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Global X China Consumer ETF (ticker: CHIQ)
Global X China Energy ETF (ticker: CHIE)
Global X China Financials ETF (ticker: CHIX)
Global X China Industrials ETF (ticker: CHII)
Global X China Materials ETF (ticker: CHIM)
Global X NASDAQ China Technology ETF (ticker: QQQC)
Global X FTSE ASEAN 40 ETF (ticker: ASEA)
Global X FTSE Andean 40 ETF (ticker: AND)
Global X FTSE Colombia 20 ETF (ticker: GXG)
Global X Brazil Mid Cap ETF (ticker: BRAZ)
Global X Brazil Consumer ETF (ticker: BRAQ)
Global X Brazil Financials ETF (ticker: BRAF)
Global X FTSE Argentina 20 ETF (ticker: ARGT)
Global X FTSE Greece 20 ETF (ticker: GREK)
Global X FTSE Norway 30 ETF (ticker: NORW)
Global X FTSE Nordic Region ETF (ticker: GXF)
Global X Central Asia & Mongolia Index ETF (ticker: AZIA)
Global X Nigeria Index ETF (ticker: NGE)
Global X Next Emerging & Frontier ETF (ticker: EMFM)
Global X FTSE Portugal 20 ETF (ticker: PGAL)
Semi-Annual Report
April 30, 2014
 |
| Table of Contents |
| Schedules of Investments | |
| Global X China Consumer ETF | 1 |
| Global X China Energy ETF | 4 |
| Global X China Financials ETF | 6 |
| Global X China Industrials ETF | 8 |
| Global X China Materials ETF | 10 |
| Global X NASDAQ China Technology ETF | 12 |
| Global X FTSE ASEAN 40 ETF | 14 |
| Global X FTSE Andean 40 ETF | 17 |
| Global X FTSE Colombia 20 ETF | 21 |
| Global X Brazil Mid Cap ETF | 23 |
| Global X Brazil Consumer ETF | 27 |
| Global X Brazil Financials ETF | 30 |
| Global X FTSE Argentina 20 ETF | 32 |
| Global X FTSE Greece 20 ETF | 34 |
| Global X FTSE Norway 30 ETF | 37 |
| Global X FTSE Nordic Region ETF | 40 |
| Global X Central Asia & Mongolia Index ETF | 43 |
| Global X Nigeria Index ETF | 45 |
| Global Next Emerging & Frontier ETF | 47 |
| Global X FTSE Portugal 20 ETF | 59 |
| Statements of Assets and Liabilities | 61 |
| Statements of Operations | 66 |
| Statements of Changes in Net Assets | 71 |
| Financial Highlights | 81 |
| Notes to Financial Statements | 84 |
| Disclosure of Fund Expenses | 100 |
| Approval of Investment Advisory Agreement | 103 |
| Supplemental Information | 108 |
The Funds file their complete schedules of Fund holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q within sixty days after the end of the period. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
A description of the policies and procedures that Global X Funds uses to determine how to vote proxies relating to Fund securities, as well as information relating to how the Funds voted proxies relating to Fund securities during the most recent 12-month period ended June 30, will be available (i) without charge, upon request, by calling 1-888-GXFund-1; and (ii) on the Commission’s website at http://www.sec.gov.
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X China Consumer ETF | |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 9 in Notes to Financial Statements for more detailed information.
| Shares | Value | |||||||
| COMMON STOCK — 99.8% | ||||||||
| CHINA— 73.9% | ||||||||
| Consumer Goods — 46.4% | ||||||||
| ANTA Sports Products | 2,117,796 | $ | 3,097,635 | |||||
| BYD, Cl H * | 1,220,400 | 6,571,911 | ||||||
| China Yurun Food Group*(A) | 3,681,788 | 1,771,335 | ||||||
| Daphne International Holdings(A) | 2,277,524 | 913,601 | ||||||
| Dongfeng Motor Group, Cl H | 5,301,946 | 7,071,131 | ||||||
| Great Wall Motor, Cl H(A) | 1,591,329 | 7,204,438 | ||||||
| Guangzhou Automobile Group, Cl H | 6,103,417 | 6,156,201 | ||||||
| Hengan International Group | 720,856 | 7,591,677 | ||||||
| Labixiaoxin Snacks Group(A)(C)(D) | 1,106,700 | 385,413 | ||||||
| Li Ning(A) | 2,866,669 | 1,996,661 | ||||||
| Shenzhou International Group Holdings | 1,315,962 | 4,531,976 | ||||||
| Tingyi Cayman Islands Holding | 2,653,418 | 7,375,407 | ||||||
| Tsingtao Brewery, Cl H | 904,264 | 6,584,036 | ||||||
| Uni-President China Holdings(A) | 2,929,461 | 2,425,804 | ||||||
| Want Want China Holdings | 4,706,197 | 7,381,365 | ||||||
| 71,058,591 | ||||||||
| Consumer Services — 27.5% | ||||||||
| Air China, Cl H | 4,702,028 | 2,668,523 | ||||||
| Ajisen China Holdings | 1,446,393 | 1,218,239 | ||||||
| China Southern Airlines, Cl H | 4,856,895 | 1,447,117 | ||||||
| Chow Tai Fook Jewellery Group(A) | 2,934,379 | 4,117,922 | ||||||
| Ctrip.com International ADR* | 109,546 | 5,120,180 | ||||||
| E-Commerce China Dangdang ADR, Cl A(A) * | 122,661 | 1,323,512 | ||||||
| Golden Eagle Retail Group | 1,347,310 | 1,737,803 | ||||||
| GOME Electrical Appliances Holding | 31,570,057 | 5,945,128 | ||||||
| Home Inns & Hotels Management ADR * | 53,312 | 1,515,127 | ||||||
| Intime Retail Group | 2,617,496 | 2,569,234 | ||||||
| New Oriental Education & Technology Group ADR | 99,218 | 2,401,076 | ||||||
| Parkson Retail Group(A) | 3,192,612 | 934,771 | ||||||
| Sun Art Retail Group(A) | 5,705,900 | 7,433,247 | ||||||
| Wumart Stores, Cl H | 1,475,711 | 1,448,501 | ||||||
The accompanying notes are an integral part of the financial statements.
| 1 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X China Consumer ETF | |
| Shares/Face Amount |
Value | |||||||
| COMMON STOCK — continued | ||||||||
| Consumer Services — continued | ||||||||
| Youku.com ADR * | 99,564 | $ | 2,219,282 | |||||
| 42,099,662 | ||||||||
| TOTAL CHINA | 113,158,253 | |||||||
| HONG KONG— 25.9% | ||||||||
| Consumer Goods — 20.3% | ||||||||
| Belle International Holdings, Cl A | 6,989,196 | 7,238,953 | ||||||
| Biostime International Holdings* | 420,000 | 2,789,906 | ||||||
| Bosideng International Holdings(A) | 7,681,362 | 1,129,474 | ||||||
| China Agri-Industries Holdings | 5,569,656 | 2,227,015 | ||||||
| China Foods* | 1,996,313 | 674,626 | ||||||
| China Mengniu Dairy | 1,396,226 | 7,176,572 | ||||||
| China Resources Enterprise(A) | 2,641,413 | 7,512,386 | ||||||
| Skyworth Digital Holdings * | 4,923,196 | 2,355,885 | ||||||
| 31,104,817 | ||||||||
| Consumer Services — 5.6% | ||||||||
| China Dongxiang Group | 7,767,988 | 1,372,657 | ||||||
| Melco Crown Entertainment ADR* | 207,995 | 7,109,269 | ||||||
| 8,481,926 | ||||||||
| TOTAL HONG KONG | 39,586,743 | |||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $174,705,261) | 152,744,996 | |||||||
| REPURCHASE AGREEMENTS — 14.0% | ||||||||
| Barclays | ||||||||
| 0.040%, dated 04/30/14, to be repurchased on
05/01/14, repurchase price $21,000,023 (collateralized by U.S. Treasury Bills, ranging in par value $88,582-$5,776,2001, 0.625%-4.625%, 10/15/16-11/15/21 with a total market value of $21,420,007)(B) |
$ | 21,000,000 | 21,000,000 | |||||
| Deutsche Bank | ||||||||
| 0.040%, dated 04/30/14, to be repurchased on
05/01/14, repurchase price $376,801 (collateralized by U.S. Treasury Bills, par value $340,930, 4.500%, 05/15/17 with a total market value of $377,872)(B) |
376,801 | 376,801 | ||||||
| TOTAL REPURCHASE AGREEMENTS | ||||||||
| (Cost $21,376,801) | 21,376,801 | |||||||
The accompanying notes are an integral part of the financial statements.
| 2 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X China Consumer ETF | |
|
Face Amount(1) |
Value | |||||||
| TIME DEPOSITS — 0.2% | ||||||||
| Brown Brothers Harriman | ||||||||
| 0.030%, 05/01/14 | 158,803 | $ | 158,803 | |||||
| 0.005%, 05/01/14, HKD | 667,173 | 86,054 | ||||||
| TOTAL TIME DEPOSITS | ||||||||
| (Cost $244,857) | 244,857 | |||||||
| TOTAL INVESTMENTS — 114.0% | ||||||||
| (Cost $196,326,919) | $ | 174,366,654 | ||||||
Percentages are based on Net Assets of $152,999,850.
| * | Non-income producing security. |
ADR — American Depositary Receipt
Cl — Class
HKD — Hong Kong Dollar
| (A) | This security or a partial position of this security is on loan at April 30, 2014. The total value of securities on loan at April 30, 2014 was $19,669,442. |
| (B) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2014 was $21,376,801. |
| (C) | Security considered illiquid. The total value of such security as of April 30, 2014 was $385,413 and represented 0.3% of Net Assets. |
| (D) | Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such security as of April 30, 2014, was $385,413 and represented 0.3% of Net Assets. |
| (1) | In U.S. Dollars unless otherwise indicated. |
The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:
| Investments in Securities | Level 1 | Level 2 |
Level 3(a) |
Total | ||||||||||||
| Common Stock | $ | 152,359,583 | $ | — | $ | 385,413 | $ | 152,744,996 | ||||||||
| Repurchase Agreements | 21,376,801 | — | — | 21,376,801 | ||||||||||||
| Time Deposits | — | 244,857 | — | 244,857 | ||||||||||||
| Total Investments in Securities | $ | 173,736,384 | $ | 244,857 | $ | 385,413 | $ | 174,366,654 | ||||||||
(a) A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.
For the period ended April 30, 2014 the transfers into Level 3 were due to a security being halted. Transfers between levels are recognized at period end.
The accompanying notes are an integral part of the financial statements.
| 3 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
|
Global X China Energy ETF | |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments.
| Shares | Value | |||||||
| COMMON STOCK — 99.8% | ||||||||
| CHINA— 52.1% | ||||||||
| Energy — 41.3% | ||||||||
| Anton Oilfield Services Group | 40,328 | $ | 26,684 | |||||
| China Coal Energy, Cl H | 152,091 | 82,196 | ||||||
| China Longyuan Power Group, Cl H | 124,176 | 127,813 | ||||||
| China Oilfield Services, Cl H | 70,756 | 168,655 | ||||||
| China Petroleum & Chemical, Cl H | 409,297 | 361,628 | ||||||
| China Shenhua Energy, Cl H | 61,140 | 165,607 | ||||||
| Daqo New Energy ADR * | 293 | 12,034 | ||||||
| Hanwha SolarOne ADR * | 3,805 | 9,893 | ||||||
| JA Solar Holdings ADR * | 1,524 | 14,676 | ||||||
| JinkoSolar Holding ADR * | 1,108 | 29,805 | ||||||
| PetroChina, Cl H | 324,013 | 375,294 | ||||||
| ReneSola ADR * | 3,482 | 9,471 | ||||||
| Tianneng Power International | 25,015 | 8,679 | ||||||
| Trina Solar ADR * | 1,800 | 20,124 | ||||||
| Yanzhou Coal Mining, Cl H | 71,275 | 53,689 | ||||||
| Yingli Green Energy Holding ADR * | 4,034 | 13,796 | ||||||
| 1,480,044 | ||||||||
| Oil & Gas — 4.6% | ||||||||
| ENN Energy Holdings | 23,461 | 164,013 | ||||||
| Utilities — 6.2% | ||||||||
| Datang International Power Generation, Cl H | 106,812 | 39,815 | ||||||
| Huadian Power International, Cl H | 53,961 | 29,302 | ||||||
| Huaneng Power International, Cl H | 123,621 | 120,704 | ||||||
| Huaneng Renewables, Cl H | 105,700 | 32,720 | ||||||
| 222,541 | ||||||||
| TOTAL CHINA | 1,866,598 | |||||||
| HONG KONG— 47.7% | ||||||||
| Energy — 24.1% | ||||||||
| Beijing Enterprises Holdings | 19,473 | 169,288 | ||||||
| China Gas Holdings | 77,237 | 125,525 | ||||||
| CNOOC | 222,985 | 368,720 | ||||||
| Kunlun Energy | 106,905 | 166,846 | ||||||
The accompanying notes are an integral part of the financial statements.
| 4 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
|
Global X China Energy ETF | |
| Shares/Face Amount |
Value | |||||||
| COMMON STOCK — continued | ||||||||
| Energy — continued | ||||||||
| Shougang Fushan Resources Group | 105,115 | $ | 31,590 | |||||
| 861,969 | ||||||||
| Oil & Gas — 2.5% | ||||||||
| China Oil & Gas Group | 154,700 | 25,541 | ||||||
| Shunfeng Photovoltaic International * | 34,200 | 44,068 | ||||||
| Xinjiang Goldwind Science & Technology* | 21,100 | 22,916 | ||||||
| 92,525 | ||||||||
| Utilities — 21.1% | ||||||||
| China Power International Development | 94,984 | 34,181 | ||||||
| China Resources Gas Group | 32,100 | 95,021 | ||||||
| China Resources Power Holdings | 64,401 | 161,980 | ||||||
| GCL-Poly Energy Holdings* | 419,011 | 125,385 | ||||||
| Hong Kong & China Gas | 75,425 | 173,946 | ||||||
| Power Assets Holdings | 19,200 | 165,924 | ||||||
| 756,437 | ||||||||
| TOTAL HONG KONG | 1,710,931 | |||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $3,417,406) | 3,577,529 | |||||||
| TIME DEPOSIT — 0.2% | ||||||||
| Brown Brothers Harriman, 0.030%, 05/01/14 | ||||||||
| (Cost $5,395) | $ | 5,395 | 5,395 | |||||
| TOTAL INVESTMENTS — 100.0% | ||||||||
| (Cost $3,422,801) | $ | 3,582,924 | ||||||
Percentages are based on Net Assets of $3,583,935.
| * | Non-income producing security. |
ADR — American Depositary Receipt
Cl — Class
The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock | $ | 3,577,529 | $ | — | $ | — | $ | 3,577,529 | ||||||||
| Time Deposit | — | 5,395 | — | 5,395 | ||||||||||||
| Total Investments in Securities | $ | 3,577,529 | $ | 5,395 | $ | — | $ | 3,582,924 | ||||||||
For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
As of April 30, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.
| 5 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
|
Global X China Financials ETF | |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments.
| Shares | Value | |||||||
| COMMON STOCK — 99.8% | ||||||||
| CHINA— 79.3% | ||||||||
| Financials — 72.1% | ||||||||
| Agricultural Bank of China, Cl H | 1,809,688 | $ | 758,613 | |||||
| Bank of China, Cl H | 3,644,734 | 1,603,073 | ||||||
| Bank of Communications, Cl H | 958,971 | 596,191 | ||||||
| China Citic Bank, Cl H | 790,252 | 470,913 | ||||||
| China Construction Bank, Cl H | 2,335,326 | 1,611,515 | ||||||
| China Life Insurance, Cl H | 282,540 | 728,129 | ||||||
| China Merchants Bank, Cl H | 433,434 | 773,735 | ||||||
| China Minsheng Banking, Cl H | 500,713 | 503,751 | ||||||
| China Pacific Insurance Group, Cl H | 204,412 | 640,687 | ||||||
| Chongqing Rural Commercial Bank, Cl H | 234,967 | 103,043 | ||||||
| CITIC Securities, Cl H | 100,596 | 201,894 | ||||||
| E-House China Holdings ADR | 8,546 | 74,350 | ||||||
| Industrial & Commercial Bank of China, Cl H | 2,632,737 | 1,568,854 | ||||||
| PICC Property & Casualty, Cl H | 424,042 | 558,975 | ||||||
| Ping An Insurance Group of China, Cl H | 99,407 | 735,332 | ||||||
| Sino-Ocean Land Holdings | 428,921 | 226,827 | ||||||
| SOHO China | 195,359 | 155,472 | ||||||
| 11,311,354 | ||||||||
| Real Estate — 7.2% | ||||||||
| Agile Property Holdings | 117,612 | 95,419 | ||||||
| Country Garden Holdings | 426,793 | 171,203 | ||||||
| Evergrande Real Estate Group* | 438,561 | 195,722 | ||||||
| Greentown China Holdings | 58,593 | 58,949 | ||||||
| Guangzhou R&F Properties | 98,193 | 128,172 | ||||||
| Longfor Properties | 119,638 | 154,621 | ||||||
| Shimao Property Holdings | 123,504 | 243,728 | ||||||
| Shui On Land | 344,001 | 90,959 | ||||||
| 1,138,773 | ||||||||
| TOTAL CHINA | 12,450,127 | |||||||
| HONG KONG— 20.5% | ||||||||
| Financials — 19.3% | ||||||||
| Cheung Kong Holdings | 44,300 | 754,242 | ||||||
| China Everbright | 82,541 | 110,297 | ||||||
| China Overseas Land & Investment | 299,466 | 734,668 | ||||||
The accompanying notes are an integral part of the financial statements.
| 6 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
|
Global X China Financials ETF | |
| Shares/Face Amount |
Value | |||||||
| COMMON STOCK — continued | ||||||||
| Financials — continued | ||||||||
| China Resources Land | 186,908 | $ | 384,763 | |||||
| Franshion Properties China | 280,858 | 88,391 | ||||||
| Haitong Securities, Cl H | 131,500 | 183,860 | ||||||
| Hopson Development Holdings * | 58,461 | 57,157 | ||||||
| KWG Property Holding | 109,547 | 60,617 | ||||||
| New China Life Insurance, Cl H * | 89,811 | 264,697 | ||||||
| People's Insurance Group of China, Cl H | 408,000 | 156,297 | ||||||
| Shenzhen Investment | 210,945 | 68,837 | ||||||
| Sunac China Holdings | 136,600 | 69,419 | ||||||
| Yuexiu Property | 441,845 | 85,486 | ||||||
| 3,018,731 | ||||||||
| Real Estate — 1.2% | ||||||||
| China Taiping Insurance Holdings * | 75,330 | 119,510 | ||||||
| Poly Property Group | 191,207 | 82,866 | ||||||
| 202,376 | ||||||||
| TOTAL HONG KONG | 3,221,107 | |||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $18,381,478) | 15,671,234 | |||||||
| TIME DEPOSIT — 0.3% | ||||||||
| Brown Brothers Harriman, 0.030% 05/01/14 | ||||||||
| (Cost $46,469) | $ | 46,469 | 46,469 | |||||
| TOTAL INVESTMENTS — 100.1% | ||||||||
| (Cost $18,427,947) | $ | 15,717,703 | ||||||
Percentages are based on Net Assets of $15,697,874.
| * | Non-income producing security. |
Cl — Class
The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock | $ | 15,671,234 | $ | — | $ | — | $ | 15,671,234 | ||||||||
| Time Deposit | — | 46,469 | — | 46,469 | ||||||||||||
| Total Investments in Securities | $ | 15,671,234 | $ | 46,469 | $ | — | $ | 15,717,703 | ||||||||
For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
As of April 30, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.
| 7 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
|
Global X China Industrials ETF | |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments.
| Shares | Value | |||||||
| COMMON STOCK — 99.8% | ||||||||
| CHINA— 73.3% | ||||||||
| Industrials — 73.3% | ||||||||
| Anhui Conch Cement, Cl H | 40,937 | $ | 152,069 | |||||
| BYD, Cl H * | 27,544 | 148,326 | ||||||
| China Communications Construction, Cl H | 242,883 | 158,832 | ||||||
| China COSCO Holdings, Cl H | 207,962 | 82,348 | ||||||
| China Lesso Group Holdings | 78,245 | 41,580 | ||||||
| China National Building Material, Cl H | 164,217 | 155,258 | ||||||
| China National Materials | 86,346 | 16,706 | ||||||
| China Railway Construction, Cl H | 152,111 | 125,762 | ||||||
| China Railway Group, Cl H | 309,268 | 137,622 | ||||||
| China Rongsheng Heavy Industry Group * | 249,418 | 43,109 | ||||||
| China Shanshui Cement Group | 162,852 | 62,806 | ||||||
| China Shipping Container Lines, Cl H * | 313,252 | 74,748 | ||||||
| China Shipping Development, Cl H * | 91,744 | 50,174 | ||||||
| China South Locomotive and Rolling Stock | 155,013 | 113,167 | ||||||
| China Zhongwang Holdings | 104,108 | 32,496 | ||||||
| Dongfang Electric, Cl H | 25,843 | 40,333 | ||||||
| First Tractor, Cl H | 32,441 | 18,997 | ||||||
| Guangshen Railway, Cl H | 119,588 | 45,195 | ||||||
| Haitian International Holdings | 51,396 | 103,548 | ||||||
| Harbin Power Equipment, Cl H | 47,671 | 27,854 | ||||||
| Hollysys Automation Technologies * | 3,086 | 66,071 | ||||||
| Jiangsu Expressway, Cl H | 98,479 | 110,890 | ||||||
| Metallurgical Corp of China, Cl H * | 217,441 | 41,789 | ||||||
| Sany Heavy Equipment International Holdings | 62,094 | 14,416 | ||||||
| Shanghai Electric Group, Cl H | 233,151 | 91,421 | ||||||
| Weichai Power, Cl H | 39,159 | 136,373 | ||||||
| Yangzijiang Shipbuilding Holdings | 154,243 | 135,333 | ||||||
| Zhejiang Expressway, Cl H | 115,600 | 100,049 | ||||||
| Zhuzhou CSR Times Electric, Cl H | 41,593 | 122,049 | ||||||
| TOTAL CHINA | 2,449,321 | |||||||
| HONG KONG— 26.5% | ||||||||
| Industrials — 26.5% | ||||||||
| AviChina Industry & Technology, Cl H | 164,800 | 88,002 | ||||||
| Beijing Capital International Airport, Cl H | 113,171 | 78,533 | ||||||
The accompanying notes are an integral part of the financial statements.
| 8 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X China Industrials ETF | |
| Shares/Face Amount |
Value | |||||||
| COMMON STOCK — continued | ||||||||
| Industrials — continued | ||||||||
| Chaowei Power Holdings | 43,100 | $ | 22,181 | |||||
| China High Speed Transmission Equipment Group * | 77,750 | 54,153 | ||||||
| China International Marine Containers Group, Cl H | 36,600 | 72,039 | ||||||
| China Merchants Holdings International | 50,900 | 159,207 | ||||||
| China Resources Cement Holdings | 140,141 | 97,248 | ||||||
| CITIC Resources Holdings * | 41 | 6 | ||||||
| Shanghai Industrial Holdings | 37,399 | 115,772 | ||||||
| Shenzhen International Holdings | 63,382 | 76,847 | ||||||
| Sunny Optical Technology Group | 47,464 | 55,466 | ||||||
| Zoomlion Heavy Industry Science and Technology | 101,500 | 67,685 | ||||||
| TOTAL HONG KONG | 887,139 | |||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $4,411,304) | 3,336,460 | |||||||
| TIME DEPOSIT — 0.2% | ||||||||
| Brown Brothers Harriman, 0.030%, 05/01/14 | ||||||||
| (Cost $7,423) | $ | 7,423 | 7,423 | |||||
| TOTAL INVESTMENTS — 100.0% | ||||||||
| (Cost $4,418,727) | $ | 3,343,883 | ||||||
Percentages are based on Net Assets of $3,342,529.
| * | Non-income producing security. |
Cl — Class
The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock | $ | 3,336,460 | $ | — | $ | — | $ | 3,336,460 | ||||||||
| Time Deposit | — | 7,423 | — | 7,423 | ||||||||||||
| Total Investments in Securities | $ | 3,336,460 | $ | 7,423 | $ | — | $ | 3,343,883 | ||||||||
For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
As of April 30, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.
| 9 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X China Materials ETF | |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments.
| Shares | Value | |||||||
| COMMON STOCK — 99.7% | ||||||||
| CHINA— 61.9% | ||||||||
| Basic Materials — 61.9% | ||||||||
| Aluminum Corp of China, Cl H * | 269,299 | $ | 96,216 | |||||
| Angang Steel, Cl H * | 138,484 | 83,952 | ||||||
| BBMG, Cl H | 124,300 | 87,378 | ||||||
| China BlueChemical | 188,529 | 101,159 | ||||||
| China Hongqiao Group | 122,582 | 83,798 | ||||||
| China Molybdenum, Cl H | 149,188 | 66,387 | ||||||
| China Rare Earth Holdings * | 38 | 5 | ||||||
| Dongyue Group | 149,557 | 59,800 | ||||||
| Fosun International * | 82,200 | 99,451 | ||||||
| Hidili Industry International Development * | 16 | 2 | ||||||
| Hunan Non-Ferrous Metal, Cl H * | 203,987 | 59,199 | ||||||
| Jiangxi Copper, Cl H | 58,941 | 97,311 | ||||||
| Maanshan Iron & Steel, Cl H * | 240,025 | 50,154 | ||||||
| Real Gold Mining (A)(B) * | 97,864 | 11,184 | ||||||
| Sinofert Holdings | 244,130 | 30,229 | ||||||
| Sinopec Shanghai Petrochemical, Cl H | 404,410 | 98,587 | ||||||
| Sinopec Yizheng Chemical Fibre, Cl H | 290,614 | 64,473 | ||||||
| Yongye International * | 4,287 | 29,966 | ||||||
| Zhaojin Mining Industry | 109,244 | 65,521 | ||||||
| Zijin Mining Group, Cl H | 418,949 | 102,131 | ||||||
| TOTAL CHINA | 1,286,903 | |||||||
| HONG KONG— 35.4% | ||||||||
| Basic Materials — 35.4% | ||||||||
| China Lumena New Materials (A)(B) | 462,350 | 67,090 | ||||||
| China Precious Metal Resources Holdings * | 434,700 | 43,734 | ||||||
| Citic Pacific | 55,400 | 97,181 | ||||||
| Fufeng Group | 123,844 | 47,123 | ||||||
| Kingboard Chemical Holdings | 51,100 | 97,415 | ||||||
| Kingboard Laminates Holdings | 149,828 | 57,976 | ||||||
| Nine Dragons Paper Holdings | 144,500 | 94,868 | ||||||
| North Mining Shares, Cl C * | 1,176,456 | 54,627 | ||||||
| Shougang Concord International Enterprises | 853,924 | 39,651 | ||||||
| West China Cement | 354,300 | 38,387 | ||||||
The accompanying notes are an integral part of the financial statements.
| 10 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X China Materials ETF | |
| Shares | Value | |||||||
| COMMON STOCK — continued | ||||||||
| Basic Materials — continued | ||||||||
| Yingde Gases | 98,049 | $ | 99,023 | |||||
| TOTAL HONG KONG | 737,075 | |||||||
| SINGAPORE— 2.4% | ||||||||
| Basic Materials — 2.4% | ||||||||
| Midas Holdings | 133,266 | 49,960 | ||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $2,656,179) | 2,073,938 | |||||||
| TOTAL INVESTMENTS — 99.7% | ||||||||
| (Cost $2,656,179) | $ | 2,073,938 | ||||||
Percentages are based on Net Assets of $2,081,022.
| * | Non-income producing security. |
Cl — Class
| (A) | Securities considered illiquid. The total value of such securities as of April 30, 2014 was $78,274 and represented 3.8% of Net Assets. |
| (B) | Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2014, was $78,274 and represents 3.8% of Net Assets. |
The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:
| Investments in Securities | Level 1 | Level 2 |
Level 3(1) |
Total | ||||||||||||
| Common Stock | $ | 1,995,664 | $ | — | $ | 78,274 | $ | 2,073,938 | ||||||||
| Total Investments in Securities | $ | 1,995,664 | $ | — | $ | 78,274 | $ | 2,073,938 | ||||||||
(1) Please see Note 2 for details on the unobservable inputs and the interrelationships and sensitivity between these inputs for those Level 3 securities that are not valued by third party pricing vendors or broker quotes.
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
| Investments in | ||||
| Common Stock | ||||
| Beginning Balance as of October 31, 2013 | $ | 11,184 | ||
| Transfers into Level 3 | 67,090 | |||
| Ending Balance as of April 30, 2014 | $ | 78,274 | ||
For the period ended April 30, 2014 the transfers into Level 3 were due to a security being halted. Transfers between levels are recognized at period end.
Net change in unrealized appreciation/(depreciation) from investments (Level 3) still held as of April 30, 2014 is $0.
The accompanying notes are an integral part of the financial statements.
| 11 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X NASDAQ China Technology ETF | |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments.
| Shares | Value | |||||||
| COMMON STOCK — 99.8% | ||||||||
| CHINA— 75.8% | ||||||||
| Technology — 75.8% | ||||||||
| 21Vianet Group ADR * | 27,890 | $ | 669,918 | |||||
| 500.com ADR, Cl A * | 4,221 | 133,806 | ||||||
| Autohome ADR * | 1,312 | 42,023 | ||||||
| AutoNavi Holdings ADR * | 7,484 | 154,769 | ||||||
| Baidu ADR * | 10,157 | 1,562,655 | ||||||
| BYD Electronic International * | 500,204 | 308,395 | ||||||
| China Communications Services, Cl H | 561,221 | 284,485 | ||||||
| China Finance Online * | 11,517 | 42,843 | ||||||
| ChinaCache International Holdings ADR * | 5,454 | 75,265 | ||||||
| Coolpad Group | 803,702 | 347,274 | ||||||
| FIH Mobile * | 1,441,959 | 777,432 | ||||||
| Kingdee International Software Group * | 1,129,837 | 336,636 | ||||||
| Lenovo Group | 1,638,413 | 1,863,910 | ||||||
| Montage Technology Group * | 9,244 | 192,183 | ||||||
| NetEase ADR * | 12,496 | 850,853 | ||||||
| O-Net Communications Group | 321,300 | 83,299 | ||||||
| Qihoo 360 Technology ADR * | 15,946 | 1,345,524 | ||||||
| Semiconductor Manufacturing International * | 10,124,117 | 822,679 | ||||||
| SINA * | 25,414 | 1,214,789 | ||||||
| Sohu.com * | 10,284 | 567,368 | ||||||
| Sungy Mobile ADR * | 3,669 | 60,025 | ||||||
| Tencent Holdings | 21,753 | 1,355,748 | ||||||
| Travelsky Technology, Cl H | 207,035 | 157,821 | ||||||
| YY ADR * | 11,608 | 665,835 | ||||||
| ZTE, Cl H * | 399,337 | 814,853 | ||||||
| TOTAL CHINA | 14,730,388 | |||||||
| HONG KONG— 24.0% | ||||||||
| Technology — 24.0% | ||||||||
| ASM Pacific Technology | 96,520 | 1,073,143 | ||||||
| Chinasoft International * | 786,700 | 226,280 | ||||||
| Citic 21CN * | 1,367,800 | 760,384 | ||||||
| Comba Telecom Systems Holdings * | 512,052 | 130,771 | ||||||
| Digital China Holdings | 520,324 | 481,201 | ||||||
| Ju Teng International Holdings | 555,344 | 410,440 | ||||||
The accompanying notes are an integral part of the financial statements.
| 12 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X NASDAQ China Technology ETF | |
| Shares/Face Amount |
Value | |||||||
| COMMON STOCK — continued | ||||||||
| Technology — continued | ||||||||
| TCL Communication Technology Holdings | 320,200 | $ | 341,554 | |||||
| VODone * | 2,028,888 | 177,951 | ||||||
| VTech Holdings | 77,351 | 1,067,537 | ||||||
| TOTAL HONG KONG | 4,669,261 | |||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $18,902,639) | 19,399,649 | |||||||
| TIME DEPOSIT — 0.2% | ||||||||
| Brown Brothers Harriman, 0.030%, 05/01/14 | ||||||||
| (Cost $39,737) | $ | 39,737 | 39,737 | |||||
| TOTAL INVESTMENTS — 100.0% | ||||||||
| (Cost $18,942,376) | $ | 19,439,386 | ||||||
Percentages are based on Net Assets of $19,432,573.
| * | Non-income producing security. |
ADR — American Depositary Receipt
Cl — Class
The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock | $ | 19,399,649 | $ | — | $ | — | $ | 19,399,649 | ||||||||
| Time Deposit | — | 39,737 | — | 39,737 | ||||||||||||
| Total Investments in Securities | $ | 19,399,649 | $ | 39,737 | $ | — | $ | 19,439,386 | ||||||||
For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
As of April 30, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.
| 13 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X FTSE ASEAN 40 ETF | |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments.
| Shares | Value | |||||||
| COMMON STOCK — 99.1% | ||||||||
| INDONESIA— 16.6% | ||||||||
| Consumer Goods — 4.4% | ||||||||
| Astra International | 1,666,231 | $ | 1,070,083 | |||||
| Unilever Indonesia | 95,996 | 242,865 | ||||||
| 1,312,948 | ||||||||
| Financials — 8.0% | ||||||||
| Bank Central Asia | 1,016,456 | 967,090 | ||||||
| Bank Mandiri | 773,960 | 657,714 | ||||||
| Bank Rakyat Indonesia Persero | 891,560 | 763,434 | ||||||
| 2,388,238 | ||||||||
| Telecommunications — 2.8% | ||||||||
| Telekomunikasi Indonesia ADR | 20,789 | 825,323 | ||||||
| Utilities — 1.4% | ||||||||
| Perusahaan Gas Negara | 884,539 | 407,402 | ||||||
| TOTAL INDONESIA | 4,933,911 | |||||||
| MALAYSIA— 28.8% | ||||||||
| Basic Materials — 1.7% | ||||||||
| Petronas Chemicals Group | 238,824 | 492,202 | ||||||
| Consumer Goods — 1.6% | ||||||||
| IOI | 308,493 | 472,352 | ||||||
| Consumer Services — 1.9% | ||||||||
| Genting | 183,815 | 551,642 | ||||||
| Financials — 11.9% | ||||||||
| CIMB Group Holdings | 444,657 | 1,022,623 | ||||||
| Malayan Banking | 356,964 | 1,082,206 | ||||||
| Public Bank | 234,329 | 1,445,226 | ||||||
| 3,550,055 | ||||||||
| Industrials — 2.5% | ||||||||
| Sime Darby | 258,622 | 747,632 | ||||||
The accompanying notes are an integral part of the financial statements.
| 14 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X FTSE ASEAN 40 ETF | |
| Shares | Value | |||||||
| COMMON STOCK — continued | ||||||||
| Oil & Gas — 1.6% | ||||||||
| Petronas Gas | 65,639 | $ | 472,367 | |||||
| Telecommunications — 6.2% | ||||||||
| Axiata Group | 413,228 | 851,638 | ||||||
| DiGi.Com | 309,500 | 525,074 | ||||||
| Maxis | 217,706 | 463,346 | ||||||
| 1,840,058 | ||||||||
| Utilities — 1.4% | ||||||||
| Tenaga Nasional | 116,055 | 422,923 | ||||||
| TOTAL MALAYSIA | 8,549,231 | |||||||
| PHILIPPINES— 3.0% | ||||||||
| Consumer Services — 1.4% | ||||||||
| SM Investments | 26,447 | 430,105 | ||||||
| Telecommunications — 1.6% | ||||||||
| Philippine Long Distance Telephone ADR | 7,257 | 468,076 | ||||||
| TOTAL PHILIPPINES | 898,181 | |||||||
| SINGAPORE— 36.4% | ||||||||
| Consumer Goods — 1.6% | ||||||||
| Wilmar International | 174,521 | 473,296 | ||||||
| Consumer Services — 4.0% | ||||||||
| Genting Singapore | 504,245 | 532,922 | ||||||
| Jardine Cycle & Carriage | 8,257 | 308,954 | ||||||
| Singapore Airlines | 41,773 | 345,859 | ||||||
| 1,187,735 | ||||||||
| Financials — 19.9% | ||||||||
| CapitaLand | 210,388 | 537,004 | ||||||
| DBS Group Holdings | 143,944 | 1,944,972 | ||||||
| Oversea-Chinese Banking | 224,608 | 1,728,857 | ||||||
| United Overseas Bank | 98,062 | 1,702,025 | ||||||
| 5,912,858 | ||||||||
| Industrials — 1.3% | ||||||||
| Singapore Technologies Engineering | 128,645 | 391,979 | ||||||
| Oil & Gas — 3.4% | ||||||||
| Keppel | 118,207 | 992,837 | ||||||
| Telecommunications — 6.2% | ||||||||
| Singapore Telecommunications | 606,634 | 1,853,241 | ||||||
| TOTAL SINGAPORE | 10,811,946 | |||||||
| THAILAND— 14.3% | ||||||||
| Consumer Services — 1.6% | ||||||||
| CP ALL | 365,163 | 473,945 | ||||||
The accompanying notes are an integral part of the financial statements.
| 15 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X FTSE ASEAN 40 ETF | |
| Shares | Value | |||||||
| COMMON STOCK — continued | ||||||||
| Financials — 4.9% | ||||||||
| Bangkok Bank | 41,201 | $ | 240,000 | |||||
| Kasikornbank | 96,718 | 572,358 | ||||||
| Siam Commercial Bank | 128,871 | 659,090 | ||||||
| 1,471,448 | ||||||||
| Industrials — 1.1% | ||||||||
| Siam Cement | 24,836 | 333,091 | ||||||
| Oil & Gas — 4.2% | ||||||||
| PTT | 70,714 | 683,977 | ||||||
| PTT Exploration & Production | 115,180 | 567,713 | ||||||
| 1,251,690 | ||||||||
| Telecommunications — 2.5% | ||||||||
| Advanced Info Service | 98,471 | 736,402 | ||||||
| TOTAL THAILAND | 4,266,576 | |||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $30,972,098) | 29,459,845 | |||||||
| TOTAL INVESTMENTS — 99.1% | ||||||||
| (Cost $30,972,098) | $ | 29,459,845 | ||||||
Percentages are based on Net Assets of $29,722,935.
