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, 2014
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. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
The Report to Shareholders is attached hereto.
EGA Emerging Global Shares Trust
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
Semi-Annual Report
September 30, 2014
EGShares Beyond BRICs ETF
EGShares Blue Chip ETF
EGShares Brazil Infrastructure 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 India Consumer ETF
EGShares India Infrastructure ETF
EGShares India Small Cap ETF
EGShares Low Volatility Emerging Markets Dividend ETF
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
Table of Contents
(This page intentionally left blank.)
Shareholder Letter
September 30, 2014
The second and third quarters of 2014 can be described in a single word: volatile. What started off as a continuation of the turnaround we saw in most emerging market countries at the end of the first quarter turned into rough ride by mid September. Gains in the MSCI Emerging Markets (EM) Index in July and August evaporated in September as investors were roiled by a sharp rise in the U.S. Dollar. This sharp rise was bolstered by fears of an earlier than expected rate hike by the U.S. Federal Reserve as the U.S. economy gathered momentum. Emerging markets were not the only non-U.S. equity market affected and the euro declined as Europe edged closer to recession and deflation. However, the MSCI Frontier Market (FM) Index continued to be the star performer in the third quarter and maintained its strong performance from the first half of 2014. Overall, the MSCI EM Index was up 2.87% and the MSCI FM Index up 13.63% from March 31, 2014 to September 30, 2014. Flows for both emerging markets equity and fixed income exchange-traded funds (ETFs) were generally positive as were flows into EGShares ETFs.
Persistent and upgraded sanctions against Russia are not in the mainstream media to the degree they once were, but the possibility they are implemented remains to have an effect on Russia and its trading partners. We continue to monitor those funds that have exposure in this area.
Our investment philosophy continues to be based on applying selection criteria to allocate within emerging markets, much as investors do in developed markets. We believe that long-term emerging market equity returns will likely be enhanced by sectors driven by domestic demand and smaller or less mature countries. The success of our EGShares Beyond BRICs ETF (BBRC) underscores this philosophy as it has brought in over $250 million in assets this year and returned 5.24% from March 31, 2014 to September 30, 2014. The fund provides integrated exposure across 17 smaller, less mature emerging markets and frontier markets and excludes the larger or more mature BRIC countries, as well as South Korea and Taiwan. We believe that BBRC’s net inflows reflect inventors’ ongoing questioning of the broad benchmarks as an investment solution and suggests a more forward looking approach.
During the second quarter of 2014, Emerging Global Advisors (EGA) launched our first ETF that included companies from developed markets. While we believe the best way for an investor to access the potential growth of emerging markets is through emerging market-based companies, there are some investors who would rather access that growth through companies based in more developed markets. The challenge, however, is finding those companies that disclose the amount of their revenue that is derived from emerging markets. The EGShares Blue Chip ETF was launched on April 23, 2014 to address this challenge and invests in developed market companies with measurable, meaningful, growing and quality revenue from emerging and frontier market countries.1
EGA assets grew meaningfully from the $1.47 billion we held on March 31, 2014 and stood at $1.75 billion at the end of the third quarter, a change of just over 19%.
As always, we remain committed to employing a disciplined, rules-based investment process rooted in research and portfolio strategy to generate alpha in emerging and frontier markets. Thank you for the trust you have placed in us through your investment.
Sincerely,
Robert C. Holderith
President
Emerging Global Advisors, LLC
1 | This fund is new and therefore has limited performance history. |
EGA Emerging Global Shares Trust 1
Shareholder Letter (concluded)
September 30, 2014
This material must be accompanied by 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. 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. Small 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.
These Funds may be non-diversified and, as a result, may have greater volatility than diversified funds. These Fund may concentrate its investment in issuers of one or more particular industries to the same extent as their underlying index. Concentration risk results from maintaining exposure to issuers conducting business in a specific industry. In certain circumstances, a Fund might not be able to dispose of certain holdings quickly or at prices that represent true market value preventing them from tracking the underlying index. As an ETF, Fund shares are not individually redeemable securities. There is no assurance that an active trading market for Fund shares will develop or be maintained.
MSCI Emerging Markets Index is an index that is designed to measure equity market performance in global emerging markets. MSCI Frontier Markets Index is an index that is designed to measure equity market performance of frontier markets. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any claims contained herein. One cannot invest in an index.
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. Past performance is no guarantee of future results.
Robert Holderith is a registered representative of ALPS Distributors Inc. EGShares Funds are distributed by ALPS Distributors Inc. ALPS Distributors, Inc. is not affiliated with EGA.
2 EGA Emerging Global Shares Trust
Portfolio Summary (Unaudited)
EGShares Beyond BRICs ETF
Industry Breakdown*
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
![]() | ![]() | |||
< Financials | 37.7 | % | ||
< Telecommunications | 20.8 | |||
< Oil & Gas | 9.7 | |||
< Industrials | 8.9 | |||
< Consumer Services | 8.7 | |||
< Consumer Goods | 6.4 | |||
< Utilities | 4.1 | |||
< Basic Materials | 2.4 | |||
< Health Care | 1.3 |
Top Ten Holdings*
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
![]() | ![]() | |||
America Movil SAB de CV Series L | 3.4 | % | ||
Guaranty Trust Bank PLC | 3.2 | |||
Industries Qatar QSC | 3.1 | |||
Masraf Al Rayan | 3.1 | |||
Zenith Bank PLC | 3.0 | |||
Ooredoo QSC | 3.0 | |||
Vodafone Qatar | 2.8 | |||
Naspers, Ltd. N Shares | 2.7 | |||
MTN Group, Ltd. | 2.7 | |||
Sasol, Ltd. | 2.5 |
* | Expressed as a percentage of total investments in securities as of 9/30/2014. 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 FTSE Beyond BRICs Index (“Underlying Index”). The Underlying Index is designed to represent the performance of a diversified basket of 90 liquid companies in Emerging and Frontier markets, as defined by FTSE’s Country Classification System, ex Brazil, Russia, India, China (BRIC), Taiwan and Argentina. The index is market capitalization weighted, and will generally provide exposure up to 75% emerging markets and 25% frontier markets.
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 concentrated. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry. 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.
EGA Emerging Global Shares Trust 3
Portfolio Summary (Unaudited)
EGShares Blue Chip ETF
Industry Breakdown*
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
![]() | ![]() | |||
< Information Technology | 23.5 | % | ||
< Materials | 22.8 | |||
< Consumer Discretionary | 16.7 | |||
< Consumer Staples | 13.6 | |||
< Industrials | 6.9 | |||
< Energy | 6.8 | |||
< Telecommunication Services | 6.4 | |||
< Financials | 3.3 |
Top Ten Holdings*
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
![]() | ![]() | |||
Skyworks Solutions, Inc. | 3.7 | % | ||
Tenaris SA | 3.6 | |||
Anheuser-Busch InBev NV | 3.6 | |||
Kansas City Southern | 3.5 | |||
Yum! Brands, Inc. | 3.5 | |||
Avago Technologies, Ltd. | 3.5 | |||
Las Vegas Sands Corp. | 3.5 | |||
Mead Johnson Nutrition Co. | 3.5 | |||
Delta Electronics, Inc. | 3.4 | |||
NXP Semiconductors NV | 3.4 |
* | Expressed as a percentage of total investments in securities as of 9/30/2014. Holdings are subject to change. |
EGShares Blue Chip ETF (ticker: BCHP)
The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the EGAI Developed Markets Blue Chip EM Access Index (the “Underlying Index”). The Fund attempts to replicate the portfolio of the Underlying Index by investing at least 80% of its net assets in equity securities (including common shares traded on local exchanges, ADRs and GDRs) of well established, widely recognized companies that are among the market leaders in their respective sectors (i.e., “blue chip companies”) that have meaningful exposure to emerging markets.
This Fund is non-diversified and, as a result, may have greater volatility than diversified funds. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its Underlying Index is concentrated. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry. 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. 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.
4 EGA Emerging Global Shares Trust
Portfolio Summary (Unaudited)
EGShares Brazil Infrastructure ETF
Industry Breakdown*
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
![]() | ![]() | |||
< Utilities | 51.7 | % | ||
< Basic Materials | 16.9 | |||
< Telecommunications | 15.8 | |||
< Industrials | 14.3 | |||
< Health Care | 1.3 |
Top Ten Holdings*
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
![]() | ![]() | |||
Oi SA Preference Shares | 6.0 | % | ||
Tractebel Energia SA | 5.1 | |||
CPFL Energia SA | 5.0 | |||
Telefonica Brasil SA Preference Shares | 5.0 | |||
Companhia Energetica de Sao Paulo Preference Shares, Class B | 5.0 | |||
Companhia Siderurgica Nacional SA | 4.9 | |||
Gerdau SA Preference Shares | 4.9 | |||
Companhia de Saneamento Basico do Estado de Sao Paulo | 4.9 | |||
Ultrapar Participacoes SA | 4.9 | |||
CCR SA | 4.8 |
* | Expressed as a percentage of total investments in securities as of 9/30/2014. Holdings are subject to change. |
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 FTSE Brazil Infrastructure Extended Index (“Underlying Index”). The Underlying Index is a free-float capitalization weighted stock market index comprised of 30 leading companies that FTSE determines to be representative of Brazil’s infrastructure industries.
The Fund is non-diversified and, as a result, may have greater volatility than diversified funds. 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 concentrated. Concentration risk results from maintaining exposure to issuers conducting business in a specific industry. 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. 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.
EGA Emerging Global Shares Trust 5
Portfolio Summary (Unaudited)
EGShares EM Dividend High Income ETF
Industry Breakdown*
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
![]() | ![]() | |||
< Basic Materials | 20.0 | % | ||
< Financials | 19.8 | |||
< Utilities | 14.9 | |||
< Consumer Goods | 12.0 | |||
< Industrials | 11.8 | |||
< Telecommunications | 9.8 | |||
< Consumer Services | 8.1 | |||
< Oil & Gas | 3.6 |
Top Ten Holdings*
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
![]() | ![]() | |||
PT Tambang Batubara Bukit Asam Persero Tbk | 2.7 | % | ||
CEZ AS | 2.6 | |||
TTW PCL NVDR | 2.5 | |||
Anhui Expressway Co., Ltd. Class H | 2.5 | |||
Yanzhou Coal Mining Co., Ltd. Class H | 2.4 | |||
The Hub Power Co., Ltd. | 2.4 | |||
Parkson Holdings Bhd | 2.4 | |||
Fauji Fertilizer Co., Ltd. | 2.3 | |||
Ford Otomotiv Sanayi AS | 2.3 | |||
Grendene SA | 2.3 |
* | Expressed as a percentage of total investments in securities as of 9/30/2014. 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 (“Underlying Index”). The Underlying Index is equally-weighted and measures the stock performance of the top 50 emerging market companies ranked by trailing dividend yield, with a limit of no more than 10 stocks per industry and country.
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 concentrated. Concentration risk results from maintaining exposure to issuers conducting business in a specific industry. 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. 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.
6 EGA Emerging Global Shares Trust
Portfolio Summary (Unaudited)
EGShares Emerging Markets Consumer ETF
Industry Breakdown*
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
![]() | ![]() | |||
< Consumer Goods | 52.9 | % | ||
< Consumer Services | 47.1 |
Top Ten Holdings*
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
![]() | ![]() | |||
Naspers, Ltd. N Shares | 10.1 | % | ||
AMBEV SA ADR | 7.4 | |||
Fomento Economico Mexicano SAB de CV Series UBD | 5.6 | |||
Magnit OJSC GDR | 5.1 | |||
BRF SA ADR | 4.9 | |||
Grupo Televisa SAB Series CPO | 4.4 | |||
Wal-Mart de Mexico SAB de CV Series V | 4.3 | |||
ITC, Ltd. | 4.0 | |||
PT Astra International Tbk | 3.8 | |||
Steinhoff International Holdings, Ltd. | 3.5 |
* | Expressed as a percentage of total investments in securities as of 9/30/2014. 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 Index (“Underlying Index”). The Underlying Index is a free-float market capitalization weighted stock market index comprised of 30 leading companies that S&P Dow Jones Indices determines to be representative of the emerging market Consumer Goods and Consumer Services Industries.
This Fund is non-diversified and, as a result, may have greater volatility than diversified funds. 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 concentrated. Concentration risk results from maintaining exposure to issuers conducting business in a specific industry. 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. 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.
EGA Emerging Global Shares Trust 7
Portfolio Summary (Unaudited)
EGShares Emerging Markets Core ETF
Sector Breakdown*
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
![]() | ![]() | |||
< Consumer Discretionary | 18.9 | % | ||
< Financials | 16.8 | |||
< Consumer Staples | 15.0 | |||
< Industrials | 9.2 | |||
< Information Technology | 9.0 | |||
< Health Care | 7.1 | |||
< Utilities | 6.8 | |||
< Materials | 6.5 | |||
< Energy | 5.7 | |||
< Telecommunication Services | 5.0 |
Top Ten Holdings*
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
![]() | ![]() | |||
Tata Motors, Ltd. ADR | 1.5 | % | ||
Tata Consultancy Services, Ltd. | 1.5 | |||
Dr. Reddy's Laboratories, Ltd. | 1.5 | |||
Hindustan Unilever, Ltd. | 1.4 | |||
Ayala Land, Inc. | 1.4 | |||
PT Telekomunikasi Indonesia Persero Tbk ADR | 1.4 | |||
BRF SA ADR | 1.4 | |||
Sun Pharmaceutical Industries, Ltd. | 1.4 | |||
CEZ AS | 1.3 | |||
MMC Norilsk Nickel OJSC ADR | 1.3 |
* | Expressed as a percentage of total investments in securities as of 9/30/2014. Holdings are subject to change. |
EGShares Emerging Markets 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 (“Underlying Index”). The 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.
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 concentrated. Concentration risk results from maintaining exposure to issuers conducting business in a specific industry. 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. 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.
8 EGA Emerging Global Shares Trust
Portfolio Summary (Unaudited)
EGShares Emerging Markets Dividend Growth ETF
Industry Breakdown*
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
![]() | ![]() | |||
< Financials | 23.6 | % | ||
< Consumer Goods | 13.5 | |||
< Oil & Gas | 12.9 | |||
< Utilities | 11.6 | |||
< Basic Materials | 11.6 | |||
< Industrials | 11.0 | |||
< Consumer Services | 9.6 | |||
< Telecommunications | 5.2 | |||
< Health Care | 1.0 |
Top Ten Holdings*
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
![]() | ![]() | |||
BRF SA | 3.1 | % | ||
Banco Bradesco SA Preference Shares | 3.0 | |||
China Mobile, Ltd. | 2.9 | |||
Bank of China, Ltd. Class H | 2.9 | |||
CIMB Group Holdings Bhd | 2.8 | |||
Tenaga Nasional Bhd | 2.7 | |||
PT Bank Rakyat Indonesia Persero Tbk | 2.7 | |||
CNOOC, Ltd. | 2.7 | |||
Gazprom OAO ADR | 2.7 | |||
Tatneft OAO ADR | 2.6 |
* | Expressed as a percentage of total investments in securities as of 9/30/2014. 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 (“Underlying Index”). The Underlying Index is a capped free float market-cap weighted index that measures the stock performance of 50 emerging market companies with a high compounded annual dividend growth rate. The index has been designed to capture diversified securities across emerging market countries that have been screened for consistent dividend quality.
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 concentrated. Concentration risk results from maintaining exposure to issuers conducting business in a specific industry. 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. 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.
EGA Emerging Global Shares Trust 9
Portfolio Summary (Unaudited)
EGShares Emerging Markets Domestic Demand ETF
Sector Breakdown*
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
![]() | ![]() | |||
< Consumer Staples | 29.9 | % | ||
< Telecommunication Services | 29.6 | |||
< Consumer Discretionary | 27.3 | |||
< Utilities | 8.3 | |||
< Health Care | 4.9 |
Top Ten Holdings*
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
![]() | ![]() | |||
America Movil SAB de CV Series L ADR | 5.1 | % | ||
AMBEV SA ADR | 4.9 | |||
Naspers, Ltd. N Shares | 4.9 | |||
China Mobile, Ltd. | 4.7 | |||
MTN Group, Ltd. | 4.6 | |||
Grupo Televisa SAB ADR | 4.0 | |||
Fomento Economico Mexicano SAB de CV ADR | 3.3 | |||
PT Astra International Tbk | 3.0 | |||
Tenaga Nasional Bhd | 2.9 | |||
Sun Pharmaceutical Industries, Ltd. | 2.7 |
* | Expressed as a percentage of total investments in securities as of 9/30/2014. Holdings are subject to change. |
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 S&P Emerging Markets Domestic Demand Index (“Underlying Index”). The Underlying Index is free-float market capitalization-weighted stock market index comprised of 50 emerging markets companies in the consumer staples, consumer discretionary, telecommunication services, health care and the utilities sectors.
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 concentrated. Concentration risk results from maintaining exposure to issuers conducting business in a specific industry. 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. 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.
10 EGA Emerging Global Shares Trust
Portfolio Summary (Unaudited)
EGShares India Consumer ETF
Industry Breakdown*
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
![]() | ![]() | |||
< Consumer Goods | 79.8 | % | ||
< Industrials | 15.4 | |||
< Consumer Services | 4.8 |
Top Ten Holdings*
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
![]() | ![]() | |||
MRF, Ltd. | 6.1 | % | ||
Motherson Sumi Systems, Ltd. | 5.9 | |||
Bosch, Ltd. | 5.8 | |||
Bharat Forge, Ltd. | 5.7 | |||
Mahindra & Mahindra, Ltd. | 5.3 | |||
Hero MotoCorp, Ltd. | 5.0 | |||
Marico, Ltd. | 4.9 | |||
Hindustan Unilever, Ltd. | 4.6 | |||
Dabur India, Ltd. | 4.5 | |||
Godrej Consumer Products, Ltd. | 4.5 |
* | Expressed as a percentage of total investments in securities as of 9/30/2014. 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 (“Underlying Index”). The Underlying Index is comprised of 30 stock free-float adjusted market capitalization weighted index designed to measure the market performance of companies in the consumer industry in India.
This Fund is non-diversified and, as a result, may have greater volatility than diversified funds. 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 concentrated. Concentration risk results from maintaining exposure to issuers conducting business in a specific industry. 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. 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.
EGA Emerging Global Shares Trust 11
Portfolio Summary (Unaudited)
EGShares India Infrastructure ETF
Industry Breakdown*
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
![]() | ![]() | |||
< Industrials | 36.8 | % | ||
< Utilities | 19.2 | |||
< Telecommunications | 15.7 | |||
< Basic Materials | 13.8 | |||
< Consumer Goods | 7.4 | |||
< Oil & Gas | 5.1 | |||
< Financials | 1.2 | |||
< Consumer Services | 0.8 |
Top Ten Holdings*
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
![]() | ![]() | |||
Bharti Airtel, Ltd. | 5.6 | % | ||
Idea Cellular, Ltd. | 5.5 | |||
Tata Motors, Ltd. | 5.2 | |||
Ambuja Cements, Ltd. | 5.2 | |||
Adani Ports and Special Economic Zone, Ltd. | 5.1 | |||
Mahindra & Mahindra, Ltd. | 5.1 | |||
GAIL India, Ltd. | 5.1 | |||
NTPC, Ltd. | 5.0 | |||
NMDC, Ltd. | 4.9 | |||
Bharat Heavy Electricals, Ltd. | 4.8 |
* | Expressed as a percentage of total investments in securities as of 9/30/2014. 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 (“Underlying Index”). The Underlying Index is a free-float capitalization- weighted stock market index comprised of 30 leading emerging market companies that Indxx, LLC determines to be representative of India’s infrastructure sectors.
This Fund is non-diversified and, as a result, may have greater volatility than diversified funds. 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 concentrated. Concentration risk results from maintaining exposure to issuers conducting business in a specific industry. 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. 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.
12 EGA Emerging Global Shares Trust
Portfolio Summary (Unaudited)
EGShares India Small Cap ETF
Industry Breakdown*
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
![]() | ![]() | |||
< Financials | 30.7 | % | ||
< Consumer Goods | 23.5 | |||
< Industrials | 21.4 | |||
< Utilities | 9.6 | |||
< Technology | 5.4 | |||
< Oil & Gas | 4.3 | |||
< Health Care | 2.8 | |||
< Consumer Services | 1.2 | |||
< Telecommunications | 1.1 | |||
< Basic Materials | 0.0 | ** |
Top Ten Holdings*
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
![]() | ![]() | |||
Federal Bank, Ltd. | 4.9 | % | ||
Bharat Forge, Ltd. | 4.8 | |||
MRF, Ltd. | 4.7 | |||
LIC Housing Finance, Ltd. | 4.5 | |||
Cummins India, Ltd. | 4.3 | |||
Mindtree, Ltd. | 3.9 | |||
Hindustan Petroleum Corp., Ltd. | 3.7 | |||
Exide Industries, Ltd. | 3.6 | |||
Reliance Infrastructure, Ltd. | 3.6 | |||
Crompton Greaves, Ltd. | 3.4 |
* | Expressed as a percentage of total investments in securities as of 9/30/2014. Holdings are subject to change. |
** | Amount rounds to less than 0.05%. |
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 (“Underlying Index”). The Underlying Index is comprised of 75 stock free-float adjusted market capitalization weighted index designed to measure the market performance of companies in the small cap segment in India.
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 concentrated. Concentration risk results from maintaining exposure to issuers conducting business in a specific industry. 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. 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.
