Columbia India Consumer ETF NCSR Certified annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22255

EGA Emerging Global Shares Trust

(Exact name of registrant as specified in charter)

155 West 19th Street, Floor 3
New York, NY 10011

(Address of principal executive offices) (Zip code)

Robert C. Holderith
155 West 19th Street, Floor 3
New York, NY 10011

(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: March 31, 2015

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 herewith.

[GRAPHIC MISSING]

EGA Emerging Global Shares Trust

Annual Report

March 31, 2015

EGShares Beyond BRICs ETF

EGShares Blue Chip ETF

EGShares Brazil Infrastructure ETF

EGShares EM Quality Dividend ETF

EGShares Emerging Markets Consumer ETF

EGShares Emerging Markets Core ETF

EGShares Emerging Markets Domestic Demand ETF

EGShares India Consumer ETF

EGShares India Infrastructure ETF

EGShares India Small Cap ETF

TABLE OF CONTENTS

Table of Contents


Shareholder Letter			1
Portfolio Summaries			4
Shareholder Expense Examples			24
Schedule of Investments
EGShares Beyond BRICs ETF			26
EGShares Blue Chip ETF			28
EGShares Brazil Infrastructure ETF			29
EGShares EM Quality Dividend ETF (consolidated)			30
EGShares Emerging Markets Consumer ETF (consolidated)			32
EGShares Emerging Markets Core ETF (consolidated)			33
EGShares Emerging Markets Domestic Demand ETF (consolidated)			35
EGShares India Consumer ETF (consolidated)			36
EGShares India Infrastructure ETF (consolidated)			37
EGShares India Small Cap ETF (consolidated)			38
Statements of Assets and Liabilities			40
Statements of Operations			42
Statements of Changes in Net Assets			44
Financial Highlights			47
Notes to Financial Statements			52
Report of Independent Registered Public Accounting Firm			63
Federal Income Tax Information			64
Board Review and Approval of Advisory Contracts			65
Board of Trustees and Officers			72
General Information			74

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Shareholder Letter
March 31, 2015

Dear Shareholder,

The last twelve months can be described in a single word for emerging markets investors: volatile. What started off as a continuation of the turnaround we saw in most emerging market countries at the end of 2013 turned into rough ride by September 2014. 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 (USD). 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 appeared to gather some momentum. Emerging markets were not the only non-U.S. equity market affected and the euro declined as Europe edged closer to recession. Overall, the MSCI EM Index was up 0.44% from March 31, 2014 – March 31, 2015.¹

Although volatility continued in the fourth quarter of 2014, the first quarter of 2015 ended just about where it started for most broad emerging market indices. A single driver caused most of the price movement: the price of oil. Whether you regard the U.S. based West Texas Intermediate (WTI) or the broader Brent Crude measure as the benchmark for oil prices, most investors felt the almost 50% drop in the price of crude oil at the gas pump.

What should be a positive driver for consumers globally caused an unfortunate side-effect for U.S. investors that invest in companies that are valued in other currencies: a strengthening USD, which caused a slide in prices of most securities not denominated in USD. Overall, the USD climbed 15% or more compared to most foreign currencies in Q4 2014, including emerging market currencies.

Certain countries, many of which are emerging or frontier market countries, are oil-revenue dependent. The dramatic price change in oil and the stronger dollar had much more impact on investors holding stocks in these countries. Russia, Nigeria, Oman, the UAE and Malaysia were generally more affected than most other emerging and frontier market countries where oil exports contribute little to their gross domestic product (GDP). However, there are many emerging market that are oil importers, though the market gave them little credit for this.

As in 2013, asset flows for both emerging markets equity and fixed income exchange-traded funds (ETFs) were negative in 2014 while asset flows at Emerging Global Advisors (EGA) were positive. EGA's assets under management (AUM) increased to $1.70 billion at the end of March 2015 versus $1.47 billion at the end of the first quarter of last year, a difference of about 14.9%². Much of this change in AUM was from market action as well as positive fund flows. India, a major oil importer, continued to be a bright spot for EGA. Positive flows into the EGShares India Consumer ETF (INCO) were very positive, growing the size of that fund to about $90 million.

In the last 12 months, we closed several ETFs that did not have adequate investor interest. Our suite of three fixed income funds, the EGShares TCW EM Short Term Investment Grade Bond ETF (SEMF), EGShares TCW EM Intermediate Term Investment Grade Bond ETF (IEMF) and EGShares TCW EM Long Term Investment Grade Bond ETF (LEMF); the EGShares China Infrastructure ETF (CHXX); and two equity income funds, the EGShares EM Dividend High Income ETF (EMHD) and the EGShares Emerging Markets Dividend Growth ETF (EMDG), were all liquidated since my last annual letter to you. EGA launched one new ETF, the EGShares Blue Chip ETF (BCHP) in April 2014.

Thank you again for your support of our products and EGA.

Sincerely,

[GRAPHIC MISSING]

Robert C. Holderith
President and Founder
Emerging Global Advisors, LLC

Footnotes

Source: Bloomberg, MSCI as of March 31, 2015.

Source: ETF.com as of March 31, 2015.

EGA Emerging Global Shares Trust 1

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Shareholder Letter (concluded)
March 31, 2015

This material must be accompanied or preceded by the prospectus.

Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. 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. A Fund may concentrate its investment in issuers of one or more particular industries to the same extent that the 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.

MSCI Emerging Markets Index is an index that is designed to measure equity market performance in global emerging markets.

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages.

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. EGA and EGShares Funds (“Funds”) are distributed by ALPS Distributors, Inc. EGA and ALPS Distributors, Inc. are unaffiliated entities.

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EGA Emerging Global Shares Trust 3

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Portfolio Summary (Unaudited)
EGShares Beyond BRICs ETF

Industry Breakdown*

[GRAPHIC MISSING]


< Financials	38.2	%
< Telecommunications	19.7
< Consumer Services	9.7
< Industrials	8.3
< Consumer Goods	7.5
< Oil & Gas	6.0
< Utilities	5.1
< Basic Materials	4.0
< Health Care	1.5

Top Ten Holdings*


Naspers, Ltd. N Shares	3.2	%
Masraf Al Rayan	3.1
America Movil SAB de CV Series L	3.1
Zenith Bank PLC	3.0
Guaranty Trust Bank PLC	2.9
Industries Qatar QSC	2.7
Vodafone Qatar	2.7
MTN Group, Ltd.	2.6
Fomento Economico Mexicano SAB de CV Series UBD ADR	2.3
Ooredoo QSC	2.2

Expressed as a percentage of total investments in securities as of 3/31/2015. Holdings are subject to change.

EGShares Beyond BRICs ETF (ticker: BBRC)

The EGShares 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 has 75% exposure to emerging markets and 25% to frontier markets at rebalance.

The Fund had a total return of -0.15% at net asset value (“NAV”) for the quarter ended March 31, 2015 and 0.80% annualized return since its inception date of August 15, 2012. The Fund had a -4.16% return for the full year ended March 31, 2015. The Fund is designed to be allocated among different countries and industries. As of March 31, 2015, the top five country weights were South Africa, Mexico, Qatar, Malaysia and Indonesia and the top five industry weights were financials, telecommunications, consumer services, industrials and consumer goods.

Portfolio attribution for the 12-month period ended March 31, 2015 shows that exposure to Indonesia, South Africa and Oman contributed to the Fund performance, while exposure to Qatar, Malaysia and Poland detracted. By industry, exposure to consumer services, consumer goods and health care contributed to Fund performance, while exposure to basic materials, oil & gas and industrials were the main detractors.

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. These risks may be greater for investments in frontier markets. 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. 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.

Performance Charts

The following performance chart is provided for comparative purposes and represents the periods noted. The Fund’s per share NAV is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market price returns is the mid-point of the highest bid and lowest offer for Fund shares as of the close of trading on the exchange where Fund shares are listed. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. As with other ETFs, NAV returns and market price returns may differ because of factors such as the supply and demand for Fund shares and investors’ assessments of the underlying value of a Fund’s portfolio securities. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities, incur expenses or pay any transaction costs. Therefore index returns do not reflect deductions for fees or expenses and are not available for direct investment. In comparison, the Fund’s performance is negatively impacted by these fees and expenses. Fund returns do not reflect brokerage commissions, or taxes on transactions in Fund shares or that a shareholder would pay on Fund distributions.

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EGShares Beyond BRICs ETF

Performance as of 3/31/2015


	Average Annual Total Return
	Fund Net Asset Value			Fund Market Price			Combined Indxx Beyond BRICs Index/ FTSE Beyond BRICs Index¹
1 Year		-4.16	%		-4.78	%		-3.04	%
Since Inception²		0.80	%		0.85	%		2.83	%

The Index shown is reflective of the Indxx Beyond BRICs Index prior to October 25, 2013 and the FTSE Beyond BRICs Index thereafter.

August 15, 2012.

Performance data quoted represents past performance. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.egshares.com or call (888) 800-4347. As stated in the current prospectus, the Fund’s total annual operating expense ratio is 0.85% and after expense waivers is 0.58%. EGA has entered into a written fee waiver agreement to waive its advisory fee to 0.58% of the Fund's average daily net assets without which the performance would have been lower. The Fee Waiver Agreement will remain in effect and will be contractually binding for two years from October 1, 2013. Market price returns are based on the mid-point of the highest bid and lowest offer for Fund shares as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”) Arca, ordinarily 4:00 p.m. Eastern time, on each day during which the NYSE is open for trading, and do not represent the returns an investor would receive if shares were traded at other times.

Value of a $10,000 Investment Since Inception at Net Asset Value

[GRAPHIC MISSING]

Effective October 25, 2013, the EGShares Beyond BRICs ETF’s investment objective was revised to seek investment results that correspond to the price and yield performance of the FTSE Beyond BRICs Index.

The Index shown is reflective of the Indxx Beyond BRICs Index prior to October 25, 2013 and the FTSE Beyond BRICs Index thereafter.

The chart above represents historical performance of a hypothetical investment of $10,000 over the life of the Fund, assuming reinvestment of distributions. Past performance does not guarantee future results.

EGA Emerging Global Shares Trust 5

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Portfolio Summary (Unaudited)
EGShares Blue Chip ETF

Sector Breakdown*

[GRAPHIC MISSING]


< Information Technology	27.4	%
< Materials	23.1
< Consumer Discretionary	16.1
< Consumer Staples	13.4
< Telecommunication Services	6.0
< Industrials	5.4
< Energy	4.9
< Financials	3.7

Top Ten Holdings*


Catcher Technology Co., Ltd.	4.4	%
Skyworks Solutions, Inc.	4.4
Avago Technologies, Ltd.	4.3
NXP Semiconductors NV	4.2
Pirelli & C. SpA	3.8
Mondi PLC	3.8
Jeronimo Martins SGPS SA	3.7
Largan Precision Co., Ltd.	3.7
Akzo Nobel NV	3.7
Old Mutual PLC	3.7

Expressed as a percentage of total investments in securities as of 3/31/2015. Holdings are subject to change.

EGShares Blue Chip ETF (ticker: BCHP)

The EGShares 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 companies that are domiciled and publicly traded in developed market countries and have, as of the most recent constitution, a U.S. Dollar equivalent market capitalization of at least $2 billion (based on then-current exchange rates) and measurable revenue from developing market countries.

The Fund had a total return of 5.35% at net asset value (“NAV”) for the quarter ended March 31, 2015 and -3.57% cumulative return since its inception date of April 23, 2014. The Fund is designed to be allocated among different countries and sectors. As of March 31, 2015, the top five country weights were the United States, Taiwan, the Netherlands, Switzerland and the United Kingdom, and the top five sector weights were information technology, materials, consumer discretionary, consumer staples and telecommunications services.

Portfolio attribution for the period since inception to March 31, 2015 shows that in general exposure to the United States, Singapore and Netherlands contributed to Fund performance, while exposure to Luxembourg, Australia and Canada detracted. By sector, exposure to information technology and consumer staples largely contributed to Fund performance, while exposure to energy, consumer discretionary and materials detracted.

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.

Performance Charts

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EGShares Blue Chip ETF

Performance as of 3/31/2015


	Total Return
	Fund Net Asset Value			Fund Market Price			EGAI Developed Markets Blue Chip EM Access Index
Since Inception¹		-3.57	%		-3.72	%		-2.66	%

April 23, 2014.

Performance data quoted represents past performance. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.egshares.com or call (888) 800-4347. As stated in the current prospectus, the Fund’s total annual operating expense ratio is 0.60%. Market price returns are based on the mid-point of the highest bid and lowest offer for Fund shares as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”) Arca, ordinarily 4:00 p.m. Eastern time, on each day during which the NYSE is open for trading, and do not represent the returns an investor would receive if shares were traded at other times.

Value of a $10,000 Investment Since Inception at Net Asset Value

[GRAPHIC MISSING]

EGA Emerging Global Shares Trust 7

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Portfolio Summary (Unaudited)
EGShares Brazil Infrastructure ETF

Industry Breakdown*

[GRAPHIC MISSING]


< Utilities	59.7	%
< Basic Materials	16.5
< Telecommunications	11.8
< Industrials	10.3
< Health Care	1.7

Top Ten Holdings*


CPFL Energia SA	5.6	%
Companhia Energetica de Minas Gerais Preference Shares	5.3
Ultrapar Participacoes SA	5.3
CCR SA	5.2
Tractebel Energia SA	5.2
Equatorial Energia SA	5.1
Companhia de Saneamento Basico do Estado de Sao Paulo	5.0
Companhia Energetica de Sao Paulo Preference Shares Class B	4.9
Telefonica Brasil SA Preference Shares	4.7
Companhia Siderurgica Nacional SA	4.7

Expressed as a percentage of total investments in securities as of 3/31/2015. Holdings are subject to change.

EGShares Brazil Infrastructure ETF (ticker: BRXX)

The EGShares 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 designed to represent the performance of the 30 largest Brazilian companies ranked by full market capitalization that FTSE determines to be representative of Brazil’s infrastructure industries.

The Fund had a total return of -18.57% at net asset value (“NAV”) for the quarter ended March 31, 2015 and -11.05% annualized return since its inception date of February 24, 2010. The Fund had a -41.17% return for the full year ended March 31, 2015. The Fund is designed to be country specific and to have exposures specific to certain industries that are related to infrastructure. As of March 31, 2015, the Fund had over 50% of assets in companies in the utilities industry, as well as exposure to basic materials, industrials, telecommunications and health care.

Portfolio attribution for the 12-month period ended March 31, 2015 shows that exposure to basic materials, telecommunications, health care and industrials industries detracted from Fund performance, while exposure to utilities contributed positively.

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 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. 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.

Performance Charts

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EGShares Brazil Infrastructure ETF

Performance as of 3/31/2015


	Average Annual Total Return
	Fund Net Asset Value			Fund Market Price			Combined Indxx Brazil Infrastructure Index/ FTSE Brazil Infrastructure Extended Index¹
1 Year		-41.17	%		-40.49	%		-40.43	%
3 Year		-24.63	%		-24.54	%		-23.73	%
5 Year		-11.74	%		-12.32	%		-10.70	%
Since Inception²		-11.05	%		-11.06	%		-9.52	%

The Index shown is reflective of the Indxx Brazil Infrastructure Index prior to February 3, 2014 and the FTSE Brazil Infrastructure Extended Index thereafter.

February 24, 2010.

Performance data quoted represents past performance. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.egshares.com or call (888) 800-4347. As stated in the current prospectus, the Fund’s total annual operating expense ratio is 0.85%. Market price returns are based on the mid-point of the highest bid and lowest offer for Fund shares as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”) Arca, ordinarily 4:00 p.m. Eastern time, on each day during which the NYSE is open for trading, and do not represent the returns an investor would receive if shares were traded at other times.

Value of a $10,000 Investment Since Inception at Net Asset Value

[GRAPHIC MISSING]

Effective February 3, 2014, the EGShares Brazil Infrastructure ETF’s investment objective was revised to seek investment results that correspond to the price and yield performance of the FTSE Brazil Infrastructure Extended Index.

The Index shown is reflective of the Indxx Brazil Infrastructure Index prior to February 3, 2014 and the FTSE Brazil Infrastructure Extended Index thereafter.

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Portfolio Summary (Unaudited)
EGShares EM Quality Dividend ETF

Sector Breakdown*

[GRAPHIC MISSING]


< Financials	21.6	%
< Energy	20.1
< Telecommunication Services	17.0
< Information Technology	12.1
< Consumer Staples	10.4
< Materials	8.7
< Consumer Discretionary	6.1
< Utilities	2.0
< Industrials	2.0

Top Ten Holdings*


Uralkali PJSC GDR	2.4	%
Tupras-Turkiye Petrol Rafinerileri AS	2.3
Globe Telecom, Inc.	2.3
Nan Ya Plastics Corp.	2.3
KT&G Corp.	2.2
Delta Electronics, Inc.	2.2
Uni-President Enterprises Corp.	2.2
Hotai Motor Co., Ltd.	2.2
FirstRand, Ltd.	2.2
Siliconware Precision Industries Co., Ltd.	2.1

Expressed as a percentage of total investments in securities as of 3/31/2015. Holdings are subject to change.

EGShares EM Quality Dividend ETF (ticker: HILO)

The EGShares EM Quality Dividend ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the EGAI Emerging Markets Quality Dividend Index (the “HILO Underlying Index”). Effective as of January 26, 2015, the Fund began tracking the new HILO Underlying Index instead of the former FTSE Emerging All Cap ex Taiwan Low Volatility Dividend Index. The HILO Underlying Index is designed to represent a portfolio of approximately 50 companies in developing markets that each have a higher dividend yield than the average dividend yield in the EGAI Developing Markets Universe.

The Fund had a total return of -1.45% at net asset value (“NAV”) for the quarter ended March 31, 2015 and -4.98% annualized return since its inception date of August 4, 2011. The Fund had a -8.37% return for the full year ended March 31, 2015. The Fund is designed to be allocated among different countries and sectors. As of March 31, 2015, the top five country weights were China, Taiwan, Brazil, Malaysia and Turkey and the top five sector weights were financials, energy, telecommunication services, information technology and consumer staples.

Portfolio attribution for the 12-month period ended March 31, 2015 generally shows that exposure to China, the United Arab Emirates and Mexico contributed to Fund performance, while exposure to Colombia, Brazil and the Czech Republic detracted. By sector, exposure to industrials, consumer staples and consumer discretionary largely contributed to Fund performance, while exposure to energy, telecommunication services and financials detracted.

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 investing more than 25% of the Fund’s assets in 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.

Performance Charts

The following performance chart is provided for comparative purposes and represents the period noted. The Fund’s per share NAV is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market price returns is the mid-point of the highest bid and lowest offer for Fund shares as of the close of trading on the exchange where Fund shares are listed. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. As with other ETFs, NAV returns and market price returns may differ because of factors such as the supply and demand for Fund shares and investors’ assessments of the underlying value of a Fund’s portfolio securities. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities, incur expenses or pay any transaction costs. Therefore index returns do not reflect deductions for fees or expenses and are not available for direct investment. In comparison, the Fund’s performance is negatively impacted by these fees and expenses. Fund returns do not reflect brokerage commissions, or taxes on transactions in Fund shares or that a shareholder would pay on Fund distributions.

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EGShares EM Quality Dividend ETF

Performance as of 3/31/2015


	Average Annual Total Return
	Fund Net Asset Value			Fund Market Price			Combined Indxx Emerging Market High Income Low Beta Index/FTSE Emerging All Cap ex Taiwan Low Volatility Dividend Index/EGAI Emerging Markets Quality Dividend Index¹
1 Year		-8.37	%		-8.34	%		-55.09	%
3 Year		-6.80	%		-7.04	%		-26.19	%
Since Inception²		-4.98	%		-5.10	%		-21.25	%

The Index shown is reflective of the Indxx Emerging Market High Income Low Beta Index prior to February 3, 2014, the FTSE Emerging All Cap ex Taiwan Low Volatility Dividend Index from February 3, 2014 until January 23, 2015, and the EGAI Emerging Markets Quality Dividend Index thereafter.

August 4, 2011.

Performance data quoted represents past performance. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.egshares.com or call (888) 800-4347. As stated in the current prospectus, the Fund’s total annual operating expense ratio is 0.85%. Market price returns are based on the mid-point of the highest bid and lowest offer for Fund shares as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”) Arca, ordinarily 4:00 p.m. Eastern time, on each day during which the NYSE is open for trading, and do not represent the returns an investor would receive if shares were traded at other times.

Value of a $10,000 Investment Since Inception at Net Asset Value

[GRAPHIC MISSING]

Effective January 26, 2015, the EGShares EM Quality Dividend ETF’s investment objective was revised to seek investment results that correspond to the price and yield performance of the EGAI Emerging Markets Quality Dividend Index.

The Index shown is reflective of the Indxx Emerging Market High Income Low Beta Index prior to February 3, 2014, the FTSE Emerging All Cap ex Taiwan Low Volatility Dividend Index from February 3, 2014 until January 23, 2015 and the EGAI Emerging Markets Quality Dividend Index thereafter.

EGA Emerging Global Shares Trust 11

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Portfolio Summary (Unaudited)
EGShares Emerging Markets Consumer ETF

Industry Breakdown*

[GRAPHIC MISSING]

Consumer Goods

52.3

Consumer Services

47.7

Top Ten Holdings*


Naspers, Ltd. N Shares	10.7	%
Ambev SA ADR	6.0
Fomento Economico Mexicano SAB de CV Series UBD ADR	5.2
Steinhoff International Holdings, Ltd.	5.0
Magnit PJSC GDR	4.5
PT Astra International Tbk	4.3
Grupo Televisa SAB Series CPO	4.2
Wal-Mart de Mexico SAB de CV	4.1
BRF SA ADR	4.0
Vipshop Holdings, Ltd. ADR	3.5

Expressed as a percentage of total investments in securities as of 3/31/2015. Holdings are subject to change.

