — | 2,661,683 | ||||||
Technology ETF | — | 16,186 | ||||||
Telecom ETF | — | 4,792 | ||||||
Utilities ETF | — | 6,446 |
At March 31, 2013, for federal income tax purposes, the following ETFs had capital loss carryforwards available to offset future capital gains:
Carryforwards with No Expiration* | Carryforwards Expiring In | |||||||||||||||
Short-Term | Long-Term | |||||||||||||||
Capital Loss | Capital Loss | Fiscal Year | Fiscal Year | |||||||||||||
Funds | Carryforward | Carryforward | 2018 | 2019 | ||||||||||||
Basic Materials ETF | $ | 46,730 | $ | 37,408 | $ | — | $ | — | ||||||||
Beyond BRICs ETF | — | — | — | — | ||||||||||||
Brazil Infrastructure ETF | �� | 4,895,069 | 3,786,001 | — | — | |||||||||||
China Infrastructure ETF | 1,416,804 | 896,985 | — | 2,811 | ||||||||||||
Consumer Goods ETF | 4,363 | — | — | — | ||||||||||||
Consumer Services ETF | 12,224 | 11,174 | — | — | ||||||||||||
Consumer ETF | 1,372,030 | 3,706,762 | — | — | ||||||||||||
Core ETF | — | — | — | — | ||||||||||||
Domestic Demand ETF | — | — | — | — | ||||||||||||
Metals & Mining ETF | 526,070 | 776,113 | 26,475 | 423,874 | ||||||||||||
Energy ETF | 790,756 | 414,388 | — | — | ||||||||||||
Financials ETF | 44,695 | 37,921 | — | — | ||||||||||||
Composite ETF | 397,575 | 649,561 | — | 586,695 | ||||||||||||
Health Care ETF | 36,397 | 13,832 | — | — | ||||||||||||
India Consumer ETF | 34,523 | — | — | — | ||||||||||||
India Infrastructure ETF | 5,720,686 | 7,595,244 | — | — | ||||||||||||
India Small Cap ETF | 4,473,655 | 7,892,033 | — | — | ||||||||||||
Industrials ETF | 157,255 | 8,808 | — | — | ||||||||||||
Low Volatility Dividend ETF | 4,230,678 | 401,963 | — | — | ||||||||||||
Technology ETF | 113,818 | 32,900 | — | — | ||||||||||||
Telecom ETF | 37,373 | 14,845 | — | — | ||||||||||||
Utilities ETF | 101,713 | 12,401 | — | — |
* | Capital loss carryforwards for tax years beginning after December 22, 2010 do not expire and are carried forward in character. |
96 EGA Emerging Global Shares Trust |
Notes to Financial Statements (continued)
September 30, 2013 (Unaudited)
7. FAIR VALUE MEASUREMENT
Financial Accounting Standards Board’s Accounting Standards Codification, Section 820-10, Fair Value Measurements and Disclosures defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or liability, when a transaction is not orderly, and how that information must be incorporated into a fair value measurement. Under Fair Value Measurements and Disclosures, various inputs are used in determining the value of the ETFs’ investments. These inputs are summarized in three broad levels as follows:
Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the ETFs’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The ETFs have adopted the Accounting Standard Update, Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements which provides guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires reporting entities to disclose: i) the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements for Level 2 or Level 3 positions; ii) transfers between all levels (including Level 1 and Level 2) are required to be disclosed on a gross basis (i.e. transfers out must be disclosed separately from transfers in) as well as the reason(s) for the transfer; and iii) purchases, sales, issuances and settlements must be shown on a gross basis in the Level 3 roll forward rather than as one net number.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following summarizes inputs used as of September 30, 2013 in valuing the ETFs’ assets and liabilities carried at fair value:
Quoted Prices | Other | |||||||||||||||
in Active Markets | Significant | Significant | ||||||||||||||
(Level 1) | Inputs (Level 2) | Unobservable | ||||||||||||||
Funds | Common Stocks | Common Stocks | Inputs (Level 3) | Total | ||||||||||||
Basic Materials ETF* | $ | 2,966,030 | $ | — | $ | — | $ | 2,966,030 | ||||||||
Beyond BRICs ETF* | 10,888,793 | — | — | 10,888,793 | ||||||||||||
Brazil Infrastructure ETF** | 59,493,540 | — | — | 59,493,540 | ||||||||||||
China Infrastructure ETF** | 9,753,688 | — | — | 9,753,688 | ||||||||||||
Consumer Goods ETF* | 1,106,195 | — | — | 1,106,195 | ||||||||||||
Consumer Services ETF* | 2,105,946 | — | — | 2,105,946 | ||||||||||||
Dividend High Income ETF* | 2,017,538 | — | — | 2,017,538 | ||||||||||||
Consumer ETF* | 1,188,858,841 | — | — | 1,188,858,841 | ||||||||||||
Core ETF* | 4,081,601 | — | — | 4,081,601 | ||||||||||||
Dividend Growth ETF* | 1,994,057 | — | — | 1,994,057 | ||||||||||||
Domestic Demand ETF* | 3,327,066 | — | — | 3,327,066 | ||||||||||||
Metals & Mining ETF* | 7,359,101 | — | — | 7,359,101 | ||||||||||||
Energy ETF* | 7,667,831 | — | — | 7,667,831 | ||||||||||||
Financials ETF* | 3,975,643 | — | — | 3,975,643 | ||||||||||||
