EDGAR Filing Documents for 0001144204-15-041609

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 Southeast Asia ETF (ticker: ASEA)

Global X FTSE Andean 40 ETF (ticker: AND)

Global X MSCI Colombia 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 MSCI Argentina ETF (ticker: ARGT)

Global X FTSE Greece 20 ETF (ticker: GREK)

Global X MSCI Norway ETF (ticker: NORW)

Global X FTSE Nordic Region ETF (ticker: GXF)

Global X Central Asia & Mongolia Index ETF (ticker: AZIA)

Global X MSCI Nigeria ETF (ticker: NGE)

Global X Next Emerging & Frontier ETF (ticker: EMFM)

Global X FTSE Portugal 20 ETF (ticker: PGAL)

Global X MSCI Pakistan ETF (ticker: PAK)

Semi-Annual Report

April 30, 2015

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 Southeast Asia ETF	14

Global X FTSE Andean 40 ETF	17

Global X MSCI Colombia ETF	21

Global X Brazil Mid Cap ETF	24

Global X Brazil Consumer ETF	27

Global X Brazil Financials ETF	30

Global X MSCI Argentina ETF	32

Global X FTSE Greece 20 ETF	35

Global X MSCI Norway ETF	37

Global X FTSE Nordic Region ETF	41

Global X Central Asia & Mongolia Index ETF	44

Global X MSCI Nigeria ETF	46

Global Next Emerging & Frontier ETF	48

Global X FTSE Portugal 20 ETF	61

Global X MSCI Pakistan ETF	63

Statements of Assets and Liabilities	65

Statements of Operations	70

Statements of Changes in Net Assets	75

Financial Highlights	85

Notes to Financial Statements	88

Disclosure of Fund Expenses	106

Approval of Investment Advisory Agreement	109

Supplemental Information	113

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, 2015 (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 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 99.8%

CHINA— 75.8%
Consumer Goods — 40.2%
ANTA Sports Products		1,090,296	$	2,402,515
BYD, Cl H		898,500		5,465,547
China Yurun Food Group ^{* (A)}		1,749,888		607,290
Dongfeng Motor Group, Cl H		3,175,146		5,300,683
Great Wall Motor, Cl H		726,399		5,543,242
Guangzhou Automobile Group, Cl H		2,886,417		3,146,659
Hengan International Group		435,449		5,381,913
Li Ning ^*		1,781,269		988,171
Shenzhou International Group Holdings		626,262		2,953,094
Tingyi Cayman Islands Holding		2,450,925		5,179,380
Tsingtao Brewery, Cl H		427,617		2,722,551
Uni-President China Holdings		1,656,743		1,340,160
Want Want China Holdings		4,902,009		5,381,924
				46,413,129
Consumer Services — 35.6%
Air China, Cl H		2,223,528		2,685,049
Ajisen China Holdings		708,093		440,323
Alibaba Group Holding ADR ^*		64,300		5,226,947
China Southern Airlines, Cl H		2,115,495		2,071,513
Chow Tai Fook Jewellery Group ^(A)		1,385,879		1,680,688
Ctrip.com International ADR ^*		61,528		3,918,103
E-Commerce China Dangdang ADR, Cl A ^{* (A)}		54,750		517,935
Golden Eagle Retail Group		692,547		1,038,220
GOME Electrical Appliances Holding ^(A)		14,950,005		3,838,206
Homeinns Hotel Group ADR ^*		23,642		661,266
Intime Retail Group		1,498,684		1,682,144
JD.com ADR ^*		159,300		5,346,108
New Oriental Education & Technology Group ADR ^*		61,381		1,570,740
Parkson Retail Group		1,430,112		363,471
Sun Art Retail Group		2,698,125		2,781,267
Vipshop Holdings ADR ^*		185,430		5,245,815
Wumart Stores, Cl H		713,411		624,947

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X China Consumer ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Consumer Services — continued
Youku.com ADR ^{* (A)}		78,837	$	1,474,252
				41,166,994
TOTAL CHINA				87,580,123

HONG KONG— 24.0%
Consumer Goods — 19.1%
Belle International Holdings, Cl A		3,894,996		5,009,980
Biostime International Holdings ^(A)		203,800		936,026
Bosideng International Holdings ^(A)		3,608,262		633,098
China Agri-Industries Holdings		2,869,956		1,640,261
China Foods		938,213		703,253
China Mengniu Dairy		1,022,226		5,176,312
China Resources Enterprise		1,925,888		5,913,462
Skyworth Digital Holdings		2,356,487		2,106,843
				22,119,235
Consumer Services — 4.9%
China Dongxiang Group		3,556,288		871,735
Melco Crown Entertainment ADR ^(A)		229,977		4,696,130
				5,567,865
TOTAL HONG KONG				27,687,100
TOTAL COMMON STOCK
(Cost $118,160,976)				115,267,223

REPURCHASE AGREEMENTS — 7.1%
Barclays
0.100%, dated 04/30/15, to be repurchased on 05/01/15 repurchase price $6,000,017 (collateralized by U.S. Treasury Obligations, ranging in par value $0-$4,015,829, 0.000%-3.000%, 05/31/15-05/15/37 with a total market value of $6,120,002)^(B)	$	6,000,000		6,000,000
Deutsche Bank
0.080%, dated 04/30/15, to be repurchased on 05/01/15 repurchase price $2,209,510 (collateralized by U.S. Treasury Notes, par value $2,225,355, 1.500%, 11/30/19 with a total market value of $2,245,360)^(B)		2,209,505		2,209,505
TOTAL REPURCHASE AGREEMENTS
(Cost $8,209,505)				8,209,505

TIME DEPOSIT — 0.2%
Brown Brothers Harriman, 0.030%, 05/01/15
(Cost $179,794)		179,794		179,794

TOTAL INVESTMENTS — 107.1%
(Cost $126,550,275)			$	123,656,522

Percentages are based on Net Assets of $115,410,933.

*	Non-income producing security.

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X China Consumer ETF

(A)	This security or a partial position of this security is on loan at April 30, 2015. The total value of securities on loan at April 30, 2015 was $7,515,812.
(B)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2015 was $8,209,505.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	115,267,223	$	—	$	—	$	115,267,223
Repurchase Agreements		—		8,209,505		—		8,209,505
Time Deposit		—		179,794		—		179,794
Total Investments in Securities	$	115,267,223	$	8,389,299	$	—	$	123,656,522

For the period ended April 30, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2015, there were no Level 3 investments.

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X China Energy ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments

	Shares		Value
COMMON STOCK — 100.1%

CHINA— 56.3%
Energy — 37.7%
Anton Oilfield Services Group		32,028	$	7,768
China Coal Energy, Cl H		64,991		42,846
China Longyuan Power Group, Cl H		82,276		102,538
China Oilfield Services, Cl H		48,056		99,198
China Petroleum & Chemical, Cl H		345,897		323,979
China Shenhua Energy, Cl H		54,540		141,783
Daqo New Energy ADR ^*		185		5,078
Hanwha SolarOne ADR ^*		22,010		53,044
JA Solar Holdings ADR ^*		912		9,138
JinkoSolar Holding ADR ^*		573		16,056
PetroChina, Cl H		229,913		295,431
Tianneng Power International		16,915		8,314
Trina Solar ADR ^*		1,029		12,564
Yanzhou Coal Mining, Cl H		47,075		47,068
Yingli Green Energy Holding ADR ^*		3,070		5,680
				1,170,485
Oil & Gas — 4.6%
ENN Energy Holdings		19,961		144,213
Utilities — 14.0%
CGN Power, Cl H ^{* (A)}		254,700		143,268
Datang International Power Generation, Cl H		71,612		42,129
Huadian Fuxin Energy, Cl H		59,600		32,218
Huadian Power International, Cl H		43,261		47,943
Huaneng Power International, Cl H		91,521		131,062
Huaneng Renewables, Cl H		90,300		39,610
				436,230
TOTAL CHINA				1,750,928

HONG KONG— 43.8%
Energy — 20.0%
Beijing Enterprises Holdings		13,573		124,328
China Gas Holdings		42,537		75,403
CNOOC		180,985		306,812
Kunlun Energy		81,205		96,698

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X China Energy ETF

	Shares		Value
COMMON STOCK — continued

Energy — continued
Shougang Fushan Resources Group		73,615	$	18,899
				622,140
Oil & Gas — 2.3%
China Oil & Gas Group		109,200		15,356
Shunfeng International Clean Energy ^*		39,200		27,714
Xinjiang Goldwind Science & Technology, Cl H		11,800		27,494
				70,564
Utilities — 21.5%
Beijing Jingneng Clean Energy, Cl H		52,500		26,077
China Power International Development		79,784		51,569
China Resources Gas Group		21,200		73,847
China Resources Power Holdings		46,901		141,892
GCL-Poly Energy Holdings		277,211		84,045
Hong Kong & China Gas		60,767		145,035
Power Assets Holdings		14,500		146,756
				669,221
TOTAL HONG KONG				1,361,925

TOTAL INVESTMENTS — 100.1%
(Cost $3,153,227)			$	3,112,853

Percentages are based on Net Assets of $3,111,283.

*	Non-income producing security.
(A)	Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." These securities have been determined to be liquid under guidelines established by the board of Trustees.

ADR — American Depositary Receipt

Cl — Class

As of April 30, 2015, all of the Fund’s investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended April 30, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2015, there were no Level 3 investments.

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

Schedule of Investments

April 30, 2015 (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— 75.8%
Financials — 70.0%
Agricultural Bank of China, Cl H		9,658,088	$	5,457,568
Bank of China, Cl H		16,435,234		11,301,523
Bank of Communications, Cl H		3,258,271		3,350,267
China Citic Bank, Cl H		3,371,122		3,066,178
China Construction Bank, Cl H		11,631,026		11,329,189
China Everbright Bank, Cl H		1,942,300		1,320,568
China Galaxy Securities, Cl H		535,400		879,998
China Life Insurance, Cl H		1,091,840		5,317,529
China Merchants Bank, Cl H		1,772,634		5,362,852
China Minsheng Banking, Cl H		2,462,955		3,616,035
China Pacific Insurance Group, Cl H		930,512		5,078,041
Chongqing Rural Commercial Bank, Cl H		1,035,967		927,554
CITIC Securities, Cl H		436,596		1,943,268
Industrial & Commercial Bank of China, Cl H		13,072,337		11,367,029
PICC Property & Casualty, Cl H		1,904,642		4,236,278
Ping An Insurance Group of China, Cl H		392,707		5,644,009
Sino-Ocean Land Holdings		1,807,652		1,511,206
SOHO China		766,859		582,726
				82,291,818
Real Estate — 5.8%
Agile Property Holdings		581,512		487,647
Country Garden Holdings		2,324,997		1,259,812
Evergrande Real Estate Group		1,887,361		1,789,683
Greentown China Holdings		249,093		309,794
Guangzhou R&F Properties		388,793		497,581
Longfor Properties		492,738		858,191
Shimao Property Holdings		499,904		1,184,113
Shui On Land		1,391,601		450,632
				6,837,453
TOTAL CHINA				89,129,271

HONG KONG— 24.0%
Financials — 22.3%
China Everbright		351,641		1,168,182
China Overseas Land & Investment		1,477,766		6,186,631
China Resources Land		941,708		3,432,168

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X China Financials ETF

	Shares/Face Amount		Value
COMMON STOCK — continued

Financials — continued
CK Hutchison Holdings		260,950	$	5,672,716
Franshion Properties China		1,180,058		478,043
Haitong Securities, Cl H		555,300		1,823,263
KWG Property Holding		479,585		486,939
New China Life Insurance, Cl H		392,111		2,435,786
People's Insurance Group of China, Cl H		3,355,600		2,333,419
Shenzhen Investment		907,418		499,884
Sunac China Holdings		738,300		973,459
Yuexiu Property		3,197,545		783,798
				26,274,288
Real Estate — 1.7%
China Taiping Insurance Holdings ^*		398,330		1,487,735
Poly Property Group		832,307		535,819
				2,023,554
TOTAL HONG KONG				28,297,842
TOTAL COMMON STOCK
(Cost $91,131,330)				117,427,113

TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.030%, 05/01/15
(Cost $74,905)	$	74,905		74,905

TOTAL INVESTMENTS — 99.9%
(Cost $91,206,235)			$	117,502,018

Percentages are based on Net Assets of $117,600,671.

* Non-income producing security.

Cl — Class

The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	117,427,113	$	—	$	—	$	117,427,113
Time Deposit		—		74,905		—		74,905
Total Investments in Securities	$	117,427,113	$	74,905	$	—	$	117,502,018

For the period ended April 30, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2015, there were no Level 3 investments.

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X China Industrials ETF

Sector Weightings †:


† Sector weightings percentages are based on the total market value of investments

	Shares		Value
COMMON STOCK — 99.9%

CHINA—72.3%
Industrials — 72.3%
Anhui Conch Cement, Cl H		138,737	$	563,815
BYD, Cl H		93,344		567,809
China Communications Construction, Cl H		275,283		503,604
China COSCO Holdings, Cl H ^*		403,462		372,691
China Lesso Group Holdings		153,345		113,162
China National Building Material, Cl H		450,217		548,312
China National Materials		162,446		59,939
China Railway Construction, Cl H		267,511		535,633
China Railway Group, Cl H		384,768		542,070
China Shanshui Cement Group ^{(A) (B)}		292,452		225,457
China Shipping Container Lines, Cl H ^*		586,252		332,034
China Shipping Development, Cl H		178,044		149,535
China South Locomotive and Rolling Stock		234,413		453,635
China Zhongwang Holdings		224,908		136,956
Dongfang Electric, Cl H		50,343		114,570
First Tractor, Cl H		60,941		55,114
Guangshen Railway, Cl H		223,388		148,423
Haitian International Holdings		99,496		247,997
Harbin Power Equipment, Cl H		100,071		82,369
Hollysys Automation Technologies		6,117		134,390
Jiangsu Expressway, Cl H		190,979		263,142
Metallurgical Corp of China, Cl H		448,541		265,613
Sany Heavy Equipment International Holdings		137,194		38,763
Shanghai Electric Group, Cl H		441,851		451,476
Weichai Power, Cl H		75,959		302,321
Yangzijiang Shipbuilding Holdings		302,543		334,623
Zhejiang Expressway, Cl H		224,100		356,772
Zhuzhou CSR Times Electric, Cl H		66,993		573,029
TOTAL CHINA				8,473,254

HONG KONG— 27.6%
Industrials — 27.6%
AviChina Industry & Technology, Cl H		325,100		369,930
Beijing Capital International Airport, Cl H		216,971		231,495
China CNR, Cl H ^{* (C)}		219,100		449,442
China High Speed Transmission Equipment Group		148,250		134,266
China Huarong Energy ^*		729,218		97,842
China International Marine Containers Group, Cl H		68,600		185,414

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X China Industrials ETF

	Shares		Value
COMMON STOCK — continued

Industrials — continued
China Merchants Holdings International		134,011	$	609,443
China Resources Cement Holdings		271,441		173,346
Shanghai Industrial Holdings		72,399		289,553
Shenzhen International Holdings		165,596		312,343
Sunny Optical Technology Group		104,664		234,412
Zoomlion Heavy Industry Science and Technology		201,500		140,639
TOTAL HONG KONG				3,228,125
TOTAL INVESTMENTS — 99.9%
(Cost $9,706,515)			$	11,701,379

Percentages are based on Net Assets of $11,718,671.

	*	Non-income producing security.
	(A)	Securities considered illiquid. The total value of such securities as of April 30, 2015 was $225,457 and represented 1.9% 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, 2015, was $225,457 and represents 1.9% of net assets.
	(C)	Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." These securities have been determined to be liquid under guidelines established by the board of Trustees.

Cl — Class

The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	11,475,922	$	—	$	225,457	$	11,701,379
Total Investments in Securities	$	11,475,922	$	—	$	225,457	$	11,701,379

(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, 2014	$	507,987
Transfers out of Level 3		(507,987	)
Transfers into Level 3		225,457
Ending Balance as of April 30, 2015	$	225,457

For the period ended April 30, 2015, the transfers in and out of Level 3 were due to the lifting of trading halts in the shares of the affected companies. Transfers between levels are recognized at period end.

Net change in unrealized appreciation (depreciation) from investments (Level 3) still held at April 30, 2015 is $0.

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X China Materials ETF

Sector Weightings †:


† Sector weightings percentages are based on the total market value of investments

	Shares		Value
COMMON STOCK — 99.9%

CHINA—65.5%
Basic Materials — 65.5%
Aluminum Corp of China, Cl H ^*		517,699	$	333,950
Angang Steel, Cl H		396,784		331,201
BBMG, Cl H		297,200		368,857
China BlueChemical		615,029		274,540
China Hongqiao Group		414,882		388,058
China Molybdenum, Cl H		334,388		335,201
Dongyue Group		393,457		167,512
Fosun International		134,100		335,633
Jiangxi Copper, Cl H		158,841		329,521
Maanshan Iron & Steel, Cl H		632,925		246,600
Real Gold Mining ^{* (A) (B)}		97,864		6,481
Sinofert Holdings		643,130		177,560
Sinopec Shanghai Petrochemical, Cl H		642,510		388,764
Sinopec Yizheng Chemical Fibre, Cl H		577,814		336,201
Zhaojin Mining Industry		297,344		212,521
Zijin Mining Group, Cl H		1,042,849		402,278
TOTAL CHINA				4,634,878

HONG KONG— 33.0%
Basic Materials — 33.0%
China Lumena New Materials ^{* (A)(B)}		1,082,950		1,746
China Precious Metal Resources Holdings ^*		1,373,200		116,926
Citic Pacific		172,100		345,037
Fufeng Group		379,244		296,990
Kingboard Chemical Holdings		172,500		315,127
Kingboard Laminates Holdings		274,128		141,111
Nine Dragons Paper Holdings		450,900		369,392
North Mining Shares, Cl C ^*		2,589,756		126,963
Shougang Concord International Enterprises ^*		2,248,024		159,513
West China Cement		838,100		143,808
Yingde Gases		364,549		319,345
TOTAL HONG KONG				2,335,958

SINGAPORE—1.4%
Basic Materials — 1.4%
Midas Holdings		350,666		103,250
TOTAL INVESTMENTS — 99.9%
(Cost $6,849,582)			$	7,074,086

Percentages are based on Net Assets of $7,077,874.

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X China Materials ETF

Non-income producing security.

Cl — Class

	(A)	Securities considered illiquid. The total value of such securities as of April 30, 2015 was $8,227 and represented 0.1% 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, 2015, was $8,227 and represents 0.1% of net assets.

The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	6,663,581	$	402,278	$	8,227	$	7,074,086
Total Investments in Securities	$	6,663,581	$	402,278	$	8,227	$	7,074,086

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, 2014	$	121,942
Transfers out of Level 3		(87,457	)
Change in unrealized appreciation/(depreciation)		(26,258	)
Ending Balance as of April 30, 2015	$	8,227

Net change in unrealized appreciation (depreciation) from investments (Level 3) still held at April 30, 2015 is $(26,258).

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

Schedule of Investments

April 30, 2015 (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 — 99.9%

CHINA—68.2%
Technology — 68.2%
21Vianet Group ADR ^*		20,256	$	416,666
Autohome ADR ^*		12,062		615,644
Baidu ADR ^*		6,565		1,314,838
BYD Electronic International		336,881		508,506
China Communications Services, Cl H		374,603		211,680
China Finance Online ADR ^*		8,439		44,558
ChinaCache International Holdings ADR ^*		4,272		60,192
Coolpad Group		1,094,115		409,350
FIH Mobile ^*		998,619		533,377
Kingdee International Software Group ^*		769,949		458,921
Lenovo Group		867,363		1,499,476
NetEase ADR		13,372		1,714,157
Qihoo 360 Technology ADR ^*		29,256		1,764,137
Semiconductor Manufacturing International ^*		7,621,474		845,612
Shanghai Baosight Software, Cl B		49,500		221,364
Sohu.com ^*		12,286		816,405
Tencent Holdings		87,035		1,806,691
Travelsky Technology, Cl H		138,455		269,367
Vimicro International ADR ^*		8,300		108,647
YY ADR ^*		12,683		806,131
ZTE, Cl H		268,011		904,187
TOTAL CHINA				15,329,906

HONG KONG— 27.3%
Technology — 27.3%
Alibaba Health Information Technology ^*		940,029		1,455,313
ASM Pacific Technology		66,143		740,691
China Public Procurement ^*		3,582,500		117,858
Chinasoft International ^{* (A)}		469,276		262,840
Comba Telecom Systems Holdings		383,597		136,095
Digital China Holdings		348,838		540,956
Hi Sun Technology China ^*		769,300		309,660
Ju Teng International Holdings		336,444		211,386
PAX Global Technology ^*		272,400		397,118
Suncorp Technologies ^*		5,153,400		917,501
TCL Communication Technology Holdings		223,132		238,356

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X NASDAQ China Technology ETF

	Shares/Number of Warrants/Face Amount		Value
COMMON STOCK — continued

Technology — continued
V1 Group		1,421,678	$	150,400
VTech Holdings		47,032		654,710
TOTAL HONG KONG				6,132,884

UNITED STATES— 4.4%
Technology — 4.4%
NQ Mobile ADR ^*		33,489		128,598
SINA ^*		17,997		791,778
Weibo ADR ^*		3,900		65,052
TOTAL UNITED STATES				985,428
TOTAL COMMON STOCK
(Cost $16,610,577)				22,448,218

WARRANTS — 0.0%
Hong Kong — 0.0%
Ju Teng International Holdings Strike Price $4.60, Expires 10/30/16^{* (A) (B)}
(Cost $–)		42,930		1,496

TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.030%, 05/01/15
(Cost $17,794)	$	17,794		17,794
TOTAL INVESTMENTS — 100.0%
(Cost $16,628,371)			$	22,467,508

Percentages are based on Net Assets of $22,462,584.