ADR — American Depositary Receipt
The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock | $ | 29,459,845 | $ | — | $ | — | $ | 29,459,845 | ||||||||
| Total Investments in Securities | $ | 29,459,845 | $ | — | $ | — | $ | 29,459,845 | ||||||||
For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
As of April 30, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.
| 16 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X FTSE Andean 40 ETF | |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments.
| Shares | Value | |||||||
| COMMON STOCK — 96.7% | ||||||||
| CHILE— 49.6% | ||||||||
| Basic Materials — 5.4% | ||||||||
| CAP | 5,961 | $ | 89,375 | |||||
| Empresas CMPC | 85,065 | 189,350 | ||||||
| Sociedad Quimica y Minera de Chile ADR | 7,567 | 241,387 | ||||||
| 520,112 | ||||||||
| Consumer Goods — 2.3% | ||||||||
| Cia Cervecerias Unidas ADR | 5,918 | 139,487 | ||||||
| Embotelladora Andina ADR, Cl B | 3,106 | 75,228 | ||||||
| 214,715 | ||||||||
| Consumer Services — 11.0% | ||||||||
| Cencosud | 89,987 | 299,821 | ||||||
| Latam Airlines Group ADR | 27,294 | 418,417 | ||||||
| SACI Falabella | 38,474 | 327,290 | ||||||
| 1,045,528 | ||||||||
| Financials — 10.4% | ||||||||
| Banco de Chile ADR | 3,288 | 254,393 | ||||||
| Banco de Credito e Inversiones | 3,461 | 191,373 | ||||||
| Banco Santander Chile ADR | 12,809 | 310,874 | ||||||
| Corpbanca ADR | 8,532 | 150,590 | ||||||
| Parque Arauco | 46,414 | 83,071 | ||||||
| 990,301 | ||||||||
| Oil & Gas — 4.1% | ||||||||
| Empresas COPEC | 30,250 | 390,285 | ||||||
| Technology — 0.9% | ||||||||
| Sonda | 37,810 | 87,446 | ||||||
The accompanying notes are an integral part of the financial statements.
| 17 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X FTSE Andean 40 ETF | |
| Shares | Value | |||||||
| COMMON STOCK — continued | ||||||||
| Telecommunications — 1.1% | ||||||||
| ENTEL Chile | 8,695 | $ | 106,743 | |||||
| Utilities — 14.4% | ||||||||
| AES Gener | 194,500 | 104,617 | ||||||
| Aguas Andinas, Cl A | 233,471 | 144,033 | ||||||
| Colbun | 565,324 | 139,875 | ||||||
| E.CL | 39,554 | 50,240 | ||||||
| Empresa Nacional de Electricidad ADR | 9,018 | 397,423 | ||||||
| Enersis ADR | 30,241 | 486,880 | ||||||
| Inversiones Aguas Metropolitanas | 34,900 | 57,769 | ||||||
| 1,380,837 | ||||||||
| TOTAL CHILE | 4,735,967 | |||||||
| COLOMBIA— 34.4% | ||||||||
| Consumer Goods — 5.0% | ||||||||
| Almacenes Exito | 17,104 | 260,546 | ||||||
| Grupo Nutresa | 15,815 | 221,965 | ||||||
| 482,511 | ||||||||
| Financials — 10.7% | ||||||||
| BanColombia ADR | 7,886 | 448,950 | ||||||
| Celsia ESP | 22,600 | 68,853 | ||||||
| Financiera Colombiana | 7,715 | 149,155 | ||||||
| Grupo de Inversiones Suramericana | 17,977 | 350,707 | ||||||
| 1,017,665 | ||||||||
| Industrials — 4.6% | ||||||||
| Cementos Argos | 29,960 | 167,083 | ||||||
| Grupo Argos | 24,676 | 271,661 | ||||||
| 438,744 | ||||||||
| Oil & Gas — 11.7% | ||||||||
| Ecopetrol ADR | 19,186 | 719,283 | ||||||
| Pacific Rubiales Energy ^ | 24,520 | 400,222 | ||||||
| 1,119,505 | ||||||||
| Utilities — 2.4% | ||||||||
| Interconexion Electrica | 25,480 | 119,468 | ||||||
| Isagen | 62,600 | 102,309 | ||||||
| 221,777 | ||||||||
| TOTAL COLOMBIA | 3,280,202 | |||||||
| PERU— 12.7% | ||||||||
| Basic Materials — 6.2% | ||||||||
| Cia de Minas Buenaventura ADR | 15,785 | 205,205 | ||||||
| Southern Copper | 12,764 | 384,707 | ||||||
| 589,912 | ||||||||
The accompanying notes are an integral part of the financial statements.
| 18 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X FTSE Andean 40 ETF | |
| Shares/ Rights |
Value | |||||||
| COMMON STOCK — continued | ||||||||
| Financials — 6.5% | ||||||||
| Credicorp | 1,056 | $ | 157,872 | |||||
| Credicorp † | 3,107 | 463,720 | ||||||
| 621,592 | ||||||||
| TOTAL PERU | 1,211,504 | |||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $10,879,963) | 9,227,673 | |||||||
| PREFERRED STOCK — 3.1% | ||||||||
| COLOMBIA— 3.1% | ||||||||
| Financials — 2.1% | ||||||||
| Banco Davivienda | 7,570 | 107,809 | ||||||
| Grupo Aval Acciones y Valores | 134,171 | 90,761 | ||||||
| 198,570 | ||||||||
| Industrials — 1.0% | ||||||||
| Grupo Argos | 9,110 | 100,387 | ||||||
| TOTAL PREFERRED STOCK | ||||||||
| (Cost $261,720) | 298,957 | |||||||
| RIGHTS — 0.0% | ||||||||
| Chile — 0.0% | ||||||||
| AES Gener SA, Expires 05/01/14* | ||||||||
| (Cost $—) | 8,080 | 694 | ||||||
| TOTAL INVESTMENTS — 99.8% | ||||||||
| (Cost $11,141,683) | $ | 9,527,324 | ||||||
Percentages are based on Net Assets of $9,545,927.
| * | Non-income producing security. |
| ^ | Security traded on the Toronto Stock Exchange. |
| † | Security traded on the New York Stock Exchange. |
ADR — American Depositary Receipt
Cl — Class
The accompanying notes are an integral part of the financial statements.
| 19 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X FTSE Andean 40 ETF | |
The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock | $ | 9,227,673 | $ | — | $ | — | $ | 9,227,673 | ||||||||
| Preferred Stock | 298,957 | — | — | 298,957 | ||||||||||||
| Rights | 694 | — | — | 694 | ||||||||||||
| Total Investments in Securities | $ | 9,527,324 | $ | — | $ | — | $ | 9,527,324 | ||||||||
For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
As of April 30, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.
| 20 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X FTSE Colombia 20 ETF | |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments.
| Shares | Value | |||||||
| COMMON STOCK — 86.9% | ||||||||
| COLOMBIA— 86.9% | ||||||||
| Consumer Goods — 9.7% | ||||||||
| Almacenes Exito | 338,835 | $ | 5,161,500 | |||||
| Fabricato * | 8,922,000 | 81,085 | ||||||
| Grupo Nutresa | 364,255 | 5,112,351 | ||||||
| 10,354,936 | ||||||||
| Financials — 31.6% | ||||||||
| Banco de Bogota | 131,790 | 4,756,914 | ||||||
| BanColombia ADR | 258,982 | 14,743,845 | ||||||
| Bolsa de Valores de Colombia | 41,858,146 | 447,421 | ||||||
| Celsia ESP | 836,014 | 2,547,014 | ||||||
| Financiera Colombiana | 263,479 | 5,093,875 | ||||||
| Grupo de Inversiones Suramericana | 329,439 | 6,426,916 | ||||||
| Interbolsa (B)(C) * | 1,320,603 | 6,683 | ||||||
| 34,022,668 | ||||||||
| Industrials — 13.5% | ||||||||
| Cementos Argos | 929,543 | 5,183,927 | ||||||
| Cemex Latam Holdings * | 470,212 | 4,341,371 | ||||||
| Grupo Argos | 453,463 | 4,992,232 | ||||||
| 14,517,530 | ||||||||
| Oil & Gas — 20.6% | ||||||||
| Canacol Energy * | 245,305 | 1,848,656 | ||||||
| Ecopetrol ADR(A) | 346,516 | 12,990,885 | ||||||
| Pacific Rubiales Energy ^ | 449,095 | 7,330,240 | ||||||
| 22,169,781 | ||||||||
| Utilities — 11.5% | ||||||||
| Empresa de Energia de Bogota | 5,176,408 | 4,250,023 | ||||||
| Interconexion Electrica | 936,962 | 4,393,124 | ||||||
| Isagen | 2,280,841 | 3,727,644 | ||||||
| 12,370,791 | ||||||||
The accompanying notes are an integral part of the financial statements.
| 21 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X FTSE Colombia 20 ETF | |
| Shares | Value | |||||||
| COMMON STOCK — continued | ||||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $97,228,024) | $ | 93,435,706 | ||||||
| PREFERRED STOCK — 12.8% | ||||||||
| COLOMBIA— 12.8% | ||||||||
| Consumer Services — 1.8% | ||||||||
| Avianca Holdings | 951,716 | 1,973,143 | ||||||
| Financials — 9.3% | ||||||||
| Banco Davivienda | 284,784 | 4,055,791 | ||||||
| Grupo Aval Acciones y Valores | 4,963,865 | 3,357,816 | ||||||
| Grupo de Inversiones Suramericana | 131,589 | 2,595,665 | ||||||
| 10,009,272 | ||||||||
| Industrials — 1.7% | ||||||||
| Grupo Argos | 164,937 | 1,817,516 | ||||||
| TOTAL PREFERRED STOCK | ||||||||
| (Cost $11,948,603) | 13,799,931 | |||||||
| TOTAL INVESTMENTS — 99.7% | ||||||||
| (Cost $109,176,627) | $ | 107,235,637 | ||||||
Percentages are based on Net Assets of $107,595,913.
| * | Non-income producing security. |
| ^ | Security traded on the Toronto Stock Exchange. |
ADR — American Depositary Receipt
| (A) | This security or a partial position of this security is on loan at April 30, 2014. The total value of securities on loan at April 30, 2014 was $6,971,038. This security is collateralized by cash in the amount of $7,200,681, which is held at Citibank. |
| (B) | Securities considered illiquid. The total value of such securities as of April 30, 2014 was $6,683 and represented 0.0% of Net Assets. |
| (C) | Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2014, was $6,683 and represents 0.0% of Net Assets. |
The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:
| Investments in Securities | Level 1 | Level 2 |
Level 3(1) |
Total | ||||||||||||
| Common Stock | $ | 93,429,023 | $ | — | $ | 6,683 | $ | 93,435,706 | ||||||||
| Preferred Stock | 13,799,931 | — | — | 13,799,931 | ||||||||||||
| Total Investments in Securities | $ | 107,228,954 | $ | — | $ | 6,683 | $ | 107,235,637 | ||||||||
(1) A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.
For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
The accompanying notes are an integral part of the financial statements.
| 22 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X Brazil Mid Cap ETF | |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments.
| Shares | Value | |||||||
| COMMON STOCK — 89.8% | ||||||||
| BRAZIL— 89.8% | ||||||||
| Basic Materials — 7.6% | ||||||||
| Cia Siderurgica Nacional ADR | 104,030 | $ | 402,596 | |||||
| Fibria Celulose ADR * | 33,920 | 336,826 | ||||||
| 739,422 | ||||||||
| Consumer Goods — 11.2% | ||||||||
| Cia Hering | 8,813 | 93,990 | ||||||
| Cosan, Cl A | 11,615 | 140,890 | ||||||
| Cosan Industria e Comercio | 6,849 | 116,692 | ||||||
| Hypermarcas | 24,427 | 180,211 | ||||||
| JBS * | 66,343 | 229,400 | ||||||
| M Dias Branco | 2,900 | 124,857 | ||||||
| Natura Cosmeticos | 12,056 | 207,624 | ||||||
| 1,093,664 | ||||||||
| Consumer Services — 12.2% | ||||||||
| Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR | 9,460 | 449,918 | ||||||
| Kroton Educacional | 16,200 | 344,379 | ||||||
| Localiza Rent a Car | 9,800 | 146,577 | ||||||
| Lojas Renner | 8,665 | 252,285 | ||||||
| 1,193,159 | ||||||||
| Financials — 14.3% | ||||||||
| BM&F Bovespa | 117,571 | 600,048 | ||||||
| BR Malls Participacoes | 28,411 | 245,662 | ||||||
| CETIP - Mercados Organizados | 14,964 | 189,722 | ||||||
| Cyrela Brazil Realty Empreendimentos e Participacoes | 18,079 | 109,540 | ||||||
| Multiplan Empreendimentos Imobiliarios | 5,818 | 129,315 | ||||||
| Porto Seguro | 7,109 | 104,415 | ||||||
| 1,378,702 | ||||||||
The accompanying notes are an integral part of the financial statements.
| 23 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X Brazil Mid Cap ETF | |
| Shares | Value | |||||||
| COMMON STOCK — continued | ||||||||
| Industrials — 8.4% | ||||||||
| All America Latina Logistica | 31,762 | $ | 125,068 | |||||
| Duratex * | 20,386 | 88,411 | ||||||
| EcoRodovias Infraestrutura e Logistica | 14,519 | 85,691 | ||||||
| Embraer ADR | 7,758 | 266,875 | ||||||
| WEG | 20,645 | 248,142 | ||||||
| 814,187 | ||||||||
| Telecommunications — 8.3% | ||||||||
| Tim Participacoes ADR | 29,972 | 806,546 | ||||||
| Utilities — 27.8% | ||||||||
| Cia de Saneamento Basico do Estado de Sao Paulo ADR * | 44,809 | 424,789 | ||||||
| Cia Energetica de Minas Gerais ADR | 45,660 | 344,276 | ||||||
| Cia Paranaense de Energia ADR | 6,397 | 91,797 | ||||||
| CPFL Energia ADR | 32,927 | 551,857 | ||||||
| EDP - Energias do Brasil | 16,650 | 73,029 | ||||||
| Tractebel Energia | 14,460 | 212,450 | ||||||
| Transmissora Alianca de Energia Eletrica | 5,900 | 52,074 | ||||||
| Ultrapar Participacoes ADR | 37,795 | 940,717 | ||||||
| 2,690,989 | ||||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $8,727,273) | 8,716,669 | |||||||
| PREFERRED STOCK — 9.1% | ||||||||
| BRAZIL— 9.1% | ||||||||
| Basic Materials — 2.1% | ||||||||
| Braskem * | 10,300 | 70,168 | ||||||
| Metalurgica Gerdau | 18,750 | 137,151 | ||||||
| 207,319 | ||||||||
| Consumer Services — 2.1% | ||||||||
| Lojas Americanas | 26,095 | 198,368 | ||||||
| Financials — 1.3% | ||||||||
| Bradespar | 14,403 | 125,701 | ||||||
| Industrials — 1.6% | ||||||||
| Klabin | 151,500 | 154,914 | ||||||
| Telecommunications — 0.7% | ||||||||
| Oi | 74,825 | 69,490 | ||||||
| Utilities — 1.3% | ||||||||
| Cia Energetica de Sao Paulo | 10,864 | 126,972 | ||||||
| TOTAL PREFERRED STOCK | ||||||||
| (Cost $1,464,887) | 882,764 | |||||||
The accompanying notes are an integral part of the financial statements.
| 24 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X Brazil Mid Cap ETF | |
| Face Amount/ Number of Warrants/ Rights |
Value | |||||||
| CORPORATE OBLIGATIONS — 0.6% | ||||||||
| Hypermarcas (A)(B) | ||||||||
| 11.300%, 10/15/18 | $ | 59,000 | $ | 26,899 | ||||
| 3.000%, 10/15/15 | 59,000 | 26,898 | ||||||
| TOTAL CORPORATE OBLIGATIONS | ||||||||
| (Cost $70,852) | 53,797 | |||||||
| WARRANTS — 0.0% | ||||||||
| Brazil — 0.0% | ||||||||
| Hypermarcas | ||||||||
| Strike Price $29.48, Expires 10/15/15(A)(B)* | ||||||||
| (Cost $—) | 59 | — | ||||||
| RIGHTS — 0.0% | ||||||||
| Brazil — 0.0% | ||||||||
| Klabin SA, Expires 05/19/14* | ||||||||
| (Cost $—) | 924 | — | ||||||
| TIME DEPOSIT — 0.0% | ||||||||
| Brown Brothers Harriman, 0.030%, 05/01/14 | ||||||||
| (Cost $3,752) | 3,752 | 3,752 | ||||||
| TOTAL INVESTMENTS — 99.5% | ||||||||
| (Cost $10,266,764) | $ | 9,656,982 | ||||||
Percentages are based on Net Assets of $9,708,610.
| * | Non-income producing security. |
ADR — American Depositary Receipt
Cl — Class
| (A) | Securities are fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of April 30, 2014, was $53,797 and represented 0.6% of Net Assets. |
| (B) | Securities considered illiquid. The total value of such securities as of April 30, 2014 was $53,797 and represented 0.6% of Net Assets. |
Amounts designated as “—“ are $0 or have been rounded to $0.
The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:
| Investments in Securities | Level 1 | Level 2 |
Level 3(1) |
Total | ||||||||||||
| Common Stock | $ | 8,716,669 | $ | — | $ | — | $ | 8,716,669 | ||||||||
| Preferred Stock | 882,764 | — | — | 882,764 | ||||||||||||
| Corporate Obligations | — | — | 53,797 | 53,797 | ||||||||||||
| Warrants | — | — | — | — | ||||||||||||
| Rights | — | — | — | — | ||||||||||||
| Time Deposit | — | 3,752 | — | 3,752 | ||||||||||||
| Total Investments in Securities | $ | 9,599,433 | $ | 3,752 | $ | 53,797 | $ | 9,656,982 | ||||||||
The accompanying notes are an integral part of the financial statements.
| 25 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X Brazil Mid Cap ETF | |
(1) A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.
For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
The accompanying notes are an integral part of the financial statements.
| 26 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X Brazil Consumer ETF | |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments.
| Shares | Value | |||||||
| COMMON STOCK — 91.7% | ||||||||
| BRAZIL— 91.7% | ||||||||
| Consumer Goods — 56.3% | ||||||||
| Ambev ADR * | 96,837 | $ | 702,068 | |||||
| Arezzo Industria e Comercio | 21,403 | 239,203 | ||||||
| BRF ADR | 31,883 | 720,556 | ||||||
| Cia Hering |
51,821 |
552,665 |
||||||
| Cosan, Cl A | 48,505 | 588,365 | ||||||
| Cosan Industria e Comercio | 37,811 | 644,216 | ||||||
| Gafisa ADR * | 109,988 | 364,060 | ||||||
| Grendene | 39,541 | 249,154 | ||||||
| Hypermarcas | 88,407 | 652,223 | ||||||
| JBS * | 202,770 | 701,135 | ||||||
| M Dias Branco * | 16,128 | 694,377 | ||||||
| Marfrig Alimentos * | 114,407 | 213,447 | ||||||
| Natura Cosmeticos | 40,651 | 700,078 | ||||||
| Sao Martinho | 23,777 | 350,937 | ||||||
| SLC Agricola | 21,853 | 168,277 | ||||||
| Souza Cruz | 70,392 | 645,911 | ||||||
| Technos | 31,521 | 186,037 | ||||||
| 8,372,709 | ||||||||
| Consumer Services — 35.4% | ||||||||
| Anhanguera Educacional Participacoes | 111,220 | 688,345 | ||||||
| B2W Cia Digital * | 30,409 | 336,855 | ||||||
| Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR | 14,529 | 690,999 | ||||||
| Gol Linhas Aereas Inteligentes ADR * | 48,476 | 315,094 | ||||||
| International Meal Holdings * | 23,560 | 185,965 | ||||||
| Localiza Rent a Car | 50,353 | 753,122 | ||||||
| Lojas Renner | 26,415 | 769,083 | ||||||
| Marisa Lojas | 23,861 | 161,374 | ||||||
| Multiplus | 22,260 | 284,720 | ||||||
| Raia Drogasil * | 93,979 | 805,866 | ||||||
| Restoque Comercio e Confeccoes de Roupas * | 47,947 | 132,245 | ||||||
| Rossi Residencial * | 157,500 | 113,017 | ||||||
| 5,236,685 | ||||||||
The accompanying notes are an integral part of the financial statements.
| 27 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X Brazil Consumer ETF | |
| Shares/Face Amount/ Number of Warrants |
Value | |||||||
| COMMON STOCK — continued | ||||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $14,126,180) | $ | 13,609,394 | ||||||
| PREFERRED STOCK — 7.8% | ||||||||
| BRAZIL— 7.8% | ||||||||
| Consumer Goods — 2.0% | ||||||||
| Alpargatas | 60,831 | 299,279 | ||||||
| Consumer Services — 5.8% | ||||||||
| Lojas Americanas | 104,163 | 791,821 | ||||||
| Saraiva Livreiros Editores * | 9,193 | 65,141 | ||||||
| 856,962 | ||||||||
| TOTAL PREFERRED STOCK | ||||||||
| (Cost $1,010,618) | 1,156,241 | |||||||
| CORPORATE OBLIGATIONS — 0.5% | ||||||||
| Hypermarcas (A)(B) | ||||||||
| 11.300%, 10/15/18 | $ | 84,000 | 38,296 | |||||
| 3.000%, 10/15/15 | 84,000 | 38,296 | ||||||
| TOTAL CORPORATE OBLIGATIONS | ||||||||
| (Cost $100,874) | 76,592 | |||||||
| WARRANTS — 0.0% | ||||||||
| Brazil — 0.0% | ||||||||
| Hypermarcas | ||||||||
| Strike Price $29.48, Expires 10/15/15(A)(B)* | 84 | — | ||||||
| TOTAL WARRANTS | ||||||||
| (Cost $—) | — | |||||||
| TOTAL INVESTMENTS — 100.0% | ||||||||
| (Cost $15,237,672) | $ | 14,842,227 | ||||||
Percentages are based on Net Assets of $14,843,572.
| * | Non-income producing security. |
ADR — American Depositary Receipt
Cl — Class
| (A) | Securities are fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of April 30, 2014, was $76,592 and represented 0.5% of Net Assets. |
| (B) | Securities considered illiquid. The total value of such securities as of April 30, 2014 was $76,592 and represented 0.5% of Net Assets. |
Amounts designated as “—“ are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
| 28 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X Brazil Consumer ETF | |
The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:
| Investments in Securities | Level 1 | Level 2 |
Level 3(1) |
Total | ||||||||||||
| Common Stock | $ | 13,609,394 | $ | — | $ | — | $ | 13,609,394 | ||||||||
| Preferred Stock | 1,156,241 | — | — | 1,156,241 | ||||||||||||
| Corporate Obligations | — | — | 76,592 | 76,592 | ||||||||||||
| Warrants | — | — | — | — | ||||||||||||
| Total Investments in Securities | $ | 14,765,635 | $ | — | $ | 76,592 | $ | 14,842,227 | ||||||||
(1) A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.
For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
The accompanying notes are an integral part of the financial statements.
| 29 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X Brazil Financials ETF | |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments.
| Shares | Value | |||||||
| COMMON STOCK — 96.1% | ||||||||
| BRAZIL— 96.1% | ||||||||
| Financials — 96.1% | ||||||||
| Banco Bradesco ADR | 20,422 | $ | 303,675 | |||||
| Banco do Brasil | 11,453 | 120,655 | ||||||
| Banco Santander Brasil ADR | 47,929 | 318,728 | ||||||
| BB Seguridade Participacoes | 12,800 | 150,689 | ||||||
| BM&F Bovespa | 25,666 | 130,992 | ||||||
| BR Malls Participacoes | 15,074 | 130,340 | ||||||
| BR Properties | 16,174 | 129,842 | ||||||
| Brasil Brokers Participacoes | 8,334 | 16,483 | ||||||
| Brasil Insurance Participacoes e Administracao | 5,250 | 23,498 | ||||||
| Brookfield Incorporacoes * | 17,783 | 11,405 | ||||||
| CETIP - Mercados Organizados | 12,404 | 157,265 | ||||||
| Cielo | 9,216 | 160,740 | ||||||
| Cyrela Brazil Realty Empreendimentos e Participacoes | 15,185 | 92,006 | ||||||
| Even Construtora e Incorporadora | 13,329 | 43,339 | ||||||
| Ez Tec Empreendimentos e Participacoes | 2,985 | 36,279 | ||||||
| Grupo BTG Pactual | 10,017 | 136,794 | ||||||
| Iguatemi Empresa de Shopping Centers | 3,344 | 33,174 | ||||||
| Itau Unibanco Holding ADR | 19,284 | 315,487 | ||||||
| LPS Brasil Consultoria de Imoveis | 3,600 | 18,196 | ||||||
| MRV Engenharia e Participacoes | 18,569 | 58,961 | ||||||
| Multiplan Empreendimentos Imobiliarios | 4,748 | 105,532 | ||||||
| PDG Realty Empreendimentos e Participacoes * | 79,522 | 48,503 | ||||||
| Porto Seguro | 6,006 | 88,215 | ||||||
| Rossi Residencial * | 20,774 | 14,907 | ||||||
| Sul America | 19,510 | 141,748 | ||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $3,186,563) | 2,787,453 | |||||||
| PREFERRED STOCK — 3.5% | ||||||||
| BRAZIL— 3.5% | ||||||||
| Financials — 3.5% | ||||||||
| Banco ABC Brasil * | 4,109 | 24,049 | ||||||
The accompanying notes are an integral part of the financial statements.
| 30 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X Brazil Financials ETF | |
| Shares/Face Amount |
Value | |||||||
| PREFERRED STOCK — continued | ||||||||
| Financials — continued | ||||||||
| Banco do Estado do Rio Grande do Sul | 10,458 | $ | 60,034 | |||||
| Banco Panamericano * | 9,571 | 15,925 | ||||||
| TOTAL PREFERRED STOCK | ||||||||
| (Cost $131,118) | 100,008 | |||||||
| TIME DEPOSIT — 0.5% | ||||||||
| Brown Brothers Harriman, 0.030%, 05/01/14 | ||||||||
| (Cost $15,537) | $ | 15,537 | 15,537 | |||||
| TOTAL INVESTMENTS — 100.1% | ||||||||
| (Cost $3,333,218) | $ | 2,902,998 | ||||||
Percentages are based on Net Assets of $2,899,449.
| * | Non-income producing security. |
ADR — American Depositary Receipt
The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock | $ | 2,787,453 | $ | — | $ | — | $ | 2,787,453 | ||||||||
| Preferred Stock | 100,008 | — | — | 100,008 | ||||||||||||
| Time Deposit | — | 15,537 | — | 15,537 | ||||||||||||
| Total Investments in Securities | $ | 2,887,461 | $ | 15,537 | $ | — | $ | 2,902,998 | ||||||||
For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
As of April 30, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.
| 31 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X FTSE Argentina 20 ETF | |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments.
| Shares | Value | |||||||
| COMMON STOCK — 100.0% | ||||||||
| ARGENTINA— 78.9% | ||||||||
| Basic Materials — 18.8% | ||||||||
| Tenaris ADR | 31,833 | $ | 1,402,244 | |||||
| Consumer Goods — 3.3% | ||||||||
| Cresud SACIF y A ADR | 20,524 | 247,725 | ||||||
| Consumer Services — 17.0% | ||||||||
| Arcos Dorados Holdings, Cl A | 37,276 | 339,584 | ||||||
| MercadoLibre | 9,868 | 920,388 | ||||||
| 1,259,972 | ||||||||
| Financials — 16.6% | ||||||||
| Banco Macro ADR * | 11,621 | 355,138 | ||||||
| BBVA Banco Frances ADR * | 25,762 | 252,467 | ||||||
| Grupo Financiero Galicia ADR | 33,571 | 451,866 | ||||||
| IRSA Inversiones y Representaciones ADR | 13,495 | 179,348 | ||||||
| 1,238,819 | ||||||||
| Oil & Gas — 14.9% | ||||||||
| Petrobras Argentina ADR * | 36,165 | 198,184 | ||||||
| Transportadora de Gas del Sur ADR * | 19,773 | 52,201 | ||||||
| YPF ADR | 30,113 | 857,016 | ||||||
| 1,107,401 | ||||||||
| Telecommunications — 4.8% | ||||||||
| Telecom Argentina ADR * | 17,581 | 358,125 | ||||||
| Utilities — 3.5% | ||||||||
| Pampa Energia ADR * | 35,301 | 261,228 | ||||||
| TOTAL ARGENTINA | 5,875,514 | |||||||
| CANADA— 14.8% | ||||||||
| Basic Materials — 14.8% | ||||||||
| Goldcorp | 11,778 | 291,152 | ||||||
| Pan American Silver | 21,522 | 278,925 | ||||||
The accompanying notes are an integral part of the financial statements.