EGA Emerging Global Shares Trust 13
Portfolio Summary (Unaudited)
EGShares Low Volatility Emerging Markets Dividend ETF
Industry Breakdown*
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
![]() | ![]() | |||
< Financials | 25.2 | % | ||
< Telecommunications | 20.4 | |||
< Utilities | 13.1 | |||
< Oil & Gas | 10.8 | |||
< Consumer Services | 9.3 | |||
< Industrials | 7.7 | |||
< Basic Materials | 7.2 | |||
< Health Care | 3.6 | |||
< Consumer Goods | 2.7 |
Top Ten Holdings*
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
![]() | ![]() | |||
Ecopetrol SA ADR | 4.7 | % | ||
Grupo Aeroportuario del Centro Norte SAB de CV | 4.6 | |||
O2 Czech Republic AS | 4.4 | |||
PT Indo Tambangraya Megah Tbk | 4.2 | |||
CEZ AS | 4.0 | |||
BTS Group Holdings PCL NVDR | 3.7 | |||
United Bank, Ltd. | 3.6 | |||
Fleury SA | 3.6 | |||
Advanced Info Service PCL NVDR | 3.6 | |||
Aguas Andinas SA Class A | 3.4 |
* | Expressed as a percentage of total investments in securities as of 9/30/2014. 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 FTSE Emerging All Cap ex Taiwan Low Volatility Dividend Index (“Underlying Index”). The Underlying Index is a dividend yield weighted stock market index comprised of 30 emerging markets companies that have a high dividend yield and low beta. The Underlying Index is screened for size and liquidity, dividend quality and volatility.
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 concentrated. Concentration risk results from maintaining exposure to issuers conducting business in a specific industry. 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. 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.
14 EGA Emerging Global Shares Trust
Shareholder Expense Examples (Unaudited)
As a shareholder of an EGShares ETF, you incur advisory fees and other Fund expenses, if any. 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, 2014 to September 30, 2014).
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 9/30/2014” 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.
EGA Emerging Global Shares Trust 15
Shareholder Expense Examples (Unaudited) (concluded)
![]() | ![]() | ![]() | ![]() | ![]() | ||||||||||||
Beginning Account Value 4/1/2014 | Ending Account Value 9/30/2014 | Annualized Expense Ratios for the Period | Expenses Paid Through 9/30/2014(1) | |||||||||||||
EGShares Beyond BRICs ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,052.36 | 0.58 | % | $ | 2.98 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.16 | 0.58 | % | $ | 2.94 | ||||||||
EGShares Blue Chip ETF(2) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 952.50 | 0.60 | % | $ | 2.58 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.06 | 0.60 | % | $ | 3.04 | ||||||||
EGShares Brazil Infrastructure ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 881.10 | 0.85 | % | $ | 4.01 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.81 | 0.85 | % | $ | 4.31 | ||||||||
EGShares EM Dividend High Income ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,025.65 | 0.85 | % | $ | 4.32 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.81 | 0.85 | % | $ | 4.31 | ||||||||
EGShares Emerging Markets Consumer ETF (Consolidated)(3) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 988.69 | 0.83 | % | $ | 4.14 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.91 | 0.83 | % | $ | 4.20 | ||||||||
EGShares Emerging Markets Core ETF (Consolidated)(3) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,049.90 | 0.71 | % | $ | 3.65 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.51 | 0.71 | % | $ | 3.60 | ||||||||
EGShares Emerging Markets Dividend Growth ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,000.56 | 0.85 | % | $ | 4.26 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.81 | 0.85 | % | $ | 4.31 | ||||||||
EGShares Emerging Markets Domestic Demand ETF (Consolidated)(3) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,056.48 | 0.85 | % | $ | 4.38 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.81 | 0.85 | % | $ | 4.31 | ||||||||
EGShares India Consumer ETF (Consolidated)(3) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,246.76 | 0.90 | % | $ | 5.07 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.56 | 0.90 | % | $ | 4.56 | ||||||||
EGShares India Infrastructure ETF (Consolidated)(3) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,143.61 | 0.87 | % | $ | 4.68 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.71 | 0.87 | % | $ | 4.41 | ||||||||
EGShares India Small Cap ETF (Consolidated)(3) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,248.82 | 0.90 | % | $ | 5.07 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.56 | 0.90 | % | $ | 4.56 | ||||||||
EGShares Low Volatility Emerging Markets Dividend ETF (Consolidated)(3) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,008.83 | 0.87 | % | $ | 4.38 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.71 | 0.87 | % | $ | 4.41 |
1 | Expenses are calculated using each Fund’s annualized expense ratio, which includes waived fees or reimbursed expenses, if any, multiplied by the average account value for the period, multiplied by 183/365 (to reflect the six-month period). |
2 | Actual expenses are calculated using the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 161/365 (to reflect commencement of operations). Hypothetical expenses are calculated for the full six month period. |
3 | 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. |
16 EGA Emerging Global Shares Trust
Schedule of Investments
EGShares Beyond BRICs ETF
September 30, 2014 (Unaudited)
![]() | ![]() | ![]() | ||||||
Investments | Shares | Value | ||||||
COMMON STOCKS—99.4% | ||||||||
Bangladesh—0.7% | ||||||||
GrameenPhone, Ltd. | 392,400 | $ | 1,936,770 | |||||
Chile—3.1% | ||||||||
Banco de Chile | 8,646,843 | 1,067,520 | ||||||
Banco Santander Chile | 21,101,322 | 1,178,752 | ||||||
Empresa Nacional de Electricidad SA | 1,142,140 | 1,676,357 | ||||||
Empresas Copec SA | 128,005 | 1,567,058 | ||||||
Enersis SA | 7,060,592 | 2,244,279 | ||||||
S.A.C.I. Falabella | 162,461 | 1,227,493 | ||||||
Total Chile | 8,961,459 | |||||||
Colombia—1.0% | ||||||||
Ecopetrol SA | 1,797,729 | 2,818,623 | ||||||
Czech Republic—0.6% | ||||||||
CEZ AS | 54,382 | 1,653,332 | ||||||
Indonesia—7.7% | ||||||||
PT Astra International Tbk | 7,379,646 | 4,269,717 | ||||||
PT Bank Central Asia Tbk | 4,481,064 | 4,808,364 | ||||||
PT Bank Mandiri Persero Tbk | 3,431,166 | 2,837,012 | ||||||
PT Bank Rakyat Indonesia Persero Tbk | 3,976,372 | 3,402,025 | ||||||
PT Perusahaan Gas Negara Persero Tbk | 3,699,622 | 1,821,726 | ||||||
PT Telekomunikasi Indonesia Persero Tbk | 19,910,417 | 4,763,140 | ||||||
Total Indonesia | 21,901,984 | |||||||
Malaysia—13.8% | ||||||||
Axiata Group Bhd | 1,834,200 | 3,913,855 | ||||||
CIMB Group Holdings Bhd | 1,909,000 | 4,090,922 | ||||||
DiGi.Com Bhd | 1,366,900 | 2,437,544 | ||||||
Genting Bhd | 814,500 | 2,356,228 | ||||||
IHH Healthcare Bhd | 913,200 | 1,414,131 | ||||||
IOI Corp. Bhd | 1,348,100 | 1,976,638 | ||||||
Malayan Banking Bhd | 1,568,200 | 4,761,247 | ||||||
Maxis Bhd | 964,800 | 1,905,778 | ||||||
Petronas Chemicals Group Bhd | 1,055,600 | 2,007,908 | ||||||
Petronas Gas Bhd | 288,100 | 2,012,880 | ||||||
Public Bank Bhd | 1,201,120 | 6,920,033 | ||||||
Sime Darby Bhd | 1,236,000 | 3,447,462 | ||||||
Tenaga Nasional Bhd | 576,700 | 2,176,359 | ||||||
Total Malaysia | 39,420,985 | |||||||
Mexico—15.1% | ||||||||
Alfa, SAB de CV Class A | 785,410 | 2,688,356 | ||||||
America Movil SAB de CV Series L | 7,583,496 | 9,576,597 | ||||||
Arca Continental SAB de CV | 84,788 | 581,384 | ||||||
Cemex SAB de CV Series CPO | 3,312,760 | 4,316,621 | ||||||
Fomento Economico Mexicano SAB de CV Series UBD ADR | 606,291 | 5,581,114 | ||||||
Grupo Bimbo SAB de CV Series A | 601,819 | 1,744,929 | ||||||
Grupo Financiero Banorte SAB de CV Class O | 642,200 | 4,101,779 | ||||||
Grupo Financiero Inbursa SAB de CV Class O | 648,687 | 1,860,050 | ||||||
Grupo Mexico SAB de CV Series B | 1,089,695 | 3,648,747 | ||||||
Grupo Televisa SAB Series CPO | 739,627 | 5,017,034 | ||||||
Wal-Mart de Mexico SAB de CV Series V | 1,599,914 | 4,022,941 | ||||||
Total Mexico | 43,139,552 |
![]() | ![]() | ![]() | |||||||
Investments | Shares | Value | |||||||
Nigeria—6.2% | |||||||||
Guaranty Trust Bank PLC | 50,235,172 | $ | 9,132,272 | ||||||
Zenith Bank PLC | 57,733,081 | 8,643,205 | |||||||
Total Nigeria | 17,775,477 | ||||||||
Oman—0.7% | |||||||||
Oman Telecommunications Co. SAOG | 473,078 | 2,039,765 | |||||||
Philippines—1.5% | |||||||||
Philippine Long Distance Telephone Co. | 30,205 | 2,085,123 | |||||||
SM Investments Corp. | 130,323 | 2,333,342 | |||||||
Total Philippines | 4,418,465 | ||||||||
Poland—4.5% | |||||||||
Bank Pekao SA | 44,903 | 2,637,758 | |||||||
Bank Zachodni WBK SA | 10,792 | 1,289,464 | |||||||
PGE SA | 298,353 | 1,892,514 | |||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 341,575 | 4,097,784 | |||||||
Powszechny Zaklad Ubezpieczen SA | 19,758 | 2,877,727 | |||||||
Total Poland | 12,795,247 | ||||||||
Qatar—16.1% | |||||||||
Barwa Real Estate Co. | 290,671 | 3,196,511 | |||||||
Gulf International Services QSC | 173,448 | 5,848,435 | |||||||
Industries Qatar QSC | 174,270 | 8,909,930 | |||||||
Masraf Al Rayan | 566,364 | 8,662,093 | |||||||
Ooredoo QSC | 237,548 | 8,642,497 | |||||||
Qatar Gas Transport Co. (Nakilat) | 417,530 | 2,787,049 | |||||||
Vodafone Qatar | 1,390,931 | 8,062,427 | |||||||
Total Qatar | 46,108,942 | ||||||||
South Africa—15.0% | |||||||||
Anglo American Platinum, Ltd.* | 20,704 | 670,858 | |||||||
Aspen Pharmacare Holdings, Ltd. | 73,229 | 2,181,007 | |||||||
Barclays Africa Group, Ltd. | 104,258 | 1,422,281 | |||||||
FirstRand, Ltd. | 861,153 | 3,278,986 | |||||||
Kumba Iron Ore, Ltd. | 18,818 | 443,924 | |||||||
MTN Group, Ltd. | 366,703 | 7,735,061 | |||||||
Naspers, Ltd. N Shares | 70,540 | 7,773,089 | |||||||
Remgro, Ltd. | 117,307 | 2,367,476 | |||||||
Sanlam, Ltd. | 425,200 | 2,457,510 | |||||||
Sasol, Ltd. | 132,619 | 7,199,510 | |||||||
Standard Bank Group, Ltd. | 289,212 | 3,344,372 | |||||||
Steinhoff International Holdings, Ltd. | 600,039 | 2,872,136 | |||||||
Vodacom Group, Ltd. | 105,410 | 1,212,869 | |||||||
Total South Africa | 42,959,079 | ||||||||
Thailand—6.3% | |||||||||
Advanced Info Service PCL NVDR | 437,700 | 3,037,240 | |||||||
Bangkok Bank PCL NVDR | 157,320 | 989,770 | |||||||
CP ALL PCL NVDR | 1,503,500 | 2,074,992 | |||||||
Kasikornbank PCL NVDR | 420,500 | 3,047,571 | |||||||
PTT Exploration & Production PCL NVDR | 488,400 | 2,409,992 | |||||||
PTT PCL NVDR | 299,000 | 3,319,661 | |||||||
Siam Commercial Bank PCL NVDR | 567,700 | 3,186,473 | |||||||
Total Thailand | 18,065,699 |
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
The accompanying notes are an integral part of these financial statements.
EGA Emerging Global Shares Trust 17
Schedule of Investments (concluded)
EGShares Beyond BRICs ETF
September 30, 2014 (Unaudited)
![]() | ![]() | ![]() | |||||||
Investments | Shares | Value | |||||||
Turkey—3.0% | |||||||||
Akbank TAS | 593,114 | $ | 1,929,545 | ||||||
KOC Holding AS | 220,706 | 1,016,053 | |||||||
Turk Telekomunikasyon AS | 182,984 | 482,170 | |||||||
Turkcell Iletisim Hizmetleri AS* | 273,246 | 1,425,652 | |||||||
Turkiye Garanti Bankasi AS | 764,663 | 2,682,087 | |||||||
Turkiye Is Bankasi Class C | 458,931 | 1,018,148 | |||||||
Total Turkey | 8,553,655 | ||||||||
United Arab Emirates—2.8% | |||||||||
Abu Dhabi Commercial Bank PJSC | 573,446 | 1,322,394 | |||||||
DP World, Ltd. | 58,275 | 1,209,206 | |||||||
Emaar Properties PJSC | 1,250,321 | 3,931,774 | |||||||
First Gulf Bank PJSC | 324,981 | 1,658,992 | |||||||
Total United Arab Emirates | 8,122,366 | ||||||||
Vietnam—1.3% | |||||||||
HAGL JSC | 1,024,795 | 1,177,953 | |||||||
PetroVietnam Technical Service Corp. | 720,300 | 1,364,082 | |||||||
Vietnam Joint Stock Commercial Bank For Industry and Trade | 1,820,900 | 1,235,235 | |||||||
Total Vietnam | 3,777,270 | ||||||||
TOTAL INVESTMENTS IN SECURITIES—99.4% | |||||||||
(Cost: $281,265,413) | 284,448,670 | ||||||||
Other Assets in Excess of Liabilities—0.6% | 1,824,103 | ||||||||
Net Assets—100.0% | $ | 286,272,773 |
![]() | ![]() | |
* | Non-income producing security. | |
ADR | American Depositary Receipts | |
NVDR | Non-Voting Depositary Receipts |
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
The accompanying notes are an integral part of these financial statements.
18 EGA Emerging Global Shares Trust
Schedule of Investments
EGShares Blue Chip ETF
September 30, 2014 (Unaudited)
![]() | ![]() | ![]() | ||||||
Investments | Shares | Value | ||||||
COMMON STOCKS—99.1% | ||||||||
Australia—3.0% | ||||||||
Fortescue Metals Group, Ltd. | 76,000 | $ | 231,433 | |||||
Belgium—3.5% | ||||||||
Anheuser-Busch InBev NV | 2,431 | 270,613 | ||||||
Canada—3.3% | ||||||||
Finning International, Inc. | 8,932 | 252,483 | ||||||
France—3.3% | ||||||||
Casino Guichard Perrachon SA | 2,300 | 247,750 | ||||||
Italy—3.2% | ||||||||
Pirelli & C. SpA | 17,500 | 242,291 | ||||||
Jersey—3.3% | ||||||||
Randgold Resources, Ltd. | 3,660 | 249,737 | ||||||
Luxembourg—6.6% | ||||||||
Millicom International Cellular SA | 2,889 | 232,253 | ||||||
Tenaris SA | 11,815 | 270,894 | ||||||
Total Luxembourg | 503,147 | |||||||
Netherlands—6.7% | ||||||||
Akzo Nobel NV | 3,700 | 253,566 | ||||||
NXP Semiconductors NV* | 3,750 | 256,612 | ||||||
Total Netherlands | 510,178 | |||||||
Norway—3.3% | ||||||||
Telenor ASA | 11,538 | 253,296 | ||||||
Portugal—3.2% | ||||||||
Jeronimo Martins SGPS SA | 22,280 | 245,370 | ||||||
Singapore—3.5% | ||||||||
Avago Technologies, Ltd. | 3,050 | 265,350 | ||||||
South Africa—3.2% | ||||||||
Mondi PLC | 15,000 | 245,847 |
![]() | ![]() | ![]() | |||||||
Investments | Shares | Value | |||||||
South Korea—3.2% | |||||||||
LG Chem, Ltd. | 1,000 | $ | 242,123 | ||||||
Switzerland—6.6% | |||||||||
Givaudan SA* | 160 | 255,866 | |||||||
Swatch Group AG (The) | 516 | 245,228 | |||||||
Total Switzerland | 501,094 | ||||||||
Taiwan—9.5% | |||||||||
Catcher Technology Co., Ltd. | 27,000 | 250,300 | |||||||
Delta Electronics, Inc. | 41,000 | 258,781 | |||||||
Largan Precision Co., Ltd. | 3,000 | 214,994 | |||||||
Total Taiwan | 724,075 | ||||||||
United Kingdom—6.4% | |||||||||
Noble Corp. PLC | 10,860 | 241,309 | |||||||
Old Mutual PLC | 84,694 | 249,477 | |||||||
Total United Kingdom | 490,786 | ||||||||
United States—27.3% | |||||||||
Kansas City Southern | 2,193 | 265,792 | |||||||
Las Vegas Sands Corp. | 4,249 | 264,331 | |||||||
Mead Johnson Nutrition Co. | 2,741 | 263,739 | |||||||
QUALCOMM, Inc. | 3,367 | 251,751 | |||||||
Skyworks Solutions, Inc. | 4,778 | 277,363 | |||||||
Southern Copper Corp. | 8,293 | 245,888 | |||||||
Visteon Corp.* | 2,520 | 245,070 | |||||||
Yum! Brands, Inc. | 3,689 | 265,534 | |||||||
Total United States | 2,079,468 | ||||||||
TOTAL INVESTMENTS IN SECURITIES—99.1% | |||||||||
(Cost: $7,906,285) | 7,555,041 | ||||||||
Other Assets in Excess of Liabilities—0.9% | 66,152 | ||||||||
Net Assets—100.0% | $ | 7,621,193 |
![]() | ![]() | |
* | Non-income producing security. |
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
The accompanying notes are an integral part of these financial statements.
EGA Emerging Global Shares Trust 19
Schedule of Investments
EGShares Brazil Infrastructure ETF
September 30, 2014 (Unaudited)
![]() | ![]() | ![]() | ||||||
Investments | Shares | Value | ||||||
COMMON STOCKS—98.3% | ||||||||
Basic Materials—16.6% | ||||||||
Companhia Siderurgica Nacional SA | 336,248 | $ | 1,194,219 | |||||
Gerdau SA Preference Shares | 247,841 | 1,191,855 | ||||||
Metalurgica Gerdau SA Preference Shares | 178,162 | 1,029,144 | ||||||
Usinas Siderurgicas de Minas Gerais SA Preference Shares Class A* | 256,869 | 667,968 | ||||||
Total Basic Materials | 4,083,186 | |||||||
Health Care—1.2% | ||||||||
Fleury SA | 53,024 | 306,291 | ||||||
Industrials—14.1% | ||||||||
All America Latina Logistica SA | 297,523 | 772,471 | ||||||
Arteris SA | 42,357 | 271,475 | ||||||
CCR SA | 169,382 | 1,160,283 | ||||||
EcoRodovias Infraestrutura e Logistica SA | 125,242 | 616,598 | ||||||
JSL SA | 52,585 | 259,748 | ||||||
Prumo Logistica SA* | 430,993 | 158,350 | ||||||
Santos Brasil Participacoes SA | 31,690 | 214,492 | ||||||
Total Industrials | 3,453,417 | |||||||
Telecommunications—15.5% | ||||||||
Oi SA Preference Shares | 2,033,883 | 1,444,708 | ||||||
Telefonica Brasil SA Preference Shares | 61,501 | 1,215,157 | ||||||
Tim Participacoes SA | 218,843 | 1,151,570 | ||||||
Total Telecommunications | 3,811,435 |
![]() | ![]() | ![]() | |||||||
Investments | Shares | Value | |||||||
Utilities—50.9% | |||||||||
AES Tiete SA Preference Shares | 67,096 | $ | 590,267 | ||||||
Centrais Eletricas Brasileiras SA Preference Shares Class B | 148,472 | 612,168 | |||||||
Cia de Transmissao de Energia Eletrica Paulista Preference Shares | 24,693 | 359,871 | |||||||
Cia Paranaense de Energia Preference Shares Class B | 68,126 | 927,221 | |||||||
Companhia de Saneamento Basico do Estado de Sao Paulo | 147,518 | 1,191,177 | |||||||
Companhia de Saneamento de Minas Gerais | 40,441 | 511,786 | |||||||
Companhia Energetica de Minas Gerais Preference Shares | 180,323 | 1,103,463 | |||||||
Companhia Energetica de Sao Paulo Preference Shares Class B | 113,661 | 1,214,747 | |||||||
CPFL Energia SA | 155,938 | 1,216,515 | |||||||
EDP—Energias do Brasil SA | 159,897 | 652,747 | |||||||
Equatorial Energia SA | 78,816 | 797,941 | |||||||
Light SA | 48,059 | 405,724 | |||||||
Tractebel Energia SA | 86,909 | 1,220,828 | |||||||
Transmissora Alianca de Energia Eletrica SA | 64,589 | 516,005 | |||||||
Ultrapar Participacoes SA | 56,012 | 1,184,676 | |||||||
Total Utilities | 12,505,136 | ||||||||
TOTAL INVESTMENTS IN SECURITIES—98.3% | |||||||||
(Cost: $24,661,594) | 24,159,465 | ||||||||
Other Assets in Excess of Liabilities—1.7% | 411,624 | ||||||||
Net Assets—100.0% | $ | 24,571,089 |
![]() | ![]() | |
* | Non-income producing security. |
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
The accompanying notes are an integral part of these financial statements.