*	Non-income producing security.
(A)	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, 2015, was $264,336 and represents 1.2% of net assets.
(B)	Securities considered illiquid. The total value of such securities as of April 30, 2015 was $1,496 and represented 0.0% of Net Assets.
ADR — American Depositary Receipt
Cl — Class

Amounts designated as “—“ are $0 or have been rounded to $0.

The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	21,964,014	$	484,204	$	—	$	22,448,218
Warrants		—		—		1,496		1,496
Time Deposit		—		17,794		—		17,794
Total Investments in Securities	$	21,964,014	$	501,998	$	1,496	$	22,467,508

(1) A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount (over 1%) 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, 2015 the transfers in and out of Level 3 were due to changes in the availability of observable inputs to determine fair value. Transfers between levels are recognized at period end.

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X Southeast Asia ETF

Sector Weightings †:


† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 98.9%

INDONESIA—16.3%
Consumer Goods — 4.1%
Astra International		1,256,731	$	664,116
Unilever Indonesia		72,596		238,580
				902,696

Financials — 8.4%
Bank Central Asia		766,756		797,071
Bank Mandiri		583,260		483,707
Bank Rakyat Indonesia Persero		672,260		602,895
				1,883,673

Telecommunications — 2.9%
Telekomunikasi Indonesia ADR		15,734		651,073
Utilities — 0.9%
Perusahaan Gas Negara		678,439		214,588
TOTAL INDONESIA				3,652,030

MALAYSIA—26.2%
Basic Materials — 1.3%
Petronas Chemicals Group		183,024		301,657
Financials — 10.6%
CIMB Group Holdings		329,105		545,197
Malayan Banking		297,181		768,507
Public Bank		194,429		1,063,450
				2,377,154

Health Care — 1.3%
IHH Healthcare		170,800		283,907
Industrials — 2.2%
Sime Darby		194,846		495,663

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X Southeast Asia ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — 1.4%
Petronas Gas		49,339	$	314,750
Telecommunications — 5.4%
Axiata Group		269,128		509,314
DiGi.Com		233,100		393,354
Maxis		163,706		319,001
				1,221,669
Utilities — 4.0%
Tenaga Nasional		220,555		889,280
TOTAL MALAYSIA				5,884,080

PHILIPPINES—4.3%
Consumer Services — 1.8%
SM Investments		19,887		402,161
Financials — 0.9%
SM Prime Holdings		485,400		203,404
Telecommunications — 1.6%
Philippine Long Distance Telephone ADR		5,427		349,716
TOTAL PHILIPPINES				955,281

SINGAPORE—36.9%
Consumer Goods — 1.4%
Wilmar International		131,221		322,963
Consumer Services — 3.5%
Genting Singapore		378,945		293,246
Jardine Cycle & Carriage		6,327		193,027
Singapore Airlines		31,473		289,888
				776,161
Financials — 22.6%
CapitaLand		158,388		441,245
DBS Group Holdings		108,673		1,730,334
Oversea-Chinese Banking		190,736		1,537,926
United Overseas Bank		74,087		1,369,817
				5,079,322
Oil & Gas — 2.6%
Keppel		89,107		586,624
Telecommunications — 6.8%
Singapore Telecommunications		457,834		1,531,240
TOTAL SINGAPORE				8,296,310

THAILAND—15.2%
Consumer Services — 1.6%
CP ALL		274,763		350,070

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X Southeast Asia ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Financials — 4.9%
Bangkok Bank		30,201	$	169,488
Kasikornbank		72,918		464,517
Siam Commercial Bank		97,071		468,202
				1,102,207
Industrials — 2.4%
Airports of Thailand		26,700		234,885
Siam Cement		18,986		307,554
				542,439
Oil & Gas — 3.9%
PTT		53,314		575,756
PTT Exploration & Production		86,680		307,646
				883,402
Telecommunications — 2.4%
Advanced Info Service		74,171		539,998
TOTAL THAILAND				3,418,116
TOTAL COMMON STOCK
(Cost $23,991,746)				22,205,817

TIME DEPOSIT — 0.3%
Brown Brothers Harriman, 0.030%, 05/01/15
(Cost $62,278)	$	62,278		62,278

TOTAL INVESTMENTS — 99.2%
(Cost $24,054,024)			$	22,268,095

Percentages are based on Net Assets of $22,453,339.

ADR — American Depositary Receipt

The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	22,205,817	$	—	$	—	$	22,205,817
Time Deposit		—		62,278		—		62,278
Total Investments in Securities	$	22,205,817	$	62,278	$	—	$	22,268,095

For the period ended April 30, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2015, there were no Level 3 investments.

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

Schedule of Investments

April 30, 2015 (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 — 96.3%

CHILE—48.0%
Basic Materials — 4.8%
CAP		5,261	$	18,776
Empresas CMPC		73,529		206,296
Sociedad Quimica y Minera de Chile ADR		6,029		131,673
				356,745
Consumer Goods — 1.4%
Cia Cervecerias Unidas ADR		4,859		106,266
Consumer Services — 8.8%
Cencosud		73,860		191,370
Latam Airlines Group ADR ^*		22,198		212,435
SACI Falabella		31,565		246,220
				650,025
Financials — 11.2%
Banco de Chile ADR		2,613		183,433
Banco de Credito e Inversiones		2,845		141,836
Banco Santander Chile ADR		10,251		223,574
Corpbanca ADR		7,005		118,735
Parque Arauco		33,874		69,115
Sociedad Matriz Banco de Chile, Cl B		304,020		92,817
				829,510
Oil & Gas — 3.9%
Empresas COPEC		24,869		285,465
Technology — 1.0%
Sonda		30,924		73,046
Telecommunications — 1.1%
ENTEL Chile		7,155		80,920

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


Schedule of Investments	April 30, 2015 (Unaudited)

Global X FTSE Andean 40 ETF

	Shares		Value
COMMON STOCK — continued
Utilities — 15.8%
AES Gener		165,931	$	95,594
Aguas Andinas, Cl A		191,342		113,177
Colbun		463,596		140,255
E.CL ^*		34,572		56,242
Empresa Nacional de Electricidad ADR		6,538		301,532
Enersis ADR		26,112		464,010
				1,170,810
TOTAL CHILE				3,552,787

COLOMBIA— 31.4%
Consumer Goods — 5.1%
Almacenes Exito		18,684		199,014
Grupo Nutresa		17,285		178,350
				377,364
Financials — 13.0%
BanColombia ADR		8,131		368,090
Celsia ESP		25,200		53,033
Financiera Colombiana		8,822		140,801
Grupo Aval Acciones y Valores ADR		8,529		86,314
Grupo de Inversiones Suramericana		19,587		319,478
				967,716
Industrials — 4.8%
Cementos Argos		34,462		145,336
Grupo Argos		26,946		212,006
				357,342
Oil & Gas — 6.0%
Ecopetrol ADR		20,782		355,788
Pacific Rubiales Energy^		25,825		86,989
				442,777
Utilities — 2.5%
Interconexion Electrica		27,680		92,280
Isagen		68,130		90,427
				182,707
TOTAL COLOMBIA				2,327,906

PERU— 16.9%
Basic Materials — 7.2%
Cia de Minas Buenaventura ADR		17,219		192,508
Southern Copper		10,509		342,383
				534,891
Financials — 9.7%
BBVA Banco Continental		22,500		30,456
Credicorp		1,056		158,875

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



Schedule of Investments	April 30, 2015 (Unaudited)

Global X FTSE Andean 40 ETF

	Shares/Face Amount		Value

COMMON STOCK — continued
Financials — continued
Credicorp Ltd.		3,441	$	524,925
				714,256
TOTAL PERU				1,249,147
TOTAL COMMON STOCK
(Cost $9,535,650)				7,129,840

PREFERRED STOCK — 3.4%
COLOMBIA— 3.4%
Financials — 2.3%
Banco Davivienda		8,380		96,733
Grupo Aval Acciones y Valores		134,171		67,655
				164,388
Industrials — 1.1%
Grupo Argos		10,420		82,417
TOTAL PREFERRED STOCK
(Cost $277,294)				246,805

TIME DEPOSIT — 0.4%
Brown Brothers Harriman, 0.030%, 05/01/15
(Cost $30,783)	$	30,783		30,783
TOTAL INVESTMENTS — 100.1%
(Cost $9,843,727)			$	7,407,428

Percentages are based on Net Assets of $7,403,149.

Non-income producing security.

Security traded on the Toronto Stock Exchange.

ADR

— American Depositary Receipt

— Class

Ltd.

— Limited

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



Schedule of Investments	April 30, 2015 (Unaudited)

Global X FTSE Andean 40 ETF

The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	7,129,840	$	—	$	—	$	7,129,840
Preferred Stock		246,805		—		—		246,805
Time Deposit		—		30,783		—		30,783
Total Investments in Securities	$	7,376,645	$	30,783	$	—	$	7,407,428

For the period ended April 30, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2015, there were no Level 3 investments.

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



Schedule of Investments	April 30, 2015 (Unaudited)

Global X MSCI Colombia 40 ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 88.2%

COLOMBIA— 88.2%
Basic Materials — 2.1%
Mineros		2,985,963	$	2,146,474
Consumer Goods — 8.7%
Almacenes Exito		446,761		4,758,699
Grupo Nutresa		429,727		4,433,997
				9,192,696
Financials — 32.6%
Banco de Bogota		36,697		961,602
BanColombia ADR		331,961		15,027,874
Bolsa de Valores de Colombia		297,680,626		2,605,085
Celsia ESP		1,902,821		4,004,437
Financiera Colombiana		96,803		1,545,037
Grupo Aval Acciones y Valores		365,311		183,443
Grupo Aval Acciones y Valores ADR		181,711		1,838,915
Grupo de Inversiones Suramericana		493,369		8,047,200
Interbolsa ^{* (A) (B)}		1,320,603		550
				34,214,143
Industrials — 15.0%
Cementos Argos		625,587		2,638,277
Cemex Latam Holdings ^*		743,312		4,119,788
Construcciones El Condor		3,657,776		2,499,845
Constructora Conconcreto		4,711,469		2,297,176
Grupo Argos		526,264		4,140,547
				15,695,633
Oil & Gas — 16.4%
Canacol Energy ^*		1,090,274		3,537,483
Ecopetrol ADR		550,612		9,426,478
Pacific Rubiales Energy^		1,249,319		4,208,232
				17,172,193
Utilities — 13.4%
Empresa de Energia de Bogota		6,236,977		4,418,503

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



Schedule of Investments	April 30, 2015 (Unaudited)

Global X MSCI Colombia ETF

	Shares/Face Amount		Value
COMMON STOCK — continued

Utilities — continued
Interconexion Electrica		1,389,162	$	4,631,215
Isagen		3,783,882		5,022,259
				14,071,977
TOTAL COMMON STOCK
(Cost $111,504,617)				92,493,116

PREFERRED STOCK — 11.2%

COLOMBIA— 11.2%
Consumer Services — 3.4%
Avianca Holdings*		2,271,776		3,550,168
Financials — 7.1%
Banco Davivienda		430,881		4,973,811
Grupo Aval Acciones y Valores		1,431,941		722,042
Grupo de Inversiones Suramericana		121,603		1,798,973
				7,494,826
Industrials — 0.7%
Grupo Argos		84,538		668,652
TOTAL PREFERRED STOCK
(Cost $12,046,626)				11,713,646

TIME DEPOSIT — 0.4%
Brown Brothers Harriman, 0.030%, 05/01/15
(Cost $402,749)	$	402,749		402,749
TOTAL INVESTMENTS — 99.8%
(Cost $123,953,992)			$	104,609,511

Percentages are based on Net Assets of $104,777,965.

Non-income producing security.

Security traded on the Toronto Stock Exchange.

ADR

— American Depositary Receipt

(A)

Securities considered illiquid. The total value of such securities as of April 30, 2015 was $550 and represented 0.0% 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, 2015, was $550 and represents 0.0% of net assets.

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



Schedule of Investments	April 30, 2015 (Unaudited)

Global X MSCI Colombia ETF

The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	92,492,566	$	—	$	550	$	92,493,116
Preferred Stock		11,713,646		—		—		11,713,646
Time Deposit		—		402,749		—		402,749
Total Investments in Securities	$	104,206,212	$	402,749	$	550	$	104,609,511

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, 2014	$	3,471,731
Transfers out of Level 3		(3,471,090	)
Change in unrealized appreciation/(depreciation)		(91	)
Ending Balance as of April 30, 2015	$	550

Net change in unrealized appreciation (depreciation) from investments (Level 3) still held at April 30, 2015 is $(91).

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



Schedule of Investments	April 30, 2015 (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 — 93.7%

BRAZIL— 93.7%
Basic Materials — 12.0%
Cia Siderurgica Nacional ADR		59,729	$	160,671
Fibria Celulose ADR		20,645		289,236
Gerdau ADR		41,386		139,057
				588,964
Consumer Goods — 10.2%
Cosan, Cl A		6,496		47,161
Cosan Industria e Comercio		4,683		45,346
Hypermarcas ^*		14,787		98,118
JBS		38,645		197,925
M Dias Branco		1,656		47,377
Natura Cosmeticos		7,069		66,729
				502,656
Consumer Services — 13.6%
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		5,430		182,122
Kroton Educacional		65,180		240,373
Localiza Rent a Car		5,902		69,508
Lojas Renner		5,081		178,264
				670,267
Financials — 12.5%
BM&F Bovespa		70,706		291,165
BR Malls Participacoes		16,891		92,479
CETIP - Mercados Organizados		8,752		100,155
Cyrela Brazil Realty Empreendimentos e Participacoes		9,239		36,043
Multiplan Empreendimentos Imobiliarios		3,099		54,250
Porto Seguro		3,706		45,957
				620,049
Industrials — 11.1%
Duratex		11,163		31,676

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



Schedule of Investments	April 30, 2015 (Unaudited)

Global X Brazil Mid Cap ETF

	Shares/Face Amount		Value
COMMON STOCK — continued

Industrials — continued
EcoRodovias Infraestrutura e Logistica		7,927	$	23,445
Embraer ADR		4,304		134,199
Klabin		38,344		236,530
WEG		23,170		124,540
				550,390
Telecommunications — 7.0%
Oi ADR		21,943		42,350
Tim Participacoes ADR		19,075		299,859
				342,209
Utilities — 27.3%
Centrais Eletricas Brasileiras ADR		41,555		101,810
Cia de Saneamento Basico do Estado de Sao Paulo ADR		25,777		151,826
Cia Energetica de Minas Gerais ADR		28,851		141,947
Cia Paranaense de Energia ADR		3,783		41,386
CPFL Energia ADR		19,743		257,056
EDP - Energias do Brasil		9,381		35,158
Tractebel Energia		8,167		96,265
Ultrapar Participacoes ADR		22,755		519,724
				1,345,172
TOTAL COMMON STOCK
(Cost $5,835,750)				4,619,707

PREFERRED STOCK — 4.9%

BRAZIL— 4.9%
Basic Materials — 1.2%
Braskem		5,694		23,638
Metalurgica Gerdau		10,355		33,802
				57,440
Consumer Services — 2.1%
Lojas Americanas		18,749		106,653
Financials — 0.7%
Bradespar		8,696		34,940
Utilities — 0.9%
Cia Energetica de Sao Paulo		6,966		43,389
TOTAL PREFERRED STOCK
(Cost $522,400)				242,422

CORPORATE OBLIGATIONS — 0.8%
Hypermarcas
11.300%, 10/15/18^{(A) (B)}	$	59,000		19,999
3.000%, 10/15/18^{(A) (B)}		59,000		19,998

TOTAL CORPORATE OBLIGATIONS
(Cost $70,852)				39,997

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



Schedule of Investments	April 30, 2015 (Unaudited)

Global X Brazil Mid Cap ETF

	Number of Warrants/Face Amount		Value
WARRANTS — 0.0%
Brazil — 0.0%
Hypermarcas - Strike Price 29.48, Expires 10/15/15*^{(A) (B)}
(Cost $–)		59	$	—

TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.030%, 05/01/15
(Cost $5,999)	$	5,999		5,999
TOTAL INVESTMENTS — 99.5%
(Cost $6,435,001)			$	4,908,125

Percentages are based on Net Assets of $4,931,150.

Non-income producing security.

ADR

— American Depositary Receipt

— Class

(A)

Securities considered illiquid. The total value of such securities as of April 30, 2015 was $39,997 and represented 0.8% 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, 2015, was $39,997 and represents 0.8% 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, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	4,619,707	$	—	$	—	$	4,619,707
Preferred Stock		242,422		—		—		242,422
Corporate Obligations		—		—		39,997		39,997
Warrants		—		—		—		—
Time Deposit		—		5,999		—		5,999
Total Investments in Securities	$	4,862,129	$	5,999	$	39,997	$	4,908,125

For the period ended April 30, 2015, 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.



Schedule of Investments	April 30, 2015 (Unaudited)

Global X Brazil Consumer ETF

Sector Weightings †:


† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 92.8%

BRAZIL— 92.8%
Consumer Goods — 51.2%
AMBEV ADR		56,545	$	357,930
Arezzo Industria e Comercio		7,612		62,184
BRF ADR		13,775		295,749
Cia Hering		25,503		151,366
Cosan, Cl A		30,125		218,707
Cosan Industria e Comercio		21,907		212,127
Gafisa ADR ^*		36,185		63,686
Grendene		12,152		72,084
Hypermarcas ^*		55,180		366,143
JBS		80,316		411,348
M Dias Branco		7,668		219,374
Marfrig Alimentos ^*		43,486		59,450
Minerva ^*		17,785		50,881
Natura Cosmeticos		27,346		258,137
Sao Martinho		8,642		109,385
SLC Agricola		7,526		43,790
Souza Cruz		46,592		413,247
				3,365,588
Consumer Services — 41.6%
B2W Cia Digital ^*		16,924		153,211
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		8,575		287,606
Cosan Logistica ^*		26,287		20,511
Estacio Participacoes		33,700		200,803
GAEC Educacao		6,400		41,528
Gol Linhas Aereas Inteligentes ADR		17,423		44,254
International Meal Alimentacao ^*		7,267		18,101
Kroton Educacional		52,228		192,608
Localiza Rent a Car		27,101		319,170
Lojas Renner		12,621		442,801
Marisa Lojas		8,496		40,482
Multiplus		7,827		86,646
Raia Drogasil		35,242		399,888
Restoque Comercio e Confeccoes de Roupas		17,379		51,574

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X Brazil Consumer ETF

	Shares/Face Amount/ Number of Warrants		Value
COMMON STOCK — continued

Consumer Services — continued
Smiles		10,381	$	178,956
Via Varejo		39,854		248,768
				2,726,907
TOTAL COMMON STOCK
(Cost $7,473,969)				6,092,495

PREFERRED STOCK — 5.8%

BRAZIL— 5.8%
Consumer Goods — 1.0%
Alpargatas		19,258		64,342
Consumer Services — 4.8%
Lojas Americanas		56,112		319,191
TOTAL PREFERRED STOCK
(Cost $349,681)				383,533

CORPORATE OBLIGATIONS — 0.8%
Hypermarcas
11.300%, 10/15/18^{(A) (B)}	$	84,000		28,473
3.000%, 10/15/18^{(A) (B)}		84,000		28,472
TOTAL CORPORATE OBLIGATIONS
(Cost $100,874)				56,945

WARRANTS — 0.0%
Brazil — 0.0%
Hypermarcas - Strike Price 29.48 Expires 10/15/15*^{(A) (B)}
(Cost $–)		84		—

TIME DEPOSIT — 0.6%
Brown Brothers Harriman, 0.030%, 05/01/15
(Cost $36,272)		36,272		36,272
TOTAL INVESTMENTS — 100.0%
(Cost $7,960,796)			$	6,569,245

Percentages are based on Net Assets of $6,567,292.

Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

*	Non-income producing security.
(A)	Securities considered illiquid. The total value of such securities as of April 30, 2015 was $56,945 and represented 0.9% 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, 2015, was $56,945 and represents 0.9% 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.

Schedule of Investments

April 30, 2015 (Unaudited)

Global X Brazil Consumer ETF

The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	6,092,495	$	—	$	—	$	6,092,495
Preferred Stock		383,533		—		—		383,533
Corporate Obligations		—		—		56,945		56,945
Warrants		—		—		—		—
Time Deposit		—		36,272		—		36,272
Total Investments in Securities	$	6,476,028	$	36,272	$	56,945	$	6,569,245

⁽¹⁾ A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount (over 1%) 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, 2015, 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.

Schedule of Investments

April 30, 2015 (Unaudited)

Global X Brazil Financials ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 96.5%

BRAZIL— 96.5%
Financials — 96.5%
Aliansce Shopping Centers		2,682	$	15,140
Banco Bradesco ADR		11,854		126,719
Banco do Brasil		6,543		57,139
Banco Santander Brasil ADR		25,121		136,407
BB Seguridade Participacoes		5,357		62,054
BM&F Bovespa		16,981		69,927
BR Malls Participacoes		9,851		53,935
BR Properties		6,594		24,186
Brasil Brokers Participacoes		7,064		6,477
Brasil Insurance Participacoes e Administracao		3,444		2,148
CETIP - Mercados Organizados		5,218		59,713
Cielo		4,805		66,407
Cyrela Brazil Realty Empreendimentos e Participacoes		8,984		35,049
Even Construtora e Incorporadora		8,254		13,376
Ez Tec Empreendimentos e Participacoes		1,914		12,100
Grupo BTG Pactual, Cl Miscellaneous		5,799		57,525
Helbor Empreendimentos		4,030		4,313
Iguatemi Empresa de Shopping Centers		2,506		22,486
Itau Unibanco Holding ADR		9,995		128,136
LPS Brasil Consultoria de Imoveis		2,217		4,199
MRV Engenharia e Participacoes		10,991		29,868
Multiplan Empreendimentos Imobiliarios		2,951		51,659
PDG Realty Empreendimentos e Participacoes ^*		49,966		8,664
Porto Seguro		3,633		45,051
Qualicorp ^*		6,620		53,661
Sul America		12,263		57,777
TOTAL COMMON STOCK
(Cost $1,465,210)				1,204,116

PREFERRED STOCK — 2.7%

BRAZIL— 2.7%
Financials — 2.7%
Banco ABC Brasil		1,997		8,823

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X Brazil Financials ETF

	Shares/Number of Rights/Face Amount		Value
PREFERRED STOCK— continued

Financials — continued
Banco do Estado do Rio Grande do Sul		6,668	$	25,235
TOTAL PREFERRED STOCK
(Cost $43,404)				34,058

RIGHT — 0.1%
Brazil — 0.1%
PDG Realty Empreendimentos e Participacoes*
(Cost $–)		42,911		1,431

TIME DEPOSIT — 0.5%
Brown Brothers Harriman, 0.030%, 05/01/15
(Cost $6,190)	$	6,190		6,190
TOTAL INVESTMENTS — 99.8%
(Cost $1,514,804)			$	1,245,795

Percentages are based on Net Assets of $1,248,333.

Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

Amounts designated as “—“ are $0 or have been rounded to $0.

The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	1,204,116	$	—	$	—	$	1,204,116
Preferred Stock		34,058		—		—		34,058
Right		1,431		—		—		1,431
Time Deposit		—		6,190		—		6,190
Total Investments in Securities	$	1,239,605	$	6,190	$	—	$	1,245,795

For the period ended April 30, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2015, there were no Level 3 investments.

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X MSCI Argentina ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.9%

ARGENTINA— 84.6%
Basic Materials — 21.0%
Tenaris ADR		138,145	$	4,247,959
Consumer Goods — 2.5%
Cresud SACIF y A ADR ^*		38,539		506,792
Consumer Services — 19.1%
Arcos Dorados Holdings, Cl A		123,356		740,136
MercadoLibre		22,017		3,133,680
				3,873,816
Financials — 15.8%
Banco Macro ADR		16,097		889,359
BBVA Banco Frances ADR		47,734		920,312
Grupo Financiero Galicia ADR		42,356		933,526
IRSA Inversiones y Representaciones ADR		24,914		451,442
				3,194,639
Oil & Gas — 13.2%
Petrobras Argentina ADR		87,263		616,950
Transportadora de Gas del Sur ADR		130,336		642,556
YPF ADR		46,432		1,418,033
				2,677,539
Telecommunications — 7.4%
Grupo Clarin GDR, Cl B		48,631		680,834
Telecom Argentina ADR		38,670		806,656
				1,487,490
Utilities — 5.6%
Empresa Distribuidora Y Comercializadora Norte ADR ^*		29,763		423,825
Pampa Energia ADR ^*		43,137		702,270
				1,126,095
TOTAL ARGENTINA				17,114,330

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X MSCI Argentina ETF

	Shares/Face Amount		Value
COMMON STOCK — continued

CANADA— 5.5%
Basic Materials — 3.3%
Pan American Silver		28,761	$	273,804
Silver Standard Resources ^*		73,094		397,997
				671,801
Industrials — 1.8%
Finning International		17,667		360,560
Oil & Gas — 0.4%
Pan American Silver		8,878		84,657
TOTAL CANADA				1,117,018

CHILE— 5.4%
Consumer Goods — 3.8%
Cia Cervecerias Unidas ADR		17,943		392,413
Embotelladora Andina ADR, Cl B		19,615		370,920
				763,333
Consumer Services — 1.6%
Cencosud		129,538		335,631
TOTAL CHILE				1,098,964

HONG KONG— 0.9%
Oil & Gas — 0.9%
EPI Holdings ^*		13,912,600		179,491

MEXICO— 1.7%
Consumer Goods — 1.7%
Arca Continental		54,900		336,350

SPAIN— 1.8%
Consumer Goods — 1.8%
Prosegur Cia de Seguridad		62,600		361,253
TOTAL COMMON STOCK
(Cost $20,789,456)				20,207,406

TIME DEPOSIT — 0.0%
Brown Brothers Harriman, 0.030%, 05/01/15
(Cost $7,222)	$	7,222		7,222
TOTAL INVESTMENTS — 99.9%
(Cost $20,796,678)			$	20,214,628

Percentages are based on Net Assets of $20,230,723.

Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X MSCI Argentina ETF

The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	20,207,406	$	—	$	—	$	20,207,406
Time Deposit		—		7,222		—		7,222
Total Investments in Securities	$	20,207,406	$	7,222	$	—	$	20,214,628

For the period ended April 30, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2015, there were no Level 3 investments.

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

Schedule of Investments

April 30, 2015 (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 — 99.2%

GREECE— 99.2%
Basic Materials — 3.7%
Mytilineos Holdings ^*		1,553,929	$	10,708,706
Consumer Goods — 23.3%
Coca-Cola HBC		2,596,387		55,022,401
JUMBO		1,211,153		12,472,262
				67,494,663
Consumer Services — 13.1%
FF Group		417,878		12,595,995
OPAP		2,828,786		25,199,848
				37,795,843
Financials — 24.9%
Alpha Bank AE ^*		37,766,603		13,161,307
Eurobank Ergasias ^*		98,694,228		14,929,877
National Bank of Greece ADR ^*		20,246,290		29,559,583
Piraeus Bank ^*		31,956,151		14,180,135
				71,830,902
Industrials — 9.1%
Ellaktor		2,689,019		6,026,353
Metka		507,281		4,717,994
Titan Cement		524,798		13,231,388
Viohalco ^*		767,391		2,261,534
				26,237,269
Oil & Gas — 5.6%
Hellenic Petroleum		1,372,942		6,830,710
Motor Oil Hellas Corinth Refineries		1,082,785		9,463,843
				16,294,553
Real Estate Investment Trusts — 2.1%
Grivalia Properties		757,112		6,023,504

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X FTSE Greece 20 ETF

	Shares/Face Amount		Value
COMMON STOCK — continued

Telecommunications — 10.2%
Hellenic Telecommunications Organization		3,261,214	$	29,600,226
Utilities — 7.2%
Athens Water Supply & Sewage		822,740		4,609,601
Public Power		2,112,585		14,179,853
Terna Energy		677,193		2,033,658
				20,823,112
TOTAL COMMON STOCK
(Cost $325,289,132)				286,808,778

TIME DEPOSIT — 0.5%
Brown Brothers Harriman, 0.030%, 05/01/15
(Cost $1,309,371)	$	1,309,371		1,309,371
TOTAL INVESTMENTS — 99.7%
(Cost $326,598,503)			$	288,118,149

Percentages are based on Net Assets of $288,948,309.

*	Non-income producing security.

ADR — American Depositary Receipt

The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	286,808,778	$	—	$	—	$	286,808,778
Time Deposit		—		1,309,371		—		1,309,371
Total Investments in Securities	$	286,808,778	$	1,309,371	$	—	$	288,118,149

For the period ended April 30, 2015, the transfers out of Level 3 were due to the lifting of trading halts in the shares of the affected companies. Transfers between levels are recognized at period end.

As of April 30, 2015, there were no Level 3 investments.

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X MSCI Norway ETF

Sector Weightings †:

	Shares		Value
COMMON STOCK — 98.9%

BERMUDA— 0.4%
Industrials — 0.4%
Avance Gas Holding ^(A)		21,700	$	342,685

CYPRUS— 0.2%
Oil & Gas — 0.2%
Songa Offshore ^*		810,500		181,772

NORWAY— 95.7%
Basic Materials — 10.0%
Borregaard		88,400		683,339
Norsk Hydro		685,457		3,237,398
Yara International ^(B)		104,667		5,367,040
				9,287,777
Consumer Goods — 10.7%
Austevoll Seafood		113,800		661,461
Bakkafrost P		31,855		748,236
Kongsberg Automotive Holding ^*		414,393		344,801
Leroy Seafood Group		24,000		796,231
Marine Harvest		233,381		2,850,869
Orkla		498,358		3,908,561
Salmar		44,040		715,931
				10,026,090
Consumer Services — 5.4%
Norwegian Air Shuttle ^*		23,831		999,349
Schibsted ^(B)		65,170		4,058,693
				5,058,042
Financials — 19.5%
Aker, Cl A		26,560		597,428
DnB ^(B)		623,098		11,080,238

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X MSCI Norway ETF

	Shares		Value
COMMON STOCK — continued

Financials — continued
Gjensidige Forsikring ^(B)		173,143	$	3,012,282
Norwegian Property		271,668		365,925
Selvaag Bolig		55,987		211,006
SpareBank 1 Nord Norge		86,022		504,568
SpareBank 1 SMN		112,600		1,004,890
Storebrand ^*		420,988		1,489,422
				18,265,759
Industrials — 4.5%
American Shipping		55,365		233,642
BW LPG ^(A)		68,260		603,746
Deep Sea Supply		437,800		235,298
Golden Ocean Group ^*		110,843		544,985
Hexagon Composites ^(B)		82,800		267,008
Hoegh LNG Holdings		45,150		608,151
Ocean Yield		46,009		344,968
Stolt-Nielsen		33,450		623,678
Thin Film Electronics ^*		361,749		295,237
Wilh Wilhelmsen, Cl B		65,327		424,792
				4,181,505
Oil & Gas — 30.7%
Aker Solutions		141,586		862,048
Aker Solutions ^(B)		153,086		298,635
Archer ^*		478,800		177,275
Awilco Drilling		20,633		169,078
BW Offshore		460,000		341,849
Det Norske Oljeselskap ^{* (B)}		102,305		746,024
DNO International ^{* (B)}		589,184		1,106,357
Fred Olsen Energy ^(B)		35,660		319,428
Kvaerner		222,200		173,974
Odfjell Drilling ^*		131,203		116,656
Petroleum Geo-Services ^(B)		182,090		1,205,315
ProSafe		216,270		769,164
REC Solar ^*		32,720		442,896
Renewable Energy ^{* (B)}		1,774,500		496,874
Seadrill		297,090		3,763,153
Statoil		734,817		15,504,731
TGS Nopec Geophysical		87,400		2,219,940
				28,713,397
Technology — 3.5%
Atea ^(B)		73,392		818,118
Nordic Semiconductor		154,744		1,180,781
Opera Software ^(B)		128,900		1,255,558
				3,254,457

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X MSCI Norway ETF

	Shares/Face Amount⁽¹⁾		Value
COMMON STOCK — continued

Telecommunications — 11.4%
Telenor		473,996	$	10,712,165
TOTAL NORWAY				89,499,192

UNITED KINGDOM— 2.6%
Oil & Gas — 2.6%
Subsea 7		216,524		2,403,588
TOTAL COMMON STOCK
(Cost $114,737,174)				92,427,237


REPURCHASE AGREEMENTS — 12.9%
Barclays
0.100%, dated 04/30/15, to be repurchased on 05/01/15 repurchase price $10,000,028 (collateralized by U.S. Treasury Obligations, ranging in par value $0-$8,945,383, 0.000-3.000%, 05/31/15-05/15/37 with a total market value of $10,200,004)^(C)		10,000,000		10,000,000
Deutsche Bank
0.080%, dated 04/30/15, to be repurchased on 05/01/15 repurchase price $2,012,284 (collateralized by U.S. Treasury Notes, par value $2,026,715, 1.500%, 11/30/19 with a total market value of $2,044,935)^(C)		2,012,280		2,012,280
TOTAL REPURCHASE AGREEMENTS
(Cost $12,012,280)				12,012,280

TIME DEPOSITS — 0.2%
Brown Brothers Harriman
0.030%, 05/01/15		199,578		199,578
0.365%, 05/01/15, NOK		76,184		10,110
TOTAL TIME DEPOSITS
(Cost $209,688)				209,688

TOTAL INVESTMENTS — 112.0%
(Cost $126,959,142)			$	104,649,205

Percentages are based on Net Assets of $93,459,164.

*	Non-income producing security.
Cl	— Class
NOK	— Norwegian Krone
(1)	In U.S. Dollars unless otherwise indicated.
(A)	Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." These securities have been determined to be liquid under guidelines established by the board of Trustees.
(B)	This security or a partial position of this security is on loan at April 30, 2015. The total value of securities on loan at April 30, 2015 was $14,782,848.

(C)

These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2015 was $12,012,280.

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X MSCI Norway ETF

The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	92,427,237	$	—	$	—	$	92,427,237
Repurchase Agreements		—		12,012,280		—		12,012,280
Time Deposits		—		209,688		—		209,688
Total Investments in Securities	$	92,427,237	$	12,221,968	$	—	$	104,649,205

For the period ended April 30, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2015, there were no Level 3 investments.

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

Schedule of Investments

April 30, 2015 (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 — 98.3%

DENMARK— 26.4%
Consumer Goods — 1.5%
Carlsberg, Cl B		9,491	$	865,021
Financials — 3.3%
Danske Bank		66,073		1,875,045
Health Care — 19.4%
Coloplast, Cl B		8,983		733,747
Novo Nordisk ADR		164,601		9,262,098
Novozymes, Cl B		20,740		958,524
				10,954,369
Industrials — 2.2%
A P Moller - Maersk, Cl B		607		1,203,974
TOTAL DENMARK				14,898,409

FINLAND— 11.7%
Financials — 3.7%
Sampo, Cl A		43,071		2,092,690
Industrials — 2.6%
Kone, Cl B		34,674		1,494,710
Technology — 4.0%
Nokia ADR		343,102		2,257,611
Utilities — 1.4%
Fortum		40,009		793,527
TOTAL FINLAND				6,638,538

NORWAY— 11.1%
Basic Materials — 2.5%
Norsk Hydro		119,720		565,435

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X FTSE Nordic Region ETF

	Shares		Value
COMMON STOCK — continued

Basic Materials — continued
Yara International		15,797	$	810,027
				1,375,462
Financials — 3.1%
DnB		97,766		1,738,524
Oil & Gas — 3.0%
Statoil ADR		80,219		1,703,050
Telecommunications — 2.5%
Telenor		63,276		1,430,018
TOTAL NORWAY				6,247,054

SWEDEN— 49.1%
Consumer Goods — 2.4%
Svenska Cellulosa, Cl B		52,853		1,338,043
Consumer Services — 5.6%
Hennes & Mauritz, Cl B		80,015		3,184,176
Financials — 19.3%
Investor, Cl B		41,321		1,683,451
Nordea Bank		267,705		3,404,680
Skandinaviska Enskilda Banken, Cl A		132,725		1,681,643
Svenska Handelsbanken, Cl A		40,327		1,861,242
Swedbank, Cl A		95,605		2,225,729
				10,856,745
Industrials — 14.3%
Assa Abloy, Cl B		28,599		1,660,727
Atlas Copco, Cl A		56,623		1,766,428
Hexagon, Cl B		23,000		853,306
Sandvik		89,151		1,121,013
SKF, Cl B		37,389		913,417
Volvo, Cl B		127,893		1,758,264
				8,073,155
Technology — 4.9%
Ericsson ADR		251,174		2,742,820
Telecommunications — 2.6%
TeliaSonera		237,101		1,476,495
TOTAL SWEDEN				27,671,434
TOTAL COMMON STOCK
(Cost $49,368,765)				55,455,435

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X FTSE Nordic Region ETF

	Face Amount		Value
TIME DEPOSIT — 0.6%
Brown Brothers Harriman, 0.030%, 05/01/15
(Cost $317,389)	$	317,389	$	317,389

TOTAL INVESTMENTS — 98.9%
(Cost $49,686,154)			$	55,772,824

Percentages are based on Net Assets of $56,383,413.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	55,455,435	$	—	$	—	$	55,455,435
Time Deposit		—		317,389		—		317,389
Total Investments in Securities	$	55,455,435	$	317,389	$	—	$	55,772,824

For the period ended April 30, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2015, there were no Level 3 investments.

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

Schedule of Investments

April 30, 2015 (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 — 99.3%

CANADA— 14.0%
Basic Materials — 14.0%
Centerra Gold		15,552	$	80,119
Dundee Precious Metals ^*		41,613		99,974
SouthGobi Resources ^*		42,850		30,018
Turquoise Hill Resources ^*		39,958		166,226
TOTAL CANADA				376,337

CHINA— 9.4%
Oil & Gas — 9.4%
MIE Holdings		974,500		119,437
SPT Energy Group		591,100		133,454
TOTAL CHINA				252,891

HONG KONG— 2.5%
Basic Materials — 2.5%
Mongolia Energy ^*		975,500		66,702

KAZAKHSTAN— 28.5%
Financials — 7.4%
Halyk Savings Bank of Kazakhstan JSC GDR ^*		25,857		200,392
Oil & Gas — 14.1%
KazMunaiGas Exploration Production JSC GDR		20,058		227,658
Nostrum Oil & Gas ^*		16,024		151,444
				379,102
Telecommunications — 7.0%
KCell JSC GDR		22,133		187,024
TOTAL KAZAKHSTAN				766,518

MONGOLIA— 5.5%
Basic Materials — 5.5%
Mongolian Mining ^*		2,679,550		148,650

NETHERLANDS— 6.3%
Telecommunications — 6.3%
VimpelCom ADR		29,696		168,376

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X Central Asia & Mongolia Index ETF

	Shares/Face Amount		Value
COMMON STOCK — continued

SWEDEN— 4.0%
Telecommunications — 4.0%
TeliaSonera		17,386	$	108,268

UNITED ARAB EMIRATES— 7.9%
Oil & Gas — 7.9%
Dragon Oil		22,248		212,148

UNITED KINGDOM— 21.2%
Basic Materials — 17.6%
Central Asia Metals		49,929		144,634
China Nonferrous Gold ^*		252,613		85,891
KAZ Minerals		35,192		141,207
Polymetal International		12,420		101,063
				472,795
Financials — 3.6%
Bank of Georgia Holdings		3,473		95,855
TOTAL UNITED KINGDOM				568,650
TOTAL COMMON STOCK
(Cost $2,952,554)				2,668,540

U.S. TREASURY OBLIGATION — 11.2%
United States Treasury Bills
0.001%, 05/14/15^(A)
(Cost $300,002)	$	300,000		299,999

TOTAL INVESTMENTS — 110.5%
(Cost $3,252,556)			$	2,968,539

Percentages are based on Net Assets of $2,685,783.

Non-income producing security.

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

(A)

The rate reported on the Schedule of Investments is the effective yield at time of purchase.

The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	2,668,540	$	—	$	—	$	2,668,540
U.S. Treasury Obligation		—		299,999		—		299,999
Total Investments in Securities	$	2,668,540	$	299,999	$	—	$	2,968,539

For the period ended April 30, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2015, there were no Level 3 investments.

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X MSCI Nigeria ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.4%

NIGERIA— 99.4%
Consumer Goods — 31.4%
Flour Mills of Nigeria		3,529,489	$	633,889
Guinness Nigeria		1,751,451		1,496,214
Nestle Nigeria		529,815		2,529,268
Nigerian Breweries		6,977,839		5,505,480
				10,164,851
Financials — 50.2%
Access Bank		28,161,000		847,660
Diamond Bank		31,131,800		719,629
Ecobank Transnational		14,303,234		1,487,824
FBN Holdings		33,043,192		1,627,253
First City Monument Bank		33,515,516		562,522
Guaranty Trust Bank		25,114,500		3,628,351
Stanbic IBTC Holdings		9,219,850		1,364,445
Transnational Corp of Nigeria		68,885,500		1,107,707
UAC of Nigeria		4,652,680		981,973
United Bank for Africa		42,123,362		1,119,762
Zenith Bank		26,582,000		2,825,172
				16,272,298
Industrials — 9.0%
Dangote Cement		1,504,200		1,394,597
Lafarge Africa		3,206,959		1,514,845
				2,909,442
Oil & Gas — 8.8%
Forte Oil		1,222,994		1,091,783
Oando		9,945,050		899,552
SEPLAT Petroleum Development		455,167		862,301
				2,853,636
TOTAL COMMON STOCK
(Cost $35,496,687)				32,200,227

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X MSCI Nigeria ETF

	Face Amount		Value
TIME DEPOSIT — 0.2%
Brown Brothers Harriman, 0.030%, 05/01/15
(Cost $64,645)	$	64,645	$	64,645

TOTAL INVESTMENTS — 99.6%
(Cost $35,561,332)			$	32,264,872

Percentages are based on Net Assets of $32,393,986.

The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	32,200,227	$	—	$	—	$	32,200,227
Time Deposit		—		64,645		—		64,645
Total Investments in Securities	$	32,200,227	$	64,645	$	—	$	32,264,872

For the period ended April 30, 2015, the transfer into Level 1 from Level 2 was due to changes in the availability of observable inputs to determine fair value. Transfers between Levels are recognized at period end.

As of April 30, 2015, there were no Level 3 investments.