| 32 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X FTSE Argentina 20 ETF | |
| Shares/Face Amount |
Value | |||||||
| COMMON STOCK — continued | ||||||||
| Basic Materials — continued | ||||||||
| Silver Standard Resources * | 28,533 | $ | 282,762 | |||||
| Yamana Gold | 33,271 | 248,867 | ||||||
| TOTAL CANADA | 1,101,706 | |||||||
| CHILE— 3.5% | ||||||||
| Consumer Services — 3.5% | ||||||||
| Cencosud | 78,849 | 262,711 | ||||||
| UNITED STATES— 2.8% | ||||||||
| Basic Materials — 1.8% | ||||||||
| McEwen Mining * | 56,091 | 134,619 | ||||||
| Oil & Gas — 1.0% | ||||||||
| Apco Oil and Gas International * | 5,088 | 71,130 | ||||||
| TOTAL UNITED STATES | 205,749 | |||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $6,837,737) | 7,445,680 | |||||||
| TIME DEPOSIT — 0.1% | ||||||||
| Brown Brothers Harriman, 0.030%, 05/01/14 | ||||||||
| (Cost $11,167) | $ | 11,167 | 11,167 | |||||
| TOTAL INVESTMENTS — 100.1% | ||||||||
| (Cost $6,848,904) | $ | 7,456,847 | ||||||
Percentages are based on Net Assets of $7,451,848.
| * | Non-income producing security. |
ADR — American Depositary Receipt
Cl — Class
The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock | $ | 7,445,680 | $ | — | $ | — | $ | 7,445,680 | ||||||||
| Time Deposit | — | 11,167 | — | 11,167 | ||||||||||||
| Total Investments in Securities | $ | 7,445,680 | $ | 11,167 | $ | — | $ | 7,456,847 | ||||||||
For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
As of April 30, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.
| 33 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X FTSE Greece 20 ETF | |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments.
| Shares | Value | |||||||
| COMMON STOCK — 100.0% | ||||||||
| CYPRUS— 0.0% | ||||||||
| Financials — 0.0% | ||||||||
| Bank of Cyprus(A)(B) * | 3,387,287 | $ | 97,276 | |||||
| GREECE— 100.0% | ||||||||
| Basic Materials — 3.3% | ||||||||
| Mytilineos Holdings * | 772,702 | 6,892,999 | ||||||
| Consumer Goods — 18.6% | ||||||||
| Coca-Cola HBC | 1,005,978 | 25,443,288 | ||||||
| Coca-Cola HBC ADR | 213,250 | 5,371,767 | ||||||
| JUMBO * | 507,171 | 8,197,200 | ||||||
| 39,012,255 | ||||||||
| Consumer Services — 14.0% | ||||||||
| Folli Follie * | 245,870 | 8,527,678 | ||||||
| OPAP | 1,300,462 | 20,748,214 | ||||||
| 29,275,892 | ||||||||
| Financials — 29.4% | ||||||||
| Alpha Bank AE * | 20,798,144 | 20,111,413 | ||||||
| Eurobank Properties Real Estate Investment | 240,940 | 2,787,791 | ||||||
| Marfin Investment Group Holdings * | 4,843,666 | 3,346,484 | ||||||
| National Bank of Greece ADR * | 1,813,950 | 7,110,684 | ||||||
| Piraeus Bank * | 12,057,268 | 28,436,953 | ||||||
| 61,793,325 | ||||||||
| Industrials — 10.0% | ||||||||
| Ellaktor * | 1,015,687 | 5,354,621 | ||||||
| Metka | 256,460 | 4,589,809 | ||||||
| Piraeus Port Authority | 65,342 | 1,695,193 | ||||||
| Titan Cement * | 298,802 | 9,410,107 | ||||||
| 21,049,730 | ||||||||
The accompanying notes are an integral part of the financial statements.
| 34 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X FTSE Greece 20 ETF | |
| Shares/Face Amount(1) |
Value | |||||||
| COMMON STOCK — continued | ||||||||
| Oil & Gas — 6.2% | ||||||||
| Hellenic Petroleum | 700,999 | $ | 6,000,505 | |||||
| Motor Oil Hellas Corinth Refineries | 557,583 | 7,023,937 | ||||||
| 13,024,442 | ||||||||
| Telecommunications — 11.5% | ||||||||
| Hellenic Telecommunications Organization * | 1,515,938 | 24,164,994 | ||||||
| Utilities — 7.0% | ||||||||
| Athens Water Supply & Sewage | 309,032 | 3,987,233 | ||||||
| Public Power | 572,320 | 8,646,733 | ||||||
| Terna Energy * | 338,365 | 2,018,548 | ||||||
| 14,652,514 | ||||||||
| TOTAL GREECE | 209,866,151 | |||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $202,288,572) | 209,963,427 | |||||||
| U.S. TREASURY OBLIGATION — 26.2% | ||||||||
| United States Treasury Bills | ||||||||
| 0.002%, 05/22/14(C) | ||||||||
| (Cost $54,999,936) | 55,000,000 | 54,999,615 | ||||||
| TIME DEPOSITS — 0.4% | ||||||||
| Brown Brothers Harriman | ||||||||
| 0.030%, 05/14/14 | 750,593 | 750,593 | ||||||
| 0.054%, 05/01/14, EUR | 46,103 | 63,960 | ||||||
| TOTAL TIME DEPOSITS | ||||||||
| (Cost $814,553) | 814,553 | |||||||
| TOTAL INVESTMENTS — 126.6% | ||||||||
| (Cost $258,103,061) | $ | 265,777,595 | ||||||
Percentages are based on Net Assets of $209,903,240.
| * | Non-income producing security. |
ADR — American Depositary Receipt
EUR — Euro Dollar
| (A) | Securities are fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of April 30, 2014, was $97,276 and represented 0.0% of Net Assets. |
| (B) | Securities considered illiquid. The total value of such securities as of April 30, 2014 was $97,276 and represented 0.0% of Net Assets. |
| (C) | The rate reported on the Schedule of Investments is the effective yield at time of purchase. |
| (1) | In U.S. Dollars unless otherwise indicated. |
The accompanying notes are an integral part of the financial statements.
| 35 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X FTSE Greece 20 ETF | |
The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:
| Investments in Securities | Level 1 | Level 2 |
Level 3(1) |
Total | ||||||||||||
| Common Stock | $ | 209,866,151 | $ | — | $ | 97,276 | $ | 209,963,427 | ||||||||
| U.S. Treasury Obligation | — | 54,999,615 | — | 54,999,615 | ||||||||||||
| Time Deposits | — | 814,553 | — | 814,553 | ||||||||||||
| Total Investments in Securities | $ | 209,866,151 | $ | 55,814,168 | $ | 97,276 | $ | 265,777,595 | ||||||||
(1) A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.
For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
The accompanying notes are an integral part of the financial statements.
| 36 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X FTSE Norway 30 ETF | |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 9 in Notes to Financial Statements for more detailed information.
| Shares | Value | |||||||
| COMMON STOCK — 99.4% | ||||||||
| NORWAY— 94.7% | ||||||||
| Basic Materials — 10.2% | ||||||||
| Norsk Hydro | 908,645 | $ | 4,862,473 | |||||
| Yara International | 107,463 | 5,072,779 | ||||||
| 9,935,252 | ||||||||
| Consumer Goods — 8.9% | ||||||||
| Aker, Cl A | 19,280 | 651,932 | ||||||
| Austevoll Seafood | 58,900 | 380,492 | ||||||
| Leroey Seafood Group | 11,400 | 402,739 | ||||||
| Marine Harvest | 231,774 | 2,838,542 | ||||||
| Orkla(A) | 534,031 | 4,410,205 | ||||||
| 8,683,910 | ||||||||
| Consumer Services — 4.2% | ||||||||
| Norwegian Air Shuttle * | 8,481 | 336,712 | ||||||
| Schibsted | 65,622 | 3,768,880 | ||||||
| 4,105,592 | ||||||||
| Financials — 17.0% | ||||||||
| DnB(A) | 635,975 | 11,244,549 | ||||||
| Gjensidige Forsikring(A) | 137,189 | 2,529,468 | ||||||
| SpareBank 1 SR Bank | 82,493 | 797,966 | ||||||
| Storebrand | 360,770 | 2,022,249 | ||||||
| 16,594,232 | ||||||||
| Industrials — 2.3% | ||||||||
| BW LPG * (A) | 58,300 | 745,387 | ||||||
| Stolt-Nielsen | 15,470 | 417,700 | ||||||
| Tomra Systems | 119,454 | 1,110,279 | ||||||
| 2,273,366 | ||||||||
The accompanying notes are an integral part of the financial statements.
| 37 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X FTSE Norway 30 ETF | |
| Shares/Face Amount |
Value | |||||||
| COMMON STOCK — continued | ||||||||
| Oil & Gas — 41.6% | ||||||||
| Aker Solutions(A) | 119,403 | $ | 1,911,276 | |||||
| Det Norske Oljeselskap * | 62,451 | 682,367 | ||||||
| DNO International * | 815,066 | 2,825,986 | ||||||
| Fred Olsen Energy | 18,820 | 598,702 | ||||||
| Petroleum Geo-Services | 175,687 | 2,117,654 | ||||||
| ProSafe | 148,470 | 1,306,290 | ||||||
| REC Silicon * | 1,866,800 | 1,038,873 | ||||||
| Seadrill | 209,117 | 7,299,729 | ||||||
| Statoil(A) | 661,402 | 20,072,493 | ||||||
| TGS Nopec Geophysical | 82,363 | 2,840,438 | ||||||
| 40,693,808 | ||||||||
| Technology — 1.9% | ||||||||
| Atea | 75,042 | 861,601 | ||||||
| Opera Software | 74,240 | 957,927 | ||||||
| 1,819,528 | ||||||||
| Telecommunications — 8.6% | ||||||||
| Telenor | 358,672 | 8,417,264 | ||||||
| TOTAL NORWAY | 92,522,952 | |||||||
| UNITED KINGDOM— 4.7% | ||||||||
| Oil & Gas — 4.7% | ||||||||
| Subsea 7 | 227,621 | 4,552,956 | ||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $88,814,559) | 97,075,908 | |||||||
| REPURCHASE AGREEMENTS — 14.6% | ||||||||
| Barclays | ||||||||
| 0.040%, dated 04/30/14, to be repurchased on
05/01/14, repurchase price $13,000,014 (collateralized by U.S. Treasury Bills, ranging in par value $1,443,816-$3,716,914, 0.625%-4.625%, 10/15/16-11/15/21 with a total market value of $13,260,004)(B) |
$ | 13,000,000 | 13,000,000 | |||||
| Deutsche Bank | ||||||||
| 0.040%, dated 04/30/14, to be repurchased on
05/01/14, repurchase price $1,224,532 (collateralized by U.S. Treasury Bills, par value $1,107,956, 4.500%, 05/15/17 with a total market value of $1,228,013)(B) |
1,224,531 | 1,224,531 | ||||||
| TOTAL REPURCHASE AGREEMENTS | ||||||||
| (Cost $14,224,531) | 14,224,531 | |||||||
The accompanying notes are an integral part of the financial statements.
| 38 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X FTSE Norway 30 ETF | |
| Face Amount | Value | |||||||
| TIME DEPOSIT — 0.0% | ||||||||
| Brown Brothers Harriman, 0.030%, 05/01/14 | ||||||||
| (Cost $48,396) | $ | 48,396 | $ | 48,396 | ||||
| TOTAL INVESTMENTS — 114.0% | ||||||||
| (Cost $103,087,486) | $ | 111,348,835 | ||||||
Percentages are based on Net Assets of $97,706,504.
| * | Non-income producing security. |
Cl — Class
| (A) | This security or a partial position of this security is on loan at April 30, 2014. The total value of securities on loan at April 30, 2014 was $13,527,938. |
| (B) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2014 was $14,224,531. |
The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock | $ | 97,075,908 | $ | — | $ | — | $ | 97,075,908 | ||||||||
| Repurchase Agreements | — | 14,224,531 | — | 14,224,531 | ||||||||||||
| Time Deposit | — | 48,396 | — | 48,396 | ||||||||||||
| Total Investments in Securities | $ | 97,075,908 | $ | 14,272,927 | $ | — | $ | 111,348,835 | ||||||||
For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
As of April 30, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.
| 39 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X FTSE Nordic Region ETF | |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments.
| Shares | Value | |||||||
| COMMON STOCK — 99.3% | ||||||||
| DENMARK— 21.8% | ||||||||
| Consumer Goods — 1.7% | ||||||||
| Carlsberg, Cl B | 11,077 | $ | 1,106,671 | |||||
| Financials — 3.3% | ||||||||
| Danske Bank * | 75,733 | 2,139,668 | ||||||
| Health Care — 14.3% | ||||||||
| Coloplast, Cl B | 10,506 | 881,489 | ||||||
| Novo Nordisk ADR | 188,324 | 8,548,026 | ||||||
| 9,429,515 | ||||||||
| Industrials — 2.5% | ||||||||
| A P Moller - Maersk, Cl B | 704 | 1,677,561 | ||||||
| TOTAL DENMARK | 14,353,415 | |||||||
| FINLAND— 12.4% | ||||||||
| Financials — 3.7% | ||||||||
| Sampo, Cl A | 49,491 | 2,457,385 | ||||||
| Industrials — 2.6% | ||||||||
| Kone, Cl B | 39,948 | 1,708,098 | ||||||
| Technology — 4.5% | ||||||||
| Nokia ADR | 394,004 | 2,955,030 | ||||||
| Utilities — 1.6% | ||||||||
| Fortum | 46,649 | 1,052,968 | ||||||
| TOTAL FINLAND | 8,173,481 | |||||||
| NORWAY— 13.9% | ||||||||
| Basic Materials — 2.3% | ||||||||
| Norsk Hydro | 140,813 | 753,539 | ||||||
| Yara International | 16,481 | 777,984 | ||||||
| 1,531,523 | ||||||||
The accompanying notes are an integral part of the financial statements.
| 40 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X FTSE Nordic Region ETF | |
| Shares | Value | |||||||
| COMMON STOCK — continued | ||||||||
| Financials — 3.0% | ||||||||
| DnB | 113,351 | $ | 2,004,137 | |||||
| Oil & Gas — 6.3% | ||||||||
| Seadrill | 37,267 | 1,300,893 | ||||||
| Statoil ADR | 92,485 | 2,818,018 | ||||||
| 4,118,911 | ||||||||
| Telecommunications — 2.3% | ||||||||
| Telenor | 63,940 | 1,500,535 | ||||||
| TOTAL NORWAY | 9,155,106 | |||||||
| SWEDEN— 51.2% | ||||||||
| Consumer Goods — 2.6% | ||||||||
| Svenska Cellulosa, Cl B | 60,793 | 1,702,563 | ||||||
| Consumer Services — 5.7% | ||||||||
| Hennes & Mauritz, Cl B | 91,795 | 3,738,322 | ||||||
| Financials — 20.8% | ||||||||
| Investor, Cl B | 47,391 | 1,833,047 | ||||||
| Nordea Bank | 307,098 | 4,437,246 | ||||||
| Skandinaviska Enskilda Banken, Cl A | 152,325 | 2,097,860 | ||||||
| Svenska Handelsbanken, Cl A | 46,287 | 2,322,821 | ||||||
| Swedbank, Cl A | 113,150 | 3,005,291 | ||||||
| 13,696,265 | ||||||||
| Industrials — 14.3% | ||||||||
| Assa Abloy, Cl B | 32,789 | 1,735,716 | ||||||
| Atlas Copco, Cl A | 64,873 | 1,877,687 | ||||||
| Sandvik | 103,841 | 1,465,260 | ||||||
| Scania, Cl B | 31,844 | 964,792 | ||||||
| SKF, Cl B | 43,590 | 1,126,253 | ||||||
| Volvo, Cl B | 147,073 | 2,318,443 | ||||||
| 9,488,151 | ||||||||
| Technology — 5.3% | ||||||||
| Ericsson ADR | 288,108 | 3,454,415 | ||||||
| Telecommunications — 2.5% | ||||||||
| TeliaSonera | 226,761 | 1,644,681 | ||||||
| TOTAL SWEDEN | 33,724,397 | |||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $55,744,533) | 65,406,399 | |||||||
| TOTAL INVESTMENTS — 99.3% | ||||||||
| (Cost $55,744,533) | $ | 65,406,399 | ||||||
Percentages are based on Net Assets of $65,899,967.
| * | Non-income producing security. |
The accompanying notes are an integral part of the financial statements.
| 41 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X FTSE Nordic Region ETF | |
ADR — American Depositary Receipt
Cl — Class
The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock | $ | 65,406,399 | $ | — | $ | — | $ | 65,406,399 | ||||||||
| Total Investments in Securities | $ | 65,406,399 | $ | — | $ | — | $ | 65,406,399 | ||||||||
For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
As of April 30, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.
| 42 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X Central Asia & Mongolia Index ETF | |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments.
| Shares | Value | |||||||
| COMMON STOCK — 99.6% | ||||||||
| CANADA— 14.7% | ||||||||
| Basic Materials — 14.7% | ||||||||
| Centerra Gold | 17,904 | $ | 91,803 | |||||
| Dundee Precious Metals * | 26,460 | 87,874 | ||||||
| SouthGobi Resources * | 23,150 | 13,795 | ||||||
| Turquoise Hill Resources * | 23,786 | 92,766 | ||||||
| TOTAL CANADA | 286,238 | |||||||
| CHINA— 7.6% | ||||||||
| Oil & Gas — 7.6% | ||||||||
| MIE Holdings | 377,100 | 71,014 | ||||||
| SPT Energy Group | 141,500 | 76,837 | ||||||
| TOTAL CHINA | 147,851 | |||||||
| HONG KONG— 1.9% | ||||||||
| Basic Materials — 1.9% | ||||||||
| Mongolia Energy * | 1,792,800 | 37,692 | ||||||
| KAZAKHSTAN— 32.5% | ||||||||
| Financials — 8.1% | ||||||||
| Halyk Savings Bank of Kazakhstan JSC GDR | 17,440 | 156,960 | ||||||
| Oil & Gas — 15.2% | ||||||||
| KazMunaiGas Exploration Production JSC GDR | 12,578 | 187,161 | ||||||
| Nostrum Oil & Gas * | 10,880 | 108,800 | ||||||
| 295,961 | ||||||||
| Telecommunications — 9.2% | ||||||||
| KCell JSC GDR | 11,835 | 178,708 | ||||||
| TOTAL KAZAKHSTAN | 631,629 | |||||||
| MONGOLIA— 3.3% | ||||||||
| Basic Materials — 3.3% | ||||||||
| Mongolian Mining * | 783,900 | 64,710 | ||||||
| NETHERLANDS— 0.3% | ||||||||
| Oil & Gas — 0.3% | ||||||||
| Nostrum Oil & Gas GDR | 500 | 5,000 | ||||||
The accompanying notes are an integral part of the financial statements.
| 43 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X Central Asia & Mongolia Index ETF | |
| Shares | Value | |||||||
| COMMON STOCK — continued | ||||||||
| SWEDEN— 4.9% | ||||||||
| Telecommunications — 4.9% | ||||||||
| TeliaSonera | 13,046 | $ | 94,622 | |||||
| UNITED ARAB EMIRATES— 8.2% | ||||||||
| Oil & Gas — 8.2% | ||||||||
| Dragon Oil | 14,968 | 159,213 | ||||||
| UNITED KINGDOM— 26.2% | ||||||||
| Basic Materials — 17.8% | ||||||||
| Central Asia Metals | 30,038 | 90,021 | ||||||
| China Nonferrous Gold * | 87,179 | 41,950 | ||||||
| Kazakhmys | 31,322 | 125,916 | ||||||
| Polymetal International | 9,270 | 88,587 | ||||||
| 346,474 | ||||||||
| Financials — 4.8% | ||||||||
| Bank of Georgia Holdings | 2,144 | 94,226 | ||||||
| Oil & Gas — 3.6% | ||||||||
| Tethys Petroleum * | 150,338 | 69,168 | ||||||
| TOTAL UNITED KINGDOM | 509,868 | |||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $2,034,032) | 1,936,823 | |||||||
| TOTAL INVESTMENTS — 99.6% | ||||||||
| (Cost $2,034,032) | $ | 1,936,823 | ||||||
Percentages are based on Net Assets of $1,944,069.
| * | Non-income producing security. |
GDR — Global Depositary Receipt
The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock | $ | 1,936,823 | $ | — | $ | — | $ | 1,936,823 | ||||||||
| Total Investments in Securities | $ | 1,936,823 | $ | — | $ | — | $ | 1,936,823 | ||||||||
For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
As of April 30, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.
| 44 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X Nigeria Index ETF | |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments.
| Shares | Value | |||||||
| COMMON STOCK — 99.6% | ||||||||
| CANADA— 1.5% | ||||||||
| Oil & Gas — 1.5% | ||||||||
| Mart Resources | 189,405 | $ | 257,482 | |||||
| FRANCE— 1.6% | ||||||||
| Oil & Gas — 1.6% | ||||||||
| MPI | 44,165 | 264,696 | ||||||
| ITALY— 5.9% | ||||||||
| Oil & Gas — 5.9% | ||||||||
| Saipem | 37,160 | 994,989 | ||||||
| NIGERIA— 70.6% | ||||||||
| Consumer Goods — 18.0% | ||||||||
| Dangote Sugar Refinery | 1,720,100 | 106,001 | ||||||
| Flour Mills of Nigeria | 611,000 | 260,260 | ||||||
| Guinness Nigeria * | 350,400 | 383,880 | ||||||
| Nestle Nigeria | 124,900 | 808,565 | ||||||
| Nigerian Breweries | 1,293,000 | 1,207,283 | ||||||
| Unilever Nigeria | 964,700 | 285,237 | ||||||
| 3,051,226 | ||||||||
| Financials — 44.0% | ||||||||
| Access Bank | 10,366,400 | 528,483 | ||||||
| Diamond Bank * | 5,665,600 | 213,716 | ||||||
| Ecobank Transnational | 1,609,211 | 135,228 | ||||||
| FBN Holdings | 12,250,100 | 1,079,747 | ||||||
| Fidelity Bank | 14,980,200 | 181,833 | ||||||
| First City Monument Bank * | 9,203,720 | 202,808 | ||||||
| Guaranty Trust Bank | 12,119,200 | 1,978,753 | ||||||
| Skye Bank | 7,133,000 | 154,959 | ||||||
| Transnational Corp of Nigeria * | 17,718,300 | 380,505 | ||||||
| UAC of Nigeria | 947,680 | 333,649 | ||||||
| United Bank for Africa | 16,474,962 | 692,225 | ||||||
| Zenith Bank | 11,124,500 | 1,571,903 | ||||||
| 7,453,809 | ||||||||
| Industrials — 6.5% | ||||||||
| Dangote Cement | 468,000 | 658,405 | ||||||
The accompanying notes are an integral part of the financial statements.
| 45 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X Nigeria Index ETF | |
| Shares | Value | |||||||
| COMMON STOCK — continued | ||||||||
| Industrials — continued | ||||||||
| Lafarge Cement WAPCO Nigeria | 643,000 | $ | 434,270 | |||||
| 1,092,675 | ||||||||
| Oil & Gas — 2.1% | ||||||||
| Oando | 3,500,900 | 348,673 | ||||||
| TOTAL NIGERIA | 11,946,383 | |||||||
| NORWAY— 6.4% | ||||||||
| Oil & Gas — 6.4% | ||||||||
| TGS Nopec Geophysical | 31,550 | 1,088,059 | ||||||
| UNITED KINGDOM— 9.6% | ||||||||
| Oil & Gas — 9.6% | ||||||||
| Afren * | 336,600 | 895,092 | ||||||
| Subsea 7 | 36,751 | 735,106 | ||||||
| TOTAL UNITED KINGDOM | 1,630,198 | |||||||
| UNITED STATES— 4.0% | ||||||||
| Oil & Gas — 4.0% | ||||||||
| SEACOR Holdings * | 8,191 | 683,048 | ||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $17,270,138) | 16,864,855 | |||||||
| TOTAL INVESTMENTS — 99.6% | ||||||||
| (Cost $17,270,138) | $ | 16,864,855 | ||||||
Percentages are based on Net Assets of $16,931,816.
| * | Non-income producing security. |
The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock | $ | 16,864,855 | $ | — | $ | — | $ | 16,864,855 | ||||||||
| Total Investments in Securities | $ | 16,864,855 | $ | — | $ | — | $ | 16,864,855 | ||||||||
For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
As of April 30, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.
| 46 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X Next Emerging & Frontier ETF | |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments.
| Shares | Value | |||||||
| COMMON STOCK — 99.8% | ||||||||
| ARGENTINA— 2.0% | ||||||||
| Consumer Services — 1.0% | ||||||||
| Arcos Dorados Holdings, Cl A | 95,818 | $ | 872,902 | |||||
| MercadoLibre | 8,160 | 761,083 | ||||||
| 1,633,985 | ||||||||
| Oil & Gas — 1.0% | ||||||||
| YPF ADR | 53,306 | 1,517,089 | ||||||
| TOTAL ARGENTINA | 3,151,074 | |||||||
| AUSTRALIA— 1.0% | ||||||||
| Basic Materials — 1.0% | ||||||||
| Paladin Energy * | 2,485,200 | 1,004,303 | ||||||
| Resolute Mining * | 924,000 | 519,328 | ||||||
| TOTAL AUSTRALIA | 1,523,631 | |||||||
| BANGLADESH— 1.1% | ||||||||
| Consumer Services — 0.2% | ||||||||
| Square Pharmaceuticals | 97,200 | 352,851 | ||||||
| Telecommunications — 0.9% | ||||||||
| Bangladesh Submarine Cable | 216,000 | 506,876 | ||||||
| GrameenPhone | 238,600 | 826,798 | ||||||
| 1,333,674 | ||||||||
| TOTAL BANGLADESH | 1,686,525 | |||||||
The accompanying notes are an integral part of the financial statements.
| 47 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X Next Emerging & Frontier ETF | |
| Shares | Value | |||||||
| COMMON STOCK — continued | ||||||||
| CANADA— 3.4% | ||||||||
| Basic Materials — 1.8% | ||||||||
| African Barrick Gold | 193,400 | $ | 810,786 | |||||
| Turquoise Hill Resources * | 527,537 | 2,050,370 | ||||||
| 2,861,156 | ||||||||
| Oil & Gas — 0.9% | ||||||||
| Africa Oil * | 60,504 | 456,519 | ||||||
| Pan American Silver | 70,002 | 906,919 | ||||||
| 1,363,438 | ||||||||
| Technology — 0.7% | ||||||||
| Goldcorp | 44,146 | 1,090,308 | ||||||
| TOTAL CANADA | 5,314,902 | |||||||
| CHILE— 6.4% | ||||||||
| Basic Materials — 1.2% | ||||||||
| Empresas CMPC | 96,000 | 213,691 | ||||||
| Sociedad Quimica y Minera de Chile, Cl B | 52,752 | 1,681,972 | ||||||
| 1,895,663 | ||||||||
| Consumer Goods — 0.8% | ||||||||
| Cia Cervecerias Unidas | 103,200 | 1,218,088 | ||||||
| Consumer Services — 1.9% | ||||||||
| Cencosud | 72,000 | 239,892 | ||||||
| Latam Airlines Group | 88,800 | 1,355,004 | ||||||
| SACI Falabella | 144,000 | 1,224,978 | ||||||
| 2,819,874 | ||||||||
| Financials — 0.3% | ||||||||
| Banco de Chile | 2,034,200 | 261,370 | ||||||
| Banco Santander Chile | 4,706,600 | 284,437 | ||||||
| 545,807 | ||||||||
| Oil & Gas — 0.2% | ||||||||
| Empresas COPEC | 20,400 | 263,200 | ||||||
| Telecommunications — 0.1% | ||||||||
| ENTEL Chile | 14,400 | 176,780 | ||||||
| Utilities — 1.9% | ||||||||
| Aguas Andinas, Cl A | 334,600 | 206,421 | ||||||
| Empresa Nacional de Electricidad | 948,000 | 1,402,456 | ||||||
| Enersis | 4,283,600 | 1,385,468 | ||||||
| 2,994,345 | ||||||||
| TOTAL CHILE | 9,913,757 | |||||||
The accompanying notes are an integral part of the financial statements.
| 48 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X Next Emerging & Frontier ETF | |
| Shares | Value | |||||||
| COMMON STOCK — continued | ||||||||
| COLOMBIA— 1.0% | ||||||||
| Consumer Goods — 0.1% | ||||||||
| Almacenes Exito | 13,200 | $ | 201,077 | |||||
| Industrials — 0.2% | ||||||||
| Cementos Argos | 48,000 | 267,689 | ||||||
| Oil & Gas — 0.7% | ||||||||
| Ecopetrol | 600,000 | 1,116,920 | ||||||
| TOTAL COLOMBIA | 1,585,686 | |||||||
| CZECH REPUBLIC— 1.4% | ||||||||
| Financials — 0.2% | ||||||||
| Komercni Banka | 1,320 | 304,160 | ||||||
| Telecommunications — 0.2% | ||||||||
| Telefonica Czech Republic | 18,000 | 272,689 | ||||||
| Utilities — 1.0% | ||||||||
| CEZ | 52,560 | 1,580,289 | ||||||
| TOTAL CZECH REPUBLIC | 2,157,138 | |||||||
| EGYPT— 0.2% | ||||||||
| Financials — 0.2% | ||||||||
| Commercial International Bank Egypt SAE | 59,100 | 316,182 | ||||||
| HUNGARY— 0.6% | ||||||||
| Financials — 0.5% | ||||||||
| OTP Bank | 36,480 | 694,771 | ||||||
| Oil & Gas — 0.1% | ||||||||
| MOL Hungarian Oil & Gas | 3,240 | 186,101 | ||||||
| TOTAL HUNGARY | 880,872 | |||||||
| INDONESIA— 8.3% | ||||||||
| Basic Materials — 1.2% | ||||||||
| Indocement Tunggal Prakarsa | 180,000 | 341,738 | ||||||
| Semen Indonesia Persero | 1,164,000 | 1,495,083 | ||||||
| 1,836,821 | ||||||||
| Consumer Goods — 2.0% | ||||||||
| Astra International | 2,437,400 | 1,565,341 | ||||||
| Charoen Pokphand Indonesia | 649,400 | 211,758 | ||||||
| Gudang Garam | 96,000 | 469,143 | ||||||
| Indofood CBP Sukses Makmur TBK | 240,000 | 207,586 | ||||||
| Indofood Sukses Makmur | 481,200 | 293,427 | ||||||
| Unilever Indonesia | 108,000 | 273,235 | ||||||
| 3,020,490 | ||||||||
The accompanying notes are an integral part of the financial statements.
| 49 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X Next Emerging & Frontier ETF | |
| Shares | Value | |||||||
| COMMON STOCK — continued | ||||||||
| Consumer Services — 0.4% | ||||||||
| Kalbe Farma | 2,581,400 | $ | 344,961 | |||||
| Media Nusantara Citra | 1,270,600 | 298,376 | ||||||
| 643,337 | ||||||||
| Financials — 2.6% | ||||||||
| Bank Central Asia | 1,548,000 | 1,472,819 | ||||||
| Bank Mandiri | 2,025,000 | 1,720,852 | ||||||
| Bank Rakyat Indonesia Persero | 1,080,000 | 924,793 | ||||||
| 4,118,464 | ||||||||
| Industrials — 0.3% | ||||||||
| Jasa Marga Persero | 456,000 | 232,703 | ||||||
| United Tractors | 144,000 | 270,276 | ||||||
| 502,979 | ||||||||
| Telecommunications — 0.9% | ||||||||
| Telekomunikasi Indonesia Persero | 7,215,800 | 1,413,639 | ||||||
| Utilities — 0.9% | ||||||||
| Perusahaan Gas Negara | 3,061,400 | 1,410,021 | ||||||
| TOTAL INDONESIA | 12,945,751 | |||||||
| KAZAKHSTAN— 0.2% | ||||||||
| Oil & Gas — 0.2% | ||||||||
| KazMunaiGas Exploration Production JSC GDR | 17,054 | 253,763 | ||||||
| KENYA— 0.2% | ||||||||
| Telecommunications — 0.2% | ||||||||
| Safaricom | 2,173,200 | 327,191 | ||||||
| KUWAIT— 1.9% | ||||||||
| Financials — 1.5% | ||||||||
| Kuwait Finance House | 596,640 | 1,761,691 | ||||||
| National Bank of Kuwait SAK * | 179,580 | 626,070 | ||||||
| 2,387,761 | ||||||||
| Telecommunications — 0.4% | ||||||||
| Mobile Telecommunications KSC * | 226,600 | 523,977 | ||||||
| TOTAL KUWAIT | 2,911,738 | |||||||
| MALAYSIA— 10.4% | ||||||||
| Basic Materials — 0.2% | ||||||||
| Petronas Chemicals Group | 142,600 | 293,890 | ||||||
| Consumer Goods — 0.5% | ||||||||
| IOI | 180,000 | 275,608 | ||||||
| Kuala Lumpur Kepong | 30,600 | 226,771 | ||||||
| UMW Holdings | 84,000 | 276,785 | ||||||
| 779,164 | ||||||||
The accompanying notes are an integral part of the financial statements.