Composite ETF* | 11,078,868 | — | — | 11,078,868 | ||||||||||||
Health Care ETF* | 5,493,311 | — | — | 5,493,311 | ||||||||||||
India Consumer ETF** | 4,127,661 | — | — | 4,127,661 | ||||||||||||
India Infrastructure ETF** | 15,202,949 | — | — | 15,202,949 | ||||||||||||
India Small Cap ETF** | 16,815,879 | — | 9,318 | 16,825,197 | ||||||||||||
Industrials ETF* | 2,784,680 | — | — | 2,784,680 | ||||||||||||
Low Volatility Dividend ETF* | 99,423,232 | — | — | 99,423,232 | ||||||||||||
Technology ETF* | 4,283,502 | — | — | 4,283,502 | ||||||||||||
Telecom ETF* | 3,742,421 | — | 3,742,421 | |||||||||||||
Utilities ETF* | 2,315,338 | — | — | 2,315,338 |
* | Please refer to the schedule/consolidated schedule of investments to view securities segregated by country. |
** | Please refer to the schedule/consolidated schedule of investments to view securities segregated by industry type. |
EGA Emerging Global Shares Trust 97 |
Notes to Financial Statements (continued)
September 30, 2013 (Unaudited)
Reconciliation of the investment in which significant unobservable inputs (Level 3) were used in determining the fair value during the year ended September 30, 2013:
Common Stocks | ||||
India Small Cap ETF | Chemicals | |||
Balance as of March 31, 2013 | $ | 131,907 | ||
Realized gain (loss)1 | — | |||
Change in unrealized appreciation (depreciation)2 | (122,589 | ) | ||
Purchases | — | |||
Sales | — | |||
Transfers into Level 33 | — | |||
Transfers out of Level 34 | — | |||
Balance as of September 30, 2013 | $ | 9,318 | ||
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2013 is: | $ | (122,589 | ) |
1 | This amount is included in net realized gain (loss) from investment transactions in the Statement of Operations. |
2 | This amount is included in the net change in unrealized appreciation (depreciation) from investment transactions in the Statement of Operations. Change in unrealized appreciation (depreciation) includes net unrealized appreciation (depreciation) resulting from changes in investment values during the period and the reversal of previously recorded unrealized appreciation (depreciation) when gains or losses are realized. |
3 | Transfers into Level 3 are as a result of the unavailability of a quoted price in an active market for an identical investment or the unavailability of other significant observable inputs. |
4 | Transfers out of Level 3 are as a result of the availability of a quoted price in an active market for an identical investment or the unavailability of other significant observable inputs. |
To estimate fair value, the Trust’s Valuation Committee (the “Committee”) followed procedures established by the Board. The significant inputs for the valuation methodology for the India Small Cap ETF, after consideration of quantitative and fundamental factors, was an illiquidity discount.
Each Fund values its investments at fair value pursuant to procedures adopted by the Board if (1) market quotations are insufficient or not readily available or (2) EGA believes that the values available are unreliable. The Committee performs certain functions as they relate to the administration and oversight of the Funds’ valuation procedures. Under these procedures, the Committee convenes on a regular and ad-hoc basis to review such securities and considers a number of factors, including valuation methodologies and significant unobservable inputs, when arriving at fair value.
In determining fair valuations, inputs may include market-based analytics, which may consider related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant investment information. Discounts may be applied based on the nature or duration of any restrictions on the disposition of the investments. The Committee performs regular reviews of valuation methodologies, key inputs and assumptions, disposition analysis and market activity.
Due to the inherent uncertainty of valuations, fair values may differ significantly from the values that would have been used had an active market existed. Fair valuation could result in a different NAV than a NAV determined by using market quotes.
The following is a summary of the significant unobservable inputs used as of September 30, 2013 in valuing Level 3 securities:
Value of | ||||||||
Unobservable | ||||||||
India Small Cap ETF | Fair Value | Valuation Technique | Unobservable Input | Inputs | ||||
Investments in Securities | ||||||||
Common Stocks | ||||||||
Chemicals | $9,318 | Adjustment to market | Illiquidity | 88.4% | ||||
based on illiquidity | Discount | |||||||
discount |
Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. A significant increase (decrease) in the illiquidity discount may result in a corresponding decrease (increase) in fair value.