20 EGA Emerging Global Shares Trust
Schedule of Investments
EGShares EM Dividend High Income ETF
September 30, 2014 (Unaudited)
![]() | ![]() | ![]() | ||||||
Investments | Shares | Value | ||||||
COMMON STOCKS—98.6% | ||||||||
Brazil—18.3% | ||||||||
Banco do Brasil SA | 5,762 | $ | 59,511 | |||||
Brasil Insurance Participacoes e Administracao SA | 13,583 | 44,360 | ||||||
Cia Paranaense de Energia Preference Shares | 3,934 | 53,543 | ||||||
Companhia Energetica de Minas Gerais Preference Shares | 7,313 | 44,751 | ||||||
EcoRodovias Infraestrutura e Logistica SA | 9,910 | 48,789 | ||||||
Grendene SA | 9,012 | 62,542 | ||||||
Light SA | 5,867 | 49,530 | ||||||
Santos Brasil Participacoes SA | 6,666 | 45,119 | ||||||
Telefonica Brasil SA Preference Shares | 2,782 | 54,968 | ||||||
Vale SA Preference Shares | 4,817 | 46,762 | ||||||
Total Brazil | 509,875 | |||||||
China—19.7% | ||||||||
Anhui Expressway Co., Ltd. Class H | 110,582 | 67,502 | ||||||
Bosideng International Holdings, Ltd. | 320,038 | 46,161 | ||||||
China Coal Energy Co., Ltd. Class H | 105,993 | 61,971 | ||||||
China Lilang, Ltd. | 84,693 | 59,443 | ||||||
China Shanshui Cement Group, Ltd. | 160,301 | 57,183 | ||||||
Guangzhou R&F Properties Co., Ltd. Class H | 43,899 | 44,379 | ||||||
Shenzhen Investment, Ltd. | 172,917 | 48,545 | ||||||
Tianneng Power International, Ltd. | 137,943 | 46,721 | ||||||
Yanzhou Coal Mining Co., Ltd. Class H | 79,218 | 64,985 | ||||||
Zijin Mining Group Co., Ltd. Class H | 217,581 | 52,959 | ||||||
Total China | 549,849 | |||||||
Czech Republic—4.7% | ||||||||
CEZ AS | 2,321 | 70,564 | ||||||
O2 Czech Republic AS | 4,103 | 58,978 | ||||||
Total Czech Republic | 129,542 | |||||||
Egypt—1.7% | ||||||||
Telecom Egypt Co. | 24,833 | 47,756 | ||||||
Indonesia—4.6% | ||||||||
PT Matahari Putra Prima Tbk | 211,403 | 54,651 | ||||||
PT Tambang Batubara Bukit Asam Persero Tbk | 67,776 | 73,422 | ||||||
Total Indonesia | 128,073 | |||||||
Malaysia—4.4% | ||||||||
Berjaya Sports Toto Bhd | 48,590 | 56,581 | ||||||
Parkson Holdings Bhd* | 73,877 | 64,857 | ||||||
Total Malaysia | 121,438 |
![]() | ![]() | ![]() | |||||||
Investments | Shares | Value | |||||||
Pakistan—8.4% | |||||||||
Fauji Fertilizer Co., Ltd. | 58,193 | $ | 64,350 | ||||||
National Bank of Pakistan | 94,399 | 55,672 | |||||||
Pakistan Oilfields, Ltd. | 9,722 | 50,365 | |||||||
The Hub Power Co., Ltd. | 104,158 | 64,961 | |||||||
Total Pakistan | 235,348 | ||||||||
Poland—4.0% | |||||||||
Powszechny Zaklad Ubezpieczen SA | 398 | 57,968 | |||||||
Synthos SA | 37,792 | 52,586 | |||||||
Total Poland | 110,554 | ||||||||
Russia—2.2% | |||||||||
MMC Norilsk Nickel OJSC ADR | 3,330 | 62,104 | |||||||
South Africa—11.5% | |||||||||
Capital Property Fund | 56,742 | 60,467 | |||||||
Emira Property Fund | 43,258 | 60,111 | |||||||
Lewis Group, Ltd. | 9,387 | 46,942 | |||||||
Reunert, Ltd. | 8,711 | 45,852 | |||||||
SA Corporate Real Estate Fund | 141,270 | 55,267 | |||||||
Vodacom Group, Ltd. | 4,590 | 52,813 | |||||||
Total South Africa | 321,452 | ||||||||
Thailand—3.7% | |||||||||
Banpu PCL NVDR | 38,500 | 35,027 | |||||||
TTW PCL NVDR | 185,400 | 68,614 | |||||||
Total Thailand | 103,641 | ||||||||
Turkey—15.4% | |||||||||
Aksa Akrilik Kimya Sanayii AS | 11,059 | 33,214 | |||||||
Aygaz AS | 14,206 | 57,925 | |||||||
Ford Otomotiv Sanayi AS* | 5,525 | 63,346 | |||||||
Tekfen Holding AS* | 26,501 | 58,793 | |||||||
Tofas Turk Otomobil Fabrikasi AS | 9,373 | 52,602 | |||||||
Tupras-Turkiye Petrol Rafinerileri AS | 2,526 | 50,668 | |||||||
Turk Telekomunikasyon AS | 20,717 | 54,590 | |||||||
Turk Traktor ve Ziraat Makineleri AS | 1,853 | 57,277 | |||||||
Total Turkey | 428,415 | ||||||||
TOTAL INVESTMENTS IN SECURITIES—98.6% | |||||||||
(Cost: $2,940,702) | 2,748,047 | ||||||||
Other Assets in Excess of Liabilities—1.4% | 40,329 | ||||||||
Net Assets—100.0% | $ | 2,788,376 |
![]() | ![]() | |
* | Non-income producing security. | |
ADR | American Depositary Receipts | |
NVDR | Non-Voting Depositary Receipts |
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
The accompanying notes are an integral part of these financial statements.
EGA Emerging Global Shares Trust 21
Schedule of Investments (Consolidated)†
EGShares Emerging Markets Consumer ETF
September 30, 2014 (Unaudited)
![]() | ![]() | ![]() | ||||||
Investments | Shares | Value | ||||||
COMMON STOCKS—99.9% | ||||||||
Brazil—15.1% | ||||||||
AMBEV SA ADR | 14,367,314 | $ | 94,105,907 | |||||
BRF SA ADR | 2,576,578 | 61,296,791 | ||||||
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR | 805,903 | 35,145,430 | ||||||
Total Brazil | 190,548,128 | |||||||
Chile—6.4% | ||||||||
Cencosud SA | 7,050,996 | 20,795,227 | ||||||
Latam Airlines Group SA ADR* | 1,934,147 | 21,991,251 | ||||||
S.A.C.I. Falabella | 5,111,456 | 38,620,213 | ||||||
Total Chile | 81,406,691 | |||||||
China—17.7% | ||||||||
Belle International Holdings, Ltd. | 25,173,922 | 28,302,062 | ||||||
China Mengniu Dairy Co., Ltd. | 6,624,782 | 27,300,746 | ||||||
Ctrip.com International, Ltd. ADR* | 658,147 | 37,356,424 | ||||||
Dongfeng Motor Group Co., Ltd. Class H | 16,647,619 | 27,356,199 | ||||||
Hengan International Group Co., Ltd. | 3,552,921 | 34,933,937 | ||||||
Vipshop Holdings, Ltd. ADR* | 149,000 | 28,162,490 | ||||||
Want Want China Holdings, Ltd. | 32,674,900 | 40,732,641 | ||||||
Total China | 224,144,499 | |||||||
Colombia—1.8% | ||||||||
Grupo Nutresa SA | 1,633,596 | 22,416,273 | ||||||
India—7.4% | ||||||||
Hindustan Unilever, Ltd. | 3,540,470 | 42,765,392 | ||||||
ITC, Ltd. | 8,454,073 | 50,675,159 | ||||||
Total India | 93,440,551 | |||||||
Indonesia—3.8% | ||||||||
PT Astra International Tbk | 84,032,665 | 48,619,638 |
![]() | ![]() | ![]() | |||||||
Investments | Shares | Value | |||||||
Malaysia—6.1% | |||||||||
Genting Bhd | 10,992,320 | $ | 31,799,151 | ||||||
Genting Malaysia Bhd | 16,583,480 | 21,130,604 | |||||||
IOI Corp. Bhd | 16,791,820 | 24,620,837 | |||||||
Total Malaysia | 77,550,592 | ||||||||
Mexico—15.9% | |||||||||
Fomento Economico Mexicano SAB de CV Series UBD | 7,641,764 | 70,345,026 | |||||||
Grupo Bimbo SAB de CV Series A | 7,346,044 | 21,299,302 | |||||||
Grupo Televisa SAB Series CPO | 8,157,826 | 55,336,122 | |||||||
Wal-Mart de Mexico SAB de CV Series V | 21,772,886 | 54,747,332 | |||||||
Total Mexico | 201,727,782 | ||||||||
Russia—5.1% | |||||||||
Magnit OJSC GDR | 1,113,321 | 64,305,421 | |||||||
South Africa—18.0% | |||||||||
Naspers, Ltd. N Shares | 1,156,116 | 127,397,112 | |||||||
Shoprite Holdings, Ltd. | 2,126,785 | 26,347,983 | |||||||
Steinhoff International Holdings, Ltd. | 9,362,146 | 44,812,679 | |||||||
Tiger Brands, Ltd. | 1,070,191 | 29,878,109 | |||||||
Total South Africa | 228,435,883 | ||||||||
Thailand—2.6% | |||||||||
CP ALL PCL | 23,533,800 | 32,479,184 | |||||||
TOTAL INVESTMENTS IN SECURITIES—99.9% | |||||||||
(Cost: $1,255,212,655) | 1,265,074,642 | ||||||||
Other Assets in Excess of Liabilities—0.1% | 1,706,919 | ||||||||
Net Assets—100.0% | $ | 1,266,781,561 |
![]() | ![]() | |
† | 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 |
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
The accompanying notes are an integral part of these financial statements.
22 EGA Emerging Global Shares Trust
Schedule of Investments (Consolidated)†
EGShares Emerging Markets Core ETF
September 30, 2014 (Unaudited)
![]() | ![]() | ![]() | ||||||
Investments | Shares | Value | ||||||
COMMON STOCKS—99.8% | ||||||||
Brazil—10.4% | ||||||||
AMBEV SA ADR | 8,180 | $ | 53,579 | |||||
Banco Bradesco SA Preference Shares ADR | 3,907 | 55,675 | ||||||
BRF SA ADR | 2,455 | 58,404 | ||||||
Cia Energética de Minas Gerais ADR | 6,860 | 42,738 | ||||||
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR | 1,124 | 49,018 | ||||||
Embraer SA ADR | 1,088 | 42,671 | ||||||
Itau Unibanco Holding SA Preference Shares ADR | 3,525 | 48,927 | ||||||
Petroleo Brasileiro SA ADR | 3,122 | 44,301 | ||||||
Vale SA ADR | 4,468 | 49,192 | ||||||
Total Brazil | 444,505 | |||||||
Chile—4.6% | ||||||||
Empresa Nacional de Electricidad SA ADR | 1,046 | 45,982 | ||||||
Enersis SA ADR | 2,944 | 46,456 | ||||||
Latam Airlines Group SA ADR* | 4,260 | 48,436 | ||||||
S.A.C.I. Falabella | 7,332 | 55,398 | ||||||
Total Chile | 196,272 | |||||||
China—16.1% | ||||||||
AAC Technologies Holdings, Inc. | 3,504 | 20,351 | ||||||
Baidu, Inc. ADR* | 117 | 25,533 | ||||||
Bank of China, Ltd. Class H | 47,812 | 21,427 | ||||||
Belle International Holdings, Ltd. | 13,000 | 14,615 | ||||||
China Construction Bank Corp. Class H | 26,980 | 18,901 | ||||||
China Everbright International, Ltd. | 9,142 | 12,103 | ||||||
China Life Insurance Co., Ltd. Class H ADR | 460 | 19,182 | ||||||
China Merchants Holdings International Co., Ltd. | 6,335 | 19,580 | ||||||
China Mobile, Ltd. ADR | 378 | 22,208 | ||||||
China Overseas Land & Investment, Ltd. | 7,706 | 19,828 | ||||||
China Pacific Insurance Group Co., Ltd. Class H | 6,290 | 22,114 | ||||||
China Resources Land, Ltd. | 8,604 | 17,728 | ||||||
China Unicom Hong Kong, Ltd. ADR | 1,148 | 17,255 | ||||||
CITIC, Ltd. | 9,000 | 15,021 | ||||||
CNOOC, Ltd. | 8,140 | 13,963 | ||||||
COSCO Pacific, Ltd. | 14,068 | 18,661 | ||||||
Country Garden Holdings Co., Ltd. | 25,445 | 9,601 | ||||||
Ctrip.com International, Ltd. ADR* | 336 | 19,071 | ||||||
Digital China Holdings, Ltd. | 10,934 | 9,786 | ||||||
Dongfeng Motor Group Co., Ltd. Class H | 15,862 | 26,065 | ||||||
GCL-Poly Energy Holdings, Ltd.* | 48,174 | 17,681 | ||||||
Haier Electronics Group Co., Ltd. | 6,035 | 15,816 | ||||||
Hanergy Solar Group, Ltd.* | 143,271 | 26,384 | ||||||
Hengan International Group Co., Ltd. | 1,552 | 15,260 | ||||||
Industrial and Commercial Bank of China, Ltd. Class H | 31,078 | 19,371 | ||||||
Lenovo Group, Ltd. | 13,030 | 19,398 | ||||||
Mindray Medical International, Ltd. ADR | 566 | 17,071 | ||||||
NetEase, Inc. ADR | 348 | 29,810 | ||||||
New Oriental Education & Technology Group, Inc. ADR* | 743 | 17,238 | ||||||
PICC Property & Casualty Co., Ltd. Class H | 3,327 | 5,895 |
![]() | ![]() | ![]() | ||||||
Investments | Shares | Value | ||||||
Ping An Insurance Group Co. of China, Ltd. Class H | 2,620 | $ | 19,671 | |||||
Semiconductor Manufacturing International Corp.* | 241,820 | 24,914 | ||||||
Shunfeng Photovoltaic International, Ltd.* | 14,000 | 12,639 | ||||||
Sihuan Pharmaceutical Holdings Group, Ltd. | 14,000 | 10,493 | ||||||
Sinopharm Group Co. Class H | 6,192 | 22,647 | ||||||
Tencent Holdings, Ltd. | 825 | 12,271 | ||||||
Want Want China Holdings, Ltd. | 20,000 | 24,932 | ||||||
ZTE Corp. Class H | 7,210 | 15,989 | ||||||
Total China | 690,473 | |||||||
Colombia—1.3% | ||||||||
Grupo de Inversiones Suramericana SA | 2,720 | 54,760 | ||||||
Czech Republic—1.3% | ||||||||
CEZ AS | 1,882 | 57,217 | ||||||
India—15.7% | ||||||||
Dr. Reddy’s Laboratories, Ltd. | 1,220 | 63,797 | ||||||
Hindustan Unilever, Ltd. | 5,092 | 61,506 | ||||||
Infosys, Ltd. ADR | 896 | 54,199 | ||||||
ITC, Ltd. | 8,932 | 53,540 | ||||||
Mahindra & Mahindra, Ltd. | 2,434 | 53,630 | ||||||
NTPC, Ltd. | 21,156 | 47,649 | ||||||
Reliance Industries, Ltd. | 3,274 | 50,133 | ||||||
Sun Pharmaceutical Industries, Ltd. | 4,172 | 57,909 | ||||||
Tata Consultancy Services, Ltd. | 1,444 | 63,984 | ||||||
Tata Motors, Ltd. ADR | 1,504 | 65,740 | ||||||
Wipro, Ltd. | 5,138 | 49,650 | ||||||
Zee Entertainment Enterprises, Ltd. | 10,342 | 52,606 | ||||||
Total India | 674,343 | |||||||
Indonesia—3.7% | ||||||||
PT Astra International Tbk | 74,786 | 43,270 | ||||||
PT Telekomunikasi Indonesia Persero Tbk ADR | 1,252 | 60,221 | ||||||
PT Unilever Indonesia Tbk | 20,959 | 54,698 | ||||||
Total Indonesia | 158,189 | |||||||
Malaysia—4.6% | ||||||||
Genting Bhd | 17,000 | 49,179 | ||||||
Genting Malaysia Bhd | 38,600 | 49,184 | ||||||
Sime Darby Bhd | 16,800 | 46,859 | ||||||
Tenaga Nasional Bhd | 13,900 | 52,456 | ||||||
Total Malaysia | 197,678 | |||||||
Mexico—10.3% | ||||||||
Alfa, SAB de CV Class A | 16,239 | 55,584 | ||||||
America Movil SAB de CV Series L ADR | 2,216 | 55,843 | ||||||
Cemex SAB de CV Series CPO* | 41,309 | 53,827 | ||||||
Fibra Uno Administracion SA de CV | 7,000 | 23,043 | ||||||
Fomento Economico Mexicano SAB de CV ADR | 518 | 47,682 | ||||||
Grupo Aeroportuario del Sureste SAB de CV Class B | 3,985 | 51,495 | ||||||
Grupo Mexico SAB de CV Series B | 7,500 | 25,113 | ||||||
Grupo Televisa SAB ADR | 1,028 | 34,828 | ||||||
Kimberly-Clark de Mexico SAB de CV Class A | 17,962 | 42,397 | ||||||
Wal-Mart de Mexico SAB de CV Series V | 21,194 | 53,292 | ||||||
Total Mexico | 443,104 |
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
The accompanying notes are an integral part of these financial statements.
EGA Emerging Global Shares Trust 23
Schedule of Investments (Consolidated)† (concluded)
EGShares Emerging Markets Core ETF
September 30, 2014 (Unaudited)
![]() | ![]() | ![]() | |||||||
Investments | Shares | Value | |||||||
Philippines—3.8% | |||||||||
Ayala Land, Inc. | 78,400 | $ | 61,057 | ||||||
Jollibee Foods Corp. | 12,110 | 52,890 | |||||||
SM Investments Corp. | 2,690 | 48,162 | |||||||
Total Philippines | 162,109 | ||||||||
Poland—2.4% | |||||||||
LPP SA | 16 | 47,914 | |||||||
Powszechny Zaklad Ubezpieczen SA | 388 | 56,512 | |||||||
Total Poland | 104,426 | ||||||||
Russia—7.6% | |||||||||
Gazprom OAO ADR | 7,448 | 52,434 | |||||||
Lukoil OAO ADR | 802 | 40,902 | |||||||
Magnit OJSC GDR | 861 | 49,731 | |||||||
MMC Norilsk Nickel OJSC ADR | 3,032 | 56,547 | |||||||
Mobile TeleSystems OJSC ADR | 1,500 | 22,410 | |||||||
Sberbank of Russia ADR* | 6,418 | 50,831 | |||||||
Uralkali OJSC GDR | 2,932 | 52,043 | |||||||
Total Russia | 324,898 | ||||||||
South Africa—14.1% | |||||||||
AngloGold Ashanti, Ltd. ADR* | 3,226 | 38,712 | |||||||
Aspen Pharmacare Holdings, Ltd. | 1,798 | 53,550 | |||||||
Bidvest Group, Ltd. | 1,327 | 33,568 | |||||||
FirstRand, Ltd. | 12,456 | 47,428 | |||||||
Life Healthcare Group Holdings, Ltd. | 9,614 | 37,900 | |||||||
MTN Group, Ltd. | 1,744 | 36,787 | |||||||
Naspers, Ltd. N Shares | 395 | 43,527 | |||||||
Netcare, Ltd. | 15,250 | 42,666 | |||||||
Remgro, Ltd. | 1,832 | 36,973 | |||||||
Sanlam, Ltd. | 6,978 | 40,330 | |||||||
Sasol, Ltd. ADR | 772 | 42,067 | |||||||
Shoprite Holdings, Ltd. | 2,591 | 32,099 | |||||||
Steinhoff International Holdings, Ltd. | 7,474 | 35,775 | |||||||
Tiger Brands, Ltd. | 1,437 | 40,119 | |||||||
Woolworths Holdings, Ltd. | 7,200 | 44,551 | |||||||
Total South Africa | 606,052 |
![]() | ![]() | ![]() | |||||||
Investments | Shares | Value | |||||||
Thailand—1.1% | |||||||||
BEC World PCL NVDR | 32,000 | $ | 46,384 | ||||||
Turkey—2.1% | |||||||||
Arcelik AS | 8,462 | 45,078 | |||||||
Haci Omer Sabanci Holding AS | 10,510 | 44,145 | |||||||
Total Turkey | 89,223 | ||||||||
United Arab Emirates—0.7% | |||||||||
Emaar Properties PJSC | 10,000 | 31,446 | |||||||
TOTAL COMMON STOCKS | |||||||||
(Cost: $4,106,054) | 4,281,079 | ||||||||
Rights—0.0%** | |||||||||
China—0.0%** | |||||||||
Country Garden Holdings Co., Ltd., expiring 10/9/14* | |||||||||
(Cost: $—) | 1,696 | $ | 96 | ||||||
TOTAL INVESTMENTS IN SECURITIES—99.8% | |||||||||
(Cost: $4,106,054) | 4,281,175 | ||||||||
Other Assets in Excess of Liabilities—0.2% | 10,373 | ||||||||
Net Assets—100.0% | $ | 4,291,548 |
![]() | ![]() | |
† | 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. | |
** | Less than 0.05%. | |
ADR | American Depositary Receipts | |
GDR | Global Depositary Receipts | |
NVDR | Non-Voting Depositary Receipts | |
PJSC | Private Joint Stock Company |
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
The accompanying notes are an integral part of these financial statements.