| 50 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X Next Emerging & Frontier ETF | |
| Shares | Value | |||||||
| COMMON STOCK — continued | ||||||||
| Consumer Services — 0.6% | ||||||||
| Genting | 96,000 | $ | 288,103 | |||||
| Genting Malaysia | 228,000 | 294,644 | ||||||
| IHH Healthcare * | 240,000 | 294,718 | ||||||
| 877,465 | ||||||||
| Energy — 0.9% | ||||||||
| Sapurakencana Petroleum * | 1,117,200 | 1,474,547 | ||||||
| Financials — 2.4% | ||||||||
| CIMB Group Holdings | 324,596 | 746,506 | ||||||
| Malayan Banking | 456,000 | 1,382,453 | ||||||
| Public Bank | 251,900 | 1,553,596 | ||||||
| 3,682,555 | ||||||||
| Industrials — 1.1% | ||||||||
| MISC * | 144,000 | 287,074 | ||||||
| Sime Darby | 492,267 | 1,423,059 | ||||||
| 1,710,133 | ||||||||
| Oil & Gas — 0.3% | ||||||||
| Petronas Dagangan | 24,000 | 222,692 | ||||||
| Petronas Gas | 36,000 | 259,072 | ||||||
| 481,764 | ||||||||
| Real Estate — 0.1% | ||||||||
| IOI Properties Group Sdn * | 95,400 | 78,295 | ||||||
| Telecommunications — 3.0% | ||||||||
| Axiata Group | 660,000 | 1,360,220 | ||||||
| DiGi.Com | 946,600 | 1,605,930 | ||||||
| Maxis | 646,600 | 1,376,166 | ||||||
| Telekom Malaysia | 192,000 | 364,538 | ||||||
| 4,706,854 | ||||||||
| Utilities — 1.3% | ||||||||
| Tenaga Nasional | 504,000 | 1,836,656 | ||||||
| YTL | 456,000 | 224,823 | ||||||
| 2,061,479 | ||||||||
| TOTAL MALAYSIA | 16,146,146 | |||||||
| MEXICO— 9.2% | ||||||||
| Basic Materials — 2.9% | ||||||||
| Alpek, Cl A | 154,800 | 266,229 | ||||||
| Fresnillo | 90,000 | 1,293,898 | ||||||
| Grupo Mexico, Cl B | 444,000 | 1,337,150 | ||||||
| Industrias Penoles | 10,764 | 250,605 | ||||||
| Mexichem | 336,000 | 1,252,030 | ||||||
| Minera Frisco * | 84,000 | 153,583 | ||||||
| 4,553,495 | ||||||||
The accompanying notes are an integral part of the financial statements.
| 51 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X Next Emerging & Frontier ETF | |
| Shares | Value | |||||||
| COMMON STOCK — continued | ||||||||
| Consumer Goods — 0.7% | ||||||||
| Arca Continental | 48,000 | $ | 305,257 | |||||
| Coca-Cola Femsa | 24,000 | 268,898 | ||||||
| Grupo Bimbo, Ser A | 96,000 | 264,752 | ||||||
| Kimberly-Clark de Mexico, Cl A | 96,000 | 250,516 | ||||||
| 1,089,423 | ||||||||
| Consumer Services — 1.2% | ||||||||
| Grupo Elektra | 9,240 | 264,535 | ||||||
| Grupo Sanborns | 120,000 | 199,499 | ||||||
| Wal-Mart de Mexico | 552,000 | 1,396,587 | ||||||
| 1,860,621 | ||||||||
| Financials — 1.0% | ||||||||
| Grupo Financiero Banorte, Cl O | 120,000 | 796,988 | ||||||
| Grupo Financiero Inbursa, Cl O | 312,000 | 799,153 | ||||||
| 1,596,141 | ||||||||
| Industrials — 2.2% | ||||||||
| Alfa, Cl A | 550,800 | 1,455,019 | ||||||
| Promotora y Operadora de Infraestructura * | 141,600 | 1,977,437 | ||||||
| 3,432,456 | ||||||||
| Telecommunications — 0.9% | ||||||||
| America Movil | 1,342,800 | 1,353,808 | ||||||
| Utilities — 0.3% | ||||||||
| Infraestructura Energetica Nova | 84,000 | 439,431 | ||||||
| TOTAL MEXICO | 14,325,375 | |||||||
| NIGERIA— 0.3% | ||||||||
| Consumer Goods — 0.1% | ||||||||
| Nigerian Breweries | 214,600 | 200,374 | ||||||
| Financials — 0.2% | ||||||||
| Guaranty Trust Bank | 1,515,600 | 247,458 | ||||||
| TOTAL NIGERIA | 447,832 | |||||||
| OMAN— 0.2% | ||||||||
| Financials — 0.2% | ||||||||
| BankMuscat SAOG * | 156,000 | 251,221 | ||||||
| PAKISTAN— 1.4% | ||||||||
| Basic Materials — 0.1% | ||||||||
| Fauji Fertilizer | 166,800 | 191,858 | ||||||
| Consumer Goods — 0.5% | ||||||||
| Engro Foods * | 660,000 | 727,305 | ||||||
| Consumer Services — 0.2% | ||||||||
| Nishat Mills | 276,000 | 323,087 | ||||||
The accompanying notes are an integral part of the financial statements.
| 52 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X Next Emerging & Frontier ETF | |
| Shares | Value | |||||||
| COMMON STOCK — continued | ||||||||
| Oil & Gas — 0.6% | ||||||||
| Oil & Gas Development | 108,000 | $ | 276,147 | |||||
| Pakistan Petroleum | 288,000 | 677,099 | ||||||
| 953,246 | ||||||||
| TOTAL PAKISTAN | 2,195,496 | |||||||
| PANAMA— 1.2% | ||||||||
| Consumer Services — 1.2% | ||||||||
| Copa Holdings, Cl A | 13,320 | 1,801,930 | ||||||
| PAPUA NEW GUINEA— 1.3% | ||||||||
| Oil & Gas — 1.3% | ||||||||
| Oil Search | 240,074 | 1,982,719 | ||||||
| PERU— 0.5% | ||||||||
| Financials — 0.5% | ||||||||
| Credicorp Ltd. | 5,520 | 823,860 | ||||||
| PHILIPPINES— 3.0% | ||||||||
| Consumer Goods — 0.4% | ||||||||
| LT Group | 612,000 | 251,225 | ||||||
| Universal Robina | 108,000 | 353,701 | ||||||
| 604,926 | ||||||||
| Consumer Services — 0.8% | ||||||||
| SM Investments | 74,400 | 1,209,960 | ||||||
| Financials — 0.2% | ||||||||
| Ayala | 21,600 | 302,342 | ||||||
| Industrials — 0.3% | ||||||||
| Alliance Global Group | 492,000 | 343,782 | ||||||
| International Container Terminal Services | 96,000 | 232,786 | ||||||
| 576,568 | ||||||||
| Real Estate — 0.2% | ||||||||
| Ayala Land | 432,000 | 291,682 | ||||||
| Technology — 0.9% | ||||||||
| Philippine Long Distance Telephone | 22,674 | 1,464,807 | ||||||
| Utilities — 0.2% | ||||||||
| Manila Electric | 43,200 | 272,108 | ||||||
| TOTAL PHILIPPINES | 4,722,393 | |||||||
| POLAND— 4.4% | ||||||||
| Basic Materials — 0.8% | ||||||||
| KGHM Polska Miedz | 35,280 | 1,275,377 | ||||||
| Financials — 1.5% | ||||||||
| Bank Pekao | 11,880 | 760,636 | ||||||
| Powszechna Kasa Oszczednosci Bank Polski | 60,000 | 822,420 | ||||||
The accompanying notes are an integral part of the financial statements.
| 53 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X Next Emerging & Frontier ETF | |
| Shares | Value | |||||||
| COMMON STOCK — continued | ||||||||
| Financials — continued | ||||||||
| Powszechny Zaklad Ubezpieczen | 5,256 | $ | 745,091 | |||||
| 2,328,147 | ||||||||
| Oil & Gas — 1.1% | ||||||||
| Polski Koncern Naftowy Orlen S.A. | 94,800 | 1,418,407 | ||||||
| Polskie Gornictwo Naftowe i Gazownictwo | 156,000 | 242,683 | ||||||
| 1,661,090 | ||||||||
| Utilities — 1.0% | ||||||||
| PGE | 234,000 | 1,623,041 | ||||||
| TOTAL POLAND | 6,887,655 | |||||||
| QATAR— 2.2% | ||||||||
| Financials — 0.6% | ||||||||
| Qatar National Bank | 17,872 | 932,661 | ||||||
| Industrials — 1.2% | ||||||||
| Industries Qatar QSC | 38,406 | 1,877,657 | ||||||
| Telecommunications — 0.4% | ||||||||
| Ooredoo QSC | 14,358 | 579,707 | ||||||
| TOTAL QATAR | 3,390,025 | |||||||
| RUSSIA— 1.2% | ||||||||
| Basic Materials — 1.2% | ||||||||
| Polyus Gold International | 613,200 | 1,915,344 | ||||||
| SOUTH AFRICA— 9.9% | ||||||||
| Basic Materials — 2.0% | ||||||||
| Anglo American Platinum * | 17,400 | 826,957 | ||||||
| AngloGold Ashanti | 46,800 | 844,629 | ||||||
| Assore | 5,160 | 199,411 | ||||||
| Impala Platinum Holdings | 58,800 | 661,748 | ||||||
| Kumba Iron Ore | 17,958 | 638,639 | ||||||
| 3,171,384 | ||||||||
| Consumer Goods — 0.4% | ||||||||
| Tiger Brands | 25,320 | 676,628 | ||||||
| Consumer Services — 3.3% | ||||||||
| Aspen Pharmacare Holdings | 28,320 | 753,648 | ||||||
| Mediclinic International | 96,000 | 670,690 | ||||||
| Naspers, Cl N | 14,532 | 1,370,253 | ||||||
| Shoprite Holdings | 42,000 | 701,391 | ||||||
| Steinhoff International Holdings | 192,000 | 996,637 | ||||||
| Woolworths Holdings | 96,000 | 652,440 | ||||||
| 5,145,059 | ||||||||
| Financials — 2.0% | ||||||||
| Barclays Africa Group | 51,580 | 755,033 | ||||||
The accompanying notes are an integral part of the financial statements.
| 54 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X Next Emerging & Frontier ETF | |
| Shares | Value | |||||||
| COMMON STOCK — continued | ||||||||
| Financials — continued | ||||||||
| FirstRand | 216,000 | $ | 793,742 | |||||
| Remgro | 37,200 | 748,384 | ||||||
| Standard Bank Group | 60,000 | 787,491 | ||||||
| 3,084,650 | ||||||||
| Industrials — 0.5% | ||||||||
| Bidvest Group | 28,495 | 781,408 | ||||||
| Oil & Gas — 0.2% | ||||||||
| Exxaro Resources | 19,200 | 261,670 | ||||||
| Technology — 0.5% | ||||||||
| Sasol | 14,880 | 834,895 | ||||||
| Telecommunications — 1.0% | ||||||||
| MTN Group | 37,200 | 745,415 | ||||||
| Vodacom Group | 66,000 | 787,006 | ||||||
| 1,532,421 | ||||||||
| TOTAL SOUTH AFRICA | 15,488,115 | |||||||
| SOUTH KOREA— 0.3% | ||||||||
| Consumer Services — 0.3% | ||||||||
| Kolao Holdings * | 18,609 | 461,938 | ||||||
| SWEDEN— 1.1% | ||||||||
| Telecommunications — 1.1% | ||||||||
| TeliaSonera | 246,000 | 1,784,221 | ||||||
| THAILAND— 9.4% | ||||||||
| Basic Materials — 0.4% | ||||||||
| PTT Global Chemical | 312,000 | 672,497 | ||||||
| Consumer Goods — 1.0% | ||||||||
| Charoen Pokphand Foods | 960,000 | 800,989 | ||||||
| Thai Beverage | 1,765,400 | 830,809 | ||||||
| 1,631,798 | ||||||||
| Consumer Services — 1.2% | ||||||||
| Bangkok Dusit Medical Services | 1,786,000 | 816,835 | ||||||
| BEC World | 168,000 | 284,240 | ||||||
| CP ALL | 613,400 | 796,131 | ||||||
| 1,897,206 | ||||||||
| Financials — 1.5% | ||||||||
| Bangkok Bank | 94,000 | 547,559 | ||||||
| Bangkok Bank NVDR | 26,000 | 151,452 | ||||||
| Kasikornbank | 103,400 | 611,901 | ||||||
| Kasikornbank NVDR | 28,600 | 169,249 | ||||||
| Siam Commercial Bank | 144,000 | 736,465 | ||||||
| 2,216,626 | ||||||||
The accompanying notes are an integral part of the financial statements.
| 55 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X Next Emerging & Frontier ETF | |
| Shares | Value | |||||||
| COMMON STOCK — continued | ||||||||
| Industrials — 1.4% | ||||||||
| Airports of Thailand | 113,400 | $ | 683,344 | |||||
| Siam Cement | 80,840 | 1,084,195 | ||||||
| Siam Cement NVDR | 22,360 | 299,884 | ||||||
| 2,067,423 | ||||||||
| Oil & Gas — 2.1% | ||||||||
| PTT | 143,800 | 1,390,896 | ||||||
| PTT Exploration & Production | 264,000 | 1,301,236 | ||||||
| Thai Oil | 382,600 | 617,764 | ||||||
| 3,309,896 | ||||||||
| Telecommunications — 1.8% | ||||||||
| Advanced Info Service | 179,500 | 1,342,367 | ||||||
| Intouch Holdings | 32,200 | 77,614 | ||||||
| Intouch Holdings NVDR | 243,800 | 587,652 | ||||||
| Total Access Communication | 23,800 | 91,567 | ||||||
| Total Access Communication NVDR | 180,200 | 693,291 | ||||||
| 2,792,491 | ||||||||
| TOTAL THAILAND | 14,587,937 | |||||||
| TURKEY— 7.9% | ||||||||
| Basic Materials — 1.0% | ||||||||
| Eregli Demir ve Celik Fabrikalari | 1,088,400 | 1,510,271 | ||||||
| Consumer Goods — 0.4% | ||||||||
| Anadolu Efes Biracilik Ve Malt Sanayii | 18,000 | 215,245 | ||||||
| Coca-Cola Icecek | 10,800 | 252,923 | ||||||
| Ford Otomotiv Sanayi | 15,600 | 176,202 | ||||||
| 644,370 | ||||||||
| Consumer Services — 1.9% | ||||||||
| Arcelik | 48,000 | 295,517 | ||||||
| BIM Birlesik Magazalar | 67,212 | 1,551,744 | ||||||
| Turk Hava Yollari | 336,600 | 1,076,011 | ||||||
| 2,923,272 | ||||||||
| Financials — 1.7% | ||||||||
| Akbank | 190,600 | 665,256 | ||||||
| Haci Omer Sabanci Holding | 156,000 | 657,526 | ||||||
| Turkiye Garanti Bankasi | 180,000 | 658,947 | ||||||
| Turkiye Is Bankasi, Cl C | 264,000 | 621,383 | ||||||
| 2,603,112 | ||||||||
| Industrials — 1.0% | ||||||||
| Enka Insaat ve Sanayi | 96,000 | 290,971 | ||||||
| KOC Holding | 288,000 | 1,286,183 | ||||||
| 1,577,154 | ||||||||
The accompanying notes are an integral part of the financial statements.
| 56 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X Next Emerging & Frontier ETF | |
| Shares | Value | |||||||
| COMMON STOCK — continued | ||||||||
| Oil & Gas — 0.9% | ||||||||
| Tupras Turkiye Petrol Rafinerileri | 64,440 | $ | 1,449,599 | |||||
| Telecommunications — 1.0% | ||||||||
| Turk Telekomunikasyon | 84,000 | 251,815 | ||||||
| Turkcell Iletisim Hizmetleri * | 222,600 | 1,296,668 | ||||||
| 1,548,483 | ||||||||
| TOTAL TURKEY | 12,256,261 | |||||||
| UNITED ARAB EMIRATES— 3.6% | ||||||||
| Financials — 1.7% | ||||||||
| Abu Dhabi Commercial Bank PJSC * | 418,200 | 884,688 | ||||||
| First Gulf Bank PJSC | 228,340 | 1,078,615 | ||||||
| National Bank of Abu Dhabi PJSC * | 167,540 | 650,007 | ||||||
| 2,613,310 | ||||||||
| Industrials — 0.2% | ||||||||
| DP World | 14,144 | 261,664 | ||||||
| Real Estate — 1.7% | ||||||||
| Emaar Properties PJSC | 901,400 | 2,675,033 | ||||||
| TOTAL UNITED ARAB EMIRATES | 5,550,007 | |||||||
| UNITED KINGDOM— 3.3% | ||||||||
| Basic Materials — 0.9% | ||||||||
| Ferrexpo | 178,600 | 439,052 | ||||||
| Kazakhmys | 252,000 | 1,013,054 | ||||||
| 1,452,106 | ||||||||
| Financials — 0.5% | ||||||||
| Bank of Georgia Holdings | 16,560 | 727,792 | ||||||
| Oil & Gas — 1.5% | ||||||||
| Afren * | 456,000 | 1,212,602 | ||||||
| Premier Oil | 192,000 | 1,098,292 | ||||||
| 2,310,894 | ||||||||
| Telecommunications — 0.4% | ||||||||
| Cable & Wireless Communications | 767,695 | 684,377 | ||||||
| TOTAL UNITED KINGDOM | 5,175,169 | |||||||
| UNITED STATES— 0.6% | ||||||||
| Oil & Gas — 0.6% | ||||||||
| Vaalco Energy * | 94,490 | 871,198 | ||||||
| VIETNAM— 0.7% | ||||||||
| Basic Materials — 0.1% | ||||||||
| Petrovietnam Fertilizer & Chemicals JSC | 83,600 | 137,202 | ||||||
| Real Estate — 0.3% | ||||||||
| Vingroup JSC * | 168,200 | 518,582 | ||||||
The accompanying notes are an integral part of the financial statements.
| 57 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X Next Emerging & Frontier ETF | |
|
Shares/Face |
Value | |||||||
| COMMON STOCK — continued | ||||||||
| Utilities — 0.3% | ||||||||
| PetroVietnam Gas JSC | 72,200 | $ | 340,752 | |||||
| Pha Lai Thermal Power JSC | 156,700 | 154,600 | ||||||
| 495,352 | ||||||||
| TOTAL VIETNAM | 1,151,136 | |||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $153,754,887) | 155,184,188 | |||||||
| CONVERTIBLE BOND — 0.0% | ||||||||
| BankMuscat SAOG | ||||||||
| 4.500%, 03/20/17 | 2,702 | 8 | ||||||
| (Cost $–) | 8 | |||||||
| TIME DEPOSIT — 0.0% | ||||||||
| Brown Brothers Harriman, 1.752%, 05/01/14, AUD | ||||||||
| (Cost $5) | 6 | 5 | ||||||
| TOTAL INVESTMENTS — 99.8% | ||||||||
| (Cost $153,754,892) | $ | 155,184,201 | ||||||
Percentages are based on Net Assets of $155,572,775.
| * | Non-income producing security. |
ADR – American Depositary Receipt
AUD – Australian Dollar
Cl – Class
GDR – Global Depositary Receipt
NVDR – Non-voting Depository Receipt
| (1) | In U.S. Dollars unless otherwise indicated. |
The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock | $ | 155,184,188 | $ | — | $ | — | $ | 155,184,188 | ||||||||
| Convertible Bond | — | 8 | — | 8 | ||||||||||||
| Time Deposit | — | 5 | — | 5 | ||||||||||||
| Total Investments in Securities | $ | 155,184,188 | $ | 13 | $ | — | $ | 155,184,201 | ||||||||
For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
As of April 30, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.
| 58 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X FTSE Portugal 20 ETF | |
Sector Weightings †:
† Sector weightings percentages are based on the total market value of investments.
| Shares | Value | |||||||
| COMMON STOCK — 99.8% | ||||||||
| PORTUGAL— 99.8% | ||||||||
| Basic Materials — 12.6% | ||||||||
| Altri | 195,100 | $ | 662,063 | |||||
| Cimpor Cimentos de Portugal | 52,488 | 230,764 | ||||||
| Portucel | 237,600 | 1,125,699 | ||||||
| Semapa-Sociedade de Investimento e Gestao | 57,275 | 859,363 | ||||||
| Sonae Industria * | 89,300 | 75,697 | ||||||
| 2,953,586 | ||||||||
| Consumer Goods — 13.3% | ||||||||
| Jeronimo Martins | 116,575 | 2,038,607 | ||||||
| Sonae * | 580,600 | 1,090,639 | ||||||
| 3,129,246 | ||||||||
| Consumer Services — 4.2% | ||||||||
| ZON OPTIMUS | 135,500 | 977,337 | ||||||
| Energy — 13.2% | ||||||||
| Galp Energia | 179,350 | 3,106,527 | ||||||
| Financials — 19.7% | ||||||||
| Banco BPI, Cl G * | 423,100 | 1,085,338 | ||||||
| Banco Comercial Portugues, Cl R * | 6,454,600 | 1,961,095 | ||||||
| Banco Espirito Santo * | 555,600 | 983,554 | ||||||
| BANIF - Banco Internacional do Funchal * | 40,319,200 | 581,742 | ||||||
| 4,611,729 | ||||||||
| Industrials — 4.2% | ||||||||
| Mota-Engil | 119,400 | 912,230 | ||||||
| Sonae Capital * | 121,937 | 78,664 | ||||||
| 990,894 | ||||||||
The accompanying notes are an integral part of the financial statements.
| 59 |
| |
| Schedule of Investments | April 30, 2014 (Unaudited) |
| Global X FTSE Portugal 20 ETF | |
|
Shares/Face |
Value | |||||||
| COMMON STOCK — continued | ||||||||
| Telecommunication Services — 5.8% | ||||||||
| Portugal Telecom | 237,000 | $ | 986,404 | |||||
| Sonaecom | 118,900 | 379,398 | ||||||
| 1,365,802 | ||||||||
| Utilities — 26.8% | ||||||||
| EDP Renovaveis * | 164,000 | 1,123,291 | ||||||
| Energias de Portugal | 983,400 | 4,775,111 | ||||||
| Redes Energeticas Nacionais | 98,100 | 368,555 | ||||||
| 6,266,957 | ||||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $21,563,768) | 23,402,078 | |||||||
| U.S. TREASURY OBLIGATION — 6.4% | ||||||||
| United States Treasury Bills | ||||||||
| 0.002%, 05/22/14(A) | ||||||||
| (Cost $1,499,999) | 1,500,000 | 1,499,990 | ||||||
| TIME DEPOSIT — 0.1% | ||||||||
| Brown Brothers Harriman, 0.544%, 05/01/14, EUR | ||||||||
| (Cost $17,613) | 12,696 | 17,613 | ||||||
| TOTAL INVESTMENTS — 106.3% | ||||||||
| (Cost $23,081,380) | $ | 24,919,681 | ||||||
Percentages are based on Net Assets of $23,442,113.
| * | Non-income producing security. |
| (A) | The rate reported on the Schedule of Investments is the effective yield at time of purchase. |
Cl - Class
EUR - Euro Dollar
| (1) | In U.S. Dollars unless otherwise indicated. |
The following is a summary of the inputs used as of April 30, 2014, in valuing the Fund's investments carried at value:
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock | $ | 23,402,078 | $ | — | $ | — | $ | 23,402,078 | ||||||||
| U.S. Treasury Obligation | — | 1,499,990 | — | 1,499,990 | ||||||||||||
| Time Deposit | — | 17,613 | — | 17,613 | ||||||||||||
| Total Investments in Securities | $ | 23,402,078 | $ | 1,517,603 | $ | — | $ | 24,919,681 | ||||||||
For the period ended April 30, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
As of April 30, 2014, there were no Level 3 investments.
The accompanying notes are an integral part of the financial statements.
| 60 |
|
| Statements of Assets and Liabilities |
| April 30, 2014 (Unaudited) |
| Global X China Consumer ETF |
Global X China Energy ETF |
Global X China Financials ETF |
Global X China Industrials ETF |
|||||||||||||
| Assets: | ||||||||||||||||
| Cost of Investments | $ | 174,950,118 | $ | 3,422,801 | $ | 18,427,947 | $ | 4,418,727 | ||||||||
| Cost of Repurchase Agreements | 21,376,801 | — | — | — | ||||||||||||
| Cost of Foreign Currency | 17,105 | — | — | — | ||||||||||||
| Investments, at Value | $ | 152,989,853 | * | $ | 3,582,924 | $ | 15,717,703 | $ | 3,343,883 | |||||||
| Repurchase Agreements, at Value | 21,376,801 | — | — | — | ||||||||||||
| Foreign Currency, at Value | 17,105 | — | — | — | ||||||||||||
| Receivable for Investment Securities Sold | 22,629,762 | 306,107 | 2,359,254 | 198,296 | ||||||||||||
| Dividend and Interest Receivable | 105,338 | — | 1,700 | — | ||||||||||||
| Unrealized Appreciation on Foreign Spot Currency Contracts | 87 | — | — | — | ||||||||||||
| Total Assets | 197,118,946 | 3,889,031 | 18,078,657 | 3,542,179 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Payable for Investment Securities Purchased | 22,649,684 | 303,091 | 627,323 | 197,502 | ||||||||||||
| Obligation to Return Securities Lending Collateral | 21,376,801 | — | — | — | ||||||||||||
| Payable due to Investment Adviser | 87,946 | 2,005 | 10,459 | 2,142 | ||||||||||||
| Cash Overdraft | 4,665 | — | — | — | ||||||||||||
| Payable for Capital Shares Redeemed | — | — | 1,743,000 | — | ||||||||||||
| Unrealized Depreciation on Foreign Spot Currency Contracts | — | — | 1 | 6 | ||||||||||||
| Total Liabilities | 44,119,096 | 305,096 | 2,380,783 | 199,650 | ||||||||||||
| Net Assets | $ | 152,999,850 | $ | 3,583,935 | $ | 15,697,874 | $ | 3,342,529 | ||||||||
| Net Assets Consist of: | ||||||||||||||||
| Paid-in Capital | $ | 186,564,641 | $ | 3,853,633 | $ | 21,953,945 | $ | 5,925,500 | ||||||||
| Distributions in Excess of Net Investment Income | (213,111 | ) | (14,180 | ) | (112,762 | ) | (26,627 | ) | ||||||||
| Accumulated Net Realized Loss on Investments and Foreign Currency Translation | (11,392,186 | ) | (415,641 | ) | (3,433,063 | ) | (1,481,495 | ) | ||||||||
| Net Unrealized Appreciation (Depreciation) on Investments | (21,960,265 | ) | 160,123 | (2,710,244 | ) | (1,074,844 | ) | |||||||||
| Net Unrealized Appreciation (Depreciation) on Foreign Currency Translation | 771 | — | (2 | ) | (5 | ) | ||||||||||
| Net Assets | $ | 152,999,850 | $ | 3,583,935 | $ | 15,697,874 | $ | 3,342,529 | ||||||||
| Outstanding Shares of Beneficial Interest | ||||||||||||||||
| (unlimited authorization — no par value) | 10,900,000 | 250,000 | 1,350,000 | 300,000 | ||||||||||||
| Net Asset Value, Offering and Redemption Price Per Share | $ | 14.04 | $ | 14.34 | $ | 11.63 | $ | 11.14 | ||||||||
| *Includes Market Value of Securities on Loan | $ | 19,669,442 | $ | — | $ | — | $ | — | ||||||||
The accompanying notes are an integral part of the financial statements.
| 61 |
|
| Statements of Assets and Liabilities |
| April 30, 2014 (Unaudited) |
| Global X China Materials ETF |
Global X NASDAQ China Technology ETF |
Global X FTSE ASEAN 40 ETF |
Global X FTSE Andean 40 ETF |
|||||||||||||
| Assets: | ||||||||||||||||
| Cost of Investments | $ | 2,656,179 | $ | 18,942,376 | $ | 30,972,098 | $ | 11,141,683 | ||||||||
| Cost of Foreign Currency | — | — | 70,396 | 9,206 | ||||||||||||
| Investments, at Value | $ | 2,073,938 | $ | 19,439,386 | $ | 29,459,845 | $ | 9,527,324 | ||||||||
| Foreign Currency, at Value | — | — | 70,387 | 9,190 | ||||||||||||
| Receivable for Investment Securities Sold | 143,827 | — | — | — | ||||||||||||
| Dividend and Interest Receivable | — | 4,130 | 249,465 | 68,736 | ||||||||||||
| Reclaim Receivable | — | — | 2,134 | — | ||||||||||||
| Total Assets | 2,217,765 | 19,443,516 | 29,781,831 | 9,605,250 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Payable for Investment Securities Purchased | 135,219 | — | — | — | ||||||||||||
| Payable due to Investment Adviser | 1,148 | 10,943 | 16,044 | 5,637 | ||||||||||||
| Cash Overdraft | 376 | — | 42,852 | 53,686 | ||||||||||||
| Total Liabilities | 136,743 | 10,943 | 58,896 | 59,323 | ||||||||||||
| Net Assets | $ | 2,081,022 | $ | 19,432,573 | $ | 29,722,935 | $ | 9,545,927 | ||||||||
| Net Assets Consist of: | ||||||||||||||||
| Paid-in Capital | $ | 3,599,439 | $ | 20,164,786 | $ | 33,695,793 | $ | 12,444,467 | ||||||||
| Undistributed (Distributions in Excess of) Net Investment Income | (7,432 | ) | (24,635 | ) | 286,208 | 82,297 | ||||||||||
| Accumulated Net Realized Loss on Investments and Foreign Currency Translation | (928,743 | ) | (1,204,588 | ) | (2,746,564 | ) | (1,366,459 | ) | ||||||||
| Net Unrealized Appreciation (Depreciation) on Investments | (582,241 | ) | 497,010 | (1,512,253 | ) | (1,614,359 | ) | |||||||||
| Net Unrealized Depreciation on Foreign Currency Translation | (1 | ) | — | (249 | ) | (19 | ) | |||||||||
| Net Assets | $ | 2,081,022 | $ | 19,432,573 | $ | 29,722,935 | $ | 9,545,927 | ||||||||
| Outstanding Shares of Beneficial Interest | ||||||||||||||||
| (unlimited authorization — no par value) | 149,971 | 950,000 | 1,800,000 | 850,000 | ||||||||||||
| Net Asset Value, Offering and Redemption Price Per Share | $ | 13.88 | $ | 20.46 | $ | 16.51 | $ | 11.23 | ||||||||
The accompanying notes are an integral part of the financial statements.
| 62 |
|
| Statements of Assets and Liabilities |
| April 30, 2014 (Unaudited) |
| Global X FTSE Colombia 20 ETF |
Global X Brazil Mid Cap ETF |
Global X Brazil Consumer ETF |
Global X Brazil Financials ETF |
|||||||||||||
| Assets: | ||||||||||||||||
| Cost of Investments | $ | 109,176,627 | $ | 10,266,764 | $ | 15,237,672 | $ | 3,333,218 | ||||||||
| Cost of (Proceeds from) Foreign Currency | 239,663 | (171 | ) | 3,872 | — | |||||||||||
| Investments, at Value | $ | 107,235,637 | * | $ | 9,656,982 | $ | 14,842,227 | $ | 2,902,998 | |||||||
| Cash | 7,200,681 | — | — | — | ||||||||||||
| Foreign Currency, at Value | 239,436 | — | 3,873 | — | ||||||||||||
| Dividend and Interest Receivable | 951,157 | 57,309 | 39,284 | 5,381 | ||||||||||||
| Receivable for Investment Securities Sold | 229,375 | — | — | 9,121 | ||||||||||||
| Reclaim Receivable | — | — | — | 322 | ||||||||||||
| Total Assets | 115,856,286 | 9,714,291 | 14,885,384 | 2,917,822 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Obligation to Return Securities Lending Collateral | 7,200,681 | — | — | — | ||||||||||||
| Cash Overdraft | 573,631 | — | 32,380 | — | ||||||||||||
| Payable for Investment Securities Purchased | 242,746 | — | — | 16,666 | ||||||||||||
| Payable due to Custodian | 194,344 | — | — | — | ||||||||||||
| Payable due to Investment Adviser | 48,971 | 5,510 | 9,432 | 1,707 | ||||||||||||
| Foreign Currency Overdraft | — | 171 | — | — | ||||||||||||
| Total Liabilities | 8,260,373 | 5,681 | 41,812 | 18,373 | ||||||||||||
| Net Assets | $ | 107,595,913 | $ | 9,708,610 | $ | 14,843,572 | $ | 2,899,449 | ||||||||
| Net Assets Consist of: | ||||||||||||||||
| Paid-in Capital | $ | 140,135,762 | $ | 15,072,566 | $ | 18,143,181 | $ | 4,608,459 | ||||||||
| Undistributed (Distributions in Excess of) Net Investment Income | (832,121 | ) | 90,088 | 104,743 | 42,381 | |||||||||||
| Accumulated Net Realized Loss on Investments and Foreign Currency Translation | (29,766,624 | ) | (4,844,331 | ) | (3,009,124 | ) | (1,321,199 | ) | ||||||||
| Net Unrealized Depreciation on Investments | (1,940,990 | ) | (609,782 | ) | (395,445 | ) | (430,220 | ) | ||||||||
| Net Unrealized Appreciation (Depreciation) on Foreign Currency Translation | (114 | ) | 69 | 217 | 28 | |||||||||||
| Net Assets | $ | 107,595,913 | $ | 9,708,610 | $ | 14,843,572 | $ | 2,899,449 | ||||||||
| Outstanding Shares of Beneficial Interest | ||||||||||||||||
| (unlimited authorization — no par value) | 5,630,000 | 750,000 | 900,000 | 250,000 | ||||||||||||
| Net Asset Value, Offering and Redemption Price Per Share | $ | 19.11 | $ | 12.94 | $ | 16.49 | $ | 11.60 | ||||||||
| *Includes Market Value of Securities on Loan | $ | 6,971,038 | $ | — | $ | — | $ | — | ||||||||
The accompanying notes are an integral part of the financial statements.
