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: 1-888-800-4347

Date of fiscal year end: March 31

Date of reporting period: March 31, 2016

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, 2016

EGShares Beyond BRICs ETF

EGShares EM Core ex-China ETF

EGShares EM Quality Dividend ETF

EGShares EM Strategic Opportunities ETF
(formerly known as EGShares Emerging Markets Domestic Demand ETF)

EGShares Emerging Markets Consumer ETF

EGShares Emerging Markets Core ETF

EGShares India Consumer ETF

EGShares India Infrastructure ETF

EGShares India Small Cap ETF

Table of Contents


Shareholder Letter			1
Portfolio Summaries			4
Shareholder Expense Examples			22
Schedules of Investments
EGShares Beyond BRICs ETF			24
EGShares EM Core ex-China ETF			26
EGShares EM Quality Dividend ETF			28
EGShares EM Strategic Opportunities ETF (consolidated) (formerly known as EGShares Emerging Markets Domestic Demand ETF)			30
EGShares Emerging Markets Consumer ETF (consolidated)			31
EGShares Emerging Markets Core ETF (consolidated)			32
EGShares India Consumer ETF (consolidated)			34
EGShares India Infrastructure ETF (consolidated)			35
EGShares India Small Cap ETF (consolidated)			36
Statements of Assets and Liabilities			38
Statements of Operations			40
Statements of Changes in Net Assets			42
Financial Highlights			46
Notes to Financial Statements			51
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			68
General Information			70

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Shareholder Letter
March 31, 2016

Dear Shareholder,

The last twelve months have been particularly challenging for emerging market investors. The combination of continued fears of the impact of the U.S. Federal Reserve (the Fed) finally raising rates, falling prices of oil and other natural resources, and a much stronger US Dollar, combined to hurt US investors of assets priced in foreign currencies. While the last year ended stronger as the US Dollar retreated and the price of oil began to rise, overall the MSCI Emerging Market (EM) Index was down 12.0% from March 31, 2015 - March 31, 2016.¹

Our fiscal year started off well with the MSCI EM Index up nearly 10% from April 1 – April 27, 2015. By September however, investors had turned their attention to the likely increase in interest rates from the Fed and its impact on more risky investments turned a 10% gain into a 17% loss (April 11 – September 30, 2015). Emerging markets currencies, as well as all global currencies, were affected as the Euro and the Yen continued their decline. Both Japan and the European Union showed no signs of any meaningful and sustained future economic growth.

The beginning of 2016 was a rough start for all global equity markets. The S&P 500 Index lost nearly 9% in the first few weeks of January and most other equity markets followed a similar path. However, a number of factors began coalescing in favor of EM: first, there was significant strengthening in the price of oil in mid-January; second, the US dollar began to weaken versus emerging market currencies; third, concerns over the growth of the US economy led some investors to conclude that interest rate hikes by the Fed in 2016 would be fewer than had previously been thought; and fourth, investors began to believe EM equities may be undervalued. In all, the MSCI EM Index rallied back nearly 22% from January 21 – March 31, 2016, with much of that gain coming from oil-producing countries.

In this difficult market, we were very encouraged that the EGShares Emerging Markets Consumer ETF (ECON) was the top performing Diversified Emerging Market ETF over the last five years and the EGShares India Consumer ETF (INCO) was the second best performing India Equity ETF over the last three years.²

We continued to refine our ETF product suite over the last twelve months. First, we launched the EGShares EM ex-China ETF (XCEM), which earned the 2015 Best New International/Global ETF award from ETF.com.³ We also closed two ETFs that did not have adequate investor interest, the EGShares Brazil Infrastructure ETF (BRXX) and the EGShares Blue Chip ETF (BCHP). Lastly, the EGShares Emerging Markets Domestic Demand ETF (EMDD) was re-named the EGShares EM Strategic Opportunities ETF (EMSO).

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, 2016.

Source: Morningstar data as of March 31, 2016. ECON is the top performer out of 20 ETFs within the Morningstar “Diversified Emerging Market” category with track records from 4/1/2011 to 3/31/2016. ECON was in the top 37% of the 36 ETFs within the Morningstar “Diversified Emerging Market” category with track records from 4/1/2013 to 3/31/2016. INCO is the second best performer out of 10 ETFs within the Morningstar “India Equity” category with track records from 4/1/2013 to 3/31/2016.

Source: ETF.com as of March 16, 2016.

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Shareholder Letter (concluded)
March 31, 2016

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.

Some Funds are non-diversified and, as a result, may have greater volatility than diversified funds. Some Funds will concentrate investment in issuers of one or more particular industries to the same extent that the underlying index is so concentrated. Concentration risk results from maintaining exposure to issuers conducting business in a specific industry. Diversification does not ensure a profit or protect against a loss. 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. There is no assurance that an active trading market for fund shares will develop or be maintained. One cannot invest directly in an index.

MSCI Emerging Markets Index is an index that is designed to measure equity market performance in global emerging markets. S&P 500 Index is an index that is a broad-based measure of U.S. stock market performance.

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.

The content of this letter is presented for general information purposes only. Nothing contained herein should be considered a recommendation or advice to purchase or sell any security. While the information and statistical data contained herein are based on sources believed to be reliable, we do not represent that it is accurate and it should not be relied on as such or be the basis for an investment decision. The statements and opinions expressed are those of Emerging Global Advisors, LLC and are as of the date of this presentation. All information is historical and not indicative of future results, and subject to change. These presentations may include estimates, projections and other “forward-looking statements.” Due to numerous factors, actual events may differ substantially from those presented. Emerging Global Advisors, LLC assumes no duty to update any such statements. Past performance does not guarantee 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.

2 EGA Emerging Global Shares Trust

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Portfolio Summary (Unaudited)
EGShares Beyond BRICs ETF

Industry Breakdown*

[GRAPHIC MISSING]


< Financials	41.5	%
< Telecommunications	14.3
< Industrials	10.6
< Consumer Goods	10.0
< Consumer Services	9.4
< Oil & Gas	5.1
< Utilities	4.3
< Basic Materials	3.2
< Health Care	1.6

Top Ten Holdings*


Naspers, Ltd. N Shares	3.4	%
America Movil SAB de CV Series L	2.8
Fomento Economico Mexicano SAB de CV Series UBD	2.7
Public Bank Bhd	2.3
Nigerian Breweries PLC	2.1
Ezdan Holding Group QSC	2.1
Vingroup JSC	2.0
Safaricom, Ltd.	2.0
Steinhoff International Holdings NV	2.0
Attijariwafa Bank	2.0

Expressed as a percentage of total investments in securities as of 3/31/2016. 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 “BBRC Underlying Index”). The BBRC Underlying Index is designed to represent the performance of a diversified basket of 90 liquid companies in Emerging and Frontier markets excluding Brazil, Russia, India, China (BRIC), Taiwan and Argentina as defined by FTSE’s Country Classification System. The BBRC Underlying 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 7.28% at net asset value (“NAV”) for the quarter ended March 31, 2016 and -4.48% annualized return since its inception date of August 15, 2012. The Fund had a -17.05% return for the full year ended March 31, 2016. The Fund is designed to be broadly allocated by both country and industry. As of March 31, 2016, the top five country weights were Mexico, South Africa, Malaysia, Indonesia, and Thailand and the top five industry weights were financials, telecommunications, industrials, consumer goods, and consumer services.

For the 12-month period ended March 31, 2016, the fund’s performance was driven by a number of factors. For BBRC, exposure to Kenya, Vietnam, and Morocco contributed to performance, while exposure to Qatar, South Africa, and Nigeria detracted. By industry, exposure to financials, telecommunications, and oil & gas were the largest detractors.

Emerging market investments involve 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. They are also subject to the risk of capital loss from unfavorable fluctuation in currency values. 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 3/31/2016


	Average Annual Total Return
	Fund Net Asset Value			Fund Market Price			Combined Indxx Beyond BRICs Index/ FTSE Beyond BRICs Index¹
1 Year		-17.05	%		-17.00	%		-15.43	%
3 Year		-8.46	%		-8.69	%		-6.56	%
Since Inception²		-4.48	%		-4.42	%		-2.56	%

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 until July 28, 2016. 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 EM Core ex-China ETF

Sector Breakdown*

[GRAPHIC MISSING]


< Financials	29.0	%
< Information Technology	20.6
< Consumer Discretionary	9.7
< Materials	9.6
< Energy	8.4
< Consumer Staples	7.6
< Telecommunication Services	7.0
< Utilities	3.7
< Industrials	3.1
< Health Care	1.3

Top Ten Holdings*


Samsung Electronics Co., Ltd.	5.2	%
Taiwan Semiconductor Manufacturing Co., Ltd.	4.5
Infosys, Ltd. ADR	2.7
Tata Motors, Ltd. ADR	2.4
Petroleo Brasileiro SA Preference Shares	2.3
Vale SA Preference Shares	2.2
Tenaga Nasional Bhd	2.1
HDFC Bank, Ltd. ADR	2.0
KT&G Corp.	1.9
Bidvest Group, Ltd.	1.9

Expressed as a percentage of total investments in securities as of 3/31/2016. Holdings are subject to change.

EGShares EM Core ex-China ETF (ticker: XCEM)

The EGShares EM Core ex-China 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 ex-China Index^SM (the “XCEM Underlying Index”). The XCEM Underlying Index is a market capitalization weighted index designed to provide broad, core emerging markets equity exposure by measuring the stock performance of up to 700 companies across the EGAI Emerging Markets Universe, excluding those listed or domiciled in China and Hong Kong.

The Fund had a total return of 11.04% at net asset value (“NAV”) for the quarter ended March 31, 2016 and 8.98% cumulative return since its inception date of September 2, 2015. The Fund is designed to be allocated broadly among emerging market countries and sectors and excludes companies listed or domiciled in China and Hong Kong. As of March 31, 2016, the top five country weights were South Korea, Taiwan, Brazil, India, and South Africa and the top five sector weights were financials, information technology, consumer discretionary, materials, and energy.

From inception until March 31, 2016, the fund’s performance was driven by a number of factors. For XCEM, not being invested in China helped the fund’s performance, as did exposure to South Korea, Brazil, and Malaysia. On the other hand, exposure to Kuwait and Poland detracted. By sector, exposure to financials, information technology, and consumer discretionary contributed to Fund performance, while exposure to telecommunication services detracted.

Performance Charts

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EGShares EM Core ex-China ETF

Performance as of 3/31/2016


	Average Annual Total Return
	Fund Net Asset Value			Fund Market Price			EGAI Emerging Markets ex-China Index¹
Since Inception²		8.98	%		8.49	%		9.09	%

The Index shown is reflective of the EGAI Emerging Markets ex-China Index as of 09/01/2015 and thereafter.

Returns are cumulative since inception. This Fund is new and therefore has limited performance history.

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% and after expense waivers is 0.35%. EGA has entered into a written fee waiver agreement to waive its advisory fee to 0.35% 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 until August 11, 2017. 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 EM Quality Dividend ETF

Sector Breakdown*

[GRAPHIC MISSING]


< Financials	19.8	%
< Telecommunication Services	18.6
< Materials	12.1
< Information Technology	12.1
< Consumer Staples	10.8
< Energy	10.2
< Industrials	8.2
< Utilities	6.1
< Consumer Discretionary	2.1

Top Ten Holdings*


Nigerian Breweries PLC	2.4	%
Eregli Demir ve Celik Fabrikalari TAS	2.2
Ultrapar Participacoes SA	2.2
Intouch Holdings PCL NVDR	2.2
Advanced Info Service PCL NVDR	2.1
Gamuda Bhd	2.1
PT Indofood Sukses Makmur Tbk	2.1
Thai Union Group PCL NVDR	2.1
Woolworths Holdings, Ltd.	2.1
Telefonica Brasil SA Preference Shares	2.1

Expressed as a percentage of total investments in securities as of 3/31/2016. 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^SM (the “HILO Underlying Index”). Effective as of January 26, 2015, the Fund began tracking the HILO Underlying Index instead of the FTSE Emerging All Cap ex Taiwan Low Volatility Dividend Index in order to pursue a more effective quality dividend investment strategy. The HILO Underlying Index is an equal weighted index 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 11.10% at net asset value (“NAV”) for the quarter ended March 31, 2016 and -5.50% annualized return since its inception date of August 4, 2011. The Fund had a -7.38% return for the full year ended March 31, 2016. The Fund is designed to be broadly allocated by both country and sector. As of March 31, 2016, the top five country weights were Brazil, Taiwan, Malaysia, South Africa, and China and the top five sector weights were financials, telecommunication services, materials, information technology, and consumer staples.

For the 12-month period ended March 31, 2016, the fund’s performance was driven by a number of factors. For HILO, exposure to Brazil, Indonesia, and United Arab Emirates contributed to Fund performance, while exposure to China, Taiwan, and Thailand detracted. By sector, exposure to consumer staples, utilities, and materials contributed to Fund performance, while exposure to energy, information technology, and consumer discretionary detracted.

Emerging market investments involve 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. They are also subject to the risk of capital loss from unfavorable fluctuation in currency values. 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 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 3/31/2016


	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		-7.38	%		-7.78	%		-5.71	%
3 Year		-10.37	%		-10.78	%		-9.29	%
Since Inception²		-5.50	%		-5.68	%		-4.30	%

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.

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Portfolio Summary (Unaudited)
EGShares EM Strategic Opportunities ETF (formerly known as EGShares Emerging Markets Domestic Demand ETF)

Sector Breakdown*

[GRAPHIC MISSING]


< Consumer Discretionary	30.5	%
< Telecommunication Services	29.9
< Consumer Staples	26.8
< Health Care	7.7
< Utilities	5.1

Top Ten Holdings*


Steinhoff International Holdings NV	5.3	%
Naspers, Ltd. N Shares	5.3
America Movil SAB de CV Class L ADR	5.0
China Mobile, Ltd.	4.8
JD.com, Inc. ADR	4.7
Ambev SA ADR	4.7
Fomento Economico Mexicano SAB de CV ADR	4.3
Ctrip.com International, Ltd. ADR	3.7
MTN Group, Ltd.	3.6
PT Telekomunikasi Indonesia Persero Tbk ADR	3.2

Expressed as a percentage of total investments in securities as of 3/31/2016. Holdings are subject to change.

EGShares EM Strategic Opportunities ETF (ticker: EMSO)

The EGShares EM Strategic Opportunities 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 “EMSO Underlying Index”). The EMSO Underlying Index is a free-float market capitalization weighted stock market index comprised of 50 emerging market companies 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, health care and utilities sectors.

The Fund had a total return of 4.80% at net asset value (“NAV”) for the quarter ended March 31, 2016 and -0.15% annualized return since its inception date of August 15, 2012. The Fund had a -16.10% return for the full year ended March 31, 2016. The Fund is designed to be broadly allocated by country, but limited to certain sectors. As of March 31, 2016, the top five country weights were China, South Africa, 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 health care and utilities.

For the 12-month period ended March 31, 2016, EMSO’s performance was driven by a number of factors. While the fund’s holding in Turkey contributed positively, its holdings in South Africa, China, and India detracted from performance.

Emerging market investments involve 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. They are also subject to the risk of capital loss from unfavorable fluctuation in currency values. 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

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EGShares EM Strategic Opportunities ETF

Performance as of 3/31/2016


	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		-16.10	%		-17.02	%		-14.96	%
3 Year		-3.66	%		-4.12	%		-2.40	%
Since Inception²		-0.15	%		-0.32	%		1.28	%

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% and after expense waivers is 0.65%. EGA has entered into a written fee waiver agreement to waive its advisory fee to 0.65% 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 until July 31, 2018. 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

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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.

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Portfolio Summary (Unaudited)
EGShares Emerging Markets Consumer ETF

Industry Breakdown*

[GRAPHIC MISSING]


< Consumer Services	50.4	%
< Consumer Goods	45.6
< Industrials	4.0

Top Ten Holdings*


Naspers, Ltd. N Shares	10.6	%
Steinhoff International Holdings NV	5.9
Ambev SA ADR	5.7
Fomento Economico Mexicano SAB de CV Series UBD	5.5
Ctrip.com International, Ltd. ADR	4.7
Wal-Mart de Mexico SAB de CV	4.1
Grupo Televisa SAB Series CPO	4.0
Magnit PJSC GDR	4.0
Tata Motors, Ltd. ADR	4.0
PT Astra International Tbk	3.8

Expressed as a percentage of total investments in securities as of 3/31/2016. 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 “ECON Underlying Index”). The ECON Underlying Index is a free-float market capitalization weighted stock market index designed to measure the 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 5.51% at net asset value (“NAV”) for the quarter ended March 31, 2016 and 2.97% annualized return since its inception date of September 14, 2010. The Fund had a -13.63% return for the full year ended March 31, 2016. The Fund is designed to be broadly allocated by country, yet industry specific. As of March 31, 2016, the top five country weights were South Africa, China, Mexico, Brazil, and India and the Fund had 50% exposure to consumer services, 46% to consumer goods, and 4% to industrials industries.