24 EGA Emerging Global Shares Trust
Schedule of Investments
EGShares Emerging Markets Dividend Growth ETF
September 30, 2014 (Unaudited)
![]() | ![]() | ![]() | ||||||
Investments | Shares | Value | ||||||
COMMON STOCKS—99.2% | ||||||||
Brazil—17.8% | ||||||||
Banco Bradesco SA Preference Shares | 2,050 | $ | 29,157 | |||||
BRF SA | 1,243 | 29,553 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo ADR | 1,479 | 11,995 | ||||||
Cia Energética de Minas Gerais ADR | 3,529 | 21,985 | ||||||
Itau Unibanco Holding SA Preference Shares ADR | 1,685 | 23,388 | ||||||
Lojas Renner SA | 503 | 14,596 | ||||||
Ultrapar Participacoes SA ADR | 1,047 | 22,113 | ||||||
Vale SA Preference Shares | 2,103 | 20,415 | ||||||
Total Brazil | 173,202 | |||||||
China—20.7% | ||||||||
Bank of China, Ltd. Class H | 62,121 | 27,840 | ||||||
China Construction Bank Corp. Class H | 32,402 | 22,700 | ||||||
China Mobile, Ltd. | 2,455 | 28,375 | ||||||
China Petroleum & Chemical Corp. Class H | 26,716 | 23,396 | ||||||
China Shenhua Energy Co., Ltd. Class H | 9,018 | 25,143 | ||||||
CNOOC, Ltd. | 15,292 | 26,231 | ||||||
Hengan International Group Co., Ltd. | 2,239 | 22,015 | ||||||
Industrial and Commercial Bank of China, Ltd. Class H | 40,758 | 25,404 | ||||||
Total China | 201,104 | |||||||
Colombia—1.4% | ||||||||
Almacenes Exito SA | 948 | 13,919 | ||||||
Hungary—1.0% | ||||||||
Richter Gedeon Nyrt | 595 | 9,316 | ||||||
Indonesia—11.3% | ||||||||
PT Astra International Tbk | 40,844 | 23,631 | ||||||
PT Bank Rakyat Indonesia Persero Tbk | 30,761 | 26,318 | ||||||
PT Indocement Tunggal Prakarsa Tbk | 5,790 | 10,240 | ||||||
PT Perusahaan Gas Negara Persero Tbk | 45,977 | 22,639 | ||||||
PT Semen Indonesia Persero Tbk | 12,603 | 15,954 | ||||||
PT United Tractors Tbk | 6,701 | 10,944 | ||||||
Total Indonesia | 109,726 | |||||||
Malaysia—8.1% | ||||||||
CIMB Group Holdings Bhd | 12,400 | 26,573 | ||||||
Genting Malaysia Bhd | 12,300 | 15,673 | ||||||
IJM Corp. Bhd | 5,200 | 10,256 | ||||||
Tenaga Nasional Bhd | 7,000 | 26,417 | ||||||
Total Malaysia | 78,919 |
![]() | ![]() | ![]() | ||||||
Investments | Shares | Value | ||||||
Mexico—7.7% | ||||||||
Coca-Cola Femsa SAB de CV Series L | 1,724 | $ | 17,364 | |||||
Fomento Economico Mexicano SAB de CV Series UBD ADR | 2,738 | 25,204 | ||||||
Industrias Penoles SAB de CV | 556 | 12,716 | ||||||
Mexichem SAB de CV | 4,695 | 19,570 | ||||||
Total Mexico | 74,854 | |||||||
Peru—1.0% | ||||||||
Cia de Minas Buenaventura SAA ADR | 851 | 9,855 | ||||||
Philippines—1.7% | ||||||||
Aboitiz Equity Ventures, Inc. | 7,500 | 9,008 | ||||||
Manila Electric Co. | 1,300 | 7,352 | ||||||
Total Philippines | 16,360 | |||||||
Poland—2.4% | ||||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 1,950 | 23,394 | ||||||
Russia—9.3% | ||||||||
Gazprom OAO ADR | 3,654 | 25,724 | ||||||
Sberbank of Russia ADR* | 2,945 | 23,324 | ||||||
Tatneft OAO ADR | 722 | 25,494 | ||||||
Uralkali OJSC GDR | 894 | 15,868 | ||||||
Total Russia | 90,410 | |||||||
South Africa—9.6% | ||||||||
Imperial Holdings, Ltd. | 745 | 11,470 | ||||||
Mondi, Ltd. | 497 | 8,141 | ||||||
Mr. Price Group, Ltd. | 993 | 18,662 | ||||||
MTN Group, Ltd. | 1,033 | 21,790 | ||||||
Sasol, Ltd. | 431 | 23,398 | ||||||
Truworths International, Ltd. | 1,633 | 9,821 | ||||||
Total South Africa | 93,282 | |||||||
Thailand—5.2% | ||||||||
Airports of Thailand PCL NVDR | 1,800 | 13,267 | ||||||
Charoen Pokphand Foods PCL NVDR | 13,330 | 12,436 | ||||||
Siam Cement PCL NVDR | 1,800 | 24,981 | ||||||
Total Thailand | 50,684 | |||||||
Turkey—2.0% | ||||||||
BIM Birlesik Magazalar AS | 955 | 19,952 | ||||||
TOTAL INVESTMENTS IN SECURITIES—99.2% | ||||||||
(Cost: $964,631) | 964,977 | |||||||
Other Assets in Excess of Liabilities—0.8% | 8,065 | |||||||
Net Assets—100.0% | $ | 973,042 |
![]() | ![]() | |
* | Non-income producing security. | |
ADR | American Depositary Receipts | |
GDR | Global Depositary Receipts | |
NVDR | Non-Voting Depositary Receipts |
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
The accompanying notes are an integral part of these financial statements.
EGA Emerging Global Shares Trust 25
Schedule of Investments (Consolidated)†
EGShares Emerging Markets Domestic Demand ETF
September 30, 2014 (Unaudited)
![]() | ![]() | ![]() | ||||||
Investments | Shares | Value | ||||||
COMMON STOCKS—99.9% | ||||||||
Brazil—11.1% | ||||||||
AMBEV SA ADR | 203,623 | $ | 1,333,731 | |||||
BRF SA ADR | 29,376 | 698,855 | ||||||
Cia Energética de Minas Gerais ADR | 50,232 | 312,945 | ||||||
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR | 7,536 | 328,645 | ||||||
Telefonica Brasil SA ADR | 16,501 | 324,739 | ||||||
Total Brazil | 2,998,915 | |||||||
Chile—1.6% | ||||||||
Enersis SA ADR | 27,837 | 439,268 | ||||||
China—18.3% | ||||||||
Belle International Holdings, Ltd. | 343,208 | 385,855 | ||||||
China Mengniu Dairy Co., Ltd. | 69,323 | 285,680 | ||||||
China Mobile, Ltd. | 110,130 | 1,272,896 | ||||||
China Resources Power Holdings Co., Ltd. | 125,626 | 338,935 | ||||||
China Telecom Corp., Ltd. Class H | 745,885 | 457,227 | ||||||
China Unicom Hong Kong, Ltd. | 261,110 | 390,063 | ||||||
Ctrip.com International, Ltd. ADR* | 8,493 | 482,063 | ||||||
Hengan International Group Co., Ltd. | 35,642 | 350,448 | ||||||
Tingyi Cayman Islands Holding Corp. | 87,575 | 230,072 | ||||||
Vipshop Holdings, Ltd. ADR* | 1,933 | 365,356 | ||||||
Want Want China Holdings, Ltd. | 319,614 | 398,432 | ||||||
Total China | 4,957,027 | |||||||
Hong Kong—1.0% | ||||||||
WH Group Ltd. 144A* | 326,428 | 268,201 | ||||||
India—11.4% | ||||||||
Bharti Airtel, Ltd. | 69,050 | 453,029 | ||||||
Hindustan Unilever, Ltd. | 32,056 | 387,205 | ||||||
ITC, Ltd. | 88,056 | 527,823 | ||||||
Mahindra & Mahindra, Ltd. | 20,921 | 460,967 | ||||||
Sun Pharmaceutical Industries, Ltd. | 53,636 | 744,486 | ||||||
Tata Motors, Ltd. ADR | 11,578 | 506,074 | ||||||
Total India | 3,079,584 | |||||||
Indonesia—6.5% | ||||||||
PT Astra International Tbk | 1,382,337 | 799,793 | ||||||
PT Perusahaan Gas Negara Persero Tbk | 728,062 | 358,504 | ||||||
PT Telekomunikasi Indonesia Persero Tbk ADR | 12,320 | 592,592 | ||||||
Total Indonesia | 1,750,889 | |||||||
Malaysia—6.4% | ||||||||
Axiata Group Bhd | 212,200 | 452,797 | ||||||
Genting Bhd | 175,000 | 506,249 | ||||||
Tenaga Nasional Bhd | 208,700 | 787,595 | ||||||
Total Malaysia | 1,746,641 |
![]() | ![]() | ![]() | ||||||
Investments | Shares | Value | ||||||
Mexico—16.8% | ||||||||
America Movil SAB de CV Series L ADR | 55,002 | $ | 1,386,050 | |||||
Coca-Cola Femsa SAB de CV ADR | 2,295 | 231,152 | ||||||
El Puerto de Liverpool SAB de CV | 35,727 | 412,383 | ||||||
Fomento Economico Mexicano SAB de CV ADR | 9,574 | 881,287 | ||||||
Grupo Televisa SAB ADR | 32,118 | 1,088,158 | ||||||
Wal-Mart de Mexico SAB de CV Series V | 222,251 | 558,844 | ||||||
Total Mexico | 4,557,874 | |||||||
Philippines—1.0% | ||||||||
Philippine Long Distance Telephone Co. ADR | 4,068 | 280,611 | ||||||
Russia—4.3% | ||||||||
Magnit OJSC GDR | 12,624 | 729,162 | ||||||
Mobile TeleSystems OJSC ADR | 29,208 | 436,368 | ||||||
Total Russia | 1,165,530 | |||||||
South Africa—18.3% | ||||||||
Aspen Pharmacare Holdings, Ltd. | 19,229 | 572,705 | ||||||
MTN Group, Ltd. | 58,998 | 1,244,476 | ||||||
Naspers, Ltd. N Shares | 12,098 | 1,333,128 | ||||||
Shoprite Holdings, Ltd. | 16,369 | 202,790 | ||||||
Steinhoff International Holdings, Ltd. | 142,926 | 684,127 | ||||||
Tiger Brands, Ltd. | 8,463 | 236,274 | ||||||
Vodacom Group, Ltd. | 28,464 | 327,513 | ||||||
Woolworths Holdings, Ltd. | 59,554 | 368,501 | ||||||
Total South Africa | 4,969,514 | |||||||
Thailand—2.5% | ||||||||
Advanced Info Service PCL | 60,000 | 416,345 | ||||||
CP ALL PCL NVDR | 191,800 | 264,705 | ||||||
Total Thailand | 681,050 | |||||||
Turkey—0.7% | ||||||||
BIM Birlesik Magazalar AS | 9,445 | 197,323 | ||||||
TOTAL INVESTMENTS IN SECURITIES—99.9% | ||||||||
(Cost: $24,966,520) | 27,092,427 | |||||||
Other Assets in Excess of Liabilities—0.1% | 17,281 | |||||||
Net Assets—100.0% | $ | 27,109,708 |
![]() | ![]() | |
† | 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. | |
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. At September 30, 2014, the net value of these securities was $268,201, representing 0.99% of net assets. | |
ADR | American Depositary Receipts | |
GDR | Global Depositary Receipts | |
NVDR | Non-Voting Depositary Receipts |
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
The accompanying notes are an integral part of these financial statements.
26 EGA Emerging Global Shares Trust
Schedule of Investments (Consolidated)†
EGShares India Consumer ETF
September 30, 2014 (Unaudited)
![]() | ![]() | ![]() | ||||||
Investments | Shares | Value | ||||||
COMMON STOCKS—99.6% | ||||||||
Consumer Goods—79.4% | ||||||||
Apollo Tyres, Ltd. | 93,655 | $ | 308,973 | |||||
Arvind, Ltd. | 48,939 | 235,265 | ||||||
Bajaj Auto, Ltd. | 10,645 | 405,324 | ||||||
Bata India, Ltd. | 9,962 | 213,652 | ||||||
Bombay Dyeing & Manufacturing Co., Ltd. | 44,466 | 49,751 | ||||||
Bosch, Ltd. | 2,191 | 532,664 | ||||||
Dabur India, Ltd. | 115,421 | 415,168 | ||||||
Emami, Ltd. | 19,909 | 224,750 | ||||||
Exide Industries, Ltd. | 148,498 | 407,792 | ||||||
Godrej Consumer Products, Ltd. | 25,807 | 413,096 | ||||||
Hero MotoCorp, Ltd. | 9,926 | 456,369 | ||||||
Hindustan Unilever, Ltd. | 35,107 | 424,058 | ||||||
Marico, Ltd. | 90,118 | 452,341 | ||||||
Motherson Sumi Systems, Ltd. | 84,179 | 539,272 | ||||||
MRF, Ltd. | 1,062 | 561,986 | ||||||
Nestle India, Ltd. | 3,841 | 371,204 | ||||||
Radico Khaitan, Ltd. | 28,478 | 35,920 | ||||||
Raymond, Ltd. | 11,665 | 82,520 | ||||||
Shree Renuka Sugars, Ltd.* | 139,219 | 36,180 | ||||||
Tata Global Beverages, Ltd. | 121,880 | 314,469 | ||||||
TVS Motor Co., Ltd. | 69,044 | 254,835 | ||||||
United Breweries, Ltd. | 24,677 | 284,589 | ||||||
United Spirits, Ltd.* | 8,358 | 325,172 | ||||||
Total Consumer Goods | 7,345,350 |
![]() | ![]() | ![]() | ||||||
Investments | Shares | Value | ||||||
Consumer Services—4.8% | ||||||||
Cox & Kings, Ltd. | 17,203 | $ | 88,021 | |||||
Dish TV India, Ltd.* | 81,934 | 71,440 | ||||||
Sun TV Network, Ltd. | 31,603 | 173,033 | ||||||
TV18 Broadcast, Ltd.* | 239,027 | 107,787 | ||||||
Total Consumer Services | 440,281 | |||||||
Industrials—15.4% | ||||||||
Bharat Forge, Ltd. | 39,634 | 528,346 | ||||||
Mahindra & Mahindra, Ltd. | 22,159 | 488,244 | ||||||
Tata Motors, Ltd. | 49,751 | 404,509 | ||||||
Total Industrials | 1,421,099 | |||||||
TOTAL INVESTMENTS IN SECURITIES—99.6% | ||||||||
(Cost: $6,910,183) | 9,206,730 | |||||||
Other Assets in Excess of Liabilities—0.4% | 37,844 | |||||||
Net Assets—100.0% | $ | 9,244,574 |
![]() | ![]() | |
† | 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. |
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
The accompanying notes are an integral part of these financial statements.
EGA Emerging Global Shares Trust 27
Schedule of Investments (Consolidated)†
EGShares India Infrastructure ETF
September 30, 2014 (Unaudited)
![]() | ![]() | ![]() | ||||||
Investments | Shares | Value | ||||||
COMMON STOCKS—101.1% | ||||||||
Basic Materials—14.0% | ||||||||
NMDC, Ltd. | 906,277 | $ | 2,427,108 | |||||
Sesa Sterlite, Ltd. | 533,374 | 2,353,375 | ||||||
Tata Steel, Ltd. | 282,209 | 2,097,604 | ||||||
Total Basic Materials | 6,878,087 | |||||||
Consumer Goods—7.5% | ||||||||
Aditya Birla Nuvo, Ltd. | 68,739 | 1,803,620 | ||||||
Cummins India, Ltd. | 175,294 | 1,904,648 | ||||||
Total Consumer Goods | 3,708,268 | |||||||
Consumer Services—0.8% | ||||||||
Dish TV India, Ltd.* | 456,110 | 397,693 | ||||||
Financials—1.2% | ||||||||
Unitech, Ltd.* | 1,999,594 | 610,304 | ||||||
Industrials—37.2% | ||||||||
ABB India, Ltd. | 66,616 | 1,240,799 | ||||||
Adani Ports and Special Economic Zone, Ltd. | 568,169 | 2,553,357 | ||||||
Ambuja Cements, Ltd. | 742,694 | 2,569,846 | ||||||
Bharat Heavy Electricals, Ltd. | 736,215 | 2,389,480 | ||||||
Engineers India, Ltd. | 133,326 | 527,820 | ||||||
Havells India, Ltd. | 256,458 | 1,099,788 | ||||||
IRB Infrastructure Developers, Ltd. | 194,049 | 726,113 | ||||||
Jaiprakash Associates, Ltd.* | 1,445,259 | 618,962 | ||||||
Mahindra & Mahindra, Ltd. | 115,580 | 2,546,652 | ||||||
Siemens, Ltd. | 112,868 | 1,511,638 | ||||||
Tata Motors, Ltd. | 316,458 | 2,573,015 | ||||||
Total Industrials | 18,357,470 |
![]() | ![]() | ![]() | ||||||
Investments | Shares | Value | ||||||
Oil & Gas—5.1% | ||||||||
GAIL India, Ltd. | 347,157 | $ | 2,526,388 | |||||
Telecommunications—15.9% | ||||||||
Bharti Airtel, Ltd. | 422,615 | 2,772,727 | ||||||
Bharti Infratel, Ltd. | 381,050 | 1,818,563 | ||||||
Idea Cellular, Ltd. | 1,016,373 | 2,733,477 | ||||||
Tata Communications, Ltd. | 88,763 | 515,101 | ||||||
Total Telecommunications | 7,839,868 | |||||||
Utilities—19.4% | ||||||||
CESC, Ltd. | 69,791 | 847,583 | ||||||
GMR Infrastructure, Ltd. | 1,511,657 | 429,559 | ||||||
NHPC, Ltd. | 3,158,089 | 994,573 | ||||||
NTPC, Ltd. | 1,099,181 | 2,475,649 | ||||||
Reliance Infrastructure, Ltd. | 166,378 | 1,577,170 | ||||||
Reliance Power, Ltd.* | 855,117 | 973,360 | ||||||
Tata Power Co., Ltd. | 1,676,770 | 2,254,789 | ||||||
Total Utilities | 9,552,683 | |||||||
TOTAL INVESTMENTS IN SECURITIES—101.1% | ||||||||
(Cost: $48,308,516) | 49,870,761 | |||||||
Liabilities in Excess of Other Assets—(1.1)% | (528,763 | ) | ||||||
Net Assets—100.0% | $ | 49,341,998 |
![]() | ![]() | |
† | 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. |
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
The accompanying notes are an integral part of these financial statements.
28 EGA Emerging Global Shares Trust
Schedule of Investments (Consolidated)†
EGShares India Small Cap ETF
September 30, 2014 (Unaudited)
![]() | ![]() | ![]() | ||||||
Investments | Shares | Value | ||||||
COMMON STOCKS—99.7% | ||||||||
Basic Materials—0.0%** | ||||||||
Nagarjuna Fertilizers & Chemicals, Ltd.*#§ | 582,385 | $ | 9,430 | |||||
Consumer Goods—23.4% | ||||||||
Apollo Tyres, Ltd. | 211,735 | 698,527 | ||||||
Arvind, Ltd. | 112,073 | 538,770 | ||||||
Bata India, Ltd. | 23,519 | 504,406 | ||||||
Ceat, Ltd. | 12,029 | 154,803 | ||||||
Cummins India, Ltd. | 106,729 | 1,159,658 | ||||||
Delta Corp., Ltd. | 104,532 | 150,637 | ||||||
Exide Industries, Ltd. | 357,342 | 981,302 | ||||||
MRF, Ltd. | 2,399 | 1,269,495 | ||||||
Shree Renuka Sugars, Ltd.* | 332,687 | 86,458 | ||||||
Tata Global Beverages, Ltd. | 307,092 | 792,343 | ||||||
Total Consumer Goods | 6,336,399 | |||||||
Consumer Services—1.2% | ||||||||
Dish TV India, Ltd.* | 215,300 | 187,725 | ||||||
Jet Airways India, Ltd.* | 37,223 | 125,814 | ||||||
Total Consumer Services | 313,539 | |||||||
Financials—30.6% | ||||||||
Allahabad Bank | 158,027 | 254,210 | ||||||
Andhra Bank | 153,845 | 162,290 | ||||||
Bank of India | 160,850 | 604,229 | ||||||
Canara Bank | 111,218 | 631,904 | ||||||
Dena Bank, Ltd. | 115,673 | 108,631 | ||||||
Federal Bank, Ltd. | 650,273 | 1,325,079 | ||||||
Housing Development & Infrastructure, Ltd.* | 200,788 | 271,955 | ||||||
IFCI, Ltd. | 545,266 | 315,629 | ||||||
Indiabulls Real Estate, Ltd. | 154,145 | 168,471 | ||||||
Karnataka Bank, Ltd. (The) | 141,360 | 258,641 | ||||||
L&T Finance Holdings, Ltd. | 246,504 | 263,427 | ||||||
LIC Housing Finance, Ltd. | 231,835 | 1,221,864 | ||||||
Oriental Bank of Commerce | 95,554 | 355,310 | ||||||
Reliance Capital, Ltd. | 83,425 | 615,084 | ||||||
SKS Microfinance, Ltd.* | 60,459 | 293,827 | ||||||
Syndicate Bank | 165,218 | 291,994 | ||||||
UCO Bank | 163,616 | 211,275 | ||||||
Union Bank of India | 195,702 | 598,260 | ||||||
Unitech, Ltd.* | 1,051,513 | 320,936 | ||||||
Total Financials | 8,273,016 |
![]() | ![]() | ![]() | |||||||
Investments | Shares | Value | |||||||
Health Care—2.8% | |||||||||
Biocon, Ltd. | 62,135 | $ | 501,225 | ||||||
Wockhardt, Ltd. | 18,913 | 244,666 | |||||||
Total Health Care | 745,891 | ||||||||
Industrials—21.3% | |||||||||
Ashok Leyland, Ltd.* | 986,581 | 657,348 | |||||||
Bharat Forge, Ltd. | 96,610 | 1,287,872 | |||||||
Century Textiles & Industries, Ltd. | 41,428 | 364,910 | |||||||
Crompton Greaves, Ltd. | 277,531 | 903,683 | |||||||
Escorts, Ltd. | 54,430 | 133,960 | |||||||
Havells India, Ltd. | 180,497 | 774,039 | |||||||
IRB Infrastructure Developers, Ltd. | 96,861 | 362,444 | |||||||
Jaiprakash Associates, Ltd.* | 950,562 | 407,098 | |||||||
Sintex Industries, Ltd. | 144,585 | 169,026 | |||||||
Voltas, Ltd. | 182,287 | 713,092 | |||||||
Total Industrials | 5,773,472 | ||||||||
Oil & Gas—4.3% | |||||||||
Aban Offshore, Ltd. | 16,376 | 157,290 | |||||||
Hindustan Petroleum Corp., Ltd. | 128,830 | 1,005,754 | |||||||
Total Oil & Gas | 1,163,044 | ||||||||
Technology—5.4% | |||||||||
Hexaware Technologies, Ltd. | 89,101 | 290,199 | |||||||
Mindtree, Ltd. | 55,061 | 1,050,536 | |||||||
Tata Elxsi, Ltd. | 12,235 | 127,669 | |||||||
Total Technology | 1,468,404 | ||||||||
Telecommunications—1.1% | |||||||||
Tata Communications, Ltd. | 50,119 | 290,846 | |||||||
Utilities—9.6% | |||||||||
Adani Power, Ltd.* | 572,396 | 402,234 | |||||||
BF Utilities, Ltd.* | 9,731 | 87,439 | |||||||
GMR Infrastructure, Ltd. | 864,472 | 245,653 | |||||||
Petronet LNG, Ltd. | 291,319 | 886,787 | |||||||
Reliance Infrastructure, Ltd. | 102,313 | 969,870 | |||||||
Total Utilities | 2,591,983 | ||||||||
TOTAL INVESTMENTS IN SECURITIES—99.7% | |||||||||
(Cost: $23,648,321) | 26,966,024 | ||||||||
Other Assets in Excess of Liabilities—0.3% | 81,805 | ||||||||
Net Assets—100.0% | $ | 27,047,829 |
![]() | ![]() | |
† | 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. | |
** | Less than 0.05%. | |
* | Non-income producing security. | |
# | Fair valued security. | |
§ | Illiquid. |
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
The accompanying notes are an integral part of these financial statements.