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

Schedule of Investments

April 30, 2015 (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 — 99.5%

ARGENTINA— 3.7%
Consumer Services — 2.0%
Arcos Dorados Holdings, Cl A		91,050	$	546,300
MercadoLibre		15,219		2,166,120
				2,712,420
Oil & Gas — 1.7%
YPF ADR		72,199		2,204,958
TOTAL ARGENTINA				4,917,378

AUSTRALIA— 0.7%
Basic Materials — 0.6%
Paladin Energy ^*		2,280,600		629,587
Resolute Mining ^*		878,900		232,233
				861,820
Consumer Services — 0.1%
Donaco International ^*		261,700		127,978
iSentric ^*		34,028		3,892
				131,870
TOTAL AUSTRALIA				993,690

BAHRAIN— 0.1%
Financials — 0.1%
Al-Salam Bank		245,400		91,118

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued

BANGLADESH— 1.0%
Consumer Services — 0.3%
Square Pharmaceuticals		110,066	$	347,979
Telecommunications — 0.7%
GrameenPhone		224,000		931,870
TOTAL BANGLADESH				1,279,849

CANADA— 3.2%
Basic Materials — 2.7%
Acacia Mining		187,830		833,908
Asanko Gold ^*		64,024		94,087
Endeavour Mining ^*		315,145		163,914
First Quantum Minerals		88,116		1,344,383
Turquoise Hill Resources ^*		271,872		1,135,746
				3,572,038
Oil & Gas — 0.5%
Pan American Silver		66,496		634,080
TOTAL CANADA				4,206,118

CAYMAN ISLANDS— 0.3%
Consumer Services — 0.3%
NagaCorp		630,983		455,054

CHILE— 4.4%
Basic Materials — 0.3%
Empresas CMPC		91,200		255,875
Sociedad Quimica y Minera de Chile, Cl B		7,300		160,081
				415,956
Consumer Services — 1.5%
Cencosud		68,400		177,223
Latam Airlines Group ^*		81,860		783,375
SACI Falabella		139,280		1,086,441
				2,047,039
Financials — 0.3%
Banco de Chile		1,978,527		227,398
Banco Santander Chile		4,466,600		240,469
				467,867
Oil & Gas — 0.2%
Empresas COPEC		19,380		222,459
Utilities — 2.1%
Empresa Nacional de Electricidad		891,449		1,373,332
Enersis		4,028,453		1,407,186
				2,780,518
TOTAL CHILE				5,933,839

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued

COLOMBIA— 1.1%
Consumer Goods — 0.1%
Almacenes Exito		12,540	$	133,570
Financials — 0.1%
Grupo de Inversiones Suramericana		10,671		174,052
Industrials — 0.1%
Cementos Argos		41,046		173,103
Oil & Gas — 0.8%
Ecopetrol		601,248		508,630
Pacific Rubiales Energy^		145,679		490,708
				999,338
TOTAL COLOMBIA				1,480,063

CZECH REPUBLIC— 1.4%
Financials — 0.2%
Komercni Banka		1,254		279,251
Telecommunications — 0.1%
O2 Czech Republic		17,100		140,206
Utilities — 1.1%
CEZ		53,351		1,385,095
TOTAL CZECH REPUBLIC				1,804,552

EGYPT— 0.6%
Financials — 0.5%
Commercial International Bank Egypt SAE		56,100		406,741
Talaat Moustafa Group		174,850		230,534
				637,275
Telecommunications — 0.1%
Global Telecom Holding SAE ^*		290,003		123,146
TOTAL EGYPT				760,421

FRANCE— 0.2%
Oil & Gas — 0.2%
Etablissements Maurel et Prom		30,841		288,566

GREECE— 0.0%
Industrials — 0.0%
Metka		7,682		71,447

HUNGARY— 0.9%
Consumer Services — 0.2%
Richter Gedeon Nyrt		15,996		269,629
Financials — 0.6%
OTP Bank		36,870		818,241

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued

Oil & Gas — 0.1%
MOL Hungarian Oil & Gas		3,078	$	171,198
TOTAL HUNGARY				1,259,068

INDONESIA— 8.4%
Basic Materials — 1.0%
Indocement Tunggal Prakarsa		161,600		261,801
Semen Indonesia Persero		1,173,385		1,131,519
				1,393,320
Consumer Goods — 2.0%
Astra International		2,352,897		1,243,383
Charoen Pokphand Indonesia		616,500		134,833
Gudang Garam		87,514		337,566
Indofood CBP Sukses Makmur TBK		228,300		232,483
Indofood Sukses Makmur		456,700		237,819
Unilever Indonesia		106,669		350,557
				2,536,641
Consumer Services — 0.3%
Kalbe Farma		2,452,800		339,655
Financials — 3.1%
Bank Central Asia		1,501,668		1,561,040
Bank Mandiri		1,989,118		1,649,606
Bank Rakyat Indonesia Persero		1,079,100		967,756
				4,178,402
Industrials — 0.2%
United Tractors		136,800		225,845
Telecommunications — 1.1%
Telekomunikasi Indonesia Persero		7,401,105		1,493,068
Utilities — 0.7%
Perusahaan Gas Negara		3,125,339		988,535
TOTAL INDONESIA				11,155,466

KAZAKHSTAN— 0.1%
Oil & Gas — 0.1%
KazMunaiGas Exploration Production JSC GDR		17,975		204,016

KENYA— 0.3%
Telecommunications — 0.3%
Safaricom		2,064,500		379,448

KUWAIT— 1.1%
Financials — 1.1%
Kuwait Finance House		407,895		919,352
National Bank of Kuwait SAK		180,319		514,002
TOTAL KUWAIT				1,433,354

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued

LUXEMBOURG— 0.2%
Consumer Goods — 0.2%
Adecoagro ^*		23,432	$	227,525

MALAYSIA— 10.7%
Basic Materials — 0.2%
Petronas Chemicals Group		130,590		215,236
Consumer Goods — 0.4%
British American Tobacco Malaysia		10,255		192,862
IOI		170,500		207,769
Kuala Lumpur Kepong		29,100		180,900
				581,531
Consumer Services — 0.4%
Genting		91,200		224,063
Genting Malaysia		216,600		261,513
				485,576
Energy — 0.6%
Sapurakencana Petroleum		1,104,867		825,199
Financials — 2.4%
CIMB Group Holdings		325,770		539,672
Malayan Banking		473,526		1,224,533
Public Bank		252,100		1,378,888
				3,143,093
Health Care — 0.3%
IHH Healthcare		220,952		367,271
Industrials — 1.2%
MISC		136,800		351,459
Sime Darby		492,599		1,253,109
				1,604,568
Oil & Gas — 0.2%
Petronas Dagangan		22,800		136,998
Petronas Gas		30,149		192,331
				329,329
Telecommunications — 3.4%
Axiata Group		665,767		1,259,938
DiGi.Com		947,702		1,599,239
Maxis		662,596		1,291,146
Telekom Malaysia		187,185		389,454
				4,539,777
Utilities — 1.6%
Tenaga Nasional		497,373		2,005,412

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued

Utilities — continued
YTL		432,600	$	202,848
				2,208,260
TOTAL MALAYSIA				14,299,840

MEXICO— 10.2%
Basic Materials — 2.6%
Fresnillo		84,461		933,884
Grupo Mexico, Cl B		442,368		1,365,328
Industrias Penoles		10,224		173,052
Mexichem		324,017		925,799
				3,398,063
Consumer Goods — 2.7%
Arca Continental		47,138		288,795
Coca-Cola Femsa		22,800		182,107
Fomento Economico Mexicano		77,209		697,756
Grupo Bimbo, Ser A ^*		91,200		244,195
Grupo Lala, Cl B		286,681		576,688
Kimberly-Clark de Mexico, Cl A		95,183		209,316
Wal-Mart de Mexico		563,580		1,324,482
				3,523,339
Consumer Services — 0.2%
Grupo Elektra		8,778		226,180
Financials — 1.0%
Grupo Financiero Banorte, Cl O		117,984		668,460
Grupo Financiero Inbursa, Cl O		296,400		707,189
				1,375,649
Industrials — 1.8%
Alfa, Cl A		527,070		1,068,833
Cemex, Cl Preference ^*		590,126		568,962
OHL Mexico ^*		97,590		196,948
Promotora y Operadora de Infraestructura ^*		54,013		618,863
				2,453,606
Telecommunications — 1.6%
America Movil		1,324,767		1,386,784
Grupo Televisa		106,121		771,681
				2,158,465
Utilities — 0.3%
Infraestructura Energetica Nova		75,340		439,163
TOTAL MEXICO				13,574,465

NIGERIA— 0.3%
Consumer Goods — 0.1%
Nigerian Breweries		203,800		160,797

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued

Financials — 0.2%
Guaranty Trust Bank		1,440,500	$	208,113
TOTAL NIGERIA				368,910

OMAN— 0.6%
Financials — 0.2%
BankMuscat SAOG		155,610		214,189
Telecommunications — 0.4%
Oman Telecommunications SAOG		130,710		551,626
TOTAL OMAN				765,815

PAKISTAN— 0.6%
Oil & Gas — 0.5%
Oil & Gas Development		97,000		174,416
Pakistan Petroleum		273,600		484,615
				659,031
Telecommunications — 0.1%
Pakistan Telecommunication		732,193		149,700
TOTAL PAKISTAN				808,731

PANAMA— 1.3%
Consumer Services — 1.3%
Copa Holdings, Cl A		15,832		1,755,610

PAPUA NEW GUINEA— 1.2%
Oil & Gas — 1.2%
Oil Search		243,127		1,551,389

PERU— 0.6%
Financials — 0.6%
Credicorp Ltd.		5,280		805,464

PHILIPPINES— 4.3%
Consumer Goods — 0.5%
JG Summit Holdings		194,549		312,379
Universal Robina		97,517		476,964
				789,343
Consumer Services — 1.0%
SM Investments		68,384		1,382,883
Financials — 0.5%
Ayala		20,520		359,434
SM Prime Holdings		803,297		336,616
				696,050
Industrials — 0.6%
Alliance Global Group		467,400		266,606
DMCI Holdings		644,930		217,246

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued

Industrials — continued
International Container Terminal Services		91,200	$	225,286
				709,138
Real Estate — 0.3%
Ayala Land		410,700		356,469
Technology — 1.0%
Philippine Long Distance Telephone		21,734		1,351,969
Utilities — 0.4%
Aboitiz Power		268,758		259,222
Manila Electric		41,040		239,992
				499,214
TOTAL PHILIPPINES				5,785,066

POLAND— 5.2%
Basic Materials — 0.9%
KGHM Polska Miedz		34,906		1,222,982
Consumer Goods — 0.1%
LPP ^*		80		169,571
Financials — 1.6%
Bank Pekao		12,124		629,866
Bank Zachodni		2,418		249,096
Powszechna Kasa Oszczednosci Bank Polski		58,391		584,056
Powszechny Zaklad Ubezpieczen		5,455		710,309
				2,173,327
Oil & Gas — 1.6%
Polski Koncern Naftowy Orlen S.A.		93,186		1,768,136
Polskie Gornictwo Naftowe i Gazownictwo		155,800		280,596
				2,048,732
Utilities — 1.0%
PGE		226,950		1,304,816
TOTAL POLAND				6,919,428

QATAR— 1.8%
Financials — 0.8%
Qatar National Bank		17,970		977,476
Industrials — 1.0%
Industries Qatar QSC		34,406		1,371,495
TOTAL QATAR				2,348,971

RUSSIA— 0.7%
Basic Materials — 0.7%
Polyus Gold International		334,421		964,893

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued

SOUTH AFRICA— 10.5%
Basic Materials — 1.4%
Anglo American Platinum ^*		16,530	$	452,302
AngloGold Ashanti		46,330		522,504
Aquarius Platinum ^*		358,903		48,922
Impala Platinum Holdings		58,120		320,832
Kumba Iron Ore		18,816		252,052
Mondi		16,671		334,308
				1,930,920
Consumer Goods — 0.5%
Tiger Brands		24,143		625,982
Consumer Services — 4.8%
Aspen Pharmacare Holdings		27,161		822,362
Mediclinic International		91,856		969,101
Naspers, Cl N		14,064		2,200,889
Shoprite Holdings		41,254		587,265
Steinhoff International Holdings		190,611		1,204,935
Woolworths Holdings		100,418		751,866
				6,536,418
Financials — 1.5%
FirstRand		210,980		1,002,831
Standard Bank Group		59,765		872,770
				1,875,601
Industrials — 0.6%
Bidvest Group		27,860		751,903
Oil & Gas — 0.1%
Exxaro Resources		18,240		148,347
Technology — 0.4%
Sasol		14,733		592,258
Telecommunications — 1.2%
MTN Group		36,163		722,888
Vodacom Group		66,110		819,950
				1,542,838
TOTAL SOUTH AFRICA				14,004,267

SOUTH KOREA— 0.2%
Consumer Services — 0.2%
Kolao Holdings		17,679		331,481

THAILAND— 9.3%
Basic Materials — 0.4%
PTT Global Chemical		309,031		602,313

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued

Consumer Goods — 1.2%
Charoen Pokphand Foods		949,957	$	642,622
Thai Beverage		1,701,307		918,376
				1,560,998
Consumer Services — 1.4%
Bangkok Dusit Medical Services, Cl F		1,639,200		1,004,454
CP ALL		604,922		770,718
				1,775,172
Financials — 0.5%
Siam Commercial Bank		149,760		722,337
Industrials — 2.1%
Airports of Thailand		112,494		989,633
Siam Cement		22,360		364,923
Siam Cement NVDR		81,940		1,337,288
				2,691,844
Oil & Gas — 1.8%
PTT		2,000		21,599
PTT Ltd.		139,391		1,505,330
PTT Exploration & Production		261,860		929,398
				2,456,327
Telecommunications — 1.9%
Advanced Info Service		177,954		1,295,585
Intouch Holdings		9,000		21,022
Intouch Holdings, Cl F		17,400		40,643
Intouch Holdings NVDR		265,830		620,929
Total Access Communication		195,721		515,055
Total Access Communication NVDR		12,300		32,369
				2,525,603
TOTAL THAILAND				12,334,594

TURKEY— 8.1%
Basic Materials — 1.4%
Eregli Demir ve Celik Fabrikalari		1,122,773		1,888,671
Consumer Goods — 0.3%
Anadolu Efes Biracilik Ve Malt Sanayii		17,100		143,823
Coca-Cola Icecek		10,260		173,931
Ford Otomotiv Sanayi		14,820		183,093
				500,847
Consumer Services — 1.7%
BIM Birlesik Magazalar		65,479		1,211,600
Turk Hava Yollari ^*		325,875		1,081,723
				2,293,323
Financials — 1.3%
Akbank		174,800		509,015

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued

Financials — continued
Turkiye Garanti Bankasi		175,725	$	559,004
Turkiye Is Bankasi, Cl C		262,444		590,589
				1,658,608
Industrials — 1.2%
Enka Insaat ve Sanayi		111,254		239,131
KOC Holding		283,636		1,341,231
				1,580,362
Oil & Gas — 1.2%
Tupras Turkiye Petrol Rafinerileri		63,723		1,545,940
Telecommunications — 1.0%
Turk Telekomunikasyon		86,336		238,500
Turkcell Iletisim Hizmetleri		241,140		1,072,675
				1,311,175
TOTAL TURKEY				10,778,926

UKRAINE— 0.3%
Consumer Goods — 0.3%
Kernel Holding		47,731		460,898

UNITED ARAB EMIRATES— 3.6%
Financials — 1.3%
First Gulf Bank PJSC		268,161		1,113,398
National Bank of Abu Dhabi PJSC		175,054		529,030
				1,642,428
Industrials — 0.7%
DP World		41,977		968,829
Real Estate — 1.6%
Emaar Properties PJSC		962,671		2,159,683
TOTAL UNITED ARAB EMIRATES				4,770,940

UNITED KINGDOM— 1.9%
Basic Materials — 0.6%
KAZ Minerals		202,035		810,661
Financials — 0.3%
Bank of Georgia Holdings		16,074		443,646
Oil & Gas — 0.4%
Afren ^*		433,500		21,984
Premier Oil		178,973		482,417
				504,401
Telecommunications — 0.6%
Cable & Wireless Communications		742,262		768,817
TOTAL UNITED KINGDOM				2,527,525

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares/Face Amount⁽¹⁾		Value
COMMON STOCK — continued

UNITED STATES— 0.2%
Oil & Gas — 0.2%
Vaalco Energy *		86,184	$	212,874

VIETNAM— 0.2%
Utilities — 0.2%
PetroVietnam Gas JSC		72,070		220,316
TOTAL COMMON STOCK
(Cost $146,240,270)				132,531,375

PREFERRED STOCK — 0.2%

COLOMBIA— 0.2%
Consumer Services — 0.1%
Avianca Holdings *		110,101		172,058
Financials — 0.1%
Banco Davivienda *		14,100		162,761
TOTAL PREFERRED STOCK
(Cost $454,492)				334,819

CONVERTIBLE BOND — 0.0%
BankMuscat SAOG 4.500%, 03/20/17
(Cost $–)		2,702		737

TIME DEPOSITS — 0.3%
Brown Brothers Harriman
0.030%, 05/01/15		380,936		380,936
0.150%, 05/01/15, CAD		25		20
5.010%, 05/01/15, ZAR		206		17
TOTAL TIME DEPOSITS
(Cost $380,973)				380,973
TOTAL INVESTMENTS — 100.0%
(Cost $147,075,735)			$	133,247,904

Percentages are based on Net Assets of $133,249,078.

Non-income producing security.

(1)

In U.S. Dollars unless otherwise indicated.

Security traded on the Toronto Stock Exchange.

ADR – American Depositary Receipt

CAD – Canadian Dollar

Cl – Class

GDR – Global Depositary Receipt

Ltd. –Limited

NVDR – Non-voting Depository Receipt

Ser – Series

ZAR – South African Rand

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X Next Emerging & Frontier ETF

Amounts designated as “—“ are $0 or have been rounded to $0.

The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	132,403,397	$	127,978	$	—	$	132,531,375
Preferred Stock		334,819		—		—		334,819
Convertible Bond		—		737		—		737
Time Deposits		—		380,973		—		380,973
Total Investments in Securities	$	132,738,216	$	509,688	$	—	$	133,247,904

For the period ended April 30, 2015 the transfers out of Level 3 were due to changes in the availability of observable inputs to determine fair value. Transfers between levels are recognized at period end.

As of April 30, 2015, there were no Level 3 investments.

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X FTSE Portugal 20 ETF

Sector Weightings †:

	Shares		Value
COMMON STOCK — 99.9%

PORTUGAL— 99.9%
Basic Materials — 12.0%
Altri		237,828	$	1,018,288
Cimpor Cimentos de Portugal ^*		130,799		197,865
Portucel		439,503		2,152,650
Semapa-Sociedade de Investimento e Gestao		141,203		2,023,696
Sonae Industria ^*		11,261,021		99,686
				5,492,185
Consumer Goods — 9.3%
Jeronimo Martins		164,637		2,402,901
Sonae		1,324,513		1,843,353
				4,246,254
Consumer Services — 4.8%
NOS SGPS		301,905		2,198,945
Energy — 17.9%
Galp Energia		599,681		8,191,335
Financials — 18.8%
Banco BPI, Cl G ^{* (A)}		1,160,348		1,898,331
Banco Comercial Portugues, Cl R ^*		59,304,008		5,920,964
Banco Espirito Santo ^{* (C)(D)}		2,085,614		—
BANIF - Banco Internacional do Funchal ^*		104,226,516		782,499
				8,601,794
Industrials — 6.8%
CTT-Correios de Portugal		193,100		2,180,008
Mota-Engil		223,532		773,478
Sonae Capital ^*		298,669		130,522
				3,084,008

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X FTSE Portugal 20 ETF

	Shares/Face Amount		Value
COMMON STOCK — continued

Telecommunication Services — 3.1%
Portugal Telecom ^(A)		1,800,135	$	1,155,820
Sonaecom ^*		110,045		270,051
				1,425,871
Utilities — 27.2%
EDP Renovaveis		289,545		2,028,781
Energias de Portugal		2,248,018		8,997,916
REN - Redes Energeticas Nacionais		461,641		1,443,242
				12,469,939
TOTAL COMMON STOCK
(Cost $51,005,811)				45,710,331

REPURCHASE AGREEMENT — 1.7%
Deutsche Bank
0.080%, dated 04/30/15, to be repurchased on 05/01/15 repurchase price $783,901 (collateralized by U.S. Treasury Notes, par value $789,522, 1.500%, 11/30/19 with a total market value of $796,620)^(B)
(Cost $783,899)	$	783,899		783,899

TIME DEPOSIT — 0.0%
Brown Brothers Harriman, 0.030%, 05/01/15
(Cost $2,780)		2,780		2,780

TOTAL INVESTMENTS — 101.6%
(Cost $51,792,490)			$	46,497,010

Percentages are based on Net Assets of $45,760,309.

Non-income producing security.

Class

(A)

This security or a partial position of this security is on loan at April 30, 2015. The total value of securities on loan at April 30, 2015 was $735,633.

(B)

These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2015 was $783,899.

(C)

Security considered illiquid. The total value of such securities as of April 30, 2015 was $0 and represented 0.0% 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 securities as of April 30, 2015, was $0 and represents 0.0% 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, 2015, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	45,710,331	$	—	$	—	$	45,710,331
Repurchase Agreement		—		783,899		—		783,899
Time Deposit		—		2,780		—		2,780
Total Investments in Securities	$	45,710,331	$	786,679	$	—	$	46,497,010

For the period ended April 30, 2015, 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.

Schedule of Investments

April 30, 2015 (Unaudited)

Global X MSCI Pakistan ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 100.2%

PAKISTAN— 100.2%
Basic Materials — 23.2%
DG Khan Cement		36,600	$	49,441
Engro ^*		33,000		102,727
Fatima Fertilizer		88,500		33,012
Fauji Cement		180,600		59,836
Fauji Fertilizer		85,500		119,777
Fauji Fertilizer Bin Qasim		16,800		8,013
Lucky Cement ^*		24,200		115,953
Millat Tractors		7,200		43,192
				531,951
Consumer Discretionary — 2.5%
Indus Motor		4,800		57,337
Consumer Services — 1.7%
Nishat Mills		34,800		38,416
Financials — 37.0%
Askari Bank		160,800		34,031
Bank Al Habib		203,400		93,514
Bank Alfalah		186,600		54,630
Habib Bank		96,700		190,766
IGI Insurance		15,300		34,155
MCB Bank		86,900		236,108
National Bank of Pakistan		140,700		78,912
United Bank		73,700		128,780
				850,896
Health Care — 1.6%
Abbott Laboratories Pakistan		6,600		36,024
Oil & Gas — 22.9%
Attock Petroleum		6,300		34,448

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

Schedule of Investments

April 30, 2015 (Unaudited)

Global X MSCI Pakistan ETF

	Shares		Value
COMMON STOCK — continued

Oil & Gas — continued
National Refinery ^*		11,100	$	23,675
Oil & Gas Development		109,800		197,431
Pakistan Oilfields		19,800		71,838
Pakistan Petroleum		39,000		69,079
Pakistan State Oil		28,500		106,744
Shell Pakistan		9,900		23,890
				527,105
Telecommunications — 1.4%
Pakistan Telecommunication		160,800		32,876
Utilities — 9.9%
Hub Power		106,742		102,213
K-Electric		543,600		40,094
Kot Addu Power		67,200		58,757
SUI Southern Gas ^*		76,500		27,633
				228,697
TOTAL INVESTMENTS — 100.2%
(Cost $2,306,923)			$	2,303,302

Percentages are based on Net Assets of $2,297,960.