For the 12-month period ended March 31, 2016, the fund’s performance was driven by a number of factors. For ECON, while consumer goods was the third best performing industry in the MSCI EM Index, it still delivered a negative return, therefore detracting from overall fund performance. The fund’s holdings in Thailand and the Philippines were positive contributors to performance, while holdings in China and Brazil were detractors.

This Fund is non-diversified and, as a result, may have greater volatility than diversified funds. Emerging market investments involve 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. They are also subject to the risk of capital loss from unfavorable fluctuation in currency values. 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

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EGShares Emerging Markets Consumer ETF

Performance as of 3/31/2016


	Average Annual Total Return
	Fund Net Asset Value			Fund Market Price			Dow Jones Emerging Markets Consumer Titans 30 Index
1 Year		-13.63	%		-13.64	%		-11.91	%
3 Year		-4.23	%		-4.35	%		-2.86	%
5 Year		0.65	%		0.61	%		1.84	%
Since Inception¹		2.97	%		2.97	%		4.36	%

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 0.83%. 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

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Portfolio Summary (Unaudited)
EGShares Emerging Markets Core ETF

Sector Breakdown*

[GRAPHIC MISSING]


< Consumer Discretionary	18.2	%
< Financials	17.9
< Consumer Staples	13.9
< Industrials	10.2
< Materials	7.5
< Health Care	7.3
< Information Technology	6.9
< Telecommunication Services	6.5
< Energy	6.0
< Utilities	5.6

Top Ten Holdings*


PT Telekomunikasi Indonesia Persero Tbk ADR	2.3	%
Cemex SAB de CV Series CPO	1.4
Genting Bhd	1.4
Petroleo Brasileiro SA ADR	1.3
CEZ AS	1.3
Alfa SAB de CV Class A	1.3
Vale SA ADR	1.3
Tenaga Nasional Bhd	1.3
Southern Copper Corp.	1.3
LPP SA	1.3

Expressed as a percentage of total investments in securities as of 3/31/2016. 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 “EMCR Underlying Index”). The EMCR Underlying Index is an equal weighted index 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 7.13% at net asset value (“NAV”) for the quarter ended March 31, 2016 and -2.11% annualized return since its inception date of October 16, 2012. The Fund had a -11.91% return for the full year ended March 31, 2016. The Fund is designed to be broadly allocated by both country and sector. As of March 31, 2016, the top five country weights were India, South Africa, Mexico, China, and Brazil and the top five sector weights were consumer discretionary, financials, consumer staples, industrials, and materials.

For the 12-month period ended March 31, 2016, the fund’s performance was driven by a number of factors. For EMCR, exposure to Indonesia, Malaysia, and Mexico contributed to Fund performance, while exposure in India, South Africa, and China detracted. By sector, exposure to energy and materials contributed to Fund performance, while exposure to information technology, industrials, and utilities detracted.

Emerging market investments involve 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. They are also subject to the risk of capital loss from unfavorable fluctuation in currency values. 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 3/31/2016


	Average Annual Total Return
	Fund Net Asset Value			Fund Market Price			S&P Emerging Markets Core Index
1 Year		-11.91	%		-13.51	%		-11.32	%
3 Year		-3.87	%		-4.46	%		-3.05	%
Since Inception¹		-2.11	%		-2.45	%		-1.26	%

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

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Portfolio Summary (Unaudited)
EGShares India Consumer ETF

Industry Breakdown*

[GRAPHIC MISSING]


< Consumer Goods	81.3	%
< Industrials	13.2
< Consumer Services	5.5

Top Ten Holdings*


Bosch, Ltd.	5.4	%
Nestle India, Ltd.	5.2
Tata Motors, Ltd.	5.1
Godrej Consumer Products, Ltd.	5.0
Hero MotoCorp, Ltd.	4.9
Bajaj Auto, Ltd.	4.9
Hindustan Unilever, Ltd.	4.8
Maruti Suzuki India, Ltd.	4.8
ITC, Ltd.	4.8
Mahindra & Mahindra, Ltd.	4.7

Expressed as a percentage of total investments in securities as of 3/31/2016. 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 “INCO Underlying Index”). The INCO 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 -4.01% at net asset value (“NAV”) for the quarter ended March 31, 2016 and 10.04% annualized return since its inception date of August 10, 2011. The Fund had a -12.18% return for the full year ended March 31, 2016. 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, 2016, the Fund had over 81% of assets in companies in the consumer goods industry, as well as exposure to the industrials and consumer services industries.

For the 12-month period ended March 31, 2016, the fund’s performance was driven by a number of factors. For INCO, because India stocks underperformed broad Emerging Markets over this time period, the consumer goods, consumer services, and industrials industries detracted from Fund performance.

This Fund is non-diversified and, as a result, may have greater volatility than diversified funds. Emerging market investments involve 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. They are also subject to the risk of capital loss from unfavorable fluctuation in currency values. Because the Fund invests predominantly in Indian securities, its NAV will be much more sensitive to changes in economic, political and other factors within India than would a Fund that invested in a greater variety of countries. 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 India Consumer ETF

Performance as of 3/31/2016


	Average Annual Total Return
	Fund Net Asset Value			Fund Market Price			Indxx India Consumer Index
1 Year		-12.18	%		-12.57	%		-10.92	%
3 Year		12.16	%		12.18	%		14.00	%
Since Inception¹		10.04	%		10.05	%		11.82	%

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

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Portfolio Summary (Unaudited)
EGShares India Infrastructure ETF

Industry Breakdown*

[GRAPHIC MISSING]


< Industrials	45.6	%
< Utilities	16.6
< Telecommunications	15.4
< Basic Materials	9.1
< Oil & Gas	6.1
< Consumer Goods	5.9
< Consumer Services	1.3

Top Ten Holdings*


GAIL India, Ltd.	6.1	%
UltraTech Cement, Ltd.	6.0
Ambuja Cements, Ltd.	5.9
NTPC, Ltd.	5.7
Eicher Motors, Ltd.	5.4
Bharti Infratel, Ltd.	5.4
Bharti Airtel, Ltd.	5.1
Tata Power Co., Ltd.	4.7
Vedanta, Ltd.	4.2
Cummins India, Ltd.	4.1

Expressed as a percentage of total investments in securities as of 3/31/2016. 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 “INXX Underlying Index”). The INXX 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 -4.21% at net asset value (“NAV”) for the quarter ended March 31, 2016 and -8.81% annualized return since its inception date of August 11, 2010. The Fund had a -21.00% return for the full year ended March 31, 2016. The Fund is designed to be country specific and to have exposures specific to certain industries related to infrastructure. As of March 31, 2016, the top five industry weights were industrials, utilities, telecommunications, basic materials, and oil & gas.

For the 12-month period ended March 31, 2016, the fund’s performance was driven by a number of factors. For INXX, exposure to the consumer services industry contributed to Fund performance, while exposure to industrials and telecommunications industries detracted.

This Fund is non-diversified and, as a result, may have greater volatility than diversified funds. Emerging market investments involve 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. They are also subject to the risk of capital loss from unfavorable fluctuation in currency values. Because the Fund invests predominantly in Indian securities, its NAV will be much more sensitive to changes in economic, political and other factors within India than would a Fund that invested in a greater variety of countries. 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 India Infrastructure ETF

Performance as of 3/31/2016


	Average Annual Total Return
	Fund Net Asset Value			Fund Market Price			Indxx India Infrastructure Index
1 Year		-21.00	%		-21.41	%		-20.28	%
3 Year		-1.69	%		-1.63	%		-0.43	%
5 Year		-9.33	%		-9.34	%		-8.38	%
Since Inception¹		-8.81	%		-8.75	%		-7.84	%

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

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Portfolio Summary (Unaudited)
EGShares India Small Cap ETF

Industry Breakdown*

[GRAPHIC MISSING]


< Industrials	25.3	%
< Financials	21.4
< Consumer Goods	16.1
< Technology	9.0
< Health Care	6.8
< Utilities	6.7
< Consumer Services	5.9
< Basic Materials	5.2
< Oil & Gas	3.6

Top Ten Holdings*


Federal Bank, Ltd.	4.3	%
Voltas, Ltd.	3.9
SKS Microfinance, Ltd.	3.7
Crompton Greaves, Ltd.	3.6
Apollo Tyres, Ltd.	3.3
Tata Global Beverages, Ltd.	3.1
Gujarat Pipavav Port, Ltd.	2.7
Jubilant Foodworks, Ltd.	2.6
Suzlon Energy, Ltd.	2.4
SRF, Ltd.	2.3

Expressed as a percentage of total investments in securities as of 3/31/2016. 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 “SCIN Underlying Index”). The SCIN 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 EGShares India Small Cap ETF had a total return of -13.55% at net asset value (“NAV”) for the quarter ended March 31, 2016 and -5.66% annualized return since its inception date of July 7, 2010. The Fund had a -21.78% return for the full year ended March 31, 2016. The Fund is designed to be country specific and be diversified by industry, targeting small capitalization companies. As of March 31, 2016, the top five industry exposures were industrials, financials, consumer goods, technology, and health care.

For the 12-month period ended March 31, 2016, the fund’s performance was driven by a number of factors. For SCIN, because India stocks underperformed broad Emerging Markets over this time period, the financials, industrials, and oil & gas industries detracted from Fund performance.

This Fund is non-diversified and, as a result, may have greater volatility than diversified funds. Emerging market investments involve 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. They are also subject to the risk of capital loss from unfavorable fluctuation in currency values. Because the Fund invests predominantly in Indian securities, its NAV will be much more sensitive to changes in economic, political and other factors within India than would a Fund that invested in a greater variety of countries. 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 India Small Cap ETF

Performance as of 3/31/2016


	Average Annual Total Return
	Fund Net Asset Value			Fund Market Price			Indxx India Small Cap Index
1 Year		-21.78	%		-22.27	%		-20.37	%
3 Year		3.99	%		4.10	%		6.05	%
5 Year		-5.81	%		-5.90	%		-4.47	%
Since Inception¹		-5.66	%		-5.67	%		-4.20	%

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

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Shareholder Expense Examples (Unaudited)

As a shareholder of 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, 2015 to March 31, 2016), unless otherwise noted for Funds with operations less than six months.

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 During the Period” 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.

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Shareholder Expense Examples (Unaudited) (concluded)


	Beginning Account Value		Ending Account Value 3/31/2016		Annualized Expense Ratios²			Expenses Paid During the Period³
EGShares Beyond BRICs ETF
Actual	$	1,000.00	$	1,032.70		0.58	%	$	2.95
Hypothetical¹	$	1,000.00	$	1,022.10		0.58	%	$	2.93
EGShares EM Core ex-China ETF
Actual	$	1,000.00	$	1,111.40		0.35	%	$	1.85
Hypothetical¹	$	1,000.00	$	1,023.25		0.35	%	$	1.77
EGShares EM Quality Dividend ETF
Actual	$	1,000.00	$	1,098.90		0.85	%	$	4.46
Hypothetical¹	$	1,000.00	$	1,020.75		0.85	%	$	4.29
EGShares EM Strategic Opportunities ETF (Consolidated)⁴
Actual	$	1,000.00	$	1,015.20		0.83	%	$	4.18
Hypothetical¹	$	1,000.00	$	1,020.85		0.83	%	$	4.19
EGShares Emerging Markets Consumer ETF (Consolidated)⁴
Actual	$	1,000.00	$	1,050.30		0.85	%	$	4.36
Hypothetical¹	$	1,000.00	$	1,020.75		0.85	%	$	4.29
EGShares Emerging Markets Core ETF (Consolidated)⁴
Actual	$	1,000.00	$	1,052.80		0.70	%	$	3.59
Hypothetical¹	$	1,000.00	$	1,021.50		0.70	%	$	3.54
EGShares India Consumer ETF (Consolidated)⁴
Actual	$	1,000.00	$	997.10		0.89	%	$	4.44
Hypothetical¹	$	1,000.00	$	1,020.55		0.89	%	$	4.50
EGShares India Infrastructure ETF (Consolidated)⁴
Actual	$	1,000.00	$	963.90		0.87	%	$	4.27
Hypothetical¹	$	1,000.00	$	1,020.65		0.87	%	$	4.39
EGShares India Small Cap ETF (Consolidated)⁴
Actual	$	1,000.00	$	923.20		0.86	%	$	4.13
Hypothetical¹	$	1,000.00	$	1,020.70		0.86	%	$	4.34

Assuming 5% return before expenses.

Annualized expense ratios reflect expenses net of any waived fees or reimbursed expenses.

Expenses are calculated using each Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 183/366 (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 23

TABLE OF CONTENTS

Schedule of Investments
EGShares Beyond BRICs ETF

March 31, 2016


Investments	Shares		Value
COMMON STOCKS—98.0%
Bangladesh—1.4%
GrameenPhone, Ltd.		215,567	$	623,963
Lafarge Surma Cement, Ltd.		778,674		664,837
Total Bangladesh				1,288,800
Chile—2.0%
Empresa Nacional de Electricidad SA		467,213		650,903
Endesa Americas SA*		798,877		8,620
Enersis Americas SA		2,712,189		752,314
Enersis Chile SA*		4,581,923		6,100
S.A.C.I. Falabella		66,713		466,640
Total Chile				1,884,577
Colombia—0.3%
Ecopetrol SA		678,326		295,880
Czech Republic—0.5%
CEZ AS		21,995		388,542
Indonesia—8.4%
PT Astra International Tbk		2,754,373		1,505,973
PT Bank Central Asia Tbk		1,694,865		1,699,978
PT Bank Mandiri Persero Tbk		1,285,900		998,851
PT Bank Rakyat Indonesia Persero Tbk*		1,479,984		1,275,175
PT Telekomunikasi Indonesia Persero Tbk		6,963,214		1,746,055
PT Unilever Indonesia Tbk		158,217		512,177
Total Indonesia				7,738,209
Kenya—3.5%
Equity Group Holdings, Ltd.		3,602,578		1,430,017
Safaricom, Ltd.		10,922,113		1,820,352
Total Kenya				3,250,369
Malaysia—11.7%
Axiata Group Bhd		627,400		947,171
CIMB Group Holdings Bhd		752,200		935,069
DiGi.Com Bhd		515,800		653,096
IHH Healthcare Bhd		378,600		636,580
Malayan Banking Bhd		741,100		1,713,372
Maxis Bhd		366,300		596,182
Petronas Gas Bhd		107,800		607,869
Public Bank Bhd		430,520		2,072,322
Sime Darby Bhd		455,700		928,570
Tenaga Nasional Bhd		484,700		1,731,826
Total Malaysia				10,822,057


Investments	Shares		Value
Mexico—14.9%
Alfa SAB de CV Class A		325,669	$	659,215
America Movil SAB de CV Series L		3,195,968		2,504,521
Arca Continental SAB de CV		29,236		203,741
Cemex SAB de CV Series CPO*		1,545,052		1,131,444
Fomento Economico Mexicano SAB de CV Series UBD		248,133		2,415,053
Grupo Bimbo SAB de CV Series A*		216,152		644,127
Grupo Financiero Banorte SAB de CV Class O		261,298		1,485,508
Grupo Financiero Inbursa SAB de CV Class O		237,528		478,029
Grupo Mexico SAB de CV Series B		448,470		1,089,920
Grupo Televisa SAB Series CPO		302,210		1,677,891
Telesites SAB de CV*		9,562		5,596
Wal-Mart de Mexico SAB de CV		646,801		1,547,394
Total Mexico				13,842,439
Morocco—1.9%
Attijariwafa Bank		51,288		1,800,845
Netherlands—2.0%
Steinhoff International Holdings NV		275,188		1,812,072
Nigeria—5.5%
Guaranty Trust Bank PLC		21,734,223		1,561,649
Nigerian Breweries PLC		3,565,976		1,917,191
Zenith Bank PLC		28,320,297		1,529,712
Total Nigeria				5,008,552
Oman—1.8%
Bank Muscat SAOG		1,718,703		1,704,868
Philippines—3.5%
Ayala Corp.		32,870		535,400
Ayala Land, Inc.		952,100		728,885
Philippine Long Distance Telephone Co.		10,585		455,170
SM Investments Corp.		43,893		905,123
SM Prime Holdings, Inc.		1,072,300		511,174
Total Philippines				3,135,752
Poland—4.8%
Bank Pekao SA		18,089		800,467
Bank Zachodni WBK SA*		4,025		331,893
PGE SA		98,743		370,893
Polski Koncern Naftowy Orlen SA		44,126		876,142
Polskie Gornictwo Naftowe i Gazownictwo SA		243,490		348,039
Powszechna Kasa Oszczednosci Bank Polski SA*		119,134		889,848
Powszechny Zaklad Ubezpieczen SA		77,636		742,589
Total Poland				4,359,871
Qatar—6.3%
Barwa Real Estate Co.		151,274		1,503,850
Ezdan Holding Group QSC*		375,061		1,874,584
Gulf International Services QSC		74,050		738,182
Industries Qatar QSC		58,551		1,741,383
Total Qatar				5,857,999