EGA Emerging Global Shares Trust 29
Schedule of Investments (Consolidated)†
EGShares Low Volatility Emerging Markets Dividend ETF
September 30, 2014 (Unaudited)
![]() | ![]() | ![]() | ||||||
Investments | Shares | Value | ||||||
COMMON STOCKS—100.3% | ||||||||
Brazil—9.2% | ||||||||
Fleury SA | 284,605 | $ | 1,644,007 | |||||
Iochpe-Maxion SA | 179,730 | 1,223,831 | ||||||
Multiplus SA | 107,560 | 1,296,200 | ||||||
Total Brazil | 4,164,038 | |||||||
Chile—6.5% | ||||||||
Aguas Andinas SA Class A | 2,683,330 | 1,555,008 | ||||||
Entel Chile SA | 120,946 | 1,373,699 | ||||||
Total Chile | 2,928,707 | |||||||
China—11.6% | ||||||||
Agile Property Holdings, Ltd. | 2,196,000 | 1,348,974 | ||||||
Bank of China, Ltd. Class H | 3,185,000 | 1,427,387 | ||||||
China Power International Development, Ltd. | 2,772,000 | 1,285,135 | ||||||
Shenzhen Investment, Ltd. | 4,380,000 | 1,229,656 | ||||||
Total China | 5,291,152 | |||||||
Colombia—4.7% | ||||||||
Ecopetrol SA ADR | 68,777 | 2,150,657 | ||||||
Czech Republic—8.4% | ||||||||
CEZ AS | 59,374 | 1,805,099 | ||||||
O2 Czech Republic AS | 139,924 | 2,011,330 | ||||||
Total Czech Republic | 3,816,429 | |||||||
Hungary—3.1% | ||||||||
MOL Hungarian Oil and Gas PLC | 28,725 | 1,407,667 | ||||||
Indonesia—7.5% | ||||||||
PT Indo Tambangraya Megah Tbk | 901,816 | 1,922,419 | ||||||
PT Matahari Putra Prima Tbk | 5,748,100 | 1,485,968 | ||||||
Total Indonesia | 3,408,387 | |||||||
Malaysia—12.5% | ||||||||
Alliance Financial Group Bhd | 973,200 | 1,480,344 | ||||||
Hap Seng Consolidated Bhd | 1,112,500 | 1,349,718 | ||||||
Malayan Banking Bhd | 438,600 | 1,331,643 | ||||||
Maxis Bhd | 779,100 | 1,538,963 | ||||||
Total Malaysia | 5,700,668 |
![]() | ![]() | ![]() | |||||||
Investments | Shares | Value | |||||||
Mexico—7.8% | |||||||||
Grupo Aeroportuario del Centro Norte SAB de CV* | 472,600 | $ | 2,077,219 | ||||||
Grupo Aeroportuario del Sureste SAB de CV Class B | 112,030 | 1,447,688 | |||||||
Total Mexico | 3,524,907 | ||||||||
Pakistan—3.7% | |||||||||
United Bank, Ltd. | 902,330 | 1,656,624 | |||||||
Philippines—3.1% | |||||||||
Philippine Long Distance Telephone Co. | 20,680 | 1,427,589 | |||||||
Poland—5.9% | |||||||||
Energa SA | 186,280 | 1,352,346 | |||||||
Orange Polska SA | 379,365 | 1,336,883 | |||||||
Total Poland | 2,689,229 | ||||||||
Thailand—13.1% | |||||||||
Advanced Info Service PCL NVDR | 234,700 | 1,628,605 | |||||||
BTS Group Holdings PCL NVDR | 5,518,300 | 1,701,866 | |||||||
Kiatnakin Bank PCL NVDR | 977,300 | 1,273,429 | |||||||
PTT Global Chemical PCL NVDR | 720,000 | 1,354,510 | |||||||
Total Thailand | 5,958,410 | ||||||||
United Arab Emirates—3.2% | |||||||||
Air Arabia PJSC | 3,932,027 | 1,466,635 | |||||||
TOTAL COMMON STOCKS | |||||||||
(Cost: $46,313,138) | 45,591,099 | ||||||||
RIGHTS—0.1% | |||||||||
China—0.1% | |||||||||
Agile Property Holdings, Ltd., expiring 11/24/14*#§ | |||||||||
(Cost: $0) | 439,200 | 43,552 | |||||||
TOTAL INVESTMENTS IN SECURITIES—100.4% | |||||||||
(Cost: $46,313,138) | 45,634,651 | ||||||||
Liabilities in Excess of Other Assets—(0.4)% | (183,286 | ) | |||||||
Net Assets—100.0% | $ | 45,451,365 |
![]() | ![]() | |
† | 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. | |
ADR | American Depositary Receipts | |
NVDR | Non-Voting Depositary Receipts | |
PJSC | Private Joint Stock Company |
![](https://capedge.com/proxy/N-CSRS/0001144204-14-072481/line.gif)
The accompanying notes are an integral part of these financial statements.
30 EGA Emerging Global Shares Trust
(This page intentionally left blank.)
EGA Emerging Global Shares Trust 31
Statements of Assets and Liabilities
EGA Emerging Global Shares Trust
September 30, 2014 (Unaudited)
![]() | ![]() | ![]() | ![]() | ![]() | ![]() | |||||||||||||||
EGShares Beyond BRICs ETF | EGShares Blue Chip ETF | EGShares Brazil Infrastructure ETF | EGShares EM Dividend High Income ETF | EGShares Emerging Markets Consumer ETF (Consolidated) | ||||||||||||||||
ASSETS: | ||||||||||||||||||||
Cost of Investments: | $ | 281,265,413 | $ | 7,906,285 | $ | 24,661,594 | $ | 2,940,702 | $ | 1,255,212,655 | ||||||||||
Investments at value | 284,448,670 | 7,555,041 | 24,159,465 | 2,748,047 | 1,265,074,642 | |||||||||||||||
Cash | — | — | 106,612 | — | — | |||||||||||||||
Foreign cash* | 6,655,995 | 617,175 | 57,555 | 74,197 | 1,450,087 | |||||||||||||||
Restricted cash† | 6,435,893 | — | — | — | — | |||||||||||||||
Receivables: | ||||||||||||||||||||
Capital shares sold | — | — | — | 15,352 | — | |||||||||||||||
Dividends and interest | 623,299 | 11,208 | 267,680 | 23,926 | 969,447 | |||||||||||||||
Foreign tax reclaims | — | 1,773 | — | — | — | |||||||||||||||
Investment securities sold | 3,977,021 | — | 57,331 | 57,933 | 6,682,273 | |||||||||||||||
Closed foreign currency transactions | — | — | — | — | — | |||||||||||||||
Total Assets | 302,140,878 | 8,185,197 | 24,648,643 | 2,919,455 | 1,274,176,449 | |||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Payables: | ||||||||||||||||||||
Accrued investment advisory fees | 133,596 | 3,943 | 19,999 | 3,249 | 904,515 | |||||||||||||||
Capital shares payable | 39,815 | — | — | — | — | |||||||||||||||
Due to custodian | 3,882,838 | 560,061 | — | 56,655 | 1,556,482 | |||||||||||||||
Due to broker | 6,435,893 | — | — | — | — | |||||||||||||||
Income payable | — | — | — | — | — | |||||||||||||||
Investment securities purchased | 5,375,963 | — | 57,555 | 36,220 | 4,933,891 | |||||||||||||||
Closed foreign currency transactions | — | — | — | 34,955 | — | |||||||||||||||
Total Liabilities | 15,868,105 | 564,004 | 77,554 | 131,079 | 7,394,888 | |||||||||||||||
NET ASSETS | $ | 286,272,773 | $ | 7,621,193 | $ | 24,571,089 | $ | 2,788,376 | $ | 1,266,781,561 | ||||||||||
NET ASSETS: | ||||||||||||||||||||
Paid-in capital | $ | 280,789,973 | $ | 8,075,632 | $ | 52,051,321 | $ | 3,143,541 | $ | 1,282,601,303 | ||||||||||
Undistributed (accumulated) net investment income (loss) | 2,674,416 | 69,789 | 1,125,234 | 8,092 | 8,887,893 | |||||||||||||||
Undistributed (accumulated) net realized gain (loss) on investments and foreign currency transactions | (359,992 | ) | (168,830 | ) | (28,086,036 | ) | (169,952 | ) | (34,523,823 | ) | ||||||||||
Net unrealized appreciation (depreciation) on investments and on foreign currency translation | 3,168,376 | (355,398 | ) | (519,430 | ) | (193,305 | ) | 9,816,188 | ||||||||||||
NET ASSETS | $ | 286,272,773 | $ | 7,621,193 | $ | 24,571,089 | $ | 2,788,376 | $ | 1,266,781,561 | ||||||||||
Outstanding beneficial interest shares (unlimited shares of beneficial interest authorized, no par value) | 12,950,000 | 400,000 | 1,700,000 | 150,000 | 48,300,000 | |||||||||||||||
Net asset value per share | $ | 22.11 | $ | 19.05 | $ | 14.45 | $ | 18.59 | $ | 26.23 | ||||||||||
* Cost of foreign cash: | $ | 6,657,407 | $ | 621,017 | $ | 57,555 | $ | 39,229 | $ | 1,552,242 |
† | 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.
32 EGA Emerging Global Shares Trust
![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | |||||||||||||||||||||
EGShares Emerging Markets Core ETF (Consolidated) | EGShares Emerging Markets Dividend Growth ETF | EGShares Emerging Markets Domestic Demand ETF (Consolidated) | EGShares India Consumer ETF (Consolidated) | EGShares India Infrastructure ETF (Consolidated) | EGShares India Small Cap ETF (Consolidated) | EGShares Low Volatility Emerging Markets Dividend ETF (Consolidated) | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Cost of Investments: | $ | 4,106,054 | $ | 964,631 | $ | 24,966,520 | $ | 6,910,183 | $ | 48,308,516 | $ | 23,648,321 | $ | 46,313,138 | ||||||||||||||
Investments at value | 4,281,175 | 964,977 | 27,092,427 | 9,206,730 | 49,870,761 | 26,966,024 | 45,634,651 | |||||||||||||||||||||
Cash | — | 9,242 | 1,207,040 | — | — | — | — | |||||||||||||||||||||
Foreign cash* | 10,914 | 673 | 23,328 | 42,411 | 1,409,693 | 85,934 | 76 | |||||||||||||||||||||
Restricted cash† | — | — | 4,062,505 | — | — | — | — | |||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||
Capital shares sold | — | — | 313,584 | — | 16,860 | — | — | |||||||||||||||||||||
Dividends and interest | 7,519 | 2,748 | 18,730 | 1,497 | 133,971 | 42,248 | 293,757 | |||||||||||||||||||||
Foreign tax reclaims | — | — | — | — | — | — | — | |||||||||||||||||||||
Investment securities sold | 75,869 | — | 312,389 | — | 4,595,290 | 3,451,523 | 1,061,286 | |||||||||||||||||||||
Closed foreign currency transactions | — | — | — | — | — | 1,846,701 | — | |||||||||||||||||||||
Total Assets | 4,375,477 | 977,640 | 33,030,003 | 9,250,638 | 56,026,575 | 32,392,430 | 46,989,770 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||
Accrued investment advisory fees | 2,585 | 727 | 19,507 | 5,919 | 40,774 | 20,792 | 34,222 | |||||||||||||||||||||
Capital shares payable | — | — | 1,189,121 | — | 6,574,148 | — | — | |||||||||||||||||||||
Due to custodian | 5,416 | — | — | 145 | 69,655 | 1,780,794 | 987,734 | |||||||||||||||||||||
Due to broker | — | — | 4,062,505 | — | — | — | — | |||||||||||||||||||||
Income payable | — | 3,871 | — | — | — | — | 516,449 | |||||||||||||||||||||
Investment securities purchased | 75,928 | — | 649,162 | — | — | 3,543,015 | — | |||||||||||||||||||||
Closed foreign currency transactions | — | — | — | — | — | — | — | |||||||||||||||||||||
Total Liabilities | 83,929 | 4,598 | 5,920,295 | 6,064 | 6,684,577 | 5,344,601 | 1,538,405 | |||||||||||||||||||||
NET ASSETS | $ | 4,291,548 | $ | 973,042 | $ | 27,109,708 | $ | 9,244,574 | $ | 49,341,998 | $ | 27,047,829 | $ | 45,451,365 | ||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Paid-in capital | $ | 4,130,593 | $ | 1,020,420 | $ | 24,715,102 | $ | 7,530,396 | $ | 100,300,966 | $ | 40,738,624 | $ | 68,098,062 | ||||||||||||||
Undistributed (accumulated) net investment income (loss) | 56,249 | 3,808 | 262,971 | 30,490 | 264,322 | 217,634 | 185,589 | |||||||||||||||||||||
Undistributed (accumulated) net realized gain (loss) on investments and foreign currency transactions | (70,221 | ) | (51,516 | ) | 5,657 | (612,579 | ) | (52,776,317 | ) | (17,217,033 | ) | (22,139,810 | ) | |||||||||||||||
Net unrealized appreciation (depreciation) on investments and on foreign currency translation | 174,927 | 330 | 2,125,978 | 2,296,267 | 1,553,027 | 3,308,604 | (692,476 | ) | ||||||||||||||||||||
NET ASSETS | $ | 4,291,548 | $ | 973,042 | $ | 27,109,708 | $ | 9,244,574 | $ | 49,341,998 | $ | 27,047,829 | $ | 45,451,365 | ||||||||||||||
Outstanding beneficial interest shares (unlimited shares of beneficial interest authorized, no par value) | 200,000 | 50,000 | 1,150,000 | 300,000 | 3,800,000 | 1,700,000 | 2,850,000 | |||||||||||||||||||||
Net asset value per share | $ | 21.46 | $ | 19.46 | $ | 23.57 | $ | 30.82 | $ | 12.98 | $ | 15.91 | $ | 15.95 | ||||||||||||||
* Cost of foreign cash: | $ | 10,944 | $ | 674 | $ | 23,257 | $ | 42,670 | $ | 1,410,639 | $ | 1,933,509 | $ | 76 |
† | 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.
EGA Emerging Global Shares Trust 33
Statements of Operations
EGA Emerging Global Shares Trust
Period Ended September 30, 2014 (Unaudited)
![]() | ![]() | ![]() | ![]() | ![]() | ![]() | |||||||||||||||
EGShares Beyond BRICs ETF | EGShares Blue Chip ETF(1) | EGShares Brazil Infrastructure ETF | EGShares EM Dividend High Income ETF | EGShares Emerging Markets Consumer ETF (Consolidated) | ||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||
Dividend income* | $ | 2,668,871 | $ | 85,625 | $ | 1,237,775 | $ | 101,391 | $ | 13,017,780 | ||||||||||
Interest income | 3,310 | (24 | ) | — | — | — | ||||||||||||||
Total investment income | 2,672,181 | 85,601 | 1,237,775 | 101,391 | 13,017,780 | |||||||||||||||
EXPENSES: | ||||||||||||||||||||
Investment advisory fees | 906,247 | 15,812 | 155,873 | 12,600 | 5,390,782 | |||||||||||||||
Mauritius taxes paid | — | — | — | — | 33,188 | |||||||||||||||
Total expenses before waivers | 906,247 | 15,812 | 155,873 | 12,600 | 5,423,970 | |||||||||||||||
Less: waivers of expenses from advisor | (288,059 | ) | — | — | — | — | ||||||||||||||
Net expenses | 618,188 | 15,812 | 155,873 | 12,600 | 5,423,970 | |||||||||||||||
Net investment income | 2,053,993 | 69,789 | 1,081,902 | 88,791 | 7,593,810 | |||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSLATIONS: | ||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||
Investments | 583,193 | (164,589 | ) | (1,673,159 | ) | (53,253 | ) | (13,799,393 | ) | |||||||||||
In-Kind Redemptions | — | — | — | 21,089 | — | |||||||||||||||
Foreign currency transactions | (215,858 | ) | (4,241 | ) | (44,716 | ) | (3,475 | ) | (318,020 | ) | ||||||||||
Net realized gain (loss) | 367,335 | (168,830 | ) | (1,717,875 | ) | (35,639 | ) | (14,117,413 | ) | |||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||
Investments | 1,790,165 | (351,244 | ) | (2,859,804 | ) | (105,695 | ) | (10,819,378 | ) | |||||||||||
Foreign currency translation | (12,567 | ) | (4,154 | ) | (20,797 | ) | (1,511 | ) | (67,030 | ) | ||||||||||
Change in unrealized appreciation (depreciation) | 1,777,598 | (355,398 | ) | (2,880,601 | ) | (107,206 | ) | (10,886,408 | ) | |||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency translation | 2,144,933 | (524,228 | ) | (4,598,476 | ) | (142,845 | ) | (25,003,821 | ) | |||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 4,198,926 | $ | (454,439 | ) | $ | (3,516,574 | ) | $ | (54,054 | ) | $ | (17,410,011 | ) | ||||||
* Net of foreign taxes withheld of: | $ | 288,799 | $ | 10,056 | $ | 586 | $ | 10,382 | $ | 824,679 |
1 | Represents the period April 23, 2014 (commencement of operations) to September 30, 2014. |
The accompanying notes are an integral part of these financial statements.
34 EGA Emerging Global Shares Trust
![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | |||||||||||||||||||||
EGShares Emerging Markets Core ETF (Consolidated) | EGShares Emerging Markets Dividend Growth ETF | EGShares Emerging Markets Domestic Demand ETF (Consolidated) | EGShares India Consumer ETF (Consolidated) | EGShares India Infrastructure ETF (Consolidated) | EGShares India Small Cap ETF (Consolidated) | EGShares Low Volatility Emerging Markets Dividend ETF (Consolidated) | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividend income* | $ | 66,415 | $ | 27,434 | $ | 347,639 | $ | 60,342 | $ | 426,369 | $ | 297,490 | $ | 1,797,083 | ||||||||||||||
Interest income | — | — | 2 | — | — | — | 4 | |||||||||||||||||||||
Total investment income | 66,415 | 27,434 | 347,641 | 60,342 | 426,369 | 297,490 | 1,797,087 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory fees | 15,237 | 4,910 | 109,448 | 29,129 | 200,188 | 113,701 | 227,506 | |||||||||||||||||||||
Mauritius taxes paid | 402 | — | 165 | 723 | 9,226 | 12,193 | 11,820 | |||||||||||||||||||||
Total expenses before waivers | 15,639 | 4,910 | 109,613 | 29,852 | 209,414 | 125,894 | 239,326 | |||||||||||||||||||||
Less: waivers of expenses from advisor | — | — | — | — | — | — | — | |||||||||||||||||||||
Net expenses | 15,639 | 4,910 | 109,613 | 29,852 | 209,414 | 125,894 | 239,326 | |||||||||||||||||||||
Net investment income | 50,776 | 22,524 | 238,028 | 30,490 | 216,955 | 171,596 | 1,557,761 | |||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSLATIONS: | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments | (4,201 | ) | 19,282 | 58,409 | (15,830 | ) | (168,962 | ) | 69,106 | (303,607 | ) | |||||||||||||||||
In-Kind Redemptions | — | 36,911 | 457,727 | — | — | — | 383,575 | |||||||||||||||||||||
Foreign currency transactions | (213 | ) | 627 | (715 | ) | (316 | ) | (154,051 | ) | (71,768 | ) | (98,797 | ) | |||||||||||||||
Net realized gain (loss) | (4,414 | ) | 56,820 | 515,421 | (16,146 | ) | (323,013 | ) | (2,662 | ) | (18,829 | ) | ||||||||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||
Investments | 158,528 | (60,813 | ) | 514,021 | 1,416,389 | (1,241,820 | ) | 3,315,553 | (560,978 | ) | ||||||||||||||||||
Foreign currency translation | (361 | ) | (17 | ) | (2,642 | ) | (866 | ) | (11,332 | ) | (10,818 | ) | (18,983 | ) | ||||||||||||||
Change in unrealized appreciation (depreciation) | 158,167 | (60,830 | ) | 511,379 | 1,415,523 | (1,253,152 | ) | 3,304,735 | (579,961 | ) | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency translation | 153,753 | (4,010 | ) | 1,026,800 | 1,399,377 | (1,576,165 | ) | 3,302,073 | (598,790 | ) | ||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 204,529 | $ | 18,514 | $ | 1,264,828 | $ | 1,429,867 | $ | (1,359,210 | ) | $ | 3,473,669 | $ | 958,971 | |||||||||||||
* Net of foreign taxes withheld of: | $ | 7,782 | $ | 3,496 | $ | 36,577 | $ | — | $ | — | $ | — | $ | 198,277 |
1 | Represents the period April 23, 2014 (commencement of operations) to September 30, 2014. |
The accompanying notes are an integral part of these financial statements.