EGShares Emerging Markets Consumer ETF (ticker: ECON)

The EGShares Emerging Markets 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^SM (the “Consumer Titans Underlying Index”). The Consumer Titans Underlying Index is a float-adjusted market capitalization index designed to measure the stock performance of 30 leading emerging market companies in the Consumer Goods and Consumer Services Industries, as defined by S&P Dow Jones Indices’ proprietary industry classification system.

The Fund had a total return of 3.68% at net asset value (“NAV”) for the quarter ended March 31, 2015 and 7.04% annualized return since its inception date of September 14, 2010. The Fund had a 0.88% return for the full year ended March 31, 2015. The Fund is designed to be broadly allocated by country, yet sector specific. As of March 31, 2015, the top five country weights were China, South Africa, Mexico, Brazil and India and the Fund had 52% exposure to consumer goods and 48% to consumer services industries.

Portfolio attribution for the 12-month period ended March 31, 2015 shows that exposure to South Africa, China and India were the main contributors to the Fund's performance, while exposure to Brazil, Chile and Malaysia detracted. By industry, exposure to both consumer services and consumer goods contributed to Fund performance.

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 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 may have greater volatility in price than the stocks of large cap companies due to limited product lines or resources or a dependency upon a particular market niche.

Performance Charts

12 EGA Emerging Global Shares Trust

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EGShares Emerging Markets Consumer ETF

Performance as of 3/31/2015


	Average Annual Total Return
	Fund Net Asset Value			Fund Market Price			Dow Jones Emerging Markets Consumer Titans 30 Index
1 Year		0.88	%		0.74	%		1.89	%
3 Year		3.01	%		2.90	%		4.08	%
Since Inception¹		7.04	%		7.03	%		8.33	%

September 14, 2010.

Performance data quoted represents past performance. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.egshares.com or call (888) 800-4347. As stated in the current prospectus, the Fund’s total annual operating expense ratio is 0.84%. Market price returns are based on the mid-point of the highest bid and lowest offer for Fund shares as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”) Arca, ordinarily 4:00 p.m. Eastern time, on each day during which the NYSE is open for trading, and do not represent the returns an investor would receive if shares were traded at other times.

Value of a $10,000 Investment Since Inception at Net Asset Value

[GRAPHIC MISSING]

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Portfolio Summary (Unaudited)
EGShares Emerging Markets Core ETF

Sector Breakdown*

[GRAPHIC MISSING]


< Consumer Discretionary	19.6	%
< Financials	17.4
< Consumer Staples	14.5
< Industrials	9.1
< Information Technology	8.8
< Health Care	7.2
< Utilities	7.0
< Materials	6.3
< Energy	5.2
< Telecommunication Services	4.9

Top Ten Holdings*


Sun Pharmaceutical Industries, Ltd.	1.6	%
PT Unilever Indonesia Tbk	1.5
Naspers, Ltd. N Shares	1.5
Jollibee Foods Corp.	1.4
S.A.C.I. Falabella	1.4
Ayala Land, Inc.	1.4
Wal-Mart de Mexico SAB de CV	1.4
SM Investments Corp.	1.3
Grupo Aeroportuario del Sureste SAB de CV Class B	1.3
MMC Norilsk Nickel OJSC ADR	1.3

Expressed as a percentage of total investments in securities as of 3/31/2015. Holdings are subject to change.

EGShares Emerging Markets Core ETF (ticker: EMCR)

The EGShares Emerging Markets 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 designed to measure the market performance of up to 116 companies that S&P Dow Jones Indices determines to be representative of all industries domiciled in emerging market countries, subject to a 15% country cap.

The Fund had a total return of 0.95% at net asset value (“NAV”) for the quarter ended March 31, 2015 and 2.18% annualized return since its inception date of October 16, 2012. The Fund had a 1.22% return for the full year ended March 31, 2015. The Fund is designed to be allocated among different countries and sectors. As of March 31, 2015, the top five country weights were China, South Africa, India, Mexico and Brazil and the top five sector weights were consumer discretionary, financials, consumer staples, industrials and information technology.

Portfolio attribution for the 12-month period ended March 31, 2015 generally shows that exposure to China, the Philippines and India contributed to Fund performance, while exposure in Brazil, Russia and Chile detracted. By sector, exposure to information technology, health care and consumer discretionary largely contributed to Fund performance, while exposure to materials, energy and consumer staples detracted.

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 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. 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.

Performance Charts

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EGShares Emerging Markets Core ETF

Performance as of 3/31/2015


	Average Annual Total Return
	Fund Net Asset Value			Fund Market Price			S&P Emerging Markets Core Index
1 Year		1.22	%		1.87	%		1.59	%
Since Inception¹		2.18	%		2.45	%		3.15	%

October 16, 2012.

Performance data quoted represents past performance. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.egshares.com or call (888) 800-4347. As stated in the current prospectus, the Fund’s total annual operating expense ratio is 0.70%. Market price returns are based on the mid-point of the highest bid and lowest offer for Fund shares as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”) Arca, ordinarily 4:00 p.m. Eastern time, on each day during which the NYSE is open for trading, and do not represent the returns an investor would receive if shares were traded at other times.

Value of a $10,000 Investment Since Inception at Net Asset Value

[GRAPHIC MISSING]

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Portfolio Summary (Unaudited)
EGShares Emerging Markets Domestic Demand ETF

Sector Breakdown*

[GRAPHIC MISSING]


< Consumer Discretionary	30.0	%
< Telecommunication Services	29.0
< Consumer Staples	28.2
< Utilities	7.5
< Health Care	5.3

Top Ten Holdings*


Naspers, Ltd. N Shares	5.4	%
China Mobile, Ltd.	4.9
America Movil SAB de CV Series L ADR	4.9
MTN Group, Ltd.	4.6
Ambev SA ADR	4.5
Steinhoff International Holdings, Ltd.	4.2
Grupo Televisa SAB ADR	3.6
PT Astra International Tbk	3.4
Fomento Economico Mexicano SAB de CV ADR	3.4
Tenaga Nasional Bhd	3.0

Expressed as a percentage of total investments in securities as of 3/31/2015. Holdings are subject to change.

EGShares Emerging Markets Domestic Demand ETF (ticker: EMDD)

The EGShares Emerging Markets 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 S&P Emerging Markets Domestic Demand Index (the “EMDD Underlying Index”). The EMDD Underlying Index is designed to measure the performance of companies in emerging markets that derive a significant portion of their revenues from sectors that are less reliant on exports and therefore driven by domestic demand, specifically those companies in the consumer staples, consumer discretionary, telecommunications services, healthcare and utilities sectors.

The Fund had a total return of 2.90% at net asset value (“NAV”) for the quarter ended March 31, 2015 and 6.70% annualized return since its inception date of August 15, 2012. The Fund had a 4.82% return for the full year ended March 31, 2015. The Fund is designed to be broadly allocated by country, but limited to certain sectors. As of March 31, 2015, the top five country weights were South Africa, China, Mexico, India and Brazil and roughly 87% of Fund assets were in the top three sectors, consumer discretionary, telecommunication services and consumer staples, with the remaining assets in utilities and health care.

Portfolio attribution for the 12-month period ended March 31, 2015 generally shows that exposure to South Africa, India and China contributed to Fund performance, while exposure to Brazil, Russia and Turkey detracted. By sector, exposure to consumer discretionary, telecommunication services and health care largely contributed to Fund performance, while exposure to consumer staples and utilities detracted.

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 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 may have greater volatility in price than the stocks of large cap companies due to limited product lines or resources or a dependency upon a particular market niche.

Performance Charts

16 EGA Emerging Global Shares Trust

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EGShares Emerging Markets Domestic Demand ETF

Performance as of 3/31/2015


	Average Annual Total Return
	Fund Net Asset Value			Fund Market Price			Combined Indxx Emerging Markets Domestic Demand Index/S&P Emerging Markets Domestic Demand Index¹
1 Year		4.82	%		4.84	%		6.01	%
Since Inception²		6.70	%		6.88	%		8.25	%

The Index shown is reflective of the Indxx Emerging Markets Domestic Demand Index prior to February 3, 2014 and the S&P Emerging Markets Domestic Demand Index thereafter.

August 15, 2012.

Performance data quoted represents past performance. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.egshares.com or call (888) 800-4347. As stated in the current prospectus, the Fund’s total annual operating expense ratio is 0.85%. Market price returns are based on the mid-point of the highest bid and lowest offer for Fund shares as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”) Arca, ordinarily 4:00 p.m. Eastern time, on each day during which the NYSE is open for trading, and do not represent the returns an investor would receive if shares were traded at other times.

Value of a $10,000 Investment Since Inception at Net Asset Value

[GRAPHIC MISSING]

Effective February 3, 2014, the EGShares Emerging Markets Domestic Demand ETF’s investment objective was revised to seek investment results that correspond to the price and yield performance of the S&P Emerging Markets Domestic Demand Index.

The Index shown is reflective of the Indxx Emerging Markets Domestic Demand Index prior to February 3, 2014 and the S&P Emerging Markets Domestic Demand Index thereafter.

EGA Emerging Global Shares Trust 17

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Portfolio Summary (Unaudited)
EGShares India Consumer ETF

Industry Breakdown*

[GRAPHIC MISSING]


< Consumer Goods	74.1	%
< Industrials	15.2
< Consumer Services	10.7

Top Ten Holdings*


Bharat Forge, Ltd.	5.5	%
Motherson Sumi Systems, Ltd.	5.5
United Spirits, Ltd.	5.0
Nestle India, Ltd.	4.9
Tata Motors, Ltd.	4.9
Hindustan Unilever, Ltd.	4.8
Dabur India, Ltd.	4.8
Mahindra & Mahindra, Ltd.	4.8
Bosch, Ltd.	4.7
Hero MotoCorp, Ltd.	4.6

Expressed as a percentage of total investments in securities as of 3/31/2015. Holdings are subject to change.

EGShares India Consumer ETF (ticker: INCO)

The EGShares 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 a maximum 30-stock free-float adjusted market capitalization weighted index designed to measure the market performance of companies in the consumer industry, as defined by Indxx’s proprietary methodology, in India.

The Fund had a total return of 9.24% at net asset value (“NAV”) for the quarter ended March 31, 2015 and 17.06% annualized return since its inception date of August 10, 2011. The Fund had a 43.64% return for the full year ended March 31, 2015. The Fund is designed to be country specific and to have exposures specific to certain industries related to the Indian consumer. As of March 31, 2015, the Fund had over 73% of assets in companies in the consumer goods industry, as well as exposure to the industrials and consumer services industries.

Portfolio attribution for the 12-month period ended March 31, 2015 shows that exposure across all three industries, consumer goods, industrials and consumer services, contributed positively to Fund performance.

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 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. 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.

Performance Charts

18 EGA Emerging Global Shares Trust

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EGShares India Consumer ETF

Performance as of 3/31/2015


	Average Annual Total Return
	Fund Net Asset Value			Fund Market Price			Indxx India Consumer Index
1 Year		43.64	%		44.04	%		46.56	%
3 Year		23.00	%		23.22	%		25.19	%
Since Inception¹		17.06	%		17.22	%		19.03	%

August 10, 2011.

Performance data quoted represents past performance. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.egshares.com or call (888) 800-4347. As stated in the current prospectus, the Fund’s total annual operating expense ratio is 0.89%. Market price returns are based on the mid-point of the highest bid and lowest offer for Fund shares as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”) Arca, ordinarily 4:00 p.m. Eastern time, on each day during which the NYSE is open for trading, and do not represent the returns an investor would receive if shares were traded at other times.

Value of a $10,000 Investment Since Inception at Net Asset Value

[GRAPHIC MISSING]

EGA Emerging Global Shares Trust 19

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Portfolio Summary (Unaudited)
EGShares India Infrastructure ETF

Industry Breakdown*

[GRAPHIC MISSING]


< Industrials	40.4	%
< Utilities	17.5
< Telecommunications	17.2
< Basic Materials	9.8
< Consumer Goods	8.6
< Oil & Gas	4.3
< Consumer Services	1.2
< Financials	1.0

Top Ten Holdings*


Ambuja Cements, Ltd.	6.1	%
Idea Cellular, Ltd.	6.0
Adani Ports and Special Economic Zone, Ltd.	5.6
Tata Motors, Ltd.	5.6
Bharat Heavy Electricals, Ltd.	5.5
Bharti Airtel, Ltd.	5.3
NTPC, Ltd.	5.3
Siemens, Ltd.	5.0
Cummins India, Ltd.	4.9
Bharti Infratel, Ltd.	4.7

Expressed as a percentage of total investments in securities as of 3/31/2015. Holdings are subject to change.

EGShares India Infrastructure ETF (ticker: INXX)

The EGShares 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 maximum 30-stock free-float adjusted market capitalization weighted index designed to measure the market performance of companies in the infrastructure industry, as defined by Indxx’s proprietary methodology, in India.

The Fund had a total return of 2.35% at net asset value (“NAV”) for the quarter ended March 31, 2015 and -5.94% annualized return since its inception date of August 11, 2010. The Fund had a 15.59% return for the full year ended March 31, 2015. The Fund is designed to be country specific and to have exposures specific to certain industries related to infrastructure. As of March 31, 2015, the top five industry weights were industrials, utilities, telecommunications, basic materials and consumer goods.

Portfolio attribution for the 12-month period ended March 31, 2015 generally shows that exposure to industrials, consumer goods and telecommunications industries contributed to Fund performance, while exposure to the basic materials industry detracted.

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 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. 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.

Performance Charts

20 EGA Emerging Global Shares Trust

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EGShares India Infrastructure ETF

Performance as of 3/31/2015


	Average Annual Total Return
	Fund Net Asset Value			Fund Market Price			Indxx India Infrastructure Index
1 Year		15.59	%		15.93	%		16.45	%
3 Year		-0.10	%		0.40	%		0.94	%
Since Inception¹		-5.94	%		-5.76	%		-4.92	%

August 11, 2010.

Performance data quoted represents past performance. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.egshares.com or call (888) 800-4347. As stated in the current prospectus, the Fund’s total annual operating expense ratio is 0.85%. Market price returns are based on the mid-point of the highest bid and lowest offer for Fund shares as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”) Arca, ordinarily 4:00 p.m. Eastern time, on each day during which the NYSE is open for trading, and do not represent the returns an investor would receive if shares were traded at other times.

Value of a $10,000 Investment Since Inception at Net Asset Value

[GRAPHIC MISSING]

EGA Emerging Global Shares Trust 21

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Portfolio Summary (Unaudited)
EGShares India Small Cap ETF

Industry Breakdown*

[GRAPHIC MISSING]


< Financials	25.9	%
< Industrials	22.6
< Technology	10.8
< Consumer Goods	10.5
< Utilities	10.1
< Oil & Gas	7.8
< Consumer Services	6.3
< Basic Materials	3.7
< Health Care	2.3

Top Ten Holdings*


Suzlon Energy, Ltd.	4.1	%
SKS Microfinance, Ltd.	3.4
Redington India, Ltd.	2.9
NCC, Ltd.	2.8
Gujarat State Petronet, Ltd.	2.8
Dewan Housing Finance Corp., Ltd.	2.5
Torrent Power, Ltd.	2.4
Century Textiles & Industries, Ltd.	2.3
Jaiprakash Associates, Ltd.	2.3
Indraprastha Gas, Ltd.	2.1

Expressed as a percentage of total investments in securities as of 3/31/2015. Holdings are subject to change.

EGShares India Small Cap ETF (ticker: SCIN)

The EGShares 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 a maximum 75-stock free-float adjusted market capitalization weighted index designed to measure the market performance of companies in the small cap segment in India.

The Fund had a total return of 1.10% at net asset value (“NAV”) for the quarter ended March 31, 2015 and -1.85% annualized return since its inception date of July 7, 2010. The Fund had a 37.86% return for the full year ended March 31, 2015. The Fund is designed to be country specific and be allocated among different industries, targeting small capitalization companies. As of March 31, 2015, the top five industry exposures were financials, industrials, technology, consumer goods and utilities.

Portfolio attribution for the 12-month period ended March 31, 2015 shows that exposure across all industries, including industrials, financials and consumer goods, contributed to Fund performance.

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 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. 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.

Performance Charts

22 EGA Emerging Global Shares Trust

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EGShares India Small Cap ETF

Performance as of 3/31/2015


	Average Annual Total Return
	Fund Net Asset Value			Fund Market Price			Indxx India Small Cap Index
1 Year		37.86	%		39.17	%		40.47	%
3 Year		7.80	%		7.80	%		9.58	%
Since Inception¹		-1.85	%		-1.73	%		-0.39	%

July 7, 2010.

Performance data quoted represents past performance. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.egshares.com or call (888) 800-4347. As stated in the current prospectus, the Fund’s total annual operating expense ratio is 0.85%. Market price returns are based on the mid-point of the highest bid and lowest offer for Fund shares as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”) Arca, ordinarily 4:00 p.m. Eastern time, on each day during which the NYSE is open for trading, and do not represent the returns an investor would receive if shares were traded at other times.

Value of a $10,000 Investment Since Inception at Net Asset Value

[GRAPHIC MISSING]

EGA Emerging Global Shares Trust 23

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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 (October 1, 2014 to March 31, 2015).

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 3/31/2015” 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.

24 EGA Emerging Global Shares Trust

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Shareholder Expense Examples (Unaudited) (concluded)


	Beginning Account Value 10/1/2014		Ending Account Value 3/31/2015		Annualized Expense Ratios for the Period			Expenses Paid Through 3/31/2015¹
EGShares Beyond BRICs ETF
Actual	$	1,000.00	$	910.73		0.58	%	$	2.76
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.04		0.58	%	$	2.92
EGShares Blue Chip ETF
Actual	$	1,000.00	$	1,012.38		0.60	%	$	3.01
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.94		0.60	%	$	3.02
EGShares Brazil Infrastructure ETF
Actual	$	1,000.00	$	667.65		0.85	%	$	3.53
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.69		0.85	%	$	4.28
EGShares EM Quality Dividend ETF (Consolidated)²
Actual	$	1,000.00	$	908.33		0.87	%	$	4.14
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.59		0.87	%	$	4.38
EGShares Emerging Markets Consumer ETF (Consolidated)²
Actual	$	1,000.00	$	1,020.39		0.83	%	$	4.18
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.79		0.83	%	$	4.18
EGShares Emerging Markets Core ETF (Consolidated)²
Actual	$	1,000.00	$	964.07		0.70	%	$	3.43
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.44		0.70	%	$	3.53
EGShares Emerging Markets Domestic Demand ETF (Consolidated)²
Actual	$	1,000.00	$	992.12		0.85	%	$	4.22
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.69		0.85	%	$	4.28
EGShares India Consumer ETF (Consolidated)²
Actual	$	1,000.00	$	1,152.13		0.89	%	$	4.78
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.49		0.89	%	$	4.48
EGShares India Infrastructure ETF (Consolidated)²
Actual	$	1,000.00	$	1,010.72		0.86	%	$	4.31
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.64		0.86	%	$	4.33
EGShares India Small Cap ETF (Consolidated)²
Actual	$	1,000.00	$	1,103.93		0.87	%	$	4.56
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.59		0.87	%	$	4.38

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 182/365 (to reflect the six-month period).

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.