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

24 EGA Emerging Global Shares Trust

TABLE OF CONTENTS

Schedule of Investments (concluded)
EGShares Beyond BRICs ETF

March 31, 2016


Investments	Shares		Value
South Africa—13.6%
Aspen Pharmacare Holdings, Ltd.*		35,715	$	777,483
Barclays Africa Group, Ltd.		34,398		349,850
FirstRand, Ltd.		327,190		1,076,025
MTN Group, Ltd.		188,800		1,735,502
Naspers, Ltd. N Shares		22,086		3,094,863
Nedbank Group, Ltd.		20,693		273,295
Remgro, Ltd.		51,743		880,138
Sanlam, Ltd.		189,300		881,504
Sasol, Ltd.		59,876		1,797,501
Standard Bank Group, Ltd.		129,676		1,168,036
Vodacom Group, Ltd.		33,992		371,005
Total South Africa				12,405,202
Thailand—7.5%
Advanced Info Service PCL NVDR		164,800		852,575
Airports of Thailand PCL NVDR		59,100		675,332
Bangkok Bank PCL NVDR		63,420		324,491
CP ALL PCL NVDR		603,900		785,345
Kasikornbank PCL NVDR		163,000		801,563
PTT Exploration & Production PCL NVDR		193,800		386,994
PTT PCL NVDR		118,700		944,741
Siam Cement PCL NVDR		110,850		1,468,337
Siam Commercial Bank PCL NVDR		215,600		864,116
Total Thailand				7,103,494
Turkey—3.3%
Akbank TAS		282,273		804,002
KOC Holding AS		86,360		438,900
Turk Telekomunikasyon AS		72,797		172,704
Turkcell Iletisim Hizmetleri AS		109,969		462,809
Turkiye Garanti Bankasi AS		287,322		840,833
Turkiye Is Bankasi Class C		184,087		304,665
Total Turkey				3,023,913
United Arab Emirates—2.1%
Abu Dhabi Commercial Bank PJSC		253,056		461,605
Emaar Malls Group PJSC*		290,225		227,566
Emaar Properties PJSC		486,473		797,323
First Gulf Bank PJSC		153,674		491,606
Total United Arab Emirates				1,978,100
Vietnam—3.0%
Hoa Phat Group JSC		675,330		893,654
Vingroup JSC*		863,510		1,828,272
Total Vietnam				2,721,926
TOTAL INVESTMENTS IN SECURITIES—98.0%
(Cost: $109,029,815)				90,423,467
Other Assets in Excess of Liabilities—2.0%				1,818,827
Net Assets—100.0%			$	92,242,294


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


Summary by Industry	Value		% of Net Assets
Basic Materials	$	2,887,421		3.1	%
Consumer Goods		9,010,334		9.8
Consumer Services		8,477,256		9.2
Financials		37,563,437		40.7
Health Care		1,414,063		1.6
Industrials		9,578,310		10.4
Oil & Gas		4,636,747		5.0
Telecommunications		12,946,701		14.0
Utilities		3,909,198		4.2
Total Investments		90,423,467		98.0
Other Assets in Excess of Liabilities		1,818,827		2.0
Net Assets	$	92,242,294		100.0	%

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

EGA Emerging Global Shares Trust 25

TABLE OF CONTENTS

Schedule of Investments
EGShares EM Core ex-China ETF

March 31, 2016


Investments	Shares		Value
COMMON STOCKS—99.1%
Brazil—12.4%
Ambev SA		2,532	$	13,446
Banco Bradesco SA Preference Shares		887		6,775
Banco do Brasil SA		600		3,347
BB Seguridade Participacoes SA		375		3,143
BRF SA		685		9,918
Cia Brasileira de Distribuicao Preference Shares		280		3,938
Cielo SA		695		6,858
Itau Unibanco Holding SA Preference Shares		836		7,362
Itausa—Investimentos Itau SA Preference Shares		6,488		14,957
Kroton Educacional SA		2,564		8,305
Petroleo Brasileiro SA Preference Shares*		10,179		23,983
Ultrapar Participacoes SA		308		6,065
Vale SA Preference Shares		7,059		22,667
Total Brazil				130,764
India—8.8%
HDFC Bank, Ltd. ADR		344		21,201
ICICI Bank, Ltd. ADR		2,558		18,315
Infosys, Ltd. ADR		1,496		28,454
Tata Motors, Ltd. ADR*		877		25,477
Total India				93,447
Indonesia—4.0%
PT Astra International Tbk		7,786		4,257
PT Bank Central Asia Tbk		11,525		11,560
PT Bank Mandiri Persero Tbk		9,681		7,520
PT Bank Rakyat Indonesia Persero Tbk*		10,714		9,231
PT Telekomunikasi Indonesia Persero Tbk		39,853		9,993
Total Indonesia				42,561
Kuwait—0.7%
Kuwait Finance House KSCP		1,704		2,706
National Bank of Kuwait SAKP		2,010		4,456
Total Kuwait				7,162
Malaysia—8.5%
Axiata Group Bhd		2,200		3,321
CIMB Group Holdings Bhd		8,300		10,318
IHH Healthcare Bhd		4,500		7,566
Malayan Banking Bhd		8,100		18,727
Public Bank Bhd		2,400		11,553
Sime Darby Bhd		6,100		12,430
Telekom Malaysia Bhd		2,100		3,552
Tenaga Nasional Bhd		6,300		22,510
Total Malaysia				89,977
Mexico—6.6%
America Movil SAB de CV Series L		12,868		10,084
Coca-Cola Femsa SAB de CV Series L		1,641		13,746
Fibra Uno Administracion SA de CV		2,584		6,055
Grupo Financiero Banorte SAB de CV Class O		2,105		11,967
Grupo Financiero Santander Mexico SAB de CV Class B		3,351		6,130


Investments	Shares		Value
Grupo Mexico SAB de CV Series B		5,280	$	12,832
Telesites SAB de CV*		686		402
Wal-Mart de Mexico SAB de CV		3,429		8,204
Total Mexico				69,420
Netherlands—0.8%
Steinhoff International Holdings NV		1,243		8,185
Peru—0.7%
Credicorp, Ltd.		57		7,468
Poland—1.0%
Powszechna Kasa Oszczednosci Bank Polski SA*		831		6,207
Powszechny Zaklad Ubezpieczen SA		507		4,849
Total Poland				11,056
Russia—4.4%
Gazprom PAO ADR		3,796		16,372
LUKOIL PJSC ADR		357		13,714
Magnit PJSC GDR		133		5,313
Sberbank of Russia PJSC ADR		1,628		11,331
Total Russia				46,730
South Africa—8.3%
Aspen Pharmacare Holdings, Ltd.*		273		5,943
Bidvest Group, Ltd.		791		20,060
FirstRand, Ltd.		753		2,476
MTN Group, Ltd.		1,178		10,829
Naspers, Ltd. N Shares		125		17,516
Remgro, Ltd.		369		6,276
Sanlam, Ltd.		1,543		7,185
Sasol, Ltd.		533		16,001
Standard Bank Group, Ltd.		278		2,504
Total South Africa				88,790
South Korea—20.2%
Hana Financial Group, Inc.		234		5,074
Hyundai Mobis Co., Ltd.		60		13,064
Hyundai Motor Co.		128		17,069
KB Financial Group, Inc.		284		7,910
Kia Motors Corp.		215		9,081
Korea Electric Power Corp.		312		16,424
KT&G Corp.		210		20,199
LG Chem, Ltd.		28		8,019
LG Display Co., Ltd.		264		6,141
NAVER Corp.		30		16,710
POSCO		76		14,587
Samsung Electronics Co., Ltd.		48		55,068
Samsung Fire & Marine Insurance Co., Ltd.		26		6,707
Samsung SDS Co., Ltd.		30		4,591
Shinhan Financial Group Co., Ltd.		87		3,081
SK Hynix, Inc.		107		2,634
SK Telecom Co., Ltd.		44		8,022
Total South Korea				214,381

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 EM Core ex-China ETF

March 31, 2016


Investments	Shares		Value
Taiwan—16.9%
Advanced Semiconductor Engineering, Inc.		5,351	$	6,227
Asustek Computer, Inc.		658		5,909
Cathay Financial Holding Co., Ltd.		5,953		7,130
China Steel Corp.		11,074		7,707
Chunghwa Telecom Co., Ltd.		3,330		11,330
CTBC Financial Holding Co., Ltd.		11,355		5,998
Delta Electronics, Inc.		751		3,313
Formosa Chemicals & Fibre Corp.		3,329		8,296
Formosa Plastics Corp.		3,977		9,861
Fubon Financial Holding Co., Ltd.		4,265		5,433
Hon Hai Precision Industry Co., Ltd.		6,211		16,365
Largan Precision Co., Ltd.		62		4,806
MediaTek, Inc.		1,705		13,085
Mega Financial Holding Co., Ltd.		8,395		5,973
Nan Ya Plastics Corp.		4,048		8,503
Taiwan Mobile Co., Ltd.		1,979		6,426
Taiwan Semiconductor Manufacturing Co., Ltd.		9,479		47,713
Uni-President Enterprises Corp.		2,917		5,121
Total Taiwan				179,196
Thailand—5.1%
Advanced Info Service PCL		1,000		5,173
Bangkok Bank PCL		1,800		9,210
Intouch Holdings PCL		2,422		4,389
Kasikornbank PCL		1,400		6,885
PTT PCL		1,400		11,143
Siam Cement PCL		600		7,948
Siam Commercial Bank PCL (The)		2,700		10,821
Total Thailand				55,569
Turkey—0.7%
Turkiye Garanti Bankasi AS		2,438		7,135
TOTAL COMMON STOCKS
(Cost: $978,339)				1,051,841
Rights—0.0%**
Taiwan—0.0%**
Fubon Financial Holding Co., Ltd., expiring 4/30/16
(Cost: $0)		187		0
TOTAL INVESTMENTS IN SECURITIES—99.1%
(Cost: $978,339)				1,051,841
Other Assets in Excess of Liabilities—0.9%				9,846
Net Assets—100.0%			$	1,061,687


*		Non-income producing security.
**		Less than 0.05%.
ADR		American Depositary Receipts
GDR		Global Depositary Receipts
PJSC		Private Joint Stock Company


Summary by Sector	Value		% of Net Assets
Consumer Discretionary	$	102,954		9.7	%
Consumer Staples		79,885		7.5
Energy		87,278		8.2
Financials		304,976		28.7
Health Care		13,509		1.3
Industrials		32,490		3.1
Information Technology		217,874		20.5
Materials		100,420		9.5
Telecommunication Services		73,521		6.9
Utilities		38,934		3.7
Total Investments		1,051,841		99.1
Other Assets in Excess of Liabilities		9,846		0.9
Net Assets	$	1,061,687		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 EM Quality Dividend ETF

March 31, 2016


Investments	Shares		Value
COMMON STOCKS—100.3%
Brazil—16.5%
Banco Bradesco SA Preference Shares		42,925	$	327,872
BB Seguridade Participacoes SA		38,164		319,828
CETIP SA		29,622		335,588
Cielo SA		33,463		330,192
Itau Unibanco Holding SA Preference Shares		35,484		312,488
Itausa—Investimentos Itau SA Preference Shares		137,369		316,677
Telefonica Brasil SA Preference Shares		26,587		339,390
Ultrapar Participacoes SA		17,859		351,687
Total Brazil				2,633,722
Chile—3.9%
Banco de Chile		2,863,971		308,466
Empresa Nacional de Electricidad SA		228,236		317,970
Endesa Americas SA*		288,324		3,111
Total Chile				629,547
China—9.9%
Agricultural Bank of China, Ltd. Class H		867,616		312,078
China Construction Bank Corp. Class H		493,501		314,938
China Merchants Bank Co., Ltd. Class H		152,357		320,171
China Minsheng Banking Corp., Ltd. Class H		337,622		315,138
CNOOC, Ltd.		277,425		327,621
Total China				1,589,946
Hong Kong—2.1%
CLP Holdings, Ltd.		36,386		329,074
India—2.1%
Infosys, Ltd.		18,017		331,460
Indonesia—9.8%
PT Indocement Tunggal Prakarsa Tbk		207,264		308,317
PT Indofood Sukses Makmur Tbk		625,330		340,725
PT Semen Indonesia Persero Tbk		407,706		312,851
PT Telekomunikasi Indonesia Persero Tbk		1,238,242		310,494
PT United Tractors Tbk		268,261		309,532
Total Indonesia				1,581,919
Malaysia—10.5%
British American Tobacco Malaysia Bhd		24,200		335,196
DiGi.Com Bhd		265,900		336,677
Gamuda Bhd		270,400		340,989
Kuala Lumpur Kepong Bhd		55,000		338,331
Petronas Gas Bhd		58,900		332,129
Total Malaysia				1,683,322
Nigeria—2.4%
Nigerian Breweries PLC		713,938		383,838


Investments	Shares		Value
Oman—2.0%
Oman Telecommunications Co. SAOG		80,518	$	318,852
Qatar—1.9%
Gulf International Services QSC		31,093		309,957
South Africa—10.3%
Bidvest Group, Ltd.		13,363		338,890
Mondi, Ltd.		17,122		330,507
MTN Group, Ltd.		34,950		321,270
Sasol, Ltd.		10,624		318,937
Woolworths Holdings, Ltd.		55,701		339,591
Total South Africa				1,649,195
Taiwan—11.9%
Delta Electronics, Inc.		73,604		324,750
Far EasTone Telecommunications Co., Ltd.		142,722		319,732
MediaTek, Inc.		41,349		317,338
Nan Ya Plastics Corp.		154,566		324,654
Pegatron Corp.		131,852		307,671
Taiwan Semiconductor Manufacturing Co., Ltd.		65,229		328,334
Total Taiwan				1,922,479
Thailand—8.6%
Advanced Info Service PCL NVDR		66,500		344,031
Intouch Holdings PCL NVDR		192,200		348,287
Siam Cement PCL NVDR		24,800		328,505
Thai Union Group PCL NVDR		572,400		340,056
Total Thailand				1,360,879
Turkey—6.3%
Enka Insaat ve Sanayi AS		188,643		326,945
Eregli Demir ve Celik Fabrikalari TAS		233,869		352,170
Tupras-Turkiye Petrol Rafinerileri AS*		11,710		330,003
Total Turkey				1,009,118
United Arab Emirates—2.1%
Emirates Telecommunications Group Co. PJSC		66,342		334,148
TOTAL COMMON STOCKS
(Cost: $16,904,541)				16,067,456
WARRANTS—0.1%
Malaysia—0.1%
Gamuda Bhd, expiring 3/06/21*
(Cost: $3,248)		54,633		15,403
TOTAL INVESTMENTS IN SECURITIES—100.4%
(Cost: $16,907,789)				16,082,859
Liabilities in Excess of Other Assets—(0.4)%				(71,309	)
Net Assets—100.0%			$	16,011,550


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

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

28 EGA Emerging Global Shares Trust

TABLE OF CONTENTS

Schedule of Investments (concluded)
EGShares EM Quality Dividend ETF

March 31, 2016


Summary by Sector	Value			% of Net Assets
Consumer Discretionary	$	339,591			2.1	%
Consumer Staples		1,738,146			10.9
Energy		1,638,205			10.2
Financials		3,183,244			19.9
Industrials		1,331,759			8.3
Information Technology		1,939,745			12.1
Materials		1,957,004			12.2
Telecommunication Services		2,972,881			18.6
Utilities		982,284			6.1
Total Investments		16,082,859			100.4
Liabilities in Excess of Other Assets		(71,309	)		(0.4	)
Net Assets	$	16,011,550			100.0	%

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 Strategic Opportunities ETF
(formerly known as EGShares Emerging Markets Domestic Demand ETF)