EGA Emerging Global Shares Trust 35
Statements of Changes in Net Assets
EGA Emerging Global Shares Trust
September 30, 2014
![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | |||||||||||||||||||||
EGShares Beyond BRICs ETF | EGShares Blue Chip ETF | EGShares Brazil Infrastructure ETF | EGShares EM Dividend High Income ETF | |||||||||||||||||||||||||
For the Period April 1, 2014 Through September 30, 2014 (Unaudited) | For the Year Ended March 31, 2014 | For the Period April 23, 2014(1) Through September 30, 2014 (Unaudited) | For the Period April 1, 2014 Through September 30, 2014 (Unaudited) | For the Year Ended March 31, 2014 | For the Period April 1, 2014 Through September 30, 2014 (Unaudited) | For the Period August 15, 2013(1) Through March 31, 2014 | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||||||||||||||
Net investment income | $ | 2,053,993 | $ | 826,664 | $ | 69,789 | $ | 1,081,902 | $ | 2,021,937 | $ | 88,791 | $ | 67,674 | ||||||||||||||
Net realized gain (loss) on investments and foreign currency transactions | 367,335 | (616,386 | ) | (168,830 | ) | (1,717,875 | ) | (15,042,476 | ) | (35,639 | ) | (130,432 | ) | |||||||||||||||
Net unrealized appreciation (depreciation) on investments and foreign currency translation | 1,777,598 | 762,595 | (355,398 | ) | (2,880,601 | ) | (2,822,986 | ) | (107,206 | ) | (86,099 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 4,198,926 | 972,873 | (454,439 | ) | (3,516,574 | ) | (15,843,525 | ) | (54,054 | ) | (148,857 | ) | ||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||||||||||||
Net investment income | — | (198,374 | ) | — | — | (1,708,565 | ) | (105,527 | ) | (40,624 | ) | |||||||||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||||||||||||||
Proceeds from sale of shares | 232,688,710 | 41,935,626 | 8,075,632 | 10,571,198 | — | 3,006,418 | 4,087,632 | |||||||||||||||||||||
Cost of shares redeemed | — | (1,012,903 | ) | — | (19,392,818 | ) | (25,277,961 | ) | (2,908,695 | ) | (1,047,917 | ) | ||||||||||||||||
Transaction fees | — | — | — | — | — | — | — | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 232,688,710 | 40,922,723 | 8,075,632 | (8,821,620 | ) | (25,277,961 | ) | 97,723 | 3,039,715 | |||||||||||||||||||
Net Increase (Decrease) in Net Assets | 236,887,636 | 41,697,222 | 7,621,193 | (12,338,194 | ) | (42,830,051 | ) | (61,858 | ) | 2,850,234 | ||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 49,385,137 | 7,687,915 | — | 36,909,283 | 79,739,334 | 2,850,234 | — | |||||||||||||||||||||
End of period | $ | 286,272,773 | $ | 49,385,137 | $ | 7,621,193 | $ | 24,571,089 | $ | 36,909,283 | $ | 2,788,376 | $ | 2,850,234 | ||||||||||||||
Undistributed (accumulated) net investment income (loss) included in net assets at end of period | $ | 2,674,416 | $ | 620,423 | $ | 69,789 | $ | 1,125,234 | $ | 43,332 | $ | 8,092 | $ | 24,828 | ||||||||||||||
SHARES CREATED AND REDEEMED: | ||||||||||||||||||||||||||||
Shares outstanding, beginning of period | 2,350,000 | 350,000 | — | 2,250,000 | 3,750,000 | 150,000 | — | |||||||||||||||||||||
Shares sold | 10,600,000 | 2,050,000 | 400,000 | 600,000 | — | 150,000 | 200,000 | |||||||||||||||||||||
Shares redeemed | — | (50,000 | ) | — | (1,150,000 | ) | (1,500,000 | ) | (150,000 | ) | (50,000 | ) | ||||||||||||||||
Shares outstanding, end of period | 12,950,000 | 2,350,000 | 400,000 | 1,700,000 | 2,250,000 | 150,000 | 150,000 |
1 | Commencement of operations. |
The accompanying notes are an integral part of these financial statements.
36 EGA Emerging Global Shares Trust
![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ||||||||||||||||||||||||
EGShares Emerging Markets Consumer ETF (Consolidated) | EGShares Emerging Markets Core ETF (Consolidated) | EGShares Emerging Markets Dividend Growth ETF | EGShares Emerging Markets Domestic Demand ETF (Consolidated) | |||||||||||||||||||||||||||||
For the Period April 1, 2014 Through September 30, 2014 (Unaudited) | For the Year Ended March 31, 2014 | For the Period April 1, 2014 Through September 30, 2014 (Unaudited) | For the Year Ended March 31, 2014 | For the Period April 1, 2014 Through September 30, 2014 (Unaudited) | For the Period July 1, 2013(1) Through March 31, 2014 | For the Period April 1, 2014 Through September 30, 2014 (Unaudited) | For the Year Ended March 31, 2014 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income | $ | 7,593,810 | $ | 13,559,582 | $ | 50,776 | $ | 71,737 | $ | 22,524 | $ | 28,170 | $ | 238,028 | $ | 73,170 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currency transactions | (14,117,413 | ) | 39,433,848 | (4,414 | ) | (9,421 | ) | 56,820 | (99,342 | ) | 515,421 | (452,961 | ) | |||||||||||||||||||
Net unrealized appreciation (depreciation) on investments and foreign currency translation | (10,886,408 | ) | (52,276,450 | ) | 158,167 | (76,301 | ) | (60,830 | ) | 61,160 | 511,379 | 1,352,776 | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (17,410,011 | ) | 716,980 | 204,529 | (13,985 | ) | 18,514 | (10,012 | ) | 1,264,828 | 972,985 | |||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||||||||||||||||
Net investment income | — | (9,529,880 | ) | — | (70,906 | ) | (6,245 | ) | (33,472 | ) | — | (44,840 | ) | |||||||||||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||||||||||||||||||
Proceeds from sale of shares | 50,507,270 | 568,682,184 | — | 1,994,833 | — | 3,041,849 | 6,052,949 | 21,397,580 | ||||||||||||||||||||||||
Cost of shares redeemed | — | (211,670,993 | ) | — | (1,994,464 | ) | (995,743 | ) | (1,041,849 | ) | (3,636,368 | ) | (1,111,765 | ) | ||||||||||||||||||
Transaction fees | 1,731 | 7,917 | (909 | ) | (764 | ) | — | — | (575 | ) | (977 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 50,509,001 | 357,019,108 | (909 | ) | (395 | ) | (995,743 | ) | 2,000,000 | 2,416,006 | 20,284,838 | |||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 33,098,990 | 348,206,208 | 203,620 | (85,286 | ) | (983,474 | ) | 1,956,516 | 3,680,834 | 21,212,983 | ||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 1,233,682,571 | 885,476,363 | 4,087,928 | 4,173,214 | 1,956,516 | — | 23,428,874 | 2,215,891 | ||||||||||||||||||||||||
End of period | $ | 1,266,781,561 | $ | 1,233,682,571 | $ | 4,291,548 | $ | 4,087,928 | $ | 973,042 | $ | 1,956,516 | $ | 27,109,708 | $ | 23,428,874 | ||||||||||||||||
Undistributed (accumulated) net investment income (loss) included in net assets at end of period | $ | 8,887,893 | $ | 1,294,083 | $ | 56,249 | $ | 5,473 | $ | 3,808 | $ | (12,471 | ) | $ | 262,971 | $ | 24,943 | |||||||||||||||
SHARES CREATED AND REDEEMED: | ||||||||||||||||||||||||||||||||
Shares outstanding, beginning of period | 46,500,000 | 33,400,000 | 200,000 | 200,000 | 100,000 | — | 1,050,000 | 100,000 | ||||||||||||||||||||||||
Shares sold | 1,800,000 | 21,150,000 | — | 100,000 | — | 150,000 | 250,000 | 1,000,000 | ||||||||||||||||||||||||
Shares redeemed | — | (8,050,000 | ) | — | (100,000 | ) | (50,000 | ) | (50,000 | ) | (150,000 | ) | (50,000 | ) | ||||||||||||||||||
Shares outstanding, end of period | 48,300,000 | 46,500,000 | 200,000 | 200,000 | 50,000 | 100,000 | 1,150,000 | 1,050,000 |
1 | Commencement of operations. |
The accompanying notes are an integral part of these financial statements.
EGA Emerging Global Shares Trust 37
Statements of Changes in Net Assets (concluded)
EGA Emerging Global Shares Trust
September 30, 2014
![]() | ![]() | ![]() | ![]() | ![]() | ||||||||||||
EGShares India Consumer ETF (Consolidated) | EGShares India Infrastructure ETF (Consolidated) | |||||||||||||||
For the Period April 1, 2014 Through September 30, 2014 (Unaudited) | For the Year Ended March 31, 2014 | For the Period April 1, 2014 Through September 30, 2014 (Unaudited) | For the Year Ended March 31, 2014 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 30,490 | $ | 24,732 | $ | 216,955 | $ | 417,092 | ||||||||
Net realized gain (loss) on investments and foreign currency transactions | (16,146 | ) | (306,610 | ) | (323,013 | ) | (36,258,281 | ) | ||||||||
Net unrealized appreciation (depreciation) on investments and foreign currency translations | 1,415,523 | 650,234 | (1,253,152 | ) | 26,140,305 | |||||||||||
Net increase (decrease) in net assets resulting from operations | 1,429,867 | 368,356 | (1,359,210 | ) | (9,700,884 | ) | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income | — | — | — | (2,053,052 | ) | |||||||||||
Return of Capital | — | — | — | — | ||||||||||||
Total distribution | — | — | — | (2,053,052 | ) | |||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from sale of shares | 2,871,751 | — | 42,001,902 | 19,242,356 | ||||||||||||
Cost of shares redeemed | — | (2,051,517 | ) | (8,889,857 | ) | (41,412,898 | ) | |||||||||
Transaction fees | (1,743 | ) | (3,208 | ) | 2,698 | (2,231 | ) | |||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 2,870,008 | (2,054,725 | ) | 33,114,743 | (22,172,773 | ) | ||||||||||
Net Increase (Decrease) in Net Assets | 4,299,875 | (1,686,369 | ) | 31,755,533 | (33,926,709 | ) | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 4,944,699 | 6,631,068 | 17,586,465 | 51,513,174 | ||||||||||||
End of period | $ | 9,244,574 | $ | 4,944,699 | $ | 49,341,998 | $ | 17,586,465 | ||||||||
Undistributed (accumulated) net investment income (loss) included in net assets at end of period | $ | 30,490 | $ | — | $ | 264,322 | $ | 47,367 | ||||||||
SHARES CREATED AND REDEEMED: | ||||||||||||||||
Shares outstanding, beginning of period | 200,000 | 300,000 | 1,550,000 | 4,200,000 | ||||||||||||
Shares sold | 100,000 | — | 2,900,000 | 1,550,000 | ||||||||||||
Shares redeemed | — | (100,000 | ) | (650,000 | ) | (4,200,000 | ) | |||||||||
Shares outstanding, end of period | 300,000 | 200,000 | 3,800,000 | 1,550,000 |
1 | Commencement of operations. |
The accompanying notes are an integral part of these financial statements.
38 EGA Emerging Global Shares Trust
![]() | ![]() | ![]() | ||||||||||||||
EGShares India Small Cap ETF (Consolidated) | EGShares Low Volatility Emerging Markets Dividend ETF (Consolidated) | |||||||||||||||
For the Period April 1, 2014 Through September 30, 2014 (Unaudited) | For the Year Ended March 31, 2014 | For the Period April 1, 2014 Through September 30, 2014 (Unaudited) | For the Year Ended March 31, 2014 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 171,596 | $ | 433,144 | $ | 1,557,761 | $ | 3,202,114 | ||||||||
Net realized gain (loss) on investments and foreign currency transactions | (2,662 | ) | (2,986,133 | ) | (18,829 | ) | (14,363,763 | ) | ||||||||
Net unrealized appreciation (depreciation) on investments and foreign currency translations | 3,304,735 | 2,708,685 | (579,961 | ) | (4,924,574 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 3,473,669 | 155,696 | 958,971 | (16,086,223 | ) | |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income | — | (387,083 | ) | (1,048,125 | ) | (3,286,653 | ) | |||||||||
Return of Capital | — | — | — | (174,637 | ) | |||||||||||
Total distribution | — | (387,083 | ) | (1,048,125 | ) | (3,461,290 | ) | |||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from sale of shares | 12,647,998 | 1,064,537 | — | 51,196,661 | ||||||||||||
Cost of shares redeemed | (5,632,824 | ) | (5,433,857 | ) | (11,793,111 | ) | (63,434,762 | ) | ||||||||
Transaction fees | (1,142 | ) | (2,658 | ) | (1,516 | ) | (998 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 7,014,032 | (4,371,978 | ) | (11,794,627 | ) | (12,239,099 | ) | |||||||||
Net Increase (Decrease) in Net Assets | 10,487,701 | (4,603,365 | ) | (11,883,781 | ) | (31,786,612 | ) | |||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 16,560,128 | 21,163,493 | 57,335,146 | 89,121,758 | ||||||||||||
End of period | $ | 27,047,829 | $ | 16,560,128 | $ | 45,451,365 | $ | 57,335,146 | ||||||||
Undistributed (accumulated) net investment income (loss) included in net assets at end of period | $ | 217,634 | $ | 46,038 | $ | 185,589 | $ | (324,047 | ) | |||||||
SHARES CREATED AND REDEEMED: | ||||||||||||||||
Shares outstanding, beginning of period | 1,300,000 | 1,700,000 | 3,550,000 | 4,500,000 | ||||||||||||
Shares sold | 750,000 | 100,000 | — | 2,750,000 | ||||||||||||
Shares redeemed | (350,000 | ) | (500,000 | ) | (700,000 | ) | (3,700,000 | ) | ||||||||
Shares outstanding, end of period | 1,700,000 | 1,300,000 | 2,850,000 | 3,550,000 |
1 | Commencement of operations. |
The accompanying notes are an integral part of these financial statements.
EGA Emerging Global Shares Trust 39
Financial Highlights
EGA Emerging Global Shares Trust
For a share outstanding throughout each period
EGShares Beyond BRICs ETF
![]() | ![]() | ![]() | ![]() | |||||||||
For the Period April 1, 2014 Through September 30, 2014 (Unaudited) | For the Year Ended March 31, 2014 | For the Period August 15, 2012(1) Through March 31, 2013 | ||||||||||
Net asset value, beginning of period | $ | 21.01 | $ | 21.97 | $ | 20.00 | ||||||
Investment operations: | ||||||||||||
Net investment income(2) | 0.21 | 0.99 | 0.17 | |||||||||
Net realized and unrealized gain (loss) on investments and foreign currency translation | 0.89 | (1.77 | )(3) | 1.91 | ||||||||
Total from investment operations | 1.10 | (0.78 | ) | 2.08 | ||||||||
Distributions to shareholders: | ||||||||||||
Net investment income | — | (0.18 | ) | (0.11 | ) | |||||||
Net asset value, end of period | $ | 22.11 | $ | 21.01 | $ | 21.97 | ||||||
NET ASSET VALUE TOTAL RETURN(4) | 5.24 | % | (3.51 | )% | 10.41 | % | ||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||
Net assets, end of period (000’s omitted) | $ | 286,273 | $ | 49,385 | $ | 7,688 | ||||||
Ratios to average net assets: | ||||||||||||
Expenses, net of expense reimbursements/waivers(5)(8) | 0.58 | %(6) | 0.66 | % | 0.85 | %(6) | ||||||
Expenses, prior to expense reimbursements/waivers(5)(8) | 0.85 | %(6) | 0.85 | % | 2.43 | %(6) | ||||||
Net investment income | 1.93 | %(6) | 4.92 | % | 1.26 | %(6) | ||||||
Portfolio turnover rate | 28 | %(7) | 63 | % | 1 | %(7) |
EGShares Blue Chip ETF
![]() | ![]() | |||
For the Period April 23, 2014(1) Through September 30, 2014 (Unaudited) | ||||
Net asset value, beginning of period | $ | 20.00 | ||
Investment operations: | ||||
Net investment income(2) | 0.24 | |||
Net realized and unrealized loss on investments and foreign currency translation | (1.19 | ) | ||
Total from investment operations | (0.95 | ) | ||
Net asset value, end of period | $ | 19.05 | ||
NET ASSET VALUE TOTAL RETURN(4) | (4.75 | )% | ||
RATIOS/SUPPLEMENTAL DATA: | ||||
Net assets, end of period (000’s omitted) | $ | 7,621 | ||
Ratios to average net assets: | ||||
Expenses | 0.60 | %(6) | ||
Net investment income | 2.65 | %(6) | ||
Portfolio turnover rate | 83 | %(7) |
1 | Commencement of operations. |
2 | Based on average shares outstanding. |
3 | The realized and unrealized gain or loss on investments and foreign currency translation does not accord with the amounts reported in the Statement of Operations due to the timing of subscriptions 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, the total return would have been lower if certain expenses had not been reimbursed/waived by EGA. |
5 | Effective April 1, 2013, EGA replaced the fee and expense structure with a Unified Fee. See Note 9 for additional information. |
6 | Annualized. |
7 | Not Annualized. |
8 | Effective October 1, 2013 the Fund entered into a fee waiver agreement pursuant to which the Advisor has agreed to waive its advisory fee to 0.58% of the Fund’s average daily net assets (See Note 9). |
The accompanying notes are an integral part of these financial statements.
40 EGA Emerging Global Shares Trust
Financial Highlights (continued)
EGA Emerging Global Shares Trust
For a share outstanding throughout each period
EGShares Brazil Infrastructure ETF
![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ||||||||||||||||||
For the Period April 1, 2014 Through September 30, 2014 (Unaudited) | For the Year Ended March 31, 2014 | 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, 2010(1) Through March 31, 2010 | |||||||||||||||||||
Net asset value, beginning of period | $ | 16.40 | $ | 21.26 | $ | 24.21 | $ | 25.38 | $ | 20.55 | $ | 20.00 | ||||||||||||
Investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(2) | 0.50 | 0.63 | 0.71 | 0.96 | 0.47 | 0.03 | ||||||||||||||||||
Net realized and unrealized | ||||||||||||||||||||||||
gain (loss) on investments and foreign currency translation | (2.45 | ) | (4.94 | ) | (2.84 | ) | (1.15 | ) | 4.67 | 0.52 | (3) | |||||||||||||
Total from investment operations | (1.95 | ) | (4.31 | ) | (2.13 | ) | (0.19 | ) | 5.14 | 0.55 | ||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||||
Net investment income | — | (0.55 | ) | (0.82 | ) | (0.98 | ) | (0.31 | ) | — | ||||||||||||||
Net asset value, end of period | $ | 14.45 | $ | 16.40 | $ | 21.26 | $ | 24.21 | $ | 25.38 | $ | 20.55 | ||||||||||||
NET ASSET VALUE TOTAL RETURN(4) | (11.89 | )% | (20.36 | )% | (8.63 | )% | (0.04 | )% | 25.16 | % | 2.75 | % | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period | ||||||||||||||||||||||||
(000’s omitted) | $ | 24,571 | $ | 36,909 | $ | 79,739 | $ | 89,591 | $ | 83,760 | $ | 11,303 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Expenses, net of expense reimbursements/waivers(5)(7) | 0.85 | %(6) | 0.85 | % | 0.85 | % | 0.88 | % | 0.85 | % | 0.85 | %(6) | ||||||||||||
Expenses, prior to expense reimbursements/waivers(5)(7) | 0.85 | %(6) | 0.85 | % | 1.52 | % | 1.51 | % | 1.91 | % | 5.67 | %(6) | ||||||||||||
Net investment income | 5.90 | %(6) | 3.52 | % | 3.31 | % | 4.10 | % | 2.09 | % | 1.58 | %(6) | ||||||||||||
Portfolio turnover rate | 53 | %(8) | 68 | % | 30 | % | 30 | % | 35 | % | 1 | %(8) |
EGShares EM Dividend High Income ETF
![]() | ![]() | ![]() | ||||||
For the Period April 1, 2014 Through September 30, 2014 (Unaudited) | For the Period August 15, 2013(1) Through March 31, 2014 | |||||||
Net asset value, beginning of period | $ | 19.00 | $ | 20.00 | ||||
Investment operations: | ||||||||
Net investment income(2) | 0.60 | 0.50 | ||||||
Net realized and unrealized loss on investments and foreign currency translation | (0.09 | ) | (1.19 | ) | ||||
Total from investment operations | 0.51 | (0.69 | ) | |||||
Distributions to shareholders: | ||||||||
Net investment income | (0.92 | ) | (0.31 | ) | ||||
Net asset value, end of period | $ | 18.59 | $ | 19.00 | ||||
NET ASSET VALUE TOTAL RETURN(4) | 2.56 | % | (3.54 | )% | ||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||
Net assets, end of period (000’s omitted) | $ | 2,788 | $ | 2,850 | ||||
Ratios to average net assets: | ||||||||
Expenses, net of expense reimbursements/waivers | 0.85 | %(6) | 0.85 | %(6) | ||||
Expenses, prior to expense reimbursements/waivers | 0.85 | %(6) | 0.85 | %(6) | ||||
Net investment income | 5.99 | %(6) | 4.11 | %(6) | ||||
Portfolio turnover rate | 40 | %(8) | 61 | %(8) |
1 | Commencement of operations. |
2 | Based on average shares outstanding. |
3 | The realized and unrealized gain or loss on investments and foreign currency translation does not accord with the amounts reported in the Statement of Operations due to the timing of subscriptions 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, the total return would have been lower if certain expenses had not been reimbursed/waived by EGA. |
5 | Effective April 1, 2013, EGA replaced the fee and expense structure with a Unified Fee. See Note 9 for additional information. |
6 | Annualized. |
7 | The ratio includes 0.03% for the period ended March 31, 2012 attributed to tax expense, which is outside the expense cap in place at that time. |
8 | Not Annualized. |
The accompanying notes are an integral part of these financial statements.