| 63 |
|
| Statements of Assets and Liabilities |
| April 30, 2014 (Unaudited) |
| Global X FTSE Argentina 20 ETF |
Global X FTSE Greece 20 ETF |
Global X FTSE Norway 30 ETF |
Global X FTSE Nordic Region ETF |
|||||||||||||
| Assets: | ||||||||||||||||
| Cost of Investments | $ | 6,848,904 | $ | 258,103,061 | $ | 88,862,955 | $ | 55,744,533 | ||||||||
| Cost of Repurchase Agreements | — | — | 14,224,531 | — | ||||||||||||
| Cost of Foreign Currency | — | — | 373,452 | — | ||||||||||||
| Investments, at Value | $ | 7,456,847 | $ | 265,777,595 | $ | 97,124,304 | * | $ | 65,406,399 | |||||||
| Repurchase Agreements, at Value | — | — | 14,224,531 | — | ||||||||||||
| Foreign Currency, at Value | — | 1 | 330,493 | — | ||||||||||||
| Receivable for Investment Securities Sold | 426,291 | 5,361,481 | — | — | ||||||||||||
| Unrealized Appreciation on Spot Foreign Currency Contracts | — | 749 | — | — | ||||||||||||
| Receivable for Capital Shares Sold | — | 1,116,500 | — | — | ||||||||||||
| Dividend and Interest Receivable | — | — | 651,271 | 299,692 | ||||||||||||
| Reclaim Receivable | — | — | — | 378,081 | ||||||||||||
| Total Assets | 7,883,138 | 272,256,326 | 112,330,599 | 66,084,172 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Payable for Investment Securities Purchased | 426,596 | 3,283,743 | — | — | ||||||||||||
| Obligation to Return Securities Lending Collateral | — | — | 14,224,531 | — | ||||||||||||
| Payable due to Investment Adviser | 4,499 | 102,921 | 38,418 | 26,327 | ||||||||||||
| Payable due to Custodian | 195 | 41,824 | — | — | ||||||||||||
| Payable for Capital Shares Redeemed | — | 3,350,500 | — | — | ||||||||||||
| Cash Overdraft | — | 55,574,098 | 361,146 | 157,878 | ||||||||||||
| Total Liabilities | 431,290 | 62,353,086 | 14,624,095 | 184,205 | ||||||||||||
| Net Assets | $ | 7,451,848 | $ | 209,903,240 | $ | 97,706,504 | $ | 65,899,967 | ||||||||
| Net Assets Consist of: | ||||||||||||||||
| Paid-in Capital | $ | 9,036,557 | $ | 199,684,721 | $ | 91,841,079 | $ | 53,951,957 | ||||||||
| Undistributed (Distributions in Excess of) Net Investment Income | (18,531 | ) | (378,834 | ) | 1,245,952 | 1,162,776 | ||||||||||
| Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency Translation | (2,174,121 | ) | 2,923,099 | (3,652,974 | ) | 1,119,062 | ||||||||||
| Net Unrealized Appreciation on Investments | 607,943 | 7,674,534 | 8,261,349 | 9,661,866 | ||||||||||||
| Net Unrealized Appreciation (Depreciation) on Foreign Currency Translation | — | (280 | ) | 11,098 | 4,306 | |||||||||||
| Net Assets | $ | 7,451,848 | $ | 209,903,240 | $ | 97,706,504 | $ | 65,899,967 | ||||||||
| Outstanding Shares of Beneficial Interest | ||||||||||||||||
| (unlimited authorization — no par value) | 374,975 | 9,100,000 | 5,650,000 | 2,560,000 | ||||||||||||
| Net Asset Value, Offering and Redemption Price Per Share | $ | 19.87 | $ | 23.07 | $ | 17.29 | $ | 25.74 | ||||||||
| *Includes Market Value of Securities on Loan | $ | — | $ | — | $ | 13,527,938 | $ | — | ||||||||
The accompanying notes are an integral part of the financial statements.
| 64 |
|
| Statements of Assets and Liabilities |
| April 30, 2014 (Unaudited) |
| Global X Central Asia & Mongolia Index ETF |
Global X Nigeria Index ETF |
Global X Next Emerging & Frontier ETF |
Global X FTSE Portugal 20 ETF |
|||||||||||||
| Assets: | ||||||||||||||||
| Cost of Investments | $ | 2,034,032 | $ | 17,270,138 | $ | 153,754,892 | $ | 23,081,380 | ||||||||
| Cost of Foreign Currency | — | 123,223 | 1,319,234 | — | ||||||||||||
| Investments, at Value | $ | 1,936,823 | $ | 16,864,855 | $ | 155,184,201 | $ | 24,919,681 | ||||||||
| Foreign Currency, at Value | — | 123,158 | 1,319,774 | — | ||||||||||||
| Receivable for Investment Securities Sold | 65,522 | 16,083 | 190,275 | — | ||||||||||||
| Dividend and Interest Receivable | 9,742 | 80,715 | 306,453 | — | ||||||||||||
| Reclaim Receivable | 1,824 | — | 3,428 | 2,348 | ||||||||||||
| Receivable for Capital Shares Sold | — | 736,000 | — | — | ||||||||||||
| Total Assets | 2,013,911 | 17,820,811 | 157,004,131 | 24,922,029 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Payable for Investment Securities Purchased | 64,709 | 750,113 | 190,340 | — | ||||||||||||
| Cash Overdraft | 3,861 | 129,760 | 1,201,460 | 1,466,563 | ||||||||||||
| Payable due to Investment Adviser | 1,073 | 7,416 | 28,899 | 10,284 | ||||||||||||
| Payable due to Custodian | 191 | — | 10,657 | 3,069 | ||||||||||||
| Unrealized Depreciation on Spot Foreign Currency Contracts | 8 | 1,706 | — | — | ||||||||||||
| Total Liabilities | 69,842 | 888,995 | 1,431,356 | 1,479,916 | ||||||||||||
| Net Assets | $ | 1,944,069 | $ | 16,931,816 | $ | 155,572,775 | $ | 23,442,113 | ||||||||
| Net Assets Consist of: | ||||||||||||||||
| Paid-in Capital | $ | 2,153,379 | $ | 17,131,000 | $ | 153,692,000 | $ | 21,681,000 | ||||||||
| Undistributed Net Investment Income(Accumulated Net Investment Loss) | 6,116 | 251,447 | 475,870 | (11,289 | ) | |||||||||||
| Accumulated Net Realized Loss on Investments and Foreign Currency Translation | (118,231 | ) | (44,345 | ) | (24,675 | ) | (65,899 | ) | ||||||||
| Net Unrealized Appreciation (Depreciation) on Investments | (97,209 | ) | (405,283 | ) | 1,429,309 | 1,838,301 | ||||||||||
| Net Unrealized Appreciation (Depreciation) on Foreign Currency Translation | 14 | (1,003 | ) | 271 | — | |||||||||||
| Net Assets | $ | 1,944,069 | $ | 16,931,816 | $ | 155,572,775 | $ | 23,442,113 | ||||||||
| Outstanding Shares of Beneficial Interest | ||||||||||||||||
| (unlimited authorization — no par value) | 150,000 | 1,150,000 | 6,000,000 | 1,300,000 | ||||||||||||
| Net Asset Value, Offering and Redemption Price Per Share | $ | 12.96 | $ | 14.72 | $ | 25.93 | $ | 18.03 | ||||||||
The accompanying notes are an integral part of the financial statements.
| 65 |
|
| Statements of Operations |
| For the period ended April 30, 2014 (Unaudited) |
| Global X China Consumer ETF |
Global X China Energy ETF |
Global X China Financials ETF |
Global X China Industrials ETF |
|||||||||||||
| Investment Income: | ||||||||||||||||
| Dividend Income | $ | 455,232 | $ | 247 | $ | 5,373 | $ | 1,281 | ||||||||
| Interest Income | 45 | 27 | 24 | 2 | ||||||||||||
| Security Lending Income | 116,474 | — | — | — | ||||||||||||
| Less: Foreign Taxes Withheld | — | (465 | ) | — | — | |||||||||||
| Total Investment Income | 571,751 | (191 | ) | 5,397 | 1,283 | |||||||||||
| Supervision and Administration Fees(1) | 583,713 | 13,964 | 118,156 | 13,384 | ||||||||||||
| Total Expenses | 583,713 | 13,964 | 118,156 | 13,384 | ||||||||||||
| Net Investment Loss | (11,962 | ) | (14,155 | ) | (112,759 | ) | (12,101 | ) | ||||||||
| Net Realized Gain (Loss) on: | ||||||||||||||||
| Investments (2) | 1,474,979 | 55,079 | (2,061,216 | ) | (240,686 | ) | ||||||||||
| Foreign Currency Translation | (1,105 | ) | (22 | ) | (913 | ) | 56 | |||||||||
| Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | 1,473,874 | 55,057 | (2,062,129 | ) | (240,630 | ) | ||||||||||
| Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||
| Investments | (22,058,946 | ) | (176,292 | ) | (3,854,896 | ) | 897 | |||||||||
| Foreign Currency Translation | 1,249 | 1 | (6 | ) | (82 | ) | ||||||||||
| Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions | (22,057,697 | ) | (176,291 | ) | (3,854,902 | ) | 815 | |||||||||
| Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions and Translation | (20,583,823 | ) | (121,234 | ) | (5,917,031 | ) | (239,815 | ) | ||||||||
| Net Decrease in Net Assets Resulting from Operations | $ | (20,595,785 | ) | $ | (135,389 | ) | $ | (6,029,790 | ) | $ | (251,916 | ) | ||||
| (1) | The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.) |
| (2) | Includes realized gains (losses) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements). |
The accompanying notes are an integral part of the financial statements.
| 66 |
|
| Statements of Operations |
| For the period ended April 30, 2014 (Unaudited) |
| Global X China Materials ETF |
Global X NASDAQ China Technology ETF |
Global X FTSE ASEAN 40 ETF |
Global X FTSE Andean 40 ETF |
|||||||||||||
| Investment Income: | ||||||||||||||||
| Dividend Income | $ | 265 | $ | 27,281 | $ | 570,261 | $ | 169,072 | ||||||||
| Interest Income | 2 | 1 | 13 | 3 | ||||||||||||
| Less: Foreign Taxes Withheld | (689 | ) | (1,216 | ) | (31,088 | ) | (20,838 | ) | ||||||||
| Total Investment Income | (422 | ) | 26,066 | 539,186 | 148,237 | |||||||||||
| Supervision and Administration Fees(1) | 7,010 | 50,702 | 115,363 | 33,713 | ||||||||||||
| Total Expenses | 7,010 | 50,702 | 115,363 | 33,713 | ||||||||||||
| Net Investment Income (Loss) | (7,432 | ) | (24,636 | ) | 423,823 | 114,524 | ||||||||||
| Net Realized Gain (Loss) on: | ||||||||||||||||
| Investments | (107,641 | ) | (222,869 | ) | (1,199,053 | )(2) | (711,740 | )(2) | ||||||||
| Foreign Currency Transactions | 66 | (3 | ) | (33,159 | ) | 9,744 | ||||||||||
| Net Realized Loss on Investments and Foreign Currency Transactions | (107,575 | ) | (222,872 | ) | (1,232,212 | ) | (701,996 | ) | ||||||||
| Net Change in Unrealized Depreciation on: | ||||||||||||||||
| Investments | (36,016 | ) | (861,207 | ) | (414,359 | ) | (282,907 | ) | ||||||||
| Foreign Currency Translation | (68 | ) | — | (1 | ) | (4 | ) | |||||||||
| Net Change in Unrealized Depreciation on Investments and Foreign Currency Translation | (36,084 | ) | (861,207 | ) | (414,360 | ) | (282,911 | ) | ||||||||
| Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions and Translation | (143,659 | ) | (1,084,079 | ) | (1,646,572 | ) | (984,907 | ) | ||||||||
| Net Decrease in Net Assets Resulting from Operations | $ | (151,091 | ) | $ | (1,108,715 | ) | $ | (1,222,749 | ) | $ | (870,383 | ) | ||||
| (1) | The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.) |
| (2) | Includes realized gains (losses) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements). |
The accompanying notes are an integral part of the financial statements.
| 67 |
|
| Statements of Operations |
| For the period ended April 30, 2014 (Unaudited) |
| Global X FTSE Colombia 20 ETF |
Global X Brazil Mid Cap ETF |
Global X Brazil Consumer ETF |
Global X Brazil Financials ETF |
|||||||||||||
| Investment Income: | ||||||||||||||||
| Dividend Income | $ | 1,989,027 | $ | 157,308 | $ | 189,223 | $ | 57,554 | ||||||||
| Interest Income | 46 | 9,621 | 6,476 | — | ||||||||||||
| Security Lending Income | 61,546 | — | — | — | ||||||||||||
| Less: Foreign Taxes Withheld | (45,841 | ) | — | — | — | |||||||||||
| Total Investment Income | 2,004,778 | 166,929 | 195,699 | 57,554 | ||||||||||||
| Supervision and Administration Fees(1) | 366,881 | 32,663 | 55,488 | 8,226 | ||||||||||||
| Income Tax(2) | — | — | 808 | 5 | ||||||||||||
| Custodian Fees | 72,814 | — | — | — | ||||||||||||
| Total Expenses | 439,695 | 32,663 | 56,296 | 8,231 | ||||||||||||
| Waiver of Supervision and Administration Fees | (75,534 | ) | — | — | — | |||||||||||
| Net Expenses | 364,161 | 32,663 | 56,296 | 8,231 | ||||||||||||
| Net Investment Income | 1,640,617 | 134,266 | 139,403 | 49,323 | ||||||||||||
| Net Realized Gain (Loss) on: | ||||||||||||||||
| Investments | (3,404,464 | )(3) | (332,504 | )(3) | 236,557 | (3) | (102,389 | ) | ||||||||
| Foreign Currency Translation | (133,337 | ) | (17,936 | ) | (5,277 | ) | 815 | |||||||||
| Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | (3,537,801 | ) | (350,440 | ) | 231,280 | (101,574 | ) | |||||||||
| Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||
| Investments | (6,077,326 | ) | (481,247 | ) | (1,570,212 | ) | (6,256 | ) | ||||||||
| Foreign Currency Translation | 4,019 | 706 | 624 | 154 | ||||||||||||
| Net Change in Unrealized Depreciation on Investments and Foreign Currency Translation | (6,073,307 | ) | (480,541 | ) | (1,569,588 | ) | (6,102 | ) | ||||||||
| Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions and Translation | (9,611,108 | ) | (830,981 | ) | (1,338,308 | ) | (107,676 | ) | ||||||||
| Net Decrease in Net Assets Resulting from Operations | $ | (7,970,491 | ) | $ | (696,715 | ) | $ | (1,198,905 | ) | $ | (58,353 | ) | ||||
| (1) | The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.) |
| (2) | See Note 2 in Notes to Financial Statements. |
| (3) | Includes realized gains ( losses) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements). |
The accompanying notes are an integral part of the financial statements.
| 68 |
|
| Statements of Operations |
| For the period ended April 30, 2014 (Unaudited) |
| Global X FTSE Argentina 20 ETF |
Global X FTSE Greece 20 ETF |
Global X FTSE Norway 30 ETF |
Global X FTSE Nordic Region ETF |
|||||||||||||
| Investment Income: | ||||||||||||||||
| Dividend Income | $ | 54,107 | $ | 99,881 | $ | 1,934,540 | $ | 1,724,987 | ||||||||
| Interest Income | 2 | 58 | 102 | — | ||||||||||||
| Security Lending Income | — | — | 87,673 | 4,189 | ||||||||||||
| Less: Foreign Taxes Withheld | (5,588 | ) | — | (370,049 | ) | (85,977 | ) | |||||||||
| Total Investment Income | 48,521 | 99,939 | 1,652,266 | 1,643,199 | ||||||||||||
| Supervision and Administration Fees(1) | 25,442 | 451,138 | 212,757 | 144,157 | ||||||||||||
| Custodian Fees | 95 | 27,632 | — | — | ||||||||||||
| Total Expenses | 25,537 | 478,770 | 212,757 | 144,157 | ||||||||||||
| Net Investment Income (Loss) | 22,984 | (378,831 | ) | 1,439,509 | 1,499,042 | |||||||||||
| Net Realized Gain (Loss) on: | ||||||||||||||||
| Investments | (526,090 | ) | 11,404,519 | (2) | 1,200,448 | (2) | 2,342,256 | (2) | ||||||||
| Foreign Currency Transactions | (71 | ) | (1,116 | ) | 1,805 | (8,389 | ) | |||||||||
| Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | (526,161 | ) | 11,403,403 | 1,202,253 | 2,333,867 | |||||||||||
| Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||
| Investments | 419,573 | (12,794,244 | ) | 2,237,712 | 1,856,296 | |||||||||||
| Foreign Currency Translation | — | (1,039 | ) | 11,098 | 1,124 | |||||||||||
| Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translation | 419,573 | (12,795,283 | ) | 2,248,810 | 1,857,420 | |||||||||||
| Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translation | (106,588 | ) | (1,391,880 | ) | 3,451,063 | 4,191,287 | ||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (83,604 | ) | $ | (1,770,711 | ) | $ | 4,890,572 | $ | 5,690,329 | ||||||
| (1) | The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.) |
| (2) | Includes realized gains ( losses) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements). |
The accompanying notes are an integral part of the financial statements.
| 69 |
|
| Statements of Operations |
| For the period ended April 30, 2014 (Unaudited) |
| Global X Central Asia & Mongolia Index ETF |
Global X Nigeria Index ETF |
Global X
Next |
Global X |
|||||||||||||
| Investment Income: | ||||||||||||||||
| Dividend Income | $ | 16,986 | $ | 311,073 | $ | 632,038 | $ | 23,418 | ||||||||
| Interest Income | 2 | 6 | 48 | 3 | ||||||||||||
| Less: Foreign Taxes Withheld | (471 | ) | (29,576 | ) | (59,209 | ) | (3,513 | ) | ||||||||
| Total Investment Income | 16,517 | 281,503 | 572,877 | 19,908 | ||||||||||||
| Supervision and Administration Fees(1) | 6,439 | 30,056 | 58,021 | 28,128 | ||||||||||||
| Income Tax(4) | — | — | 17 | — | ||||||||||||
| Custodian Fees | 95 | 10,608 | 10,657 | 3,069 | ||||||||||||
| Total Expenses | 6,534 | 40,664 | 68,695 | 31,197 | ||||||||||||
| Waiver of Custodian Fees | — | (10,608 | ) | — | — | |||||||||||
| Net Expenses | 6,534 | 30,056 | 68,695 | 31,197 | ||||||||||||
| Net Investment Income (Loss) | 9,983 | 251,447 | 504,182 | (11,289 | ) | |||||||||||
| Net Realized Gain (Loss) on: | ||||||||||||||||
| Investments | (100,156 | ) | (41,517 | ) | (5,179 | ) | (65,952 | ) | ||||||||
| Foreign Currency Translation | (1,325 | ) | (2,829 | ) | (19,496 | ) | 53 | |||||||||
| Net Realized Loss on Investments and Foreign Currency Transactions | (101,481 | ) | (44,346 | ) | (24,675 | ) | (65,899 | ) | ||||||||
| Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||
| Investments | 32,720 | (119,590 | ) | 1,429,309 | 1,838,301 | |||||||||||
| Foreign Currency Translation | 37 | (891 | ) | 271 | — | |||||||||||
| Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translation | 32,757 | (120,481 | ) | 1,429,580 | 1,838,301 | |||||||||||
| Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translation | (68,724 | ) | (164,827 | ) | 1,404,905 | 1,772,402 | ||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (58,741 | ) | $ | 86,620 | $ | 1,909,087 | $ | 1,761,113 | |||||||
| (1) | The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.) |
| (2) | Commenced operations on November 6, 2013. |
| (3) | Commenced operations on November 12, 2013. |
| (4) | See Note 2 in Notes to Financial Statements. |
The accompanying notes are an integral part of the financial statements.
| 70 |
|
| Statements of Changes in Net Assets |
| Global X China Consumer ETF | Global X China Energy ETF | |||||||||||||||
| Period Ended April 30, 2014 (Unaudited) |
Year Ended October 31, 2013 (Audited) |
Period Ended April 30, 2014 (Unaudited) |
Year Ended October 31, 2013 (Audited) |
|||||||||||||
| Operations: | ||||||||||||||||
| Net Investment Income (Loss) | $ | (11,962 | ) | $ | 2,017,582 | $ | (14,155 | ) | $ | 84,934 | ||||||
| Net Realized Gain (Loss) on Investments and Foreign Currency Transactions(1) | 1,473,874 | 6,005,751 | 55,057 | (83,593 | ) | |||||||||||
| Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions and Translation | (22,057,697 | ) | 10,366,613 | (176,291 | ) | 541,289 | ||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | (20,595,785 | ) | 18,389,946 | (135,389 | ) | 542,630 | ||||||||||
| Dividends and Distributions from: | ||||||||||||||||
| Net Investment Income | (1,981,753 | ) | (2,128,638 | ) | (85,026 | ) | (88,625 | ) | ||||||||
| Total Dividends and Distributions | (1,981,753 | ) | (2,128,638 | ) | (85,026 | ) | (88,625 | ) | ||||||||
| Capital Share Transactions: | ||||||||||||||||
| Issued | 41,074,500 | 84,722,000 | — | — | ||||||||||||
| Redeemed | (36,051,000 | ) | (57,144,000 | ) | (730,000 | ) | (736,000 | ) | ||||||||
| Increase (Decrease) in Net Assets from Capital Share Transactions | 5,023,500 | 27,578,000 | (730,000 | ) | (736,000 | ) | ||||||||||
| Total Increase (Decrease) in Net Assets | (17,554,038 | ) | 43,839,308 | (950,415 | ) | (281,995 | ) | |||||||||
| Net Assets: | ||||||||||||||||
| Beginning of Period | 170,553,888 | 126,714,580 | 4,534,350 | 4,816,345 | ||||||||||||
| End of Period | $ | 152,999,850 | $ | 170,553,888 | $ | 3,583,935 | $ | 4,534,350 | ||||||||
| Undistributed (Distributions in Excess of) Net Investment Income | $ | (213,111 | ) | $ | 1,477,248 | $ | (14,180 | ) | $ | 84,959 | ||||||
| Share Transactions: | ||||||||||||||||
| Issued | 2,550,000 | 5,750,000 | — | — | ||||||||||||
| Redeemed | (2,400,000 | ) | (4,050,000 | ) | (50,000 | ) | (50,000 | ) | ||||||||
| Net Increase (Decrease) in Shares Outstanding from Share Transactions | 150,000 | 1,700,000 | (50,000 | ) | (50,000 | ) | ||||||||||
| (1) | Includes realized gains (losses) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements). |
The accompanying notes are an integral part of the financial statements.
| 71 |
|
| Statements of Changes in Net Assets |
| Global X China Financials ETF | Global X China Industrials ETF | |||||||||||||||
| Period Ended April 30, 2014 (Unaudited) |
Year Ended October 31, 2013 (Audited) |
Period Ended April 30, 2014 (Unaudited) |
Year Ended October 31, 2013 (Audited) |
|||||||||||||
| Operations: | ||||||||||||||||
| Net Investment Income (Loss) | $ | (112,759 | ) | $ | 244,069 | $ | (12,101 | ) | $ | 56,240 | ||||||
| Net Realized Loss on Investments and Foreign Currency Transactions(1) | (2,062,129 | ) | (163,619 | ) | (240,630 | ) | (227,952 | ) | ||||||||
| Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions and Translation | (3,854,902 | ) | 1,634,223 | 815 | 498,090 | |||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | (6,029,790 | ) | 1,714,673 | (251,916 | ) | 326,378 | ||||||||||
| Dividends and Distributions from: | ||||||||||||||||
| Net Investment Income | (243,282 | ) | (186,317 | ) | (65,300 | ) | (64,616 | ) | ||||||||
| Total Dividends and Distributions | (243,282 | ) | (186,317 | ) | (65,300 | ) | (64,616 | ) | ||||||||
| Capital Share Transactions: | ||||||||||||||||
| Issued | 6,952,000 | 38,748,500 | — | — | ||||||||||||
| Redeemed | (27,499,000 | ) | (3,771,500 | ) | (588,500 | ) | (574,500 | ) | ||||||||
| Increase (Decrease) in Net Assets from Capital Share Transactions | (20,547,000 | ) | 34,977,000 | (588,500 | ) | (574,500 | ) | |||||||||
| Total Increase (Decrease) in Net Assets | (26,820,072 | ) | 36,505,356 | (905,716 | ) | (312,738 | ) | |||||||||
| Net Assets: | ||||||||||||||||
| Beginning of Period | 42,517,946 | 6,012,590 | 4,248,245 | 4,560,983 | ||||||||||||
| End of Period | $ | 15,697,874 | $ | 42,517,946 | $ | 3,342,529 | $ | 4,248,245 | ||||||||
| Undistributed (Distributions in Excess of) Net Investment Income | $ | (112,762 | ) | $ | 243,239 | $ | (26,627 | ) | $ | 50,961 | ||||||
| Share Transactions: | ||||||||||||||||
| Issued | 500,000 | 3,000,000 | — | — | ||||||||||||
| Redeemed | (2,350,000 | ) | (300,000 | ) | (50,000 | ) | (50,000 | ) | ||||||||
| Net Increase (Decrease) in Shares Outstanding from Share Transactions | (1,850,000 | ) | 2,700,000 | (50,000 | ) | (50,000 | ) | |||||||||
| (1) | Includes realized gains (losses) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements). |
The accompanying notes are an integral part of the financial statements.
| 72 |
|
| Statements of Changes in Net Assets |
| Global X China Materials ETF | Global X NASDAQ China Technology ETF |
|||||||||||||||
| Period Ended April 30, 2014 (Unaudited) |
Year Ended October 31, 2013 (Audited) |
Period Ended April 30, 2014 (Unaudited) |
Year Ended October 31, 2013 (Audited) |
|||||||||||||
| Operations: | ||||||||||||||||
| Net Investment Income (Loss) | $ | (7,432 | ) | $ | 39,240 | $ | (24,636 | ) | $ | 5,445 | ||||||
| Net Realized Loss on Investments and Foreign Currency Transactions | (107,575 | ) | (651,209 | ) | (222,872 | ) | (201,661 | ) | ||||||||
| Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions and Translation | (36,084 | ) | 480,290 | (861,207 | ) | 1,654,248 | ||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | (151,091 | ) | (131,679 | ) | (1,108,715 | ) | 1,458,032 | |||||||||
| Dividends and Distributions from: | ||||||||||||||||
| Net Investment Income | (36,867 | ) | (40,384 | ) | (3,666 | ) | (16,025 | ) | ||||||||
| Total Dividends and Distributions | (36,867 | ) | (40,384 | ) | (3,666 | ) | (16,025 | ) | ||||||||
| Capital Share Transactions: | ||||||||||||||||
| Issued | — | — | 10,227,500 | 6,121,500 | ||||||||||||
| Redeemed | — | (438 | ) | — | — | |||||||||||
| Increase (Decrease) in Net Assets from Capital Share Transactions | — | (438 | ) | 10,227,500 | 6,121,500 | |||||||||||
| Total Increase (Decrease) in Net Assets | (187,958 | ) | (172,501 | ) | 9,115,119 | 7,563,507 | ||||||||||
| Net Assets: | ||||||||||||||||
| Beginning of Period | 2,268,980 | 2,441,481 | 10,317,454 | 2,753,947 | ||||||||||||
| End of Period | $ | 2,081,022 | $ | 2,268,980 | $ | 19,432,573 | $ | 10,317,454 | ||||||||
| Undistributed (Distributions in Excess of) Net Investment Income | $ | (7,432 | ) | $ | 36,737 | $ | (24,635 | ) | $ | 3,703 | ||||||
| Share Transactions: | ||||||||||||||||
| Issued | — | — | 450,000 | 300,000 | ||||||||||||
| Redeemed | — | (29 | )(1) | — | — | |||||||||||
| Net Increase (Decrease) in Shares Outstanding from Share Transactions | — | (29 | ) | 450,000 | 300,000 | |||||||||||
| (1) | Adjusted to reflect the effect of a 1 for 2 share split on May 16, 2013. (See Note 8 in the Notes to Financial Statements). |
The accompanying notes are an integral part of the financial statements.
| 73 |
|
| Statements of Changes in Net Assets |
| Global X FTSE ASEAN 40 ETF | Global X FTSE Andean 40 ETF | |||||||||||||||
| Period Ended April 30, 2014 (Unaudited) |
Year Ended October 31, 2013 (Audited) |
Period Ended April 30, 2014 (Unaudited) |
Year Ended October 31, 2013 (Audited) |
|||||||||||||
| Operations: | ||||||||||||||||
| Net Investment Income | $ | 423,823 | $ | 1,344,793 | $ | 114,524 | $ | 157,723 | ||||||||
| Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | (1,232,212 | )(1) | 437,210 | (1) | (701,996 | )(1) | (272,504 | ) | ||||||||
| Net Change in Unrealized Depreciation on Investments and Foreign Currency Transactions | (414,360 | ) | (2,149,844 | ) | (282,911 | ) | (1,313,187 | ) | ||||||||
| Net Decrease in Net Assets Resulting from Operations | (1,222,749 | ) | (367,841 | ) | (870,383 | ) | (1,427,968 | ) | ||||||||
| Dividends and Distributions from: | ||||||||||||||||
| Net Investment Income | (1,423,135 | ) | (806,416 | ) | (153,480 | ) | (155,634 | ) | ||||||||
| Total Dividends and Distributions | (1,423,135 | ) | (806,416 | ) | (153,480 | ) | (155,634 | ) | ||||||||
| Capital Share Transactions: | ||||||||||||||||
| Issued | — | 40,455,000 | 1,612,500 | 3,345,500 | ||||||||||||
| Redeemed | (17,265,500 | ) | (22,302,500 | ) | (1,425,000 | ) | — | |||||||||
| Increase (Decrease) in Net Assets from Capital Share Transactions | (17,265,500 | ) | 18,152,500 | 187,500 | 3,345,500 | |||||||||||
| Total Increase (Decrease) in Net Assets | (19,911,384 | ) | 16,978,243 | (836,363 | ) | 1,761,898 | ||||||||||
| Net Assets: | ||||||||||||||||
| Beginning of Period | 49,634,319 | 32,656,076 | 10,382,290 | 8,620,392 | ||||||||||||
| End of Period | $ | 29,722,935 | $ | 49,634,319 | $ | 9,545,927 | $ | 10,382,290 | ||||||||
| Undistributed Net Investment Income | $ | 286,208 | $ | 1,178,283 | $ | 82,297 | $ | 116,790 | ||||||||
| Share Transactions: | ||||||||||||||||
| Issued | — | 2,300,000 | 150,000 | 250,000 | ||||||||||||
| Redeemed | (1,100,000 | ) | (1,350,000 | ) | (150,000 | ) | — | |||||||||
| Net Increase (Decrease) in Shares Outstanding from Share Transactions | (1,100,000 | ) | 950,000 | — | 250,000 | |||||||||||
| (1) | Includes realized gains (losses) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements). |
The accompanying notes are an integral part of the financial statements.
| 74 |
|
| Statements of Changes in Net Assets |
| Global X FTSE Colombia 20 ETF | Global X Brazil Mid Cap ETF | |||||||||||||||
| Period Ended April 30, 2014 (Unaudited) |
Year Ended October 31, 2013 (Audited) |
Period Ended April 30, 2014 (Unaudited) |
Year Ended October 31, 2013 (Audited) |
|||||||||||||
| Operations: | ||||||||||||||||
| Net Investment Income | $ | 1,640,617 | $ | 3,492,239 | $ | 134,266 | $ | 535,095 | ||||||||
| Net Realized Loss on Investments and Foreign Currency Transactions(1) | (3,537,801 | ) | (6,132,756 | ) | (350,440 | ) | (937,657 | ) | ||||||||
| Net Change in Unrealized Depreciation on Investments and Foreign Currency Transactions and Translation | (6,073,307 | ) | (9,050,403 | ) | (480,541 | ) | (415,458 | ) | ||||||||
| Net Decrease in Net Assets Resulting from Operations | (7,970,491 | ) | (11,690,920 | ) | (696,715 | ) | (818,020 | ) | ||||||||
| Dividends and Distributions from: | ||||||||||||||||
| Net Investment Income | (4,567,150 | ) | (3,654,817 | ) | (531,843 | ) | (544,000 | ) | ||||||||
| Total Dividends and Distributions | (4,567,150 | ) | (3,654,817 | ) | (531,843 | ) | (544,000 | ) | ||||||||
| Capital Share Transactions: | ||||||||||||||||
| Issued | 10,141,500 | 42,301,000 | — | — | ||||||||||||
| Redeemed | (39,632,500 | ) | (59,709,500 | ) | (1,453,000 | ) | (7,242,000 | ) | ||||||||
| Decrease in Net Assets from Capital Share Transactions | (29,491,000 | ) | (17,408,500 | ) | (1,453,000 | ) | (7,242,000 | ) | ||||||||
| Total Decrease in Net Assets | (42,028,641 | ) | (32,754,237 | ) | (2,681,558 | ) | (8,604,020 | ) | ||||||||
| Net Assets: | ||||||||||||||||
| Beginning of Period | 149,624,554 | 182,378,791 | 12,390,168 | 20,994,188 | ||||||||||||
| End of Period | $ | 107,595,913 | $ | 149,624,554 | $ | 9,708,610 | $ | 12,390,168 | ||||||||
| Undistributed (Distributions in Excess of) Net Investment Income | $ | (832,121 | ) | $ | 1,897,019 | $ | 90,088 | $ | 483,347 | |||||||
| Share Transactions: | ||||||||||||||||
| Issued | 550,000 | 2,000,000 | — | — | ||||||||||||
| Redeemed | (2,200,000 | ) | (3,050,000 | ) | (100,000 | ) | (500,000 | ) | ||||||||
| Net Decrease in Shares Outstanding from Share Transactions | (1,650,000 | ) | (1,050,000 | ) | (100,000 | ) | (500,000 | ) | ||||||||
| (1) | Includes realized gains (losses) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements). |
The accompanying notes are an integral part of the financial statements.