March 31, 2016


Investments	Shares		Value
COMMON STOCKS—99.6%
Brazil—7.9%
Ambev SA ADR		135,216	$	700,419
BRF SA ADR		18,422		261,961
Telefonica Brasil SA ADR		18,002		224,845
Total Brazil				1,187,225
Chile—1.1%
Enersis SA ADR		11,780		163,742
China—25.1%
Belle International Holdings, Ltd.		187,884		108,759
CGN Power Co., Ltd. Class H, 144A		302,770		102,660
China Mengniu Dairy Co., Ltd.		82,069		130,565
China Mobile, Ltd.		64,557		719,515
China Resources Power Holdings Co., Ltd.		59,018		110,327
China Telecom Corp., Ltd. Class H		522,150		276,001
China Unicom Hong Kong, Ltd.		217,435		287,052
Ctrip.com International, Ltd. ADR^*		12,498		553,162
Hengan International Group Co., Ltd.		23,901		207,378
Huaneng Power International, Inc. Class H		125,817		112,572
JD.com, Inc. ADR^*		26,638		705,907
Sinopharm Group Co. Class H		36,456		164,736
Vipshop Holdings, Ltd. ADR^*		11,364		146,368
Want Want China Holdings, Ltd.		201,295		149,222
Total China				3,774,224
India—12.9%
Bharti Airtel, Ltd.		53,687		284,396
Dr. Reddy's Laboratories, Ltd. ADR		2,547		115,099
Hindustan Unilever, Ltd.		21,909		287,665
ITC, Ltd.		59,325		294,061
Lupin, Ltd.		6,798		151,851
Mahindra & Mahindra, Ltd.		10,810		197,632
Sun Pharmaceutical Industries, Ltd.		33,307		412,424
Tata Motors, Ltd. ADR^*		7,211		209,479
Total India				1,952,607
Indonesia—5.8%
PT Astra International Tbk		719,465		393,372
PT Telekomunikasi Indonesia Persero Tbk ADR		9,393		477,634
Total Indonesia				871,006
Malaysia—3.1%
Axiata Group Bhd		116,600		176,028
Tenaga Nasional Bhd		77,900		278,335
Total Malaysia				454,363
Mexico—14.9%
America Movil SAB de CV Class L ADR		48,353		750,922
Fomento Economico Mexicano SAB de CV ADR		6,699		645,181
Grupo Televisa SAB ADR		15,719		431,644
Telesites SAB de CV^*		57,936		33,908
Wal-Mart de Mexico SAB de CV		161,169		385,577
Total Mexico				2,247,232
Netherlands—5.3%
Steinhoff International Holdings NV		120,003		790,202


Investments	Shares		Value
Philippines—0.8%
Philippine Long Distance Telephone Co., ADR		2,872	$	124,386

Magnit PJSC GDR		8,913		356,074
Mobile TeleSystems PJSC ADR		19,967		161,533
Total Russia				517,607
South Africa—15.6%
Aspen Pharmacare Holdings, Ltd.^*		8,724		189,913
Mr Price Group, Ltd.		8,021		96,761
MTN Group, Ltd.		58,508		537,822
Naspers, Ltd. N Shares		5,613		786,537
Netcare, Ltd.		44,361		108,882
Shoprite Holdings, Ltd.		11,569		136,566
Tiger Brands, Ltd.		5,464		120,822
Vodacom Group, Ltd.		19,176		209,296
Woolworths Holdings, Ltd.		28,265		172,323
Total South Africa				2,358,922
Thailand—2.6%
Advanced Info Service PCL		40,800		211,074
CP ALL PCL NVDR		135,500		176,212
Total Thailand				387,286
Turkey—1.0%
BIM Birlesik Magazalar AS		6,888		149,346
TOTAL INVESTMENTS IN SECURITIES—99.6%
(Cost: $16,424,618)				14,978,148
Other Assets in Excess of Liabilities—0.4%				53,918
Net Assets—100.0%			$	15,032,066


†		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, 2016, the net value of these securities was $102,660, representing 0.68% 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	$	4,592,146		30.5	%
Consumer Staples		4,001,049		26.6
Health Care		1,142,905		7.6
Telecommunication Services		4,474,412		29.8
Utilities		767,636		5.1
Total Investments		14,978,148		99.6
Other Assets in Excess of Liabilities		53,918		0.4
Net Assets	$	15,032,066		100.0	%

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

30 EGA Emerging Global Shares Trust

TABLE OF CONTENTS

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

March 31, 2016

Investments	Shares		Value
COMMON STOCKS—99.9%
Brazil—12.4%
Ambev SA ADR		6,738,086	$	34,903,285
BRF SA ADR		1,333,869		18,967,617
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR		691,546		9,619,405
Lojas Renner SA		2,058,692		12,076,808
Total Brazil				75,567,115
Chile—3.0%
S.A.C.I. Falabella		2,653,289		18,559,060
China—15.9%
Belle International Holdings, Ltd.		17,046,568		9,867,672
China Mengniu Dairy Co., Ltd.		8,580,450		13,650,754
Ctrip.com International, Ltd. ADR^*		653,029		28,903,063
Hengan International Group Co., Ltd.		2,014,296		17,477,115
Vipshop Holdings, Ltd. ADR^*		1,031,626		13,287,343
Want Want China Holdings, Ltd.		19,178,081		14,216,883
Total China				97,402,830
India—10.3%
Hindustan Unilever, Ltd.		1,600,177		21,010,290
Maruti Suzuki India, Ltd.		310,724		17,437,330
Tata Motors, Ltd. ADR^*		837,902		24,341,053
Total India				62,788,673
Indonesia—3.8%
PT Astra International Tbk		42,904,370		23,458,272
Malaysia—2.6%
Genting Bhd		6,400,662		16,077,531
Mexico—15.6%
Fomento Economico Mexicano SAB de CV Series UBD		3,476,780		33,839,151
Grupo Bimbo SAB de CV Series A^*		4,185,500		12,472,669
Grupo Televisa SAB Series CPO		4,446,440		24,686,949
Wal-Mart de Mexico SAB de CV		10,456,371		25,015,607
Total Mexico				96,014,376
Netherlands—5.9%
Steinhoff International Holdings NV		5,469,379		36,015,050

Investments	Shares		Value
Philippines—2.8%
SM Investments Corp.		834,650	$	17,211,427
Russia—4.0%
Magnit PJSC GDR		612,828		24,482,479
South Africa—18.9%
Mr Price Group, Ltd.		835,958		10,084,582
Naspers, Ltd. N Shares		463,391		64,933,971
Shoprite Holdings, Ltd.		1,164,244		13,743,272
Tiger Brands, Ltd.		569,653		12,596,427
Woolworths Holdings, Ltd.		2,343,524		14,287,721
Total South Africa				115,645,973
Thailand—4.7%
CP ALL PCL		11,847,683		15,407,376
Thai Beverage PCL		24,978,800		13,262,915
Total Thailand				28,670,291
TOTAL INVESTMENTS IN SECURITIES—99.9%
(Cost: $677,049,143)				611,893,077
Other Assets in Excess of Liabilities—0.1%				466,609
Net Assets—100.0%			$	612,359,686


†		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	$	279,175,430		45.6	%
Consumer Services		308,376,594		50.3
Industrials		24,341,053		4.0
Total Investments		611,893,077		99.9
Other Assets in Excess of Liabilities		466,609		0.1
Net Assets	$	612,359,686		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 Core ETF

March 31, 2016

Investments	Shares		Value
COMMON STOCKS—99.7%
Brazil—7.2%
Ambev SA ADR		12,193	$	63,160
Banco Bradesco SA Preference Shares ADR		8,660		64,517
BRF SA ADR		4,239		60,279
Itau Unibanco Holding SA Preference Shares ADR		6,975		59,915
Petroleo Brasileiro SA ADR*		12,065		70,460
Vale SA ADR		16,171		68,080
Total Brazil				386,411
Chile—3.5%
Empresa Nacional de Electricidad SA ADR		1,443		60,043
Enersis SA ADR		4,466		62,077
S.A.C.I. Falabella		9,050		63,302
Total Chile				185,422
China—12.8%
AAC Technologies Holdings, Inc.		2,741		20,955
Baidu, Inc. ADR*		121		23,097
Bank of China, Ltd. Class H		42,648		17,705
Belle International Holdings, Ltd.		27,566		15,957
CGN Power Co., Ltd. Class H, 144A		62,495		21,190
China Construction Bank Corp. Class H		27,743		17,705
China Everbright International, Ltd.		16,866		18,830
China Life Insurance Co., Ltd. ADR		1,653		20,315
China Merchants Holdings International Co., Ltd.		6,074		18,050
China Mobile, Ltd. ADR		335		18,576
China Overseas Land & Investment, Ltd.		5,533		17,512
China Pacific Insurance Group Co., Ltd. Class H		5,704		21,326
China Railway Signal & Communication Corp., Ltd. Class H, 144A*		32,662		18,275
China Resources Land, Ltd.		6,790		17,420
China Resources Power Holdings Co., Ltd.		9,539		17,832
China Unicom Hong Kong, Ltd. ADR		1,634		21,504
CITIC, Ltd.		12,127		18,449
CNOOC, Ltd.		17,454		20,612
Ctrip.com International, Ltd. ADR*		508		22,484
Haitong Securities Co., Ltd. Class H		11,123		19,015
Hengan International Group Co., Ltd.		2,388		20,720
Industrial and Commercial Bank of China, Ltd. Class H		33,505		18,747
JD.com, Inc. ADR*		750		19,875
Lenovo Group, Ltd.		22,275		17,345
NetEase, Inc. ADR		159		22,829
New Oriental Education & Technology Group, Inc. ADR		608		21,031
PICC Property & Casualty Co., Ltd. Class H		10,352		18,978
Ping An Insurance Group Co. of China, Ltd. Class H		3,854		18,434
Semiconductor Manufacturing International Corp.*		216,984		19,302
Shunfeng International Clean Energy, Ltd.*		87,204		17,089
Sinopharm Group Co. Class H		4,513		20,393
Tencent Holdings, Ltd.		992		20,258
Want Want China Holdings, Ltd.		25,312		18,764
Xinyi Solar Holdings, Ltd.		54,217		19,292
ZTE Corp. Class H#^§		8,647		15,914
Total China				675,780

Investments	Shares		Value
Czech Republic—1.3%
CEZ AS		3,906	$	69,000
Hong Kong—1.5%
Alibaba Pictures Group, Ltd.*		79,196		18,072
China Overseas Property Holdings, Ltd.*		158,646		23,112
GCL-Poly Energy Holdings, Ltd.		119,076		19,650
Haier Electronics Group Co., Ltd.		11,354		19,790
Hanergy Thin Film Power Group, Ltd.#*^§		60,421		604
Total Hong Kong				81,228
India—14.5%
Adani Ports and Special Economic Zone, Ltd.		13,931		52,108
Dr. Reddy’s Laboratories, Ltd.		928		42,533
Hindustan Unilever, Ltd.		3,734		49,027
Housing Development Finance Corp., Ltd.		2,715		45,328
Infosys, Ltd. ADR		2,600		49,452
ITC, Ltd.		9,687		48,016
Larsen & Toubro, Ltd.		2,616		48,063
Lupin, Ltd.		1,771		39,560
Mahindra & Mahindra, Ltd.		2,585		47,260
Maruti Suzuki India, Ltd.		890		49,945
Reliance Industries, Ltd.		3,020		47,665
Sun Pharmaceutical Industries, Ltd.		3,583		44,367
Tata Consultancy Services, Ltd.		1,340		50,998
Tata Motors, Ltd. ADR*		1,837		53,365
Wipro, Ltd.		5,803		49,445
Zee Entertainment Enterprises, Ltd.		8,034		46,944
Total India				764,076
Indonesia—4.6%
PT Astra International Tbk		118,820		64,966
PT Telekomunikasi Indonesia Persero Tbk ADR		2,364		120,209
PT Unilever Indonesia Tbk		18,024		58,347
Total Indonesia				243,522
Malaysia—6.4%
Genting Bhd		29,600		74,351
Genting Malaysia Bhd		56,500		65,747
IHH Healthcare Bhd		39,200		65,911
Sime Darby Bhd		31,600		64,391
Tenaga Nasional Bhd		18,800		67,172
Total Malaysia				337,572
Mexico—13.4%
Alfa SAB de CV Class A		33,745		68,306
America Movil SAB de CV Class L ADR		4,180		64,915
Cemex SAB de CV Series CPO*		101,609		74,408
Fibra Uno Administracion SA de CV		27,785		65,111
Fomento Economico Mexicano SAB de CV ADR		651		62,698
Grupo Aeroportuario del Sureste SAB de CV Class B		4,278		64,962
Grupo Mexico SAB de CV Series B		26,923		65,431
Grupo Televisa SAB ADR		2,250		61,785
Kimberly-Clark de Mexico SAB de CV Class A		26,549		64,398
Telesites SAB de CV*		106,447		62,299
Wal-Mart de Mexico SAB de CV		24,775		59,271
Total Mexico				713,584

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

32 EGA Emerging Global Shares Trust

TABLE OF CONTENTS

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

March 31, 2016


Investments	Shares		Value
Netherlands—1.2%
Steinhoff International Holdings NV		9,339	$	61,496
Peru—1.3%
Southern Copper Corp.		2,406		66,670
Philippines—4.8%
Ayala Land, Inc.		79,500		60,862
Jollibee Foods Corp.		12,330		60,786
SM Investments Corp.		3,090		63,719
SM Prime Holdings, Inc.		132,400		63,116
Total Philippines				248,483
Poland—2.5%
LPP SA		45		66,498
Powszechny Zaklad Ubezpieczen SA		6,783		64,880
Total Poland				131,378
Russia—4.7%
Gazprom PAO ADR		14,734		63,548
Lukoil PJSC ADR		1,584		60,849
Magnit PJSC GDR		1,625		64,919
MMC Norilsk Nickel PJSC ADR		4,533		58,521
Total Russia				247,837
South Africa—14.2%
Aspen Pharmacare Holdings, Ltd.*		2,531		55,098
Bidvest Group, Ltd.		2,333		59,166
FirstRand, Ltd.		18,682		61,439
Life Healthcare Group Holdings, Ltd.		22,670		54,995
MTN Group, Ltd.		5,616		51,624
Naspers, Ltd. N Shares		434		60,816
Netcare, Ltd.		24,628		60,448
Remgro, Ltd.		3,331		56,660
Sanlam, Ltd.		13,537		63,037
Sasol, Ltd. ADR		1,743		51,488
Shoprite Holdings, Ltd.		4,898		57,818
Tiger Brands, Ltd.		2,439		53,932
Woolworths Holdings, Ltd.		9,255		56,425
Total South Africa				742,946
Thailand—2.2%
CP ALL PCL NVDR		44,500		57,870
Siam Cement PCL NVDR		4,400		58,283
Total Thailand				116,153
Turkey—1.2%
Haci Omer Sabanci Holding AS*		18,753		64,870


Investments	Shares		Value
United Arab Emirates—2.4%
DP World, Ltd.		3,287	$	61,763
Emaar Properties PJSC		36,704		60,157
Total United Arab Emirates				121,920
TOTAL INVESTMENTS IN SECURITIES—99.7%
(Cost: $5,584,724)				5,258,348
Other Assets in Excess of Liabilities—0.3%				16,513
Net Assets—100.0%			$	5,274,861


†		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.
§		Illiquid.
#		Fair valued 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, 2016, the net value of these securities was $39,465, representing 0.75% 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	$	950,895		18.0	%
Consumer Staples		739,219		14.0
Energy		314,622		6.0
Financials		940,161		17.8
Health Care		383,305		7.3
Industrials		537,807		10.2
Information Technology		364,505		6.9
Materials		391,393		7.4
Telecommunication Services		339,127		6.4
Utilities		297,314		5.7
Total Investments		5,258,348		99.7
Other Assets in Excess of Liabilities		16,513		0.3
Net Assets	$	5,274,861		100.0	%

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

EGA Emerging Global Shares Trust 33

TABLE OF CONTENTS

Schedule of Investments (Consolidated)†
EGShares India Consumer ETF

March 31, 2016


Investments	Shares		Value
COMMON STOCKS—99.7%
Consumer Goods—81.1%
Aditya Birla Fashion and Retail, Ltd.*		178,814	$	394,634
Bajaj Auto, Ltd.		95,800		3,480,539
Bosch, Ltd.		12,239		3,841,315
Colgate-Palmolive India, Ltd.		203,000		2,546,907
Dabur India, Ltd.		842,508		3,179,323
Emami, Ltd.		85,655		1,205,877
Exide Industries, Ltd.		560,718		1,179,902
GlaxoSmithKline Consumer Healthcare, Ltd.		17,650		1,608,949
Godrej Consumer Products, Ltd.		171,283		3,571,408
Hero MotoCorp, Ltd.		79,271		3,526,122
Hindustan Unilever, Ltd.		261,985		3,439,857
ITC, Ltd.		686,535		3,402,999
Marico, Ltd.		703,302		2,594,536
Maruti Suzuki India, Ltd.		60,768		3,410,202
Motherson Sumi Systems, Ltd.		671,815		2,703,086
MRF, Ltd.		3,807		2,201,604
Nestle India, Ltd.		42,705		3,712,751
Page Industries, Ltd.		5,804		1,061,973
Procter & Gamble Hygiene & Health Care, Ltd.		14,332		1,360,049
Rajesh Exports, Ltd.		80,947		759,201
Titan Co., Ltd.		491,000		2,514,223
TVS Motor Co., Ltd.		289,892		1,413,072
United Breweries, Ltd.		97,045		1,212,431
United Spirits, Ltd.*		85,202		3,215,733
Welspun India, Ltd.		398,830		595,934
Total Consumer Goods				58,132,627


Investments	Shares		Value
Consumer Services—5.5%
Sun TV Network, Ltd.		117,058	$	667,198
Zee Entertainment Enterprises, Ltd.		560,039		3,272,409
Total Consumer Services				3,939,607
Industrials—13.1%
Bharat Forge, Ltd.		184,521		2,432,788
Mahindra & Mahindra, Ltd.		182,475		3,336,064
Tata Motors, Ltd.*		623,661		3,640,867
Total Industrials				9,409,719
TOTAL INVESTMENTS IN SECURITIES—99.7%
(Cost: $71,402,970)				71,481,953
Other Assets in Excess of Liabilities—0.3%				197,227
Net Assets—100.0%			$	71,679,180


†		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.