98 EGA Emerging Global Shares Trust |
Notes to Financial Statements (continued)
September 30, 2013 (Unaudited)
8. INVESTMENT TRANSACTIONS
The table below displays each ETF’s investment transactions during the periods ended September 30, 2013. The Purchases column represents the aggregate purchases of investments excluding cost of in-kind purchases and short-term investments. The Sales column represents the aggregate sales of investments excluding proceeds from in-kind sales and short-term investments. Purchases In-Kind are the aggregate of all in-kind purchases and Sales In-Kind are the aggregate of all proceeds from in-kind sales. The transactions for each of these categories are as follows:
Funds | Purchases | Sales | Purchases In-Kind | Sales In-Kind | ||||||||||||
Basic Materials ETF | $ | 1,069,566 | $ | 1,146,925 | $ | 794,165 | $ | 866,922 | ||||||||
Beyond BRICs ETF | 9,819,968 | 5,597,193 | 3,521,289 | — | ||||||||||||
Brazil Infrastructure ETF | 15,420,669 | 22,791,124 | — | — | ||||||||||||
China Infrastructure ETF | 1,597,627 | 4,684,638 | 105,807 | 3,960,155 | ||||||||||||
Consumer Goods ETF | 164,495 | 1,292,065 | 22,610 | 867,302 | ||||||||||||
Consumer Services ETF | 79,527 | 168,077 | 10,355 | 65,963 | ||||||||||||
Dividend High Income ETF | 2,120,785 | 128,337 | 1,514,336 | 40,615 | ||||||||||||
Consumer ETF | 500,561,927 | 202,724,661 | 254,506,721 | 118,560,705 | ||||||||||||
Core ETF | 801,190 | 756,834 | 18,399 | 188,421 | ||||||||||||
Dividend Growth ETF | 2,215,925 | 219,167 | 1,841,650 | 60,766 | ||||||||||||
Domestic Demand ETF | 1,911,764 | 838,801 | 1,000,288 | 317,479 | ||||||||||||
Metals & Mining ETF | 1,242,058 | 814,169 | 834,613 | 448,023 | ||||||||||||
Energy ETF | 474,105 | 1,458,686 | 33,187 | 960,636 | ||||||||||||
Financials ETF | 110,309 | 28,513 | — | — | ||||||||||||
Composite ETF | 198,613 | 5,265,646 | — | 4,722,302 | ||||||||||||
Health Care ETF | 333,177 | 756,941 | 18,127 | 160,194 | ||||||||||||
India Consumer ETF | 220,174 | 2,268,425 | — | — | ||||||||||||
India Infrastructure ETF | 26,552,672 | 47,292,539 | — | — | ||||||||||||
India Small Cap ETF | 1,355,611 | 544,351 | — | — | ||||||||||||
Industrials ETF | 1,071,132 | 1,067,605 | 739,572 | 775,661 | ||||||||||||
Low Volatility Dividend ETF | 108,127,910 | 86,008,434 | 21,964,277 | 29,941,137 | ||||||||||||
Technology ETF | 1,218,673 | 171,682 | 904,191 | 43,423 | ||||||||||||
Telecom ETF | 99,507 | 212,517 | 20,854 | 17,955 | ||||||||||||
Utilities ETF | 38,579 | 812,249 | — | 574,189 |
9. INVESTMENT ADVISORY AND OTHER AGREEMENTS
For the period from April 1, 2012 through February 28, 2013, the Trust (except for Dividend High Income ETF, Core ETF and Dividend Growth ETF) operated under an Investment Advisory Agreement (the “Advisory Agreement”) with ALPS Advisors, Inc. (“ALPS”). ALPS acted as the ETFs’ investment adviser pursuant to an advisory agreement with the Trust on behalf of the ETFs. Pursuant to the Advisory Agreement, ALPS had overall supervisory responsibility for the general management and investment of each ETF’s securities portfolio, and had ultimate responsibility (subject to oversight by the Trust’s Board of Trustees) for oversight of the Trust’s sub-adviser. For its services, the Trust paid ALPS an annual management fee, accrued daily at the rate of 1/365th of the applicable advisory fee rate and payable monthly as soon as practicable after the last day of each month. The annual management fee for the following ETFs consisted of the greater of $400,000 or 0.10% of each ETF’s average daily net assets during the month, but not to exceed $1,000,000 per year:
Basic Materials ETF | Brazil Infrastructure ETF |
In addition, the annual management fee for the ETFs listed below consisted of the greater of $400,000 plus $33,333 per ETF minus any management fees paid to ALPS by the ETFs detailed above, or 0.10% of the average daily net assets of each ETF listed below, but not to exceed annually $1,000,000 plus $83,333 for each ETF minus any management fees paid to the Adviser by the ETFs detailed above:
Beyond BRICs ETF | Consumer Goods ETF |
EGA Emerging Global Shares Trust 99 |
Notes to Financial Statements (continued)
September 30, 2013 (Unaudited)
For the period from April 1, 2012 through February 28, 2013, EGA served as the sub-adviser to the ETFs (except for Dividend High Income ETF, Core ETF and Dividend Growth ETF) and provided investment advice and management services to the ETFs. EGA supervised the day-to-day investment and reinvestment of the assets in each ETF and was responsible for designating the Deposit Securities and for monitoring each ETF’s adherence to its investment mandate. For its investment sub-advisory services, EGA received from the ETFs an annual fee equal to 0.75% of the average daily net assets of Composite ETF, 0.89% of average daily net assets of India Consumer ETF and 0.85% of the average daily net assets of each of the other ETFs, except for Dividend High Income ETF, Core ETF and Dividend Growth ETF. For Dividend High Income ETF, Core ETF and Dividend Growth ETF, EGA served as the sole investment advisor from inception through September 30, 2013 and provided investment advice and management services to the ETF. EGA received from Core ETF an annual fee equal to 0.70% of the average daily net assets of Core ETF. EGA received from Dividend High Income ETF and Dividend Growth ETF an annual fee equal to 0.85% of the average daily net assets of Dividend High Income ETF and Dividend Growth ETF, respectively.
The Trust and EGA had entered into a written fee waiver and expense reimbursement agreement pursuant to which EGA agreed to reduce and/or reimburse expenses to the extent necessary to prevent the annual operating expenses of each ETF (excluding any taxes, interest, brokerage fees and non-routine expenses) from exceeding 0.85% of average daily net assets (0.70% for Core ETF, 0.75% for Composite ETF and 0.89% for India Consumer ETF) at least until July 31, 2013. Under this fee waiver and expense assumption agreement, EGA retained the right to seek reimbursement from each ETF of fees previously waived or expenses previously assumed to the extent such fees were waived or expenses were assumed within three years of such reimbursement, and provided such reimbursement does not cause an ETF to exceed any applicable fee waiver or expense limitation agreement that was in place at the time the fees were waived or expenses assumed.