*	Non-income producing security.

As of April 30, 2015, all of the Fund’s investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended April 30, 2015, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2015, there were no Level 3 investments.

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

Statements of Assets and Liabilities

April 30, 2015 (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	$	118,340,770		$	3,153,227		$	91,206,235		$	9,706,515
Cost of Repurchase Agreement		8,209,505			—			—			—
Cost of Foreign Currency		2			1			2			—
Investments, at Value	$	115,447,017	*	$	3,112,853		$	117,502,018		$	11,701,379
Repurchase Agreement, at Value		8,209,505			—			—			—
Foreign Currency, at Value		2			1			2			—
Cash		—			—			—			—
Receivable for Investment Securities Sold		16,046,409			274,165			6,831,971			953,181
Dividend and Interest Receivable		10,329			—			4,863			—
Receivable for Capital Shares Sold		—			—			1,936,655			987,205
Total Assets		139,713,262			3,387,019			126,275,509			13,641,765
Liabilities:
Payable for Investment Securities Purchased		16,030,249			271,631			8,617,998			1,908,992
Obligation to Return Securities Lending Collateral		8,209,505			—			—			—
Payable due to Investment Adviser		60,675			1,860			56,840			4,658
Cash Overdraft		1,900			2,245			—			9,444
Total Liabilities		24,302,329			275,736			8,674,838			1,923,094
Net Assets	$	115,410,933		$	3,111,283		$	117,600,671		$	11,718,671
Net Assets Consist of:
Paid-in Capital	$	146,472,367		$	3,610,114		$	91,366,617		$	11,081,448
Distributions in Excess of Net Investment Income		(346,601	)		(11,340	)		(181,686	)		(21,734	)
Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(27,821,079	)		(447,117	)		119,958			(1,335,907	)
Net Unrealized Appreciation (Depreciation) on Investments		(2,893,753	)		(40,374	)		26,295,783			1,994,864
Net Unrealized Depreciation on Foreign Currency Translations		(1	)		—			(1	)		—
Net Assets	$	115,410,933		$	3,111,283		$	117,600,671		$	11,718,671
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		7,450,000			200,000			6,100,000			600,000
Net Asset Value, Offering and Redemption Price Per Share	$	15.49		$	15.56		$	19.28		$	19.53
*Includes Market Value of Securities on Loan	$	7,515,812		$	—		$	—		$	—

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

Statements of Assets and Liabilities

April 30, 2015 (Unaudited)

	Global X China Materials ETF			Global X NASDAQ China Technology ETF			Global X Southeast Asia ETF			Global X FTSE Andean 40 ETF
Assets:
Cost of Investments	$	6,849,582		$	16,628,371		$	24,054,024		$	9,843,727
Cost of Foreign Currency		—			—			18,040			3,850
Investments, at Value	$	7,074,086		$	22,467,508		$	22,268,095		$	7,407,428
Foreign Currency, at Value		—			—			18,040			3,866
Cash		—			—			103			48
Receivable for Investment Securities Sold		582,549			—			—			—
Unrealized Appreciation on Spot Contracts		—			—			—			35
Dividend and Interest Receivable		—			7,485			174,043			19,308
Reclaim Receivable		—			—			5,126			—
Total Assets		7,656,635			22,474,993			22,465,407			7,430,685
Liabilities:
Payable for Investment Securities Purchased		570,606			—			—			23,304
Cash Overdraft		5,878			1,340			—			—
Payable due to Investment Adviser		2,277			11,069			12,068			4,189
Unrealized Depreciation on Spot Contracts		—			—			—			43
Total Liabilities		578,761			12,409			12,068			27,536
Net Assets	$	7,077,874		$	22,462,584		$	22,453,339		$	7,403,149
Net Assets Consist of:
Paid-in Capital	$	7,804,573		$	17,421,664		$	26,480,798		$	11,897,860
Undistributed (Distributions in Excess of) Net Investment Income		(7,529	)		(33,726	)		240,681			36,110
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(943,673	)		(764,491	)		(2,483,485	)		(2,094,551	)
Net Unrealized Appreciation (Depreciation) on Investments		224,504			5,839,137			(1,785,929	)		(2,436,299	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		(1	)		—			1,274			29
Net Assets	$	7,077,874		$	22,462,584		$	22,453,339		$	7,403,149
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		349,971			800,000			1,400,000			800,000
Net Asset Value, Offering and Redemption Price Per Share	$	20.22		$	28.08		$	16.04		$	9.25

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

Statements of Assets and Liabilities

April 30, 2015 (Unaudited)

	Global X MSCI Colombia ETF			Global X Brazil Mid Cap ETF			Global X Brazil Consumer ETF			Global X Brazil Financials ETF
Assets:
Cost of Investments	$	123,953,992		$	6,435,001		$	7,960,796		$	1,514,804
Cost of Foreign Currency		97,796			1,322			1,308			(242	)
Investments, at Value	$	104,609,511		$	4,908,125		$	6,569,245		$	1,245,795
Foreign Currency, at Value		97,732			1,322			1,307			—
Receivable for Capital Shares Sold		11,768,771			—			—			—
Dividend and Interest Receivable		15,833			27,234			27,143			3,434
Unrealized Appreciation on Spot Contracts		581			—			—			—
Total Assets		116,492,428			4,936,681			6,597,695			1,249,229
Liabilities:
Payable for Investment Securities Purchased		11,593,364			—			—			—
Unrealized Depreciation on Spot Contracts		69,115			—			—			—
Payable due to Investment Adviser		40,337			2,726			4,212			654
Cash Overdraft		11,647			2,805			26,191			242
Total Liabilities		11,714,463			5,531			30,403			896
Net Assets	$	104,777,965		$	4,931,150		$	6,567,292		$	1,248,333
Net Assets Consist of:
Paid-in Capital	$	171,261,591		$	12,573,309		$	11,476,698		$	3,595,229
Undistributed (Distributions in Excess of) Net Investment Income		(335,600	)		44,909			50,300			8,647
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(46,768,961	)		(6,159,892	)		(3,567,514	)		(2,086,452	)
Net Unrealized Depreciation on Investments		(19,344,481	)		(1,526,876	)		(1,391,551	)		(269,009	)
Net Unrealized Depreciation on Foreign Currency Translations		(34,584	)		(300	)		(641	)		(82	)
Net Assets	$	104,777,965		$	4,931,150		$	6,567,292		$	1,248,333
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		8,480,000			500,000			500,000			150,000
Net Asset Value, Offering and Redemption Price Per Share	$	12.36		$	9.86		$	13.13		$	8.32

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

Statements of Assets and Liabilities

April 30, 2015 (Unaudited)

	Global X MSCI Argentina ETF			Global X FTSE Greece 20 ETF			Global X MSCI Norway ETF			Global X FTSE Nordic Region ETF
Assets:
Cost of Investments	$	20,796,678		$	326,598,503		$	114,946,862		$	49,686,154
Cost of Repurchase Agreement		—			—			12,012,280			—
Cost of Foreign Currency		343			2,156			65,647			(1	)
Investments, at Value	$	20,214,628		$	288,118,149		$	92,636,925	*	$	55,772,824
Foreign Currency, at Value		343			2,223			66,933			—
Repurchase Agreement, at Value		—			—			12,012,280			—
Cash		—			—			3,412			—
Cash held for securities on loan		—			—			3,401,322			—
Dividend and Interest Receivable		28,926			—			508,822			133,680
Reclaim Receivable		201			—			289,253			500,050
Unrealized Appreciation on Spot Contracts		—			—			9			—
Receivable for Capital Shares Sold		—			7,642,726			—			—
Receivable for Investment Securities Sold		—			3,693,451			1,289,276			—
Total Assets		20,244,098			299,456,549			110,208,232			56,406,554
Liabilities:
Payable due to Investment Adviser		11,575			107,451			35,461			23,140
Payable due to Custodian		131			19,634			—			—
Cash Overdraft		1,669			651,537			—			1
Payable for Investment Securities Purchased		—			9,716,824			—			—
Obligation to Return Securities Lending Collateral		—			—			15,413,602			—
Payable for Capital Shares Redeemed		—			—			1,300,005			—
Unrealized Depreciation on Spot Contracts		—			12,794			—			—
Total Liabilities		13,375			10,508,240			16,749,068			23,141
Net Assets	$	20,230,723		$	288,948,309		$	93,459,164		$	56,383,413
Net Assets Consist of:
Paid-in Capital	$	24,066,111		$	402,729,249		$	143,430,471		$	50,766,314
Undistributed (Distributions in Excess of) Net Investment Income		(28,842	)		983,987			884,737			926,646
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(3,224,482	)		(76,279,530	)		(28,528,593	)		(1,326,907	)
Net Unrealized Appreciation (Depreciation) on Investments		(582,050	)		(38,480,354	)		(22,309,937	)		6,086,670
Net Unrealized Depreciation on Foreign Currency Translations		(14	)		(5,043	)		(17,514	)		(69,310	)
Net Assets	$	20,230,723		$	288,948,309		$	93,459,164		$	56,383,413
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		924,975			23,850,000			7,100,000			2,310,000
Net Asset Value, Offering and Redemption Price Per Share	$	21.87		$	12.12		$	13.16		$	24.41
*Includes Market Value of Securities on Loan	$	—		$	—		$	14,782,848		$	—

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

Statements of Assets and Liabilities

April 30, 2015 (Unaudited)

	Global X Central Asia & Mongolia Index ETF			Global X MSCI Nigeria ETF			Global X Next Emerging & Frontier ETF			Global X FTSE Portugal 20 ETF			Global X MSCI Pakistan ETF
Assets:
Cost of Investments	$	3,252,556		$	35,561,332		$	147,075,735		$	51,008,591		$	2,306,923
Cost of Repurchase Agreement		—			—			—			783,899			—
Cost of Foreign Currency		3,687			44,326			160,415			—			—
Investments, at Value	$	2,968,539		$	32,264,872		$	133,247,904		$	45,713,111	*	$	2,303,302
Foreign Currency, at Value		3,687			44,326			159,837			—			—
Repurchase Agreement, at Value		—			—			—			783,899			—
Cash		—			395			—			—			288,129
Dividend and Interest Receivable		31,897			261,337			324,792			3,675			1,436
Reclaim Receivable		3,579			4,264			22,028			67,602			—
Unrealized Appreciation on Spot Contracts		—			—			155			—			—
Receivable for Capital Shares Sold		—			506,220			—			—			—
Receivable for Investment Securities Sold		—			—			—			—			134,951
Total Assets		3,007,702			33,081,414			133,754,716			46,568,287			2,727,818
Liabilities:
Cash Overdraft		320,457			—			6,048			1,340			—
Payable due to Investment Adviser		1,433			17,267			53,278			19,167			214
Payable due to Custodian		29			—			20,012			3,572			63
Payable for Investment Securities Purchased		—			667,287			425,116			—			426,143
Obligation to Return Securities Lending Collateral		—			—			—			783,899			—
Unrealized Depreciation on Spot Contracts		—			2,874			1,184			—			—
Payable for Foreign Capital Gains Tax		—			—			—			—			3,438
Total Liabilities		321,919			687,428			505,638			807,978			429,858
Net Assets	$	2,685,783		$	32,393,986		$	133,249,078		$	45,760,309		$	2,297,960
Net Assets Consist of:
Paid-in Capital	$	3,349,975		$	37,666,195		$	146,757,806		$	54,775,185		$	2,292,116
Undistributed (Distributions in Excess of) Net Investment Income		28,697			535,797			1,114,023			(59,985	)		1,161
Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(409,420	)		(2,508,229	)		(808,139	)		(3,645,260	)		11,857
Net Unrealized Depreciation on Investments		(284,017	)		(3,296,460	)		(13,827,831	)		(5,295,480	)		(3,621	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		548			(3,317	)		13,219			(14,151	)		(3,553	)
Net Assets	$	2,685,783		$	32,393,986		$	133,249,078		$	45,760,309		$	2,297,960
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		250,000			3,200,000			5,700,000			3,700,000			150,000
Net Asset Value, Offering and Redemption Price Per Share	$	10.74		$	10.12		$	23.38		$	12.37		$	15.32
*Includes Market Value of Securities on Loan	$	—		$	—		$	—		$	735,633		$	—

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

Statements of Operations

For the period ended April 30, 2015 (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	$	560,399		$	208		$	113,875		$	3,208
Interest Income		33			1			9			10
Security Lending Income		76,729			—			—			—
Less: Foreign Taxes Withheld		4,015			(313	)		(3,216	)		—
Total Investment Income (Loss)		641,176			(104	)		110,668			3,218
Supervision and Administration Fees⁽¹⁾		364,725			11,236			255,682			20,042
Total Expenses		364,725			11,236			255,682			20,042
Net Investment Income (Loss)		276,451			(11,340	)		(145,014	)		(16,824	)
Net Realized Gain (Loss) on:
Investments ⁽²⁾		(7,156,666	)		175,350			1,555,239			201,693
Foreign Currency Transactions		1,157			8			(21	)		(111	)
Net Realized Gain (Loss) on Investments and Foreign Currency		(7,155,509	)		175,358			1,555,218			201,582
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		19,395,701			6,176			27,778,495			2,357,166
Foreign Currency Translation		(65	)		—			(3	)		—
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translation		19,395,636			6,176			27,778,492			2,357,166
Net Realized and Unrealized Gain on Investments and Foreign Currency Transactions and Translation		12,240,127			181,534			29,333,710			2,558,748
Net Increase in Net Assets Resulting from Operations	$	12,516,578		$	170,194		$	29,188,696		$	2,541,924

(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 redemptions. (See Note 4 in Notes to Financial Statements.)

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

Statements of Operations

For the period ended April 30, 2015 (Unaudited)

	Global X China Materials ETF			Global X NASDAQ China Technology ETF			Global X Southeast Asia ETF			Global X FTSE Andean 40 ETF
Investment Income:
Dividend Income	$	1,393		$	41,743		$	390,361		$	105,553
Interest Income		1			7			7			—
Less: Foreign Taxes Withheld		—			(2,074	)		(19,138	)		(15,638	)
Total Investment Income		1,394			39,676			371,230			89,915
Supervision and Administration Fees⁽¹⁾		8,923			62,881			82,059			26,017
Total Expenses		8,923			62,881			82,059			26,017
Net Investment Income (Loss)		(7,529	)		(23,205	)		289,171			63,898
Net Realized Gain (Loss) on:
Investments ⁽²⁾		(1,980	)		418,991			(664,067	)		(695,214	)
Foreign Currency Transactions		(12	)		(379	)		1,657			(554	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(1,992	)		418,612			(662,410	)		(695,768	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		1,010,740			3,072,406			(316,541	)		(319,789	)
Foreign Currency Translation		3			—			515			31
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translation		1,010,743			3,072,406			(316,026	)		(319,758	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translation		1,008,751			3,491,018			(978,436	)		(1,015,526	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,001,222		$	3,467,813		$	(689,265	)	$	(951,628	)

(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 redemptions. (See Note 4 in Notes to Financial Statements.)

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

Statements of Operations

For the period ended April 30, 2015 (Unaudited)

	Global X MSCI Colombia ETF			Global X Brazil Mid Cap ETF			Global X Brazil Consumer ETF			Global X Brazil Financials ETF
Investment Income:
Dividend Income	$	1,040,560		$	95,430		$	77,888		$	18,675
Interest Income		49			2,731			3,885			1
Security Lending Income		21,194			—			—			—
Less: Foreign Taxes Withheld		(20,844	)		—			—			—
Total Investment Income		1,040,959			98,161			81,773			18,676
Supervision and Administration Fees⁽¹⁾		249,106			20,467			29,619			4,561
Custodian Fees		42,087			–			–			–
Total Expenses		291,193			20,467			29,619			4,561
Waiver of Supervision and Administration Fees		(25,643	)		–			–			–
Waiver of Custodian Fees		(42,087	)		–			–			–
Net Expenses		223,463			20,467			29,619			4,561
Net Investment Income		817,496			77,694			52,154			14,115
Net Realized Gain (Loss) on:
Investments ⁽²⁾		(20,489,956	)		(994,885	)		(530,863	)		(714,935	)
Foreign Currency Transactions		(368,355	)		1,081			(1,734	)		(1,987	)
Net Realized Loss on Investments and Foreign Currency Transactions		(20,858,311	)		(993,804	)		(532,597	)		(716,922	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(4,196,272	)		(495,611	)		(1,372,846	)		364,092
Foreign Currency Translation		(43,944	)		426			(201	)		146
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translation		(4,240,216	)		(495,185	)		(1,373,047	)		364,238
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions and Translation		(25,098,527	)		(1,488,989	)		(1,905,644	)		(352,684	)
Net Decrease in Net Assets Resulting from Operations	$	(24,281,031	)	$	(1,411,295	)	$	(1,853,490	)	$	(338,569	)

(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 redemptions. (See Note 4 in Notes to Financial Statements.)

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

Statements of Operations

For the period ended April 30, 2015 (Unaudited)

	Global X MSCI Argentina ETF			Global X FTSE Greece 20 ETF			Global X MSCI Norway ETF			Global X FTSE Nordic Region ETF
Investment Income:
Dividend Income	$	114,122		$	1,872,878		$	1,594,742		$	1,520,899
Interest Income		4			42			107			11
Security Lending Income		—			7,244			197,623			2,037
Less: Foreign Taxes Withheld		(15,101	)		(153,241	)		(185,647	)		(107,251	)
Total Investment Income		99,025			1,726,923			1,606,825			1,415,696
Supervision and Administration Fees⁽¹⁾		68,433			450,611			243,454			139,080
Custodian Fees		362			43,097			—			—
Total Expenses		68,795			493,708			243,454			139,080
Net Investment Income		30,230			1,233,215			1,363,371			1,276,616
Net Realized Gain (Loss) on:
Investments ⁽²⁾		(346,010	)		(58,804,906	)		(21,411,148	)		(316,770	)
Foreign Currency Transactions		1,810			2,570			(121,915	)		(1,531	)
Net Realized Loss on Investments and Foreign Currency Transactions		(344,200	)		(58,802,336	)		(21,533,063	)		(318,301	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		620,536			29,290,171			7,028,780			1,197,426
Foreign Currency Translation		(11	)		(5,482	)		(5,011	)		(30,110	)
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translation		620,525			29,284,689			7,023,769			1,167,316
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translation		276,325			(29,517,647	)		(14,509,294	)		849,015
Net Increase (Decrease) in Net Assets Resulting from Operations	$	306,555		$	(28,284,432	)	$	(13,145,923	)	$	2,125,631

(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 redemptions. (See Note 4 in Notes to Financial Statements.)

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

Statements of Operations

For the period ended April 30, 2015 (Unaudited)

	Global X Central Asia & Mongolia Index ETF			Global X MSCI Nigeria ETF			Global X Next Emerging & Frontier ETF			Global X FTSE Portugal 20 ETF			Global X MSCI Pakistan ETF⁽³⁾
Investment Income:
Dividend Income	$	45,033		$	798,199		$	2,211,253		$	24,407		$	1,597
Interest Income		2			25			—			4			—
Security Lending Income		—			—			—			21,894			—
Less: Foreign Taxes Withheld		(703	)		(74,435	)		(165,743	)		(6,094	)		(159	)
Total Investment Income		44,332			723,789			2,045,510			40,211			1,438
Supervision and Administration Fees⁽¹⁾		7,420			66,698			329,614			90,157			214
Custodian Fees		85			23,540			60,786			10,040			63
Total Expenses		7,505			90,238			390,400			100,197			277
Waiver of Custodian Fees		—			(23,540	)		—			—			—
Net Expenses		7,505			66,698			390,400			100,197			277
Net Investment Income (Loss)		36,827			657,091			1,655,110			(59,986	)		1,161
Net Realized Gain (Loss) on:
Investments		(244,005	)		(1,956,617	)		(381,493	)⁽²⁾		(1,947,987	)⁽²⁾		(1,131	)
Foreign Currency Transactions		(332	)		535,437			(22,393	)		(9,741	)		12,988
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(244,337	)		(1,421,180	)		(403,886	)		(1,957,728	)		11,857
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		15,433			(1,321,362	)		(11,736,671	)		2,827,084			(3,621	)
Foreign Currency Translation		(195	)		(2,715	)		4,646			(7,984	)		(3,553	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translation		15,238			(1,324,077	)		(11,732,025	)		2,819,100			(7,174	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translation		(229,099	)		(2,745,257	)		(12,135,911	)		861,372			4,683
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(192,272	)	$	(2,088,166	)	$	(10,480,801	)	$	801,386		$	5,844

(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 redemptions. (See Note 4 in Notes to Financial Statements.)

(3)

Commenced operations on April 22, 2015.