EGA Emerging Global Shares Trust 41
Financial Highlights (continued)
EGA Emerging Global Shares Trust
For a share outstanding throughout each period
EGShares Emerging Markets Consumer ETF (Consolidated)
![]() | ![]() | ![]() | ![]() | ![]() | ![]() | |||||||||||||||
For the Period April 1, 2014 Through September 30, 2014 (Unaudited) | For the Year Ended March 31, 2014 | For the Year Ended March 31, 2013 | For the Year Ended March 31, 2012 | For the Period September 14, 2010(1) Through March 31, 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 26.53 | $ | 26.51 | $ | 24.77 | $ | 22.76 | $ | 20.00 | ||||||||||
Investment operations: | ||||||||||||||||||||
Net investment income(2) | 0.16 | 0.31 | 0.17 | 0.17 | 0.04 | |||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency translation | (0.46 | ) | (0.09 | ) | 1.68 | 1.96 | 2.74 | |||||||||||||
Total from investment operations | (0.30 | ) | 0.22 | 1.85 | 2.13 | 2.78 | ||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
Net investment income | — | (0.20 | ) | (0.11 | ) | (0.12 | ) | (0.02 | ) | |||||||||||
Net asset value, end of period | $ | 26.23 | $ | 26.53 | $ | 26.51 | $ | 24.77 | $ | 22.76 | ||||||||||
NET ASSET VALUE TOTAL RETURN(3) | (1.13 | )% | 0.82 | % | 7.46 | % | 9.44 | % | 13.88 | % | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of period (000’s omitted) | $ | 1,266,782 | $ | 1,233,683 | $ | 885,476 | $ | 402,466 | $ | 194,611 | ||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Expenses, net of expense reimbursements/waivers(6) | 0.83 | %(4) | 0.84 | % | 0.85 | % | 0.85 | % | 0.85 | %(4) | ||||||||||
Expenses, prior to expense reimbursements/waivers(6) | 0.83 | %(4) | 0.84 | % | 1.23 | % | 1.31 | % | 1.44 | %(4) | ||||||||||
Net investment income | 1.16 | %(4) | 1.20 | % | 0.68 | % | 0.76 | % | 0.37 | %(4) | ||||||||||
Portfolio turnover rate | 6 | %(5) | 14 | % | 7 | % | 3 | % | 9 | %(5) |
EGShares Emerging Markets Core ETF (Consolidated)
![]() | ![]() | ![]() | ![]() | |||||||||
For the Period April 1, 2014 Through September 30, 2014 (Unaudited) | For the Year Ended March 31, 2014 | For the Period October 16, 2012(1) Through March 31, 2013 | ||||||||||
Net asset value, beginning of period | $ | 20.44 | $ | 20.87 | $ | 20.00 | ||||||
Investment operations: | ||||||||||||
Net investment income(2) | 0.25 | 0.36 | 0.09 | |||||||||
Net realized and unrealized gain (loss) on investments and foreign currency translation | 0.77 | (0.44 | ) | 0.82 | ||||||||
Total from investment operations | 1.02 | (0.08 | ) | 0.91 | ||||||||
Distributions to shareholders: | ||||||||||||
Net investment income | — | (0.35 | ) | (0.04 | ) | |||||||
Net asset value, end of period | $ | 21.46 | $ | 20.44 | $ | 20.87 | ||||||
NET ASSET VALUE TOTAL RETURN(3) | 4.99 | % | (0.36 | )% | 4.55 | % | ||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||
Net assets, end of period (000’s omitted) | $ | 4,292 | $ | 4,088 | $ | 4,173 | ||||||
Ratios to average net assets: | ||||||||||||
Expenses, net of expense reimbursements/waivers(6)(7) | 0.71 | %(4) | 0.70 | % | 0.70 | %(4) | ||||||
Expenses, prior to expense reimbursements/waivers(6)(7) | 0.71 | %(4) | 0.70 | % | 11.94 | %(4) | ||||||
Net investment income | 2.33 | %(4) | 1.76 | % | 0.96 | %(4) | ||||||
Portfolio turnover rate | 15 | %(5) | 16 | % | 3 | %(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, the total return would have been lower if certain expenses had not been reimbursed/waived by EGA. |
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. |
7 | The ratio includes 0.01% for the period ended September 30, 2014 attributed to tax expense, which is outside the Unified Fee. |
The accompanying notes are an integral part of these financial statements.
42 EGA Emerging Global Shares Trust
Financial Highlights (continued)
EGA Emerging Global Shares Trust
For a share outstanding throughout each period
EGShares Emerging Markets Dividend Growth ETF
![]() | ![]() | ![]() | ||||||
For the Period April 1, 2014 Through September 30, 2014 (Unaudited) | For the Period July 1, 2013(1) Through March 31, 2014 | |||||||
Net asset value, beginning of period | $ | 19.57 | $ | 20.00 | ||||
Investment operations: | ||||||||
Net investment income(2) | 0.40 | 0.28 | ||||||
Net realized and unrealized loss on investments and foreign currency translation | (0.39 | ) | (0.38 | ) | ||||
Total from investment operations | 0.01 | (0.10 | ) | |||||
Distributions to shareholders: | ||||||||
Net investment income | (0.12 | ) | (0.33 | ) | ||||
Net asset value, end of period | $ | 19.46 | $ | 19.57 | ||||
NET ASSET VALUE TOTAL RETURN(3) | 0.06 | % | (0.45 | )% | ||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||
Net assets, end of period (000’s omitted) | $ | 973 | $ | 1,957 | ||||
Ratios to average net assets: | ||||||||
Expenses, net of expense reimbursements/waivers | 0.85 | %(4) | 0.85 | %(4) | ||||
Expenses, prior to expense reimbursements/waivers | 0.85 | %(4) | 0.85 | %(4) | ||||
Net investment income | 3.89 | %(4) | 1.91 | %(4) | ||||
Portfolio turnover rate | 2 | %(5) | 59 | %(5) |
EGShares Emerging Markets Domestic Demand ETF (Consolidated)
![]() | ![]() | ![]() | ![]() | |||||||||
For the Period April 1, 2014 Through September 30, 2014 (Unaudited) | For the Year Ended March 31, 2014 | For the Period August 15, 2012(1) Through March 31, 2013 | ||||||||||
Net asset value, beginning of period | $ | 22.31 | $ | 22.16 | $ | 20.00 | ||||||
Investment operations: | ||||||||||||
Net investment income(2) | 0.22 | 0.23 | 0.13 | |||||||||
Net realized and unrealized gain on investments and foreign currency translation | 1.04 | 0.14 | 2.11 | |||||||||
Total from investment operations | 1.26 | 0.37 | 2.24 | |||||||||
Distributions to shareholders: | ||||||||||||
Net investment income | — | (0.22 | ) | (0.08 | ) | |||||||
Net asset value, end of period | $ | 23.57 | $ | 22.31 | $ | 22.16 | ||||||
NET ASSET VALUE TOTAL RETURN(3) | 5.65 | % | 1.70 | % | 11.23 | % | ||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||
Net assets, end of period (000’s omitted) | $ | 27,110 | $ | 23,429 | $ | 2,216 | ||||||
Ratios to average net assets: | ||||||||||||
Expenses, net of expense reimbursements/waivers(6) | 0.85 | %(4) | 0.85 | % | 0.85 | %(4) | ||||||
Expenses, prior to expense reimbursements/waivers(6) | 0.85 | %(4) | 0.85 | % | 4.53 | %(4) | ||||||
Net investment income | 1.85 | %(4) | 1.09 | % | 1.02 | %(4) | ||||||
Portfolio turnover rate | 4 | %(5) | 159 | % | 57 | %(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, the total return would have been lower if certain expenses had not been reimbursed/waived by EGA. |
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 43
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, 2014 Through September 30, 2014 (Unaudited) | For the Year Ended March 31, 2014 | For the Year Ended March 31, 2013 | For the Period August 10, 2011(1) Through March 31, 2012 | |||||||||||||
Net asset value, beginning of period | $ | 24.72 | $ | 22.10 | $ | 19.08 | $ | 20.00 | ||||||||
Investment operations: | ||||||||||||||||
Net investment income (loss)(2) | 0.13 | 0.11 | (— | )(3) | (— | )(3) | ||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency translation | 5.97 | 2.51 | 3.02 | (4) | (0.92 | )(4) | ||||||||||
Total from investment operations | 6.10 | 2.62 | 3.02 | (0.92 | ) | |||||||||||
Net asset value, end of period | $ | 30.82 | $ | 24.72 | $ | 22.10 | $ | 19.08 | ||||||||
NET ASSET VALUE TOTAL RETURN(5) | 24.68 | % | 11.86 | % | 15.83 | % | (4.60 | )% | ||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||
Net assets, end of period (000’s omitted) | $ | 9,245 | $ | 4,945 | $ | 6,631 | $ | 1,908 | ||||||||
Ratios to average net assets: | ||||||||||||||||
Expenses, net of expense reimbursements/waivers(9)(10) | 0.90 | %(6) | 0.89 | % | 0.89 | % | 0.89 | %(6) | ||||||||
Expenses, prior to expense reimbursements/waivers(9)(10) | 0.90 | %(6) | 0.89 | % | 4.31 | % | 6.16 | %(6) | ||||||||
Net investment income (loss) | 0.93 | %(6) | 0.50 | % | (0.00 | )%(7) | (0.04 | )%(6) | ||||||||
Portfolio turnover rate | 2 | %(8) | 43 | % | 50 | % | 104 | %(8) |
EGShares India Infrastructure ETF (Consolidated)
![]() | ![]() | ![]() | ![]() | ![]() | ![]() | |||||||||||||||
For the Period April 1, 2014 Through September 30, 2014 (Unaudited) | For the Year Ended March 31, 2014 | For the Year Ended March 31, 2013 | For the Year Ended March 31, 2012 | For the Period August 11, 2010(1) Through March 31, 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 11.35 | $ | 12.27 | $ | 14.99 | $ | 19.40 | $ | 20.00 | ||||||||||
Investment operations: | ||||||||||||||||||||
Net investment income(2) | 0.06 | 0.13 | 0.07 | 0.06 | 0.01 | |||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency translation | 1.57 | 0.27 | (4) | (2.60 | ) | (4.39 | ) | (0.61 | ) | |||||||||||
Total from investment operations | 1.63 | 0.40 | (2.53 | ) | (4.33 | ) | (0.60 | ) | ||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
Net investment income | — | (1.32 | ) | (0.19 | ) | (0.08 | ) | — | ||||||||||||
Net asset value, end of period | $ | 12.98 | $ | 11.35 | $ | 12.27 | $ | 14.99 | $ | 19.40 | ||||||||||
NET ASSET VALUE TOTAL RETURN(5) | 14.36 | % | 4.04 | % | (17.08 | )% | (22.19 | )% | (3.00 | )% | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of period (000’s omitted) | $ | 49,342 | $ | 17,586 | $ | 51,513 | $ | 60,703 | $ | 85,377 | ||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Expenses, net of expense reimbursements/waivers(9)(11) | 0.87 | %(6) | 0.86 | % | 0.85 | % | 0.85 | % | 0.85 | %(6) | ||||||||||
Expenses, prior to expense reimbursements/waivers(9)(11) | 0.87 | %(6) | 0.86 | % | 1.61 | % | 1.69 | % | 2.24 | %(6) | ||||||||||
Net investment income | 0.92 | %(6) | 1.18 | % | 0.53 | % | 0.39 | % | 0.11 | %(6) | ||||||||||
Portfolio turnover rate | 60 | %(8) | 76 | % | 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 or loss on investments and foreign currency translation does not accord with the amounts reported in the Statement of Operations due to the timing of subscriptions 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). |
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, the total return would have been lower if certain expenses had not been reimbursed/waived by EGA. |
6 | Annualized. |
7 | Less than (0.005)%. |
8 | Not annualized. |
9 | Effective April 1, 2013, EGA replaced the fee and expense structure with a Unified Fee. See Note 9 for additional information. |
10 | The ratio includes 0.01% for the period ended September 30, 2014 attributed to tax expense, which is outside the Unified Fee. |
11 | The ratio includes 0.02% and 0.01% for the periods ended September 30, 2014 and March 31, 2014, respectively, attributed to tax expense, which is outside the Unified Fee. |
The accompanying notes are an integral part of these financial statements.
44 EGA Emerging Global Shares Trust
Financial Highlights (concluded)
EGA Emerging Global Shares Trust
For a share outstanding throughout each period
EGShares India Small Cap ETF (Consolidated)
![]() | ![]() | ![]() | ![]() | ![]() | ![]() | |||||||||||||||
For the Period April 1, 2014 Through September 30, 2014 (Unaudited) | For the Year Ended March 31, 2014 | For the Year Ended March 31, 2013 | For the Year Ended March 31, 2012 | For the Period July 7, 2010(1) Through March 31, 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 12.74 | $ | 12.45 | $ | 14.39 | $ | 19.29 | $ | 20.00 | ||||||||||
Investment operations: | ||||||||||||||||||||
Net investment income (loss)(2) | 0.10 | 0.26 | 0.10 | 0.14 | (0.01 | ) | ||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency translation | 3.07 | 0.25 | (3) | (1.94 | ) | (4.88 | ) | (0.68 | ) | |||||||||||
Total from investment operations | 3.17 | 0.51 | (1.84 | ) | (4.74 | ) | (0.69 | ) | ||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
Net investment income | — | (0.22 | ) | (0.10 | ) | (0.16 | ) | (0.02 | ) | |||||||||||
Return of Capital | — | — | (— | )(10) | — | — | ||||||||||||||
Total distributions | — | (0.22 | ) | (0.10 | ) | (0.16 | ) | (0.02 | ) | |||||||||||
Net asset value, end of period | $ | 15.91 | $ | 12.74 | $ | 12.45 | $ | 14.39 | $ | 19.29 | ||||||||||
NET ASSET VALUE TOTAL RETURN(4) | 24.88 | % | 4.29 | % | (12.87 | )% | (24.33 | )% | (3.45 | )% | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of period (000’s omitted) | $ | 27,048 | $ | 16,560 | $ | 21,163 | $ | 26,616 | $ | 34,729 | ||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Expenses, net of expense reimbursements/waivers(7)(8) | 0.90 | %(5) | 0.86 | % | 0.85 | % | 0.85 | % | 0.90 | %(5)(9) | ||||||||||
Expenses, prior to expense reimbursements/waivers(7)(8) | 0.90 | %(5) | 0.86 | % | 2.09 | % | 2.26 | % | 3.12 | %(5) | ||||||||||
Net investment income (loss) | 1.28 | %(5) | 2.36 | % | 0.76 | % | 0.84 | % | (0.06 | )%(5) | ||||||||||
Portfolio turnover rate | 28 | %(6) | 56 | % | 43 | % | 125 | % | 1 | %(6) |
EGShares Low Volatility Emerging Markets Dividend ETF (Consolidated)
![]() | ![]() | ![]() | ![]() | ![]() | ||||||||||||
For the Period April 1, 2014 Through September 30, 2014 (Unaudited) | For the Year Ended March 31, 2014 | For the Year Ended March 31, 2013 | For the Period August 4, 2011(1) Through March 31, 2012 | |||||||||||||
Net asset value, beginning of period | $ | 16.15 | $ | 19.80 | $ | 20.09 | $ | 20.00 | ||||||||
Investment operations: | ||||||||||||||||
Net investment income(2) | 0.49 | 0.64 | 0.86 | 0.33 | ||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency translation | (0.33 | ) | (3.61 | ) | (0.09 | )(3) | 0.13 | |||||||||
Total from investment operations | 0.16 | (2.97 | ) | 0.77 | 0.46 | |||||||||||
Distributions to shareholders: | ||||||||||||||||
Net investment income | (0.36 | ) | (0.65 | ) | (1.06 | ) | (0.37 | ) | ||||||||
Return of Capital | — | (0.03 | ) | — | — | |||||||||||
Total distributions | (0.36 | ) | (0.68 | ) | (1.06 | ) | (0.37 | ) | ||||||||
Net asset value, end of period | $ | 15.95 | $ | 16.15 | $ | 19.80 | $ | 20.09 | ||||||||
NET ASSET VALUE TOTAL RETURN(4) | 0.88 | % | (15.14 | )% | 4.12 | % | 2.45 | % | ||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||
Net assets, end of period (000’s omitted) | $ | 45,451 | $ | 57,335 | $ | 89,122 | $ | 59,255 | ||||||||
Ratios to average net assets: | ||||||||||||||||
Expenses, net of expense reimbursements/waivers(7)(11) | 0.87 | %(5) | 0.85 | % | 0.85 | % | 0.85 | %(5) | ||||||||
Expenses, prior to expense reimbursements/waivers(7)(11) | 0.87 | %(5) | 0.85 | % | 1.43 | % | 2.07 | %(5) | ||||||||
Net investment income | 5.82 | %(5) | 3.54 | % | 4.45 | % | 2.62 | %(5) | ||||||||
Portfolio turnover rate | 84 | %(6) | 137 | % | 86 | % | 45 | %(6) |
1 | Commencement of operations. |
2 | Based on average shares outstanding. |
3 | The realized and unrealized gain or loss on investments and foreign currency translation does not accord with the amounts reported in the Statement of Operations due to the timing of subscriptions 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, the total return would have been lower if certain expenses had not been reimbursed/waived by EGA. |
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. |
8 | The ratio includes 0.05% and 0.01% for the periods ended September 30, 2014 and March 31, 2014, respectively, attributed to tax expense, which is outside the Unified Fee. |
9 | The ratio includes 0.05% for the period ended March 31, 2011 attributed to interest expense, which was outside the expense cap in place at that time. |
10 | Less than $(0.005). |
11 | The ratio includes 0.02% for the period ended September 30, 2014 attributed to tax expense, which is outside the Unified Fee. |
The accompanying notes are an integral part of these financial statements.
EGA Emerging Global Shares Trust 45
Notes to Financial Statements
September 30, 2014 (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 sixteen separate non-diversified series, twelve of which are active, and each of which tracks an underlying index (each, an “Underlying Index”). As of the date of this report, only the following exchange-traded funds (each an “ETF” or “Fund” and collectively the “ETFs” or “Funds”) are being publicly offered:
![]() | ![]() | |
Funds | Commencement Of Operations | |
EGShares Beyond BRICs ETF (“Beyond BRICs ETF”) | August 15, 2012 | |
EGShares Blue Chip ETF (“Blue Chip ETF”) | April 23, 2014 | |
EGShares Brazil Infrastructure ETF (“Brazil Infrastructure ETF”) | February 24, 2010 | |
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 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 Low Volatility Emerging Markets Dividend ETF (“Low Volatility Dividend ETF”) | August 4, 2011 |
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 FTSE Beyond BRICs Index (the “Beyond BRICs Underlying Index”). The Beyond BRICs Underlying Index is designed to represent the performance of a diversified basket of 90 liquid companies in Emerging and Frontier markets ex Brazil, Russia, India, China (BRIC), Taiwan and Argentina as defined by FTSE’s Country Classification System. The index is market capitalization weighted, and will generally provide exposure up to 75% emerging markets and 25% frontier markets.
The Blue Chip ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the EGAI Developed Markets Blue Chip EM Access Index (the “Blue Chip Underlying Index”). The Blue Chip Underlying Index is an equal-weighted equity index comprised of 30 well-established, widely recognized developed market companies that have quality, meaningful and growing revenue from emerging markets.
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 FTSE Brazil Infrastructure Extended Index (the “BRXX Underlying Index”). The BRXX Underlying Index is a free-float capitalization weighted stock market index comprised of 30 leading companies that FTSE determines to be representative of Brazil’s infrastructure industries.
The Dividend High Income ETF’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 (the “High Dividend Underlying Index”). The High Dividend Underlying Index is equally weighted and measures the stock performance of the top 50 emerging market companies ranked by trailing dividend yield, with a limit of no more than 10 stocks per industry and country applied.
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 Index (the “Consumer Titans Underlying Index”). The Consumer Titans Underlying Index is a free-float market capitalization weighted stock market index comprised of 30 leading companies that S&P Dow Jones Indices determines to be representative of the emerging market Consumer Goods and Consumer Services Industries.
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 “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.
46 EGA Emerging Global Shares Trust
Notes to Financial Statements (continued)
September 30, 2014 (Unaudited)
The Dividend Growth ETF’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 (the “Dividend Growth Underlying Index”). The Dividend Growth Underlying Index is a capped free float market-cap weighted index that measures the stock performance of 50 emerging market companies with a high compounded annual dividend growth rate. The index has been designed to capture a broad spectrum of securities across emerging market countries that have been screened for consistent dividend quality.