EGA Emerging Global Shares Trust 25

TABLE OF CONTENTS

Schedule of Investments
EGShares Beyond BRICs ETF

March 31, 2015


Investments	Shares		Value
COMMON STOCKS—98.8%
Bangladesh—0.7%
GrameenPhone, Ltd.		454,700	$	2,093,356
Chile—3.6%
Banco de Chile		10,147,563		1,139,281
Banco Santander Chile		25,051,633		1,365,503
Empresa Nacional de Electricidad SA		1,357,010		2,031,945
Empresas Copec SA		151,405		1,763,234
Enersis SA		8,316,239		2,725,656
S.A.C.I. Falabella		191,629		1,468,449
Total Chile				10,494,068
Colombia—0.5%
Ecopetrol SA		2,159,443		1,641,783
Czech Republic—0.5%
CEZ AS		64,202		1,570,184
Indonesia—8.8%
PT Astra International Tbk		8,569,608		5,620,221
PT Bank Central Asia Tbk		5,220,733		5,919,493
PT Bank Mandiri Persero Tbk		3,991,190		3,808,038
PT Bank Rakyat Indonesia Persero Tbk		4,626,539		4,697,308
PT Perusahaan Gas Negara Persero Tbk		4,349,522		1,596,765
PT Telekomunikasi Indonesia Persero Tbk		20,674,471		4,569,730
Total Indonesia				26,211,555
Malaysia—13.9%
Axiata Group Bhd		1,797,000		3,435,334
CIMB Group Holdings Bhd		2,238,200		3,759,040
DiGi.Com Bhd		1,601,900		2,724,982
Genting Bhd		953,800		2,317,861
IHH Healthcare Bhd		1,082,700		1,756,994
IOI Corp. Bhd		1,578,400		1,956,219
Malayan Banking Bhd		1,798,200		4,530,095
Maxis Bhd		1,128,600		2,191,072
Petronas Chemicals Group Bhd		1,234,300		1,879,695
Petronas Gas Bhd		336,500		2,091,597
Public Bank Bhd		1,291,720		6,585,034
Sime Darby Bhd		1,431,000		3,581,847
Tenaga Nasional Bhd		1,368,700		5,307,015
Total Malaysia				42,116,785
Mexico—14.6%
Alfa SAB de CV Class A*		925,397		1,870,931
America Movil SAB de CV Series L		8,929,190		9,178,733
Arca Continental SAB de CV*		98,158		603,668
Cemex SAB de CV Series CPO*		3,890,647		3,695,467
Fomento Economico Mexicano SAB de CV Series UBD ADR*		711,060		6,679,672
Grupo Bimbo SAB de CV Series A*		691,711		1,964,220
Grupo Financiero Banorte SAB de CV Class O		751,058		4,364,091
Grupo Financiero Inbursa SAB de CV Class O		749,105		1,894,122
Grupo Mexico SAB de CV Series B		1,282,916		3,793,778
Grupo Televisa SAB Series CPO*		865,125		5,724,246
Wal-Mart de Mexico SAB de CV		1,869,974		4,677,927
Total Mexico				44,446,855


Investments	Shares		Value
Nigeria—5.8%
Guaranty Trust Bank PLC		65,118,878	$	8,587,644
Zenith Bank PLC		85,155,955		8,975,493
Total Nigeria				17,563,137
Oman—0.8%
Oman Telecommunications Co. SAOG		553,771		2,416,455
Philippines—1.8%
Philippine Long Distance Telephone Co.		35,625		2,276,174
SM Investments Corp.		150,423		3,026,968
Total Philippines				5,303,142
Poland—3.9%
Bank Pekao SA		53,102		2,574,218
Bank Zachodni WBK SA		12,567		1,143,509
PGE SA		344,880		1,895,635
Powszechna Kasa Oszczednosci Bank Polski SA		352,379		3,159,933
Powszechny Zaklad Ubezpieczen SA		23,251		2,998,744
Total Poland				11,772,039
Qatar—14.6%
Barwa Real Estate Co.		341,941		4,235,232
Gulf International Services QSC		169,185		4,460,490
Industries Qatar QSC		211,447		8,071,715
Masraf Al Rayan		705,186		9,228,181
Ooredoo QSC		242,048		6,627,446
Qatar Gas Transport Co., Ltd.		490,348		3,016,490
Vodafone Qatar		1,637,188		8,016,769
Total Qatar				43,656,323
South Africa—16.0%
Anglo American Platinum, Ltd.*		23,270		571,405
Aspen Pharmacare Holdings, Ltd.*		85,659		2,714,789
Barclays Africa Group, Ltd.		86,328		1,318,121
FirstRand, Ltd.		853,823		3,935,003
Kumba Iron Ore, Ltd.		21,353		274,926
MTN Group, Ltd.		457,146		7,734,648
Naspers, Ltd. N Shares		61,601		9,507,387
Remgro, Ltd.		137,312		3,012,279
Sanlam, Ltd.		497,162		3,215,730
Sasol, Ltd.		154,631		5,260,230
Standard Bank Group, Ltd.		339,144		4,702,461
Steinhoff International Holdings, Ltd.		701,004		4,398,831
Vodacom Group, Ltd.		119,037		1,303,623
Total South Africa				47,949,433
Thailand—6.4%
Advanced Info Service PCL NVDR		508,000		3,699,939
Bangkok Bank PCL NVDR		168,320		954,365
CP ALL PCL NVDR		1,771,300		2,231,816
Kasikornbank PCL NVDR		490,600		3,452,594
PTT Exploration & Production PCL NVDR		573,800		1,922,071
PTT PCL NVDR		381,900		3,790,833
Siam Commercial Bank PCL NVDR		663,300		3,628,377
Total Thailand				19,679,995

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

26 EGA Emerging Global Shares Trust

TABLE OF CONTENTS

Schedule of Investments (concluded)
EGShares Beyond BRICs ETF

March 31, 2015


Investments	Shares		Value
Turkey—3.3%
Akbank TAS		695,898	$	2,050,306
KOC Holding AS		261,006		1,191,189
Turk Telekomunikasyon AS		216,483		575,287
Turkcell Iletisim Hizmetleri AS*		323,945		1,665,575
Turkiye Garanti Bankasi AS		896,128		2,943,952
Turkiye Is Bankasi Class C		544,042		1,229,935
Total Turkey				9,656,244
United Arab Emirates—2.3%
Abu Dhabi Commercial Bank PJSC		675,195		1,189,390
DP World, Ltd.		68,079		1,470,506
Emaar Properties PJSC		1,440,967		2,589,339
First Gulf Bank PJSC		444,431		1,766,640
Total United Arab Emirates				7,015,875
Vietnam—1.3%
HAGL JSC*		1,268,425		1,206,343
PetroVietnam Technical Service Corp.		883,012		925,821
Vietnam Joint Stock Commercial Bank For Industry and Trade		2,259,020		1,813,085
Total Vietnam				3,945,249
TOTAL INVESTMENTS IN SECURITIES—98.8%
(Cost: $324,206,098)				297,532,478
Other Assets in Excess of Liabilities—1.2%				3,508,065
Net Assets—100.0%			$	301,040,543


*		Non-income producing security.
ADR		American Depositary Receipts
NVDR		Non-Voting Depositary Receipts
PJSC		Private Joint Stock Company


Summary by Industry	Value		% of Net Assets
Basic Materials	$	11,780,035		3.9	%
Consumer Goods		22,429,173		7.5
Consumer Services		28,954,654		9.6
Financials		113,754,257		37.8
Health Care		4,471,782		1.5
Industrials		24,719,236		8.2
Oil & Gas		17,787,018		5.9
Telecommunications		58,509,123		19.4
Utilities		15,127,200		5.0
Total Investments		297,532,478		98.8
Other Assets in Excess of Liabilities		3,508,065		1.2
Net Assets	$	301,040,543		100.0	%

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

EGA Emerging Global Shares Trust 27

TABLE OF CONTENTS

Schedule of Investments
EGShares Blue Chip ETF

March 31, 2015


Investments	Shares		Value
COMMON STOCKS—99.5%
Australia—2.4%
Fortescue Metals Group, Ltd.		120,150	$	179,906
Belgium—3.5%
Anheuser-Busch InBev NV		2,161		264,120
Canada—2.8%
Finning International, Inc.		11,312		210,431
France—3.0%
Casino Guichard Perrachon SA		2,605		230,900
Italy—3.8%
Pirelli & C. SpA		17,500		290,571
Jersey—3.3%
Randgold Resources, Ltd.		3,660		254,983
Luxembourg—5.7%
Millicom International Cellular SA		3,172		229,512
Tenaris SA		14,615		204,996
Total Luxembourg				434,508
Netherlands—7.8%
Akzo Nobel NV		3,700		279,835
NXP Semiconductors NV*		3,150		316,134
Total Netherlands				595,969
Norway—3.0%
Telenor ASA		11,538		233,220
Portugal—3.7%
Jeronimo Martins SGPS SA		22,280		279,966
Singapore—4.3%
Avago Technologies, Ltd.		2,550		323,799
South Africa—3.8%
Mondi PLC		15,000		289,032
South Korea—3.6%
LG Chem, Ltd.		1,350		275,001
Switzerland—6.0%
Givaudan SA*		132		239,456
Swatch Group AG (The)		516		218,927
Total Switzerland				458,383
Taiwan—11.3%
Catcher Technology Co., Ltd.		31,700		332,298
Delta Electronics, Inc.		41,000		258,789
Largan Precision Co., Ltd.		3,250		279,921
Total Taiwan				871,008


Investments	Shares		Value
United Kingdom—5.8%
Noble Corp. PLC		11,560	$	165,077
Old Mutual PLC		84,694		279,243
Total United Kingdom				444,320
United States—25.7%
Kansas City Southern		1,993		203,445
Las Vegas Sands Corp.		4,249		233,865
Mead Johnson Nutrition Co.		2,396		240,870
QUALCOMM, Inc.		3,367		233,468
Skyworks Solutions, Inc.		3,368		331,041
Southern Copper Corp.		8,293		241,990
Visteon Corp.*		2,350		226,540
Yum! Brands, Inc.		3,189		251,038
Total United States				1,962,257
TOTAL INVESTMENTS IN SECURITIES—99.5%
(Cost: $7,923,245)				7,598,374
Other Assets in Excess of Liabilities—0.5%				38,869
Net Assets—100.0%			$	7,637,243


*		Non-income producing security.


Summary by Sector	Value		% of Net Assets
Consumer Discretionary	$	1,220,941		16.0	%
Consumer Staples		1,015,856		13.3
Energy		370,073		4.8
Financials		279,243		3.7
Industrials		413,876		5.4
Information Technology		2,075,450		27.2
Materials		1,760,203		23.0
Telecommunication Services		462,732		6.1
Total Investments		7,598,374		99.5
Other Assets in Excess of Liabilities		38,869		0.5
Net Assets	$	7,637,243		100.0	%

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

28 EGA Emerging Global Shares Trust

TABLE OF CONTENTS

Schedule of Investments
EGShares Brazil Infrastructure ETF

March 31, 2015


Investments	Shares		Value
COMMON STOCKS—99.2%
Basic Materials—16.3%
Companhia Siderurgica Nacional SA		343,805	$	584,106
Gerdau SA Preference Shares		179,638		571,046
Metalurgica Gerdau SA Preference Shares		165,314		559,133
Usinas Siderurgicas de Minas Gerais SA Preference Shares Class A*		219,610		341,498
Total Basic Materials				2,055,783
Health Care—1.7%
Fleury SA		43,648		218,506
Industrials—10.3%
Arteris SA		30,993		72,728
CCR SA		128,516		655,427
EcoRodovias Infraestrutura e Logistica SA		114,780		322,854
JSL SA		43,185		147,278
Santos Brasil Participacoes SA		26,611		90,921
Total Industrials				1,289,208
Telecommunications—11.7%
Oi SA Preference Shares*		214,284		343,943
Telefonica Brasil SA Preference Shares		37,781		584,902
Tim Participacoes SA		163,450		544,134
Total Telecommunications				1,472,979


Investments	Shares		Value
Utilities—59.2%
AES Tiete SA Preference Shares		52,797	$	284,130
Alupar Investimento SA		41,000		247,583
Centrais Eletricas Brasileiras SA Preference Shares Class B		122,562		260,762
Cia de Gas de Sao Paulo COMGAS Preference Shares Class A		7,600		116,160
Cia de Transmissao de Energia Eletrica Paulista Preference Shares		20,494		256,488
Cia Paranaense de Energia Preference Shares Class B		55,461		583,919
Companhia de Saneamento Basico do Estado de Sao Paulo		112,925		625,732
Companhia de Saneamento de Minas Gerais		33,035		191,217
Companhia Energetica de Minas Gerais Preference Shares		166,110		666,290
Companhia Energetica de Sao Paulo Preference Shares Class B		83,002		614,445
CPFL Energia SA		109,280		699,562
EDP—Energias do Brasil SA		130,872		423,806
Equatorial Energia SA		65,364		639,099
Light SA		39,534		178,120
Tractebel Energia SA		58,901		650,545
Transmissora Alianca de Energia Eletrica SA		53,182		348,434
Ultrapar Participacoes SA		32,717		663,635
Total Utilities				7,449,927
TOTAL INVESTMENTS IN SECURITIES—99.2%
(Cost: $18,065,569)				12,486,403
Other Assets in Excess of Liabilities—0.8%				105,750
Net Assets—100.0%			$	12,592,153


*		Non-income producing security.

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

EGA Emerging Global Shares Trust 29

TABLE OF CONTENTS

Schedule of Investments (Consolidated)†
EGShares EM Quality Dividend ETF
(formerly EGShares Low Volatility Emerging Markets Dividend ETF)

March 31, 2015


Investments	Shares		Value
COMMON STOCKS—100.1%
Brazil—10.0%
Ambev SA		81,340	$	469,548
Banco Bradesco SA Preference Shares		52,909		491,164
Cielo SA		34,941		499,501
Itausa—Investimentos Itau SA*#§		1,107		3,457
Itausa—Investimentos Itau SA Preference Shares		160,138		500,040
Klabin SA		91,429		520,637
Total Brazil				2,484,347
China—19.6%
Agricultural Bank of China, Ltd. Class H		948,386		469,725
Bank of China, Ltd. Class H		876,478		506,462
Bank of Communications Co., Ltd. Class H		538,550		461,929
China Construction Bank Corp. Class H		589,485		489,650
China Merchants Bank Co., Ltd. Class H		200,848		490,654
China Petroleum & Chemical Corp. Class H		606,017		482,278
CNOOC, Ltd.		367,733		519,841
Industrial and Commercial Bank of China, Ltd. Class H		665,890		491,276
PetroChina Co., Ltd. Class H		440,199		487,151
Sands China, Ltd.		126,732		524,709
Total China				4,923,675
India—3.7%
Coal India, Ltd.		81,494		472,573
Hero MotoCorp, Ltd.		10,463		441,350
Total India				913,923
Indonesia—2.0%
PT United Tractors Tbk		299,928		500,071
Kuwait—1.8%
Mobile Telecommunications Co. KSC		281,818		445,099
Malaysia—8.1%
British American Tobacco Malaysia Bhd		27,900		517,244
DiGi.Com Bhd		278,400		473,584
Maxis Bhd		265,418		515,284
Public Bank Bhd		98,400		501,631
Total Malaysia				2,007,743
Mexico—2.0%
Wal-Mart de Mexico SAB de CV		199,996		500,310
Oman—1.7%
Oman Telecommunications Co. SAOG		97,227		424,263
Philippines—4.2%
Globe Telecom, Inc.		12,615		568,381
Philippine Long Distance Telephone Co.		7,550		482,389
Total Philippines				1,050,770


Investments	Shares		Value
Qatar—5.9%
Qatar Electricity & Water Co.		9,475	$	508,196
Qatar Gas Transport Co., Ltd.		80,100		492,754
Qatar National Bank SAQ		8,833		469,395
Total Qatar				1,470,345
Russia—4.5%
Tatneft OAO ADR		17,706		527,462
Uralkali PJSC GDR		44,240		590,604
Total Russia				1,118,066
South Africa—4.1%
FirstRand, Ltd.		116,881		538,668
Sasol, Ltd.		13,947		474,448
Total South Africa				1,013,116
South Korea—4.1%
KT&G Corp.		6,948		555,489
SK Telecom Co., Ltd.		1,976		485,340
Total South Korea				1,040,829
Taiwan—16.7%
Advanced Semiconductor Engineering, Inc.		349,282		471,626
Delta Electronics, Inc.		86,397		545,331
Hotai Motor Co., Ltd.		34,936		539,839
MediaTek, Inc.		34,034		460,639
Nan Ya Plastics Corp.		254,156		564,520
Quanta Computer, Inc.		203,444		491,543
Siliconware Precision Industries Co., Ltd.		321,304		534,993
Uni-President Enterprises Corp.		324,942		544,166
Total Taiwan				4,152,657
Thailand—5.7%
PTT Exploration & Production PCL NVDR		154,300		516,862
PTT PCL NVDR		48,400		480,430
Total Access Communication PCL NVDR		169,900		428,144
Total Thailand				1,425,436
Turkey—6.0%
Eregli Demir ve Celik Fabrikalari TAS		314,808		489,823
Tupras-Turkiye Petrol Rafinerileri AS		24,075		571,625
Turk Telekomunikasyon AS		158,922		422,323
Total Turkey				1,483,771
TOTAL INVESTMENTS IN SECURITIES—100.1%
(Cost: $25,472,642)				24,954,421
Liabilities in Excess of Other Assets—(0.1)%				(19,672	)
Net Assets—100.0%			$	24,934,749


†		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
GDR		Global Depositary Receipts
NVDR		Non-Voting Depositary Receipts
PJSC		Private Joint Stock Company

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

30 EGA Emerging Global Shares Trust

TABLE OF CONTENTS

Schedule of Investments (Consolidated)† (concluded)
EGShares EM Quality Dividend ETF
(formerly EGShares Low Volatility Emerging Markets Dividend ETF)

March 31, 2015


Summary by Sector	Value			% of Net Assets
Consumer Discretionary	$	1,505,898			6.0	%
Consumer Staples		2,586,757			10.4
Energy		5,025,424			20.2
Financials		5,414,051			21.7
Industrials		500,071			2.0
Information Technology		3,003,633			12.1
Materials		2,165,584			8.7
Telecommunication Services		4,244,807			17.0
Utilities		508,196			2.0
Total Investments		24,954,421			100.1
Liabilities in Excess of Other Assets		(19,672	)		(0.1	)
Net Assets	$	24,934,749			100.0	%

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

EGA Emerging Global Shares Trust 31

TABLE OF CONTENTS

Schedule of Investments (Consolidated)†
EGShares Emerging Markets Consumer ETF

March 31, 2015


Investments	Shares		Value
COMMON STOCKS—99.8%
Brazil—12.2%
Ambev SA ADR		11,908,806	$	68,594,722
BRF SA ADR		2,311,642		45,724,279
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR		860,213		25,651,551
Total Brazil				139,970,552
Chile—6.2%
Cencosud SA		7,470,629		17,732,258
Latam Airlines Group SA ADR*		2,261,347		18,226,457
S.A.C.I. Falabella		4,566,062		34,989,629
Total Chile				70,948,344
China—20.3%
Belle International Holdings, Ltd.		24,365,065		28,378,062
China Mengniu Dairy Co., Ltd.		6,518,127		34,637,573
Ctrip.com International, Ltd. ADR*		627,803		36,801,812
Dongfeng Motor Group Co., Ltd. Class H		15,883,572		25,485,665
Hengan International Group Co., Ltd.		3,156,808		37,907,511
Vipshop Holdings, Ltd. ADR*		1,338,627		39,409,179
Want Want China Holdings, Ltd.		29,331,538		31,135,947
Total China				233,755,749
Colombia—1.5%
Grupo Nutresa SA		1,891,467		16,674,049
India—6.7%
Hindustan Unilever, Ltd.		2,691,139		37,564,677
ITC, Ltd.		7,430,514		38,689,432
Total India				76,254,109
Indonesia—4.3%
PT Astra International Tbk		75,307,961		49,389,351
Malaysia—6.3%
Genting Bhd		11,831,062		28,751,062
Genting Malaysia Bhd		18,816,435		21,491,432
IOI Corp. Bhd		17,309,102		21,452,350
Total Malaysia				71,694,844


Investments	Shares		Value
Mexico—15.2%
Fomento Economico Mexicano SAB de CV Series UBD ADR*		6,324,230	$	59,409,591
Grupo Bimbo SAB de CV Series A*		7,458,319		21,179,046
Grupo Televisa SAB Series CPO*		7,312,924		48,387,203
Wal-Mart de Mexico SAB de CV		18,532,142		46,360,007
Total Mexico				175,335,847
Russia—4.5%
Magnit PJSC GDR		1,000,637		51,082,519
South Africa—20.1%
Naspers, Ltd. N Shares		789,596		121,864,811
Shoprite Holdings, Ltd.		1,906,420		25,846,909
Steinhoff International Holdings, Ltd.		9,165,844		57,516,073
Tiger Brands, Ltd.		963,280		24,279,466
Total South Africa				229,507,259
Thailand—2.5%
CP ALL PCL		22,688,683		28,587,462
TOTAL INVESTMENTS IN SECURITIES—99.8%
(Cost: $1,131,573,922)				1,143,200,085
Other Assets in Excess of Liabilities—0.2%				1,958,149
Net Assets—100.0%			$	1,145,158,234


†		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
PJSC		Private Joint Stock Company


Summary by Industry	Value		% of Net Assets
Consumer Goods	$	598,017,794		52.2	%
Consumer Services		545,182,291		47.6
Total Investments		1,143,200,085		99.8
Other Assets in Excess of Liabilities		1,958,149		0.2
Net Assets	$	1,145,158,234		100.0	%

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

32 EGA Emerging Global Shares Trust

TABLE OF CONTENTS

Schedule of Investments (Consolidated)†
EGShares Emerging Markets Core ETF

March 31, 2015


Investments	Shares		Value
COMMON STOCKS—99.6%
Brazil—9.1%
Ambev SA ADR		10,153	$	58,481
Banco Bradesco SA Preference Shares ADR		5,764		53,486
BRF SA ADR		2,984		59,024
Cia Energética de Minas Gerais ADR		13,860		56,687
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR		1,441		42,971
Embraer SA ADR		1,419		43,634
Itau Unibanco Holding SA Preference Shares ADR		4,435		49,051
Petroleo Brasileiro SA ADR		7,655		46,007
Vale SA ADR		7,914		44,714
Total Brazil				454,055
Chile—4.6%
Empresa Nacional de Electricidad SA ADR		1,324		59,646
Enersis SA ADR		3,686		59,934
Latam Airlines Group SA ADR*		5,312		42,815
S.A.C.I. Falabella		9,116		69,856
Total Chile				232,251
China—18.0%
AAC Technologies Holdings, Inc.		4,249		26,224
Baidu, Inc. ADR*		90		18,756
Bank of China, Ltd. Class H		55,520		32,081
Belle International Holdings, Ltd.		16,693		19,443
China Construction Bank Corp. Class H		32,236		26,777
China Everbright International, Ltd.		11,904		19,929
China Life Insurance Co., Ltd. Class H ADR		536		35,419
China Merchants Holdings International Co., Ltd.		7,559		29,590
China Mobile, Ltd. ADR		446		29,003
China Overseas Land & Investment, Ltd.		9,082		29,344
China Pacific Insurance Group Co., Ltd. Class H		4,731		22,517
China Resources Land, Ltd.		12,464		35,207
China Unicom Hong Kong, Ltd. ADR		1,444		22,036
CITIC, Ltd.		11,345		19,433
CNOOC, Ltd.		11,206		15,841
COSCO Pacific, Ltd.		17,082		22,385
Country Garden Holdings Co., Ltd.		37,444		15,117
Ctrip.com International, Ltd. ADR*		429		25,148
Digital China Holdings, Ltd.		15,685		17,115
Dongfeng Motor Group Co., Ltd. Class H		18,685		29,981
GCL-Poly Energy Holdings, Ltd.*		64,974		17,180
Haier Electronics Group Co., Ltd.		7,630		19,978
Hanergy Thin Film Power Group, Ltd.*		60,421		54,396
Hengan International Group Co., Ltd.		1,951		23,428
Industrial and Commercial Bank of China, Ltd. Class H		37,026		27,317
Lenovo Group, Ltd.		16,016		23,384
Mindray Medical International, Ltd. ADR		711		19,446
NetEase, Inc. ADR		214		22,534
New Oriental Education & Technology Group, Inc. ADR*		942		20,884
PICC Property & Casualty Co., Ltd. Class H		5,710		11,283