Effective April 1, 2013, Emerging Global Advisors, LLC (“EGA”) replaced the current fee and expense structure with a unified fee (“Unified Fee”) for all of the series of the Trust. Under the Unified Fee, EGA took on the contractual obligation to pay all ordinary operating expenses of the ETFs without any increase in EGA’s advisory fee. The ETFs were previously obligated to pay these expenses through March 31, 2013, although EGA, as discussed later in Note 9, had entered into annual voluntary expense waiver and reimbursement agreements that capped an ETF’s ordinary operating expenses at the same rate as EGA’s advisory fee. Under the Unified Fee, EGA pays all of the expenses of each series of the Trust, except for the fee payment under the investment advisory agreements between EGA and the Trust, payments under each series’ 12b-1 plan (if ever implemented), brokerage expenses, taxes, interest, litigation expenses and other non-routine or extraordinary expenses.
Effective July 1, 2013, the advisory fee for Consumer ETF changed from 0.85% of the average daily net assets to the following tiered structure: 0.85% of average daily net assets up to $1 billion; 0.75% of average daily net assets between $1 billion and $2 billion; 0.70% of average daily next assets over and above $2 billion.
The amounts EGA reimbursed, the amounts available for potential future recoupment by EGA and the expiration schedule at September 30, 2013 are as follows:
Total Potential | ||||||||||||||||
Potential Recoupment Amounts Expiring | Recoupment | |||||||||||||||
Funds | March 31, 2014 | March 31, 2015 | March 31, 2016 | Amount | ||||||||||||
Basic Materials ETF | $ | — | $ | 64,900 | $ | 124,773 | $ | 189,673 | ||||||||
Beyond BRICs ETF | — | — | 69,367 | 69,367 | ||||||||||||
Brazil Infrastructure ETF | 478,083 | 504,255 | 509,458 | 1,491,796 | ||||||||||||
China Infrastructure ETF | 247,399 | 194,340 | 190,413 | 632,152 | ||||||||||||
Consumer Goods ETF | — | 76,800 | 130,872 | 207,672 | ||||||||||||
Consumer Services ETF | — | 47,875 | 91,687 | 139,562 | ||||||||||||
Consumer ETF | 403,405 | 1,195,954 | 2,076,610 | 3,675,969 | ||||||||||||
Core ETF | — | — | 106,195 | 106,195 | ||||||||||||
Domestic Demand ETF | — | — | 69,022 | 69,022 | ||||||||||||
Metals & Mining ETF | 301,755 | 251,382 | 216,583 | 769,720 | ||||||||||||
Energy ETF | 202,602 | 249,227 | 211,609 | 663,438 | ||||||||||||
Financials ETF | 207,810 | 191,473 | 200,475 | 599,758 | ||||||||||||
Composite ETF | 355,407 | 252,669 | 236,341 | 844,417 | ||||||||||||
Health Care ETF | — | 70,782 | 131,889 | 202,671 | ||||||||||||
India Consumer ETF | — | 98,710 | 118,527 | 217,237 | ||||||||||||
India Infrastructure ETF | 381,030 | 577,187 | 416,566 | 1,374,783 | ||||||||||||
India Small Cap ETF | 356,162 | 399,568 | 290,870 | 1,046,600 | ||||||||||||
Industrials ETF | — | 69,310 | 131,361 | 200,671 | ||||||||||||
Low Volatility Dividend ETF | — | 189,604 | 425,833 | 615,437 | ||||||||||||
Technology ETF | — | 71,813 | 124,253 | 196,066 | ||||||||||||
Telecom ETF | — | 70,518 | 134,659 | 205,177 | ||||||||||||
Utilities ETF | — | 74,475 | 130,258 | 204,733 |
100 EGA Emerging Global Shares Trust |
Notes to Financial Statements (continued)
September 30, 2013 (Unaudited)
Effective March 1, 2013, EGA became the sole investment adviser to all of the series in the Trust (except for Dividend High Income ETF, Core ETF, and Dividend Growth ETF where EGA had been sole investment adviser since inception). On February 28, 2013, the Board of Trustees for the Trust accepted the resignation of ALPS as investment adviser to certain series of the Trust. In its capacity as sole investment adviser to the Funds, EGA will continue to provide the services and receive the compensation set forth under its existing sub-advisory agreement with the Trust.
The Bank of New York Mellon serves as the ETFs’ Administrator, Custodian, Fund Accountant and Transfer Agent pursuant to a Fund Administration and Accounting Agreement, a Custody Agreement and a Transfer Agency and Service Agreement, as the case may be.
For the period from April 1, 2012 through February 28, 2013, ALPS Fund Services, Inc. (“AFS”), an affiliate of ALPS and the Distributor, provided a Chief Compliance Officer and an Anti-Money Laundering Officer as well as certain additional compliance support functions under a Compliance Services Agreement. AFS also provided a Principal Financial Officer to the Trust under a PFO Services Agreement. As compensation for the foregoing services, AFS received certain out of pocket costs, which were accrued daily and paid monthly by the ETFs. Effective March 1, 2013, the Board appointed an officer of EGA to serve as Principal Financial Officer to the Trust.