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 Dow Jones Emerging Markets Domestic Demand Index (the “EMDD Underlying Index”). The EMDD Underlying Index is free-float market capitalization-weighted stock market index comprised of 50 emerging markets companies in the consumer staples, consumer discretionary, telecommunication services, health care and the utilities sectors.
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 “India Consumer Underlying Index”). The India Consumer Underlying Index is comprised of 30 stock free-float adjusted market capitalization weighted index designed to measure the market performance of companies in the consumer industry in India.
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 “India Infrastructure Underlying Index”). The India Infrastructure Underlying Index is a free-float capitalization-weighted stock market index comprised of 30 leading emerging market companies that Indxx, LLC determines to be representative of India’s infrastructure sectors that have a market capitalization of at least $200 million.
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 “India Small Cap Underlying Index”). The India Small Cap Underlying Index is comprised of 75 stocks free-float adjusted market capitalization weighted index designed to measure the market performance of companies in the small cap segment in India.
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 FTSE Emerging All Cap ex Taiwan Low Volatility Dividend Index (the “HILO Underlying Index”). The HILO Underlying Index is a dividend yield weighted stock market index comprised of 30 emerging markets companies that have a high dividend yield and low beta. The Underlying Index is screened for size and liquidity, dividend quality and volatility.
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 | |
Consumer ETF | EG Shares Consumer Mauritius | |
Core ETF | EG Shares Core Mauritius | |
Domestic Demand ETF | EG Shares Domestic Demand Mauritius | |
India Consumer ETF | EG Shares India Consumer Mauritius | |
India Infrastructure ETF | EG Shares India Infrastructure Mauritius | |
India Small Cap ETF | EG Shares India Small Cap Mauritius | |
Low Volatility Dividend ETF | EG Shares High Income/Low Beta Mauritius |
The Consumer ETF, Core ETF, Domestic Demand ETF and Low Volatility Dividend 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 virtually all of their assets in Indian securities, 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 Funds listed in the table above 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
EGA Emerging Global Shares Trust 47
Notes to Financial Statements (continued)
September 30, 2014 (Unaudited)
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:
![]() | ![]() | ![]() | ![]() | |||||||||
Funds | Inception Date Of Subsidiary | Subsidiary Net Assets at September 30, 2014 | % of ETF’s Total Net Assets at September 30, 2014 | |||||||||
Consumer ETF | September 14, 2010 | $ | 95,139,927 | 7.5 | % | |||||||
Core ETF | October 16, 2012 | 565,151 | 13.2 | |||||||||
Domestic Demand ETF | August 15, 2012 | 2,586,656 | 9.5 | |||||||||
India Consumer ETF | August 10, 2011 | 9,250,243 | 100.1 | |||||||||
India Infrastructure ETF | August 11, 2010 | 49,382,929 | 100.1 | |||||||||
India Small Cap ETF | July 7, 2010 | 27,045,424 | 100.0 | |||||||||
Low Volatility Dividend ETF | August 4, 2011 | 2,110,821 | 4.6 |
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 on behalf of its series that contain a variety of representations that provide general indemnifications. The Trust’s series’ maximum exposure under these arrangements cannot be known as this would involve future claims that may be made against a series of the Trust that have not yet occurred; however, the Trust expects any risk of loss by a series to be remote. The assets of a series may not be used to satisfy the liabilities of any other series.
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) 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 the index provider 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
48 EGA Emerging Global Shares Trust
Notes to Financial Statements (continued)
September 30, 2014 (Unaudited)
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, including the accretion of discounts and amortization of premiums.
Federal Income Taxes
The Beyond BRICs ETF, Brazil Infrastructure ETF, Consumer ETF, Core ETF, Domestic Demand ETF, India Consumer ETF, India Infrastructure ETF, India Small Cap ETF and Low Volatility Dividend ETF have qualified and continue to qualify, and the Blue Chip ETF, Dividend High Income ETF, and Dividend Growth ETF intend to qualify, as a “regulated investment company” under Subchapter M of the Internal Revenue Code of 1986, as amended. 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 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, 2014, open federal and state income tax years include the tax years or periods ended March 31, 2011, March 31, 2012, March 31, 2013 and March 31, 2014. 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
Expenses of the Trust, which are directly identifiable to a specific ETF, are applied to that ETF.
EGA Emerging Global Shares Trust 49
Notes to Financial Statements (continued)
September 30, 2014 (Unaudited)
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 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 Blue Chip ETF concentrates its investments in industries to the same extent as the Blue Chip EM 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 Brazil Infrastructure ETF and India Infrastructure ETF concentrate their investments in infrastructure 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 Dividend High Income ETF concentrates its investments in industries to the same extent as the 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 Consumer ETF and India Consumer ETF concentrate their investments in the consumer goods and services 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 goods and services industries, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting those industries. 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.
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 EMDD 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 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 Low Volatility Dividend ETF concentrates its investments in industries to the same extent as the HILO 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.
50 EGA Emerging Global Shares Trust
Notes to Financial Statements (continued)
September 30, 2014 (Unaudited)
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, 2014, 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, 2014, federal tax cost of investments and net unrealized appreciation (depreciation) were as follows:
![]() | ![]() | ![]() | ![]() | ![]() | ||||||||||||
Funds | Federal Tax Cost Of Investments | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Beyond BRICs ETF | $ | 280,991,435 | $ | 10,028,394 | $ | (6,571,159 | ) | $ | 3,457,235 | |||||||
Blue Chip ETF | 7,906,285 | 142,991 | (494,235 | ) | (351,244 | ) | ||||||||||
Brazil Infrastructure ETF | 26,709,433 | 2,028,716 | (4,578,684 | ) | (2,549,968 | ) | ||||||||||
Dividend High Income ETF | 2,942,896 | 41,904 | (236,753 | ) | (194,849 | ) | ||||||||||
Consumer ETF | 1,265,591,018 | 137,139,938 | (137,656,314 | ) | (516,376 | ) | ||||||||||
Core ETF | 4,110,417 | 516,850 | (346,092 | ) | 170,758 | |||||||||||
Dividend Growth ETF | 967,084 | 55,994 | (58,101 | ) | (2,107 | ) | ||||||||||
Domestic Demand ETF | 25,289,258 | 2,565,910 | (762,741 | ) | 1,803,169 | |||||||||||
India Consumer ETF | 6,918,305 | 2,364,660 | (76,235 | ) | 2,288,425 | |||||||||||
India Infrastructure ETF | 54,496,246 | 4,418,811 | (9,044,296 | ) | (4,625,485 | ) | ||||||||||
India Small Cap ETF | 23,900,600 | 5,258,310 | (2,192,886 | ) | 3,065,424 | |||||||||||
Low Volatility Dividend ETF | 46,399,254 | 1,141,469 | (1,906,072 | ) | (764,603 | ) |
For the year or period ended March 31, 2014, 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) | ||||||||||||
Beyond BRICs ETF | $ | 620,423 | $ | (453,349 | ) | $ | 1,116,800 | $ | 1,283,874 | |||||||
Brazil Infrastructure ETF | 43,332 | (24,320,322 | ) | 313,332 | (23,963,658 | ) | ||||||||||
Dividend High Income ETF | 24,827 | (132,118 | ) | (88,293 | ) | (195,584 | ) | |||||||||
Consumer ETF | 1,294,083 | (10,028,047 | ) | 10,324,233 | 1,590,269 | |||||||||||
Core ETF | 8,297 | (64,268 | ) | 12,397 | (43,574 | ) | ||||||||||
Dividend Growth ETF | 789 | (119,143 | ) | 58,707 | (59,647 | ) | ||||||||||
Domestic Demand ETF | 24,943 | (187,026 | ) | 1,291,861 | 1,129,778 | |||||||||||
India Consumer ETF | — | (588,311 | ) | 872,622 | 284,311 | |||||||||||
India Infrastructure ETF | 73,223 | (46,291,431 | ) | (3,381,550 | ) | (49,599,758 | ) | |||||||||
India Small Cap ETF | 49,753 | (16,965,807 | ) | (248,410 | ) | (17,164,464 | ) | |||||||||
Low Volatility Dividend ETF | — | (22,358,912 | ) | (198,631 | ) | (22,557,543 | ) |
The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales, mark to market on Passive Foreign Investment Companies (“PFIC”) securities and deferral of post-October and December losses.
EGA Emerging Global Shares Trust 51
Notes to Financial Statements (continued)
September 30, 2014 (Unaudited)
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.
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 year or period ended March 31, 2014, the ETFs deferred to April 1, 2014 these losses of:
![]() | ![]() | ![]() | ||||||
Funds | Late Year Ordinary Losses | Post October Capital Losses | ||||||
Beyond BRICs ETF | $ | — | $ | 101,258 | ||||
Brazil Infrastructure ETF | — | 6,829,467 | ||||||
Dividend High Income ETF | — | 125,758 | ||||||
Consumer ETF | — | 4,351,143 | ||||||
Core ETF | — | 6,679 | ||||||
Dividend Growth ETF | 1,230 | 105,525 | ||||||
Domestic Demand ETF | — | 183,267 | ||||||
India Consumer ETF | — | — | ||||||
India Infrastructure ETF | — | 345,529 | ||||||
India Small Cap ETF | — | 2,302,660 | ||||||
Low Volatility Dividend ETF | — | 9,142,967 |
At March 31, 2014, 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 | |||||||||||||||
Funds | Short-Term Capital Loss Carryforward | Long-Term Capital Loss Carryforward | Fiscal Year 2018 | Fiscal Year 2019 | ||||||||||||
Beyond BRICs ETF | $ | 143,415 | $ | 208,676 | $ | — | $ | — | ||||||||
Brazil Infrastructure ETF | 5,982,230 | 11,508,625 | — | — | ||||||||||||
Dividend High Income ETF | 6,360 | — | — | — | ||||||||||||
Consumer ETF | 715,076 | 4,961,828 | — | — | ||||||||||||
Core ETF | 57,589 | — | — | — | ||||||||||||
Dividend Growth ETF | 358 | — | — | — | ||||||||||||
Domestic Demand ETF | 3,759 | — | — | — | ||||||||||||
India Consumer ETF | 588,311 | — | — | — | ||||||||||||
India Infrastructure ETF | 12,652,391 | 33,293,511 | — | — | ||||||||||||
India Small Cap ETF | 4,609,309 | 10,053,838 | — | — | ||||||||||||
Low Volatility Dividend ETF | 10,531,715 | 2,360,183 | — | — |
* | Capital loss carryforwards for tax years beginning after December 22, 2010 do not expire and are carried forward in character. Amounts are subject to IRC Section 382-384 limitation in subsequent years. |
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
52 EGA Emerging Global Shares Trust
Notes to Financial Statements (continued)
September 30, 2014 (Unaudited)
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 and methodology used for valuing the securities are not necessarily an indication of the risk associated with investing in those securities.
The following summarizes inputs used as of September 30, 2014 in valuing the ETFs’:
![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | |||||||||||||||||||||
Beyond BRICs ETF* | Blue Chip ETF* | Brazil Infrastructure ETF** | Dividend High Income ETF* | Consumer ETF* | Core ETF* | Dividend Growth ETF* | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Level 1 | ||||||||||||||||||||||||||||
Common Stocks | $ | 284,448,670 | $ | 7,555,041 | $ | 24,159,465 | $ | 2,748,047 | $ | 1,265,074,642 | $ | 4,281,079 | $ | 964,977 | ||||||||||||||
Rights | — | — | — | — | — | 96 | — | |||||||||||||||||||||
Total | $ | 284,448,670 | $ | 7,555,041 | $ | 24,159,465 | $ | 2,748,047 | $ | 1,265,074,642 | $ | 4,281,175 | $ | 964,977 |
![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | |||||||||||||||||||||
Domestic Demand ETF* | India Consumer ETF** | India Infrastructure ETF** | India Small Cap ETF** | Low Volatility Dividend ETF* | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Level 1 | ||||||||||||||||||||||||||||
Common Stocks | $ | 27,092,427 | $ | 9,206,730 | $ | 49,870,761 | $ | 26,956,594 | $ | 45,591,099 | ||||||||||||||||||
Level 2 | ||||||||||||||||||||||||||||
Rights | — | — | — | — | 43,552 | |||||||||||||||||||||||
Level 3 | ||||||||||||||||||||||||||||
Common Stocks | — | — | — | 9,430 | — | |||||||||||||||||||||||
Total | $ | 27,092,427 | $ | 9,206,730 | $ | 49,870,761 | $ | 26,966,024 | $ | 45,634,651 |
* | 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 53
Notes to Financial Statements (continued)
September 30, 2014 (Unaudited)
Reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining the fair value during the period ended September 30, 2014:
![]() | ![]() | |||
India Small Cap ETF | ||||
Common Stocks Basic Materials | ||||
Balance as of March 31, 2014 | $ | 9,752 | ||
Realized gain (loss)(1) | — | |||
Change in unrealized appreciation (depreciation)(2) | (322 | ) | ||
Purchases | — | |||
Sales | — | |||
Transfers into Level 3(3) | — | |||
Transfers out of Level 3(4) | — | |||
Balance as of September 30, 2014 | $ | 9,430 | ||
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2014 is: | $ | (322 | ) |
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 availability 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, were duration of fair valuation event and 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) Emerging Global Advisors, LLC (“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 duration of fair valuation event, comparable benchmark performance, and an illiquidity discount. 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 securities that are fair valued for more than five days.
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, 2014 in valuing Level 3 securities:
![]() | ![]() | ![]() | ![]() | ![]() | ||||
India Small Cap ETF | Fair Value | Valuation Technique | Unobservable Input | Value of Unobservable Inputs | ||||
Investments in Securities | ||||||||
Common Stocks | ||||||||
Basic Materials | $9,430 | Adjustment to market based on duration of fair value event and illiquidity discount | Illiquidity Discount | 88.4% |
Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. A significant increase (decrease) in the comparable benchmark may result in a corresponding increase (decrease) in fair value. A significant increase (decrease) in the illiquidity discount may result in a corresponding decrease (increase) in fair value.
54 EGA Emerging Global Shares Trust
Notes to Financial Statements (continued)
September 30, 2014 (Unaudited)
8. INVESTMENT TRANSACTIONS
The table below displays each ETF’s investment transactions during the period ended September 30, 2014. 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 | ||||||||||||
Beyond BRICs ETF | $ | 159,023,652 | $ | 58,923,215 | $ | 133,006,838 | $ | — | ||||||||
Blue Chip ETF | 5,174,960 | 5,131,107 | 8,027,021 | — | ||||||||||||
Brazil Infrastructure ETF | 18,877,345 | 27,015,925 | — | — | ||||||||||||
Dividend High Income ETF | 1,058,880 | 1,059,273 | 1,974,346 | 1,912,279 | ||||||||||||
Consumer ETF | 93,970,763 | 75,728,059 | 40,818,442 | — | ||||||||||||
Core ETF | 687,563 | 637,096 | — | — | ||||||||||||
Dividend Growth ETF | 26,427 | 213,818 | — | 806,687 | ||||||||||||
Domestic Demand ETF | 4,203,403 | 1,084,636 | 2,393,461 | 2,759,358 | ||||||||||||
India Consumer ETF | 3,026,293 | 151,152 | — | — | ||||||||||||
India Infrastructure ETF | 60,367,494 | 26,593,851 | — | — | ||||||||||||
India Small Cap ETF | 14,264,390 | 7,214,374 | — | — | ||||||||||||
Low Volatility Dividend ETF | 44,066,247 | 47,440,513 | — | 7,785,260 |
9. INVESTMENT ADVISORY AND OTHER AGREEMENTS
Effective April 1, 2013, 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 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.
Effective October 1, 2013, the Trust and EGA, advisor to the Beyond BRICs ETF, have entered into a written fee waiver agreement (“Fee Waiver Agreement”) pursuant to which EGA has agreed to waive its advisory fee to 0.58% of the Beyond BRICs ETF Fund’s average daily net assets. The Fee Waiver Agreement will remain in effect and will be contractually binding for two years. The Fee Waiver Agreement may be terminated at any time by the Board of Trustees of the Trust, 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.
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.
Since 2009, ALPS Fund Services, Inc. (“AFS”), an affiliate of the Distributor, provided a Chief Compliance Officer (“CCO”) and an Anti-Money Laundering Officer (“AML Officer”) as well as certain additional compliance support functions under a Compliance Services Agreement. AFS has also provided a Principal Financial Officer to the Trust under a PFO Services Agreement. Effective March 1, 2013, the Board appointed an officer of EGA to serve as Principal Financial Officer to the Trust. Effective September 1, 2014, AFS is no longer providing Compliance or Anti-Money Laundering services to the Trust. An employee of EGA now serves as CCO and AML Officer for the Trust.
EGA Emerging Global Shares Trust 55
Notes to Financial Statements (concluded)
September 30, 2014 (Unaudited)
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. SUBSEQUENT EVENTS
In preparing these financial statements, the Funds’ management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. Since September 30, 2014, the following Funds paid dividends:
![]() | ![]() | ![]() | ![]() | |||||||||
Funds | Ticker | Per Share Distributed | Payable Date | |||||||||
Dividend Growth ETF | EMDG | $ | 0.07741 | 10/9/2014 | ||||||||
Low Volatility Dividend ETF | HILO | $ | 0.18121 | 10/9/2014 | ||||||||
Dividend High Income ETF | EMHD | $ | 0.08610 | 10/30/2014 |
Other than the above distributions, no notable events have occurred between year-end and the issuance of the financial statements.
56 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.
![]() | ![]() | ![]() | ![]() | ![]() | ![]() | |||||
Name and Year of Birth | Position(s) Held with Trust | Term of Office(1) and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex(2) Overseen by Trustee | Other Directorships Held by Trustee | |||||
Independent Trustees | ||||||||||
Robert Willens, 1946 | Trustee | Since 2009 | Robert Willens, LLC (tax consulting), President, since January 2008. | 17 | Daxor Corp. (Medical Products and Biotechnology), since 2004. | |||||
Ron Safir, 1951 | Trustee | Since 2009 | Retired, since 2008. | 17 | None | |||||
Jeffrey D. Haroldson, 1957 | Trustee | Since 2009 | Bridgeton Holdings LLC (real estate investment and development), Chief Operating Officer & General Counsel, since 2013; Ridgewood Capital Advisors LLC (consulting and business advisory services), President since 2012; HDG Mansur Capital Group, LLC (international real estate company), President and Chief Operating Officer, 2004 to 2011. | 17 | None | |||||
Interested Trustees | ||||||||||
Robert C. Holderith(3), 1960 | Trustee and President | Since 2008 | Emerging Global Advisors, LLC, Managing Member and Chief Executive Officer, since September 2008. | 17 | None |
1 | Each Trustee holds office for an indefinite term. |
2 | The “Fund Complex” consists of the EGA Frontier Diversified Core Fund and the Trust, which together consist of seventeen funds. As of September 30, 2014, thirteen funds were operational. |
3 | Mr. Holderith is considered to be an “interested persons” of the Trust as defined in the 1940 Act, due to his relationship with EGA, the Funds’ Advisor. |
EGA Emerging Global Shares Trust 57
Board of Trustees and Officers (Unaudited) (concluded)
![]() | ![]() | ![]() | ![]() | |||
Name and Age | Position(s) Held with the Trust | Term of Office(1) and Length of Time Served | Principal Occupation(s) During Past 5 Years | |||
Marten S. Hoekstra Emerging Global Advisors, LLC 155 West 19th Street New York, NY 10011 Age: 53 | Executive Vice President | Since 2011 | Chief Executive Officer, Emerging Global Advisors, LLC, since February 2011; Board of Directors, Securities Industry and Financial Markets Association, 2006 to 2011; UBS (and its predecessor, PaineWebber), 1983 to 2009 (including various executive positions starting in 2001). | |||
Susan M. Ciccarone Emerging Global Advisors, LLC 155 West 19th Street New York, NY 10011 Age: 41 | Treasurer, Principal Financial Officer and Assistant Secretary | Since 2013 | Chief Operating Officer, since April 2014, Chief Financial Officer, since August 2012, Emerging Global Advisors, LLC; Managing Director, Goldman Sachs & Co. 2009 to 2012; UBS Investment Bank, 2002 to 2009. | |||
Joseph Signora Emerging Global Advisors, LLC 155 West 19th Street New York, NY 10011 Age: 37 | Chief Compliance Officer | Since September 2014 | Deputy Chief Compliance Officer, Emerging Global Advisors, LLC, since July 2014; Director of Compliance, Van Eck Associates Corp. (advisory firm), 2011 to June 2014; Vice President, Compliance, Artio Global Management LLC, 2007 to 2011. |
1 | Officers of the Trust are elected by the Trustees and serve at the pleasure of the Board. |
58 EGA Emerging Global Shares Trust
General Information (Unaudited)
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 calling1-888-800-4347 or visiting the funds website www.egshares.com, or by accessing the Securities Exchange Commission’s (the “SEC”) 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 (888) 800-4EGS (4347).
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 policies, experience of its management, marketability of shares and other information.
EGA Emerging Global Shares Trust 59
EGA Emerging Global Shares Trust
171 East Ridgewood Avenue
Ridgewood, NJ 07450
(888) 800-4EGS(4347)
www.egshares.com
EGShares Beyond BRICs ETF
EGShares Blue Chip ETF
EGShares Brazil Infrastructure 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 India Consumer ETF
EGShares India Infrastructure ETF
EGShares India Small Cap ETF
EGShares Low Volatility Emerging Markets Dividend 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 | November 24, 2014 |
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 | November 24, 2014 |
By (Signature and Title)* | /s/ Susan M. Ciccarone | |
Susan M. Ciccarone, Chief Financial Officer | ||
(principal financial officer) |
Date | November 24, 2014 |
* Print the name and title of each signing officer under his or her signature.