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

Statements of Changes in Net Assets

	Global X China Consumer ETF						Global X China Energy ETF
	Period Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014 (Audited)			Period Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014 (Audited)
Operations:
Net Investment Income (Loss)	$	276,451		$	1,913,938		$	(11,340	)	$	81,755
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		(7,155,509	)		(2,704,977	)		175,358			134,132
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translation		19,395,636			(22,387,593	)		6,176			(382,964	)
Net Increase (Decrease) in Net Assets Resulting from Operations		12,516,578			(23,178,632	)		170,194			(167,077	)
Dividends and Distributions from:
Net Investment Income		(2,353,760	)		(1,981,753	)		(81,629	)		(85,026	)
Total Dividends and Distributions		(2,353,760	)		(1,981,753	)		(81,629	)		(85,026	)
Capital Share Transactions:
Issued		—			48,155,014			—			1,700,115
Redeemed		(28,765,921	)		(59,534,481	)		(1,486,119	)		(1,473,525	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(28,765,921	)		(11,379,467	)		(1,486,119	)		226,590
Total Decrease in Net Assets		(18,603,103	)		(36,539,852	)		(1,397,554	)		(25,513	)
Net Assets:
Beginning of Period		134,014,036			170,553,888			4,508,837			4,534,350
End of Period	$	115,410,933		$	134,014,036		$	3,111,283		$	4,508,837
Undistributed (Distributions in Excess of) Net Investment Income	$	(346,601	)	$	1,730,708		$	(11,340	)	$	81,629
Share Transactions:
Issued		—			3,050,000			—			100,000
Redeemed		(2,250,000	)		(4,100,000	)		(100,000	)		(100,000	)
Net Decrease in Shares Outstanding from Share Transactions		(2,250,000	)		(1,050,000	)		(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.

Statements of Changes in Net Assets

	Global X China Financials ETF						Global X China Industrials ETF
	Period Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014 (Audited)			Period Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014 (Audited)
Operations:
Net Investment Income (Loss)	$	(145,014	)	$	581,521		$	(16,824	)	$	45,160
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		1,555,218			(2,274,890	)		201,582			(488,702	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translation		27,778,492			(2,627,366	)		2,357,166			713,362
Net Increase (Decrease) in Net Assets Resulting from Operations		29,188,696			(4,320,735	)		2,541,924			269,820
Dividends and Distributions from:
Net Investment Income		(617,666	)		(243,282	)		(44,362	)		(65,300	)
Total Dividends and Distributions		(617,666	)		(243,282	)		(44,362	)		(65,300	)
Capital Share Transactions:
Issued		45,839,534			43,844,234			4,716,298			2,505,369
Redeemed		(5,395,227	)		(33,212,829	)		(1,315,823	)		(1,137,500	)
Increase in Net Assets from Capital Share Transactions		40,444,307			10,631,405			3,400,475			1,367,869
Total Increase in Net Assets		69,015,337			6,067,388			5,898,037			1,572,389
Net Assets:
Beginning of Period		48,585,334			42,517,946			5,820,634			4,248,245
End of Period	$	117,600,671		$	48,585,334		$	11,718,671		$	5,820,634
Undistributed (Distributions in Excess of) Net Investment Income	$	(181,686	)	$	580,994		$	(21,734	)	$	39,452
Share Transactions:
Issued		2,850,000			3,200,000			250,000			200,000
Redeemed		(350,000	)		(2,800,000	)		(100,000	)		(100,000	)
Net Increase in Shares Outstanding from Share Transactions		2,500,000			400,000			150,000			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.

Statements of Changes in Net Assets

	Global X China Materials ETF						Global X NASDAQ China Technology ETF
	Period Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014 (Audited)			Period Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014 (Audited)
Operations:
Net Investment Income (Loss)	$	(7,529	)	$	30,707		$	(23,205	)	$	54,398
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		(1,992	)		116,946			418,612			222,294
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translation		1,010,743			(240,082	)		3,072,406			1,408,514
Net Increase (Decrease) in Net Assets Resulting from Operations		1,001,222			(92,429	)		3,467,813			1,685,206
Dividends and Distributions from:
Net Investment Income		(30,768	)		(36,867	)		(64,823	)		(3,666	)
Total Dividends and Distributions		(30,768	)		(36,867	)		(64,823	)		(3,666	)
Capital Share Transactions:
Issued		3,895,748			3,210,002			1,073,252			11,389,496
Redeemed		(747,647	)		(2,390,367	)		(4,320,529	)		(1,081,619	)
Increase (Decrease) in Net Assets from Capital Share Transactions		3,148,101			819,635			(3,247,277	)		10,307,877
Total Increase in Net Assets		4,118,555			690,339			155,713			11,989,417
Net Assets:
Beginning of Period		2,959,319			2,268,980			22,306,871			10,317,454
End of Period	$	7,077,874		$	2,959,319		$	22,462,584		$	22,306,871
Undistributed (Distributions in Excess of) Net Investment Income	$	(7,529	)	$	30,768		$	(33,726	)	$	54,302
Share Transactions:
Issued		200,000			200,000			50,000			500,000
Redeemed		(50,000	)		(150,000	)		(200,000	)		(50,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		150,000			50,000			(150,000	)		450,000

⁽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.

Statements of Changes in Net Assets

	Global X Southeast Asia ETF						Global X FTSE Andean 40 ETF
	Period Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014 (Audited)			Period Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014 (Audited)
Operations:
Net Investment Income	$	289,171		$	782,192		$	63,898		$	162,703
Net Realized Loss on Investments and Foreign Currency Transactions⁽¹⁾		(662,410	)		(1,187,065	)		(695,768	)		(783,510	)
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translation		(316,026	)		(370,487	)		(319,758	)		(785,045	)
Net Decrease in Net Assets Resulting from Operations		(689,265	)		(775,360	)		(951,628	)		(1,405,852	)
Dividends and Distributions from:
Net Investment Income		(689,799	)		(1,423,135	)		(168,007	)		(153,480	)
Total Dividends and Distributions		(689,799	)		(1,423,135	)		(168,007	)		(153,480	)
Capital Share Transactions:
Issued		1,664,730			871,105			432,012			1,612,500
Redeemed		(7,168,290	)		(18,970,966	)		(919,686	)		(1,425,000	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(5,503,560	)		(18,099,861	)		(487,674	)		187,500
Total Decrease in Net Assets		(6,882,624	)		(20,298,356	)		(1,607,309	)		(1,371,832	)
Net Assets:
Beginning of Period		29,335,963			49,634,319			9,010,458			10,382,290
End of Period	$	22,453,339		$	29,335,963		$	7,403,149		$	9,010,458
Undistributed Net Investment Income	$	240,681		$	641,309		$	36,110		$	140,219
Share Transactions:
Issued		100,000			50,000			50,000			150,000
Redeemed		(450,000	)		(1,200,000	)		(100,000	)		(150,000	)
Net Decrease in Shares Outstanding from Share Transactions		(350,000	)		(1,150,000	)		(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.

Statements of Changes in Net Assets

	Global X MSCI Colombia ETF						Global X Brazil Mid Cap ETF
	Period Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014 (Audited)			Period Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014 (Audited)
Operations:
Net Investment Income	$	817,496		$	2,347,157		$	77,694		$	272,879
Net Realized Loss on Investments and Foreign Currency Transactions⁽¹⁾		(20,858,311	)		(1,311,327	)		(993,804	)		(484,122	)
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translation		(4,240,216	)		(19,271,052	)		(495,185	)		(902,819	)
Net Decrease in Net Assets Resulting from Operations		(24,281,031	)		(18,235,222	)		(1,411,295	)		(1,114,062	)
Dividends and Distributions from:
Net Investment Income		(2,318,237	)		(4,567,150	)		(242,176	)		(531,843	)
Total Dividends and Distributions		(2,318,237	)		(4,567,150	)		(242,176	)		(531,843	)
Capital Share Transactions:
Issued		36,171,850			29,655,286			—			—
Redeemed		(5,482,128	)		(55,789,957	)		(1,357,642	)		(2,802,000	)
Increase (Decrease) in Net Assets from Capital Share Transactions		30,689,722			(26,134,671	)		(1,357,642	)		(2,802,000	)
Total Increase (Decrease) in Net Assets		4,090,454			(48,937,043	)		(3,011,113	)		(4,447,905	)
Net Assets:
Beginning of Period		100,687,511			149,624,554			7,942,263			12,390,168
End of Period	$	104,777,965		$	100,687,511		$	4,931,150		$	7,942,263
Undistributed (Distributions in Excess of) Net Investment Income	$	(335,600	)	$	1,165,141		$	44,909		$	209,391
Share Transactions:
Issued		3,150,000			1,550,000			—			—
Redeemed		(450,000	)		(3,050,000	)		(150,000	)		(200,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		2,700,000			(1,500,000	)		(150,000	)		(200,000	)

⁽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.

Statements of Changes in Net Assets

	Global X Brazil Consumer ETF						Global X Brazil Financials ETF
	Period Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014 (Audited)			Period Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014 (Audited)
Operations:
Net Investment Income	$	52,154		$	269,976		$	14,115		$	117,679
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(532,597	)⁽¹⁾		146,889	⁽¹⁾		(716,922	)⁽¹⁾		(147,279	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translation		(1,373,047	)		(1,193,505	)		364,238			(209,239	)
Net Decrease in Net Assets Resulting from Operations		(1,853,490	)		(776,640	)		(338,569	)		(238,839	)
Dividends and Distributions from:
Net Investment Income		(240,597	)		(185,072	)		(118,836	)		(22,454	)
Total Dividends and Distributions		(240,597	)		(185,072	)		(118,836	)		(22,454	)
Capital Share Transactions:
Issued		—			—			397,849			555,500
Redeemed		(1,281,271	)		(7,882,187	)		(1,411,074	)		—
Increase (Decrease) in Net Assets from Capital Share Transactions		(1,281,271	)		(7,882,187	)		(1,013,225	)		555,500
Total Increase (Decrease) in Net Assets		(3,375,358	)		(8,843,899	)		(1,470,630	)		294,207
Net Assets:
Beginning of Period		9,942,650			18,786,549			2,718,963			2,424,756
End of Period	$	6,567,292		$	9,942,650		$	1,248,333		$	2,718,963
Undistributed Net Investment Income	$	50,300		$	238,743		$	8,647		$	113,368
Share Transactions:
Issued		—			—			50,000			50,000
Redeemed		(100,000	)		(450,000	)		(150,000	)		—
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(100,000	)		(450,000	)		(100,000	)		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.

Statements of Changes in Net Assets

	Global X MSCI Argentina ETF						Global X FTSE Greece 20 ETF
	Period Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014 (Audited)			Period Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014 (Audited)
Operations:
Net Investment Income	$	30,230		$	69,027		$	1,233,215		$	747,129
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		(344,200	)		216,289			(58,802,336	)		3,451,956
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translation		620,525			(1,390,959	)		29,284,689			(88,239,623	)
Net Increase (Decrease) in Net Assets Resulting from Operations		306,555			(1,105,643	)		(28,284,432	)		(84,040,538	)
Dividends and Distributions from:
Net Investment Income		(90,100	)		(45,738	)		(956,353	)		(53,067	)
Net Realized Gains		—			—			—			(99,419	)
Total Dividends and Distributions		(90,100	)		(45,738	)		(956,353	)		(152,486	)
Capital Share Transactions:
Issued		4,191,156			33,130,182			224,402,029			365,866,512
Redeemed		(4,829,135	)		(17,921,744	)		(46,414,196	)		(236,410,164	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(637,979	)		15,208,438			177,987,833			129,456,348
Total Increase (Decrease) in Net Assets		(421,524	)		14,057,057			148,747,048			45,263,324
Net Assets:
Beginning of Period		20,652,247			6,595,190			140,201,261			94,937,937
End of Period	$	20,230,723		$	20,652,247		$	288,948,309		$	140,201,261
Undistributed (Distributions in Excess of) Net Investment Income	$	(28,842	)	$	31,028		$	983,987		$	707,125
Share Transactions:
Issued		200,000			1,500,000			18,150,000			16,150,000
Redeemed		(250,000	)		(850,000	)		(3,150,000	)		(11,500,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(50,000	)		650,000			15,000,000			4,650,000

⁽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.

Statements of Changes in Net Assets

	Global X MSCI Norway ETF						Global X FTSE Nordic Region ETF
	Period Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014 (Audited)			Period Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014 (Audited)
Operations:
Net Investment Income	$	1,363,371		$	4,715,125		$	1,276,616		$	1,941,897
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		(21,533,063	)		1,465,465			(318,301	)		3,135,947
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translation		7,023,769			(35,374,857	)		1,167,316			(2,958,708	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(13,145,923	)		(29,194,267	)		2,125,631			2,119,136
Dividends and Distributions from:
Net Investment Income		(4,921,308	)		(2,012,342	)		(2,045,741	)		(1,480,041	)
Total Dividends and Distributions		(4,921,308	)		(2,012,342	)		(2,045,741	)		(1,480,041	)
Capital Share Transactions:
Issued		28,942,603			157,097,512			—			13,753,500
Redeemed		(100,453,822	)		(23,318,063	)		(3,623,030	)		(10,480,721	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(71,511,219	)		133,779,449			(3,623,030	)		3,272,779
Total Increase (Decrease) in Net Assets		(89,578,450	)		102,572,840			(3,543,140	)		3,911,874
Net Assets:
Beginning of Period		183,037,614			80,464,774			59,926,553			56,014,679
End of Period	$	93,459,164		$	183,037,614		$	56,383,413		$	59,926,553
Undistributed Net Investment Income	$	884,737		$	4,442,674		$	926,646		$	1,695,771
Share Transactions:
Issued		2,200,000			9,000,000			—			550,000
Redeemed		(7,450,000	)		(1,450,000	)		(150,000	)		(450,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(5,250,000	)		7,550,000			(150,000	)		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.

Statements of Changes in Net Assets

	Global X Central Asia & Mongolia Index ETF						Global X MSCI Nigeria ETF
	Period Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014 (Audited)			Period Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014 (Audited)
Operations:
Net Investment Income	$	36,827		$	61,207		$	657,091		$	443,264
Net Realized Loss on Investments and Foreign Currency Transactions		(244,337	)		(150,731	)		(1,421,180	)		(1,146,397	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translation		15,238			(168,755	)		(1,324,077	)		(1,689,895	)
Net Decrease in Net Assets Resulting from Operations		(192,272	)		(258,279	)		(2,088,166	)		(2,393,028	)
Dividends and Distributions from:
Net Investment Income		(63,072	)		(52,316	)		(505,211	)		(76,054	)
Net Realized Gains		—			—			—			(16,784	)
Total Dividends and Distributions		(63,072	)		(52,316	)		(505,211	)		(92,838	)
Capital Share Transactions:
Issued		484,094			1,394,002			18,063,382			14,117,633
Redeemed		—			—			—			(677,320	)
Increase in Net Assets from Capital Share Transactions		484,094			1,394,002			18,063,382			13,440,313
Total Increase in Net Assets		228,750			1,083,407			15,470,005			10,954,447
Net Assets:
Beginning of Period		2,457,033			1,373,626			16,923,981			5,969,534
End of Period	$	2,685,783		$	2,457,033		$	32,393,986		$	16,923,981
Undistributed Net Investment Income	$	28,697		$	54,942		$	535,797		$	383,917
Share Transactions:
Issued		50,000			100,000			1,900,000			950,000
Redeemed		—			—			—			(50,000	)
Net Increase in Shares Outstanding from Share Transactions		50,000			100,000			1,900,000			900,000

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

Statements of Changes in Net Assets

	Global X Next Emerging & Frontier ETF						Global X FTSE Portugal 20 ETF						Global X MSCI Pakistan ETF
	Period Ended April 30, 2015 (Unaudited)			Period Ended October 31, 2014⁽¹⁾ (Audited)			Period Ended April 30, 2015 (Unaudited)			Period Ended October 31, 2014⁽²⁾ (Audited)			Period Ended April 30, 2015⁽³⁾ (Unaudited)
Operations:
Net Investment Income (Loss)	$	1,655,110		$	1,853,596		$	(59,986	)	$	574,014		$	1,161
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(403,886	)⁽⁴⁾		(238,800	)⁽⁴⁾		(1,957,728	)⁽⁴⁾		(1,289,384	)⁽⁴⁾		11,857
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translation		(11,732,025	)		(2,082,587	)		2,819,100			(8,128,731	)		(7,174	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(10,480,801	)		(467,791	)		801,386			(8,844,101	)		5,844
Dividends and Distributions from:
Net Investment Income		(2,316,518	)		(28,312	)		(575,663	)		—			—
Total Dividends and Distributions		(2,316,518	)		(28,312	)		(575,663	)		—			—
Capital Share Transactions:
Issued		—			156,318,000			19,215,261			53,026,360			2,292,116
Redeemed		(5,980,712	)		(3,794,788	)		(10,372,196	)		(7,490,738	)		—
Increase (Decrease) in Net Assets from Capital Share Transactions		(5,980,712	)		152,523,212			8,843,065			45,535,622			2,292,116
Total Increase (Decrease) in Net Assets		(18,778,031	)		152,027,109			9,068,788			36,691,521			2,297,960
Net Assets:
Beginning of Period		152,027,109			—			36,691,521			—			—
End of Period	$	133,249,078		$	152,027,109		$	45,760,309		$	36,691,521		$	2,297,960
Undistributed (Distributions in Excess of) Net Investment Income	$	1,114,023		$	1,775,431		$	(59,985	)	$	575,664		$	1,161
Share Transactions:
Issued		—			6,100,000			1,700,000			3,450,000			150,000
Redeemed		(250,000	)		(150,000	)		(900,000	)		(550,000	)		—
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(250,000	)		5,950,000			800,000			2,900,000			150,000

⁽¹⁾	Commenced operations on November 6, 2013.
⁽²⁾	Commenced operations on November 12, 2013.
⁽³⁾	Commenced operations on April 22, 2015.
⁽⁴⁾	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.

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 ($)			Distribution from Capital Gains ($)			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
2015(Unaudited)		13.82		0.03			1.90			1.93			(0.26	)		—			(0.26	)		15.49		14.41			115,411		0.65	†		0.49	†		27.76	††
2014		15.87		0.17			(2.07	)		(1.90	)		(0.15	)		—			(0.15	)		13.82		(12.09	)		134,014		0.65			1.18			18.89
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
2015(Unaudited)		15.03		(0.04	)		0.90			0.86			(0.33	)		—			(0.33	)		15.56		6.03			3,111		0.65	†		(0.66	)†		24.41	††
2014		15.11		0.29			(0.09	)		0.20			(0.28	)		—			(0.28	)		15.03		1.34			4,509		0.65			1.90			12.65
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
2015(Unaudited)		13.50		(0.03	)		5.97			5.94			(0.16	)		—			(0.16	)		19.28		44.27			117,601		0.65	†		(0.37	)†		33.49	††
2014		13.29		0.23			0.05	^		0.28			(0.07	)		—			(0.07	)		13.50		2.08			48,585		0.65			1.76			6.90
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
2015(Unaudited)		12.93		(0.04	)		6.74			6.70			(0.10	)		—			(0.10	)		19.53		52.14			11,719		0.65	†		(0.55	)†		19.01	††
2014		12.14		0.15			0.83			0.98			(0.19	)		—			(0.19	)		12.93		8.13			5,821		0.65			1.24			10.61
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
2015(Unaudited)		14.80		(0.04	)		5.67			5.63			(0.21	)		—			(0.21	)		20.22		38.53			7,078		0.65	†		(0.55	)†		31.07	††
2014		15.13		0.19			(0.27	)		(0.08	)		(0.25	)		—			(0.25	)		14.80		(0.57	)		2,959		0.65			1.26			13.51
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
2015(Unaudited)		23.48		(0.03	)		4.70			4.67			(0.07	)		—			(0.07	)		28.08		19.99			22,463		0.65	†		(0.24	)†		57.24	††
2014		20.63		0.06			2.80			2.86			(0.01	)		—			(0.01	)		23.48		13.85			22,307		0.65			0.29			64.79
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 Southeast Asia ETF
2015(Unaudited)		16.76		0.18			(0.48	)		(0.30	)		(0.42	)		—			(0.42	)		16.04		(1.78	)		22,453		0.65	†		2.29	†		24.07	††
2014		17.12		0.39			(0.16	)		0.23			(0.59	)		—			(0.59	)		16.76		1.68			29,336		0.65			2.36			8.36
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 7 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.
^	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.
*	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.

Amounts designated as “—” are either $0 or have been rounded to $0.

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

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 ($)			Distribution from Capital Gains ($)			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
2015(Unaudited)		10.60		0.08		(1.23	)		(1.15	)		(0.20	)		—			(0.20	)		9.25		(10.86	)		7,403		0.72	†		1.77	†		22.05	††
2014		12.21		0.19		(1.63	)		(1.44	)		(0.17	)		—			(0.17	)		10.60		(11.84	)		9,010		0.72			1.71			19.94
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 MSCI Colombia ETF
2015(Unaudited)		17.42		0.14		(4.79	)		(4.65	)		(0.41	)		—			(0.41	)		12.36		(26.78	)		104,778		0.61	†@		2.23	†		52.06	††
2014		20.55		0.40		(2.78	)		(2.38	)		(0.75	)		—			(0.75	)		17.42		(11.73	)		100,688		0.66	@		2.12			47.57
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
Global X Brazil Mid Cap ETF
2015(Unaudited)		12.22		0.13		(2.12	)		(1.99	)		(0.37	)		—			(0.37	)		9.86		(16.40	)		4,931		0.69	†		2.62	†		16.38	††
2014		14.58		0.39		(2.04	)		(1.65	)		(0.71	)		—			(0.71	)		12.22		(11.59	)		7,942		0.69			2.99			17.72
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⁽²⁾		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
2015(Unaudited)		16.57		0.09		(3.13	)		(3.04	)		(0.40	)		—			(0.40	)		13.13		(18.49	)		6,567		0.77	†		1.36	†		15.01	††
2014		17.89		0.33		(1.44	)		(1.11	)		(0.21	)		—			(0.21	)		16.57		(6.20	)		9,943		0.78	‡		1.98			18.59
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⁽³⁾		15.48		—		4.47			4.47			—			—			—			19.95		28.88			24,934		0.77	†		0.07	†		4.72	††
Global X Brazil Financials ETF
2015(Unaudited)		10.88		0.10		(1.87	)		(1.77	)		(0.79	)		—			(0.79	)		8.32		(16.48	)		1,248		0.77	†		2.38	†		14.87	††
2014		12.12		0.52		(1.65	)		(1.13	)		(0.11	)		—			(0.11	)		10.88		(9.25	)		2,719		0.77	‡		4.56			17.31
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⁽⁴⁾		15.08		0.05		2.27			2.32			—			—			—			17.40		15.38			7,829		0.77	†		1.15	†		—	††
Global X MSCI Argentina ETF
2015(Unaudited)		21.18		0.03		0.75			0.78			(0.09	)		—			(0.09	)		21.87		3.74			20,231		0.74	†		0.33	†		26.52	††
2014		20.29		0.10		0.91	^		1.01			(0.12	)		—			(0.12	)		21.18		5.03			20,652		0.74			0.49			95.29
2013⁽⁵⁾		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⁽⁵⁾		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⁽⁵⁾⁽⁶⁾		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 June 21, 2010.
(3)	The Fund commenced operations on July 7, 2010.
(4)	The Fund commenced operations on July 28, 2010.
(5)	Per share amounts have been restated for a 1 for 2 reverse share split. See Note 7 in the Notes to Financial Statements.
(6)	The Fund commenced operations on March 2, 2011.
^	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.
*	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 offsets were excluded, the ratio would have been 0.68%, 0.78%, 0.80%, 0.83%, 0.83% and 0.86% for the period ended April 30, 2015 and the years ended October 31, 2014, 2013, 2012, 2011 and 2010, 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.