Investments	Shares		Value
Ping An Insurance Group Co. of China, Ltd. Class H		3,055	$	36,724
Semiconductor Manufacturing International Corp.*		282,929		27,369
Shunfeng International Clean Energy, Ltd.*		19,216		14,475
Sihuan Pharmaceutical Holdings Group, Ltd.#^§		19,919		11,330
Sinopharm Group Co. Class H		7,318		29,874
Tencent Holdings, Ltd.		1,086		20,619
Want Want China Holdings, Ltd.		23,133		24,556
ZTE Corp. Class H		8,985		20,605
Total China				916,728
Colombia—0.9%
Grupo de Inversiones Suramericana SA		3,442		44,467
Czech Republic—1.1%
CEZ AS		2,332		57,034
India—14.6%
Dr. Reddy’s Laboratories, Ltd.		1,112		61,991
Hindustan Unilever, Ltd.		4,703		65,647
Infosys, Ltd. ADR		1,634		57,321
ITC, Ltd.		10,819		56,333
Mahindra & Mahindra, Ltd.		3,032		57,548
NTPC, Ltd.		26,494		62,170
Reliance Industries, Ltd.		4,071		53,732
Sun Pharmaceutical Industries, Ltd.		5,074		83,016
Tata Consultancy Services, Ltd.		1,442		58,848
Tata Motors, Ltd. ADR		1,368		61,642
Wipro, Ltd.		6,493		65,245
Zee Entertainment Enterprises, Ltd.		9,927		54,210
Total India				737,703
Indonesia—3.7%
PT Astra International Tbk		95,109		62,375
PT Telekomunikasi Indonesia Persero Tbk ADR		1,106		48,155
PT Unilever Indonesia Tbk		25,596		77,620
Total Indonesia				188,150
Malaysia—4.5%
Genting Bhd		21,600		52,491
Genting Malaysia Bhd		49,100		56,080
Sime Darby Bhd		21,100		52,814
Tenaga Nasional Bhd		14,900		57,774
Total Malaysia				219,159
Mexico—10.7%
Alfa SAB de CV Class A*		21,422		43,310
America Movil SAB de CV Series L ADR		2,770		56,674
Cemex SAB de CV Series CPO*		52,152		49,536
Fibra Uno Administracion SA de CV		19,808		52,542
Fomento Economico Mexicano SAB de CV ADR*		659		61,617
Grupo Aeroportuario del Sureste SAB de CV Class B*		4,911		66,253
Grupo Mexico SAB de CV Series B		17,428		51,537
Grupo Televisa SAB ADR*		1,374		45,356
Kimberly-Clark de Mexico SAB de CV Class A		23,734		49,823
Wal-Mart de Mexico SAB de CV		27,137		67,886
Total Mexico				544,534

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

EGA Emerging Global Shares Trust 33

TABLE OF CONTENTS

Schedule of Investments (Consolidated)† (concluded)
EGShares Emerging Markets Core ETF

March 31, 2015


Investments	Shares		Value
Philippines—4.0%
Ayala Land, Inc.		79,800	$	68,731
Jollibee Foods Corp.		14,730		72,497
SM Investments Corp.		3,360		67,613
Total Philippines				208,841
Poland—2.0%
LPP SA		21		39,184
Powszechny Zaklad Ubezpieczen SA		474		61,133
Total Poland				100,317
Russia—7.5%
Gazprom OAO ADR		9,765		46,423
Lukoil OAO ADR		1,082		50,118
Magnit PJSC GDR		1,090		55,644
MMC Norilsk Nickel OJSC ADR		3,703		65,784
Mobile TeleSystems OJSC ADR		5,384		54,379
Sberbank of Russia ADR		8,530		37,481
Uralkali PJSC GDR		4,844		64,667
Total Russia				374,496
South Africa—15.2%
AngloGold Ashanti, Ltd. ADR*		4,290		40,069
Aspen Pharmacare Holdings, Ltd.*		1,523		48,269
Bidvest Group, Ltd.		1,743		47,283
FirstRand, Ltd.		12,254		56,475
Life Healthcare Group Holdings, Ltd.		12,468		43,538
MTN Group, Ltd.		2,272		38,441
Naspers, Ltd. N Shares		474		73,156
Netcare, Ltd.		18,479		63,599
Remgro, Ltd.		2,320		50,895
Sanlam, Ltd.		8,641		55,892
Sasol, Ltd. ADR		1,404		47,792
Shoprite Holdings, Ltd.		3,327		45,107
Steinhoff International Holdings, Ltd.		9,463		59,381
Tiger Brands, Ltd.		1,758		44,310
Woolworths Holdings, Ltd.		8,729		62,065
Total South Africa				776,272


Investments	Shares		Value
Thailand—1.0%
BEC World PCL NVDR		39,100	$	49,266
Turkey—2.0%
Arcelik AS		10,247		59,197
Haci Omer Sabanci Holding AS		13,221		46,743
Total Turkey				105,940
United Arab Emirates—0.7%
Emaar Properties PJSC		20,915		37,583
TOTAL INVESTMENTS IN SECURITIES—99.6%
(Cost: $5,145,334)				5,046,796
Other Assets in Excess of Liabilities—0.4%				21,307
Net Assets—100.0%			$	5,068,103


†		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
GDR		Global Depositary Receipts
NVDR		Non-Voting Depositary Receipts
PJSC		Private Joint Stock Company


Summary by Sector	Value		% of Net Assets
Consumer Discretionary	$	989,738		19.5	%
Consumer Staples		732,447		14.5
Energy		259,913		5.1
Financials		886,265		17.5
Health Care		361,063		7.1
Industrials		455,059		9.0
Information Technology		444,071		8.8
Materials		316,307		6.2
Telecommunication Services		248,688		4.9
Utilities		353,245		7.0
Total Investments		5,046,796		99.6
Other Assets in Excess of Liabilities		21,307		0.4
Net Assets	$	5,068,103		100.0	%

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

34 EGA Emerging Global Shares Trust

TABLE OF CONTENTS

Schedule of Investments (Consolidated)†
EGShares Emerging Markets Domestic Demand ETF

March 31, 2015


Investments	Shares		Value
COMMON STOCKS—99.6%
Brazil—9.1%
Ambev SA ADR		275,409	$	1,586,356
BRF SA ADR		40,207		795,294
Cia Energética de Minas Gerais ADR		67,873		277,601
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR		10,238		305,297
Telefonica Brasil SA ADR		18,758		286,810
Total Brazil				3,251,358
Chile—1.5%
Enersis SA ADR		33,074		537,783
China—19.5%
Belle International Holdings, Ltd.		456,218		531,358
China Mengniu Dairy Co., Ltd.		63,543		337,670
China Mobile, Ltd.		134,926		1,761,179
China Resources Power Holdings Co., Ltd.		168,861		423,838
China Telecom Corp., Ltd. Class H		1,023,890		656,353
China Unicom Hong Kong, Ltd.		353,561		538,113
Ctrip.com International, Ltd. ADR*		11,573		678,409
Hengan International Group Co., Ltd.		48,520		582,637
Tingyi Cayman Islands Holding Corp.		118,782		255,549
Vipshop Holdings, Ltd. ADR*		25,701		756,638
Want Want China Holdings, Ltd.		430,718		457,215
Total China				6,978,959
Hong Kong—0.7%
WH Group Ltd. 144A*		440,196		250,387
India—11.6%
Bharti Airtel, Ltd.		96,857		608,710
Hindustan Unilever, Ltd.		43,758		610,803
ITC, Ltd.		118,840		618,780
Mahindra & Mahindra, Ltd.		28,265		536,473
Sun Pharmaceutical Industries, Ltd.		64,446		1,054,409
Tata Motors, Ltd. ADR		15,641		704,784
Total India				4,133,959
Indonesia—6.7%
PT Astra International Tbk		1,859,058		1,219,229
PT Perusahaan Gas Negara Persero Tbk		977,378		358,808
PT Telekomunikasi Indonesia Persero Tbk ADR		18,847		820,598
Total Indonesia				2,398,635
Malaysia—5.9%
Axiata Group Bhd		280,600		536,424
Genting Bhd		204,900		497,934
Tenaga Nasional Bhd		280,200		1,086,451
Total Malaysia				2,120,809
Mexico—16.3%
America Movil SAB de CV Series L ADR		85,528		1,749,903
Coca-Cola Femsa SAB de CV ADR		3,083		246,208
El Puerto de Liverpool SAB de CV*		47,750		564,221
Fomento Economico Mexicano SAB de CV ADR*		12,908		1,206,898
Grupo Televisa SAB ADR*		39,179		1,293,299
Wal-Mart de Mexico SAB de CV		306,413		766,523
Total Mexico				5,827,052


Investments	Shares		Value
Philippines—0.9%
Philippine Long Distance Telephone Co. ADR		5,538	$	346,070
Russia—3.6%
Magnit PJSC GDR		17,183		877,192
Mobile TeleSystems OJSC ADR		38,150		385,315
Total Russia				1,262,507
South Africa—20.6%
Aspen Pharmacare Holdings, Ltd.*		26,107		827,409
MTN Group, Ltd.		96,786		1,637,564
Naspers, Ltd. N Shares		12,442		1,920,275
Shoprite Holdings, Ltd.		22,358		303,126
Steinhoff International Holdings, Ltd.		239,364		1,502,020
Tiger Brands, Ltd.		11,536		290,765
Vodacom Group, Ltd.		38,491		421,531
Woolworths Holdings, Ltd.		67,973		483,307
Total South Africa				7,385,997
Thailand—2.5%
Advanced Info Service PCL		81,000		589,951
CP ALL PCL NVDR		261,900		329,991
Total Thailand				919,942
Turkey—0.7%
BIM Birlesik Magazalar AS		13,200		234,361
TOTAL INVESTMENTS IN SECURITIES—99.6%
(Cost: $33,607,053)				35,647,819
Other Assets in Excess of Liabilities—0.4%				150,456
Net Assets—100.0%			$	35,798,275


†		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 March 31, 2015, the net value of these securities was $250,387, representing 0.70% of net assets.
ADR		American Depositary Receipts
GDR		Global Depositary Receipts
NVDR		Non-Voting Depositary Receipts
PJSC		Private Joint Stock Company


Summary by Sector	Value		% of Net Assets
Consumer Discretionary	$	10,687,947		29.8	%
Consumer Staples		10,055,052		28.1
Health Care		1,881,818		5.3
Telecommunication Services		10,338,521		28.9
Utilities		2,684,481		7.5
Total Investments		35,647,819		99.6
Other Assets in Excess of Liabilities		150,456		0.4
Net Assets	$	35,798,275		100.0	%

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

EGA Emerging Global Shares Trust 35

TABLE OF CONTENTS

Schedule of Investments (Consolidated)†
EGShares India Consumer ETF

March 31, 2015


Investments	Shares		Value
COMMON STOCKS—99.7%
Consumer Goods—73.8%
Apollo Tyres, Ltd.		575,249	$	1,546,560
Arvind, Ltd.		299,912		1,254,161
Bajaj Auto, Ltd.		122,562		3,949,402
Bosch, Ltd.		10,298		4,183,187
Dabur India, Ltd.		1,005,217		4,265,421
Emami, Ltd.		125,958		2,015,127
Exide Industries, Ltd.		929,651		2,640,495
GlaxoSmithKline Consumer Healthcare, Ltd.		21,174		2,131,568
Godrej Consumer Products, Ltd.		244,078		4,059,890
Hero MotoCorp, Ltd.		96,405		4,066,552
Hindustan Unilever, Ltd.		305,955		4,270,720
Marico, Ltd.		527,955		3,254,308
Motherson Sumi Systems, Ltd.		591,230		4,864,938
MRF, Ltd.		6,155		3,811,209
Nestle India, Ltd.		39,415		4,375,588
Page Industries, Ltd.		9,624		2,111,617
Procter & Gamble Hygiene & Health Care, Ltd.		16,783		1,937,636
Tata Global Beverages, Ltd.		776,907		1,847,259
TVS Motor Co., Ltd.		421,881		1,778,701
United Breweries, Ltd.		135,525		2,166,234
United Spirits, Ltd.*		74,918		4,378,270
Whirlpool of India, Ltd.*		56,666		665,934
Total Consumer Goods				65,574,777


Investments	Shares		Value
Consumer Services—10.7%
Dish TV India, Ltd.*		585,426	$	766,614
Indian Hotels Co., Ltd.*		942,414		1,760,403
Jubilant Foodworks, Ltd.*		59,882		1,414,586
Sun TV Network, Ltd.		213,476		1,507,231
Zee Entertainment Enterprises, Ltd.		734,619		4,011,681
Total Consumer Services				9,460,515
Industrials—15.2%
Bharat Forge, Ltd.		238,797		4,872,193
Mahindra & Mahindra, Ltd.		224,248		4,256,255
Tata Motors, Ltd.		491,050		4,317,199
Total Industrials				13,445,647
TOTAL INVESTMENTS IN SECURITIES—99.7%
(Cost: $83,965,277)				88,480,939
Other Assets in Excess of Liabilities—0.3%				229,156
Net Assets—100.0%			$	88,710,095


†		The Consolidated Schedule of Investments includes the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements.
*		Non-income producing security.

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

36 EGA Emerging Global Shares Trust

TABLE OF CONTENTS

Schedule of Investments (Consolidated)†
EGShares India Infrastructure ETF

March 31, 2015


Investments	Shares		Value
COMMON STOCKS—99.3%
Basic Materials—9.7%
NMDC, Ltd.		859,016	$	1,767,276
Sesa Sterlite, Ltd.		505,998		1,532,194
Tata Steel, Ltd.		267,339		1,353,115
Total Basic Materials				4,652,585
Consumer Goods—8.6%
Aditya Birla Nuvo, Ltd.		65,289		1,735,893
Cummins India, Ltd.		166,295		2,340,121
Total Consumer Goods				4,076,014
Consumer Services—1.2%
Dish TV India, Ltd.*		432,031		565,744
Financials—1.0%
Unitech, Ltd.*		1,883,209		485,989
Industrials—40.1%
ABB India, Ltd.		63,197		1,272,498
Adani Ports and Special Economic Zone, Ltd.		538,511		2,652,058
Ambuja Cements, Ltd.		703,870		2,871,435
Bharat Heavy Electricals, Ltd.		698,626		2,627,331
Engineers India, Ltd.		126,481		390,369
Havells India, Ltd.		243,297		1,186,720
IRB Infrastructure Developers, Ltd.		138,511		540,488
Jaiprakash Associates, Ltd.*		1,359,948		538,927
Mahindra & Mahindra, Ltd.		109,368		2,075,818
Siemens, Ltd.		107,006		2,388,265
Tata Motors, Ltd.		299,787		2,635,659
Total Industrials				19,179,568
Oil & Gas—4.3%
GAIL India, Ltd.		328,362		2,034,775


Investments	Shares		Value
Telecommunications—17.1%
Bharti Airtel, Ltd.		400,641	$	2,517,880
Bharti Infratel, Ltd.		361,493		2,223,906
Idea Cellular, Ltd.		963,920		2,834,096
Tata Communications, Ltd.		84,205		567,814
Total Telecommunications				8,143,696
Utilities—17.3%
CESC, Ltd.		66,210		638,864
GMR Infrastructure, Ltd.		1,442,345		382,590
NHPC, Ltd.		2,985,863		944,693
NTPC, Ltd.		1,070,702		2,512,455
Reliance Infrastructure, Ltd.		157,630		1,092,658
Reliance Power, Ltd.*		809,183		730,552
Tata Power Co., Ltd.		1,590,535		1,959,536
Total Utilities				8,261,348
TOTAL COMMON STOCKS
(Cost: $44,846,995)				47,399,719
Rights—0.0%**
Utilities—0.0%**
GMR Infrastructure, Ltd., expiring 4/8/15*#^§
(Cost: $0)		299,014		7,645
TOTAL INVESTMENTS IN SECURITIES—99.3%
(Cost: $44,846,995)				47,407,364
Other Assets in Excess of Liabilities—0.7%				328,264
Net Assets—100.0%			$	47,735,628


†		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.
**		Less than 0.05%.

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

EGA Emerging Global Shares Trust 37

TABLE OF CONTENTS

Schedule of Investments (Consolidated)†
EGShares India Small Cap ETF

March 31, 2015


Investments	Shares		Value
COMMON STOCKS—99.8%
Basic Materials—3.7%
Jindal Saw, Ltd.		175,000	$	183,861
Monsanto India, Ltd.		5,000		228,559
Nagarjuna Fertilizers & Chemicals, Ltd.*#^§		582,385		9,306
Rashtriya Chemicals & Fertilizers, Ltd.		130,000		117,264
SRF, Ltd.		35,000		554,799
Total Basic Materials				1,093,789
Consumer Goods—10.5%
Alok Industries, Ltd.*		1,005,000		118,837
Amtek Auto, Ltd.		130,000		301,728
Arvind, Ltd.		79,000		330,359
Bombay Dyeing & Manufacturing Co., Ltd.		115,000		117,423
CCL Products India, Ltd.		85,000		242,852
Ceat, Ltd.		23,675		304,330
Delta Corp., Ltd.		158,538		203,679
JBF Industries, Ltd.		40,000		134,961
JK Tyre & Industries, Ltd.		130,000		218,324
Mahindra CIE Automotive, Ltd.*		90,000		311,283
Marico Kaya Enterprises, Ltd.*		5,000		121,814
PC Jeweller, Ltd.		60,000		304,500
Raymond, Ltd.		45,000		318,582
Total Consumer Goods				3,028,672
Consumer Services—6.3%
Cox & Kings, Ltd.		105,000		544,033
Future Retail, Ltd.		240,000		378,132
Jet Airways India, Ltd.*		65,962		515,048
TV18 Broadcast, Ltd.*		765,000		370,391
Total Consumer Services				1,807,604
Financials—25.8%
Allahabad Bank*		257,917		412,956
Andhra Bank*		273,510		345,268
DCB Bank, Ltd.*		275,000		487,546
Dewan Housing Finance Corp., Ltd.		95,000		709,905
Housing Development & Infrastructure, Ltd.*		304,765		495,513
IFCI, Ltd.		889,851		474,208
Indiabulls Real Estate, Ltd.		299,171		312,646
Indian Overseas Bank		370,000		250,387
Jammu & Kashmir Bank, Ltd. (The)		270,000		410,083
Karnataka Bank, Ltd. (The)		222,056		442,293
Manappuram Finance, Ltd.		655,000		339,635
Oriental Bank of Commerce		147,711		482,919
PTC India Financial Services, Ltd.		270,000		238,370
SKS Microfinance, Ltd.*		134,705		985,729
Syndicate Bank		240,303		388,593
UCO Bank		268,261		273,914
Unitech, Ltd.*		1,544,986		398,706
Total Financials				7,448,671
Health Care—2.3%
Granules India, Ltd.		120,000		163,276
Marksans Pharma, Ltd.		220,000		217,605
Suven Life Sciences, Ltd.		60,000		275,210
Total Health Care				656,091
Industrials—22.6%
BEML, Ltd.		22,500		394,407
Century Textiles & Industries, Ltd.		65,171		663,517
Engineers India, Ltd.		120,000		370,367
Escorts, Ltd.		80,919		164,667
Gateway Distriparks, Ltd.		85,000		558,098


Investments	Shares		Value
Gati, Ltd.		65,000	$	224,920
Hindustan Construction Co., Ltd.*		415,000		216,846
India Cements, Ltd.*		255,000		351,035
Jain Irrigation Systems, Ltd.		365,000		359,277
Jaiprakash Associates, Ltd.*		1,646,847		652,620
JK Lakshmi Cement, Ltd.		75,000		430,001
NCC, Ltd.		455,000		814,665
Sintex Industries, Ltd.		259,890		501,248
Texmaco Rail & Engineering, Ltd.		115,000		274,539
Timken India, Ltd.		20,000		195,298
Voltas, Ltd.		80,000		357,743
Total Industrials				6,529,248
Oil & Gas—7.7%
Aban Offshore, Ltd.		36,425		248,183
Gujarat State Petronet, Ltd.		410,000		812,711
Suzlon Energy, Ltd.*		2,670,000		1,166,875
Total Oil & Gas				2,227,769
Technology—10.8%
Astra Microwave Products, Ltd.		80,000		188,555
Hexaware Technologies, Ltd.		102,165		510,243
Himachal Futuristic Communications, Ltd.*		905,000		193,057
KPIT Technologies, Ltd.		180,000		542,175
Polaris Consulting & Services, Ltd.		80,000		211,501
Redington India, Ltd.		400,000		838,909
Rolta India, Ltd.		95,000		246,452
Tata Elxsi, Ltd.		20,052		370,801
Total Technology				3,101,693
Utilities—10.1%
BF Utilities, Ltd.*		15,243		172,351
GMR Infrastructure, Ltd.		1,793,184		475,651
Gujarat Gas Co., Ltd.*		40,000		402,517
Indraprastha Gas, Ltd.		90,000		603,224
Jaiprakash Power Ventures, Ltd.*		1,200,000		196,544
PTC India, Ltd.		290,000		374,889
Torrent Power, Ltd.		260,000		679,485
Total Utilities				2,904,661
TOTAL COMMON STOCKS
(Cost: $30,060,127)				28,798,198
Rights—0.0%**
Utilities—0.0%**
GMR Infrastructure, Ltd., expiring 4/8/15*#^§
(Cost: $0)		179,610		4,592
TOTAL INVESTMENTS IN SECURITIES—99.8%
(Cost: $30,060,127)				28,802,790
Other Assets in Excess of Liabilities—0.2%				46,782
Net Assets—100.0%			$	28,849,572


†		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.
**		Less than 0.05%.