Effective as of March 1, 2013, EGA and AFS amended the Compliance Services Agreement. AFS will continue to provide a Chief Compliance Officer and an Anti-Money Laundering Officer as well as certain additional compliance support functions. As compensation for the foregoing services, AFS will receive certain out of pocket costs and fixed fees, which will be accrued for by the Trust and paid for by EGA under the written fee waiver and expense reimbursement agreement. Commencing April 1, 2013, such fees will be paid by EGA out of the Unified Fee (defined below).
10. CREATION AND REDEMPTION TRANSACTIONS
The ETFs issue and redeem shares on a continuous basis at NAV in blocks of 50,000 shares called “Creation Units.” Except when aggregated in Creation Units, shares are not redeemable securities of an ETF.
Only “Authorized Participants” may purchase or redeem shares directly from an ETF. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors will not qualify as Authorized Participants or do not have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the ETFs. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.
Except as discussed below, the consideration for the purchase of Creation Units of an ETF generally consists of the in-kind deposit of a designated portfolio of equity securities, which constitutes a representation of the corresponding Underlying Index and an amount of cash. The consideration for the purchase of Creation Units of the Brazil Infrastructure ETF, India Consumer ETF, India Infrastructure ETF and India Small Cap ETF consists solely of cash in U.S. dollars. Investors transacting in Creation Units for cash pay an additional variable charge to compensate the relevant ETF for brokerage and market impact expenses relating to investing in portfolio securities. This charge is either debited or credited to Paid-in Capital.
11. NEW ACCOUNTING PRONOUNCEMENTS
In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). ASU 2011-11 requires disclosures to make financial statements that are prepared under U.S. GAAP more comparable to those prepared under International Financial Reporting Standards. The new disclosure requirements mandate that entities disclose both gross and net information about instruments and transactions eligible for offset in the statement of assets and liabilities as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, ASU 2011-11 requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements. New disclosures are required for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Management is evaluating the impact of ASU 2011-11 on the financial statements and disclosures.
On January 31, 2013, FASB issued Accounting Standards Update No. 2013-01 Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities (“ASU 2013-01”). ASU 2013-01 limits the scope of the new balance sheet offsetting disclosures to the following financial instruments, to the extent they are offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement: (i) recognized derivative instruments accounted for under ASC 815 (Derivatives and Hedging)’ (ii) repurchase agreements and reverse repurchase agreements; and (iii) securities borrowing and securities lending transactions. The disclosures are required irrespective of whether the transactions are offset in the statement of assets and liabilities. The effective date and transition of the disclosure requirements in ASU 2011-11 remain unchanged. At this time, management is evaluating the implications of ASU 2013-01 and its impact on the Trust’s financial statements.
EGA Emerging Global Shares Trust 101 |
Notes to Financial Statements (concluded)
September 30, 2013 (Unaudited)
12. SUBSEQUENT EVENTS
The ETFs have evaluated subsequent events through the date of issuance of this report, and have determined that there are no material events (except as described below) that impacted the ETFs’ financial statements.
On September 5, 2013, EGA announced that it will liquidate twelve Funds. The Board authorized these Fund liquidations and the affected ETFs, listed below, were liquidated October 4, 2013:
Basic Materials ETF
Consumer Goods ETF
Consumer Services ETF
Metals & Mining ETF
Energy ETF
Financials ETF
Composite ETF
Health Care ETF
Industrials ETF
Technology ETF
Telecom ETF
Utilities ETF
Effective October 1, 2013 for the Beyond BRICs ETF, EGA agreed to waive its advisory fee to 0.58% of the Fund’s average daily net assets (the “Fee Waiver Agreement”). The Fee Waiver Agreement may be terminated at any time by the Board, but may not be terminated by EGA during the term of the Fee Waiver Agreement. The Fee Waiver Agreement shall automatically terminate upon the termination of the Advisory Agreement or, with respect to the Fund, in the event of merger or liquidation of the Fund. EGA, from its own resources, including profits from advisory fee received from the Fund, also may make payments to broker-dealers and other financial institutions in connection with the distribution of the Fund’s Shares.
Effective October 25, 2013, the investment objective for the Beyond BRICs ETF was revised as follows:
“The Fund seeks investment results that correspond (before fees and expenses) to the price and yield performance of the FTSE Beyond BRICs Index (the “Beyond BRICs Underlying Index”).” The Beyond BRICs Underlying Index is a capitalization weighted stock market index comprised of leading developing market companies that FTSE International Limited determines to be representative of all industries in developing market countries, excluding Brazil, Russia, India, China and Taiwan. Up to 75% of the Beyond BRICs Underlying Index consists of companies in more economically developed emerging market countries (excluding Brazil, Russia, India, China and Taiwan), and up to 33% of the Index consists of companies in “frontier” markets, which are less economically developed emerging market countries.
102 EGA Emerging Global Shares Trust |
Board Review and Approval of Advisory Contracts (Unaudited)
At the May 16, 2013 meeting (the “Meeting”) of the Board of Trustees (the “Board”) of EGA Emerging Global Shares Trust (the “Trust”), the Board, including those Trustees who are not “interested persons” (as that term is defined in the Investment Company Act of 1940, as amended (“1940 Act”)) of the Trust (the “Independent Trustees”), appointed Emerging Global Advisors, LLC (“EGA”) to serve as investment adviser to the following fourteen new series of the Trust: EGShares Emerging Markets Dividend Growth ETF, EGShares Emerging Markets Natural Resources ETF, EGShares EM Bond Investment Grade Short Term ETF, EGShares EM Bond Investment Grade Intermediate Term ETF, EGShares EM Bond Investment Grade Long Term ETF, EGShares EM Strategic Sector Allocation ETF, EGShares EM Tactical Sector Allocation ETF, EGShares EM Equal Weight Sector ETF, EGShares EM Dividend High Income ETF, EGShares EM Asia Consumer ETF, EGShares EM Bond ETF, EGShares EM Bond Investment Grade ETF, EGShares EM Strategic Sector Allocation ETF (active) and EGShares EM Tactical Sector Allocation ETF (active) (each such series, a “New Fund” and collectively, the “New Funds”). At the Meeting, the Board, including the Independent Trustees, approved the investment advisory agreements (collectively, the “Advisory Agreement”) between EGA and the Trust with respect to each New Fund.