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 ($)			Distribution from Capital Gains ($)			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
2015(Unaudited)		15.84		0.09			(3.68	)		(3.59	)		(0.13	)		—			(0.13	)		12.12		(22.76	)		288,948		0.60	†		1.51	†		77.29	††
2014		22.60		0.08			(6.83	)		(6.75	)		(0.01	)		—			(0.01	)		15.84		(29.83	)		140,201		0.62			0.38			64.19
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 MSCI Norway ETF
2015(Unaudited)		14.82		0.18			(1.01	)		(0.83	)		(0.83	)		—			(0.83	)		13.16		(5.12	)		93,459		0.50	†		2.80	†		11.01	††
2014		16.76		0.63			(2.18	)		(1.55	)		(0.39	)		—			(0.39	)		14.82		(9.46	)		183,038		0.50			3.76			26.50
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
2015(Unaudited)		24.36		0.53			0.37			0.90			(0.85	)		—			(0.85	)		24.41		3.99			56,383		0.50	†		4.59	†		8.95	††
2014		23.74		0.79			0.46			1.25			(0.63	)		—			(0.63	)		24.36		5.30			59,927		0.50			3.16			6.05
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
Global X Central Asia & Mongolia Index ETF
2015(Unaudited)		12.29		0.17			(1.40	)		(1.23	)		(0.32	)		—			(0.32	)		10.74		(9.86	)		2,686		0.69	†		3.38	†		11.01	††
2014		13.74		0.38			(1.48	)		(1.10	)		(0.35	)		—			(0.35	)		12.29		(8.23	)		2,457		0.69			2.84			55.76
2013⁽³⁾		14.84		0.41			(1.51	)		(1.10	)		—			—			—			13.74		(7.41	)		1,374		0.69	†		5.01	†		11.01	††
Global X MSCI Nigeria ETF
2015(Unaudited)		13.02		0.32			(2.91	)		(2.59	)		(0.31	)		—			(0.31	)		10.12		(20.03	)		32,394		0.68	†@		6.70	†		5.44	††
2014		14.92		0.47			(2.16	)		(1.69	)		(0.17	)		(0.04	)		(0.21	)		13.02		(11.55	)		16,924		0.68	@		3.14			54.75
2013⁽³⁾		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
2015(Unaudited)		25.55		0.29			(2.06	)		(1.77	)		(0.40	)		—			(0.40	)		23.38		(6.93	)		133,249		0.58	†		2.46	†		0.77	††
2014⁽⁴⁾		25.08		0.51			0.01	^		0.52			(0.05	)		—			(0.05	)		25.55		2.07			152,027		0.58	†‡		2.00	†		24.14	††
Global X FTSE Portugal 20 ETF
2015(Unaudited)		12.65		(0.02	)		(0.03	)		(0.05	)		(0.23	)		—			(0.23	)		12.37		(0.12	)		45,760		0.61	†		(0.37	)†		50.52	††
2014⁽⁵⁾		15.04		0.38			(2.77	)		(2.39	)		—			—			—			12.65		(15.89	)		36,692		0.61	†		2.58	†		53.58	††
Global X MSCI Pakistan ETF
2015⁽⁶⁾(Unaudited)		15.28		0.01			0.03			0.04			—			—			—			15.32		0.26			2,298		0.88	†		3.69	†		5.86	††

(1)	The Fund commenced operations on December 7, 2011.
(2)	The Fund commenced operations on November 9, 2010.
(3)	The Fund commenced operations on April 2, 2013.
(4)	The Fund commenced operations on November 6, 2013.
(5)	The Fund commenced operations on November 12, 2013.
(6)	The Fund commenced operations on April 22, 2015.
^	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.
*	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 offsets were excluded, the ratio would have been 0.92%, 0.92% and 0.92% for the year and or period ended April 30, 2015, October 31, 2014, and 2013, 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 0.58% for the Global X Next Emerging & Frontier ETF.

Amounts designated as “—” are either $0 or have been rounded to $0.

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

Notes to Financial Statements

April 30, 2015 (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, 2015, the Trust had ninety four portfolios, forty five 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 Southeast Asia ETF, Global X FTSE Andean 40 ETF, Global X MSCI Colombia ETF, Global X Brazil Mid Cap ETF, Global X Brazil Consumer ETF, Global X Brazil Financials ETF, Global X MSCI Argentina ETF, Global X FTSE Greece 20 ETF, Global X MSCI Norway ETF, Global X FTSE Nordic Region ETF, Global X Central Asia & Mongolia Index ETF, Global X MSCI Nigeria ETF, Global X Next Emerging & Frontier ETF, Global X FTSE Portugal 20 ETF, and Global X MSCI Pakistan 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 Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. 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.

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 and the Nigerian Stock Exchange), 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 and the Nigerian Stock Exchange, the 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.

Notes to Financial Statements (continued)

April 30, 2015 (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, 2015, there were securities valued using Fair Value Procedures of $225,457, $410,505, $264,336, $550, $39,997, and $56,945 in Global X China Industrials ETF, Global X China Materials ETF, Global X NASDAQ China Technology ETF, Global X MSCI Colombia ETF, Global X Brazil Mid Cap ETF, and Global X Brazil Consumer 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)

Notes to Financial Statements (continued)

April 30, 2015 (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, 2015, 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, 2015. 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 Industrials ETF

Quantitative information about Level 3 fair value measurements

Assets

Fair Value at 4/30/15

Valuation Technique(s)

Unobservable Input

Discount Percentage

Common Stock

225,457

Discount from the Last Traded Price

Last Traded Price Comparability Adjustment %

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 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 record the securities lending collateral (included in Repurchase Agreements, at value or restricted cash) as an asset and the obligation to return securities lending collateral as a liability on the Statements of Assets and Liabilities.

Repurchase agreements are entered into by the Funds under Master Repurchase Agreements (“MRA”) which permit the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Funds.

Notes to Financial Statements (continued)

April 30, 2015 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

At April 30, 2015, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

	Repurchase Agreements		Fair Value of Non-cash Collateral Received		Cash Collateral Received		Net Amount⁽¹⁾
Global X China Consumer ETF
Barclays	$	6,000,000	$	6,000,000	$	-	$	-
Deutsche Bank		2,209,505		2,209,505		-		-
Global X MSCI Norway ETF
Barclays		10,000,000		10,000,000		-		-
Deutsche Bank		2,012,280		2,012,280		-		-
Global X FTSE Portugal 20 ETF
Deutsche Bank		783,899		783,899		-		-

⁽¹⁾Net Amount represents the net amount receivable due from the counterparty in the event of default.

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. Accordingly, no provisions for Federal income taxes have been made in the financial statements.

During the year ended October 31, 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.

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, 2015, 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 TRANSACTIONS AND 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

Notes to Financial Statements (continued)

April 30, 2015 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 and translations represent net foreign exchange gains or losses from foreign currency spot 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 Brown Brothers Harriman & Co. (“BBH”), the Fund’s Custodian, on the date of such redemption, regardless of the number of Creation Units redeemed that day.

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		Creation		Value at		Redemption
	Shares		Fee		April 30, 2015		Fee
Global X China Consumer ETF		50,000	$	1,900	$	774,500	$	1,900
Global X China Energy ETF		50,000		1,900		778,000		1,900
Global X China Financials ETF		50,000		1,900		964,000		1,900
Global X China Industrials ETF		50,000		1,900		976,500		1,900
Global X China Materials ETF		50,000		1,900		1,011,000		1,900
Global X NASDAQ China Technology ETF		50,000		1,900		1,404,000		1,900
Global X Southeast Asia ETF		50,000		2,300		802,000		2,300
Global X FTSE Andean 40 ETF		50,000		2,300		462,500		2,300
Global X MSCI Colombia ETF		50,000		2,500		618,000		2,500
Global X Brazil Mid Cap ETF		50,000		1,900		493,000		1,900
Global X Brazil Consumer ETF		50,000		1,500		656,500		1,500
Global X Brazil Financials ETF		50,000		1,500		416,000		1,500
Global X MSCI Argentina ETF		50,000		1,000		1,093,500		1,000
Global X FTSE Greece 20 ETF		50,000		1,000		606,000		1,000
Global X MSCI Norway ETF		50,000		1,400		658,000		1,400
Global X FTSE Nordic Region ETF		50,000		1,400		1,220,500		1,400
Global X Central Asia & Mongolia Index ETF		50,000		2,700		537,000		2,700
Global X MSCI Nigeria ETF		50,000		2,300		506,000		2,300
Global X Next Emerging & Frontier ETF		50,000		9,500		1,169,000		9,500
Global X FTSE Portugal 20 ETF		50,000		1,000		618,500		1,000
Global X MSCI Pakistan ETF		50,000		3,800		766,000		3,800

Notes to Financial Statements (continued)

April 30, 2015 (Unaudited)

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 MSCI Colombia ETF, Global X MSCI Argentina ETF, Global X FTSE Greece 20 ETF, Global X Central Asia & Mongolia Index ETF, Global X MSCI Nigeria 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 MSCI Colombia ETF, Global X MSCI Argentina ETF, Global X FTSE Greece 20 ETF, Global X Central Asia & Mongolia Index ETF, Global X MSCI Nigeria ETF, Global X Next Emerging & Frontier ETF, Global X FTSE Portugal 20 ETF and Global X MSCI Pakistan ETF may pay up to 0.11%, 0.01%, 0.06%, 0.01%, 0.24%, 0.09%, 0.06% and 0.20%, respectively, in Custody Fees (in addition to the Supervision and Administration Fee).

Notes to Financial Statements (continued)

April 30, 2015 (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 Southeast Asia ETF		0.65	%
Global X FTSE Andean 40 ETF		0.72	%
Global X MSCI Colombia 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 MSCI Argentina ETF		0.74	%
Global X FTSE Greece 20 ETF		0.55	%
Global X MSCI Norway ETF		0.50	%
Global X FTSE Nordic Region ETF		0.50	%
Global X Central Asia & Mongolia Index ETF		0.68	%
Global X MSCI Nigeria ETF**		0.68	%
Global X Next Emerging & Frontier ETF		0.49	%
Global X FTSE Portugal 20 ETF		0.55	%
Global X MSCI Pakistan ETF		0.68	%

*Effective July 15, 2014, 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 Global X MSCI Colombia Fund (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 0.61% of the Fund’s average daily net assets per year until at least March 1, 2016. Prior to July 15, 2014, pursuant to an expense limitation agreement, the Adviser had 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)) did not exceed 0.68% of the Fund’s average daily net assets per year until at least March 1, 2015. 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 to exceed the maximum permitted rate during the period in which it is paid and the Board of Trustees has approved such reimbursement to the Adviser. At April 30, 2015, the amounts of waivers/reimbursements subject to recoupment for Global X MSCI Colombia ETF were $67,730 expiring in 2018, $132,223 expiring in 2017, $84,928 expiring in 2016 and $77,243 expiring in 2015. As of April 30, 2015, there had been no recoupment of previously waived and reimbursed fees.

**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 Global X MSCI Nigeria Fund (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, 2016. 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 the maximum permitted rate during the period in which it is paid and the Board of Trustees has approved such reimbursement to the Adviser. At April 30, 2015, the amounts of waivers/reimbursements subject to recoupment for Global X MSCI Nigeria ETF were $23,540 expiring in 2018, $33,893 expiring in 2017 and $5,469 expiring in 2016. As of April 30, 2015, there had been no recoupment of previously waived and reimbursed fees.

Notes to Financial Statements (continued)

April 30, 2015 (Unaudited)

3. RELATED PARTY TRANSACTIONS (continued)

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.

SEI Investments Distribution Co. (“SIDCO”) serves as each Fund’s 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.

BBH, located at 40 Water Street, Boston, MA 02109, serves as Custodian and Transfer Agent of the Funds’ assets. As Custodian, BBH has agreed to (1) make receipts and disbursements of money on behalf of the Fund, (2) collect and receive all income and other payments and distributions on account of the Funds’ portfolio investments, (3) respond to correspondence from shareholders, security brokers and others relating to its duties; and (4) make periodic reports to the Funds concerning the Funds’ operations. BBH does not exercise any supervisory function over the purchase and sale of securities. As compensation for these services, the Custodian receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees.

As Transfer Agent, BBH has agreed to (1) issue and redeem shares of each Fund, (2) make dividend and other distributions to shareholders of each Fund, (3) respond to correspondence by shareholders and others relating to its duties; (4) maintain shareholder accounts, and (5) make periodic reports to the Funds. As compensation for these services, the Transfer Agent receives certain out of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees.

Notes to Financial Statements (continued)

April 30, 2015 (Unaudited)

4. INVESTMENT TRANSACTIONS

For the period ended April 30, 2015, 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	$	16,325,657	$	18,862,974
Global X China Energy ETF		306,392		392,170
Global X China Financials ETF		6,871,540		7,684,008
Global X China Industrials ETF		1,365,842		1,265,788
Global X China Materials ETF		680,536		722,078
Global X NASDAQ China Technology ETF		5,083,490		4,372,323
Global X Southeast Asia ETF		1,847,654		3,870,096
Global X FTSE Andean 40 ETF		972,714		1,330,636
Global X MSCI Colombia ETF		48,310,267		29,774,459
Global X Brazil Mid Cap ETF		491,217		1,307,185
Global X Brazil Consumer ETF		947,305		2,155,327
Global X Brazil Financials ETF		393,655		1,187,782
Global X MSCI Argentina ETF		2,991,905		3,182,860
Global X FTSE Greece 20 ETF		45,613,762		45,006,648
Global X MSCI Norway ETF		9,383,375		12,525,680
Global X FTSE Nordic Region ETF		1,611,974		2,973,369
Global X Central Asia & Mongolia ETF		385,209		424,374
Global X MSCI Nigeria ETF		21,596,007		3,083,179
Global X Next Emerging & Frontier ETF		1,058,540		3,505,265
Global X FTSE Portugal 20 ETF		6,259,678		6,919,424
Global X MSCI Pakistan ETF		2,443,005		134,951

During the period ended April 30, 2015, there were no purchases or sales of long-term U.S. Government securities for the Funds.

Notes to Financial Statements (continued)

April 30, 2015 (Unaudited)

4. INVESTMENT TRANSACTIONS (continued)

For the year or period ended April 30, 2015 and October 31, 2014, in-kind transactions associated with creations and redemptions were, respectively:

			Sales and		Realized
	Purchases		Maturities		Gain (Loss)
Global X China Consumer ETF	$	-	$	28,764,289	$	(2,315,500	)
Global X China Energy ETF		-		1,488,018		261,904
Global X China Financials ETF		45,882,818		5,402,831		915,864
Global X China Industrials ETF		4,723,276		1,317,463		257,956
Global X China Materials ETF		3,901,261		747,829		(8,308	)
Global X NASDAQ China Technology ETF		-		4,032,209		1,071,008
Global X Southeast Asia ETF		1,207,349		5,291,756		(121,698	)
Global X FTSE Andean 40 ETF		234,771		494,995		23,482
Global X MSCI Colombia ETF		12,077,675		2,319,422		(956,697	)
Global X Brazil Mid Cap ETF		-		695,156		(195,885	)
Global X Brazil Consumer ETF		-		259,958		(135,853	)
Global X Brazil Financials ETF		118,644		437,350		(79,806	)
Global X MSCI Argentina ETF		4,124,088		4,602,995		201,401
Global X FTSE Greece 20 ETF		222,280,514		46,390,183		(13,197,049	)
Global X MSCI Norway ETF		28,913,661		100,507,684		(16,825,148	)
Global X FTSE Nordic Region ETF		-		3,620,648		969,241
Global X Central Asia & Mongolia ETF		487,572		-		-
Global X MSCI Nigeria ETF		-		-		-
Global X Next Emerging & Frontier ETF		-		4,403,327		(12,341	)
Global X FTSE Portugal 20 ETF		19,241,548		10,382,786		(493,371	)
Global X MSCI Pakistan ETF		-		-		-

			Sales and		Realized
	Purchases		Maturities		Gain (Loss)
Global X China Consumer ETF	$	47,940,122	$	59,438,708	$	8,591,703
Global X China Energy ETF		1,699,167		1,473,707		285,984
Global X China Financials ETF		43,833,368		33,262,860		(1,909,351	)
Global X China Industrials ETF		2,505,310		1,137,325		(192,086	)
Global X China Materials ETF		3,140,144		2,325,727		242,887
Global X NASDAQ China Technology ETF		11,399,519		1,083,174		427,255
Global X Southeast Asia ETF		618,059		13,850,456		(775,180	)
Global X FTSE Andean 40 ETF		861,619		778,248		(48,376	)
Global X MSCI Colombia ETF		10,416,753		19,375,791		(1,830,863	)
Global X Brazil Mid Cap ETF		-		1,446,513		210,770
Global X Brazil Consumer ETF		-		1,757,766		(6,808	)
Global X Brazil Financials ETF		171,813		-		-
Global X MSCI Argentina ETF		31,901,934		17,604,834		1,741,787
Global X FTSE Greece 20 ETF		362,238,361		236,278,267		16,402,582
Global X MSCI Norway ETF		156,687,697		23,285,532		3,808,749
Global X FTSE Nordic Region ETF		13,746,411		10,481,543		3,016,773
Global X Central Asia & Mongolia ETF		1,397,287		-		-
Global X MSCI Nigeria ETF		3,562,309		-		-
Global X Next Emerging & Frontier ETF		107,644,116		2,778,201		215,323
Global X FTSE Portugal 20 ETF		53,044,408		7,499,502		396,498

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

Notes to Financial Statements (continued)

April 30, 2015 (Unaudited)

5. TAX INFORMATION (continued)

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.

The tax character of dividends and distributions declared during the years or periods ended October 31, 2014 and October 31, 2013 were as follows:

Global X Funds	Ordinary Income		Long-Term Capital Gain		Totals

Global X China Consumer ETF
2014	$	1,981,753	$	–	$	1,981,753
2013		2,128,638		–		2,128,638
Global X China Energy ETF
2014	$	85,026	$	–	$	85,026
2013		88,625		–		88,625
Global X China Financials ETF
2014	$	243,282	$	–	$	243,282
2013		186,317		–		186,317
Global X China Industrials ETF
2014	$	65,300	$	–	$	65,300
2013		64,616		–		64,616
Global X China Materials ETF
2014	$	36,867	$	–	$	36,867
2013		40,384		–		40,384
Global X NASDAQ China Technology ETF
2014	$	3,666	$	–	$	3,666
2013		16,025		–		16,025
Global X Southeast Asia ETF
2014	$	1,423,135	$	–	$	1,423,135
2013		806,416		–		806,416
Global X FTSE Andean 40 ETF
2014	$	153,480	$	–	$	153,480
2013		155,634		–		155,634
Global X MSCI Colombia ETF
2014	$	4,567,150	$	–	$	4,567,150
2013		3,654,817		–		3,654,817
Global X Brazil Mid Cap ETF
2014	$	531,843	$	–	$	531,843
2013		544,000		–		544,000
Global X Brazil Consumer ETF
2014	$	185,072	$	–	$	185,072
2013		293,164		–		293,164
Global X Brazil Financials ETF
2014	$	22,454	$	–	$	22,454
2013		149,310		–		149,310
Global X MSCI Argentina ETF
2014	$	45,738	$	–	$	45,738
2013		31,297		–		31,297
Global X FTSE Greece 20 ETF
2014	$	118,994	$	33,492	$	152,486
2013		47,749		–		47,749
Global X MSCI Norway ETF
2014	$	2,012,342	$	–	$	2,012,342
2013		1,583,434		–		1,583,434
Global X FTSE Nordic Region ETF
2014	$	1,480,041	$	–	$	1,480,041
2013		698,310		–		698,310
Global X Central Asia & Mongolia Index ETF
2014	$	52,316	$	–	$	52,316
2013		–		–		–
Global X MSCI Nigeria ETF
2014	$	92,838	$	–	$	92,838
2013		–		–		–
Global X Next Emerging & Frontier ETF(1)
2014	$	28,312	$	–	$	28,312
Global X FTSE Portugal 20 ETF(2)
2014	$	–	$	–	$	–

⁽¹⁾Commenced operations November 6, 2013.

⁽²⁾Commenced operations November 12, 2013.