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

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EGA Emerging Global Shares Trust 39

TABLE OF CONTENTS

Statements of Assets and Liabilities
EGA Emerging Global Shares Trust

March 31, 2015


	EGShares Beyond BRICs ETF			EGShares Blue Chip ETF			EGShares Brazil Infrastructure ETF			EGShares EM Quality Dividend ETF¹ (Consolidated)
ASSETS:
Cost of Investments:	$	324,206,098		$	7,923,245		$	18,065,569		$	25,472,642
Investments at value		297,532,478			7,598,374			12,486,403			24,954,421
Cash		1,036,485			30,038			50,679			64,789
Foreign cash*		307,292			—			—			35,248
Receivables:
Dividends and interest		2,306,055			10,603			79,772			67,998
Foreign tax reclaims		1,834			2,178			—			—
Investment securities sold		—			—			309,098			—
Total Assets		301,184,144			7,641,193			12,925,952			25,122,456
LIABILITIES:
Payables:
Accrued investment advisory fees		143,601			3,907			9,228			18,447
Due to custodian		—			43			—			—
Income payable		—			—			—			169,260
Investment securities purchased		—			—			324,571			—
Total Liabilities		143,601			3,950			333,799			187,707
NET ASSETS	$	301,040,543		$	7,637,243		$	12,592,153		$	24,934,749
NET ASSETS:
Paid-in capital	$	329,978,491		$	8,075,633		$	48,649,098		$	51,303,683
Undistributed (accumulated) net investment income (loss)		3,120,587			14,130			77,287			(34,650	)
Undistributed (accumulated) net realized gain (loss) on investments and foreign currency transactions		(5,386,851	)		(127,183	)		(30,541,846	)		(25,815,976	)
Net unrealized appreciation (depreciation) on investments and on foreign currency translations		(26,671,684	)		(325,337	)		(5,592,386	)		(518,308	)
NET ASSETS	$	301,040,543		$	7,637,243		$	12,592,153		$	24,934,749
Outstanding beneficial interest shares (unlimited shares of beneficial interest authorized, no par value)		15,150,000			400,000			1,400,000			1,750,000
Net asset value per share	$	19.87		$	19.09		$	8.99		$	14.25
* Cost of foreign cash:	$	303,662		$	—		$	—		$	35,054

Formerly known as EGShares Low Volatility Emerging Markets Dividend ETF.

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

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	EGShares Emerging Markets Consumer ETF (Consolidated)			EGShares Emerging Markets Core ETF (Consolidated)			EGShares Emerging Markets Domestic Demand ETF (Consolidated)			EGShares India Consumer ETF (Consolidated)			EGShares India Infrastructure ETF (Consolidated)			EGShares India Small Cap ETF (Consolidated)
ASSETS:
Cost of Investments:	$	1,131,573,922		$	5,145,334		$	33,607,053		$	83,965,277		$	44,846,995		$	30,060,127
Investments at value		1,143,200,085			5,046,796			35,647,819			88,480,939			47,407,364			28,802,790
Cash		2,393,633			14,106			67,157			286,928			115,434			987
Foreign cash*		42,887			3,549			54,931			5,252			7,813			60,653
Receivables:
Dividends and interest		317,533			1,287			53,924			—			33,043			6,392
Foreign tax reclaims		—			—			—			—			—			—
Investment securities sold		—			5,380			—			—			205,950			—
Total Assets		1,145,954,138			5,071,118			35,823,831			88,773,119			47,769,604			28,870,822
LIABILITIES:
Payables:
Accrued investment advisory fees		795,904			3,015			25,556			63,024			33,976			21,250
Due to custodian		—			—			—			—			—			—
Income payable		—			—			—			—			—			—
Investment securities purchased		—			—			—			—			—			—
Total Liabilities		795,904			3,015			25,556			63,024			33,976			21,250
NET ASSETS	$	1,145,158,234		$	5,068,103		$	35,798,275		$	88,710,095		$	47,735,628		$	28,849,572
NET ASSETS:
Paid-in capital	$	1,169,926,142		$	5,168,581		$	34,137,055		$	85,713,783		$	98,400,746		$	39,894,974
Undistributed (accumulated) net investment income (loss)		92,937			(512	)		65,753			(169,858	)		205,528			47,148
Undistributed (accumulated) net realized gain (loss) on investments and foreign currency transactions		(36,487,893	)		(1,453	)		(445,946	)		(1,349,506	)		(53,430,673	)		(9,835,237	)
Net unrealized appreciation (depreciation) on investments and on foreign currency translations		11,627,048			(98,513	)		2,041,413			4,515,676			2,560,027			(1,257,313	)
NET ASSETS	$	1,145,158,234		$	5,068,103		$	35,798,275		$	88,710,095		$	47,735,628		$	28,849,572
Outstanding beneficial interest shares (unlimited shares of beneficial interest authorized, no par value)		43,300,000			250,000			1,550,000			2,500,000			3,650,000			1,650,000
Net asset value per share	$	26.45		$	20.27		$	23.10		$	35.48		$	13.08		$	17.48
* Cost of foreign cash:	$	42,002		$	3,522		$	54,280		$	5,238		$	7,820		$	60,637

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

EGA Emerging Global Shares Trust 41

TABLE OF CONTENTS

Statements of Operations
EGA Emerging Global Shares Trust

Year Ended March 31, 2015


	EGShares Beyond BRICs ETF			EGShares Blue Chip ETF¹			EGShares Brazil Infrastructure ETF			EGShares EM Quality Dividend ETF² (Consolidated)
INVESTMENT INCOME:
Dividend income*	$	8,234,145		$	135,954		$	1,606,680		$	2,436,410
Interest income		3,030			—			1			—
Total investment income		8,237,175			135,954			1,606,681			2,436,410
EXPENSES:
Investment advisory fees		2,169,603			37,953			231,333			366,169
Mauritius taxes paid		—			—			—			19,318
Total expenses before waivers		2,169,603			37,953			231,333			385,487
Less: waivers of expenses from Advisor		(689,360	)		—			—			—
Net expenses		1,480,243			37,953			231,333			385,487
Net investment income (loss)		6,756,932			98,001			1,375,348			2,050,923
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSLATIONS:
Net realized gain (loss) on:
Investments		(4,457,075	)		(127,183	)		(4,173,685	)		(3,755,869	)
In-Kind Redemptions		1,282,364			—			—			(345,335	)
Foreign currency transactions		(640,021	)		(9,039	)		(88,636	)		(234,513	)
Net realized gain (loss)		(3,814,732	)		(136,222	)		(4,262,321	)		(4,335,717	)
Change in unrealized appreciation (depreciation) on:
Investments		(28,066,712	)		(324,871	)		(7,936,841	)		(400,712	)
Foreign currency translations		4,250			(466	)		(16,716	)		(5,081	)
Net change in unrealized appreciation (depreciation)		(28,062,462	)		(325,337	)		(7,953,557	)		(405,793	)
Net realized and unrealized gain (loss) on investments and foreign currency translations		(31,877,194	)		(461,559	)		(12,215,878	)		(4,741,510	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(25,120,262	)	$	(363,558	)	$	(10,840,530	)	$	(2,690,587	)
* Net of foreign taxes withheld of:	$	644,086		$	11,928		$	63,990		$	238,926

Represents the period April 23, 2014 (commencement of operations) to March 31, 2015.

Formerly known as EGShares Low Volatility Emerging Markets Dividend ETF.

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

42 EGA Emerging Global Shares Trust

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	EGShares Emerging Markets Consumer ETF (Consolidated)			EGShares Emerging Markets Core ETF (Consolidated)			EGShares Emerging Markets Domestic Demand ETF (Consolidated)			EGShares India Consumer ETF (Consolidated)			EGShares India Infrastructure ETF (Consolidated)			EGShares India Small Cap ETF (Consolidated)
INVESTMENT INCOME:
Dividend income*	$	21,876,178		$	109,452		$	644,835		$	111,795		$	826,836		$	346,079
Interest income		1,110			1			4			—			22			—
Total investment income		21,877,288			109,453			644,839			111,795			826,858			346,079
EXPENSES:
Investment advisory fees		10,331,240			30,722			239,991			187,379			395,250			236,672
Mauritius taxes paid		53,786			580			146			1,023			15,191			18,667
Total expenses before waivers		10,385,026			31,302			240,137			188,402			410,441			255,339
Less: waivers of expenses from Advisor		—			—			—			—			—			—
Net expenses		10,385,026			31,302			240,137			188,402			410,441			255,339
Net investment income (loss)		11,492,262			78,151			404,702			(76,607	)		416,417			90,740
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSLATIONS:
Net realized gain (loss) on:
Investments		(16,107,527	)		64,354			41,722			(753,073	)		(961,527	)		7,379,134
In-Kind Redemptions		17,096,293			—			457,727			—			—			—
Foreign currency transactions		(483,751	)		(1,068	)		(4,130	)		(92,807	)		(145,309	)		43,657
Net realized gain (loss)		505,015			63,286			495,319			(845,880	)		(1,106,836	)		7,422,791
Change in unrealized appreciation (depreciation) on:
Investments		(9,055,202	)		(115,131	)		428,880			3,635,504			(243,696	)		(1,259,487	)
Foreign currency translations		(20,346	)		(142	)		(2,066	)		(572	)		(2,456	)		(1,695	)
Net change in unrealized appreciation (depreciation)		(9,075,548	)		(115,273	)		426,814			3,634,932			(246,152	)		(1,261,182	)
Net realized and unrealized gain (loss) on investments and foreign currency translations		(8,570,533	)		(51,987	)		922,133			2,789,052			(1,352,988	)		6,161,609
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,921,729		$	26,164		$	1,326,835		$	2,712,445		$	(936,571	)	$	6,252,349
* Net of foreign taxes withheld of:	$	1,396,847		$	9,027		$	62,325		$	—		$	1		$	—

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

EGA Emerging Global Shares Trust 43

TABLE OF CONTENTS

Statements of Changes in Net Assets
EGA Emerging Global Shares Trust

March 31, 2015


	EGShares Beyond BRICs ETF						EGShares Blue Chip ETF			EGShares Brazil Infrastructure ETF
	For the Year Ended March 31, 2015			For the Year Ended March 31, 2014			For the Period April 23, 2014¹ Through March 31, 2015			For the Year Ended March 31, 2015			For the Year Ended March 31, 2014
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	6,756,932		$	826,664		$	98,001		$	1,375,348		$	2,021,937
Net realized gain (loss) on investments and foreign currency transactions		(3,814,732	)		(616,386	)		(136,222	)		(4,262,321	)		(15,042,476	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(28,062,462	)		762,595			(325,337	)		(7,953,557	)		(2,822,986	)
Net increase (decrease) in net assets resulting from operations		(25,120,262	)		972,873			(363,558	)		(10,840,530	)		(15,843,525	)
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income		(3,616,691	)		(198,374	)		(74,832	)		(1,252,757	)		(1,708,565	)
Net realized gain		(268,047	)		—			—			—			—
Return of Capital		—			—			—			—			—
Total distributions		(3,884,738	)		(198,374	)		(74,832	)		(1,252,757	)		(1,708,565	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		302,924,221			41,935,626			8,075,633			10,594,646			—
Cost of shares redeemed		(22,263,815	)		(1,012,903	)		—			(22,818,489	)		(25,277,961	)
Transaction fees		—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		280,660,406			40,922,723			8,075,633			(12,223,843	)		(25,277,961	)
Net Increase (Decrease) in Net Assets		251,655,406			41,697,222			7,637,243			(24,317,130	)		(42,830,051	)
NET ASSETS:
Beginning of period		49,385,137			7,687,915			—			36,909,283			79,739,334
End of period	$	301,040,543		$	49,385,137		$	7,637,243		$	12,592,153		$	36,909,283
Undistributed (accumulated) net investment income (loss) included in net assets at end of period	$	3,120,587		$	620,423		$	14,130		$	77,287		$	43,332
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of period		2,350,000			350,000			—			2,250,000			3,750,000
Shares sold		13,900,000			2,050,000			400,000			600,000			—
Shares redeemed		(1,100,000	)		(50,000	)		—			(1,450,000	)		(1,500,000	)
Shares outstanding, end of period		15,150,000			2,350,000			400,000			1,400,000			2,250,000

Commencement of operations.

Formerly known as EGShares Low Volatility Emerging Markets Dividend ETF.

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

44 EGA Emerging Global Shares Trust

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	EGShares EM Quality Dividend ETF² (Consolidated)						EGShares Emerging Markets Consumer ETF (Consolidated)						EGShares Emerging Markets Core ETF (Consolidated)						EGShares Emerging Markets Domestic Demand ETF (Consolidated)						EGShares India Consumer ETF (Consolidated)
	For the Year Ended March 31, 2015			For the Year Ended March 31, 2014			For the Year Ended March 31, 2015			For the Year Ended March 31, 2014			For the Year Ended March 31, 2015			For the Year Ended March 31, 2014			For the Year Ended March 31, 2015			For the Year Ended March 31, 2014			For the Year Ended March 31, 2015			For the Year Ended March 31, 2014
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,050,923		$	3,202,114		$	11,492,262		$	13,559,582		$	78,151		$	71,737		$	404,702		$	73,170		$	(76,607	)	$	24,732
Net realized gain (loss) on investments and foreign currency transactions		(4,335,717	)		(14,363,763	)		505,015			39,433,848			63,286			(9,421	)		495,319			(452,961	)		(845,880	)		(306,610	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(405,793	)		(4,924,574	)		(9,075,548	)		(52,276,450	)		(115,273	)		(76,301	)		426,814			1,352,776			3,634,932			650,234
Net increase (decrease) in net assets resulting from operations		(2,690,587	)		(16,086,223	)		2,921,729			716,980			26,164			(13,985	)		1,326,835			972,985			2,712,445			368,356
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income		(1,527,013	)		(3,286,653	)		(13,864,995	)		(9,529,880	)		(83,068	)		(70,906	)		(359,762	)		(44,840	)		(20,840	)		—
Net realized gain		—			—			—			—			—			—			—			—			—			—
Return of Capital		—			(174,637	)		—			—			—			—			—			—			—			—
Total distributions		(1,527,013	)		(3,461,290	)		(13,864,995	)		(9,529,880	)		(83,068	)		(70,906	)		(359,762	)		(44,840	)		(20,840	)		—
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		—			51,196,661			50,665,900			568,682,184			1,038,203			1,994,833			15,039,089			21,397,580			81,076,838			—
Cost of shares redeemed		(28,180,390	)		(63,434,762	)		(128,249,725	)		(211,670,993	)		—			(1,994,464	)		(3,636,676	)		(1,111,765	)		—			(2,051,517	)
Transaction fees		(2,407	)		(998	)		2,754			7,917			(1,124	)		(764	)		(85	)		(977	)		(3,047	)		(3,208	)
Net increase (decrease) in net assets resulting from capital share transactions		(28,182,797	)		(12,239,099	)		(77,581,071	)		357,019,108			1,037,079			(395	)		11,402,328			20,284,838			81,073,791			(2,054,725	)
Net Increase (Decrease) in Net Assets		(32,400,397	)		(31,786,612	)		(88,524,337	)		348,206,208			980,175			(85,286	)		12,369,401			21,212,983			83,765,396			(1,686,369	)
NET ASSETS:
Beginning of period		57,335,146			89,121,758			1,233,682,571			885,476,363			4,087,928			4,173,214			23,428,874			2,215,891			4,944,699			6,631,068
End of period	$	24,934,749		$	57,335,146		$	1,145,158,234		$	1,233,682,571		$	5,068,103		$	4,087,928		$	35,798,275		$	23,428,874		$	88,710,095		$	4,944,699
Undistributed (accumulated) net investment income (loss) included in net assets at end of period	$	(34,650	)	$	(324,047	)	$	92,937		$	1,294,083		$	(512	)	$	5,473		$	65,753		$	24,943		$	(169,858	)	$	—
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of period		3,550,000			4,500,000			46,500,000			33,400,000			200,000			200,000			1,050,000			100,000			200,000			300,000
Shares sold		—			2,750,000			1,800,000			21,150,000			50,000			100,000			650,000			1,000,000			2,300,000			—
Shares redeemed		(1,800,000	)		(3,700,000	)		(5,000,000	)		(8,050,000	)		—			(100,000	)		(150,000	)		(50,000	)		—			(100,000	)
Shares outstanding, end of period		1,750,000			3,550,000			43,300,000			46,500,000			250,000			200,000			1,550,000			1,050,000			2,500,000			200,000

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

EGA Emerging Global Shares Trust 45

TABLE OF CONTENTS

Statements of Changes in Net Assets (concluded)
EGA Emerging Global Shares Trust


	EGShares India Infrastructure ETF (Consolidated)						EGShares India Small Cap ETF (Consolidated)
	For the Year Ended March 31, 2015			For the Year Ended March 31, 2014			For the Year Ended March 31, 2015			For the Year Ended March 31, 2014
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	416,417		$	417,092		$	90,740		$	433,144
Net realized gain (loss) on investments and foreign currency transactions		(1,106,836	)		(36,258,281	)		7,422,791			(2,986,133	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(246,152	)		26,140,305			(1,261,182	)		2,708,685
Net increase (decrease) in net assets resulting from operations		(936,571	)		(9,700,884	)		6,252,349			155,696
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income		(128,789	)		(2,053,052	)		(133,287	)		(387,083	)
Total distributions		(128,789	)		(2,053,052	)		(133,287	)		(387,083	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		46,724,009			19,242,356			12,647,997			1,064,537
Cost of shares redeemed		(15,511,583	)		(41,412,898	)		(6,475,034	)		(5,433,857	)
Transaction fees		2,097			(2,231	)		(2,581	)		(2,658	)
Net increase (decrease) in net assets resulting from capital share transactions		31,214,523			(22,172,773	)		6,170,382			(4,371,978	)
Net Increase (Decrease) in Net Assets		30,149,163			(33,926,709	)		12,289,444			(4,603,365	)
NET ASSETS:
Beginning of period		17,586,465			51,513,174			16,560,128			21,163,493
End of period	$	47,735,628		$	17,586,465		$	28,849,572		$	16,560,128
Undistributed (accumulated) net investment income (loss) included in net assets at end of period	$	205,528		$	47,367		$	47,148		$	46,038
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of period		1,550,000			4,200,000			1,300,000			1,700,000
Shares sold		3,250,000			1,550,000			750,000			100,000
Shares redeemed		(1,150,000	)		(4,200,000	)		(400,000	)		(500,000	)
Shares outstanding, end of period		3,650,000			1,550,000			1,650,000			1,300,000

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

46 EGA Emerging Global Shares Trust

TABLE OF CONTENTS

Financial Highlights
EGA Emerging Global Shares Trust

For a share outstanding throughout each period

EGShares Beyond BRICs ETF


	For the Year Ended March 31, 2015			For the Year Ended March 31, 2014			For the Period August 15, 2012¹ Through March 31, 2013
Net asset value, beginning of period	$	21.01		$	21.97		$	20.00
Investment operations:
Net investment income²		0.56			0.99			0.17
Net realized and unrealized gain (loss) on investments and foreign currency translations		(1.43	)		(1.77	)³		1.91
Total from investment operations		(0.87	)		(0.78	)		2.08
Distributions to shareholders:
Net investment income		(0.25	)		(0.18	)		(0.11	)
Net realized gains		(0.02	)		—			—
Total distributions		(0.27	)		(0.18	)		(0.11	)
Net asset value, end of period	$	19.87		$	21.01		$	21.97
NET ASSET VALUE TOTAL RETURN⁴		(4.16	)%		(3.51	)%		10.41	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted)	$	301,041		$	49,385		$	7,688
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers^5,6		0.58	%		0.66	%		0.85	%⁷
Expenses, prior to expense reimbursements/waivers^5,6		0.85	%		0.85	%		2.43	%⁷
Net investment income		2.65	%		4.92	%		1.26	%⁷
Portfolio turnover rate		33	%		63	%		1	%⁸

EGShares Blue Chip ETF


	For the Period April 23, 2014¹ Through March 31, 2015
Net asset value, beginning of period	$	20.00
Investment operations:
Net investment income²		0.28
Net realized and unrealized loss on investments and foreign currency translations		(1.00	)
Total from investment operations		(0.72	)
Distributions to shareholders:
Net investment income		(0.19	)
Net asset value, end of period	$	19.09
NET ASSET VALUE TOTAL RETURN⁴		(3.57	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted)	$	7,637
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers		0.60	%⁷
Expenses, prior to expense reimbursements/waivers		0.60	%⁷
Net investment income		1.55	%⁷
Portfolio turnover rate		82	%⁸

Commencement of operations.