34 EGA Emerging Global Shares Trust

TABLE OF CONTENTS

Schedule of Investments (Consolidated)†
EGShares India Infrastructure ETF

March 31, 2016


Investments	Shares		Value
COMMON STOCKS—99.5%
Basic Materials—9.0%
NMDC, Ltd.		835,899	$	1,237,013
Steel Authority of India, Ltd.		1,091,992		710,708
Vedanta, Ltd.		1,219,649		1,654,807
Total Basic Materials				3,602,528
Consumer Goods—5.9%
Aditya Birla Nuvo, Ltd.		58,837		730,859
Cummins India, Ltd.		126,941		1,613,635
Total Consumer Goods				2,344,494
Consumer Services—1.3%
Dish TV India, Ltd.*		401,761		525,995
Industrials—45.4%
Adani Ports and Special Economic Zone, Ltd.		413,638		1,547,180
Amara Raja Batteries, Ltd.		83,337		1,104,406
Ambuja Cements, Ltd.		670,889		2,355,925
Bharat Heavy Electricals, Ltd.		572,325		983,944
Eicher Motors, Ltd.		7,343		2,126,817
Gujarat Pipavav Port, Ltd.*		274,177		730,752
Havells India, Ltd.		216,526		1,050,710
Larsen & Toubro, Ltd.		83,932		1,542,075
National Buildings Construction Corp., Ltd.		12,516		178,217
Shree Cement, Ltd.		8,420		1,579,231
Siemens, Ltd.		93,596		1,554,268
UltraTech Cement, Ltd.		48,687		2,373,788
Voltas, Ltd.		235,229		987,839
Total Industrials				18,115,152
Oil & Gas—6.0%
GAIL India, Ltd.		448,384		2,413,138


Investments	Shares		Value
Telecommunications—15.4%
Bharti Airtel, Ltd.		383,131	$	2,029,557
Bharti Infratel, Ltd.		368,690		2,126,485
Idea Cellular, Ltd.		937,677		1,560,376
Tata Communications, Ltd.		74,546		425,061
Total Telecommunications				6,141,479
Utilities—16.5%
CESC, Ltd.		63,918		456,250
JSW Energy, Ltd.		299,201		314,235
NTPC, Ltd.		1,170,783		2,278,008
Reliance Infrastructure, Ltd.		142,838		1,150,943
Reliance Power, Ltd.		717,456		535,201
Tata Power Co., Ltd.		1,908,861		1,863,534
Total Utilities				6,598,171
TOTAL INVESTMENTS IN SECURITIES—99.5%
(Cost: $41,409,533)				39,740,957
Other Assets in Excess of Liabilities—0.5%				197,291
Net Assets—100.0%			$	39,938,248


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

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

EGA Emerging Global Shares Trust 35

TABLE OF CONTENTS

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

March 31, 2016


Investments	Shares		Value
COMMON STOCKS—99.9%
Basic Materials—5.2%
Jindal Steel & Power, Ltd.*		267,666	$	243,526
Jubilant Life Sciences, Ltd.		49,591		312,160
Nagarjuna Fertilizers & Chemicals, Ltd.#*^§		640,624		8,794
SRF, Ltd.		21,790		430,535
Total Basic Materials				995,015
Consumer Goods—16.1%
Apollo Tyres, Ltd.		236,529		624,696
Arvind, Ltd.		103,207		426,013
Balrampur Chini Mills, Ltd.*		98,764		160,847
Bata India, Ltd.		46,848		359,801
Ceat, Ltd.		13,071		214,483
Coffee Day Enterprises Ltd., 144A*		27,343		93,087
Delta Corp., Ltd.		81,598		81,324
Godfrey Phillips India, Ltd.		11,111		199,401
JK Tyre & Industries, Ltd.		70,221		89,284
Kaveri Seed Co., Ltd.		19,714		112,409
PC Jeweller, Ltd.		22,272		122,269
Tata Global Beverages, Ltd.		316,758		579,968
Total Consumer Goods				3,063,582
Consumer Services—5.9%
Cox & Kings, Ltd.		64,732		176,389
Jet Airways India, Ltd.*		21,892		180,928
Jubilant Foodworks, Ltd.		25,861		498,631
TV18 Broadcast, Ltd.*		432,916		263,453
Total Consumer Services				1,119,401
Financials—21.4%
Allahabad Bank		179,151		148,385
Andhra Bank		187,274		147,760
Bank of India		187,928		275,411
DCB Bank, Ltd.*		156,560		187,359
Dewan Housing Finance Corp., Ltd.		104,335		309,354
Federal Bank, Ltd.		1,172,500		822,419
Housing Development & Infrastructure, Ltd.*		204,412		225,795
IFCI, Ltd.		590,958		220,418
Indiabulls Real Estate, Ltd.*		139,412		118,313
Karnataka Bank, Ltd. (The)		144,188		223,503
Manappuram Finance, Ltd.		296,873		156,904
Oriental Bank of Commerce		91,896		127,181
SKS Microfinance, Ltd.*		84,647		697,717
Syndicate Bank		162,605		166,110
UCO Bank		227,127		133,075
Unitech, Ltd.*		1,441,034		107,714
Total Financials				4,067,418
Health Care—6.8%
Dishman Pharmaceuticals & Chemicals, Ltd.		23,382		118,229
Fortis Healthcare, Ltd.*		73,894		195,831
Granules India, Ltd.		84,850		153,690
Ipca Laboratories, Ltd.		43,508		382,471
Marksans Pharma, Ltd.		165,533		115,734
Sun Pharma Advanced Research Co., Ltd.*		49,512		214,579
Suven Life Sciences, Ltd.		38,619		112,348
Total Health Care				1,292,882


Investments	Shares		Value
Industrials—25.3%
Adani Enterprises, Ltd.		178,161	$	198,547
BEML, Ltd.		15,273		240,803
Century Textiles & Industries, Ltd.		33,211		265,648
Crompton Greaves, Ltd.*		920,727		679,188
Engineers India, Ltd.		82,121		210,937
Escorts, Ltd.		44,107		92,746
Gujarat Pipavav Port, Ltd.*		192,000		511,729
Hindustan Construction Co., Ltd.*		360,387		106,120
India Cements, Ltd.*		134,301		174,917
IRB Infrastructure Developers, Ltd.		115,039		404,237
Jain Irrigation Systems, Ltd.		232,510		211,716
Jaiprakash Associates, Ltd.*		1,160,830		134,975
NCC, Ltd.		237,485		271,832
NIIT, Ltd.*		77,242		92,087
Reliance Defence and Engineering, Ltd.*		99,726		102,252
Sintex Industries, Ltd.		244,417		284,195
Voltas, Ltd.		174,786		734,010
VRL Logistics, Ltd.		16,202		90,231
Total Industrials				4,806,170
Oil & Gas—3.5%
Chennai Petroleum Corp., Ltd.*		36,941		111,120
Suzlon Energy, Ltd.*		2,120,587		454,715
Tide Water Oil Co. India, Ltd.		1,081		106,892
Total Oil & Gas				672,727
Technology—9.0%
Hexaware Technologies, Ltd.		69,510		282,512
Himachal Futuristic Communications, Ltd.*		430,125		105,221
Intellect Design Arena, Ltd.*		46,169		157,458
Just Dial, Ltd.		18,880		218,500
KPIT Technologies, Ltd.		96,356		215,127
NIIT Technologies, Ltd.		31,648		237,375
Polaris Consulting & Services, Ltd.		37,698		107,619
Tata Elxsi, Ltd.		13,685		389,301
Total Technology				1,713,113
Utilities—6.7%
Adani Power, Ltd.*		819,978		426,566
CESC, Ltd.		45,451		324,432
GMR Infrastructure, Ltd.*		1,877,302		328,841
PTC India, Ltd.		198,690		192,022
Total Utilities				1,271,861
TOTAL INVESTMENTS IN SECURITIES—99.9%
(Cost: $21,473,429)				19,002,169
Other Assets in Excess of Liabilities—0.1%				24,830
Net Assets—100.0%			$	19,026,999


†		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.
§		Illiquid.
#		Fair valued security.
144A		Series 144A security was 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 security is deemed to be liquid. At March 31, 2016, the net value of this security was $93,087, representing 0.49% of net assets.

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

36 EGA Emerging Global Shares Trust

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EGA Emerging Global Shares Trust 37

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Statements of Assets and Liabilities
EGA Emerging Global Shares Trust

March 31, 2016

	EGShares Beyond BRICs ETF			EGShares EM Core ex-China ETF			EGShares EM Quality Dividend ETF
ASSETS:
Cost of Investments:	$	109,029,815		$	978,339		$	16,907,789
Investments at value		90,423,467			1,051,841			16,082,859
Cash		919,661			4,809			146,518
Foreign cash*		1,589,840			—			69,093
Receivables:
Capital shares sold		958,318			—			2,611
Dividends and interest		740,835			5,336			65,312
Foreign tax reclaims		4,420			—			—
Investment securities sold		118,484			—			815,128
Total Assets		94,755,025			1,061,986			17,181,521
LIABILITIES:
Payables:
Accrued investment advisory fees		45,282			299			12,072
Capital shares payable		10,104			—			1,018,317
Due to custodian		—			—			—
Income payable		—			—			117,531
Investment securities purchased		2,457,345			—			22,051
Total Liabilities		2,512,731			299			1,169,971
NET ASSETS	$	92,242,294		$	1,061,687		$	16,011,550
NET ASSETS:
Paid-in capital	$	164,463,655		$	1,003,164		$	44,851,963
Undistributed (accumulated) net investment income (loss)		971,474			2,891			(1,984	)
Undistributed (accumulated) net realized gain (loss) on investments and foreign currency transactions		(54,594,510	)		(18,043	)		(28,019,101	)
Net unrealized appreciation (depreciation) on investments and on foreign currency translations		(18,598,325	)		73,675			(819,328	)
NET ASSETS	$	92,242,294		$	1,061,687		$	16,011,550
Outstanding beneficial interest shares (unlimited shares of beneficial interest authorized, no par value)		5,850,000			50,000			1,250,000
Net asset value per share	$	15.77		$	21.23		$	12.81
* Cost of foreign cash:	$	1,594,050		$	—		$	70,116

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

38 EGA Emerging Global Shares Trust

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Statements of Assets and Liabilities
EGA Emerging Global Shares Trust

March 31, 2016

	EGShares EM Strategic Opportunities ETF¹ (Consolidated)			EGShares Emerging Markets Consumer ETF (Consolidated)			EGShares Emerging Markets Core ETF (Consolidated)			EGShares India Consumer ETF (Consolidated)			EGShares India Infrastructure ETF (Consolidated)			EGShares India Small Cap ETF (Consolidated)
ASSETS:
Cost of Investments:	$	16,424,618		$	677,049,143		$	5,584,724		$	71,402,970		$	41,409,533		$	21,473,429
Investments at value		14,978,148			611,893,077			5,258,348			71,481,953			39,740,957			19,002,169
Cash		8,747			756,482			14,133			119,391			169,752			13,703
Foreign cash*		—			502			246			128,192			24,111			24,405
Receivables:
Capital shares sold		—			121,107			—			—			—			—
Dividends and interest		46,710			130,710			5,143			1,100			30,778			—
Foreign tax reclaims		—			—			—			—			—			—
Investment securities sold		6,753			—			—			—			—			—
Total Assets		15,040,358			612,901,878			5,277,870			71,730,636			39,965,598			19,040,277
LIABILITIES:
Payables:
Accrued investment advisory fees		8,139			421,085			3,009			51,456			27,350			13,278
Capital shares payable		—			—			—			—			—			—
Due to custodian		153			—			—			—			—			—
Income payable		—			—			—			—			—			—
Investment securities purchased		—			121,107			—			—			—			—
Total Liabilities		8,292			542,192			3,009			51,456			27,350			13,278
NET ASSETS	$	15,032,066		$	612,359,686		$	5,274,861		$	71,679,180		$	39,938,248		$	19,026,999
NET ASSETS:
Paid-in capital	$	19,336,972		$	803,266,737		$	6,174,443		$	81,250,914		$	102,591,859		$	36,359,840
Undistributed (accumulated) net investment income (loss)		50,630			(309,437	)		4,780			73,483			1,014,477			98,180
Undistributed (accumulated) net realized gain (loss) on investments and foreign currency transactions		(2,910,518	)		(125,451,260	)		(578,190	)		(9,724,768	)		(61,999,999	)		(14,960,106	)
Net unrealized appreciation (depreciation) on investments and on foreign currency translations		(1,445,018	)		(65,146,354	)		(326,172	)		79,551			(1,668,089	)		(2,470,915	)
NET ASSETS	$	15,032,066		$	612,359,686		$	5,274,861		$	71,679,180		$	39,938,248		$	19,026,999
Outstanding beneficial interest shares (unlimited shares of beneficial interest authorized, no par value)		800,000			27,100,000			300,000			2,300,000			3,900,000			1,400,000
Net asset value per share	$	18.79		$	22.60		$	17.58		$	31.16		$	10.24		$	13.59
* Cost of foreign cash:	$	(148	)	$	483		$	245		$	127,628		$	24,073		$	24,060

Formerly known as EGShares Emerging Markets Domestic Demand ETF.

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

EGA Emerging Global Shares Trust 39

TABLE OF CONTENTS

Statements of Operations
EGA Emerging Global Shares Trust

Year Ended March 31, 2016


	EGShares Beyond BRICs ETF			EGShares EM Core ex-China ETF¹			EGShares EM Quality Dividend ETF (Consolidated)
INVESTMENT INCOME:
Dividend income*	$	5,876,264		$	20,124		$	748,606
Interest income		155			—			298
Total investment income		5,876,419			20,124			748,904
EXPENSES:
Investment advisory fees		1,758,574			6,208			170,819
Mauritius taxes paid		—			—			—
Excise tax		—			—			—
Total expenses before waivers		1,758,574			6,208			170,819
Less: waivers of expenses from Advisor		(558,606	)		(3,104	)		—
Net expenses		1,199,968			3,104			170,819
Net investment income (loss)		4,676,451			17,020			578,085
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSLATIONS:
Net realized gain (loss) on:
Investments		(50,056,436	)		(17,198	)		(2,242,752	)
In-Kind redemptions		(18,676,963	)		(20,585	)		76,690
Foreign currency transactions		(389,804	)		10,698			7,134
Net realized gain (loss)		(69,123,203	)		(27,085	)		(2,158,928	)
Change in unrealized appreciation (depreciation) on:
Investments		8,067,272			73,502			(306,709	)
Foreign currency translations		6,087			173			5,689
Net change in unrealized appreciation (depreciation)		8,073,359			73,675			(301,020	)
Net realized and unrealized gain (loss) on investments and foreign currency translations		(61,049,844	)		46,590			(2,459,948	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(56,373,393	)	$	63,610		$	(1,881,863	)
* Net of foreign taxes withheld of:	$	530,947		$	1,899		$	92,058

Represents the period September 2, 2015 (commencement of operations) to March 31, 2016.