Notes to Financial Statements (continued)

April 30, 2015 (Unaudited)

5. TAX INFORMATION (continued)

As of October 31, 2014, 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	$	1,969,844		$	81,629		$	617,665
Capital Loss Carryforwards		(17,328,473	)		(612,885	)		(1,306,781	)
Unrealized Depreciation on Investments and Foreign Currency		(25,865,619	)		(56,137	)		(1,647,856	)
Other Temporary Differences		(4	)		(3	)		(4	)
Total Accumulated Losses	$	(41,224,252	)	$	(587,396	)	$	(2,336,976	)

	Global X China Industrials ETF			Global X China Materials ETF			Global X NASDAQ China Technology ETF
Undistributed Ordinary Income	$	40,506		$	30,768		$	58,833
Capital Loss Carryforwards		(1,441,161	)		(938,459	)		(898,727	)
Unrealized Depreciation on Investments and Foreign Currency		(459,681	)		(789,463	)		2,477,825
Other Temporary Differences		(3	)		1			(1	)
Total Distributable Earnings (Accumulated Losses)	$	(1,860,339	)	$	(1,697,153	)	$	1,637,930

	Global X Southeast Asia ETF			Global X FTSE Andean 40 ETF			Global X MSCI Colombia ETF
Undistributed Ordinary Income	$	641,310		$	154,556		$	2,089,415
Capital Loss Carryforwards		(1,652,420	)		(1,002,786	)		(19,187,538	)
Unrealized Depreciation on Investments and Foreign Currency		(1,637,279	)		(2,526,847	)		(22,786,232	)
Other Temporary Differences		(6	)		1			(3	)
Total Accumulated Losses	$	(2,648,395	)	$	(3,375,0 76	)	$	(39,884,358	)

	Global X Brazil Mid Cap ETF			Global X Brazil Consumer ETF			Global X Brazil Financials ETF
Undistributed Ordinary Income	$	209,389		$	238,744		$	113,926
Capital Loss Carryforwards		(5,095,803	)		(2,578,461	)		(1,143,797	)
Unrealized Depreciation on Investments and Foreign Currency		(1,102,273	)		(475,602	)		(859,617	)
Other Temporary Differences		(1	)		—			(3	)
Total Accumulated Losses	$	(5,988,688	)	$	(2,815,319	)	$	(1,889,491	)

	Global X MSCI Argentina ETF			Global X FTSE Greece 20 ETF			Global X MSCI Norway ETF
Undistributed Ordinary Income	$	31,029		$	707,126		$	4,495,136
Capital Loss Carryforwards		(1,806,944	)		(4,430,311	)		(3,797,528	)
Unrealized Depreciation on Investments and Foreign Currency		(2,275,925	)		(80,816,966	)		(32,601,688	)
Other Temporary Differences		(3	)		(4	)		4
Total Accumulated Losses	$	(4,051,843	)	$	(84,540,155	)	$	(31,904,076	)

Notes to Financial Statements (continued)

April 30, 2015 (Unaudited)

5. TAX INFORMATION (continued)

	Global X FTSE Nordic Region ETF			Global X Central Asia & Mongolia Index ETF			Global X MSCI Nigeria ETF
Undistributed Ordinary Income	$	2,045,741		$	62,356		$	383,917
Capital Loss Carryforwards		(412,755	)		(76,411	)		(606,112	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		3,904,227			(394,791	)		(2,456,638	)
Other Temporary Differences		(4	)		(2	)		1
Total Distributable Earnings (Accumulated Losses)	$	5,537,209		$	(408,848	)	$	(2,678,832	)

	Global X Next Emerging & Frontier ETF			Global X FTSE Portugal 20 ETF
Undistributed Ordinary Income	$	1,793,239		$	575,663
Capital Loss Carryforwards		(399,316	)		(257,210	)
Unrealized Depreciation on Investments and Foreign Currency		(2,105,327	)		(9,559,053	)
Other Temporary Differences		(5	)		1
Total Accumulated Losses	$	(711,409	)	$	(9,240,599	)

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, 2014, the Funds that had capital loss carryforwards are listed below:

					Global X		Global X		Global X
			Global X		China		China		China
	Global X China		China		Financials		Industrials		Materials
Expiration date	Consumer ETF		Energy ETF		ETF		ETF		ETF
October 2019	$	1,341,121	$	33,912	$	-	$	-	$	-
October 2018		173,208		-		551,954		94,810		-
	$	1,514,329	$	33,912	$	551,954	$	94,810	$	-

	Global X				Global X		Global X
	NASDAQ		Global X		FTSE		MSCI		Global X
	China		Southeast		Andean 40		Colombia		Brazil Mid
Expiration date	Technology		Asia ETF		ETF		ETF		Cap ETF
October 2019	$	236,466	$	-	$	120,886	$	8,249,654	$	918,379
October 2018		-		-		-		-		-
	$	236,466	$	-	$	120,886	$	8,249,654	$	918,379

			Global X		Global X
			Brazil		MSCI		Global X		Global X
	Global X Brazil		Financials		Argentina		FTSE Greece		MSCI
Expiration date	Consumer ETF		ETF		ETF		20 ETF		Norway ETF
October 2019	$	563,593	$	-	$	414,683	$	-	$	1,802,290
October 2018		-		-		-		-		-
	$	563,593	$	-	$	414,683	$	-	$	1,802,290

Global X

Global X FTSE

Central Asia

Global X

FTSE

Nordic Region

& Mongolia

MSCI

Emerging &

Portugal 20

Expiration date

ETF

Index ETF

Nigeria ETF

Frontier ETF

ETF

October 2019

October 2018

100

Notes to Financial Statements (continued)

April 30, 2015 (Unaudited)

5. TAX INFORMATION (continued)

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:

Global X Funds	Short-Term Loss		Long-Term Loss		Total
Global X China Consumer ETF	$	2,846,972	$	12,967,172	$	15,814,144
Global X China Energy ETF		47,040		531,933		578,973
Global X China Financials ETF		248,269		506,558		754,827
Global X China Industrials ETF		560		1,345,791		1,346,351
Global X China Materials ETF		30,358		908,101		938,459
Global X NASDAQ China Technology ETF		152,056		510,205		662,261
Global X Southeast Asia ETF		1,414,797		237,623		1,652,420
Global X FTSE Andean 40 ETF		387,284		494,616		881,900
Global X MSCI Colombia ETF		6,755,460		4,182,424		10,937,884
Global X Brazil Mid Cap ETF		744,516		3,432,908		4,177,424
Global X Brazil Consumer ETF		695,905		1,318,963		2,014,868
Global X Brazil Financials ETF		129,982		1,013,815		1,143,797
Global X MSCI Argentina ETF		288,330		1,103,931		1,392,261
Global X FTSE Greece 20 ETF		4,430,311		—		4,430,311
Global X MSCI Norway ETF		794,087		1,201,151		1,995,238
Global X FTSE Nordic Region ETF		355,991		56,764		412,755
Global X Central Asia & Mongolia Index ETF		76,411		—		76,411
Global X MSCI Nigeria ETF		228,044		378,068		606,112
Global X Next Emerging & Frontier ETF⁽¹⁾		399,316		—		399,316
Global X FTSE Portugal 20 ETF⁽²⁾		257,210		—		257,210

(1)Commenced operations November 6, 2013.

(2)Commenced operations November 12, 2013.

During the year ended October 31, 2014 the following funds utilized capital loss carryforwards to offset capital gains amounting to:

Global X Funds
Global X NASDAQ China Technology ETF	$	18,272
Global X MSCI Norway ETF		431,879
Global X FTSE Nordic Region ETF		209,783

101

Notes to Financial Statements (continued)

April 30, 2015 (Unaudited)

5. TAX INFORMATION (continued)

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments

held by the Funds at April 30, 2015 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	$	126,550,275	$	14,025,109	$	(16,918,862	)	$	(2,893,753	)
Global X China Energy ETF		3,153,227		321,859		(362,233	)		(40,374	)
Global X China Financials ETF		91,206,235		26,343,796		(48,013	)		26,295,783
Global X China Industrials ETF		9,706,515		2,347,623		(352,759	)		1,994,864
Global X China Materials ETF		6,849,582		659,205		(434,701	)		224,504
Global X NASDAQ China Technology ETF		16,628,371		6,439,955		(600,818	)		5,839,137
Global X Southeast Asia ETF		24,054,024		1,029,354		(2,815,283	)		(1,785,929	)
Global X FTSE Andean 40 ETF		9,843,727		175,512		(2,611,811	)		(2,436,299	)
Global X MSCI Colombia ETF		123,953,992		2,931,259		(22,275,741	)		(19,344,481	)
Global X Brazil Mid Cap ETF		6,435,001		421,796		(1,948,673	)		(1,526,876	)
Global X Brazil Consumer ETF		7,960,796		858,362		(2,249,914	)		(1,391,551	)
Global X Brazil Financials ETF		1,514,804		40,159		(309,168	)		(269,009	)
Global X MSCI Argentina ETF		20,796,678		2,142,334		(2,724,383	)		(582,050	)
Global X FTSE Greece 20 ETF		326,598,503		8,902,939		(47,383,293	)		(38,480,354	)
Global X MSCI Norway ETF		126,959,142		1,314,858		(23,624,794	)		(22,309,937	)
Global X FTSE Nordic Region ETF		49,686,154		8,041,254		(1,954,585	)		6,086,670
Global X Central Asia & Mongolia Index ETF		3,252,556		157,856		(441,872	)		(284,017	)
Global X MSCI Nigeria ETF		35,561,332		259,565		(3,556,025	)		(3,296,460	)
Global X Next Emerging & Frontier ETF		147,075,735		8,117,999		(21,945,829	)		(13,827,831	)
Global X FTSE Portugal 20 ETF		51,792,490		1,465,116		(6,760,596	)		(5,295,480	)
Global X MSCI Pakistan ETF⁽¹⁾		2,306,923		22,824		(26,445	)		(3,621	)

⁽¹⁾The Fund commenced operations on April 22, 2015.

102

Notes to Financial Statements (continued)

April 30, 2015 (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 their 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.

7. REVERSE SHARE SPLIT

Effective May 16, 2013, the Global X China Materials ETF and the Global X MSCI Argentina 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.

103

Notes to Financial Statements (continued)

April 30, 2015 (Unaudited)

8. 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 a 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 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, 2015, the value of the securities on loan was $7,515,812, $14,782,848 and $735,633 for the Global X China Consumer ETF, Global X MSCI Norway ETF and Global X FTSE Portugal 20 ETF, respectively. The value of securities purchased with the cash collateral held from securities on loan was $8,209,505, $12,012,280 and $783,899 for the Global X China Consumer ETF, Global X MSCI Norway ETF, and Global X FTSE Portugal 20 ETF, respectively. The value of the cash collateral held from securities on loan was $3,401,322 for the Global X MSCI Norway ETF.

As of April 30, 2015, the following Funds had securities on loan, by counterparty:

	Market Value		Cash Collateral
Global X China Consumer ETF
Citigroup	$	1,035,980	$	1,024,900
Deutsche Bank		113,697		162,001
Goldman Sachs		684,328		722,640
Macquarie Capital		2,898,557		3,387,007
Morgan Stanley		2,100,046		2,204,257
National Financial Services		620,768		646,000
UBS Securities		62,436		62,700
Global X MSCI Norway ETF
Barclays Capital		232,181		237,600
Citigroup		597,066		587,850
Credit Suisse		10,023,853		10,555,918
JPMorgan		252,438		254,925
Morgan Stanley		1,310,725		1,327,829
UBS Securities		2,366,585		2,449,480
Global X FTSE Portugal 20 ETF
Citigroup		60,355		65,800
Credit Suisse		532,295		562,929
Merrill Lynch Pierce Fenner & Smith		22,864		24,214
Nomura Securities		120,119		130,956

104

Notes to Financial Statements (concluded)

April 30, 2015 (Unaudited)

9. 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.

10. SUBSEQUENT EVENTS

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, no additional disclosure or adjustments were required to the financial statements as of the date the financial statements were issued, except as follows:

Subsequent to the April 30th period end, the following investment portfolios were added to the Trust.

Fund Name:

Global X High Quality Dividend Yield Index ETF

Global X S&P 500® Catholic Values Custom Index ETF

Subsequent to the April 30th period end, the following investment portfolios of the Trust commenced operations:

Fund Name:		Commenced Operations:
Global X Scientific Beta US ETF		May 12, 2015
Global X Scientific Beta Europe ETF		May 12, 2015
Global X Scientific Beta Asia ex-Japan ETF		May 12, 2015
Global X Scientific Beta Japan ETF		May 12, 2015
Global X YieldCo Index ETF		May 27, 2015

105

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 a 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 from November 1, 2014 through April 30, 2015.

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 Fund 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.

106

Disclosure of Fund Expenses (Unaudited) (continued)

	Beginning Account Value 11/1/2014		Ending Account Value 4/30/2015		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
Global X China Consumer ETF
Actual Fund Return	$	1,000.00	$	1,144.10		0.65	%	$	3.46
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X China Energy ETF
Actual Fund Return	$	1,000.00	$	1,060.30		0.65	%	$	3.32
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X China Financials ETF
Actual Fund Return	$	1,000.00	$	1,442.70		0.65	%	$	3.94
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X China Industrials ETF
Actual Fund Return	$	1,000.00	$	1,521.40		0.65	%	$	4.06
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X China Materials ETF
Actual Fund Return	$	1,000.00	$	1,385.30		0.65	%	$	3.84
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	$	1,199.90		0.65	%	$	3.55
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X Southeast Asia ETF
Actual Fund Return	$	1,000.00	$	982.20		0.65	%	$	3.19
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	$	891.90		0.72	%	$	3.38
Hypothetical 5% Return		1,000.00		1,021.22		0.72			3.61
Global X MSCI Colombia ETF
Actual Fund Return	$	1,000.00	$	732.20		0.61	%	$	2.62
Hypothetical 5% Return		1,000.00		1,021.77		0.61			3.06
Global X Brazil Mid Cap ETF
Actual Fund Return	$	1,000.00	$	836.00		0.69	%	$	3.14
Hypothetical 5% Return		1,000.00		1,021.37		0.69			3.46
Global X Brazil Consumer ETF
Actual Fund Return	$	1,000.00	$	815.10		0.77	%	$	3.47
Hypothetical 5% Return		1,000.00		1,020.98		0.77			3.86
Global X Brazil Financials ETF
Actual Fund Return	$	1,000.00	$	835.20		0.77	%	$	3.50
Hypothetical 5% Return		1,000.00		1,020.98		0.77			3.86
Global X MSCI Argentina ETF
Actual Fund Return	$	1,000.00	$	1,037.40		0.74	%	$	3.74
Hypothetical 5% Return		1,000.00		1,021.12		0.74			3.71
Global X FTSE Greece 20 ETF
Actual Fund Return	$	1,000.00	$	772.40		0.60	%	$	2.65
Hypothetical 5% Return		1,000.00		1,021.81		0.60			3.02
Global X MSCI Norway ETF
Actual Fund Return	$	1,000.00	$	948.80		0.50	%	$	2.42
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	$	1,039.90		0.50	%	$	2.53
Hypothetical 5% Return		1,000.00		1,022.32		0.50			2.51
Global X Central Asia & Mongolia Index ETF
Actual Fund Return	$	1,000.00	$	901.40		0.69	%	$	3.24
Hypothetical 5% Return		1,000.00		1,021.38		0.69			3.45
Global X MSCI Nigeria ETF
Actual Fund Return	$	1,000.00	$	799.70		0.68	%	$	3.03
Hypothetical 5% Return		1,000.00		1,021.42		0.68			3.41
Global X Next Emerging & Frontier ETF
Actual Fund Return	$	1,000.00	$	930.70		0.58	%	$	2.78
Hypothetical 5% Return		1,000.00		1,021.92		0.58			2.91

107

Disclosure of Fund Expenses (Unaudited) (concluded)

	Beginning Account Value 11/1/2014		Ending Account Value 4/30/2015		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
Global X FTSE Portugal ETF
Actual Fund Return	$	1,000.00	$	998.80		0.61	%	$	3.03
Hypothetical 5% Return		1,000.00		1,021.76		0.61			3.06
Global X MSCI Pakistan ETF
Actual Fund Return	$	1,000.00	$	1,002.60		0.88	%	$	0.22	⁽²⁾
Hypothetical 5% Return		1,000.00		1,020.43		0.88			4.41

⁽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 8/365 (to reflect the period from inception to date.).

108

Approval of Investment Advisory Agreement (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended ("1940 Act"), requires the board of trustees (the “Board”) of Global X Funds (the “Trust”), including a majority of those trustees who are not "interested persons," as defined in the 1940 Act ("Independent Trustees"), consider on an initial basis and periodically thereafter, at an in-person meeting called for such purpose, the terms of each fund’s investment advisory agreement and whether to approve entering into, or renewing, each such agreement.

At a quarterly Board meeting held on November 14, 2014, the Board (including the Trust’s Independent Trustees voting separately) 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 ("Renewal Supervision and Administration Agreement"), on behalf of each Renewal Fund, between the Trust and Global X Management Company ("Global X Management"). The Renewal Investment Advisory Agreement and the Renewal Supervision and Administration Agreement are collectively referred to herein as the "Renewal Agreements."

In advance of the Board meeting, the Board (including the Trust’s Independent Trustees) and the Independent Trustees’ independent legal counsel requested (in writing) detailed information from Global X Management in connection with the Board’s consideration of the Renewal Agreements, and the Board received and reviewed written responses from Global X Management and supporting materials relating to those requests for information. In the course of their consideration of the Renewal Agreements, the Trust’s Independent Trustees were advised by their counsel and, in addition to meeting with management of Global X Management, they met separately in executive session with their counsel.

In determining to approve the continuation of the Renewal Agreements for each Renewal Fund, the Board considered a variety of actors, including but not limited to the factors discussed in greater detail below. After full consideration of the facts below, as well as other factors that were instructive in their consideration, the Board, including all of the Trust’s Independent Trustees voting separately, concluded that the Renewal Agreements were fair and reasonable and in the best interests of each Renewal Fund and its shareholders.

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 factors to be determinative. Each member of the Board may have afforded different weight to the various factors.

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 to be provided to each Renewal Fund in accordance with the Renewal Agreements;

109

Approval of Investment Advisory Agreement (Unaudited) (continued)

•

Global X Management’s key personnel and the portfolio managers who would provide investment advisory, supervision and administrative services to each Renewal Fund;

•

Global X Management’s responsibilities under the Renewal Agreements, including, 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 the 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) for the shareholders of each Renewal Fund, the periodic updating of the registration statement, prospectuses, statements of additional information, and other reports and documents for each Renewal Fund that are required to be filed by the Trust with the Securities and Exchange Commission (“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 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

•

the quality of Global X Management’s resources and personnel that would be made available to each Renewal Fund, including Global X Management’s experience and the professional qualifications of Global X Management’s key personnel.

Based on these considerations, the Board concluded that, in the exercise of its business judgment, the nature, extent and quality of the services provided to each Renewal Fund by Global X Management were fair and reasonable.

Performance

With respect to this factor, the Board considered the total return and investment performance of each Renewal Fund (other than the Global X MSCI Pakistan ETF) relative to (i) the performance of unaffiliated comparable specialized and/or focused exchange-traded funds and/or other registered funds in the same industry 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 other comparable funds and pertinent indexes.

Based on these considerations and comparisons, the Board concluded that, in the exercise of its business judgment, the investment performance of each Renewal Fund (other than the Global X MSCI Pakistan ETF) supported the Board’s approval of the continuation of the Renewal Agreements.

110

Approval of Investment Advisory Agreement (Unaudited) (continued)

The Board determined that, because the Global X MSCI Pakistan ETF had not commenced operations, meaningful data relating to its investment performance was not available and, therefore, could not be a factor in approving the Renewal Agreement for the Global X MSCI Pakistan ETF.

Cost of Services and Profitability

The Board considered Global X Management’s costs in providing investment management and related services to each Renewal Fund. In this regard, the Board considered the management fee (“Management Fee”) that has been borne or expected to be 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 or expected to be provided to the Renewal Funds, as well as 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.

Based on these considerations, the Board concluded that, in the exercise of its business judgment, the Management Fee paid by each Renewal Fund to Global X Management, as well as the profits anticipated to be realized by Global X Management from its relationship with each of the Renewal Funds, was reasonable and in the best interests of each Renewal Fund and its shareholders.

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, as well as 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 (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

111

Approval of Investment Advisory Agreement (Unaudited) (Concluded)

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 Renewal Funds, including investment advisory, administrative, audit, certain custody, portfolio accounting, legal, transfer agency and printing costs, but that each Renewal Fund bears other expenses not covered under the unitary Management Fee, such as asset-based custody fees for certain of the Renewal Funds, taxes, brokerage fees, commissions, and other transaction expenses, interest expenses, and extraordinary expenses.

Based on these considerations and comparisons regarding fees and expenses, the Board concluded that, in the exercise of its business judgment, it would be in the best interests of each Renewal Fund and its shareholders to approve 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 provides a high level of certainty as to the total level of expenses for the Renewal Funds and their shareholders.

Based on these considerations regarding economies of scale, the Board concluded that, in the exercise of its business judgment, it would be in the best interests of each Renewal Fund and its shareholders to approve the continuation of the Renewal Agreements.

Other Benefits

The Board also considered any other benefits realized by Global X Management as a result of its relationships with each Renewal Fund. As a result, the Board concluded that, in the exercise of its business judgment, all information it considered supported approval of the continuation of the Renewal Agreements.

112

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 the Funds’ holdings. The Market Price of the Funds will fluctuate in accordance with changes in their 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.

113

Notes

623 Fifth Avenue, 15^th floor

New York, NY 10022

1-888-GXFund-1

(1-888-493-8631)

www.globalxfunds.com

Investment Adviser and Administrator:

Global X Management Company LLC

623 Fifth Avenue, 15^th 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 Global X Funds and the Independent Trustees:

K&L Gates LLP

1601 K Street N.W.

Washington, DC 20006

Custodian and Transfer Agent:

Brown Brothers Harriman & Co.

40 Water Street

Boston, MA 02109

Independent Registered Public Accounting Firm:

Ernst & Young LLP

2005 Market Street

Suite 700

Philadelphia, PA 19103

This information must be preceded or accompanied by a prospectus for the Funds described.

GLX-SA-002-0400