Based on average shares outstanding.

The realized and unrealized gain or loss on investments and foreign currency translations does not accord with the amounts reported in the Statements 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).

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.

Effective April 1, 2013, EGA replaced the fee and expense structure with a Unified Fee. See Note 9 for additional information.

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).

Annualized.

Not annualized.

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

EGA Emerging Global Shares Trust 47

TABLE OF CONTENTS

Financial Highlights (continued)
EGA Emerging Global Shares Trust

For a share outstanding throughout each period

EGShares Brazil Infrastructure ETF


	For the Year Ended March 31, 2015			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
Net asset value, beginning of period	$	16.40		$	21.26		$	24.21		$	25.38		$	20.55
Investment operations:
Net investment income¹		0.74			0.63			0.71			0.96			0.47
Net realized and unrealized gain (loss) on investments and foreign currency translations		(7.34	)		(4.94	)		(2.84	)		(1.15	)		4.67
Total from investment operations		(6.60	)		(4.31	)		(2.13	)		(0.19	)		5.14
Distributions to shareholders:
Net investment income		(0.81	)		(0.55	)		(0.82	)		(0.98	)		(0.31	)
Net asset value, end of period	$	8.99		$	16.40		$	21.26		$	24.21		$	25.38
NET ASSET VALUE TOTAL RETURN²		(41.17	)%		(20.36	)%		(8.63	)%		(0.04	)%		25.16	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted)	$	12,592		$	36,909		$	79,739		$	89,591		$	83,760
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers³		0.85	%		0.85	%		0.85	%		0.88	%⁴		0.85	%
Expenses, prior to expense reimbursements/waivers³		0.85	%		0.85	%		1.52	%		1.51	%⁴		1.91	%
Net investment income		5.05	%		3.52	%		3.31	%		4.10	%		2.09	%
Portfolio turnover rate		77	%		68	%		30	%		30	%		35	%

EGShares EM Quality Dividend ETF⁵ (Consolidated)


	For the Year Ended March 31, 2015			For the Year Ended March 31, 2014			For the Year Ended March 31, 2013			For the Period August 4, 2011⁶ Through March 31, 2012
Net asset value, beginning of period	$	16.15		$	19.80		$	20.09		$	20.00
Investment operations:
Net investment income¹		0.77			0.64			0.86			0.33
Net realized and unrealized gain (loss) on investments and foreign currency translations		(2.08	)		(3.61	)		(0.09	)⁷		0.13
Total from investment operations		(1.31	)		(2.97	)		0.77			0.46
Distributions to shareholders:
Net investment income		(0.59	)		(0.65	)		(1.06	)		(0.37	)
Return of Capital		—			(0.03	)		—			—
Total distributions		(0.59	)		(0.68	)		(1.06	)		(0.37	)
Net asset value, end of period	$	14.25		$	16.15		$	19.80		$	20.09
NET ASSET VALUE TOTAL RETURN²		(8.37	)%		(15.14	)%		4.12	%		2.45	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted)	$	24,935		$	57,335		$	89,122		$	59,255
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers³		0.89	%¹⁰		0.85	%		0.85	%		0.85	%⁸
Expenses, prior to expense reimbursements/waivers³		0.89	%¹⁰		0.85	%		1.43	%		2.07	%⁸
Net investment income		4.76	%		3.54	%		4.45	%		2.62	%⁸
Portfolio turnover rate		168	%		137	%		86	%		45	%⁹

Based on average shares outstanding.

Effective April 1, 2013, EGA replaced the fee and expense structure with a Unified Fee. See Note 9 for additional information.

The ratio includes 0.03% for the year ended March 31, 2012 attributed to excise tax expense, which was outside the expense cap in place at that time.

Formerly known as EGShares Low Volatility Emerging Markets Dividend ETF.

Commencement of operations.

Annualized.

Not annualized.

The ratio includes 0.04% for the period ended March 31, 2015 attributed to tax expense, which is outside the Unified Fee.

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

48 EGA Emerging Global Shares Trust

TABLE OF CONTENTS

Financial Highlights (continued)
EGA Emerging Global Shares Trust

For a share outstanding throughout each period

EGShares Emerging Markets Consumer ETF (Consolidated)


	For the Year Ended March 31, 2015			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, 2010¹ Through March 31, 2011
Net asset value, beginning of period	$	26.53		$	26.51		$	24.77		$	22.76		$	20.00
Investment operations:
Net investment income²		0.25			0.31			0.17			0.17			0.04
Net realized and unrealized gain (loss) on investments and foreign currency translations		(0.03	)		(0.09	)		1.68			1.96			2.74
Total from investment operations		0.22			0.22			1.85			2.13			2.78
Distributions to shareholders:
Net investment income		(0.30	)		(0.20	)		(0.11	)		(0.12	)		(0.02	)
Net asset value, end of period	$	26.45		$	26.53		$	26.51		$	24.77		$	22.76
NET ASSET VALUE TOTAL RETURN³		0.88	%		0.82	%		7.46	%		9.44	%		13.88	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted)	$	1,145,158		$	1,233,683		$	885,476		$	402,466		$	194,611
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers⁶		0.83	%		0.84	%		0.85	%		0.85	%		0.85	%⁴
Expenses, prior to expense reimbursements/waivers⁶		0.83	%		0.84	%		1.23	%		1.31	%		1.44	%⁴
Net investment income		0.92	%		1.20	%		0.68	%		0.76	%		0.37	%⁴
Portfolio turnover rate		12	%		14	%		7	%		3	%		9	%⁵

EGShares Emerging Markets Core ETF (Consolidated)


	For the Year Ended March 31, 2015			For the Year Ended March 31, 2014			For the Period October 16, 2012¹ Through March 31, 2013
Net asset value, beginning of period	$	20.44		$	20.87		$	20.00
Investment operations:
Net investment income²		0.38			0.36			0.09
Net realized and unrealized gain (loss) on investments and foreign currency translations		(0.13	)		(0.44	)		0.82
Total from investment operations		0.25			(0.08	)		0.91
Distributions to shareholders:
Net investment income		(0.42	)		(0.35	)		(0.04	)
Net asset value, end of period	$	20.27		$	20.44		$	20.87
NET ASSET VALUE TOTAL RETURN³		1.22	%		(0.36	)%		4.55	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted)	$	5,068		$	4,088		$	4,173
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers⁶		0.71	%⁷		0.70	%		0.70	%⁴
Expenses, prior to expense reimbursements/waivers⁶		0.71	%⁷		0.70	%		11.94	%⁴
Net investment income		1.78	%		1.76	%		0.96	%⁴
Portfolio turnover rate		20	%		16	%		3	%⁵

Commencement of operations.

Based on average shares outstanding.

Annualized.

Not annualized.

Effective April 1, 2013, EGA replaced the fee and expense structure with a Unified Fee. See Note 9 for additional information.

The ratio includes 0.01% for the year ended March 31, 2015 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 49

TABLE OF CONTENTS

Financial Highlights (continued)
EGA Emerging Global Shares Trust

For a share outstanding throughout each period

EGShares Emerging Markets Domestic Demand ETF (Consolidated)


	For the Year Ended March 31, 2015			For the Year Ended March 31, 2014			For the Period August 15, 2012¹ Through March 31, 2013
Net asset value, beginning of period	$	22.31		$	22.16		$	20.00
Investment operations:
Net investment income²		0.34			0.23			0.13
Net realized and unrealized gain on investments and foreign currency translations		0.73			0.14			2.11
Total from investment operations		1.07			0.37			2.24
Distributions to shareholders:
Net investment income		(0.28	)		(0.22	)		(0.08	)
Net asset value, end of period	$	23.10		$	22.31		$	22.16
NET ASSET VALUE TOTAL RETURN⁵		4.82	%		1.70	%		11.23	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted)	$	35,798		$	23,429		$	2,216
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers⁹		0.85	%		0.85	%		0.85	%⁶
Expenses, prior to expense reimbursements/waivers⁹		0.85	%		0.85	%		4.53	%⁶
Net investment income		1.43	%		1.09	%		1.02	%⁶
Portfolio turnover rate		8	%		159	%		57	%⁸

EGShares India Consumer ETF (Consolidated)


	For the Year Ended March 31, 2015			For the Year Ended March 31, 2014			For the Year Ended March 31, 2013			For the Period August 10, 2011¹ 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		(0.12	)		0.11			(—	)³		(—	)³
Net realized and unrealized gain (loss) on investments and foreign currency translations		10.91			2.51			3.02	⁴		(0.92	)⁴
Total from investment operations		10.79			2.62			3.02			(0.92	)
Distributions to shareholders:
Net investment income		(0.03	)		—			—			—
Net asset value, end of period	$	35.48		$	24.72		$	22.10		$	19.08
NET ASSET VALUE TOTAL RETURN⁵		43.64	%		11.86	%		15.83	%		(4.60	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted)	$	88,710		$	4,945		$	6,631		$	1,908
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers⁹		0.90	%¹⁰		0.89	%		0.89	%		0.89	%⁶
Expenses, prior to expense reimbursements/waivers⁹		0.90	%¹⁰		0.89	%		4.31	%		6.16	%⁶
Net investment income (loss)		(0.36	)%		0.50	%		(0.00	)%⁷		(0.04	)%⁶
Portfolio turnover rate		82	%		43	%		50	%		104	%⁸

Commencement of operations.

Based on average shares outstanding.

Less than $(0.005)

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).

Annualized.

Less than (0.005)%

Not annualized.

Effective April 1, 2013, EGA replaced the fee and expense structure with a Unified Fee. See Note 9 for additional information.

The ratio includes 0.01% for the year ended March 31, 2015 attributed to tax expense, which is outside the Unified Fee.

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

50 EGA Emerging Global Shares Trust

TABLE OF CONTENTS

Financial Highlights (concluded)
EGA Emerging Global Shares Trust

For a share outstanding throughout each period

EGShares India Infrastructure ETF (Consolidated)


	For the Year Ended March 31, 2015			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, 2010¹ Through March 31, 2011
Net asset value, beginning of period	$	11.35		$	12.27		$	14.99		$	19.40		$	20.00
Investment operations:
Net investment income²		0.12			0.13			0.07			0.06			0.01
Net realized and unrealized gain (loss) on investments and foreign currency translations		1.65	³		0.27	³		(2.60	)		(4.39	)		(0.61	)
Total from investment operations		1.77			0.40			(2.53	)		(4.33	)		(0.60	)
Distributions to shareholders:
Net investment income		(0.04	)		(1.32	)		(0.19	)		(0.08	)		—
Net asset value, end of period	$	13.08		$	11.35		$	12.27		$	14.99		$	19.40
NET ASSET VALUE TOTAL RETURN⁴		15.59	%		4.04	%		(17.08	)%		(22.19	)%		(3.00	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted)	$	47,736		$	17,586		$	51,513		$	60,703		$	85,377
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers⁹		0.88	%¹¹		0.86	%¹⁰		0.85	%		0.85	%		0.85	%⁵
Expenses, prior to expense reimbursements/waivers⁹		0.88	%¹¹		0.86	%¹⁰		1.61	%		1.69	%		2.24	%⁵
Net investment income		0.90	%		1.18	%		0.53	%		0.39	%		0.11	%⁵
Portfolio turnover rate		75	%		76	%		24	%		23	%		9	%⁷

EGShares India Small Cap ETF (Consolidated)


	For the Year Ended March 31, 2015			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, 2010¹ 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		0.05			0.26			0.10			0.14			(0.01	)
Net realized and unrealized gain (loss) on investments and foreign currency translations		4.77			0.25³			(1.94	)		(4.88	)		(0.68	)
Total from investment operations		4.82			0.51			(1.84	)		(4.74	)		(0.69	)
Distributions to shareholders:
Net investment income		(0.08	)		(0.22	)		(0.10	)		(0.16	)		(0.02	)
Return of Capital		—			—			(—	)⁸		—			—
Total distributions		(0.08	)		(0.22	)		(0.10	)		(0.16	)		(0.02	)
Net asset value, end of period	$	17.48		$	12.74		$	12.45		$	14.39		$	19.29
NET ASSET VALUE TOTAL RETURN⁴		37.86	%		4.29	%		(12.87	)%		(24.33	)%		(3.45	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted)	$	28,850		$	16,560		$	21,163		$	26,616		$	34,729
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers⁹		0.92	%¹²		0.86	%¹⁰		0.85	%		0.85	%		0.90	%^5,6
Expenses, prior to expense reimbursements/waivers⁹		0.92	%¹²		0.86	%¹⁰		2.09	%		2.26	%		3.12	%⁵
Net investment income (loss)		0.33	%		2.36	%		0.76	%		0.84	%		(0.06	)%⁵
Portfolio turnover rate		117	%		56	%		43	%		125	%		1	%⁷

Commencement of operations.

Based on average shares outstanding.

The realized and unrealized gain or loss on investments and foreign currency translation does not accord with the amounts reported in the Statements 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).

Annualized.

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.

Not annualized.

Less than $(0.005)

Effective April 1, 2013, EGA replaced the fee and expense structure with a Unified Fee. See Note 9 for additional information.

The ratio includes 0.01% for the period ended March 31, 2014 attributed to tax expense, which is outside the Unified Fee.

The ratio includes 0.03% for the period ended March 31, 2015 attributed to tax expense, which is outside the Unified Fee.

The ratio includes 0.07% for the period ended March 31, 2015 attributed to tax expense, which is outside the Unified Fee.

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

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Notes to Financial Statements
March 31, 2015

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, ten 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 Quality Dividend ETF (formerly EGShares Low Volatility Emerging Markets Dividend ETF) (“EM Quality Dividend ETF”)		August 4, 2011
EGShares Emerging Markets Consumer ETF (“Consumer ETF”)		September 14, 2010
EGShares Emerging Markets Core ETF (“Core ETF”)		October 16, 2012
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

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 has 75% exposure to emerging markets and 25% to frontier markets at rebalance.

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 companies that are domiciled and publicly traded in developed market countries and have, as of the most recent constitution, a U.S. Dollar equivalent market capitalization of at least $2 billion (based on then-current exchange rates) and measurable revenue from developing market countries.

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 designed to represent the performance of the 30 largest Brazilian companies ranked by full market capitalization that FTSE determines to be representative of Brazil’s infrastructure industries.

The EM Quality Dividend ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the EGAI Emerging Markets Quality Dividend Index (the “HILO Underlying Index”). Effective as of January 26, 2015, the Fund began tracking the new HILO Underlying Index instead of the former FTSE Emerging All Cap ex Taiwan Low Volatility Dividend Index. The HILO Underlying Index is designed to represent a portfolio of approximately 50 companies in developing markets that each have a higher dividend yield than the average dividend yield in the EGAI Developing Markets Universe.

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^SM (the “Consumer Titans Underlying Index”). The Consumer Titans Underlying Index is a float-adjusted market capitalization index designed to measure the stock performance of 30 leading emerging market companies in the Consumer Goods and Consumer Services Industries, as defined by S&P Dow Jones Indices’ proprietary industry classification system.

The Core ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the S&P Emerging Markets Core Index (the “Core Underlying Index”). The Core Underlying Index is designed to measure the market performance of up to 116 companies that S&P Dow Jones Indices determines to be representative of all industries domiciled in emerging market countries, subject to a 15% country cap.

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Notes to Financial Statements (continued)
March 31, 2015

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 S&P Emerging Markets Domestic Demand Index (the “EMDD Underlying Index”). The EMDD Underlying Index is designed to measure the performance of companies in emerging markets that derive a significant portion of their revenues from sectors that are less reliant on exports and therefore driven by domestic demand, specifically those companies in the consumer staples, consumer discretionary, telecommunications services, healthcare and utilities industries.

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 a maximum 30-stock free-float adjusted market capitalization weighted index designed to measure the market performance of companies in the consumer industry, as defined by Indxx’s proprietary methodology, 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 maximum 30-stock free-float adjusted market capitalization weighted index designed to measure the market performance of companies in the infrastructure industry, as defined by Indxx’s proprietary methodology, in India.

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 a maximum 75-stock free-float adjusted market capitalization weighted index designed to measure the market performance of companies in the small cap segment in India.

The classifications and presentations within the Schedule of Investments are consistent with other Funds in the Fund family and may not depict the same classifications and presentations in certain marketing materials.

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
EM Quality Dividend ETF		EG Shares High Income/Low Beta 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

The Consumer ETF, Core ETF, Domestic Demand ETF and EM Quality 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 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.

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Notes to Financial Statements (continued)
March 31, 2015

A summary of each ETF’s investment in its corresponding subsidiary is as follows:


Funds	Inception Date of Subsidiary		Subsidiary Net Assets at March 31, 2015		% of ETF’s Total Net Assets at March 31, 2015
Consumer ETF		September 14, 2010	$	76,302,347		6.7	%
Core ETF		October 16, 2012		629,592		12.4
Domestic Demand ETF		August 15, 2012		3,429,724		9.6
EM Quality Dividend ETF		August 4, 2011		941,722		3.8
India Consumer ETF		August 10, 2011		88,486,155		99.7
India Infrastructure ETF		August 11, 2010		47,732,175		100.0
India Small Cap ETF		July 7, 2010		28,869,900		100.1

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 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.

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Notes to Financial Statements (continued)
March 31, 2015

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, EM Quality Dividend ETF, Consumer ETF, Core ETF, Domestic Demand ETF, India Consumer ETF, India Infrastructure ETF and India Small Cap ETF have qualified and continue to qualify, and the Blue Chip ETF intends 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 EM Quality Dividend 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, 2015, open federal and state income tax years include the tax years or periods ended March 31, 2012, March 31, 2013, March 31, 2014 and March 31, 2015. 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. Please refer to Note 9 for further discussion on fund expenses and the Unified Fee.

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. These risks may be greater for investments in frontier markets.

Each ETF concentrates its investments in a particular industry or a group of industries to approximately the same extent as its respective 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.

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Notes to Financial Statements (continued)
March 31, 2015

Because the Brazil Infrastructure ETF invests predominantly in Brazilian securities, its NAV will be much more sensitive to changes in economic, political and other factors within Brazil than would a fund that invested in a greater variety of countries. The Brazilian economy has experienced in the past, and may continue to experience, periods of high inflation rates and political unrest. While the Brazilian economy has experienced growth in recent years, there is no guarantee that this growth will continue.

Because the Brazil Infrastructure ETF and India Infrastructure ETF concentrate their investments in the infrastructure sectors of Brazil and India, respectively, these ETFs may be adversely affected by increased price volatility of securities in that sector, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that sector.

Because the Consumer ETF and India Consumer ETF concentrate their investments in the consumer goods and consumer services industries (specifically the consumer goods and consumer services industries of India for the India Consumer ETF), these ETFs 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 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.

Because the Domestic Demand ETF concentrates its investments in the consumer staples, consumer discretionary, telecommunications services, healthcare and/or utilities industries, the ETF 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.

Because the India Consumer ETF, India Infrastructure ETF and India Small Cap ETF invest predominantly in Indian securities, their NAVs will be much more sensitive to changes in economic, political and other factors within India than would a fund that invested in a greater variety of countries. Special risks include, among others, political and legal uncertainty, persistent religious, ethnic and border disputes, greater government control over the economy, currency fluctuations or blockage and the risk of nationalization or expropriation of assets.

The India Small Cap ETF primarily invests in small capitalization companies. Small cap companies may have greater volatility in price than the stocks of large cap companies due to limited product lines or resources or a dependency upon a particular market niche.

5. DISTRIBUTION AGREEMENT

ALPS Distributors, Inc., (the “Distributor”) serves as the distributor of creation units (see Note 9) 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 year ended March 31, 2015, 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 or year ended March 31, 2015, 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	$	327,571,744	$	11,963,561	$	(42,002,827	)	$	(30,039,266	)
Blue Chip ETF		7,940,342		590,197		(932,165	)		(341,968	)
Brazil Infrastructure ETF		20,143,263		389,736		(8,046,596	)		(7,656,860	)
EM Quality Dividend ETF		25,479,910		707,143		(1,232,632	)		(525,489	)
Consumer ETF		1,146,232,044		172,376,289		(175,408,248	)		(3,031,959	)
Core ETF		5,154,354		639,204		(746,762	)		(107,558	)
Domestic Demand ETF		33,915,696		4,072,859		(2,340,736	)		1,732,123
India Consumer ETF		84,534,775		7,443,805		(3,497,641	)		3,946,164
India Infrastructure ETF		50,833,268		7,376,390		(10,802,294	)		(3,425,904	)
India Small Cap ETF		30,433,678		1,440,930		(3,071,818	)		(1,630,888	)

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Notes to Financial Statements (continued)
March 31, 2015

For the period or year ended March 31, 2015, 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	$	3,133,397	$	(2,034,014	)	$	(30,037,331	)	$	(28,937,948	)
Blue Chip ETF		14,130		(110,086	)		(342,434	)		(438,390	)
Brazil Infrastructure ETF		77,287		(28,464,152	)		(7,670,080	)		(36,056,945	)
EM Quality Dividend ETF		134,610		(25,977,968	)		(525,576	)		(26,368,934	)
Consumer ETF		92,937		(21,829,771	)		(3,031,074	)		(24,767,908	)
Core ETF		6,804		251			(107,533	)		(100,478	)
Domestic Demand ETF		65,753		(137,303	)		1,732,770			1,661,220
India Consumer ETF		—		(949,866	)		3,946,178			2,996,312
India Infrastructure ETF		205,528		(47,444,400	)		(3,426,246	)		(50,665,118	)
India Small Cap ETF		66,949		(9,481,487	)		(1,630,864	)		(11,045,402	)

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.