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

40 EGA Emerging Global Shares Trust

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Statements of Operations
EGA Emerging Global Shares Trust

Year Ended March 31, 2016

	EGShares EM Strategic Opportunities ETF² (Consolidated)			EGShares Emerging Markets Consumer ETF (Consolidated)			EGShares Emerging Markets Core ETF (Consolidated)			EGShares India Consumer ETF (Consolidated)			EGShares India Infrastructure ETF (Consolidated)			EGShares India Small Cap ETF (Consolidated)
INVESTMENT INCOME:
Dividend income*	$	676,536		$	13,772,787		$	123,176		$	789,654		$	1,598,751		$	291,001
Interest income		38			6			5			—			—			—
Total investment income		676,574			13,772,793			123,181			789,654			1,598,751			291,001
EXPENSES:
Investment advisory fees		242,273			6,824,510			36,566			691,138			381,932			196,774
Mauritius taxes paid		—			21,852			—			—			12,720			1,998
Excise tax		872			—			14			—			—			—
Total expenses before waivers		243,145			6,846,362			36,580			691,138			394,652			198,772
Less: waivers of expenses from Advisor		(2,482	)		—			—			—			—			—
Net expenses		240,663			6,846,362			36,580			691,138			394,652			198,772
Net investment income (loss)		435,911			6,926,431			86,601			98,516			1,204,099			92,229
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSLATIONS:
Net realized gain (loss) on:
Investments		(2,828,513	)		(94,420,468	)		(576,486	)		(8,375,262	)		(8,569,326	)		(5,124,869	)
In-Kind redemptions		(677,135	)		20,074,471			—			—			—			—
Foreign currency transactions		(23,393	)		(823,973	)		(3,727	)		144,825			(25,435	)		91,355
Net realized gain (loss)		(3,529,041	)		(75,169,970	)		(580,213	)		(8,230,437	)		(8,594,761	)		(5,033,514	)
Change in unrealized appreciation (depreciation) on:
Investments		(3,487,236	)		(76,782,229	)		(227,838	)		(4,436,679	)		(4,228,945	)		(1,213,923	)
Foreign currency translations		805			8,827			179			554			829			321
Net change in unrealized appreciation (depreciation)		(3,486,431	)		(76,773,402	)		(227,659	)		(4,436,125	)		(4,228,116	)		(1,213,602	)
Net realized and unrealized gain (loss) on investments and foreign currency translations		(7,015,472	)		(151,943,372	)		(807,872	)		(12,666,562	)		(12,822,877	)		(6,247,116	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(6,579,561	)	$	(145,016,941	)	$	(721,271	)	$	(12,568,046	)	$	(11,618,778	)	$	(6,154,887	)
* Net of foreign taxes withheld of:	$	61,054		$	893,823		$	13,038		$	—		$	—		$	—

Formerly known as EGShares Emerging Markets Domestic Demand ETF.

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

EGA Emerging Global Shares Trust 41

TABLE OF CONTENTS

Statements of Changes in Net Assets
EGA Emerging Global Shares Trust

March 31, 2016

	EGShares Beyond BRICs ETF						EGShares EM Core ex-China ETF
	For the Year Ended March 31, 2016			For the Year Ended March 31, 2015			For the Period September 2, 2015² Through March 31, 2016
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	4,676,451		$	6,756,932		$	17,020
Net realized gain (loss) on investments and foreign currency transactions		(69,123,203	)		(3,814,732	)		(27,085	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		8,073,359			(28,062,462	)		73,675
Net increase (decrease) in net assets resulting from operations		(56,373,393	)		(25,120,262	)		63,610
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income		(6,442,630	)		(3,616,691	)		(25,672	)
Net realized gain		—			(268,047	)		—
Total distributions		(6,442,630	)		(3,884,738	)		(25,672	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		9,095,023			302,924,221			2,003,012
Cost of shares redeemed		(155,077,249	)		(22,263,815	)		(979,263	)
Transaction fees		—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(145,982,226	)		280,660,406			1,023,749
Net Increase (Decrease) in Net Assets		(208,798,249	)		251,655,406			1,061,687
NET ASSETS:
Beginning of year		301,040,543			49,385,137			—
End of year	$	92,242,294		$	301,040,543		$	1,061,687
Undistributed (accumulated) net investment income (loss) included in net assets at end of year	$	971,474		$	3,120,587		$	2,891
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of year		15,150,000			2,350,000			—
Shares sold		500,000			13,900,000			100,000
Shares redeemed		(9,800,000	)		(1,100,000	)		(50,000	)
Shares outstanding, end of year		5,850,000			15,150,000			50,000

Commencement of operations.

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

42 EGA Emerging Global Shares Trust

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Statements of Changes in Net Assets
EGA Emerging Global Shares Trust

March 31, 2016

		EGShares EM Quality Dividend ETF (Consolidated)						EGShares EM Strategic Opportunities ETF¹ (Consolidated)						EGShares Emerging Markets Consumer ETF (Consolidated)
		For the Year Ended March 31, 2016			For the Year Ended March 31, 2015			For the Year Ended March 31, 2016			For the Year Ended March 31, 2015			For the Year Ended March 31, 2016			For the Year Ended March 31, 2015
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	578,085		$	2,050,923		$	435,911		$	404,702		$	6,926,431		$	11,492,262
Net realized gain (loss) on investments and foreign currency transactions		(2,158,928	)		(4,335,717	)		(3,529,041	)		495,319			(75,169,970	)		505,015
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(301,020	)		(405,793	)		(3,486,431	)		426,814			(76,773,402	)		(9,075,548	)
Net increase (decrease) in net assets resulting from operations		(1,881,863	)		(2,690,587	)		(6,579,561	)		1,326,835			(145,016,941	)		2,921,729
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income		(552,553	)		(1,527,013	)		(428,513	)		(359,762	)		(6,520,768	)		(13,864,995	)
Net realized gain		—			—			—			—			—			—
Total distributions		(552,553	)		(1,527,013	)		(428,513	)		(359,762	)		(6,520,768	)		(13,864,995	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		—			—			6,892,494			15,039,089			73,668,244			50,665,900
Cost of shares redeemed		(6,487,251	)		(28,180,390	)		(20,647,452	)		(3,636,676	)		(454,930,424	)		(128,249,725	)
Transaction fees		(1,532	)		(2,407	)		(3,177	)		(85	)		1,341			2,754
Net increase (decrease) in net assets resulting from capital share transactions		(6,488,783	)		(28,182,797	)		(13,758,135	)		11,402,328			(381,260,839	)		(77,581,071	)
Net Increase (Decrease) in Net Assets		(8,923,199	)		(32,400,397	)		(20,766,209	)		12,369,401			(532,798,548	)		(88,524,337	)
NET ASSETS:
Beginning of year		24,934,749			57,335,146			35,798,275			23,428,874			1,145,158,234			1,233,682,571
End of year	$	16,011,550		$	24,934,749		$	15,032,066		$	35,798,275		$	612,359,686		$	1,145,158,234
Undistributed (accumulated) net investment income (loss) included in net assets at end of year	$	(1,984	)	$	(34,650	)	$	50,630		$	65,753		$	(309,437	)	$	92,937
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of year		1,750,000			3,550,000			1,550,000			1,050,000			43,300,000			46,500,000
Shares sold		—			—			350,000			650,000			3,100,000			1,800,000
Shares redeemed		(500,000	)		(1,800,000	)		(1,100,000	)		(150,000	)		(19,300,000	)		(5,000,000	)
Shares outstanding, end of year		1,250,000			1,750,000			800,000			1,550,000			27,100,000			43,300,000

Formerly known as EGShares Emerging Markets Domestic Demand ETF.

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 (concluded)
EGA Emerging Global Shares Trust

March 31, 2016


	EGShares Emerging Markets Core ETF (Consolidated)
	For the Year Ended March 31, 2016			For the Year Ended March 31, 2015
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	86,601		$	78,151
Net realized gain (loss) on investments and foreign currency transactions		(580,213	)		63,286
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(227,659	)		(115,273	)
Net increase (decrease) in net assets resulting from operations		(721,271	)		26,164
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income		(77,847	)		(83,068	)
Total distributions		(77,847	)		(83,068	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		1,008,047			1,038,203
Cost of shares redeemed		—			—
Transaction fees		(2,171	)		(1,124	)
Net increase (decrease) in net assets resulting from capital share transactions		1,005,876			1,037,079
Net Increase (Decrease) in Net Assets		206,758			980,175
NET ASSETS:
Beginning of year		5,068,103			4,087,928
End of year	$	5,274,861		$	5,068,103
Undistributed (accumulated) net investment income (loss) included in net assets at end of year	$	4,780		$	(512	)
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of year		250,000			200,000
Shares sold		50,000			50,000
Shares redeemed		—			—
Shares outstanding, end of year		300,000			250,000

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

44 EGA Emerging Global Shares Trust

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

March 31, 2016

	EGShares India Consumer ETF (Consolidated)						EGShares India Infrastructure ETF (Consolidated)						EGShares India Small Cap ETF (Consolidated)
	For the Year Ended March 31, 2016			For the Year Ended March 31, 2015			For the Year Ended March 31, 2016			For the Year Ended March 31, 2015			For the Year Ended March 31, 2016			For the Year Ended March 31, 2015
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	98,516		$	(76,607	)	$	1,204,099		$	416,417		$	92,229		$	90,740
Net realized gain (loss) on investments and foreign currency transactions		(8,230,437	)		(845,880	)		(8,594,761	)		(1,106,836	)		(5,033,514	)		7,422,791
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(4,436,125	)		3,634,932			(4,228,116	)		(246,152	)		(1,213,602	)		(1,261,182	)
Net increase (decrease) in net assets resulting from operations		(12,568,046	)		2,712,445			(11,618,778	)		(936,571	)		(6,154,887	)		6,252,349
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income		—			(20,840	)		(369,715	)		(128,789	)		(132,552	)		(133,287	)
Total distributions		—			(20,840	)		(369,715	)		(128,789	)		(132,552	)		(133,287	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		18,805,894			81,076,838			15,149,937			46,724,009			—			12,647,997
Cost of shares redeemed		(23,265,499	)		—			(10,954,836	)		(15,511,583	)		(3,528,774	)		(6,475,034	)
Transaction fees		(3,264	)		(3,047	)		(3,988	)		2,097			(6,360	)		(2,581	)
Net increase (decrease) in net assets resulting from capital share transactions		(4,462,869	)		81,073,791			4,191,113			31,214,523			(3,535,134	)		6,170,382
Net Increase (Decrease) in Net Assets		(17,030,915	)		83,765,396			(7,797,380	)		30,149,163			(9,822,573	)		12,289,444
NET ASSETS:
Beginning of year		88,710,095			4,944,699			47,735,628			17,586,465			28,849,572			16,560,128
End of year	$	71,679,180		$	88,710,095		$	39,938,248		$	47,735,628		$	19,026,999		$	28,849,572
Undistributed (accumulated) net investment income (loss) included in net assets at end of year	$	73,483		$	(169,858	)	$	1,014,477		$	205,528		$	98,180		$	47,148
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of year		2,500,000			200,000			3,650,000			1,550,000			1,650,000			1,300,000
Shares sold		550,000			2,300,000			1,250,000			3,250,000			—			750,000
Shares redeemed		(750,000	)		—			(1,000,000	)		(1,150,000	)		(250,000	)		(400,000	)
Shares outstanding, end of year		2,300,000			2,500,000			3,900,000			3,650,000			1,400,000			1,650,000

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

EGA Emerging Global Shares Trust 45

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, 2016			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 year/period	$	19.87		$	21.01		$	21.97		$	20.00
Investment operations:
Net investment income²		0.40			0.56			0.99			0.17
Net realized and unrealized gain (loss) on investments and foreign currency translations		(3.83	)		(1.43	)		(1.77	)		1.91
Total from investment operations		(3.43	)		(0.87	)		(0.78	)		2.08
Distributions to shareholders:
Net investment income		(0.67	)		(0.25	)		(0.18	)		(0.11	)
Net realized gains		—			(0.02	)		—			—
Total from investment operations		(0.67	)		(0.27	)		(0.18	)		(0.11	)
Net asset value, end of year	$	15.77		$	19.87		$	21.01		$	21.97
NET ASSET VALUE TOTAL RETURN³		(17.05	)%		(4.16	)%		(3.51	)%		10.41	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s omitted)	$	92,242		$	301,041		$	49,385		$	7,688
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers^4,5		0.58	%		0.58	%		0.66	%		0.85	%⁶
Expenses, prior to expense reimbursements/waivers^4,5		0.85	%		0.85	%		0.85	%		2.43	%⁶
Net investment income		2.26	%		2.65	%		4.92	%		1.26	%⁶
Portfolio turnover rate		32	%		33	%		63	%		1	%⁷

EGShares EM Core ex-China ETF


	For the Period September 2, 2015¹ Through March 31, 2016
Net asset value, beginning of period	$	20.00
Investment operations:
Net investment income²		0.22
Net realized and unrealized gain on investments and foreign currency translations		1.52
Total from investment operations		1.74
Distributions to shareholders:
Net investment income		(0.51	)
Net asset value, end of year	$	21.23
NET ASSET VALUE TOTAL RETURN³		8.98	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s omitted)	$	1,062
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers		0.35	%⁶
Expenses, prior to expense reimbursements/waivers		0.70	%⁶
Net investment income		1.92	%⁶
Portfolio turnover rate		45	%⁷

Commencement of operations.

Based on average shares outstanding.

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 the applicable periods shown, the total return would have been lower if certain expenses had not been reduced.

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

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.

46 EGA Emerging Global Shares Trust

TABLE OF CONTENTS

Financial Highlights (continued)
EGA Emerging Global Shares Trust

For a share outstanding throughout each period

EGShares EM Quality Dividend ETF (Consolidated)


	For the Year Ended March 31, 2016			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, 2011¹ Through March 31, 2012
Net asset value, beginning of year/period	$	14.25		$	16.15		$	19.80		$	20.09		$	20.00
Investment operations:
Net investment income²		0.38			0.77			0.64			0.86			0.33
Net realized and unrealized gain (loss) on investments and foreign currency translations		(1.45	)		(2.08	)		(3.61	)		(0.09	)		0.13
Total from investment operations		(1.07	)		(1.31	)		(2.97	)		0.77			0.46
Distributions to shareholders:
Net investment income		(0.37	)		(0.59	)		(0.65	)		(1.06	)		(0.37	)
Return of capital		—			—			(0.03	)		—			—
Total distributions		(0.37	)		(0.59	)		(0.68	)		(1.06	)		(0.37	)
Net asset value, end of year	$	12.81		$	14.25		$	16.15		$	19.80		$	20.09
NET ASSET VALUE TOTAL RETURN³		(7.38	)%		(8.37	)%		(15.14	)%		4.12	%		2.45	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s omitted)	$	16,012		$	24,935		$	57,335		$	89,122		$	59,255
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers⁴		0.85	%		0.89	%⁶		0.85	%		0.85	%		0.85	%⁵
Expenses, prior to expense reimbursements/waivers⁴		0.85	%		0.89	%⁶		0.85	%		1.43	%		2.07	%⁵
Net investment income		2.88	%		4.76	%		3.54	%		4.45	%		2.62	%⁵
Portfolio turnover rate		85	%		168	%		137	%		86	%		45	%⁷

EGShares EM Strategic Opportunities ETF⁸ (Consolidated)


	For the Year Ended March 31, 2016			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 year/period	$	23.10		$	22.31		$	22.16		$	20.00
Investment operations:
Net investment income²		0.32			0.34			0.23			0.13
Net realized and unrealized gain (loss) on investments and foreign currency translations		(4.06	)		0.73			0.14			2.11
Total from investment operations		(3.74	)		1.07			0.37			2.24
Distributions to shareholders:
Net investment income		(0.57	)		(0.28	)		(0.22	)		(0.08	)
Net asset value, end of year	$	18.79		$	23.10		$	22.31		$	22.16
NET ASSET VALUE TOTAL RETURN³		(16.10	)%		4.82	%		1.70	%		11.23	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s omitted)	$	15,032		$	35,798		$	23,429		$	2,216
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers^4,9		0.84	%		0.85	%		0.85	%		0.85	%⁵
Expenses, prior to expense reimbursements/waivers^4,9		0.85	%		0.85	%		0.85	%		4.53	%⁵
Net investment income		1.53	%		1.43	%		1.09	%		1.02	%⁵
Portfolio turnover rate		38	%		8	%		159	%		57	%⁷

Commencement of operations.

Based on average shares outstanding.

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

Annualized.

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

Not annualized.

Formerly known as EGShares Emerging Markets Domestic Demand ETF.

Effective March 1, 2016, the Fund entered into a fee waiver agreement pursuant to which the Advisor has agreed to waive its advisory fee to 0.65% of the Fund’s average daily net assets (See Note 9).

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 Emerging Markets Consumer ETF (Consolidated)


	For the Year Ended March 31, 2016			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
Net asset value, beginning of year	$	26.45		$	26.53		$	26.51		$	24.77		$	22.76
Investment operations:
Net investment income¹		0.21			0.25			0.31			0.17			0.17
Net realized and unrealized gain (loss) on investments and foreign currency translations		(3.83	)		(0.03	)		(0.09	)		1.68			1.96
Total from investment operations		(3.62	)		0.22			0.22			1.85			2.13
Distributions to shareholders:
Net investment income		(0.23	)		(0.30	)		(0.20	)		(0.11	)		(0.12	)
Net asset value, end of year	$	22.60		$	26.45		$	26.53		$	26.51		$	24.77
NET ASSET VALUE TOTAL RETURN²		(13.63	)%		0.88	%		0.82	%		7.46	%		9.44	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s omitted)	$	612,360		$	1,145,158		$	1,233,683		$	885,476		$	402,466
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers³		0.85	%		0.83	%		0.84	%		0.85	%		0.85	%
Expenses, prior to expense reimbursements/waivers³		0.85	%		0.83	%		0.84	%		1.23	%		1.31	%
Net investment income		0.86	%		0.92	%		1.20	%		0.68	%		0.76	%
Portfolio turnover rate		32	%		12	%		14	%		7	%		3	%

EGShares Emerging Markets Core ETF (Consolidated)


	For the Year Ended March 31, 2016			For the Year Ended March 31, 2015			For the Year Ended March 31, 2014			For the Period October 16, 2012⁶ Through March 31, 2013
Net asset value, beginning of year/period	$	20.27		$	20.44		$	20.87		$	20.00
Investment operations:
Net investment income¹		0.30			0.38			0.36			0.09
Net realized and unrealized gain (loss) on investments and foreign currency translations		(2.73	)		(0.13	)		(0.44	)		0.82
Total from investment operations		(2.43	)		0.25			(0.08	)		0.91
Distributions to shareholders:
Net investment income		(0.26	)		(0.42	)		(0.35	)		(0.04	)
Net asset value, end of year	$	17.58		$	20.27		$	20.44		$	20.87
NET ASSET VALUE TOTAL RETURN²		(11.91	)%		1.22	%		(0.36	)%		4.55	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s omitted)	$	5,275		$	5,068		$	4,088		$	4,173
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers³		0.70	%		0.71	%⁷		0.70	%		0.70	%⁴
Expenses, prior to expense reimbursements/waivers³		0.70	%		0.71	%⁷		0.70	%		11.94	%⁴
Net investment income		1.66	%		1.78	%		1.76	%		0.96	%⁴
Portfolio turnover rate		38	%		20	%		16	%		3	%⁵

Based on average shares outstanding.