| 75 |
|
| Statements of Changes in Net Assets |
| Global X Brazil Consumer ETF | Global X Brazil Financials ETF | |||||||||||||||
| Period Ended April 30, 2014 (Unaudited) |
Year Ended October 31, 2013 (Audited) |
Period Ended April 30, 2014 (Unaudited) |
Year Ended October 31, 2013 (Audited) |
|||||||||||||
| Operations: | ||||||||||||||||
| Net Investment Income | $ | 139,403 | $ | 180,332 | $ | 49,323 | $ | 78,417 | ||||||||
| Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | 231,280 | (1) | 142,953 | (1) | (101,574 | ) | (626,596 | )(1) | ||||||||
| Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions and Translation | (1,569,588 | ) | (1,992,485 | ) | (6,102 | ) | 366,257 | |||||||||
| Net Decrease in Net Assets Resulting from Operations | (1,198,905 | ) | (1,669,200 | ) | (58,353 | ) | (181,922 | ) | ||||||||
| Dividends and Distributions from: | ||||||||||||||||
| Net Investment Income | (185,072 | ) | (293,164 | ) | (22,454 | ) | (149,310 | ) | ||||||||
| Total Dividends and Distributions | (185,072 | ) | (293,164 | ) | (22,454 | ) | (149,310 | ) | ||||||||
| Capital Share Transactions: | ||||||||||||||||
| Issued | — | — | 555,500 | — | ||||||||||||
| Redeemed | (2,559,000 | ) | (4,508,500 | ) | — | (1,089,000 | ) | |||||||||
| Increase (Decrease) in Net Assets from Capital Share Transactions | (2,559,000 | ) | (4,508,500 | ) | 555,500 | (1,089,000 | ) | |||||||||
| Total Increase (Decrease) in Net Assets | (3,942,977 | ) | (6,470,864 | ) | 474,693 | (1,420,232 | ) | |||||||||
| Net Assets: | ||||||||||||||||
| Beginning of Period | 18,786,549 | 25,257,413 | 2,424,756 | 3,844,988 | ||||||||||||
| End of Period | $ | 14,843,572 | $ | 18,786,549 | $ | 2,899,449 | $ | 2,424,756 | ||||||||
| Undistributed Net Investment Income | $ | 104,743 | $ | 156,942 | $ | 42,381 | $ | 6,465 | ||||||||
| Share Transactions: | ||||||||||||||||
| Issued | — | — | 50,000 | — | ||||||||||||
| Redeemed | (150,000 | ) | (250,000 | ) | — | (100,000 | ) | |||||||||
| Net Increase (Decrease) in Shares Outstanding from Share Transactions | (150,000 | ) | (250,000 | ) | 50,000 | (100,000 | ) | |||||||||
| (1) | Includes realized gains (losses) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements). |
The accompanying notes are an integral part of the financial statements.
| 76 |
|
| Statements of Changes in Net Assets |
| Global X FTSE Argentina 20 ETF | Global X FTSE Greece 20 ETF | |||||||||||||||
| Period Ended April 30, 2014 (Unaudited) |
Year Ended October 31, 2013 (Audited) |
Period Ended April 30, 2014 (Unaudited) |
Year Ended October 31, 2013 (Audited) |
|||||||||||||
| Operations: | ||||||||||||||||
| Net Investment Income (Loss) | $ | 22,984 | $ | 22,958 | $ | (378,831 | ) | $ | 336,427 | |||||||
| Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | (526,161 | ) | (752,497 | ) | 11,403,403 | (1) | (1,115,260 | )(1) | ||||||||
| Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions and Translation | 419,573 | 1,578,925 | (12,795,283 | ) | 16,321,802 | |||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | (83,604 | ) | 849,386 | (1,770,711 | ) | 15,542,969 | ||||||||||
| Dividends and Distributions from: | ||||||||||||||||
| Net Investment Income | (45,738 | ) | (31,297 | ) | (53,067 | ) | (30,671 | ) | ||||||||
| Net Realized Gains | — | — | (99,419 | ) | (17,078 | ) | ||||||||||
| Total Dividends and Distributions | (45,738 | ) | (31,297 | ) | (152,486 | ) | (47,749 | ) | ||||||||
| Capital Share Transactions: | ||||||||||||||||
| Issued | 986,000 | 2,832,000 | 160,453,500 | 72,034,500 | ||||||||||||
| Redeemed | — | (443 | ) | (43,565,000 | ) | (18,455,000 | ) | |||||||||
| Increase in Net Assets from Capital Share Transactions | 986,000 | 2,831,557 | 116,888,500 | 53,579,500 | ||||||||||||
| Total Increase in Net Assets | 856,658 | 3,649,646 | 114,965,303 | 69,074,720 | ||||||||||||
| Net Assets: | ||||||||||||||||
| Beginning of Period | 6,595,190 | 2,945,544 | 94,937,937 | 25,863,217 | ||||||||||||
| End of Period | $ | 7,451,848 | $ | 6,595,190 | $ | 209,903,240 | $ | 94,937,937 | ||||||||
| Undistributed (Distributions in Excess of) Net Investment Income | $ | (18,531 | ) | $ | 2,271 | $ | (378,834 | ) | $ | 336,427 | ||||||
| Share Transactions: | ||||||||||||||||
| Issued | 50,000 | 150,000 | (2) | 6,800,000 | 3,700,000 | |||||||||||
| Redeemed | — | (25 | )(2) | (1,900,000 | ) | (1,100,000 | ) | |||||||||
| Net Increase in Shares Outstanding from Share Transactions | 50,000 | 149,975 | 4,900,000 | 2,600,000 | ||||||||||||
| (1) | Includes realized gains (losses) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements). |
| (2) | Adjusted to reflect the effect of a 1 for 2 share split on May 16, 2013. (See Note 8 in the Notes to Financial Statements). |
The accompanying notes are an integral part of the financial statements.
| 77 |
|
| Statements of Changes in Net Assets |
| Global X FTSE Norway 30 ETF | Global X FTSE Nordic Region ETF | |||||||||||||||
| Period Ended April 30, 2014 (Unaudited) |
Year Ended October 31, 2013 (Audited) |
Period Ended April 30, 2014 (Unaudited) |
Year Ended October 31, 2013 (Audited) |
|||||||||||||
| Operations: | ||||||||||||||||
| Net Investment Income | $ | 1,439,509 | $ | 2,017,974 | $ | 1,499,042 | $ | 1,204,474 | ||||||||
| Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | 1,202,253 | (1) | 861,775 | (1) | 2,333,867 | (1) | (462,098 | ) | ||||||||
| Net Change in Unrealized Appreciation on Investments and Foreign Currency Transactions and Translation | 2,248,810 | 5,669,899 | 1,857,420 | 9,575,936 | ||||||||||||
| Net Increase in Net Assets Resulting from Operations | 4,890,572 | 8,549,648 | 5,690,329 | 10,318,312 | ||||||||||||
| Dividends and Distributions from: | ||||||||||||||||
| Net Investment Income | (2,012,342 | ) | (1,583,434 | ) | (1,480,041 | ) | (698,310 | ) | ||||||||
| Total Dividends and Distributions | (2,012,342 | ) | (1,583,434 | ) | (1,480,041 | ) | (698,310 | ) | ||||||||
| Capital Share Transactions: | ||||||||||||||||
| Issued | 25,408,500 | 29,239,000 | 13,753,500 | 20,101,500 | ||||||||||||
| Redeemed | (11,045,000 | ) | (16,869,000 | ) | (8,078,500 | ) | — | |||||||||
| Increase in Net Assets from Capital Share Transactions | 14,363,500 | 12,370,000 | 5,675,000 | 20,101,500 | ||||||||||||
| Total Increase in Net Assets | 17,241,730 | 19,336,214 | 9,885,288 | 29,721,502 | ||||||||||||
| Net Assets: | ||||||||||||||||
| Beginning of Period | 80,464,774 | 61,128,560 | 56,014,679 | 26,293,177 | ||||||||||||
| End of Period | $ | 97,706,504 | $ | 80,464,774 | $ | 65,899,967 | $ | 56,014,679 | ||||||||
| Undistributed Net Investment Income | $ | 1,245,952 | $ | 1,822,950 | $ | 1,162,776 | $ | 1,150,933 | ||||||||
| Share Transactions: | ||||||||||||||||
| Issued | 1,550,000 | 1,850,000 | 550,000 | 950,000 | ||||||||||||
| Redeemed | (700,000 | ) | (1,100,000 | ) | (350,000 | ) | — | |||||||||
| Net Increase in Shares Outstanding from Share Transactions | 850,000 | 750,000 | 200,000 | 950,000 | ||||||||||||
| (1) | Includes realized gains (losses) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements). |
The accompanying notes are an integral part of the financial statements.
| 78 |
|
| Statements of Changes in Net Assets |
| Global X Central Asia & Mongolia Index ETF |
Global X Nigeria Index ETF | |||||||||||||||
| Period Ended April 30, 2014 (Unaudited) |
Period Ended |
Period Ended April 30, 2014 (Unaudited) |
Period Ended |
|||||||||||||
| Operations: | ||||||||||||||||
| Net Investment Income | $ | 9,983 | $ | 48,324 | $ | 251,447 | $ | 81,137 | ||||||||
| Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | (101,481 | ) | (70,246 | )(1) | (44,346 | ) | 11,702 | |||||||||
| Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions and Translation | 32,757 | (129,952 | ) | (120,481 | ) | (285,805 | ) | |||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | (58,741 | ) | (151,874 | ) | 86,620 | (192,966 | ) | |||||||||
| Dividends and Distributions from: | ||||||||||||||||
| Net Investment Income | (52,316 | ) | — | (76,054 | ) | — | ||||||||||
| Net Realized Gains | — | — | (16,784 | ) | — | |||||||||||
| Total Dividends and Distributions | (52,316 | ) | — | (92,838 | ) | — | ||||||||||
| Capital Share Transactions: | ||||||||||||||||
| Issued | 681,500 | 2,207,000 | 10,968,500 | 6,162,500 | ||||||||||||
| Redeemed | — | (681,500 | ) | — | — | |||||||||||
| Increase in Net Assets from Capital Share Transactions | 681,500 | 1,525,500 | 10,968,500 | 6,162,500 | ||||||||||||
| Total Increase in Net Assets | 570,443 | 1,373,626 | 10,962,282 | 5,969,534 | ||||||||||||
| Net Assets: | ||||||||||||||||
| Beginning of Period | 1,373,626 | — | 5,969,534 | — | ||||||||||||
| End of Period | $ | 1,944,069 | $ | 1,373,626 | $ | 16,931,816 | $ | 5,969,534 | ||||||||
| Undistributed Net Investment Income | $ | 6,116 | $ | 48,324 | $ | 251,447 | $ | 76,054 | ||||||||
| Share Transactions: | ||||||||||||||||
| Issued | 50,000 | 150,000 | 750,000 | 400,000 | ||||||||||||
| Redeemed | — | (50,000 | ) | — | — | |||||||||||
| Net Increase in Shares Outstanding from Share Transactions | 50,000 | 100,000 | 750,000 | 400,000 | ||||||||||||
| (1) | Includes realized gains (losses) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements). |
| (2) | Commenced operations on April 2, 2013. |
The accompanying notes are an integral part of the financial statements.
| 79 |
|
| Statements of Changes in Net Assets |
| Global X Next Emerging & Frontier ETF |
Global X Portugal FTSE 20 ETF |
|||||||
|
Period Ended |
Period Ended |
|||||||
| Operations: | ||||||||
| Net Investment Income (Loss) | $ | 504,182 | $ | (11,289 | ) | |||
| Net Realized Loss on Investments and Foreign Currency Transactions | (24,675 | ) | (65,899 | ) | ||||
| Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions | 1,429,580 | 1,838,301 | ||||||
| Net Increase in Net Assets Resulting from Operations | 1,909,087 | 1,761,113 | ||||||
| Dividends and Distributions from: | ||||||||
| Net Investment Income | (28,312 | ) | — | |||||
| Total Dividends and Distributions | (28,312 | ) | — | |||||
| Capital Share Transactions: | ||||||||
| Issued | 153,692,000 | 21,681,000 | ||||||
| Increase in Net Assets from Capital Share Transactions | 153,692,000 | 21,681,000 | ||||||
| Total Increase in Net Assets | 155,572,775 | 23,442,113 | ||||||
| Net Assets: | ||||||||
| Beginning of Period | — | — | ||||||
| End of Period | $ | 155,572,775 | $ | 23,442,113 | ||||
| Undistributed (Distributions in Excess of) Net Investment Income | $ | 475,870 | $ | (11,289 | ) | |||
| Share Transactions: | ||||||||
| Issued | 6,000,000 | 1,300,000 | ||||||
| Net Increase in Shares Outstanding from Share Transactions | 6,000,000 | 1,300,000 | ||||||
| (1) | Commenced operations on November 6, 2013. |
| (2) | Commenced operations on November 12, 2013. |
The accompanying notes are an integral part of the financial statements.
| 80 |
|
| Financial Highlights |
Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period
| Net Asset Value, Beginning of Period ($) |
Net Investment Income (Loss) ($)* |
Net Realized and Unrealized Gain (Loss) on Investments ($) |
Total from Operations ($) |
Distribution from Net Investment Income ($) |
Distribution from Net Realized Gains ($) |
Total from Distributions ($) |
Net Asset Value, End of Period ($) |
Total Return (%)** |
Net Assets End of Period ($)(000) |
Ratio of Expenses to Average Net Assets (%) |
Ratio of Net Investment Income (Loss) to Average Net Assets (%) |
Portfolio Turnover (%) |
||||||||||||||||||||||||||||||||||||||||
| Global X China Consumer ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2014(Unaudited) | 15.87 | — | (1.68 | ) | (1.68 | ) | (0.15 | ) | — | (0.15 | ) | 14.04 | (10.69 | ) | 153,000 | 0.65 | † | (0.01 | )† | 9.47 | †† | |||||||||||||||||||||||||||||||
| 2013 | 14.00 | 0.16 | 1.88 | 2.04 | (0.17 | ) | — | (0.17 | ) | 15.87 | 14.66 | 170,554 | 0.65 | 1.11 | 27.76 | |||||||||||||||||||||||||||||||||||||
| 2012 | 15.29 | 0.24 | (1.47 | ) | (1.23 | ) | (0.06 | ) | — | (0.06 | ) | 14.00 | (8.06 | ) | 126,715 | 0.65 | 1.73 | 17.32 | ||||||||||||||||||||||||||||||||||
| 2011 | 20.33 | 0.17 | (5.02 | ) | (4.85 | ) | (0.19 | ) | — | (0.19 | ) | 15.29 | (23.99 | ) | 136,858 | 0.65 | 0.98 | 12.37 | ||||||||||||||||||||||||||||||||||
| 2010(1) | 15.65 | 0.17 | 4.51 | 4.68 | — | — | — | 20.33 | 29.90 | 174,875 | 0.65 | † | 1.03 | † | 3.91 | †† | ||||||||||||||||||||||||||||||||||||
| Global X China Energy ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2014(Unaudited) | 15.11 | (0.05 | ) | (0.44 | ) | (0.49 | ) | (0.28 | ) | — | (0.28 | ) | 14.34 | (3.31 | ) | 3,584 | 0.65 | † | (0.66 | )† | 7.45 | †† | ||||||||||||||||||||||||||||||
| 2013 | 13.76 | 0.26 | 1.34 | 1.60 | (0.25 | ) | — | (0.25 | ) | 15.11 | 11.72 | 4,534 | 0.65 | 1.82 | 24.41 | |||||||||||||||||||||||||||||||||||||
| 2012 | 13.78 | 0.25 | (0.01 | ) | 0.24 | (0.26 | ) | — | (0.26 | ) | 13.76 | 1.87 | 4,816 | 0.65 | 1.85 | 17.22 | ||||||||||||||||||||||||||||||||||||
| 2011 | 15.72 | 0.27 | (2.07 | ) | (1.80 | ) | (0.14 | ) | — | (0.14 | ) | 13.78 | (11.57 | ) | 4,822 | 0.65 | 1.70 | 11.39 | ||||||||||||||||||||||||||||||||||
| 2010(2) | 15.02 | 0.23 | 0.47 | 0.70 | — | — | — | 15.72 | 4.66 | 4,717 | 0.65 | † | 1.80 | † | 20.55 | †† | ||||||||||||||||||||||||||||||||||||
| Global X China Financials ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2014(Unaudited) | 13.29 | (0.04 | ) | (1.55 | ) | (1.59 | ) | (0.07 | ) | — | (0.07 | ) | 11.63 | (12.06 | ) | 15,698 | 0.65 | † | (0.62 | )† | 1.90 | †† | ||||||||||||||||||||||||||||||
| 2013 | 12.03 | 0.27 | 1.36 | 1.63 | (0.37 | ) | — | (0.37 | ) | 13.29 | 13.61 | 42,518 | 0.65 | 2.09 | 33.49 | |||||||||||||||||||||||||||||||||||||
| 2012 | 10.92 | 0.20 | 0.92 | 1.12 | (0.01 | ) | — | (0.01 | ) | 12.03 | 10.28 | 6,013 | 0.65 | 1.76 | 14.02 | |||||||||||||||||||||||||||||||||||||
| 2011 | 14.77 | 0.03 | (3.56 | ) | (3.53 | ) | (0.32 | ) | — | (0.32 | ) | 10.92 | (24.29 | ) | 10,924 | 0.65 | 0.25 | 41.54 | ||||||||||||||||||||||||||||||||||
| 2010(3) | 14.90 | 0.27 | (0.40 | ) | (0.13 | ) | — | — | — | 14.77 | (0.87 | ) | 70,158 | 0.65 | † | 2.26 | † | 14.42 | †† | |||||||||||||||||||||||||||||||||
| Global X China Industrials ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2014(Unaudited) | 12.14 | (0.03 | ) | (0.78 | ) | (0.81 | ) | (0.19 | ) | — | (0.19 | ) | 11.14 | (6.84 | ) | 3,343 | 0.65 | † | (0.59 | )† | 5.40 | †† | ||||||||||||||||||||||||||||||
| 2013 | 11.40 | 0.15 | 0.75 | 0.90 | (0.16 | ) | — | (0.16 | ) | 12.14 | 7.89 | 4,248 | 0.65 | 1.28 | 19.01 | |||||||||||||||||||||||||||||||||||||
| 2012 | 11.39 | 0.16 | (0.13 | ) | 0.03 | (0.02 | ) | — | (0.02 | ) | 11.40 | 0.30 | 4,561 | 0.65 | 1.48 | 23.00 | ||||||||||||||||||||||||||||||||||||
| 2011 | 17.13 | 0.13 | (5.64 | ) | (5.51 | ) | (0.23 | ) | — | (0.23 | ) | 11.39 | (32.56 | ) | 4,558 | 0.65 | 0.88 | 20.13 | ||||||||||||||||||||||||||||||||||
| 2010(1) | 15.50 | 0.08 | 1.55 | 1.63 | — | — | — | 17.13 | 10.52 | 12,850 | 0.65 | † | 0.61 | † | 12.74 | †† | ||||||||||||||||||||||||||||||||||||
| Global X China Materials ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2014(Unaudited) | 15.13 | (0.05 | ) | (0.95 | ) | (1.00 | ) | (0.25 | ) | — | (0.25 | ) | 13.88 | (6.75 | ) | 2,081 | 0.65 | † | (0.69 | )† | 6.21 | †† | ||||||||||||||||||||||||||||||
| 2013(4) | 16.28 | 0.17 | (1.05 | ) | (0.88 | ) | (0.27 | ) | — | (0.27 | ) | 15.13 | (5.63 | ) | 2,269 | 0.65 | 1.65 | 31.07 | ||||||||||||||||||||||||||||||||||
| 2012(4) | 19.16 | 0.25 | (3.13 | ) | (2.88 | ) | — | — | — | 16.28 | (15.03 | ) | 2,441 | 0.65 | 1.50 | 50.30 | ||||||||||||||||||||||||||||||||||||
| 2011(4) | 29.18 | 0.01 | (9.74 | ) | (9.73 | ) | (0.29 | ) | — | (0.29 | ) | 19.16 | (33.69 | ) | 2,875 | 0.65 | 0.05 | 36.82 | ||||||||||||||||||||||||||||||||||
| 2010(4)(5) | 29.90 | 0.05 | (0.77 | ) | (0.72 | ) | — | — | — | 29.18 | (2.41 | ) | 57,642 | 0.65 | † | 0.23 | † | 6.13 | †† | |||||||||||||||||||||||||||||||||
| Global X NASDAQ China Technology ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2014(Unaudited) | 20.63 | (0.03 | ) | (0.13 | ) | (0.16 | ) | (0.01 | ) | — | (0.01 | ) | 20.46 | (0.80 | ) | 19,433 | 0.65 | † | (0.32 | )† | 32.54 | †† | ||||||||||||||||||||||||||||||
| 2013 | 13.77 | 0.02 | 6.92 | 6.94 | (0.08 | ) | — | (0.08 | ) | 20.63 | 50.68 | 10,317 | 0.65 | 0.14 | 57.24 | |||||||||||||||||||||||||||||||||||||
| 2012 | 15.38 | 0.05 | (1.47 | ) | (1.42 | ) | (0.19 | ) | — | (0.19 | ) | 13.77 | (9.17 | ) | 2,754 | 0.65 | 0.35 | 53.45 | ||||||||||||||||||||||||||||||||||
| 2011 | 17.21 | 0.38 | (2.05 | ) | (1.67 | ) | (0.03 | ) | (0.13 | ) | (0.16 | ) | 15.38 | (9.81 | ) | 4,614 | 0.65 | 2.26 | 16.79 | |||||||||||||||||||||||||||||||||
| 2010(6) | 14.90 | 0.03 | 2.28 | 2.31 | — | — | — | 17.21 | 15.50 | 4,301 | 0.65 | † | 0.24 | † | 5.15 | †† | ||||||||||||||||||||||||||||||||||||
| Global X FTSE ASEAN 40 ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2014(Unaudited) | 17.12 | 0.19 | (0.21 | ) | (0.02 | ) | (0.59 | ) | — | (0.59 | ) | 16.51 | 0.16 | 29,723 | 0.65 | † | 2.39 | † | 4.64 | †† | ||||||||||||||||||||||||||||||||
| 2013 | 16.75 | 0.47 | 0.28 | 0.75 | (0.38 | ) | — | (0.38 | ) | 17.12 | 4.50 | 49,634 | 0.65 | 2.73 | 24.07 | |||||||||||||||||||||||||||||||||||||
| 2012 | 15.51 | 0.51 | 1.10 | 1.61 | (0.37 | ) | — | (0.37 | ) | 16.75 | 10.77 | 32,656 | 0.65 | 3.23 | 9.69 | |||||||||||||||||||||||||||||||||||||
| 2011(7) | 15.08 | 0.38 | 0.05 | 0.43 | — | — | — | 15.51 | 2.85 | 23,262 | 0.62 | † | 3.46 | † | 2.68 | †† | ||||||||||||||||||||||||||||||||||||
| (1) | The Fund commenced operations on November 30, 2009. |
| (2) | The Fund commenced operations on December 15, 2009. |
| (3) | The Fund commenced operations on December 10, 2009. |
| (4) | Per share amounts have been restated for a 1 for 2 reverse share split. See Note 8 in the Notes to financial statements. |
| (5) | The Fund commenced operations on January 12, 2010. |
| (6) | The Fund commenced operations on December 8, 2009. |
| (7) | The Fund commenced operations on February 16, 2011. |
| * | Per share data calculated using average shares method. |
| ** | Total return is based on the change in net asset value of a share during the year or period and assumes reinvestment of dividends and distributions at net asset value. Total return is for the period indicated and periods of less than one year have not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| † | Annualized. |
| †† | Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers. |
Amounts designated as “—” are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
| 81 |
|
| Financial Highlights |
Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period
| Net Asset Value, Beginning of Period ($) |
Net Investment Income ($)* |
Net Realized and Unrealized Gain (Loss) on Investments ($) |
Total from Operations ($) |
Distribution from Net Investment Income ($) |
Distribution from Net Realized Gains ($) |
Total from Distributions ($) |
Net Asset Value, End of Period ($) |
Total Return (%)** |
Net Assets End of Period ($)(000) |
Ratio of Expenses to Average Net Assets (%) |
Ratio of Net Investment Income to Average Net Assets (%) |
Portfolio Turnover (%) |
||||||||||||||||||||||||||||||||||||||||
| Global X FTSE Andean 40 ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2014(Unaudited) | 12.21 | 0.13 | (0.94 | ) | (0.81 | ) | (0.17 | ) | — | (0.17 | ) | 11.23 | (6.60 | ) | 9,546 | 0.72 | † | 2.45 | † | 2.24 | †† | |||||||||||||||||||||||||||||||
| 2013 | 14.37 | 0.23 | (2.13 | ) | (1.90 | ) | (0.26 | ) | — | (0.26 | ) | 12.21 | (13.52 | ) | 10,382 | 0.72 | 1.71 | 22.05 | ||||||||||||||||||||||||||||||||||
| 2012 | 13.61 | 0.23 | 0.77 | 1.00 | (0.24 | ) | — | (0.24 | ) | 14.37 | 7.63 | 8,620 | 0.72 | 1.65 | 25.80 | |||||||||||||||||||||||||||||||||||||
| 2011(1) | 14.88 | 0.19 | (1.46 | ) | (1.27 | ) | — | — | — | 13.61 | (8.53 | ) | 6,806 | 0.72 | † | 1.81 | † | 15.83 | †† | |||||||||||||||||||||||||||||||||
| Global X FTSE Colombia 20 ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2014(Unaudited) | 20.55 | 0.27 | (0.96 | ) | (0.69 | ) | (0.75 | ) | — | (0.75 | ) | 19.11 | (3.16 | ) | 107,596 | 0.68 | †@ | 3.04 | † | 12.57 | †† | |||||||||||||||||||||||||||||||
| 2013 | 21.89 | 0.42 | (1.31 | ) | (0.89 | ) | (0.45 | ) | — | (0.45 | ) | 20.55 | (4.21 | ) | 149,625 | 0.75 | @ | 2.05 | 52.06 | |||||||||||||||||||||||||||||||||
| 2012 | 19.19 | 0.39 | 2.52 | 2.91 | (0.21 | ) | — | (0.21 | ) | 21.89 | 15.41 | 182,379 | 0.78 | @ | 1.92 | 61.70 | ||||||||||||||||||||||||||||||||||||
| 2011 | 22.99 | 0.29 | (3.88 | ) | (3.59 | ) | (0.13 | ) | (0.08 | ) | (0.21 | ) | 19.19 | (15.69 | ) | 141,613 | 0.81 | @ | 1.39 | 63.11 | ||||||||||||||||||||||||||||||||
| 2010 | 13.92 | 0.16 | 9.44 | 9.60 | (0.53 | ) | — | (0.53 | ) | 22.99 | 71.28 | 196,355 | 0.86 | @ | 0.77 | 40.95 | ||||||||||||||||||||||||||||||||||||
| 2009(2) | 7.50 | 0.25 | 6.17 | 6.42 | — | — | — | 13.92 | 85.60 | 6,960 | 0.86 | †@ | 2.93 | † | 1.94 | †† | ||||||||||||||||||||||||||||||||||||
| Global X Brazil Mid Cap ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2014(Unaudited) | 14.58 | 0.18 | (1.11 | ) | (0.93 | ) | (0.71 | ) | — | (0.71 | ) | 12.94 | (6.38 | ) | 9,709 | 0.69 | † | 2.84 | † | 7.58 | †† | |||||||||||||||||||||||||||||||
| 2013 | 15.55 | 0.50 | (1.02 | ) | (0.52 | ) | (0.45 | ) | — | (0.45 | ) | 14.58 | (3.52 | ) | 12,390 | 0.69 | 3.32 | 16.38 | ||||||||||||||||||||||||||||||||||
| 2012 | 15.55 | 0.47 | (0.13 | ) | 0.34 | (0.34 | ) | — | (0.34 | ) | 15.55 | 2.42 | 20,994 | 0.69 | 2.98 | 34.81 | ||||||||||||||||||||||||||||||||||||
| 2011 | 18.28 | 0.46 | (2.94 | ) | (2.48 | ) | (0.23 | ) | (0.02 | ) | (0.25 | ) | 15.55 | (13.73 | ) | 23,329 | 0.69 | 2.68 | 16.90 | |||||||||||||||||||||||||||||||||
| 2010(3) | 15.16 | 0.08 | 3.04 | 3.12 | — | — | — | 18.28 | 20.58 | 29,242 | 0.69 | † | 1.24 | † | 2.69 | †† | ||||||||||||||||||||||||||||||||||||
| Global X Brazil Consumer ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2014(Unaudited) | 17.89 | 0.15 | (1.34 | ) | (1.19 | ) | (0.21 | ) | — | (0.21 | ) | 16.49 | (6.65 | ) | 14,844 | 0.78 | †‡ | 1.93 | † | 6.81 | †† | |||||||||||||||||||||||||||||||
| 2013 | 19.43 | 0.15 | (1.45 | ) | (1.30 | ) | (0.24 | ) | — | (0.24 | ) | 17.89 | (6.80 | ) | 18,787 | 0.77 | 0.80 | 15.01 | ||||||||||||||||||||||||||||||||||
| 2012 | 16.78 | 0.14 | 2.73 | 2.87 | (0.22 | ) | — | (0.22 | ) | 19.43 | 17.49 | 25,257 | 0.77 | 0.83 | 49.88 | |||||||||||||||||||||||||||||||||||||
| 2011 | 19.95 | 0.28 | (3.42 | ) | (3.14 | ) | (0.02 | ) | (0.01 | ) | (0.03 | ) | 16.78 | (15.74 | ) | 29,361 | 0.77 | 1.53 | 37.28 | |||||||||||||||||||||||||||||||||
| 2010(4) | 15.48 | — | 4.47 | 4.47 | — | — | — | 19.95 | 28.88 | 24,934 | 0.77 | † | 0.07 | † | 4.72 | †† | ||||||||||||||||||||||||||||||||||||
| Global X Brazil Financials ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2014(Unaudited) | 12.12 | 0.24 | (0.65 | ) | (0.41 | ) | (0.11 | ) | — | (0.11 | ) | 11.60 | (3.25 | ) | 2,899 | 0.77 | †‡ | 4.62 | † | 9.97 | †† | |||||||||||||||||||||||||||||||
| 2013 | 12.82 | 0.30 | (0.50 | ) | (0.20 | ) | (0.50 | ) | — | (0.50 | ) | 12.12 | (1.87 | ) | 2,425 | 0.77 | 2.36 | 14.87 | ||||||||||||||||||||||||||||||||||
| 2012 | 14.92 | 0.34 | (1.80 | ) | (1.46 | ) | (0.64 | ) | — | (0.64 | ) | 12.82 | (9.79 | ) | 3,845 | 0.77 | 2.47 | 24.79 | ||||||||||||||||||||||||||||||||||
| 2011 | 17.40 | 0.46 | (2.85 | ) | (2.39 | ) | (0.09 | ) | — | (0.09 | ) | 14.92 | (13.80 | ) | 7,461 | 0.77 | 2.85 | 37.24 | ||||||||||||||||||||||||||||||||||
| 2010(5) | 15.08 | 0.05 | 2.27 | 2.32 | — | — | — | 17.40 | 15.38 | 7,829 | 0.77 | † | 1.15 | † | — | †† | ||||||||||||||||||||||||||||||||||||
| Global X FTSE Argentina 20 ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2014(Unaudited) | 20.29 | 0.06 | (0.36 | ) | (0.30 | ) | (0.12 | ) | — | (0.12 | ) | 19.87 | (1.46 | ) | 7,452 | 0.74 | † | 0.67 | † | 21.35 | †† | |||||||||||||||||||||||||||||||
| 2013(6) | 16.84 | 0.10 | 3.53 | 3.63 | (0.18 | ) | — | (0.18 | ) | 20.29 | 21.73 | 6,595 | 0.74 | 0.57 | 26.52 | |||||||||||||||||||||||||||||||||||||
| 2012(6) | 22.04 | 0.24 | (4.85 | ) | (4.61 | ) | (0.59 | ) | — | (0.59 | ) | 16.84 | (21.44 | ) | 2,946 | 0.74 | 1.25 | 29.51 | ||||||||||||||||||||||||||||||||||
| 2011(6)(7) | 29.86 | 0.45 | (8.27 | ) | (7.82 | ) | — | — | — | 22.04 | (26.19 | ) | 3,857 | 0.75 | † | 2.53 | † | 40.86 | †† | |||||||||||||||||||||||||||||||||
| (1) | The Fund commenced operations on February 2, 2011. |
| (2) | The Fund commenced operations on February 5, 2009. |
| (3) | The Fund commenced operations on June 21, 2010. |
| (4) | The Fund commenced operations on July 7, 2010. |
| (5) | The Fund commenced operations on July 28, 2010. |
| (6) | Per share amounts have been restated for a 1 for 2 reverse share split. See Note 8 in the Notes to financial statements. |
| (7) | The Fund commenced operations on March 2, 2011. |
| * | Per share data calculated using average shares method. |
| ** | Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| † | Annualized. |
| †† | Portfolio turnover rate is for the period indicated and has not been annualized. Excludes effect of in-kind transfers. |
| @ | The Ratio of Expenses to Average Net Assets includes the effect of a waiver. If these expense offsets were excluded, the ratio would have been 0.81%, 0.83%, 0.83%, 0.83%, 0.86% and 0.86% for the period ended April 30, 2014 and years or periods ended October 31, 2013, 2012, 2011, 2010 and 2009, respectively. |
| ‡ | The Ratio of Expenses to Average Net Assets includes the effect of income taxes. If these expenses were excluded, the ratio would have been 0.77%, and 0.77% for the Global X Brazil Consumer ETF and Global X Brazil Financials ETF, respectively. |
Amounts designated as “—” are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
| 82 |
|
| Financial Highlights |
Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period
| Net Asset Value, Beginning of Period ($) |
Net Investment Income (Loss) ($)* |
Net Realized and Unrealized Gain (Loss) on Investments ($) |
Total from Operations ($) |
Distribution from Net Investment Income ($) |
Distribution from Net Realized Gains ($) |
Total from Distributions ($) |
Net Asset Value, End of Period ($) |
Total Return (%)** |
Net Assets End of Period ($)(000) |
Ratio of Expenses to Average Net Assets (%) |
Ratio of Net Investment Income (Loss) to Average Net Assets (%) |
Portfolio Turnover (%) |
||||||||||||||||||||||||||||||||||||||||
| Global X FTSE Greece 20 ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2014(Unaudited) | 22.60 | (0.05 | ) | 0.55 | ^ | 0.50 | (0.01 | ) | (0.02 | ) | (0.03 | ) | 23.07 | 2.20 | 209,903 | 0.58 | † | (0.46 | )† | 26.99 | †† | |||||||||||||||||||||||||||||||
| 2013 | 16.16 | 0.15 | 6.32 | 6.47 | (0.02 | ) | (0.01 | ) | (0.03 | ) | 22.60 | 40.14 | 94,938 | 0.61 | 0.84 | 77.29 | ||||||||||||||||||||||||||||||||||||
| 2012(1) | 15.18 | 0.25 | 0.76 | 1.01 | (0.03 | ) | — | (0.03 | ) | 16.16 | 6.70 | 25,863 | 0.62 | † | 1.93 | † | 23.99 | †† | ||||||||||||||||||||||||||||||||||
| Global X FTSE Norway 30 ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2014(Unaudited) | 16.76 | 0.28 | 0.64 | 0.92 | (0.39 | ) | — | (0.39 | ) | 17.29 | 5.63 | 97,707 | 0.50 | † | 3.38 | † | 10.69 | †† | ||||||||||||||||||||||||||||||||||
| 2013 | 15.09 | 0.50 | 1.60 | 2.10 | (0.43 | ) | — | (0.43 | ) | 16.76 | 14.21 | 80,465 | 0.50 | 3.23 | 11.01 | |||||||||||||||||||||||||||||||||||||
| 2012 | 13.96 | 0.49 | 1.00 | 1.49 | (0.36 | ) | — | (0.36 | ) | 15.09 | 11.24 | 61,129 | 0.50 | 3.52 | 23.39 | |||||||||||||||||||||||||||||||||||||
| 2011(2) | 14.80 | 0.44 | (1.27 | ) | (0.83 | ) | (0.01 | ) | — | (0.01 | ) | 13.96 | (5.62 | ) | 74,707 | 0.50 | † | 3.03 | † | 24.26 | †† | |||||||||||||||||||||||||||||||
| Global X FTSE Nordic Region ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2014(Unaudited) | 23.74 | 0.63 | 2.00 | 2.63 | (0.63 | ) | — | (0.63 | ) | 25.74 | 11.26 | 65,900 | 0.50 | † | 5.20 | † | 3.45 | †† | ||||||||||||||||||||||||||||||||||
| 2013 | 18.65 | 0.62 | 4.97 | 5.59 | (0.50 | ) | — | (0.50 | ) | 23.74 | 30.54 | 56,015 | 0.50 | 2.92 | 8.95 | |||||||||||||||||||||||||||||||||||||
| 2012 | 17.47 | 0.50 | 1.27 | 1.77 | (0.53 | ) | (0.06 | ) | (0.59 | ) | 18.65 | 10.84 | 26,293 | 0.50 | 2.88 | 10.15 | ||||||||||||||||||||||||||||||||||||
| 2011 | 19.22 | 0.53 | (2.11 | ) | (1.58 | ) | (0.17 | ) | — | (0.17 | ) | 17.47 | (8.34 | ) | 29,005 | 0.50 | 2.74 | 3.59 | ||||||||||||||||||||||||||||||||||
| 2010 | 16.07 | 0.32 | 2.84 | 3.16 | (0.01 | ) | — | (0.01 | ) | 19.22 | 19.68 | 12,683 | 0.50 | 1.91 | 4.07 | |||||||||||||||||||||||||||||||||||||
| 2009(3) | 14.50 | (0.02 | ) | 1.59 | 1.57 | — | — | — | 16.07 | 10.83 | 3,375 | 0.50 | † | (0.50 | )† | 0.70 | †† | |||||||||||||||||||||||||||||||||||
| Global X Central Asia & Mongolia Index ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2014(Unaudited) | 13.74 | 0.07 | (0.50 | ) | (0.43 | ) | (0.35 | ) | — | (0.35 | ) | 12.96 | (3.22 | ) | 1,944 | 0.69 | † | 1.05 | † | 38.13 | †† | |||||||||||||||||||||||||||||||
| 2013(4) | 14.84 | 0.41 | (1.51 | ) | (1.10 | ) | — | — | — | 13.74 | (7.41 | ) | 1,374 | 0.69 | † | 5.01 | † | 11.01 | †† | |||||||||||||||||||||||||||||||||
| Global X Nigeria Index ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2014(Unaudited) | 14.92 | 0.41 | (0.40 | ) | 0.01 | (0.17 | ) | (0.04 | ) | (0.21 | ) | 14.72 | 0.00 | 16,932 | 0.68 | †@ | 5.69 | † | 2.84 | †† | ||||||||||||||||||||||||||||||||
| 2013(4) | 15.31 | 0.30 | (0.69 | ) | (0.39 | ) | — | — | — | 14.92 | (2.55 | ) | 5,970 | 0.68 | †@ | 3.54 | † | 5.44 | †† | |||||||||||||||||||||||||||||||||
| Global X Next Emerging & Frontier ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2014(5)(Unaudited) | 25.08 | 0.51 | 0.39 | 0.90 | (0.05 | ) | — | (0.05 | ) | 25.93 | 3.59 | 155,573 | 0.58 | †‡ | 4.23 | † | 0.46 | †† | ||||||||||||||||||||||||||||||||||
| Global X FTSE Portugal 20 ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2014(6)(Unaudited) | 15.04 | (0.02 | ) | 3.01 | 2.99 | — | — | — | 18.03 | 19.88 | 23,442 | 0.61 | † | (0.22 | )† | 15.41 | †† | |||||||||||||||||||||||||||||||||||
| (1) | The Fund commenced operations on December 7, 2011. |
| (2) | The Fund commenced operations on November 9, 2010. |
| (3) | The Fund commenced operations on August 17, 2009. |
| (4) | The Fund commenced operations on April 2, 2013. |
| (5) | The Fund commenced operations on November 6, 2013. |
| (6) | The Fund commenced operations on November 12, 2013. |
| * | Per share data calculated using average shares method. |
| ** | Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| † | Annualized. |
| †† | Portfolio turnover rate is for the period indicated and has not been annualized. Excludes effect of in-kind transfers. |
| @ | The Ratio of Expenses to Average Net Assets includes the effect of a waiver. If these expense offsets were excluded, the ratio would have been 0.92% and 0.92% for the periods ended April 30, 2014 and October 31, 2013, respectively. |
| ^ | The amount shown for a share outstanding throughout the period does not accord with the aggregate net gains on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund. |
| ‡ | The Ratio of Expenses to Average Net Assets includes the effect of income taxes. If this expense was excluded, the ratio would have been 0.58%. |
Amounts designated as “—” are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
| 83 |
|
| Notes to Financial Statements |
| April 30, 2014 (Unaudited) |
1. ORGANIZATION
The Global X Funds (the "Trust") is a Delaware Statutory Trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of April 30, 2014, the Trust had seventy-nine portfolios, forty of which were operational. The financial statements herein and the related notes pertain to the Global X China Consumer ETF, Global X China Energy ETF, Global X China Financials ETF, Global X China Industrials ETF, Global X China Materials ETF, Global X NASDAQ China Technology ETF, Global X FTSE ASEAN 40 ETF, Global X FTSE Andean 40 ETF, Global X FTSE Colombia 20 ETF, Global X Brazil Mid Cap ETF, Global X Brazil Consumer ETF, Global X Brazil Financials ETF, Global X FTSE Argentina 20 ETF, Global X FTSE Greece 20 ETF, Global X FTSE Norway 30 ETF, Global X FTSE Nordic Region ETF, Global X Central Asia & Mongolia Index ETF, Global X Nigeria Index ETF, Global X Next Emerging & Frontier ETF and Global X FTSE Portugal 20 ETF (each a “Fund”, collectively, the “Funds”). Each Fund is non-diversified.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the Significant Accounting Policies followed by the Funds.
USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates, and could have a material impact to the Funds.
SECURITY VALUATION — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm if a security’s primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent mean between the quoted bid and asked prices (absent both bid and asked prices on such exchange, the bid price may be used).
For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.
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| Notes to Financial Statements (continued) |
| April 30, 2014 (Unaudited) |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
Securities for which market prices are not "readily available" are valued in accordance with Fair Value Procedures established by the Board of Trustees (the “Board”). The Funds’ Fair Value Procedures are implemented through a Fair Value Committee (the "Committee") designated by the Board. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security's trading has been halted or suspended; the security has been de-listed from its primary trading exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, the Funds may fair value their securities if an event that may materially affect the value of the Funds’ securities that traded outside of the United States (a “Significant Event”) has occurred between the time of the security's last close and the time that the Funds calculate net asset value. A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include: government actions, natural disaster, armed conflict, acts of terrorism and significant market fluctuations. If Global X Management Company LLC (the “Adviser”) becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate net asset value, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. As of April 30, 2014, there were securities valued using Fair Value Procedures of $385,413, $78,274, $6,683, $53,797, $76,592 and $97,276 in Global X China Consumer ETF, Global X China Materials ETF, Global X FTSE Colombia 20 ETF, Global X Brazil Mid Cap ETF, Global X Brazil Consumer ETF, and Global X FTSE Greece 20 ETF, respectively. There were no other securities priced using the Fair Value Procedures.
In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:
Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date
Level 2 – Other significant observable inputs (including quoted prices in non-active markets, quoted prices for similar investments, fair value of investments for which the Funds have the ability to fully redeem tranches at net asset value as of the measurement date or within the near term, and short-term investments valued at amortized cost)
Level 3 – Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments, fair value of investments for which the Funds do not have the ability to fully redeem tranches at net asset value as of the measurement date or within the near term)
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| Notes to Financial Statements (continued) |
| April 30, 2014 (Unaudited) |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.
For the six months ended April 30, 2014, there have been no significant changes to the Funds’ fair valuation methodologies.
The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of April 30, 2014. The disclosures below also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.
Global X China Materials ETF
| Quantitative information about level 3 fair value measurements | ||||
| Assets | Fair Value at 4/30/14 | Valuation Technique(s) | Unobservable Input | Discount Percentage Range |
| Discount from the Last Traded | Last Traded Price Comparability | |||
| Common Stock | $78,274 | Price | Adjustment % | 0% to 99% |
The unobservable inputs used to determine fair value of Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.
REPURCHASE AGREEMENTS — Securities pledged as collateral for repurchase agreements are held by Citibank, N.A. and are designated as being held on each Fund’s behalf by its custodian under a book-entry system. Each Fund monitors the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest. It is the Funds’ policy to only enter into repurchase agreements with banks and other financial institutions which are deemed by the investment adviser to be creditworthy. The Fund bears the risk of loss in the event that the other party to a repurchase agreement defaults on its obligations and the Fund is prevented from exercising its rights to dispose of the underlying securities received as collateral and the risk of a possible decline in the value of the underlying securities during the period. For Financial Statement purposes, the Funds gross up the securities lending collateral (included in Repurchase Agreements, at Value) and Obligation to Return Securities Lending Collateral on the Statements of Assets and Liabilities.
FEDERAL INCOME TAXES — It is each Fund’s intention to qualify or continue to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended.
During the period ended April 30, 2014, The Global X Brazil Consumer ETF, Global X Brazil Financials ETF, and Global X Next Emerging & Frontier ETF incurred federal excise tax in the amount of $808, $5, and $17, respectively. No other provisions for Federal income taxes have been made in the financial statements.
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| Notes to Financial Statements (continued) |
| April 30, 2014 (Unaudited) |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is "more-likely-than-not" (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.
As of and during the six months ended April 30, 2014, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period, the Funds did not incur any interest or penalties.
SECURITY TRANSACTIONS AND INVESTMENT INCOME — Security transactions are accounted for on the trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sale of investment securities are based on specific identification. Dividend income is recorded on the ex-dividend date. Interest income is recognized on the accrual basis from the settlement date.
FOREIGN CURRENCY TRANSLATION — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statement of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — The Funds distribute their net investment income on a pro rata basis. Any net realized capital gains are distributed annually. All distributions are recorded on ex-dividend date.
CREATION UNITS — The Funds issue and redeem shares ("Shares") at Net Asset Value (“NAV”) and only in large blocks of Shares, (each block of Shares for a Fund is called a "Creation Unit" or multiples thereof). Purchasers of Creation Units ("Authorized Participants") at NAV must pay a standard creation transaction fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an investor on the same day. An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard Redemption Fee per transaction payable to the Custodian on the date of such redemption, regardless of the number of Creation Units redeemed that day.
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| Notes to Financial Statements (continued) |
| April 30, 2014 (Unaudited) |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
If a Creation Unit is purchased or redeemed for cash, a higher Transaction Fee will be charged. The following table discloses Creation Unit breakdown:
| Creation Unit | Transaction | Redemption | ||||||||||||||
| Shares | Fee | Value | Fee | |||||||||||||
| Global X China Consumer ETF | 50,000 | $ | 1,900 | $ | 702,000 | $ | 1,900 | |||||||||
| Global X China Energy ETF | 50,000 | 1,900 | 717,000 | 1,900 | ||||||||||||
| Global X China Financials ETF | 50,000 | 1,900 | 581,500 | 1,900 | ||||||||||||
| Global X China Industrials ETF | 50,000 | 1,900 | 557,000 | 1,900 | ||||||||||||
| Global X China Materials ETF | 50,000 | 1,900 | 694,000 | 1,900 | ||||||||||||
| Global X NASDAQ China Technology ETF | 50,000 | 1,900 | 1,023,000 | 1,900 | ||||||||||||
| Global X FTSE ASEAN 40 ETF | 50,000 | 2,300 | 825,500 | 2,300 | ||||||||||||
| Global X FTSE Andean 40 ETF | 50,000 | 2,300 | 561,500 | 2,300 | ||||||||||||
| Global X FTSE Colombia 20 ETF | 50,000 | 2,500 | 955,500 | 2,500 | ||||||||||||
| Global X Brazil Mid Cap ETF | 50,000 | 1,900 | 647,000 | 1,900 | ||||||||||||
| Global X Brazil Consumer ETF | 50,000 | 1,500 | 824,500 | 1,500 | ||||||||||||
| Global X Brazil Financials ETF | 50,000 | 1,500 | 580,000 | 1,500 | ||||||||||||
| Global X FTSE Argentina 20 ETF | 50,000 | 1,000 | 993,500 | 1,000 | ||||||||||||
| Global X FTSE Greece 20 ETF | 50,000 | 1,000 | 1,153,500 | 1,000 | ||||||||||||
| Global X FTSE Norway 30 ETF | 50,000 | 1,400 | 864,500 | 1,400 | ||||||||||||
| Global X FTSE Nordic Region ETF | 50,000 | 1,400 | 1,287,000 | 1,400 | ||||||||||||
| Global X Central Asia & Mongolia Index ETF | 50,000 | 2,700 | 648,000 | 2,700 | ||||||||||||
| Global X Nigeria Index ETF | 50,000 | 2,300 | 736,000 | 2,300 | ||||||||||||
| Global X Next Emerging & Frontier ETF | 50,000 | 9,500 | 1,296,500 | 9,500 | ||||||||||||
| Global X FTSE Portugal 20 ETF | 50,000 | 1,000 | 901,500 | 1,000 | ||||||||||||
3. RELATED PARTY TRANSACTIONS
The Adviser serves as the investment adviser and the administrator for the Funds. Subject to the supervision of the Board of Trustees, the Adviser is responsible for managing the investment activities of the Funds and the Funds’ business affairs and other administrative matters and provides or causes to be furnished all supervisory, administrative and other services reasonably necessary for the operation of the Funds, including certain distribution services (provided pursuant to a separate Distribution Agreement), certain shareholder and distribution-related services (provided pursuant to a separate Rule 12b-1 Plan and related agreements) and investment advisory services (provided pursuant to a separate Investment Advisory Agreement), under what is essentially an "all-in" fee structure. For its service to the Funds, under the Supervision and Administration Agreement, each Fund pays a monthly fee to the Adviser at the annual rate (stated as a percentage of the average daily net assets of the Fund). In addition, the Funds bear other expenses, directly and indirectly that are not covered by the Supervision and Administration Agreement, which may vary and affect the total expense ratios of the Funds, such as taxes, brokerage fees, commissions and other transaction expenses, interest expenses, acquired fund fees and extraordinary expenses (such as litigation and indemnification expenses). In addition, the Global X FTSE Colombia 20 ETF, Global X FTSE Argentina 20 ETF, Global X FTSE Greece 20 ETF, Global X Central Asia & Mongolia Index ETF, Global X Nigeria Index ETF, Global X Next Emerging & Frontier ETF and Global X FTSE Portugal 20 ETF pay custodial fees that are not covered by the Supervision and Administration Agreement. Pursuant to an agreement with the Custodian, the Global X FTSE Colombia 20 ETF, Global X FTSE Argentina 20 ETF, Global X FTSE Greece 20 ETF, Global X Central Asia & Mongolia Index ETF, Global X Nigeria Index ETF, Global X Next Emerging & Frontier ETF and Global X FTSE Portugal 20 ETF may pay up to 0.14%, 0.01%, 0.14%, 0.01%, 0.24%, 0.09% and 0.06% respectively in Custody Fees (in addition to the Supervision and Administration Fee).
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| Notes to Financial Statements (continued) |
| April 30, 2014 (Unaudited) |
3. RELATED PARTY TRANSACTIONS (continued)
| Supervision and | ||||
| Administration | ||||
| Fee | ||||
| Global X China Consumer ETF | 0.65 | % | ||
| Global X China Energy ETF | 0.65 | % | ||
| Global X China Financials ETF | 0.65 | % | ||
| Global X China Industrials ETF | 0.65 | % | ||
| Global X China Materials ETF | 0.65 | % | ||
| Global X NASDAQ China Technology ETF | 0.65 | % | ||
| Global X FTSE ASEAN 40 ETF | 0.65 | % | ||
| Global X FTSE Andean 40 ETF | 0.72 | % | ||
| Global X FTSE Colombia 20 ETF* | 0.68 | % | ||
| Global X Brazil Mid Cap ETF | 0.69 | % | ||
| Global X Brazil Consumer ETF | 0.77 | % | ||
| Global X Brazil Financials ETF | 0.77 | % | ||
| Global X FTSE Argentina 20 ETF | 0.74 | % | ||
| Global X FTSE Greece 20 ETF | 0.55 | % | ||
| Global X FTSE Norway 30 ETF | 0.50 | % | ||
| Global X FTSE Nordic Region ETF | 0.50 | % | ||
| Global X Central Asia & Mongolia Index ETF | 0.68 | % | ||
| Global X Nigeria Index ETF* | 0.68 | % | ||
| Global X Next Emerging & Frontier ETF | 0.49 | % | ||
| Global X FTSE Portugal 20 ETF | 0.55 | % | ||
*Pursuant to an Expense Limitation Agreement, the Adviser has agreed to waive or reimburse fees and/or limit Fund expenses to the extent necessary to assure that the operating expenses of the Fund (exclusive of taxes, brokerage fees, commissions, and other transaction expenses, interest and extraordinary expenses (such as litigation and indemnification expenses) will not exceed 0.68% of the Fund’s average daily net assets per year until at least March 1, 2015 for the Global X FTSE Colombia 20 Fund and March 1, 2015 for the Global X Nigeria Index Fund. Pursuant to the Expense Limitation Agreement, the Fund (at a later date) may reimburse the Adviser for the fees and expenses it waived or reimbursed and/or limited pursuant to the Expense Limitation Agreement during any of the prior three fiscal years, provided that, among other things, any reimbursement made to the Adviser does not cause Total Annual Fund Operating Expenses of the Fund to exceed 0.68% during the period in which it is paid and the Board of Trustees has approved in advance such reimbursement to the Adviser.
SEI Investments Global Fund Services (“SEIGFS”) serves as Sub-Administrator to the Funds. As Sub-Administrator, SEIGFS provides the Funds with the required general administrative services, including, without limitation: office space, equipment, and personnel; clerical and general back office services; bookkeeping, internal accounting and secretarial services; the calculation of NAV; and assistance with the preparation and filing of reports, registration statements, proxy statements and other materials required to be filed or furnished by the Funds under federal and state securities laws. As compensation for these services, the Sub-Administrator receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser.
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| Notes to Financial Statements (continued) |
| April 30, 2014 (Unaudited) |
3. RELATED PARTY TRANSACTIONS (continued)
SEI Investments Distribution Co. (“SIDCO”) serves as each Funds underwriter and distributor of Shares pursuant to a Distribution Agreement. Under the Distribution Agreement, SIDCO, as agent, receives orders to create and redeem Shares in Creation Unit Aggregations and transmits such orders to the Trust’s custodian and transfer agent. The Distributor has no obligation to sell any specific quantity of Fund Shares. SIDCO bears the following costs and expenses relating to the distribution of Shares: (i) the costs of processing and maintaining records of creations of Creation Units; (ii) all costs of maintaining the records required of a registered broker/dealer; (iii) the expenses of maintaining its registration or qualification as a dealer or broker under Federal or state laws; (iv) filing fees; and (v) all other expenses incurred in connection with the distribution services as contemplated in the Distribution Agreement. SIDCO receives no fee for its distribution services under the Distribution Agreement
4. INVESTMENT TRANSACTIONS
For the period ended April 30, 2014, the purchases and sales of investments in securities, excluding in-kind transactions, long-term U.S. Government and short-term securities were:
| Sales and | ||||||||
| Purchases | Maturities | |||||||
| Global X China Consumer ETF | $ | 16,926,964 | $ | 18,471,904 | ||||
| Global X China Energy ETF | 324,033 | 404,199 | ||||||
| Global X China Financials ETF | 670,600 | 982,307 | ||||||
| Global X China Industrials ETF | 220,474 | 271,933 | ||||||
| Global X China Materials ETF | 135,219 | 181,530 | ||||||
| Global X NASDAQ China Technology ETF | 5,030,409 | 5,114,232 | ||||||
| Global X FTSE ASEAN 40 ETF | 1,704,906 | 7,548,543 | ||||||
| Global X FTSE Andean ETF | 1,586,937 | 1,504,634 | ||||||
| Global X FTSE Colombia 20 ETF | 14,083,639 | 36,325,833 | ||||||
| Global X Brazil Mid Cap ETF | 751,243 | 1,846,562 | ||||||
| Global X Brazil Consumer ETF | 1,011,358 | 2,995,442 | ||||||
| Global X Brazil Financials ETF | 627,101 | 221,585 | ||||||
| Global X FTSE Argentina 20 ETF | 1,495,401 | 1,501,266 | ||||||
| Global X FTSE Greece 20 ETF | 44,764,515 | 44,243,345 | ||||||
| Global X FTSE Norway 30 ETF | 9,378,697 | 10,047,055 | ||||||
| Global X FTSE Nordic Region ETF | 2,070,114 | 2,493,878 | ||||||
| Global X Central Asia & Mongolia Index ETF | 722,246 | 767,470 | ||||||
| Global X Nigeria Index ETF | 8,521,934 | 266,679 | ||||||
| Global X Next Emerging & Frontier ETF | 48,130,327 | 178,839 | ||||||
| Global X FTSE Portugal 20 ETF | 1,983,604 | 2,048,944 | ||||||
During the period ended April 30, 2014, there were no purchases or sales of long-term U.S. Government securities for the Funds.
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| Notes to Financial Statements (continued) |
| April 30, 2014 (Unaudited) |
4. INVESTMENT TRANSACTIONS (continued)
For the year or period ended October 31, 2013 and April 30, 2014, in-kind transactions associated with creations and redemptions were, respectively:
| Sales and | Realized | |||||||||||
| Purchases | Maturities | Gain/(Loss) | ||||||||||
| Global X China Consumer ETF | $ | 84,769,686 | $ | 56,960,691 | $ | 8,039,568 | ||||||
| Global X China Energy ETF | - | 736,908 | 151,578 | |||||||||
| Global X China Financials ETF | 38,715,376 | 3,760,719 | 306,039 | |||||||||
| Global X China Industrials ETF | - | 571,688 | 20,684 | |||||||||
| Global X NASDAQ China Technology ETF | 6,127,853 | - | - | |||||||||
| Global X FTSE ASEAN 40 ETF | 30,200,196 | 16,631,937 | 1,496,471 | |||||||||
| Global X FTSE Andean ETF | 1,803,820 | - | - | |||||||||
| Global X FTSE Colombia 20 ETF | 14,471,052 | 19,928,936 | (87,329 | ) | ||||||||
| Global X Brazil Mid Cap ETF | - | 3,589,792 | 589,045 | |||||||||
| Global X Brazil Consumer ETF | - | 1,031,963 | 50,747 | |||||||||
| Global X Brazil Financials ETF | - | 325,739 | (39,490 | ) | ||||||||
| Global X FTSE Argentina 20 ETF | 2,735,472 | - | - | |||||||||
| Global X FTSE Greece 20 ETF | 69,281,318 | 18,417,422 | 6,681,268 | |||||||||
| Global X FTSE Norway 30 ETF | 29,193,965 | 16,855,364 | 2,326,541 | |||||||||
| Global X FTSE Nordic Region ETF | 20,050,713 | - | - | |||||||||
| Global X Central Asia & Mongolia Index ETF | 2,205,126 | 681,289 | (53,621 | ) | ||||||||
| Global X Nigeria Index ETF | 1,361,807 | - | - | |||||||||
| Sales and | Realized | |||||||||||
| Purchases | Maturities | Gain/(Loss) | ||||||||||
| Global X China Consumer ETF | $ | 40,880,588 | $ | 36,035,099 | $ | 6,668,240 | ||||||
| Global X China Energy ETF | - | 730,950 | 142,450 | |||||||||
| Global X China Financials ETF | 6,962,953 | 27,556,314 | (1,892,992 | ) | ||||||||
| Global X China Industrials ETF | - | 590,797 | (33,973 | ) | ||||||||
| Global X China Materials ETF | - | - | - | |||||||||
| Global X NASDAQ China Technology ETF | 10,236,340 | - | - | |||||||||
| Global X FTSE ASEAN 40 ETF | - | 12,623,269 | (825,071 | ) | ||||||||
| Global X FTSE Andean ETF | 861,619 | 778,248 | (48,376 | ) | ||||||||
| Global X FTSE Colombia 20 ETF | 3,583,813 | 13,683,304 | (1,946,659 | ) | ||||||||
| Global X Brazil Mid Cap ETF | - | 776,989 | 131,362 | |||||||||
| Global X Brazil Consumer ETF | - | 593,007 | (49,721 | ) | ||||||||
| Global X Brazil Financials ETF | 171,813 | - | - | |||||||||
| Global X FTSE Argentina 20 ETF | 949,761 | - | - | |||||||||
| Global X FTSE Greece 20 ETF | 160,441,048 | 43,613,010 | 16,170,817 | |||||||||
| Global X FTSE Norway 30 ETF | 25,009,589 | 11,049,530 | 1,883,727 | |||||||||
| Global X FTSE Nordic Region ETF | 13,746,411 | 8,081,011 | 2,406,446 | |||||||||
| Global X Central Asia & Mongolia Index ETF | 681,707 | - | - | |||||||||
| Global X Nigeria Index ETF | 2,957,734 | - | - | |||||||||
| Global X Next Emerging & Frontier ETF | 105,808,579 | - | - | |||||||||
| Global X FTSE Portugal 20 ETF | 21,695,021 | - | - | |||||||||
5. TAX INFORMATION
The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to undistributed net investment income (loss), accumulated net realized gain (loss) or paid-in capital, as appropriate, in the period that the differences arise.
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| Notes to Financial Statements (continued) |
| April 30, 2014 (Unaudited) |
5. TAX INFORMATION (continued)
The tax character of dividends and distributions paid during the periods ended October 31, 2013 and 2012 were as follows:
| Global X Funds | Ordinary Income | Long-Term Capital Gain |
Totals | |||||||||
| Global X China Consumer ETF | ||||||||||||
| 2013 | $ | 2,128,638 | $ | – | $ | 2,128,638 | ||||||
| 2012 | 487,644 | – | 487,644 | |||||||||
| Global X China Energy ETF | ||||||||||||
| 2013 | $ | 88,625 | $ | – | $ | 88,625 | ||||||
| 2012 | 78,332 | – | 78,332 | |||||||||
| Global X China Financials ETF | ||||||||||||
| 2013 | $ | 186,317 | $ | – | $ | 186,317 | ||||||
| 2012 | 14,611 | – | 14,611 | |||||||||
| Global X China Industrials ETF | ||||||||||||
| 2013 | $ | 64,616 | $ | – | $ | 64,616 | ||||||
| 2012 | 8,938 | – | 8,938 | |||||||||
| Global X China Materials ETF | ||||||||||||
| 2013 | $ | 40,384 | $ | – | $ | 40,384 | ||||||
| 2012 | – | – | – | |||||||||
| Global X NASDAQ China Technology ETF | ||||||||||||
| 2013 | $ | 16,025 | $ | – | $ | 16,025 | ||||||
| 2012 | 57,614 | – | 57,614 | |||||||||
| Global X FTSE ASEAN 40 ETF | ||||||||||||
| 2013 | $ | 806,416 | $ | – | $ | 806,416 | ||||||
| 2012 | 517,045 | – | 517,045 | |||||||||
| Global X FTSE Andean 40 ETF | ||||||||||||
| 2013 | $ | 155,634 | $ | – | $ | 155,634 | ||||||
| 2012 | 120,234 | – | 120,234 | |||||||||
| Global X FTSE Colombia 20 ETF | ||||||||||||
| 2013 | $ | 3,654,817 | $ | – | $ | 3,654,817 | ||||||
| 2012 | 1,467,527 | – | 1,467,527 | |||||||||
| Global X Brazil Mid Cap ETF | ||||||||||||
| 2013 | $ | 544,000 | $ | – | $ | 544,000 | ||||||
| 2012 | 495,614 | – | 495,614 | |||||||||
| Global X Brazil Consumer ETF | ||||||||||||
| 2013 | $ | 293,164 | $ | – | $ | 293,164 | ||||||
| 2012 | 392,931 | – | 392,931 | |||||||||
| Global X Brazil Financials ETF | ||||||||||||
| 2013 | $ | 149,310 | $ | – | $ | 149,310 | ||||||
| 2012 | 256,178 | – | 256,178 | |||||||||
| Global X FTSE Argentina 20 ETF | ||||||||||||
| 2013 | $ | 31,297 | $ | – | $ | 31,297 | ||||||
| 2012 | 102,814 | – | 102,814 | |||||||||
| Global X FTSE Greece 20 ETF | ||||||||||||
| 2013 | $ | 47,749 | $ | – | $ | 47,749 | ||||||
| 2012 | 4,711 | – | 4,711 | |||||||||
| Global X FTSE Norway 30 ETF | ||||||||||||
| 2013 | $ | 1,583,434 | $ | – | $ | 1,583,434 | ||||||
| 2012 | 1,360,544 | – | 1,360,544 | |||||||||
| Global X FTSE Nordic Region ETF | ||||||||||||
| 2013 | $ | 698,310 | $ | – | $ | 698,310 | ||||||
| 2012 | 825,103 | 7,708 | 832,811 | |||||||||
| Global X Central Asia & Mongolia Index ETF* | ||||||||||||
| 2013 | $ | – | $ | – | $ | – | ||||||
| Global X Nigeria Index ETF* | ||||||||||||
| 2013 | $ | – | $ | – | $ | – | ||||||
*Commenced operations April 2, 2013.
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| Notes to Financial Statements (continued) |
| April 30, 2014 (Unaudited) |
5. TAX INFORMATION (continued)
As of October 31, 2013, the components of tax basis distributable earnings (accumulated losses) were as follows:
| Global X China Consumer ETF |
Global X China Energy ETF |
Global X China Financials ETF |
||||||||||
| Undistributed Ordinary Income | $ | 1,981,740 | $ | 85,001 | $ | 243,280 | ||||||
| Capital Loss Carryforwards | (6,049,213 | ) | (458,715 | ) | (926,122 | ) | ||||||
| Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency | (6,919,782 | ) | 324,432 | 699,844 | ||||||||
| Other Temporary Differences | 2 | (1 | ) | (1 | ) | |||||||
| Total Accumulated Gains/(Losses) | $ | (10,987,253 | ) | $ | (49,283 | ) | $ | 17,001 | ||||
| Global X China Industrials ETF |
Global X China Materials ETF |
Global X NASDAQ China Technology ETF |
||||||||||
| Undistributed Ordinary Income | $ | 59,640 | $ | 36,867 | $ | 3,666 | ||||||
| Capital Loss Carryforwards | (1,187,021 | ) | (812,455 | ) | (916,999 | ) | ||||||
| Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency | (1,138,372 | ) | (554,870 | ) | 1,293,501 | |||||||
| Other Temporary Differences | (2 | ) | (1 | ) | — | |||||||
| Total Accumulated Gains/(Losses) | $ | (2,265,755 | ) | $ | (1,330,459 | ) | $ | 380,168 | ||||
| Global X FTSE ASEAN 40 ETF |
Global X FTSE Andean 40 ETF |
Global X FTSE Colombia 20 ETF |
||||||||||
| Undistributed Ordinary Income | $ | 1,313,145 | $ | 137,847 | $ | 4,381,503 | ||||||
| Capital Loss Carryforwards | (1,158,747 | ) | (555,450 | ) | (18,964,122 | ) | ||||||
| Unrealized Depreciation on Investments and Foreign Currency | (1,481,370 | ) | (1,457,074 | ) | (5,419,585 | ) | ||||||
| Other Temporary Differences | (2 | ) | — | (4 | ) | |||||||
| Total Accumulated Losses | $ | (1,326,974 | ) | $ | (1,874,677 | ) | $ | (20,002,208 | ) | |||
| Global X Brazil Mid Cap ETF |
Global X Brazil Consumer ETF |
Global X Brazil Financials ETF |
||||||||||
| Undistributed Ordinary Income | $ | 487,664 | $ | 150,412 | $ | 15,515 | ||||||
| Capital Loss Carryforwards | (4,436,046 | ) | (2,248,892 | ) | (990,674 | ) | ||||||
| Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency | (187,016 | ) | 182,847 | (653,040 | ) | |||||||
| Other Temporary Differences | — | 1 | (4 | ) | ||||||||
| Total Accumulated Losses | $ | (4,135,398 | ) | $ | (1,915,632 | ) | $ | (1,628,203 | ) | |||
| Global X FTSE Argentina 20 ETF |
Global X FTSE Greece 20 ETF |
Global X FTSE Norway 30 ETF |
||||||||||
| Undistributed Ordinary Income | $ | 4,223 | $ | 118,988 | $ | 1,818,788 | ||||||
| Capital Loss Carryforwards | (1,248,913 | ) | — | (4,229,407 | ) | |||||||
| Undistributed Long-Term Capital Gains | — | 33,492 | — | |||||||||
| Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency | (210,675 | ) | 11,989,237 | 5,397,818 | ||||||||
| Other Temporary Differences | (2 | ) | (1 | ) | (4 | ) | ||||||
| Total Accumulated Gains/(Losses) | $ | (1,455,367 | ) | $ | 12,141,716 | $ | 2,987,195 | |||||
| Global X FTSE Nordic Region ETF |
Global X Central Asia & Mongolia Index ETF* |
Global X Nigeria Index ETF* |
||||||||||
| Undistributed Ordinary Income | $ | 1,463,463 | $ | 52,316 | $ | 92,838 | ||||||
| Capital Loss Carryforwards | (622,538 | ) | (16,751 | ) | — | |||||||
| Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency | 6,896,799 | (133,819 | ) | (285,805 | ) | |||||||
| Other Temporary Differences | (2 | ) | 1 | 1 | ||||||||
| Total Accumulated Gains/(Losses) | $ | 7,737,722 | $ | (98,253 | ) | $ | (192,966 | ) | ||||
* Commenced operations April 2, 2013.