In connection with considering approval of the Advisory Agreement, the Independent Trustees met in executive session with independent counsel, who provided assistance and advice. In considering the approval of the Advisory Agreement, the Board, including the Independent Trustees, reviewed the materials provided for the Meeting by EGA, including: (i) a copy of the Advisory Agreement with EGA; (ii) information describing the nature, quality, and extent of the services that EGA will provide, to the New Funds, and the fees that EGA will charge for such services; (iii) information concerning the business, operations and compliance program of EGA; (iv) a copy of the current Form ADV for EGA; and (v) a memorandum from Stradley Ronon Stevens & Young, LLP (“Stradley Ronon”), counsel to the Trust and EGA, on the responsibilities of trustees in considering investment advisory arrangements under the 1940 Act. In addition, the Board considered data compiled by ETF Database, an independent data provider, comparing the advisory fees and expenses of the New Funds with fees and expenses of other exchange-traded funds (“ETFs”) with similar investment objectives and policies. The Board, including the Independent Trustees, concluded that the ETF Database report was useful and reliable for the purpose of reviewing the Advisory Agreement.
During their review of this information, the Board, including the Independent Trustees, focused on and analyzed the factors that the Board deemed relevant, including: the nature, quality, and extent of the services to be provided to each New Fund by EGA; the personnel and operations of EGA; the projected profitability to EGA under the Advisory Agreement; any “fall-out” benefits to EGA (i.e., the ancillary benefits realized due to a relationship with the Trust); and possible conflicts of interest.
In particular, the Board considered and reviewed the following with respect to each New Fund:
(a) The nature, extent, and quality of services to be provided to the New Funds by EGA. The Board reviewed the services that EGA would provide to the New Funds. In connection with the investment advisory services to be provided to the New Funds, the Board noted the significant responsibilities that EGA would have as the New Funds’ investment adviser, including: implementation of the investment management program of each New Fund; management of the day-to-day investment and reinvestment of the assets in each New Fund; determining daily baskets of deposit securities and cash components; executing portfolio security trades for purchases and redemptions of New Fund shares conducted on a cash-in-lieu basis; making determinations with respect to alternative cash management vehicles and securities lending collateral investments and oversight of general portfolio compliance with relevant law. With respect to certain New Funds that will invest primarily in fixed income securities, the Board reviewed the services that EGA would provide in overseeing the sub-advisers, if applicable, to these New Funds, including oversight of compliance, portfolio selection and index tracking of the sub-advisers. The Board reviewed EGA’s experience, resources, strengths and its performance as the investment adviser to the existing series of the Trust that had already commenced operations (the “Operational Funds”).
(b) Comparison of services to be provided and fees to be charged by EGA and other investment advisers to similar clients, and the cost of the services to be provided and projected profits to be realized by EGA from the relationship with the New Funds. The Board then compared the nature, quality and extent of services to be rendered and the proposed fees to be paid for investment advisory services to those of other investment advisers of similar ETFs. The Board compared each New Fund’s proposed investment advisory fee and projected expense ratio under the unified fee (the “Unified Fee”) for the first year of operation to other ETFs considered to be in each New Fund’s peer group, as chosen by ETF Database, and also compared the fees to those currently charged to the Operational Funds of the Trust. The Board noted that each New Fund’s proposed management fee and expenses was generally at the top of the range of each New Fund’s peer group. The Board also considered the potential benefits to EGA, such as enhanced reputation from managing the New Funds.
The Board discussed with EGA the appropriateness of the proposed investment advisory fees and expense ratios of the New Funds compared to the fees and expenses of similar ETFs. The Board noted EGA’s proposal to include breakpoints in the advisory fee for four of the New Funds: EGShares Emerging Markets Dividend Growth ETF, EGShares Emerging Markets Natural Resources ETF, EGShares EM Dividend High Income ETF, and EGShares EM Asia Consumer ETF. EGA described the services that it would provide to the New Funds under the proposed Investment Advisory Agreement. EGA also discussed the anticipated costs, including operational costs, and projected profitability of EGA in connection with its serving as investment adviser to each New Fund. EGA confirmed that payment of any sub-advisory fees would come from EGA’s Unified Fee and would not be a separate expense of the New Funds.
EGA Emerging Global Shares Trust 103 |
Board Review and Approval of Advisory Contracts (Unaudited) (concluded)
(c) EGA’s profitability and the extent to which economies of scale would be realized as each New Fund grows and whether fee levels would reflect such economies of scale. The Board discussed potential economies of scale and EGA’s profitability. The Board noted that the New Funds had not yet commenced operations, and would therefore review profitability with respect to the New Funds after the commencement of operations, and economies of scale for the New Funds when their assets under management reached appropriate levels. The Board noted EGA’s proposal to include breakpoints in the advisory fee for four of the New Funds.