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

Annualized.

Not annualized.

Commencement of operations.

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.

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 India Consumer ETF (Consolidated)


	For the Year Ended March 31, 2016			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 year/period	$	35.48		$	24.72		$	22.10		$	19.08		$	20.00
Investment operations:
Net investment income (loss)²		0.04			(0.12	)		0.11			(0.00	)³		(0.00	)³
Net realized and unrealized gain (loss) on investments and foreign currency translations		(4.36	)		10.91			2.51			3.02			(0.92	)
Total from investment operations		(4.32	)		10.79			2.62			3.02			(0.92	)
Distributions to shareholders:
Net investment income		—			(0.03	)		—			—			—
Net asset value, end of year	$	31.16		$	35.48		$	24.72		$	22.10		$	19.08
NET ASSET VALUE TOTAL RETURN⁵		(12.18	)%		43.64	%		11.86	%		15.83	%		(4.60	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s omitted)	$	71,679		$	88,710		$	4,945		$	6,631		$	1,908
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers⁹		0.89	%		0.90	%¹⁰		0.89	%		0.89	%		0.89	%⁶
Expenses, prior to expense reimbursements/waivers⁹		0.89	%		0.90	%¹⁰		0.89	%		4.31	%		6.16	%⁶
Net investment income (loss)		0.13	%		(0.36	)%		0.50	%		(0.00	)%⁷		(0.04	)%⁶
Portfolio turnover rate		47	%		82	%		43	%		50	%		104	%⁸

EGShares India Infrastructure ETF (Consolidated)


	For the Year Ended March 31, 2016			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
Net asset value, beginning of year	$	13.08		$	11.35		$	12.27		$	14.99		$	19.40
Investment operations:
Net investment income²		0.30			0.12			0.13			0.07			0.06
Net realized and unrealized gain (loss) on investments and foreign currency translations		(3.04	)		1.65	⁴		0.27			(2.60	)		(4.39	)
Total from investment operations		(2.74	)		1.77			0.40			(2.53	)		(4.33	)
Distributions to shareholders:
Net investment income		(0.10	)		(0.04	)		(1.32	)		(0.19	)		(0.08	)
Net asset value, end of year	$	10.24		$	13.08		$	11.35		$	12.27		$	14.99
NET ASSET VALUE TOTAL RETURN⁵		(21.00	)%		15.59	%		4.04	%		(17.08	)%		(22.19	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s omitted)	$	39,938		$	47,736		$	17,586		$	51,513		$	60,703
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers⁹		0.88	%¹³		0.88	%¹²		0.86	%¹¹		0.85	%		0.85	%
Expenses, prior to expense reimbursements/waivers⁹		0.88	%¹³		0.88	%¹²		0.86	%¹¹		1.61	%		1.69	%
Net investment income		2.68	%		0.90	%		1.18	%		0.53	%		0.39	%
Portfolio turnover rate		59	%		75	%		76	%		24	%		23	%

Commencement of operations.

Based on average shares outstanding.

Less than $(0.005).

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).

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).

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

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

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

The ratio includes 0.03% for the year ended March 31, 2016 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 (concluded)
EGA Emerging Global Shares Trust

For a share outstanding throughout each period

EGShares India Small Cap ETF (Consolidated)


	For the Year Ended March 31, 2016			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
Net asset value, beginning of year	$	17.48		$	12.74		$	12.45		$	14.39		$	19.29
Investment operations:
Net investment income¹		0.06			0.05			0.26			0.10			0.14
Net realized and unrealized gain (loss) on investments and foreign currency translations		(3.86	)		4.77			0.25			(1.94	)		(4.88	)
Total from investment operations		(3.80	)		4.82			0.51			(1.84	)		(4.74	)
Distributions to shareholders:
Net investment income		(0.09	)		(0.08	)		(0.22	)		(0.10	)		(0.16	)
Return of Capital		—			—			—			(0.00	)⁴		—
Total distributions		(0.09	)		(0.08	)		(0.22	)		(0.10	)		(0.16	)
Net asset value, end of year	$	13.59		$	17.48		$	12.74		$	12.45		$	14.39
NET ASSET VALUE TOTAL RETURN²		(21.78	)%		37.86	%		4.29	%		(12.87	)%		(24.33	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s omitted)	$	19,027		$	28,850		$	16,560		$	21,163		$	26,616
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers³		0.86	%⁷		0.92	%⁶		0.86	%⁵		0.85	%		0.85	%
Expenses, prior to expense reimbursements/waivers³		0.86	%⁷		0.92	%⁶		0.86	%⁵		2.09	%		2.26	%
Net investment income		0.40	%		0.33	%		2.36	%		0.76	%		0.84	%
Portfolio turnover rate		45	%		117	%		56	%		43	%		125	%

Based on average shares outstanding.

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

Less than $(0.005).

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

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

The ratio includes 0.01% for the year ended March 31, 2016 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

Notes to Financial Statements
March 31, 2016

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”). As of the date of this report, the Trust consisted of twelve separate non-diversified series and four diversified series, 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”) were publicly offered:


Funds		Commencement of Operations
EGShares Beyond BRICs ETF (“Beyond BRICs ETF”)		August 15, 2012
EGShares EM Core ex-China ETF (“EM Core ex-China ETF”)		September 2, 2015
EGShares EM Quality Dividend ETF (“EM Quality Dividend ETF”)		August 4, 2011
EGShares EM Strategic Opportunities ETF (“EM Strategic Opportunities ETF”)*		August 15, 2012
EGShares Emerging Markets Consumer ETF (“Consumer ETF”)		September 14, 2010
EGShares Emerging Markets Core ETF (“Core ETF”)		October 16, 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

As of March 1, 2016, EGShares Emerging Markets Domestic Demand ETF was renamed to EGShares EM Strategic Opportunities ETF.

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 “BBRC Underlying Index”). The BBRC Underlying Index is designed to represent the performance of a diversified basket of 90 liquid companies in Emerging and Frontier markets excluding Brazil, Russia, India, China (BRIC), Taiwan and Argentina as defined by FTSE’s Country Classification System. The BBRC Underlying Index is market capitalization weighted, and has 75% exposure to emerging markets and 25% to frontier markets at rebalance.

The EM Core ex-China ETF’s investment objective seeks investment results that correspond (before fees and expenses) to the price and yield performance of the EGAI Emerging Markets ex-China Index^SM(the “XCEM Underlying Index”). The XCEM Underlying Index is a market capitalization weighted index designed to provide broad, core emerging markets equity exposure by measuring the stock performance of up to 700 companies across the EGAI Emerging Markets Universe, excluding those listed or domiciled in China and Hong Kong.

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^SM(the “HILO Underlying Index”). The HILO Underlying Index is an equal weighted index 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 EM Strategic Opportunities 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 Strategic Opportunities Index (the “EMSO Underlying Index”). The EMSO Underlying Index is a 50-stock free-float market capitalization-weighted index designed to measure the performance of companies in emerging markets that are tied to domestic demand, specifically those in consumer staples, consumer discretionary, telecommunications services, health care and the utilities sectors.

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 “ECON Underlying Index”). The ECON Underlying Index is a free-float market capitalization weighted stock market index designed to measure the 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 “EMCR Underlying Index”). The EMCR Underlying Index is an equal weighted index 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, 2016

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 “INCO Underlying Index”). The INCO 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 “INXX Underlying Index”). The INXX 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 “SCIN Underlying Index”). The SCIN 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 Schedules of Investments are consistent with other funds in the EGA 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
EM Strategic Opportunities ETF		EG Shares Domestic Demand Mauritius
Consumer ETF		EG Shares Consumer Mauritius
Core ETF		EG Shares Core 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

EG Shares High Income/Low Beta Mauritius was closed effective June 23, 2015 and is no longer a subsidiary of the EM Quality Dividend ETF.

The Consumer ETF, Core ETF and EM Strategic Opportunities 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 invests 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, 2016

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, 2016		% of ETF’s Total Net Assets at March 31, 2016
EM Strategic Opportunities ETF		August 15, 2012	$	1,628,472		10.8	%
Consumer ETF		September 14, 2010		38,473,227		6.3
Core ETF		October 16, 2012		662,468		12.6
India Consumer ETF		August 10, 2011		71,611,681		99.9
India Infrastructure ETF		August 11, 2010		39,796,279		99.6
India Small Cap ETF		July 7, 2010		19,026,655		100.0

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 of the Trust (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, 2016

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, EM Quality Dividend ETF, EM Strategic Opportunities ETF, Consumer ETF, Core ETF, India Consumer ETF, India Infrastructure ETF and India Small Cap ETF have qualified and continue to qualify, and the EM Core ex-China 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, 2016, open federal and state income tax years include the tax periods or years ended March 31, 2013, March 31, 2014, March 31, 2015 and March 31, 2016. 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.

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Notes to Financial Statements (continued)
March 31, 2016

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.

Each ETF will invest in specific countries or geographic regions to approximately the same extent as its underlying index. To the extent that an ETF invests a significant portion of its assets in a particular country or a specific geographic region, the ETF will generally have more exposure to that country’s or region’s economic risks. In the event of economic or political turmoil or a deterioration of diplomatic relations in a country or region where a substantial portion of an ETF’s assets are invested, the ETF may experience increased volatility or illiquidity of its portfolio holdings, which may adversely affect that ETF’s performance.

Because the India Infrastructure ETF concentrates its investments in the infrastructure sectors of India, the ETF 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 EM Strategic Opportunities 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 10) for the ETFs pursuant to a distribution agreement. The Distributor does not maintain a secondary market in shares. The ETFs have adopted a Distribution and Service Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, each ETF is authorized to pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities. For the year ended March 31, 2016, no fees were paid by the ETFs under the Plan, and there are no current plans to impose these fees.

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Notes to Financial Statements (continued)
March 31, 2016

6. FEDERAL INCOME TAX MATTERS

For the year ended March 31, 2016, 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	$	115,266,544	$	2,054,509	$	(26,897,586	)	$	(24,843,077	)
EM Core ex-China ETF		978,448		108,505		(35,112	)		73,393
EM Quality Dividend ETF		17,140,600		1,042,806		(2,100,547	)		(1,057,741	)
EM Strategic Opportunities ETF		16,703,214		814,890		(2,539,956	)		(1,725,066	)
Consumer ETF		686,623,983		67,800,583		(142,531,489	)		(74,730,906	)
Core ETF		5,616,781		359,145		(717,578	)		(358,433	)
India Consumer ETF		72,207,760		3,335,583		(4,061,390	)		(725,807	)
India Infrastructure ETF		47,783,166		2,470,111		(10,512,320	)		(8,042,209	)
India Small Cap ETF		21,858,375		1,571,480		(4,427,686	)		(2,856,206	)

For the year ended March 31, 2016, the components of accumulated earnings (losses) on a tax-basis were as follows:


Funds	Undistributed Ordinary Income		Accumulated Capital and Other Losses and Other Timing Differences			Net Unrealized Appreciation (Depreciation)			Total Accumulated Earnings (Losses)
Beyond BRICs ETF	$	972,906	$	(48,359,213	)	$	(24,835,054	)	$	(72,221,361	)
EM Core ex-China ETF		2,891		(17,934	)		73,566			58,523
EM Quality Dividend ETF		115,547		(27,903,821	)		(1,052,139	)		(28,840,413	)
EM Strategic Opportunities ETF		50,630		(2,631,922	)		(1,723,614	)		(4,304,906	)
Consumer ETF		—		(116,185,857	)		(74,721,194	)		(190,907,051	)
Core ETF		5,302		(546,655	)		(358,229	)		(899,582	)
India Consumer ETF		73,483		(8,919,978	)		(725,239	)		(9,571,734	)
India Infrastructure ETF		1,015,589		(55,627,478	)		(8,041,722	)		(62,653,611	)
India Small Cap ETF		98,180		(14,575,160	)		(2,855,861	)		(17,332,841	)

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 Capital and Late-Year Ordinary losses.

For the year ended March 31, 2016, the effect of permanent book/tax reclassifications resulted in increase (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	$	(382,934	)	$	19,915,544		$	(19,532,610	)
EM Core ex-China ETF		11,543			9,042			(20,585	)
EM Quality Dividend ETF		7,134			(44,197	)		37,063
EM Strategic Opportunities ETF		(22,521	)		1,064,469			(1,041,948	)
Consumer ETF		(808,037	)		(13,793,397	)		14,601,434
Core ETF		(3,462	)		3,476			(14	)
India Consumer ETF		144,825			(144,825	)		—
India Infrastructure ETF		(25,435	)		25,435			—
India Small Cap ETF		91,355			(91,355	)		—

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Notes to Financial Statements (continued)
March 31, 2016

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of redemptions in kind, PFIC sales adjustments, non-deductible offering costs, return of capital distributions and tax treatment of currency gains and losses. Results of operations and net assets were not affected by these reclassifications.

Certain net losses incurred after October 31 and December 31, and within the taxable year or period are deemed to arise on the first business day of the ETFs’ next taxable year. For the year ended March 31, 2016, the ETFs deferred to April 1, 2016 these losses of:


Funds	Late Year Ordinary Losses		Post October Capital Losses
Beyond BRICs ETF	$	—	$	14,615,561
EM Core ex-China ETF		—		—
EM Quality Dividend ETF		—		241,632
EM Strategic Opportunities ETF		—		603,825
Consumer ETF		309,437		—
Core ETF		—		104,272
India Consumer ETF		—		6,331,154
India Infrastructure ETF		—		432,850
India Small Cap ETF		—		3,583,000

At March 31, 2016, for federal income tax purposes, the following ETFs had capital loss carryforwards available to offset future capital gains:


	Carryforwards with No Expiration*
Funds	Short-Term Capital Loss Carryforward		Long-Term Capital Loss Carryforward
Beyond BRICs ETF	$	15,371,458	$	18,372,194
EM Core ex-China ETF		17,934		—
EM Quality Dividend ETF		21,840,464		5,704,194
EM Strategic Opportunities ETF		1,416,331		611,766
Consumer ETF		4,992,867		110,883,553
Core ETF		133,350		309,033
India Consumer ETF		2,588,824		—
India Infrastructure ETF		16,709,643		38,484,985
India Small Cap ETF		1,935,531		9,056,629

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, 2016

The tax character of distributions paid during the years ended March 31, 2016 and March 31, 2015 were as follows:


	Year ended March 31, 2016						Year ended March 31, 2015
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	$	6,442,630	$	—	$	—	$	3,884,738	$	—	$	—
EM Core ex-China ETF		25,672		—		—		—		—		—
EM Quality Dividend ETF		552,553		—		—		1,527,013		—		—
EM Strategic Opportunities ETF		428,513		—		—		359,762		—		—
Consumer ETF		6,520,768		—		—		13,864,995		—		—
Core ETF		77,847		—		—		83,068		—		—
India Consumer ETF		—		—		—		20,840		—		—
India Infrastructure ETF		369,715		—		—		128,789		—		—
India Small Cap ETF		132,552		—		—		133,287		—		—

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 No. 2010-06, 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, 2016

The following summarizes inputs used as of March 31, 2016 in valuing the ETFs’ assets and liabilities carried at fair value:


Funds	Assets
Funds	Level 1 Common Stocks		Level 2 Common Stocks		Level 2 Warrants		Level 3 Common Stocks		Total
Beyond BRICs ETF*	$	90,408,747	$	14,720	$	—	$	—	$	90,423,467
EM Core ex-China ETF*		1,051,841		—		—		—		1,051,841
EM Quality Dividend ETF*		16,064,345		3,111		15,403		—		16,082,859
EM Strategic Opportunities ETF*		14,978,148		—		—		—		14,978,148
Consumer ETF*		611,893,077		—		—		—		611,893,077
Core ETF*		5,241,830		—		—		16,518		5,258,348
India Consumer ETF**		71,481,953		—		—		—		71,481,953
India Infrastructure ETF**		39,740,957		—		—		—		39,740,957
India Small Cap ETF**		18,993,375		—		—		8,794		19,002,169

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, 2016:


	Core ETF
	Common Stocks
Balance as of March 31, 2015	$	—
Realized gain (loss)¹		118
Change in unrealized appreciation (depreciation)²		(54,571	)
Purchases		6,213
Sales		(10,243	)
Transfers into Level 3³		75,001
Transfers out of Level 3⁴		—
Balance as of March 31, 2016	$	16,518
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2016 is:	$	(54,453	)


	India Small Cap ETF
	Common Stocks
Balance as of March 31, 2015	$	9,306
Realized gain (loss)¹		—
Change in unrealized appreciation (depreciation)²		(512	)
Purchases		—
Sales		—
Transfers into Level 3³		—
Transfers out of Level 3⁴		—
Balance as of March 31, 2016	$	8,794
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2016 is:	$	(512	)

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

This amount is included in the net change in unrealized appreciation (depreciation) from investment transactions in the Statements 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.