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| Notes to Financial Statements (continued) |
| April 30, 2014 (Unaudited) |
5. TAX INFORMATION (continued)
For Federal income tax purposes, capital loss carryforwards represent realized losses of the Funds that may be carried forward for a maximum period of eight years and applied against future gains. As of October 31, 2013, the Funds that had capital loss carryforwards are listed below.
| Expiration Date | Global X China Consumer ETF |
Global X China Energy ETF |
Global X China Financials ETF |
Global X China Industrials ETF |
Global X China Materials ETF |
Global X NASDAQ China Technology ETF |
||||||||||||||||||
| Oct. 2019 | $ | 1,341,121 | $ | 33,912 | $ | — | $ | — | $ | — | $ | 236,466 | ||||||||||||
| Oct. 2018 | 173,208 | — | 551,954 | 94,810 | — | — | ||||||||||||||||||
| Total | $ | 1,514,329 | $ | 33,912 | $ | 551,954 | $ | 94,810 | $ | — | $ | 236,466 | ||||||||||||
| Expiration Date | Global X FTSE ASEAN 40 ETF |
Global X FTSE Andean 40 ETF |
Global X FTSE Colombia 20 ETF |
Global X Brazil Mid Cap ETF |
Global X Brazil Consumer ETF |
Global X Brazil Financials ETF |
||||||||||||||||||
| Oct. 2019 | $ | — | $ | 120,886 | $ | 8,249,654 | $ | 918,379 | $ | 563,593 | $ | — | ||||||||||||
| Oct. 2018 | — | — | — | — | — | — | ||||||||||||||||||
| Total | $ | — | $ | 120,886 | $ | 8,249,654 | $ | 918,379 | $ | 563,593 | $ | — | ||||||||||||
| Expiration Date | Global X Argentina 20 ETF |
Global X FTSE Greece 20 ETF |
Global X FTSE Norway 30 ETF |
Global X FTSE Nordic Region ETF |
Global X Central Asia & Mongolia Index ETF |
Global X Nigeria Index ETF |
||||||||||||||||||
| Oct. 2019 | $ | 414,683 | $ | — | $ | 1,802,290 | $ | — | $ | — | $ | — | ||||||||||||
| Oct. 2018 | — | — | — | — | — | — | ||||||||||||||||||
| Total | $ | 414,683 | $ | — | $ | 1,802,290 | $ | — | $ | — | $ | — | ||||||||||||
Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years are required to be used prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, preenactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. Losses carried forward under these new provisions are as follows:
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| Notes to Financial Statements (continued) |
| April 30, 2014 (Unaudited) |
5. TAX INFORMATION (continued)
| Short-Term | Long-Term | |||||||||||
| Global X Funds | Loss | Loss | Total | |||||||||
| Global X China Consumer ETF | $ | 88,359 | $ | 4,446,525 | $ | 4,534,884 | ||||||
| Global X China Energy ETF | 33,989 | 390,814 | 424,803 | |||||||||
| Global X China Financials ETF | 141,647 | 232,521 | 374,168 | |||||||||
| Global X China Industrials ETF | 560 | 1,091,651 | 1,092,211 | |||||||||
| Global X China Materials ETF | 30,358 | 782,097 | 812,455 | |||||||||
| Global X NASDAQ China Technology ETF | 152,056 | 528,477 | 680,533 | |||||||||
| Global X FTSE ASEAN 40 ETF | 1,074,094 | 84,653 | 1,158,747 | |||||||||
| Global X FTSE Andean 40 ETF | 245,063 | 189,501 | 434,564 | |||||||||
| Global X FTSE Colombia 20 ETF | 6,532,044 | 4,182,424 | 10,714,468 | |||||||||
| Global X Brazil Mid Cap ETF | 686,397 | 2,831,270 | 3,517,667 | |||||||||
| Global X Brazil Consumer ETF | 590,186 | 1,095,113 | 1,685,299 | |||||||||
| Global X Brazil Financials ETF | 124,936 | 865,738 | 990,674 | |||||||||
| Global X FTSE Argentina 20 ETF | 235,160 | 599,070 | 834,230 | |||||||||
| Global X FTSE Norway 30 ETF | 987,418 | 1,439,699 | 2,427,117 | |||||||||
| Global X FTSE Nordic Region ETF | 418,219 | 204,319 | 622,538 | |||||||||
| Global X Central Asia & Mongolia Index ETF* | 16,751 | — | 16,751 | |||||||||
*Commenced operations April 2, 2013.
The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at April 30, 2014 were as follows:
| Global X Funds | Federal Tax Cost | Aggregated Gross Unrealized Appreciation |
Aggregated Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
||||||||||||
| Global X China Consumer ETF | $ | 196,326,919 | $ | 11,409,288 | $ | (33,369,553 | ) | $ | (21,960,265 | ) | ||||||
| Global X China Energy ETF | 3,422,801 | 595,098 | (434,975 | ) | 160,123 | |||||||||||
| Global X China Financials ETF | 18,427,947 | 87,353 | (2,797,597 | ) | (2,710,244 | ) | ||||||||||
| Global X China Industrials ETF | 4,418,727 | 333,886 | (1,408,730 | ) | (1,074,844 | ) | ||||||||||
| Global X China Materials ETF | 2,656,179 | 70,242 | (652,483 | ) | (582,241 | ) | ||||||||||
| Global X NASDAQ China Technology ETF | 18,942,376 | 1,930,981 | (1,433,971 | ) | 497,010 | |||||||||||
| Global X FTSE ASEAN 40 ETF | 30,972,098 | 1,097,443 | (2,609,696 | ) | (1,512,253 | ) | ||||||||||
| Global X FTSE Andean 40 ETF | 11,141,683 | 325,705 | (1,940,064 | ) | (1,614,359 | ) | ||||||||||
| Global X FTSE Colombia 20 ETF | 109,176,627 | 13,535,320 | (15,476,310 | ) | (1,940,990 | ) | ||||||||||
| Global X Brazil Mid Cap ETF | 10,266,764 | 1,095,286 | (1,705,068 | ) | (609,782 | ) | ||||||||||
| Global X Brazil Consumer ETF | 15,237,672 | 2,174,602 | (2,570,047 | ) | (395,445 | ) | ||||||||||
| Global X Brazil Financials ETF | 3,333,218 | 188,172 | (618,392 | ) | (430,220 | ) | ||||||||||
| Global X FTSE Argentina 20 ETF | 6,848,904 | 926,416 | (318,473 | ) | 607,943 | |||||||||||
| Global X FTSE Greece 20 ETF | 258,103,061 | 15,520,634 | (7,846,100 | ) | 7,674,534 | |||||||||||
| Global X FTSE Norway 30 ETF | 103,087,486 | 11,207,321 | (2,945,972 | ) | 8,261,349 | |||||||||||
| Global X FTSE Nordic Region ETF | 55,744,533 | 10,163,658 | (501,792 | ) | 9,661,866 | |||||||||||
| Global X Central Asia & Mongolia Index ETF | 2,034,032 | 134,812 | (232,021 | ) | (97,209 | ) | ||||||||||
| Global X Nigeria Index ETF | 17,270,138 | 476,693 | (881,976 | ) | (405,283 | ) | ||||||||||
| Global X Next Emerging & Frontier ETF | 153,754,892 | 3,078,893 | (1,649,584 | ) | 1,429,309 | |||||||||||
| Global X FTSE Portugal 20 ETF | 23,081,380 | 2,042,644 | (204,343 | ) | 1,838,301 | |||||||||||
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|
| Notes to Financial Statements (continued) |
| April 30, 2014 (Unaudited) |
6. CONCENTRATION OF RISKS
The Funds invest in securities of foreign issuers in several countries. These investments may involve certain considerations and risks not typically associated with investments in the United States as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries.
The securities markets of emerging countries are less liquid and subject to greater price volatility, and have a smaller market capitalization, than the U.S. securities markets. In certain countries, there may be fewer publicly traded securities and the market may be dominated by a few issues or sectors.
Issuers and securities markets in such countries are not subject to as extensive and frequent accounting, financial and other reporting requirements or as comprehensive government regulations are issuers and securities markets in the U.S. In particular, the assets and profits appearing on the financial statements of emerging country issuers may not reflect their financial position or results of operations in the same manner as financial statements for U.S. issuers. Substantially less information may be publicly available about emerging country issuers than is available about issuers in the United States.
The Funds may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned.
The Funds use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of the Underlying Index in approximately the same proportions as in the Underlying Index. The Funds may utilize a representative sampling strategy with respect to its Underlying Index when a replication strategy might be detrimental to its shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to follow its Underlying Index, or, in certain instances, when securities in the Underlying Index become temporarily illiquid, unavailable or less liquid, or due to legal restrictions (such as diversification requirements that apply to the Funds but not the Underlying Indexes).
Certain Funds may invest in commodity related securities, which are susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets could have a great impact on those securities.
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| Notes to Financial Statements (continued) |
| April 30, 2014 (Unaudited) |
7. AUTHORIZED PARTICIPANTS
At April 30, 2014, the Funds’ total shares outstanding were originally acquired by Authorized Participants, in the form of Creation Units, as follows. However, the individual shares comprising such Creation Units are listed and traded on an exchange and have likely been purchased and sold by persons other than the Authorized Participants.
| Percentage of | ||||||||
| Authorized | Shares | |||||||
| Participants | Outstanding | |||||||
| Global X China Consumer ETF | 5 | 100 | % | |||||
| Global X China Energy ETF | 2 | 100 | % | |||||
| Global X China Financials ETF | 3 | 100 | % | |||||
| Global X China Industrials ETF | 1 | 100 | % | |||||
| Global X China Materials ETF | 2 | 100 | % | |||||
| Global X NASDAQ China Technology ETF | 4 | 100 | % | |||||
| Global X FTSE ASEAN 40 ETF | 2 | 100 | % | |||||
| Global X FTSE Andean 40 ETF | 3 | 100 | % | |||||
| Global X FTSE Colombia 20 ETF | 5 | 100 | % | |||||
| Global X Brazil Mid Cap ETF | 1 | 100 | % | |||||
| Global X Brazil Consumer ETF | 3 | 100 | % | |||||
| Global X Brazil Financials ETF | 2 | 100 | % | |||||
| Global X FTSE Argentina 20 ETF | 5 | 100 | % | |||||
| Global X FTSE Greece 20 ETF | 6 | 100 | % | |||||
| Global X FTSE Norway 30 ETF | 7 | 100 | % | |||||
| Global X FTSE Nordic Region ETF | 6 | 100 | % | |||||
| Global X Central Asia & Mongolia ETF | 3 | 100 | % | |||||
| Global X Nigeria Index ETF | 2 | 100 | % | |||||
| Global X Next Emerging & Frontier ETF | 4 | 100 | % | |||||
| Global X FTSE Portugal 20 ETF | 5 | 100 | % | |||||
8. REVERSE SHARE SPLIT
Effective May 16, 2013, the Global X China Materials ETF and the Global X FTSE Argentina 20 ETF executed a 1-for-2 reverse share split for shareholders of record after the close of markets on May 15, 2013. The effect of this transaction was to divide the number of outstanding shares of the Funds by two, resulting in a corresponding increase in the net asset value per share. The capital share activity presented in the statement of changes in net assets for each of the years in the period then ended, and per share data in the financial highlights for each of the years in the period then ended have been given retroactive effect to reflect these reverse share splits. There were no changes in net assets, results of operations or total return as a result of these transactions.
9. LOANS OF PORTFOLIO SECURITIES
The Funds may lend portfolio securities having a market value up to one-third of the Funds’ total assets. Security loans made pursuant to the securities lending agreement are required at all times to be secured by collateral equal to at least 102% for U.S. based securities and 105% for foreign based securities. Such collateral received in connection with these loans will be cash and can be invested in repurchase agreements or U.S. Treasury obligations and is recognized in the schedule of investments and statement of assets and liabilities. The obligation to return securities lending collateral is also recognized as a liability in the statement of assets and liabilities. It is the Funds’ policy to obtain
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| Notes to Financial Statements (continued) |
| April 30, 2014 (Unaudited) |
9. LOANS OF PORTFOLIO SECURITIES (continued)
additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Funds if and to the extent that the market value of the securities loans were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. The Funds could also experience delays and costs in gaining access to the collateral. The Funds bear the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. As of April 30, 2014, the value of the securities on loan was $19,669,442, $6,971,038 and $13,527,938 for the Global X China Consumer ETF, Global X FTSE Colombia 20 ETF and Global X FTSE Norway 30 ETF, respectively. The value of securities purchased with the cash collateral held from securities on loan was $21,376,801 and $14,224,531 for the Global X China Consumer ETF and Global X FTSE Norway 30 ETF, respectively. The value of the cash collateral held from securities on loan was $7,200,681 for the Global X FTSE Columbia 20 ETF.
10. CONTRACTUAL OBLIGATIONS
The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds maximum exposure under these arrangements is unknown. However the Funds have not had prior gains or losses pursuant to these contracts. Management has reviewed the Funds’ existing contracts and expects the risk of loss to be remote.
Pursuant to the Trust’s organizational documents, the Trustees of the Trust and the Trust’s officers are indemnified against certain liabilities that may arise out of the performance of their duties.
11. SUBSEQUENT EVENTS
The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events.
The following changes will take effect for the Global X FTSE Norway 30 ETF on or around July 15, 2014.
| Current | New | |
| ETF Name | Global X FTSE Norway 30 ETF | Global X MSCI Norway ETF |
| Index | FTSE Norway 30 Index | MSCI Norway IMI 25/50 Index |
| Index Components | 30 | 50 |
| Weighting Methodology |
Modified free float market- capitalization |
Float adjusted market-capitalization |
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| Notes to Financial Statements (continued) |
| April 30, 2014 (Unaudited) |
11. SUBSEQUENT EVENTS (continued)
The following changes will take effect for the Global X FTSE Colombia 20 ETF on or around July 15, 2014.
| Current | New | |
| ETF Name | Global X FTSE Colombia 20 ETF | Global X MSCI Colombia ETF |
| Index | FTSE Colombia 20 Index | MSCI All Colombia Capped Index |
| Index Components | 23 | 24 |
| Weighting Methodology |
Modified free float market-capitalization |
Modified free float market-capitalization |
The following changes will take effect for the Global X FTSE Argentina 20 ETF on or around August 15, 2014.
| Current | New | |
| ETF Name | Global X FTSE Argentina 20 ETF | Global X MSCI Argentina ETF |
| Index | FTSE Argentina 20 Index | MSCI All Argentina 25/50 Index |
| Index Components | 20 | 25 |
| Weighting Methodology | Modified free float market-capitalization | Modified float adjusted market-capitalization |
The following changes will take effect for the Global X Nigeria Index ETF on or around August 15, 2014.
| Current | New | |
| ETF Name | Global X Nigeria Index ETF | Global X MSCI Nigeria ETF |
| Index | Solactive Nigeria Index | MSCI All Nigeria Select 25/50 Index |
| Index Components | 28 | 21 |
| Weighting Methodology | Modified free float market-capitalization | Modified free float market-capitalization |
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|
Disclosure of Fund Expenses (Unaudited) |
All Exchange Traded Funds (“ETF”) have operating expenses. As a shareholder of an ETF, your investment is affected by these ongoing costs, which include (among others) costs for ETF management, administrative services, brokerage fees, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns. In addition, a shareholder is responsible for brokerage fees as a result of their investment in the Fund.
Operating expenses such as these are deducted from an ETF’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the ETF’s average net assets; this percentage is known as the ETF’s expense ratio.
The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The table on the next page illustrates your Fund’s costs in two ways:
Actual Fund Return. This section helps you to estimate the actual expenses that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.
You can use this information, together with the actual amount you invested in the Funds, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Funds under “Expenses Paid During Period.”
Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other funds. It assumes that the Funds had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.
NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.
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|
Disclosure of Fund Expenses (Unaudited) (Continued) |
| Beginning Account Value 11/1/2013 |
Ending Account Value 4/30/2014 |
Annualized Expense Ratios |
Expenses Paid During Period(1) |
|||||||||||||
| Global X China Consumer ETF | ||||||||||||||||
| Actual Fund Return | $ | 1,000.00 | $ | 893.10 | 0.65 | % | $ | 3.05 | ||||||||
| Hypothetical 5% Return | 1,000.00 | 1,021.57 | 0.65 | 3.26 | ||||||||||||
| Global X China Energy ETF | ||||||||||||||||
| Actual Fund Return | $ | 1,000.00 | $ | 966.90 | 0.65 | % | $ | 3.17 | ||||||||
| Hypothetical 5% Return | 1,000.00 | 1,021.57 | 0.65 | 3.26 | ||||||||||||
| Global X China Financials ETF | ||||||||||||||||
| Actual Fund Return | $ | 1,000.00 | $ | 879.40 | 0.65 | % | $ | 3.03 | ||||||||
| Hypothetical 5% Return | 1,000.00 | 1,021.57 | 0.65 | 3.26 | ||||||||||||
| Global X China Industrials ETF | ||||||||||||||||
| Actual Fund Return | $ | 1,000.00 | $ | 931.60 | 0.65 | % | $ | 3.11 | ||||||||
| Hypothetical 5% Return | 1,000.00 | 1,021.57 | 0.65 | 3.26 | ||||||||||||
| Global X China Materials ETF | ||||||||||||||||
| Actual Fund Return | $ | 1,000.00 | $ | 932.50 | 0.65 | % | $ | 3.11 | ||||||||
| Hypothetical 5% Return | 1,000.00 | 1,021.57 | 0.65 | 3.26 | ||||||||||||
| Global X NASDAQ China Technology ETF | ||||||||||||||||
| Actual Fund Return | $ | 1,000.00 | $ | 992.00 | 0.65 | % | $ | 3.21 | ||||||||
| Hypothetical 5% Return | 1,000.00 | 1,021.57 | 0.65 | 3.26 | ||||||||||||
| Global X FTSE ASEAN 40 ETF | ||||||||||||||||
| Actual Fund Return | $ | 1,000.00 | $ | 1,001.60 | 0.65 | % | $ | 3.23 | ||||||||
| Hypothetical 5% Return | 1,000.00 | 1,021.57 | 0.65 | 3.26 | ||||||||||||
| Global X FTSE Andean 40 ETF | ||||||||||||||||
| Actual Fund Return | $ | 1,000.00 | $ | 934.00 | 0.72 | % | $ | 3.45 | ||||||||
| Hypothetical 5% Return | 1,000.00 | 1,021.22 | 0.72 | 3.61 | ||||||||||||
| Global X FTSE Colombia 20 ETF | ||||||||||||||||
| Actual Fund Return | $ | 1,000.00 | $ | 968.40 | 0.68 | % | $ | 3.34 | ||||||||
| Hypothetical 5% Return | 1,000.00 | 1,021.40 | 0.68 | 3.43 | ||||||||||||
| Global X Brazil Mid Cap ETF | ||||||||||||||||
| Actual Fund Return | $ | 1,000.00 | $ | 936.20 | 0.69 | % | $ | 3.31 | ||||||||
| Hypothetical 5% Return | 1,000.00 | 1,021.37 | 0.69 | 3.46 | ||||||||||||
| Global X Brazil Consumer ETF | ||||||||||||||||
| Actual Fund Return | $ | 1,000.00 | $ | 933.50 | 0.78 | % | $ | 3.75 | ||||||||
| Hypothetical 5% Return | 1,000.00 | 1,020.92 | 0.78 | 3.91 | ||||||||||||
| Global X Brazil Financials ETF | ||||||||||||||||
| Actual Fund Return | $ | 1,000.00 | $ | 967.50 | 0.77 | % | $ | 3.76 | ||||||||
| Hypothetical 5% Return | 1,000.00 | 1,020.97 | 0.77 | 3.86 | ||||||||||||
| Global X FTSE Argentina 20 ETF | ||||||||||||||||
| Actual Fund Return | $ | 1,000.00 | $ | 985.40 | 0.74 | % | $ | 3.66 | ||||||||
| Hypothetical 5% Return | 1,000.00 | 1,021.11 | 0.74 | 3.72 | ||||||||||||
| Global X FTSE Greece 20 ETF | ||||||||||||||||
| Actual Fund Return | $ | 1,000.00 | $ | 1,022.00 | 0.58 | % | $ | 2.93 | ||||||||
| Hypothetical 5% Return | 1,000.00 | 1,021.90 | 0.58 | 2.93 | ||||||||||||
| Global X FTSE Norway 30 ETF | ||||||||||||||||
| Actual Fund Return | $ | 1,000.00 | $ | 1,056.30 | 0.50 | % | $ | 2.55 | ||||||||
| Hypothetical 5% Return | 1,000.00 | 1,022.32 | 0.50 | 2.51 | ||||||||||||
| Global X FTSE Nordic Region ETF | ||||||||||||||||
| Actual Fund Return | $ | 1,000.00 | $ | 1,112.60 | 0.50 | % | $ | 2.62 | ||||||||
| Hypothetical 5% Return | 1,000.00 | 1,022.32 | 0.50 | 2.51 | ||||||||||||
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Disclosure of Fund Expenses (Unaudited) (Concluded) |
| Beginning Account Value 11/1/2013 |
Ending Account Value 4/30/2014 |
Annualized Expense Ratios |
Expenses Paid During Period(1) |
|||||||||||||
| Global X Central Asia & Mongolia Index ETF | ||||||||||||||||
| Actual Fund Return | $ | 1,000.00 | $ | 967.80 | 0.69 | % | $ | 3.37 | ||||||||
| Hypothetical 5% Return | 1,000.00 | 1,021.37 | 0.69 | 3.46 | ||||||||||||
| Global X Nigeria Index ETF | ||||||||||||||||
| Actual Fund Return | $ | 1,000.00 | $ | 1,000.00 | 0.68 | % | $ | 3.37 | ||||||||
| Hypothetical 5% Return | 1,000.00 | 1,021.42 | 0.68 | 3.41 | ||||||||||||
| Global X Next Emerging & Frontier ETF | ||||||||||||||||
| Actual Fund Return (2) | $ | 1,000.00 | $ | 1,035.90 | 0.58 | % | $ | 2.83 | ||||||||
| Hypothetical 5% Return | 1,000.00 | 1,021.93 | 0.58 | 2.81 | ||||||||||||
| Global X FTSE Portugal 20 ETF | ||||||||||||||||
| Actual Fund Return (3) | $ | 1,000.00 | $ | 1,198.80 | 0.61 | % | $ | 3.21 | ||||||||
| Hypothetical 5% Return | 1,000.00 | 1,021.79 | 0.61 | 2.96 | ||||||||||||
| (1) | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period.). |
| (2) | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 176/365 (to reflect the period from inception to date.). |
| (3) | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 170/365 (to reflect the period from inception to date.). |
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| Approval of Investment Advisory Agreement (Unaudited) |
Section 15(c) of the Investment Company Act of 1940, as amended ("1940 Act"), requires that each mutual fund’s board of trustees, including a majority of those trustees who are not "interested persons" of the mutual fund, as defined in the 1940 Act ("Independent Trustees"), consider on an initial basis and periodically thereafter (as required by the 1940 Act), at an in person meeting called for such purpose, the terms of each fund’s investment advisory agreement and approve each agreement with such changes as the Independent Trustees deem appropriate.
At a quarterly Board meeting held on November 15, 2013, the Board of Trustees (including the Independent Trustees) considered and unanimously approved the continuation of (i) the Investment Advisory Agreement ("Renewal Investment Advisory Agreement") for each Fund covered by this Semi-Annual Report (each a "Renewal Fund") and (ii) the Supervision and Administration Agreement between the Trust ("Renewal Supervision and Administration Agreement"), on behalf of each Renewal Fund, and Global X Management Company ("Global X Management"). The Renewal Investment Advisory Agreement and the Renewal Supervision and Administration Agreement are referred to herein as the "Renewal Agreements."
In advance of the Board meeting, the Board (including the Independent Trustees) requested (in writing) detailed information from Global X Management in connection with their consideration of the Renewal Agreements and received and reviewed written responses from Global X Management and supporting materials relating to those requests for information.
In determining to approve the continuation of the Renewal Agreements for each Renewal Fund, the Board concluded that the Renewal Agreements were fair and reasonable and in the best interests of each Renewal Fund and its shareholders, respectively. In approving the continuation of the Renewal Agreements for each Renewal Fund (as applicable), the Board considered among other things the following categories of material factors. In addition, the Board based their determinations regarding the continuation of each of the Renewal Fund Agreements on their consideration of all of the materials provided to them by Global X Management and each Renewal Fund’s other service providers throughout the year.
In reaching this decision, the Board did not assign relative weights to the factors discussed below nor did the Board deem any one factor or group of them to be controlling in and of themselves. Certain factors considered by the Board (including the Independent Trustees) with respect to the approval of the continuation of the Renewal Agreements are discussed below.
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Approval of Investment Advisory Agreement (Unaudited) (Continued) |
RENEWAL AGREEMENTS
Nature, Extent and Quality of Services
With respect to this factor, the Board considered:
| • | the terms of the Renewal Agreements and the range of services that would continue to be provided to each Renewal Fund in accordance with the Renewal Agreements; |
| • | Global X Management’s key personnel and the portfolio managers who would continue to provide investment advisory, supervision and administrative services to each Renewal Fund; |
| • | Global X Management’s responsibilities under the Renewal Agreements, among other things, to: (i) manage the investment operations of each Renewal Fund and the composition of each Renewal Fund’s assets, including the purchase, retention and disposition of its holdings, (ii) provide quarterly reports to the Trust’s officers and Board and other reports as the Board deems necessary or appropriate, (iii) vote proxies, exercise consents, and exercise all other rights relating to securities and assets held by each Renewal Fund, (iv) select broker- dealers to execute portfolio transactions for each Renewal Fund when necessary, (v) assist in the preparation and filing of reports and proxy statements (if any) to the shareholders of each Renewal Fund, the periodic updating of the registration statement, prospectuses, statement of additional information, and other reports and documents for each Renewal Fund that are required to be filed by the Trust with the SEC and other regulatory and governmental bodies, and (vi) monitor anticipated purchases and redemptions of the shares (including creation units) of each Renewal Fund by shareholders and new investors; |
| • | the nature, extent and quality of the all of the services (including advisory, administrative and compliance services) that have been provided by Global X Management or made available to each Renewal Fund and the adequacy of Global X Management’s personnel resources that would continue to be made available to each Renewal Fund; and |
| • | Global X Management’s experience and the professional qualifications of Global X Management’s key personnel. |
Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to each Renewal Fund by Global X Management.
| 104 |
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|
Approval of Investment Advisory Agreement (Unaudited) (Continued) |
Performance
With respect to this fact, the Board considered each Renewal Fund’s total return and investment performance relative to (i) the performance of unaffiliated comparable specialized and/or focused exchange-traded funds and/or other registered funds in the same classification as each of the Renewal Funds, which performance information is publicly available from such registered funds as well as other third party sources; and (ii) the performance of comparable registered funds and pertinent indexes. The Board noted that certain of the Renewal Funds had recently commenced operations. The Board observed that, for the Renewal Funds that had recently commenced operations, meaningful data relating to investment performance was not available and, therefore, could not be a factor in approving the Renewal Agreements for the affected Renewal Funds.
Based on these considerations and comparisons, the Board concluded that the investment performance of each operational Renewal Fund did not adversely affect the Board approval of the continuance of the Renewal Agreements.
Cost of Services and Profitability
The Board considered Global X Management’s cost to provide investment management and related services to each Renewal Fund. In this regard, the Board considered the management fee that has been borne by each Renewal Fund under the Renewal Agreements for the various investment advisory, supervisory and administrative services that each Renewal Fund requires under a unitary fee structure (including the types of fees and expenses that are not included within the unitary fee and would be borne by each Renewal Fund).
In addition, the Board considered the current and expected profitability to Global X Management from all services provided to the Renewal Funds and all aspects of Global X Management’s relationship with each of the Renewal Funds. In connection with these considerations, Global X Management provided the Board with financial information regarding its operations and services to the Renewal Funds and discussed with the Board its current and expected profitability with respect to the Renewal Funds. Global X Management noted that it was likely that it would not generate profits in the upcoming year from its services to certain of the smaller Renewal Funds, including the recently launched Renewal Funds, because of the small amount of assets under management for those Renewal Funds.
Based on these considerations, the Board concluded that the profits anticipated to be realized by Global X Management from its relationship with each of the Renewal Funds would not be excessive and should not preclude approval of the continuance of each Renewal Agreement.
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Approval of Investment Advisory Agreement (Unaudited) (Continued) |
Comparison of Fees and Services
With respect to this factor, the Board considered:
| • | comparative information with respect to the management fee paid to Global X Management by each of the Renewal Funds. In connection with this consideration, Global X Management provided the Board with comparative expense data for each of the Renewal Funds, including fees and expenses paid by unaffiliated comparable specialized and/or focused exchange-traded funds and/or other comparable registered funds and fees and expenses paid by other funds that are series of the Trust under the same unitary management fee structure; |
| • | the structure of the unitary management fee structure (which includes as one component the investment advisory fee for each Renewal Fund) and the current total expense ratios for each of the Renewal Funds. In this regard, the Board took into consideration that the purpose of adopting a unitary management fee structure for the Renewal Funds was to create a simple, all-inclusive fee that would provide a level of predictability with respect to the overall expense ratio (i.e., the total fees) of each of the Renewal Funds and that the proposed management fee for each Renewal Fund was set at a competitive fee to make each Renewal Fund viable in the marketplace; and |
| • | that Global X Management is responsible for most ordinary expenses of the Renewal Funds, including the costs of various third-party services required by the Funds, including investment advisory, administrative, audit, certain custody, portfolio accounting, legal, transfer agency and printing costs, but that each Renewal Fund would bear other expenses not covered under the all-inclusive management fee, such as taxes, brokerage fees, commissions, and other transaction expenses, interest expenses, and extraordinary expenses. |
Based on these considerations, the Board concluded that the proposed management fee and total expense ratio of each Renewal Fund should not preclude approval of the Renewal Agreements.
Economies of Scale
With respect to this factor, the Board considered:
| • | the extent to which economies of scale would be realized as the Renewal Funds grow and whether the unitary management fee for each Renewal Fund reflected these economies of scale; |
| • | the significant investment of time, personnel and other resources that Global X Management has made and intends to make in the Renewal Funds in order to seek to assure that the Renewal Funds are attractive to investors; and |
| • | that the unitary management fee would provide a high level of certainty as to the total level of expenses for the Renewal Funds and their shareholders. |
Based on these considerations, the Board concluded that continuation of the unitary management fee for each Renewal Fund was reasonable.
| 106 |
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Approval of Investment Advisory Agreement (Unaudited) (Concluded) |
Other Benefits
The Board considered any other benefits realized by Global X Management as a result of its relationships with each Renewal Fund and concluded that all information it considered supported approval of the continuation of the Renewal Agreements.
| 107 |
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Supplemental Information (Unaudited) |
Net asset value, or “NAV”, is the price per Share at which the Funds issue and redeem Shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of the Funds generally is determined using the midpoint between the highest bid and the lowest offer on the stock exchange on which the Shares of the Funds are listed for trading, as of the time that the Funds’ NAV is calculated. The Funds’ Market Price may be at, above or below their NAV. The NAV of the Funds will fluctuate with changes in the market value of their Funds holdings. The Market Price of the Funds will fluctuate in accordance with changes in its NAV, as well as market supply and demand.
Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of the Funds on a given day, generally at the time NAV is calculated. A premium is the amount that the Funds are trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that the Funds are trading below the reported NAV, expressed as a percentage of the NAV.
Further information regarding premiums and discounts is available on the Funds’ website at www.GlobalXFunds.com.
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623 Fifth Avenue, 15th floor
New York, NY 10022
1-888-GXFund-1
(1-888-493-8631)
www.globalxfunds.com
Investment Adviser:
Global X Management Company LLC
623 Fifth Avenue, 15th floor
New York, NY 10022
Distributor:
SEI Investments Distribution Co.
One Freedom Valley Drive
Oaks, PA 19456
Sub-Administrator:
SEI Investments Global Funds Services
One Freedom Valley Drive
Oaks, PA 19456
Counsel for the Independent Trustees:
Dechert LLP
1175 I Street N.W.
Washington, DC 20007
This information must be preceded or accompanied by a prospectus for the funds described.
GLX-SA-002-0300