(d) Investment performance of EGA. Because the New Funds had not commenced operations, the Board could not consider the investment performance of the New Funds, but did take into account the investment performance of the Operational Funds of the Trust, for which EGA serves as investment adviser.
Conclusion. No single factor was determinative to the decision of the Board. Based on the presentations and materials at the Meeting and such other matters as were deemed relevant, the Board concluded that: (i) the New Funds were likely to benefit from the nature, quality, and extent of the services to be provided by EGA, as well as EGA’s ability to render such services based on its experience, operations and resources; and (ii) in light of the nature, quality, and extent of services proposed to be provided by EGA to the New Funds, and the costs expected to be incurred and benefits expected to be gained by EGA in rendering those services, the proposed investment advisory fee and the projected total expenses of the New Funds under the Unified Fee were fair and reasonable compared with other funds in each New Fund’s peer group, as chosen by ETF Database.
Advisory Fee Breakpoints
At the Meeting, the Board also considered a proposed amendment (“Amendment”) to the current Investment Advisory Agreement between EGA and the Trust to add breakpoints in the investment advisory fee paid at specified asset levels for EGShares Emerging Markets Consumer ETF (“ECON”), EGShares Emerging Markets Dividend Growth ETF, EGShares Emerging Markets Natural Resources ETF, EGShares EM Dividend High Income ETF, and EGShares EM Asia Consumer ETF. Specifically, for assets between $1 billion and $2 billion, advisory fees would be reduced to 0.75%, and for assets above $2 billion advisory fees would be reduced to 0.65%. These changes would be effective for ECON on July 1, 2013. Reference was made to the factors considered and conclusions reached by the Board at its February, 2013 meeting with respect to the approval of ECON’s investment advisory agreement. The Board focused on such factors and considerations that would be impacted by adding these breakpoints. In this regard, the Board considered that the proposed change would reflect economies of scale experienced by EGA and would make the advisory fees more competitive with these Funds’ peers.
In connection with considering approval of the Amendment, the Independent Trustees met in executive session with independent counsel, who provided assistance and advice. The Board concluded that the terms of the proposed amendment to the Investment Advisory Agreement to introduce breakpoints to the advisory fee for certain Funds was fair and reasonable, and the Board therefore approved the amendment.
104 EGA Emerging Global Shares Trust |
Board of Trustees and Officers (Unaudited)
The Trustees and officers of the Trust, along with their principal occupations over the past five years and their affiliations, if any, with EGA, are listed below. Unless otherwise noted, the address of each Trustee of the Trust is 171 East Ridgewood Ave., Ridgewood, NJ 07450. The Statement of Additional Information includes additional information about Fund Trustee and is available, without charge, upon request at 171 East Ridgewood Ave., Ridgewood, NJ 07450.
Number of | |||||
Portfolios | |||||
Term of | in Fund | ||||
Position(s) | Office 1 and | Complex2 | Other | ||
Held with | Length of | Principal Occupation(s) | Overseen by | Directorships | |
Name and Year of Birth | Trust | Time Served | During Past 5 Years | Trustee | Held by Trustee |
Independent Trustees | |||||
Robert Willens, 1946 | Trustee | Since 2009 | Robert Willens, LLC (tax consulting), President, since January 2008; Lehman Brothers, Inc., Managing Director, Equity Research Department, January 2004 to January 2008. | 49 | Daxor Corp. (Medical Products and Biotechnology), since 2004. |
Ron Safir, 1951 | Trustee | Since 2009 | Retired, since 2008; UBS Wealth Management, Chief Administrative Officer, February 1971 to December 2008. | 49 | None |
Jeffrey D. Haroldson, 1957 | Trustee | Since 2009 | HDG Mansur Capital Group, LLC (international real estate company), President and Chief Operating Officer, since 2004; HSBC Securities (USA), Inc., Executive Managing Director, Head of Investment and Merchant Banking, 2000 to 2003. | 49 | None |
Interested Trustees | |||||
Robert C. Holderith3, 1960 | Trustee and President | Since 2008 | Emerging Global Advisors, LLC, Managing Member and Chief Executive Officer, since September 2008; ProFund Advisors, Managing Director, Institutional Sales & Investment Analytics, June 2006 to August 2008; UBS Financial Services, Inc., Director, January 2000 to May 2006. | 49 | None |
1 | Each Trustee holds office for an indefinite term. |
2 | The “Fund Complex” consists of the Trust, which consist of forty-nine funds. |
3 | Mr. Holderith is considered to be an “interested persons” of the Trust as defined in the 1940 Act, due to their relationship with EGA, the Funds’ Advisor. |
EGA Emerging Global Shares Trust 105 |
Board of Trustees and Officers (Unaudited) (concluded)
Position(s) | Term of Office1 | ||
Held with | and Length of | ||
Name and Year of Birth | the Trust | Time Served | Principal Occupation(s) During Past 5 Years |
Officers | |||
Marten S. Hoekstra Emerging Global Advisors, LLC 155 West 19th Street, 3rd Floor New York, NY 10011 1960 | Executive Vice President | Since 2011 | Chief Executive Officer, Emerging Global Advisors, LLC, since January 2011; Board of Directors, Securities Industry and Financial Markets Association, 2006–2011; UBS (and its predecessor, PaineWebber), 1983–2009 (including various executive positions starting in 2001). |