For the period or year ended March 31, 2015, the effect of permanent book/tax reclassifications resulted in increases (decreases) to the components of net assets as follows:


Funds	Accumulated Undistributed Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss) on Investments			Paid-in Capital
Beyond BRICs ETF	$	(640,077	)	$	(576,745	)	$	1,216,822
Blue Chip ETF		(9,039	)		9,039			—
Brazil Infrastructure ETF		(88,636	)		88,636			—
EM Quality Dividend ETF		(234,513	)		640,722			(406,209	)
Consumer ETF		1,171,587			(16,586,498	)		15,414,911
Core ETF		(1,068	)		1,068			—
Domestic Demand ETF		(4,130	)		(431,501	)		435,631
India Consumer ETF		(72,411	)		92,807			(20,396	)
India Infrastructure ETF		(129,467	)		129,467			—
India Small Cap ETF		43,657			(43,657	)		—

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.

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Notes to Financial Statements (continued)
March 31, 2015

Certain net losses incurred after October 31 and December 31, and within the taxable year or period are deemed to arise on the first business day of the ETFs’ next taxable year. For the period or year ended March 31, 2015, the ETFs deferred to April 1, 2015 these losses of:


Funds	Late Year Ordinary Losses		Post October Capital Losses
Beyond BRICs ETF	$	—	$	2,034,014
Blue Chip ETF		—		—
Brazil Infrastructure ETF		—		2,459,477
EM Quality Dividend ETF		—		3,462,675
Consumer ETF		—		964,177
Core ETF		—		—
Domestic Demand ETF		—		2,115
India Consumer ETF		169,858		175,867
India Infrastructure ETF		—		219,442
India Small Cap ETF		—		—

At March 31, 2015, 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	$	—	$	—	$	—	$	—
Blue Chip ETF		110,086		—		—		—
Brazil Infrastructure ETF		8,143,770		17,860,905		—		—
EM Quality Dividend ETF		16,819,429		5,526,604		—		—
Consumer ETF		—		20,865,594		—		—
Core ETF		—		—		—		—
Domestic Demand ETF		122,015		13,173		—		—
India Consumer ETF		584,684		19,457		—		—
India Infrastructure ETF		14,011,888		33,213,070		—		—
India Small Cap ETF		1,254,248		8,227,239		—		—

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.

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Notes to Financial Statements (continued)
March 31, 2015

The tax character of distributions paid during the period or year ended March 31, 2015 and March 31, 2014 were as follows:


	Period ended March 31, 2015						Period ended March 31, 2014
Funds	Distribution Paid from Ordinary Income		Distribution Paid from Long Term Capital Gains		Distribution Paid from Return of Capital		Distribution Paid from Ordinary Income		Distribution Paid from Long Term Capital Gains		Distribution Paid from Return of Capital
Beyond BRICs ETF	$	3,884,738	$	—	$	—	$	198,374	$	—	$	—
Blue Chip ETF		74,832		—		—		—		—		—
Brazil Infrastructure ETF		1,252,757		—		—		1,708,565		—		—
EM Quality Dividend ETF		1,527,013		—		—		3,286,653		—		174,637
Consumer ETF		13,864,995		—		—		9,529,880		—		—
Core ETF		83,068		—		—		70,906		—		—
Domestic Demand ETF		359,762		—		—		44,840		—		—
India Consumer ETF		20,840		—		—		—		—		—
India Infrastructure ETF		128,789		—		—		2,053,052		—		—
India Small Cap ETF		133,287		—		—		387,083		—		—

7. FAIR VALUE MEASUREMENT

Financial Accounting Standards Board’s Accounting Standards Codification, Section 820-10, Fair Value Measurements and Disclosures defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or liability, when a transaction is not orderly, and how that information must be incorporated into a fair value measurement. Under Fair Value Measurements and Disclosures, various inputs are used in determining the value of the ETFs’ investments. These inputs are summarized in three broad levels as follows:

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available representing the ETFs’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The ETFs have adopted the Accounting Standard Update, Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements which provides guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires reporting entities to disclose: i) the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements for Level 2 or Level 3 positions; ii) transfers between all levels (including Level 1 and Level 2) are required to be disclosed on a gross basis (i.e. transfers out must be disclosed separately from transfers in) as well as the reason(s) for the transfer; and iii) purchases, sales, issuances and settlements must be shown on a gross basis in the Level 3 roll forward rather than as one net number.

The inputs and methodology used for valuing the securities are not necessarily an indication of the risk associated with investing in those securities.

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Notes to Financial Statements (continued)
March 31, 2015

The following summarizes inputs used as of March 31, 2015 in valuing the ETFs’ assets and liabilities carried at fair value:


	Assets
Funds	Level 1 Common Stocks		Level 2 Rights		Level 3 Common Stocks		Total
Beyond BRICs ETF*	$	297,532,478	$	—	$	—	$	297,532,478
Blue Chip ETF*		7,598,374		—		—		7,598,374
Brazil Infrastructure ETF**		12,486,403		—		—		12,486,403
EM Quality Dividend ETF*		24,954,421		—		—		24,954,421
Consumer ETF*		1,143,200,085		—		—		1,143,200,085
Core ETF*		5,046,796		—		—		5,046,796
Domestic Demand ETF*		35,647,819		—		—		35,647,819
India Consumer ETF**		88,480,939		—		—		88,480,939
India Infrastructure ETF**		47,399,719		7,645		—		47,407,364
India Small Cap ETF**		28,788,892		4,592		9,306		28,802,790

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.

Reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining the fair value during the year ended March 31, 2015:


	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		(446	)
Purchases		—
Sales		—
Transfers into Level 3³		—
Transfers out of Level 3⁴		—
Balance as of March 31, 2015	$	9,306
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2015 is:	$	(446	)

This amount is included in net realized gain (loss) from investment transactions in the Statement of Operations.

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.

Transfers into Level 3 are as a result of the unavailability of a quoted price in an active market for identical investment or the unavailability of other significant observable inputs.

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.

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Notes to Financial Statements (continued)
March 31, 2015

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 March 31, 2015 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	$ 9,306	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.

8. INVESTMENT TRANSACTIONS

The table below displays each ETF’s investment transactions during the period or year ended March 31, 2015. 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	$	205,098,505	$	83,426,029	$	170,786,485	$	12,452,881
Blue Chip ETF		5,591,224		5,567,817		8,027,021		—
Brazil Infrastructure ETF		20,776,017		33,008,215		—		—
EM Quality Dividend ETF		71,340,710		81,531,592		—		17,617,180
Consumer ETF		148,072,668		165,091,655		40,818,442		103,050,476
Core ETF		1,062,098		874,664		833,758		—
Domestic Demand ETF		6,497,439		2,268,590		9,940,599		2,759,358
India Consumer ETF		100,121,737		19,454,258		—		—
India Infrastructure ETF		65,314,651		34,209,963		—		—
India Small Cap ETF		38,112,712		31,960,919		—		—

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.

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Notes to Financial Statements (concluded)
March 31, 2015

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 advisory fee for the remaining ETFs in the Trust is 0.85% of the Funds’ average daily net assets, with the exception of Core ETF (0.70%), the India Consumer ETF (0.89%) and the Blue Chip ETF (0.60%).

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.

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

The Funds have evaluated subsequent events through the date of issuance of this report, and have determined that there are no material events that impacted the Fund’s financial statements.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees and
Shareholders of EGA Emerging Global Shares Trust

We have audited the accompanying statements of assets and liabilities of EGShares Beyond BRICs ETF, EGShares Blue Chip ETF and EGShares Brazil Infrastructure ETF, each a series of EGA Emerging Global Shares Trust (the “Funds”), including the schedules of investments, as of March 31, 2015, and the related statements of operations for the year or period then ended, and the statements of changes in net assets and financial highlights for each of the respective years or periods presented. We have also audited the accompanying consolidated statements of assets and liabilities of EGShares EM Quality Dividend ETF, EGShares Emerging Markets Consumer ETF, EGShares Emerging Markets Core ETF, EGShares Emerging Markets Domestic Demand ETF, EGShares India Consumer ETF, EGShares India Infrastructure ETF and EGShares India Small Cap ETF, each a series of EGA Emerging Global Shares Trust (the “Funds”), including the consolidated schedules of investments, as of March 31, 2015, and the related consolidated statements of operations for the year then ended and the consolidated statements of changes in net assets and the consolidated financial highlights for each of the respective years or periods presented. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2015 by correspondence with the custodian and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of EGShares Beyond BRICs ETF, EGShares Blue Chip ETF, EGShares Brazil Infrastructure ETF, EGShares EM Quality Dividend ETF, EGShares Emerging Markets Consumer ETF, EGShares Emerging Markets Core ETF, EGShares Emerging Markets Domestic Demand ETF, EGShares India Consumer ETF, EGShares India Infrastructure ETF and EGShares India Small Cap ETF as of March 31, 2015, the results of their operations for the year or period then ended, and the changes in their net assets and their financial highlights for each of the years or periods presented, in conformity with accounting principles generally accepted in the United States of America.

[GRAPHIC MISSING]

BBD, LLP

Philadelphia, Pennsylvania
May 27, 2015

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Federal Income Tax Information (Unaudited)

Federal Tax Status of Dividends Declared during the Tax Year

For Federal income tax purposes, dividends from short-term capital gains are classified as ordinary income. The percentage of ordinary income distribution designated as qualifying for the corporate dividend received deduction (“DRD”), and the individual qualified dividend rate (“QDI”) is presented below.


Funds	DRD			QDI
Beyond BRICs ETF		0.00	%		47.37	%
Blue Chip ETF		0.00	%		100.00	%
Brazil Infrastructure ETF		0.00	%		38.34	%
EM Quality Dividend ETF		0.00	%		83.84	%
Consumer ETF		0.00	%		100.00	%
Core ETF		0.00	%		100.00	%
Domestic Demand ETF		0.00	%		100.00	%
India Consumer ETF		0.00	%		0.00	%
India Infrastructure ETF		0.00	%		100.00	%
India Small Cap ETF		0.00	%		100.00	%

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Board Review and Approval of Advisory Contracts (Unaudited)

At the February 26, 2015 meeting (the “Meeting”) of the Board of Trustees (the “Board”) of EGA Emerging Global Shares Trust (the “Trust”), the Board, including those Trustees who are not “interested persons” (as that term is defined in the Investment Company Act of 1940 (“1940 Act”)) of the Trust (the “Independent Trustees”), approved the continuance of the investment advisory agreements (collectively, the “Advisory Agreement”) between Emerging Global Advisors, LLC (“EGA”) and the Trust with respect to EGShares Beyond BRICs ETF, EGShares Brazil Infrastructure ETF, EGShares Emerging Markets Consumer ETF, EGShares Emerging Markets Core ETF, EGShares Emerging Markets Domestic Demand ETF, EGShares India Consumer ETF, EGShares India Infrastructure ETF, EGShares India Small Cap ETF and EGShares EM Quality Dividend ETF (each, a “Fund,” and collectively, the “Funds”), for the period March 1, 2015 until February 29, 2016. Under the Advisory Agreement, EGA is obligated to pay all of the ordinary operating expenses of each Fund (the “Unified Fee”).

In considering approval of the Advisory Agreement, the Independent Trustees met in executive session with independent counsel, who provided assistance and advice. In considering the approval of the Advisory Agreement, the Board, including the Independent Trustees, reviewed the materials provided for the Meeting by EGA, including: (i) a copy of the Advisory Agreement; (ii) information describing the nature, quality, and extent of the services that EGA provided and expects to provide to the Funds, and the fees that EGA charges for such services; (iii) information concerning the business, operations and compliance program of EGA; (iv) a copy of the current Form ADV for EGA; and (v) a memorandum from Stradley Ronon Stevens & Young, LLP, counsel to the Trust and EGA, on the responsibilities of trustees in considering investment advisory arrangements under the 1940 Act.

In addition, the Board considered data compiled by EGA from an unaffiliated third party proprietary database comparing the advisory fees, expense ratios and performance of the Funds with the advisory fees, expense ratios and performance of other U.S.-listed ETFs having similar investment objectives, indexes and underlying holdings, including other EGA-sponsored funds (the “Peer Group”). The data for the Peer Group included expense ratio information both before fee waivers and reimbursements (the “gross expense ratio”) and after fee waivers and reimbursements (the “net expense ratio”). The Board discussed the criteria used by EGA for selecting the Peer Group. The Board noted that the Peer Group and the Peer Group metrics for each Fund included the Fund itself. The Board, including the Independent Trustees, concluded that the data was useful and reliable for the purpose of reviewing the Advisory Agreement.

During their review of this information, the Board, including the Independent Trustees, focused on and analyzed the factors that the Board deemed relevant, including: the nature, quality, and extent of the services provided, and to be provided, to each Fund by EGA; the personnel and operations of EGA; the profitability to EGA under the Advisory Agreement; the expense ratios and investment performance of each Fund; any ancillary benefits realized by EGA due to its relationship with the Trust (i.e., “fall-out” benefits); and possible conflicts of interest.

In particular, the Board considered and reviewed the following with respect to each Fund:

(a) The nature, extent, and quality of services provided to each Fund by EGA. The Board reviewed the services that EGA has provided, and is expected to provide, for each Fund. In connection with the advisory services provided to each Fund, the Board noted EGA’s significant responsibilities as the Funds’ investment adviser, including: implementation of the investment management program of each Fund; management of the day-to-day investment and reinvestment of the assets in each Fund; determining daily baskets of deposit securities and cash components; executing portfolio security trades for purchases and redemptions of Fund shares conducted on a cash-in-lieu basis, as well as during index rebalances and reconstitutions; management of the Mauritius subsidiaries (each, a “Mauritius Company”) of those Funds with significant investments in India; and oversight of general portfolio compliance with relevant law. The Board noted that it had also reviewed and considered most, if not all, of these items at its meetings throughout the course of the year.

The Board reviewed EGA’s experience, resources, strengths and its prior performance as an adviser and sub-adviser to the Funds. The Board also noted EGA’s procedures to manage potential conflicts of interest and EGA’s belief that management of the funds in the Trust and EGA Frontier Diversified Core Fund does not present a material conflict of interest. Based on their consideration and review of the foregoing information, the Board concluded that each Fund was likely to continue to benefit from the nature, quality, and extent of these services, as well as EGA’s ability to render such services based on its experience, operations and resources.

(b) Comparison of services provided and fees charged by EGA and other investment advisers to similar clients, and the cost of the services provided. The Board compared both the services rendered and the fees paid pursuant to the Advisory Agreement for each Fund to the contractual advisory fees of other registered investment advisers providing services to similar ETFs in the Peer Group. In particular, the Board compared each Fund’s advisory fee and expense ratio to the advisory fees and expense ratios of the other ETFs in each Fund’s Peer Group as of December 31, 2014.

The Board noted that the advisory fee of the EGShares Beyond BRICs ETF was above the median and average, but below the maximum, advisory fee of the other funds in the Fund’s Peer Group. The Board considered EGShares Beyond BRICs ETF’s expense ratio both before

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Board Review and Approval of Advisory Contracts (Unaudited) (continued)

and after the fee waiver and expense reimbursement paid by EGA pursuant to a written agreement between EGA and the Fund, which is in addition to the Fund’s Unified Fee. The Board noted that the gross expense ratio of the Fund was above the median and average, but below the maximum, gross expense ratio of the other funds in the Fund’s Peer Group. The Board also noted that the net expense ratio of the Fund was below the median and average net expense ratio of the other funds in the Fund’s Peer Group.

The Board noted that the advisory fees of the EGShares Emerging Markets Consumer ETF, EGShares EM Quality Dividend ETF, EGShares Emerging Markets Domestic Demand ETF and EGShares Emerging Markets Core ETF were above the median and average, but below the maximum, advisory fee of the other funds in each Fund’s Peer Group. The Board also noted that the expense ratios of these Funds were above the median and average, but below the maximum, net expense ratio of the other funds in each Fund’s Peer Group.

The Board noted that the advisory fee of the EGShares India Consumer ETF was equal to the maximum fee of the other funds in the Fund’s Peer Group. The Board also noted that the expense ratio of the Fund was above the median and average, but below the maximum, net expense ratio of the other funds in the Fund’s Peer Group.

The Board noted that the advisory fees of the EGShares India Infrastructure ETF and EGShares India Small Cap ETF were above the median and average, but below the maximum, advisory fee of the other funds in each Fund’s Peer Group. The Board also noted that the expense ratios of these Funds were above the average, but equal to the median, net expense ratio of the other funds in each Fund’s Peer Group.

The Board noted that the advisory fee of the EGShares Brazil Infrastructure ETF was the highest advisory fee charged among the funds in the Fund’s Peer Group. The Board also noted that the expense ratio of the Fund was the highest among the net expense ratios of the other funds in the Fund’s Peer Group.

The Board considered the appropriateness of the advisory fees and expense ratios of the Funds under the Unified Fee compared to the advisory fees and expense ratios of the ETFs in each Fund’s Peer Group. The Board received information regarding the costs, including operational costs borne by EGA under the Unified Fee, and profitability of EGA in connection with serving as adviser to each Fund. The Board also received information regarding the additional costs of operating the Funds that invest in a related Mauritius Company in order to invest directly in Indian companies, which increases the operational costs for those Funds. The Board noted EGA’s assumption of the contractual obligation to limit each Fund’s ordinary operating expenses through the Unified Fee, which cannot be changed without shareholder approval.

After comparing each Fund’s advisory fee and expense ratio with those of the other funds in each Fund’s Peer Group, and in light of the nature, quality, and extent of services provided by EGA and the costs incurred by EGA in rendering those services and absorbing the Funds’ ordinary operating expenses under the Unified Fee, the Board concluded that the advisory fees paid to EGA with respect to each Fund were fair and reasonable.

(c) EGA’s profitability and the extent to which economies of scale were realized as each Fund grew and whether fee levels reflect such economies of scale. The Board received information and reviewed EGA’s profitability with respect to each Fund and the payments made by EGA for each Fund’s ordinary operating expenses under the Unified Fee. The Board acknowledged EGA’s contractual obligation to limit each Fund’s expenses through the Unified Fee, its willingness to further waive fees and/or reimburse expenses for EGShares Beyond BRICs ETF in order to cap the costs paid by that Fund’s shareholders, and the effect of such obligation and commitment, respectively, on EGA’s profitability, each based on information presented to the Board.

The Board considered economies of scale and the asset level of each Fund. Although certain of the Funds were not yet at a sufficient size to be experiencing economies of scale, the Board noted that EGA had in the past introduced breakpoints to its advisory fee for certain series of the Trust when assets under management had reached a significant size. The Board noted that breakpoints had been established for EGShares Emerging Markets Consumer ETF. The Board received information regarding EGA’s financial condition and reviewed EGA’s financial statements.

The Board considered fall-out benefits received by EGA from its relationship with the Trust. EGA acknowledged positive reputational benefits from the success of the funds in the Trust, including benefits to EGA Indices, a separate group within EGA, which sponsors indexes for EGShares EM Quality Dividend ETF and EGShares Blue Chip ETF.

The Board concluded that EGA’s level of profitability with respect to each of the Funds was reasonable and consistent with the level of services that EGA provides to the Funds.

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Board Review and Approval of Advisory Contracts (Unaudited) (concluded)

(d) Investment performance of EGA. The Board considered the investment performance of the Funds, including tracking difference (i.e., the difference of the returns between a Fund and the underlying index it seeks to track) and tracking error (i.e., the volatility of the difference of the returns between a Fund and the underlying index it seeks to track). The Board noted that EGA discussed at each quarterly meeting the factors contributing to each Fund’s investment performance. In particular, the Board considered the investment performance of the Funds relative to their stated objective to seek investment results that correspond (before fees and expenses) to the price and yield performance of the applicable underlying index that is referenced in each Fund’s investment objective, and EGA’s success in achieving each Fund’s objective. The Board also compared each Fund’s tracking difference and tracking error to the tracking difference and tracking error of other ETFs considered to be in such Fund’s Peer Group.

The Board noted that the tracking difference for EGShares Emerging Markets Consumer ETF, EGShares EM Quality Dividend ETF, EGShares Emerging Markets Domestic Demand ETF, EGShares Emerging Markets Core ETF, EGShares India Infrastructure ETF and EGShares India Consumer ETF was within the range of tracking differences of the other funds in each Fund’s Peer Group.

The Board noted that the absolute value of the tracking difference for EGShares Beyond BRICs ETF, EGShares India Small Cap ETF and EGShares Brazil Infrastructure ETF was the highest absolute tracking difference in each Fund’s Peer Group.

The Board noted that the tracking error for EGShares Emerging Markets Consumer ETF, EGShares Emerging Markets Domestic Demand ETF and EGShares India Consumer ETF was below the median and average tracking error of the other funds in each Fund’s Peer Group.

The Board noted that the tracking error for the EGShares Beyond BRICs ETF, EGShares EM Quality Dividend ETF, EGShares Emerging Markets Core ETF, EGShares India Infrastructure ETF and EGShares India Small Cap ETF was above the median and average, but below the maximum, tracking error of the other funds in each Fund’s Peer Group.

The Board noted that the tracking error for the EGShares Brazil Infrastructure ETF was equal to the median, but below the average, tracking error of the other funds in the Fund’s Peer Group.