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Notes to Financial Statements (continued)
March 31, 2016

To estimate fair value, the Trust’s Valuation Committee (the “Committee”) followed procedures established by the Board.

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. The Trust’s policy is to recognize transfers in and transfers out at the fair value as of the beginning of the period.

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, 2016 in valuing Level 3 securities:


Core ETF	Fair Value	Valuation Technique	Unobservable Input	Value of Unobservable Inputs
Investments in Securities
Common Stocks
Hanergy Thin Film Power Group, Ltd.	$604	Adjustment to market based on duration of fair value event, illiquidity discount and comparable benchmark performance	Illiquidity Discount	50.00%
ZTE Corp. Class H	$15,914	Adjustment to market based on duration of fair value event, illiquidity discount and comparable benchmark performance	Illiquidity Discount	5%


India Small Cap ETF	Fair Value	Valuation Technique	Unobservable Input	Value of Unobservable Inputs
Investments in Securities
Common Stocks
Nagarjuna Fertilizers & Chemicals, LTD.	$8,794	Adjustment to market based on duration of fair value event and illiquidity discount	Illiquidity Discount	88.40%

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 year ended March 31, 2016. 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	$	65,689,051	$	127,045,383	$	5,014,428	$	90,101,139
EM Core ex-China ETF		1,196,464		592,494		817,078		404,080
EM Quality Dividend ETF		16,976,284		20,233,358		—		3,141,523
EM Strategic Opportunities ETF		10,454,210		12,340,558		5,860,701		17,648,020
Consumer ETF		257,447,183		319,972,805		60,762,206		378,410,517
Core ETF		2,172,580		1,970,877		814,445		—
India Consumer ETF		36,129,402		40,316,448		—		—
India Infrastructure ETF		31,359,686		26,227,823		—		—
India Small Cap ETF		10,466,612		13,928,440		—		—

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Notes to Financial Statements (continued)
March 31, 2016

9. INVESTMENT ADVISORY AND OTHER AGREEMENTS

Effective April 1, 2013, EGA implemented a unified fee (“Unified Fee”) structure for all of the series of the ETF Trust. Under the Unified Fee, EGA took on the contractual obligation to pay all ordinary operating expenses of the ETFs, except for the fee payment under the investment advisory agreements between EGA and the Trust, payments under each series’ Rule 12b-1 plan (if ever implemented), brokerage expenses, taxes, interest, litigation expenses and other non-routine or extraordinary expenses.

EGA entered into a written fee waiver agreement (“BBRC 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 BBRC Fee Waiver Agreement will remain in effect and will be contractually binding until July 28, 2016. The BBRC Fee Waiver Agreement may be terminated at any time by the Board, but may not be terminated by EGA during the term of the BBRC Fee Waiver Agreement. The BBRC Fee Waiver Agreement shall automatically terminate upon the termination of the Advisory Agreement or, with respect to the Fund, in the event of merger or liquidation of the Fund.

EGA entered into a written fee waiver agreement (“XCEM Fee Waiver Agreement”) pursuant to which EGA has agreed to waive its advisory fee to 0.35% of the EM Core ex-China ETF Fund’s average daily net assets. The XCEM Fee Waiver Agreement will remain in effect and will be contractually binding until August 11, 2017. The XCEM Fee Waiver Agreement may be terminated at any time by the Board, but may not be terminated by EGA during the term of the XCEM Fee Waiver Agreement. The XCEM 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.

Effective March 1, 2016, EGA entered into a written fee waiver agreement (“EMSO Fee Waiver Agreement”) pursuant to which EGA has agreed to waive its advisory fee to 0.65% of the EM Strategic Opportunities ETF Fund’s average daily net assets. The EMSO Fee Waiver Agreement will remain in effect and will be contractually binding until July 31, 2018. The EMSO Fee Waiver Agreement may be terminated at any time by the Board, but may not be terminated by EGA during the term of the EMSO Fee Waiver Agreement. The EMSO 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 Consumer ETF (0.85% of the first $1 billion, 0.75% of the next $1 billion, and 0.70% for amounts over $2 billion), Core ETF (0.70%) and the India Consumer ETF (0.89%).

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, respectively.

Since September 1, 2014, an employee of EGA has served as Chief Compliance Officer and Anti-Money Laundering 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 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.

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Notes to Financial Statements (concluded)
March 31, 2016

11. SUBSEQUENT EVENTS

On May 10, 2016, EGA entered into an agreement with Columbia Management Investment Advisers, LLC. (“Columbia Threadneedle” or “CTI”) whereby CTI will acquire EGA (the “Transaction”). The completion of the Transaction is subject to certain terms and conditions. If completed, the Transaction will cause a change in control of EGA, which will terminate the current investment advisory agreement between the EGA Emerging Global Shares Trust (the “Trust”), on behalf of each series of the Trust listed on the front cover of this Annual Report (each, a “Fund” and collectively, the “Funds”), and EGA. The Board of Trustees of the Trust (the “Board”), including the Independent Trustees, will vote on: (1) a new investment advisory agreement between the Trust, on behalf of each Fund, and CTI (the “New Agreement”); and (2) the submission of a proposal to the Funds’ shareholders to approve the New Agreement. The New Agreement would become effective for a Fund only if approved by the shareholders of that Fund and if the Transaction is completed. Under the New Agreement, CTI will provide the portfolio management previously provided by EGA.

The Funds have evaluated subsequent events through the date of issuance of this report, and have determined that there are no other 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 or consolidated statements of assets and liabilities of EGShares Beyond BRICs ETF, EGShares EM Core ex-China ETF, EGShares EM Quality Dividend ETF, EGShares EM Strategic Opportunities ETF (formerly EGShares Emerging Markets Domestic Demand ETF), EGShares Emerging Markets Consumer ETF, EGShares Emerging Markets Core 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 schedules of investments or consolidated schedules of investments, as of March 31, 2016 and the related statements of operations or consolidated statements of operations for the year or period then ended and the statements of changes in net assets or consolidated statements of changes in net assets and the related financial highlights or 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, 2016 by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. 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 EM Core ex-China ETF, EGShares EM Quality Dividend ETF, EGShares EM Strategic Opportunities ETF, EGShares Emerging Markets Consumer ETF, EGShares Emerging Markets Core ETF, EGShares India Consumer ETF, EGShares India Infrastructure ETF, and EGShares India Small Cap ETF, as of March 31, 2016, and 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 26, 2016

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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		0.0	%		63.40	%
EM Core ex-China ETF		0.0	%		39.62	%
EM Quality Dividend ETF		0.0	%		60.90	%
EM Strategic Opportunities ETF		0.0	%		100.00	%
Consumer ETF		0.0	%		100.00	%
Core ETF		0.0	%		100.00	%
India Consumer ETF		0.0	%		0.00	%
India Infrastructure ETF		0.0	%		100.00	%
India Small Cap ETF		0.0	%		100.00	%

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Board Review and Approval of Advisory Contracts (Unaudited)

At the February 25, 2016 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 Emerging Markets Consumer ETF, EGShares Emerging Markets Core ETF, EGShares EM Strategic Opportunities ETF, EGShares EM Quality Dividend ETF, EGShares India Infrastructure ETF, EGShares India Small Cap ETF and EGShares India Consumer ETF (each, a “Fund,” and collectively, the “Funds”), for the period March 1, 2016 until February 28, 2017. 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 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 Board discussed the criteria used by EGA for selecting the Peer Group for each Fund. 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 Peer Group 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 they 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 Funds and 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 certain Funds’ wholly owned subsidiaries in Mauritius (each, a “Mauritius Company”); 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 Board 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, as applicable, to the Funds. The Board also noted EGA’s procedures to manage potential conflicts of interest and EGA’s belief that management of each series of the Trust 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 net expense ratios (i.e., expense ratios after any fee waivers and/or expense reimbursements) of the ETFs in each Fund’s Peer Group as of December 31, 2015.

The Board noted that the advisory fee of the EGShares Beyond BRICs ETF was above the median and average, but below the maximum, advisory fees of the ETFs in the Fund’s Peer Group. The Board considered the Fund’s expense ratio both before and after the written agreement by EGA to waive all or a portion of its advisory fee and assume certain expenses of the Fund so that EGA’s advisory fee does not exceed a certain percentage of the Fund’s average daily net assets (the “BBRC Fee Waiver Agreement”), which is in addition to

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

EGA’s obligation under the Fund’s Unified Fee. The Board noted that the expense ratio of the Fund without consideration of the BBRC Fee Waiver Agreement was above the median and average, but below the maximum, net expense ratios of the ETFs in the Fund’s Peer Group. The Board also noted that the net expense ratio of the Fund (i.e., after consideration of the BBRC Fee Waiver Agreement) was below the median and average net expense ratios of the ETFs in the Fund’s Peer Group.

The Board noted that the advisory fee of the EGShares EM Strategic Opportunities ETF was above the median and average, but below the maximum, advisory fees of the ETFs in the Fund’s Peer Group. The Board considered the Fund’s expense ratio both before and after the written agreement by EGA to waive all or a portion of its advisory fee and assume certain expenses of the Fund so that EGA’s advisory fee does not exceed a certain percentage of the Fund’s average daily net assets (the “EMSO Fee Waiver Agreement”), which is in addition to EGA’s obligation under the Fund’s Unified Fee. The Board noted that the expense ratio of the Fund both with and without consideration of the EMSO Fee Waiver Agreement was above the median and average, but below the maximum, net expense ratios of the ETFs in the Fund’s Peer Group, although the Board noted that the EMSO Fee Waiver Agreement brought the Fund’s expense ratio within 0.02 percentage points of the median net expense ratio of the ETFs 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 and EGShares Emerging Markets Core ETF were above the median and average, but below the maximum, advisory fees of the ETFs 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 ratios of the ETFs in each Fund’s Peer Group.

The Board noted that the advisory fee of the EGShares India Consumer ETF was equal to the maximum advisory fee of the ETFs 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 ratios of the ETFs 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 fees of the ETFs 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 ratios of the ETFs in each 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 net 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. The Board also noted EGA’s commitment to further waive its advisory fees and assume certain expenses for EGShares Beyond BRICs ETF and EGShares EM Strategic Opportunities ETF under the BBRC Fee Waiver Agreement and EMSO Fee Waiver Agreement, respectively.

The Board concluded that the advisory fees paid to EGA with respect to each Fund were fair and reasonable after considering: (i) each Fund’s advisory fee and expense ratio with those of the ETFs in each Fund’s Peer Group; (ii) the nature, quality and extent of services provided by EGA; (iii) the costs incurred by EGA in rendering those services and absorbing the Funds’ ordinary operating expenses under the Unified Fee; and (iv) EGA’s further waiver of its advisory fees and assumption of certain expenses under the BBRC Fee Waiver Agreement and EMSO Fee Waiver Agreement for EGShares Beyond BRICs ETF and EGShares EM Strategic Opportunities ETF, respectively.

(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 relating to each Fund’s ordinary operating expenses as a result of 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 for EGShares Beyond BRICs ETF and EGShares EM Strategic Opportunities ETF in order to cap the costs paid by those Funds’ shareholders, and the effect of such obligation and commitments, 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.

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

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

Based upon their consideration of all these factors, the Board concluded that EGA’s level of profitability with respect to each of the Funds was reasonable in view of the nature, quality and extent of services provided by EGA to the Funds.

(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 each Fund relative to its stated investment 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 the 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 the ETFs in such Fund’s Peer Group.

The Board noted that the tracking difference for each of EGShares Beyond BRICs ETF, EGShares Emerging Markets Consumer ETF, EGShares Emerging Markets Core ETF, EGShares EM Strategic Opportunities ETF, EGShares EM Quality Dividend ETF, EGShares India Infrastructure ETF and EGShares India Small Cap ETF was within the range of tracking differences of the ETFs in each Fund’s Peer Group.

The Board noted that the absolute value of the tracking difference for EGShares India Consumer ETF was the highest absolute tracking difference in the Fund’s Peer Group.

The Board noted that the tracking error for EGShares EM Strategic Opportunities ETF and EGShares India Infrastructure ETF was below the median and average tracking error of the ETFs 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 Consumer ETF and EGShares India Small Cap ETF was above the median and average, but below the maximum, tracking error of the ETFs in each Fund’s Peer Group.

The Board noted that the tracking error for the EGShares Emerging Markets Consumer ETF was above the median, but below the average, tracking error of the ETFs in the Fund’s Peer Group.

The Board noted that some of the higher tracking errors and tracking differences were attributable to changes in underlying indexes and/or the smaller size of certain Funds. 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 of the Funds 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 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. The information below is as of March 31, 2016.


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.	16	Daxor Corp. (Medical Products and Biotechnology), since 2004.
Ron Safir, 1951	Trustee	Since 2009	Retired, since 2008.	16	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.	16	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.	16	None

Each Trustee holds office for an indefinite term.

The “Fund Complex” consists of sixteen funds. As of March 31, 2016, nine funds were operational.

Mr. Holderith is considered to be an “interested person” 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^thStreet 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.
Maya Teufel Emerging Global Advisors, LLC 155 West 19^th Street New York, NY 10011 1972	Chief Compliance Officer	Since October 2015²	General Counsel and Chief Compliance Officer, Emerging Global Advisors, LLC, since November 2013; Vice President, Corporate Counsel, Jennison Associates LLC (Prudential Financial, Inc.), 2005 to November 2013.

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

From September 2014 until October 9, 2015, Joseph Signora was the Chief Compliance Officer of the Trust.

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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.emergingglobaladvisors.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.emergingglobaladvisors.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.

70 EGA Emerging Global Shares Trust

TABLE OF CONTENTS

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TABLE OF CONTENTS

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

EGA Emerging Global Shares Trust

EGShares Beyond BRICs ETF

EGShares EM Core ex-China ETF

EGShares EM Quality Dividend ETF

EGShares EM Strategic Opportunities ETF
(formerly known as EGShares Emerging Markets Domestic Demand ETF)

EGShares Emerging Markets Consumer ETF

EGShares Emerging Markets Core 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 $110,750 for 2016 and $118,500 for 2015.

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 2016 and $0 for 2015.

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 $18,000 for 2016 and $20,000 for 2015. 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 2016 and $0 for 2015.

(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

(c)

100%

(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 2016 and $0 for 2015.

(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 6/2/16

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 6/2/16

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

Susan M. Ciccarone, Chief Financial Officer

(principal financial officer)

Date 6/2/16

^* 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 3/31/2016

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

Sector Breakdown*

Top Ten Holdings*

EGShares EM Core ex-China ETF (ticker: XCEM)

Performance Charts

Performance as of 3/31/2016

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 3/31/2016

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

Sector Breakdown*

Top Ten Holdings*

EGShares EM Strategic Opportunities ETF (ticker: EMSO)

Performance Charts

Performance as of 3/31/2016

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 Charts

Performance as of 3/31/2016

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 3/31/2016

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 3/31/2016

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 3/31/2016

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 3/31/2016

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 EM Core ex-China ETF

For a share outstanding throughout each period

EGShares EM Quality Dividend ETF (Consolidated)

EGShares EM Strategic Opportunities ETF8 (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 India Consumer ETF (Consolidated)

EGShares India Infrastructure ETF (Consolidated)

For a share outstanding throughout each period

EGShares India Small Cap ETF (Consolidated)

1. ORGANIZATION

2. CONSOLIDATION OF SUBSIDIARIES

3. SIGNIFICANT ACCOUNTING POLICIES

Indemnifications

Investment Valuation

Securities Valuation

Foreign Currency Translations

Security Transactions and Related Income

EGShares EM Strategic Opportunities ETF⁸ (Consolidated)

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

Philadelphia, Pennsylvania
May 26, 2016