Susan M. Ciccarone Emerging Global Advisors, LLC 155 West 19th Street, 3rd Floor New York, NY 10011 1973 | Principal Financial Officer | Since 2013 | Emerging Global Advisors, LLC, Member and Chief Financial Officer since August 2012. Goldman, Sachs & Co., Managing Director, Financial Institutions Group, since October 2009. UBS Investment Bank, Executive Director, Director, Associate Director, 2002–2009. |
Melanie H. Zimdars ALPS Fund Services, Inc. 1290 Broadway Suite 1100 Denver, CO 80203 1976 | Chief Compliance Officer | Since 2010 | ALPS Fund Services, Inc., Deputy Chief Compliance Officer, since September 2009; ALPS ETF Trust, Chief Compliance Officer, since December 2009; EGA EGShares Funds Trust, Chief Compliance Officer, since March 2010; Financial Investors Variable Insurance Trust, Chief Compliance Officer, since September 2009; BPV Family of Funds, Chief Compliance Officer since September 2011; Liberty All-Star Growth Fund, Inc., Chief Compliance Officer, since December 2009; Liberty All-Star Equity Fund, Chief Compliance Officer, since December 2009; Wasatch Funds, Principal Financial Officer, Treasurer and Secretary, February 2007 to December 2008; Wasatch Funds, Assistant Treasurer, November 2006 to February 2007; Wasatch Funds, Senior Compliance Officer, 2005 to December 2008. |
1 | Officers of the Trust are elected by the Trustees and serve at the pleasure of the Board. |
106 EGA Emerging Global Shares Trust |
General Information (Unaudited)
Investment Adviser
Emerging Global Advisors, LLC
155 West 19th Street, 3rd Floor
New York, NY 10011
Distributor
ALPS Distributors, Inc.
1290 Broadway, Suite 1100
Denver, CO 80203
Administrator, Custodian and Transfer Agent
The Bank of New York Mellon
101 Barclay Street
New York, NY 10286
Independent Registered Public Accounting Firm
BBD, LLP
1835 Market Street, 26th Floor
Philadelphia, PA 19103
You may obtain a description of the EGShares Funds’ proxy voting, policies, procedures and information regarding how each Fund voted proxies relating to portfolio securities during the most recent 12-month period ending June 30 (available by August 31) without charge, upon request, by calling 1-888-800-4347 or visiting the funds website www.egshares.com, or by accessing the SEC’s website at www.sec.gov. Such reports may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 202-942-8090.
Each of the Funds’ premium/discount information that is current as of the most recent quarter-end is available by visiting www.egshares.com or by calling 1-201-389-6872.
The Trust files complete schedules of the portfolio holdings with the SEC for the first and third quarters on Form N-Q. The Form N-Q is available without charge, upon request, by calling 1-800-SEC-0330, or by accessing the SEC’s website, at www.sec.gov. It may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC.
This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by an effective prospectus, which includes information regarding the Funds’ objectives and polices, experience of its management, marketability of shares and other information.
EGA Emerging Global Shares Trust 107 |
171 East Ridgewood Avenue
Ridgewood, NJ 07450
(201) 389-6872
(888) 800-4EGS (4347)
www.egshares.com
EGA Emerging Global Shares Trust
EGShares Basic Materials GEMS ETF
EGShares Beyond BRICs ETF
EGShares Brazil Infrastructure ETF
EGShares China Infrastructure ETF
EGShares Consumer Goods GEMS ETF
EGShares Consumer Services GEMS ETF
EGShares EM Dividend High Income ETF
EGShares Emerging Markets Consumer ETF
EGShares Emerging Markets Core ETF
EGShares Emerging Markets Dividend Growth ETF
EGShares Emerging Markets Domestic Demand ETF
EGShares Emerging Markets Metals & Mining ETF
EGShares Energy GEMS ETF
EGShares Financials GEMS ETF
EGShares GEMS Composite ETF
EGShares Health Care GEMS ETF
EGShares India Consumer ETF
EGShares India Infrastructure ETF
EGShares India Small Cap ETF
EGShares Industrials GEMS ETF
EGShares Low Volatility Emerging Markets Dividend ETF
EGShares Technology GEMS ETF
EGShares Telecom GEMS ETF
EGShares Utilities GEMS ETF
EGShares are distributed by ALPS Distributors, Inc.
Item 2. | Code of Ethics. |
Not applicable for the semi-annual reporting period.
Item 3. | Audit Committee Financial Expert. |
Not applicable for the semi-annual reporting period.
Item 4. | Principal Accountant Fees and Services. |
Not applicable for the semi-annual reporting period.
Item 5. | Audit Committee of Listed registrants. |
Not applicable for the semi-annual reporting period.
Item 6. | Investments. |
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this Form. |
(b) | Not applicable. |
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
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 their 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, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s 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. |
Item 12. | Exhibits. |
(a)(1) | Not applicable. |
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
(a)(3) | Not applicable. |
(b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes Oxley Act of 2002 are attached hereto. |
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) | EGA Emerging Global Shares Trust |
By (Signature and Title)* | /s/ Robert C. Holderith |
Robert C. Holderith, President | |
(principal executive officer) |
Date | 12/5/13 |
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/ Robert C. Holderith |
Robert C. Holderith, President | |
(principal executive officer) |
Date | 12/5/13 |
By (Signature and Title)* | /s/ Susan M. Ciccarone |
Susan M. Ciccarone, Chief Financial Officer | |
(principal financial officer) |
Date | 12/5/13 |
* Print the name and title of each signing officer under his or her signature.