The Board also received and considered information about the premium/discount history of the Funds, which illustrated the number of times that the market price of the Funds trading on the secondary market closed above or below the NAV of the Funds, and by how much, measured in basis points. The Board concluded that the investment performance of each Fund was consistent with its stated investment objective.

Conclusion. No single factor was determinative to the decision of the Board. Based on the foregoing and such other matters as were deemed relevant, such as the Unified Fee and the reports that the Board had received and reviewed throughout the year, the Board, including the Independent Trustees, concluded that the advisory fees and expense ratios were reasonable in relation to the services provided, and to be provided, by EGA to each Fund, as well as the costs incurred and benefits gained by EGA in providing such services. As a result, the Board, including the Independent Trustees, determined that the approval of the continuance of the Advisory Agreement with EGA was in the best interest of each Fund and their shareholders.

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Board Review and Approval of EGA Mutual Funds Advisory Contract (Unaudited)

In considering approval of the Advisory Agreement, the Independent Trustees met in executive session with independent counsel, who provided assistance and advice. In considering the approval of the Advisory Agreement, the Board, including the Independent Trustees, reviewed the materials provided for the Meeting by EGA, including: (i) a copy of the Advisory Agreement; (ii) information describing the nature, quality, and extent of the services that EGA expects to provide to the Funds, and the fees that EGA proposes to charge for such services; (iii) information concerning the business, operations and compliance program of EGA; (iv) a copy of the current Form ADV for EGA; and (v) a memorandum from Stradley Ronon Stevens & Young, LLP, counsel to the Trust and EGA, on the responsibilities of trustees in considering investment advisory arrangements under the 1940 Act.

In addition, the Board considered data compiled by EGA from an unaffiliated third party proprietary database comparing the proposed advisory fees and projected expense ratios of the Funds with the advisory fees and expense ratios of other mutual funds having similar investment objectives and underlying holdings (the “Peer Group”). The data for the Peer Group included expense ratio information both before fee waivers and reimbursements (the “gross expense ratio”) and after fee waivers and reimbursements (the “net expense ratio”). The Board discussed the criteria used by EGA for selecting the Peer Group. The Board noted that the Peer Group and the Peer Group metrics for each Fund included the Fund itself. The Board, including the Independent Trustees, concluded that the data was useful and reliable for the purpose of reviewing the Advisory Agreement.

During their review of this information, the Board, including the Independent Trustees, focused on and analyzed the factors that the Board deemed relevant, including: the nature, quality, and extent of the services to be provided to each Fund by EGA; the personnel and operations of EGA; the profitability to EGA under the Advisory Agreement; the projected expense ratio of each Fund; any ancillary benefits realized by EGA due to its relationship with the Trust (i.e., “fall-out” benefits); and possible conflicts of interest.

In particular, the Board considered and reviewed the following with respect to each Fund:

(a) The nature, extent, and quality of services to be provided to each Fund by EGA. The Board reviewed the services that EGA is expected to provide to each Fund. In connection with the advisory services to be provided to each Fund, the Board noted EGA’s significant responsibilities as the Funds’ investment adviser, including: implementation of the investment management program of each Fund; management of the day-to-day investment and reinvestment of the assets in each Fund; executing portfolio security trades for purchases and redemptions of Fund shares, as well as during index rebalances and reconstitutions; and oversight of general portfolio compliance with relevant law. The Board also noted the Funds would require more extensive cash management than is typically the case with the ETF series of the Trust.

The Board reviewed EGA’s experience, resources, strengths and its prior performance as an adviser and sub-adviser to the ETF series of the Trust with similar investment objectives, strategies and risks. The Board also noted EGA’s procedures to manage potential conflicts of interest and EGA’s belief that management of the funds in the Trust and EGA Frontier Diversified Core Fund does not present a material conflict of interest. Based on their consideration and review of the foregoing information, the Board concluded that the Fund was likely to benefit from the nature, quality, and extent of these services, as well as EGA’s ability to render such services based on its experience, operations and resources.

(b) Comparison of services provided and fees charged by EGA and other investment advisers to similar clients, and the cost of the services to be provided. The Board compared both the services to be rendered and the fees to be paid pursuant to the Advisory Agreement for each Fund to the contractual advisory fees of other registered investment advisers providing services to similar funds in the Peer Group. In particular, the Board compared each Fund’s proposed advisory fee and projected expense ratio, both before and after the fee waiver and expense reimbursement paid by EGA pursuant to a written agreement between EGA and each Fund, to the advisory fees and expense ratios of the other funds in each Fund’s Peer Group as of December 31, 2014.

The Board noted that the proposed advisory fee of each Fund was below the median and average advisory fee of the other funds in each Fund’s Peer Group. The Board also noted that the projected gross expense ratio and net expense ratio for Institutional Class and Advisor Class shares of each Fund were below the median and average gross expense ratio and net expense ratio, respectively, of corresponding share classes of the other funds in each Fund’s Peer Group.

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Board Review and Approval of EGA Mutual Funds Advisory Contract (Unaudited) (concluded)

After comparing each Fund’s proposed advisory fee and projected expense ratio with those of the other funds in each Fund’s Peer Group, and in light of the nature, quality, and extent of services to be provided by EGA and the costs incurred by EGA in rendering those services, the Board concluded that the advisory fees to be paid to EGA with respect to each Fund were fair and reasonable.

(c) EGA’s profitability and the extent to which economies of scale would be realized as each Fund grows and whether fee levels would reflect such economies of scale. The Board noted that, because the Funds had not commenced operations, it was not possible to assess either EGA’s profitability or the potential for economies of scale. The Board acknowledged EGA’s willingness to waive fees and/or reimburse expenses in order to cap the costs paid by each Fund’s shareholders, and the effect of such commitment on EGA’s profitability based on information presented to the Board. The Board also considered EGA’s profitability with respect to the ETF series of the Trust, noting that EGA had in the past introduced breakpoints to its advisory fee for certain series of the Trust when assets under management had reached a significant size.

(d) Investment performance of EGA. The Board noted that, because the Funds had not commenced operations, it was not possible to assess EGA’s investment performance with respect to the Funds. The Board did consider EGA’s investment performance with respect to the ETF series of the Trust, including ETF series with investment objectives, strategies and risks similar to the Funds, relative to their stated investment objectives to seek investment results that correspond (before fees and expenses) to the price and yield performance of the applicable underlying index that is referenced in each series’ investment objective, and EGA’s success in achieving each series’ objectives.

Conclusion. No single factor was determinative to the decision of the Board. Based on the foregoing and such other matters as were deemed relevant, the Board, including the Independent Trustees, concluded that the proposed advisory fees and projected expense ratios were reasonable in relation to the services to be provided by EGA to each Fund, as well as the costs to be incurred and benefits to be gained by EGA in providing such services. As a result, the Board, including the Independent Trustees, determined that the approval of the Advisory Agreement with EGA would be in the best interest of each Fund and their shareholders.

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Board Review and Approval of EGShares EM Equity Value ETF Advisory Contract (Unaudited)

In considering approval of the Advisory Agreement, the Independent Trustees met in executive session with independent counsel, who provided assistance and advice. In considering the approval of the Advisory Agreement, the Board, including the Independent Trustees, reviewed the materials provided for the Meeting by EGA, including: (i) a copy of the Advisory Agreement; (ii) information describing the nature, quality, and extent of the services that EGA expects to provide to the Fund, and the fees that EGA proposes to charge for such services; (iii) information concerning the business, operations and compliance program of EGA; (iv) a copy of the current Form ADV for EGA; and (v) a memorandum from Stradley Ronon Stevens & Young, LLP, counsel to the Trust and EGA, on the responsibilities of trustees in considering investment advisory arrangements under the 1940 Act.

In addition, the Board considered data compiled by EGA from an unaffiliated third party proprietary database comparing the proposed advisory fee and projected expense ratio of the Fund with the advisory fees and expense ratios of other U.S.-listed ETFs having similar investment objectives, indexes and underlying holdings, including other EGA-sponsored funds (the “Peer Group”). The data for the Peer Group included expense ratio information both before fee waivers and reimbursements and after fee waivers and reimbursements (the “net expense ratio”). The Board discussed the criteria used by EGA for selecting the Peer Group. The Board noted that the Peer Group and the Peer Group metrics for the Fund included the Fund itself. The Board, including the Independent Trustees, concluded that the data was useful and reliable for the purpose of reviewing the Advisory Agreement.

During their review of this information, the Board, including the Independent Trustees, focused on and analyzed the factors that the Board deemed relevant, including: the nature, quality, and extent of the services to be provided to the Fund by EGA; the personnel and operations of EGA; the profitability to EGA under the Advisory Agreement; the projected expense ratio of the Fund; any ancillary benefits realized by EGA due to its relationship with the Trust (i.e., “fall-out” benefits); and possible conflicts of interest.

In particular, the Board considered and reviewed the following with respect to the Fund:

(a) The nature, extent, and quality of services to be provided to the Fund by EGA. The Board reviewed the services that EGA is expected to provide to the Fund. In connection with the advisory services to be provided to the Fund, the Board noted EGA’s significant responsibilities as the Fund’s investment adviser, including: implementation of the investment management program of the Fund; management of the day-to-day investment and reinvestment of the assets in the Fund; determining daily baskets of deposit securities and cash components; executing portfolio security trades for purchases and redemptions of Fund shares conducted on a cash-in-lieu basis, as well as during index rebalances and reconstitutions; and oversight of general portfolio compliance with relevant law.

The Board reviewed EGA’s experience, resources, strengths and its prior performance as an adviser and sub-adviser to the other ETF series of the Trust with similar investment objectives, strategies and risks. The Board also noted EGA’s procedures to manage potential conflicts of interest and EGA’s belief that management of the funds in the Trust and EGA Frontier Diversified Core Fund does not present a material conflict of interest. Based on their consideration and review of the foregoing information, the Board concluded that the Fund was likely to benefit from the nature, quality, and extent of these services, as well as EGA’s ability to render such services based on its experience, operations and resources.

(b) Comparison of services provided and fees charged by EGA and other investment advisers to similar clients, and the cost of the services to be provided. The Board compared both the services to be rendered and the fees to be paid pursuant to the Advisory Agreement for the Fund to the contractual advisory fees of both EGA and other registered investment advisers providing services to similar ETFs in the Peer Group. In particular, the Board compared the Fund’s proposed advisory fee and projected expense ratio to the advisory fees and expense ratios of the other ETFs in the Fund’s Peer Group as of December 31, 2014.

The Board noted that the proposed advisory fee of the Fund was above the median and average, but below the maximum, advisory fee of the other funds in the Fund’s Peer Group. The Board also noted that the projected expense ratio of the Fund was above the median and average, but below the maximum, net expense ratio of the other funds in the Fund’s Peer Group. The Board considered the appropriateness of the proposed advisory fee and projected expense ratio of the Fund under the Unified Fee compared to the advisory fees and expense ratios of the ETFs in the Peer Group. The Board received information regarding the costs, including operational costs borne by EGA under the Unified Fee. The Board noted EGA’s assumption of the contractual obligation to limit the Fund’s ordinary operating expenses through the Unified Fee could not be changed without shareholder approval.

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Board Review and Approval of EGShares EM Equity Value ETF Advisory Contract (Unaudited) (concluded)

After comparing the Fund’s proposed advisory fee and projected expense ratio with those of the other funds in the Peer Group, and in light of the nature, quality, and extent of services to be provided by EGA and the costs incurred by EGA in rendering those services and absorbing the Fund’s ordinary operating expenses under the Unified Fee, the Board concluded that the advisory fee to be paid to EGA with respect to the Fund was fair and reasonable.

(c) EGA’s profitability and the extent to which economies of scale would be realized as the Fund grows and whether fee levels would reflect such economies of scale. The Board noted that, because the Fund had not commenced operations, it was not possible to assess either EGA’s profitability or the potential for economies of scale. The Board acknowledged EGA’s contractual obligation to limit the Fund’s expenses through the Unified Fee, and the effect of such obligation on EGA’s profitability based on information presented to the Board. The Board also considered EGA’s profitability with respect to the other ETF series of the Trust, noting that EGA had in the past introduced breakpoints to its advisory fee for certain series of the Trust when assets under management had reached a significant size.

The Board considered fall-out benefits received by EGA from its relationship with the Trust. EGA acknowledged positive reputational benefits from the success of the funds in the Trust, including benefits to EGA Indices, a separate group within EGA, which sponsors indexes for the Fund and certain other ETF series of the Trust.

(d) Investment performance of EGA. The Board noted that, because the Fund had not commenced operations, it was not possible to assess EGA’s investment performance with respect to the Fund. The Board did consider EGA’s investment performance with respect to the other ETF series of the Trust, including ETF series with investment objectives, strategies and risks similar to the Fund, relative to their stated investment objectives to seek investment results that correspond (before fees and expenses) to the price and yield performance of the applicable underlying index that is referenced in each series’ investment objective, and EGA’s success in achieving each series’ objectives, including tracking difference (i.e., the difference of the returns between a fund and the underlying index it seeks to track) and tracking error (i.e., the volatility of the difference of the returns between a fund and the underlying index it seeks to track).

Conclusion. No single factor was determinative to the decision of the Board. Based on the foregoing and such other matters as were deemed relevant, such as the Unified Fee, the Board, including the Independent Trustees, concluded that the proposed advisory fee and projected expense ratio were reasonable in relation to the services to be provided by EGA to the Fund, as well as the costs to be incurred and benefits to be gained by EGA in providing such services. As a result, the Board, including the Independent Trustees, determined that the approval of the Advisory Agreement with EGA would be in the best interest of the Fund and its shareholders.

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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 155 West 19^th Street, New York, NY 10011. The Statement of Additional Information includes additional information about Fund Trustee and is available, without charge, upon request at 155 West 19^th Street, New York, NY 10011.


Name and Year of Birth	Position(s) Held with Trust	Term of Office¹ and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex² 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. Holderith³, 1960	Trustee and President	Since 2008	Emerging Global Advisors, LLC, Managing Member and Chief Executive Officer, since September 2008.	17	None

Each Trustee holds office for an indefinite term.

The “Fund Complex” consists of the EGA Frontier Diversified Core Fund and the Trust, which together consist of seventeen funds. As of March 31, 2015, eleven funds were operational.

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.

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Board of Trustees and Officers (Unaudited) (concluded)


Name and Year of Birth	Position(s) Held with the Trust	Term of Office¹ and Length of Time Served	Principal Occupation(s) During Past 5 Years
Officers
Marten S. Hoekstra Emerging Global Advisors, LLC 155 West 19^th Street New York, NY 10011 1960	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 19^th Street New York, NY 10011 1973	Principal Financial Officer, Vice President and Treasurer	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 19^th Street New York, NY 10011 1976	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.

Officers of the Trust are elected by the Trustees and serve at the pleasure of the Board.

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General Information (Unaudited)

Investment Advisor
Emerging Global Advisors, LLC
155 West 19^th Street, 3^rd 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, 26^th Floor
Philadelphia, PA 19103

You may obtain a description of the EGShares Funds’ proxy voting, policies, procedures and information regarding how each Fund voted proxies relating to portfolio securities during the most recent 12-month period ending June 30 (available by August 31) without charge, upon request, by calling 1-888-800-4347 or visiting the funds website www.egshares.com, or by accessing the 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.

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[GRAPHIC MISSING]

155 West 19th Street
New York, NY 10011
(888)800-4EGS(4347)
www.egshares.com

EGA Emerging Global Shares Trust

EGShares Beyond BRICs ETF

EGShares Blue Chip ETF

EGShares Brazil Infrastructure ETF

EGShares EM Quality Dividend ETF
(formerly EGShares Low Volatility Emerging Markets Dividend ETF)

EGShares Emerging Markets Consumer ETF

EGShares Emerging Markets Core ETF

EGShares Emerging Markets Domestic Demand ETF

EGShares India Consumer ETF

EGShares India Infrastructure ETF

EGShares India Small Cap ETF

EGShares are distributed by ALPS Distributors, Inc.

Item 2. Code of Ethics.

(a)

The Registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party.

(c)

There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, and that relates to any element of the code of ethics description.

(d)

The Registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

(f)

Pursuant to Item 12(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees has determined that its Audit Committee has one “audit committee financial expert”, as that term is defined under Items 3(b) and 3(c), serving on its Audit Committee. Mr. Robert Willens, the Registrant’s audit committee financial expert, is “independent”, as that term is defined under Item 3(a)(2).

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a)

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $118,500 for 2015 and $177,500 for 2014.

Audit-Related Fees

(b)

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for 2015 and $0 for 2014.

Tax Fees

(c)

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $32,000 for 2015 and $49,000 for 2014. The Tax Fees represent services provided in connection with the preparation of tax returns and year-end distribution review.

All Other Fees

(d)

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2015 and $0 for 2014.

(e)(1)

Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Per Rule 2-01(c)(7)(A) and the charter of the Registrant’s Audit Committee, the Audit Committee approves and recommends the principal accountant for the Registrant, pre-approves (i) the principal accountant’s provision of all audit and permissible non-audit services to the Registrant (including the fees and other compensation to be paid to the principal accountant), and (ii) the principal accountant’s provision of any permissible non-audit services to the Registrant’s investment adviser (the “Adviser”), sub-adviser or any entity controlling, controlled by, or under common control with any investment adviser or sub-adviser, if the engagement relates directly to the operations of the financial reporting of the Trust.

(e)(2)

The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

(b) N/A

(d) N/A

(f)

The percentage of hours expended on the principal accountant's engagement to audit the Registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than fifty percent.

(g)

The aggregate non-audit fees billed by the Registrant‘s accountant for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for each of the last two fiscal years of the Registrant was $0 for 2015 and $0 for 2014.

(h)

Not applicable.

Item 5. Audit Committee of Listed Registrants.

The Registrant is an issuer as defined in Section 10A-3 of the Securities Exchange Act of 1934 and has a separately-designated standing Audit Committee in accordance with Section 3(a)(58)(A) of such Act. All of the Board’s independent Trustees, Robert Willens, Ron Safir and Jeffrey D. Haroldson, are members of Audit Committee.

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)

Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.

(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 June 3, 2015

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 June 3, 2015

By (Signature and Title)* /s/ Susan M. Ciccarone

Susan M. Ciccarone, Chief Financial Officer

(principal financial officer)

Date June 2, 2015

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

Columbia India Consumer ETF (INCO) N-CSRCertified annual shareholder report (management investment company)

Annual Report

Industry Breakdown*

Top Ten Holdings*

EGShares Beyond BRICs ETF (ticker: BBRC)

Performance Charts

Performance as of 3/31/2015

Value of a $10,000 Investment Since Inception at Net Asset Value

Sector Breakdown*

Top Ten Holdings*

EGShares Blue Chip ETF (ticker: BCHP)

Performance Charts

Performance as of 3/31/2015

Value of a $10,000 Investment Since Inception at Net Asset Value

Industry Breakdown*

Top Ten Holdings*

EGShares Brazil Infrastructure ETF (ticker: BRXX)

Performance Charts

Performance as of 3/31/2015

Value of a $10,000 Investment Since Inception at Net Asset Value

Sector Breakdown*

Top Ten Holdings*

EGShares EM Quality Dividend ETF (ticker: HILO)

Performance Charts

Performance as of 3/31/2015

Value of a $10,000 Investment Since Inception at Net Asset Value

Industry Breakdown*

Top Ten Holdings*

EGShares Emerging Markets Consumer ETF (ticker: ECON)

Performance as of 3/31/2015

Value of a $10,000 Investment Since Inception at Net Asset Value

Sector Breakdown*

Top Ten Holdings*

EGShares Emerging Markets Core ETF (ticker: EMCR)

Performance Charts

Performance as of 3/31/2015

Value of a $10,000 Investment Since Inception at Net Asset Value

Sector Breakdown*

Top Ten Holdings*

EGShares Emerging Markets Domestic Demand ETF (ticker: EMDD)

Performance Charts

Performance as of 3/31/2015

Value of a $10,000 Investment Since Inception at Net Asset Value

Industry Breakdown*

Top Ten Holdings*

EGShares India Consumer ETF (ticker: INCO)

Performance Charts

Performance as of 3/31/2015

Value of a $10,000 Investment Since Inception at Net Asset Value

Industry Breakdown*

Top Ten Holdings*

EGShares India Infrastructure ETF (ticker: INXX)

Performance Charts

Performance as of 3/31/2015

Value of a $10,000 Investment Since Inception at Net Asset Value

Industry Breakdown*

Top Ten Holdings*

EGShares India Small Cap ETF (ticker: SCIN)

Performance Charts

Performance as of 3/31/2015

Value of a $10,000 Investment Since Inception at Net Asset Value

Actual expenses

Hypothetical example for comparison purposes

For a share outstanding throughout each period

EGShares Beyond BRICs ETF

EGShares Blue Chip ETF

For a share outstanding throughout each period

EGShares Brazil Infrastructure ETF

EGShares EM Quality Dividend ETF5 (Consolidated)

For a share outstanding throughout each period

EGShares Emerging Markets Consumer ETF (Consolidated)

EGShares Emerging Markets Core ETF (Consolidated)

For a share outstanding throughout each period

EGShares Emerging Markets Domestic Demand ETF (Consolidated)

EGShares India Consumer ETF (Consolidated)

For a share outstanding throughout each period

EGShares India Infrastructure ETF (Consolidated)

EGShares India Small Cap ETF (Consolidated)

1. ORGANIZATION

2. CONSOLIDATION OF SUBSIDIARIES

EGShares EM Quality Dividend ETF⁵ (Consolidated)

To the Board of Trustees and
Shareholders of EGA Emerging Global Shares Trust

Philadelphia, Pennsylvania
May 27, 2015